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VOL. 130.
SATURDAY, MARCH 1 1930.
financial Tixamulc
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having long suffered from inadequate
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William Street, Corner Spruce.
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New York City.
The Financial Situation.
The depression in the grain and cotton markets
has again been the overshadowing feature of the
week, though there has been substantial recovery in
both the latter part of the week. On Monday spot
cotton in the New York market sold below 15c. a
pound, the actual quotation on that day being 14.90c.
As recently as Jan.20 the spot quotation was 17.55c.
This was a decline of over 2Y in the short space of
2c.
five weeks. While there has been,as stated, recovery
since Monday, yet yesterday the spot quotation here
was no higher than 15.30c.
In the case of wheat the situation has been even
worse. On Tuesday the March option for wheat in
Chicago got down below $1 a bushel, sales having
taken place at 98%c. This compares with $1.20y
8
Feb. 13, with $1.337 on Jan. 2, and with $1.61% on
8
Aug.1 of last year. From these comparisons an
idea
can be gained of the extent of the decline. In
the
upward reaction of the last three days there was
a
recovery to $1.11%. All this has occurred while
the
Federal Farm Board has been actively engaged in
the process of "stabilizing," demonstrating
clearly
NO.3375.
the failure of the effort. The situation is obviously
disturbing and full of menace, and that is the reason
why it is attracting worldwide attention.
In the effort to stabilize prices the Farm Loan
Board has made loans on large quantities of wheat
at prices 16 to 18c. a bushel above the low figures
of the week, and the supplies so purchased represent
wheat that is now being withheld, but must, nevertheless, ultimately be disposed of. The situation is
confused and confusing, with the Farm Loan Board
still firm in the conviction that its policy must prove
successful in the end, though to the outsider it appears that unless some miracle happens the outcome
must be the same as in all other instances of attempts
to maintain an arbitrary price level, instead of a
level governed by the ordinary relation of supply
and demand. The most recent other experiments of
the kind where ultimate failure resulted have been in
the case of coffee and rubber. The Farm Board is
resorting—if newspaper reports are to be believed—
to all sorts of expedients, even engaging in dealings
in futures. Some recovery in price has ensued since,
Tuesday, as already noted, the March option at Chicago having closed yesterday at $1,11%. Confidence
in manipulated values is never very profound, and
the feeling at the moment is so unsettled that prices
tumble badly on every rumor or suggestion of untoward developments, however slight and unsubstantial. For instance, a mere intimation that the Farm
Board may stop buying is sufficient to precipitate
a new break.
In sheer desperation, as it were, the Board has
made a plea for co-operation on the part of the
public, but it is difficult to see how co-operation
could be extended, except by support in sustaining
the wholly artificial level of prices which the Board
is seeking to establish, and that is too much to ask
and too much to give. With the renewed tumble on
Tuesday, when things looked gloomiest, Chairman
Legge of the Federal Farm Board gave out a statement undertaking to connect the break in wheat and
cotton with the collapse on the Stock Exchange last
autumn and arguing quite seriously that the means
then taken by President Hoover to prevent general
ill results, and more particularly to stave off largescale unemployment, are the means that should be
employed in this instance. But it is difficult to see
any parallel between the two sets of circumstances.
After noting that "objection has developed in the
grain trade against the action of the Farm Board in
financing Farm Co-operatives in the purchase of
wheat and cotton, Mr. Legge went on to say that
"these activities will continue in the interest of agriculture and business as an emergency measure in
the
present situation," adding, "I have no fear that
the
co-operatives will not be able eventually to
market
these purchases satisfactorily." This is a bold
state-
1326
FINANCIAL CHRONICLE
ment, resting, however, simply on the belief of the
Farm Board.
Mr. Legge argues that as "the country as a whole
was thrown into depression through the collapse of
speculation on the New York Stock Exchange, and
the action of the President in securing co-operation
of the business world, absolutely prevented this collapse from developing into a panic, and has enormously mitigated its effects upon employment and
business," so "the farmer also was the victim of this
collapse." To make his meaning plain, Mr. Legge
then adds: "His (the farmer's) products and his
labor were jeopardized the same as the other workers, through the currents started in considerable
part from the same causes. His only direct support
in this emergency is the Farm Board,through powers
conferred upon it. The Board is endeavoring,
through finance of the farmers' own organizations,
to help restore stability and expedite recovery from
a crisis which the farmer did not create and for which
he is not resopnsible."
For ourselves, we cannot see that the stock market
collapse can be held even remotely responsible for
the present demoralization of the grain and cotton
markets, and Mr. Legge overlooks entirely the fact
that the farmers were clamoring for relief long before the stock market collapse, and the Farm Board
was created to provide the means of relief sought.
Instead, however, of proving an aid, the activities
of the Farm Board have had precisely the opposite
effect, and it may well be doubted that any such demoralization of the grain and cotton markets would
exist to-day if there had been no Farm Board, or,
what is the same thing, if there had been no meddling
on the part of a government agency. Prices mightthen
have declined, but the decline, we may be sure, would
not have proceeded so far, since it would not have
been tainted with the artificiality which necessarily
disturbs confidence and causes a feeling of insecurity
which acts to paralyze all normal functioning. On
that point it is worth noting that press dispatches
from Chicago say that failure to sell wheat abroad
last autumn during the normal period of exportation is considered the cause of the predicament of
owners of wheat. Meeting the price views of foreign
buyers at that time, it is urged, would have resulted
in the shipment of a lot of wheat to Europe, and,
accordingly, the present situation could not have
arisen. But the Federal Farm Board was then in
process of formation, and the farmers looked upon
it as their savior, and considered it the better policy
to hold on rather than sell.
In the meantime our legislators at Washington
are greatly aggravating an extremely tense and delicate situation by their impetuosity and their palpable desire to extend further relief of the same pernicious type as that which is now working so seriously to the detriment of the farming classes. On
Wednesday the United States Senate adopted a resolution calling upon Secretary of Agriculture Hyde
to recommend means of meeting the situation existing in the wheat and cotton markets, "even to the
extent of temporarily closing the grain and cotton
exchanges." News dispatches stated that the Farm
Board, continuing its enlarged policy adopted after
Chairman Legge had conferred with President Hoover,went ahead with the purchase of wheatin the open
market. This buying was confirmed, it was averred
by Secretary Hyde in a statement at the White
House, where he went to report to the President.
[VOL. 130.
The Farm Board, it was stated, was carrying on
the open market buying through its newly formed
Stabilization Corporation, and Secretary Hyde said
it dealt "largely in May futures." It was also stated
that the Farmers' National Grain Corp. was continuing its purchases from co-operatives on the basis
of the loan value fixed for wheat, $1.18 at Chicago
and $1.25 at Minneapolis, and had taken about 800
carloads. Purchases in the open market, it was
added, were being made at the prevailing market
prices. When the Farm Board's agency went into
the market the day before it did 60, we are told,
when wheat prices had struck bottom. About
6,000,000 bushels of wheat futures were taken up, it
was declared. Thus one step leads to another, and
one wonders when and where the thing will end.
It happens, too, that the railroads are suffering
heavy losses in earnings and in no small measure are
likewise the victims of attempts to maintain an
artificial state of 'things. When the stock market
collapsed last autumn President Hoover took immediate steps, as Chairman Legge of the Farm Board
has correctly said, to minimize the ill effects upon
general trade, and, above all, to prevent idleness on
an extensive scale among the wage earning classes,
and in this he was generally commended. He appealed to the leaders in all branches of the business
world for aid and co-operation in the carrying out
of his plans to that end. The leaders in the railroad
world responded with the greatest alacrity, and,
what is more, lived up to their promises in that respect, which is more than the leaders in some other
industries did.
But it is now clear that the scheme is working to
the decided disadvantage of the railroads. Their
traffic and revenues have been falling to a marked
degree, but, true to their promise to the President,
the managers have not curtailed expenses in proportion to the falling off in gross revenues, and, accordingly, the losses in net are inordinately large, and in
some cases the whole of the loss in the gross has
been carried forward as a loss in net, cutting off
deep slices of the same. That was the case in November and again in December, and is now proving
the case also for January, the opening month of
the New Year, as is evident from the returns for
that month which have been coming in the present
week.
It should be plain, however, to the dullest comprehension that this is a state of things which cannot be continued indefinitely. The railroads must
act for the preservation of their own credit and integrity. From now on they must cut expenses, at
least to such an extent that the falling off in gross
revenues shall not make too serious inroads on the
net. A few illustrations will suffice to show how
general and large the losses in gross receipts have
been, thereby belying the statements so glibly made
during January that business was rapidly getting
back to the normal, and also showing in what a relatively small measure expenses have been actually
reduced to offset the losses in gross receipts.
Taking a number of leading roads at random, we
find the Wabash reporting $488,284 decrease in gross
and $379,405 decrease in net; the Illinois Central
$1,506,689 decrease in gross and $939,151 decrease
in net; the Erie $1,018,449 decrease in gross and
$659,430 decrease in net; the Lackawanna $740,764
decrease in gross and $566,673 decrease in net; the
MAR. 1 1930.]
FINANCIAL CHRONICLE
1327
New York Central *1,847,785 decrease in gross and
$755,006 decrease in net; the Pennsylvania $3,313,396
decrease in gross and $1,931,613 decrease in net;
the Reading $418,302 in gross and $618,468 in net;
the Southern Ry. $879,484 in gross and $742,148 in
net; the Southern Pacific $2,195,599 in gross and
$1,314,815 in net; the Union Pacific $1,506,016 in
gross and $924,313 in net; the Missouri Pacific
$726,732 in gross and $299,138 in net; the St. LouisSan Francisco $284,865 in gross and $306,822 in net;
the Missouri-Kansas-Texas $925,716 in gross and
$493,350 in net; the Chic. Mil. St. Paul & Pacific
$1,136,051 in gross and $808,816 in net; the Northern
Pacific $729,233 in gross and $593,856 in net, and
so on throughout most of the list, only a comparatively few roads forming exceptions to the rule. It
behooves railroad managers to see to it that henceforth the comparisons, at least as to the net earnings, are less unfavorable to the largest degree consistent with the safe management of the properties.
dined, it is only necessary to say that a year ago, on
Feb. 27 1929, the aggregate of the borrowing was
still close to a billion dollars, the exact amount having been $952,482,000. As against the diminution
during the week in the discount holdings, the 12 Reserve institutions have increased their holdings of
acceptances purchased in the open marketfrom $281,957,000 to $299,306,000, and have also enlarged their
holdings of Government securities from $480,615,000
to $482,755,000. As a result of these changes, total
bill and security holdings, which measures the extent of Reserve credit outstanding, stand at $1,138,522,000 this week against $1,152,895,000 last week.
A year ago, on Feb. 27 1929, the total of Reserve
credit outstanding was $1,463,032,000. Federal Reserve notes in circulation fell during the week from
$1,656,161,000 to $1,637,094,000, while gold reserves
increased from $2,977,518,000 to $2,989,631,000. A
year ago, on Feb. 27 1929, the aggregate of the gold
reserves was $2,686,846,000.
The appointment of J. Herbert Case, the senior
deputy governor of the Federal Reserve Bank of New
York, as Federal Reserve Agent at New York, to
succeed Gates W. McGarrah, will be hailed everywhere with satisfaction. The Reserve Board at
Washington must be regarded as having been very
happy in making this selection. The appointment
is in every way an excellent one—in fact, may be
regarded as ideal. Mr. Case, though quiet and unassuming, is a man of unusual attainments, and also
possesses exceptional qualifications for the post.
He has, moreover, been connected with the Federal
Reserve during nearly the whole of its existence, and
has shown a loyalty and devotion to its interests that
is rare—meriting the recognition which has at last
been accorded to him. As Federal Reserve Agent he
is in effect the representative of the Reserve Board,
and the Board can always count upon getting safe
and sound advice from Mr. Case. The Federal Reserve Agent ought also to be the guiding spirit in
the conduct of the Reserve Bank. It is he, rather
than the Governor of the Bank, who should be the
dominant personality in the Bank. Under the late
Benjamin Strong, who dominated everything, that
was not possible, and the example here set a precedent for the management of the other Reserve Banks.
But perhaps now we can get back to first principles.
The stock market, after the holiday on Saturday
last, was more or less depressed during the greater
part of Monday of the present week. The further
drop in the price of cotton, to the lowest point of
the season, along with the slump in the grain market,
was viewed unfavorably and exercised its part in
bringing about general declines on the Stock Exchange. On Tuesday the market broke badly, reflecting the complete collapse of the price of wheat, which
was looked upon as an unfavorable influence of large
importance and wide bearing. On Wednesday, with
both the grain and the cotton market firmer, the
stock market also showed an upward reaction, which
extended all through the Stock Exchange list. On
Thursday stocks showed further recovery, though
more or less irregularity developed in the afternoon.
On Friday there was further improvement, with the
tone strong, though the price changes were not important except in a few special cases.
The volume of trading, while on a reduced scale
early in the week, steadily increased the latter part.
Saturday was Washington's Birthday and a holiday.
The sales on the New York Stock Exchange on Monday were 2,320,430 shares; on Tuesday, 2,632,910
shares; on Wednesday, 3,017,750 shares; on Thursday,3,310,110 shares, and on Friday 3,209,510 shares.
On the New York Curb Exchange the sales on Monday were 631,300 shares; on Tuesday, 647,500 shares;
on Wednesday, 727,300 shares; on Thursday,886,100
shares, and on Friday 800,100 shares.
Prices are generally higher than on Friday of last
week, the losses the early part of the week having
in most instances been recovered the latter part.
American Can closed yesterday at 14238 against
/
13778 on Friday of last week; United States Indus/
trial Alcohol at 118% against 118%; Commercial
Solvents at 3112 against 3114; Corn Products at 95
/
/
against 9412; Shattuck & Co. at 44 against 44; Co/
lumbia Graphophone at 2914 against 2914; Brooklyn
/
/
Union Gas at 17514 against 17412; North American
/
/
at 116 against 1073 ; American Water Works at
/
1
4
4
111 against 104; Electric Power & Light at 67
against 61; Pacific Gas & Elec. at 6212 against 6178;
/
/
Standard Gas & Elec. at 1221 against 11938; Con4
/
solidated Gas of N. Y. at 119% against 120%; Columbia Gas & Elec. at 92 against 90; Public Serv/
1
2
ice of N. J. at 973 ex-div. against 94%; Interna4
tional Harvester at 93 against 91%; Sears, Roe/
1
2
buck & Co. at 9038 against 89; Montgomery Ward &
/
The Federal Reserve statements this week reveal
no large or striking changes. As far as brokers'
loans of the reporting member banks in New York
City are concerned, there is a slight decrease, the
total this week (Feb. 26) standing at $3,489,000,000
as against $3,494,000,000 last week (Feb. 19), but
comparing with $5,507,000,000 a year ago on Feb. 27.
The loans made by the reporting member banks for
their own account are a little lower this week at
$953,000,000 against $962,000,000 last week, and the
loans for account of out-of-town banks are also somewhat lower at $980,000,000 against $987,000,000. On
the other hand, the loans "for account of others"
are a little larger at $1,556,000,000 against
$1,545,000,000.
In their own figures, the Reserve Banks show no
very striking changes except that member bank borrowing has further decreased during the week, the
discount holdings now being down to $342,781,000
as against $376,943,000 last week. As showing how
sharply member bank borrowing has recently de-
1328
FINANCIAL CHRONICLE
[Wu 180.
2
1
/
8
Co. at 44y against 46; Woolworth at 65 against against 26%; Calumet & Arizona at 77 against
/
against 103%; West- 7634; Granby Consolidated Copper at 57% against
63%; Safeway Stores at 99%
4
/
ern Union Telegraph at 2163 against 210; Amer. 55½; American Smelting & Refining at 73% against
/,
Tel. & Tel. at 240% against 233%, and Int. Tel. & 7178 and U. S. Smelting & Refining at 33%
against 33%.
/
Tel. at 6834 against 69%.
Allied Chemical & Dye closed yesterday at 267
Share prices on the important European stock
/
against 27114 on Friday of last week; Davison Chemical at 38 against 38%; E. I. du Pont de Nemours at exchanges showed little change this week, but busi/271 against 124%; Radio Corp. at 48% against ness on the other hand remained discouragingly
%
2
1
/
/
451
4; General Electric at 7618 against 72 ; Na- small. Public interest in stocks listed on the markets
against 74%; Fox Film at London, Paris and Berlin has been revived only
tional Cash Register at 74%
A at 33% against 32%; International Combustion for short periods since last autumn and complaints
Engineering at 7% against 6%; International of the small turnover have been a daily feature of
Nickel at 39% ex-div. against 37%; A. M. Byers at reports from those centers for months. Political
/
85 against 84%; Timken Roller Bearing at 7658 and industrial uncertainty again produced extreme
against 76%; Warner Bros. Pictures at 67% against dullness in most sessions this week, with the pro1
/
/
6112; Mack Trucks at 812against 79; Yellow Truck longed Cabinet crisis in France the most important
& Coach at 19% against 20%; Johns-Manville at single influence. Poor industrial conditions, as re1
/
13778 against 134; National Dairy Products at 502 flected by growing unemployment in Britain and
/
Bellas Hess at 11% against Germany, also militated against stock exchange
against 49%; National
78
11%; Associated Dry Goods at 37/ against 31%; activity. The number of registered unemployed in
/
4
Co. at 1073 against 1031s; Texas Gulf Britain was last reported at 1,520,000, or 177,500
Lambert
Sulphur at 63 against 61, and Bolster Radio at 3 more than at this time last year. German reports
indicate that 22.2% of labor union members are out
against 3.
The steel shares are not greatly changed. United of work, compared with 19.4% a year earlier. Dis/
States Steel closed yesterday at 1831 8 ex-div. against patches from London again indicate that underwrit183 on Friday of last week; Bethlehem Steel at 100% ing activities are none too successful, large portions
/
against 100, and Republic Iron & Steel at 7578 of recent new issues having been left in underwriters'
also show relatively hands. "If the markets are to be given a chance to
against 76%. The motor stocks
small changes. General Motors closed yesterday at recover," a dispatch to the New York "Times" said,
2
1
/
43% against 42 on Friday of last week; Nash "issues of new capital will have to be considerably
8
Motors at 513/ against 51; Chrysler at 39 against curtailed and the terms materially improved."
%;
381 ; Packard Motors at 19 against 181 Hudson Money rates remain moderate in the nreantime, and
%
Motor Car at 55% against 56, and Hupp Motors at there is general expectations at London of a further
4
/
213 against 22. The rubber group is likewise little reduction in the Bank rate. One notable developchanged. Goodyear Rubber & Tire closed yesterday ment of the week was the decision of the Belgian
1
/
at 812 against 81% on Friday of last week; B. F. Cabinet, as reported in the "Wall Street Journal,"
2
1
/
Goodrich at 47% against 47; United States Rubber to redeem the $50,000,000 1920, 7 % loan listed on
preferred at 51% the New York Stock Exchange.
2
1
/
at 27 against 26 , and the
Dealings on the London Stock Exchange began in
against 52.
Railroad stocks have held up well, notwithstand- a very quiet mood Monday, but the market was stiming the poor returns of earnings for the month of ulated somewhat in the afternoon by talk of an early
January. Pennsylvania RR. closed yesterday at reduction in the Bank rate. Announcement of a new
2
1
/
/
821 8 against 82% on Friday of last week; New York Government 4 % conversion loan at 95 had a de2
1
/
Central at 183 against 184; Erie RR.at 59 against pressing effect on British funds and prices suffered
/
5978; Del. & Hudson at 170 against 173; Baltimore & slightly. Other sections were quiet and irregular.
/
2
1
/
Ohio at 115 against 116½; New Haven at 12278 The volume of business Tuesday was again small
against 121; Union Pacific at 225 ex-div. against and the market dull, with the gilt-edged section the
227½; Southern Pacific at 123 against 124; Mis- only bright spot because of further talk of a Bank
souri Pacific at 91 against 92; St. Louis-San Fran- rate cut. British industrials were featureless, while
cisco at 109 bid against 112; Missouri-Kansas-Texas international issues softened under the influence of
Government
at 53% against 54%; Rock Island at 120% against poor reports from New York. British
improve Wednesday, but the
/
12012; Great Northern at 98 against 99%, and securities continued to
rest of the market remained dull. International
.
/
Northern Pacific at 93% against 9538
from
The oil shares are irregularly changed as the result issues showed small gains on the better reports
although the best prices were not mainof the cuts in oil and gasoline. Standard Oil of N.J. New York,
finally improved as a whole
/
closed yesterday at 58% against 5918 on Friday of tained. The market tone
with the industrial section cheered by
2
1
/
last week; Simms Petroleum at 23 bid against Thursday,
list was
/
/
241 2; Skelly Oil at 291 8 against 29; Atlantic Re- some favorable reports. The gilt-edged
Texas Corp. at 52% strong at the opening, but it reacted after noon when
1
/
fining at 382 against 38½;
rate was announced. Prices
2
1
/
2
1
/
against 51 ; Pan American B at 52 against 51%; no change in the Bank
/
against 3038; Richfield moved irregularly in yesterday's session at London,
/
Phillips Petroleum at 3178
/
Oil at 24 against 2378; Standard Oil of N. Y. at 32% with net changes unimportant.
Trading at Paris was started Monday on the basis
ex-div. against 31%,and Pure Oil at 22 against 21%.
The copper shares moved up and down with the of a very slim sheaf of buying and selling orders.
rest of the market. Anaconda Copper closed yes- Uncertainty as to the reception by the Chamber of
terday at 75 against 72 on Friday of last week; Deputies of the new Cabinet formed by Camille
Kennecott Copper at 57/ against 56; Calumet & Chautemps kept transactions at a minimum. A ten78
Hecla at 29% ex-div. against 29½; Andes Copper dency to sell predominated and the list lost a little
/
2
1
/
at 32 bid against 3312; Inspiration Copper at 29% ground. A slight improvement took place on the
MAR. 1 1930.]
FINANCIAL CHRONICLE
Bourse Tuesday and prices moved upward to some
extent. Later in the day the market again turned
dull. The closing came before the Chamber acted
on the Ministerial declaration of the new Government. The quick fall of the Left Cabinet produced
little effect on the Bourse Wednesday beyond a further abstention of the public from all activity.
There was satisfaction on the one hand over the defeat of the radicals and disappointment on the other
over the continued uncertainty. The Bourse Thursday was "absolutely inactive," reports said, and
"neither bids nor offers appeared during the session."
Quotations remained almost unaltered. Trading
yesterday was again dull, with the price trend
irregular.
The Berlin Boerse was quite as dull as other
European markets at the opening Monday, traders
being disposed to await the outcome of the Reichstag
consideration of the Young plan protocol which still
remains with the special committees. Price changes
were unimportant, and most issues were not quoted
during the entire session. Trading remained at a
minimum Tuesday,but the Boerse turned weak. I. G.
Farberindustrie closed several points lower and artificial silk stocks were off about three points. The
trend improved Wednesday, owing to better reports
from New York and the expectation that the Bank
of England rate might be lowered. The volume of
trading also was larger. After a further firm opening Thursday, prices turned irregular on the Berlin
Boerse. Professional activity increased, with some
early buying on the favorable overnight reports from
New York. Selling followed, however, when it appeared that the Bank of England would maintain its
discount figure unaltered. The close was inactive
with prices sagging. Slow trading at Berlin yesterday again produced only small and unimportant
changes.
Other than a vast amount of informal conjecture,
little has developed this week from the proceedings
of the five-power naval armaments conference
which has been in progress in London since Jan. 21.
The Cabinet crisis in France caused an adjournment
of the conference from Feb. 19 to Feb. 26, as all the
French representatives at London promptly discontinued their negotiations when the Tardieu Government fell. When it appeared Tuesday that the Radical leader, if. Chautemps, had been unsuccessful in
his attempt to form a new Cabinet, it was readily
seen that the London conference would suffer further delay. At a meeting of the heads of the British,
American,Italian and Japanese delegations Wednesday which was also attended by the French Ambassador to London it was decided, an announcement said,
to continue private conversations among these delegations. Emphasis was placed upon the desire of
all the remaining delegates to reach a five-power
treaty and talk of a three or four-power treaty,
which has spread In the absence of the French, was
thereby discouraged. The hope was expressed at
London that the French representatives will be back
in London early next week so that the conference
activities can be resumed in full. No definite decisions of any kind are to be made until the French
delegation returns. It is not expected, moreover,
that much will be accomplished until all five countries are again represented.
Delegates, observers and press representatives at
the London parley were provided by the French
1329
cabinet crisis with a fruitful source of speculation.
The conjecture revolved around the personnel and
probable aims of the delegation that might be sent
to London by a new Paris Cabinet. While M. Chautemps was trying to form a government, it was
assumed in London that M. Briand would head the
new French delegation. Comfort was taken in this
thought, as M. Briand has a high reputation for
finding political solutions for difficult situations.
That the London meeting faces such a difficult position has been made plain by the statements of aims
and requirements issued by all tive delegations in
the first month of the conference. Reduction by the
French of their stated requirements for a navy of
724,000 tons by 1936 is considered the greatest need
of the meeting as the size of the British fleet will
be determined in large part by the French plans.
British naval tonnage, in turn, will influence American building. The Japanese and Italian delegations
are concerned in much the same way, as American
building will influence the Japanese program, while
Italy has frequently declared that her minimum requirement is parity with any other Continental
power. The importance of the French position thus
accounts for the interest with which the Cabinet
crisis was followed. When it appeared later in the
week that former Premier Tardieu may again head
the delegation, hopes for a more compromising spirit
among the French representatives were reluctantly
abandoned.
Official declarations at London are still of the
most optimistic character, although press correspondents have repeatedly stated without provoking
a denial that the results of the conference, as so far
foreshadowed, would mean a great increase in naval
building programs of the principal powers. Influential sections of the British press unceremoniously
dubbed the conference a failure early this week, but
Prime Minister MacDonald issued a statement in
rebuttal, saying there was no truth in such assertions. A. V. Alexander, First Lord of the British
Admiralty, declared at a dinner given the Japanese
delegation Tuesday that "it would be a great misfortune for any of the powers represented at the
conference and for the whole world, if we were unable to arrive at an agreement which made definite
progress in the limitation and reduction of armament." He expressed the conviction, however, that
the statesmen who will gather around the council
table once more will make a continuous and sincere
effort to arrive at the end desired. Reijiro Wakatsuki, former Premier of Japan, expressed similar
sentiments at the dinner. "A new spirit, a new idea
has been injected into the international relations
of the world," he said. "It was in conformity with
that spirit that the naval conference was called. We
are trying to apply this new spirit to the regulation
and restriction of an institution as old as humanity
itself. That is why the conference is proceeding so
cautiously and laboriously. Yet I am convinced the
conference will succeed." Prime Minister MacDonald added a further word of reassurance when he was
questioned in the House of Commons Thursday as to
whether he expected to arrive at any international
agreement for naval disarmament. "Certainly," he
said. In renly to further questions, Mr. MacDonald
stated that the policy of the British Government at
the conference looked to the eventual disappearance
of battleships by international agreement.
1330
FINANCIAL CHRONICLE
Steps toward the organization of the Bank for International Settlements formed the main developments this week in the complicated program for
placing in full operation the new Young plan of
German reparations payments. A subcommittee
charged with making the preliminary arrangements
for the organization of the bank virtually completed
its task last week, and a meeting of Governors of
the central banks concerned was held in Rome Wednesday to name the directors of the institution. The
bank will start operations with sixteen directors,
two from each of the seven original subscribing
countries, and two additional directors from France
and Germany. Nine additional directors are to be
named by other countries which will be invited to
subscribe to the capital of the bank, making twentyfive directors in all, but it will probably be some
time before the complete board is assembled. After
the meeting of the bankers in Rome, the following
official communication was issued: "The governors
of the central banks—Belgium, M. Franck; France,
Emile Moreau; Germany, Dr. Hjalmar Schacht;
Great Britain, Montagu Norman, and Italy, Senator
Stringher, and Setsusaburo Tanaka, representative
of the governor of the Bank of Japan—met today in
Rome under the presidency of Signor Stringher.
They exchanged nominations for the Board of Directors of the Bank for International Settlements and
decided to invite two American directors of the bank.
The meeting adjourned until tomorrow."
It was officially confirmed in Rome, in Washington and in New York that the two American directors named are Gates W.McGarrah, Chairman of the
Board of the Federal Reserve Bank of New York,
and Leon Fraser, New York attorney. It is considered assured, moreover, that Mr. McGarrah will be
chosen to head the Bank for International Settlements. The heads of the banks of issue, with the
exception of Dr. Schacht, also announced the names
of their countrymen who are to serve on the board.
They are: Britain, Mr. Norman and Sir Charles
Addis, director of the Bank of England; France, M.
Moreau, Baron Brincard of the Credit Lyonnaise,
and the Count de Vogue of the Compagnie de Suez;
Belgium, M. Franck and Emile Francqui, Belgian
financier; Italy, Senator Stringher and Giuseppi
Beneduce, Deputy in the Italian Parliament; Japan,
Tetsusaburo Tanaka, representative of the Bank of
Japan, and Daisuke Nohara, London manager of the
Yokohama Specie Bank. Dr. Schacht is expected to
announce the names of the three German directors
shortly. The first board meeting of the bank will
be held in Basle, Switzerland, shortly after the arrival of the two American directors, who are sailing
for Europe on the Aquitania to-day.
Formal announcement of the resignation of Mr.
McGarrah as Chairman of the Board of the Federal
Reserve Bank of New York was made Thursday in
Washington and New York. The Federal Reserve
Board in Washington announced simply that Mr.
McGarrah had resigned and would be succeeded by
J. Herbert Case, Deputy Governor of the New York
Bank. Mr. McGarrah, in New York, stated in addition that he had accepted an appointment as American director of the Bank for International Settlements. He expressed the hope that the bank will
ultimately become a useful and important institution
for the world, but he added that for the next few
months organization problems and the primary function of handling German reparations payments will
[VoL. 180.
probably occupy the personnel. Particular emphasis
was placed by Mr. McGarrah on the assertion that
there would be no close relations between the Bank
for International Settlements and the Federal Reserve Bank of New York or the Federal Reserve System. Such relations, he said, will be no closer than
those which now exist between the Federal Reserve
Bank of New York and the Bank of England or the
Bank of France. One of the first things to be done,
he stated, will be the absorption of the reparations
organization and the staff now employed by S. Parker Gilbert, Agent General at Berlin for reparations
payments. Mr. McGarrah went to Washington Wednesday and conferred there with President Hoover,
Acting Secretary of State Cotton and Under-Secretary of the Treasury Mills. No announcement was
made regarding the discussions, but White House officials said that Mr. McGarrah was an old friend of
President Hoover's and always called upon the President when in Washington. It was also stated that
he knew both Mr. Cotton and Mr. Mills personally.
"It was generally understood, however," a Washington dispatch to the New York "Times" said,"that he
had discussed the reported offer of the Presidency
of the Bank for International Settlements with these
officials before he returned to New York."
An address on the new Bank for International
Settlements was delivered before the Bond Club of
New York Tuesday by Jackson E. Reynolds, President of the First National Bank of New York, and
Chairman of the organization committee which formulated the statutes and trust deed of the bank at
Baden-Baden last autumn. Much of the talk, which
is reprinted in full in subsequent pages of this issue
was devoted to the problems which faced the committee in drawing up the plans. Mr. Reynolds stated,
however, that the bank should pay its way from the
very beginning, including dividends of 6% on its
shares. The place of the bank in the Young plan,
its powers and limitations, were briefly summarized.
"One of the most important reasons for the bank, I
think," Mr. Reynolds said, "lies in the fact that Germany is a participant in it and that assuages German
susceptibilities. They are on an equality with other
nations, the absence of which has irritated them
very much, and justly so, in the last ten years, and
the existence of a changed situation will go very far,
I think, to get their co-operation, get them to feel
that they are a member of the concert of nations in
good standing,that they are in equality with the men
on the other side of the table from them and that they
have resumed their place in the society of nations. It
also results in very greatly centralizing the operations."
One of the most confused and difficult situations
in the recent history of French politics has been produced by the fall, on Feb. 17, of the National-Republican Cabinet headed by Andre Tardieu. The Tardieu Government fell on a financial issue of little
intrinsic importance, but the background for the
occurrence was furnished by the exceedingly close
division of the Chamber of Deputies between adherents of the conservative and the radical parties. M.
Tardieu relied for his support chiefly upon the parties of the Right. His fall was attributed chiefly
to the opposition of the radical leader, Camille
Chautemps, who, in accordance with French parliamentary tradition, was invited by President Doumergue to form a new Cabinet. M. Chautemps
MAR. 1 1930.]
FINANCIAL CHRONICLE
formed a Government of the Left parties in the
Chamber on Feb. 21, and presented his list of Cabinet Ministers to President Doumergue late that day.
The new French Premier spent the last week-end in
drawing up a very moderate program to present to
the Chamber as his Ministerial declaration. He
appeared before the Chamber Tuesday and asked for
a vote of confidence, but was promptly turned out
of office by an adverse vote of 15. The parties of
the Right, with the aid of ten Communists, mustered
292 votes against the new regime, while the combined
Radical-Socialist strength was only 277. The debate
in the Chamber was without distinction and the voting took place entirely on party alignments. M.
Chautemps and his Cabinet called on President Doumergue late the same evening and handed him their
resignations, leaving France once again without a
Government and prolonging the Cabinet crisis indefinitely.
With a Government of the Right and of the Left
successively defeated in the space of eight days, discussion in France turned seriously Wednesday to
the possibility that President Doumergue may dissolve Parliament and call a general election in
France. This course would be one of last resort, it
was argued, since it would result in indefinite adjournment of the London naval armaments conference and the postponement of several other international projects requiring the approval of the French
Parliament. President Doumergue, after the customary conferences with leaders of the numerous
parties in the Chamber, requested M. Tardieu Wednesday to reform a Cabinet. M. Tardieu suggested
that Raymond Poincare, who was Premier for three
years, from July 1926 to July 1929, resigning on
account of illness, was the logical man to gather the
Right and Center parties together and formulate a
Cabinet and a program that would insure stability
in Government. M. Poincare was called to the
Elysee Palace, but he declined the task of forming a
Cabinet, pleading the necessity for a longer period
of recuperation from his two major operations of last
autumn. M. Tardieu thereafter agreed to attempt
the formation of a "concentration" or "national
union" Cabinet, and began a series of consultations
with the leaders of all parties in the Chamber. Progress was reported by the Premier-designate Thursday, M. Aristide Briand having promised to accept
his accustomed post of Foreign Minister. He made
it plain, however, that he would need considerable
time for the formation of a Cabinet that might last,
as the Left elements appeared to be solidly against
him. Assurances that he would succeed in the task
of forming a Cabinet were given by M. Tardieu to
President Doumergue yesterday afternoon. He refused afterward to give any indication when he
would have the Ministry ready or to say anything
about its political complexion.
1331
for his abdication. These objections appear to be
based chiefly on accusations, clandestinely distributed in Spain, that the monarch engineered Primo
de Rivera's 1923 coup d'etat in order to save himself
from Parliamentary reactions to the Morocco disaster of 1921. Excitement mounted throughout Spain
this week owing to the promised statement of aims
by former Premier Sanchez Guerra, leader of the
largest political party in the country. Senor Sanchez Guerra declared in the long-awaited address,
Thursday, that although he remained a monarchist,
he was unalterably opposed to the continuance of
the present King's rule. He indicated, moreover,
that he recognized the right of the country to establish a republic if it wished. Partly as a result of
this speech, continuous republican demonstrations
occurred in Madrid Thursday, and they spread also
to other cities. Shouts of "Death to the King!" and
"Long live the republic!" echoed in several parts
of the capital, provoking the determined intervention
of the Madrid police, who charged with drawn
swords to disperse the crowds. Several persons were
seriously injured and many arrests were made. An
extra cordon of police was thrown around the Palace, and garrisons throughout the country were
ordered to be prepared for an uprising. The Government decided to prohibit all further addresses
of Liberal leaders.
A committee of jurists, named to consider "amendments to the Covenant" of the League of Nations
so that it will harmonize with the Kellogg-Briand
treaty, began its deliberations at Geneva Tuesday,
under the Chairmanship of Senator Vittorio Scialoja
of Italy. A reminder by Prime Minister MacDonald
of Great Britain at the last Assembly meeting that
the Covenant permits warfare under certain conditions and a suggestion that the Covenant be altered
to conform with the new anti-war pact caused the
formation of the committee. The League Council
again considered the question last January and appointed 11 well known jurists to formulate the proposed changes. When the meeting began Tuesday,
Senator Scialoja drew attention to the fact that out
of 54 member States of the League, 48 had signed
the Kellogg-Briand treaty, together with eight nonmember States, two of which are among the "greatest
in the world." The committee had before it for
discussion the record of the Assembly debates and
the Council discussions, the British draft amendments and the observations and proposals made by
representatives of numerous member States. Consideration was given to proposals for inserting
amendments in the Covenant, and for incorporating
the Kellogg-Briand treaty as a whole in the Covenant. Signor Scialoja, who led the discussion, insisted that harmonizing the two documents by virtually incorporating the pact with the Covenant was
tantamount to making the League a pact signatory,
as well as endowing the pact with properties its
framers and original signatories did not intend it to
possess. After a debate on procedure, the committee
turned to a minute study of verbal changes in the
body of the Covenant,leaving for later consideration
any changes in the preamble that may be considered
advisable.
A rapidly growing movement against the monarchy in Spain and toward a republican form of
government has been the most significant development in that country since the fall of the dictatorship
of General Primo de Rivera. A close internal censorship has served only to increase the underground
activity of the movement against monarchy, a
Madrid dispatch of Wednesday to the New York
"Herald Tribune" stated. Particular objections are
Proceedings of the League of Nations conference
being raised to the continued rule of King Alfonso, on the advisability of a customs truce among Euroeven avowed monarchists proclaiming their desire pean nations for a period of two or three years were
1332
FINANCIAL CHRONICLE
devoted this week to a close examination of the details of the world's future commercial policy. The
meeting, which began Feb. 17, resulted directly from
the suggestions made by M. Briand of France at the
last League Assembly meeting for a closer economic
integration of European countries. Not all the delegates expressed themselves favorably last week regarding the proposed tariff truce, or, as Chairman
von Moltke of Denmark called it, the "consolidation
of duties." Further deliberation was considered advisable, however, and several subcommittees were
formed to consider phases of the problem presented
by the ever-growing tariff walls of all countries.
One subcommittee was asked to consider the "reconciliation of agricultural and industrial interests."
A second began discussion of the "problem of the
effect of collective economic agreements on the relations of the contracting parties with other States."
A third subcommittee was formed to consider the
"program of measures to complete the work already
undertaken by the League of Nations' permanent
economic committee." Articles of the draft conventions were studied in detail by these bodies, the
committees grouping for this purpose those articles
concerning exceptions, those concerning trade
hindrances and those relating to most favored nation treaties.
Sweeping gains were registered in a general election in Japan on Feb.20 by the Minseito or conservative party of Premier Yuko Hamaguchi. The results
of the election, in which approximately 10,000,000
Japanese cast ballots, became definitely known last
Sunday. Although a vigorous campaign was waged
by labor leaders and proletarian groups, the voting
for such parties diminished and the contest resolved
itself into one between the Minseito party and its
great opponent, the Seiyukai party. Final results
gave the Minseito a total of 273 seats in the Diet, or
House of Representatives, while the Seiyukai will
have 174 seats. The proletarians returned five members and other groups 14. The election was of considerable international importance, since a drastic
defeat for the Minseito would have resulted in an
overthrow of the Hamaguchi Cabinet while the London naval parley was in progress. The balloting,
considered an impressive vote of general confidence
in the Hamaguchi Ministry, will strengthen the
position of the delegates to the London conference,
especially that of former Premier Wakatsuki, who
headed the Minseito party until recently. Approval
was seen in the election of Premier Hamaguchi's
policies of retrenchment of expenditures, of a budget
balance without recourse to foreign loans, and of
restoration of the gold standard for Japan. Only
domestic economic issues were involved in the election campaign, and the 'business world in Japan
hailed the results as insuring economic stability.
"The results of the election cannot be interpreted
as a verdict on any outstanding question," a Tokio
dispatch to the New York "Times" said,"as Japanese
elections are still fought over personalities rather
than programs, but the results do throw important
light on the direction in which Japan's political evolution is tending. They show that Japan is steadily
developing a two-party system. The smaller groups
and opportunists who in the guise of independents
used to huckster with every government are almost
eliminated. Those elements were the mainstay of
the governments to which they provided temporary
[Volk 130.
majorities. With their disappearance, bureaucratic
ministries become normally impossible and party
government becomes a reality."
Political disturbances in the Dominican Republic,
which began in the northern part of the West Indian
country Monday, have spread over the entire land,
causing a virtual upset of the Government at Santo
Domingo and a little concern at Washington and
London. The insurgent movement appears to be
based chiefly on opposition to the continued rule of
the President, Horatio Vasquez, and his political
supporters. The President, after serving two terms,
had the Constitution revised several years ago to
extend the terms of himself and of the Congress from
1928 to 1930. He announced his candidacy for a
further term in the elections of May 15 next, whereupon opposition developed and gradually assumed
menacing proportions in the rich agricultural country of the north. The revolutionaries, with perhaps
4,500 troops altogether, quickly gained control of
almost all the land and forced the resignation of
Vice President Alfonseca. They demanded the resignation of President Vasquez as well, but the Chief
Executive declined to comply, taking refuge in the
United States Legation for a time as the insurgents
neared the capital. Charles B. Curtis, the American
Minister, acted as intermediary between the groups
and attempted to bring about an agreement whereby
bloodshed might be avoided. The insurgent "army"
of 2,000 entered the capital Wednesday and was
acclaimed by the populace, no resistance being made
by the Government heads. Parleys were begun
Thursday at the American Legation in the attempt
to reach agreement on the choice of a Provisional
President to guarantee unbiased elections in May.
The resignation of President Vasquez is taken for
granted, an Associated Press dispatch said, and is
awaiting only the choice of a provisional successor.
The British Government, at the request of its Minister in Santo Domingo, dispatched a small sloop
to that capital Thursday as a precautionary measure.
The State Department in Washington. announced on
the same day that the country remains quiet and
that "a basis of settlement seems to have been
reached" through the mediation of Minister Curtis.
Formal agreement between the contending parties
was announced in the Dominican capital yesterday.
It will involve the resignation of President Vasquez,
reports said, while General Rafael Estrella Urena,
leader of the insurgent movement, will beeome Provisional President. United States Minister Curtis
attended the conference at which the agreement was
reached for peaceful transition of the Government
into the hands of the revolutionaries.
The commission appointed by President Hoover
for the study of conditions in Haiti arrived at Portau-Prince yesterday on the cruiser Rochester, which
had been detailed by the Navy Department to carry
the group. Appointment of the commission followed
the series of unfortunate incidents in Haiti last
December which culminated in a clash between
Haitians and United States marines in which five
Haitians were killed. Even before this, however,
President Hoover had suggested in his message to
the Congress that means be found for ending the
American occupation of the West Indian republic.
The commission consists of six members, headed by
W. Cameron Forbes, former Governor General of
MAR. 1 1930.]
FINANCIAL CHRONICLE
the Philippines. Other members are: Former Ambassador Henry P. Fletcher, Elie Vezina of Rhode
Island, James Kerney of New Jersey, William Allen
White of Kansas, and Willis J. Abbott of Massachusetts. A number of official aides also accompanied the group. An educational study of Haiti is
to be made concurrently by a group headed by Dr.
Robert R. Moton, President of Tuskegee Institute.
The task of the commission, according to a statement
made by President Hoover early last month, is to
find out how and when the United States can withdraw the marines who have occupied the country
since 1915 without danger that Haiti will slip back
into disorder. "I have no desire for representation
of the American Government abroad through our
military forces," the President remarked. A further
development of importance in Haiti is the announced
adjournment of the Council of State until April 14,
when it will meet again to elect a new President of
Haiti. Opposition to the continued incumbency of
President Louis Borno was understood to have
prompted the disorders of last December.
There have been no changes this week in the discount rates of any of the European central banks.
Rates continue at 7% in Italy; at 6 % in Austria
/
1
2
and Hungary; at 6% in Germany; at 5 % in
/
1
2
Spain; at 5% in Norway and Denmark; at 4 %
/
1
2
in Great Britain and Sweden; at 4% in Holland;
at 3y % in Belgium and Switzerland, and at 3% in
2
France. In the London open market discounts for
short bills yesterday were 3/ against 378% on
58%
/
Friday of last week, and 3 7/16% for long bills
against 3 13 16% the previous Friday. Money on
/
call in London yesterday was 33
4%. At Paris the
open market rate remains at 3%, and in Switzerland at 23
4%.
The Bank of England statement for the week ended
Feb. 26 shows a further gain of £340,738 in bullion
but is this was attended by an expansion of £1,231,000
in circulation, reserves fell off £891,000. Gold holdings now aggregate £151,979,238 in comparison with
£151,255,517 a year ago. Public deposits decreased
£1,884,000 and other deposits £6,638,407. Other
deposits consist of bankers accounts and other accounts. There was shown a decrease of £8,453,103
in the former while the latter increased £1,814,696.
Proportion of reserves to liabilities stands now at the
unusually high ratio of 65.86% compared with
61.47% a week ago and 54.97% a year ago. Loans
on Government securities fell off £4,140,000 and
those on other securities £3,440,902. The latter consists of "discounts and advances" and "securities"
which decreased £16,413 and £3,424,489 respectively.
The discount rate remains at 432%. Below we furnish a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1928.
1927.
1929.
1926.
May. 1.
Feb. 26.
Feb. 29.
Feb. 27.
Mar. 2.
Circulation
a346.812,000 352,253,000 135.350,000 137,588,645 141.720,585
Public deposits
11,987,000 13,967,000 10.139.000 9,643.302 13,546.250
Other deposits
86,945.285 93.701.000 98,508,000 109,530,114 106,038.295
Bankers' acoousta 50.713,918 57.040,000
Other accounts.-- 36.231,367 36,661.000
Government occur
34.441,855 42.976.000 30,683,000 32.267.560 38,015,328
Other securitiee17,585,214 23,946,000 54,587,000 72.911,808 76,273.908
Died. & advances 4,716,355 8,353.000
Securities
12,868.859 15.593,000
Reserve notes & coin 65,166,000 59.002,000 41,650.000 32,276,429 23,580,467
Coln and bullion_ _151,979,238 151,255,517 157,249,908 150,115,074 145,551,052
Proportion of reserve
to liabilities
38.33%
65.86%
54.97%
27.08%
19.71%
Bank rate
4 %
4 A%
5%
534%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Banlof England
note issues adding at that time £234,199,000 to the amount of Bank_of England
notes outstanding.
1333
The Bank of France statement for the week ended
Feb. 22, reveals another gain in gold holdings, this
time of 13,158,982 francs. The total of gold holdings
now stands at 42,960,342,741 francs, which compares
with 34,037,604,216 francs in the corresponding week
last year. A decline is shown in credit balances
abroad of 11,000,000 francs, while bills bought abroad
increased 8,000,000 francs. Notes in circulation show
a contraction of 200,000,000 francs reducing the total
outstanding to 68,872,472,500 francs, as compared
with 62,505,465,950 francs last year. French commercial bills discounts and creditor current accounts
register gains of 506,000,000 francs and 642,000,000
francs, while advances against securities decreased
22,000,000 francs. Below we furnish a comparison of
the various items for the past two weeks as well as
with the corresponding week last year:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Feb. 221950. Feb. 151930. Feb. 23 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings. —Inc. 13,158.982 42.960,342,741 42,947,183,759 34.037.604.216
Credit bale. abr'd_Dec. 11,000,000 6,967,659,661 6,978.659,661 11,538.870.769
French commerolallnc. 506.000.000 6,855,696,179 6.349,696.179 7.042,061.281
Bills bought abed_Inc. 8.000,000 18,717.323,476 18,709,323,476 18,286,970.680
Adv. agst. securs_ Dec. 22,000.000 2,489,449,018 2,511,449.018 2.263.091.022
Note circulation_ _Dec. 200,000,000 68,872.472,500 69.072.472,500 62.505.465.950
Cred. cum accts__Ino* 642,000.000 18,029,950.331 17.387.950.331 19,474.735,543
The German Bank statement for the third week of
February, shows an increase in gold and bullion of
59,186,000 marks, raising the total of the item to
2,410,200,000 marks. Gold in the corresponding
week last year aggregated 2,728,962,000 marks, and
in 1928 to 1,886,263,000 marks. A decline appears
in reserve in foreign currency of 2,773,000 marks, and
in bills of exchange and checks of 99,241,000 marks,
while the items of deposits abroad and investments
remain unchanged. A decrease of 161,751,000 marks
is recorded in notes in circulation, reducing the total
of the item to 4,004,603,000 marks. The total of
notes in the corresponding week last year stood at
3,902,094,000 marks. Silver and other coin, notes
on other German banks, and other assets show gain
of 10,540,000 marks 4,120,000 marks, and 6,872,000
marks, while the item of advances decreased 23,554,000 marks. Other maturing obligations and other
liabilities register increases of 113,572,000 marks and
3,289,000 marks respectively. Below we furnish a
comparison of the various items of the Bank's return
for the past three years:
REICHSBANICS COMPARATIVE STATEMENT.
Changes
Feb. 22 1930. Feb. 23 1929. Feb. 22 1922.
for Week.
Reichsmarks.
Reel:marks. Reicksmarks. Reichrtaarki.
Assets—
Inc. 59.186.000 2,410.200,000 2,728,962.000 1,886.263.000
Gold and bullion
83.532.000
85,626,000
149,788,000
Of which depos. abed. Unchanged
99.134.000 295.088.000
Reserve In for'n cum_ _Dec. 2.773,000 398,793.000
Bills of exch.& checks.Dec. 99.241,000 1,620,478,000 1,471,350.000 1,830.712.000
83.515.000
Silver and other coln_ _Inc. 10,540,000 164,377,000 132.175.000
24.300,000
28,815.000
20,948,000
Notes on oth. Ger.bks.Inc. 4.120.000
22,515.000
38,467,000
44,694,000
Dec. 23,564,000
Advances
94.256,000
93.170.000
93,277,000
Unchanged
Investments
Inc. 6,872,000 511,850,000 481,459,000 506,243,000
Other assets
Liabilities—
Notes In circulation_ _Deo. 161,751,000 4,004.603.000 3,902,094,000 3,652.870,000
Oth.daily matur.oblig.Ino. 113,572,000 615,809,000 572.696,000 620,189,000
Inc. 3,289,000 160,278,000 158,346.000 209,607,000
Other liabilities
Easy conditions prevailed in the New York money
market this week, reflecting the world-wide trend
toward lower levels that has been in progress since
the stock market panic of last autumn. Call loans
on Stock Exchange collateral were substantially unchanged from previous weeks, the rate fluctuating
/
1
2
between 4% and 4 % in all sessions. After renewing at 4% Monday, new loans were advanced to
4 %, withdrawals by the banks amounting to ap/
1
2
proximately *40,000,000. The official rate was firm
at 41 2 all of Tuesday and Wednesday, but deals
/%
1334
FINANCIAL CHRONICLE
were arranged in the unofficial "Street" market on
both occasions at 4%. Renewals were 4 % both
/
1
2
Thursday and Friday, but in both sessions new loans
dropped to 4%, while funds were available in the
outside market at as low at 3 %. Time loans also
/
1
2
were easy, the quotations on all maturities being
shaded to 4½@44%,as against the previous levels
of 4 @5%. No changes in central bank discount
/
1
2
rates were announced this week, but there was much
discussion in London of a possible further reduction
of the Bank of England rate. Brokers'loans against
stock and bond collateral, as reported by the Federal
Reserve Bank of New York for the week ended Wednesday, dropped $5,000,000. Gold movements at
New York for the same period consisted entirely of
imports of $6,394,000, no changes being noted in the
amount of gold held ear-marked for foreign account,
while exports also were nil.
[you 130.
following is the schedule of rates
er
the various classes of pap
now in effect for
at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Rate in
Alyea on
Feb. 28.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Dale
Established.
Previous
Rate.
4
4
434
431,
434
434
4•
414
414
4
434
434
Federal Reserve Bank.
Feb. 13 1930
Feb. 7 1930
Jars 161930
Feb. 8 1930
Feb. 7 1930
Dec. 101929
Feb. 8 1930
Feb. 11 1930
Feb. 8 1930
Feb. 15 1930
Feb. 8 1930
Dec. R 1929
634
434
5
5
5
5
434
5
5
434
5
IS
Sterling exchange continues dull and irregular,
but with rates lower even than the low figures
of
last week. On Saturday last there was no market in
New York owing to Washington s Birthday.
'
On
Monday the market gave indications of activity and
Dealing in detail with the call loan rates on the firmness, but immediately subsided in face of the
Stock Exchange from day to day, there was an ad- general expectation that the Bank of England would
vance to 4 % on Monday after renewals had been lower its rediscount rate to 4%. On Thursday when
/
1
2
effected at 4%. On Tuesday and Wednesday all no announcement of change in the Bank s rate was
'
loaning was at 4 %,including renewals. On Thurs- forthcoming sterling gave only the slightest evidence
/
1
2
day and Friday, after renewals had been put through of change in trend of trading, but yesterday showed
each day at 412%, there was a drop to 4% in the great weakness. The range this week has been
/
charge for new loans. The market for time money from 4.85 9-16 to 4.85 15-16 for bankers sight,
'
was fairly active on Monday, but with the exception compared with 4.853/ to 4.85% last week. The
of a limited demand for the longer maturities at the range for cable transfers has been from 4.85 29-32
maximum rate the market sagged as the week pro- to 4.86 5-16, compared with 4.85% to 4.863( a
gressed. Quotations each day have been 414@4 % week ago. It is the opinion of most foreign exchange
/ /
1
2
for 30 days, and 4 @43
/ 4% for 60 days, 90 days, and operators that a lower bank rate will be seen some
1
2
four months, but for five months and six months were time in the near future, though much depends upon
4 @W on Monday and Tuesday, and then fell to whether or not lower official rediscount rates prevail
/
3
4
°
4 @431%. There has been no diminution in the at New York and Berlin. It seems doubtful to some
/ /
1
2
volume of business in commercial paper, and all that the Bank of England will reduce its rate unless
offerings have been quickly absorbed. Rates for the Reichsbank rate is lowered. The London money
names of choice character maturing in four to six market strongly foreshadows a lower rate, as on
months continue at 4 @43
/ /
1
2
4%. Names less well Thursday 3
-months bills fell to 3 7-16%(4)33%, far
known are quoted at 4%@5%, with New
England
mill paper at 5%.
out of line with the accepted 4 of 1% below the
3
Bank rate; while British Consols and United Kingdom
fundings both advanced to new high points on the
The market for prime bank acceptan
ces showed
undiminished activity the present week.
More bills
were available and the buying revealed
no signs of
lagging behind the offerings. Rates
were unchanged
in both the bid and the asked columns.
The Reserve
Banks further increased their holdings
of acceptances during the week from $281,057,
000 to $299,306,000.
Their holdings of acceptances for their
foreign correspondents further declined from
$518,664,000 to $513,346,000.
The posted rates of the
American Acceptance Council remain at 3 8
7 % bid
/
present movement.
York
stock
The upward swing of the New
market
and
the
partial
recovery
of
American export commodity prices contributes to an
easier tone in sterling and the general foreign exchange market.
The Bank of England gold
improve, with
apparently
position continues to
no special attempts on
the part of the authorities to augment the gold re
serves.
For the past month Germany has taken
almost the
entire amount of gold
offered
in
the
London open market, including large arrivals from
and 3
3
4% asked for bills running 30 days, and also
South
for 60 and 90 days, and likewise for 120
The Bank of England has made no bids for this
4% bid and 3 8
/% asked for 150 and
7
days, and
180 days. The
Africa
metal and
Acceptance Council no longer gives the rates for call
prices
loans secured
to meet.
by
acceptances, the
rates
varying
widely.
Open market rates for acceptances have also
remained unchanged, as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
sg
sg
sg
4%
434
4
—90Days— —60Day,
--- —30Days—
Bid. Asked.
Rid. Asked.
Bid. Asked.
434
4)4
434
4
4
4
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
434 bid
434 bid
and
has allowed
below
those
count
the
Germany
English
to
from
Spain.
purchase
bank
is
at
prepared
This policy seems to indicate that present
holdings, which are above the Cunliffe minimum of
£150,000,000, are considered
adequate for current
needs and that the arrivals due from Australia in
April of approximately £7,000,000 gold
will insure
the Bank against drain of metal before that time.
The Bank of England statement for the week ended
FeN27shows an increase in gold holdings of £340,738,
the total standing at £151,979,238, which compares
with £151,255,517 a year ago. On Monday the
Bank of England
have been no changes this week in the redisrates of the Federal Reserve banks. The
There
£3,000,000
over
from abroad.
received
£250,000 in sovereigns
On Tuesday approximately £770,000
was available in the open market, of which £700,000
MAR. 1 1930.]
FINANCIAL CHRONICLE
was taken by Germany at a price of 84s. 11d. The
blance went to the trade and India. Next week
£1,341,000 in bars and 050,000 in sovereigns will
be available in the open market. On Wednesday
the Bank released £100,000 in sovereigns and bought
£1,656 in gold bars. On Thursday the Bank received 00,000 in sovereigns from abroad. On Friday
the bank bought £25 in gold bars.
At the Port of New York the gold movement for
the week Feb. 20-Feb. 26, inclusive, as reported by
the Federal Reserve Bank of NewYork, consisted of
imports of $6,394,000, of which $6,308,000 came
from Brazil and $86,000 chiefly from other Latin
American countries. There were no gold exports
and no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Feb. 26, as reported
by the Federal Reserve Bank of New York, was as
follows:
1335
the Bank of France is determined to fulfill its promise
to let the gold standard have free play and to demonstrate the internationalism of the Paris money
market. This is the first metal movement between
the two centers since 1914. The transaction was
arranged to yield a profit of 40 centimes per 100
marks: The Bank of France statement for the week
—
ended Feb. 21 shows an increase of 13,158,000 francs
in gold holdings, bringing the total to 42,960,000,000
francs. This compares with 34,037,000,000 francs
a year ago. Money continues very plentiful in
4
-day bills in demand at 23 % and call
Paris, with 90
money bearing the same rate. Increases in the gold
holdings of the Bank of France during the last few
weeks are ascribed largely to the belated turning in
of pre-war gold coin hoarded by the French people
and demonetized since the stabilization act, but
redeemable in the present bank currency at the same
gold valuation as before the war. It is estimated
of the franc in
GOLD MOVEMENT AT NEW YORK, FEB. 20-26, INCLUSIVE. that since the virtual stabilization
Exports.
received in this way
Imports.
1926 the Bank of France has
86,308,000 from Brazil
None
more than 4,000,000,000 francs worth of such gold
86,000 chiefly from other Latin
American countries
coin, this estimate being in terms of the present
$6,394,000 total
stabilized franc the equivalent of approximately
Net Change in Gold Earmarked for Foreign Account.
$156,000,000.
None.
German marks have been dull and inclined to
On Friday of last week $1,600,000 gold was re- ease, although compared with sterling and francs the
ceived at San Francisco from Japan. On Monday mark is above par in terms of dollars, sterling and
approximately $4,400,000 more was received, while francs. This leads to the belief that there is a good
on Wednesday $2,500,000 more of gold was received amount of short-term funds being placed in Gerat San Francisco from Japan. On Thursday New. many at the present time, especially as German
York Federal Reserve reported the receipt here of money rates while extremely easy, as compared with
$6,300,000 more gold from Brazil. Canadian ex- the recent past, are above levels in London, New
change while still at a discount continues to move York, and Paris.
more favorably to Montreal. At noon on Monday
German bankers are beginning to predict that
Montreal funds were at 15-32 of 1% discount; on the era of heavy German borrowing from foreign
Tuesday at 9-16 of 1%; on Wednesday at 19-32 of markets is at an end. That foreign buying by Ger1%; on Thursday at 9-16 of 1%; and on Friday at man public bodies is officially expected to decline
of 1% discount.
is shown by the fact that the loan advisory board
Referring to day-to-day rates on Saturday last, after being provisionally prolonged until April 30,
Washington's Birthday, there was no market in is to be radically changed. After that date, according
New York. On Monday foreign exchange gave to present plans, control over foreign loans will be
some promise of activity and firmness, which was less strict. Some Berlin bankers predict that Gernot sustained during the rest of the week. Bankers' many within a comparatively short time will begin
sight was 4.85 23-32@4.85 15-16; cable trasnfers, repurchasing for her own account the German
4.86 3-16@4.86 5-16. On Tuesday sterling was weak. bonds previously placed in foreign markets. Berlin
The range was 4.85%@4.85 29-32 for bankers' bankers, as well as those in other important centres,
sight; and 4.86 3-16@4.86 9-32 for cable transfers. continue to entertain strongly the expectation that
On Wednesday the market continued under pressure. the Reichsbank will lower its rediscount rate to 532%
Bankers' sight was 4.855 s@4.85%; cable transfers, from the present 6%. As noted above, Paris shipped
/
4.86@4.86 1-16. On Thursday the market was dull to Berlin 30,000,000 francs gold on Saturday and
and irregular. The range was 4.85 21-32@4.85% the bulk of the open market gold offered in London
for bankers' sight, and 4.86@4.86 3-32 for cable on Tuesday, as during the three previous weeks,
transfers. On Friday sterling moved still lower, the was taken for German account. The Reichsbank
range was 4.85 9-16(4)4.85 11-16 for bankers' sight statement for the week ended Feb. 23 shows an
and 4.85 29-32@4.86 for cable transfers. Closing increase in gold holdings of 59,200,000 marks, the
quotations on Friday were 4.85% for demand and total standing at 2,410,200,000 marks, which com4.86 for cable transfers. Commercial sight bills pares with 2,729,000,000 marks year ago.
1
finished at 4.853/, sixty day bills at 4.824, ninety2
Italian lire, contrary to the general trend of exday bills at 4.80%, documents for payment (60 change, show firmness and in Thursday's market
days) at 4.823,, and seven-day grain bills at 4.849. lire cable transfers reached new high ground at
Cotton and grain for payment closed at 4.85.
5.24W.. Italy's foreign trade in January showed
1
imports of 1,501,000,000 lire, against exports of
Exchange on the Continental countries has been 977,000,000 lire, whereas last year imports were 1,dull and inclined to ease, although Belgian francs 810,000,000 lire and exports 1,037,000,000 lire. Thus
have been steady and shown signs of firmness. The the adverse balance, which in the first month of 1929
market was taken somewhat by surprise on Monday was 773,000,000 lire, has been reduced to 524,000,000
when announcement was made of a shipment of lire. This favorable change, which occurred entirely
30,000,000 francs gold on Saturday from Paris to through reduced imports, was due to the change in
Berlin. The movement is regarded as a proof that the importation of wheat.
1336
FINANCIAL CHRONICLE
The London check rate on Paris closed at 124.26
on Friday of this week, against 124.30 on Friday of
last week. In New York sight bills on the French
center finished at 3.90 14-16, against 3.90 15-16 on
Friday of last week; cable transfers at 3.91 1-16,
against 3.91 3-16; and commercial sight bills at
3.903, against 3.90%. Antwerp belgas finished at
13.92 for checks and at 13.93 for cable transfers,
against 13.913/ and 13.923/. Final quotations for
2
Berlin marks were 23.843 for checks and 23.853 for
%
%
cable transfers, in comparison with 23.863/ and
23.873/ a week earlier. Italian lire closed at
5.23 11-16 for bankers' sight bills and at 5.24 1-16
for cable transfers, against 5.23% and 5.23% on
Friday of last week. Austrian schillings closed at
1434, against 1434. Exchange on Czechoslovakia
closed at 2.96, against 2.96; on Bucharest at 0.60
against 0.603/2; on Poland at 11.25, against 11.25;
and on Finland at 2.52, against 2.52. Greek exchange closed at 1.30 for bankers' sight and at 1.3034
for cable transfers, against 1.30 and 1.3034.
[VoL. 130.
checks and at 12.17 for cable transfers, which compares with 12.32 and 12.33 a week earlier.
The South American exchanges have been steady
and slightly more active, with exchange on Buenos
Aires and Rio de Janeiro showing a fractionally
firmer undertone. Exchange on Rio is displaying
firmness as a result of the gold exports of the past
few weeks to both London and New York for the
purpose of supporting milreis. As noted above, the
Federal Reserve Bank of New York reported the
receipt of $6,308,000 in gold from Brazil during the
week, which followed upon the receipt last week of
$5,432,000 and reported the receipt of a further
$6,300,000 from Brazil on Thursday. Argentine
paper pesos closed at 375 for checks, as compared
A
with 37 11-16 on Friday of last week; and at 37 11-16
for cable transfers, against 37 3-16. Brazilian milreis finished at 11 3-16 for bankers' sight and at
1134 for cable transfers, against 11 3-16 and 1134.
Chilean exchange closed at 12 1-16 for checks and at
/
121 i for cable transfers, against 12 1-16 and 12M;
Exchange on the countries neutral during the war Peru at 4.00 for checks and at 4.01 for cable transfers,
has been generally steady, with the exception of against 4.00 and 4.01.
Holland guilders and Spanish pesetas. Guilders
have been ruling around 40.083/ for cable trans2
Exchange on the Far Eastern silver points is exfers, with little evidence of recovery in Amsterdam tremely demoralized owing to the further drop in
money rates. The weakness in guilders is attributed silver prices to a new low in all time. On Thursday
to a large outflow of funds from Amsterdam because silver was quoted at 4234 cents per ounce in New
of the low rates and lack of demand for credit York and at 19 11-16d. in London. Yesterday,
accommodation at home. The recent strength in 9n the announcement that the Indian Government
the Scandinavian currencies in face of a decline had levied an import duty on silver of 4 annas an
in the exchange market arouses considerable interest. ounce, the London price dropped to 193d. and the
It is accepted as a fact in banking circles that the New York price to 407 cents. Japanese yen are
A
appreciation of Norwegian and especially Danish steady and practically pegged as a result of credits
kroner is due to support from official sources. Both established in London and New York and of gold
countries hold substantial balances abroad. The exports to the United States and England. Japanese
Scandinavian units, like most other exchanges, have gold for the United States is generally received in
shown weakness against marks and the approach of San Francisco. During the past week approxithese units toward the gold export point to Berlin mately $8,500,000 Japanese gold was received on
has necessitated official support for the protection the Coast. Closing quotation for yen checks yesof the gold reserve. Rumors are again current terday were 49 3-16@49 7-16, against 49.15@
in London of the probability of the revival of the FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1923
Scandinavian exchange union. Such a move would
FEB. 22 1930 TO FEB. 28 1930. INCLUSIVE.
benefit Norway and Denmark, whose exchanges
Noon Burin• MAI for Cable Transfers in Nem York
Value in United States Monett.
have constantly been at a discount against Sweden. Country and Monster)
Untt.
Feb. 22. Feb. 24. Feb. 25. Feb. 26. Feb. 27. Feb. 28.
Spanish pesetas continue to fluctuate widely and on
EUROPE8
$
8
3
$
8
balance are off from a week ago. On Monday Austria. schIlling
.140655 .140599 .140594 .140847 .140639
Belgium, belga
.139267 .139342 .139281 .139302 .139276
London disptaches from Madrid stated that the Bulgaria. lev
007215 .007215 .007215 .007210 .007215
020602 .029606 .029606 .029609 .029604
Czechoslovakia,
Spanish cabinet had authorized the Finance Minister Denmark. kronekrone
.267678 .267772 .267657 .267665 .267560
England,
to stabilize the currency. The experience of the ling pound s
4.862286 4.881915 4.859673 4.859904 4.859173
.026164 .025160 .025159 .025163 .025163
Finland. markka
.039128 .039137 .039109 .039110 .039100
market during the past few years has made foreign France,franc
.238693 .238709 .238635 .238598 .238563
Germany. reichsmark
Greene. drachma
.012954 .012959 .012958 .012958 .012957
exchange traders somewhat sceptical as to the Holland, guilder
.401002 .401011 .400888 .400861 .400807
.174733 .174712 .174691 .174784 .174766
willingness of Spain to take prompt action on the Hungary. Imago
Italy, lira
.052359 .052363 .052382 .052407 .052409
Norway, krone
.267346 .267428 .267311 .267405 .287373
question of stabilization. According to available Poland,sloty
.111920 .111915 .111915 .111981 .111975
.044966 .044950 .044933 .044983 .044929
banking figures there is no reason why Spain should Portugal, tecudo
Rumania, leu
.005945 .005949 .005947 .005946 .005946
Spain. peseta
.124922 .124538 .123861 .122520 .121897
not be able to return to gold in a short time.
Sweden,krona
.268268 .268361 .288336 .268353 .288360
.192925 .192965 .192917 .192918 .192889
franc.Bankers' sight on Amsterdam finished on Friday Switzerland,dine. .-. HOLT- .017600 .017602 .017802 .017604 .017615
Yugoslavia.
.
DAY
ASIAat 40.06, against 40.07 on Friday of last week; cable ChinsChefoo
.498958 .495208 .494166 .488335 .483125
transfers at 40.08, against 40.09; and commercial Hankowteal
teal
.490781 .487812 .486093 .481562 .476406
Shanghai, teal
.478680 .475178 .474375 .469107 .481517
sight bills at 40.033/, against 40.04. Swiss francs Tientsin teal
.504583 .501041 .499168 .493750 .488125
2
Hong Hong dollar_
.380714 .380357 .379285 .377842 .372500
Mexican dollar ___
closed at 19.283/ for bankers'sight bills and at 19.2934 Tientsin or
.342500 .340312 .339375 .335937 .330312
2
Paining
dollar
.344583 .342500 .341250 .337500 .332916
for cable transfers, in comparison with 19.283/i and Yuan dollar
-_ - .341250 .339166 .337916 .834166 .329583
India.
.361450 .361264 .361192 .381092 .361310
19.293/2 a week earlier. Copenhagen checks finished ;Moan.rupee-........yen
.491459 .491506 .491506 .491234 .491706
.559975 .560041 .559875 .558208 .559875
at 26.763/ and cable transfers at 26.783/, against BlIntaPore(8. S.) dollar
2
2
NORTH AMER.Canada, dollar
.994947 .994111 .994045 .994338 .994296
26.753/ and 26.77. Checks on Sweden closed at Cuba. Peso
2
1.000125 1.000031 .999843 1.000093 .999968
Mexico, peso
.475550 .475450 .475425 .475500 .475550
26.823/ and cable transfers at 26.84, against 26.81 Newfoundland, dollar
.992562 .991425 .991375 .991868 .991687
SOUTH
2
and 26.823/, while checks on Norway finished at Argentina, AMER.peeo (gold)
.858883 .857497 .852006 .855385 .855392
Brazil, milrela
.111675 .112125 .112000 .111700 .111825
26.733/2 and cable transfers at 26.75, against 26.713/2 Chile. peso
.120330 .120343 .120333 .120335 .120355
Uruguay. Peso
.882611 .884962 .882194 .882973 .884613
and 26.73. Spanish pesetas closed at 12.16 for Colombia, peso
.963900 .983900 .963900 .963900 .983900
FINANCIAL CHRONICLE
MAR. 1 1930.]
Hong Kong closed at 37%(4138 1-16,
38N(§,38 9-16; Shanghai at 46%@46 13-6,
against
against 49%;
against 48@483'i; Manila at
/
Singapore at 563/®56%, against 56%@565 8; Bom8
bay at 363 1, against 36 5-16, and Calcutta at
3634, against 36 5-16.
49 7-16.
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.
Feb. 22.
$
ROL.
Monday.
Feb. 24.
Tuesday. Wednesday Thursday,
Feb. 25.
Feb. 27.
Feb. 26.
$
115.000.065 143...1.000
5
124.000.000 135.000.0130
Feb. 28. I
AYOreyate
for Week.
44.000.1330
$
Cr. 715.030.000
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 OD Institutions located outside of
New York are not accounted for in arriving at these balances, as such cheeks 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:
Feb. 27 1930.
Banks of
Gold.
Myer.
I
Feb. 28 1929.
Total.
£ IL
Gold.
£
Sliver,
Total.
£
£
England_ 151,979.238
151.979,238 151,255,517
151,255,517
France •_.343.682,742
(d)
343.682.742272.300.833
d
272,300.833
Germany b 113.020.600
c994,600 114.015.200 136.448.1
994.600137,440,700
Spain.... 100.678.1.5 28,375,000 129,053,000 102,372,000 28,283,000130,655,000
Italy
56,126.00
56.126.000 51.640.000
,
54.640,000
Netherl'do 36.418
36.213.000 1,854,000 38,067.000
36.418.0
Net. Be's_ 33,666.055 1,287.000 34,953,000 25.888.551 1.268.000 27.156,000
Switzerl d 22,437.005
932,000 23.389.000 19.281.0 I 1,819,555 21.100.000
13,560,001
Sweden
I 13,560,000 13.090.000
13.090,000
Denmark. 9.574,55 s
382,000, 9.956.000 9,595. I I I
468,110 10.063,000
8,146,5'.
Norway
I 8,146.''' 8.159,000
8,159.000
Total week 889.287,58
Prey, week 887,813.27
31.970,600921.258,l80 829.242.450 34.686.600863,929,050
32.l45.600919.998,870 820.508,19 34,717,600,863,225,795
•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 £7.489,400. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
Further Delay at London—Another Cabinet
Crisis in France.
The overthrow of the Chautemps Ministry in
France was so far a foregone conclusion that the defeat of the Government on Tuesday occasioned no
great surprise either in France or abroad. Yet the
result of the voting in the Chamber of Deputies was
to confuse still more a political situation that was
already perplexing. The Chautemps Cabinet was
certainly respectable in its membership and commendable in its aims. It represented a moderate attempt to conciliate the Left parties which had turned
out M. Tardieu, notwithstanding that it was weakened by the refusal of the Tardieu following to support it. The Ministerial declaration of policy, on
the other hand, offered nothing new; nothing,indeed,
which the preceding Government might not have
offered if it had been disposed to modify somewhat
its financial program. The references to the London
Conference made it clear that the Tardieu claims
would be maintained, and there was assurance that
the taxes carried by the pending finance bill would
be readjusted in the direction of relief for the taxpayers. The debate on the declaration was wholly
1337
wanting in excitement, and the vote of 277 to 292
showed a majority of only 15 against the Government. Small as the majority was, however, the vote
was adverse, and the immediate resignation of the
nineteenth Government which France has had since
the World War left the country again without a
Ministry.
The announcement that M. Tardieu, after M.Poincare had again declined because of his health, had
once more undertaken to form a Cabinet was as much
in line with expectations as was the fall of the Chautemps Government. The political problem, on the
other hand, is not quite what it was when M. Tardieu formed his first Ministry at the beginning of
November. The invitation to M. Tardieu at that
time, it will be remembered, came after the failure
of several attempts of Left leaders to form a Cabinet
in succession to that of M. Briand, and the Tardieu
Ministry, when its membership was finally completed, showed a definite swing toward the Right.
So narrow is the margin between the Right and the
Left groups, however, even counting the moderate
Centre as supporting the Right, that a safe working
majority for any Government formed on those lines
can hardly be counted upon, and it was by a small
and unexpected opposition vote on a minor item of
the finance bill that the Tardieu Government was
unseated. The Chautemps Government,in turn, representing a swing toward the Left, found itself unable to command any stronger support.
The renewed call to M. Tardieu, accordingly, appears to give him a choice between two policies. One
is the formation of a union Cabinet similar to that
over which, with some changes of personnel, M. Poincare presided from July 1926 to the end of July 1929.
Paris dispatches on Friday indicated that such a
course was proving difficult, mainly because of the
refusal of the Left groups to co-operate in a Government of which M. Tardieu was the head or in which
he held the portfolio of the Interior, the latter an
• office which commonly exercises great political influence in an election. The other alternative would
be a Ministry frankly representative of the Right
and the moderate Centre, reinforced by such support
as the more independent deputies of the radical parties might have the courage to give it. Either of
these courses would accord much better with M.
Tardieu's personal political sympathies than the uncertain party combination which he formed before.
Failing success in either of these directions, the only
alternative, apparently, would be to dissolve Parliament and hold a new election. For this eventuality
neither the Socialists nor the Radical Socialists,
probably, are yet ready.
Internationally, the chief importance of the
French crisis lies in its effect upon the naval conference at London. The decision of the British,
American, Japanese and Italian delegations to resume informal discussions seems a proper course
under the circumstances, notwithstanding that the
French naval proposals cannot be taken up and no
final decisions on any subject can be reached until
France is again regularly represented. There are a
number of questions at issue between the four governments, however—the insistance of Japan upon an
increased cruiser ratio, for example—regarding
which agreement could be informally advanced. It
is gratifying to be assured, in Thursday's dispatches
from London, that a three-Power treaty between
Great Britain, the United States and Japan is not
1338
FINANCIAL CHRONICLE
[Vol.. IA.
being seriously considered. The United States has able number of nations would have accepted it if they
taken the position from the first that there would had expected that five great Powers would presently
be no treaty unless all five Powers in the Conference presume to take upon themselves the supervision of
joined in it, and Mr. Stimson is on record as saying the pact, and would bind themselves by treaty to
that no nation must leave the Conference feeling consult together whenever either of them felt that it
aggrieved. There should certainly be no disposition was in danger or that war was threatened elsewhere.
in the Conference to push through, in the absence There would certainly, we feel sure, have been a good
of France, anything to which France could not be deal of hesitation and much outspoken opposition if
a party, and Italy would not allow itself to be it had been suspected that such an agreement was
excluded from any agreement in which the other to be exacted from an international conference as
the price of preventing France, itself one of the two
Powers joined.
There seemed on Thursday some reason to fear originators of the Paris pact, from enforcing upon
that the Cabinet crisis in France might be dupli- the other members of the conference a naval program
cated by a similar crisis in England. In December, calling for a measure of construction so large as to
when a vote was taken in the House of Commons on defeat all hope of immediate reduction and to put
the second reading of the Government coal bill, the even limitation in doubt.
Government won by the narrow majority of eight
There seems reason to think that strong pressure
votes. Since the reassembling of Parliament in Jan- is being put upon Mr. Hoover to assent to some kind
uary the bill has been bitterly opposed by both Con- of a security pact, with the United States one of the
servatives and Liberals, and Mr. Lloyd George has parties, under the guise of implementing the Paris
been particularly active in efforts to compass its pact. The only encouraging intimation that has
rejection. Considerable anxiety was felt on Thurs- come from Washington is the unofficial statement
day, when the vote was to be taken on passing the that Mr. Hoover is deterred by fear of opposition to
bill through the committee stage,lest the Government such a treaty from the "irreconcilables" in the Senshould be defeated, but enough Liberals voted with ate. The London "Times," in a remarkable editorial
the Government, and enough Conservatives absented on Wednesday, went so far as to declare that "for
themselves, to give the Government a majority of the Naval Conference as a whole, or for any of the
nine votes. The result was undoubtedly aided by a delegations which compose it, fear of the American
realization that the Conservatives, weakened for the Senate would be the beginning of unwisdom"—virtumoment by the appearance of the new United Empire ally an advice to the American delegation to ignore
party headed by Lord Rothermere and Lord Beaver- what the Senate thinks or may think, and to go ahead
brook, calling for free trade within the Empire, with a security treaty such as Great Britain as well
would make it impossible for the Conservatives to as France would rejoice to see. From both London
form a new Government or to win an election if one and Washington has come the further suggestion
• were ordered. There are still other votes to be taken that Mr. Hoover, with equal hardihood, should take
on the bill, but Mr. MacDonald's success thus far the wheel and commit the United States to such joint
with one of the crucial parts of his program appears consultation by issuing a declaration in his own
to have strengthened his position, and the Naval Con- name, thereby adding a "Hoover doctrine" of Ameriference has been saved from a situation which would can intervention in European and world affairs to
have made it quite impossible to go on.
the Monroe Doctrine of non-interference by other
The disturbing factor in the situation is the ac- nations with American affairs.
cumulating evidence that the question of a security
The Senate is not a perfect body, and we have more
pact to which the United States shall be a party has than once felt it a duty to criticize it, but for certain
not been shelved, but on the contrary is being pressed of its acts the American people have cause to be
for consideration. The arguments in favor of such deeply grateful. It was the Senate which refused
a pact are plausibly phrased. It is practically cer- to allow President Wilson to override the American
tain, it is urged, that the Conference will not be able policy of national independence by entangling the
to bring about any reduction of existing naval ton- United States in the League of Nations. It was the
nage, and will not give up either the battleship or Senate which refused to allow the United States to
the submarine. The most that can be hoped for is adhere to the World Court until the statute of the
some limitation, say for five years, which will halt Court had been so amended as to remove the jeopardy
further construction. Since, however, if the French to American safety and independence which it emclaims are conceded, limitation must be placed at bodied. It is to be hoped that the loyalty of the
so high a figure as to raise the basis of Anglo-Amer- Senate to American tradition may now act as a
ican parity in cruisers and open the way to a large "godly fear" in restraining Mr. Hoover and the Ameramount of new building, the best thing to do would ican delegation at London from trifling with a setbe to accept the French offer of a security pact and tled American policy. Congress did not give its
thereby prevent the Conference from adjourning approval to the proposed London Conference, in prowith a prospect of more tonnage than there was be- viding without question the funds for its expenses,
fore it met. By implementing the Paris anti-war with any expectation that American policy would
pact so as to bind the five Powers represented at be changed in order that other Powers might be
London to consult together in the event of a threat- made to feel more "secure." The only objects of the
ened violation of the pact, France would receive the Conference were the reduction and limitation of
security which it desires, and the way would be naval armaments, those of the United States incleared for a treaty limiting naval tonnage and for cluded. If reduction must now be abandoned as
a later conference to deal with reduction.
unattainable, that fact will be one to be deeply reThe argument is specious and mischievous. The gretted, but it is still possible to secure limitation
Paris pact is simply a declaration of policy to which without sacrificing independent action, and to that
the signatory nations bound themselves to adhere. end, with the fear of the Senate and the American
There is small reason to suppose that any consider- people before their eyes, the American delegates
MAR. 1 1930.)
FINANCIAL CHRONICLE
1339
should address themselves. American public opinion out the reign of the Czars his religion has sustained
would make short work of any treaty which bound him in many trials.
As stated, we in this country are illy informed as
the United States to take part in any controversy in
to actual causes and conditions. The head of one
which it was not directly and vitally concerned.
great church denies that there is oppression or persecution. But when thousands in a small city flaunt
The Godless Soviet Republic.
ing atheistic banners march in below-zero weather
"A decent respect for the opinions of mankind"
would teach the Soviet Republic to grant religious and exalt the closing of local churches there must be
liberty to all the people of that vast country now in an intense fanaticism at work which approves the
the throes of an unprecedented political experiment. alleged orders of the Soviet committees. Be this as
But it seems that enmity to capital has been followed it may, the protests and prayers of the religious sects
by a hatred of religion. So little accurate informa- are warrant for the belief that Communism has at
tion comes to the world from Russia that the causes last reached its nadir and can no longer command
and conditions which precede this anti-religious the respect of civilized peoples. Republican repreoutburst are largely unknown. But enough leaks sentative government, whatever its basis in ecoout to assure us that violent religious persecution is nomics and politics, proclaims the liberty of thought
now in progress; and that the movement has for its and speech when that is not treasonable to the existexcuse and plea a social betterment. Though there ing State. And while this must be accorded to the
are in the world so many creeds, and so many gods, Soviet Republic, the right of religious assembly is
as to pave the way for schism and conflict, no reason also a cardinal doctrine. To turn churches into
is thus established for the denial of the right to wor- social centers and to banish the worshipers is a
ship according to the dictates of conscience. At the form of execrable tyranny whatever the political
time of the French Revolution there were those who theory of the State.
This experimental Soviet Republic proclaims its
said: "There is no God." But it was an embittered
cry that never impressed itself upon the conscious- love of peace. It nurtures a huge standing army,
ness of mankind. And to-day there is no nation that nevertheless. The propaganda it circulates through
undertakes to embody in its political policy a denial the world is destructive of every form of government
of the Author of All. To do so, as seems to be the but its own. But when it insults the religious feelpolity of the Soviet, is to rebuke the millions of ing and intelligence of foreign States it forever banishes its chance to convert the world. And it digs
worshipers that abound in every country.
It is probably true that the Soviet State, in and of its own grave as a political force. There is no other
itself, is at war with all the sacred beliefs of the Godless nation in all the wide world. Nor are the
world. Erected upon a denial of the private right Russian people Godless. On the contrary, the
to property, going far beyond the Socialistic theory masses are even at this day devout. No doubt penury
of common ownership, its trail is marked with con- and hardships are fallow fields in which to sow these
fusion and failure. Its history is written in force doctrines. But a time comes in every human life
and blood; and it has brought suffering and death when, despite all affliction and in the face of
to untold numbers whose chief crime has been that the unknown, the soul turns to the Creator and
they could neither accept nor reject the doctrines of Giver of All Good. The man who does not and
the Commune. This so-called State is ruled by a cannot know still believes—for in this "belief" there
small portion of the population, backed by a paid is the highest reason of which he is capable. And
army, and a genius for trickery which holds an igno- Russia for all its present difficulties, for all its perrant and impotent peasantry in subjection. Failing secutions, is yet filled with God-loving people, and
in its futile scheme of State-owned and operated fac- will sooner or later escape from its thraldom.
There has never been a Godless world since the
tories, the while it granted the lands to the toilers
on the huge estates that were confiscated, it is now first savage personified the elemental forces that
tarrying its theory of collectivism into the farming worked their will about him for good or evil.
districts that it may thus supply the obedient cities Through all the ages, man has based his creeds and
with food. The outside world knows little about it customs upon supernatural powers. If the world
all, but it can only believe that a fearful force is has grown in its estimate of God, so God has grown
in the appreciation of mankind. And a Godless
at work to achieve its ends.
Regardless of all the differences of opinion as to world is unthinkable. While in our modern concepthe nature of ritualistic worship, there is no doubt tion the Church and State are separate, still the
that the dearest thing to the heart of man is his people draw their inspiration for the higher and
religion. To desecrate this by persecution of any nobler life from a religion predicated on God. To
sect is to flout the most sacred possession known to strike this conception, varying and conflicting as it
the individual. A denial of the right to private prop- may be, from the mind of man is to render life meanerty is a political question that is sufficient in itself ingless, purposeless, lawless. No people can conto antagonize all the capitalistic States in the world. struct a stable state out of a life that has no reBut to decry and denounce a religious belief in God straints upon it. Nor can a social scheme be devised
is to turn the heart away from political recognition where law and order are absent.
in every country and to establish forever a lonely
It would be too much to say that man is incapable
isolation that can never prosper. If the peasants do of living in peace and amity without reverence for
not revolt under the new scheme of collectivism of the Author of life and love; but it is no doubt true
the farms they may be expected ultimately to revolt that he has never done so. The banishment of God
to reassert their religious liberty. For if reading from the thought of the people renders life a selfish
teaches anything trustworthy of the peasant, it is and soulless adventure in the unknown, a wild revel
that he is inherently religious. He may be super- amid the instincts and passions. It follows that the
stitious; he may hold to doctrines that do not appeal Soviet Republic is writing its own doom in chaos
to the more intelligent, but he is honest, and through- when it attempts to exorcise God from the con-
1340
FINANCIAL CHRONICLE
sciousness of its citizens, when it attempts to close
the churches.
Already there is the assertion in that furious land
that "the world" is uniting the church and capital
in a "war" against Communism. This is no more
than evidence of the spirit of hate that grows out of
these abhorrent teachings. The so-called "world"
stands aside and waits aghast at the outcome. As
indicated before, the leaders of this Communistic
experiment do not seek the favor of the States that
still believe in God. They prefer to nurse their wrath
because they are making so little progress in con-
[VoL. 130.
verting others. Capitalism is firmly entrenched because it is the only scheme by which initiative and
enterprise can conduce to progress and prosperity.
Visionary theories of common ownership wherever
tried have come to nothing. And in Russia to-day
there have been recessions from the original plan.
As for Godlessness, this, too, will fail. Man is not
master of his fate; though he may be the captain
of his soul. A people without property, without
love and adoration of the Source of Love, can never
render service one to another in that fellowship
which eventuates in law and order.
The Trust Companies in New York and Elsewhere
Continuing the practice begun by us a long time these figures an idea will be gained of the magnitude
ago, we print on subsequent pages our annual com- of the operations of the trust companies in this city
parative returns of the trust companies in this city and State and also their notable record of further
(Manhattan and Brooklyn boroughs) and also those expansion during the past year.
in Boston, Philadelphia, Baltimore and St. Louis,
We wish again, however, to caution against conbringing down the figures to the close of 1929. For sidering these trust companies as being made up of
this city the figures, as far as the liabilities and as- institutions doing an exclusively trust business. And
sets of the different companies are concerned, are the remark applies with reference to the changes in
those furnished to the Superintendent of Banking at the amounts from year to year, or even the changes
Albany, under his latest call, namely, Dec. 31 1929. between one return and the next succeeding one, or
As has been many times pointed out by us, it was the one immediately preceding. As we have so frepractice of the New York State Banking Department quently pointed out, mergers and consolidations
for a quarter of a century or more to require reports have been the order of the day among the trust comfor the closing day of the year, but this was changed panies, the same as among the banking institutions
in December 1911 by the then executive head of the generally, and such mergers and consolidations have
Department, and from that time to 1914 various involved not alone the taking over of one trust comdates in December were fixed as the time of the pany by another. More frequently they have meant
return, while in December 1915 the last day was the absorption by a trust company of a National or
again chosen, but for 1916 the date was dropped back State bank, and in these instances, which of late
to Nov. 29,for 1917 to Nov. 14, and for 1918 to Nov. years have become quite common, the mercantile
1; for 1919 the date was fixed at Nov. 12; for 1920, business of the absorbed bank has of course been
for 1921, for 1922, for 1923 and for 1924 at Nov. 15; continued by the consolidated institution, even
for 1925 at Nov. 14, and for 1926 and 1927 at Nov. though now it be carried on in the name of a trust
15. The Superintendent who inaugurated the de- company. As a matter of fact, in the case of some
parture evidently contemplated that there should -consolidated institutions, of which the Irving Trust
always be a return for some date in December, Co. of this city is a notable illustration, so many
though the date was not to be known beforehand. mercantile banks have been taken over in the process
Succeeding incumbents of the office did not feel of bank absorptions that the operations of the enbound by any such rule, and in 1928 the Superin- larged institution may be said to consist to a pretendent once more returned to the old practice and dominant extent of that of an ordinary bank of
called for figures for the closing day of the year— loan and discount, rather than of the class of busiDec. 31 1928—which practice has been continued ness which of yore was associated with the name of
on the present occasion, so that our latest figures a trust company.
are for Dec. 311929.
On occasions it happens that a bank, National or
As in the years immediately preceding, growth State, will take over a trust company and the trust
and expansion are the distinguishing characteristics company will then disappear from the list, though
of the results for 1929, only more strongly emphasized cases of that kind are no longer frequent and usually
than ever. The totals are of huge proportions, involve small trust companies of minor consequence.
whether we deal with the figures for New York City There have been instances even of the shifting of
alone or with those for the whole State. For the trust companies—and not minor ones at that—from
entire State aggregate resources are now actually the trust company designation to the National bank
over $10,500,000,000, while the deposits run in the category and then back again to the trust company
neighborhood of $7,900,000,000. Even in the case of division, at least as far as charter organization is
New York City alone (the Greater New York), concerned, though obviously the selection of the form
total resources stand roughly at $9,000,000,000 and of organization does not alter the character of the
deposits at over $6,600,000,000.
business. The Irving Trust Co. again comes up
The further addition during 1929 in the case of as a case in point.
All this makes it difficult to interpret the changes
the New York City companies (comparing Dec. 31
1929 with Dec. 311928) was no less than $2,649,- from year to year, or when there is steady expansion
495,883 in the resources and $1,602,129,118 in the to accept such expansion as a measure of the growth
deposits. For the entire State the further addition of the pure trust company,operating within distinctly
during 1929 in the aggregate resources was $2,785,- trust company lines. Palpably enough, the in583,583 and in the deposits $1,686,343,627. From crease just as likely may have occurred in the or-
MAR. 1 1930.]
FINANCIAL CHRONICLE
dinary mercantile banking .business or have followed
from the taking over of business of that kind through
merger and absorption. In comparing our present
figures therefore for Dec. 31 1929 with those for
Dec. 311928, the first step is to see what changes of
the nature indicated occurred during that period.
As it happens, the mergers and consolidations by
which banks were combined with Trust companies
and the deposits and resources of the bank were
added to those of the trust company, were more than
ordinarily numerous and of exceptional size too.
Thus on May 6 1929 the Guaranty Trust Co absorbed the National Bank of Commerce on a share
for share basis. What effect this had in swelling the
totals will be seen when we say that at the last call
of the Comptroller of the Currency prior to the
merger, that is on March 27 1929, the National
Bank of Commerce showed a capital of $25,000,000,
with $49,317,800 surplus and profits, and $576,775,000 deposits. Subsequent to the merger, or on
July 22 1929, the Guaranty Trust Co. increased its
capital from $70,000,000 to $90,000,000. On May 14
1929 the Hanover National Bank and the Central
Union Trust Co. were merged under the title of the
Central Hanover Bank & Trust Co. on a basis of one
share of Hanover for three shares of Central Hanover
Bank & Trust Co. At the call of the Comptroller of
the Currency for March 27 1929, the Hanover
National Bank reported $10,000,000 of capital, and
$22,812,400 of surplus and profits, $253,885,400 of
deposits. The Central Union Trust Co. on May 2,
prior to the merger,raised its capital from $12,500,000
to $15,000,000 and this was raised to $21,000,000
under the merger. On June 29 1929, the Chemical
National Bank was combined with the U.S. Mortgage
& Trust Co., taking the name of the Chemical Bank
& Trust Co. The Chemical on March 27 1929
showed $6,000,000 capital, with $20,731,200 surplus
and profits, and $173,899,700 deposits. The U. S.
Mortgage & Trust Co. before the• merger, or on
May 9 increased its capital from $5,000,000 to
$8,000,000. Effective June 28 1929, the Farmers
Loan & Trust Co. became affiliated with the National
City Bank and its title was then changed to the City
Bank Farmers Trust Co., but this involved no
merger, and did not serve to increase trust company
totals, rather the reverse, since the larger banking
accounts were transferred from the Farmers Loan &
Trust Co. to the National City Bank and we notice
that deposits of the City Bank Farmers Trust Co.,
Dec. 31 1929, aggregated only $50,403,500, while the
Farmers Loan & Trust Co. a year ago on Dec. 31
1928 showed aggregate deposits of no less than
$191,282,400.
Another huge merger which involved absorption
of deposits and resources of a National bank by a
trust company, with corresponding additions to
trust company totals, was that of the Seaboard
National Bank by the Equitable Trust Co., the trust
company charter being retained, and one and a half
shares of Equitable stock being given for one share
of Seaboard National Bank stock. This became
effective Sept. 16 1929. Under the call of the Comptroller of the Currency for March 27 1929, the
Seaboard National showed $11,000,000 capital with
$16,614,400 surplus and profits, and $242,303,200 in
deposits. But that does not end the list of bank
absorptions during 1929. Under date of Aug. 10
1929, the Interstate Trust Co. absorbed the Century
Bank, the exchange being on a share for share basis
1341
and the trust company title remaining unaltered.
The Century Bank in its statement for June 29,
showed capital of $600,000, with $415,000 surplus,and
$5,649,300 deposits. On Feb. 8 1929, the Mechanics
Bank of Brooklyn was merged in the Brooklyn Trust
Co. The Mechanics Bank was a large institution, as
will appear when we say that in its statement for the
previous Dec. 311928, it showed $4,000,000 capital
with $9,752,200 surplus and profits, and $54,019,700
deposits. On Aug. 1 1929, the Fordham National
Bank was taken over by the Bronx County Trust
Co., the basis of exchange being five shares of Fordham for three shares of Bronx County. The Fordham
National Bank in its statement for June 29 1929
showed $500,000 capital, $132,400 surplus And
profits and $4,636,800 deposits. On Oct. 31 1929,
the Madison State Bank was consolidated with the
International Union Bank & Trust Co. under the
title of the latter, the basis of exchange being one
share of International Union Bank & Trust Co. for
two shares of Madison State Bank. The latter
in its statement for Sept. 27 1929 showed $800,000
capital, $584,500 surplus and profits and $3,221,900
deposits. Prior to the absorption of the Madison
State Bank, the International Union Bank & Trust
Co. had acquired the Community State Bank and
the Unity State Bank, both small institutions, the
former having $200,000 capital, $184,900 surplus and
profits and $1,964,900 deposits March 22 1929, and
the latter $200,000 capital with $93,000 surplus and
profits and $739,200 deposits on the same date. A
change of the opposite nature was the disappearance
of the Municipal Bank & Trust Co. from the trust
company list, it having been merged in the Bank of
the United States, effective May 13 1929. On
March 22 1929 this institution showed $5,000,000
capital, $7,355,645 surplus and profits and $64,442,759 of deposits.
The Corn Exchange Bank is another bank which
came into the trust company, classification during
1929, having taken out a trust company charter under
the title of the Corn Exchange Bank Trust Co. The
effect of this change was (according to the institution's condition report for Dec. 31 1929) to add $12,100,000 to the capital of the trust companies, $22,603,963 to their surplus and $259,591,992 to their
deposits. Then also the Bank of Manhattan on
Nov. 6 1929 became the Bank of Manhattan Trust
Co., which for Dec. 31 1929 shows $22,250,000
capital, $43,150,370 surplus and $397,094,166 deposits. The Chelsea Exchange Bank during the year
became the Chelsea Bank & Trust Co., and Dec. 31
1929 showed $2,500,000 capital, $43,150,370 surplus
and profits and $19,775,545 deposits. The Continental Bank became the Continental Bank & Trust
Co.; it reported Dec. 31 1929 $6,000,000 capital,
$11,280,275 surplus and profits and $29,771,252 deposits. In Brooklyn the Globe Exchange Bank became the Globe Bank & Trust Co., with $1,250,000
capital Dec. 31 1929, $911,600 surplus and $10,427,714 deposits.
The capital increases during the year by the different trust companies in the Greater New York
are too numerous to mention, but among the more
important of these was the increase of the capital
of the Manufacturers' Trust Co. from $17,500,000
to $27,500,000; the New York Trust Co. from $10,000,000 to $12,600,000; the Irving Trust Co. from
$40,000,000 to $50,000,000; the Fulton Trust Co.
from $1,000,000 to $2,000,000; the County Trust
FINANCIAL CHRONICLE
1342
from $1,000,000 to 84,000,000; the American Trust
Co. from 84,000,000 to 85,000,000, not to mention
the numerous trust companies which have enlarged
their capital by reason of merger with other institutions. A few new trust companies were also
organized and entered business during the year, the
chief among these being the Hibernia Trust Co. with
$3,000,000 capital, $2,240,562 surplus and profits
and $13,398,394 deposits.
Outside of New York the mergers were comparatively few. In Syracuse the Liberty National Bank
& Trust Co. and the Third National Bank were
united with the First Trust & Deposit Co. under the
title of the latter on April 27 1929, and on Nov. 27
1929 the latter also absorbed the City Bank Trust
Co. There were, however, numerous increases in
the capital of up-State trust companies, besides which
a number of new trust companies were added to the
list and the Lincoln-Alliance Bank of Rochester
became the Lincoln Alliance Bank & Trust Co.,
and the Garden City Bank changed to the Garden
City Bank & Trust Co. The capital increases and
the new companies are shown in the following:
CAPITAL INCREASES—NEW YORK STATE.
Date.
Old
Capital.
New
Capital.
Atnount et
Increase.
$
$
$
Buffalo—
Manufac• r'rs & Traders Peoples
5,000,000 6.000,000 1,000,000
Trust Co
Rye—
100,000
200.000
100,000
May 15 1929
Rye Trust Co
Syracuse—
600,000
Mar. 26 1929 3,000,000 3,600,000
First Trust & Deposit Co
Rochester—
600.000
400.000 1,000.000
May 20 1929
Genesee Valley Trust Co
New Rochelle—
150,000
150,000
300,000
North Avenue Bank & Trust Co
350,000
100,000
250.000
Mar. 11 1929
Huguenot Trust Co
200,000
400,000
200.000
New Rochelle Trust Co
Sckerteciady—
250.000
750,000
500,000
Jan. 30 1929
Schenectady Trust Co
300.000
300,000
600,000
Union Trust Co. of Jamestown
Garden City. Long Island—
50.000
150,000
100,000
Sept. 11920
Garden City Bank & Trust Co
Great Neck, Long Island—
200.000
100.000
100,000
Great Neck Trust Co
Utica—
250.000
1,000,000 1,250.000
Citizens Trust Co
Mineola—
150.000
800.000
150.
Nassau County Trust Co
800,000 2,000,000 1,200,000
Niagara Falls Trust Co
NEW COMPANIES.
Capital.
$
Rockville Centre, L. I.—
South Shore Trust Co
Patchogue, L. 1.—
Patchogue Bank & Trust Co
Wayne County—
Arcadia Trust Co., Newark
Oyster Bay—
North Shore Bank & Trust Co
Caleb Heathoote Tr. Co.. Scarsdale
300,000
Surplus &
Profits. Deposits.
i
151,929
I
Began
Business.
First Report.
259.057 June 29 1929
200.000
354.608 2,620.089 June 29 1929
200,000
628.770 4,516,525 June 28 1929
100.000
200.000
181.257 2.429.681 Sept. 27 1929
Sept.27 1929
244.022
FAILURES.
Citizens' Bank of GrUtin Corners, Fleischmanns, Delaware County—Closed on
July 18 1929. Capital 825,000: surplus, $28,000: deposits, 8319.000.
The capital of the trust companies has been steadily increasing in all recent years with the biggest jump of all
in 1929, under the taking over of so many banks. For the
Greater New York the total stood at $104,700,000 on Nov.12
1919, $116,983,300 Nov. 15 1920, $125,500,000 Nov. 15
1921, $127,600,000 Nov. 15 1922, $159,000,000 Nov. 15
1923, $163,000,000 Nov. 15 1924, $169,500,000 Nov. 14
1925, $193,050,000 Nov. 15 1926, 3224,700,000 Nov. 15
1927; $266,830,000 Dec. 31 1928 with a further jump now
to 437,688,700 Dec. 31 1929.
A better measure of the huge expansion which the trust
companies have enjoyed is furnished by the totals of the
deposits. The amount of this item for the Greater New
York, is $6,639,813,028 Dec. 31 1929, against $5,037,683,910 Dec. 31 1928. For Nov. 15 1927 the figure was $3,8)9,385,206 and for Nov. 15 1926 $3,090,619,710. On the other
hand,in the year ending Nov. 14 1925 the deposits showed an
actual falling off in amount of $63,170,251, though the
elimination of the Metropolitan Trust Co. from the list at
that time was responsible for $48,803,080 of that loss. In
the case of the trust companies for the whole State, including
the Greater New York, the Nov. 1925 aggregate, as it
happened, was not less than the corresponding total for
Nov. 1924, but rather somewhat larger, and here accordingly the increase for that period has been continuous, with
the total for Dec. 31 1929 $7,897,639,468, against $6,211,295,841 Dec. 31 1928,$4,874,663,685 Nov. 15 1927, $4,030,384,615 Nov. 15 1926, 33,767,251,862 Nov. 144
,1925.,and
33,743,655,185 on Nov.15 1924.
FoL.180.
As pointed out in previous reviews, in 1920 and 1921 the
trust companies, like the mercantile banks, had their
deposits drawn down under the influence of business depression, credit restriction and price deflation. On the other
hand, in 1922, 1923 and 1924 the trust companies no less
than the banks enjoyed renewed growth in their deposits
with the return to normal conditions. And, as a matter of
fact, the fluctuations in the items referred to in the case of
the trust companies always correspond quite closely with
the fluctuations in the same items in the case of the banks.
The business of the two classes of institutions is becoming
more or less similar, at least in this city. In addition the
deposits have grown by reason of the absorption of so many
large banks, this movement having been particularly noteworthy in 1929 as shown above. In other recent years,
however, there have also been important amalgamations of
trust companies with banks, and in such instances the
consolidated institution of course has continued both the
former mercantile business and the trust company work. In
some of these amalgamations the result has been to transfer
a bank to the trust company list, the charter of the bank
being surrendered and the charter of the trust company
retained, while in other cases, the effect has been to transfer
a trust company to the bank group, the charter of the trust
company being given up. The truth is, as a consequence of
such combinations there was so much shifting from the
trust company list to the bank group, and vice versa, in
these earlier periods, that comparisons between one date
and another was over a series of years considerably disturbed.
For the Greater New York aggregate deposits between
Nov. 12 1919 and Nov. 15 1921 fell from $2,443,087,071 to
$2,001,080,342. By Nov. 15 1922 the amount was back to
$2,208,982,617;for Nov. 15 1923 it was up to $2,486,238,520,
or larger than before; by Nov. 15 1924 it had risen, as already
stated, to $3,031,376,388, but by Nov. 14 1925 had dropped
somewhat lower to $2,968,206,137; on Nov. 15 1926 it
moved up to $3,090,619,710, for Nov. 15 1927 it rose to
$3,809,%85,206, the exceptional extent of the increase being
due to the taking over of extensive amounts of banking
business through mergers, while for Dec. 31 1928, the total
was 5,037,683,910 and now for Dec.31 1929 is up to $6,639,813,028.
For the whole State the deposits of the trust companies,
after having fallen from $2,885,355,813 Nov. 12 1919 to
$2,672,289,441 Nov. 15 1920, and then to $2,497,547,429
Nov. 15 1921, on Nov. 15 1922 got back to $2,770,799,561, for
Nov. 15 1923 were up to $3,090,947,512, for Nov. 15 1924
jumped to $3,743,655,185, for Nov. 14 1915 stood at $3,767,251,862, for Nov. 15 1926 increased •to $4,030,384,615, for
Nov. 15 1927 advanced to $4,874,663,685, and for Dec 31 1928
to $6,211,295,841, and for Dec. 31 1929 have taken a leap to
$7,897,639,468.
The item of surplus and profits which in 1921 showed
some shrinkage (owing, no doubt, to diminished profits as
well as the charging off of heavier losses than usual), has
made new high record totals each year since then, with a
marvelous further advance in 1929 as the result of the
absorption of so many large banks. It should be understood, however, that the increase does not in its entirety
reflect accumulation of surplus earnings. In part it has
followed from the selling of new stock at a premium and
In part from the taking over of big mercantile banks. Surplus and profits for the trust companies in the Greater New
York stood at $884,410,092 Dec. 31 1929 against $485,139,692
Dec. 31 1928; $346,909,297 Nov. 15 1927; 3281,150,160 Nov.
15 1926; $237,865,765 Nov. 14 1925; 3219,006,842 Nov. 15
1924; 3202,022,101 Nov. 15 1923; $197,338,717 Nov. 15 1922;
3175,565,266 Nov. 15 1921; $187,349,468 Nov. 15 1920, and
$179,326,098 Nov. 12 1919. For the whole State, including
the Greater New York, the surplus account (with all undivided profits) Dec. 31 1929 stands in excess of a billion
dollars, being in exact figures $1,012,017,720, or twice the
capital of $504,213,700. This compares with $581,394,018
Dec. 31 1928; $424,247,856 Nov. 15 1927; 3346,840,350 Nov. 15
1926; $288,624,503 Nov. 14 1925; 3263,732,250 Nov. 15 1924;
$242,049,428 Nov. 15 1923; $235,322,994 Nov. 15 1922; $209,223,775 Nov. 15 1921; 3219,945,439 Nov. 15 1920, and $211,441,830 Nov. 12 1919.
The trust companies are not engaged in borrowing to any
great extent, notwithstanding that they. have absorbed so
many large banks. For all the trust companies in Greater
New York the total of the bills payable outstanding Dec. 81
1929 was $80,050,058, with $1,090,000 of rediscounts. This
MAR. 1 1930.]
compares with $93,031,104 of bills payable and $380,000 of
rediscounts on Dec. 31 1928; with $24,922,495 of bills payable and $1,134,750 of rediscounts Nov. 15 1927; with $27,608,314 bills payable and $400,000 of rediscounts on Nov. 15
1926; with $18,903,654 of bills payable with no rediscounts
on Nov. 14 1925; with only $2,758,406 the total of the bills
payable and rediscounts Nov. 15 1924 and with $16,981,613
Nov. 15 1923; $9,281,621 Nov. 15 1922, $35,631,000 Nov. 15
1921, $242,934,456 Nov. 15 1920, and $230,815,610 Nov. 12
1919. For the whole State the total of the two items Dec. 31
1929 was $103,334,315 against $133,336,624 Dec. 31 1928;
$44,576,786 Nov. 15 1927; $43,309,209 Nov. 15 1926; $42,876,978 Nov. 14 1925, and $10,488,998 Nov. 15 1924. The
acceptances outstanding, however, are steadily increasing
and amounted (for the whole State) to $653,634,421 Dec. 31
1929 against $402,809,136 Dec. 31 1928; $285,189,377 Nov. 15
1927, $198,617,094 in 1926, $184,041,566 in 1925, $163,450,398
In 1924, $147,329,908 in 1923, and $111,081,592 in 1922.
Turning now to the assets, the collateral loans still constitute the largest single item among the investments of the
trust companies and for 1929 show a further large expansion
to a new high record. Such loans have always been a
favorite form of investment with these institutions, and the
high interest rates obtainable for most of 1929 made them
still more inviting. For the Greater New York the aggregate
of these loans fell from $1,115,503,148 Nov. 12 1919 to
$896,288,916 Nov. 15 1920, and further declined to $744,386,33.9 Nov. 15 1921, but recovered to $846,437,293 Nov. 15
1922, to $859,511,995 Nov. 15 1923, rose to $1,202,283,870
Nov. 15 1924; to $1,267,717,424 Nov. 14 1925; to $1,239,113,920 Nov. 15 1926; to $1,511,817,492 Nov. 15 1927; to
$2,026,737,277 Dec. 31 1928, and now for Dec. 31 1929 have
mounted to $2,627,281,412. For the whole State the amount
is no less than $3,094,294,999, which compares with $2,435,227,526 Dec. 31 1928; with $1,813,150,860 Nov. 15 1927; with
$1,491,410,495 on Nov. 15 1926; with $1,470,452,312 in 1925,
and $1,354,727,295 in 1924. It is the bill holdings, however,
that have increased most, and the absorption of so many
banks with a large banking business of a strictly commercial nature is mainly responsible for this. The designation of the Item In the statement given out by the State
Banking Department is "Loans, Discounts and Bills Purchased Not Secured by Collateral," and the aggregate
amount for the trust companies in Greater New York for
Dec. 31 1929 is reported at $1,825,671,999 against $1,064,089,284 Dec. 31 1928; $955,069,496 Nov. 15 1927; $726,280,962 Nov. 15 1926, $668,845,396 Nov. 14 1925, $626,867,758
Nov. 15 1924, $620,301,146 Nov. 15 1923, $448,204,530 Nov. 15
1922, $486,467,500 Nov. 15 1921, $646,822,007 Nov. 15 1920,
and $479,327,753 Nov. 12 1919. For the whole State the
amount stands at $2,171,780,867 Dec. 31 1929 against $1,378,006,520 Dec. 31 1928; $1,240,097,560 Nov. 15 1927; $998,111,748 in 1926, $880,261,088 in 1925, and $810,321,168
In 1924.
The stock and bond investments constitute the third
largest item, and these also increased heavily in 1929. The
aggregate for the companies in the Greater New York on
Dec. 31 1929 was $1,162,677,244 against $766,245,114 Dec. 31
1928, $735,902,221 Nov. 15 1927, $653,013,089 Nov. 15 1926,
$639,092,695 Nov. 14 1925, $761,457,826 Nov. 15 1924, $578,844,733 Nov. 15 1923, $607,744,730 Nov. 15 1922 $480,806,007
Nov. 15 1921, $460,767,809 Nov. 15 1920, and $570,213,964
Nov. 12 1919. For the whole State the total Dec. 31 1929
was $1,454,215,758 against $1,063,311,071 Dec. 31 1928,
$1,054,028,580 Nov. 15 1927, $932,691,071 Nov. 15 1926, $921,557,895 Nov. 14 1925, and $1,037,185,829 Nov. 15 1924. The
real estate held does not ordinarily vary greatly from year
to year, but increased heavily in 1929; for the companies in
Greater New York the total Dec. 31 1929 was $129,097,078
against $69,248,000 Dec. 31 1928, $56,189,912 Nov. 15 1927,
$42,440,287 Nov. 15 1926, $40,530,591 Nov. 14 1925, $46,500,246 Nov. 15 1924, $51,050,870 Nov. 15 1923, $48,900,549 Nov. 15 1922, $45,975,995 in Nov. 1921, $45,052,851
in Nov. 1920, and $44,703,110 in Nov. 1919. The amount of
bonds and mortgages owned has heretofore changed comparatively little from year to year, but during the last few
years has substantially increased, the total for Dec. 31 1929
for the trust companies of the Greater New York being
$164,087,687 against $121,360,951 Dec. 31 1928, $112,573,510 Nov.
15 1927, $117,296,925 in Nov. 1926, $89,053,572 in
Nov. 1925,
$76,177,205 in Nov. 1924, $73,340,713 in Nov. 1923 $55,660,301
in Nov. 1922, $60,374,001 in Nov. 1921, $58,694,686 in Nov.
1920, and $60,599,053 in 1919.
1343
FINANCIAL CHRONICLE
The reserve held by the trust companies with the Federal
Reserve Bank has increased heavily during •the last four
years, as would be expected from the inclusion of so many
large banks. The amount due from the Federal Reserve
Bank of New York, less offsets, combined with the amount
due from approved reserve depositories, less offsets, aggregated for the trust companies of the Greater New York on
Dec. 31 1929 $646,291,898 against $482,810,415 Dec. 31 1928,
$394,954,589 Nov. 15 1927, $321,400,741 on Nov. 15 1926,
$321,196,215 Nov. 14 1925, $338,428,608 Nov. 15 1924, $260,735,096 Nov. 15 1923, $243,672,704 Nov. 15 1922, $234,34)1,212
in Nov. 1921, $106,965,929 in Nov. 1920, and $238,737,114 in
Nov. 1919.
The trust companies never held large sums of cash in
their own vaults, and the holdings of "specie" by the companies in the Greater New Yotrk on Dec. 31 1929 were only
$9,200,435 against $6,663,753 Dec. 31 1928, $4,937,016 Nov. 15
1927, $4,026,528 Nov. 15 1926, $3,637,699 in November 1925,
$3,493,095 in November 1924, $3,460,696 in November 1923,
$4,000,736 in November 1922, $5,233,340 in November 1921,
$8,877,761 in 1920, and $11,138,921 in 1919. In addition,
the companies of the Greater New York reported $40,740,021
of "other currency authorized by the laws of the United
States" on Dec. 31 1929, against $27,823,129 Dec. 31 1928,
$22,709,275 Nov. 15 1927, *20,031,065 in 1926, $23,823,016 in
1925, $18,279,919 in 1924, $23,795,804 in 1923, $17,851,658 in
1922, $17,704,536 in 1921, $19,419,590 in 1920, and $23,315,808
In 1919. The remaining cash items, viz.: "exchanges and
checks for next day's clearings and other cash items," aggregated no less than $1,374,765,856 Dec. 31 1929, which compares with $1,089,128,075 Dec. 31 1928, $443,194,009 Nov. 15
1927, $294,989,498 Nov. 15 1926, $103,511,447 Nov. 14 1925,
$141,416,538 Nov. 15 1924, $260,573,825 Nov. 15 1923, $164,352,748 Nov. 15 1922, $146,059,871 in 1921, $167,713,628 in
1920, and $105,552,258 in 1919.
In' the foregoing we have been dealing with the trust
companies as a whole. As far as the separate companies
are concerned, the elaborate statements on subsequent pages
will enable the reader to ascertain what the experience
of each company has been as between 1927 and 1929. To
furnish a sort of general survey we introduce here the following table comprising all the separate companies in the
Boroughs of Manhattan and Brooklyn, and showing the
deposits on Nov. 12 1919, Nov. 25 1921, Nov. 15 1927, Dec. 31
1928, and Dec. 31 1929:
DEPOSITS OP NEW YORK CITY TRUST COMPANIES.
Boroofk of
Mank000n.
i
Noe. 12
1919.
I
$
9.082.733
American_ m..1
Anglo-Sou.
Amer Tr 2,
Bk of Athens
Trust CM
•
Banat Corn 1
nal a Tr. 3,
Banco di Sidi'
.
Trust 00-4
Bankers
I 117,536.146
Bk of Manh'
Tr Co (26)1
Bank of N.Y.
& Trust Cow
Bk of Europe
Trust Co.g
Cent Merean
Bank & Tr
Cent Hanover
Bk &'Fr 001
Central k.__
union rn..11 211,438,902
Chelsea Exeh
Bk & Tr Co
(13)
I
Chem Bk
Tr Co (18)1
City Bk Farm
Tr Co (19)1
City Trust
Co (12)Commercial
8,717,627
Cont Bk &
Co (22)_
Corn Ex Bk
Tr Co (14)
Clinton
Co (15)
County Tr Co
of N It_i_
Empire_ _
50,412,043
Equitablei21) 234,016,518
FarmersLoan
& Trust._ _ 166.688.021
12.944,106
Fidelity Tr..1
9.312,365
Fulton
Federation
Bk & Tr_l_
Cluaranty(17) 725.510,455
Hibernia Tr
Co (16)..
8,268,864
Hudson
Am Exchange 76.278,9 i
95.643.900
Irving Tr
Internal Ace
Trust_
Internat GermanicTr(6)
Nov. 15
1921.
8
Nov. 15
1927.
I
Dee. 81
1928.
I
Dec. 31
1929.
8 I
53,536.850
II
64.586
8
58,998,100
11.271,812
12.627.700
12.503.700
2,952.656
4.498.600
5,701.700
11,723.877
15,448,676
18476.100
25,291.100
13,543,037
14.286.300
14.069.800
280.452.276 469.109.339 585.642.400 608.094.000
397.094.200
110,222,743 161,238,900
14,630.35
16,891.100
50.948.381
(5)
126,953.600
15,473.200
(5)
598,326,400
193,635.185 286,522.621
297.398,100
(k)
19.775,500
337,471,800
50,403.500
7.284,656
(c)
7,481,900
(c)
(12)
(c)
29,771,200
259,592,(j00
604.500
16,079.010 21,785.900
29,019.900
47,160,104 67,409,578 78.825.700 9
0,031.700
206,463,795 408,575,946 530.843.900 765.344.700
134,064.853 157,324,958 191.282,400
(19)
21,127.153 54,431.362 60.671.300 53,324,500
8,814,322
18,061.095 17,046,800
16.949,100
17.937,102 18.364.000
430,834.259 609,963,521 836,505,800 1 17,461.100
,300.324,60C
13,398,406
7.007,493
(d)
(d)
(d)
(b)
574,573,141 732,029,300 654.407.206
83,256,238
9.780.866
17,118.600
3,608,989
13.679.300
(o)
lA RA4 line
FINANCIAL CHRONICLE
1344
DEPoSITS OF NEW YORE CITY THUS?* COMPANIES.
BOrOuot, of
Moonoilan
-Italian Disc't
dt Trust _.p
Interstate
Trust s
Int Mad Igo
Ilk & Tr Co
(20)
Lawyers'
Trust __ I
Home
Lincoln
Mere'le Tr._ _
Metropolitan
Murray HIII
Trust Co_ y
N Y Life Ins
& Trust_ _.
New York..
Pacific Coast
Tr Co (7)
Plaza Tr (9),
.1 Henry
Schroede
Tr Co (2.3i
State Bank de
Tr Co (11)
Terminal T
Co
Times Squar
Trust Co_
Title Gu.&T.
Trust Co o
NA.. NY.
Underwriters
Tr Co (25)
U.8 M tg.&T.
United Sta
Nov. 15
1921.
17,372,888
12,044,482
Dec. 31
1928.
Dec. 31
1929.
2.5.370,363
Non. 12
1919.
48.760,100
60,081,600
22.703,326
26,575,300
21,866,700
Nov. 15
1927.
(13)
(P)
9,642,600
19,542,725
17,167.726
26,622.804
16,249,446
39,022,670
25,773,985
18,437.450
27,779,992
(u)
(v)
(n)
(u)
(v)
(n)
11,466,400
0,548,500
(w)
(w)
24,962,284
160.065,302 247.530,080 394,823,200
(w)
305.927,500
23,156.400
3.978,200
20.456.400
3,956,300
6,310.764
23,483,727
67,956,267
(u)
(v)
(n)
6,217.475
1,221,900
109,362,900
4,968.148
(q)
(11)
(q)
61,722,175
49.639.976
34,305,535
52,019,127
52,119.108
7,206.201
48.451.107
5.581.100
51.884.800
4,314,900
47,693.600
3,965.505
33,070,973
5,691,700
4,693,900
69.098,742
64.833.926
75.057.000
72,235.800
1,290.400
(18)
72,114,000
Total _ a_ _ 2,280.534,271 1,880,219.001 3.468.889.315 4.530.628,500 6.078,995,600
Borough of
Brooklyn
Brooklyn(8)Franklin
Globe Bk
Tr Co (24)
Hamilton _ .
Kings County
Manufaet'rsCitizens_e.
MIdwood
Municipal Bk
&TrCo(10)
People's
Total
37.744.025
25,278,176
34,058,891
(r)
60.174,011
(r)
78,627,0001 122,437.000
)
(e
(r)
8.500.654
24,941.377
(t)
23.289.374
(t)
30,404,549
(t)
30.167.900
10.427.700
(t)
30,485,500
31,784,319
41.809,290
1,308,694
238.625.370 319.165.900
12,584.100
11,291,961
386,974.860
10,491,900
34.304,249
40,415.092
162.552,800
140,861,341
(h)
340,495,891
66,509,500
(h)
(10)
(h)
507,054.400 560,816,900
Total Greater
New York 2,443.087.0712,001.030,342 3,809,385,2065,037,682,900 6.639,612.500
a Corporation Trust included In total for all the years: had deposits of 3147.300
on Dec. 31 192)).
b Flatbush Trust of Brooklyn was consolidated with Broadway of New York
City March 6 1912. The Broadway changed title to Irving Trust Nov. 30 1917
and Market & Fulton National consolidated with Irving In March 1918. On
April 19 1920 the Irving Trust was merged In the Irving National Bank and disappeared from the trust company list. On Feb. 7 1923 the Columbia Trust Co.
was consolidated with the Irving Bank, the new Institution becoming the Irving
Bank-Columbia Trust Co., and accordingly reappeared In the trust company list.
A merger of the Irving Bank-Columbia Trust Co and the National Butchers &
Drovers Bank, under the name Irving Bank & Trust Co. became effective Sept 20
1926. American Exchange-Pacific Bank was merged on Dec. 11 1926 with the
Irving Bank & Trust Co. under the name of American Exchange Irving Trust Co ,
and on Feb. 1 1929 returned to its former title, the Irving Trust Co.
c Commercial Trust Co. merged in May with the East River National Bank after
first having been converted to a national bank See "Chronicle," page 2536.
d Hudson Trust Co. merged on July 9 with the Empire Trust Co. under name of
Empire Trust Co.
e Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 1914,
becoming Manufacturers' Trust Co., which absorbed the West Side Bank, New
York City, June 15 1918, the Ridgewood National Bank Sept. 1 1921, the North
Side Bank of Brooklyn April 28 1922, the Industrial Bank of New York City Dec. 18
1922, the Columbia Bank Aug. 14 1923 and the Standard Bank and the Commonwealth Bank a- of July 29 1927. Merger of the Capitol National Bank dr Trust Co.,
Longacre Bank and United National Bank Into the United Capitol Nat. Bank &
Tr. Co. on Mar. 9 1928. and later acquired by Manufacturers Trust Co. on Jum.
6 1928. On Jan. 28 1929 absorbed the State Bank & Trust Co.
Bank of Athens Trust Co. began business April 1 1926.
g Bank of Europe on Feb 24 1926 entered the trust company list under the
title of the Bank of Europe Trust Co.
Ii Merger of the Peoples Trust Co. with the National City Bank became effective
at close of business June 26 1928.
County Trust Co. of New York began business Feb. 23 1926.
Formerly the Federation Bank of New York and began business In May 1923
Name changed to the Federation Bank & Trust Co. and began business as a trust
Irompany on April 15 1926.
k Central and Union consolidated June 18 1918. Merger with the Hanover
National Bank under the title of the Central Hanover Bank & Trust Co. approved
on May 14 1929.
1 Lawyers Trust Co. began business Feb. 28 1925 to take over trust business
heretofore done by the Lawyers Title & Trust Co.
Co. Trust Sept. 1919.
m American Trust organized Jan. 27 1919, absorbed Queens
a Metropolitan Trust Co. on March 1 1925 merged with Chatham & Phenix
National Bank & Trust Co.
National Bank, under the title of the Chatham-Phenix
o International Acceptance Securities & Trust Co. organized March 9 1926
and owned by the International Acceptance Bank, Inc. Name changed to International Acceptance Trust Co. on Jan. 6 1928.
Discount Na onal Bank and
EP Italian Discount & Trust changed as name to the
merged with the Bowery & East River National Bank as of Feb. 21 1927.
Trust Co. began business In 1923. Name
g Brotherhood of Loco. Eng. Co-Op.
Changed to Terminal Trust Co. as of Sept..! 1026, and consolidated with the laternational Germanic Trust Co. on Feb. 20 1928.
r Merged In Bank of America May 1 1920.
a Began busInese Sept. 1920.
t Hamilton Trust merged in Metropolitan Bank Jan. 29 1921.
a Lincoln Trust merged in Mechanics & Metals National Bank July 1022.
•Mercantile Trust, which began business May 1 1017. merged In Seaboard National
Bank April 1 1922.
w New York Life Insurance & Trust merged with Bank of New York, formlna
Bank of New York & Trust Co. Sept. 1922.
x Interstate Trust Co. began business Oct. 14 1926, and, as f tbe close of business
June 30 1027, acquired Bloomingdale Bros. Bank and merged with the Franklin
[VOL. 130.
National Bank. Merged on Jan. 21 1928 with Hamilton National Bank, and on
Aug. 10 1929 with the Century Bank.
y Murray Hill Trust Co. opened for business on Sept. 7 1926,
z Times Square Trust Co. began business on Oct. 5 1926.
(1) Coal & Iron National Bank merged into the Fidelity-International Trust
Co.: name of latter changed to Fidelity Trust Co. as of Feb. 27 1926.
(2) Began buslnesss Dee. 3 1923.
(3) Began business June 16 1924 and on June 28 1027 acquired the Security Bank.
Absorbed the private banking firm of DI Sesa & DI Sesa on Aug. 25 1928
(4) Began business AprIl 20 1925 and acquired the Windsor Bank on Aug.4 1928.
(5) Formerly the Central Mercantile Bank and changed to the Central Mercantle Bank & Trust Co. on Dec. 17 1926. Absorbed the business of the Broadway
Central Bank on Jan. 10 I927 and merged with the Bank of United States on M ay 21
1928 under title of the tatter, taking it out of trust company nat.
(6) Began business on Oct. 17 1927. (See Terminal Trust Co. above, and City
Trust Co. below.)
(7>25
Began business on April 23 1927: name changed to Pacific Trust Co. as of
9.
July
(8) Acquired Bank of Coney Island on Jan. 10 1928, and the Mechanics Bank of
Brooklyn on Feb. 8 1929.
(9) Began business Dec. 5 1928.
(10) Formerly Municipal Bank: name changed on Aug. 15 1928. Absorbed
Seventh National Bank on Dec. 21 1928, and was acquired by the Bank of the
United States, effective May 13 1929.
(11) Formerly the State Bank. Name changed March 3 1928, and on Jan. 28
1929 was merged with the Manufacturers Trust Co.
(12) Ilarlem Bank of Commerce and Atlantic State Bank merged on June 11 1928
under the name of City Trust CO.: failed on Feb. 11 1929, reorganized under title of
Tr
theusNttu
Trust Co. and merged on Aug. 16 1929 with the International Germanic
Co.
(13) Chelsea Exchange Bank granted trust powers and title changed to the
Chelsea Bank & Trust Co. on Oct. 28 1929.
(14) Corn Exchange Bank changed its name to the Corn Exchange Bank & Trust
Co. on May 21 1929.
(15) Opened for business on Dee. 19 1929.
(16) Began business May 15 1929.
(17) Acquired the National Bank of Commerce on May 61929.
(18) Merger of the Chemical National Bank and the U. S. Mortgage & Trust Co.;
effective June 29 1929. (See Chemical Bank & Trust Co. above.)
(19) Farmers Loan & Trust Co. became affiliated with the National City Bank and
title changed to the City Bank Farmers Trust Co. on June 28 1929.
(20) Merger of the International Union Bk. & Tr. Co. and the Madison State.
Bank on Oct. 311929.
)M 9n
(21 16 1erger with Seaboard National Bank under the trust charter effective
Sept.
(22) Formerly Continental Bank: name changed on Nov. 11 1929.
(23) Began business May 24 1929.
(24) Formerly the Globe Exchange Bank of Brooklyn.
(25) Opened for business Nov. 26 1929.
(26) Banking business of the (Manhattan company) continued by the Bank Of
Manhattan Trust Co. as of Nov. 6 1929.
TRUST COMPANIES AT OTHER POINTS.
In the case of the trust companies at Boston, Philadelphia,
Baltimore and St. Louis, the figures as presented on subsequent pages for the different institutions are all our own,
we having in each Instance made direct application for them
to the companies, though in a few instances, where our requests met with no response, we have had to have recourse to
official statements made in pursuance of calls of the public
authorities. In the nature of things, as we are entirely dependent upon the companies themselves for the figures, and
no general data of an official kind are available, comprehensive totals and elaborate details, such as are possible for the
institutions of New York, are out of the question. Our
summaries for these other centers are such as we have been
able to prepare ourselves and necessarily are limited to a
few leading items. Nor are the returns In those instances
cast on uniform lines, nearly every company having its own
distinct method of classification, making general footings
out of the question, except as regards those few common
things treated alike by all, and which have definite, established meanings, such as capital, surplus and deposits.
In Boston four new companies appear in our lists, two of
them being connected with old established bond houses, viz.:
Day Trust Co. (R. L. Day & Co.), capital $2,500,000; Harris,
Forbes & Trust Co., capital $500,000. The other two, the
Banca Commerciale Italiana Trust Co., began business in
1929 wth $750,000 capital, and the Stabile Bank & Trust Co.,
with capital of $250,000. Two increases of capital are noted,
the New England Trust Co. Increased from $1,000,000 to
$1,200,000, and the Revere Trust Co. from $100,000 to
$200,000. Despite these changes, the aggregate capital of
the Boston institutions has fallen from $31,400,000 to $25,700,000, due to the change that has taken place with regard
to the Old Colony Trust Co. Here the significant feature
In the trust company situation-the absorption of many of
these companies by the banks, both State and National, or
vice versa-is apparent, the Old Colony Trust Co. having
been merged with the First National. The Old Colony Is
still kept alive for the purpose of carrying on the trust
business of both institutions, its deposits having been transferred to the First National Bank. The capital of the old
company was $15,000,000, but the capital of the new company is only $5,000,000. The latter's deposits, Dec. 31 1929,
aggregated only $16,797,454 as against $188,622,846 deposits
reported by the old company on Dec. 31 1928. One other
change is noted: the Peabody Trust Co. has altered its name
to the Kidder, Peabody Trust Co.
MAR. 1 1930.]
FINANCIAL CHRONICLE
The shrinkage in total deposits of the Boston trust companies is notable, although the change is mainly due to the
transference of the deposits of the Old Colony Trust Co.
to the First National Bank, the latter, in the merger of the
two institutions, having taken over the commercial banking
business and the former the trust business. On Dec. 31 1929,
deposits of the Boston trust companies were $293,892,920
as against $467,412,309 on Dec. 31 1928. Surplus and profits
fell from $42,541,775 Dec. 31 1928 to $33,373,351 Dec. 31
1929, and aggregate resources from $533,453,314 Dec 31 1928
to $353,392,275 Dec. 31 1929. Below is a comparison for the
various items for the last 30 years:
BOSTON.
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
Dec. 31 1900 (16 cos.)
Dec. 31 1901 (16 cos.)
Dec. 31 1902 (18 cos.)
Dec. 31 1903(19 cosi
Dec. 31 1904 (19 cos.)
Dec. 31 1905 (19 cos.)
Dec. 31 1906 (16 cos.)
Dec. 31 1907 (19 we.)
Dec. 81 1908 (19 cos.)
Dec. 31 1909 (19 cos.)
Dec. 31 1910 (19 008.)
Dec. 31 1911 (19 cos.)
Dec. 31 1912 (21 cos.)
Dec. 31 1913 (23 cos.)
Dec. 31 1914 (24 coe.)
Dec. 31 1915(26 cos.)
Dec. 312916 (29 cos.)
Dec. 31 1917(29 eos.)
Dec. 31 1918 (30 coe.)
Dec. 31 1919 (31 cos.)
Dec. 31 1920 (28 cos.)
Dec. 31 1921 (23 cos.)
Dec. 811922 (21 cos.)
Dec. 31 1923 (17 cos.)
Dee. 811924 (17 005.)
Dec. 31 1925 (18 coq.)
Dec. 31 1926 (16 cos.)._
Dec. 811927 (17 cos.)
Dec. 31 1928 (17 00e.)
Dee. 31 1929 (21 c06)
$
8,450,000
9,000,000
11,100,000
12,100,000
12,500,000
12,500,000
11,100,000
11,750,000
11,750.000
12,150,000
12,250,000
14,850,000
16,250,000
17,250.000
17,450.000
18.480,200
19,150,000
21.479,800
21,650,000
26,077.000
26.329,300
23,450,000
23,850.000
18,650.000
18,750,000
21.750.000
24,400,000
28,4)0.000
31,400.000
25.700.000
$
10,285.659
12,294,798
15,779,627
18,629,264
19,702,108
20,841,502
22.551.499
23,699,740
24,610.326
25,002,793
27,349,902
26.234,350
28.108,699
29,358,660
28,143.017
24,261,485
26,174,836
27,419,977
29,107,018
33,978,583
34.573,485
34,983,448
32,900,905
30,089,158
29,719,764
32,088,404
33,711,924
37.537.669
42 541.775
33.373.351
$
89.461,044
107.991,782
116,264.790
112.281.257
139,851,208
148.033,197
158,213,825
125,254,672
173,765,331
186,937,983
189,153,760
216,928,992
207,263,782
213,973.959
225,532,137
293.833,516
337.625,256
363,551,440
415.355,824
503,450.567
429,925,262
392.924.224
446,844,659
323,701,085
372.741,230
398,114,507
412,255.145
457,072.002
487.412.309
293.892.920
$
108,196,701
129,286,581
143,144,418
143,010.521
172.053.311
181,397,831
191,885.064
160,704.418
210.125.656
224.090.825
228.753.666
258.248.404
251,622.063
260,582.620
289,125.157
336.704,221
383,480,076
414,609,943
466,298,772
560.096.233
495,145,457
456,840.073
507,282,282
413,589.462
438.755.961
469.871.200
476.561,535
521.144.380
533.453.313
353.392.37
1345
Industrial Trust Co.—Changed its name from Industrial Trust, Title & Savings
Co., and in addition to consolidating with Fern Rock Trust Co., took over
the Textile National Bank.
Integrity Trust Co.—In addition to consolidating with Columbia Avenue Trust
Co. and West Philadelphia Title & Trust Co.. took over the Tenth National
Bank.
Ninth Bank & Trust Co.—In addition to merger with FairhIll Trust Co.. took over
the Northern National Bank.
PHILADELPHIA.
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
$
$
$
28,399,965 27,826,941 136,496,312 196.498.618
31,927,008 33,885,857 149.137.388 218,660,249
33,142,233 37,514,329 153.151,355 227.480.117
34.320.337 39.654,877 161.231.152 238.817.566
34,800,980 42,344,733 202,855,986 283.503,299
35,312.363 45,594,298 209,213.067 293.177.935
36,931,963 49,590,018 193,283,134 286.232.600
38,727,909 50.840.244 169,669,224 265.150.778
39,068,955 52,000,976 200.983.530 296.761,341
39,897,218 55,374,618 217,196,883 316.892.720
39,931,416 59,187.488 208,837,634 311,640.645
38,511,733 62,262.427 224,225.832 328,196,392
36,797,836 64,847.539 231.712.367 337.179.556
39.162,538 65,535.659 232,941.234 341,764.741
39,089,243 65,932.688 238,256,333 347,588,292
38.870,193 69,298.540 297,235.195 407,024.328
38,879.993 73.775.140 331,108,286 444.775.175
40,579,993 77,779.452 327.597.906 452,498.288
41,307,608 78,408,601 335,093.397 505,489.017
44.142,088 81,801.490 405.373,275 576.019.954
45.338,668 87,915.257 417,307.021 591.315,173
46,098.921 91,183.753 407.600,404 561.639.998
47.554,243 88.125,428 489.308,036 635.130.394
53,525,235 110,457.610 599.915.842 771.778.286
57.839.244 129,778.397 658.821.057 859.818,395
61.440,874 146,171,713 759.772,771 960.052,041
64.812.332 148.436.275 795,599,739 1026.148,591
74.735,750 150.738.418 924.937.431 1183.615.797
77,808,900 172.946,116 897.506,491 1241,311,008
81.742.010 205.455.959 923.889,600 1223,597,627
* Owing to the non-receipt of information for Dec. 31 1929 from the Allegheny
Title & Trust Co. and the Manufacturers Trust Co.. we have been obliged to WO
last year's figures for these two companies.
Dm.31 1900 (40 cos.)
Dec. 31 1901 (41 cos.)
Dec. 31 1902 (41 cos.)
Dec. 31 1903(43 cos.)
Dec. 31 1904 (43 cos.)
Dec. 31 1905 (44 cos.)
Dec. 311906 (52 cue)
Dec. 31 1907 (58 cos)
Dec. 31 1908 (58 cos.)
Dec. 31 1909 (59 cos.)
Dec. 31 1910 (59 cos.)
Dec. 31 1911 (58 cos.)
Dec. 31 1912 (56 cos.)
Dec. 31 1913 (58 008.)
Dec. 31 1914 (56 008.)
Dee. 31 1915 (56 cos.)
Dec. 311916 (56 cos.)
Dec. 31 1917 (54 cos.)
Dec. 31 1918 (58 cos.)
Dec. 31 1919 (57 cos.)
Dec. 31 1920 (64 008.)
Dec. 31 1921 (66 cos.)
Dec. 31 1922 (69 cos.)
Dec. 31 1923 (76 008.)
Dec. 31 1924 (81 cos.)
lien. 31 1925 (89 e06.)
Dee. 31 1926 (86 cos.)
Dec. 31 1927 (82 cos.)
Dec. 31 1928 (80 cos.)
*Dec. 31 1929 (66 cos.1_---
St. Louis changes have been more than usual. The tabulation below will show the reason for the increase in total
capital of the St. Louis trust companies from $16,700,000
Dec.31 1928 to $25,000,000 Dec.31 1929. Surplus and profits
declined from $21,447,250 to $18,792,155, while deposits
In Philadelphia changes and additions in the trust com- have risen from $245,452,552 Dec. 31 1928 to $342,152,127
pany list have been so numerous that we have tabulated Dec. 31 1929, and aggregate resources from $298,258,498
1929. Below are the
them and give them below. These various changes account Dec. 31 1928 to $372,036,085 Dec. 31
changes in detail:
for the increase in the item of capital of the Philadelphia
NEW BT. LOUIS TRUST COMPANIES.
Institutions from $77,808,900 Dec. 31 1928 to $81,742,010
Cass Avenue Bank)
$300,000
Cass Bank & Trust
Dec. 31 1929. There has been an increase in surplus and Guaranty Bank & Co.(formerly
Trust Co. (organized as Insurance Bank In 1925:
name changed in 1928)
profits from $172,946,116 Dec. 31 1929 to $205,455,959 Dec. 31 United Bank & Trust Co (Broadway Trust Co. consolidated with United 200.000
States Bank under name of United States Bank & Trust Co.. later
1928, while deposits have risen from $897,506,491 Dec. 31
1.000,000
changed to United Bank & Trust Co.)
1928 to $923,889,000 Dec. 31 1929. Aggregate resources,
ST. LOUIS COMPANIES DISAPPEARING FROM THE LIST.
however, have fallen off somewhat, being $1,223,597,627 Broadway Trust Co.(taken over by U. S. Bank, which later assumed
200,000
the name of the United States Bank & Trust Co.)
Dec. 31 1929 against $1,241,311,008 Dec. 31 1928.
3,000,000
Liberty Central Trust Co. (consolidated with First National Bank)._
250,000
Vandeventer Trust Co.(converted to a National bank)
Below are the changes in detail:
NEW COMPANIES IN PHILADELPHIA.
Capital.
Adelphla Bank & Trust Co.(began business June 3 1929)
8826.020
Banes Commercial Italians Trust Co.(began business Nov. 1 1929)---- 1.000.000
Banca IV Italia Trust Co.(began business Nov. 11929)
125,000
Century Trust Co (oonsolidation as of May 27 1929)
687.750
Plaza Trust Co
................. 646,720
Woodland Bank ..........."
OO.
150,000
INCREASES IN CAPITAL OF PHILADELPHIA TRUST COMPANIES.
Aldine Trust Co
$1,000,000 to 81.218382
Bankers Trust Co
3.075.000 to 4,876 80()
Chestnut Hill Tltle & Trust Co.
125.000 to
250,000
Colonial Trust Co
2.500.000 to 3.999.450
Franklin Trust Co
2.548.000 to 3.000,000
Germantown Trust Co
1,120,000 to 1.400.000
Oirard Trust Co
amoo.000 to 4.000.000
Industrial Trust Co.(formerly Indus. Tr. Title & Say. Co.) 500.000 to
881.818
Integrity Trust Co
1,000.000 to 2,077.920
Liberty Title & Trust Co
700.000 to 1,000,000
Manhelm Trust Co
232.450 to
250.000
Market Street Title & Trust Co
1,200.000 to 1,300,000
Mortgage Security Trust Co
250,000 to
300.000
Ninth Bank & Trust Co
1,000.000 to 1.375.000
North City Trust Co
300,000 to
500,000
Northern Central Trust Co
550.000 to
965.250
Northwestern Trust Co
150,000 to
200,000
Olney Bank & Trust Co
250.000 to
300,000
Pennsylvania Company for Insurances on Lives and Granting AnnuIties
4,000.00056 6,500,000
Real Estate Trust Co
Richmond Trust Co
.
231:500 to 3.1g4:2g
60
0
Security Title & Trust Co
536.450 to
681,450
Suburban Title & Trust
250,000 to
500,000
REDUCTION IN CAPITAL.
United Security Trust Co
$1.000,000 to $750,000
PHILADELPHIA COMPANIES DISAPPEARING FROM THE LIST.
American Bank & Trust Co.(merged into Central National Bank)
Bank of North Amer. & Trust Co. (merged into Pa. Co. for MB. OD $500,000
Pl Lives. &o.)
. . .... .
.
.
. 5,000 000
Belmont Trust Co.(consolidated with
.
;if
6;5...........
375:000
Columbia Ave. Trust Co.(consolidated with Integrity Trust Co.)
500,000
Empire Title & Trust Co.(merged into Bankers Trust Co.)
250.000
Fairbill Trust Co.(merged into Ninth Bank & Trust Co.)
231.050
Federal Trust Co.(merged into the Bankers Trust Co.)
200.000
Fern Rock Trust Co (consolidated with Industrial Trust Co.)
200,000
Holmeaburg Trust Co. (with Fox Chase Bank & Trust Co. and Tacny
Trust Co., formed the new County Trust Co.)
250,000
Lancaster Avenue Title & Trust Co.(consolidated with Aldine Tr. Co.).
300.000
Republic Trust Co
750,000
Sixty-Third Street Title & Trust Co. (consolidated with Security Title
& Trust Co.)
125,000
Susquehanna Title & Trust Co. (taken over by State Banking Dept.)_
150,000
Tawny Trust Co. (with Holmesburg Trust Co. and Fox Chase Bank &
Trust co., formed the new County Trust
Co.)
150,000
'Dogs Trust Co. (consolidated with Bankers Trust Co.)
250.000
Union Bank & Trust Co.(consolidated with Corn Exch. Nat. Bk.& Tr.)_
West Philadelphia Title & Trust Co.(merged Into Integrity Trust Co.)... 2.000.000
500.000
West Penn Title & Trust Co.(absorbed by the new Plaza Trust
500,000
OTHER CHANGES, CONSOLIDATIONS AND MERGERS IN
PHILADELPHIA.
Bankers Trust Co.—In addition to merging with Federal Trust Co., Empire
& Trust Co. and 'Flogs Trust Co.. took over the Drovers & MerchantsTitle
National Bank.
INCREASES IN CAPITAL OF ST. LOUIS COMPANIES.
From $200,000 to 2300.000
Lindell Trust Co
From 3,000.000 to 10,000,000
Mercantile-Commerce Bank & Trust Co
From 3.000.000 to 6,000,000
Mississippi Valley Trust Co
From
50.000 to
100.000
Park Savings Trust Co
OTHER CHANGES, CONSOLIDATIONS, &C., IN ST. LOUIS.
Mercantile
-Commerce Bank & Trust Co.—Consolidation of Mercantile Twat Co.
and National Bank of Commerce.
Mississippi Valley Trust Co.—Consolidated with Merchants-Laclede National
Bank and State National Bank under name of S. ississippl Valley-Merchants
State Trust Co., later changed to Mississippi Valley Trust Co.
ST. LOUIS.
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
8
$
$
41,339.273
13,425,680 14,471,934
89.829.307
Dec.31 1901( 6 co6.)
20,485,300 24.922,243
82,910,106 109,187,449
D Jc. 311952 9 cos.)
(
19,000.000 24.915,483
62,563,117 107,454,100
Dec 31 1903 8 cos.)
(
16,000,000 22.507,930
78.796.702 117,214,632
Dec. 31 1904( 5 cos.)
71.681.442 111,268,041
16,100.000 23.365.609
Dec. 31 1905 6 cos.)
(
16,350,000 23,584.914
74.512,832 115.189,586
Dec 31 1906( 9 cos.)
66,329,762 107,028,169
13,350,000 22.537,837
(
Dec. 31 1907 8 coe.)
97,856,192
13,452,400 22,782,021
61,619,831
Dec 31 1908 9 cos.)
(
14,752,400 19,428,356
73,959.732 108.139.489
Dec. 31 1909 (13 Coal
73.015.086 107,272,961
14,752,000 19.505.474
Dec. 31 1910 (13 cos.)
78,169,009 112.763.152
15.002.400 19,591.743
Dec. 31 1911 (16 coe.)
84.229,211 118,747,036
14.900,000 19,617,825
Dec. 31 1912 (15 cos.)
83,329,512 117,880.234
14.950.000 19,600,492
Dec. 31 1913 (16 cos.)
81,741.093 111,785,318
13.050,000 19.024,203
Dee. 31 1914 (16 coe.)
*8,050,000 *12,738,269 *62.012,906 094.068.996
Dec. 311913(14 cos.)
70,380.425
91,509,254
8.250.000 12,879,829
Dec. 31 1916 (15 cos.)
98,908,145
79,518.642
8.350.000 12,795.317
Dec. 31 1917 (15 cos.)
8,350.000 12,909,504 102,137,663 123,397,168
Dec. 31 1918 (15 cos.)
8,450.000 13,519,789 121.424.904 153.394,692
Dec 31 1919 (15 coe.)
9.350.000 14,146,690 125,581,185 145,780,855
Dec. 31 1920 (17 coil.)
x12.450.000 x15,300,040 x154,558,540 x188,171.366
Dec. 31 1921 (18 cos.)
12,650,000 15,662,452 171,019.489 204,152,103
Dec. 31 1922 (17 cos.)
12,950,000 18,147,139 170.608,193 207,629,421
Dec. 31 1923 (17 cos.)
13,400,000 15,620,518 193.958,238 225,731.883
Dec. 31 1924 (20 cos.)
13.600.000 18.262,278 190.968.810 235.055.643
Dec. 31 1925 (21 cos.)
13,950,000 17,542.268 206.474.676 237,884.193
Dec. 81 1928 (22 006.)
13,950.000 19.874.590 202.893.571 238.902.723
Dec. 31 1927 (22 cos.)
16.700.000 21,447,250 245,452.552 298.258.498
Dec. 311938 (21 cos.)
Wee. 31 1929 (21 cos.).— 25,000.000 18,792.155 342.152.127 372,036,085
• Reduction in totals due to the elimination of the St. Louis Union Trust Co.;
whose banking business was taken over by the newly organised St. Louis Union
Bank. The trust company reported no deposits on Deo. 31 1915, against $25,710,275 on Dec. 31 1914 and $11,244,321 aggregate resources Dec. 31 1915, against
$36,935,227 on Dec. 311914.
x All items heavily Increased through the establishment of the LibertY-Central
Trust Co. by the merger of the Central National Bank and the Liberty Bank.
t Owing to the non-receipt of information for Dec. 31 1929 for the Union-Eastern
Trust Co.. we have been obliged to use last year's figures.
Baltimore companies have been reduced by one—the
Century Trust Co., capital $1,000,000, having consolidated
with the Baltimore Trust Co., the latter company increasing
its stock thereby from $3,500,000 to $6,250,000. The Colonial
Trust Co. added $100,000 to its capital, malting it $400,000.
1346
[Vol.. 130.
FINANCIAL CHRONICLE
This accounts for the increase of this item for the Baltimore
BALTIMORE.
companies from $15,300,000 Dec. 31 1928 to $17,150,000
Dec. 31 1929. A slight falling off in surplus and profits Dec.31 1913(10 eos.).......
31
makes that item $27,766,787 Dec. 31 1929 as against $28,- Dec.31 1914 (10 cos.)
Dee. 1915(11 cos.)
Dec.31 1918 (11 cols.)
486,023 Dec. 31 1928. Deposits have risen from $227,720,059 Dec. 31 1917 (11 006.)
Dec. 31 1928 to $231,555,199 Dec. 31 1928, and aggregate Dec. 31 1918(11 we.)
Dec. 31 1919 (12 cos.)
resources from $271,793,425 Dec. 31 1928 to $298,334,533 Dec. 31 1920 (12 cos.)-_-_.
1921
Dec. 31 1929. The Mercantile Trust Co. changed its name Dec.31 1922(13 cos.)
Dee. 31
(13 cos.)
1923
Mercantile Trust & Deposit Co. The Union Dec. 31 1924 (14 cos.)
in 1929 from
Dec. 31
(14 cos.)
Trust Co. purchased the National Bank of Baltimore in Dec. 31 1925 (13 cos.)
Dee. 31 1928 (14 cos.)
October 1929. Following is a yearly record of the various Dee. 31 1927(13 cos.)
Dec. 31 1928 (13 cos.)
items back to 1913:
Dec. al 1020 /12 ma 1
Capital.
Surplus and
Profits.
Deposits.
AOOreOdle
Resources.
8
8.950.000
8.950.000
8.650.000
8,650.000
8.650.000
8,650,000
9.150,000
10.250.000
10,800,000
11.500,000
13,000.000
13,200.000
13.950 000
14.950.000
14.950,000
15,300,000
17.150.000
2
12.177.127
11.407.783
11,851.317
12.539,306
12.765.927
13.309.150
14.099.513
14,967,987
15.988.624
17.361,792
19.596.373
20.909.399
21.695.365
24.440,935
25,779,355
28.488,023
27.766.787
$
45.131,061
52,212.492
72,128,718
82,523,300
89,537,808
85,714,838
116.199,900
108,508.855
110,811.291
137.308,934
137,383,255
164,890,476
200.438.039
198.5435,429
235,403.813
227,720,059
231 556.1119
8
88.058,188
73.170,115
93,230,098
103.712,606
110.988,411
107,773,988
140.749,413
138.393,145
140,781,858
169.330,708
190 093,117
203.393.123
244.201.203
243.740.127
276.363.728
271,793,425
289.334.535
Jackson E. Reynolds, of First National Bank of New York on Functions,
Charter Provisions, &c. of Bank For of International Settlements.
The Young plan for the settlement of German reparations and the proposed Bank for International Settlements
were discussed by Jackson E. Reynolds, President of the
First National Bank of New York, at a luncheon meeting of
the Bond Club of New York, held at the Bankers' Club, at
120 Broadway, on Feb. 25. Mr. Jackson and Melvin A.
Traylor, President of the First National Bank of Chicago,
returned about a month ago from The Hague, where they
had assisted in the organization of the International Bank.
With respect to the Young plan, Mr. Reynolds stated that
the most Important thing it has done "is to fix the amount
of reparations for the first time." "The second thing that
it accomplishes," he said, "is that it avoids political influences." The purposes of the International Bank, Mr. Reynolds explained, are twofold. It is obvious, he stated, "that
the primary function is the collection and distribution at
the reparations." Turning to the secondary functions of the
Bank, Mr. Reynolds said that "In the first place one byproduct of the institution will be to co-ordinate the central
banks of the world." The International Bank, he noted,
"has authority to buy and sell gold, and it is an interesting
field of speculation to the extent in which Its work In that
domain will grow." Mr. Reynolds went on to say:
"The possibility of the Bank gradually getting the confidence of the
world, and having the gold of the world, or some part of it, deposited by
the owners, and transferred by book credits and ear-marks, indicates a very
considerable potentiality for the saving of money in the loss of interest
on gold transit, the freight while it is moving, insurance and other
expenses which we have avoided in comparable ways in the Federal Reserve
System in America.
"The Bank has authority to borrow from central banks and lend to
central banks. Its operations in that respect will very possibly grow, as
they have here in the borrowing and lending between the various districts
of the Federal Reserve System.
•
• •
"It will have agency relationships with the central banks of the world,
in some cases acting as agent for them and in some cases their acting as
agent for it. All of these are broad powers which time alone can tell the
extent to which they will be extended."
Mr. Reynolds stated that the International Bank has as
yet no bonds to sell, but that its first issue will be stock.
He added: "It looks as though the Bank would make its
expenses from the beginning, and by that I mean to include
6% dividend on its stock." The international character
of the Bank,•so far as its directorate and ownership of
its capital is concerned, were alluded to by Mr. Reynolds,
whose speech follows In full:
There are two speeches that might be written about the Bank for
International Settlements, and the deliberations of the committee on
organization that erected that structure. One is a very interesting story,
but would have to be confined to the front of a log fire, with a glass at
one's elbow that might loosen one's tongue. The other speech is as dry
as dust, and that is the one you are going to get.
The Bank for International Settlements, I thing even the one who
conferred his name on the Experts' plan would admit, is more of an
evolution of events than a decision of men. The Chairman spoke of the
aftermath of the Napoleonic wars, and compared it to the aftermath of
the Great War. That aftermath has been divided into three parts, like all
Gaul, and we are entering on the third part with the Bank for International
Settlements.
When the statesmen met for the formulation of the Versailles Treaty
they had been talking a good deal at home about the reparations they
were going to collect, and the HUMS were extremely large. Being statesmen, they probably did not realize that they were beyond all possibility
of ever securing, and so when they came to make the treaty itself the
question of reparations was dealt with in a very vague and uncertain and
imposelde manner. It was followed by four years of chaos in Germany
that wrecked Germany financially, and had very serious effects on the
entire financial network of the world. It was found that that wouldn't
do, and therefore the Dawes plan was instituted. It was a much better
working machine than the treaty, but it also had some difficulties in its
application. One of them arose from the fact that it also was indefinite
in that it had a flexible moderator called the index of prosperity which
changed from time to time the amount of reparations that Germany might
have to pay. The minimum amount that was to be collected this fiscal
year vru a good deal larger than the amount that will be collected under
the Young plan, but the worst of it was that it was a minimum, and the
uncertainties in the plan itself made it difficult for the Germans to know
just how much they would eventually have to pay. Bad as this was,.
there were other factors and features of the plan that made it a very
difficult one in application, among them, the fact that it oonternplatedl
foreigners doing a great deal to run Germany within Germany. They were
represented upon commissions which had more or less control or surveillance over the railways, over the industrial mortgage loans, over the
methods of taxation, privilege to criticize the budget of the Reich, and
of the various municipalities of the country, and generally meddle in the
affairs of Germany in a way that was very unpleasant for any proud
people. The result of that was that it created a great deal of difficulty,.
and they began to see also that /perhaps there was some overestimate as to
the prudent amount to collect from Germany in the Interests of the collectors as well as the payers. And, therefore, after having that practiced
for four or five years, the Young plan was designed.
The Young plan very wisely sought to avoid some of the difficulties.
that had been demonstrated in the two previous steps, and, of course, it
probably has some faults, but it has sought to correct the faults that havebeen demonstrated. Among other things, it has sought to avoid one difficulty of the Dawes plan, which involved these controls within the country
.
,
and the military action which involved breaches of the Dawes plan or treat
And it has, in other words, stated that the essence of this plan is the
good will and the honor and the faith of the debtor, the German people,
and it has removed a great many causes of friction by so doing.
The most important thing, I think, however, that they have done is to
fix the amount of reparations for the first time. The annuity payable
this year is five or six hundred million Reichsmarks less than it would
have been under the Dawes plan, and it does not have the probability of a
rile such as the Dawes plan would have, and the annuities this year aresegregated into what can be postponed for transfer and those which
cannot be, that run for 37 years in one category and 22 years in another,.
and Germany knows the precise amount she must pay, and that is a very
great advantage, as anyone knows who owes money.
Now, the reasons for the Bank have grown out of those previous experiences, and the first thing that emerged was the necessity for commercializing the business of collecting these vast sums of money, and taking
them across the frontier into another country with another currency,
involving, as they do, the balances of trade and the relations of imports
and exports, and converting them into the currency of that other country
which is to receive them. And by making these annuities definite, the
known postponable portion particularly, makes it possible to commercialize
the loans still further, mobilize them, as the phrase is, and issue bonds
on the incoming annuities for the future, to whatever amount at any
given time seems saleable in the markets of the world.
The second thing that it accomplishes is that it avoids political Influences. With the old Dawes plan and the commissions, the disposition of
every country was to want to get a good job for one of their good men
and have him on a commission, and once there, he sought to justify his
Position and his place by putting his finger into everything, and once
getting his finger in, wiggling it about, and causing trouble and disturbances, and if you have this Bank, which is a corporate entity, with a
directorate made up in the way I shall describe later, you remove the
collection and distribution of these annuities from a political and to a
large extent even indirect governmental influence, which is a great gain.
In addition, by the make-up of the board, it will promote the co-operation of all the countries concerned, the six which are creditor countries
and the debtor country, Germany; all acting through one agency and
discussing things as a board and as those responsible for the management
of the institution, co-operation is bound to emerge.
One of the most important reasons for the Bank, I think, lies in the
fact that Germany is a participant in it, and that assuages German
susceptibilities. They are on an equality with other nations, the absence
of which has irritated them very much, and justly so, in the last 10
years, and the existence of a changed situation will go very far, I think,
to get their co-operation, get them to feel that they are a member of theconcert of nations in good standing, that they are in equality with the
men on the other side of the table from them, and that they have
resumed their place in the society of nations. It also results in very
greatly centralizing the operations.
There was a good deal of scattering of the administration under the
Dawes plan, by reason of the location of commissions and subdivisions of
commissions in different parts of the European continent, some in Paris,.
some in Berlin, and some elsewhere, and this plan, by operating througb
the Bank, tends to eliminate that diversification of impact on the German
people and centralizes the operation, co-ordinating all the functions of
collection and distribution.
The nations represented on the committee for the organization of the
Bank were the United States, England, and Japan, Germany, Belgium,
France and Italy. Each country had two delegates, thus making a committee of fourteen. We held 30 full sessions, running from five to six and
sometimes seven and eight hours in a session. Most of these were sessions
at which all of the delegates and all of the subordinate shock troops were
present, and I suppose they had 60 meetings of committees in charge of
different subdivisions of the work, and innumerable conferences of
individuals.
Now, as the name implies, the Bank is international in character. It is
international in the sense that the committee that organized it was
MAR. 1 1930.]
FINANCIAL CHRONICLE
international. It is international in the sense that its existence depends
on an international treaty, the protocol of which was signed at The Hague
on the 20th of January. The parties signatory to that protocol were the
nations I just mentioned plus the Swiss, who, of course, as the State of
domicile of the Bank, and agreeing to grant the charter, were a necessary
party. This protocol spreads at length the charter which Switzerland
is to grant, which is the charter that was drawn by the committee in
Baden-Baden as the one they desired. The charter grants the Bank
jurisdical existence, defines its powers, grants certain immunities, and
makes certain engagements with the other parties signatory to the protocol.
The first objective that interested the committee was to endeavor to
get a permanent perpetual charter for the Bank. In view of the fact that
its existence was brought about by the treaty that puzzled everybody
for a long time, it was finally met by a rather ingenious device. The
charter is apread at length in the protocol and will be an Act of the
Legislature of the Confederation in Switzerland, and the charter in turn
incorporates by reference the statutes of the bank, and the statutes of the
bank provide in two classes for the powers of the Bank. One, I would say,
was the administrative powers and the other was the fundamental
underlying functions of the Bank, as described by the charter. The
first category can be amended, as the statutes provide, by action of
the board of directors and the stockholders. The second category can be
amended by the action of the board of directors and the stockholders and
Switzerland, but in the protocol Switzerland has agreed and the signatory
powers have assented to the fact that Switzerland cannot modify nor amend
this charter without the consent of the other Powers, so you can see it is
going to be rather a difficult job to do much with the charter in those
fundamental categories.
One trouble with the Bank was that it—in the nature of events, unless
protected against—it was bound to be subjected to double and triple
taxation because practically every transaction takes place in one or two or
three countries. Money is paid by Germany and comes into Switzerland
and goes out to the creditor Powers. Its stock is issued in all of the
countries of the world that eventually come into it, and almost any transaction you can envisage involves repeated taxation, and therefore the
charter provides for the exemption of the Bank from all these categories of
taxation, which have been carefully guarded against and enumerated in
the charter.
In addition, the staff of the Bank, other than the Swiss residents, are
exempted from income taxation.
There are other immunities, having to do with war, and engaging on
the part of Switzerland and all the other Powers that the Bank shall be
free from requisitions in time of war or possible seizure of gold, or
interference with the transfer of exchange, and all the other interferences
that usually follow in time of war, and all the Powers have agreed to
Protect the Bank against that.
The charter also provides that any question arising as to the charter or
the interpretation of the statutes, and so forth, as between Switzerland
and the various signatory Powers of the Bank itself, shall be settled by
an
arbitration tribunal which is set up by the protocol and agreed to by all
the signatory parties.
In addition to the charter giving it this international character,
the
capitalisation of the Bank also makes it an international bank. I will speak
of the capital in dollars, although it is in Swiss francs, because it
makes
the percentage a little simpler to state. The total capital of the
Bank is
$100,000,000, and it is intended that a majority of that stock will always
be held and voted by the parties who set up this Bank, the seven
nations,
and therefore It is provided that 56%, $56,000,000 out of the
$100,000,000,
shall be owned by those seven countries, $8,000,000 apiece, and they
will
always have the stock vote control. The remaining $44,000,000 is
to be
distributed during the next two years among the other nations of
the
earth who have central exchange banks or are on a gold exchange
basis,
or who wish to come into the Bank.
The international character and
control is preserved also in the make-up of the board of directors,
which
consists of 25 men. Of these, 16 will represent the $56,000,000
commitment of the seven nations now engaged, and they are
chosen by
snaking the head of the central bank of each
of the seven countries a
member of the board of this bank, if he chooses
to do so, or if he doesn't,
his nominee, and one other, of the national members
of that bank, making
it fourteen, and then by reason of
the fact that Germany pays all
indemnity, and France gets the lion's share, each of them is given the
an
additional director. The other $44,000,000 of stock owned by
all the
rest of the world will have nine directors
in three groups, rotating. The
first election will be three men for one
year, three for two, and three for
three, and thereafter for three years each, rotating. Those men are
elected
by submitting to the board of
directors of the Bank a list of names
made up by a contribution of four each from each
of the other nations that
are interested in the $44,000,000 of stock,
and from that list the directors
will elect three men each year, for thee other directors.
It is proposed also that the officers of the Bank will be
somewhat
distributed. I hear from the press that the President will be one
of the
American directors. I hear also that the French are very anxious,
to
get the general manager, and the other officers will probably be
distributed,
one apiece, around among Belgium, France, Italy and Germany.
Now, the purposes of the Bank are two-fold. Of course, it is obvious
that
the primary function is the collection and distribution of the
reparations.
That is the aspect of it that interests and preoccupies the European.
That collection is made by having Germany lodge with the Bank
certificates of indebtedness which follow exactly the Young plan and
are an
obligation to pay so many Reichsmarks in 1931, and so on, right
through
for the 67 years, and another similar certificate of indebtedness by
which
the German railway systems agree to pay the amount that is
stated in
their certificate of indebtedness in the form of a transport
tax which
Germany agrees to pay over to the Bank. Then that amount is
administered
under a trust fund agreement, which was prepared by the
committee, and
which is to be executed between the creditor Powers and the Bank,
and
the first use that is made of the collection is to provide for the
service of
the Dawes loan of 1924. And then all of the collection is put into
what
is known as an annuity trust account, in one account, in which is
allocated
the inchoate interests of each of the creditor Powers for the time
being.
Then after the lapse of time, the creditor Powers may draw against
that
account and have it transferred to any other account in the Bank or
to anybody else in the world by their check or order, as any depositor may do.
A very important function of the Bank in connection with the
reparations will be the mobilization of these loans, in which case the Bank
will
be the trustee, and will also, in a sense, be the promoter of the loan,
and
exploit the various bonds, and fix the rate of interest and the amount
at
which they will be sold, and discuss the matter with the particular
creditor
government interested in the reparation. As an example, if France
wanted
to issue a mobilization bond, she of course would have
allocatable to her
her percentage of each of these annuities which Is
established by the
1347
Young plan, and mobilized bonds could be set up and sold in very much
the same manner that you would sell an equipment bond, or any salable
maturity, or a bond with any definite maturity, with a sinking fund, the
amount payable under the annuity serving for payment of interest,
amortization, maturities, or all three. It also handles the reparations,
insofar as they serve purely banking functions, but it does not have
anything to do with the administration of the contracts which grow out
of reparations, and that whole business will cease in 10 years, in any
event.
Now, the secondary functions are the ones that interest us most, and
they grow out of the primary functions in the service of the reparation
business. In the first place, one by-product of the institution will be to
co-ordinate the central banks of the world. You can see it is a natural
evolution, that the board of directors that will probably have on it most
of the heads of the central banks of Europe, and some others from other
parts of the world, who will be meeting 10 times a year, for siren that
are engaged in central banking who have international problems and heretofore have not met very often—there will be a kind of a forum, from
which a great deal of good will follow, through co-ordination of the
central banks' operations among themselves, in addition to what they
accomplish through the Bank itself. The Bank has authority to buy and
sell gold, and it is an interesting field of speculation to the extent in
which its work in that domain will grow. The possibility of the Bank
gradually getting the confidence of the world, and having the gold of
the world, or some part of it, deposited by the owners, and transferred
by book credits and ear-marks, indicates a very considerable potentiality
for the saving of money in the loss of interest on gold in transit, the
freight while it is moving, insurance, and other expenses which we have
avoided in comparable ways in the Federal Reserve System in America.
The Bank has authority to borrow from central banks and lend to
central banks. Its operations in that respect will very possibly grow, as
they have here in the borrowing and lending between the varions districts
of the Federal Reserve System. They will inevitably deal with exchange
in large volume, and in the lowering of the transfer rate of these Reichsmarks into the currency of the various creditor Powers who are to receive
them. It will have a considerable power to attract permanent deposits
which will find their place in long-term investments and will undoubtedly
buy and sell securities of long maturity. It is supposed it will naturally
deposit with a good many of the central banks, and receive deposits from
a good many of the central banks. It will have agency relationships with
the central banks of the world, in some cases acting as agent for them
and in some cases their acting as agent for it. All of these are broad
powers which time alone can tell the extent to which they will be extended.
With these powers, there are certain inevitable limitations upon the
bank. One of them is what is known as the veto power. There was a
disposition to feel that this bank might become a super-bank. That phrase
was used a good deal in the newspaper discussions, and in order to aveid
that in any country, there was a provision that this bank cannot undertake
a financial operation in any country without first apprising the central
bank of that country of the proposed operation and give that bank an
opportunity to object, and if the bank in that country does object, the
operation will not proceed.
The Bank is prohibited from exercising acceptance powers. That grew
out of rather a centralized operation of the bank which existed in the
London bill market. It was a rather selfish supposition, but a natural
one, of people who have enjoyed the profitable bill market business for a
number of years, and so that acceptance power was denied the Bank. It
cannot issue its own notes payable to bearer on demand. That is a disguised way of preventing it from issuing anything as currency, and It
was natural that any country such as Switzerland, which was the domicile
of the Bank, should object to any other bank but the Bank of Switzerland
Issuing anything that may be circulated as currency.
It cannot issue notes to governments, another thing which the central
bank would object to. It cannot acquire a predominant interest in any
enterprises of any country, and thus get control of the country economically, and it cannot own real estate in any broader way than the
National banks in the United States can own it.
Now, the prospects of the Bank depend upon a good many factors which
not even a soothsayer would venture to prophesy upon. Of course, it is
depending somewhat on having competent officers, and if they have the
officers that I think maybe they will have, I thing they are going to be
all right in that respect. They have got to be free from government
domination, and I think that the plan and set-up of the bank is rather
ingenious to accomplish as much in isolating governments from interference with the Bank as any machinery or mechanism that could be
devised. I think we are going to have less of government interference by
about 60% than I supposed, and it will of course depend on the loyal
co-operation of all of the participants in the Bank, and that is a thing that
will grow in time and undoubtedly be forthcoming.
Now, in the matter of reparations functions—of coulee, if reparations
should cease to be paid, this Bank would receive quite a wallop, and the
only question is whether reparations will cease to be paid.
The Young plan, it seems to me, is devised to temper the wind to the
shorn lamb pretty well, and it seems to me that if Germany accepts the
role that the Young plan gives her, as one of the nations of the world,
relying on her own efficiency and commanding the respect and honor of
the other nations, as a nation willing to perform its obligations, that it
will be able to continue to pay the reparations provided. It is not a
simple conjecture that she will be. A good many Germans think she
won't be, and a good many Americans think she won't be. But, by and
large, Germany to-day is in very much the situation that she was in in
1918. It might surprise you to hear one thing that I heard yesterday.
It interested me very much, and that was, for instance, that the North
German Lloyd lost all but 850 tons of her tonnage as a result of the
treaty and that to-day she has got practically all of that tonnage rebuilt.
Well, now, there are a good many things that are not up to 1913 in
Germany, but there are a good many things that are. Their
chemical
and steel industries, their electrical machinery, and tool
business, and
many other businesses are in very good shape, and when you
stop to
think of what happened to Germany in the first four of the last
10
and that she is back to 1913 now, you can't imagine she is
going along on
a level, but she is probably going on the up-grade, and if
she does, she
can swing the necessary loans to make up for the
difference between
imports and exports, and gradually get to the point
where she canpay
these reparations. If she does, the Bank will have a good,
steady borrower
as a customer in the reparations service. The other
business will, of con
depend on the extent to which the Bank makes itself
serviceable, and!
believe it is going to grow.
Now, you may be interested in knowing whether this
Bank
ut out a
decent prospectus on which to sell stock. We have
no bonds to sell yet,
canp
1348
FINANCIAL CHRONICLE
but the first issue will be stock, and it looks as though the Bank would
make its expenses from the beginning, and by that I mean to include 6%
dividend on its stock. That will be provided for, I think, by the fact
that the creditor Powers will have to leave on permanent deposit 6%%
of the average annuities that are received in their behalf from Germany,
and that involves Germany's matching that permanent deposit with a
permanent deposit half as large. That permanent deposit, plus the
[VoL. 130.
ordinary payments that the Bank takes in, plus the capital of the Bank,
If handled so as to make 3%, which ought to be possible in Europe, will
produce, with the addition of a commission of one per mill, which is paid
on the handling of reparations of between 10 and 11 million Reichsmarks
a year, will be sufficient to pay the statutory reserves provided for the
bank, pay its 6% dividend, and take care of the salary of the American
President and the other incidental expenses of the Bank.
Comptroller of Currency John W. Pole Before House Committee Hearing
Would Decentralize Banking Capital Through System of Regional Branch
Banking—The Trade Area.
With the opening, on Feb. 25, by the House Banking and
Currency Committee of the hearings on branch and chain
banking, Comptroller of the Currency John W. Pole presented an elaborate statement covering present banking
conditions, his remarks leading up to branch banking and
his suggestion, in his recent annual report, that National
banks be permitted to extend branches Into the trade areas
of the city in which they are situated. In indicating his
views to the committee, Comptroller Pole stated that "the
trade area which I have in mind may be called the Metropolitan trade area." "The proposal," he said, "which I
have brought for the consideration of your committee would,
it seems to me, clearly tend to decentralize banking capital
through a system of regional branch banking." Comptroller
Pole stated at the outset "that there seems to be no need
for emergency legislation, but rather for an attempt to
reach a normal and fundamental solution." In his statement he alluded to the fact that "in several parts of the
country more than one-half of all of the banks in existence
since 1920 have closed their doors and many of those which
are left have little likelihood of success under present
conditions." He further said: "I am confident that your
committee will have before it in the course of these hearings
ample information which will lead to the conclusion that
notwithstanding the fact that it is still possible for many
country banks to operate successfully, the system under
which rural banking as a whole is carried on does not
provide a sufficient safeguard either to the depositors or
to the shareholders, nor does it offer a type of banking
service adequate for modern conditions." The resolution
under which the inquiry is being conducted by the committee was given in our Issue of Feb. 15, page 1057. That part
of Comptroller Pole's statement to the committee dealing
with branch banking, decentralized branch banking, the
trade area, etc., follows:
Branch Banking.
In most of the discussions of branch banking the depositor seems to
have been lost from view. It is said that branch banking will lead to a
restriction upon local loan.; that the borrowers will suffer. To this theory
I do not subscribe. It is unreasonable to suppose that banks will make
substantial investments in branches without any expectation of developing
the business of the branch. This cannot be done by draining the community of Its cash. It can be done only by rendering to that community a
scientifically balanced banking service including the making of loans as
well as the receiving of deposits. Doubtless it will be developed during
the course of these hearings that there are many instances where the
necessities of a community have been such that the funds supplied by the
parent bank for loaning purposes have far exceeded those which have been
received in deposits.
Certainly it would be possible for the parent bank to develop a diversified
banking business to protect it against economic depression in any one
locality or in any one industrial activity or business enterprise. I am,
however, more concerned with the depositor, especially the savings depositor,
than with the borrower, and have therefore approached the question of
branch banking as a remedy from the standpoint of safety to the depositor
and to the local shareholder. It is the importance of this phase of the
question which I desire to bring before your committee for further study.
There are great commercial centers in the various regions of the United
States. In these commercial centers there have been developed great metropolitan banks among which there have been no failures during the period
we have under discussion, and no depositor in these banks has suffered a
loss. The laboring man and the small wage earner in these cities is
receiving a stronger protection and a higher and better type of banking
service than is possible for the farmers and small business men who must
do business with country banks. I have therefore put forward for
further investigation and study by your committee the question of the
desirability of bringing these country banks into a more direct and closer
relationship to city metropolitan banks than is possible under any voluntary
extension or intensification of the correspondent relationship. If there
Is permitted to grow up, through branch banking, strong metropolitan
banks in commercial centers outside of New York City with the right to
open offices in the rural economically tributary communities, it would
naturally follow that in time these small country banks would to a very
large extent become branches or offices of such city banks.
In this connection I wish to discuss for a moment the question of the
concentration of banking capital in the large cities. Under our present
system of banking there has already occurred a concentration of banking
capital in the commercial centers, and more particularly in New York
City. The growth of our cities in population and in commercial importance
has naturally led to the growth of larger and stronger banks. But as
your committee knolls, it is not only in banking that this concentration
has taken place, but rather that banking has followed the concentration
of capital and centralization of management in other lieIcle.
The modern city itself is in a much closer relationship to the outlying
territory than was the case a few decades ago when communication and
contact were dependent upon horse or intermittent railroad transportation.
Each one of us here to-day has witnessed the complete obsolescence of
the slow and painful travel by horse on country roads which have been
replaced by paved highways radiating in every direction from our large
cities, upon which travel automobiles at high rates of speed. Communication by telephone is now almost universal, having largely displaced the
slower methods of communication by mail and messenger. I do not wish
to take up the time of the committee with a sociological discussion of
municipal development, but in considering the question of concentration
of banking capital in the large cities it is necessary to consider the new
relationship which exists between the city and the rural districts.
There were on June 30 1929 76 banks in the United States, National
and State, having each a capitalization above $5,000,000, and there were
an additional 335 banks with capital between one million and five million,
making a total of 411 banks above the one million dollar capital class.
Under a regional system of branch banking the number of banks in this
class would increase through the pooling of the capital of the smaller
banks.
At the present time, as I pointed out in my annual report, 250 banks
in the United States hold resources to the aggregate amount of about
$33,400,000,000. This is nearly one-half of all of the banking resources
in the United States. Twenty-four banks, National and State, in New
York City alone are capitalized at an aggregate of $677,014,000, and have
combined resources of about $10,791,448,000. This capitalization of the
New York banks is almost comparable in total to that of the 20,008
country banks situated in towns of 10,000 population or less.
A comparison of the banking situation in 1900 with the present shows
with what rapidity the United States has developed in banking resources.
In that year there were 10,672 incorporated banks of all classes. The
aggregate capital was about $1,150,000,000, and the total resources about
$12,000,000,000—the latter figure being less by more than $4,000,000,000
than the resources of all the banks in New York City to-day. Within the
short period of three decades the banking resources of the United States
have increased by 600%. This great development in banking resources
is reflected in two aspects: First, in the increased number of country
banks which remained small, and second, in the growth in size and diversification of business of the large city banks. The latter are more prosperous
to-day than ever in the history of the country, whereas the country banks
are in a much less favorable position than they were 30 years ago. The
acceleration of the flow of trade to the large cities has been one of the
chief causes of the development of the modern form of metropolitan
banking.
The Trade Area.
In my annual report I suggested that it might be found feasible to
Permit National banks to extend branches into the trade area of the city
in which they may be situated. I realize that while the term "trade area"
itself is susceptible of definition, there may be found some practical
difficulties in mapping out a given trade area. Theoretically, of course,
every city, no matter how small, might be said to have a trade area,
but it would prove no solution at all to the rural bank situation to permit
small country banks to establish branches in such trade areas.
The trade area which I have in mind may be called the metropolitan
trade area. Such an area would circumscribe the geographical territory
which embraces the flow of trade from the rural communities and small
cities to a large commercial center. Branch banking extended by metropolitan National banks into such a trade area would naturally give to
these outlying rural communities and smaller cities a strong metropolitan
banking service.
I am not prepared to attempt to arrive at a legislative formula which
would automatically delimit all of the trade areas in the United States.
It does not seem possible to meet this situation with such a formula. When
the Federal Reserve Act was before Congress a similar situation arose
with respect to the Federal Reserve Districts. In that Act Congress did
not attempt to define the boundaries of the districts, but provided that the
districts should be apportioned with due regard to the convenience and
customary course of business, and that they should not necessarily be
coterminous with any State or States. The Secretary of the Treasury,
the Secretary of Agriculture and the Comptroller of the Currency, acting
as a committee, were empowered to lay out the districts.
The 12 Federal Reserve Districts thus laid out and the sub-districts within
them as established by the Federal Reserve Board constitute to-day the
only areas which have been delimited upon the basis of the relationship
of the flow of trade to banking services.
It may be found advisable to adopt a similar procedure with respect to
the present situation if it is determined that National banks shall be
permitted to have branches in the rural districts. In this connection the
question will naturally arise as to how far the Federal Reserve districts
or sub-districts are applicable to this question of branch banking.
Decentralized Branch Banking.
It has been urged as a consideration against branch banking that legislation permitting its extension to the rural districts would lead to the
concentration of all of the banking capital in the United States in the
ew York banks and under the control of a comparatively small group
fin
of
It might be possible theoretically to conceive of this situation arising
if Congress permitted the National banks to engage in nation-wide branch
bankirrg at the present time, although many students of banking and many
practical bankers are of the opinion that even were nation-wide branch
banking permitted by law its spread would be a slow development out
from the various cornmercial centers; that the country is too large and its
financial operations on too vast a scale to permit of complete concentration
in New York City. The banking resources of the United States are con-
11930.]
M.
FINANCIAL CHRONICLE
stoutly increasing as the country develops industrially and commercially.
At the present time they aggregate about $72,000,000,000, and within
another decade may approach $100,000,000,000. With great commercial
cities developing in various parts of the country outside of New York it
would seem an extravagant prospect to contemplate the control over these
resources within a few hands in a single city.
However, the Proposal which I have brought for the consideration of
your committee would, it seems to me, clearly tend to decentralize banking
capital through a system of regional branch banking. The metropolitan
banks in the city of New York have always held a pre-eminent position,
and under any system of banking which would follow the normal course
of business they will continue to increase in size and influence. Notwithstanding this aspect of the matter, branch banking emanating from
commercial centers outside of New York City into surrounding trade areas
would cause the New York banks to decrease in relative importance. There
would be concentration of capital, but it would be a regional concentration
with local characteristics. Banks in Detroit, Cleveland, Boston, Atlanta,
New Orleans, St. Louis, Buffalo, Minneapolis, and other such local commercial centers would grow into institutions fully capable of taking care
of the financial requirements of their trade area communities. Instead of
nearly all of the largest banks being situated in New York City there would
be in every such commercial center banks whose resources would approach
or exceed a billion dollars. Instead of being a menace, would not such
banks become a source of pride to the community in which they are
situated, bringing prestige and new business to the city and taking out
to the rural communities a strong and highly developed banking service
with safety to the depositors there? Would not such a system of branch
banking lead to an active competition for business which would naturally
result in the local community obtaining cheaper and better banking service?
Some critics of our banking system take the view that we have too many
small banks and that one of the chief causes for bank failures has been the
issuance of an excessive number of charters by the State and Federal
governments. Theoretically, of course, if no banks were chartered there
would be no bank failures. There is no way by which the number of banks
can be categorically determined in advance, and consequently the laws of
all of the States and of the Federal Government have left the discretion
to the supervising executive officials. It comes down to a plain question
of human judgment. If no more bank charters were issued, for example, in
communities where all of the banks had failed, the Comptroller of the
Currency or the State Banking Superintendent, as the case may be, would
have to take the responsibility of denying banking services to such a
community even though the new applicants for a charter possess the
qualifications required by law and practice to carry on a small bank. In
view of this situation it cannot be expected of the supervising bank
officials to take it into their hands without further legislative sanction
to reform the system of banking in the rural communities through the
process of denying bank charters. My own point of view is that the rural
communities are not supplied with adequate banking facilities. I should
like to see the people of every community, no matter how small, have,
access to more than one strong bank with the banks competing for
business. All persons should have the benefit which comes from a competitive banking service. Our present system of independent unit country
banks cannot provide it. Would not the system of decentralized branch
banking which I have suggested meet this condition?
Government Control.
It is recognized that a system of branch banking such as I have suggested
would gradually bring about the development of greater banking institutions in the inland commercial centers and in the larger seaports of the
country. These banks would be strong enough to resist the ordinary local
causes of bank failures on account of the great diversity of their business.
The only danger of failure would be in the management personnel, and it
Is conceded that any bank or any sort of business institution can be
wrecked through mismanagement and maladministration. There can be no
absolute protection by law or otherwise against this condition. It can,
however, be so greatly minimized by governmental supervision that the
danger of any each fsilure will be remote.
Should Congress adopt such a branch banking policy there should be an
expansion and an intensification of Government supervision. There would
have to be a more constant contact with management policies than now
Obtains. The number of banks would be lees, and it would be easier for
the Government to supervise and examine more closely and snore often the
operations of such larger institutions. It should be borne in mind that
such a bank would have no difficulty in securing capable management and
that it would, on account of the great value of good will, be sensitive to
public opinion. It would not wish to encounter the just criticism of a
Governraent official.
Congress has always recognized the necessity of maintaining adequate
supervision over the National banks. The Comptroller of the Currency
now has sufficient power to supervise the National banks insofar as
examination into their affairs are concerned. The time and method as to
examination is left to his discretion except that he must under the law
examine each bank twice a year. What other powers the Government
of the United States should exercise over such larger institutions which
would come into existence under the extension of branch banking I am not
prepared at this time to recommend, but should the committee desire to
go further into this question the office of the Comptroller of the Currency
will be at its service.
Group Banking.
In conclusion, I feel it necessary to make some remarks with respect to
a comparatively recent banking development which is coming to be known
as group banking. Before proceeding further, however, I think that we
should attempt to get down to definitions. In current discussions the
terms "chain banking" and "group banking" are sometimes used synonymously, and sometimes as epposed to one another. Frequently the phrases
"chain and group banking" and "chain or group banking" are used.
The term "chain banking" has been in use for many years in this country
to describe a condition in which a number of banks were owned or controlled
by the same individual or by a group of individuals. These so-called chains
were situated very largely in the rural districts, and the member banks
of the chain were principally small country banks. This condition was and
still is quite prevalent in the agricultural regions of the Wed and South.
Many of these chains have come to disaster through the failure of all of
the banks which constituted them. During the many years this type of
bank ownership has been in existence it was not considered as a trend
toward a fundamental change in our banking system, nor did it relate itself
to the question of branch banking. On account of the failures of several
of these chains the term "chain banking" began to carry with it an
element of disfavor.
The term "group banking" is of very recent origin and is being used
to describe what appears to be a major movement in our banking system.
The principal factor in group banking is that each group is centered around
1349
a city or metropolitan bank through means of a holding company which
owns the majority of the stock of each bank, thereby creating a system
of banks more or less integrated in management with the central bank of
the group. Its one common factor with the older type of chain banking
is that several country banks may be owned by a single agency. In this
discussion, therefore, I shall use the term "group banking" to mean the
ownership and some element of operating control of several banks through
the medium of a bank holding company.
Official figures have not been compiled which show the number and
distribution of those groups. The holding companies are incorporated
under State law and the Government of the United States has no immediate
access to information concerning their organization. However, I attach
hereto a list of what appears to be the most important corporations which
have acquired the stock control of a considerable number of banks and
which are operating these banks under a group system. This is marked
"Exhibit I."
From the character and standing of the bankers and other business men
engaged in some of the principal groups in this new group banking movement I have no doubt that they will be able to work out a system which
will be profitable to the group company and give a safer and better
banking service to the communities in which they own banks than WIS
possible under the system of rural unit banking. For reasons heretofore
stated, I am not in a position to give to your committee first-hand and
authoritative information as to their operations.
I may say, however, that I naturally look upon this movement from the
standpoint of a supervising official of the Government rather than from
that of an operating banker, that is to say, I am concerned not with the
question whether the movement is profitable, but rather whether it is
desirable from the standpoint of the public as a system of banking. The
movement is new—hardly a year old—and your committee may find that
it gives promise of better banking than the system of rural banking now
generally in force. On the other hand, your committee may find that this
new movement may be regarded as a temporary and transitional development, constituting a normal prelude or introduction to branch banking.
While perhaps my views may be immature, in view of the lack of
opportunity for an exhaustive study of a movement which is so new, I am
inclined to the view that group banking under its existing forms Is not
desirable as a permanent system of banking. Where a group is composed
of both State and National banks, as well as of other types of financial
institutions, it becomes practically impossible for any supervising governmental official to ascertain authoritatively and accurately the financial
condition of the group as a whole. Each corporation in Use group is an
independent legal entity, some responsible to State governments, and some,
that is, the National banks, to the National Government, while other State
bank members of the Federal Reserve System are responsible to both State
and National Government, and this creates a situation in which the
public is not sufficiently protected, insofar as it can be protected by
governmental authority. If a group were all National banks and the
holding company were placed under the visitorial powers of the Comptroller of the Currency it would be possible, although difficult, to supervise the operations of the group. I may say, however, that if the Comptroller of the Currency be given visitorial powers over bank holding
companies engaged in group banking, the Government would be in a
position to obtain information as to their operations and would be in a
better position to regulate and control them by subsequent legislation
should such action be deemed expedient.
In the case of branch banking, the situation is different. Under the
regional plan which I have discussed there would be no need of an
operating holding company. The parent bank would be the only corporation in operation and it would have offices in various places within the
trade area. There would be only one Board of Directors and one set of
corporate minutes. The formulation and initiation of the policy for the
bank would be subject to a single responsibility and the Comptroller of
the Currency (or the State Superintendent in case of a State branch system)
could at any time determine the true financial condition of the bank
with all its branches.
This concludes the formal remarks which I wished to make to the committee, and I desire to express my appreciation of your consideration. I
shall be glad to respond to any questions members of the committee may
desire to ask, and I shall be pleased to return at any time your committee
may desire. I wish also to offer to your committee all of the facilities
of my office which may aid you in these inquiries.
In the earlier portion of his statement to the committee,
the Comptroller said:
Mr. Chairman and Members of the Committee: I shall take the liberty
of asking leave of the committee for the privilege of reading without
Interruption a prepared statement, fallowing which I shall be glad to
answer any questions the members of the committee may desire. I beg
your committee's indulgence on account of the length of this paper, but
by reason of the great importance of the subject I feel that I Could
not say less.
I understand that my recent annual report to Congress will be placed
in the "Record," and I shall attempt to refrain from repeating the data
given therein. In that report attention was drawn to a condition in our
system of bank organization which appears to require legislation to
protect the interest of the public. It should, however, be said at the
outset that there seems to be no need for emergency legislation, but rather
for an attempt to reach a normal and fundamental solution.
There are herewith submitted for the "Record" copies of three formal
addresses which were made by me last year, namely, "The Demand for
Professional Bank Management," delivered before the Ohio Bankers' Association, Columbus, Ohio, Feb. 12 1929; "Banking and the New Financial Era,"
before the Maryland Bankers' Association, Atlantic City, May 23 1929;
and "The Need of a New Banking Policy," delivered before the conventibn
of the American Bankers' Association, San Francisco, Oct. 2 1929. These
are marked "Exhibit A," "Exhibit B," and "Exhibit 0," respectively.
I shall not attempt to elaborate further the facts which I have given
relative to bank failures except to bring some of the figures down to
date. In several parts of the country more than one-half of all of the
banks in existence in 1920 have closed their doors, and many of those which
are left have little likelihood of success under present conditions. If
such a condition of affairs were localized, that is to say, were confined
to one particular section or subject to the conditions of one particular
industry, general conclusions would no doubt be unjustified, but such IS
not the case. During the last 10 years, and continuing the present time,
bank failures have been a blight in the Mississippi Valley, the South, the
Southwest and the Northwest. There are agricultural counties in which
every bank has failed. In many eases it has been necessary to assess
shareholders in order to keep banks alive, and it has often happened that a
failure occurred after as many as three such assessments had been paid in
1350
FINANCIAL CHRONICLE
vain. The hardship which these failures have imposed upon depositors
and upon those who invest their money in country bank stocks, over such
a wide geographical area, is an indication that there is something seriously
wrong with the system of banking in the rural districts. Surely a great
country like ours should not permit the continuation of this suffering on
the part of that element of the population least able to bear it if it lies
within the power of the National Government to provide a remedy!
The views which I bring before this committee are not primarily the
result of recent research and the collection of information. I was myself
a country banker. Later, as a National Bank Examiner and as Chief
National Bank Examiner, it became my duty to examine the affairs of
hundreds of country National banks. For more than 20 years I have been
In daily and intimate contact with the operations of our banking system.
No one knows any better than I do that there are still strong and profitable
country banks, and if I had any prejudices they would naturally be in
favor of the system of unit banking to the sustenance o/ which I have
been devoted for so many years. It is with great reluctance that I have
slowly come to the conclusion that our small independent unit country
banks are no longer fulfilling the purposes of their creation and that
there is need for a better, sounder and stronger system.
In order to avoid the impression that I am interested only in the
National banks in this discussion, may I take this occasion to emphasize
the fact that the statements I have made with reference to bank failures
apply with equal if not greater force to State banks. The conditions which
rural banking faces in the United States are the same for both National
and State banks, and as between the two, the statistics will show that the
National banks have shown the stronger resistance in the ratio of approximately three to one during the last nine years. I am confident that your
committee will have before it in the course of these hearings ample information which will lead to the conclusion that notwithstanding the fact that
It is still possible for many country banks to operate successfully, the
system under which rural banking as a whole is carried on does not
provide a sufficient safeguard either to the depositors or to the shareholders nor does it offer a type of banking service adequate for modern
conditions.
Many of the strong and well managed country banks have found it necessary at times to discontinue making loans and to build up and carry large
cash reserves for long periods of time. Due to the fear of "lack of con.
fidence" and in their efforts to be prepared to withstand sudden withdrawals, some of these banks have restricted their operations to such an
extent that they are of little benefit to the community in which they are
located, and in some communities have practically reseed to function.
Such banks are necessarily experiencing difficulty in earning a sufficient
amount to cover operating expenses.
We are faced with a banking situation which applies almost entirely
to the rural districts, although it should be borne in mind that there are
also a considerable number of small banks in the larger cities, particularly
In the outlying districts. There were on June 30 1929 in the United States
24,912 incorporated banks. Of this number 20,008 were situated in cities
of 10,000 population or less. In other words, more than four-fifths of
all of the banks in the United States are situated in small towns. The
average capital of these banks is about $44,000, and their aggregate
capital about $881,000,000. They are all small banks.
It is among these small banks that most of the failures have occurred.
Figures have not been compiled for the entire decade, but for the eight.
year period, ending with 1927, 71% of the banks that failed, National and
State, were capitalized below $50,000 each and 88% under $100,000. By
far the largest number of failures occurred among banks having $25,000
capital or less, these constituting 63% of the failures. The number of
failures for this period was 4,513.
As to the places in which these failures occurred, 2,039, that is to say, a
little over 40%, were situated in towns and villages of population less
than 500 persons; an additional 1,006, or 20%, failed in towns having
between 500 and 1,000 population; an additional 964 banks, or about 20%,
failed in towns of from 1,000 to 2,500 population; an additional 584
failures occurred in towns from 2,500 to 10,000 population. In other
words, about 92% of the failures were in places having less than 10,000
population. Reference is again made to the fact that there are also a
number of banks of small capital in cities above 10,000 population,
failures among which go largely to make up the remaining 8% of the
total failures.
I feel quite certain that the figures for 1928 and 1929 will upon analysis
disclose a situation equally as unfavorable as that of the previous eight
years.
During the last decade there were no failures in that class of banks
known as metropolitan banks having a capital of more than $2,000,000.
There were three failures of State banks and one National bank in the
million dollar capital class, namely, the Tremont Trust Co., Boston, Mass.,
capital $1,309,000, deposits, $15,472,000, which suspended in 1921; the
Citizens' Bank St Trust Co., Tampa, Fla., capital $1,000,000, deposits
$13,787,000, which suspended in 1929; the City Trust Co., New York,
N. Y., capital $1,225,000, deposits $7,482,000, which suspended In 1929,
and the Exchange National Bank, Spokane, Wash., capital $1,000,000,
and deposits $11,717,000, which failed in 1928.
.Note.—In this connection I desire to state that I am using the term "failure" as
synonymous with the term "suspension" although these two terms are not always
CO used. The statistics of the Federal Reserve Board for bank failures are based
upon suspensions, that is to say, a bank suspends when it is unable or unwilling
longer to keep open its doors for carrying on the business of banking. It some.
haPPens that such a suspension is followed by a reorganization of the bank
or a rejuvenation of its capital structure with the result that the bank Is able to
resume business. However, In many such cases both the shareholders and the
depositors are called upon to make voluntary sacrifices in order to avoid a receivership with a resulting bruden of loss as great as in some other cases where a receiver
IS appointed. On the other hand the office of the Comptroller of the Currency
many years ago adopted the practice of listing as a failed bank only those for which
receivers have been appointed and leaving out those which have been restored to
operations after suspension.
For the purpose of this discussion the Federal Reserve figures present a more
accurate description of the situation. The two systems of statistics, however,
cause certain variations in figures compiled by the Federal Reserve Board and by
the Comptroller of the Currency, respectively.
Attention is particularly directed to the circumstance that the failures
of country banks is not embraced in a period of time which has been closed
and upon which we may look only in retrospect. This error has been made
by many writers in making reference to the 6,000 bank failures as though
the failures arose out of some past condition the chief significance of
which is to furnish an argument for or against a system of banking. It is
true that this period had a somewhat definite beginning which appears to be
coterminous with the war period, and is no doubt related to many of
the changes in our social and economic life caused directly or indirectly
by the war. Unfortunately, the period in which these failures have
occurred and are occurring has not been brought to a close. In the year
1929 there were 640 bank failures in the United States, causing the tying
up of about $234,000,000 of deposits, the greatest of any year in the
[VOL. 130.
decade except 1926. During the first six weeks of 1930 there have been
131 additional failures. In other words, more than 10 years after the
war we are still in the midst of a continuation of a condition which Is
causing small banks to fail. The nine-year period ending with Dec. 31
1929 witnessed 5,640 bank failures, with aggregate deposits of $1,721,000,000—scattered very largely throughout those small cities of less than
10,000 population to which reference has been made. Of this number,
4,877 were State banks and 763 were National banks. I have not the
figures for the actual and final losses to the depositors in these banks.
Many of them are still in process of liquidation.
I attach hereto a table compiled by the Federal Reserve Board, Jan. 28
1930, marked "Exhibit G," which gives the bank suspensions by Federal
Reserve Districts 1921-1929, showing the number of banks by districts
each year and the deposith of each.
Bank Earnings.
There has been prepared for the use of the committee a chart showing
the operating profit and loss of all National banka in the United States, by
States, for the year 1927, and there are in course of preparation other
charts which will be submitted within a few days, giving the operating
profit and loss of all national banks for the year 1928. I have made a
study of these preliminary figures, and they will undoubtedly emphasize
the operating difficulties confronting the small banks.
Your committee knows that a supervisory bank official is always reluctant
to close a bank. He would naturally like to see no bank failures. The
Comptroller of the Currency goes to the utmost lengths within his power
and responsibility—having regard first for the depositors of the bank—
to prevent a National bank from failing, and the State bank supervisors
naturally have the same attitude toward the State banks. Were this
not the case, and did the Comptroller of the Currency simply as a matter
of machine routine permit National banks in bad condition to drift into
insolvency, and did the State Supervisors take the same attitude, there
would of course be a great many more failures added to those already
recorded than we have seen.
In considering the great flood of statistical information which must be
studied in order to discover the causes and effects of bank failures, there
Is danger of losing sight of the human and social aspects of the situation.
Every bank failure presents a distinct phenomenon to the local community.
It is a local dramatic event. Whereas the supervising official may in
many cases not be surprised that the bank has failed and the executive
officers of the bank and perhaps the local board of directors have been
struggling for months or years to keep the bank open, the actual failure
comes as a complete surprise and a shock to the depositors and in most
cases to those shareholders who are not officers or directors of the bank.
There is no more distressing sight than a group of citizens, men and
women, clamoring before the closed doors of a bank bewailing the loss of
their savings. These losses fall upon the best and most substantial citizens
In the community, and many of them never recover their previous financial
condition. Multiply this local event by nearly 6,000, and scatter it
throughout the great agricultural States of the Union, and the magnitude
of its effect reaches astounding proportions.
It is estimated that 7,264,957 depositors have contributed to the great
total of more than one billion seven hundred million dollars of deposits
in failed banks during the past nine years, and that no leas than 114,000
shareholders have suffered losses through these suspensions.
A similar adverse effect is had upon the borrowers of a bank which
fails. When a receiver is appointed his duty is to wind up the affairs
of the bank and to enforce liquidation. Many of the borrowers may
have been doing business with the bank for years and may have been
upon intimate terms with the officers of the bank. This is especially true
of the so-called character loans where the bank takes an interest in a
person who has good character and good prospects but weak in collateral
and who is accommodated each year or. from time to time covering a
considerable period. The character and reputation of such person may be
unknown to other banks; therefore, the credit standing of this class of
borrower for the time being is destroyed. The receiver must demand payment, and if payment is not made he must institute suit and prosecute
the case to judgment in order to gain as much as he can for the depositors.
Notwithstanding, every means is employed to soften the blow which the
community has sustained, this enforced liquidation In country banks works
a bitter hardship upon the borrowers—the very type of borrowers which
it has been claimed the unit system of banking its particularly designed
to protect. Failed banks in the United States have caused within the
last nine years the enforced liquidation of approximately two billion
dollars of loam—chiefly small loans.
Many causes have been assigned for these bank failures; in one section
droughts, in another insect pests, in another failure of the cattle market,
In another a drop in the price of wheat, and so on. A great many failures
have been attributed to mismanagement, incompetent management or
criminal management; some banks have been closed on account of single
cases of defalcation and robbery; another cause assigned is that too many
rural bank charters have been granted.
While these various factors may have been the immediate occasion for
the closing of these banks they do not indicate the basic cause. If one
observes the same type of small country bank, situated in various sections
of the country, unable to keep open its doors one naturally would seek
the reason of the general condition. Cannot the basic cause be found in
the great economic and social changes which have tome over this country
within the past 15 years—the war period and the post-war period? We
have witnessed a revolution in the method of transportation and cornmunication in the rural districts. Local communities which were at one
time economically and socially independent have been put upon arterial
highways which have drawn them close to the larger cities. It is now
impossible for the country bank to gain that diversification in the banking
business which was possible a few decades ago. The business of the
small city is becoming more and more an adjunct of the business of the
larger commercial centers. Opportunities for independent local financing
are becoming fewer and fewer. The commercial business and the trust
business are going to the large city bank. The country bank is left
largely with real estate loans and small local loans.
If, therefore, these fundamental conditions have caused the business
of the small bank to shrink to the point where it becomes unprofitable
for the bank to operate we are met with a basic condition which =not be
cured by palliatives. Several remedies have been proposed to meet these
conditions, the principal of which I shall here discuss.
Guarantee of Bank Deposits.
The remedy most frequently suggested as a protection to the depositor
is some form of guarantee of bank deposits. This guarantee may take the
form of compulsory insurance for the payment of deposits or compulsory
contribution on the part of all banks to pay deposit losses In failed banks
or a direct governmental guarantee under which the taxing power of the
MAR. 1 1930.]
State would be used to pay losses to depositors in failed banks. Several
-of the States in the Union have enacted guarantee of deposit laws, but in
every case the operation of the law has proven unsuccessful.
A system of banking with a deposit guarantee superimposed upon the
local bank by governmental authority under which some other instrumentality than the bank itself undertakes to insure the safety of deposits
will not prevent the local bank from failing if it cannot maintain a successful operation as a business enterprise. If local economic conditions
are unfavorable to such a bank, and if the loans are not properly made
or become frozen after they are made with reasonable care, the bank will
have to close its doors. No system of guarantee of deposits under such
conditions will serve to keep the bank open. In other wards, whereas a
system of guarantee of bank deposits might theoretically give the depositor
-a 100% protection against loss in case of the failure of the bank, such
a system cannot be said to be a remedy for the failure itself.
In the case where the burden of the system of guarantee of bank deposits
has been carried by the banks themselves the result has been that the
strong and successfully operated banks have been compelled to assume
liability for deposits in weak and unsuccessfully operated banks—a responsibility which the stronger banks were compelled to assume without any
power to protect themselves.
It has, I believe, been suggested that the Federal Government, insofar
as National banks are concerned, undertake to set up some system of
deposit guarantee in order to protect the depositors from the unsuccessful
bank administration, either through a governmental subsidy or through a
guarantee to be met by the Federal Reserve bank& While I have not seen
a formulation of such a plan, it would appear that any such guarantee
would be subject to similar objections to those heretofore adopted by the
States. Laws involving the guaranty of deposits of State banks have been
in operation in:
Hanna
Texas
Nebraska
Oklahoma
Washington
Mississippi
North Dakota
9011th Dakota,
but, with the exception of Nebraska, I understand, such laws have been
repealed.
Shareholders' Liability.
A member of this committee has introduced a bill providing for compulsory insurance for the shareholders' liability in National banks. This
Is a different question from the guarantee of deposits and I take it that
this measure is designed to meet only one particular weakness in our
banking system, namely, the frequent inability of the shareholder to meet
the financial liability to the creditors of the bank imposed upon him by
law to the extent of 100% of the par value of his stock. I shall not
attempt here to enter into a discussion of this measure, but I wish to make
some general observations on the question of shareholders' liability.
The provisions of the National Bank Act fixing the individual liability
of shareholders were enacted in 1884 as a part of the original Act. It fixed
the individual liability in an amount equal to the par value of the shares
-held. In other words, the amount of the liability has no relationship to
the question of book value or of market value of the shares. This individual liability therefore le not equivalent to the value of the investment
of the shareholder in the stock but simply to the original amount paid
In by him.
This additional individual liability was designed as a protection to the
creditors of the bank, but not as a full protection. For example, where
the deposit liability of the bank is in proportion to capital of 10 to 1, it
will be readily seen that the additional liability was not designed 88 a
guaranty of the payment of bank deposits. The bank with $100,000
paid-in capital and $1,000,000 of deposit liabilities would carry an
additional individual liability upon its shareholders of only $100,000.
To take an extreme case, if all of the capital and all of the deposits
were wiped out by losses, the individual liability if realized in full would
net the depositors only 10 cents to the dollar.
It may have been the presumption of the original framers of the National
Bank Act that all the shareholders of the National banks would be persons of substance fully competent to discharge this individual liability.
-Otherwise it would seem that the Act would have provided some safeguards
to preserve and maintain it. Apparently it was not foreseen that the shares
of National banks would find their way into the hands of persons who were
financially irresponsible. Neither was it foreseen that bank stocks of the
large city National banks would be actively traded in on the securities
markets by ievestors who had no personal relationship to the bank and
little or no thought of their individual liability when they purchased
the shares.
As a practical matter, the question of enforcement by the Comptroller of
the Currency of this individual liability has been confined during the
past 65 years almost entirely against the shareholders in small country
banks. Most of the shareholders resided in the rural communities and
were small business men or farmers. In winding up the affairs of 816
National banks the records of the Comptroller's office show that an average
-of 48.29% has been collected from shareholders under their individual
liability. These figures do not include numerous cases of assessments
-against shareholders to restore the impaired capital of going National banks.
I may take this occasion to say that the enforcement of the individual
liability against National bank shareholders is one of the most disagreeable
duties which the Comptroller of the Currency is called upon to perform.
These shareholders invest in local bank stocks upon the assumption that it
will be a profitable enterprise. Some of them even feel that the Government of the United States is responsible for the operations of National
banks. Many of thm have no appreciation of the responsibilities which
they incur under the individual liability clause. When therefore they
have lost their original investment and they are called upon to pay in an
-amount equal to the par value of their stock a great hardship is incurred.
In numbers of cases farms have been sold or mortgaged and whole families
driven into bankruptcy through the enforcement of the individual liability.
It would seem, therefore, that the individual liability of the shareholders
of National banks has been an inadequate protection to the depositors, and,
where enforcement has been attempted, a great hardship upon the shareholders. Under a system of National banking created and supervised by
the Government of the United States should not both the shareholder and
the depositor enjoy a greater security?
Increase of Capital Stock.
Several students of the banking situation, recognizing the difficulties
'under which the small country bank now operatee, have suggested as a
remedy for the failure of these banks and the improvement of rural banking
conditions a Federal statute requiring a minimum capitalization of one
hundred thousand dollars for National banks and a similar provision by
the various Statee. The theory of this proposal is that such a provision
will automatically decrease the number of country banks and will compel
the formation of stronger banking institutions. Under this plan if the
conventional ratio of ten to 1 is maintained there would be no banks in
1351
FINANCIAL CHRONICLE
the United States with deposits of less than one million dollars. This
proposal is open to several serious objections.
Such a plan to be successful would require complete legislative co-operation on the part of the State governments as the minimum capitalization
of National banks has always been higher than that required as a rule by
the State laws. The present minimum capitalization of $25,000 for
National banks as now required is too high for State banks in many States.
In other words, the present capital requirements for National banks has
not had the effect of causing State Legislatures to require the State banks
to adopt a similar standard. On the contrary, Congress, by the Act of
Mar. 14 1900, reduced the minimum capital for National banks from
$50,000 to $25,000, thus lowering the standard towards that of the Staters.
One of the most natural effects of such an increase to a $100,000 minimum for National banks would be to cause hundreds of National banks
to take out State charters and thus remain in operation. The operating
conditions of the banks in the rural districts are the same for both
National and State banks and any comprehensive remedy looking to an
improvement of the rural banking situation must embrace directly or
indirectly both State and National banks.
There is another feature of this proposal which must be considered.
A banking institution from the standpoint of the investing shareholder
furnishes a vehicle for the employment of capital. Such a shareholder is
not required to make his investment with patriotic motives or with a
desire to confer a benefit upon the community. His motives are the
same as those who employ capital in other business enterprises. In other
words, he invests his money in bank stock with the expectation of a
reasonable return in dividends- From the standpoint of the Government,
however, a bank possesses certain public responsibilities which the governments, State and National, have attempted to establish and protect
by statutory enactment. If in the pursuance of this aim the Government
requires a minimum capitalization too high for profitable employment in a
given local community, no bank would be operative there.
There are thousands of communities in the United States where banks
are now operating which would be deprived of all local banking service,
if the minimum capital for country banks were placed at $100,000. This
would mean that these local communities would be put to the inconvenience of going considerable distances, especially in the less densely
populated agricultural States. Such a situation 'would naturally result in
hoarding of funds, and this would be a backward step in the development
of the country. Banking develops business in a community, and every
community should have convenient access to banking services. In our
desire to create a sound system of rural banking we must guard against
the establishment of safety at the expense of the convenience of hundreds
of thousands of citizens who ought to have immediate aeons to banking
facilities.
In this connection permit me to survey the distribution of banking
capital in the United States. Taking the figures as of June 30 1929,
there were in the United States 5,488 incorporated banks with capital of
less than $25,000. There were an additional 5,357 banks of $25,000
capital; 6,031 banks with capital above $25,000 but not exceeding
$50,000, and 1,073 banks with capital above $50,000 and up to but not
including $100,000. In other words, there were, on June 30 1929,
17,929 banks in the United States capitalized at less than $100,000 each.
The total number of banks was 24,912, which leaves only 8,983 banks in
the United 'States having a capital of $100,000 and above, and nearly
half of these have only $100,000 capital. As has been shown, practical/
all of these small banks are in cities and towns having a population of
less than 10,000.
The only method by which the minimum capital could be raised to
$100,000 would be to bring about the forced merger or consolidation of
about 18,000 country banks, probably reducing their number to about
6,000. In the absence of branch banking these new banks would be in
widely separated communities, and that community would be favored in
which the bank was actually situated, whereas the other communities would
have to suffer the inconvenience of traveling to and from a distant bank or
suffer the deprivation of all banking services. There is attached hereto
marked "Exhibit H," a table showing the distribution of banking capital
of all banks in the United States.
In discussing the question of the reduction in the number of country
banks there should be borne in mind the danger of giving a single local
bank a monopoly upon the banking business of an entire community. If
we accept the theory that no country bank should possess lees than
$100,000 paid-in capital, we must immediately face the conclusion that
in order to provide enough business to support a country bank of that
size it would be necessary in many cases for it to be the only bank in
the community. Monopoly of bank credit is more easily attained under
our banking system upon a small scale than upon a large one. In a
large city there is more likely to be several banks in competition, but the
condition has already arrived in several of the small cities where there is
only one bank left in the community. This condition never operates to the
best interests of the community as a whole. Should we, therefore, adopt
the expedient of reducing the number of banks by increasing the minimum
to $100,000, the credit of hundreds of separate communities would be In
the control respectively of single independent local banks which would
operate without any local competition.
Correspondent Banks.
In connection with proposed remedies for the country bank situation it
may be appropriate here to mention some of the aspects of the relationship
of country banks to large city banks as correspondents. There have been
certain proposals put forward within recent months which recognise the
difficulties which small country banks tam in attempting to operate alone
and independently and which suggest as a remedy an intensification of the
correspondent system. Under this suggestion the country bank would,
through voluntary co-operation, draw closer to the large city banks and
receive from them, through conferences and contact of personnel, the
proper guidance in the direction of safe and sound banking. The technical
banking experience and approved metropolitan banking methods and
services would be made available to all the cot,terpondents of a given
metropolitan bank insofar as the country bank could and woald receive
them and the metropolitan bank would, as compensation, in return gain a
greater volume of banking business by virtue of the acceleration of the
contacts with their country correspondents.
There has grown up over a long period of years the present system of
bank correspondents in the United States. As a general rule, the country
bank is a correspondent of some New York bank as well as of other
metropolitan hanks in the large commercial centers. It is a business
relationship which facilitates the interchange of credit and, with respect
to New York City, large deposits of country banks are from time to time
carried with the New York banks for temporary invsetment. Disregarding,
however, the operation of depositing money on call in New York, the
1352
FINANCIAL CHRONICLE
normal relationship between the country bank and its city correspondent
may be reduced to about four elements: First, the deposit carried with
the city bank upon which interest is paid to the country bank; second,
the opportunity afforded to the country bank to purchase securities from
or upon the advice of the city bank; third, the privilege given the country
bank of borrowing from the city bank; fourth, the opportunity afforded
the country bank of seeking the direction and guidance of the city bank
In questions of bank policy and bank management.
It is the last of these relationships which it is now proposed should be
developed snore concretely to the advantage of the country bank. In
this connection, however, it should be observed that a single country
bank may have city correspondents in several cities. To which of these
correspondents should the country bank attach itself—to New York City,
for example, or to St. Louis?
It should also be observed that the correspondent relationship is purely
voluntary and therefore not enforceable as a banking policy. There is no
responsibility upon the metropolitan bank for the policies and operating
methods of its country correspondents. Neither is there any obligation
on the country bank to accept the advice of its city correspondent. On
the contrary, experience has shown that the country banks feel completely
independent of their city correspondents being free at all times to change
from one bank to another. There is more concern upon the part of the
city bank to hold the business of its country correspondents than upon
the part of country banks to embrace the tutelage of the city bank.
The system of correspondent banks has been in full force and effect
throughout the post-war period in which we have witnessed small bank
failures at the rate of more than 500 per year. Each of these failed banks
was a correspondent of a New York metropolitan bank and of other metropolitan banks. There was no obligation on these city banks to protect
the local depositors of their country correspondents, and no such efforts
were expected to be made. The correspondent relationship is strictly a
business transaction in which each party receives some advantage. It
can easily be understood how a constructive intensification of this relationship, especially upon the side of bank policy and bank management,
might prove of great benefit to the country banks, but I do not see how
the development of such a relationship would prove any positive protection
to country bank depositors in case the country correspondent became
Insolvent. In such a case the burden would have to be borne, as it is borne
now, by the community in which the country bank operates. It would
not be transferred to the broader shoulders of the metropolitan city
correspondent.
The city banks are naturally interested in the policies and management
of their country correspondents, but the amount of interest taken and
the amount of constructive advice given in each case depends upon the
value of the account of the country bank. The credit accommodation
extended by the city bank is based largely on the credit balance maintained
with it by the country bank.
[vote. 130.
Comptroller Pole further indicated his views to the House
Committee on Feb. 26 and 27, the "Herald Tribune" accounts from Washington indicating as follows what he had
to day on Feb. 26.
Fort Backs Pole's Plan.
Mr. Pole appeared again today. The burden of the questioning rested
this morning on Representative Franklin W. Fort, Republican, of New
Jersey, a banker himself. He expressed himself sometime ago as against
branch banking, but today appeared largely in favor of the Pole plan.
Mr. Pole's plan briefly is to create a system of branch banking emanating from a central city within a trade area, much after the plan followed
out in the Federal Reserve System. In this manner, he contends, stronger
rural banks can be had with less chance of failures. Opposition to the
plan seems to center in the feeling that capital will thereby be concentrated
first in the central cities and finally in New York City.
Mr. Fort first brought out that the finances of most of the leading countries are centralized in a large city, just as a goodly portion of this nation's
wealth is centered in New York, and that in neither case has it been particularly harmful as far as statistics show. He next directed his questioning toward a rumor he had heard that in a certain Federal Reserve
district one holding company controlled enough banks to elect officials of
tne governing Federal Reserve Bank. Mr. Pole said he thought he knew
that locality to which Mr. Fort referred, but asserted he had not beard
the rumor. Mr. Fort dropped the subject after persuading Mr. Pole to
admit that, if such were the case, the condition would be undesirable.
Advocates European System.
Mr. Pole during this discussion pointed out that some of the New York
banks do not favor branch banking.
Mr. Fort next proceeded to advocate a system of stockholder liability
prevalent In foreign countries whereby collateral is ported, to be called
by directors in case of a crisis without awaiting receivership formalities.
He asked Mr. Pole if that wouldn't strengthen a banking system. Mr.
Pole admitted it would to the extent of 10 to I as the law of this country
now stands.
Mr. Fort's chief objection to branch banking was that its installation
would mean setting up a system which would be hard to 'unscramble."
Mr. Pole said that as a practical matter it would be hard" to repeal is.
The discussion immediately turned to whether the States could be expected to follow the Federal law if branch banking were aopted.
Mr. Fort said he felt this to be a matter of policy which should be worked
out by Congress and Mr. Pole agreed.
Mr. Fort asked if Mr. Pole had found that branch banking, as practiced
to-day, had gone far enough to see how it worked without regard to loans.
Mr.Pole suggested that the committee call officials of a California company,
"Who would have the information at their fingertips." He said from his own
experience with them he found that the banks had put more money Into a
community than total deposits for that section, with a view to stabilising
Improvement of Country Bank Management.
the economic condition.
Evasive on Consolidation.
The remedy most frequently suggested for the failure of small banks is
the inauguration of better bank management. The principal advocates of
''Now," said Mr. Fort, "if we set out a trade area—say for instanie, St.
this remedy are those familiar with or engaged in banking as it is carried Louis—shouldn't we prevent consolidation on the ground that we must
on by the large city banks. Their study of the small bank situation— preserve competition.'
especially the small country banks—has shown certain weaknesses in
Mr. Pole hesitated,finally answering: "That's a large order."
management, such as lack of a sound and defenite loan policy; the lack
Mr. Fort proceeded then to outline the hypothetical situation that if the
of adequate credit information; the failure to build up an adequate liquid recent deflation hadn't taken effect when it did perhaps the four or five
secondary reserve of securities; a lack of adequate knowledge of the institutions controlling the New York area would within a short time
securities market; the failure to obtain a diversification of loans, that is to consolidate further.
'Could we let branch banking come into such few hands." he asked.
say, too great a proportion of the loans are made upon the same class of
"Another large order." replied Mr. Pole.
security or credit.
-But i don't think that would come for a long time. It is too large a
No one who has made a comprehensive study of small country banks can
deny that the above conditions exist. Their chief significance, however, question to attempt to answer immediately. There are too many ways for
lies in their comparison with the operations of the metropolitan banks. this to proceed."
It has never been convincingly pointed out exactly how these small country
As to Comptroller Pole's testimony on Feb. 27 the Assobanks could adopt these more approved methods of banking. Educational
campaigns have been suggested as a means of bringing the situation home ciated Press advices from Washington stated:
Development of a system of branch banking, in the opinion of John W.
to the country banker. In fact, discussion of improving country bank
management has been going on for the past 10 years with no very grati- Pole, Comptroller of the Currency, would not necessarily be another step
toward consolidation of business interests, but would result in locally
fying results.
The truth of the matter is that there has been developed in the United centralized capital.
Occupying the stand for the third day In the House Banking ComStates, under the same banking laws, two definite types of banking,
namely, that carried on by the small country bank and that of the large mittee's inquiry into group, branch and chain banking, the Comptroller,
city back. The independent country bank situated in small towns and Who advocates "decentralized branch banking" to fill the need for stronger
villages and serving a limited area, rural in character, is necessarily rural banks, to-day agreed with committee members that there should
be some restriction to prevent consolidation of branch bank systems.
restricted to only a limited type of banking.
Representative Lettes, Republican of Iowa, recalled the work of PresiOn the other hand, the metropolitan city bank has become a most
dent Roosevelt In breaking up Industrial and commercial combinations
complex instrumentality of finance. It does everything that the country
with his "Big Stick," and asked the witness if the development of branch
bank could do and engages in a multitude of activities besides. It employs
banking systems would not be a step in another direction.
a large personnel and establishes different departments each under the
Mr. Pole replied that branch banking would result in concentrating
adnilniatration of an expert in that field. The president of a metropolitan banking
resources in a great number of economic centres over the country,
bank is in the position of an executive of a great business, supervising and and would
bring about a decentralization of capital so far as the great
directing the operations of its various departments.
financial centres like New York and Chicago were concerned.
A mere mention of the departments of such a bank conveys some idea of
the magnitude of its operations and of the great diversification of its
business. There is the commercial department embracing commercial
deposits and commercial loans with ramifications of management and Secretary of Treasury Mellon Advises House Comprocedure, including the work of the loan committee and the executive
mittee That Branch Banking Should Be Limited
committee; the savings department, which embraces the operations of a
to Definite Economic Areas.
savings bank; the trust department, with all of its complicated mechanism
for the administration of every type of fiduciary business, and which has
The views of Secretary of the Treasury Mellon on the
in recent years become one of the major activities of modern city banking; subject of group,chain and branch banking were made known
eligible securities are bought
the securities department, through which
and sold—* business which has grown to tremendous proportions since the to the House Banking and Currency Committee in a letter
war; the publicity department, which takes care of advertising and of addressed to Chairman McFadden of the Committee and
giving the public news from time to time with respect to the operations read at the second days' hearing (Feb. 26) conducted by the
on the bank; the new business department, which centers its attention
subject.
on the question of new business for the bank in all of its departments; Committee in furtherance of its inquiry into the
the foreign department, which issues letters of credit, foreign exchange, A statement presenting the views of Comptroller of.,the
and conducts other foreign business; some banks have a women's depart- Currency John W. Pole marked the opening of the hearing
ment and a school savings department.
Row can we compare the operations of such a bank (with resources above on Feb. 25, and this we give elsewhere in to-day's issue
;50,000,000, in addition to its administration of many millions of trust of our paper. Comptroller Pole was further queried on the
assets) with a country bank of $250,000 of resources in a town of 1,000 subject by the Committee on Feb. 26. Secretary Mellon
population? To invite the small bank to adopt the efficient methods of the
large city bank would be to ask it to lift itself by its own bootstraps. in his letter to Chairman McFadden, quoted from his (the
As a remedy for country bank failures the establishment of improved Secretary's) recent annual report in which he asserted that
banking methods is theoretically sound but impossible practically of "group banking is a means of accomplishing in a measure
general realization. The business is too small in volume, too limited in
diversity, and too circumscribed geographically to create a normal motive the objects of more extensive branch banking systems than
for the establishment of the high type of management possessed by the are permitted under the Federal Reserve Act or under
city banks.
existing legal arrangements in most States." "In view of
MAR. 1 1930.]
FINANCIAL CHRONICLE
the fundamental economic situation which has given impetus to the organization of group banking systems" said
Secretary Mellon, "and to the growth in branch banking,
it is desirable that these developments be carefully studied.
In the mean time, it is hoped that any further extension of
group and branch banking organizations will proceed with
moderation, and that hasty legislation either to liberalize
or to constrict limitations now in effect will be avoided."
Secretary Mellon expressed it as his belief that "branch
banking is on the whole sounder than chain or group banking" but, he said, "even branch banking should be limited
to definite economic areas. As to what these economic
areas should be I am not prepared to state at this time
without further study or thought." Secretary Mellon likewise made the statement that "the time has come when it
would seem to be wise to undertake a thorough study of
the situation with a view to detemining the soundness of
the present day tendencies, and more particularly the limits
of the economic units within which branch banking may be
advantageously permitted." We give his letter herewith:
Feb. 24. 1930.
My Dear Mr. Chairman:
I have your letter of Feb. 21 in Which you inform me that your Committee will be pleased to hear my opinions in respect to the study undertaken by your Committee in pursuance of the authority granted under
House Resolution 141. covering the subject of group, chain and branch
banking.
In this connection, I call your attention to the statement contained in
my annual report to Congress for the fiscal year 1929, which reads as follows:
In banking, as in other enterprises of this country, there is increasing
evidence of a movement toward larger operating units. The number
of branches of banks in operation has increased and more recently there has
been a growth also in the number of groups in which several independent
banks are operated more or less as a single system. Both of these developments reflect changes in the underlying economic situation.
Branch banking has always existed in this country to a limited extent
in one form or another. At the present time the Federal Reserve Act and
the National Bank Act, as amended in 1927, authorize National member
banks to establish branches in foreign countries and in insular possessions
of the United States, and all member banks to establish branches within
the corporate limits of the centre in which the head office of the parent hank
is situated and in which State laws permit State banks to operate branches
(with certain restrictions as to the size of centres in which branches may
1353
be established by National banks). At the end of June, 1920. Statewide
branch banking was permitted in aine States and in the District of Columbia: branch banking in more limited form was specifically permitted in
11 States, and in 23 States the operation of brancn systems was specifically
prohibited.
In June. 1929, out of a total of 8,707 member banks in the Federal
Reserve System, 354 were operating 2.291 branches. This represents an
increase of 130 branches during the year. On the same date 818 banks,
including both member and non-member, were operating a total of 3.440
branches, an increase of 210 for the year. The development of branch banking, which is permitted by existing legal arrangements, has facilitated the
adaptation of banking facilities to requirement.. of urban areas.
More recently there has been a rapid increase in the organization of group
systems of banks. Such groups comprise one or more banks that are brought
unified control and some degree of centralized management through acquisition by an individual or corporation of a controlling interest in their stock
issues. Although technically each bank in a group is a separate corporation
operating with its own capital funds and under the direct supervision of a
local board of directors, a certain degree of unity is achieved for the group
as a whole. At the end of June, 1929, it was authoritatively reported that
there were in existence at the time 230 grosystems of banks in the United
States, which embraced about 2.000 banks.
Group banking is a means of accomplishing in a measure the objects of
more extensive branch banking systems than are permitted under the Federal Reserve Act or under existing legal arrangements in most States.
Although banking groups may be expected in most instances to strengthen
the banks which they control, the organization of such groups places great
responsibility upon the controlling interests and is a matter of vital interest to State and National supervisory agencies.
In view of the fundamental economic situation which has given impetus
to toe organization of group banking systems and to the growth in branch
banking, it is desirable that these developments be carefully studied.
In the meantime it is hoped that any further extension of group and branch
banking organizations will proceed with moderation and that hasty legislation either to liberalize or to constrict limitations now in effect. will be
avoided. Our banking structure, the product of many years of experience,
is part of an intricate economic fabric whose parts are closely adjusted to
one another, and a too-rapid reorganization would be likely to create serious
and costly disturbances that would affect the entire country.
The time has come when it would seem to be wise to undertake a thorough
study of the situation with a view to determining the soundness of the
present-day tendencies, and more particularly the limits of the economic
units within which branch banking may be advantageously permitted.
I may add that, because of the more direct concentration of responsibility,
I believe that branch banking is, on the whole, sounder than chain or group
banking, but that even branch banking should be limited to definite economic areas. As to what these economic areas should be I am not prepared
to state at this time without further study or thought. I should prefer.
therefore, to defer my appearance before the Committee until I have had
an opportunity to study the facts which I hope your Committee will develop.
May I add that I think it fortunate that your Committee has undertaken this study at this time and that I am confident that much good win
be derived from a careful ascertainment of all the facts in connection with
the movement which has been proceeding with great rapidity in the banking
field. Very sincerely yours,
A. W. MELLON, Secretary of the Treasury.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME,
Friday Ntght, Feb. 28 1930.
Abnormally high temperatures in most parts of the
United States the early part of the week were both a benefit
and a drawback. They stimulated the sales of spring clothing, but ouite as certainly halted business in winter goods.
The temperatures have now become more seasonable,
however, all over the country so that the normal course of
trade may be expected to be resumed. Early in the week
there was a big decline in wheat and other grain and lower
prices also for cotton. They had a more or less disturbing
effect on the stock market if not elsewhere. The Farm
Board, however, at once began to make big purchases of
wheat, ranging, it is said, from 3,000,000 to 8,000,000
bushels a day, mostly made for May delivery. This had
the effect of checking the decline and turning prices upward
sharply. Cotton followed grain on the upturn. Export
business in wheat has not been large, but the Argentine
shipments to Europe this week show a decrease large enough
to attract attention. And the Farm Board authorities,
supposedly in close touch with the White House, are watching the grain markets of the West very sharply. The
Farm Board is said to be carrying 25,000,000 bushels of
wheat, either in the shape of actual grain or in futures.
How it will all turn out is the ouestion. But for the present
wheat, after falling below a dollar, shows a stronger tone.
Corn early in the week declined, but has latterly rallied
with wheat encouraged also by small receipts and a good
cash demand. Oats have latterly been firm with other
grain under the stimulus too of a good cash business. Rye
alone has shown no real rallying power. The stocks of
rye are large, American prices are higher than those of
Continental Europe and needless to say, export business is
still lacking. Provisions have latterly declined in spite
of the rise in hogs and grain, and lard is considered a cheap
3
commodity. Rubber has declined M to 4c. with consumption disappointing and stocks abundant at home and
abroad, as foreign markets declined, regardless of projects
to reduce the output. Hides have sold heavy recently,
but in the outside market at lower prices including River
Platte, but at the Exchange prices show some advance
for the week. Cocoa declined Mc.
In cotton the speculative trading has been quite large at
times, though to a considerable extent made up of switches.
The eye of the cotton trade is on the Chicago grain market.
The changes in wheat have dominated cotton to a degree
seldom if ever before known in the history of the business.
Spot cotton has been quiet so far as actual business was concerned, in spite of some reports of a better export inquiry
from Italy, Germany and Russia. Cotton exports are still
small. They are about 875,000 bales smaller up to date than
for the same time last year. Cotton goods on both sides of
the Atlantic have a slow sale. The East Indian tariff, as
announced to-day was not so hostile to Manchester as had
been expected. Tnis may help that manufacturing center
with favorable repercussions on the cotton trade on this side
of the water. The recent mild weather has undoubtedly
been unfavorable for the coal trade. Steel has been irregular.
In the Central West the output has increased while in the
East it has fallen off Buying by the railroads is the most
conspicuous feature, so far as there is any. But specifications by the automobile trade are not entirely satisfactory.
Pig iron has been quiet with rather sharp competition by the
South with the North. There is a very good demand for
farm implements regardless of the low prices prevailing for
grain. A fair business is being done in machinery and hardware. In the shoe trade conditions vary and on the whole
are not satisfactory.
Coffee has advanced in a more confident market after
recent liquidation had cleared up and strengthened the
technical position, and Brazilian and European markets
have also risen. Brazil and Europe have bought here to
some extent and also the trade and the shorts. Plans are
being made, it is said, for bettering Brazil's financial situation and the present administration in Brazil seems likely
to be re-elected on March 1. The leather trade was quiet.
Radio trade shows a slight improvement. Some of the
cigar manufacturers here are very busy working indeed in
some cases it is said at capacity. Raw wool has been steady,
but the finer grades are to all appearance neglected, the
mills taking the lower grades instead. Soft wood trade
is not up to normal, but there is some improvement and the
output is somewhat larger. Hardwood moves but slowly
in the central valley. Furniture trade is dull and depressed.
In the automobile trade where there is any improvement
at all it is slow and the demand, such as it is, leans very
plainly to the cheaper sorts. The intrusion of the secondhand car is still more or less of a drawback in the regular
1354
trade. A price cutting contest has broken out in the retail
gasoline trade here in the East.
Gray cotton goods have been in the main dull, though
some increase in the demand has been reported within a
day or two. There is plenty of room for improvements.
2
Some sales took place at 63o. for print cloths 383/-inch
64x60s a decline of Mc. from recent price levels. In finished
goods there has been little trade. There is often a request
for prompt shipments, however, suggesting that the buyer
has delayed purchasing as long as possible. The mild
weather helped the sale of light weight woolen wear to some
extent. Next Monday the American Woolen Co. will
open its worsted suiting mixtures in plain and fancy weaves,
worsted overcoatings and other men's wear fabrics, and
next Wednesday fancy worsted suitings and overcoatings.
In broad silks there was a fair trade especially in prints
for the spring season. Raw silk was quiet and steady here.
As regards the crops the winter wheat fields in the Southwest are greening up. Snow has largely disappeared in
parts of the country. Country roads, owing to the recent
mild weather, are in bad condition and interfere with the
movement of the crops, notably corn. But taking the
agricultural field as a whole favorable weather has prevailed. The weather has been more favorable for field
work in the cotton belt. Weekly food index prices are
the lowest in eight years. Lower prices have prevailed for
butter, eggs, cattle, and other foods, this being not unusual
at this time of the year. Sugar declined to the lowest
level on record partly because of persistent reports that the
Cuban Single Selling Agency had been abolished or was
likely to be. Very heavy indeed almost unprecedented
sugar liquidation has been under way. A free and unrestricted sugar market it has been assumed would make for
lower prices. In the actual sugar raw and refined trade
has been slow. At the Exchange the tendency seems to be
to overdo the short side.
There is some gain reported here and there in employment as compared with the opening of the year. A further
increase in the use of common labor is considered probable
later when extensive projects are carried out for the construction of buildings, roads, bridges, and other public
works.
The stock market, after breaking badly on Monday and
Tuesday as a result of the collapse in the grain and cotton
markets, recovered on the 26th inst. with wheat up 2 to 4o.
after a break of 15c. in one week and 26c. in six weeks and
cotton firmer, and shorts in stocks less confident. London
was higher but Paris was disturbed by the second Cabinet
crisis. In bonds, here convertibles were higher. Stocks on
the 27th inst. advanced for a time with wheat up 2 to 3Mc.
and cotton 20 points. Then the market reacted somewhat
on the usual realizing. Silver fell to a new low level as it had
done day after day. To-day stocks and bonds were higher
with call money 4%, wheat up 2 to 3c., and cotton in the
main steady. Sears, Roebuck & Co.'s sales in February are
stated at 3.2% larger than in February last year.
In the past 11 weeks print cloth production has averaged
75% of capacity. Sheeting production has averaged 71%.
Cotton duck, wide shootings, carded yarns, chambray and
some other lines have not averaged above 75%. There has
been a steady effort made to bring production in closer harmony with consumption. Year end inventories of merchandise carried over by cotton goods handlers in retail, chain
store, catalogue houses, wholesale and department organizations reveal the fact, that actual consumption has not fallen
in the same ratio as output. At Fall River, Mass. the mills
oppose delay in tax adjudication cases. A considerable
numoer of cotton mills in New England and the South have
been considering for some time past ways and means for
doing away with the irregularity of employment in the industry. They now contemplate a voluntary adjustment on
the part of the mills generally so that the day shift shall not
exceed 55 hours per week, and the nignt shiit 50 hours. This
will have the effect of reducing schedules on night running
not less than five hours per week in most cases and in some
cases even 10 hours. In addition both on night and day
shifts extra running time outside of the regular shifts will be
eliminated. This plan will tend to secure a greater regularity
of employment.
At La Grange, Ga. the Hillside Cotton Mills have continued to run on a 25% curtailment during February RS they
did in January, regardless of reports to the contrary. Atlanta, Ga advices said that reports from local cotton mills
verify the upward trend of operating hours generally, most
of the mills having increased operations 20% since Jan. 1.
[VOL. 130.
FINANCIAL CHRONICLE
Greenville, S. C. mill advices are more hopeful. Spartanburg, S. C. wired that the Piedmont Mill of Gastonia, N. C.
recently shut down indefinitely by its owners will resume
operations at once on full-day schedule time for at least
four weeks
As to the weather, in the forepart of the week it was still
abnormally mild here with 54 degrees on Sunday, 63 on the
24th inst, and 73 on the 25th (over 75 in Central Park) the
Winter heat wave culminating in 73 the official maximum or
only 3 degrees below Summer heat. It was 83.8 degrees in
Washington, D. C. on the 25th. But late on the 25th inst.
a cold wave struck the West. It felt like Winter again after
having a taste of Spring. A heavy snow, sleet, near-zero
temperatures and rain prevailed in North Dakota and Minnesota. Northern Minnesota and most of North Dakota
had snow, the latter State getting 103/i inches on Monday
night and early Tuesday morning. Omaha had a drop of
40 degrees. In Missouri high winds did injury to persons and
property. Chicago's temperature on the 25th inst. dropped
suddenly from 60 to 46 degrees. Pittsburgh had a violent
wind and rain storm one of the worst in recent years when
1.72 inches of rain fell. One man was killed and estimates
of the damage to property and streets totalled upward of
$1,000,000. To-day it was 24 to 40 degrees here and the
forecast was for rain or snow on Saturday and warmer. In
Boston overnight it was 26 to 42, New York 24 to 38; Montreal, 18 to 28; Philadelphia, 26 to 42; Portland, Me., 22
to 42; Chicago, 30 to 32; Cleveland, 24 to 32; Detroit, 26 to
30; Milwaukee, 26 to 32; St. Paul, 24 to 32; Oklahoma City,
42 to 58; Winnipeg, 2 to 18; San Francisco 46 to 56; Seattle,
34 to 46.
Federal Reserve Board's Summary of Business Conditions in the United States—Increase in Industrial
Production—Slight Gain Reported in Employment.
The Federal Reserve Board, in Its monthly summary of
business conditions in the United States, issued Feb. 23,
states that "industrial production increased in January from
the extreme low level of December. Factory employment,
which was in relatively small volume in the middle of December, was further reduced by the middle of January,"
says the Board, "but preliminary reports indicate a slight
increase in the three weeks following. There was a further
liquidation of bank credit and a decline in money rates.
Commodity prices continue to move downward." The
Board's summary goes on to say:
• • •
Production.
Industrial production showed an increase of about 4% in January, accord•
ing to the Board's index which makes allowance for the usual seasonal
variations. Plus increase reflected principally a larger output of automobiles, steel, cotton, textiles, and shoes. Output of copper, cement, lumber,
anthracite coal, and flour declined and the increase in bituminous coal output was smaller than is usual for the season. In the first two weeks of
February steel plants increased their rate of operation further, but continued
to be less active than in the corresponding period of last year.
Building contracts awarded showed little change in January, a substantial
increase in public works and utilities being in large part off-set by a decrease in residential construction. In the first half of February the daily
average of contracts was lower than in January.
•
•
•
Employment and Payrolls.
The number of wage earners employed at factories declined further between the middle of December and the middle of January, and wage payments showed a larger reduction. In automobile and steel plants there was
an increase in employment in the month ending January 15, and in recent
weeks further increases have been reported for these industries. There were
decreases in January in the number of wage earners employed in the machinery, and car building and repairing, lumber, and cement industries.
During the three week period ending February 3 the Bureau of Labor
Statistics, on the basis of preliminary returns, reported a slight increase
in factory employment.
• • •
Distribution.
Shipments of freight were In about the same volume in January as in
December. Average daily loadings of miscellaneous freight and merchandise in lees than carload lots decreased slightly during the month, but by a
smaller amount than is usual at this season. During the first two weeks in
February there was some increase in shipments, largely seasonal in nature.
Department store sales in January, according to preliminary figures received by the Federal Reserve System, were about 2% lower than in the corresponding month of last year, this difference being about the same as was
shown the niontii before.
• • •
Wholesale Prices.
Wholesale prices of commodities in January continued to move downward. In general, fluctuations were small until the latter part of the
month, when decreases occurred in the prices of grains, cotton, wool, iron
and steel, and petroleum. The prices of meats and livestock fluctuated
over a wide range and averaged higher in January than in December.
In the first half of February the prices of hogs, pork, and cattle increased, while the prices of wheat, cotton, pig iron, petroleum, and textiles
continued to decline.
MAR. 11930.]
FINANCIAL CHRONICLE
Bank Credit.
Liquidation of member bank credit in January and the early part of
February was in substantially larger volume than in the corresponding period
of 1929. Declines were reported in loans on securities and in all other
loans, which continued to decrease in February contrary to the usual seasonal trend. There was little change in the banks' holdings of investments.
The volume of Reserve Bank credit outstanding declined by about $140,000,000 between the middle of January and the middle of February. This
decline was due in part to the reduction in member bank reserve balances
which accompanied the decline in the banks' loans and investments; in
part to the continued return flow of currency from circulation; and in
part to gold imports, largely from Brazil and Japan.
Money rates in the open market eased further. Rates on commercial
paper declined to a range of 4% to 4%%, and rates on 60-90 day bankers'
acceptances declined from 4 to 3% and later to 3%%. Discount rates at
the Federal Reserve Banks of New York, Chicago, Boston and Kansas City
were reduced from 4% to 4%, and rates at Philadelphia, Cleveland, Richmond, St. Louis, Minneapolis, and Dallas from 5 to 4%%.
Monthly Business Indexes of Federal Reserve Board.
The Federal Reserve Board's indexes of production, factory employment and payrolls, &c., for January are made
available as follows under date of Feb. 21:
INDEX NUMBERS OF PRODUCTION, FACTORY EMPLOYMENT AND
PAYROLLS.BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
(1933-1925=100.)
Adjtated for
Seasonal Variations.
1930
Jan.
Industrial production. total
103p
Manufactures
102p
Minerals
112y
Building, value of contracts awarded_ 101
Factory employment
Factory payrolls
Freight car loadings
97
1930.
Dec.
Jan.
Jan.
99
96
116
8.5
117
117
117
128
97
104
95
103p
92
102p
108p 110
79
77
93.1 94.8
94.2 98.7
90
89
Dec.
Jan.
116
116
113
100
97.4
100.9
95
1929.
1930.
Industry.
99
102
95
.....
102
97
116p
106p
-__
106
131
.
.1..
.
CISO..010.WOODC.1
00
00000
,
4
Jan. Dec. Jan.
Iron and steel
Textliee
Food products
Paper and printing__
Automobiles
Leather and shoesCement. glass
Non-ferrous metals-Petroleum refining_
Rubber tires
Tobacco manufse'res
99
104
135
101
103
102
121
132
116r
102
105
91y 87
103
110
137
129
100
111
94
Patrol's,
Fraployment.
1930.
1930.
1929.
1929.
Jan.
Iron and steel
Machinery
Textiles, group
Fabrics •
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Non-rerrous metals
Chemicals. group
Petroleum
Rubber products
Tobacco
r Revised. p Preliminary
Dec.
Jan.
Jan.
Dec.
Jan.
91.7
109.9
92.8
91.8
95.1
97.4
105.1
76.8
83.2
85.7
91.4
74.7
85.9
110.6
120.8
89.7
84.2
92.2
112.1
94.3
94.2
94.7
100.5
106.9
81.6
81.3
79.6
90.0
82.3
89.9
111.8
120.9
89.2
89.2
97.1
106.7
95.9
97.8
91.5
98.6
102.6
85.5
94.0
118.3
91.9
84.3
102.4
107.6
104.0
112.2
84.1
90.5
113.8
92.2
88.9
99.0
102.5
114.9
72.8
80.9
74.0
85.4
67.3
91.5
109.3
121.1
88.9
77.0
93.5
119.9
93.8
93.5
94.4
105.5
118.2
82.7
85.6
72.9
84.1
80.2
96.1
114.0
124.8
85.0
88.8
101.3
112.3
97.0
97.5
96.0
102.2
111.4
83.4
93.6
114.5
90.2
79.0
117.4
106.3
105.3
118.8
76.3
Chain Store Sales in New York Federal Reserve District
in January 9% Above that of Same Month Last
Year.
Regarding chain store trade in this district, the March 1
Monthly Review of Credit of the Federal Reserve Bank of
New York says:
The total January sales of reporting chain stores in this district averaged
9% higher than in the corresponding month in 1929. All lines except
shoe organizations showed an increase in sales compared with last year.
Sales of grocery, and variety chains continued to be substantially
larger
than a year ago, while the sales of five and ten cent stores reported a
3%
increase, following a decrease in December, and candy Chain systems
reported the largest increase in sales since March 1929. The Increase
in
sales of drug chains, however, was smaller than in a number of months,
and shoe chains reported a decrease of nearly 7% in sales.
After allowing for the change in the number of storm operated,
grocery
and candy chains showed substantial increases in sales per store,
while
all other reporting types of chain stores showed decreases.
Type of Store.
Percentage Change January 1930
Compared with January 1929.
Number of
Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+2.6
+8.7
+12.3
+10.7
+24.4
-6.0
+14.9
+3.4
+5.8
-8.6
+16.4
+11.4
+12.0
-4.9
-5.8
-15.6
-6.4
+18.6
Total
+7.8
+9.1
+1.2
Net
Sales.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
Percent of Accounts
Outstanding
December 31
Collected in
January.
1929.
1930.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
DrUILS
Hardware
Machine tools.x
Stationery
Paper
Diamonds
Jewelry
-3.8
+2.4
__-_
+81.0
-39.2 +16.5
+30.3° -6.7*
-28.4 +25.0
-0.3
+40.2
-31.4
+9.8
____
+10.0
____
-2.7
___.
+8.3
-15.01 -3.01
-58.61
1
4.12 II
72.3
43.5
30.5
47.8
41.7
56.4
49.3
72.9
40.3
29.8
47.9
39.7
33.8
47.3
73.2
67.4
46.4}
7 -8
-.
2
69.8
43.8
57.2
+4.6
-0.9
+1.2
____
-0.1
-10.0
-5.1* +0.9*
-18.4 +31.1
-11.5
+5.0
-12.0
-7.6
-37.7
+5.6
____
---_
+0.1
-50.01 +19.7(
-19.71
-5.1
54.5
1929.
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS.
(Without seasonal adjustment)
dUatry.
Percentage
Change,
January 1930
Compared with
January 1929.
Percentage
Change.
January 1930
Compared with
December 1929.
* Quantity not value. Reported by Silk Association of Amerioa.
a Reported by the National Machine Tool Builders' Assciation.
Jan. Dec. Jan.
Bituminous coal
Anthracite coal
Petroleum
CoPPer
Zino
Lead
Silver
117
116
103
123
150
95
134
124
159
148
131
Commodity.
177Plohtar1 stvarsura
Mining.
Manufactures.
1930.
Grocery sales were slightly smaller than a year ago ; quantity
sales of silk goods showed a moderate decline; substantial declines continued to be reported in sales of cotton goods, drugs, hardware,and jewelry;
diamond sales were lower by one-half than a year ago, and shoe sales
showed the largest decline in more than a year. Machine tool orders were
slightly larger than in the previous month, but remained 38% smaller
than in January 1929. Stationery dealers, however, reported an Increase
In sales, as in each month since last April, and men's clothing sales showed
a slight increase, following declines in recent months.
Stocks of groceries and drugs remained larger than a year ago, but
declines continued to be reported in stocks held by cotton goods, hardware, and diamond and jewelry dealers. A substantial increase in stocks
was reported by shoe firms for the first time in many months. Collections averaged about 3% below January 1929.
1929.
INDUSTRIAL PRODUCTION INDEXES BY GROUPS.
(Adjusted for seasonal variations)
/Wintry.
Wholesale Trade in New York Federal Reserve District
in January Below That of Same Month a Year Ago.
Stating that the sales reported by wholesale dealers in this
district for January averaged about 8% smaller than in
January 1929, the March 1 Monthly Review of Credit and
Business Conditions by the Federal Reserve Agent at New
York, adds:
Without
Seasonal deljustnient.
1929.
1355
Increase in Department Store Sales in January in
New York Federal Reserve District.
According to the March 1 Monthly Review of the Federal
Reserve Bank of New York, "the total January sales of the
reporting department stores in this district showed an increase of 2% over a year ago." The Review also says:
There was an increase of 4% in the sales of New York City stores, which
is the largest increase reported since October. The Rochester, Hudson
River Valley District, and Albany District stores reported substantial
Increases in their total sales. and the reporting stores in the Westchester
District showed a small increase, but all other localities continued to report
decreases in sales, some of which were larger than in the two preceding
months. The large apparel stores reported a considerable decrease in
sales for the third consecutive month.
Stocks of merchandise on hand in department stores at the end of January
were 4% lower than a year ago, the largest decrease in several years.
Collections on charge accounts outstanding were noticeably slower than
a year previous.
Locality.
Percentage Change
January 1930
Compared with
January 1929.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+3.8
10.7
+6.4
-7.4
-2.2
1.8
+1.7
-3.9
-1.8
-5.1
+7.8
+9.9
+2.1
+1.8
-9.9
P. C. of Accounts
Dec. 31
Collected in
January.
1929.
1930.
--1.5
--2.9
--7.7
+5.0
-18.7
+1.7
-4.4
51.7
49.4
49.0
49.7
44.8
44.8
40.4
44.6
41.6
42.9
-4.0
+0.2
50.8
53.3
Is";
50.9
Sales and stocks in major groups of departments are compared with those
of January 1929 in the following table. The large distribution of radio
sets showed the effect of price reductions, and furniture sales also showed a
moderately large increase.
Net Sales
Percentage Change
January 1930
Cornpared with
January 1929.
Musical instruments and radio
Furniture
Women's and misses' ready-to-wear
Toilet articles and drugs
Silverware and Jewelry
Toys and sporting goods
Books and stationery
Hosiery
Home furnishings
Shoes
Women's ready-to-wear accessories
Luggage and other leather goods
Linens and handkerchiefs
Men's furnishings
Cotton goods
Woolen goods
Silks and velvets
Men's and boys' wear
Miscellaneous
Stock on Hand
Percentage Change
Jan. 31 1930
Compared with
Jan. 311929,
+143.4
+15.5
+12.0
+8.0
+7.9
+7.1
+6.3
+5.7
+5.2
+2.0
+1.3
-2.9
-3.8
+5.7
-7.3
-7.4
-10.0
-11.6
-0.5
-27.3
+6.4
+0.4
-6.7
+1.0
+15.3
+12.3
-1.8
-16.0
-0.4
+12.8
+17.7
+6.4
+0.9
--14.5
--17.7
--2.2
--12.2
1356
FINANCIAL CHRONICLE
Annalist Weekly Index of Wholesale Commodity Prices.
The Annalist Weekly Index of Wholesale Commodity
Prices stands at 135.3, a decrease of 2.2 points from last
week (137.5), and compares with 147.3 at the corresponding date in 1929. The Annalist goes on to say:
The decline from last week, totaling 1.6% is, with one exception, the
largest weekly decline since 1925 and brings the total decline from the
corresponding date last year to 8.1%.
This week's record low is the continuation of a decline of commodity
prices which started last July, when the index stood at 150.4; the decline
from that time being 10%. Record lows began to be touched on Dec.
17. at 140.1, after which, with the minor halts, the index continued to
descend to the present level.
The decline from January to February is 1.0%; from December 2.7%.
and from July, the high of the year. 7.8%.
With the exception of the metals all groups contributed to this week's
decline of the composite index. The farm products group declined 2.6%
for the week, the sharpest decline of any group, and 12% from the corresponding date last year. A decline of 9 cents in wheat prices carried
grains, cotton, eggs, hide and lamb prices to new lows for the year. Food
products declined 2.3% from last week and 8.5% from the corresponding
date last year; textiles touched a new low with a further decline of 0.6
points, and further reduction in petroleum prices made for a decline of
2.3 points In the fuel index.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
[VoL. 130.
upward movement of stock prices. Brokers' borrowings In New York
City are now larger than they have been since the end of November, but
total loans and investments of reporting Federal Reserve member banks
are $1,250,000,000 smaller than they were at that time. It is interesting,
however, to note than about 75% of the decrease In bank credit during
the last three months has taken place in loans other than those secured
by stocks and bonds.
Thus far, there has been no resumption of the ewort gold movement that
reached such large proportions In December; and the recent decline of the
Principal European exchanges to the lowest levels reached so far this year
indicates that no large shipments are likely to be witnessed in the Immediate
future. A substantial amount of gold has been received from South America
since the beginning of this month.
'cao66iclio4u,
46,
Declines in Crain and Cotton Prices.
One of the most conspicuous developments in the business situation in
recent weeks has been the decline in prices of grains and cotton to the lowest
levels reported during the current season. In the case of cotton, the price
has been the lowest since the season of 1926-27, when the raw material sold
for as little as 10 cents a pound. Both wheat and cotton have gone below
the prices at which the Federal Farm Board has extended loans to co-opera-16 cents a pound for cotton and $1.18 a
tive marketing associations
bushel for wheat.
Under ordinary conditions, the situation would not be serious, as far as
its immediate effects on agricultural purchasing power are concerned. The
bulk of the output is normally sold by farmers in the course of the autumn,
so that the level of prices at this time of year is comparatively unimportant
from their point of view. But under the "orderly marketing" principle that
forms the basis of the system of distribution contemplated by the farm law
enacted this year, both individual farmer and co-operative associations have
Feb. 25 1930. Feb. 18 1930. Feb. 26 1929. been encouraged to hold back their products from the market; and money
has been advanced to the co-operatives on a very liberal basis for that
133.9
146.5
130.3
Farm products
purpose.
148.2
135.6
138.8
Food products
What policy the Farm Board will follow under the circumstances Is un154.0
135.8
136.4
Textile products
154.2
161.0
certain. Prices have shown some signs of strength from time to time, ap151 9
Fuels
123.5
123.3
127.5
Metals
parently due to the general Impression that the Board, with the vast 911.111B
151.3
154.1
150.8
Building materials
at its command, would do something to "stabilize" the market. At the
132.2
132.0
134.6
Chemicals
same time, it is believed that to take drastic steps in this direction might
117.2
116.0
128.8
Miscellaneous
All rnmmnr111
.1pA
135.3
137.5
147.3
encourage over-planting this spring, as a consequence of higher quotations.
In the meantime, the Board, In co-operation with the Department of
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Agriculture, has attempted to use moral pressure in the direction of reduced
(1913=100)
acreages for the coming season.
The whole situation presents a most enlightening illustration of the
Feb. 1929.
Feb. 1930.
Jan. 1930.
difficulties that inevitably beset public agencies created in an effort to
133.7
136.7
Farm products
control price movements. The world has witnessed many experiments of
142.2
139.0
Food products
this sort in recent years, of which the best known have been conducted In
139.1
Textile products
136.5
the coffee, sugar, and rubber industries. The methods and principles used
158.3
Fuels
154.4
124.0
have varied somewhat; but, in general, the results have boon similar. In
Metals
123.4
Building materials
150.6
151.3
rubber and sugar, the programs were directly aimed at the limitation of
Chemicals
133.2
132.3
output; and their lack of success was due principally to the fact that no
Miscellaneous
120.7
117.8
world-wide control could be affected. Restriction in some areas simply enAll conimodities
137.4
139.8
couraged expansion In others.
It has been rightly contended that the success or failure of the farm
the developments
uaranty Trust Co. Finds Business Apparently on board law cannot be adequately judged fromand the policies ofof the past
the Board
season. The system is not fully organized,
Upward Trend.
stage. Moreover, the strenuous efforts of the
are still in the formative
Board to bring about voluntary limitations of farm acreages show an apThe business world at present is following current trade
fundamental conditions necessary to its ultimate success.
preciation
reports with unusually close attention in an effort to detect The Boardof the
has undertaken an extremely difficult, perhaps an impossible.
signs of a definite revival, states the Guaranty Trust Co. of task, which it is striving to accomplish In a deliberate and conservative way.
accomplish nothing
Harassing It further
New York in the current issue of The Guaranty Survey, pub- except to increase theby premature cries of failureitwillresort to drastic and
already great pressure upon to
lished Feb. 24. "The information that has become available unsound methods. The developments of the past year have certainly not
this month is somewhat contradictory, but, on the whole, strengthened the case for co-operative marketing,and It is doubtful whether
anything but a painful process of readjustment
favorable," the Survey continues. "'It is now fairly clear improve the position of agriculture. But anyof output can permanently
possibility of betterment
that business activity in January increased by more than through stabilization that may lie in the newly adopted marketing system
the usual seasonal amount over the December level, and it should be given a fair opportunity to manifest itself.
appears that further gains have been achieved this month.
In some directions, the bright promise of January has not National Association of Real Estate Boards Reports Index
Figure for Real Estate at 75.
been entirely borne out; but in others the progress made has
Real estate market activity for January is indicated by
even exceeded expectations." In part the Survey also says.
Undoubtedly the most Impressive improvement has been reported by the figure 75, according to the index of real estate market
the steel industry. This is both significant and encouraging because of
activity compiled monthly by the National Association of
the wide variety of sources from which the demand for steel arises and the
fact that the trend of steel output usually follows the course of general Real Estate Boards. This compares with 75.2 for Decemindustrial activity rather closely. Weekly trade reviews have consistently ber. The index is based upon official reports of the total
reported increases in business, with special emphasis on improvement In
recorded in 61 typical cities. Real estate
industrial centers. Automobile production increased very sharply last number of deeds
month, while smaller gains were reported in cotton consumption and activity for the year 1926 is taken as the base year in comelectric power production, according to the preliminary estimate. Con- puting the monthly figure.
struction contracts were larger than in December, contrary to the usual
trend at the beginning of the year. Business sentiment has undoubtedly
been improved by the continued ease In money rates and by the general Retail Food Prices in January Continued Downward
downward movement of rediscount rates at the Federal Reserve banks.
Course.
On the other hand, both check payments and railway freight loadings
Retail food prices in the United States as reported to the
unfavorably with the totals for comparable periods
continue to compare
in previous years. Chain-store sales reflect the slowest rate of growth Bureau of Labor Statistics of the U. S. Department of
reported in some time, and department store sales show a slight recession
Labor showed a decrease of slightly more than 13,.% on
from the level of a year ago. The volume of foreign trade continued to
decrease last month. The average level of employment reported for Jan. 15 1930, when compared with Dec. 15 1929, and an
January throughout the country was the lowest since 1922. Coal produc- increase of about M of 1% since Jan. 15 1929. The Bureau's
tion was considerably smaller last month than in December, if the normal
numbers, with average prices in 1913 as
seasonal change Is taken Into consideration. Building contracts decllned weighted index
100.0, were 154.6 for Jan. 15 1929, 158.0 for Dec. 15 1929,
sharply from the January level during the first hall of February.
These irregularities are entirely natural and have not affected the atmo- and 155.4 for Jan. 15 1930. The Bureau's survey Fob. 21
sphere of confidence that has been created during the last two months.
Business activity, on the whole, appears to be definitely on the up-grade; Continues:
During the month from Dec. 15 1929 to Jan. 15 1930, 13 articles on
and, whether the recovery proceeds steadily and rapidly or whether It
occupies a somewhat longer period, it Is almost universally agreed that no which monthly prices were secured decreased as follows: Strictly fresh
eggs, 12%; butter. 9%; coffee. 5%; navy beans. 3%; lard, 2%; canned red
protracted or severe depression in business will occur this year.
The series of reductions in central bank rates, both in this country and salmon, fresh milk, oleomargarine, cheese, pork and beans, and canned
in Europe. Indicates the general easing tendency of money conditions corn, 1%; and sliced bacon and bannaas, lass than five-tenths of 1%.
throughout the world. It is generally expected that open-market rates in Seventeen articles increased: Cabbage, 16%;oranges.8%;leg of lamb,4%;
most countries will continue to move lower in the near future, particularly pork chops, and potatoes, 3%; hens and onions. 2%;rib roast, chuck roast,
In view of the fact that such rates In many countries are still considerably plate beef, canned tomatoes, and prunes, 1%; and sirloin steak, round
higher than the central bank rates would indicate. The same is even steak, sliced ham, vegetable lard substitute, and tea, less than five-tenths
more conspicuously true of the rates charged by private banks to their of 1%. The following 12 articles showed no change in the month:
customers, to judge from the rather meager Information that is available Evaporated milk, bread, flour, cornmeal, rolled oats, corn flakes, wheat
cereal, macaroni, rice, canned peas, sugar, and raisins.
on this point.
Further Liquidation of Bank Credit.
Changes in Retail Prices of Food by Cities.
During the month from Dec. 15 1929 to Jan. 15 1930, there was a de_
F The liquidation of bank credit on security collateral is progressing gradually, despite the increases in brokers' loans that have resulted from the crease in the average cost of food in all of the 51 cities, as follows:Bridge_
MAIL 1 1930.]
1357
FINANCIAL CHRONICLE
port, 4%; Denver, Louisville, Newark, New Haven, New York, Philadelphia, Portland, Oregon, Salt Lake City, Scranton and Seattle, 3%;
Boston. Buffalo, Butte, Charleston, S. C., Chicago, Cincinnati, Columbus,
Dallas, Fall River, Houston, Indianapolis, New Orleans, Norfolk, Pittsburgh, Providence, Rochester, and Savannah, 2%; Atlanta, Baltimore,
Birmingham, Detroit. Jacksonville, Kansas City, Little Rock. Los Angeles,
Manchester, Memphis, Milwaukee, Minneapolis, Mobile, Peoria, Portland,
Me., Richmond, St. Louis, St. Paul, San Francisco, Springfield, Ill., and
Washington. 1%; and Cleveland, and Omaha, less than five-tenths of
1%.
For the year period Jan. 15 1929 to Jan. 15 1930, 29 cities showed increases: Boston. Chicago, Cincinnati, Jacksonville, Kansas City, Milwaukee. Minneapolis, and Peoria, 2%; Baltimore, Butte, Columbus,
Houston, New Haven, Omaha, Philadelphia, Providence, Richmond.
St. Louis, St. Paul, San Francisco, Savannah, Scranton, and Springfield,
111., 1%; and Charleston, S. C., Detroit, Indianapolis, Little Rock,
Memphis, and New Orleans, less than five-tenths of 1%. Twenty cities
showed decreases: Atlanta, 3%; Birmingham, and Louisville, 2%; Bridgeport, Fall River. Los Angeles, Manchester, Mobile, Pittsburgh, Portland,
Me., Rochester, and Salt Lake City, 1%; and Buffalo, Cleveland, Dallas,
New York, Norfolk, Portland, Oregon, Seattle, and Washington, less than
five-tenths of 1%. In Denver and Newark there was no change in the year.
As compared with the average cost in the year 1913,food on Jan. 15 1930.
was 68% higher in Chicago; 63% in Scranton; 62% in Cincinnati, and
Washington; 61% in Detroit, and Richmond. 60% In Baltimore and
St. Louis; 59% in Buffalo; 58% in Birmingham; Boston, Charleston, S. C.,
Milwaukee, New York, Philadelphia, and Providence; 57% in Minneapolis.
New Haven. and Pittsburgh; 56% in Atlanta; 55% In Dallas, Kansas City,
and New Orleans; 54% in Indianapolis, and San Francisco; 53% in Fall
River; 52% in Little Rock, 51% In Louisville; Mnachester, and Omaha;
50% in Cleveland, Memphis,and Newark;47% in Seattle;45% in Jed.sonvine;43% in Los Angeles;41% in Portland, Ore.;38% in Denver: an 31%
In Salt Lake City. Prices were not obtained in Bridgeport, Butte,
Columbus, Houston, Mobile, Norfolk, Peoria, Protland, Me., Rochester,
St. Paul, Savannah, and Springfield, Ill., in 1913, hence no comparison
for the 17-year period can be given for these cities.
Commodity Price Outlook as Viewed by Silberling
Research Corporation-1930 Expected to Resemble
1924 and 1927.
In a survey of the commodity price outlook for 1930 the
Silberling Research Corporation, Ltd. of Berkeley, Calif.
states that 1930, from a commodity, and also from a general
business angle, will, it is believed, resemble 1924 and 1927.
The survey, issued Feb. 15, follows:
While the January records of general business and Industrial production
suggest here and there some evidence of reversing the sharply downward
direction of recent months, it is essential at this time to base forecasts for
the next six months on a broad perspective. One of the most fundamental
factors entering into such a perspective Is the direction of the general
level of commodity prices
The underlying commodity price movements are important because they
reflect the relative strength of demand and supply in the industrial, extractive, and agricultural markets. A downward movement, if continued
for several months to come, can only mean that supplies of many goods
and raw materials are excessive in a relation to effective purchasing power.
Such an indication would also mean that many industries will assume
losses through changes In inventory values There cannot be a strong
advance in general manufacturing against the dampening influence of
sharply declining commodity markets.
What, then is the outlook for prices? The most reliable method of
projecting the probable direction of average commodity prices which we
have discovered Is by means of our Teleometer charted above in comparison
with the Fisher weekly index numbers of prices. This Teleometer registers
the future effect of current factors in the financial system which in the
Past have regularly shown themselves to be sensitive to subsequent developments In aggregate demand and supply. In other words, the projection of our Teleometer into the year 1930 as far as the month of August
indicates that a period of stabilization will be reached during the summer
at a level perceptibly lower than the present level. While the actual price
Index showed some tendency to work higher in January this can safely be
regarded as a purely temporary fluctuation, such as is always occurring in
the price situation.
In other words, 1930 from a commodity, and we belleve also from a
general business, angle will resemble the years 1924 and 1927. For both
these years our Teleometer gave early foreshadowing of declining price
trends and our forecasting factors for the general business outlook also
Pointed in a downward direction. Commodity prices in 1924 did not recover until August and in 1927 not until September. We can be fairly
certain that this year there will be no significant reversal of the decline
in general commodity markets prior to September.
This is all of very great Importance as it bears upon the significance of
the recent apparent upturn in business. We are more than ever convinced
that this is of a temporary nature and that the undertow of dislocated commodity markets and international transactions will exert a further depressing effect before a real recovery in general industry and buying power
can begin. While the purely financial and banking factors are now pointing
In the direction of some stimulus to basic enterprise, it must be remembered
that these forces work slowly and interest rates alone do not tell the whole
story. The banks in general are not yet lending freely and will not be able
to do so for some months to come. High money rates were slow in discouraging production in 1929 and low rates will be slow to encourage it this
year.
SALES IN JANUARY 1930. COMPARED TO JANUARY 1929.
92% Ontario
94%
Dominion of Canada
75% Prince Edward Island
88%
Alberta
94% Quebec
97%
British Colombia
90% Saskatchewan
67%
Manitoba
103% Newfoundland
113%
New Brunswick
99%
Nova Scotia
These statistics are issued by the Life Insurance Sales Research Bureau
at Hartford, Conn., and represent the experience of companies which have
in force 84% of the total legal reserve ordinary life insurance outstanding
in the Dominion.
-month period which ended Jan. 31 1930, figures show that
For the 12
the volume of insurance sold was 4% greater than in the preceding 12
months. During these months all but three of the smaller provinces
showed gains.
January Sales in the United States Increase 5%.
The Life Insurance Sales Research Bureau at Hartford
reports that the year 1929 closed as the best year for life
insurance ever experienced in the United States. The
Bureau's advices Feb. 21 further state:
Every section of the country gained. In every month sales increased
over the same months of 1928. In October the stock market crash affected
business as a whole. The last quarter of 1929 was for many industries a
poor three months. Contrary to the general depression during this period,
life insurance sales increased every month. In December the United
States paid for the largest volume of insurance ever purchased in a single
month. Instead of decreasing sales of life insurance the losses suffered
in the stock market furnished an incentive for more life insurance. Many
investors who lost money in last year's market are now buying life Insurance as a means of creating an estate which will steadily grow and cannot
be influenced by business fluctuations.
Figures just compiled show that the Increases in 1929 are being continued
into 1930. The volume sold during the past month was 5% larger than
in January 1929. The Increase continues to be well distributed over the
country rather than concentrated in two or three sections and is shared
by 51% of contributing companies.
GAINS BY SECTIONS JANUARY 1930, COMPARED TO JANUARY 1929.
+12%
+5% South Atlantic
United States
+16%
East South Central
New England
—1%
+6% West South Central
Atlantic
Middle
+10%
+2% Mountain
East North Central
+5%
+7% PacUlo
West North Central
The largest sectional increase was made by the East South Central
States. Every state in this section increased its production. Only ten
states in the Union decreased production this month as compared to January 1929. Nine states showed unusually large increases of 30% or larger.
These figures are compiled and Issued by the Life Insurance Sales Research
Bureau at Hartford, Conn. The Bureau's figures are based on the experience of 78 companies which have in force 88% of the total legal reserve
ordinary life insurance outstanding in the United States.
-month period which ended Jan. 31 1930 show that
Figures for the 12
during that period sales in the United States gained 7% over the preceding 12 months. Every section of the country showed an increase of at
least 4% during this period' only four states failed to show gains.
Loading of Railroad Revenue Freight Continues Light.
ELoading of revenue freight for the week ended on Feb. 15,
totaled 891,597 cars, the Car Service Division of the American Railway Association announced on Feb. 25. This was
an increase of 5,016 cars above the preceding week this year
but a reduction of 65,901 cars under the same week of 1929.
It was, however, an increase of 3,011 cars above the same
week in 1928. The details are set out as follows:
Miscellaneous freight loading for the week of Feb. 15 totaled 319.640 cars,
18.778 cars below the same week in 1929 and 2.359 cars below the corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 23 .523
cars, a reduction of 9,047 cars under the same week last year and 9,649 cars
under the same week two years ago.
Coal loading amounted to 182,325 cars, a decrease of 29,425 cars under
the same week in 1929 but 25,288 cars above the same week in 1928.
Forest products loading amounted to 59.134 cars, 2,390 cars below the
same week last year and 9,139 cars under the corresponding week in 1928.
Ore loading amounted to 8,905 cars, a decrease of 700 cars under the same
week in 1929 but 483 cars above the corresponding week two years ago.
Coke loading amounted to 11,428 cars, a decrease of 2,171 cars under the
corresponding week last year but 753 cars above the same week in 1928.
Grain and grain products loading for the week totaled 44,755 cars, a reduction of 2,398 cars under the corresponding week in 1929 but 3,445 cars
above the same period in 1928. In the western districts alone, grain and
grain products loading amounted to 31,149 cars, a reduction of 1,853 cars
under the same week in 1929.
Live stock loading totaled 25,887 cars, 992 cars below the same week in
1929 and 5,811 cars below the corresponding week in 1928. In the western
districts alone, live stock loading amounted to 20.406 cars, a decrease of
594 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week last year, but all reported increases over the
same week in 1928 except the Southern and Northwestern districts which
showed decreases.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1930.
3,349,424
1929.
3,571,455
1928.
3,448,895
Four weeks in January
January Sales of Life Insurance in Canada Show Week ended Feb. 1
926,262
898,894
947,154
906,477
886,581
955.981
Slight Decrease.
Week ended Feb. 8
888,586
957,498
891,597
Week ended Feb. 15
The year 1929, as a whole, was an excellent one for life
6,026,496 6,432.088 6,170,220
Totalinsurance in Canada, according to the Life Insurance Sales
Research Bureau at Hartford, Conn., which under date of
Business as Viewed By Bank of Montreal—Canadian
Feb. 21 says:
Wheat Situation.
country averaged a 6% Increase over sales in 1928; only three
The
months fell below the production of the same months of the preceding
The Bank of Montreal, in its business summary, issued
year. In December sales decreased slightly and this decrease was carried
over Into January. Figures which have just been compiled show that Feb. 22, states that "an uneveAtful month in trade and
sales during the past month were 8% lower than in January 1929. This finance has been relieved by discussion of the wheat situageneral decrease was experienced in all provinces except New Brunswick
tion in Canada." The Bank continues, in part:
and the colony of Newfoundland where sales increased.
1358
FINANCIAL CHRONICLE
Upon this subject much misapprehension appears to prevail. It is not
from the unmarketing of last season's crop the prairie farmers suffer and
business activity is curtailed, but by reason of the near-failure at the
harvest in many fields and an aggregate yield less by half than that of
the preceding year. Upon the crop gathered growers received a substantial
payment several months ago—in the case of pool members a dollar a
bushel, No. 1 Northern basis—and their concern is now the amount of
the final payment to be made to them. The price at which the supply
carried over is ultimately sold will determine this, but for the smaller crop
of 1929 farmers have already received as much, proportionately, as for
the previous harvest. The visible supply of wheat in store in Canada is
now about 218,000,000 bushels, the bulk of which will be moved out
before Aug. 1 at such price as foreign markets afford. The notion that
when sold the large store of wheat in Canada will mean much new found
money for prairie farmers is, however, erroneous, inasmuch as these have
already received a substantial amount for their grain.
The delay in the movement of the short crop has already had its effect.
Transportation lines on land and water have been deprived of traffic and
unemployment in these services has followed. These adverse influences
have in lesser degree affected business generally, and to them may in part
be attributed the reaction of recent months. No waning confidence is shown
in the view that the halt is but temporary, and that with the advent of
spring and resumed activities of navigation unemployment will diminish
and the volume of trade expand. Meanwhile, current quietude is not likely
to disappear.
•
•
•
Major industries display less activity than a few months ago. Imports
of raw cotton and rubber are on a smaller scale, and production of pig
iron, steel and automobiles is below the rate of a year ago. The output
The
of electric power is large, with little sign of abatement in its use.
index of employment in January is given as 111.2 by the Dominion Bureau
of Statistics, which is a higher figure than was reached during the first
two months of 1929. The index number of wholesale prices has shown
only slight variation in the last two years, except in the case of grains,
which have moved up and down, and raw cotton and rubber, which have
had price recessions.
Aggregate earloadings in Canada to Feb. 8 of this year, 326,405 cars, are
about 6% lees than in 1929, but when the figures are analyzed this decrease
loses some significance. The movement of grain and grain products, for
example, employed 21,494 fewer cars than last year, whereas the total
decline in loaded cars for all commodities was 19,368 cars, and if comparison is made with 1923, when carloadings were greater than now, practically
the whole loss is attributable to the lack of grain shipments. The retarded
grain movement continues to affect railway earnings adversely. In the
month ending Feb. 14 gross earnings of Canadian railways decreased
$4,670,000, compared with the corresponding period a year ago. Bank
clearings also make manifest a slower merchandise movement; out of 30
reporting cities only two showed increased clearings for the month of
January.
Canadian Bank of Commerce Reports Increased Activity in Business.
In its "Monthly Commercial Letter" for February, the
Canadian Bank of Commerce, In reviewing general conditions, says, in part:
[Vora. 130.
and also because a better balanced credit structure in Europe automatically
raises its purchasing power.
Bank of Nova Scotia Cites Reassuring Features in
Employment Conditions.
The following, under the head "An Encouraging Feature
of the New Year," is from the February "Monthly Review"
of the Bank of Nova Scotia:
More than a month has now passed since the new year was welcomed,
and although no now development within recent weeks gives a decisive
inclination of the country's business during 1930, it is neverthelese now
possible to speak of the year just concluded, and the conditions to be
faced at the beginning of the present year, with a knowledge of the facts
a good deal more complete and accurate than any one possessed a month ago.
Notwithstanding certain features which give rise to concern as to the
situation and outlook, some of the new facts that have become available
within the last few weeks are reassuring.
The most striking of these is, perhaps, the movement of this bank's
indices of employment in Canada at the turn of the year. It is, of course,
an inevitable consequence of our climatic conditions that with the corning
of winter payrolls are reduced in a number of occupations, and men are
laid oft in considerable numbers. We cannot evade the coercion of the
northern frosts. A contraction of the working force employed in Canadian
industry is always noticeable in the month of December; and so the
Government return of the numbers employed at the New Year is always
below the corresponding figure for the previous Dec. 1.
In a period of expanding trade, the shrinkage is a comparatively small
one, as a rule. One of the signs of a period of depressed trade is, conversely, an unusually large shrinkage during the month of December.
It is, therefore, of some practical significance to determine whether, in
the year just ended, the December shrinkage was larger or smaller than
usual. If larger, it would tend to confirm the opinions of observers who
have been inclined to pessimism; if smaller, it would undoubtedly make
for a more cheerful outlook, not with regard to the present only, but
the future also.
So far as can be determined in the light of present knowledge, the
contraction in numbers employed, as recently reported by the Dominion
Bureau of Statistics for Jan. 1 1930 was abnormally small. In other words,
when allowance is made, as usual, for the normal seasonal fluctuation at
the close of the year, the resultant curve, regarded as an indicator of the
underlying direction of change, turns upwards.
Not only is this the case with regard to the Index of Industrial Employment for Canada as a whole; it is also noteworthy with regard to the five
main areas into which Canada may be said naturally to divide for purposes
of study (the Maritime Provinces, Quebec, Ontario, the Prairie Provinces
and British Columbia), that in each of them the feature is to be observed,
and the application of the respective seasonal correction factors produces
a series of curves that turn upward unanimously at the new year.
Although in one case, that of British Columbia, the turn is so small
as scarcely to be noticeable, it is a turn upwards, nevertheless; and the
most encouraging feature in the whole situation is this uniformity of
experience.
At a time when uncertainty with regard to the business outlook is causing
some uneasiness, this evidence of our industrial vitality may be considered
doubly welcome.
There is more activity in business than a month ago, mainly because of a
resumption of operations in several industries, which is usual at this Detroit Gives Hope to 748 Ousted Aliens—Loophole
season ; this seasonal gain is greater than seemed reasonable to expect a few
Left for Re-employment of Those Discharged at
months age, but it is less than was recorded in the early part of 1929.
Demand of Idle Citizens.
Certain economic troubles have been carried over from 1929 and will be
felt for some months, but most of them have become time-worn and their
Under date of Feb: 26 the Detroit advices (Associated
harmful influence has lessened. Under these circumstances we can turn
New York "Evening Post":
to the future with the hope that constructive factors, which were few and Press) appeared in the
The City Council adopted a resolution directing heads of departments to
far between in the last half of 1929, will now be more apparent. In a
discussion along these lines were must take into account the present make a clean sweep of the 748 aliens whom a survey showed to be on the
position of the primary industries, and any indications we find of the various city pay rolls.
A loophole for re-employment was left, however, by the addition to the
course of business in the current year, although any conclusions based on
original resolution of a clause which ordered the department chiefs to **make
the latter must be regarded as purely tentative.
Agriculture presents a picture with both good and bad features, but with an investigation and study of each individual case, with a view to rea fairly pleasing background. An important question of the moment employment should there be extenuating circumstances warranting such
is whether there will be a strong foreign demand for Canadian wheat. There action."
The resolution was offered as a measure to relieve unemployment and was
are some authorities who believe that certain European countries will follow
Robert G. Ewald, who declared that the army
their usual practice and buy more heavily in the latter part of the wheat sponsored by Councilman
accept alibis."
year than in the first. It may be noted that the bulk of the supply to be of unemployed will not
circumstances'• clause was added after the anti-allen
The **extenuating
drawn upon by importing countries between now and the end of the
adopted in committee and referred to the formal
current wheat year, July 31, is in North America, and that about half of resolution had been
council meeting for final action. Most of the aliens on the public pay roll
this is in Canada.
are laborers, 423 of them being in the Street Cleaning Department.
• . •
The Department of Parks and Boulevards, however, reported that it
In his recent address before the shareholders of the bank, Mr. S. H.
employs four aliens who have been on the pay roll for 14 years or more
General Manager, stated that as a result of a nation-wide survey
Logan,
and 15 aliens who have served five sears. One of tho men, who has been
he had found that development work definitely projected would mean an with the Department for 17 years, was unable to obtain citizenship, because
expenditure of over one billion dollars, and that nearly half of this amount of papers lost at Ellis Esland.
would be spent in 1930. It may be of interest to note that this survey
The Board of Education, over whose employment policies the Council has
was carefully planned, that it extended over a fairly lengthy period, and no authority. took Its cue and ordered a survey to determine how many
would increase the country's productive power were teachers and
that only projects which
janitors are aliens and also how many do not live within the
taken into account; residential building, for instance, was not included. corporate limits of Detroit.
The large amounts mentioned are, therefore, to be spent in a way that will
create new wealth and trade, mainly from mining, hydro-electric development, railway and industrial expansion and road-building. It is not Revival of Industrial Activity in Indiana Reported by
claimed that the whole field of development was covered in this survey
Indiana University.
(that would be possible only by a complete census) but as practically every
A revival of industrial activity in Indiana was an enknown source of information was tapped it is believed that the figures,
compiled on a conservative basis, represent about 75% of all development couraging feature in the business trends for January, says
actually planned at the present time. While it appears that some comissued Feb. 22 by the Indiana
panies curtailed their programs of expansion a few months ago, the fact the "Business Review"
that most of those engaged in enlarging the field of production are, without University Bureau of Business Research, which is puburge from any governmental body, confidently proceeding with their plans fished and distributed by the Fletcher American National
is the best evidence of the economic strength of Canada.
• •
•
Bank of Indianapolis. E. J. Kunst, Manager of the InThe future course of Canadian business is dependent upon foreign as dianapolis division of the Bureau, made the study which
well as domestic influences. In the "Monthly Commercial Letter" of indicates renewed activity among the State industries. "The
December it was pointed out that financial developments outside Canada
in Indiana increased operations
were reconstructing the world credit structure, and that this would in iron and steel industry
time prove beneficial to this country. Corrective influences have since rapidly during the month reaching 85% of capacity early
been at work in the form of a return flow of money from the United States in February," says the Indiana Business Review. It futher
to Europe, in successive reductions in European interest rates, and in
greater stability in European exchanges. This subject has more than says:
Automotive producers operated on schedules considerably higher than
academic interest to Canada, for one reason because any upward revision
inflow of orders.
of the American tariff will force us to turn more to the European market, In December and parts makers also benefited from an
MAR. 1 19301
FINANCIAL CHRONICLE
1359
Labor turnover in
inufacturing plants was low and accessions exceeded
separations. Freight car Joadines at Indianapolis were greater than in
December and again iris° above lie figure for a year ago.
Coal output remained above. level of a year ago but receded from the
December total. Stone shipmeete were only slightly below a year ago
in spite of bad weather and the decline in National building construction.
Several cities reported increases over last year In value of building permits,
but In general construction activities were light and hampered by weather
conditions.
Retail trade felt the usual reaction from the holiday rush and was also
adversely affected by bad weather. Several sections of the State suffered
from floods followed by extreme cold and roads were impassable due to
heavy rains. Considerable improvement was noted, however, early in
February. Business of chain drug stores was exceptionally good in January, while retail hardware sales fell below last year. The volume of
newspaper advertising was sharply reduced.
Sales of new and need cars fell below a year ago in January. Gasoline
sales in December dropped on account of weather conditions and blocked
roads. Lee insurance sales held up to a high level with the greatest December volume on record. The wholesale shoe trade showed some improvement but other wholesale lines were slow.
and department store sales. Foetal receipts increased in January as
compared with the corresponding month last year.
January farm income from cash crops, dairy products and hogs was 15%
smaller than in Jahuary 1929. The income from each commodity was
less than a year ago, with the exception of potatoes. The income from all
cash grains combined was 27% less than in January 1929. Price increases,
as compared with January last year, occurred in wheat, flax, hogs, eggs,
and potatoes. Price decreases occurred in corn, oats, barley, rye, cattle,
lambs, hens, butter, and milk.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
Per Cent
Jan. 1930
/an. 1930.
Jan. 1929.
of Jan. 1929.
Bread wheat
35,004,000
36,751.000
74
Durum wheat
1,935,000
2,640.000
73
Rye
471.000
589,000
80
Flax
357,000
622,000
57
Potatoes
2,861,000
1,515.000
189
Hogs
16,925,000
18,560,000
91
Dairy products
13.985.000
18,269,000
77
Industrial Conditions in Ohio and Ohio Cities During
January—Slowing Up in Decline in Employment.
"The decline in employment which has been in evidence in
Ohio since August continued in January, but at a slower
rate than in previous months," says the Bureau of Business
Research of the Ohio State University, in its survey of
Industrial employment in Ohio and Ohio cities during January. In its summary the Bureau states:
Gradual Recovery in Business Seen by Union Trust
Co. of Cleveland.
The gradual recovery of business is continuing, although
the improvement is not uniformly apportioned among industries, and the general outlook is distinctly encouraging, the
Union Trust Co., Cleveland, reports in its monthly survey
of business conditions. A few of the encouraging signs
reported in the survey are renewed activity in steel and automobiles, improved credit situation, and the upward trend
of building. On the other hand, considerable unemployment
Is still in evidence, according to the bank, which says:
The decline in December from November amounted to 6%, and
the
decline in October from November to 5%, while the decline in January
from December was barely 2%. The December-to-January decline in
total
employment carried the total for January 6% below the total for January
of last year. The January decline from December in industrial
employrnent was caused primarily by the decline in the construction
industry,
since nianufacturing employment, which largely dominates the figure
for
total industrial employment in Ohio remained substantially unchanged
in
January from December. It is significant that for the first time in
four
months manufacturing employment in January showed no further
decline
from the previous month. This was due not to any marked improvement
in employment conditions in the manufacturing industries in general, however, but almost entirely to employment increased in the automobile
and
in the iron and steel industries of the State; all other manufacturin
g
industries in January continued to show employment declines. As compared with January 1929, there were employment declines in all
the
industrial groups of the, State except in the paper and printing, the food
products, the textile products and the miscellaneous manufacturing
groups.
Employment in the automobile and automobile parts industries of
this
State in Januiry was 36% less than in the same month of
last year,
although there was a 12% increase in January from December.
In the iron and steel group of industries, the decline in
employment
in January from January 1929 amounted to 7%, but there
was an increase
of 4% in employment in January from December, indicating
an improved
condition in the iron and steel industries. Seventy-four of the 163
reporting
concerns in the iron and steel group showed employment
increases or no
change in employment in January from December, and 89
showed employment decreases.
Employment in the machinery industries showed a decline
of 1% in
January from December, as compared with a decline of 9%
in December
from November. Employment in the machinery industries
in January was
6% less than in January 1929.
In the rubber products group, of
which tire and tube manufacturing
is the principal industry, employment declined 2%
in January from
December, and 16% from January 1929.
In the stone, clay, and glass
products group, January employment
declined 8% from December, and 8%
from January 1929,
In the lumber products group, January employment
was 8% less than
in December, and 11% less than in January 1929.
The December-to-January decline in industrial employment
was experienced in all the larger cities of the
State except in Cleveland, Dayton, and
Youngetown. As compared with January
of last year, there were employment declines in all cities of the State except
in Columbus and Dayton.
Columbus showed an increase of 1%,
and Dayton substantially no change
from last year.
In Akron industrial employment in January declined 3%
from December,
and 10% from January 1929. Industrial employment
in Cincinnati declined
12% in January from December, and 8% from January
1929. January
industrial employment in Cleveland was 2% greater than
in December,
but 12% less; than in January 1929. In Columbus there
was a decline of
7% in industrial employment in January from December,
but an increase
of 1% as compared with January 1929. In Dayton,
industrial employment
increased 2% in January from December, and remained
unchanged from
January 1929. January industrial employment in
Toledo was 6% less
than in December, and 43% less than in January 1929.
In Youngstown,
industrial employment increased 5% in January
from
declined 5% from January 1929. Industrial employment December, but
in Stark County
remained substantially unchanged in January from
December, but was 8%
less than in January 1929.
Business Trends Mixed in Minneapolis
Federal Reserve
District During January—Farm Income
Below
That of Year Ago.
In the preliminary summary of agricultural
and business
conditions in its District, the Federal
Reserve Bank of
Minneapolis, under date of Feb. 17, says:
Business trends in the district were mixed
during January. Debits
to
Individual accounts increased 1% over January
1929. In the various
subdivisions of the district, increases were shown
at Minneapolis, South
St. Paul, and in the dairying and mixed farming
area. Decreases occurred
at St. Paul, the Great Lakes ports, the southeastern
beef and pork area,
the lumbering and mining regions, and in the wheat
and range territories.
Decreases occurred in country check clearings,
freight carloadings, flour
shipments, linseed product shipments, building
permits and contracts,
Preliminary estimates of automobile production during January give a
production total for that month of approximately 275,000 units, as compared to 119,000 in December and 400,000 in January 1929. The largest
gains were evidenced in the lower priced field, with Ford production
reported at about 6,200 cars daily. As manufacturers increase production
schedules a corresponding gain is being shown among the parts and
accessories plants.
It is particularly encouraging to note that automobile companies; are
not following their past practice of piling up heavy inventories in anticJpation of spring business, but are moving forward cautiously in an effort
to keep production within the limits of consumer demand.
Steel mill operations have traveled from a range of 40% to 50% of
capacity at the lowest point during December to one of 75% to 80% in
February. This recovery indicates the vigor and extent of the improvement
that has taken place from the bottom of the recent recession.
The upward turn in the steel trade has come largely from the automobile industry, although many miscellaneous consumers have made important contributions.
Railroad buying has continued a constructive
factor.
Building contracts awarded in January in 37 States, according to the
F. W. Dodge Corp., showed a 2% gain over contracts for December, it
being the first time in nine years that an increase has been noted in the
first months of the year. On the other hand, January contracts fell 21%
below those of January 1929.
The most interesting feature of the month's building statistics was the
total of contemplated new work reported in January, which amounted to
$1,455,349,600, a total never reached before, and indicating apparently that
the President's construction and maintenance program bids fair to be
carried out in earnest.
The volume of merchandise passing from producer to consumer is growing larger, but the increases are not uniformly apportioned among industries. Some trades which felt the brunt of the depression the earliest
have now apparently passed beyond the low point and are again on the
upswing. Others, whose sales were not adversely affected quite so
quickly, are now feeling the full form of the reaction.
The credit situation, both here and abroad, has become favorable to the
conduct of business. On the other hand, unemployment still exists to a
considerable extent; the commodity price situation, especially with respect
to agricultural products, is not entirely satisfactory, and volumes in
many lines are still comparatively low. While the situation is steadily
improving, it seems doubtful whether a return to really good business
may
be expected before the summer.
Evidences of Improvement in Business Conditions in
San Francisco Federal Reserve District.
Accumulating evidence in the building, lumber and other
industries, and in trade reports, affords the basis for a tentative conclusion that some improvement in business conditions in the Twelfth (San Francisco) Federal Reserve
District was present late in January and early in February,
according to the summary of conditions in the District
issued Feb. 21 by Isaac B. Newton, Chairman of the Board
and Federal Reserve Agent, Federal Reserve Bank of San
Francisco. The summary continues:
The business record for the entire month of January, however, showed a
further recession in activity. After allowing for the usual seasonal changes
Industrial production, retail sales, and railroad freight carloadings declined
substantially from the relatively low levels of December. Sales of
wholesalers were practically the same as in December, whereas there is usually
a
small decline from December to January. Reports indicate that there
was
considerable increase in unemployment in certain parts of the
District and
that during January some industries which have been on full-time
schedules
for many months reduced operations to a part-time basis.
The most
striking development in the credit situation during the past
few weeks
has been the decline In borrowings from the Federal Reserve
Bank of
San Francisco.
Marketing of the District's agricultural products has, with
the exception
of wheat, been progressing satisfactorily, although price
movements have
been downward. Decreases in prices of farm products were
the principal
cause of a reduction in the general level of commodity prices
during January.
Sharp curtailment of operations in the copper mining and
lumber industries was largely responsible for a decline in total industrial
output during
1360
FINANCIAL CHRONICLE
[vol.. 180.
Old Age Pensions.
in DecemJanuary. Daily average production of crude oil was the same as
issued
The growth of the movement to provide for insurance and old age penber. Flour milling increased slightly. Value of building permits
for the sions by collective agreement is shown by recent agreements. The first
in 90 cities was nearly twice as great as in December, but the total
to
example known to the bureau of the effort on the part of the unions
month temained relatively low.
insurance for the members was an
after allowance for the usual seasonal changes secure the protection of life and sickness
Declines In retail sales,
was mod- agreement between a street, railway company and its employees in 1926.
were reported from most parts of the District. Wholesale trade
the January, Several stree railway companies have since concluded such agreements
erately more active than in December but was well below
intercoastal and copies of recent agreements received by the bureau show a further
1929, level. Eastbound shipments in the District's waterborne
westbound ship- extension of the movement. Electrical workers' agreements In two cities
trade increased more than enough to offset declines In
for seasonal provide for life insurance of $3.000 per man. $30 per month for total disments during the month Sales of now automobiles, adjusted
ability, and $10 per month pension after the age of 65 years. to be paid for
changes, were smaller than in December, 1929, and January. 1929.
some by the industry, and street railway employees in one city are provided with
A moderate inflow of funds from the Orient and Central America.
a sharp decrease in life insurance of $1,000 and a monthly pension of $58 if they have had 20
further reduction in Federal Reserve note circulation,
slightly Years' service with the company upon reaching the age of 65.
borrowings from the Federal Reserve Bank and
member banks
by
banks characterized
Compensation for occupational diseases is the subject of an article
easier interest rates on all classes of loans of commercial
The
Etheibert Stewart, United States Commissioner of Labor Statistics.
the money market during January.
occuliberalization of compensation legislation has brought the inclusion of
The records of such States
pational diseases in 17 of our jurisdictions.
y Checked show the number of cases of loss of time and of wages from occupational
Downward Business Trend in Paper Industr
s disease is comparatively small. but Mr. Stewart believes that although the
According to S. L. Willson of President Hoover' matter may be Insignificant in its totality it Is not insignificant when the
loss and suffering of the Individual is considered.
Business Conference.
Other sections of the Review contain various articles on labor and econmanuThe paper industry, one of the most powerful
omic subjects including a bibliography on official State regulations, orders.
gave President advisory pamphlets, and labor laws relating to safety, and the usual statisfacturing groups in the country on Feb. 20
ons for tical reports on trend of employment, wages and hours, and wholesale and
Hoover informal assurance that prosperity predicti
ar field. A distinctly retail prices.
that particul
1930 will be borne out in
acupward trend in production and sales has been reported
, President of the American Paper
cording to S. L. Willson
s
and Pulp Association and a member of President Hoover'
ce who is presiding at convention sessions
business conferen
of the association and 18 associated or affiliated organiza
held last week in the Hotel Pennsylvania, New York.
tions
Co.,
Mr. Willson is President of the American Writing Paper
Inc. of Holyoke, Mass. He said:
trend, so far as the paper
There is every indication that the downward
of the convention
Industry is concerned has been checked. Each session
groups representing almost
brings to us optimistic reports from the various
seems general throughout
every phase of the paper industry. The opinion
definitely upward.
the industry that the trend of our business is now
months of 1930 will
There is a feeling of confidence that the remaining
fear of the future has
show a marked improvement In conditions. The
definitely expressing re
been dissipated and manufacturers of paper are
production and sales.
towed confidence in the possibilities for increasing recession in production,
Although the last few months of 1929 showed a records. Mr. Willson
all
broke
Mr. Willson said, the volume for the yearAssociation.
begins his second year as President of the
oySurvey by U. S. Department of Labor of Unempl
in Philadelphia and Boston—Other Data
ment
in Monthly Labor Review.
d
The results of two unemployment surveys are publishe
issued
in the February issue of the Monthly Labor Review,
A study
by the Bureau of Labor Statistics at Washington.
1929,
among 58,856 wage earners in Philadelphia in April
that 7.8% were idle because of inability to obtain
showed
of
work, while an additional 2.6% were idle on account
sickness or from other causes. The persons covered by the
of the
study were selected as a representative cross section
ge
population of the city. It was found that the percenta
oyment varied greatly among different groups.
of unempl
One-half of the 102 industrial blocks had more than 11.5%
blocks in
of unemployment among their workers, while in
occupations predominated the correwhich the professional
sponding percentage was 1.8%.
Y., in
A similar survey of unemployment in Buffalo, N.
number,
November 1929, covered 15,164 persons. Of this
inability
821, or 5.4%, were totally unemployed because of
total number of unemployed from
to find work, while the
981 persons
all causes combined was 1,509 and in addition
work. Thus, of the whole group, 16.4%
had only part time
were either idle or only partly employed.
Monthly Labor
The Bureau also reports as follows in its
Review:
smaller In 1929 than in 1926 ac-
Trade union membership was somewhat
edition of the Handbook of American
cording to a summary of the latest
Labor Statistics. Unions In the
Trade Unions published by the Bureau of
increase of 126,430 over
Federation of Labor, however, report an
American
membership of all trade unions, both
the figure for 1926. The aggregate
Federation of Labor, in 1929 was
within and without the American
organizations have passed out of existence
4.331.251. Since 192610 national
ions which have been absorbed
but most of these were small dual organizat
period three new dual organizations
by larger bodies, and during the same
greatest increases in membership
have developed in different fields. The
in public service.
are reported in the construction Industry and
a source of credit for wage
Co-operative credit societies, which constitute
bank credit Is not usually
earners and others of moderate means to whom
per month. An account of
open, are being formed at the rate of 20 to 40
the Review shows that
the present status of credit unions In this issue of
available these societies
in the six States for which membership data were
borrowers. During 1928 the
had 193,536 members of whom 96,826 were
loans of more than
credit unions of New York and New Jersey alone made
$19,000,000.
earnings and hours
The 1929 study by the Bureau of Labor Statistics of
in this issue. The
of labor in foundries and machine shops is summarized
and in machine shops
average hourly earnings in foundries wore 62.4 cents
were 51 in foundries
63.8 cents, and the average full time hours per week
the date of the latest
and 50.3 in machine shops. Compared with 1927.
inrcease in foundries
previous survey, average earnings per hour show no
average full time weekly
but an increase of 1.3 cents in machine shops, while
slightly in machine
hours decreased slightly in foundries and increased
shops.
Improvement of Hardwoods Noted in Lumber Movement.
improvement in hardwoods, the general
With noticeable
relation of total hardwood and softwood orders and shipments
to production has remained practically the same for the past
three weeks. Total orders were again 3% less, and shipments 6% less than production for the week ended Feb. 22,
it is indicated in reports of 815 hardwood and softwood mills
to the National Lumber Manufacturers Association, giving
total production as 334,396,000 feet. A week earlier the
same relation obtained with 851 mills reporting total proon
duction of 336,172,000 feet. Unfilled softwood orders
Feb. 22 were reported as the equivalent
hand at 510 mills on
of 23 days' production, the same equivalent given by 530
mills a week earlier. As compared with last year,417 identical
ts
softwood mills reported production 4% below, shipmen
9% less and orders 15% less than for the same week a year
ago; for hardwoods, 203 identical mills gave production
11% less, shipments 15% less, and orders 15% under the
volume for the week last year.
Lumber orders reported for the week ended Feb. 22 1930,
by 614 softwood mills totaled 283,922,000 feet,or 3% below
the production of the same mills. Shipments as reported for
the same week were 279,281,000 feet, or 5% below production
Production was 293,701,000 feet.
Reports from 224 hardwood mills give new business as
40,072,000 feet, or 2% below production. Shipments as
reported for the same week were 36,433,000 feet, or 10%
below production. Production was 40,695,000 feet. The
Association,in its statement,further says:
Unfilled Orders.
.000
Reports from 510 softwood mills give unfilled orders of 1.028.073
is
feet, on Feb. 22 1930, or the equivalent of 23 days' production. This
may be
-day year—and
-300
based upon production of latest calendar year
530 softwood mills on Feb. 15 1930, of
compared with unfilled orders of
23 days' production.
1,054.273,000 feet, the equivalent of
00
The 373 Identical softwood mills report unfilled orders as 957,816.0
feet, on Feb. 22 1930, as compared with 1.176.606,000 feet for the same
production of 417 identical softwood mills was
week a year ago. Last week's
225,259.000 feet, and a Year ago it was 234.556,000 feet; shipments were
00 feet; and orders received
respectively 227,842.000 feet and 249,423,0
In the case of hardwoods. 203
230,058.000 feet and 271.395.000 feet.
week and a year ago 36,917,000 feet
identical mills reported production last
0 feet; and
and 41.551.000 feet; s'apruents 32,365.000 feet and 38,301.00
orders 34,839,000 feet and 41.078,000 feet.
West Coast Movement.
Seattle that
The West Coast Lumbermen's Association wired from
22 totaled
new business for the 212 mills reporting for the week ended Feb.
cargo delivery
feet was for domestic
153,425,000 feet, of which 50.935,000
business by rail amounted to 64,747.000
and 28.088,000 feet export. New
feet moved
feet. Shipments totaled 150.047.000 feet. of which 55,741.000
export. Rail shipments
coastwise and intereoastal, and 22,376,000 feet
Unshipped
totaled 62,275.000 feet ,and local deliveries 9,655,000 feet.
orders totaled 629,952.000 feet, of which domestic cargo orders totaled
00 feet.
248,554.000 feet, foreign 172.232,000 feet and rail trade 209,166,0
weeks
Weekly capacity of these mills is 247.586.000 feet. For the seven
production.
ended Feb. 15. 140 identical mills reported orders 6.6% over
n. The same mills showed a
and shipments were 3.4% over productio
decrease in inventories of 1.4% on Feb. 15,as compared with Jan. 1.
Southern Pine Reports.
for
The Southern Pine Association reported from New Orleans that
4%
146 m1118 reporting, shipments were 2% below production, and orders
above production and 6% above shipments. New business taken during the
week amounted to 65,688.000 feet.(previous week 66,465,000 at 146 mills);
production
shipments 61.866.000 feet (previous week 57,351,000); and
average
63,375.000 feet (previous week 62,754,000). The three-year
end of
production of these mills is 70.863,000 feet. Orders on hand at the
the week at 116 mills were 187.299.000 feet. The 136 identical mills reported
I% as
a decrease in production of 4%, and in new business an increase of
compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland. Ore., reported
new
production from 77 mills as 27.937,000 feet, shipments 32,907,000 and
FINANCIAL CHRONICLE
MAR. 1 1930.]
business 32,491,000. Sixty identical mills reported a decrease in production
of6%,and in new busins of 22%. when compared with 1929.
The California White and Sugar Pine Manufacturers Association, of
San Francisco, reported production from 18 mills as 4,128,000 feet, shipments 13,061,000 and orders 13.978.000. The same number of mills reported
a decrease in production of 43% and a decrease in orders of 38% in comparison with last year.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from eight mills as 1,932,000 feet, shipments 3,865,000
and now business 3,176,000. The same number of mills reported production 21% more, and new business 16% more, than that reported for the
corresponding week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 23 mills as 2,576,000 feet, shipments 1,638,000 and orders 1,082,000. Twenty-two identical mills reported
a decrease in production of 19%. and in orders a decrease of 30%, when
compared with last year.
The North Carolina Pine Association, of Norfolk, 'Va., reported production from 116 mills as 10,743,000 feet, shipments 8,566.000 and new
business 7,026,000. Forty-four identical mills reported a decrease in production of 6%,and a decrease in new business of 44% in comparison with
1929
The California Redwood Association, of San Francisco, reported production from 14 mills as 7,683,000 feet, shipments 7,331,000 and orders
7,056,000. The same number of mills reported production 3% more, and
orders 4% less ,than that reported for the same period of last year.
1361
Angelo to the New York "Journal of Commerce" indicated
this, and likewise said:
The Wool and Mohair warehouses control the financing and the
sales of these commodities in Texas as well as that of the ranch
industry. Even rumors that a Texas pool of all the wool and mohair producers under the supervision of these warehouses was to be formed, and
an appeal made to the Federal Farm Board for recognition of the unit so
that Federal funds might be obtained in its operation drew denials from
an executive session of the warehousemen.
Boston wool houses and growers were represented in the gathering. Some
of the warehousemen suggested that the plan had not been turned down and
that the information should not go out that such refusal had been made,
but in private chats the warehousemen indicated that such was the sentiment of the gathering.
However, a committee of nine was appointed to meet with a committee of
six at Sonora Wednesday to dissect the plan of the National Wool Marketing Corporation and to arrive at some conclusion as to what, if anything, the
facilities of the corporation can mean for the wool and mohair growers of
Texas.
Chief objections argued against the plan by the growers, who have not by
what
any means flocked to it, are that it takes from them the right to say
& Co.,
they shall sell their wool for; that they have no guaranty that Draper
the sales
sales agents, will get the best price that they can, inasmuch as
agents are paid a flat rate regardless of the price; that Draper & Co. have
co-operative will be 20c.
indicated that the prices to be received through the
to 25c. for twelve months' wool. Some growers are in favor of trying
30,000,000
the plan, and the co-operative officials assert they will give
pounds of the wool and mohair of the State in 1930.
AssociaF. J. Flagenbarth, the President of the National Wool Growers'
field
tion, is here accompanying representatives of Draper & Co. over the
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 201 mills as 32,844,000 feet, shipments 32,238,000 and
new business 35.183,000. Reports from 181 identical mills showed a decrease in production of 3%, and in new business of 16%, in comparison
organizing co-operatives.
with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 23 mills as 7.851,000 feet, shipMarments 4,195,000 and orders 4,889,000 Twenty-two identical mills reported Mohair Association to Try Advertising-National
a 4% decrease in production, and 11% decrease in orders, when compared
keting Association's Plans Divulged.
with 1929.
In its issue of Feb. 17 the "Wall Street Journal" anCURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRO..
Tex.:
FOR THE WEEK ENDED FEB. 22 1930 AND FOR 8 WEEKS nounced the following from Rock Springs,
DUCTION
Association
TO DATE.
At annual convention here, American Angora Goat Breeders'
voted to inaugurate a national campaign for advertising mohair throughShip- P. C.
P. C. out the United States. In response to the suggestion of Fred Earwood, AssoProducof
Orders
ments.
of
lion
Association.
membership will be taken on the
M. Ft. Prod. .1f. Fl. Prod. ciation President, a poll of Association's
M. Ft.
proposition of their paying one cent a pound on all mohair that they sell
Southern Fine:
create a fund for advertising the advantages of mohair.
61,866 98
65,688 104 to
63,375
Week-146 mill reports
All active officers of the association were reelected.
425.817 91
464,184 100
465,551
8 weeks-1,129 mIll reports
F. 0. Landrum, Vice President of the Association and representative
West Coast I.umbermen's:
150,047 86
153,425 88
175,327
Week-2I2 mill reports
of mohair growers on the Federal Farm Board's advisory committee, an1,075,530 1,050,516 98 1,101,725 102 nounced that the newly-organized National Wool Marketing Association
8 Weeks-1,699 mill reports
Western Pine Manufacturers:
32,907 118
32,491 116 will charge $1.40 a hundred pounds on ungraded wool and mohair and
27,937
Week-77 mill reports
226,019 126
236,341 132 $1.80 on the graded product for handling the next clip.
179,161
8 weeks-1322 mill reports
California White & Sugar Pine:
Landrum stated that Draper & Co., the Boston wool firm designated by the
13,061 316
13,978 339
4,128
Week-18 nalll reports
for the
136,347 282
138,811 287 National Wool Marketing Association as exclusive selling agents
48,310
8 weeks-200 mill reports
new organization, will not handle any wool or mohair except that handled
Northern Fine Manufacturers:
3,885 200
3,176 164 for the association.
1,932
Week-8 mill reports
31,592 219
35,063 243
14,407
8 weeks-69 mill reports
He stated that wool and mohair prices have been set by the advisory comNo.Hemlook&Hardwood (softwoods)
1,638 64
1,082
42 mittee and the Farm Board, and that these will be announced soon. He
2,576
Week-23 mill reports
15,030 45
17,264
33,188
52 reported that contracts with members of the co-operative will run for
8 weeks-262 mill reports
Northern Carolina Pine:
8,566 80
7,026
65 one year.
Week-116 mill reports
10,743
72,334 90
It was reported here that private buyers are offering 35 and 45 cents
62,457
8 weeks
77
-880 mill reports
80,600
California Redwood:
a pound on the next clip, and Landrum said the Federal Farm Board,
7,331 95
7.056
92
7,683
Week-14 mill reports
association, would advance money to growers with
45,617 80
53,707
8 weeks-114 mill reports
94 through the marketing
56,835
these figures as a minimum basis. He predicted that prices paid to growers
Softwood total:
would be higher than were paid for the clip last spring.
279,281 95
Week-614 mill reports
283,922
293,701
97
8 weeks-4,975 mill reports
1,953,582 2,006,743 103 2,106,081 108
In its further advices from Rock Springs, the "Wall Street
Hardwood Manufacturers Inst.:
Week-201 mill reports
8 weeks-1,671 mill reports
Northern Hemlock and Hardwood:
Week-23 mill reports
8 weeks-262 mill reports
Hardwoods total:
Week-224 mill reports
8 weeks
-1,933 mill reports
Grand total: •
Week-815 mill reports
8 weeks-6,646 mill reports
32,844
244,866
32,238
228,864
98
93
35,183
245,305
107
100
7,851
75,376
4,195
41,418
53
55
4,889
38,062
62
50
40,695
320,242
36.433
270,282
90
84
40,072
283,367
98
88
315,714 94
334,396
2,273,824 2,277,025 100
323,994
2,389,448
97
105
Journal" of Feb. 18 said:
Completion of the organization of the American Wool and Mohair Producers' Co-operative Marketing Corp. is announced by Roy J. Davenport,
President. It is now ready to function as a relief organization to mohair
producers under the auspices of the Federal Farm Board.
A credit of $1,000,000 has been arranged through the National Credit
Corp., for distribution among members. This will be in the form of
preshearing advances of 50 cents a head on sheep and goats which have
a six months' growth of wool and mohair and $1 a head for animals which
have a 12 months' growth.
Davenport condemned the practice of trying to establish prices of 35
and 45 cents a pound for mature and kid mohair, respectively, declaring
that if such prices prevail the industry will be destroyed, as goat men cannot pay expen.ses of operation at these figures.
World's Visible Supply of Coffee Over 24 Million Bags
Feb. 1 Compared With Over 17 Million a Year Ago.
The world's vicible supply of coffee February 1, totaled
Wool Dealers to Make Advances.
24,496,144 bags, against 17,316,516 bags held on the same
The following Fort Worth advices appeared in the "Wall
date last year, according to a compilation by the New York
Journal" of Feb. 19:
Co:e::e & Sugar Exchange. The total figure includes in- Street
Wool Growers Central Storage Co. of San Angelo has been advised by
terior stocks in Brazil, as reported by the Sao Paulo Cof- wool dealers of Boston and other centers that they will advance $1 a head
fee Institute, and the Exchange compilation of holdings in on 12 months' wool which substantially is the same as the government
pool advance. Some eastern woolen mills have written Texas warehouse/
other parts of the world.
will make advances.
A cable to the New York Qoffee & Sugar Exchange on indicating they also
do Sao Paulo reports
Feb. 14, from the Institute de Cafe
coffee stocks in the Sao Paulo interior warehouses and New Bedford Mass. Silk Mill Moves to Lebanon, Pa.
railways as of Jan. 31 at 19,377,000 bags. This compares
High Wages Reason for Change.
with 18,357,000 bags Dec. 31 and 12,279,000 bags on Jan.
The New Bedford Silk Mills plant at New Bedford, Mass.,
31, 1930.
closed at noon on Feb. 25, officials announcing that its
120 looms and supplementary equipment will be removed
Co-operative Wool Marketing Plan Opposed by Texas at once to Lebanon, Pa., which, according to Abraham
Wool and Mohair Warehouses.
Binns, Executive Secretary of the Weavers' Protective
Co-operative wool marketing, represented by the National Association, has offered the company special inducements
Wool Marketing Corporation, received a setback when the labor here could not hope to offset. We quote the foregoing
Association of Texas Wool and Mohair Warehouses in effect from a New Bedford dispatch Feb. 26 to the New York
turned down its facilities at a meeting in which Government "Journal of Commerce," the account also stating:
Announcement of the closing of the Foremost Fabrics Corp.'s subsidiary
aid to the wool men drew the caustic comments of individual
George Edwards, New Bedford Silk superintendent,
made
here
ranchmen at San Angelo, Tex. Advices Feb. 17 from San upon was return by
yesterday from Lebanon, where he had been engaged
his
1362
FINANCIAL CHRONICLE
for two months installing for the company a new unit he says is practically
a duplicate of the mill here. Machinery for this new unit began to arrive
at Lebanon Jan. 2 and double shift operations were begun Feb.3,according
to Mr. Edwards.
Closing of the plant here throws 165 operatives out of work and removes
the source of a 8300,000 annual contribution to New Bedford's industrial
pay roll, Mr. Edwards said.
In the past company officials have stated that the New Bedford Silk
Mills' wage scale was higher than that of competitors and have attempted
to obtain the consent of operatives and unions to a reduction.
Efforts to adjust the situation satisfactorily and keep the plant here failed.
Mr. Edwards said.
Commenting on the removal of the mill, Mr. Bins stated:
"This Is a case in which the real estate dealers. Chamber of Commerce
and business men of Lebanon offered inducements to the mill management
to come there, such inducements as freedom from taxation, preferential
rates for power and city service, and rental of a mill at a nominal rate with
the proviso that at the end of ten years the mills could be purchased at
about cost."
[VoL. 130.
Five Nations Join British Rubber Curtailment Plans.
Representatives of 5 rubber producing nations voted on
Feb. 18 to join the British in curtailing the production of
crude rubber, according to a cablegram received from Amsterdam by the Rubber Exchange of New York. The cablegram read:
At a meeting of Dutch, French, Belgian, Swiss and German rubber
producers called to discuss a means of putting into effect the decision reached
by the An„glo-Dutch Rubber Growers committee in London on Feb. 7, the
proposal to stop production of rubber completely during the month of
May, this year, was adopted almost unanimously.
Ban on Tapping Rubber Trees in May.
The following from The Hague, Feb. 19 appeared in the
New York "Times:"
To-day's meeting of French, Belgian, German, Swiss and Dutch rubber
Paper and Pulp Industry in 1929—Total Paper Progrowers discussed and passed almost unanimously the Anglo-Dutch production 6,852,773 Tons.
position to cease absolutely the tapping of rubber trees during May. Of
The total production of paper in 1929 was 6,852,773 tons, 51,000 tons represented, only the owners of 2,000 opposed the move.
according to reports received by the Statistical Division of
the American Paper & Pulp Association from members and Reports of Curtailment of Rubber Production Results
0o-operating organizations representing approximately 70%
in Increased Trading on New York Rubber Exof the total United States productive capacity. In indicatchange.
ing this the Association says:
Reports of a pending curtailment in rubber output brought
The following grades showed increases in their total 1929 production as
against that of 1928: Uncoated book 10%, paperboard 9%, writing 8%. about a marked increase in trading on the Rubber Exchange
tissue 7%,felts and building 6%, bag 2% and total, all grades 5%. The of New York last week, says the F. R. Henderson Corp.,
following paper grades showed decreases in their total 1929 production as in its weekly summary issued Feb. 21. The summary
against that of 1928: Wrapping 5%, hanging 3% and newsprint 2%.
The total shipments of paper in 1929 exceeded those of 1928 in all grades states:
Prices firmed up on cabled advices from Holland indicating that an agreeexcepting wrapping and hanging. Shipments of all grades In December
1929, excepting paperboard, wrapping. 7ag, writing and tissue papers, ment had been reached to stop tapping during the month of May. It is
not clear, however, whether or not this agreement is predicted on the ratifiincreased over December 1928, the total shipments being less than 1%
cation by 70% of the British-Dutch rubber growing interests.
below the total of December 1928.
Such a tapping plan we believe would cut production at once by about
All grades, excepting newsprint, uncoated book and hanging papers,
registered increases in inventory at the end of Decemlier 1929 as compared 27,000 tons. It in a question, however, whether the net reduction for the
year would equal that quantity as the production might be abnormally large
With November 1929. As compared with December 1928. all grades,
excepting uncoated book, paper board, writing, felts and building and hand- after one month's rest. It Is doubtful whether the world production for
1930 would be decreased by more than 3% as a result of this restriction. ,,11
ing papers, showed substantial decreases in inventory.
The total production of pulp in 1929, according to reports received by
the Statistical Division of the American Paper & Pulp Association from
members and co-operating organizations representing approximately 60% Petroleum and Its Products—Rockefellers Deny Hand
of the total United States productive capacity, was 2,597.059 tons. The
in Crude Price Cuts—I. P. A. Holds Importations
following grades showed increases in their total 1929 production as against
to Blame for Conditions in Demand for Tariff—
that of 1928: Bleached sulphite 8%, news grade sulphite 6%, kraft 5%.
Big Increase in Production Due to California
soda 4% and groundwooci pulp 2%. Easy bleaching sulphite pulp was the
only grade that showed a decrease in its total production in 1929 as against
Operations.
that of 1928.
Denial that John D. Rockefeller, Sr., has actively reAll grades of pulp excepting news grade sulphite, and mitscherlich
sulphite, showed decreases in inventory at the end of December as com- entered the oil industry and that his was the hand which
pared with the end of November 1929. As compared with December 1928, directed
the recent drastic cut in Mid-Continent and Texas
all grades, except bleached sulphite, easy bleaching sulphite and kraft
crude prices, was made this week in a statement made by the
pulp, registered substantial decreases in inventory.
Shipments to the outside markets in December 1929, of all grades of oil magnate's son, John D. Rockefeller, Jr. Emphatically
pulp, excepting news grade sulphite, mitscherlich sulphite and kraft pulp,
denying the report that the senior Rockefeller was heading
were above those of December 1928.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF DECEMBER 1929.
Production,
Tons.
Shipments,
Tons.
Stocks on Hand
End or Month.
Tons.
Newsprint
Book (uncoated)
Paperboard
Wrapping
Beg
Writing
Tissue
Hanging
/eftsam building
Other grades
112.583
87.689
171,293
44.957
10,192
28.225
11,720
6,011
4428
24,963
117.131
88,312
165.208
44.064
9,707
25.746
10,676
6.196
4.407
24,446
19.023
43.234
62,006
47.894
6.b61
43.078
8.775
8.622
3,138
17,661
Total all grades
502.061
405.893
254.494
Grade.
EXPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF DECEMBER 1929.
Used During Shipped Dm- Stocks on Hand
Mg Month, End of Month,
Month,
Tons.
Tons.
Tens.
Grade.
Production.
Tons.
Orotmdwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite mitacherlich
Sulphite pulp
Soda
Pulp, other grades
82,240
35.492
25.395
3,465
7,040
25.503
23.410
40
80.570
31.418
23.120
3.134
5.925
21,965
15.248
—_
3,685
3,730
2,499
334
867
3.699
8,203
72
43,932
6,853
3,155
1,061
1,164
8.235
3,580
22
Total all grades_ _ _ _
202,585
181.380
23,089
65,982
'Meeting in Amsterdam Holland March 5 to Vote on
Months' Restriction of Rubber Production.
" The attention of the crude rubber trade will be focussed
upon a meeting to be held in Amsterdam, Holland on March
5, next, when the proposal to restrict rubber production for
one full month will be formerly presented and voted upon
by producers representing the British, Dutch, Belgian and
French nationals. According to advices from London to
members of the Rubber Exchange of New York, the British
growers through the Rubber Growers Association, have indicated approval of restriction, contingent however upon
the participation of at least 70% of the Dutch plantation
interests to the scheme.
the "on trade war" Mr. Rockefeller pointed out that "for
more than a quarter of a century he has had nothing to do
with the operation nor management of any oil company or
other business, much less the determination of oil policies,
whether in relation to prices or anything else. Neither my
father nor I knew anything about the recent cut in crude oil
prices until we read of it in the public press. The on companies in which we are interested are managed and their
business policies determined by their officers and directors,
and not by their stockholders."
Another development in the critical crude situation this
week was the issuance of a statement by James S. Cloud,
Chairman of the Tulsa division of the Independent Petroleum
Association of America, calling for a tariff on imported
petroleum, both crude and refined. He declared that foreign
oil imports were to blame for the plight of the industry in ths
country. He asks consideration for a crude oil tariff of $1
per barrel, and 50% ad,valorem on refined products imported. He urges approval of this schedule "in the interests
of the people of the United States." Mr. Cloud holds that
the recent Texas and Mid-Continent crude cuts represent a
reduction of $350,000,000 annually in the purchasing power
of the interests involved, and that this reduction will react
disasterously throughout Anierican industry in general.
In a strong plea for the independent producer in America,
Mr.Cloud states that "if the tariff bill provision is not passed,
it is probable that the independent producer in this country
will pass out of existence, resulting in gasoline prices reaching
the same level found in all other countries. No other
country has any competition of independent producers to
keep price at a low level."
Average daily production for the week ending Feb. 22
showed the biggest jump in many months, increasing 69,100
barrels to a daily level of 2,722,050 barrels. This was
brought about mainly by developments in California, where
open flow tests at Santa Fe Springs, Ventura Avenue, Seal
Beach and Long Beach, which together gained 79,000 barrels
daily on an average. A drop of 22,000 barrels daily at
MAR. 11930.]
FINANCIAL CHRONICLE'
Elwood-Goleta brought that State's total increase to 57,000
barrels daily.
California was not alone in increasing its production.
Oklahoma jumped 14,100 barrels, the Earlsboro pool gaining
15,400 barrels and East Little River 2,800 barrels, while
Allen Dome fell off 3,250 barrels daily. Proponents of the
tariff provision were greatly cheered by the statement of
Senator Morris Sheppard of Texas, who previously had declined to commit himself. In a strong declaration on the
subject, he stated: "this is more than a tariff fight-it is the
fight of the smaller business unit against the larger, the fight
that is taking place in almost every branch of American
business and industry
-a fight which must be won by the
smaller unit if the country is to be saved from economic
domination by the few. It is a fight to preserve competition
and repress monopoly."
There were no further crude price changes this week.
Prices of Typical Crudes per Barret at Wells.
(All gravities where A.P. I. degrees are not shown.)
Bradford, Pa
$2.80 Smackover, Ark., 24 and over
Corning Ohio
1.78 'Smackover, Ark. bel w 2
Cabell, W. Va
1.35 Eldorado, Ark., 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek, Wyo., 37
Midcontinent, Okla., 37
1.23 Sunburst, Mont
Corsicana, Texas. heavy
.80 Artosia, N. M
Hutchinson Texas, 35
.87 Santa Fe Springs, Calif 33
Luling. Texas
1.00 MIdway-Sunaet, Calif.. 22
Spindletop. Texas, grade A
1.20 Huntington. Calif., 28
Sphadietop, Texas, below 25
1.05 Ventura, Calif.. 30
Winkler. Texas
.85 Petrolia, Canada
1363
Feb. 27.-011 Export Association makes reduction of ;ic. per gallon In
gasoline and 1 cent per gallon in kerosene prices. (These are first revisions
made by the Association since its organization more than a year ago.)
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
5.06%1North Louisiana-5.073
NY(Bayonne,S.08__a.08%!Arkansas
.08%!North Texas
.0634
.0634 California
West Texas
as
„09341Los Angeles. export- .0734 Oklahoma
Chicago
0934
.0734[Gulf Coast,export_ .0834!Pennsylvania
New Orleans
Gasoline, Service Station, Tax Included.
Minneapolis
-$.182
5.18
$.163 Cincinnati
New York
New Orleans
.195
.16
Denver
.21
Atlanta
.21
.188 Philadelphia
Detroit
.22
Baltimore
.251
San Francisco
.18
.20 Houston
Boston
.195
.24 Spokane
.15 Jacksonville
Buffalo
16
179 St. Louts
.15 Kansas City
Chicago
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
5.0734
5.0534 New Orleans
N. Y.(Bay000e)---S.0734 Chicago
0534
North Texas
.0534 Los Angeles, export_ .0534 Tulsa
Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
Fuel
$.75
5.85 Gulf Coast
New York (Bayonne)$1.05 Los Ange.es
55
95 Chicago
2.00 New Orleans
Diesel
Terminal.
Gas 011, 32-34 Degree, F.O.B. Refinery or
5.03ITulsa
$.03
N.Y.(Bayonne)---5.05%!Chicago
Crude Oil Output in United States Continues to
Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Feb. 22 1930 was 2,722,050 barrels, as
compared with 2,652,950 barrels for the preceding week, an
increase of 69,100 barrels. Compared with the output for
the week ended Feb. 22 1929 of 2,694,150 barrels daily, the
current figure represents an increase of 27,900 barrels per
REFINED PRODUCTS
-LOCAL WAR STARTS AS STANDARD OF day. The daily average production east of California for
NEW YORK OUTS GASOLINE PRICES
-DROP IN EXPORT
the week ended Feb. 22 1930 was 1,916,050 barrels, as comDEMAND BLAMED FOR HUGE STOCKS NOW ON HAND
pared with 1,901,950 barrels for the preceding week, an
KEROSENE DOWN TO 734 CENTS WITH DEMAND QUIET.
increase of 14,100 barrels. The following are estimates of
The refined petroleum products market had a very un- daily average gross production, by districts:
settled and unsatisfactory week, with rumors of a gasoline
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
"war" in the New York territory becoming a fact with the
Feb.22'30. Feb. 15'30. Feb. 8 '30. Feb. 23'29.
Weeks Ended703.400
631.680
632,700
648.800
action of the Standard Oil Co. of New York in cutting tank Oklahoma
95.500
110,540
110.500
110,600
Kansas
55.250
91,800
89,700
89,000
wagon and service station prices one cent per gallon on Panhandle Texas
83,000
81.850
80.1100
81.000
North Texas
Wednesday, Feb. 26. This reduction was quickly met by West Central Texas
53,500
53.850
53,850
53,050
384.500
338.300
335,400
340,700
West Texas
the other factors operating in this market. The next move East Central Texas
21.400
22.850
23,750
23.600
58,600
68.050
68,150
66.750
expected is a drop in tank car quotations, which have held Southwest Texas
35.700
37,600
37.550
41.700
North Louisiana
76,100
58,700
up during this latest competitive move.
58,400
58,150
Arkansas
121.500
178.400
178.850
175.000
Coastal Texas
Not only was the Standard's schedule met,but independent Coastal Louisiana
20,900
21.100
22,950 " 21.250
103,250
123.000
121.700
120,400
operators went a step further and set their prices one cent Eastern (not incl. Mich.)
4.600
14.000
13,400
13,800
Michigan
51.300
49.1350
50,100
49,200
below the new Standard level. This has brought the price Wyoming
8 500
9,300
9,200
8,250
Montana
structure to a very weak basis, and buyers are holding.back, Colorado
6.300
5.050
5,250
4,850
2.650
10.300
10.300
10,250
New Mexico
fearful of changes almost from hour to hour. Not a great California
808.200
707.900
751,000
806,000
business has been placed at the new prices, it is
volume of
2,722,050 2,652,950 2,613.800 2,694,150
Total
understood:
The estimated daily average gross production for the Mid-Continent
Warner-Quinlan was the first of the independents to drop field, including Oklahoma, Kansas. Panhandle, North, West Central,
tank wagon gasoline to 13.3c. per gallon, including state tax. West, East Central and Southwest Texas, North Louisiana and Arkansas.
Feb. 22 was 1.511,350 barrels, as compared with 1,491,for
On Thursday the Shell Union marketing companies lowered 900the week endedpreceding week,an increase of 19,450 barrels. The Midbarrels for the
tank wagon and service station prices to the Standard Oil Continent production, excluding Smackover (Arkansas) heavy oil, was
1,469,950 barrels, as compared with 1,450,600 barrels, an increase of
level, but did not meet the independent gesture.
barrels.
Weakness in refined products is not confined to the New 19,350 production figures of certain pools in the various districts for the
The
York area, it being reported from the Pacific Coast that the current week, compared with the previous week, in barrels of 42 gallons.
Texas Co. had cut tank wagon gasoline prices one cent a follow:
-Went Ended--Week Ended
Feb. 22. Feb. 15.
Southwest Texasgallon in Spokane, Seattle and Portland, this being:a move OklahomaFeb. 22 Feb. 15.
17,000 17.450
20,150 23,400 Darst Creek
Allen Dome
to meet competition.
10,300 10.400
21,100 22.850 Luling
Bowlegs
25,300 25.950
16,800 17,400 Salt Flat
Bristow-Slick
The tank car situation is now holding the attention of the Burbank
North Louisiana-16,600 16,100
8.2
Haynesville
4.550 4.500
trade.
Carr City
5,100 5.150
32,750 32.200 Urania
Leading refiners have been quoting from 83'( to 8%0. per Earisboro
Arkansas.47,050 31.650
East Earlabor0
4.200 4.400
47,800 47,150 Champagnolie
Little River
gallon, tank car, at refinery, but it is generally understood East Little River
5.150 5,200
19,800 17,000 Smackover (light)
41,400 41.300
6.050 5,650 Smackover(heavy)
that business has been freely done on a 73 to 8c. per gallon Maud
%
Coastal Texas
14,600 15.200
Mission
23,500 24,200
88,550 86,750 Barbers 11111
basis. A definite announcement of a lower level is expected. Oklahoma City
11,300 10,700
44,350 42,750 Pierce Junction
St. Louls
11,800 12.050
While several reasons are held responsible for the downward fiasakwa
8,900 9.550 Raccoon Bend
17,350 17.800
8.200 8,200 Spindietop
&aright
trend in refined products prices, among them a sharp com- Seminole
12,400 12.100
21,650 22,200 Sugarland
Coastal Louisiana
4,100 4,300
petition for gallonage records in this market,over-production, East Seminole
1.400 1.450
East Hackberry
Kansas1,700 1,800
and a cut in export demand, oil men believe that the general Sedgwick County
23,250 23,450 Old Hackberry
5,300 5.300
Sulphur Dome
Panhandle Texas
weakness is attributable to the situation in crude oil, which Gray County
Wyoming
.52.600 54.800
30.400 30,950
25,300 24,150 Salt Creek
led the trade to naturally expect a comparative lowering of Hutchinson County
Montana
North Texas
4,950 5,950
17,400 17,550 Sunburst
Archer County
refined prices.
California
Kerosene is quiet, with demand slack, although the general Wilbarger County - 26,000 25,700 Dominguez
10,500 10,500
West Central Texas
37,500 59.500
Brown County
market is operating on a basis of 734c. per gallon for 41-43 flhackleford County-- 8,750 8,800 Elwood-Goleta
41,000 41,000
9,000 9.200 Huntington Beach
Inglewood
22,000 22.000
West Texas
water white, in tank cars, at refinery. While domestic
13,000 13,500
Crane & Upton Counties 45.350 45,500 Kettleman Hills
122,500 111,000
heating oils have been kept fairly active, the consumption is Howard County
36,700 37,800 Long Beach
16,750 16.900 Midway-Sunset
77.000 78.500
meeting expectations, and a weakening trend in that Reagan County
not
221,000 170.000
91,200 89,500 Santa Fe Springs
Winkler County
133,800 129,500 Seal Beach
35,000 31,500
Yates
direction is also noted.
65,000 52,000
Balance Pecos County 6,200 6,800 Ventura Avenue
East Central TexasPrice changes of the week follow:
5,950 5,800
ConnoanarPowell
5.90
.75
1.14
.90
1.23
1.65
1.08
1.20
.80
1.09
1.13
1.90
Feb 26 -Standard Oil Co. of New York reduces tank wagon and service
station prices of gasoline one cent per gallon. Now tank wagon price in
territory affected, Manhattan, Westchester,the Bronx, Southern Connecticut, Staten Island. and Long Island, is 12.3c. per gallon exclusive of tax,
which brings It to 14.3c. per gallon.
41
-Warner-Quinlan followed the Standard reduction but
Feb. 28.
cutting
prices to one cent below the levels named by Standard Oil of New York.
Feb. 27.- Shell Union meats Standard 011 Co. of New York prices in
territory affected
-The Texas Co. reduced tank wagon gasoline prices one cent
Feb. 27.
Per gallon in Spokane, Seattle and Portland.
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute companies
aggregating 3,456,900 barrels, or 94.7% of the 3,650,900
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Feb. 22 1930 report that the crude runs to stills for the week
show that these companies operated to 94.7% of their total
1364
FINANCIAL CHRONICLE
[VOL. 130.
capacity. Figures published last week show that companies
aggregating 3,483,400 barrels, or 95.4% of the 3,650,900
barrel estimated daily potential refining capacity of all plants
operating in the United States during that week, but which
operated to only 71.4% of their total capacity, contributed
to that report.
The report for the week ended Feb. 22 1930 follows:
mills and are likely to result in much heavier specifications in coming weeks.
Fully 3,000 miles of pipe lines are pending, including an oil line from the
Atlantic seaboard to Cleveland and a gas line from Texas to Chicago. The
contract for the latter was actually placed last fall, but specifications were
suspended over the winter and it is now proposed to lay two lines instead of
one, increasing the plate requirements to 250,000 tons.
Railroads, fabricators, shipyards and farm equipment plants continue to
take steel at a high rate. The carriers have placed numerous supplementary
rail orders, calling for 1,000 to 3.000 tons each, swelling the excellent backlogs of rail mills. Freight equipment purchases thus far this year have
.
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS, exceeded those for the same period in 1929 by 1,000 cars. Railroad steel
WEEK ENDED FEBRUARY 22 1930.
now accounts for 38% of the total production of a leading steel interest.
(Figures in barrels of 42 gallons.)
The confidence of the industry in the immediate future is reflected in a
firmer attitude on prices. Plates still show weakness in certain markets,
P. C.
P. C.
but structural shapes are steadier and bars are firm. Irregularities in steel
Gas and
PotenCrude
Opel.
sheets are tending to disappear, and black sheets are more commonly quoted
Fuel Oil
of Total Gasoline
District.
tial Ca- Runs to
for current business at 2.65c., Pittsburgh, or $1 a ton over the recent miniStocks.
Stocks
Capac
Dills.
Pacitu
mum. For second quarter a number of sheet mills have opened their books
Report.
Report.
at 2.75c. Several makers of automobile body sheets have announced a
6,244,000
8,409.000
74.7
East Coast
3,165,300
100.0
654,000 reduction of 10c. per 100 lb. In extras for widths ranging from 36 to 48 in.
1.656,000
68.6
APPalachlan
560.000
91.0
Scrap markets have an easier tone at Chicago and at Pittsburgh, par2,960.000
7,601,000
Ind.. Ill. and Kentucky
77.6
08.6
1,928.300
3,104.000 ticularly in the latter center, where fresh demand from, the mills has sub4,650,000
68.7
Okla., Kansas & Missouri 89.1
1,979.800
12,107,000 sided and inspection of shipments has become more rigid. Heavy melting
7,853,000
4,203.900
85.5
Texas
90.3
1,401,000
68.7
2,772.000
1,259,200
Louisiana-Arkansas
96.8
1.036,000 steel has declined 50c. at Pittsburgh, but has advanced an equal amount
41.1
2,831,000
401,100
Rocky Mountain
93.6
4,010,600
66.3 15,798,000 109,402,000 at Philadelphia.
California
96.3
The "Iron Age" composite price for finished steel has advanced from
72.4 51,570.000 136,908,000 2.305c. to 2.312c. a lb. The pig iron composite has declined from $18 to
Total week Feb. 22
94.7 17,508,200
Daily average
2,501.200
71.4 50.674,000 138,793,000 $17.92 a ton, the lowest figure since 1928, as the following table shows:
Total week Feb. 15
95.4 17,407,700
Daily average
2,486,800
Pig Iron.
Finished Steel.
Feb. 25 1930, $17.92 s Gross Ton.
9,479,000
Feb. 25 1930, 2.312c. a Lb.
87.8
6,768.000
Texas Gulf Coast
99.4
3,218.700
2.505e. One week ago
$18.00
2,440,000
78.8
1.401,000 One week ago
814,400
Louisiana Gulf Coast _ .... 100.0
One month ago
2.3050. One month ago
18.17
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau One year ago
2.391c. One year ago
18.38
of Mines definitions. In California. stocks of heavy crude and all grades of fuel 10 year pre war aveage
1.6890. 10 year pre war average
15.72
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
Based on average of basic iron at Valley
Based on steel bars, beams, tank plates,
Stills include both foreign and domestic crude.
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
Low.
Nish.
Disk.
Improved Demand in Copper Mart-Lead Sales Off 1930__2.362c. Jan. 7 2.3050. Jan. 28 1930___$18.21 Jan. 7 317.92 Feb. 25
1929__2.412e. Apr, 2 2.362c. Oct. 29 1929___ 18.71 May 14 18.21 Dec. 17
Slightly-Zinc and Tin Business Quiet.
1928__2.391c. Dec. 11 2.314c. Jan. 3 1928___ 18.59 Nov. 27 17.04 July 24
19.71
17.54 Nov. 1
Oct.
Increased activity in copper was the outstanding develop- 1927_2.453c. Jan. 4 2.293c, May 25 1927._ 21.54 Jan. 4 19.46 July 13
Jan. 5
18 1926...
1926__2.453c, Jan. 5 2.403c.
ment in the market for non-ferrous metals in the past week, 1925_2.560c. Jan. 6 2.396e. Aug. 18 1925._ 22.50 Jan. 13 18.96 July 7
reports "Engineering & Mining Journal Metal and Mineral
Iron and steel markets continue to drift, with a slight touch
Markets," adding:
of dispirited manner this week, says the "Iron Trade ReLead business suffered in comparison with recent weeks, due mainly to
Cleveland, this week.
the decline in prices in London. Zinc prices maintained a fair[y steady view" of
The railroads are providing noteworthy specifications
course, although business was only moderate. Tin was under pressure on
reports of heavy shipments from the Straits.
especially at Chicago, but are making few fresh commitments
With the hand-to-mouth buying policy still in force, the slow but steady
Building shows up better
Improvement in the demand for copper indicates that consumers are again Automobile production is lower.
operating on a larger scale. Compared with January, sales for domestic in inquiries than awards. Easier money conditions have
account will show a substantial gain. Foreign business in the red metal is failed thus far to mature important pipe line projects, conwell-sustained, sales for February to date totaling 30,000 long tons.
Lead sales during the week were fair and the market held steady despite tinue the "Review", which further states:
the uncertainty caused by the London decline. Shipments to consumers
with producers in a comfortable position
as regards March, the situation here remains fundamentally sound. Prices
unchanged.
are
Moderate trading took place in the market for zinc on a basis of 5.15c.
per pound, East St Louis, the price shoring no change from a week ago
Interest centered in the concentrate situation in the Tri-State district.
With concentrate and zinc prices out of line, the feeling prevails that a readjustment one way or another will have to take place soon.
Tin developed an easier tendency on the news that about 9,000 tons of the
metal would be shipped from the Straits. Business, as a result, was rather
quiet and sales were recorded as low as 38c. per pound.
are proceeding at a good rate and
Steel Production Continues at a Good Rate-Price of
Finished Steel Higher, While Pig Iron Declines.
Steel demand has tapered, mainly because of smaller
specifications from the automobile industry, but average
ingot production continues at a good rate, with no sharp
recession in early prospect, states the "Iron Age" of Feb. 28,
in its review of the iron and steel markets. Although steel
makers specializing in automobile steels have been forced to
curtail operations, other producers are holding their own or
further expanding output, adds the "Age", which goes on
to say:
The ingot rate at Chicago, influenced by releases of pipe steel, has risen
from 90 to 95% of capacity, and Alabama operations average 94%. On the
other hand, output in Pittsburgh and the Valleys has receded from 80 to
75%. Raw steel production for the country at large is estimated at 80%,
compared with 82% a week ago, while the rate of Steel Corp. plants remains
unchanged at 85%.
A more conservative viewpoint prevails in the steel trade than a month
ago, following the spectacular recovery of buying in January. Certain
estimates now place automotive consumption of steel this year at only 60%
of that of 1929, but until the arrival of open weather gives definite indications
of the volume of retail demand for cars all calculations must be regarded as
mere conjectures. Ultimate consumer purchases are particuarly difficult to
anticipate in view of the unsettled business situation that has prevailed since
the stock market crash and, in adhering to a cautious policy, motor car
makers are trying to avoid the danger of overproduction.
To the uncertainties as to automotive steel requirements have been added
contingencies that may affect the flow of steel to the building industry and
farm equipment plants. President Hoover's pleas to Congress for economy,
while understandable as a check on pork barrel legislation, have raised doubts
as to the extent of the Government's public works program, which had been
counted on to stimulate business activity later in the year. The recent
declines in wheat and cotton prices have also caused concern for the future,
although the manufacture of agricultural machinery has not yet been
affected.
While the long view has become more obscure, prospects for the next
month or two are regarded as good. The approach of spring is bringing out
larger specifications in wire products and tin plate and contracts for outdoor
work,such as pipe laying and highway building. Road construction work
in Iowa calls for 25,000 tons of reinforcing steel, of which 10.000 tons has
been placed. Pipe line contracts are commencing to draw steel from the
Whatever increase February has developed in pig iron and steel ingot
production-and the prospects are next week's statistics will reveal a moderate one-is due chiefly to the sharp Improvement early in the month
and the heavy backlogs of railroad business at Chicago. Deliveries are
being extended at Chicago, but mills at Pittsburgh, Buffalo and Birmingham are barely holding their own, while at Youngstown and Cleveland
operating rates are slightly lower.
The spurt of late January having flattened out, the industry now looks
to late March or early April to develop another. Even moderate retail
demand for automobiles will be reflected in factory schedules, as no stocks
are being accumulated. The usual spring requirements for iron and steel
for outdoor purposes seem certain to provide some impetus. Hopes of a
steady upward march have been dissipated but an upturn comparable to
the spring of 1927 or 1928 is not improbable.
Some interest in second-quarter material is manifested. In pig iron a
few sales have been made for that delivery at current prices. The first
second-quarter sheet inquiry is out at Detroit. Unless specifications for
finished steel rise sharply in the next two weeks,and there are no indications
of this, the carryover of tonnage into the new quarter will be comparatively
heavy and may handicap producers in their efforts to advance prices.
The predominance of railroad business quickens demand for plates and
small shapes. On this account prompt delivery on some sizes is impossible
at Chicago. In addition, plate mills at Chicago will shortly begin shipping
against the 100,000
-ton order of the Milwaukee pipe fabricator for the Texas
Chicago pipeline. New tank inquiry at Chicago totals 11,000 tons, making
fully 35,000 tons pending there.
Steel bars, like sheets and strip, lack the vigor usually imparted by automotive demand except at Chicago where implement and tractor manufac-rolled strip is in relatively better
turers are specifying satisfactorily. Hot
call than cold-rolled. Manufacturers' wire leads activity in wire products,
where price irregularities are more pronounced, extending to wire rods.
Tin plate demand is surprisingly heavy. Many consumers of cans have
reordered, and some important manufacturers of tin plate are booked
practically fuil through the season, into June and July. It is apparent
that the early advent of winter last November has depleted stocks of
canned goods.
Structural steel awards this week totaled about 36,675 tons, compared
with 34,405 tons last week and 34.500 tons a year ago. Speculative building in the East seems on the wane. Construction and maintenance expenditures by public works and utilities will total 87,000,000,000 this year
according to the department of commerce, offering some prospects later in
the spring.
Probably 4,500 freight cars are pending, including 1,000 refrigerator
cars for the American Refrigerator Transit Co., which should be placed
shortly. The Pacific Fruit Express may purchase 1,500 of this type. New
freight car inquiry includes 125 for the Green Bay & Western and 100 for
the Missouri
-Kansas-Texas. The Pullman Co. will build 100 passenger
cars in its own shops. Forty-six locomotives and 25 extra tenders are on
inquiry.
Sharper competition for pig iron business in March Is indicated by furnace
interests' lack of orders to carry them through this quarter. Southern
iron continues to be offered at $13. Birmingham, in northern markets.
Northern iron quotations generally are unchanged. The season for domestic
grades of beehive coke is practically over, and blast furnace and foundry
requirements are not expanding.
Chicago steelworks are maintaining an 88-90% operating rate. Pittsburgh holds at 78-80, Buffalo at 74, Youngstown Is off 2 points to 74,
while at Cleveland 29 out of 34 open hearths, or one less than a week ago,
are active. Operations of steel corporation subsidiaries, which have been
1365
FINANCIAL CHRONICLE
MAR. 11930.]
. Estimated United States Production of Bituminous Coal (Net Tons).
-1929
928 1929 -1930
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.
Week Ended
11,675.000
424,088.000
11,628,000
438,574.000
Feb. 1
1,946,000
1,642,000
1,695,000
1,938,000
Daily average
12,070.000
436.158,000
449,510,000
10,936.000
Feb. 8
2,012,000
1,651,000
1,699,000
1,823,000
Daily average
448,099.000
11,941,000
10,300,000
459.810,000
Feb. 15_a
1,990,000
1,658,000
1,700,000
Daily average
, •
a Subject to revision.
The total production of soft coal during the present coal year to Feb. 15
tons.
There has been no change in the rate of ingot production (approximately 271 working days) amounts to 459,810,000 netbelow:
Figures for corresponding periods in other recent coal years are given
in the U. S. Steel Corp., which has been maintained in the 1928-29
514.295,000 net tons
448,099,000 net tons11926-27
472,304,000 net LOW
416,982,000 net tons 1925-26
past week at between 85% and 86% of theoretical capacity, 1927-28
production of soft
As already indicated by the
stated the "Wall Street Journal" on Feb. 25. Two weeks coal for the country as a wholefigures above, the totalFeb. 8 is estimated
during the week ended
ago the big corporation was running at from 83% to 84%, at 10,936,000 net tons, as compared with 11,628.000 tons in the preceding
week. The following table apportions the tonnage by States and gives
added the "Journal" which also said:
comparable figures for other recent years.
Independent steel companies, however, show a decrease of 2%, and are
Estimated Weekly Production of Coal by States (Net Tons).
running at 75%,compared with 77% a week ago and 76% two weeks ago.
Feb.1923
Week Ended
The reduction by these companies is due to the curtailment among the
Feb. 8 '30. Feb. 1 '30. Feb. 9 '29. Feb.11 '28. Average.s
Slate409,000
smaller units, for the larger companies, including Bethlehem, Youngstown Alabama
354,000
349.000
351,000
372,000
25.000
25,000
64,000
62,000
57.000
Sheet & Tube, Republic and Inland have made little or no change from the Arkansas
231,000
204,000
283,000
322,000
261,000
Colorado
preceding week.
1,414,000 1,642.000 1,575,000 1,315,000 1,993,000
Illinois
For the entire industry the rate is now approximately 80%. against a Indiana
613,000
382,000
470,000
443,000
427,000
136,000
79.000
98.000
shade over 81% in the previous week and 79% two weeks ago.
120,000
101.000
Iowa
95,000
88,000
88,000
66.000
71.000
This is the first time since the beginning of the current year that the Kansas
556,000
834,000
986,000 1,022,000 1,052,000
Kentucky-Eastern
Steel Corp. failed to show a gain in its weekly figures. It is also the initial
226,000
328,000
400,000
329,000
301,000
Western
decrease from a preceding week reported by independents since Jan. 1 last. Maryland
51,000
56.000
66,000
63,000
58,000
26,000
15,000
16.000
18,000
At this time last year the Steel Corp. was running at 90%. with inde- Michigan
16,000
79,000
66,000
89.000
100,000
94,000
pendents at 77%, and the average nearly 833i%. In the last week of Feb- Missouri
80.000
58.000
84,000
88,000
72.000
Montana
ruary, 1928, the Steel Corp. was at 91%, independents at 77% and the
58,000
45,000
62,000
55.000
48.000
New Mexico
average was between 83%and 84%.
37,000
40,000
81,000
74,000
53,000
North Dakota
694,000
217,000
467,000
524,000
474.000
Ohio
62,000
60,000
89,000
110,000
107,000
Oklahoma
2,572,000 2,664,000 2,906,000 2,597,000 3.087,000
Pennsylvania
127,000
113.000
142,000
129,000
129,000
Tennessee
23,000
24,000
Output of Bituminous Coal in Week Ended Feb. 15 Texas
18,000
13,000
13,000
96.000
94,000
150,000
166,000
145.000
Utah
1930 Again Declined-Pennsylvania Anthracite Virginia
212,000
235,000
285,000
275,000
280,000
77,000
45,000
67.000
65,000
50,000
Washington
Production Slightly Higher than a Year Ago.
West Virginia-Southernb 2.010,000 2,096.000 2,280.000 1.781,000 1.166,000
634,000
730.000
750,000
655,000
674,000
Northern_c
According to the United States Bureau of Mines, Depart- Wyoming
156.000
116,000
160,000
180,000
144,000
7,000
6,000
2,000
1,000
2,000
ment of Commerce, the output of bituminous coal in the Other States
rising since early January, are unchanged this week at 85-86%. Independent producers have declined 2 points, to 75%.
Export prices of all iron and steel products made on the Continent and
included in syndicate agreements have been advanced. This action has
strengthened the domestic European market to the extent of fuelling
consumers' hopes for reductions. Trade in Great Britain and on the Continent is quiet.
The "Iron Trade Review" composite of 14 leading iron and steel products
has gone through the last week of January and the four weeks of February
February unchanged at $35.24. Last February this index averaged $36.28.
week ended Feb. 15 1930, amounted to 10,300,000 net tons,
a decrease of 636,000 tons as compared with the same week
last year and a decrease of 1,461,000 tons as against the
corresponding period last year. The production of Pennsylvania anthracite during the week ended Feb. 15 1930,
totaled 1,737,000 net tons as compared with 1,746,000 tons
in the preceding week and 1,736,000 tons in the week ended
Feb. 16 1929.
For the coal year to Feb. 15 1930, the output of bituminous
coal amounted to 459,810,000 net tons as against 448,099,000
tons in the coal year to Feb. 16 1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Feb. 15 1930,
including lignite and coal coked at the mines, is estimated at 10,300,000
net tons. Compared with the output in the preceding week, this shows
a decrease of 636,000 tons, or 5.8%.
Production during the week in 1929
corresponding with that of Feb. 15 amounted to 11,941,000 tons.
Total bituminous coal...10,936,0GO 11.628,000 12,093,000 9.907.000 10,950,000
Pennsylvania anthracite-- 1.746,000 1,861,000 1,829,000 1,440.000 1.902,000
12,682,000 13,489,000 13,922,000 11,347,000 12,858,000
Total all coal
a Average weekly rate for entire month. b Includes operations on the N.& W.:
C. ac 0.; Virginian; K. & M.. and Charleston division of the B. & 0. c Rest of
wheal
State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Feb. 15 is estimated at 1,737.000 net tons a decrease of approximately
0.5% from the output in the preceding week. Production during the week
in 1929 corresponding with that of Feb. 15 amounted to 1,736,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1930
-Deity
Daily
Average.
Week.
Week.
Average.
Week Ended286,300
1,718,000
310,200
1 861,000
February 1
304.800
1,829,000
1,746,000
291.000
February 8.a
289.300
1,736,000
1 737,000
289,500
February..15.b
a Revised. b Subject to revision.
The output of bituminous coal in the United States during
the week ended Feb. 15 according to the weekly estimate
of the National Coal Association, was about 10,650,000
net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve 'Banks on Feb. 26, made public by the Federal
Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows a decrease for the week of
$34,200,000 in holdings of discounted bills and increases of
$18,200,000 and $2,100,000, respectively, in holdings of bills
bought in open market and U. S .Government securities.
Member Bank reserve deposits increased $30,400,000,
Government deposits declined $12,100,000 and Federal
Reserve note circulation $19,100,000, and cash reserves
increased $9,700,000. Total bills and securities were $14,400,000 below the amount reported a week ago. After
noting these facts, the Federal Reserve Board proceeds as
follows:
The principal changes in holdings of discounted bills for the week were
decreases of $30,400,000 at the Federal Reserve Bank of New York, $5,600,000 at Chicago, $4,200,000 at Dallas and $3,000,000 at Cleveland, and
increases of $4,200,000 at San Francisco and $3.300,000 at Boston. The
System's holdings of bills bought in open market increased $18,200,000, of
Treasury notes $20,500,000 and of U. S. bonds $9,400,000, while holdings
of Treasury certificates and bills declined $27,800,000.
Federal Reserve note circulation declined $14,400,000 at the Federal
Reserve Bank of New York and $7,000,000 at Dallas, and increased
$6,000,000 at Cleveland and $4,100,000 at Philadelphia.
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 1414 and 1415.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended Feb. 26, is as follows:
Feb. 26 1930.
Increase (+) or Decrease (During
Year.
Week.
Total reserves
Gold reserves
3186.585,000 +9,655,000
2,989,631.000 +12,113,000
Total bills and securities
1,138,522,000 -14,373,000
-324,510,000
342,781,000 -34,162.000
Bills discounted, total
Secured by U.S. Govt. obligations_ 184,163,000 -20,767.000
158,618,000 -13,395,000
Other bills discounted
-609,701,000
-424.589.000
-185,112,000
+342.421.000
+302.785,000
Bills bought in open market
299,306,000 +18,249.000
-34,769.000
U. S. Government securities, total
Bonds
Treasury notes
Certificates and bilis
482,755,000 +2,140,000
79,167.000 +9,397.000
221,030,000 +20,498,000
182,558,000 -27,755,000
+316,355.000
+27.574,000
+130.292,000
+158,489.000
Federal Reserve notes in circulation_ _1,637,094.000 -19,067.000
-16,877.000
2,407,980,000 +17,059,000
2,345,858,000 +30,447,000
36.840,000 -12,147,000
-4.992,000
-21,392,000
+15,684,000
Total deposits
Members' reserve deposits
Government
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 thatl fori the Chicago member banks thus :ssued in
1366
advance of the full statement ofithe member banks, which
latter will not be available until the coming Monday. Th
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$5,000,000, the total on Feb. 26 1930 being $3,489,000,000
as compared with $6,804,000,000, the high record in all time
established on Oct. 2 1929 and $5,507,000,000 on Feb. 20
1929.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb. 26 1930. Feb. 19 1930. Feb. 27 1929.
$
Loans and Investments—total
7,412,000,000 7,484,000,000 7,239.000,000
5.499,000,000 5,578,000.000 5,369,000,000
Loans—total
2,890,000,000 2,913,000,000 2,863,000,000
2.609,000.000 2,665,000,000 2,500,000,000
On securities
All other
1 914.000,000 1,905,000,000 1,870,000,000
Investments—total
1,108.000,000 1,114,000,000 1,116,000,000
805,000,000 792.000,000 754,000,000
U.S. Government securities
Other securities
782,000,000
49,000,000
Reserve with Federal Reserve Bank
Cash in vault
743,000,000
50,000,000
761.000,000
56,000,000
5,226,000.000 5,199,000,000 5.349.000,000
1 230,000,000 1.225.000,000 1,177,000.000
1,000,000
1,000.000 10,000,000
Net demand deposits
Time deposits
Government deposits
74,000,000
904,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
78.000.000
844,000,000
93.000,000
935,000.000
1,000,000
37,000.000
134,000,000
Loans on secur. to brokers & dealers;
953.000,000 962,000.000 1.090.000,000
For own account
For account of out-of-town banks.... 980,000,000 987,000.000 1,693.000.000
1,556,000,000 1.545,000.000 2,724,000,000
For account of others
3,489,000,000 3,494.000.000 5,507.000.000
Total
On demand
On time
Leans and Investments—total
[VOL. 130.
FINANCIAL CHRONICLE
3,116,000.000 3,137,000.000 4,962,000,000
373,000,000 357,000,000 545,000,000
Chicago.
1 942,000.000 1,930,000,000 2.141,000,000
Loans—total
On securities
1 546,000,000 1,536,000,000 1,688,000,000
935,000,000
611,000,000
924,000,000
612,000,000
943,000,000
745,000.000
395,000,000
395,000,000
453,000,000
162,000,000
233,000,000
162,000,000
233,000,000
192,000,000
261.000,000
Reserve with Federal Reserve Bank.... 171,000,000
Cash in vault
15,000,000
165,000,000
15,000,000
188,000,000
17,000,000
All other
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,222,000,000 1,214,000,000 1.281,000,000
605,000,000 596,000,000 685,000.000
1,000,000
144,000,000
314.000,000
1,000,000
159,000,000
314,000,000
173,000,000
321,000,000
1,000,000 121,000.000
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 membe 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.
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 Feb. 19:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Feb. 19 shows a decrease for the week of
374,000.000 in loans, an increase of 358.000.000 in investments, and de-
creases of 312,000,000 and $5.000,000, respectively. in net demand and
time deposits.
Loans on securities declined $13,000.000 at all reporting banks, $21,000000 in the New York district and $7,000.000 in the Richmond district, and
Increased 327,000.000 in the Chicago district. "All other" loans declined
$42.000.000 in the New York district. $11,000,000 in the Boston district
and 361,000.000 at all reporting banks.
Holdings of U. S. Government securities Increased $52,000,000 in the
New York district. 39.000.000 in the Chicago district and $61,000,000 at
all reporting banks, while holdings of other securities declined $10,000.000
In the New York district. 36,000.000 in the Chicago district and $6,000,000
at all reporting banks.
The principal changes in borrowings from Federal Reserve banks for the
week, which showed a net increase of 31.000,000 for all reporting banks,
comprised an Increase of $11,000,000 at the Federal Reserve Bank of New
York and decreases of $8,000,000 at Chicago and $7,000.000 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 ending
Feb. 19 1930, follows:
Increase (+) or Decrease (—)
Since
Feb. 19 1930. Feb. 11-12 '30.* Feb. 20 1929.
+7,000,000
+7.000,000
—5,000.000
—21,000,000
12,966,000,000
6,851.000.000
4.000,000
—12,000,000
—5,000,000
—5,000,000
—293,000.000
—16,000.000
—39,000,000
1,104,000,000
2,734,000,000
—27,000,000
—114,000,000
—40,000,000
—114,000,000
186,000,000
+1.000,000
—451,000,000
Reserve with Federal Res ve banks 1,695,000,000
.
Cash In vault
232,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks•Feb. 11-12 figures revised.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously accep ances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2 1929
which was merged with a non-member bank.
Directors Named for Bank for International Settlements—
Great Britain, France, Italy, Belgium and Japan Submit Choices at Meeting in Rome.
The following wireless message from Rome (Italy), Feb.
26 is from the New York "Times":
The Governors of the Central Banks of Britain, France, Germany,
Italy and Belgium and a representative of the governor of the Bank
of Japan met this afternoon at the Bank of Italy under the chairmanship of Bonaldo Stringher, governor of the Bank of Italy, to appoint
the board of directors of the Bank for International Settlements and
transact other business in connection with the new bank.
After the meeting the following official communique was issued:
"The Governors of the Central Banks—Belgium, M. Franck;
France, Emile Moreau; Germany, Dr. Hjalmar Schacht; Great
Britain, Montagu Norman, and Italy, Senator Stringher, and Setsusaburo Tanaka, representative of the Governor of the Bank of
Japan—met today in Rome under the Presidency of Signor Stringher.
They exchanged nominations for the board of directors of the Bank
for International Settlements and decided to invite two American
directors of the bank. The meeting adjourned until tomorrow."
It had been known for some time that Gates M. McGarrah, Chairman of the Board of the Federal Reserve Bank of New York, and
Leon Fraser, New York attorney and former general counsel for the
Dawes plan, would be chosen to represent the United States on the
board of the world bank and today's meeting of the Governors of the
Banks of issue sent formal invitations to them. The reply is expected to reach Rome late tonight or tomorrow. If, as is expected, the
invitation is accepted, Mr. McGarrah and Mr. Frasere will sail from
New York in time to be at Basle for the formal opening of the Bank
for International Settlements, which will probably be held on March 15.
No other question of importance was discussed at today's meeting
and the question of who is to be chairman of the board of directors
and president of the bank was purposely not raised. There seemed,
however, to be general agreement among all who participated in today's meeting that the Presidency should be held by an American, and
all agreed to offer the high position to Mr. McGarrah.
Besides officially inviting two American representatives to sit on the
board of directors, the heads of the banks of issue with only one exception, Dr. Schacht, announced the names of their countrymen who,
according to the statute of the bank, are to serve on the board. They
are:
Britain, Mr. Norman and Sir Charles Addis.
France, M. Moreau, Baron Brincard, president of the Credit Lyonnaise, and the Count de Vogue, president of the Companie de Suez.
Belgium, M. Franck and Emile Francqui, membre of the Young
committee of experts and Belgian financier.
Italy, Senator Stringher and Giuseppe Beneduce, Deputy in the
Italian Parliament and member of the international bank organization
committee at Baden Baden.
Japan, Mr. Tanaka, London representative of the Bank of Japan, and
Daisuke Nahara, London manager of the Yokohama Specie Bank.
Dr. Schacht is expected to name the German representatives in the
near future. To those listed nine others will subsequently be added,
chosen by them.
Further adviees (Feb. 27) to the "Times" from Rome
stated in part:
The chiefs of the banks of issue assembled here learned with the
greatest pleasure today that Gates
McGarrah and Leon Fraser
had accepted their invitation to join the board of directors of the
Bank of International Settlements.
The following official communique was issued this evening:
"The Governors and representatives of the Central Banks which
Increase (4-) or Decrease (—) are taking part in the foundation of the Bank for International SettleSince
ments held two meetings today at the Bank of Italy under the chairFeb. 19 1930. Feb. 11-12 30.* Feb. 201929.
manship of Governor Stringher. The constitutive document for the
foundation of the Bank was approved and signed. All other measures
Loans and investments—total____22,090,000,000
—90,000,000
—16.000,000
to be taken for the organization of the Bank were settled in common
Loans—total
—74,000,000 +330,000,000 agreement.
16,519,000.000
"The business before the meeting having now been completed, the
On securities
7.669.000,000
—13,000,000 +225,000.000 governors intend to leave Rome tonight or tomorrow."
All other
8.850,000.000
—61,000.000 +105,000.000
The world bank's board of directors as at present constituted conInvestments—total
5.571,000,000
+58,000,000 —420,000,000 sists of thirteen members, with twelve more still to be appointed. It
was learned tonight that the German members of the board would
U. S. Government securities—. 2,808,000,000
+64,000,000 —259.000,000
Other securities
2,763.000,000
—6,000,000 —162.000.000 be appointed not later than three days after ratification by Germany
W.
MAR. 11930.]
FINANCIAL CHRONICLE
1367
of The Hague accords. It will then be possible to have the first full
meeting of the board, at which those who have not yet signed the
constitutive documents for the foundation of the Bank will affix their
signatures.
of silver in Canada at the first of this month were 1,244,000 ounces, against
827,000 ounces on Jan. 1 and 344,000 ounces on Feb. 1 1929.
In copyright advices from Rome Feb. 27 the New York
"Herald-Tribune" said in part:
Silver at New Low—Breaks on News of Import Duty
in India.
The following is from the New York "Sun" of last night
(Feb. 28):
The closing session here today of the conference of Governors and
representatives of the Central Banks of issue was marked by two important developments preliminary to the inauguration of Basle, Switzerland, of the Bank for International Settlements.
The first was an announcement to the effect that both Gates W.
McGarrah, Chairman of the Board of the Federal Reserve Bank of
New York, and Leon Fraser, New York attorney, had cabled acceptances to the formal invitations dispatched to them yesterday to
serve as the two American members of the board.
The second development was the signing by representatives of the
five principal European banks of issue and the Bank of Japan of the
so-called articles of association, through which the six institutions
agree to participate together in the Basle bank. The six are the
Bank of Japan, the Bank of Belgium, the Bank of England, the Bank
of France, the Bank of Italy and the Reichsbank of Germany.
Under the provisions of the Young plan the Federal Reserve Bank
of the United States is permitted to participate with these six, but
due to the State Department's suggestion that the Federal Reserve
system remain aloof from settlements, American participation will be
provided jointly by three private institutions.
The principal outstanding requisite to the inauguration of the new
bank is the ratification by interested governments of The Hague's
accords. Under agreements already made the inauguration may take
place when Germany and her creditors represented at The Hague shall
have ratified. There is one other minor outstanding requisite.
Shares of Bank For International Settlements to Be Listed
—Belgians Have Plan to Issue Trust Certificates to
Public.
— The following from Brussels, Belgium, Feb. 18, is from
the New York "Journal of Commerce" of Feb. 27:
Trust certificates representing shares of the new Bank for International Settlements will be listed on the Brussels Bourse, according to
tentative plans reported made at a meeting of bankers at the Banque
Nationale.
This meeting was addressed by M. Franck, who explained the evolution of the institution and the methods for floating the shares now
favored, lie also pointed out the important role which the bank will
play in international financial operations. At the close of the meeting
it was agreed in principle that the shares of the bank will be made the
subject of a public offering under the auspices of the Banque Nationale.
The shares of the institution will at first be only 25% paid up.
This will involve $2,000,000. Since the negotiability of the shares of
the Bank for International Settlements is limited by the term of the
charter, which required each transfer to be indorsed by the bank itself,
the shares would not be issued publicly. Instead, they would be
placed wills the bank of issue as trustee, and the latter would place
on the market certificates of beneficial interest.
These certificates would be negotiable abroad as well as in Belgium.
Should other countries in which shares are to be sold follow the same
course, these trust certificates might develop an international market.
The actual flotation, it is thought, may not be made until about May.
In publishing the above the paper quoted said:
There has been considerable uncertainty here as to whether shares
of the Bank for International Settlements allocated to this market
would he made the subject of a public offering. Banking circles in
close touch with the matter have stated that it is unlikely a public
offering would be made here, but that instead the shares would be
placed privately among banking institutions interested. Whether or
not trust certificates may finally be sold to the public has not been
given much consideration, it is said.
The price of silver had the most precipitate slump of the year to-day on
news from Calcutta that the Indian Government had placed an import duty
of four annas (about
rupee, which is worth 36 cents United States
currency) per ounce. Silver in New York dropped 1% Cents an ounce,
Mexican silver dollars fell one cent and the price of silver in London dropped
9-16 penny per ounce.
By shutting off imports in this way by the prohibitive duty of about nine
cents an ounce, the Indian Government will be enabled to sell at home its
surplus stocks of demonetized metal, which it has been unable to put on the
market in accordance with its demonetization program during the past two
years.
The price of the white metal is likely to go still lower, in the opinion of the
trade here.
Chinese exchange, which moves with silver, experienced its worst break
of the year to-day also.
In reporting the new low figure for New York bar silver,
the New York News Bureau yesterday (Feb.28) said:
Handy & Harman quoted commercial bar silver per .999 fine ounce at
403gc., off 13ic., and Mexican dollars at 303.6c., a decline of lc. These
prices establish another new low record.
London prices yesterday (Feb. 28) were reported as
follows:
Bar silver quotations to-clay were: Spot, 193id., off, 9-16d., a decline of
3.6(1. These are new low record figures.
China's Silver Dollar Drops.
Associated Press advices from Shanghai, Feb.27 said:
China's silver dollar registered a new low exchange rate to-day, sinking
to 33.58 gold cents and nearing the three-for-one ratio to gold dollars predicted in financial circles. As the Mexican dollar, principal unit in the
currency of China, declines, financial troubles in this country increase.
Prices of everything are soaring and living costs have been sharply affected.
Low Price of Silver, as London Sees It—Week's Fall to
Low Record of History Due to Greatly Reduced
World Demand.
The fall of silver bullion last week (noted in our issue of
Feb. 22, page 1200) to a new low record price of 19 13-16d.
per ounce occasioned no surprise in the London bullion
market, said a London cablegram, Feb. 21, to the New
York "Times" which also had the following to say:
With the exception of 1928, the price of silver has shown a steady decline
since 1921 and the ease of supply over demand has apparently become a
chronic feature of the market. One country after another has either abandoned silver altogether as its principal coinage or has considerably debased
its silver currency, and at the same time world production has in recent
Sears shown continued large expanse, apparently taking no account of
reduced consumption.
At the moment, therefore, very large stocks of silver exist in China,
which is now the principal outlet for the metal. The overloading of that
market and the continued sales of demonetized silver by other countries
fully explain the present low record price. They render rather remote
any chance of material recovery for some time to come.
The only possibility is that the low price may stimulate demand from
both China and India and prevent a further material decline.
Young Reparations Plan O.K.'d by Committee in Reichstag. China Not to Impose Duty or Other Restrictions on
The following (Associated Press) from Berlin Feb. 26 is
Silver.
from the Brooklyn "Daily Eagle":
Under date of Feb. 26, Nanking (China) Associated Press
Joint committees of the Reichstag today approved the Young Repaccounts said:
arations Plan, thereby recommending its acceptance in the
Reichstag.
The joint committee also approved the agreement on American reparations and the hotly contested Polish separate reparations agreement
The Young Plan bills will reach the Reichstag for their second reading
March 6.
The expected splitup of the coalition parties over the Young Plan
was tided over when joint committees of the Social Democrats, Democrats and Peoples Party with 29 votes recommended the Young Plan
to the Reichstag. The Nationalists, Communists, Economic Party and
Christian Nationalists with 23 votes were in opposition.
Those abstaining were the Centrists and the Bavarian Peoples Party,
who insisted that the financial bills should be disposed of before the
Young Plan. As a sign of loyalty to the coalition, however, the Centrists proposed a vote of confidence for the Chancellor.
T. V. Soong, Minister of Finance in the National Government, stated
to-day that the government had decided not to impose an import duty or
other import restrictions on silver.
£6,000,000 For South Africa-5% Loan Is Being Underwritten at 98.
London advices Feb. 28 published in the New York "Evening Post" state:
A Government of South Africa £6,000,000 55',. loan is being underwritten.
It will be offered at 9834 and will be redeemable at par in 1045-1975.
Cuban Loan Reported Ratified—$80,000,000 Contract
with Chase National Said to Have Been Signed.
Silver Output Off at American Mines—January Production Lower Than Same Month in 1929 by
The "Times" announces the following Associated Press
38,000 Ounces—Canada Reports Increase—World advices from Havana Feb. 26:
Output for November, 21,086,000 Ounces.
An $80,000,000 loan contract recently effected between the Cuban Government and the Chase National Bank of New York was to-day ratified
The following is from the New York "Times" of Feb. 18:
with the signatures of Government officials and Emilio Obregon, manager
The January silver output of this country was greater than that of
December, but below that of January last year. The estimates of the
Bureau of Metal Statistim show an output of 9.914.000 ounces
for January, against 4,952,000 ounces in December and 5,023,000 ounces in
Jan. 1920. The Canadian output for January was 1,882,000 ounces.
against 1,761.000 ounces in December,and 1,747,000 ounces in Jan. 1929.
The world output for November, the last month for which figures are
available, was 21,29.1.000 ounces, against 23,086,000 ounces in October
and 18,562.000 ounces in Nov. 1928. The Mexican output for November
was 10.305,000 ounces. against 11,934,000 ounces in October and 8,643,000
ounces in Nov. 1928.
There were 511,000 ounces of silver on hand in this country on Feb. 1,
against 529,000 ounces on Jan. 1 and 595,000 ounces on Feb. 1 1929. Stocks
American
of the local branch of the bank. Under provisions of the roan $40.000.000
mil, be used in paying debts now due on construction work of the Central
Highway. The other 840,000.000 will be used in completing Cuba's
public improvement program.
Canadian Gold Reserve Higher—Gold Held Against
Notes Is $65,223,753, Increased from $62,995,279
at Dec. 31.
The following Ottawa account, Feb. 19, is from the Montreal "Gazette" of Feb. 20:
1368
FINANCIAL CHRONICLE
Canada's gold reserve is gradually creeping up. The circulation and
specie report released from the Department of Finance to-day as of Jan. 31
shows that the gold held by the Minister of Finance against note circulation
and Government savings bank deposits is $65,223,753.32. At the end of
December the total was $62,995,279.85. On June 30 the total was
$61,648,225.27.
More and more the currency is being secured by gold instead of by
approved securities. In June 30 last, the Dominion note circulation, secured
by the gold reserve, was $105,262,826 and the Dominion notes outstanding
against approved securities was $88,700,000. At the end of the year
the circulation against gold was $105,231,909 and against securities $82,700,000. At the end of January, however, the notes out against gold
totaled $107,389,063 and the circulation against securities had dropped
to $49,700,000.
At the end of December of the total circulation against gold, $60,041,000
was made up of legal tender for banks only—Dominion notes of $1,000,
$5,000 and $50,000 denomination. In the report for the end of January
this item had increased to $64,904,000.
Soviet Russia to Float Huge Loan to Aid Industrial
Program—New Bonds to Replace Three Issues of
About 2 Billion Rubles.
The New York "Herald Tribune" reports the following
(Associated Press) from Moscow, Feb. 23:
To provide money for carrying out its five-year industrialization plan,
the Soviet Government has decided to issue a huge additional internal loan
this year. This will take the place of the present first, second and third
outstanding industrialization loans, holders of which are obliged to exchange
their coupons for the new loan paper.
The new loan will be known as "the five-year-plan in four years."
Holders of the old coupons will continue to draw their coupons until the
five-year plan is completed. The total of three outstanding industrial loans
whish are to be absorbed by the loan amount to nearly 2,000,000,000 rubles.
[VOL. 130.
Demoralized Conditions in Wheat Market at Chicago Have
World-Wide Effect—New Low Price Levels—Other
Grain and Cotton Prices Likewise Fall—Statement by
Chairman Legge of Federal Farm Board..
Demoralized conditions in the Chicago wheat markets
were witnessed this week, with a drop in prices to new
low figures, the depression spreading to other commodities
and having a world-wide effect. The Chicago "Journal of
Commerce" of Feb. 25 in its report of the break on Feb. 24
said:
A break of 534 to 634c in wheat prices on the Chicago Board of
Trade yesterday came when millions of bushels of long grain had
been dumped on the market for the purpose of stopping losses. It
carried the market to new low levels for the season and to the lowest
point wheat has reached during the month of February in fifteen
Years. May wheat broke from $1.13 to $1.0734 and closed at mom
to $1.08%.
Weakness of foreign markets over the holiday and fear that the
financial position of owners of Canadian stocks would force them to
dump this grain on world markets precipitated the extensive selling.
Buying orders were not in the market to halt the decline and the
ceiling was more persistent than spectacular.
Other Commodities Decline.
Other grains and other commodities were swept to lower levels
yesterday, mainly as a result of the bearish sentiment in the wheat
market. Cotton closed at new declines of 30 to 40 points, reaching
new low levels for the season. General liquidation was noted.
Lard futures broke sharply as a direct result of the grain break
and final final prices were off 225's to 25 cents for the day. New low
prices for the year were also recorded in the egg futures market here.
Aside from the grain influence, the market was affected by the mild
temperatures prevailing, and record-breaking receipts.
Winnipeg Also Breaks.
The price of wheat at Winnipeg broke 234(g34 cents following a
Soviet Russia Raises Agricultural Tax to Drive out similar break on Saturday when American markets were closed due
Kulak (Well-to-do Peasants) Poor Peasant Ex- to inability to find a steady foreign demand for the grain. Canada
has sold little or none of the 1929 surplus, estimated at 200,000,000
empted.
bushels, according to reports coming from Winnipeg, and still has
The following from Moscow (Associated Press), Feb. 25, wheat to sell from the 1928 crop.
Failure to sell wheat abroad during the normal period of exportais from the New York "Times":
tion is considered the cause of the present predicament of owners of
Taxation changes of far-reaching importance, especially as affecting the
grain. Meeting the price views of foreign buyers last fall would
Russia's millions of village dwellers, were made to-day by the Central have
resulted in the shipment of a lot of wheat to Europe and less
Government.
burdensome stocks than now prevail. Europe would not have been
Hereafter all the so-called poor and less affluent middle-class peasants a more active buyer of wheat, as her supplies during the early months
will be exempted entirely from the agricultural tax. The kulaks, or well- of the present season were very liberal, but price inducements would
to-do peasants, will pay much snore than last year, however. In 1929 the undoubtedly have put a lot of wheat into consumptive channels.
kulaks, who comprise about 2%% of the entire peasantry, paid the GovPool Trouble Rumored.
ernment more than 100,000,000 rubles (about $50,000,000), or 27% of the
There have been rumors of the Canadian pool being in financial
total agricultural tax collected in the entire Soviet Union.
The new tax measure is designed ultimately to exterminate the kulak trouble because of holding big stocks for many months, entailing a
as a class and to stimulate the growth of the new collective farms under the carrying cost of about 18c a bushel a year, to which must be added
control of the Government. The collective farm members will pay con- the loss by reason of the decline of 40c a bushel since December 1.
The provincial governments in the grain provinces have come to the
siderably less in taxes than the individual farmers.
rescue of the pool, but even this assurance has not checked liquidation.
Every bushel of long wheat sold represents a heavy loss in price.
May wheat in this market on July 29 sold at $1.64. The decline
Meatless Day Rule Decreed in Moscow Russia—Nine yesterday to $1.070 shows a decline of over 56c a bushel. Most
of the break has occurred during the last few months, so that specuSuch Days Each Month Ordered.
lators have been hurt more than growers. In fact, the money loss
Moscow, Feb. 17, were pub- to speculators greatly exceeds that sustained by growers, as a large
Associated Press advices from
percentage of the crop had left the farms before the big break took
lished as follows in the New York "Evening Post":
place.
Moscow authorities to-day decreed that all restaurants in the city should
Board Prices Over Market.
have nine meatless days each month. It is hoped thus to save both meat
Farm board agencies continue to buy cash wheat of high milling
and fuel.
Under present conditions, a laboring member of the population is allowed grade at the terminal markets, paying prices that were set some time
an average of half a pound of meat daily, but even this sharp rationing ago. These prices now figure from 14 to 16c a bushel above the
system has failed to relieve the crisis which led authorities recently to commercial figure. No attempt has been made to sell this wheat, so
establish a "collective" of all cattle ranches after the manner of the that the indicated loss is thus far a paper loss, but with demand for
collective farms. At the same time there is a movement on foot to exclude cash wheat as limited as it is at present, the trade cannot see where
from all restaurants all non-toiling elements because of the Inability of the co-operatives can dispose of this grain to their advantage. Nature
will provide the answer by determining the size of the coming crops.
these restaurants to feed the thousands of workers in the city.
The New York "Herald-Tribune" of Feb. 26 in reporting
from Washington Feb. 25th developments incident to the
Russia Resumes Grain Exports Through Black Sea. decline in wheat prices had the following to say:
While echoes of
wheat market decline in Chicago were heard at
For the first time in nearly two years Russia has resumed both ends of the the
Capitol today, Alexander Legge, Chairman of the
shipments of grain through the Black Sea, according to a Federal Farm Board, conferred with President Hoover and shortly
cable to the Department of Commerce from Commercial afterward called upon the "conservative business men of the country"
to stand by the board in its efforts to stabilize prices.
Attache Julian E. Gillespie at Istanbul. A Washington disThis action came on a day of sensational events in American and
New York "Times," reporting this, world grain markets. At Chicago wheat below the dollar-per-bushel
patch, Feb. 23, to the
mark became a reality for a time with March futures at 9834 cents,
adds:
year.
attribDuring December and January, shipments of grain through the Black Sea
totaled 324,000 tons, including 309,000 tons of barley, of which 284,000
tons were destined for the United Kingdom. It is reported that 17 steamers
are now in the Black Sea ports loading grain for export.
Anna M. Michener Named to Staff of Federal Farm Board.
Appointment of Miss Anna M. Michener, associate editor
of the New York Journal of Commerce, as economic statistician, effective March 1, 1930, was announced on Feb. 17
by the Federal Farm Board. Miss Michener will be on the
staff of the Board's chief economist. Miss Michener
studied at Swarthmore College and took graduate work at
Columbia University. For a number of years she was employed in the statistical division, National Bank of Commerce, in New York City. Since March, 1929, she has been
associate editor of the New York Journal of Commerce.
Heavy buying,
5 cents below the previous low for the
uted to the Federal Farm Board, brought a buying stampede at the
close that sent the price up again to $1.04. In the primary markets,
wheat prices went through low levels for this season that have stood
for more than fifteen years. Rallies at the close, however, restored
wheat, corn and rye prices from a fraction to a cent or more a bushel
above Monday's close.
Mr. Legge pointed to the "objection that has developed in the grain
trade" against the action of the board in financing farm co-operatives
in the purchase of wheat and cotton as an emergency measure against
low prices.
"I have no fear," he said, "that the co-operatives will not be able
eventually to market these purchases satisfactorily. The board's
primary interest is to protect the farmer members of the co-opertaives,
and it has succeeded so well that none of the co-operatives has lost
anything in recent market deflections."
Although the Chairman declined to comment on his conversation
with the President or to indicate whether it influenced his public statement, it became known that the decline in prices at Chicago was discussed by him with the Chief Executive.
While Mr. Legge was at the White House, Senator Gerald P. Nye,
Republican, of North Dakota, declared on the floor of the Senate that
MAR. 1 1930.]
FINANCIAL CHRONICLE
"the speculators are trying to discredit farm legislation and the farm
board and are willing to go broke trying it."
In the House Representative Loring M. Black, Democrat, of New
York, took occasion to blame the wheat crash on President Hoover.
Senator Charles L. McNary, of Oregon, Chairman of the Senate
Agriculture Committee, expressed the private opinion that Congress,
if asked, would extend additional aid to the Farmers' National Grain
Corporation in the present wheat situation.
A similar reference to the length the government might go in financing the farmer's protection of his wheat was made by Chairman Legge
at a press conference which followed his interview with the President.
"The Board still has a credit balance big enough to buy every bushel
of wheat on the American market," he said in answer to a question
as to what it could do to stop the downward trend of prices.
"That," he said, "would stop it, wouldn't it?"
The Chairman said, however, that the grain corporation was buying
only from member co-operatives and that although the Wheat Stabilization Corporation had authorization to operate as any independent
dealer it, too, was trying to keep its purchases to co-operative grain.
"Obviously," he said, "we do not expect to buy the trader's wheat
at the same price we pay the co-operatives."
Advances ranging from $1.12 to $1.25 a bushel, depending on the
grade of wheat and the location of the market, have been guaranteed
to co-operatives.
The Grain Corporation, Mr. Legge said, had advanced loans on
approximately 9,000,000 bushels and the Stabilization Corporation had
taken about 6,000,000 bushels, including wheat previously purchased
by the Grain Corporation. He said it was proposed to hold the grain
for a better market or at least until it would sell above the purchase
price.
How much more wheat the corporations would have to buy, he said,
was debatable, since no one knew what amounts were being held in
the country. He denied any attempt to "peg" the price of the 1930
crop and said that advances on it would not be scheduled until there
were estimates on the probable production and the potential demand
both in this country and abroad. Present advances, he said, were
low, compared to wheat prices of the last few years.
The Federal Farm Board made public as follows, on
Feb. 25, Chairman Legge's statement.
1369
In a Washington dispatch, Feb. 26, the "Times" stated:
The critical wheat market situation and the depressed condition of
cotton prices today resulted in a flurry of developments on Capitol
Hill and at Farm Board headquarters.
Senate Resolution Proposing Closing of Exchanges.
The Senate adopted a resolution calling upon Secretary of Agriculture
de to recommend means of meeting the situation existing in the
wheat and cotton markets, even to the extent of temporarily closing
the grain and cotton exchanges.
The Farm Board, continuing its enlarged policy adopted after Chairman Legge had conferred with President Hoover yesterday, went ahead
with the purchase of wheat in the open market. This buying was confirmed by Secretary Hyde in a statement at the White House, where
he went to report to the President.
The Farm Board is carrying on the open market buying through its
Awlyformed Stabilization Corporation, and Secretary Hyde said it dealt
"largely in May futures." The Farmers' National Grain Corporation is continuing its purchases from co-operatives on the basis of the
loan value fixed for wheat, $1.18 at Chicago and $1.25 at Minneapolis,
and has taken about 800 carloads.
Futures Buying "at the Market."
Purchases in the open market are being made at the prevailing
market prices. When the Farm Board's agency went into the market
yesterday it did so when wheat prices had struck bottom. About
6,000,000 bushels of wheat futures was taken up. Figures were not
given for purchases today.
The Farm Board officials and Secretary Hyde believe the rise in
price started late yesterday was the result of this buying and that the
action of the board prevented a further disastrous decline, or, according to Mr. Hyde, an incipient panic.
Desite the activity of the board, the debate that accompanied the
adoption of Mr. Heflin's resolution in the Senate was marked by bitter
attacks on the Farm Board.
Chief defender of the board was Senator Nye of North Dakota, who
assailed the grain dealers of the country. He charged the dealers
with buying and selling with the sole purpose of depressing the world
market. He said they were trying to cause the failure of the Farm
Board's policy.
The Heflin resolution, after calling on Secretary Hyde for an opinion
on the matter of closing the exchanges, said it was alleged that markets
were being "greatly depressed by harmful speculation that has beaten
the price of cotton and wheat down below the cost of production."
In response to inquiries from representatives of the press, Chairman Legge of the Federal Farm Board today issued the following
statement:
"Some objection has developed in the grain trade against the action
Legge and Williams Criticized.
of the Farm Board in financing farm co-operatives in the purchase
Chairman Legge and Carl Williams, cotton member of the board,
of wheat and cotton in the present situation.These activities will
continue in the interest of agriculture and business as an emergency were charged with having made "unwise statements" in the depressed
measure in the present situation. I have no fear that the co-oper- price situation.
This brought Senator Nye into the debate. He questioned details
atives will not be able to eventually market these purchases satisfactorily.
"In connection with these objections I should like to make this of the Board's policy and the adequacy of the Farm Marketing Act
under present conditions. He specifically blamed private grain dealers,
statement as a conservative business man, addressed to the conservative
the Minneapolis Chamber of Commerce and various boards of trade
business men of the country.
"The country as a whole was thrown into depression through the for what he described as a "raid on the market."
"The dealers have been buying and selling for one purpose only," the
collapse of speculation on the New York Stock Exchange. The action
of the President in securing co-operation of the business world abso- North Dakota Senator said, "and that is to depress the world market,
lutely prevented this collapse from developing into a panic and has and the price of wheat so it will be reflected in the domestic market.
"I feel that this is a crucial period in the life of the Farm Board
enormously mitigated its effects upon employment and business, inand even if the remedy we have sought to apply is inadequate, we
cluding agriculture.
"The co-operation of the great employers of the country in holding should stand behind the Board, which is sincerely trying to bring
wages, and therefore the buying power of the public, the action of the relief."
Senator Nye said the complaints coming in were from elevator
railways, the public utilities, the industries, the Federal Government,
the states and municipalities in undertaking great programs of con- owners who remained out of the Federal organization but now wanted
struction, are greatly mitigating unemplo)ment and giving protection the Board to take grain off their hands.
Senators Norbeck of South Dakota and Brookhart of Iowa, freto the workman and stability to business. These agencies are performing
a service of inestimable value which assures our tiding over to an quent critics of the Board, were inclined to "go along" with it now.
"It is the first sensible thing the Farm Board has done," said Mr.
unprecedented rapidity of recovery from what would otherwise have
Brookhart, as to the present purchases.
been a most serious crisis.
"The farmer also was the victim of this collapse. His products and
Questions Closing Action.
his labor were jeopardized the same as the other workers through the
Senator Tydings, Democrat, of Maryland, questioned the right of
currents started in considerable part from the same causes. His only
Congress to close the exchanges, even temporarily.
direct support in this emergency is the Farm Board, through powers
"The Louisiana lottery, another gambling affair, was stopped," Senconferred upon it. The Board is endeavoring, through finance of the
ator Caraway, Democrat, of Arkansas, said.
farmers' own organizations, to help to restore stability and expedite
"Yes," replied Senator Tydings, "but if I recall correctly, the courts
recovery from a crisis which the farmer did not create and for which
had ruled against them and I doubt if the courts would rule against the
he is not responsible.
exchanges."
"The measures taken are purely emergency measures in part with
Senator Caraway served notice that he proposed to demand a report
those taken by other business agencies of the country, and I am confrom the Committee on Agriculture relative to his bill designed to
fident that the Board deserves and will receive the support of all thinking
prohibit the use of mails for purposes of trading in futures. A similar
business men in its endeavor to contribute its part toward the swift
measure was defeated in the last session.
recovery of the country as a whole from this situation. The grain trade
Senator Connally, Democrat, of Texas, was critical of the Farm
in particular is interested in the maintenance of stability and the
Board's operations in cotton.
Board earnestly hopes for their co-operation in the measures now
"Today I protested to Chairman Legge regarding the practice of short
being taken for restoration of the grain markets."
selling of cotton upon which the board has granted loans to the cooperatives," he said. "Mr. Legge assured be the board does not now
From Chicago Feb. 26 advices to the New York "Times"
require hedging operations in the cases in which the board has made
said:
cotton loans.
The Farm Board bought wheat futures on the Chicago Exchange
"There is no doubt in my mind that manipulation and artificial
on Tuesday (Feb. 25), according to authoritative announcement to- transactions on the cotton exchanges have recently had a most deday, but those in a position to know say the business was in the way pressing effect upon the cotton market. I strongly favor legislation by
of taking futures, which were then exchanged for cash grain. Ac- Congress to correct these evils."
cording to trade items, between 3,000,000 and 8,000,000 bushels of the
latter were obtained, presumably at low prices in the East, and there
were unconfirmed reports of several small lots being taken today Chairman Legge of Federal Farm
Board Ignores Plea
(Feb. 26). It was known that bids of 13d cents under Chicago May
of Grain Dealers—Reiterates Policy of Buying only
were made for No. 2 hard Winter at the seaboard, a figure far below
a shipping basis from this market.
from the Co-Operatives—Rumors of New GovernThe wheat market was unsettled today, within a range of 2% to
ment Buying Send Wheat Futures Up 24 to 37
4
PA cents, with prices higher in sympathy with the strength in WinCents in Chicago.
nipeg and Liverpool and on short covering. The aggressive buying of the
previous day was absent except for a brief period, when May ran up to
The following Washington advices Feb. 27 are from
$1.12%, or 934 cents above the low of the previous day. Part of
the New York "Times":
the advance was lost later on profit taking and local selling, with the
In the face of a flood of telegrams from private grain operators, demanding
finish 1 to 114 cents higher on the nearby months and unchanged
that the Federal Farm Board take surplus wheat stocks off their hands,
on September.
Considerable spreading was under way, with July bought and Sep- the board will not deviate from its announced intention to confine purStabilization Corporation to wheat held by
tember sold, causing relative weakness in the latter. Winnipeg closed chasce by the
farmers who are
members of co-operatives. Chairman Legge announced to-day.
20 to 2/2 cents higher, with some buying there credited to the pool.
Apparently well satisfied with the result of the
corporation's N ent ure in
Liverpool gained 134 to 134 pence, with short covering in evidence.
the buying of both futures and cash grain in halting the
precipitous deBuenos Aires and Rosario were Vi to 34 cent higher, making a poor cline of wheat prices, Mr.
Legge disclosed that the Farm
response to the strength in North America.
trols in one day or another about 25,000.000 bush( ls of Board now conwheat. Of thLs,
S
1370
FINANCIAL CHRONICLE
10,000.000 bushels Is actually owned by the Grain Stabilization Corporation,
the Board's agency in its market operations: 8,000.000 bushels are controlled through loans or other obligations, and 7,000,000 bushels are involved through contracts for future deliveries.
These operations, the last of which were concluded two days ago while
"dollar wheat" was the rule on the grain exchanges, mark the extent of
the board's activity in the grain market for the time, it was learned authoritatively to-day. Tee board does not propose to extend its operations to any great extent, unless the market again sags dangerously under
strong bear drives, and threates not only other farm commodities but general business as well.
Mr. Legge's statements today were made at a press conference attended
by Secretary Hyde, with whom Mr. Legge had been In conference. Secretary Hyde declined to comment on the Heflin resolution, %tacit called on
him to express his views as to measures which might be taken to stabilize
both the wheat and cotton markets, including the effect of a possible
closing of the Wheat and Cotton Exchanges.
Mr. Legge insisted that the Board has no obligation to take heed of
the protests of private operators and take ()Nor wheat they had purchased
in anticipation of a rise. He said that the cooperatives were gradually
growing in strength as a result of recent developments, which gave only to
cooperative meineers the right to dispose of their wheat at the pegged
price of $1.18 at Chicago or $1.25 at Minneapolis. regardless of the market
price, which In the past few days has been from 11 to 20 cents lower.
He also said there was a possibility that the Stabilization Corporation,
through its operations In May futures, may make some money, in view
of the fact that a general strengthening of wheat prices appears to be
possible in the near future.
Broadening of the Government's policy In Its operations to stabilize
the wheat market may result from a conference to be he'd Saturday in
Chicago between Secretary Hyde. Mr. Legge and Samuel R. McKolvie,
grain member of the Farm Board, and administrative officials of the
Grain Stabilization Corporation, it was learned tonight.
It wa.s Indicated that the conference might result In a decision of the
Board to estend its operations beyond the grain actually bed by the
cooperatives. This, it was explained, would extend the Government
relief to wheat In the hands of farmer-controlled elevators, even though
these organization" are not now strictly cooperative bodies under the
terms of the agricultural marketing act
[Vot.. 130.
"There Is no doubt," said Senator Heflin, "that certain members of the
Board have laid themselves open to criticism."
Senator Gerald P. Nye, Republican of North Dakota, took the position
that the grain trade is seeking to discredit the farm relief program and the
Farm Board. Under the circumstances he urged support for the Farm
Board.
Senator Smith W. Brookhart, Republican of Iowa, contended that if
the Board were clothed with power and money to buy tip wheat at $1.25
a bushel, the speculators and the exchanges would be helpless to control
the situation.
Senator Nye. though questioning the policy of the Pram Board in some
respects, laid blame for the present situation on private grain dealers,
the Minneapolis Chamber of Commerce and certain boards of trade, which
he accused of raiding the market.
"The dealers." he said, "have been buying and selling for one purpose
only and that is to depress the world market and the price of wheat so
it will be reflected In the domestic market."
Farm Board Plans Upset Southwest—Wheat Marketing
Machinery of Section at a Standstill Owing to
"Pegged" Price.
In its issue of Feb. 16 the New York "Times" published
the following editorial correspondence to it from Roy
Buckingham at Kansas City, Mo., Feb. 12:
The marketing machinery of the Southwest, the grain commission
companies here and in Wichita, Hutchinson, Dodge City, Oklahoma
City and other grain centres, is at a stanstill because of the Federal
Farm Board's grain relief measures. With the National Grain Corporation purchasing wheat at "pegged" prices, several cents above
the market, the traders who usually are moving much grain from the
market at this time of the year are buying nothing.
"We don't know where we are," a Board of Trade member said.
"We don't know what the stabilization corporation will do to wheat.
We never had a more demoralized market than we have now, and with
the promise of another huge wheat crop in the Southwest hard wheat
belt the market situation is a puzzle."
The problem which causes anxiety now is what is to become of the
Federal Farm Board Restricts Purchases—Farmers 1930 crop. Wheat purchased now by the National Grain Corporation
However, storage is so scarce that with a
National Grain Corp. To Buy only Wheat Shipped is stored wherever possible. year it will be a difficult task to find places
100,000,000 bushel crop this
from Co-Operative Elevators.
to put it. Kansas City's 25,000,000 bushel storage facilities are filled
The "Wall Street Journal" of Feb. 27 published the follow- with grain, some of which has been in storage two years. New storage built in the Southwest this year and which will be ready for the
ing from Minneapolis:
1930 crop will not exceed 10,000,000 bushels and the wheat production
Farmers' National Grain Corp. of the Federal Farm Board is refusing to from Ford County alone would nearly require that much.
buy any wheat except that shipped from farmer-owned co-operative
elevators. This new ruling, announced Tuesday by the corporation's
No Crop Reduction.
buyers in Minneapolis, is effective in Minneapolis and Duluth.
Facing this prospect, the wheat producers in the Southwest are in the
For about six weeks the Farmers' National has been accepting No. 1
same confused state of mind as the commission men. They, however,
and No. 2 wheat at both northwest markets, the only restriction being
are going right ahead buying combines and tractors as never before.
that the grain must be shipped direct from a country elevator and delivered
reduction request of Alexander II. Legge, chairShipments were accepted from any Apparently the crop
In cars at Minneapolis or Duluth.
man of the Federal Farm Board, did not register.
kind of country elevator, either co-operative or private.
The marketing structure making it possible for all wheat raisers in the
Wheat dropped as soon as word of restriction of Farm Board purchases
in the benefits of the National Grain Corporato co-operatively shipped wheat got around. The announcement stated Southwest to participate
tion apparently was completed last week when a regional group for
that the change of buying policy was made necessary by the fact that the
formed. This group had its genesis in the
Farmos' National has nearly eahausted its storage space under lease at Kansas and Colorado was
the co-operatives and the wheat pool. The
Minneapolis and Duluth terminals and is unable to obtain more at prices It ten-year-old quarrel between
Kansas wheat pool always has had poor sledding in Kansas. Its memconsiders fair.
negligible. Its fiscal policies were not successWhile the Farmers' National has declined to make known the amount of bership to begin with was
growers. However, Ernest Downie and
space it has leased or the amount of grain it has bought. edimates are that ful enough to win the wheat
it has bought around 4,000 cars, enough to fill over 5,000,000 bushels of John Vesecky have battled opposition and sought to do everything
to bring the pool to a solvent condition.
elevator space.
When the National Grain Corporation announced it would work
through the major co-operatives, the Farmers' Union, Equity and FarmResolution Calling Upon ers' Graindealers associations endorsed the national plan and came
Senate Adopts Heflin
Secretary of Agriculture To Report as to Whether into the national group without changing their set-up. However, the
mkrobership were inadequate and the pool
Situation in Wheat and Cotton Markets Warrants wheat pool's set-up and regional agency. The independent co-operabegan agitation for the
Closing of Exchanges.
tives in Kansas and Colorado who could not qualify under the requirein a clamor
joined the
On Feb. 26 in the Senate discussion broke out over the ments of the National Grain Corporation,group is poolcapitalized at
to be
agency. This sales
a
decline in wheat and cotton prices, with attacks on the for regional salaesparticipating in it will receive the benefits of the
$1,000,000. Those
"orgy of speculation" on the exchanges and criticism of National Grain Corporation, although their individual identity will be
Repre- lost in the new agency. The major co-operative groups have a more
Mr. Legge, Chairman, and Carl Williams, Cotton
National Grain Corporation.
of the Farm Board. A Washington dispatch direct hook-up with the
sentative
Feb. 26 to the New York "Herald Tribune" from which
we quote, went on to say:
In the end a resolution offered by Senator J. Thomas Heflin, Democrat,
report to the
of Alabama, was adopted, which called on Secretary Hyde to
Senate any recommendation ho might see fit to make, even to the extent
and Cotton Exchanges.
of temporarily closing the Grain
The resolution adopted by the Senate to-day follows:
now being
"Whereas. It is alleged that the price of cotton and wheat is exchanges;
grain
greatly depressed by harmful speculation of the cotton and
and
"Whereas. Said harmful speculation has beaten the price of cotton and
wheat down below the cost of production: therefore, bolt
requested to
"Resolved. That the Secretary of Agriculture Is herebymake, even to
to
report to the Senate such recommendation as he sees fit
the extent of temporarily closing the said exchanges."
accounts of
Senator Heflin, In offering his resolution, read newspaper
of Trade and
the fluctuations yesterday in grain on the Chicago Board
He said that,
denounced what he called "the orgy of wheat gambling."
according to reports. 300.000,000 bushels were sold In a day, and remarked:
"Oh. Mr. President, what are we coming to?"
wheat but
The Senator said that the speculators were not really selling
a great
selling fictitious stuff and calling it wheat. Ho charged that
effort was being made In this country to bring about a panic. He did
not know whether the motive was political or not.
Senator Kenneth McKellar, Democrat of Tennessee, called attention
to the speculation In cotton and the depression in cotton prices. Ho
blamed Mr. Williams for making statements which had hurt cotton prices.
Senator T. II, Caraway, Democrat of Arkansas, head of the lobby
committee, interrupted to say that In bringing about a depression of
prices sought by the speculators on cotton and grain. "no more valuable
aid" had been given than statements of Mr. Williams and Chairman
Legge. He added that Samuel R. McKelvie, though he had been unfavorably impressed with him when he was first appointed, was the only
member of the Board who had stood up for the farmer and attacked the
speculator..
Critical Situation in Kansas City Wheat Market.
The following from Kansas City, Mo., Feb. 2-1 is from the
Chicago "Journal of Commerce":
A critical situation in die Kansas City wheat market was relieved temporarily to-day when the Farm Board's purchasing agent, after being forced
out of the market because of lack of storage, obtained additional warehouse
room.
Week-end and holiday accumulations of wheat amounted to 406 cars,
much of which was to be added to the 23,500,000 bushels already stored
in Kansas City elevators. About 140 cars were "country run" wheat
scoured out of the bins of country elevators and sold to the farm board's
agent at 13 cents a bushel higher than private dealers could pay.
After buying some sixty cars the Farmers' Union Jobbing Association,
acting for the Farmers' National Crain Corporation, announced all its
space was full. Samples of about seventy ears of "country run" wheat
then backed up on its tables. Private dealers who were paying about
$1 a bushed for No. 2 hard, compared to the $1.13 bid of the farm board's
agent, naturally were unable to take it.
Sent Oa.
ilore S
Added to the situation was the announcement that much of the 400 ears
received in Hutchinson to-day were being sent on to Kansas City as the
local agent there of the farm board was out of the market.
II. E. Witham, Manager of the Farmers' Union Jobbing Association, and
J. J. Knight, Manager of the Farm Board's other agency, the Farmers'
Equity Union Grain Co., immediately went into conference with elevator
men and mill representatives.
The elevator men reported their houses jammed and unable to give relief.
One large mill offered 750,000 bushels space if the farm board agents
would agree to move out the wheat by June 16.
MAR. 1 1930.]
FINANCIAL CHRONICLE
Kellogg Gives Permission.
A telephone call to W. G. Kellogg, Chicago General Manager of the
Farmers' National Grain Corporation, obtained the necessary permission.
Purchases were resumed, about 200,000 bushels being taken altogether.
The 750,000-bushels space will last about a week at the present rate of
purchases for the Farm Board account Kansas City representatives of the
Board are hopeful of obtaining more mill room later.
Wichita, Kan., elevators to-day cut 10 cents a bushel from their price
scale for wagon wheat, one of the most drastic reductions ever made there.
The Wichita elevators had kept the wagon wheat price at $1 a bushel.
No. 1 dark hard by wagon load was quoted at 96 cents. To-day the top
price was nut to 86 cents to place it on a parity with futures markets.
Saskatchewan (Canada) Farmers Favor Compulsory
Pooling of Wheat.
The following Canadian press advices from Saskatoon,
Sask., Feb. 26 are from the New York "Times":
Farmers of Saskatchewan, Canada's greatest wheat-growing Province,
to-day went on record as favoring compulsory pooling of commodities.
After long hours of debate, the United Farmers of Canada, Saskatchewan
section. gave almost unanimous approval to a resolution directing the board
of directors to "stand ready to work with the Wheat Pool Board of Directors
or the directors of any other pool," in requesting that there be placed in
the statute books of Saskatchewan an Act known as the primary products
Act, "whereby the growers of any commodity may obtain control of the
marketing of all that commodity grown in the Province."
Australia Plans Compulsory Wheat Marketing Pool.
The Associated Press reports the following from Melbourne, Australia, Feb. 26:
The cabinet of the Victoria State Government has endorsed the recommendations of the Premiers' conference for a compulsory Australian wheat
marketing pool. Legislation will be prepared for submission to the State
Assembly.
References to the proposal for the stabilization of wheat
in Australia through pooling arrangements were made in
our issue of Feb. 22, page 1191.
Wheat Drops in Budapest—Market in Panic Despite
Government Buying to Bolster Prices.
Advices from Budapest,Feb.26 to the New York "Times"
said:
The collapse of wheat prices on United States and Canadian exchanges
cussed a panic In Budapest. which plays a role for Central Europe as Chicago
does for the United States.
The Hungarian Government, which had already committed itself to the
maintenance of wheat prices as a relief measure for the hard-hit farmers,
tried vainly to support the market by considerable purchases. Quotations
have decreased since the beginning of this year about 78 cents per 224
pounds.
The Vienna market was reported to have suffered to-day from the downward tendency and prices dropped 3%•
This further fail of wheat prices will accentuate the agrarian crisis in
all Danube States and be a serious problem for their Governments.
1371
E. Owens, who in turn presented the speakers. Mr. Owens declared that
hitherto in times of "peace and prosperity" the farmer had got the peace
and industry the prosperity, but that now if co-operation was given the
Federal Farm Board and to governmental marketing legislation, the farmer
might also get some of the prosperity.
Slump Dm, to Surplus.
He introduced Charles H. Alvord, representative of the Federal Farm
Board, who outlined the theory of aid to the farmer through a Federal-ft.
nanced co-operative marketing system. Mr. Alvord said the present downward trend of cotton prices was due to surplus production in the United
States and increasing competition of foreign-grown cotton. His prediction was that this lowering price cycle would continue unless acreage
was reduced from the 47,500,000 acres of 1929 to no more than 40,000,000
acres in 1930. "This year of 1930 will be a good one for business and for
the farmer if this advice is heeded now in the spring," Mr. Alvord added,
"rather than by trying to correct the situation after the mischief has been
done at harvesting time."
Col. O. 0, Walsh, Governor of the Dallas Federal Reserve Bank, was the
next speaker, reading a prepared paper summarizing the situation as seen
by bankers.
"The only solution of the problem," Col. Walsh said, 'is for the fanner
to grow only so much cotton as the world can consume, because the surplus controls the price of the entire crop." Paraphrasing an old proverb,
he asserted that "Uncle Sam is now ready to help those who help themselves."
Praising the personnel of the Federal Farm Board and its work, Ord.
Walsh declared that the only way the marketing plan could succeed was
through active and earnest co-operation of the farmers and business interests
of the South.
The attitude of the Federal Reserve System, Col. Walsh continued, was designed to be helpful to the farmer, and that ample funds had been and
would be available for the rediscount of cotton or other agricultural paper
through member banks of the Reserve system. Ile asked that the farmers
do three things: Organize co-operatives as required by the Federal Farm
Board, produce only what the world market would consume, and produce
a better quality, thus automatically curtailing competition of foreign grown
cotton. Value of a quality crop was demonstrated, he said, by the experience of cattlemen, who had found that thoroughbred cattle and hogs were
more profitable than scrubs or razorbacks.
"Can't Escape Economic Law."
O. 0. Moser, Vice President and Secretary of the American Cotton Cooperative Association, spoke next, urging a smaller acreage, and advising
.,
the farmer to d• what other industries did in this respect. He pointed out
that the United States Steel Corporation a year ago was producing 97%
of capacity, but was now producing but 63%, so as to keep its output within
the range of consumption.
"We can't evade the penalties of the economic law," Mr. Moser said,
in a plea for prevention of a surplus now, before the crop was planted,
rather than trying to avert the consequences of overproduction after it was
an accomplished fact "The Federal Farm Board can then only help to
spread the loss over a period of years, but can not prevent its ultimate payment," he concluded.
Hubert M. Harrison, of Longview, Secretary of the East Texas Chamber
of Commerce, pledged his organization to assist in the movement to secure
reduced cotton acreage in the sixty-nine counties in which the chamber
is represented.
Sees 10
-Cent Cotton Unless Acreage Is Cut—Carl
Williams, of Federal Farm Board, Predicts Another
"Bad" Year for Growers in South.
French Minister of Finance Would Aid Wheat Growers.
Carl Williams, of the Federal Farm Board, at a meeting
The "Wall Street Journal" of Feb. 24 reported the follow- in Memphis, Tenn., on Feb. 22 of thei American Cotton Coing United Press advices from Paris:
operative Association, predicted another "bad year" for
Minister of Agriculture Henri Queuille is reported considering a project southern cotton planters unless the 1930 acreage is greatly
for State appropriation of 1,000,000,000 francs to aid French wheat growers.
reduced. Accounts from Memphis (Associated Press) to the
Southern Cotton Farmers Inviting Slump With Over..
planting According to Representations of Federal
Farm Board and Others at Dallas Meeting in Which
Chamber of Commerce Co-operated.
New York "Herald Tribune" reporting this, added:
"Southern farmers face the prospect in 1930 of no Government aid of an
effect character unless immediate steps are taken to reduce cotton acreage
and yield," he said. "Cotton acreage is on the red side of the ledger and
Southern cotton farmers can't make expenses so long as overproduction
holds down the price. Unless the farmers reduce to 40.000.000 acres
there will be no cotton profit in the South.
"Cotton may sell as low as 10 cents a pound, or less, if the same acreage
Is planted in 1930 as in 1929. If the Farm Board is to be of help to the
Southern farmer it must not have to deal with un unwieldy surplus."
The meeting was called by Allen Northington of Montgomery, Ala..
President of the Association. Final organization plans, selection of a
headquarters city, naming of a general manager and other business Is
expected to be transacted.
If Southern cotton farmers plant more than 40,000,000
acres of that staple this spring they will be inviting a repetition of the marketing disaster of 1926, when they lost $1,000,000,000 through overproduction, a group of about 300
bankers, business men and agriculturists were told at a luncheon at the Baker Hotel In Dallas, Tex., on Feb. 17, according to the Dallas "News" which in its account of the meeting
Lancashire
went on to say:
This forecast, with suggestions for defeating the possibility of its realization through acreage reduction were found in the words of speakers representing the Federal Farm Board, the Federal Reserve Bank and the
American Cotton Co-operative Association. Every speaker urged a reduction of at least 6,000,000 acres this year as contrasted with the 1929
planting.
Gravity of the cotton price problem was asserted to be the concern
of every man and woman in the cotton producing section of the country
since of every dollar of new wealth 50 cents must come from the soil, and
chiefly from cotton in Texas, where 15,000,000 acres were planted last
year. Bankers were warned not to lend money for crop production purposes to farmers who were not prepared to raise their own feed and
food crops at home as a part of the plan to cut cotton acreage.
Cotton Mills (England)
Curtailed Production.
Vote
Against
Associated Press advices Feb. 25, said:
Spinners of American cotton in the Lancashire mills will not revert to
organized short time, as had been suggested. When members of the American section of the Federation of Master Cotton Spinners' Associations
-hour
voted on the question of a curtailed production equivalent to a 13
stoppage weekly for eight weeks, beginning March 8. only 58% voted in
favor of curtailment, whereas an SO% vote was required. The committee
therefore decided to take no further action.
Cotton Farmers Aid Acreage Reduction Declares Carl
Williams of Federal Farm
Board.
Small Crop Worth Shown.
The Federal Farm Board has not received a single letter
Statistics were given to show that a smaller crop from smaller acreage
was more valuable to the farmer in actual cash return than a large crop from a farmer objecting to the cotton acreage reduction
on more acres. This was demonstrated by a comparison of the 1923 and program being promoted by
the Board, Carl Williams, cotton
1926 crop price ranges, the latter year's production of 18,000,000 bales
selling for lees than $1,000,000,000, involving a loss that year of $600,000,. member of the Board stated orally Feb. 20. We quote from
COO, and by virtue of the heavy carryover of $400,000,000 on the next the "United States Daily" of Feb. 21, which said:
year's crop.
He added that planting of cotton is less in evidence in Texas* and he
Victor H. Schoffelmayer presided as representing the Agricultural Club,
expressed himself as much pleased with the co-operation there.
which had the co-operation of the Electric Club and the Chamber of
The Grain Stabilization Corporation now is in position to hold sheet inCommerce in arranging the gathering. Mr. Schoffelmayer introduced John definitely, It was stated
orally by Chairman Alexander Legge. Some of
1372
FINANCIAL CHRONICLE
[VOL. 130.
the wheat owned by the Farmers' National Grain Corporation, the Board's huge offerings of stock were thrown on a market virtually devoid of buyers.
The group has not lost money on its undertaking, however. It has acmarketing organization, has been turned over to the Stabilization Corporation, Mr. Legge said, although he did not know exactly what proportion tually come out" a little better than even," it was said last night. The
amount of profit will depend, it was said, on the rates at which interest
has been transferred.
Thus far there have been no reports of extensive winter killing of wheat, is figured on the funds employed. Some of the banks, It was remarked,
Mr. Legge announced. The amount of spring wheat planted, he said, will calculate the expense of employing their funds in the work of the
group at 6% and others at a lower rate. 4%,for example.
depends largely upon the extent of winter killing.
While the banking group is believed to have sold much of its stock at
Prices considerably below the purchase prices, it is thought that these
Crop Surpluses Decried by Secretary of Agriculture losses were averaged out through the sale of securities bought at the botHyde Tells Traffic Club of New York Overproduc- tom of the decline. At one time in the stock market break it VMS impossible to find bids for several highgrade common stocks that were being
tion Is Chief Farm Problem.—
offered in big blocks. The group took over several of these blocks at prices
subsequent sales, in some instances,
Overproduction is a dominant factor in the American farm far under the previous sales, while group.
were far above the prices paid by the
problem, Arthur M. Hyde, Secretary of Agriculture, declared
On one of the worst days of the break a selling order for 20,000 shares
at a dinner of the Traffic Club of New York at the Com- of du Pont is known to have been placed when no bids sufficient to handle
this block were in the
stock at
modore on Feb. 21. The New York "Times" reports this. $80 a share, more thanmarket. The banking group bought the The suc20 points below the last previous sale.
and further says:
ceeding sale was above $100. Such transactions made up for purchases of
Senator Royal S. Copeland, New York, another speaker, questioned the United States Steel and other stocks at prices not subsequently reached
advisability of proposed mergers of railroads. Many railroad executives again.
Another circumstance that limited the losses of the pool was that on
were among the 2.000 persons who attended.
The farmer has increased his production per man 20% in the past ten Oct. 25, the day after the first severe break, a rally took place in the course
of which the pool disposed of most of the shares purchased on the previous
years, Mr. Hyde declared. In the face of a declining farm population
and an increased urban population, he has kept successfully supplied the day. Buying of the banking group on the first day of its organization,
nation's need and produced a surplus in many crops in addition," he said. according to one of its members, was "uninformed."
The formation of the banking pool was noted in our issue
"And in this surplus lies one of his most serious problems. Quite apart
from the wil of the farmer, agriculture has been over-expanded."
of Oct. 26, page 2617 and other references to it appeared
land as possible producOur policy of long-standing of making as much
tive, he went on, -was economically sound as long as we could produce in these columns Nov. 2, page 2800; Nov. 9, pages 2949
farm products cheaply enough to sell at a profit on the markets of the and 2951; Jan. 4, page 61; Jan. 11, page 222; Jan. 18, pages
world." "But," he continued, "production costs have risen. Capital 394 and
397.
investments are large. Interest charges are stifling and overhead expenses
too high to produce profitably for world markets. Our own surplus serves
to depress world prices. There has been, too, a great expansion of acre- Unliquidated Stock Market Loans Carried by Inage in other countries."
dividual Banks for Customers May Interfere With
Senator Copeland paid tribute to improvements made by railroads in
East Money Program When Business Recovers,
recent years, but went on to ask: "Can railroad consolidation better the
record of the past ten years?" He said that it had "failed to yield promised
Says J. Henry Schroder Banking Corp.
benefits" in England and that recent improvements here, together with
Collateral loans which banks all over the country took over
lower rates,"leave us cold to the unknown and doubtful effect of something
so revolutionary as this consolidation plan." He questioned the benefit from brokers during the stock market crash last Fall for the
to stockholders and to railroad workers.
most part are still unliquidated and may stand in the way
"But beyond all else," he continued, "will railroad consolidation create
a monopolistic monster, a Frankenstein that may destroy us? On the of continuous easy money when the commercial demand for
Whole, are we not safer under the existing competitive conditions, with funds is established again. Expressing this opinion, the
private initiative at the peak, than to fly to the opposite extreme and exBanking Corp.points out,initscontribution
periment with the doubtful and the unknown?" He held that there "should J.Henry Schroder
be no railroad legislation, consolidation or otherwise, which will in anyway to the quarterly review of J. Henry Schroder & Co. of London,
hamper the railroad policy of recent years."
some of the possible consequences of money firmness this
Charlton A. Swope, General Eastern Freight Agent of the Louisville St
might be a check to the expected
Nashville RR., and President of the club, was toastmaster. Among those year. One such effect
at the speaker's table were:
increase in business activity and in the creation of a strong
E. E. Loomis, President Lehigh Valley.
bond market which is regarded as necessary to sound business
C. E. Denney, President Erie.
J. M. Davis, President Lacakwanna,
recovery.
J. H. Nuelle, President New York Ontario & Western.
"An upward swing in building activity from its present
A. V. S. Olcott, President Hudson River Day Line.
J. L. Eysmans, Vice-President Pennsylvania RR,
relatively low level," says the Schroder firm, "is virtually
John Duffy. Vice-President Lehigh Valley.
G. H. Ingalls, Vice-President New York Central.
impossible without the continuance of easy money, and the
Banking Group Completes Liquidation of Stock Holdings Taken Over at Time of Stock Market Crisis
Last October.
The following announcement indicating that the so-called
banking group, assembled last October to stabilize conditions in the stock market following the crisis with the break
in prices on the Stock Exchange has completed the liquidation of its stock holdings, was issued by J. P. Morgan & Co.
on Feb. 24:
In behalf of the so-called banking group, consisting of ourselves, First
National Bank, National City Bank, Guaranty Trust Co., Chase National
Bank, Bankers Trust Co. and Messrs. Guggenheim Bros.. which, on Oct.
24 last, was informally organized to assist in the stabilization of the then
disturbed stock market situation, we are able to state that last week the
group completed the liquidation upon the open market of the last of its
share holdings.
Commenting on the announcement the New York "Times"
of Feb. 25 said in part:
With this announcement, an episode unparalleled in Wall Street came to
its conclusion. Although Wall Street always has been accustomed to talk
of "banking support," there never before was an occasion when the public
had definite knowledge of the existence and operations of a coalition of
bankers acting in support of the market.
Inc.,
The statement revealed for the first time that Guggenheim Bros.,
were originally members of the pool. Last November, when the worst of
the stock market decline had been passed, representatives of the leadafternoon and it was
ing banking houses called at the Morgan offices one
its operaannounced that the banking group had given a brief account of
tions. A representative of the Guggenheim firm was present, but at no
had been a member of the banking
time was it made known that the house
group.
The inclusion of the name of Guggenheim Bros. in the statement aroused
considerable interest in Wall Street circles. The firm is interested chiefly
In mining enterprises and has important holdings in several mineral-pro
clueing companies. Among others,the Guggenheim firm controls the American Smelting St Refining Co. and the Kennecott Copper Co. It has always
been closely associated with the house of Morgan. It has not, however,
been regarded as primarily a banking house.
It is understood that the banking group had at its disposal approximately $240,000,000, which the members of the group pledged themselves
to provide if called upon. All of this sum was not employed, however. In
addition, the group was assured by other banks that, should it require
them, additional funds would be forthcoming. As it was flexor necessary to make full use of the resources pledged, the group never called upon
the other banks for the funds offered.
At the time of its organization and subsequently, the banking group
made it plain that its operations were not designed to make a profit, but
simply to correct the disturbed trading conditions that resulted when
building industry, of course, is one of the largest consumers
of steel. Furthermore, in the automobile industry the producer-dealer relationships need very careful handling.
Finally, a great deal of uncertainty exists concerning the
successful handling of the surplus crops in the United States."
Noting that commercial paper rates at their present levels
are little inducement for member banks to buy bonds for
their investment account, the Schroder review says:
Before money can ease much further, the banks of the country must be
provided with surplus funds, either through gold imports or through open
market operations of the Federal Reserve banks. Gold imports seem
improbable as long as capital is needed abroad in such large amounts, and
there may be some further exports of gold in spite of the distinct tendency
toward lower money quotations in markets outside of the United States.
Perhaps the chief argument for a continued easy money policy on the part
of the Federal Reserve banks is the necessity for a further ease in money
rates before a real bond market—so necessary for the fulfillment of the
building program—can be created. Furthermore, the recent weaknes-,
in agricultural commodity prices, even though temporary, and the need
for credit to care for crop surpluses in the United States, are additional
factors which might lead to the purchase of additional government securities
by the Reserve banks. The Reserve banks could add about $150,000.000
to their present holdings of government securities before they would be at
the level of these holdings toward the end of 1927, in which year it will be
remembered the Federal Reserve banks pursued a generous open market
policy.
Distinguishing between a long and a short time view of
credit, the Schroder firm says:
While there is considerable reason to expect comparatively easy money
conditions during 1930, the fact must not be overlooked that the scale of
business activity in the United States is steadily increasing, and that
mal-adjustment in the production and distribution of goods absorbs an
Increasing proportion of the country's available credit. In other words, the
long time trend in money rates is upward.
It seems clear that while the business cycle of the United States which
began in 1922 is not yet finished, this country has passed through the
most prosperous phase of that cycle. There is, therefore, strict necessity
for caution in the fields of both business and finance.
Frank T. Rutherford Co. Ohio Grain Brokerage House
Fails.
25 an Associated Press dispatch from
Under date of Feb.
Columbus, Ohio, was published as follows in the New York
"Times":
One of Columbus's oldest grain brokerage houses, the Frank T. Rutherford Co., went into receivership to-day. W. P. Reiter, a banker, was
named the receiver, Application for the receivership was made by J. R.
MAR. 1 1930.]
FINANCIAL CHRONICLE
Downey, manager of the Elks Club, on a judgment of $18,000. The
company hold membership on the Chicago Board of Trade.
Members of New York Cotton Exchange Adopt Amendment Calling for Elimination of Differential on Deliveries at Southern Points.
Members of the New York Cotton Exchange this week
adopted amendments to the by-laws eliminating the 35point differential existing on cotton delivered on Exchange
contracts at southern delivery points. The change became
effective on Feb. 27. The Exchange in its announcement
says:
Under the amendments, the first month to be traded in on the new
contract with the differential eliminated will be October, 1930. Beginning that month and up to and including January, 1931, deliveries
can be made in both old and new contracts. The old contract, which
was adopted by the Exchage in November, 1928, and became effective
on southern delivery contracts traded in during January, 1929, for
October, 1929 delivery, will automatically expire on January 31, 1931.
The secretary of the Exchange notified other exchanges, here and
abroad, by telegraph and cable, of the change which becomes effective
today.
Under the so-called old contract, which continues in force through
next January, when cotton is delivered elsewhere than at New York
against New York Cotton Exchange contracts, 35 points are deductible
irom the invoice price by the deliverer. The new contracts eliminate
this differential.
A reference to the proposed amendment appeared in
our issue of Feb. 22, page 1189.
1373
It has been known for some time that Mr. McGarrah and Leon
Fraser, New York attorney, were to be the two American members
of the Board of Directors of the Bank for International Settlements,
which is to handle the distribution of Germany's reparations payments.
The first meeting of the Board is to be held in Basle, Switzerland,
early next month.
State Department officials said it could be assumed that Mr. McGarrah
would accept the position on the Bank for International Settlements,
although officials here have declined from the start to discuss the bank
or reparations in any form in view of the fact that this government
is to have no representation, either official or unofficial.
Mr. McGarrah and Mr. Fraser will accept positions on the directorate
entirely in the capacity of private citizens and will have no authority
to speak for this government. It was assumed that Mr. McGarrah
would announce his resignation from the Board of the Federal Reserve
Bank of New York either immediately before sailing or soon after he
reaches Europe.
Mr. McGarrah passed some time with President Hoover. While
he would not discuss the nature of his conversation it was assumed
he gave the President a clear understanding of the work of the unofficial American members of the Bank for International Settlements.
A similar conversation, it was understood took place between Mr.
Cotton and the New York banker.
From the New York "Journal of Commerce" of yesterday (Feb. 28) we take the following:
Mr. McGarrah said yesterday that the main role of the International Bank in the immediate future will be the handling of German
reparations, but indicated that it will greatly increase the scope of its
operations in all probability later on.
"As far as its maintaining close relations with the Federal Reserve
Bank is concerned," he declared, "its relations will be about as close
as those now maintained with the Bank of England and the Bank of
France."
Correspondent Relation.
New York Clearing House Meeting—No Action on
Mr. McGarrah's statement is held to be the first indication from
official sources that the local Reserve Bank is to establish correspondent
Interest Rates.
relationships with the Bank for International Settlements.
The following is from the New York "Times" of Feb. 25:
Bankers here in close touch with the situation have said that the
Another meeting of the Clearing House Committee was held yesterday
afternoon and presumably the question of reducing Interest rates on deposits again came up for discussion. No action was taken, however, and
it was decided to give out no announcement. Opinion among bankers is
somewhat divided upon the advisability of reducing the rates paid upon
deposits. Among a number of bankers the opinion prevails that present
open market money sates do not accurately reflect the true condition of
credit and it is felt that no change should be made in interest rates on
deposits until the state of credit from the longer point of view can be more
clearly determined. Elsewhere it Is remarked that the rates of interest
Paid on deposits were not greatly increased during the period of tight
money and need not therefoto be hurriedly reduced.
major function of the Bank in course of time, outside of its work
as a reparations clearing house, will be as an international clearing
agency. In this way, it is pointed out, it will avoid gold shipments
between countries to a large extent, and also limit foreign exchange
fluctuations to a gieater degree than is now the case. Mr. McGarrah's statement indicated that the President has been won over to
a measure of co-operation of the local Reserve Bank in this work, it
is held here.
• • •
In view of the fact that Mr. McGarrah had spent several hours
Wednesday in session with Herbert Hoover, his comment on the International Bank was considered to indicate that the Administration
The previous meeting at which the question of interest will place no objection in the way of correspondent relationships being
rates was said to have been considered was referred to in maintained between the Bank for International Settlements and the
Federal Reserve Bank of New York. Such a relationship would
our issue of Feb. 15, page 1057.
make each bank a depository of the other and would allow the local
Federal Reserve Bank to buy or sell, exchange or bills for the Bank
the International Bank will be
for International Settlements.
Gates W. McGarrah Resigns From New York Federal Re- without powers either to acceptSince
banker's draw or to issue currency,
serve Bank to Become American Director of Bank for the Federal Reserve Bank would not, of course, purchase International
International Settlements—Leon Fraser Also a Direc- Bank obligations of these classes, as it may in the case of the
Bank of England and the Bank of
In addition, in 1925 it
tor—Departure of Messrs. McGarrah and Fraser for was ruled that the Reserve Bank's France. as correspondent to buy
powers
Europe.
and sell foreign exchange implied power to contract to do so, and
Official announcement was made this week of the selec- under such contracts to extend credit to foreign central banks—on
tion of Gates W. McGarrah as an American director of the that occasion, the Bank of England.
In informed commercial banking circles it was thought that Mr.
Bank for International Settlements. Besides press advices McGarrah would be likely to exert a conservative influence upon the
from abroad to the effect that Mr. McGarrah, and Leon activities of the Bank for International Settlements and temper its
Fraser, a New York attorney, had accepted invitations to activities in the money markets of the world. It is generally estimated that the initial deposits of the Bank for International Settleserve as the American directors of the International Bank ments will approximate $50,000,000. An informed banker declared
the New York Federal Reserve Bank on Feb. 27 issued the that governors of foreign central banks would not be likely to indorse
very aggressive attempts to influence money markets through activifollowing announcement:
ties in the sale and purchase of bills of exchange and foreign exchange.
Mr. Gates W. McGarrah, Chairman of the Board of Directors of
Mr. McGarrah said that the growth of the International Bank
the Federal Reserve Bank of New York and Federal Reserve Agent, has
resigned, effective at the close of business today, to accept an appoint- would be a slow one at first, but that "it would be beneficial to the
ment as an American Director of the Bank for International Settlements, world some day."
Mr. McGarrah has long been mentioned as likely to have
J. Herbert Case Becomes Chairman of Board of Federal
an official post with the International Bank. He and Mr.
Reserve Bank of New York, Succeeding Gates W.
Fraser will said for Europe tomorrow (March 1) on the
McGarrah.
steamer Acquitania, to assume their new duties. Rome
The Federal Reserve Bank of New York, through Owen
advices Feb. 26 to the New York "Journal of Commerce"
D. Young, Deputy Chairman, gave out the following anreporting that Mr. McGarrah had been offered the chairnouncement on Feb. 27 regarding the selection of J. Hermanship of the International Bank said:
bert Case as its chairman:
Gates W.
McGarrah, of the Federal Reserve Bank of New York,
The Federal Reserve Board has today designated J. Herbert Case
was offered the Chairmanship of the Board of the World Bank for
International Settlements yesterday. The Governors of the various to fill the unexpired term of Mr. McGarrah as Chairman of the Board
leading banks of issue represented in the International Bank joined and Federal Reserve Agent.
in making the offer to Mr. McGarrah. An executive board for the
The following comments are from the New York "JourInternational Bank is to be selected by the Governors of five of the nal of Commerce"
of yesterday (Feb. 28):
Central Banks who conferred here yesterday at the offices of the Bank
The appointment of J. Herbert Case to the position of Federal
of Italy.
The following Bank Governors were present: Montagu Norman of Reserve Agent, through which he becomes a Class C director and
Great Britain, Emile Moreau of France, Dr. Hjalmar Schacht of Chairman of the Board of the Federal Reserve Bank of New York,
Germany. Dr. Tanaku, Imperial Bank of Japan, and Donaldo Stringher, was considered to have been highly pleasing to the local Federal
Reserve Bank. Although the duties of five Deputy Governors of the
Italy.
New York Reserve Bank have never been specifically
Mr. McGarrah was in Washington on Feb. 26, at which it has been well known in Wall Street circles that Mr. differentiated,
Case was in
time he conferred with President Hoover, Joseph P. Cot- charge of the open market operations of the Federal Reserve Bank
in the purchase or sale of Government securities. The
ton, Acting Secretary of State, and officials of the Treasury
handling of
the Federal Reserve Bank's function
Department. As to the conference "Herald-Tribune" ac- similarly has been under the care ofas fiscal agent to the Government
Mr. Case.
counts from Washington said:
Deputy Governors
Mr. McGarrah left Washington late today without disclosing the
These duties frequently brought Mr. Case into contact
with members
nature of his visit other than to announce that he would sail for of
the Treasury Department. In these contacts, it was
felt in local
Europe tomorrow and wished to talk with the President, Acting
financial circles yesterday, Mr. Case was able at times
to indicate
Secretary Cotton and members of the Federal Reserve Board before to
officials in Washington the viewpoint of New York.
leaving the country.
From time
to time, as was the case last year with regard to
the rediscount rate,
1374
FINANCIAL CHRONICLE
the Federal Reserve Board in Washington and the directors of the
New York Reserve Bank have favored different policies.
It is generally understood that New York directors and New York
commercial bankers have been strongly in favor of appointment of
Mr. Case to the post of Reserve Agent and that the Federal Reserve
Board, until the last moment, made no decision. Since the fact that
Mr. McGarrah would resign had been learned last month, there were
reports that Washington might favor induction to the post of someone
not now within the system.
It was thought in banking circles yesterady that the present duties
of Mr. Case would be carried on by E. R. Kenzel, the Deputy Governor
in charge of open market operations in bankers' acceptances, or L. F.
Sailer, who is in charge of rediscounts and other relationships with
member banks. These duties, it is felt in financial quarters, would
involve frequent contact with Washington and, in effect, mean becoming the emissary of New York before Government officials.
Mr. McGarrah, as noted in another item in this issue, has
resigned from the Reserve Bank to become identified with
the Bank for International Settlements. At Washington,
on behalf of the Federal Reser veBank, the following announcement was issued Feb. 27 by Roy A. Young, Governor
of the Board:
[Vou 130.
plan or the putting into operation of the Bank for International
Settlement?
Are there any contracts or agreements involving the Federal Reserve system or any of its banks to participate in any manner whatsoever in the organization, establishment and operation of the Bank for
International Settlements, either directly or indirectly through J. P.
Morgan & Co.?
Are any officers or directors or members of the Federal Reserve
Banks to become officers or directors of the bank for International
Settlements?
Resolution addressed to the Secretary of State:
Resolved, That the Secretary of State be, and is hereby, directed
to inform the House of Representatives, if not incompatible with the
public interest, of the following facts:
Why was the statement of May 18, 1929, issued by you, forbidding the participation of the Federal Reserve system in the organization or operation of the Bank for International Settlements?
What information, if any, is in the possession of the State Department pertaining to the organization of this bank, and is the
participation therein by the Federal Reserve system and its Banks,
or of private banking interests or individuals of this country?
Is there in existence any understanding or agreements regarding
any one in the United States participating as a stockholder or officer
or director of this Bank?
Is there any undertsanding regarding the handling of America's
share in reparation payments by the Bank for International Settlements?
Is there any understanding of, or have you any knowledge as to,
what amount of German reparations bonds are to be offered for sale
in this country under the Young plan in the next six months, and
during the next five years, and by whom they are to be offered to
American investors?
Has your Department passed upon the legality of the securities
to be issued and sold in this country to American investors?
Gates W. McGarrah, who has served as Class "C" director, Federal
Reserve Agent and Chairman of the Board of Directors of the Federal
Reserve Bank of New York since May 1, 1927, has tendered his resignation, which has been accepted by the Federal Reserve Board, effective
today.
The Board has appointed J. H. Case, Deputy Governor of the
Federal Reserve Bank of New York, as Class "C" director of the
New York Bank for the unexpired portion of the term of Mr. Senate Action on Tariff Bill—Tariff on Lumber Defeated—
McGarrah, which ends Dec. 31, 1931, and has designated him as
Changes in Wool, Agricultural, Silk and Velvet SchedFederal Reserve Agent and Chairman of the Board of directors of
ules—Night Sessions Held.
the bank.
A move for night sessions to expedite action on the
tariff bill, was made in the Senate on Feb. 26; on that day,
according to the New York "Journal of Commerce" Senator Smoot suggested meeting at 10 A. M., but to this Senator La Follette (Prog.), Wisconsin, objected on the ground
that the added hour would be utilized in quorum calls trying to bring a sufficient number of Senators into the Senate
chamber to permit of the doing of business. The upshot of
the matter, said the paper quoted, seems to be that the
in
Senate will meet daily at 11 A. M. and continue actively
Representative McFadden Introduces Resolutions Asking
Secretaries of Treasury and State for Information Regarding Participation by Federal Reserve System in
Bank for International Settlements.
After addressing the House for an hour in making another of his series of attacks upon the International Bank
set-up, Representative McFadden on Feb. 20 served notice
that on Feb. 27 he would present two resolutions calling
on Secretary of State Stimson and Secretary of the Treasuntil 10 P.
ury Mellon for full information in regard to the matter. session
Just when an agreement proposed by Senator F. M. SimThis was stated in Washington accounts Feb. 26 to the
mons, of North Carolina, ranking Democrat on the Finance
New York "Journal of Commerce" which further said:
debate in Committee of the Whole was
Committee Committee, to limit
In winding up his speech the Banking and Currency
New
and the country at large needs about to go through on Feb. 26 (we quote from the
Chairman declared that "this House
to know the facts."
York "Herald-Tribune") Senator Royal S. Copeland,
"The plan of the organizers of this bank," McFadden said, "indiDemocrat, of New York, blocked it with an objection. He
cates that its board of directors is to be composed of the Governors
York was a great industrial state and
of the Banks of England, Belgium, France, Italy, and one other pointed out that New
director of each of these banks, and that Gates M. McGarrah, now there were a number of items on which he would not want
Chairman of the Board of Federal Reserve Bank of New York, and to be limited in the debate. The advices to the "Herald'
Leon Fraser are to represent J. P. Morgan & Co., the managers."
Tribune" Feb. 26 continued:
McFadden Reiterates Warning.
"On several occasions during the past year I have invited the attention of the country to the possible danger of mixing our Federal
Reserve system and its policies with international politics and the
International Bank," McFadden told the House. "Matters are now
proceeding at such a rapid pace in regard to such involvement that
I do not think I should temporize any longer with this possibility,
and I am therefore introducing those two resolutions."
Later McFadden disclosed that he had planned to offer the resolutions to day, but the House adjourned before he could drop them
into the bill basket. He said he thought that the measures as drafted
would be preferential resolutions, thus insuring consideration within
a period of ten days.
In discussing the International Bank, he called attention to the
fact that Governor G. L. Harrison of the New York Federal Reserve Bank now is en route for Europe where, according to reports
referred to by McFadden, Governor Harrison will confer with the
principal European correspondents of the Reserve bank. Ile read
,
articles from Nets York newspapers describing Governor Harrison's
trip as being "p.:' ticularly opportune," coming at a time when the
central banks of Europe and this country are faced with a number
of perple..ing problems. He said there is no question about the importance of these conferences.
In giving the text of the resolutions the United States
Daily of Feb. 28 said:
Information in the possession of the Departments of the Treasury
and State regarding Federal reserve system or other governmental
participation in the initiation, organization or establishment of the
Bank for International Settlements is asked for, "if not incompatible
with the public interest" in two resolutions, introduced Feb. 27 by
Representative McFadden (Rep.), of Canton, Pa. Mr. McFadden
is chairman of the House Committee on Banknig and Currency, to
which the resolutions were referred. his resolutions followed a speech
on the floor of the House Feb. 26, in which he sounded a note of
warning against the Government's banking system getting entangled
with the financial systems abroad. A summary of the resolutions
and the speech appeared in the issue of Feb. 27.
Resolution addressed to the Secretary of the Treasury:
.Resolved, That the Secretary of the Treasury be, and is hereby,
directed to inform the House of Representatives, if not incompatible
with the public interest, of the following facts:
What information is on file in the Treasury Department, Federal
Reserve Board, or the Federal Reserve Banks, or in the possession
of individual members of the board of officers or directors of the
Federal Reserve Banks pertaining to the initiation or organization
and establishment of the Bank for International Settlements?
To what extent have the members of the Federal Reserve Board or
its assistants or officers and directors or its assistants of the 12
Federal Reserve Banks or their branches aided in the drafting of the
Senator Simmons at first had proposed a limitation of ten minutes
on amendments but changed this to fifteen at the instance of Senator
A. 1.V. Barkley, Democrat, of Kentucky. Ile also made exceptions of
the amendments on oil, lumber and shingles and an amendment by
Senator George W. Norris, insurgent Republican, of Nebraska, intended to give the President power to suspend tariff rates in cases
are being used to shelter monopoly.
where it is found these rates•
•
•
Felt Hat Rate Adopted
Today the Senate worked on a long list of amendments. One that
attracted much notice was an increase of duties on silk hats proposed
by Senator Copeland.
His amendment, which was adopted, provides for a rate of $2 and
75% ad valorem on silk bats and opera hats in chief value of silk
instead of 60% ad valorem in the bill and in the law.
On motion of Senator David I. Walsh, Democrat, of Massachusetts,
the Senate adopted a rate of $10 a dozen instead of $12 in the bill on
felt hats valued at $24 to $30 a dozen, and $10 instead of $13 in the
bill on felt hats valued at from $30 to $48 a dozen.
Senator Copeland obtained adoption of an amendment increasing the
duty on firecrackers to 25 cents a pound from eight cents in the bill.
Senator Walsh, of Massachusetts, through an amendment, had the
rate on undressed feathers changed to 10 cents a pound instead of 20%
ad valorem in the bill, and on dressed feathers to 95 cents a pound
instead of 60%. He also obtained an amendment reducing the rate on
dry plates not specially provided for from 25% to 15%, the present law.
Still another amendment by Senator Walsh provided a rate of 6 cents
a gross on all classes of lead for pencils instead of a graduated rate
in the bill.
Senator Walter F. George, Democrat, of Georgia, through an amendment, got the rate on ramie braids reduced from 40% to rates ranging
from 15 to 25%.
The sundries schedule was completed for individual amendments and
the free list was taken up.
An amendment proposed by Senator Arthur Robinson, Republican, of
Indiana, intended to put on the free list, in addition to fertilizers
which was already there, the substances chiefly used in their manufacture, and especially designed to put sulphate of ammonia on the free
list, was adopted without a roll call.
At its night session on Feb. 27 the Senate by a vote of
39 to 34, rejected a tariff on lumber, repelling the first attack of a new combination of Old Guard Republicans and a
handful of Democrats that was built on a mutual interest
In higher duties on lumber, oil and sugar.
The New York "World," reporting this, added the vote was on the
Jones amendment to take lumber off the free list and assign a duty of
MAR. 1 1930.]
1375
FINANCIAL CHRONICLE
$2 per thousand feet. It came at the end of a ten-hour debate replete
with charges of vote trading and log-rolling of the old-fashioned Tariff
Bill variety.
Nine Democrats stepped out of line to go along with the Jones
amendment but their defection failed to count materially when six Old
Guard Republicans, including Senator Smoot (R., Utah), cast their
ballots against the proposal.
Prolongation of the session by the progressive Republicans, in a
determined fight to preserve the policy of the Democratic-insurgent
coalition and the attacks by one of their number, Senator Norris
(R., Neb.), on the "deals" which he said had been made doubtlessly
influenced the result. Early in the day some of the Progressives had
despaired of heading off the lumber duty and the threat to put a duty
on oil and increase the tariff on sugar.
The propos d of Senator Jones was heralded as trade of five or six
Democrats from Southwestern States in behalf of Republican support
for a duty on oil.
The oil development furnished the fireworks, not on the Senate
floor where the debate on the lumber tariff went on throughout the
day and into the night, but in the rooms of the Lobby Investigating
Committee. Chairman Caraway announced that Wirt Franklin of
Ardmore, Okla., President of the Independent Petroleum Producers
to fight for an oil tariff and more are expected from the Southwest
to-morrow. There was a suggestion also that former Senators Harrell
and Gore of Oklahoma will be called.
Senator Connally (D., Tex.), heretofore counted by the coalition,
broke away on oil to-day. He issued a statement saying that the duty
on oil was essential to the preservation of an independent oil industry
in the face of the recent announcement of merger of the Standard
and Vacuum Oil companies.
From the Washington account Feb. 27 to the New York
"Herald-Tribune" we take the following:
Sugar Duty Sought.
It was declared today by leaders of that coalition that it was the
plan of the new coalition, if it could win on lumber, then to force
through the Smoot amendment for $2 duty on Cuban sugar, to impose
a tariff on crude petroleum and to "jack up" rates on a number of
major items which the original coalition reduced. The cut in aluminum
rates is one of the things which the new coalition is expected to undo if
possible. A liberal duty on shoes is said to be contemplated on the
combination if it works out successfully.
During the debate over lumber late today and tonight, there were
open charges of trading votes. Senator David I. Walsh, of Massachusetts, in a speech assailing a duty on lumber of $3 per thousand,
as proposed by Senator Wesley L. Jones, of Washington, declared
the "log-rolling" stage bad been reached and spoke of reports of
"trades." Senator Thomas J. Walsh, of Montana, acting Democrat
leader, who spoke against the lumber tariff tonight, said it was freely
charged there was a "trade" and that it "embraced lumber, oil and
sugar" and that this would account for the "marvelous change" from
the vote against a duty on lumber and shingles last November if the
Jones amendment were adopted. He spoke of the formation of "a
new coalition" and aid it was rumored the duties supported by this
"coalition" would suit the President. This brought a denial from
Senator McNary of Oregon, that he knew of any such combination.
Senator George W. Norris. of Nebraska, commented sarcastically on
the silence of the Senate Finance Committee leaders and the Republican leader, Senator J. E. Watson, in the face of the charges of
trading. He then attacked the proposition to impose an additional burden on the farmer by putting a tax on lumber, and warned the Senate
it would hear from the farmers if a lumber tariff were imposed.
Senator Jones, whose amendment originally proposed a duty of $3
a thousand on timber and lumber of the soft woods of the Northwest,
accepted a proposal to change this to $2 made by Senator Trammell.
Senator H. D. Stephens, of Mississippi, Democrat, said he would vote for
a tariff on lumber but knew of no "trade."
Senator Jones after offering his amendment spoke at length in behalf of a duty on lumber in order to protect the industry against
Canadian and other competition and to keep workers employed. He
said that from 400,000 to 500,000 workers were employed in the mills
and hundreds of millions of dollars were paid out annually in wages
in this country.
Soviet Competition Called Myth.
He emphasized the growing imports of lumber from Russia and said
Russian lumber was competing seriously with American lumber in the
world market.
Senator William E. Borah, insurgent Republican of Idaho, remarked
that if Russian trade in lumber was growing as described the Soviet
Union must be reaching a position of economic strength and solidarity.
Senator Gerald P. Nye, Insurgent Republican of North Dakota,
argued against a tariff on lumber, saying Russian competition was no
snore of a menace than competition from the regions just left by Rear
Admiral Richard E. Byrd. He described as a "myth."
rooms, rather than raise them in accordance with the action of
the House.
Whether this was supposed to supply a balance in rates was not
indicated, but it was pointed out that preservation of the mushroom rates might offset the raised duties voted last Tuesday on
steaks, when imported "on the hoof."
•
Complating considerations of the agricultural schedule, the Senate
voted to increase the duty on potatoes to 75 cents per 100 pounds, as
recommended by the Finance Committee, overruling a proposed amendment by Senator Walsh of Massachusetts which would have restored
the rate to 50 cents per 100 pounds, the present rate.
of America, had been subpoenaed to appear to-morrow to tell of the
alleged oil lobby which is operating in Washington.
A large delegation of oil men have established themselves here
Celery, lettuce and cabbage, grouped under one heading, are imported upon payment of a 25% ad valorem duty. The Finance
Committee recommended an increase to 50%, but the rate finally
was set at 2 cents a pound, which Senator Trammel of Florida
pronounced equivalent to tripling the present rate.
Howell Supports Egg Rate.
The rates on dried eggs were doubled, being raised from 1$ to
36 cents a pound, on an amendment by Senator Howell, after considerable debate. Mr. Howell maintained that this rate was necessary
to put dried eggs on the same basis as imported fresh eggs, which are
taxed 10 cents a dozen. Following that action the rates on frozen
eggs were boosted from 8 to 11 cents, on motion of Mr. Howell.
Senators Copeland, Walsh of Massachusetts and Tydings joined
in fighting the egg raises, all saying the increases would be reflected
in bakery products, prepared flour, candy, ice cream and other
foods made with other than fresh eggs.
Senators Tydirgs nad Walsh charged that egg refrigerating companies controlled the egg market and that the higher duty would only
put another monopoly weapon in their hands. The former also
pointed out the benefits which would accrue to American business,
particularly cotton manufacturers, through reciprocation with China.
After much discussion of the extent of the mushroom business in
this country, in which it developed that the only imports are of the
preserved variety, and the charge was made by Senator Barkley that
a monopoly controls the domestic business, the Senate adopted an
amendment by Senator Wagner retaining the duty at 45% ad
valorem and discarding an additional 10 cents a pound proposed
by the Finance Committee. The tariffs on alfalfa and red clover
seed were raised from 4 to 8 cents a pound.
With the Washington's Birthday holiday, Feb. 22, the
measure was laid aside on the 21st until Monday, Feb. 24,
at which time efforts to reduce the duty on wool were defeated, the "Times" indicating this as follows:
The alliance between the manufacturing East and the wool-growing
West perfected in the early tariff bill struggle on wool, held together
to-day when five attempts to reduce tariff rates on wool products
were defeated, and in one case even greater advantages were won by
the manufacturers when compensatory wool duties were agreed upon
for fabrics containing 15% of wool.
The adoption of this sweeping rate, which, its opponents asserted,
would increase greatly the price of clothing to the consumer, was
adopted by a vote of 41 to 31, upon motion of Senator Thomas,
Republican, of Idaho.
After the opposition had been defeated on every move to reduce
rates on yarn and other wool products the Thomas amendment was
adopted at the end of the day, with Senator Borah, Progressive leader,
and Senator Grundy of Pennsylvania voting for the lower rates demanded by the Democrats and some of the Republican coalitionists.
Mr. Grundy, however, did not vote on the yarn rate, in which he is
interested as a mill owner.
Senator Thomas's amendment read:
"Paragraph 112.—For the purposes of this act, all fabrics in the
piece containing 15 per centum or more in weight of wool, whether
or not in chief value thereof, and whether specifically provided for,
shall be dutiable under the appropriate provision of this schedule for
fabrics in the piece wholly or in chief value of wool."
George Fights Losing Battle.
Senator George, Democrat, of Georgia, who was most active in
fighting for lower rates, offering two amendments, denounced the
Senate for departing from "sane" tariff making in accepting the
Thomas amendment.
"It is apparent that this amendment was calmly and deliberately
framed in greed and with the hope of getting everything possible,"
Mr. George said. "It was accomplished because Grundy made a combination with the worsted and wool manufacturers and the wool
growers. This initiates a new principle in the making of tariffs based
on greed and combinations and not upon the needs of trade or conForsee Blows to Canadians
sideration of the consumer."
Senaotr Walsh, of Massachusetts, opposing the Jones amendment,
Senator Metcalf, Republican, of Rhode Island, replied that the
said it proposed to put a duty of $3 a thousand feet "on Maple, compensatory rate was just and that there was no justice in increased
Birch, Oak, Beech, Northern white pine, Douglas fir, spruce, red wool duties unless the worsted producers also received the benefit.
cedar, white cedar, Western hemlock, and spruce timber and sawed
An amendment by Senator George to change the classification of
lumber," all of which had been on the free list since 1913. He held cheaper wool products and cut the rate from 34 cents to 24 cents a
the proposed duty would be a blow at trade with Canada and would
pound was defeated by a vote of 56 to 22. The present rate is 31
work a great hardship on users of lumber in this country.
cents. Mr. George's second amendment to reduce the rate on yarns,
Senator Walsh spoke plainly about trading and "log-rolling." He
valued at $1 and not more than $1.50, from 45% to 40% was defeated
admonished Senators that "the American people are going to demand
by a vote of 45 to 28.
an accounting" for the vote to be Cast on the lumber tariff. He
An amendment by Senator Barkley, Democrat, of Kentucky, to
said the bill had reached the "log-rolling period."
reduce the rates on boys', youths' and men's clothing to 35 cents a
The Senate adjourned at 9:50 p. m.
pound, instead of 33 to 50 cents and 45 to 50% ad valorem, was
In what we had to say a week ago (pages 1211-1213) as defeated by a vote of 45 to 27. Present rates are 30 to 45 cents
to the Senate action on the tariff bill, we indicated what and 45 to 50% ad valorem.
Assails "Sins" of Tariff Making.
had been done up to Feb. 20. Regarding the adoption of
Senator George took another fling at the Senate's action just before
amendments to the agricultural schedule on Feb. 21 the
adjournment, when he asserted that the wool and rayon schedules of
New York "Times" in its Washington dispatch stated in
the bill were "twin sins" and that the sugar schedule has a record
part
"as clean as an angel" compared with wool and rayon.
A plea by Senator Tydings not to raise tariffs on foodstuffs beHe added that, "if Mr. Hoover wishes to succeed himself, he will
cause of economic conditions shown by unemployment figures was hesitate a long time before he will approve the same kind
of tariff
answered by the Senate today with vote to increase rates on potatoes, bill which sealed Mr. Taft's doom," and asserted
that the tariff
celery, lettuce, cabbage and dried, frozen and preserved eggs. It bill approvel by President Taft was "almost a free
trade policy
did, however, vote to retain the present rates on preserved mush- compared with the rates in this schedule."
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FINANCIAL CHRONICLE
Changes in the tariffs on silks and velvets were made on
Feb. 25, other revisions likewise figuring in the Senate
action that day. In its report of the day's developments
the Washington account to the New York "Times" said:
Carrying on consideration of the tariff bill between outbursts of
debate on the Presidential statements of yesterday (referred to elsewhere in to-day's issue of our paper), and to-day regarding appropriations, the Senate voted changes in schedules on articles
ranging from sheep wool sponges to pipe organs.
The duty on the former was raised from the House and Senate
Finance Committee rate of 25% to 40% ad valorem through an
amendment introduced by Senator Fletcher, Democrat, of Florida,
while the tariff on pipe organs and organ parts was lowered from
60 to 40%, when these are imported on special order for churches
and public auditoriums, on an amendment proposed by Senator
Thomas, Democrat, of Oklahoma.
In the silk schedule Senator Blaine, insurgent Republican, of Wisconsin, won retention of the present rate of 60% on clothing made
wholly or partly of silk and not otherwise provided for. The action
was by a vote of 39 to 38. The House had raised the rate to 65%
and the Finance Committee concurred.
Another proposal by Mr.
BlaMe for the same retention of the rate on other articles in this
category was defeated, 40 to 37.
Senator George, Democrat, of Georgia, obtained a reduction in duty
from 50 to 45% on the rates on bleached and dyed silk yarns, also
by a margin of one vote, the count being 36 to 35. The rejected
rates in this case also had been voted by the House and recommended by the Finance Committee.
Action is Expedited.
In no case was there any particular discussion, the votes, either
viva voce or by roll-call, being moved along in an evident desire to
expedite the remaining tariff business so that the final rates may
be threshed out in the joint conference committee which will have the
final responsibility of determining the schedules.
Senator Copeland, Democrat, of New York, lost a proposal to raise
two other items in the silk schedule when the Senate refused to
increase the rates 5% in each case above the recommended 55% duty
on unhemmed silk handkerchiefs and woven mufflers and 60% on
these articles when hemmed or hemstitched.
Mr. Copeland won a point, however, through a compromise, when
he asked for a rise in the proposed rates on cotton shirts. These now
carry a tariff of 40%, which was reduced by the House to 3754%.
Senator Copeland first proposed that a duty of 45% be assessed on
plain cotton shirts, with 55% being charged on jacquard figured
ones. A rate of 45% for both varieties finally was adopted.
Senator Blaine also won victories in obtaining slight reductions in
the duties on two classes of pile fabrics. The House and committee rate of 70% on uncut or wholly cut velvets was reduced from
70 to 65% by a vote of 40 to 38, and in the same amendment the
duty on partly cut velvets was trimmed from 75 to 70%.
All beeswax was voted subject to the prevailing duty of 25%,
when a motion by Senator Vandenburg, Republican, of Michigan,
to remove the qualifying word "bleached" was adopted.
Rate on Transparencies Halved.
The tariff on transparencies was cut in half on motion of Senator
Walsh, Democrat, of Massachusetts. The prevailing duty is 40%
on five printings or less and 50% on more than five printings.
The mineral oil schedule, discussion of which is being awaited
with considerable interest in petroleum circles, will be taken up on
Friday. Senator Thomas of Oklahoma proposed that a definite time
be set for taking up the proposed tariffs on crude oil and gasoline,
now on the free list. Chairman Smoot of the Finance Committee
obtained unanimous consent for their consideration then.
[Vox,180.
in their co-operation with the Administration to hold down these new
proposals for additional expenditures.
'We have enough resources to take care of the budget and such necessities as marginal cases of disability among veterans and the speeding up
of public works that we have undertaken to assist employment and some
proposals of lesser importance, but this is no time for general expansion
of public expenditure."
The above statement came after criticism of the President
by Democratic Congressional members following the White
House breakfast of Feb. 24. We quote further as follows
from the report Feb. 24 of the Washington correspondent of
the "Times" anent the conference:
The President is understood to have informed his guests that increases
In tho budget estimates of expenditures could not exceed 650,000.090
without bringing the Treasury face to face with a deficit. A difficulty ti
the situation is the inability to estimate what losses in revenue will be
caused by reductions in incomes due to the stock market decline, and the
uncertainty over the tariff legislation which prevents any approximation
of revenue to be obtained from customs duties.
Point to Cuts by Congress.
The estimates for the fiscal year beginning July 1, sent to Congress
by President Hoover in December, call for appropriations aggregating
83,830,445,231. This was a decrease of 8145,696,419 from the appropriations made by Congress to cover expenditures in the current fiscal
year.
In annual supply measures already passed by the House, the budget
figures of the Administration have been cut about 825,000,000, a fact to
which members of the Senate and the House pointed to-day as evidence
that Congress was fully aware of the danger of over-appropriation and
was following a policy of economy.
In view of that attitude of Congress, some of its leading members were
inclined to view the White House statement merely in the light of a routine
warning to keep Congress from being carried away by the so-called "demands" for heavy appropriations covering a variety of projects, including
increases in compensation for veterans, additional river and harbor improvements, public road building, education and increased pay for Government workers. . . •
Criticism at the Capitol.
Although, outwardly, the President got concrete results from his conference, in that the Congressional leaders present gave assurances that
they would see that appropriations were kept within budgetary estimates,
it was apparant after the conference that a disposition existed at the Capitol
to indulge in some criticism at the President's expense, on the ground that
the suggestion of the danger of Congressional extravagance, born of the
conference, was not justified, and gave an erroneous impression of the
attitude of the Senate and House toward public expenditures.
Pointing out that in the seven appropriation bills already Passed by
the House there had been a decrease of $25,000,00 for the Executive's
estimates, some members, Republicans as well as Democrats, declared
that proposed budgetary increases were due in part to the President's
desire for additional appropriations for public works in order to carry out
his program of checking unemployment.
Possibly it was with the idea of meeting this reaction in Congress that,
after Secretary Newton's formal statement had been issued, it was said
informally at the White House late in the afternoon that the demands for
additional appropriations came not so much from Congress as from different groups in different parts of the country.
To this statement was added that it was apparent from the discussion
around the White House breakfast table that the resources of the Government would permit only a very small increase in the budgetary proposals
without a substantial increase in taxation.
Rivers and Harbors Increase Cited.
In connection with criticism of the President among Congressmen, attention was called to his action this afternoon in approving a supplemental
estimate of $12,000,000 for the maintenance and improvement of existing
river and harbor works for the current fiscal year, with a view to the
inclusion of this item in the pending annual deficiency appropriation bill.
President Hoover in Further Conference with Members
The estimate was submitted by Major-General Lytle Brown, Chief of
of Congress and Treasury Officials Warns of In- army engineers, and was approved by Secretary of War Hurley. It is
addition to about $55,000,000 for rivers and harbors
crease in Taxes Unless Appropriations Are Cut— in the regular annual appropriation bills now pending. contained in one
of
Outlook for Tariff Bill Also Discussed.
Secretary Hurley issued a statement on the reasons underlying the
appropriation. In it he said:
President Hoover, whose breakfast conference at the proposal of an increased
"The engineering department has made special effort to advance the
White House on Feb. 18, was referred to in our issue of a Prosecution of work on river and harbor projects throughout the country
to
week ago, page 1213, this week again called members of andcarry out the present Administration program for inland waterways
to expedite work during the critical economic period ensuing after the
expenditures during
Congress to a breakfast conference at the White House. stock market crash in November. As a result, the over 86,050,000 per
the first half of the fiscal year 1930 have averaged
The President's guests upon this occasion (Feb. 24) were month.
of annual expenditures on river and harbor works
Republican leaders of the Senate and House and officers of is "This present rate of annual appropriations. The accumulated balance
materially in excess
from former years when work was not pushed so energetically has made
the Treasury Department, the "Times" Washington corre- these extra expenditures possible.
"The demands for expediting work on river and harbor projects and the
spondent, Richard V. Oulahan, stating:
delay in passage of annual appropriation bills have, however, so reduced
statement issued by Walter U. Newton, one of the President's funds that unless a supplemental appropriation is made there must be a
In a
secretaries, who attended the conference, it was asserted that if "demands" slackening of the present rate of operations and work urgently needed in
various projects must be delayed. This in
for additional public appropriations were acceded to by Congress the the interests of navigation on measure of unemployment."
turn would result in a certain
budget for the next fiscal year would be increased by $1,735,000,000.
Democrats Are Caustic.
and, with the Federal income about $4,000,000,000, "such a program
would imply an increase in taxes of 40%."
Democrats in Congress were particularly caustic in commenting on the
of the President.
On Feb. 26 the President took occasion to issue a state- warning whole thing is bunk, and they know it is bunk," said Senator Glass
"The
said that many of the projects provided of Virginia, while Senator Harrison of Mississippi gave play to his usual
ment in which he
for in the pending bills "are worthy and no doubt can and sarcasm as follows:
"In his new role of the autocrat of the breakfast table, President Hoover
should be undertaken some time over future years, . .
has confused the situation worse than ever. A while ago he was urging
but this is no time for general expansion of public expendi- increased public works in order to avoid unemployment and business depression. Now, apparently, he has shifted his position again."
ture." The President's statement follows:
Senator Watson of Indiana, floor leader of the Senate, who was one of
"It should be understood that the unprecedented drive now in progress the
President's breakfast guests, said at the Capitol that one of the diffifor new legislation and for expansion of established services which increase
culties of the Government's fiscal situation was due to the falling off in
expenditure beyond the budget, only in a small per cent originates with customs
receipts consequent upon the delay and uncertainty in tariff
members of Congress or heads of Government departments. It originates
legislation.
from different sections of the country itself and from various groups and
Discuss Tariff Bill's Status.
organizations each vigorously supporting their own projects. Many of
The tariff bill situation in the Senate came into the discussion around
these projects are worthy and no doubt can and should be undertaken
some time over future years, especially when funds are free by completion the White House breakfast table, and the President was informed that
prospects for early action on it have brightened in the last few days.
of legislation already adopted.
One of the features of this morning's conference was the concern dis"I hope that the people at home will realize that the Government cannot
undertake every worthy social, economic, military and naval expansion, played by the President that the delay of tho Senate in passing the tariff
increases in pay to Government employes, expanded pension systems, or measure might prevent the enactment of some of the annual appropriation
public improvement project—and will support themembers of congress bills, which are necessary to carry on the Government in the next fiscal
MAR. 1 1930.]
FINANCIAL CHRONICLE
year. He was assured that there was a favorable outlook for getting these
bills on the statute books by the time the fiscal year begins.
In addition to the President, Secretary Mellon, Senator Watson and
Secretary Newton, those present at the conference were Senator McNary,
assistant floor leader; Senator Jones, Chairman of the Appropriations
Committee; Senator Smoot, Chairman of the Finance Committee; Representative Tilson, House floor leader; Representative Hawley, Chairman of
the Committee on Ways and Means; Representative Snell, Chairman of
the Rules Committee; Ogden Mills, Under-Secretary of the Treasury, and
Colonel J. Clawson Reap, Director of the Budget.
Speaker Longworth and Representative Wood, Chairman of the Appropriations Committee, were unable to attend the breakfast. Speaker Long
worth returned to Washington later in the forenoon and had luncheon with
the Fresident. They went over the same ground covered at the earlier
conference.
Secretary Newton's Statement.
The statement issued by Secretary Newton reads as follows:
'The Director of the Budget, under instruction of the President, has
prepared a survey of the various projects which have been presented to
Congress and the Administration which will involve additional expenditure
beyond the present authorizations and beyond the present budget.
'These demands are being made upon Congress and the Administration
from different sections of the country and from different interested groups.
The amounts below are a summary of these projects, and are given in the
amount of additional expenditure that would be imposed upon the Federal
budget during the first year of their operations. These are not the totals
projected, which are very much larger, but simply the annual addition to
the budget. Many of the items would be permanent and increasing annually.
5350,000.000
Public roads
35,000,000
Rivers and harbors
Compensation to property owners for rights of way in
100,000.000
flood control
100,000,000
Loans to levee districts
10.000,000
Protection to forests
20,000,000
Eradication of pests
20,000,000
Expansion of agricultural service
5,000,000
Scientific research
45,000.000
Development of Columbia River
100,000,000
Reclamation service
50,000.000
National parks and memorials
5,000,000
Indian service
50,000,000
Naval construction
25,000.000
Military aviation
80,000,000
Increased army and navy Pay
15,000,000
Army-navy hospitals, barracks and posts
5,000,000
Employment services
15,000.000
Disaster relief
45,000.000
Increase in Spanish War veterans' service
40,000,000
Increase in Civil War veterans'service
400,000.000
Increase in World War veterans' service
20.000,000
Increase civil service pensions
100,000,000
Increase civil service pay
100,000.000
Education
1377
responsibly during the entire history of our National banking system." In indicating his views thereon Mr. Zimmerman said:
As or "Trade Areas."
The Comptroller's "trade area" suggestion seems to have quieted the
objections to branch banking beyond city limits, which otherwise would be
raised by leading bankers in very many of the larger cities of the country.
No essential or in fact unwelcome change would of necessity be involved
for them under the plan and it is in the present attitude of the city bank
that the threat of success of the "trade area" suggestion most of all consists.
A very striking illustration of its pointlessness as applied within Federal
Reserve District boundaries, is found with respect to Group III of the
Pennsylvania Bankers Association. Covering the entire northeastern
section of Pennsylvania, with a population of one and a quarter million of
people, and representing untold actual and potential wealth, your mining,
transportation, farming, manufacturing and merchandising industries are
overwhelmingly identified with and related to New York City. The Comptroller's proposal would be utterly devoid of both rhyme and reason as
applied to this whole Group III section, and demonstrates conclusively that
Federal Reserve District boundary lines are of only the slightest significance
In our business and banking allegiances. Similarly, the manufacturing and
merchandising enterprises throughout the central and eastern section of our
State—with the exception of Philadelphia and its environs—are largely
controlled from New York City. It must therefore be apparent that the
waters are badly muddled,so far as the logic of the "trade area"suggestion
is concerned.
This statement should not be construed as favoring some other plan of
branch banking. I oppose branch banking because of a deep-seated distrust
of too much concentration of financial power. We must remember that
with the question of concentration, is involved the more serious question of
undue political influence and the power to sway the ordinary processes of
bank supervision.
In conclusion, may I say that despite the accepted dominance and
sure
efficiency of big business in manufacture and distribution. I feel
that the American people are not yet ready to surrender their right of
Absorption of our
individualism as it relates to their economic endeavors.
unit banks under a system of practically unlimited centralized control,
would be deplorable, most of all in promoting an ever-increasing subserviency and lack of independent judgment both on the part of local
pay in
businessmen and local bankers. This is surely too great a price to
-dependence and self-realization of our
exchange for the characteristic self
present-day business and banking processes. One will seek in vain beyond
this nation of ours for such a high order of personal efficiency and intelligence
as that possessedly the rank and file of the unit bankers of America. That
this tremendous back-log of economic safety is now to be weakened—not
to say sacrificed eventually—for the sake of a type of progressiveness in
$1,735.000,000 finance that may lead us we know not where, is difficult to believe.
Total
"The present Federal income is approximately $4,000,000,000 per
Preceding the above, Mr. Zimmerman, whose topic was
annum and such a program would imply an increase in taxes of 40%.
following
"In addition to the above list, other projects are being urged but are not "Branch Banking, to Be or Not to Be," had the
regarded as inuninent, which would impose a further expenditure of fully to say:
$1,500,000,000 per annum."
In discussing branch banking with you to-day it is my purpose to present
a number of observations bearing upon the annual report to Congress of
Senate Confirms Nomination of H. M. Tate as Member Hon. John W.Pole. Comptroller of the Currency. You will recall that the
enable
Comptroller has concluded that the Federal Government should now
of Inter-State Commerce Commission.
States—
National banks—without regard to the banking laws of the several
within such
The nomination of Hugh M. Tate (Republican) of Knox- to establish branches outside of their own city limits, keeping
Federal Reserve District boundary lines.
ville, Tenn., to be a member of the Inter-State Commerce "trade areas" as would not cross more highly charged with explosives than
Without a doubt this proposal is
Commission was confirmed by the Ti. S. Senate on Feb. 20, any that has been made responsibly in the field of American finance during
Comptroller's
by a vote of 48 to 18. Mr. Tate was nominated on Feb. 8 the entire history of our National banking system. Theby bankers, to
method of reasoning merits careful analysis, particularly
by President Hoover to succeed Richard V. Taylor of the end that the weight of our personal influence may be placed in the
Alabama, whose term expired Dec. 31. The nomination balance of sound public opinion on this important subject. Our necessarily
drew vigorous objections from a small group of Democrats brief treatment of this question will of course be far from comprehensive
and independent Republicans, said Associated Press dis- of all of its varied implications.
Basis of Proposal.
patches, which from Washington, Feb. 21 added:
The ground work on which the Comptroller makes his proposal for a
Mr. Tate was attacked as a representative of railroad and power interests
branch banking system may be briefly stated as follows:
and, in addition, the objection was made that his appointment would
1. Unit banking has been taking a fearful toll through bank failures in
violate the law requiring that not more than 6 of the Commission's 11
the agricultural sections of the west and northwest.
members be identified with one political party. The claim was made that
2. The difficulty unit banks are having in certain localities to earn
Commissioner Woodlock, appointed as a Democrat, was in reality a
safhfactory profits, coupled with the need for providing adequate banking
Republican.
service where lack of diversification in industry and for volume of deposits.
Senator Black, Democrat, of Alabama, asserted that Mr . Tate had
the people of such service.
acted as attorney for the Southern Railway and for power companies, a deprives
3. Centralization of control in industry with less diversification of bank
contention that was denied by Mr. McKellar of Tennessee, also a Demoloans and a consequent lower vitality in unit banks.
crat. who argued that while Mr. Tate's law firm had done some work for
4. National banks handicapped by unequal privileges as compared with
the Southern in the Knoxville area it had been obtained and handled by
State chartered institutions, are leaving the National bank system, thus
one of Mr. Tate's partners.
making a uniform system of commercial banking preferable to the dual
Senator Black also referred to press reports that Mr. Tate had been
system— State and National— as originally intended by National Bank Act.
recommended for appointment to the Commission by Jeremiah Milbank, a
5. Group banking and chain banking have been designed to meet "the
director of the Southern. This, Senator Couzens, Republican of Michigan,
as yet
growing isolation of country banks." Since their operations are
said he could "authoritatively deny".
unregulated, branch banking would simplify the situation and deprive the
Senators Norris of Nebraska, independent Republican, and Wheeler of
existence."
and chain banks of any "logical reason for their
Montana, a Democrat, also participated in the attack on the ground that group
In considering the foregoing as delineated by the Comptroller, one must
he was identified with the railroads and power companies.
endeavor to see the tangled picture as he sees it. Uppermost in his mind of
The roll call vote, which was taken at the close of yesterday's session,
banking
course, is his concern for the continued prestige of the National
showed 34 Republicans and 14 Democrats in favor of confirmation and 8
to find
system. When disturbing trends arise, it is his duty, if possible,
Independent Republicans and 10 Democrats voting against approval.
welfare and the pressome means of co-ordinating them for the common
ervation of the system in his charge. In the face of the Comptroller's
responsibilities, one can readily appreciate the dominant purpose behind his
C. F. Zimmerman Before Group III, Pennsylvania recent proposal. The question for you and me is that of becoming convinced
that the radical stop he is prepared to take, is the right step for tile nation
Bankers' Association, Voices Opposition to Branch
Banking—Objections to Comptroller of Currency
Pole's "Trade Area" Suggestions.
A discussion of branch banking by C. F. Zimmerman,
President of the First National Bank of Huntingdon, Pa.,
featured the annual meeting of Group III of the Pennsylvania Bankers' Association at Scranton, Pa. on Feb. 22.
In particular Mr. Zimmerman's remarks dealt with the
proposals of Comptroller of the Currency J. W. Pole for the
establishment by National banks of branches outside
their own city limits within such "trade areas" as would
not cross Federal Reserve District boundary lines. Mr.
Zimmerman declared this proposal "to be more highly
charged with explosives than any which has been made
to take.
Concerning Bank Failures.
The Comptroller is not convincing in his deductions that Federal branch
banking is a curative for the situation regarding the failures of unit banks
and the frozen assets of unit banks, in our great agricultural sections.
Coupled with the business of Federal Land Banks and Joint Stock Land
Banks the problem of agricultural finance is the sorest spot in our entire
economic situation. We must not lose sight of the factors that have placed
us in this predicament.
Following enactment of Federal legislation in support of farm loans
after the world war, we soon found many who believed that a great service
could be rendered to agriculture through amortized mortgage loans. Farm
values then remained at high levels, and it was on the basis of such values
that the whole structure of farm loan mortgages and bank loans for financing
farm operations has since been built. Unfortunately farm values have not
been sustained. They have declined with the prices of farm products until
farm mortgage bonds—conservatively issued under governmental authority
and surrounded by the best of practical safeguards— are themselves in no
1378
FINANCIAL CHRONICLE
little jeopardy, even though amortization of many issues has been running
for eight or 10 years. According to the Comptroller "the obligation is
upon the Government to set up a system of National banking which will
insure against bank failures." In all human probability, no system of
commercial banking whatsoever serving great agricultural areas under
such a trend as we have seen, could have been kept free from very serious
casualties.
As a nation, we are always pursued by the danger of errors of judgment in
enacting laws calculated to solve complex problems of economics and
banking. In a desire to help the business of the farmers,our best statesmen.
our most highly trained financiers and our largest and most conservative
investors were apparently of one mind. The issue here is not alone that of
losses to depositors in banks, but of losses to farm owners, to investors in
farm mortgages and to those who own or did own the capital stock of the
banks that have either been compelled to close their doors or that are yet
holding frozen agricultural assets. Investments in those banks shares have
very likely represented far greater totals than would have been or would
ever be the case under branch bank management, whose involvement would
surely have occurred much earlier and whose difficulties would have been
nation-wide in their effects. Except for the unit bank system in those
agricultural sections to which the Comptroller refers, our difficulties as a
nation in their direction would have been incomparably more severe.
Hindsight of untoward and largely unanticipated adversities is better than
foresight, but we should not be misled as to the certainty of the effect of
the adversities we have experienced in agriculture upon any prevailing
system of commercial banking.
It will be admitted that farm land values were much inflated during the
war as well as thereafter. The sole eventual answer to any inflated economic
condition is "less inflation." Whether or not a banking system, however
set up, can withstand an unduly inflated condition, depends upon how far
the element of inflation shall proceed. To infer that the city banker or the
city bank management is the sole mainspring of wisdom relative to repeated
Inflationary periods of one kind or another, Is to infer too much. It seems
clear therefore that in a practical sense, no all-inclusive safeguards to
depositors or to banks are to be looked for in branch banking. The average
of intelligence of bankers in America, is fairly high these days. While the
mechanics of banking may always be subjected to improvement, I had
rather look into otn• economic future knowing that the country banker will
continue with a guiding hand on the throttle of business progress in his
own home town, always keeping on the lookout for every "block signal,"
along the way, than that he should be merely walking up and down the
aisle gathering up chewing gum wrappers and keeping the window sills
nicely dusted off.
Small Margin of Profit.
r The second point above set forth has to do with the unsatisfactory profit
of certain unit banks and the desirability of supplying banking service
wherever needed.
Obviously this does not argue for any special Federal branch banking
legislation. Wherever in the judgment of any State Government, branch
banking ought to be authorized, the people may decide the question for
themselves. They should not be interfered with in this right, so long as
National banks are not discrimated against. Besides the people of any
State of the Union are probably the best informed folks as to their actual
need of any type of banking services. If branch banking Is the best way
outfor them,they will probably come to it of their own accord.
Centralization in Industry.
In the next place the Comptroller points out that centralization of
Control in industry Is having a devitalizing effect on the country bank, thus
arguing for a logical (-) centralized control of bank deposits under a branch
bank plan.
That centralization in the manufacture and distribution of goods, Is
the order of the day cannot be gainsaid: that it will be more accentuated in
time to come seems certain: but just how this centralization is interfering
with the usefulness and time-honored prerogatives of unit banks is difficult
to see. Merging of city banks in order to handle larger financing Is doubtless
justifiable in this trend, but to enable them to reach out for control of
country banks Is not justifiable. In many cases there Is less commercial
business on the books of the country bank than formerly, but I have yet
to hear of a bank of any consequence in Pennsylvania whose business has
been seriously affected by centralization because commercial borrowing as a
rule goes hand in hand with commercial deposits. Country banks are of
course taking on more of the character of savings banks, but nevertheless
they are also continuing to serve their local business clientele. Under branch
banking there would be only the remotest sort of a chance of improving upon
this continued service of the country bank to its own clientele. It would
seem almost as though the Comptroller believes country bankers to be
raising to their friends in the city,a loud Macedonian call, waiting meanwhile
for their first branch banking chance to be dragged out of the mire. Maybe
some country bankers are ready to be dragged out—for a consideration.
No doubt some have already found aid and comfort in group and chain
promotions. It would be interesting, however, to know if there Is even one
banker in this audience who believes that branch banking would or could
improve the business situation in his own community.
National Banks Handicapped.
The fourth point from which the argument for the Comptroller's plan
of Federal branch bank legislation is deduced, Is that it seems to be the
only way to overcome the advantages over National banks given to State
banking institutions under their charter rights. The resulting defections
from the National system—together with his belief that a uniform system
of commercial banking is preferable to the dual system— persuades the
Comptroller that branch banking is the only way out for the National
bank system.
The dilemma here is not easy of solution and I predict that not during
the life-time of any of us here present will this issue between State institutions and National banks, be solved. No more dangerous economic
enterprise could be embarked upon than that of the Federal government
attempting to over-rule and over-ride the State banking system of the
nation. Such an undertaking would result only in confusion worse confounded. Merlons though we all are that there shall be no essential weakening of the National bank system, my anxiety for its inherent strength is less
a matter of total figures than of maintaining conservative policies. One
recognizes the point of diMculty in permitting State chartered banks,
members of the Federal Reserve System, to enjoy every prerogative of
membership shared by National banks while at the same time they may
exercise the broader powers granted to them by their State laws. For this
reason National banks have been at some disadvantage, which Is not as it
should be. This doubtless is the crux of the Comptroller's dilemma. A
solution of the difficulty by means of amendments to the Federal Reserve
Act should not be beyond the range of possibility. Most of all would
Federal branch banking legislation intensify the points of variance between
the State and National systems, and start plans for the adoption of checkmating legislation on every hand. For this reason, procedure without
[Var. 130.
thoroughgoing assurance beforehand as to the possible reaction within the
States,seems most unwise.
Groups and Chains.
The final point of the Comptroller to be touched on is his thought that
group banking and chain banking, being still unregulated, would, under a
branch banking system, have no logical reason for existence.
A rather facetious answer that has occurred to me in this connection is
that in the very recent holding company, group bank and chain bank
developments, the only logical reason for their existence I have observed. Is
that some folks figure they can In this way add a little to their prestige in
the banking field and at the same time, anticipate by a year or two the
supposedly inevitable arrival of branch banking.
One might occupy the entire time allotted, In pointed remarks concerning
this "gold rush"(-) but the correct answer is that the question of regulation
of group banking and chain banking has already been taken
in hand by
certain of our States and will be forwarded in other States on its merits.
It is doubtless true that certain of the recent group and chain developments
do fulfill something of a need in the localities where they have formed and
are forming. If so the element of possible difficulty later on with the
"weaker links" should be kept clearly in mind. We have probably not seen
the end of the growth of this more recent type of bank promotion, but
neither have they seen the end of the conditions to which they will properly
be subjected. I say this with no least animus. The recent law enacted in
the State of New Jersiy which must be a difficult law for a mere bank
holding corporation to swallow, is indicative already of the probable trend
of State legislation in this direction. In other words, New Jersey is only
one of many States bent upon maintaining the integrity of her unit banks.
When this has been accomplished, there will be small reason for anxiety
about either group or chain banking.
Studying Branch Banking in Congress.
It is interesting to note that the House Banking and Currency Committee is about to enter upon a fact finding quiz on branch banking. In
propostion as the committee gives studious attention to the methods whereby
branch banking has extended itself beyond city limits In this country, the
proposed quiz will be of value to country bankers. The unit banker Is
disposed to be looking for light on all questions of import in branch banking
so that among other salient topics for careful investigation, the following
might be included with profit:
1. How has promotion of branches proceeded where the management of a
country bank has been known as desiring to retain control of their bank?
2. Have there been sinister elements? If so, how may the Government
Control them?
3. Has there been diversion of deposited funds in periods of inflation
with consequent restrictions against granting loans to local customers?
4. Have local loans been called by the head ()Mew at any time? If so,
cite dates, specific cases and the reasons.
5. Have banks operating widely scattered branches kept out of State
politics? If not, what activities have they engaged int
El Do branch banks seek to control allied businesses in the local community,such as life and insurance business and appointment of agentsE
7. What have been the methods of capital stock structure and exchange
of stock where absorption has occurred?
8. What is the nature and extent of the discretion used by the local
banker and his local advisory board. In charge of a branch?
Answers to the above practical questions and many others should be had
by the Congressional Committee. Thatsuch answers will provide interesting
reading to unit bankers there can be little doubt.
Address of F. L. Lipman.
With respect to the branch bank situation in California, F. L. Lipman,
President, Wells Fargo Bank and Union Trust Co. and one of the oldest
bankers in point of service in that State, recently made some pertinent
statements in an address delivered before the San Francisco Convention of
the National Association of Supervisors of State Banks. His remarks are
deserving of being published in every financial journal in America, but thus
far I halve not found them in any regularly issued financial journal of my
reading. Mr. Lipman snakes this significant statement: "Watch the
California experiment in branch banking; it has nothing to show yet, but it
must develop into an experiment that Is earnest and serious, because they
can't let go the bear's tail" . . . "We have all listened to vociferous
expressions of theory, but the only certain way of determining whether
they are mushrooms or toadstools is to eat them. In California we are just
Sitting down to thetable." Would it not be well for the Congressional
Committee and the country at large to have the benefit of Mr. Lipman's
fund of information on the modus operandi of branch bank promotion and
management within his own State?
The Position of Pennsylvania.
It is not my purpose to touch upon the well known and entirely valid
considerations in favor of unit banking as they apply to our banks throughout Pennsylvania. George W. Davison's address "Banking Evolution in
America" delivered before the annual convention of the American Bankers
Association last year, Is to my mind conclusive in the cause It so admirably
advocates on behalf of the unit bank system. I should like to refer, however,
to the skillful way in which the tentative plan of the Comptroller for
branch banking confined to "trade areas" within Federal Reserve District
boundaries, has served to cut apart the united and determined opposition
"sal
which a wide open plan would otherwise have to withstand in our State.Despite whatever theory of banking to which any Pennsylvania banker
may hold In the abstract. I venture the assertion that if the idea limiting
branch banking within Federal Reserve District boundaries, were to be
abandoned, our banker friends in Philadelphia and Pittsburgh would
Immediately be hunting for cover just as we are, pleading that such a
system would never, never do. The proposal as it stands to-day in this
Commonwealth, bolls down to the question of whose ox is likely to be gored.
In other words the present attitude of passive disregard by city bankers,
would soon turn to militancy, were the Reserve City banks of Pennsylvania
to face equally with the country banks the danger of absoprtion under the
Comptroller's proposal. As the proposal stands, it may become incumbent
upon the outlying Pennsylvania banks, to fight their own battle on this
question. Inasmuch as we all have correspondent banks whom we regard as
our loyal bank friends in Reserve cities, it Is none too soon for Us to ask
them to go on record on our behalf on this issue which may eventually
prove to be of vital consequence to our several institutions. We ought to
discover, if possible, how deep-seated or how shallow branch banking sentiment is running. It may be of course that there Is very little at all except
In the office of the Comptroller at Washington, but there would be no harm
In our beginning to find out.
Stock Yards Act Held Valid By U. S. Supreme Court.
Provisions of the Packers and Stockyards Act empowering
the Secretary of Agriculture to prescribe the maximum
MAR. 11930.]
FINANCIAL CHRONICLE
rates for service of commission men were held valid by the
U. S. Supreme Court on Feb. 24 in an opinion sustaining
the Federal Court in Nebraska. In its account of the Supreme Court's decision the New York "Times" said:
Tagg Brothers and Moorhead and other members of the Omaha Live
Stock Exchange appealed from the lower court's refusal to enjoin the Secretary of Agriculture from interfering with a proposed increase in commission charges at the Omaha stockyards.
They contended that the Act does not authorize the Secretary to fix
charges for market agencies and that if it did undertake to do so it violated
the Fifth Amendment to the Constitution, as the charges were for "personal
services."
"The contention," the high court ruled, "that Congress did not purport
to empower the Secretary to issue an order prescribing the charges of market
agencies is without substance—the language used was apt to confer the
power.
"The contention that the Act, if construed as authorizing the order assailed, is void under the due process clauses is likewise sound."
It was also urged by the commission men that rate-fixing "is in essence
wage-fixing, since the stockyard services performed involve only skill
and labor," and that "wage-fixing was held to be beyond the power of
Congress."
"There is here no attempt to fix any one's wages or to limit any one's
net income," the Supreme Court said. "Differences in skill, industry and
experience will continue to be factors in the earning power of the several
plaintiffs for the order fixes only the charges to be made in individual transactions."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the sale of
a New York Stock Exchange membership for 3410,000.
Last preceding sale was for $400,000.
—
Arrangements were made this week for the sale of a membership on the Chicago Stook Exchange to the brokerage
firm of E. M. Hamlin & Co., Boston. This is the second
Chicago Exchange seat to be purchased by Boston firms this
year, one having been bought in January by Harry C.
Robbins, partner of F. S. Moseley & Co., Boston.
The Irving Trust Co. of New York announced on Feb. 27
the appointment of Arthur B.King as an Assistant Secretary.
A convention of the Georgia correspondent banks of the
Central Hanover Bank & Trust Co., N w York, opened in
Atlanta on Feb. 27. The purpose of the meeting is to
strengthen relationships and develop closer co-operation
between the Georgia Banks and the New York correspondent,
with a view to placing as effectively as possible the organization and helpfulness of the New York bank at the service
of the local institutions. Officials from the main office of
Central Hanover include Henry P. Turnbull, Vice-President,
B. A. Morton, Vice-President of the Trust Department;
W. Tresckow, Assistant Vice-President in charge of the New
Business Department; W.B. Smith, Assistant Vice-President
and W. C. Bennett, Assistant Vice-President in charge of
business promotion for correspondent banks. The meeting
is in line with a suggestion made by George W. Davison,
President of Central Hanover, before the American Bankers
Convention at San Francisco when he insisted that the ills
of American banking were subject to elimination and suggested that the future need was for good local management
and close co-operation between banks in the smaller cities
and their correspondent banks in the large centers. Mr.
Davison outlined the possibility of State conventions at
which matters of mutual interest could be discussed, and
which would lead to improvement in banking methods as a
whole and effective assistance for smaller institutions.
With all denominations of the new size paper money
obtainable for the first time, a first showing of the entire
series from the familiar one dollar bill to the rarely seen
$500, $1,000, $5,000 and $10,000 notes, were placed on
display on Feb. 24 in the Chase Bank Collection of Moneys
of the World located on floor B in the main office of the
Chase National Bank at Pine and Nassau Streets, this city.
The exhibit has been rounded out by the acquisition of the
first $5,000 note available in New York, which was obtained
by the Chase Bank from the Federal Reserve Bank. The
$10,000 note which crowns the exhibit is of unusual interest
since it is note No. 2 of the new issue, and bears the protrait
of Salmon P. Chase, Lincoln's Secretary of the Treasury, for
whom the Chase National Bank was named. Note No. 1
of each denomination of the new size currency is retained
by the United States Treasury. Special provisions have
been made by the Chase National Bank to guard the display
of new money, since hundreds of visitors normally view the
money collection each week.
1379
in the Kingston, N. Y., City Hospital. He was 45 years
old. Mr. Higginson, who graduated from Harvard in
1907, had been engaged in the banking business for 20 years.
He was formerly with the New York branch of the Boston
banking house of Lee, Higginson & Co., founded by his
uncles, and in 1926 he became a partner in Winslow, Lanier
& Co.
Medley G. B. Whelpley was elected President of the new
American Express Bank & Trust Co. at an organization
meeting of the incorporators on Feb. 24. William T. Hoops
was elected Vice-President and E. J. Donahue was elected
Secretary. It was stated after the meeting that the new
bank is expected to begin business in April at 65 Broadway,
with a paid-in capital and surplus of $15,000,000. The
headquarters of the bank will occupy the ground floor
of the American Express Building at 65 Broadway, New
York. Extensive alterations are being made to accommodate
the bank. Mr. Whelpley, the newly elected President, is
37 years old. He was born in New Brunswick, Canada,
but his boyhood was spent in Cedar Rapids, Iowa; he came
to New York in 1915. He became a Vice-President of the
Mechanics and Metals National Bank in 1922, and when
that institution was merged with the Chase National Bank
in 1926, he was made a Vice-President of the Chase Bank.
During the past two years he has been principally engaged
on the expansion of the Chase National Bank, occupying
during this period the position of Vice-President of Chase
Securities Corp. He is a director of a number of corporations including the American Express Co.
Mr. Hoops has been active in the transportation field.
He was a pioneer in the development of Container Car Service
for handling less than carload freight and was associated for
many years with the late President Smith of the New York
Central Railroad in the L. C.L.Co., manufacturer and lessor
of steel car containers used by the New York Central and
other railroad systems. Mr. Hoops is President of the
L. C. L. Co., a director of the U. S. Freight Co., American
Express Co. and the Adams Express Co.
Mr. Donahue was until recently Assistant Vice-President
of the Chatham-Phenix National Bank and Trust Co.,
with which institution he has been associated for the past
10 years. Prior to coming to New York he was,for a number,
of years, National Bank Examiner in charge of the up-State
district between Syracuse and Rochester.
Twenty-four men, including executives of prominent
industrial corporations, public utility and insurance companies, as well as partners of several of the foremost financial
.
firms, will comprise the board of directors of the American
Express Bank and Trust Co. They include, in addition to
Mr. Whelpley:
Joseph F. Abbott, President, American Sugar Refining Co.
Martin .1. Alger, President, Merchants Despatch Transportation Co.
William D. Baldwin. Chairman Otis Elevator Co.
F. Higginson Cabot, Jr.. Vice-President, Stone Webster, Inc.
William C. Dickerman. President, American Locomotive Company.
Frederic W. Ecker, Assistant Treasurer, Metropolitan Life Insurance Co.
William B. Given. Jr.. President, American Brake Shoe and Foundry Co.
Paul L. Hald, President, American Eagle Fire Insurance Co.
William T. Hoops, President, L. C. L. Corporation,
Ralph B. Ives, President, Aetna Insurance Co.
Arthur F. Lafrentz, First Vice-President, American Surety Co.
James S. McCulloh, President, New York Telephone Co.
Frank A. Merrick, President, Westinghouse Electric & Manufacturing Co.
Paul G. Pennoyer. of A. Iselin & Co.
Demon S. Prentice, of Dominick & Dominick.
John W.Prentiss, of Hornblower & Weeks.
Richard S. Reynolds, Reynolds & Co.
Joseph C. Rovensky, Vice-President, The Chase National Bank.
Charles S. Sargent, of Kidder, Peabody & Ce.
Lynde Selden, Vice-President, The Chase National Bank.
Frederick P. Small, President, American Express Co.
J. A. Sweetser, President, Bigelow-Sanford Carpet Co.
Graham C. Woodruff, Chairman, U. S. Freight Co.
The new bank is being organized under the banking laws
of New York State. It will engage in a general banking and
trust company business.
On Feb. 20th, George A. B- arnewall was elected a VicePresident of the Brooklyn Trust Co. and Paul E. Ely was
elected an Assistant Secretary of the institution.
On Feb. 25th stockholders of the Richmond National
Bank of Richmond Hill, Borough of Queens, voted to increase the capital of the bank from $300,000 to $400,000
April I 1930 by payment of a 33 1-3% stock dividend to
shareholders of record March 25. A reference to the
proposal to increase the capital appeared in our issue of Jan.
18, page 415.
From the Philadelphia "Ledge- r" of Feb. 26 it is learned
James J. Higginson, a member of the Stock Exchange that Levi L.Rue, Chairman of the Board of Directors of the
firm of Winslow, Lanier & Co., 51 Wall St., died on Feb. 24 Philadelphia National Bank is to retire from active business.
1380
FINANCIAL CHRONICLE
At Mr. Rue's request, the directors of the Philadelphia
National Bank has approved a leave of absence from the
Chairmanship, which will terminate July 14 (his 70th
birthday) with his retirement from the bank. He will however, continue with the bank as a member of the directorate.
Mr. Rue, who entered the Philadelphia National Bank as
stenographer 52 years ago, was President of the institution
for 19 years, or until April 1 1926, when the Philadelphia
National Bank and the Girard National Bank were merged
under the name of the Philadelphia-Girard National Bank.
At that time he was chosen Chairman of the Board of
Directors, and fJoseph Wayne, Jr., President of the Girard
National Bank, became President of the combined institutions. In April 1928 Mr. Rue was again chosen Chairman of
the Board of the enlarged Philadelphia National Bank, the
outgrowth of a merger of the Philadelphia-Girard National
Bank and the (Franklin-Fourth St. National Bank, with
Mr. Wayne continuing as President of the new bank. We
quote further from the "Ledger" as follows:
Commenting yesterday upon Mr. Rue's prospective retirement from the
field of banking, Mr. Wayne said that the leave of absence was granted by
the directors with regret. He pointed out that Mr. Rue is an outstanding
figure in banking in Philadelphia. He also called attention to the work
of Mr. Rue as a member of the Federal Reserve Board's Advisory Council.
Following the passage of the Federal Reserve Act. Mr. Rue headed a
delegation of Philadelphia bankers that went to Washington and appeared
before the Organization Committee of the Federal Reserve Board. He
was largely instrumental in having one of the 12 Federal Reserve banks
established in this city.
In addition to being chairman of one of the oldest and most powerful
financial institutions in the United States, Mr. Rue also is present of the
Philadelphia Clearing House Association and a director of the following
companies and financial institutions: Pennsylvania Railroad, FidelityPhiladelphia Trust Co., Provident Trust Co., Provident Mutual Life
Insurance Co. and the Western Saving Fund Society.
At a recent meeting of the directors of the Corn Exchange
National Bank & Trust Co. of Philadelphia Charles E.
Hendrixson was made a director. Mr. Hendrixson is Secretary, Treasurer and a director of the Viscose Co.
Following a meeting of the Board of Directors of the
Marine Midland Corporation (a holding company organized
last year by New York and Buffalo financial interests) held
yesterday morning (Feb. 28) announcement was made that
an agreement had been approved for the acquisition of the
Fidelity Trust Co. of New York by an exchange of stock
on the basis of 14 shares of Marine Midland for each share
of capital stock of the Fidelity Trust Co., when accompanied by one share of Fitrust Corporation, the securities
affiliate of the Fidelity Trust Co. The directors of the
Fidelity Trust unanimously approved the terms of the offer
and voted to recommend its acceptance by their stockholders.
The official statement in the matter goes on to say:
Under an alternate plan, the stockholder.: of Fidelity Trust Co. are given
the option of taking one share of Marine Midland stock and $40 in cash,
instead of 13if shares. Stockholders accepting the offer are required to
deposit their stock with the Fidelity Trust Co.. as depositary under the
agreement, on or before Mar. 20 1930. The exchange becomes binding
upon the Marine Midland on the deposit of 75% of the Fidelity Trust
Co.'s stock.
Upon consummation of the plan, it is understood that Ernest Stauffen,
Jr., Chairman of the Board of the Marine Midland Corp., will become
Chairman of the Fidelity Trust Co.; James G. Blaine will continue as
President and Samuel S. Conover will become Chairman of the Executive
Committee. Harral 8. Tenney, Vice-President of Marine Midland Corp.,
will become Vice-President of Fidelity Trust Co. Marine Midland Corp.
will be represented on the Fidelity Trust Co. Board of Directors.
Commenting upon the announcement, George F. Rand, President of
Marine Midland Corp., said:
'The affiliation of the Fidelity Trust Co. brings into Marine Midland a
well-managed unit in New York City and means the fulfillment of one of
the alms of Marine Midland, as announced at the time of its formation.
As in the case of other banks previously acquired by the Marine Midland
Corp., the management of the Fidelity Trust Co. will maintain its local
autonomy. Upon completion of the acquisition, the combined resources of
Marine Midland banks will approximate $600,000,000."
James G. Blaine, President of the Fidelity Trust Co., made the following
statement:
"Mr. Conover and I feel that the proposed association with the Marine
Midland Corp. will be of great value to the Fidelity Trust Co., and its
stockholders. It offers us a broader scope for banking activity. It will
enable us to give an enlarged service to our own clientele, and it will provide
to the Marine Midland banks and their 350,000 customers, eiery banking
facility that they may require of a New York City bank. More important
than this, however, is the fact that Fidelity Trust Co. will be part of an
organization which typifies, in the best sense, the evolution of banking in
this country."
Ernest Stauffen, Jr., who will be Chairman of the Board of Directors of
both organizations, said:
'One of my chief objectives in becoming Chairman of the Board of Marine
Midland Corp. was to develop the possibilities of Marine Midland's potential
interests through a New York City bank. I am glad to join with the
management of the Fidelity Trust Co. to that end. On the confirmation of
the proposed plan the Marine Midland Corp. will have taken a most distinct
step in the interest of its 18.000 stockholders."
The Fidelity Trust Co. has a capital and surplus of $10,000,000 and undivided profits of $1,659,171, according to its statement, Dec. 31 1921.•
Total resources on that date were $76,911.854. The main office of the
Fidelity Trust Co. is at 120 Broadway'in the Equitable Building. The
bank maintains five branches in Manhattan located at Liberty and West
Ms.; Chambers and West Broadway; 17 Battery Pace; William and John
[Vor.. 130.
Ste., and 12 East 45th St It wsa organized in 1907. In 1926 the Coal &
Iron National Bank was merged with it.
Marine Midland Corp., which is a holding company, with assets consisting of over 97% of the stock of each of 17 banks in New York State, was
organized in September 1929, when a banking group, composed of Stone &
Webster and Blodget, Inc., White, Weld & Co., Marine Union Investors,
Inc., and Schoellkopf, Hutton & Pomeroy, Inc., offered 1.000.000 shares of
capital stock to the public. There were outstanding Dec. 31 5,208,342
shares of common stock and resources of the corporation included over
$57.000.000 in cash.
A combined statement. as of Dec.31.shows the 17 Marine Midland banks
to have total resources of more than $520,000,000. The group consists of:
Marine Trust Co. of Buffalo, Buffalo, N. Y.; Union Trust Co. of Rochester,
Rochester, N. Y.; The Manufacturers National Bank of Troy, Troy, N. Y.;
Power City Bank, Niagara Falls, N. Y.; Niagara Falls Trust Co., Niagara
Falls, N. Y.; Bank of LaSalle, Niagara Falls, N. Y.; Peoples Trust Co.,
Binghamton, N. Y.; First Trust Co. of Tonawanda, Tonawanda, N. Y.:
Niagara County National Bank and Trust Co., Lockport, N. Y.; State
Trust Co., North Tonawanda, N. Y.; Workers Trust Co., Johnson City, N.
Y.; Lackawanna National Bank, Lackawanna, N. Y.; Union Trust Co. of
Jamestown, Jamestown, N. Y.; The Bank of East Aurora, East Aurora, N
Y.; Cortland Trust Co., Cortland, N. Y.; Orleans County Trust Co.,
Alboin, N. Y., and Bank of Snyder, Snyder, N. Y.
.
Further referring to the closing on Feb. 13 of the City
Deposit & Discount Co. of Bristol, Conn.(a private institution) and the assignment of its business to the Bristol Trust
Co. for liquidation, noted in our issue of Feb. 15, page 1063,
according to Associated Press advices from Hartford on
Feb. 19 printed in the New York "Times"of Feb.20,a bench
warrant for the arrest of Dr. Biago Reale, former Treasurer
of the institution was issued by Judge Newell Jennings in
Superior Criminal Court on that day, charging Dr. Reale
with the alleged embezzlement of $41,134 from the bank.
Adviees in the matter from Bristol on Feb. 14 to the
Hartford "Courant" had said in part as follows:
The shortage in the private bank's accounts is estimated at $40,000
Dr. Reale, it was reported, has offered his own property, which includes a
house on Divinity Street listed at $12,600, to help defray the loss. No confirmation of this report VMS obtained to-day.
Approximately $60,000 of the $85,000 on deposit had been paid out
to-night, two days after the liquidation of the bank had been announced.
The Bristol Trust Co., which took over the bank's business for consideration
of $1,is in charge of liquidation.
Again a Bristol dispatch on Feb. 25 to the "Courant"
said in part:
Stockholders of the City Deposit & Discount Co., private bank forced
into liquidation by the alleged embezzlements of its Treasurer, Dr. Biagi)
R. Reale to-night (Feb. 25) voted by an overwhelming majority to ratify
the action of their board of directors, turning the banks assets and liabilities
over to the Bristol Trust Co. Of the 1,410 shares voted, 1,402 were for
ratification. More than 100 of the 400 stockholders attended the meeting.
Directors of the City Bank & Trust Co.of Hartford, Conn.,
on Feb. 19, made the following promotions in the bank's
personnel, as reported in the Hartford "Courant" of the
next day: Ernest S. Warner, who has been Cashier of the
institution since 1924, was advanced to a Vice-President,
while retaining the Cashiership; Francis F. Segerberg, an
Assistant Cashier since 1928, was promoted to the newly
created office of an Assistant Vice-President; Harold E.
Rider, engaged for a number of years in the investment
division of the bank, was also advanced to the office of
Assistant Vice-President, and Harold F. Merz, for several
years in charge of the discount department, was promoted to
an Assistant Cashier. In regard to the career of Mr. Warner,
the "Courant" said in part:
Mr. Warner, the new Vice-President, has been connected with the City
Bank & Trust Co. since 1919, rising from the position of clerk through the
offices of Assistant Cashier and Cashier to his present position of VicePresident and Cashier. Mr. Warner was born in Haydenville. Mass., and
before coming to Hartford was employed in the Haydenville Savings Bank.
He was connected with the office of the Hartford Rubber Works for a
number of years before entering the City Bank & Trust Co.
At a recent meeting of the d- irectors of the Integrity Trust
Co. of Philadelphia, William H. Conger, Jr., heretofore
Trust Officer, was advanced to a Vice-President, while continuing in charge of the trust department.
W. W. Foulkrod, Jr., Presi-dent of the Southwark Title.&
Trust Co. of Philadelphia has announced the absorption of
his institution by the Commercial National Bank & Trust
Co. of Philadelphia, according to the Philadelphia "Ledger'
of Feb. 24, which quoted Mr. Foulkrod as saying:
The result of this absorption will be of advantage to the depositors and
will give them the benefit of the greater banking facilities of the commercial
National Bank & Trust Co.
Depositors of the absorbed bank, the paper mentioned said,
may make their deposits as usual at 7th and Morris Streets,
or at any one of the offices of the Commercial National Bank
& Trust Co. at the following locations: 721 Chestnut St.,
1515 Chestnut St., 610 South 2d St., Ridge and Midvale
Avenues and Main and Levering Streets, Manayunk. Checks
drawn by depositors will be honored by the Commercial
National Bank & Trust Co. '
MAR. 1 19301
FINANCIAL CHRONICLE
1381
A charter was granted on Feb. 21 in Columbus for the Resources of the group are now in excess of $460,000,000.
Capital Bank, a new Cleveland institution, which will The communication, which comes from the Minneapolis
specialize in character loans, according to the Cleveland office of the corporation, goes on to say:
Square Butte, the
The Chouteau County Bank was
"Plain Dealer" of Feb. 22. The new bank, which is being center of the great ranching district,formerly located atBerton, the county
but moved to Fort
organized by Paul and Alex Winter, will combined capital seat in 1924, after the closing of Fort Benton's last bank. Fort Benton
and surplus of $125,000. Continuing the Cleveland paper is the head of navigation on the Missouri River.
Although capitalized at only $20.000, the Chouteau County Bank has
said:
built up a total capitalization of $97,000 by accretions from earnings. Its
The Wintner brothers for the past 10 years have been operating the
Wintner Plan Finance Co., Society for Savings Building, a chattel loan
organization, which will be continued, says Paul Wintner.
"Our bank will be located in the neighborhood of E. 14th Street and
Prospect Avenue S. E., a neighborhood which appears particularly well
adapted for such an:institution," Mr. Wintner stated.
Rochester, Ind., advices on Feb. 24 to the Indianapolis
"News" stated that the American National Bank at Kewanna, Fulton County, Ind., was closed on that date following a conference of its directors. The finances of the bank
showed a wekaened condition due to steady withdrawals
for the last several weeks, it was said. Officers of the bank
were reported as saying that they believed the bank would
be able to pay depositors in full. The institution was organized in 1914 and has a capital of $25,000. Andre Babcock
is President, and Roy Kumler is Cashier.
On Feb. 21 the Commercial National Bank of Peoria, Ill.,
capitalized at $1,125,000, and the Merchants' & Illinois
National Bank of the same city, with capital of $600,000,
were consolidated under the title of the Commercial Merchants' National Bank & Trust Co. of Peoria. The new
organization is capitalized at $2,000,000.
surplus is now $30,000 and undivided profits, $47,000. Deposits as of
Dec. 31,the last call date, were $893,067 and total resources $991,352.
W.P. Sullivan of Square Butte, is President of the bank; A. H. Davis of
Fort Benton, Vice-President; Ole G. Osness, Square Butte. Vice-President;
N. S. Swanson, Fort Benton, Vice-President and Managing Officer; E. W.
Harris, Cashier and J. D. Harris, Assistant Cashier. The officers compose
the board of directors.
Mr. Sullivan and Mr. Osness operate two of the largest cattle ranches in
Montana.
Montana banks which previously had associated with the group include
the Metals Bank & Trust Co. of Butte, the largest in the State; the First
National of Great Falls; the Midland National of Billings; the Commercial
National of Bozeman; the American National of Forsyth; the Montana
National of Havre, the American National, the Montana Trust & Savings
Bank and the National Bank of Montana, Helena; the National Bank of
Lewistown; the National Park Bank in Livingston; the First National of
Miles City; the Western Montana National of Missoula and the First State
Bank of Shelby.
Announcement was made by the Northwest Bancorporation of Minneapolis on Feb. 27 that the First National Bank
of Mandan, said to be the oldest bank in Western North
Dakota, had become affiliated with the organization, increasing the number of banks and trust companies in the
group of banks to 97 and the total resources to $480,000,000,
according to Minneapolis advices on that date to the New
York "Times."
1
Referring to the proposed consolidation of the Nationa
Union Bank & Trust Co. of Jackson, Mich., and the People's
National Bank of that place, indicated in our issue of Feb.8,
page 921, a dispatch from Jackson on Feb. 24 to the Detroit
"Free Press" stated that at meetings of the respective stockholders of the institutions on that date the merger was
ratified. The consolidated bank, a unit of the Guardian
Detroit group of banks, it is understood, will be known as the
Union & People's National Bank and will occupy quarters
-story building shortly after April 1 next, the
in a new 17
dispatch said.
The State Banking Depart- ment of Alabama on Feb. 24
announced that the Autauga Banking & Trust Co. of
Prattville had failed to open on that day and the affairs of
the institution were placed in the hands of the Department,
according to a dispatch by the Assoicated Press from Montgomery on that date, appearing in the New York "Times"
of the following day. We quote further from the adviees as
follows:
Stockholders of the Colum- bia State Savings Bank and
the Chicago Avenue Trust & Savings Bank, two neighborhood Chicago banks, on Feb. 25 approved a union of the
institutions under the name of the former, according to
the Chicago "Journal of Commerce" of Feb. 26, which stated
that no provision for an exchange of stock was included•in
the merger plans. The capital of the enlarged bank will be
$350,000, with surplus of approximately $175,000. Operations of the consolidated institution will be conducted at the
present location of the Columbia State Savings, 5146 West
Chicago Ave. Peter L. Evans, President of the Home Bank
& Trust Co. of Chicago, has been appointed Chairman of the
Board of Directors of the enlarged bank; James T. Bushonville, Chairman of the executive committee, and Lauritz P.
Hwass, formerly President of the Chicago Avenue Trust &
Savings Bank and formerly a Vice-President of the Home
Bank & Trust Co., President.
A dispatch from Grand R- apids, Mich., on Feb. 25 to
the Detroit "Free Press" reported that the directors of the
Grand Rapids Savings Bank on that day decided against
Steady withdrawals for 60 days and non-liquid assets were said by
affiliation of the institution with the Guardian Detroit Dent F. Green, State Superintendent of Banks, as having made necessary
the bank's closing. It was capitalized at $75,000 and had a surplus of
Union group, Detroit, the decision bringing to an end negotiations that had been going on for many weeks. At the $23,000. Moore,President of the bank, was found dead in his automobile
J. Ralph
same meeting it was proposed to increase the bank's capital near Prattville Friday with a bullet wound in his head. Moore was said
in
from $750,000 to $1,000,000 and the surplus to a similar to have been allill health several months and Sheriff R.H.Week of Autauga
evidence pointed to suicide.
County said
amount. Stock deposited with the Detroit group during
the negotiations, it was stated, will be returned as a result
With further reference to the absorption of the Gonsoliof the action of the directors. The adviees furthermore said: dated Trust Co. of Hickory, N. C., by the First National
A resolution was passed setting forth the directorate's sentiment that Bank of that place, noted in our issue of Feb. 22, page 1223,
Painstaking care had been taken to investigate carefully "the generous a dispatch from Hickory on Feb. 22, printed in the Raleigh
and complimentary terms" of the proposed merger, and that it had been
decided, despite the trend of the times, that the interest of patrons and "News" of the next day, said that coincident with the
stockholders could best be served by continuing as an independent bank- completion of plans for merging the institutions, announceing unit.
ment was made by K. C. Menzies, President of the First
The Pioneer National Bank of Ladysmith, Wis., has joined National, that the capital of the bank would be increased
the Wisconsin Bankshares Corp. of Milwaukee, the new from $300,000 to $400,000. The proposed increase will give
holding company headed by the First Wisconsin National the enlarged bank a combined capital and surplus of between
Bank, according to the Milwaukee "Sentinel" of Feb. 26. $900,000 and $1,000,000, the dispatch said.
The Ladysmith bank, with capital of $50,000, deposits of
Following the February m-eeting of the directors of the
$330,000 and total resources of $435,000, is the first small
National Bank of Montgomery, Ala., Michel A.
bank to enter the group, it was stated. Other Wisconsin Alabama
Vincentelli, President of the institution, announced that a
banks in strategic locations are expected to join the holding
increase the bank's capitalization from $300,000
company in the near future, in accordance with the cor- proposal to
to $500,000 would be submitted to the shareholders at a
poration's recently announced policy of further expansion,
special meeting on March 15, according to the Montgomery
it was said.
"Advertiser" of Feb. 12. At the same time Mr. Vincentelli
We are advised that the Chouteau County Bank of Fort announced that the Alabama National Bank would on Feb.
Benton, Montana, which for years has been identified with 17 occupy the building formerly the home of the Fourth
the livestock interests of the Triangle country, has affiliated National Bank, which had been acquired by the institution
with the First Bank Stock Corporation (St. Paul and Minne- incident to the recent taking over of the Fourth National
apolis) according to an announcement on Feb. 26 by P. J. Bank by the First National Bank. (Reference to the abLeeman, Vice-President and General Manager of the cor- sorption of the Fourth National Bank of Montgomery
poration. The Chouteau County bank becomes the 15th by the First National Bank of that city appeared in our
Montana member of the First Bank Stock Corporation group, issue of Feb. 22, page 1223). The Montgomery paper conwhich now includes 93 banks and financial institutions tinuing said:
The recapitalization of the Alabama National will be equivalent
situated in 67 cities of the Ninth Federal Reserve District. melon for the shareholders of record, as the new stock will be to cutting
offered to
1382
FINANCIAL CHRONICLE
them at $125 a share. Present shares of the Alabama National are quoted
at $140 on the local securities market and have a book value of $135.
Oa Under the terms of the proposal drafted by the Board of Directors, the
new stock will have a par value of $100 a share. At present the bank has a
capital stock of $300,000 and a surplus and undivided profits of $110,000.
Following its recapitalization, the set-up of the bank will be, capital $500,000, surplus and undivided profits upwards of $160,000.
In a brief statement accompanying the announcement of the Alabama
National's plans, Mr. Vincentelli said the proposal to increase the capitalization was a natural step in the growth of the bank. "The banking needs of
the community demand the increased lending power which the recapitalization will afford," he explained. "The increase of capital also will permit us
to provide better facilities for our patrons and will place the bank in a position better to serve the community of which it has become an integral
Part."
The ease with which the Alabama National was able to take over the
Fourth National's building on short notice, early yesterday morning, was
generally accepted during the day as an indication of the bank's strength
and the soundness of its condition. Under the plan worked out at a conference of all local banking heads, incident to the consolidation, the Alabama National decided to purchase the Fourth National Building, while the
Union Bank and Trust Co., of which Michael Cody is President, agreed
to take over the lease of the Alabama National upon the latter's quarters
In the Vandiver Building. The changes will not greatly affect the location
of the two banks as they are close neighbors in Commerce Street.
That the First National Bank of Gaffney, S. C., whose
President, Maynard Smyth, was found shot to death on
Jan. 14, had failed to open for business on Feb. 14, was
reported in an Associated Press dispatch from that place on
Feb. 14, appearing in the Baltimore "Sun" of the next day.
The suspension of the First National Bank made the second
Taffney bank to close in two days, the American tate
Bank (as noted in our issue of Feb. 15, page 1066), having
13.The
been closed by the State Bank Examiner on Feb_:.
PirscNational-Bank of Gaffney had a capital of $150,000,
surplus of $184,236 and deposits of $1,691,417, according
to a statement issued in December;it was said. J. H.
Lipscomb, President of the First National Bank, telegraphed
the Comptroller of the Currency at Washington to send men
to take charge of the bank's affairs. It was also reported
in the dispatch that the Bank of Chesnee, a small institution
in Chesnee about 20 miles from Gaffney, had failed to open
.
the same morning (Feb.14) In conclusion the advices said:
[VoL. 130.
Mr. Lane's announcement as printed in the paper mentioned
in part,follows:
The stock of the Atlantic Trust Co. is owned by the stockholders of the
Atlantic National Bank of Jacksonville, pro rata. The management of the
First National Bank of Daytona Beach, therefore, will be under the same
direction of the men responsible for the successful growth of the Atlantic
National Bank of Jacksonville. At the same time, the First National Bank
is in reality a separate and distinct unit, having citizens of Daytona Beach
and surrounding territory financially interested. The capital of the bank
will be increased from time to time as the deposits of the bank increase.
In other words, the owners of the controlling interest are prepared to furnish
Daytona Beach full and complete banking facilities, and the growth of
the institution will continue to parallel the growth of Daytona Beach and
surrounding territory. The depositors money will be handled as a sacred
trust, never to be loaned or invested in any questionable enterprises, and
no officer of the bank will be permitted to borrow from it.
It will be the policy of the First National Bank to assist in the developmentand growth ofthis territory,and,because ofits close affiliation with the
Atlantic National Bank of Jacksonville, it will be prepared to take care of
the legitimate demands of their community.
Our slogan in the future will be "safety first" and "no account too large,
and none too small."
A consolidation of two Texas banks, the First National
Bank of Sanger and the Sanger National Bank, was consummated on Feb. 10, according to advices from Sanger
on Feb. 13 to the Dallas "News." The new institution
continues the name of the First National Bank. It is capitalized at $30,000 with surplus of like amount and undivided
profits of $22,000. Deposits are in excess of $200,000. Officers are: J. T. Chambers, President; E. L. Berry, B. L.
Spencer and J. H. Hughes, Vice-Presidents; George 0.
Hughes, Active Vice-President; E. B. Brown, Cashier;
Joe C. Hughes, Assistant Cashier, and Paul Stillman,
Bookkeeper.
A dispatch from Henderson, Tex., appearing in the "Wall
Street News" of Feb. 25, reports that the Farmers' &
Merchants' National Bank of that place has closed. The
bank's deposits are nearly $700,000 and its resources exceed
$1,000,000, according to the dispatch.
According to advices from McKinney, Tex., on Feb. 13
to the Dallas "News," the First National Bank of McBoth Gaffney banks were reported to have been in difficulties since the
reorganized on Feb. 12 as the First National
death of Mr. Smyth, and the discovery of a large shortage in the accounts Kinney was
of the First National Bank. The body of the President was found in his Bank in McKinney, Dallas bankers participating in the
garage after a meeting of the bank's directors. A coroner's jury gave a reorganization. The new bank is capitalized at $100,000
verdict of accidental shooting.
$20,000. Howell E. Smith was appointed
The Chesnee Bank was said to have been affected by the failure several with surplus of
months ago of two Spartanburg (S. C.) banks and more recently by the Chairman of the board of direct° rs; J. E. Merritt, President;
failure of five Rutherford County (N. C.) banks.
Fred F. Florence, Nathan Adams and R. L. Thornton (all
on Feb. 25 to the three Presidents of Dallas banks), Vice-Presidents, and
From Spartanburg, S. C., advices
—Assistant
New York "Journal of Commerce" it is learned that the Newton J. Burkett and Miss Mamie E:Crump,
National Bank of Honea Path, S. C., was taken over by Cashiers, it was stated.
the Bank of Ware Shoals, Ware Shoals, S. C., following a
That the Bank of Napoleon- ville, Napoleonville, La., had
decision reached by its directors. According to a statement recently been closed and that a reorganization plan submitted
made public by Benjamin D. Reigel, President of the Bank to the depositors on Feb. 13 had been unanimously adopted
.
;
of Ware Shoals, that institution has assumed all liabilities was_reported in advices from Napoleonville on Feb.
,13,
of the Honea Path bank and will proceed to liquidate it as 'appearing
of the
New Orleans
rapidly as possible. All individual accounts of the Honea next day. Under the plan the depositors will in course of
Path institution have been transferred to the Bank of Ware time be paid in full, it was stated. A subsequent dispara
Shoals and are subject to check as usual. The enlarged from Napoleonville (Feb. 14) printed in the paper mention
bank for the present will maintain a branch institution at of Feb. 15,reported that a newly organized bank, to be known
Honea Path. The dispatch went on to say:
as the Citizens Bank & Trust Co., would be ready for busiThe Honea Path bank has been in troubled waters ever since the death
ness on Feb. 24 and would occupy the former building of the
of its Cashier, 0. 0. Swetenburg, last October. There was a shortage of
$67,000 In view of this fact and a constant drain on its resources, it was Bank of Napoleonville. The following directors, it was
decided to liquidate the institution. It has always been closely identified had been chosen for the new institution: Judge Philip-IT.
with the Bank of Ware Shoals in that Benjamin D. Reigel of New York,
Clarence C. Barton, Ansil N.Simmons, Aubert-r.
President of the Ware Shoals Mfg. Co., is President and principal stock- Gilbert,
holder in each bank. The National Bank of Honea Path was organized Talbot, Louis Corde, Leon Lemmel, Charest Thibaut rez
In 1921 with capital of $100,000, of which Mr. Beige) is understood to have resenting the Ascension Bank & Trust Co. (Donaldsonville,
held a large majority of stock. At the time of Cashier Swetenburg's death
representing the Hibernia Bank &
President Rage' of the bank personally guaranteed full payment of all La.); Etienne Caire,
and this action averted a disastrous "run" and enabled the insti- Trust Co. (New Orleans). One more director is to be.
deposits,
tution to continue operations.
selected, the dispatch stated, representing the Canal Bank
& Trust Co.(New Orleans).
Announcement was made on Feb. 20 by Edward W.Lane,
Chairman of the Board of the Atlantic National Bank of
According to Associated Pr- ess advices from San Diego,
Jacksonville, Jacksonville, Fla., that the controlling interest Calif., on Feb. 21 appearing in the Los Angeles "Times" of
in the First National Bank of Daytona Beach,Fla., had been the next day, Herbert E. Anthony,formerly a Vice-President
—the-Atlantic Trust Co., the holding company of the San Diego branch of the Bank of Italy National Trust
acquired by
of the Atlantic National Bank of Jacksonville. In reporting & Savings Association (whose arrest for embezzlement on
the matter in its issue of the next day, Feb. 21, the "Florida Nov. 26 last was referred to in our issue of Dec. 14, page
Times Union" stated that the capital stock of the acquired 3747), following his plea of "guilty" of embezzlement and
bank, which will continue to be operated under its present misapplication of the bank's funds, was sentenced on Feb. 21
management, is $50,000 with surplus of like amount. Mr. by Federal Judge Paul J. McCormick to imprisonment in
Lane was reported as saying that the capital will be enlarged a Federal penitentiary for three years on two counts of the
as deposits increase. The latter, according to the bank's indictment against him. Sentence of five years additional
on other
the understanding that
statement of condition of Feb. 12, are $1,362,030 and total he will counts was suspended onof about $100,000. The
make restitution to the bank
resources $1,472,237. Richard E. Nivin, Sr., will continue dispatch furthermore said:
as President. The First National Bank of Daytona Beach
The total of the sums said to have been taken by Anthony is $244,000.
was organized on Dec. 23 1924 with former United States It was reported that he had taken the money in various sums over a long
period of years
Senator L. Y. Sherman as President and Mr. Nivin as Vice- the end of his in the hope of recouping from some bad investments. Toward
term of office it was announced he had invested heavily in
President. The latter became President about a year ago. stocks.
MAR. 1 1930.]
NEW YORK
BROOKLYN
CHICAGO
BOSTON
FINANCIAL CHRONICLE
Trust Company Returns
1383
PHILADELPHIA
BALTIMORE
AND
ST. LOUIS
We furnish below complete comparative statements of the condition of all the trust companies in New
York, Brooklyn, Boston, Philadelphia, Baltimore and St. Louis, and some of the companies in Chicago.
This is in continuation of a practice begun twenty-eight years ago, the compilation having been enlarged
thirteen years ago by the addition of Baltimore's institutions, and in 1921 being further enlarged by the inclusion of the Chicago companies. The statements occupy altogether twenty pages.
The dates selected for comparison are December 31 1929, December 31 1928 and December 31 1927.
In the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis companies, we
have sought to get figures for these dates and have largely succeeded. As, however, returns for these dates
are not required in all the States, a few of the companies have not found it convenient to compile statistics for December 31, but have furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year.
In December 1911 this practice was abandoned, and some years thereafter it became the custom to select
Nov. 15 as the date. In 1928 and 1929,however, the Superintendent again returned to the old practice and once
more made the date Dec. 31. Beginning with 1911, too, the Banking Department has waived entirely the
requirement as to the supplementary items of information. As these supplementary statistics, dealing with
earnings, expenses, dividends, &c., constituted a most valuable feature of the annual returns and the record
extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct application to the companies in each instance and in not a few of the cases we
have been successful in obtaining the supplementary statistics, though the number of companies supplying
such data has been greatly reduced as compared with the original number.
NEW YORK COMPANIES
American Trust Co. (New York).
Anglo-South American Trust Co.(New Yerk).
Nov. 15'27.
Dec. 31 '29. Dec.31 '28. Nos. 15 '27.
86.783.775
Resources
$640.987
$404,620
4.234,600 Specie
$185,170
71,610
40.575
30.425
1.624.576 Other cur, author, by laws of U. B__
38.346
13.946
24.735.297 ('ash items
749.297
892.863
889.366
12.217.220 Due from appr. res. depositaries
1.495.438
2.028.057
5,662,032
35.237 Due from other banks & trust co.'s
3.045.710
3,448.618
9.643.882 Stock and bond Investments
2,929.100
3.394
980.499 Loans & disc.,sec. by bond & mtge_ _ _
5,960,101
6,528.607
4,320.329
49.506 Loans S: disc. sec. by other coil
1,269.454
680,653
1.794,683
978.079 Lns.,dlsc.&bllls purch. not sec.by coll.
571.082
188.874
134,051
393.001 Own acceptances purchased
21.115
1.320
158
15.545 Overdrafts
2.156.158
2,012.526
2,025.071
201.867 Customers' liability on acceptances
747.930
909.953
336,484
Other assets
Total
$70.707,234 $73.589,969 861.893.084
Liabilities
$18,320,815 817.175.012 816.732.276
Total
Capital stock
$5,000,000 $4,000.000 $4,000.000
Liabilities
Surplus fund and undivided profits
3,858,818 Capital
6,261,519 4,603.187
81,000.000 81,000.000 11.000,000
Preferred deposits
805,493
790.566
645.221
Surplus fund and undivided profitsDue Kew York State savings banks 2,190,008
1,560.120
1.671.565 Preferred deposits
Due N. Y. State sav. & loan assoc.
9.394
78.574
7,746
100,000
100.000
75.000
Deposits by the State of New York
Due as executor, adlnixdstrator, sic. 1,794,340 2,750.682 2.378.645
59,620
53.696
4.884
Due as executor, administr.. &c
Deposits by State of New York_ _ _ _
303.420
300.000
963.234
140.685
17.797
Other dep. sec. by pledge of assetsDeposits secured by pledge of assets 1,209.060
524,796
93.590
11,244.342 12.189.431
11.09,979
Due depositors, not preferred_
Deposits otherwise preferred
457,746
81.948
143.896
Due to trust cos., bits. & bankers- 1,081.942
Due deposits (not preferred)
50,906.398 58,009.814\ 48.031.608 Bills payable
65.633
111.204
108.725
Due trust cos., banks and bankers..._ 1,856,525
1,428.103
603,194 Acceptances
2.329,977
2,255,426
2,411.233
Acceptances
1.869
15.545 Other liabilities
1.616,011
390.108
1.295.286
Other liabilities
398.583
440.073
.
482,375
$18,320,815 $17,175.012 118.732.276
Total
Total
$70,707.234 873.589.969 $81.893.084
810.844.200 $11.818.650 810.270.790
Amt. of dep. on which Int. Is paid $40,988,944 $38.293.809 $40.018.272 Am.of dep.on which int. Is paid
ResourcesDec. 31 '29. Dec.31 '28.
Stock and bond investments
$9,899.349 $10,052,407
Bonds and mortgages owned
2.871,200 3.747.025
1.538.230
Loans & ilisc'ts sec. by bond & mtgo_ 1,101,203
Loans & disc'ts sec. by other collateral 23.628,333 23.767.520
Loans.disc & bills put..001 sec by coil 16,275,204 14,385.534
Overdrafts
1.258
2.478
Due from Fed. Res. Bank. N. Y
7.995,222 16.187.970
Due from other bks., tr. cos. & b'kers 1,953,226
1,701.430
Specie
66.786
64,216
Other curt. auth by laws of U. 13
650.519
819.948
Cash items
1,046,993
5.796,660
Customers' liability on acceptances
1.869
7,503
Other assets
442,428
292,692
Banca Commerciale Italians Trust Co. (New York).
ResourcesDec. 31 '29. Dec. 31 '28. Nov. 15'27.
$7,421
Specie
$2,191
- $10,115
Other currency auth. by laws of U.S.
104,875
117,236
67.307
Cash Items
2.313,070
Due from approved res've depositaries 2,267.598
3.061.979
338.201
Duefrom other banks and trust cos .._ 6,793.633
4,278,849
5.516.648
7,014.819
Stock and bond investments
7,483.547
5,614.502
Loans & disc'ts sec. by bond & mtge
188,100
125.
000
125.000
Loans & disc'ts sec, by other collateral 8,062,399 6,085.644
3,104,299
1,681.935
Loans,disc. & bills pur.not sec.by coil- 2,301,295
920.299
1,205
Overdrafts
253
417
117,000
Real estate
157.000
1,597.857
Customers'liability on acceptances .... 1,298,838
1.076.020
268.250
Other assets
2,148,347
120,574
Total
$33,141,431 $24.344,834 $16,885.458
Liabilities
Capital
$2.000,000 $2,000.000 $2,000,000
Surplus and undivided profits
2,341.025 2,110.882
1.847,809
Preferred deposits
141.515
Due N. Y. State Savings Banks ___
111,401
151,360
1,627,736
Due as executor, administratototc_
4,903
6,770
100.757
Deposits by State of New York_ _ __
100.000
100,000
254.914
Dep.sec. by Pledge of assets
24,376
226.500
Deposits otherwise preferred
28,300
Due depisitors not preferred
24,263.782 16.744.807 11,034.878
179.886
Due to trust cos., banks & bankers_ _ _
758,405
430,867
Acceptances
1,766.874
1.492,703
1,096,450
Other liabilities
2.016,536
190.963217.324
Total
$33.141,431 524.344.834 216.885,458
Amt.of dep.on which int As being paid $21,871,344 $15.191,026 $10.807.145
Supplememary-For Calendar Year1929.
1928.
$1,058,136
Total Int. & comm. rec'd during year
$948,912
556,614
All other profits rec'd during year
517.741
Charged to profit and loss
On account of depreciation
12.085
On account of other losses
70.180
On account of reserve
91,432
Int. credited to depositors during year
487.685
420,774
Expenses during year, excluding taxes
505.033
400,591
Amt. of diva, declared on CaP. stock
200.000
200.000
Amr. deposits on which Int. Is )aid
21,871,344 16,392.980
Taxes paid during year
88,372
110.457
Bank of Europe IrrIlSt CO.
Dec 31 '29. Dec. 31 '28. Nor. 15'27.
.
Resources$29,935
$40,635
$34,179
Specie
177.764
74.95
102.973
Other currency auth. by laws of U.S.
1.235
417
2.364
Cash items
883.414
902.639
930,619
Due from Fed. Reeve Bank of N.Y__
123.467
214.850
61.301
Due from approved res. depositaries__
7.330.524
8,207.747
.404,414
Stock and bond investments
7
1
Loans & disc. sec. by bond & mtge.
175,926
239.997
220.000
or other r. e.col
1,582.953
3,293.526
.042,621
Loans & disc. sec. by other collateral._ 3
Loans. disc. & bills purchased not
2.465.773
1,913,376 - 2,219.285
secured by coil
18
742
302
Overdrafts
3.578.275
3.511,843
Bonds and mortgages owned
3,581,379
299.475
290.000
Real estate
363.950
187.468
181.072
Other assets
174,189
Total
817.838.123 $19,273.881 818,733.414
Liabilities
Capital
81.000,000 $1.000.000 $1,000.000
755.085
834.579
Surplus including undivided profits
924,616
Preferred deposits
150
205
Due N.Y.Statesav.&loan asso..&c_
385
846
Due SS executor. administrator, &c.
Due depositors (not preferred)
15,444,185 18,844.128 14.533.141
96.220
46,847
Due to trust cos.. banks S: bankers _ _ _
28,638
50.000
380,000
Re-discounts
300,000
297,972
168,102
Other liabilities
140,299
Total
817.838.123 819,273,861 816.733,414
Amt.of dep.on which int.is being paid.$14.000,000 814.500.000 813,500.000
Supplementary-For Calendar Year1928.
1929.
$909,182
Total Interest & commissions received during year $963.689
All other profits received during year
198,591
126.189
Charged to profit andlossOn account of depreciation
18,951
13,450
51.345
1.710
On account of other losses
Interest credited to depositors during year
564.752
550.438
Expenses during year excluding taxes
225.203
213.940
Amount of dividends declared on capital stock__ 160.000
140,000
Amount deposits on which interest is paid
14,000,000 16.000.000
Taxes paid during year
29.348
31,993
Bank of Athens Trust Co. (New York).
Dec. 31 '29. Dec. 31 '28. Nov. 15'27.
Resources—
$45,151
$3.510
Specie
897.016
25,013
19.834
1.777
Other currency auth. by laws of U.S_
47,103
32.771
43.720
Cash items
338.202
38,424
251.475
Due from approved res. depositaries_
390,629
948.728
612,811
Due fr. other bks., tr. cos. & bankers_
1,838,579
1,459,389
Stock and bond investments
2,777.029
1,138,162
2,274,631
Loans and discounted by collateral_ _ 2,604.866
188,472
L'ns, disct. & bills pur. not sec. by coil
465.995
353.454
118.242
7.562
40,802
Own acceptances purchased
21
147
Overdrafts
109
118.242
60.343
258,860
Customers liability on acceptance
46,017
46,351
Other assets
73.046
$6,868,288 $5,804.106 $4,094.089
Total
Capital
Surplus including undivided profits
Preferred deposits—
Deposits by State of New York.
Due depositors (not preferred)
Due trust cos., banks and bankers__ _
Acceptances
Other liabilities
$500,000
555,662
$500.000
530.161
8500,000
507,797
5,030.966
670,838
60.343
50,479
4,038,951
459,704
258,860
16.430
25,461
2,389,510
537.683
118.242
15,396
$6,868,288 $5,804.106 $4,094,089
Total
4,189,039
2,650.580
Amount deposits on which int. is paid $5,126,853
*Bank of Manhattan Trust Co.(New York.)
Dec. 31 29.
Resources—
$122,709
Specie
4,607.006
Other currency authorized by laws of U. S
153.123,060
Cash items
26,234,743
Due from Federal Reserve Bank of N.Y
2,593.858
Due from other banks, trust companies and bankers
31.974.336
Stock and bond investments
Loans & discounts secured by bond & mtge. or other real est. coil 12,165,267
87.677.985
Loans & discounts secured by other collateral
110,533,389
Loans, discounts St bills purchased not secured by collateral50,577
Overdrafts
22.178,881
Bonds & mortgages owned
13,516,657
Real estate
9,034,203
Customers liability on acceptances
1,035,005
Other assets
Total
Liabilities—
Capital
Surplus & undivided profits
its—
Preferred de
Due New ork State savings banks
Due N. Y. State savings and loan associations, &c
Due as executor, administrator, guardian. &c
Due by State of N. Y
Other deposits secured by pledge of assets
Due depositors not preferred
Due to trust companies, bank & bankers
Acceptances
Other liabilities
Total
$474,847,676
$22,250,000
43,150,370
8,605,649
55,997
590,300
2,100,000
4,808,321
317,291,939
63,641.957
9,142,412
3,210,731
$474,847,676
* The old Bank of the Manhattan Co., or Manhattan Company as the
name reads on the stock certificate,In Nov. 1029 became primarily a holding
company at banking business being continued by the Bank of Manhattan
Trust Co. organized for this purpose. The stock of the latter is all owned
by the Manhattan Co.
Bank of New York & Trust Co. (New York).
Dec. 31 '29.
•ft.wie
$27,144
lather currency auth. by laws of U.S644.117
Cash items
45,493,897
Due fr. Fed. Reserve Bank of N.Y.__ 6,793,917
Due fr. other banks,tr. cos.& bankers 8,319.688
Stock and bonds investments
24,438.579
Loans and discounts secured by bond
& mtge. or other real estate collet
976,971
Loans & disc, secured by other collat. 32.097.805
Loans, dIscts. & bills purchased not
secured by collateral
20,851,289
Own acceptances purchased
23.792
Overdrafts
6,063
Bonds and mortgages owned
3,994,558
Real estate,
..
Customers' liability on acceptances... 9,130,381
Other assets
562,877
Resources—
Bankers Trust Co. (New York).
Nov. 15 '27.
$109512780
8.014,810
404.200
9.758
210.518.037
65,240.341
35,776
208.098
29.250,625
455.937
100.373
740.997
63.548.034
41.550,708
21.215,115
4.137,344
Resources—
Dec. 31 '29.
Stock and bond investments
131,765,186
Real estate
8,465,775
Bonds and mortgages owned
647,050
Loans on bond&mtg.or other r.e.collLoans & disc. sec. by other collateral_340,842,721
Loans disc.&bilis pure. not sec, by coll120,136,587
Own acceptances purchased
580,178
Overdrafts
66,554
Duo from trust cos., banks & bankers 5,070,734
Due from approved res. depositaries_
Specie
84.050
Other currency auth. by laws of U. S..
669.065
Cash items
103,947,607
Due from the Fed. Res. Bank of N.Y. 57,321,284
Customers liability on acceptances
42,039,326
Other assets
6,340.766
Dec. 31 '28.
$100494324
8.359.370
887.700
115.000
339.026.593
93.581,902
56.630
34,330
21,186.217
Total
817,976,883
Liatnaties-Capital stock
$25,000,000
Surplus fund and undivided profits
82,631,387
Preferred deposits—
Due N.Y. State savings banks.. _ - _ 7,084.491
Due as executor. administrator. &c. 17,841,623
3,173,866
Dep. by N. Y. State
Other dep seed by pledge of assets 2,979,683
Other preferred deposits
16.430
Due depositors (not preferred)
502,439,628
Due trust cos., banks and bankers,.,.,. 74,558,284
55,025,000
Bills payable
43,200,140
acceptances
4,026,351
Other liabilities
37732688663554.942,933
103.045
999.585
121.073.122
46.244.624
34.282.221
6.834.203
$25,000,000 $20,000,000
77.387,182 41.373,643
6,240,586
46,737.064
571.107
16.193.533
16.430
429.762.354
86,121.354
47,500.000
34,949,216
2,790.040
7.078,259
32.520,036
1.017.980
12,498,746
516,430
324,839,085
90.638,799
22,202,293
2,257,662
817,976,883 $7732688663554,942,933
480,269,689 450,256,741 391,002,404
1928.
1929.
$10,149,162
Net profits for year before dividends
6,750,000
$12,744,205
Dividends paid during year
Total
Amt. deposits on which int. is paid
*Bronx County Trust Co. (New York).
*Dec. 31'29.
Resources
$119,286
Specie
Other curr, authorized by laws of U.S.
839,300
842,905
Cash items
1,516,221
Due from approved res. depositaries
6,646
Due fr. other banks.tr.cos.& bankers
5,948,626
Stock and bond investments
Loans & disc. sec. by bonds & mtges•
2,542.150
or other real estate collateral
4,701,834
Loans and disc.sec, by other coll._ _
Loans,disc. & bills porch., not sec. by
7,930,144
collateral
2,268
Overdrafts
3,059,946
Bonds and mortgages owned
448.598
Real estate
424,248
Customers'liability on acceptancesOther assets
$28,382,172
Total
Liabilities—
$1,550,000
Capitalstock
1,188,689
Surplus fund and undivided profits
Preferred deposits:
924,735
Due New York State savings banks
9.078
Due N Y State savings & loan assn.
704,139
Due as executor.adminst., guar. &c
999,386
Deposits for State of N.Y
170,562
Other dep. sec. by pledge of assets22,158,978
Due depositors not preferred
6,646
Duet° trust cos.. banks & bankers- —
Bills payable
Acceptances
669,959
Other liabilities
Dec. 31 '28. Nov. 15 '27.
$50.139
$71.078
589,795
694.791
609.396
2,065,640
1,141,440
817,143
23,614
5,806,305
6,561.922
2.077.117
4,349.447
1.700,892
4,109,906
6,121.558
359
3,160,197
365.748
1.800
335,122
5,903,363
2,622
2,398,992
351,251
264.129
$26.621,922 $22.951.844
31,250.000 $1,250,000
1,059.254
942.188
730,277
18,448
219,217
611,454
806.377
13.881
563.071
668.155
20,433,296 18.913,326
23,614
Dec.31 '28. Nov. 15 '27.
500,000
$12,835
$16,021
1.800
659.827
432.024
1,326,088
243.320
79.888.867 38,710.845
4,513,684
7.153.724
$28,382,172 $26,621,922 $22,951,844
Total
7,215,782 4.779,561
dep. on which int. Is paid _$16,275,000 314.000,000 312.947,000
25,248.947 31.968.936 Amount of
772.424* Fordham National Bank and Bronx County Trust Co. consolidated as
610.479
Above figures for Dec. 31 1929 are results for both
of Aug. 1
35.887,006 24.112,370 companies 1929.
for previous years for the Bronx County Trust Co. alone.
21,052,380 21,039.593
69,427
217.666
87,530
1.981,140
3.479,388
3,651,835
7,468.821
8.076,304
8,797.441
717,023
520,194
Total
$161,604,435$198.413.372$140.728,702
Liabilities—
Capital
$6,000,000 $6,000,000 36.000,000
Surplus and undivided profits
14,297,316 13,324.369 12.690,435
Preferred deposits—
Due New York State savings banks 1,874,778
1,896.606
1,856.245
Due as executor,admin.,guard.,&c 5,006,913
4,352,171
5,471,881
Deposits by the State of N. Y
275,000
200,000
200,000
Other dep. sec. by pledge of assets..
925,223
1.537.646
3,478,303
Due depositors, not preferred
98,507,740 136,394,090 87.143,243
Due trust cos., banks & bankers
20.363,955 16,858.444 12.073.069
Bills payable
4.300,000
Acceptances
10,660,986
9,809.012 9.201,813
Other liabilities
3,692,524
3.741,034
2,613,713
Total
3161,604,4353198,413,3723140,728,702
Amt. of dep. on which int. Is paid_ _$73,576,900 362,799.800 $64,289,800
*Bank of Sicily Trust Co. (New York).
Dec.31 '29. Dec.31'28. Nov. 15'27.
Resources—
310.358
Specie
38.822
$10,716
202,703
155,774
234.162
Other curr. author. by laws of U. S....
2,703,827
Cash items
922,448
136,576
425,148
64,232
60,439
Duefrom approved res've depositaries
434,582
1,812,792
Duefr. other banks,tr. cos.& bankers
1,582,334
6,117,184
4.022,980
Stock and bond investments
4,202.611
Loans & disc, secured by bond & mtg.
632,315
616,640
524.705
or other collateral
3,426,057
5,879.000
5.880,145
L'ns & disc, secured by other collat
2,900,033
L'ns, dl,. & bills pur. not sec. by coll.. 3,175.063
1,912,667
22.997
33,223
119,661
Overdrafts
52,542
191,838
10.000
Own acceptances purchased
169,713
35.117
Real estate
806,258
400.716
Customers' liability on acceptances
186.196
Other assets
222,718
195,068
206,136
Total
$18,620,843 817,116.811 814.968,842
Liabilities—
Capital
$1,500.000 $1,100,000
$700,000
Surplus and undivided Profits
376,927
1,090,000
2,000.000
Preferred deposits—
Due as executor, administrator, &c.
2,549
Dep. secured by pledge of assets
9,247
9,525
Due depositors not preferred
1,910,203
12,945.148 11,805,810
Due to trust cos., banks & bankers
2,471.262
1,632.834
1,112,636
Acceptances
400.716
189.941
809,504
Other liabilities
230,776
158.937
241,481
Total
$18,620,843 317,116.811 314.968,842
Amd.ofdep.on which Int.is being pd.$11,226,948 $13,568,887 314,069,049
*Name changed from Banco de Sicilia Trust Co. as of Dec. 27 1928.
[Vol 130.
.-
FINANCIAL CHRONICLE
1384
*Chelsea Bank & Trust Co.(New York).
*Dec. 31 1929.
Resources—
Specie _____________________________________ 8101,840
1.263.767
Otherii i----- laws of U.i
727,628
Cash items----------------.,.--,—
-------------1,430,647
Due from approved reserve
202,762
Due from other banks, trust companies and bankers
6,580,723
Stock and bond investments
Loans and discounts secured by bond and mortgage or other
544,034
real estate collateral
6,601,662
Loans and discounts secured by other collateral
7.963.898
Loans, discounts and bills purchased not secured by collateral
8,397
Overdrafts- --131,033
Bonds and mortgages owned
92,000
Real estate_
60,692
Customer lia;111ty on acceptances
379,139
Other assets
Total
Liabilities—
Capital
Surplus and undivided profits
Preferred deposits—
Deposits by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
Due to trust companies, banks and bankers
Bills payable
Acceptance
Other liabilities
826,088,222
2,500,000
2,437,014
350,000
48,600
19,369,240
7,704
1.000,000
60,692
314,972
$26,088,222
Total
812.955,585
Total amount of deposits on which interest is being paid
* Old Chelsea Exchange Bank. Name changed as above Nev. 1 on,
*Clinton Trust Co., New York.
*Dec. 31 '29.
Resources—
$13,927
Specie
47,437
Other currency authorized by laws of U. S
15,521
Cash items
80,708
Due from approved reserve depositaries
739,097
Stock and bond investments
700,700
Loans and discount secured by other collateral
850
Loans, discounts and bills purchased not secured by collateral
23,949
Other assets
Total
Liabilities—
Capital
Surplus and undivided profits
Due depositors not preferred
Other liabilities
$1.622,189
Total
Total amount of deposits on which interest is being paid
31.622,189
267,671
* New, began business Dec. 19 1929
$500.000
508,083
604,491
11.615
MAR. 1 1930.]
*Central Hanover Bank & Trust Co.(New York).
*Dec. 3129.
Resources-118,975,691
Stock and bond investments
12,157,875
Real estate
4,226,525
Bonds and mortgages owned
657.841
bona or mtg.or oth.r.e.coll_
Loans on
Loans & disc. sec. by other collateral_176.794,319
Loans,disc.& bills pur.not sec.by col_171,448.737
Own acceptances purchased
76.690
Overdrafts
Due from the Fed. Res. Bank of N.Y. 41,939,202
Duefrom approved res've depositaries 1379.293
Due from other bks., tr. cos.& b'kers_ 19.370.169
300,587
Specie
Other currency auth. by laws of U. S. 2,394,002
156.761,048
Cash items
Customers' liability on acceptances.... 59,790,468
2,886,493
Other assets
1385
FINANCIAL CHRONICLE
*Continental Bank &Trust Co.(NewYork.) Concluded
Dec. 311929.
LiabilitiesNov. 15'27.
86,000.000
550,884.718 Capital
11,280.275
undivided profits
3,295.000 Surplus and
6,619.538 Preferred deposits savings banks
25.000
Due N. Y. State
3.445.867
9.082
Due N. Y. State savings and loan association, &c
147.035.333
200.000
Deposits by State of New York
75.230.519
48.600
deposits secured by pledge of assets
Other
5.6,376
29,426.456
20,918 Due depositors not preferred and bankers
25.035
62.113
companies, banks
51.854.218 32,526.875 Due to trust
50.000
4.348.457 Acceptances
5.133.440
691.601
Other liabilities
9,016.359
10.803.636
66.032
65.273
$47.793,127
Total
789.750
797.320
4,640,000
Total amount of deposits on which interest is being paid
44.950.686 31.869.080
* Formerly Continental Bank,changed to a trust company Nov. 11 1929.
1.990.569
2,680.424
Dec. 31 '28.
546.996.408
3.295.000
4.720.956
4.013.180
149.324.576
77.424.389
$769.258,9408402.084.541$367.665,391
Total
Liabilities
821,000,000 $12.500.000 812,500.000
Capital stock
Surplus fund and undivided profits... 84,117,707 42.662.371 33,442.342
Preferred deposits
4.614,703
3.840.935
3,097,003
Due N Y. State savings banks.
9,408.736 11.574.667
Due as executor. administrator.&c. 39,219,003
450,000
400.000
1,000.000
Deposits by New York State
2.593.272
2,449,346
479.158
Other dep. sec, by pledge of assets..
464,621,853 255.217.303 247.143,755
Due depositors not preferred
Due trust cos., banks and bankers.-- 89.909,378 25,937.820 20.190.146
60.656,808 46.041.413 32.195.889
Acceptances
3,004.543
3.482.691
5.158,030
Other liabilities
*Corn Exchange Bank & Trust Co.(New York).
*Dec. 31 29.
Resources$1.760.575
Specie
4.626.537
authorized by laws of U. S
Other currency
46.185.616
Cash items
27.635.123
Due from Federal Reserve Bank
300,000
Due from approved reserve depositaries
3,231,866
Due from other banks, trust companies and bankers
72,403,211
investments
Stock and bond
Loans and discounts secured by bond and mtge, or other real 1.429.613
estate collateral
74.119.546
Loans and discounts secured by other collateral
Loans, discounts and bills purchased not secured by collateral_ 33.491.536
300.500
purchased
$769.258.940$402.084.5413367.665.391 Own acceptances
Total
62,680
Amt. deposits on which int. paid.,, _$465,563.000$267.606.510$266.377.610 Overdrafts
14.915.666
Bonds and mortgages owned
1928.
1927.
1929.
-For Calendar Years
Supplementary
13,415,475
Real estate
Total Int. & com'sions rec, during year 30.450,576 519.808.470 518,342.013 Customers liability on acceptances
3.205,261
4.970,360
5.178.584
Int. credited to depositors during year 7,704.298
1.399,918
4.318.568 Other assets
5.166 061
Expenses during year, incl. taxes.... 10,096,278
4,500.000
4.125,000
Amt. of divs, declared on cap. stock_ 7.175,000
$298,483,113
Total
Amt. deposits on which int. is paid--464,520.000 461,606.510 292,603.007
Liabilities
$12300,000
• Hanover National Bank and Central Union Trust Co. consolidated as Capital
22.603.963
of May 14 1929. Above statement for Dec. 31 1929 is for consolidated Surplus and undivided profits
Union Trust Co. alone.
Preferred deposits
institution. For previous years for Central
9.513.428
Due New York State savings banks
293.544
Due N. Y. State savings and loan associations, &c
626,396
guardian, &c
Due as executor, administrator,
404.800
*Chemical Bank & Trust Co.(New York).
Other deposits secured by pledge of assets
243.617,447
preferred
Due
*Dec. 311929. Due depositors not banks and bankers
5,136,375
Resourcestrust companies,
8186.184
3,449.471
Specie
2.532,717 Acceptances
737.689
Other currency authorized by laws of U. S
79.405.512 Other liabilities
Cash items
50.829.270
$298,483,113
Due from Federal Reserve Bank of N. Y
Total
1.890.373
$134,459,800
Due from other banks, trust companies and bankers
of depoiets on which interest is being paid
25.801.140 Total amount
Stock and bond investments
Loans and discounts secured by bond and mortgage or other
• Name changed from Corn Exchange Bank as of May 21 1929.
713.400
real estate collateral
127,205.529
Loans and discounts secured by other collateral
270.596
Loans, discount and bills purchased not secured by collateral
County Trust Co. (New York).
2.176,537
Own acceptances purchased
555.576
Overdrafts
Dec. 31 '29. Dec.31 '28. Nov. 15 '27.
&MUMS-5,266,743
Bonds and mortgages owned
8538.583
8651.024
$832,097
2.263,615 Specie
Real estate
352.591
498.300
841,000
30.253,718 Other curs. auth. by laws of U. S.Customers liability on acceptances
2,412,590
426.441
1,742,856
3,671.063 Cash items
Other assets
500.000
500.000
725,000
Due from Fed. Reserve Bank of N. Y284.635
605.957
Total
8423.172,081 Due from approved res. depositaries.. 1,506,138
365
bkers.
Due from other banks,to crs. &
2.846.913
3,661.309
Liabilities
5,860,422
Stock and bond investments
15,000,000 L0111:114 & disc. secured by bond and
Capital
122.713
36.350
and undivided profits
581.816
Surplus
22,017.677
mtge. or other real estate coil
8,860.185
Preferred deposits
Loans & disct. secured by other colt.- 18.216.098 11.466.184
Due N.Y. State savings banks
1.995.355 Loans. disct. & bills purchased no
2.790.969
4.281.213
6,419,423
Due N. Y. State saving and loan association. &c
160.318
secured by collateral
601
608
269
4399.535 Overdrafts
Due as executor administrator guardian, &c
784.675
636.000
878.025
1,952.017 Bonds and mortgages owned
Deposit by State of N. Y
240.294
238.584
Other deposits secured by pledge of asset
668.016 Real estate
210.281
177.630
200.721
Deposits otherwise preferred
138.397 Other assets
260.009.606
Due depositors not preferred
68.348,627
838.042.814 825.027.363 817.858.583
Due trust companies, banks and bankers
Total
31,494 796
Acceptances
Liabilities
17,187.737
Other liabilities
84.000.000 81.000.000 51.000.000
Capital
1,130.062
704.025
4,865,974
$423.172.081 Surplus. Incl. undivided profits
Total
$212.846,948 Preferred deposits
Total amount of deposits on which interest is being paid
73.578
66.795
405.633
Due as exec. ad. guar. &c
750.000
700.000
Deposit by State of New York.- 3,500.000
• Old Chemical National Bank converted to a State institution and
428.508
255.778
Other dep.tiecured bypledgeof assets 1,471,717
merged with U. S. Mortgage & Trust Co. as of June 29 1929 with name
386.584
346.006
699,839
Due New York State savings banks
as above.
4,743.907
2,275.332
8,915,340
Deposits otherwise preferred
13,910,433 15.396.792 12.344.351
Due depositors not preferred
40.746
56.551
116.950
Due to trust co.'s. banks & bankers
1,000.000
*City Bank Farmers Trust Co.
Bills payable
111.381
75.550
156,928
Other liabilities
Dec. 31 1929.
Resources$11,665
Specie
238,042,814 $25.027.363 517,858.583
Total
18.001
Other currency authorized by laws of U. El
dep.on which Int. is being pd.$23,466,600 817.650.000 813.606,000
38.748 Amt.of
Cash items
1929.
Supplementary-For Calendar Year749.832
Due from Federal Reserve Bank of N. Y
81.628.213
50.722,762 Total interest & commission received during year
Due from other banks trust companies and bankers
111.787
15,960,972 All other profits received during year
investments
Stock and bond
98.000
Charged to profit and loss on account reserves
Loans and discounts secured by bond and mortgage on other
510.424
97.000 Interest credited to depositors during year
real estate collateral
314,397
collateral
year. excluding taxes
270,596 Expenses during
Loans, disc'ts & bills purchased not secured by
12,594 Amount of diva, declared on cap. stk. 2% (initial quarterly
Overdrafts
80,000
3,750,581
paid in 1930)
Bonds and mortgages owned
2,797.852
Other assets
-11
874,578,199
)
$10,000,000
12,167,651
*Continental Bank & Trust Co.(New York).
Dec. 31 '29. Dee. 31 '28. Nov. 15'27.
Resources$22,831,624 820,781.167 816.401.894
Stock and bond investments
156.551
Real estate
1.101,127
957.576
1,034,783
Bonds and mortgages owned
143.300
176.000
82,229
Loans on bond & mtg.or other r.e.coll.
Loans & disc, sec, by other collateral_ 50,913,416 49.736.683 42.786.222
5,678.989 10.045.711
L'ns, disc. & bills pur. not sec. by coll.. 9,705.888
17.198
21.958
74.830
Overdrafts
3,492.870
2.546.170
3,558,043
Due from Federal Res. Bk. of N. Y
7.215.554
5.233.251
11,993,650
Due from approved res. depositaries
3,637.388
1.829.372
Due from other bks., tr. cos. & bkrs..- 2,942,591
745.095
939,412
752.608
Specie
811.187
821,616
829.090
Other currency auth. by laws of U.S..
18,083
Cash items
39.261
Customers' liability on acceptances
797,174
626,256
535,695
Other assets
*Dec. 31 '29.
Resources
Specie
$29.427
Other currency authorized udner laws of U. S.
242,779
Cash items
17.704,394
Due from Fderal Reserve Bank of N. Y
2,279,616
Due from other banks, trust companies and bankers
756.519
Stock and bond investments
2,942,518
Loans and discounts secured by collateral
21,642,990
Loans, discounts and bills purchased not secured by collateral- 1,425.221
Overdrafts
447
Real estate
29,005
Customer liability on acceptances
50,000
Other assets
690,211
5105581,682 894.057.822 882.561.394
Total
Liabilities
86.000.000 56.000.000 56.000.000
Capital stock
9,300.592
Surplus fund and undivided profits_
8.858.598
8,592.220
Pref. depos.-By N.Y.State say. bk.. 3,388,192
3,215.735
2.678.939
Due as executors, administr's, &c... 3,834,150
2,937.208
4,699.945
2,882,039
Deposits by State of New York_
763.673
775.046
205
Depos. secured by pledge of assets_
304.600
2.350.921
72,265,835 63,658.653 50.894.907
Due depositors (not preferred)
Due trust co's, banks and bankers.-- 7,311,183
7.945.880
6,009.818
Acceptances16.103
122.177
. 5
218321
Other liabilities
357.372
437.421
Total
Liabilities
Capital
Surplus and undivided profit
Preferred deposits
Due N. Y. State savings banks
Due as executor, administrator, guardian, &c
Due depositors not preferred
Other liabilities
92.935
38,848,838
11,461.743
2.007,032
$74,578,199
Total
$39.080,019
Total amount of deposits on which interest is being paid
• Organized June 28 1929 to take over the trust business of the National
City Bank and the Farmers' Loan & Trust Co.
Total
$47.793.127
Empire Trust Co. (New York).
011
Total
Amt.deposits on which int. is paid
1B:M
5105581,682 594.057.822 882.561.394
$74.331.436 $63.939.426 856,727.281
1386
FINANCIAL CHRONICLE
Corporation Trust Co.(New York).
[Vox. 180.
Fidelity Trust Co. (New York).
ResourcesDec. 31 '29. Dec. 31 '28. Nov. 16'27
R44010M--Dec. 31 '29. Dec. 31 '28. Nov. 15 '27.
Stock and bond investments
•
$502.939 Stock and bond investments
$502.996
8503,052
313,577.157 213,516,766 315.302.138
Due from trust cos., banks & bankersonds and mortgages owned
121,924
888.447
388,826
1.860.400
. .
Specie
243
60 Loans on bond & mtg.or other r.e.coll
114
731,000
12,350
228.000
Other curr. authorized by laws of U.S
1.272 Loans & disc. sec, by other collateral- 21,540,216
1.062
1.260
19.232,064
Cash items
2.767 Loans disc. & bilis pur. not sec. by coil 12,507,669 22.376,348 11.253.061
2.778
2,635
10.324.881
Other assets
629.813
665.864
172.198 Own acceptances purchased
13.000
Total
3.479
15.172
5801,160 Overdrafts
51,561.880 82.025.208
71.455
Due from Fed. Res. Bank of N.
8,108,244 8,891.376 7.376.5 4
Liabilities
8
Due from other bks., tr. cos.& bkrs-647.762
996.416
558.936
Capital stock
8500.000 Specie
5500.000
5500.000
321,914
80,087
112.193
Surplus fund and undivided profits
141.754 Other currency auth. by laws of U.S.
108.171
109,432
450,000
500.000
450.800
Due as executor. Ad ministrator, &c
14.236 Cash items
715.971
129,718
5,707.075 9,844.511
5.210.765
Due depositors not preferred
26.861
12,750 Customers' liability on acceptances
17,647
2,148.925 2,533.767 1,404.577
Due to trust cos., banks & bankers_
232.358
Other assets
442,510
465.986
562.321
Other tiauilities
805,083
441.871
132.429
Total
Total
31.561,880 22.025.208
$801.160
$67,959,466 571,588.139 583.680.380
Supplementary-For Cal. Year1928.
1927.
1929.
Liabilities
Tote mt. & comm. received during yr
$32,420
$22,393
All other profits received duck): y ar_
e
$6,000,000 $4,000.000 $4.000.000
939.363
872,900 Capital stock
Charged to profit & loss acct. eprec_
5,683 Surplus fund and undivided profits
5,659,171 3.771.407 3459,015
8.037
Expenses during year, excluding taxes
757.217
745.947 Preferred deposits
Due N. Y. State savings banks.-Amount of divs. declared on cap.stk
130.000
356.081
100,000
415.654
456.618
Due as executor. administrator, &c.
Taxes paid during year
40,243
694,447
16,231
688.245
592,391
Deposited by New York State
900,000
500,000
500,000
Deposits sec'd by pledge of assets
1,430,181
1.591.103 2.633.457
*Equitable Trust Co. (New York).
Due depositors (not preferred)
47.767,611 54.355.304 46,719,519
Resources'Dec.3j'29. Dec. 31 '28. Nov. 15'27. Due trust co's, banks and bankers
2,176,207 3,121,030 3.529,375
Stock and bond investments
577.580.544 856.381.166 569,188.600 Acceptances
2,288.144 2,606.093 1,425.145
Real estate.
15.330,164 16.388.483 12,270.606 Other liabilities
687,644
539.303
374.860
Bonds and mortgages owned
6,753.810 7.685.165 10.949.044
Total
Loans on bond At mtg. or oth. r.e.coll. 2,874,000
937.000 3.115.151
287,959.466 $71.588,139 $63,690.380
Loans & disc. sec by other collateral-338,452,405 192.871.357 124.214.103 Amt.deposits on which int. is paid- $35,700,000 $40,400.000 $41.800.000
Loans.disc.&bilis pur. not sec. by co11.205.854,168 151,389.119 165.752.450
Supplementary
-For Cal.
1929.
Own acceptances purchased
1928.
6,292,898 7.376.577 12,227.031 Total Mt. & comm.receivedYear1927.
during yr $3,006,301 82,643.079 $2,318,722
Overdrafts
460.426
517,452
208.835
127.624
Due from Fed. Res. Bk. of N. Y
53,454,471 35.590.290 34,338,294 All other profits received during year.
176.023
444.953
Charged to profit and loss
Due from trust co's. banks & bankers 30,905.216 22.114,434 12.996.426
On account of depredation
49,410
Specie
104.076
140.059
37.888
43.321
57.849
On account of other losses
210,124
Other currency auth. by laws of U.S.. 2,884.476 1.565.522 1.508.845
166.812
93.842
855.326
Cash Items
168,901,648 132,190.788 39,231,434 Int. credited to depositors during year
788,494
714,997
Customers' liability on acceptances 99,011,346 44.768.159 44.346.750 Expenses during year, excluding taxes 1,230.799
1,216,802
1,112.919
450.000
Other assets
5,075,167 2,789.325 7,028,949 Amt.of diva, declared on capital stock
400.000
400,000
Taxes paid during year
50,000
53,500
78.000
Total
$1013970798$672,360.296$537,742.98
4
Liabilities
Capital stock
$50.000,000 530.000.000 830.000,000
*Guaranty Trust Co. (New York).
Surplus fund and undivided profits 63,611,004 27,098.866 25.154.753
Preferred deposits
Resources*Dec.31'29. Dec.31 '28. Nov. 15'27.
Due N.Y. State savings banks
1,821.355 1,275.293 2.149.246 Stock and
259,700,968 8104232.390 871.911.524
Duo N. Y. State say. & loan assoc12,551
103.482
237.480 Real estatebond investments
13,537,529
9.715.395 7.408.688
Due as executor. administrator, &c 12.814,943 13.612.486 14.228.115 bon& and
mortgages owned
971.139
1.458.989 2.902.963
Deposits by State of N. Y
400.000
1.170.000
400.000 Loanson bd.& mtg.or oth.r.e.coll..- 6.937,338
4.054.365
1,877.713
Deposits secured by pledge of assets 1,611,058
249.730
1.963.362 Loans & disc. sec.
Due 'depositors (not preferred)
637.100,010 442.380.738 284.842.371 Loans, discounts by other coll. 586.057.791 334.136.025 245,322.748
and bills purDue trust co's. banks and bankers-110.814.782 72.822.195 104.755.369
chased not secured by collateral-497,714,475 173.590.354 174.634.398
Bills payable
22.159,625 28.298.000 19.563,770
12.352.080
1.107.049 6,211.223
Acceptances
102,316.061 47.076.828 46.192,998 Own acceptances purchased
2.332,548
1.734.696
148.776
Other liabilities
10,539,409 9.042.678 8.255.520 Overdrafts
Due from red. Res. Bk. of N. Y..... 97.171,791 61.327.691 52.443.861
Total
$1013970798 672.360.2965537.742.984 Due trom 0th. tr.cos., bks.& bankers 64,998,732 58.191 723 43,304.673
Amt. deposits on which Int. paid
8125,000.000 284,000.0004257.000,000 Specie
95.300
67.876
98.812
Other curr'cy auth. by laws of U.S... 1,389,270
831.634
1.401.442
a Seaboard National Bank and Equitable Trust Co. consolidated as of Cash Items
263,043,144 188.245.087 62.872.581
Sept. 16 1929. Above statement for Dec. 31 1929 is for consolidated com- Customers'flab. on acceptances
187,763,920 94.205.339 60.227,152
pany: for previous years for Equitable Trust Co. alone.
Other assets
18,192,639 18,698.499 16.604.700
Federation Bank & Trust Co. (New York).
ResourcesDec. 31 '29. Dec. 31 '28. Nov. 15'27.
Specie
$6,528
$4.825
$10.597
Other curr. auth. by laws of U.S.-295.184
138,202
270.381
Cash items
490.815
240.634
392.733
Due from F. R. Bank of New York.... 1.288,416
1,382.211
1.466,664
Due from 0th. bks.. tr. cos. & bankers
345.624
220.973
211.039
Stock and bond investments
4,181,918 4.763.623 3.737.601
Loans & disc, secured by bd. & mtge.
other real estate collateral
5.555.560 5.561.952
6,594,339
Loans & disc, secured by other collet_ 4,027.220 3,262,641
4.452.730
Una, dise.&billa pur-not sec. by coll. 2,802,292 4.088.554 3,400.581
Overdrafts
312
38
Real estate
84,000
Bonds & mortgages owned
249.200
357.300
Customers' liability on acceptances
10.023
5.145
Other assets
262.017
259,852
346,163
Total
819.844,374 820.710.589 320,212.924
Liabilities
Capital
8750,000
$750.000
1750.000
Surplus, incl. undivided profits
1.073.866
1,156,794
988,172
Preferred deposits
Due N.Y. State says.& loan assoc16,489
10,717
17.067
Due as executor, adrninistr., &c_
272.760
148,495
Deposits by State of New York .560.852
419.007
467.059
Other depos. sec. by pledge of assets
173.952
51.134
214,599
Deposits otherwise preferred
465,959
54.064
Due depositors, not preferred
16,146,616 17,318.953 17.343.832
Due to tr. cos.. banks and bankers...
21.016
51.996
7,703
Bills payable
100,000
Acceptances
10,023
5.145
Other liabilities
412.678
476,432
532.507
Total
$ 2012258664 1049597112 747.371.256
Liabilities
Capital stock
590,000.000 $40.000,000 230,000.000
Surplus fund and undivided profits - 202,636.023 63.377.018 33.979.956
Preferred deposits
Due N. Y. State savings banks.-- 5,295,298 2,061.862 3.085.777
Due N. Y. State say. & loan ass'ns
39.892
100.160
25.000
Due as executor. admin'r. &c
.. 7,888,888 3,628.801
5.999.581
Deposits by New York State
3,082,913
617.938
500.000
Dopes, seed by pledge of assets
9,567.718 13.272.972 14.115,863
Deposits otherwise preferred3.523
Due depositors (not preferred)
1058971402 690.011.954 502,690.190
Due trust cos., banks & bankers
215,474.927 126.812.187 83,547.157
Bills payable
1.218.150
Acceptances
192,624.587 96.819,425 61,820,048
Other liabilities
226.673.493 11,676.645 11,807.735
Total
2012258664 51049597112 747.371.256
Amt.depos. on which int. is paid- 954.910,498 $470707.389 421.962.817
*National Bank of Commerce converted to a State institution and merged
into the Guaranty Trust Co. as of May 6 1929. Above statement for
Dec. 31 1929 is for consolidated institution; for previous years for Guaranty Trust Co. alone.
*International Germanic Trust Co.(New York).
Resources.-
Specie
Other curr. author, of laws of U. S
Cash
Due from Fed. Res. Bank of N.Y......
Due from approved res've depts.-Total
19.844,374 820,710.589 220.212.924 Due from 0th. blcs., tr. cos. & bankers
Amt.of dep.on which int. Is being pd_814,377,080 $17,000,000 316.000,000 Stock and bond investments
5
Loans & disc. sec. by bond & mtge.
-For Calendar YearSupplementary
1929.
or other real estate collateral
Total Interest and commission received during year
21,065,581 Loans
& disc'ts sec. by other collat..
All other profits received during year
144.126
L'ns,
Charged to profit and loss-On account of depreciation
3.946 Own disc.& bills pur. not sec. by coil..
acceptances purchased
On account of other losses
3.470
Interest credited to depositors during year
566,458 Overdrafts
Expenses during year, excluding taxes
781,460 Bonds and mortgages owned
Amount of dividends declared on capital stock
90,000 Real estate
Taxes paid during year
56,525 Customers' liability on acceptances
Other assets
Fulton Trust Co. (New York).
Resources-Dec. 31 '29. Dec. 31 '28. Nov. 15'27.
Stock and bond investments
$4,663,406 $3.159.354 $3,368.305
Bonds and mortgages owned
821.500
Loans & disc, secured by collateral... 13,027.295 11,901,215 13,677,229
Loans. disc. & bills pur. not sec, by col
55,500
28.800
17.500
Overdrafts
1.299
3.888
8,962
Due from Fed. Res. Bank of N.Y..... 3,650.934 3,129,921
2.581.354
Due from approved res. depositaries
87,299
434.699
291,643
Specie
40.907
40.178
101,672
Other currency auth. by laws of II. 8..
122,000
107.000
55,000
Cash items
27.871
24.469
9,871
Other assets
77.103
89.742
86,703
Total
-122,734,486 $19,908.766 $20.757,767
Liabilities
Capital stock
52,000.000 $1,000,000 $1.000,000
Surplus fund & undivided profits
1.529.061
3,404,455 1,682.515
Preferred denosits-Due to N. Y.State sayings banks65.833
169.557
202,246
Due as executor, administrator. &c.
1.653.299
971,704
795,958
Deposits by N. Y. State
70.000
70.000
70.000
Deposits secured by pledge of assets
86.506
5.284
5.714
Due depositors (not preferred)
15,813,956 16,780.202 16,084.322
Due to trust cos., banks and bankers..
101,133
50.092
61,174
Other liabilities
167,613
199.412
380.983
Total
$22,734.486 $19.908,766 820,757.767
Amt. deposits on which int. Is paid $15.733,200 $16,055,600 517.324.000
Total
Dec. 31 '29. Dec. 31 '28.'Not. 15'27.
225.041
53.836
$27,203
218.793
125.317
265.218
990.219 1,394.843
142.349
1,956.283
1,977,116
445.888
587.330
1.526.554
493.960
139.395
368.611
3,131 910 2,567,351
1,174,045
214,436
8,229.084
3,884.740
266.056
1,871
2.717.328
997,784
2.432.436
6.216,936
851,703
7.322.871
2,010.403
247.040
217.700
7,794.048
3,534.863
2,568.939
41.677
2.279.086
1.537.892
898.594
3,025
386,924
156,761
$32,222,765 $23,654,799 $16,495,905
. Liabilities
Capital
Surplus,including undivided profits
Preferred deposits:
Due N.Y.:State says.& loan assoes
Due as exec., adm., guardian, &c-..
Deposits by State of New York ._ Deposits secured by pledge of assets
Deposits otherwise preferred
Due depositors not preferred
Due to tr. cos., banks and bankers...
Acceptances
Other liabilities-bills payable
$3,200,000 $4,000.000 $3,700.000
5,125,707 2,228,964 2,356,697
73.249
1,000.000
201,508
100.512
69.219
15.882
260.000
14,182.998 12,862.697
281.858
295.868
2.527,840 2,303,617
5.714,719
1.442,926
25.862
186,300
100.000
189,859
7.742.459
332.658
386,924
1,481.148
Total
$32.222.765 $23,654,799 816.495.905
Amt.ofdep.on which bat. is being 0-212.606,442 $12,336,400 83.242,000
1929.
SuPFZemenlarti For Cal. YearTotal ult. & comm us rec. during year 1,206.383
All other prof. rec'd during year........
7.390
Int. credited to depos. during year....
228,489
Expenses during year, excl. taxes---877,100
Amt,depot'. on which int. Is paid-- 15,654,502
1928.
$244,417
1,238
45,104
146,939
7,645,100
1927.
$71.490
247
12,840
32.357
5,021.487
• Began business Oct. 17 1927. Terminal Trust Co. merged into
national Germanic Trust as of Feb. 28 1928. Above is combined Interstatement of both companies for both periods.
FINANCIAL CHRONICLE
MAR. 1193O.]
*Internat.-Madison Bank & Trust Co.(N. Y.)-Concl.
*Hibernia Trust Co.(New York).
*Dec. 311929.
Specie
$6,180
152,454
Other currency authorized by laws of U.S
433,214
Due from Federal Reserve Bank of N. Y
4,849.375
Due from approved reserve depositaries
400,569
Due from other banks, trust companies and bankers
Stock and bond investments
1,655.855
Loans & dtscts. sec. by bond & mtg. or other real estate collateral
21.500
Loans and discounts secured by other collateral
8,455,011
Loans, discounts and bills purchased not secured by collateral
- 2,703,726
Own acceptances purchased
697
Customers' liability on acceptances
280,697
Other assets__
77.950
Resources
Total
$19,037,228
Liabilities
Capital
Surplus and undivided profits
Preferred deposits
Deposits by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
Due to trust companies, banks and bankers
Acceptances
Other liabilities
Total
Amount of deposits on which interest is being paid
$3,000.000
2,240,562
200,000
161.900
12,995.231
41,263
317,887
80,385
$19,037.228
$9,789,052
Liabtlitzes-Capital
Surplus and undivided profits
Preferred deposits
Due New :York State savings banks
Due New York State savings and loan associations
Deposits by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
Due to trust companies, banks and bankers
Re-discounts
Acceptances
Other llabilities
Total
Amount of deposits on which interest is being paid
*Interstate Trust Co. (New York).
$85.183,447 $65,206.379 $32,250.753
Total
Amt.of dep.on which int.is being pd
$7,188,700 $5.175.000 $3.800,000
2.276.815
3,360,599
1.541.681
10,061
1.813
232.850
161.395
651.443
734.698
319.972
552.045
1.159.659
1,291,185
52.557.036 41.900.838
4.485.313
4,783.407
3,900.000
4.257.083
10.761.194
837.345
3.791,355
10.024
295.209
1.253.224
3.074.256
18.632,908
2,104.739
400,000
987.021
151.691
$85.183.447 $65,206,379 $32.250.753
$31,216.894 $26,920.001 $16.232.600
• On June 30 1927 acquired Bloomingdale Bros. and merged with Franklin National Bank. Also on Jan. 21 1928 acquired the Hamilton National
Bank.
•Irving Trust Co.
Dec. 31 '29. Dec.31'28.
Resources$
$
Specie
268.049
$290.423
Other curr. author,by laws of U.IL
3,785.809 3.466.494
Cash items
178,772,684 228.953.321
Due from Fed. Res. Bank of N. Y
62.124,745 70.283.342
Due from other bks.,trs. cos, and bkrs 28,380.618 24,149,856
Stock anti bond Investments
88,201,775 83,390.739
Loans&(Mem on bonds & mtge.deed
or other real estate collateral.
5.068.090
6,622,519
Loans & discts. sec. by other collat.. _241,510,824 267.161.966
Loans disc. & bills pur., not sec, by co1165,518.489 134,690.007
Own acceptances purchased
412,735
4,099,935
Overdrafts
288.643
142,232
Bonds and mortgages owned
10.486.415 12.579.240
Real estate
372.953
9,781,890
Customers' liability on acceptances
60,743,579 57.715.393
Other assets
6.337.571
5,515,454
Total
*Not
;15'27.
$
$291.776
2.975.037
124.528.133
60,693,489
11452.728
90.205.663
2.140.501
191.760.138
144.769,831
388.913
162.463
9.868.934
2,955.323
41,213.701
3.649,963
$865.980,3918895,138.399 $686836593
Liabilities
Capital stock
$50,000.000 40,000.000
Surplus fund and undivided profits- 83,740,994 54,083,962
Preferred deposits
Due N.Y.State savings banks__
8,941,955
7,673.585
DueN.Y.State sav.ttioan assns. &c
234.043
170,932
Due aS executor,admin.,guard.,&c 2,628.171
3,152.252
Deposits by State of New York_ __ _ 2.065,051
277.927
Other dens. sec. by pledge of assets 3,768,835
1.680.903
Deposits otherwise preferred
196.730
371,201
Due depositors (not preferred)
506.263.317 588,400.462
Due to trust cos., banks & bankers 131,466,123 131.145.038
Acceptance;
61,275.685 60.687.543
Other liabilities
13,556.497 8.337.584
3.392
3.374
150,000
30.418
9.448,119
7.2E4
400.000
86.270
362.901
$13,839,825
$5,019,500
Lawyers' Trust Co. (New York).
ResourcesDec. 31 '29. Dec. 31 '28. *Nov.15'27.
Specie
$150.742
$98,113
$9,700
Other curr. author, by laws of U. El__ 385.011
538.150
215.179
Cash items
2.005.819
850,973
279.012
Due from F. R. Bank of New York_
5,957.864
24,788.510 15.143.769
Due fr. approved res've depositaries_265.875
Due fr oth. bks, tr. cos. & bankers607,756
502.850
127.605
Stock and bond investments
11,319,105 10.018.154
7,244.237
Loans & discts. sec, by bonds & mtges.
or other real estate collateral
1.255.890
906,859
431,571
Loans - disc. sec. by other coil
16.378.140 16.474,160 9.672.867
L'ns,dis. & hills pur.not sec.by collat.. 15,711,112 13,986.906
7,022.678
Own acceptances purchased
36.521
1,190.724
31.175
Overdrafts
5.818
5,133
1.044
Real estate
392.665
534.990
Customers' liability on acceptances
4,148.585
10.522.041
809,873
Other assets
699.389
731.841
182.073
Liabilities
Capital
Surplus, Including undivided profit_
Preferred deposits
Due New York State savings banks
Due as exec.. adm.. guard., &c
Deposit by State of New York_
0th. dep. seed by pledge of assets_
Deposits otherwise preferred
Due depositors not preferred
Due to tr. cos., banks & bankers
Bills payable
Acceptances
Other liabilities
Dec.31 '29.
$1.750,000
1,598489
* Began business Nov. 1 1929 being a consolidation of the International
Union Bank and Madison State Bank.
Supplementary-For Calendar Year.
1929.
Total interest and comm. received during year
$496.986
All other profits received during year
76.391
Charged to profit and loss
On account of depreciation
13.669
On account of other losses
18,468
Interest credited to depositors during year
127.433
Expenses during year. excluding taxes
282.528
Taxes paid during year
9.893
• New; began business May 28 1929.
Total
1387
$32,000.000
31.014,783
8.695.080
494,213
3.908.535
642.246
4.675.226
160,128
447.405.887
108.591.822
43.525,229
5,523.444
Total
$865,980,391 895.138.399 686.636,593
Amt.of dep.on which int.is being pa1d343,726,700$329,436.093$330.337,432
• Irving Bank & Trust Co. and American Exchange Pacific Bank merged
under name of American Exchange Irving Trust Co. as of close of business
Dec. 11 1927. Name since Feb. 1 1929. changed to Irving Trust Co.
Dec. 31 '29. Dec. 31 '28. Nos. 15'27.
Resources$3,763.266 $6.698,785 $7.250,893
Stock and bond investments
Bonds and mortgages owned
3,054,500
2.122.250
2.776.335
304,325
Loans on bond & mtg.or oth. r.e coll.
301.650
559.100
Loans & disc, sec. by other collateral_ 13,767,534 12.031.676
9.637.766
Loans,dis.&bilis pur.not sec. by coll., 3,627,171
4.075.8614.072.951
966
Overdrafts
113
981
776.859
Due from Fed. Res. Bank of N. Y_-..
3.020.973
852.676
Due from approved res. depositaries_ 1,992,608
1.051497
1.518.016
16,342
Specie
14.106
11,678
932,343
Other currency auth. by laws of U. 8..
905.845
862.006
1,211.210
Cash items
3,323.118
1.843.654
202.006
247.212
Other assets
. 145.474
$29,649,130 $33.792,686 $29.531,530
Total
Liabilities
$3,000.000 $3,000.000 $3.000.000
Capital stock
Surplus fund and undivided profits- 4,615,117
4,087,809
3.602.363
Preferred deposits
312.871
Due N. Y. state savings banks
381.542
256.106
4,550
Due N.Y. State say. & loan ass'n_
11,188
12.948
893,696
Due as executor, administrator, &c.
605.617
1,018.444
200,000
Deposits by State of N.Y
371.569
570.954
177,632
Dep.secured by pledge of assets
112.031
134.790
6,678
Deposits otherwise preferred
20,175.253 24.997.884 20.612.515
Due depositors (not preferred)
96,038
95.534
Due trust cos., banks and bankers
97.567
167,295
129.512
Other liabilities
225.843
$29,649.130 133.792.686 $29.531.530
Total
1929.
Supplementary-For Cal. Year1928.
1927.
Total Int. & comm. rec'd during year.. $1,923,439 11.693.048 $1,462,328
135,121
69.044
All other profits rec'd during year ___
256.168
33.058
4.991
Charged to prof. & loss acct. of losses
12.531
436.916
431.701
Int. credited to depositors during year
440.680
611,279
579.286
684,263
Expenses during year, exclud. taxes..
300.000
240.000
Amt. of diva, declared on cap. stock_
240.000
102.000
150,000
72.500
Taxes paid during year
19,730,400 20,704,382 20.891,000
Amt. deposits on which int. Is paid
*Manufacturers' Trust Co. (New York).
Dec. 31 '29.
Resources$74,247,507
Stock and bond investments
13.126.869
Real estate
31.839.035
Bonds and mortgages owned
Loans on bond & mtg. or oth.r.e.coll_ 4,125,054
Loans & disc. sec. by other collatera1.114,607.875
Loans disc.& bills pur.not sec.by coll_176,567,514
250,613
Own acceptances purchased
60.739
Overdrafts
52.469,093
Due from Fed. Res. Bank of N. Y
Due from approved res depositaries 1,312.181
Due from other tr.co's,bks.& bankers 1,544,336
617.886
Specie
Other currency auth. by laws of U.13_ 3,219,240
20,839.741
Cash items
11,952.635
Customers'liability on acceptances
1,408.606
Other assets
Dec. 31 '28. Nov. 15'27.
176.167.750 $67.990.339
5,193.307
5.261.284
17.010.657 20.341.164
1.647.465
965.897
90.208.441 50.041.767
119,327.916 95.632.952
198.485
623.374
33.729
27.123
30,986,168 29.142,683
414.674
2,289,277
1,253.199
992.719
661 446
417.035
2.564.313
3.610.722
36.201.957
9.087.212
6.488.816
3.746.417
1.114.469
919.318
508,188,924 389.472,792
Total
Liabilities
$27,500,000 $17.500.000
Capital stock
Surplus fund and undivided profits_ 58.510.691 34.612,529
-N. Y. State say. bks 3,588,429
1,756.738
Pref. deposits
DueN.Y.Statesav.&loanassns.,&e.
884,444
764.204
2,358.645
Due as executor, administrator. &c 5,089,113
- 1.071,036
564.470
Deposits by State of New York
1,284.983
Depos.secured by pledge of assets.. 1,567,952
445.655
348,556
Deposits otherwise preferred
368,645.970 307.858.539
Due depositors (not preferred)
5,682,218
4,229,796
Due to trust companies & banks
32.448,865 16,277.747
Acceptances
2,754,551
1,916.585
Other liabilities
1508,188.921 389,472,792
Total
1928.
1929.
Supplementary-For Cal. Year$13.919,643
Total int. & comm.rec'd during year..
3,977,413
All other profits received during year.
3,885.000
Amt. of diva, declared on cap. stock_
182,213.000
Amt.deposits on which int.is allowed
291,089.283
$15.250.000
28.226.928
2.396.449
532.348
2,659.595
989.960
780.554
101.341
228.408.617
2.756.503
4.076.066
4.910.922
291,089.283
1927.
$10.371.970
4.344.920
2.262,500
163.020,000
* Since July 29 1927 includes Commonwealth Bank and Standard Bank.
United Capitol Nat. Bank & Trust Co. merged into Manufacturers' Trust
Co. as of June 6 1928. State Bank & Trust Co. merged into Manufacturers' Trust Co. as of Jan. 26 1929. Above statement for Dec. 31 1929
is for both companies. For previous years for Mfrs.' Trust Co. only.
Murray Hill Trust Co. (New York).
*International-Madison Bank & Trust Co.(New York).
Resources
*Dec. 31 '29.
Specie
$245,545
Other currency authorized by laws of U. S
26,050
Cash items
661.956
Due from Federal Reserve Bank of N. Y
1,125,668
Due from other banks, trust companies and banks
263,047
Stock and bond investments
Loans and discounts sec. by bond and mtge. or other real est. colt 1.917.186
69,550
Loans and discounts secured by other collateral
Loans, discounts and bills purchased not secured by collateral.. 2,543,066
5,851,451
Overdrafts
10.593
Bonds and mortgages owned
303,053
Real estate
291.955
Acceptances
86,270
Other resources
4-14,435
Total
$13,839,825
Dec. 31 '29. Dec. 31 '28. Nov. 15'27.
$9,914
$9,124
Specie
$3,912
83,565
66.722
Other currency auth. by laws of U.S_
69,168
554.042
832.500
Cash items
133.027
N.Y. 1,257,657
1,375.402
Due from Federal Res. Bank of
1,029.901
499.180
404.468
Due fr oth. bks., tr. cos. & bankers302.254
1,325,784
2.499.792
Stock and bond investments
1.592.371
Loans St disc. sec. by bond & mtg. or
340,000
other real estate collateral
239.280
577.550
Loans & disc,secured by other coll.__ 5,306,561
4.838.756
2.142,306
Loans, disc. & bills purch, not sec. Ms
collateral
4,016,920
by
4,360.821
2.760.325
83,316
Own acceptances purchased
Overdrafts
45
133
owned
273,278
Bonds and mortgages
5
465.950
349,450
94 217
2 :
Customers liability and acc.eptances_
2.039
Other assets
11 885
194,040
174.702
Resources-
Total
$14,058,667 115.286,900 19.137.135
FINANCIAL CHRONICLE
1388
Murray Hill Trust Co. (New York)
Liabilities
$2,000,000
Capital
Surplus including undivided profits
1,882,470
Preferred deposits58,700
Ihie New York State savings banks
38,364
Due as exec. adm.,guardian, &c_
150,000
Deposits by State of New York_
0th. dep. sec. by pledge of assets_..
9,205.657
Due depositors (not preferred)
95,777
Due to trust cos.. banks & bankers_ _ _
95.000
Bills payable
390.000
Re-discount
94,217
Acceptances
46,482
Other liabilities
Concluded.
Dec. 31 '29.
$2,000.000 31.000.000
1,040.058
1.734,662
99.345
44.881
150.000
248.600
10,789,673
133.872
45.781
66,403
150.000
200.000
5.760.087
88.491
85,867
760,000
2.039
24.279
$14,056,667 $15,286,900 $9.137,138
Total
.Amt. of dep. on which int. is being pd $7,850,000 $9.173,098 $5.076,700
New York Trust Co. (New York).
Nov. 15'27.
$29,230.718
324,255
1.190.672
2.579.100
112.650.453
45.081.901
977.268
386,878
23.271.216
335.058
45.773
606,928
62.642,941
27.70'3.214
9.436.446
Dec. 31 '29.
Resources$41,022,045
Stock and bond investments
362,903
Real estate
2,049,787
Bonds and mortgages owned
Loans on bond & mtg. or oth.rm. coll. 7,785,900
Loans & disc. sec. by other collateral_115.415,357
Loans dis. & bills per. not sec. by coll. 54,933.875
313,853
Own acceptances purchased
199.500
Overdrafts
34,284,011
from Fed. Res. Bank of N. Y
Due
275,109
Due from trust co's, banks & bankers
71,141
Specie
540,646
Other currency auth. by laws of N.Y.
90,831,834
Cash items
42,604,232
Customers' liability on acceptances
11,174,347
Other assets
Dec. 31 '28.
$19.584.121
325.005
414.150
2.440.400
111.744.843
60.090.846
1.724.288
356.893
29.056.103
182.301
36.784
512.871
201.450.951
37.659.443
8,585.238
$401,864,540
Total
LiahiWies$12,600,000
Capital stock
34.276,623
Surplus fund and undivided profits
925,599
Pret.depos.-Due N.Y.State sav.bks
Due as executor, administrator, &c. 14,929,186
1,007,068
Deposits by New York State
251.191
Deposits secured by pledge ofassets
218,169.461
Due depositors (not preferred)
70,644,993
Due trust co's. banks and bankers
44,272.979
Acceptances
4.887.440
Other liabilities
474,164.2373316,462,821
310.000.000
25.938.102
636.768
17.346.416
503.524
1.839.613
252.207.474
122.289.393
38.880.430
4,522.517
310,000.000
23.538.526
756,892
14.766,416
901.849
5,271.305
164.022.269
61.811.346
29.413.324
5.980,894
401,864,540 474.164.2373316,462,821
Total
1928.
1927.
1929.
Supplemenlary-For Cal. YearTotal int. & comm.rec'd during year- 15.589.876 312.405.824 310.704.983
737.087
1.021.206
389,035
All other profits received during year_
3.648.825
3.206.828
3.799,235
Int. credited to depositors during year
3,469.182
3,179.680
4,188,518
Expenses during year, excluding taxes
2.000.000
2.000.000
2,375,000
Amt. of dive. declared on capital stk_
735,020
779.360
1,096,500
and pd during the yr..
Taxes reserved
Amt deposits on which int. Is paid- 218,969,964 287,231,142 a179725079
a As of Nov. 15 1927. 5 As of Nov. 15 1926.
*Pacific Trust Co.(New York).
Dec. 31 '29. Dec. 31 '28. *Nov.15'27.
Resources$741
$596
$519
Specie
10,318
25,643
73.136
Other curs. authorized by laws of U.S.
3.232,425
26,484
7,596,607
Cash items
327,443
954.068
1,589,856
Due from Federal Reserve Bank
1,136.273
Due fr. oth. bks., trust cos. & bankers 3,749,801 14,394.667
1,180,493
6.817.673
2,509,376
Stock and bond investments
1,022,966
3,398,122
Loans & discts. sec. by other collateral 15,407,253
Loans and discounts and bills pur574,873
700,200
4,730,312
chased not secured by collateral
20.476
Overdrafts
262,365
733,984
4,867,809
Customers' liabilities on acceptances..
1.054,527
166.403
120,421
Other resources
$41,021,294 $27,217,840 $8,822,900
Total
376,204
Real estate
Liabilities
$8.000,000 $1.500,000 $1,000,000
Capital
274,687
1,799,490
7,555,985
Surplus,including undivided profits
Preferred deposits
3,129
13,338
Due as exec., admin., guard'n, &c..
201,400
Deposits by State of New York
59,200
100,246
Other depos.sec. by pledge of assets
3.430,932
17,706.643 15,630.220
Due depositors, not preferred
2,786,542
7,463,938
2,434,764
Due to tr. cos., bks. & bankers..
262,365
733.984
4,896,949
Acceptances
1,068,374
27,879
111,969
Other liabilities
$41,021,294 $27,217,840 $8,822,900
Total
Amount of deposits on which interest
37.229.000 $2,806,700 $2,465,684
is being paid
* Began business April 23 1927. Name changed from Pacific Coast
Trust Co. July 25 1929.
*Plaza Trust Co. (New York).
Dec. 31 '29. *Dec. 31'28.
Resources
$2,819
$4,433
Specie
29,452
79.131
authorized by laws of U.S
Other currency
716,138
135,075
Cash items
535,646
from Federal Reserve Bank of New York..
Due
79,307
Due from approved reserve depositaries
100,000
236,611
Due from other banks, trust co's and bankers
328,850
578,352
investments
Stock and bond
Loans and discounts secured by bond and mtge. or
166.800
other real estate collateral
3,334,032 5,568,030
Loans & discounts sec. by other collateral
1,981,698
135,000
Loans, disc'ts & bills pur. not sec. by collateral....
120
Overdrafts
183.333
Customers' liability on acceptances
34,500
49,790
Other assets
Total
Liabilities
Capital
Surplus and undivided profits
Preferred deposits
Due as executor, guardian, &c
Deposits by State of New York
Due depositors, not preferred
Due to trust co's, banks and bankers
Acceptances
Other liabilities
Total
Amount of deposits on which interest is paid
*Began business Dec.5 1928.
$7,285,021
$6,994,096
$2,000,000 $2,000,000
1.013,893
1,061,251
16,674
100,000
3,817,184
22,477
183,333
84,102
3,831,445
146,774
1,984
87,285.021 $6,994,096
$3,700,000 $1,427,000
[VOL. 130.
*(J. Henry) Schroder Trust Co.(New York).
*Dec. 31 1929.
ResourcesSpecie
$1,343
4.058
Other currency authorized by laws of U. S
148,319
Cash items
Due from Federal Reserve Bank of N. Y
150.528
Due from other banks, trust companies and bankers
25,000
616,847
Stock and bond investments
1,354.150
Loans and discounts secured by collateral
407,100
Loans, discounts and bills purchased not secured by collateral
Other assets
5,772
Total
Liabilities
Capital
Surplus and undivided profits
Due depositors not preferred
Due to trust companies, banks and bankers
Bills payable
Other liabilities
$2,713,117
Total
Amount deposits on which interest is being paid
* New, began business May 24 1929.
$2,713.117
$1,012,066
$700,000
370.400
1,111,807
110,103
404.800
16.007
Times Square Trust Co. (New York).
Dec. 31 '29. Dec. 31 '28. Noe. 15 '27.
Resources$25,511
Specie
$21,480
$16.45
170,035
Other curr. author, by laws of U. S..
125.010
135.213
Cash items
323,955
483.087
936.289
Due from F. R. Bank of New York
683,361
658.565
689.043
Due from banks, tr. cos. & bankers
105,981
87.569
111.331
Stock and bond investments
1,717,185
1,633.359
1.479,645
Loans & disc. sec, by bond & mtge.
80.325
or other real estate collateral
989.048
Loans & disc. sec. by other collateral..
1,131.704
1,446.785
5,196.980
L'ns, disc. & bills.pur.,not sec.by coll. 3,766,077 3,317.018
78.783
102.790
Own acceptances purchased
39.748
555
924
Overdrafts
1.226
Bonds and mortgages owned
735.975
723.125
185,158
320.881
Customers' liability on acceptances...
173.546
308,351
214.006
Other assets
237,584
$8,434,325 38.958.305 311.061.028
Total
Liabilities
$2,000,000 32,000,000 32,000.000
Capital
547,148
516,650
Surplus,including undivided profits
532.427
Preferred deposits
5,121
1.504
25.831
Due as exec.. admin., guard., &c..100,000
125.894
50.000
Deposits by State of New York.._....
32,801
2.700
Other dep. sec. by pledge of assets.
4,118,116
7,120.369
5,404.283
Due depositors not preferred
10.000
46.703
58.827
Due to trust cos., banks & bankers
1,300.000
950.000
600.000
Bills payable
203,842
342.421
173.546
Acceptances
71.248
68,470
45.757
Other liabilities
$8,434,325 38.958.305 311.061.028
Total
Amt.of dep.on which int. is being Pd. $2,136,060 $3.269.722 34.500.000
Calendar Years- 1929.
1928.
1927.
Supplementary-For
3342,964
$401,638
Total int. & comm'ns rec. during yr.... $411,430
22,674
26.442
38.988
All other profits received during year..
Charged to profit and loss
3.794
14,563
1,235
On account.of other losses
76,989
95.920
79,623
Int. credited to depositors during year
325.087
293,771
289.245
Exp. during year, excluding taxes......
2,800.000
2.400,000
3.100.000
Amt. deposits on which int. is paid
2,744
2,000
2.000
Taxes paid during year
Title Guarantee ‘Ss Trust Co. (New York).
Dec. 31 '29. Dec. 31 '28. Nor.15'27.
Resources311.036,980 312.729.647 312.320.045
Stock and bond investments
6,072.318
4.984.113
Real estate
5,032,280
24.868.221 23.061.449 17.390.953
Bonds and mortgages owned
3.271,966
Loans on bond & mtg. or oth. re.coll. 3.783.838
3.655.159
Loans & disc. sec. by other collateral. 14,419,178 15.150.617 18.002.145
Loans dis. & bills pay. not sec. by coll. 12,685,459 13.812.547 12,361.899
3.134
5,080
Overdrafts
2.401
Due from Fed. Res. Bank of N.Y...... 2,392,796
2,624.722
2.906.307
Due from approved res. depositaries_ 2,900.696
4,027.565
4.745.194
Due from other tr. co's, bks.. bkrs..&c
57,623
52.425
87.782
825,995
769.626
Specie
672.658
890,410
897,041
Other currency anal. by laws of U.8.
830,555
2,995,642
Cash items
3,949.304
2.467.997
34,779
7.125
Customers' liability on acceptances
31.500
1.505.624
Other assets
1,193,780
1.277,726
Total
$84,162,795 387.227.497 381.404.009
Liabilities
Capital stock
$10.000,000 $10.000.000 310,000.000
Surplus fund and undivided profits.... 24,321,558 23,977,886 21,170.979
1.115.271
875,191
1,807.931
Pref.deposits due N.Y State savs.bks.
11,742
Due savings and loan associations_
10.684
1,915.545
Due as executor, administrator, &c. 1,266,816
1,848.312
61,000
61,000
61,000
Deposits by New York State
72,750
72,750
72.750
Deposits secured by pledge of assets
Due depositors (not preferred)
45,331,321 47,771.064 45,053,029
221.769
Due trust co's. banks and bankers
86,529
313.102
7,125
34.779
31.500
Acceptances_
2,112,851
1,333,268
1.774,799
Other liabilities
$84,162,795 387.227.497 381.404.000
Total
1927.
1928.
1929.
Supplementary-For Cal. Yearyear.. $4,100,586 33.912.192 $3,665,524
Total int. & comm. rec'd during
9,943.784 10,484,308
All other profits received during year. 12,874,043
Charged to profit and loss
19,025
40.328
66,727
On account of depreciation
375.775
243,338
251,043
On account of losses
806.783
742,914
..
int, credited to depositors during year
6,206,545
6,309,285
Expenses during year, excluding taxes 5,903,No
3,600,000
3,600.000
3,600,000
Amt. of divs. paid on cap. stock
6,000,000
Transferred to surplus
883,469
982,970
1.113,767
Taxes paid during the year
Amt. deposits on which Int. is paid.... 40,461,138 46.053,807 41.978,805
*Underwriters Trust Co.(New York).
*Dec. 31 '29.
Resources$2,163
Specie
28,230
Other currency authorized by laws of United States
122,024
Cash items
Due from approved reserve depositaries
166,948
1,017,032
Stock and bond investments
Loans and discounts secured by collateral
3,384,700
645.933
Loans, discounts and bills purchased not secured by collateral
147,139
Other assets
Total
Liabilities
Capital
Surplus and undivided profits
Preferred deposits
Deposits by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
Other liabilities
Total
Amount of deposits on which interest is being paid.
•New, began business Nov. 26 1929.
$3,514,169
$1,000,000
1,002,189
100.000
100,127
1,090,265
221,588
33,514.169
81,035,947
MAR. 1 1.930.]
FINANCIAL CHRONICLE
Trust Company of North America (New York).
Dec. 31 '29.
Specie
$3,540
•Other currency auth. by laws of U.S.
128,138
Cash items
2,581
Due from approved res. depositaries_ 1,663,922
Due from other bks., trust cos.& bkrs
117.620
Stock and bond investments
748.702
Loans & disc nts secured by collateral 1,505,807
LORDS. liketS A bills purch. not sec.
by collateral
992.068
Own acceptances purchased
2,200
Overdrafts
645
Bonds & mortgages owned
316,055
Customers' liability on acceptances—
268.916
Other assets
280,370
Total
$6,030,564
Liabilities—
Capital stock
$500,000
Surplus fund & undivided profits__ —
314,075
Pre.dep.—Due N.Y.State says. bks
Due ea executor,admin.,guard.. Ace
64.725
Deposits by State of New 'York_ __ _
200,000
Deposits secured by pledge of asse
268.950
Due depositors, not preferred
3.920,427
Due to trust cos., banks & bankers
239,833
Bills payable
Acceptances
278,871
Other liabilities
243,683
Total
$6,030,564
Amt.of dep. on which int.is being pd. $2,138,937
Resources—
Dec. 31 '28. Nov.15'27.
$469
$5,389
380,112
205.963
8,154
5.989
546,577
483.504
204,841
268.590
1.137,658
75:3,916
2,565.770
1.236.523
1.262.234
5.043
475,652
233,460
242.201
1.406.188
271.306
150
123.402
435.069
876.370
87.067.091
86.067.439
$500.000
260.853
3500.000
240,019
20.130
404.332
200.000
4.424
200.000
93.4115
5,047.387
346.352
146,250
285,373
182.987
3.009,405
331,637
478.597
883.319
$7,067,091 $6,067,439
81.813.100 112.503.283
1389
United States Trust Co. (New York).
Resources—
Dec. 31 '29. Dec. 31 '28. Nov. 15 '27.
Stock and bond investments
$18,580,760 $17.277.000 $16,758.500
Real estate
1,500,000
1.500,000
1.500.000
Bonds and mortgages owned
6,238,010 6.313.686
5.542.585
Loans on bond and mortgage
35,000
27.000
20.000
Loans & disc, secured by other collat. 54.834,527 56.762,249 51.887.148
Loans,disc.&bills pur.not sec.by coll.. 3.944,579
2.577.636 3.994.630
Due from Fed. Reserve Bank of N. Y. 5,200,000
4.300.000 4.600.000
Due from approved res've depositaries 9.442,061
9.823,563 5.656.064
Other assets
634,965
604.018
453.528
Total
$100429902 899,185.152 890,417,455
Liabilities—
Capital stock
$2,000,000 $2.000.000 $2,000,000
Surplus fund & undivided profits
24,709,000 23.404,313 21.935,544
Preferred deposits—
Due N.Y. State savings banks_ _ _ _ 1,173,818
1.231,245
1.894.180
Due as executor, administrator. &e. 45,326,329 44.831.808 33.313,173
Dep, secured by pledge of assets... 1,770,139
2.219.863
2.345,139
Due depositors (not preferred)
23,772.135 20.231.035 25.043,735
Due trust cos., banks and bankers..
71,580
3.721.851
2.237.697
Other liabilities
1.606,760
1.545.037
1.647.987
Total
$100429902 899.185.152 390.417,455
1929.
SuPPlemeatarit—For Cal. Year—
1928.
1927.
Total mt.& comm. rec'd during year. $6,465,553 $5,256.210 $5.628.770
All other profits received during year.
7.744
601.471
Int. credited to depositors during year 1,760,997
1.689.017
1.296,090
Expenses during year, excluding taxes
989,617
863.793
1,005.054
Amt.of dive, declared on capital stock 1.400,000
1.400.000 1.200.000
Taxes paid during the year
607,889
731,560
677,281
&mt. deposits on which int. Is paid— 67,231.656 71.935.790 66.647.957
BROOKLYN COMPANIES
*Brooklyn Trust Co. (Brooklyn).
Kings County Trust Co. (Ilivollayli).
Resources—
*Dec.31'29. *Dec.31'28. Nov. 15 '27.
Stock end bond investments
$34,034,028 $22,694,929 $21,208.307
Real estate
6,422.177 2,242.010
1.713.213
Bonds and mortgages owned
5.153.022 4,924,575 5.848.036
Loans on bonds & mtg.or oth. r.e.eoll. 1,764,816
891.758
403,500
Loans and disc. sec. by other collateral 40,511,118 32,949.693 23.176.275
Loans,disc.& bills piir not sec by coll. 32,369,990 7.615,418 4.964.258
Own acceptances purchased
1,783,790
Overdrafts
5,301
21,742
7.671
Due from Fed. Res. Bank of N. Y.__ 14,929,772 8,420.161
6.047.145
Due from approved res. depositaries293.424
757,766
765,602
Due from other banks and trust cos
208,273
Specie
861,647
1,369,283
464,438
Other currency auth. by laws of U.S. 1,471,920
798.342
442.126
Cash items
13,367.987 9.093,465 2,642,201
Customers' liability on acceptanres
3.400
4,318,231
Other assets
639.115
624.566
637.903
Total
$159107881 891,433.238 868,325.675
Liabilities—
Capital stock
$8.000,000 $2,080.000 $2.000,000
Surplus fund and undivided profits.— 22,478,486 6,455.941
5,736,933
Preferred deposits—
Due N. Y. State savings banks_ _ - 11,358,021
4.350.635
2,977.117
.
Due N.Y.State say.& loan assn's_
38,772
230,616
18,783
Due as exeetttor, administrator. &c. 4,798,850 4.086,931
5.679.518
Deposits by State of New York__ _ _ 1,922,638
1,048.602 3.228.107
Deposits secured by pledge of assets 1,340,096
960.094 2.464,968
Deposits otherwise preferred
702,638
539,073
256,840
Due depositors (not preferred)
100,902,503 66.554.559 45,393,021
Due trust cos.. banks and bankers-- 1,345,218
884,820
155,652
Bills payable
3,500,000
Acceptanees
3,400
4,318,231
Othei liabilities
1,874,149
766.846
414.736
Total.
$159107881 $91,433.238 $68,325.675
Amt. deposits on which int. Is paid.,$99,644,697 $68.473.321 $54.505.248
-* Bank of Coney Island mered into Brooklyn Trust Co.as of Jan. 10 1928.
Mechanics Bank merged into Brooklyn Trust Co. as of Feb.8 1929. Figures
for Dec. 31 1929 are for consolidated company. For previous years for
Brooklyn Trust Co. alone.
*Globe Bank & Trust Co.(Brooklyn).
Resources—
Dec. 31 '29.
Specie ________
$77,949
Other currency authorized by laws of United States
171,765
Cash items __________
491,169
Due from Federal lieserve-baiiic
-oilieworli
886,910
Due from other Banks, trust companies and bankers
162,539
Stock and bond investments
Loans & disc,secured by bond & mtge.on other real estate collat. 1.628,926
37,287
Loans and discount secured by other collateral
2,177,932
Loans, discount and bills purchased not secured by collateral
5,768,654
Overdrafts __
_______ _
10.650
Bonds and inengages owned
490,200
Real estate_
925.815
Customers'liability on acceptances
108,439
Other asset
242,205
Total _________________
Liabilities—
Capital
Surplus and undivided profits
Preferred deposits—
Due New York State savings banks
.
Due New York State savings and loan association, &c
Deposits by State of New York
Due depositors not preferred
Due to trust companies, banks and bankers
Acceptances
Other liabilities
$13,180,440
$1,250,000
911,609
10,028
37,538
125,000
10,243,326
11.820
108,439
482.680
Total
Amount of deposits on which interest is being paid
$13,180,440
$5,821,100
* Formerly Globe Exchange. Name changed as above Dec. 1 1929.
Resources—
Dec. 31 '29. Dec. 31 '28.
stock and bond investments
$5,298,662 $5,909,478
Real estate
210,000
210.000
Bonds and mortgages owned
1,331,500
1.622.000
Loans on bond & mtg. or oth.r.e.coll421,632
455,085
Loans & disc. sec. by other collateral- 17,946,679 18.836.043
Loans disc.& bills punnet sec.by coll. 2,629.039
2,088,031
Overdrafts
358
235
Due from approv'd res'vedepositaries 4.702.939 3.416,057
Due from other tr cos ,bks &bankers 1,528,127
1,513.662
Specie
34.946
24.072
Other currency auth. by laws of U. EL 3.101,570
2.195.474
76,163
Cash items
215.683
Other assets
260,013
256.630
Total
$37,541,505 836.742.573
Liabilities—
Capital stock
$500,000
$500,000
6,347,412
talus fuerredciie and undivided profits
5,895.262
td
ts—
P
4,306,805 3.822.572
Due N. Y. State savings banks_ _
1,000
Due savings and loan associations_
1.000
1,294.344
Due as executor, administrator, &c 1,193,316
750.000
Deposits by State of New York _
600.000
100,000
Deposits sec. by trust co. assets
100.000
22,501,731 22,752.225
Due depositors (not preferred)
1,597,808
Due trust co's, banks and bankers_ _ _ 1,632,676
179.362
208.565
Other liabilities
$37,541.505 $36.742.573
Total
Amt, of deposits on which int. Is pald$28.511,600 $28.564.000
Nov. 17 '27,
$6.631.689
210,000
1.475.240
514,184
18.088.671
2.878,954
4.5226,106
2 . 85
02.18
177
1.961,378
132.790
137.048
336.599.649
3500.000
5.374.960
3.357.090
1.000
2,172,600
600.000
696,874
23.468.941
108.043
320.141
$36,599,649
328.838.400
Midwood Trust Co. (Brooklyn).
Dec. 31 '29. Dec. 31 '28. Nov. 15 '27.
Resources-$1.234,794 $2.100.575 81,567.810
Stock and bond investments
426.474
425,097
367.448
Real estate
1,170,923
1.109,130
1.380.130
Bonds and mortgages owned
775,150
694.672
600,585
Loans on bond & mtg. or oth. r.e coll.
2,101.292 1.790.953
Loans and disc. sec. by other collateral 2,086.633
Loans, discounts and bills purchased
4,446.258 5.215.765 5.530.521
not secured by collateral
1,199
1,349
Overdrafts
1,235,971
1.325.258
743,184
Due from Fed. Res. Bank of N. Y
101.362
136.007
43.971
Due from other tr. cos., bks.& b'kers.
43,200
23,800
4,300
Specie
200,028
290,689
254,907
Other currency auth. by laws of U. S..
1,026,512
847.728
731.788
Cash items
1,550
3,408
Customers' liability on acceptances_
260.664
154.801
183.948
Other assets
812.372.242 $14.388.478 $13.880.864
Total
Liabilities—
$1,000,000 $1.000.000 81.000.000
Capital stock
598,783
574.464
562,373
Surplusfund and undivided profits.-411.700
38
6.268
36
.000
Pref.deposits: due N.Y.State savs.bks
492,100
161.900
Deposits sec. by pledge of assets
126,252
150.000
Dile as exec. admin.. guard., &c
71.880
150,000
200.000
Deposits by State of New York
150,000
9,642,040 11.870.144 10.537,693
Due depositors (not preferred)
500,000
Bills payable
5,423
Acceptances
1.550
329.750
Re-discounts
228.340
281,567
Other liabilities
_196.357
_
if ,372,242 514: 88 478 313 880 8 0
2
6
17 380
1 :000 s6:240 0
:0 4
Total
on which int Is paid 35,892.000
Amount of dep's
Supplementary for Calendar Year 1929—
$322,844
Total interest and commission received during year
292.847
Discount
139,347
All other profits received during year
Total gross
Interest credited to depositors during year
Expenses during year, excluding taxes
Taxes paid during year
Net profit
Amount of dividends declared on capital stock
8755.038
216,343
442,663
11.713
$84,319
60,000
BOSTON COMPANIES
American Trust Co.(Boston).
Resources—
Dec. 31 '29. Dec. 31 '27. Dec. 31'26
Investments
$3,827,207 $4,972,233 $3,630.238
Time loans
15,951,049 18,017,930 16.680.855
Oustorners' [lablle. under acceptances
205,013
441,985
141 000
Demand loans
2,940.040 6,831,457
Cash on hand in banks
5459,819 10.912.129 9,251,566
,
Other assets
107,292
656.408
145.784
Total
$30,601,806 837.940,725 $36.680.900
Liabilities—
Capital stock
$1,500,000 $1.500,000 $1,500.000
Surplus fund
2,000,000 2,000,000 2,000.000
Undivided profits
917,455
772.725
765.475
Reserve for taxes. &c
188,413
96,466
298,225
Accrued interest payable
59.546
General deposits
25.581.211 32.420,666 31,976,200
Acceptances
205,013
441.985
141,000
Other liabilities
150,168
708.883
'rota'
$30,601,806 837,940,725 836.680.900
*Day Trust Co. (Boston).
Resources—
U. S. bonds
Other stocks and bonds
Loans and discounts
Cash and due from banks
Other assets
Total
Liabilities—
Capital stock
Surplus fund
Undivided profits, less expenses and interest
Deposits
Reserved for Lases
Total
*Began business in July 1929.
Dee.31.'29.
$60,000
2,752,020
1.381,521
457,111
6,395
84.657,047
$2.500.000
257,000
29.513
1,860,134
10,400
$4,657,047
[Vor... 130.
FINANCIAL CHRONICLE
1390
Charlestown Trust Co.(Boston).
*Bence Commerciale Italiana Trust Co,(Boston).
Resources
Stocks and bonds
Demand loans with collateral
Time loans with collateral
Other time loans
Bankers' acceptances purchased or discounted
Overdrafts
Customers liability on account of acceptances
Safe deposit vaults, furniture and fixtures
Interest accrued but not collected
Due from Reserve banks
Due from other banks
Cash, currency and specie
Other cash items
Prepaid expenses
Foreign exchange future contracts
Dec. 31 '29.
$601,849
377,681
47,404
383,896
658
53
27,303
1
9,594
108,259
460,605
35,241
8,468
3,918
2,456,058
$4,520,989
Total
Liabilities
Capital stock
Surplus fund
Undivided profits, less expenses, interest and taxes paid
Reserved for taxes and expenses
Reserved for interest
Demand deposits:
Subject to check
Certified checks
Treasurer's checks
Time deposits not payable witin 30 days:
Certificate; of deposit
Open accounts
Acceptances executed for customers, or guaranteed by this
company less acceptances of this company included in loans
Teller overs
Foreign exchange future contracts
Total
Savings department (additional)
* Incorporated in 1929.
$750.000
375,000
68,645
4,538
2.473
Dec. 31 '29. Dee.31 '28. Dec. 31 '27.
Resources$74,572
$63,142
$63,142
United States & Massachusetts bonds
336,431
266,845
325,089
Other stocks and bonds
294,375
266,125
196,424
Loans on real estate
259,649
243,968
199,175
Time loans
108,087
110,219
189,832
Demand loans
55,216
55.486
55,215
Banking house and vaults
185,020
165,360
131,888
Due from banks
81,003
56,773
95,046
Cash on hand
295
57
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Commercial deposits
Miscellaneous dividends unpaid
$1,275,806 $1,277,367 $1.325,261
Total
Savings department (additional)
$12
$1,277,367 $1.325.261
$2,522,608
$2.477.248
$200,000
36.000
33.192
1.006.313
301
$200,000
30.000
3.620
1,040,263
3.485
8200,000
26,000
7,631
1.088,240
3,390
Columbia Trust Co. (Boston).
637,958
5,912
11,016
R6SOUITOSUnited States bonds
Other stocks and bonds
24,500 Loans on real estate
157,584 Demand loans
Time loans
27,303 Overdrafts
2 Cash In office
2,456,058 Cash in banks
Total
$4.520,989
$324,985
Liabilities
Capital stock
Surplus and profits
Deposits
Total
Dec. 31 '29. Dec. 31 '28. Dec. 31 .27.
$89.850
3119.350
$126.350
156,881
262,246
252.417
28.395
531,117k 2,968,258
2.819,049
116,922
214
56,604
85.637
63,500
211,631
163,495
241,274
$1,143.477 $3,673,936 $3.475,776
$100,000
$100.000
1100.000
152,833
267,113
304.765
890,644
3.269.171
3.108,663
81.143.477 83.673,936 33.475,776
Bank of Commerce & Trust Co.(Boston).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$732.842
$633,285
$387.620
United States bonds
254,377
293,101
309,163
and bonds
Other stocks
{1,357,250
Loans on real estate
1,710,470
{ 6,275,177 1 7.264,802
Demand loans
3,157,034
Time loans
41,000
39.500
60,024
Furniture and fixtures
868,819
939,812
699,728
Cash in reserve banks
258,142
166,291
316.028
Due from other banks.
125.269
101,150
87,878
Cash in vaults
166,092
33,147
24.851
Customers' liability acct. acceptances
47,475
25.418
Customers'liability on letters of credit
16.526
6,533
Foreign bills department
287,500
Investment in B. of C. Bldg
475,000
Loans made for others
7,434
12,388
accrued
Interest
$8,967,308 89,890,995 $8.322,823
Total
AM:MM.,-
Liabilities
$1,000,000 $1,000.000 $1.000,000
Capital stock
400.000
411.003
423,429
Surplus fund Sr undivided profits
4.413,487
4.925,260
3,983.347
Demand deposits
2,119,247
2,511,739
2,308.613
Timedepoelts
356.942
228.925
274.888
Due to banks
500,000
450,000
450,000
Bills payable and rediscount
166,092
33.147
26,613
Acceptances
47.476
25,418
Letters of cred. executed for cust'rs100.000
475,000
Loans held for others
500
Travelers letters of credit
$8,967,308 $9,890,995 $8.322,823
Total
*Beacon Trust Co. (Boston).
Dec. 31 '29.Dec. 31 '28. Dec. 31 '27.
Resources$27,436,615 $27,333,430 $25,726,072
Time loans
8,788.40310,181,993
6,628,462
Demand loans
1,967,543
2,541,391
2,391.172
Investments
7,275,489
8.573.349
6,971,104
Cash in office and banks
374,542
356.532
350,494
deposit vaults
Safe
132,755
19,106
218,272
Real estate by foreclosure
Customers' liability under letters of
1,275,571
1,640.189
476,286
credit and acceptances
106,624
127,067
134,087
Other assets
$44,606,493 $49,472,673 $46,947.383
Total assets
Liabilities
$3,000,000 $3,000,000 $2,250,000
Capital stock
2,750.000
3,000.000
3,000,000
Surplus
322,869
780.200
365,057
Earnings undivided
1.275.571
1,640,189
476,286
Letters of credit and acceptances
20.784
23,421
111,525
Reserve for taxes and interest, etc _285,000
Bills payable
1,747.000
2.290,000
rediscounted
Notes and bills
35,078,625 39,281,863 40,157,177
Deposits
170,982
Other liabilities
$44,606,493 $49.472,673 $46,947,383
Total
*Beacon Trust Co. and Liberty Trust Co. a of Dec. 5 1928. Above
statement is combined result for both companies for all periods.
Boston Safe Deposit and Trust Co. (Boston).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$2,794,466 $2.151,047 $2,739.588
Bonds and stocks
17,747,210 16.792,050 16,746.265
Loans
729,870
742,845
822.042
Cash in office
1.310.224
1.679.310
2,258,389
Cash in banks
243,610
$10.221
967,213
Exchanges for cldaring house
26,303
41,930
903
Overdrafts and accrued interest
1,057
2.624
35,457
Cash items
1.745.3:31
1,745,331
1,700.000
Real estate
Boston Safe Dep. & Tr. stock in
130,500
5,250
bands of directors
126,330.930 $23,795.858 123,542.248
TotalLiabilities
Capital stock
Surplus
Profit and loss
Deposits
Reserved for taxes
Int. reserve dr for. ctf. of deposit
$1,000,000 $1,000,000 $1,000,000
3.000,000
3,000,000
4,000.000
1,099,145
1,311,449
686,379
20,488,316 18.376,978 18.348,262
94.841
106.583
154,748
848
1,487
$26,330.930 $23.795,858 $23,542,248
Total
1927.
1928.
1929.
2%
2%
27
Rate of interest paid on deposits__
32%
32%
444
Dividends paid in calendar year
Exchange Trust Co.(Boston).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$4,747,250 $5,715,810 $5,431,008
Stocks and bonds
1,828,680
2,085.226
2,098.688
Cash in offices and banks
90,000
57,030
90,000
Safe deposit vaults. rum. dz fixtures1,540,153
1,714.394
1,848,335
Demand loans
160,249
101,207
192,072
on acceptancesCustomary liability
4,078.105
3,851,730
3,588,832
Time loans
7,932,845
7,477,859
7,950,275
Loans on real estate
997.636
1.028.834
1,015,630
Real estate owned
$21,568.916 822,482.212 121,570,720
Total
Liabilities
Capital
Surplus and guaranty fund
Profit and loss
Deposits
Rediscounts and bills payable
Acceptances executed
Other liabilities
31.500,000 D1,500,000 11.250.000
1.250,000
1,800,000
167,702
338,931
182,886
17,053.481 18,172.437 17,868,790
650,500
878,306
700.000
212,499
101.574
192,073
52.669
1.700,000
$21,568,916 $22,482,212 121.570,720
1927.
1928.
1929.
2%
2%
2
0
5135, a
$165,000
$180.000
Total
Rate of Int. pd.on don, of $500 & over
Dividends paid in calendar year
*Harris Forbes Trust Co. (Boston).
*Dec. 28 '29.
$147,078
245,082
457,041
175
935,096
12,000
199,950
6.718
11,800
5,376
36
526,921
25,051
84,608
795
9,002
AssetsUnited States and Massachusetts bonds
Other stocks and bonds
Demand loans with collateral
Other demand loans
Time loans with collateral
Other time loans
Bankers' acceptances purchased or discounted
O verdrafts ___
Customers' liability on account of acceptances
Safe deposit vaults, furniture and fixtures
Revenue stamps
Due from Reserve banks
Duo from other banks
Cash, currency and specie
Other cash items
Other assets, coupons prepaid
Total
Liabilities
Capital stock
Surplus fund
Undivided profits, less expenses, interest and taxes paid
Due to other banks
Deposits (demand)
Subject to chock
For payment of coupons, &c
Certificates of deposit
Treasurer's checks
Deposits (time), certificates of deposit
Acceptances executed for customers
$2,666,729
Total
Trust department (additional)
82,666.729
81,340,987
$500.000
100,000
18,880
203,639
1,752,670
40,910
31,517
5
7.008
11,800
*Company began business Juno 11929.
*Industrial Bank & Trust Co. (Boston).
ResourcesStocks and bonds
Loans on real estate
Demand and time loans
Furniture. fixtures and vault
Duo from hanks
Cash
Other resources
Total
Liabilities-Capital stock
Surplus fund
Undivided profits
Deposits
Uncompleted loans
Bills and accounts payable
Other liabilities
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$509,252
$509,632
$407,913
875,722
983,757
{ 2,175,374
626.757
715,389
54,756
60.815C42,907
82,944
119,667
i 196.600
64,028
59,520
86,119
69,642
217.255
$2,910.344 82,668.127 $2,299,578
$200,000
24,500
32,477
2,521,800
130.000
1.567
$200,000
20,000
20.874
2,296,091
60,051
70.000
1,111
$200,000
15.453
15,167
2.032,999
36,000
$2,910,344 $2,668,127 $2,299,578
Total
*Formerly the Roxbury Trust Co., name changed as of May 6 1927 to
& Trust Co.
Industrial Bank
FINANCIAL CHRONICLE
MAR. 1 1930.1
1391
*Old Colony Trust Co. (Boston).
Jamaica Plain Trust Co.(Boston).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
*Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$4,789
$4,789 Investments1340,043,195 $45,616,722
$4,789
State of Massachusetts bonds
)$25.210,0401130,087,547 140.443.403
1,941,586
1,646,692 Demand and time loans
Other stocks and bonds
1,847,261
5,416.000
6.514,169
2,171,538 Banking offices
Loans on real estate
2,681,260 2,569,213
43,366
148.470 Customers' liability under letters of
Demand loans with collaterals
53,166
5.685.663
7.994,286
credit and acceptances
30,980
14,285
118,204
Other demand loans
30,612,489
728,940 Due from banks
Time loans with collateral
494,303 . 609,527
, 2 453,301 39.869,542 i 3,099,876
}
516.954 Cash
568,401
618,935
Other time loans
4,192,468
231
652 Exchanges for clearing house
Overdrafts
646
158,747
58,800
60,000 Accrued interest receivable
Banking house
58,000
32,601
28,451
30,078
Safe deposit vaults, turn.and fixtures
525,822,0895221,101.9475238.473,413
165,832
Total
242,482
212,494
Due from reserve banks
Liabilities
144.120
Cash, currency and specie
122.067
121,528
$5.000,000 $15,000,000 515,000.000
Capital stock
111.000,000 11,000,000
Total
$6,243,726 $6,219,354 $5.632.350 Surplus
5,411,549
5,145,099 1. 6 479,121
Undivided profits
Liabilities
{742,882
956,930
Reserved for taxes and interest
$200.000
$200,000
Capital stock
$200,000
508,428
,
100,000
86,000 Reserved for depreciation
Surplus fund
116,000
6.022.308
8,384,684
155.951
118.007 Acceptances and letters of credit-- -- ______
Undivided profits
204,490
16,797,454 181,857,636 190,211.822
Deposits
30,000
35,000
30,000
Reserve accounts
7,000.000
5.649,187
5.183,598 Rediscounts
Deposits subject to demand
5,535,107
5,000
4,700
Certificates of deposit
$27,822,089 $221101947$238.473,413
Total
9.086
4,325
2,947
Certified checks
311
89
Treasurer's checks
* The Old Colony Trust Co. merged into the First National Bank in
130
109
Dividends unpaid
393
Nov. 1929, the commercial banking business of the former being taken over
75,000
Bills payable
150.000
by the First National Bank. The Old Colony Trust continues in the gen$6,243,726 $6,219,354 $5,632,350 eral trust business, taking over the trust business of the First Nat. Bank.
Total liabilities
Resources-
Revere Trust Co. (Revere, Mass.).
*(The) Kidder Peabody Trust Co. (Boston).
ResourcesDec. 31 '29. Dec. 31 '28. *Dec. 31 '27.
$413,727
$407,531
U. S. and Mass. bonds
$375,000
519,566
256,287
953,468
Other stocks and bonds
1,515.918
300,000
Demand loans with collateral
1,824.885
100
129,200
Other demand loans
595,354
600
Time loans with collateral
1,033,653
102,000
Other time loans
83,126
101,265
Bankers acceptances purchased
18.000
Real estate loans
Coupons for collection
110,375
4
Overdrafts
Banking house safe deposit vaults.
24,758
13,125
17,833
furniture and fixtures
21,794
Interest accrued
325
173
281
Revenue stamps
1,554,167
135,111
657,593
Due from Reserve banks
70.280
15,015
72,116
Due from other banks
175,063
51,911
196,8941
Cash-Currency and specie
Checks on other banks
1,6691
963
403
167,034
Other assets
Total
Liabilities
Capital stock
Surplusfund
Undiv. prof., less exp., int. & taxes
Reserved for taxes
Due to other banks
U. S. Government deposits
Deposits (demand)
Subject to check
For payment of coupons, &c
of deposit
Certified checks
Treasurer's checks
Deposits ttime)Certificates of deposit
Open accounts
Other liabilities
$5,742,893 $4,994.019 31.180,156
$500,000
100,000
136,618
15,000
7,467
3,922,278
450,913
3,000
83
50,000
.
551,311
$500,000
100,000
51.422
22,093
59.280
.
3.330,925
3 ,A8
8
Certifcas
30,402
91g
511:
$500,000
100,000
1,494
573,662
Dec. 31 '29. Dec. 31 '28.
8568.308
$459,887
3,759,325
3,080,242
3.535,844
3.296,600
1,968,119
3,673,486
838,486
680.350
400,000
200,000
55,380
85,824
250
86
994.035
963,473
205,383
426,410
368,191
319,768
167,969
789:47
1 37
6
0
473
68,424
103,322
Total _____________________________________ $13,552,591 $13,457,890
Liabilities
3500,000
$500,000
Capital stock ________________________________
500,000
Surplus fund _________________________________
500,000
202,647
Undiv. profits, less exps., int, and taxes paid
Reserve- for taxes
Reserved for interest
8agi
510§
Duo to other banks
163,885
U. S. Government deposits
Deposits (demand)8,788.257
6,804.404
Subject to check
49,905
7,766
For payment of coupons, dm
122,500
Certificates of deposit
Certified checks
_
414:435
1 44 3
Treasurer's checks
869,340
1,436,095
Certificates of deposit (time)
951,376
Open accounts (time)
2,698.437
724
52
Sinking funds
400.080
cceptances executed account customers
200.888
A
68,362
Other liabilities170,897
EN1
Total _____________________________________$13,552,591 $13,457,890
New England Trust Co. (Boston).
Dec. 31 '29.13ec. :31 '28. Dec. 31 '27.
Total
$705,709
Revere Trust Co.(Revere, Mass.)(Concluded).
Dec. 31 '28. DM.31 '27.
Liabilities5100,0(10
$100.000
$200.000
Capital stock
30.000
30,300
50,000
Surplusfund
34,647
40,275
33,466
Undiv.prof-less exp..int.&taxespaid
D:waists (demand)467,717
454,786
496.959
abject to check
26.500
United States Government
.
500
5.000
15,000
Certificates of deposit
4,373
1,329
1,979
Certified checkt
6.972
5,765
5,891
Treasurer's checka
Deposits (time)
10,621
25,000
5.000
Ctrs. dep, not pay. within 30 days60,000
Bills payable
, 58,600
30,000
64,200
Notes and bills re-discounted
$897,126
8762.145
8705.709
$2,909,680 $2,783,956 $3,159,054
2,034,483
1,855,720. ' . 0
32,764,601 19,309,084 19.195.954
7,296.757
5,728,830 10,076,479
531.352
100,266
85,237
545,536.873 $29.777,856 $34,341,724
$1,200,000 $1,000,000 $1,000,000
2,800.000
2,000.000
2,000,000
1.130.378
864,877
784.614
270.375
60,322
80,219
39,790,225 25,576,044 30.323,679
200,000
100.000
145.895
160.525
16,088
153,212
$45,536,873 $29.777.856 $34,341.724
Dec. 31 '29.
$59,484
667,352
776,085
215,107
16,151
33,613
185
Resources.
Cash and due from banks
Loans and discounts
Securities
Foreign department
Furniture, fixtures and vaults
Expenses
Other assets
$1.767,977
Total
Liabilities
Capital
Surplus
Undivided profits
Foreign department
Deposits
Other liabilities
$250,000
125,000
85,872
246,363
1.059,074
1,668
$1,767,977
Total
State Street Trust Co.(Boston).
Dec. 31 '29. Jan. 2 '29. Jan. 3 '28.
Resources430,931.817 $29.151,965 $27,622.319
Loans on real estate
J 21,659,747
Time loans
1,129,872 22,669,543 23,682,941
Demand loans
1.411,130
7,009,464
1,792,308
lnvestmenth
6,903,654
7,885,603 6,853,453
Due from Federal Reserve Bank
4,736,703
8,201,890
Cash in office and banks
1,034.663
1,064,886
Real estate and safe deposit vaults_.._ 1.052,676
174,864
Interest & rent accrued, not collected
157,622
191,782
Customers' liability on account ac3,112,734
3.930.494
1,560,06
ceptances and letters of credit
565,971
1.596,967
Acceptances ofother banks end.& sold
377,920
Total
$71,765,227 875.453.288 869.244.979
Liabilities
Capital stock
$3,000,000 smoomo 53,000.000
3,900,931
3,900,931
Surplus and undivided profits
4,250,944
218,944
Reserve for expenses & contingencies} 303,911 } 122.224
Reserve for taxes, &c
2,534,106
2,812,734
Acceptances
1.033,628
565,970
1,596,967
Acceptances ofother banks end.& sold
377,920
Acceptances and letters of credit
899.882
1,166,631
issued and guaranteed
523,183
Deposits
62,036,671 61,652.168 57.943,912
181,234
251,632
Unearned income
238,970
950.000
Commercial paper rediscounted
571.765,227 $75,453,288 $69,244.979
Total
* Began business Jan. 2 1928.
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserved for taxes
Deposits
Bills payable
Discount collected not earned
Other liabilities
$762,145
Stabile Bank & Trust Co. (Boston).
5,000
*Lee, Higginson Trust Co. (Boston).
ResourcesStocks and bonds
Real estate
Demand and time loans
Cash in bank and office
Other assets
$897.026
Total
Total
$5,742,393 $4,994,019 $1,180,156
Total
$13,196,948 $3,575,572
$508,608
Trust department (additional)
* Began business Oct. 20 1927 as Peabody Trust Co. Name changed
to Kidder Peabody Trust Co. as of Sept. 16 1929.
Resources
United States and Massachusetts bonds
Other stocks and bonds
Demand loans with collateral
Time loans with collateral
Other time loans _-________- __ _ __ ___ _
Customers'liability on account O acceptances
f
Interest accrued but not collected.
Revenue stamps__
___________
Duo from Reserve Wa_nks
Due from other banks
Cash
Checks on other banks
Other cash items
Other assets.
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$50,203
$15,203$15,203
11. 8. and State of Mass. bonds
113,630
98,816
158.303
Other stocks and bonds
116,490
131,380
122,092
Loans on real estate
43.926
35.955
92,439
Demand loans with collaterals
30.220
36,983
69,293
Other demand loans
79,262
61,020
83.054
Time loans with collateral
262,917
204,853
294,129
Other time loans
10,000
10.000
10,000
Safe dep. vaults,furniture & fixtures.
44.977
46,388
24,290
Due from reserve banks
32,957
37,282
27.356
Cash and cash items
4,827
565
867
Other assets
United States Trust Co. (Boston).
Resources-U. S. and State of Mass. bonds
Other stocks and bonds
Loans on real estate
Demand and time loans
Due from banks
Cash on hand
Other assets
Jan. 1 '30. Dec. 31 '28. Jan. 1 '28.
8370.000 82,911.489
$1.942.997
8,345,877
9,545.132
10,237,999
9,968.752
1,080,137
112.544.805
4,856,636
3.187.004
1,762.752
2.681.973
1,984,188
69,507
85.441
42,080
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Deposits
Due Federal Reserve Bank
Other liabilities
$27.449,854 $19.684,286 824.482.629
,
$2,500,000 $2,500,000 $2,000.000
3,000,000
3.000.0001 2.148.505
801.171
519.430J
20,781,603 13,658,509 20,264.617
325,000
69.507
42,980
6.347
Total
$27.449,854 819.684.286 824.482.629
1392
[VOL. 13n
FINANCIAL CHRONICLE
Winthrop Trust Co. (Winthrop, Mass.).
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$299.388
U.S.and State of Mass. bonds
$359,847
$308,133
504,941
654,533
Other stocks and bonds
532,721
165.519
401,199
538,372
Demand loans with collateral- _ _.._ __
76.089
56.346
Other demand loans
71,400
134,027
79,500
Time loans with collateral
25,623
73.725
16,073
Other time loans
12,509
1,494.313
Loans on real estate
1,671,910 1,530,848
22,467
30.000
Banking house and vaults
25.000
96,582
126,598
Due from banks
136,678
77,867
41.252
Cash, currency and specie
42,334
360
Other assets
53,364,680 53.296.196 $2,945.278
Total
.
Liabilities
Dec.311929. Dec. 31 '28. Dec.311927
$100.000
Capital stock
$100.000
$100,000
85,000
Surplusfund
100,000
125,000
46,291
51.292
56,611
Undivided profits
Deposits
2,746,799 2,723,715 2,647,572
300
Certified checks
1,558
2,217
9.624
65.835
Treasurers' checks
63,587
2,940
2,980
United States Government deposits_
17,853
229.840
Due to banks and bankers
217,629
35,698
Reserved for taxes and interest
33,187
40,626
53.364,680 $3,296,196 52.945,278
Total
PHILADELPHIA COMPANIES
*Adelphia Bank & Trust Co. (Philadelphia).
Dec. 1929.
Resources
$79,875
United States bonds
110,252
Other stocks and bonds
91,500
Loans on mortgages
1,584,332
Demand loans with collateral
1,062,523
Other demand and time loans
155
Overdrafts
39.834
Customers' liability under letters of credit and acceptances_ _ -7,684
Interest accrued but not collected
248,574
Due from reserve banks
68,458
Cash
4,334
Other assets
$3.297,521
Total
Liabilities
$826,020
Capital stock
619,518
Surplus fund
211,434
Undivided profits, less expenses, interest and taxes roam
Deposits(demand)
1,195,633
check
Subject to
248,771
Certificates of deposit
186,057
Savings funds
150
Dividends unpaid
5,588
Reserved for rent, taxes and accrued interest
4,350
Other liabilities
Total
* Began business June 3 1929.
$3,297,521
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$351,668
$371,325,
Real estate mortgages
1,228,207 1,531,085 1,258,991
Stocks and bonds
6,146,564 6,414,761 5,843,605
Loans and discounts
889
980
Customers'liability letters of credit...,
299,197
352,392
501,953
Banking house and fixtures
215,524
1 657.3461 214,047
Cash on hand
201,456
1 364,002
Cash on deposit
287,769
Reserve accountDue from Federal
136,171
Transit account
45,515
51,838
262,955
resources
Other
$9.169,330 $9.282.709 $8,639,896
Total
Liabilities
$1,218,182 $1,300,000 $1,300,000
Capital stock paid in
775,000 1,075,000
700,000
Surplus fund
101,633
111,901
50,050
Undivided profits
5,664.478 6,494,252 5,551,643
Deposits
368
34
12,561
Dividends unpaid
464,000
Notes and bills rediscounted or guar_
588,754
105.000
1,443.000
payable
Bills
899
980
Letters of credit
19.031
20,523
80,139
Reserve for taxes and misc. liabilities_
3.467
11.100
Other liabilities
59.169,330 $9,282,709 $8,639,896
Total
9,156,492 8,319,169 9,341,768
Trust department (additional)
•Lancaster Ave. Title & Trust Co. consolidated with Aldine Trust Co.
as of Nov. 1 1929 under name of latter. Above statement Is combined
results of both companies for all the years.
Allegheny Title & Trust Co. (Philadelphia).
Statement not furnished.
*Bence Commerciale Italians Trust Co.(Philadelphia).
*Dec. 31 '29.
Resources$236,873
Stocks and bonds
1,306,578
collateral
Demand loans with
28,333
Other time loans and discounts of credit and acceptances
12,329
Customers'liability under letters
1
fixtures
Safe deposit vaults, furniture and
8,766
Interest accrued but not collected
192,321
reserve banks
Cash and due from
$1,785,201
Total
Liabilities
$1,000.000
stock
Capital
500,000
Surplus fund
40,000
paid
Undivided profits, less expenses, interest and taxes
229,591
Deposits
12,329
Letters of credit and acceptances
3,281
Reserved for rent, taxes and accrued interest
$1,785,201
Total
*Began business Nov. 1 1929.
*Banes d'Italia & Trust Co. (Philadelphia).
Total
Liabilities
Capital stock
Surplusfund
Undivided profits,less expenses,interest and taxes paid
Due to other banks
Deposits,subject to check
Dividends unpaid
Time saving fund deposits
Other liabilities
Total
•Began business, Nov. 1 1929.
Dec.31 '29. *Dec.3'128'
$13,658,257
10,121,906
159,875
186,171
381,805
390,749
1,118,664
1.282,343
423,973
484,027
163.462
159,564
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for depreciation
Reserve for interest and taxes
Reserve for title insurance and contingencies
Letters of credit and acceptances
Bills payable
Dividends unpaid
Other liabilities
Deposits
$26,283,017 526,609.922
Total
2,300,000 52,300,000
3,028,327 { 2,300.000
1
200,000
112,119
30,208
393,749
2,500,000
80.939
110,098
28,881
383,705
1,000,000
69,968
69,660
17,637,675 19,432,745
126,283,017 $26,609,922
• Formed Oct.8 1928 by merger of Broad Street National Bank,National
Bank of North Philadelphia. Queen Lane National Bank and Oak Lane
Trust Co.
*Bankers Trust Co.
*Aldine Trust Co.(Philadelphia).
ResourcesU.S. bonds
Other stocks and bonds
Loans on real estate
Demand loans with collateral
Other time loans
Overdrafts
Safe deposit vaults,furniture and fixtures
Real estate by forceclosure, &c
Duefrom reserve banks
Cash,currency and specie
Checks on other banks
Other cash items
Other assets
Duefrom banks,excluding reserve
*Bank of Philadelphia & Trust Co. (Philadelphia).
Resources
Loans
Investments
Furniture and fixtures
Letters of credit and acceptances
Due from banks
Cash on hand
Other resources
*Dec. 31 '29.
$30,800
75.860
311,156
34,430
29,149
1,910
1.839
85.100
38,027
12,917
11,491
804
2,788
14,858
$651,129
$125,000
75.000
1,318
4,167
64,721
2,500
377,838
585
$651.129
**Dec.31'29. Dec.31 '28. Dec.31 '27.
Resources3446,958
$990,424
$773.114
Cash, specie and notes
1,018.278
1,835,768 1,046.254
Due from approved reserve agents
47,768
84,117
107,653
Due from other banks, trust cos., dm.
399,750
881,650
604.750
Legal reserve securities, at par
2,835
4,486
13,801
Nickels and cents
5,095
4.281
16,206
Cash items
8.640.633 5,623,504 4.934,726
Bills discounted, upon one name
1,254.020 1.240.172 1,725,206
Bills disc., upon two or more names
883,952
1,288,351
1,524,829
Time loans with collateral
6,227,279 2,940.489 2,465,728
Call loans with collateral
708,668
1.290,900
Loans on call, upon 1.2or more names 2.887,883
424,070
611,503
1.520,490
Loans secured by bonds and mtges
3,228,867
5,066,375 3,204,821
Bonds
171,387
2.355.395 2,215,611
Stocks
361,950
450,400
2,286,130
Bonds and mortgages owned
881,220
1,021.220
1,966,931
Office building and lot
193,650
352,9.30
177,350
Furniture and fixtures
3,486
466,902
Other real estate
4,918
6,991
20,295
Overdrafts
23,700
4.951
12,600
Cunt. nab.on letters ofcreel. & accept.
7,620
10.096
11,538
Book value of legal res.sec. above par
98.834
579,652
265.258
Other assets not Incl. in the above
9.917,000
for cust'ers
Loan participations pur.
$38,986,144 32,838,283 518.018.878
Total
Liabilities
$4,876.800 53.075.000 12,875,000
Capital stock paid in
500,000
500,000
1,500.000
Surplusfund
140.244
1,186,348
411.054
Undivided profits
114,623
152.634
362,893
and expensesReserved for int., taxes
12,257,686 10.349,156 7.072,413
Deposits subject to check
553
393,21794,000
Demand certificates of deposit
300,000
500,000
310,000
Deposits, Commonwealth of Penne
117,715
189,452
195.998
Certified checks
49,094
65,491
162,439
Cashier's or treasurer's checks
11,470
13,542
56,952
Special time deposits
10,581,298 4,814,710 5,945,405
Time savings fund deposits
137,874
71,647
101,965
Time certificates of deposit
93,360
340,062
235,296
Due to banks, trust cos., &c
900,000
4,980,000 2,000.000
Bills payable.
34,016
23.874
12.537
Acceptance and letters of credit
7
8
2,947
Dividends unpaid
327,104
320.222
1,769,768
Other liabilities not incl. in above
9,917.000
Loan participations sold to;customers
$38.986,144 532.838.283 518,018,878
Total
-Incorporated in Pennsylvania Dec. 29 1926.
* Financial History.
West Philadelphia Dec. 31 1926; basis.
Absorbed Bank & Trust Co. of
1 3-5 shares for one share Bank & Trust Co. Absorbed National Bank
of Commerce Dec. 3 1927; basis. 3M shares (par $50) for one share (par
Bank & Trust Co.
$100) National Bank of Commerce. Merged Logan Trust Co. March 30
March 10 1928; basis, share for share. Merged Federal
one share (par $100) Federal Trust
1929; basis, 63.i shares (par $50) for
Co. plus $75 each. Merged Empire Title & Trust Co. April 27 1929:
paid
basis, one share (par $50) for 2 2-:3 shares (par $50,1929; in $25) Empire
basis, share for
Title & Trust Co. Merged 'Flogs Trust Co. June 8
Merged Drovers & Merchants National Bank Oct. 11
snare (Par $50).
seven shares (Par $10) Drovers &
1929; basis, one share (par $50) for
Merchants.
Broad Street Trust Co. (Philadelphia).
Dec. 31 '29. Dec.31 '28. Dec. 31 '27.
Resources-S93,193
Cash, specie and notes
1 5346.235! $114,493
209,220
362,618
1
Due from approved reserve agents......1
988,809
984.072
Notes purchased
311,058
438,612
Loans secured by bonds & mortgages-} 1,875,985f
586,799
475.875
1
Loans on collateral
317,250
368,300
Building and loan paper
857,480
974.720
856,650
Bonds and stocks
236,246
338,675
381.500
Mortgages & judgments ofrecord
28,093
34,845
34,031
Purniture and fixtures
141,784
349,092
791,299
Banking house and other real estate.6
63
Miscellaneous resources
Total
$4.285,700 54.439.365 53.769,938
Liabilities
$1,000,000 $1,000.000 1,000.000
Capital stock
572,316
582,639
574,362
Surplus and undivided profits
1,449,674
1.814.333
Deposits subject to check
10.878
9,480
I 2,158,765
Certified checks
15,542
24,487
Treasurer's checks
er's
670,061
Special time deposits
50.995
51,184
51,911
Reserve for depreciation. &c
400.000
Mortgage on banking house
100,000
Bills payable
492
1,680
662
Other liabilities, dividends unpaid$4.285.700 $4,439,365 53.769,938
Total
MAR. 1 1930.]
Columbus Title & Trust Co. (Philadelphia).
Central Trust & Savings Co.(Philadelphia).
Dec. 31 '29. Dec. 31 '28.
Resources$1.074,170 31.185,733
Stock and bond investments
8,389,593
Commercial & other paper purchased 6,039,841
3,388.461
5,689,722
Amount loaned on collaterais
5 .828
846,019
estate,furniture and fixtures
Real
593.280
591.839
Cash on hand
1.865,163
1,275,980
Cash on deposit
35.670
127.042
Miscellaneous
$15,644.613 $16,001.728
Total
Liabilities
$1,000,000 81.000.000
Capital stock
1,700,000
1.800,000
Surplus fund
160,799
171,773
Undivided profits
11.419.538 13,102.169
Deposits
1,150,000
Bills payable
38,760
103,302
Other liabilities
Total
Trust department (additional)
1393
FINANCIAL CHRONICLE
Dec. 31 '27.
8820.224
6,542.457
5,767.977
531.911
594,915
1.287.462
34,432
$15 579.378
$1,000,000
1,700,000
105.611
12,731,560
42,207
$15,644,613 $16,001,728 $15,579,378
$9,764,865 $9,491.945 $8.699,959
Chestnut Hill Title & Trust Co. (Philadelphia).
Dec. 31 '29. Dcc. 31 '28. Dec. 31 '27.
Resources872.693
876.861
865.022
Cash, specie and notes
158.980
97,854
80,920
Due from approved reserve agents
37.627
Due from banks, trust companies,&c_
62.100
64,081
60.546
Legal reserve securities
141.902
169.708
155,1251
Loans on call
33,524J
Commercial paper purchased
345.202
576,993
635,524
Loans on collateral
314.812
327.414
327,320
Loans on bonds and mortgages
483.832
541.883
554,814
Bonds and stocks
483,784
403.566
340,109
judgments
40,613
40,691
58.367
Furniture & fixtures and real estate
31.276
27.234
26,702
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for dep., int., taxes. &c
Demand deposits
Savings fund deposits
Other Liabilities
82.337,973 82.326,285 82,172.821
$125,000
125,000
48,925
25,839
425,616
1,570,620
16,973
$125,000
135,000
25,372
17.944
542.850
1,477,554
12,565
$125.000
100.000
38.222
17,025
549.214
1.321.972
21.388
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27
$60,847
$68.781
849,622
Cash, specie and notes
82,337.973 82.326.285 82.172.821
Total
77.456
81.577
Due from approved reserve agents_ _ _
74,679
36,500
47.613
Legal reserve securities at par
46,500
1309.713
Commercial paper purcha-sed
401.6471
Title & Tr. Co. (Philadelphia).
1443.380 Continental-Equitable
846.689
Loans upon collateral
639,7091
385.337
429.944
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Bonds and stocks_ _ _ ___
420,474
Resources220,095 Real estate mortgages
211.900
$3,097,800 $3,725,150 84.303.160
Mortgage and judgments of record_ - _
354,564
6,017.489
56,310 Stocks and bonds
4.244,680 6.240.085
56,310
Office building and lot
56.319
45,619 Loans on collateral
74.674
12,997,389 11,966.506 10,843.806
Other real estate
70.530
1.581.623
1.863,447
19.874 Cash on hand and In banks
20.434
2.705,253
Furniture and fixtures
19.055
154.840
377.670
1,356 Other assets
201,158
1.408
Other assets
22,472
823.246,280 824,172.858 822.900.908
Total
$2,155,562 $1,838,216 $1,656,487
Total
Liabilities
Liabilities
$1,000,000 $1,000.000 81.000.900
3125.000 Capital stock
$125.000
Capital stock
8250.000
2.090.090
2,000,000
2,500,000
40.000 Surplus fund
50.000
Surplusfund
175.000
493.156
542,406
484.059
14.610 Undivided profits
14.362
Undivided profits
21,718
9,841,7701 18,639.837 17,823,994
1.800 Commercial deposits
1.500
Reserve for depreciation
1,500
7.084,2581
557.787 Savings deposits
665.102
Demand deposits
635,227
7.793
7.264
6,901
817,290 Dividends unpaid
879.445
Time depasits
817.104
600,000
1,300,000
1,050,000
109,000 Bills payable
102,512
250.000
Bills Pa vahle
975.965
683.351
1,279,292
Other liabilities
Other liabilities
5.013,000
Total
$2.155.562 $1.837.216 91.656.487
$23,246,280 824,172.858 $22.900,908
Total
817,032,052 $15,783,812 $13.449.369
Trust department (additional)
Trust Co. (Phila.)
-Continental-Equitable Title & Trust Co. (Philadelphia. Pa).
History.
*(The) City National Bank &
16 1912 as a consolidation of ContinentalDec. 31 29. *Dec. 31 28. Incorporated in Pennsylvania Feb.Trust Co. Shareholders of Continental
Resources$7,063,230 $6.913,785 Title & Trust Co. and Equitable
Loans and investments
Feb. 211898) received one share of Continental
45,300 Title & Trust Co.(incorp.
Interest earned and uncollected
shareholders of the
num Equitable Title & Trust Co. for each two shares held; their stock on a
222,609
Banking house, furniture and fixtures
Trust Co. (incorp. Dec. 17 1889) exchanged
Equitable
296,558
Customers' liability and account acceptances
887,019 share-for-share basis. Number of employees Dec. 31 1929. 112.
885,631
Due from banks
291,008
-Years Ended Dec. 31.
579.231
Exchanges for clearing house
Comparative Income Account
571,841
775,992
1928.
1929.a
Cash and reserve
1,170
4,621
$284,249
Other resources
$781.654
Net profits
180,000
215,000
Dividends
80,863,202 $9.7831 Surplus
500,000
Total
5
55.000
125,000
Liabilities
Reserves
$1.125.000 81,125,000
Capital
849.249
858.346
Surplus
1.000.000
1,000,000
Surplus for year*
$1.42
$3.90
235,915
Undivided profits
186,810 Earned per share_b
63.32%
27.525'
Reserve for interest, &c
27,785
2.500 Dividends to profits
$17.71
$19.92
Unearned discount
21.340
Book value per share
17,054
2.54
2.98
Bills payable, Federal Reserve Bank
340,000 Surplus and undivided profits to $1 capital
18.65
16.92
Bills payable other than Federal Reserve Bank
1,100.000
Deposits to 81 capital
5.26
4.25
Contingent liability, account acceptances
296.558
of capital, surplus and undiv. profits
860,000 Deposits to $1
Cash letter of credit
2.000
* After surplus adjustments. a Estimated (fiscal year ends Feb. 28.
Deposits_ ___
6,048,394
6,244,594
b Based on $5 par shares.
Other liabilities
8,210
6.000
Capital stock: Authorized. 81.000,000: outstanding, $1,000,000: par
$50 Dec. 27 1928; ten new shares issued for each old
Total
$9,863,202 $0,753,058 $5 (changed fromof stockholders, Dec. 31 1929. 524.
share). Number
Dividends paid per share on $50 par shares (since 1911): 1912 to
* Began business Feb. 25 1928.
$8; 1925 to
1919 incl., $4; 1920. $6.50; 1921. $6; 1922. 87; 1923 and 1924,
June 25.
25,
1928 incl., $8 regular and $1 extra; 1929. March 24, 20c. per share; extra.
25c. plus 12%c.
share; Dec.
25c. per share; Sept. 25. 25c, per
*The Colonial Trust Co. (Philadelphia).
Dividends payable quarterly March 25, &c., to stockholders of record
Resources
*Dec. 31 '29. Dec. 31 '28. *Dec. 31 '27. March 15. Sic.
Real estate mortgages
82,451,393 82.796,386 $3,054,264 Price range
1929.• 1928.a 1927. 1926. 1925. 1924. 1923. 1922.
141
201
Stocks and bonds
190
241
258
8.401,508
,
375 292
47
7,777,574 High
102
175
Loans on collateral
175
207
16,379,622 15,949.307 16.379.321 Low
341 262( 233
40
Buildings and equipment
2.793,532
2.745,487
2.700,418
*Based on $5 par. a Based on 850 par.
Cash on hand and in banks
6,873,691
4.842,543
4,851,452
Commercial and other paper owned__ 13,282,534 10,516,238
9,296,086
Other assets
522,948
454.232
768.976
Fidelity-Philadelphia Trust Co. (Philadelphia).
Total
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$50.705,228 $45,364,613 $44,828,091
Resources84,710.9571845,661,4371 84,782.991
Liabilities
Bonds and mortgages Owned
1 49,771.146
35,358,6621
Capital stock paid in
$3,999,450 82,875,000 $2.125,000 Stocks and bonds
54.136,279 64.989,087 59,210,196
Surplus and undivided profits
8,050,997
4,210,824
2,145.320 Loans
3.248,018
3,248,019
3,248,019
General deposits
38,105,327 36.468,073 38,494,049 Real estate, office building and lot
2,577,824
Bills payable and rediscounts
1,545.000
1,500,000 Furniture and fixtures
428.481
447,370
370,803
Reserve for taxes, &c
40,862
66,852
100.235 Cust. nab. on accep. & let. of credit615.575
536,9121
Other liabilities
198,864
508,592
463.487 Cash on hand
agents--- 6.577,1291 14,550,182 11,515.097
Due from approved reserve
3,866,701 I
Total
850,705,228 845,364.613 $44,828,091 Due from other banks
5,342.669)
Trust funds
317.200.257 89.731.814 86.295.425 Exchanges for clearing house
11.106.228
1
Accrued interest
• Colonial Trust Co. and Belmont Trust Co. consolidated as of Oct. 26
6.138,774 1 6,915.276 1 270.377
1929; Peoples Bank & Trust Co. consolidated as of Feb. 14 1927, and Miscellaneous
Excelsior Trust Co. as of Mar. 21 1927. Above are combined results of
8122,864.729 135.811,2718130,948.114
Total
all companies for all the years.
Liabilities
36,700,000 $6.700.000 86.700.000
Capital stock
26,274,021 25,572.180 24.879.356
Surplus and profits
*County Trust Co. (Philadelphia).
81,129,446 94,160.960 91.741.390
Deposits
4,300.000
3,000,000
1.400,000
Dec. 31 '29. Bills payable
1,000.000
Cash, specie and notes
$299,119 Reserve fund
428,482
447.370
370,803
Due from approved reserve agents
484.898 Letters of credit issued
1 150,000
Legal reserve securities at par
210,200 Ground rents
250,000
5.930,861
Checks and cash items
6,990.459
2,545 Mortgages
1.099.421
Bills discounted: Upon 1 name
886.532 Accrued interest
399.466
Upon 2 or more names
339,143 Other liabilities, accrued taxes
Time loans
217,123
Demand loans
$122,864,729 135.811.3713130.948.115
Total
1.351.494
1
Loans secured by bonds and mortgages
8848,948.460 710.681,2583651,061,15
604,500 Trust department (additional)
Bonds,stocks, &c
2,272,475
Bonds mortgages and judgment of receivership
1,859,169
Office building and lot
Finance Co. of Pennsylvania (Philadelphia).
406,979
Other real estate
220,726
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
ResourcesFurniture and fixtures
60,378 Cash on hand
837.283
$31,070
$45,040
Overdrafts
713
240.652
263,643
359.135
Due from banks,&c
Other assets not included in above
26,556 Commercial & other paper owned_ _ _ _
30,500
525
40.200
148.345
1,966,541
1,394,095
collateral
Loans on
Total
$9.242,530 Stocks. bonds. &c
4.161,627
5,280,997
3,981,265
Liabilities
672,200
835,700
710.700
Mortgages
Capital stock
8687.750 Real estate,furn.& fixtures
4.203.422
3,321,623
4,503,422
Surplus fund
862,250 Other assets
30,812
27,038
31.459
Undivided profits
106,812
Reserve for interest, tax and expenses
10,961
Total
811.836,599 $10.955.843 89,524,841
Demand deposits
3.165,827
Liabilities
Time deposits
3.462,538 Capital stock
$2,500,000 82.500.000 82.500.000
Bills payable on demand and time
925.000 Surplus & undiv. prof
5,290,553
7.734.162
6,716,781
Other liabilities
21,392 Res.for deprec..int.. taxes,&c
482.070
799,005
738,432
1,108,111
695,476
680.694
Deposits
Total
89.242.530 Dividends unpaid
100,000
100,080
Trust department (additional)
4,267.524 Miscellaneous liabilities
144,107
7,956
219.856
* Consolidation as of May 27 1929 of the Fox Chase Bank & Trust Co.,
Holmesbury Trust Co. and the Tacony Trust Co.
811.836,599 810.955.843 $9,524,841
Total
1394
[vol.. 130.
FINANCIAL CHRONICLE
Girard Avenue Title & Trust Co. (Philadelphia).
Frankford Trust Co.(Philadelphia).
ResourcesDec. 31 '29. Dec. 31 '28. Dec.31 '27.
Real estate mortgages
$1.864,846 $1,541,295 $2,043.095
4.003.702
Stocks and bonds
4,730,494
4,839.112
1,506,994
Loans on collateral
4,314,350
3,824,748
2.444,847
Loans on personal securities
2,271,445
1,959.827
$374.000
Real estate
454.305
368.000
545,000
Clash on hand and reserve bonds
308,309
618,495
811,992
Cash on deposit
613,885
558,051
63.018
Other assets(Incl. vault,turn.&flit.)
59.942
71,917
Total
$14.629,551_313.769.472 $11,792,648
Liabilities
$250,000
Capital stock
$500,000
$500,000
959.416
Surplus and reserve fund
1.905.000
1,980,000
286.207203,541
Undivided profits
357,992
Gen. dep. payable on demand & time 11,086.059 10,970,100 10,366,370
Other liabilities
13,321
705,500
108.165
Total
Trust department (additional)
$14,629,551 $13,769,472 $11,792,648
136,728,561 , $5.617,730 $4,825,990
Franklin Trust Co. (Philadelphia).
ResourcesDec. 31 '29.Dec. 31 '28. Dec. 31 '27.
Bonds and mortgages and real estate$4.221,959 $3,932,810
Stocks and bonds
$17,071.309 19,155.345 16,049.373
Loans and discounts
27.473.502 22,846,130 21,390,612
Cash on hand
6.569,960
1,367,432
1,307,119
Cash on deposit
177.878
3.081,274
1,981,728
Furniture and fixtures
1460.886i
220.975
228,655
f
Other assets
373.860
272,673
Total
$51,753,535 $51.266.975 $45.162,970
Liabilities
Capital stock paid in
$3,000.000 $2,548,000 $2,000,000
Surplus and undivided profits
7,874,639
6.350.753
4,326,916
Dividends unpaid
381
439
Deposits
37,061.763 37,810,089 35.880,119
131l1s payable
3,500.000
2,550,000
2,750.000
Reserved for deprec'n.Int.,tax & exp.
303,659
108,723
200,725
Subscriptions to additional capital stk
1,808,000
Other liabilities
13,474
91.029
4.771
Total
$51.753,535 $51,266,975 $45.162.970
Germantown Trust Co. (Philadelphia).
ResourcesCash on hand,due from banks,&c
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Commercial paper
Real estate, furniture and fixturee
Other assets
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$1,862,413 $2,137,068 $2,344,446
11,889,236
9,801,546
8,322,215
2.720.000
2,818,400,
9,756,774 12,260,771 14,281,852
538,315
462.256
566.491
1,175,171
1,130,060
985,967
240,581
283.750
208.193
Total
Liabilities
Capital stock
Surplus and profits
Deposits
$28,182,490 $28,893,851 $26,987.233
Total
$1,400,000 $1,120,000 $1,120,000
4,184,326
2,812,424
2,643,108
22,598,164 24,961,427 23,224,125
$28,182,490 $28,893,851 $26,987,233
Gimbel Bros. Bank & Trust Co. (Philadelphia).
Resources
-Dec. 31 '29. Dec.31 '28. Dec. 31 '27.
Cash, specie and notes
$121.257
$67,199
$123,563
Due from approved reserve agents -301.173
341,344
309.691
Due from other banks, tr. cos., &c..
Legal reserve securities at par
107,000
100,000
115,000
Nickels and cents
263
189
205
Cash items
900
37
Exchanges for Clearing House
3,200
1,323
1,636
Time loans with collateral
17,637
101,222
39,051
Call loans with collateral
,._
446.350
56,417
395,000
Bonds and stocks
2,718,368
2,566,869
2,677,624
Bonds and mortgage owned
570,500
627,500
677,500
Furniture and fixtures
107,363
107.820
107,084
Overdrafts
15
6
Cus.liab. on letters of credit & accept.
10.000
Other assets
96,867
3,484,941
58,167
Total
LiabilitiesCapital
Surplus fund
Undivided profits
Res.for int.,taxes.exp.& depreen
Deposits subject to check
Demand savings department
Certified checks
Treasurer's checks
Savings fund deposits
Special time deposits
Acceptances and letters of credit_
Other liabilities
$4,287,901 L$7,932,818 $4,289.062
esamti
$200,000
$200,000
$200,000
100,000
100,000
100.000
118,046
18.636
16,551
12,944
777,152
897.588
784.878
1,793
1,366
110
2,456
10,946
5,960
3,736
2,974,123
3,169,877
3,070,930
40,254
33,461
30,644
10,000
45,585
3,417,130
421
Total
1
Trust department (additional)
$4,287,901
$7.932.818 $4,289.062
$47,001
*Guardian Bank & Trust Co.(Philadelphia).
ResourcesCash, specie and notes
Due from approved reserve agents
Legal reserve securities at par
Nickels and cents
Commercial paper purchased, upon one name_ _
Upon two or more names
Time loans with collateral
Call loans with collateral
Loans on call upon one name
Loans secured by bonds and mortgages
Bonds and stocks
Judgments owned
Office building and lot
Furniture and fixtures
Overdrafts
Book value of legal reserve securities above par
Other resources not included In above
Dec. 31 '29. Dec. 31'28.*
$47,444
$47,151
145,408
204,917
45,000
25,000
787
410
787
410
511,120
445,070
39,752
142,250
154,274
275,124
384,679
390,717
57,541
29,000
14.500
33,500
93,472
20,725
1,000
28,287
29,651
9,659
8,922
770
16,795
15,695
Total
LiabilitiesCsrpltal stock
llarplus fund
Undivided profits, less expenses and taxes pald
Reserve for interest, taxes and expenses
Demand deposits: Deposits subject to check
Demand certificates of deposits
Deposits Commonwealth of Penne
Deposits U. S.
Certified checks
Cashiers or Treasurers checks
Time deposits, time certificates of deposit
Special time deposits
Time savings fund deposits
Bills payable on demand
Other liabilities, not included In above
$1,551.708 $1,668,226
Total
• Began business Aug. 1 1928.
$300,000
100,000
56,703
13.600
704,185
70,000
48,576
4,000
8.086
55,060
5,943
181,673
3,942
$1,551,708
R630121T6.4-
Real estate mortgages
Stocks and bonds
Loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Reserve fund (ineligible)
Furniture, fixtures and vault
Miscellaneous
Dec. 31 '29. Dec.31 '28. Dec. 31 '27.
$765,400
$969.081 $1,059,931
964,217
788,928
892,094
2.167.006
2.457,920
2,850,788
397.647
409,971
499,958
46,000
112,031
90,235
141,286
161,957
166,492
211,006
188,225
288,218
16,568
15.910
23,191
22,928
8.405
8,653
3,881
$4.955,625 35.783,675 $4.988,627
Total
Liabilities
$200.000
$200,000
Capital stock
$200,000
450,000
500,000
Surplus fund
500.000
75.903
129,599
92,085
Undivided profits
2,211,448
2,551,161
2,515,459
Deposits, saving fund
1,709,295
1.949.737
General deposits,payable on demand- 1,532,292
350,000
Notes and bills re-discounted
525,000
30,594
Acceptances and letters of credit Issued
1,692
2,268
1.394
Other liabilities
Total
Trust department (additional)
$4,955,625 $5,783,675 $4,988,627
$200,147
$159,271
$174.185
Girard Trust Co. (Philadelphia).
Dec. 31 '29.
Resources$5,281,288
Cash and reserve
Due from banks & clear, house exchs_ 6.507.126
36,500,665
Loans
36,666,794
Securities
2,880,050
Banking house
121,884
Other real estate
293,316
Customers,liability on letters of credit
57,571
Other resources
Dec.31 '28.
$5,695,283
4,087,867
31,720,605
36.405,355
2,880,050
181,835
288,121
4,563
Dec. 31 '27.
$6,030,153
3,693,843
23.8.57.539
48,701,995
2,880,050
180,610
284,914
3.768
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for taxes
Deposits
Dividend
Due Federal Reserve Bank
Letters of credit issued
$88.308,694 $81,263,679 $85,632,872
Total
Trust dept., excl. of corp. trusts
$88,308,694 $81,263,679 $85.632,872
695,744.740 545.376,252 498,298.277
$4,000,000 $3,000,000 33,000,000
16,000,000 10,000,000 10,000,000
1,469,112
2.085,674
2,873,810
563,582
250,796
290,650
61,845,684 62,111,097 62,911,488
300,000
400.000
2,300,000
2,400,000
6,800,000
4.030,316
284.914
288,121
Haddington Title & Trust Co. (Philadelphia).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources
$1,128,656 $1.146,489 $1,185,234
Bonds, stocks, &c
593,24670
575,000
Mortgages
1,249.239
1,107,993
Loans on collateral & bonds & mtges.- 1,223,618
308,532
351,372
333,919
Commercial paper
97,205
127,952
98.003
Cash on hand
163,683
318.158
263.521
Cash on deposit
148,955
650.747
194,190
Office building, furniture & fixtures
123,056
58,315
Other real estate
43.508
44,784
37,763
Other assets
Total
Liabilities
Capital stock
Undivided profits
Deposits
Other liabilities
Total
Trust department (additional)
'
$3.682,883 $3,968,210 $3.867.713
$150.000
251,208
3.280,194
1,481
$150.000
i• 238,636
3,576,327
3.247
$125,000
227,072
3,511,677
3.964
$33,682,883 $3,968,210 $3,867,713
$56,120
29,126
$50,076
Hamilton Trust Co. (Philadelphia).
Dec. 31 '29 Dec.31 '28. Dec. 31 '27.
Resources
-Cash on hand
$189,140
$199,454
$228,824
470,154
Checks and due from banks, &c____
260,503
468.024
141,150
Reserve bonds
177,000
170,000
833,902
Commercial and other paper owned
926.623
937,462
1,200,657
Loans on collateral
1,390.414
1,518,154
395,600
Loans on bonds and mortgages
577,270
520.070
574,279
Stocks, bonds, &c
769.453
775,994
682,700
656.400
531.900
Mortgages
Real estate, furniture and fixtures..._
338,075
324,339
281.733
Other assets
27,888
30.931
26.967
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Deposits
Dividends unpaid
Other liabilities
Total
$4.853,546 $5,416,136 $5.355.380
$250,000
275.000
91,019
7,739
4,205,131
56
24,601
$4.853,546
$250,000
250,000
122.694
13,534
4,767.580
7
12.321
$200,000
200,000
154.932
83.073
4.693,358
8
24,009
35.416,126 $5.355.3
60
*Industrial Trust Co. (Philadelphia).
Dec. 31 '29. Jan. 2 '29. Dec. 31 '27.
ResourcesCash and reserve
$2,604,729
1,144,888 $1,168,498
Loans on collateral
112,543,408
7.407,854
6,697,536
Commerdal paper purchased
753,659
708,916
Mortgages and ground rents
2,429,652
1,884,554
1,890,417
Stocks, bonds, &c
7.174,888
4.491,121
4,331.996
Banking house, furniture and fixtures
373,926
279,653
284,269
Customers'liability on letters of credit
81,052
16,000
76,543
Other res.,int. earned, uncollected.-427,897
82,049
245,461
1
Total
$25,635,552 $16,283,733 $15,179.681
Liabilities
$300,000 Capital stock
$881.818
$700,000
$700,000
100.000
4.268,081
1,740,000
1,915,000
51,336 Surpluss
Undivided profits
604,510
362,908
370,186
4,000 Reserved for its, (net)
97,544
143.451
889,815 Treasurer's checkstaxes, &c
411,054
10.557
59,591
8,900 Reg. At extra div. outstanding
119,000
80,000
pay. Jan. 15
80.000
75.000 Deposits
17.797,484 12,450,335 12,014,770
Dills payable
1,400,000
17,500
510,000
858 Other liabilities
153,604
156,402
55,170
59
26,500
Total
$25,635,552 316,283,733 $15,179,681
36,226 Trust funds (additional)
$13,043,269 $ 9.647,235 38,425.641
118,570
50,000
• Consolidated with Fern Rock Trust Co. as
Name
6,962 changed from Industrial Trust, Title & Savingsof Feb. 15 1929.
Co. Consolidated with
Textile National Bank as of Oct. 15. Above statement for Dec. 31 1929
$1,668.226 Is for all three companies; for Jan. 2 1929 and Dec. 31 1927, combined results for the two trust companies only.
MAR. 11930.]
1395
FINANCIAL CHRONICLE
Manufacturers Title & Trust Co. (Philadelphia.)
Integrity Trust Co.(Philadelphia).
.
*Dec.31'29 Dec. 31 '28. Dec. 31 '27.
Resources$756.166
$5,315,464 $1.204.005
Real estate mortgages
6.310,771
5,722,041
10,667,742
Stocks and bonds
Loans on coll. & comm. paper purch- 44,250.279 20,944.269 15,124,155
1,310,006
1,373,613
Real estate,furniture and fixtures...._ 1,922,230
3,449,214
2,768.991
7,174,123
Cash on hand and on deposit
948,723
Customers'liability on letters of credit
137.182
153.849
583,537
Other assets, accrued Ins
$70,862.050 $32.166,768 $26,331,327
Total
Liabilities
$750,000
32,077,920 $1,000,000
Capital stock
11,500,000 6,000,000 4.000.000
Surplusfund
153.678
307,743
1.571.821
Undivided profits
50,845,244 24.423,351 19,941,513
Deposits
75.000
100,000
Dividend Jan. 3
1,000.000
3.741,000
Bills payable on demand
981,902
Letters of credit Issued
411,136
335.674
144.163
Other liabilities
$70,862,050 $32,166,768 $26,331,327
Total
$15,785,468 $12.702,101
Trust department (additional)
*West Philadelphia Title & Trust consolidated with Integrity Trust Co.
as of Feb. 28 1929 and Columbia Ave. Trust Co. and Tenth National Bank
merged as of July 1 1929. Above results for Dec. 31 1929 are for all three
companies. For Dec. 31 1928 and 1927 for Integrity Trust Co. alone.
Jefferson Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$61,916
$42,389
Cash specie and notes
$58,545
135,276
107.974
130,217
Due from approved reserve agents
55,000
55.000
Legal reserve securities
65.000
82,227
125,124
124,144
Commercial paper purchased
468,160
388.528
452,214
Loans on collateral
1.343,662
1.002,347
1,493,273
Bonds and stocks
211,100
208,000
165,300
Mortgages and judgments of record
88,000
87,000
Office building, furniture and fixtures
85.000.
14,477
11,850
Other resources
40.593
Total
$2.614,286 52,422,082 52,065,947
Liabilities
$200,000
3200,000
Capital stock
$200,000
130,000
100.000
150,000
Surplusfund
10.131
9,780
4,238
Undivided profits
1,000
10,000
10.000
Reserve for deprec., int., taxes, &c
709,046
647,580
763,365
Demand deposits
1,306,911
1,048,587
1,366,626
Time deposits
57
Dividends unpaid
65,000
50,000
120.000
Bills payable
52,614,286 12,422,082 $2,065,947
Total
$14,632
511,314
$10,558
Trust department additional
Statement not furnished.
Market Street Title & Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks and bankers
Loans on collateral
Loans on bonds and mortgages
Bonds. &c
Mortgages
Real estate, furniture and fixtures
Miscellaneous assets
Total
Liabilities
Capital stock paid In
Surplus fund
Undivided profits
Dividends unpaid
Deposits
Reserve for taxes,contingencies, &c
Bills payable
Unearned mortgage coll.fees
Other liabilities
Total
Trust department (additional)
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$354,464
$301.946
$304,141
895,772
788,209
826,461
2,962,926
3,415,963
2,932,234
2.799,197
4,023.388
3,395,546
8.076,960
9.116.087
7,839.568
1,601,695
1.932.784
1.863,895
675,109
686,036
660,407
256.062
327,055
361,312
318,183.564 $19,356,350 $18.857.303
51,300,000 51.200,000 51.100,000
1,900,000
2,100.000 2,000.000
450,262
443.202
477,881
25
13,093,681 14.493,091 14,035,884
907.865
1,004.382
1,017,630
200,000
141,953
117,944
93.956
90.644
128.400
100,416
518,183,564 519.356,350 518.857.303
3,203.843 52.814.460 52.675.251
Metropolitan Trust Co. of Philadelphia.
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
5125,427
5127.410
3116.887
Cash on hand
approved reserve agents
Due from
300,853
434.760
337.928
banks and bankers
1,204,863
1,376.498
1,246,566
Commercial paper
128,806
132,452
150,635
more names_
Loans on call with one or
74,814
99,526
261,918
Call leans with collateral
1,358,024
1.506,070
1.522.966
Time loans with collateral
302,550
284.898
127,906
Loans on bonds and mortgages
335.248
330.098
303.050
Mortgages
1,080.616
1.195.306
1,243,327
Bonds, stock, &c
259.276
265,146
278.863
Office bldg.& lot and other real estate
73,000
72.000
71.000
Furniture and fixtures
2,650
5,858
9.095
Other assets
55,730,141 $5.828,039 55.248.110
Total
Liabilities
5500,000
5500,000
5500.000
Capital stock
225,000
225.000
225,000
Surplusfund
47,040
14,113
17.588
Undivided profits
2.161.490
2.113,702
1,929,479
Demand deposits
1,278,274
1.518,934
1,450,558
Time deposits (savings)
Kensington Trust Co.(Philadelphia).
37,500
350,000
555.923
Bills payable
150.000
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27. Mortgage on bank building
150.000
Resources150,000
$2,215,739 52.244,588 $2,508.300 Reserve for depreciation
53,700
Real estate mortgages
62,052
9.599,002
9,019.714
15,000
15,000
Loans on collateral & personal secur_ 9,201,705
15.000
3.259.650
3.005.117 Dividends unpaid
3,699.013
835.806
bonds, Icc
887,590
824.541
rediscounted or guar
1.385.2071.170.789 Notes & bills
1,316,498
Cash oil hand
on deposit
483.643
253,655
633.379
55,730.141 55,828.039 55,248.110
Banking house
Total
71.503
56,311 Trust department (additional)
51.682
$14.806
Other assets
$65,007
$68,930
$17,118,016 $17,043,593 $16,013,886
Total
Liabilities
$500,000
$500.000 Mitten Men & Management Bank & Trust Co. (Phila.).
$500,000
Capital stock
1,557,734
1,509,389
1,604.488
Surplus and undivided profits
Dec. 31 '29. Dec. 31 '28. Dec. 31 '37.
Resources56,932
55,000
75.000
3366.530$339,396
Contingent fund
$295,155
specie and notes
3,834,809
14,278,420 14,863.724 13,884.268 Cashfrom approved reserve agents- _ 1,843,419
2,436,895
Deposits
Due
55,000
56,764
1,381,241
55,000 Commercial paper
630,730
Dividends payable Dec. 31
780.453
52,594
1.886.597
Reserve for taxes, &c
2.035,483
1,998,054
Time loans on collateral
550.000
Bills payable
4,318,435 2,111,545
3,928.910
Call loans on collateral
10,203
750
10,229 Call loans on collateral (brokers)_ _
1,175.000 2,300,000
Miscellaneous liabilities
638,000
1,304,500
3,171.226
Total
$17.118,016 $17,043,593 -$16,013.886 Character loans
7.611,886
8.369,489
5.634,111
Trust Department (additional)
$600.385 Bonds and stocks
$750.306
$715,416
1.026,200
1,276.018
1,641.395
owned
Bonds and mortgages
34,976
69,954
94,688
Furniture and fixtures
Co. (Philadelphia).
Liberty Title & Trust
146,679
192.927
554,370
assets
Other
Resources
31 '29. Dec. 31 '28. Dec. 31 '27.
Dec.
Cash on hand
$3396,760
$329,774
$286,339
$20,579,781 522.175,961 520.673.329
Total
1.984.884
Due from banks. &c
541,520
2,021.324
Liabilities
Loans on collateral
6,998,063
53,500.000 53.500.000 53.428.810
6,049,356
5.597,486 Capital stock
1,763
1,551.836
Stocks, bonds, &c
1,587,495
1,185,283 Payments on acct. new stock subscr_
982,203
1.000,000
934,999
Mortgages
1,000,000
1.297,656 Surplus fund
1,470,370
302,398
391,401370,828
Commercial paper purchased
Undivided profits
90.166
132,427
Real estate, furniture and fixtures
142,263
25,698
24,456 Reserve for interest and taxes
24.998
2,979,869
3,298,713
Other resources
3,057,560
19.508
Demand deposits
12,038,913 13,529,218 12.222,553
Total
512,471,439 $10,973.000 Time deposits
510,992.257
639.130
202,265
49,187
Liabilities
Due to banks, trust companies, &c
26,437
142.510
400.457
$700,000
Capital stock
$1.000,000
$700,000 Other liabilities
1.000,000
Surplus
1,500,000
800.000
.29
520,579,781 522,175.961 520.673
Total
219,567
Undivided profits
376.735
319,473
5103,788
$288.924
5418.493
7,822,503 10,201,872
Drafts
9.096.265 Trust department (additional)
350.000
Bills payable
350,000
Other liabilities
281
Mortgage Security Trust Co. (Philadelphia).
Total
510.992,257 $12,471.439 $10,973,000
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$32,578
Trust department (additional)
$32,000
13,177.533 $11.300.159 $10,684.086 Cash, specie and notes
$44,066
88.438
99.467
116,152
from approved reserve agents__ _
Due
21.000
41,000
21,000
Legal reserve securities at par
Manayunk Trust Co. (Philadelphia).
228,6501
239,971
Time loans
429,794
0
297, 00j
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27. Call loans
492,858
34.700
27,900
$572.533
5555,120
Real estate mortgages
59,000
$629,060 Loans on bonds and mortgages
261.191
305,622
2,230,319
2,212.443
275,782
1,955,533 Bonds and securities
Stocks and bonds
129.800
216.400
1.555.570
1,689,454
1,440.228 Mortgages
233.000
Loans
124.499
173.430
124,968
157,238
124,969
158.540 Office building
Real estate and fixtures
9,519
9,336
136,838
113 090
142.612 Furniture and fixtures
8.527
Cash on hand
9.392
85.700
236,347
32:67.
160.714 Other resources
97 664
Cash on deposit
15,160
13,755
Other assets
$1,469,003 51.140,911
$1,712,989
Total
$4,989,919 54.904.005 54.498.894
.
Total
Liabilities
5250.000
5250,000
$300,000
Liabilities
Capital stock
42,500
$250,000
42.500
5250.000
$250,000 Surplusfund
92,500
Capital stock
4.598
7,315
600.000
700.000
18.359
560,000 Undivided profits
Surplus fund
479.464
99,848
67,171
578.000
92.825 Demand deposits
519.728
Undivided profits
324,712
39,669
172,688
498.000
38,855 Time deposits
612,052
Reserve for deprec'n, int., taxes, &c.
39.637
93.188
1.576,697
170,350
1.482.273 Other liabilities
General deposits, payable on demand 1.441,783
1,975411
2,005,164
2.049,102
Time deposits
51.712,089 $1,469,003 51.140.911
Total
pm
.
32 3g8
350,000
Bills payable
S19.254
$136,986
Trust department (additional)
3.113
Other liabilities
$4,989,919 $4,904,005 $4,498.894
Total
(Philadelphia.
52,098.845 51.963,475 $2,190,678
North City Trust Co.
Trust department (additional)
Dec. 31 '29. Dec. 31 '28.
Resources
$22,527
$41,084
Cash,specie and notes
Manheim Trust Co. (Philadelphia).
36,302
66.245
Due from approved reserve agents
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources36
497
Nickels and cents
$26,917
$28,855
$29,034 Cash items
Cash on hand
6,650
66,072
42,508
40,414 Due from banking institutions (excl. reserve)
Due from banks,trust companies. &c_
5.000
3.000
105.329
171,968
91,540 Bills discounted on one,two
Commercial paper purchased
49,775
309,775
more names
282,489233.874
206,201 Time loans with collateral or
Loans on collateral
41,825
94,620
85,650
146,050
73,150 Call loans with collateral
Loans on call on one name
596,900
478.102
-,',.:
221,996
Bonds and stock
35.000
405,450
Loans secured by bond and mortgage
i1 . OB
1
3
140,000
, 7.
110: 0
Mortgages and judgments of record
9 0
15.168
362.931
170,686
158.302
108,842 Bonds
Office building, furniture and fixtures
9,006
13.000
Furniture and fixtures
16,459
89.221
4,729 Other resources
Other resources
6.711
6,426
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other llabliltiee
Total
Trust dept. (additional)
51.249,525 51.054.363
5905.065
$250,000
$232,450
33,500
29,972
15,434
14,627
366,512
466,801
417,381
345,476
66,459
65.327
51.249,575 51,054,363
$37,484
$337.128
5150.000
13.500
4,808
449,298
281.885
5,604
$905,065
538.953
Resources-
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other liabilities
Total
51.781,530
$824,900
$500,000
290.000
38,707
573.670
329,153
50,000
$500,000
90,000
7
221.090
213.677
126
51,781,530
5824.900
1396
FINANCIAL CHRONICLE
*Ninth Bank & Trust Co. (Philadelphia).
[VOL. 130.
Northern Trust Co. (Philadelphia).
Resources*Dec.31 '29. *Dec.31 '28. *Dec.31 '27
Loans and investments
$28,852,649 $18,803,086 $19.268,037
Banking house vault &c
907,433,
1,015,037
Interest accrued
161.562
166,617
223,145
Due from banks
737,305
812,393
955,378
Clearing House exchanges
187,892
316,812
282,043
Cash and reserve
1,481,115
1,858.332
2,578,068
Customers' liability acct. acceptances
161,104
124,541
79.674
Other resources
24,668
1,333
ResourcesReal estate mortgages
Bonds and investment securities
United States Govt. securities
Loans on collateral
Commercial paper
Real estate
Cash on hand and In bank
Other resources-accrued interest_
Dec. 31 '29. Dec.31 '28. Dec. 31 '27.
$2.824,450 33,064.150 82,597,650
6,698,532 6,772,278
7.060,550
480,000
623.100
383.100
7,047,755
7,121,680 6,348,538
207,998
161.508
155,871
462,284
368.229
355.699
1,207,023
1,160,173
1.262,482
66,424
72,092
36,977
Total
$33,985,994 $22,990,547 $22,489.983
Liabilities
Capital stock
$1,375,000 $1,231.050 $1.169,300
Surplus and profits
2,246.345
2,406,101
3,260,969
Reserve for taxes, &c
105,630
150.678
307.633
Discount unearned
29,004
23,429
38,055
Deposits
26,498.788 19,000.786 18,151,381
Due Federal Reserve Bank
500,000
2,336,500
Acceptances & letters of credit issued_
79,674
161.104
124.541
Dividends payable Jan. 15
89,375
Bills payable
125,000
50,000
Other liabilities
3.962
2.219
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
$18,994.466 $19,343,210 $18,200.862
Total
Trust department (additional)
818,994,466 319,343,210 318,200,862
$38.762,074 333,505,478 $28,557,883
Total
Trust department (additional)
$333,985,994 $22,990.547 $22,489,983
$11,389,833 $9,396,442 $6,632,731
* Northern National Bank and Ninth Bank & Trust Co. consolidated
as of Mar. 4 1929 under name of latter. Also merged with Fairhill Trust
Co. as of June 11 1929. Above statement for Dec. 31 1929 is result for
all companies. For Dec. 31 1928 and 1927 for FairhIll Trust Co. and
Ninth Bank & Trust Co. only.
Northeast-Tac my Bank & Trust Co. (Phila).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$52,960
$62.467
Cash on hand
$36.181
Cash on deposit
137.177
117.809
102.100
Exchange for Clearing House
30,456
36.282
303.249
250,411
Commercial paper_
286.097
Loans on collateral
315,180
202,798
166.831
183,000
Loans on bonds and mortgages
189,800
229.725
Loans on call upon one or more names
220,018
230.135
182.720
Bonds and mortgages owned
317,600
331.800
311.700
677.487
Bonds, stocks, &c
694,527
698.193
Office building and lot
36,000
36,000
36,000
Other real estate
26,500
26,500
26,500
Furniture and fixtures
13,000
14,000
15.800
Other resources
9,124
9,139
9,315
Total
$2,291,295 $2,195,842 $2,137.444
Liabilities
Capital stock
$250,000
$250,000
$250,000
Surplus
150,000
150.000
150.000
Undivided profits
19.226
36,414
23.185
Reserve for depreciation
6,000
10,000
4.000
Demand deposits
595,640
561.001
572.337
Time deoesits
1,155,569
1,130,887
1.006,512
Bills payable
95,000
45,000
125,000
Dividends unpaid
5.010
5.541)
6,410
Notes and bill'rediscounted or guar
10,850
11.000
Tfital
Trust dept.(additional)
$2,291,295 $2.195,842 $2,137,444
$12,692
$12,811
$6,010
Northeastern Title ds Trust Co. (Phila.)'
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Cash on hand
$291,993
$235,817
$144.515
Due from approved reserve agents.....59,790
257,387
201.297
Commercial paper purchased.900
281,987
295.250
Loans on collateral
902,753
803,368
665.048
Loans on call on one or more names_
492,083
337.260
323.515
Bonds, stocks. &c
1.238,036
1.229.010
992,109
Office building, furniture and fixtures
481,760
425,369
104,076
Other real estate
98,500
81.500
7.500
Other assets
94,783
12,932
11,725
Total
$3,905,598 23,590,630 $2,819,035
Liabilities
Capital stock
$400,000
3400.000
$200,000
Surplusfund
200,000
200,000
70.000
Undivided profits
4,074
20,442
26,141
Deposits
2,677,857
2,421.250
2,605.354
Bills payable
525.000
350,000
100.000
Other liabilities
31,202
82,299
1.644
Total
$3.905,598 $3,590,630 1$2.819.035
Trust dept.(additional)
$28,807
$25.314
Resources.-
Northern Central Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Loans on call on one name
Bonds, stocks. fcc
Mortgages
Office building and lot
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Demand deposits
Saving fund deposits
Reserves
Other liabilities
Total
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$193,922
$188,696
$162,958
371.928
232.328286,953
999,998
779.549
837,899
2.761.368
2.590,039
1,883.451
95.087
68,806
69.755
1,150,849
1,100,697 $1,332,819
1,128,210
922,550
874,900
704,558
704.558
687.144
109,361
97,254
100,664
41,890
50,836
54,213
$7,566,117 $6,726,367 $6,290.756
$965.250
922,875
131.915
2,609,281
2,856,503
19,717
60,576
3550.000
300.000
103,754
2,744.480
2.942,739
27,505
57,889
$550.000
300,000
60,905
2.736,253
2,535.416
40.281
67.900
37,566,117 36,726,367 $6,290.755
Northwestern Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds. &c
Mortages
Real estate, furniture and fixtures
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
3452.109
$359,333
3384.366
865.677
815.473
835.638
4,125,426
4,535,036
3.870.609
2.034.669
1.680.432
2,054,334
2,075,400
1.530.000
1,734,650
2,603,833
2.317.454
2,621,402
1,782,700
2.024.900
2,280.300
347.000
221,000
347,875
Total
Liabilities
Capital
Surplus fund
Undivided profile
Reserve for lot., It I & expenses
Demand dap's'te
Savings fund &non ts
Bills payahle on 1 it nand
Reserve for cooling metes
$14,748,403 314,242.635 312.908.578
3200.000
2,500.000
199,760
228,000
4.709,029
5,561,613
1,300,000
50,000
$150.000
1,400.000
250,807
340.651
5.583.984
6.117.192
400,000
Total
Trust dept. (additional)
314.748 403
$647.285
14,242.63E
128.732
$150,000
1,200,00C
221.218
5.282.4311
6.054,924
2,908,57(
3369,254
3500,000
3500,000
3,500,000
3,500,000
595,224
331,594
14,399,242 15,011,616
$500,000
3.250,000
349,849
14,101,013
North Philadelphia Trust Co. (Philadelphia).
ReSOUIT43Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Stocks and bonds
62,625,812 $2,571,027 $2,751,463
Mortgagee
2,763,494
2,445,571
3,068,361
Amount loaned on collaterals
4,374,308
5,441,518 4,304,812
Amount loaned on personal securities
608,132
458,743
384,278
Cash on hand
316,332
344,503
391,642
Cash on deposit with banks
585,215
542,728
479,230
Real estate, furniture and fixtures
246,883
230,525
222,039
Other assets
4,219
2,252
1,683
Total
$11,524,395 312,036,867 311,603.508
Liabilities
Capital stock
$500,000
$500,000
3500,000
Surplus fund
1.300,000
1,200,000
1.000.000
Undivided profits
212.918
96,978
175.452
Reserve for interest and taxes
98,765
96,232
89,264
Title insurance reserve
2,847
68,6.54
68,996
Gen. dep. pay. on demand & time
9,409,865 10,075.003
9.770,696
Total
$11,524,395 $12,036,867 $11,603,508
''rust department (additional)
$4.229,487 33.389,200 32,339.476
Olney Bank 8; Trust Co. (Philadelphia).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources
Cash on hand
$235.606
3366.684
$200,322
Due from approved reserve agents_520,848
398.291
370,680
296.300
Legal reserve securities
284,200
279,659
291.929
Commercial paper purchased
362,391
368,270
2,432,909
Loans on collateral
2.391,179
2,610,104
955.508
856,415
Loans on call on one or more names--1.021.480
1,250,374
Loans on bonds and mortgages
1,313.584
1,161,484
1,444,744
1.506.331
Bonds and stocks
2,120,317
1,578.735
Mortgages and judgments of record... 1,833,769
895.630
334,298
334.654
Office building
327.545
273,328
141,402
Other real estate
59,892
75.255
76,868
73,531
Furniture and fixtures
144,830
205,416
124,134
Other assets
$10,152,497 39,753.951 39.017.448
Total
Liabilities
3300,000
3250.000
3250.000
Capital stock
400,000
700,000
360,000 •
Surplusfund_
160,541
176,546
Undivided profits
173,169
141,544
301.031
Reserve for deprec., int., taxes, &c
314.824
3.109,295
3,115 522
Demand deposits
2,932,667
Time deposits
5,689,315 6.504741
4,993,914
Other liabilities
51,802
6.111
2.874
Total
Crust department (additional)
310.152,497 39,753.951 39.017.448
379.414
$4483.708
3593.539
Parkway Trust Co. (Philadelphia).
Resources
Cash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Loans on call on one or more names
Loans on bond and mortgage
Bonds,stocks. &c
Mortgages and Judgments of record
Furniture and fixtures
Other resources
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
378.779
$78,160
$83,653
151,196
154,125
124.698
791,814
741,229
755.386
209,405129,241
141,469
366.351
293,644
314,579
70.910
58.550
47.050
53,800
94,600
68,300
999,999
1,142.306
1,008.963
25.050
42.942
34,154
19,851
26,140
23.336
17,427
29,683
19,304
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for interest,taxes,&c
Demand deposits
Time deposits
Bills payable
Other liabilities
$2,784,582 32.771,434 $2,640,078
Total
Trust department
32,784,582 $2,771,435 $2,640.078.
$92,287
$17.015
$21,278
$250,000
150,000
79.932
36.762
1,236.254
829,167
200,000
2,467
$250.000
150,000
52.703
10,482
1,338,924
677,332
150,000
10,637
$250,000
150,000
71.076
11,250
1,297.481
781,648
200,000
9,980
Penn Colony Trust Co. (Philadelphia).
Statement not furnished.
*Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Dec. 31 '29.
ResourcesCash on hand
31,831,139
Due from banks and bankers
51.101,718
Loans on collateral
99,993,463
Stocks, bonds, &c
15,527,364
Mortgages
4,454,847
24,383,662
Commercial paper purchased
Reserve fund for protec'n of trade bal _ 6.971.935
Interest accrued
890,021
Other assets
3,218,115
Dec. 31 '28.
35,147, 64
41,923,101
82,249,854
27,389,081
3,764,757
18,173,034
9,798,318
632,787
6,312,239
Dec. 31 '27.
34,267,078
36,779,534
72,1181,356
41,237,241
1,637,466
17,124,320'
7,570,259
511,422
6,307,809
Total
$208,372,264$195,400,935$188,416,514
Liabilities
Capital stock
$6.500,000 $9,000,000 $9,000,000.
Surplus fund
27,500,000 20,000,000 20,000,000.
Undivided profits
4,687,960.
3,354,924
5.139,874
Reserves
1,382,570•
1.597.439
1,438.167
Deposits
158,699,534 144,060,397 145.232,757
Interest payable to depositors
326,355
468,984
299,073
Bills payable Federal Reserve Bank
1,500,000 11,500,000
5,000,000
Loans & comm. paper rediscounted
8,357,750
• 335,000
Other liabilities
2.786,872
393,633 3,628,422
Total
$208,372,264$195,400,935$188,416,514
Trust department (additional)
3665,347,8283539,963,201$496,291,665.
• Bank of North America & Trust Co. consolidated with Pennsylvania
Co. for Insurances on Lives & Granting Annuities as of June 1 1929 under
name of latter. Above statement is combined results of both companies
for all periods.
Pennsylvania Warehousing & Safe Deposit Co.(Phila.).
Dec. 31 '29. Dec.31 '28. Dec. 31 '27
Resources$22.234
$19.048
$23,865
Cash on band
81.187
597.362
339,916
Due from banks and bankers
34.219
Accrued storage charges
397.966
600.340
810,073
Leant on collateral
393.479
364.580
486,669
Investment securities owned
1,479.809
1.479.895
Real estate, furniture and fixtures- 1,479.896
50.050
89.544
90.624
assets
Other
$3,231,043 $3,174,394 $2,435.320
Total
LiabilfUesCapital stock
Surplus and undivided profits
Deposits
Reserve for decree.. int., taxes, &c._
, er liabilities
$800,000
397,203
1,321,427
481,674
10,739
$800.000
450.000
1,571,504
296,908
55,982
$800,000
450,000
796.719
316.291
72.310
$3,011,043 53.174.394 $2.435.320
tal
1397
FINANCIAL CHRONICLE
MAIL 1 1930.]
The Real Estate-Land Title & Trust Co.
(Philadelphia).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
ResourcesCash on hand and due from banks- - $6,891,463 514.366,097 $10,920,915
45,185,565 47,591.622 46,318,453
Loans
20.606,226 22,419,016 21,454,419
Investments
3,029,347
2,305,527
721,877
Real estate
3.483.3.56
4,191,996
3,664,544
Other assets
177.069,675 $90,874.258 $85,206.490
Total
Liabilities
57,500,000 $7,500,000 $7,500.000
Capital stock paid in
15,329,506 15.167,384 15,401.817
Surplus and reserves
441,037
1,124,830
1.868,646
Undivided profits
45,110,081 56.319,161 59.485,922
Deposits
2.377.714
7,261,442 10.762.883
Other liabilities
$77,069,675 $90,874.258 $85.206.490
Total
5158,087.517 140.656,037 130.000.000
Trust dept. (additional)
Richmond Trust Co. (Phila.)
,
Sta, emen., not furnished.
*Plaza Trust Co. (Philadelphia).
ResourcesCash, specie and notes
Duo from approved reserve agents
Legal reserve securities at par
Nickels and cents
Cash items
Bills discounted:
Upon one name
Upon two or more names
Time loans with collateral
Call loans with collateral
Loans on call upon one name
Loans on call on two or more names and industrial loans
Loans secured by bonds and mortgages
Bonds
Stocks
Bonds and mortgages owned
Office building and lot
Furniture and fixtures
Other real estate
Overdrafts
Book value of legal reserve securities above par
Other resources not included above
*Dec. 31 '29.
$86,117
172,868
35,000
389
87
404,803
185,349
235,415
222,335
118.60i
160,287
243,900
322,929
440,058
769,500
270,000
61,528
200,695
18
1,050
61,081
$3.992.016
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes paid
Reserve for depreciation
Reserve for interest, taxes and expenses
Title insurance reserve
Demand deposits:
Deposits subject to check
Demand certificates of deposit
Deposited with Commonwealth of Pennsylvania
Certified checks
Cashier's or treasurer's checks
Time deposits:
Time certificates of deposit
Special time deposits
Savinas fund deposits
Due to banking institutions, excluding reserve
Dividends.unpaid
Bills payable on demand
Bills payable on time
Other liabilities not included in above
$646.720
970,080
980
4,616
10,445
863
936.835
3.350
70,000
17,534
2,937
4,250
24,178
550.308
25,017
4
30,000
472,051
171,848
992,016
Total ________________________________________________
$15.817
$3,
Trust department (additional)
* Began business in 1929. Absorbed the William Penn Title & Trust
Co. as of Dec. 28.
*Provident Trust Co. (Philadelphia).
Dec.31 '29. Dec.31 '28. Dec.31 '27.
Resources$701,782
$2,671,116 $3,270,572
Mortgages
20,164,702 21.269.754 20,419,183
Stocks and bonds
913,877
1.173.353
1,137,394
Commercial paper purchased
19,047,384 18.623,902 13,603,756
Loans on collateral
3,252.077
3,527,196
1.615.831
Real estate
3.929,522
2,663.256
Cash on hand & due from bks. & blue_ 4,667,064
1.077,994
576,525
249,774
Miscellaneous assets
$51,791.381 $52.337,698 $40,426,935
Total
Lie bUllies$3,200,000 I $3,200,000 $3,192,640
Capital stock
12,260,000 12,260.000
5,000.000
Surplus
4,697.810 11,569,998
4,947,637
Undivided profits
2,577,128
Special reserve fund2,577,128
al
.
2:19,242
Dividend payable Jan 2 1930-- 320,000
656.227 1- '216,366
'
257.180
Reserve for taxes and other llabilities
24,924.297 26,964,713 17,390.746
Deposits
2,575,000 j 1,250,000
200,000
Bills payable.
3.748,808
331,092
Other liabilities
351,791,3811552.337.698 $40,426,935
Total
1
...., .0m
Trust department (additional), incl.
321,819,3001225.869,508 229,182,819
corporation trusts
• In July 1927 purchased the capital stock of the Commonwealth Title
Insurance & Trust Co.
The Real Estate Trust Co. of Philadelphia.
ResOUICES-
Lawful reserve bonds
Cash on hand
Due from banks and bankers
Call loans on collateral
Time loans on collateral
Loam,on bonds and mortgages
Loans on one name paper
Real estate
Other assets
Total
Dee. 31 '291,Dec. 31 '28.
$304,000 `
284,2131
1,094,706 I
3,102,790 1
392.529'
2,977,9611i
10,000
5,000,000
26.831 1
$304,000
297,505
647,916
3,057,144
NU
316,635
Dec. 31 '27.
$272,000
273,382
977.942
3,129,026
15,100
201.700
4.893,600
sr• 22.818
3.131.956
15.070
$13,193.030 $12,856,217 $12,212.341
Liabilities
$3,131,200 $1,319,600 $1,319.600
Capital stock paid in Common
1,811,600
1,811.600
Capital stock. preferred (full paid).2,000,000
1.500,000
Surplus
1.000.000
411,662
651,250
Undivided profits
486.926
Sinking fund for leasehold
413.610
94,650
14,807
Building renewal fund
157,566
832,000
832,000
Principal of ground rents
6,552,687
6,671,803
6,992,920
Deposits
453
158
Dividends unpaid
119
w
170,378 ' 55,000
Other liabilities
30,000
$13,193,030 $12,856.217 512.212.341
$48,428,065 $47,742,451 $33,999.586
1929.
1928.
1927.
2%1 Si 2%
of interest paid on deposits-Sate
2%
$266,099
5219,026
Divs. paid in cal. year
$219.957
Total
Trust department (additional)
Roxborough Trust Co. (Philadelphia).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$103,292
$138,174
$99,541
Cash on hand
161,775
206,863
223,749
Cash on deposit
424,203
477,475
410,430
Commercial paper purchased
15.833
151.090
17,920
Time loans on collateral
436,544
546,244
443,733
Call loans on collateral
1.244,593
1,135.269
1,221,852
Bonds, stocks, &c
854.835
859.241
861,087
Mortgages and judgments
177,285
177,340
179,830
Office building and lot
40,613
43,862
44,944
Furniture and fixtures
15.554
7.588
78.706
Other resources
$3,581,792 53,751.112 53.466.561
Total
Liabilities
2300,000
$300,000
$300,000
Capital stock
400,000
450,000
450,000
Surplusfund
26,916
53,684
49,129
Undivided profits
19,638
28.579
35,345
Reserve fotilarec., int., tax & exp
1,271,884
1.376.162
918,906
ta
Demand de
1.300,306
1.295,260
1,444,128
Time depos ta
100,000
255,000
368,950
Bills payable
21.049
19.195
15.334
Other liabilities
$3,581,792 $3,751,112 $3,466,561
Total
*Security Title & Trust Co. (Philadelphia).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources8102,594
$53,131
$106,380
Cash, specie and notes
101,552
65.778
Due approved reserve agents_ _
3,619
6.935
Due from other banks & trust co.'s
170.266
650,476
Bills discounted
2,680
198,447
Time loans with collateral
67,671
565,523
Call loans with collateral
131,368
109,989
2,027.708
Loans on call on one name
39,950
272,981
Loans secured by bonds & mtges_
121,259
227,971
Bonds and stocks
103,163
129,601
Bonds, mortgages & judgments
211.384
253,522
216.372
Office building and lot
14.330
37,440
33,054
Furniture and fixtures
43.200
3,971
Other real estate
45.979
30.939
11,423
Miscellaneous
$2,394.937 $2,952,666 51.264.381
Total
Liabilities$276,800
$661,450
$661,450
Capital stock
32,740
170,326
101,717
Surplusfund
1,205
28,222
Reserve for depreciation
498.360
I 1.049,071
Demand deposits
257,265
627,187
1,128.548
Time deposits
12,250
Due to banks,trust companies, &c_ _ _I
20,000
220,000
350,000
Bills payable
125.000
Mortgages payable
166.966
223.427
Other liabilities _
$2,394,937 82,952,666 $1,264,381
Total
* Sixty-third Street Title & Trust Co. and Security Title & Trust Co.
consolidated under name of latter as of May 10 1929. Above figures are
combined results of both companies for all periods.
Sixty-Ninth Street Terminal Title & Trust Co. (Phila.).
Statement not furnished.
SonsIaly Bank & Trust Co. (Philadelphia.)
Dec. 31 '29. Dec. 31 '28.
Resources$15.783
I
Cash, specie and notes
144,781
$99,264
Due from approved reserve agents
I
166
1
and cents
Nickels
2.585
I)ue to banking institutions, excluding reserve_.._
8,525
I
Time loans with collateral
201,500
412.950
Call loans with collateral
18.700
1
Loans secured by bond and mortgage
127,261
84.922
Commercial paper
19,739
16,912
Bonds and stocks
178,900
174,100
Mortgages owned
69,139
52.765
record owned
Judgment of
50,000
61,4871
1
Office building and lot
11,160
Furniture and fixtures
. l
58
Overdrafts
$780,867
$968,746
Total
Liabilities
$125,000
$125,000
Capital stock
75,000
75,000
Surplus fund
22.024
1,153
Undivided profits
151,516
} 746,7161
Demand deposits
I
416.198
Time deposits
12.000
Other liabilities
$968,740
$780,867
Total
Southwark Title & Trust Co. (Philadelphia).
Dec. 31 '29. Dec.31 '28. Dec. 31 '27.
Resources$36,181
$46.239
$84,075
Cash on hand
155.446
98,162
146.713
Due from approved reserve agent.....
411.888
402,793
353.186
Commercial paper
64,310
107,714
28,554
Time loans with collateral
107,749
178,170
69,802
Call loans with collateral_.._
604,317
268.028
579,344
Loans secured by bonds & mortgages..
701.460
1,011.383
.557.284
Bonds and stocks
415,789
210,539
395,050
Mortgages
143,000
143.134
142.082
Office building and lot
22,000
22,220
Furniture and fixtures
23,439
229,895
Other real estate
33,185
164,595
Other assets
35,445
$2,994,194 52,621,837 52.377,139
Total
Liabilities
5250.000
Capital stock
$250,000
$125,000
312,500
Surplusfund
312.500
125,000
75,745
Undivided profits
89,813
94,651
11,201
Reserve for deprec.,int., taxes & exP13,589
26,062
Demand depoalts
628,363
728,687
7
1,M:46
8
Time deposits
1,162,572
1,079,865
Bills payable
430,000
90.000
135,000
Other liabilities
77,263
78.000
62,874
Total
52,994,194 52.621,837 52.377,139
Trust department (additional)
$69,980
$81.839
FINANCIAL CHRONICLE
1398
Suburban Title & Trust Co. (Philadelphia).
Dec. 31 '29. Dec. 31 '27. Dec. 31 '26.
Resources$112,384
Cash,specie and notes
Due from approved reserve agts
Legal reserve securities, at par
Bills discounted-Upon one name.-Upon two or more names
Time loans with collateral
Call loans with collateral
Loans on call, upon one name
Loans secured by bonds dc mtges
Bonds and stocks
Bonds and mortgages owned
Office building and lot
Furniture and fixtures
Overdrafts
Book val. of legal res. sec. above par
Other assets not included in above
$118,039
179,559
131,500
530,213
160,293
618,987
215,439
245,804
236,168
1,000,970
923,818
368,370
108,576
1,121
2,066
45,392
$114,669
143,664
91,000
190.156
105.143
192.473
38,350
104,291
214,202
460.984
592,750
372,365
40.714
541
2,207
28.553
75,834
91,000
162,302
80,571
143,913
77.025
84,160
212,063
368,304
471.461
95,495
31,515
471
2.207
16,647
$4,886,315 $2,692,062 $2,025,351
Total
Mahnties$250,000
$250,000
$500,000
Capital stock paid in
50,000
50.000
300,000
Surplus fund
92.807
124,151
184,018
lJndiv. profits less exp. and taxes pd.
12,238
12.918
22,841
Res. for int., taxes and expenses-920.360
1,324.206
1,372.062
Deposits subject to check
50.000
50,000
45.000
Deposits, Commonnealth of Pa
6,114
7,106
5.672
Certified checks
1,145
16.810
9,762
Treasurer's checks
5,440
17,135
212,485
Time certificates of deposit
7,857
17,604
39.988
Special time deposits
537,550
801,599
1,616.209
Time saving fund deposits
112,500
Notes and bills redis. or guaranteed 75.000
422,000
Bills payable
3.842
20,533
44,778
Other 'Nullities not incl. in above_
Total
Trust dept additional
$4.886,315 $2,692.062 $2,025,351
$10.035
$36.570
United Security Trust Co. (Phila.).
Dec. 31 '29.
Resources$1.891,800
Bonds and mtges. owned
4.134,948
Bonds and stocks
) 6,449,686
Loans on collateral
Commercial paper
545.511
Banking house and other real estate__
1.191.589
Cash on hand and on deposit
25,611
Other assets
Dec. 31 '28. Dec. 31 '27.
$2,882,429 $3,498,060
3,942,403
4,446,950
4,919,652
16.093,631
11,351,811
1,305,774
944,836
999.791
1,607,756
1,567.443
77,765
78,285
[VOL. 130.
Wharton Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '29.Dec. 31 '27. Dec. 31 '26.
Cash,specie and notes
$18,426
$16,793
$72.120
Due from approved reserve agents --44.927
Commercial paper
223,623
169,965
Time loans with collateral
63,651
340,160
112,800
Call loans with collateral
46,363
85,156
Loans on call on one or more names -14,942
26,038
Bonds &stock
247.346
316,245
54,841
Mortgages
15,780
Office building and lot
52,948
52.948
Other real estate
46.992
9.305
Furniture and fixtures
4,993
2.868
Other assets
6,356
14,646
Total
LiabilitiesCapital stock
Surplus fund
Undivided profit
Reserve for depreciation
Demand deposits
Time deposits
Bills payable
Other liabilities
$786,347
$737,830
$575,095
Dec. 31 '27. Dec. 31 '26.
$200,000
$157.700
$160,500
22,500
15,000
8,500
946
17,293
225,2781
421.266f
183.184
240,5011
178,862
1
75,000
125,000
45.000
4,829
16,064
1.848
Total
Trust dep.(additional)
$786,347
$2.096
$837.830
$575,095
*Woodland Bank & Trust Co. (Phila.).
ResourcesCash and due from banks
Bonds
Loans and commercial paper
Banking house and real estate
Furniture and fixtures
Other resources
Dec. 31 '29.
$154,255
729,193
1,020,687
120,637
16,729
2,802
Total
Liabilities
Capital stock
Surplus, undivided profits and reserves
Deposits
Notes discounted
Dividend
$2,044,303
Total
* Incorporated on March 17 1930.
$2,044.303
$150,000
107,005
1,757,798
25,000
4,500
Wyoming Bank & Trust Co. (Philadelphia).
Dec. 31 '29. Dec 31 '28. Dec. 31 '27.
Resources$66,886
$52,978
Cash, specie and notes
$278,172
183.580
150.165
Duo from approved reserve agents
30,000
30,000
Legal reserve securities
126,293
183,176
Commercial paper
63,611
34,795
Time loans on collateral
.. ,
I
1,825,036
Call loans on collateral
282,590
274,185
Loans on call on one name
645,185
552,553
704,434
Bonds and stocks
301,885
229,600
Mortgages and judgments of record..
1114.648
110,947
140,993
Office building and lot
1 23,495
21,934
Furniture and fixtures
12,052
$14,239,145 $17,460,650 $16,255,915 Other resources
13,745
Total
Trust department (additional)
$0,000,000 $7,087,410 $6,198,186
$2,948,635 $2,677,996 $2.068,013
Total
Liabilities
* The United Security Life Insurance & Trust Co. purchased as of Nov. Capital
$200,000
$200,000
$200,000
stock
23 1929 the entire capital stock of the Republic Trust Co. and changed Surplus fund
100,000
150,000
140,000
Its name to the United Security Trust Co. All of the banking business Undivided
27,124
32,787
12,081
profits
the United
of the United Security Life Ins. & Trust Co. was transferred to
840,202
) 2,554,052 f 956,972
Demand deposits
Security Trust Co., which company Is continuing the active banking busi- Time deposits
900,669
11,356,670
former Republic Trust Co. and the United Security Life Ins. laneous
ness of the
11,796
12.273
& Trust Co. Above statement is the combined results of both companies
$2.948,635 $2,677,996 $2,068.03
Total
for all periods.
1
$14,239.145 $17,460,650 $16,255,915
Total
Liabilities
$750,000 $1,750,000 $1,750,000
Capital stock
1,600,000
700,000
1,700,000
Surplus
$271.826
284,506
94.717
Undivided Profits
115,795
84,291
486
Reserve
200,000
100,000
700,000
Bills payable
General deposits payable on demand.. 11.988,323 13,370,235 12,160,365
157,929
171,621
5,619
Other liabilities
BALTIMORE COMPANIES
Colonial Trust Co. (Baltimore).=--Conciuded
American Trust Co. (Baltimore).
Dec 31 '29. Dec. 31 '28.
Resources$1,172,481 $1,174,392
Loans and discounts
616,560
733,525
Stocks, bonds. securities, &c
156.644
156,644
Banking house
4,281
4.382
Furniture and fixtures
4,304
Due from banks, bankers & trust cos_
475,544
Due from approved reserve agents__ _
396,180
11,541
43.531
Cash
17.644
Miscellaneous assets
37.443
$2,460,910
Total
$2,544486
Liabilities
$500,000
$500,000
Capital
100.000
100,000
Surplus fund
15.587
20,084
Undivided profits
1,116,571
Demand deposits
414,777
429,638
385,312
Savings and special depoits
150.000
977,721
City of Baltimore deposits
Bills payable
132,000
132,000
Mortgage account
3.054
3,317
nearned discount
14.060
ther liabilities10,975
$2,544,186 $2,460,910
Total
Dec. 31 '27.
$1,194,463
335,456
156.644
4.141
2,734
109,123
5,658
24.812
*1.833.031
$500,000
100,000
11,090
588,262
287,359
100.000
125,000
132.000
19,320
51.833.031
*Baltimore Trust Co.(Baltimore).
Dec. 31 29. Dec. 31 28. Dc. 31 27.
ResourcesCash on hand & in F.R.& oth. banks_313,701.786 $12,190,404 $17,623,864
and other bonds & invest.. 14,855,554 18,584,482 16,158,752
U.S. Govt.
57,414,242 46,489,932 41,518,020
Loans
Customers liabilities account accepts.
4,703,851
6,418,008
7,076,168
and letters of credit
2,815,190
3.391,001
Banking houses, furniture & fixtures.. 7,946,934
390,555
360,752
907,346
not collected_ Interest earned but
5101.902,030 $87,434,579 $83,210,232
Total
Liabilities
$6.250,000 $4,500,000 $4,500,000
Capital
5.250,000 6,403,585 6,192,499
Surplus and undivided profits
762,066
792,736
1,262,777
Reserves
6,763,060
8,110,208
7,455,021
letters of credit
Acceptances and
,
Acceptances and foreign bills sold__ _ 1,
Bills payable with Federal Res. Bank_ 3,00000
76,876,706 64,628,050 64,992,607
Deposits
_ _
_ _ _
Total
5101,902.030 587,434.579 383.210,232
* Century Trust Co. and Baltimore Trust Co. consolidated as of Nov. 22
1929 under name of latter. Above statement is combined results of the
two institutions for all periods.
Colonial Trust Co. (Baltimore).
ResourcesLoans and discounts
Overdrafts, secured and unsecured
Stocks, bonds,securities, &c
Mort ages
Bkg.
turn., fixtures de vault
Other real estate
Checks and cash items
Due from approved reserve agents
Lawful money reserve in bank
Miscellaneous
Total
g
Dec 31 '29. Dec. 31 '28. Dec. 31 '27.
$605,417
$812,456
$1,229,647
433
478
182
1,068.340
824,573
1,127,068
309,750
261,250
207,800
153,325
153,642
154,932
26,498
26,498
167,418
706
94
897
188.699
195,814
280,231
11,398
18,191
16,422
12.778
17,138
15.445
$3.200,042 52.310,134 $2,377,344
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
Reserve for taxes
Other liabilities
$400,000
600,000
122,838
2,051,148
21,802
4.254
5300,000
200,000
118,331
1,743,335
8,948
6.730
53.200,042 52,310,134
Total
$300,000
300,000
56.671
1,635.488
7.325
10,650
$2,377,344
(The) Continental Trust Co. (Baltimore).
Dec. 31 '29.
$4,555,553
Loans and discounts
3.100,181
Stocks, bonds,securities, &c
Banking house,furniture and fixtures 1,685,000
419,663
Due from banks, bankers and tr. cosDue from approved reserve agents- 1.506,574
805,381
Exchange for Clearing House
71,505
Cash on hand
512,143.858
Total
Liabilities
$1,350,000
Capital stock paid in
675.000
Surplus fund
152,055
Undivided profits
800,000
Special Reserve
69,399
Reserve for taxes. &c
140,952
Due to banks, bankers and trust co*
Specialtrust funds
6,766,847
Deposits (demand)
2,189,605
Deposits (time)
Resources-
Total
Dec.31 '28. Dec. 31 '27.
$5,281,974 517,310,844
3,774,367
3.699,581
1,550,000
1,550,000
471,747
811,328
1,111,939
1,386,950
1,570,072
597,315
45.014
149,217
$13,476,365 525.833,923
51,350.000 51.350.000
1,350.000
1.350,000
682,182
711.770
139,272
7.434,092
2,491.231
320.574
11,638,098
9,521,277
971.792
$12,143,858 513.476,365 525,833,923
Equitable Trust Co. (Baltimore).
DCC. 31 '29. Dec. 31 '28. Dec. 31 '27.
$14,007,511 312,222,811 $12,014,703
Loan, and discounts
1,100
2,644
Overdrafts, secured and unsecured
7.798,293 9,491,079
9.296, 56
7
Stocks, bonds, securities, &c
250.000
250,000
250,009
Bank. house, vaults,furn. & fixtures11,632
24,267
119,598
Due from banks, bankers & trust cos3,176,153
3,563,896
Due from approved reserve agents....- 3,859,031
204,473
335,888
266,680
Lawful money reserve in bank
179.896
130,537
143,089
Accrued interest receivable
102.754
133,985
93,294
Miscellaneous
Resources-
$26,540,612 526,153,090 525,240,190
Total
Liabilities$1.250,000 $1,250,000 $1,250,000
Capital stock paid in
1.250,000
2.000,000
1,500,000
Surplus fund
526,110
388.239
549,015
Undivided profits
338.555
315,753
350,272
Due to banks, bankers and trust cos..
555,373
704,111)
562,916
Due to approved reserve agents
13,566,574 12.004,665 12.872,417
Deposits (demand)
8,056,206
7,820,871
9,355,719
Deposits (time)
31,262
56,381
32,000
Dividends unpaid
335.478
325,950
464,844
Reserved for taxes, interest. dm --24,789
115,034
81.299
Nliscellaneous
$26.540,612 526,153.090 525.240,190
Total
MAR. 1 1930.]
FINANCIAL CHRONICLE
Real Estate Trust Co.(Baltimore). Concluded.
Fidelity Trust Co. (Baltimore).
ResourcesDec. 31 '29. Dec.31 '28. Dec. 31 '27.
$9,775,261 $9,532,877 $9,271,930
Loans and discounts
261
269
Overdrafts, secured and unsecured
580
Stocks, bonds,securities, &c
8,047.716
8.765.684 10.346,780
Due from banks, bankers & trust cos10,122
5,060
3,092
Due from approved reserve agents.... 3,334.302
3,165,618
4.132.585
Cash on hand
497,085
352,869
298,885
57.804
Due from cust'rs under letters of cred
90,767
67,375
Miscellaneous assets
8.090
14.130
4,770
Total
$21,725,579 $21,916,257 $24,142.076
Liabilities
Capital stock paid in
$1,000,000 $1,000,000 $1.000,000
Surplus fund
2,000.000
2.000,000 2,000.000
Undivided profits
760,203
647,626
545,752
Due to banks, bankers and trust cos_ 1,213.109
831,897
1,366,844
Due to approved reserve agents
363,061
342,058
349.888
Deposits (demand)
13,462,119 13,338,114 16.846.643
Deposits (savings and special)
2,190,839
1,755,322
Reserve for taxes and interest
58,186
40,000
39,513
Certificates of deposit
1(81,000
100,000
680,625
Trust deposits
984.956
455,775
945,436
City of Baltimore deposit
350.000
500.000
300,000
Liabilities under letters of credit._
57,804
90,767
67.375
Total
$ 1,725.579 $21.916,257 $24,142.076
9
1928.
1929.
1927.
Divs. pd. on co.'s stk. in cal. year __
24%
24%
24%
Rate of interest paid on deposits__ -235 %sav.33e% 235 %sav3li% 2)i%
,
Maryland Trust Co. (Baltimore).
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27
Loans
$7,017,340 $6,599,635 $7,696,212
Stocks, bonds, securities, &c
2,773,670 3,129.474
2,320,288
Due from banks, bankers & trust cos_ 1,834,388 3.745,245
2,306,077
Cash on hand and on deposit
914,413
1,369,079
1.129,143
Banking house and office building_
615,000
615,000
625.000
Miscellaneous assets
135.558
111,564106,961
Total
$13,291,653 $14,759.527 $14,992,867
Liabilities
Capital stock paid in
$1,000,000 $1,000,000 $1.000,000
Surplus earned
750,000
750,000
750,000
Undivided profits
219.606
261,937
119,992
Reserve
53,871
28,894
43,119
Deposits
11,240,964 12,736.050 13,079.756
Miscellaneous
9,858
Total
$13.291,653 $14,759.527 $14,992.867
*Mercantile Trust Co. (Baltimore).
•
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Loans and discounts
$14,156,785 $16,580.057 $14,454.019
Stocks, bonds, securities, &c
6,263,677
5,862,940 6,783.254
Banking house, furniture and fixtures
100,000
100,000
100.000
Cash on hand and on deposit
3.574,149
1,990.184
2,952,712
Unsettled bond accts. & accts. reedy_
433,142
340.305
160,174
Foreign department
19,102
16.00849,909
Clearing House exchanges
881.716
875,233
570,681
Customers' habil. under letters of cred
260.579
156,982
Total
$25,579,070 $26,031,789 $25,070,749
Liabilities
Capital stock, paid in
$1.500,000 $1,500.000 $1,500,000
Surplus fund
4,000.000
4,000,000
4.000,000
Undivided profits
661.876
410,106
124,237
Reserve for interest and taxes
369,656
300,855
226.610
Deposits (demand)
14,454,194 15,252,304 14.866,615
Deposits (time)
4,307.945
4,436,362
4.353.287
Letters of credit
260,579
156.982
Total
$25,579,070 $26,031,789 325.070.749
* Name changed in 1929 from Mercantile Trust & Deposit Co.
*Real Estate Trust Co.(Baltimore)
ResourcesLoans
Investments
Mortgages
Furniture and fixtures
Due from approved reserve agents
Cash
Interest earned not collected
Miscellaneous
Total
1399
Liabilities
Capital stock
Surplus
Undivided profits
Deposits (demand)
Deposits (saving and special)
Reserve for interest
Other liabilities
Total
First statement.
$600,000
$600,000
$600,000
150.000
150,000
150,000
43.400
21.500
9.849
1.256,927 11.338,950
1,238,379
186.302 if
4,375
8,179
3,327
1.352
1,450
1,834
$2,246,258 $2.116,177 $2,003,380
Safe Deposit & Trust Co.(Baltimore).
ResourcesStocks and bonds
Loans, demand, time and special
Mortgage loans
Cash on deposit in banks
Bills receivable
Real estate
Accrued interest receivable
Other assets
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for taxes. &c
Deposits
Deposits, trust funds
Total
s
Dec. 31 '29. Dec.31'28. Dec. 31 '27.
$14,695.430 $14,420,857 $14,719.258
5,390,044
3,941.632
4,794.297
627,675.
675.023
2.363.366
5,089,660
6,065.345
176.000
53,000
102.000
130,720
100.000
100.000
39,879
25.689
41.627
24
28
2.904
$26.073,784 $22,449,846 $25,345.182
$1,200,000 $1,200,000 $1,200,000
3,600,000 3,600,000
3.600.000
981.154
1.196,720
869.195
189,383
415,646
375,867
16.980,846 14,341,441 16.223.249
3.263.355
1,911,605
2.720.351
$26,073.784 $22,449,846 $25.345,182
Title Guarantee & Trust Co. (Baltimore).
Dec. 31 '29 Dec.31 '28. Dec. 31 '27.
Resources$3,051.817 $2,918.323 $2,810,576
Loans and discounts
3,043,918 3,466,304
4.014.931
Stocks, bonds,securities, &c
600.200
600,200
600,200
Banking house,furniture and fixtures
Mortgages and ground rents
2.395,248
2,731.452
2,572,592
Cash in hand and in banks
905,533
1,115,971
617,510
Equity in other real estate owned
48,009
43.724
124.331
47.458
39.550
47,644
Accrued interest receivable
3.312
6,904
4.347
Miscellaneous
Total
$10,637.821 $10.460.709 $10,711.524
Liabilities
$600,000
Capital stock paid in
$600,000
$600,000
1,000,000
900,000
800,000
Surplus
33,980
Undivided profits
31,379
29,579
352,855583,623
Due to banks, bankers & trust cos
4,887,378 1 8. 58.347{ 4,784.162
Deposits (demand)
5
3,071,551
Deposits (time)
600,000
Bills payable_
300,000
92,057
Reserve for interest on deposits
70.983
69,386
$10,637,821 $10.460,709 $10,711.524
Total
*Union Trust Co. (Baltimore).
*Dec. 31' 29.1Dec. 31'28.*Dec. 31 '27.
ResourcesLoans and discounts
$ 8,592,862 $26,486.197 $19,617,371
9
Stocks, bonds, securities, &c
6,538.146
8,632.240 10.230.910
Banking house, furniture & fixtures
450,000
450,000
450,000
687,006
Branch office properties
687.006
450, 00
Cash and exchange
5,951,596
5.313.736
4,337.821
acceptances
Credit granted on
1,215.543
426,584
550.100
Customers'liabil. under letters of cred
218.520
14.487
Total
$43,449,640 $42,224.059 $35,603.231
1..tobilitiesCapltel stock paid in
$1.500,000 31.500.000 31.150,000
2.500,000
Surplus fund
2,500,000
1,150,000
1,500,455
Undivided profits
1,288,023
1.200,539
Reserve for interest and taxes. &c..
217,863
270,671
229.198
36,547,297 36,061,734 31,432,021
Deposits
1,170,543
Acceptances sold
426,584
400,000
13,482
218.520
Letters of credit
Total
343.449.640 $42.224.059 335.603.231
Dec. 31 '29. Dec. 31 28. Dec. 31 '27.
$1,421,430 $1,693,874 $1,635,296
222,970
296,586
183,666
255,230
6,264
8,300
4,882
• In October 1929 purchased the National Bank of Baltimore. Com239,895
159,104
148,325 merce Trust Co. absorbed by Union Trust Co. as of Oct. 1 1927. Above
10,790
11,926
16.328 is combined statements of both companies for all the year. t On Feb. 1
22,342
11,693
192S Union Trust Co. absorbed the West Baltimore Bank and Overlea
833
1,198
14,883 (131d.) Bank, and on March 1 1928 the Commercial Bank of Maryland
$2.246,258 $2,116,177 $2,003.380 (Arlington. Md.).
ST. LOUIS COMPANIES
Chippewa Trust Co. (St. Louis).
ResourcesDec. 31 '29 Dec. 31 '28.
Loans and discounts
$1,555,278 31.374.646
Overdrafts
1,031
1.250
Bonds
325.001
451.099
Stock in Fed. Res. Bank, St. Louis
7,500
7.500
Banking house & real estate
259,000 } 215,283
Safety deposits vaults
Cash and due from banks
195,508
207,431
Interest earned. uncollected
10,001
10,959
Total
32,353,319 $2.268,168
Liabilities
Capital stock paid in
$200,000
$200,000
Surplus
50.000
50,000
Undivided profit
55,283
50,704
Reserve for net It taxes
1,400
12,600
Deposits subject to cheek
825,345
834,633
Time certificates of deposit
988,828
810.402
17,682
Treasurer's checks
22,159
Unearned interest
492
30.322
Commissioners' acc t (Chippewa Bk.)
86,636
Bills payable
180,000
___205,000
Total
$2,353,319 $2,268,168
Cass Bank .gt Trust Co. (St. Louis).
Dec. 31 '27.
$1,317,584
361
297,485
7,500
i
57,501
1
10,000
179,085
11.665
$1,881.180
$200,000
50.000
46.545
9.600
796.109
745,897
32.727
302
31.881,180
Easton-Taylor Trust Co.(St. Louis).
&MOM-
Loans on collateral
Loans on real estate
Other securities
Bonds and stocks (present value)
Due from banks and trust cos
Cash on hand, &c
Furniture and fixtures
,
*
Safe dep. vaults
Real estate
Other resources.
Total.
Liabilities
Capital stock paid in
Burs
Undivided profits
Reserves for interest, taxes. &c
Deposits, demand
Bills payable and rediscounts
Time certificates of deposit
Savings deposits
Treasurer's checks outstanding
Other liabilities
Total
Dee. 31 '29 Dec. 31 '28. Dec. 31 '27.
$610,283
$642,822
$552,736
379.200
424,085
225,275
287.617
401,639
414.877
603,768
622.128
603,793
160,549
149.723
165.416
114,314
140,000
136,142
6,419
6,437
9.512
10,326
10,925
13.850
58,122
59,230
62.230
10.716
20.252
21.509
32,324.818 52.399.867 44.20.5.340
$200.000
3200,000
$200,000
100.000
75,000
75.000
12,371
36,252
33.288
13.585
828.932
949,214
929,144
75,000
233,175
189,277
159,845
848,817
913,323
792.981
18,453
35,991
14,612
455
819
471
$2.324.816 42.3U0.60I 414,ZW.340
Resources
Dec. 311929.
Loans on collateral security
81,123,446
Lo..ns on real estate security
1.594,245
Other negotiable and non-negotiable paper and invest. securities
404,909
Overdrafts by eeivent customers
356
Bonds and stock
2,761,913
Stocks in Federal Reserve Bank, St. Louis
21,000
Beal estate (company's office building)
150,564
Other real estate
1
Safety deposit vaults
100,000
Due from Federal Reserve Bank, other trust cos. and banks
good on sight draft
455,014
Checks and other cash items
8.422
Cash on hand
138,538
All other resources: U. S. securities borrowed
525.500
Total
$7,283,908
Liabilities
Capital stock
Surplus
Undivided profits less current expenses and taxes paid
Deposits subj. to draft at sight by individuals and others
Time certificates of deposit
Other time deposits
Savings deposits
U. S. Government deposits
Cashier's checks
Bills payable and rediscounts with Federal Reserve Bank
Other liabilities: U. S. securities borrowed
Total
• Formerly Cass Ave. Bank.
.3300.000
400,000
167,123
1,816,051
1,590,102
6,249
2,181,663
833
36.838
260,000
525,500
*$7,283,908
*Fidelity Bank & Trust Co.(St. Louis)
Resourceson collateral security
Loans on real estate security
Bends and stocks
U.S. ctfs. of indebt.
Furniture and fixtures
Real estate
Due from trust cos. and banks
Cash on hand
Other resources
Total
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$1.263,487 $1.533.9611 $1.372,956
29,450Loans
659,7251
137,916
31,200
18,690
284,409
28,598
41,729
1,318,8231
327,660
28.875"g:008
11,250
15,610
387,790
336,747
36,467
27,340
28,005
21.682
$2,495,204 $3,345,171
32.271.975
1400
(Vol,. 130.
FINANCIAL CHRONICLE
Lindell Trust Co. (St. Louis).
Fidelity Bank & Trust Co. (St. Louis) Concluded)
Liabilities
Capital stock paid In
$200,000
$200,000
$200,000
Surplus
50,000
50.000
50,000
Undiv. prof. less current exp. & tax7,321
11,398
23,515
Dep.sub, to draft at sight by indiv._
& others,incl. dem.ctfs. of dep..
1,131,351
963,469 1,179,927
Time certificates of deposit
136.773
329,268
114.202
Savings deposits
466,947
512.727
536,839
United States deposits
60,135
113,344
266,388
Treasurer's checks
64,340
26,612
77.790
Special reserves
3,241
4,471
Rediscounts
190,443
Dividends unpaid
26
Bills payable
498,958
491,000
151.867
Total
42,495,204 $3.345,171 $2,271,975
•Formerly the City Trust Co.. name changed as above on Oct. 12 1927.
*Franklin-American Trust Co.(St. Louis).
Dec. 31 '29. Dec. 31 '28.
ResourcesBonds and stocks
$2,975,059 $2,818,384
U.S. Government securities
1,088,550 1,829,751
90,000
90,000
Stock in Federal Reserve Bank.St. Louis
13.518.723 12,974.350
Demand loans
7,597,417 8,407,991
Time loans
Real estate loans
797.955 1,020,766
5,275.245 5,548,029
Cash and exchange
11,648
Overdrafts
15,830
79,812
Customers'liability on letters of credit
36,169
66(„237
Interest earned, uncollected
73,944
96,640
Furniture and fixtures
102,435
551,844
Banking house equity
Safe deposit vaults
96,650
104,388
Other resources
167.749
51.164
Total
$31,861,685 $33,625,045
Liabilities
$2,000,000 $2,000,000
Capital
1,383,262 1.127,360
Surplus and undivided profits
41.304
Reserves
79.848
26.202.008 27,331,348
Deposits
404,800 1,153,000
U.S. Government deposits
398,700
11,839
Bonds borrowed
199,132
Letters of credit outstanding
39,569
Bills payable
275,000 1,820,000
900,000
Notes payable
57.479
Unearred discount
62.081
Total
$31.861,685 $33,625,045
* Franklin Bank and American Trust Co.consolidated as of April 231928.
*Guaranty Bank & Trust Co. (St. Louis).
ResourcesLoans and discounts
Overdrafts
United States Government securities owned
Other bonds,stocks and securities owned
Customers'liability on account ofacceptances
Furniture and fixtures
Reserve with Federal Reserve Bank
Cash and due from banks
Outside checks and other cash items
Other assets-interest accrued
Total
Liabilities
Capital stock paid-in
Surplus
Undivided profits
-net
Reserves for dividends
Due to banks,including checks (cashier's) outstanding
Demand deposits
Time deposits
Acceptances executed by this bank for customers
Other liabilities
-unearned interest
ResourcesDemand loans
Time loans
Real estate loans
Bonds and stocks
United States securities
Stock in Federal Reserve Bank
Cash on hand and in other banks
Furniture and fixtures
Bank building
Other resources
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for interest and taxes
Deposits
Bills payable
Other liabilities
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
j$1,447,227 $1,297,633 $1.155,356
475,479
213.000
12,000
362,449
48,905
253,702
165
523,491
100,000
7,200
239,348
17,735
250,362
581,404
81,000
7,200
268,693
9.707
50.500
550
$2,812,927 $2.525,769 $2,154,410
$300,000
100,000
54,201
14,093
2,223,127
120,000
1,506
$200,000
40,000
46,046
2,867
1.995,971
240,000
885
$200,000
40,000
28,373
2,361
1,790,622
69,000
999
$2,812.927 $2.525,769 $2,154,410
Total
*Mercantile-Commerce Bank & Trust Co. (St. Louis).
Resources
Time loans
Demand loans
Bonds and stocks
Liberty bonds & U. S. Govt. ctfs. of indebtedness
Stock in Federal Reserve Bank, St. Louis
Real estate (company's office building)
Safe deposit vaults
Other real estate
Overdrafts
Cash due from banks
Customers' liability on letters of credit
Customers liability on acceptances
Total
Liabilities
Capital stock paid in
Surplus and undivided profits
Reserve for taxes
Reserve for interest
Unpaid dividends
Banks liability acct. letters of credit
Banks liability acct. acceptances
U. S. Government deposits
Time deposits
Demand deposits
Dec. 31 1929.
$37,485.066
43,324,203
19,653,216
8,275,501
450,000
2,600,000
700,000
2,750,000
64,831
27,895,441
662,187
316.610
$144,177,056
$10.000,000
7.949,614
80,000
65,000
7,863
662,187
316,610
48.576
34,007,660
91,039,546
Dec. 31 '29.
$988,938
27
252,812
$144,177,056
Total
427,985
400
* On May 18 1929 the Mercantile Trust Co. merged with National Bank
14,088
Bank & Trust Co.
232,428 of Commerce under name of Mercantile Commerce
644,527
3,553
10,858
$2,575,616
*Mississippi Valley Trust Co. (St. Louis).
Dec. 31 '29.
Resources$10.586,664
$200,000 Stocks and bonds
3,702,630
60,000 U. S. bonds and ctfs of indebtedness
702,395
12,899 Loans on real estate
38.269,063
-3,000 Loans on collateral _ _ --------- r„---paper
18,008,600
49,692 Other negotiable and non-negotiable
315.931
2,084.437 Customers' liability on acceptances
1,123,584
160,404 Real estate - -----------------------------------------1, 17,978,016
400 Cash on hand4,784 Cash on deposit
475,187
Other resources
Total
$2,575.616
$91,162,070
Total
* Organized as the Insurance Bank in 1925. Name changed to above
in 1928.
Liabilities
$6,000,000
Capital stock
2,500,000
Surplus fundLaclede Trust Co. (St. Louis).
1,264,299
Undivided profits
6,687,332
ResourcesDec. 31 '29. Dec. 31 '28. Dec. 31 '27. Deposits (savings)
11,897,706
Loans and discounts
$1,690,577 $1.620,892 $1.423,501 Deposits (time)- 60,829,739
Bonds and stocks
1,003,910 Deposits (demanta)- --1,242,612
933,518
1,245,000
Real estate
150.000 U. S. Govt. bonds borrowed150.000
150.000
315,931
Safe deposit vaults
8.294
8,500 Acceptances and letters of credit
8,000
199,897
Furniture and fixtures
16.000
17,206 Accrued interest and taxes
15,000
222,166
Cash and due from banks
298,694 Other liabilities
326,547
286,306
Overdrafts by solvent customers
932
358
854
$91,162,070
Stock Federal Reserve Bank
12.000
12,000
12,000
Total
Total
$3.096,255 $3,377,277 $2.914,168
Co., Merchants-Laclede National Bank and
* Mississippi Valley Trust
LiabilitiesDec. 31 '28. Dec. 31 '27. State National Bank consolidated as of July 1 1929, with name of MissisCapital stock
$300,000
$300,000
$300,000
State Trust Co. name changed to Mississippi
166.598 sippi Valley-Merchants
Surplus and undivided profits
180.569
207,944
2,246,010 Valley Trust Co.
Deposits
2,351,766 2,390,881
Dividend checks outstanding
5,151
5,375
4,733
189,000
Bills payable
418.000
467,000
Mound City Trust Co. (St. Louis).
Treasurer's checks
32,676
7,185
14,762
50.000
Bonds borrowed
Dec. 31 '29. Dec. 31 '28. Dec.31 '27.
50.000
Resources$1,330,209 $1,540.231 $1.416,637
Total
$3,096.255 $3,377.277 $2,914.168 Loans and discounts
589.827
639,407
599,058
Bonds and stocks in Federal Res. Bk.
67,393
48,825
53,907
Real
*Lafayette-South Side Bank 84 Trust Co. (St. Louis). Cash estate
397,995
414,216
344,137
and exchange
19,000
17,000
15,000
Dec. 31 '29. Dec. 31 '28. Safe deposit vault and fixtures
Resources58
10
210
$11.914,053 $12,246.422 Other resources
Loans on collateral
5,007,261 4,950.675
Loans on real estate
$2,337.439 $2,664,771 $2,490,910
Total
11,275
20,967
Customers' liability on letter of credit
34.502
Demand interest receivable
Liabilities
$200,000
2,279 Capital stock paid In
763
$200.0001 . $200,000
Overdrafts
25.000
50,000
10,421,914 10,800.450 Surplus
50,000
Bonds and stocks
26,000
350,000 Undivided profits
350,000
10,000 "5,000
Real estate (company's office building)
138,481 Deposits
219,974
2,338.038 2.228,047
2,050,001
Other real estate
37,600 ithis payable and rediscounts
38,200
50,000
Safety deposit vaults
11.863
1,771,696 2,495,904 Reserves, depreciation, &c
27,438
21,733
Due fr. Federal Reserve & other banks & tr. cos
217,856
371,413
Checks and other cash items
439,675 Other assets
406,622
Cash on hand
10,118
$2,337,439 $2,664,771 $2,490.910
602.797
Items in process of collection
Total
100
39,452
Other resources
$31.189,922 $31,710,527
Total
Liabilities
North St. Louis Trust Co. (St. Louis).
$2.150,000 $2,150,000
Capital stock
1,000,000 1,000,000
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Surplus
Resources645,371 Stocks and bonds investment
762,942
$924,141
$909,989 $1.063,794
Undivided profits
100,000 Loans
100,000
1,766,268
Reserves for interest, taxes and other reserves_ _
1 1.639,753
1,689,094
298,670 Other loans. Incl. bills purchased---- I
252,370
Depositssubject to draft by tr. cos., bks.& bankers
Deposits subject to drafts by individuals & others- 9,513,437 9,334,445 Due from Federal Reserve and other
408,055
7,839,984 8,916,727
Time certificates of deposit
247,480
280,588
banks and cash on
7,311 Real estate, furniturehand fixtures
69,039
11,297
Demand certificates of deposit
66,826
69.459
and
16,671
7,022,020 7,544,966 Other resources
17,846
Savings deposits
19,961
159,771
168,805
Cashier's checks and certified checks
625,156
$2,881.894 $3.122,896 $3,184.174
Cashier's checks acct. reserve purchased
Total
54.076
50,894
Fidelity insurance fund
LiabintieS20.967
11,275
Contingent liability on letters of credit
$200,000
$200,000
$200,000
555,000 Capital
1,075,000
Bonds borrowed
107.188
148,177
125.095
920.000 Surplus and undivided profits
600,000
Bills payable and rediscounts
1.165,239
874.749
1.058,361
Deposits subject to check
3.123
Contingent liability on lien claims
1.710.776
1.726.035
100 Certifs. of dep. and savings deposits- 1,627.027
6,742
liabilities
Other
10,522
Treas. checks and d1v. checks
971
21,419
13,405
$31.189,922 $31.710,527 Other liabilities-res. for int. & taxes
Total
* Formerly Lafayette South Side Bank. Name changed as above
$2,881,894 $3,122,896 $3.184,174
Total
Jan. 3 1928.
FINANCIAL CHRONICLE
MAR. 1 1930.]
Northwestern Trust Co. (fit. Moats).
The Savings Trust Co. (fit. Louis).
Resources-Dec. 31 '20. Dec. 31 '28. Dec.31 '27
Loans and discounts
54,810,957 54,867.021 $5,044,690
Cash and due from banks
775.206
1,024.441
840.931
Real estate
200
200
200
Overdrafts
1.586
2,433
2.196
Banking house, furniture & fixtures
122,000
120,000
122,000
Bonds and stocks
4,572.109
4.894.599
4.609.411
Total
$10,529,293 510,661.222 510.619.665
Liabilities
Capital stock
5500,000
$500,000
$500.000
Surplus
1,000.000
1,000,000
800.000
Undivided profits
163,626
172.086
264.068
Deposits
8,709,667 8,932,536
8.998,597
Reserves
56,600
156,000
56.600
Total
$10,529,293 510,661.222 $10,619.265
Park Savings Trust Co.(St. Louis).
ResourcesDec. 31 '29. Dec. 31 '28 Dec. 31 '27.
Loans on collateral
$301,125
5310.563
5253,288
Loans on real estate
218,065
145,330
173.680
Other negotiable and non-negotiable
paper and investment securities
2,353
2,088
1,770
Overdrafts
1,439
6,320
3.374
Bonds and stocks
314.977
210,325
194,645
Stocks in Fed. Res. Bank, St. Louis
1.800
1.800
Furniture and fixtures
14,405
15,829
12,503
Safety deposit vaults
11,886
11,386
12,052
Real estate other than banking house
6,100
Due from Fed. Res, and other banks..
65,600
- 5,9
139,250
Cash on hand
41,063
14.920
43,542
All other resources
5,124
2.471
2.729
Total
$914,094
1359,154
$684.487
Liabilities
$100,000
Capital stock paid in
$50,000
$550,000
Surplus
10,000
10.000
20.000
Undivided profits
3,446
6,035
3.385
Received for taxes, interest, &c
2,000
Demand deposits
425,169
375.637
385.593
Cashiers' checks
7,5001
192,776
Certificate of deposit
172,465
17,674
Savings deposits
215,6421
State and municipal deposits
Bills payable and rediscounts
165,000
73,000
102.000
57.710
Trust department deposit account
7.404
Suspense account
$914.094
$8859,154
$684.487
Total
Security National Bank Savings & Trust Co.(St. Louis).
Resources-Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Loans on real estate and other collat. $1,747,812 $1,862,423 51.362,018
635
1,592
Overdrafts
2,706,427
3,345:939
895,688
Bands and stocks
300,000
Bills payable (secured by U. S. bonds)
-11.250
15.000
11.250
Stock in Fed. Res. Bank, St. Louis
324,887
325,444
313,728
Real estate (company office building)
U. S. Govt. ctfs. of indebtness and
310,875
1,345,399
7,766.738
Liberty Loan bonds
1.025,805
Due from banks and trust companies1,586,399
3,292,142
5.000
Due from U. S. Treasurer..
45.504
Checks and other cash items
85,637
Cash on hand_
70,634
77,109
86.792
Other resources
1
Total_ __ _
Liabilities
Capital stock ---SurplusUndivided profits
Reserve for interest and taxes
Board of Education deposits.. _
Deposits subject to draft_
Time certificates of deposit
Savings deposits
U. S. Government deposits
Cashiers' checks
Bills payable
Other reservesCirculating notes outstanding.
•
514,121.525 57.173,530 $7,628,292
$3350,000
150,000
110.547
102,855
6.143.589
5350.000
150.000
54,690
74,156
7,168,013
6,447,484
1,141
95,380
$250,000
125,000
68.455
47,712
I4.f,6§
335,268
1.874,382
525.280
73,996
50,000
5.502
97,200
100,000
514,121,525 57,173,530 57,628,292
Total
1401
Dec. 31 '29. Dec. 31 '28. June 30'27.
Resources
Time loans
51.143.913$1,340,811 $1,257.560
Loans on real estate
,
1.020.370
605,760
Bonds
680,768
665,9941
United States Government bonds
7.500
300.000
1,027.30
Stock in Federal Reserve bank
7,5001
Bank building
125,9001
113.700
100.000
Safe-deposit vaults. furn. & fixtures.]
80.299
73.028
Due fr. tr. cos., bks., bkrs. & brokers
350,863
409,385
587.498
27,317
Checks and other cash items
113,6741
116.627
Cash on hand
268.430
140.8281
26,000
Other assets
3.179
Total
Liabilities
Capital stock paid in
Surplus and undivided profits
Deposits subject to draft
Time certificates of deposit
Savings deposits
Bills payable
Total
$33,406.320 $4,134,039 53,922.835
5200.000
110,748
1.866,387
149,466
917,719
162,000
5200.000
5200.000
141.039
130.442
2.465.2191
134,937
3.592.393
942.844)
250.000
53.406,320 54.134.039 53.922.835
*United Bank tik Trust Co. (St. Louis).
Resources-
Loans and discounts
U. S. Government bonds and securities
Other bonds and securities
Stock of Federal Reserve Bank
Overdrafts
Safe deposit vaults,furniture and fixtures
Other real estate
Cash on hand and due from Federal Reserve and other banks_
Letter of credit
Total
Liabilities
Capital
Surplus
Undivided profits
General reserve
Interest due on demand deposits
Letter of credit
Individual deposits
Time deposits
Bank deposits
Deposits by City of St. Louis
Total
Dec. 311929.
56,236.596
1.325.621
988.313
51,000
1,029
40.000
22.583
1.448,707
46.151
$10,160,000
$1,000,000
500.000
101.972
20.000
9,904
46,151
4.903.505
2,800.386
278,082
500.000
510.160,000
• Broadway Trust Co.consolidated with United States Bank as of Aug. 1
1929 under name of United States Bank & Trust Co. and later changed
to States Bank & Trust Co.
West St. Louis Trust Co. (St. Louis).
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
Resources$376,540$410.559 $403.187
Loans on collateral security
350,008
Loans on real estate security
321,215
376.732
1,467.000
Bonds and stocks
1,502.000
1,421.700
762,834
Bills receivable
897.781
968,584
92.028
Real estate
96,600
93.100
28,055
Furniture and fixtures
29,291
32,364
221,871
219,433
Due from trust companies and banks'
417.525
117,066
Cash on hand and other cash items__ J
134,003
12,010
Other resources
6,270
3.562
$33.427.412 $3.736.758 53.597.148
Total.
Liabilities
5200,000
Capital stock
5200.000
$200.000
100,000
100.000
Surplus
100.000
73,018
Undivided profits
68.992
62.418
Deposits by individuals and others in1,298.695
eluding demand certifs. of deposit_ 1.146,652
1,453.051
373,204
323.294
Time certificates of deposit
351.941
1,314,986
Savings deposits
1,468.013
1,438.572
7,928
Reserve for int., taxes & depreciation
14.868
18.924
1,624
Other liabilities_
4.239
917
210.000
Bills payable
'
230.000
Total
$33.427,412 $5,736,748 $3.597:14
CHICAGO COMPANIES
*Chicago Trust Company (Chicago).
Resources.Dec. 31 '27
Dec. 31 '29. Dec. 31 '28. 1
Cash on hand and on deposit
54,507.853 511.987.938 59,729.124
Loans secured by first lien on real Set.. 5,064.779 4,369,358
2,973,152
Stocks and bonds
964,714
3,743.039
4.022.048
U.S. bonds
1.3 8.638
903,041
120,000
Stock in Federal Reserve bank
90,000
Loans and discounts
l';,590,436 25.938,482 24,008.191
1.296
Overdrafts
7,774
229.184
389,054
Customers liability under acceptance_
339,063
1.935.638
Other a.ssets, incl. accrued interest..... 1.282.808
785,337
514,799.643 549,673,573 $42,857,731
Total
Liabilities
*53,000,000 53,000,000 $2,400,000
Capital stock paid in
2,000.000
500,009
Surplus
1.600,000
803,257
669.754
Undivided profits
683.898
9,280,6381 42,505,339 36.193.043
Time deposits
351,5651
84,332
Demand deposits
70,343
592
Dividends unpaid
1,127.464
Interim certificates outstanding
828,874
163,125
172,865
Reserved for interest and taxes
389,055
229.184
Liability under acceptance
339,063
301.671
356,090
Discount coll. & unearned
280.795
514.799,643 549,673,573 542,857,731
Total
t National Bank of Commerce and Chicago Trust CO., consolidated as
of Dec. 11927.
•Chicago Trust Co. and National Bank of the Republic consolidated as
of May 14 1929. Each institution continues as a separate unit, the commercial division of the Chicago Trust Co. also the bank and bankers division
and the bond department being transferred to the National Bank of the
Republic. Tim stock of the Chicago Trust Co. has been trusteed for the
benefit of the stockholders of the National Bank of the Republic.
*Central Trust Co. of Illinois (Chicago).
ReSOUr06.1*Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
558.540,565 540,996.235 533.908,657
Time loans
Demand loans
50.548,900 38,963,493 32,697.298
Real estate loans
4,555,775
2,148.014
3.122,568
16,464,684 17,860,162 14,109,587
U. S. Government securities
6,306.596 7.812.123. . 97
Bonds and stocks
Capital stk. of Fed. Res. Bank. Chic..
600,000
420,000
270.000
Bank premises
775,000
775,000
Customers' ilabii. on letters of credit..)
1,020.406 • 699,434
Customers' liability on acceptances-f 3.906.779
2,134,004
791,404
36,596.106 30,317,151 25,089,203
Cash and sight exchange
Total
$177,898,9685142,446,5585122,154,949
Other resources
379,563
CentralTrust Co. of Illinois (Chicago) Concluded.
Liabilities•
Capital
$12,000,090 $8,000,000 $6,000,000
Surplus
8,000.000 6.000,000
4,000.000.
Undivided profits
3,513.858
2,065.164
1.149;140
Contingent reservefund
1.451,263
250,000
250.000
Reserved for taxes and interest
675,655
801.42.5
Dividend account
362.945. , 241,008
180,762'
Bills payable
7,500.000
Letters of credit outstanding
3,906,779
1.031,621
713,519
Scceptances executed for customers
2,134,004
791.404
Special deposits
10,000,0001
Time deposits
24,310,1118/114.549,137 108,268.698
Demand deposits
114.229,076)
Total
$177,898,968$142.446,5883122,154.949
* Consolidated with Bank of America as of April 22 1929. Figures above
for Dec. 31 1929 are the statement of the two institutions. For previous
years figures are for Central Trust Co. alone.
f•
Years(As of Dec.31)1927.
1928.
1929.
1926. '
Capital (par 5100)
512,000,000 $8,000,000 56,000,000 $6,000:011111
Surplus
6.000,000
8,000,000
4,000,000
3.000.000
Undivided profits
1.149,140
2,065,164
3,513,859
1,624,992
Total deposits
149,027,068 114,560,352 108,268,698 95.368,802
*Net earnings
1,756,000
3,219,000
1,244,000
902.000
*Net earns, per sh. (on
average cap. outstdg.)
$27,90
$26.01
520,70
$15,03
,
*Earnings on average invested capital
$13.50
$13.10
511.50
$8.50
*Book value, Dec. 31_....
236
200
186
177
Date divs.pay.: Jan. 1,
Apr. 1, July 1, Oct.1Dividends paid
12%
12%
12%
12%,
&Dividends paid
2%
2%
2%
2%
Price range of stock
High
$785
5703
5475
$328
Low
350
400
299
282
Corporate name. Central Trust Co. of Illinois; incorporated under lewd
of Illinois: date of incorporation, July 3 1902; memberships,charter member
Federal Reserve System, Illinois Bankers Association, American Bankers
Association. Subsidiaries, Central-Illinois Co., Chicago Safe Deposit
Co., Central-Illinois Securities Co.
*Figures for 1929 include earnings of the Central-Illinois Co., the
associate investment company formed July 1929 by a union of the bank's
Federal
Securities Corp., the bond department of the Central Trust Co. and the
Central Securities Co. Figures prior to that time include only the
bond
department of the Central Trust Co.
a Paid by Central-Illinois Co., each share of Central Trust Co.
having a beneficial interest in one share of Central-Illinois Co. stockstock
held
in trust.
FINANCIAL CHRONICLE
1402
*Continental Illinois Bank & Trust Co. (Chicago).
ResourcesDec. 31 '29. Dec. 31 '28.
Cash on hand and due from banks_ - _ $209457687 $81.989,093
U.S. Govt. bonds and Treasury etre- 62,958,195 54,678,242
Bonds and other securities
103,629,558 31,471,212
Demand loans on collateral
252,161,783 103,026.017
Time loans on collateral
233.019.443 85,348,600
Other loans and discounts
192,316.820 78,795.299
Stock In Federal Reserve Bank
1.350,000
4,200.000
Bank building
1
15,000.000
Other real estate
230,055
Oust. Bab, under letters of credit
26,959,368 18,988.425
Customers' liab, under acceptances
38.792,490 12,340,436
Other banks'lia, on bills pur.&sold-- 34,325,143
interest accrued but not collected
3,552.658
1,843.534
*(The)Foreman-State Trust & Savings Bank (Chicago)
ResourcesDec. 31 '27.
$80,897,253 Cash on hand and on deposit
59.094.987 Loans and dlscounte
30,781,312 Bonds and securities
82,808.759
Total
105.033.966
Liabilities
78,815,374 Capital stock paid in
1.350.000 Burs
1 Undivided profits
Deposits
10,524.456 Interim certificates
14,225,273 Unearned interest
7,656.952 Reserved for taxes and interest
2,027,426
Total .
Total
Liabilities
Capital stock paid in
Surplus
Demand deposits
Time deposits
Undivided profits
Contingent fund
Dividends unpaid
Reserved for taxes and interest
Other reserves
Letters of credit
Acceptances
Liability on bills purchased & sold
19iscount eollected but not earned
Bills payable Federal Reserve Bank_
Total
1176603194 $469830859 473.215,759
$75.009,000 $15,000,000
65,000.000 30,000,000
665,197,7261373,640,549
213,595,1921
5,879.584
2,558.981
5.000,000
10.000,000
900,780
7,021,613 3,020,401
2,306.574
5,000,000
28,147,974 19,036,253
38,983,012 12,350,914
34,325,143
1,646,376
822,481
29,500,000 2,500,000
$15,000,000
30,000,000
382.434,285
278,350
5,000,000
900.225
2,937.109
3.500.000
10,575,087
14.227,220
7,656,952
706,531
1176603194 $469830859 473.215.759
*Formed by consolidation of the Continental National Bank & Trust
Co. and the Illinois Merchants Trust Co. opened for business March 18
1929. Above figures for Dec. 31 1929 are for both companies. For previous years results are for the Illinois Merchants Trust Co. alone.
Equitable Trust Co. of Chicago.
Dec. 31 '29. Dec. 31 '28. Dec. 31 '27.
$638,941
$632,893
$725,292
Cash on hand and due from banks--_
295.242
414,076
180.934
Bonds
2.358,890 2,462.485 2,558,370
Loans and discounts
123.500
125,554
123,500
Banking house & other real estate_ _13.756
15.143
16,290
Furniture and fixtures
9,286
10,703
6.245
Interest earned
VOL. 130.
Dec. 31 29. Dec. 31 '28. Dec. 31 '27
$7,373,716 $5,830,418 $6,542,027
24,891.386 8,402,301
8,902,289
4.255.527
4,725.088
5,336,960
$36,520,629 $19,569,679 $20,169,404
12.500,000 $2,000.000 $2,000,000
2,590.000
1,000,000
1,000,000
524,816
972,544
764,123
29.996.847 15.276.249 16.153.911
514,783
73,765
19,650
22,885
410.418
301.236
228,485
336.50.6-9 $19,619,679 120.169.404
* Consolidation of the Foreman National Bank, the Foreman Trust &
Savings Bank and the State Bank effected in Nov. 1929 forming two institutions-the Foreman-State National Bank and the Foreman-State
Trust & Savings Bank. The above figures for Dec. 31 1929 are for the
new trust company while previous years figures are for the Foreman Trust
& Savings Bank alone.
Harris Trust & Savings Bank (Chicago).
ResourcesDec. 31 29. Dec. 31 '28. Dec. 31 '27.
Cash on hand and due from banks_--$20,842,446 $22,259,119 $18,465,599
Loans on pledges of securities
56.596,224 48,035,266 42,074,948
Stocks and bonds
27,129,355 28,687,075 32.320.812
Customers liability on acceptances
and letters of credit
1,084.188
1.384,139
Other assets, incl. accrued interest_
984,980
Total
$105,652,213 $100,365,599 $93,846,339
Liabilities
Capital stock paid in
36,000,000 $4,000,000 $4,000,000
Surplus
5,000,000
5,000,000
5,000,000
Undivided profits
2,012,541
2,261.898
1,060,766
Deposits
89,963,541 86,468,861 81,679,338
Reserve for taxes, interest, &c
1,592,432
1.250,7011 2,106,235
1.084,188
Acceptances and letters of credit
1,384,1391
Total
1105.652.213 $100.365.50
-393.846.339
The Northern Trust Co.(Chicago).
ResourcesDec. 31 29. Dec. 31 '28 Dec. 31 '27.
Time loans secured by collateral
313,280,622 $14,968,642 $12,875,742
Demand loans secured by collateral
21,200,808 24.732,280 19,067,111
Other loans and discounts
7,110,607
6,164,897
6,880,687
Bonds and securities
10,026.317 11,173,576 13,878,145
Federal Reserve bank stock
150.000
150,000
150,000
Bank premises
1.400.000
1.400,000
1.400,000
Total
$3,441,669 $3,658,800 $3,610.631 Liability of other banks on bills pur346,646
chased
Liabilities
Customers' liability under letters of
Capital stock
$350,000
$250,000
$250,000
1,010,694
credit and acceptance
1,136,813
1,330.763
Surplus
50.000
50,000
50,000 Cash and clue from banks
14,868.929 19,279,961 16.781.310
Undivided profits
41,321
35,310
43,125
Total
$69,394,623 $79,000,169 $72.363,758
Reserved for interest and taxes
57,250
6,252
10,716
Bills payable
150,000
Liabilities-Deposit.
2,793,098 3,312.774
3.261,264 Capital stock
$2,000,000 $2,000,000 12.000.000
3.000,000 3,000,000
Surplus fund
3,000.000
Total
$3,441,669 $3,658,800 $3.610.631
4.003,736 3,503,390
3,110.393
80.9 0
Undivided profit's
Dividends unpaid
80,302
"3
120 3 6
3. 3
7 8 2,471,818
Reserved for taxes. Interest. &c
2,225,576
2,220,083
Discount collected but not earned
167,772
123.884
First Union Trust and Savings Bank (Chicago).
Con n ngent _HAW! ._ .on_ oth_er.... _. _ .'
hiti .
3 0 648
14 0851
6.
. nid
banks
it?"
.
ROSOUTC8S--*Dec.3129. Jan. 2 '29. Dec. 31 '27.
1,176,246
(lash on hand and due from banks-pposil
ti
1,345.995
188.888.984 1E8,472,742 Le:ters of credit & acceptance outetds 1.076.122
56.466.847 66,600,641 60,478.920
Cash in hands of agents and in course
oftransmission
.
s
$69.394,623 171.000,169 $72,363.758
Total
Loans and discounts
93.871.170 88,720.382 80,458,008
Due from Federal Reserve Bank
5,442,227
5,599,698
The Peoples Trust & Savings Bank (Chicago).
Stocks and bonds
38.398,785 45,358,941 46,955.220
Federal Reserve Bank stock
450,000
450.000
Dec. 3129. Dec. 31 '28. Dec. 31 '27.
ResourcesReal estate
4,890,553 Loans
125.528,476 120.790,821 119,248,029
Other assets
416,148
759.763 Cash on hand
696.043
847,898
Deposits in other banks
5.139.267 1 5,948,010 3,800,188
Tetal
$147.648.673 1145.243,6821148.070.303 Cash in hands of agents and in transit
925,738
Stocks and bonds
1,988,478
4,004,142
Liabilities
2.881.034
124,184
140,132
Capital stock paid In
$7,500,000 $7,500,000 $7,500,000 Furniture & fixtures
of credit
61,510
56.481
218,489
Surplusfund
7,500.000 7,500.000 Customers liability on letters
7.500,000
2,439
4,036
Undivided profits
5,231,420 Overdrafts
6,238.779
6,407.144
Deposits
116,904.712 115,117.077 116,511,191
Total
132.844.354 130.941.602 127,317.355
Reserved for interest and taxes
2,219.268
3.626.017
2,864,359
Liabilities
Bills payable
3.300,000
Capital
12,500,000 11.000.000 $1,000,000
Liability under letter of credit
1,120,150
7,701,675 Surplus stock paid In
1.000.000
on hand
500.000
500.000
Liability on other banks bills, sold
5,050,000
1,092.981
501.522
Undivided profits
378,557
301.392
Other liabilities
987.062
1.590,825
Deposits
27.926.386 28,736,233 25.304.
216
840,274
263,081
211.746
Total
1147.648.673 $145.243.6821148,070.303 Reserve for taxes. insurance,&c. --Liability in letters of credit
76,172
63.731 J
Bank and the Union
• Consolidation in 1929 of First Trust & Savings
Trust Co.
Total
332.844,354 $30.941.602 $27.317.355
I
1
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
The stook market generally worked lower during the
early part of the week, but displayed an improving tenddncy
during the latter part, despite the fact that considerable
irregularity and occasional profit taking checked the advance to some extent. The weekly statement of the Federal
Reserve Bank, issued after the close of business on Thursday, showed a decline of $5,000,000 in broker's loans.
Call money renewed at 4% on Monday and fluctuated
between 4% and 432% throughout the week.
Price movements were fairly steady during the opening
hour on Monday, but pressure became effective after the
bulk of the buying orders were absorbed and mound noon
time the trend turned definitely downward and at the close
a long list of industrial favorites registered losses of 2 to 3
or more points. Oil shares and motor stocks were heavy,
and scattered throughout the list were numerous individual
shares that had dipped to new lows for the current year,
United States Steel common for instance dropped below 180
and at one time was 10 or more points below last week's top.
Other speculative favorities that have been prominent recently which were more or less affected by the drop were
Westinghouse Electric Manufacturing Co., General Electric
American Can, Radio and Woolworth. Public utilities were
inclined to move upwaad daring the first hour, but eventually
slipped back with the rest of the list. Railroad shares were
dull and the so-called specialties displayed little or no ac-
tivity. Support was given to a limited number of steaks,
but there was a lack of aggressive action on the bull side
throughout the session. On Tuesday the market was again
weak. As the day advanced, however, prices strengthened.
Public utility stooks improved somewhat during the late
trading, Electric Power & Light closing with a net gain of
43, points as it crossed 65 and Pacific Lighting selling up to
883',and though many active issues of the group recovered
a part of their early losses they were unable to reach the
previous closing prices. The notably weak shares were
United States Steel, which dropped to 1793, Case Threashing Machine which was off 2 points, Auburn Auto which
dipped 6 points to 216, Chesapeake & Ohio which was off
2 points at 226, Consolidated Gas which was down nearly
3 points to 1175 and New York Central which slipped back
%
23/i points to 180. Copper shares were moderately active,
but the gains were mostly fractional.
The market was considerably stronger on Wednesday
and swung briskly upward on a broad front. Oil shares
were the outstanding feature of the late trading and showed
gains ranging from one to four or more points. The principal changes were Union Oil 13. points to 433, Continental Oil 13/ points to 20%, Standard Oil of California
s
and Standard Oil of New Jersey both of which improved
nearly iwo points, and Pan American "B" which rose a
point or more. Industrial stocks were represented in the
advances by Westinghouse Electric Manufacturing Co.
which gained about nine points to 1803,-i, General Electrie
1403
FINANCIAL CHRONICLE
Alen. 11930.]
which advanced nearly three points to 75%, United States
THE CURB EXCHANGE.
Steel common which improved 374 points to 183, Vanadium
After considerable irregularity in the early part of the
Steel which shot upward 35 points to 695/8, American
on broader
Can which surged forward five points to 1415/s, American week with the price trend downward,curb issues,
Machine & Foundry which moved ahead 13% points to trading, took a turn for the better and closed Armen. Utilities
263% and Worthington Pump which ran ahead 23/i points continue the center of interest. Electric Bond & Share
to 833(. Railroad issues on the up side were Union Pacific corn. after a drop from 97 to 935j sold up to 100%, closing
4
4
three points to 227, New York Central 23 points to 1823 , to-day at 100. Amer. Cities Power & Light, class A after
Canadian Pacific two points to 209, Chesapeake & Ohio
from 42% to 433' during the week, to-day
four points to 230 and Atchison 33' points to 2305/s. Pub- an advance
473/i closing at the high figure. Amer. & Foreign
lic utilities came back under the leadership of American jumped to
Water Works which closed at 1053' with a gain of three Pow. warrants fell from 71 to 683', recovered to 713, and
points. Other strong stocks were Air Reduction which finished to-day at 70. Amer. Gas & Elec. corn. after early
gained 45 points to 131%, Amer. Tel. & Tel. which moved weakness from 1343 to 1303' moved up to 1363' and
ahead 23 points to 234%, !American Tobacco which ran ended the week at 136. Cleve. Elec. Ill. corn. on few
4
ahead 83' points to 2355, United States Industrial Alcohol
sold up from 75 to 833j and at 81 finally.
which gained 354 points to 1203, United Fruit which im- transactions
Commonwealth Edison weakened rrom 2813 to 270 and
proved three points to 92, Johns-Manville which surged
forward 53 points to 1375., Eastman Kodak which climbed recovered to 278. Northern States Power corn. lost five
up 6% points to 2173 and Auburn Auto which closed at points to 175, the close to-day however was at 177. Investment trusts show some substantial increases. Electric
220 with a gain of four points.
The market was fairly buoyant during the trading on Power Associates corn. advanced from 313 to 36. Electric
Thursday and while it gave way for a time before a large Shareholdings corn. from 25 reached 285' and closed to-day
amount of realizing the final tone was firm with many of the at the high figure. Insull Utility Investments improved
leading issues close to their tops for the day. In the closing from 663 to 68 and closed to-day at 67%. Lehman Corp.
hour, Westinghouse Electric Manufacturing displayed con- weakened at first from 833/i to 813, then sold up to 843i,
siderable activity and moved ahead 1% points to 182, fol- with the final figures to-day 84. U. S. & Internat. securilowed by Radio-Keith-Orpheum which rose to a new peak ties allot. etfs. moved up from 68% to 77. Among infor the year. Railroad shares made little progress, being dustrials and oils changes were of little significance.
A complete record of Curb Exchange transactions for
held back in many cases by unfavorable January earnings
statements. Public utility shares were strong and moved the week will be found on page 1434.
ahead under the guidance of Consolidated Gas which sold
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
up to 12
05' and closed at 119%, with a gain of 13. points.
Bonds (Par Value).
Standard Gas & Electric followed with a similar gain and
Foreign
Stocks
Week /faded
Brooklyn Union Gas moved ahead 3% points to 173%,
Domestic. &overawes:1.
(No.Shares). 849810.
Feb. 28.
United States Steel common more than recovered its diviHOLI DAY
dend of 15% as it crossed 184 at its high for the day and Saturday
9242.000
15,400
91,773.000
631,300
Monday
386,000
1,569,000
18,800
647,500
Tuesday
Bethlehem Steel improved fractionally.
308.000
35,400
2,437,000
727,300
Wednesday
315.000
2,365,000
41,000
886,075
continued to move briskly forward Thursday
On Friday the market
155,000
2,410,000
39.700
800,100
Friday
except for a brief period in the early trading when the ad89,954,000 31.406,000
150.300
3,892,275
vance was temporarily checked by some profit taking. De- Total
spite the selling, many of the more active stocks continued
to move forward and a number of the market leaders adCOURSE OF BANK CLEARINGS.
vanced into new high ground. Public utilities were in sharp
Bank clearings this week will again show a decrease as
demand and moved briskly forward under the guidance of compared with a year ago. Preliminary 'figures compiled
American Power & Light which closed at 99 with a gain of by us, based upon telegraphic advices from the chief cities
33.4 Points, followed by Standard Gas & Electric which regis- of the country, indicate that for the week ended to-day
tered an advance of 2% points to 122%. Gains of 3 to 6 (Saturday, Mar. 1) bank exchanges for all the cities of the
points were registered during the session by Westinghouse United States from which it is possible to obtain weekly
Electric Mannfacturing, American Tel. & Tel., American returns will fall 21.4% below those for the corresponding week
Machine & Foundry and American Water Works. The final last year. Our preliminary total stands at $11,906,855,545,
tone was good.
against $15,138,692,077 for the same week in 1929. At this
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
centre there is a loss for the five days ended Friday of 26.9%.
DAILY. WEEKLY AND YEARLY.
Our comparative summary for the week follows:
Stoats,
Number of
Mares.
Railroad,
&c..
Bonds.
2,320,430
2,832,910
3,017,750
3.310,110
2.320.400
HOLIDAY
$5,420,000
5.286,000
5,871,000
7.066.000
6.978,000
112 Nil Ann
480 010.800
310.610.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
1929.
1930.
9144,000
157,000
378.000
540.000
488.000
11
1197 AM
Jan. 11.Feb. 28.
1930.
1929.
13,601,
22.800.5001
130.162,390
194,795,980
81,887.
10,810,
20,819,000
91,827,100
11,967.000
31,693,000
$16,445,100
104,712.500
283.776.000
$23.478,100
110,683,050
290,783,500
$42.916,000 $45,487.100l
-No,of sharesStocks
Bonds.
Government bonds..State and foreign bands
Italtroad & misc. bonds
Total
Male.
84sal4eiVal A
Foreign Bonds.
Wag Ended Feb. 28.
Sales al
New York Stoat
Exchange.
United
Natal
Bonds.
31,992.000
2.359,000
2,443,000
2,204,000
1.812,000
Weat Ended lob. 28.
8404.933.600
8424,897,850
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ended
Feb. 28 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
FridaY
Total
Prey,
week revised
Mare..
Philadelphia.
Blaiseere.
Bond Sales. Share*. Bond Sales. Mares. BendSales,
HOLI DAY
$19,000
*34,741
15.000
.41,575
*42,354
42,000
8,000
40.487
1,000
42,389
HOLI DAY
$2,000
a72,848
14,300
a89.719
10,000
a81,854
11,000
a84,358
17,000
23,410
BOLT DAY
925,000
b1,760
1,080
21.000
32,000
3.231
1,818
3,000
2,733
23.000
201,548
$85,090
332,177
854,300
10.620
3107,000
275884
Ill&non
573.811
$37.850
14 071
2111
nnn
• In addition. sales of rights were: Monday. 2,517; Tuesday, 984; Wednesday.
1,077.
*a In addition. sales of rights were: Monday. 1,400; Thursday, 1,900. Sales of
warrants were: Monday,900; Tuesday, 1,400; Wednesday, 400; Thursday. 1,300.
0 In addition, sales of rights were: Monday, 711; Tuesday, 335; Wednesday, 293,
Thursday.,328. Friday, 490. Sales of warrants were: Tuesday. 30.
1930.
1929.
Per
Cad.
New York
Chicago
Philadelphia
Boston
Kansas City
Eft. Louis
San Francisco
Los Angeles
Pittsburgh
Detroft
Cleveland
Baltimore
New Orleans
0,942,000.000
506.945,531
513.000,000
437,000,000
115,920,433
108,800,000
178,999,000
161,721,000
163,407,487
182,887,899
120.661.601
81.864,089
46,534,128
58,125,060,000
739,325,152
544.000,000
403.000,000
116.749,815
133,200.000
187,501,000
200,286,000
174,348,655
224,531,158
139,570,057
97,034,848
52,753,787
-26.9
--31.4
-5.7
+17.3
-0.7
-18.3
-23.5
-17.2
-8.2
-18.6
-12.9
-5.9
-11.8
Thirteen cities, 5 days
Other cities, 5 days
28,559,741,188 511,126.300.452
1,003.186,795
1,029,305,120
-23.1
-5.9
Total all cities, 5 days
AU cities, 1 day
$9,559,046,288 912.219,487,247
2,919.204.830
2,317,809.257
-21.5
.
--20 6
111.906.855.545 $15,139,692,077
-21.4
CIearings--Reittrns by Telegraph.
Week Ending March 1.
Total Hit citing
for week
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.
I the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 22. For
that week there is a decrease of 21.8%, the aggregate of
clearings for the whole country being $9,039,653,878 against
$11,558,976,8541 in the same week of 1929. Outside of this
city the decrease is 11.7%, while the bank clearings at this
centre record a loss of 27.2%. 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 are smaller
by 26.9%, in the Boston Reserve District by 17.3% and in
the Philadelphia Reserve District by 6.2%. In the Cleveland Reserve District there is a loss of 13.6% and in the
Atlanta Reserve District of 9.3% but in the Richmond Reserve District there is a gain of 1.3%. In the Chicago
Reserve District there is a decrease of 20.2%, in the St.
Louis Reserve District of 8.5% and in the Minneapolis
Reserve District of 7.6%. In the Kansas City Reserve
District clearings show a shrinkage of 3.1%, in the Dallas
Reserve District of 15.8% and in the San Francisco Reserve
District of 14.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc.or
Dec.
1928.
1927.
8
466,629,733
7,684,324,533
566,901,350
396,478,786
148,536,501
170,966,611
991,195,586
205,455,452
109,012,532
184,713.190
76,669,871
558,092,706
%
-17.3
-26.9
-6.2
-13.6
+1.3
-9.3
-20.2
-8.5
-7.6
-3.1
-15.8
-14.4
I
427,912,303
5,858,062,819
474,424,845
349,668,897
151,581,100
167,348,974
843,430,872
190,764,516
99,430,073
176,173,686
66,364,812
525,051,686
$
443,159,026
5,250,228,645
493,729,892
383,411,162
162,953,963
180,872,784
873,784,234
197,296,254
94,299,636
176,004,648
69,244,575
491.066,062
9,039,653,878 11,558,976,850 -21.8
3,529.717,845 3,995,075,986 -11.7
9,155,184,929
3,400,300,688
8,816,100,891
3,669,956,298
410.414.860
307.080.628
Federal Reserve Dists.
$
437,482,746
1st Boston.....12 cities
5,620,474,065
2nd New York.11 "
531,706,572
3rd Philadel U.10 "
342,862,511
lth Cleveland-. 8 "
149,003,763
5th Richmond.8 "
155,104,456
5th Atlanta_ _ _ _13 "
790,788,141
766 Chicago -.20 "
190,294,899
5th St. Louis__ 8 "
100,741.249
Dth Minneapolis 7 "
178,922,638
10th KansasCity Li "
5 64,535,821
llth Dallas
477,737,017
12th San Fran-17 "
128 cities
Total
Dutside N. Y. City
IsinArtx _ __ _ _ _ _21 cities
376 no8 450
131_591.339 -12.4
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Feb. 23.
Clearings at
1930.
1929.
Inc. or
Dec.
First Federal Reserve Dist rice-Boston
482,434 -5.6
455,421
Maine-Bangor__
3,110,281 -4.9
2,959,601
Portland
Mass -Boston.- 394,593,590 418,000,000 -6.6
+0.1
1.075,415
1,075,654
Fall River_ _ _
1,196,611 -44.9
790,633
Lowell
942,376 +17.5
1,108,594
New Bedford..
4.142.051
4.282,417 -13.3
Springfield _ _
3,042,126 -6.4
2,880,071
Worcester
12,199,670
-Hartford.
13,281,764 -15.8
Conn.
7,015,086 -5.4
6,639.325
New Haven_ _ _
R.I.-Providence
13,671,300 -26.1
10,110,500
N.H.-Manches'r
529,923 -0.4
527,636
437,482.746
466,629,733 -17.3
Second Feder al Reserve D lattice-New
N. Y.
-Albany_ _
5.360.309
4,993,090
931,594
Binghamton_ _ _
1,050,453
Buffalo
43,028,950
54,058,722
Elmira
719,273
825,437
Jamestown..._
1.056,099
1,078,798
New York_ __ _ 5,509,936,033 7,563,900,864
Roehester
9,713,393
11,563,160
Syracuse
4,332,965
5,170.542
-Stamford
Conn.
3,966.818
4,180,647
-Montclair
N. J.
685,107
626,423
Northern N. J_
40,743,524
36,876,397
1928.
1927.
418,854
2,514,256
383,000,000
1,629,097
896,845
918,196
4,238,584
2,611,070
12,322,079
6,963,929
11,912,100
486.693
539,053
2,972,572
398,000,000
1.483,888
1,006.729
920,922
3,971,360
2,783,498
11,744,437
6,982.148
12,219,500
535,119
427,912,303
443.159.026
York
4,660,232
--7.3
3,860,576
896,534
1,117,000
--11.3
42,712,694
42,597,265
--20.4
746,599
838,723
--12.9
--2.1
984.864
1,359,952
--27.2 5,754,884.241 5,146,144,593
10,060,532
11,751,303
--16.0
4,790,988
5,061,329
--16.2
2,724,210
--5.1
3,373,053
i-9.4
595,566
553,892
35,006,359
33,570,959
+10.5
Total(11 cities) 5.620,474,065 7,684.324,533 -26.9 5,858,062,819 5,250,228,645
Third Federal Reserve Dist rict-Philad elphia
-Altoona__ _ _
1,228,299
Pa.
1,411,920 -13.0
Bethlehem _ _ _ _
3,680,352
4,419,462 -16.7
Chester
832,485
989,635 -15.9
1.891,192
Lancaster
1,861,224
+1.6
506,000,000 540,000,000 -7.3
Phllaaelphia
2,792,974
Reading
3,013,424 -7.3
Scranton
4,017,568
5,611,818 -28.4
Wilkes-Barre_ _
3,261,722
3,589,493 -9.1
1,643:980
1,812,486 -9.3
York
6,358,000
-Trenton
4,191,888 +51.7
N. J.
Total(10 cities)
531,706,572
566,901,350
-6.2
Fourth Feder al Reserve D lstrict-Clev eland7,064,000 -47.3
3,720.000
Ohio-Akron.._ _
3,268,277
3,607,048 -9.4
Canton
74.430,399 -21.0
58,058,909
Cincinnati..- _
112,419,697 122,079,221 -11.6
Cleveland
12,774,000
14,078,800 -9.4
Columbus
2,182,078
2,426,972 -10.1
Mansfield
5,281,348 -21.3
4,158,425
Youngstown _ _
Pa.
-Pittsburgh _ 140,281,125 162,510,997 -10.0
1,313,306
4,191,484
904,586
2,135,973
449,000,000
3,005,031
4,890,850
3,195,014
1,513,006
4,275.595
1,412,583
4,555,979
1,112,722
1,700,075
467,000,000
3,585.062
5,430,959
3,284,464
1.341,300
4,406,748
474,424,845
493,729,892
5,359.000
3,332,425
62,552,597
106,622,711
13,761,700
1,708.920
4,967,185
185,106,614
396,478,785 -13.6
349,668.897
383,411,152
Fifth Federal Reserve Dist riCt-Richm ond1,027,801
947,017 +8.4
W.Va.-Hunth'n
3,521,608 -3.8
3,388,936
Va.-Norfolk. _
36,614,000 +0.8
Richmond _ _ 36,925,000
S.C.-Charleston
*2,000.000 -14.7
1,706,000
85,260,278
81,660.065 +4.4
Md.-Baltimore
23,793,811 -15.2
D.C.-Washing'n
20,695,748
911,149
4,292,504
36,059,000
2,200.000
87.011,550
21,106,897
1,149,448
4,397,787
45,856,000
2,138,021
88,283.213
21,129,494
+1.3
151,581,100
162,953,963
Sixth Federal Reserve Dist rict---Atlant aTenn.
-Knoxville
*2,300,000
2,602.517 -11.6
Nashville
20,124,194
20,206.759 -1.4
Ga.-Atlanta_ _
41,856,103
50,982,416 -27.9
Augusta
1,821,911 -21.1
1,437,520
Macon
1,089,442
1,261,652 -13.6
Fla.-Jack'nville.
15.310,015
1.5,796,407 -3.1
Miami
3,651,000
3,256,000 +12.1
19,038,447
21,787,246 -12.4
Mobile
1.555,794
1,472,854
+5.6
Mbar-Jackson
3,320,000
2,541,000 +30.7
Vicksburg
192,551
358,711 -46.3
La.
-N. Orleans_
45,169,390
48,879,138 -7.6
2,750,000
19,908,452
45,568,484
1,437.451
1,698,738
17,438,747
3,386,000
20,204,192
1,250,929
2,025,954
285,094
51,394,933
2,706,242
20.067.023
46,135,664
1,990,470
1,768,152
21,650,910
6,868,187
21,530,245
1,722,481
1,434,133
324,751
54,674.526
167,348,974
Total(6 cities).
Total(12 cities)
342,862,511
149,003,763
155,104,456
148,536,501
170.966,611
-9.3
1927.
991,195,586 -20.2
843,430,872
873,784,234
uis-29.7
-11.0
+5.2
+14.9
-0.6
-10.3
-16.4
+0.3
4,123,891
121,100,000
32,983,801
363,989
18,578,348
12,116,380
285,501
1,212,606
5.440.460
124.500,000
32,159,101
413,670
20,101,150
12.748,070
372,238
1,561,565
-8.5
190,764,516
197,296,254
Ninth Federal Reserve Die triCt-Minn eapolla
-4.2
Minn.
-Duluth..
. ,
M inneapolis
70.592,813 -2.8
68,624.573
.
St. Paul
21,156,290, 26,757,001 -20.9
1,531,215 +6.7
No. Dak.-Fargo
1,633,5681
829,240 -3.8
S. D.
806,818
-Aberdeen
500,665 -14.0
Mont.
445,685
-Billings _
2.792,000
2,324,000
Helena
5.395,627
63,212,509
25,808,591
1,543,062
947.913
521,502
2,000,809
4,750,617
59,509,005
24,216.739
1,553,710
923,385
463,180
2,883,000
790,788.141
Eighth Federa I Reserve Die trIct-St. Lo
5,311,810
Ind.
3,734,969
-Evansville.
Mo.-St. Louis... 114,100,000 128,200,000
Ky.-Loulaville 37,114,947
39,053,967
455,216
528,072
Owensboro_ _ _ _
19,804,273
Tenn-Mem phis _
19,693.892
A r k-Litt'e Rock
13,082,281
11,735,349
111.-Jacksonville
259,306
216,831
1,227,619
1,231.819
Quincy
Total(8 cities).
190,294,899
205,455,458
--7.6
99,430,073
94,299,638
Tenth Federal Reserve Dia trice- Kane as City
290,160 +9.0
316,325
Neb.-Fremont..
443,468 -7.8
413,886
Hastings
3,320.710 -10.8
Lincoln
2,961.036
41.932,892 -3.8
Omaha
40,339,966
2,589,244 +31.2
Kan.-Topeka _ _
3.398,955
6,623,870 -2.7
Wichita
6,442.163
Mo.-KansasCity 116,150.175 119.695,961 -2.9
7,330,538 -9.5
St. Joseph_
6,631.147
1,087,361 -14.7
Colo.
927,415
-Col. Svgs.
1,398,986 -15.1
Pueblo
1,341,570
323,826
456,635
4,147,742
39,593,161
2,813,862
7,420,752
112,922,514
6,247,612
1.102.544
1,144,038
271,349
403,081
3.628.309
34.254,210
2,688,005
6,469,232
121,130,093
5.145,043
954,105
1,061,221
Total(7 cities).
100,741,249
109,012,532
-3.1
176,173,686
176,004,648
-Da RasEleventh Fede ral Reserve District
1,616,819 -5.4
Tex.
-Austin....
1,528,508
51,463.509 -21.1
Dallas
40,624,343
13,736,222
+2.3
Fort Worth
14,042.188
4,700,000 -6.3
Galveston
_
3,995,000
5,153,321 -15.7
La -Shreveport.
4,345,713
_-
1,249,195
45.622,572
10,659,473
4,109,000
4,724,572
1,277,685
45,289,327
10.470.028
7,904,000
4.353.555
76,669.871 -15.8
66.364,812
69,294.595
Twelfth Feder al Reserve D strict-San F randi sco,43,160,467 -20.6
Wash-Seattle _ _
38,000,000
34.262,786
11,065,000 -13.5
9,575,000
11.283,000
Spokane
1,055.047 +16.1
Yakima
1,341,431
1.133,756
32,472,503 -11.4
Ore.
28,765,301
29,694,209
-Portland
Utah-S. L. City
16.634,265 -10.7
14,990,059
14,843,577
3,261,080 -7.3
Cal.
3,009,608
5,991,323
-Fresno__ _ _
8,458.890 -28.1
Long Beach_ _
6,082,052
7,642,062
Los A ngeles _ 164,170,000 210,697,000 -22.1 174,859,000
17,310,744 -22.1
Oakland
13,491,223
16,194,700
6,528,681 -22.2
6,679,969
Pasadena
5,076,445
6,653,494 +24.4
8.278,691
5.804.765
Sacremento _ _ _
San Diego....4,574.453
5,508,467 -10.2
4,516,405
San Francisco_ 174,906,948 187,046,148 -6.5 200,159,000
2,471.601 +13.4
San Jose
2,802.186
2,668,682
1,595,992 +15.9
Santa Barbara_
1,849,969
1,380,723
1,849.227 -10.9
Santa Monica_
1,914,727
1,647,455
2,324,100 +8.2
2,235.400
Stockton
2,750,000
37,174,068
10,361,000
1,118,117
28,929,449
13,982,407
6,129,767
6,082,344
174,558,000
18,390,070
5.914,859
6.158,916
5,413.285
168,955,000
2,663,508
1,214,990
1,750,282
2,270,000
Total(10 cities)
Total(5 cities).
178,922,638
64,535,821
184,713,190
Total(17 citles) 477,737.017 558,092,706 -14.4 525,051,680 491,066,062
Grand total (126
cities)
9 039,653,878 1.558,976.850 -21.8 9,155,184,929 8,816.100,891
Outside N. Y
3,529,717,845 1,995,075,986 -11.73.400,300.6883,660.056,298
Week Ended Feb. 21
Clearings at
-
180.872,784
Total(8 cities).
1928.
$
Seventh Feder al Reserve D lattice- Ch cago
Mich.
222,433 -12.1
-Adrian _
195,687
214,823
231,797
Ann Arbor_ _ 854,547 -30.8
601.423
591,507
1,057.180
Detroit
158,371,014 219,176,823 -27.7 146,719,304 149,098,196
Grand Rapids..
6.873,566 -35.7
4,419,294
6,684,225
6,451.151
Lansing
2.676,476 -12.1
3.302,942
2,647,500
2,137,000
3,031,059 -4.7
Ind.-Ft.Wayne.
2,889,842
2,553,133
2,358,842
20,637.000 -16.9
Indianapolis
17,150,000
19,759,000
21,830.000
South Bend_ - 3,127,738 -26.4
2,020,875
2,428,692
2.613,600
Terre Haute _ _
6,163,294 -12.2
5.409,983
4,762,732
7,232,903
28.797,203 -35.4
Wis.-Milwaukee
24,150,392
34,278,438
35.710,057
2,429,581
2.473,736
+1.8
Iowa-Ced. Rap.
2,428.206
2,440,158
8,198,331 -2.1
DesMoines.._
8,028.615
8,076,159
8.749,024
5,664,118 -1.6
Sioux City....
5,574,446
5,922,452
5,937,237
Waterloo
1,209,456 +27.7
1,544,951
1,145,174
1,011,823
1.637.108 -19.9
1,311,556
1,438,041
III.-Bloom'gton_
1.209,269
Chicago
543.849,871 668.478.874 -18.6 592.268.113 615.000,057
1,159,115 -8.8
Decatur
1,056,295
984,100
1,159,580
5,334,992 -22.8
Peoria
4,170,591
4,625.767
4,257.707
2,823,620
3,170.838 -11.0
Rockford
2,818,810
2,816,362
2,353,034 -10.8
Springfield....
2.099,366
2,149,338
2,482,291
1929.
1930.
6,047,000
3,419,478
63,616,454
106,054,173
13,917,100
1,407,323
3,107,214
152,100.158
Inc. or
Dec.
1929.
1930.
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 ......
Rierbrooke
Kitchener
Windsor
Prince Albert_ __ _
VIoncton
Kingston
"31uitham
larnia
Total(31 Cities)
•Estimated.
W00,1.000 .. .*WCDOWNC0,
-4 14-4.20tP.M.00%,
10.0000..WWVOCNN0000000N1000..0,
1930.
Week Ended Feb. 23.
Clearings at
-
Total(20 cities)
1929.
Week End. Feb. 221930.
Total(12 cities)
[VoL. 130.
FINANCIAL CHRONICLE
•
aso,c4t4bacoawa-4.-ow= •
-20c con.mosw-..scoOb.
,,
oacAW14b.-1
otWlos
wwvoA.u,o.q..2...w.a.o.owwwmonamoop,. .
1404
378,008,450
$
137,363,368
151,811,541
43,075,844
23,007.157
9,724,431
7,442,814
3,308,714
7,299,280
9,713,904
2,471,713
2,613,009
3.160,419
5,797,323
4,376,236
504,113
542,498
2,160,126
1,211,247
1,527.391
883,426
721,526
434,078
899,806
1,100,665
1,192,828
5,563,076
452,972
953,931
790,067
757,241
730.595
inc. or
Dec.
%
-8.1
-25.4
+17.7
-6.7
-25.1
-24.4
-22.8
-20.8
-2.0
-16.7
-18.3
-716.7
-1.5
-1.2
+23
-1.4
-6.1
12.9-31.6
-6.0
+0.4
-20.6
-7.6
-27.9
-5.0
-14.5
-2.5
-16.2
-26.8
-17.9
-20.4
431,591,339 -12.4
1928.
$
136,557,603
141,015,216
44.399,146
21,539,832
6,552,673
4.393.881
3,049,803
5,408,980
12,325,676
2,614,276
1,885,749
2,846,414
5,301,205
4,342.077
309,026
608,125
1,862,962
1,112,827
1,410,158
833,987
672.883
432,041
837,521
786,422
1,268,863
4,938,778
370,033
799,440
702,993
686,664
550,106
410.414,860
1927.
$
95,786,350
107,256,263
35,507.622
14.683,5113
5,816,351
5.751,557
2,419,918
4,710,516
7,184,900
2,378,297
1,685,749
2,775,030
3,993,431
3,212,125
402,735
429,699
1,458,637
1,044,051
1,179,097
789,520
630,873
232.981
694,570
798,318
954,103
3,746,463
300.977
798.668
653,311
726,309
525,914
307,085,62g
MAR. 1 1930.]
FINANCIAL CHRONICLE
1405
4.eurs
gommercialand Wiscelatteons
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Breadstuffs figures brought from page 1505.
-All
Samuel Montagu & Co. of London, written under date of
the statements below regarding the movement of grain
Feb. 12 1930:
receipts, exports, visible supply, &e., are prepared by us
GOLD.
On the 6th inst. the Bank of England lowered its officiaLrate of discount from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river Ports
from 5% to
%•
The Bank of England gold reserve against notes amounted to £150.- for the week ending last Saturday and since Aug. 1 for
783,865 on the 5th inst. (as compared with £150,134,547 on the previous each of the last three years:
Wednesday), and represents a decrease of £3,122,450 since April 29 1925
when an effective gold standard was resumed.
Gold from South Africa to the value of about £991,000 was offered in
the open market yesterday. The price realized was 84s. 10d. per fine
ounce, at which .£893,000 was secured for Germany. .C20,000 was taken
far India, £30,000 for Rome Trade and £48,000 for Continental trade.
Movements of gold as announced by the Bank of England show a net
efflux of £106,033 during the week under review. Receipts amounted
to £21,931, and of the withdrawals, totalling £127.964. £100,000 was in
sovereigns set aside."
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3rd inst. to mid-day on the 10th inst.:
ImportsExports
France
'Germany
£20,853
£1,654,320
Spain
2.000,000 France
17,329
British West Africa
36,056 Switzerland
13,700
British South Africa
826,710 Austria
10,925
Other countries_
1,175 British India
18,293
&Other countries
6,709
£2,884.794
£1,721,276
The Transvaal gold output for the month of January last amounted to
882.801 fine ounces, as compared with 851.134 fine ounces for December
1929 and 876,452 fine ounces for January 1929.
The following was the composition of the Indian Gold Standard Reserve
as on Jan. 311930:
In India
Nil
In England:
Cash at the Bank of England
£503
Gold
2,152,334
British Treasury bills
-value as on Jan. 31 1930
•
8,229,755
Other British and Dominion Government securities-value
as on Jan. 31 1930
29,617,408
£40,000,000
SILVER.
Prices have shown some fluctuation and the feature of the week was a
sharp rise on the 8th inst. of %d. for cash and 5-16d. for two months'
delivery, which carried quotations to 20 7-16d. and 2034d. This was due
to a keen demand from China falling on a day when there was a marked
absence of selling. The demand was not maintained, for the high level
proved attractive to sellers and prices subsequently showed a tendency to
sag. The Indian bazaars have made purchases without being active, but
America has shown more interest in the market, having offered freely
during the week. The Continent has contributed moderately to supplies
and there has been some re-selling on China account.
The tone of the market is fairly steady for the moment but at the same
time there are no indications of resistance sufficient to withstand any
pressure of selling.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3rd inst. to mid-day on the 10th inst.:
ImportsExports
Germany
£9,625 British India
£605,109
Belgium
6,503 Germany
32,195
France
48,088 Egypt
11,220
British India
45,848 Other countries
4,288
Canada
21,748
Other countries
434
£132,246
£652,812
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Feb. 7. Jan. 31. Jan. 22.
Notes in circulation
17994
18021
18000
Silver coin and bullion in India
10605
10662
10698
Silver coin and bullion out of India
Gold coin and bullion in India
3227
3227
Hri
Gold coin and bullion out of India
Securities (Indian Government)
3885
3885
ageo
Securities (British Government)
277
247
215
The stock in Shanghai on the 8th inst. consisted of about
89,800,000
ounces in sycee, 128,000,000 dollars, 22,120 silver bars and
5,000,000
Saigon dollars, as compared with 89,600,000 ounces in sycee,
128,000,000
dollars and 18,640 silver bars on the 4th inst.
Statistics for the month of January last are appended:
-Bar Silver per Oz. Std.Bar Gold per
2 Mos.
Cash.
Oz. Fine.
Highest price
2134d.
84s. 1134d.
2140.
Lowest price
1914d.
20d.
84s. 100.
Average price
20.681d.
20.89d.
84s. 11.27d.
Quotations during the week:
Feb. 6
19 15-16d.
2030.
84s. 1030.
Feb. 7
19 1516d.
20 1-16d.
845. 1134d.
Feb. 8
203(d.
207-16d.
84s. 1134d.
Feb. 10
2034d.
20 5-16d.
84s. 1134d.
Feb. 11
20 1-16d.
"20 3-16d.
84s. 1034d.
Feb.
12845. d.
11
Average
20.07dd.
2012dd.
84s. 11.100.
The silver quotations to-day for cash and two months' delivery are each
lid. above those fixed a week ago.
5
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Feb. 22.
Mon.,
Feb. 24.
Tues.,
Feb. 25.
Wed.,
Feb. 26.
Thurs.,
Feb. 27.
Fri.,
Feb. 28.
Silver. p. oz _d_ 19 15-16 1934
19 11-16 1934
19 13-16 1931
Gold, p.fineoz. 848.1134d. 845.1134d. 848.11d. 84s.1134d. 84s.113411.
848.1134,1.
_
Consols,2H
5374
54
54
5374
54
British. 5%--- --- 101K
102
102
10134
102
British, 4H %- -_
.
96
96
9534
9534
98
French Routes
On Paris)Jr- --- 86.40
87.25
87.25
87.10
87.25
French War L'n ,
'(ln Paris)Jr_ ____
101.35
101.45
101.40
101.25
101.30
%. ___
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
4334
• Foreign
43
4274
4274
4231
4074
E
Receipts al
-
Fleur.
I
Corn.
Wheat.
Oats.
.
bbls.1961bs. bush. 60 lbs. bush.56 lbs. bush. 32 tbs
378,000
62,000 2.099.000,
179,000
Chicago
256.
301,000
1,368.000
Minneapolis_
58,003
4,000,
905,000
Duluth
41,000
498.000
16,000
21,000
Milwaukee._ 25.000'
40,000
175,000
Toledo
13.000.
20,000
Detroit
683,000,
272,
105.000
Indianapolis- 275,000
488,000
846,000,
103.
St. Louis_ --85.000
414,000,
20,000
29
Peoria
101,000
684,000 1.064,000,
Kansas City - 102,000
867,000
286,000
Omaha
12,000
457.000
56,000
St. Joseph_ _ _
312.000rt
200,000
32,000
Wichita
36.000
165,000
18,000
Sioux City- --
1
Total week'
Same week '29
Same week '2
4,190.000
6.277.000
5,081,000
332,000
420.000
458.
Rye.
us.56W:.
4,000
80.000
9.(100
1,000
2.000
1.000
7,000
7.748.000 1.887.000 671.000
8,376,000, 2,670,000 1.286,000
7,938,000, 2,451,000 903.000
97.000
210,000
317.000
Since Aug.11
12,926.000 279,160,000 162,995,000 92,901,00052,154.00020,294,000
1929
14,637.000370,417,000 191,271,000 97,782,00077.589.00021,065,000
1928
14,363,000345,475,
183,834.000 97.987.00055,592,00029.962,000
1927
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Feb. 22 1930, follow:
Receipts al-
Corn.
Wheat.
Flour.
OW.
I
Barley. I
146.
bbls.1961bs.bush.60lbs.bush.56 lbs.bush. 32 lbs.bus.48 lbs.lbus.56W..
29,000
128,000
441,000
New York... 240,111
64,000
Portland, Me
1
8.000
1,1'1
1,000
Philadelphia__
40,000
.
5.000
15,000
46,000
Baltimore._ _ _
15,000
2,000
Newport News
1,000
2,000
Norfolk
1,000
1'1
39,000
51,000
33,000
New Orleans *
2,000
44,000
Galveston.35,000
St. John,N.13.
8,000
4.000
50,000
Boston
23,000
1
90,000
704.000
732,000
8,565.000
Total week '31
369,$ 11
Since Jan 1'30 3,494,111
155.11.
645,000
106,'''39,000
501,111 2,531,000
593,000
Week 1929._
276,000 253,11$
213.000
Since Jan 1 •20 41R1.000 27.500.000 10.728.000 2.740.1 i $ 5.187.000 1.621.000
• 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 Sat., Feb. 22 1930, are shown inlannexed statement:
Wheat.
Exportsfrom-
Corn.
Bushels. Bushels.
757,000
64,000
20,000
100,000
34,000
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John,N.B
Houston
Halifax
Flour.
Oats.
zate.
Banta".
Barrels. Bushels. Bushels. Bushels.
85,949
17,000
8,000
2,000
2,000
5,000
2,000
1,000
1.000
27,000
35,000
8.000
4,000
5,000
18,000
4,000
Total week 1930- 1,426,000
Same week 1029
2.674.000 1.157.000
181.949
211.759
18,000
123,000
44,000
348,003
35,000
24,000
9.000
17.000
717.709
The destination of these exports for the week and since
July 1 1929 is as below:
„,,,.....
Exports for Week
Week
and Since
Feb. 22
July 1 to1930
Since
July 1
1929
Week
Feb. 22
1930
Since
July 1
1929
.....,..
Week
Feb. 22
1930
Barrels. Barrels.
Bushels. Bushels.
Bushels.
United Kingdom- 63,471 2,410,143
475,000 39,529,000
Continent
96,978 2,586,893
947.000 56,440,000
2,000
372.000
4,000
So.it Cent. Amer_ 9,000
562,000
466,800
West Indies
11.000
35,000 .2,000
Brit. N.Amer.Col__
14,400
372,291
Other countries... 1,500
704,000
Total 1930
Total 1929
Since ,
July 1 ,
1929
Bushels.
30.000
2.000
48,000
233,000
181.949 6,222,527 1,426,000 97,270,000
313.000
4,000
211,759 7,452.910 2,674,000 217,194,418 1,152.000 22,752,322
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 22, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Forth Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux Qity
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Me
Peoria
Indianapolis
GRAIN STOCKS.
Barley,
Wheat,
Rye.
Oats,
Corn,
bush.
bush,
bush.
bush,
bush.
95,000
1,175,000
45,000
40,000
43,000
186,000
1,000
9,000
4.000
577.000
17,000
191,000
21.000
3,669,000
159,000
46,000
27,000
61,000
726,000
416,000
877,000
74,000
9,000
104,000
1,738,000
293,000
3.458,000
220.000
165,000
8,000
267,000
7,568,000 1,800,000 1,609,000
251,000
319,000
5,066,000
566,000
233,000
383,000
2,770,000
20,000
128,000
3.000
7,000
210,000
706.000
154,000
13,000
34,000
2,000
46.000
21,251,000 4,778,000 3,352,000 5.460,000
398. 0
00
1,229,000
189,000
4,302,000
647,000 1,342,000 3,269,000
15,000
299,000
539,000
26,220,000
543.000 2,320,000 2,892,000 1,074.000
357.000
270.000
31,010.000 1,274.000 7,127,000
764,000 4.431,000
714,000
766,000
236.000
7.000
3,634,000 1,677,000
318,000
13,000
58,000
22,655,000 1.950,000
10,000
31,000
161,000
5,456,000
329,000
2,406,000
127,000
5,362,000 1,223,000
14,000
55,000
58,000
302,000
818,000
20,000
907,000 1,380,000
467.000
27.000
_
FINANCIAL CHRONICLE
1406
U. S. (Cond.)
Omaha
On Lakes
On Canal and River
Oats,
bush,
389,000
Corn,
Wheat,
bush,
bush,
7,388,000 2,970,000
MM,
bush.
4,000
Barley,
bush.
186,000
Total Feb. 22 1930_ -157,444,000 21,067,000 22,661,000 14,193,000 8,669,000
231,000 14,142,000 8,816,000
Total Feb. 15 1930...159,052,000 18,929,000
Total Feb. 23 1929_ _ _123,315,000 32,488,000 14,593,000 6,352,000 9.029,000
-New York, 393,000 bushels:
grain not included above: Oats
-Bonded
Note.
total,
Philadelphia, 1,000: Baltimore. 4.000: Buffalo, 139,000: Duluth, 10,000:
547,000 bushels, against 708,000 bushels in 1929. Barley-New York, 612,000:
1,071,000: Duluth, 99,000: total„2,962,bushels; Buffalo, 1,180,000: Buffalo afloat,
-New York. 4.015,000
000 bushels, against 2,149,000 bushels in 1929. Wheat
3,880,000: Buffalo,
bushels; Boston. 1,622,000; Philadelphia, 3,168,000: Baltimore,28,954,000 bushels,
total,
7,308,000; Buffalo afloat, 8,767,000; Duluth, 194,000:
against 27,876,000 bushels in 1929.
Canadian
847,000
403,000
1,133,000
6,814,000
Montreal
3,622,000 4,392,000 14,301,000
Ft. William & Pt. Arthur_51,410,000
299,000
afloat 194,000
787,000
3,060,000 1,378,000
16,291,000
Other Canadian
7,815,000 6,173,000 16,234,000
Total Feb. 22 1930.._..74.709,000
8,126,000 6,150,000 16,410,000
Total Feb. 15 1930.-74,971,000
7,651.000 2,550,000 8.059,000
Total Feb. 23 1929._ -84,164,000
Summary-157,444,000 21,067,000 22,661,000 14,193,000 8,669,000
American
7,815,000 6,173,000 16,234,000
74,709,000
Canadian
24,903,000
Total Feb. 22 1930...232,153,000 21,067,000 30.476,000 20,366,000 25,226,000
Total Feb. 15 1930...234,023.000 18,929.000 31,320,000 20,292,000 17,088,000
Total Feb.13 1229... _207,479.000 32,488,000 27,244,000 8,902,000
Foreign Trade of New York-Monthly Statement.
Merchandise Mover:sera at New York.
Imports.
Month.
1929.
1928.
1928.
1929.
$
$
168,712.467 1764,80,924 148,120,044
January _ 171.501,
February.188,138,049 173.826.482 187,045.251 135,898,81
March.-- 187,708,168 185,264,893 209.690,365 168,891,788
165.919.118 159,917,637 130,785.
April
.
188.510,567 157.560,6731132.845,534 150,188,285
May
107,839.901 144,666,805!151,988,551 147,075,390
June
168,829.72 147.613,519
.
166,191, , 149,390,
July
August __ 168,711,6 154,3.59,944 143,450,060 139.981.583
150.470,7831 , . 103,008,75
176,248,
Sept
155,167.632 170,708,71
,743,489 75,6 .
October
November 172.558.543 156,599.628138,372,069 169,650,612
December.157,091,61 168,359.8 133,178,01 157.285.
1633971
Total
Customs Receipts
at New York.
Exports.
1929.
$
27,288,733
28,274,931
29.352,
27,528,21
28,727,341
28,755,71
29,419.142
30.684,237
31,741.943
35,436.544
26,103.378
21,949,691
1928.
$
25,495,311
22,128,590
26.742,317
24,102,743
23,853,273
22,868,179
26,130,127
.10,315.887
31,168,728
34,691,171
27,651,679
25.823,112
195075647 1904428 871 1769186081345.260,260320,971,122
Movement of gold and silver for the twelve months:
Minr-New York.
Gold Movement at New York.
Exports.
Imports.
Mona.
I
January..
February.
March...__
April
May
June
July
August...
Sept
October _
November
December_
1029.
1928.
1929.
$
$
$
721.00:
795,991
8.772,302
1,038.88:
22,368,701 5,763.91
1,001.25
899,71
21,610,369
250..10
21,458,367 3.873.06
305.706
551.762
20,268,641
268,347
877.842
24.377,699
604.267 4,040.003
30.949.7343
706.269
863.5441
14,178.797
780.9
14,920,507 2,895,14
10,613.977 12,723,677 3,730.66
2.960,395 28,078,532i 30,191,332
419,7841 72,269,79
3.562.52
1923.
50,866.191
24,538,9
96,975,664
94,843,01
82,603.
97,939,
3,401,081
781,074
3,417,97
526,736
429,
830,
Imports.
Exports.
1929.
1929.
S.
4,344.061 5,260,989
3,759.967
1,051,7
2,130.72
4.323.804
2.015.676 3,444,272
1.323,768 3,368,694
1,815,544 2.523,583
773.959
1.013,32
2,202.311 3,990.222
891.724 2,198,482
2,054,407 3,855,968
1,655.353 5,175,001
3.270.641
1,458,16
For,. 130.
-The following information .regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
Capital.
Feb. 21-The Mattituck National Bank & Trust Co., Mattituck,
8100,000
N. Y
Conversion of The Mattituck Bank, Mattituck, N. Y.
CHARTERS ISSUED.
$100,000
Feb. 13
-First National Bank in McKinney, Tex
President, J. H. Merritt; Cashier, J. E. Largent,
100,000
River National Bank in Clarksville, Tex
Feb. 17
-Red
President C B Williams.
25.000
National Bank of Bushnell, Nob
Feb. 20
-The First
Conversion of The American State Bank of Bushnell,Neb•
President, G. 0. Unruh; Cashier, T. Van Denson.
50,000
-The First National Bank of Philip, So. flak
Feb. 20
Conversion of The Bank of Philip, So. Dak,
President, J. C. Nelson; Cashier, E. F. Walden.
CHANGES OF TITLES.
-The Hatfield National Bank, Hatfirld. Pa.. to The Hatfield
Feb. 18
National Bank & Trust Co."
Feb. 20- The City National Bank & Trust Co. of Niles•Afichisen" at
Niles, Mich.,to The City National Bank & Trust Co. of Niles."
Feb. 21-The Security National Bank of Sioux Falls, So. flak.,to Security
National Bank & Trust Co. of Sioux Falls."
VOLUNTARY LIQUIDATIONS.
•
875.000
-The First National Bank of Leonard, Tex
Feb. 17
Effective Feb. 11 1930. Liq. Agent, D. J. Attebery,
Leonard, Tex.
Absorbed by The Leonard National Bank, Leonard,
Tex., No, 12382.
850.000
-The First National Bank of Crandall, Tex
Feb. 18
Effective Jam 15 1930. Liq. Agent, M. Spellman, care
of the liquidating bank.
Absorbed by The Citizens National Bank of Crandall,
No, 5938.
850,000
-The First National Bank of Sioux Rapids, Ia
Feb. 18
Effective Jan. 30 1930. Lig. Agent. E. M.Durco, Sioux
Rapids, Ia.
Succeeded by The First National Bank in Sioux Rapids,
No. 13400.
50,000
-The National Bank of Hermosa Beach, Calif
Feb, I9
Effective Jan. 3 1930. Liq. Agent, W. C. Marshall.
Corporation of America, 6311 Market St.. San
care
Francisco, Calif.
Absorbed by Bank of America of California, Los Angeles, Calif.
75,000
-The Florence National Bank, Florence, Calif
Feb. 19
Effective Nov. 14 1929. Liq. Agent, W. C. Marshall,
care Corporation of America, 631 Market St., San
Francisco, Calif.
Absorbed by Bank of America of California, Los Angeles. Calif.
75,000
-The Graham National Bank, Graham, Calif
Feb. 19
Effective Nov. 14 1929. Liq, Agent, W. C. Marshall,
care Corporation of America. 631 Market St., Ban
Francisco, Calif.
Absorbed by Bank of America of California. Los Angeles, Calif.
25,000
Feb. 20
-First National Bank in Tishomingo. Okla
Effective Dec. 28 1929. Lie. Agent, W. 0. Ray,
Tishomingo, Okla.
Succeeded by First State Bank, Tishomingo, Okla.
CONSOLIDATIONS.
$1,125,000
Feb. 21-The Commercial National Bank of Peoria, III
600.000
Merchants & Illinois National Bank of Peoria, Ill
to-day under Act of Nov. 7 1918 under
Consolidated
the charter of The Commercial National Bank of
Peoria, No. 3296, and under the corporate title of
Commercial Merchants National Bank & Trust
Co. of Peoria," with capital stock of $2,000,000.
3011.000
Feb. 21-First National Bank of Yams., Wash
250,000
The Yakima National Bank, Yaidma, Wash
41,945,542
Total_ _ 196,032,011 58.347.248115,304.1;.57,150,9691 21,758,
Consolidated to-day under Act of Nov. 7 1918 under
of the First National Bank of Yakima,
the charter
No. 3355 and under the corporate title of Yakima
New York City Banks and Trust Companies.
First National Bank," with capital stock of 8500,000.
(AU pricer doltars per share).
100,000
Feb. 21-The First National Bank of Durant, Okla
100,000
The Commercial National Bank of Durant, Okla
Trust Cos.
Banks.
Banks.
-day under Act of Nov. 7 1918 under
Consolidated to
Md. Ask, N. Y.(Cos.). Bid. Ask. N. Y.(Con.). Md. Ask.
New York.
the charter and corporate title of The First National
: 7912
114 120 (Fidelity Trust 781
127 129 *ward
America
Bank of Durant," No. 5129, with capital stook of
590 630
83 Fulton
S per $256_ 82
Amer Unions_ 110 120
8100,000.
220
orkyllie
52
200,000
Bryant Park* 48
Feb. 21-Traders National Bank of Kansas City, Mo
_ _ 740 I 742
200 Guaranty _
Yorktown'...
The Gate City National Bank of Kansas City, Mounder 200,000
163 170
Central
Consolidated to-day under Act of Nov. 7 1918
ao
International. 45
Brooklyn
162 163
Chase
the charter of Traders National Bank of Kansas City,
40
Globe Each'. 225 245interstate.... 38
Chath Phenix
No. 9236, and under the corporate title Tradmm
450 625 Irving Trust _ _ 571 68
Nat Bic & Tr 126 128 Peoples
Gate City National Bank of Kansas City," with
82
80
Chemical.
capital stock of 8400,000.
Lawyers Trust
Commercial.. 550 560
40
UNDER THE ACT OF FEB. 25 1927.
Continental._ 38
BRANCHES AUTHORIZED
147 140
Manufaet
208 212 I Trust Co..
Corn Exch _
Ky. Locations of
Mutual(WestFeb. 18
-The First National Bank of Louisville.
charter).-- 380 426
--41st and Market Sta., Louisville; 18th and
branches
Fifth Avenue_ 250 3400 I New York.
Hill Sta., Louisville.
k550 5050 IBanc. Coni'le
First
Co. of Philadelphia, Pa.
289 272
Italians Tr.j 337
Feb. 21--Commercial National Bank & Trust and Morris Sta., Phila.
: 600
Grose
72
es &MVO. 82
ank of N Y
Location of branch-S.E.corner of 7th
1500 I & Trust Co_ 685 695 rrlsl. On & Vt 150 I 163
1400
Harriman
Lefoourt ____ 148 168 Bankers Trust 14712 14EN United States. 250
80
-Among other securities, the following,
.
Liberty ....._ 114 135 Bronx Co Tr_ 70 348
Auction Sales.
estehee'r Tr 1000
Cent Ha0ove1 343
1301gCbelsea Bank
not actually dealt in at the Stock Exchange, were sold at auction
Manhattan._ 1
Brooklyn.
62
National Cltp 2421i 24312 & Trust Co. 60 242
rooklyn. _ 785 795
235
in New York, Boston, Philadelphia and Buffalo o.1 Wednes85 ,Gounty
77
Penn Exch
82 Kings County 2900 3059
80
55 Empire
Morris__ 48
Port
- 195 215
day of this week:
1 MIdwoocl
Tr_ 11512 116,
132 134 Equitable
Public
g Ex-etook dlv. y Ex-rights.
By R. L. Day & Co., Boston:
•State beaks. t New stock. a Ex-dividend.
$ per its.
$ per share. Shares. Stocks.
Shares. Stocks.
7034
19 National Shawmut Bank
188
s.
3 Boston National Bank
107-10734
12034 211 Federal Nat. Bank
New York City Realty and Surety Companie
10 First National Bank
68
26W. L. Douglas Shoe Pred
500
(Aa prices dollars per shore.)
5 Merchants National Bank
234
10034 103. K. Monier Leather
100 National Rockland Bank
1334
25 Beacon Panic. pref. A
136
Bid. Ask, 4 Second National Bank
420
Bid. Ask.
1 Columbian Nat. Life Ins
105
hid. Ask.
4 U. S. Trust Co
20
24 First Peoples Trust units
47
35 Beacon Trust Co
100
34
: 52 U S Casualty- 95
20 UMW Elastic Corp
102
Affiance R'Ity 00 100 Lawyers Mtge 501
64 Peffierell Mfg Co
35
Great American Insurance
.
5 Nausskoag Steam Cotton Co- - 90 60 Great Northern Paper
4834
N Y Inv't'rs
50
105
Am Surety-- 116 118 Lawyers T1t3,1,rel
ao
ltrt pref.... 98 .... 25 King Philip Mills
280 286
100 Haverhill Gas Light Co
Guaran
&
80
15 Nashua Mfg. Co. pref
2d prat_ _.... 97
35-3634
Associated Textile Co
Lawyers Weezil
Bond & Mtg0
25 Int. fly. Co. v. t. 5.(Blit510)--- 73.4 50BondsPer Cent.
200 256
chest M &
51e.
98
99
($20 Par).25 Joint Stock /*cur. Co., MaasWestchester
$103101 $41.000 Eureka Smelting Co. 1st
25 Term. Hotel Trust
Title XL Tr_ - 130 155
mtg. 10-yr. Os. Jan. 11938, coup.
85 IMtgo Bond__ 193 203
Home Till's Ins 80
750-775
4 Boston 'minium Co
Jan. 1 1930 on ($36,000 series A
32 Fitchburg Gas & El. Co.. 693648
$1,000 lot
and 35.000 series B)
5154
of Indebtedness, &c. 124 Lowell Electric Light Co
Quotations for U. S. Treas. Ctfs.
$6.000 Westchester Pocottontaa Col775
8 Boston Inaurance Co
Co. gen. mtg. 78, Mar. 15
lieries
Ins.
160
lea.
$30100
Bid. lista. 3 Ewe: Company Ce. v. 1.0.(liO:
1937
Rate.
Maturity.
Rate. Bid. Askod,
234 Mascot Copper
Maturity.
A mortgage note and mortgage deed
rota.); 1.178 ditto undep. (Int.
for 42,000 on 38 Greylock Road.
151080... 534% LIN.. 100s. Sept 151930-32 334% 99"u 9911u
rets.); 13 Ranier Trucks; 20 ditto
Mar.
Newtonville. Mass., dated /use
Class A;8 Amer. Timber Holding
June 16 1930... 04% 100,331 100.., Mar. 151959-32 354% 991an 9911,1
18 1929, In name of J. Pearl
9
pt. In liquidation; 18 Parole Min13
Sept.15 19 0-- 334% 99.. 995I. Dee. 151930-32 354% N.. 9 “.
Roberts and A. Louise Roberts-9000114
& Mere.: 18 Hercules 011-435 lot
ing
1
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
i per sh.
168
18 Boston National Bank
35
10 Associated Textile Cos
8234
18 Sagamore Mtg. Co
10 Associated Textile Coe
35
264
40 Lancaster Mills, common
10 Associated Textile Cos
35
60 Arlington Mills
26-2634
10 Associated Textile Cos
35
:37 12-100 Berkshire Fine Spinning
Associates, Inc., com--3334 ex-div.
10 Associated Textile Cos
35
10 Associated Textile Cos
35
52
20 Exeter Mfg. Co
35
10 Associated Textile Cos
10 Associated Textile Cos
35
10 Quissett Mills common
5134
29 Sagamore Mfg. Co
83
10 Associated Textile Cos
35
.5 Associated Textile Cos
3834
20 King Philip Mills
10534
201Associated Textile Cos
3634
10 William Whitman Co., Inc., pi_ 76
SO Lancaster Mills pref
9
1407
FINANCIAL CHRONICLE
31&s. 1 1930.]
$ per sh.
Shares. Stocks.
13 Greenfield Tap & Die Corp. 8%
101 & div.
preferred
125 Fall River Gas Works, par $25_ 5234
6,300 United Mineral Lands Corp.
(assessment No. 7 paid)
$50 lot
100 units Atlantic Midland Corp.
2-234
(allotment etts.)
4 Collateral Loan Co
15834
200 Atlantic Public Utilities, Inc.,
of Del.. class A
184834 ex-clIv.
1 Columbian Nat. Life Ins. Co- -420
20 Associated Telep. Utilities Co.
87
$6 prior preferred
5 New Bedford Gas dr Edison Light
9534
Co.. par $25
10 Merrimac Hat Corp. common.- 8634
45 New England Public Service Co.
101
$6 cony. prof
30
16 National Service Cos. prof
Name of company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
134 Mar. 15 Holders of ree. Mar. 4
Lexington Utilities, Prof.((mar.)
Memphis Power & Light, 57 pref. (00.)_ '81.75 Apr. 1 "Holders of rec. Mar. 15
.$1.50 Apr. 1 *Holders of roe. Mar. 15
56 preferred (guar.)
AN. 1 *Holders of rec. Feb. 28
"82
Metropolitan Edison, corn. (quint.)
"51.75 AN. 1 *Holders of rec. Feb. 28
$7 preferred (quar.)
'$1.50 Apr, 1 *Holders of roe. Feb. 28
$8 preferred (quit.)
"$1.25 Apr. 1 "Holders of rec. Feb. 28
55 Preferred (quer.)
Mar. 10 *Holders of rec. Feb. 28.
"$1
Newark Telephone (guar.)
June 10 *Holders of rec. May 31
4
11
Quarterly
Sept. 10 *Holders of rec. Aug. 30
*51
Quarterly
Dec. 10 *polders of rec. Nov.29
*El
Quarterly
N. Y. & Queens E.L.&P. corn. (quer.) *51.50 Mar, 14 *Holders of rec. Feb. 28
N. Y. Telephone. 634% prof. (oust.)... "134 Apr, 15 *Holders of rec. Mar.20
$1.50 Mar. 15 Holders of ree. Mar. 5
N. Y. Water Service, Prof. (quit.)
500 Apr, 25 Holders of rec. Mar.31
Northern Ontario Power, corn.(quit.)..
134 Apr. 25 Holders of rec. Mar. 31
Preferred (quit.)
134 Apr. 1 Holders of rec. Mar.20
Ohio Bell Telephone, pref.(guar.)
144 Apr. 1 Holders of ree. Mar. 15
Ohio River Edison, pref. (guar.)
75e. Apr. 1 Holders of roe. Mar. 14
.
Per Cent. Pennsylvania Water di Power (guar.) Bonds-Apr. 17 "Holders of Too. Apr. 3
*2
Peoples Gas Light & Coke (quit.)
Island Ice Co. 6s,
$1,000 Rhode
•50o. Apr. 1 *Holders of reo. Mar. 11
8734 dr int. Philadelphia Electric, pref.(guar.)
due May 1948
Southwestern Gas & Elec., pref.(guar.). et% Apr. 1 'Holders of too, Mar. 15
By Adrian H. Muller & Son, New York:
Twin City Rapid Transit, pref.(go.)... 134 Apr. 1 Holders of rec. Mar.12
$ per Sh. Underground Elec. Rys. of London
Shares. Stocks.
$ per Sh. Shares. Stocks.
Mar,13 'Holders of reo. Feb. 17
Amer. dep. rota, for ord. reg. shares sto5
Kan. City.
125 Distinctive Pictures Corp.,
70 Guardian Trust
Utilities Power & Light, corn.(gust,)... (cc) Apr. 1 'Holders of rec. Mar. 10
common, vol. it. etre
Mo., trust etf. Co..
54% Pald in
55 lot
(cc) Apr. 1 *Holders of ree. Mar. 10
Class A (guar.)
$71 lot
Compania Cabana de Lathe.
liquidation
(ee) AN. 1 *Holders of rec. Mar. 10
Class B (quer.)
8. A., par 10 pesos; 1G. E. Gar13 Second St. Improvement Co.,
'$1.75 Apr. 1 *Holders of rec. Mar. 10
Preferred (quer.)
1
rido Publishing Co., A. S., pref.:
Kan. City, Mo..Par $10
Western Power Corp., pref. (gust.).... 134 Apr. 15 Holders of rec. Mar.31
Per Cent.
Bonds.
5 Maroon! Wireless Telegraph
131 Apr. 1 Holders of rec. Mar. 6
Winnipeg Electric Co.. prof.(gust.)
Co. of Amer., stamped, par $5,
$50.000 Colorado Midland fly., let
10,000 Calavada Copperrnines
mtge. 49 1947, stamped. Jan.
Banks.
Co., temp. ett., par $1
$9 lel
1913 and subs, coup. attached-$13 lot
6234e. Apr. 1 Holders of tee. MAT. 14a
Chelsea Bank & Trust Co.(guar.)
30o. Mar,1 Holders of rec. Mar. 5
Continental Bank di Trust Co.(quint.)..
By Barnes & Lofland, Philadelphia:
Apr. 1 *Holders of rec. Mar.20
"51
Public National Bank dr Trust (guar.)
Shares. Moats.
$ per Sh.
$ per Sh. Shares. Stocks.
2 Colonial Trust Co., par $50
12 Camden Safe Deposit & Trust
233
Miscellaneous.
3Trademen's Nat. Bank & Tr. Co_400
Co., Camden, N. J., par $25-180
*50o. Apr. 1 *Holders of rec. Mar.21
Abbott Laboratories, eom. (guar.)
5 Plaza Trust Co., par $10
Holders of rec. Mar.20
934 9 Phila. & Camden Ferry. Par $25. 50
154 Apr.
Abitibi Power di Paper,7% pref.(qta.)
10 Plaza Trust Co., Dar 510
26 Bankers Security Corp. vet. It.. 65
8
Acme Glove Works, 1st pref. (quar.)-- "81e. Mar. 1 *Holdres of rec. Feb. 28
125
25 Security Title & Trust Co., par
25 Integrity Trust Co
"750. Mar. 1 *Holders of rec. Feb. 28
Second preferred (guar.)
126
$10
Holders of reo. Mar. 8
$110101 25 Integrity Trust Co
Allied Chemical & Dye Corp., pref.(qu.) 134 Apr.
50
13 Security Title Jr Trust Co.. Par
8 Broad Street Trust Co
•3734e Mar. 1 *Holders of roe. Feb. 28
Aluminum Industries(Oan)
$10
*Holders of rec. Mar. 7
$40 lot 17 10-70 Bankers Bond dr Mtge.
*50o. API.
American Bank Note, ocun.(goat.)
1434
Guaranty Co. of Amer, no par
50 Security Title & Tr. Co., par $10 334
*Holders of rec. Mar. 7
*75e. Apr.
Preferred (quar.)
80
.6 Continental-Equitable Title Or Tr.
Holders of rec. Mar. 1441
134 Apr.
50 Germantown Trust Co
American Can, pref.(guar.)
525
Co., par $5
5 West Jersey Tr. & Guar. Co
40
Amer. Encaustic Tiling, corn.(quit.)... 500. Mar.3 Holders of rec. Mar. 14
25
100 Southwark Title & Trust Co.,
Holders of rec. Mar. 14
220 Commercial Nat'l Bank
35e. Apr.
Amer. Home Products (monthly)
Mfg. Co., com
3
par $10
834 Amer. Safety Razor (clean)
$1.25 Mar. 31 *Holders of rec. Mar. 10
*
7035 94 Standard Ice
2434 Amer.& Scottish Invest.
50 Southwark Title & Treat Co.,
3 Phila. Bourse, pref
*Holders of roe. May 15
*30e. June
(guar.)
15
par $10
Holders of rec. Mar. HI
1% Apr.
7034 50 Delaware River Ferry Co
American Tobacco, prof.(guar.)
32 Southwark Title & Trust Co.,
Holders of rec. Feb. 24
50 Industrial Finance Service Co
Amer. Utilities Jr Gen. Corp.. ed. A(N.) 32340. Mar.
$15 lot
par $10
pref
100. Mar. 1 Holders of reo. Feb. 24
70
Class B (quit.)
10 Penna. Co. for Insurance on Lives
50 Industrial Finance Service Co..
75c. Mar. 1 Holders of reo. Feb. 24
$3 preferred (guar.)
$15 lot Amer. Writing Paper, preferred
common
& Granting Annuities, par $10!_11634
216
40 Penna. Co.for Insurance on Lives
5 Union Title & Trust Co
50o. Mar. 31 Holders of rec. Mar. 15
Associated Breweries (Can.) own.(go.).
215
& Granting Annuities. par 810-116
1 Union Title & Trust Co
let Apr. 1 Holders'of rec. Mar. 15
Preferred (quar.)
Per Cent, Associated Rayon peel.
+11.13i Mar. 1 *Holders of roe, Feb. 24
10 Franklin Trust Co.. par $10- 5734
Bonds.
(guar.)
15 Broadway Merchants Trust Co.,
$1,000 Jessup & Moore Paper Co.,
Atlantic Gulf & W.I. S.8. Lines Pf.(1 11-) *134 Mar. 31 'Holders of rec. Max. 12
1
•IX June 30 "Holders of rec. June 11
Camden, N. J., par $20
1st sink. fund. 68, Nov. 1 1945 80
so
Preferred
•lg zept. 30 *Holders of roe. Sept. 10
Preferred (gust.)
By A. J. Wright & Co., Buffalo:
•134 Dec. 31 *Holders of rec. Dee. 11
Preferred (gust.)
750. Mar. 1 Holders of roe. Feb. 21
8 per sh. Atlas Utilities Corp. pref. A (quit.)....
Shares. Stoats.
Price. Shares. Stocks.
75o. Apr. 1 Holders of roe. Mar. 10
Sc. lot Auto Strop Safety Razor class A (on.)..
1,000 Tonopah Midway Cons, Mtn.
1,000 Area mime. Par Si
400. May 1 Holders of roe. Apr. 10
log Co.. par $1
ClassB (No. 1)
$1 lot 5 Labor Temple Assn. of Buffalo &
400 Boston & Montana Devel. Co.,
50e. lot Backstay Welt Co. common (gust)..... •50e. Apr. 1 *Holders of roe. Mar. 20
Vicinity. Inc., Par $5
Apr. 1 'Holders of rec. Mar.20
Beaton ctf., per $5
Common (payable in common stock).. •1
80o. lot
*300. Apr. 1 *Holders of rec. Mar. le
Baker'(J. T.) Chemical Co.common
Bancroft(Joseph) & Sons Co.,com.(qu.) 6234c Mar, 31 Holders of rec. Mar. 15
Beigo-Canadian Paper pref. (gust.).. 144 Apr. 1 Holders of rec. Mar. 4
DIVIDENDS.
*25e. Mar. 1 *Holders of rec. Feb. 24
Benesch (I.) & Sons, core (No. 1)
30e. Mar. 1 Holders of ree. Feb. 20
Bently Chain Stores 0011:11310n (gust.)....
Dividends are grouped in two separate tables. In the
1
Mar. 1 Holders of rec. Feb. 20
Preferred (oust.)
•750.
first we bring together all the aividends announced the Bohn Aluminum & Brass common (go.). $1 Apr. 1 *Holders of rec. Mar. 14
Apr. 15 Mar. 22 to Apr. 14
Borne Strymser Co
'current week. Then we follow with a second table, in Brandram.Henderson, Ltd., pref. (cm.). 151 Apr. 1 Holders of rec. Mar. 1
50o. Apr. 1 Holders of rec. Mar. 17a
whioh we show the dividends previously announced, but Brill° Mfg. class A (guar.)
*40e. Apr. 1
British American Oil old stock
which have not yet been paid.
British American Tobacco preference-. 244 Mar. 31 Holders of coup. No.53
25e. Mar. 31 Holden of rec. Mar. 10a
Budd Wheel common (quit.)
The dividends announced this week are:
1% Mar. 31 Holders of ree. Mar. 10a
First preferred (quiz.)
750. Mar. 31 Holders of reo. Mar. 104
10(FIrst preferred (extra)
Books Closed.
When
Bunker Hill & Sullivan maths & ConPer
Name of Company.
Days Inclusive.
•25c. Mar.
*Holders of rec. Feb. 27
Cent. Payable.
centrating (monthly)
.25e. Mar, 5 *Holders of rec. Feb. 27
Extra
Railroads (Steam).
250. Mar. 5 Holders of rec. Feb. 11
Burroughs Adding Mach. (quiz.)
'Holders of rec. Mar. 10
Alabama & Vicksburg
Apr.
*3
Canada Steamship Lines Prof. (guar.)
- *134 Apr. 1 *Holders of roe. Mar. 15
Atlantic Coast Line Co.(quer.)
440. Apr. 10 Holders of rec. Mar. 26
.$2.50 Mat. 1 *Holders of rec. Feb. 28
Canadian Car & Fdy. pref. (quit.)
'Holders of roe. Mar. 8
•
35e. Apr. 1 *Holders of rec. Mar. 16
Boston & Maine, 00111. (quiz.)
•1
Checker Cab Mfg.(monthly)
Apr.
'Holders of roe. Mar. 8
Prior preferred (guar.)
Coats (J. P.) Ltd.
'154 Apr.
-First preferred, clads A (quit.)
*Holders of rec. Mar. 8
.
13.4 Apr.
rats. for preferred- "w234 Apr. 5 *Holders of rec. Feb. 21
American deposit
*Holders of rec. Mar. 8
First preferred, class 11 (Oust.)
•$1.50 Apr. 1 *Holders of rec. Mar. 12
Apr.
Coca-Cola Co. common (Oust.)
"2
First preferred, class C (quer.)
*Holders of rec. Mar. 8
"50e. Mar. 3 *Holders of reo. Mar. 11
"144 APr.
Commercial Credit. corn.(quad.)
First preferred, class 1)(guar.)
*Holders of rec. Mar. 8
*50e. Mar. 31 "Holders of rec. Mar. 11
Apr.
Preferred B (quit.)
"234
First preferred, class B (guar.)
*Holders of ree. Mar. 8
4334 Mar. 31 *Holders of rec. Mar. 11
.0
•
*134 Apr.
7% pre/erred (quit.)
8% preferred (Quit.)
*Holders of reo. Mar. 8
*134 Mar. 31 *Holders of tee. Mar. 11
"134 Apr.
(quit.)
634% preferred
Georgia RR.& Banking (quar.)
Apr. 1
*$1.25 Mar. 3 'Holders of rec. Mar. 14
Congress cigar(gear)
"3
*Holders of ree. Mar. 15
Maine Central, corn.(quit.)
*25e. Mar. 3 *Holders of roe. Mar. 14
Extra
'134 Apr.
*Holders of rec. Mar. 10
Pitteb. le. Wayne dr Chic., oom.
'Sc. Feb. 2 *Holders of rec. Jan. 31
•134 Apr.
Consolidated Hotels,eem.(quit,)
'Holders of rec. Mar. 10
Preferred (guar.)
"134 Apr.
*3734e Feb. 2 *Holders of roc. Jan. 31
Preferred (guar.)
Beadiag Company, 2(1 pref. (gnat.).... *50e. Apr. 1 *Holders of rec. Mar.20
*Holders of rec. Mar. 11
Apr.
Container Corporation, corn. A (guar.).
'Holders of rec. Mar. 10
'Vicksburg Shreveport & Pacific. WM*Holders of roe. Mar. 11
*234 Apr.
•141 Apr.
Preferred (guar.)
*Holders of rec. Mar. 10
Preferred (quit.)
*60o. Mar. "Holders of rec. Feb. 72
•
244 Apr.
Cook Paint & Varnish (guar.)
Mar.1 Holders of rec. Feb. 28
Cookeville Co., Ltd., Preference(gum) 1
Public Utilities.
*Holders of rec. Apr. 15
70o. May
•
Coon (W. B.) Co., corn. (quit.)
Associated Telep. Utilitiee. Pr. pt. (go.) "51.75 Mar. 1 "Holders of rec. Feb. 28
'Holders of rec. Apr. 15
elK May
7% preferred (quit.)
$8 preferred (guar.)
*$1.50 Mar. 1 *Holders of ree. Feb. 28
Courtaulds, Ltd.
Holders of rec. Mar. 22
lien Telephone of Canada (Oust.)
Apr. 1
2
*mti
Mar. 1 'Holders of rec. Feb. 19
Am. dep. rets, for ord. shares
Bell Telep. of Pa. 83e% pf. (quiz.)... •134 Apr. I *Holders of roe, Mar 20
.
*500. Apr. 1 *Holders of rec. Mar. 20
Cream of Wheat Co., corn. (quit.)
*Holders of rec. mar. 15
Birmingham Elec., $7 pref. (truer.)
$1.75 Apr.
Crown Zellerbaeh Corp.. corn. (quar.)._ "25e. Apr. 15 *Holders of rec. Mar. 31
•
1,8 preferred (guar.)
*Holders of rec. Mar. 15
*$1.50 Apr.
'0234c Apr. 1 *Holders of rec. Mar. 15
Curtis Manufacturing, corn. (guar.)_
Cables & Wireless. Ltd.
87e. Mar. 15 Holders of rec. Mar. 5
Cutler-Hammer, Inc. (qua?.)
'Holders of rec. Feb. 28
American dep, rots, for preferred..... "te231 Apr.
Delaware Leek. & West. Coal (guar.) - "S2.50 Mar. 15 "Holders of rec. Mar. 1
CanadaNorthern Power. own.(guar.)._
15e. Apr. 2 Holders of rec. Mar. 31
Detroit & Cleveland Navigation (guar.) "20e. Apr. 1 *Holders of rec. Mar. 15
Preferred (quiz.)
let Apr. 1 Holders of rec. Mar. 31
•50o. Mar. 1 *Holders of rec. Feb. 20
Dinkier Hotels Co., class A (guar.)
*Holders if req. Mar. 5
Central States Power & Light, pt. (0t.) *$1.75 Apr.
Dominion Glass, corn, and pref. (quiz.) 134 Apr, 1 Holders of rec. Mar. 15
'Holders of rec. mar. 5
Central States Utility Corp. Pt.
Apr. 1 Holders of roe. Mar. 1
411.75 Apr.
81
Draper Corporation (Oust.)
(go.)chi
Rapid Transit. Pr. peed. A (qu.). *650. Apr.
*Holders of rec. Mar. 18
*80e. May 15 *Holders of rec. May
Ewa Plantation (Oust.)
•65 , may
0
Prior preferred A (guar.)
*Holders of rec. Apr. 15
Federal Knitting Mills, corn.(quit.).... *6234e May 1 *Holders of rec. Apr. 15
Prior preferred A (gust.)
*Holders of rec. May 20
*65e. June
•
1234e May 1 'Holders of rec. Apr. 16
Common (extra)
Prior preferred B (quit.)
'Holders of rec. Mar. 18
•800. Apr.
•20e. Apr. 1 *Holders of rec. Mar. 17
Federal Motor Truck (quit.)
.000. may
Prior preferred D (quit.)
"Holden of rec. Apr. 15
Feltman & Curme Shoe Stores, pf. (qu.) 134 Apr. 1 Holders of too. Mar. 1
ewe, Jane
Prior preferred B (quiz.)
"Holders of rec. May 20
50e. Apr. 1 Holders of rec. Mar. 15
Ferry Cap & Screw,.em.(guar.)
Cleveland fly., eom.(guar.)
*Holders of rec. Mar. 28
Fisher Brass, class A-Dividend omitted
•134 Apr.
Gonsol. Gas of N. Y., Prof.
*Holders of roe. Mar. 29
111.25 May
•
First Trust Bank Stock Corp., oom.(qu.) •1234o Mar. 1 *Holders of ree. Jai. 31
Diamond State Telep.„ pref. (quit.).,.. •134 Apr. 1 'Holders of rec. Mar. 20
50o. Apr, 1 Holders of rec. Mar. 12
Foeter-Wheeler Corp.. eels. (gear.) -Eastern Gas di Fuel Associates
$1.75 Apr. 1 Holders of rec. Mar. 12
Preferred (quit.)
Prior preferred (quit.)
*Holders of rec. Mar. 15
.$1.25 Apr.
General Fire Extinguisher. corn. (earar.)_ •50e. Mar. 10 *Holders of rec. Feb. 24
*Holders of rec. Mar. 15
8% Preferred (quit.)
"134 Apr.
.0c. Mar. 10 *Holders of rec. Feb. 24
Common (extra)
Electric Power & Light, Pref.(quiz.)
*Holders of roe. Mar. 8
*
$1.75 Apr.
General Railway Signal, COM. (guar.).- $1.25 Apr. 1 Holders of roe. Mar. 10
,E1 Paso Electric Co., pref. A (quit.).., •144 Apr. 1 *Holders of rec. Apr. 1
1% Apr, 1 Holders of roe. Mar. 10
Preferrethequar.)
Federal Water Service, $6 pret, (gamy.) 51.50 Apr.
Holders of rec. Mar. 144 Golden Cycle Corp.(guar.)
400. Mar. 10 Holders of rec. Feb. 28
e6.50 preferred (quit.)
eel
Holders of rec. Mar. 14. Greene Cananea Copper (guar.)
$1.62 5Apr.
Apr. 7 *Holders of roe. Mar. 13
$7 preferred (emir.)
Holders of rec. Mar. 144 Gulf States Steel, corn.(gun.)
11.75 Apr.
*1
Apr. 1 "Holders of ree. Mar. 15
Hackensack Water. prat. A (quiz,)
4334e Mar. 3 Holders of lee. Mar. 14
*134 Apr, 1 *Holders of rec. Mar. 15
First preferred (quit.)
Illinois Bell Telephone (quiz.)
*2
Mar.3 *Holders of rec. Mar. 29
First preferred (quit.)
•131 July 1 *Holders of rec. June 16
Interstate Power, $8 pref. (gear.)
*Holders of rec. Mar. 5
"51.50 Apr.
•134 Oct. 1 *Holders of rec. Sept. 15
First preferred (quit.)
87 preferred (guar.)
*Holders of roe. Mar. 5
*51.75 Apr.
First preferred (quiz.)
•134 Jan2•31 'Holders of res. Dec. 15
K. C. Power & Light, pref. B (guar.)._ •e1.50 Apr.
*Holders of rec. Mar. 14
Gurd (Ceuta.) di Co., earn.(qua.)
50o. Apr. 1 *Holders of roe, pear. 15
K. C. Publie Service, Prof. A (quar.)___ 11
.Holders of roe. Mar. 15
Ate%
Preferred (near.)
•134 Apr,
*Holders of tee. Idler. 15
1408
Name of Company.
When
Pet
Cent. Payable.
Books Closed
Days Inclusive.
miscellaneous (Continued).
550c. May I *Holders of rec. Apr. 15
Hamilton Bridge, corn.(quar.)
sirA May 1 *Holders of rec. Apr. 15
Preferred (Oiler.)
*45c. Apr. 1 *Holders of rec. Mar. 15
Harnischfeger Corp., corn. (quar.)
*$1.75 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10
Helme(G. W.) Co., corn. (war.)
1% Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
75c. Mar. 25 Holders of rec. Mar. 14
Hercules Powder, corn. (quar.)
*33-5 Mar. 1
Heywood-Wakefield Co., first pref
Second preferred-dividend omitted
*75c.
Hoskins Mfg., corn. (OUar.)
50c. Apr. 1 Holders of rec. Mar. 1
Humble 011 & Refining ((war.)
414.5o Mar. 25 "Holders of rec. Mar. 15
Illinois Pipe Line
Mar. 1 Holders of rec. Feb. 18
Indiana Limeston, pref.(quar.)
Industrial & Power Securities
Mar. 1 Holders of rec. Feb. 1
25 cash or(% stock)_ _
Common (pay.
8
Imperial Tobacco of Can., ord.(interim) 1% Mar. 28 Holders of rec. Mar. 6
Mar. 31 *Holders of rec. Mar.
*2
Preferred
Apr. 7 Holders of rec. Mar. 20
$1
Co.(quar.)Inspiration Cons. Copper
Interlake Iron Corp., corn. (qu.)(No. 1) •25c. Mar. 25 *Holders of rec. Mar. 10
Mar. 28 *Holders of rec. Mar. 11
International Cement, corn. (guar.)-- •$1
25c. Mar. 15 Mar. 2 to Mar. 15
International Petroleum, reg. ctfs
25c. Mar. 15 Holder of coup. No. 24
Bearer shares
1% Apr. 1 Holders of rec. Mar. 15a
International Salt (guar.)
3714c. Mar. 1 Holders of rec. Feb. 24
Johansen Shoe, corn. (guar.)
*50c. Mar. 15 *Holders of rec. Feb. 28
Katz Drug, corn.(quar.)
1.6254 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
550c. Apr. 1 *Holders of rec. Mar. 21
Kelsey Hayes Wheel, corn. (quar.)
Corp., corn.(quar.)--- - 8214c Apr. 1 Holders of rec. Mar. 12
Kimberly-Clark
1% Apr. 1 Holders of rec. Mar. 12
Preferred (quar.)
*I% June 10 *Holders of rec. May 31
Kirby Lumber (quar.)
$1.10 Mar. I Holders of rec. Feb. 19
Koplar Co., pref. (quar.)
*134 Apr. 1 *Holders of rec. Mar. 11
Kopper Gas & Coke, pref.(guar.)
•75c. Apr. 1 *Holders of rec. Mar. 20
Labaratory Products (Quar.)
Apr. 15 *Holders of rec. Mar. 20
*e3
Stock dividend
50c. Mer. 15 Holders of rec. Mar. 5
Lamson dc Sessions (quar.)
50c. Apr. 1 Ilolders of rec. Mar. 12
Inc., corn. (quar.)
Lane Bryant,
Lehigh Portland Cement, pref. (quar.)-- •1% Apr. 1 *Holders of rec. Mar. 14
900. Mar. 31 Mar. 14 to Mar. 31
Lehigh Valley Coal Sales (quar.)
75c. Apr. 1 Holders of rec. Mar. 13
Lehigh Valley Coal Corp., pref. (quar.)50c. Mar. 18 Holders of rec. Mar. 6
Lerner Stores Corp., corn. (Oilar.)
*Mc. Mar. 15 *Holders of rec. Mar. 1
California Salt. corn. (quar.)
Leslie
525c. Mar. 31 *Holders of rec. Mar. 11
Leming's, Inc. (quar.)
•5c. Mar. 31 *Holders of rec. Mar. 11
Extra
1% Apr. 1 Holders of rec. Mar. 10
Tobacco, pref. (quar.)_
Liggett & Myers
Lily Tulip Cup Corp., corn. (guar.)._ •3714c Mar. 15 *Holders of rec. Mar. 8
•$1.75 Mar. 31 *Holders of rec. Mar. 8
Preferred (quar.)
•1% Mar. 31 *Holders of rec. Mar. 15
Lindsay Light, pref. (quar.)
•75c. Apr. 1 *Holders of rec. Mar. 14
Loudon Packing, corn. (quar.)
50c. Mar. 15 Holders of rec. Mar. 1
Distilleries (Can.) cl. A (qu.)
Meichers
75c. Mar. 1 Holders of rec. Feb. 24
Merit Hosiery, preference (quar.)
•8114c Mar. 1 *Holders of rec. Feb. 20
Metal Textile Corp., partic. pref
cony. pfd.(qu.) *50c. Mar. 15 *Holders of rec. Mar. 3
Midland Royalty Corp.,
Holders of rec. Mar. 15
Apr.
51
Midvale Co.(quar.)
*75c. Mar. 3 *Holders of rec. Mar. 10
Mohawk Carpet Mills, corn. (quer.).
Apr.
*Holders of rec. Mar. 7
•3734c
Monroe Chemical, corn. (quar.)
*Holders of rec. Mar. 7
•87%c Apr.
Preferred
3114c. Apr.
Holders of rec. Mar. 10
Monsanto Chemical Co.(quar.)
el% Apr.
Holders of rec. Mar. 10
Stock dividend
50c. Mar. 3 Holders of rec. Mar. 15
Myers(F. E.) & Bro. Co., corn. (quar.)114 Mar.3 Holders of rec. Mar. 15
Preferred (quar.)
*Holders of rec. Mar. 15
Nat. Breweries, new corn. (qu.)(No. 1)_ *40c. Apr.
*Holders of rec. Mar. 15
*44c. Apr.
New Preferred (Oiler.)
*Holders of rec. Mar. 15
Nat. Depart. Stores,corn.(quer.)(No. 1) •50c. Apr.
1% Mar. 3 Holders of rec. Mar. 21
National Supply. pref. (guar.)
Holders of rec. Mar. 18a
$1.25 Apr.
National Surety (quar.)
*Holders of rec. Mar. 15
*40c. Apr.
Weisner Bros.(quar.)(No. 1)
*Holders of rec. Apr. 18
(J. J.) Realty, pref. A (qu.)_ _ •114 May
Newberry
*Holders of rec. Apr. -18
*I% May
Preferred B (quar.)
*3714c Apr.
*Holders of rec. Mar. 21
New Haven Clock, corn. (quar.)
Holders of ree. Mar. 15
50c. Apr.
corn
Niagara Wire Weaving,
Holders of rec. Mar. 15
75c. Apr.
Preferred (quar.)
*Holders of rec. Mar. 15
*75c. Apr.
Mines(quar.)
Noranda
*Holders of rec. Mar. 10
Apr.
No. Central Texas Oil, pref.(quar.)___* 81.625
*Holders of rec. Feb. 15
•66 2-3c Mar.
Northern DIM., pref. A (mthly)
*IIolders of rec. Mar. 15
•66 2-3c Apr.
Preferred A (monthly)
*Holders of rec. Apr. 15
•662-3c May
Preferred A (monthly)
*Holders of rec. May 15
• 66 2-3c June
Preferred A (monthly)
•
*Holders of rec. June 15
66 2-3c July
Preferred A (monthly)
• 66 2-3c Aug.
*Holders of rec. July 15
Preferred A (monthly)
• 662-3c Sept.
*Holders of re. Aug. 15
Preferred A (monthly)
•66 2-3c Oct.
"Holders of rec. Sept. 15
Preferred A (monthly)
• 662-3c Nov.
*Holders of rec. Oct. 15
Preferred A (monthly)
•66 2-3e Dec.
*Holders of rec. Nov. 15
• Preferred A (monthly)
.50c. Apr. 1 *Holders of rec. Apr. 1
Ocean Spray Press. A
*3% Apr. 1 *Hoders Of rec. Apr. 1
Preferred
Oil Shares, Inc., corn, dividend passed
Holders of rec. Mar. 10
Oliver Farm Equipment, prior pfd.A (qu) $1.50 Apr.
Holders of rec. Mar. 10
75e. Apr.
Cony. partic. stock (quar.)
*Holders of rec. Mar. 20
Oliver United Filters, class B (guar.). _ _ *50c. Apr.
Community, corn. de pref. (qu.)_ *4314c Mar. 1 *Holders of rec. Feb. 28
Oneida
*Holders of rec. Mar. 19
'623-4c Apr.
Otis Steel, corn.(qua!'.)
*Holders orrec. Mar. 19
*1% Apr.
Preferred (quar.)
*Holders of rec. Mar. 15
new $10 par stk.(qu.) *35c. Apr.
Pacific Indemnity,
Mar. 22 to Al/r. 1
75c. Apr.
Paragon Refining, class A (quar.)
*Holders of rec. Feb. 18
Peck az Hills Furniture, new com.(No. 1) *80e. Mar.
Holders of rec. Mar. 15
25c. Apr.
Pender (D.) Grocery Co., class B (qu.)_ _
25c. Apr. 1 Holders of rec. Mar. 15
Class B (extra)
•25e. Mar. 17 *Holders of rec. Mar. 5
Penick & Ford, corn. (quar.)
*1/4 Apr. 1 *Holders of rec. Mar. 14
Preferred (quar.)
'37340 Feb. 28 *Holders of rec. Feb. 20
Perfection Stove(monthly)
•37.15C Mar. 31 *Holders of rec. Mar. 20
Monthly
*50c. Apr. 1 *Holders of rec. Mar. 14
Phillips Petroleum (quar.)
Apr. 1 *Holders of rec. Mar. 25
*81
(quar.)
Pittsburgh Steel, corn.
*134 Mar. 15 *Holders of rec. Mar. 4
Port Alfred Pulp & Paper, pref.(guar.)._
*1% Apr. 1 *Holders of rec. Mar. 10
% Pref.(quar.)
Pure Oil. 5%
'134 Apr. 1 *Holders of rec. Mar. 10
6% preferred (quar.)
Apr. 1 *Holders of rec. Mar. 10
*2
8% preferred (quar.)
Apr. 15 *Holders of rec. Apr. 1
*El
Quaker Oats, corn. (quar.)
Apr. 15 *Holders of rec. Alg• 1
•$4
Common (extra)
*Holders of rec. Apr. 1
Common (payable in common stock)_ *120
yi May 31 *Holders of rec. May I
Preferred (Oilar.)
*50c. Apr. 1 *Holders of rec. Mar. 20
Rath Packing,corn.(quar.)
Apr. 1 Holders of rec. Mar. 14
$1
Reliance Mfg. (Ohio), coca. (quar.)
.40c. Apr. 1 *Holders of rec. Mar. 8
corn
Remington-Rand,
*1% Apr. 1 *Holders of rec. Mar. 8
preferred (quar.)
First
Apr. 1 *Holders of rec. Mar. 8
*2
Second preferred (quar.)
*20c. Apr. 1 *Holders of rec. Mar. 2
Reo Motor Car (guar.)
•35c. Apr. 1 *Holders of rec. Mar. 15
pref.(qu.)
Republic Investing.
Apr. 1 *Holders of rec. Mar. 10
Revere Copper & Brass, class A (quar.) _ *El
*$1.75 May 1 *Holders of rec. Apr. 10
Preferred (quar.)
Mar. 15 *Holders of rec. Mar. 1
*El
Ruberold Co.(quar.)
fr$1.25 Apr. 1 *Holders of rec Mar. 12
Safeway Stores, corn. (quar.)
*114 Apr. 1 *Holders of rec. Mar. 12
6% preferred (quar.)
•1% Apr. I *Holders of rec. Mar. 12
7% preferred (quar.)
14
St. Maurice Valley Corp.. pref. (quar.)- 1% Apr. 1 Holders of rec. Mar.
50c. Apr. 1 Holders of rec. Mar. 10
Sangamo Electric Co., corn.(quar.).
154 Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Sarnia Bridge, class A (quar.)
*25c. Apr. 1 *Holders of rec. Mar. 15
Class B (interim)
•35c. Mar. 31 Holders of rec. Mar. 17
Seen Paper, corn. (guar.)
Second National Investors, Prof. (quar.) $1.25 Apr. 1 Holders of rec. Mar. 10a
Segal Lock & Hardware, corn. (quar.)_ _ •1214c Mar. 15 *IIolders of rec. Feb. 28
Smith (L. C.) & Corona Typewriter
•75c. Apr. 1 *Holders of rec.'Mar. 22
Common (guar.)
*1% Apr. 1 *Holders of rec. Mar. 22
Preferred (quar.)
*50c. Mar. 31 *Holders of rec. Mar. 15
South Penn Oil (quar.)
Extra
•1234c Mar. 31 *Holders of rec. Mar. 15
50c. Apr. 1 Holders of rec. Mar. 20
South Porto Rico Sugar, corn. (quer.)._
Apr. 1 Holders of rec. Mar. 10
2
Preferred ((luar.)
*114 Apr. 1 *Holders of rec. Mar. 15
Spang. Chalfant & Co.. pref. (quar.)_
*55c. Mar. 31 *Holders of rec. Mar. 20
D Co., class A (quar.)
Square
FoL.130:
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable,
Rooks Closed.
freys Inclusive.
Miscellaneous (Concluded).
*3714c Apr. 1 *Holders of rec. Mar. 10
Standard Brands, corn. (quar.)
.$1.75 Apr. 1 *Holders of rec. Mar. 10
Preferred (quar.)
*40c. Mar. 15 *Mar. 16 to Mar.30
Standard 011 (Kentucky) (Oiler.)
6214c Apr. 1 Holders of rec. Mar. 14
Standard Oil (Ohio), corn.(quar.)
Apr. 1 *Holders of rec. Mar. 15
Strawbridge & Clothier, pref. (quar.)Apr. 1 Holders of rec. Mar. 10
2
Swift & Co., old 5100 par stock (quar.)_ _
50c. Apr, 1 Holders of rec. Mar. 10
New $25 par stock (quar.)
Thompson Products,new no par com.(qu) *60c. Apr. 1 *Holders of rec. Mar. 20
Mar. 20 *Holders of rec. Mar. 5
*81
Todd Shipyards (quar.)
Transcont. Stor. & Dist., let pf.(No. 1) *51.75 Mar. 1 *Holders of rec. Feb. 20
4
Traung Label & Lithograph. Cl. A (qu.) *371, c Mar. 15 *Holders of rec. Mar. 1
•37%c June 15 *Holders of rec. June 1
Class A (guar.)
*3714c Sept. 15 Holders of rec. Sept. 1
Class A (guar.)
*37%c Dec. 15 Holders of rec. Dec. 1
Class A (quar.)
•181.1c Mar. 15 *Holders of rec. Mar. 1
Class B (quar.)
*62%c Apr. 1 *Ilolders of rec. Mar. 12'
Trico Products(guard
*30c. Apr. 15 *Holders of rec. Mar. 26
Truscon Steel, corn. (Oiler.)
50c. Apr. 1 Holders of rec. Mar. 20
Union Metal Mfg. (quar.)
25c. Apr. 1 Holders of rec. Mar. 20
Extra
United Aircraft & Transport, pref. (qu.) *75c. Apr. 1 *Holders of rec. Mar. 10
50c. Apr. 1 Holders of rec. Mar. 15
United Carbon, corn. (quar.)
sayi July 1 *Holders of rec. June 13
Preferred
Apr. 1 *Holders of rec. Mar. 13
United Dyewood Corp., pref. (quar.)_
1% Apr. 1 Holders of rec. Mar. 10
U. S. Leather, pref. (guar.)
*60c. Mar. 15 *Holders of rec. Mar. 1
Viking Pump, pref. (quar.)
•114 Apr. 1 *Holders of rec. Mar. 20
Walgreen Co., pref. (Oilar.)
*114 Apr. 1 *Holders of rec. Mar. 22'
Waltham Watch, pref. (guar.)
*50c. Mar. 1 *Holders of tee. Mar. 14
Warren Foundry & Pipe (guar.)
Webster-Eisenlohr Co., pref. ((Lu.)_ _ _ _ •11d Apr. 1 *Holders of rec. Mar. 20,
50c. Apr. I Holders of rec. Mar. 15.
.
Wesson Oil & Snowdrift, corn. (guar.) Western Tablet dr Stationery. corn. Mu.) *50c. May 1 *Holders of rec. Apr. 21
*1% Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
30c. Apr. 1 Holders of rec. Mar. 15
Westmoreland, Inc
Weston Electric Instrument (quer.). _ *25c. Apr. 1 *Holders of rec. Mar. 21
*50c. Apr. 1 *Holders of rec. Mar. 21
Class A (quar.)
Worthington Pump & Mach., pf. A (qu) *154 Apr. 1 *Holders of rec. Mar .10
-*al% Apr. 1 *Holders of rec. Mar. 10
Preferred A (accrued aecum. dim)
•13,i Apr. 1 *Holders of rec. Mar. 10
Preferred B (quar.)
Preferred B (accrued accum. divs.)_ '111 34 Apr. 1 *Holders of rec. Mar. 10,
Apr. 1 Holders of rec. Mar. 10
$1
Yale & Towne Mfg.(quar.)
*75c. Mar. 15 *Holders of rec. Mar. 5.
Yellow Taxi Corp.(New York)
,
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn.(qu.)
Baltimore & Ohio, corn.(111ftr.)
Preferred (quar.)
Bangor de Aroostook, corn. (guar.)
Preferred (quar.)
Boston dr Albany (quar.)
Canadian Pacific common (quar.)
Preference
Chesapeake Corporation (guar.)
Chesapeake & Ohio, corn. (Oiler.)
Preferred
Chestnut Hill RR.((mar.)
Chicago & North Western corn.(guar.)
Preferred (quar.)
Chicago Rock Island & Pacific com.(qu.)
Cleveland dr Pittsburgh guar. (oiler.)- Special guaranteed (quar.)
Consolidated Rita. of Cuba, pref.(quiCuba RR., common
Delaware & Hudson Co. (guar.)
Gulf Mobile & Nor. pf (quar.)
Hocking Valley Ry., corn.(quar.)
Illinois Central common (quar.)
Preferred
Maine Central preferred (quar.)
Maisourt-Kansas-Texas. pref. (quer.).-New Orleans, Texas & Mexico Miura
N.Y.Chicago dr St. Louis corn.& Pf.(Clu)
N.Y. New Haven etc Hartford corn.(qu.)
Preferred (quar.)
Norfolk & Western common (Quar.)- Pere Marquette. corn. (Oiler.)
Common (extra)
Prior pref. and pref. (quar.)
Phila. Germantown dr Norristown (111.)
Pitts. Bessemer & Lake Erie common
Preferred
Pitts. Youngst. & Ashtsb. prof. (q(lar.)Reading Company Mat pref. foliar I- St. Louls-San Francisco corn.
Preferred (guar.)
Preferred (guar
Preferred ((roar
-- _
St. Louis Southwestern pref
- --Southern Pacific Co.common (qual%)--(Oiler.)
Union Pacific common
Preferred
Per
Cent
When
Payable
Books Closed
Days Inclusive.
2% Mar. 1 Holders of rec. Jan. 31is
1% Mar, 1 Holders of rec. Jan. 180
Mar, 1 Holders of tee. Jan. 184
1
88c. Apr. I Holders of rec. Mar. la
1% Apr. 1 Holders of roe. Mar. In
Mar. 31 Holders of rec. Feb. 28
2
234 Apr. 1 Holders of rec. Feb. 28a
Apr. 1 Holders of rec. Feb. 28
2
75c. Apr. 1 Holders of rec. Mar. 8a,
214 Apr. 1 Holders of rec. Mar. 8ti
3% July 1 Holders of ree. June 74
•75c. Mar. 4 *Holders of rec. Feb. 20
Mar,81 *Holders of rec. Mar. 4
15.‘ Mar. 31 *Holders of roe. Mar. 4
•
1% Mar. 31 Holders of rec. Mar. 70
8714c Mar. I Holders of rec. Feb. 100
50c. Mar, 1 Holders of rec. Feb. 100
134 Apr. 1 Holders of rec. Mar. 100
$1.20 Mar. 28 Holders of rec. Mar. 284
2% Mar. 20 Holders of rec. Feb. 260
1% Apr.
Holders of rec. Mar. 15a
234 Mard3 Holders of rec. Mar. 8a
Holders of rec. Feb. 70
154 Mar.
Mar.
Holders of rec. Feb. 70
Mar.
Holders of rec. Feb. 16
Mar,3 Holders of rec. Mar. 150
Mar,
Holders of rec. Feb. 156
Apr.
Holders of rec. Feb. 154
Apr,
Holders of rec. Mar. 74
Apr.
Ilolders of rec. Mar. 70
Mar. 1
Holders of rec. Feb. 28a
Apr.
Holders of rec. Mar. 8a
Apr. I Holders of rec. Mar. 8a
May 1 Holders of rec. Apr. 50
Mar. 4 *Holders of rec. Feb. 20
Apr. I *Holders of ree. Mar. 15
June 1 *Holders of rec. May 15
Mar. 1 Holders of rec. Feb. 200
Mar. 13 Holders of tee. Feb. 205
Apr. 1 Holders of rec. Mar.. la
May I Holders of rec. Apr. 12a
Aug.
Holders of tee July .16
Nov. 1 Holders of tee Oct. la
Mar, 31 Holders of rec. Mar. 12a
Apr. 1 Holders of rec. Feb. 244
Apr. 1 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. la
Public Utilities.
*Holders of roe. Feb. 10
Amer.& For'n Power, allot. cUs.50% pd. '5734c Mar.
Holders of rec. Feb. 10a
Amer. & Foreign Pow. 2d pf. A (qu.)- $1.75 Mar.
25c Mar,
Holders of rec. Feb. 130
Amer. Power & Light, corn. (qu.)
Holders of rec. Mar. 8a
$1.25 Apr.
$5 preferred A (quar.)
Holders of rec. Mar. 8a
$1.50 Apr
VI preferred (guar.)
Holders of rec. Feb. 18a
American Telegraph & Cable qua - 13-4 Mar.
( "
Holders of tee. Mar. 14a
254 Apr. 1
Amer. Telep. & Teleg. (Oilar.)
Holders of rec. Mar. 120
51.60 Apr.
Amer. Water Wks.& El 86 prof. iqu.).Holders of rec. Jan. 31
Associated Gas & Elec.$0 prof.(guar.)- - $1.50 Mar.
Holders of rec. Jan. 31
$1.625 Mar.
$6.50 preferred(Oilar.)
$1.25 Mar. 15 Holders of rec. Feb. 15
$5 preferred (Oilar.)
Holders of rec. Feb. 21J
50c. Mar.
Atl. Public Utilities, cl. A (quar.)
Holders of rec. Feb. 21
$1.75 Mar.
$7 preferred, series A (quar.)
114 Apr.
Holders of rec. Mar. 10
Boston Elevated, corn.(quar.)
334 Apr.
Holders of rec. Mar. 10
Second preferred
50c tier
Holders 01 rec. Jan. 31
Brazilian Tr.. L.& Pow ord.(quar.)..
/1
Mar.
Holders of rec. Jan. 31
Ordinary (payable in ord. stock)
Mar.
2
Holders of rea. Feb. 70
Brooklyn Edison Co.(Qum.)
In
81.5o Apr. 15 Holder" of roe. Apr
Fiklyn.-Manh Tr pref set. A (quar.)
$1.25 Apr.
Holders of rec. Mar. 3a
Brooklyn Union Gas(quar.)
Feb. 1
Mar,
1%
Holders of rec.
Canadian Hydro-Elec. Corp. 1st PL(lu.)
Holders of rec. Feb. 150
- 154 Mar.
Cent. Arkansas Pub. Serv. pref.(qu.)
*Holders of rec. Feb. 13
.
Central Gas & El. $614 prof. touar.)--- 81.625 Ma".
•1% Apr. 1 *Holders of rec. Mar. 31
Central ill. Pub. Service. pf. (qu.)
Holders of rec. Feb. 20
Central Indiana Power pref.(quer.)---- 154 Mar.
,
1
Central Public Service, class A (quar.)-° •431 c Mar. 1 *Holders of rec. Feb. 24
I...Holders of roe. Mar. 17
•$1.75 Apr.
37 Preferred (quar.)
10c. Apr.
Holders of rec. Mar. 5
Central States Elec. Corp.,corn.(qu.)_.
1214 Apr.
Holders of res. Mar. 5
Common(payable in com.stock)
Holders of rec. Mar. 5
13-4 Apr.
6% preferred (Oilar.)
Holders of rec. Mar. 5
134 Apr.
7% preferred (quar.)
Holders of rec. Mar. 5
Prof.series of 1928 (3-32d Corn or _ _ _ - $1.50 Apr.
Holders of rec. Mar.'.5
-64th corn or $1.50 Apr.
Preferred series of 1929(3
*Holders of rec. Feb. 18
Chic. Rap. Tran.(pr. pfdeer.A(mthlY.). •65c. Mar.
60c. Mar. •Ilolders of rec. Feb. 18
Prior preferred, Aeries B (monthly).
- •
Chic. South Shore & South Bend RR.
Holders of roe. Feb. 15
I% Mar.
Clam A preferred Omar.)
Cities Service Pr. dr Lt.. 36 pref.(mthly.) •50c. Mar. 1 *Ifolders of rec. Mar. 1
•58 1-3c Mar. 1 *Holders of rec. Mar. I
$7 preferred (monthly)
MAR. 1 1930.]
Name of Company.
1409
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Public Utilities (Confinned).
Virginia Elec. dc Power,7% prof.(guar.) 154 Mar.20 Holders of rec. Feb. 250
H Mar,) Holders of rec. Feb. 14
Cleveland Mee. Illuminating, pref.(qu.)
134 Mar.20 Holders of rec. Feb. 28a
6% preferred (guar.)
Coast Counties Gas & Elec..
154 Mar. 1 Holders of rec. Feb. 15
West Ohio Gas pref. A (guar.)
First and second preferred (guar.) __- •114 Mar. 15 *Holders of rec. Feb. 25
Util., corn. A (qu.) *32 tic Mar 1 'Holders of rec. Feb. 10
Western Continental
Columbia Gus & Electric, coin -$1.50 Mar. 1 Holders of rec. Feb. 20
Common (payable In corn. stock).- . (25 Mar. 31 Holders of rec. Felt o28a Williamsport Water $8 prof.(guar.).
Mar. I Holders of roe. Feb. 85
3
15e Mar. I Holders of rec. Feb ill, Wilmington Gas Co., pref
Commonwealth & Sou. Corp. corn. (qu.'
Wisconsin Public Serv.7% pf(guar.)... 13.4 Mar.20 Holders of rec. Feb. 28
Community Water Service let pf.(qu.). $1.75 Mar. 1 Holders of roe. Feb. 20
154 Mar.20 Holders of rec. Feb. 28
6 St% preferred guar.)
• Connecticut Elec. Service, corn.(guar.). *75e. Apr. 1 "Holders of rec. Mar. 14
134 Mar.20 Holders or rec. Feb. 28
6% Preferred (guar.)
Connecticut Power common (guar.)__ "62Sic Mar. 1 *Holders of me. Feb. 20
Consol. Gas, El. L.& P.,Balt.,com.(au.) *900. Apr. 1 "Holders of me. Mar. 15
1
• pi Apr. 1 *Holders of rec. Mar. 15
Banks.
5% preferred series A (glair.)
nRichmond National (stock dividend).' e33 1-3 Apr. 1 *Holders of rec. Mar. 25
*154 Apr. 1 *Holders of me. Mar. 15
6% Preferred series D (oils?.)
•134 Apr. 1 *Holders of roe. Mar. 15
534% Preferred series E (guar.)
Trust Companies.
Mar. 15 Holders of rec. Feb. 70
$I
Consolidated Gas of N.Y..corn.(guar.)*30c Mar. 1 "Holders of re*. Feb. 14
Interstate ((mar.)
550. Mar. 1 Holders of rec. Feb. 15
.Consolidated Gas Util., cl. A (guar.)-40e Apr. 1 Holders of rec. Mar. 4
Irving (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
Consumers Power. $5 Prof. (guar.)
Mar. 15
6% Preferred (guar.)
134 Apr. 1 Holders of rec.
Fire Insurance.
$1.65 Apr. 1 Holders of rec. Mar. 15
6.8% preferred (guar.)
Mar. 1 *Holders of rec. Feb. 21
"V
Importer & Exporter
7% preferred (guar.)
154 Apr, I Holders of rec. Mar. 15
50c. Mar. 15 Holders of roe. Mar. 5
North River Insurance Co. (qua?.).....
50e. Mar, I Holders of rec. Feb. 15
6% preferred (monthly)
•600. May 1 *Holders of roc. Apr. 22
United States Fire (guar.)
50c. Apr. 1 Holders of roe. Mar. 15
6% preferred (monthly)
550. Mar. 1 Holders of rec. Feb. 15
6.6% Preferred (monthly)
Miscellaneous.
55c. Apr. I Holders of roe. Mar. 15
6.6% preferred (monthly)
Apr.
37eApr.1 Holders of ree. Mar. 20
51
Acme Steel (guar.)
corn. (guar.)... *53 Apr. 1
'Dakota Central TeleIL.
'Holders of rec. Mar.21
Addressograph International (qu.)
•IK Apr. 1
6)4% preferred (guar.)
'6234c Mar. *Holders of rec. Feb. 20
Apr. 15 Holders of rec. Mar. 20a Ainsworth Manufacturing (guar.)
2
Detroit Edison Co.(guar.)
Mar. "Retests of rec. Feb. 20
'61
Block dis!dead ((luar.)
Holders of rec. Feb. 28
1.5‘ Mar. 15
Mast Kootenay Power pref.(guar.)
"Holders of ,et' may 20
June
stork dividend (guar.)
Empire Gas & Fuel 6% pt.(mtlily.)-- - *50c. Mar. 1 'Holders of roe. Feb. 15
•15e. Mar. 1 *Holders of rec. Feb. 28
Allegheny Steel, corn.(monthly)
54 1-30 Mar. 1 *Holders of rec. Feb 15
63.4% preferred (monthly)
*154 Mar. 'Holders of rec. Feb. 15
Preferred (guar.)
• 58 1-3c Mar. 1 *Holders of rec. Feb 15
7% Preferred (monthly)
*Holders of roe. May 15
•15( Jung
Preferred (guar.)
8% preferred (monthly)
• 622-3e Mar. 1 'Holders of roe. Feb. 15
'1)4 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
25e. Apr. 1 Holders of roe. Feb. 28a
Engineers Public Service common(00•15( Dee. 1 *Holders of rec. Nov. 15
Preferred (guar.)
Apr. 1 Holders of rec. Feb. 28a
11
Corn (2-100ths share com.stock
750. Mar. 1 Holders of rec. Feb. 20
$1.25 Apr. 1 Holders of rec. Feb. 28a Allen Industries. pref. (guar.)
$5 preferred (guar.)
20e Apr. 1 Holders of rec. Mar.14
as 1,3734 Apr. 1 Holders of me. Feb. 28a Alliance Investment Corp.. corn.(guar.)
$5.50 preferred (guar.)
Apr. 1 Holders of rec. Mar. 14
Common (payable in common stock)-- fl
'Federal Light & Trac. common (qua?.... 37)4c Apr. 1 Holders of rec. Mar. 130
Apr. 1 Holders of rec. Mar. 14
03
Preferred
Apr. 1 Holders of rec. Mar. 136
fl
Common (payable in common stock)
Mar. 1 Holders of rec. Feb. 21
$1.50 Mar. 1 Holders of rec. Feb. 15a Affiance Realty, pref.(guar.)
Preferred(guar.)
13.4 June 1 Holders of rec. May 20
Preferred (guar.)
- s600. Mar. I Holders of roe. Feb. Se
Federal Water Service class A (guar.).
13.4 Sept. 1 Holders of rec. Aug. 20
Holders of rec. Feb. 28
Preferred (cluar.)
100. Mar. 1
Class B (guar.)
11.4 Dec. 1 Holders of rec. Nov.20
Preferred (guar.)
.Gory Rye. pref. A (guar.)
$1.80 Mar. 1 Holders of roe. Feb. 20
*50e. Apr. 1 'Holders of rec. Mar. 10
Allied Products, corn
Gas & Elec. Securities, corn.(mthly.)--- •50c. Mar. 15 "Holders of rec. Feb. 3
"8734c Apr. 1 'Holders of recs. Mar. 10
Class A (guar.)
Common (payable in corn. stock). _ •75e. Mar. 1 *Holders of rec. Feb. 15
•15‘ Mar. 15'Holders of rec. Mar. 1
Alpha Portland Cement, pf. (qu.)
•58 1-3c Mar. 1 *Holders of rec. Feb. 15
Preferred (monthly)
- •134 Apr. 1 *Holders of rec. Mar. 15
Aluminum Co.of Amer.. Prof.(guar.)
General Gas & El. common A & B (qu.) wane Apr. 1 Holders of roe. Feb. 28a
•154 June 30 *Holders of MC June le
Aluminum Mfrs pref. (guar.)
$1.75 Apr. 1 Holders of rec. Feb. 28a
$7 preferred (guar.)
•154 SeD1.30 *Holders of nal. Sava. la
.referred (guar.)
Apr. 1 Holders of roe. Feb. 28a
$2
$8 preferred (guar.)
'l4 Dee. 31 *Holders of see Dee 111
Preferred (Guar 1.
$1.50 Mar. 15 Holders of rec. Feb. 15
$6 cony. pref.(guar,)
•750. Mar. 1 *Holders of rec. Feb. 18
American Arch (guar.)
$1.50 Mar. 15 Holders of ere. Feb. 15
$6 pref. series B (guar.)
Havana Elec. Ry., preferred (guar.)... 114 Mar. 1 Holders of roe. Feb. 106 Amer.-Brlt. ds Cont. Corp. 1st pl.(qu.). $1.50 Mar. 1 Holders of rec. Feb. 15
750. Apr. 20 Holders of rec. Apr. 10
American Chain common (guar.)
•IK Mar. 1 *Holders of rec. Feb. 15
Houston Gulf Gas, pref.(guar.)
.
40. Apr . 1 Holders of rec. Mar.216
1
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
Illinois Power.6% pref.(guar.)
Holders of rec. Mar. 134
American Chicle, corn.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
7% preferred (guar.)
250. Apr. 1 Holders of ree. Mar. 124
Common (extra)
Indiana Hydro-Elec. Power. Pf. (guar.). 15t Mar. 15 Holders of rec. Feb. 28
.1
0e. mar
6
13i Mar.31 Holders of roe. Mar.12
Amer. Colortype, corn. (guar.)
Apr, 1 Holders of reo. Mar. 12a
Indianapolis Water Co., pref. A (qua?.). 13.(
Holders of rec. Feb. 14
Preferred (guar.)
154 Mar. 1 Holders of rec. Feb. 15
Indiana Service Corp. 7% pref.(guar.)1% June 1 Holders of roe. Mar.14
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
6% preferred (guar.)
Corp., corn.& el. A(sPee) 50c. Mar. 1 Holders of rec. Feb. 15
rec. Feb. 1
Amer. & Cont'l
50e. Mar. I Holders of
Intercontlnents Power, corn. A (qu.)-750. Mar. 1 Holders of roe. Feb. 15
Amer.& Gen. Secur. Corp. 1st pf.(qu.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Preferred ((luar.)
350. Mar. 1 Holders of rec. Feb. 144
K Apr. 1 Holders of rec. Mar. 18
Amer. Home Products(monthly)
Kentucky Securities, corn. (guar.)
Apr. 1 Holders of rec. Mar. 12a
Sl
134 Apr. 15 Holders of rec. Mar. 18
American International Corp corn
Preferred (guar.)
Apr. 1 Holders of ree. Mar.12a
f2
Mar. 1 *Holders of roe. Feb. 19
Cora•(Payable in corn.stock)
Keystone Telephone of Phila., pf. (qu.) •$1
Oct. 1
(2
(payalie in com.stk.)
Holders of me. Mar. la
Corn.
234 Mar. 15
Laclede Gas Light, corn.(guar.)
Mar. 1 *Ho(ders of roe. Feb. 19
*S1
154 Mar. 1 Holders of rec. Feb. 20
Amer. Laundry Machinery (guar.)
Lexington Water Co., pref. (guar.)
June 1 *Holders of rec. May 20
"$1
Quarterly
Louisville Gas & El. corn. A ds B (qu.).. 4350 Mar.25 Holders of rec. Feb. 230
Mar. 31 Holders of rec. Mar.136
- $2
American Locomotive, corn.(guar.).
Mohawk & Bud. Pow. 2d Prof.(guar.).- •51.75 Apr. 1 *Holders of rec. Mar. 20
1)4 Mar. 31 Holders of ree. Mar.13e
Preferred (guar.)
Monongahela West Penn P.S., pf.(qu.). 43540 Apr. 1 Holders of roe. Mar. 15
•50c. Mar. 31 *Holders of rec. Mar.15
Mar. 1 Holders of rec. Feb. 14,s
Maize Products, corn.(guar.)
250.
Amer.
Nat. Power & Light, corn.(guar.)
'134 Mar. 31 *Holders of rec. Mar. 15
$1. 75 Apr. 1 Holders of roc. mar. 10
Preferred (guar.)
$7 pref. (guar.)
Mar. 31 Mar. 16 to Mar. 30
American Manufacturing, corn.(guar.)- 1
40e. Mar. 15 Holders of rec. Feb. 27
Nat.Pub. Bert/. Corp. corn. A (guar.)._ _
July 1 June 16 to June SO
1
Common (guar.)
400. Mar. 1 Holders of roe. Feb. 15
Common B (guar.)
Oct. 1 Sept. 16 to Sept.30
1
Common (guar.)
$3 preferred (guar.) (No. 1)
75e. Mar. 1 Holders of me Feb. 15
Dec. 31 Dee. 16 to Deo. 30
1
Common (guar.)
Nebraska Power,7% prof.(guar.)
154 Mar. 1 Holders of rec. Feb. 17
134 Mar. 31 Mar. 16 to Mar.30
Preferred (guar.)
6% Preferred(guar.)
134 Mar. 1 Holders of reo. Feb. 17
134 July 1 June 16 to June 30
Preferred (guar.)
New Eng. Pub. Sent. pr. lien pt.(qu.)..•$1.75 Mar. 15 "Holders of rec. Feb. 28
134 Oct. 1 Sept. 16 to Sept.30
Mar. 31 Holders of roe Mar. 10
Preferred (guar.)
New England Tel. dr Tel.(guar.)
2
134 Dee. 31 Dec. 16 to Dee. SO
154 Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
New Rochelle Water Co., pref.(guar.)
American Metal Co., Ltd..corn.(guar.). 75c. Mar. 1 Holders of rec. Feb. 19a
New York Steam Co., $7 pref. (gu.)- -- St 75 Apr. 1 Holders of rec. Mar. I5a
13.4 Mar. 1 Holders of roe. Feb. 19a
$6 preferred (guar.)
Preferred (guar.)
$1 50 Apr. 1 Holders of rec. Mar. I5a
American Multigraph,corn.((Mar.) --- 62340. Mar. 1 Holders of rec. Feb. 14
North American Co., corn. (guar.)
123.4 Apr. 1 Holders of roe. Mar. 5a
Holders of rec. Mar. 5a
Stand Sanitary Corp.
Amer. Radiator &
Preferred (guar.)
750. Apr. 1
3750 Mar. 81 Heiden of rec. Mar. ha
Common (guar.)
North American Edison, pref.(guar.) - $1.50 Mar. 1 Holders of ree.7effi 15o
.
15t Mar. 1 Holders of rec. Feb. 15e
Preferred (guar.)
Northern States Power (Wisc.) pf.(qu.). 154 Mar. 1 Holders of rec. Feb. 20
_
50e Apr. 15 Holders of rec. Mar. 31a
Ohio Edison Co.. 6% pref. (guar.).
American Rolling Mill, corn.(guar.).134 Mar. 1 Holders of rec. Feb. lb
•300. Mar. 'Holders of rec. Feb. 15
Amer. & Scottish Invest. corn.
6.6% preferred (guar.)
1.65 Mar. 1 Holders of rec. Feb. 15
*50c. Apr. I "Holders of rec. Mar. 20
Holders of rec. Feb. 15
Seating, corn. (guar.)
American
7% preferred (qua?.)
194 Mar. 1
1St Mar. 1 Holders of rec. Jan. 310
Amer Smelt & Heft, pref.(guar.)
5% preferred (guar.)
1St Mar_ I Holders of ree. Feb 15
Holders of rec. Mar. 150
50c. Apr.
American Stores common (Qua?.)
6% preferred (monthly)
50c Mar. I Holders of rec Feb. lb
(quarj___
1K Apr. 2 Holders of roe. Mar. 56
roe Feb IA
smeriean sugar Reg.. corn.
6.6% preferred (monthly)
55e. Mar I Holders of
Polders of rec. Mar. 56
134 Apr
'Ohio Power Co., pref. (guar.
•154 Mar. 1 "Holders of rec. Feb. 10
Preferred (guar-)
$1.50 Mar.3 Holders of rec. Mar. 154
American Surety (guar.)
'Oklahoma Gas & El. Prof. (guar.)
154 Mar. 15 Holders of rec. Feb. 28
Holders of rec. Feb. 106
Mar.
52
Pennsylvania Gas dt El., corn. A (guar.)'37340 Mar. I *Holders of rec. Feb. 20
Amer.Tobacco,corn,& COM.B (guar.)
*Holders of ree. Mar. 15
•50c. Apr.
7% preferred (guar.)
•154 Apr. 1 *Hoidens of rec. Mar. 20
Amoskeag Mfg..corn,(guar.)
*Holders of res. June 14
"250. July
Common (guar.)
$7 preferred (guar.)
"31.75 Apr. I *Holders of roc. Mar. 20
*Holders of rec. Sept. 13
.250. Oct.
Common (guar.)
Penn-Ohio Edison Co.,7% pr. stk.(qu.) 1K Mar. 1 Holders of rec. Feb. 15
Holders of rec. Mar. 100
1,4 Apr.
Armour & CO.(Illinois) pref.(qua?.).
Pennsylvania-Ohio Power & Lght Co.
$1.50 May 1 Holders of rec. Apr. 21
Armour dr Co. of Delaware, pref. (guar.) 134 Apr. 1 Holders of roe. Mar. 100
$6 preferred (guar.)
*500. Apr. 1 'Holders of rec. Mar. 14
Armstroug Cork (guar.)
Preferred (guar.)
134 May 1 Holders of rec. Apr. 21
7%
13.4 Mar. 1 Holders of rec. Feb. 21
600. Mar. 1 Holders of rec. Feb. 20
Artloom Corp., pref. (guar.)
7.2% preferred (monthly)
15‘ Mar. 1 Holders of rec. Feb. 20
60e. Apr. 1 Holders of rec. Mar. 20
Asch Limited, pref. (guar.)
7.2% preferred (monthly)
Holders of rec. Apr. 21
Apr. 1 Holders of rec. Mar. 2041
Apparel I ncluelmlea. corn (gut $1
60e. May
7.2% preferred (monthly)
Associated
Holders of me. Feb. 20
154 Mar, 1 Holders of me. Feb. Sa
55e. Mar.
Assse Dry Goods, 1st pref.(guar.)
6.6% Preferred (monthly)
Holders of rec. Mar. 20
144 Mar. 1 Holders of rec. Feb. 84
550. Apr.
Svond preferred (guar.)
6.6% preferred (monthly)
Holders of rec. Apr. 21
550. May
Atlantic Coast Fisheries, corn.(gu.).... •300. Mar. 3 *Holders of rec. Feb. 20
8.8% Preferred (monthly)
Holders of rec. Feb. 20
25e Mar,15 Holders of rec. Feb. 21a
550. Mar.
Atlantic Refining common (guar.)
'Penn. Power. $6.60 Prof.(mthly.)
Holders of ree Feb 20
25e Mar. 15 Holders of roe. Feb. 21a
$1 .80 Mar
Common (extra)
$e Preferred (quar
Holders of roe. Feb. 20
Atlantic Securities Corp.. pref.(qua?,).. 750. Mar. 1 Holders of rec. Feb. 15
Pennsylvania State Water Corp.,pf.(gu.) $1.25 Mar.
Holders of rec. Mar. 8
13.4 Mar. 15 Holders of rec. Mar. 5
ALI. Terra Cotta, prior pref. (guar.) ___
People Lat. & Pwr. Corp., corn. A (qu.) bb60e. Apr.
Holders of rec. Feb. 106
Mar. 25 Holders of rec. Mar. 5
1
$1IH.25
Philadelphia Company,6% prof
Preferred (guar.)
Holders of rec. Feb. 8. Atlas Imperial DIN& Engine
Mar.
'Philadelphia Suburban Water, pf.(quar )
May 11 Holders of rec May 12n
•503 Mar. 1 *Holders of roe. Feb. 20
(guar.)
Preferred
114
Class A & B (guar.)
Mar. 10 Holders of roe. Feb. 280
SI
'Public Service Corp. of N. J., corn.(qu.) 85e. Mar. 31 Holders of roe. Mar. Is Atlas Powder, corn. (guar.)
Mar. 31 Holders of roe. Mar. la Atlas Stores Corp.. corn.(guar.)
'25o Mar. 1 *Holders of rec. Feb. 15
2
8% Preferred (guar.)
Mar. 31 Holders of rec. Mar. la
(Payable In com.stock)
154
11X Mar. 1 *Holders of rec. Feb. 15
Common
7% Preferred (guar.)
2
$1.25 Mar 31 Holders of rec. Mar. la Autocar Co., pref. (guar.)
$5 preferred (guar.)
Mar. 15 Holders of rec. Mar. 5
500. Mar. 31 Holders of rec. Mar. la Automotive G. Wore(No. 1)(qu.)
•25c. Mar. *Holders of rec. Feb. 20
6% preferred (monthly)
Public Service Elec. & Gas..6% pf.(qu.) 134 Mar. 31 Holders of rec. Mar. is Babcock & Wilcox Co.(gear.)
13.4 Apr. 1 Holders of ree Mar 20
•15o. Mar. 1 *Holders of rec. Mat. 10
154 Mar.81 Holders of rec. Mar 1
Baker(Nelson)ds CO.(War.)
7% preferred (guar.)
6214e.Apr. 15 Holders of rec. Mar. 27
•Quebec Power Co. (guar.)
•50e. Mar. 1 *Holders of rec. Mar. 10
Extra
Rochester Gas& Elec prof. B (guar.)._
*75e. Mar. 29 *Holders of rec. Mar. 15
13.4 Mar. 1 Holders of roe. Feb. 13
Ba'aban & Katz, corn.(guar.)
Preferred C & D (guar.)
•154 Mar. 29 'Holders of rec. Mar. 15
134 Mar. 1 Holders of roe. Feb. 13
Preferred (guar.)
Holders of rec. Feb. 15
Seaboard Public Service pref. (guar.)._ $1.50 Mar. 1 Holders of rec. Feb. 15
134 Mar,
Ball (N.) Grain Co., Ltd.. pref. (guar.)_
Holders of rec. Feb. 144
Shawinigan Water & Power(guar)
62140 Apr. 10 Holders of roe. Mar. 15
1,4 Mar,
Bambenser (L.) & Co., pref.(guar.)._
Southern Calif Edison pref. A (qu.)_. 43540 Mar. 15 Holders of rec. Feb. 20
Holders of rec. Mar. 146
50c. Apr.
Barker Bros Corp. common (guar.)____
Preferred series B (guar.)
3734e Mar. 15 Holders of rec. Feb. 20
154 Apr.
% preferred (guar.)
Holders of rec. Mar. 14s
"Holders of ree Feb. 14
'Southern Cities Utilities Co., $6 PL(f111.) $1.50 Mar. 1 Holders of rec. Feb. 17
!tannin Blessing. Co , common (guar.)._ .75e Mar.
Southern Colorado Power pref.( guar.). 154 Mar. 15 Holders of rec. Feb. 28
.100. May I 'Holders of ree. May 1
Baum Candy Co., corn.(guar.)
Southern Natural Gaa Corp., pf,(qu.). •$1.75 Mar. 1 *Holders of roe. Feb. 20
*100. May 1 *Holders of roe. May 1
Common(extra)
Southern N. E. Telephone (guar.)
Apr. 15 *Holders of rec. Mar. 31
*2
*Holders of rec. Mar. 15
Apr,
•2
Preferred (guar.)
Southwestern Pow. de Lt.. prof.(guar.). 194 Mar. 1 Holders of roe. Feb. 13
Apr.
Holders of rec. Mar. 15
Beatrice Creamery, corn.(guar.)
al
Mar. 15 Holders of rec. Feb. 286
Standard Gas & Elec., pref.(guar.)
$I
154 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
Toledo Edison. 7% prof A (monthly)_• 581-30 Mar. 1 'Holders of roe. Feb 15
*Holders of rec. Mar. 10
•50e. Apr.
Bendix Aviation Corp.(guar.)
6% preferred (monthly)
*We Mar. 1 *Holders of rec. Feb. 15
Berkshire Fine Spinning Associate/
Tri-State Tel. & Tel., pref.(qua?.)
•150 Mar. 1 "Holders of rec. Feb. 15
Holders of roe. Feb. 15
750. Mar.
Common (guar.)
'Union Natural Gas(guar.)
•350 Mar. 10 *Holders of rec. Feb. 28
Holders of rec. Feb. 15
154 Mar.
Preferred (guar.)
050 Mar. 10 *Holders of roe. Feb. 28
Extra
50e. Mar. 1 Holders of rec. Feb. 25a
Best & Co. common (guar.)
United Corporation pref.(guar.)
7be APr. 1 Holders of rec. Mar. 66 Bethlehem Steel common (Guar.)
51.50 May IS Holders of ree. Apr. 180
$1.75 Mar. 1 Holders of roe. Feb. 15
'United Gas Co.,$7 pref.(guar.)
15( Apr.
Holders of rec. Mar is
7% preferred (guar.)
30e Mar. 31 Holders of rec. Feb. 28a Blaw-Knox Co.(guar.)
United Gas Improvement. mai.(gu.)
Holders of roe. Feb. 140
37)4°. Mar.
$1.25 Mar. 31 Holders of ree. Feb. 28. Blue Ridge Corp.. pref. (quar.1
Holders of rec. Feb. 6
45 Preferred (guar.)
(a) Mar.
:
134
1410
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bloch Bros., COM.(quar.)
*37340 May 15 *Holders of ree. May 10
Common (quar.).
.37)4c Aug. 15'Holders of reo. Aug. 9
Common (guar.).
.3734e Nov. 15 *Holders of reo. Nov. 10
Preferred (quar.)
"134 Mar. 31 'Holders of rec. Mar. 26
Preferred (quar.)
•1M June 30 'Holders of rec. June 25
Preferred (quar.)
'134 Sept.30 'Holders of rec. Sept.25
Preferred (quar.)
.134 Dec. 31 "Holders of rec. Dec. 26
Blum's, Inc..$3 pref.(guar.)
.1373-4C Mar. 1 'Holders of roe. Feb. 18
.5834c Mar. 1 "Holders of rec. Feb. 20
Bobbe-Merrill Co.(quar.)
Quarterly
.5634e June 1 'Holders of rec. May 20
Boise Chloe Oil, class A (quar.)
..2c. Apr. 15 *Holders of rec. Mar. 31
Borden Company (Qum )
75c Mar. I Holders of rec. Feb. 150
Boston Woven Hose & Rub., corn. (qu.) $1.50 Mar. 15 Holders of rec. Mar. 1
Brach (E. J.) & Sons (quar.)
.500. Mar, 1 *Holders of rec. Feb. 15
Brill Corp., class A (quer.)
65c. Mar. 15 Holders of ree. Mar. 1
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 18
British-Amer. Tobacco, ord. (interim)__ (q) Mar. 31 Holders of coup. No. 134
British South Africa Co., Am. deli. rots.
Mar. 13 Holders of rec. Feb. 14
1 shilling, 3 pence plus bonus of 9 pence
British Type Investors (bi-monthly)
_
8c. Apr. 1 Holders of rec. Mar. 1
750. Mar. 1 Holders of rec. Feb. 20.1
Brown Shoe, com.(guar.)
Mar. 15 Holders of rec. Feb. 21
Buckeye Pipe Line (quar.)
$1
25e. Apr. 1 Holders of rec. Feb. 24a
Bucyrus-Erie Co. common (guar.)
Preferred (quar.)
134 Apr. 1 Holders of rec. Feb. 29a
6234e Apr. 1 Holders of rec. Feb. 24a
Convertible preference (quar.)
750. Mar. 1 Holders of rec. Feb. 15a
Bnlova Watch, common (quar.)
.
873.4e Mar. 1 'Holders of rec. Feb. 15
Preferred (quar.)
.2
Apr. 1 *Holders of rec. Mar. 15
Burger Bros., pref.(quar.)
.2
July I +Holders of rec. June 16
Preferred (quar.)
.2
Oct. 1 *Holders of ree. Sept. 15
Preferred (quar.)
'1 34 Apr. 1 *Holders of rec. Mar. 13
Burns Bros., pref. (quar.)
25e. Mar. 5 Holders of reo. Feb. Ha
Burroughs Adding Mach. (guar.)
*6214c May 1 *Holders of rec. Apr. 4
Bush Terminal, corn. (quar.)
.11,1 Apr. 15 *Holders of rec. Mar. 28
Debenture stock (quar.)
*1 M Apr. 1 *Holders of rec. Mar. 14
Bush Terminal Bides., pref. (on.)
Byers(A. M.) Co., Pref. (quar.)
134 May 1 Holders of rec. Apr. 150
.50e. Apr. 1 Holders of rec. Mar. 17
California Ink, class A & B (quar.)
$1
Mar. 15 Holders of rec. Feb. 28a
California Packing corn. (guar.)
$1.50 Mar424 Holders of rec. Mar. 7a
Calumet & Arizona Mining
$1
Mar. 31 Holders of rec. Feb. 28a
Calumet & Ilecla Consol. Copper Co
•500. Apr. 1 *Holders of rec. Mar. 10
Campe Corp. common (quar.)
Preferred (quar.)
•134 May 1 *Holders of rec. Apr. 15
50c. Mar. 1 Holders of reo. Feb. 150
Camp., Wyant & Can. Fdy., corn. (qu.)
3734c. Mar. 1 Feb. 16 to Feb. 28
Canada Bread. Ltd. ((uar.)
Canada Cement. Pref. (quar.)
134 Mar. 31 Holders of rec. Feb. 28
r3
May 10 Holders of rec. Apr. 30
Canada Iron Foundries, common
r6
May 10 Holders of rec. Apr. 30
Preference
3734c. Mar. 15 Mar. I
to
Mar. 14
Canada Malting reg. stock (quar.)
3734c. Mar. 15 Holder of Coup. No. 9
Coupon stock (guar.)
40e. Mar. I Holders of rec. Feb. 15
Canada Vinegars. Ltd. (quar.)
.$1
Canada Wire a: Cable. class A (quar.)
Mar. 15 'Holders of rec. Feb. 28
Canadian General Electric, pref. (au.)
87340.Apr. I Holders of rec. Mar. 15
Canadian Internat. Invest. Tr.. p1.(au.) 134 Mar. 1 Holders of rec. Feb. 15
Carman & Co., Ltd., Maas A (guar./ - - - *50c Mar. 1 *Holders of rec. Feb. 15
•I .4 Apr. I "Holders of rec. Mar 20
Carnation Co. pref. (guar.)
Catelli Macaroni Products pf. A (qu.).
50c. Mar. 1 Holders of rec. Feb. 20
Caterpillar Tractor (quar.)
75e. Mar. 15 Holders of roe. Feb. 150
Extra
250. Mar. 15 Holders of rec. Feb. 16a
$1.75 Mar. 1 Holders of rec. Feb. 10
Celluloid Corp.. 1st pref.(quar.)
$1.75 Mar. 1 Holders of rec. Feb. 10
$7 preferred (quar.)
Central Cold Storage, corn. (quar.)
.400. Mar. 31 'Holders of rec. Mar. 25
Common (quar.)
*40e. June 30 "Holders of rec. June 25
Centrifugal Pipe Corp. (quar.)
150. May 15 Holders of rec. May 5
Quarterly
15c. Aug. 15 Holders of rec. Aug. 5
Quarterly
15c Nov. 15 Holders of rec. Nov. 5
Century Ribbon Mills, pref. (quar.)._
134 Mar. 1 Holders of rec. Feb. 211.3
Checker Cab Mtg.(mthly.)
35e. Mar. 3 Holders of rec. Feb. 17a
Chelsea Exchange Corp.
25e. May 15 Holders of reo. May 1
Class A dc B (quar.)
$1
Cheeebrough Mfg. Coned. (War.)
Mar. 31 Holders Of rec. Mar. 10
Extra
500. Mar, 31 Holders of rec. Mar.I0
750. Mar, 1 Holders of rec. Feb. 15
Chicago Corporation, cony. pref. MIL/.30c. Apr. 1 *Holders of rec. Mar. 25
Chicago Flexible Shaft, com. (cludr.)*30c. July 1 *Holders of rec. June 20
co:anion k(1kaa.)
•30e. Oct. I 'Holders of rec. Sept 2o
Common bluer.)
Chicago Investors pref.(quar.)
•750. Mar. 1 *Holders of rec. Feb. 20
Chicago Railway Equip., com.
.250. Mar. 31 "Holders of rec. Mar. 20
Preferred (guar.)
*43340 Mar. 31 *Holders of rec. Mar. 20
Chicago Yellow Cab (monthly)
250. Mar. I Holders of rec. Feb. 104
.25c. Apr. 1 *Holders of rec. Mar. 20
Monthly
Monthly
*25c. May 1 *Holders of rec. Apr. 21
Monthly
*250. June 2 *Holders of rec. May 20
Chickasha Cotton 011 (quar.)
75e. Apr. 1 Holders of rec. Mar. 10a
Childs Company, corn. (quar.)
60c. Mar. 10 Holders of rec. Feb. 21a
Preferred (quar.)
154 Mar. 10 Holders of rec. Feb. 21a
Chile Copper Co.(quar.)
87340 Mar. 31 Holders of rec. Mar. 5a
Chrysler Corporation(guar.)
*750. Mar. 31 *Holders of roe. Mar. 3
Cities Service, common (monthly)
23-4c. Mar. 1 Holders of rec. Feb. 15
Common (payable in corn.stock)
/A Mar. 1 Holders of rec. Feb. 15
Preference and pref. BB (monthly)___
50c. Mar. 1 Holders of rec. Feb. 15
Preference B (monthly)
5e. Mar. 1 Holders of rec. Feb. 15
Cities Service, common (monthly)
2340. Apr, I Holders of rec. Mar. 13
Common (payable in common stock)_ _
/34 Apr. 1 Holders of rec. Mar. 13
Preference and pref. BB (monthly)___
50e. Apr. 1 Holders of rec. Mar. 13
Preference B (monthly)
5e. Apr. 1 Holders of rec. Mar. 13
City Ice & Fuel, pref. (finer.)
154 Mar, 1 Holders of rec. Feb. 150
Orly Ice & Fuel, stock dividend
elM Mar. 1 Holders of rec. Feb. lta
Stock dividend
Sept. 1 *Holders of rec. Aug. 15
City Investing common
234 Mar. I Holders of rec. Dee tuia
Clark Equipment common (quar.)
750. Mar. 15 Holders of rec. Feb. 28a
Claude Neon Else. Prod ,stoex 411v._
July 1 *Holders of rec. Jan 2.
Cleveland Builders Supply (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 18
Cleveland Quarries (guar.)
75c. Mar. 1 Holders of rec. Feb. 20
Extra
25c. Mar. 1 Holders of rec. Feb. 20
Coca Cola Bottling Sec.(quar.)
*25c Apr. 15
Quarterly
*25e. July 15
*25c Oct. 15
Quarterly
Cockstrutt Plow (quar.)
37340 May 1 Holders of rec. Apr. 15
Colgate-Palmolive-Peet, corn.(quar.)--- '62340 Apr415 *Holders of rec. Mar d20
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 10
Collins & Alkman Corp., pref. (quar.). _
154 Mar. 1 Holders of me. Feb. 190
Columbia Pictures Corp., cony. pf.(qu.)
75e. Mar. 1 Holders of rec. Feb. 20a
Columbus Auto Parts Co.. pref.(quar.).
50e. Mar. 1 Holders of ree. Feb. 15
Commercl Investment Trust,com.((i.)
40e. Apr. 1 Holders of rec. Mar. 5a
Common (payable in common stock). f1 M Apr. 1 Molders of rec. Mar. 5a
7% first preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 5a
134 Apr. 1 Holders of rec. Mar. 50
634% first preferred (guar.)
Cony. pref. opt,series 01 1929 ((mar.). (0a) Apr. 1 Holders of rec. Mar. 50
Commercial Solvents, corn. (liner.)
250. Afar. 31 Holders of rec. Mar. 100
Mar. 31 Holders of rec. Mar. 106
Common (Payable in common stock). f2
Consolidated Cigar Corp., pre: (quar.). 134 Mar. 1 Holders of rec. Feb. 158
Consolidated Service pref.(quar.)
*62340 Mar. 1 'Holders of rec. Feb. 20
Consumers Co., prior preferred (quar.). .134 Apr. 1 *Holders or rec. Mar. 15
750. Mar. I Holders of rec. Feb. 15
Continental Chicago Corp.(pref.) (au.).
Continental Securities. pref. (quar.) __-'$1.25 Mar, 1 'Holders of rec. Feb. 15
Continental Shares, Inc., corn. (quar.)
250. Apr. 1 Holders of rec. Mar. 14a
Frei ser. B, pref. 6: cony. pref. (au.) *51.50 Mar. 15 *Holders of rec. Mar. 3
Corno Mills (quar.)
500. Mar. 1 Holders of rec. Feb. 20
Corrugated Paper Box (Toronto) pf.(qu) 134 Mar. 1 Holders of rec. Feb. 15
Coty. Inc. (quar.)
50c. Mar. 31 Holders of rec. Mar. 14a
Stock dividend
e3
June 30 Holders of rec. June lea
Crane Company, corn. lunar.)
43340 Mar, 15 Holders of rec. Mar. 1
Preferred (guar.)
134 Mar. 15 Holders of rec. Mar. 1
Crowley, Milner & Co . Corn. ((mar.)
•511e Marl! *Holders of rec. Mar.
Crown Cork Internat. Corp., cl. A (qu.)
25c. Apr. 1 Holders of rec. Mar. 10a
Crown Cork 84 Seal, Prof.(guar.)
.670. Mar. 15 'Holders of rec. Feb. 28
Crown Overall Mfg. Co., pref. (quar.)-. '2
Mar. 1 'Holders of rec. Feb. 14
Crown Willamette Paper, let pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 13
Second preferred ((uar.)
$1.50 Apr. 1 Holders of rec. Mar. 13
Crown Zellerbach Corp., cony. pf.(qu.) $1.50 Mar. 1 Holders of re0. Feb. Is
Preference A & B (quar.)
$1.50 Mar. 1 Holders of reo. Feb. 13
[VOL 130.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
Crucible Steel Co. of Amer., pref.(qu.). 134 Mar. 31 Holders of rec. Mar. 15a.
Crum & Forster pref. (quar.)
2
Mar. 31 Holders of rec. Mar. 20
Cumberland Pipe Line (quar.)
Mar. 15 Holders of rec. Feb. 28
$1
Cuneo Press. Prof. (guar.'.
•134 Mar. 11 "borders of roc. Mar.
Curtis Publishing, corn. (monthly)
500, Mar, 3 Holders of rec. Feb. 200
$1.75 Apr. 1 Holders of ree. Mar. 200
Preferred War.)
Curtis Publishing, com.(monthly)
500. Apr. 2 Holders of roc. Mar. 200
Common(extra)
50c. Apr. 2 Holders of rec. Mar. 20a
Cushman Sons, Inc., corn. bluer.)
Mar. 1 *Holders of rec. Feb. 15
'1
134 Mar. 1 Holders of ree. Feb. 15a
7% Preferred(quar.)
Mar. 1 Holders of rec. Feb. 150
$8 preferred (quar.)
$2
Decker (Alfred) dr Cohn, corn.(quar.)__ .50e. Mar. 15'Holders of rec. Mar, 5
Preferred (guar.)
.154 Mar. 1 'Holders of rec. Feb. 20
•134 June 2 *Holders of rec. May 20
Preferred (guar.)
•1% Sept. 2 *Holders of rec. Aug. 20
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Deere & Co., common (quar.)
Common (payable In common stock)_ _ .1134 Apr. 15 Holders of rec. Mar. 15
134 Mar. 1 Holders of rec. Feb. 15o
Preferred (quar.)
De Forest Crossley Radio (qu.)(No. 1)_ *20c. May 1 *Holders of rec. Apr. 25
2
May 1 Holders of rec. Apr. 19
Dennison Mfg. deb. stock (qua.)
154 May 1 Holders of rec. Apr. 19
Preferred (quar.)
Mar. 4 Holders of rec. Dec. 31
Management & employee stk.(aIWI). 8
.25e. Apr. 1 Holders of rec. Mar. 20
Detroit Steel Products (quar.)
.25e. Mar. 1 "Holders of rec. Feb. 20
Detroit Steel Products
50c. Mar. 1 Holders of rec. Feb. 19
Dewey & Almy Chemical, corn
$3.50 Mar, 1 Holders of rec. Feb. 19
Preferred
.350. Mar. 1 *Holders of rec. Feb. 15
Dexter Co., corn.(quar.)
2
Mar. 15 Holders of rec. Feb. 280
Diamond Match (guar.)
Dictaphone Corp.. common Mari-- •75c. Slur, 1 *Holders of rec. Feb. 14
Common (Payable in common stock)- !GO Mar. 1 "Holders of rec. Feb. 14
.2
Mar. 1 *Holders of rec. Feb. 14
Preferred ((uar.)
250. Apr, 21 Holders of rec. Mar. 310
Dome Mines, Ltd. (finer)
$1.25 Apr. 1 Holders of rec. Mar. 15
Dorn.Textile, Ltd. com.(guar.)
,
134 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
"750. Mar. 19 *Holders of rec. Feb. 7
Douglas Aircraft (No. 1)
Dresser (S. R.) Mfg. class A (quar.)...... .87340 Mar. 1 *Holders of rec. Feb. 18
Mar. 1 Holders of reo. Feb. 150
Drug Incorporated (quar.)
$1
Apr. 15 Holders of reo. Apr. la
Duoldll internat. couRnou. ((oar.)..- -. 111
el
Apr. 16 Holders of roe. Apr. la
Common (payable in corn. stock)-Mar, 15 Holders of rec. Feb. 270
Du Pont(E. I.) de Nem.& Co.,com.(qu) 51
134 Apr, 25 Holders of rec. Apr. 100
Debenture stock (guar.)
Mar. 1 *Holders of rec. Feb. 20
Durham Duplex Razor, pr. prof. ((uar.) $1
.4354c Mar. 1 *Holders of rec. Feb. 20
Durkee Thomas Corp., class A
•50c. Mar. 31 *Holders of rec. Mar. 20
Early & Daniels, corn. (quar.)
•11,4 Mar. 31 *Holders of rec. Mar. 20
Preferred (quar.)
60e Mar, 1 Holders of rec. Jan. 31
East. Theatres, Ltd.,Toronto. com.(qu.)
pf.(au.)---- $1.50 Mar. 1 Holders of rec. Jan. 31
Eastern Utilities Invest. $6
$1.7.qMar. 1 Holders of rec. Jan. 31
$i preferred (quar.)
$1.2' I ,. 1 Holders of roe, Fell. 28
$6 prior preferred (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28a
Eastman Kodak,com.(cHan)
7.,0. Apr. 1 liolders of rec. Feb. 280
Common(extra)
134 Apr. 1 Holders of rec. Feb. 28a
Preferred (quar.)
40c. Mar. 1 Holders of rec. Feb. 21
East Sugar Loaf Coal
114 Mar. 15 Holders of rec. Feb. 28
Edison Bros. Stores, pref. (quar.)
154 June 14 Holders of rec. May 31
Preferred (guar.)
Electric Controller & Mfg., corn. (qu.)._ 51.25 Apr, 1 Holders of rec. Mar. 20
$3 Apr. 1 Holders of rec. Mar. 20
Common (extra)
Electric Shareholdings Corp.. corn. (qu.) .25e. Mar, 1 *Holders of rec. Feb. 5
.11
Mar. I "Holders of rec. Feb. 6
Corn.(payable in corn. stock)
Pref.(cash or 1-20 mb. of corn. stock)- .$1.50 Mar. 1 *Holders of rec. Feb. 5
111.411.14 Apr IA
100 S ubj.to e
Stor. Bat.. corn. ltr 01. tin
Elec. Storage Battery.corn.& pt.(qu )_ - $1.25 Apr. 1 Holders of rec. Mar. 8a
50e. Mar. 1 Holders of rec. Feb. 18
Ely & Walk Dry Gas.,corn.(guar.)
(I) Mar, 1 Holders of rec. Feb. 20
Empire Corp.,$3 pref.(quar.)
Employers Group Associates ((u.)(No.1) *250. Mar. 15 Holders of roe. Mar. I
50e. Mar, 24 Holders of Yee. Mar, Is
Emporium Capwell Corp.(emir.)
50e. Mar, 1 Holders of rec. Feb. 15
Equitable Casualty dr Surety ((Iuar.)---62340. Apr. 1 Holders of rec. Mar. 15a
Equitable Office Brig.,corn. (qu.)
I% Apr, 1 Holders of rec. Mar. 160
Preferred (quar.)
Equity Inv. Corp., corn. (qu.)(No. 1) - *50e. Mar, 1 *Holders of rec. Feb. 20
*750. Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
tiOc May I Holders of reo. Apr. 210
Fair(The)common Mar.)
1.4 May 1 Holders of rec. Apr. 21a
Preferred (quar.)
750. Mar. 31 Holders of rec. Mar. 12a
Fairbanks, Mcrae & Co., com.(finer.)....
134 Mar, 1 Holders of rec. Feb. lla
Preferred (quar.)
250 Mar, 30 Holders of rec. Mar. 1
Fairfax Airports common(No. 1)
50e. Mar, 1 Holders Of rec. Feb. 15
Famous Players Canadian Corp.(qu.)
6234e Apr. 1 Holders of rec. Mar. 14
aultiess Rubber 101111.1
154 Mar,15 Holders of rec. Feb. 170
pref.(qu.)Federal Mining & Smelting,
Federal Screw Works, corn. (quar.)__ - - .75c. Apr. 1 'Holders of rec. Mar. 15
16e Mar. 20 Holders of rec. Mar. 130
Fifth Ave. Bus Securities, corn. (guar.)3
Mar. 1 Feb. 16 to Mar. 2
Fifty-live Park Ave., Inc., pref
I% Apr. 1 Holders of rec. Mar. 170
(MO-- Filene(William) Sons Co., pref.
Finance Service Co.(Baltimore). corn_ _ 400. Mar. 1 Holders of rec. Feb. 15
17,40. Mar. 1 Holders of roe. Feb. 15
Preferred (guar.)
Firestone Tire & Rubber. 6% pref. (qu.) 13-4 Mar. 1 Holders of rec. Feb. 160
Fitzsimons & Connell Dredge & Dock
*50o. Mar, 3 *Holders of rec. Feb. 20
Corn. (Oiler.)
(u) Mar. 3'Holders of reo. Feb. 20
Corn.(I-40th share com stock)
134 Apr, 1 Holders of rec. Mar. 150
Florsbelm Shoe. pref. (guar.)
Apr. 1 Holders of rec. Feb. 10
Flynn Electric Co.. common A &
75e. Mar, 15 Holders of reo. Feb. 28.
Follansbee Bros. Co., corn.(quar.)
•1M Mar. 15'Holders of rec. Feb. 28
Preferred bluer.)
•el
Apr. 15 *Holders of rec. Mar. 31
Food IMachIncry stock dividend
65e. Mar. 15 Holders of rec. Mar. 5
Foote-Burt Co. (quer.)
.500. Apr. 1 "Holders of rec. Mar. 15
Formica Insulation (qUar.)
*50c. July 1 "Holders of rec. June 15
Quarterly
'50c. Oct. 1 'Holders of rec. Sept. 15
Quarterly
.50e. Janl'31 *Iielders of rec. Dee. 15
Quarterly
.1% Apr. 1 *Holders of reo. Mar. 27
Foster & Kleiser, preferred (guar.)
•13-4 Apr. 1 *Holders of rec. Mar. 15
Frank (A. B.) Co., pref. (quar.)
•15‘ July 1 *Holders of rec. June 15
Preferred (guar.)
'154 Oct. 1 *Holders of rec. Sept. 15
Preferred Mar.)
Fuller (George A.) Co., part. pref. (au.) $1.50 Apr. 1 Holders of rec. Mar. 100
Participating pref. (panic. dividend)_ $1.95 Apr. 1 Holders of rec. Mar. 100
$1.50 Apr. 1 Holders of rec. Mar. 100
Second preferred (guar.)
$1.40 Apr. 1 Holders of rec. Mar. 100
Second pref.(partic. dividend)
$1.25 Afar, 15 Holders of rec. Mar. 5
Gamewell Co. (quar.)
30e. Apr. 1 Holders of rec. Mar. 14
Oarlock Packing, corn. ((uar.)
1,5 Apr. 1 Holders of rec. Mar. 200
General Amer. Investors, pref. (qu.)
$1 Mar. 15 Holders of roe. Feb. 280
General Asphalt, common (guar.)
'1.4 Mar. 1 'Holders of rec. Feb. 15
General Box Corp.. preferred bluer.)
50e. Ma% 3 Holders of ree. Feb. 140
General Bronze common (quar.)
Si
Mar. 1 Holders of rec. Feb. 130
General Cable, class A (qunn)
134 Mar. 1 Holders of roe. Feb. 210
General Cigar, pref. (guar.)
400. Apr. 25 Holders of rec. Mar. 70
General Electric new corn(qu.)(No. 1).._.
15e. Apr. 25 Holders of rec. Mar. 70
Special stock (guar.)
General Industrial and Bancshares Corp
5
Mar. 1 Holders of rec. Feb. 26
Mat A (special)
General Motors Corp., corn. (quar.)- - .75e. Mar. 12 *Holders of me. Feb. 150
•1.4 May 1 *Holders of rec. Apr. 7a
7% Preferred (altar.)
'134 May 1 •liolders of rec. Apr. 70
6% preferred bluer)
6% debenture stock (guar.)
'13.4 May 1 'Holders of roe. Apr. 70
.30e. Apr. 1 'Holders of rec. Mar.20
Gerlach-Barklow Co.,corn.(Oum.)
.50c. Apr. 1 *Holders of rec. Mar. 20
Preferred Mar.)
Gerrard (S. A.) & Co., corn. (quar.).-- .37340 Mar. 1 'Holders of rec. Feb. 15
*25c. Mar. 31 *Holders of reo. Mar. 19
Glrbert (A. C.).Co., corn. (qu.)
4
.250 June 30 'Holders of rec. June 18
Common bluer.)
$1.25 Mar. 1 Holders of rec. Feb. la
Gillette Safety Razor Maar 1
50c. Apr. 1 Holders of rec. Mar. 18
Gleaner Combine Harvester (quar.)_.._..
50c. Apr. 1 Holders of rec. Mar. 120
Glidden Co.,corn. Wan
/1 Apr. 1 Holders of rec. Mar. 130
Common (payable in corn.sleek)
Prior preferred (quar.)
154 Apr. 1 Holders of roe. Mar. 120
Globe Democrat Publishing. pref. (qtr.)- 1% Mar. 1 Holders of rec. Feb. 20
Globe Grain 4.4 Milling (Jo.. corn.(quar.) .500. Apr. 1 *Holders of rec. Mar. 20
.4354c Apr. 1 "Holders of rec. Mar. 241
First preferred bluer,)
25e, Mar. 15 Holders of rec. Mar. I
Goldberg(S. M.)Stores,com.(quar.)
250. June 16 Holders of rec. June 2
Common(quar.)
$1.75 Juno 16 fielders of rec. June 2
Preferred (quar.)
Goldberg (S. M.) Stores 17 Pref.(cHar.)- •31.75 Mar. 15 *Holders of rec. Mar. 1
Golden Cycle Corp. (guar.)
'400. Mar. 10 'Holders of rec. Feb. 28
RAH. 1 1930.1
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Golden State Milk Products,stk. dIv
i'e2.6 Mar. 1 *Holders of rec. Feb. 15
Goodrich (B.F.) Co.common(guar.)
$1
Mar. 1 Holders of rec. Feb. 156
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
114 July 1 Holders of rec. June 146
Goodyear Tire di Rubber,com.(guar.).- 31.25 May 1 Holders of rec. Apr. la
First preferred(guar.)
1.34 Apr. 1 Holders of roe. Mar. la
Gorham Mfg. common (guar.)
50c. Mar. 1 Holders of rec. Feb. 15
Gotham Silk Hosiery,corn.(guar.
82440 Apr. 1 Holders of roe. Mar. 12a
Grand Rapids Varnish (guar.)
*25c. Apr. 1 *Holders of rec. Mar.20
Grand Union Co.. cony. pref.(quar.)750. Mar. 1 Holders of rec. Feb. 14
Granger Trading Corp.(quar.)
400. Mar.21 Holders of rec. Mar. 8
Great Atl. & Pacific Tea corn.(guar.)
*$1.25 Mar. 1 *Holders of rec. Feb. 3
Preferred (guar.)
•114 Mar. 1 *Holders of roe. Feb. 3
Great Britain & Canada Invest. pref
244 Apr. 1 Holders of roe. Feb. 28
Great Northern Paper (guar.)
.75c. Mar. 1 *Holders of rec. Feb. 20
Greenfield Tap di Die Corp.8% pf.(qu.) 144 Apr. 1 Holders of rec. Mar. 15
8% preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15
Gruen Watch. common (guar.)
*50c Mar. 1 *Holders of rec. Feb. 18
Hale Bros.Stores(guar.)
*250 Mar. 1 *Holders of rec. Feb. 15
Hall(C. M.)Lamp(guar.)
*3744c Mar. 15 *Holders of rec. Mar. 1
Hambleton Corp., partic. pref.(No.1)-- *$1.50 Mar. 1 *Holders of rec. Feb. 21
Hamilton Watch pref. (guar.)
14 Mar. 1 Holders of roe. Feb. 100
• 43%c Mar. 1 *Holders of rec. Feb. 18
litancock 011, pref.(guar.)
Hanes(P. H.) Knitting Co.common__
160 Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 20
Hanna(M.A)& Co.old ds new pf.(au.)- 1% Mar. 20 Holders of rec. Mar. 50
Harbison-Walker Refract., com.(qu.)
50e Mar. 1 Holders of rec. Feb. 20a
Common(extra)
250 Mar. 1 Holders of rec. Feb. 200
Preferred (guar.)
114 Apr. 19 Holders of rec. Apr. 9a
Harrods Ltd.
Amer.den.rights for ord.reg. Os-- *0)15 Mar.22 *Holders of rec. Feb. 14
Hart
-Caner Co.cony. pref.(quar.)
*50c Mar. 1 *Holders of rec. Feb. 15
Hartman Corp. class A (guar.)
50c Mar. 1 Holders of rec. Feb. 176
Class B (guar.)
300 Mar. 1 Holders of roe. Feb. 176
Hathaway Bakeries class A (guar.)
750 Mar. 1 Holders of roe. Feb. 15
Preferred (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Hathaway Mtg.(guar.)
*$1 Mar. 1 *Holders of rec. Feb. 20
Hayes
-Jackson Corp., Pref.(guar.)
*8134e Apr. 1 *Holders of rec. Mar. 20
Hazeltine Corp.(guar.)
*25e. Mar. 1 *Holders of rec. Feb. 15
Hecla Mining(guar.)
*250. Mar. 15 *Holders of rec. Feb. 15
Helena Rubinstein,Inc., prof.(guar.)
750. Mar. 1 Holders of rec. Feb. 20
Hibbard, Spencer. Bartlett & Co.(mth1F) 350. Mar.28 Holders of rec. Mar. 21
Higbee Co., first pref. (guar.)
14 Mar. 1 Holders of rec. Apr. 20
First preferred (guar.)
Aug. 1 Holders of rec. July 20
4
First preferred (guar.)
Nov. 1 Holders of rec. Oct. 19
Second preferred (guar.)
Mar. 1 Feb.. 19 to Mar. 1
2
Second preferred (guar.)
June 1 Holders of rec. May 20
*2
Second preferred (guar.)
Sept. 1 Holders of roe. Aug. 20
*2
Second preferred (guar.)
*2
Dec. I Holders of roe. Nov: 21
Hires(Charles E.) Co.class A (guar.)... 50o. Mar. 1 Holders of roe. Feb. 15
Hobart Mfg.common (guar.)
*62340 Mar. 1 *Holders of roe. Feb. 18
Holophane Co.,common
*500. Apr. 1 *Holders of rec. Mar. 15
Preferred
*$1.05 Apr. 1 *Holders of roe. Mar. 15
Holt(Henry)& Co.,Inc.. partio. A (qu.) *450. Mar. 1 *Holders of roe. Feb. 8
Honolulu Consol. 011 (guar.)
Mar. 15 *Holders of rec. Mar. 6
Horn & Flardart, pref. (guar.)
Mar. 1 *Holders of moo. Feb. 10
Houdaille Hershey Corp. class A (qu.).- *6244c Apr. 1 *Holders of moo. Mar.20
Class B (guar.)
50e. Apr. 1 Holders of ree. Mar.20a
Household Products Inc. (guar.)
8744c Mar. 1 Holders of rec. Feb. 156
Hudson Motor Car (guar.)
$1.25 Apr. 1 Holden of roe. Mar. ha
Hungarian Disc. di Exch.Bk.,Am.shs- - $2.43
Holders of rec. Mar. 6
Hydro-Electric Securities, corn. (qu.)
50c. Mar. 14 Holders of rec. Mar. 3
Illinois Brick (quar.)
.600. Apr. 15 *Holders of rec. Apr. 8
Quarterly
is800. July 15 *Holders of moo. July 3
Quarterly
*60o. 00t. 15 *Holders of moo. Oct. 3
Imperial Oil, reg.shares(guar.)
*1211e Mar. 1 *Holders of roe. Feb. 15
Bearer shares(guar.)
*1214c Mar. I *Holders of coup. No. 24
Imperial Tobacco of Oct. Brit. & Ire.
Amer. dep. rcts. for ordinary shares
*w814 Mar. 7 *Holders of rec. Feb. 13
Bonus (1 shilling 6 pence)
Mar. 7 *Holders of roc. Feb. 13
Ingersoll-Rand Co., common (quar.)_. $1 Mar. 1 Holders of rec. Feb. 3s
Inland Steel (guar.)
Mar. 1 Holders of rec. Feb. 140
$1
Inaull Utility Invest.. com.(In stock)... II% Apr. 15 *Holders of rec. Apr. 1
Common (payable in common stock) 1144 July 15 *Holders of roe. July 1
Common (payable In common stock) 11% Oct. lb *Holders of rec. Oct. 1
$6 Pref.(guar.)
*$1.50 Mar. 1 *Holders of rec. Feb. 20
Insull Utility Investment, pt. (guar.)... 111 37 Apr. 1 *Holders of rec. Mar. 15
Insuranshares Certificates, Inc.(No. 1).. is15e. Mar. 15 *Holders of re.e Feb. 28
Interlake Steamship,coin.(guar.)
•61
Apr, 1 *Holders of rec. Mar. 20
Internat. Agric. Corp. prior pref.(qu.)_
Mar. 1 Holders of me. Feb. 150
International Arbitrage, com.(quar.)__ - *El Mar. 1 *Holders of rec. Feb. 20
Common (payable in com.stock)
16 Mar. 1 *Holders of rec. Feb. 20
Internat. Business Machines (guar.)$1.50 Apr. 10 Holders of rec. Mar. 226
Internat. Educational Publishing pref
May 1 Holders of rec. Mar. 1
St
Internist. Harvester, corn. (guar.)
6234c Apr. 15 Holders of rec. Mar. 20a
Preferred (guar.)
14 Mar. 1 Holders of rec. Feb. 5a
Inter. Nickelof Canada.corn.(qu.)
25e. Mar. 31 Holders of rec. Mar. la
Internat. Safety Razor,class A (guar.)1300. Mar. 1 Holders of roe. Feb. 140
Class B (guar.)
50e. Mar, 1 Holders of roe. Feb. 14a
Class B (extra)
25e. Mar. 1 Holden of rec. Feb. 14a
Internat. Recur. Corp.. corn. A (quar,)_
750. Mar. 1 Holders of rec. Feb. 15
Common B(guar.)
12%o. Mar. 1 Holders of rec. Feb. 15
7% preferred (guar.)
I% mar, 1 Holders of rec. Feb. 15
64% preferred (guar.)
1% Mar. 1 Holders of roe. Feb. 15
6% Preferred(guar.)
1% Mar. 1 Holders of rec. Feb. 15
Internat. Shoe pref.(monthly)
50e. Mar. 1 Holders of rec. Feb. 15
International Shoe. pref. (monthly)
*50c. Apr. 1 *Holders of rec. Mar. 15
Preferred (monthly)
*50e. May 1 *Holders of rec. Apr. 15
Preferred (monthly)
*500. June 1 *Holders of roe. May 15
Internat. Silver common (guar.)
114 Mar. 1 Holders of rec. Feb. 14a
Common (extra)
Mar. 1 Holders of roe. Feb. 146
2
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 126
Investors Equity CO..Inc.. cons.(qU.)-500. Apr. 1 Holders of rec. Mar. 17a
Iron Fireman (guar.)
*25e. Mar. 1 *Holders of rec. Feb. 15
Extra
*50c. Mar. 1 *Holders of roe. Feb. 15
Isle Royale Copper Co. (guar.)
•50e. Mar.31 *Holders of rec. Feb. 28
Jackson (Byron) Co. (stock dividend). *82
Mar. I *Holders of roe. Feb. 15
Jaeger Machine common (guar.)
62340 Mar. 1 Holders of ree. Feb. 14
Jefferson Electric ((Plan)
.750. Arr. 1 *Holders of roe. Mar. 15
Extra
*50e. Apr. 1 *Holders of ree. Mar. 15
Jewel Tea common (guar.)
75e. API% 15 Holders of rec. Att. 2
Johns-Manville Corp., cons. (guar.)...75e. Apr. 15 Holders of roe. Mar.25a
Preferred (guar.)
Apr. 1 Holders of rec. Mar. ha
Johnson-Stephens-Shinkle Shoe (guar.). 62)4e. Mar. 1 Holders of rec. Feb. 16
Jones & Laughlin Steel, corn.(quar.)_... .1% Mar. 1 *Holders of ree. Feb. 13
Preferred (oilar.)
Apr. 1 Holders of rec. Mar. 13a
• $1.125 Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Stove, cons.(guar.)
Corn. (payable in common stock)---- 114 Apr. 1 *Holders of roe. Mar. 20
Kaufmann Dept.Stores, pref.(guar.)--Apr. 1 Holders of rec. Mar. 10
Kendall Co., common
Mar. 1 *Holders of rec. Feb. 10
Preferred series A (quar.)
$1.50 Mar. 1 Holders of rec. Feb. 100
Kidder Participations, Inc., common_ '56340 Aug. 1 *Holders of rec. .11111 17
Preferred (extra)
*37340 Apr. 1
Kidder Participations No.2,pref.(extra) *250. Apr. 1
Preferred (extra)
.250. Oct. 1
1
Kinney (G. It.) Co., common (guar.)_
250. Apr. 1 Holders of rec. Mar. 176
Preferred (quar.)
Mar. 1 Holders of rec. Feb. 14a
2
Kirby Lumber(guar.)
Mar. 10 *Holders of rec. Feb.
Klein (D. Emil) Co.(guar.)(No. I)._ *250. July 1 *Holders of rec. June 28
15
Kleinert(I. B.) Rubber,com.(quar.)
6244e. Mar. 1 Holders of rec. Feb. 15
Knapp-Monarch Co., com.(guar.)
50c. Mar. 5 Holders of rec. Feb. 21
Knox Hat,class A (quan)
*$1.50 Mar. 15 *Holders of rec. Feb. 15
Common(guar.)
111.50 Mar. 15 *Holders of rec. Feb. 15
Kresge(S. S.) Co., corn.(guar.)
400 Mar. 31 Holders of rec. Mar. 106
Preferred (quar.)
14 Mar. 31 Holders of rec. Mar.
Kroger Grocery & Baking common (qu.) 250 Mar. 1 Holders of moo. Feb. 100
106
Kroger Grocery & Baking,stk. dividend. el
Mar. 1 Holders of rec. Feb. 10a
Stock dividend
June 2 Holders of rec. May 100
el
Stock dividend
el
Sept. 1 Holders of rec. Aug. lla
Kuppenhelmer (B.) & Co.. pref. (guar.)
Mar. 1 Holders of rec. Feb. 2I6
Lackawanna Securities
Mar. 1 *Holders of roe. Feb. 14
.114
*14
issoc.
*14
134
134
134
1)4
'Sc.
'134
134
411
Name of Company.
1411
Per
When
Cent. Payable.
Book, Cloud.
Dips inclusfee.
sliscellaceous (Continued).
Lake of the Woods Milling, corn.(quar.) 80c. Mar. 1 Holders of rec. Feb. 15
114 Mar. 1 Holders of moo. Feb. 15
Preferred (guar.)
Lake Shore Mines, Ltd.(guar.)
300. Mar. 15 Holders of roe. Mar. 1
*750. May 15 *Holders of rec. May 5
Landis Machine, com.(guar.)
*750. Aug. 15 *Holders of reo. Aug. 5
Common (guar.)
*750. Nov. 15 *fielders of rec. Nov. 5
Common (quar.)
1
.250. Mar.30 *Holders of roe. Mar.20
Leath & Co., common (guar.)
.250. June 30 *Holders of rec. June 20
Cc'Ean'On (guar.)
*25e. Sept.30 *Holders of rec. Sept. 20
Common (guar.)
Lehn & Fink(guar.)
75e. Mar. I Holders of moo. Feb. 146
250. Mar. 1 Holders of rec. Feb. 14a
Libbey-Owens Glass,com.(guar.)
Litany Shares Corp.stock dividend-- *el
Dee. 31
*el
Stock dividend
Mar.31
Liggett dr Myers Tobacco
Mar. 1 Holders of rec. Feb. 10a
$1
Common & common B (guar.)
Mar. 1 Holders of rec. Feb. 10a
$1
Common and common B (extra)
r Preferred (guar.)
144 Apr. 1 Holders of rec. Mar. 100
20. Mar. 1 Holders of rec. Feb. 15
Lindsay (C. W.)& Co.,corn.(quar.).
114 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Lindsay Nunn Publishing. pref.(guar.). .500 Mar. 1 *Holders of rec. Feb. 18
850 Mar. 1 Holders of rec. Feb. 150
Link Belt Co.common (guar.)
Loblaw Groceterias, Ltd., cl. A&B (OIL) .20c Mar. 1 *Holders of rec. Feb. 8
Loew's Inc., corn. (guar.)
750 Mar. 31 Holders of rec. Mar. 14a
14 Mar, 1 Holders of rec. Feb. 17
Lord & Taylor, 1st pref. (guar.)
$2.50 Mar. 1 Holders of rec. Feb. 8
Ludlow Mfg. Associates (guar.)
*500 Apr. 1 *Holders of rec. Mar. 21
Ludlow Typograph, com. (quar.)
*250 Apr. 1 *Holders of rec. Mar. 21
Common (extra)
*14 Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
*3744c Mar.15 *Holders of rec. Mar. 5
Lunkenheirner Co.,corn.(guar.)
*114 Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
*21 Apr. 15 *Holders of roe. Mar. 15
Macfadden Publications. cons
*134 May 15 *Holders of rec. May 5
Magnin (I.) dt Co., pref.(quar.)
*114 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
*14 Nov. 15 *Holders of rec. Nov. 5
Preferred (guar.)
114 Mar. 1 Holders of rec. Feb. 20
Mengel Stores Corp., pref.(guar.)
50o Mar. 1 Holders of roe. Feb. 156
Manhattan Shirt, corn. (guar.)
Mar. 1 *Holders of rec. Feb. 20
Maribschewita (B.) Co.. COW. an oth.)--June 1 *Holders or rec. May 20
Corn (nay. In corn. stock)(guar.)- -- *ft
*450 Mar. 1 *Holders of rec. Feb. 20
Manischewitz(B.) Co.,com.(gust.)
*134 Apr. 1 *Holden of rec. Mar.20
Preferred (guar.)
*154 July 1 *Holders of roe. Mar.20
Preferred (guar.)
*30e Mar. 31 *Holders of rec. Mar. 1
Marine Midland (guar.)
50e Mar. 1 Holders of rec. Feb. 180
Marmon Motor Car (guar.)
500 Mar. 1 Holders of rec. Feb. 150
May Department Stores, com.(quar.)
114 Mar. 1 Holders of rec. Feb. 15a
Corn.(payable in com.stock)
Common (payable In common stock) JIM June 2 Holders of rec. May 15a
Common (payable in common stock) /14t Sept. 2 Holders of moo. Aug. 150
Common (payable In common stock) f1% Dec. 1 Holders of rec. Nov. lba
Mayflower Associates (quar.)(No. 1) -- *50c Mar. 1 *Holders of coo. Mar. 3
Mar. 15 *Holders of moo. Mar. 3
*el
Stock dividend
Mar. 1 Holders of rec. Feb. 24
$1
May Hosiery Mills. pref.(guar.)
McCahan (W. .1.) Sugar Refining
1% Mar. I Holders of rec. Feb. 140
Molasses Co.. pref. (guar.)
McCall Corp.(Oust.)
62340 May 1 Holders of rec. Apr. 190
1
.150. Mar. 1 *Holders of roe. Feb. 15
McColl Frontenac 011 (guar.)
McCrory Sta. Corp., corn. & corn. B(gu.) 50c. Mar. 1 Holders of rec. Feb. 20a
250. Mar. 1 Holders of rec. Feb. la
McIntyre Porcupine Mines (guar.)
McKesson & Robbins. Inc.. pref.(q.)... 87140. Mar.15 Holders of rec. Feb. 284
500. Mar. 1 Holders of moo. Feb. 18
Medart (Fred) Mfg.. corn
60e. Mar. 1 Holders of rec. Jan. 316
'Mengel Co.common (guar.)
144 Mar. 1 Holders of rec. Feb. 156
Preferred (guar.)
81.50 Mar. 31 Holders of rec. Mar. ta
Mergenthaler Linotype (guar.)
250. Mar. 31 Holders of rec. Mar. 5a
Extra
3
Mar. I Holders of rec. Jan. 10
Merrimack Mfg. common (guar.)
234 Mar. 1 Holders of rec. Jan. 10
Preferred (guar.)
Merritt, Chapman & Scott. corn.(quar.) *400. Mar.I 1 *Holders of rec. Feb. 15
*$14 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
400. Apr. 1 Holderrof rec. Mar. 15
Mesta Machine, com.(guar.)(No. 1)._
100. Apr. 1 Holders of rec. Mar.15
Common (extra)
*250. Mar. 1 *Holders of rec. Feb. 20
Meteor Motor Car(quar.)
Metro-Goldwyn Pictures, prof.(guar.).- 47340 Mar. 15 Holders of rec. Feb. 28a
Metropolitan Paving Brick,com.(guar.) 60e. Mar. 1 Holders of rec. Feb. 14
134 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
Midland UnitedCorp.com.(in corn.stk.). f134 Mar. 24 Holders of rec. Mar. 1
1
.8714ts Apr. 1 *Holders of rec. Mar. 15
Miller & Hart, Inc., pref. (guar.)
50c. Apr. 1 Holders of rec. Mar. 15
Miller (I.) & Sons. com.(guar.)
114 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Miss. Val. Utilities Invest.. prof. (gu.).... $1.75 Mar. 1 Holders of moo. Feb. 15
$1.50 Mar. 1 Holders of rec. Jan. 31
Mohawk Mining
Monarch Royalty Corp.. prof. A (gnat.) 1234e. Mar. 10 Holden, of rec. Feb. 28
1)ge. Mar. 10 Holders of rec. Feb. 28
Preferred (guar.)
134 Mar. 15 Holders of rec. Feb. 28
Montreal Cottons, cons. (guar.)
14 Mar. 15 Holders of MO. Feb. 28
Preferred (quar.)
Moreland Motor Truck. pref.(guar.)... '17340 Mar. 31
250 Mar. 1 Holders of rec. Feb. 16
Morison Electrical Supply. corn. WO
1134 Mar. 1 Holders of me. Feb. 15
Common (payable in corn stock)
$1.10 Mar. 16 Holders of roe. Feb. 211
(John) & Co., Inc.(guar.)
Morrell
14 Mar. 1 Holders of rec. Feb. 22
Morrison Brass Corp.. pref.(guar.)
% Apr. 1 Holders of rec. Mar.20
Motor Products Corp.(guar.)
75e Mar,10 Holders of rec. Feb. 206
Motor Wheel Corp.. com.(guar.)
75e Mar. 1 Holders of MO. Feb. 110
Munsingwear. Inc. (guar.)
$1
Mar. 1 Holders of rec. Feb. Ila
Extra
Murphy(G. C.) Co., new corn.(gnat.).. *40e. Max. 1 *Holders of roe. Feb. 19
$2 Apr. 2 Holders of rec. Mar.22
Murphy (G. C.) Co., pref.(V.)
Muskegon Motor Specialties, 01. A (on.) *50e. Mar. 1 *Holders of rec. Feb. 18
*141 Mar. 1 *Holders of rec. Feb. 10
National Baking, pref. (guar.)
70.. Mar. 1 Holders of rec. Feb. 15
National Bearing Metals,com.(qu.)
134 Mar, 1 Holders of rec. Feb. 18a
National Bella;Hess Co.,Prof.(tlllar.)
National Biscuit, corn,($10 par) (guar.) 70e. Apr, 15 Holders of rec. Mar. 206
National Biscuit,corn.($25 Dan (guar.)- $1.75 Apr. 15 Holders of rec. Mar. 200
134 Mar. 15 Holders of rec. Feb. 28
National Brick, pref. (guar.)
500. Mar, 1 Holders of rec. Feb. 15
National Container. pref. (guar.)
Nat. Dairy Products Corp.. corn.(qu.). 50o. Apr. 1 Holders of rec. Mar.I
Apr. 1 Holders of MIL Mar. 36
Corn.(payable in corn. stock (guar.4._ fl
July 1 Holders of rec. June so
Corn.(payable In corn. stock) (gnarl.. 11
Oct. 1 Holders of me. Sept. Se
Corn.(navAble in com. stank)(guar.). 11
*144 Mar. 1 *Holders of rec. Feb. 15
Nat. Dept. Stores, 2d pref.(guar.)
50c. Mar.31 Holders of rec. Feb. 281
Nat. Enameling et Stpg. (gnar.)
400. Mar. 1 Holders of rec. Feb. 20
Nat.Family Stores. corn.(guar.)
500. Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
144 Mar. 31 Holders of rec. Mar. 140
National Lead, corn. (guar.)
3
Mar. 31 Holders of rec. Mar. 140
Common (extra)
1)4 Mar. 15 Holders of rec. Feb. 280
Preferred A (guar.)
144 May I Holders of roe. API% 1841
Preferred B (guar.)
60c Mar. 10 Holders of rec. Mar. 3
National Steel (guar.)(No. 1)
500. Apr. 1 Holders of rec. Mar. 3
Nat.Sugar Refining (guar.)
*250. Mar. 1 *Holders of rec. Feb. 28
National Transit (guar.)
3244c Mar. 1 Holders of rec. Feb. 13
Nehl Col p.. com.(gua)'.)
500. Mar. 15 Holders of ree. Mar. 1
Neptune Meter.com A di B (quar.)
New Bedford Cordage,corn.(guar.).
- *50e. Mar. 1 *Holders of rec. Feb. 19
•14( Mar. 1 *Holders of rec. Feb. 19
Preferred (guar.)
- 27340. Apr. 1 Holders of ree. Mar. 17
Newberry (J. J.) Co., corn. (guar.).
*50e. Mar. 1 *Holders of rec. Feb. 21
Newport Co.corn.(guar.)
75e. Mar. 1 Holders of rec. Feb. 2Ia
Class A (guar.)
40c. Apr. 15 Holders of res. Mar.21
New York Transit (guar.)
10e. Apr. 15 Holders of see. Mar.21
Extra
*50e. Mar. 2 *Holders of reo. Mar.13
N. Y. Transportation,(guar.)
Nickel Holding Corp., com.(guar.).- *600. Mar.81 *Holders of rec. Mar. 1
Noblitt-Sparks Industries On stock)-'el 94 Apr. 1 *Holders of roe. Mar.20
'e134 July 1 *Holders of rec. June 20
Stock dividend
*el 4 Oct. 1 *Holders o! rec. Sept.20
Stock dividend
40c. May 1 Holders of rec. Apr. 15
Noma Elec. Corp. (guar.)
North American Creameries. Cl. A (qu.)_ *35e. Apr. I *Holders of rec. Mar. 17
North Amer.011 Consolidated (mthly.). *100. Mar. 1 *Holders of roe. Feb. 20
North Amer. Utility Security 1st W(qu.) *21 50 Mar. 1 *Holders of rec. Feb. 28
North Central Texas 011 (guar.)
15c. Mar. I Holders of rec. Feb.
Northam Warren Corp, pref. (guar.)... .75e. W.. I *Holders of reo. Feb. 10
15
O'Connor& Moffatt.corn. A (guar.)
*3711c Mar. 1 *Holders of rec. Feb. 15
•51.50 May 1 *Holders of ree. Apr.
Ogglesby Paper prof.(guar.)
20
*Si 50 Aug. 1 *Holders of roe. July 20
Preferred (guar.)
Preferred (guar.)
*31.50 Nov. 1 *Holders of roe. Oct. 20
1412
Name of Company.
[Vol.. 130.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boats Closed
Days IncAutos.
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
I% Mar. 1 Holders of rec. Feb. 200 Standard 011 of N.J. $100 Par Mani- 1
Ogilvie Flour Mills. pref.(guar.)
Mar. 15 Holders of rot. Feb. 15a
Ohio 011 (guar.)
.50e. Mar. 15 'Holders of rec. Feb. 14
1
$100 par stock (extra)
Mar. 15 Holders of rec. Feb. 15a
*50c. Mar. 1 *Holders of rec. Feb. 14
Extra
250. Mar. 15 Holders of roe. Feb. 150
$25 par stock (guar.)
41)
Holders of me Mar. 140
Omnibus Corp.. pref. (guar.)
25e. Mar. 15 Holders of rec. Feb. 15a
$25 par stock (extra)
2
'Holders of ree. Mar. 20
Ontario Mfg., corn. (guar.)
Standard 011 0! N. Y.(quar.)
40c. Mar. 15 Holders of roe. Mar. la
*75c. Apr
'holders of rec. Mar. 20
Standard Oil of Ohio, pref. (guar.).'or.
Preferred (guar.)
131 Mar.
Holders of reo. Feb. 7
Stearns(FreiPk) & Co.. corn.(monthly). 16 2-3c Mar. 3 *Holders of rec. Mar. 20
*Holders of rec. Feb. 21
Oshkosh Overall. pref .(quar.)
•500. Mar.
Sterling Securities, preference (guar.).Outboard Motors, class A (guar.)
•450. Mar. 'Holders of roe. Feb. 15
30e. Mar.
Holders of rec. Feb. 15a
Holders of rec. Mar. 16
Owens Illinois Ohms, pref.(guar )
I ky Apr
75c. Mar.
Convertible first pref. (guar.)
Holders of rec. Feb. 150
3734e Mar.
*Holders of roe. Feb. 15
Pacific American Co.(guar.)
'50e. Mar.
%ix. Baer & Fuller, corn. (qua!,)
Holders of net. Feb. 15
*Holders of rec. Feb. 2(1
Pacific Cotton Seed Products. corn.(go.) •I ti Mar.
•3734c June
Common (guar.)
*Holders of rec. May 15
"Holders of rec. Feb. 18
"37Me Sept. 'Holders of rec. Aug. 15
Pacific Cottonseed. pref. (quar.)
Common (guar.)
•371‘,c Mar.
(No. 1)_ *10c. Mar. 15 *Holders of rec. Mar. 1
•3714c Dec.
Common (quar.)
Pat.Southwest Disc., Cl. A (qu.)
*Holders of rec. Nov. 15
Stone & Webster. Inc. (guar.)
Apr. 15 Holders of rec. Mar. 14a
•40e. Mar. 15 *Holders of rec. Mar. 1
$1
Class B (guar.)
Stromberg-CarlsonTelep.Mfg.com.(qu) •255. Mar. 1 *Holders of rec. Feb. 14
Mar. 4 *Holders of rec. Mar. 1
*2
Preferred (guar.)
'123ic Mar. 1 *Holders of rec. Feb. 14
25e Mar. 12 Holden( of rec. Feb. 15a
Common (extra)
Packard Motor Car (guar.)
$1.25 Mar. I Holders of rec. Feb. 10a
Studebaker Corp. common (quar.)
Page-Hershey Tubes, corn (qtr.)
$1 25 Apr. 1 Holders of rec. Mar. 20
191 Mar, 1 Holders of rec. Feb. 100
Apr. I Holders of rec. Mar. 20
Preferred (guar.)
Preferred (quar.)
25c. Mar. 15 Holders of roe. Feb. 25a
Sun 011 Co.common (guar.)
Mar. 27 Holders of rec. Mar. 17
Paraffine Companies. Inc. (guar.)
$1
Paramount Famous Lasky Corp
Preferred (guar.)
134 Mar. I Holders of rec. Feb. 10a
Mar. 29 Holders of reo. Mar. 70 Superior Portland Cement class A (qu.). •2734c Mar. 1 *Holders of rec. Feb. 23
$1
Common(guar.)
*el
76e. Apr. 14 Holders of rec. Mar. 21)a Super-Maid Corp.(stock dividend)
May 1 *Holders of rec. Apr. 21
Park & 1 1',ford, Inc. (guar.)
.
Apr. Ir Holders of rec. Mar. 2ne
*43Mc Mar. 1 'Holders of rec. Feb. 10
Swan Finch Oil Corp., pref. (quar.)
1
Stock dividend
*200. Mar. 1 Holders of rec. Feb. 20
Parmelee Transportation, corn. (mthly.) 123(5. Mar. 10 Holders of roe. Feb. 28a Telephone Corporation (monthly)
5(fe. Mar. 1 Feb. 16 to Feb. 28
*20c. Apr. 1 *Holders of rec. Mar. 20
Monthly
Patterson-Sargent Co.. corn. (guar.)....
*200. Slay 1 *Holders of rec. Apr. 20
Monthly
Pander (D.) Grocery, class A (qu.)
'8714c Mar. 1 "Holders of rec. Feb. 20
*200. June 1 *Holders of rec. May 20
Pennsylvania Investing, class A (guar.). 62'Ac. Mar. 1 Holders of rec. Jan. 31a
Monthly
•25e. Apr. 1 *Holders of rec. Mar. 8
*20c. July 1 *Holders of rec. June 20
Monthly
Peoples Drug Stores, corn. (guar.)
"20e. Aug. 1 *Holders of rec. July 20
*134 Mar. 15 'Holders of rec. Mar. 1
Monthly
Preferred (guar.)
*20c. Sept. 1 *Holders of rec. Aug. 20
Monthly
37 Mc. Apr. I Holders of rec. Mar. Ila
Pet Milk, corn. (guar.)
Holders of rec. Mar. 11
'20t.
X Apr.
Preferred (guar.)
Monthly
*Holders of rec. Sept. 20
75c. Apr. I Holders of rec. Mar. 6a
"20c. Nov. I "Holders of rec. Oct. 20
Phelps Dodge Corp. (guar.)
Monthly
*20c. Dec. 1 *Holders of rec. Nov. 20
Phillips-Jones Corp corn. (quar.)
75c Mar. 1 Holders of rec. Feb. 204
Monthly
1% Mar. 1 Holders of rec. Feb. 15a Tennessee Copper & Chem. Corp.(qu.).
250. Mar. 15 Holders of rec. Feb. 28a
Phoenix Hosiery, let pref. (guar.)
Pickwick Corp.. 85 preferird (guar )_ _ *2ne Mar. 25 'Holders nf net Mar 10
75e. Apr. 1 Holders of rec. Mar. 7a
Texas Corporation (guar.)
$1
505. Apr. I Holders of rec. Mar. 15
Mar. 15 Holders of rec. Mar. 30
Texas Gulf Sulphur (guar.)
Pie Bakeries of Amer.. class A (guar.).-30e Mar I Holders of rec Feb. 210
134 Apr. 1 Holders of rec. Mar. 15
Thompson (J It. Co (monthly)
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 100 Thompson Products pref (quar
Mar I Holders of rec Feb. 20
Pierce-Arrow Motor Car, pref. (qu.)
50c Mar. 1 Holdres of rec. Feb. 150 Thompson-Starrett Co.. Inc.. prof. (qu.) 8734e Apr, 1 Holders of rec. Mar. 110
Pillsbury Flour Mills, corn. (guar.)
•25c Mar. 1 *Holders of rec. Feb. 15
305 Aug. 15 Holders of rec. July 3I0
Tide Water Assoelated Oil, semi-annual Pines WInterfront Co. (guar.)
"e2
Mar. 1 'Holders of rec. Feb. 15
154 Mar. 1 Holders of rec. Feb. 20a
Timken-Detroit Axle pref. (quar.)
Stock dividend
191 Mar. 1 Holders of rec. Feb. 80 Timken Roller Bearing common Mar.).
75e. Mar. 5 Holders of rec. Feb. 18a
Pittsburgh Steel pref.(guar.)
500. Mar. 15 Holders of rec. Mar. 5
•300. May I *Holders of rec. Apr. 15
Plymouth 011
Transcontinental 011 (new)
500. Mar. 1 Holders of rec. Feb. 15a Tri-UtIlltles Corp., corn.(qu.)(No. 1)
•300. Apr. 1 *Holders of reo. Mar. 15
Poor & Co., char- A dr B (guar.)
134 Apr. 10 Holders of rec. Mar. 200
Apr. 1 *Holders of reo. Mar. 15
Porto Rican Amer. Tobac. cl. A (qu.)Common (payable In common stock). 411
Mar. 6 Holders of rec Jo. 80
6134 Apr. 10 Holders of rec. Mar. 20a Truseon -gee! tstoek dividend)
ell
Class A (acecount aceum. dive.)
1% Mar. 1 Holders of rec. Feb. 19
Powdrell & Alexander Co. pref. (Soar.). '154 Apr. 1 *Holders of rec Mar. 15
Preferred (qual.)
500. Mar. 31 Holders of roe. Feb. 28a Underwood Elliott Fisher Co.,corn.(qu.) $1.25 Mar. 31 Holders of rec. Mar. 120
Prairie Oil &GAS(guar.)
oar)
75e. Mar. 31 Holders of rec. Feb. 280
dPrairie Pli e Lice (guar.)
134 Mar. 31 Holders of rec. Mar. 12a
Preferred
50c. Mar. 31 Holders of rec. Feb. 28a Unexcelled Manufacturing (quar.)
17 Mc Mar.
Extra
Holders of rec. Feb. 20
f1
65c. Apr. 1 Holders of rec. Feb. 280
Apr. 1 "Holders of rec Mar. 15
Pratt & Lambert, Inc. (guar.'
Union Carbide & Carbon Man)
•50c. Mar. 1 *Holders of rec. Feb. 15
Prentice-Hall, Inc., panic. pref. (guar.) •75c. Mar. 1 *Holders of rec. Feb. 20
Union Mills, corn. (quar.)
•i34 Mar. 1 *Holders of rec. Feb. 15
Pressed Steel Car. pref. (guar.)
191 Mar. 31 Holders of rec. Mar. la
Preferred (quar.)
"75c. Mar. I *Holders of rec. Feb. 20
.62Sic May 15 *Holders of rec. May 1
Prince & Whitely Trading, pref. A
Union Storage Co.(qual.)
Procter & Gamble Co..5% pref.(quar.)_
1M Mar. 15 Holders of rec. Fob. 25a
4112Sic Aug. 15 *Holders of rec. Aug. 1
Quarterly
Propper Silk Hosiery Mills, corn. (qu.) _
•62 Mc Nov. 15 *Holders of rec. Nov. 1
50c. Mar. 1 Holders of rec. Feb. 26
Quarterly
250. Mar. 15 Holders of roc Feb. 15
Public Investing Co. (guar.)
40e. Mar.
Holders of rec. Feb. 15,2
Union Tank Car new stk.(qu.)(No. IQ_
100. Mar. 15 Holders of rec. Feb 15
Extra
40e. Mar.
Holders of rec. Feb. 17a
United Biscuit common (quar.)
3734e Mar. I Holders of rec. Feb. 100 United-Cart Fastener (guar.)
300. Mar.
Pure 011 common (guar.)
Holders of rec. Feb. 18
Mar 1 Holders of roc. Feb. 16a
Purity Bakeries common (guar.)
$I
*Holders of rec. Feb. 15
United Chemicals panic. pref. (guar.).- "75e. Mar.
31
Apr.
8734c. Apr. 1 Holders of rec. Mar. la United Fruit (guar.)
Radio Corp. of Amer., pref. A (quar.)
Holders of rec. Mar. 3a
50c. Slay
$1.25 Apr. 1 Holders of rec. Mar. la
Preferred B (guar.)
'folders of rec Apr. 15a
United Piece Dye Works. corn.(guar.)._
Railroad Shares Corp.(No. 1)
12 Me Mar. 13 *Holders of reo. Feb. 17
50c Aug.
holders of net July 150
Common (quar.)
Rainier Pulp & Paper, class A
50e. Nov.
'50e Mar. 1 "Holders of rec. Feb. 10
Holders of rec. Oct I50
Common (guar.)
•250 Mar. I *Holders of rec. Feb. 10
Clam B tquar.)
1% Apr.
Holders of rec. Mar. 20a
Preferred (quar.)
Rapid Electrotype (guar.)
191 July
Holders of rec. June 20a
'3734e Mar. 15 'Holders of rec. Mar. 1
Preferred (guar.)
July 15 *Holders of rec. July 1
*05
Stock dividend
Holders of roe. Sept. 20a
154 Oct.
Preferred (quar.)
Raybestos-Manhattan Co., corn.(qu.)_ •65c. Mar. 15 *Holders of rec. Feb. 28
131 Jan 23 Holders of reo. Dee. 204
Preferred (guar.)
Real Silk Hosiery Mills, corn. (ouar.)
$1.25 Apr. 1 Holders of rec. Mar. 13a United Securities Ltd., prof. (quar.)
Holders af;a.
ofo f rr
e.
Preferred (guar.)
Mar.
134 Apr. 1 Holders of rec. Mar. 13a United Trust Shares, series A-2
han. 31
7.0c. Afar. 1 floaters of rec. Feb 20
Reliance international corp . pref. (du
lo
$ 25 m
U.S. DairyeProd uats, oorn. A (quar.)- :$1 :7 5S ar. 'Holders of re Feb. 20
m
;
arr t rred(caar )
piry
Ills., corn.(guar.)
Reliance Mfg. of
37340 Apr. 1 Holders of rec. Mar. 20
20
20
"l$2
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 20
Mar.
*Holders of rec. Feb. 20
Second preferred (qual.).
Remington Typewriter, corn. (guar.).- _ '13.4 Apr. 1 *Holders of rec. Mar. 8a U. S. Envelope, common
*4
Mar. 'Holders of rec. Feb. 15
*4
First preferred (guar.)
Mar.
*Holders of rec. Feb. 15
134 Apr. 1 Holders of rec. Mar. 8a
Common (extra)
Apr, 1 Holders of rec. Mar. 8a
2
Second preferred(guar.)
'334 Mar. "Holders of rec. Feb. 15
Preferred
Republic iron & Steel common (guar ) _
1
75c Mar. 10 Holders of rec. Feb. 10a
Mar, 1 Holders of roe. Feb. ha U. S. Freight common (quar
Preferred (guar.)
*40e. ?An.. 31 *Holden; of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 120 U.S. Gypsum,corn. War.)
Republic supply (guar.)
.75c Apr. 15 'Holders of rec. Apr
•134 Mar. 31 *Holders of ree. Mar. 15
Preferred (quar.)
Quarterly
*75c July 15 *Holders of rec. July
50c. Mar. 1 Holders of rec. Febi 180
U. S. Hoffman Machinery (guar.)
)
.
;i r.Lpiry.
3
Quarterly_ _
"75c Oct. 15 'Holders of roe n••r
Hollers o rer
o i e e r; eo
U. S m apen N unrndry corn.(guar.)._
co Plio & Fou4
.
.
:
Research Investment Corp , com.(No.1) *75c. Mar. 1 *Holders of rec. Feb. 20
20
Junea
Preferred (guar.)
•75e. Apr. I *Holders of rec. Mar. 15
234 Oct. 20 Holders of rms. Sept.00
Common (guar.)
Reynolds Metals (guar.)
•60e. Mar. 1 *Holders of rec. Feb. 15
2i4 Ja 2031 Holders of rec. Dee. 310
Common (guar.)
Rolland Paper. Ltd.. pref.(guar.)
Mar. 1 Holders of rec. Feb. 15
1
300. Apr. 20 'folders of reo. Mar. 31a
First preferred (guar.)
Root Refining, prior pref. (guar.)
45c. Mar. 1 Holders of rec. Feb. 21
30c. July 20 Holders of rec. June 304
First preferred (quar.)
Preferred (quar.)
750. Mar. 1 Holders of rec. Feb. 21
30c. Oct. 20 Holders of rec. Sept. 304
First preferred (guar.)
Boxy Theatres Corp., corn. A (quar.)
.8734e Mar. 1 *Holders of rec. Feb. 15
30e. Ja 20'31 Holders of reo. Doc. 31a
First preferred (guar.)
Ruseek's Fifth Ave.,Inc.(qu.)(No.1).... .400. Mar. 1 *Holders of rec. Feb. 25
130c. Apr. 20 Holders of rec. Mar. 31a
Second preferred (quar.)
St. Joseph Lead Co. (guar.)
50c Mar. 20 Mar. 8 to
Mar. 20
f3fro. July 20 Holders of rec. June 30a
Second preferred (guar.)
25c Mar. 20 Mar. 8 to
Extra
Mar 20
530e. Oct. 20 Holders of rec. Sept. 300
Second preferred (guar.)
Quarterly
June 20
500 June 20 June 10 to
130c. Ja 2031 Holders of rec. Dee. 310
Second preferred (guar.)
Extra
250 June 20 June 10 to June 20
$1.25 Mar 15 Holders of rec. Ftb 140
S Realty Ar [mot (guar.)
Quarterly
1% Mar. 29 Holders of rec. Feb. 270
50e Sept. 20 Sept. 10 to Sept 21
United States Steel Corp. corn.(guar.)._
Extra
)
25e Sept. 20 Sept. 10 to Sept. 21
U.S.Stores Corp. new let pf.(qu.)(No.1 $1.75 Mar. 1 Holders of roe. Feb. 20a
Quarterly
50e Dec. 20 Dec. 10 to Dee. 21
Utilities dcotilrywdruoarR.)ans shares(No. 1)- •14c. Apr. 1 *Holders of rec. Mar. 15
25c Dee. 20 Dee 10 to Dee 31
Extra
$1
Mar. 20 Holders of rec. Feb. 28
Vacuum
St. Louis Car Co., corn
y50e Mar. 1 Holders of rec. Feb. 1
Valvoline 011, corn. (guar.)
134 Mar. 17 Holders of roe. Mar. 14
38e. Mar. 1 Holders of rec. Feb. 22
St. Louis Screw & Bolt, corn. (guar.)..._
•134 Mar. 10 *Holders of rec. Mar. 1
Vapor Car Heating. pref. (guar.)
Savage Arms common (guar.)
•134 June 10 *Holders of rec. June 1
50c Mar. 1 Holders of rec. Feb. 15a
Preferred (guar.)
•1 Si May 15 Holders of rec. May
•134 Sept. 10 *Holders of rec. Sept. I
Preferred (guar.)
Preferred (guar.)
50e. Mar. 15 Holders of rec. Feb. 28
•1% Dec. 10 *Holders of rec. Dec. 1
Schiff Company, common (guar.)
Preferred Mar.)
15
•1% Mar. 1 *Holders of rec. Feb. 18
Preferred (guar.)
Vesta Battery Co.. prof. (guar.)
.4 Mar. 15 Holders of rec. Feb. 28
r
*15c. Mar. 31 "Holders of rec. Mar. 15
pref.._(gu.) 1% Mar. I Holders of rec. Feb. 14a
Schlage Lock, corn.(
Vh
s it-Carolina
prior ,
,
I "Hold, s of net. Mar II
_ *87;4c May 15 *Holders of rec. Apr 3
*50e Apr
Bahletter Or Lander. pref (guar.)
Hold( rs of rec. Apr. 10a
Seaboard Utilities Shares Corp..Del.(Qu.) l23.(c Apr.
.
•
Vulcan Detinning corn. dr corn. A
1
May I Holders of rec. Apr. 14a
Apr. 19 Holders of ree. Apr. 100
Sears, Roebuck & Co..sleek div.(qu.)... el
Preferred and pref. A (guar.)
Second Investors Corp.of Rhode IslandWagner Electric CCo. common (guar.)._ 3734c Mar. 1 Holders of rec. Feb. 12
CommonE c(extra)tr e
50e. Mar. 1 Holders of rec. Feb. 12
1 yi Mar. I Holders of rec. Feb. 15
Prior preferred (guar.)
•50c. Mar. 1 *Holders of rec. Feb. 15
Second Nat. Investors Corp.. Pf. ((Mar.) 81.25 Apr. 1 Holders of ree. Mar. 100 Waitt & Bond. class A (quar.)
Feb. 25
1 'HoId
f
*S1
of
Sheaffer (W. A.) Pen, common
Waldorf Syste aar nc., corn. (guar.)
d mm, fI
37 3 e Apr. 1 ilrohideersrs
20 .
t
.500. Mar. 15 *Holders of rec. Feb. 25
Common (extra)
Ze Star. 2 a
e..
2
0
0
Sept. 15 *Holders of rec. Aug. 25
'51
Common (guar.)
Walker (Hlram)-Gooderham & Worts.
25e. Mar. 15 Holders of rec. Feb. 21
35c. Mar. 31 Holders of rec. Mar. 60
Shell Union Oil Corp., corn. (quar.)
1.01.(guar.)
50e. Mar. 15 Holders of rec. Mar. 5a
1% Apr. 1 Holders of roe. Mar. 10a Walworth Company,corn.(guar.)
Preferred (guar.)
"750. Mar. 3 *Holders of rec. Mar. 20
Sherwin-Williams Co.. pref. (quar.)__-. 1M Mar. 1 Holders of rec. Feb. 14
Preferred (guar.)
Hoolders of ree F b .10a
Hi
Signal Oil& Gas,class A dr B(guar.).- '433(t Apr. 10 *Holders of rec. Feb. 28
Warner
f ree.. e . 0
es corn. (quar.)
51
550. tilaarr:
•50e. Mar. 15 *Holders of rec. Feb. 28
Signal Royalties,clam A & B (guar.) _
'87340 Mar.
"Holders of roe Feb. 15
Wayne Pump pref. (guar.)
Simmons Boardman PublisnIng. pt.(qu) 0750 Mar. 1 *Holders of roe. Feb. 18
*50. Mar.
*Holders of net. Feb. 25
40e Mar. 15 Holders of fee. Feb 28a
Simms Petroleum (guar.)
Wellington Oil (quar.)
Mar. I Holders of rec. Feb. 18a
Simon (Franklin) & Co.. pref.(guar.).•152 25 Mar.
"'Holders of rec. Feb. 25
Extra
1
*Holders of rec. Mar. 21
Wellman-Saver-Morgan, pref. (qu.)_
'I% Apr.
Simon(1.)&Sons, Montreal. com.(qu.) 62 Mc Mar. 1 Holders of rec. Feb. 18
Mar.
Holders of rec. Feb. 15a
Wesson 011 & Snowdrift, Inc., Pf. (qu.)- $1
1% Max. 1 Holders of rec. Feb. 18
Preferred (quar.)
75e. Mar.
Sinclair Consol. Oil.. corn. (guar.).Holders of roe Feb. 18
WesternA utoy uroda co.
tern.
500. Apr. 15 Holders of rec. Mar. 15arn Dair Sppply rta A & B (qu.).
Mar.
Skelly Oil rguar.)
,
elms A (guar.) $1
,
Holders of rec. Feb. 8
50 Mar. IT Holders of rec. Fel) I4a
Western Insuranee Securities
•25c. Mar.
Smith (Howard)Paver Mills. pref (qu.) 134 Mar. 1 Holders of roc. Feb. 20
•Holdere of rec Feb
15
•50c. Star. 5 *Holders of reo Feb. 25
Southern Ice & Utilities, pref. (guar.)... $1.75 Mar. 1 Holders of rec. Feb 15
Western Pipe & Steel, corn. Omani
Participating preferred (quar.)
Western Reserve Invest., pr. pref.(qu.). 134 Apr. 1 Holders of rec. Mar. 14
$1.75 Mar, 1 Holders of rec. Feb. 15
Spalding (A. 0.)& Bros. corn.(qu.).
500. Apr. 30 Holders of rec. Mar. 31a
50c. Apr. 15 Holders of ree. Apr. la
Westinghouse Air Brake (guar.)
134 Mar. 1 Holders of rec. Feb. 15a
Westinghouse Elec. & Mfg.
First prof. (quer.)
Second preferred (guar.)
Holders of rec. Feb. 15
$1.25 Apr. 30 Holders of rec. Nlar. Ila
Common and preferred (quar.)
2
Mar.
Spear & Co. 1st & 2d pref. (guar.)
"25e. Mar. 15 *Holders of rec. Mar. 1
144 Mar. 1 Holders of rec. Feb. 150 West Michigan Steel Fdy (guar.)
Specialized Shares Corp., corn. (qu.)..... .25c. Mar. 1 *Holders of rec. Feb. 20
50e. Mar. 1 Holders of roe. Feb. I5a
Westvaco Chlorine Products corn. ((lu.).
Preferred A & B (guar.)
•250. Apr. 1 *Holders of rec. Mar. 20
Wheatsworth, Inc., corn. (guar.)
•75e. Mar, 1 "Holders of rec. Feb. 20
Standard Dredging corn. (qu.)(No. 1)
*2
Mar, 1 *Holders of reo. Feb. 15
8% preferred (guar.)
150. Mar. 1 Hol•lers of rec. Feb. 15a
Common (1-80th share corn. stock)... (1) Mar. 1 Holders of roe. Feb 15a
Wheeler Metal Products, corn.(guar.)._ •500. Mar. 15 *Holders of rec. Mar. 5
Standard 011 (Calif.) (guar.)
Wheeling Steel (guar.)
Mar. 1 "Holders of rec. Feb. 12
'$1
6234e Mar. 15 Holders of ree. Feb. 15a
Standard 011 (Indiana)(guar.)
Whitaker Paper, common (guar.)
Apr. 1 *Holders of rec. Mar. 20
'6234c Mar. 15 *Holders of roe. Feb. 5
Standard 011 (Kansas)(guar.)
54
'131 Apr. I *Holders of rec. Mar. 20
Preferred (guar.)
*50c. Mar. 15 *Holders of rec. Feb. 28
Standard 011 (Nebraska) (guar.)
White (J.(1.) & Co.. pref.(guar.'
154 Mar 1 Holders of rec. Feb. 15
6234c Mar. 20 Feb. 26 to Mar. 20
Extra
White (J.0.) Engineering Corp. PL(W.) 134 Mar 1 Holders of roe. Feb. 15
2.50. Mar 20 Feb 20 to Mar. 20
pr
MAR. 1 1930.]
When
Per
Cent. Payable.
Nam of Company.
Books Closed
Days Inclusive.
Miscellaneous (Con^luded).
White Motor Co.. corn. (guar.)
50c. Mar. 31 Holders of rec. Mar.I12a
White Motor Securities, pref. (guar.)._ _
134 Mar. 31 Holders of rec. Mar. 12
Whitman (Wm.) Co., pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 21
Will & Baumer Candle, corn. (quar.)
10c. May 15 Holders of ree. May 1
Common (extra)
10c. May 15 Holders of rec. May 1
Holders of rec. Mar. 15
Preferred( guar.)
2
Apr.
Willys-Overland Co., pref.(guar.)
Holders of rec. Mar. 18a
114 Apr.
Holders of roe. Mar. 10
Wilson & Co. pref (acct. accum. diva.). hi 34 Apr.
Wilson (Perry) & Co.(No. 1)
*500. Apr.
Holders of rec. Feb. 15
Windsor Hotel. pref.(guar.)
Mar.
W1asted Hosiery (quer.)
*Holders of rec. Apr. 15
*24 May
Extra
*Holders of rec. Apr. 15
550c. May
Quarterly
*Holders of rec. July 15
*24 Aug.
Extra
*Holders of rec. July 15
550c. Aug.
*234 Nov.
Quarterly
*Holders of rec. Oct. 15
Extra
*Holders of rec. Oct. 15
*50e. Nov.
Winton Engine common (guar.)
*Holders of rec. Feb. 20
Mar.
*51
Preferred (guar.)
*Holders of rec. Feb. 20
•75c. Mar.
Wolverine Tube. Prof. (quar.)
*Holders of rec. Feb. 14
5114 Mar.
Wood Chemical Products, class A (qu.)_
Holders of rec. Mar. 18
50c. Apr.
Class B (guar.)
Holders of rec. Mar. 18
25c. Apr.
Woods Bros. Corp.(Chic.) corn.(In stk.) *1100 Mar.
*Holders of rec. Feb. 15
Woods Manufacturing, pref.(quar.)_. 114 Apr.
Holders of rec. Mar. 15
Woolworth (F. W.1 co corn. (guar.). . *60e. Mar
*Holders of rec. Feb. 10
Wrigley ('.Vin.) Jr Co (monthly)
50e Mar I Holders of rec. Feb. 200
Monthly _ _
Holders of roe Mar 20n
250
pr
Monthly
Holdtrs of rec Apr. 19a
25e
Yellow Cab Co.(Pitts.)(mthly.)
•1234c Mar. 1
Yosemite Holding Corp., pref. (quar.)__ 87W Apr. 1 Holders of rec. Mar. 15
Young (L. A.) Spring & Wire, corn,(qu.)
75c. Apr. 1 Holders of rec. Mar. 130
Youngstown Sheet & Tube. eom. (qu.)_ $1.25 Apr. 1 Holders of roe. Mar. 14a
14 Apr. 1 Holders of roe. Mar. 14
Preferred (quer.)
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. I The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. I Payable in preferred stock.
m General Gas dr Electric common A az B dividend will be applied to the purchase
of common A stock at rate of $25 per share unless written notice of their desire to
take cash Is given by stockholders prior to March 22.
n Richmond National Bank dividend ratified by stockholders at meeting on
Feb. 25.
o New York Stock Exchange rules Columbia Gas & Elec. common stock be not
quoted ex the stock dividend until April 1.
p Blue Ridge Corp. dividend Is Payable at rate of 1-325 share common stock
for each share of preferred unless written notice is received on or before Feb. 15 of
stockholder's desire to take cash-75o. per share.
g British American Tobacco dividend is 10 pence. All transfers received In London
on or before March 3 will be in time for payment of dividend to transferee.
r Canada Iron Foundries preferred and common dividend subject to confirmation
by general meeting on April 17.
a Holders of Federal Water Service class A stock may apply 50c. of the quarterly
dividend to purchase of additional class A stock at $27 per share. Unless notified
to the contrary on or before Feb. 13, 500. of the dividend will be paid In clasa A stock
and 100. In cash.
I Payments on 2d pref. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
In the event of the redemption of that snack before all dividends are paid.
n Fltssimotui & Connell Dredge & Dock declared a stock dividend of one-tenth
share common stock payable in quarterly installment of one-fortieth of a share.
Central Public Service dividend 434e. cash or 140th share of class A stock.
w Less deduction for expenses of depositary.
z Empire Corp. pref. dividend is 1-16th share corn,stock,or at option of holder,
75e. In cash.
St. Louis Car Co. payable 50o. cash or In corn, stock at $16 per share at option
Of holder.
s United Trust Shares dividend is $.055449.
as Commercial Investment Trust cony. pref. dividend payable in corn, stock
at rate of 1-52nd share common unless company is notified on or before March 17
of shareholders desire to take cash-51.50 per share.
bb Unless advised on or before close of business March 18 by stockholder of his
desire to take cash Peoples Light & Power dividend will be paid in class A corn.
stock at rate of 1-50th share for each share held.
cc Utilities Power & Light corn, and class A dividends will be paid 1-40th share
com, stock unless stockholders request cash-25c. a share. Class A dividend will
be paid 1-40th share class A stock unless stockholders request cash-50c. a share.
ff Safeway Stores com, dividend payable in cash or 14% In common stock.
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The slew returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. FEB 22 1930
Clearing House
Members.
*Capital.
'
Bank of N. Y.& Tr. Co._
Bk.of Manhattan Tr. Co_
Bank of Amer. Nat. Ass'n
National City Bank
Chem. Bk.& Trust Co
Guaranty Trust Co
Chat.Ph.Nat.Bk.&Tr.Co
Cent. Han. Bk. & Tr. Co_
Corn Exch. Bk. Trust Co_
First National Bank
Irving Trust Co
Continental ills. & Tr. Co.
Chase National Bank._ _ _
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar. & Trust Co.__
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Coml Nat. Bk. & Tr. Co.
Harriman Nat. Bk. & Tr. f
Clearing Non-Members
City Bk. Farmers Tr. Co.
Mech. Tr. Co.. Bayonne_
Totals
1413
FINANCIAL CHRONICLE
*Surplus and Net Demand
Deposits
Undtrkted
Average.
Profits.
0
6,000,000
22,250,000
35,775,300
110.000.000
15,000,000
90,000,000
16,200,000
21,000,000
12,100,000
10,000,000
50,000,000
6,01',X1,000
105,000,000
500,000
50,090,000
25,000,000
10.000,000
6.000,000
3,000,000
12,500,000
7,000,000
2,000.000 f
10,000,000
500,000
$
5
61,973,000
14,297.300
43,209,600 181.989,000
38,653,000 163,771,000
129,850,000 a 976.059,000
22,017,700 203,535,000
202,636,000 b813.604.000
19,466.100 148,917,000
84,117,700 339,184,000
22,604,000 175,171,000
103,359,800 221,322,000
83,741,000 350,182,000
9,112.000
11,280,300
136,365,100 c 720,102.000
24,518.000
3,627,700
63,611.000 cl 442,499,000
82,631,400 e 393.088.000
24,321,600
33,627,000
5,659,200
40,513,000
4,615,100
21,460,000
34,276.600 154,897,000
8,790.500
45.123,000
2,509,700
33,927.000
12,167,700
888,300
Time
Deposits
Average.
•
10,192,000
40,189,000
50,342.000
223.753,000
21,846,000
81,662,000
36,509,00(1
42.718,000
33,411,000
13,092,000
51,843,000
786,000
86.164.000
1,415,000
62,048,000
5 .673.000
0
1,380.000
5,166,000
1.995,000
22,964,030
6,501,000
5,682,000
3,881,000
2.771,000
1,706.000
5.433,000
625.82s.3m) 1.154.408600 5.501.225.000
857 470 nnn
• As per official reports: National, Dec. 31 1929; State, Dec. 311929; treat Companies, Dec. 311929. f As of Jan. 20 1930.
Includes deposits in foreign branches:(a) $292,830,000,(b)$152,014,000.(e) $13.338,000,(5) $112,400,000.(e) $64,572,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Feb. 21:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, FEB. 21 1930.
NATIONAL AND STATE BANKS-Average Figures
Loans.
OtherCash Res., Dep., Dep. Other
Gross
Including N. Y. and Ranks and
Bk.Notes. Elsewhere. Trust Cos. Deposits.
Gold.
8
5
8
$
$
18,000 3,929,000 32,911,000 2,220.000210.881,000
334,500
2.156,800
___ 165,400
706,000
19,469,000
____ 1,348,009
98,135 1,859,919 1,378,642 18,423,995
6,000
168,700
86,800 2,783,700
23,900
74,000
33,000 1,791,000 8,680,00024,844,000 144,405.000
Manhattan-$
Bank of U.S.... 214,507,000
Bryant Park Bk. 2,682,100
Che!sea Ex. 13k_ 22,573,000
Grace National__ 21,311,785
Port Morris
3,371,000
Public National. 138,842,000
Brooklon8,506,000
Brooklyn Nat'l
Pponlac Not'l
7.200.000
12,500
5.000
55,800
117.000
468.000
115.000
509,700
512.000
5,295.100
7.100.000
TRUST COMPANIES-Average Figures
Loans.
Cash.
Res've Dep., Depos.Other
Gross
N. Y. and Banks and
Elsewhere. Trust Cos. Deposits.
$
$
Manhattan,$
831,700
49,277,003 9,878,200
American
791,209
106,922
Bank of Europe & Tr. 15,629.806
629.822 1,612,732
Bronx County
25,313,480
22.573,000 1.348.000 1,202,000
Chelsea
Empire
82,183,600 *4.968,400 5.686,000
110,181
1,344,941
17,537,487
Federation
365,500
19,512,000 *2,205.200
Fulton
357.011,000 2,833,000 47,339,000
Manufacturers
73.626,633 3.800,000 7,749.593
United States
Brooklyn117.288.000 2,042,000 19,837,000
Brooklyn
1,994.700 1,899,337
28,831,551
Kings County
Bayonne. N..I.2 Ron A116
214 587
720.211
$
15,700 48,342,300
15,009.2313
25.082,439
19.469.000
3,533,500 80.887,100
128,674 17,524.597
16,702.700
3,148,000 333,609.000
57,399,787
MIN
115,962.000
26,113,259
$
321.804
1111
fl (124.2A4
*Includes amount with Federal Reserve Bank as follows: Empire, 83.281,500:
Fulton, 82.089.890.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Feb 26
1930.
Changesfrom
Previous Week.
Feb. 19
1930.
Feb. 12.
1930.
5
96,975,000
96,975,000
96.975,000 Unchanged
Capital
104,487,000 108,487.000
106.487,000 Unchanged
Surplus and profits
Loans, disels & Invest'ts_ 1,091.922.000 -7,543.000 1,099,465,000 1.105,051.000
665,205,000 -7,028,000 672,233,000 666,048.1100
Individual deposits
137,077,000 -1,560,000 138.637,000 142,246,000
Due to banks
+845,000 270.609,000 270,719.000
271,454,000
Time deposits
1.300.000
1,009.000
+6,000
1,015,000
United States deposits_
27,772.000
26.880,000
3.906.000
31,678.000
Exchanges for erg House
70,142,000
76,843,000
-449,000
76,394,000
Due from other banks_.
82,014,000
83,780,000
-378,000
81,636,000
Reeve in legal deposit's_
7,503.000
-203,000
7.335,000
7.132,000
Cash in hank
1,435,000
43,000
+959,000
1.002,000
Reeve excess in F. R.Bk
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Feb. 22, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
reluirements. This will account for the queries at the end
of the table.
Week Ended Feb. 22 1930.
Two Ciphers (00)
omitted.
Trust
Members of
F.R. System Companies.
61,498,0
Capital
Surplus and profits.... 214,256,0
Loans, dlacta. & invest. 1,056,019,0
Exch. for Clear. House
44,831,0
94,198,0
Due for banks
142,302,0
Bank deposits
604,006,0
Individual deposits.
234.816,0
Time deposits
981.124,0
Total deposits
69,782,0
Res. with legal dePos-Res. with F. R. Bank_
Cash in vault*
9.951,0
79.'733,0
Total res. & cash held.
Reserve required
Excess reserve and cash
in vault
Feb. 15
1930.
Feb. 8
1930.
Total.
$
$
7,500,0
68,998,0
68,998.0
68,998,0
16,869,0 231,125,0 231,125,0 231,125,0
64,792,0 1,120.811,0 1,126,040,0 1,131.020,0
315,0
45,146,0
46.283,0
41,399,0
13,0
94,211,0
87,191,0
98,653,0
1,745,0 144,047,0 147.284,0 143,757,0
29,045,0 633,051,0 638,080,0 631,384,0
14,764.0 249.580.0 249,614,0 250,020,0
45,554,0 1,026,678,0 1,034,978,0 1,025,161,0
69,782.0
70.414,0
70,329,0
4,756,0
4,756,0
5.083,0
4,890,0
1,649,0
11,600,0
11,995,0
11,458,0
6,405,0
86,138,0
87,492.0
86,677.0
•Cash In vault not counted as reserve for Federal Reserve members.
1414
[Wu at
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.27, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1365, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 26 1930
Feb. 26 1930. Feb. 19 1930. Feb. 12 1930. Feb. 5 1930. Jan. 29 1930. Jan. 22 1930. Jan. 15 1930. Jan.8 1930. Feb. 27 1929.
$
$
$
$
$
$
$
8
RESOURCES.
$
1,629,630,000 1.653,332,000 1,646,634,000 1.646,264,000 1,654,164,000 1.680.014.000 1,890,879,000 1.685,479,000 1,167,630,000
Gold with Federal Reserve agents
67.836,000
63,109.000
57.568,000
59,758,000
61,627,000
73,787,000
55.40,9,603
58,258,000
58,258,000
Gold redemption fund with U. B. Treas.
Gold held exclusively agst. F.R. notes 2-R86,039,000 1,718,441,000 1,704,192,000 1,704,522,000 1,712,422,000 1,739,772,000 1,752,506,000 1,759,266,000 1,235,466,000
634,655,000 627,763,000 664,423,000 661,780,000 645,447,000 608,940,000 558,243,000 534,305,000 796,139,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 669,937.000 631.314,000 606,363,000 610,261,000 627,343.000 626,503,000 650,303,000 635,776,000 655,241,000
2,989,631,000 2,977,518,000 2,974,978,000 2.976,563.000 2,985,212,000 2,975,215,000 2,961,052,000 2,929,347,000 2,686,846,000
196.954.000 199,412,000 198.479,000 199,872,000 203,144,000 196,303.000 193,465,000 175,783,000 159,318,000
Total gold reserves
Reserved other than gold
3,186.585.000 3,176,930.000 3,173,457,000 3,176,435,000 3.188,356,000 3,171,518,000 3,154,517,000 3,105,130,000 2,844,164.000
Total reserves
78,118,000
68,031,000
69,602.000
76,354,000
84.466,000
85,674,000
70,001,000
69,144,000
74,988,000
Non-reserve cash
,
Bills discounted:
Secured by U. S. Govt. obligations— 184,163,000 204,930.000 212,650,000 197,928,000 220,312,000 239,394,000 235,064,000 319.217,000 608,752,000
158,618.000 172,013,000 169,264,000 183,494,000 186,629.000 103,329,000 207,272,000 248,398,000 343,730,000
Other bills discounted
952,482,000
334,075.000
Total bills discounted
131110 bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
342,781,000
299,306,000
376,943,000
281,057,000
381,914,000
276,084,000
381,422,000
295.791,000
406,941,000
258,472,000
433,223,000
098,389,000
442,338,000 567,615,000
323,347,000 319,167,000
79.167,000
221.030,000
182,558,000
69,770.000
200,532,000
210,313,000
69,592,000
186,182,000
222,786,000
69,679,000
171.226,000
236,939,000
69,570,000
170,252,000
236,714.000
69,610,000
170,213,000
236,839,000
69,629,000
176,223,000
233,208,000
72,304,000
180,624,000
231,914,000
51,593,000
90,738,000
24,069,000
Total U.S. Government securities—.
Other securities (see note)
Foreign loans on gold
482,755,000
13,680,000
480,615,000
14,280,000
478,560,000
11.280,000
477.844,000
12,180,000
476,538,000
12,430.000
476,662,000
14,530,000
479,060,000
14,880,000
484,842,000
12,700,000
166,400,000
10,075,000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1,138.522,000 1,152.895.000 1,147,838,000 1,167,237,000 1,154,379,000 1,222,804.000 1,259,623.000 1,384,324,000 1,463,032,000
Total resources
LIABILITIES.
LB.notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
5,147,303,000 5,124,287,000 5,112,972,000 5.079,762.0005,062,534.000 5,202,161.000 5,314,666,000 5,320.282,000 5.166,586,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other ILIbIlities
2,407,980,000 2,390,921.000 2,388.871,000 2,389,301.0002,369,013.000 2,414.978,000 2,403,879.000 2,422.299,000 2,412,972,000
635.683,000 611,818,000 576,719.000 542,446,000 527,238,000 584,189,000 665,037,000 598.980,000 675,013.000
171,813,000 171,591.000 171.434,000 171,547.000 171,416,000 171.253.000 171,107,000 170,367,000 151,266,000
276,936,000 276,936.000 276,936,000 276,936,000 276,936,000 276,936,000 276,936,000 276.936,000 254,398,000
18,966,000
15.330,000
14,846.000
15,564,000
17.797,000
16.860,000
16.568.000
16,030,000
16,051,000
721,000
678,198,000
58,419,000
14,857,000
722,000
651,924,000
58,388,000
13.826.000
721,000
650,812,000
58,311,000
13,802,000
722,000
594,478,000
58,287,000
13.479,000
721,000
573,020,000
58,260,000
12,810.000
725.000
660,316,000
58,213,000
12,231,000
725,000
744,923,000
58.149,000
12,263,000
724,000
674,493,000
58,149.000
11,788,000
729,000
713,637,000
58,660,001
8,246,000
1,637.094,000 1,656.161,000 1,682,444,000 1,683,481,000 1,701,901,000 1.739,241,000 1.782.371,000 1.836,854,000 1,653,971,000
01,000 2,357.650,000 2,367,250,000 2,367,250,000
2,345.858,0002,315.411,000 2,307,658.000 2,338,845,000 2,307,948,000 2,359,8
21,156,000
16.573,000
23,871,000
200)71,000
36,840,000
48,987,000
11.743,000
35,075,000
25,552,000
5,606,000
7,011,000
6.048,000
6,958,000
8,226,000
6,389,000
8.305,000
5,718,000
5,669,000
22,645,000
25.130,000
18,960,000
22,148.000
18,297,000
18,893,000
63,165,000
20,272.000
19,226,000
Total liabilities
5,147,303,000 5,124.287,000 5,112,972,000 5,079,762,000 5,062,534,000 5.202.161,000 5,314,666.000 5.320.282,000 5,166,586,000
Ratio of gold reserves to deposits and
66.0%
70.7%
69.0%
73.5%
71.6%
F. R. note liabilities combined
73.9%
73,7%
73.3%
73.0%
Ratio of total reserves to deposits and
69.9%
75.4%
72.9%
78.3%
F. R. note liabilities combined
78.5%
77.9%
78.3%
78.8%
78.0%
Contingent liability on bills purchased
535,229,000 530,600,000 527.435.000 527.816.000 306,461,000
513,346,000 518,664,000 523,891,000 526.924,000
for foreign correspondents
Distribution by Maturities-1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought In open market__
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market-61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
3
207,684,000
439.800.000
$
158,805,000
233,437,000
150,000
$
150,444.000
284,604,000
$
146,001,000
281,658.000
630,000
$
146,963,000
275,883,000
130.000
$
110,202,000
304,177.000
Si
154,158,000
326,283,000
$
190,321,000
328,701,000
190,000
70,628,000
23,760.000
34,037,000
62,413,000
24,845,000
61,102,000
68,485.000
27,428,000
69.096,000
28,209,000
48.576.000
28,116,000
41,457,000
28,139,000
34,104.000
30.395,000
.50,007,000
36,142,000
59,899,000
36,363,000
49,840,000
39,968.000
61,516,000
60,674,000
42,472,000
76,531.000
67,917.000
41,030,000
76,517,000
70,537,000
42,550,000
79.979,000
65,473,000
43,374,000
26,864.000
45,823,000
45,295,000
77,558,000
69.807 000
.
19,1)83,000
20,012,000
8,123,000
22,191.000
11,551,000
24,070,000
18,651,000
25,415,000
22,088,000
25,263,000
31,355,000
25,169.000
32,273,000
28,358.000
61.450,000
22,684.000
30,247.000
87,793.000
13,419,000
42,589,000
30,000
193,000
9,430,000
148,371,000
30,000
178,000
8,940,000
149,211.000
30,000
207,000
8,792,000
160.640,000
30,000
407,000
9.353,000
160,278,000
689,000
10,355,000
160,197,000
30,000
884,000
11.082.000
156,860,000
30,000
1,177.000
11,508.000
144,704,000
30.000
590.000
12.871,000
144,121,000
47.000
3,663,000
9,247,000
22,144,006
103,000
42.908,000
34.874,000
5
134,661,000
789,566,000
1,737,000
104,774,000
41,273,000
188,000
F.R. noted received from Comptroller... 3,391.218.0001,449,193,000 3.459,900.000 3.459,114,000 3,442,565,000 3,450.558,000 3,515,476,000 3,588.714,000 2,895,166,000
1.363.869,0001.382.813.000 1.411,803,000 1,403,314,000 1,345,486,000 1,281.274,000 1,250,703,000 1,225,186.000 838,812,000
ff. B.hetes held by P.R.Agent
Issued to Federal Reserve Banks
2,027,349,9002.066,380.000 2.048.097.000 2,055,800,000 2,097,079,000 2,169,284.000 2,264,773,000 2.363,528,000 2,056.354,000
How Secured—
404,910,000 418.112.000 421,114,000 421,744.000 425,744.000 420.894.000 413,959,000 413.959.000 362,645,000
BY gold and gold certificates
94,768,000
Gold redemption fund
Gold fund—Federal Reserve Board.... 1,224,720,000 1,245,220,000 1,225.520.000 1.224,520,000 1,228,420,000 1,259,120,000 1,276,920,000 1,271,520,000 710,217,000
597,048,000 821.869,000 625,288,000 854.526,000 648,725,000 712,508,000 734,927.000 854.099,000 1,240,409,000
By eligible paper
-2,226,678.000 2.285,201.000 2,271.922.000 2,300,700.000 2,302.889,000 2,392,612.000 2,425.806.000 2,539,578,000 2,408,039,000
Total
NOTE.—Beginning with the statement of Oct. 7 1925, two new terns were added In order to show separate y the amount of balances held abroad and amounts due
debentures, was changed to
to foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank description
of the total of
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate
acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
the discounts,
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 2 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 26 1930.
Two cipher. (00) omitted.
Federal Rev rye 0,1.'1. ,._...
Total.
Boston.
New York.
Phila.
Cleveland. Richmona Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
itESOUNCES.
Gold with Federal Reserve Agents 1,629,630,0 179,917.0
55,409,0 1,725,0
Gold red'n fund with 0.5.Treas.
$
$
$
3
$
$
$
$
$
$
$
238,594,0 125, . 138,750 0 74.901.0 117,170,0 309.564.0 70,045,0 57,455,0 80,000,0 31,471,0 206,763,0
000 0
.
1.737.0 1,957,0 6,452,0
16.148,0 3,500,0 4,247,0 1,998,0 2,438,0 11,208,0 2,032,0 1,967,0
L Gold held excl.agst.F.R. notes 1,685,039,0 181,642,0
Gold settle't fund with F.R.Board 634,655,0 30.961,0
Gold and gold ctfs.held by banks- 669,937,0 25,896,0
254,742,0 128,500,0 142,997,0 76,899,0 119,608,0 320,772,0 72,077,0 59,422,0 81.737,0 33,428,0 213,215,0
239,294,0 35,611,0 83,841,0 11,153,0 9,338,0 95,049,0 21,384.0 11,622,0 39,559,0 14,974,0 40,969,0
408,656,0 25,881.0 44,805,0 11,098,0 5,653,0 83,059.0 8,781,0 10.655,0 8,944,0 9,847,0 26,462,0
2,989,631,0238,499,0
196,954,0 19,726,0
902,692,0 189,992,0 271,643,0 99,150,0 134,1)990499980,0 102,242,0 81,699,0 130.240,0 58.249,0 280,846.0
61,224,0 17,853,0 12,998,0 9,243,0 15,412,0 18.004,0 11,857,0 4,026,0 8,169,0 6,647,0 11,795,0
3.180,585,0258.225,0
Total reserves
Non-reserve cash
70.001,0 6,405,0
Bills discounted:
See. by U. S. Govt. obligations 184,163,0 16,437,0
Other bills discounted
158,618,0 10,107,0
963,916,0 207,845,0 284,641,0 108,393,0 150,011,0 517,984,0 114,009,0 85,725,0 138,400,0 64,896,0 292,441,0
15,213,0 4,073,0 4,306,0 4,901,0 4,489,0 8,598,0 7,121,0 1,718,0 2,486,0 4,991,0 5.700,0
Total gold reserves
Reserve other than gold
42,512,0 25,568,0 30,049,0 4,453,0 2,963,0 20,594,0
15,802,0 24,142,0 16.337,0 16,453,0 21,080,0 18,003,0
392.0 8,943.0
2,179,0 12,066,0
1,462,0 12,459,0
9.606,0 4,735,0
58.404,0 49,710,0 46.386,0 20,906,0 24,043,0 48,497,0 16,449,0 2,571,0 21,009,0 11,068,0 17,194,0
76,837.0 11.772,0 33.646,0 14,074,0 20,058,0 32,383.0 20,422,0 11,005,0 7.470,0 15,898,0 41,483,0
Total bills discounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasuri notes
Certificates el Indebtedness
342,781,0 26,544,0
399.308.0 14,258.0
79,167,0 3,953,0
221,030,0 9,716,0
182,558,0 13,773,0
21,466,0 4,067,0 2,676,0
113,158,0 17,745,0 17,460,0
83,635,0 21,673,0 10.554,0
.......i n FA _ nrwt geeeritfre____
4R2 7RA n 57 AA? n
218 257 o 43.485.0 30.690.0 10.086.0
9.331,0
7,118,0
2,245,0
3,247,0
4.594,0
785,0 26,217,0 1,802,0
4,702,0 18,852,0 11,993,0
3,201,0 26,665,0 5,471,0
6.195.0
6,460,0
4,803,0
8_778.0 71.734.0 19.286.0 17.458.0
375.0
1,115,0
1,573,0
271,0
9,115,0
6,045,0 10,449,0
5,475,0 1,141,0
3.083.0 20.635.0 11,861.0
1415
FINANCIAL CHRONICLE
MAR. 1 1930.]
RESOURCES (Concluded)
Two Ciphers (00) om tied.
Total
Boston.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
New York.
$
11,650,0
$
1,000,0
$
13,680,0
1,138,522,0 69,244,0
53,0
721,0
078,198,0 67.693,0
58,419,0 3,580,0
14,857,0
51,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Ctly. Dallas. SamPras.
Phila.
$
1.000,0
$
$
$
$
$
$
$
$
$
30,0
365,148,0 105,967,0 110,722,0 45,066.0 52,879,0 152,614,0 56,167,0 31,034,0 31,542,0 47.601,0 70,538.0
22,0
22.0
26,0
16,0
50.0
26,0
97,0
237,0
70.0
72.0
30,0
179,481,0 58,360,0 68,562,0 48,443,0 24.155,0 82,943,0 32,075,0 12,704.0 42,064.0 27,305,0 34,413,0
15,664,0 1,762,0 7,058,0 3,204,0 2,658,0 8,295,0 3.811,0 2,018,0 3,972,0 1,876,0 4,521,0
197,0 1,002,0
402,0
375.0
513,0
833,0 4.030,0
766,0
5.385,0
234,0 1,069,0
Total resources
5,147,303,0 405,251,0 1,545,044,0 378.311.0 476,430,0 210.870,0 238.248,0 771.297,0 213,674,0 133.728,0 218,692,0 147,693.0 408,065.0
LIABILITIES.
F. R. notes in actual circulation_ 1,637,094,0 158,671,0 221.318.0 147.758,0 181,108,0 78.598,0 130.434,0 295.981,0 83,658,0 59,895,0 78.844.0 40,670,0 160.159,0
Deposits:
Member bank-reserve min_ 2,345,858,0 143.236,0 985,268,0 130,436,0 130,296,0 64,083,0 62,809,0 330.659,0 77,078.0 50,396.0 86,874,0 63,134,0 171,589,0
915,0 1,278,0 2,119.0 1,651,0
16,329,0 1,771,0 1,816.0
1,959,0 2,364,0 2,851,0 1,381,0
Government
36,840.0 2,406.0
228,0
146,0
190.0
190,0
438,0
851,0
2,130,0
228,0
616,0
635,0
267.0
Foreign bank
470.0
6,389,0
167,0
.103,5
39.0 7,861.0
510,0
869.0
125,0
92,0
8,078,0
69.0
048,0
Other deposits
32.0
18,893,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,407,980,0 146,144,0 1,011,805,0 132,892,0 183,625,0 66,434,0 65,493,0 334,871,0 79,556,0 51,624,0 88,445,0 65,482,0 181,529,0
635,683,0 66,784,0 159.447,0 53,478,0 65,142.0 46.276,0 24,003,0 77.276,0 32.803,0 11,066,0 37,448.0 27.281,0 34.679,0
67,513,0 16,625,0 15,810,0 6.063,0 5,436,0 20,230,0 5.275,0 3,090,0 4,328,0 4,432,0 11,405,0
171,813,0 11,606.0
80.001,0 20,965,0 29,141,0 12,496,0 10,857,0 40.094,0 10.877,0 7,143,0 9,162,0 8,935,0 19,514,0
276,936,0 21,751,0
893.0
769,0
910.0
465.0
4,960,0
593,0 1,534,0
1,003,0 2,025,0 2.845,0 1,505,0
295,0
17,797,0
Total liabilities
5,147,303.0 405,251,0 1,545.044,0 378.311,0 476,430,0 210,870,0 238,248,0 771,297,0 213,674,0 133,728,0 218,692,0 147,693,0 408.065.0
Memoranda.
61.1%
85.6%
76.9%
82.7%
69.9%
Reserve ratio (per cent)
78.2%
74.1%
82.1%
78.0%
74.7%
76.6%
84.7%
78.8%
Contingent liability on bills purchased for foreign correspond'ts 513,346,0 37,993,0 168,845,0 49.801,0 51,341.0 21,563,0 18,483,0 68,798.0 18,483,0 11.809,0 15.402,0 15.402.' 33.426.0
P. R. notes on hand (notes rec'd
from F. It. Agent less notes In
83.480,0 25,236,0 27,122.0 22,681,. 29,785,0 46.362,0 17,271.0 8,147,0 11,262,0 13,649,0 61.685,6
circulation)
390.255.0 43.575,0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB. 26 1930.
Federal Reserve Agent at-
New York.
Boston.
Total.
Cleveland. Richmond Atlarsta. Chicago. St. Louis. Minneap. Kan.Ctty. Dallas. San Pram.
Phila.
Two Ciphers (00) omitted$
$
V.R.notes reed from Comptroller 3,391,218.0 330,496,0
F.R.notes held by F. It. Agent__ 1,363,869,0 128,250,0
$
$
S
$
$
$
$
$
$
$
$
807,242,0 209,894.0 292,810.0 146,893,0 264,573,0 555,643,0 122,899.0 110,092.0 133,026.0 97.906,0 319.744,0
502,444,0 36,900,0 84.580,0 45,614,0 104,354,0 213.300,0 21,970,0 42,050.0 42,920,0 43,587,0 97.900,0
F.R.notes Issued to F.R. Bank _ 2,027,349,0 202,246,0
Collateral held as security for
F. R.notes issued by F. R.Bk.
Gold and gold certificates__ 404,910,0 35,300,0
Gold redemption fund
Gold fund-F.R.Board
1,224,720,0 144,617,0
Eligible paper
597,048,0 40,725,0
304,798,0 172,994.0 208,230,0 101.279,0 160,219,0 342,343,0 100,929,0 68,042,0 90,106,0 54,319.0 221,844,0
2,226,678.0 220,642.0
Total collateral
229,968,0 39.900,0 18,750,0
7,901.0
16,471.0 35,000.0
8,455.0
7,945,0
5,220,0
8,626,0 85,100,0 120,000,0 67,000.0 111,950,0 309,564,0 62,100,0 49.000,0 80,000,0 15,000,0 171,763,0
109.329,0 52,703,0 75.505,0 33,704,0 43,199,0 80,686,0 36,433,0 13,178,0 28,087.0 26,953.0 56,906,0
347.923,0 177,703.0 214,255,0 108.605.0 160,369.0 390.250,0 106,478.0 70.633.0 108.087,0 58,064,0 263,669,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1366, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and btlis of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bijis 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, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper,only a lump total being given. The number ofreport in
banks is now omitted, in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank to the San
Francisco district with loans and Investments of $135,000,000 on Jan.2 which recently merged with a non-member bank. The figures are now given In
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEB. 19 1930 (In millions of dollars).
Federal Reserve District-
Total,
Boston. New York
Phila.
$
8,758
$
1.202
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. City Dallas. Sat:Pram.
s
Loam and investments-total.---
$
22,090
$
1,496
Loana-total
16,519
1,170
6,496
914
1,515
7,669
8,850
504
666
3,359
3,137
483
431
723
792
5,571
326
2.262
288
2,808
2.763
164
162
1.262
1.000
81
207
1,695
232
08
15
805
63
12,966
6,851
4
901
478
1,104
2,734
ISM
On securities
All other
nvestments-total
U.S. Government securities
Other securitiee
Reserve with F. It, Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
$
8
$
$
$
$
$
$
618
3,160
666
364
656
459
1,944
486
494
2,511
517
248
443
353
1,371
185
301
159
335
1.247
1,264
232
284
85
163
136
307
106
247
449
922
610
158
123
649
149
116
213
106
573
293
317
71
85
61
63
294
355
36
113
64
52
93
120
65
41
325
248
77
14
131
28
40
11
40
9
44
6
25
5
53
10
34
15
110
19
5,785
1,790
1
699
297
1,002
946
345
239
330
241
239
35
i
1,797
1.174
1
370
229
211
134
479
174
290
144
757
1,006
1
42
115
116
904
58
170
93
203
49
94
68
109
225
431
58
129
49
73
117
200
67
9P
163
208
6
58
12
31
9
12
28
6
1
8
0
5
2.126
642
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 26 1930
In comparison with the previous week and the corresponding date last year:
Feb. 26 1930. Feb. 19 1930. Feb. 27 1929.
RdSOUrCeltGold with Federal Reserve Agent
Gold redemp. fund with U.S.Treasury_
238,594,000
16,148,000
238,594,000
16,148,000
241,981,000
13,558,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank..
254,742,000
239,294,000
408,656,000
254,742.000
214,545.000
390,487.000
255,539,000
334,545,000
411,873,000
Teta' gold reserves
Reserves other than gold
902.692,000
61,224,000
859,774,000 1,001,957,000
60,364,000
41,213,000
Total reserves
Non-reserve cash
Bins diseountedSecured by U. S. Govt. obligations-Other bills discounted
963,916,000
15.213,000
920,138,000 1,043,170,000
15,033,000
32,081,000
Total bills discounted
Bills bought In open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securitiesOther securities (see note)
Foreign loans on gold
69,110,000
19,677,000
172,139,000
50.250,000
58,404,000 ' 88,787,000
85,358,000
76.837,000
222,389,000
66,632,000
21,466,000
113,156,000
83,635,000
11,615,000
108,357,000
96,656,000
1,384,000
9,322,000
4,600,000
218,257,000
11,650,000
216,628,000
12,250.000
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Tota resources
Ltahttftles-Fedi Reserve notes In actua circulation_
Deposits
-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
Feb. 26 1930. Feb. 19 1930. Feb. 27 1929,
$
237,000
179,481.000
15 664,000
5,385,000
238.000
178,174,000
15,664,000
4.400.000
219,000
195,618,000
16,087,000
823,009
1.545,044.000 1,536.670,000 1.592,335.000
221,318,000
235,702,000
308,057,000
985,268,000
16,329,000
2,130,000
8.078,000
946,080,000
32,012,000
4,380.000
7,606,000
959,853,000
2,022,009
1,264,000
7,765,000
1,011,805,000
159,447,000
67,513,000
80,001,000
4,960,000
990.078,000
158,735,000
67,496,000
80,001,000
4,658,000
970,904,000
183,386,000
53,877,000
71,282,000
4,829,000
15,31.6.000
42,512,000
15,892,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,545,044,000 1,536,670,000 1,592,335,000
78.2%
73.1%
81.6%
Total bills and securities (See Note)._ 365,148,000 403.023.000 304.337,000
168,845.000 171.440.000
92.601.000
NOTE.
-Beginning with the statement of Oct. 7 1925. two new Items were added In order to show separatelythe amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures. was changed to
securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal Reserve Act, which.it was stated.are the only Items in :hided therein,
Pother
1416
FINANCIAL CHRONICLE
Vankers'
STOCKS.
Week Ended Feb.28.
azette.
Walt Street, Friday Night, Feb. 28 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this.week on page 1402.
The following are Bales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Feb. 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
RailroadsPar. Shares. $ Per share. $ per share.
% Feb 27
Baltimore & 01110 rights 73,000
94 Feb 24
Bklyn & Queens Transit
Preferred
100
200 6034 Feb 27 60% Feb 27
Buff & Susq etfs
100 77 Feb 28 77 Feb 28
40 102 Feb 25 102 Feb 25
C C C & St Louis pf 100
Cleve & Pittsburgh_ 100
50 7434 Feb 25 74% Feb 25
Erie RR rts
520,700 1-16 Feb 24 3-16 Feb 26
Ill Cent leased llne_100
50 74 Feb 28 74 Feb 28
30 62 Feb 25 65 Feb 28
Manhat Elev Guar_100
Market St Ry
100 3 Feb 24 3 Feb 24
100
NY State Rys pref_100
80 234 Feb 25 3 Feb 24
Pacific Coast 1st pf.100
20 24 Feb 24 24 Feb 24
40 17 Feb 28 17 Feb 28
2nd preferred_ _ _100
Range Since Jan. 1.
Lowest.
Highest.
per *ha/v.0 per share.
gi Feb 114 Feb
54
77
98
7434
1-16
7134
5114
114
234
1734
15
Jan 6154
Feb 77
Jan 105
Feb 7434
Feb, %
Jan' 75
Jan 65
Jan 3
Jan 354
Jan 2534
Feb 18
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Indus.& Miscall.
Alpha Portl Cement... 1,600 2834 Feb 25 3254 Feb 26 2
834 Feb, 3234 Feb
Jani 2634 Feb
10 2554 Feb 24 2534 Feb 24 20
Amalg Leather pref_100
700 1554 Feb 28 1634 Feb 28 1534 Feb 1634 Feb
Am Solvents & Chem-900 25% Feb 28 2634 Feb 28 2534 Feb 2634 Feb
Preferred
34 Jan 2
Feb
Amer Rolling Mill rights 37,600 1% Feb 24 154 Feb 26
500 2734 Feb 24 2834 Feb 28 24% Jan 2854 Feb
Art Metal Construct_10
Feb 9054 Jan
200 85 Feb 27 8734 Feb 28 85
Assoc Dr Gds lst pf_100
Jan 8854 Feb
100 8834 Feb 24 8834 Feb 24 85
100
2d preferred
Aviation Corp
• 45,700 614 Feb 25 754 Feb 24 454 Jan 854 Feb
Feb
Beatrice Creamery__50 1,300 7134 Feb 26 79 Feb 27 6734 Jan' 79
Preferred
100
300103 Feb 24 103 Feb 24 02% Feb 10434 Jan
900 2734 Feb 25 2834 Feb 25 2134 Jan 2934 Feb
Briggs & Stratton...."
Br Emp Steel lot Pf.100
24% Feb 24 24% Feb 24 2254 Jan 2454 Feb
Budd(E (3) Mfg
* 1,700 1034 Feb 27 1134 Feb 24 954 Jan 1234 Feb
Budd Wheel
• 8,600 1234 Feb 24 13 Feb 24 854 Jan 1454 Feb
Bulova Watch
• 17,100 3234 Feb 25 3454 Feb 27 2654 Jan, 3434 Feb
*
100 23 Feb 26 23 Feb 26 19
Jan 27
Camp W & C Fdry
Feb
Capital Admin class A.• 1,100 22 Feb 25 2334 Feb 24 1854 Jan' 2734 Feb
Preferred A
Jan' 37
•
100 37 Feb 26 37 Feb 26 31
Feb
Caterpillar Tractor_
13,800 6434 Feb 25 6894 Feb 28 54
Jan 6834 Feb
Central Alloy certifs __ 2,300 3234 Feb 26 3354 Feb 27 3154 Feb' 3494 Feb
Checker Cab
Jan 50
. 32,200 4534 Feb 25 4834 Feb 24 36
Feb
Clark Equipment__
400 36 Feb 27 3734 Feb 24 33
Jan 3834 Feb
Columbian Carbon rts_ 40,500 ig Feb 25 1% Feb 27 1
Febl 354 Jan
Comm'l Credit CIA._50 6,900 40% Feb 27 4354 Feb 24 3134 Jan, 4334 Feb
Feb 100
Commw'Ith & Sou pt. 16,800 99 Feb 24 9934 Feb 25 99
Feb
Commonwealth Pow..'100 151 Feb 25 151 Feb225 123
Jarl,113434 Feb
Consol Film Industry.. 4,000 2034 Feb 25 2134 Feb 27 1534
an 23
Jan
Cons Cigar pref ex-warr
20 70 Feb 27 70 Feb 27 6034 Feb 70
Feb
Cont'l Diamond Flbre_. 24,500 2934 Feb 28 3134 Feb 24 28
Jan 3434 Feb
Continental 011
• 18,300 19% Feb 25 22 Feb 27 1954 Feb 2334 Jan
Continental Shares...* 8,000 3454 Feb 25 37 Feb 28 2734 Jan 38% Feb
Cream of Wheat
. 2,400 2834 Feb 25 2934 Feb 28 2554 Jan 30
Feb
Cuba Cane Sugar certifs 2,300
34 Jan
% Jan
36 Feb 24
94 Feb 28
Jan 114
Cushman Sons pf
(7) 100
20 113 Feb 25 113 Feb 25 111
Feb
Jan 1834 Feb
Duplan Silk
•
700 1734 Feb 28 1834 Feb 24 15
100
Feb10034 Jan
Preferred
6 98 Feb 25 9834 Feb 26 97
Durh Hos Mills pf_100
60 54 Feb 27 55 Feb 27 4454 Feb 5734 Feb
lii 23% Feb 26 23% Feb 26 2034 Jan 2554 Jan
Eastern Rolling Mill...
Electric Power & Light
Certificated full paid
100 14034 Feb 2714034 Feb 27 14034 Feb 14054 Feb
Elk Horn Coal pref_.50
160 934 Feb 26 11 Feb 25 934 Feb 14
Jan
Feb
Empor Capw Corp_100
50 1934 Feb 25 1934 Feb 25 1734 Jan 20
Eng Pub Sery pi(5%)*
Feb
100 98 Feb 2" 98 Feb 25 9454 Jan 102
Fairbanks Co
*
400 554 Feb 26 634 Feb 27 434 Jan 954 Jan
25
Preferred
100 18 Feb 27 19 Feb 26 1534 Feb 39% Jan
Jan 36% Feb
Federated Dept Stores* 1,700 3234 Feb 26 34 Feb 28 29
Fed Water Serv CIA..' 2,900 3554 Feb 26 3634 Feb 28 3234 Jan 37% Jan
Feb 33% Jan
Firestone Tire & RublO 1,800 26 Feb 24 2754 Feb 27 26
100 3,111 80 Feb 25 8154 Feb 27 7954 Feb 8614 Jan
Preferred
Fisk Rub 1st pf conv100
150 1534 Feb 25 17 Feb 24 12% Jan 19% Jan
Foster Wheeler
. 1,700 64 Feb 25 66 Feb 24 6034 Jan 68% Feb
Franklln Simon p1__100
10 96 Feb 24 96 Feb 24 9454 Jan 9734 Jan
Fuller Co 2nd pref.._'
Jan 86
II 86 Feb 26 86 Feb 26 80
Feb
Gen Amer Investors-* 10,:
Jan 16% Feb
1434 Feb 24 1534 Feb 28 12
Preferred
•
Jan 97
:11 9454 Feb 26 9554 Feb 26 90
Feb
Gen Baking pref
•
Feb 125
31 112 Feb 28 115 Feb 24 112
Jan
General Cigar pref...100
100 115 Feb 25115 Feb 25 11236 Jan 117
Feb
General Foods
* 19,500 5054 Feb 25 52 Feb 27 4654 Jan 5594 Feb
Gen Italian Edison-- 5,900 44 Feb 24 44 Feb 24 44
Feb 4494 Feb
Gen Public Service...* 12,300 4134 Feb 26 4534 Feb 28 3234 Jan 4954 Feb
Gen Ry Signal pref_100
9010734 Feb 2610734 Feb 2610034 Jan 10734 Feb
Gem Theatres Equip-.144,500 4134 Feb 24 4654 Feb 24 39% Jan 4834 Feb
Gold Dust pref
Jan 106% Jan
•
100 103% Feb 24 103% Feb 24 100
Grand Silver Stores---* 7,300 41 Feb 25 46 Feb 27 3234 Jan 46
Feb
__100
Jan 89% Jan
Grand Stores pref.
300 89 Feb 24 8934 Feb 28 86
Grigsby-Grunow
.58,300 16 Feb 24 1834 Feb 27 1234 Jan 2254 Jan
Feb 29% Jan
Hall Printing
10
800 25 Feb 24 25 Feb 24 25
310 90 Feb 24 90 Feb 24 85
Jan Bog Feb
Hanna, pref, new
Jan 27% Feb
Hercules Motors
200 25 Feb 24 2534 Feb 24 22
100 81 Feb 24 81 Feb 24 7834 Feb 85
Jan
Hercules Powder
600 4934 Feb 27 5034 Feb 24 4934 Feb 51% Jan
Household Fin pt pfd 50
Ja 73
Indian Motocycle pf 100 2,510 67 Feb 24 73 Feb 28 30
Feb
Jan 120
10 118 Feb 24 118 Feb 24 112
Feb
Ingersoll Rand, 0..1
In.suranshares Corp...' 2,400 1534 Feb 26 16 Feb 26 1334 Jan 16% Feb
Feb 28% Feb
* 3.600 25 Feb 26 26 Feb 27 24
Interlake Iron
Int Hyd-E1 Sys ci A .32,700 4234 Feb 25 4434 Feb 27 3134 Jan 45% Feb
Feb 121
200 116 Feb 24 116 Feb 24 116
Jan
Internat Nickel, pref100
Jan
300 5954 Feb 25 60 Feb 24 5934 Feb 62
International Shoe..'
10 7634 Feb 25 7634 Feb 25 7634 Feb 76% Feb
Interst Dept St pref 100
Preferredex-warr.l003
10 71 34 Feb 25 71 34 Feb 25 7136 Feb 7534 Feb
Jan 29
Feb
Investors Equity
• 10,800 2534 Feb 25 2734 Feb 26 19
Jan 13% Jan
Karstadt Rudolph
700 12 Feb 28 1234 Feb 27 12
Ja. 55
Jan
T 6% P110
30 39 Feb 25 40 Feb 25 29
Libbey-Owens Glass_.* 1,200 23 Feb 28 2334 Feb 25 1954 Jan 27% Feb
Liggett & Myers rights_ 82,150 14 Feb 25 1534 Feb 27 1334 Feb isg Feb
Feb
Loew's Inc pref
600 98 Feb 26 100 Feb 26 8554 Jan 100
McLellan Stores
. 600 15 Feb 26 1534 Feb 26 1434 Feb 20% Jan
Jan 92% Feb
Mengel Co, pref ....100
240 8634 Feb 24 8934 Feb 27
Feb
Feb 53
Midland Steel Prods..' 1,800 37 Feb 24 53 Feb 28 37
Feb 110
Feb
Preferred
100100 Feb 27 110 Feb 28 90
Jan 110
Jan
Milw Ry El Lt&Pow100
10 108 Feb 27108 Feb 27 103
Minn Mol Pow Impl__. 86,900 1634 Feb 24 2254 Feb 28 1254 Jan 2234 Jan
Jan 87
Preferred
700 82 Feb 26 8434 Feb 28 72
*
Jan
Jan 60
Monsanto Chem Wks.*. 5,600 53 Feb 25 56% Feb 28 49
Myers F & E Bros_
*. 2,211 3854 Feb 25 41 Feb 28 3531 Jan 4254 Jan
Nat Biscuit new w I_ _10 26,300 8134 Feb 25 8434 Feb 25 71
Feb
Jan 87
Nat Supply pref_.-.100
Jan
Jan 115
4111454 Feb 27 115 Feb 24 114
Neisner Bros
Jan
Jan 50
".
600 46 Feb 24 4934 Feb 25 43
Norwalk T R pfd.100
Feb
Jan 10
1
9 Feb 24 9 Feb 24 9
Outlet Co
Jan
Jan 69
*,
33 5634 Feb 24 5834 Feb 26 53
Penney (J C)
S. 1,1
Jan
7154 Feb 27 7354 Feb 24 6254 Jan 80
Preferred
100
6
Jan
Jan 95
9474 Feb 26 95 Feb 25 93
Pittab Screw & Bolt- _*,
111 2034 Feb 28 2054 Feb 28 1754 Jan 22% Feb
Pittsb Steel pref
100
Jan
Jan 103
11100% Feb 27100% Feb 27 100
Cowl
Pittston
*, 16,100 2036 Feb 28 2034 Feb 25 2034 Feb 21% Jan
Procter ds Gamble__ *, 4,111 6634 Feb 25 6834 Feb 25 5254 Jan 70)4 Feb
Pub Set of N J pt(5)
100 9234 Feb 25 9234 Feb 25 9234 Jan 93
Jan
Sales
for
Week.
(Vox,. 139.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1,
Lowest.
Highest.
Par. Shares. $ per share. 8 per share. $ per share.8 per share
Indus. & Misc.(Conc.)
Radio Corp pref B____* 1,700 71 Feb 25 74 Feb 27 68
Feb
Jan 74
Rand Mines
10 3334 Feb 24 36 Feb 27 3334 Feb 3734 Jan
Raybestos Manhattan • 4,500 3834 Feb 28 40 Feb 24 33
Jan 4336 Feb
Rem Typewr 1st pf 100
4010034 Feb 28 10134 Feb 2810054 Feb 10134 Feb
Reynolds Tob el A..10
70 7234 Feb 25 7434 Feb 25 7234 Jan 80
Jan
Second Nat Investors-* 8,600 1834 Feb 24 225 Feb 28 954 Jan 23
Feb
Preferred
400 70 Feb 24 7134 Feb 28 5854 Jan 73
•
Feb
Serve' Inc
.36,300 8 Feb 26 954 Feb 24 954 Jan 1054 Feb
Sharp & Dohme
*
300 1734 Feb 28 1754 Feb 24 17
Jan
Jan 18
Preferred
*
700 5534 Feb 25 5654 Feb 24 U
Jan 5634 Jan
Shell Transp & Trad_02
110 4254 Feb 28 4254 Feb 24 4254 Feb 47
Jan
Shell Union 011 pref. _ _• 1,500 101 Feb 2710154 Feb 25 101
Feb 10434 Jan
Solvay Am Invest pf100 1,100103 Feb 25 104 Feb 26 9534 Jan 10474 Feb
South Calif Edison rts. 5,300 334 Feb 28 394 Feb 28 334 Feb 354 Feb
So Port Rico Sug pf 100
10 117 Feb 26 117 Feb 26 117
Jan
Jan 122
Standard Brands
• 94,500 2554 Feb 25 2634 Feb 26 2554 Feb 2934 Feb
Preferred
*
300 119 Feb 24119 Feb 2411754 Feb 11934 Feb
Stand Oil Export pf.100 2,700 9954 Feb 24 100 Feb 24 98
Feb
Feb 100
Stanley Co of America•
270 40 Feb 24 42 Feb 27 25
Feb
Jan 42
Sterling Sec's A
* 10,200 1554 Feb 24 1694 Feb 27 1054 Jan 1754 Feb
Cony preferred____50 3,800 4134 Feb 24 42 Feb 27 3654 Jan 4234 Feb
Preferred
600 1374 Feb 27 14 Feb 27 12
20
Jan 1454 Feb
Thompson Products..' 11,6
3354 Feb 26 3734 Feb 28 3334 Feb 38
Feb
800 1154 Feb 28 13 Feb 27 1134 Jan 15
Thompson-Starrett_ __*
Jan
Preferred
• 1,500 42 Feb 24 42 Feb 24 40
Jan 42 34 Feb
United Carbon
* 16,000 4634 Feb 25 5054 Feb 27 4454 Jan 5454 Jan
United Dyewood....100
140 834 Feb 25 10 Feb 28 534 Jan 11
Feb
40 55 Feb 28 55 Feb 28 55
Preferred
100
Feb
Jan 57
United Gas Impt
•128,200 3734 Feb 25 3954 Feb 27 3154 Jan 40
Feb
Preferred
•
700 9891 Feb 25 9934 Feb 27 97
Jan
Jan 100
United Stores class A • 3,200 854 Feb 26 934 Feb 28 434 Jan 12
Jan
Preferred
400 2754 Feb 26 2
934 Feb 24 1556 Jan 3634 Jan
17 S & Foreign Secs_ _• 7,900 2534 Feb 25 2734 Feb 27 1854 Jan 27% Jan
•
400 90 Feb 25 9034 Feb 25 8534 Jan 9054 Feb
Preferred
J S Freight
5 9,500 8594 Feb 25 90 Feb 28 8554 Feb101% Jan
2enith Radio Corp
* 1,800 934 Feb 25 1054 Feb 26 554 Jan 1154 Feb
o par value.
New York City Realty and Surety Companies.
-p. 1406.
New York City Banks and Trust Companies.
-p. 1406.
Quotationsfor U.S.Treas.Ctfs. of Indebtedness.
-p.1406.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Feb. 22. Feb. 24. Feb. 25. Feb. 26. Feb. 27, Feb.28.
First Liberty LoanHigh
334% bonds of 1923-47...{LowClose
(First 334)
Total sales in $1,000 units_
Converted 4% bonds of(High
1932-47 (First 4s) ---- 10wClose
Total sales in $1,000 units_
Converted 422% bondsrigh
of 1932-47 (First 4300 LowClose
Total sales in 51.000 units__
Second converted 434%{Bilin
bonds of 1932-47 (First InnCiOde
Second 454,).
Total sales in $1,000 units...
{High
Fourth Liberty Loan
4%% bonds of 1933-38- LowClose
(Fourth 4100
Toted sales in $1,000 units__
{High
Treasury
Low_
4',,, 1947-52
Close
Total sales in $1,000 units__
High Holl"
4s, 1944-1954
Low_ day
Close
Total sales in $1,000 units.(High
Low_
394s, 1946-1956
Close
Total sales in $1,000 units_ {
Hlib
33'4s, 1943-1947
LowClose
Total sales in $1,000 units{High
3%s, 1940-1943
Low_
Close
Total sales in $1,000 units __
99uss
Nun
991en
36
-------
99",,
990',,
991ess
25
-------
991'n
991431
9914s
110
-------
992ess
9912,1
991e,
7
-------
091ess
992en
9910n
175
-----
101
"SI
--” 10Y -- 10 -” 100 11 10 NI
-°
0 I1
.-''..
0
',/
100"n 100",,100",,100"3, 10Onss
1001en 1002ess 10031n 1002en 101
s
5
5
20
58
-------------------------------------__._
101ess
101ess
101en
29
____
____
___
1062;s;
-1062en
106un
5
104
104
104
10
---__----9- lis;
9
992en
991Iss
24
101212 101ess 10110s,
101en 101ess 101',,
101 en 101en 1012n
4
76
58
110nn
...... 111ess
110",,____ 1102212
1102ess
____ Mess
_.
11
..
36
106'°,,107
312 1078ft
106sen 1062en 107
106een 107211 107ess
5
50
24
104 ft 104",,---,
104
104ess
---104',, 104es*
_--41
75
- 99e2ss 9 - eiss
9
--__ 9121,1 99less
---- 9912n 992
%
26
9 -1is;
9
9935.
992011
991en
9920n
____ 992011
1012ess
101ess
101ess
181
11012n
111'n
111un
22
1072ets
107en
107"ss
22
---------.-----
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
30 1st 3%s
30 1st 43fs
23 4th 454s
99ess tO 99ess
1002en to 100uss
1011,1 to 101en
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 9-160
4.85 11-16 for checks and 4.85 29-32(8i4.86 for cables. Commercial on
banks, sight, 4.8534 @)4.8534; sixty days, 4.823-i; ninety days, 4.8034@
4.80 15-16, and documents for payment, 4.8234. Cotton for payment.
4.8454, and grain for payment, 4.8454.
To-day's (Friday's) actual rates for Paris bankers'francs were 3.90 13-16
l for short. Amsterdam bankers' guilders were 40.0554®40.07 for
Va
Exchange for Paris on London, 124.26; week's range, 124.26 francs
high and 124.21 francs low.
Sterling, ActualCables.
Checks.
High for the week
4.85 15-16
4.86 5-16
Low for the week
4.85 9-16
4.85 29-32
Paris Bankers' Francs
High for the week
3.91 15-32
3.91 17-32
Low for the week
3.90 13-16
3.91
Amsterdam Bankers Guilders
High for the week
40.10
40.1134
Low for the week
40.08
40.0534
Germany Bankers' Marks
High for the week
23.87
23.87%
Low for the week
23.805
23.8334
The Curb Exchange.
-The review of the Curb Ezchange is
given this week on page 1403.
A complete record of Curb Exchange transactions for the
week will be found on page 1434.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the ‘.eek of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
Feb. 22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday.
Feb. 27.
Feb. 26.
Friday.
Feb. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share tots
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
Per share $ per share
Par $ per share $ per share
Railroads
per share $ per share Shares
$ per share $ Per share $ per share $ per share
23312 23312 22712 2311 22634 2303 22812 23114 230 232
7,300 Atch Topeka dt Santa Fe-100 21938 Jan 6 24014 Feb 8 19518 Mar 2985 Aug
4
/
4
99 May 10478 Dec
100 10258 Jan 3 104 Feb 13
*10218 10314 10234 10314 103 103 *103 10314 10314 10312
700 Preferred
*17014 172 •170 17234 *170 172 *170 1723 *170 1723
Atlantic Coast Line RR-100 166 Jan 11 172 Feb 21 161 Nov 20912 July
4
4
100 115 Jan 2 11958 Jan 14 10514 Nov 14518 Sept
1161* 1163 11512 116
7,100 Baltimore & Ohio
4
4
4
118 1163 1153 11618 11512 116
75 June 81 Dec
82
100 781.. Feb 10 81 Jan 2S
8012 8012 803 80 4 81
600 Preferred
81
8014 8014 *80
3
55 Oct 903 Sept
753
8
4
1,800 Bangor & Aroostook
50 63 Jan 3 7714 Fea 18
75% 5743 75
7412 7512 7458 75
75
75
100 109 Feb 28 112 Jan 9 y10314 Oct 115 Sept
*11012 11114 *11012 11114 11114 11114 *11012 112 x109 11014
40 Preferred
85 Apr 145 July
100 Boston & Maine
100 99 Jan 14 112 Feb 8
*105 110
10012 10012 *102 110 *103 108 *102 106
40 Oct 817 Feb
*
63 Jan 2 7312 Feb 19
701* 7158 70 4 7158 7034 71% 7012 7212 7118 7218 11,200 Bklyn-Manh Tran v t 0_No pa
3
7812 Nov 9258 Feb
90
500 Preferred v t c
No par 8478 Jan 6 901,3 FM/ 17
873 873 *88
4
4
8858 8812 *89
90
88 88
412 Oct 441 Jan
17
18% 6,800 Brunswick Term & Ry 8,0.100 1412 Feb 17 23% Jan 18
1918 18
1734 1712 1913 1834 1958 18
5434 Jan 85 Mar
73
73
100 Buffalo & Susquehanna...ADO 71 Jan 2 73 Feb 28
82
*68 82
*62
82 *62 82 •62
511 July 8112 Aug
85
10 Preferred
*7512 84
100 75 Jan 2 84 Feb 27
84 *84
84
84
*78
84
*80
4
100 1875* Jan 3 2263 Feb 10 185 Dec 269% Feb
4
20812 21012 204 2103 20712 209 20712 20912 x2023 20478 17.700 Canadian Pacific
4
.
9514
_ .9514
_ .95%
9012 Sept10112 Mar
*9514
Caro Clinch & Ohio etts sVc1100 96 Jan 30 973 Jan 21
*
*9514 ---100 203 Jan 7 23712 Feb10 160 Nov 27934 Sept
228 22:8 226 228 230 230 231 232
- -12
231 2313 -1,65 Chesapeake & Ohio
4
51
51
3
1934 Feb
4 Nov
100
414 Jan 8
68 Jan 22
800 Chicago & Alton
512 512 *512 534
534 57
5
52 55*
3% Nov 2534 Feb
534 Jan 20
88 Jan 21
100
612 612 1,000 Preferred
*612 834
638 68
65
612 658
8 6%
15 Dec 43 Feb
*151 20
20
Chic & East Illinois RR.
20 *15
--100 1414 Jan 7 22 Jan 25
*1514 20
*1514 20 .15
3634 Dec 667 Feb
8
40 40
40
*37
40 *37
200 Preferred
100 38 Jan 2 47 Jan 24
42
40 40 *37
7 Nov 23% Feb
1312 1318 1318 5,400 Chicago Great Western....1001234 Feb 25 157 Jan 8
1358 1412 1234 1312 13
1312 13
1712 Nov 83% Jan
3
3
100 34 Feb 25 40 4 Jan 14
3532 3512 34
3,600 Preferred
3658 3
36
*38
36
353
*
513 3513
16 Nov 447 Aug
8
2312 2414 23
2 23
23% 17,700 Chicago Milw St Paul & Pee- 23 Feb 25 2858 Feb 7
4 2358 237
231
2314 233
2812 Nov 685 Aug
8
403 Feb 25 4614 Feb 10
4
41
13,100 Preferred new
43
4034 411
413* 4214 4114 4214 4112 42
75 Nov 1081 Sept
86
2,800 Chicago & North Western_100 84 Jan 3 89% Feb 8
86
87
86 87
86
87
8512 8652 86
100 Preferred
100 13818 Feb 28 140 Jan 16 134 Apr 145 Feb
*138 1387 *13818 13878 *138 13911 *138 13912 138% 13818
8
*11912 121
120 12038 120 12114 1194 12114 11912 12014 1,600 Chicago Rock RI& Paclflc_100 114 Jan 6 12518 Feb 14 101 Nov 14312 Sept
10918 Feb 28 100 Nov 109 Oct
10918 paw
800
100 107 Jan
preferred
*10712 108
10734 108
10712 10712 108 108
947 Nov 10314 Nov
8
200 840 Preferred
100 9934 Jan 6 108 Feb 7
•
103 10414 *103 10414 *103 10414 103 103 *10212 1031
8814 Dec 135 July
92
100 83 Jan 15 95 Feb 13
92 *88
1088
Colorado Os Southern
•88
91
91
*88
91
*88
6512 Oct80 Jan
*731 75
100 6834 Jan 3 75 Feb 19
First preferred
*7418 75
*7312 75 *7318 75
*741 75
64 Apr 7212 Mar
6514 6514
100 65 Jan 23 6812 Feb 20
20 Second preferred
*6512 6018 *6512 6912 *8512 6912 *6512 691
45 Nov 7058 Jan
100 49 Jan 2 61 Feb 19
5814 5814 5812 58'z
5914 591 *56
400 Consol RR of Cuba Pref
*5812 61
61
1,100 Delaware & Hudson
100 16112 Jan 3 181 Feb 8 14112 Oct226 July
"Stock
17314 17414 172 17212 *16734 16934 170 170'4 170 170
4
14212 14712 2,900 Delaware Lack & Western_100 136 Jan 28 153 Feb 8 12014 June 1693 Sept
14012 14011 141 143 •14212 1441 143 143
49 Oct773 Feb
7212 1,100 Deny. & Rio Or West pref_100 80 Jan 2 758 Feb 10
4
Exchange
721 725* 72
728 727s 72
7212 *7212 727
47 Feb
4
I% Dec
3 Jan 15
134 Jan 2
*13
4 V
Duluth So Shore &At1-100
*13
4 27
*134 27
8
*134 278 *134 27
2 Nov71e Feb
3 Feb 15
"212 3
*212 3
100
212 Feb 6
*212 3
•212 3
Closed
Preferred
/ 3
1
4
*2
4112 Nov93% Sept
5934 14,000 Erie
3
59 60% 59
100 5618 Jan 7 63 4 Feb 14
584 601
5812 59
583* 60
ge
eg
6612 6612 66
5512 Nov6614 July
66
88
66
6638 66
100 6158 Jan 10 673* Feb 19
3,400 First preferred
,Washing52 Nov637 July
100 5712 Jan 2 8212 Feb 19
500 Second preferred
*58
6212 6012 61% *80 613 *61% 613 *6118 6112
8514 Nov12814 July
4
98
987
4,000 Great Northern preferred 100 95 Jan 13 1003 Feb 19
98% 98
ton's
99 10014 9812 98% 99 99
8512 Nov12214 July
100 9014 Jan 3 9914 Feb 21
96
96
953
*
9512 9612 *9512 9612 *95 97
1.600 Prof certificates
95
18 Nov 59 Feb
404 43
.Birthday
403* 4214 42
433* 4214 438 421* 427e 4,900 Gulf Mobile & Northern_ 100 3812 Jan 2 4612 Feb 17
70 Nov 103 Jan
*943 95
4
100 94 Jan 14 98 Jan 15
*943 96
4
4
Preferred
*9434 96
*943 96 *943 96
4
Monday
*814 9
012 Dec 11% Apr
818 8%
818 Jan 17
200 Havana Electric Ry--NO par
*812 81
8 Jan 2
*814 9
*818 81
*7014 ____ *7014
55 Feb 7334 Dee
*7014 _ _ _
704 7014 *7014 ---90 Preferred
100 6818 Jan 14 72 Jan 2
*485 510 *485 52712 *485 490 490 495 *490 500
40 Hocking Valley
100 450 Jan 25 520 Feb 14 370 Nov 800 Oct
*47
48
49
341 May 5858 Jan
4712 4834
48
48
49
48 *46
900 Hudson & Manhattan.. 100 4838 Jan 18 51% Feb 1
7734 7734 •75% 78
*7212 773 *7312 78
4
75
60 Oct 84 Jan
75
100 75 Feb 26 7912 Jan 30
200 Preferred
*12812 12914 1281 12812 129 129 *12812 12912 1283 129
4
500 Illinois Central
100 12818 Feb 1 131 Jan 6 116 Nov 1531 July
10128 140 *126 140 *128 140 *126 149 *126 140
100 12812 Feb 17 130 Feb 20 120 Oct 15112 July
Preferred
*7112 7212 *71
7212 *7112 7212 *7112 7212 7112 7112
70 Nov 8018 Feb
10 RR Sec Stock certificates- 70 Jan 2 74 Jan 18
2912 2934 2978 313* 2958 3118 30% 3114 2934 305* 9.900 Interboro Rapid Tran v t c_100 203* Jan 3 34 Feb 7
15 Oct 5858 Feb
429% 3112 *2958 3112 *2858 3112 *295 30 *295 30
8
8
25 Nov 59 Jan
lot Rya of Cent America-100 2918 Jan 10 3212 Jan 18
*---- 35 *---- 35 *...__ 35 •____ 30 *---- 30
23 Dec 5912 Jan
No par 2714 Jan18 29 Feb 21
Certificates
*6814 70 4 "684 7012 *6814 70
3
70
611 Dec 8014 Jan
*6812 70
/
1
70
100 8158 Jan 2 71 Feb 5
30 Preferred
79
79
157712 79
*7712 793 *77% 7812 *7712 78%
4
100 Kansas City Southern____100 77 Jan 30 82 Jan 2 80 Oct 1087 July
2
•671s 6812 *6712 6812 *8712 6812 *6712 6812 *8712 6812
63 Nov 7011 Jan
100 6718 Jan 6 89 Feb 4
Preferred
737 737
7212 73
7214 72
75
72% 72
72
65 Nov 10214 Feb
1,600 Lehigh Valley
3
50 7014 Jan 27 77 4 Feb 8
134 134 •132 134
133% 13334 *132 134 *132 134
400 Louisville & Nashville
100 128 Jan 3 138 Jan 22 110 Or'. 1545 Sept
35 3512 34% 364 355 36% 3518 3512 35
357
24 Oct 5712 Jan
2.900 Manhat Elev modified guar 100 3058 Jan 3 39 Jan 30
*25
28
*25
28
28
*25
*25
28
28 *25
1412 Nov 3912 Jan
Market St Ry prior pref__100 17 Jan 16 2512 Feb 13
158 15*
15
8
112 112 2,860 Minneapolis & St. Louls_100
158 I%
112 15
15*
2 Jan 7
112 Feb 27
114 Nov
334 Jan
31
32
*30
32
303 •29
*30
3012 30
30
Mprefet l dul dc El8 Marle_100 30 Feb 3 85 Feb 7
lan Srrea
35 May 8112 Sept
5
*
54 61
*54 61
60
5412 5412
55 55
*50
513
100 5412 Feb 28 55 Feb 26
66 Dec 87 Jan
5912 5912 *5534 5912 *553 5912 *5534 5912 *553 5912
4
4
10 Leased lines
100 54 Jan 3 5912 Feb 24
51 Dec 66 Jan
5312 545
533 5418 53% 55
523* 537
53% 5414 23,900 Mo-Kan-Texas RR---No par 487 Jan 2 5812 Feb 13
2718 Nov 653 July
2
105 10558 105 10558 105 10512 105 10514 105 105
100 103 Jan 3 106% Feb 17
1z
1.800 Preferred
9372 Nov 107 Apr
9118 9114 911. in% 9012 91
91
9012 91
91
93 Feb 14
5,600 Missouri Pacific
100 87 Jan
46 Nov 10138 July
13978 140
13912 139% 139 1397 140 14089 139
141 Feb 21 105 Nov 149 Oct
100 134 Jan
3.000 Preferred
*8134 8352 *8134 83% *813 8312 *813 831 Ii13 8312
4
4
4
50 8158 Jan 2
83 Jan 13
Morris de Essex
75% Oct 8658 Jan
131% 131% 130 130 *129 13134 *129 1313 *129 131%
50 Nash Chatt de St Louis----100 e12812 Feb 1 1317 Feb 24 173 Nov 241) Aug
*1
118
11* *1
1
I
1181 *1
*I
1 Feb
1
1% Jan 11
Oct
118 1.000 Nat Rye of Mexico 26 pref _100
3 Jan
52
181 1841 17812 182
180 183 I 18278 184'± 1821z 1831 26,900 New York Central
100 167 Jan
19234 Feb 14 160 Nov 25812 Aug
*134 138
134 134
13412 13412
134% 13614 *134 140
144 Feb 10 110 Nov 192% Aug
600 N Y Chic & St Louis Co
100 130 Jan
*10812 110 *10734 110 *10712 110 *1073 110 *1073 110
4
4
100 10858 Jan
110 Feb 18 100 May 110 Dec
Preferred
251 262 254 255 *260 278 270 270
274 274
324 Feb 3 155 Oct 379 Jan
100 N Y & Harlem
50 180 Jan
11958 12014 11918 12012 12012 121
4
1204 1213 1213 1227 19,300 N Y N H & Hartford
8
e
100 1053 Jan 2 12312 Feb 19
80% Jan 13212 Oct
*125 127 *125 127
127 127 127 127 *12714 129
122 Jan 2 128 Feb 18 11458 Jan 13434 Aug
500 Preferred
1413 1412 2.100 N Y Ontario & Western...100 13% Jan
1312 14
1312 1334 *13 4 14
143* 141
3
16 Feb 14
8 Nov 32 Feb
3
314
2% 2% *2% 334
314 31
.258 3
112 Dec
4% Jan 18
9% Feb
800 N Y Railways Pref----Na Par
2 Jan
2914 2914 28
29
28
*27
32
29 *2732 28
1412 Dec 4812 Feb
100 1834 Jan
33% Feb 14
1,800 Norfolk Southern
*258 280 15258 283 263 263 256 282 525612 2595* 1,000 Norfolk & Western
100 228 Jan
265 Feb 18 191 Jan 290 Sent
*8414 86
*855 86 .855 86
*8414 88
8
158558 88
8
100 83 Feb
Preferred
82 Nov 8714 May
86 Feb 18
031
94% 96% 90% 92% 92
93% 944 92
/
1
9314 8.500 Northern Pacific
75% Nov 118% July
97 Feb 21
100 84 Jan 2
93 9412 91
0212 01
* 91
9214 92% 923
75 Nov 11438 July
917
8,000 Certificates
100 821 Jan 2
96% Feb 21
8114 83% 81% 8212 813 823
4 8214 8234 821* 8278 25,600 Pennsylvania
4
50 7218 Jan
7212 Mar 110 Aug
85% Feb 18
*17
21
*18
20
19
17% 1714
18 *17
*16
17 Dec 85 July
100 Peoria & Eastern
100 1714 Feb 2
21 Feb 11
*155 167 *150 167
155 155 10155 167 *154 164
100 Pere Marquette
100 150 Jan 80 162 Feb 21 140 Nov 280 Aug
*
97 98
97 97
9714 98
98
9712 9712
97
200 Prior preferred
100 9458 Jan 81 98 Jan 21
94 Nov 101 Mar
*953 --__ *9514 -__ * 3 ---- *953
4
•9534
4
95 4
100 95 Jan 7 98 Jan 25
Preferred
90 Nov 97 Jan
*110 11834 *110 118 *110 118 •100 118 •100 118
100 116 Jan 4 12158 Feb 11
Pittsburgh & West Va
90 Nov ' .Jan
453
126 127
127 127 *12812 131 •I27 131 *130 13034
50 121 Jan 4 14112 Feb 8 101%May 147% Sept
900 Reading
*47
49% *47
49 4 *47
4978 *47
3
493 *47
4
4934
4112 Apr 50 Sept
50 47 Jan 2 53 Feb 21
First preferred
*
52 53
52
52
52 *52
53
52
*52
53
400 Second preferred
50 V% Jan 4 57 Feb 6
43 * May 60 4 Sent
5
3
*60
70
*65
70
4160
70 .60
70
*60
70
49% Oct 7414 Sept
100 60% Feb 1 65 Feb 6
Rutland RR prof
112 112 111 11112 10111 112
11134 1113 •109 10934
4
800 St Louis-San Franclsco
100 10758 Jan 3 1142 Feb 10 101 Nov 13334 Aug
*
94% 94% 9472 94% 943 943
4
4 94% 94% 95
95
100 92 Jan 2 9514 Feb 14
87 Nov 9612 Feb
1,300 1st pref paid
*64 89 *
64 69 *65 69
84
64
68
66
100 5914 Jan 20 69% Feb 11
200 St. Louis Southwestern
50 Nov 11534 Feb
4189 93 *89 93 *89
93 .89
93 •89
100 87 Jan 4 8834 Feb 10
9012
Preferred
84 Oct 94 Apr
1034 1118 1012 11
1014 105
8 1012 1012 *1012 1034 4,900 Seaboard Air Line
100
Vs Jan 15 1212 Feb 15
9% Dec 2134 Mar
23 23
24% 2418 2412 2412 *24
28 •24
28
100 2214 Jan 30 28 Feb 7
600 Preferred
1614 June 413 Oct
8
512012 1213 12134 123
4
12312 124% 124 12412 123 124
3,000 Southern Pacific Co
100 119% Jan 8 127 Feb 10 105 Nov 15712 Sept
13012 130
12 129
13012 128 12814 128 12872 12814 128% 2,800 Southern Railway
100 128 Feb 26 13634 Jan 13 109 Nov 16212 Sept
9812 9812 9812 9812 *9812 99
98% 99
9812 9812 1,000 Preferred
100 98 Jan 2 1003 Jan 20
4
93 June 100 Dec
98% 100
109 110 *10512 115 *105% 120 *10812
500 Mobile & Ohio certlfs-100 90 Jan 23 110 Feb 25
74 Nov 140% Jan
12012 12012 12012 12012 *118 12012 *118 119 •118 117
129
100 117 Jan 8 12312 Jan 14 115 Nov 181 May
200 Texas & Pacific
*11
12
*11
12
*12
123
4 12% 12% *1112 113
100
4
100 Third Avenue
9 Jan 14 13% Feb 7
6 Nov 39 Feb
12
m2 2612 *26
2612 25
25
26% 25
25
2512 2.700 Twin City Rapid Transit-100 24% Jan 28 3112 Jan 29
2014 Dec 5
*7512 76
814 Jan
7514 7512 7518 7512 77
77
*77
100 70 Jan 28 79 Feb 3
7712
150 Preferred
75 Dec 100 Jan
225 22614 224 225 22612 229 228 229 5225
225% 1,600 Union Pacific
100 215 Jan 8 23714 Feb 10 200 Nov 2975s
•83% 84 *
Aug
83 84% 83
54 84
84
84 5835 833
8
100 8214 Jan 17 84 Feb 26
900 Preferred
4
80 Nov 8512 Sept
•1.31d and flaked prices; no sales on tills day. o 60% stook
dividend paid. z Ex-dividend.
r Ex-cigete.
1418
New York Stock Record-Continued--Page 2
For 11•109 during the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 22.
Per share
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Per hsare $ per share
•54
59
54
55
8512 8512 8512 8512
84
83
•78
*78
25 4 27
3
25 4 264
3
27
27 27
27
24
*24
25
254
*4512 46
44
45
Wednesday. Thursday.
Feb. 26.
Feb. 27.
per share
54
5412
*
8512 87
83
•78
263 2718
8
*271s 30
*24
25
4418
44
$ Pershare
54
54
*854 8612
84
*78
263 277
8
8
•274 30
25
25
45
45
Friday.
Feb. 28.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Sham
Railroads (Con.)
1.100 Wabash
55
55
87
*85
200 Preferred A
83
•78
Preferred B
2718 274 16,600 Western Maryland
•2814 29
300 Second preferred
25
25
1,300 Western Pacific
*45
800 Preferred
48
Lowest.
Par
100
100
100
100
100
100
100
Highest.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
share $ per share
Jan 6 60 Feb 10
Jan 7 87 8 Jan 6
3
Jan 3 86 Jan 20
Jan 18 2914 Feb 10
Jan IS 2914 Feb 15
Jan 2 285 Feb 5
8
Jan 2 507 Feb 7
8
per share g per *bars
40 Nov 8138 Jan
82 Nov 10478 Jan
Jan
75 Dec 91
10 Oct 54 Feb
143 Nov
8
5312 Feb
15 Oct 417 Mar
8
3718 Nov 6734 July
Industrial & Miscellaneous
2938 30 8 29
3
4
297
4
8 293 297
4 4,400 Abitibi Pow & Pap
2912 29
No pa
8 293 303
22 Jan 18 333 Jan 3
4
7612 773
78
•76
8 7612 7738 7512 774 *71
1,100 Preferred
78
100 6478 Jan 17 78 Feb 18
*43
513
53
8 53
55
*4514 55
600 Abraham & Strauss___No pa
*4514 51
51
45 Jan 2 5712 Feb 1
*107 108
108 109 *107 110 *107 110 *107 110
40 Preferred
100 104 Jan 11 110 Feb 11
3214 33
8 3218 355
314 323
8 3312 344 334 337 44,000 Adams Express new_ _ __No pa
8
2318 Jan 20 354 Feb 26
*8712 100
•33712 90
•13712 100
*8712 100
Preferred
*
8712 100
100 854 Feb 4 8814 Feb 8
*2312 2512 *2312 2512 *233 2512 • 8 2512 • 8 2512
233
233
8
Adams Millis
23 Jan 23 2612 Feb 14
No pa
17
163 17
163 177
4
17
4
8 174 1712 1712 1918 7,100 Advance Rumeli
100 1112 Jan 6 2314 Jan 24
1,200 Preferred
32
35
34
3114 3114 3012 3012 3234 32 4 32
5
100 22 Jan 4 4114 Jan 29
*3
4
7
8 3.100 Ahumada Lead
54
7
8
7g
74
7g
114
13 Jan 4
7
s
1
7
sFeb 5
1253 1293 125 1274 12738 13112 13012 134 I 13112 1334 25,400 Air Reduction, Inc
8
s
No par 118 Jan 22 134 Feb 27
29
303
8 2912 297
8 2914 294 294 294 294 294 3,300 Air-Way Elea ApplianceNo par 21 Jan 13 32 Jan 30
2
2
2
2
2
218
2 18 4.000 Ajax Rubber,Inc
2
2 18
2 18
14 Jan 2
24 Jan 9
No Par
712 74
712 7 8
3
74 73
7.38 73
738 Feb 27
4
4
74 712 2,600 Alaslca Juneau Gold Min.._10
918 Jan 7
•1312 1413 *1212 14
14
*1212 14
14
•13
14
100 Albany Pert Wrap Pap_No par
814 Jan 21 1512 Feb 17
3118 3238 2913 3112 30 4 3133 314 32
3
304 313 74,200 Allegheny Corp
4
No par 23 Jan 8 3418 Feb 14
10412 10412 *103 10412 10314 10314 104 1044 1034 104
700 Preferred
100 9512 Jan 3 10712 Feb 11
9412 *9312 9412 •9312 9412 934 9314
96
500 Preferred ex-warrants
9614 *93
8914 Jan 27 9614 Feb 24
26514 266
4
289 270
26512 26612 268 2683 266 267
1,900 Allied Chemical it Dye_No Par 2554 Jan 3 282 Feb 1
123 123 *1223 123
*12214 123 •12214 123 *12212 123
4
400 Preferred
100 121 Jan 2 123 Feb 7
5814 5912 17,700 AliLs-Chalmers Mfg new No Par 4914 Jan 3 6214 Feb 6
4
3
5714 583
4 5712 5812 573 583
4 583 5914
•234 3
*234 3
*23
4 3
*2 4 3
3
Amalgamated Leather.No Par
*23
238 Jan 6
4 3
3 Jan 11
8
18
1814 1814 1814 184 184 183 1812 18
184 3,200 Amerada Corp
No par
18 Jan 16 214 Jan 7
513 612
8
612 67
64 7
63
s 612
7
74 1.900 Amer Agricultural Chem_100
638 Feb 25
74 Jan 28
2613 28
2618 2614 27
2712 2712 274 294 1,700 Preferred
27
100 26 Feb 20 323 Jan 27
4
8514 883
85
74
9014 93
8912 914 11.900 Amer Bank Note
8 8812 91
10 77 Jan 2 93 Feb 27
8114 6112 *6118 6112 6112 6112 *614 63
*6118 63
130 Preferred
50 61 Feb 3 663 Jan :31
4
712 *74 012 *74 812
812 *7
7
/ 712 *7
1
4
100 American Beet Sugar...No par
7 Jan 4 12 Jan 16
37
37 •
*35
37 .36
*36
37 .36
36
37
Preferred
100 36 Feb 8 3911 Jan 21
50
3
483 4914 484 40 4 50
527
4
8 51
50
523
4 4.500 Amer Bosch Magneto-No par 404 Jan 17 544 Feb 14
497 5014 *49
8
4
4912 4912 493 5212 51
50
53
2,000 Am Brake Shoe & F____ No par 47 Jan 9 53 Feb 28
12718 12718 •12718 128
*127 128 *1274 128
128 128
20 Preferred
100 11814 Jan 14 128 Feb 13
143
13 4 143
3
8 1414 1512 144 15 8 11,100 Amer Brown Boverl El_ No par
1414 14
4 14
3
83 Jan 16 173 Feb 14
s
8
71
70 •
70
88
65
71
71
723 *714 7212
2
310 Preferred
100 604 Jan 3 7514 Feb 14
1344 138
1333 1367 137 14178 14014 14238 14014 1433 183,700 American Can
4
8
8
25 11714 Jan 2 1463 Feb 14
8
1414 14138 *14118 145 *1414 145 *142 145 *142 145
300 Preferred
100 14014 Jan 27 144 Jan 8
797
79 4 *79
3
80388034 *79
804 79
8 80
400 American Car & Fdy_No pa
7912
7818 Jan 2 8218 Feb 6
*111 112 *111 112
112 112 •111 112 *111 112
200 Preferred
100 110 Jan 27 118 Jan 4
93
.
91
*91
93
93
93
*91
93
100 American Chain pref
100 75 8 Jan 3 93 Feb 19
7
4338 43 8 437 454 444 4512 3,200 American Chicle
4312 44
3
4314 44
8
365 Jan 2 48 Jan 27
No pa
8
27
2714 27
274 274 28
2818 2918 5,800 Am Comm'l AlcoholNo Pa
2712 271
263 Jan 22 33 Jan 16
4
*25
2634 263
263 *263 271
4
2518 2518 *25
273
8
200 Amer Encaustic Tiling_No pa
234 Jan 17 2712 Feb 7
45 8 467
6
4514 463
47 476 *4612 47
8
8 4678 467
2.700 Amer European See'e__No pa
8
35 Jan 8 493 Feb14
Stock
9238 957
s 9214 944 934 9478 923 943 269,900 Amer dr For'n Power_.
9012 943
3
8
.No pa
883 Jan 18 10114 Feb 19
8
*107 1071 *107 1071 10712 108 *10712 108
108 10814
600 Preferred
No pa 107 Jan 3 109 Feb 14
Exchange *
981
9812 99
9818 981
98
98
9814 98
984
900 2d preferred
954 Jan 7 9912 Feb 19
No pa
2512 25 8 25
5
243
223 2312 234 2512 4,500 Am Hawaiian 88 Co
254 24
4
10 197 Jan 2 2812 Feb 15
s
Closed
*418 5
44 41
*44 518 *4
518 *4
43
4
100 American Hide & 144ather_100
53 Feb 15
4
418 Jan 30
31
31
321 •
*30
30
32
33
3112
*30
*30
100 Preferred
100 2718 Feb 7 34 Feb Ii'
Washing- *5712 581
573 573
4
583 583
8
8
8 587 58744 584 6012 3,400 Amer Home Products_No pa
5538 Jan 11 6012 Feb 28
3614 363
3614 363
s 3612 371
3612 374 3612 364 5,100 American Ice
3518 Feb 7 3912 Jan 6
No pa
4434
ton's
85
85
85
85
85
*8512 8712 8514 8514
400 Preferred
100 85 Feb 25 8742 Jan 6
42
8
434 413 427
4214 443
8 4518 4714 464 473 124,800 Amer Internal Corp___No pa
4
353 Jan 20 473 Feb 28
8
4
Birthday
24 2
3
7
*23
4 28
*24 3
7
214 23
4 *24 23
4 2,700 Amer La France & Foamite_10
3 Feb 20
2 Jan 20
40
*35
•35
40
•35
40
35
35
•35
40
60 Preferred
100 30 Jan 9 35 Feb 14
Holiday
s 984 991
99 8 993
3
9912 9912 99 1003
99
4 99
2,400 American Locomotive-No Pa
947 Feb 5 105 Jan 6
8
*1133 114
4
114 114 *114 115 *114 115 *11434 115
100 Preferred
100 11112 Feb 3 115 Feb 18
2501z 2501 250 250
25212 26312 2633 2643 264 26812 3,700 Amer Machine & Fdy-No pa 210 Jan 10 26812 Feb 28
4
4
463 47
4612 463
4
4 45 8 47
3
45
46
453 477
8
8 9,100 Amer Metal Co Ltd-No Pa
44 Jan 21 5118 Feb 7
•11012 117 *111 115 •11134 117 *112 117 *11412 117
100 110 Feb 6 116 Feb 18
Preferred (6%)
72 •72
72
74
*72
74
.72
74
72
90 Amer Nat Gas pref.._ __No pa
72
65 Jan 23 74 Feb 7
f's
3
4
3
12
12 Feb 7
6
8
5
8
5
8
5
8
5
8 5,100 American Plano
1 Jan 4
No par
*512 54 *512 614 *512 614
61
612 61 .
5
10 Preferred
34 Jan 9
612 Feb 24
10
931
9118 931
91
9214 9314 933 96
953 9912 34.600 Am Power & Light__ No pa
4
8
77 Jan 2 9912 Feb 28
1017 1021 102 10214 1023 1023 *1013 1024 10214 1023
8
8
8
4
8 1,300 Preferred
No pa 100 Jan 28 10212 Feb 24
4
813 813 *
8112 813
4
4 813 813
4 8112 8112 *80
81
300 Preferred A
75 Jan 8 8212 Feb 19
No pa
85
7 *
85
85
3
85
4
700 Pref A stamped
4 853 854
.
80 Jan 6 86 Feb 15
No Pa
3412 35
3414 35
3438 3514 344 353
8 344 3514 35,200 Am Bad it Stand San'ry No pa
304 Jan 3 38 Feb 14
134 134 *125 134 •129 1333 *12914 133 *12914 133
4
20 Preferred
100 12614 Jan 7 135 Feb 8
23
24
233 2414 2378 2412 24
8
233 243
4
25
8 7,200 American Republica _No pa
2012 Jan 21 274 Feb 5
92
941
913 934 93
4
954 943 9618 924 95
4
18,800 Amer Rolling Mill
8
25 803 Jan 2 1007 Feb 17
8
(327 64
8
*6314 634 *6312 64
6312 633
8 633 634 2,600 American Safety Razor-No Pa
8
59 Jan 16 64 Feb 24
24
*22
•22
224 2214 23
*20
22
*2014 224
209 Amer Seating v t c
174 Jan 3 2612 Feb 18
No Pa
13
2 14
118
112
112 13
13
4 2
4
112 2
11s Feb 25
6.500 Amer Ship & Comm
No pa
23 Jan 24
8
4.5312 967 .
8312 964 *
8312 967
8 95
9712 9512 98
350 American Shipbuilding--100 83 Jan 24 98 Feb 14
7112 723
8 713 7212 714 7212 71
8
72
7034 734 8,900 Am Smelting & Reflning-10
8
0 597 Jan 22 7812 Feb 6
*13512 1371 *13512 138 *135 4 138
3
13612 1364 *1353 138
4
200 Preferred
100 13312 Feb 6 138 Jan 16
427 42
8
7
423 423
4
43
434 433
4 43
8 43
433
8 1,500 American Snuff
25 4218 Jan 21 437 Jan 27
8
•10314 1101 *10314 1101 *10314 11012 *10314 10512 *10314 10512
8
Preferred
100 1004 Jan 3 1042 Feb 17
2778 4812 4718 48
4738 49
43 4 4912 483 49
3
4
3,500 Amer Steel Foundries_No pa
4412 Jan 2 5114 Feb 11
115 115
115 116 *114 115
113 115 .114 115
250 Preferred
100 11012 Jan 7 116 Feb 25
463 464 464 463
8
8 463 463
3
8 463 464 - 463 464 1,500 American Stores.,
4
4
4612 Jan 2 494 Feb 1
No pa
621s 6218 62
6218 62 6212 6114 82
6178 62
1,600 Amer Sugar Refitting
100 6018 Jan 3 67 Feb 5
*10512 107
107 107 *10512 10712'1053 10712 1053 1053
4
4
500 Preferred
4
100 104 Jan 6 1074 Feb 13
8
2412 243 *2312 2412 24
2438 224 2418 2212 233
4 4,900 Am Sum Tob
1102 Jan 2 263 Feb 10
4
No Da
•22
27
2518 2518 *22
2612 25
25
*2512 26
220 Amer Telegraph & Cable_10
25 Feb 27 2712 Feb 8
23018 2334 229 2321 23012 23412 235 2374 23712 2413 110,600 Amer Telep it Teleg
8
10 218 Jan 2 2408 Feb 28
230 23018 227 227
229 23514 235 2357 234 236
8
3,200 American Tobacco com___5 197 Jan 8 23912 Feb 19
23012 234
230 23312 232 2384 237 2383 23512 238
4
13,100 Common class B
5 197 Jan 8 241 Feb 17
12214 12214 *12112 1221 *12112 12212 1224 12212 *1213 1223
4
300 Preferred
4
10 120 Feb 3 12212 Feb 27
*132 135 *132 135
13412 13412 1343 1344 •134 135
4
200 American Type Founders-10 125 Jan 22 135 Feb 4
1104 11014 *108 11014 *108 109 *10812 109
109 109
- 20 Preferred
100 103 Feb 5 111 Jan 3
10114 104
1031 103 10614 1013 1074 1054 111 109,400 Am Wat Wks it El___No pa
8813 Jan 2 111 Feb 28
10212 1021 *103
103
103 *10318 --- *1034 - -200 lat preferred
9912 Jan 4 103 Feb 8
18
19
1812 191
18
19
173 1814
8
1113 173 12,100 American Woolen
2
4
712 Jan 2 2014 Feb 17
100
4112 423
4 404 4214 413 4212 41
8
42
4012 41
3,500 Preferred
4
100 193 Jan 2 441 Feb 18
gi3 61
512 51
618 64
612 612 *64 67
700 Am Writing Paper ctfs..No par
712 Jan 31
5 Jan 20
3
•
38
423
40
4 40
40
40
41
443
4 41
43
900 Preferred certificate- - --100 2912 Jan 17 443 Feb 27
4
153 157
8
1412 15
8 1412 151
1412 154 15
1512 3.400 Amer Zinc, Lead it 8melt___25
812 Jan 2 174 Feb 3
*72
*72
72
76
77 8 •
74
*72
7
74
77
*74
Preferred
25 543 Jan 6 794 Jan 20
723 74
8
74
72
734 7414 73
4
4
7414 713 753 154,700 Anaconda Copper Mtn new.50 694 Jan 17 80 8 Feb 7
3
*
49
*49
497 497
50
8
50
8 4914 4914 *48
200 Anaconda Wire it Cable No par 40 Jan 22 534 Feb 6
49
404 414 401s 40 2 414 413
3
4112 403 4114 5.000 Anchor Cap
8 41
8
No par 35 Jan 2 484 Jan 27
*105 109 •105 109 *105 109 *105 109 *10.5 109
Preferred
No par 105 Jan 2 Ill Jan 27
*314 33
*311 34
*3114 33
*3114 34 •
314 34
Andes Copper Mining...No par 3014 Feb 2
371s Feb 7
23 8 2414 24 4 243
3
3
243
8 2,400 Archer. Data% Mld'Id.No par 234 Feb 24 274 Jan 9
4 2414 243
4 244 244 24
7612 7612 7612 7612 7612 761 •7612 7712 *7612 771
600 Armour it Co (Del) Pre!-.100 764 Feb 24 813 Jan 3
8
53
58 5 8
3
7
Mg
54 5 4
3
5.000 Armour of Illinois class A...25
54 5
3
84 54
64 Feb 3
514 Jan 18
318 318
3
3
31
318
5,800 Class 13
3
314
318
34
312 Jan 6
24 Jan 20
25
60
60
604 7612 761
60
604 604 6018 601
700 Preferred
100 80 Feb I 64 Jan 9
712 81 . 4 8
1,300 Arnold Constable Corp_No par
712 71
73
74 74
3
73
8
3
73
4
6118 Feb 8
8 8 Jan 27
7
*1714 20 4 *1714 20 4 *174 18
•1714 18
3
3
*1714 18
Artloorn Corp
No par 174 Feb 8 20 Feb 6
4234 434 42
427s 424 4213 42
4,700 Associated Apparel Ind No Dar 3614 Jan 4 434 Feb 28
424 4214 421
31
32
39
323 363
/ 45,200 Assoc Dry Goods
1
4
8
304 314' 3114 327
8 36
No par 28 Jan 4 3955 Feb 24
•3318 36 •
3318 35
40 Associated 011
33
33
33
3212 3212 33
8
25 322 Feb 27 373 Jan 14
6712 701
6612 683
4 6914 713
701 12,200 All G it WI S8 Line_ --NO Dar 6312 Feb 25 804 Jan 30
4 70
714 70
61
81
*61
62 1 62
4,600 Preferred
641
65'4 64
6412 64
100 59 Jan 7 6514 Feb 26
38
39
3
38
3812' 384 4012 383 40
3812 391 25,100 Atlantic }tanning
8
8
25 3614 Jan 17 427 Feb 13
88
881
8512 8712 *89
1,700 Atlas Powder
9014 9014 9014 x8912 901
No par 814 Jan 17 94 Feb 19
103 103 *102 103 *102 103 *102 104 *102 104
140 Preferred
7
100 101 Jan 20 104 8 Jan 18
*74 10
*
718 10
*74 10
*74 10
Atlas Tack
*718 10
7 Feb 10
64 Jan 2
No Far
21514 222
2144 222
21812 22212 221 225
219 2233 10,200 Auburn Automobile
8
No Par 1754 Jan 18 238 Feb 10
3414 Dec 5718 Aug
69 Nov 8858 Jan
43 Dec 15918 Jan
10012 Nov 11218 Oct
20 Nov 34 Nov
84 Nov 96 Jan
19 Nov 354 Jan
7 Oct 1047 May
8
15 Oct 119 May
33 Dec
47 Feb
4
77 Nov 223 8 Oct
3
1818 Dec 487 May
8
1 Dec
1114 Jan
414 Nov
1014 Jan
5 Oct 25 Jan
17 Nov
5612 Sept
90 Nov 11834 July
8018 Sept 92
Oct
197 Nov 3548 Aug
4
11812 Nov 125 Apr
3518 Nov 7512 Sept
2 Nov
1118 Jan
174 Oct 4238 Jan
4
Oct 23 8 Jan
5
18 Nov 73 4 Jan
3
65 Nov 157
Oct
57 July 853 June
4
514 Dec 2018 Jan
3412 Dec 6014 Feb
27 Nov
7612 Sept
4012 Nov 62 Feb
113 Nov 12612 Mar
44 Oct 343
4June
4954 Jan 104 June
86 No
1844 Aug
13318 No
145 Dec
10618 Jan
75 No
11012 Oct 120 Jan
7014 May 0518 Oct
27 No
8151 Sept
20 Oct 55 May
1814 No
473 Feb
4
23 No
9812 Sept
50 Oct 19914 Sept
10118 No
10813 Feb
8614 Oct 10'3 Feb
1712 Dec 42 Apr
312 Dec
10 Jan
2314 No
524 Aug
40 Nov 85 8 Jan
2
29
Oct 5318 Aug
834 De
96 Mar
2912 No
062 Sept
4
212 Oct
87 Jan
8
2712 No
75 Feb
90 No
138 July
11114 Nov 120 DSO
142 Nov 2794 Oct
3112 Nov 8118 Feb
106 Nov 135 Feb
58 Nov 9814 Jan
34 Dec
177 Jan
8
4 Dec 55 Jan
6414 Nov 1754 Rept
9214 Oct 105 Feb
70 May 80 Feb
727 Nov 8418 Feb
8
28
Oct 55 3 Sept
3
125 Nov 139 Sept
1212 Nov 644 Jan
60 Nov 1445a Sept
44 Nov 743 Jan
4
17 Dec 417 Mar
8
Oct
7 Feb
70% Oct 11218 Aug
62 Nov 13014 Sept
12318 Nov 138
Jan
38 fact 49 July
98 Nov 112 Jan
35 4 Oct 794 Y
3
110 June 114 Mar
40
Oct 85 Apr
53 Nov
4
943 Jan
99 Nov 1 l 1
Feb
18 Nov (SO
J/111
17 Jan
8
327 Mar
10314 Jan 31014 Sept
160 Mar 23212 Oct
160
Oct 235 Oct
1143 Nov 1214 Jan
8
115 'Nov 181 Sept
103 Nov 112 Apr
50 Nov 199 Sept
97 Jan 104
Jan
54 Oct 277 Jan
8
1512 Nov
583 Jan
8
4 Nov
1618 tly
28 Nov
48 Ma,
7 Nov
4914 Me
493 Nov 11114 Ms
4
6714 Dec 140 Ms
46 Dec 893 Sell
4
25 Oct 80 Oct
98 Nov 15418 Oct
30 Oct 883 Mar
8
184 Nov
4918 Mar
75 Oct 95 Jan
518 Oct
181s Jan
2 4 Nov
3
1014 Jan
57 Nov 86 Jan
64 Dec 40 8 Jan
7
163 Nov 30 Feb
8
34 Nov 583 June
4
25 Nov 70 4 Jan
3
3412 Dec 4714 Apr
3218 Feb 8612 Oct
4534 Feb 627 Sept
8
30 Oct 77 8 July
7
67 Nov 140 Sept
90 Nov 1064 Jan
5 Nov
174 July
Oct 514 Sept
120
Ion
•Bid and asked prices; no sales on this day. z Ex-dividend. y Et
-rights.
Per
51
83
75
2414
244
21
404
New York Stock Record-Continued-Page 3
1419
For sales during the week of stocks not recorded here, see third page preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday.
Feb. 27.
Feb. 26.
Friday.
Feb. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share $ per share $ per share $ per share g per share g per share Shares Indus. & Miscel. (Cott.) Par $ per share 5 per share $ per share
per share
458 47
453 43
8
43
44 5
4 5
412 44
4,700 Austin. Nichols & Co__No par
4
314 Oct
113 Aug
81s Jan 28
4
4
33 Jan 22
*273 28
4
*29
2912 31
28
*2712 28
32
28
700 Preferred non-voting____100 24 Jan 2 3114 Feb 3
4218 Jan
18 Nov
•5614 58
*5614 58
•5614 58
*564 58
Austrian Credit Anstalt
*5614 58
56 Jan 10 60 Jan 13
4912 Nov 65
Jan
*63
4 672
8
7
9
7 12
818 84 9,300 Autosales Corp
73
8 87
s
412 Jan 20
9 Feb 27
4 Dec 3512 Aug
No Pa*
•1612 181 *1614 1812 1912 22 .20
2512 .20
25
600 Preferred
50 15 Jan 11 22 Feb 26
13 Dec 457 Aug
8
.44
45
*44
*44
*44
43
444
45
45
45
200 Autostr Sat Razor A_ _No par 37 Jan 2 46 Feb 18
34 Nov 50 Jan
3414 351
3418 35
3412 3652 353 364 354 3612 38,300 Baldwin Loco Wks new No par 3012 Jan 2 38 Feb 18
4
15
8
Oct 665 Aug
115 115
115 115
114 11418 114 114
115 115
480 Preferred
100 111 Jan 13 116 Jan 21 10912 Nov 125 Apr
*108 1091 .108 10914 108 108 *10814 10914 *10814 10914
10 Bamberger (L)& Co pret_100 107 Jan 3 11012 Feb 4
9312 Nov 11012 Feb
.174 18
18
,
1918 184 1912 18 8 187s 1,190 Barker Brothers
18
18
No par
1618 Jan 1
20 Jan 23
16 Dec 333 Jan
4
7312 74
•74
75
*74
•74
*744 87
75
87
100 7312 Feb 11 77 Feb 1
180 Preferred
70 Nov 97 Jan
.23
4 41
8 41
*23
4 418 *23
4 44 •278 44 .27
Barnett Leather
212 Dec 294 Jan
No par
24 Feb 18
418 Jan 30
204 214 20 4 21
3
203 224 214 2214 2118 211 12,200 Barnsdall Corp class A
4
25 2012 Feb 1.4 2414 Jan 14
Oct 4O' May
20
*8312 68
•8318 68
*6312 68
*6312 68
*6312 68
Bayuk Cigars. Inc
No par 634 Feb 21 64 Feb 4
55 Nov 1133 Jan
4
9912 991
9918 9918 99
9312 981
99
99
•98
90 First Preferred
Oct 1063 Jan
95
4
100 9712 Jan 28 994 Feb 21
1412 1458 14
1412 1418 143
8 1414 1414 1.100 Beacon 011
1412 •14
13 Feb 1
1212 Dec 324 July
No par
163 Jan 4
8
653 66
4
634 6312 63
64
64
64
64
63
1,300 Beech Nut Packing
20 6012 Jan
45 Nov 101
Jan
7018 Jan 27.
57g *514 57
512 51, *514 57
100 Belding Ilem'way Co__No par
4 •514
2 *514 53
412 Dec
173 Apr
44 Jan
4
64 Jan 17
824 834 .823 83
4
*8212 83
*82.2 83 .8212 83
400 Belgian Nat Rys part pref._- 80 Jan
834 Feb 18
75 Nov 847 Jan
2
3914 41
40
4
4234 42
4214 42
443
4 443 464 129,100 Bendix Aviation
463 Feb 28
25 Nov 1044 July
8
No Par 324 Jan 1
3614 3612 2343 36
385 40
8
4
35
374 3712 39
21,100 Best & Co
25 Nov 12312 Sept
40 Feb 28
No Par 3118 Jan
984 1004 973 994 973 1004 9912 1004 083 10012 67,400 Bethlehem Steel Corp
8
4
4
3
7814 Nov 140 4 Aug
100 92 Jan 2 1034 Feb 18
1264 12612 *12612 127
12718 12714 212612 12612 1,430 Beth Steel Corp Pt(7%)
127 127
100 12214 Jan 13 12714 Feb 27 11658 May 128 Sept
.2412 26
*24
2412 254
25 .24
*2312 26
26
200 Bloomingdale Bros_ _--No Par 23 Jan 4 29 Jan 31
223 Dec 617 Apr
8
4
•103
_ *103
•103
.103
*103
Oct 111
Preferred
Jan
100 101 Feb 6 10212 Feb 10 100
*81
8212 81
.85
83 83
85
85
•83
30 Blumenthal & Co prof
85
7018 Dec 118
Jan
100 74 Feb 7 85 Feb 25
5112 515
8 5118 5112 5112 53
5112 523
524 2,200 Bohn Aluminum &Br__No pa
4 52
37 Nov 1363 May
4
47 8 Jan 22 564 Feb 3
7
71
71
*704 71
•701s 71
•7018 71
100 Bon And class A
*7018 71
Oct 894 Jan
7038 Jan 8 72 Jan 6
70
No pa
*4
414
44 418 *4
412
412 •4
200 Booth Fisheries
418 *4
47s Feb 1
4
3 Dec 113 Jan
3 8 Jan 3
5
No pa
*22
28 .22
27
27 .22
28 .22
•22
1st preferred
28
18 Dec 633 Jan
4
100 2718 Feb 19 3314 Jan 3
63
65
64
643
4 64
694 6753 7012 674 684 64,700 Borden Co
53 Oct 10012 July
25 6018 Jan 8 7012 Feb 27
3812 404 3914 403
41
4 393 404 40
4
4312 20,400 Borg-Warner Corp
404
26 Nov 1434 May
10 324 Jan 2 4312 Feb 28
*33
4 4
•334 414 4314 414
1.513 Feb
*33
37s 4
4 4
500 Botany Cons Mills class A_50
43 Jan 20
22 Dec
8
3 Jan 14
1514 1512 1514 157
153s 153 17,400 Briggs Manufacturing_No pa
4
8
s 1514 1512 153 16
812 Nov 631s Jan
1412 Jan 17 1712 Feb 6
*13
4 218 •134 218 *114 212
100 British Empire Steel
13
4
13
4 •14
112 Dec
64 Jan
21s Jan 25
100
15s Jan 30
.45
8 47
8 .452 478
412 412
200 2d preferred
44 44 *44 43
4
1312 Jan
47 Feb 6
34 Nov
8
413 Jan 8
100
1518 151
144 147
154
8 1514 1514 1514 1514 •15
900 Brockway Mot Tr
14 Nov 73 8 Jan
7
No pa
13 Jan 3 1614 Jan 3
.70
75
*70
75
75
.70
70
*70
30 Preferred 7%
75
70
7114 Dec 145
Jan
100 68 Jan 11 75 Jan 24
170 17514 1713 1733 170 173
4
8
,
4
17014 173 8 171 1753 28,200 Bklyn Union Gas
99 Nov 24812 Aug
No Pa 131 Jan 6 1764 Feb 20
*40
41
*4012 404 *4012 41
*104 41
•40
Brown Shoe Co
4012
Oct 5112 Sept
30
No pa
40 Jan 30 42 Feb 18
1314 133
4 1314 13
4
5s 134 1512 1512 214 204 243 66.300 Bruns-Balke-Collender_No pa
4
1614 Nov 5514 Jan
1318 Jan 15 213 Feb 28
z2514 2512 2512 254 253 2512 253 263
4 264 2714 6,200 Bucyrus-Erie Co
s
4
14
Oct 423 Jan
10 2218 Jan 24 2714 Feb 28
4
2353 367
4
3534 363 384 37 4 373
36
365 *3614
8
4
,
4 2,400 Preferred
2612 Oct 60 Feb
10 3318 Jan 7 3.44 Feb 27
*no 1113 .110 1113 *no 1113 *no 1113 .110 111
4
4
Preferred (7)
4
100 1073 Jan 3 112 Jan 14 1073 Dec 117 Apr
4514 5132 454 491
28,000 Bullard Co
47
484 50
487
8 4712 48
25 Nov 544 July
8
No par 297 Jan 16 515 Feb 24
8
10414 105 *101 108 .106 108 .10514 106
106 106
900 Burns Bros new el AcomNo par 9912 Jan 13 10512 Feb 18
88 Nov 127 Jan
*2312 2412 .23
241
New class B com____No par 2212 Feb 15
2412 .23
2412 .23
2412 .23
26 Jan 15
8
225 June 39 Jan
•92 1023 *9412 10012 *9412 1023 .9412 1023 •9412 1023
4
4
Preferred
4
.
100 93 Feb 7 1(10 Feb 19
88 Nov 10514 Jan
457 473a 454 4612 4618 484 4712 4814 4818 5018 29,900 Burroughs Add Mach_ _No par 4314 Jan 7 504 Jan 30
8
29
3
Oct 329 4 May
4278 44
424 44
461 17,900 Bush Terminal
4 447 458
434 453
8
4 45
No par 36 Jan 4 4014 Feb 28
3114 Nov 894 Feb
10514 10514 1054 1054 105 10614 *105 10518 •10.5 1051
110 Debenture
100 10014 Jan 2 108 Jan 23
914 Nov 11012 Mar
111 111
11114 11114 1113 1113 114 116 *11412 116
110 Bush Term Bldgs pref
2
2
4
100 1094 Feb 10 116 Feb 27 1053 Nov 11812 Feb
Stock
44 5
5
5
5
2,500 Butte & Superior Mining...._10
5
47
8 5
5
5
412 Jan 7
514 Jan 6
4 8 Dec
3
123 Jan
8
4
418
4
41
3,000 Butte Copper & Zinc
4
44 44
418
4
44
r
3 Jan 24
44 Feb 20
2 Oct
912 Jan
Exchange
2812 293
2 27
2814 2812 283
8 28
283
4 6.800 Butterick Co
287
s 27
160 1612 Jan 17 294 Feb 24
1712 Dec 41
Jan
8514 8514 315 84
8412 8512 6.500 Byers & Co(A NI)
8
3
8312 85 4 844 86
5(1 Nov 19278 Jan
No par 8318 Feb 4 955 Jan 10
8
Closed
•109 111 .109 111 •11014 111
1107 1107 •11012 111
10 Preferred
8
8
100 109 Jan 27 114 Jan 25 105 Apr 12114 Jan
By-products Coke
No par 2514 Jan 4 2614 Jan 2
20
Oct 4718 Oct
Washing27414 7539 _ 4T2 747, 74
WI; -ilia77 753 7613 .
13:2E115 California Packing___ _No par 664 Jan 3 77 Feb 26 634 Oct 844 Aug
28
28
•28
295 •28
8
294 .28
20 California Petroleum
294
294 *23
25 28 Jan 22 28 Jan 22
25 June 3412 Aug
112
ton's
112
112 1.900 Callahan Zinc
112 •114
it4
112 112
14
11
-Lead
10
1 Jan 2
218 Feb 3
1
Oct
4
Jan
7512 7712 76
7733 7618 773
7812 8.200 Calumet dr Arizona Mlning_20 747 Feb 19 894 Jan 9
4 7612 7712 75
8
734 Nov 1363 Aug
4
Birthday
2912 30
29 4 30
3
294 7.100 Calumet & Recta
294 3012 229
295 30
8
25 29 Jan 23 334 Jan 7
25 Oct 614 Mar
7114 724 7012 7214 71
724 724 7312 26,200 Canada Dry Ginger Ale No par 633 Jan 3 733 Feb 18
72
73
45 Oct. 953 July
4
4
4
Holiday
3112 314 317 314 314 32
8 1.600 Cannon Mills
3118 317
9
3114 32
No par 27 Jan 7 3212 Feb 3
27 Dec 431 Sept
4
223 230
2343 23912 23,600 Case Thresh Machine etts_100 1924 Jan 2 2497 Jan 29 130 Nov 467 Sept
21614 22514 223 22812 23014 235
4
8
•122 125 *122 125 .122 125 •I22 125 *122 125
Preferred certlficates____100 115 Jan 16 122 Feb S 113 Nov 12312 Dee
10
10
.912 978 10
1014 1014
1012
10
10
800 avannagh-Dobbs Inc_No par
812 Jan 2 137 Jan 11
614 Dec 4218 Feb
8
*74
7412 *74
741_ 7412 7412 74
7412 *74
7412
30 Preferred
100 62 Jan 2 75 Jan 18
54 Dec 10,512 Mar
5018 512
61
63
8 504 52
5218 5012 514 32,000 Celotex Corp
51
No par 3512 Jan 2 5714 Feb 18
Oct 7938 Feb
31
*78
82
7712 7712 75
82
80
78
1,100 Preferred
77
77
100 71 Jan 22 84 Feb 17
72 Dec 9312 Feb
•24
2434 .24
4
600 Central Aguirre Asso__No par 2312 Feb 19 2714 Jan 16
243 .234 243 .234 243
4
4
21
Oct 443 Jan
2434 24
4
324 327
9 3212 3224 324 3312 33
3312 3212 33
6,600 Central Alloy Steel____No par 303 Jan 2 3134 Jan 27
261 Nov 594 Oct
,
4
10734 1073 108 10934 108 108
4
10818 10818 108 108
130 Preferred
100 10514 Feb 7 110 Jan 3 1053 Apr 11212 Jan
4
412 412
414 414
300 Century Ribbon 51111s_No par
412 412 *414 412 *414 41
33 Feb 4
5 Jan 23
3 Oct 204 Jan
4
.51
5812 *51
543
54
51
57
.51
543
30 Preferred
4 51
100 51 Feb 27 60 Jan 11
5014 Dec 82 Jan
804 6114 603 61
4
61
62
61
61
61 14 61
4,300 :erro de Pasco Copper_No par 5939 Jan 17 6.539 Jan 6
5214 Nov 129 Mar
1312 1312 1312 1334
1314 3339 1312 134 134 134 3,200 Certain-Teed Products_No par
11 Jan 15 154 Feb 6
104 Dec 32 July
.40
591.2 *40
5912 .40
5912
5912 .40
5018 .40
100
4512 Dec 8112 Jan
0 preferred
4418 45
44
44
4412 4412 444 4414 4414 4414
900 City Ice & Fuel
No Par 4018 Jan 3 49 Feb 4
3912 Dec 623 Jen
4
.911
98 .96
96
98
96
98
98
*96
98
60 Preferred
100 96 Jan 15 983 Feb 11
96 Sept10514 Jan
4
Corte Corp
No par
563 Mar 9214 Jan
4
71 74 7134 -7233 -7134
T, 74 7384 74's -8,100 Chesapeake Corp
No par 6312 Jan 3 76 Feb 8
4218 Nov 112 July
28
2813 28
28
2814 29
28
28
273 28
4
1,400 Chicago Pneumat Tool_No par 2212 Jan 20 327 Feb 5
8
214 Oct4712 Sept
*5312 5114 *5312 5414 5312 5312 .52
5414 •
534 5414
200 Preferred
No par 5112 Jan 3 5412 Feb 19
47 Nov 61 Sept
.27
273 .263 2719 2712 2712 .263 274 2712 2712
8
4
4
100 Chicago Yellow Cab
No par
153 Feb 1 283 Jan 4
4
4
217 Oct36 Jan
8
*2614 27
*2614 27
27
27
*25
.26
27
27
100 Chickasha Cotton 011
10 25 Jan 4 2814 Feb 5
25 Dec 50
Jan
604 61
*6014 6214 *6114 62
614 64
634 6512 5,000 Childs Co
No par 5739 Jan 8 0733 Feb 5
4412 Nov
757 Sept
2
.564 65 .561s 65
.5012 65
•5618 65 .564 65
'25 65 Feb 6 65 Feb 6
Chile Copper
53 Nov 12712 Mar
3714 314
3714 38
,
3812 39 s 3814 39 112,100 Chrysler Corp
374 39
No Pa
334 Jan IS 413 Feb 6
26 Nov 135 Jan
4
.3718 40
*374 40
40 .35
40
•371/4 40 .38
City Stores class A___.No pa
3718 Feb 20 38 Jan 16
38
Oct 52
Jan
812 84
812 84
84 84 4,300 New
par
312 84
8
4 ,9111
,
Vs Jan 30 1014 Jan 2
714 Oct 27 Feb
37
37
3718 37'2 38
*3612 3
712
00, 53712 38
4
600 Cluett Peabody dr Co N
Noo
3)) Feb 1 41 Jan 14
3412 Dec 723 Jae
4
.99 100
*9712 99
•9712 100
•9712 100
*9712 100
Preferred
100 9114 Jan 2 100 Feb 13
904 Dec 119
Jan
,14478 1494 147 14372 149 1494 149 150
149 1494 5,600 Coca Cola Co
.. opa 1334 Jan 8 15239 Feb 18 101 Nov 15412 Aug
V par
*1 494 494 1912 4939 *494 494 4912 493
.
4912 4914 1,300 Class A
No
4812 Jan 8 50 Jan 20
4434 Oct 50 Feb
29
30
29
3114 31ss 4.800 Collins & Alkman
30
313
30
295 31
8
No pa
144 Jan 2 353 Feb 13
10 Nov 7214 Mar
4
.81
88
.81
88
88
88 .81
88 .81
*81
Preferred non-voting____100 73 Jan 3 8418 Feb 4
65 Dee 10312 Feb
51
524 503 5333 534 533
8
54
5214 524 4,700 Colorado Fuel & Iron
8 53
100 3012 Jan 2 57 Feb 14
7812 Mar
2734 Nov
179ss 182
1753 1511 18134 18414 18312 1861 184 1904 32.200 Columbian Carbon v t cNo pa 16818 Jan 18 19514
4
Feb 3 105 Nov 344
Oct
5913 9114 5514 597
9112 923 145,300 Colum Gas & Elec
894 914 9114 931
4
No pa
7012 Jun 2 937 Feb 18
8
52 Nov 140 Sept
10412 10412 105 1051 1054 1054 .10518 106
10514 10514
800 Preferred
100 10114 Jan 31 107 Jan 3
9912 Nov 109 July
2814 293
8 2712 284 28
291
294 29 8 107,380 Colutnbla Graphophone
,
2914 2853
243 Jan 17 3134 Jan 6
8
164 Nov 883 Jan
4
5
35 4 373
4 354 367
3412 353 43,900 Commercial Credit____No par 233 Jan 2 373 Feb 24,
363
3512 383
4
4 35
8
4
18 Nov 624 Jan
.2414 25
.2414 243 *2414 243 *2414 243 •2414 243
4
Preferred
25 2214 Jan 25 25 Feb 20
20 Nov 263 June
1
25
25
243 25
4
25
•24 52522 Jan 6 25 Feb 24
•24
2
25
25
120 Preferred B
20 2 Nov
3
28 June
88
88
•89
883 .
87
90
8812 90
190 15t preferred (131-i%)____100 7614 Jan 18 110 Feb 21
8814 89
Oct 1053 Jan
70
4
4912 514 484 501
49
494 17.100 Corn Invest Trust new_No par 3618 Jan 20 513 Feb 21
494 484 501
49
4
284 Nov
79
Oct
.10014 104 •1003 104 *10034 104
4
10014 100 •10012 104
,
20 7% preferred
100 99 Jan 4 1003 Feb 27
4
96 Nov 109 Feb
*93
98
923 93 .9212 931 •93
4
9418
941 •93
4
300 Preferred (6 14%)
100 89 Jan 3 93 Feb 21
87 Nov 99
Jan
2014 21
.1812 20
20
393 1934 1912 197 •19
4
1,100 Warrants
100 11 Jan 3 21 Feb 24
9 Dec 6912 Sept
303 314 3014 314 305s 314 3l's 324 3114 314 113.000 Comm Solvents new___No
8
par 2714 Jan 22 323 Feb 5
4
2018 Oct63 Oct
164 17
171 ,
7
1718 44,2 441 147,400 Commonwealth&SolfrnN0 Par
1614 163
4 1612 17
17
1234 Jan 2 1814 Feb 0
10 *4r1 243 Oct
4
454 4512 45
45
45
45
45
45
700 Conde Nast Publica__.No par 44 12 Feb 28 493 Jan 8
4
35 Nov 93 JaNi
163 17
4
4
1612 1718 1673 1734 17
1712 163 1714 13,300 Congoleum-Nairn Inc__No par
1312 Ja... 2 183 Feb 5
4
11
Oct 35 4 Jan
3
*514 523
4 5112 5112 5112 523
53
5212 5314
1,100 Congress Cigar
4 53
No par 45 Jan 14 55 Feb 10
43 Nov 925 Fer
.12
2,
8
t2
12
.12
*12
200 Comley Tin Foil stpel.._No par
39
13
12
39
3, Jan 16
14 Nov
12 Feb 1
112 Fel
*52
5212 *514 5212 52
53
524 527
5318 .52
8 1,100 Consolidated Cigar_
No par 44 Jan 2 55 Feb 3
40
Oct 9614 Jan
73
73
*73
74
74
*7312 74
7214 721
73
90 Prior preferred
4100 67 Jan 22 7412 Feb 4
63 Nov 96 Jan
2314 2314 2314 2314 2318 233
8 23
2312 •2318 2312
900 Consol Film Ind pret_No par
18 Jan 3 25 Jan 24
1518 Oct 30 4 Apr
3
1193 1213 11712 120
8
4
11758 11914 11814 12012 11812 12012 306.900 Consolidated Gas(N Y)No par 965 Jan 2 1213 Feb 24
8
4
8018 Nov 1834 Sept
10012 1004 1003 10012 101 101
8
10012 101
101 101
2,300 Preferred_
No par 994 Jan 28 101 Feb 26
9212 Nov 1061 2 Dec
112
112
15
8
15s
Pe
1 12 1,600 Consolidated Textile
112
Ds
112 .112
No par
1 Jan 2
2 Jan 27
Dee
Jon
21
2212 2014 204 2012 2114 2012 214 20
207 39.900 Container Corp A vot No par
8
12 Jan 2 2212 Feb 24
12 Ma
% May 2311 Jan
6
84 812
712 814
712 712 8.000 Class B voting
7 2 772
3
No par
714
74
414 Jan 2
412 Feb 20
34 Nov
1112 Jan
454 4714 424 4612 43, 45 4 435 457
8
8 434 4412 32,700 Continental Baking el ANo par 39 Jan 20 52'2 Feb 17
3
5
254 Oct
July
6
614
52
4 612
57
5 64
54 6
54 64
16,500 Class B
No par
7 Feb 17
539 Jan 13
45 Oct 9514July
8
tyl
. 8 91
907
10
884 904 8912 904 90
904 8933 9018 6,900 Preferred
100 38 Jan 17 9472 Feb 17
7912 Nov 100 June
614 6339 6134 63t2 64
8 653 663 56,200 Continental Can Inc__No par 504 Jan 2 664 Feb 27
654 6514 665
8
s
4012 Oct 92 Sept
6614 67
66
67
68
6712 674 674 68
69
3,100 Dontinental Ins
10 59 Jan 4 7112 Feb 10
4618 Nov 11014 Sept
714 758
714 74
74 74 10,600 Dontinenta M otors_ _ No par
74 74
7
74
539 Jan 3
814 Feb 19
61s Dec 283 Jan
8
• 131d and asked prices; no sales on this dAy. s ax-dividend.
p Es-dividend and ex mots. a Ex-dividend
a Ex-rights.
New York Stock Record-Continued-Page 4
1420
For sales during the week of stocks not recorded here, see fourth page preceding.
-PER SHARE, NOT PER CENT.
II HIGHLAND LOW SALE PRICES
, Saturday.
Feb. 22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday.
Feb. 26. I Feb. 27.
Friday.
Feb. 28.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, 1.
On basis of 100-share lots
Highest.
Lowest.
Il per share 1 $ per share $ per share Shares Indus. & Miscel.(Con.) Par $ per share
9613 9412 9614 12,400 Corn Products Reit/ling.-25 8712 Jan 3
92
9512 95
100 140 Feb 10
200 Preferred
142 142
14112 14112 141% 142
No par 2414 Jan 2
2814 28% 14,000 Cot)' Inc
2812 288 29
284
9 Jun 22
100
18
2214 5,200 Crex Carpet
16
15
*1412 15
19% 6,100 Crosley Radio Corp__No par 1014 Jan 17
17
178 178 178 18
4 4913 494 1,100 Crown Cork Br Beal__ __No par 43 Jan 2
4812 498 495 493
100 Crown Will Pap 1st pf_No par 93 Feb 21
95
*93
93
93
95 95
No par 17 Jan 8
1712 1814 1712 173 *1714 1814 2,300 Crown Zellerbach
1,400 Crucible Steel of America_100 86 Feb 25
87
87
8614 88
8614 88
4
100 1093 Feb 7
280 Preferred
113 11414 1114 11312 *112 114
9 Jan 2
2,200 Cuba Co
No par
14
14
133 14
4
133 14
4
34 Jan 2
2,400 Cuba Cane Sugar
No par
1
1
113
1
14 112
2 Jan 7
100
34 31.2 2,900 Preferred
318 34 *312 312
812 84 1,900 Cuban-American Sugar____10 718 Jan 2
8
8
812
8
100 5812 Jan 3
110 Preferred
*5712 62
*5712 62
*5612 65
112 Jan 2
800 Cuban Dom'can Bug...No par
112 112
12 112 *132 112
50 45 Jan 28
4512 1,000 Cudahy Packing
45
45
4518 454 45
Curtiss Aer & Mot Co_No par
200 Curtis Publishing Co___No par 113 Jan 27
*122 12212 122 122 *1214 12112 121 121 *12014 12012
2
No par 1147 Jan 29
200 Preferred
*11612 1163 *11614 11814 11653 11638 11634 11634 *11634_
4
612 Jan 31
No par
14
1012 1034 1014 1071 1032 1052 1012 1034 104 11 64,500 Curtiss-Wright
100 1332 Feb 1
16,200 C111119 A
4
1612 1634 163 18
4
1614 167
2 1614 1678 1614 163
773
2 4,100 Cutler-Hammer Mfg___No par 64 Jan 25
8 76
7538 777
73
75
72
73 73 *71
No par 101 Jan 9
Cuyamel Fruit
*88 105
*88 105 *88 105
*86 105
*85 105
No par 2838 Jan 2
8 3712 3852 3738 3938 22,500 Davison Chemical
364 3814 374 383
3712 39
53 23 Jan 3
Debenham Securities
4
*21
2532 *203 253
2
27
*21
27
*21
*243 27
4
100 117 Jan 4
110 Deere & Co pref
12314 12314 *12314 125 *12314 125
125 125
*12314 125
2
100 1953 Jan 3
500 Detroit Edison
240 243 *235 240 240 24014 *235 240 *235 240
2
/
1
4 4038 40% 40% 4214 7,000 Devoe & Reynolds A_-No par 307 Jan 24
4212 4018 4112 404 413
40
100 10634 Jan 14
20 1st preferred
*10718 11012 *10712 11012 *10734 11012 1104 11012 *11012 111
100 139 Jan 13
3,550 Diamond Match
4
16514 1693 163 166
4
1563 170
155 156
155 156
63 Jan 3
4
No par
700 Dome Mines, Ltd
*738 77
74 73
4
712 7,2 *712 734 *738 73
No par 2014 Jan 2
900 Dominion Stores
2112 2112 214 2112
2112 2118 2118 2118 *2114 22
No par 76 Jan 2
5.000 Drug Inc
7914 793
4 7912 80
7912 79 80
79
79 81
300 Dunhill International_No par 33 Feb 19
*32
34
34
357 •32
34
34
34
33
*32
4
4 3100 1003 *10018 10012 10012 101 *10012 10112 1,300 Duquesne Light 1st pref__100 100 Jan 7
*100 1003 '
Durham Hosiery Mills B__50
8
20214 20712 20214 21334 21234 21834 21812 2218 x216 21934 64,100 Eastman Kodak Co---No par 175 Jan 9
100 120% Feb 14
30 Preferred
12312 12312
125 125 *12234 12472 *12234 12478 125 125
35
3532 3412 35
7
4,500 Eaton Axle & Spring--No par 27 2 Jan 2
36
35
3512 3512 3538 35
20 11218 Jan 11
12418 1274 38,300 El du Pont de Nem
12214 12514 12134 12414 12334 12514 x12518 128
100 11412 Feb 4
2,500 6% non-vot deb
s
116 11612 11613 1163 11614 11832 *11638 117
11513 116
738 Jan 24
No par
Eitingon Schild
11.812 912 *812 912 *832 912 *815 914 *812 914
100 41 Jan 7
200 Preferred 6%4%
56
56
54
54
57
*54
57
*54
57 *54
No par 81 Jan 7
s
9814 9918 10214 10012 1027 18,200 Electric Autollte
9612 98 2 97
7
973 99
4
100 1064 Jan 6
20 Preferred
4
10712 1071 10712 lova *10712 1084 *10712 1083 *10712 108%
412 Jan 4
No par
6
612 4,200 Electric Boat
*534 6
6
6
6
6
814
6
6712 135,700 Electric Power & Lt___No par 4914 Jan 2
6634 6534 6734 66
6038 6214 6032 6514 65
No par 10812 Jan 3
800 Preferred
10912
10914 1091 *10912 10912 10912 10912 10914 10914 10912
12614 Jan 9
20 Certificates 50% paid
•140
-*136 1411 •136 14112 14112 14112
7632 2,600 Elec Storage Battery__No par 6934 Jan 2
76
767
8
754 7512 *140---- 75% 75
75
7412 751
..,
4 Jan 30
400 Elk Horn Coal Corp-_No par
432
432 *4
*4
4
4
*4
5
*4
5
35 Jan 6
*412 53
5
200 Emerson-Brant class A_No par
5
534
*412 64 *5
4
5
5
;Stock
1,200 Endicott-Johnson Corp---50 524 Jan 9
57
*56
57
54
5412 55 56 *56
*5512 57
lbs.
100 10712 Jan 7
Preferred
,
Exchange *11112 112 *11112 11212 *11112 11212 *11112 11212 *11112 1124
2
5214 53% 534 5412 542 557 2527 5532 31,600 Engineers Public Serv_No par 394 Jan 2
524 54
P•
No par 9458 Jan 8
1,400 Preferred S5
984 9918 29772 98
3
*97
9738 9712 98 4 98 98
Closed
437
43 4312 1,200 Equitable Office Bldg- _No par 3934 Jan 3
427 43
2
'
1
4314 431 *43 4334 '43
! a,
413 22,100 Eureka Vacuum Clean_No par 35 Jan 27
37
39% 40
*35
s
36
35'a
3812 361 *35
, Washing5 1812 Jan 20
6,200 Evans Auto Loading
288 2914 2714 29
2512 29
27
27
2514 27
1
80 Exchange Buffet Corp_No par 22 Jan 2
2518 2512 2512 2614 264
2512 25
*2512 263
2 25
ton's
3
No par 3412 Jan 6
1,200 Fairbanks Morse
35
37
36
2
3612 384 367 *35
*35
3812 *35
t,,..
100 102 Jan 7
100 Preferred
Birthday *10712 10914 *10712 10914 *10712 10914 *10712 10914 10712 10712
6,000 Fashion Park Assoe__No par 20 Jan 8
2512 274 2618 27
4
24'z 243 25
.23
2412 24
.
42,2
2
100 61 Jan 21
90
Preferred
90 *61
90 *61
90 *61
*61
90
*61
Holiday
15 5938 Feb 6
7233 1,000 Federal Light & Tree
7114 71
71
71
714 *65
*60 7112 .65
No par 91 Jan 13
30 Preferred
93
*92
93
93
93
•92
94 94
94
•92
Federal Mining Bs Smelt'g-100
*150 185 *150 185 *150 185 *150 185 *150 185
100 98 Jan 16
500 Preferred
100 100
9912 9912 9912 994 9912 •9912 100
*98
714 Jan 17
3,000 Federal Motor Truck--No par
12
311
12 '
10,2 1014 1214 12
104 1014 *10
1,000 Fidel Phen Fire Ins N Y___10 654 Jan 2
7878 79
79
79
2
78 *783 79
78
80 80
7 Feb 11
No par
878
50 Fifth Ave Bus
87
2 *8
38
8% '
87
8 *8
8
87
2
*8
No par 3414 Feb 5
37
Filene's Sons
*33
37
38 *33 37 *33
*34
38 *34
100 93 Jan 16
10 Preferred
97
*96
98
96
97
*96
*96
97
97
*96
8,400 First National Stores-No par 5035 Jan 2
563
4 5512 5614 5514 56
5612 55 584 55
55
3 Jan 2
No par
334 378 5.500 Fisk Rubber
338 37
2
334 33
3 4 334
3
334 3 8
7
100 13 Jan 2
1st preferred
*1612 17
1614 17
17
17
17
17
174 18
/
1
600 Florshelm Shoe class A_No par 4212 Jan 4
45
45
46
*45
45 45
*4414 45
45 45
100 97 Jan 16
100 Preferred 6 :,
*98 100
9812 9812 9812 •98 100
9812 *98
*98
No par 37 Jan 2
8
4012 407 *3932 4912 1,000 Follansbee Bro
40
39 4014 40 404 40
No par 1518 Jan 6
1,500 Foundation Co
4
1714 163 17
1714 17
164 1612 17
*1614 17
Ne par 1612 Jan 3
334 3434 203,200 Fox Film class A
3314 3412 3312 357
s
315 333
3114 33
No par 3818 Feb 25
3914 4012 4012 4118 11,800 Freeport Texas Co
40 4014 384 3934 3914 40
No par 85 Feb 14
80 Fuller Co prior pref
947 95
8
95
93
95 95
93 95
*93 95
55 Jan 2
8
No par
3
812 84 1,500 Gabriel Snubber A
73
818
*8
714 73
7
74
3
81/4
58
312 Jan 16
51
5
3,900 Gardner Motor
6
6
534 6
5,
2 6
5 4 618
3
10318 10434 104 10512 1034 1052s 14,700 Gen Amer Tank Car__No par 9918 Jan 2
10235 10535 10232 104
100 491s Jan 7
541s 3,800 General Asphalt
564 543 5532 254
/ 54
1
4
523 53
4
53 53
100
Preferred
No par 2512 Jan 7
2,000 General Bronze
33
32
33
33
3212 33 *33 34
3212 33
No par 26 Jan 7
293 304 1,800 General Cable
4
8
304 303 *2935 3014 2934 2934 293 297
No par 853s Jan 4
1,600 Class A
4
693 70
8
697 70
70
7012 7012 7012 7012 70
100 1044 Jan 17
200 Preferred
8
i
s
'
310613 1077 *10618 1077 *10618 107% 1083 1063 *1063 1077
s
No par 51 Jan 2
700 General Cigar Inc
*5712 58
5712 5712 5712 58
57 57
68 58
No par It 6438 Jan 29
763 387,200 General Electric
4
753* 74
/
1
3
727
8 70 4 7238 7212 754 74
71
10 113a Jan 2
4 4.400 Special
113 1112 1112 1112 1112 1135 1112 1112 1112 113
a
-No par 8412 Jan 20
733 10.000 General Gas & Eleo A.
70 7112 7114 7312 271
3
704 67 4 70
68
No par 90 Feb 25
170 Class B
__
__ *90
*90 93 *90
'91-- 90 91
No par 117 Feb 25
30 Preferred A (8)
117 11814 *117 11912 *1164 11912 *11612 11912
118 ifs
10 Preferred A (7%) No par 104 Feb 19
105 105 *105 108
*105 108 *105 108 *105 108
No par
Preferred B
No par 50 Jan 2
2,600 General Mills
51
51
8
5012 5072 503 51
50 8 51
3
51
51
100 9014 Jan 17
1,300 Preferred
92
390
92 '
92
95
95 *92
392
9218 9312 '
10 3712 Jan 16
4232 4338 134,200 General Motors Corp
4253 427 44
4112 4232 413* 4212 42
100 11712 Jan 24
900 7% preferred
4
12235 12238 12212 1221. 12235 12212 12214 1223 12212 12212
1,000 Gen Outdoor Adv A___No par 35 Jan 6
3632 37
*3613 387
s 3612 3612 *3632 37
*3612 38%
700 Trust certificates --No par 16 Jan 6
16
16
16
16
16
1612 164 16
2
*163 17
No par 8618 Jan 7
934 4,500 Gen Ry Signal
944 93
4 93
91 2 9112 933
,
4 91
9112 913
1,600 General Refractories
73
No par 67 Jan 2
73
72
7212 72
72
713 72
4
713, 72
954 983
4 955 97 s 98 9914 9635 9812 9513 9714 128,800 Gillette Safety Razor_No par 8714 Feb 14
7
No par 1112 Jan 20
4
2
3
1312 1312 1314 13 4 127 1312 11% 123 13,500 Gimbel Bros
1312 1312
r
683 683
8
100 687 Jan 30
300 Preferred
4
*67 6812 *67 6812' 6812 6813 684 6812
No par 31 Jan 18
4,400 Glidden Co
3514 345 3514 347 35
34
334 34
333 34
100 984 Jan 10
70 Prior preferred
102 102 102 *101 102 102 102 *102 103
102
No par 13 Jan 16
4 1514 15% 1,900 Gebel(Adolf)
1538 1532 154 '1534 158a 153
15% 16
31,800 Gold Dust Corp v t e...No par 3714 Jan 2
8
7
/
1
4112 42'I 4132 4238 414 43 5 425 4338 423 43
No par 4014 Jan 17
4812 4712 4214 8,100 Goodrich Co (13 F)
4812 47
48
474
464 4712 46
/
1
Preferred
100 9533 Jan 7
*997 100
*9935 100
4
*9952 100 '' *993 100 *997 100
8234 19,200 Goodyear T & Rub____No par 62 Jan 2
81
827
2 81
80 82
79 80
8
793 8214
500 1st preferred
No par 90 Jan 3
*9712 99
100
9912
100 100
9935 99% *9912 100
2534 264 3,000 Gotham Sil Hos new__No par 2113 Jan IS
7
2514 254 244 2514 24 8 2514 2512 26
100 70 Jan 10
70 Preferred new
75
*72
72
72
76
*70
76
7512 7512 *70
Preferred ex-warrants-100 85 Jan 10
75
*72
76
75 *72
75 *72
*72 75 *72
74 Jan 2
No par
1012 1,000 Gould Coupler A
103 *10
4
1012 *10
93 10
93
4 93
4 10
918 Jan 16
97 10
3.000 Graham-Paige Motors_No par
97 10
932 97
10
10
1038 10
838 Jan 10
No par
200 Certificates
914 914
912 912
*912 10
*912 1012 *912 10
2 4,100 Granby Cons M Bm & Pr 100 51 Jan 18
564 5612 5614 5612 5613 5612 5614 5612 5614 577
Grand Stores
100 334 Feb 8
4
4434 *____ 4434 •____ 443 *-- - - 441
*_-_ 4434 *__
No par 1335 Jan 18
8
1832 19
1818 1818 1872 1873 1858 18% 187 1918 1,500 Grand Union Co
No par 37 Jan 2
394 3912 1,200 Preferred
39 *3918 3912
3912 3912 39
3938 39
100 Granite City Steel
No par 37 Jan 3
40
40 *39
40 *39
39 *39
39
*39
40
kper share
$ per share $ per share
t 9214 94
9152 93
*14112 14212 *14112 14212
2812
284 285
28
*14
1418 1412 1412
17
1718 1713 17
495 4934 4712 4713
*93
95
95
*93
2
18
1818 *173 18
8612
*8612 8712 86
114 114 *113 114
14
14
1413 15
118
1
72 14
3
3 12
3
3
8
8
8
8
6512 6512 *5712 65
*112 13
4
134 13
4512 454
45 45
•Bid and asked prices; no sales on this day. x Ex-dividend. b Ex-dividend ex-rights.
b 3 additional shares for each
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
$ per share $ per share 5 per Share
993 Feb 5
70 Nov 12632 Oct
14212 Jan 2 137 Nov 14434 Jan
18 Dec 8214 Jan
33 Feb 3
15 Dec 575 Apr
2214 Feb 28
15 Dec 125 Feb
22 Jan 2
3712 Nov 79 Aug
5372 Jan 25
90 Nov 10114 Jan
95 Jan 16
4
17 Oct 253 Jan
1812 Feb 19
4
71 Nov 1213 Ault
9212 Jan 14
11412 Feb 17 103 Nov 11634 Feb
16 Feb 18
5 Nov 2412 Jan
512 Jan
% Aug
Us Feb 5
38 Jan 16
152 Dec 18% Jan
678 Dec 17 Jan
9 Feb 4
56 Dec 95 Jan
6538 Feb 11
634 Jan
1 Nov
218 Jan 2
36 Nov 6772 Jan
48 Jan 2
50 Dec 17312 Feb
122 Feb 15 100 Nov 132 Oct
1163 Feb 27 112% Nov 121%May
4
113 Feb 18
65 Dec 3018 Aug
134 Dec 377 Aug
1812 Feb 19
7775 Feb 17 --- -_---- ---101 Jan 9
63 Jan 12612 Oct
.
40 Feb 21
2114 Oct 6912 Jan
27 Jan 20
20 Dec 4672 Jan
12712 F . 13 109 Nov 128 Jan
Aug
25012 ,A) 7 151 Nov 385
.4 Nov 6472 Feb
4212 Feb 24
Dec 11512 Jan
11012 Feb 8 19
170 Feb 26 117 • ov 16412 Jan
83 Jan 27
1114 Aug
6 Nov
8
12 Oct 5414 July
2412 Feb 7
84 Feb 3 69 Nov 1284 Feb
414 Jan 13
25 Ort 92 Jan
4912 Jan 1008 Mar
101 Jan 3
1112 Mar
212 Nov
2217 Feb 27 150 Nov 26434 Oct
2
125 Feb 24 117 Nov 128 Mar
371 Feb 20
/
4
18 Nov 76% F(14
231 Sept
SO
Oct.
131 Feb 5
11712 Jan 3 10712 Nov 11934 Aug
4 Dec 3932 Jan
107s Feb 8
39 Dec 113 Jan
62 Feb 5
50 Oct 174 July
105 Feb 6
4
11034 Jan 7 1023 Nov 115 Apr
6% Feb 10
314 Oct 1832 Mar
2912 Nov 8658 Sept
673 Feb 27
98 Nov 10914 Feb
1093 Feb 18
4
14112 Feb 26 106 Nov 14012June
64 Nov 10412 Oct
7914 Feb 10
318 June 1012 Oct
5 Jan 14
3 Oct 2212 Feb
/
1
4
73 Jan 24
2
494 Nov 8338 Jan
/
1
5938 Jan 22
/
1
4
111 Feb 17 10814 Beet 124 Feb
31 Oct 7938 Aug
4
573 Feb 13
80 Nov 1234 Aug
9918 Feb 27
314 Jan 41 May
44 Feb 6
3612 Dec 54 Feb
413 Feb 28
15 Nov 7334 Mar
30 4 Feb 18
3
2214 Jan 2712 July
2614 Feb 3
293 Oct 5472 Sept
4
38 Jan 29
10914 Feb 19 10112 Dec 11072 Jan
22 Dec 7238 Mar
2714 Feb 27
73 Dec 10118 Mar
70 Jan 25
6012 Nov 109 June
723 Feb 28
90 Nov 104 Feb
96 Feb 17
170 Dec 310 Feb
95 Oct 102 July
100 Feb 28
5 Oct 2232 Feb
1214 Feb 26
4712 Nov 123 Sept
804 Feb 13
9 Feb 14
6 Oct 131 Mar
30 Dec 9811 Feb
4012 Jan 22
84 Dec 107 Jan
96 Jan 11
4412 Nov 90 Sept
0132 Jan 311
24 Dec 2012 Jan
414 Jan 24
20 Jan 24
8 Dec 7212 Jan
38 Nov 54 Jan
45 Feb 24
100' Feb 3
9012 Oct 10212 Jan
324 Nov 8234 Aug
4378 Feb 5
1234 Nov 69% Apr
20 Jan 22
8
191 Dec 1053 Sept
/
4
3912 Feb 6
2384 Nov 5472 Jan
44 Jan 14
8211 Nov 1071215IaY
95 Jan 2
5 Oct 3378 Feb
914 Feb 11
3 Dec 25 Jan
73 Feb 18
4
75 Nov 12312 Oct
4
1083 Feb 6
4
4214 Nov 943 Aug
593 Feb 11
4
10412 Mar 138 Aug
6934 June
24 Nov
3812 Feb 15
23 Nov 01 Feb
3218 Feb 6
2
743 Feb 5
6312 Dec 120, Feb
107 Jan 15 102 Nov 10712 Jan
42 Oct 78 Feb
5912 Feb 13
783 Feb 8 16812 Nov 403 Aug
4
11 Jan 1134 Feb
113 Feb 28
4
1
59 4 Nov 112 Sept
7812 Feb 10
76 Jan 116 Oct
91 Feb 7
120,2 Feb 11 11112 July 135 Feb
99 Oct 11612 Jan
109 Feb 3
99 June 115 Feb
50 Oct R918 Jan
5514 Jan 30
8734 Dec 100 Jan
94 Feb 10
3312 Oct 915 Mar
45 Feb 3
123 Feb 18 112 Nov 1264 Jan
30 Oct 52 Jan
38 Feb 3
173 Jan 27
4
912 Oct 41 Mar
70 Oct 12612 Ault
97 Feb 5
54 Oct 8812 Aug
76 Feb 13
80 Nov 143 Oct
10612 Jan 16
1012 Nov 4812 Jan
15 Jan 9
56 Dec 94 Oct
70 Jan 2
26 Oct644 July
367 Feb 5
8
95 Nov 10613 Apr
102 Jan 7
918 Nov 06 Feb
19 Feb 7
3112 Oct 82 Jan
4073 Feb 5
3
8814 Dec 105 4 Jan
5114 Feb 13
954 Dec 1154 Feb
10034 Feb 13
60 Oct 1544 Mar
8533 Feb 13
2
87 Nov 1047 Feb
1007 Feb 20
14 Nov 60 Apr
2632 Feb 18
68 Dec 10114 Jan
774 Feb 13
841s Oct 100 Jan
70 Feb 11
4 Oct 14 May
12 Jan 14
735 Oct 54 Jan
1114 Jan 4
7 Nov 494 Jan
104 Feb 6
2
454 Nov 1027 Mar
/
1
591 Jan 7
443 Feb 20
33 Dec 9612 Mar
913 Nov 32% Jan
2052 Feb 13
a
30 Oct 543 Jan
4034 Feb 11
32 Nov ass Sept
41 Feb 5
are BelO.
1421
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Feb. 22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday.
Feb. 27.
Feb. 28.
Friday.
Feb. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, 1.
-share lots.
On basis of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
$ per share $ per share
$ per share $ Per share $ per share $ per share S per share g per share Shares Indus. & Miscel. (Con.) Par $ per share
5
3212 Dec 144 8 Feb
No par 3253 Jan 2 43 Jan 9
3,600 Grant(W T)
3618 3618 354 36
3518 353
8 357 36
4 3518 375
Oct 3914 Feb
19
227
8 23
233
8 4,900 Gt Nor Iron Ore Prop No par 194 Jan 3 234 Jan'30
2212 22
225e 2278 2212 2258 22
Jan
28 Nov 44
2812 Feb 24 3412 Jan 113
8 283 287
s
8 6,100 Great Western Sugar No Pa
28
2834 2814 29
2814 2812 2814 287
100 11412 Jan 4 11812 Jan 27 105 Nov 11912 Feb
11612 11612
390 Preferred
115 116
116 116 *118 11712 11512 116
106 Nov 20012 Sept
Greene Cananea Copper__ _100
*90 190
*90 190
*90 190 .90 190
*90 190
5 Jan
12
1 Nov
4 Feb 4
1:2 Jan 23
100 Guantanamo Sugar_ ___No Pa
*112 14 *112 13
154
4
13
4 *112
4 *112 13
4
13
44 Sept 90 Jan
100
Preferred
*27
45
*27
45
45
.30
45
*27
*27
45
42 Nov 79 Mar
100 517 Jan 2 80 Feb 19
74
7212 75
9,900 Gulf States Steel
6914 70
69
7112 *6512 76
68
99114 Dec 109 Feb
100 9812 Jan 17 1612 Feb 27
10 Preferred
10612 10612 *10612 109
*106 109 *19612 109 *10612 109
2312 Nov 35 Aug
25 26 Jan 4 27 Feb 25
280 Hackensack Water
*2612 27
27
27
.26
27
27
*2612 27
27
31 Mar
2334 Nov
4
25 28 Jan 2 283 Jan 21
Preferred
4
4
ns 2834 •28 2834 *28 283 *28 283 *28 2834
26 Jan 30 Aug
6 27 Jan 6
25 26 Jan
Preferred A
no 2712 no 2712 *26 2712 .26 2712 *26 2712
12
Oct 56% Jan
1253 Jan 2 1712 Jan 31
No par
20,700 Hahn Dept Stores
1653 17
1812 1718 16
165
8 1614 164 1614 17
Jan
7134 Dec 115
100 7118 Jan 3 81% Jan 31
*79
7912
200 Preferred
80
*7913 793 *7913 80
7918 794 *79
4
5
99 Nov 105 8 Jan
100 99 Jan 7 104 Feb 8
10 Hamilton Watch prof
103 103
*102
____ *102
_ *102 103 *102 103
91
Jan 11312 Oct
100 10013 Jan 10 122 Feb 26
1411 Hanna 1st prof class A
11412 115 *115 117
116 122 .12014 ____ •12014 ____
7
Jan 87 3 Oct
54
Harbison-Walk Refrao.No par 60 Jan 6 61 Jan 25
*5912 60
*55
60
*55
80
*5912 60 .5912 60
13 Oct 414 Aug
133 Jan 15 20 Feb 5
4
8 2.600 Hartman Corp class B_No par
1853 173
4 163 1712 16% 1712 1712 1712 187 173
4
55 Dec 7218 Aug
20 54 Jan 14 61 Feb 13
59
5914
300 Hawaiian Pineapple
*594 60
* 4 60
583
*583 80
4
*584 60
512 Nov 68% May
914 Feb 3
614 Feb 24
No par
614 71s
5 4.900 Hayes Body Corp
63
s 67
8
83
4 64
63
4 07
3
612 67
84 Nov 11812 Jan
3
25 87 Jan 17 925 Feb 19
88
87
88
1,200 Helme(0 W)
883
4 88
88
*8812 89
*8812 89
45 Nov 14378 Oct
8012 80'z 79
4
80
817
8 813 8512 3,300 Hershey Chocolate____No par 70 Jan 2 8512 Feb 28
8112 814 81
80 1 Nov 14314 Oct
5
No par 8312 Jan 2 9012 Jan 8
8
85
873 873
4
4 877 894 2,400 Preferred
854 86
86
86
86
Jan 106% Oct
100 10414 Feb 21 106 Jan 13 104
Prior preferred
*10014 108 *10414 106 *10414 106 *10414 106 .10414 106
124 Dec 33 Aug
Vo par
15 Jan 15 2514 Feb 27
4
3,100 Hoe (R) & Co
2514 243 25
•16
2014
18
18
17
1718 18
21 Nov 51 Mar
No par 2614 Jan 14 35 Feb 28
35
700 Holland Furnace
32
33
*33
344 334 3418 3414 3414 35
8
13l! May 245 Aug
612 Feb 27 1253 Jan 29
8
73
3 8
1,100 Hollander & Sons (A) No par
618 87
84 8s
84
4
87
8 914
65 Nov 93 Aug
100 80 Feb 1 80 Feb 1
Homestake Mining
80
80 .76
*7612 80
80 .76
*76
79
*76
5234 May
13 Nov
19 Jan 2 29 Feb 5
24
243
8 233 241
24
241
2414 257
3 2514 2512 19,200 Houdaille-Hershey clB'No par
4
40 Oct 7912 Jan
554 58
553 5618 3,800 Household Prod Inc__No par 524 Jan 25 574 Feb 3
4
5618 5612 5514 56
5512 56
26
Oct 109 Apr
6312 6612 64
673 29,800 Houston Oil of Tex tern etfs 100 524 Jan 17 70% Feb 6
4
62
61
65
6014 64
60
343 Nov 8212 Mar
4
No par 353 Jan 18 414 Feb 7
4
374 397
8 7,500 Howe Sound
3612 3812 3754 38'2 3712 377
3712 38
38 Nov 9312 Mar
3
par 53 Jan 18 627 Jan 6
53
No
8
545 563
8
553 5712 553 564 34,700 Hudson Motor Car
4
3 5518 563
56
3 55
18 Nov 82 Jan
.
4
c 3243 Jan 13
10
4 213 22
4
8
21
13,700 Hupp Motor Car Corp
2218 2112 221
2112 2214 215 223
3
173 Oct 393 May
4
21:1 jan 8
8 213 213 12,100 Independent 011 at Gas_No par 2181 Feb 19 234 Jan 7
3
4
213 217
8
2012 21
2012 205
8 205 213
8
312 Oct 3212 Jan
12% Feb 28
5 Jan 3
8 117 1253 109,800 Indian Motocycle
3
No par
94 104
3
954 1058 10 4 1114 104 117
134 Oct 53 Aug
4
10 173 Jan 2 233 Feb 3
4
8 195 20
8
16,000 Indian Refining
1938 2013 1918 193
197 208 1912 207
8
1112 Oct 5114 Aug
10 16 Jan 2 22% Feb 1
1838 19
4
4 3.000 Certificates
184 193
8 1812 1912 183 183
1838 181
8812 Nov 135 Jan
t
96 10912 1,100 Industrial Rayon
No pa; 1944 F 18 124 Jan 10
No pa
50 u 1
93
93
*96
99
96
*90
95 .90
175 Feb 4 120 Jan 2234 Oct
400 Ingersoll Rand
17112 17112 170 170
171 171 *170 171
170 170
71 Dec 113 Aug
No par 70 Jan 6 85 Feb 11
8412
53
*82
844 *83
400 Inland Steel
*83
84
82
*83
84
82
22 Oct 8612 Mar
4
263 273
4
8 27
2714 2653 2812 2712 293 15,900 Inspiration Cons Copper--20 2614 Jan 17 304 Feb 7
27'4 27
1414 Jan
2 Nov
638 Feb 19
414 Jan 2
6
68
300 Intercont'l Rubber__ No par
*6
612
*53
4 614
612 *5 4 612 *6
3
4
Oct 17% Jan
74 Jan 16
Jan 2
*612 534
614 2,800 Internat Agrlcul
No pa
414
4 614 .6
53
4
512 53
512 55
8
40 Nov 8812 Jan
*5()
57
100 55 Feb 24 58 Feb 6
*55
100 Prior preferred
*55
56
55
*50
55
55
55
4
4
8
17312 17312 1697 1713 170 17112 1713 1713 1737 17512 2,700 Int Business Machines-No par 15212 Jan 18 177% Feb 18 109 Nov 255 Oct
3
4
48 Nov 10234 Feb
3
8 1,000 International Cement__No par 5633 Jan 8 613 Jan 28
*58
59
4 5714 5714 5734 573
5714 577
3 574 573
414 Dec 10312 Feb
84 Jan 28
5 Jan 2
73
4 8
712 838
7 4 84
3
45,500 Inter Comb Eng Corp_ _No par
7:
8
712
612 712
1813 Dec 121 Feb
30 Jan 2 56% Feb 26
563 •5313 5453 7.000 Preferred
8
100
507 5214 5258 55
8
5412 564 55
65 Nov 142 Aug
927
8 9214 934 29.800 Internal Harvester____No par 7834 Jan 7 954 Feb 18
89
917
8 91
915
8 86
907
8 89
Jan
0
3
mot_ 0 4 ;2
8
4
8
8
*14112 14158 *14112 14158 1415 14158 1415 1415 1413 1424 1.300 Preferred11 1652 Feb 10 14212 Feb 28 137 Aug 145
47 Nov 1024 Jan
81 Feb 14
Jan
7812 7812 2.10 International Match
777
8 7818 79
783 783
4
77
76 4 77
3
184 Nov 3918 Oct
2512 2512 *253 26
4
300 Int Mercantile Marine etfs_100 25 Jan 2 30% Jan 8
Stock
26
26
2512 251 *2512 26
3812 Feb 51% Apr
100
Preferred
723 Jan
25
2 4012
Exchange -ii- -ifs; -554 -iii- -564 37
4 -iiiz -iiI; z3534 3934 232,000 Int Nickel of Canada-No pa 3133 Jan 6 60 Feb 6 57 Nov 112 4 Oct
4
Dec
Feb 4
58 Jan
65
*58
.58
65
International Paper__ No pa
65
*58
65
*58
65
*58
77 Nov 9412 Jan
23 85 Jan 18
100 80 Jan
*81
82
83
.81
Preferred (7%)
Closed
85
*80
82
*82
82
*81
20 Nov 4414 Oct
3
2818 283
3 2,000 Inter Pap & Pow cl A__No par 26 Jan 7 30 4 Feb 18
2914 2818 29
283 283 *2812 29
3
29
8
12 Nov 334 Oct
8
154 Jan 6 197 Feb 18
No pa
18
18
18
18
1,300 Class B
19
18
18
173g 173
4 18
Washing9 Nov 264 Oct
pa
No 1oo 1213 Jan 7 15% Feb 18
3
1418 145
141g 1412 1418 1418 143 144 1414 1412 7,800 Class C
77 Nov 95 Oct
7914 Jan 31 82 Jan 18
ton's
81
81
81
1,100 Preferred
81% 813
8 81
8012 81
81
80
3
40 Nov 683 Oct
Jan 17 53 Feb 14
4614
5114 5114 5114 5114
52
800 Int Printing Ink Corp-No pa
53 53
52
523
4 52
917 Nov 106 Mar
3
100 9312 Feb 7 9514 Jan 8
94
94
*94
95
Birthday
94
110 Preferred
94
95
*934 94
94
3
55 Jan 90 4 Feb
12
100 69 Jan 31) 77 Jan 7
75
78
7012 74
710 International Salt
70
70
7012
70
70
70
100 10212 Feb 25 119 Feb 1 I 95 Nov 15912 Aug
Holiday
105 105
104 105
2,700 International Silver
1094 1097 10212 107
s
10212 104
100 105 Feb 26 11214 Feb 17 10314 Oct 119 Jan
*10612 1113 10612 1113 105 10512 105 105 .105 10512
4
80 Preferred
4
53 Nov 14914 Sept
3
.
6914 68
7014 165,800 Internat Telep & Teleg_No par 623 Jan 30 75 4'Jan 2
68
67
7012 665 687
8 674 69
2518 Oct 934 Jan
3112 3112 31
8
327 *3218 3212 4,300 Interstate Dept Storos_No par 30 Jan 24 40 Feb 4
3218 3114 3214 32
17 Nov 387 July
8
l
No par 23 Jan 2 2654 Feb 15
*25
25
2734 *2534 28
800 Intertype corp
2512 2512 2514 2514 25
39 Oct 69 Mar
40 Feb 14 4253 Feb 1
41
*4012 41
4118
404 4034 4014 4012 *40 4 41
700 Island Creek Coal
3
39 Nov 18214 Feb
oo r 43 Jan 20 54 Feb 1
50
50
5012 5012 5012 501
*49
51
1,100 Jewel Tea Inc
51
*50
4
90 Nov 2423 Feb
No par 117 Jan 2 14834 Feb 5
13153 13312 13
8
053 13314 13112 13712 135 13812 13512 1377 36,300 Johns-Nlanville
100 11814 Feb 24 122 Feb 8 118 Nov 123 May
11814 11814 *119 120 *119 120
120 120
120 120
90 Preferred
Oct
1197 120
11912 120
8
230 Jones & Laugh Steel pref-_100 11812 Jan 6 120 Jan 8 117 June 128
1194 11912 1195* 1194 *11912 120
112 Oct 1612 Jan
412 Feb 18
2 Jan 22
358 3 4
3
5
NO par
4
312 3 8 4,500 Jordan Motor Car
3
34 3 4
3
3
312 33
334 3 4
*1081R 10912 .iosi8 10912 •10813 10912 *108% 10912 *1081 1091
Kan City P&L let pf B _No par 108 Jan 4 10912 Feb 15 106 Feb 11234 Jan
1714 Dec 3718 Feb
*18, 20
2
20
*19
19
19
20
100 Kaufmann Dept Stores-S12.50 18 Jan 7 20 Feb 7
*19
20
*19
30 Nov 584 July
37
3714 374 3714 373
373
4 37
5,000 Kayser (J) Coy t e____No par 34 Jan 23 4112 Jan 2
3812 3712 38
1512 Nov 48
Jan
*2812 3112 *2614 3012 *29
*29
40
Kelth-Albee-Orpheum _No par 21 Jan 8 30 Feb 5
*3012 35
31
70 Nov 138
Jan
*100 105 *100 105 *100 105
100 85 Jan 7 106 Feb 27
10414 10553
105 106
600 Preferred 7%
52 Jan 24
7
3 Dec 23 3 Jan
34 Jan 2
473 44
43
4 47
3
412 434 5,200 Kelly-Springfield Tire-No Par
434 47
4
8
43
4 43
16 Dec 94% Jan
100 2018 Jan 3 42 Jan 24
30
29
30
30
27
30
28
2614 2614 29
180 8% preferred
185 Nov 59% may
8
2714 28
283 2912 294 30% 9,000 Kelsey HayesWheel new No par 224 Jan 3 31% Feb 7
4
2714 2814 2812 29
5 Oct 1914 Feb
3
Mt Jan 2 143 Feb 28
125 1418 1312 1418 135* 14
8
135 141s 133 1453 36,600 Kelvinator Corp
8
No -pa
4
75 Nov 96 Feb
4
par 824 Jan 4 873 Feb 27
*8412 873 *8412 873 .85
4
4
874 874 873 *8712 89
20 Kendall Co prof
4
49% Nov 1044 Mar
55 Feb 20 623 Feb 7
4
No
No
557 5714 5618 573
8
4
4
4 58% 5753 5612 5712 553 583 55,200 Keruaecott Copper
4514 May 57% Oct
49 Jan 7 5212 Jan 31
No pa
*SO
513 *50
4
5012 5012 5012 *50
51
400 Kimberley-Clark
5012 *50
2112 Nov 441s July
20 Jan 29 23% Feb 19
*20
2314 no
23 .20
No pa
2314 *20
23
2314 *20
Kinney Co
*3613 8712 8612 8612 864 8612 87
Feb 11
80 Oct 10914 Mar
100 8818 Feb 26 91
88
883 8912
4
90 Preferred
312 Dec 78% Jan
31
ih Jan 18 414 Jan 14
3
3
3
3
3
27
s 34
24 3
5,700 Eolster Radio Corp___No pa
27 Nov 7814 Oct
par
444 4453 445 4518 4458 447
3
No 1oo 3813 Jan 6 4914 Feb 10
8 465 4718 464 4814 14,500 Kraft Cheese
95 Apr 1054 Oct
98 Feb 6 1054 Feb 28
*98 10014 *96 10014 *96 10014 *96 10014 9918 1053
4 1,700 Preferred
28 Nov 5712 Mar
305 Feb 17 3634 Jan 2
8
31
4 315 3214 10,600 Kresge (S 5) Co
1
315* 304 3134 31
8
3112 311 323
*112 114 *112 114
100 110 Jan 3 113 Feb 14 10312 Nov 116 June
112 112 *112 114 *112 114
30 Preferred
8% Dec 23 Jan
87 Jan 30
4
812 Jan 7
*812 912 *812 912 *812 912 *812 91
Kresge Dept Stores_ ___No pa
*812 94
60 Dec 76 Sept
60
*50
100 60 Jan 8 62 Jan 27
60 60
*50
*50
60
80
60
*50
10 Preferred
Jan
5314 Nov 114
6114 Jan 15 70 Jan 24
No pa
6312 65
*63
664 *63
65
65
*63
8312 6312
600 Kress Co
2218 Nov 46% Mar
23% Jan 2 31 Feb 10
2913 293 61,300 Kreuger & Toll
2812 2918 2814 283
4 2812 2914 2914 30
4
3814 Nov 12212 Jan
39
38
39% 4012 39
393 42,900 Kroger Grocery & Bkg-No Par 37 Feb 27 4818 Jan 23
8
393
384 3912 37
1612 Nov 38% June
2218 224
2218 2212 2218 2218 2213 2218 *2218 221
500 Lago Oil & Transport-No par 2114 Jan 11 2212 Jan 30
8018 Nov 15714 Mar
8
97 Jan 2 10858 Feb 27
102 1037 1014 10212 1021s 10614 1068 1083 10713 1088 46,300 Lambert Co
8
5 Oct 25 Jan
9 Jan 24
614 Jan 2
8
712 8
No
8
8
8
8
8
712 74 2,800 Lee Rubber & Tire__ _No par
30 Nov 65 Feb
*35
37
36
35
*35
38
35
35
.35
35
high Portland
200 Lep terrod77o Cement__ _50 34 Jan 4 3712 Feb 13
*10612 108 *1063 108 *1063 108 *106% 108 *1063 108
4
4
100 105 Jan 2 107 Feb 11 100 Nov 11934 May
4
Preferred
Oct 32
10
Oct
1212 125
13
12 Feb 10 15 Jan 2
13
4
138 123 13
123 13
4
1314 4.400 Lehigh Valley Coal___ _No par
31 Dec 443 July
32
32
3212 323
4
32
3212 32
32
32
32
4 1,900 Preferred
50 32 Feb 24 384 Jan 16
9
28 Nov 6812 Feb
par 297 Jan 21 34 Jan 27
303 30
4
8
3112 1,700 Lehn & Fink
303 304 3012 304 304 3112 31
4
80% Nov 108
99 1007 100 1014 8,700 Liggett & Myers Tobacco-o
8
Oct
p9112 Feb 13 108 Feb 8
965 964 963 963
8
8
8 9612 100
N
110 Nov 10134 Oct
9914 10055 100 10134 80,700 Series B
4
953 9718 955 965
4
25 09112 Feb 10 1093 Feb 8
8
8 9618 100
4
8
8
13834 1383 *139 1393 1385 1385 1385 1385s *13
4
100 138 Jan 16 13834 Feb 24 125 July 140 Dec
9400 Preferred
30 No, 57% Ju
4514 46
473
4 4512 40
4
427 4.184 437 4714 47
3
8
5.100 Lima Locomot Works__No par 357 Jan 2 4914 Feb 15
8
375 Nov 61
*4478 45
4414 4414 42
45
Feb
42
45% Feb 21
No par 391 Jan 1
448 4478 *43
300 Link Belt Co
40 Oct 1137 Jan
3
8414 64
6273 6412 6214 63
64
643
8 6414 653
No par 523 Jan 3 654 Feb 28
4
4 8,400 Liquid Carbonic
32
Oct 8411 Feb
67
6912 7012 69
1
683
4 6614 693
8 6812 70
705 46,800 Loew's Incorporated
No par 4213 Jan
7 1 Fb8
63 e 28
0
8
43
34 Dec
558 57
5
3
5
Feb
512
47
8 53
12 14;8 19,100 Loft Incorporated
4;2 2
2
34 Jan 27
1112 Apr
No par
12 Dec 324 Jan
*1212 1353 *1212 135 *1212 158 *1212 1358
8
12% Feb 3
12 Jan 21
8,80 Long Bell Lumber A-No par
10 Loose_wieo
0
iBiscoli
5912 6114 5918 60 4 6014 62
3918 Nov 877 Sept
6113 8253 6114 621
8
3
25 5012 Jan 4 6414 Feb 1
*11913 ___ 119 4 11934 *11912 ___ *11912 120
12113 Apr
3
120 120
100 11814 Jan 18 120 • Feb 28 115% Jun
110 1st preferred
2312 2418 2318 24
2412 2512 24% 25
2312 25
1414 Oct 3112 May
25 164 Jan 2 2614 Feb 8
77,100 Lorillard
*93
67 Nov 9914 Oct
95
95
*94
9412 *94
0413
*93
*93
95
100 9218 Jan 9 95 Feb 8
Preferred
814 812
818 818
84 812
814 81
7 Oct 18 Jan
8
No par
8 Feb 28
94 Jan 6
8
2.700 Louisiana Oil
11
887 884 *85
8
80 No
887 *88
8
887 *88
100 84 Jan 7 8912 Feb 6
10014 Feb
8
84 •88
887
8
150 Preferred
4214 43
8 42% 433
4312 4414 x4314 443 15,500 Louisville 0& El A---No par 384 Jan 18 45 8 Feb 14
417 427
28
3
Oct 72% Sept
4
4012 4112 403 4112 41
4
42% 42
427
8 4214 4212 8,700 Ludlum Steel
22 Nov 1084 July
4
No par 325 Jan 2 443 Feb 18
8
*90
96
*90
98
923 923
4
4 93
93
76 Nov
*DO 98Nopa
90 Jan 20 98 Feb 13
200 Preferred
18 June
*28
30
30
30
*28
293 •28
4
293 .
28 Feb 28 3112 Jan 15
28 1028212
24
3014 Oct 46
200 MacAndrews & Forbes_No pa
Jan
*93 10212 *93 10213 *93 10212 *94 1021
100 93 Feb 21 98 Feb 10 104
Jan 1073 Apr
Preferred
4
783 795
8
8 79% 793
4 793 817
4
8 81
828 81
No par 70 Jan 2 84% Feb 7
8112 8,700 Mack Trucks Ine
554 Nov 114% Feb
147 147
14212 14714 *146 14713 14712 l527s 151 1525
No par 137 Jan 7 15914 Feb 3 110 Nov 2554 Sept
12
3 7,000 Macy Co
13
134 *13
1314 1314 1314 1314 1314 1253 1253
12 Jan 2 144 Feb 14
1112 Boy 24 Feb
500 Madison Se Garden-No par
4813 49
*4812 48% 49
49
.48
49
48
No par 45 Jan 15 523 Jan 7
4912 1,200 Magma Copper
35 Nov 8212 Mar
4
• WA and raked prices: no sales on this day. g Ex-dly.-Ez-rights.
1422
New York Stock Record-Continued-Page 6
For sales daring the week of ,rocks no, recorded her.. are sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
!anode)).
Feb.22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday. I
Feb. 27.
Feb. 26.
Per share $ per share $ per share $ Per share $ per share I
'814
918
8
8
*8
812 *
81.2
91
91
*76
91
91
•76
*76
.76
5
*518 7
518
*518 7
*518 7
28
267 27% 2618 2618
.2818 30
4
28
1412
1412 •14
148 143 *14
1412 •14
4
32% 3314 3214 323
2 3214 3238 3218 33
*22
223
227
4 217 22
4 22
2212 22
54
6
512 512 45
61,
514 612
Friday.
Feb. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
&Wien.
---$ per share $ per share 11
912 Feb 28
8 Jan 15
80 Jan 17 80 Jan 17
8 Jan 20
5 Jan 21
,
23 Jan 16 50 Jan 2
14 Jan 16 15 Jan 14
4
257 Jan 3 337 Feb 1,
207 Jan 6 242* Jan 10
8
PS Jan 23
54 Jan 3
$ Per share Shares Indus. & Miseel. (Con.) Par
300 Mallison (II R) & Co.
914 912
.No par
91
Preferred
*76
100
40 Manatl Sugar
100
•518 6
150 Preferred
25
2514
100
*14
1412
300 Mandel Bros
\To par
5,900 Mash Elea Supply.
324 33
._.No par
700 Manhattan Shirt
.20
223
4
25
1,500 3.1 aracalho 011 Expl_ _ -No par
*512 6
Marland 011
No pa
8.700 Marlin-Rockwell
;fi' -47i8 55
5114 50
4
46's 47
5014 4912 No par 397 Jan 2 55 Feb 28
24
2,800 Marmon Motor Car_ No par 20% Jan 17 273 Jan 6
23
7 2412 23
23 8 24
24
5
2352 235* 24
4
200 Martln-Parry Corp__No par
4
4
414 *4
*4
*4
414
44 *4
414
4 Feb 11
3 Jan 6
41% 4312 412 423
421 4314 4212 444 9,500 afathleson Alkali Workallo par 3714 Jan 2 464 Feb 5
:
4 4212 43
10 Preferred
3
3
*1193 1203 120 4 120 4 *119 4 120 •119 4 1203 1193 1203
3
3
4
4
4
4
100 115 Jan 24 1703 Feb 14
7
51
55
553
5614 5153 55
4 55
5612 55
5814 19,000 May Dept Stores
25 49 Jan 15 613* Jan 31
1818 1818 .
8 1914 2012 5,000 Maytag Co
18
1812 1818 184 1812 201
1618 Jan 2 2012 Feb 2a
Vo par
33
1,000, Preferred
33
34
334 33
333 347
4
*33
334 *33
No par 2a14 Jan 2 347 Feb 28
100 Prior preferred
81
*8012 821* .
*81
8011 8114 •8012 811s
8114 81
Vo par 76 Jan 7 83'c Feb 11
4512 4512 *45 4 50
100 McCall Corp
*4512 50
*454 50
*45
50
3
No par 403 Jan 14 4512 Feb 27
67
*65
68
67
67
*65
*
65
McCrory Stores class A No par 65 Feb 18 74 Jan 2
67
*65
*
65
*62
68
Class B
*62
88
68
*62
68 .62
•62
68
No par 63 Feb 20 70 Jan 16
9934 *95 100
.95
•95 100
99 .
95
*95 100
Preferred
100 92 Feb 4 95 Feb 14
37
38
38
37
37 .
200 McGraw-MB Publica4 No par
37
36
37
*38
*38
35 Jan 15 38 Feb 5
4
1712 167 16% *183 174
400 McIntyre Porcupine allnaa-5
17
8
173 •17
4
*174 1712 •
148 Jan 2 1812 Feb 13
4
693
4 4,300 McKeesport Tin Plate_Na par 61 Jan 2 71 Feb 7
89
6914 69
6712 663 68
4
6614 68% 67
3212 3212 32
1,500 McKesson & RobbIns_.Vo par 3112 Feb 21
317 317
8
32
3112 32
32
32
35 Jan 9
900 Preferred
46
4
46
54514 4514
4814 464 453 46
*4553 46
50 444 Jan 9 467 Jan 2
29
530 Melville Shoe
29
29
2814 283
29
29
4
30
28% 29
•
No par 264 Feb 8 33 Jan 6
21
28.500 Mengel Co (The)
6
8
21
217
8 201 2218 201* 2112 205 2112 20
1518 Jan 15 2218 Feb 25
No par
500 Met v-Goldwyn Pictures p5_27 234 Jan 2 2544 Feb 19
254 26
r251
*2512 26 .
: 2512
2511 2512 .2512 26
3
3
20 4 18 4 19 4 1918 2114 2014 22
3
204 21% 102.400 Mexican Seaboard Oil_ _No par
19
1618 Jan ls 22 Feb 27
4
29
297
2912 29
8 2914 3014 5,000 Miami Copper
2914 291
30
: 29
5 26% Jan 2 337 Feb 6
: 2,500 Michigan Steel
683 683
4
4 8814 881
3
4
67 67N 65 69% 683 68%
No par 53 Jan 6 74 4 Jan 13
4 24
2414 6,700 Mid-Cont Petrol
4
2312 2414 233 24
No par 234 Feb 24 28 Jan 6
2353 2412 2412 241
116 2.300 \fiddle States 011 Corp cats_ -118 Jan 3
1
1
118 *I
116
1
118
1 Jan 8
1
14
70 •67
70
67
Minn-Honeywell Regu_No par 61 Jan 10 75 Feb 3
*6612 70 •
*6512 68 . 4 68
853
Midland Steel Prod pref. __100 165 Jan 15 18012 Feb 5
170 180 *170 180
*170 180 •
44 Jan 13
4
4 -- .1- T --800 Miller Rubber
44
4
44 418
*37
8 414
34 4
34 Jan 73
Vo par
30
354 14.300 Mohawk Carpet MIlls_ Vo par 35 Feb28 40 Jan 27
3114 32
2
33 2 3412 31, 3314 3112 32
3
4 444 454 262,500 Mont Ward &Co Ill Car p No par 38 Jan 15 497 Jan 2
44
7
4 4114 453
45% 42 4 443
4 4412 453
52
121
: 12
12 18 49,300 Moon Motor Car new.No par
3 4 Jan 22 1212 Feb 26
3
104 Ills 1014 124 1136 124 12
400 Morrell (.11 & Co
8912
•66
68 .67
67
68
68
•
67
683 *67
4
No par 584 Jan 7 72 Feb 0
2 Jan .
IN
13
4 14
2
IN
13
14 2,400 Mother Lode CodlItIon_No par
4 17
4
1%
14 Jan 18
/
1
IN
14
Motion Picture
No par
54 6
2.100 Moto Meter Gauge &Eta° par
5 4 53
3
4
6
414 Jan 16
75* Feb 4
"64 53 6
54
54
100 Motor Products Corp_ _No par 50 Feb 15 65 Jan 6
:
O521: 55
•5312 55 .5212 54 •521 55
291 30
:
k
1,900 Motor Wheel
291 3014 •3014 31
30
3012 297 30
No par 284 Jan 2 32 Feb 19
184 181
: 1,000 Mullins Mfg Co
•
18
3
1812 1812 1812 19
1812 1714 18
127 Jan 2 20 4 Feb 14
4
No par
63
63
*6014 64
62
•6014 63
4
40 Preferred
60
*80
60
No par 574 Jan 3 647 Jan 31
*494 51
*494 51
*4912 51
•50
51
52
51
100 Munsingwear Inc
No par 48 Jan 3 5312 Feb 10
4
214 2018 20
26.000 Murray Body
20% 21% 20
52 2012 2112 203 22
18 Jan 17 2414 Jan 27
No par
513 13,700 Nash Motors Co
4
50 8 51
4
5
8 51
5054 5112 503 513
524 51
5
No par 50 8 Feb 21 5812 Jan 6
233 243
8 7,600 National Acme stem ped_ _ _10 1354 Jan 18 2614 Feb 14
Stock
2454 247
4 2312 2512 247 2514 2414 25
.
18 8 20
4
5
18
/ 194 18% 19% 42,100 Nat Air Transport
1
4
1814 1914 183 19
No par
11 Jan 13 2012 Feb 18
98 Jan 13 15% Feb 4
4 8,600 Nat Beller Bees
Exchange
105 113
8
4 1054 1114 114 123
107 113
4
6 1012 11
No per
*5314 7414 .5314 74 4 *5314 7444 *531 7434 *5314 7434
4
Preferred
3
100 66 Jan 9 82 Jan 20
209 4 20934
3
*201 208
600 National Biscuit
2072* 20744 209 209 4 209 209
Mooed
3
25 177 Jan 2 21412 Feb 3
*14212 14314 *14212 14314 1421 14212 142 1423 •14254 14314
200 Preferred
:
/
1
4
4
100 14218 Jan 23 145 Jan 8
Washing734 7412 74
723 74
4
73 2 74
4
754 7312 7554 25,500 Nat Cash Register A w I No par 723 Feb 25 834 Feb 3
4
4814 49
4814 5114 5014 5118 50% 51% 45,600 Nat Dairy Prod
49
50
No par 4514 Jan 20 5212 Feb IL
22
*20
2412 24% 24% 3.600 Na; Department Stores No Par 20 Jan 15 2412 Feb 27
ton%
20
20
2014 204 22
88
89
10 lat preferred
893
4 88
88 •
89 4 •88
3
*88
893 •
4 88
100 88 Feb 4 90 Jan 27
7.900 Nat Distill Prod etfa___No par 29 Jan 2 394 Feb 6
38
37
3614 364 36
2412 35S4 36
Birthday
3414 35
Preferred temp etts-NO Par
Holiday
32 ii" -56f, II" -lois 114 z3lli 322* - 2,700 Na;Enam & Stamping.. -100 2712 Feb 3 33 Feb 24
32
33
175 17912,174 4 174 *175 1774 172 175
..
141.2
1,400 National Lead
179179 179
100 137 Jan 2 18912 Feb 7
•1403 1414 140 4 140 4 •14042 141
1403 14014 1
4
4
3
Preferred A
3
100 1384 Jan 3 141 Feb 18
50 Preferred B
116 116 .116 11852 11712 11712
*116 1185 116 118
8
100 116 Jan 17 1174 Feb 28
1
3718 3834 3814 4014 40
424 4032 4112 84,400 National Pr & Lt
38
38
No par 32 Jan 2 42% Feb 14
700 NatIonal Radiator
3
3
3 14
3
414 Jan la
*3
34 *3
34
144 Jan 7
No par
34 314
800 Preferred
•5
7
7
7
No par
4 Jan 2 11 Jan 15
6
6%
54 51
714 74
1,000 National Supply
11012 112
110 110
11012 112 011014 113
115 115
50 102 Jan 10 122 Feb 18
85
/
1
4
800 National Surety
85
83
84
83
85
83
83
83
85
501 7012 Jan 7 924 Jan 30
2,100 National Tea Co
Feb 24 41% Feb 4
4
354 35 4 •36
3712 3614 364 361 37
3
3714 •36
No par
2714 2814 27 3 2853 271 284 277 2814 2714 Ms 28,400 Nevada Consol Copper_No par 2357:: Feb 21 2242 Jan 7
5
:
4
63
•60
100 Newport Co claw A
63 •80
63
•61
83
63 8 *61
5
64
50 61 Jan 9 65 Feb 19
52
624 3,000 Newton Steel
*5314 53 4 5316 53 4 5214 531* 534 53
3
2
3
No par 40 Jan 2 573 Feb 8
N Y Air Brake
*4534 4614 *4512 4834 *4512 463 •454 463 • : 461
:
4 451
4
No par 4414 Jan 1 47 Feb 19
42
200 New York Dock
38
•38
42 .
40
38
03912 40
38
.38
100 35 Jan 9 42 Feb 18
86
86
Preferred
86
•84
*84
•84
86
86
•84
*84
1001 80 Feb 8 84 Feb 14
10014 10018 •1007 10112 100 1604 •100 1011 •100 10112
50 NY Steam pref (8)____No par 100 Jan 2 10212 Jan 13
s
•11014 112 *11018 112 *11018 112
1104 1104 •11018 112
10 let preferred
Feb 5 112 Jan 9
pan
8
3
10514 1075 10518 10714 1084 10912 110 1117 110 4 11614 88,500 North American Co--....No par 19 3 Jan 18 11614 Feb 28
13 4
0
(7)No
55
900 Preferred
55
544 554 *544 58
55
*55
55 4 55
3
60 51 Jan 13 554 Feb 24
100 NorthN Am r
•1014 10214 .1015 10212 1023 1023 •102 10212 •102 10214
8
6
2
par 100 4 Jan 23 102% Feb 38
1
300
48 4
*43 4 49 .483 49
3
3
4
EdisonGerman LIorid--N°
494 494 49 6 49% . 3 4912
4
45 Jan 7 513 Feb 4
P yf
3
.49
49
49
10 Northwestern Teiegrapb..50j 42 Jan 2 4912 Feb 9
*49
504 49
504
*49
504
504
. 114 •1
1
100 Norwalk Tire & Rubbet._..101
1
.1
114
14 Feb 13
1
14 .1
7 Jan 9
4
Da
4,212 412 *212 6
.212 6
•212 r
•212 6
Nunnally Co (The).
2 Feb 3
2 Feb 3
...No par
me Jan 3 115* Feb 18
...014 1012 •1012 1034 *10 1078 104 1012 1012 101
:
200 011 Well Supply
25
88
•86
88
*88
88
Preferred
88 .
*86
87 .86
86
100 87 Feb 13 89 Jan 2
20
204 19% 19% 19l: 20
193 2012 204 2214 11,200 Oilver Farm Equip..__No par
4
4
4
137 Jan 2 233 Jan 30
39
3712 38
39
4 3,900 Cony particIpatIng__No par 311 Jan 3 4252 Feb 10
383
4 383 403
4
6
8716 3714 *38
500 Preferred A
79
7812 794 •78
7914 7812 7812 •
7914 7812 79
No par 70 Jan 2 8112 Jan 30
9,000 Omnibus Corp
4
/ 54
1
4
412 5
312 34 3% 34 378 5
514 Feb 27
2 4 Jan 3
8
No par
82
83
83
•75
•75
82
83 •75
*75
•
75
Preferred A
100
47
*47
47
474 .47
4712 3
100 Oppenheim Collins & CoNo par 47 Feb 20 54 Jan 6
4712 47
4714 *47
10 Orpheum Circuit, Inc pref 100 63 Jan 6 79 Feb 19
79
•76
79 .76
79
7
79
78% 78 4 *76
*76
500 Otls Elevator
317 317
321 329
316 315
3
320 330
*31514 330
50 280 Jan 3 333 4 Feb 19
8
250 Preferred
125 125
125 1257 *125 1257
*12312 125 *12312 125
100 11818 Jan 23 125 Jan 8
334 34
34
3412 34
*33
343 .334 344 1.400 OtLs Steel
34
4
No par 3012 Jan 2 36 Feb 1
Prior preferred
*
9518 98
*9518 974 *9518 973
*954 98
*954 98
4
100 91 Jan 10 97 Feb 5
600 Owens-Illinois Glass Co___25 5214 Jan 6 60% Feb 7
*59
60
60
80
584 •58N 60
584 584 58
4
2
614 8211 8914 61% 613 6214 6214 6354 624 634 13,9130 Pacific Gas at Eleo
25 5218 Jan 2 647 Feb 18
5
8914 904 11,400 Pacific Ltg Corp
8912 91
8718 8812 8814 90
874 89
No par 72 Jan 2 93 8 Feb 11
900 Pacific Mills
4
8
2912 2912 2912 297 *2818 2912 *273 2912 2912 29%
100 21 Jan 7 30 Feb 8
118
14 3,400 Pacific 011
114
14 Jan 22
118
14
118
14 118
118
118
1 Jan 2
No par
350 Pacific Telep & Teleg
1624 166 *16212 166
165 167
164 167
165 176
100 150 Jan 2 178 Feb 19
21
139 139
139 140
Preferred
14014 14212 14012 14012 139 139
100 11612 Jan 6 145 Feb 21
4
3
8
19 4 1918 19 4 1S1 194 18% 1914,362,100 Packard Motor Car__..No par
3
2
153 Jan 18 193 Feb 25
173 1814 18
4
53
500 Pan-Amer Petr & Trans....50 516* Feb 21 6018 Jan 4
53
*5212 53 1
*5152 53
525* .53
*51% 53
-iaT,
53
5371 524 5212 3,700 Class B
53
52
52
52
5152 52
50 504 Jan 25
•245 243 98,1001Parmelee Transporta'n_No par
8
4
5
173 204 20 8 2214 218 23
4
6
173 Feb 18
1712 18
44 43
4 *44 414 1,61Panhandle Prod & ret__No par
44 412
44 Feb 14
44 412
*414 44
50
100 Preferred
*40
*40
5018 5018 504 •40
50
504 *40
100 4712 Jan 14
4
52
*
6412 664 6412 663
4 673 684 673 69% 179,400 Paramount Fein Lasky_No par 48 Jan 2
4 68% 877
500 Park & TlIford
4
4
4
26
264 2612 25% 2534 *253 2614 253 253
26
No par 25 Jan 11
314 *3
212 Jan 31
314 1,000 Park Utah C M
1
3
34 *3
34 *3
34 *3
433
4 34
4,100 Pathe Exchange
34 8
77
4 4
33
4 4
23 Jan 3
4
No par
3% 3 4
7
3 4 3%
3
3,300 Class A
5 Jan 2
No par
714 8
714 712 *7% 712
714 7 4
3
800 Patine, Mines & Enterer__ _20 284 Jan 4
2912 2914 2878 287 *29
2912 *2812 2912 •2814 294
2
1218 1118 11% 114 113
1114 1114 2,500 Peerless Motor Car
12
4 1112 12
614 Jan 7
50
8 343 364 7.600 Penick & Ford
4
334 3518 344 3518 333 35
3412 353
4
No par 2818 Jan 7
410712
*10712
Preferred
107
.10714 --__ *10714
100 107 Jan 3
93
4 933 10
900 Penn Coal & Coke
8
8 •912 107
818 Jan 20
•912 107
50
104 4012 11
5.500 Penn-Dixie Cement...._No par
6% 714
7
718
618 Jan 4
•67
4
7
64 7
63
4 7
4212 424 4312 434 •4212 44
500 Preferred
424 4212 4312 4312
100 3018 Jan 2
*245 255 *240 250 .247 255 .250 255 *248 255
People's0 L & C (Chic)....100 230 Jan 17
2012 2012 •
200 Pet Milk
20
1552 Jan 21
.20
21
2014 2012 204 .20
204
No par
383 394 39
4
-Dodge Corp
39
39
3914 5,800 Phelps
4
25 38 Feb 28
39% 383 3918 38
*230 245 •230 245 *230 245 *230 245 .230 24.5
Philadelphia Co (PIttsb)--51) 2213 Jan 10
4
•____ 49 •- __ 49 •____ 49
40 5% preferred
49
*48
49
48
ao 47 Jan 3
524 524 *5212 52 8 52% 524 524 5212 *5212 52%
500 8% preferred
7
ao 504 Jan 15
PER SHARE
Range )or Previous
Year 1929.
LOWen.
Highest.
per share $ per share
6 Nov
393 Jan
76 Nov 10512 Jan
Jan
3 Dee 26
197 Dec 504 Jan
8
14
Oct 384 Mar
3734 Jan
197 Nov
5
1914 Dec 35 6 Jan
518 Dec
1812 Apr
3318 May 4718 Jan
30 Oct 81)1, May
19 Nov 104 May
IS
Jan
21z Nov
29
Oct 218 Feb
120
Jan 125
Jan
455 Dec 10812 Jan
15% Oct 294 Aug
2814 Dee 4912 July
7512 Nov 9014 Jan
3914 Dec 108
Oct
74 Dec 113 Feb
/
1
4
70 Dec 11512 Feb
8612 Nov 120 Feb
30 Oct 48 Feb
1212 Nov 2312 Jan
54 Nov 82
Jan
2118 Oct 59 Mar
40 Oct 63 July
2618 Dec 72
Jan
9 Oct 347 Jan
8
2112 Oct 27 Feb
914 Oct 69% Jan
20 Oct 5413 Mar
44 Dec 1227 July
4
2218 Nov
397 Jan
3 Nov
358 July
59 Nov 12314 Sept
135
Oct 321 Aug
3 Dec 2874 Mar
14
35 Nov
8014 Mar
42% Do: 115678 Jan
14 Oct
5
Oct
42
Oct 814 Oct
1242 Oct 8032612 ufne
1
Ja o
June
34 Oct 315 Aug
36 Nov 206 Mar
21 Nov 5614 Aug
10
Oct 817 Jan
8
55 Dec 10214 Jan
33 Nov 613 MaY
4
147 Nov 1007 June
4
8
40 Oct 11878 Jan
145* Nov 4178 July
10 Dec 4814 May
916 Dec 71 Mar
Jan
5612 Dec 118
140 Nov 23644 Oct
140 Aug 1415
Oct
59 Nov 14834 Mar
38 • Oct 8614 Aug
4
20 Dec 373 Mar
89 Dec 96 June
15 Oct 58 June
54
6714 Feb 110 Aug
251 Dec 6214 Jan
:
1294 Nov 210 Oct
138 Nov 1414 Feb
115 Oct 123 4 Apr
3
23 Nov 713* Aug
Jan
17
14 Dec
14 Dec 41
Jan
984 Nov 144
Jan
7014 Dec 155 Feb
3118 Nov 913 Mar
6
234 Nov 627 Mar
4
43 Mar 103 Sept
35 Dec 113 July
4
3514 Oct 493 Mar
33 Nov 683 Feb
8
823 July 90 Apr
4
9312 Nov 103 Jan
107 Nov 115
Aug
6612 Nov 1863 Sept
4
48 Nov
5414 Jan
/ Jan
1
4
98 Nov 103
4112 Dec 644 Jan
404 Dec 50 Mar
64 Feb
3 Oct
4
2 Dec
8 Feb
Jan
74 Dec 32
8834 Dec 10612 Jan
8 Oct 6412 Apr
17 Oct 893 Apr
4
6412 Dec 9912 Mad
,
1078 Feb
21: Oct
65 Nov 90 Feb
45 Dec 8458 Apr
5013 Oct 95 4 Jan
3
195 Nov 4.50
Oct
1187 Oct 175 Jan
8
2214 Nov 55
Oct
893 Nov 1073 Feb
4
43 Nov 8912 Sept
42 Nov 953 Sept
4
574ls Nov 14612 Sept
174 Nov
37 Apr
14 Jan
54 Oct
131 Nov 220 July
1168 Jan 138
4
Oct
13 Nov
3212 Sept
4014 Feb 69 Aug
604 Jan 8
401 Feb 6914 Aug
:
23 Jan 28
1514 Dec 21 Dec
MS Jan 25
3 Nov
1514 Jan
5018 Feb 27
4712 Feb 76 Jan
695* Feb 28
36
Oct 7512 Oct
29 Jan 3
23 Oct 877 Jan
3 2 Jan 2
3
137 Feb
8
3 Dec
418 Jan 28
212 Dac
147 Jan
8
8% Jan 23
412 Dee 30 Jan
327 Feb 5
8
247 Oct 473 Mar
8
4
14 Feb 3
518 Oct 2212 Jan
374 Feb 11
22 Nov 607 Sept
110 Jan 20 100 Apr 110
Jan
1012 Feb 17
14 Sept
514 Nov
8 4 Jan 28
3
Jan
312 Nov 27
44 Feb 19
2018 Nov 94 Jan
263 Feb 10 208
Jan 404 Aug
2012 Feb 24
1818 Dec 454 Jan
431 Jan 7
:
31 Nov 797 May
246 Feb 14 16712 Apr 285 Oct
49 Feb 27
473 Aug
4
51 May
63 Feb 7
4712 Nov
54 Mar
•Bid and asked prices; no sales on Me day. 6 Ex-dividend and ex-rights. x Ex-dividend. 0 Ex-dlvidend distributed 1 additional share for each share held
New York Stock Record-Continued-Page 7
1423
For sales during the week of stockg not recorded here. see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Feb. 22.
Monday.
Feb. 24.
$ per share $ per share
4 1514
*1012 11
525
28
•
70
80
293 303
8
3
*104 12
83
523
2513
*6912 7112
118
1,
4
5233 26
4
23
4 3
*3418 35
4914 50
6118 61 12
*9718 99
511
13
*25
50
303 3012
2
Tuesday.
Feb. 25.
per share
1434 15
1012 103
4
525
28
570
7434
3012 313
4
•103 12
4
83
523
2512
5
6912 7112
118
114
2312 2312
212 23
3
•3418 343
4
4914 493
4
*6112 70
99
507
511
13
528
50
29, 304
2
Wednesday. Thursday.
Feb. 27.
Feb. 26.
per share
143 1512
4
•1012 10's
263
4
525
4
743
570
3114 33
4
*103 12
83
25
523
7112
569
118
14
26
•23
4
212 23
3412 3412
493 50
4
7412
565
99
.97
11
11
50
520
3012 304
$ per share
1012 1612
103 11
4
525
263
4
•70
743
4
8
3218 325
.103 12
4
____ 83
2512
523
6912 691z
118
1 18
25'8
*23
3
3
3414 3412
5014 504
75
566
97
*97
11
10
50
.30
314
31
Friday.
Fe5. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share Shares Indus & aliscell.(Con.) Par
154 1613 14,400 Phil,& Read C & I__ _. Vo par
105 104
8
900 Phillip Morris de CO., Ltd __10
•23
Phillips Jones Corp__ __No par
263
4
100
•70
Phillips Jones prof
743
4
315 3238 19,700 Pbillips Petroleum__ __No par
8
*103 12
4
5
Phoenix Hosiery
100
Preferred
83
•23
2418
Pierce-Arrow Class A _No par
5694 714
100
100 Preferred
25
*1118
114 4.200 Pierce 011 Corporation
•22
100
2412
200 Preferred
3
34 6,200 Pierre Petrol'm
.No par
3414 3412
800 Pillsbury Flour 1111111_ _No Par
505 504 4,200 Pirelli Co of Italy
8
64
6814
500 Pittsburgh Coal of pa__ 100
•97
Preferred
99
100
100
3,200F
200LI:Itts Terminal Coal
5912 13
•30
100
Preferred
50
3014 30 4
No par
, oor & Co class B
,
*67
7012 *67
2112 2214 21
993 993 •99
4
4
Stock
Exchange
Closed
Waal/Inaton's
Birthday
Holiday
569
71
70
7112 70
100 Porto Rican-Am Tob el A_100
68 .67
244 234 2414 26,200 CI as B
No par
2212 2162 234 24
100 Postal Tel & Cable pref___100
100
599 101 •100 101 510014 101
1Posture Co., Inc
No par
47
x46
46
46
48
467 16,000 Prairie 011 & Gas
8
47
25
46
4612 46
58
583 x554 56
4
57
587
8 573 58
14,700'Prairie Pipe & Line
59
25
4
57
1418 143
4 1414 1514
Vs par
1514 154 154 1413 1512 9,600 Pressed Steel Car
15
573
75
73
8
190
7312 734 737 •71
74
71
571
8011 Preferred
63
4 64
814
712 74 3,200 Producer, &Reticle:a Corp_50
7
64 64
612 7 1
531
32
34
34
531
531
*31
34
31
Preferred
531
50
5513 5212 5178 514 5212 5212 5312 55
4
55313 5512
100 Pro-phy-lac-tic Brush_No Par
937 964 943 9
8
8
4
4 64 054 964 064 984 396, 983 154,800 Pub Ser Corp of N J__No par
10913 10912 •109 10912 10914 1093 5109 1093 x10912 1094
4
4
100
900 6% preferred
1254 12512 •1254 1254 •1254 1254 1257 1257 .124 1257
2
8
8
100
200 7% Preferred
•154 158 •154 156
100
200 8% preferred
154 154 1 154 154 .15012 158
5108 11018 •I09 1104 109 10914 *10912 11018 •108
____
200 Pub Serv Elea & Gas pref _100
8233 84
834 82
823
4 7,600 Pullman, Inc
Na par
815 8214 824 8212 82
8
*512 6
*512 6
•512 6
6
100 Punta Alegre Sugar
2 *51
50
534 53
2212 22
314 313
3 22
224, 13,200 Pure 011 (The)
25
4 21 18 2153 21 18 217
113 8 1133 1133 1133 5113 11312 113 11312 11318 11318
3
4
4
4
100
100 87 preferred
823 8373 82
8
8412 8514, 834 844 8.800 Purity Bakeries
834 83
,2 85
433 454 435 447
4
8
3 4718 484i 47 8 4914 811,000 Radio Corp of Amer---No Par
8 443 473
4
,
8
*54
545 x5312 5312
545 554
8
545 554
8
100
5153 •54
Preferred
50
2814 2958 275 293
8
8
2 287 3014 294 324 313 3214-275,000 Radio Keith-02p cl A__No par
3
8 5512 57
8
584 5712 5812 564 577 11,700 Real Silk Hosiery
55
52 567
5714
96
5
9012 96
98
•90
590
5
9018 96
100
Preferred
O8912 96
5412 43
4
35
8 4
4
4
44
4
4
4
No par
4,900 Ras(Robt) & Co
.27
2812 304 •30
37
37
31
31
31
100
31
500 First preferred
3413 3553 3412 354 3514 363
2 363 '374 3718 384 77.100 Remington-Rand
8
No par
98
98
984 98'l
98
98
98
5974 99
98
100
500 First preferred
•10014 105 •102 105 510112 105 •10112 105
100
Second preferred
8
-13i- -fit:, 13
8
1314 134 133 131
4,200 Reo Motor Car
10
1318 1318 131.3
751e 77
7514 764 744 754 8,200 Republic Iron & Steel
767
76
7612 75
100
112 112
1117 11312 113 11414 5,600 Preferred
8
/
4
1113 11212 1111 112
4
100
241s 2412 2634 263
4
23
•____ 273 •___. 273
4
300 Revere Copper & Brass No par
4 23
102 103 •102 103 •102 10312 5102 10312 •102 10312
100
70 Preferred
71
•65
71
565
71
71
5
65
65
Vo par
5
65
71
Class A
•
52
2 6
512 6
54 6
54 5 2
3
13,800 Reynolds Spring
Vs par
6
54
3
8 535 55
8
5314 5418 5312 534 5318 5412 534 543
49,400 Reynolds(R J) Top class II _10
•42
•42
43
43
43
5414 4212 4212 4212 542
100 Rhine Westphalia Flee Pow__
233 24
4
241s 8,500 Richfield Gil of Ca11fornia...25
2353 244 24
245
8 2418 244 24
187 1914 12,200 Rlo Grande 011
184 187
8
187 1914
8
2 184 183
2 1814 19
No par
554
55, 553
55
2
554 •53
554 *53
Rltter Dental Mfg
5518 *53
Na par
40
4058 39
427
8 42
5
453 28,500 Roast& Insurance Co
8
10
394 33 8 4218 42
•____ 55 '---- 55
55
Royal Baking Powder__No par
•108
•108
•108
5108
160
5108
Preferred
5014 5053 497 504 5012 504 5038 503
8 504 50 2 5,900 Royal Dutch Co (N Y sham)
8
,
54
5434 54
3
54
544 644 5412 5412 543 5584 4,100 St. Joseph Lead
10
985 1047
8
9812 1003 24,300 Safeway Stores
8 97, 1023 100 10253 99 102
2
4
8
No par
973 98
4
9712 98
98
98
•975 98 .
8
98
98
100
120 Preferred (6)
10812 10812 51084 1094 1084 1084 •1084 1084 10816 10818
100
60 Preferred (7)
.267 27
8
52612 2712 2612 265
8 1,400 Savage Arms Corp___-No Pa
2712 2918 28
28
87
8 914
8
/ 9
1
4
84
83
4 84
83
4
2,600 Schulte Retail Stores_No pa
5
60
65 .60
64
643 560
6012 804
4
65
5
63
100
20 Preferred
1012 1012 51012 11
11
511
11
113
3
11
11
No pa
600 Seagrave Corp
8612 894 8512 884 874 90
4
8913 904 883 914 46,800 Sears. Roebuck & Co_No pa
24 3
•23
4 3
3
3
524 3
*24 3
No pa
2,000 Seneca Copper
4318 4334 42
4434 4418 4434 434 443 16,200 Shattuck (F G)
43
43
2
No pa
.294 30
529
30
293 304 •2912 3
8
52914 30
012
500 Sharon Steel He0P
N0 Pa
2112 2153 2112 2152 2I 12 2112 213 214 2112 213 16,490 Shell Union 011
8
4
No par
11
133
4 1218 123
8 12
8 9,400 Shubert Theatre Corp_No Par
2
133
3 123 1212 1218 123
6618 68
623 673
4
8 6212 6438 133.900 Simmons Co
4 6412 6614 644
No pa
*23
x2313 234 1,800 Simms Petroleum
24.2 •23
244 244 25
2414 23
1
223 2318 2212 2314 227 243
8
4 2414 257
8
2 241s 25 113,100 £3111Clalr COOS 011 COrP-NO Pa
5109 1094 •I09 110 •109 110 *109 110 •109 110
100
Preferred
287 294 2873 29
8
2914 2912 2918 2914 4,400 Skelly OH Co
284 30
2.5
538
42
42
535
•35
•35
42
42
42
535
Sloss-Sheffield Steel dr Iron 100
5
65
70
*60
70 •604 70
70
5
60
100
Preferred
7
7
7
7
5618
7
•6
5618
6
6
700 Snider Packing
No pa
3412 363
4 34
35
3514 353
34
35
3514 34
4 3.700 Preferred
No par
25
25
25
8
8 244 2518 245 25
25
245 253
8
2,800 So Porto Rico Sug
No pa
6258 634 6258 6378 634 6418 6418 653
8 6114 6218 13,200 Southern Calif Edison
2.3
520
2514 •1814 25
•1812 23
51814 23
•1812 25
Southern Dairies) Cl A __No pa
6
*54 814
55
64 64
55 2 6
,
5512 6
No pa
100 Cass B
3414 343
4 341 343
4
343 3434
4
3 3434 343
4 354 353
900 Spalding Bros
No pa
108 108 •108 109 •10812 109 510812 109
109 109
20 Spalding Bros lst pref____100
2712 271
2714 2814 1.200 Spang Chalfant &Co IncNo pa
2712 271
27
27
267 27
8
595
951 .95
951 •054 96
9512 9512
951 595
10 Preferred10
19
201
19
22
214 2112 223
194 20
227 45,600 Sparks Withington
8
No Pa
•74 81
814 1012 1,600 Spear & Co
58
814 .374 514 .3712 814
Vo pa
579
80
8018 8018 8018 801 •80
80
80
8012
150 Preferred
10
521 12 22
214 211 .
2112 2158 213 217
4
8 2114 2112
500 Spencer Kellogg dr Sons No pa
3212 321
32
3314 324 32 2 3112 3214 3,600 Spicer Mfg Co
3214 32
,
No pa
•424 433 4
1214 433 *4214 433 54214 434 54214 43
4
Preferred A
No pa
42
431
4112 45
4412 464 45
413
4412 46
8 8,80) Splegel-May-Stern Co_A7o pa
7
7
64 54
63
4 64
564 7
014 614
1,800 Stand Comm Tobacco..No pa
11714 1197 11512 1187 116 1193 11912 121
119 1223 49,900 Standard Gas dr El Co_No pa
4
8
4
56518 653
4 6514 65 4 6514 654 6518 6518 6412 65
,
1,100 Preferred
5
------ Standard Stilling
100
-145. -115
8
- 14
3
1114
11- ;jars 14
-14- 14
800 Stand Investing corp.. No Par
5814 593
6118 584 5918 18,800 Standard 01101 Cal____No par
5712 59
4
5814 604 5914
5814 593
8 6912 59,
8
2 593 604 5814 594 75.100 Standard Oil of New Jersey _25
4 584 603
3134 3212 3218 324 324 33121 323 3318 3218 3212 56.900 Standard 011 of New York __25
8
214 214 52
21
2
212'
2
52
2
2
1,100 Stand Plate Glass Co__No par
64 614
614 653
7
7 I
63
8 712 5612 74
190 Preferred
100
41
41
539
4012 539
40
539
4012 384 40
400 Starrett Co (The LS)__No par
39
304 3914 391
4 3913 40
384 393
393 403
4
4 8,700 Stewart-Warn Sp Curp____10
901z 9312 001 2 92
9118 93141 9332 953
4 944 9578 25,400 Stone & Webster
No par
4212 433
8 4138 4318 4214 424 4318 434 43
•
120 121 5120 121 5120 121 1•120 121 •120 1431'4 14,500 Studeb'r Corp (Tbe) No par
2
Preferred
100
•12
1
12
512
•12
34
313
4
52 1,400 Submarine Boat
No par
.5312 56
•54
54
51)
5312 53121 54
5533 5518
8
400 Sun 011
No par
1031 10314 103 103
:
1023 1023 1024 1027 •10212 103
.4
8
4,
280 Preferred
100
512 552
54 51
512 54
54 54
54 54 10,700 Superior 011 new
No par
204 21
2018 201
2014 2114i 21, 2112 2078 21
4
3,200 Superior Steel
100
*912 1014
593 10
4
4
4
593 10
593 10
:43 141
94 0
Sweets Co of America va pa
5
0
*312 414 *34 .11
414
418
418,
412
600 Symington
10
10
10
10
10, 104 •912 105
8 1012 104 1,300 Class A
No pa
17
17
17
17
17
17
17 I 17
17
174
1,300 Telautograph Corp_
No par
147 147
8
8 1412 143
4
1434 143 *1434 15
x1434 1414
800 Tenn Copp & Chem Na par
504 5152 51
513
514 5278, 52
521s 52
5212 21,500 Texas Corporation
25
6012 6112 6014 613
6212 6214 83
605
8
624 631/ 18,300 Texas Gulf Sulphur..
.No par
9
94
9
91
914 914,
94 93
8
918
914 5,400 Texas Pacific Coal & 011
10
145 15
8
1412 151
144 163
8 154 1578
1512 1614 29,800 Texas Pac Land Trust
1
• Bid and asked prlees: no sales on thts day. I Ex-dividend. y E
-rights. d Ex-11v. 200% In common stock.
PER SHARE
Range Since Jan. 1.
-share lots.
On tick of 100
Lowest.
Highest.
PER SHARE
Range for Preetosu
Year 1929.
Lowest.
Highest.
$ per share
per share II per share
P6r stare
912 Nov
34
Jan
113 Jan 17 1714 Feb 18
3
8
814 Jan 8 117 Jan 31
3
5 4 Oct 234 Feb
1912 Nov
73 May
243 Jan 24 274 Feb 18
4
65 Nov
96 May
70 Feb 4 75 Feb 11
2414 Nov 47
Jan
2918 Feb 17 35 Jan 2
1058 Oct 374 Jan
13 Jan 31
13 Jan 31
914 Aug 100 Jan
18 Nov
377 Jan
8
214 Jan 13 28 Jan 4
673 Dec 87' June
4
6912 Feb 27 734 Jan 6
332 Mar
1
Oct
8
13 Feb 18
1 Jan 4
20
Oct 5112 Max
2012 Jan 10 27 Feb 19
12 Oct
57 Jar
8
34 Feb 19
24 Jan 3
30
Oct 634 Jan
34 Jan 3 3714 Jan 22
4314 Oct 68 Aug
8
45 Jan 4 507 Feb 27
54 Nov 834 Jan
60 Feb 14 784 Jan 7
831z June 110
Oct
9718 Feb 21 110 Jan 7
16 Dee 343 Jan
2
8
10 Feb 27 157 Jan 28
42 Dec 781: Jan
45 Jan 2 45 Jan 2
20 Nov 437 Aug
2
274 Jan 23 334 Jan 31
3
59 4 Jan 14 727 Feb 13
3
12 Jan 10 253 Feb 11
8
97 Jan 8 103 Jan 21
46 Feb 24
5558 Feb 2S
77 Jan 2
3
52 Jan 2
612 Feb17
31 Jan 7
48 Jan 2
8112 Jan 2
10813 Jan 3
121 Jan 10
143 Jan 2
1074 Feb 5
813 Feb 25
3
512 Feb 21
214 Feb 25
1124 Jan 2
77 Jan 2
343 Jan 29
3
53 Feb 4
19 Jan 2
44 4 Jan 15
3
83 Jan 13
34 Jan 16
281/ Feb 27
5
25 8 Jan 2
92 Jan 3
95 Jan 4
104 Jan 24
724 Jan 2
107 Jan
23 Feb 26
102 Jan 16
70 Jan 1
4 Jan 10
4918 Jan
41 Jan
2214 Feb 1
164 Feb 1
2
447 Jan 1
37, Jan 1
2
5214 Feb 4
604 Feb 7
163 Feb 18
8
7612 Feb 14
913 Jan 8
3212 Jan 31
55 Feb 27
984 Feb 27
110 Feb IS
12612 Jan 29
1355 Felt 6
8
10914 Feb 26
894 Jan 3
812 Jan 17
243 Jan 2
8
1134 Jan 15
Ws Feb 15
4914 Feb 28
55 Jan 6
3214 Feb 281
6914 Feb 19
92 Feb 11
54 Feb 3
37 Jan 28
3812 Feb 28
987 Feb 20
8
10118 Feb 17
8
145 Feb 18
81 Feb 18
11414 Feb 2s
30 Jan 3
103 Jan 28
72 Jan 24
711 Jan 29
554 Feb 8
46 3 Jan 21
5
2613 Jan 16
1913 Jan 6
50 4 Feb 5
3
2
453 Feb 28
110 Jan 22
4914 Feb 20
4813 Jan 2
964 Feb 20
98 Jan 2
1051 Jan 14
3
2412 Jan 17
44 Jan 2
35 Jan 2
3
0 1 Jan 24
8213 Jan 15
24 Jan 3
36 4 Jan 2
3
2214 Jan 18
21 Feb 20
85 Jan 2
8
624 Feb 28
2274 Jan 22
2153 Feb 17
109 Jan 18
287 Feb 18
8
35 Jan 2
6014 Feb 18
54 Jan 2
23 8 Jan 2
5
2453 Jan 2
5618 Jan 2
184 Jan 6
34 Jan 4
33 Jan 8
108 Jan 13
4
191 Jan 2
92 Jan 20
134 Jan IS
6 Jan 6
71 Jan 20
207 Feb 1
8
214 Jan 2
3914 Jan 15
354 Jan 4
5 Jan 2
1093 Jan 18
4
64 Feb 6
110 Jan 22
5414 Jan 10
574 Feb 8
1223 Jan 23
3
997 Feb 7
3
109 Jan 28
311 Jan 30
4
1312 Jan 23
75 Jan 21
114 Feb 14
100 8 Jan 31
5
313 Jan 20
49 Feb 10
323 Feb 13
4
234 Jan 2
143 Jan 27
4
947g Jan 2
2814 Jan 31
2572 Feb 27
111 Jan 29
3214 Feb 1
45 Feb 11
70 Feb 21
8 Jan 9
368 Feb 24
4
30 4 Jan 16
3
65 3 Feb 27
3
26 Feb 14
74 Feb 14
36 Jan 7
110 Jan 11
31 Feb 5
96 Jan 2
227 Feb 28
8
1012 Feb 28
8018 Feb 26
23 Jan 2
364 Feb 4
4412 Feb 10
52 Feb 3
7 4 Feb 11
,
1247 Feb 19
8
66 Feb 21
10 Jan 2 15 Feb 18
5512 Feb 20 615 Jan 2
8
58 Feb 20 667 Jan 2
8
3114 Feb 19 337 Jan 2
8
14 Jan 3
3 Feb 19
838 Feb 20
4 Jan 6
33 Jan 23 4311 Feb 17
38 Jan 3 44 Feb 3
77 Jan 22 103 Feb 8
403 Jan 18 474 Feb 6
4
116 Jan 21 1224 Jan
es Jan 4
4
8 Jan 2
53 Feb 20 594 Jan 2
1024 Jan 13 1053 Feb 6
4
54 Feb 17
7 8 Jan 2
3
20 Jan 2 2611 Feb 5
81 Jaa 24 103 Feb 4
23
: n 3
8
5 Jan 14
818 Jan 3 12 Feb 3
154 Jan 25 18 Feb 4
13 Jan 3 1612 Feb 6
504 Feb 24 564 Jan 2
547 Jan 2 643 Feb 7
8
4
9 Feb 24 103 Jan 2
4
135 Jan 2 164 Jan 10
8
51 Nov 95 4 Mar
3
8 Nov
50 4 Jan
3
93 Nov 105 Jan
624 Mar 814 May
4012 Oct 654 Jan
45 Oet 65 Aug
64 Nov 253 Mar
8
50 Dec 81 Mar
4
Oct 257 Jan
3
2512 Nov 464 Mar
35 Oct 823 Jan
4
54 Nov 1374 Sept
98 Nov 10812 Feb
105 Nov 12478 Jan
1394 Nov 151 Rept
10412 Nov 10953 Jan
73 Nov 9914 Sept
6 Dec 2112 July
20 Nov
303
4May
10,51 Nov 116 Feb
Oct 14853 Aug
55
26
Oct 1143 Sept
4
50 Nov
57
Jan
12
/ Jan
1
4
Oct 46
2
3614 Nov 843 Mar
8614 Dec 1024 Feb
358 Dec 164 Feb
40 Dec 10812 Feb
203 Nov 574 Oct
3
81 Nov 9613 Oct
93 Mar 101
Apr
8
1018 Oct 317 Jan
624 Nov 14614 Sept
10334 Nov 11512 Feb
25 Dec 3112 Nov
103 Nov 1054 Dec
70 Dec 7s Noy
353 Nov
124 Jan
39 Nov 68
Jan
427 Dec 64
8
Jan
2258 Dec 4982 Jan
15 Oct 4212 Mar
40 Nov
70 June
28 Nov
06 May
26 Nov
4313 Sept
96 June 1147 Sept
3
4318 Oct' 64
Sept
3818 Nov 94
Jan
904 Nov 1954 Jan
85 Oct 101 Sept
100
Oct 1.3012 Dec
2012 Nov
514 Jan
312 Dec 4112 Jan
30 Dec 11812 Jan
10 Dec 2214 Apr
80 Nov 181
Jan
2 Nov
1012 Mar
2512 Oct 194 Aug
20 Nov
534 July
19
Oct 314 Apr
8 Dec 74,2 Jan
5911 Nov 188 Sept
15 Nov 4018 Aug
21 Nov 45 Jan
103
Oct 111
Jan
28
Oct 4613 May
21 Nov 125 Jan
6232 Nov 112 , Jan
3 Nov
12
164 Feb
14 Nov 644 July
225 Dee 45 May
8
4518 Nov .
9314 Sept
18 Dec 6012 June
24 Nov
154 Jan
30 Nov 6334 May
107 Nov 117 Feb
15 Oet 5214 Jan
89 Mar 98
Oct
1318 Nov 73 Aug
2
Oct 1434 Feb
70 Aug 804 Jan
20 Nov 45 Aug
2011 Dec 66 4 Mar
3
38 Nov 55 3 Mar
7
34 Dec 117 2 Feb
7
312 Dee 43 8 Jan
5
7312 Nov 243 4 Sept
3
5812 Nov 67 Feb
10212 Aug 103 Jan
14
4 Dec 48 Sept
5112 Oct 817 May
8
48 Feb 83 Beps
313 Nov
4
481 Seta
/
4
114 Nov
653 Jan
34 Dec 31
Jan
3013 Oct 4778 Oct
30
Oct 77 May
Aug
64 Nov 20112
3814 Nov 98
Jan
115 Nov 126 June
3 Oct
3
412 Mar
55 Dec Ws Oct
100 Jan 10512 Jan
54 Nov
24 Aug
15 Nov 73 4 Apr
5
54 Nov
2214 Apr
24 Dec
9 May
61.4 Nov
194 May
144 Dec 2512 Mar
59 Nov
207 Apr
8
4012 Nov
717 Sept
3
212 Nov 8514 Apr
2372 Mar
94 Nov
614 Oct 2412 Jan
New York Stock Record-Concluded-Page 8
1424
For sales during the week of stocks not recorded here, see eighth page preceding
-PER SHORE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Feb. 22.
Monday.
Feb. 24.
Tuesday.
Feb. 25.
Wednesday. Thursday.
Feb. 27.
Feb. 28.
Friday.
Feb. 28.
Sales
for
she
Wee*.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Highest.
Lowest.
per share
Per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share
Per share
Per share I Per share $ Per share
19 Jan 17 25 Feb 18
No par
2,100 Thatcher Mfg
2214 24
22
23
*21% 22
4
213 22
23
23
No par 4014 Jan 2 4414 Feb 4
100 Preferred
44
44
44
*43
*43
44
44
4412 *43
*43
No par 2638 Feb 25 32 Jan 18
500 The Fair
29
*28
28
28
27
26% 26% 27
*26% 27
100 102 Jan 21 110 Feb 13
Preferred 7%
*110 11214 *110 11214 *110 11214 •110 11214 •110 11214
25 3612 Jan 21 4178 Feb 28
800 Thompson (J R) Co
8
394 417
*38 4 3914
,
*3814 39
3914 3914 *3814 39
3
4
8 1112 113 10.200 Tidewater Assoc 011-No Par 10 4 Feb 15 13 Jan 10
1112 1118 115
11% 11
11
113
4 11
100 78 Feb 13 84 Jan 8
300 Preferred
4
*7812 8112 80% 803
80
78% 78% *7812 7912 80
Tide Water 011
100 194 Jan 31 214 Jan 2
*1712 20
*1712 20
*1712 20
•1712 1912 *1712 20
100 864 Feb 13 90 Jan 14
100 Preferred
*864 8712 8612 8612 *8612 874 .8814 8712 *8614 88
10 1415 Jan 17 1814 Jan 31
15% 15% 4,400 Timken Detroit Axle
4
153 1614
16
1612 16
11312 16% 16
70 8 Jan 18 8012 Jan 6
3
78% 7618 774 14,500 Timken Roller Bearing_No Pa
4
8 753 7712 77
75% 77% 75% 767
64 Jan 23
214 Jan 3
4 2,800 Tobacco Products Corp_..20
43
4 43
43
4 4%
43
4 5
5
43
4
49
4 5
7 8 Jan 2 1114 Feb 20
5
20
2,100 Class A
9 8 10
5
93
4 9%
9% 93
4
9 8 10
5
1019 10 4
,
612 Jan 23
27 Jan 7
8
Div ctfs A
•1523 64 *1% 64
*153
*1% 6
• :1 6
15
312 Jan 21
612 Jan 23
Div ctfs B
*1% 64 •1% 612
*15
8 6
*1% 6
*1% 6
5 Jan 22
234 Jan 20
Div Mrs C
*13
4 5
•1% 5
*1% 5
*15
8 5
*15
8 5
7 4 Feb 25 1018 Jan 15
3
84
3
8
7 4 818 33,900 Transcont'l Oil tern ett_No par
7 4 814
3
7 4 7%
3
7% 8
16 Jan 4 2858 Jan 31
2578 27% 21,400 Transue & Williams St'l No par
23
2514
23
23
224 235.8 2312 231
Ws Jan 2 40 Feb 28
4,200 Tries Products Corp-No pa
40
38 4 384 391s 39
,
38
373 373
4
4 3712 38
4
15 Jan 2 193 Jan 18
No par
17
1712 1,200 Truax Truer Coal
•1514 17
16
174 *15
*17
1712 15
10 334 Feb 26 3712 Jan 3
500 Truseon Steel
,
3314 33% 33% 33% *3314 33 8
35 •33% 34
*34
8
1213 12514 125 127% 21,600 Under Elliott FLeher Co No Par 9714 Jan 2 1275 Feb 28
4
1163 1183 118 122
4
4
11812 121
10 Preferred
100 121 Feb 4 12212 Feb 25
8
•1225 ____ *12212
12212 12212 *1224
•
12212
200 Union Bag & Paper Corp-100 10 Jan 8 14 Feb 3
12
1112 1112 12
12
*10
13
*10
*10
13
5
par 78 Jan 2 94 8 Feb 14
4
4
88
90% 87% 8912 8914 9114 9012 917 2893 923 96,000 Union Carbide & Carb_No
25 4118 Feb 20 484 Jan 15
4 5,300 Union 011 California
8
4 427 4312 4214 423
4214 4214 433
42
424 42
No par 33 Feb 27 3814 Jan 23
700 Union Tank Car
33
*28
33
7
337 33 8 3312 3312 33
8
34
34
4 547 62 208,600 United Aircraft & Tran_No par 4312 Jan 31 62 Feb 28
8
50% 533
4 5112 5478 5412 5653 5518 563
50 58 Jan 31 6614 Feb 18
6312 63% 6614 2,900 Preferred
634 63% 63
63
6312 621s 63
7 45
No par 38 Jan 7 45 Feb 7
2,300 United Biscuit
4 43
4
*423 43% 42% 42% 4314 4312 433 433
4
Preferred
100 118 Feb 6 118 Feb 6
•118
*118
- •118
*118
*118
_
9 Jan 22
4 Jan 4
10
6
6,800 United Cigar Stores
6
6
618
6
618
6
64
6
fils
100 28 Jan 2 544 Jan 23
47
100 Preferred
*42
47
42
42
50 .
*42
50 •
44
44
8
No par 3018 Jan 2 407 Feb 13
,
3814 39% 394 4014 39 2 4059 179,100 United Corp
37% 385
8
3712 39
8
No par 485 Jan 6 50 Feb 18
2,500 Preferred
494 50
497 497
50
50
493 50
4
50
50
8
10 Jan 2 197 Feb 19
1712 2,500 United Electric Coal... No par
1712 *17
174 17,2 17
18
1813 18
18
No Par 8612 Feb 21 105 Jan 13
90 4 9212 16,500 United Fruit
,
9012 92
8912 92
864 89% 8714 89
8
7 8 Jan 4 133 Feb 15
7
100
500 United Paperboard
11
1214 11
1218 1218 *1114 1214 1214 1214 *11
100 Universal Leaf Tobacco No Par 324 Jan 7 3514 Feb 11
34
3312 3312 *33
*3312 34
*33
3112
34
*33
60 Universal Pictures 15t pfd .100 30 Jan 3 50 Feb 28
50
50
*42
45
*4512 55
45
40% 40% 45
53 Jan 23
8
24 Jan 9
600 Universal Pipe & Rad_No par
,
4 *414 4 4
414 414 *44 43
414 414
414 412
100
Preferred_,
80 *---- 80 •____ 80 *---- 80
80
4
314 313 22,50&U S Cast Iron Pipe & Fdy--20 1812 Jan 2 333 Feb 17
4
4
29% 3012 2912 3012 3012 32 I 313 3259
8
15 8 Jan 7 175 Feb 6
5
No par
1,100 1st preferred
*163 17
4
17 I •16% 17
*163 17,
4
8 17
1612 17
184 Jan 3 19 Jan 17
No par
200 2d preferred
*185 19
8
8
8 19 I *185 19
*185
8
185 18% *18% 19
8
1514 Jan 6 203 Jan 17
No par
17% 1,100 US DLstrib Corp
17
1614 16'L 164 161t
*153 164 *1534 16
4
8812 Jan 9 95 Jan 18
Preferred
*85
90
90
90
*85
85
*85
90 .
90
*85
4
.
8
33 Feb 1
2 4 Jan 13
3
U S Express
3%
100
339
358 *3
3 4 *3
3
27
8 *3
*2
19 Jan 2 27 Jan 20
200 U S Hoff Mach Corp_ _No par
*2312 26
*234 26
*24
2412 *2312 26
243 25
4
22 1394 Jan 2
11612 11818 116 117% 117 12014 11814 12058 11814 119% 17,500 U S Industrial Alcohol-100 11014 Jan 2
93 Jan 7
4
718 Jan
yar
1,100 US Leather
No l00
8
8 14 *84 812
8 812
8
814 *814 872 *83
194 Jan 4
No par 15 Feb 26
700 Class A
4
1512 153
16
.15
15
15
16
1612 164 16
3
8014 Jan 22 89 4 Jan 9
100 Prior preferred
8314 *8014 8214 *8014 8212
*8014 8214 8014 8014 *8014
Stock
8
,
No Par 80 Jan 3 697 Feb 5
6618 64% 65 8 3,400 US Realty & Impt
85
654 65
4
6412 663
4 643 65
25,400 United States Rubber
10 2118 Jan 17 2918 Feb 13
8 2512 2714 2614 2714 2618 27
2514 2614 2518 26,
Exchange
4
1st preferred
100 473 Jan 17 535 Feb 11
3,600
52
514
52
5212 52
51,
2 52
51
5112 51
3,500 US Smelting Ref & Min....-50 3212 Jan 7 364 Jan 6
3318 34
33
,
4 33 8 332 33
33% 3318 333
33
Closed
8
50 523 Feb 11 5312 Jan 7
900 Preferred
8
4
*5259 5212 523 5212
4 523 53
5212 5212 *52% 523
18912 Feb 18
,
4
4
8
Washing- 179% 18214 1767 18018 179 183 21803 1833 181 184 4 462,100 United States Steel Corp-100 168 Jan 2 1427 Feb 21
8
100 141 Jan 4
1423 142% 142% 14212 1424 14212 14239 14239 1424 14212 1,600 Preferred
8
No par 6014 Jan 6 68 Feb 10
700 U S Tobacco new
6514 663
4
67
66
*65
66
66
66
66
66
ton'e
Preferred
100 12412 Jan 2 12412 Jan 2
*12412 144 *12412 144 *12412 144 *12412 144 •12412 144
Utah
10 195 Jan 30 225 Jan 9
8
8
Birthday *210% 250 *2105 250 *2105 250 *1997 250 *200 250
3712 38% 24.500 Utilities Pow & Lt A___No par 3112 Jan 4 39 Feb 18
37
38
37
4 35,2 361z 36
357 373
9
5 8 Jan 11
5
4 Jan 7
53
3,000,Vadsco Sales
No par
54 514
5
514 514
54 54
54 54
Holiday
100 Preferred
100 57 Feb 28 64 Jan 11
57
57
60
63 4 *57
,
6314 *57
*57
6314 •57
8
8
29,100 Vanadium Corp
No Par 497 Jan 2 733 Feb 14
8
70% 68% 697
69% 68
4 6778 67
4
654 683
1812 Feb 10 22 Jan 24
No par
100 Van Raalte
1812 1812
*1812 25
*1812 25
*i12 25
*1812 25
4818 Feb 28 5412 Jan 11
40 1st preferred
4818 4818
•4818 55
*4818 55
*4 4 55
•
484 55
3712 Jan 18 414 Feb 24
10,500 Vick Chemical
41
4114 404 40% 40% 41% 40
4014 4118 41
Vie Talk Mach 7% pr pref_100
_-612 Jan 2
74 Jan 24
8
Wo
53
4 6
6 -11- - 1;i6o Virginia-Caro Chem___N0 pa,
6
6
614 64
6
614
100 2612 Jan 17 304 Jan 24
400 6% preferred
27% 27% *274 28% 2718 274 2714 2714 *2712 2812
7% preferred
100 78 Jan 2 80 Jan 31
*7614 80
*761s 80
*7614 80
SO
*7614
80
*77
8
40 Virginia El & Pow pf (7)-10 1053 Jan 8 110 Feb 27
0
110 110 •110 111
*10912 110 *109 110 *109 110
60 Virg Iron Coal & Coke Pf- -100 39 Feb 3 39 Feb 3
48
•so
48
•39
*39
48
*39
48
39
39
100 65 Jan 7 132 Feb 15
1,600 VutearerDa
i ren reetinning
117 120
121 1243
4
117 121
110 112
4
1073 113
100 85 Jan 24 96 Feb 19
95
95
•93
95
95
*93
95
*
92
92
92
380 Class A
100 88 Jan 22 12412 Feb 15
116 117
116 118
110 115
•10014 110 *103 110
No par 2414 Jan 6 2812 Jan 28
2614 3,200 Waldorf System
2612 25% 2614 26
253 26,
4
8 26
26
26
100 Walgreen Co pref
100 97 Jan 8 102 Feb 24
*102
*102
_ *102
102 102 *102
par 26 Jan 3 3814 Feb 20
9.500 Walworth Co
6;
3
373
8 3618 - 8
,
3514 36% 355 36 4 35% 3618 36
360 Ward Bakeries class A N pa; 2112 Jan 7 31 Jan 23
Aro
28%
2814 28 4 28* 294
,
30
29
30 4 .27
3
30
31
7 Feb 17
418 Jan 2
200 Class B
Aro Par
*1318 614
612
614 614
g
,
*
6
6 12 *615 6 2
100 Preferred
100 58 Jan 2 8854 Jan 24
66
•
63
66
*63
66
64% 647 *64
8
65
*63
3859 Jan 2 674 Feb 28
4
7
60 4 61% 59% 62% 623 63 8 6314 64% 64% 6712 561,200 Warner Bros Pictures new-- 3812 Jan 2 59 Feb 28
,
ao ar
5718 59 I 12,700 Preferred
57
56
534 534 5312 5412 5412 56
7
165 Jan 23 20 2 Jan 2
8
No par
1818 184 6,600 Warner Quinlan
1812 18%
8
13% 183 18%
18
18% 18
No par 132 Jan 18 162 Feb 28
6,0001 Warren (Bros
1594 162
4
150 4 1523 152 15318 155 1603 15812 160
3
4
50 let preferred
50 46 Jan 15 53 Feb 28
53
52
52
52 .51
*51
52
52
*503 52
4
2512 2614 2,600 Warren Fdy & Plpe____No par 234 Jan 2 27 Jan 30
*2512 2614 *2512 26
25
2512 25
25
812 Fee 19
514 Jan 2
1,400 Webster Elsenlohr
25
714
714 *7
6% 6% *7
7
718
718 714
1,800 Wesson Oil& Snowdrift No par 2212 Jan 23 28 Feb 13
2614
2512 *2514 251z 2518 254 26
2512 2512 25
par 504 Jan 15 547 Fob 14
No
544 1,400 Preferred
5214 5412 *54
53 53
527 53
8
53
53
Jan 7 219 8 Feb 19
8
4
8
4
20712 2103 2103 2137 213 21512 215 2173 30,200 Western Union Telegraph. 100 190 Jan 17 528 Feb 27
20812 211
4915 513 34,300 Westingh'se Air Brake_No par 43%
4
48
48% 484 52
4718 48
47
48
140 Jan 2 18314 Feb 28
4
4
4
17012 1743 1693 1723 1724 18012 180 1841 182% 18814 235,000 Westinghouse El & Mfg____50 133 Jan 2 183 Feb 28
50
840 1st preferred
180 183
176 178
169 175
16814 16811 165 165
4,800 Weston Eiec Instruml_No par 295 Jan 18 38 Feb 7
357 37
8
365
8 3612 37
4
4 35
4 343 353
3412 353
No par 3312 J tri 27 36 J1.11 28
Class A
35
*34
35
*34
35
*34
35
*34
35
*34
50 West Penn Elea class A_No Par 98 Jan 3 105 Jan 15
10312 1024 *10212 104 *10212 104
10212 10312 104 104
70 Preferred
100 105% Jan 2 110 Jan 3,1
10914 10914 1081z 10812 *1084 109
108 108
109 109
240 Preferred (13i
100 974 Jan 2 10012 Jan 14
99% 997
9912 9912 994 99% 9918 997
9912 100
20 West Penn Power pref
100 11312 Jan 3 11659 Jan 29
4
115% 115% *1153 116 *11512 116
11512 11512 *11512 116
470 6% preferred
100 10418 .12%11 23 1074 Jan 8
1064 107 4 10714 10712 1071z 10712 107 1074
'
10612 107
800 West Dairy Prod ci A__No par 44 Jan 11 47 Feb 26
473
4
*47
47
47
4612 4618 47
*4414 4612 *44
13'2 Jan 3 194 Feb 10
1.500 Class B
No par
163 17
4
1612 1812 1612 17% 173 18
*1612 18
584 1,200 Westvaco Chlorine ProdNo par 37 Jan 2 5912 Feb 17
5412 *55
*54
52% 53
53
5412 5412 52
2,700 White Eagle Oil & Reg WO Par 26 Jan 17 2818 Fob 26
28
8 274
,
27
2714 2714 27 4 2712 284 27% 277
4,700 White Motor
No par 31 Jan 2 3612 Feb 5
353 30
4
358 36
8
3414 3112 35
3412 34
34
8
443
4 44
4411 5,900 White Rock Min Spring etf_50 3618 Jan 21 463 Feb 19
44 4 43
,
44
447
8 44% 44% 42
1139 Feb 6
718 Jan 14
1018 1012 1,300 White Sewing Machine_No par
1014 1014 1014 1014
10
10
1014 10
374 Feb 5
11
300 Preferred
No par 274 Jan
37
*34
37
*34
37
*34
37
*34
35
35
15 Jan 14
1112 Feb 25
500 Wilcox 011 & Gas
No par
12
12
1112 1112 *114 12
12
•1112 1212 12
100 Wilcox-Rich class A..
.No par 27 Jan 3 3414 Jan 29
32
317 318 *31
32
*31
32
*31
3112 33
264 Feb 20
No par
2 4,100 Class 13
4 2418 24,
2418 243
25
25
25
4
25% 213
25
8
n 2
1712 Jan 17 107 Feb 6
9
'
5
4
93
4 93 15,400 Willys-Overland (The)
93 104
4
959 10
9% 10
9% 10
300 Preferred
100 6714 Jan 2 84 Jan 29
3
80
7918 7918 *7918 797
7918 80 O7918 79% *70
439 Feb 5
312 Jan 14
500 Wilson & Co Inc
No par
4
43
414 *33
*4
414
34 4
3
4
418 *4
718 Jan 13 104 Feb 5
400 Class A
No par
914
4.0l2 012 *9
912
9 4 914
,
93
4 93
4
100 Preferred
100 42 Jan 13 52 Feb 0
49
*48
50
*48
49
*18
4814 484 *48
50
8
10 605 Feb 24 7285 Jan 2
6439 657 51,000 Woolworth (F W) Co
8
66
7
60% 635
8 6118 62% 623 63 8 63
10') 674 Jan 17 8712 Feb 5
8312 3,100 Worthington P & M
83
84
8314 83
7912 8212 79
813
4 82
300 Preferred A
100 88 Jan 17 95 Feb 6
95
95
05
95
95
95
*9313 95
*9312 95
500 Preferred B
100 78 Jan 3 44 Feb 24
84
84
83
83
83
82
*82
83 •
82
83
8
Wright Aeronautical__No par 353 Jan 23 56 Feb 18
55
5912 *45
5912 *51
5912 *35
*35
5912 *35
800 Wrigley(Wm Jr)
No par 68 Feb 23 704 Jan 22
68
68
69
6814 *68
634 683
4 681s 6818 63
500 Yale & Towne
25 7212 Feb 1 7512 Jan 6
*7515 77
75
75
7314 7314 7312 75
*7314 74
4
4 194 2014 34,800 Yellow Truck & Coach al B_I0 123 Jan 16 2212 Feb 14
8
195 203
20 8 1912 20
3
193 204 19
4
30 Preferred
100 72 Jan 27 85 Feb 6
85
85
88
88 '85
*85
*
85
88
88
*
85
Feb 18
,
4018 4159 4012 41 a 7,200 Young Spring St W1re__No par 3812 Jan 17 457 Feb
42
4039 42
43
43% 40
15
300 Youngstown Sheet & T_No par 108 Jan 11 134
131 13114 13012 13012 *129 132
*128 132 *128 134
Kook. a Ex-dIvliend. y Ex-rIghts.
ate1 and asked prices; no Bata on this day. 0 Ex-div. 20% In
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per shar
1612 Ma
35 Mar
251s Dec
102 Nov
30 Oct
10 Nov
7418 Nov
14 Nov
8518 Nov
1112 Oct
58 2 Nov
,
1
Oct
514 Nov
2 4 Dec
3
25 Dec
8
Vs Dec
518 Oc
1538 Dec
30 De
134 Dec
3018 Nov
82 Nov
120 Dec
7 Nov
59 Nov
4218 Nov
tor share
35 Sept
497 Sept
517 Jan
8
11014 Oct
62 Jan
2312 June
9078 Aug
40 June
9712 Jan
8
343 Sept
150 Jan
2218 Mar
8
225 Mar
18 Feb
20 Mar
1912 Jan
1514 Aug
534 Apr
63 July
3178 Jan
615 Jai
8
1813 Oct
4
125 Jan
43 Jan
140 Sept
57 Sept
31 Nov 162 May
447 Nov 1094 May
8
3312 Dec 60
Oct
11412 June 138
Oct
3 Dec 274 Jan
197 Dec 104
8
Jan
19 Nov 7512 May
4212 Nov 498 July
6 Dec 8118 Feb
99
Oct 15812 Jan
7 Nov 264 Jan
2518 Nov 85 8 May
7
28 Dec 93
Jan
24 Dec 2214 Jan
50 Dec 10012 Jan
12
Oct 557 Mar
8
15 Oct 19
Jan
184 Nov 20 June
9 Oct 23 Sept
7114 Mar 97 Sept
2 Jan
10 Apr
1712 Dec 497 Jan
95 Nov 243 8 Oct
5
5 Nov
3512 Jan
1414 Dec 6178 Jan
8114 Dec 107 Feb
5012 Nov 11912 Feb
15 Oct 65 Mar
4018 Nov 9212 Jan
8
294 Oct 727 Mar
Jan
48 Nov 58
150 Nov 2613 Sept
4
137 Nov 14414 Mar
5512 Nov 713 Nov
4
12514 Nov 143 May
2247 Nov 353 Mar
8
2418 Nov
5812 Aug
3 Nov
1312 Jan
60 Nov
82 Jan
3712 Nov 11612 Feb
17 Dec 42 Sept
50 Nov 83 Apr
33 Oct 109 May
110 Mar 1157 July
8
4
31s Oct 243 Jan
15 Oct 6512 Jan
69 Nov
9712 Feb
102 Nov 110 Sept
39 Dec 48
Jan
38 Nov 14978 Aug
81 Nov 110 Apr
40 Jan 142 Sept
20 Nov
3612 Oct
Jan
100
Oct 106
22 Nov 497 Oct
8
3
20 Dec 84 4 Jan
112 Oct 2114 Jan
50 Nov 8712 Jan
30 Nov 6412 Aug
2514 Oct 594 Jan
15 Oct 42721 Jan
115 Nov 20734 Os
39 Aug 634 Oct
15, Mar 344 Jan
8
4
Oct 11338 Feb
20 Oct 48 Mar
4918 Nov 7212 Mar
160 Nov 27214 Oct
3612 Oct 673 Aug
100 Oct 29258 Aug
103 Nov 284 Aug
8
1918 Nov 643 Sept
3212 Aag 3612 Apr
90 Nov 110
Feb
97 Nov 11114 Jan
8812 Nov 102 .191)
110 Nov 117 Mar
102 Sept 11012 Jan
361z Nov 60 Sept
7 Nov 40 Sept
30
Oct 944 May
25 Oct 38 Feb
274 Nov
5312 Mar
277e Nov
5541 Sept
Jan
1
Oct 48
27 Dec 577 Jan
127s Nov
2934 Feb
19
Oct 6114 May
123 Oct 62 May
8
Jan
514 Oct 35
Jan
65 Dec 103
1312 Jan
3 Dec
Jan
27
658 Nov
5
Jan
35 Nov 79
5214 Nov 112 Sept
8
43 Mar 1373 Sept
75 Nov 10012 Sept
66
Apr 9012 Sept
Feb
30 Nov 299
65 Nov 804 Jan
613 Feb 88 Aug
712 Nov 614 Apr
80 Mar 9612 May
k
334 Oct 593 Aug
91 Nov 175 Sept
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1425
Jan. 1 1909 the Exchange method of quoted bonds was changed and plus are now .'and interear-except for Moyne and defaulted bonds.
BONDS
';
N. Y. STOCK EXCHANGE. t•
t
Week Ended Feb. 28.
.... a.
Price
Friday.
Feb. 28.
Week's
Range Or
Last Sale.
;,..;
g gi
ta,
u
Range
Since
Jan. 1,
...
BONDS
t.
t
N. Y. STOCK EXCHANGE.
"O,
Week Ender. Feb. 28.
Price
Friday.
Feb. 28.
;•
Week's
.0,
Range or
tooi
Last Sale.
Bid
Ask Low
Mph No
Nigh
5
1091
Danish Cons Alunicip 88 A_1946 F A 10912 Sale 109
109
4
3
1946 F A 1085 109 109
50
98,6.299. 8 f 68 Series B
16
8
1043
-year extl 6s_1942 J J 10412 Sale 1043
98363
,994,
.. Denmark 20
4 38
1003
1955 E A 10012 Sale 10014
External g 5 WI
1000
.3101532
9214 77
External g 4348.. Apr 15 1992 A 0 92 Sale 9114
982..0911u
9938 67
4
Deutsche 13k Am part ctf 6s_1932 M 5 9938 Sale 983
26
8
97
053 957
8
.00114n Dominican Rep Cust Ad 510'42 M 8 90
100,6
1940 A 0 9138 9612 95
9512
5
1st ser 510 of 1926
1092%311115.1
95
8
8
20 series sinking fund 510 1940 A 0 905 9914 95
10516
.007"n
9712
9814 17
%1 Dresden (City) external 78_1945 NI N 9712 98
103 1042
102
39
4
s
Dutch East Indies extl 60_1947 J J 1017 Sale 1013
9942 100
7
4
4
102
1962 M S 1013 102 1013
40
98°339964n
-year external Os
10158
1
4
8
30
-year external 510-1953 M 9 1013 ____ 1015
1
102
State and City Securities.
4
30
-year external 530--- -1953 131 N 1013 ____ 102
9
El Salvador (Republic) 8s 1948 J i 10412 Sale 10412 10512
8
N V C 334% Corp st_ _Nov 1954 51 N --------855 Oct'29 ____ ____ ___
334% Corporate st_ _May 1954 MN --------8813 Aug'29 ____ ____ ___- Estonia (Republic of) 78_ 1967 .1 J 82
8212
1
8212 8212
__ _
- Finland (Republic) extl 681_1945 NI S 96 Sale 96
0registered
9712 18
4
__ 993 Mar'28 ____
1936 NI N ___
10
8 101
48 registered
External sinking fund 7s_1950 M 8 10012 Sale 1003
114 .
9194- -:. 94 Feb'30 ---1956 SIN
9752 32
4% corporate stock
External sinking fund 834s 1956 M S 6712 Sale 9612
96 95 Nov'29 -- - - ____ -_ __
1957 M N ____ 4A % corporate stock
External sinking fund 510 1958 F A 8612 Sale 86
8612 18
1957 MN ____ 104 10214 Jan'30 --__ 10214 10214
97
I
1957 MN --------10212 Dec.29 ------------Finnish Mun Loan 610 A 1954 A 0 97 Sale 97
434% corporate stock
9714 97
4% corporate stock
97
5
External 640 series B..._1954 A 0 97
1958 NI N --------9414 Nov'29 ____ ____ _
4
8 12112 386
4% corporate stock
1959 MN --------953 June'29 ____ ____ _:: French Republic exti 740-1941 i D 12112 Sale 1205
4
434% corporate stock193I A 0 --------96
4
:
1949 J 0 1153 Sale 11412 c1153 422
Oct'29 ____ .._ _ _
External 78 of 1924
4A % corporate stock__ 1960 M 9 --------95
10738 44
8
9S German Republic exti 78-1949 A 0 1073 Sale 107
95 -Jan'30 ---434 % corporate stock _ _ _ ..1964 M 8
8
Gras (Municipality) 88
1954 MN 9814 983 984 Feb'30 -,99 Mar'29 ____ ____ ___
4A % corporate stock _1966 A 0 --------101-_F A 104 Sale 10312 10412 55
Mar'29 ____ __ ____ Gt Brit de Irel(UK of) 5101937
F A --------10313 Dec'29 --434% corporate stock..
Registered
____ ____
1972 A 0 --------9912 Oct'29 ____
4
4
e4% fund loan £ opt 1960_1990 MN 8318 843 8312 Feb'30 --___ 1003 Sept'29 ____
4 Si% corporate etock__197i J D ____
9712 Jan'30 -- 1
____- _-4
e5% War Loan £ opt 1929_1947. D 9712 99
1963 M 8 ____ 10812 103 Feb'30 ____ 1013 103
434% corporate stock
434% corporate stock_ _1965 1 D ---- 106 102 Nov'29 -__ ____ ___
4 1063
4
2
Greater Prague (City) 710_1952 MN 106 107 1063
434% corporate stock July 1967.3 J --------1013 Nov'29 ___ ____ ___-_ Greek Governments f sec 78 1964 51 N 9912 100 100
100
4
4
87
41
New York State Canal 4s_ 1960 ------------10114 May'29 ____ ____ __ _
Sinking fund sec 60
1968 F A 87 Sale 8612
98
11
48 Canal
1952 A 0 97 Sale 97
10114 July'29 ------------Haiti (Republic) at 68
Mar 1958 M 9
4 13
963
410
Hamburg (State) 6s
1946 A 0 9614 Sale 96
Jan'30 _
109 109
109
1964 J J
5
Heidelberg(Germany)ext1750'50 J .1 100 102 10012 10012
9314 15
Foreign Govt. & Municipals.
Hungarian Munic Loan 710 1945 J .1 9314 Sale 93
Agric Mtge Bank 8 f 6s
88
9
External 817s
7312
7
7312 Sale 72
6312 7478
1947 F A
Sept 1 1946 J J 8712 Sale 8714
4
Sinking fund 13s A _Apr 15 1948 A 0 73 Sale 71
Hungarian Land NI Inst 734s'61 MN 9134 923 9212 Feb'30 ---73
31
6312 73
16
Akershus (Dent) extl 5s___ _1963 SIN 91 Sale 91
93
Sinking fund 71.0 ser B_ _1961 MN 9118 Sale Oils
913
4 22
87
93
Hungary (Kingd of) at 734s 1944 F A 1013 Sale 10112 1015
33
71
4
75
75
10
75 Sale 7434
Antlenula (Dept) col 75 A 1945 .1 .1
9614 3
8
External a f 78 ser B
7412
Irish Free State extls a 1 58_1960 MN 9818 Sale 9618
75
9
7012 75
75
74
1945 J J
4
0918 306
External s f 7s ser C
Italy (Kingdom of) extl 7s_ _1951 J 0 99 Sale 983
78
70
1945.3 J 747 Sale 7413
12
8
75
97
5
External s 1 7e ser D
Italian Cred Consortium 78A1937 M 9 973 Sale 9634
75
4
75
8
70
4
1945 J .1 7412 Sale 733
9658 2
0
External s f 7s lot ser__1957 A 0 7312 Sale 73
3
70
74
7312
External sec s 1 7s ser B__1947 M S 9514 Sale 9518
9
67
7314 Italian Public Utility extl 7s 1952
72
8
External sec at 75 20 set'_ 1957 A 0 747 Sale 717
9512 89
, J 95 Sale 95
8
963
8 71
8
External sec at 78 3d ser_ 1957 A 0 72
747
8
3
75
73
67
747 Japanese Govt £ loan 4a___1931 J J 963 Sale 9818
8
Antwerp (City) external 58_1958 J D 9412 Sale 943
10312 114
1954 F A 10312 Sale 103
95
41
8
30
-year e f 630
9214 9512
Argentine Govt Pub Wks618_1960 A 0 9714 Sale 97
9712 32
9518 9814 Jugoslavia (State Mtge Bank)1957 A 0 SO Sale 7812
45
80
Argentine Nation (Govt of)Secured a f g 78
9734 30
73
95
Sink fund Os of June 1925-1959 .1 D 967 Sale 9638
97
9814 Leipzig (Germany) 13 f 78_1947 F A 9712 Sale 9712
8
08
9612
97
34
9512 gg
Extl a f 68 of Oct 1925
98
J 0 95
2
Sale 9612
Lower Austria (Prov) 710_1950
4
1959 A 0 963
Sink fund 6e series A
10418 107
9718 47
1957 NI 5 97 Sale 9612
945 6884 LY011s (City of) 15
-Year 68-1934 NI N 10418 Sale 10318
8
8
External 68 series B_ _Dec 1958 J D 97 Sale 955
977
8 81
95
981
.
953 983; Marseilles (City 00 15-Yr 69 1934 NI N 1037 Sale 10318
8
8
9718 15
10418 122
Esti a f Os of May 1926_1960 M N 9718 Sale 97
70
37
9712 61
External 8 f 68(State Ry)_1960 NI 5 97 Sale 97
95 c9834 'tledellin (Colombia) 610_ _1954 J 0 7012 Sale 6612
%
1314
1
Ex ti Os Sanitary Works_ 1961 F A 963 9714 9612
Iexlcan Irrigat Aastiag 4;is 1943 ------------1314
9712 19
95
98
4
4
Extl 68 pub wks(Nlay'27)_1961 MN 9738 Sale 97
9814 54
9434 9814 Mexico(US) extl Soot 1899£'45 Q J --------493 Jan'29 ---2014 2014
Public Works exti 5.50_1962 F A
9212 31
2014
4
1945 ---- 10
923
4
Assenting 5s of 1899
9214 9212 9218
89
8918 10
Argentine Treasury 58£
8512 8914
Assenting 58 large
1945 M 5 88 Sale 88
------------1213
1212
5
Australia 30-yr 55. _July 15 1955.3 .1 8812 Sale 8712
89
79
8714 9414
Assenting 4s of 1904
1312
---- 1312 Sale 1312
6
External Soot I927__Sept 1987 NI 5 88 Sale 8734
Assenting 48 of 1910 large
883
4 71
87
9414
External g 434s of 1928 1956 MN 8214 Sale 817
Assenting 48 of 1910 small__ _ _ ------------1234_ Feb'30 ---80
85
8
8214 35
Austrian (Govt) 8 f 7s
Tress 68 of'13 assent (large)'33 J J --------24 Feb'30 ---18 10234 105
8
1943.3 D 1037 Sale 10312 10414
Small_
225 Sale 225
8
2518 10
Bavaria (Free State) 630_1945 F A 9412 9513 95
8
9518
8
91
96
Belgium 25-yr ext at 710 g_1945 .1 I) 11512 Sale 115
9114 71
73 115 ci18
116
- 0 91 Sale 9012
Milan (City. Italy) exti 610'52 /C20
-year a f Ss
1105
8 33 10912 11112 Minas Gcraes (State) Brazil
Sale 110
1941 F A 110
7512 12
25
-year external 610_ _ _1949 M 5 10712 Sale 10612 10712 60 1053 1093
1958 M S 7512 Sale 7414
External s f 610
4
4
33
75
Externals 1 6s
10318 76 10118 1033
1959 NI 5 7412 Sale 74
Extl sec 610 series A
4
4
1055.3 J 1023 Sale 10234
8
External 30
-year at 78_ _1955 .1 D 111 Sale 11034
1952 J D 101 Sale 10012 101
8
,
11114 117 109 4 1113 Montevideo (City of) 7s
91
2
4
Stabilization loan 7s
8 10814 120 107 10812
External at 68 series A_1959 MN 9114 943 91
8
1956 MN 1077 Sale 1075
Bergen (Norway)s f Ss
10614
5
11014
4 110 112% Netherlands 65 (flat prices)_1972 M S 10614 Sale 106
1945 SIN 11012 112 110
10
86
15
-year sinking fund 6s_ _1949 A 0 9914 100% 100 Feb' --,8514 Sale 8.514
New So Wales(State) extl 58 1957 F A
4
993 101
30
Berlin (Germany) a 1 610_ _1950 A 0 9312 Sale 9312
24
9212 943
94
8512 33
Apr 1958 A 0 8514 Sale 85
Externals f 5s
External sink fund 68_1958 j D 88 Sale 8753
10314 30
853 9212 Norway 2o-year call 68____1943 F A 10314 Sale 10318
8
897
8 47
Bogota (City) extl of 88
10314
17
1944 F A 103 Sale 103
95
3
9212 983
4
20
-year external 65
1945 A 0 95 Sale 94
Bolivia (Republic of) ext188.1947 M N
10312 13
1952 A 0 102 Sale 102
92
28
88
9514
30
-year external 63
9158 Sale 91
External securities 78
10214 56
196S5 D 10118 Sale 101
7512 13
7212 78 2
19583 .1 7513 Sale 75
0
4 -year s f 514s
,
External a f 713
973
8 38
77
72
External at 5s_ ___Mar 15 1963 191 9 9714 Sale 9718
7412 36
8
1969 M 9 757 Sale 74
Bordeaux (city of) 15-Yr 613_1934 NI N 104 Sale 10318
07
70
1041s 149 10214 10412
Municipal Bank extl s f 50 1967 J 0 9612 Sale 9618
Brazil(U S of) external 8s_ _1941 J D 9612 Sale 96
87
6
964 46
94
98P4 Nuremburg (City) exti 6s1952 F A 87 Sale 87
Externals 1 630 of 1936_1957 A 0 77 Sale 7638
10112
142
4
-year at 6s
7212 c78
Oslo (City) 30
1955 MN 101 10112 101
c78
Extls f 610 of 1927
1946 F A 9954 10014 9954
1
8
77
993
4
36
8
1957 A 0 763 Sale 763
Sinking fund 550
7214 773
4
1
78(Central Railway)
1953 .1 D 101 10112 101
101
87
8614 Panama (Rep) extl 55014
1952 .1 D 87 Sale 85
80
710(coffee secur) £ (flat) 1952 A 0 10018 Sale 100
4 17
4
913
101
6
Extls 1 Ss ser A __May 15 1963 MN 9112 913 9114
95 101
Bremen (State of) exti 78
4
8 23
9812 102
1015
76% 14
8
1935 M 5 1015 Sale 101
Pernambuco (State of) extl 78'47 M 9 763 Sale 76
4
Brisbane (City) a f fa
1957 ila s 8312 Sale 83
933
16
84
15
Peru (Rep of) external 7s 1959 M S 933 Sale 9318
83
90
Sinking fund gold 5s
84
7512 45
7
83
8s3
4
1958 F A 84 Sale 83%
Nat Loan extls f 68 1st ser 1960 J D 74 Sale 7318
Budapest(City) extla 1 68 1962 .1 D 7812 Sale 78
4
7812 34
752
14
Nat Loan exti at 6s2d ser 1961 A 0 733 Sale 7354
73
7812
Buenos Aires (City) 6348
4
1940 A 0 75 Sale 75
98
753
4 20
987 973
8
6
98
9612 10012 Poland (Rep of) gold 6e
1666 .1 J
External e f Os ser C-3__ _1960 A 0 96 100
8
8312 85
9212 gs
952 Feb'30 ____
Stabilization loan s f 75_ _1947 A 0 833 Sale 83
Externals Os ser c-3_ _1960 A 0 92
(
9412 57
98
96 Feb' --,,
30
90
963
External sink fund g 8s 1950 J J 9412 Sale 9312
Buenos Aires (Prov) nail.
8513 50
9213
2
1961 J 0 9212 Sale 9212
84 c86% Porto Alegre (City of) 8s
6_1961 M 8 8514 Sale 8414
Bulgaria (Kingdom) at 78_1967 J J 7914 Sale 7914
7914
8712
2
7
7634 80
Exit guar sink fund 7 30_1966 .1 J 8712 Sale 8712
90
Stabli'n Ins f 710 Nov 15'68 ---- 8812 Sale 8614
17
82
8
106
5
9014 Queensland (State) ext1 e 1761941 A 0 1047 Sale 1047
Caldas Dept of(Colombla)710'46 J J 84 Sale 8212
1947 F A 101 102 101
81
1
89
101
25
841x 12
-year external 6s
Canada (Dominion of) 56._1931 A 0 100 Sale 100
11
993 1003 Rio Grande do Sul exit at 68 1946 A 0 94
10018 45
9614 953
9614
4
58
19
8
8
70
1952 MN 1035 Sale 103
10353 20 10214 10378
External sinking fund 65_1968 .1 D 70 Sale 685
4
9814 17
7812 80
4348
80
19
7812
1936 F A 9814 Sale 973
973 993
External at 78 of 1926_1966 M N
4
8
Carlsbad (City) a I Ss
72
761 77
:
77
24 103 c109
2
1954 J J 1073 Sale 1074 c109
4
External at 78 munlc loan 1967 J D
Cauca Val(Dept) Colom 710'40 A 0 887 Sale 8814
89
4
12
8312 go
100
8
Rio de Janeiro 25
-years 1 813_1946 A 0 100 Sale 9914
7453 Sale 74
Central Agric Bank (Germany)7412 54
1953 F A
External a 1 610
95
Farm Loans f 7s Sept 15 1950 131 5 95 Sale 945
9112 183
32
1952 A 0 9114 Sale 9014
Rome (City) extl 6348
9212 95
8454 44
Farm Loans I 13a July 15 1960 J J 84 Sale 83
7714 84 3 Rotterdam (City) extl 6s
10453
6
1964 MN 10314 10418 104
8
Farm Loan 8 1 68 Oct 15 1960 A 0 843 Sale 827
843 188
8
8
1
84
83
1953 J .1 82
83
773 843 Saarbruecken (City) 68..
4
8
Farm 1.o,,,,(laser A Apr 15 1938 A 0 8914 Sale 8914
8953 38
3
100
9912 99
ar
841 90
Sao Paulo (City) at Sti_M- 1952 MN 97
Chile (Republic of)75
5
75 Sale 75
External 8 f 61is of 1927A957 MN
o
1011
3'.
20
-year external at 78
9712 20
9612 Sale 9618
1942 SIN 10114 Sale 101
San Paulo (State) extl at 88_1936 J ..1
,9
-- . % 102
External striking fund 68_1960 A 0 9014 Sale 89
90
37
9212 11
9218 Sale 9114
8814 9014
1950.3
External sec s f 88
0013 28
External a f Os
1961 F A 89% Sale 8914
6
8
84
88
9113
8
External a f 713 Water L'n _1956 51 5 817 Sale 817
91
Sty ref mai 8 1 68
11
1961 J J 8912 Sale 8912
67
35
88
91
External a 1 68 lot rcts-1968 J J 67 Sale 66
883
4
Exti sinking fund 6s
90
3
90
21
88
1961 M 5 89
92
034 30
Santa Fe (Prov Arg Rep) 75 1942 131 S 94 Sale 9213
Exti sinking fund 6s
1962 M 8 8912 Sale 89
88
90
89
' 39
6
Saxon State Mtge hist 78_1945 J D 983 Sale 9712
983
4
Chile Mtge Ilk 810 June 30 1957 .1 D 93% Sale 93%
94
'2 13
91
5
9214 9512
9212 91
Sinking fund g 63-4s_ _Dec 1946.3 D 91
97
9 1 630 of 1926_ _lune 30 1961 j D 97 sale 9434
40
94
9754 Seine. Dept of (France) extl 78'42 J J 108 Sale 10753 10818 154
Guar 5 f 613
88
Apr 30 1961 A 0 88 Sale 87%
27
9212 Sale 9014
861 8812 Serbs, Croats & Slovenes 8a '62 MN
9212 105
2612
Chinese (Ilukuang Sty) 56-1951 .1 D 2612 Sale 2612
4
235 30
159
8
82
1962 MN 82 Sale 80
External sec 7s ser B
Ctiristiankt (Oslo) 30-yr at 66'54 NI 5 983 100 100
4
100
4 100 10218 Silesia (Prov on exti_1958 J D
74
18
74 Sale 73
9313
Cologne(City)Germany6 A8 1950 M8 9318 9312 9312
4
9018 9412 Silesian Landowners Assn Go1947 F A
76 Sale 7412
76
27
4
763
8 28
Colombia (Republic) 68____1961 j j 755 sale 743
667 7712 Soissons (City of) extl 6s _1936 NI N 104 Sale 10318
31
104
Externals f tls of 1928_ __1961 A 0 74 Sale 74
7 % 49
5
68
90 Sale 90
77
Styria (Prey) external 7s
1946 F A
11
92
71
Colombia Mtg Bank 610 01 1947 A 0 7112 72
72
9
6514 72
Sweden external loan 510-1954 SIN 10414 Sale 104
10414
14
78
Sinking fund 7s of 1926__1946 SIN
78
11
793 83
4
71
78
Swiss Confed'n 20-yr s f 881940 J .1 108 Sale 1073
4
10818 53
78
Sinking fund 7a 01 1927-1947 F A
2
7712 Sale 7712
70
78
Switzerland Govt extl 514s_1946 A 0 10312 Sale 103
103% 42
Copenhagen (City) 58
97
39
1952 J 1) 9618 Sale 9618
9618 98
771
7
Tokyo City 58 loan of 1912-1952 M 5 768 7712 763
3
25
-year g 410
917
1953 MN 90 4 Sale 90 4
29
3
8812 923
4
External a I 510 guar _1961 A 0 90 Sale 893
9014 57
Cordoba (City) extl e f 7o..1957 F A 82 Sale 81
82
4
7614 83
747 75
71
Tolima (Dept of) ext1 7s_1947 M N
7
71
Externals f 7s._Nov 15 1937 NI N 89 Sale 88
97
Trondhjem (City) lot 510_1957 M N 96
89
7
82
SO
9618
9618
5
Cordoba (Prov) Argentina 7s1942 J J 9612 Sale 9512
9612
9
97
93
9714 Upper Austria (Prov) 79_1945 J D 95
9512
963
6
Costa Rica (Itepub) exti 78_1951 SIN 8618 Sale 8618
8712 27
86
8818
Externals I 81i8_June 15 1957 J D 8714 Sale 8718
8753 12
Cuba (Republic) Soot 1904_1944 NI 5 9914 10012 100 Feb'30
Uruguay (Republic) extl Ss.. 1946 F A 107 Sale 10612 1071
99% 101
23
External Soot 1914 ser A_1949 F A 10112 ____ 10112 Feb'30 _..__ 1003 102
1960 MN
953 Sale 958
4
Externals 1 65
OV
28
External loan 410 ser C _ _1949 F A 93 Sale 93
93
10
93
953 Venetian Prov Mtge Sank 75 '52 A 0 91 Sale 90
4
91
20
Sinking fund 530-Jan 15 1953 J J 10014 Sale 100
10012 46
99 4 1011 Vienna (City of) extl at 6s_ _1952 NI N 8512 Sale 8514
,
,
86
63
Cundinainarca (Dept) Colombia77 Sale 76
Warsaw (City) external 75_ _1958 F A
7753 30
Externals 1 614a
8
7412 17
725 Sale 715
8
1959 MN
65
7412 Yokohama (City) sail 6s_ 1961 J D 96 Sale 953
4
96
21
Caechoelovakla (Rep of) 88_1951 A 0 10912 Sale 109%
110
34
17 10914 111
Sinking fund 8s ser B._ _ .1952 A 0 10912 11038 110
Feb'30 ____ 109 11112
c Cash sale. e On the basis of 55 to the £ uteri rig,
U. S. Government.
High No
Ask Low
Bid
First Liberty Loan334% of 1932-1947
J D 995533 Sale 9915., 9915.. 353
Couv 4% of 1932-47
___ 995%3Jan'30 --7J D ____
Cony 434 % of 1932-47
Sale 10016 101632 96
.2
J 1) 101
20 cony 414% of 1932-47
J D ____ ____ 9911.,Feb'30 ---_
Fourth Liberty Loan454% of 1933-1938
A 0 1016.3 Sale 101681 10110 3 344
Treasury 4548
.211111,2 169
1947-1952 A 0 111,1,2 Sale 11016
Treasury 4s
6
1944-1954 J 0 107682 Sale 106'.2107% 06
Treasury 344s
10410,3 126
1946-1956 M S 0410 00416., 104
Treasury 340s
1943-1947 .1 I) 99v...9936., 9951.2 993%2 31
Treasury 340 June 15 1940-1943 1 D ____ ____ 9916.2 9930n 29
Low
Range
Since
Jan. 1.
Low
Moe
109 111
10813c112
8
10312 1047
9912 101
9012 9214
97
99 8
3
9312 97
9014 9612
92
96
96
9812
1013 103
8
10112 10314
1015 1025,
8
10158 1023
4
1033 10612
4
75
8212
913 97%
4
9714 101
9112 9814
8418 87
927 97
8
923 97
4
117 8 123
5
11218c11814
10614 1071 2
94 c100 2
,
10212 10458
.._- -_
e82%844
-4'9714 9712
1023 10712
4
9814 100
81
87
97 100%
97
91
10012 102
903 9312
4
88
9012
91
96
9012 9312
100 102
96
9712
9414 9914
93
97
9234 97
92 9513
943 9618
4
10112 104
7714 82
947 9731
8
9312 9812
10212 10418
10213 10418
65
70
123 15,
4
2
____
17 2012
1154
1112
1058
18
19
85
,
i
-fii
1412
14
25
25 4
,
91 4
,
76
65
6912 75
985 101
91
9412
10414 107
845 90
84 90
1023 104
8
10218 104
102 104
100% 1017
8
963 9778
4
9454 97
84
87%
100% 10234
983 101
8
10018 1021 2
8912 9124
7113 85
91
943
4
69
76,
69
7613
74
7712
841g
79
9312 9513
91
96
84
874
104% 10812
8
993 10414
90
9614
641 70
74
8312
SO
73
9212 10018
7014 7612
911
:
87
10314 10512
8053 85
95 101
70
77
96% 102
90
94%
793 90
4
65
7013
87
941 2
93
99
86
91
8c109%
1065
87
921/
755 82
70
74
72
76
1015 1047
8
3
86
93
10314 106 4
,
10712c1091:
10212 1043
.
7478 771:
8714 907
1
8712 731:
9312 97
1:
923 971
4
8114 873
105 1071
93% c98
88
94
867
82
73
78
95
98
New York Bond Record—Continued—Page 2
1426
N
BON OS
V. STOCK EXCHANGE
Week Ended Feb. 28.
30
,
t
t
Price
Friday,
Feb. 28.
Week's
Range or
Last Sale.
;•
Range
ants
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
129
Price
Friday,
Feb. 28.
Week's
Range or
Last Sale,
Ask Low
High
High No. Low
Rid
High No
Ask Low
Bid
30
' 847 Sale 8418
3
85
Ch M de St P gen 4e A-MaY 1989
8
Railroad
1 1003 10212
Q J 813 8414 80
10212 10212
Oct'29
s
Registered
4
102, -2
Ala Gt Sou let cone A 58_ _1943 J
Jan'30
02
92
Gen g 334s ser B____May 1986 J J 73
74% 72% Feb'30
923 93 92
4
1st cons 4e sor II
1943 J
837 85
8
30
9312 12
Gen 4%s merles C __ _May 1989 J J 9313 Sale 9234
84 FebAlb & Sum lst guar 3 He_ _ _1948 AO
4
100 May'28
85
85
85
85 4 85
Registered
3
Alleg & West 1st g gu 45__ 1998 AO 85
4
3
8
933
93
4
Gen 4348 series E.._ _ _ May 1989 JJ 624 IA 93
9212 94
Atka Val geu guar g 49
1942 MS 93% Sale 933
2
4
Chic Mllw 51 1 4 Pac 5s_ _ _1975 FA 923 Sale 913
8
78
773
923 278
s
76
,
4
,
4
Ann Arbor 1st g 4s_ __July 1995 Q J 77 4 7754 773
Cony adj 5e
4
923
723 276
4 32
4
913 'J.
AO 923 Sale 0214
8
4
I 2000 A0 723 Sale 72
Jun
Atch Top A 13 Fe—Gen g 49_1995
_
7714 78
Jan'30
Cbic & N'west gen g 3Hs_._1987 MN
7778 Jan'28
91
91
i
AO
Registered
2
Q
75
Jan'30
89
87, 91
8
Registered
Adjustment gold 49_ _July 1995 Nov 89 Sale 89
12
8914
90 8
3
general le
87% 93
883
3
80
,
1987 M N -8811"
Stameed
July 199 MN 89% 90 2 88'
Q F
4
84 Apr'29 -8814
853 3814
MN
8
Registered
853
s
-Reglatered
2
8818 Feb'30
9i •
90
Stpd 48 non-p Fed In tax '87 NI N 88% 90
87
in 853 91
90
4
Cony gold 48 of 1909
1956
12
1
102
(len 4 Hs stpd Fed Inc 1412_1987 MN 102 Sale 102
91
92
88
90
VI
Cony 4s 01 1005
1955 in 91
8912 Feb'30
Gen 55 stpd Fed Inc tax...1987 MN 10758 10834 10712 Feb'30
8914 89-J
Cony g 48 Issue of 1910_ _ _1960
hI N
13612 74 128 1401._
101 Apr'29 - Registered
Cony deb 4145_ _
1948 J O 13412 136 135
1
83
98
101 Feb'30
9018
Sinking fund deb 5s
1933 MN 10lis
Rocky Mtn Div bit 49_ _.J985 J J 88 Sale 88
MN
9012 92
09 Feb'30
J J
Registered
90 2
,
92
Trans
-Con Short I. let 49_1958
983
4 10
9912
10
97
,
-year secured g 78
98
1930• D 10012 Sale 10012 100 2
98% 98
Cal-Ariz 1st & ref 434s A.1962 M
46
I5
109
8
10214 1023
-year secured g 034s- - — 1930 MS 108% Sale 10814
s
All Knoxv & Nor lst g 58 _..1946 J O 19312 104 1023 Jan'30
Feb'30
20
96
105
lstrefgiis
9.5
95 4
,
May 2037 JD 105 Sale 10434
-- 96
AB& Char! A L 1st 4 Hs A _ _1944 J
4
1 10012 104
9514 9,55 9514
2
let & ref 4348
9514
10118 Sale 10118 10118
May 2037 J D
1st 30
-year fss series 51944 J
_
Jan'30
317
87
Cony 434s series A
4
87
J J 85 8 ---- 87
1949 N1 N 993 Sale -6,
2 102
,
Atlantic City 1st cons 48_ _.1961
9
9912 Feb'30 - - -.
91%
91
9412
Subs rcts part paid
At)Coast Line 1st eons la July'52 MS 91% Sale 9138
Chic R t& P Railway gen 48-1988
8851 -.- 8818 8878 13
89
9014 June'29
M S
Registered
ii
-96r8 - 187 Feb'3 - 90 2
98
Registered
General unified 4348
1964 in 9714 9814 9712 Feb8812
30
8
88
,2 9318
967
Refunding gold 45
1934 A 0 965 Ball 9612
, 9
8 70
0
L & N coil gRel
Oct 1952 MN 88 2 Sale 59
AC)
59
68
95
60,8
Jan'30 -Regletered
J J 58
Atl & Dan latg4a
1948
Jan'30
181
95
54
5318 56
Secured 4,34s series A
1952 NI S 94 Sale 9378
2d48
1948 J J 83
5
83
85
83
8218 8412 Ch St I. & N 0 Mew 141v 49.1951 J O 8814 90
8812 Feb'30 - - - _
AO
AU & Yad let guar Is
1949 J J
10412 10412 17
99
99
Gold Is
6914 ---- 99 Feb'30
June 15 1951 J 1) 103%
Auetin & N W it gu g 5s_1941
in
Apr'28
107
Fteglstered
9278 56
4
913
AO
8
91, 933
2
7
Gold 3 lie
- 81 July'29 -- -.
June 15 1951 • D
Balt &Ohio lat g
_ _July 1948 Q J 92 8 Sale 9318 Jan'30
J D
9312 9312
78 Apr'29 ----Registered
Registered
July 1948 MS ---- Sale 99)
182
9914
4
9012
100 Dee'29 - -983 991 2 Ch St L& P let cons g 55____1932 AO
8
20
-year cony 4 Hs
1933
9818 Jan'30
ogi, 9818
A0
1013 June'29 - - 8
B
Registered
Registered
10214 ga10 10134 10312 39 101 10212 Chic St P 0640cons Os__ _1930 J D iaof, gede 10014 100,
4
5
Refund A gen Ess series A 1995 J
9914 ,1une'28
-. 9914 Dec'29 - - _
3D
Cons Os reduced to 3349._.1930 J
9914
Registered
jo5i2 Sale 10314 10378 26
8
1-41i Debenture 5s
8
1930 MS 997 ---- 997 Feb'30 - - _ _
1St gold Is
July 1948 AO 10918 Sale 109
110
_ 19018 Dec'29
MS ____
10812r111
Stamped
Rai et gen 65 wiles C
1995 J D
929
8
9'23
4
4
943 Chic T 114 So East let U.._ 19110 J O 97
8
9,3 9714
91
93
9705 36
PLEAW Va Sys ref 4s_ _1941 MN 95% 10234 10-3
4 37 100'2 1027
4
8 1023
9014
8
1023
J
8
Inc gu 5.4
Dee 1 1960 MS 9914 Sale 9014
Seethe' Div 1st 58
1950 J
18
4
843
4
4
97, 97
2
84
87
Feb'30 - -- _
Chic Un Sta'n let gu 4 Hs A.198:3• J 96
J 843 8.08 843
- Tol A Cln
1st ref 48 A.1959
1023
8
10114 10'212
MS 102 Sale 19134
103% Sale 10378
lot 58 series 11
10412
9
1963
Ref & gen 58 Rules D__ _2000
3 101% 103
4
4 1023
J 10112 104 1013
1
10214 10234 10213 10212
Guaranteed g 56
1944 J
Bangor & Aroostook let 58.. _1943
19
Sale 867
8
29
8
87
1st guar 6348 series C'....1963 J J 1113 Sale 11438 116
87
84
Con ref 48
1951 J J 87
6812 Feb'28
J
Chic & West Ind gen 13s_Dee 1032 QM 10038 Salo 10038 1003
8
1
Battle erk & Slur 1st gu 3s 1989
9512
9512
9512 06
863
4
-9512 951
87% 27
Consol 50
1952 J J 8712 88
-year 4s
Beech Creek let gag 48_ _ 1936 J
95 Aug'28
J J
1047
8 29
let ref 5349 series A
1962 MS 10418 Sale 104
Registered
Jan'30
8
4
100
J J 1)914 Choc Okla & Gulf cons 58_1952 MN 1003 1023 10013 Jan'30
24 altar g 58,
1936 AO
78 Feb'30
78
C172 H & D 2d gold 4 Hs_ 1937 J J 9.512 - - - - 5512 Jan'30
78
Beech Crk Ext Ist g 3 Hs_
1951
1
9541
9514
C I St L & C let g 48_Aug 2 1936 Q
s
9514 Belvidere Del eons gu 3349_1943 J J 823 -Fei;56
94 FebTO
92 It
4
Registered
Aug 2 1936 ) F
Big Sandy 1st 4s guar
1944 • 1) 893 ---Cm n Leb & Nor 1st eon gu 48_1942 hI N 893 9. e94 Feb'30
J J
3
Bolivia Icy 1st 5s
1927
9714
- 1- 135 -613- 8814
90s
Boston & Maine 1st 58 A C..1967 NI S -98- Sale
4
82
81
100 July'28
82
923
Clearfield NI Malt 1st gu 53..1943• J
Boston A N V Air Line 1st 4s 1955• A 82 Sale_ 8112 Feb'30
3
8-0278
9012
927 927 Cleve Cill (7II & St L gen 48..1093 JO 8838 9012 8812
• J 9312
8
8
Bruns & West 1st gu g 4s 1938
103 102 Feb'30
1
95-8
8
995 Sale 993
20
-year deb 434e
- - 100 103
1931 J J
Buff Rock & Pitts gen g 68_1037 NI S 10014 Sale
c933
4 18
92
MN
9212
- - 118 Feb'30
90
933
4
1071
General 55 aeries 13
1993 J
4:m80143p
1957 AO 100 1003 100
1003
4
105 105 Feb'30
1 10012 101
4
34
J J 104 4Ref & impt fis ser C
1941
Burl CR4 Nor let & con 58_1934
Ref Aimpt 5e ser D
1963• J 10212 1031 2 102 Feb'71)
1_933:1_42 Sa1e_72_
0_
3
y
7 10212 104,1
J
:3 1,i : 1033
20
95
Ref & luipt 4 Hs ser F
)8
03 4
Canada Sou cons gu 58 A...1902 AO
1977 .4 .1 95 Sale 9412
2
94
- 943 Feb'30
9318 96
8
Cairo Dlv let god 49
1939
Canadian Nat 4348_13ept 15 1954 NI S
Feb'30
9214- - - 8512
FA
Cm W& M I)Iv late 49993 100
4
8514 86
.1
8512
5
-year gold 43.48__Feb 15 1930
937
8 24
9334 sale 9312
4
J
St L Div 1st coil tr g413 — 1991 MN 8512 ____ 853 Feb'30
92
,4 9414
30
1990
-year gold 41.0
1957 J O 937 Sale 9338
8
64
42
Spr & Col Div 1st g la - 1940 MS 9118 ---- 9218 Mar'29
9214 9434
Gold 4148
1968 J
4
10112 Sale 1007
9914 1013
913
W W Val Div it g 49._ __ 1940 J
--- 03 Jan'30
8 1013 120
4
Guaranteed gold 58
1969
12
11018 24
105 1041, Feb'30
4
Canadian North deb e f 7s 1940 J O 11014 110 4 110 Feb'30 --__ 1093 11134 COCA I gen cons g 6 ----111:14 J J 104 8J 114 1143 1143
8 - - - 987 JanTO
113 1147 Clev Lor & W con lst g 58
8
8
4
- 3_ AO 993
19_3
25
-years f deb 634s
1946
98 Feb 20
11:314 Jan'30.- 11314 11314 Cleve & Malian Val g
.
- — 1948 J J s812
Registered
951, 21
1,614
1003 Mar'28
FA 9012 Sale 9938
4
9818 09'- CI A Mar 1st go g 434s.__ .1935 MN
10-yr gold 4 Hs_ __ _Feb 15 1935 J
843
4 28
4
83', 853 Cleve & P gen gu 4345 sort),1042.40 9814 ___ 10014 Mar'28
J 843 Sale 84
4
Canadian Par Icy 4% deb stock _ _ MS
9812 13
9814 9518 98
965 9913
8
° 11 :1 sis
4
1942 AO 863 ---- 97 Mar'28
Col tr 4349
1946 J J 1013 Sale
102
31 100 4 10
.8
Series A 4 Hs
101%
3
1942 J J 9814 _--- 6513 Nov'29
2
as equip tr temp ctfs
1944 MS -- _
9818 Mar'29
8512 Jan'30
Series1.13 145
1948 hI N
(1arbotulale & Shaw 1st g 49_1932
2
,8
83
74
18
85 J J 79
Series D 330
893 Jan'29
4
1950 F A
Carol:eat let collo g 43
1949 J O 101 102 10012 Feb'30
,
3
9912 10118 Cleve Sher Line let gu 448.1961 A 0 973 _--- 9738
8
9734
Caro Clinch 40 1st 30-yr 58_1938 J
4 107 102318 Cleve Union Term let
10712
107 10712 107
8
19
108
530_ _1972 A 0 1073 Sale 10738
1st & con g as aer tDec 15 '52
- 8534 Feb'30
853 8534
4
.40
- 107
J O
Oct'28
Registered
Cart & Ad lst gu g 4e
1981
8431
8514- - - 8212 Feb'30
let s f 58 series 13
82
8212
1973 AO 10534 1O2e 10254 10112 10
Cent Branch U 1st g 4.5....1948 J O 82%
96
Islet guar 4945 eer C_ _ _ _ 1977 AO 9612 68
Jan'30
1 10214 10314
F A 10312 -- -- 10212 10212
Central of Ga Ist g 59_ _Nov 1945
1021,2
2 101 101
Coal River Ry let gy 48___1945• D 8818 91
hI N 102.12 Bale 16212
89 Feb'30
Consol gold 58
1945 MN
98.74 0914 9812
100 Feb'3
CRo A South ref A ext 4148..1935 M N
100 100
7
9114
Registered
3 10512 10414 Feb'30
- 903 Fe.b'30
4
104 1053 Col & H V 1St ext g 49
4
1948 .40
Ref & gen 534s dories 11_ _1959 Al) 104 8
9054- 89
3
8418 Dec'29
9818 100 8 Col & Tot lot 021 41
AO 9912 99 4 9914
3
9934 23
1955 F A 86
Ref A gen 58 series f'
1959 J D
8412 8412 Conn A Passnui My 1st 49-.1043 A 0 85 8412 Jan'30
Feb'SO
8612 June.,,,
Chatt 141v pur money g 4(3_1051
1, 100 1012 Consol Ry deb 48
100
_ -- 100
1930 FA
- - 9412
. • 'Mee & Nor Div 1st g 58_ 1946 ii 971
Jan'30
98
875
98 98
74 FebTO
J J 9814 I00
Non-conv Os
1954 J J 7112 - Mid Ga 4 All Div our in 59'47 J
- 100 Feb'30
70 .Tan'30
Non-cony deb 43
100 100
J
1955 JA J 7312 75
Mobile Div 1st g 59
1946
5
83
100-- 823
4
8112 83
Non-cony deb 48
- 69 1)"e'29'29
8114 853
8
1955 A 0
Cent New Fog 1st gu 4
8-1961 m
9912 992
9913 Feb'30
100-7014- -- 8
Non-cony debenture 4s
.
1956 J J 7214 767 7314 F(1) 30
Central Ohio reorg 1st 4348_ _1930 hi N 9812 987 9812
2
98 2
,
9512 9812 Cuba Nor Ry 1st 534s
-69
22
1942 J 1.) 69 Sale 6814
Cent It R & Ilkg of Ga coil 5e 1937 j j 110 Sales 10918 110
13 1073 110
Cuba RR 1st 50
4
80
8012 8014
7
8012
1952 J
-year 55 g
Central of NJ gen gold as_ 1987
5 107 111
let ref 734s serlee A
2
957
• J 10814 111 10812 10812
8
057
8
1936 JO ____ 05
Registered
1987• J 00
9234 9038 Dee'29
let lien At ref 6s ger B._ _1936 J
98
12 Feb'30
91
Gauerel 48
1987 FA 92 Sale 92
9
9218
-9":112
Cent Pa,- 1st ref gu g 49__ _ _1949 FA
Day & MIch 1st cons 4349_ .1931 .1 .1 09 101
89 Nov'29 - -8918 Dee'29
Anglett.,
19,1
30
9138 Feb- - -- - -56i8
Del At Hudson 1st At ref 48._ _1943 MN 9214 Sale 9I5
AO 9114 93
93
122
'through Short 1.1st gu 49.1954 FA 103 Sale 10212 1033
8 77 10034 10323
30
-year cony 59
11135 A0 100 107 101 Feb'30
1960
ditnirunteed g 58.
15
104
-year 5149 •
1937 MN 104 Sale 104
_ - 108 Dee'29
10-year
ii
,
19:30 J O 10012 Sale 10012 100 2 26
Charleston & Say'h 1st 7s_ .1936 MN 10813- - 10234
8 iof 34 104 - D RR & secured 79
103
8
4
2
1027 10312
'28
,
4
Bridge 1st
(6, Auij41
1 13
g 45_1030 FA 95 4 Ches & Ohio let con g 58_ ___1939 MN
10112 Jan'30
103
Wilt 1021, Den & R ist consgu4s_ 1938 J J 9484 Sale- 9
g
1939 MS 98
Registered
9812 23
9014
98.2 98
7
97 1 9914
1
0714
Con801 gold 1411
,
1936 J J 96 4 97
1902
General gold 4349
Jan'30
96
Den & RQ West gen 58.Ang 1955 hI N 9612 Sale VG
06
•S
96
96% 51
Registered
997 Jan'30
8
90
27912
62
997 10018
FA
,
Ref & Impt 5s set 11_Apr 19723 hI N 8012 90
1930 AO 943 Sale 9411
20
-year cony 4 Sis
66
95
2514 35
Dee 1.1 de Ft 14 1st gu 45.....1935 J J
8
26 lkb'30
95
94
1993 F A
Ref ee imut 4 48
Sep
2514
2514
2
25
35
Certifieutes of deposit
Registered
5
9
Des Plaines Val let gen 4 Hs.19-17
.
4
8
J J -643- glife- 997% PV 29 314 "Oigs
-. 923 Feb 29
-S
'tot& impt 4Hs ser B____1995 J J 100 100,- 10012
6
10012
9238- 9611 10112 Del & Mac 1st lien g 48. _ ..1955 • D 6:3 68 tO flet'21
Craig Valley Ist 59_ .May 1 '40 J J 863 8812 88
Jan'30 Feb'30
4
8612 88
CO
61
Gold Is
65
1995 J
Fett8 Creek Itranch 1st 48_1946 J J
8812
1
_ 8812
96
2
8814 9812 Detroit River Tunnel 434s. _1961 MN 96 Sale 96
RA A Div 1st con g 19_1989"3 846s 87
Feb'30
0758- -- 8512 Feb'30
Dul Mlasabe & Nor gen 58.._ 1941 .4
101
8312 87
10113 1989 MS 063 ___ 09 Detc'29
2d consol gold 4e
Dul & Iron Range let Se._ ..1937 A 0 0912. 100, 100.4 Feb'30
8
Warm Spring V let g 5s _ .1941 MN 10018 Sale 100
10014 79 -1"8;1- 1663Oct'29
8 Registered
07
A0
Chesap Corp cony 5e..N1ay 15'47 A
DR Sou Shore & Atl g 5s...1937 J J 73
74
67 Feb'30
65, 67
74
,
Jan'30
65% 67
Chic & Alton RR ref g 3s. _A949
2
East fly WOO Nor Div 192 4s '44: AG
6512
14
6611 6512
64, 65
4
- - 9212 Feb'30
Ctf deo stnd Oct 1920 lot__ _
2
59
67
6512 0678
East T Va & Ga Div g 59_ _ _1930 J J 997 10011 100
Jan'30
,
92,2- Rano at, first lien 3Hs._
Feb'30 6112 66
66
Consol 1st gold 59
8
1043
8
2
6512 67
1956 • 111 10114 103 1043
Certifirates of deposit— _ _ J i 8511 863 8518 Feb'30
10514 102. Feb'30
8518 87
Elgiu Joliet At East 1st g
8
8
1941 MN 102
ChM burl A ti—Ill ()Iv 3348_1040
10
84.8
8418 84's El Patio 3, SW 1st 53
8418
Jan'30
19115 A 0 101 102 102
Registered
7
_93 4
,
9218 9414
3" 9314 Sale 9218
Minnie Divireon 48
Erie let eonsol gold 7s ext _1930 ill S 101 Sale 101
93
9318 23
4
4
89
101,
2 20
!-9M s 919 923 92
General 49
1958 Al s
1st cons g 12 prior
9134 Sept'29
_
851p
5
1996 ii 8518 85% 8178
19
Registered
87
_
4
99
96
8218 Jan'30
97 Sale 963
Registered
F A
1996 J .1
let & ref 448 set B
1977 F A 10518 10612 10512
1st consol gen lien g 45...I0941 .4 .1 SON Sale 80
10412 10618
10512
81
27
151 & ref 5s series A
1 I 0111c105
764
103
761s
Registered
1971 A 0 102 Sale 102
1
1996 J J
Chicago A East III 1st 68_ _ _1934 MN 73
78'..
7612 25
Penn coil trust gold 48._ _.1951 FA ioi 10112 101
7514 75
72
'2
101
C & E III By (nen. co) con 56.1951
7 102 10112
8312 27
103
50
-year coon- 4s series A - _ 1953 A 0 8234 841 1 8312
3
103 104, 103
Chic At Erie 1st gold 544 ------982 hi S 65 Sale 6412
663,,
6511 64
Series Ii
8414 8312
64
8312 10
1953 A 0 83
Chicago Greet West ist 48_1959 J J 1123
Gen cony 45 series D
11234 Jan'30 -- -- 1123 111
4
4
- 8312 M9'29
1953 A 0 8112
Chle Ind A Loulsv —Ref88 .1947 J J 10218 10312 1013 Jan'30
557 155
8
-- 1013 1013
Ref & Impt 58
4
4
4
95% Sale 9518
- 1987 MN
Refunding gold 58
1047 J
Erie & Jersey 1st e f 6s_ _ .1955 J
89 Dee'29
8918
112 115 11112 Feb'30
Refunding is series
1947 MN 10011 Sale 1003
8 -oil .621; Genosece River 1st s f 5s. _ 1957 J
8
1
8
1002
110 111 109 Feb'30 _
1st & gen 58 merles A
1968 J I 10614
10613 10612
100 1061
8
: Erie .4 [IBA cli g 3%e ser 13.1940 J 86% _ -- 857 Nov'29
let & gen Rs set 13_ ..May 1066• J 87 II,,, Oils
Series(1 3 4s
.
9213 9118 .199 30
8
1910 J J 8633 — - - 857 Oct'20
-year 4s_ _1956 JO 933 95
Chic Ind 4 S 59
933 933 Est RR exile f 73
4
4
4
933
4
933
10514 71
4
1954 91 N 10518 Sale 105
Chic L 8 & Ems. 1st 4 Hs__ _1969
• Utiot. sale.
Range
Since
Jan. 1.
Low
High
84, 874
8
-2r78 7414
923 951s
8
923
8
90,
7114
773
8
75
87%
98
94
7414
8
773
75
913
8
sz8i8 93
100 10214
107 8 107%
,
innis 1014
99
99
10012 10114
1073 109
4
1043 106
4
95
9612
9814 102
99 9912
88 ',
41.
8.512 87
9512 6714
95
95
923 95
3
8814 8812
10318 10412
-
itiois 1-6614
917 foki9554 98
94
89
97 100
103 105
10134 104
114 11518
10338 101
8512 89
103 104%
9978 100
,2
9512 9512
951,
94
9413
8,85, d94
8912
9914
108
103
'02
9313
92
8514
8
9I31
993
4
108
106
10418
9718
94%
8614
85
34
90
103
993s
98
93
11414
99%
914
"i8fs 16
1i
07's 98i
10018 108
(111
105
98
89
88
9914
97
881s 904
,
.-61;
9
70
70
76
70
70
6912
7.
9778
87
73
75
84
9914
92
9114 94
100 107
10078 10414
1001 101
:
99%
9538
9213
8712
231,
25
04 4
3
971 4
99 8
,
90
26
26
60
9584
101
10014
60
97
101
101
74
9212
9932
1110
102
102
75
0218
100
10418
102
102
i 01
84
821s
79
7118
101
82%
82%
1013
4
89
8218
.113
77
101
85
8678
9412 98
11034 112
109 111 18
ioiN
1427
New York Bond Record-Continued-Page 3
BONDS
N Y. STOCK EXCHANGE
Week Ended Feb. 28.
Price
Friday
Feb. 28.
Week's
Range or
Last Sale.
High
Ask Low
97 Feb'30
8418 90 84 Feb'30
59
56 Bale 57
30%
4
2914 313 30
3
93 4 Sept'29
104 10512 Feb'30
104
104
10312
1001s 10012 100 Feb'30
99% -- 100 Feb'30
98
9812 95 Feb'30
.
86 Noy 29
Bid
Fla Cent& Pen let cone g Se 19431 3
Florida East Coast let 410_1959 .
1
1st & ref 58 aeries A
Fonda Johns& Glov let 445254 9M 8
72 I N
Fort MU 13 Co let g 434s_ _.1941 J J
D
Ft W & Den C let if 514e-1961
peens Elk & Mo Val let 68._1933 A 0
GH&BA M &P let Se
1931 MN
2d extens
anar
Oily Hosts & Rend let 5s
1931 j 0
193 A 3
3
Gs dr Ala Ry let cons 5a Oet j9453 J
Ga Caro & Nor let gu g 5s 1929 3 J
Extended at6% to July 1_1934 J J
Georgia Midland let 319.-9946 A 0
Gouv & Oswego let 58
1942 3
Gr R & text let gu g 4 he_ _1941 J J
Grand Trunk of Can deb 7s..1940 A 91
lS-yearef6s
1936 M S
Grays Point Term let Se .1947 J D
.2 •
11
„„
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
Range
Since
Jan. 1
•
18!
Bid
High
Louisville & Nashy (Concluded)98
9014
Paducah & Mom Div 45_1948 F A
87
St Louis Div 2d gold 3e
1980 m 8 66
6012
Mob & Montg let g 4148 1945 m s 97
3012
Ry joint Monon 48_1952 J J 89%
8
AU Knoxy & CM Dly 40 1955 M N 913
9194 10534
9914
Louley Cln & Lex Div g 4 he'31 NM
199 1
924 104
Mahon Coal RR let Is
1934 J 1 10018
Manila RR (South Lines) 48-1939 #1 N 74
993 100
8
1959 MN 6014
1st ext 4s
4
943 9838
4
Manitoba SW Colonloa'n 58 1934 3 D 983
Low
97
7913
87
50
9
2512
1
Prfte
Friday,
Feb. 28.
Wears
Range or
Last Sate.
Ask Low
/24:20•4
Mao
Jan. 1.
High No Low
9213 9212 Jan'30
73
66 Feb'30
9734 Jan'30
ififs 89% Feb'30
9212 9112
9112
993 9914
4
994
9958 Feb'30
76
74 Feb'30
73 67 Feb'30
9812
9914 Ms
15
15
HOB
9118 92
9
,
68
67%
97% 97%
99 904
1
911 9118
4
9885 994
1
0018-9955
73
12 76
60 67
98% 9912
85 8 Sept'29
3
...„
3
99 100 4 Man 013 & N W let 310.-1941 1 J __. 89
9
5
5
5
5
55% 65% Max Internal let 45 asetd_1977 M S
Mich C'en t Det& Bay City 5e.'31 PA 8 ioti-' 100 Feb'30
100 100
Jan'30
CI M 99 1410 8 100
100 100
--1Registered
-1194 Il-2
ti
1940 1 .1 9484 95 95 Feb'30
20 109% 1103
944 95
14
4
Mich Air Line 4s
1
J J __ ___ 9218 July'29
16 104 10512
Registered
79 Mar'26
Jack Lane & Sag 3145_1951 M 8
8412
931 85
f1
:e
8412
let gold 314s
-ills itil:
8
122 110 1113 Mid of NJ ist ext Ss
N 9 2
O
9014 Dec'29
Great Nor gen 7s aeries A...9936 J
1107 Sale_ 11012 111
8
M II & Nor 1st ext 4148(1880)19459 6 D 988 9814 9614 Jan'30
4
lila We.
10812 Dec'29
4A
2 I
Registered
923 J
J J
9534 941
9412 10
8
151 & ref 4 he series A __1961 J
Cone ext 414e (1884)..1934 1 D 0 3 19, 965 Dec'29
9638 0434
04
94
161-4
12 108 110
Mil Spar &N W let gu 48..1947 M 8
110
90 Feb'30
109
General 510 series B____1952 J J 10912 9111w & State Line let 3148..1941 J J 835
18 10314 105
8
90 Apr'28
General 511 series C
1033a Sale 10358 104
1973.
4
9
9 102
8 9814.4 Minn & 8t Louis 1st eons 921_1934 M N 40 4 Sale 40%
5
40 4
3
1
9612
3
General 410 merles
9812 9612
J J 96
39%
25
40
44
5
9614
Temp Ws of depoelt_1934 M N 40
General 4 he series E._ _ _1977 J J 96 Bale 96
95
9714
3314
Oct'28 -let & refunding gold 4e_ 1949 M 8 137s 14
14% 16
13 4 16
1
86
Green Bay & West deb otts A... Feb
1518 Feb'30
174 . . -33 32
20
151 159
8
Ref & ext 50-yr 58 ser A..1962 5 F 15
1
93
Debentures etfe 11
Feb 2712 293 2578
8
Jan'30
15
14 Feb'30
14
16
Certificates of deposit
91% 92
Greenbrier By let gu 4s._1940 M
923
4
-- 92
M St P et BS 91 eon ads lot gu'38,ri'
5
4
81.14 89 2
Gulf Mob & Nor let 510_1950 A
99 s 17
3
foils Bale 8914
1
4 1023
102 10212 1023
let M bit series C
16 Feb'30
96
944 95 4
95% Feb'30
98
8
1950 A 0
le4 eone tra
st c s Segu as to int.- 1938 is s 100112 96112 99
1
99
97
Gulf & S I let ref & ter 360.1952 3 J 105 107 105 Feb'30
103 105
9912
j 94 2 8 2
J 97
9
39
4
9614
5
10014 10014
9614
99 100 4
Hocking Val 1st cons g 4145.1999 1J 9814
1
9814 9812
14
19 7 ref il- 19 6%4 -1 31 J J 95 -97- 95
8 3( e e:1'4(1
Jan'30
;ear
oCl 9
98
98 100
94
93% 94
Reglstered
194
96
1999 J
97% 98%
1
84
9714 Feb'30
25
85 84
-year 5he
83
81
87
Housatonic By cons g 36.. __ 1937. M N 9
714 99
H & T C 1st g 5a int guar_ _ _1937 J J 10018 ---- 99 4 Jan'30
92 92
3
let 1 We
-ago Term e f 48_1 9 9 M 8 91 --- 22 Feb'30
993 993
4
4
1941 N! N
Jan'30
Waco & N W dly let 8s_ _1930 MN 99% ---- 100
100 100
_
Mississippi
95 Jan'30
9515 f9
95
9838 Feb'30
Houston Belt & Term let 58.1937 J J f,812 99
99
9644 l938
8614
1
eal991 19sn117t g o ld 4- 1999 .1 Dj 8614 88% 8614
n & Cex
85% $712
Houston E & W Tex 1st g 58.1933 MN 9812 - - 9914 Dec'29 - _ _
0
i lrtt 89/32194
9978 Feb'30 -- "iiii, tiii
9912 102
let guar 5a redeemable _ _1933 M N 100 103
,2
196
%seese 5s eer A.1 62 1 J 10114 Bale 10118 10114 15
ls nirs p
2
863
.1 J 86
4
8714 8638
8512 88 8
Hud & Manhat let 59 ser A .1057 F A 95 Bale 9458 c96% 37
9ear 45 pr l
974 N14°-0-8-T 1111 seri
1
93
701, 79
73
78
Prior lien 4
9312 94 4 9412 Feb'30
9212 95
3
Adjustment Income Se Feb 1957 A 0 777 Sale 77
8
Cum adjust)ust 5it ser A Jan 19 8 j 0 19%242
6 103% 106
10413 10412
67 A 3
7
6
45
12
110007% 995
Mo Par 1st & ref Sailer A _. 1985 F A
94
93 Feb'30 _
IllinOle Central let gold 48.__1951 /
8 10 8
93
9914 1011
01
4
92
s
Sale 7458
758 126
5
Oct'29 _ _
87
741 7612
4
Registered
...... .
1975 M 8
J J
146
c101
8412 Feb'30 _
let A ref As series F
Ske.
81
8
97 el01
let gold 390
1977 M 8 993 Sale 99
8318
1951
988
4
979512
9912 192
10
823
4
8234
Cw Jr ref g A
la%y A ld tm: G
8 3 85 4
3 4 8 33
2
,
96% 99%
r
1975' M N
Registered
85 Jan'30
Extended let gold 33.e. _1951 A 0 83
1949 ?.1 l's 110 Sale 10912 11014 47 107% 113
.
Nlo Par 3d7eext at4% July 1938 51 N 9114 9414 91
Jan ?*
88
88
let gold 38 sterling
73 68 Jan'30
91
91
88
7
3 89% 91% Mob & Bir prior lien g be. __ 1949 J J 97
8978
89 8
100 Feb'30.... 100 100
Collateral trust gold 48. _ _1951 14I
8912 91
2
195 A
Oct'28
95
J J
95
1
81
95
Small
9/1
Registered
MN
023.
2 -66
Villa 91 Feb'30
let M gold 4s
913
4
let refunding 48
4
01
91
1945 J -1 -3a1955 51 N 913 9234 9112
9
84
80
1
80
85 84
Small
82
84 .
80
80
18
Purchased lined 314e
1945 3 -1
1952 J J 8484
87 Nov'28
8
Mobile & Ohio gen gold 45_ 1935 51 S 93% ---- 925 Jan'30
92% 94
Registered
J
_
Jan'30
095 _ - -- 99
8
8
Moutgomery Div let g ba 1947 r A
814
1 9618 99
Collateral trust gold 4e...1953 M N 88's 8S8 88
8712 Jan'30 -- f97'.
95
Ref & impt 4he
98
17
5
85 86
9 12 98
11177
9414 96 4
3
MN
Registered
Feb'30 _ __ 1041x 107
Mn & Mal let g il gold 4s
o
88 Feb'30
R614 SR
4 - 3
Refunding 58
1955 M N 10- 1047- 10412
8
109
105
15
110
11 - J
1
7
105 Bale 105
Mont C let Ku (Is
15
105 105
109 110 1087
-year secured 6 he g 1936
"
97
9,112
9812
99
88
1st guar gold Se
10012 10012
10018
40
9912 10(92
-year 4he
Aug 1 1966 F A 98% Sale 8812
88.3 8813 Morris & Eseet let en 334e..911041 . . 78 Sale 78
8812
78
1
4
9412
77
1 4
804
Cairo Bridge gold 45
1950 J D 87
4 39 103% 108 4
Cunstr M As ser A w I___.1955 1 .. 103% Sale 10312 1033
8
Litchfield Div let gold 38 1931 J J 743 - - - 7412 Oct'29
.9
.1 4
4
2 -$191. V85
9692 42
4
Constr M 4 he ser B w 1_1955 91 ^ 9658 Sale 96%
2
Louley Div & Term g 3)4e 19533
9612 96%
85 Bale 843
7412 754
Omaha Diy let gold 3s
4
1951 F A 763 7713 7414 Feb'30
907
15
9012 Sale 901A
St Louis Div & Term g 38_1951 3J 747 -- 7414 Nay'29
90 91
......NashChtttlt 146er A -197s F A
Nma&sieAi154
8
18 0 jj. eg..22238:
0 :
1877341, F tb
yy
:0
82 Dec'29
100 100
Gold 350
1937 F I. 10_0_ 18_
..__
J 3
1
1951 j . 8218 85
76 July'29 ____ .___ .... Nat Sty of Men pr lien 49091967 J J
Registered
J 1
July 1914 coupon on
Snritigneld Div let it 314s 1951 3J 79 8
3
- 72 Sept'29
51,
;;;;
:
: 74
e
712 21
6'
91
Western lines let it 48
0, e 7 ,ty
A ise7,.. czbessf rzet No 4977 ;4- m
6
7
1' 0
°1
Ai' if
e
8
F A 0114 913 91
99
Apr'29
Regletered
--__
....
712 93
8 9 Feb'30
III Cent and Chic St L & N 0Assent cash war rct No 5 on - - --ill' 'WI
1951
1 28
3 10214 10412 Nat RR Nlex pr lien 4145 Oct'25J J
351 July4 _
1,
8 103
: '
1
JoInt let ref 5.1 series A...1063 J
103 10312 1025
96
23
19
1318
let & ref 4148 series C____1983 J D 96 Sale 95
etament euali war rct No 4 on -- - ISli 14
95
97 8
,
1951 A 0 -_-- 22 Apr'28
let coasts' 4e
3573
Ind Bloom & West let eat 43 1940 A 0 863 -- -- 91 Nov'28
7 Feb'30
7
Assent cash war ret No 4 on -- 8
ii4
_
1 -99- 167 Naugatuck Rut let Ste...,1954M N 82
907
8
76 Sept'29
8
Ind III & Iowa let g 45
86
903 93 9078
3
1950 J
13
85
813
.30
8;
Ind & Louisville lingo 4s...1950 3 3 86 Sale 86
New Eugland RR Cons 5s...1945 3 3
96t 9581e
1945J 3 8712 Sale871 jan 8
99
Ind Union By gen 5s ear A..1965 3
: 8
100 Feb'30
Consul guards
99
100 10112
86% 88
J
Jan'30
5 100 101
N J June RR. guar let 49.. _1986 F A 82
Gent ref 5s series B
86
88
85
RR
19653 3 10014 Bale 10014 10014
24 102 109
int& Ott Nor let 83 ear A___1952 J J 10344 Bale 10353 105
N 0,9 NE 1st ref & imp 434e A 52 / J 9214 9 1, 9 4 Feb 30
:3
0
5 9834
3
9 72 8
8
9313 93%
89% 22
£8 Feb'30
89% 8912 89
44
Adjustment 68 ser A July 1952
897 New Orleans Terns 1st 45_ 1963 J 1 8712 90
s
874 89%
92
8
let 5eserlesB
913 9412 N ()Texas & Met n-s. Inc 55 1935 A 0
5
92 Bale 92
95% 99 4
3
1950
AO 944 Bale 9378
3
92
92
let it Se series C
9118 92
9413 15
91
94
let As series B
99
1954 ...
93
1956 3
lot Rye Cent Amer 1st 5,1_1972 M N
1950 r A 9634 Sale 96
7412
5
9655 42
let Si series C
7412 78% 7414
7212 75
os 9912
4
7
let coil tr 6% notes
933
92% 924
let 4 he series D
911
5
9012 94
1956 F A 9155 921 9112
904 94
1941 M N 92
99
9634
let lion & ref 0 148
963
4 14
90% Bale 96
lat 54a series A
10212 35 10112 103
10234 Bale 102
ç513 95
._ N & C Bdite gen guar 410..1 9
34.2 13
30%
Iowa Central let gold
34
95
95
1
30
19411
95
96 4
1
17 F A
..1934 1 D 30
3412 18
Certificates of deposit
3)14 34'.2 N Y II & SIR hit eon g m r.1935•A o 97
34 Sale 33
100 100
514
84
4
g% 9
Refending gold Is
111'9 21
9
N Y Cent RR cony deb 68_ _ 1935 Pa N 106% 10112 10114" 314 --- 105 107
07
8
/
1
4
1951 NI 98
88% Feb'30
James Frank 3( Clear let 45_1959 1 19
'2
8 1
,
_
6_
18, Jan 29
06
_r ,. 13
e
1014 Apr'28
1998.191 N
9 A
Sale
Ban A &0 It let gu g 55_ _ 111383 J 94318 Con:1 4s eerlegi A
R 14U'red
15
8818 90's
83% Feb'30
8312 8313
Kan & M let au g 43 ,,,,, 1990 A 0
Ref & Imp 4148 series A.-2013 A 0 9814 Sale 973
4
0814
17
97 100
12
9612 22. 9412 965
KC
Ref & inipt 5e series C _ _. 2013A 0 1063 Bale 105I2 10614 63 105 1061
& M Ry ref g 48 1936 A 0 93% Sale 9512
4
5
2
762,
76
13
A 0
Kan I Ity Sou let gold 3s___19541. A 0 76
763
4
75
---- 106 Mar'28
763
8
Registered
101
22
Ref & impt 5n
99 101
Apr 1950 J J 10012 Sale 100
8913 22
Kansas City Term let 4s..1969 3J 8912 Bale 8812
8/39 90
N N• rent & 1111d Rly hi 3)4e 1997 3 . 79.2 Sale 7938
7911 12
1
78 4 8112
1
8
887
8
1
983 Feb'8312 77 142
Kentucky Central gold 45..11187 J J 873 ---- 887
9 0 54
8712 89
1997 J J
Registered
4
75
79
k
Kentucky & Ind Term 4145 1961 J J 8514 89 8512 Feb'30
e sold 4.1
8512 5512
1934 M N 977 98
k, N
97
98 4
1
Feb'30_
94 July'29 .._
Stamped
884
Debntur8 Registered
J 994 93 8814
1901
1
8338 Noy'24
_
Plain
95 94 Feb'30
30-year debeuture 414
1942 1 J 94
94's
1961 J J
93
101
2 Ili) 101
10055 101 100
Lake Shore coil gold 310_1999 F A
77 Sale 7614
Lake Erie & West lstg 36
77
.
3
76
70%
1937 .1 J
9838 102 99 Feb'30
R egistered
76
77
2d gold fei
77
1
1998 F A 75
77
77
19413
1.9 1147.13
7.04
80
M le• b Cent coll gold 3145_199/ F A
14
764
2
763 Sale 764
4
Lake Sh st Mieh So it 3148 1997 J 13 7912 811 7914
7618 78
7834 Feb'30
78% 80
7118 79
75 Sept'29 -773 7811
4
1998 F A
Registered
77
Registered
D
77
1997
9912 62
.
2
9,434 992 N l' Chic & St L left g 411__ _ _1937 A o 9512 96
25
943
4
-year gold 48
9614
7
1931,91 N 994 Sale 9914
,44
94
96 2
1
993 Apr'29
4
1937 A 0
Registered
Registered
2 ioi" ios
Leh Val Harbor Tr-tn 89 '8_1954 F A 102e 165 103% 103%
25
-year debenture 48
985g 99 $
1931 M N
1
9713
99
2
.
101
218 17
i .i9 2 01'1
s .1 - 9
Lei, Vet N Y let gu g 430._1940 J J 9812 100
2d 6seerles A B C
96 4 99
3
1931 I81 N ;Ot 101581- 1 291 8eP9V9122 - 6 10112 102
15
8738
88
074 47 101% 102 1
3
021:
Lehigh Vet(Pa) cone g 4a___2003 M N 8714 89
52
1021 n 1,61 ' 102
061 Ba
885 895
8
6% gold notes
08
9
_
Jan'30
80
80
gess
Registered
2
193
Refiniding 5993 BelieS A..1974 A 0
m N
105 107
12
14
58
32
General emis 414e
9618 987
Refunding 513e aeries B 1975 3 . t043% Sale 10638 10714 11 10512 107
1
N
2093 Ai N "if' VII 9112
14
_ ...-99 1959.29
1978 M S 943 943 9434
95
4
4
Ref 434s aeries C
itegleinred
93 8 97%
5
N Y Connect istgu 4heA 1953 9 A 164 9734 97
97
1
9618 100%
4
1073
3 106 107 1
8
Lehl Valley RR gen 55 series 2003 MN 107 1077 107
,
lot guar 5.1 seriee 11
4
1913 F I' 1003 ____ 10112 Feb'30
10112 10112
Leh V Term By 1st gu g U 1941 n o 102 10314 10314 Feb'30
1013 10314 NY & Erie 1st ext gold 45-1047 M N
4
89
90
.
_ 1033 Feb 28
8
.2
Registered
1812 ar89
- - 82 Aa9:3
1
3d ext gold 41.
88'*96 100
1933 M N
AO
4
89
1
Lela & NY let guar gold 4s__1915 M S 89 Bale 89
8888 90
4th ext gold 54i
994 _--- 99 Aug 2Y
4
Len & East let 80-Yr Si 911_1965 no 108 1093 108 Feb'30
104% 109
Jan'30
88
88
Little Miami gen 4e series A _ 1962 MN 85
Jan'30
88 88
8
N Y & Greenw IL 391 it ta-- 192° M N 94 4 96
96
9 A CI
16
95
96
Jan'30
Long Dock consol it 6s... _1935 AO 102% ---- 107
197 107,2 N Y & Harlem gum 3 Hs_..2000 M N 803
09400
8
- 8918 Dee'29
100
100
4
MN
Long laid lot con gold 5sJilly11131 Q J 99%
-_-- 7514 Oct'29
Registered
.
Sgpt 29
9718 Oct'29
let control gold 43._ ._Jitly 1931 Q
9312N Y Luck it W let & ref gu 56'73 131 N ____
- 97
92
2 -99r2
Eiji: 92
General gold 49
1st & ref gu 434s set B _ _ _1973 M N 99 Sale 99
99
3
958 99
1938 J D 90 99 908 D5c'29
Gold 4e
_
N lt 1., E tW13, 54 ext. _ __19341 M S 10014 101 1005 Dee'21
8
y A je ey 11 75
1932• D 97
139
89
24 -99;1 1014
F A
Unified gold 4e
Feb'30
9914 100 100
1949 MS
100 101
Debenture gold is
87 Sept'29 _
1932
9
9911 09 4 N Y & Long Branch 4e.. _ 1941 51 S 8618 71 99,4
- 9913 Feb'30
3
1934 3D 994
,
9114
. -year u tn deb 541
20
6
95 2 July'28
,
NY &N E Rost Term 4s.__1939 A 0
i;
1937 MN 9914 1 1-11 93 2
90
9014 88
3ttar ref gold 4e
8
8714 86
NYNHag Fl n-c deb 411.. _ _ 1947 M 8 86
117
PO
MS 89
88
1 -Ws - .
W
100
5
Nor Sh II let con go 53 Oct'32 Q J 997
8
9914 100
- 100
-- 78
Non-cc:Inv debenture 390.1947 94 8 791
79
22
714
79
9012
Louis & Jeff Bilge Co gd g 4s_1945 MS
904
1
48
894 9312
Non-cony debenture 3148_1954 A 0 765 Ekile 75
76% 25
731 76%
8
8
Louisville & Nashville 5s...1937 MN 1023 - - 1017 Jan'30
84
4
1017 102
3
83
Non-cony debenture 4a___1955 J J 83
83%
4
8112 84
15
Unified gold 4e
15
841 83
83
9414 90
Non-cony debenture 45...1956 M N
1940 33 95 Sale 9414
84%
3
8112 86
93 Feb'30
Registered
77 Sale 76
Cony debenture 339e
923 94
4
3
77
8
7412 7812
Collateral trust gold Is. 1931 MN 993 1001 100 Feb'30
4
debenture as
128 Sale 12634 129
Cony
99% 1003
8
33 121 183 2
1
10012
5 100% 101
I0
-year sec 75._May 15 1930 MN 1003 Bale 100%
8
Registered
125
Jan'30
125 126
4 107
2 105 107
let refund 534s series A...2003 AO 10314 1033 1003
Collateral trust 63
163 Sale 105
106
25 104 8 106%
3
1041
2
let & ref Is eerlee B
'
2003 *0 104% 104 10418
1 9579
1514 A
Debenture 4i3
78 Sale 7712
94 105
79
14
77
79
let& ref 4 he series C
9714 13
95
979
2003 40 97% Sale 98%
let & ref 4 he err of 1927.19873 D 91% Sale 9112
92
198
90 98 4
1
4
When Issued
96
4
Al) 943 Sale 943
90
Harlem R & Pt Ches 1st 401954 R. N 87% 110
4
943 93
88 Feb'30 ____
87 4 89
1
e Oash sale. b Due Feb.
100
7212 85%
4
---- 983
£812 ---- 9612
110 Bale 109%
5
104% 1047 10412
954 - - -- 9712
65
100 4
3
Jan'30
Feb'24
Jan'30
110
104%
Oct'29
7
'
,,1 2
r s
S
1
1071,
3
1_
_
!VI i 1
New York Bond Record-Continued-Page 4
1428
Price
Friday,
Feb. 28.
BONDS
N .Y -STOCK EXCHANGE
Week Ended Feb. 28.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High
Ask Low
Bid
High No Low
12
5512 6112
57
NY0& W ref 1st g 4s_June 1992 M S 5512 Sale 5512
70 Apr'28
Reg 5,000 only __June 1992 M S
2 "a- ler
4712
General 4s
1955 J D 4713 Sole 46
9012 June'29
NY Providence & Boston 4s 1942 AO 853 88
4
AO
8914 Jan'28
Registered
88 Feb'30
85's 88
N Y & Putnam lst con gu 4s 1933 AO -§A 90
1
83
8612
86
NY Susq & West 1st ref 53_1937 J J 81
85 c86
1
75
75
75
2d gold 4545
1937 FA 75 Sale 75
1
79
754
75
7514
General gold Is
1940 FA 7514 76
4
94% 993
Terminal 1st gold 58
1943 MN 9712 993 99% Feb'30
4
29
8012 8912
NY W-ches & B 1st ser I 4155 '46 .1 .1 89 Sale 8812
89
104% 66 10212 10512
Nord By ext'l sink fund 6555 1950 AO 10418 10414 10418
5812 71
7014 14
6912 Sale 6912
Norfolk South 1st & ref A 5s_1961 FA
99
99
8.5
Norfolk & South 1st gold 5s_1941 MN
95 99 Feb'30
1
Norfolk & West gen gold 6s..1931 MN
Improvement & ext 6s_ _1934 FA
New River 1st gold 6s_ __ _1932 AO
N & W Ry 1st cons g 4s_ _1996 AO
Registered
1996 AO
Div. let lien & gen g 43_ _1944 J J
'
Pocah C & C joint 4.5_ _ _1941 J D
North Cent gen & ref Is A 1974 MS
S
Gen & ref 434s ser A stpd _1974
North Ohio 1st guar g 5s_ _1945 AO
North Pacific prior lien 4s_ _1997 Q
Registered
@
Gen lien ry & Id g 3s-Jan 2047 Q F
Registered
Jan 2647 Q F
Ref & inipt 455s series A__2047 ii
Ref & impt 6s series B____2047 J J
Ref & inapt Is series C____2047 J J
Ref & impt 58 series D.. _ _2047 J J
Nor Pac Term Co 1st g 6s__1933'.9
Nor By of Calif guar g 5s_ _1938 AO
3
-- 100 4
---- 10314
__ -- 10214
Sale 9118
-- - - 90
9312 Sale 9312
4
923 Sale 923
4
10112 Sale 10112
99
96
93 -9612 94
88 8 Sale 88%
5
86%
86 8 88
5
6512 Sale 65%
6212
95 8 Sale 9512
5
11218 Sale 112
104 105 10312
10418 105 104
1023 109 10512
8
993 _ _ _ 101
8
100
3
Jan'30
Jan'30
91%
Feb'30
9312
93%
10112
Jan'30
Feb'30
90
Feb'30
66
Feb'30
96
11212
104
105
Jan'30
Jan'30
Og & L Cham 1st
g 4s_ _1948 J J
Ohio Connecting Ry 1st 4s__1943 M S
Ohio River RR 1st g 55
1936.9 D
General gold 58
1937 A 0
Oregon RR az Nay con g 45.19463 D
Ore Short Line 1st cons g 58_1046 J J
Guar stpd cons 56
1946.9 J
Oregon-Wash 1st & ref 4s
1961 • J
Pacific Coast Co 1st g 58_1946 J D
Pac RR of Mo 1st ext g 4s_1938 FA
2d extended gold 58
1938 J J
Paducah & Ills 1st s f 43.48_1955 J J
Paris-Lyons-Med RR extl 58 1958 FA
Sinking fund external 7s_1958 MS
Paris-Orleans RR ext 534s1968 MS
Paulista By let & ref s f 7s 1942 MS
775 793 78
8
4
95%
100
100
99
9812
9143 9212 9114
1035 105 105
8
99
10418 105
8914 893 89
4
6212 60
60
9414-_ - 9414
99 100 100
9514 -- 9512
10312 Sale 10318
10512 Sale 10514
5
100 4 Sale 100 8
3
95
95% 97
79
8
Nov'28 ---Jan'30 - -Feb'30 ---Feb'30 ---Feb'30 ---Feb'30
8912 15
6014 22
9414 11
Jan'30 ---Dec'29
103% 178
106
39
11
101
Feb'30
1003
4
1033
4
102
9114
Pennsylvania RR cons g 48_1943 MN
Consol gold 48
1948 MN
4s sterl stpd dollar _May 1 1948 MN
Registered
Consol sink fund 434s__1960 F A
General 4558 series A....1965 J D
General Is series B
1968 J D
10
-year secured 78
1930 A 0
15
-year secured 13345
1936 F A
FA
Registered
40
-year secured gold 5s._ _1964 M N
Pa Co gu 3155 coll tx A reg__1937 MS
Guar 355s coil trust ser B_1941 FA
Guar 3158 trust Ws C._ _1942 J D
Guar 3555 trust ctfs D.. _ _1944 J D
Guar I5 -year gold 48_ _1931 A 0
-25
Guar 42 ser E trust etts_ _ _1952 MN
Secured gold 43/s
1963 88 N
Pa Ohio & Det 1st & ref 4355 A'77 A 0
Peoria & Eastern 1st cons4b_1940 A 0
Income 4s
Aprll 1990 Apr.
Peoria & Pekin Un 1st 550_1974 F A
Pere Marquette 1st ser A 58..1956 J J
1st 'Is series B
1956 .1 J
Phila Bait & Wash 1st g 4s..1943 MN
General Is series B
1974 F A
95 Feb'30
92%
923
4
92% Feb'30
92
Jan'30
10112
10112 Sale 101
983 Sale 9
4
814
99
10612
10614 Sale 106%
100 Sale 100
10018
10814
108%
108 4 Sale
3
112
Apr'28
11)5r4 Sale 10212 10312
84 Aug'29
8414 Nov'29
8
8414
- 835 Sept'29
8212 Nov'29
9918
99% 9 8 9918
8318- 95
88
90 904 Feb'30
98%
9812 Sale 98
9612
94% 9614 9514
8412
83 4 8414 84
3
31
Feb'30
357 31
8
10212 10312 10312 10312
104 10414 10312 104
91%
9118 917 9112
923
4 --- 9311 Jan'30
4
10612 10812 1063 Jan'30
-
Phillippine By let 30-yr 5 f 42 '37.9'
Pine Creek rag 1st 68
1932 J D
Pitts & W Va 1st 4%s ser A_195.8 J o
1st M 4555 series B
1959 AO
P C C& St L gu 4%8 A___ _1940 AO
Series B 4558 guar
1942 AO
Series C 455s guar
1942 MN
Series D 4s guar
1945 MN
Series E 3158 guar gold_ _ _1949 P A
Series F Is guar gold
1953 J
Series G 48 guar
1957 MN
Series H cons guar 4s_ _ ._1960 FA
Series I cons guar 4558_1963 FA
Series J cons guar 4%8_1964 MN
General M Is series A
1970 3D
Registered
3D
Gen mtge guar is ser B....1975 AO
AO
Registered
29
2914 29% 2812
Jan'30
102
__ 102
94 Feb'30
9212 96
92
9318 9318 Feb'30
97%
- 9714 Feb'30
98 Feb'30
98
9612
9712 Dec'29
9414 Feb'30
9412 _
9312
_ 93% Feb'30
9412
_ 96% May'29
94 Nov'29
9412
9414
94% Feb'30
98 4 9913 98% Feb'30
3
96 4
3
98 Sept'29
8
1063 161 3 1063 Feb'30
84
- .102 June'29
10612 107 10612 106%
11312 Jan'29
Pitts MeK & Y 1st gu 69__1932 J J
2d guar 68
1934.9,
Pitts Sh & L E 1st g 5s_ _ _ _1940 A 0
1st consol gold is
1943 J J
Pitts Va & Char 1st 4s
1943 M N
Pitts Y & Ash 1st 4s ser A1948 3D
1st gen 541 series B
1962 F A
1st gen is series C
1974 J D
Providence Secur deb 4s_
I957 MN
Providence Term 1st 4s_ _ _ _1956 M S
Reading Co Jersey Con coll 48 '51 AO
AO
Registered
Gen dr ref 4593 series A.._1997 J
N
Rensselaer & Saratoga 6s._1941
Rich & Meek 1st g 4s
1948 M N
Riches Term Ry 1st gu 58._1952 J
Rio Grande June 1st gu 56_1939 J O
Rio Grande Sou 1st gold 48_1940.9,
Guar ts (Jan 1922 coupon) '40 J J
Rio Grande West 1st gold 48_1939 J J
1st con & coil trust 4s A_..1949 A 0
RI Ark & Louis 1st 444s._ _1934 M 8
Rut
-Canada 1st gu g 4s_ _ _ _1949 J J
Rutland 1st con g 4155
1941 J J
St Jos & Grand Isl 1st 43... _1947 J J
St Lawr & Adir ist g 5s.._ _1996 J J
2d gold 63
1996 A0
St L & Cairo guar g 48
1931• J
St L Ir Mt & S gen con g 58_1931 A 0
Stamped guar Is
1931 AO
Riv & G Div 18t g 4s_ _ _1933 M N
St L M Bridge Ter gu g 58_ _1930 A 0
St 14
-San Fran pr lien 4s A 1950 MS
Con M 43.45 series A
1978 M 5
Prior lien 55 series B
1950 J .1
St Louis & San Fr By gen 68_1931 J .1
General gold 58
1931
J
St L Peor & N W 1st gu 543_1948
J
9418 _
923 Sale
4
102
2
7
2
41
82
17
63
7
8
1
11
65
13
43
52
3
70
2
15
5
3
2
13
a
10112 Feb'30
10358 July'28
100 Dec'29
ioois
993
10014 Aug'28
_
9212 923 9918 Sept'28
4- -4
923
4--- 9112 Jan'30
1023 105 10214 Jan'30
8
10238
76
75 Feb'30 ___
_
80 Nov'29
4
91
91
84491
92
944 July'28
_
9812 Sale 977
9812 30
10018 Mar'21 _ _ _ _
105
707. 7818 May'28 100 Dec'29 -94
Jan'30
119
_
97 _
6 May'28
114
5
712 Apr'28
2
_
1
9214
92 - -14 9214
93
84
25
837 8412 84
8
18
98
98 Sale 97%
4
78
78 Sale 78
2
88
90
9112 87
85 Feb'30
96 4 Nov'29
3
10112 Feb'30
987 993 98% Feb'30
8
8
10018 Sale 10018
10014 34
1013 Dee'28
4
96 4 31
96 8 Sale 9612
5
3
997 10018 99% Feb'30
8
8918 Sale 8918
8912 -115
8
9012 Sale 897
9012 302
1013* 10134 0114
27
102
4
10014
0014
10014
10018 foi 0014
10012 10
10218
99% Nov'29
8.5
87
ioi-
77
80
RIO" 1- 0"
6
99
91
10418
103%
88%
60
9414
973
4
99
91%
105
105
91%
6212
9414
100
102- 16412
10412 107
99% 102
95
99%
93% 95
92% 95
9214 95
9212 9212
983 10112
4
9712 9912
106 108
100 c10112
10818 1093
5
34
_
c Cash sale. d Due May. k Due August. e Due June.
10
1003 101%
4
10314 10314
10214 10214
9012 92%
90
90
913 93 2
4
,
92% 9414
10112 10112
99
99
943
4
93
8812 91
86% 88
63% 68
62 6212
,
95
12 98 8
112 11412
10312 10512
10312 105
10512 10512
101 101
988
90
97
95
84
31
101
1023
4
9012
9312
1063
4
28
102
9212
92
974
9612
Vi
12
903
4
9914
9714
86
32
10312
10414
917
8
9312
1063
4
Price
Friday.
Feb. 28.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
St Louis Sou ist gu g Is
1931 MS
St 1.5W 1st g 4s bond et/L.1989 MN
2d g 4s Inc bond ctfs Nov 1989 J J
Consol gold 4s
1932 in
let terminal & unifying 56_1952'.9
St Paul & K C Sh List 4340_1941 FA
St Paul & Duluth 1st 5s__ _1931 FA
1st consol gold 48
1968 in
St Paul E Cr Trk let 4%s_1947 J J
St Paul Minn & Man con 4s_1933 J J
1st consol g 65
1933 J J
J J
Registered
6s reduced to gold 4558_1933 J J
J J
Registered
Montext 1st gold Is
1937 in
Pacific ext guar 4.9 (sterling)'40 J J
St Paul Un Dee let & ref 58_1972 J
SA & Ar Pass 1st gu g 4.s.__ _1943'.1
Santa Fe Pres 5c Phen 1st 56_1942 88 S
Say Fla & West 1st g 63-193 AO
4
1st gold Is
1934 A0
Scioto & N E Ist gu g 43
-1989 MN
Seaboard Air Line 1st g 45-195 AO
0
Gold ts stamped
1950 A0
Oct 1949 F A
Adjustment Is
1959 A0
Refunding 48
1st & COM de series A
1945 MS
MS
Registered
Atl &Birm 30-yr 1st g 4s_d1933 MS
0
Seaboard All Fla ist gu 6s A_1935 1 A
•A
1935
Series B
Seaboard & Roan 1st 5s extd 1931 J J
1936 F A
S&NAlaconsgug 5s
Gen C011.3 guar 50-yr 5s_ _ _ _1963 AO
So Pac coil 4s(Cent Pac coil) 1949 J O
in
Registered
1st 4 (Oregon Lines) A.1977 MS
20
1934 in
-year cony 524
Gold 455s
1968 MS
Gold 4558
May 1 1969 MN
San Fran Term let 45..._1950 AO
AO
Registered
So Pac of Cal let con gu g 58-1937 MN
So Pac Coast 1st gu g 4s_ --.1937 J J
So Pac RR let ref 45
1955'.1
J J
Registered
Southern Ry let cons g 543_1994 J J
J J
Registered
Deyel dz gen 48 series A_ _ _1956 AO
AO
Registered
Devel & gen 65
1956 AO
Develop & gen 6558
1956 AO
Mem Div 18t g 58
1996 J
St Louis Div 1st g 4s
19 • J
51
East Tenn reorg lien g 55_ _1938 MS
Mob & Ohio coil tr 4s
1938 MS
Week's
Range or
Last Sale.
Ask Low
131d
98
9812 9418
85
8612 874
77
793 77%
4
98 Sale 98
9718 Sale 96
9512 Sale 95%
993
_ _ 10018
8414 93 8818
492-._ _ 97%
9714 9812 9714
10212 10 / 103
44
10018
"9858 fdi" 98%
98
94%
94%
8818 - - 9012
92
104% 1053 10514
8
924 Sale 9118
100
100
102% ---- 10212
100
993
4
8814 93
8814
6612 80 60 8
1
7018 Sale 68
56
58
54
59 Sale 59
7314 Sale 7314
75
"OA We- 84%
Sale• 66
6618 6812 6612
94% 9812 981z
10012
100 4
3
10718 _- 10714
43 •
co
High No Low
High
Jan'30 .._ _9418 95 4
1
8712 22
85
8812
Feb'30
767 7812
8
9812 29
9714 9812
9712 18
96
99 4
3
9512 11
9418 95
12
Feb'30
10018 100%
Nov'29
Jan'28
Feb'30
-sio"
Feb'30
10314 103%
Dec'29
2
98%
98's 99's
3
98
98
98
Feb'30
93% 94%
Jan'30
9012 90%
Feb'30
1047 105%
8
9214 13
90% 9314
Feb'30
9912 100
Dec'29
Jan'30
-993 9934
2
8814
8814 8814
Feb'30
60% 66
3
7018
65
70111
9412 5918
Feb'30
20
60
52
6012
74% 127
65
75 4
3
Mar'29
853
4 15 Ws id"
37
68
72
61
683
4
72
62
991
94
9812
Jan'30
100% 100 4
3
Feb'30
105 8 10714
5
91
11
9014 90 4 9018
3
88 Dec'29
9514
96
13
10118 102 10012 Feb'30
3
95
94 4 95 94 4
3
6
4
9812 Sale 973
983 164
4
9012 91
9014
90 4 13
3
87 Feb'30
ioo"
100
100
Jan'30
95! -- 96
9112 Sale 91
92
72
91
Jan'30
ioi- 1137i58 10734 108 16
_ 10712 Feb'30
8912 Sale 891s
893
4 72
8714 Sept'28
iiii2 Sale 116% 11612 15
123 Sale 122% 12314 13
106% 1063
2
8
106'z-91
2
- 89
89
89
100 _ -- 885 July'28
9314
4
93% ___- 923
8
"ii" 1W-
70 Feb'30
Spokane Internet 1st g 5s.-.1955 J J 70
75
85
Staten Island By ist 455s_1943 J D 8212 --- 85
2
Sunbury & Lewiston 1st 4s 1936 4' 9012 -- 95 Apr'28
9
Mar'29
Superior Short Line let is _51930 MS
Term Assn of St List g 4558_1939 AO
_ _ 98
Jan'30
9734- 8
1st eons gold 58
2
1944 F A 1015 10212 10212 10212
Gen refund s f g 4s
1
4
8712
1953'.9 8718 883 87%
Texarkana & P15 1st 534s A 1950 P A 10512 Sale 105% 105% 30
Tex dz N 0 com gold 5s
-- 98 Dec'29 _
1943 J J
97-Texas & Pac 1st gold ,5s
4
2000 3D 10714 110 10714
10714
2d incEe(Mar'28cp on)Dec2000 Mar
95 Mar'29 ....„
4
Gen & ref 50 series B
71977 A0 1503 111;8 10012 100 4 10
3
3
Gen & ref 58 series C
1979 A0 100 4 Sale 10012 100 4 51
3
La Div El L 1st g 58
1931 J J 100% -- 10018 Feb'30
Tex Pac-Mo Pac Ter 555s-1964 MS 10514 1077- 10512 Feb'30
- 8
Tol & Ohio Cent 1st gu 50 1935 J
100
100 Feb'30
3
Westein Div 1st e 521
8
1
1935 A0 100 e fisile 100% 1003
Gen gold as
1935 J J 9718 Sale 9718
9718 11
12
12 Sept'29
Toledo Peoria & West 1st 48_1917 J J
AO 9118 I1 4 9118
Tol St L& W 50-yr g 4s__ ...l950
-39114
5
Tol W V & 0 gu 4558 A_ __ _1931 J J
-- 9812 Jan'30
let guar 4358 series B
9812 9914 98% Feb'30
1933.9' 98%-1st guar 4s series C
- 92 Dec'29
1942 MS 9114
88
Toronto Ham & Buff 1st g 421948 J D
Jan'30
30
102
96
Ulster & Del 1st cons g 5s-- -1929 in 90
96 90 Feb'30
94
80Iz 85 8312 Feb'30
Stpd atto Dec '28 dr Joe '29int
9714
1st cony 58 ctfs of dep
74 Nov'29
99
181 refunding g 42
1952 AO 45
5 s 55 Feb'30
87
9414 9414 Union Pac 1st RR & Id gr 43-1947 ii 94% Sale 93%
94% 104
4, 9112 9212 93
93% 93%
Jan'30
Registered
1st lien & ref 4s_June 2008 MS 89 Sale 89
89
1
9712 Sale 965
Gold 4358
8
9712 21
1967
1st lien & ref 58
94% 94%
5
June 2008M S 10712 Sale 0712 10812
-year gold 4s
97
883
8
5
1968 3 D 88% Sale 8814
981
: 40
(JNJRR&Cangen4sI944M S 9318 96 93%
9312
10614 lO77 Utah & Nor 1st ext 4s
1933 J J 9514 ____ 96 Nov'28
s
Vanden!'cons g 4s series A_ _1955 F A 9014
874 Oct'29
Cons s f 4s series B
1957 MN 9018 _- 8211 May'29
10618 108
Vera Cruz & P assent 4155_1934
818 912 83 Feb'30
4
9818 Jan'30
Virginia Mid is series F
99 4
3
1931
General 58
1
10112 10112
1936 MN 10012 101 2 100 Jan'30
Va & Southw'n 1st gu 5s.._2003ii
99
95 Feb'30
1st cons 50
87
4
1958 A0 8612 Bale 8612
-year Is
Virginian By 1st is series A_1962 MN 103 10312 103
1033
4 11
Wabash RR 1st gold is
8
1939 MN 10112 1017 10111 101% 11
4
"9112 9112 2d gold 58
1004
1939 P A 10014 Sale 100%
Ret & gen f Sj4sserA _ _ .1975 M
10412 Sale 10412 10434 18
10214 10214
9818 May'29
Debenture B 6sregistered_1939 ii
1st lien 50-yr g term 4s- --1954 J J 8212 14 2 85
1
Jan'30
75
75
.
Del & Chic ext 1st 58
100 Feb'30
1941 J J 100
Des Moines Div 1st g 45_1939 J J 883 93 87 Nov'29
91
8
- -3
12 4
833 Feb'30
4
Omaha Div 1st g
4
_ _1941 AO 813
9714 9912
Tol dr Chic Div g 4s
90 Feb'30 -1941 MS 8918
Wabash By ref & gen 55 B._1976 AO 9912 Sale 9912 10014 85
90 4
3
Ref & gen 455s series C.._ _1978 PA
913 122
4
7212 Feb'30
200o FA
Warren 1st ref gu g 3558
90
Wash Cent 1st gold 4s
94
94
90
3
1948 Q
Wash Term 1st gu 355s
87954 979041834
8514
1
1945 P A 851158 -- - 8514
1st 40-year guar 4s
90 Feb'30
93
01
5
1045 P A 9 :
W Min W & N W 1st gu 5s- -1930 FA 8
9214
I0Oe 994 Jan'30
l
91
Sale 8012
8112 85% W Mayiand let g ts
8114 59
1952 A0
4
let & ref 534s series A
95 4 98
95%
3
96 4 22
3
1977 J
West N Y & Pa lst g 56___ _1937
75
78
J 10014 102 10014
10014
1
Gen gold 4s
86
88
1943 AO 901s 91% 9014 Feb'30
Western Pac 1st ser A 55
9518 48
1946 MS 98 Sale 97%
97 Feb'30
Registered
85
85.
MS
West Shore 1st 4s guar
tW 85%
853
4
1
2361 ii
101 ich12
Registered
853 Feb'30
4
2361 3.9 85% 87
983 9912 Wheeling & Lake Erie4
Ext'n Az impt gold Is
100 10012
1930 FA 99% -- 9912 Nov'29
9112
9118 -- 91%
Refunding 43.4s series A__1966 M
3
"OA Ili% Refunding Is series B__ _ _1966 MS 9814 101 100 Jan'30
RR 1st consol is
997 10015
894 Feb'30
8
1049 MS
Wilk & East 1st gu g 58
Feb'306
8712 90
2
1942 J D 6212 677
8812 9114 Will & S F ist gold 58
2
1938 ▪ D 993 _ - 98 Nov'29
100 10214 Winston-Salem S 11 let 4s...1960.9' 8512 9112 82 Nov'29
8112 82
100% 101% Wis Cent 50-yr let gen 43_ _1949• J
8112
8112
6
Sup & Dui div & term 1st 48'36 MN 90
100 10112
90
91
91
18
War & Conn East 1st 43.i8_1943'.9 83
93% 79
Oct'29
ii-g
Range
Since
Jan. 1.
8918 923
8
943* 101
100 101
93 4 99
3
9618 99
92
89
87
87
100 1023
4
96
96
91
9218
91
91
10614 110%
106 10712
ggi2 9012
iLi 1-11
s
122 125
10612 107
87% 89
-915F/1 I3
-14
70
68
82% 86%
"ii- 98
c995 10212
874 89 8
3
10412 10612
jail* 10814
101;
1
987 1013
8
4
993 101
8
10412 10612
9912 103
8
98 1003
9718 98
"oi
911*
98% 9815
9818 98 8
5
"ii- 14"
90
90
8312 8714
51
93 8
3
9114
887
8
96
10612
8714
934
15
-95
93
913
4
98
110
8914
94
714 9
9818 98%
100 100%
95 95
847 87
8
1021s 106
10118 102
9912 1013
s
101% 1043
4
84
100
86
100
life& 533
8814 90
97% 1003
4
883 93%
4
7212 7212
83% 90
8414 86
8314 90
9614 mu
81
8112
94% 97
98 102
8818 924
9712 99
97
97
85 4 8918
3
85 8 88
5
"io98% 100
8814 8914
6214 68%
823*
79
4
893 91%
1429
New York Bond Record-Continued-Page 5
BONDS
STOCK EXCHANGE
Week Ended Feb. 28.
hO
Price
Friday.
Feb. 28.
Week's
Range or
Last Sale.
co
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
•i•g
Price
Friday.
Feb. 28:
Week's
Ranges?
Last Sale.
coci
Range
Since
Jan. 1,
High No. Low High
AS* Low
Biel
High
11108 No. Low
Ask Low
Bid
INDUSTRIALS
5 10014 101
J 10034 1013 100s 1005s
s
8312 16.0
Detroit Edison 1st coil tr 59_1933
8
8214 84
Abitibi Pow & Pap lst bs_ _ _ _1953 J D 8235 Sale 823
8 101 10314
102
let & ref M series A_July 1940 MS 102 Sale 102
Abraham & Straus deb O3s 1943
10314 104 1018
A0 10314 Bale 103
15
2 98 9912
0104
1949
9812
Gen & ref 5s series A
A 0 9814 983 9812
4
With warrants
16
14
9912 15
1st & ref 8s series B._July 1940 MS 10559 Sale 10512 10814 12 10512 107
96 100
12
Adriatic Elec Co extl 7s
1952 A0 99 0 9912
4
1
/
4
10:.
102 103 4
3
5
84%
1955 3D 1039 Sale 103
Gen & ref bs series B
82 8412
,
8314 84 2 83%
Adams Express coil tr S 4s.. _ _1948
2 102 10312
10314
10314
4
1
/
4
1962 J A 103
48%
4512 497
Series C
8
Ajax Rubber 1st 15-yr a f 88 1936 J 0 4512 Sale 4512
96 98
8
Det United 1st cons g 430_ _1932 33 908 97 963 Feb'30 111
5% Dec'29
514 8
Alaska Gold M deb Os A _....-1925 MS
9
943
9212 94
4
1
/
20
514 53 Dodge Bros deb 85
1940 MN 94 Sale 94
3
54
514
5%
Cony deb Os series B
1926 MS
67 70
4
/
911 12
85 917 Dold (Jacob)Pack 1st6s_ _ _ _ 1942 MN 6712 8814 68 Feb'30
a
Albany Pefor Wrap Pap 89_1948 AG 91 sale 90
10112 Dec'29
179
102
1939 MS
52
99 10212 Dominion Iron & Steel
Alleghany Corp col tr &L.-1944 F A 10134 Sale 10114
_ 10212 Feb'30
10111 102':
142 99 10212 Donner Steel 1st ref 7s
1942 33 102%
Coll & cony be
1949 J D 102 Sale 10/12 102
4
1
/
103 Sale 10312 10414 34 10319 10414
3 9934 10114 Duke-Price Pow 1st Os etc A.1966 M
Allis-Chalmers Mfg deb 58_ 1937 M N 10014 10012 10014 10012
1
/
58 9814 100
99
AG 9812 Sale 984
2 91
Duquesne Light 1st 434, A _ _1967
95
95
Alpine-Montan Steel 1st 7s.._1955 MS 95 90 9434
3 88 c813
80
3 103 01043 East Cubs Bug 15-yr f g 710'37 MS 7914 84 80
10412
4
Am Agri° Chem let ref f 7349'41 F A 104 10412 104
4
963 96 Feb'30
9411 913 4
1
8 75 80 Ed El Hi Bkln 1st con g 49-1939 33 98
78
79 78
Amer BeetSug cony deb tis_ _1935 FA 78
2
109 109
1995 33 109, Ill 109 Jan'30
10014 39 97 10014 Ed Elec Ill 1st cons g 58
American Chain deb s f 6s_ _ _1933 A 0 100 Bale 100
99 100 Edith Rockefeller McCormick
MN 9934 10014 9938 Feb'30
Am Cot Oil debenture 5s_
1931
8 10011 1011
4
7
9712
Trust coil tr 8% notes__ _1934 43 J 10012 Sale 10012 101
96 9812
Am Cynamid deb 59
1942 AO 9712 Sale gm
9112 24
4
1
/
89 92
•S 9114 Sale 9114
5
87
8634 8914 Elec Pow Corp(Germany)83050
Amer Ice f deb be
1953 J D 87 Sale 87
1
90
82 90
84 100 10 / Elk Horn Coal let & ref 0 Ns 1931 3D 90 Sale 90
4
41
Amer I 0 Chem cony 530_ _1949 MN 102 sale 10019 102 236
116 60
9514
(Deb 7% notes(with warr)1931 J O 6578 84 66 Jan'30
93 9659
Amer Internat Corp cony 530'49• J 9814 Sale 94
100 100
100 Feb'30
103 1057 Equit Gas Light 1st con 59_1932 MS
4
1
/
9
8
- - 10319 Feb'30
Am Mach & Fdy s I68
1939 A 0 1037
23
7s_ _1954
73,2
74
70 c70312 Ernesto Breda Co 1st m
Am Nat Gas 6 Ns(with war)1942 A0 7312 75
2 7514 80
78
3
FA 7712 79 4 78
9 99 9918c102
With stk porch warrants
4 1013
Am Elm & R 1st 30-yr be ser A '47 A 0 101 Sale 1003
2 94 9612
9512
17 10314 105% Federal Light & Tr let Os...1942 MS 95 9512 95
Amer Sugar Ref 15-yr Os_ _ _1937 J J 10312 Sale 10312 104
8 9412 96
00
4
/
MS 95 951 95
3 9418 98
let lien s f 5s stamped__ _1942
95
S 95
953 9434
Am Telep & Teleg cony 49._ _1936
Feb'30
1
100 2 10212
1942 MS 101 102 102
9938 Jan'30
1st lien 89stamped
9918 100
S 105
30
-year cony 4 Ns
1933
9212 9412
1
/
30
-year deb 69series B...,..1954 J O 96 9612 9412 Feb'30
4
1
/ 1034 50 103 1041
4
4
-year coil tr 58
30
1946 J D 1033 Sale 103
102
1939 3D 102 Bale 102
103 103 Federated Metals s f 79
103 Feb'30
.1 D
Registered
5 100 102
104 107
8 157 101 Is 104 Flat deb 78(with wart')
1948 33 10312 106 104 4 104
J
35-yr f deb 58
1980 J N 10219 Bale 10112 1027
9212 14
90 93
92 Sale 913
3
Withoutstock purch warrants..
4
1
/ 105 4 34 104 4 10714
106t2 sale 105
8
20-yearef530
1943 M
5
80 8 24
73 867
8
8 80 Sale 80
1941 14J 3 15934 Sale 14934 16012 5499 13714 113012 Flak Rubber lsts f 8s
Cony deb 43
,
0
1939
15 10312 1073
1
/
4
1005 1013 897 10019 1013 Framerican Ind Dev 20-yr 730'42 33 107 Sale 1084 107
4
4
35-yr deb be
1965 F A 10134 Sale
4
/
90 97
10 103 105 Francisco Sugar 1st f 7 Ms- -1942 MN 95 961 97 Feb'30
105
Am Type Found deb Os
7 10214 104
1940 A 0 105 Sale 105
10319 10312 10314 10312
3
8 35 99 4 101 French Nat Mail SS Lines 791949 J
A 0 10014 Sale 10014 1003
Am Wat Wks& El col tr 5e.. _1934
7 88 88
861g
10
FA 86 Sale 88
Deb g Os series A
4
1975 M N 1053 Sale 10534 10814 21 10414 10614 Gannett Co deb Os..... _ _ 1943 3D 10015 - _ -- 99 s Feb'30
4
1
/
99 9979
7
82
69 82 Gas& El of Berg Co cores 58 1949
Am Writ Pap ling flit
1947 J .1 79 Sale 79
10 82 85
4
1
/
84
18 83
1
/
4
1
/ 894 Gen'Amer Investors deb 68.1952 FA 84 Sale 83
8
897
4
1
/
Anglo-Chilean 51 deb 78_ _ 1945 MN 89 Sale 8812
17 99 10112
4 49 52 Gen Cable 1st e 1 530 A
52
1947• .1 10112 Bale 10034 10112
A ntIlla(Comp Azuc)730 _ _ _1939 J J 52 Sale 50
4
1942 FA 94 943 94 Feb'30 18 94 94
9814 100 Gen Electric deb g 3%8
Ark & Mem Bridge & Ter 69_1964 MB 99% ---- 100 Feb'30
99 103
4
1
/
52 88 89
1
/
4
1
/ Gen Elec(Germany)7e Jan 15'45 ▪ 3 103 Sale 10212 103
09
Armour & Co let 430
1939 ▪ D 8812 Sale 884
3 109 124
11512
1
/
75 82 85
84
4
1
/
f deb 6345 with warr
1940 3-11 1154 Sale 115
4
1
/
Armour & Co of Del 5Ns_ _1943 J J 8212 Sale 8212
21
99
4
1
/
3
9511 99
,3
6 102 103
4
Without warns attach'd_1940 J O 983 98 4 98
10212 1023
Associated 0116% gold notes 1935 M S 10212 1034
42 92 94
94
4
1
/
3
4
/ Jan'30
1948 MN 93 4 Sale 9312
20
1014 1011
1
-year s f deb 69
/
4
Atlanta Gas L lgt Os
1947 J D 10214 -- - 1011 May'28 _
79 10012 1031g
Gen Mot Accept deb 89
1937 FA 10234 Sale 10212 103
4
1
/
12
J D
Atlantic Fruit 713 etre deg_ __ 1934
1
997g 101%
8
1940 FA 10035 Sale 10039 1003
Gent Petrol 1st s f bs
1238 May'29
J O
Stamped ctfs of deposit
22 9312 98
97
7712 94 "iaia 7713 Gen Pub Serv deb 510
1939 33 gots sale 9812
Atl Gulf & WI SS L col tr 581959 J J 77 Sale 75
4
1
/ 10319 41 101 10312
103 Sale 102
8 100 1011 Gen'l Steel Cast 5348 with war '49 .1
4
10014 1003
4
/
1
Atlantic Refg deb be
1937 J J 10014 100 4
9814 bl
4 96
1 105 107
9212 977,
108
Good Hope Steel & I sec 79_1945 A0 9514 973 1064
Baldw Loco Works 1st 56_1940 M h 10619 107 106
9 34 105 107
1065
1
8512
8512 91
Goodrich(B F)Co lst6 Ns_1947 33 10612 Sale
Baragua (Comp Az) 7 Ms- _1937 J 3 8514 8714 8512
86 90 9212
921
18
59_1957 MN 9212 Sale 92
9234 9512 Goodyear Tire & Rub 1st
9312
Batavian Pete gen deb 40_1942 J J 9234 93 9214
10 87 9212
921
4
1
/
5 67
70
75 Gotham Silk Hosiery deb 69_1938 3D 9214 sale 92
Belding-Hemingway 6,3
1936 J J 67 Sale 67
29 69 73
91
17 102 108 Gould Coupler ist f6s
105
1940 FA 7114 72 91
Bell Telep of Pa Os series B _ _1948 J .1 102 Sale 102
pips
9978 10 9714 100•
20 103 106 4 Gt Cons El Power(Japan) 791944 FA 99% 100
4
1
/
3
1st & ref 59 series0
1960 A 0 104 Sale 10318 10418
9412
8
943 Sale 9414
9112 94%
3 88 9112
9012
1st& genii f 830
1950 3
Berlin City Elec Co deb 6301951• D 90 Sale 90
9812 18
98
97 99
8812 26
8484 90 Gulf States Steel deb 530_ _ _1942• D 9812 Sale 85 Feb'30
Deb sink fund 834e
1959 FA 88 Sale 88
87
88
5 86 9214 Hackensack Water 1st 4s. 1952 3
85 87 1
1
c92
Berlin Elec El& Undg 6)4s _ _1956 A 0 692 Sale 90
Harpen Mining 69 with stk porch
Beth Steel 1st & ref 59 guar A '42 MN 103 Sale 10212 10314 28 10112 104
16
94
-- 9314
871s 94
8 10 9914 104
1017
war for COM stock or Amalie'49 .1 J 9259
30-yr p m & imp s f be._ _1936 .1 J 101 Sale 101
9612 Aug'29
7
-.
91
1930 MS 9612
8614 91
Hartford St Ry 1st 49
92 90
Bing di Bing deb 6 Ms
11
1950 MS 89
84
8512 84
e3', 841a
21 40 47 Havana Elec consol g Os
40
_1952 FA 83 -Botany Cons M11198345
1934 AO 40 44 40
4
1
/ 8714 6819 Feb'30
8214 81312
4
/
1041 11 101 105
Deb 530 series of 1926_1951 MS 66
Bowman-Hilt Hotels 78
1934 M S 104 Sale 104
21
87
_
75 87
35 864 Hoe(10 & Co 1st 6 Ms ser A.1934 AO 8512 Bale 80
40
1
/
44
38
B'way & 7th Av 1st cons 59_1943 J O
10 81
81
9219
1
8212
84
,
81
Holland-Amer Line Os(J1a).1947 MN 8012 Sale 8012
Brooklyn City RR 1st be _ 1941 J J 84 86 104
4
7212 93 8512 7212
10412 11 10312 1051s Hudson Coal let sf55 ser A.1962 3D 72 Sale 712
Bklyn Edison Inc gen bit A_ 1949 J 3 10412 Sale
4 1014 103
102
1
/
107 9412 98 Hudson Co Gas lst g 55
98
1940 MN 102 Sale 102
9712 Hale 97
Ski yn-Man It T sec Os
35 101 102 4
1988• .1
102
10119
1
71
754 Humble Oil & Refining 5349_1932 33 1004 sale 10159 1001
Bklyn Qu Co & Sub con gtcl Es'41 MN 7112 73 71 Feb'30
4
1
/
1
/ Sale 99
s 37 99 4 1007s
3
1937 AG
.
Deb gold bs
let be stamped
J J 7518 79 7312 Dec'29 - -4
1
/ 19 103 105
June'29 - -1956 3D 10312 Sale 10312 103
Illinois Bell Telephone 15e
9212
Brooklyn It Tr 1st cony g 48_2002 33
1941
18
9
987 973
97 102
1
/
9
4
81
1940 A0 984
_ 10814 Nov'28
Illinois Steel deb 430
3-yr 7%s ecured notes -1921 J J
50 82 89
8712
89
Reeder Steel Corp mtge Ets_ _ _1948 PA 87.2 Sale 697
88
86
4 84
Bklyn Un El 1st g 4-bs
5 68 70
8
1950 FA 85 Sale 85
70
12
85
8579 12 85 88
Indiana Limestone lets I 69_1941 MN 6978 Bale
Stamped guar 4-58
3
5 100 101
1950 P A 85 4 Sale
101
1938 MN 100 -- 101
1041 105
4
/
4
1
/ Ind Nat Gas & 01168
Bklyn Un Gas 1st conga 5s._1945 M N 10418 105 105 Feb'30 - _
19 91
93
92l2
944
Feb'30
1978 AG 93 Sale 10012
114 117
Inland Steel 18t 434s
let lien & ref 68series A._ _1947 MN 114 -- 114
Feb'30
10014 10012
10012 100 4
1
255 Oct'29
_- Inspiration Con Copper 830 1931 M
Cony deb g 530
1938 .I J
912 Feb'30
1
912 20
1958 AG
96 96 Interboro Metrop 4348
Buff& Susq Iron 1st s f bs_ _ 1932 J D 944 --- 98 Jan'30
1
/
6612 29 6112 6814
33 6512 Sale 8812
3712 Feb'30 87 8912 Interboro Rap Tran let 50_1966
4
1
/
Bush Terminal 1st es
58 6112 684
1952 A 0 8712 8814 973
66
4
1
/
2 94 98
33 6559 Sale 65
4
9714
Stamped
4
Consol Os
1955• J 97 973
3
-- 60 4 Jan'30
- _
-557
50246018
3
8 10014 1025
Registered
Bush Term Bldos 59 me tax-22.60 A 0 100 10212 10094 100 4
9
8 sale 5412
7
55 e 18
57
51
1
/
1982
7 10014 10212
10
-year 8e3
By-Prod Coke 1st Ms A _ _ _1945 MN 100 100 1004 10012
4
1
/
13 84 92
8952
90
10034 Feb'30 - _ _ 10039 1027
10
-year cony 7% notes_ _1932 MS 90 Bale 9312 Jan'30
Cal GI & E Corp unit & ref Ss_ 1937 MN 1003
s
4
4
1
/
93 9312
29 94 9619 Int Agile Corp let 20-yr bs_ _1932 MN 94 95
9619
Cal Petroleum cony deb s f 591939 FA 96 Sale 95
15
4
1
4
1
/
72 74 4
74
4
9914 31
98 10014
Stamped extended to 1942_ _ _ MN 7378 743 733
4
1
/
Cony deb a f g 530
1938 MN 9934 Bale 9912 Feb'30
11
941
91 95
58 60 Int Cementcony deb 56_ ..1948 MN 9414 Sale 94
Camaguey Sug 1sts f g 7s_ _1942 AO 58
59 59
95 97 98
8
973 Sale 9714
973
9514 24
9
947 9512 Internat Match s f deb 59 _ 1 947 MN 98 Sale 971
Canada SS L 1st & gen Bs _ _
1941 AO 9814 9513 9514
53 904 98 5
4
/
98
1
1
9 102 104 Inter Merean Niarine f 13s. _1941 AO
4
1
/
Cent Dist Tel ist 30-yr be• _.1943 J D 103 Sale 10219 103
8514
4
1
/
90
9 33
853
80 8112 Internat Paper 5s ser A & B 1947 .1 3 8514 Sale 86
Cent Foundry 1st f Os May 1931 P A 7912 85 80 Jan'30
21
881
85 90
1955 MS 87 Sale
Ref s f 6s series A
4
1
/
102 10212
Cent Hud & E 58
M 8 10212 105 10212 Feb'30 _
Jan 1957
93 891 94
901
9
J 9012 Sale 89%
5 121 12314 Int Telco & Teleg deb g 430 1952
4
4 1223
Central Steel ist g I 89_ __ _1941 MN 123 125 1223
4 1211 411 116 125
56
5712 20
1939 33 121 Sale 1173
54 61
Cony deb 4348
Certain-teed Prod 530 A _ _ 1948 MB 58 Sale
963 360 9619 96 4
3
2
1959 PA 9634 Sale 9612
7412
1
/
Deb 58 when issued
7412 7814
ompedes Sugar Co 1st e f 734s'39 M 5 744 Sale 744
1
/
5 103 105
4
Kansas City Pow & Lt 58_1952 M S 1033 104 10414 10414
Chic City & Conn Rye 5sJan 1927 A 0 ---- 51 83 July'29
5 9512 954
951
29 ioo" idi
102
1957 J J 95%- 95%
1st gold 434s aerle813
Ch0L &Coke ist gu g be_ _ _1937 J J 101 Sale 101
10512 30 101 1064
Kansas Gas & Electric 69_1952 M t3 105 12 105
Chicago Rys 1st M stamped
7412 20 6912 761
4
4
70
1943 M N 74 Sale 7238
69
7512 Karstadt (Rudolph) Os
4
1
/ 71 8979
Aug 1 1929int 10% paid_ _1927 PA 89
5 74 82
82
4
1
/ 50 944 9814 Keith(B F)Corp 1st Os
95
1946 M S 82 87 8134
1
/
1
/
954 Sale 95
Chile Copper Co deb bs
1947 JJ
2 89 90
9018
12
4 8819 89
875s
1948M S 90 Sale 90
4
1
/ Kendall Co 510 with wary..
CinG&Eistm 48A
1968 *0 8712 Sale 87 Jan'30
775s 11
8
76 775
8
771 7512
83 63 Keystone Telep Co let 56_1935 J .1 76
9
645 77 83
Clearfield Bit Coal 1st 4s._1940
10214
10014 10214
34
82
71
4
873 KIngs County El & P g be...1937 A 0 10015 10212 10214 128
Colon Oil cony deb as
1938 F A 8019 Bale 80
2 125 1264
1
/
125 127 126
4
98
1997 A 0
Purchase money Os
95 9818
97 Sale 97
ColoF& ICogen f 5rt
1943
1
7712
7712
7
7512 77 9
4
9519
9212 95 8 Kings County Elev 1st g 4e..1949 F A 7711 Sale
1
Col Indus 1st & coil 5s gu---1934 FA 94 95 94
4
1
/
75 78
8
55 9855 10012
1949 F A 7455 775 78 Feb'30
8 1001
Stamped guar 42
Columbia G di E deb Os May 1952 MN 100 Sale 995
10012 102
11
8 98 4c10114 Kings County Lighting bs __ _1954 J J 10239 103 10218 10218
1
Debentures ba__ Apr lb 1952 A 0C10114 Sale 995e c10114
115 Jan'30
115 115
3
9534
19643 J 1131g First
3
95 4 98 9534
Columbus Gas 1st gold be__ _1932
4
/
4
6 95 9534 Kinney& ref630 734% notes'36 J D 10134 103 102 Feb'30 20 101 1031
913
4
(GR).t Co
90 94
1
/
914 Sale 90
Columbus Ry P & L 1st 4)s 1957
10312
10214 10312
1
99
9314 99
Kresge Found'n colt tr 68-1936 J D 10312 Sale 103
657, sole 9514
Commercial Credits f Os __1934 MN go Sale 99
3
57
9 8 57 92 98 s
9712 40 85 97 Kreuger & Toll 58 with war _1959 M S
12
Col tr f 5 Ns notee
1935 J J 97 Sale 97
4
1
/ 1003
100
4 13 100 102
4
/
9312 23 88 94
Lackawanna Steel 1st 59 A _ _1950 M S 1001 Sale 1007
Comm'l Invest Tr deb Eis _ _ _1948 MS 93 Sale 93
3 99 101
8 1.01
85
4
1
/
1
/
884 138
Lad i Gas of St L ref&ext be _1934 A 0 101 Sale
83 8812
Cony deb 530
1949 F A 8814 Sale
22 100 4 1043
8
1
3 10312 1047
10412
Col dr ref 510series C _ __ _1953 F A 10314 Sale 10253 10312
2
s
J 104, ---- 104
Computing-Tab-Ree s I 69_1941
9512 .lan'30
9511 95
11 Lautaro Nitrate Co cony 69-1954
Conn Ry & L lst & ref g 4301951• J
22 74
4
1
/
82
82
Feb'30
J J 81 82 80
4
Without warrants
953 94
9312 9812
Stamped guar 4 Ns
1951 J J 94
1
9419 97
96
6
9
4
/
841 33
4
/
7612 8512 Lehigh C & Nav f 430 A__1954 J J 95 96 100
Consol Agricul Loan 8349_..1958 J D 841 Sale 84
14 10 9914 10014
100
Lehigh Valley Coal 1st g ta_ _1933 .1 J 10014 -Consolidated Hydro-Elec Works
96 Oct'29
7
92
9
917 91
89 92
let 40-yr gu int red to 4% _1933 J J
of Upper Wuertemberg 75_1956 J J 91
_77; Rif 101 Dec'29
1934 F A 6119 18
3
1st di ref s I be
60 63
Cons Coal of Md lst&ref 59_1950 10 6034 Sale 80 4
4
/
2
,
1944 F A 80 2 831 811 Feb'30
lst & ref s f be
4
1
/
Comm!Gas(N Y)deb 510_ _1945 F A 105 Sale 10519 10514 46 105 106
6 -13012 161721
4
1
/
7212 74
5
101
1954 F A 72'2 74 72
1st & ref it f 59
9812 101
Consumers Gas of Chic gu ba 1930 J D 100 _ _ 100
3
72
7019 78
14
72 72
6 10214 1035
1964 F A 71
Sale 10259 103
& ref s f 58
let
5
Consumers Power 1st M.- _1952 M N 10259
70 75
73 70 Feb'30
6 8915 9212
90
1974 F A 71
let & ref a f 59
Container Corp 1st 66
1948 3D 90 9212 90
8 11713 119 4
1191
1
5
4
1
/
81
81
77
Liggett & Myers Tobacco 78_1944 AO 11912 Sale 119
15-yr deb Os with warr_ _1943 J D 8012 8212 79
28 99 4 102
4
1
/ 102
1
102 Sale 100
951g 28
4
1
/
1951 FA
4
1
/ 951s
91
bs
Copenhagen Telep be Feb 15 1954 F A 9434 Sale 94
57 1011g 114
9712 102 Loew'e Inc deb 13s with warr_1941 *0 114 Sale 10914 114
4
14
Corn Prod Refg 1st 25-yr s I 5s'34 M N 100 1013 101 Feb'30
84
9134 97
97
2 94 99
9512
4
98 94
Without stocks purch warrants *0 963 Sale 9412
Crown Cork & Seals f 8s _ -.1947• D 98
17
93 9714
7
9
4
37 10088 102 Lombard Elec 1st 78 with war '52 3D 9812 Sale 953
Crown-WIlliamette Pap fle_.1951 J J 10012 Bale 10018 101
10 93 98
12
97 9512
951
3D 98
50 41 Feb'30
3512 4115
Without warrants
Cane Sugar cony 79_ _.193 J J 41
Cuba
26 1047 108
2
1
/
4
1
/
4 36 43 LorIlliard (P) Co 7.
41
1944 A 0 108 Sale 1074 108
4018 Sale 40
Certificates of deposit
10234 Dec'29
5
41
AO
Registered
3518 4312
Cony deben stamped 87..1930 J 3 41 Sale 41
8512 43 "ills "lift
4
1
/
1951 FA 8512 Bale 84
4
1
/
40
5
9
417 39
40
96
4314
Os
Ctrs of deposit
18
01
84 91
1937 3J al Sale 9012
3
3
Deb 530
9911 10014
Cuban Am Sugar 1st coll 83_1931 MS 99 4 Sale 99 4 10014 30
4
4
1
/ 5 100 1011
5
40
40 39
39 47 Louisville Gas & El (1Cy) 50.1952 MN 100 9 Sale moil 100
Cuban Dom Sug 181 730_ _ _ 1944 MN
5
90
94 90
87 90
91
38
35
be _ _1930 .1
Louisville Ry let cons
4
1
/
44
35
39 Sale
Certificates of deposit
8 100101023 Lower Austria Hydro El Pow1013
9
4
Cumb T & T lst & gen be__ _1937 33 101 10114 101
18
84
9
847
80
4
1
/
1944 FA 83 Sale 82
2 10214 104
Istaf830
Cuyamel Fruit 1st Sf 6s A....1940 AO 10312 Sale 10234 10312
13
1
/
964 9812
981
713 Dec'29
_
---- _- McCrory Stores Corp deb 530'41 3D 9814 981 98
Denver Cons Tramw lst Es_ _ 1933 * 0
7014 86
101
15
Manati Sugar 1st f 730-1942 *0 83 85 8479 Feb'30
99 101
Den Gm & E L 1st & ref a I gbs'51 MN 99 Sale 99
19 64 60
591
4
1
/
2 98% 1001 Manbat Ry(N Y)cons g 40-1990 A0 59 Sale 59
4
,1
987
:
Stamped as to Pa tax
1931 MN 98% Sale 983
54 47 Jan'30
47 47
2013 3D 47
Oct'29
_ 50 61
2d 49
Der'Corp(DO) lst s f 79-1942 MS
94 95
98 95 Feb'30
_ 33 40 Jan'30
Manila Else Ry & Lt I f bs_ _1953 MS 90
40 47
Second stamped Cash sale.
191
S
1430
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
New York Bond Record—Concluded—Page 6
4.5
Pries
Friday,
Feb. 28.
Wuk's
Range or
Last Sale.
045
3
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Feb. 28.
zt
Price
Friday,
Week's
Range or
Last Sale.
a•
Barkie
Rings
Jan, 1.
Bid
Ask Low
High No Low
filch
Eli
Ask Low
Marion Steam Shovel sf 66.1947 A 0 75
High No. Low
Higk
76 Feb'30
80
76
76
Relnelbe Union 75 with war,1946
J 105 Sale 105
5
Mfrs Tr Co ctfs of partic In
105
96 1064
Without stk perch warr...1948 J J 97 Sale 964
A I Namru & Son 1st 6s 1943.1 D 97
90
074 13
97
12
1
98
97
97
964 98
Rhine-Main-Danube 78 A_ _1950 M S 1013 1023 100
4
4
Market St Ry 7s ser A _April 19400
Feb'30 100 103
8
92 Sale 9112
92
94
90
Rhine-Westphalia El Pow?, 1950 Si N 10012 10118 1003
4
1 100 1024
Meridionale Elec 1st 7s. _ _ _1957 A 0 974 gale 974
1002
4
3
98 4
,
9714 105
Direct mtge Os
1952 51 N 9112 Sale 90
Metr Ed 1st & ref bs ser C_ _1953 J J 102 4 Sale 102 4
9112 25
9112
86
4 101 103
,
, 103
Cons M Os of'28 with war.
_1953 F A 9218 Sale 92
Metr West Side El(Chic) 424.1938 F A
92 8 39
,
927
8
83
1
68
68
6612 68 4
,
Without warrants
9018 Sale 90
7
MIAs Mill Mach 76 with war.1956 J D
9018
9018
86
81
Jan'30
81
81
Richfield 011 of Calif Os
1954 F A 95
945
9512 95
Without warrants
954 14
J D 834 85 2 85
95 037
12
1
85
,
Rime Steel 1st s 1 7s
80
89
9314 9714 96
4
891e 9(013
MIdvale St Ac 0 cony s f bs_ _1936 M 8 1004 Sale 10014
9618
100 4 38
,
4
993 101
Rochester Gas & El 73ser B_1946 M
107 Sale 106 4
, 1074 21 106 4 108%
Milw El Ry & Lt ref & ext 4 A2'31 J J 99 4 100
,
3
,
9912
99 8
,
9712 994
Gen mtge 5 As series C
S 105 8 Sale 1054 Feb'30
1948
,
General & ref 15.9 series A _ _1951 J D 10018 Sale 1004
105 10512
2
10018
997 100 4
8
,
Gen mtge 4 As eeries D
S 9718
1977 M
97 Feb'30
1st .4 ref & aeries B
97
1961.1 D 9878 sale 9812
97
17
99
96 4 9912 Roch & Pitts C & p m be_ _1946
,
N 87 90
90 Nov'29
1st & ref User 11 temp
9014 58
1961 J D 99 Sale 98 8
,
9712 99 2 St Jos Ry Lt 11 & Pr 1st 58_1937 SIN 94 Sale
,
Montana Power let be A _ _1943 .1 J 1004 10112 1004 101
2
94
20 100 1034 St L Rock Mt & P 56 strapd_1955
0412
6112 64
614
Deb Ss series A
(514 10
60 614
9912 Sale 9912
99 4 18
,
984 100 8 St Paul City Cable cons 58 .1937 .11 J
,
824 85
4
Montecatini Min & Agile— 1962
88
88
85
San Antonio Pub Serv 1st 68_1952 J J 1047 Sale 10412
8
Deb 71 with warrants
15 102 105%
105
1937 J J 10612 108 10612 10612
3 10112 108
Saxon Pub Wks(Germany) 7s'45 F A
9812 Sale 9512
99
26
without warrants
J J 97
924 99
9812 97
9812 13
98,
95
Gen ref guar 63.4s
MN 9114 Sale 91
,
Montreal Tram 1st & ref 58_1941 J .1 963 97
91 8 18
964
86
3
914
8
9614
95
98 s Schulco Co guar 6 As
,
6518 724 654
Gen & re( s 56 series A__1955 A 0 9114 92
657
8
1
45
4
68
9114
91,
4
Guar f 634s series B_ _ _ _11116 j NO
91 4 91,
,
4
61 "
119
5718 5912 57
Seem 13
1955 A 0 91, - - 917 Jan'30
45
57 4
,
6112
5
8
4
917 9178 Sharon Steel Hoops f 5 Ass _1948 MN 97 Sale 97
8
9712
Gen & ref s f 4 As ser C1955 A 0 8312 -- -- 8412 Feb'30
2
9712
95
8412 8412 Shell PipeLInes f deb be. _ _1952 Id N 93 Sale 93
Morris & Co later 4 As__ _ _1039 J .1 81
9212 96
93 4 37
9
,
82
81
82
81
824 Shell Union 0115 f deb be__ _1947 MN 9414 Sale 94
Mortgage
9414 18
-Bond Co 4s sec 2_1966 A 0 73
0312 9614
75
73 4 Jan'30
,
7314 7314
Deb 58 with weer
O 984 Sale 9
D
9
1 952 J
194 A
997 258
8
10 -year bs series 3_ _ _ _1932 J J 96 4 97
814
-26
3
9712 99
,
96 4
96 4
,
,
Shinyeteu El Pow let 6
96 2 97
,
88
8812 8712
8712
Murray Body 1st 8 A"
1
8518 92
4
1934.1 D 95
95
9712 95
9512 Shubert Theatre 6s_June 15 1942
89
D 4514 Sale 45
Mutual Fuel Gas let gu g 58_1947 MN 102 Sale 102
46
36
4712
41
5
102
994 102
Siemens & Haleke s 1 7s _
1935 .1 J 10014 102 10112 10112
Mut Un Tel gtd 6s ext at 5% 1941 MN
6 101 103
984 Jan'30
Deb s f 6s
984 98%
A
10414 Sale 10414
Names(A I) & Jon—See Mfrs Tr
32 10112c10614
105
Sierra & San Fran Power 56_1949
S
5• A 967 9712 963
19 1
8
.4
3
Nassau Elec guar gold 4s _ 1951 J .1 5512 57
984 9914
9 5012 5512 Silesia Elec Corps 1 6 As _ _.1946 F A 8312 8712 8212 97
554
554
Nat Acme lets f 68
Feb'30 _ 4 101 8 1024 Silesian-Am Exp
1942 J D 102 10214 102
804 83
10218
,
coil tr 75_ _1941 F A 914 92
Nat Dairy Prod deb byte_ I948 F A 9712 sale 974
9184
9212
984 255
9012 927
3
8
9718 9914 Sinclair Cons 011 15
-year 78_1937 M
10112 Sale 101 18
Nat Radiator deb 634s
1013
4 30 1004 102
1947 F A 281s 28
8
28
28
24
: liene13 ti A..,rtes68 D _ _ _ 1930 M S 10014 Sale 10014
1 t
40
coil 158 eeri D
Nat Starch 20
10014 74
-year deb as_ _1930 J .1
99
994 100 2
,
Jan'30
997 100
8
10012 Sale 100
10018 41
Newark Consol Gas eons 66_1948 J
993 10078
1 1024 103
8
10212 103 103
103
Sinclair Crude 011510 ser A.1938.! 11' 984 Sale 98
193 .P .
8
1
9812 63
New Engl Tel & Tel be A _1952 J D 1034 105 10312 1034
944 9812
4 103 1054 ske
Slncgr P
,2
OH1
.1
5
_ _1042 A 0 9514 954 05
let g 4 As series B
9538 45
984
1961 MN 984 99
944 954
983
4 10
984 99 4
,
ebL51121.e
i
0114 92
91
New On Pub Serv lst be A _ _1952 A 0 87
91
6
9314
91
8812 15
88 2 8712
,
88 8 Smith (A 0)Corp let 6 As_ igg3
82
,
8
: 1017 10212 1014 102
4 10112 10212
First & ref 58 series IL__ _1955 J D 8814 Sale 8712
8814 57
8814 South Porto Rico Sugar 70_ _1941 J D 10412 105 10414
83
NY Dock 50
10412
2 10414 107
-year let g 4s_ _1951 F A 8012 Sale 8012
4
8012
804 8212 South Bell Tel & Tel 1st 8 158'41 J
,
102 8 Sale 10218
Serial 5% notes
10238
11 1014 10212
79
1938 A 0 78
7812 Feb'30
7912
1st sf58 temporary
70
102 Feb'30
N Y Edison ist & ref 6 As A.1941 A 0 112 4 Sale 11211 11314 30 11112
1014 102.
,
18
114
Southern Colo Power Os A..1 947 .1
1941 J
10212 Bfile 1024 103
1st lien & ref Is series B_ .1944 A 0 103 8 Sale 103
8 10112 104
,
10312 13 102 4 104
,
Solvay Am Invest 58
9312 95
1942 M
95
95
2
N Y Gas El Lt II &Pr g 58_1048 J D 10514 107 10518
937 954
8
6 104 4 1084 Sweet Bell Tel
10312
,
let & ref 58 1954 F A 10414 Sale 10418
10414
12 102 1044
Purchase money gold 4s_ _1949 F A
9314 Sale 934
6
93 4
,
927 c9412 Spring Val water 1st g 58._ _1943 MN 9912 100
8
993 Feb'30
8
NY LE&WCoal&RR 5342142 MN 100
99 8 0912
7
,
100
_ - 99
_
99 103
Standard Milling let 18
1930 MN 10012 Sale 10014
NY LE,t W Dock & Imp 56 43 J .1 944
10012 19
994 10012
9712 Sept'29
1st & ref 5 As
101 1024 10212 10212
2 100 10212
N Y & Q Ell.& P ist g 5s_ _1930 F A 997 10014 100
3 100 1- - Stand 011 of N J
8
100
661.1
1'45 113 8
deb 5s Dec 15948 F A 10212 Sale 102
10212 52 10028 10312
N Y Rye 1st R E & ref 48_ 1942.1 J 434 50
Jan'29
58
Stand 011 of N Y deb 4 As_ _1951 .1 D 9512 ale 9514
Certificates of deposit
9534 33
05
434
9714
5614 Mar'29
Stevens Hotel let (is ser A..1945.0 J 984 Sale 8812
9
30
89
-year adj Inc bs___ _Jan 1942 AO _
90
88
97
8 1 Aug'29
_ Sugar Estates (Oriente) 78_1942 M S 40
41
4114
4312
Certificates of deposit.......
41
47
8 1 July'29
Syracuse Lighting 1st g 58-1951 J D 1033 105 1038 Feb'30 15 1034 48
4
NY Rys Corp Inc 138_ _ _Jan 1965 -Apr
4
512 6
-1034
512
512 10
4
Tenn Coal Iron & RR gen 58_1951 J
9
10218
10214 Jan'30 - - 10214 10214
Prior lien 68 series A
71
71
1085 J J 70
Feb'30
64
Tenn Cop & Chem deb
71
13_1944 J3
10012 Sale 993
NY & Rlchm Gas 1st 8s A._1951 MN 10418
10012
4
974 101
4
10418 Feb'30
Tenn Elec Power 1st 68
104 105
1064 10812 1063
1947 J
8 10612 20 10412 10612
N Y State Rye 1st cons 4148_1962 MN
214
2012 23
42
22
T
20
•rehsiraad
25
rpct rofdeb 68_ _1944 A
ifion v m
101 Sale 100 8 101
848 100 102
5
Registered
18
MN
_ 17
Jan'30
17
17
Aye
5012 51
1980
51
Feb'30 - 1st cons 694s series B._ _ .1982 MN
45
524
1814 23
22 Feb'30
20 c2114 Thir i Anye Dy 7x N5Y Jan 1960 A 0 31
A d l e & ta1 g 5
3112 2912
31
N Y Steam lot 25-yr 65 ser A 1947 MN 106 8 107 1064
21
28
3212
,
106 4 12 10518 107
,
9218 97
021s
9214
NY Telco let de gen 81 4145_1939 MN 994 9912 9912
2
06
92
99 8 10
,
98 8 100
,
Toho Elec Power 1st 78
99 Sale 9814
30
9914 37
-year deben s 1 6s_ _Feb 1949 FA 11012 III 11012 1107
9814 100
8 29 11014 III
6% gold
.1
99 Sale 987
1E 41
11
99
8
30
-year ref gold 8s
75
,
96 4 99
1941 AO 10712 Sale 107
10712 54 10618
To
gEldnLte ht Co. Ltd—
ol ec o igs
N Y Trap Rock 1st &
1946 Jo 98 Sale 96
2
96
181
94
let Os dollar seriee
9014 Sale 9018
Niagara Falls Power 1st 58_ _ 1932
r01 4 259
87 8 c9134
,
,
5 100 10112 l'olede Tr L &
J 10012 Sale 10012 10012
,4
.1
30
16 100 1004
Ref dc gen 65
P534% notes 1953 J D 100 10014 100
Jan 1032 AO 1014 10314 10115
10158
ani te out w t 14s with war.1931 J J 97 4 Sale 9712 100
10012 10212 l'rw s hon Oil rIrnnui
,
Nies Loek & 0 Pr 1st 58 A _ _1955 AO 10214 Sale 10214
31
99
974 100
10254 10 101 8 103
,
94
92
9114 Feh'30
Norddeutsche Lloyd (Bremen)
8712 9112
Trenton GA El 1st g be_ _ _1949 M
103
10214 Jan'30
20
-years f 6s
10214 10214
1947 MN 864 87
87
877
8 20
8
64 91
Truax-Traer Coal cony 8 As_ 1943 M N 84 Sale 84
Nor Amer Cern deb Otis A 1940 MS 5612 Sale 6558
2
84
7912 8512
564 30
5012 58
Trumbull Steel 1st a I 6s
1940 MN 10212 Sale 10212 103
No Am Edison deb 56 ser A _1057 MS 10214 Sale 10114
17 102 10314
1021 2 57
Ty en tiriwyd lr
w o,ila y-th o_a
or
9918 10212 TdfiT e yoA 74_ 1952 J J 40
cr
ee Rp re1 58 1 965
47
.
40
Deb 5118 ser B__ __Aug 15 1983 FA 10114 Sale 10012 1014 46
Jan'30
38
49 8
,
997 103
8
M N 90 4 95
,
Nor Ohio Trac & Light Ss. _1047 MS 9812 993 994
4 9614
97
7
97 4
94
,
3
8
9912
99 101
90
89
8912
8912
Nor States Pow 25-yr 68 A..1941 AO 101 Sale 10018
1
911
85
26
101
0084 i0112 Ujigaw a Elec Pow s f 7s_ _ _ _1945
994 Sale 99
19 2
5
1st & ref 5-yr 6sser 13_ _ _ _1941 AO 1047 Sale 10412
994 20
9712 994
8
10514 21 10112 1033 Unin 6, ee t u
Drl r Ele x Lt & Pr (Arlo) 58_1932 M S 100 4 10012 10014
e
4
,
North WT 1st fd g 4 As gtel_1934 J J 96
10014
100 1004
_
9912 98 Feb'30
08
08
1 3
100 g 1004 10014
,
Norweg Hydro-El Nit 51.45_1957 MN 9112 Sale 9112
1005,
100 100 4
92
48
,
88 8 9212 Un E LA P(II1) 1st g 5343 A.1054 1 N 10214 10212 10214
,
1 J
Ohba Public Service 73'4s A _ _1946 AO 112 11212 111
6 101 10212
10212
Feb'30
Union Elev Ry (Chic) 5s_ _1945 A 0 68
110 112
77
70
1st & ref 75 series 11
Jan'30
70
70
1947 FA 112 114 4 112
,
112
5 110 113
Union 011 1st Hen 5 bs_ _ _ _1931 ./ .1 10114 Ohio River Edison let 66_1948 J J 103 10512 105
10114
1
- 10114
9912 101,
4
105 2 10 105 106
,
30-yr 86 series A..,
.May 1942 F A 10728 1084 107 4
Old Ben Coal 1st 68
,
15 10612 109
1944 FA 79 Sale 78
793
8 10
794
71
st len If 58 eer (,_ _ _Feb 1935 A 0 994 90 4 9912 109
,
9984 43
Ontario Power N F 1st Ss_ _ _1943 FA 1003 101
98 100
8
9912
994
3
9914 101
UnitedBlsu g t5_ A m
rii cul2 otyr mdeb 65_1942 Id N 10014 10012 993
Ontario Transmission 1st 56_1045 MN 9958 10014 100
4
101314 34
99 1004
Jan'30
100 100 8
,
93 4 Sale 9312
,
Oriental Devel guar Os
94
44
9212 944
1953 MS 98 Sale 98
984 38
987 United Rye St L 1st g 4s
95
8
3
93 W1
1054 J J 70 Sale 70
Extl deb 5 As
70
20
8918 114
/
1
1594 74
8
1958 MN 891 Bale 8818
86 4 90
,
United SS Co 15-yr 58
08 s 99 4 9914
,
Oslo Gas & El Whe extl bs_ _1963 M
,
9914
3
974 994
2
9218 927 92
8
93
12
9314 Un Se el Lorks ' e As A.1 21
90
se te f
.
D 8712 Sale 8712
N
s.or,es 6
( orn
1 7
Otis Steel let M 68 ser A _ _ _1941 M
88 4
8
,
8514 89
2 10014 10214
10112 Sale 10112 10112
8712 88
Pacific Gee& El gen & ref 58_1942 J J 101 4 Sale 10058
87
88
35
85 4 C90'4
,
,
10154 17 100- 103
8
United Steel Wks of Burbach
Sac Pow & Lt 1st & ref 20-yr 58'30 F A 994 10018 10158
1951
1014 34
99 4 1014
,
•
Esch-Dudelange 5 f 7s_ _1951 A 0 10212 Sale 10412 1041
Pacific Tel & Tel 1st be
5 102 105
1937
.1 10212 103 100
10018 15 100 103
US Rubber 1st 3. ref Se ger A 1947 J J 86 Sale 86
Ref mtge 56 series A
87
75
824 874
1952 MN 10312 10414 10212
3 1014 105
10212
10-yr 71-4% secured notes, 19341 I. A 1004 Sale 10012 1007
Pan-Amer P & T cony s f 60.1934
8 21 10012 101
4 1024 10318
N 10212 1023 10212
4
10312
7312 6212 Jan'30
s 10
ritvreibf,;TA R td seb (18 11136.1 D 61
nI eer6 11, t ta Od
1st lien cony 10-yr 7s....1930 FA 101 10312 10212
6212
61
5 101 104 4
10212
,
84
85 4 844
Pan-Am Pet Co(of Cal)conv 68'40 JO 9212 95
,
8612
9
81
89
93
8
94
89
Utah Lt & Trac Ist & ref 58_1 14 A (
94
• ) 921g 9212 924
1:,
9953
92 8
6
,
Paramount-Wway 1st 5As_ _1951'.1 10112 Sale 10018
,
9258 93 4
10112 24
Utah Power & Lt
99 102
6s._ _ _1944 F A 98 Bale 9712
9812 44
Paramount-Fam's-Lasky 681_1947 JO 10014 Sale 9912 10038 107
0712 991
4
8
98 1003 Utlea Elec L & P let s f g 5s-195
go 1031s
1027
g
1034 Feb'30
Park-Lea let leasehold 6148_1953 J
0
81 Sale 787
42
83
8
754 83
Utica Gas& Elec. ref & ext 58 1057.3
103 4 - - -- 103
,
Parmelee Trans deb 68
103
1 10214 103 4
,
1944 AO 83 Sale 78
8212 31
75
8212 Util Power &
4
_ _1947 J D 873 Sale 8814
Pat & Passaic GA El eons Se 1949 MS 1014 _
8(1
25
88
80
_ 101 101 4 v ertorn tes SlsLight 5
1013 Feb'30
_ 4
, V ic tle i,u ei ug f uref 78_ .1942 .1 D 8018 70
Sugar lgt
to
8(1
60
1
Pathe Etch deb 78 with wart 1937 MN 46
61
57
19
515 46
4718
36 c52
2212 25
21
Jan'30
Penn-Dixie Cement 6s A ,..1941 M S 8058 Sale 8012
21
21
804 38
Va Iron Coal & Coke 1st g Ss 1949'1
7312 22
7214 79
72 Feb'30
1953 M
Poop Gas AC let cons g 88_1943 AO 11128 1124 1113 Feb'30
70
7218
4
111 4 11154 Va
,
It Pow let & ref 58_ _1934 J J 100 8 Sale 10014
,
100 4 20 100 101
,
Refunding gold 56
102
1947 il S 102 Bale 1017
15 101 104
8
w it fle f)
Walwor ,u tb warrants5ie u'i war 1035 A 0 99 101
t
99
101
5
9318 101
Registered
SI S
100 Dec'29
_
93
90
90
91
3
91
87
Phila Co sec as ser A
9812 Bale 9734
1967 J
9812 158
96
1st elnk fund Os series A _ _1945 A 0 90 Sale 89
98 4
,
15
8512 90
00
PhIla Elec Co 1st 4 As
1967 MN 974 9858 9814
9812 12
97
Warner CO 1st
99
with warr_1944 A 0 9812 Sale 9712
9812 15
96
Phil& & Reading C & I ref 66_1973 .1 .1 864 Sale 864
983
4
865
4 II
84
874
Without warrants
89
_
A 0 93
Feb'30
89
80
Cony deb 6s
9611 Sale 9412
1949M
9812 105
91
98
Warner Sugar Refln 1st 78_ _1941 J D 105i4 Sale 105
3 10211 107
10514
Phillips Petrol deb 55(8- - -.1930 •
9112 65
Wsrrirn pod
a taer liugar Corp let 78..1939 J J 4818 52
90
93
D 9112 Sale 90
48 Feb'30
48
Pierce-Arrow Mot Car deb 8s 43 M
554
10512 Sept'20
48
5:5
48
48
12
41
5112
Pierce Oildeb s f 88. _Dec 15 1931 JO 105 106 105 Feb'30
ioi- 16S- Warner-Quinlan deb 65
85
84
8412
14412 88
85
8
Pillsbury Fl Mills 20-yr 66..1943 AO 104 Sale 10312 104
Wash Water Power f 58_ _ _111311
103 105
103 Sale 10212 103
11 3
1 9
5 1001 105
:
Pirelli Co (Italy) cony 76 __ _1952 MN 111 Sale 11014
111
105 4 11328 Westchent Ltg g Is nod gtd_1950
,
D 1034 105 1047 Jan'30
8
1044 1047
Pocah Con Collieries 1st s f bs '157 J
8
944 95 9412 Feb'30 - 9412 9412 WestPene Pow er Fier A 53_ 1048 NI El 1014 102 4 1012 Feb'30
5s s nries E
,
4
10124 10312
Port Arthur Can & Dk 68 A.1963 FA 10412 105 105
Feb'30
1st
- 10212 105
1034 10414 103 8
, 104
102 104
1st M Os series B
1953 FA 10312 ___ 10312 Feb'30
1st
,
- 102 104 4
1054 106 10.514
10,411 105,2
10.512
Portland Elec Pow lot Os B.1947 MN 984 Sale 984
984 16
9612 100
8 4" serirles 0
5 bs se eRF
4
103 8 Sale 103
,
103 8 18 1014 10414
1 0 AM
11T J
,
Portland Gen Elec 1st Is.,,1935 .1
zoo 100 0054
54
11
West Va C & C let Os
99 103
100
14
12
15
J
Feb'30
11 18 20
58 Sale 9912
Portland Ry 1st & ref 5a _ I930
994 15
N 99
97
99 4 Western Electric deb 56._ _ _1944 A 0 102 Sale 10112
,
102
10 10112 10312
PorUand Ry LA P let ref 58_1942 FA 9858 9912 994
8
9812
96
9812 Western Union coll tr cony 56 1113.8
101 1014 10028
10118
3 10011 1024
1st Hen & ref Os series _ _1947 MN 9728 9914 984
3
9812
9618 99
Fund & real est g 4 Hs. _ _ _1950 M N 9812 Bale 9612
97
7
lot lien 'S ref 734s set A _ .1046 M
95
984
107 Sale 1053
14 1044 107
107
4
I5-year 6 As
10812 10824 1087
8
109
8 10ii 110
Porto Rican Am Tob cony 66 1042 .0.1 9314 Sale 9212
18
25-year gold 55
91
9314
9314
101 Salo 100 8
, 1013
8 41 100 s 103
Postal Teleg & Cable coil 56_1953 J J 9312 Sale 9312
,
94
37
9312 9412 Westphalia Un El Pow 68_..1953
824 gale 81 4
,
824 20
76
Pressed Steel Car cony g56193 J J 89 Sale 8712
83 s
,
89
10
89
81
Wheeling Steel Corp 1st 5 As 1948.1 .1 101 1014 101
101 8 23 1004 102
,
Pub Serv Corp NJ deb 4 As_1948 FA
Jan'30
1st .5 ref 4 Ali series II._ _1953 A 0 884 Sale 88,
181 194
— -- 190
8
88 4 25
,
Pub Sere El & Gas let & ref 6565 JD 103 Sale 1023
87
89
103
4 1021s 104
4
White Eagle 011.5 Ref deb 510'37
1.1'S ref 41.43
974 Sale 9614
1967 J
954 98 4
974 15
With stock purch warrants,..
,
10212 103 102 8
, 103
38 1024 106
1st & ref 4 As
M
1970 FA 96 Sale 954
9512 95
0612 278
White Sew Mach Os with wart 36J'
100
81
J
Feb'30
81
Punta Alegre Sugar deb 75. _1937.0, 51
90
5012 Feb'30
55
50
55
Without warrants.
81
75
78 Feb'30
75
7712
Certificate,' of deposit......
Feb'30
55
55
51
Partle 5 f deb 6s _ _
_1940 MN
75
73
73
74
14
Pure 0118 f 6 A % notes _ _1937 1- - 9912 Sale 9912
75
73
0
4
9912 1004 Wickwire linen 81.'1 1st 7i..1035.3 J 34
100 8 54
,
30
36
Feb'30
Purity Bakeries f deb Ss.,_1948 J .1 9812 Sale 9512
251 39
:
95
9612 16
964
Ctf dep Chase Nat Bank
3214 35
38
Feb'30
_
Remington Arms 6/3
251g 394
934 97
1937 MN 9618 97
15
96
96
Wickwire Hp FRI Co 7s_Jan 1935 SIN 334 Sale 33
39
34
25
Rom Rand deb 534s with war '47 M N 97 Sale 9612
25
97
74
,2
Ctf dep Chase Nat Bank
911 97
:
31 8 Sale 31 8
,
,
35
83
Republic Brass 68
25
35 3
7
July 1948 M S
0312 Feb'30
101 103,2 Willys-Overland 81 6 As_ _ _1933 M -6 984 Sale 98 4 100
,
.
7
Repub I & 10-30-yr 56 81_1940 A 0 1021- dale 10214
08 100'4
4
10214
2 10114 10214 Wilson & Co let 26-yr ef 64_1941 A 0 100 Sale 997
8
100
17
997 101
8
Ref & gen 51is merles A_ _1963 J I 108 Sale 103
1034 10 1001g 104 2 Winchester Repeat Arais 7 As'41 A 0 100 101 100
,
100
3 100 102
Revere Cop & Br 08
Ju1y 1943 M
103 Sale 103
10314 20 103 1034 Youngstown Sheet 'S Tube 54'78
8
J 10114 Sale 1007
79 10012 10112
101 14
Cadtit uls
rd. t.
g
y
6.,
MAR. 1 1930.]
FINANCIAL CHRONICLE
1431
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
Chicago Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Feb. 22 to Feb. 28, both in- Chicago Stock Exchange, Feb. 22to Feb.28, both inclusive,
clusive, compiled from official sales lists:
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Railroad
Roston dr Albany
100 z177
Boston Elevated
100 79
Preferred
100
1st preferred
100 108
2nd preferred
100 954
Boston & Maine
Series C 1st pref
100
Prior preferred stpd _ _100
Series A 181 pfd stpd_100 804
Boston & Prov
100
Conn Pass pref
100
Chic Jot Ry U 8 Y_ _ _ _100 1854
East Mass St Ry corn. _100
64
Adjustment
100
Maine Central
100
N Y NII&Ilartford__100 12155
Norwich & Worcester pf100
Old Colony
100
Pennsylvania RR
50 8234
175
7554
91
108
93
179
80
91
109
954
95
10955
80
170
101
1654
655
254
82
11954
131
1284
8155
95
10955
8055
170
101
1654
655
27
85
12154
131
130
8334
Range Since Jan. 1.
Low.
High.
209 175
Feb 179
353 67
Jan 80
25 86
Jan 9155
100 10555 Jan 110
71 89
Jan 934
5
345
222
10
6
58
5
147
30
243
25
63
1,332
95
104
77
170
101
16574
855
254
82
108%
131
125
72
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
95
11054
8034,
172
101
1654
10
27
86
12255
131
1304
85
Miscellaneous
Am Founders Corp corn stk 274 2554 2854 28,112 2554 Feb 32%
Amer Pneumatic Serv __ _25
534 Jan
74
9
6
734 1,135
Amer Tel & Tel
2,121 216% Jan 240
100 2404 229 241
Amoskeag Mfg Co
•
95 124 Jan 18%
16
1655
Aviation Sec of New Eng_
10
Feb
5
8
755
755
Bigelow-Sanford Carpet_ _s 7455 7455 76
338 72
Feb 80
Preferred
Jan 101
30 100
100
10034 10034
Boston Personal Prop Tnurt 2534 2455 26
545 22
Jan 27
Brown Co preferred
60 80
Feb 85
8254 83
Continental Sec Corp
110 48
Jan 5755
56
56
5755
Credit Alliance Corp cl A._
1,162 1254 Jan 184
164
1554 1654
Crown Cork & Intl Corp
1,015 104 Feb 12%
11
1034 11
East Boston Land
355 Feb
325
10
455
354 4
4
East Gas & Fuel Assn corn_
Jan 344
1,006 26
3134 3154 3254
434% prior pref
Jan 79
258 76
100 7655 764 78
6% cum pref
Jan 9455
692 92
9455
92
100 94
Eastern 88 Linea Inc new. 30
125 2555 Jan 32
29
30
1st preferred
100
5 9455 Feb 96
9455 9455
Preferred
20 44
Jan 47
47
47
100 47
Economy Grocery Stores_ ______
SO 304 Jan 40
38
38
Edison Elec Illum
827 237
Jan 254
249 254
100 253
Empl Group Assoc
902 21% Feb 26
x2555 254 28
Galveston Hous Elec.._ _100
100
455 Feb
9
8
74
General Alloys Co
34
855 Feb
854
855 855
General Capital Corp
1,615 43
Jan 52
4955 51
51
General Theatres Eq
25 41% Feb 4754
414 4355
Gilchrist Co
170 12
Feb
19
13
• 12
12
Gillette Safety Razor Co _• 984 96
Feb 10555
9934 1.775 89
Greenfield Tap & Die. _ .25 184 174 183.5
235 14
Jan
IR
Hathaway Bakeries pref _ _ 102
15 101
Feb 10854
102
101
Hygrade Lamp Co
20 29
Jan 31
29
30
Preferred
10
90
90
90
Internal Carriers Ltd corn.
4,307 1554 Jar
1654 1634 17
1755
Jenkins Television corn__ _.
254 Jan
102
34
355
3
35
5
Kidder. Peab arc A pf.
Jan 89
_100
8 88
89
89
Libby McNeil & Libby._10
242 1755 Jan 23
19
20
Loew's Theatres
755 Jan
160
2
955
9
9
Maas Utilities Assn
655 Jan
2,995
9
955
834 9
Mergenthaler Linotype 100
25 1054 Jan 10855
1084 1084
National Leather
155 Jan
2
87
10
14 154
National Service Co
180
Jan
5
434
455 5
8
New Eng Equity Corp_ _ _ _ ______
193 2955 Feb 374
30
304
New Engl Tel & Tel_ _100 144
.
569 143
Feb 159
14354 14454
Rights
7
Jan
755
854
755 84 8,669
Nor Texas Elec
Jan
100 50c
100
1
60e
1
Pacific Mills
953 2055 Jan 30
100 2855
2855 2934
Public Utility Hold corn... 2054 204 21
857 174 Jan 234
Railway Light ger Co
20 7254 Jan 78
75
75
76
Reece Button Hole
185 15
Jan 16
10
15
1551
Second Inc Equity
454 Jan
35
6
554 555
Shawmut Aas'n coin etk
483 16
Jan 1954
1855 19
______
Stone & Webster Inc
451 82
Jan 103
9034 9
554
Swift & Co new
484 32
Feb 3455
3255 3254 33
Torrington Co
180 60
Feb 67
6455 60
6455
Tower Mfg
1
Jan
390
154
155 14
154
Union Twist Drill
415 344 Feb 51
5 30
29
32
United Carr FastenersCorp
215 11 % Jan
1454 144 1554
1654
United Founders Corp_ _ _ 434 4255 434 3,926 364 Jan 4354
.
United Shoe Mach Corp_25 65
1,100 5955 Jan 8655
634 65
US Elec P wer Corp
1974 19
Feb 23
204 4,593 18
US & Int'l Sec pref
395 10
Jan 1955
1655 18
U 15 & Overseas Corp corn
Jan
19
174 1834 3,100 16
1734
Utility Equity Corp
•
100 104 Jan
18
18
16
Preferred
Jan 82
• 8055
225 71
7954 8174
Vanes Mex Oil Corp_ __.10 10
7
120
Feb 7855
104 11
Waltham Watch, pref ----------85
25 75
Jan 85
85
Prior preferred
5 984 Jan 9655
100
9655 9655
Warren Bros Co
65 1484 Jan 159
155 159
Westfield Mfg Co corn _ _
80 22
.
Feb 2755
2334 23
234
Whittlesey klfg class A _ .
154 Jan
270
.
.
154
255
154
155
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Fen
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
mining
Arizona ranmercial
5
135
155
Calumet es Hecla
25 x2954 x2934
Copper Range Co
25 1555
1534
East Butte Copper Min_10
155
Hancock Consol
25
254
3
Island Creek Coal
41
I
40
Preferred
105
100
Isle Royal Copper
25 x11
x11
Keweenaw Copper
25
2
La gene Copper Co
25
87c
North But
Butt.,
15
3%
355
0,11bway Mining Co
25
14
Old Dominion Co
25
9
834
P C Pocahontas Co
• 15
144
Quincy
25 3554 '317,4
St NIary's Mineral Land _25
24
Shannon
10 20e
20c
Utah Apex Mining
5
254
255
Utah Metal dr Tunnel.._1 58c
550
14
89
155
250 2955
304
300 1455
1534
155
110
17
.
14
1,810
355
100 40
41
10 105
105
10
2
11
14
1,550
255
24
870
95c
3
2,11
4
40
154
14
655
70
955
10
1,61
15
22,79
1554
38
24
6
2555
100 100
200
34
254
254
17
550
58c
Jan
154 Jan
Feb 3254 Jan
Jan 16% Jan
Jan
3
1% Jan
Jan
Feb
Feb 43
Jan
Jan 105
Jan
Jan
12155
Feb
255 Feb
Feb
Jan
Jan
555 Jan
Feb
14 Feb
Jan
10
Jan
Jan
Feb
Jan 3Feb
15551
Feb 28
Jan
Jan 20e
Feb
Feb
3
Jan
Jan 70c
Jan
BondsAmoskeag Mfg 83.-- -1948
8054
Boston CODE Gas Co 54 '47
101
Brown Co 555a
1948
9554
Canadian jot Pap Co 68 49
92
Chic Jet Ry & U S Y 4s _'40
88
fe
1940
1004
E Maa8 Ellt RR 455a A_I948
45
Series B be
1948
50
Eur Elec Corp Ltd 648.1965
100
Int'l Hydro-Elec Sys 13s '44
994
Lincoln 42d St Corp 534s'53
91
Mies River Pow Co 58_1951
99
New Erna Tel dr Tel 5s 1932 1004 10034
Nortbw Pow Co Ltd fis '80
99
Western Tel & Tel 5s_1932
10054
•No par value. x Ex-divldend.
$2,000 79%
81
2,000 101
101
9555 5.000 96
16,000 92
92
1,000 88
88
1004 15,000 9854
4,000 42
48
8,000 46
50
5.000 100
100
8,000 98
100
2,000 91
91
1,000 9855
99
10054 4,000 9975
8,000 984
99
100 Si 4,000 99;5
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Fe
Jan
Jan
Jan
Feb
84
102
974
95
89
10155
47
52
100
10054
95
9955
10055
99
1004
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Stocks-
Friday
Sales
Last Weer: Range for
Sale
of Prices.
Week.
Par, Price. Low. High. Shares.
Abbott Laboratories corn.' 42
Acme Steel Co cap stk_ _25 73
Adams (J D) Mfg com
•
Adams Royalty Co corn -•
Addres.sogr Int Corp corn_.
All American Mob wk A_5
Allied Motor Ind Inc corn _• 174
Allied Products Corp A_ •
Altorfer Bros Co cony pt.*
Amer Colortype Co corn... 2855
Amer Commonw Power
Common A
•
Amer Equities Co com
• 1755
Amer Pub Serv pref _100 984
_100
Am Pub Util prior pref_100
Amer Radio & Tel St Corps
154
Amer States Pub Serv A.5
Amer Service Co com _ _ ...•
954
Art Metal Wks Inc coin....
• 2355
ABSOC Appar Ind Inc corn*
Assoc Investment Co_._• 6234
Assoc Tel & Tel CIA
•
Assoc Tel U t II Co com___• 2934
Atlas Stores Corp coin_ __• 25
Auburn Auto Co com____• 224
Backstay Welt Co corn
•
Balaban & Katz pref _ _100 823.4
Bancoky Co (The) com _10 204
Bastian-Blessing com
•
Baxter Laundries Inc A _ _•
955
Beatrice Cream com_ __ _50 774
Bend's Aviation cora __ _ ..• 46
Rinks Mfg Cool A cv pL•
Borg-Warner Corp com.10 4255
7% preferred
100
Bright Star El Cool B...•
55
Brown Fence dr Wire ci A _• 2555
• 1855
Class B
Bruce Co(E L)common_ _• 4154
Burnham Trad Corp al at* 36
Butler Brothers
20 1155
10
Castle dr Co (A M)
CeCo Mfg Co Inc corn.._.
• 1655
Cent Illinois Sec Co ars_
Cent Cold Stor Co corn _ _20
Cent (I dr El $655 pref..*
Central Ill PS pref
* 96
Central Ill See
Cent Ind Power pref...100 91
Ctfs of deposit
100 9054
Cent Pub Serv class A__.• 39
Common new
3034
Cent 13 W ULU com new- 284
•
Prior lien pref
• 94
Preferred
Cent West PS"R"Peer 100
Cherry Burrell Corp corn •
Chic City & Cons RyPart preferred
•
• 144
Chicago Corp corn
Convertible preferred _ _• 3955
Chic Flexible Shaft corn. 5 14
754
Chic Investors Corp corn.'
• 3554
Preferred
Chic No Sh & Mil pr pf.100
100 40
Preferred
Chic Rap'Dan pr pf A.100 9754
154
Chic Rys part ctts ser 2_100
.
Cities Service Co corn.... 7 33
44
•
Club Alum Uten Co
Colern'n Lamp & St com -•
CommonwealthEdison_11111 274
•
Com'ty Tel Co cum part.
Congress Hotel Co com 100
Construction Material_ _* 23
• 3855
Preferred
Consumers Co common5
5
V t c warrants
Cont Chic Corp allot etre _• 6754
Continental Steel Corn...
5 124
Cord Corp
Corp Sec of Chic allot etL• 69
25 424
Crane Co corn
100
Preferred
Curtis Mfg Co corn
5
Curtis LIght'g Inc com--• 22
Davis Industries Inc A_100
Decker (Alf) & Cohn A-.
Be Meta Inc pref w w__.•
Diversified Inv Inc pref 100
Eddy Paper Corp (The)- •
El Household Util Corp_10
Elec Research Lab Inc_ •
Empire Gas & Fuel Co
100
7% Preferred
100
6% Preferred
•
Fabrics Finish Corp corn.
Foote Bros 0 & M Co---5
Gardner-Denver CO COM.*
General Candy Corp A __A
Gen Theatre Equip v t o-•
General Water Works Corp
•
Class A
Gerlach-Barklow pref__ •
Gleaner Corn liar oorn-•
Godchaux Sugars Inc II__•
°Willett Bros Inc cora. •
Great Lakes Aircraft A.'
Great Lakes D & D._500
Greyhound Corp corn _ --•
.
Grigsby-Grunow Co corn...
Hall Printing Co com_ _10
Harnischfeger Corp corn..•
Hart-Carter Co cony PM.
•
Hibbard Spenc Bart & Co
Common
25
Hormel es Co(Geo) corn A•
Houdahle-Hershey Corn A•
•
Class R
Illinois Nor Utll pref_160
•
Indep Pneu Tool v t 0
Inland DUI Ins class A...•
[noun Mil Invest Ina---•
•
2 Preferred
4
1
Without warrants
I Interstate Pr Co 87
Pf.- •
Iron Fireman Mfg Co v t c•
Jefferson Else Co corn _.•
Kalammoo Stove corn....•
. Katz Drug Co corn
1
2
20
434
5
1854
6454
6
4434
204
32
183-4
654
18134
1234
1755
284
3254
2754
2534
974
2834
674
94
23
4854
8554
z4034
39
70
2854
10
28
154
1655
40
3974
28
424
76
2955
10
30
2
1854
4155
3934
2854
1,800
1,900
450
200
260
450
3,100
3,150
200
600
25
250
254
164 174 1,400
9855 9855
184
90
20
90
154
100
154
340
2455 253-4
94 10
1,700
2354 2455 .5,800
424 43
300
6355
60
600
250
6034 6034
274 2955 7,900
2354 2534 4,100
215 226
2,750
100
30
30
9255 9255
115
1,900
21
20
3674 364
350
955 955
305
7055 7755
1,050
3954 46 124,900
100
244 2454
3855 4334 53,100
1,500
98 100
55
54
100
26
20
7,182
16
6.300
19
40
414
550
32
3674 11.750
1155
11
2,300
47
4735
100
16
164 3,300
29
27
LSO
24
100
24
90
90
10
9455 96
885
27
29
750
91
91
25
904 9055
11
38
5,550
39
22
3234 3,130
2655 2855 9,550
9854 J954
150
94
94
200
75
10
75
10
3855 3855
104 11
1355 1455
3954 40
14
14
754 855
354 3555
9854 9731
40
40
9654 9755
14 154
3255 33
334 44
38
3855
26555 27555
204 22
84
84
1954 2355
3755 3/354
63-4 654
2
255
654 6755
18
16
16
11
1254
6854 6934
4255 4
334
11955 11955
22
22
21
22
Range Siam Jim. I,.
Low.
35
Jan
70
Feb
28
Feb
Jan
9
2234 Jan
1
Jan
15
Jan
3454 Jan
3454 Feb
21
Jan
234
555
96
88
13-4
2435
5
1734
35
5855
.58
2134
173-5
172
30
90
19
364
955
70
33
2474
324
97
54
1754
954
40
25
1055
45
14
28
224
90
9314
26
88
874
35
22
2154
98
94
75
3454
Mob.
424
99
3134
1154
324
234
194
434
40
29
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb 274 Feb
Jan 19
Jan
Jan 994 Feb
Jan 93
Jan
24 Jan
Jan
Feb 26
Feb
Jan 11
Jan
Jan 274 Fob
Jan 43
Feb
Jan 6355 Feb
Jan 6134 Feb
Jan 294 Feb
Jan 2574 Feb
Jan 238
Feb
Feb 3254 Jan
Jan 9254 Feb
Jan 22
Jan
Feb 39
Jan
Feb
12
Jan
Jan 7755 Feb
Jan 46
Feb
Feb 2834 Jar
Jan 4355 Fe)
Jan 100
Fe
Feb
154 Fe
Jan 28
Fe
Jan
19
FeL
Feb 474 Jan
Jan 3654 Feb
Feb 177
4 Jan
Jan 504 Jan
Jan 2055 Jan
Jan 33
Feb
Jan 25
Jan
Feb 94
Jan
Jan 96
Jan
Jan 33
Feb
Jan 95
Jan
Jan 94
Jan
Jan 39
Feb
Feb 324 Feb
Jan 3074 Feb
Jan 9955 Jan
Jan 9534 Feb
Feb 90
Jan
Jan 40
Jan
51
955 Feb
1254
25,860 124 Jan 154
8,850 38
Jan 4!
155 14
Feb
16
6
2,500
Jan
9
1,750 3254 Jan 3674
1,650 96
Jan 98
107 40
Feb 40
35 96
Feb 98
226
155 Feb
254
22,000 2655 Jan 33
400
355 Jan
555
200 35
Jan 40
1,325 23554 Jan 292
335 204 Feb 224
11 84
Feb 84
4.000 14
Jan 2354
1.700 384 Jan 40
534 Jan
8
150
350
154 Jan
334
26,700 624 Jan 88
70 15
Feb 21
27.200 11
Jan
14
3,050 54
Jan 71
113 4255 Feb 44
30 11354 Jan 11o 4
85 20
Jan 23
280 17
Jan 22
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Flab
Jan
San
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jul
Feb
Feb
Feb
154
154
20
50
1734
42
134
2
1554
20
504
1754
45
14
350
10
136
160
250
7,035
1,700
155
104
194
4854
174
41
55
Feb
Jan
Feb
Jan
Jan
Feb
Jan
354
1555
20
5055
18
4754
134
Jan
Feb
Jan
Feb
Jan
Feb
Jan
8555
78
44
18
60
5
4134
854
50
50
78
1,890
554
1874 2.950
333
6454
285
6
13,550
46
8534
78
255
1634
583,4
455
3154
Feb
Feb
Jan
Jan
Jan
Jan
Jan
87
7954
54
20
6454
6
4834
Jan
Jan
Feb
Ise
-Feb
Fek
Fat
2055
23
3054
1555
24
655
173
12
16
2555
28
22
5555
31
27
24
9755
49
2474
684
904
804
85
2254
4454
624
40
138 20
Jan 234 'Jas
2055
300 18
2455
Jan 2555 Fet
7,050 194 Jan 32
32
Fat
400 1355 Jan 184 'pet
1855
25 20
24
Jan 2
634 Jar
754 2,600
4
Feb
855 Pet
205 150
18154
Jun 188
Jaz
1254 1,300 12
Feb
13
Fel
57,450 1254 Jan
184
2234 Jar
150 2554 Feb294 Jib
2534
250 2734 Jan 29
2855
Jed
1,100 20
23
Jan 274 Pal
5534
3231
284
2574
99
49
2634
68
9454
8055
85
23
4855
88
4016
90
250
550
4,550
59
50
16,650
14,250
2,850
100
16
2,150
15.800
27,300
MO
5154
31
21
19
95
49
24
5354
51
80
85
22
30
58
AA
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
•ii
J ,
/.
554
364
81
28.4
99
49
2654
7C'.'
9855
87
92
25
48%
68
is
Fel
Jai
Fel
Fel
Fel
Fe
Fe
Fe
He
la
Ja
Is
Fe
le
V.
1432
FINANCIAL CHRONICLE
47
14
42
254
4734
Jar
Fel
Jar
Fel
Fel
Fel
Fel
Fe!
Fel
Jar
Jai
Jar
Fel
Fet
Fel
Fet
Fet
Feb
Jar
Felt
Feb
Electric Storage Ratty-100
754 7534
934 10
Empire Corporation
936
18
18
Eakin Sec Co
1934
Fire Association
10 3734 37
3734
Horn&llardart(NY)com -•
44
4434
100
102 102
Preferred
Insur Coot N A
10 7834 774 7934
15
100 144 13
Lake Sup Corp
Lehigh Coal ,Se Nay
126 129
50 126
434 42 34 4374
New when issued
34
34
Manufact Cas Ins
34
194 194
Mitten Bank Sec Corp_ _ -1934
18
Preferred
18
Penn Cent L& P cum pt..' 78
763.4 78
144 1554
Peniurnad Corp
8134 83%
50
Pennsylvania RR
Phila Dairy Prod pref____
924
92
993-4 0054 9934
$5 preferred
Phila Elec Pow pref
25 33
3234 33
52
504 42
Philadelphia Inquirer
53
Preferred w 1
5274 49
Phila Rapid Transit.... _50 39
3874 39
384 3844
50
7% preferred
144 1634
Philo, dc Read Coal & Iron_
Philadelphia Traction_ _50 4136 414 4334
8% 834
Railroad Shares Corp
1634 163-4
Reliance Insurance
10
Scott Paper
7% A
Seaboard Utilities Corp.__
Shaffer Stores Co
Shreve El Dorado Pipe L 25
Sentry Safety Control
Taeony-Palmyra Bridge_ _•
Tone-Belmont Devel_ _ _ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt com new•
Preferred new
•
US Dairy Prod corn cl B_•
W Jersey & Seashore RR.50
Westmoreland Coal
50
Westmoreland Corp
50
233-4
93.6
444
hi
29%
38%
9834
18
50
106
7A
2334
04
734
434
31
154
294
3734
984
18
60
1254
194
50
106
8
2334
9%
83.4
443.4
he
134
30
394
9934
18
60
1234
193-4
BondsConsol Tract NJ 1st 55'32 843-4 8474 844
39
38
Elec & Peoples tr Ws 4s'45
75
75
Keystone Tel 55
54
54
Peoples Pass tr ctfs 48_1943
104)4 10434
Phila Elec (Pa) 1st 58_1966
104
104
1st lien & ref 5 As_ _ _1947
105 106
1st lien & ref 54s_ _ _1953
Phila. Elm Pow Co 5148 '72 10474 10434 1044
08
98
Strawbridge & Cloth 5s '48
4A0,
at
OA
CO
16
42
26
4774
16
18
3334
614
121
1654
1334
7
2374
29
394
24 34
21
27
16
2734
30
Almar Stores
34 434
4
•
American Foreign Secur
92
9234
American Stores
• 47
4634 47
43
Bankers Securities pref _50
42
Bell Tel Co of Ps pref -100 115% 1154 116
Budd(KG) Mfg Co ____• 11
1034 11
69
69
Preferred
69
12 34 13
Budd Wheel Co
13
97
97
Preferred
41
41
Cambria Iron
50 41
264 26
Camden Fire Insurance_ _ _
264
24%
Commonwealth Cas Co_10
23
Consol Traction of N 1100
483.4 49
1
Cramp Ship & Eng_ _100
1
CCa
Jar
Jar
Jai
Jar
Jai
Fel
Jar
Fel
Fel
Fel
Fet
Jar
Fel
Fet
Fel
Fet
Jar
Fel
Fel
Fel
Jar
Jai
Fel
Fel
Feb
Jai
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
W..
9%
234
27
1734
44
3734
363-4
40
8
60
35
28
99
88
2834
27
15
334
28
334
18
18
6334
14
3334
3534
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 22 to Feb. 28, both
inclusive, compiled from official sales lists:
.40,4
Fet
Jar
Fel
Fel
Fet
Fet
Fel
Fet
Jar
Fel
Jar
Jar
Jai
Fel
Feb
Fel
Fel
Jai
Fel
High.
$9.000 404 Jan 45% Jan
41
7034 1,000 70
Feb 7554 Jan
12,000 32
34
Jun 354 Jan
101% 2,000 101% Jan 103
Feb
1,000 109
109
Feb 109
Feb
10736 419,000 994 Jun 1114 Feb
804 4,000 77
Jan 80% Feb
101)4 4,000 100% Feb 102
Jan
9934 90,000 994 Feb 99% Feb
* No par value. a Ex-dIvidend. y Ex-rights.
.
35
6
20
38%
38%
9
18
364
45
15%
324
17
9
2544
253
1254
22
115
293
Low.
41
70)4
3314
101%
109
1044
804
100%
994
W.N
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Fet
Jan
Feb
Jar
Jar
9%
Bonds
Chic Rya 56 series A__1927
1st intge 58
1927 70)4
5a series B
1927
Commonw Edison 58_ _1943
1st mtge 6s
1943 109
Insult 13tH Inv 6s
1940 1064
Northwest Elev 5s.._ _ _1941
Swift & Co 1st s f g 58_1944
West Util Corp 6s_ _ _ _1931 994
W.
274
164
534
38
25'
4)4
27
2634
344
10334
5
8
2934
90
102%
1004
90
3654
98
96
23%
60
134
19
15
35
194
10
34
434
19%
284
31
3854
19
2
52
2134
96
36
16
834
5054
404
2534
7034
23
554
304
99
9834
22
2714
18
8
534
1114
0
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
0
105
334
6
15
11
37
34
20%
244
4334
274
21%
40
21%
o
Jan
Feb
Jan
Jan
Range Since Jan. 1.
94 9%
100
5
Jan
14
400 20
2114
20
Feb 234
109% 109%
200 109% Feb 125
29% 2914
Jan 324
25 28
10
14
14
9
14
Jan
1,091 124 Jan 22
22
20
831 244 Jan 28
28
26
16% 184 2,550 10
Jan 24
100
8
8
8
Jan
84
534 15,150 4534 Jan
48
533.4
300 114 Jan 114
11% 114
750 264 Feb 28
26% 2734
500
94 10
54 Jan
114
n0m
.
...„
c3m0-4 1
X A
A
0WbZ. WWP
0
.M.. Ja..00WWOCW!*
t :14.__0... W.._
,
'
c
Mt5EIVe.tw =t1t. g5M55tsb:00,b00....w.o..o.4.Dowoow ox.mow.o..ww.wo
AA X AA XAAA A A
X A AAA XAXX
.b:ba
b3.
1034
51
22
18
Wahl Co common
•
Warchel Corp cony pfd --*
Waukesha Motor Co corn..•
Wayne Pump cony pref_ •
Common
•
West Con Util Inc Cl A.. _
Western Pr Lt dr Tel A....*
Wextark Radio Stores corn*
Williams 011-0-Matic corn*
Winton Engine Co corn....'
Wisconsin Bank She corn 10
Yellow Cab Co Ine(Chic)_•
Zenith Radio Corp corn..-•
bla
.611
N25.4.!PpiCoIoICaa
350
14
14
800
42
39
250
254
25
4734 4774
550
100
16
16
154 14
1574 2,800
284 3334 5,500
33
45
4474 4674 2,100
116 11634
199
100
153.4 153.4
600
874 954
1,200
434 5
2234 204 224 14,250
274 263.4 274 2,650
asg 3534 384 1,262
244 204 2434 9,200
21
17
21
3,592
241
264 27
110
774
774 84
254 253-4 264
1.250
29)4 29
1.200
2974
234
27
33
9
11,550
224
250
22
750
2,742
16
300
43
800
36
150
3454
500
38
734 5,400
65
5434
100
34
350
25
42
9834
90
88
950
274
2534 1,350
150
124
234 2,600
200
27
3334 1,100
300
15
1514
450
800
.50
14
580
3274 3,750
1,550
33
HIgh.
574 Jan
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
0tW5W
Tenn Prod Corp corn_ .._ _•
Thomson Co (J R.) com_25
Time-O-Stat Controls A__•
Tri-Utilities Corp corn......'
12th St Stores(The) pfd-A'
Unit Corp of Amer pref...•
United Gas Co corn
•
US Gypsum
20
Preferred
100
U S Lines Inc pref
•
US Radio & Telev cora_ •
Utah Radio Prod com_ •
Utll & Ind Corp coin.. ___•
Convertible preferred _ _•
Mil Pow & Lt Corp A...._•
Common nonvoting......
•
Van Sicklen Corp part A.*
•
Viking Pump Co pref
Vorelo z t Corp part pret..•
•
Vortex Mfg
•
Class A
34
984
85
274
2534
8%
22
204
154
42
354
34
364
73.4
544
34
243.4
984
85
27
244
1234
14
26
304
15
15
45
14
3234
324
I
Al!:i
A
AA
g AAA A A A A A
"
=......g,g.....tgg vng gg.,,,ggngtsggrgmtggggr4g vvgggtvgg.ggggswEg vEgEgErignggggggEggwr4agEnEEEEE.E2rEEEEEEooE.wEciotow== w=ywumm'agagEE nta E
324
324
8%
224
22
16
43
3534
34
37
774
X
Railroad Shares Corp com •
Rath Packing Co com-10
Raytheon Mfg Co
•
Reliance Mfg Co coin_ _..10
Rollins Hos Mille cony Pf•
Ross Gear & Tool corn...*
Ryerson & Son Inc corn_.'
Sangamo Electric Co
•
Seaboard Util Shares Corp*
Sheffield Steel Corp com- •
Slvyer Steel Casting cam.*
SO Colo Pr Elect A com....25
Sp'west Gas& El 7% pf 100
Southwest L & P pref__ __•
Standard Dredge cony pf.•
•
Common
Standard Pub Service A.. •
•
Steinite Radio Co
Sterling Motor Truck p1.30
Stone & Co(HO)corn _ _.•
Storkline Fur cony pref _25
Studebaker Mail Order A-•
Super Maid Corr/ Morn-- __.
Sutherland Paper Co cona10
Swift & Co ctfs
25
Swift International
15
X
6)4
245%
2454
125%
17
115
A AX AA
2934
100
35
475
900
1,500
100
110
50
1,800
250
35
250
433
166
23
129
600
730
45
AAA
17%
3634
42
3374 337-4
574 534
184 20
35
374
3534 38%
834 84
1634 17%
3634 3634
424
38
1334 144
2954 294
15.4 17
64 64
245)4248
245)4246
1244 12534
164 18
115 115
293 293
AAA
20
37
38%
.•
Ontario Mfg Co corn
•
Oshkosh Overall Co cam •
Convertible preferred _ _•
Par Pub Serv Co cl A com •
Parker Pen(The) Co com 10
Peabody Coal Co 13 corn •
Penn Gas & Elec A com__*
Perfect Circle (The) Co -s
Pines W1nterfront cora-5
Polymet Mfg Corp com_ •
Poor & Co class B com_*
Potter Co (The) com_
•
Process Corp common......
•
Pub Serv of Nor III com-_•
Common
1ii
100
6% preferred
Q
-R-S De Vry com
•
Quaker Oats(The) pref 100
Common
•
900
234 24%
24
13ii 1,500
12
51% 58,350
50% 51)
364 354 364 4,450
800
24%
24
24
34 1,950
3
34
254 26% 4,300
26
2634250
26% 26
314 3354 116,050
33
800
102% 10334
103
1,950
34 434
1,300
574 7
7
26% 2
634 27% 5,650
50
874 88
88
150
10034 102
60
98
98
98
146
874 87
8734
500
354
354 35
150
964 964 964
100
94
94
23% 2234 2334 7,900
150
5514 56
55
13
12
16
16
50
16
275
14
13
25
314 314
5,250
174 19
18
256
10
10
100
34
3
200
43/
4
4
18
194
750
700
194 204
445
31
30
600
34% 36
184 184
100
150
14 1)4
650
48% 4934
1,550
18% 18% 194
944 9434 96
900
3334 3334
300
250
14
14
14
634 83-4 2,100
48
484
150
1,000
38% 374 384
21% 254 12,250
25
704
70
650
18% 184 194 2,450
3,300
60
51
50
950
29% 2834 29%
99
99
54
99
94
40
98
=AAA
McGraw Elec Co corn...•
Mark Bros Thea cony pi_ •
Marshall Field & Co com_•
Manhattan-Dearborn coins
Material Serv Corp com_10
Meadow Mfg Co corn__*
Mer de Mfrs Sec Co A com.•
Middle West Tel Co com.•
Middle West Utilities new•
•
$6 cum preferred
Warrants A
Warrants B
Midland United Co com_-•
Midland ULU 6% pr l'n_100
100
7% Prior lien
100
7% preferred A
100
6% Preferred A
MWer &Hart Inc cony pf_•
Miss Val Util Inv 7% pf A •
•
6% prior lien pref
Me
-Kan Pipe Line corn_ _5
•
Modine Mfg corn
Mohawk Rubber corn
•
Monighan Mfg Corp A ___•
Monroe Chem Co corn
•
•
Preferred
Morgan Lithograph corn..•
Mosaer Leather Corp corn •
Muncie Gear common__ •
•
Class A
Muskeg Mot Spec cony A •
Nachman SprInged com_•
Nat Battery Co pref__ •
Nat Elec Power A part_ *
Nat Fain Stores Inc cora_.
National Leather com__10
Nat'l Republic Inv tr_
•
Nat &cur Invest Co corn _•
•
Certificates
•
Nat'l Standard corn
Nat Term Corp part pfd _•
Nat Un Radio Corp corn-*
Nobblitt-Sparks Ind com_•
North American Car com_•
North Amer G & El el A--•
No Am Lt & Pr Co com •
N de 8 Am Corp A com__•
Northwest Bancorp com_50
Northwest Eng Co corn-.
Northwest ULU pr l'n pf 100
100
7% Preferred
Low.
74!=..25=== C4n5a=2.V.-ZOMMUMW=t1=-4 WO5=e4Monnwel'450
N-410.6.
Kellogg Switchb'd com__10
750
5
5
5
Ken Radio Tube & Lt
Common A
774
*
7
300
Kentucky UM Jr cum pf _50
SO
51
50
Keystone St & Wire com_• 184
750
1834 19
Kirsch & Co cony pref.._• _17
100
17
17
Kup'heimer & Co(B)Inc
Clam B pref
25
100 105
105 105
La Salle Ext Unite corn_ _10
3
122
334
34
Lane Drug corn v t c .-•
1,150
434
4
4
Cum preferred
12
*
50
12
70
Leath & Co corn
10
10
Cum preferred
89
36%
35
Warrants
100
134 14
134
Libby McNeill dr LIbby_10 20
194 20% 14,850
23
Lincoln Printing cora. ___• 22
22
1,450
200
60 424 42% 42%
7% Preferred
Lindsay Nunn 32 cony Pf •
24% 25% 1,700
Lion 011 Ref Co corn_
400
194 20%
•
London Packing Co
300
40
40
•
Range Since Jan. 1.
[VOL. 130.
wbo'coboWlz'onmwWc,
Ta.
E880§80§ ""'888"'8" 88'8888888"oo o
8"'8'888'"'" ow 000000,,, oo
0000000
0 00000 000 oowo
"may
bares
Last Week's Range for
Sale
of Prices
Week.
Stocks (Continued) Par. Price. Low. IBA. Shares.
Range Since Jan. 1.
Low.
High.
3
92
45
36
1134
94
60
834
90
3834
22%
20
4834
4
Jan
474
Feb 9934
Jan 4934
Jan 4434
Jan 117
Jan 1274
Jan 70
Jan 1454
Feb 100
Jan 41
Jan 274
Jan 27
Feb 50
Feb
1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
70
9
18
364
40
9734
69
1074
101
4234
33
16
16
754
134
72%
8634
984
3114
40
49
38
38
113-4
41
834
16
Jan 7874
Jan 14
Feb 1914
Jan 383.4
Jan 4634
Feb 102
Jan 794
Jan 1534
Jan 132
Feb 444
Jan 37
Jan 20
Jan 20
Jan 78
Jan
163.4
Jan 8534
Jan 93
Feb1003.4
Jan 33
Jan 62
Jan 53
Jan 40
Jan 44
Jan 174
Jan 44
84
Feb
Jan
18
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jar
Jar
Jar
Jar
Feb
Feb
Fet
Feb
Feb
Feb
Fel
Feb
Feb
Feb
Jai
Fet
Jai
50
104
774
2274
934
434
34
14
Die
254
314
9634
14
57
12
18
Feb 51
Feb 106
Feb
8
Jan 2394
Jan 104
Feb
834
Jan 444
Jan
he
2%
Feb
Jan 30
Jan 40
Jan 100
Jan 184
Jan 61
Feb
13
Jan 20
Fel
Fel
Fel
Jae
Jai
Fel
Fel
Jar
Jar
Fel
Fel
Jar
Fel
Jar
Jar
Fel
82
Jan 85
34
Jan 40
75
Feb 75
Jan 54
45
10334 Jan 105
Feb 10674
104
103
Jan 10654
10454 Feb 10534
9534 Jan 98
91
Jan 95
Fel
Ja
Fe'
Fe
Ja
Ja
Ja
Ja
Fe
Fe
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
.
2
Baltimore Stock Exchange, Feb. 2 to Feb. 28, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Arundel Corporation
41;i 434
• 43
Atl Coast Line (Conn)
170 171
,50
Baltimore Trust Co
10 374 37% 37%
51
Baltimore Tube, pref_ ..100
51
Berl-Joyce Ater Corp corn.
8
8
Black & Decker coin
504 54
• 54
Cent Fire Insur, v t c....10
40
40
elms& Po Tel of Bait pf100 116% 115 11634
Commercial Credit
3534 353.6
•
24% 25
Preferred
25
Preferred B
25
25
25
89
89
63-4% let preferred_ _100
N 0 preferred
224 224
Consol Gas EL & P x-rts.• 111
110 113
6% preferred series D100
11031 110%
1004 1064
34% pref w 'series E100
5% preferred
100 103% 100% 101
Consolidation Coal_ _ _100
14% 15
Drover & Mech Nat Bank_
42% 42% 424
Eastern Rolling Mill
22% 23
Scrip
22)4 23
1,375
103
430
30
125
3,615
8
21
20
11
34
25
1
223
2
100
118
80
30
24
12110
Range Since Jan. 1.
Low.
404
170
36%
504
8
40
304
113%
234
224
23
794
22
93
109%
100
99%
12%
424
21
20
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
High.
44% Feb
Jan
n
73
3834 Jan
Jan
14Jan
51
Feb
Feb
44
5
Feb
117
353425
89
2
5
22%
114)4
11034
1064
101
15
424
226544
FebFeb
Feb
F
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
MAR. 1 1930.]
FINANCIAL CHRONICLE
mica
Frulay
Last Week's Range for
Week.
of Prices.
Salo
Stocks (Concluded) Par. Price, Low. High. Share*.
High.
Low.
30
145
39
168
10
11
49
77 8
15
1784
13
8784
50
44
450
2384
19
1184
73
50
38
29
72
1784
31%
3684
61
8%
1
4084
7
48
4
Jan 33%
Jan 150
Jan 49
Jan 180
Jan 12%
Jan
1284
Jan 51
Jan 81
Feb
1784
Jan
1784
Jan
15
Jan 97
Feb 50
Jan 47
Feb 450
Jan 26
Jan 20
Jan
16
Feb 75
Jan 51
Jan 4284
Jan 30
Jan 91
Feb
19
Feb 3184
Jan 43
Feb 74%
Jan 1384
Jan
3
Feb 4884
Jan
7
Jan 52
84 Feb
3% Feb
r000000go
9684
9684
97
66
75
98
6784
95%
97
99
gogogggo
80
84%
86
100%
86
5584
34
4984
67
101
0vc.i..,700ici
clm
00000000 000000....0
0
0000 0000 00000
00000
.
,76..N..rui.,7
.
Bonds—
Baltimore City Bonds
45 Paving loan
1951
97% 9784
45 S L
1961 97
97
97%
Arnold (J R) Cypress 6%s_ 97
97
97
Balt Spar Pt & Ches 4)053
68
68
Benesch (I) & Sons Inc WI
80
80
Chas Con Gas & Elec 5s_ _ _
98
98
ConsolGEL&P 4)4s__'35
9884 9884
Fairmont Coal 1st 55_ _1931 96% 96% 96%
Finance Co of Amer 6 Wi'34
97
97
Lexington (Ky) St 58_1949
99% 9984
Maryland Electric Ity-1st & ref 6%s scr A.1957
85% 85%
1962
85
85%
6%s
86
86
Fouls° JD & Sons 6%s _._
100)4 100%
Prudential Ref 6%s w w... __ _ _
86
86
Sandura Co Inc 1st 68_1940 86
Unit Ity & Elea 1st 48_1949 61
6084 61
46
44
1949
Income 4s
59
59%
Funding 5s
1936 60
1st 6s
1949 76% 79% 81
101
Wilmington & Weldon 5s
101
* No par value.
co•t,
% %
4% 4%
,o,roc-oc.no.00.00000c,o.mmoono..0o
,
,.n.n,,,
M
4%
Ob.
N.
.-7.
Rip hts—
Baltimore dr Ohio w I
Con Gas, El Lt & Power_ _ _
[...MM.COONNO..NNI-.N0.N..MOM.=..CMMZN
N.
.
M
0 .
M
MN
M
33%
Emerson Bromo SeIt A w L.
33
Equitable Trust Co
25
145 145
43% 4884
Fid etc Guar Fire Corp_ _ _10 44
Fidelity & Deposit
176 180
50 180
Finance Co of America A.*
1084 1084
11
Series B
*
11
First Nat Bank w I
49% 50
50
78
Houston Oil pref v t c_ _100
78
Mfrs Finance corny t_ _ _25 1784
1535 1784
1st preferred
25 1784 1784 1784
2d preferred
25
1484 1484
Maryland Casualty Co _ _25 95% 95
9684
50
50
Maryland & Pena Ry corn. 50
Merch & Miners Transp _ _• 45% 45% 4684
Mercantile Trust
450 450
Monon W Penn P S pfd 25
2584 26
19
Mort Bond & Title WI
10
Mt Ver-Wood Milts v t 100
14% 16
Preferred
100
73%
73
National Sash Weight pref_
50
50
50
New Amsterdam Casualty_
4084 42
Park Bank
30
20
30
Penns, Water & Power.*
86
86
Roland Pk H'I'd Co com_ *
19
19
Standard Gas Equip, pref_
31% 31%
Un Porto Rican Sug pref
.°
38% 3884
Union Trust Co
50 70
66
70
United Rys & Electric_50 11% 1184 1384
Warrants
3
3
U S Fidelity & Guar new. 43% 43
45
Wash Bait & Annapolls_50
7
7
7
West Md Dairy pr pref_
51% 5184
Range Since Jan. 1.
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
1% Feb
5
Feb
97%
98
97
68
85
98
99%
96%
97%
9984
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan 85% Feb
Feb 85% Feb
Feb 86
Feb
Feb 100% Feb
Jan 87
Feb
Jan 65
Jan
Jan 49% Feb
Jan 64% Jan
Jan 84
Jan
Feb 101
Feb
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Feb. 22 to Feb. 28, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low, High. Shares.
Allegheny Steel
60
60
* 60
American Austin Car_ _ _*
6%
5% 5%
Amer Virtified Prod
15
15
15
Arkansas Gas Corp
12
* 12%
1284
Preferred _
_10
7% 8
Armstrong Cork Co
*
5984 60
Blaw-Knox Co
25
31% 33
Carnegie Metals Co
10
7
6% 7
8
Clark(D L) Co
•
1484 14%
Consolidated Ice com_ _50
5
5
Preferred
50 25
25
25
03i 0%
Devonian Oil
10
Dixie Gas & Util pref _ _100 75
75
75
Follensbee Bros pref...100 93
93
93
Harbison-Walker ref
*
59% 59%
Horne (Joseph) Co
32
•
32
Independent Brewing _ _ _50
3% 3%
Preferred
59
4
5
4
Koppers Gas & Coke()MOO 101% 101 101%
Lone Star Gas
25 39
3884 39%
6
McKinney Mfg
•
6
National Fireproothag_ _50
43
43%
Preferred
50
43% 4334
Penn Federal Corp
*
534
434 5%
43%
Pittsburgh Brewing
50
4
4
Preferred
50
9
9
Pittsburgh Forging
19
18)4 1984
54%
Pittsburgh Plate Glass_100 54% 53
22
Pitts Screw dr Bolt Corp_.* 21
21
26
2684
Plymouth Oil Co
5
22%
21
Pruett Schaffer Chemical.* 21
28%
*
27
Preferred
17% 17%
Reymers Bros
• 1774
2
2
Salt Creek Congo' 011_ _ _10
Shamrock Oil & Gas
1834
1774 19%
42
42
25
Union Storage Co
4034
United Engine & ledy_* 4084 40
65
65
Vanadium Alloy Steel _ _ _•
4734 49
Westinghouse Air Brake.
.*
Unlisted—
Central Tube Co
25% 2584
28%
Donner Steel cert of dep... 29
Preferred cert of den_
100
96
2%
2%
Internat Runless Iron.....
106
Lone Star Gas pref
106
26
Mesta Machine
27
Nat Fireproofing—.
43
Preferred elf of deposit
Western Pub Serv v t c__
25% 243.4
Bonds—
whnmrock Oil & Gas fis 1939
• No par value.
96
195
1,336
30
545
1,270
100
605
275
325
12
40
145
10()
10
100
10
50
245
190
7,857
130
65
55
63
685
550
245
228
670
375
1,895
400
85
200
2,969
45
610
20
60
Range Since Jan. 1.
Low.
58
5%
15
9
7%
58
21%
5
13
5
24%
9%
70
92
59
31%
1
1%
9984
34%
6
30
35
334
23/,
4%
12
53
18
25
17%
26
17%
2
17%
42
38%
65
44
High,
Jan 62
Jan
Jan
7% Jan
Feb
15
Feb
Jan
1484 Feb
Jan
8
Feb
Feb 62
Jan
Jan 35
Jan
Jan
7% Feb
Jan
15
Jan
Feb
5% Jan
Jan 25
Jan
Feb
12
Jan
Jan 75
Feb
Jan 93
Feb
Feb 60
Jan
Jan 32
Feb
Jan
4% Feb
Jan
5
Feb
Jan 101% Feb
Jan 39% Feb
Feb
6% Jan
Jan 433.4 Feb
Jan 45
Feb
Jan
574 Feb
Jan
4% Feb
Feb
9
Feb
Jan 20% Feb
Jan 593-4 Jan
Jan 23
Jan
Jan 2734 Feb
Jan 25
Feb
Jan 28% Feb
Feb 18% Jan
Feb
2% Feb
Jan 20% Jan
Jan 42
Jan
Jan 50
Jan
Jan 67% Jan
Jan 5084 Feb
1,255 24% Jan 25%
25%
150 28
Feb 29
29
137 95
Feb 100
100
134 Jan
2% 33,755
3
95 161
Jan 107
106
120 25
Jan 29%
27
4384
2584
96
Feb
Feb
Feb
Feb
Jan
Feb
150
2,100
35
2334
Jan
Jan
4434 Feb
26% Feb
67,000
9584
Jan
96
Feb
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Feb. 22 to Feb. 28, both in-n
clusive, compiled fro.. officialsales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
*
Aetna Rubber, nom
*
Allen Industries, corn_
Amer MultigraPh. corn— -•
*
Apex Electric
100
Preferred
38
16%
7
5
38
15
98
734
6
38
16%
98
290
500
28
110
11
Range Since Jan. 1.
Low.
6% Jan
5
Feb
34
Jan
12
Feb
92
Feb
High.
8% Jan
7% Feb
39
Jan
16
Feb
98
Feb
1433
Friday
Saks
Last Week's Range for
Sale
of Prices
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Bond Stores A
20
•
•
Range Since Jan. 1.
Low.
High.
Brown Fence A pref
25%
Brown Fence B
Byers Machine A
7
Central Alloy Steel, pfd 100 108
Central Nat Bank
20 85
Chase Brass, pref
102%
•
City Ice & Fuel
Cleve Bldrs Sup & Br, com*
Cleve Elect Ilium 6% pf100
Cleveland Railway, corn100 92%
Cleve Secur,P L pfd___ _10
2%
Cleveland Trust
100 489
Cleve & Buff Tran,com 100 25
Cleve & Saundusky Bwg..*
Columbus Auto Parts_ _ _ _* 25
Dow Chemical, corn
69%
Preferred
100
Elect Contr & Mfg, corn_ *
Faultless Rubber, corn...*
• 25
Foote-Burt, corn
Ferry Cap & Screw
4
4
% %
20% 25%
17% 1834
7
7
108 108
85
85
102% 102%
44
44%
.34
34
112 112
92%
92
2% 2%
489 495
25
25
3
3
25
25
69% 71)4
103 103
79
79
35
35
25
25
19
19
40
150
230
550
10
71
1,162
35
60
205
58
169
159
112
49
200
100
229
27
60
15
56
100
3%
%
2034
1734
4%
106
85
102
41
34
110
90
2%
489
25
1%
23
6934
103
64
34%
22
1884
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
4
1
25
18%
7
109%
86
103
46%
34
112
93%
3%
501
25
3
25
75
103
83
37
25
19%
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Gen Tire & Rubber, corn 25 140
Greif Bros Cooperage,corn*
Geometric Stamping
20
Halle Bros
25 37%
100
Preferred
22
Harbauer, coin
Higbee 1st
100
India Tire & Rub, corn_ _ _• 14
Interlake Steamship, corn * 85
Jaeger Machine, corn....*
Kelley Isl Lime & Tr, corn*
Lamson Sessions
Midland Endorsed_..100
McCaskey Reg 1st pfd -100 98
.
McKee Arth G & Co corn 8 4534
Met Paving Brick corn _ *
Miller Whole Drug corn - *
Mohawk Rubber corn
•
25
Natl Refining corn
Natl Tile corn
27
8
Nestle-LeMur cora
1900 Washer corn
Nor Ohio P & L 6% pfd 100 97
Ohio Bell Telep pfd _ _ _100
• 75
Ohio Brass "B"
* 21
Packard Electric cora
• 11
Packer Corp corn
*
Paragon Refining corn
8%
Vtc
27%
Patterson Sargent
140 140
42
41
20
22
37% 37%
97;5 97%
22
22
107 107
13)4 14
82% 85
26% 27
43
43
29% 29%
398 398
98
98
44
45%
31
31
23
23
12
11
32
33
27
27
7% 10
25
25
97
97
110% 111%
74
75
22
21
12
11
7% 9%
7% 8%
26% 27%
28
60
110
100
13
255
15
16
26
100
37
347
6
8
256
100
100
155
110
336
650
42
100
64
835
50
275
2,212
800
255
140
39%
20
36
97%
20
105
8)4
80
25
4234
2734
398
98%
41
30
23
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
160
43
25
38
99
22
105%
18
85
2934
44
29%
403
9934
4534
32
25
• 14
34
29
10
25
97
113
7534
23%
1334
11
8%
273.4
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Reliance Mfg cora
Richman Bros corn
River Raisin Paper corn *
Robbins & Myers No 1 _ *
No 2
25
Preferred
Selberling Rubber corn_..*
Selby Shoe corn
Sherwin-Williams corn _ _25
100
Preferred
Stand Textile prodcom 100
100
"B„ preferred
Sunglow
Thompson Prod corn ____*
Union Metal Mfg corn_ - -*
100
Union Trust
Van Dorn Iron Wks corn.*
*
Weinberg Drug
100
West Rev Inv pfd
Youngstown S & T pfd 100
45% 46
95
97%
4% 4%
7
7
8% 7
11
12
14% 15
15
15%
82
83
106 106%
3% 334
3034 35
1934 19%
33% 37
34
33
92% 93%
9
9%
39% 39%
98
98
103 103
Jan 47%
Jan 99
Feb
434
Jan
7%
Jan
734
Jan 14%
Jan 18%
Feb 20
Jan 85
Jan 107
Jan
3%
Jan 35
Feb 28
Jan 37
Feb 34
Jna 95
Jan
9%
Jan 3934
Feb 99
Jan 10334
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
4534
95
15
15
37
93
Bonds—
CleveSWRy&LtG&Crs _'54
1943
Steel & Tube is
24% 25
96% 97
836
32
2634
5%
24%
90
110
70
21
11
734
734
23
220 39
176 79%
200
4
25
5%
60
5%
80 10
630 1034
157 15
240 80
55 105
50
3
150 2734
125 19
300 23
110 33
464 92
7%
360
262 31%
20 98
34 100
2,200
41.000
2434
95)4
25
97
• No par value.
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, Feb. 22 to Feb. 28 both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low, High. Shares.
Aluminum Industries inc,•
Amer Laund Mach com_20
*
Amer Products corn
.25
Amer Rolling Mill corn.
Amer Thermos Bottle A _ _.
Amer Thermos Bottle pf-50
•
Amrad Corp
Champ Coat Pap 1st pf 100
100
Champ Fibre pref
•
Churngold Corp
Cincinnati Adv Products.*
•
Cincinnati Car B
20
Preferred
Cincin Gas & Elec pref _100
Cincin Land Shares_ _ _100
Cincinnati Street Ry _ __ _50
50
Cincin & Sub Tel
Mein Union Stock Yds- •
20
Cities Service
•
Coca Cola A
*
Crosley Radio A
*
Dow Drug pref
Eagle-Picher Lead com _ _20
*
Early & Daniel corn
100
Fay dr Egan corn
Fifth-Third-Un Trust _ _100
Fomica Insulation
*
*
French-Bauer (dep)
•
Gerrard BA
•
Gibson Art COM
Goldsmith Sons Co
*
Gruen Watch con)
•
*
Hobart Mfg
100
lot Print Ink pref
*
Kodel Elec dr Mfg A
*
Kroger corn
100
Lazarus pref
Lunkenhelmer
*
*
Mantschewitz corn
*
Mead Pulp
100
Nash(A)
Nat Recording Pump__
•
Newman Mfg Co
100
Ohio Bell Tel pref
•
Paragon Refining B
Voting trust certificates•
Procter&Gamble corn new
100
5% preferred
Pure 0116% pref
100
Pure Oil 8% met
100
6574
17
94
49
106
18
61
97
43
2934
1934
12
2434
2234
4634
20
45
44
95
953-4
4334
105
834
6734
27
28
6534 65%
17
17
93
9534
16% 1634
49
49
16
18
106 106
104 104
18
18
60
6234
34
%
2
2
97
98
100 1023/,
4234 42%
118 118
263-4 27
43
44%
2934 2934
17
193/,
15
16
12
13
24
2434
2234 2234
302 306
4634 48
15
15
20%
20
45
4534
20
20
4034 4034
44
4434
95
96
6% 734
39
40%
9534 9534
4334 44
4034 43%
68
67
105 105
33% 34%
25
28
111% 111
734 83.1
734 734
66% 68
106 106
100 100%
III
111
35
1,089
25
217
110
128
483
24
5
115
169
207
25
445
385
295
324
20
46
5
495
89
440
42
10
126
35
50
209
260
10
14
240
47
1,285
956
60
150
2.296
68
5
11
25
91
83
3
1.544
20
65
A
Range Since Jan. 1.
Low.
24
64
17
8034
15
48%
12
105
104
18
50
34
134
95
100
42
110
22%
42
2934
113-4
15
12
2334
2234
300
40
15
20
38
19
4034
43
94
5%
39
94
39
38
5934
105
3234
25
11034
734
754
533.4
10434
98%
III
High.
Jan 3034
Jan 75
Jan
1734
Jan 10034
Jan
1634
Feb 49
Jan 23
Jan 110
Feb 105
Jan 25
Feb 6234
Jan
1
Jan
234
Jan 99
Feb 10234
Feb 44
Jan 119
Jan 30
Jan 49
Feb 3034
Jan 20
Jan 18
Feb 15
Jan 43
Feb 2234
Jan 315
Jan 5334
Feb 15
Jan 24
Jan 50
Jsn 25
Feb 4254
Jan 47
Feb 97
Jan
734
Feb 4734
Feb 06
Jan 44%
Jan 4
834
Jan 6834
Feb 115
Jan 36
Feb30
Feb113
Feb
934
Feb
8%
Jan 6954
Jan 1063.4
Jan 1003/,
Ton
115
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jab
Feb
Feb
Jar
Jar
Jar
Jar
Jar
Jag
Fel
Jaz
Jar
Jai
Fe)
Fel
Jar
Jar
Fel
Jar
Fel
Jar
Jar
Jar
Fel
I..
1434
FINANCIAL CHRONICLE
Yriaay
Sales
Last Week's Range
for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Rapid Electrotype
•
Richardson corn
•
Randall A
E
0 B Playing card
10
U S Print & Litho com_100
Preferred
100
U S Shoe oom
•
U 3Shoe Wei
100
Waco Aircraft
•
WhItaker Paper pret_ _ 100
Wurlitzer 7% pref
100
• No par value.
53
1734
9
46
21
1734
8
8931
31
47
334
30
84
10534
93
53
2134
174
9
8931
32
504
334
30
831
10534
93
Range Since Jan. 1.
Low.
High.
657 3934 Jan 53
165 1734 Jan 23
335 1334 Jan 174
Jan
1,450 50
9
Jan 91
50 85
Jan 33
121 30
Feb 524
23 47
331 Jan
50
334
20 30
Jan 3234
831 Feb
10
10
10 1044 Feb 106
Jan 100
5 92
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Feb. 22 to Feb. 28, both inclusive
compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price Low. High. Shares.
Stocks--
Range Since Jan. 1.
Low.
High.
Bank Stocks-Boatmen's Nat Bank_ _100 220
220
First National Bank_ _ _100 8931 89
Mer-Commerce
100
292
220
894
294
58 220
Feb 23934 Jan
64 864 Feb 90
Feb
67 284
Jan 301
Jan
Trust Co. StocksMississippi Valley Tr_ _100
St Louis Union Trust_ _100
292
558
60 290
10 525
290
558
Miscellaneous StocksAmer Credit Indemnity _25 45
Bentley Chain Stores tom.
•
•
Preferred
Michigan Davis
•
Brown Shoe corn
100 40
Preferred
100 11634
Bruce (E Li pref
100
Century Electric Co_ _ _100
Muni)Shoe Mach pref.100
Chicago Ry Equip com_25
Goes
-Cola Bottling sec_ _ _1 4734
Con.sol Lead & Zinc A _ _ _ _•
Orrno Mills Co
•
Elder Mfg corn
•
Ely&Walk Dry G'ds com25
Hamilton-Brown Shoe_ _25 11
Huttig 8& D com
•
Hydrau Press Brick pf-100
Independ Pack corn
•
Preferred
100
Internet Shoe corn
• 604
Preferred
100
•
JOhnson-S & Fi Shoe
Knapp Monarch corn__ __• ....40
Laclede-Chris Clay P corn •
Laclede Steel Co
20 394
Landis Machine corn _ _25
Meletle Sea Food corn_ _ _• 50
.
Moloney Electric A
• 59
11/Lo Portland Cement_ _ _25
Nat Bearing Metals corn.'
Nat'l C.andy 2nd pref _ _100
Nat'l Candy corn
•
Nicholas Beasley
5
Pedigo-Weber Shoe
• 15
Mare! Walnut
•
Rice
-Rix Dry (Ids lot pf100
201) preferred
100 88
Common
• 144
Snruggs-V-B D G lot pf 100
2nd preferred
100
Common
25
Scullin Steel pref
•
Securities Invest com
•
fikouras Bros A
• 234
Southern Acid & Snip corn •
Southwest Bell Tel pfd _100 119
Stir Baer & Fuller com_ •
St Louis Pub Sal cora_ •
,
Sunset Stores pref
50 4734
Wagner Electric com_ _15 2731
Preferred
100
Feb 300
an 558
10 45
45
45
10
325 10
1031
45
100 45
45
21
21
194
564
41
40
207 40
11634 11634
1 114
94
94
5 94
110 110
1 104
10 94
94
94
100 14
25
25
474
46
231 3834
534
125
534 54
26
20 25
28
22
10 20
22
25 27
27
27
1031 11
430
734
20
6
7
7
38
15 3234
38
64 634
26
634
80
17 75
75
594 6034
286 594
4 10414
10534 10534
47
47
3 43
40
40
50 40
33
21 30
35
394 3934
70 39
46
46
10 40
50
50
21 45
564 59
850 52
34
63 31
3435
44
44
100 44
95
96
35 95
25
264
848 2234
6
6
60
434
60 14
14
15
20
20
200 16
100 100
60 97
88
86
10 85
376 1434
1434 15
70
70
35 70
70
70
10 70
124 1234
19 1234
29
30
165 2834
3231 33
210 31
224 25
120 21
47
47
55 46
257 11634
11834 119
24
24
1 20
9
9
25
9
4714 1,125 45
47
2631 274
993 254
104 104
3 10334
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
4934
13
45
21
42
1164
95
110
95
2734
474
634
2934
22
28
11
7
3834
754
85
63
10634
55
40
35
45
64
50
60
3434
44
95
2634
731
18
20
100
86
16
70
70
1434
3134
3334
25
47
119
24
10
4734
31
108
Jan
Feb
Feb
Feb
Feb
Fob
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Street Railway Bonds.
E et Louis & Sub Co 56 '32
United Railways 4s_ _ _1934
9534 9534 5.000
6931 70
47,000
9534 Feb
6931 Feb
954 Feb
Jan
74
Miscellaneous Bonds
Houston 011534,
1938
Moloney Elec 534s. _ _1943
Scullin Steel Ills
1941
94
94
90
914 Jan
92
Jan
89
Feb
9434 Feb
Feb
94
9334 Jan
9434
94
90
18,000
9.500
2.000
• No par value.
[VoL. 130.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Feb. 22 to Feb. 28,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
1Veek.
Par, Price. Low. High. Shares.
Alaska Packers Assn
Assoc Insur Fund
Atlas Imp Diesel Bog A.
Aviation Corp of Calif__ _.
Bank of California A
Bond & Share Co, Ltd_ _ _ _
Byron Jackson Co
Calaveras Cement, MtCalifornia Copper
Calif Cotton Mills, corn_
Calif Packing Corp
Caterpillar
Coast Cos G & E let pith_ _
Cons Chem Indus A
Crown Zeller pref A
Preferred B
Voting trust certificates_
175
7
3134
734
134
19
234
6731
98
304
7834
174
175
7
31
6
285
1234
1834
87
234
40
74
6431
98
3035
784
78
174
184
1831
114
7834
4434
lc
414
42
2531
304
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
500 1334 Feb
17
Feb
310 24
Feb 2534 Jan
785 174 Jan 2031 Feb
475
24 Jan
44 Feb
365 98
Jan 1024 Jan
153 3734 Jan 444 Feb
615
734 Jan
84 Feb
225 21
Jan 22
Feb
1.236 2331 Jan 3134 Jan
50 99
Jan 1004 Feb
157 10434 Jan 10634 Feb
195 114 Feb
Jan
14
50 4934 Jan 51
Feb
1,124 524 Jan 63
Feb
1,395 31
Feb 334 Jan
200 21
Jan 22
Jan
845 194
2431
24
424 424
395 3734
3
231
200
2
825 25
25 254
966 234
24
24
431
434
175
431
194 194 194
225 194
102 102
5 10034
13
130 13
13
13
434
431
24
434 15,217
836 2031
234
23
20 94
954 9535 9535
69 105
105 105
50 98
9931 9934
10 91
914 9134
144 144
1434
560 14
2834 2834
200 26
670 25
2734 2731
83
45
2c
42
424
28
High.
Feb 175
734
Jan
Jan 34
74
Jan
Feb 300
1434
Jan
Jan 2331
Jan 8734
3
Jan
Jan 42
Jan 7634
Jan 6834
Feb 9934
Jan 324
Feb 83
Feb 8234
Feb
1834
Jan 27
Feb
Jan 4234 Feb
Jan
434 Jan
Feb 2754 Jab
Jan 954 Jan
Feb
5
Jan
Feb 21
Feb
Feb 10334 Jan
Jan 134 Jan
Jan
431 Feb
Jan 25
Jan
Jan 954 Feb
Jan 113
Jan
Jan 9934 Jan
Jan 9134 Feb
Feb 1634 Jan
Jan 31
Jan
Jan
2934 Jan
4234
234
254
•
100
11,416
2,535
3,827
440
25,883
466
140
907
70
18.679
8,338
180
110
10
20
320
200
2,505
210
490
10,188
384
5134
26
744
100
284
150
120
7534
13
Feb 414 Jan
Jan 6434 Feb
Feb 2634 Feb
Feb
Jan 93
Jan 10131 Jan
Feb
Feb 39
Feb
Jan 180
Jan 144
Feb
Jan 78
Jan
Jan
14
Jan
2231
2034
244
83
1114
8
56
214
1634
8234
554
Feb 284 Jan
Feb '2231 Jan
Feb 2734 Jan
Feb
Jan 93
Jan 11334 Jan
Feb
1034 Jan
Feb 70
Jan
Feb 2334 Jan
Jan
174 Feb
Jan 904 Feb
Feb 6134 Jan
185
183.4
114
584
135
83
48
31.480
3c 162,955
4234
3,460
4334 4,861
29
9,075
3034
198
18
1054
78
42
lc
4034
4134
234
30
3834 3834
Pacific Finance Corp
8234 6034 634
Pacific 0 & E. corn
2634
1st preferred
284 26
9034
Pacific Light, corn
904 87
1003/ 10034 10031
6% preferred
Pacific Public Service A.-- 364 3531 384
Pat Tel & Tel, corn
162 175
139 141
Preferred
140
Paraffine Co, corn
77
76
Pig'n Whistle, pref
13
1331
Pacific Lighting, corn rts_ _
334 34
334
2334 2434
Richfield, corn
24
2131 2134
Preferred
Roos Bros, corn
2434 2434
preferred
93
93
San Joaq L & Pow pr pfd
1124 113
8
8
Schlesinger, corn
60
56
Preferred
2134 2134
Shell Union com
2134
So Pacific Golden Gate A_ _ _ _._
17
17
89
904
Spring Valley Water Co_ _ _
90
Standard 011 ot Calif
584 58
6034
Thomas Allec Corp
Tide Water Ass'el, corn_ _ _
Preferred
Transamerica Corp
Rights
Union Oil Associates
Union Oil of Calif
Western Pipe & Steel Co
Yellow Checker Cab Co.
Low.
175
16 175
405
634
7
1,135 28
314
534
670
734
285
25 285
555 114
1335
214 4,250 174
874
160 8434
24
430
234
50 34
404
7634 4,420 6734
684 13,486 5334
9934
93 98
855 2534
31
427 784
7834
79
442 78
1834 3,254 17
Douglas Aircraft
17
16
17
Eldorado 011 Works
2434 2434 25
Emporium Capwell
194 2031
Fageol Motors, corn
24 24
Flremans Fund Ins
9934
99
99
Food Mach, corn
4231 4234
Foster de KleLser, corn
8
831
8
Gen Paint Corp A, cam_ _
2131 2134
2131
Golden State Milk Prod _ _ _
2534
25
25
9934 100
Great West Power 6% Pfd10834 10634 10634
7% preferred
Hale Bros
114 114
Hawaiian C & S. Ltd
50
50
594 5834 5934
Hawaiian Pineapple
Honolulu COM3 Oil
324 324 324
Hunt Bros, A common _ _
22
22
..
Illinois Pac Glass A
Investors Asaoc, The
Holster, corn
Langendorf Baking A
B
Leighton Ind B
Leslie Calif Salt Co
Low'G & E Corp
Lyons Magnue A
Magnavox
March Calcu, new com_ __ Mere Amer Ally 6% pref._
North Amer Inv, corn
preferred 6%
514% preferred
North Aster Oil Cons
Oliver Filter, A
B
Range Since Jan. I.
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
1831
1234
8434
4735
8o
4534
46
29
35
Jan
Jan
Jan
Feb
Feb
Jon
Jan
Feb
Jan
-Owing to wire trouble,
Los Angeles Stock Exchange.
the record of transactions for the week ending Feb. 28 has
t come to hand.
New York Curb Exchange Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Feb. 22 1930) and ending the present Friday (Feb. 28 1930). It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds,in
whleh any dealings occurred during the week covered.
iv6ex Ended
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Feb. 28.
Indus. & Miscellaneous.
Aoetol Products cony A •
84 834
Acme Wire v t o
5031 5131
25
Aeronautical Indus warr__ _
____
2
2
AMC. Supply Mfg class B.• 114
1134 124
Aero Underwriters Corp_ •
154 17
Aetna Rubber Co
•
7
7
Agfa Amoco Corp core_ _ _• 2031
2031
19
Preferred
100
83
83
Ainsworth Mfg corn. _10
25
2534
Al? Wye/does corny t c_ •
44 434
Convertible preference.* 133-4
1331 1331
Ala Gt Sou RR ord
50 129
12534 130
Preference
50 135
132 135
Alexander Industries
234
•
134 294
All Amer General Corp __20 1734
17
1734
Allied Aviation Industries_
With stock purch ware.'
134
131
134
Allied I nternat'l Invest__ •
6
6
Allied Mills Inc
•
1234 13
Motors Indust corn • 1734
Allied
175.4 184
Allison Drug Stores el A_ •
Ti
Pi
..i
•
Class B
34
34
•
310 310
Aluminum Co earn
Preferred
100
10534 10534
Aluminum Goods Mfrs...' 214 2134 2134
Range Since Jan. 1.
Low.
High.
8
100
'200 44
131
200
8
2,900
700 1354
7
100
600 19
100 81
300 2131
100
334
100 1134
600 11934
110 126
1,200
131
4,900 16
Jan
9%
Jan 5233
24
Jan
1234
Feb
17
Jan
Feb
7
24
Feb
84
Jan
Jan
2734
5
Jan
16
Feb
Jan 130
Feb 135
Feb
234
Jan 174
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
1,300
Si
534
400
500 1254
900 14
100
54
4
300
100 275
200 10534
300 2134
254
Jan
634
Jan
Feb 1534
1734
Jan
34
Jan
34
Jan
Jan 345
Feb 10834
Feb 2384
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks-(Coal(nued)Par. Price. Low. High. Shares.
American Arch Co
•
Amer Bakeries clasa A. _ _• 38
Amer Beverage Corp- •
Amer Brit & Con% Corp _ _•
7
Amer Brown Boverie Mee
Founders shares
• 10
Amer Chain corn
• 50
Amer Cigar Co com_ _ _100
Amer Colortype cona
•
Amer Cyanamid con, dB _• 254
Amer Dept. Stores Corp_ •
American Equities e0E1.-• 1734
Amer Investors cl B corn.' 124
Warrants
534
Amer Maize Products
•
American Mfg Co com 100
Amer Pneumat Serv corn 25
754
Amer Salamandra Corp 25
Amer Solvents & Chem
Common
•
33 cum cony part peer _ _•
American Thread pref_..5
Amer Yvette co eon.
. 631
Amsterdam Trading Corp
American shares
Anchor Peat Fence corn.,.' 1233
4234 43
38
38
54 534
534
7
10
48
8234
284
2534
434
17
1231
54
334
60
7
574
Range Since Jan. 1.
Low.
High.
500
100
100
2,000
364
38
531
431
Jan
Feb
Feb
Jan
43
44
10
7
Feb
Jan
Jan
Feb
1,000
11
3,400
50
83
100
200
2834
2634 20,400
100
44
2,800
18
1334 4,800
534 2,000
100
3534
80
75
300
7
300
59
744
37
68
20%
254
3
1534
10
444
34
45
531
5534
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fob
12
504
83
29
2934
6
1934
144
1534
99
60
834
59
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
1431 1534
254 26
334 331
64
5
800
800
700
8.800
10
Jan
2434 Jan
344 Jan
5
Feb
1554 Feb
2954 Feb
333 Feb
735 Jan
2831 2834
1334
12
100
4,700
2734
1134
2854
1434
Jan
Jan
Feb
Feb
MAR. 1 19301
FINANCIAL CHRONICLE
Haat
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stock.(Continued) Par. PriQS. Low,
High. Shares.
Anglo-Chile Nitrate Corp.
•
Anglo-Norwegian Hold'gs•
Apex Elea Mfg
•
Arcturus Radio Tube_
•
Art Metal Works core_ •
Associated Dyeing & Print*
Assoc Eleo Industries-Amer dep rets ord shs_ £1
Associated Laundries__ _ _•
Associated Rayon com__ •
6% preferred
100
Atlantic Coast Fish corn_ *
•
Atl Fruit dr Sugar
Atlantic &cur Corp corn •
Atlas Plywood
•
Atlas Stores Corp
•
Automat Music Instru A•
Automatic Voting Mach _•
Cony prior panic elk..'
Aviation Corp of the Amer*
Aviation Credit Corp.._ -•
Aviation Securities Corp.'
Axton-Fisher Tob com A 19
Bahia Corp com
*
Cum preferred
25
Banoomit Corporation_ •
Bellanoa Aircraft corny t e•
Bentley Chain Stores.__'
Bickford's Inc corn
•
Preferred
•
Blaw-Knox Co
•
Bliss(E W)Ce corn
•
Blue Ridge Corp com
•
Opt 6% cony pref.....-50
Blumenthal(8) & Co com •
Bohack (H C) corn
•
Bourjois Inc
•
Bowm-Dilt Hotels 2d pf 100
Bridgeport Mach coin- _ _•
Brill Corp class A
•
Class B
•
Brill° Mfg corn
•
Class A
British Celanese LtdAm dep rets ord reg_
Brown Fence & Wire com B*
Preferrec A
"
Bulova Watch oonv pref__•
•
Burco Inc aom
6% pref with warr_ -50
Warrants
Burma Corp Arne rdep rote
Butler Bros
20
Cable Radio Tube v t o--•
Can Indus Alcohol cl A
*
Can Pat Ry new w 1
Carman & Co cony cl A_ •
Celanese Corp of Am com-•
First Preferred
100
Celluloid Co
oom.
7% Prior preferred --100
Centrifugal Pipe Corp----•
Chain Stores Stocks Inc..*
Charts Corp corn
••
Chas & Ohio RR. new _ _25
Mee Service common--•
Preferred
•
Preferred 13
*
City Machine & Tool......*
Clark Lighter Co,convA _•
Cleveland Tractor coin
•
Colgate-Patin Glice-Feet_•
Colombia Syndicate
Columbia Pictures tom__ •
Columbus Auto Prod prel*
Consolidated Aircraft__ •
COMO! Automatic
Merchandising rom v t c•
Consol Dairy Products__ •
Cense'Oas Util class A _ _ _•
Coneol Instrument com--•
Congo'Laundries corn-- _ -•
Cons Retail St's Ina cora_ •
Preferred with warr_ _100
Consolidation Coal corn 100
Coon(W B) Co corn
•
Cooper-liervemer Corp-•
23 pref A with war
Copeland Products al A...'
Without warrants
Cord Corp
5
Corroon & Reynolds corn..'
$13 preferred A
•
Coty Societe Anonyme-Amer dee rete bear she-.
Courtauld's LtdAm dep rcts ord reg._ £1
Crocker Wheeler corn----•
Crowe & Blackwell Inc$3.50 pre( with warr_.."
Cuban Tobacco com v t e_•
Curtiss-Wright Corp ware..
Davenport Boa Mills com •
Davis Drug allot certifs__
Dayton Aeropl Eng corn--•
Deere & Co new corn w 1-*
Be Forest Radio com..„-•
De Haviland AircraftAm dep rein ord reg....£1
Detroit Aircraft Corp....'
Detroit Gasket& Mfg corn •
Distillers Corp-Seagrams_•
Dixon (Jos) Crucible_ _100
Doehler Die-Casting corn_•
Donner Steel common. •
Common certifs of dep_
Douglas Aircraft Ina
•
Dow Chemical common_ _•
•
Draper Corp
Dresser (Sit) Mfg Cool A •
Driver-Harris Co corn__ -10
Preferred
Dui:deer Condenser Corp..•
•
Durant Motors Ins
•
Duval Texas Sulphur_
East UM Invest core A....*
•
Eisler Electric corn
Else Power Associates corn•
Class A
•
Elea Shareholdings corn...'
Cony pref with ware...'
Emerson Brom° SeltzerA.
Empire Fire Insurance-10
Employers Re-Ins Corp-10
Europ El Corp Ltd CIA w 1
Fabrics Finishing corn... •
i0
Fageol Motors corn
Fairchild Aviation coin _ _ _•
Fajardo Sugar
•
Fanateel Products Inc_
19
3
15
1434
23
254
3
64
14
5234
%
24
114
7
144
3434
154
114
334
8
19h
26
114
40
65
734
4
434
24
184
3934
8
40
3
5
524
24
6
154
58
3334
8874
22
14
6034
294
34
28
44
1334
93
14
254
1934
3
15
1754
23
334
300
300
100
700
300
600
Range Since Jan. 1.
High.
Low.
1534 Jan
234 Jan
1234 Jan
94 Jan
18
Jan
2
Jan
21
3
1534
1734
2734
334
Jan
Jan
Feb
Feb
Feb
Feb
6)4 Jan
6% 64 2,800
1,000
134
534 Feb
134
200
434 Jan
6
6
514 5334 1,300 394 Jan
100 2234 Jan
264 2634
I,.
54
1,000
4 Feb
200 154 Jan
1834 19
234 24
700 2234 Jan
400 18
Jan
24
244
7
Feb
104 1134 2,600
500
634 Jan
7
7
Feb
1,900 14
144 1534
34
3454 2,800 2434 Jan
1,900 124 Jan
144 16
700
734 Jan
114 124
500 36
Jan
424 43
234 Feb
3,600
34 4
14 Feb
100
134
134
Jan
300 46
484 4834
300
534 Jan
8
834
100 1034 Feb
104 104
200 144 Jan
19
1934
Jan
33
33
100 28
324 324
300 e3134 Jan
2534 2834 2,200 2334 Jan
634 Jan
1034 II% 16,600
3934 4034 9,800 3334 Jan
900 2734 Jan
43
444
Feb
200 83
65
65
600
634 Feb
634 734
Jan
9
12
75
12
500
234 Jan
334 4
800 104 Jan
13
1334
234 Jan
200
4% 434
Feb
1,800 11
11
1374
Feb
100 24
24
24
7
2
6
5434
2834
34
2014
24
25
1534
834
1734
3434
16
1334
43
4
2
5034
1134
1034
20
33
35
3034
1134
4034
444
68
8
12
4
1474
454
164
24
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
434
1834
2234
4034
10
41
e3)4
334
1734
5%
10
58
23
35
90
20
87
64
1534
31
61
334
8974
834
22
14
2814
6034
4
32
25
1634
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Fe"
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
3
1834
224
3934
8
40
3
3
114
334
10
51
23
24
83
13%
81
534
144
31
57
3234
8834
8%
20
134
2734
5834
X
29
25
15
h
14
2634
434
13
1234
93
14
25
300
3
100
1834
100
2234
404 1,300
8
200
300
40
3
100
354 1,500
100
1134
1,500
5
100
10
5334 23,200
100
23
2734 2,000
2,100
90
600
15
100
81
1,800
6
1534 1.800
300
31
2.500
58h
3334 63,100
1,400
8934
100
8h
400
22
300
134
1,400
2834
900
6034
4 10,100
500
2934
200
25
100
15
3
14
174
32%
8
40
3
3
1134
3
10
51
23
24
80
1334
81
1234
224
534
2654
88
84
20
34
18
52
he
24
20
15
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jae
Jan
Jan
Jan
Jan
Jan
Feb
Jan
JAR
Jan
1,200
2,000
800
3,500
3,600
1,900
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
34 Jan
19
Jan
2934 Feb
534 Feb
1454 Feb
13
Feb
93
Feb
14
Feb
2534 Feb
434
14
100
2554
400
4
13)4
2134
3
10
104
90
1234
20
300
38
Jan
42
5
1134
1274
74
Jan
Jan
Jan
Jan
634 Feb
1314 Jan
mu Feb
7634 Feb
34
16
28
434
1331
13
93
40% 41
634
1234
15
300
634 894
11 34 124 35,800
1334 1534
800
100
75
75
41
40
264
too
1194 1194
2534 2734 10,700
4134
500
Feb
39% Feb
413-4
Feb
1134
18 34
1334
2834
Jan
Feb
Feb
Feb
354
20
234
21
234
54 54
120
113
4
434
3534
20
214
21
234
64
122
434
100 3534 Feb 39 34 Jan
Feb 20
100 15
Feb
134 Jan
9,000
33.4 Feb
100 1834 Jan 2214 Feb
2
200
Jan
3
Jan
3
Jan
900
84 Feb
Feb 1314 Jan
6,700 113
234 Jan
6,900
494 Feb
64
534
28
1034
16235
1634
30
2934
15
7176
6334
3934
go
99
934
534
15
64
6
26
1034
163
1834
e3134
2934
17
72
644
4074
644
100
1034
534
15
634 Feb
500
634
5,100
5
Jan
714
100 2434 Feb 264
Jan 104
200 :10
20 16234 Feb16534
2,500 1634 Jan
19
210 28
Feb e32
100 2934 Feb 294
6,500 1234 Jan 17
300 7134 Feb 75
600 6334 Feb 6474
900 31
Jan 41
1,600 41
Jan 6034
40 99
Feb 100
900
814 Feb 1334
4,200
434 Jan
7
400 1834 Jan 1934
20
234
21
54
104
1834
164
71
6334
3934
624
104
534
13%
20
36
3234
2834
9734
2434
184
534
5
494
13
1734
3134
293k
25
914
3334
14
244
1834
434
27-4
474
4934
13
1,000
1334
84,600
21
6,000
36
3334 9,100
2834 11,000
900
9754
400
333-4
500
1434
300
2454
1934
1.900
514 10.000
334
300
600
6
100
4934
200
13
714
14
2434
2234
1534
82
3034
14
2234
18 34
2
234
3
48
7
Jan
15
Jan 21
Jan 36
Jan 34
Jan 2854
Jan 9934
Jar
3334
Jan
1534
Jan 25
Feb20
Jan
5%
Jan
554
Jan
634
Feb 53
Jan
13
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
1435
Friday
Sates
LC31 Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Fedders Mfg class A
•
Federal Screw Works.....'
Federated Metals
•
Flat. Amer dep reoelptsFinance Invest Corp_ _ _ _10
Fire Association Phlla_ _ _11
Fischman (I) Sons A.__ _•
•
Flintkote Co com A
Fokker Air Corp of Amer_•
Foltis-Fisher Inc cora _ ....•
.
Ford Motor Co Ltd
Amer dep rcts ord reg _ £1
Ford Motor of Can cl A-- _•
•
Class B
Ford of France Am dap rein
Foremost Dairy Prod com •
•
Cony preferred
Foremost Fabrics cora_ •
Foundation Co
-Foreign shares class A_ •
Fourth Nat Investors Corp
Corn (with purch. warr)•
Fox Theatres class A corn _•
100
7% preferred
34
434
45
224
634
1534
2934
734
16
Range Since Jan. I.
Low.
934
34
2334
20
434
3734
45
2634
2234
634
100
400
100
600
200
100
100
400
4.800
300
3354
Jan
3834
224
1734
3%
374
45
25)4
1334
6
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
244
2034
6
3734
49
2734
234
734
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
1234
28
48
734
9
1534
1934
1534 45,200
294 5,800
4834
125
2,200
734
94
400
500
1634
1934
100
1034
28
36
634
9
1534
17
Jan
Feb
Jan
Jan
Feb
Feb
Jan
1534
334
58
74
1034
18
2434
Feb
Jan
Jan
Feb
Jan
Jan
Jan
434
100
Jan
24 Jan
10
734
Jan
4534
734
45
46
8,700
734
734 16,000
25
75
75
33
234
75
Jan
Jan
Jan
49
934
80
Feb
Jan
Feb
Garlock Packing corn....' 26
General Baking corn
•
234
* 3834
Preferred
General Cable warrants_ _ _ ______
Gen Else Co of (St Britain
American deposit rcts_ £1 11
General Electric ,Germany)
Amer dep rots reg shares. x3934
General Empire Corp....'
General Fireproofing corn.*
Gen Indust Alcohol v t c_ •
•
Gen Laund Mach corn_
Gaul Realty & Util corn_ ..• 1234
P1 with com purch war ..• 79
Gerrard (BA)Co cora...... _. 20
Gleaner Comb Harvester.* 32
• 112
Glen Alden Coal
Globe Underwrit Each....' 1534
Goldman-Sachs Trading--• 40
24
Gold Seal Electrical Co-- _•
Gorham Inc S3 pf with warr 34
Gotham Knitbac Mach--•
•
Grand Rap Varnish
•
Graymur Corp
Gt All dr Pac Tea 1st p1100 117
Non Tot com stock
• 240
Greenfield Tap & Die corn'
Greif(L) dr Bros pref X 100
Grocery Stores Prod v t c_•
Ground Gripper Shoe com • 24
Guenther(Rud) Run Law5 29
•
Hall(C M) Lamp
RambletzM Corp alloe ctts_
Handley-Page, Ltd
Amer dep rct for pref.-- ___ _ _
134
Happiness Candy St corn..'
• 2834
Haseitine Corp
Hires (Chas E) class A- •
Holt (Henry) & Co A_ -- •
10
Hoover Steel Ball
Hormel(G A)& Co com.-* 3134
• 4234
Hydro-Eleo Sec corn
Hygrade Food Prod oom_-• 1034
Imperial Chem IndustriesAm dep rats ord reg- -51
Imperial Tob ((St Br & Ire)
Am dep rots ord ohs_ _£1
Indus Finanth corn v t 0_10
Insult Utility Inveetm ---• 6734
•
$6 pref 2d series
Insur Co of North Amer.10
Insurance Securities_ --10 1774
Intercoast Trading corn..'
Internet Holding & Invest.
64
Intel nat Prodaem corn...'
$5 cum preferred_ _ _100
Interns: Textbook---100
Interstate Equities com--• 13
Convertible preferred.-' 4434
• 1634
Irving Air Chute com---• 4834
Jefferson Elea Co
Johnson Motor Co com •
2
Jonas & Naurnberg coca..'
• 19
$3 preferred
Klein(H L)& Co pref _20 16
•
Knott Corp corn
Kobacker Stores cora _ _ _ _• 30
Holster-Brandes, Ltd1
£1
American shares
Lackawanna Securities •
Lakey Fdy & Mach com_ •
• 1436
Lake Superior Corp
Lamson & Set810118 COM .
•
Landay Bros Inc al A_
•
Land Co of Florida
Lefeourt Realty Corp....' 2254
• 3554
Preferred
Lehigh Coal & Nay new_ •
Lehman carp
• 84
*
Ley (Fred T1 & Co
Libby. McNeil & Libby.10 1934
•
Liberty Baking corn
Lily-Tulip Cup Corp
•
Loewe Inc stock purchvrarr
3
Louisiana Land & Explor.•
300
26
26
234 334 58,800
7,100
3734 3934
100
124 124
20
Jan
234 Feb
3734 Feb
834 Jan
27
544
1434
Feb
Jan
Jan
Jan
11
11
Feb
114
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
4234
2534
34
1434
1034
1434
8434
e2334
32
12134
1634
1114
434
35
334
9
39
122
254
1834
9034
1434
2734
29
16
56
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
2%
n134
30
2534
21
15
3134
44
13
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
•
MacMarr Stores eom_
klangel Stores common_ _•
634% pf with warr_ _100
Mantschewitz(B)Co corn *
•
Mapes Consol Mfg
Marine Midland Corp_ _ _10
Marion Steam Shovel com•
Marshall Field & Co
•
MAVIS Bottling Co of Am.'
Mayflower Associates Inc_•
McGraw Elec Co
•
Mead ..ohnson & Co cora •
Mercantile Stores cora. •
Merchants At Mfrs Seeur A•
Merritt Chapman & Scott•
64% pref series A..100
Mesabi Iron
5
Mesta Machine corn
Metal tc Min Shares com.•
Metal Textile panic pref.'
kletropol Chain Stores---•
Metro Sc to 50c Sts corn A •
100
8% preferred
Midland Royalty $2 prof _•
Midland Steel Prod 2d pr.*
Midland United Co own_ •
a i Iller(I) & Sons corn_ ...
•
Miss Riv Fuel Corp ware__
Mock,Juds & Voehrtnger.•
Moody's Inv Serv part pf..•
41
4334
5031
134
63
1834
1054
383-4
23
18
214
2834
2034
434
9
High.
934
34
2334
1934
314
3734
45
26
194
64
1134 11,000
100 3634
x3934 x3934
500 21
244 25
100 3134
3334 334
100 1034
13
13
8
834
200
8
114 1234 6,300
94
79
8134
600 69
20
20
100 20
314 32
200 21
900 112
112 115
5,700 114
153£ 16
40
15,800 35
s38
234 274 4,700
234
34
34
200 30
134
234 24
800
9
9
100
7
37
38
1.300 3134
100 115%
11634 117
210 33034
2354 24034
300 1234
1834 184
91)
90
100 90
13
13 34 2,900 1234
24
2434 2,800 24
500 28 34
29
29
15
400 15
1554
5234 5234
100 47
23k
1
27
2434
20
15
3134
4134
10
274
134
284
2434
21
15
3134
4234
11
100
1,000
400
100
600
100
100
3,000
2,800
234
h
18)4
2434
20
1234
3134
374
10
574 Feb
434
Jan
Jan
Jan
514
54
100
2234
2134
6634
9334
7734
17
2154
434
634
70
2154
114
4434
1534
46
394
2
19
15
264
294
223-4
2234
68
9434
79
1735
2134
5
634
70
2134
13
4434
17
4834
41
2
19
16
26 34
30
100
1,300
4,300
150
1,200
1,600
400
200
2,200
100
25
6,200
1,000
2,700
1,000
800
400
100
300
100
300
2234
17
6434
82 34
6934
17
2034
434
654
67
21
104
4034
123,4
44
2834
2
1634
15
2334
29
Feb 2534
Jan 2434
Jan 71
Jan 98
Jan 7934
Feb 204
Jan 23)4
Feb534
Jan
74
Feb 71
Feb 2134
Jan
1334
Jan 4534
Jan
1734
Jan
4834
Jan 43
Feb
24
Jan 22
Feb 20
Jan 2
854
Jan 30
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
34
40%
9
13
2934
234
2
204
3534
41
8134
41
19%
434
1974
9)4
3
1
4054
12
1434
30
234
2
2334
3514
43
844
41
2034
434
2134
13
334
1,900
100
900
300
200
100
100
1,500
800
200
5,600
300
1,900
100
1,100
3,600
9,500
A
3534
834
1934
2974
234
134
1474
29
3874
7534
41
18
43.4
174
3%
3
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
134
4334
12
145-4
30
254
234
234
3734
45
87
41
2034
534
224
13
5
Jan
Jam
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
jam
Jan
Felt
Feb
has
18
1454
75
41
38
42
1534
5034
134
624
254
5534
544
26
18
85
2
284
1036
3834
22
23.4
2334
18
2034
274
28
20
24
4134
19
500
1534 1,800
50
75
41%
200
300
38
4434 33.800
1534
200
5154 20,800
14 29,000
3,800
64
2 34 100
56
200
200
5934
27
300
19
2,700
8634
200
24 2,100
200
2894
113,4
200
200
5934
2534
1,100
3
200
2334
100
18
100
2134
600
28
20
600
2834
r.22
700
24
100
42
200
18
1434
75
3934
37
324
10
5034
1
48
24
5536
57
154
174
85
134
28
83-4
364
22
234
234
1334
20
22
28
13
1934
41
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
NM
1534
774
4154
39
4434
1534
5334
1)4
65
234
5974
5954
27
20
87
234
294
12
4134
30
3
29
20
213.4
2954
31
2434
25%
4334
Jan
Feb
Fet
Feb
Jan
Feb
Fet
Felt
yet
Fat
Fet
Fet
Fel
Pat
Fel
Jaz
Jas
Fel
Fel
has
Jaz
Fel
Jai
Fel
Fel
Fel
Jet
Fel
ha
ha
7
Feb
1436
Range Since Jan. 1.
Low.
Morrison Elea SuPPIY---500 37%
37% 33
• 39
Nat American Co Ine--__•
8% 10% 3,800
714
936
• 13% 11% 13g
Nat Aviation Corp
2,500
814
Nat Baking pref
100
100 59%
65
65
•
Nat Casket Co corn
100 162
185 185
Nat Dairy Prod pref A_100 105
500 105
105 105
Nat Family Stores corn..' 18% 18% 18%
900 174
200 22%
$2 pref with warr_ __25
22% 24
Nat Food Products
3
•
Class B
334 33-4
100
• 27% 2516 28
15,400 12%
Nat Investors coin
• 14% 14% 14%
Nat Mfrs & Stores
100 13%
900 18%
Nat Rubber Mach'y com_• 1834 18% 19
100 15%
Nat Screen Serv Corp_
24
24
Nat Steel without warr • 6434 62% 64% 2,800 50
300
154
Warrants
19% 20
1,300
716 8%
316
Nat Union Radio COM---•
734
300
Nauheim Pharmacies pt-- __ 3%
334
316 351
Nebel (Oscar) Co corn- --* 10% 10% 10%
100 10
•
1,000 16%
Nell' Corp common
24
23
Nelson (Berman) Corp. 5
28% 31% 1,400 27%
200 17
Neptune Meter class A..* 20% 20
203i
8
400
8)1
Nestle LeMur Co class A-.
8
8
• 31% 31% 32%
1,800 24
Newport Co corn
800 18%
New Haven Clock com
2234
• 22% 20
314
New Mex & Ariz Land_ _.1
5% 73' 6,000
2,200 22%
• 26
N Y Investors corn
2514 26
100 22
22
22
N Y Merchandise
500 8
10
NY Rio dcBu'os Aires AL•
10%
500 12
1516 1516 15%
Niagara Share of Maryland
Niles-Bem't-Pond com • 39% 3716 405
% 4,600 27%
Norma Elec Corp corn...' 1616
135i 17% 3,000 12%
5%
North American Aviation_•
8% 9% 32,700
916
3
200
North Amer Cement _ _ _ -•
3% 35t
3%
200 32
Northam Warren Corp pf•
34 •
33
400 21%
Northw Engineering corn
28% 29
100 22%
Novadel Agene common- •
2716 27%
Ohio Brass class B
•
•
Olistocks Ltd cl A
Otis Elevator corn
•
Outboard MotCorp corn B•
•
Cony pref el A
Overseas Securities
*
75
8216
654
15%
75
831
79
6%
13%
1534
7512
8%
82%
7%
14
16%
50
200
6,100
3,000
1,400
500
Radio Prod Corp corn
.• 25
Ry & Utilitles Inv Corp A. 13%
RainbowLuminous ProdA• 11%
•
Common class B
5)6
Raymond Concr Pile, pi_ *
Reeves (Daniel) Inc
•
Reliable Stores Corp
•
Reliance Management__ _• 21%
Repub Steel Corp (new co)
Corn when issued
• 7416
6%curnprefwi
100 94%
Reynolds Bros Inc.._87.50
Reynolds Metals corn
25%
Richmond Radiator, corn.*
7% preferred
•
Richie, Inc, corn
• 19%
Rike-Kumler Co eom_
•
Rolls Royce of Amer p1100
Roosevelt Field Inc
•
45.4
•
R088 Stores Inc
134
Royal Typewriter corn_
Ruberold Co
100 52%
Russeks Fifth Ave Inc- •
21%
13%
10%
4%
51
27%
17%
21
25% 12,100
500
1316
12% 1,600
6% 3,100
100
51
300
27%
400
17%
1,200
21%
73%
92%
6
24%
2%
8
19%
30
15%
4%
1
5514
52%
15
7554
94%
125%
23%
96
28
7%
77
4
23% 23%
3
2%
5%
14
8%
9%
7435 73
64
2%
4
6
26u
2%
8
19%
30%
15%
43-4
1%
5534
5251
16%
2%
61%
1%
23
37%
83
254
1%
1%
61
1%
22
37
13%
83
1
434
Jan
J80 30
15%
Jan
Jan 19%
Jan 24
Jan 64%
Jan 20
Jan
83-4
5
Feb
1016
Jan
Jan e24
Jan 31%
Feb 20%
Feb
8%
lIeu 323i
Feb 2214
Jan
711
Jan 2716
Jan 24%
Jan 13%
1614
Jan
Jan 40%
Jan 17%
Jan
95'
Jan
3%
Feb 34
Jan 29%
Jan 29%
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
15%
1554
10
63%
5714
30
10%
38%
19%
Jan 22%
8%
Jan
Feb 118
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
2514
1434
14%
754
51
30
1954
22
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
5516 Feb
5234 Jan
14% Jan
78%
95%
7
28%
3
12
19%
30%
18
43%
n2%
57
58
17%
16
8
8%
3%
50
26
17
1634
71
90%
53i
2214
2(4
8
19%
26(4
10%
2
1,500
2%
6,200
454
700 51%
5,500
814
5,500 33
1,100 18
40 465
43"
1.400
900 16%
100 30
20 137%
3,200
5
500
3,500
100
434
434
1,300
9
100
2% 11.400
100
1%
200
61%
400
114
1,600
23
37%
1.100
100
13%
83
50
700
254
76
9
83%
7%
15
19%
Jan 73%
Feb 13%
Feb 4216
Jan 2714
Feb 42%
Jan 16%
Feb 49
Jan 105
Jan
914
Jan 100
Jan
17%
Jan 16%
J80
51
Jan 35%
Feb 60
Jan 13%
Jan 42%
325 120% Feb
130
10,200 19% Jan
25
50 96
Feb
96
700 27% Jan
29
10% 1,700
7% Feb
400 22% Feb
23%
3% 2,900
2% Jan
554 Feb
700
6%
400 10% Jan
15%
7% Jan
9% 8,700
Jan
7434 1,700 66
Jan
100 59
64
2% 254
8
7
56% 59%
12% 13%
42%
41
2714 28%
510 4515
6
6%
634
2334
23
23
32
32
170 170
%
34
34
814 9%
6% 7%
7%
614 6%
7% 716
9
9
734
5914
13%
41
2834
5,600
8,600
100
1,300
200
100
100
300
150
100
1,700
100
100
500
High.
Feb 43%
J80 12%
Jan
1434
Jan 65
Feb 185
Jan 105
Jan 19%
Feb 26
Jan
74
8% Feb
Jan
69
3% Jan
1034 Jan
15% Feb
Pacific Coast Biscuit Pf • 69
645i 7334 2,600 49
9
Paramount Cab Mfg corn.' 10
95i 10% 2,700
100 3614
37% 37%
Parke Davis Sr Co
100 2234
Patterson Sargent Co come
27% 27%
Fender(D) Groc cl A. *
50 40
40
40
14% 1534 40,400 13%
Pennroad Corp corn v t o_• 15
100 44
44
44
Peoples Drug Store Inc- •
60 94
Pepperell Mfg
100 105
104 105
Perryman Elec Co Inc_ *
200
6%
9
8
10 9614
100
Pet Milk,7% pref
100 100
Phillippe (Louis) el A_ •
100 11%
17% 173i
100 1314
Common B
•
16% 1615
Phil Morris Con Inc corn.'
)6
% 2,300
%
100 20%
Pie Bakeries of Amer cl A_•
27
27
Piedmont & North Ry _100
225 77
77
80
Pilot Radio & Tube cl A
' 1234 11% 12% 5,300 10%
Pines WInterfront Co _ _ _ _5 425i 42% 42%
100 41
Pitney Bowes Postage
2,500 10
12% 1234 13
Meter Co
• 13% 13% 14%
Polymet Mfg_
2,300
9
616
100
Potrero Sugar Co. corn---*
8% 8%
8%
Powdrell & Ale ander, Ince
100 55
55% 55%
100 55%
Pratt &Lambert
55% 55%
Prentice-Hall, part% cony*
100 28%
2834 2834
5,500
9% 10
Prince &Whitely Trad come 10
836
• 38
37% 38% 4,900 35%
$3 cony prof A
Prudential Investors corn _• 17% 16% 17% 7,500 14
Public Utility Holding Corp
corn with warrants
• 2034 20% 20% 19,000 17%
10
Pyrene Mfg corn
200
8
8
73.4
10 110
100
Quaker Oats pref
118 118
Safety Car Ht & Ltg- -100
St Regis Paper Co corn..10
Savannah Sugar pref. _ _100
Schiff Co, corn
•
Schletter dr Zander v t c *
•
Cum cony ore(
Schulte-United Sc to $1 St•
Segal Lock & Hardware_ •
&duelling Rubber
•
Selected Industries corn..'
Allot ctfs 1st & 2nd paid
Prior preferred
Selfridge Provincal Stores
Ordinary
Sentry Safety Control_ --•
Sheaffer (W A) Pen Co_.•
Shenandoah Corp corn
6% cony pref
60
Silica Gel Corp corn v 8 cs_ -•
Singer Mfg
100
Singer Mfg Ltd
.£1
Slat° Financial Corp
•
Skinner Organ corn
Smith (A 0) Corp corn...'
Sonora Products Corp...'
South Coast Co corn
Southern Corp corn
Southern Ice & Utll cl A. •
Claw It
•
Southwest Dairy Prod_ •
Spanish & Gen Corp Ltd
Amer dep rats ord reg £1
Am dep rta ord bear__ £1
Stand Cap & Seal Corp--1
Stand Mot Construct_100
•
Starrett Corp eom
6% cum preferred----50
•
Stein Cosmetics corn
Stein(A)& Co.614% P1100
Steln1teRadio
[You 180.
FINANCIAL CHRONICLE
rriday
dates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
137
25%
96
31
12%
25
4
73'
17%
10%
76
64%
2%
Jan
834
Fe
5914
Jan
13%
Jan
Jan 43%
Jan 30
Jan 530
Jan
e734
Jan 2454
Jan
32
Jan 174
34
Jan
17
Jan
8%
Jan
734
Jan
734
Jan
Feb 12%
Jan
1)1 Jan
Feb
61
20% Jan
Jan
Jan
34
Jan
10
Feb
81
Fe
1
1)1
1%
6256
1%
24%
3934
16%
83
254
'sway
604e8
Lag Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) For. Price. Low. High. Shares.
Sterchl Bros Stores corn'
1731
Stinnes (Hugo) Corp.._
' 8
714
Strauss (Nathan) corn_ •
11
Strauss
-Roth Stores Inc •
0%
•
Stutz Motor Car
2%
Sun Investing corn
• 16% 16%
$3 cony preferred
• 41% 40%
Superheater Co
• 43% 41%
Swift & Co new
25 3214 3234
Old stock
125
100
Swift International
15 32% 3216
Syrac Wash Mach B corn.'
8%
17%
8
11
14
2%
16%
41%
43%
3216
125
32%
836
Range Since Jan. 1.
Low.
200 17%
400
734
100 10%
2,400
914
4,000
1,4
200 14%
600 39
700 38
600 32%
5() 125
400 31%
100
8
Taggart Corp
300 19
• 20% 20% 21
Technicolor Inc
5,800 78%
7634 83
82
Thermold Co corn
2234 2234 23% 2,200 1934
Third Nat Investors corn_•
1,300 28%
40% 42
Tishman Realty & Const_e
600 4416
4416 453.6
Tobacco Prod Export
1,500
54
1% 1%
134
Transamerica Corp
25 4454 44% 46% 12,700 41%
Transcont Air Transp----•
6
816 9% 3,300
914
Trans
-Lux Pict Screen
IN
Class A common
44
5% 5% 1,900
5.11
•
TrI-Continental Corp corn• 1611 15% 16% 15,800 11%
6% cum prat
2,400 75
100 82% 82% 83
4
5,100
Warrants
636 7
7
Tr -Utilities Corp
• 47% 47% 47(6 2,000 40
Thins Park Stores
100 24
25% 25%
•
Tubize Artificial Silk el B.* 131% 130 13131
420 130
9,200 17%
Ulen dr Co com
• 19% 18% 20
4.800 26%
Ungerleider FInan Corp..' 343•6 34
35
Union Amer Investing...' 35
200 27%
35
35
Union Tobacco corn
5
,4
% 5,200
•
4
56
Union Twist Drill
100 31%
31% 31%
5
United-Carr Fastner corn.' 15% 15% 15% 1,700 11
United Chemical pref.. •
400 32
40
403-6
United Corp warrants
2016 19% 21% 2,700 14%
United Dry Docks com_ •
7
7
8% 2,700
United Founders
43% 42% 43% 54,200 42%
United Milk Prod Corp_ •
900
334 3%
3%
United Profit Shar corn_ •
100
1%
1% 1%
United Retail Chemists20
ClassA vt c
•
%
36
%
100
Cia-ss Byte
%
%
%
10
64% 64%
60
United Shoe Machinery _25
United Stores Corp
30
434 534
3%
•
US Dairy Prod class A...'
200 52
58% 59
50
17% 18
13%
Class B
• 18
U S Finishing COM
20
24
20
24
•
• 2216
1714
El Foil class B
2234 23% 1,00
42
US Gypsum common__ _20 45
30
46
45
00 110
110 110
Preferred
100
18,6C
6034
US & Int Sea Corp al Ws_
68% 77
77
60%
let pref with warn
7016 9,00
• 7014 65
14
8 Lines pref
15
1634 5,10
• 16
42%
50
U S Radiator common...'
46
47
40
42
Common v t c
46
4734
•
U 8 Rubber Reclaiming_ •
100
5
53-4 516
U S Shares Financial Corp1,000
7
816 9)
With warrants
8%
•
9
300
Universal Pictures
9
9
7.000 1054
Utility Equities Corp..-.' 16% 15% 17
20% 22% 7.200 1734
UtIlity & Ind Corp corn_ _.• 22
1,800 2454
27%
Preferred
• 2734 26
Van Camp Milk Co50 7434
Pref with warrants_ _100 z74% x7434 x7416
Van Camp Packing
10% 1,600 10
10
-• 10%
100 12%
12% 12%
7% Preferred
25
200 37%
Veeder-Root Inc.- - --• 40% 40
4014
Vick Financial Corp____10
8% 8% 1.400
8
8%
21
Vogt Mfg Corp
200 16
21
• 21
Waitt & Bond Inc cl B •
Walgreen Co common---•
Walker(Hiram) Gooderham
& Worts common
•
Watson (John W) Co....'
Wayne Pump common_ •
Welch Grape Juice
Western Air Express..
..10
West Pipe & Steel (Col)_10
Wil-low Cafeterias
•
Wilson-Jones Co
•
Winter (Ben]) Inc corn_ _•
Zonite Products Corp corn •
Rights
Associated CI & El deb rts.
Chic R I & Pacific Ry---Consol GEL&P (Balt)- Eisler Electric
Flat
Loew's (no deb rights.....
New En g TeleP & Tele3-Newport Co
Pacific Tel & Tel
Southern Calif Edison
Transamerica Corp
12
50
91i
2%
40
5%
18%
934
1
416
ors
32%
816
Si
2016
lc
Public Utillties
Alabama Power $7 pref..' -----Allegheny Gas Corp corn.'
Am Cities Pw & Lt el A-50 47%
Class B
24%
Am Com'w*Ith P corn
2614
Common B
•
Warrants
Amer & Foreign Pow war,. 70
Amer Gas & Elm,corn_-• 136
Preferred
•
Amer Lt & Trac corn_ _100 265
Amer Nat Gas corn v to..'
9
Am States Pub Serv cl
Amer Superpower Corp
Corn, new
29%
First preferred
9816
•
$6 cum pref
Arkansas Pow & Lt $7 pf-• 106%
Assoc Gas dt Elea class A.• 41%
Bell Telephone of Can.100
Brasillian Tr Lt & Pow ord' 37%
Buff Niag & East Pr pf_25 25%
Cables & Wireless
Am dep nets A ord sh.£1
Am dap rcts B ord she.£1
1%
Cent All States Serv v 0-•
4y,
Cent Pub Serv corn
• 3114
Cent Pub Soy CL888 A '39
Cent & Southwest ULU_ •
Cent States Elec
3136
6% preferred
100
Cincinnati G & E pref A..
Cities Serv P & L 7% pf 100
Cleveland Elec III corn_ _.• 81
Com'w'Ith Edison Co._100 278
Comm'wealth & sou corpWarrants
514
Community Water fiery...* 14%
Cons GI EL&T Ball corn.' 111
Preferred class A_ -_100
High.
Feb 18% (Jan
Jan
10
Feb
Jan 11% (Jan
Feb
14
Feb
454 Jan
Jan
1734 Feb
Jan
Jan
43% Feb
Feb 44
Feb
Jan 34% Jan
Feb 136% Jan
8
Jan 3554 Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
23% Feb
Feb
85
24
Feb
45
Feb
4 4 Feb
451 jab
n
10% Feb
Jan
Jan 16%
73-11:%
8
3:
Jan 178
Jan
Jan 47%
Jan 26
Feb
Feb
b
F
Feb
atb
Jan 20%
Jan 36%
Jan 36
1
Jan
40
Feb
Jan 163i
Jan 44
Jan 22%
814
Feb
Feb 43(4
Feb
4%
Jan
251
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan 569531
1
Jan
Jan
6%
Jan
Jan
Jan 18%
Feb 25
Jan 24%
Jan 49%
Feb 110
Jan 77
Feb 7036
Jan 17%
Jan 48
Jan 49
634
Feb
Feb
Febebb
FFe
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
9%
10
18%
23%
2934
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
74% Feb
14Li
Fen
ja b
4014 Feb
b
2
9234
Feb
Feb
Jan
Jan
12
50
13%
51
900
2,900
8% Jan
50
Feb
14
81
9
2%
1334
55
38
28
8
52
5
1834
9%
316
14
63%
41
28%
8
52%
516
19
4,700
7,600
800
1,500
2,300
200
500
300
1,600
1,300
9
1%
834
52
184
27%
6%
51
34
17%
Fen
Jab
14
1
3% Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
66
42
28%
11%
55
614
20)1
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
11
I%
5
3-4
33'
34%
8%
Si
24
a%
too
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
111
Jan
Jan
4
37% Jan
14
Jan
2311 Jan
3414 Jan
354 Jan
6514 Jan
113% Jan
105% Jan
225
Jan
73£ Jan
18
Jan
114%
7%
4734
24%
27%
40
534
76%
142%
107)6
274
10%
20
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
28% 30% 102,9(10 23%
9834 1,600 94%
98
400 87%
9251 95
170 102
10616 1073-4
4016 41% 16,400 3834
155% 157
375 15034
35% 38
6,600 35%
800 24%
25
25(4
Jan 32%
Jan 98%
Jan 95
Jan 108
Jan 464
Jan 157%
Feb 44%
Jan 25%
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
200
2%
2(4
254
14 136 4,500
13.4
300
411 4%
414
2534 31% 4,100 253£
37% 39
20,600 34%
27;6 28% 5,500 22%
27% 3134 19,700 19
74% 75
200 70
100 97
97
97
100 93
98
98
83%
400 63
75
60 234
270 28114
Feb
354
Feb
2
Feb
614
Feb 31%
Jan 39
Jan 31)4
Jan 31%
Feb 75
Feb 9734
Jan 98
Jan 83%
Jan 288
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
534 5% 60,800
334
14% 15
3,560 12%
110 114% 1,100 9031
100 100
100 100
Jan
634
Jan
15
Jan 118%
102
Fe
Feb
Feb
Feb
Feb
834 9% 4,400
% I% 35,300
434 4% 12,700
36
% 40,200
600
214 3
31
34% 3,500
8
814 2,200
31
Ile 4,100
19% 24
600
354 3% 12,800
lc
3c 39,500
112% 112%
6
6%
4254 4735
2234 2451
25% 26%
37% 39
3% 3
%
67
7134
136% 13634
106% 10751
260% 267%
834 934
25
25
2,300
1,400
1,100
15,100
12,900
1,300
600
11,300
13,800
600
375
1,400
1,000
7
16
3%
31
1%
12%
754
3-1
1931
2%
le
FINANCIAL CHRONICLE
Men. 1 1930.]
&WO!
rriaay
Last Week's Range for
1Week.
of Priem
Public Utilities (Concl.) Sale
Par. Price. Low. H(gh. Shares.
Cont'l0& E 7% Pr pr.loo
Dixie Gas & 11111 com _ _ _ _• 15%
100 19131
Duke Power Co
Eastern Gas & Fuel Assn..• 3134
East States Pow B com___• 27%
Eastern Util Associates_ _ _ _
40
Elec Bond & Sh Co corn..• 100
Preferred
• 105%
Electric Pow & Lt warr _
42%
Emp Gas & Fuel 8% pf 100
7% cum pref
100
Empire Pow Corp part stk• 58
Empire Pub Serv cornet A• 22%
Engineers P S opt warr__
26
•
Fla Pow & Lt $7 prat
100
103 103
1,400
14% 15%
675
180% 191%
1,400
31% 32
2534 2731 3,000
300
40
40
9334 100% 270,500
10534 105% 1,500
35% 4234 4,100
200
99
9954
200
86% 8631
5,100
55% 60
1,600
23
21
1.300
2534 28%
100
100% 10034
Range Since Jan. 1.
Low.
10134
1034
145
2534
1834
40
8054
10334
2834
99
8634
40
1934
16
100
High.
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
103
1734
200
35
2834
40
10234
106
4234
10054
8734
60
25
2934
10034
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan 1534 Feb
Gen Gas & El el A
• 1434
13% 14% 25,300 13
Convertible preferred _ _
Feb
Feb 89
200 85
87
86
Gen Water Wks & El A_ _*2034 20
Feb
200 20
2034 Feb
20%
_-Internat.Superpower
700 324 Jan 3934 Feb
• 3635 35% 3655
International Util cl A_ *
100 3434 Jan 39% Feb
38
38
Class B
1231 Feb
63-4 Jan
* 1034
10% 1135 5,100
Warrants
134 Jan
900
2
2%
2
234 Feb
Italian Super Power el A_° 1411
1334 14% 2,600 934 Jan 1634 Feb
Warrants
5
Jan
300
7
7
7
934 Feb
K C Pub Serv prof A vtc
Jan 2634 Jan
100 25
25
25
Long Island Light cotn_ •
40
Jan 5355 Feb
50
5154 2,40
Marconi Internat MarineCommun Am del) rets_
Feb
80
934 10%
93.4 Feb 13
Marconi Wird T of Can_ _1
394 Jan
434 614 195.50
634 Feb
_---614
Marconi Wireless Tel Ltd
Feb 12% Jan
Bearer shares
600 10
10
10
Memphis Nat Gas
1534 17% 27,400 1054 Jan 17% Feb
• 1731
Met Edison $6 prof
100 10355 Feb 103% Feb
103% 10336
MIddle West Util com
31;6 33% 14,100 25% Jan 34% Feb
• 3234
Jan 10334 Feb
500 97
$6 cony pref series A__ •
103 1037-4
A warrants
1,900
4% Feb
1% Jan
434
394 4;6
B warrants
Feb
8
634
34 Jan
5% 634 2,S00
Municipal Service
1,800
6% Jan
814 9
934 Feb
•
50 10834
Nat Pow & Lt $7 prof.
*
110 110
Nat Pub Serv corn class A.• 25
2,600 223.1
2434 25
New End l Pow Assoc corn *
10 92
96
96
6% preferred
250 8834
8934 9134
100 90
New Eng Tel & Tel
100 144
100 14435 14434 144%
NY Pow Sr Lt $6 pref
100 963-4
*
101 101
125 114
NY Teiep 654% prat_ _100 11534 115 116
Nlag Hudson Pr corn_ _ _10 16
15% 16% 30,600 1134
3
13,500
Class A opt warr
4% 5
434
654
B warr(1 warr for 1 sh)
84 10% 3,900
1034
Nor Amer UM See com_ •
534
200
734 7%
let preferred
100 9255
9434 9434
•
3,500 170
Nor States P Corp com_100 177
175 180
Pacific Gas& El let pref _25
2634 26% 1.500 2634
Pacific Pub Serv cl A cona.• 3734 36
3734 2,300 2754
300 17
Pa Gas & Elee class A_ _*
17% 18
73
60
Pa Water dr Power
85% 86%
•
32
60
Peoples Lt & Pow com A _ _• 32
32
32
9934
Pulls Elec Co $5 pref.__
45
99% 100
7 210
Pub Serv of Nor 111 coin_
245 246
8
99
PugetSdP&L6% pf _ _100 8834 9935 100
Jan 110
Jan 2555
Jan 96
Jan 9134
Feb158
Jan 101
Jan 116
Jan 1744
Jan
57-4
Jan
103-8
Jan
934
Jan 95
Jan 18334
Feb 2834
Jan 393-4
Feb
183-4
Jan 8934
Feb 35
Feb 100
Jan 246
Jan 100
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
89
65
300 194
2,000 41
200 247-4
SOO 2234
400 23
100 11734
3.200
73.4
1100 1063-6
600 62
500 61
150 99%
Jan 77
Jan 2434
Jan
6134
Jan
2634
Jai
24
Jan 25
Jan 119
Jan
I694
Jan 10934
Jan 7954
Jan 7734
Jan 103
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
1,200 8444 Jan 82
10 10734 Feb 10734
Jan 3034
400 25
8,200
1
34 Jan
139,400 1934 Jan 3334
65.600 2754 Jan 4234
1.200 9734 Jan 10s34
14,000 1854 Jan 2234
52,500 1434 Jan 2434
100 n34
Jan 65
200 60
Feb 6555
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Railway & Light Sec com.•
73
Rockland Light & Power 10
2231
Sierra Pacific Elec corn _104) 6634 60
Sou Calif Edison 6% pf 1125
26
514% preferred el C...25
2334
Southern Colo P w el A.25 25
25
So'west Beli Tell 7% pf_100
119
Sou West Gas UM!corn _• 1234 1034
Standard 0 & E
pf _100 10934 109%
Stand Pow & Lt new
72%
76
Seri., 11
• 7434
71
Preferred
101
75
24
6634
26%
23%
25
119
1234
10934
76
74%
102
Tampa Electric Co
•
66% 6931
Toledo Edison 7% pref _100
107% 107%
Union Nat Gas of Can_ _ _• 2734 27% 28
United Eke Serv purch war
1
ilia 1
United Gas com
3334 29
33%
United Lt & Pow corn A_ _• 42% 39% 42%
6% cow 1st pref
• 107% 106 10754
US Elec. Pow with warr. _• 19
18% 2034
UM Pow & Lt corn
• 24%
2034 24%
Class Byte
•
58
58
Western Mass Cos coin _ _• ------ 63% 63%
Former Standard Oil
Subsidiaries
Par
Anglo-American 011Vot silO Ws of dep__ _ £1
16
15
Contin 011(Me) v t c__ _10 1234
12%
Galena 011 Corp w
334
Galena-Signal 011
New pref etfs of dep_ _ _ -----7634
Old prof Ctrs of dep_ _ _ _
76%
General Petrol new w L _ _ _ 7-55
32
Humble 011 dr. RfInfing.-25 82% 82
Imperial 011 (Canada)_,.__• 23% 2234
Indiana Pip Line
10
3955
National Transit_ _ _12 50 20% 20
Northern Pipe Line_
50
4751
Ohio 011
67%
25 68
Penn Melt Fuel
20%
25
South Penn 011
37%
25 38
Southern Pipe Line
_10
14
Standard 011 (Indiana) 25 50% 50
Standard 011 (Kunnas)_ _25
28
Standard 011(KY)
10 35% 3554
Standard 011 (0) com
86
25 86
Preferred
120
100 120
Vacuum 011
25 91% 90
16%
1255
335
1.60
20
200
15
Feb
12% Feb
254 Jan
1754
15%
314
Jan
Jan
Jan
78%
76%
3454
8554
24
39%
2055
49%
6844
20%
38
14
50%
28%
36%
86
120
95%
3
7556
3
7655
32
9,60
3,700 78
7,700 22%
600 38%
900 20
300 4754
800 6655
300 1934
37%
80
10
13
1,700 49%
70
2734
1,600 33%
300 81
20 11754
8,200 8844
Jan 7934
Feb 77
Feb 34%
Jan 8734
Feb 27%
Jan 41
Feb 22%
Feb 54
Feb 7144
Jail
2234
Feb 4154
Jan 165i
Feb 54%
Feb 30
Jan 374
Jan 8854
Jan 121
Fe
9814
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jun
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Other 011 Stocks
Amer Co ntr Oil Fields_ _ _1
e
55
Amer Maracaibo Co
5
234
13,4
13,4
Argo 011 Corp
10
1% 1%
Arkans Nat Gas Corp com • 12% 12
12%
Preferred
10
7% 734
Clans A
1155 125
• 1234
Atlantic Lobos OH coin_ _*
54
%
54
Preferred
144
50
154
194
Carib Syndicate corn
1% 1%
134
Colon 011 Corp common__•
6
634
Consul Royalty Oil
1
4% 4%
Coeden Oil common
50
• 55
5635
Preferred
61
61
61
Creole Syndicate
•
5%
554 6
Crown Cent Petroleum_ •
34
14
Darby Petroleum Corp _ _•
8
8
8
434 5
Derby 011 dr Ref corn
•
431
Gulf Oil Corp of Penna__25 133% 132 134%
Houston Gulf Gas
15
•
1536
Indian Ter Ill 011
1 41% 3834 41%
Intercontinental Petrol_ _10
34
1
14
Internet Petroleum
18
• 18%
18%
•
2
Kirby Petroleum
2
2
Leonard 011 Developm't_25
134 134
20
20
•
Lion 011 Refining
• 39
39
36
Lone Star Gas Corp
?Autumns Syndicate_ __ _1
fie
fie
fie
16,800
%
3,500
155
100
1%
6,600
8%
100
754
29,700
8%
400
34
2,600
1%
%
2,300
200
53.4
100
4%
3.400 50
100 61
6,800
5%
h00
34
300
734
4%
1,600
4.100 131%
300
9%
45,800 20%
10,100
34
8,400 1734
ROO
154
300
1
200 18%
2,800 3454
4,500
34
Jan
fie
Jan
39-i
Fe
1%
Jan 14
Feb
8
Jan 14%
Jan
S4
Jan
194
Jan
154
Jan
Etg
Fe
534
Fe
7454
Fe
643-4
Fe
854
Jan
34
Fe
8%
Fe
554
Fe 144
Jan
1534
Jan 4154
Jan
134
Feb 22
Jan
234
Feb
17-4
Jan 22
Jan 39%
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jae
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
1437
e'riaag
Sales
Last 1Veek's Range for
Other Oil Stocks
Week.
of Prices.
Sale
(Concluded)
Par. Price. Low. High. Shares.
kiarland 011 of klexica._ _1
Mexleo-Ohio 011 Co
•
Mo Kansas Plpe Line__„5
Mountain & Gulf Oil_ _ _ _1
Mountain Prod Corp___10
•
Nat Fuel Gas
New Bradford 011 Co__ _5
North Cent Texas 011_ _ •
•
Pacific Western Oil
•
Panders 011 Corn
Pantepec Oil of Venezuela•
Petroleum Corp of Arner_•
Plymouth 011 Co
5
Red Bank Oil
•
Reiter Foster 011 Corp_ _ _.•
Root Refining pref
•
Ryan Consol Petrol
Salt Creek Consol 011_ _10
Salt Creek Producers_ _ _10
Southland Royalty Co_
Sunray 011 corn
Taxon Oil & Land
•
Transeont Oil new W W 1
Union Oil Associates _ _25
Venezuela Petroleum
5
Woodley Petroleum
"Y" 011 & Gas Co
Mining Stocks
Arizona Globe Copper___ _1
Bunker Hill & Sullivan_ _10
Dwane M'Kubwa Cop Mln
American shares
Chief Consol Mining
1
Comstock Tun & Drain 10c
Consol Copper Mines_
5
Cortez Silver Mines
1
Cresson Consol G M Sr M1
Cusl Mexicans tiling_ 1
Dolores Esperanza Corp_ _2
Engineer Gold Min Ltd_ _5
Evans Wallower Lead com•
Falcon Lead Mines
1
First Nat Copper Co
5
Gold Coin Mines
Golden Centre
Ines_ _ -5
Goldfield Consul Mines__ 1
Heels Mining
25c
Hollinger Consol G M...5
Hud Bay Min & Smelt_ _.•
Iron Cap Copper Cu _ _ _10
Jerome Verde Dowel .50c
Kerr Lake kilnes
5
235i
94
8)-i
834
13%
154
234
20%
26
234
2
11%
934
554
854
1651
3
1.4
82
54
754
134
155
544
1254
12%
23i
Halt Sr Ohio RR 4348.1960
Bates Valve Bag Corp
68 with warrants...1942
Beacon Oil Os with war 1936
Beigo-Can Paper Ltd Os '43
Bell Tel of Canada 58_1955
1st 5s series B
1957
Boston Consol Gas 5:3_1947
Boston Jr Maine RR 681933
Canadian Nail fly 78_1935
Canadian Pacific fly 581954
Capital Ad m in deb 5sA1953
With warrants
Without warrants
Carolina Pr & Lt 58_ _ _1956
Cent States Elec 5s_..1948
Deb 53.is-Sept. 15 1954
Cent States P & Lt 5%s 53
1st lien 534s new _1953
Chic Pneu Tool 5348_1942
Chic Rys 55 ctfs dep__1927
Chic It I Sr Poe Ity 4 348'60
Childs Co deb 55
1943
Cigar Stores Realty
1949
534s series A
Cincinnati St fly 53-45.1952
Cities Service 54
1966
Cities Service Gas 534s 1942
Cities Serv Gas Pipe L 6843
Cities Serv P Sr L 5 3481952
Cleve Elect III deb 70_1941
Cleve Term Bldg 65_1941
Commander Larabee 6s '41
Commerz und Private
Bank 5945
1937
Com'wealth Edison 434557
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
400
2,000
100
100
400
1,300
500
1,800
SOO
700
400
1,100
200
100
9
254
15
3%
2
10
934
535
83-4
16
40
254
244
55
Feb
Feb
Jan
Jan
Jan
Feb
Fe
Feb
Fe
Fe
Feb
Jan
Feb
Jan
10
3
17
4%
231,
1234
16
8%
10
19%
42
43'
3
1%
Jan
Jan
Jail
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
3,700
100
Its Jan
7034 Jan
55 Jan
9534 Jan
500
300
1.500
1,500
5,900
1,200
1,700
1,100
600
100
100
100
13,200
21,000
1,60
30
20
5,300
100
300
300
434 Feb
1% Feb
34 Jan
Jan
5
ire Jan
iro Jan
14 Jail
1-16 Jan
54 Jan
3% Feb
34 Jan
54 Feb
34 Jan
Jan
3
in Jan
Jar
12
5
Jan
834 Jan
24 Feb
're Feb
its Jan
53i Jan
134 Feb
1
Feb
8% Feb
Si Jan
34 Jan
2
Feb
Feb
2% Feb
554 Jan
its Jan
34 Jan
34 Jan
7
Feb
% Jan
14
Feb
534 Feb
1454 Feb
3
Jan
ire Feb
hi Feb
9
2%
15
3.34
2
1134
934
5%
83%
16
40
3
23.4
54
9
214
15
394
2
1234
934
634
834
1634
42
3%
234
54
"le34
82
82
65i
54
12%
544
12%
234
si
44
Mohawk Mining Co
4834 48%
_25
Newmont Mining Corp..10 120
116% 122
New Jersey Zinc
4
25 84% 8334 844
New Quincy Mining
3-4
55
54
1% 1%
NIpissing Mines
15%
5
Noranda Minos Ltd
42%
• 4254 38
Ohio Copper
34
154
1
7-4
1%
Premier Gold Mining_ _I
154
Roan Antelope C Min Ltd. 2755 27% 28
St Anthony Gold Mines_ _1
its
34
714 7%
Shattuck Denn Mlning
73-i
•
1% 2%
So Amer Gold Sr Plat__ _1
Standard Silver Lead _ _ _ _1
iis
ill
55
Teck Hughes
1
6
Tonopah Belmont Devel_ 1
3'
54
United Verde Extension 50c 12% 12
12%
Utah Metal & Tun Co_ _ _ I
55
55
4%
Walker Mining
1
43-4 4%
Wenden Copper Mining 1
55
54
55
Yukon GoldCo
5
54
54
Bondsklaba13111 Power 414s__1967
5s
1968
Is
1956
Aluminum Co of deb 5s'52
Aluminum Ltd 55
1948
Amer Aggregates Os_ _1943
Amer Com'Ith Pr 6s_ 1949
Amer G & El deb 5s_ _ _2028
Amer Gas & Power 6s_1939
American Power & Light
6s, without warr_ _ _2016
Amer Radiator del 43.4s '47
Amer Roll Mil deb 58_1948
Amer Seating Corp 68_1936
Amer Solv & Chem 634s'36
With warrants
Appalachian El Pr 53.1956
Arkansas Pr & Lt 5s.1956
Arnold Print Works 58 1941
Associated Gas& Electric
Cony deb 434s w war1948
Without warrants...
Is
1968
534s
1977
Assoc'd Sim Hard 614s 1933
Assoc Telep Util 534s_1944
2
18%
35
8
2534
29-6
644
1244
1
1%
19
25%
1%
334
24
9-4
9%
35%
234
89.4
15'.'
1%
4
2314
27%
600
1%
300
2%
23% 11,000
700
%
9% 4,200
1,000
32
100
2%
300
834
500
15%
1% 11,300
3% 3,500
19,900
21
1,100
263-4
5%
194
1
8
3-8
54
1%
ire
1%
4
54
%
High.
LOW.
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
34
2%
2234
34
834
3134
2%
854
13%
1%
2%
20
26
5%
1%
34
7
is
34
1%
34
1%
4
34
55
Si
.
534
34
12%
554
12
234
Ire
55
Range Since Jan. 1.
Ill
200 4494
4,100 105%
900 6694
100
94
134
1,100
4,600 34%
5,600
%
1,800
134
200 2694
1,400
9.4
400
734
6,800
I%
1,200
ire
700
43-i
%
800
5,200 11
100
34
4%
200
34
3,000
100
%
Jan 49
Feb
Jan 124% Feb
Jan 85g Feb
1
Jan
Fe
Jan
1% Feb
Jan
449,4 Feb
1% Jan
Feb
134 Jan
Jan
Jan
Jan
33
Jan
% Feb
934 Jan
Feb
2% Feb
Feb
34 Jan
Feb
Jan
6% Feb
34 Jan
Jan
Jan
1294 Jan
Jan
% Jan
Feb
434 Jan
34 Jan
Feb
Jan
*4 Feb
9434 94
9436 $39,000 93
Feb 9555
101% 10134 3,000 99
Jan 101%
1,000 100
101% 10134 101%
Jan 102
10134 10134 102% 28,000 10134 Feb el0234
973i 98
7,000 97 9-1 Feb 99
2,000 83
83
83
Feb s8534
103 103% 5,000 100
Jan e10655
9434 9434 9434 73,000 93% Jar
96%
5,000 95
95
95
Jan 9634
10634 106%
97
983.4 9834
75
9535
9634
9434
90
9534
9634
94%
90
113
90
8734
79
79
99
98%
86% 8634
103
104
9934
48,00 105
107
Jan 107
7,00
97
97
Feb 98
9936 71,00
9635 Jan 9954
1.000 674 Jan 81
75
96
2,00
27
51,00
953i 67,000
91
2,000
115
90
8094
99%
8635
1043 "
,
95
Jan
95% Jan
9334 Jan
90
Feb
98% 9934 1949000
88
7534
9934
78
80
89%
90
69
99'4
101%
69
98%
8734
90
98%
86
95
993.4 Feb
97% Jan
963-4 Jan
94
Feb
Fe
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
103
Feb
107
104
95
10154
n102
10154
101 34
10854
101
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
8,000
2,000
27.000
54.000
11,000
40,000
10,000
83
Jan 88
Feb
74
Jan
76
Feb
98% Jan 100
Jan
71
Jan 8234 Feb
723-4 Jan
8434 Feb
889-4 Jan 91
Feb
90
Feb 90
Feb
10134 2,000
4.000
70
99% 711,000
5,000
88
97
Jan 102
Feb
68
Feb 76
Jan
98% Feb 9994 Feb
8234 Jan 90
Jan
88
76
10014
79
82
90
90
77
77
7755 35,00
6234
93
93
93
1,00
93
83
582% 83% 19,000 82%
84% 84
84% 17,000 83%
91
91
91
12,000 90
8694 8554 86% 54,000 81
10635 107
3,000 108
95
95
97
7,000 90
68
68
1.000 6734
86%
Feb
Jan
Feb
Feb
16,000 10134 Jan 124
Jan
8,000 874 Jan 943-4 Jan
34,000 78% Jai
88
Jan
14,000 9834 Fe n10234 Jan
9,000 8634 Jan 8654 Feb
177,000 98
Jan 108
Feb
103% 103% 103% 3,000 102
103 103
103
3,000 103
95
4,000 95
95
10034 100% 7,000 100
100% 100 100% 47,000 100
10,000 100%
10032 101
100% 101
3,000 1001*
107% 107% 2,000 10734
101
178,000 99%
100% 101
100
79
81%
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
8634 66,000
96
17,000
8134
9354
Jan 83%
Feb 97
Jan 85
Jan 843-4
Jan 94
Jan 88
Jan 108
Jan 97
Feb 6934
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb.
Jan
88%
98
1438
FINANCIAL CHRONICLE
Friday
Last Weer. Range Saks
Mle
of Prices.
for
Price. Low. High. Week.
Bonds (Confinved)-
Consol0 EL & P (Balt)6358 aeries E
1952
Consol Publishers 6%.1936
Consol Textile ge
1941
Cont'l0& El 58
1958 88%
Continental 011 5%8_1937
Crown Zellerbach 68_ _ 1940
With warrants
9804
Cuban Telephone 7%e 1941
Cudahy Pack deb 55451937 96
Ss
_1948 99%
Deny & Salt L Ry 6s..1960 83
6s series A
1950 102
Het City Gas 68 ser A_1947
58 series B
1950 9935
Detroit lot Bdge 634s-1953 75
25-yr s f deb 7a
1952 54%
Dixie Gulf Gas 650..1937
With warrants
80%
Edison El(Boston) 5
8-1933
Electric Pow (Ger) 6%8'53
Else Power & Light 54_2030
El Paso Natural Gas
6358 series A
1943
8358
1938
Empire 011 & Refg 5358'42
Eroole Marelli El Mfg
63.0 with warr
1953
European Elec %s_ _1965
EuropeMtgekInv7aserCa37
735s series A
1950
Fairbanks Morse Co 681942
Federal Water Serv 535a'54
Finland Residential Mtge
1901
Bank 6s
Firestone Cot Mills 58.1948
Firestone T & R Cal 581942
First Bohemian Glass Wks
7s without warr _ _ _ _1957
Flak Rubber 5358
1931
Florida Power & Lt 58_1954
Garlock Packing deb as '39
Gatineau Power 5e.._ _1958
1941
98
Oeleenkirclaen Min 06_1934
Gen Indus Alcohol 6358 '44
Gen Laundry Mach 634.37
General Rayon 6s A....1948
Gen Theatres Eq 6a1944
General Vending Corp
Os with warr Aug 15 1937
Gen Water V. ka Gas & El
1944
as series B
Georgia & Fla RR 68..1946
Georgia Power ref 58-1987
Grand Trunk Ry 6358_1936
Guantanamo & W Ry 6858
Gulf 011 of Pa 58_ ....i937
Sinking fund deb 58_1947
Gulf States Utll Sa. _ _ _1958
Hamburg Else 7s
1935
Hamburg El & Und 534s'38
Hanover Cred Just 68_1931
Hood Rubber 5358.....1938
1936
7s
Houston Gulf Gas 8.4.'43
88
1943
Hungarian ltal Bk 7348 '63
1949
BYgrade Food Os
1949
68 series B
Ill Pow & Lt 5358 ser B '59
1957
Deb 555s
Indep Oil& Gas deb 681939
Ind'polls P & L Ss ser A '57
Inland Utilities 88__.-1934
Insull Utility investment
Os ser B without warr '40
Int Pow Sec 7. ser E_1957
Inter-State Nat Gas 6s 1936
With warrants
Internal Securities 53_1947
Interstate Power Sa _ _1957
1952
Deb 6s
Invest Bond & Share 581947
With warrants
Invest Co of Am 55 A1947
Without warrants
Investors Equity 5s...1945
Without warrants
Iowa-Neb L & P 5s_1957
Isarco liy.iro Flee 78_ _1952
Italian Superpower of DelDebs 133 without warr '63
Kansas Gas & Else 68.2022
1930
KelvinaWr Co as
Without warrants
Koppers G & C deb 56_1947
1950
53511
193.5
Laclede Gas 535s
Lehigh Pow Seeur 63.-2026
1948
Leonard nett 7%a
Without warrants
Libby, hicN & Libby 58'42
Lone Star Gas Corp 58 1942
Long Island Ltg 6.i - - -1945
Loulalana Pow & Lt 58 1957
Manitoba Power 5355_1951
Mansfield Mining & Smelt
78 with warrants__ _1941
Maas Gag Co. 5358- -1948
McCord Rad Mfg 63_1943
Memphis Nat Gas 66_1943
With warrants
Matron Edison 4358_1968
Milwaukee Oas Lt 4348 '87
Minn Pow & Lt 4358_1978
Miss River Fuel 6sAug15'41
Without warrants
Montreal L II & P col 5851
Morris & Co 7345
1930
Munson S S Lines 6348 '37
With warrants
Narragansett Else 56 A '57
Nat Power & Lt 6.3 A.2028
Nat Public Service 56_1978
Nat Trade Journal as _193a
Nebraska Power 68 A_2022
Nelsner Bros cone 13s _ 1943
NE Gas & El Assn 56_1947
5s
1948
N Y & Foreign Inveet5358 A, with warr_ _1948
N YP & LCort.lst 4553'67
Niagara Falls Pow 66_1950
North American EdisonSerrerleaCwl
19139
North Ind Pub Seri" 5a 1966
1989
Ea serial D
106%
9635
70
85%
94
Range Since Jan. 1.
Low.
High.
Jan 10634 Feb
2,000 106
106%
Jan
9635 8,000 96% Feb 98
Feb 72
63,000 67
Jan
70
8831 75,000 84% Feb 8835 Jan
Feb 9534 Jan
10,000 94
95
98% 98%
108 108%
96
9634
99% 9934
84
83
101% 102
105 105%
98
99%
7435 76
5234 55
32,000 9831 Feb 9804 Feb
5,000 107% Jan 108% Feb
16,000 9535 Jan 97
Feb
Jan
23,000 9835 Jan 100
C5
Jan
12,000 72
Feb
Jan
7,000 100
Feb 102
22,000 10454 Feb 106
Jan
12,000 07% Feb 9934 Jan
38,000 7334 Feb 8035 Jan
16,000 50
Jan
Jan 65
80%
Jan
100% 100% 100% 30.000
88% 8935 6,000
92% 9235 9231 49,000
993.4 Jan 100%
Jan 90
87
92% Jan 93
Feb
Feb
Jan
11,000
103 $102 103
5,000
106
106 106%
8431 84% 84% 24,000
98
98
83%
Jan 108
Jan 109
Jan 84%
Jan
Feb
Feb
100
91
80% 33,000
79
78
100
8535
102
39334
91%
78
5,000 78
100% 216.000 100
16.000 83
87
102
1,000 99
1,000 93
93%
92% 10,000 90%
82% 83% 18,000
23,000
9034 01
9335 93% 10.000
81%
59
86
102
102
91% 9134
9534
94
93%
80
50
73
72
134% 125%
8134
63
87
102%
9135
96
94%
83
50
75%
13435
25
s25
95
95
95
23
23
23
9731
9731 08
106% 106% 106%
49
50
50
100% 100% 101
101
101
94% 9331 94%
85%
98%
80
7631
80
83%
66%
88%
10035
97%
99
1,00(
2,00t
76,000
2,000
28,000
5,000
40,000
10.000
1,000
53,000
266,000
1.000
Jan
Jan
Jan
83%
9131
95
Feb
Jan
Jan
80
44
8235
943-4
91
9434
90
80
50
57
973-4
Feb 84
Jan 7204
Jan 87%
Jan 192%
Feb 93
Jan 96%
Jan 95%
Feb 90
Jan 52
Jan 7334
Jan 144
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
21
Jan
99
9335
90%
114
93%
9835
100%
Jan
Jan
11134
99%
Feb
Feb
75
75
2,000
1,000
90% 9031
88% 90% 53,000
70
90%
83
Jan
Feb
Jan
Feb
76
92 14 Jan
904 Feb
Jan 7804 Feb
Jan 10235 Feb
Jan 81
Jan 9834
Jan 10134
Jan 10135
Jan 104%
Feb
Feb
Feb
Feb
Feb
94
1,000 93
Feb 95
Jan 9234
92
21.000 91
96%
2,000 96% Jan 9734
106
28,000 103% Jan 108
Jan 96
94% 21.000 92
Jan
Jan
Feb
Feb
Jai
9914
Jan
93
103
77
93
103
78
2,000 93
19.000 10135
5,000 75
Jan 98
Jan 103%
Jan
82
Jan
Jan
Jan
97%
9631
9634
9034
113
9334
98%
100
98
9631
96%
90%
114
94
9931
100%
16.000 95
1,000 0531
1,000 95
3,000 8934
23,000 102
12,000 9234
13,000 98%
23,000 9934
Jan 98%
Feb 9731
Jan 9735
Jan 92
Jan 118
Feb 96
Jan 9934
Jan 101
Feb
Jan
Jan
Ian
Feb
Jan
Feb
Feb
s385i 9716
88
924 92
105
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jon
Jan
Jan
Jan
Jan
88
9835 Feb
7834 Feb
100
100
99% 98%
105
105
76% 7635
35% 3531
107%
93
93
87
87
86
88
95
102
87
9854
83
9335
81
84%
83%
69
8234
100
9035
103%
99%
100
Jan
Jan
Jan
94
91%
96% 98%
10534 s105
9431 93%
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
88
8635
7635
78
79
12.000 6931
9835 97% 9835 21,000 9534
10135 100% 101% 54,000 9935
100 101%
3,000 97%
104
103% 104% 38,000 10234
103
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
3,000
1,000
3.000
7635 s7631 76% 31,000 69
102% 102%
1,000 100%
97%
34
Feb
101
10,000 100% Jan 101
Jan 8854 Jan
82% 17,000 80
Jan
Feb 90
89
30,000 83
Feb
86
8,000 8035 Jan 86
88
88
96
06
7835 784
90%
Jan
Feb 80
Feb 100% Feb
Jan 88
Feb
Jan 102
Feb
Jan 98
Jan
Jan 95
Jan
7531
89
9235
100 100% 3,000 100
85% 854 7,000 8434
98% 9835 6,000 96%
80
80% 13.000 80
92
1,000 8835
92
74
76% 58.000 64
79
80
13,000 8735
82
83% 15,000 76
6331 66% 102,000 583-4
59
59
4,000 59
9701 9835 10.000 97%
8834 8934 7,000 88%
100% 102
18,000 100
97% 97% 14,000 9635
9835 99% 104,000 9835
101
82
86
8531
Jan
32,000 91% Feb e9535
7,000 18% Jan
2434
9934
137.000 954 Jan
18,000 105% Jan 106%
8,000 45
Jan 50
27.000 9934 Jan 101
10,000 100
Jan 101%
101,000 92% Jan
95
106% 104 107% 618,000
9734 96% 9835 12,000
8234
89
86
68
4,000
06%
Feb
Jan
Feb 103
100% 4,000 100
9934 Jan
Jan
9931 63.000 97
Jan 106% Jan
105% 50,000 104
Jan 77% Jan
76% 50,000 74
Jan
5,000 3134 Jan 40
36
Jan 10735 Feb
7,000 104
10735
Feb
Jan 94
94
6.000 90
Jan 8935 Jan
2,000 85
8735
Jan
Feb 91
8631 5,000 85
87
93
106
40,000 79
96,000 91
15,000 105
9435 95% 296,000
99% 99% 10,000
31,000
9934 100
9435
9734
97%
Jan 87
Feb 93%
Jan 10635
Feb
Jan
Feb
Feb 98%
99%
Jan
Jan 100
Jan
Jan
Feb
Bonds (Concluded)No Ste Pow 635% notee '33
Northwest Power 6s A 1980
Ohio Power 56 ser B__1952
4358 series D
1956
Ohio River Edison let Sa'51
Oswego River Pow 68_1931
Pac Gas & El let 448_1957
Pee Investing deb 58. _1948
Pacific Western 0110356'43
Penn-Ohio Edison as_ _1950
Without warrants
b %a
1959
Penn Dock & W 6.4 w w '49
Penns Glass Sand 6s _ _1952
Penn Pow .4 Lt 58111952
let & ref S.ser D _1953
Peoples Lt & Pow 58._1979
Plana Electric 5359 _1947
Phlla Elea Pow 5358_ _1972
Mina & Suburban Counties
(I & E it & ref 435s_'57
Pittsburgh Steel 88_ _.1948
Poor & Co 8.9
1039
Potomac Edison 58_ 1958
Power Corp of NY 53.4447
PowCorpofCan434.11 _1959
Proctor & Gamble 4358;47
Pub Ser of Nor III 58_ .1931
Puget Sound P & L 5%a 49
Queens Boro Gas & El
5353 series A
1952
Reliance Manage't 58.1954
With warrants
Remington Arms 5358 1933
Rochester Cent Pow be_ '53
Ruhr Gas 614s
1953
Ryerson (Jos T)& Sons Inc
15-yr sink fund deb be '47
3t Louis Coke & Gas (is_ '47
hen Antonio Pub Serv5e'58
3auda Falls 1st 53
1955
achulte Real Estate 6a '35
Without warrants
3ervel Inc 5a
1948
3hawbalgan WA P 434s '07
be when issued
1070
Rieffield Steel 5343_1948
3heridan Wyo Coal 68.1947
Mica Gel Corp 63.4s 1932
With warrants
31mmons Co Sa
1944
balder Pack 6% notes.1932
Southeast PA L 63_ _2025
Without warrants
lou Calif Edison ba _ _ _1951
Refunding Ss
1952
Gen & ref 55
1944
3outhern Dairies as__ _1930
Mu Gas 834s w warr_ _1035
[VoL. 180.
Friday
Lail Week's Range Sales
Sale
of Prizes
for
Price. Low, High. Week.
102%
9831 9834
100
93
923.4
9935
0935
993-4
94
8834
10231
994
10031
9331
9935
9934
9335 94
70
79
8834 88
Range Since Jan. 1.
Low.
1,000 10035
30,000 9834
12,000 9835
19,000 91
3,000 9834
10,000 99
10,000
2,000
15,000
High.
Feb
Jan
Jan
Jan
Feb
Jan
103
9934
101
9331
100
100
Feb
Feb
Jan
Jan
Jan
Jan
9355 Feb
79
Feb
81
Jan
953,4
80
1,8
Jan
Feb
Feb
510135
9534
97
995-4
9935
9934
s7435
76
10634
10434 10434
102
9534
98
9934
9934
9935
76
10831
10435
16,000 09
Jan 102
Feb
56,000 90
Jan 963-4 Jan
5.000 9335 Jan 98
Feb
'2.000 99
Feb 0954 Feb
1,000 993-6 Feb 10134 Jan
1,000 9934 Feb 102% Jan
33,000 s7435 Feb 83
Jan
1,000 10534 Jan 106% Feb
21,000 10434 Feb 10.539 Jan
9634
102
102
10535 105%
9631
97
96
8434 81
0634
100
100
10035 10035
9634
10234
106
9734
96
8431
9631
103
10014
2,000 9834 Feb 973-4 Jan
18.000 10135 Jan 102% Jan
5,000 s104
Jan 11034 Feb
22,000 9434 Jan 9734 Jan
17,000 9535 Jan 9634 Feb
6,000 81
Feb 8431 Feb
2.000 953.4 Feb 913% Jan
5,000 9934 Feb 100
Feb
54,000 9935 Jan 10255 Jan
953-4
98
9954
101
10235 15,000 1004
83%
98
77
8231
8434 7,000
98
10,000
7734 17.000
83
51,000
77
98
77
80
93
833-4
98
7731
83
93
92
2,000
26,000 70
70
71
9335 9235 933,4 17,000 91
100 100%
5,000 100
87
9834
96
70
64
91
9834
98
77
6,000
73
68
21,000
9135 33.000
983.4 22.000
1,000
98
2,000
78
100 101
98
98
7031 71
22,000
116,000
9.000
Jan 1024 Feb
Jan
Feb
Feb
Jan
RS
98
8134
8434
Feb
Feb
Jan
Jan
Jan
94
Feb
Feb 70
Jan 95
Jan 10034
Jan
Jan
Jan
53
84
9034
98
9735
77
Jan
Feb
Feb
Feb
Feb
Feb
97
96
59
Jan 101
Feb
Feb 10135 Feb
Jan
72
Feb
75
Jan
7031 Jan
93
Jan
9834 Feb
9834 Feb
79
Feb
10431
10135
101
10134
99%
101
10431
100%
10031
101
9935
100
104% 42.000 103
10134 41,000 9934
38,000 9934
101
10134 2,000 100
9935 3,000 99%
2,000 97
101
tou Nat Gas 6s
1944 93
3'weet 0 & E fai A._ _ _1957 9135
lowest Lt & l'ow 58 A 1957
('west Pow & Lt 6e.._ _2022
3tandard Invest 53.4.- 1999
Rand pow & Li 6 _ _ _1957 930-4
6_
Rhinos (Hugo) Coro
7s 1946 without warrants 75
713 Oct 1 '38 without warr 8534
Strauss (Nathan) Inc 8e '38
3un Maid Raisin 6343_1942
Jun 011 535a
1939 10135
(wilt & Co be Oct 15 1032 10004
9134
91
91
103%
85
98%
933,4 61,000 87
Jan 94
93
8,000 01
Jan 9434
91
1,000 (014 Feb 95
1J334 4.000 103
Jan 1044
854 16,000 8135 J.in 813
9834 61,000 973-4 Jan 9874
75
s8435
70
87
10134
10031
Jan
Feb 70
7534 21,000 75
8534 11.000 8234 Jan 8934 Jan
70
6,000 70
Feb 78
Jan
87
7,000 75
Jan 8734 Feb
10134 8,000 100
Jan 10134 Jan
100% 64.000 7935 Jan 10034 Feb
['eras Cities Gas 5s...1948 82
Naas Power & Lt 53_1956 97
rhertnold Co tiof w w.
.1934 9331
Di Utilities Corp deb 58 79 84
_lien Co 88
1944
.; Mon Elee la & Pow (510)
.is serica 11
1(167 101
Jnited El Serv (Unes) 78'56
With warrants
101
9034
Without warrants
Jnited Indus Corp 63-4841 8634
jnited Lt & Rya 53is_1952 8635
,
as melee! A
1952 101
_Trate(' Oil Producers 8e '31
1Jolted Steel Wks 6358 1947
With warrants
I S Rubber
Serial 635% notes__1031
Serial 634% notes...1933
Serial 835% notes .1934
Serial 634% notes 1937
Serial 634% noted_ _1939
Serial 635% notes 1940
/Unties Pr & Lt 58._ _ _1959 8534
81
9655
93
83
8935
)anish Cons al unic 5 48 55
.
ba
1953
)analg P & Waterway 1111
Exile f 63
55
1952
rrankfort (City) 8343_1953
1erman Cons Manic 73 '47
es
1947
lanover (City) 78w 1_1939
Ianover (Pros') 6353_1949
Feb
Jan
Jan
Jan
Feb
Jan
80
95
8231
78
83
Jan
Jan
Jan
Jan
Jan
101
10135 45,000
9934
Jan
10134
Feb
100
9004
863-4
86
101
70
101
3.000 9835 Jan 101
9155 8,000 893-4 Jar, 913.4
8033 10,000 84
Jan n89
87
51,000 8354 Jan
8734
10131 12,000 10035 Jai: 102
70
1,000 70
Feb 70
Feb
Jan
Jan
Jan
Jun
Feb
8034 9031 11,000
100
94
9434
9235
93
9231
.843.3
84
94
9934
9631
1043-4 Feb
10134 Jan
102
Jan
1023,4 Jan
9934 Feb
1034 Feb
82
4.000
98
33.000
94
22,000
84 232,000
8934 6.000
100
1,000
95
6.000
9434 6,000
1.000
923-4
93
1.000
9234 2,000
8534 125,000
2,000
84
9435 77,000
993-4 9934 38.000
24,000
9934 100
9635 9735 48,000
82
Feb
Jan
98
95
Feb
894 Jan
90
Feb
87
Jan
904
94
9335
92
9234
924
31
Jan 100
Feb
Feb 9634 Feb
Jan
95
Jan
Jan 9435 Jan
Feb
Feb 93
Feb 94
Jan
Jan 8635 Feb
99
Talnpar Co. 6s
99
5,000 99
1940
Tan Camp Pack 60_ _ _1948 80
81
3.000 80
80
29,000 9734
Tirginia Else Pow 58_1955
9834 99
Valdort-Aatorla Gory
9431 74.000 86
1st Te with wart_ __ _1954 944 01
Varner Bros Pict 63..1939 105% 103 106 391.000 89
Wash Wat Pow 58 w 1_1960 100
53,000 0834
9834 100
7.000 34034
Vebater Mills 83,49_1933 9234 9234 93
Vest Texas Utll 58 A1957 8934 8934 8934 2,000 8934
Vestern Newspaper Union
20,000 86
91
Cony deb 6.4
1944 8934 88
7,000 111 3.4
Votitern Power 5358 1057
119 122
10034 101 396.000 10034
VestornUnlonTeloz 5441080 101
7,000 101
102 10235
ifeetvaco Chlorine 534e '37
Foreign Government
and Municipalities1griculMtge ilk Rep or Col
20
-year 79
1916
laden (Germany) 75._1951
lank ofPrussla Landowners
Awi'n 6% notes_ _1930
lumina Aires(Prov) 754647
75
1952
:iauca Valley (Dept) Rep of
Columbia. extl. a f 7,3.48
.'ent 13k of German State ar
Prov Banks 8a 11._.1951
Thilean Cons 7.
1980
Juba (Rep.) 534s w 1_1945
Feb
Jazi
Feb
Feb
Feb
Jan
Feb
Jan
Jan
903-4
Feb
0934 Feb
Feb
81
9933 Jan
Jan 11)334
Jan 110
Jan 100
.i an 04
Feb 93
Jan
Feb
Feb
Feb
Jan
Jan 02
Jim 125
Feb 101
Feb 10334
Jan
Feb
Feb
Bin
84
91
Jan
Jan
943.4
9533
Jan
Jan
98
9734
9434
Jan 995-4
Jfili 101
Jan 98
Feb
Feb
Jan
Feb
80
18,000
68
Pe.
80
80
80
9335 94
98
98
5,000
21.000
22.000
763-4
90
98
Jan
Jan
Feb
8235 Feb
9434 Feb
984 Feb
9934
993.4 100
95
95
23,000
1,000
9735
9055
Jan 100
Jan 96
82
91
03
84
9634
81
91
93
8334
98
87
29,000
20,000
96,000
40.000
16.
000
10,000
783.4
8931
91
79%
064
884
Jan
Jan
Jan
Jan
J"n
Jan
80
75
82
92
94
84
9674
87
Jan
Jan
32
Feb
9234 Jan
i4
Feb
864 Jan
974 Jan
904 Feb
MAR. 1 1930.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Flange for
Sale
Week.
of Prices.
Price. Low. High. Shares.
Foreign Government
and Municipalities
(Concluded)
Indus Mtge of Finland
1st rage coils f 78....1944
Lima (City) Peru 13558 1958
Maranhao(State) 78 1958
Medellin (Colombia) 78 '51
Mortgage Bank of Bogota78 new
1947
7s issue of 1927._ _1947
Mtge Bank of Chile 68_1931
1962
tis
Mtge Bk of 1)enmark ha '72
Parana(State)Brmill 781958
Prussia (Fee State) 63.1952
Eat'6558(of'26)Sep 1551
Rio de Janeiro 655s._ _1969
Rumanian Mono 'net 75'59
Russian Governments
63.4s
1919
6158 ctfs
1919
Saar Basin 78
1935
Saarbruecken 7s
1935
Sante Fe (City) Argentina
external 713
1945
Santiago (Chile) 7s__ _1949
9954
83
79%
84
99% 6,000
1,000
83
8155 11,000
1,000
84
98%
8755
97
76
86
93
75
84
81
80
98%
8755
97
76
85%
92%
74%
83%
81
8255
98%
8715
98
76
8615
93
75
84%
5)4
99
93%
794 8
5% 6
99
99
98% 99
92
97%
12,000
8655 92
97% 97 31 2,000
83
25,000
12,000
42,000
52,000
8,000
2.000
71,000
21,000
16,000
15,000
9,000
7,000
2,000
4.000
Range Since Jan. 1.
High.
Low.
97
73
66
75
Jan 100
Jan
Jan 83
Feb
Jan 81% Feb
Jan 80
Jan
6555
71
9034
8434
953'
65
8134
8894
67
8034
Jan 81
Jan 82%
Jan 9834
Jan 8894
Jan 9834
Jan 78%
Jan 86%
Jan n9355
Jan 75
Jay 84%
Feb
Feb
Feb
Jar,
Jan
Feb
Jan
Jan
Jan
Feb
8
5% Jan
5% Jan z7
¶,9
93
Feb 101
98
Jan
J an
Feb
Jan
so
Feb
Feb
9051
Jan
Jar.
92
98
• No par value. 1 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. is Sold under the rule. o Sold for cash.
,Option sales. I Ex-rights and bonus. to When issued. z Ex-cliv. y Ex -right'.
e "Under the rule" sales as follows:
Aluminum Co. of Amer. Ss, 1952, Jan. 30, 51,000 at 10334.
Amer. Commonwealth On, 1949, Jan. 22, 5300 at 106©107.
Arcturus Radio Tube, Feb. 6, 100 corn. at 1551.
Blew-Knox Co.. Jan. 2, 58 shares at 31.
Burco Co., Jan. 26, 50 warrants at 435.
Central States Elec., Feb. 6, 3,300 shares 6% pref. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works Os Elec. 6s, 1944, Jan. 29, $1,000 at 98k).
Gerrard (S. A.) Co., Jan. 2, 105 shares corn. at 24.
Houston Gulf Gas, Jan. 30, 100 shares corn. at 16.
Lackawanna Securities, Jan. 27, 300 shares at 4134.
Mohawk & Hudson Power, Feb. 6, 75 shares 2d pref. at 112.
Nehl Corp., Feb. 13, 300 shares corn. at 2434
Neisner tiros. Realty 68, 1948, Feb. 6, $11,000 at 9354•
Russian Govt. 655s, 1919 ctfs. Feb. 20, $4,000 at 7%.
Russian Govt. 5348, 1921 Ws., Feb. 7. $6,000 at 7.
Singer Mfg., Feb. 18, 100 abs. at 8.
United Zinc Smelting, Feb. 5, 200 shares at 34.
z "Optional" sale 68 follows:
American Aggregates deb. IX 1943. Jan. 3, 51.000 at 8655•
Del. Elec. Pow. 555s, 1959, Feb. 19,51,000 at 9251.
Montreal Lt., IR. & Pow. Cons., Feb. 10, 100 shares at 138.
Sou. Calif. Gas Is, 1937. Feb. 15, 51,000 ay 9055.
CURRENT NOTICES.
—Harold Whitehead, who has been one of the executives of the Business
Training Corporation, New York, is sailing next month for London to
establish a similar business service of his own. By means of a reciprocal
arrangement with his former firm, both concerns will be able to render
sales and merchandising service to firms in the export and import field.
Some of the types of work which he and his organization will be prepared
to undertake are: the preparation and conduct of sales training programs;
commercial research in England and Continental Europe; securing agencies
for American products; consultation with American manufacturers and
British representatives on merchandising policies and methods; and conducting confidential negotiations and arbitrations between American and
British firms. Mr. Whitehead was for 10 years the head of the Department
of Sales Relations and Business Methods in the College of Bushes/3 Administration, Boston University.
1439
company. Upon his resignation Jan. 1 1929 he became New York agent
for Bond & Goodwin & Tucker, Inc., now Tucker Hunter Dulin & Co.
—The United States Life Insurance Co. has appointed Evans Henry
Hanson as Manager at its Chicago office, his activities to include Chicago
and vicinity. Mr. Hanson has had 13 years' life insurance experience with
the American Bankers Life Insurance Co. formerly of Chicago. He was
latterly Assistant Secretary and Agency Manager; that company's office
was moved to Jacksonville, Ill., about a year ago.
—F. W. Vogel', Jr., and Irving Williams, Jr., both of F. W. Vogell, Jr.
& Co.. announce that the firm name has been changed to William &
Vogoll. The firm are members of the Unlisted Securities Dealers Association and the Association of Bank Stock Dealers. They will continue in the
same office at 150 Broadway. N. Y.
—Russell, Miller & Co., who are taking over the brokerage business of
Blyth & Co., announce that Lloyd W. Georgeson, formerly manager of the
stock department of Blyth & Co., has become associated with the firm.
The firm also announces that on Feb. 28 its New York offices will be
moved to 120 Broadway.
—Carroll C. O'Toole and Frank P. Bennett, of the law firm of O'Toole
& Bennett, have formed the partnership of Carroll O'Toole & Co., with
offices at 225 Broadway, New York, to do a general investment business
specializing in bank stocks.
—United States Shares Corp., 50 Broadway, N. Y., have appointed
Keith C. Brown as New England manager in exclusive charge of wholesale
distribution of their trust securities. The New England office is located
at 73 Water St., Boston.
—The City Bank Farmers Trust Co. has been appointed registrar for
Central Hanover Bank & Trust Co. certificates of deposit representing
5,000 shares of 1st pref. stock, 650 shares of 2nd pref. stock and 33,000
shares of common stock.
—Mackay & Co.. members of the New York Stock Exchange, 14 Wall
St., N. Y., are distributing a 128 page survey and tabulation of more
than 650 dollar bond issues of 41 countries, representing more than $5,000,000,000 total value.
—The Boston banking firm of R. L. Day & Co., who were founded 1865
will move to their new quarters at 45 Milk St. on March 3rd. The Day
Trust Co. with whom R. L. Day & Co. are affiliated, will also move to
the Milk St. address.
—Percy K. Leather, formerly Vice-President of G. V. Grace & Co.;
announces the formation of Leather & Co., Inc., for the transaction of a
general investment business with temporary offices at 551 Fifth Avenues
New York.
—The story of what water power development is doing for the Piedmont
regions of North and South Carolina is told in a booklet being distributed
by Pask & Walbridge, 14 Wall St., N. Y., which is analysing the Duke
Power Co.
—The Brooklyn Trust Co., 177 Montague St., Brooklyn, N. Y.. have
Prepared a report as of Feb. 17th, showing the inventory and appraisal
of investments of their Composite Fund. Copies will be furnished on
request.
—The Fidelity Investment Association of Wheeling, W. Va., has opened
an office at 120 Broadway, New York, under the management of Anderson
& Opel. Matt C. Smith has been appointed Eastern supervisor.
—Kean, Taylor & Co., members of the New York Stock Exchange, with
offices in New York and Newark. announce that Charles J. Waldmann
has been admitted to general partnership in their firm.
—Leo, Stewart & Co.. Inc.. 63 Wall St., N. Y., announce the resignation
of W. E. Stewart as Vice-President and Treasurer, and the change of the
firm name to Thomas F. Lee & Co., Inc.
—The Bankers Trust Co. has been appointed co-agent with the First
National Bank of Kansas City, Mo.. for the payment of Eleventh & Baltimore Corp. 6% gold bond coupons.
—II. 0. Stone & Co. of Chicago, announce the appointment of A. J.
Roberts & Co., Inc., investment bankers of 347 Madison Ave., N. Y., as
their Eastern representative.
—The Directory of Directors Co., 26 Broadway, N. Y. City recently
—J. K. Rice, Jr. & Co.. 120 Broadway, N. Y., have issued an analytical
issued its 21st edition of the Directory of Directors in the City of New
York which contains an alphabetical list of directors or trustees having comparison of bank, trust company, title and mortgage and fire and
New York City addresses, followed by the names of companies with which casualty insurance securities.
—Potter & Co., members of the New York Stock Exchange, 5 Nassau
they are connected. This list comprises all those having at lease one
directorship in a company incorporated in the State of New York capitalized St., N. Y., have prepared a special analysis of Sidney Blumenthal & Co.,
Incorporated.
for $25,000 or over. The name of the firm of company with which each
director is most closely associated is given, in all cases where the facts were
—Milliken & Pell, 9 Clinton St., Newark, N. J., have published a
obtainable, directly on the line with the name and address. The second part circular on Newark Securities in which they review the American Insurance
of the book (appendix) contains selected lists of corporations in Banking, Company.
Insurance, Transportation, 'Manufacturing and other lines of business,
—Carlos M. Perez, formerly with O'Brian, Potter & Stafford Is with the
alphabetically arranged, accompanied in each case by the names of the New York office of Stein Bros. & Boyce, members of the New
York Stock
company's principal officers and all its directors or trustees.
Exchange.
—The three hundred million candle power searchlight whicn, for several
—Charles W. Focht and H. Dudley Kellogg, Jr., have become associated
years, flashed from the top of the Union Trust Co. of Cleveland, has been with the sales organization of Stroud & Co., 1429 Walnut St.. Philadelphia.
presented by the Union Trust Co. to the Cleveland Airport, for use as an
—Harry Fadem and Thomas J. Mullins have been admitted to general
emergency light in bad weather. A 36-inch beam reflector directs the light partnership in the firm of Gilbert J. Postley & Co., 30 Broad St.,
N. Y.
from a pair of two inch carbons, and a geared motor rotates the light, which
—The LOS Angeles investment firm, The John M. C. Marble Oe., have
is visible in good weather for long distances. While the light was in operaremoved their offices to 609 South Grand Ave. that city.
tion on the Union Trust Building, reports were received by the UM( is
—P. F. Cusick & Co., 44 Wall St., N. Y., have issued an analysis on
Trust Co. from people as far as 125 miles away. A motor generator sot Is
required to furnish direct current for the arc lamp, which consumes about The Celotex Co., copies of which are available on request.
—Carstairs & Co., investment bankers, have issued a special analysis
15 kilowatts of electricity per hour. Equipment for operating the light Is
already available at the airport, and the searchlight was installed of the International Nickel Co. of Canada, Ltd.
Immediately.
—Philip Rhinelander. 2d, Thomas J. McGann. and James L. Cox have
—Broomhall. Killough & Co., Inc., 115 Broadway. N. Y., are distribut- been elected directors of James Talcott, Inc.
very comprehensive survey of New York banks, giving a 17-year
ing a
—Toland, Trimble & Co., 1326 Walnnt St., Philadelphia, announce that
comparison of 21 institutions. The survey, which has been prepared by Samuel Weiss has withdrawn from their firm.
Conning & Co., of Hartford, Conn., lists capital, surplus and undivided
—Sutro & Co., 44 Wall St., N. Y., have issued a booklet containing an
profits, gross deposits, dividend rate, book value of stock. yearly high and analysis of Atlas Imperial Diesel Engine Co.
low prices, for the years 1913 to 1929. Also included are full lists of officers
—Wood, Low & Co., 63 Wall St., N. Y., have issued a special analysis
and directors of each bank.
of the Union Pacific Railroad Co.
—Herbert G. Bown has been appointed head of the eastern division of
—James C. Willson & Co., 39 Broadway, N. Y., have issued a descripPirnie, Simons St Co. with headquarters at Philadelphia. The territory tive booklet on the Thermoid Co.
covered includes the States of Pennsylvania. New Jersey, Delaware,
—Curtis & Sanger, 49 Wall St., N. Y., have issued a comparison
Maryland, and Virginia. Among the cities served are Washington, Baltiof
more, Scranton. Wilkes-Barre, Harrisburg. Trenton, Wilmington, Lancaster Now York banks.
and Williamsport. Walter II. Azpell will be his assistant and the field force
—Peter A. H. Voorhis has become associated with J. G. White & Co..
will include 30 salesmen.
Inc., N. Y.
—John Miles Thompson, for many years identified with Pacific Coast
—The Pacific Trust Co. has been appointed registrar of the capital stock
interests, has become associated with the New York office of Stein Bros. & of Dixon, Inc.
Boyce, Members New York Stock Exchange. Mr. Thompson opened the
—Hornblower & Weeks have issued a circular on General
Electric new
local office for the Anglo London Paris Co. and was a Vice-President of this stock.
1440
FINANCIAL CHRONICLE
[VoL. 130.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "f".
Public Utilities
Par Bid. Ask.
Amer Public Util com--100 60
7% prior preferred___ _100 89
93
Parte preferred
89
100 85
Appalachian El Pr pref-100 109 11012
Associated Gas &
*95
$5 preferred
Cleve Elec Ill corn
75
80
6% preferred
100 111 113
Col El & Pow 7% pf100 117
40
Eastern ULU Assoc com---t *39
*1312 1412
Convertible stock
Gen Public Util $7 pref
86
t *83
Mississippi Riv Pow pref 100 *10212 10412
First mtge 55 1951___J&J 9912 10012
96
Deb 55 1947
M&N 94
National Pow & Lt $7 pref- t *109 110
*1013 10212
$6 preferred
4
North States Pow 7% pref_ 106 108
Ohio Pub Serv 7% pref..100 102 10412
6% preferred
94 97
Pacific Gas & El 1st pref_ _25 *202 27
Puget Sound Pr & Lt $6 pi- t *9912 101
*86
88
85 preferred
1st & ref 552s 1949_ _J&D 10012 10112
Say El & Pow 6% Ed_ _100 88 90
Sierra Pat El Co 6% pf_100 90
__ _
Stand Gas & El $7 pr pf_100 10814 1093
4
Tenn Elec Pow 1st pref 7%- 10812 10912
100 9912 100%
6% Preferred
89
Toledo Edison 5% pref__-- 87
102 10312
6% Preferred
100 10812 111
Preferred
7%
97
Utilities Pow & L 7% pf _100 96
Railroad Equip.
(Concid.) Bid
Ask
Chain Store Stocks Par Bid. Ask.
Schiff Co corn
*29
30
Cum cony prof 7%-_100
94
2312
Shaffer Store corn
Silver (Isaac) & Bros com-1' 40
45
7% cum cony pref_ -100 89
94
Southern Stores 6 units
45
9
U S Stores
7
First preferred 7%...l00 55
58
Young(Edwin H)Drug units 100 102
Investment Trust Stocks
and Bonds (Cenci.) Par Bid. Ask.
General Trustee common_ __ --- New units
6% bonds
Greenway Corp corn
28
30
Preferred without wart ___ 54
Warrants
Guardian Investment
19
24
Preferred
24
Guardian Investors
Standard Oil Stocks
$6 units
80 90
Anglo-Amer Oil vot-stock El *1512 1612
$3 units
24
39
El •1512 1612
Non-voting stock
$7 preferred
90
8
25 *3562 387 Incorporated Equities
Atlantic Ref cora
3112 34
25
25 *20
Borne Scrymser Co
Incorporated Investors
5512 58's
66
..50 64
Buckeye Pipe Line Co..
Industrial Collateral Assn_
Chesebrough Mfg Cons 25 *157 163
Industrial & Pow Sec Co_ _--- - 2fli
_
25
Continental Oil(Me)v t c 10 *1214 14
Insuranshares Ctfs Inc
14
16
2014 2012 Inter Germanic Trust
Continental 011 (Del)
46
53
Creole Petroleum
5 4 578 Int Sec Corp of Am corn A
3
64
59
50
Cumberland Pipe Line_100 44
Common B
29
32
51
Eureka Pipe Line Co___100 46
Allotment certificates_ .__ 139
3
Galena w
33
4
7% preferred
89
3
Galena Signal 011 c.o.d._100
33
4
652% preferred
85
80
Preferred old c.o.d.....100 77
Aeronautical Securities
6% preferred
80 88
80
Preferred new c.o.d..-_100 77
Internet Share Corp Inc
51
48
34
712 10
33
General Petroleum WI
AeronauticalInd without war
Interstate Share Corp
84
Warrants
13
4 212 Humble Oil& Refining.....25 *83
Invest Co of Amer corn _ _ -- 1 4
3
1
10
100 307
412
5 Illinois Pipe Line
Air Investors common
7% preferred
85
10
300
Ctf of deo
46
4612
Airstocks Inc
Invest Fund of N J
73
8
*2312 233 Investment
4
Imperial Oil
Alexander Indus corn
13
4 2
t
1114 12
Trust of N Y
40
*3912
Indiana Pipe Line Co
82
8% participating pref.
Invest Trust Associates_
34
39
4
International Petroleum...-I *183 1878 Joint Investors class A
6
American Airports Corp.-35
2012
National Transit Co_ _12.50 20
n4
7
Aviation Corp of Calif
Convertible preferred_
100
1812 Keystone by Corp class
New York Transit Co___100 15
10
Aviation Sec Co of N E
5
A
-__
50
Northern Pipe Line Co...100 45
8
7
Bellanc,a Aircraft Corp
Class B
Short Term Securities
_
25 *6712 69
03
5 Ohio Oil
Central Airport
Leaders of Industry
11
11%
103 107
Preferred
5
1
Allis Chal Mfg 5s May 1937 10014 10012 Cessna Aircraft new com__ _
Massachusetts Investors 465 49%
8
2012 Mohawk Invest Corp . _
25 20
15
153 Penn Mex Fuel Co
4
Consolidated Aircraft
Alum Co of Amer 513 May '52 1013 102
4
71
68
25 *4612 47
438 43 Prairie Oil& Gas
4
Amer End deb 45211May 47 963 9714 Consolidated Instrument.. t
Mutual Invest
4
1112
10
25 *5612 57
9612 Curtiss Flying Service
Prairie Pipe Line
9
6
Am Roll M111 deb 5s_Jan '48 99
1314 1414
3112 Nat Re-Inv Corp
25 *28
Solar Refining
5
n2
Bell Tel of Can 55 A_ Mar'55 1003 1003 Curtiss Reid corn
4
North Amer Util Sec
8
15
Southern Pipe Line Co._.59 •13
40
30
Curtiss-Robertson corn_
Bethlehem Steel
Preferred
25 *3812 39
South Penn 011
Dayton Airpl Engine
Sec 5% notes_June 15 '30 90 8
7
North Amer Tr Shares
53
4 7
t
914 10
60
618 Southwest Pa Pipe Line_50 50
6
Detroit Aircraft
North & South Am B corn_
Sec 5% notea_June 15 '31 10018
3
478 512 Standard Oil (California)--t *5812 59
Fairchild Aviation class A
Sec 5% notes June 15 '32 10018
011 Shares units
s
Standard Oil (Indiana)_ -25 .50 8 507 Old Colony Invest Tr corn
3
15
Federal Aviation
Commer'l Invest Trust
17
15
29
Standard Oil (Kansas).....25 *28
5% notes
22
19
Fokker Aircraft
May 1930 9914
432% bonds
89
86
8
118 138 Standard 011(Kentucky)_10 *3512 353 Old Colony Tr Associates_
Cud Pkg deb 552s_Oct 1937 96
9614 Khmer Airpl & Motor
45
43
48
(Nebraska)..25 *46
Standard Oil
6
03
Edison El III Boston
Lockheed Aircraft
Overseas 5s
1948
Standard 01101 N. J
25 *583 59
4
12
8
Pacific Invest Corp corn _ _ _
434% notes__ Nov 1930 993 10018 Maddux Air Lines corn....
.
8
25 *x3218 323
1314 Standard Oil of N Y
Empire Gas & Fuel
13
National Aviation
Preferred
8612 Power dz Light Secs Trust
25 85
Standard 011 (Ohio)
10
5s
June 1930 9938 100
New Standard Aircraft_
- - 64
of
21
100 *119
Preferred
Fisk Rubber 552s_Jan 1931 58
61
North Amer Aviation
Public Utility Holding
814 812
Standard 011 Export pref--- 993 00
4
8
11
General Motors Accept
Sky Specialties
Common with warrants
512 612
86
10
25
Swan & Finch
..Mar 1931 903 10014 Southern Air Transport__ _
5
10
5% ser notes..
Warrants
4
33
28
Union Tank Car Co
5
5% ser notes
Mar 1932 9912 100
2
Swallow Airplane
Research Inv Corp com
00- 314
25 *9012 933
5% ser notes
05
Mar 1932 9812 9912 Warner Aircraft Engine_ - _
8 Vacuum 011
Units
73 80
5% ser notes.. .Mar 1934 98
99
Royalties Management....
WhittelseY Mfg
712 1012
Investment Trust Stocks
5% ser notes
Mar 1935 98 99
Seaboard Coot Corp units
_ ___ --and Bonds
.Mar 1936 973 983
5% ser notes..
Water Bonds.
4
4
Common
Gulf Oil Corp of Pa
Second Financial Invest_-- __ _Amer Capital Corp B
713 812 2nd Found Sh Corp units
95
Debenture 5s
Dec 1037 10014 10012 Ark Wat 1st 55 A '56_ _A&O 93
___ _
Amer Common Stocks Corp_
Debenture Is... _Feb 1947 101 10114 Sim WW 1st 552sA'54 A&O 9912 101
Class A
- 2
1812 201Amer & Continental
Koppers Gas & Coke
1st M 5s 1954 ser B_.J&D 95
One hundredths
90
85
Amer & For Sh Corp units
Debenture 5s_June 1947 9778 9818 City W(Chat)552sA'54 J&D 9812
Second Internet Sec Corp_
. 39
45
40
Common
Mag Pet 452a_Feb 15 '30-'35 93 100
J&D 93
1st M 55 1954
Common B
19
21
98
1938 96
534% cony debs
Mar Oil 5% notes J'n3 1530 9978
City of New Castle Water
40
44
6% Preferred
s
Amer Founders Corp corn... 273 287 Second Nat
8
Serial 5% notes Joe 1531 98
99
J&D 90
5s Dec 2 1941
Investors
89
Corn' preferred
__Serial 5% notes J'ne 15'32 97
98
Clinton WW 1st 5839_ F&A 91
1312 14
4312 471, Select Trust Shares
6% Preferred
Miss Gas Cos 5528 Jan 1946 1013 103
__Com'w'th Wet 1st 552sA47 97
4
Shawmut Association corn
1812 187
8
52
49
7% preferred
Pacific Mills 552s_ _Feb 1931 993
__8
Con'llsv W 55 Oct2'39 A&O 90
29
26
57c 61c Shawmut Bank Inv Trust
1-40ths
Peoples Gas L & Coke
___
E St L & Int Wat 58'42 J&J 94
87
1942 82
452s
38c 42c
1-70ths
4528
J&J 100
Dec 30 9914
1st M 68 1942
55
90
1952 85
1312
Warrants
Proc & Gamb 4525 July '47 9512 963 Huntington 1st es '54_51&S 99
4
1952 176
65
44
Amer & General Sec 8% Prof 40
Swift & Co1954 92
58
Southern Bond & Share
32
29
Class A
b% notes____Oct 15 1932 10012 101
Monm Con W ist5s'513 J&D 90 92
Common A
18
16
12
Class D
97
Monm Val W 5525 '50_J&J 96
Common B
Amer Insurance Stock Corp_
1412 17
Tobacco Stocks
Par
Muncie WW 5sOct2'39 A&O 93
Preferred
i"
Amer dr Overseas pref
106 110
..A&O 90 92
St Joa Wet 5s 1941_
15
14
1712 Standard Collateral Trust_
Amer Ry Tr Shares
16
American Cigar Pref___ 100 95 105
90
Shenango Val W 53e56LA&O 85
2112 2278
Amer Util & Gen B
- - Standard Corporation
British-Amer Tobac ord. El *27
29
So Pitts Wat 1st 5s 1960 J&J 93
Standard Investing Corp---Astor Financial
Bearer
£1 *27
29
F&A 95
1st M 58 1955
552% pref with wart _ _ _ _ 1-2
Atlantic Securities corn
-Imperial Tob of GB & Irel'd *23
25
Terre H WW es '49 A_J&D 99
Standard 011 Trust Shs__ _ _
1014 1111
112
Warrants
lot Cigar Machinery_ _ _ _100 100 125
1956 ser B.F&D 92
1st M 58
Trustee Stand 011 Shs
1012 1114
4312 46
Preferred
Johnson Tin Foil & Met _100 55
65
Wichita Wat 1st ea'49_M&S 99
Bankers Financial Trust_ _ -- ---- --- Trustee Transportation She_ __ _ _
18
Union Cigar
1st M 55 1956 ser B_ F&A 94
Bankers Investmt Am units_ ---- --- United Founders Corp corn
83
Union Tobacco Co class A.
6
1-70ths
60c 64c
Bankers Sec Tr of Am corn.... ---- Young (J S) Co corn_ _ _100 100
_
Chain Store Stocks.
United Trust Shares A 2 _
--_-BankInstoek8 Holding Corp. ---Preferred
n95 100
100 102
Berland Stores units new._
U S Elec Pow Corn
BanksharesCorp of U S cl A ---66
Bohack(H C) Inc com---t 61
7
--Warrants
Bankstocks Corp of Md el A
Indus. & Miscellaneous
100 100 104
7% 1st preferred
1418
U S Shares class A
Class B
7
Butler (James) common_ _ _ _ 03
1.
1334 11 4
Class A 1
Preferred
Aeolian Co pref
25
100 n10
Preferred
1114 121g
Class A
3
;
Aeolian Weber P & P_ _ _100
16- Diamond Shoe common____ 30 35 British Tyne Shares- it) -1 VI; Class C 2
.- Basic Industry
2818
1
1514 163
4
American Hardware
Investors
25 62
65
98
93
Preferred with warr
293
8
Class C 2
Cent Nat Corp A
50
46
Babcock & Wilcox
100 130 135
Edison Bros Stores corn_
15
18
213
4
Class C 3
Class B
24
20
Bliss (E W) Co
*263 27
4
90
95
Preferred
163
8
Class D
Colonial Investor Shares.... 243 253
4
4
50 50
Preferred
Fan Farmer Candy Sh pi-t 3112 34
163 114
4
Class F
CommonwealthSec
--Childs Corp pref
100 106
t *4
Fed Bak Shope corn
5
117 131g
8
Class H
Commonwealth Share Corp. _
--Dixon (Jos) Crucible. _.100 160
64
Feltman & Curme Shoe
17
U S & Brit Internet class B. 13
ContinentalShares corn
Safety Car Ht & Ltg-__100 125
28
Stores A 7% pref
100
50
29
32
Class A
Cony pref
88
90
Singer Manufacturing..-100 500 525
Fishman (H M) Stores corn
14
18
40
45
Preferred
Continental Securities Corp. 58
5912
El *533 63
Singer Mfg Ltd
05 103
s
Preferred
43
U S Elec Light & Power.- 40
Preferred
75
70
Gt All & Pat Tea pref-100 115 119
U S Overseas Corp corn..... 1712 1812
Corporate Cap Corp unite..
Railroad Equipments
Howorth-Snyder Co A
13
Deferredstock
(t)
Knox Hat
90
Sugar
Credit Alliance A
16- if- Fajardo SugarStocks 100 48 55
5.40 5.05 Kobacker Stores corn
Atlantic Coss 1Line es
34
t 28
Corporate Trust Shares.....
9 954 Godchaux Sugars Inc
5.00 4.80
Equipment 6525
Cum pref 7%
95
-100 n
18
t *15
Crum& Forster Insur5.40 5.0: Kress (S H) 6% pref
9
Baltimore & Ohio es
10
80
100 73
Preferred
ance shares corn
75
72
4.75 4.60 Lane Bryant Inc 7% p w w. 00 100
•5
Equipment 4528 & 58
10
Haytian Corp Amer
99
97
Preferred
7%
BuffRoch & Pitts equip 65_ 5.15 5.00 Lerner Stores 652% Pf w w. 94
99
35
Holly Sugar Corp corn--.1 *30
Deposited Bank Shares B-1. 1133 12
4
Canadian Pacific 4525 & Os
5.00 4.85 Lord & Taylor
100 n325 400
80
100 74
Preferred
Diversified Trustee Shares
2312
CentralRR of N J Os
5.40 5.05
100 n95
First preferred 6%
National Sugar Ref _ -100 3012 3114
Shares B
2012
Chesapeake & Ohio es
5.40 5.05
Second preferred 8%.100 n100
16
Series C
8 4 914 New Niquero Sugar- - - -100 12
3
Equipment 6348
5.10 4.85 MacMarr Stores 7% Pf w w 99 104
90
*84
Savannah Sugar cora
Domestic & Oversew)
5
3
Equipment 58
4.80 4.60 Melville Shoe Corp
100 95 100
Preferred
Eastern Bankers Corp corn.
Chicago at North West ea-- 5.40 5.05
92
1st pref 6% with warr-100 85
13
9
Sugar Estates Oriente Pf-100
Units
Equipment 6525
5.10 4.80 Metropolitan Chain Stores
45
Vertientes Sugar pref.....100 35
Equit Investing Corp units. 21
26
Chic RI & Pao 4525 & 68... 4.90 4.70
100 85
90
New preferred
EquityInvest Corp corn..... 30
3212
$.Equipment es
5.50 5.10 Miller (I) & Sons com----t *29
31
Rubber Stocks (Cleveland)
Units
76
69
.5
Colorado & Southern es
88
100 n80
5.60 5.30
Preferred 632%
812
Aetna Rubber corn
Federal Capital Corp
18
23
Delaware & Hudson es
5.40 5.05 Mock Judson & Voeringer Pf 00 94
5
Falls Rubber corn
New units
Erie 4525 & 58
5.50 5.20 Murphy (0 C) Co com --t *45
60
912
25 •
Preferred
First Holding & Trad
Equipment es
100 100
5.50 5.25
8% cum pref
Faultless Rubber
*327 37
8
Fixed Trust Shared cl A--(t)
Great Northern es
6
5.40 5.15 Nat Family Stores Inc wart n2
150
Gen'l Tire & Rub com--25
Class B
s
(t) 183
Equipment Is
4.80 4.65 Nat Shirt Shops corn
t * 1412 1612 Founders Holding corn CIA
897
8
100
Preferred
Hocking Valley 544
91
4.80 4.65
100 n87
Preferred 8%
10812
Goody'r T & R of Can p1.100
6% Preferred
Equipment 115
*8
11
5.40 5.05 Nedick's Inc corn
14
India Tire & Rubber
•10
New 140tha
Illinois Central 434. & 58
341,
4.75 4.60 Neisner Bros Inc Pref 7%100 115 135
Miller Rubber prof
100 32
Foundation Sec corn
Equipment es
5.40 5.05 Newberry (J) Co 7% p1100 95 101
Mohawk Rubber
100 1112 12
Preferred
Equipment 7s di 854e..... 6.70 4.80
25
Y Merchandise com
t *22
59
Preferred
100
Founders Sec Tr prof
Kanawha & Michigan es
5.50 5.20
First preferred 7%-.100 90
16
- - Founders Shares
&Merlins Tire & Rubber- t •15
Kansas City Southern 552a. 6.60 5.20 Peoples Drug Stores com-t
Preferred
100 7014 75
General Equities A
10
Louisville & Nashville Os_ 5.40 5.05
100 101 103
654% cum prof
Gen Pub Serv 13% pre!
94
92
Equipment 1352s
5.25 5.00 Pigsty-Wiggly Corp
n10
Michigan Central Si
4.75 4.60
100 n85
Preferred 8%
Equipment es
5.10 4.80 Reeves (Daniel)preferred100 92
61"
Rogers Peet Co con3„..100 120 135
•Per share. 8 No oar value. b Basle. I Ruch.also pays aeOt. WV. ftLaalsale.•
Nomin. a
r Canadian duo. I dale pries C Ea. 400% mous 05.
M1EU1 St P & SS M 450 & 5
13
Equipment 6325 & 75.....
Missouri Pacific 652s
Equipment es
Mobile & Ohio 58
New York Central 452s & 55
Equipment as
Equipment 75
Norfolk & Western 452sNorthern Pacific 7s
Pacific Fruit Express 75..
PennsylvaniaRR equip 58
Pittsb & Lake Erie 6345....
Reading Co 452s & 5s
St Louis & San Francisco 58
Seaboard Air Line 5528 & es
Southern Pacific Co 4345....
Equipment7s
Southern Ry 452s & 513
Equipment 6s
Toledo & Ohio Central es_ _
Union Pacific 7s
5.25
5.60
5.25
5.40
4.95
4.75
5.30
5.05
4.75
5.10
5.10
4.75
5.40
4.75
5.00
6.00
4.75
5.00
4.75
5.40
5.40
5.00
5.00
5.15
5.00
5.05
4.75
4.60
5.00
4.80
4.60
4.80
4.85
4.60
5.00
4.60
4.80
5.40
4.60
4.80
4.60
5.05
5.10
4.85
6
1441
butestnunt anti gailroad inteilignao
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of February. The table covers six roads and shows
12.91% decrease under the same week last year:
Third Week of February.
Decrease.
Increase.
1929.
1930.
Canadian Pacific
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
$2,933,000 $3,387,000
327,900
220,132
318,431
290,097
3,128,047 3,592,703
497,696
452,600
366,303
370,935
Total (6 roads)
Net decrease(12.91%)
$7,394,811 $8,490,033
$454,000
107,768
28,334
464.656
45.096
4,632
$4,632 $1,099,854
1.095.222
In the table which follows we also complete our summary
of the earnings for the second week of February:
Second Week of February,
Decrease.
Increase.
1929.
1930.
Previously reported (7 roads)
Georgia & Florida
$11,754,663 $13,518,775
26,200
27,450
$2,619 $1,466,731
1,250
Total (8 roads)
Net decrease(11.95%)
$11,782,113 $13,544,975
$3,867 $1,466,731
1,462,862
In the following table we show the weekly earnings for a
number of weeks past:
Current
Year.
Previous
Year.
Increase or
Decrease.
Per
Cent.
$
10,016,635
13,321,885
9,461,558
16.167,720
12,513,496
12.570.553
9,444.380
10,087,804
6.803,011
10,755,827
11,532,884
16,464,287
11.443,076
11,782.113
7.394,811
11.582,851
17,436,765
11.553,954
21.192,292
15.718.973
15.524,333
10.803,703
11.840,065
7.657.759
12,059,865
12,989.338
19,001,026
12,901,809
13,544,975
8,490,033
-1,576,216
-4,114,880
-2,082.396
-5.024.572
-3,205,478
-2.953.780
-1,360.323
-1,752.261
-854.748
-1,303,018
-1,456.454
-2,536.739
-1,488.743
--1,462,862
-1,095,222
12.53
23.18
18.11
23.72
20.40
19.03
12.59
14.80
11.17
10.81
11.21
13.37
11.32
11.95
12.91
Week
1st week Nov. (7 roads)
2d week Nov. (8 roads)
3rd week Nov. (7 roads)
4th week Nov. (7 roads)
let week Dec. (6 roads)
2nd week Dec. (8 roads)
8d week Dec. (7 roads)
4811 week Dec. (6 roads)
let week Jan. (7 roads)
24 week Jan. (8 roads)
3d week Jan. (8 roads)
4th week Jan. (7 roads)
let., week Feb. (8 roads)
24 week Feb. (8 roads)
3d week Feb. (6 roads)
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Length of Road.
Gross Earnings.
Month.
1929.
January
February
March
April ,
May
June
July
September
October
November
December
1928.
I
$
457,347,810
456,387,931
505,249.550
474.784,902
510.543,213
502.455,883
512,821.937
557.803,468
556.003,668
617,475.011
531,122,999
495,950,821
486,201.495
474.780.516
516,134,027
513,076,026
536,723,030
531.033,198
556.706.185
585.638.740
565,816.654
607,584,997
498,316,925
468.182,822
1929.
1928.
+28,853,685
+18,292,585
+10,884,477
+38,291,124
+26,120,817
+28.577,315
+43,884.198
+27.835.272
+9,812.988
-9.890.014
-32,806,074
-27.767.999
MC**.
240,833
242,884
241.185
240,956
241,280
241.608
241.450
241,026
241,704
241,622
241.695
241,864
Miles.
240,417
242,668
240,427
240,816
240,798
241.243
241.183
241,253
241.447
241.451
241,328
240,773
Inc.(+) or
Net Earnings.
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Inc.(+) or
Dec.(-).
117.730,186
128,368,848
139,639,086
136,821,660
146,798,792
150,174.332
168,428.748
190,957.504
181,413,185
204,335,941
127,163,307
106,315,167
Dee,
1928.
Amount.
94,151.973
108.987,455
132.122.686
110.884,575
129,017,791
127,514,775
137.635,367
174,198,644
178.800.939
216.519,313
157.192.289
138.501.238
$
+23.578.213
+17.381.398
+7.516.400
+25.937,085
+17,754.001
+22.659.557
+30.793,381
+16,758,860
+2,612,246
-12.183,372
-30.028,982
-32.186.071
Per Cent.
+25.04
+15.95
+5.68
+23.39
+12.09
+17.77
+22.37
+9.62
+1 48
-5.63
-19.11
-23.12
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:
1929.
1928.
1928.
1929.
1929.
1928.
$
*Atlanta & St Lawrence
37,477
15,128
11,900
December__ 223,377
49,757
202,466
From Jan 1_ 2,346,177 2,532,217 -133,976 -136.590 -311,576 -312,522
*Monongahela260,564
272,203
276,726
252,760
December-- 562,892
576.075
Prom Jan 1_ 7.424,672 7,191,161 3,602,146 3,384,503 3,317,796 3.104,520
• Corrected report.
-Grossfrom Railway- -Net from
1930.
1929.
1930.
$
Akron Canton & Youngstown
January - - 227,858
64,938
309,475
Atchison Topeka & Santa Fe
January ...17,953,793 19,562,079
Atlanta Birm. & Coast
January -- 340,118
360,383 -49,476
Atlantic Coast Line
January - _ 6,202,151 6,607.273 1,632,896
Baltimore at Ohio
January ___17,420,403 18,767.270 3,488,696
Bessemer & Lake Erie
January ___ 651,135
709,708 -53,347
Boston & eineJanuary _ - 5,907,634 6,041,092 1,291.571
Brooklyn E D Terminal
50,532
115,193
January - - - 120,110
Rochester & PlttsBuff
189,097
1,381,010 1,429,552
January
Central RR of N J
992,142
January ___ 4.450,265 4.609,067
Central Vermont
71,419
614,656
January .-- 596,398
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1930.
1929.
1930.
1929.
1930.
$
Charles & West Carolina
27,472
48,969 -10,165
7.345
250,763
January ___ 226,610
Chesa dr Ohio Lines
January _10.861,878 10,639,199 3,868,483 3,323,426 3,168,317 2.629,257
Chicago Burlington & Quincy
a2,089,516 02,869,325
11,536,744 12,882,806
January
Chicago & East Illinois
317,920
110,222
438,905
230,758
1,874,340 2,137,937
January ___
Chicago Milw St Paul--Pacific12,624,691 1,863,015 2.671,831 1,067,173 1,827,639
January ___11,488,640
Chicago & North Western
0619,709 0626.815
January _ _10,474,129 10,848,504
Indiana
Chicago River &
211,340
188.961
257.479
231,819
592,892
January ___ 557,652
Chicago St Paul Minn &0
110.932
260,910
223.250
375,142
January ___ 2.172,387 2,062,622
Colorado & Southern
0201.738 a156,220
January ___ 978,378 1,005,481
Conamaugh Black Lick
16,605
4,895
17.605
5,895
147,866
123,809
January
Delaware & Hudson
356,018
401,044
445,018
524,044
January __ 3,319,022 3,187,879
Delaware Lack & Western
618,382 1,112,620
January --- 5,962,845 6.703,609 1,078.504 1,645.177
Denver & Rio Grande
0527,363 a717,055
January ___ 2,691,826 2,748,929
Detroit & Mackinac
-6,796 -17,705 -17.348
-8,198
89,997
73,727
January _-Detroit Toledo & Ironton
633,767
398,958
722.035
471,697
January ___ 1.023,439 1,344,125
Dul. Winnipeg & Pacific
39,788
15,209
50,192
25,006
208,088
195,935
January ___
Erie Railroad
805,159 1,388.698
1,204,786 1.774.216
January ___ 7,886,259 8,904,708
Chicago & Erie
449,259
422,734
505,374
480,916
January ___ 1,176,155 1,212,283
NJ&NYRR11,496
-5,592
15.604
-1.221
122,958
117.380
January __
Evans Ind & Terre Haute
64,163
64,548
72,294
72,743
190.726
January __ _ 176,158
Florida East Coast
352,888
402,255
493,787
536,022
January ___ 1,378,588 1,364,123
Fort Smith & Western
35,255
22,619
40,017
27,339
152,671
132,674
January ___
Georgia Railroad
34,330
37,022
42.462
47,428
411,744
January ___ 391,734
Great Northern System
323,365
81.512
1,009.293
676.829
January ___ 6,458,382 7,355.640
Hocking Valley
446,451
311.961
576.781
436,952
1,455,441 1,578,219
January
Kansas City Southern
355,968
273,870
473.641
387.587
1,375,868 1.533,089
January
Lake Superior & Ishpeming
63,450 -32,250 -37,573 -45.117 -50,543
64,332
January ___
Lake Terminal
-4.78.5
-260 -13,511
-7.086
74.929
53,716
January ___
Lehigh & New England
59,821
60,303
71,001
70,527
380.795
January ___ 363,726
Lehigh Valley
798,339
719,050
1,062,449
January ___ 5,194,967 5,607,991 1,001,024
Louisville & Nashville
01,371,846 01.613,082
January _ _10,600,911 11,037,209
Los Angeles & Salt Lake
380,263
330,686
520,715
506,209
January _ _ _ 2,023,393 2.146,919
Maine Central
208.597
363.711
294,951
461.225
1,749,314 1,519,340
January 1
Minneapolis & St Louis
69,860
134,409 -32,459
32.714
984,402 1.111,433
January ___
Minn St P & S S M
93,537
322,326 -70,898
158,340
January __ 2,879,213 3,168.514
Mobile dc Ohio
150,243
55.564
244,640
143,196
January ___ 1,158,657 1,372.788
Monongahela Connecting
35,897
26.344
45.046
34,223
195,574
171,853
January
Montour
58,295
53,551
59,795
55.326
165,236
193,083
January ___
Newburgh & South shore
-1,465
12.508 -33,797
131.604 -17,776
89.749
January ___
New Orleans Terminal
32,090
9.745
43,087
21,002
132,050
106,831
January ___
New York Central
6.172.241 6.927,247 3.903,613 4,658,803
January -.29,210,169 31.057,954
C C C& St Louis
914,593 1,252,706
January ___ 6.826,920 7,546,709 1.297,572 1,681,736
Cincinnati Northern
34.678
105.902
53,045
131,257
301,972
January ___ 342.483
Pittsburgh at Lake Erie
148,330
135,042
302,086
285.042
January _ __ 2,295,291 2,630.529
New York Chic & St L
856.594
712.248
930,947 1,095.372
January ___ 4,098,976 4,321,725
York Connecting
New
123,170 -25,094
12,906
161.170
243,134
January ___ 222,839
N Y N It & Hartford
January _10.182,338 10,594.873 3,142,579 3,082,892 2,472,400 2,340,236
N Y Ontario & Western
7.252
64,296
52.304
106,883
873,548
January ___ 872,530
Railway- -Net after Tares
1930.
1929.
1929
137,864
47,545
115.276
02,259,566 04,359,738
-15,911
--64,722
-32,706
2,045,972 1,106,545 1.444,839
4,001,703 2,431,815 2,974,043
21,170
-85,500
-3,196
1,427.330 1,046,469 1,131,387
50,918
43,160
42,246
284,330
149,097
234,240
1,083,330
781.528
867,869
109,564
55.424
93.403
N Y Susq & Western
421,992
January ___ 386,382
Norfolk Southern
616.968
549.111
January ___
Norfolk & Western
January ___ 9,103,506 9.036,456
Pacific
Northern
January ___ 5,679,895 6.409.128
Pennsylvania System
Pennsylvania Co
January ....48,351,408 51,664,804
Monongahela
863,911
January ___ 572,967
W. Jersey & Seashore
677,163
626.923
January
Pittsburgh dc Shawmut160,158
122.262
January
Pitts Shawmut & North
155,831
145.633
January ___
Pittsburgh & West Va435,345
329.307
January ___
Reading Co
8,021.935
January ___ 7,603,633
Richmond Fredrickburg & Pot
994.202
993,510
January ___
Rutland459,762
January ___ 433,679
St Louts-San Francisco
January ___ 6.259,267 6.544,132
94,420
106,737
82,851
75.679
83.347
115.846
30,733
64,383
3.492.777 3,495.085 2,592,189 2,694,908
321,521
915,377 -345,403
262,045
9,660,087 10,591,700 7,258,962 9,299,039
252.369
322.657
233,130
295,881
87.441
105,933
88,638
105,693
33,460
55,945
32.173
54,560
39,195
42,313
36,286
.39.477
117,575
220,080
90,873
163.497
1,143,615 1,762.083
846,198
1.377.279
291.308
345,360
239.306
282.951
21,603
48.241
6,561
26,384
1.526.819 1,833,641
1,147,315
1.376,087
1442
FINANCIAL CHRONICLE
-GrossfromRatlway-- -Net from Railway-- -Net after Tares
-1930.
1929.
1930.
1929.
1929.
1930.
Southern Pacific
January ___21,014,922 23,210,521
a1,695,873 a2,871,719
Southern Pacific S 8 Lines
January
864,455
834,234 --57,603 --39,707 --58,914 --41,121
Southern Railway System
Southern Ry Co
January ___10,721,354 11.600,839 2,250,992 2,993,141 1,495,833 2,210.699
Ala Great Southern
January
712,891
818,143
98,302
54,146
198.291
131,516
Cin N 0& T P
January ___ 1,639,419 1,811,174
384,281
379.117
293,525
485,463
Georgia Bo at Florida
January ___ 354,736
380,634
45,411
66,206
29,555
6,615
N Orleans & Northeast
455,494
January --- 384,141
91.397
49,030
151,337
98,844
North Alabama
January _ 104,033
118,152
33,055
27,030
53,029
47,044
Staten Island R T
January ___ 188,377
51,492
36,128
228,151
18,628
32,937
Term Ry Assn of St LouLs-•
January ___ 922,888 1,051,533
191.716
311,120
105,871
213,413
Toledo Terminal
January ___ 110,087
126,158
24,742
9242
40,428
23,762
Ulster & Delaware
January ___
55,593 -11,578 -11,880 -14,878 -14,980
54,674
Union Pacific Co
January ___ 7,658,079 8,575,970 2,123,949 2,744,941 1,410,604 2,020,064
Oregon Short Line
January ___ 2,731,194 3,1149,675
871,484 1.094,505
569,626
807,751
Ore-Wash Ry & Nay Co
January ___ 1,903,828 2,049,945
229,572
295,3136
36,054
100,881
St Joe & Gd Island
January ___ 277,964
95,274
313,817
75,218
113,907
91.349
Union RR (PenntJanuary ___ 829,206
697,028
58,325
101,017
19,725
85,017
Virginian
January ___ 1,873,745 1,848,546 1,020,362
990.455
823.362
795,455
Wabash
January ___ 5,300,034 5,788,318 1,036,458 1,415,862
798,337 1,126,750
Western Pacific
January ___ 1,139,887 1,263,431
a-31,501 al35,852
Wheeling as Lake Erie
January ___ 1,317,037 1.617,183
481.340
356.975
229,502
341,337
a After rents.
Other Monthly Steam Railroad Reports.-Ia the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, iStc., or where they differ in
some other respect from the reports to the Commission.
Ann Arbor Ry.
-Month of January- 12 Mos. End. Dec. 31.
1930.
1929.
1929.
1928.
Operating revenues
Operating expenses
399,772
323.830
Net railway oper. income..
Grow income
467,775 *6,244,153 5.965,673
371,328 4.567,992 4,425,486
16.324
20.758
47.140
50,333
1,042,452
1,077,681
935,312
961.214
Net corporate income
-15,749
•
$22.798 back mall pay included.
12.378
628,811
471,487
[VoL. 130.
Boston & Maine RR.
-Month of January- 12 Mos. End. Dec. 31
1930.
1929.
1928.
1929.
Operating revenues
Operating expenses
5,907,633 6,041.092 78,481,438 76,462,007
$
4,616.062 4,613.762 59,408,942 57.303,250
Net operating revenue
1,291.571 1,427,230
Taxes
243.994
294.369
Uncollectible railway revenue
1.107
1,573
Equipment rents
-Dr
203,887
200,223
Joint facility rents
-Dr
26,027
33,653
Net railway oper. income_
816,555
897,512
Net miscell. oper. income__ _
4,616
5,398
Other income
119,934
122,397
Gross income
941.105 1,025,307
Deduct. (rentals, int., &c.)
660,932
693,421
Net income
280,173
331,886
19,672,496 19,158,757
3,496.364 3,926.448
7,509
13,244
2,557,731 2,130,399
303.365
368,692
12,642,198 12,785,300
18,182
15,392
1.421,156 1.557,146
14,078,746 14,360.628
8,084.905 7,923,157
5,993,841
6.437,471
Erie RR.
(Including Chicago & Erie Railroad,)
-Month of January- 12 Mos. End. Dec. 31 •
1930.
1929.
1930.
1929.
$
$
$
$
Operating revenues
9,062,414 10,116,990 129230,437 124976,542
Open expenses and taxes_ __ _ 7,834,522 8.279,033 103304,311 100443,272
Operating income
1,227,892 1,837.957 25,926,125
Hire of equipment and joint
facility rents, net debit
347,525
388,673 4,464,087
Net operating income_
880,366 1,449,283 21,462,037
Non-operating income
284,070
271.501 4.708,541
Gross income
1,164,437 1,720.784 26.170.579
Interest, rentals, &c
1,237.782 1,229.222 14,492,869
Net income
df.73,345
24,533.269
4.486.110
20,047.159
4.675,280
24,722.439
14,719,555
491,561 11,677,709 10,002.884
International Great Northern RR.
-Month of January1930.
1929.
$
$
Operating revenues
1,263.191 1,496,233
Operating expenses
1,138,520 1,254.184
Net ry. operating income...._
5,423
82.534
Gross income
16,292
100,046
Jan. 1 to Dec. 31.
1929.
1928.
$
$
18.244.984 18,855.805
14,249,272 14,714,453
2,266,944 2,627.076
2,384,535 2,772,020
* Net corporate income._ _def137,356 def45.946,
* Before adjustment bond interest.
606,473
1,029,075
Maine Central RR.
-Month of January- -Jan. 1 to Dec. 311929.
1930.
1929.
1928.
$
$
$
1.369,426 1,143.760
248.622
248,018
1,749.314 1,519,340 20,312,269 19,301,899
127,810
-749 1,746,257
788.431
Freight revenue
Passenger revenue
Railway oper. revenues
Surplus after charges
Missouri-Kansas-Texas Lines.
-Month of January- 12 Mos. End. Dec. 31
1929.
1928.
3.189
.
3,189
3,189
3,189
5
S
S
$
3.653,066 4,578,782 56,024,439 56,549,118
Operating revenues
2.807,234 3,239,600 37,456,339 38,933,815
Operating expenses
496,528
Available for interest
922,150 13,596,247 13,077.415
Int. charges,incl. adj. bds_
434,630 5,070,006 5,581,152
412.420
Mileage operated (average)_ -
Net income
84,108
487,619 8,526,240 7,496,263
Missouri Pacific RR.
Atchison Topeka & Santa Fe Ry. System.
(Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado 8c Santa
Ry., and Panhandle & Santa Fe Ry.)
-Month of January- 12 Mos. End. Dec. 31.
1930.
1929.
1929.
1928.
$
$
$
$
Railway oper. revenues
17,953.793 19,562,079 *267189178 247632.836
Railway oper. expenses
14.007.313 13.498.617 175243,236 171992,255
Railway tax accruals
1,348.489 1,569,193 20,340.961 17,772,346
Other debits & credits
-Dr_ - 338.423
134,530 2,952,649 2,535,709
Net railway oper.income
2,259,566 4,359,738 68,652,330 55,332.525
Average miles operated
13.134
12,711
12,351
12,387
*Includee $2,493,193 back mail Pay.
-Month of JanuaryJan. 1 to Dec. 31.
1930.
1929.
1929.
1928.
$
i
$
$
Operating revenues
10,131,231 10.857.963139.807,915131,576,525
7.827,461 8,255,055102,903,441 99,091,201
Operating expenses
Net ry. operating income_ _ _ 1.446.781 1,712,989 24,554,185 21.347,536
Gross income
1,834,627 2,111,212 30,001,390 25,385,139
Net corporate income ____
Railway oper. revenues
Railway oper. expenses
Bangor & Aroostook RR.
322.774
737,925 12,217,763 9,512,691
New York New Haven & Hartford RR.
-Month of January- -Jan. 1 to Dec. 311930.
1929.
1929.
1928.
$
$
$
i
10.182.338 10,594,893 142458.670 137633,053
7,039.759 7,512,001 94,118,545 94,148.641
-Month of January- 12 Mos. End. Dec. 31.
1929.
1929.
1930.
1928.
$
$
$
$
Gross oper. revenues
926.683
747,059 8.135.674 7.199,222
Operating expenses (including
maintenance and deprec.)_
449,302 5,340,514 4,950,505
516,146
Net rev,from ry. oper_ - Railway tax accruals
Uncollectible railway revs- -
3,142.579 3,082.892 48.340,125 43.484,412
670.000
740.000 8,066,950 7.493,995
179
33.880
2.656
93,635
Railway oper. income
Equip, rents, net, dr
Joint tacit. rents, net, dr_ - -
2.472.400 2,340,236 40,239,295 35,896.782
197,163
95.903 2.138,791 2,175.715
376.201 4.469,360 4,482,663
392,869
Net revenue from oper'Pax accruals
Net railway oper. income_ _ 1.882.368
Net after charges
918.639
-
410,537
72,540
297,757
58.990
Operating income
Other income
337.997
Dr6,054
238,767 2.181.440
2,659
160,206
1,675,094
280.995
Gross income
Deduct int.on funded debtOther deductions
331,943
76,942
1,968
241.426
78.244
1.642
2,341,646
932,541
10.672
1,956.089
947,851
25,161
78,910
79,886
943,213
973.012
253.033
161.540
1.398.433
983.077
Total deductions
Net income
2,795.160 2,248,717
573,623
613,720
1,868,132 33.631.144 29.238,404
856.723 22,296,268 16.887.909
494.677 18,421.437 12,570.521
593.569
xSurplus
x After guarantees and preferred dividends.
New York Ontario & Western Ry.
Operating revenues
Operating expenses
-Month of January- 12 Mos. End, Dec. 31.
1929.
1930.
1928.
1929.
$
s
$
$
872,529
873.548 12,212,596 12,650.716
758,648
821,244 10,202,327 10,496,820
Net rev, from ry. °per
106.883
52,303
Railway tax accruals
42.500
45.000
87
51
--Jan. 1 to Dec. 31- Uncollectible ry. revs
-Month of January
1929.
1928.
1929.
1930.
Total railway oper. Income
64,296
7,251
Average mileage operated _ _
2,558
2.558 Eq. & it.
2.548
2.562
-42.428 -41,221
facil. rents (net)
S
$
71
$
Total revenue
2,691.826 2.748,929 34,828,668 33,200.656
Net operating
21.867 -33,969
Total expense
1,984,212 1,930,016 24.535,166 24,442,415 Other income income
31.082
32,814
Net revenue
818.912 10,293.502 8,758,241
707.614
Total income
-2,887
54,681
Railway tax accruals
200,000
165.000 2,395,000 2,300.000 Deductions
120,026
126,743
Uncollectible ry. revenues._ _
2.368
5,033
3
217
Hire of equip. (net)
320.268
321,340
5.795 Cr39,341
Net income
-72.061 -122.914
Joint facility rents (net)
318,630
313.866
Cr25.761 Cr23,804
Denver & Rio Grande Western RR.
Net ry. oper. income
Other income (net)
527.363
2.141
717.055 8.528,676 7,094,771
220.127
282,856
18.818
Available for interest
Interest and sinking fund *.._
529.505
543,175
735,873 8,811.532 7,314.899
379.133 6.286,848 4,531,227
Net income
-13,670
356,740 2,524,684 2,783,672
•1980 includes interest and sinking fund under general mortgage.
2,010,268 2,153,895
529,630
488,101
1.478
450
1,521.716 1.622,786
-670.351 -709.209
851,364
372.728
1.224.093
1,474.138
913.577
369,430'
1,283.007
1,442,676
-250,045 -159.669
Philadelphia & Western Ry.
-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1929.
1930.
$
S
$
$
Gross revenue
838,698
62.319
65.624
801.663
Deductions for interest. &c
658.765
53,043
55,543
630,388
Net income
9.276
10.081
171,275
181,933
MAR. 1 1980.]
FINANCIAL CHRONICLE
Norfolk & Western Ry.
Seaboard Air Line.
-Month of January- 12 Mos. Ena. Dec. 31.
1929.
1930.
1929.
1928.
Average mileage operated...
2.240
2,240
2,240
2.241
Operating RevenuesS
S
S
S
Freight
8,392.765 8.302.558 108351,498 97.501.583
Passenger, m.il & express... 585.356
631 681 7,965,570 7,960.742
Other transportation
32.916
33,621
451.373
496.883
Incidental and joint facility
92.468
68,595
853,308
987,902
Railway oper. revenues__ . 9,103,506
Operating ExpensesMaint. of way & structures
1,115,504
Maintenance of equipment
1,794,861
Traffic
127,178
Transportation-Rall llne
2.269.394
Miscellaneous operations_ _ _
51,197
General
259.145
Transp'n for invest.-Cr
5,554
Railway oper. expenses... 5,610,729
Net railway oper. revenues
3,492.776
Railway tax accruals
900,000
Uncollectible ry. revenues_ _ _
588
Railway oper. income_ _
Equipment rents (net)
Join facility rents
-Dr
9.036,456 117631.751 106947,111
1.068,571
1.787.124
121,600
2.296,393
22.321
247,180
1,821
14 838 067
20,848,612
1,442.058
25,897.415
238,800
2,917.444
131.150
15 475.724
19,933,551
1,360,490
26.608.500
245.895
3,110,151
212,618
5.541,371 66,051.247 66,521.695
3,495,085 51.580,504 40,425,415
800,000 10.300.000 9,200.000
34.158
179
7.271
2,592.188 2,694,906 41.246.346 31,218.144
262,208
227,410 2.972,902 3,018,143
11,052
11.677
1,341
32,229
Net railway oper.income
2,853,055 2,910,639 44,208,196 34.204.057
Other income items (balance) 115.675
125,408 2.577,092 1.489.903
Gross income
2.968.731 3,036.048 46,785,288 35,693,961
Interest on funded debt
407.571 4,998,827 4.966,918
419.213
Net income
2,549,517 2,628,477 41.786,461 30.727,043
Prop'n of oper. expenses to
operating revenues
61.32%
56.15%
61.63%
62.20%
Prop'n of transp'n exp. to
operating revenues
25.41%
22.02%
24.88%
24.93%
Pittsburgh & West Virginia Ry.
-Month OF January- 12 Mos. End. Dec. 31.
1929.
1930.
1929.
1928.
8
$
8
i
435,345 4.729.604 4,473,023
329.306
211,731
215,265 2,929.924 2,554,353
Railway oper. revenues
Railway oper. expenses
Net rev. from ry. oper_ _ _ _
Net ry. oper. inc. after rentals
Non-operating income
117,575
134.229
3,649
220,079 1.799,680 1.918,669
230,325 2,276.782 2.218.717
13,171
84.336
91.288
Gross income
Deductions from gross inc._ _
137,878
22,442
243.496 2,361.119 2,310,006
277,770
24.469
295.066
115.435
219,026
Net income
2,083,348
2.014,939
-Month of January-1930.
1929.
S
s
7,545,641
8.735.339
1,584,309
1,801,107
266.932
257,389
200,968
206.875
516,517
554,225
Total railway operating revenue
Railway operating expenses
10,114,367 11.554.935
8.777,865 8.946.581
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
1.336.502
570.000
4,514
2,608.354
750,144
2,662
Total railway operating income
Equipment rents
-Debit balance
Joint facility rents
-Debit balance
761,988
342,158
99.827
1,855,548
327,847
109,806
Net railway operating income
Non-operating income
320,003
88.117
1,417,895
96.314
408.120
12.941
1,004,183
15.724
1,514.209
12,917
973,506
18,322
1.032,848
def624.728
1.004.745
509.464
Gross income
Rent for leased roads
Interest _____________________________________
Other deductions
Total deductions
Balance of income
-Month of January
- 12 Mos. End. Dec. 31.
1930.
1929.
1929.
1928.
Total operating revenues_ _ _ _ 4,917.246 5,220,692 58,151,908 57.245.207
Total operating expenses_ _ __ 3,665,036 3.889,281 42,587.556 42,902,963
Net revenues
1,252,209
Taxes & uncoil. ry. revenues_
330,683
1,331,410 15.564,351 14,342.243
325,879 3,733.941 3,557.155
Operating income
Equip.& it. fac. rents, net dr.
921.526
114,009
1,005.531 11,830.409 10,785,087
165,540
864,684
729,670
Net railway oper.income_ _
Other income
807,517
152.153
839,990 10,965,725 10.055.416
168.348 1,211,456 2,408.433
Gross income
Int. & other fixed chges.
of hat, on adjust. bonds)....
959,671
1,008,338 12,177,181 12,463.850
952.495
929,488 11,165,518 11.283,567
Balance
7,176
(Including Subsidiary Lines)
-Month of January- 12 Mos. End. Dec. 31.
1929.
1929.
1930.
1928.
5,819
5.819
5,830
5,673
s
S
$
s
5,139,313 5,399.686 70.376,366 67.281,965
951,812 10.902,913 11.781,414
903,635
531,393 7,830,006 6,719,439
498,320
Total operating revenue.. 6,541.270 6,882.892 89.109.286 85,782,818
Maint. of way & structures
820.043 12,224,648 10,604,109
792,139
Maintenance of equipment.- 1,332,640 1.320.788 17.271,186 16,451.448
Transportation expenses.... 2.478.275 2,471.003 29,259.175 28,942.184
Other expenses
371,667 4.092,948 3.786.060
373.262
Total operating expenses
4,976,316 4,983,562 62,847,958 59,783.801
Net railway oper. income. 1,164,070 1.495,688 21.028,240 20,969,445
Balance available for interest 1.291,119 1.638,846 22,692.454 24,636,428
Surplus after all charges_ _ _ - 263.223
587.328 10,192.073 8,570,279
St. Louis Southwestern Ry. Lines.
-Month of January1929.
1930.
1.747
1,818
S
Railway operating revenues_ 1,796,008 2,090,200
Railway operating expenses_ 1,630,720 1,696.436
Ratio of op. exp, to op. revs_
81.16%
90.80%
Net rev, from ry. oper
393,763
165,288
Uncoil. ry. revs. & tax accr's
61,118
88,326
Railway operating income_
305,437
104.170
Other railway oper. income
35.133
35.887
Total ry. operating income 139,303
341,324
Deductions from ry. oper. Inc 139.308
105.928
Miles operated
12 Mos. End. Dec. 31.
1929.
1928.
1,754
1,748
s
$
25,929.564 25,575,765
20,114,768 19,330,633
77.57%
75.56%
5,814.796 6,245,134
1.176,483 1,242,812
4,638,332 5,002,320
468,826
405,095
5,107,158 5,411,415
1,570,966 1.317.952
Net ry.operating income...
Non-operating income
-4
10,964
235.395 3,536,192 4,093,463
21.414
203,039
319,844
Gross income
Deductions from gross income
10,959
224.874
256,810 3.739,231 4,413.307
222,568 2.634,388 2,653,945
Net Income
34.241
1,180,283
Soo Line System.
Freight revenue
Passenger revenue
All other revenues
2,350.525
306,856
221,831
2,529.070
400,442
239.000
Total revenues
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
2,879.213
430.245
693,161
84.946
1,367.262
145,257
3.168.514
445,065
712.171
74.451
1.499.913
114.586
2,720,873
2.846,188
158,339
229.237
322,325
228,789
Dr.70.897
Dr.66,718
Dr.67,647
Cr.93,536
Dr.35.626
Dr.61,664
Total expenses
Net railway revenues
Taxes and uncollectible railway revenue
Net after taxes
Hire of equipment
Rental of terminals
Net after rents
Other income(net)
Interest on funded debt
Dr.205.262
Dr.3.754
Cr.3.117 Dr.11,320
Dr.575,913 Dr.573.971
Net deficit
Dr.778,058 Dr.589.046
Division of net deficit between:
Minneapolis St. Paul & S. S. Marie
Wisconsin Central Ry
Total system
Dr.390,632 Dr.308.535
Dr.387,426 Dr.280.511
Dr.778,058 Dr.589.046
-Month of January- 12 Mos. End. Dec. 31.
1930.
1929.
1929.
1928.
Aver. miles of road operated..
13.848
13.613
13.687
13,599
Revenuess
$
s
Freight
15.177,045 16.941,009 231566,637 222360,880
Passenger
4,049.237 4,058.909 50.185.916 50.353.632
429.425
Mail
436.477 7.335,698 4,711,533
403,549
Express
462,629 7.688.426 7.473,268
423,139
All other transportation
732.309 7,071.724 8,808.333
Incidental
604,463
654,984 8,127.540 7,399.352
Joint facility-Cr
28,193
30,680
367,899
307.603
100.131
Joint facility-Dr
106.479 1,374,704 1,310.776
Railway oper. revenues-- _21.014,922
ExpensesMaint. of way and structures 2.943.147
4,474,439
Maintenance of equipment
599,784
Traffic
Transportation
7.959,511
433,556
Miscellaneous
987.121
General
Transp. for investment--Cr_
139,967
1.104,542
1.753,332
23,210.521 310969,138300104,027
3,180.750
4,471.697
621,573
8,523,152
433.932
986,523
79,252
39.271,281 38,753,847
54,281,872 51.676.503
7.431.559 7.245.258
102879,125 104182.759
5,662.855 4,961,450
11,621,209 11,408,543
1,449.501 1,494.161
Railway oper. expenses_ _ _17,257,592 18,138.376 219698,403 216734.202
Income
Net rev,from ry. operations.. 3.757,329 5,072.144 91.270.735 83,369.824
Railway tax accruals
1,515.464 1,642.082 22,263,607 21,525.425
Uncollectibie ry. revenues..._
3.928
4.243
72,989
75,568
529,123
Equipment rents (net)
531.019 8.970.776 7,018.072
Joint facility rents (net)
12.939
23.038
221,501
157,342
Net ry. operating income.- 1,695,873
Freight revenue
Passenger revenue
Other revenue
1,011.663
(Including Minn. St. Paul & S. S. M.and Wisconsin Central Railways
-Month of January
1930.
1929.
St. Louis
-San Francisco Ry.
Operated mileage
78.850
Southern Pacific Lines.
Rock Island Lines.
Freight revenue
Passenger revenue
Mailrevenue
Express revenue
Other revenue
1443
2,871,759 59,741,859 54.908,101
Texas & Pacific RR.
-Month of January- 12 Mos. End. Dec. 31
1930.
1929.
1929.
1928.
$
$
$
s
Operating revenues
3.144,423 3,760,816 45,696.434 50.795,832
Operating expenses
2,559,271 2,667,441 31,849.721 34,536.240
Net railway oper.income_ _
182.526
568.285 8.778,383 10.446.475
Gross income
230.052
612.153 9.891.990 10,979,601
Net corporate income
def116.726
345.297 6.130,074
7.993.956
Union Pacific System.
-Month of January- 12 Mos. End. Dec. 31,
1930.
1929.
1929.
1928.
Operating Revenues
Freight
Passenger
Mail
Express
All other transportation
Incidental
11.296,085 12,516.156 171745.751 169568,273
1,777.043 2,028.344 26,323,718 26.866.972
422,398
415,525 5.232.626 4.680.872
205,250
199,059 4,464,243 4.347.280
365.890
373.663 5.354.157 5,335.275
249,t28
289.763 4.236.096 4.350.570
Railway oper. revenues.... _14,316,494 15.822.510 217356.592 215169,245
Operating ExpensesMaint. of way & structures
1,326.439 1.626,322 28,246.009 28,243.556
Maint. ofequipment
2.871.471 3.117.758 38,283,100 39,054.207
Traffic
362.667
345,774 4.909.341 4,638,306
Transportation
5,072,600 5.067,725 62,694.804 61.775.729
Miscell. operations
320,334 4.531,661 4.679.814
283.796
General
668,308
691.177 8.362.828 7.920.081
Transp.for invest.--Cr
2.106
1.184
55.209
Railway oper. expenses......10.585,281 11.166.984 147026.561146256.488
Income Items
Net rev, from railway oper.... 3,731,213 4.655,526 70,330,031 68.912.757
Railway tax accruals
1,383.536 1.346,153 17.089.568 15,978,221
Uncollectiblery. revenues......
707
414
13,952
9.647
Railway oper. income
-Dr
Equipment rents
-Dr
Joint facility rents
2.346.970 3.308.959 53,226,510 52.924.888
369,222
306.968 6.974.463 7.965,912
47,873
62.840
926.478 1,139.980
Railway oper. income
1,929,875 2.939,151 45,325,568 43,818,995
Aver. miles of road operated..
9.874
9.857
9.867
9.813
Ratio of expo. to revenues_ _ _
73.94%
70.58%
67.64%
67.97%
1444
FINANCIAL CHRONICLE
VirginialRailway.
[VOL. 130.
DallasiPower7&1Light3Co.
-Month of January
-12 Mos. End. Dec. 31.
ov7".7r7frilIMT7'•17..Subsidiary)
.
1928.
1930.
1929.
1929.
rz
,v,-Monthrer DecemOer- i2 mos. Ena7Dec. 31:
$
$
1929.01
1928.
1929.
1928.
Operating revenues
1.873,744 1.848,545 19,871,636 18,480,118
1114
Operating expenses
853.383
858,091 9,981,399 10,103,840
460,500
436,516 5,184,915 4,747,768
Railway operating income_ _ _ 823,361
795,454 7,853,952 6,489,988 Gross:earns. from oper
189.891
183.377 2,368,914 2,179,271
Gross income
956.279
912,313 9.686,831 8,274,015 Oper. expenses and taxes
Net income
632,610
581,662 5,752,783 4.237.471
Net earns,from operation.. 270,609
253,139 2,816,001 2,568,497
Other income
4,281
12,115
113,611
35,826
Wabash Ry.
- 12 Mos. End. Dec. 31.
-Month of January
Total income
274.890
265,254 2,929,612 2.604,323
1928.
1929.
1929.
1930.
InterestTon bonds
58,125
58,125
697,500
697,500
$
Other int, and deductions__ _
$
1,067
741
22,429
21,746
5,300,033 5.788,317 76,632,973(271072,991
Operating revenues
56.275,423 52.411.567 '
4,263,576 4.372,455
Operating expenses
Balance
215.698
206.388 2,209,683 1.885,077
Dividends on preferred stock
245,000
245,000
817,181 13,251,590 11,950,039
Net railway oper. income_ 429,904
954,342 15,174.478 13,585,895
554,293
Gross income
Balance
1,964,683 1,640,077
-31,841
347,606 7,854,403 6,401,277
Net corporate income
Eastern Massachusetts Street Ry.
Western Maryland Ry.
Operating revenues
Total operating expenses
-Month of January- 12 Mos. End. Dec. 31.
1929.
1928.
1929.
1930.
$
$
$
$
1.562,927 1,499.623 18.985,707 18,592,557
. 1.033,584 1,042.491 12.687.143 12,676,171
Net operating revenue_ _ _ Taxes
529,343
90,000
457,132 6.298,564 5,916,386
983,478
80.000 1,055.073
Operating income
Equ
rents Net Dr_
-Net
ren
ipment
.nfafacility
439,343
40,702
17,334
377.132 5,242,062 4,931,204
504.719
801,489
48,277
185,304
218,968
17,476
Net railway oper. ine.lme
Other income
462,711
15.387
407,933 5,824.583 5,250,619
144,236
194.903
19,730
Gross income
Fixed charges
478,098
290,991
427,663 6,019,486 5,394,855
249.393 3,101,664 3.019,670
Net income
187.107
178.270 2.917.822 2.375,185
Electric Railwayland Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Alabama Power Co.
Month of 12 Mos. End.
Dec. 1929. Dec. 31 '29.
$1,562,286 $18,301,845
Gross earnings from operations
Operating exps., incl. taxes and maintenance_ _ _ _
613,773
6,953,001
$948.513 $11,348,844
55,059
797,271
Net earnings from operations
Other income
Total income
Interest on funded debt
$1,003,572 $12,146,115
4,258,653
Balance
Other deductions
$7,887,462
232,960
Balance
Dividends on preferred stock
17,654.502
1,883.396
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month ofDecember- 12 Mos. End. Dec. 31
1928.
1929.
1929.
1928.
$
$
$
$
Operating revenues
2,473.921 2,534,982 33,664,594 31,450,391
Net revenue from operation
127,653 4.090,122 2,155,831
136,722
(including depreciation)
218,856 5,201,452 3,099,863
Gross income
222,129
Interest, rents and taxes_
236,978 2,455.150 2.556,008
201,985
20,143
Operating revenue
Operating expenses
758,813
448,285
796,402
491,091
Net operating revenue
Other income
310,528
28,168
305.311
18,480
Gross income
Interest on funded debt. &c
282,360
199,904
286,831
206,139
82.456
80,692
Net income
Georgia Power Co.
Month of 12 Mos. End.
Dec. 1929. Dec. 31 '29.
Gross earnings from operations
$1.947,647 $23,144,950
Oper. expenses, including taxes and maintenance_
923,899 11,113,628
Net earnings from operations
Other income
11,023.748 $12,031,322
104,479
1,271,239
Total income
Interest on funded debt
$1,128.227 $13,302,561
4,626,709
Balance
Other deductions
18,675,852
187,277
Balance
Dividends on $5 and $6 cum. pref. stock
$8,488,575
2,570,621
Balance for reserves, retirements and dividends
-18,120 2,746,301
543,855
Brazilian Traction, Light & Power Co., Ltd.
-Month of January- -Jan. 1 to Dec. 311928.
1929.
1929.
1930.
$
S
$
Gross earnings from oper_-__ 3,862,089 3,892.833 49,351,215 42,7A,813
Operating expenses
1,662,964 1,672,778 21,298,253 17,905,483
Net earnings
2,199.125 2,220,055 28,052,962 24,869.330
The above figures are subject to provision for depreciation and amortization.
Central Illinois Light Co.
-Month of January1929.
1930.
$
$
1,542,283 1,270,145
Operating revenues
983,703
954,587
Operating expenses
195,919
Net ry. operating income.. _ - 398,071
435.859
236.550
Gross income
Net corporate income_ ._
220,233
234,849
Net income
Dividends on preferred stock
Provision for retirement reserve
198,355 2,160.350 1,948.714
358.193
360.856
1,802,156 1,587,858
405,418
408,837
322,800
304.800
1,073,938
Balance
874,221
Community Power & Light Co.
Jan. 1 to Dec. 31.
1929.
1928.
$
$
15,236,466 14,713,741
10,615,759 10,543,521
3,156,096 2,943,821
3,648,339 3,443,929
33,667 1,135,160 1,042,371
Gulf Power Co.
Gross earnings from operations
Operating expenses incl. taxes and maintenance_
Month of 12 Mos. End.
Dec. 1929. Dec. 31 '29.
$78,396 $1,016,406
52,033
666,839
Net earnings from operations
Other income
$26,363
1,085
$349,567
20,346
Totalincome
Interest on funded debt
$27,448
$369,913
162,107
Balance
Other deductions
$207.806
42,459
Balance --------------------------------------------Dividends on $6 cum. pref. stock
1165,347
60,000
Balance for reserves, retirements and dividends
$105,347
Illinois Power Co.
(Subsidiary Commonwealth & Southern Corp.)
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1928.
1929.
$
$
300,034
280,628 2,903,605 2,732,116
Gross earnings
166,191 1,839,473 1.781,026
Op.exp.,incl. taxes & maint- 175.836
114.437 1,064,132
383,013
951,090
386.925
681,119
230.929
150,000
564.164
228,246
150,000
300,189
124.197
Gross income
(Subsidiary of Commonwealth & Southern Corp.)
-Month of December- 12 Mos. End. Dec. 31. Fixed charges
1928.
1929.
1928.
1929.
Net income
$
$
$
$
451,280 5,136.159 4,765,844 Dividends on preferred stock
492,429
Gross earnings
252,924 2.975,809 2,817,129 Provision for retirement reserve
Op.exps.,incl. taxes & main.. 257,580
Gross income
Fixed charges
15,917 954
Gulf Coast Lines.
$5,771,106
Balance for reserves, retirements, &c
Net income
-Month of January
1930.
1929.
185,917
Balance
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of January-. 12 Mos. End. Jan. 31.
1929.
1929.
1930.
1930.
$
$
$
$
412,588
384,115 4,281,167 3,991,968
Gross earnings
221,271 2,530,671 2.431,208
Oper. expenses and taxes.._.... 228.224
(And Controlled Companies)
162,844 1,750.496 1,560,760
184,364
Net earnings
-Month of January- 12 Mos. End. Jan. 31. Bond interest
667,870
697.841
1930.
1929.
1929.
1930.
31,992
36,577
Other deductions
I
$
$
$
4,665.013
374.013 5.060.520
Consolidated gross revenue__ 395,045
860,898
1,016,078
Balance
206,408 2,740,131 2,642.249 First preferred dividends
Oper. exps., incl. taxes_*__- 222.265
172.963
217,958
Avail, for int., amort., de687,935
798.120
Balances
prec.. Fed, taxes, divi* Before provision for renewal and replacement reserve.
167,605 2,320,388 2,022,764
dends and surplus
172,779
• Interest on unfunded debt heretofore included in operating expenses
Kansas City Power & Light Co.
this item.
Is now and will be hereafter excluded from
-Month of January- 12 Mos. End. Jan. 31.
1929.
1929.
1930.
• 1930.
Power Co.
Consumers
-Month of December- 12 Mos. End. Dec. 31 Gross earnings (all sources)__ 1,362,485 1,353,709 14,591,622 13,835,213
632,837
657.835 7,362,693 7,051,813
1928.
Oper. exps. (incl. taxes)
1929.
1929.
1928.
$
$
$
$
695,874 7,228,929 6.783,400
Net earnings
729.647
Gross earnings
2,851,226 2,810,101 33,420,538 30,464.127
109,189
100,974 1,232,741 1,216,971
Op. exp., incl. tax. & maint_ 1,083,198 1.294,685 16,220.076 15,033,896 Interest charges
594,899 5,996,187 5.566,428
Gross income
Balance
620.457
1,515.415 17,200,462 15,430.230
1,768,027
185,149
15,429
15.429
185,149
2,853,322 2,826,026 Amort. of disc. & premium...
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
14.347.139 12,604,204
3,752,926 3.551.863
2,300,000 2,000,000
8.294,213 7,052.341
Balance
Divs. 1st pref. stock
Surplus earns, avail. for
depr. & corn. stock &Ws_
605,028
20,000
579.470 5,811,037 5,381,278
355.553
240,000
20.000
585,028
559,470 5.571.037 5.025,725
MAR. 1 1930.]
1445
FINANCIAL CHRONICLE
Orange & Rockland Electric Co.
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of December- 12 Mos. End. Dec. 31.
1929.
1928.
1928.
1929.
$
$
$
$
361,566 5,297,983 3,777,777
Gross earns, from operation_ 469,665
152,390 2,740,397 2,002,871
Oper. expenses and taxes....- 224,450
-Month of January- 12 Mos. End. Jan. 31.
1929.
1930.
1929.
1930.
$
$
S
S
680,242
723,958
62,224
65,692
Operating revenues
Oper. expenses, incl. taxes
396,541
403,686
36,402
38,447
but excluding depreciation
Net earnings from oper_ _ _
Other income
245,215
6,378
209,176 2,557.586 1,774,906
110,539
163,417
12,045
Balance
Depreciation
27,245
6,862
25,822
6,162
320,272
74,641
283,701
66,492
Total income
Interest on bonds
Other int. and deductions_
251,593
52,087
8,666
221,221 2,668,125 1,938,323
411,246
625,000
44,583
95,706
294,968
20,203
Operating income
Other income
20,383
903
19,660
667
245,631
16,805
217.209
8,622
Balance
Dividends on preferred stock
190.840
156,435 1,947,419 1,232,109
313,333
180,000
Gross income
Interest on funded debt
21,286
5,208
20,327
5 ,208
262,436
62,500
225,831
56.055
Balance
Other interest
16,078
485
15,119
199,936
3,618
169,776
1,394
Balance
Amortization deductions_ _
15,593
1,052
15,119
1,033
196,318
12,645
168,382
13,193
Balance
Other deductions
14,541
333
14,086
333
183.673
4,276
155,189
5.033
Balance
Divs. accrued on pref. stock_
14.208
5,692
13,753
5,833
179,397
69,859
150,156
76,474
Balance
Fed'l taxes incl. in oper. exp..
8,516
1,950
7,920
1,917
109,538
24.533
73.682
21.369
Balance
1,634.086 1.052,109
Mississippi
Power
Co.
Gross earnings from operations
Operating expenses, incl. taxes and maintenance_
lonth of 12 los. End.
Dec. 1929. Dec. 31 '29.
$318,396 $3,603.125
202,444
2,234,011
Net earnings from operations
Other income
$115,952
3,316
$1,369,114
94.885
Total income
$119.268 $1,463,999
Intixes. on funded debt
468.435
Balance .._ ________________________________________ ___ $995.564
Other deducoions
338,153
Balance ____ __ ____________________ _________________
Dividends on Preferred stock
Balance for reserves, retirements and dividends
$657,411
247.310
$410.101
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth & Southern Corp.) _
-Month of December- 12 Mos. End. Dec. 31.
1928.
1929.
1928.
1929.
$
$
$
$
298,617 3,418,601 3,165,695
309,019
Gross earnings
167,744 1,911,750 1,817,429
148.336
Op.exp.,incl. taxes & maint_
160.682
Gross income
Fixed charges
New York Westchester & Boston Ry.
-Month of January- 12 Mos. End. Dec. 31
1928.
1929.
1929.
1930.
S
$
$
$
Railway operating revenue_
190,835 2,530,488 2,390,398
211,322
Railway operating expenses_ 122,640
130,851 1,570,218 1,622,858
Net operating revenue..__,.
Taxes
88,681
24,308
59,983
18,793
960,270
275,817
64,373
719
41,190
721
684,452
12,460
.527,868
12,653
Gross income
Deductions
-Rent
Bond SE equip, trust ctfs_ _
Other deductions
65,093
33,177
88,533
109,876
696.912
540.522
41.911
331,888
19,504
202,046
88,197 1,087,372 1,047,428
106,826 1,248,586 1.199,475
Total deductions
Net loss
231.587
166,494
134,038
122,706 1,193,730
185,796
410,423
516,663
Balance
Third Avenue Railway System.
Operaong RevenueTransportation
Advertising
Rents
Sale of power
-Month of January- 7 Abs. End. Jan. 31.
1929.
1930.
1929.
1930.
S
S
S
$
1,214,763 1,222,542 8,668,404 8.811,419
87,500
87,463
12,500
12,480
147,704
166,644
23,907
27,013
4,056.
542
3,931
469
214,528 2,667,847 2.448,950
172,616 1,970,935 1,908.428
Gross income
Fixed charges
1,190,116 1,035,631
385,397
413,453
240,0011
260,000
Net income
Dividends on preferred stock
Provision for retirement reserve
767,540
239,672
Operating income
Non-operating income
130,872 1,506,851 1,348,266
312,634
316,734
1,254,726 1,259,492 8,926.444 9,050,681
Total operating revenue
Operating Expenses
178.167 1,557,161 1,525,808
195,479
Maintenance of way
830,239
884,406
120:034
139,713
Maintenance of equipment
7,615 Cr86,414 Cr152,156
Cr31,066
Depreciation
596,758
587,534
95,303
91.650
Power supply
445.398 3,090,628 3,109,875
435,418
Operation ofcars
Ohio Edison Co.
741,5913
506,403
103,916
97,181
Injuries to persons & prop......
353,311
354,967
55.866
(Subsidiary of Commonwealth & Southern Corp.)
53,667
Gen. & miscell. expenses_ _ _ _
-Month of December- 12 Mos. End. Dec. 31.
982,044 1,006,301 6,894.687 7,005,432
Total oper. expenses
1929.
1928.
1928.
1929.
$
$
$
$
253,191 2,031,756 2.045,248.
272,681
Gross earnings
213,926 2,282,245 2,125,683 Net operating revenue
224.13d
641.815
624,850
86,647
89,967
Op.exp.,incl. taxes & maint_
91,219 1,088,514 1,063,739 Taxes
90,097
Net income
Dividends on preferred stock
Provision for retirement reserve
1,061,943
194,084
Operating income
Interest revenue
Gross income
DeductionsInt. on 1st mtge. bonds
Int. on 1st ref. mtge. bonds
Balance
680.864
555,955 Int. on ash. mtge. bonds_....
Track & terminal privileges
Miscell. rent deductions-- Amort. of debt disc. & exp....
Sioux City Gas & Electric Co.
Sinking fund accruals
(Controlled by American Electric Power Corp.)
Miscellaneous
-Month of January- 12 Mos. End. Jan. 31. Int. on series C bonds
1930.
1929.
1929.
1930.
Total deductions
Gross earnings
281,963 3,318,364 3,012,164
316,868
Oper. expenses and taxes_
153,065 1,586.016 1,549.127
Net loss
157,135
Net earnings
Bond interest
Other deductions
1,007.934
165,069
162.000
159,733
129,898
Balance
Preferred dividends
867,859
161,903
150,000
1,732,348 1,463.037
488,312
488,083
26,653
31,681
1,217.383
338,709
943,273
338.709
182,713
18,710
166,544 1,406,906 1,403.432
132,237
138,691
17,866
201,424
184,410
42,756
73,301
93,900
1,377
856
1,647
2,790
26,278
2.164
42,756
73,301
93,900
1,406
800
1,474
2,790
49,028
2,164
245,072
267,621
43,648
83,211
878.674
604.564
Balance
Dividends on cum. pref. stock
$672,147
152,853
Operating income
Non-operating income
$519,294
Gross income
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
5.104,080 4,306,874
1,333,101 1,337,970
1,155,727
975,534
Balance
2,615,251 1.993.369
-Includes dividends on Nashville R. & Lt. Co. pref, stock not
Note.
owned by Tennessee Electric Power Co.
Remainder
Interest on income bonds
Net income
$1,423,517
$1,387,494
78,631
72,583
131,414
425,636
4,255
140,052
4,422
68,626
75,091
129,641
426,810
3.3811
134,535
27
848,151
139,000
•
838.061
139.000
987,151
977,061
436,366
141,261
410,433
136.634
295,104
10.907
273.799
12,328
$286.127
237,134
$70,671
46.666
$48,993
46,666
$24,005
$913,918
241,771
(And Subsidiary Companies)
-Month ofDecember- 12 Mos. End. Dec. 31
1929.
1928.
1929.
1928.
S
$
S
$
Gross earnings
1,378,945 1.178,791 14,752,227 13,453.842
624,150 7.489.399 6.965,362
Op. exp., incl. tax. & maint_ 659,105
554,640 7,262.827 6,488,489
Gross income
719,839
2,158,747 21,614
Fixed charges (see note)
,18
238,523
253,852
$306,012
235,340
Balance
Other deductions
Tennessee Electric Power Co.
1,799,450 1,774,193
-Month of January
1930.
1929.
$1,411,175 $1,371,527
12,341
15,966.
Passenger revenue
Other revenue
Net operating revenue
Taxes
Balance for reserves, retirements and dividends
299.296
513,111
657.300
9,840
4,619
10,320
19,530
245.026
15,148
299,296
513,111
657.300
9.802
4,748
11,532
19,530
268,980
15,148
United Rys. & Electric Co. of Baltimore.
Total revenue
Operating Expenses
Way and structures
Equipment
South Carolina Power Co.
Month of 12 Mos. End. Power
Dec. 1929. Dec. 31 29. Conducting transportation
$212,536 52,668.820 Traffic
Gross earnings from operations
117,131
Operating expenses, incl. taxes and maintenance..
1,385,665 General and miscellaneous
Transportation for investment-Cr
$95.405 $1,283,155
Netearnings from operations
6,511
Other income
83,677
Depreciation
$101,916 $1,366,832
Total income
Total deductions
Interest on funded debt
452,914
Balance for retirement reserve & common dive
1,545,597 1,535,670
$2,326
FINANCIAL REPORTS
-The following is an index to all
Annual, &c., Reports.
annual and other reports of steam railroads, public utilities,
industnal and miscellaneous companies published since and
including Feb. 1 1930.
This.index. whicn is given rnontnly. does not include reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
1446
FINANCIAL CHRONICLE
(VOL. 130
Railroads—
Page.
Induerials (testi/rub—
Page.
Industrials (conitnued)—
Page
Industrials (conalided)—
Chicago & North Western By
1109 (Sidney) Blumenthal & Co.. Inn— _1280 Lakey Foundry & Machine Co
1290 Prairie 011 & Gas Co
Peg412 5
9
Cincinnati Northern RR
1109 Bon Ami Co
1280 Lambert Company
1291 Prairie Pipe Line Co
Cleveland Cincinnati Chicago & St.
Bond & Mortgage Guarantee Co
802 Lane Bryant Inc
1291 Pratt & Lambert, Ina
Louis Ry
987, 1109 Bond dr Share Co.. Ltd
1119 Lefcourt Realty Corp
1291 Pullman, Inc
1128
888
7
Duluth South Shore & Atlantic Ry— 966 Booth Mfg. Co., New Bedford, Mass 1280 Lerner
Stores Corp
812 Purity Bakeries Corp
791, 815
12965
Illinois Central RR
794 Boston Personal Property Trust
9
78 Leanings. Inc., N. Y. City
984 Railroad Shares Corp
Indiana Harbor Belt RR
1110 Boston Wharf Ce
802 Libbey-Owens Glass Co
812 Railway & Light Securities Co
1295
Michigan Central RR
1110 Briggs & Stratton Corp
1119. 1281 Liggett & Myers Tobacco Co--812, 984 Rainbow Luminous
Products, Inc...1296
New York Central RR
1110 British American Oil Co., Ltd
1120 Lima Locomotive Works, Inc
1291 Republic Iron & Steel Co
815
New York Chicago & St. Louis RR_ _1271 Butler Brothers, Chicago
978 Link-Belt Co
1291 Reynolds Investing Co., Inc
Pittsburgh & Lake Erie RR
1110 Butte Copper & Zinc Co
802, 978 Lion 011 Refining Co
1291 Riverside Silk Mills, Ltd
1216
8 6
9
Rutland RR
1110 Butte & Superior Mining Co
1120 (P.) Lorillard Co
1125 (Helena) Rubenstein, Inc
Seaboard Air Line By
795 (A. M.)Byers Co
802 Los Angeles Investment Co
1291 Sanford Mills
129
29
97
6
6
Southern By
789. 968 Calumet & Hecht Consol. Copper Co.1120 McCall Corp
985 Sears. Roebuck & Co
817,
Toronto Hamilton & Buffalo By._ -1111 Canada Dry Ginger Ale, Inc
979 McGraw-Hill Pub. Co.. Inc
1291 Seeman Bros., Inc
816
Canada Vinegars, Ltd
802 Manhattan-Dearborn Cods
1125 Selected Industries, Inc
1297
Public Utilities—
Canadian Bronze Co., Ltd
1281 Manufacturers' Milani,* Co
812 Shawmut Association
_1297
Amer. Commonwealths Pow.Corp__ 969 Capital Administration Co.. Ltd803 Marine Midland Corp
1126 Shenandoah Corporation
Amer. Water Works & Elec. Co., Inc. 989 (A. M.) Castle dr Co
979 Massachusetts Investors Trust
812 Siemens & Betake A. G., Berlin,1267
Germany
Associated Gas & Electric Co
1272 Caterpillar Tractor Co
1121 Massey, Harris & Co., Ltd
1292
988
Bell Telephone Co. of Penne
1272 Celotex Co
1281 Mathieson Alkali Works (Inc.)
1292 South West Pennsylvania Pipe Lines 1297
Boston Elevated By
1272 Central-Illinois Securities Corp
803 Mayflower Associates, Inc
812 Southern Ice & Utilities Co
989
Chicago City & Connecting Rys
789 Cespedes Sugar Co.(Companie AzuMetro-Goldwyn Pictures Corp
985 Southern Pipe Line Co
816
ChWage Rapid Transit Co
1112
Minneapolis
-Honeywell Regulator
Sparks-Withington Co
1129
Columbia Gas & Electric Corp
1273 Chain & General Equities. Inc
1281
985 Spiegel May Stern Co.. Inc
1298
Commonwealth Edison Co
971 Chapman Ice Cream Co
979 Montgomery Ward & Co., Inc
789 Standard Investing Corp
817
Connecticut Power Co
971 Chartered Investors. Inc
803 Moon Motor Car Co
1292 Standard 011 Co. of Lotlialana
990
Consolidated Gas, Electric Light &
Cherry-Burrell Corp
803 Morgan Lithograph Co
1292 Standard 011 Co. of (Nebraska). _..1298
Power Co. of Baltimore
971 Chicago Corp
804 Morristown Securities Corp
813 Standard Publishing Corp
1298
Denver Tramway Corp
796 Chicago Investors Corp
1121 Motor Bankers Corp
986 Sterling Securities Corp
817
Detroit Edison Co
1273 Chicago Pneumatic Tool Co
804 Motor Wheel Corp
1292 Stewart
-Warner Corp
990
Diamond State Telephone Co
1273 Chi ago Towel Co
Munsingwear, Inc
1203 Sun Oil Co
990. 1298
Duluth-Superior Traction Co
1273 Chickasha Cotton Oil Co
1281 National Aviation Corp
8°
986 Telautograph Corporation
191689
2
Eastern States Power Corp
971 Childs Co
804, 1166 National Lead Co
221
1293 Texas Gulf Sulphur Co
Electric Power & Light Corp
796 Chrysler Corp
National Licorice Co
813 Thompson Products, Inc
1298
Engineers Public Service Co_ _ _972, 1113 City Dairy Co. Ltd
804 National Refining Co
1293 Tobacco & Allied Stocks, Inc_ _818, 1130
General Italian Edison Elec. Corp-1113 Claude Neon Electrical Products,1282
National Republic Investment Treat 813 Transameriea Corp
1130
General Public Utilities Co
972
Corp., Ltd.(l.)
De
National Securities Investment Co _ 987 Transcontinental 011 Co
818
1114 Coast Foundation, Inc., San FranGrand Rapids RR
Nevada Consolidated Copper Co
1293 Transue & Williams Steel Forginge
972
Green Mountain Power Corp
cisco
New Jersey Zinc Co
1293
Corp
112193,9
Greenwich Water & Gas System, Inc.1114 Coca-Cola Co
18°4 New York Air Brake Co
282
987 Trunz Pork Stores, Inc
1114 Columbia Steel Corp.. San Franciseo_805
Hartford Electric Light Co
New York Transit Co
1293 Union 011 Associates
1131
797 Commercial Credit Co., Balt
Havana Electric By. Co
1108
813 Union Oil Co. of California
1274 Commercial Investment Trust Corp. 964 NoblItt Sparks Industriea, Inc
Illinois Bell Telephone Co
12
North American Investment Corp.-1127 United American Shares Corp
1274 Commercial Solvents Corp
Indianapolis Water Co
North Amer. Utility Securities Corp_1294 United Securities Trust Associates_ 11818
216381
International fly. (Buffalo)
1274 Commonwealth Securities, Inc
1121 Northern Pipe Line Co
1294 United States Hoffman alach'y Corp1131
Iowa Public Service Co
797 Congoleum-Nalin, Inc
1282 Ohio Leather Co
282
1294 United States Lines, Inc
1872891999
Italian Superpower Corp
972 Consolidated Cigar Corp
Pacific Associates, Inc
1294 United States Steel Corp
Jacksonville Traction Co
1274 Consolidated Paper Co., Monroe
Pacific Coast Co
1127 Vick Chemical Co
Kansas Power Co
1114
Mich
979 Pacific Investing COM
814 Wahl Company
1300
Lexington (Ky.) Water Co
973 Continental Baking Corp
1107 Page-Hersey Tubes, Ltd
1294 Ward Baking Corp
819
Lincoln (Neb.) Tel. & Tel. Co
1114 Continental Can Co., Inc.(of N.Y )1265 Pare!
fine Companies
987 Warner Bros. Pictures, Inc
1300
Los Angeles Gas & Electric Corp
798 Continental Chicago Corti
805 Parke, Davis & Co
1295 Wayne Pump Co
113100
32
Mackay Companies
1274 Continental
-Diamond Fibre Co
979 Passwall Corporation
1294 Wedgwood Investing Corp
Memphis Power & Light Co
1114 Continental Shares, Inc
1266 Peerless Motor Car Co
79
987 Westvaco Chlorine Products Corp-1300
Michigan Publie Service Co
1114 Craddock-Terry Co
805 Pennsylvania Coal & Coke Corp.__ 814 White Star Refining Co
18106
19
Mississippi River Power Co., St.
Creamery Package Mfg. Co
806 Pennsylvania Investing Co_ _ _._ _ _ _ 814 Williams 011-0
-Matte lie,
ting Corp_
Louis, Mo
1115 Credit Utility Banking Corti
979 Petroleum Corp. of America
814 Winslow Lanier International Corp_ 819
Missouri Public Service Co
1115 Crocker-Wheeler Electric Mfg. Co_ 805
(F. W.) Woolworth Co
Pittsburgh Steel Co
814
790
Montreal Light, Heat & Pow.Consol. 798 Crucible Steel Co. of America
11(16 Potter Company
5
988 (Wm.) Wrigley Jr. Co.
1132
Nevada-California Electric Corp__ _ -1115 Cumberland Pipe Line Co
979
New Haven Water Co
973 Curtis Publishing Co
971)
New Jersey Water Co
1115 Debenhams Securities, Ltd
ISO
Engineers Public Service Co.
New Rochelle (N. Y.) Water Co_ _ _1115 Deere & Co
788
Niagara Hudson Power Corp
1075 Detroit & Cleveland Nay. Co
980
North American Co
1275 Devoe & Reynolds Co., Inc
(Fifth Annual Report—Year Ended Dec. 311929.)
No. Amer. Light & Power Co_1115. 1275 Devonshire Investing Corp
Pacific Lighting Corp
1107 Donnaconna Pseer Co.. Ltd
18°86°
9
2
83
Gross earnings of Engineers Public Service Co. and its
Pennsylvania Gas & Electric CO. -1115 E.I. du Pont de Nemours & Co
792
Pennsylvania State Water Corp_
constituent companies, according to the fifth annual report
974 Electrical Securities Corp
Pennsylvania Water & Power Co.— 964 Endicott-Johnson Corp
1182 increased to $50,810,589 last year from $32,864,658 in 1928,
224
Peoples Gas Light & Coke Co. of
Equitable Office Building Corp
112 4 a
1 22988481
8
gain of $17,945,930, or 55%. A substantial part of this
791 Eureka Pipe Line Co
Chicago
Peoria Water Works Co
974 Eureka Vacuum Cleaner Co
Berease, says President C. W. Kellogg in the report, is due
Pelted,.lphle Electric Co
799 Federated Metal Corp
Public Service Co. of Nor. Illinois
974 Fidelity Investment AssOCIation.. 1284 to the inclusion for the year of the earnings of Puget Sound
Public Service Co-ordinated Transp_1275 (Marshall) Field & Co.,Inc.,Chicago.1284 Power & Light Co., acquired as of Doc. 1 1928, but in-luding
Public Service Corp. of New Jersey _1265 Finance Service Co
the earnings for both years the increase was 9.1%.
Public Servi-e Elect le & Gas Co---1276 First Industrial Bankers, Inc
1812°62
Public Service Subsidiary Corp
074 First National Stores, Inc
"The balance of consolidated earnings for Engineers securities, after
1285
Shawinigan Water & Power Co 975, 1107 FitzS'Imons & Connell Dredge &
depreciation," adds Mr. Kellogg, "increased 57% over 1928. The size of
Southern California Edison Co
1115
Dock Co
981 this percentage increase was also affected by the Puget Sound acquisition
Southern New England Tel. Co--1116 Fox Film Corp
but the consolidated net earnings, after depreciation, per average share of
Southwestern Bell Telephone Co-- 975 (George A.) Fuller Co
128
8 6 Engineers common stock outstanding during each period increased from
°
7
Tampa Electric Co
1276 Gamewell Co
$2.18 for 1928 to $2.59 for 1929, or about 19% for the year."
Twin City Rapid Trandt Co
1276 General Baking Corp
Through ownership of about 99% of the common stocks in addition to
Union Electric Light & Pow. Co. of
General Bronze Corp
12°8 varying amounts of the preferred stocks, Engineers Public Service CO..
9887
65
Illinois
1116 General Cigar Co., Inc
981 which is a public utility holding company, directly controls the following
Washington Baltimore & Annapolis
General Fireproofing Co
981 nine companies, which have a plant and property value, as of Dec. 31
Electric RR
1277 General Outdoor Advertising Co- — -1287 1929, of L:79.284.212: Puget Sound Power & Light Co. Virginia Electric &
Washington Gas Light Co
975 General Railway Signal Co
Power Co., El Paso Electric Co.. Eastern Texas Electric Co.. Savannah
Washington fly. & Electric Co
975 General Silk Corp
Electric & Power Co., Baton Rouge Electric Co.. Key West Electric Co..
Western Masiachusetts Companies.1277 General Theatres Equip. Inc
Ponce Electric Co. and LouisianaSteam Products, Inc.
Westmoreland Water Co
1117 General Tire & Rubber Cc
The operation of the constituent companies of Engineers Public Service
128
9"°88282
8
Willlameport Water Co
975 Giant Portland Cement Co
982 Co.is under the supervision of Stone& Webster Service Corp.,affiliated with
Stone & Webster, Inc., which recently made an offer to exchange six shares
(A. C.) Gilbert Co
180
8
07
8
2
Indus dale-of the common stock of Stone & Webster. Inc., for each 10 shares of EnGillette Safety R zor CO
Acme Steel Co
975 Goldman Sachs Trading Cerp---- 808 gineers conunon, of Which there were outstanding on Dec. 31 last 1.818..
Adams Express Co
790 (B. F.) Goodrich Co
511.25 shares. The exchange has been recommended to stockholders by the
Air Reduction Co., Inc
1117 (P.& W.) Grand Silver Stores, Inc_ _ 19 8 directors of both companies. Engineers has also outstanding 158.280 shame
983
28,89
8
3
Airstocks, Inc
1277 Graymur Corp
of $5 dividend convertible preferred and 196,910 shares of $5.50 cumulative
Alaska-Juneau Gold Mining Co
1117 Harbison-Walker Refractories Co- _ 122888 dividend preferred. There is no funded debt of the holding company
112888
.
Alaska Packers Association_ _ _800. 975 Harmony Mies. Inc
Engineers net earnings from dividends and interest last year were 35.411.Albany Perforated Wrapping Paper
Hart-Carter CO
983 330, which compares with 33,400.484 for 1928, an increase of42,010.846.
Co
803 Hartford Fire Insurance Co
Common stock dividensts are at the rate of $1 a share annually plus 4%
Aldred Invest. Corp.(Canada)
1278 Hawaiian Pineapple Co., Ltd
In stock, the stock dividend being charged against earned surplus at $10 per
Aldred Investment Trust
1278 Hazel Atlas Glass Co
share. Followir.g its policy of maintaining adequate reserves for replaceAlliance investment Corp
1278 Hercules Powder Co
ments and retirements and for surplus. 35.666.059 from earnings last year
,
800 Hibbard. Spencer, Bartlett & Co.
Milan* Reeky Co
..1288 was reinvested in the properties of the constituent companies. The total
8
Allied international Invest. Corp.— 978 (A.) Hollander & Son, Inc
investment of Engineers Public Service in constituent companies on Dec.31
Aille-Chalmem Mfg. Co
800 Hollingswortn & Whitney Co
last was 391,530,000.
1264 Holophane Co.. Inc
Alpha Port'aid Cement Co
Of the general policy of Engineers Public Service Co., President Kellogg
983
American Bondholders & Share Corp.
Houdaille-Hershey Corti
says in his report. 'Its purposes are two-fold, first, as to the public served,
800 Hudson Motor Car Co
(N. J.)
to improve and develop the service in the territories covered by Its conAmerican Brake Shoe & Foundry CO- 975 Hupp Motor Car Corp
stituent companies: and second, as to the investing public, to offer the
Amer. lint. & Continental Corp_ _ _1117 Illinois Brick Co
810' 99888
12
9 opportunity, through the purchase of its securities, to participate in an
American Chain Co., Inc
1278 Independent 011 & Gas Co
1289 investment which, through diversification, has greater stability than the
American Chicle Co
976 Indian Motocycle Co
1289 same investment In a single property. Common control through a holding
Amerkan 1.:wiltics Co
1266 Indiana Limestone Co
company makes possible the raising of new capital in adequate amounts
American Ire Co
1118 Indiana Pipe Line Co
1219 When needed for the development of the public service, and,through breadth
8°
8
American Rediscount Corp
801 Inland Investors. Inc
1124 of view and experience, makes for sound engineering and economical Oper
American Republics Corp__ _976, 1106 Inland Steel Co
083 ation and the bringing of good service to many communities which without
American Screw (2o
1279 Insuranshares Corp. of Delaware.-- 801 the holding company a backing would have inferior service." See also V.
American Seating Co
1279 Interlake Iron Corp., Chicago. III -1289 130, p. 972, 1113.
American Snuff Co
&
1118 International Bldg. (Eleventh -American Solvents .tc Chemical Corp-1279
Baltimore Corp.), Kansas City,
American Utilities 4, Gen'l Corp.__ -1279
Mo
983
The Baltimore & Ohio Railroad Company.
Anglo-National Corp
801 International Carriers, Ltd
Arlington Mins (Massachusetts)___ 976 International Safety Razor Corp__ _ _
Arrow-Hart & Hegeman Elec. Co--1279 International Salt Co
(Preliminary Report—Year Ended Dec. 311929.)
084
Artloom Corp
12810
801 Investment Co. of Anieries
989°3
Arundel Corp
977 Investment Corp. of Philadelphia-- 811
The remarks of President Daniel Willard, together with
Associates Investment Co •
977 Investment Trust Associates
. 811
condensed income account and balance sheet, will be found
Atlas Imperial Diesel Engine Co---- 077 Investors Association
Atlas Plywood Corp
1279 Investors Syndicate
in the advertising pages of this issue.
Atlas Powder Co
12 1
89
98410
801, 977 Iron Fireman Mfg. Co
Automobile Finance Co., Pittsburgh 977 Jackson & Curtis Invest. Associates- 1810
91
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Aviation Credit Corti
1119 Jaeger Machine Co
811 Rev.
freight(tons)—108,802,048 103,714,942 108,495,849 114,222,970 104,637,773
Baldwin Locomotive Works
1265 Jewel Tea Co
2
• Rev, tons one mile 20.857.869 20,243,109 20,841,869 21,351,919,1
'19,45 .
9 442
Baltimore Tube Co.. Inc
1279 Joint Investors, Inc
811 Rev. per ton
per mile
•
0.872c.
0.8680.
0.850c.• ' 0.995e.
Bankers Investment Trust of Amer_ 1279 Jones & Laughlin Steel Corp
0.857e.
No. passengers card 9,038,071 10,257,906 12,873,274 13,736.339 14.745,684
)3ayuk Cigars, Inc
978 (Spencer) Kellogg & Sons. Inc
eNo.pase.car. I mile
887,441
768,550
BeldIng-Cortioelli, Ltd
728,586
844,449
902,306
801 Holster Radio Corp
1898124 Rev.rer
125
pme.per mile
,3.177c.
3.085e.
3.113c.
3.118e.
3.039c.
Benson & Hedges
978 (S. S.) Kresge Co
984
Blue Ridge Corp
1267 (S. IL) Kress & Co
•Last three figures omitted.
811
FINANCIAL CHRONICLE
11930.]
M.
CONDENSED INCOME STATEMENT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
$
$
$
$
Rev,from frt. transp'n- -205.489,402 197.215,444 203.571.444 212.491,018
Rev,from pass. transp'n 22,138.627 23,712.130 26,286,707 28,137.228
Rev, from mail, express
and other transpoWn- 17,790.747 15,891.107 16,223,916 16,945,140
Total ry.oper.revs---245.418,776
Maint.of way &struct __ 29,418,140
Maint. of equipment.-- 51,765,468
Traffic
5,948.432
Transportation
82.958,813
General
8,250.057
Miscellaneous
2,229,124
236,818,681
26,895,746
47,404,095
5,748.601
82,429,731
7,958,369
2.114.326
246,082,067
30.895,333
51,318,762
5.599.463
87.290,534
8,851,616
.
2,215.353
257.573,386
32.639,547
55,039,906
5,241,032
89.545.840
6.793,829
2.212,147
Total ry. oper. exp- - -180,570.034 172,550,868 186.171.062 191,472.301
Transportation ratio_ __
35.47%
34.81
34.777
33.80?
Total operat g ratio__ 74.34
73.58
75.65%
72.86
Net rev,from ry. oper-- 64,848,7 2 64,267,8A 59,911,005 66.101,11
Taxes
11,965,798 11,638,718 12,286,663 12,076,677
Equip. & it. facii. rents_ 3,698,834
2,806,145
3,241,378
3.860.558
Tot. chgs. to net revs_ 15,664,632 14,880.096 15.092,808 15.937,235
Net ry.oper.income._
49,184,110 49,387,717 44,818,197 50,163,850
Other income
8.570,727
7,116.338
8,427,835
7,378.325
Tot.inc. fr. all sources 57,611,945 56,766,042 53,388,924 57,280,188
Interest
28,024,557 26,997,767 30.091.086 28,930,108
AU other deductions_ 664.493
819,480.
667,344
740,321
Total deductions
Bal. avail, for divs. and
other corporate purr.-Divs. decl.-Pref.stock_
Common stock
Total dividends
27.665,111
30.755.579 29,670,429
28,767,908 29,100,931
2.354.528
2354.528
15,367,783 12,911,275
22,633.345 27,609,759
2,354.528
2,354,528
10,964.491
9.116,725
17,722,311
13.319,019
28,844,037
15.265.803
11,471,253
Leaving a surplus of_.- - 11,045,597 13,835,128
9,314,326 16.138,506
Shs, corn. stk. outstanding (par $100)
2,562,954
1.519.453
2 151.878 2,151,878
Earnings per share
a$9.42
$16.62
1410.30
' $12.43
a The earnings ph share on the average amount of common stock outstanding during the year amounted to $11.10 per share. b The earnings
per share on the average amount of common stock outstanding during the
year amounted to $11.24.
COMPARATIVE CONDENSED BALANCE SHEET DECEMBER 31.
1927.
1926.
1929.
1928.
Assets
Invest. in prop, used in
transportat'n servicex894,281,621 869.468,135 859.885,306 822,465,180
Inv. in sep. oper. cos.,
incl. misc. phys. prop_ 94,153,366 58,962,821 58.174.738 58,635,210
Inv. in sink. funds &
dep.acct. prop.sold_ _
667,703
668,544
736,112
110,010
Inv.in other companies_ 49,553.307 58.778.954 56.741,577 31,279.788
'Dash
19,389,021 19,196,369 18,749,860 24.533,719
Cash for red. of bonds
34,717.775
Other current assets- _ - - 54.045,003 37.988,343 38,446,015 43,154.454
Deferred assets
4,201,266
4.811.837
5,210,210
3.489,283
1447
The managers state that the liquidation in the stock market, when so
large a proportion of the assets of the Fund was held in call loans and cash,
has made possible a genuine improvement in the long-term invested position
of certificate holders through the acquisition of desirable securities on a
favorable price basis.
The inclusion of unrealized appreciation or depreciation in the asset
value of a certificate is appropriate in the case of this Fund, in that a
registered holder may present his certificate for redemption on any business
day and realize his proportionate part of the then current value of the
assets of the Fund in the redemption value of his certificate.
The toal value of assets under the mangernent of Irving Investors Management Co., Inc., at Dec. 311929,including the value of assets in Investment Trust Fund B (the accumulative fund), as well as Investment Trust
Fund A, after deducting unrealized loss in securities held, and before deducting provision for reserve for contingencies in each Fund, was $24,757,434. compared with $22,930,006 at the end of 1928, $17,373,788 at
the end of 1927. $9,652.770 at the end of 1926. and $4,713,665 at the end
of 1925.-V. 130, p. 632.
Public Service Corporation of New Jersey.
(Annual Report-Year Ended Dec. 311929.)
The remarks of President Thomas N. McCarter will be
found at length under "Reports and Documents" on subsequent pages, together with the income accounts and balance
sheets of the company and its subsidiaries, and various
statistical tables covering a number of years.
Our usual comparative tables were published in V. 130,
p. 1265-V. 130, p. 1275, 1265.
American International Corp.
-Year Ended Dec. 31 1929.)
(Annual Report
.
The remarks of President Matthew C. Brush, together
with income account and balance sheet for the year 1929,
are given under "Reports and Documents" on a subsequent
page.
-V. 130, p. 1278.
Consolidated Gas Company of New York.
(Including Affiliated Gas and Electric Companies.)
(Annual Report-Year Ended Dec. 311929.)
The report submitted at the annual meeting of the stockholders Feb. 24 1930 and signed by Pres. George B. Cortelyou, affords the following:
Attention is invited to the evidence presented by the balance sheet in
confirmation of the strength and stability of the company's financial position. This is attributable to the conservative policy which,for many years,
has governed the matter of dividend distribution, as well as to the accumulation, out of earnings which were within the limits of a reasonable return
upon the property devoted to the public service, of substantial but prudent
as segregations of surplus. The investment of these resources in
Total assets
1,117,368,610 1049875,003 1071584.240 983,667,639 reserves electric properties strengthens the ability of the company to maingas and
Liabilities
capacity.
Preferred stock outst'g__ 58,863,181 58.863,181 58.863.181 58.863,181 tain its present earning balance sheet it will be observed that the Capital
From the combined
Com,stock outstanding -256,295,434 215.187,854 215,187,854 151,945,354
stocks of the affiliated companies in the hands of the public amount to less
Premium on capital stk. 3,355,721
3,320,231
3.320,231
Equipment obligations- - 71,623,200 65,193,700 70,488,800 66.896,268 than 3, of 1% of all of the capital stocks outstanding.follows:
The affiliated companies, on Dec. 31 1929, were as
Mtges. & cap. leaseholds485.181,422 483,868,989 482,890,373 515,077.173
The Astoria Light, Heat & Power Co.: New Amsterdam Gas Co.; The
Bonds called for redemp_
33,871,000
East River Gas Co. of Long Island City: Central Union Gas Co.; Northern
Traffic & car serv. bal.,
Union Gas Co.; The Standard Gas Light Company of the City of New York;
accts. Rc wages pay.,
New York Y.; Queens Gas Co.; The New York Edison Co.: Brooklyn Edison
int. & dive. mat'd &
Co., Inc.; The Yonkers Electric Light & Power Co.; Consolidated Teleunpaid, unmat'd divs.
Light & Power Co.;
decl. & 0th. curr. liabs 31,608,063 28,514,869 29,570,123 32.498,670 graph & Electrical Subway Co.; The United ElectricNew York & Queens
The Brush Electric Illuminating Co. of New York;
Liab.for provident funds
Co.; The Bronx Gas & Electric Co.; Westchester
& other def. iterns____ 9,772,838
9,325,212 10.424,802
7,327.044 Electric Light & Power
& Coal Co.: Municipal Lighting Co., Inc.;
Accr. deprec., equip- 70,160,425 66,443,844 61,772,898 55.623.428 Lighting Co.; National Coke Inc.; Tarrytown Terminal Corp.;and EnsignGreen Mountain Lake Farms,
Res. for taxes, Maur. &
& oper
14,259.312 13,953.599 Reynolds, Inc.
16,039,57015,252,017
-In accordance with resolutions adopted by the board
Surplus
114,468,786 103,905,106 90.935.666 81.482,922 of Capital Changes. 1929, there were issued 1,041,469 additional shares of
trustees July 25
common stock at $75 a share, out of the unissued balance of additional no
Total liabilities
1117368,640 1049875,003 1071584,240 983,667.639 par common stock authorized by the stockholders at the special meeting
x Includes $634,709,871 road and $259,571,750 equipment.
-V. 130 on July 16 1928.
p. 1269.
During the year, 10,406 shares of the capital stock of the Brooklyn
Edison Co., Inc.. were acquired in exchange for 10,406 shares of the $5
Iron Fireman Manufacturing Co.
cm:mi, pref. stock and 20,812 shares of the common stock of this company.
As of Dec. 31 1929. there had been acquired by exchange, as heretofore
(Annual Report
-Year Ended Dec. 31 1929.)
authorized by the stockholders and approved by the P. S. Commission,
Theremarks of President T. H. &infield, together with 887,756 shares, or 98.64% of the capital stock of the Brooklyn Edison Co.
an income account and balance sheet as of Dec. 31 1929, Inc. the authorized 12,000,000shares of no par common stock and 3,000,000
Of
will be found in the advertising pages of to-day's issue. shares of no par $5 cumul,pref. stock of this company,there were outstanding on Dec. 31 1929, 11,456,981
Our usual comparative tables were given in V. 130, p. 1290. shares of$5 cumul. pref.stock, heldshares of common stock and 2,087,756
by, approximately,95,000 stockholders.
-The aggregate gross capital expenditures of the
Capital Expenditures.
Irving Investors Management Co., Inc.
consolidated company and its affiliated gas and electric companies,for land,
plant and equipment, during the year 1929, amounted to $89,116,312.
(Fifth Annual Report
-Year Ended Dec. 31 1929.)
Credits to capital account, due to retirements of plant and equipment
charges
The fifth annual report of Investment Trust Fund A, from service. adjustments of previousincrease ofand sale of real estate.
869,591,819 invested in
a not
aggregated
managed by Irving Investors Management Co., Inc., is laud, plant$19.521,493, leaving the year.
and equipment for
-The amount of taxes imposed by Federal, State,
The Tax Burden.
given in full under "Reports and Documents" en subseof the largest factors
continues to be
county alai municipal
quent pages. The report, while giving in detail the results in the cost of gas and authoritiesto the customersonethis company and its
of
electricity
Believing that the gas and electric industries are carryof the operation .of the fund as a whole, also discloses that affiliated companies.
ing
the individual participants received distributions for the icanmore than an equitable share of the tax burden of the nation, the AmerGas Association has appointed a committee to study this question on a
year at rates ranging from 5% to 7.50% per annum, de- nation-wide basis. It Is hoped that its study and cousiderationof the subject
may, in subsequent years, develop a procedure under which this burden
pending on the time of issuance of the certificate, and that can be materially lizhtened.
the income of the fund from interest and dividends alone
The taxes charged as a part of the operating costa of the companies and,
the
was in excess of the requirements for the regular and extra therefore, collected by them from their customers for, aid and benefit
sowhere ($89.512).
of the taxing authorities, including taxes charged e.
distributions.
totaled $24,982,357 in 1929, as compared with $24,080,995 in 1928, an
Unlike the holders of corporate se-unties, each subscriber to investment Increase of $901,363, or 3.74%. The burden thus imposed upon the comtrust fund A receives a certificate evidencing in effect the creation of a panies and reflected in their rates, amounted to over 17% of the total operseparate, voluntary, revocable trust. Thus the amounts and percentages ating costs. This tax collecting function thus added 13.32 cents per 1,000
earned on the total fund do not armly directly to individual trust certificates cubic feet, on the average, to the required rate for gas and slightly less
outstanding, each certificate holder receiving separately a statement than 0.48 of a cent per k.w.h on the average, to the required rate for electric
cevering the earnings of his participation.
energy, throughout the territory served by the Consolidated Gas Co.
In drder, therefore, to present a record of the actual experience of those and its affiliated companies.
-The
who have subsetibed to the fund at intervals since its inauguration, the
Commission an Revision of the Public Service Commission Law.
report includes a tabulation showing the distributions and earnings to 1929 Legislature of New York created a commission, appointed in part
Dec. 31 1929 on ten typical certificates issued at approximately 6 months from the Senate and Assembly and in part by the Governor, "to make a
intervals from the inception of the fund.
thorough survey, examination and study of the Public Service Commission
The first of these representative participations, issued early in Jan. Laws of this and other States" (L. 1929, (lh. 673). This commission has
1925, has been under management practically five years, and the holder recently concluded its hearings, and its report will soon be submitted to the
has received distributions at the average rate per annum of 6.30%. while, Legislature.
up to Dec. 311929, the asset value of the certificate has increased 31.71%,
uring the hearings held by this legislative commission. representatives
before reserve. or 26.03% after reserve.
• of the affiliated companies appeared and furnished facts asked for by the
It is shown further that distributions have been made on all the typical commission.
certificates at 5% per annum, or better, the rate tending to increase with
-The P. S. Commission has
Progress Towards Standard Forms of Rates.
the length of time the certificates have been outstanding, and that all those continued, but not yet completed, its State-wide hearings in furtherance
issued up to July 5 1928. experienced, in addition, some gain in asset value • of standard forms of rates for gas and electricity, together with more nearly
prior to reserve.
standardized forms of rate schedules and applicable rules and regulations.
Those certificates issued in the latter part of 1928 and in 1929, show a Representatives of the affiliated gas companies appeared before the Comdecline in asset value directly attibutable to the fall in stock quotations mission, at its request, and made available to its the results of their exnear the end of a fiscal year. The report, points out, however, that on perience and judgment.
Oct. 11929, 63.5% of the Fund was held in the form of call loans and caah,
Meanwhile, appreciable progress has been made during the year, by way
and that by Dec. 31 1929, this position had been reduced materially. On of improvements in the rate schedules and rate structures of both the gas
that date. 31.4% of the Fund was hold in liquid form, the balance, 68.6%, and electric companies. These companies will welcome the extension and
being invested in common stocks, preferred stocks and convertible bonds, adoption of the sound economic principles underlying rate differentiations
as shown in detail.
which take into account the relative costs of service.
1448
FINANCIAL CHRONICLE
Reductions in Gas Rates.
-During the year, the affiliated gas companies,
upon the recommendation of their commercial departments, made a further
reduction in the optional rate which had been previously proffered for heating purposes. This rate change was designed to further the economic
desirability of the use of gas and, it is believed, will be instrumental in
further increasing the total of house-heating Installations, which now number
1,317.
The optional rates established in 1927 have justified themselves as improvements over the depressive "flat" rate and have developed data useful
In readjusting the rate structure to sound economic bases.
Reductions in Electric Rates.
-The progressive policy of making reductions
in rates charged for electric service, as far and as fast as economies and
reduced unit costs permit, has been continued by the affiliated electric
companies during the past year. Such reductions during 1929 amounted to
more than $1,750,000. The largest reduction was made by the New York
and Queens Electric Light & Power Co., which totaled, approximately,
$1,279,000. The reduction made by the Yonkers Electric Light & Power
Co., during the year, was to the extent of 2 cents per k.w.h and amounted
to, approximately, $192,000. The reduction in wholesale rates made by
The New York Edison Co. amounted to, approximately, $280,000.
These reductions by the affiliated electric companies, in rates charged
during 1929,followed similar reductions totaling, approximately,$4,523,000
during 1928, and have brought the total for the five-year period ended
Dec. 31 1929, to. approximately, $11,000,000.
In addition, reductions were made in electric rates in Westchester County
during the year, amounting, on an annual basis, to about $500,000. Similarly, reductions in electric rates were made by The Bronx Gas & Electric
Co. amounting, on an annual basis, to, approximately, $172,000.
-The Mayor and Corporation CounComplaint Concerning Electric Rates.
sel of the City of New York, together with the Public Service Commission,
concluded, during the year, their presentation of such proof as they were
able to offer in the matter of the complaint filed with the Commission by
the former Mayor, respecting the rates charged by The New York Edison
Co. The disposition of this complaint is looked for at an early date, and
it Is hoped that improvement in the forms of the Manhattan rates may be
contemporaneously accomplished.
-The gas sales of the Consolidated Gas Co. and
Sales of Gas & Electricity.
Its affiliated gas companies for the year 1929, amounted to 42,883,773,500
cubic feet, a decrease below the year 1928 of 277,693,400 cubic feet, or
0.64%. The affiliated electric companies sold 3,860,166 391 k.w.h. of
electric current, an increase over 1928 of 397,376,508 k.w.h., or 11.48%.
The Bronx Gas & Electric Co. obtained the greatest percentage of increase
In gas sales, or 20.22 over 1928. The same company also obtained the greatest percentage of increased electric sales, which was 44.29 over 1928.
The total number of gas-meters of the Consolidated Gas Co. and its affiliated companies in use at the end of 1929, was 1,135,457. The total number
of electric meters of the affiliated companies in use at the end of 1929, was
2.335.772.
All of the properties of the various companies have been maintained in
excellent repair and at the highest point of operating efficiency, at a cost of
$17,113,358 for repairs and $13,753,395 for renewals, or a total cost of
$30,866,752; thus insuring uniform quality and economical production and
distribution.
COMBINED EARNINGS STATMENT FOR CALENDAR YEARS.
1928.
1929.
1927.
$222524.049 $212594.530 $199021,653
103,419,288 10,5347,893 102,825,325
14,627,696 11,098,043
9,281,286
24,892,845 23,967.264 21.664,561
Gross operating revenue
*Operating expenses
Retirement expenses
Taxes
Net earnings
Non-operating revenue--- - - -Non-operating revenue deductions
Non-operating income
$79,584,219 $72,181,330 $65,250,481
552,121
1,111,194
1.551.069
164,901
181,427
201,306
_
$390.694
$946,293 $1,349,763
'Gross income
$79,974,913 $73,127,623 $66.600,244
Interest on funded and unfunded debt 14,969,505 13,535.071 14,290,087
Surplus earnings
$65,005,408 $59,592,552 $52,310,157
Divs. paid: on Consol. Gas Co.'s stk
Common
34,850,507 23,978,135 20,689,462
$5 cumulative preferred
7,075,300 3.723,095
10,397,903
6% cumulative participating pref._
525,057
On affiliated companies' stock
5,523,417
6,632,656
205,086
Balance carried to surplus account419,551,912 $23,015,700 $20,739,886
*Includes maintenance
17,113,357 17.834.418 18,130.786
Shares com. stk. outst'g (no par)- -- 11,456,981 10,394.700 4,320,000
Earns per share
$9.58
$4.52
$4.75
Note.
-The figures shown above for 1927 have been amended from those
reported for that year to include the revenues and expenses of the Brooklyn
Edison Co., Inc.
Combined Surplus Account for the Calendar Year 1929.
Credit balance Dec. 31 1928
$200,845,768
Net excess of cost of sec. of affiliated co.'s reacquired prior to
Jan. 1 1929, over the par or stated value thereof, as shown
in foot note (e) of the balance sheet
3.155,382
Adjusted credit balance
$197,690,386
Surplus earnings for the 12 months ended Dec. 31 1929, in
excess of dividends paid
19,551,912
Miscellaneous items (net credit)
104,506
Total surplus
$217.346,804
Appropriation for contingencies
863,865
Appropriation for employees' profit-sharing
714,219
Net loss occasioned by the abandonment of the railroad depart.
of the Peekskill Lighting and RR. Co
578,885
Excess of cost of sec. of affil. co's reacquired during the year
1929, over the par or stated value thereof
391,544
Adjust, of fixed capital, by order of Public Service Commission
700,000
Net loss sustained in the dissolution ofthe Edison Light & Power
Installation Co
1.041,442
Credit balance Dec. 31 1929
$213,056,848
Condensed Summary of Financial Transactions for the Calendar Year 1929.
Resources.
Cash balance Dec. 31 1928
$19,722,933
Balance of earnings carried to surplus account
19,551,912
Reserved for retirements (unappropriated balance)
2,748,205
Increase in insurance and other reserves
427,535
Capital stock issued by Consolidated Gas Co. 1.041,469 shares
sold at $75 a share
$78,110,175
In exchange for capital stock of Brooklyn Edison Co., Inc
20,812 shs. of com. at $23.3134 a share__ $485,198
10.406 shares of pref. at $91 a share
946,946
Total
$1.432,144
Less
-Par value of 10,406 shares of Brooklyn Edison Co., Inc., reacquired
1,040,600
Par value of 50 shs. of Peekskill Lighting &
RR. Co. reacquired
5.000 386,544 78,496,719
Total
$120,947,303
Appropriation of Resources.
Net investment in land, plant & equipment
$69,591,819
Decrease in funded debt
-Hudson River Gas & Elec
Co. 1st mtge. 5% bonds retired
$250,000
Peekskill Lighting & RR. Co. 1st mtge. 5% gold
bonds reacquired
13,000
263,000
Decrease in unfunded debt repaid banks (net)
Other unfunded debt
Increase in temporary & miscell.investments
Appropriation of contingency reserve (net)
Miscell. items in profit and loss acct. (net debit)
Variation in current assets & liabilities
Total
Cash balance Dec. 31 1929
$5,000,000
209,884
5,209,884
22,577,161
936,135
4,185,450
3,864,844
$106,628,293
$14,319,009
[VOL. 130
COMBINED BALANCE SHEET DEC. 31.
Consolidated Gas Co. of New York and Affiliated Gas & Electric 008.1t
Assets
Variation.
92
Plant & equip. (incl. land)_ 41,055.623,204 e$986.031,385
.
$69,591,819.
Temporary & miscell. invest.
31,148,426
8,571,265
22,577,161
Cash
14,319,009
19,722,933x5,403,923.
Accts. receivable
(34,696,108
(6,602,793
28,093,315
Materials & supplies
20,709,522
1,083,072
19,626,450
Deferred charges
15,041,949
x497.768
15,539,717
Total
$1.171,538,219 $1,077,585,064
Liabilities
Capital stk outstg. Consolidated Gas Co.-com. a
$391,502,632 $312,907,259
$5 cumul. pref. b
189,985,796
189,038,850
Affiliated companies c
2,180,421
3.226,021
Funded debt: Consol. Gas
Co.'s debentures
50,000,000
50,000,000
Affiliated companies
190,832,790
191.095,790
Unfunded debt cl
22,070,285
27,280,169
Accts. pay. & accr'd charges
32,597,613
29,274,359
Res. for insurance
5,476,005
5,097.854
Reserve for retirements__ _ _
13,906,865
11,158,660
Res. for contingencies
58,664,600
59,600,736
Miscellaneous reserves
1,253,822
1,204,438
Premium on capital stock- 10,542
10,542
213,056.848 5197,690,388
Surplus
$93,953,158
$ 78.595.373
946,946
x1,045,600'
x263,000
x5,209,883
3,323,254
378,151
2,748,205
x936,135
49,383
15,366,462
Total
$1,171,538,219 51.077,585.664
$93,953,156* Decrease. a Shares having no par value, 11,456,981 in 1929 and
10,394.700 in 1928. b Shares having no par value, 2,087,756 in 1929 and
2,077,350 in 1928. c Shares of the par value of $100 each, 18,758 in 1929
and 29,214 in 1928; shares having no par value, 6,092 in 1929 and 6,092
In 1928. d Includes notes and loans payable. $8,500,000; real estate mortgages, $380,300; consumers' deposits, $10,320,668; disputed taxes, $2,869,317. e Excludes $3,155,382, representing the net excess of the cost of
acquisition of secur. of affil. co.'s over the par or stated value thereof.
f Includes special deposit of $3.000,000 for redemption of Brooklyn Edison
Co., Inc., general mtge. 6%, series B bonds maturing Jan. 1 1930.V. 129. P. 3011.
Underwood Elliott Fisher Co.(& Subs.).
-Year Ended Dec. 31 1929.)
(20th Annual Report
Philip D. Wagoner, President, says in part:
In furtherance of the policy of offering the business world a comprehensive
line of labor saving office appliance machines,company during 1929 placed
on the market the Underwood Noiseless Typewriter. Its reception has been
most gratifying.
In addition to this important new product, during 1929, company placed
additional new models of existing lines on the market, and important
improvements in existing models to the extent of 32 items, as well as.
numerous other improvements.
A comprehensive line of first grade ribbons and carbon paper under the
trade name of "Ellwood" was also made available to the business world
during the year In addition to our well established "Efco" line.
In connection with this development and production of improvements
and new models, company expended substantial sums during 1929.
CONSOLIDATED INCOME STATEMENT CALENDAR YEARS.
1929.
1928.
Net income for yr., after deduct. mfg.,sell. & gen.
$8,953,713 $6,304,092
expenses and all other charges
3,666
91,445.
Interest
699,492
713,752
Depreciation
887,179
644,556
Provision for Federal income tax
Net income for year
Preferred stock dividends
$7,363,377 $4,854,339
339,675
385,980
Balance,surplus
87,023,702 $4,468,359
Aver, no. of Bilti. of com.stk. outstdg.(no par)---696,835
660,515
$6.77
Earnings per share
$10.08
CONSOLIDATED STATEMENT OF SURPLUS.
$12,375,448
Balance,Jan. 1 1929
Net income for year 1929
7,363,377
Total surplus------------------------------------------$19.738,825
Preferred dividends
339,675
Common dividends
2,956,404
Premiums on preferred stock purchased or retired
174,406
Adjust, of treas. com. stock acquired in 1929 to nominal value
126,588
Per share carried in capital stock account
Prov. for conting. in respect of invest. In non-consol. MU. &
500,000
subsidiary companies
2,000,000
Amount written-off patents, development, good-will, &c
Balance, Dec. 31 1929 (incl. special surplus capital reserve,
$13,641,751
$2,000,000 used in retirement of preferred stock)
CONSOLIDATED BALANCE SHEET, DEC. 31.
x1928.
x1928.
1929.
1929.
Cash
5,694,532 2,382,011
Accounts payable_ 553.062
507.730
Demand loans rec.
200,000 1,400,000 Accr. wages, com(secured)
436,893
missions, dm- __ 493,663
Notes & accts. rec.. 5,389.555 5,719.895
7,769,725 7,517,172 Res. for Fed. &
Inventories
443,066 other taxes
802,870
Prepaid expenses_ 232,938
922.978
Unred. mdse.coup. 159,883
144,051
Real est., bldgs.,
Dlvdends payable
30,162
plant, mach.,
2.516
314.690
tools, ,kc
y7,187,910 7,318.373 Deferred income_
395,052
Res. for cording. dr
Equity in & adv.
future expend
2,446.379 1,900,325
to affil. & sub.
cos, not consol 3,574,230 3,166,846 Sundstrand Corp..
7% cum. pt. stk.
1,519,900
Real est. & mtge.
62,921 7% cum. pfd. stk.. 2,937,800 3,151.200
62,921
on real estate_
65,760 tier. B $7cum. pfd.
Other investments
stock
810,000
Patents, developl.
good-will, arc__ 8,812,975 10.812,975 Common stock -_z17,371,700 16,895,750
Surplus
13,641,751 12,375.448
Total
38,924,785 38,889,019
Tots
38,924,785 38,889,019
x The balance sheet at Dec. 311928. for comparative purposes, has been
adjusted to include, (as does the balance sheet at Dec. 31 1929), the equity
in the undistributed surplus of affiliated and subsidiary companies not
consolidated. y After reserve for deprec. of $5,992,218. z Represented by
694,868 no par shares.
-V. 129, p. 3183.
Phillips Petroleum Company.
(Annual Report-Year Ended Dec. 31.1929.)
The report, signed by Frank Phillips, President, and 0. K.
Wings, Treasurer, says in part:
Operations.
-Gross production of crude oil for the year was 15,696,732
barrels and net production was 12.437.089 barrels compared with 14,668,881
barrels gross and 11,142,954 barrels net In 1928. Due to over production
and in line with all policies of conservation now prevailing in the industry,
drilling was kept at a minimum. Total wells in operation were 2,954 at
the end of the year. Total acreage owned or controlled on Dec. 31 was
1,506,246 acres, an increase of 408,422 acres during the year.
Net production of natural gasoline was 219.774,567 gallons, compared
with 187,589,046 gallons in 1928. An increasing portion of this gasoline
is being marketed in the Company's controlled volatility gasolines through
retail stations. A number of smaller plants were consolidated, effecting
more economic operation and causing a reduction of total plants in operation from 47 to 44. Because of the large average daily production of
company plants, operating costs are low and this division continues to be
especially profitable. A plant has recently been authorized in the Oklahoma City field designed to process 50,000.000 cubic feet of gas a day.
Refinery capacity and operations during the year were increased in
keeping with the Company's policy of supplying all of its marketing outlets with Its own products.
MAR. 1 1930.]
Expansion in the retail marketing division was continued. In addition
'to our own construction program some of the more important companies
Springfield, Mo.; Winters
.acouired during the year were Wihioit 011
Morrison Oil Co.,
Co.'
Off Co., Kansas City; State Oil Co., Lincoln,
Neb..'
Denver, Colo.; Hancock Oil Co., Minneapolis, Minn. A number of smaller
concerns were also taken over. In January Mitchell Oil & Gas Co. operating in Illinois was purchased. At the end of the year, the company's
motor fuels were available through 6,750 outlets, including bulk, service
.stations and resale accounts located in Kansas, Missouri, Arkansas, Oklahoma, Texas, New Mexico, Colorado. Iowa, Nebraska, Minnesota, Wisconsin and Illinois, compared with 1,800 outlets at the end of 1928. Phillips 77 Aviation is distributed over a much wider area. Total sales for the
year amounted to over 60,000.000 gallons, and at present sales through
-these outlets are at an annual rate of approximately 100,000.000 gallons.
Ethyl,
The line of products. Phillips 66, Phillips 66 Ethyl Phillips 77 Aviation
the area where
and Phillips Oils have met with remarkable success
.available and toe operation of the division has proved profitable.
Gas sales for the year were 171.161.819.000 cubic feet compared with
118,190,931,000 cubic feet in 1928. Production of carbon black was
18,213,051 pounds compared with 4,680,862 pounds in 1928. Company
now supplies about 50% of the gas used in the manufacture of carbon black
In the United States.
Philfueis Co. a wholly owned subsidiary, had a substantial growth.
This company distributes liquified gas for various domestic and industrial
.11Bee. the liquified gas being a by-product of the company's natural gasoline
plants. Retail domestic fuel sales for the year were 2,957,000 Pounds
compared with 368,000 pounds in 1928; sales at wholesale and of special
products were 6,137,000 gallons compared with 3,052,000 gallons in 1928.
This division is becoming a source of considerable revenue and the expansion
authorized and that anticipated should make it One of our largest stable
sources of income.
In addition to the sources of revenue mentioned above, there are a
number of others smaller yet equally as important in respect to the amount
'invested,such as pipelines,water stations, machine shops and other numerous
small investments. Company operates 2.198 tank cars, owned or under
'lease purchase agreement.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
'Gross income
$51,106,897 $42,721,858 $43.096.307 $57.838.370
•Operating and gen exp..- 25.319,922 18,811,764 17,725,427 17,049.675
1,027,230 3,139.570
'Taxes
1,473,620
1,666,080
Intangible devel. cost-- 1,463,022 4,058,915 4.202,952
2,608,159
Exp.& aband.lease, &c_
Depletion & depreciat'n- 7.947,997 11,323,536 14,045,336 13,633,257
Net for surplus & divs.$14,709,875 $7,054,023 $6.095,359 $21,407,708
412.064
"Other income
918,114
543.906
Total income
$15,253,781 $7,972,138 $6,507,423 $21,407,708
1,569,492
Interest
2.041.190 2,011.967
$13,212,591 $5.960,171 $4,937,931 $21,407.708
7,218,408
x3,983,3130 4,786,433 7,161.625
Earned surplus
$9,229,201 $1.173,738def$2223.694 814,189.301
Shares capital stock out2.407.082
standing (no par)
2,543,306 2,402,354 2,394,571
$2.06
$8.89
Earned per share
$2.48
$5.19
x In addition a 5% stock dividend was paid. This dividend called for
127,216 shares and was capitalized at $4,579,425.
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928.
$
$
Liabilities-Assets-$
Pland and prop_ _114,145,579 95,753,068 Capital stock-a67,803,580 57,308,637
Accts. receivable- 3.915,842 5,379,830 Funded debt- 38,818,071 35,447,000
Notes & accent's
Divs. payable__ 1,243,036 2,102,060
receivable
218,607
604,890 Accts. payable__ 3,148.149 2,731.493
Marketable sec
1,578,355 1,232,565 Notes payable-50.979
Aeon int. rec.__
329,062
12,614
39,160 Deferred credits
-Capital stock and
1,906,451 1,767.070
Accruals
•
adv.to sub.co_
696,732 1,407.560 Adv. from other
Inventories
392.107
114,152,241 11,701,915 companies.-226,112
98,240
Due on stk. purReserve for insur
chase warrants 3,204,802
448,675 Earned surplus- 34,059,513 29,409,738
Cash & call loans 5,679,852 11,215,339
Prep. de def. chgs. 1,780,332 1,473,342 Tot.(each side)_145,384,955 129,256.345
x Materials and supplies, $11,456,115; crude and refined products,
$2.696,126; total, $14,152,241. a:Authorized 5,000,000 shares without
nominal or par value. Outstanding, 2,543,306 shares, $63,024,155; stock
'dividend payable Jan. 2, 127,206 shares, $4,579,425.-V. 130. p. 988.
Net income
Dividends paid
1449
FINANCIAL CHRONICLE
RECORD OF SALES AND EARNINGS FOR CALENDAR YEARS.
Earns Before
Net Earns
Int.
After all
Charges but after
Charges &
Fed. Tax. &
Net ConsoliReserves.
Res.
dated Sales.
$4.388,499
$122,818,947
1922
6,507.245
$14,007.;241
127.880.082
1923
12,161,540
19,205,545
138,777.719
1924
13,505,899
19,999,280
205,999,829
1925
8,799,139
16,438,890
230,161,356
1926
13.135.666
19,589,621
222.178,540
1927
13,327.843
19,567,387
250,769,209
1928
18,614.374
23,753,156
256,227,067
1929
ALL TIME GOODYEAR PRODUCTION.
The figures below show the yearly Goodyear output of pneumatic tires for
motor vehicles. It is of interest to note that 48% of the output since
inception of the company was manufactured within the last four years.
Tires.
Tires. Through Year.
Tires. Through Year.
Through Year.
5,152,503
1,084,134 1921
4.476 1912
1902
7,887,243
1,281,487 1922
7,781 1913
1903
9.119,335
1,788,484 1923
6,666 1914
1904
10.056.437
2,656.588 1924
12,626 1915
1905
12,458.144
4,118.399 1925
23,712 1916
1906
13,781,714
5,880,544 1926
28,307 1917
1907
16,002,630
3,790,212 1927
35,282 1918
1908
21.575.945
8.137,353 1928
94.200 1919
1909
23.063,150
6,863,140 1929
261,888 1920
1910
420,255
1911
155,592,635
All
-Time Total
-YEARS ENDING DEC. 31
CONSOLIDATED INCOME ACCOUNT
(INCL. SUB. COS.).
1926.
1927.
1928.
1929.
$
$
$
$
Net sales:(returns,discts.
freights, allowances &
inter-comp'y sales de256,227.067 250.769,209 222.178,540 230,161,357
ducted)
Mfg. cost & chgs. (incl.
deprec.), sell., administrative & gen. exps.,
and provision for Fed.
233,914.052a233,000,969 200.313,920 215,240,428
income taxes
Operating profit
Other income
22.313,014 17,768,240 21,864.620 14,920,930
1,517,962
1,225,001
2,690.140 1.799,147
Tot, profits before int.
& other charges.--- 25,003,156 19,567,387 23,089.621 16,438.890
Interest on funded & mis3,494,718 4,059,884 4.144,787 4,991.555
cellaneous debt
Proportion of disc't on
funded debt & prem.
on bonds, deb. & first
357,258
884,495
1,344,743
194,250
preferred stock
Total profits for year- 21,314,186 15,150,244
Profits ofsubsid. cos. applicable to stocks not
held by Goodyear Tire
& Rubber Co:
Current diva, on pref.
& common stocks_ _1 1,449,8111 1.394,802
Equity in undistrib't'd
1
427.599
earnings
1
Res. for commitments
& contingencies _ _ 1,250.000
18.060,339 10,102,593
1,148,347
943.834
276,325
359,621
3,500,000
Balance of profits car18,614,375 13,327,844 13.135,667 8,799,139
ried to surplus
19.344,736 25,589,105 30,705.014 30,649,320
Surplus, Dec. 31
Surplus paid in on sale of
•
10,710,645
common stock
Unused bal. of tax res.
1.518,522
created prior to 1921-
37,959,110 51,146,116 43,840,681 39,448,458
Total
Prem., disct. & redemption chges.on 1st mtge.
bonds, debs. and prior
preference stk incident
to refinancing & extraordinary legal & other
9,606.196
expenses
Goodyear Tire & Rubber Co., Akron, Ohio.
Res.for loss on liquidat'n
3,000,000
of subsid. properties.
5,645,380 8.743,444
(Annual Report
-Year Ended Dec. 31 1929.)
Preferred dividends.. _ _ _ 5,556.172 5,596,071
Common dividends.- - 5,267.199
P. W. Litchfield, President, Feb. 10, wrote in substance:
497,126
Deprec. adj.-prior years.
Amounts transf'd from
Sales.
-A new record has been made in total sales, which during the past
surplus to stated cap.
year were greater, both in unit volume and money value, than in any pre15,996,036
-1st pref. stock
vious year.
10,209,274
G'd-will & pat.chg'd off.
Consolidated net sales were $256.227,067, an increase of $5,457,858 over
1928, notwithstanding the lower selling prices prevailing. Unit sales of
Surplus at Dec. 31-- 26,638,615 19,344,736 25.589.105 30.705,014
tires, the company's principal Twoduct,increased 14.6% over 1928.
Shares of corn. stk. outConsolidated Earnings were $25.003,155 before interest and other charges,
1.037,199
830,249
830,734
standing (no par)_ - __ 1,398,139
but after providing $10,281,171 for depreciation, after Federal income Earnings per share
$9.34
$7.31
$9.02
$3.78
taxes and after provision for valuation of raw and finished inventories and
a And after charging excess cost of rubber and cotton to the net amount
commitments at cost or market, whichever is lower. After further deduc- of $2,500,000 to special raw material reserve previously created therefor.
tions for interest, premium and
charges and profits of subsidiary CONSOLIDATED BALANCE SHEET DEC. 31 (GOODYEAR TIRE &
companies applicable to stocks not held by the company,but before payment
RUBBER CO. AND SUBSIDIARIES).
of dividends, net earnings were $19,864,374, equivalent (after deducting
1929.
1928.
1928.
1929.
dividends on preferred stocks) to $10.24 per share of common stock outLiabilUies8
8
Assets$
$
standing at the close of the year. From the net earnings, directors deemed
let pref. stock.- 79,618,700 79,980,175
It advisable, in view of the fluctuating price of raw materials, and unfore- Land, buildings,
456,500
mach. & eq_a101,934,442 84,549,654 7% pref.stockseen contingencies, to set aside $1,250.000, as an addition to the reserve
for contingencies of $3,750,000 carried forward from last year, leaving a Investments -- 6,252,119 4,252,562 Common stock_ 1,568,543 c1.227,602
balance of $18,614,374 carried to surplus. This is equivalent (after de- Inventories ____ 66,111,896 68,736,251 Sub. cos. stk.not
17,792,181 18,738,342
owned
'ducting dividends on preferred stocks) to $9.34 per share of common stock. Accts. and notes
receivable __b23,717,142 22,129,113 Funded cit. (co.) 58,030,500 58,881,000
Property Accounts.
-Expenditures on additions to properties during the
22,700,000 16,100,000 Funded debt of
Year amounted to $29,421,570, principally in connection with a program of Call loans
subsidiaries -_ 9,678,471 10,024,878
expansion to bring the total plant capacity up to 103,000 tires daily. The Caned. call loans
Accts. and Fed.
& Govt.secur. 3,052,840
major expenditures were for a new tire plant at Gadsden, Ala., additional
15,873,582 11,567,224 taxes pay -.._ _ 13.031,167 13,324,837
mills for the production of tire fabrics, further tire capacity at the English Cash
906,374
Accr.['hrs.& int. 2,510,640
and Australian factories, further storage facilities at Akron, a factory and Good-will, pat1
1 Drafts for rubber
ents. &c
dock for airships, also at Akron, and additional rubber plantations in the
738,968
Deferred charges 3,639,984 3,451,745 on transit_
Orient.
Res. for pensions 1,279,188
889,357
Cash, Call Loans, and Government Securities total $41,626,432, and the
Res. for conting. 5,000,000 3,750,000
ratio of current assets to current liabilities is nearly 834 to 1.
2,523,984
Misc. reserves. _ 2,123,551
Funded Debt decreased $850,500 through the cancellation of first mort26,638,615 19,344.736
Surplus
gage & collateral trust bonds redeemed through the operation of the sinking
Cap. Burp. paid
fund.
In on sale of
First Preferred Stock outstanding was increased through the issue of 3,18634;
Tot.(ea. side)243,282,016 210,786,552 com. stock
26,010,480
shares of first preferred stock in exchange for 2,549 shares of preferred stock;
a Less depreciation of $48,907,999. b Less reserves of $4.133,085.
the remaining preferred stock, amounting to 2,016 shares, was on May 15
-V. 130, p. 1124.
1929. called for redemption. 6,801 shares of first preferred stock were c Represented by 1,398,139 no par shares.
redeemed through operation of the sinking fund.
Boston Elevated Railway.
Common Stock increased during the year by a total of 340,94034 shares,
consisting of 320,62834 shares sold in February at $80 per share, 20,000
(Annual Report-Year Ended Dec. 311929.)
shares subscribed for (under the Employees Stock Plan) but not yet
TRAFFIC STATISTICS
-YEAR ENDED DEC. 31.
Issued, and 312 shares sold at $50 per share in connection with the issue of
1929.
1928.
1927.
1926.
November 1928. Of the consideration received en account of the common Round trips operated.-- 7.361.738
7,316,027 7,295,371 7,526,260
shares so issued and subscribed, $1 per share was set up as stated capital, Passenger revenue
$32,885,588 $33,616,877 $34,000.571 $34,393,954
and the balance as capital surplus paid in on sale of common stock.
58.01 eta. 58.49 eta. 59.83 eta. 59.41 eta.
Reserve for Contingencies has been increased to $5,000,000 through the Pass. rev, per car mile
per car hour_
$5.86
$5.92
$5.93
$5.75
appropriation of 51250.000 from 1929 earnings; this reserve is available xPass. rev,
revenue mileage-y56.684,985
for future raw material adjustments or other contingencies not now foreseen. Pass. revenue hours _ _ _ _ 5,613.300 y57,475,124 y56,827,962 y57,895,881
Pass,
5,674,941
5,735.491
5,980,267
Aeronautical Field.
-In the aeronautical field, the airship factory and Revenue pass. carried 354,214,990
362,005.033 366,938,908 371,218.401
dock at Akron has been completed, and the first Naval airship is in process
6.249
6,298
6,457
6,412
of construction. This building, 1,200 feet long, 325 feet wide, and 200 Rev. pass. car. per car m.
63.10
63.79
63.98
62.07
feet high, covering eight acres of floor space without any interior supports, Rev. pass. car. per car hr.
x Cars hours. American Electric Railway
Is of unique construction, and is attracting visitors from many parts of the Feb. 11923. y Including motor bus mileage Association standard, adopted
of 7,138,386 in 1929,5,999,879
world.
in 1928, 5,562.766 in 1927. and 4.717,900 in 1926.
1450
FINANCIAL CHRONICLE
[Vox.130.
COMPARATIVE DIVISION OF,RECEIPTS AND EXPENDITURES
Columbia Gas & Electric Corp.(& Sub. Cos.).
CALENDAR YEARS.
1928.
1926.
1929.
1927.
(Annual Report
-Year Ended Dec. 31 1929.)
Total receipts
134,096,623 $34,843,147 $35.193,410 $35,481,313
Operating Expenses
COMPARATIVE CONSOLIDATED INCOME STATEMENT FOR
Wages
16.093,871 16,646,421 16,757,338 17,697.378
CALENDAR YEARS (INCL. SUB COS.).
Material and supplies
2,996,280 3,183,935 3.262.789 3,462,091
925,919
1.203,518
1.306,883
In-hides and damages--- 1,010,378
[Conerolled by practically 100% common stock ownership or lease]
Depreciation
2,878,055 2,671,142 2,824,220 2,841,722
Fuel
1,084,467 1,149,159
Gross Earnings1,091,808
1.046.165
1929.
1928.
1927.
1926.
Gas
$70,930,684 $67,175,052 $60,654,855 $59,713,546
Total oper. expenses--$24,024.747 $24.900,189 $25,132,333 $26,076,268 Electric
27,327,576 24.795,177 22,478.746 19,969,206
Taxes
1,910,765 Railway
1,864,136
1,721,678
1,619.963
2,032,147
2.066.139 2,099.347 2,006,772
Rent ofleased roads (incl.
Gasoline, oil & oth. oper 14.859,906 13.159,291 11,523,531 10,430.091
div.rental under Chap.
159. Acts of 1918)
3,145,726 3,152,432 3,162,454
3,139,001
Total gross earnings- -1115150,313 1107195,658 $96,756,479 892.119,615
Subway and tunnel rents 2.650.371
2.389,354 2.224,088 2,217,001 Operating expenses
56,830,212 52,931,265 48,818,542 43,026,726
Int. on bonds and notes_ 2,495.850 2,557.565 2.524.843 2,535,505 Prov. for renewals &
62.070
Miscellaneous items_
72.618
72.763
88,583
replacements& deple
9,666,196 9,757,347 8,470,547 8,130,092
Taxes
8.446.770 7,700,468 8,111,836 8,785.588
Total cost of service. 134,002.550 $34.803,096 $34.970,595 135.964,063
Loss for year
482,749
Net operating earns_ _140,207,134 $36,806,578 131,355,553 $32,177,208
Gain for year
222,815
94,072
40.051
Other income
842,352 1,186,435
881.041
3.073,212
Profit and loss items not included In above.
INCOME STATEMENTS FOR CALENDAR YEARS.
Total
141.049,487 137,993,013 132,236,595 $35,250.421
1926.
Operating Iricorne-1927.
1928.
1929.
Lease Rentals
Passenger revenue
$32,885,588 $33,616,877 134,000,570 $34.361,35.) To CM. Gas & Elec. Co722,901
3,280,928 3,323,037
1,009,970 To CM. Newport
Mails, rentals, ad.. &c._ 1,122,108
1,095,305
1.125,779
8c Coy.
Lt.&
444,230
.816,403
811,426
Total
802,849
$34,007,696 $34.742,656 835,095,875 $35,371,330 To Cin.'Fraction Co _=..Gas TransP• Co.
Operating Expenses
and others
160.217
272,520
208,253
Way and structure
215,855
13,336,538 $3,669,424 $3,764,086 $4,222,526
Equipment
4,299,552 4.261.798 4.269.727 4,423,586
Net income before
Power
2,501,694 2,505,525 2,515.297 2,641,775
140,445.040 836,181,187 $27,935,989 130.908,679
fixed charges
Transportation expenses 10.892,280 11,167,506 11,436,060 11,924,518
Traffic
31,863
33.310
6,139
22.253
Fixed Charges
General & miscellaneous 2.978,798 3.271,513 3.122,604 2,873,978 Sub.cos. bond interest_ _I 2,577.788 1 1,936,166
1,333,849
1,953,184
Cr8,887
Cr7,303
Cr16.255 Sub. cos. deb. & other
Transportation for invest
Cr6.367
unsecured debt int-233,783
458,059
1.444744
Total o r. expenses-124,024,747 824.900,189 $25,132,333 $26,076.268 Sub. cos. pref. stk. dive_ 2,439.072 I 2,155.190
1.142,223
1,040,344
Net
9,982.949 9,842.467 9,963,543 9,295,061 Columbia Gas & Elec.
1,721,678
1,910,765
Taxes en ry. operations_ 1,619,962
1.864,136
Corp. deb. & other hit 3,267,039 2.700,483
1,736,106
Operating income
$8,362,986 $8.120.789 $8,099.407 $7,384.297
$32,161,139 $29.155,584 123,265,753 126,470,907
Net
Dividend income
2 Cum. income
pref.
Income from funded sec_
4.268
10,298 Cum.6% pref. divs- -- - 5,683.349 5.657,719 5,467,538 5,711,088
1,847
3.607
68,125
diva.. _
5%
lac. from unfunded sec_
34,022
27,919
37,353
36,806
16,876,945 16.821.723 16,146,694 15,000,000
Inc.from sink.fund,&c_
33,280 Common dividends
33,280
33,280
33,28Q
Miscellaneous income_ _ _
25,963
26,251
29,597
25,882
$9,532,720 16,676,142 $1,651,522 $5.759,819
Surplus
Gross Income
$8.451,913 $8,221,280 88.196,941 $7,494,281 8hs. corn. stk. outstand. 8,477 224 3,372,(392
(no par)
3.372an 3.371.418
Si.11
$6.96
$5.28
$6.16
Rent for leased roads__ _
49.473
49,919
50,120
49,849 Earnings Per share
Miscellaneous rents_ _ _ _ 2,650,371
2,389,354 2,224,088 2,217,001
Net loss on misc, physical
CONSOLIDATED BALANCE SHEET DEC. 31.
property
8.481
8.877
24,388
3,780
Int. on funded debt
[Columbia Gas & Electric Corp. of Delaware and subsidiaries controlled
2,462,375
2,462,375 2,464,866 2,422,935
Int. on unfunded debt-33,475
59,977
112.570 by practically 100% common stock ownership.)
95,190
Arnort. of abet, on fund.
1928.
1929.
1929.
1928.
debt
46,823
47.386
47,386
40.595
LiabilitiesAssets$
$
$
8
Miscellaneous debits_ -17,063
16,808
17,695 a Property zect_612,540,443 560,596,365 Pref. & minority
16.750
.676,848stks. of
b Secure. owned 9,030,655
Total deductions from
subsidiaries
gross income
$5,268,312 $5.085,622 $4,871.607 $4,864,424 Cash receivable 9,349,776 7,381,782 Pref. stock 6% 48,500,814 47,093,672
363,009
916,670
Balance
3.183.601
3.135.658 3,325.328 2.629,857 Notes receivable 12,531,189 13,372.251
series A
Accts.
lit pref. dive. (8%)_ --512.000 Meals & supers 7,987,567 7.376,062 5% pref. stock_ 94,729.300 94,716,800
512,000
512,000
512,000
3.917,730
2d pref. dirs.(7%)
957,841 Substrip.to corn.
934.764
947,748
940.843
Commonstock.c145,546,979 122,423.067
Preferred dividends(7%)
210.000
210,000
210,000
210.000
Funded dent_ _113,694,600 103,626,400
.
stock
Common dive.(6%)_ .._. 1,432,764
1,432,764
1,432,764
1,432,764 Speo, funds, de- 6,765.548
Notes payable.. 8,211,473 8,206,833
463,337 Accts. payable._ 4,408,179 5,511,832
137,134
posits, &a_._
Balance, surplus
1222,816 def$482,749 Marketable secs
$40.051
194,073
627,885 2,933,431 Accr. local taxes,
Shares of corn, outstandint., &a
Impounded fds_
238.794
238,794 Prepaid accts., 2,348.176 2.139.126 Customers' dep. 8,421,446 6,903,972
238,794
238,794
ing (Par $100)
1.838,392
Earn, per share.on corn_
$6.93
$3.97
18.17
$6.39
Other def. Items 3,722,144 1,931,026
unamort. disc.
Note.
-The reports designate the dividends as "Boston Elevated Ry.
as expenses... 8,979,936 11,157,047 ContInfc. earns._ 4,477,761 4,473,930
Co. dividend rental," but the amounts have been separated by us for
Reserves
d142,083,744 133,963,410
Comparative purposes.
-Ed.
Tot.(ea. side)671,234,977 613,459,259 Surplus
93,522,786 83.369,924
GENERAL BALANCE SHEET DEC. 31.
•Comprising electric generating stations, high voltage transmission lines
1928.
1929.
1929.
1928.
distribution systems gas, oil and coal fields, gasoline plants
electric and gas
Assaf$
and cost
Road & equip_ _112,787,510 112,527,935 lot pref. stock__ 6,400.000 6.400,000 sheets of leases (at values as carried on the various constituent balance
herein consolidated). is
Misc. phys. prop
735,952
745.279 2d pref. stock_ 13,292,600 13,399,500 engaged In related business, theCapital stocks of other companies, mostly
investments
Other lavestmls
244,468
220,633 Preferred stock_ 3,000,000 3,000,000 majority ownership. c 8.477.224 shares, no in which represent lees than
par value. d For renewals
Cash
, 556.406
611,072 Common stock_ 23,879,400 23,879,400 and replacements and depletion.
-V. 130. p• 1273.
Deposit for Int.,
Prem.on cap.stk 4,939,905 4,939,905
diva., &c _ _ _
791,076
792.543 Funded debt__ 51,674,000 51.674,000
Spool deposit of
125,000
125,000
Mortgage notes_
Kelly-Springfield Tire Co.
reserve fund__
300,000 2,050,000
283,638
71,192 L'ns & notes pay
Loans and noted
Vouch. & wages
receivable
472.600
600,643
7,242
-Year Ended Dec.31 1929.)
payable
(Annual Report
Misc. accts. rec.
792,282
793,749
353.438
269,685 Mat.int. iv.,&c
Mans & moot_ 1,917,863
914,598
1,068,802 A ocr.int..div.,,Irc 913,797
Pres. Samuel Woolner, Jr., Feb. 19, says in part:
Int..div. & rents
13,154
19,343
Def. liabilities_
receivable_ __
635,128
5,559
The expected improvement in operations of company for the year 1929 was
573.452
5,189
Tax accrued
0th. curt', meta
160,522 not realized. During the year there were three cute in prices of tires, which
45,309
135,927
41,430 Prem. on Id. dt_
Ica.& oth.funds 2,952,341 2,937,046 Oper. reserve _ _ 1,679,599 1,537.667 materially affected the operating income. In addition, the sales of company
rents, &a
55.955
113,243 Accr. deprec'n_ 12,714,706 10,852,610 were materially reduced during the last quarter of the year,due to the general
Disc. on Id. debt
204,352 business recession. A very substantial loss was also sustained because of
181,767
368,118
415,505 Misc. unadi. cred
0th. enact,. deb.
29,035
the decline in the price of raw materials, the inventories of crude rubber and
143,481 Adv.by comm.of
Cost of serv. def.
Mass.acct.def.
fabrics as well as the inventory of finished goods on hand, having beenjvalued
for 12 mos.end
in cost of eery_ 1,349.333 1,349,333 at the end of the year at cost or market, whichever was lower.
June 30 1919_ 1,349,333
45.743 Dr323,383
1,349,333 Profit & loss sur_
During the year all of the outstanding 10
-year sinking fund gold notes
amounting to $4,000,000 were paid in full.
Grand total _122,483,266 122,212,370 Grand total-122,483,266 122,212,370
INCOME ACCOUNT FOR CALENDAR YEARS.
-V.130, p. 1272.
1929.
1928.
1927.
1926.
United States Tobacco Co.
Gross profits
15,732.759 15,698,815 18,367,963 a$4,716,603
-Year Ended Dec. 31 1929.)
6,180.220 5,570.810 6,492,445 6,359.219
(Annual Report
Admin..oper.exp.,&c-..
INCOME ACCOUNT FOR CALENDAR YEARS.
_def$447,461
Net opor.
1128,005 11,875,518df$1,642,617
1927.
1926.
1928.
1929.
Other income
197.731
89,857
172.422
224.610
$2.771.037 $2,660,390 $2,576,871 12,394,837
Net earnings x
386,400
386.400
386,400
386.400
Pref. diva. (7%)
1217,862 $2,047,941 df$1,418,007
Total oper. Income....def$249,729
(83.50)1.411,612($3)1144,626($3)1144,626(13)1144,626 Int. on 10-yr. 8% notesCommon diva
88,735
365.264
450,000
530,000
Miscell. deductions
52,700
138,052
298,529
319,042
$863,811 Depreciation
Balance, surplus
1973,025 11,129,364 11.045,845
874,323
1,042,659
941,670
1,172,751
Previous surplus
7.083,104 5,953,739 4,907,895 4,044,084 Amort.on note disc. Ass147,845
Trans!. to surplus from
Int.on current loans_ 80.930
509,105
provision for advert't_Cr1.000,000
LOBS from partIcipat. in
Stock dividend (20%)._ 3.815,400
Crude Rubber Agency
505,448
Profit & loss surplus-- $5,240,729 17.083,104 15,953,740 $4.907.895
Net income
$1.346,418loss$2,490.513
$357,741 df$3,439,800
Shares of common outdf1.285,590
140,485
777.189 4,216,989
381.542
381,542 Previous surplus
381.542
standing (no par)____
457,850
Miscellaneous credits
b871,510
$5.71
15.29
Earns, per sh. on cora__
$5.96
$5.21
x After provision for all taxes, including income tax, and charges and
Total
df$2,632,008d1$1.478,518 11.134,930
1777.189
expenses of management.
c2,734,068
Deductions
1,210,771
994,445
BALANCE SHEET AS OF DEC. 31.
Total surplus
olf$5,366,076df$2,689,289
1928.
1929.
$777,189
$140,485
1928.
1929.
APPr•itir•6% Pf.stk.red Cr.808,200 Cr.808,200 Cr.808,200 Cr.808,200
Assets$
ao 8%
Cr.595,500 Cr.595,500 Cr.595,500 Cr.595,500
do
Real est., mach'y
Preferred stock__ 5,520,000 5,520,000
and fixtures.... 3,077,555 2,779,272 Common stock. _x14,943.700 11,128,300
Balance, surplus- ---df$3,962.376df$1.285,590 $1.544,185 12,180.889
96.600
Trade marks, good96,600
Prof. div.pay.Jan_
286,156
will. &c
4,599,283 4,599,252 Corn. div. pay.Jan. 457,757
a Including 11,000,000 added reserve previously provided for fluctuation
Leaf, mfd. stocks,
Prov. for adv., inof crude rubba• prime. b Includes refund of Federal taxes for prior years
supplies, &c
8,522,721 8,435,334 surance, dIsc'ts,
with interest thereon less expenses in connection therewith, 1713,394, and
Seem*. of 0th. cos_ 8,286,640 7,723,755 &c
8,811,212 8,707,349 excess reserves for insurance. roYalltY. &c., $158,115.
Provision for
151,317 fluctuation in crude rubber commitments and for otherccontingencies,
Cash
3,167,560 2,924,284 Accounts payable_ 126,307
5,240,729 7,083,104 $425.000; reduction of cost of Cumberland plant at
Bills & acc'ts rec._ 7.542,549 8,510,931 Surplus
May 15 1921 to replacement value as of Jan. 1 1929, as valued
Total
35,196,306 32,972,828 Total
35,196,308 32,972,828 858,467. less excess ef depreciation taken by American Appraisal Co., $3.prior to 1929 on cost of Cumberx Represented by 457.850 shares of no par value (authorized 600,000 and plant over that chargeable on replacement value as of Jan. 1 1929
129. p. 2556.
shares)
11,549,399.
111,ut. 1 1930.]
FINANCIAL CHRONICLE
BALANCE SHEET DEC. 31.
1929.
1928.
1929.
1928,
Assets
rdabilUtes-Plant accts.. Pats..
5% prof.stock____ 2.950,000 2,950,000
equipment, dm.
:15,346,801 18,143,238 8% cum. pref. stk. 5.284,700 5,264,700
Cash
1,640,577 2,853,138 Common stock...23,796,002 23.796,002
Cali loans
2,300.000 10
-year 8% notes_
3,221,700
Bale of CumberAccounts payable _ 533,001
,594
land homes.-- _
54 2'a
59,342 Bala, due custom's
97,366
334.832
Sundry investmls.
47,
13.410 Accr-d taxes. &c_ - 126,544
207.589
Notes & accounts
Accr. int. on notes.
32,217
receivable
y3,819,623 4,650,123 Prem.on 10-yr.8%
Deferred charges
181,721
188,077
gold notes red
322,170
Inventories
6,797,242 7,027.036 Res, for fluct. in
Advances on joint
crude rubber. &c 425,000
ventur
120.000 Other reserves_ _
61,174
56,147
Deficit
Dr.5,366,075Dr.1,285,590
Total
27.887.712 35,354,363
27,887.712 35.354.363
Total
x Property and equipment at plants and branches, patent rights, &c.,
less depreciation. y Customers' accounts receivable, $4,528,555; foreign
trade acceptances, $60,435; sundry debtors and other notes receivable,
$146,073; total, $4,735,063; less reserves of $915,438.
Note.-Dividenda paid to April 1 1924 on 6% preferred stock and to
Feb. 15 1924 on 8% preferred stock.
-V. 128, p. 2642.
Cluett, Peabody 8c Co., Inc.(& Subs.).
(Annual Report
-Year Ended Dec. 31 1929.)
-
INCOME ACCOUNT FOR CALENDAR YEARS.
1451
recent order approving the proposal of the B. & 0. to purchase a majority
stock interest in the D. R. & P. The order of the Commission approving
and authorizing the purchase of the controlling stock Interest specifically
provided that it become effective "from and after the filing with us by the
said B. & 0. Railroad Co. of its agreement and undertaking to comply
with all of said conditions."
The four conditions imposed were:
(1) That routes and channels of trade via existing gateways now employed for the movement of traffic of the B. R. & P. shall be kept open
and efficiently maintained, so far as within applicant's power, unless
otherwise ordered by Commission."
(2) That, until the further order of the Commission, the operations,
accounts and statistics of the B. R.& P.shall be maintained in such manner
as to preserve the continuity of records for purposes of comparison.
(3) That B. & 0. keep open for six months its offer to acquire the remaining outstanding shares of the B. R. & P. at the mane price as agreed
to be paid for the shares purchased from the Allegheny Corp.
(4) To abide by subsequent findings by Commission with respect to the
Inclusion of the Mt. Jewett Winans & Riterville RR., an 18
-mile line
connecting at two points with the B. & 0. in Pennsylvania. See also
V. 130, p. 1269.
Bangor & Aroostook RR.
-New Director.
Harold E. Verill, one of the managers of the Portland office of Hornbloweg
& Weeks, has been elected a director.
-V. 129. P. 3796.
Boston & Maine RR.
-Resumes Common Dividend.
The directors have declared a quarterly dividend of $1 a
share on the common stock, payable April 1 to holders of
record March 8. This is the first distribution on the issue
since 1913. Record of common dividends paid since and
including 1893 follows:
1929.
1928.
1927.
1926.
$21.468,038 821,557.011 $21,224,637 $23,650,382
Expenses,&c x
20,569,191 19,890,528 18.746,013 21,647,408
Depreciation at factories
231.733
305,894
265,788
276.257
Interest paid (net)
DIVS.3.623
1,574
f '98.'94-198. '99.'00-'07. '08. '09. '10. '11. '12. '13. None
Corn.(%)-- ...1 8
6 yly. 63i 7 yly. 6 6 6
5
4
2
since
Profit
The directors also declared the regular quarterly dividends of 15i%
$663.540 $1,359,014 $2,212,835 $1,726.717
Misc,other income
69,142
45,506 on the prior preferred and let preferred C stocks, 1M % on the 6% preferred,
% on the 1st preferred A, 2% on the 1st preferred B,
% on the
Net income
$663.540 $1,359,014 $2,281,977 $1,772,223 1st preferred D and 1%% on the lst preferred E stocks. All payable
Prof. dividends (7%).-333,993
384,239
346,279
518.976 April 1 to holders of record March 8.
Common dividends
(35)961.955 (85)961,955 (85)957,080 (85)955,455
The board issued the following statement:
Balance,surplus
The railroad recently has shown earnings more than ample to meet
def$632,408
$940.658
8297,792
$50.780
Previous surplus
$6,679,748 6,680,045 5,739.386 8,987.183 such dividends in addition to making extraordinary charges to current
operations under a broad program of modernization. The abnormalcharges
Total surplus
$6,047.340 86,730.825 $6,680,045 89.284.975 made against operations in 1929 for improvement projects and for retireRed,in good-will
3.000.000 ment of obsolescent equipment aggregated more than $10 per share on the
Pref. stock red. &c
233,607
545.589 common stock. There was credited to profit and loss instead of to current
Adj. applic. to prior
operations as is done by most other railroads approximately $1,500.000
received in mail pay award or $3.60 a share on common. In addition to
period
51,077
Obsol. on mach. patterns,
these amounts the railroads showed earnings of $6.48 per common share.
dies & idle plants &
It has been felt by the board of directors that the program of modernizareadjust,of for. coutrtion of the road should be well advanced before common dividends were
305.818
resumed. While not yet complete rehabilitation has gone far enough to
Total surplus Dec. 31_ 85.507,915 $6,679,748 $6,680,045 $5,739.386 convince the board that the Boston & Maine RR, has been restored to a
Com, shares outat'g (no
point where common stock dividends may be regarded as permanent at
par)
192,391
192.391
192,391
192.391 the same time that, with continued fair treatment and co-operation by the
Earns. per sh.on corn_ _ _
public and its regulatory bodies, the management will be able to provide
$1.71
35.
.
x Including cost of raw materials, labor, supplies, operating expenses, the further improvements in service and equipment which are desirable in
general and selling expenses, all administrative expenses, reserves for taxes. the railroad's interest and the public's interest.
Net sales
&c.; interest and depreciation.
This resumption of dividends on the common shares after a lapse of
17 years has been made possible by the confidence of security holders in
BALANCE SHEET DEC. 31.
contributing to the plan of financial reorganization, by the support of the
1929.
1929.
1928.
1928.
public and its rerulatory bodies and by a lot of hard work by the railroad's
AssetsI
Liabilities$
5
$
rank and fill well managed by an able corps of officers.
Real estate
3,371,366 3,834,104 Common stock- - -b9,743,460 9,743,460
We have in the Boston & Maine a railroad in which we believe New EngGood-w, pa t.rights
Preferred stock. _ _ 4,700,900 6,000,000 land will
trade names,&e. 6,000.000 6,000,000 Notes payable...500,000 increasingbe increasingly proud and which we believe will contribute in an
manner to the advance of New England industrial and commerCash
1,049,782 1,085,881 Accounts payable
cial interests.
Acc'ta recelvable.• 4,344,177 4,572,915
& accr. Ilablles. 593,439
535,812
Misc. investments
3,833
Suit To Restrain Payment of Common Dividends.10,500 Res, for taxes, &c. 118.970
181.069
Merchandise
5,713,839 5,547,715 Pref. diva. payable
The bill in equity brought by Arthur W. Joann of Wellesley Hills owner
82,250
86,354
Prof. stk. In trees
1,377,631 Surp.us
5,507,915 6,679,748 of 250 shares of the pref. stock of the Boston & Maisie RR. for an injuncPrepaid insurance_ 263,056
tion to restrain the company from paying a dividend of $1 a share to the
298,706
holders of common stock before payments of dividends are made to the
Total
20,748.034 23,727,452
20,746,034 23,727,452 pref. stockholders for the years 1925. 1926. 1927 and 1928, came before
Total
a After deducting reserve for cash discount and bad debts amounting to Judge Pierce of the Supreme Court at Boston, Maas., on Feb. 28.
8108,338. b Represented by 192,391 shares of no par value.
Frederick H. Nash, for the railroad company, offered the following
-V.129, p. 966.
situation, which was assented to by counsel for the plaintiff:
"In lieu of the preliminary injunction prayed. the Boston & Maine RR.
Co. stipulates that within one month after the entry of a final decree in
the case if the court shall hold that the pref. stock is entitled to dividends
as of the years 1925, 1926. 1927 and 1928. or of any of the said years before
dividends may lawfully be declared upon the common stock, then the Boston & Maine will declare and pay to the holders of record of its pref. stock,
as of the date of the final decree, such dividends as the court may hold to
STEAM RAILROADS.
have been declared and paid to them in priority
Up State Mills Ask Freight Paritg.-Representatives of paper makers exceeding $395,000 which is the amount of the to the common stock, not
says New York Central's rates penalize shippers of region. New York common stock by vote of the directors of Feb. dividend declared to the
25 with interest at the rate
"Times" Feb. 27. p. 38; Feb. 26, p. 33.
of6% per annum from April 1. the date of the payment of said corn, stock."
Merger Hearings Ordered by I.
-An order detailing the
-S. C. Commission.
After an answer has been filed and the pleadings completed, the case will
Plan of procedure open to trunk lines in presenting applications for consoli- go to the full bench of the Supreme Court for determination
of questions
dation was issued by 1.-S. 0.Commission Feb. 10. NY."Times" Feb. 12, of law involved.
-V. 130, p. 616.
GENERAL INVESTMENT NEWS.
p. 34.
Parker Motor Bus Bill.
-Inter-State Commerce Committee of the Rouse
Feb. 25 authorized that the Parker motor bus bill be reported out. "Wall
Chesapeake Beach Ry.-Lease Warrants.
-
The 1.-S. C. Commission Feb. 15 authorized the company
lease warrants or notes in the aggregate amount of $337,500 to issue 38
connection
Matters Covered in the "Chronicle" of Feb. 22 1930.
-Gross and net earn- with the purchase from the J. O. Brill Co. of Philadelphia, ofin gas-electric
s
ings of United States railroads for the month of December, p. 1170.
combination passenger and baggage car.
Street News" Feb. 25.
Baltimore & Ohio RR.
Chicago Milwaukee & Gary Ry.-Acerfired.-Withdraws Merger Proposal
See Chicago Milwaukee St. Paul & Pacific RR. below.
Decision Follows Letter Outlining Plans of I. C. Commission.
-V. 126. P. 103.
,
-S.
--The company has notified Finance Director Charles D.
Chicago Milwaukee St. Paul & Pacific RR.-Equipment
Mahaffie of the I.
-S. C. Commission that it has decided to Trusts.
The 1.-S. C. Commission Feb. 13 authorized the company to &Brume
withdraw its application in Finance Docket No. 7450 for
obligation and
equipment
-trust certifiauthority to acquire control of certain carriers in Eastern cates, series K,liability in respect of $2,115,000 Co. for Ins. on Lives &
to be issued by the Pennsylvania
Trunk Line Territory. The letter was made public by Granting Annuities, as trustee, under an agreement to be dated Nov. 1
1929, and to be sold at not less than 97.66 and div. in connection with the
the Commission Feb. 24.
procurement of certain equipment. (See offering in V. 130, P. 616).
The company's decision follows receipt of a letter from the Commission'
finance director which allied attention to the fact that the railroad's
Acquisition of Chicago Milwaukee & Gary.
application was "incomplete" and not in complete harmony with the
The 1.-S. C. Commission Feb. 8 issued a certificate authorizing (s) the
Commission's plan for railroad consolidation as published Dec. 21 in
Chicago Mllwaukee
Docket No. 12964. It would be "useless," according to Mr. Mahaffie,
to hold hearings upon the application in its present form in view of these
facto.
In answer to the letter, Finance Director Mahaffie, declared that the
carrier's application would be considered withdrawn by the Commission,
The reply of the company, written by R. Marsden Smith, general
attorney for the B. & 0., follows:
"I received your letter of Jan. 25 suggesting that the Commission having
now adopted its complete plan for consolidation of railroads and the
application containing no statement as to considerations or other above
terms
and conditions for the acquisition of the several railroads included therein,
it appeared unnecessary to proceed to a hearing upon the application and
that It might well be withdrawn.
"In view of the adoption of the Commission's complete plan for consolidation of railroads dated Dec. 9 1929, and the suggestion you make
as to desirability that applications include precise statements as to considerations and other terms and conditions, which would require amended
applications for reservice upon the public authorities in the several States
concerned, the Baltimore & Ohio has concluded not to proceed further
under above-named application, but to withdraw it.
"As I understand that no formal procedure by way of petition or otherwise is necessary to accomplish our object, I beg that you will acept this
letter as effecting the withdrawal of our above application as of this date.'
Accepts Conditions Imposed by Commission Governing Acquisition of Buffalo Rochester & Pittsburgh.
-
The control of the Buffalo Rochester & Pittsburgh became effective
Feb. 26 upon the filing with I. C. Commission of an agreement accepting
-S.
and agreeing to observe'all conditions imposed by Commission in its
& Gary Railway to abandon part of a line of railroad
extending from a point near Kirkland in a general westerly and north-
westerly direction to Camp Grant, 15.14 miles, in DeKalb, Ogle. and
Winnebago Counties. (b) the Chicago Milwaukee St. Paul & Pacific RR.
to acquire and operate the Chicago Milwaukee & Gary Railway's lines of
railroad and other properties, except the part of line authorized to be
abandoned, in Kankakee, Will, Kane, DoKalb, and Winnebago Counties,
Illinois.
Authority was also granted to the Chicago Milwaukee St. Paul & Pacific
RR, to assume obligation and liability, as successor in title, in respect of
$3,000,000 of Chicago Milwaukee & Gary Railway 1st mtge. 5% 40
-year
gold bonds.
The report of the Commission says in part:
The Chicago Milwaukee & St. Paul By, (the old company), acquired
control of the Gary by purchase of capital stock pursuant to authority
granted by us in Feb. 1922. On Jan, 13 1928, the St. Paul succeeded to
the title to properties theretofore owned by the old company, including
the stock of the Gary and the stock, and a lease of the properties,
of the
Chicago, Terre Haute & Southeastern.
The St. Paul has a line from Chicago, through Kirkland,
to Davis
Junction, Ill. It operates from the latter point, through Camp
Grant
Rockford, under trackage rights over a line of the Chicago Burlington to
Quincy. It is stated that in order to avoid duplication of train service &
and
in the interest of economy,all traffic routed over the St. Paul system
between
or through Kirkland and Rockford is being handled over this
route, which
is substantially parallel to the segment of
line proposed to be
whence, it is urged, operation of the latter is not necessary abandoned,
for service of
the public by the St. Paul.
Operation of revenue trains over the segment was discontinued in
January
1922. By acquiring and operating the lines remaining after abandonment
1452
[VOL. 130.
FINANCIAL CHRONICLE
of the segment, and other properties of the Gary, the St. Paul expects to The subscription price must be paid in full at the time of the exercise of the
simplify its corporate structure and to eliminate the expense of maintaining warrants. Definitive or temporary bonda will be delivered against payment of the subscription price.
separate corporate organizations and keeping separate accounts.
The warrants must be returned to the company at its office. No.25 Broad
The Gary's unmatured funded debt consists of $5.700,000 of firstmortgage 5% 40
-year gold bonds, due April 1 1948, of which $3,000,000 St., New York, before 3 p. m. (Eastern standard time). May 9 1930. aowere guaranteed, principal and interest, by the old company. Subsequently companied by payment as above stated of the subscription price; and all
this guaranty was assumed by the St. Paul. These bonds are outstanding warrants not so returned, with such payment. on or before that time will be
in the hands of the public. The remaining $2.700,000 of bonds are owned void and of no value.
Checks or drafts in payment of subscriptions must be drawn to the order
by the St. Paul and pledged under its mortgages.
The consideration for the transfer of the title to the Gary's properties of The Chicago, Rock Island & Pacific Railway Co.,in New York funds,for
St. Paul is to be the assumption by the latter of the obligation to pay the exact amount of the payment.
to the
the principal and interest of the bonds owned by the public, and all other
To Increase Common Stock.
Indebtedness to the Gary except sums owed to the St. Paul. As of Sept. 30
The stockholders, at the annual meeting May 1, in ad1929, the Gary's indebtedness to other creditors amounted to $188,556.65.
These terms are not represented by securities.
dition to approval of the proposed bond issue, will be asked
The Gary is grouped with the St. Paul in our complete plan for consolito increase authorized common stook from $75,000,000 to
dation of railway properties into a limited number of systems.
As a condition upon which our authorization is granted herein, our $105,000,000, par $100. Most of this stook will be for concertificate and order will require that the acquisition of the properties of
the Gary be recorded in the St. Paul's accounts in accordance with our ac- version purposes.
The stockholders will further be asked to repeal article VIII of the
counting classifications and that the St. Paul submit for our approval the
articles of consolidation of June 2 1880, which provides that the limit of
related journal entries.
Commissioner Eastman concurring says: I join in this decision, so far Indebtedness of the company shall not exceed $275,000,000, exclusive of
of additional
as the acquisition under section 1 (18) is concerned, only because it is con- bonds issued for the acquisition the number railways or properties. from
of directors be increased
It will also be proposed that
trolled by the decision of the Commission in Acquisition by Pittsburgh
13 to 15.
• W.V. Ry. Co., 150!. 0.0.81.-V. 130, p. 1270.
In order to comply with certain statutory provisions of the State of Iowa
meeting of stockholders will be held in Davenport May 2.-V.
Chicago Rock Island & Pacific Ry.-Company Will a special133.
Common Stockholders 130, p.
Offer $32,228,000 Bonds-Preferred and
Convertibles-Proceedsfor Betterments
May Subscribe for 4
-Subject to action by the
.and Construction of New Lines.
stockholders at the annual meeting to be held on May 1
1930, and to approval of the 1.-S. C. Commission, preferred
And common stockholders will receive rights to subscribe to
-year 43/i% convertible bonds
-anew issue of $32,228,000 of 30
due May 1 1960, at the price of 95 and mt. Stockholders
•of record March 7, may subscribe for the bonds up to 25%
-of their stockholdings. The pffer will expire on May 9. The
offering has been underwritten by Speyer & Co.,The National
,City Co. and J. & W.Seligman & Co.
President J. E. Gorman in a letter to the stockholders
dated Feb. 25 says in substance:
The company has determined, subject to necessary action by the stock-S. C. Commission, to issue $32,228,000,
holders and the approval of the I.
-year 4%% convertible gold bonds, and to offer to the holders of stock
.of 30
common, the privilege of subscribing, at 95% of their
both preferred and
principal amount and accrued interest, upon the terms and conditions hereinafter stated, before 3.00 p. m. (Eastern standard time), May 9, for a
principal amount of bonds equal to 25% of their respective holdings of the
stock as registered on its books. at 3 p. m.(Eastern standard time), March
7 1930.
The bonds will be dated May 11930. will mature May 1 1960. will bear
Interest from May 1 1930, at the rate of 43. % per annum, payable semiannually on May 1 and Nov. 1 in each year, and will be issued as coupon
bonds payable to bearer, in the denom. of $1,000 with privilege of registration as to principal. The bonds will be convertible at the option of the
respective holders thereof into common stock of the company at any time
on or after May 1 1931, and before May 11940. at $125 per share, with an
adjustment of accrued interest and current dividends to the date of such
conversion.
Provision will be made in the indenture under which the bonds will be
Issued for adjustment of the conversion price of the stock in case of the issue
of stock while the conversion privilege is in effect (other than not exceeding
$7,500,000 par value ofstock which may be issued to employees of the company) at less than the conversion price, or as a stock dividend, all as will be
provided in the indenture. The entire issue, but not a part thereof, may be
called for redemption by the company, on 60 days' notice.on May 1 1936,
or on any semll-annual interest payment date thereafter to and including
May 1 1955, at 105% of their principal amount and accrued interest, or on
any semi-annual interest payment date thereafter at their principal amount
and accrued interest, plus a premium of %% of such principal amount for
each 6 months period between the redemption date and the date of maturity.
In case the bonds are redeemed on or before May 1 1940, the conversion
privilege will terminate on the 15th day prior to the redemption date.
The indenture under which the convertible gold bonds will be issued will
provide that,so long as any of said bonds shall be outstanding, the company
will not create any new mortgage or deed of trust or instrument of pledge
upon the lines of railroad or other property (including stocks, bonds and
other securities) now or hereafter subject to the lien of the first and refunding
gold bond mortgage, dated April 1 1904, unless effective provision be made
in such new mortgage or deed of trust or other instrument that the convertible gold bonds shall be secured by such mortgage or deed of trust or
ether instrument equally and ratably with any other indebtedness secured
thereby.
The total income for the year ended Dec. 31 1929, after all deductions,
except interest and Federal income taxes. was $27,636,390. or over twice the
total annual interest charges (approximately $13,240,000) on the funded
debt to be outstanding, after giving effect to this financing.
The Rock Island System, with lines in 14 States, operates a total of 8,080
miles of road. The properties are in excellent physical condition. During
the last 10 years expenditures for improvements and new equipment, after
deducting the cost of property retired, have amounted to more than $100.000.000. The tentative valuation by the 1.-S.C. Commission as of June 30
1915. with the addition of expenditures made on the property since that date,
exceeds by about 60% the total funded debt to be outstanding on completion
.
of this financing.
The proceeds of the bonds will be used to provide funds for additions and
betterments to the property of the company, for the construction of new
lines, for the acquisition of additional properties or equipment or securities
representative thereof, when such acquisitions are approved by the Commission, and for other corporate purposes.
Applications will be made to list the bonds on the New York Stock Exchange.
Warrants will be issued to each stockholder as soon as possible after
Mar. 13 1930, specifying the amount of bonds in respect of which each
stockholder is entitled to a subscription privilege. Unless otherwise requested by the stockholder, warrants will be mailed to the address on file
for the mailing of dividend checks. Warrants entitling the holder to sub$1,000 or
scribe as hereinafter set forth will be issued only for amounts ofof
which a
multiples thereof. For each fraction of a $1,000 bond in respect
stockholder is entitled to a subscription privilege a fractional warrant will
No subscription may be made on a fractional warrant, but if
be issued.
9 1930, to the
surrendered before 3 p. m. (Eastern standard time). Mayother
fractional
company at its office, No. 25 Broad St.. New York, with
aggregate the right to subscribe for at least
warrants, representing in the
$1,000 principal amount of bonds, a subscription warrant for a $1,000 bond
will be issued in exchange, and, of the surrendered fractional warrants include a fraction in excess of $1,000, a new fractional warrant will be issued
for such fraction.
After 3 p. m.(Eastern standard time), May 9 1930, all warrants will be
void and of no effect.
If it is desired to subscribe, the stockholder or his assigns must fill out and
sign the subscription agreement which will appear on the back of all warstockrants. If it is desired to dispose of the subscription privilege, the on the
holder must fill out and sign the assignment form which will appear
back of warrants other than fractional warrants. No assignment of fractional warrants is necessary as they will be in bearer form, transferable by
delivery.
Where a warrant authorizes a subscription to two or more bonds, a stockholder who may wish to subscribe for a portion of the bonds covered by his
warrant and to dispose of the balance, or who may wish to dispose of his
right to subscribe for a portion of the bonds covered by a warrant to one
person and the balance to another, should return his warrant to the company at its said office before 3 p. m.(Eastern standard time). May 9 1930,
to be exchanged for other warrants, specifying in writing the number of
warrants desired in exchange and the number of bonds to be covered by
each.
The price of subscription to each $1,000 bonds is 3951, being at the rate
of 95%, plus accrued interest to May 9 1930 payable in New York funds.
-Listing.
Chicago & Western Indiana RR.
The New York Stock Exchange has authorized the listing of $186,000
-year gold 4% bonds, due July 1 1952, making
additional consol. mtge. 50
the total amount applied for $49.901.000.
Income Account for 12 Months Ended Dec. 31.
1927.
$216,037
$332,549
.
Operating revenues
$258,435
2,002,262
2,116,971
Income from lease of road
2,073,946
2,552.643
Joint facility rent Income
2,434,580 2,362,767
50.968
47,255
471703
Miscellaneous rent income
60,331
96,325
147.098
Equipment rents
16,453
15,842
8,139
Income from unfunded secs. & accts_
10,229
24,310
Miscellaneous earnings
17.172
Operating expenses
Interest on funded debt
Rent for leased road
Joint facility rents
Equipment rents
Tax accruals
Amort. of discount on funded debt
Miscellaneous expenses
35.037.714 $4,935,852 $44,918,450
330,484
404,399
445,698
3,308,869 3,231,012
3,201,297
116,932
48,675
48,675
14,762
13,484
13,410
4,573
18.173
8,649
721.519
647.957
674,528
48,181
38,825
67,289
24,022
27,589
26,002
$44,572,910 $44.473,965 $4,438,133
Net income
Surplus forward from previous year _
Other credits
Total
Dividends paid
Other debits
$461,886
427,016
250.560
$480,317
367,657
101.847
31,307.329 $1,139,462
300,000
300.000
283.234
263,957
$949,821
300,000
222.806
$404,805
575,504
267,020
$724,095
3575.504
$4427.016
Surplus Dec. 31
9.24%
9.30%
9.60%
Earned per share on common
General Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
Assets5,000.000 5,000,000
Coastruct'n acct 78,349,771 77,768,434 Capital stock__
99,000
285,000
3,884,234 3,863,528 Gen. mtge. bds_
Equipment
585,884 Consol. M. bds. 49,900,687 49,714,667
716,295
Accts. receivable
1st & ref. M. bds 27,755,000 27,755,000
Cash:
553,531 Coll.tr.8% notes 7,718,000 8.030,000
652.273
In Treas. h'ds
Equip tr. notes_
111,800
130.200
In hands of
1,627,930 1.878,769 Non-negot. debt
trustees__
to affil. cos__ 3,528,696 3,368,801
In hands of
81,766 Vouchers & curr.
dep.cons. Ms_
bills
1,045,335
784.063
Mail on hand
453,639 Fd. debt mat'd
437.233
(value)
240,004 unpaid
4,500
9,500
240,000
Market•blesecur
Def. debit items 16.078,101 15,571,378 Coupons mat'd
not paid
1,007,084 1,005,261
Int. acct. on bds
414,602
409,279
Def. cred. items 3,842,538 3,169,745
Surplus:
503,003
Add'ns to prop
782,370
54,582
Fd. debt ret'd
54,582
Income sect
724,095
575,504
101,963,746 100,794,929
Total
-V. 130. p. 967.
Total
101,983,748 100,794,929
-Earnings.
Consolidated Railroads of Cuba.
8 Months Ended Dec. 21Dividends and interest rec
Expenses
1927.
1929.
1928.
$1.314,432 $1,325,547 31,207.366
12,121
13,493
19,112
Net income
V.
- 129, p. 3321.
$1,300,939 $1.306,435 $1,195.215
Cuba Northern Rys.-Earnings.6 Months Ended Dec. 31Gross revenue
Interest, taxes and depreciation
1927.
1929.
1928.
$1,880,353 $2,524,209 $2,473,967
2,503.728
2,424,897
2,105,897
$225.544 surp$99,313
129.761
1928.
1929.
6 Months Ended Dec. 31$6,044,834 $6,404,014
Gross revenue
5,400,484
Expense, taxes, int., deprec., &c---- 4,824.217
1927.
36.462.893
5,868,720
$1.220,617 $1,003,530
$594,173
Net loss
- 129, p. 3321.
V.
-Earnings.
Cuba RR.
Net income
-V. 129, p. 3321.
-Acquires Lines of DelaDelaware & Hudson RR. Corp.
-See latter in V. 130, p. 616.-V. 128,
ware & Hudson Co.
p. 397.
-New Member
Delaware Lackawanna & Western RR.
of Board of Managers.Biscuit Co.
- Roy E. Tomlinson, Chairman of the board of the National R. Pyne.Percy
has been elected to the board of managers, succeeding
V.130, p. 1109.
-Acquisition.
Erie RR.
The I.
-S. O. Commission Feb. 8 issued a certificate authorizing the
company to acquire and operate the railroad properties and franchises of
(a) the Conesus Lake RR., which road extends from a connection with
the Rochester division of the Erie's line at Conesus Lake Junction to Lakeville, approximately 1.61 miles, in Livingston County; (b) the Erie &
Black Rock RR., which road extends from a connection with the International branch of the Erie at Black Rock Junction to Hamilton St.,
approximately 1.14 miles, in the City of Buffalo; and (c) the Middletown
& Crawford RR., which road extends from a connection at Crawford Junction with the railroad of the New York Ontario & Western RR. about 3.3
miles north of Middletown on the Erie's main line to Pine Bush, approximately 10.22 miles, in Orange County, all of which are in the state of
New York.
The Gonesus Lake RR.,the Erie & Black Rock RR.,and the Middletown
& Crawford RR. are controlled by the Erie through capital stock owner
4.4
MAR. 1
FINANCIAL CHRONICLE
1930.]
ship and their railroads have been operated as integral parts of its system
for many years. In addition to its control of the Middletown & Crawford
through capital stock ownership, the Erie leases the railroad property of
The lease covers a period of 99 years from and after
that company.
-mile portion
Jan. 30 1882. The Erie, as lessee, also operates over the 3
New York Ontario & Western RR.. between Middletown and Crawof the
ford Junction where connection is made with the line of the Middletown
Zz Crawford.
The Erie now proposes the merger of these three companies into itself
for the purpose of effecting single ownership and operation of their railroad properties and reducing to that extent the number of corporations
now comprising its system. It is claimed that the proposed merger would
affect certain economies such as the elimination of the expense of keeping
separate records and books of account for each company and the preparation of various reports to governmental authorities. The proposed merger
would also obviate the necessity of holding corporate meetings with the
attendant expense of making records of the proceedings.
Commissioner Eastman. concurring, says: "I join In this decision only
because it is controlled by the decision of the Commission in acquisition by
Pittsburgh & West Virginia Ry. Co.. 150 I. C. C. 81."-V. 130. p. 794.
-Dividend Increased.
Georgia RR. & Banking Co.
The directors have declared a quarterly dividend of 3% on the outstanding $4,200,000 capital stock. par $100, payable April 15 to holders of record
March 31. From April 1928 to and incl. Jan. 1930, quarterly dividends of
-V. 126, p. 1503.
• % were paid.
Great Northern Ry.-President.Budd Discusses Merger.
President Ralph Budd has made the following statement on
the merger decision:
Extensive comment is impracticable without having seen the Commission's order, but assuming that it is to the effect that the Commission has
found the unification of the Northern lines and the Spokane Portland &
Seattle to be in the public interest and, therefore, approves of it upon the
condition, however, that the two Northern lines shall divest themselves
of their 98% interest in the Burlington, it is my opinion that further consideration should be given to the matter of continuing the Burlington
ownership after the unification.
I think it can be shown that control of the Burlington by the Great
Northern and Northern Pacific has been greatly in the public interest.
My own opinion is that at least the new Northern System necessarily must
have access to Chicago, and I know of no other means so satisfactory as to
use the Burlington line down the Mississippi River from the Twin Cities.
Without such access to Chicago by the Northern lines, it is difficult for
me to see how the new Northern System and the Northwest public can
continue to enjoy the benefits that the Burlington control by the Northerns
has given them for the past 30 years.
As to the desirability of the consolidation of the two Northern lines, I feel
now as I have for several years, that some railway consolidation in the
Northwest is very desirable in the public interest. There is in the Northwest an excessive amount of competition between transcontinental lines
for a relatively smaller traffic than exists in the Southwest, where a lesser
number of lines are competing.
This situation threatens the ability of the lines in the Northwest to
protect their shippers in the matter of rates which may be inaugurated
by the more prosperous roads to the South. It also threatens their ability
to continue to meet the ever-increasing demands of modern transportation
for better service.
The only consolidation that seems practicable in the Northwest is that
between the two Northern lines and at the same time such consolidation
will save $10,000,000 a year in operating expenses which it is not passible
to save in any other way. That $10,000,000 per year will in effect be
saved to the public is because the rate of return on carriers in the Northwest as a whole is inadequate. and therefore any saving In operating expenses avoids the necessity of making it up by way of charges."
Bill Introduced to Prevent Merger.
-
A joint resolution forbidding the consolidation of the Northern Pacific
and Great Northern companies was introduced in the Senate Feb. 27 by
Senator Dill of Washington.
-V. 130. p. 1270.
--Earnings.
Green Bay & Western RR.
Calendar Years• Gross earnings
Operating expenses
1926.
1927.
1928.
1929.
$1,996,633 $1,797,564 $1,579,392 $1,645,801
1,226,557
1,271.311
1.333,317
1.465,034
$531.599
96,156
4464,247
87,850
$352,835
91,098
$374.490
100,128
Total income
Tax rents, &c
$627,755
192,543
1552,097
172.819
$443,924
142,562
$474.618
156.823
Net Income
Deb. A dividends
Common dividends
Deb. B dividends
Res. for additions & betterments
$435,212
30.000
125.000
70,000
$379.278
30,000
125,000
70,000
$301,362
30,000
125,000
35,000
$317,796
30,000
125.000
35,000
200.000
150,000
81.769
125,000
$10,212
369,919
$4.278
359,913
$29,593
364,629
$2.795
333,761
Net revenue
• Other income
Balance, surplus
Prof.& loss surplus
-V. 128, p. 1901.
Louisville & Nashville RR.
-Listing.
The New York Stock Exchange has authorized the listing of(a) 15.000,000
-year 4% gold bonds due July 1 1940. making the total amount
.unified 50
of unified bonds applied for $69.805,000; and (b) 115,000,000 1st & ref.
mtge. 4Si% bonds series 0, due April 1 2003, making the total applied
for $12,753,000 series A 63%,$14,000,000 series B 5% and $31.000,000
series 0 43%.
The I.-S. 0. Commission Feb. 21 authorized the company to issue
& ref. mtge. 4;4% gold bonds, series 0,and $5,000,000 of
315,000,000
-year 4% gold bonds: the bonds to be sold at nos less than 92.5%
unified 50
of par and int. and the proceeds used to replenish its treasury, to meet
maturing indebtedness, and to pro vide funds for making additions and
betterments.
Income Statement for 11 Months W Nov. 30 1929.
$121,349,906
Railway operating revenues
96,607,799
Railway operating expenses
6,912.256
Rallway tax accruals
21,134
Uncollectible railway revenues
1453
-The
-Dividend Rate Increased.
Maine Central RR.
directors on Feb. 28 declared a quarterly dividend of $1.25
a share on the common stock, placing that issue on a $5
annual basis compared with $4 previously. The dividend is
payable April 1 to holders of record March 15.-V. 128, p.
509.
Minneapolis St. Paul & Sault Ste. Marie Ry.-1930
Program.
Tile company will lay 1.200,000 new ties this year. which will be used
for replacement, at a cost of about 12,000.000. according to President
C. T. Jaffrey. Between 75 and 100 miles of heavy steel rail will be laid,
largely on the Minneapolis-Chicago line, at a cost of approximately $1,000,-lb. rail upon
000. Practically all this division will be equipped with 100
completion of the work planned for this year. The Soo System plans to
spend about 11,000.000 for 400 freight cars to be built in Minneapolis
within the next six months. The road may build several more locomotives
in its Shoreham shops later in the year if conditions warrant. The last of
three locomotives, costing approximately 185.000 each, was completed
-V. 129, p. 4137.
there recently, according to Minneapolis dispatches.
-Listing.
Morris & Essex RR.
The New York Stock Exchange has authorized the listing of $10.000.000
% construction mortgage gold
series A 5% and $15,000,000 series B
bonds, both series due Nov. 1 1955.-V. 130, p. 1270.
Oklahoma City-Ada-Atoka Ry.-Acquisition.-
-V. 128. D. 2455.
See Oklahoma City-Shawnee Interurban Ry. below.
Oklahoma City-Shawnee Interurban Ry.-Control.-
-S. C. Commission, Feb. 10 approved the acquisition by the
The I.
-Ada-Atoka Ry. of control of the Oklahoma City-Shawnee
Oklahoma City
Interurban By.. by purchase of its capital stock.
-Ada-Atoka By. to
was also granted to the Oklahoma City
Authority
issue $800,000 of capital stock (par $100) the stock to be delivered, at par,
In payment for a like amount of capital stock of the Oklahoma City-Shawnee
Interurban My.
The report of the Commission says in part:
The railroads owned by the Oklahoma City-Ada, and the Shawnee
originally formed a branch line of the Missouri, Kansas & Texas By. for
Oklahoma City, through Shawnee,to Coalgate. Under authority heretofor
granted by us the Oklahoma City-Ada adquired the part of this line from
Shawnee to Coalgate. about 78 miles. and the segment from Shawnee to
Oklahoma City, approximately 39 miles, was acquired by the Shawnee.
Plans for conversion of the latter part of the line into an interurban railway
did not materialize, and for several years the segment has been operated by
the Oklahoma City-Ada under lease.
In connection with the acquisition of their railroad properties, the
-Ada issued $800,000 of capital stock and 6800,000 of
Oklahoma City
1st mtge.6% bonds,and the Shawnee issued $800.000 of stock and $400.000
-Kansas-Texas
of bonds. The Shawnee's bonds are owned by the Missouri
RR. In April and May 1929, all the stock of both companies, except eight
shares issued by the Oklahoma City-Ada, were acquired by the Muskogee
-Ada proposed to purchase the Shawnee's stock from
Co. The Oklahoma City
the new owner and issue a like amount of its own stock in payment therefor.
-V.119. p. 325.
-Bond.
Pennsylvania Ohio & Detroit RR.
-S. 0. Commission, Feb. 13, authorized the company to tome
The I.
15,067,000 of let & ref. mtge. bonds, series A, to be delivered at par to
:he Pennsylvania RR. in reimbursement of an equal amount of advances.
Authority was also granted to the Pennsylvania RR. to assume obligation and liability as lessee and guarantor in respect of the bonds.
V. 127, p. 1804.
-Operating Ratio Fell to 72.1% in
Pennsylvania RR.
-An official statement dated Feb. 25 says:
1929.
es
required to pay operating
The proportion of operating revenues
on the Pennsylvania rtailroad System in 1929 was reduced to the owest
figure in 13 years. This is indicated by the fact that the operating ratio,
as this is termed, fell to 72.1%; 1929 was the ninth successive year in which
the operating ratio has been lowered.
This achievement largely accounted for the record-breaking net income
of $101,378,518 earned by the Pennsylvania Railroad last year, the greatest
in its history.
The long series of annual reductions in the operating ratio, with full
maintenance of the property, reflects the intensive campaign to attain
maximum efficiency and economy which the Pennsylvania RR. has been
carrying on. Important elements in it have been the loyal co-operation of
officers and employees to keep expenses at the lowest possible level, together
with the greater efficiency made possible by the extensive improvements in
road and equipment, which have been made out of new capital investments
in recent years.
In 1921, the first full year of operation by the company's own management following the termination of Federal control for war purposes, the
ifite a oate rguctr
h dsir m n,eet.f th et e pion of
,
1a 1s
17 67 gata : ig:
°
t
e ra e teri 1 s
geratAng ,lic v tipaso
esent
year
rate of gross earnings every lowering of 1% in the operating ratio means a
saving of approximately $7,000.000 annually.
The real gain in efficiency has been much greater than the comparison
between the operating ratios of 1921 and 1929 indicates. This is due to
the fact that in that period the average revenue received for carrying one
ton of freight one Mlle declined 16%. Had this not occurred, the traffic
of 1929 would have yielded much higher gross revenues without additional
expenditures, which would have resulted in an operating ratio considerably
lower than that actually recorded.
-Bus Sevice to be Inaugurated April 1.
Rail
Total operating income
Non-operating income
The company announced on Feb. 25 that, in co-operation and coordination with the Greyhound Corp., the operation of combined rail-bus
service between New York and Chicago and St. Louis, and between Philadelphia and Chicago and St. Louis, will be inaugurated April 1 next.
In addition to the points named, this service will be available between all
intermediate points.
The service in both directions on the four lines will in each case involve
a daylight bus ride, at each end of the journey, with an intermediate train
ride during the night hours.
Under operating and financial arrangements recently effected by the
Pennsylvania Railroad. the bus service on these co ordinated rail-bus routes
will be conducted by the Greyhound Lines. This subsidiary company of
the Greyhound Corp. operates between the Mississippi River and the
Atlantic seaboard, and during 1929 it made 19.500,000 bus miles and
$17,808,717 carried more than 3,000,000 passengers. shortly.
-V. 130, p. 968, 1271
Schedules and fare will be announced
5,450,201
Gross income
Deductions from gross income
$23,258.919
11,250,906
Net income
Income applied to sinking funds
$12,008,012
148
Income balance transferred to profit and loss
Earnings per share
-V. 130. IL 967.
$12,007,864
$10.26
Mahoning Coal RR. Co.
-Earnings.
1929.
Period End. Dec. 31- 1929-3 Mos.-1928.
1928.
$439,666 $1,874,247 $1.701,225
Income from lease of rd_
$408,456
179,991
44,532
Other income
45.514
254,152
Total income
Taxes
Interest on funded debt_
Other deductions
8453,970
28,179
18,750
1,916
$484,199 12.054.239 81,955.377
51.358
196.811
193.406
18.750
75,000
75,000
1,973
7,811
7,621
Net income
$
- 405,125
Dividends accrued
Additions and betterments
1412,118 11,774.616 81,679.350
1,533,067
1.533,068
63.170
6,689
Total
Surplus
--V. 129, p. 3323.
$1,590,238 $1,539,757
178,378
139.594
Pittsburgh & West Virginia Ry.-Finance Director
-S. C. Commission Would Ascertain What Interests Conof I.
trol Railroad.
A move has been made by Charles D. Mahaffle,finance director of the
control the
-s. C. Commission, to ascertain definitely what interestsheld
had been reported is
by the
Pittsburgh & West Virginia which it
Penn road Corp.
eoa o ;ng
th tions nfll
ke
In connection with the scheduled hearings on March 10 on na e cri:Iy
e
eatrie licZest Virginia and thegiv York Chicago &
ol
proposalsv athe Litrbur lte
ng
St.Louis acquire
o
Mahaffie has suggested in lettersyta
ownership. •
case that evidence to be presented follow the same linos as would necessary if the proposal involved an actual consolidation of properties instead
-V. 130. P. 1271.
of a mere acquisition of control as proposed.
St. Louis-San Francisco Ry.-Certificates Offered.
-The First National Old Colony Corp.; Kean, Taylor & Co.;
F. S. Moseley & Co.; Kountze Bros., and R. W.Pressprich
& Co. are offering $8,085,0004% equip, trust certificates,
series DD,at prices to yield from ‘Ii% to 4.70%, according
to maturity. To be issued under the Philadelphia plan.
Principal and dividends unconditionally guaranteed by endorsement by
the company. Dated April 1 1930: to mature In equal annual installments of $539,000 each from April 1 1931 to April 1945, inclusive. Prin-
,
1454
FINANCIAL CHRONICLE
[vox,. 130.
cipal and dividends (A. & 0.) payable at the agency of the trustee at the for traffic unless it extends its lines to the source. He claims that in hauling
office of the company In New York. Denom. 51.000 c*
freight by this superior central route the W. P. is the only competitor
Issuance, sale and guaranty of these certificates are subject to the ap- of the Southern Pacific and Union Pacific, which mutually support each
proval of the 1.-S. C. Commission.
other, and the only line through which the competitors of the Union Pacific
Legal Investments for savings banks and trust funds in the States of east of Utah junctions can get much transcontinental traffic. It is admitted
New York and New Jersey.
by him that a large part of the perishable traffic originating on lines of the
These certificates will be secured upon new equipment estimated by W. P. in California Is turned over to the Union Pacific at Ogden or Salt
the company to cost not less than $10,790,000, consisting of: 10 all-steel Lake City, but he added that the situation of the W. P. in respect to its
baggage cars; 10 all-steel baggage and mail cars; 3 all-steel dining cars; eastern connections is being changed and strengthened by improvements
2.500 steel under-frame single sheathed box cars; 300 steel under-frame in the service of its affiliated line, the Denver & Rio Grande Western,
single sheathed automobile cars: 700 steel under-frame composite gondola through Pueblo, Colo., and by the prospect that the route of this affiliated
cars and 20 freight locomotives.
line between Salt Lake City and Denver will be shortened 173 miles by the
Title to the equipment, all of which 18 new, will be vested in the trustee construction of the Dotsero cut-off, thus making a practical route for perishuntil all of these equipment trust certificates are paid.—V. 130, p. 795.
able freight via Denver in connection with the Chicago, Burlington es
Quincy.
Seaboard Air Line Ry —Bankers Control Road.—
Testimony was offered by the President of the Denver & Rio Grande
The New York '"fimes" Feb. 25 ha. the following:
Western RR. to the effect that the local business of that company had so
Control of the Seaboard Air Line Ry. is held by Dillon, Reed & Co. declined during the last six years that it must have more through traffic
and associates, it was learned yesterday [Feb. 241. The group holds to preserve its financial integrity, and that this necessary traffic must come
54% of the railroad's common stock. The railroad Is said to be possibly from the development and extension of the traffic originating territory
the only one of its size with coatrol thus concentrated. Last year a syndi- of the W.P. The Rio Grande connects with the Southern Pacific at Ogden
cate headed by Dillon, Reau & Co. acquired the holdings of the S. Davies and has through routes and rates via the Southern Pacific as well ashy the
Warfield estate in the Seaboard Air Line, together with other securities, W. 1'. to California points served exclusively by the Southern l'acific or
the entire amount costing about $10,000,000. Approximately 375,000 Santa Fe, and it also runs through sleeping cars In connection with certain
shares of common were thus acquired, and this block was augmented last Southern Pacific trains, but it is claimed that because of the close co-operamonth by 1,200,000 shares which remained unsold from an offering of tion between the Union Pacific and the Southern Pacific, the Rio Grande
1,892.630 shares at $12 a share made to stockholders. The underwriting can not look to the Southern Pacific for the traffic it needs to maintain its
'commission was $1 a share.—V. 130. p. 1271.
road and meet its obligations. Formerly the Rio Grande secured much
traffic from territory served by the Oregon-Washington RR. & Navigation
Tennessee Central Ry.—Listing.—
Co., the Oregon Short Line, and the Los Angeles Ss Salt Lake RR., but it
The New York Stock Exchange has authorized the listing of $3,000.000 has lost nearly all this traffic through the acquisition of the lines named
1st mtge. 6% coupon bonds. eerie; A. due April 1 1947, and $410,000 1st by the Union Pacific. Although the Rio Grande has joint rates in effec
with the Los Angeles & Salt Lake RR., it benefits but little therefrom
mtge. 6% coupon bonds, series 1.3„ due April 1 1947.—V. 129. p. 3163.
because of the Union Pacific's superior schedules and service, and its efforts
United Rys. of Havana & Regla Warehouses.—May to hold business of its own lines.
On behalf of the Missouri Pacific RR.its president testified that the deDefer Preferred Dividend.velopment
NV. P. is vital to the Missouri and to St. Louis as a trans-Accordin4 to a dispatch from—aigIon the management of this company continentalof the
gateway; and that a large territory east of St. Louis and adjaannounces that earnings are inadequate to pay the final dividend on the cent to and south of the Ohio River can best be
served through St. Louis.
preference shares due in July, owing to a serious and unexpected Stress is put upon that company's large
cumulative
investment in the Rio Grande
decrease in traffic receipts.—V. 125. p. 3639.
and upon the heavy expenditures made and contemplated in improving
its line from St. Louis to Pueblo. The justification for these expenditures,
Wabash Ry.—Supreme Court Denies Review.—
it is claimed, depends largely on the ability of the W.
The U. S. Supreme Court has denied preferred "A" steckholders a re- rapidly increasing traffic of central California, and P. to share fully in the
it is Reserved that the
court's recent decision in favor of the company and pre- best way for the W. P. to secure the business is
hearing of th
to build
ferred "B" and common stockholders in their dispute over dividends.— territory. He testified further that the proposed line into the producing
would give growers
V. 130. P. 1111.
and shippers the benefits of through service to St. Louis and the large territory reached by
Missouri,
well as
Western Pacific California RR.—Proposed Construction through St. Louis,the that this as urgentlyto other territory best reached
is
and
necessary because of the rapid
growth of production in California and the need to develop all markets.
Denied.—
The Missouri is part owner of the American Refrigerator Transit Co.,
-S. C. Commission Feb. 8 denied the application of the company which owns 11,000 refrigerator cars, and it is
The I.
stated
for authority to construct lines of railroad in San Joaquin, Stanislaus, perishable freight would be especially benefited by that the producers of
an augmented supply
Merced, Mad2ra and Fresno Countiee,_Callf., and the operation by it, of refrigerator cars to handle peak movements.
under trackage rights, over part of the Tidewater Southern By. in StanisAn executive officer of theChicago Burlington & Quincy Railroad Co.,
laus and Merced Counties.
hereinafter called the Burlington, testified that the territory served by that
carrier is an important market for California products; that the Burlington,
The rep.irt of the Commission says in part:
Western Pacific California RR.,a corporation organized for the pur- Rio Grande, and W. P. form a through route between San Francisco and
The
pose of engaging in interstate commerce by railroad, on July 16 1928. Chicago, but that this route can not expect any help from the Southern Pafib d an application under section 1 (18) of the Inter-State commerce Act cific and Santa Fe and most rely upon its own efforts with shippers; that
fcr a certificate that the present allot future public convenience and neces- there are only two competing routes from California to the East via
sity require (1) the construction by it of lines of railroad as follows: (a) Junctions, both of which it is important to maintain; and that the Southern
From a connection with the Western Pacific RR. at or near Nilegarden Pacific-Union Pacific route is well fortified with tributary lines while the
in a general southeasterly direction to a connection with the main track W. P. lacks them and can find traffic in California only.
The Southern Pacific and the Santa Fe contend that the whole of the
of the Tidewater southern By., at or near Shoemake, approximately 24
miles, in an Joaquin and Stanelaus Counties:(b)from the end of the exist- proposed line would closely parallel and duplicate existing railways that
ing main track of the Tidewater near Hilmar in a general southeasterly furnish adequate and keenly competitive service and are easily accessible
direction to Fresno, approcimately 81 miles, in Merced, Madera, and by good roads; that said line could not improve the service, reduce the cost
Fresno Counties; (c) commencing at a point on the last above described of transport, or lower rates, to any market; that it would add greatly to the
proposed line at or near its terminus in the city of Fresno and extending cost of transportation without creating any new railway revenue; that it
in a general southeasterly direction approximately 21 miles to a terminus would not be profitable either in itself, or as a feeder of the W. P., but
at or near the north bank of Ring's River, in Fresno and Tulare Counties; would serve merely to divert from existing lines revenue that is necessary
and (2)the operation by it under trackage rights over that part ofthe railroad to support the excellent service they now give. They contend that the
of the Tidewater between a point at or near the station of Shoemake in a territory immediately along the proposed line is already fully developed
southeasterly direction to a point near the station of Hilmar, approximately agriculturally, so far as it is fit for such development; that at Fresno,
12 miles, In stanislaus and Merced Counties, all in the State of California. the only town on the proposed route, the line is so located that it could not
The applicant is a wholly owned subsidiary of the Western Pacific RR. reach any substantial industry. but would create a number of grade crossings
The lines described in the application 2ould form a continuous line of rail- of streets and railways that would hamper the operations of the protesting
way,about 138 miles long,extending up the San Joaquin Valley from a con- carriers; that the line would be useless for passenger transportation since
nection with the W. P. at Nilegarden. about 11 miles south of Stockton, It would miss all the centers of population except Fresno, and could not get
to a point on Kings River about 21 runes southeast of Fresno. An inter- enough business to justify a service comparable with their own; and that
mediate segment of the route is covered by the proposed trackage rights over the local passenger movement is now almost wholly by automobile.
The San Joaquin Valley is traversed by three or more parallel lines of
the line of the Tidewater, a separately operated subsidiary of the W. P.
If the present application be granted, the plan is to have the applicant railroad, owned by two actively competing systems. the Southern Pacific
acquire the properties of the Tidewater under authority to be sought and the Santa Fe. The proposed line, paralleling them, would nowhere
hereafter. The railroad of the Tidewater extends from Stockton to Hilmar, be more than 6 miles from the main line of the Southern Pacific. It would
with branches to Manteca and Turlock,in all 68 miles. It is operated partly reach no towns that are not served by existing railways, and would not proby steam and partly by electricity. It has no passenger service on the vide better or cheaper routes to any market. The case for it rests substanpart over which the applicant would operate, and the applicant's freight tially on two claims; First, that it would shorten the hauls to a railroad in
parts of the region traversed, thereby promoting more intensive agricultural
operations thereon would be limited to bridge traffic.
It is stated that the objects of the proposed line are to bring rail trans- development; and second, that it is necessary as a feeder of the W. P. and
portation closer to the agricultural territory it would traverse and to increase its allied lines, particularly the Rio Grande, which need more business to
the traffic and earnings of the W. P. and its allied lines. All classes of assure their proper support. In view of the testimony to the contrary
service would be performed, but nearly all the revenue expected is frost omisokau of farmers in California, it can not be presumed that to promote
freight. It is not claimed that the line would have ray •onsiderable value awe intensive culture now would be in the public interest. All the territory
for the transportation of passengers, and the °vides Ce sh ws that it would south of the San Joaquin River and much- to the north is fully developed,
not. Testimony was offeree by the applicant to the eff.i.t that its proposed mainly in crops that are overproduced. The applicant expects that even
line would serve a large and fertile agricultural territcry that is too far from in the fifth year of operation 79.3% of the revenue from traffic originating
rail lines to permit the intensive culture to which most of it is suited; that on its line would be derived directly from fruits, fresh and dried, which
this territory is largely under irrigation and can nearly all be irrigated and are the crops already overproduced. This and other evidence indicates
cultivated; that most of the more valuable crops are perishable and can that, at least as lato as the fifth year, little of the traffic is expected
not usually be raised successfully more than 4 or 5 miles from railway from those areas that are comparatively distant from railways. The saving
facilities, that for this reason the agricultural development of the San In truck haul is the only certain benefit shown to the conununity. The
Joaquin Valley has taken place almost entirely close to the existing railroads, evidence indicates that this saving would be very small in proportion to the
although there is as good soil elsewhere and it is hoped that the great area cost of providing the additional railroad service, and that the lands near
between the Southern Pacific Co. main line and the San Joaquin River the proposed route can be used advantageously in large part for dairying,
will be developed as intensively as the lands near the existing tallways. raising cotton, and other crops that produce only a light rail tonnage. The
of the W. P. does not justify such inIt is further testified that the traffic to be developed would be all classes testimony concerning the needsexisting railways.
of farm products, not necessarily perishable alone, and that the general herently wasteful paralleling of find that the present
Upon the facts presented we
and future public
business of Fresno would be much stimulated.
According to a survey made by the Southern Pacific the area bounded by convenience and necessity is now shown to require the construction of the
the proposed line, the W. P., and the San Joaquin River contains 475.490 proposed line.
acres, or 743 square miles, of which 61.6% Is alkaline and unprofitable
Commissioner Eastman, dissenting in part, says:
for cultivation under present conditions, 6.1% is swamp or poorly drained,
I agree that the three parallel lines of railway which already exist in the
2.5% is rough or high lands, not irrigable, 71.8% is unimproved, and only San Joaquin Valley are amply sufficient to handle the traffic, and that it
produces crops for shipment. All witnesses agree ought not to be necessary to build a fourth parallel line. However,the ques15.2%, or 72,275 acres,
that large areas of alkaline lands can not be reclaimed economically, out tion before Us is, I think, considerably broader than that. The Western
that under suitable conditions the alkali can gradually be worked out of Pacific has constructed a line through the Sierra Nevadas of great merit
small areas by irrigation and drainage. A witness for the applicant testified from the standpoint of economical transportation, and together with the
that much of the land classed as alkaline is only spotted with alkali, and Denver & Rio Grande Western it affords a route competitive with the centhat some of it already is in a high state of culture. The evidence on this tral conscontinental route of the Southern Pacific and the Union Pacific
point is conflicting, but it appears that in the Southern Pacific's survey the which ought to be made available, so far as is possible without undue
land was classified by large areas, taken as units, and that the method expense, to all of California and also to westbound shippers from the eastern
failed to take into account sufficiently tne value of smaller areas of superior territory. Use of the Dotsero cut-off and the Moffat tunnel at Denver
land. A witness for the Southern Pacific admitted that the work done to will greatly improve this competitive route. The so-called "open door"
reclaim alkaline land has been successful in some areas of the San Joaquin policy of the Southern Pacific and the Santa Fe does not I believe, adeValley.
quately meet this situation. The testimony of railroad witnesses In numThe President of the W. P. testified that the proposed line is needed to erous cases before us has been to the effect that the control
furnish additional traffic to the W. P.; that when the W. P.'s main line was and service and more intimate relations with shippers tendof the terminals
to prevent the
projected it was recognized that it would probably not be self-supporting use of Joint rates in such cases.
without an adequate system of feeder lines, and that the original articles
The Western Pacific is undoubtedly hampered by the fact that It has no
of incorporation provided for building about 375 miles in central California, good meant; of drawing traffic at present from the San Joaquin Valley
including a line to Fresno. Financial difficulties prevented this construc- for its competitive central route. The evidence also indicates that trackage
tion and led to a receivership. The articles of Incorporation of the re- rights and joint use of existing facilities are entirely feasible. South of the
organized company cover a line as far south as Porterville. He testified valley all of the traffic contributed by the two lines of
further that by reason of advantages in climate and distance the central and the line of the Santa Fe moves for a considerable the Southern Pacific
transcontinental route through Utah junctions is preferable to the southern track. Under the circumstances, it seems to me thatdistance over a single
the
routes for moving perishable freight from the San Joaquin Valley, and that bas _plenty of room on its eastern line through the valley Southern Pacific
to accommodate
most of the traffic moves that way because of this preference; but that the the Western Pacific until the growth of traffic justifies the construction
of a
W. P. gets a very small part of it, notwithstanding equality of rates and fourth parallel line, if it ever does.
schedules and an efficient soliciting organization, as the Southern Pacific
For these reasons I believe that we could appropriately
that the
is very successful in holding the long haul on its traffic, particularly on evidence does not justify the construction of the proposed linefindthe Westby
perishables from California. Rates and schedules are much the same by ern Pacific, provided the Southern Pacific will extend to
the latter trackage
all routes, but shippers generally recognize their dependence upon the rail- rights over its eastern line through the valley and joint use of terminal
road that immediately serves them,and no railroad can compete successfully facilities as far as and including Fresno. We could then held the case open
MAR.
11930.]
FIN A NCT A L CHRONTCLE
for a reasonable period to obtain the results of negotiations for such an
arrangement, before taking final action in the case.
PUBLIC UTILITIES.
Doubt $27,000,000 Power Values.
-Federal accountants question items of
19 concerns, Senate Committee is told. N. Y. "Times" p. 33.
Power Resources Bill.
-Joint resolution introduced in Louse to prohibit
monopoly. "Wall Street Journal" Feb. 21, Izo• 7.
Senator Knight to Ask Chanoes in Utility Law.
-Supervision of holding
firms and creation of public defender sought. N. Y."Times" Feb. 24, p. 1.
Albany Southern RR.
-Bonds Called.
-
All of the outstanding 1st mtge. bonds. dated Sept. 1 1909, have been
called for payment March 1 next at 106 and int. at the Bankers Trust Co..
trustee, 16 Wall St., N. Y. City.
-V. 119, p. 1951.
American Commonwealths Power Corp. (& Affil.
Cos.).
-Earnings.
12 Months Ended Jan, 311930.
1929.
Gross earnings, all sources
825.857 407 $17 903 764
Opera..ing expenses incl. maintenance & gen. taxes 14,334.666 10,825,966
Interest charges, funded debt, subsidiary cos
4,480,790 3.330,276
dalance
$7,041,952 $3,747,522
Dividends, preferred stocks, subsidiary cos
1.738.098
1,314,090
Interes charges,funded,debt,American Commonwealths Power Corp
705.530
515,000
Balance available for dividends and reserves
$4,598,324 $1,918.432
Annual div. charges, let pref. stock, American
Commonwealths Power Co
615.095
534,996
Annual div. charges, 2nd pref. stock, Amer. Commonwealths Power Corp
95.977
95.977
Balance avail, for res., Fed. taxes & surplus- _
$3,887.252 81,287,459
Note.
-The above statements reflect the earnings for 12 months periods
of properties owned at the respective dates.
-V. 130. p. 969.
American States Public Service Co.
-Plans Further
Acquisition.
-
1455
(The) Bell Telephone Co. of Canada.
-Earnings.
Calendar Years-
1929.
1928.
1927.
1926.
Telephone revenues_ _ __$40,031,358 $36,510,732
Oper. exp., taxes, &c__ _ 31,963,352 28,836.389 $33.210,645 $28,460,923
26.690.591 24,713,218
Operating income__ _ _ $8,068.006 $7.674,342 $6,519,754 $3,747,796
Net non-oper. rev
919.637
714,964
671,004
633,
Total gross income. _ _ $8,987,642 $8,389,306 $7,190,758 $4,381.5M
Interest, rent, &c
3,459,574 2,792,620
2.378,213
1.915,707
Net income
$5,528,068 $5.596,685 $4,812,545 $2,465,577
Dividends 8%
4,859,943 4,414,941
3,972.677
3,906,803
Employees benefit fund_
250,000
250.006
Balance to surplus
$668,125
$931,744
$589.872d151,440,927
Shares of stock outst'd'g
(Par $100)
661.901
603,405
500.277
490 M4
Earnings per share
$8.35
$9.27
$9.61
Balance Sheet December 31.
1929.
1928.
1929.
1928.
Assetsi
Liabilities$
$
Land. bidgs., &e 17,431,202 14,517.336 Capital stock_ _ _ 61.359.900 60,340,500
Telephone plant,
Cap.stk. install. 4,830,240
yke
141,878,681 123,575,053 Bonds
57.556,820
General equip_ _ 3,848,642 2,587.677 Loans from bank 6,100,000 41,434,094
4,250,000
Cash & deposits_
341,532
185.835 Accts.& bill pay. 4,607,606 3,434,828
Dom. Govt. bds.
562,078
569,994 Accr. liabilities- 2,293,883
Bills & accts. rec 3,442,745 2,255,171 Empl.stk. Plan. 1.971,005 2,176.810
i.816.867
kiat'ls & suppl__ - 3,150,338 1,278.396 Empl. ben. fund
Accr.lne.not due
26.913
23.655 Other def. cred _
19,116
250,122,r9
Prepayments_ _ _
307,634
260,184 Advance pay.-- 1.386.664
Unamort. dt. din 1,610.525 1,293,790 Prem.on cap.stk 2,239.218 2,061.005
Plant Inv.& app.
69,139
138,278 Res, for deprec. 31,023,598 29,400,42
Other def. Items
111,128
90,656 Res. amort. cap.
65,730
53.990
Investment sees. 6,899.632 3,834,547 Surplus
6,226,408 5.269,8I8
Total
179,680,187 150,610,574 Total
179,680,187 150.610,574
-V. 130. P. 1272.
Canadian Hydro-Electric Corp., Ltd.
-Jan. Output.
-
The corporation produced 192,206,000 k.w.hrs. of electric energy in
Plans for zequisition of two new public utility properties by this company,
one in the Middle West and one in the Far West, are underway, it was January, 12% over the output in January 1929 and 2;1 times its output
In January 1928. In the 12 months ended Jan. 31 the output of the correported following a mee.ing of the directors.
-V. 130. P. 1272.
poration was 2,109,392,000 k.w.hrs., an increase of 53% over the DU
•
months ended
Arkansas Power & Light Co.
-Bonds Offered.
-An ad- ended Jan. 31 Jan. 31 1929, and 3;i times its output in the 12 months
1928.
ditional issue of $6,000,000 1st & ref. mtge. gold bonds,
The output of electric energy of all Canadian central station hydto5% series due 1956, is being offered by a group headed by electric plants other than those owned by this corporation in the year 1929
was 6%
output in the year 1928. This compares with an inHarris, Forbes & Co., and including W. C. Langley & Co.; crease ofover theirthe plants of the corporation in the same-period, it is
55% by
Bonbrtght & Co., Inc.; the First National Old Colony Corp.; announced.
The output
year 1929
Tucker, Anthony & Co., and John Nickerson & Co. The 52% over thatof the plants of Gatineau Power Co. in the station was
of the year 1928, while all other central
hydroelectric plants in the Province of Quebec increased their output 5%.
bonds are priced at 943 and int., yielding over 5.36%.
%
The Grand Falls, New Brunswick, plant of St. John River Power Co.,
Issuance subject to authorization by the Arkansas Railroad Commission.
Data from Letter of E. W. Hill, Vice-President of the Company. a subsidiary of the Canadian Hydro-Electric Corp., Ltd., in the year
Business.
-Company supplies electric power and light service, through 1929 produced 35% of the entire output of electric energy of all central
extensive transmission and distribution systems aggregating 3.799 miles, station hydro-electric plants in the Maritime Provinces.
-V. 130, p. 1272.
to a large part of the State of Arkansas. Among the 195 communities
Canadian Western Natural Gas, Light, Heat &
supplied with electric power and light service in the prosperous agricultural
industrial and mining regions served by the company are Little Rock, Power Co., Ltd.
-Earnings.
--Pine Bluff and El Dorado. Company also OVIDS and operates the electric
Year Ended Dec.31railway systems in Little Rock and Pine Bluff and does some natural gas.
1929.
1928.
1927.
1926.
51.956,022 $1,651,374 81,565,023 51.220
steam heating, water and ice business. The total population in the terri- Sales of gaa
Interest
tory served is estimated at 362.000.
54,291
73,043
38,199
10,1/
Security.
65.004
-Bonds are secured by a let mtge. on the major portion of the Other income
57,501
58,211
62,
company's physical property and by a direct mortgage on the remainder
of its physical property, subject to two closed issues of underlying divisional
Totalincome
$2,075,321 51,781,921 $1,661,433 51,283,1111
'
bonds. Only $2,003.500 of these underlying divisional bonds, which Expenses,&c
1,406.585
1,139.123
915,047
675,21
Deprec.& depletion__ _ mature in 1933 and 1938 are now outstanding with the public.
17,692
14.852
199.560
l40,12
Pro.for Dom.income tax
12.223
Capitalization Outstanding.
Common stock (no par value)
1,000,000 shs
Net income
$651,043
$627,943
$546.826
$45513
0
$7 Preferred stock. cumulative (no par)
96,132 shs. Preferred dividends_
166,321
153,745
76.476
$6 preferred stock, cumulative (no par)
29.2
50.000 slis
320,000
320,000
420,000
1st & ref. mtge. gold bonds 5 7 series due 1956 (incl. this issue) $30.000,000 Common dividends
240,
,
0
Underlying divisional bonds (mortgages closed)
Balance,surplus
$164,722
$154.198
x In addition $2,199,000 underlying divisional bonds of thesex2,000,500
8186,274
$50,350
held by the trustee under the 1st & ref. mtge. and $800,500 are issues are -V.128. p.4000.
held alive
In sinking funds.
Purpose.
-Proceeds will be used to reimburse the company for property
Central Public Service Corp.
-7'o Increase Stock.
additions and acquisitions and for other corporate purposes.
The directors have recommended an increase in the authorized capitalization from 1,000,000 shares of no par value $6 and $7 cum. pref. stock to
Earnings for 12 Months Ended December 311929.
Gross earnings from operation
$8.503.461 1,500,000 shares and from 3,000,000 shares of no par value class A stock
Operating expenses, maintenance and taxes
4.342,934 to 4,000,000 shares. It also is proposed to increase the authorized common stock from 1,000.000 no par shares to 1,500,000. The directors also
Not earnings from operation
84.160.527 recommended the authorization, at some future time, of an issue of IambAnnual interest on $32,000,500 bonds outstanding with the
ferred stock with a liquidating value at less than $100 a share.
-V. 130.
public (including this issue)
1.610.210 P• 969.
Balance for other interest, depreciation &c
$2.550.317
Chicago North Shore & Milwaukee RR.
-Earnings.
Control.
-Company is controlled through ownership of all of its
[Including Chicago & Milwaukee Electric Ry.I
stock (except directors' shares) by the lectric Power & Light common
Corp.
Calendar Years1929.
1928.
1927.
V. 127, p. 3241.
1920,
Operating revenues
$8,020,762 $7,967.186 $7,829,592 87,568=
5,913,692 5,928,425
Associated Telephone Utilities Co.
5,740.868 5,644,845
-Adds to Idaho Operating expenses
Plant.
-
The Interstate utilities Co.. a subsidiary, has completed improvement
in its properties at Wallace and Bonners Ferry, Idaho. Extensive cable
facilities are being added at Wallace and the improvements at Bonners
Ferry include the rehabilitation of the central telephone office buillding.
The structure is designed to meet future requirements of the company s
contemplated expansion program in that area.
-V. 130. P. 1272.
Atlantic City Sewerage Co.
-Earnings.
---
Calendar YearsGross earns., after adjustment & refunds__ Oper. exp. &'taxes
1929.
1928.
1927,
1926.
$466,581
27(1,647
$456.140
261,049
$443,576
255,671
$432,578
248,616
Net earnings
Other income-interest..
$195.934
4.884
$195,090
5,665
$187,905
7,710
$183,962
6,467
Total income
Interest on funded debtAmort. debt disc. & exp.
Int. & overhead charged
to construction
$200.818
88.125
3,927
8200,755
89,025
10,178
$195.624
90,671
19,564
$190,429
62,820
20,489
Cr.1,979
Cr.4,021
Cr.10,191
Dal. of net income
Adjust. of inventory of
construe. suppl.,&c
Available income_ Dividends paid
$110,745
$105,574
$95,579
$107,120
Dr.5.936
5,626
11,133
$104,809
75,000
$111,199
56,250
$106,712
37.500
$107,120
18,750
Surplus for year
$54,949
$29,808
$69.213
Total surplus
544,171
573.980
x489.222
x Includes certain capital adjustments.
-V. 128. p. 3681.
888.370
411.139
Beauharnois Power Corp. Ltd.
-Bonds Offered.
-A.
Iselin & Co., Dominion Securities Corp., and Wood, Gundy
Co.,Inc., are offering a block of 30
&
-year 6% collateral trust
bonds, with stock bonus delivery warrants and stock purchase warrants attached. The bonds are part of an authorized $30,000,000 issue.
The corporation controls the Beauharnoia Light, Heat
Co. and
associated companies, which are developing a power site& PowerSt. Lawon the
rence River, about 25 miles above the city of Montreal. See also V.
129.
p. 3633.
Net rev, railway oper. $2,107,070 $2,038.762 $2,088,724 $1,923.518
Net auxiliary open. rev.
60.628
59.602
68,477
99.808
Net rev, from oper
$2,167,698 $2,098.364 $2,157,201 $2,023.324
Taxes
380.086
395,596
420,085
400.838
Operating income-. $1,787,612 51.702.768 81.737,116 81.622.486
Non-open. income
380,711
426,467
57.287
191.805
Gross income
$2,168,323 $2.129,234 $1,794,405 81.814.290
Fixed charges
1,347,513
1,445,258
1.298.360
1,082.863
Net income
$723,065
$781,721
5496.044
$731.427
Dividends x
964,828
863,422
784.083
729.741
Balance
def$241.763 def$81,708 def$288.039
51.686
Profit & loss surplus
1.018,981
1,261,388
1,128.110
919,507
Shares of common stock
outstanding (Par $100)
50,000
50,000
50.000
60.000
Earns. per share on coin.
Nil
Nil
Nil
x Being 6% on the pref. stock and 7% on the prior lien stock.
Consolidated Balance Sheet Dec. 31.
'Including Chicago & Milwaukee Electric Ry.)
1929.
1928.
1929.
1928.
Assets-.
Liabilities
3
3
$
5
Road & equipm1_41,097.263 42,162.743 'Common stock...... 5.000.000 5.000.000
Sinking funds22,844
24.167 Pref.6% non-cum.
Deposits In lieu of
stock
7.542.200
57,604
mtgd. prop. sold
35,861 Pref. 7% cum. pr. 7.778.900 7.465,200
7.000,000
Mice. phys. prop- 1,990,426
201,255 lien stock
Adv. to &MI. Int__ 1,406.822
884,519 Subscribed
161.500
Miceli. investmls 1,082.097 1.059.998 Funded debt
Misc. bds. In treas.
6,300 Real estate mum_ _
.
10,200
Special deposits__
10,200 Unsee'd 5-yr. non452.863
519.364 Int, bear. notes_ 142.008
Cash
219.008
Loans & notes tee_ 164,115
106.734 Contract liabilities
10.060
32.119
Accts.receivable.. 627.713
647.274 Loans & notes pay.
Materials & supp- 387,197
344.064 Accts. payable -- 1,10 .
5 t0 1,213:153
4
4
Subserip.to capatk
93,506
Aecr. int. & taxee_
1
468.612
Prepaid exp.& del.
Retirement res've_
18
1.023,924 1,031.400 Other reserves.- 1.731+.3215
Items
143.014 1.
21010
Surplus
1.018,981 1,261.888
Total
48,422,875 47,123,879 Total
48.422.875 47,123.870
-V. 130. p. 969.
211;1:22"
.:13:°23
1456
Cincinnati & Suburban Bell Telephone Co.
-Stock.
The stockholders on Feb. 19 increased the authorized capital stock, par
$50, from $30,000.000 to $50.000,000. The additional stock will provide
means of financing the expansive construction program announced some
time ago by President Bayard L. Rilgour. Approximately $8,500,000
will be spent in 1930 for construction, &c.
Years Ended Dec. 311926.
1929.
1928.
1927.
Telephone oper. revs_ _ _$10.380,833 $9.677,504 $8,931,081 $8,112,876
Telephone oper. exps_ - - 6,940,290 6,117.286
5,293,910
5,689,461
Net tel, open rev_ _ _ $3,440,543 $3,560,217 $3,241,620 $2,818,966
Uncoil. open revs
67,896
69,468
48,300
53,967
Taxes assignable to opee_
829,218
985,612
945,912
968,807
Operating income_ _ _ $2,425,163 $2,537,443 $2,207,708 $1,921,852
Net non-oper.income_ _
60.750
179.682
93,115
35.036
Gross income
$2,604,845 $2,630,559 $2,242,744 $1,982,602
Other interest
5,603
6,026
40,762
17,963
Rents & miscellaneous_ _
47,648
49,889
83,117
51,257
Net income
Dividends
Other appropriations
Balance
Shs. corn. stk. outst'g
(par $50)
Earnings per share
V. 128. p. 1395.
$2,480,966
1.979,411
$2,561,339 $2,186,828 $1,929,351
1.466,232
1,649,511
1.814.461
50,000
23,068
$501,555
$723,810
$537,317
$413,118
439,869
$5.64
439,869
85.82
366,558
$5.97
366.558
$5.27
-Rates Reduced.
Cleveland Electric Illuminating Co.
The company on Feb. 25 announced its sixth voluntary rate reduction
within 10 years. Under new schedules filed with the Ohio P. U. Commission and subject to its approval, residential and small commercial consumers will realize a saving estimated by the company at $800,000 a year.
The new rates are Sc. a unit for the first 40 units used per month, and 4c.
for' excess above 240 units.
.
-V. 129, p. 3164.
- Cleveland (Electric) Ry. Co.
-Annual Report.
Calendar Years1927.
1926.
1928.
1929.
Gross earnings
$18,403,945 $18,272,040 318.706,290 $18,002,060
Net earnings
3,899,6.58
2,688,636
3,206,826
2,718,318
Other income
Cr171.857 Cr275,707 Cr214.383 Cr155.621
Interest and taxes
3.228,326
3,514,263
3,526,758
3,444.987
Sinking fund deduction_
120,683
278,216
278,637
136,868
Interest fund deduction_
163,132
'Balance, deficit
129, p. 4137.
[Vol., /30.
FINANCIAL CHRONICLE
$833,449
$309,946 mm3,303,449
$520.936
-Changes in Personnel.
Detroit & Port Huron Shore Line Ry.-Sale.-
The road was sold at public auction Jan. 27 to Roger I. Marrnlis and
Augustus C. Ledyard, the purchase committee for the bondhoMere protective committee, on their bid of $300'000. There were no other bidders.
Included in the sale were the properties of the Rapid Sty, and the Port
Huron City Electric Ry. Federal Judge Cherries C. Simmons ordered the
sale on foreclosure of a mortgage. See also V. 129, p. 1439.
Eastern Gas & Fuel Associates.
-Larger Pr. Pref. Dirv.
The directors have declared a quarterly dividend of $1.25 a share on the
prior preferred stock, compared with $1.1234 a share in the two previous
quarters. The directors also declared the regular quarterly dividend of'
$1.50 a share on the 6% preferred stock. Both dividends are payable
April 1 to holders of record March 15.-V. 129, P. 2535.
Eastern Texas Electric Co.(Del.) & Subs.
-Earnings.
Calendar YearsGross earnings
Operating expenses and taxes
alncome from other sources
Deduction b
Interest and amortized charges
5929.
1928.
$9,778.527 38,025,087
5.672,024 4,762,523
Cr.36,456 Cr.102,097
1,357,045
1,230,866
549,249
509,332
Balance
Preferred dividends
Common dividends
$2,236,670 $1,624,473
1691 792
,
169,769
982,700
717.973
Balance
$1,084,178
$736.731
a Interest on funds for construction purposes. b Interest and dividends
on securities ofunderlying companies held by the public.
-V. 228, p. 2627.
-Loses Chilean Contract,
Electric Bond & Share Co.
-
Senor Francisco Lobos, director of the Electric Service Department of
Chile has been dionoissed, a dispatch from Santiago states. Senor Lobos'
President Carlos Ibanez on the basis
separation decree' was ordered by,
that he "overstepped his authority' in the committee appointed some time
ago to draw up a new contract between the Compania Chilenn de Electricidad (Electric Bond & Share Co. of New York) and the Chilhan Government.
This contract which was to grant the Electric Bond & Share Co., a concession for 90 years, during which time the Chilean Government would be
unable to exercise any power of reeapture was ready to become a Taw when
President Ibanez repudiated it with the entire support of tiles press. The
Compania Chilena de Electricidad which owns an important group of
hydro-electric plants and tramways in Santiago Valparaiso and other cities
has now expressed her willingness to consider modifications on die-already
drawn contract to the Setter interest of the country, the dispatch adds.
V. 129, p. 3799.
El Paso Electric Co.-Eavnings.-
Commonwealth Edison Co.
Calendar YearsAt the organization meeting of the directors. Samuel Instill was made Total gross earnings
Chairman of the company; Samuel Insull Jr., Vice-Chairman and Edward Operation expenses
was elected President. Other officers
J. Doyle. formerly a Vice-President,
Maintenance
were re-elected.
Taxes
The executive committee was increased from five to seven members by
and Samuel Insult Jr.
the election of Edward J. Doyle, John H. Gulick
Net earnings
James Simpson retired from the committee.
Income from other sources
A finance committee of six members was also elected, including John H.
Gulick (Chairman), Edward J. Doyle. Stanley Field, Martin J. Insult,
Total income
-V. 130, p. 1273.
Samuel Insull and Samuel Insull Jr.
Interest and amortization charges--Output.
Commonwealth & Southern Corp.
1928.
1929.
1926.
$83,528,345 83,195,134. $82,998,271
1,444,079, 1,428,984
1,542,216
198.429
182,774
191.926
269.562'
251,644
282,080
31,505,619 81,289.565 11,134,868
8.623
75,730
81,581,349 $1.289,565. 31.143.491
219,076
182,233
333,115
$1,248.234 $1,070.489
3961,257
Balance
The activity of general business in the territory served by subsidiaries
778,564
734,417
768,999
of the above corporation is indicated by the increase In sales of electricity Prior earned surplus
and gas.
32.026,798 31,804,907 31,730.258
Total surplus
-Electric output of the Commonwealth & Southern Retirement
Electric Output.
332.000
362.500
350.000
Corp. properties in January was 549,960,000 k.w. hrs., as compared with Net direct reserve
13.953
4,794
46.109
537.480,000 k.w. hrs. in January 1929. Total output for the year ended Dividends charges
194,648
194,648
193,399
-Preferred stock
exceeded 6,388.000,000 k.w. hrs. as compared with 5,849,Jan. 31 1930
464,428
464,400.
406,332
Common stock
of more
000,000 k.w. hrs. for 12 months ended Jan. 31: 1929, an increase
than 9%.
81.021.768
$778,584,
$734,417
Earned surplus at end of year
-Gas output of the corporation's properties in January was
Gas Guinn1.
Consolidated Comparative Balance Sheet Dec. 31.
889.600,000 cubic feet, as compared with 838,390,000 cubic feet in January
Total output for yearended Jan. 31 1930 exceeded 9,719.000.000
1929.
1929;
1928.
1928.
1929.
Liabilitiescubic feet, an increase of more than 15% over the corresponding period
$
$
•
Assets-$
$
of 1929.-V. 130, p. 1273.
Plant dc property,, 15,084.778 11420.983 Preferred stook- __ 2,733,280 2,783,200•
292.609 Constit.Co.pf. stk. 257,074
473,584
Consolidated Gas, Electric Light & Power Co. of Cash receivable
3,234 Corn. stk.(no par).x2,951.478 2,950,976
Notes
11,050
-To Issue Additional 5% Preferred Stock.
Baltimore.
323,048 Bonds
3,000,000 4,000,000
Accounts receiv
417,874
844335
213.384 Accounts payable_
44,099
The company has applied to the Maryland P. S. Commission for authority Materials Sc suppl _ 219,636
31,588 Accounts not yet
352,251
to issue an additional S1.000.000 of series A 5% preferred stock to be sold Prepayments
due
282,098
15,328
273,934
15,333
to customers. The total authorized amount of this issue is 325,000,000, MIscel. investmls.
Dividends declared
52,391
48,662
Special deposits_ _ _
-V. 130, p. 971.
87,181
of which $16,303,000 has already been issued.
Retirement reserve 1,848,678 1,631,127
Unam.debt disc.&
229,418 Approp. res. for reexpense
-Places Generating Station in Commission.
578,888
Duke Power Co.
tlrements
34,297
327
Placing in commission of a huge new 150,000-h.p. steam generating Unadjusted debits. 112,839
Contributions for
station at River Bend, N. C., has been announced by this company, which
extensions
15,299
11,420
one-half the output of the new hydro-electric power
has contracted for
Operating reserves.
28,103
33,037
station at Mountain Island, N. C., capable of developing 90,800 h.p.
Unadjusted credits
10,466
5,889
The New River Bend station, one of the largest steam plants located
778,564
Total(each side)17,353,418 12,583,889 Earned surplus__ 1.021,768
In the South, has a 50% greater capacity than any of the numerous gener-V. 128, p. 1395.
X Represented by 58.050 shares of no par value.
ating plants heretofore owned or operated by the company. The River
Bend plant increased by approximately one-sixth the facilities of the
-Earnings.
company and makes its total output in excess of 1,103,000 h.p.
Federal Light & Traction Co.
"Phenomenal growth of industry in the Piedmont Carolinas during
1928.
1928.
1927.
Years End. Dec. 311929.
the past few years Is responsible for the enlarged capacity of the Duke Gross earnings
$8,515,666 $7,912,158 $7.010,040 $6,623,587
Power Co.." sayd the announcement. "Territory served by the company Oper. & adm., exp
4,506,716
4,177,101 x 3,996,017
4,855.288
textile centre in the United States, and ranks second
Is now the largest
180.000
180,000
204,000
to Grand Rapids, Mich.. in furniture manufacturing. Between 500 Est. Federal taxes
of
and 600 textile mills, boasting more than 11,730,000 spindles, 90% An
33.456,378 $3,225,442 $2,652,939 $2,627,570
Total income
located in the district.
which are served by the Duke company, are
826,620
1.085.816
920,690
n.
average of more than two new industrial plants t week were established Interest and discount_ _ - 1.243.901
In the Piedmont Carolinas in 1929, records show."
$2,212,477 32,139.626 31,732,249 31,800,950
Net income
7 Mos. End.
Calendar Years
Dec. 31 '26. Cent. Ark. By. & Light
1927.
1928.
1929.
101.761
104,764
Period104.809
104,850
Corp. pref. dividends_
64,106,839 $3,814,063 $3.123,526 $1,030,867 Springfield Ry. & Light
Operating revenue
146,925
470.470
530,845
764,195
64,652
65,482
68.742
Expenses and taxes
69,791
Co. pref. dividends..
1,204
$883,941 New Mexico Power Co
Operating income_ __ - $3,342,644 $33,283,219 $2,653,056
586,650 Federal Light & Trac.66,629
112.541
95.341
236,244
236,244
236.244
Miscell. interest revenue
236,244
Pref. dividends (36)_ Com, diva., cash--(31.50)681,437 (80c)342,324(80c)335.748(80c)322,648
$3.437.985 $3.395,760 $2,719,685 $1,470,591 In common stock
Total income
(60)272,573(60e)269.092(600251,811(600241,986
1,424.500
2,220,000
2,220,000
2,217,105
Interest on bonds
121,351
267.890
325.989
$833,660
$738,200
Other interest
3846,378 $1,118,415
Balance,surplus
315,894
558,611
574,563
Depreciation
x Including estimated Federal taxes.
The consolMated balance sheet as of Dec. 31 1929 after eliminating
$46,091
$62,440
$3349,260
$320,327
Net income
securities and accounts between companies,shows total assets of$47.664,276
of which plant, property, franchises, &c., are carried at 340,171,961. At the
Consolidated Balance Sheet Dec. 311929.
end of the year there were 39,374 preferred stock shares of no par value
Assets
-V.
Plant, transmission lines, railroad and equipment, water rights,
outstanding and 465,870 common shares of a par value of $15 each.
contracts, &c.. $61,379,980; less reserve for depreciation, $1,129. p. 4138.
$59,932,999
446.980
1,121,849
-Listing.
Investment in and advances to MIR company not consolidated_ 2,094.194
General Gas & Electric Corp.
Deferred charges
The New York Stock Exchange has authorized the listing on official
1,090
Sinking fund balance in hands of trustee
notice of issuance for the purpose of effecting a split-up of the respective
297,980
dividends on common stock.
Cash
177,925 shares previously authorized for listing, for
Marketable securities
678,642 class A and corion stock, class B and for other corporate purposes, as
Notes and accounts receivable
100,112 follows:
Materials and supplies
4,000,000 shares of new common stock, class A (no par) to provide for the
exchange of 800,000 shares of old common stock, class A, on the
$64,404,792
•
Total
basis of 5 for 1.
Liabilities
713,100 shares of new common stock, class A. to provide for the exchange
$21,000,000
Capital stock (210.000 shares of no par value)
of 380,320 dividend participations.
6% s.f. gold bonds,series A.due May 11966,outst'g_ 36,828,000
1st mtge.
100.697 shares of new common stock, class A to provide for the dividiends
3.500.000
5
-year 6% gold notes, due April 15 1932
declared and payable Aprll 1 1930, on the common stocks, class
1,771.505
Notes and accounts payable
A and class B.
414.086
Accrued interest on bonds and notes
2,000.000 shares of its new common stock, class B (no par) to provide for
99,102
Reserve for taxes
the exchange of 400,000 shares of old common stock, class B.
13,980
for casualties and insurance
Reserves
on the basis of 5 for 1.-V. 130 P. 280, 1113.
778,119
Surplus
-Acquisition.
Gulf States Utilities Co.
$64,404,792
Total
-V. 130, P. 286.
See Western Public Service Co. (Md.) below.
--V. 128, p. 1553.
FINANCIAL CHRONICLE
MAR. 1 1930.]
Illinois Northern Utilities Co.
-Earnings.
-Calendar Years1928.
1927.
1929.
1928.
Gross earnings
$3,836,876 $3,497,478 $3,302,500 S3.078.754
Oper. exp., taxes, &c_
x2.191,378 2,034,636
1,865.330
1,770.893
Interest charges
455,281
491,524
445,517
401,979
Rent of leased lines &
Plants
41,594
18.526
41,950
41,979
A.mort. of debt disc. &
exp
33,143
33.427
32,297
27,182
Miscall. amortization_ _ _
44,523
30,255
10,593
7,982
Netincome
$888,300
$906,813
$1.071,765
$828,739
Previous surplus
1,124,466
1,357,002
860,916
654,116
Total surplus
$2.428,767 $2,012,766 $1.767,729 $1,482,855
Preferred dividends_ _ _ _
228.409
266,560
225,219
223,401
Junior pref. dividends_ _
58,555
58,555
58,538
60,809
Common dividends
368,800
356,242
498,066
337,729
Miscellaneous debits_
3,264
Surplus Dec.31_ _ _ ___ 81,605,585 $1,357.002 $1,124,466
$860,916
x Includes $218,021 retirement reserve and $268:326 taxes.
-V. 128,
p. 3185.
Indianapolis Crawfordsville & Danville Electric Ry.-
Earnings-Cal. Years- 1929.
Total operating income_
$230.129
Total oper. exps. & taxes
239,369
Deductions from income
33,480
Sinking fund
26,020
Deficit
$68,739
-V.128, p. 1398.
1928.
$267,117
284,942
35,420
24,080
1927.
$300,742
294,518
36,942
22,558
1926.
$318,269
304,330
38.382
21,118
$77,325
$53,276
$45,561
Indianapolis & Martinsville Rapid Transit Co.Earnings.
Calendar YearsTotal operating income
Total operating expenses & taxes
Deductionsfrom income
1929.
$136,035
142.823
38.000
1928.
$139,362
163,802
,
38,000
$44,788
$62,439
Deficit
-V. 126, p. 3754.
Indianapolis & Northwestern Traction Co.
-
Calendar YearsTotal oper.income
Total open exps. & taxes
Deductions from income
1929.
$364,331
372,958
124,000
1928.
$411,387
452,139
124,000
1927.
$475,352
489.363
124.000
1926.
$510,732
484,240
124,000
Deficit
-V. 128, p. 1396.
$132,627
$164,753
$138,010
$97.508
Indianapolis Street Railway Co.
-Earnings.
--
Calendar YearsGross earnings
0eratlng expenses
ed charges
Taxes
Net income
-V. 128. p. 1396.
1927.
1928.
1926.
1929.
$5,044.818 $5,213,776 $5,414.671 $5,518,795
3,688.857 3,857,221 4,177,977 4.343.347
663.839
639,914
640,038
630,939
289,303
295,924
308,313
294,872
$407,610
$403,413
$300,856
$249,636
Indiana Hydro-Electric Power Co.
-Income Account.
-
Year Ended Dec. 31Operating revenue
Operating expenses (incl. charge for retirement)- _ Taxes
1929.
$720.220
238,050
88.390
1928.
$588,418
187,064
66.065
Net operating income
Other income
$393.781
7,508
Total income
Other deductions
Interest on funded debt
$401,289
33.426
150,000
$335,289
4,075
$339,364
18.800
164.451
Net income for the year
Dividends paid
$217.863
196,686
1457
Mid-West States Utilities Co.
-Class A Stock Offered.
E. H. Ottman & Co., Inc., Chicago; Warren A. 'Tyson &
Co., Inc. Philadelphia; John P. Glendon Co. DetroitGrand Rapids; De Fremery & Co., San Francisco-Los
Angeles, and John A. Kutz & Co., Seattle, are offering
class A common stock (no par). Price at the market.
The issuance and sale of this stock has been authorized by the Arkansas
Railroad Commission.
Data from Letter of Lon J. Jester, Vice-President of the Company.
Company and its subsidiaries furnish electric power and telephone service
in important communities in several States. The properties comprise a
modern electric generating station containing two 2,500 k.w.steam operated
turbo-generator units having a capacity of 40,000,000 k.w.h. per annum..
Approximately 13,000,000 k.w.h. per annum are supplied to the Oklahoma Gas & Electric Co. under contract expiring Jan. 11947. The power
requirements of this latter company are continually expanding and it now
furnishes electricity to approximately 147 communities in Oklahoma,
having an estimated population of about 560.000.
The telephone properties constitute an extensive system, operating over
a period of years. serving 55 communities and surrounding territories and
an estiras,ted population of 195,000. Properties in Illinois are contiguous
to Rockford, in Wisconsin north and northwest of Milwaukee. in Terse
south of Dallas and in western Arkansas.
CapitalizationAuthorized.
Outstand'g.
Class B common stock (no par)
100,000 shs. 100,000 she.
Class A common stock (no par)
*150.000 shs. 48,000 ohs.
6% convertible gold notes, due July 15 1931_
$1,200,000 81,200,000
1st mortgage and collateral trust 5%% gold
bonds, series A, due May 1 1943
1,000,000
1,000,000
*48,000 shares of the class A stock are reserved for conversion of $1,200,000 debenture bonds when, as and if issued.
Class A Common Stock Provisions.
-Class A common stock is fully paid
and non-assessable and is entitled to non-cumulative cash dividends at the
-F., in priority to the class B common
rate of $1.75 per annum, payable Q.
stock. In each year after all class A dividends are paid or set apart and
dividends have been paid or set apart on the class B common stock at the'
rate of $1.75 per share, then the class A common stock shall share equally.
with the class B common stock on a share for share basis in all further cash
dividends. Class A common stock is redeemable as a whole or in part •
at any time on 60 days' notice at $55 Per share.
Dividends and Rights.-Dlrectore have passed appropriate resolutions.
which permit class A common stockholders, at their option, to apply quarterly cash dividends of $1.75 per share per annum when and as declared
and paid toward the purchase of additional class A common stock at
.
$17.50 per share.
•
Earnings.
-Consolidated earnings of the constituent properties for the
12 months ended Dec. 31 1929, after the financing, are as follows:
•
Gross earnings from all sources
$930,118.„
Operating expenses, maintenance and taxes (exclusive of Federal
taxes), but excluding reserves
575,628
Balance
Prior charges
$354,491
150,520
Balance
$203,971'
As shown above, balance is equal to 14.24 per share of class A corn. stock.
-Company has agreed to make application to list this stock onListing.
the New York Curb Exchange and Chicago Curb Exchange.
-V.129,p.1910.
National Power & Light Co.
-Lehigh Coal & Navigatiott
Co. Holds 13% of Stock.
-See latter company under 'Indus-.
trials" below.
-V. 129, p. 3473.
Nebraska Electric Power Co.
-Consolidation.
-V. 128, p. 247.
See Western Public Service Co. (Md.) below.
-New
New England Telephone & Telegraph Co.
Member of Executive Committee.
v. Cameron Forbes, a member of the executive committee, has been
succeeded in that capacity by Victor M. Cutter, President of the United
$156,113 Fruit Co. Mr. Forbes, however, continues as a director of the company.
-V. 130. p. 621.
145,168
Balance surplus
Surplus, Dec.31
-Earnings.
-New Jersey Bell Telephone Co.
$21,177
$10,945
$44,981
$12,303
Balance Shed.
Condensed
AndsLiabilities1929.
1929.
1928.
1928.
Investment
$8,342,689 $8,219,471 Capital stock
$5,600,500 $5,589,800
Deferred charges- _ 623,702
3.000.000 3.000.000
648,870 Funded debt
Current assets_....
110,044
102,932 Current liabilities_ 171,520
284,487
Adv. from affIl.cos 180.000
Rat.& other res.-88,433
84,683
Tot.(each sidel.$9,085,434 S8,971,273 Surplus
44.982
12.303
-V. 127, p. 3244.
Calendar YearsOperating revenues
Operating expenses
1929.
1928.
$48.907,496 $44,287,929
33,558,998 30,416,369
Net operating revenues
Uncollectible operating revenues
Taxes assignable to operations
$15,348.497 $13,871,560
298,152
209,758
3,963.870 4,098,777
Operating income
Net non-operating income
$11,086,475 $9,563,025
172,558
284,987
International Telephone & Telegraph Corp.
-Forms
London Unit.
-
Gross income
Rent and miscellaneous deductions
•
Interest
$11,259,030 $9.848.011'
683.275
732,187
1.237,671
1,683.558.
The International Marine Radio Corp. has been organized in Great
Britain by the International Telephone & Telegraph System to deal in Balance net income
$9, 18,084 $7,432,266•
and exploit telephone and telegraph apparatus In the United Kingdom Dividends paid
8,031,616 6,431,616
and elsewhere. principally telephone equipment for use aboard ocean-vessels.
The company has been registered as a private company with 60,000'
Balance for corporate surplus
$1.306,468 S1,000.650„
shares of £100 par value each, or a total capital of about $30,000,000.
Balance Sheet December 31 1929.
The directors include seven Americans, iii Britons, one Frenchman and
A ssetsLiabilities
one Canadian.
-V. 130, P. 797.
Fixed capital
$170,615,154 Common stock
$100,395,200
Other permanent
433,629 Long term debt
28,903,651
Keystone Telephone Co., Phila.-To Change Capitaliza- Cash de deposits investnfts 1,609,9(34 Accounts payable
3.168.490
Notes
tion Proposes
-New Issue of Debenture
2,131 Subscr. deposits & service
Bills receivable
A special meeting of stockholders will be held April 28 to vote on a Accounts receivable
4,278.718
810,278
billed in advance
proposal to convert and classify the capital stock which now consists of Materials & supplies
1,374,539 Accrued liabilities not due._
1,491,720
200,000 shares preference stock, no par value, and 50.000 shares of common Accrued Income not due__
130.901
8,260 Deferred credit Items
stock, par $50, so that the same shall consist of 40,000 shares of preference Deferred debit items
788,181 Fixed capital reserves
33,103,973
stock, no par, and 50,000 shares of common, par $50. The stockholders
Corporate surplus unapprop. 11,106,382
will also vote on a proposal to increase the indebtedness of the corporation
by issuing debenture notes to the amount of $5,000,000, upon such terms
$179,110,576
5179.110,576
Total
Total
and conditions as the directors may hereafter authorize.
-V. 129, p. 2857. -V. 130. p. 467.
Key System Transit Co.
-Deposits, &c.
New York Edison Co.
-Meters in Operation.
Subscriptions to let pref. stock of Key System Transit Co. under the
Of the 2,188,121 meters on the lines of the New York Edison Co..
reorganization plan totaled $3,995,828 on Feb. 14„. against $3,500,000
required under the plan, according to A. J. Lundberg, President. Deposits Brookyln Edison Co., United Electric Light & Power Co., New York &.
of securities under the reorganization plan to close of business Feb. 14 follow: Queens Electric Light & Power Co., and the Yonkers Electric Light At. •
,
Power Co.. 310,017 were tested in 1929, and only 694 were found to be
Deposit.
Total.
operating fast, or to the disadvantage of the consumers,President Matthew
mortgage bonds
$6.592.500
95.6%First
Second mortgage bonds
S. Sloan announced. A total of 302.234 were operating accurately. accord8,387.600
94.65
Collateral trust notes
ing to Prescribed legal standards, and 7.019 were slow, or registering to
1,862,000
74.48
Prior preferred
the disadvantage of the companies, the tests showed. The tests were3.778
63.94
Preferred_________
made under four classifications-periodic, or as Prescribed by law; office:
1 941 900
,
52.05
Common _______ _
complaints made by consumers directly to the companies; complaints
13'175
.58
-V. 130, p. 973.
made by consumers directly to the Public Service Commission.
---------------Of the total of 2,188.121 consumers, only 39.3 complained directly,
Kings County Lighting Co.
-Earnings.
to the Public Service Commission that they thought their meters were
Calendar Years1928.
1927.
1929.
inaccurate. The tests showed that only two were registering fast, or
1926.
Gross earnings
$3.145,793 $3,145,839 $3,092,582 $3.085,180 to the disadvantage of the consumers, 13 were slow, or to the disadvantage, .
Oper. exp., ordinary
of the companies, and 378 were operating accureatly according to the
taxes,&c
2,030.498 2,111,271
1,990.360
1,908,556 prescribed legal standards.
In addition to the 393 complaints to the Public Service Commission.
Net operating income_ $1,155,433 $1,115,341
$981,311 81.176,624 12,603 consumers complained directly to the companies. The tests showed
Other income
115,412
164,753
62.525
78,687 that only 84 of these 12,603 meters were recording faster than the legal
I standard, or against the consumer, that 418 were recording slow, or to
Total income
$1,320,186 $1,230,753 $1,043,836 $1,255,311 ' the disadvantage of the companies, and that 12,101 were registering
Interest, &c
357.642
388,885
327,259
330,630 correctly.
Federalincome tax
104.801
102,592
94,085
127,1S9
These figures, Mr. Sloan pointed out, do not apply to meters in buildings where sub-metering is practiced, as the companies and the Publie:
Balance for dividends _ $828,709
$768.310
$622.492
$797,492 Service Commission do not have control over such meters.
Dividends paid
432.773
502,148
397.148
The gain in number of meters on the New York Edison System in 1929
417,148
was 68,485. The greatest gain was in Brooklyn, with 23,619. In Queens
Surplus after diva_ _ _
$326,561
$335,537
$225,344
$380,344 the increase was 20,550, in Yonkers 2,921 and in Manhattan and Bronx,
-V.128, p. 1726.
1,395.
1458
FINANCIAL CHRONICLE
The increase in meters is not an accruate index to growth in congested
areas like Manhattan, where several six-story buildings contaidn6 a
number of meters may be replaced by a skyscraper with fewer meters
but greatly increased consumption of current, Mr. Sloan said. Many
new buildings use 10 to 20 times the current their predecessors on the
same sites used.
-V.130, p. 621.
[VOL. 130.
for additional class A common stock and requests that the dividend be paid
in cash, certificates for class A common stock and(or) non-dividend bearing
scrip certificates therefore will be issued to each registered holder of class A.
common stock entitled to the Apr. 1 dividend."
-V. 130, p. 137.
Public Service Coordinated Transport.
-Orders Buses.
This company, it is announced, is to add 180 more gas
-electric coaches
to its fleet, bringing its total to more than 1,400 of this type of unit. The
electric generators and motors for the buses, which will be used for city
The directors have declared a quarterly dividend of $1.50 a share on the service, are being supplied by the General Electric Co.
The company recently placed orders for 381 new buses, the largest
common stock, compared with 87 Jic. a share in previous quarters, payable
number over purchased by it at one time. They will be used for new
March 14 to holders of record Feb. 28.-V. 129, p. 474.
business, extensions and replacements throughout the company's territory.
New York State Rys.-Another Committee for Bonds of
In the orders are 211 of the gas-electric drive type to be used for city
service and 170 gas mechanical for super-service routes. The orders
Syracuse Rapid Transit Ry. 1st Mtge. 58.will comprise four makes of buses
-Yellows, Whites, American Car &
te. In our issue of Feb. 5, r). 973, it was announced that a protective com- Foundry,
and Mack.
mittee, of which Charles C. Hood is Chairman, had been formed to protect
The buses will be superior to any yet bought by the company and will
the interests of the Syracuse Rapid Transit Ry. 1st mtge. 5s. The follow- conform
to the latest made standards of the manufacturers with respect
ing committee has also been formed for the same purpose. Holders of the to
appearance, comfort, safety devices and engine performance, the anbopfis are requested to deposit their bonds with the depositary, the Penna. nouncement says.
-V. 130, p. 1275.
Co, for Insurances on Lives & Granting Annuities, Philadelphia, Pa.
COMMitt e
,
.-C. S. Newhall, Chairman (V.-Pres. Penna. Co. for Ins. on
St. Louis Public Service Co.
-May Sell Plants.
Li.yes & Grantinz Annuities). Jonathan Si. Steere (V.-Pres. Girard Trust
A dispatch
C4.). William S. Evans (V.-Pres. Fire Assn. of Phila.), J. C. Neff (V.-Pres. the sale of from St. Louis, Mo., states that the company is considering
its power generating plants and substations to the 'Union ElecEigielit5-eh1ladelphia Trust Co.), Sifford Pearre (V.-Pres. New Amsterdam tric Light dr Power Co. of St. Louis in order to secure money
to reduce its
cputilty Co.), Duane. Morris & Heckscher. Counsel. 1617 Land Title $9,844.663
The company expects to realize between
Bldg.. Phila.; L. J. Clark. Sec.. Penna, Co., 15th and Chestnut Sts., 83.000,000 collateral bank loan. the sale
and $4,000,000 from
of these properties.
-V. 128, p.
Philadelphia.
-V. 130, p. 1274.
2630.
Northern States Power Co.
-Notes Called.
Savannah Electric & Power Co.
-Earnings.
The company has called for redemption on May 1 at 102 and int. $89,200
Calendar Years1929.
1928.
1927.
of.,8;8% gold notes, due Nov. 1 1933. Payment will be made at the
1926.
Gudranty Trust Co., trustee, 140 Broadway, N. Y. City.
-V. 130. P. 799. Total gross earnings-. -- $2,211,378 $2,231,954 12,227.380 42.233,704
Operating expenses
1,056.087
985.436
1,125.554
1,254.458
Taxes
181.870
197,838
184.479
Pacific Lighting Corp.
148,222
-Rights, &c.
450.515
442,285
443,046
The directors on Feb. 26, according to advices received by Stone & Interest amortiz. charges
362,094
Webster and Blodget. Inc., voted to offer the common stockholders of
Balance
$543,482
$585.819
$474.300
$468,929
record March 15 the right to subscribe to one share of new stock at $50 a
145.940
140.093
130,311
share, payable May 1 for each ten shares held. Stockholders will be Prior earned surplus_..,..157,854
gi_Verf the option of deferred payments, with one-half the amount duo
Total surplus
$689,411
$743,674
$614,393
$599,240
May 1 and the balance Aug. 1. There are now outstanding 1,461.834
Retirement reserve
250,000
250.000
250,000
251,137
shares of no par value common stock.
28.473
3,245
Cr.1,606
32,214
The Pacific Lighting Corp.. through its subsidiaries, Los Angeles Gas & Net direct debits
Divs. on deb.stock
139,750
140,202
133.403
115,797
Eleetric Corp., Southern Counties Gas Co. of California, Southern
60.000
60.000
60,000
60.000
Gas Corp. and others, does practically the entire gas business in Divs. on pref. stock_
Califtn
53,334
53.334
26.667
Southern California, including Los Angeles, and also serves a large part Divs, on corn. stock_
of Los Angeles with electricity.
Earned surpl. Dec. 31. $236,893
1157.854
$145.930
$140.093
*Tor the 12 months ended Dec. 31 1929, the Pacific Lighting Corp.
regained gross revenues of $43.275,305 with an amount available for -V. 128, p. 1055.
dlyidends on common stock totaling $5,634,216. Including the annual
Sierra Pacific Electric Co., Reno, Nev.-Earninos.egt17:1nags of companies acquired during the year, the balance available
Calendar Years
1920.
1928.
Lego:demon stock equalled $5.61 per share on the average amount. of coin.
Total growl earnings
$1.434,722 $1.384.761
stacic.. outstanding during 1929.-V. 130. p. 1107.
Operating expenses
582,571
463.264
Maintenance
82,931
98,995
Pacific Telephone 8r Telegraph Co.
-Rights.
159.122
171,234
This company offers to its stockholders additional shares of its common Taxes
Interest and amortization charges
71,822
56,748
capital stock for subscription at par. $100 per share, as follows:
8a'Each stockholder of record March 7 1930 will be entitled to subscribe
Balance
$538,276
1504.509
on.7,or before March 31 for additional common stock in the proportion
1,647.54.5
1.532,32.5
of n0 share of new stock for each two shares of preferred and (or) common Prior earned surplus
stdck held. Certificates of stock will be issued only for full shares.
Total earnings
$2,185.821 $2,126,835
Payments under subscriptions must be made to Geo. J. Petty. Treasurer,
100.000
100,000
140. New Montgomery St.; Ban Francisco, Calif., or to Bankers Trust Retirement reserve
1,290
20.607
Co.; 16 Wall St., N. Y. City. Subscribers for shares will be permitted Net direct charges
210,000
210,000
tri.ftercise any of the following options in payment thereof: Option 1.- Preferred dividends
160,000
168,000
POMOnt to be made in full before the close of business on March 311930. Common dividends
-Payment for shares to be made in three installments, viz.:
Hon 2.
es
Earned surplus
$1.695,214 11.647,545
on or before March 31, $30 on or before June 30, and $40 on or before
30. Option 3.
Sept.o
-Subscribers who have paid the installment due
Consolidated Comparative Balance Sheet Dec. 31.
will be permitted to pay the two remaining installments
March 31 1930
1929.
1928.
1928.
1929.
on Jtine 30 1920.-V. 130. p. 1275.
A MU
5
$
Plant dr property _15,990,685 15,650,412 Common stook...7,8.335,360 8,000,000
Peoples Gas Light & Coke Co.
-Changes in Personnel.
129,372 Subset*. to corn. stk.
8,480
zih,oaa
Samuel Instill has been elected Chairman: Samuel Instill Jr., as Vico-- Ants.receivable_ _ 169.512
185,580 ts% preferred stock 3,500,000 3,500,000
Chairman; George F. Mitchell, President, and Robert B. Harper, as Materials & eupp.
79,823 Bonds
410.000
592,000
86,800
Vida-President. The other corporate officers were re-elected.
Prepayments
5,537 COUP. notes Is.'29
400,000
10,302
"-At the annual meeting, the directorate was increased from five to seven Subscr. to cap. stk.
Notes payable-- 1,205,000
680,000
1,040
Members with the addition of Edward F. Swift and Samuel Insull Jr.
- misc. Investments
14,471 Accounts payable_
52,799
42,371
11,220
Sinking funds__r_
288.673 Accts. not yet due_ 103,769
128,773
V- 130, p.791.
169,253
Retirement reserve 1,169,346 1,123,017
Unamortlzed debt
Puget Sound Power & Light Co.(& Subs.).
-Earnings
disc. & expense
1,687 Approp.reserve for
retirements
11,998
Unadjusted debits
Calendar Years40
12,691
1929.
1926.
1927.
1928.
Contrib. for eaten.
44,206
36,261
Dross earnings
$16.375.536 $15,141,396 $14,925,482 $13,533,748
Unadjusted credits
Operating expenses
99.980
97,540
7,633,712 7.386,968 6,888.389
9,101.181
Total(each side) 16,664,156 16,247,554 Earned surplus_
Taxes
1,695,214 1,647,545
825,437
798,682
926,109
1,177,698
x Represented by 88,384 shares of no par value.
-V. 129, p. 4140.
Net earnings
$6,475,673 66.682.246 $6,360,815 $5,719,249
Other income
513,528
Southern California Telephone Co.
670.048548.692
-Stock Increased.
507.042
The company has filed a notice with the 'Secretary of State at SacraTotal income
$7,145,720 $7.195,774 $8,867,857 $6,267,941 mento, Calif., of an increase of its capital stock from $75,000.000 to $100.int. and amortization _
3,306.763 000,000.-V. 128, p. 4005.
3,349,626
3,075.201
3,125,277
New York & Queens Electric Light & Power Co.
Larger Common Dividend.
-
Net income
$4.020.443 $4,120,573 13.518,230 $2,961,178
586,256
r pref. dividends549,975
698,956
699,528
ferred dividends__ - - 1,969,352
1.112,243
1.298,635
1.577,796
mon dividends
($1)202.829
811,316
F
-Customers Increased.
Southern Cities Utilities Co.
An increase of over 111% during 1929 in the total number of electric,
gas and water customers served by its system Is reported by this company
in announcing the regular quarterly dividend on its $6 prior pref. stock.
The total number of customers served on Dec. 31 1929 was 117,593.
as compared with 55,526 at the beginning of last year and 101.10100 June 30
1929. According to President Walter Whetstone the increase was due
partly to natural development of the territory served but principally to
the acquisition of additional public utility properties. Acquisitions
which followed the sale last October of the system's Tennessee properties
have more than replaced the business of the latter. The regular quarterly dividend of $1.50 per share on the $6 prior pref. stock has been
declared payable March 1 1930 to holders of record Feb. 17 1930.-V.
129, p. 3012.
Surplus
$689,800 $1,956,521 $1,520,067
$947,149
Earns. per oh.on 202.829
ohs. corn. stk. outat'd.
$7.41
$5.66
(ao par)
$9.65
$7.49
-V.130, p.974.
Comparative Consolidated Balance Sheet Dec. 31.
1929.
AssetsLiabilities1928.
1928.
1929.
Property, plant.
Bonds
56,243,500 55,405.500
104,929,087 94.631,359 Coupon notes
4.350.000 4,350,000
Notes payable
1,404,300
Invest.: Puget
-$77 Distribution Authorized
Spring Valley Water Co.
Accts. payable
866,890
777,786
Sound Electric
Acts.not yet due 1,542,538 1.414,657 Stockholders To Be Paid in Full.
Ry. & coost.
-declared
589,091
832,638
4,966,467 6,144.978 Divs.
CaMpanles _ _ _
The stockholders at the annual meeting voted to distribute $77 a share
Retire. reserve
5.428.738. 4,885,564 of the assets on or about March 10 1930. When the proceeds of other
City of Seattle
St. Ry. bonds 8,336,000 9.169.000 Approp. res. for
liquid assets are available a second distribution will be made.
30,226
523,693 retirements
Misceil.a
897.730
The stockholders also voted to reduce the par value of the stock from
1,625,399 7,030.131 Accr. depr.-road
Cash
$100 a share to $20 a share. The same number of shares, 280,000, will
553,525 be outstanding.
636,954
115,132 & equip
Nines receivable 124,508
99,388
100,976
Accts. receivable 3,322.808 3,021.990 Opera. reserves.
President S. P. Eastman said that the not balance from the sale price
41,937 of the properties to the City of San Francisco, Calif., after payment of
44.788
Materials & sup 1,125.408 1.008,006 Unadjusted cred
434,690 Prior pref.. pfd..
yments
278,768
bonds, collateral trust notes and interest, was In round figures $15,500,000.
junior pfd. &
= funds
tng
a
3,879,972 5,607.352
ot $55.35 a share. The proceeds from the sale of investment securities
corn. stk. (no
406,959
SiVecial deposits_
2,662
with accrued interest and cash on hand amounted to $21.79 a share, making
658.271,715 e59,354.225 total cash available as of March 3 1920 $21,600,000, or $77 a share. The
Mamma. debt
par)
3.010.879 current assets remaining after this distribution, including mortgages and
disc. &exp.__ 2,284,240 1,921,841 Earned surplus_ 2,533,331
Unadjusted debs
383,313
425,448
contracts on account of real estate sales, amounted to $1.075,000, or
Rtacquired secs
88,100 Tot.(ea. side)132,286.595 130,482,553 $3.84 a share.
88,100
The land remaining In the ownership of the stockholders has been apa Includes securities of Puget Sound Power Sr Light Co. owned and held
toe sale by Puget Sound Power & Light Securities Co. b Represented by: praised at $6,500.000. or $23.50 a share. This will be sold and as money
11,91,000 shares $5 prior pref., 256,000 shares of $6 pref., 300.000 shares of is received from such sales a distribution will be made to tho stockholders
$1,50 Junior pref. and 202,829 shares common of no par value. c Repro- until all properties are sold and the shareholders are paid in full.
All bonds, to amount of $22,000,000, will be redeemed Nov. 1 1930
mated by: 110,000 shares $5 prior pref.. 255.000 shares of $6 pref., 300.000
shares of $1.50 Junior pref. and 202,829 shares common of no par value. and all collateral trust notes, to the amount of $1,450,000, will be redeemed
May 11930.-V. 130, p. 468.
-.V. 130, p. 974.
Peoples Light & Power Corp.
-Class A Dividends.
The directors on Feb. 17 declared a quarterly dividend of 60c. per share
orethe class A common stock for the period ending March 31 1930, payable
Apr:1 to holders of record March S. A similar distribution was made in
January last.
Holders of class A common stock may apply this dividend to the purchase
of,additional shares of class A common stock at the rate of 1-5t,th of a share
for each share held,this being at the rate of$30 per share for additional stock
purchased. The class A common stock is now selling on the N. Y. Curb Exchange and on the Chicago Stock Exchange at approx. $32.50 per share.
Secretary D. L. McDaniel says: "'Unless advised on or before Mar. 18
1930 that the stockholder does not elect to exercise the right to subscribe
Standard Gas & Electric Co.
-Construction Budget
Totaling $60,000,000 Recommended.
The directors of this company have recommended for approval by the
boards of directors of subsidiary companies a construction budget for 1930
totaling 160.213,048. according to Ilalford Erickson, Vice-President in
charge of operation of the Byllesby Engineering & Management Corp. Of
the amount indicated. 320,342,619 is for the completion of construction
work started prior to Jan. 1 1930, and approximately $9.712,178 will be
budgetbusiness.
9:Za n Itonscotrrucv__oncompletion atotal of 130.300 kilowatts of
is
deSoir
r A ne
generating capacity scheduled for
during the year. The major
MAR. 1 1930.]
FINANCIAL CHRONICLE
projects and the dates on which they are expected to be completed during
1930 are: the James H. Reed station of Duquesne Light Co. at Pittsburgh,
60.000 kilowatts capacity, August 1 ; Oklahoma Gas & Electric Co.'s Belle
Isle station, 30,000 kilowatts, Sept.1; Granite Falls station of Northern
States Power Co., 20.000 kilowatts, Nov. 1; and the 10,000 kilowatts addition to the Coos Bay station of Mountain States Power Co.. July 1.
Scheduled also for completion in the Fall of this year are the installations
of 3.000 kilowatts and 2,500 kilowatts at the Fargo and Minot, North
Dakota, plants respectively of Northern States Power Co., and 4,800
kilowatts of hydro-electric capacity at the Dells plant in the Wisconsin
division of that company.
Other construction projects provided for in the Standard Gas & Electric
Co. budget for 1930 include the erection of important transmission lines by
San Diego Consolidated Gas & Electric Co., Wisconsin Valley Electric Co.
and Wisconsin Public Service Corp., the construction of five large substations by Duquesne Light Co. at Pittsburgh, and the enlargement by Northern States Power Co. of a number of its electrical substations. Oklahoma
Gas & Electric Co. will construct a service building in Oklahoma City and
will begin work on the construction of a 66 kilovolt distribution power loon
around Oklahoma City with necessary switching stations. The Northern
States Power Co. will erect a new office building in St. Paul.
Recommendation for the ratification of these construction expenditures
by boards of directors of subsidiary companies was made Feb. 19 when the
directors of Standard Gas & Electric Co. met in Chicago.
-V. 130. p. 1276
1459
In eastern Iowa, it will not be long before substantial additions will be
required; in fact, plans for future extensions are already being considered.
Min Clinton, Iowa, the Interstate Power Co. is finishing a screening
plant to prepare coke for the market in connection with the gas plant
constructed there last year. The initial capacity of this plant is 10,000
tons per year, and it will be increased as the demands make It necessary
In Dubuque a garage of 80-car capacity is nearing completion. This
is only the first of a series of buildings which are necessary for housing
and keeping in repair the equipment necessary for provisiding the highest
type of service in an area of many thousands of square miles.
The System's Central States Utilities Corp. consists of a group of
operating companies which are engaged largely in supplying electricity
and natural gas in mid-western and southwestern States. Its future for
many years In the natural gas field has recently been insured by securing
leases on large acreages of gas lands. In the electric field, it has under
construction and now nearing completion a 1,000
-kilowatt generating
station at Harvey, N. D., and its subsidiary, the Missouri Electric Power
Co., is constructing a 5,000-h.p. hydro-electric plant at Lebanon. Mo.
Before next autumn the water turbines and the generators in this development will be transforming the energy of the rushing currents of the Nianga
River into electricity for lighting homes and running motors.
Natural gas is now being brought to the St. Louis district from the
Monroe and Richland gas fields of Louisiana and distributed to a few
selected industrial consumers. The majority of consumers, however, will
be served through Milsouri Industrial Gas Corp., a new subsidiary of the
Terre Haute Indianap. & Eastern Trac. Co.
-Earns.
- Utilities Power & Light Corp.
In the natural gas industry, a subsidiary of the System,is about to begin
Calendar Years1927.
1929.
1926.
1928.
supplying gas to Poplar Bluff, Mo., a thriving city of about 12.000 inGross earnings
$5.050.541 $5,122,184 $5,674.386 $5.668,554 habitants. A number of additional towns will also be supplied with gas
Oper.expenses & taxes._ 3,739.314
4.629.231
4,119.917
4,618,040 within a few months.
In the eastern properties of the System, extensions are also continually
Net earnings
$1,311,227 $1,002,267 21,045,155 $1,050,513 required. A new water gas set is being constructed in Wallingford. Conn.
Rentals & other deducts.
This will increase the capacity of the Wallingford plant for producing
subsid.companies_
643.273
644,884
656,403
637,073 gas by about 800.000 cubic feet per day.
Derby, a four-story office
Sinking funds
-sub.cos_
50.704 . 49.558 building is being erected for the Derby Gas &At
63,582
51,958
Electric Co.
Int. on T. H. I. & E. bds
255,648
250.787
246,360
259.177
In Moncton, New Brunswick, a new compressor station for natural gas,
Sinking fund on T. H. I.
having a capacity of 4.000,000 cubic feet per day, has recently been com& E. bonds
176.026
185,315
172.498 pleted and put in operation.
180.889
The British subsidiaries are engaged exclusively in the production an
Balance,deficit_....our.$159.567
280.496
$67,792 sale of electric energy, and they operate in an area of over 10.000 square
$126,251
-V. 129. p. 2072.
miles, most of which is within 100 miles of London. Extensions and
improvements are being made in all the territory served. The plane call
Terre Haute Traction & Light Co.
-Income Account.
- for an expenditure of $50,000,000 within the next four years on po r
plants, transmission lines, and distribution systems.
s-1927.
1926.
1928.
1929.
Total operating revenue. $2.996.104 22,849,982 $2,863,408 $2,847,537
The Utilities Power it Light Corp. controls eight companies which are
Total oper.exp.& taxes- 1.929.426
2,025,359
1.963,884
2,066.873 not strictly public utilities, the principal of which are the St. Louts Gas &
Deductions from income
Coke Corp.,the Utilities Power & Light Realty Trust. the Electric Building
262,705
417,876
426.663
267.600
Sinkingfund
28.146
37,562
27.878
28.440 Corp., and the Utilities Elkhorn Coal Co.
The St. Louis Gas & Coke Corp. produces pig iron, coke. gas and byBalance,surplus
roducta, and electric energy at its plant at Granite City. Ill., across the
$547.198
5484.624
2440.343
$602.453
-V 128. p. 1398.
.
issippi River from St. Louis. Its operations are closely integrated
with those of the Laclede Gas Light Co. and Laclede Power & Light Co.
The coal gas from its coking operations is sold, part to the Laclede Gas
Texas Electric Ry.-Earnings.tight Co. and the remainder to the Illinois Power & Light Co. Part of
1928...11,
Calendar Years1929.
the electric energy which is generated from the lean gas from the blast
fiross earnings
K,000 52036.860 furnaces as fuel is used in operating the plant, and the remainder Is trans$1.864,816 $1,821.057 $11
Op.exp., taxes & maint- 1,247.152
1,189,380
1,187,294
1.360,119 mitted across the river to the Laclede Power & Light Co. for sale and
distribution.
Net earnings
2875,620
$633,762
$817,664
$676,741
The operations of the Utilities Elkhorn Coal Co.. whose mines in southAdd int. on deps., &c_
2,063
4,696
1.491
1,854 eastern Kentucky have a capacity of 10,000 tons-per day, are co-ordinated
with a number of the other major subsidiaries of the System. It supplies
Total net earnings_
$677.683
$638,459
$619,155
$678.595 coal, depending upon the market, to the extent of hundreds of thousands
Interest and discount...
419,171
417.877
417,865
427,825 of tons to such large consumers as the Indianapolis Power & Light Co..
Divs. on 7% 1st pfd. stk
29,958 the St. Louis Gas & Coke Corp., and the Laclede Gas Light Co.
Disc. on Tex. Trac. Co.
Operations of Utilities Power t% Light Corp. To-day.
bds. pur. for skg. fund
20.200
21.234
Over 72% of the gross revenues of the Utilities Power & Lizht System
lies, for renewals, &c_ _ _
104.566
100.000
100,000
100,000 come from the sale of electric energy and nearly 247 from the sale of rasMisc. debits &credits
Cr17.205
Dr533
Dr50.732
Cr8,814 a total of 96% coming from the two industries which in respect to stability
and growth over a long period of years have been unapproached by any
Balance,surplus
2171,151
$49,650
579.522
$129,628 other. Moreover, the territories served include some of the best and
-V. 128. P. 2631.
most prosperous in the United States
-the large cities of St. Duds and
Indianapolis: agricultural and industrial areas in Illinois, Iowa, Wisconsin,
Twin City Rapid Transit Co.
-To Pay Common Divi- Minnesota, North Dakota, South Dakota, Nebraska and cities and
manufacturing districts in Connecticut, New Jersey. and Ncw Brunswick.
dends Semi-Annually Instead of Quarterly, as Heretofore.
Moreover the British subsidiaries provide electrical service in 137 comThe directors have declared the regular quarterly dividend of $1.75
share on the pref. stock. payable April 1 to holders of record March 12. a munities in England and Scoaand. including parts of Birmingham and
The directors voted to declare the common dividends semi-annually London.
Although the Utilities Power & Light System has taken over many
hereafter instead of quarterly. The last payment on the issue was a quarproperties and operates in a wide territory, it has steadily raised the high
terly distribution of $1 a share on Jan. 2.-V. 130. P.
12
76.
level of the service it renders,and it has co atinually improved its operations.
For the 12 months ended Sept. 30 1928 the net income available for
Union Street Ry., New Bedford, Mass.
-Earnings.
- stock dividends amounted to 8.4% of the gross revenues: while for the 12
Calendar Yearsmonths ended Sept.30 1929 the net had increased to 10.5% of grass revenues
1927.
1929.
1928.
1926.
Gross earns, from oper-_ $1,283.222 $1,286,624 $1,493,337 $1,479,448
For the 12 months ended Sept. 30 1929 as compared with the preceding
Operating expenses
1,255,327
1,120,118
1,237.215 12 months. the Interstate Power Co. improved its operating ratio nearly
1365.964
Miscell.Income (int.)
3%; Laclede Power & Light Co., 2%; Newport Electric Corp.. 7%; Derby
Cr1,370
Cr1,251
Cr1.361
Cr1.221
Interest charges
14,252
12.465
16.180
14.832 Gas & Electric Corp. 3%, and Eastern New Jersey Power Co.. 7%.
Taxes
As would be expected from these improvements In operating efficieneY,
74,689
58,713
61,059
84,121
the net income available for dividends after all deductions is increasing
Net income
$150.438
$87,223
250.733
5144.502 even more rapidly than the gross revenues. The following table shows
Dividends
73,125 (6)146,250 (6)146,250 the increases in gross revenues and net income.
48,750
Gross.
%
Increase for 12 Months PeriodBalance,surplus
54.8%
$4,188
238.473 def$22,391
def$1,748 Dec. 31 1928 over Dec. 31 1927
Previous surplus
Sept.
711
1 .
11
615.479
814,832
619.138
618,927 Sept.30 1929 over Stocks30 1928
Adjust,ofaccts.,&c
of Utilities Power & Light Corp.
Dr83
Dr528
Cr18,085
Dr1,701
The stocks of the Utilities Power & Light Corp. are of four classes:
Credit balance Dec.31 $653,388
$619.138
$614,832
$615,479 preferred stock, class A stock, class B stock (represented by voting trust
Shares of capital stock
.-..-tiricates), and common stock.
outstanding (par 2100)
The preferred stock, of which 162,534 shares were outstanding on Dec.31
24,375
24,375
Earns. per sh. cap. stock
53.58
24417
23
$2.08
2 71 1929, in paid dividends (cumulative) quarterly at the rate of 7% Per Year
12.
9
-V.129, p. 2555.
par value of 2100 per share.
" class A stock, of which 1,350.831 no-par shares were outstanding
The
on Dec. 31 1929. Is paid dividends quarterly at the rate of 22 per share
United Gas Co.
-Further Expansion.
The company has added to its wide interests in Southwest by acquiring per year or, at the option of the holder, at the rate of 10% per year in
from the William F. Morgan interests of San Antonio, Tex.. the properties class A stock.
After class A stock in any calendar year has been paid dividends at the
of the Gulf Coast Pipe Line Co. and the Morgan Oil Corp.. at a purchase
Price of $3,500.000. The Gulf Coast company has a 13-1n. and 8
-in, oil line rate of 22 per share (or provision has been made for the payment of such
running from the Refuglo field to Tidewater Terminal, Portaransas, 32 dividends), then the class B stock and the common stock combined are
miles away. The Morgan corporation has 2.500 acres of leases at Refugio entitled to dividends to an aggregate amount equal to the amount paid in
dividends to class A stock. In these dividends, the class B stock and
and produces 7,500 bbis. of oil dally.
-V. 130, p. 800.
the common stock receive equal amounts per share, payable in cash or,
at the option of the holder. In common stock.
Utah Power & Light Co.
-Listing.
the class A
in any calendar year
If
The New York Stock Exchange has authorized the listing of $4, stockany further dividends are paid after the class B stock afterthe common
and
has been paid $2 per share and
000.000 additional 30
-year 1st mortgage 5% gold bonds (American series stock combined have received dividends equal in the aggregate to the dividue Feb. 11944. making the total amount of such bonds applied for
$37.- dends paid on class A stock, then the class A stock shall receive, of these
347,000. See offering in V. 130, p. 1116.
additional dividends, the same amount in the aggregate as class B stock
and common stock combined, and the class B stock and the common stock
Utilities Power & Light Corp.
per share. On Dec. 31 1929 there were
same
-Expansion, &c.
-The shall receive the shares amount B stock outstanding and 1,630,080 no-par
1,167.464 no-par
corporation in a review of its expansion program for 1930 shares of common stock of class
outstandnig.
says in brief:
Class A stock traded in on New York and Chicago Stock Exchanges.
This corporation is entering on the most important construction pro- Class B common stock traded in on New York Curb and Chicago Stock
Exchange.
-V.129, p. 4141.
gram it has so far undertaken.
In Indianapolis the first unit of a great super power plant of 140.000
-Successor.
Western Public Service Co. (Colo.).
kilowatt capacity is under construction.
-V. 128, p. 1398.
See Western Public Service Co. (Md.) below.
In New Jersey, on the Raritan River, the f.rst unit of a second superpower plant of 180.000 kilowatt ultimate capacity Is under construction
-Earnings.
Virginia Electric & Power Co.
and will be completed this year.
Calendar Years1928.
1929.
For more than 70 years the Laclede Gas Light Co. has grown and
1: 6 5 9 5 0
:47
616 0 55496 316 : 3 501 316 45471 775
7 91:790
32 4 9
:2 5
1.7
prospered in St. Louis under a perpetual franchise. These 70 years have Total gross earnings
Op ration expenses
e
been a period of steady expansion, but never at a more rapid rate than Maie
ax ttenance expenses
1,523.183
1.507.136
1.532.638
at present. In St. Louis a huge 10,000,000 cubic feet gas holder will be Taxes
1.338,536
1,390,839
1.301.569
finished in March of this year. This great reservoir is being connected
-inch high-pressure belt line which circles the city and insures
with the 24
Net earnings
$7.753,974 $7.052,932 $6.282.609
an unfailing simply of gas to the customers of the company.
sources
19,191
26.882
The Interstate Power group of properties, centering in Dubuque, Iowa, Income from other
serves over 400 communities in one of the richest agricultural regions
Balance
27,773.165 $7,079,814 $6,282,609
in the world. To meet the requirements of a population able to command Interest and amortization charges_ - 1.836.104
1,904,850
the conveniences of modern life, the Interstate Power Co. has had a con1.563.300
tinual program of construction. More than 2,000 miles of high-tension
Balance
25.937,061 $5,174,965 $4,719,308
transmission lines have been built to unite the 13 hydro-electrc plants Preferred dividends
1,048,461
1,044,980
953,179
and the larger steam plants of the company into a superpower system. Common dividends
2,151.071
1,673,056
Last year a 15,000
1.673,056
-kilowatt unit was put in operation in the Dubuque
plant. Although this turbine is doing more work than all the horses
Balance for reserves & retirements_ 52,737.529 $2,456,929 $2,093.074
1460
FINANCIAL CHRONICLE
Consolidated Comparative Balance Sheet Dec. 31.
1929.
1929.
1928.
Assets-s
$
Plant & property_ _74,903,486 73,673.662 Preferred stock_ _ -14,763,600
Cash
1,380,507 1,238,629 Pref, stock subscr_
Notes reveivable_ - 118,352
115,040 Common stock_ _515,163.529
Accts.receivable-- 1,385,689 1,327,817 Sub. co pref.stock 750,000
39 165,000
Materials & suppl_ 808,719
856,130 Bonds
42.975
Prepayments
194,761
177,673 Equipment notes_
Notes payable__ 1,018,000
Subscribers to 6%
preferred stock120 Accounts payable_ 388.253
Miscell. investmla
12,660
11,997 Accts. not yet due_ 959.155
Sinking funds_ _..- 5,738,287 5,245,578 Retirement reserve 9,093,639
Special deposits..- 444,108
453,926 Approp.reserve for
retirements ____ 412,437
Unamortized debt
69.351
&sat. ei expense. 1,190,287 1,299.517 Contrib.for exten_
Unadjusted debits.
42,228 Operating reserves 144,012
78,620
Treasury securities 532,000
499,000 Unadjusted credits 240,285
Earned surplus_ .._ 4,577,242
1928.
14,762,400
283
11,976,994
750.000
39,672,000
2.418,000
319,266
1,061,325
8,689,232
384,458
68,637
152,965
293.120
4,315,171
88 787,476 84,941,225
Total
Total
86,787,476 84,941,225
-V. 129. P. 1284.
a Represented by 478,020 shares of no par value.
Western Public Service Co. (Md.).-Bonds Offered.
Stone & Webster and Blodget, Inc.; Chase Securities Corp.;
Bancamerica-Blair Corp., and Brown Brothers & Co. are
offering at 943' and int., to yield 5.89%, 84,500,000 1st
mtge. & ref. gold bonds, series A, 534%.
Dated Feb. 1 1930; due Feb. 1 1960. Interest payable (F. Sr A.) at
Chase National Bank, New York, or at company E{ agency in Boston.
Denom. $1,000 c*. Callable as a whole at any time or in part on any int.
date on 30 days' notice, to and incl. Jan. 31 1940 at 105; thereafter to
and incl. Jan. 31 1945 at 104; thereafter to and incl. Jan. 31 1950 at 103;
thereafter to and incl. Jan. 31 1955 at 102; thereafter to and incl. Jan. 31
1956 at 1013.4; thereafter to and incl. Jan. 31 1957 at 101; thereafter to
and incl. Jan. 31 1958 at 100)i; and thereafter to maturity at 100, plus
interest in each case. Interest payable without deduction for Federal
income tax up to 2%. Pa. personal property tax up to 4 mills, and Mass.
taxes based on or measured by income, or, as to savings banks and savings
0
de ..rtments, measured by deposits invested in bonds, up to 6y of interest,
reL Idable on proper application. Chase National Bank, N. Y.. trustee.
Data from Letter of Vice-President C. W. Kellogg, Feb. 19.
-Company, one of the constituent companies of Engineers
Business.
Public Service Co., was incorp. in Maryland in April 1929 to acquire and
operate certain of the properties which were formerly owned and operated
by Western Public Service Co. (Colo.) and Nebraska Electric Power Co.,
formerly constituent companies of Eastern Texas Electric Co. (Del.): this
change of ownership having been arranged only for simplification of corporate structure and operating arrangements.
'In the annual report of the Engineers Public Service Co. it is stated that
Gulf States Utilities Co. acquired the southern division of Western Public
Service Co. (Colo.) and the northern division was grouped with the Nebraska Electric Power Co. to form the Western Public Service Co.(Maryland).
The company and its subsidiary (Missouri Service Co.) now furnish
electric power and light, water, steam and (or) ice service to 119 communities in Nebraska and adjacent States, having an aggregate population
of over 100,000. More than 88% of gross earnings and more than 90%
of the balance after operating expenses and maintenance is derived from
the sale of electric energy.
Property.
-The properties originally acquired by the predecessor companies are largely Interconnected in groups by transmission lines and supplied with electric energy from efficient central power stations and hydroelectric plants. Some 1,900 miles of electric power lines are now in operation or well under construction. Of these some 1,600 miles are owned
directly by the company. The electric generating plants have a combined
Installed capacity of over 22,000 h.p., which Is supplemented by transmission interconnections with other sources of power, chief of which is the
large hydro-electric plant operated by the United States Reclamation Service at Guernsey, Wyo. Of this combined capacity 19,960 h.p. is owned
directly by the company. Approximately 22% of the electric energy
distributed is produced by hydro power, and with the completion of
additional hydro-electric plants under construction, the total output
from this source will be substantially increased. The properties are being
adequately maintained and are in good operating condition.
Purpose.
-Proceeds will be used to reduce notes and floating debt of the
company incurred for capital expenditures, retirement of prior lien debt
and other corporatepurposes.
Security.
-Bonds will be secured by a direct first lien on all the fixed
public utility property now owned directly by the company (except properties in Colorado),together with franchise rights and permits in connection
therewith, and by a direct lien on all fixed public utility property
hereafter acquired, as provided in the mortgage. The mortgaged properties include certain property located on leaseholds, having a book value
of about 8J.5% of the total book value of the mortgaged properties. Additional bonds are issuable in series, on a 70% basis, against additional property, or upon deposit of cash (withdrawable on the same basis), provided
net earnings as defined in the mortgage, are at least two times interest
charges; bonds may also be issued without regard to earnings for refunding
or upon deposit of cash in anticipation thereof.
Earnings.
-Comparative earnings from the mortgaged properties and
income from securities of Missouri Service Co. for the 12 months ended
Dec. 31 were as follows:
1928.
1929.
Gross earnings
$1,740.374 $1,345,286
Operating expenses, maintenance and local taxes.. 1,090,013
813,398
Balance before Federal income taxes, provision
for retirements,&c
Income from securities of Missouri Service Co.
(not pledged)
$650,361
,
49,293
$531.888
42,939
$574,827
4699,654
Annual interest requirements on this issue
247,500
Balance for 1929 before Federal taxes, provision for retirements and
interest charges plus income from securities of Missouri Service Co. (not
pledged) as shown above, namely $699,654, was 2,8 times interest requirements on this issue of bonds, which constitute the company's entire
mortgage debt. The balance of such amount after such interest requirements amounted to 26% of gross earnings.
Balance Sheet Dec. 31 1929
(Adjusted to give effect to present financing)
Liabilities
Assetsa$8.995,156 1st mtge.& ref. 51.15
$4.500,000
Plant
b376,500
Invest. in subsid. company__ 1,279,339 Municipal bonds assumed_
180,323 Notes payable
c1,900.000
Cash
4,666 Accounts payable
65,576
Notes receivable
507,300 Accounts not yet due
100,702
Accounts receivable
538.913
220,289 Retirement reserve
Materials and supplies
52,116 Contributions for extensions_
6,830
Prepayments
11,157
Special deposits
38,348 Unadjusted credits
Pref. & coin,stock (no par) d3,920,000
Unamortized debt discount
383,383
and expense
451,093 Surplus
74,430
Unadjusted debits
$11,803,060
Total
Total
$11,803,060
a Of this amount $570,181 represents Colorado properties not subject
to the lien of the mortgage. b 'Unsecured, and therefore junior to first
mortgage and refunding bonds. c All the notes payable, 91% of the preferred stock and all the common stock are owned by Eastern Texas Electric Co. (Del.), a constituent company of Engineers Public Service Co.
d Represented by 40.000 shares $1.50 pref. and 300,000 shares common
stock of no par value.
Control and Supervision.
-All of the common stock, 91% of the preferred
stock and all notes payable are owned by Eastern Texas Electric Co.
(Del.), a constituent company of Engineers Public Service Co. Subject
to the direction and control of its board of directors, the company is operated under the supervision of Stone & Webster Service Corp.
Western Utilities Corp.
-Offering is
-Notes Offered.
being made of 82,000,000 6% gold nntes by a syndicate
130.
comprising Central-Illinois Co., Inc.; H. M. Byllesbyl&
Co., Inc.; Freeman, Smith & Camp Co., and Paul H. Davis
& Co. The notes are priced at 9934 and int., to yield 6.53%.
Listed on the Chicago Stock Exchange.
Data from Letter of President Chester H. Loveland, Feb. 21.
Company.
-Incorporated In Delaware. Furnishes, through its operating properties, water and telephone service in California to cities or towns
within the immediate vicinity of Los Angeles and San Diego and surrounding territory, in a combined area of approximately 2,475 square miles having
an estimated population in excess of 140,000.
The sources of net revenue of the operating properties are reported as
follows: Water service 68%; telephone service 32%. Water service is
furnished to more than 10,700 customers (of which 8,834 are on meter
service) in areas having a combined estimated population in excess of
45,000. Of these customers, 3,100 are located in the Oak Knoll District
of Pasadena and three adjacent cities in the San Gabriel Valley, all in the
metropolitan Los Angeles district, and over 7,500 are located in San Diego
,
and adjacent territory, including the cities of Coronado, National City
and Chula Vista. Transmission pipe lines extend more than 30 miles and.
distribution mains have a combined length of over 227 miles. In 1929
more than 3,396,000,000 miles of water were delivered by these systems.
Water supplied to the San Diego district is impounded in the Sweetwater
reservoir which is formed by a dam 700 feet long and 90 feet high across
the Sweetwater River, and has a capacity of 10.000.000,000 gallons.
Telephone service is furnished to over 10,800 stations• in an area of
approximately 2,400 square miles in the suburban district of Los Angeles,
including the cities of Redlands, Monrovia,Sierra Madre and San Fernando.
Capitalization (Outstanding upon Completion of Present Financing).
6% gold notes,due Sept. 1 1931 (this issue)
$2,000,000
F t Lien collateral trust gold bonds, 53.6% series of 1928
1,200,0
*Divisional first mortgage 53.6% bonds
980,000
Preferred stqck,86 dividend series (no par)
12,000 shs.
Common stock (no par)
50,009 she.
* The Sweetwater Water Corp.
Combined Earnings of Operating Properties 12 Months'Periods Ended Dec. 31.
1128
1929.
Gross earnings
$977,767
$823.
4104
Operating expenses,including maintenance & taxes
other than income taxes, but excluding deprec'n359,360'
361.979
Net earnings
$461,925
Annual interest requirements on total outstanding funded debt
$61S,408
239.900
Balance
$378,508
* Includes non-operating income of $39,468.
The net earnings for 1929 as shown above equal over 23 times the
annual interest requirements on total outstanding funded debt including
this issue and, after deducting all prior interest requirements on bonds
outstanding, equal over 4.1 times the annual interest requirements on this
issue of6% gold notes.
Dated March 1 1930; due Sept. 1 1931. Interest payable M. & S.
Denom. $LOW and $500 c*.Red. in whole or in part on first day of any
calendar month after 30 days' notice at 101 for first 6 months, and thereafter at par to maturity, and interest. Principal and interest payable.
at Central Trust Co. of Illinois, trustee, Cnicago. Interest also payable
at the office of the Bank of Italy National Trust & Savings Association,
San Francisco, Calif. Interest payable without deduction for normal
Federal income tax not in excess of 2%. Company will refund, upon
Proper and timely application, the Penn. and Coml. 4 mills taxes, the
Maryland 4;4 mills tax, the California, District of Columbia, Kentucky
and Oregon personal property taxes up to 5 mills, the Michigan exemption
tax not exceeding 5 mills and the Mass, income tax not exceeding 6%
per annum on income derived from these notes.
-Proceeds will be used to reimburse the company for expendi
Purpose.
tures made in the acquisition of San Gabriel Valley Water Co. and in the
construction and-or acquisition of other properties, and for other corporate,
purposes.
-Corporation is controlled by Western Ceontinental UtiliManagement.
ties, Inc.
-V. 128, p. 2464.
Wilkes-Barre & Hazelton RR.
-Securities Sold.
The sale at auction of securities pledged under the collateral trust mortgage of the company took place Feb.24 at the Exchange Sale Rooms,50'
Vesey St., New 'York. Failure to meet the interest payment on May 15.
-year 5% gold bonds now outstanding, be1929 resulted in $1,900,000 50
coming due and payable on Dec. 16 1929. The bonds are dated May 15.
,
1901. The pledged securities were auctioned in two parcels, including (a)
$1,500,000 bond of Wilkes-Barre & Hazelton Ry., due May 1 1951, bearing interest at the rate of 5%, 15.000 shares of the aggregate par value
of $1,500,000 of capital stock of Wilkes-Barre & Hazelton Ry.; (b) $140.000 certificate of indebtedness of Lehigh Traction Co., due May 1 1951,
with interest at the rate of 572, and 9,990 shares of the aggregate par
value of $999.000 of the capita stock of Lehigh Traction Co. A total 01'
-V. 130, p. 138.
$165,700 was bid for the securities.
INDUSTRIAL & MISCELLANEOUS.
-American Smelting & Refining Co. has rePrices of Lead Reduced.
duced its price of lead 15 points to 6.10c. a pound.
-"Wall Street News,'"
Feb. 27.
-De Forest Radio has reduced Prices'
De Forest Radio Reduces Prices.
on popular class of radio tubes ranging as high as 35%, effective as of
Feb. 24,
-"Wall Street News," Feb. 26.
Begins Court Fight for Cut-Rate Taxis -White Horse Service applies for
writ to force Commissioner Whalen of New York City to license its cabs.
-N. Y. "Times," Feb. 22, p. 1.
U. S. Wealth in 1928 Put at 8360,100,000.000-$3,000 per capita lir
-N. Y. "Times," Feb. 24, p. 24.
nation, $3,513 in State.
-Federal Circuit Court decides
Income Tax Ruling Upholds Investor.
-N. Y."Times," Feb. 28. p. 37.
certificates is of no concern.
identity of
Urges Investigation of Cottonseed VTrust."-Representatiye Patman aaks
-N.Y."Times," Feb. 263).33.
congressional instead of trade board inquiry.
-Representative Jones (Dem., Texas) Feb. 20Chain Stores' Regulation.
introduced a bill giving a state authority to regulate, control or forbid all
holding companies, chain stores or chain institutions operating within its.
boundaries.
-"Wall Street Journal," Feb. 21, p. 8.
Matters Covered in the ':Chronicle" of Feb. 22 1930.-(a) The country's
foreign trade in 1929, p• 1167;(b) New 'York Attorney General Ward backs
bill to license brokers-Measure aimed at swindlers in securities and tipster sheet publishers presented, p. 1173; (c) Charge stock pool netted
86.000,000
-Officials of New York State Bureau of Securities say trio.
manipulated gyrations in Advance-Rumely Shares, p. 1173; (d) H. B.
Cahan of Philadelphia seeks $1,039,000 from two brokerage houses as a
result of stock market losses, p. 1173; (e) Dealings on Minneapolis-St.
Paul Stock Exchange for 1929. p. 1174; If) Record of prices of Wisconsin
securities for 1929, p. 1174. (t) Record of prices of Northwestern securities
during 1929, p. 1175. (h) Resume of operations on Minneapolis-St.
Paul Stock Exchange for 1929, p. 1175; (i) Increase in sugar duty prosecurities during 1929, p. 1175: (h) Resume of operations on MinneapolisSt. Paul Stock Exchange for 1929, p. 1175: (i) Increase in sugar duty proposed by Sweden to protect domestic sugar growers, p. 1187; (j) Cuba's
-Department of Agriculture makes estisugar output at 4,300,000 tons
mate for season-Production behind last year's, p. 1187; (k) Mill-ownersopposed to Cuban sugar restrictions, p. 1187; (I) Trading centre formed
for Long Island securities, p. 1204;(m) Defeats bill to curb insurance companies
-New York Assembly by tie vote rejects measure penalizing contesting of claims, p. 1204; (n) Market value of shares listed on New York
Stock Exchange $69,008,836,529 on Feb. 1-Increase as compared with
Jan. 2 figures-Classification of listed stocks, p. 1204; (o) Transamerica
Corp. to apply for listing on four big stock exchanges, p. 1205; (p) New
York Curb Exchange suspends Irving Robins for 30 days, p. 12051 (q) Camp,.
Thorne & Co., investment brokers, Chicago, in receivership, p. 1205:
(r) Tenders of $186,183,000 received for 850,000,000 treasury bill offering
Bids of $56.10800 accepted-Average price 99.174, p. 1210; (s) Offering
of 82,000,000 4k% bonds of New York State Land Bank, p. 1211.
Air Investors, Inc.
-Annual Report.
President Harvey L. Williams says in part:
Aviation stocks, being among the least seasoned securities and having
experienced considerable inflation on account of prospects believed to be
apparent early in the year, suffered more severely than any other class of
FINANCIAL CHRONICLE
MAR. 1 19301
securities during the recent stock market deflation. The liquid assets of the
corporation (cash, plus securities enjoying a quoted market taken at market
value-disregarding securities having no public market) declined to 41%
of the highest point reached during the year. To Feb. 4 1930, an increase
of 19.5% from the low of 1929 had been made in value of liquid assets.
During the early part of the year your corporation's investments were
largely in companies deriving all or substantially all of their earnings from
aviation activities. As the year progressed the officers and directors felt
that an increased investment in companies manufacturing materials,
accessories or supplies used by the industry represented a more conservative method of participating in the growth of aviation until uncertainties
clarified and trends of development became more apparent. As a result,
Investments in this type of undertaking were increased until, on Dec. 31,
40% of corporation's investments at cost were in the stocks of companies
allied with or contributing to the aviation industry.
During the year corporation, at one time or another, had investments in
42 enterprises. Consolidations and mergers to some extent reduced this
number through exchanges of securities. Substantial sales of securities were
made, prior to the stock market deflation, eliminating the securities of 11
companies from the investment list. At the same time holdings in other
companies were materially reduced. The listed securities, which were
sold, had a market value on Dec. 31,of 39% of their cost, whereas the listed
securities retained were, on that date, worth 53% of their cost.
Investment List.
-As of Dec. 31 1929, corporation had investments in the
following securities:
Shares.
Shares.
1,000 Air Associates, Inc., 7% cony. pf.
100 Nat. Air Transp., Inc., corn.
1,000 Mr Associates, Inc., common
1,000 Pitts. Metal Airpl. Co., common
1,000 Aluminum Co. of America, corn.
15,900 Roosevelt Field, Inc., capital
13,465 Aviation Corp., common
10,000 Stout D.& C. Air Lines, Inc.,com.
8,400 Av'n Corp. of the Americas. cap. 8,686 2-3Stout D.&C.Air Lines.Inc.warr
1,100 Av'n Corp. of the Americas, warrs. 9,000 Thompson Prods., Inc. class A
7,300 Bendix Aviation Corp., corn.
100 Towle Aircraft Co., capital
4,100 Bohn Alum.& Brass Corp.,cap.
1,500 Travel Air Co., capital
4,800 Central Airport. Inc., capital
1,000 Union Car. & Carb. Corp.,corn.
13,325 Comet Engine Corp., capital
4,600 Un. Aker. & Transp. Corp.,com.
12,984 Comet Engine Corp., warrants
5,000 United Aviation Corp.. class A
$5,000 Comet Engine Corp., 5% notes
10.000 United Aviation Corp., corn.
100 Curtlas-Wright Corp., class A
5,000 Viking Pump Co.$2 40 div.cum.pt
24,841 Embry-Riddle Av'n Corp., corn. 2,500 Viking Pump Co., common
10,781 Embry-Riddle Av'n Corp. warts. 5,000 Viking Pump Co., sh. warrants
6,400 Fairchild Aviation Corp., nom.
1,000 Winton Engine Co., common.
As of Dec. 31 1929, not over 12% of the total assets of corporation,
including investments at cost, was invested in any one enterprise.
Those of the securities listed above which have a quoted market had a
market value on Feb. 4 1930, at $2,178,644, equal to $26.80 per share on
81,263 shares of convertible preference stock outstanding on that date.
Of the securities having a quoted market all are listed on recognized stock
exchanges except one, which is quoted over-the-counter.
Indicated earnings for the calendar year 1929 on all those securities owned
which have a quoted market are equal to 9% on the market value of these
securities as of Dec.311929.
Those securities not having a quoted market cost corporation $772,460.
While an exact valuation of these securities cannot be determined, from the
latest information available it does not appear that their value has depreciated to the same extent as the value of listed avaiation securities.
Adding securities having a quoted market at market value. securities
not having a quoted market at cost, cash and accounts receivable and
deducting therefrom subscriptions payable, there results an asset value of
$37.35 per share on 81.26:3 shares of cony, pref. stock outstanding Feb. 4
1930. If these shares of cony. pref, stock were converted into com, stock,
there would then be outstanding 327,650 shares of corn, stock having an
asset value on the above basis of $9.30 per share.
In view of the low quotations prevailing for the cony. pref. stock as
compared with its asset value, directors authorized the purchase of shares
thereof in the open market,for retirement. As of Dec. 31 1929.5,800 shares
had been purchased under this authorization, and in Jan. 1930, 400 more
shares were similarly acquired.
Income Account Year Ended Dec. 311929.
Income-Dividends received
$220,465
interest earned
66.525
Miscellaneous
17,000
Total ___ _ _ _
$303,990
Loss on sale of securities ------ ------------------------------ 58,448
Balance _
5245.542
Administratl;eiticd
-tit:gr - es ---------------------------- 119.974
-eipe--ns
Net income for period, basis on investments at cost
Surplus Jan. 1 1929
$125,568
10,476
Surplus, Dec. 311929. before deprec. in values of unlisted securities and for the shrinkage in the market value of the listed secur4136,045
Balance Sheet Dec. 311929.
AnusLiabilittezCash
$28,250
$35,501 Subscriptions payable
• Investments at cost
x4,770,175
4,465,089 Capital stock
Accounts rec. & advances
77,758 Burp., before depree. in values
Miscellaneous assets- _-___
7,563 of unlisted securities,&a_ --- 136,045
Deferred charges
348.561
Total
$4,934,469
$4.934,470 Total
x Represented by 81.663 shares (no par) $2 non-cum. pref. stock and
165,124 shares (no par) common stock. There were also Matted and outstanding, common stock purchase warrants evidencing the right to purchase
267,450 shares of common stock at $10 per share on or before Nov. 1 1943.V. 129. p. 4142.
-Earnings.
Ahumada Lead Co.(& Subs.).
Consolidated Income Account-Years Ended Dec. 31 (U. S. Currency).
1927.
1926.
1928.
1929.
5942,090 $1,817,520 $3.091..027
6
$918.250
1,721,195 2.877.601
1,040.582
891,803
47.708
57.073
44.759
58,370
40,184
342
Sales oflead & silver _Expenses, taxes, &c_ _ _ _
Depreciation
Unprod. prospecting_ _ _
Net income
def.$32,267 def.$155,565
inc. from investments_ 5,100
4,200
$8,432
191.966
$768,667
298,056
Total income
def.$28,067 def.$150.465
Previous surplus
689.094
538,630
Taxes over accr. pr. yrs_
5200.399 $1,066,723
637.697
577.184
Cr96,900
Total
Less transf. to Mex. legal
reserve
Deduct dividends
$838,096 51,740,806
1461
their payment, there remained $4,045,358 in cash to be distributed pro rata
to stockholders and voting trust certificate holders.
Accordingly, the directors have declared a final liquidating dividend of
547.1767387 per share, payable on and after March 3 1930 to holders of
record Feb. 28 1930, against surrender for cancellation of their certificates.
Voting trust certificates should be surrendered to the National City Bank
of New York, reorganization department.
',Stockholders Receive Offer.
-V. 130, p. 1277.
See Pittsburgh Bond & Share Corp. below.
-Earnings.
Amalgamated Silk Corp.
Earningsfor Year Ended October 311929.
Operating profit
Other income
$466.528
112.852
Total income
Depreciation on plant & equipment
Financial interest & factor charges
$579,379
297,381
595,563
Net loss
Reserve for inventories
5313,564
154,481
$468,045
Transferred to deficit
Consolidated Balance Sheet, October 31 1929.
Liabilities
Assets
$113,024 Trade acceptances payable... $423,652
Cash
61,488 Accts. pay., accr. wages &
Accounts receivable
304,985
other expenses
1,490,571
Inventories
38,581
30,848 Accrued interest payable
Prepaid insurance .5r interest
205 1st mtge.20-yr. 7% sink.fund_ 3,135,500
Sinking fund cash with trustee
154,481
x4,594,873 Reserve for inventories
Fixed assets
y2,271,658
36,046 Net worth
Prepaid taxes & other expenses
Total86,328,855
Total
$6,326,855
x After reserves for depreciation of51,347,131. y Represented by $3.595.045 par value 7% preferred stock and 177,421 no par common stock less
deficit of 51,323,389.-V. 129, P. 130.
-New Well Completed.
Amerada (Oil) Corp.
The Amerada Corp., Dixie Oil Co. and Mid-Continent Petroleum Corp.,
Operating jointly, recently, announced the completion of a new well. Edwards No. 1, in the South Earisboro Field of Oklahoma. The well has been
-V. 130,
drilled in with an initial flow at the rate of 8,000 barrels daily.
13• 469.
-Earnings.
American Express Co.
1927.
1926.
1928.
1929.
Calendar Years
$9,402,160 $7,848.432 57,409,098 57,670,167
Gross income
5,031.944
4,963,513
4.896.379
r, exp. (less taxes)-- 5,419,730
&c es
745.311
444.769
707,450
x1,443,784
Taxes,
Net income
Dividends (6%)
Reserves
$2,538,646 $2,109,039 52.000.815 52.028,477
1,080,000
1,080.000
1.080.000
1,080,000
554,779
579,732
602,816
See x
5426,223
$1.458,646
Surplus for year
180,000
180,000
Shs. stk. outst.(no par)_
$11.72
$14.10
Earned per share
x Includes reserves.
-V. 128, p. 4324.
3366.035
180,000
$11.12
$368.745
180.000
$11.27
-Annual Report.
American Capital Corp.
President Henry S. McKee reports in substance:
During and after the market decline extensive purchases of securities
were made at satisfactory prices with a large amount of cash which had been
kept on hand at all times for this purpose, supplemented by a still further
large amount derived from sales of securities made when prices were high,
largely during August, September and October. This policy has resulted
In a high rate of earnings and a strong asset position.
The extreme decline in the security markets in October and November
presented to the company an opportunity, for which it had long been waiting, to purchase common stocks of the leading American industrial and
public utility corporations on an attractive income basis. As a result of
Investments at that time the position of the company has been substantially
Improved over that existing at the beginning of the year inasmuch as its
securities are owned at a lower cost than formerly and the company receives
from them a higher rate of return on the investment.
The market value of securities owned Dec. 31 1929 (taken at the low
levels then prevailing) plus the excess of cash assets over all liabilities
amounted to more than the total capital and paid-in surplus.
The income received as dividends and interest earned on investments
in 1929 was substantially in excess of the dividend requirements on the
company's outstanding prior preferred and preferred stocks. It has been
the policy of the management from the outset to invest the company's
funds in such manner that this result would obtain.
On Dec. 31st the company owned 96 securities and cash and call loans
amounted to $2,539,521. This investment fund was distributed by classes
47.6% in industrials.
as follows: 1.2% in rails; 19.1% in public
&c.; 15.8% in bank and insurance company stocks; 1.2% in foreign bonds.
principally governmental; and 15.1% in cash and call loans.
The fund at Dec. 31 1929 was invested by types as follows:
15.10
$2,539,521
7
Cash and call loans
285,285
1.7%
Bonds and notes (domestic and foreign)
12.4
2,097,446
and preference stocks
Preferred
2.665,749
15.8
Bank and insurance company stocks
55.0 0
Common stocks (rails, public utilities, indus., &c.)_ 9,267.070
516.855.073
100.0%
Management regards the outlook for the year 1930 as highly satisfactory.
Comparative Income Statement.
Year Ended May 19 '28.
Dec. 31 '29. Dec. 31 '28.
52,051,627 31,311,144
*Total income
15.050
156.396
Expenses and charges
Net income before Federal income tax
Federal income tax
$1,895.231 51,296,094
133.986
197,007
Net income
Dividends on prior preferred stock
Dividends on preferred stock
Dividends on class A stock
$1.698,224 $1.162,109
181,043
329.996
196.509
360.000
122,222
199,422
$662.343
$808,805
Balance
* Reported income includes only cash received as dividend and interest
income and cash profits realized from sales of securities.
Balance Sheet Dec. 31.
30,293
149,002
1928.
1929.
1,072,816
LiabilUtes1928.
1929.
117,500
Accr. d Ws. pay _ _. 117.500
$
Assets$
Surplus Dec.31
5689.094
5538,630
5,797
9,507
$637,697 Cash & callloans__ 2,539,522 11,453,667 Accounts payable_
5510,562
Sias. of cap. stk. outstdg.
133,988
Federal income tax 197,007
Invest. secur.(at
1.198,018
(par $1)
1.192,018
30,970
1.192,018
1,192,018
14,315,552 4,631,892 Res. tor exp. &c,
cost)
Earns, per share on cap.
$5.50 prior pretstk.a5,700.000 5.700,000
Divs. rec. accrued
Nil
stock
$0.17
Nil
b5,520,000 5,520.000
$0.89
24,469 153 pref stock
Interest, &c.....91,901
c99,999
99.999
Class A corn
Balance Sheet Dec. 31.
366,666
d366,665
Class B corn
LiabittifesAssets1929.
1929.
1928,
1928.
Paid-in surplus__ 3,346,635 3,346,635
Cap.stk.(par $1).$1,192,018 $1,192,018
Land, mines, eq.
784,585
Total(each side)18.946,975 16,109,829 Profit & loss surplus 1,593,371
13,895
dm
$1,850,528 $1,843.443 Accts. & wages pay
28,064
Inventories
268.231
38,867
33,184 Res. for depree_
a'Represented by 60,000 no par shares. b Represented by 120,000 no
209,881
Mexican legal res _ 103,080
shares. d Represented by
Accts.,receivable _
41,653
53,115
103,060 par shares. c Represented by 99,999 no par
Cash
510,563
145,395
121,774 Surplus
538,629 366,666 no par shares.
Express prepaid
11,325
-There are outstanding warrants entitling the holders to purchase
20,115
Note.
172,500 shares of class B common stock on or before Juno 30 1940, for $10
Total
Total
$2,087,768 $2,071,633
$2,087,768 $2,071,632 a share, and the company is under contract to issue before May 1 1933,
similar warrants for the purchase of 367,500 shares.
-V. 129, p. 3169.
Schedule of Investment Securities Held at Dec. 31 1929.
Airparts & Tool Corp.
-Proposed Merger.
The maximum investment permitted to be made in any one security is
-V. 130, p. 290.
See Ex-Cell-0 Aircraft & Tool Corp. below.
5% of the assets of the corporation. In the following table investments
have been classified into groups according to the value of the investment at
Airstocks, Inc.
-Dissolved-Final Liquidating Dividend.
- Dec. 31 1929, expressed as a percentage of the investment fund at that
Announcement of the formal dissolution of this corporation, effective date-Group I, where such investment amounts to more than 2% of the
on Feb. 25 1930, is contained in a letter to voting trust certificate holders. investment fund; Group II, where less than 2%, but more than 3i, of 1%;
After liquidating all assets and discharging all liabilities or providing for Group III, where less than 34' of 1%.
$510.562
$538,630
1462
FINANCIAL CHRONICLE
Common Stock.
Group I. Investments of more than 2% of the fund:
American Tobacco B
American Telephone dr Telegraph
Deere & Co.
American Superpower
International Harvester
Sears-Roebuck
Liggett & Myers B
Southern California Edison
National Cash Register
Sun Life Assurance of Canada
Guaranty Trust of New York
Group II. Investments of less than 2%, but more than
of 1%.
Chesapeake Corporation
Consolidated Gas
Great Northern Railway (pref.)
Pacific Lighting
Allied Power & Light
Caterpillar Tractor
Pacific Gas & Electric
Chrysler
United Light & Power A
Hudson Motors
Central Alloy Steel
S. S. Kresge
General Motors
Lambert Company
International Business Machines
Remington-Rand
S. H. Kress
Standard Oil of California
Mead-Johnson
Union Carbide
Safeway Stores
Bank of Manhattan Company
Texas Corporation
Chase National Bank of New York
Walgreen
Mayflower Associates
Canadian Bank of Commerce
National City Bank
Equitable Trust of New York
Transamerica Corporation
Netherlands Credit & Finance
Travelers Insurance
Royal Bank of Canada
Group III. Investments of less than )1 of 1%:
Aetna Life Insurance
Bankers Trust Co. of New York
Kreuger and Toll
P. Lorillard
Connecticut General Life Insurance
Manufacturers Trust (New York)
Curtiss-Wright Corp.
St. Regis Paper
Graham Paige Certificates
U. S. Leather
Humble 011
Mortgage Guarantee
Preferred and Preference Stocks.
Group I. Investments of more than 27',, of the fund:
The largest investment in any one preferred or preference stock did not
amount to as much as 2% of the fund.
Group II. Investments of less than 2%,but more than )1 of 1%:
American Superpower 1st, $6
Electric Bond & Share $6
Electric Power & Light 2nd 7%
Standard Gas & Electric $4
United Light & Power 1st, $6 convertible Barker Brothers $6.50 convertible
Bush Terminal debenture 7%
Deere & Co. 7%
Firestone The & Rubber 6% with warn. B. F. Goodrich 7%
International Agricultural Corp. prior 7% International Match participating
Montgomery Ward A $7
Shell-Union 011 554% convertible
Railway & Utilities Inv. Corp. A 7%
Group III. Investments of less than 4 of 1%:
Missouri
-Kansas
-Texas 7%
Allied Power & Light 1st, 35
Empire Gas ec Fuel 7%
Northern States Power 7%
Minnesota Power et Light 7%
Empire Gas & Fuel 8%
Penn.
-Ohio Edison 6%
National Power & Light 17
Southern California Edison A 7%
Southeastern Power & Light $7
Firestone Tire & Rubber 2nd, 7%
United Corp. $3
S. H. Kress Special 6%
South Porte Rico Sugar 8%
Maytag Company $3 preference w. w.
U. S. Leather A
Selberling Rubber 8%
Radio Corp. B,$5
Tidewater Associated Oil 6%
Bonds and Notes (Domestic and Foreign)
Group I. Investments of more than 2% of the fund:
The largest investment in any one bond or note did not amount to as
much as 2% of the fund.
Geoup II. Investments of less than 2%, but more than 31 of 1%.
Siemens-Berlin City electric notes
Oriental Development 5345. 1958
Group III. Investments of less than 34 of 1%:
Missouri Pacific A 53zs, 1949
Central States Electric Corp. 534s. 1954
International Tel. & Tel. 434s, 1939
Italian Super Power 6s, 1963.
Rhine-Westphalia Elec, Pow. 6s, 1953
Rudolph ICarstadt 8s. 1943
-V. 129. p. 3328.
)1
[VOL. 130.
American International Corp.
-2% Stock Dividend.
The directors on Feb. 14 declared the regular semi-annual dividend
of
$1 per share in cash and 2% in stock on the outstanding capital stock,
no par value, both payable April 1 to holders of
record March 12. At
last accounts the company had outstanding 1,019,757
shares (not 980.000
shares as erroneously stated last week).
The directors also declared a further semi-annual dividend
of 2% in
stock payable Oct. 1 next.
Stock distributions of 2% each were made on April 1
and Oct 1 last.
--V. 130, P. 1278.
American Multigraph Co.(& Subs.).
-Earnings.
-
Calendar YearsSales
Operating profits
Depreciation
Taxes
$4,750,747 $4.266.086
1929..
702,404
730,063
106,352
140,517
78.091
93,088
1927.
$4,150,315
691,690
127.480
63,978
1926.
$3,823,685
537,816
96.630
68.016
Net operating profit- Other income
$517,960
44,843
$496,457
33,849
$5500,231
38,083
$373,171
41,812
Gross income
Prov.for income tax_ __ _
Other charges
$562,803
53.312
4,236
$530,306
61.629
28,867
$538,314
67,829
40,166
$414,983
43,007
74,268
Net income
Divs, on common stock _
Per share
$505,254
296.043
(32.625)
$439,810
274.980
($2.40)
$430.319
206,235
($1.80)
$297,708
183,320
($1.60)
$209,211
1,516,852
$164,830
1,352,022
$224,084
1,127,937
$114,388
1.013,550
P.& L.surp. Dec.31- $1.726.064
Shares com, stock outstanding (no par)_
_
114,575
Earned per share
$4..52
-V. 129. p. 2859.
$1,516.852
$1,352,021
$1,127,937
114,575
$3.84
114,575
$3.76
114,575
$2.61
Balance, surplus
Previous surplus
American Ship Building Co.
--To Decrease Common
Stock by a Capital Distribution of $40 per Share.-Presidont
W. H. Gerhauser Feb. 25,in a letter to the stockholders says:
During the past four years the company has disposed of practically all
of its surplus property and equipment, and has realized from these sales
over $2,000,000 in cash and purchase money obligations. Within the past
year the company's Federal tax case, covering the period from Jan. 1
1918, to June 30 1921. has been settled for an amount approximately
$1,500,000 less than the amount previously reserved for this purpose. It
has long been evident to the management and directors that the company
has more capital funds than can be profitably employed in the business.
This excess capital has been invested largely in U. S. Government securities
at a comparatively low rate of interest.
Some time ago the directors appointed a finance committee which has
studied the whole situation very carefully and has proposed the following
plan which was unanimously approved by the Board at its last meeting held
Feb. 5 1930:
Plan for Reduction of Capital.
(1) The present authorized common stock amounting to 155,000 shares,
par $100 each shall be changed into an equal number of no par shares.
This is to be accomplished by first reducing the par value of the present
common shares from $100 to $60 and then changing such shares into no par
common shares.
(2) The new no par common shares shall have a stated value of $60 each
instead of $100 as at present, thus reducing the stated capital of the company represented by common stock outstanding from the present figure of
$14,714,400 to $3,828,640.
(3) All of the present outstanding common shares of the par value of
$100 shall be exchanged for an equal number of new no par common shares,
plus $40 in cash for each share. which Is a capital distribution equal to the
American-Hawaiian Steamship Co.
-Earnings.
amount of the reduction of common capital of the company.
Calendar Yeas1929.
1928.
1927.
1926.
(4)
Gross freight earnings_ _$13,265,261 $12.589,304 $11,479,749 $10,331,517 shall For possible future uses the authorized number of common shares
be increased to 230.000 and all unissued common shares shall be free
Operating expenses
11,871,202 11,331,835 10.742,418
9,818,435 from any and all pre-emptive rights of stockholders of the company.
(5) If the foregoing steps are approved the holders of preferred stock, if
Net profit from oper- - $1,394,059 $1.257.469
3737.332
$513.081 they so desire, shall have the privilege up to July 1 1930 to sell all or any
Prof. arising from adjust.
part of their preferred shares to the company at $110 a share or to exchange
& recov. in prior yrs _ _
26,125
17,387 each preferred share for 1 1-10 shares of new no par cont, stock and $44 in
Net profit on sale of vescash.
sels & investments_ _ _
506,171
78,918
59,334
207,174
If the above plan is approved and carried out, the company will still have
Int. & diva, rec, on inv.
net current and working assets of over $5,000,000, which is believed to be
& from other sources__
381,062
279,734
146.612 ample for all present requirements.
201,207
The company has no plans at present for the use of the additional corn,
Total income
$2,307.417 $1,518,009 $1,095,983
$884,254 stock to be authorized, but it is thought wise to have it authorized at this
Interest on notes pay_ _ _
43,213
42,398
79,100
80.627 time in order to provide for possible future contingencies.
Losses arising from adj.
After allowing for the loss in income on the amount which it is proposed to
of prior years
5,136
20.519
distribute to the stockholders,and non-recurring items,the average earnings
Adjust, prior yrs. & 8.8.
for the past five years applicable to the outstanding common stock, have
"Malolo" final settleexceeded $5.50 per share after providing for Federal income taxes. Inasment & extraord.items
100,471
much as the company is amply financed, it is anticipated that the present
Prov.for depreciation__ _
956,692
914,013
964,327
959.409 dividend rate on the common stock, which is $8 per $100 and which would
Prov.for Fed.inc. tax - _
114,955
26,000
a mintained.4.80 per share annually on the new no par cora, stock, can be
maount to i
Net profit for year-- _ $1,187,421
$384,816
$82,351 def$155,782
The Board has called a special meeting of all of the pref. and cont. stockDividends paid
944,800
475,602
holders to be held on March 26 for the purpotte of considering and acting
upon above plan and amendments. V. 129, p. 2685.
Balance, surplus
$242,621 def$90,786
$82,351 def$155.782
Earns. per sh. on 475.602
shs.cap.stk.(par$10)-Chemical Corp.-Listino,--$2.49
American Solvents &
$0.17
Nil
$0.81
-V. 129, p. 3169.
The New York Stock Exchange has authorized the listing of (a) 110,939
shares $3 cumulative convertible preference stock (no par) with authority
American Metal Co., Ltd.
-Earnings.
to add to the list 2,023 additional shares upon official notice of issuance in
exchange for remaining outittanding shares of convertible participating
Calendar Years1929.
1928.
1927.
1926.
Income after expenses- $5.149,164 44,120.980 44.822.347 x$4,498.897 Preference stock of predecessor Maryland corporation issuable in accordance with the plan for readjustment of capital structure dated July 29 1929:
Deprec.. dept., &c., res- 1,706.285
1,469,047
1,674,648
1,694.041
(b) 47,414 shares of preference stock on official notice of issuance upon
Prov.for reduc,of invest.
exercise of warrants making the total amount of preference shares
and inventory
633.935
147,548
applied for 160.376 shares: (C) 169.553 shares of common stock (no par)
Prov. for Fed. Inc. taxes
a
190,000
a
IN:Worley to add to the list 11.039 additional shares on official notice of
faitisince in exchange for preference and common stock of predecessor MaryNet income
$33,252,879 32.651.933 $2,513.764 $2,657,808
land corporation tamable in accordance with the plan for readjustment of
121.205
6 Preferred dividends_
350.000
7
350.000
capital structure; (d) 9.483 additional shares of common stock on official
preferred dividends- _
450.552
398 895
Common dividends
2 382,908
1 785 245
1.78.3.903
2.376 003 notice of issuance upon exercise of stock purchase warrants: (e) 47,414
additional shares of common stock on official notice of issuance upon conRate
($3)
($3)
($3)
($45
version of 47.414 shares of preference stock: and (f) 112,962 additional
1h0 es of co.
ar
Balance. surplus
$419.419
$346588
$379 861 def468 694 s3 . p. lzi9m mon stock on official notice of issue in exchange share for
Profit & loss surplus_ - _y11,075,548 10,719.605 10.342,322 10,278.989 share of convertible preference stock issued or lasuable as stated under (a)
above, making a total of common stock applied for 350,451 shares.
-V.
Shares of common stock
outstanding (no par)_
595,114
868.185
594.904
594,278
Earn, per share on corn_
$3.58
$3.64
$3.23
$3.88
x After provision for United States and Mexican Federal income taxes
American Writing Paper Co., Inc.
-Larger Pref. Div.
but before depreciation,&C
The directors have declared a quarter13 dividend of $1 a share on the
y After transferring to ordinary reserve surplus of subsidiaries of $71,725 $6 pref. stock, thereby placing the stock on a $4 annual dividend basis.
in accordance with requirements of Mexican law and adding $8,248 to Quarterly dividends of 75c. a share were paid during 1929, the total payconsolidated surplus through acquisition of stocks of subsidiaries, &c.
ments in that year amounting to $3 a share. According to provisions
- vio 29 yp 317 .the stock will be placed on a $5 annual basis next year.
pre insl made0
v
,
,
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
AS8d3Liabilities$
i
$
$
Mines, smelters,
Anglo-American Corp. of South Africa, Ltd.Preferred stock., 6,844,100 10,000.000
ships, &O
The following are the results of operations for the mon of January 1930:
21,504,989 21,899,721 Common stock__ _y34,465,520 18,499,700
in
month
Invest. in foreign
Bankers acceptance13,175.000
Tons
affiliated cos- 1.448,750 1.453,070 Accts. payable__ 4,167,434 5,512,133
Milled.
Revenue.
Costs.
Cash
2.014,449 1,580,513 Notes payable_ . 1,500,000
Brakpan M
Mines Limited
82,000
Z134,154
.
£90,541
P it
S43Il2
Accts.& notes reo_ 8,214.620 3,907,297 Deposits officers &
Springs Mines Limited
70,000
143.387
66.020
77,367
Inventories
23.057,487 14,967,266
2,016,027 4,165,099 West Springs Limited
employees
66,800
76,994
59,221
17,773
Investments
17,576,309 6,629,522 Accr. liabilities- 331,473
219,344
Gold Mining Companies' Reports for Quarter Ended Dec. 31 1929.
Advances, &a
2.763,933 1,798,987 Mtge., &a., bonds. 290,000
292,000 ,
Brakpan
Springs
West
Deferred expenses 472,088
587,785 Contingent reserve 1,993,024 2,282,521
MinesLtd. Mines Ltd.
Spgs. Ltd.
Min. int. sub.stk. 1,194,478 1,133,759 Working revenue
£412,478
.V37,942
£414,496
Total(each side)77.052,606 52,824,181 Surplus
11,075,549 10,719.605 Working costa
264,474
181,834
228,000
x Mines, smelters, real estate, machinery and equipment, $32,933.200. ,
less reserve for depletion, depreciation and obsolescence, $11,428,211.
Working profit
E148,004
£56,108
Z186,406
y Represented by 868,185 shares of no par value.
-V. 130, p. 624.
-V. 130. p. 291.
1
MAR. 1 1.930.]
FINANCIAL CHRONICLE
Atlantic Gulf & West Indies S. S. Lines.
-Larger
-The directors on Feb. 26 deDividend on Preferred Stock.
clared four quarterly dividends of 1,i% each on the 5%
non-cumulative pref. stock, par $100, payable March 31,
June 30, Sept. 30 and Dec. 31 to holders of record March 11,
June 11, Sept. 10 and Dec. 11, respectively. On Feb. 28
1929 the company placed this stock on a $4 annual dividend
basis and at that time declared four quarterly dividends of
1% each.
-V. 129, p. 2685.
Atlas Stores Corp.
-Earnings.
Earnings for 7 Months Ended Dec. 31 1929.
1463
will continue to supply the well-jnown Westinghouse Air Brake equipemnt
for buses, trucks and other types of automotive venicles. Westinghouse
will continue the manufacture of the automotive air brake equipment for
the new company. The new company having the facilities of the engineering and service departments of both Bendix and Westinghouse will be abk
to effectively serve the automotive industry.
The executive organization of the new company follows: President,
Vicent Bendix (President of Bendix Aviation Corp.); Vice-President S. G
Down (Vice-President of Westinghouse Air Brake Co.), Secretary and
Treasurer, W. J. Buettner (Treasurer of Bendix Aviation Corp.). The
directors are: Vincent Bendix, A. L. Humphrey. S. G. Down, John P.
Mahoney and Victor W. Kliesrath.-V. 129, p. 3803.
(Isaac) Benesch & Sons Co., Inc.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 25c. a share
on the common stock, payable March 1 to holders of record Feb. 24.-V.
128, p. 1560.
Net sales
$11,534,132
Net income after all expenses and Federal taxes
937,771
Bethlehem Steel Corp.
-Acquires Danville (Pa.)
Earnings per share on 295,301 shares common stock
$3.17
The corporation has taken over the business and property of the Danville
For the 12 months ended June 1 1929 net sales were $15,175,766 and net
earnings $1.111,842, or $3.76 a share on the same amount of stock, thus (Pa.) Structural Steel Co., Inc. The acquired plant consists of a re_.,
indicating that earnings for the last 7 months of 1929 almost equalled the rolling mill having a capacity of approximately 2,500 tons a month anl'
employs about 200 men. Its operations will be conducted as a &visit)"
per share earnings for the 12 months period ended June 1 1929.
-V. 130, p. 978. 802.
The business of corporation was recently expanded through the acquisi- of Bethlehem plant at Steelton. Pa.
tion of City Radio Stores, Inc. and Davega, Inc. In addition to owning
Bigelow-Sanford Carpet Co., Inc.
-Annual Report.
over 97;6% of the stock of these two companies, corporation owns the
President John A. Sweetster says in part:
entire capital stock of Atlas Stores, Inc. Chicago: Krauss Radio Stores.
The net sales, after allowance for cash discounts, were 123,964,903
Inc., Cincinnati; Serlin & Co., Detroit; Lesser & Co., Cleveland; Triangle
'
compared with $22,030,443 for 1928. The 1929 figure includes the Dec.
Electric Co. and Paramount Electrical Supply Co.
-V. 130. p. 801.
sales for the Amsterdam division of $1,183,787.
Auburn Automobile Co.
-Sub. Co. Shipments Increase.
- The earnings for 1929 were $2,702,924. From this amount has been
Shipments of the Limousine Body Co. of Kalamazoo, a subsidiary, for deducted $588,811 for depreciation and obsolescence. $235,000 for Federal
February will be more than 50% ahead of January, according to President taxes, and $25,000 covering one month's interest on the serial notes issued
J. D. Bobb. He reports that unfilled orders will keep the plant working at to Stephen Sanford & Sons, Inc. After deducting one months' dividend
capacity for several months and that 300 men have been added to the on 73,350 shares of common stock issued to Stephen Sanford & Sons, Inc.,
working force in the last few weeks. The Limousine Body Co. makes and preferred dividends of $163,458, there was available $1,653,979 for
dividends on common stock outstanding prior to Nov. 30 1929.
bodies for Auburn and Cord automobiles.
-V. 130. P. 1119.
Progress is being made as rapidly as possible in consolidating both the
manufacturing divisions and sales organizations of the former Stephen
Automatic Musical Instrument Co.
-Contract.
The British Automatic Gramaphone Co. Ltd., British licensees of the Sanford & Sons, Inc., and those of the Bleglow-Hartford Carpet Co., as
above company, has contracted with the American company for a number a result of which economies will be effected.
The value of the inventory of Stephen Sanford & Sons, Inc., as of Nov.
of automatic selection phonographs for shipment to Great Britain and a
30 1929 has been adjusted on a basis less than the tentative figure which
number of European companies.
The British company, which will operate on a royalty basis will manu- was set forth in the call for the special stockholders' meeting to act upon
the purchase. This notice contemplated the payment to Stephen Sanford
facture its own machines In England, under Automatic Musical
'
patents, but has purchased the American-made machines in order that it & Sons, Inc. of 85,000 shares of common stock and $5,000.000 of 6
might start immediate leasing operation, pending the establishment of serial notes. As a result of taking the actual inventory, the payment made
to Stephen Sanford & Sons, Inc., was 15,000,000 serial notes and 73,3.50
manufacturing facilities in England.
The contract with the British company involves royalties to the Auto- shares of common stock.
matic Musical Instrument Co. on instruments manufactured by subCondensed Balance Sheet Dec. 31 1929.
licensee companies in France, Germany, and Japan, as well as those to be
Assets
Ltatilttlesmade by British Automatic Gramaphone Co., Ltd.
-V. 130. p. 1279.
Cash
3501,777 Bank loans
$700,000
Accts. & notes receivable__
Automatic Musical Instrument Co., td.
-Stock Of- Accts. receivable, employees_ 5,225,415 Drafts payable against letters 549,822
69,898 of credit
fered.
15,299,008 Accounts Payable
-The Grier Investment Co., Ltd., Montreal, recently Inventories
698,656
Land, bides. & equipment_ _ 17.033,287 Reserved for taxes
300.903
offered at $15 per share 100,000 class A shares.
Deferred chgs. against oper__
112,512 6% ser, note. due Nov.30'30
500.000
Class"A"shares are non-voting, non-assessable, fully-paid and pref. as to Sundry Investments
10,101 6% ser. notes, clue Nov.30
dividends up to $1 per share per annum; after which profits available for
1931 to 1939
4;500
distribution will be distributed 50% to the then outstanding "A"shares and
Preferred stock
2,724. ii
50% to the outstanding "B" shares. Transfer agent, Crown Trust Co.
Common stock
x15,719200
Registrar, National Trust Co., Ltd.
Surplus
11,249,135
Issued.
Authorized.
Capitalization.Total (each side)
838,251,998 Reserve for conthigencies____ 1.309,182
Class "A"stock
200,000 shs. 100,000 shs.
x Represented by 314.384 no par shares.
-V. 129, p. 3476.
Class "R"stock
100.000 shs. 100.000 shs.
Borden Co.
-Listing.
It is the intention of the company to make application to list these shares
on the Montreal and Toronto Stock Exchanges.
The New York Stock Exchange has authorized the listing of 42,327
additional shares of capital stock (par $25) on ofilcial notice of issuance
Data from Letter of J. W. Norcross, President of the Company.
as follows: 22.985 shares in g- yment for the entire issued and outstanding
z
Company.-Incorp. under the laws of the Dominion of Canada. Has been capital stock, or, in the alternative, the entire assets and business, of Pure
formed for the purpose of acquiring and operating in Canada the sole and Milk Co., Ltd. In the event of the purchase of assets and business, the
exclusive license to manufacture, assemble, distribute and exploit automatic company will also assume all liabilities of the selling corporation, except
musical instruments, chiefly, an automatic selective coin-controlled phono- liability for capital stock and certain tax liabilities. Of the 22,985 shares
graph for commercial use; also a phonograph and radio combination with to be issued as aforesaid, 375 shares represent a brokerage commission.
remote push button control for use in the home. under the patents of the
19,342 shares in part payment for the entire assets and business of HamilAutomatic Musical Instrument Co.of the United States.
ton Dairies, Ltd. Company will also pay $300,000 in cash and will assume
The operations of this company are confined to electrically reproducing all liabilities of the selling corporation, except liability for capital stock and
and electrically operated automatic selective musical instruments.
certain tax liabilities. Of the 19,342 shares to.be issued as aforesaid, 375
Income.
-The first 450 coin-operated automatic selective phonographs shares represent a brokerage commission.
-V. 130. p. 625.
placed by the company in and around Montreal, Toronto, Quebec, Ottawa
and Three Rivers, have shown an average netreturn of about $8 each per
Borg-Warner Corp.
-Unfilled Orders.
week or at the rate or more than $180,000 Per year. This is equal to more
Unfilled orders on the books of the Rockford Drilling Machine Co. a
than three times the current rate of dividends on our class "A"stock now subsidiary, are larger at present than at any time during the last several
outstanding. It is equal to $1.80 per share on the entire issue of 100.000 years, President E. C. Trainer announced on Feb. 20. The company has
shares of class "A"stock to be presently outstanding.
drawn up a production schedule for the next three months calling for a 254
Dividends.
-The present dividend rate on the "A" shares is $1.20 per increase in output.
annum as indicated by the quarterly payment made to stockholders of
"Domestic and foreign sales both are larger," Mr. Trainer said,"aninie
record Feb. 5, of 25 cents regular and 5 cents extra. This amounts to 8% outlook for continued demand is good. Within a short time we are planper annum at the current price of the shares; and it is believed that the extra ning to add new machines to our line which will give us a wider market."
dividend may be Increased soon, considering the excellent earnings being
The Rockford Drilling Machine Co. makes numerous parts and special
reported.
production machines for automobile manufacturer's.
-V. 130, p. 1280.
Auto Strop Safety Razor Co., Inc.
-Initial Dividend.
-
The directors have declared an initial dividend of 40c. a share on the class
B stock, payable May 1 to holders of record April 10, and the regular
quarterly dividend of 75c. a share on the class A stock, payable April 1
to holders of record March 10.-V. 130. P. 1119
.
-Earnings.
Aviation Corp. of California.
Period Ended Dec. 311929Net loss after all charges -V. 129, p. 3968.
3 Mos.
$218,405
Year.
85,585
Backstay Welt Co.
-Stock Dividend.
The directors have declared the regular quarterly dividend of 50 cents
a share in cash and 1% in stock on the common stock, all payable April 1
to holders of record March 20. No fractional shares will be issued.
A I% stock dividend, an extra of 10 cents per share in cash and a regular
quarterly dividend of 50 cents per share were paid on Jan. 2 1930 on the
common stock.
-V. 130. P. 291.
-New Director.
Baldwin Locomotive Works.
-
Edward F. Fisher of Detroit has been elected a director, succeeding
John M. Hansen, of Pittsburgh. Mr. Fisher is Vice-President of the
Fisher Body Co. and Maher & Co.
-V. 130, p. 1265.
Boston Insurance Co.
-Balance Sheet Jan. 1 1930.
(As filed with Massachusetts Insurance Department).
U.S. Govt.bInds
$1,006,535
Foreign government bonds._ _
584,040
State, county & munic. bonds 2,032,450
Stk.s of nat'l banks.4 trust ems 2,591,247
Railroad bonds & stocks
3,256,665
Pubic utility bonds & stocks_ 2,934,401
Other bonds &stocks
10,754,286
Cash
889,821
Real estate
822,849
73,300
Mortgages (first liens)
Accrued Interest
92,180
Premium notes
80,532
Prems.& acct.s In course of eoll 1.164,614
Losses In process of adjust. in
suspense, incl. all reported
losses
$1,950,248
Reserve for losses unreported
203.000
Unearned premium reserve- - 8,440,881
Res. for marine lay-up return
prem.outstdg. reinasur.. die
191,
Reserve for Federal taxes. _ 158,
Commissions,exp.,taxes(eat.) 239.
Reserve for dividends
240,
Empl.savings fund & interest
18,844
Capital
3.000moa
Netsurplus
13,841,668
Total
126,282,921
326,282,921
Total
Losses paid since organization, $128,709,933.-V. 127, p. 2960.
British American Oil Co., Ltd., Toronto.-Sp/it-up
of Stock and Bond Issue Approved.
-
The stockholders on Feb. 24 approved (a) a resolution sub-dividing each
• the existing shares of capital stock, without par value, both
-Further Expansion.
Beatrice. Creamery Co.
51
The directors on Feb. 20 approved the acquisition of two ice cream com- and issued, and outstanding, into two shares, without par value. a0.
panies and one produce company, the latter operating four plants in Iowa. resolution authorizing the directors to create and issue 11.5,000.000 15-Fftr
The companies to be taken over are: the Union Ice Cream Co. of St. Louis, 5% cony, sinking fund gold debentures. See also V. 130. p. 1120.
Mo.;the hirkwood (Mo.)Ice Cream Co., Kirkwood. Mo.,and the Hawkey°
(Edw. G.) Budd Manufacturing Co.
-Earnings.
Produce Co. The plants of the latter are located at Chariton, Corydon,
Earns.Or Cal. Years1929.
1927.
1928.
1926.
Red Oak and Otttunwa, Ia.
$32,682,206 $30,954,389 $41,409.1
"We just recently completed negotiations to acquire these units and it is Sales
Gross profit
$2,914,641
2.785,040
395,644 1°68485.
our intention to actively develop them," President C. H. Haskell stated in Expenses
521
521,632
604,700
768,999
800.
announcing the above acquisitions. "Announcement of additional acquisitions can be expected in the immediate future as we now are conOperating income- - - - 82.393,009 $2,180,340loss$373,35510841,286,774
cluding final details of negotiations to purchase three other large creamery
533,488
314,730
269,852 x1,745.430
companies." At the last quarterly meeting of the board in November two Other income
773,261
creamery companies were added to the Beatrice organization, being the Extraordinary income
Northern Creamery Co. of Great Falls, Mont.and the Yellow Stone CreamTotalincome
$3.699,738 $2.495,07010681103,503
ery Co. of Billings, Mont.
$458,706
Depreciation
929,580
770.274
797.349
The company also announces the acquisition ofthe Arctic Ice Cream Co. Interest
463.014
667,066
675,285
508,246
Danville. 111., the Big Horn Creamery Co. of Basin, Wyo., and Helena Other deductions
42,999
126,897
397,784
Creamery Co. of Helena, Mont. The Beatrice company is now operating
114 units.
-V. 129. p. 2389. 2231.
Net profit
$2,307,142 $1.014,731df$1,703,034 1°981447,324
dividends_
y798.380
285,006
435,281
Bendix Aviation Corp.
439.385
-Forms Automotive Air Brake Co. Preferred dividends _
Common
767,769
313:089
The announcement is made jointly by the Westinghouse Air Brake Co.
and the Bendix Aviation Corp. of the formation of a new company to be
Surplus
$740,993
3729.725df$2,138,315 dP31,199,798
known as the Bendix-Westinghouse Automotive Air Brake Co., the entire Sha.corn.stk. outstand'g
capital stock of which is to be held by the Bendix Aviation Corp. and the
(no par)
1,031,352
343,784
343,784
343,784
Westinghouse Air Brake Co.
Earns, per share
$1.73
$1.27
Nil
Ni)
The new company will continue the operation of what has heretofore
x Includes 51,500,000 increased value of stock ownership in British and
been the automotive division of the Westinghouse Air Brake Co. and German companies. y Includes
amount accumulated in prior Year.
FINANCIAL CHRONICLE
1464
Balance Sheet Dec. 31.
1929.
1928.
Liabilities$
$
'Plant & equip__._20,621,048 19,065.051 Preferred stock _ _ _ 7.272,200
Patent expendit__ 295,118
271,490 Empl. pref. stock_
Investments
°,161,764 3,039,791 Common stock. _x13,057,154
2.627,500
Inventories
4,664,924 5,057,180 Bonded debt
•Cash
2.255,001 2,524,704 Purch.money mtge 550,000
Accounts rece iv _ _ _ 1,876,661 3,083,625 Notes payable_
Sinking fund
291
100 Accts. pay., &c_ _ _ 1,847.889
Prepaid accounts_
197,951
220,161 Depreciation res.. 6.479,500
Dir for cur. prod _
2,013,746
525,673 Surplus
Employ.stk. acct _
12,269
Treas. bond & stk_ 601,195
69,250
Deferred items_
1,002,015
979,478
Other assets
Tot.(each sIde)_33,847,989
172,020
305,000
x Represented by 1,026,360 no par shares.
-V.129, p.3329.
1929.
Audi-
$
-Capital Decreased.
(P.) Burns & Co., Ltd.
1928.
$
8,255,200
19,825
6,803,965
3.107.000
550.000
7,510,000
1,927.925
5,109,200
1,870.657
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated June 12 1929, decreasing the capital
stock from 16.000.000 to $1,000, such decrease being effected by the cancellation of 10,000 unissued ordinary shares, par $100 each and the surrender and cancellation of 49,990 issued ordinary shares, par $100 each.
-V. 126. p. 3595.
35,153,772
The Bush
rvice Corp. has been organized as an extension of the serVice activities which Bush Terminal Co. has for many years been rendering in the United States. To facilitate the distribution of merchandise
has been the constructive purpose of Bush Terminal Co., and the undoubted success and leadership of the Bush Terminal Co. in that activity
is well known to you.
The Bush Terminal organization you know. The extension of this
organization to Europe took the form of establishing subsidiary national
companies in 13 European countries, and 10 other European countries.
In order to strengthen these European Bush Service Corporations and to
obtain for them the best of local experience and knowledge of local conditions. 54 service companies, located in 23 European countries, now
carrying on a business similar to that of Bush distribution division, throughout all of Europe, with the exception of Russia, have been merged with
the Bush Service European subsidiaries.
These European companies are not new. The oldest was formed In
1815, and they are all experienced and long established. Tney are organized under the laws of the countries in which they operate. A working
majority in these companies has been acquired by Bush Service Corp.,
and has been paid for by the issuance of $1,000,000 1st pref. and $3,300.000 of 2nd pref. stock.
Our associates who controlled the 54 European service companies, have
shown their confidence in the enterprise by taking junior securities for
their actual Cash outlays which were invested up to the beginning of our
negotiations in May 1926, and partly senior and junior securities for such
actual cash investments as made after that date.
The business of the European organization is important. In 1928 It
handled for others 3,500,000 tons of merchandise having a value of over
$500,000,000, with a cash turnover of $135,000,000 in round figures. The
list of regular customers totals 86,000. Two hundred eighty offices, employing 6,000 persons, are operated in 23 couniries. Over 900 sub-agencies
exist. Real estate and equipment aggregating more than $3,000.000 in
value is owned by the organization.
The business to be conducted is the handling and financing of export
and import trade for others. No trading commitments of any kind are
involved,as no buying or selling for account of the company is contemplated.
It is estimated that for the year 1930 the earnings of Bush Service Corp.,
derived from its existing European business, will exceed one and one-half
times the dividend requirements of the first pref. stock issued or to be
issued under the offer which is to be made to the stockholders of the First
Federal Foreign Banking Corp. (see that company below). All of these
earnings cannot be withdrawn from Europe. Such portion, however, of
this income as may reasonably be withdrawn, together with the earnings
from new business which will be created by recent financing, should for
the first year be double the preferred dividend requirements.
My personal confidence in the future of Bush Service Corp. Is very great.
I believe that we are entering a period of increasing world trade and that
this offer is a better one than that which was offered to the first purchasers
of the senior securities of the Bush Terminal Co. To-day a trained organization is available for the work the new corporation expects to undertake,
and the overhead and office expense is carried by already existing business.
The capital of Bush Service Corp. consists of an authorized $10,000,000
of 1st pref. stock of which series A, consisting of 25,000,000 par value le
authorized to be Issued, and of which approximately 12.500,000 has been
issued; $10,000,000 of the junior pref. stock is authorized and approximately $3,300,000 now issued; there are 250.000 shares of common stock
of no par value. All of the common stock of Bush Service Corp. has
been placed, for a term of five years, in a voting trust which is to 1De administered by three trustees, of whom two will be nominated by Bush
Terminal Co. Voting trust certificates will be Issued against the stock
so deposited.
The authorized and unissued 1st pref. stock, bearing cum. dive. at the
rate of 7% per annum, together with the common shares represented by
voting trust certificates, are the issues which are offered through you in
exchange for capital shares of the First Federal Foreign Banking Corp.
The headquarters of the organization will be at the offices of the Bush
Terminal Co.. in America, and at the Bush House. London, in Europe,
fA booklet describing the new service has been issued by the corporation.
The company agrees to apply for listing of the new 7% cum. pref. stock
on the New York Stock Exchange.l
See also First Federal Foreign Banking Corp. below.
-V. 130. p. 1281.
Budd Wheel Co., Phila.-Extra Participating Dividend of
75 cents on Preferred Stock-New Treasurer, etc.
..The directors have declared the regular quarterly div. of 25 cents a share
on the common stock, payable March 31 to holders of record March 10.
An extra dividend of 75 cents o( of 1%)and the regular quarterly dividend
of
cumu. partic. pref.
the
Bush Service Corp.
-Formed to Facilitate Mutual Trade
Between Europe and the United States-Makes Offer for Stock
of First Federal Foreign' Banking Corp.
-Irving T. Bush,
Chairman of the Bush Service Corp., in a letter to F. J.
Lisman & Co. of this city, says:
7%
$1.75 (14%) a share has been declared on
stock, both payable March 31 to holders of record March 10. The extra
dividend on the preferred stock is a participating dividend, as the rate of
dividends on this class of stock is determined by the net operating revenue
of the company. The minimum rate is 7%. and the maximum that shall
be paid is 10%. The latter rate shall only be paid when the operating
revenue is $1,000,000 or more. Net profit for 1929 was $1,791,009.
Paul Zenn has been elected Treasurer succeeding Wm. B. Read. C. W.
Messenger has been elected Assistant Treasurer.
The company announces that its sales for January were $1,172,922. This
Practically doubles the December sales and indicates a rapid return to large
volume production. It is esimated that sales for February will exceed those
of January by a very substantial margin.
Consolidated Earnings for the Year Ending Dec. 311929.
23,307,588
Gross operating profits
863,091
Selling, administrative,legal& general expenses
50,556
Interest
381,932
Depredation
221,000
Provision for Federal income tax
$1,791,009
Net profit
475,672
Balance at Dec.31 1928
Ref. in respect of Fed.Income tax of a prior year,& int, thereon,
less expenses incidental thereto
65.180
Spec.comp.auth.& paid in 1929in respect ofserv.rend.in 1928- Dr29.450
$2,302,412
Totalsurplu.s
Preferred dividends
123,937
Common dividends
453,263
10,000
Transferred to stated capital value of common stock
Write-off of def. sell. & advert. exps., & special executive compensation,incurred in 1926 or prior
406,287
Balance at Dec.31 1929
11,308.925
... Earns.per sh. on 926,943shs. corn.stk. outstand.(no par)._ _ _
$1.84
Consolidated Balance Sheet Dec. 31.
1928. I
1929.
1929.
1928.
:eissas-$
Liabilities$
$
$
Prop., plant A:
Preferred stock_- 1,176,200 1,240,100
equip
*3,532,209 62,560,258 Common stock ___c4,289,208 5,714,603
Patent rights
1,283,999 1,284,000 Accounts payable.. 990,983 1,351.007
Cash
212.783 Notes payable1,475,000
587,881
Accts. ¬es ree_ 968.249 1,478,644 Fed, tax reserve-- 221.000
dNotes rec. acct.
_ 889,271
Res, for
cam.stock
699.630
Corn. stk. sub. dc
deprec-Inventories
1,755,081 1,836,634
underwrIt., but
Dir & tools
699.630
298,875
615,120
not issued
Prepaid items_ _ _
475,672
116,754
1,308,924
78,332 Surplus
Pref,stock for sink
fund
84,451
27.340
Corn. stk. with tr. 248,056
13,076
Cash with trustees
31
78
Deferred charges.
2,150,117
Tot.(each side). 9,575,216 10,256,382
a Before depreciation. b After depreciation. c Represented by 926,943
shares, including 620 shares held in escrow. d Account of common stock
cribed and underwritten, but not issued.
-V. 130, p. 978.
- Buckeye Pipe Line Co.
-Earnings.-'Calendar Years1929.
1928.
leSt income, all sources_ $1,153,269 $1,207.029
Dividends
1,200,000
1.200,000
Rate of dividends
(12%)
(12%)
1926.
1927.
$981,036 $1,046,119
1,000,000
800.000
(10%)
(8%)
'Balance, surplus
def.$46,731
$181,036
$7,029
ilihs.cap.stk.out.(par$50)
200,000
200,000
200,000
Earned per share
$5.77
$6.03
$4.91
Balance Sheet Dec. 31.
1929.
1928.
1929.
Assets$
g
Mani/fifes$
Pipe line plant._ _20,830,625 20,727.928 Capital stock
10.000,000
cash.inv.& accts.
2,682,192
Accts. pay., &e
-receivable
4,366,511 4.593,343 Depreen reserve_11,701,888
Oilier assets.
Surplus
2,880,052
Annuity fund.... 1,423,708 1,272,164
Fire Insur. fund__ 526.262
498,393
Total(each side)27,264,132
-4. 129, P. 801.
$46.119
200,000
$5.23
1928.
$
10,000.000
2,878.737
11,346,202
3,026,783
27,251,724
,Bunker Hill & Sullivan Mining & Concentrating Co.
-Extra Dividend.
"The directors have declared an extra dividend of 25c. a share and the
regular monthly dividend of 25c, a share. both payable March 5 to holders
ofrecord Feb. 27. Like amounts were paid on Feb. 5 last.
-V. 130. p. 802.
..Burnham Trading Corp.
-Report.
On Dec. 31 1929. the net worth was equivalent to $40.05 per unit on the
78,776 units outstanding on that date.
-The securities owned were in the pref. and (or) com,stocks of the following
companies.
Allied Products Corp.
National-Standard Co.
Beatrice Creamery Co.
Noblitt-Sparks Industries, Inc.
Brown Fence & Wire Co.
Real Silk Hosiery Mills, Inc.
A. M. Castle & Co.
Reliance Mfg. Co.
Grigaby-Grunow Co.
Super Maid Corp.
Kalamazoo Stove Co.
Winton Engine Co.
Motor Specialties Co.
alto
a miscellaneous investments aggregating leas than 5% of the total.
The total cost of the above securities was $5.445,250 and the market vslue
on Dec. 31 1929 was $3.854,350. The high price during 1929 was $7,474,076
or.37% greater than the above cost. The corporation's balance sheet shows
cash and demand loans of 31,114,809 with securities at market of$3,854,349.
and total-obligations other than capital amounting to 81,813,800.
The largest number of shares in any one of the above companies was
30,500 shares of Grigsby-Orunow Co. of which 25.000 shares were acquired
through an interest in an underwriting syndicate and the balance was
purchased on the open market.
The dividend income from securities owned, after deducting net Interest
paid, was 25% In excess of the dividend requirements on the outstanding
preferred stock.
The corporation is operated entirely by John Burnham & Co. and no
charges or management fees of any kind whatsoever (except actual organizeHen and corporate charges, &c.) have been made, nor has the corporation
overhead expense of any chartecter.-V. 129. p. 3639.
:Burns Bros. (Coal).
-Acquisition.
The company has acquired the Sheevy Coal Co. of Shelton, Conn., it is
reported.
-V.130. p. 1120.
[VOL. 130.
Bush Terminal Co.
-Forms Bush Service Corp. to Facilitate the Distribution of Merchandise.
-See latter concern
above.
-V. 130, p. 1281.
Calumet & Hecla Consolidated Copper Co.
-1929
Dividends.
The company is advising stockholders that dividends paid by it in 1929
were partly out of current earnings, which are subject to Federal income
tax. and partly out of surplus considered non-taxable under the revenue
act of 1928, as follows:
Portion
Date PaidDividend. Taxable.
March 30
$.7137
$1.00
June 29
1.00
.6635
September 30
.6781
1.00
December 31
.6781
1.50
The stockholders, therefore, should include as taxable income in their
Federal income tax return only such portion of each dividend as is shown
In the "taxable" column above. Stockholders who are residents of Masse,
chusetts are advised that these dividends are not regarded by this State
as return of capital and are, therefore, taxable in the entire amount and
should be se included in Massachusetts income tax returns,
-V. 130.
P. 1120.
Canadian National (West Indies) Steamships, Ltd.
Bonds Offered.-An issue of $9,400,000 25-year 5% guar.
gold bonds, is being offered at 100 and int. by a group
consisting of Dillon, Read & Co.; the National City Co.;
Guaranty Co. of New York; Bankers Co. of New York;
Bank of Montreal; the Canadian Bank of Commerce; the
Royal Bank of Canada; Dominion Securities Corp.,; Wood,
Gundy & Co., Inc., and A. E. Ames & Co., Ltd. Guaranteed unconditionally by the Canadian Government. A
portion of the issue has been withdrawn for sale in Canada.
Dated March 1 1930; due March 11955. Principal and int. payable in
N. V. City in United States gold coin; or. at the option of the holder. In
Canada in Clanadian
London, Eng., in
pounds sterling at
currency, or in
the rate of $4.86 2-3 to the pound. Authorized $10,000,000, presently to
be issued $9.400,000. Int. payable(M.Sr S.). Bonds in denom. of $1,000
In coupon form registerable as to principal; also in fully rgistered form in
denoms. of $1.000. $5,000 and 110,000. The bonds of this issue will not
be subject to redemption prior to maturity.
These bonds will be the direct obligation of Canadian National (West
Indies) Steasmhips. Ltd., the capital stock of which is owned by the Government of the Dominion of Canada. Payment of principal and interest will,
under authority of the Parliament of Canada, be guaranteed unconditionally
by the Government of the Dominion of Canada, and copy of the guarantee
will be endorsed on each bond.
Celotex Co.
-New Director.
Dr. E. C. Lathrop, director of research of the Celotex Co„ has been
'acted a member of the board of directors.
-V. 130. p. 1281.
An. 1 MO.]
FINANCIAL CHRONICLE
Claude Neon Electrical Products Corp., Ltd.
-Listing.
Century Shares Trust.
-Earnings.
Earnings for Year Ended December 31 1929.
Income from dividends and interest
Net profit from sales of securities
$148,475
142,193
Total
Interest paid
Trustees' fees. $180; operating expenses, $6,558
Reserve for Federal Income tax
5290.668
7,915
6,738
8.160
Net income
Dividend paid and reserves
$267,854
184,775
Surplus for the year
$83,079
The above statement is without provision for the difference between the
cost and market value of investments held Dec. 31 1929.
Balance Sheet December 31 1929.
Assets
Liabilities
Debit balance with Brown
Investments:
Casualty insurance co.'s-- - $357,224 Brothers & Co
$112,614
Fire Insurance co.'s
435
2,752,472 Accounts payable
Life insurance co.'s
8,578
1,061,801 Reserve for Federal income tax
N. Y. banks and trust co.'s
a5,938,589
1,262,615 Shares outstanding
Other banks and trust co.'s
796,601 Reserve for dividends payable_ 113,100
Dividends receivable
88,189
30,993 Surplus
Total
Total
$6,261,506
$6,261,508
a 113,100 participating, without par value and 113,100 ordinary, without par value.
Securities Owned December 31 1929.
(1) Insurance Companies
Shares.
Shares.
766 Springfield Fire dr Marine Ins. Co.
1000 Aetna Casualty & Surety Co.
625 United States Fire Insurance Co.
750 American Surety Co.
120 U.8. Merchants & Shippers In.Co.
360 Fidelity & Deposit Co.
3520 Aetna Life Insurance Co.
106 United States Guarantee Co.
79 Sun Life Assurance Co. of Canada
336 Aetna Insurance Co.
304 Travelers Insurance Co.
1450 Automobile Insurance Co.
(2) Ranting Ins1Umtons36 Bankers & Shippers Insurance Co. 400 Central Hanover Bank & Tr. Co.
179 Boston Insurance Co.
100 Chase National Bank
225 City of New 'York Insurance Co.
100 Commercial Nat. Bank & Tr. Co.
1500 Continental Insurance Co.
200 Continental Bank & Trust Co.
2750 Fidelity-Phenix Fire Insurance Co. 500 Equitable Trust Co.
267 Franklin Fire Insurance Co.
75 First National Bank
1200 Hanover Fire Insurance Co.
400 Guaranty Trust Co.
1150 Hartford Fire Insurance Co.
384 New York Trust Co.
1150 Hartford Fire Insurance Co. rights
50 United States Trust Company.
2000 Home Fire Security Corp.
200 Bank of Monreal
10294 Home Insurance Co.
145 Continental Ill. Bank & Tr. Co.
3900 Insurance Co. of North America
78 First National Bank of Chicago
125 Guardian Trust Co.. Cleveland.
2230 National Fire Insurance Co.
825 New Hampshire Fire Insurance Co
420 Girard Trust Co.. Philadelphia.
100 North River Insurance Co.
500 Philadelphia National Bank
2290 Phoenix Insurance Co.
225 Royal Bank of Canada.
190 Providence-Washington Insur. Co.
17 Union Trust Co., Pittsburgh
320 Southern Fire Insurance Co.
600 Whitney Nat, Bank, New Orleans,
-V. 130, p.139.
Chesebrough Mfg. Co. Consol.-Extra Div. of 50c.
The directors have declared an extra dividend of 50c. per share and the
usual quarterly dividend of $1 per share on the $3,000,000 common stock,
par $25, both payable March 31 to holders of record March 10. On March
30, June 29 and Sept. 30 1929. an extra dividend of 50c. per share was paid.
as compared with an extra of $1 per sh. on Dec. 30 last. Extras of 25c. per
share were distributed on June 30, Sept. 29 and Dec. 28 1928.-V. 129.
p.3329.
-Acquisition.
Chicago (III.) Bridge & Iron Works.
Negotiations were completed on Feb. 10 whereby this company purchased
the Reeves Brothers Co. steel plate fabricating plant at Birmingham, Ala.
The plant, which has a capacity of 4,000 tons per month, is located on a
40
-acre tract, which was included in the transaction.
The Chicago concern will pperate the newly acquired plant in conjunction
with its other works at Chicago, Ill., Greenville, Pa. and Bridgeburg, Ont.
Chicago Railway Equipment Co.
-Earnings.
Calendar Years1929.
Net profit
4602,061
Prof. dividends (7%)-209,774
Common dividends---($0.25)14.984
-
1927.
1928.
1926.
$100,823
$212,619
$88,635
209,774
209,774
209,775
(51.50)89,903 (53)179,808
Balance surplus
$377,303 def.$108,951 def.$87,058 def$300,945
Profit & loss surplus
751,970
860.921
1,129,273
948,659
x After deducting depreciation and Federal taxes paid amounting to
5166,442.-V. 129, P. 3970.
City Ice & Fuel Co.
-Listing.
--
1465
The New York Stock Exchange has authorized the listing of 7,500
additional shares of f3A % cum. pref. stock (par $100). upon official notice
of issuance in connection with the acquisition of certain properties, and,
15,000 additional shares of common stock (no par), upon official notice of
Issuance in connection with the acquisition of certain properties, and,
34,310 additional shares of its common stock, upon official notice of issuance
in payment of stock dividends, making the total amounts applied for.
151,932 shares of cum. pref., and 1.178,000 shares of common stock.
On Jan.9 1930,directors authorized for issuance an additional 7,500 shares
of 6 A % cum. Prof. stock and 15,000 shares of common stock (which stock
shall be capitalized and set up on the books of the corporation at $40 per
share) to be exchanged as follows: 500 shares pref. and 1,000 shares com,for
property of Owosso Ice & Fuel Co.; 3.250 shares pref. and 6,500 shares
corn, for property of Consumers Ice Co.; 2,500 shares pref. and 5,000 shares
corn,for property of City Ice & Fuel Co.; 1,250 shares pref. and 2,500 shares
corn, for property of Moon Lake Ice Co.
On Dec. 5 1929, directors authorized for issuance on Mar. 1 1930. an
additional number of common shares of no par value to be equal to 134%
of the common shares issued and outstanding at the close of business on
Feb. 15 193Q, and on Sept. 11930. 1A % of the common shares issued and
outstanding at the close of business on Aug. 15 1930. The stock shall be
distributed as a stock dividend to the common stockholders of record as of
above-mentioned dates and 34.310 additional common shares are required
for the purpose. The stock so to be issued shall be capitalized and set up
on the books of the corporation at $40 per share or total of $1,372,400.
Earns.
y1928.
x1927.
-Calendar Years.-- x1929.
x1926.
Sales
$27,592.429 $23,770,570 515,924,731 $15,961,436
Operating expenses
18,884,423 15,575,9401 10,294,090 10.781,623
Maintenance
823,852
Depreciation
1,528,881
1,504,896
1,802,368
1.453,854
The Los Angeles Stock Exchange has authorized the listing of 272,450
shares of common stock of no par value.
The listing circular shows:
The corporation was chartered under the laws of Delaware on June 14
1929. The company was organized to own the stocks of and to co-ordinate
the operations of five companies manufacturing and distributing neon
lighting apparatus under the Claude patents in Western United States;
Mexico, and the Hawaiian and Philippine Islands. The following companies have been or are expected to be brought under the control of the
holding company:
1. Claude Neon Electrical Products, Inc. (an Arizona corporation);
This company was incorporated in 1925 under the name "Electrical Products Corp. of Arizona," to acquire the rights to the Claude lighting patentor
in eleven Western states, Mexico, and the Philippine and Hawaiian Islands.
These rights were acquired in exchange for 1.500 shares of $100 par pref.
stock and 18,800 shares of common stock. Both issues were subsequently
split five for one.
This corporation subsequently purchased the Electrical Products Corp.
:
of California, which was already in the business of making electrical signs,
and also licensed the Electrical Products Corporations of Oregon, Washington, and Colorado, to use the Claude patents in certain areas.
After three years of operation the company's name was changed to
"Claude Neon Electrical Products, Inc.," and the capital shares were
split five for one-the $100 par pref. shares being reduced to $20 par,'
and each $1 par common share split into five no par common shares. In
1929 the 60,000 520 par pref. shares and the 185,000 no par common shares
then outstanding were practically all acquired by the newly formed Claude
Neon Electrical Products Corp., Ltd. (Del.), in share-for-share ..
for its own stocks of similar par value.
2. Electrical Products Corp. of California. This corporation is 100%•
owned by Claude Neon Electrical. Products, Inc. (Arizona). It has been,
actively engaged In the electric sign bueiness since 1912. and was acquired
by the Claude Neon interests in 1925 to become their operating unit in
California, Arizona, New Mexico, Mexico and the Hawaiian and Philippine Islands.
3. Electrical Products Corp. of Oregon. This corporation holds the
rights to the Claude patents in Oregon, having given 10.000 of its 75.000
outstanding shares and a 4% royalty on its gross income to the Claude
Neon Electrical Products, Inc. (the Arizona corporation), for the privileges.
At present the new holding company (Claude Neon Electrical Products
Corp., Ltd.) is exchanging three of its no par shares for each five shares
of the Oregon company, and it is understood that practically all of the
Oregon shares have been acquired.
4. Electrical Products Corp. of Washington. This concern holds the
rights to the Claude patents in Washington, Idaho and Montana, for
which it gave the Arizona company 15,000 shares of no par stock, and a
4% royalty on its gross receipts in those areas. There are 100,000 no par
common shares outstanding. No terms of consolidation between this
company and the holding company have as yet been announced. The
Washington corporation holds a stock and royalty interest in the recently
formed Electrical Products Corp. of Montana. The Washington corporation has also acquired the Claude rights in Western Canada from the
Claude Neon Lights, Inc., of New York, and has licensed the Neon Products of Western Canada, Ltd., to use them.
5. Electrical Products Corp. of Colorado. This concern holds the
Claude patent rights in Colorado, Wyoming and Utah, for which it gave
the Arizona company 3,000 shares of no par stock, and a 4% royalty on
its gross receipts. There are now outstanding 50.000 shares of no par
common stock. No exchange agreement has been reached with the new
holding company. The Colorado corporation has licensed the Electrical
Products Corp. of Utah to operate in Utah.
The inter-company stock holdings in these organizations have varied
considerably from time to time, as the companies have bought and sold
In the markets, and acquired 'new stock through exercises of purchase
rights and receipt of stock dividends. The original stock considerations
mentioned above have been adjusted to care for subsequent stock splits
and stock dividends. At present the original American licensee, Claude
Neon Lights, Inc., of New York, holds 38,272 common shares in the
Claude Neon Electrical Products Corp., Ltd. (Delaware). Claude Neon
Electrical Products, Inc. (Arizona) owns 20,000 shares in the Washington
corporation, and 8.302 in the Colorado corporation.
As of Jan. 31 1930 the Claude Neon Electrical Products Corp. Ltd.,
had outstanding 260,224.8 no par common shares, and 17.555 shares of
$20 par 7% cum. pref. stock. The company originally issued approximately 60,000 of its pref. shares in exchange for a similar number of pref.
shares in the Arizona corporation. Most of these have since been converted
into common stock, in the ratio of one common share to two preferred.
The common stock has been issued approximately as follows: exchange for
Arizona company stock, 185,000 shares; exchange for Oregon company
stock, 45,000 shares; stock dividend 12,145 shares; conversion of preferred.
20.580 shares.
-The present charter provisions limit the company's
Stock Provisions.
stock issues to 575,000 shares, consisting of 75,000 shares of 7% cum.
cony. pref. stock of $20 par value, and 500,000 shares of common stock
without par value.
Any or all of the pref. shares may be redeemed by the company on any
dividend date after 30 days' notice, at $23 and accrued dividends. The
conversion privilege, if any remains, shall expire 20 days before the redemption date fixed for stock so redeemed.
The pref. stock is convertible into no par common stock, at the opticin
of the holder, under the following conditions: before Jan. 1 1930, in tile
ratio of one share of common stock for two shares of preferred; after Jan.1
1930, and on or before July 1 1930. in the ratio of one share of common
stock for 2A she, of preferred. All conversion privileges expire July 1 1930.
The board of directors consists of: John B. Miller (Chairman), Paul D.
Howse (President), John W. Harris (Vice-President). Otto L. Little (VicePresident), Morris B. Miller (Asst. to Pres.), M. M.Kauffman (Secretary
and Treasurer), George I. Cochran, W. I. Hollingsworth, W. T. P. Hollingsworth, Cameron Squires, Delaney Lewis and Henry R. Schultheis.
V. 130, p. 1282.
Claude Neon Electrical.Products,
See
p.
'
.
-V. 129,
Neon Electrical Products Corp., Ltd., above.
-Acquisition by Alfa. Co.Claude Neon Lights Inc.
The Alpha Claude Neon Corp. operating in Western Pennsylvania and
West Virginia, has taken over the Gardner Sign Sign Co. of Pittsburgh.
The staff of the latter company will be employed in the Alpha Claude Neon
Corp. and the downtown space devoted to showrooms and sales offices,
releasing considerable plant space for manufacturing purposes. The Gardner contracts for new signs and maintenance contracts on existing signs win
be taken over and fulfilled.
The Alpha Claude Neon Corp. last October secured a preliminary Injunction against the Gardner Sign Co. for infringement of Claude patent
1,125,476.-V. 130, p. 1282.
-Retires 13,000 Pref. Shares.
Cluett,Peabody & Co., Inc.
The stockholders at the annual meeting approved retirement of 13,000
shares of preferred stock, formally held in the company's treasury, reducing
this issue during the last year from $6,000,000 to 54,700.000. This places
Profit from operations 56,905.638 $5,841,897 $4,125,835 53,725.959 the schedule for retirement on the senior issue 10 years ahead of schedule.
Other income
416,941
177.830
216.646
44,850 -V.129,P.966.
Total income
$7,122,284 $6,258,838 $4,303,665 $3,770.809
Coca Cola Co.
-Common Stock Placed on $6 Annual Basis.
Interest & discount on
funded debt & loans_ 373,955
258.826
192,678
253.869 -The directors have declared a quarterly dividend of $1.50
Federal income taxes_668,290
771.043
554,080
448,366 a share on the common stock, no par value, placing that issue
on a $6 annual basis. The stock had been on a $4 basis
Net profit
$6,158,562 $5,216,593 $3,490,759 $3.068,574
Earns, of subs, acquired
since the spring of 1929, following the declaration of a 100%
In 1928 for periods
stock dividend in the form of class A shares paying $3
prior to dates ofacquis.
258,180
annually. The dividend is payable April 1 to holders of
Prop. of earns. applic, to
rain. ints. Incl.-divs.
record March 12.
on pref.stk. of subs..
121,620
108,468
104,031
101,889
Winship Nunnally has been elected a director to succeed his father.
J.
Netincome
6,056,673 14,836,794 $3,382,291 $2.964,543 C.H. Nunnally, and Lindsay Hopkins has been elected to succeed Waiter
White, deceased.
Preferred dividends_ _ _ _ t4738,975
370.678
.
J. B. Campbell
Common dividends
2.781,469
2,222,090
1,784.000 succeeding J. H. has been elected a member of the executive committee.
Nunnally.-V. 130. p. 1282; V. 129. p. 3172.
Balance,surplus
$1,317,698 51,684,647 $1,160,201 $1,180,543
Commercial Alcohols, Ltd., Montreal, Canada.
x As reported to the New York Stock Exchange. y As reported by
company.
-V. 130, p. 979.
Bonds Approved.-
1466
FINANCIAL CHRONICLE
Secretary T. V. Battersby. Jan. 30, said in substance:
At a special general meeting of the shareholders held on Nov. 8 1929, a
by-law, providing for the creation and issue of bonds by the company in an
ate principal amount not exceeding $125,000 was confirmed and
ap
ved and the directors were given the necessary authority to proceed
wl the creation and sale or other disposition of said bonds.
this meeting, a resolution was also adopted in the form of a recomMildation to the directors that the bonds be first offered for subscription
by the shareholders, with provision, however, that such subscriptions by
Wareholders should not be finally accepted by the company unless, in the
idtigrnent of the directors, the response by the shareholders was sufficient
to ensure the sale by the company of the requisite amount of bonds to adeOulttely meet the present financial needs of the company, and that if such
response should be inadequate, the bonds should be sold, pledged or otherwise dealt with by the directors in full exercise of the powers conferred upon
them under the by-law.
The view was confidently expressed by several shareholders at the meeting that as the bonds would be convertible at the option of the holders into
colOnlon stock on a favorable basis, the shareholders would readily take up
the entire issue if given an opportunity to do so.
Acting under the authority o. the by-law, the directors are taking steps
to create and issue $125.000 6% 1st mtge. cony, bonds, the terms of which
substantially as follows:
wile bonds will be dated Dec. 1 1929, due Dec. 1 1944. payable half
ly (J. & D.), callable all or part at the option of the company on any
t payment date at 105 and int., and will be convertible at any time
he option of the holders into shares of common stock without par value,
the basis of eight of such shares for every $100 of bonds. The bonds
will be secured under the terms of a trust deed to be executed in favor of a
t company, by a first mortgage and (or) charge on all of the fixed plant
d Properties of the company and by a floating charge on its remaining
ts.
(The bonds were offered for subscription on or before Feb. 20 by the
reholders at par and int.-Ed.]
Subscribers were to have been notified in writing on or before Feb. 25
hether their subscriptions have been accepted or not, and in the event of
(lz acceptance, payment of the subscription price must be made as follows:
5% on March 11930. 25% on April 1 1930, 25% on May 1 1930, and the
balance of 25% on June 2 1930.
TT
-Earnings.
Consolidated Dairy Products Co. Inc.
1927.
Calendar Years1928.
1929.
$831,458
$1,646,043 $1.221,616
ales
Profits from ord. oper. bet. deprec.
174,716
273,308
& Federal taxes
341,850
54,100
Other profits
246,454
$228,816
$519.762
Total profits
$341,850
Balance Sheet Dec. 31.
1928.
Ltatellittes-1929.
Assets
1929.
1928.
Fixed assets depre.
Capital stock ____x$2,349,272 $2,279,284
47,517
29,374
value)
1,650,226 1,483,912 Accts. payable
6.123
3.535
600,588 1,023,597 Accr.exp. payable
Notes & accts. rec _ 164,943
402,533 Cont. 11ab.-soda16,283
Investments
658,859
528,900
Joon.(see contra) 12,850
66,205
Meech. inventory.
40,141
39.229 Equip. notes Pay 65,388
105,500
62,200
Cont. asset-soda
Pure. money mort _
faun.(see contra) 12,850
16,282 10-year 7% gen.
69,000
paid insurance,
mtge. bonds
2,683
23,413
taxes. &c
16,727
12.701 Sundry reserves __
500.000
500,000 Earned surplus__ _ 1,165,656 1,466,472
Good-will
terred charges_
67,353
51,912
Total(each side)$3.711,688 $4,059,068
x Represented by 176,364 no par shares.
-V. 129, p. 3805.
Consolidated Instrument Co. of America, Inc.
Holding Unit Formed.
-
[Vora. M.
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
Assetss
LtabUttles$
Land, bidgs.,equip19,712,373 14,984,298 6% prior pref. stk_ 7,900,000
Real est. contracts 1,137,182
7% cum. pref._ _ 4,500,000
Good will
2,500,000 2,500,000 Common stork ___ 3,665,550
Deterred charges
335200
776,373 6% bds., series A- 7,935,000
Cash
1,316,262 1,399,449 Purch. m.
2,830.349
U. S. Liberty loan
Reserve
68,517
bonds
Accts. payable
51,036
1.046,069
Notes receivable
233,658
55,570 Notes payable_ _ _ 829.225
Accts. receivable
3,590,121 1,929,038 Accrued expenses_ 852,070
Investments
162,180
44,270 Surplus
2.419.85?
Employes'stk.sub.
1.847
Inventories
2,108,610 1,697,641
Total
31,146,622 23,388,487
-V. 129. p. 2233.
Total
1928.
4,919,200
4,500,000
3,262,676
6,000.000
509,700
158,126
1,122,752
512.822
2,403,211
31,146,622 23,388,487
Corporation Securities Co., Chicago.
-Report.
--
Net worth of company was in excess of$80,000,000 on Feb. 15, according
to the statement made by Samuel Insull, Chairman, at the annual meeting
Feb. 18. It was also announced that net profits for the period from Oct. 5.
the date of incorporation of the company, to Dec. 31 1929, were 5630.091.
The report of the company for the period ending Dec. 31 1929, shows
total assets of $63,747,811. These assets consisted of securities having a
book value of $51,576,263, cash, call loans and time loans totalled $9,242,596, and notes and accounts receivable were $2.928,951. The value
of the investments at the closing markets as of Dec. 31. was given as
$6_,0 502,438, almost $9,000,000 in excess of the book value.
The increase in the net worth to $80,732,464 as of Feb. 15 was accounted
for by appreciation in market prices since Dec. 13, phis an additional
investment in securities. Mr.'mull told quite frankly of the steps which
the company took to meet the situation created by the stock market
decline, saying:
"The original financing of this corporation was undertaken just prior
to the slump in the stock market and was completed about the time that
the securities had shrunk most in value. The securities acquired by the
company shrunk so much in value that the board of directors decided to
make a revaluation of them, based on the price of Nov. 15,which was done,
and balance sheet filed with the Chicago Stock Exchange.
'As a matter of fact, although the revaluation was made at about the
lowest price the securities sold at during the depreciation in the market
the adjustment did not impair the value of the preferred stock. The total
write-off was $34.954,153. Before the write-off, the securities were listed
at what they had been purchased for $86,803,103. After the write-offs
they were listed at $51,848,950. The net value as of Feb. 15 (including
purchases made since Dec. 31 1929), according to the market price on that
date, was $80,732,464, so that although the board of directors wrote down
the original securities slightly under $35.0t;0,060, they recovered upwards
of $24,000,000. In the publicity originally put out in connection with the
offering of the stock, the securities were not valued at $86.803,000 but at
380.000.000, so that, as a matter of fact, whilst on its balance sheet the
company is still behind some $6,000,000, on its published statements
put out at the time of the organization it is almost even.
It was announced that so far the activities of the corporation have been
confined to the purchase for investment of substantial blocks of stock in
the following companies: Middle West Utilities Co., Insull Utility Investments, Inc., Commonwealth Edison Co., Public Service Co. of Northern
Illinois and the Peoples Gas Light & Coke Co.
The annual report showed that as of Dec. 31 the corporation was holding
over $2,000,000 of •its own allotment certificates which. Mr. Insull announced, had been sold at a profit to the corporation. Since Dec. 31 the
corporation has sold 50.078 units composed of one share of $3 optional
preferred stock, 1929 series, and one share of common stock.
The Insull interests and Halsey, Stuart & Co. control the corporation
through a substantial investment in its common stock which has been
placed in a voting trust to continue for 5 years with an option to renew it
for an additional 5 years.
-V. 129. p. 2688.
The General Motive Control, Inc., a holding company, has been organized
by the Consolidated corporation. The new company will be identified with
-Merger.
Corticelli Silk Co.
41. operation of companies engaged in the manufacture and distribution
mechanical and electrical devices.
A merger of the Champlain Silk Mills of New York. with mills at White- hall. N. Y., with the spun silk department of the Corticelli Silk Co. of
The management of the General Motive Control, Inc., which has ac
'And the entire capital outstanding stock of the American Viscosimeter Northampton, Mass. was announced on Feb. 21 by the Corticelli officials.
0.. Inc., a New York corporation, owning the exclusive rights to the The merger became effective on Feb. 24.
The Corticelli mills at Leeds consist of three plants and employ about
lioh.nhelin and Albersheim patents covering viscosity meters and related
eylees. is under the direction of Joseph Leopold, President of Consoll- 400 persons. Plants of the Corticelli mills at Florence and Haydenville.
Co. Viscosity meters are instruments which record continuously will not be affected.
Frank W. Eaton of New York, Chairman of the board of the Corticelli
he condition of lubricating oil in engines and machinery of all types.
The General Motive Control, Inc.. is capitalized for 1,000,000 shares company will be chairman of the board of the Champlain mills and J. P. T.
'par value common stock, 12.355 shares of which is being offered to the Armstrong of New London, Conn., President of Corticelli will be VicePresident and a director of the Champlain mills under the merger. Officers
ublic.
According to Mr. Leopold, automobile and motor truck manufacturers of the Champlain mills will retain their positions. (Providence "Journal.)
ye already requested delivery of enough instruments to absorb the entire -V. 129, p. 3640.
put for the first six months of operation.
-V. 129. p. 2542.
-Sub. Co. Divs.Consolidated Public Service Corp.
-Stock Oversubscribed-Dividend
Crowell Publishing Co.
Rate Increased.
The directors of the Consolidated Hotels, Inc., have declared the regular
The offering
ly dividends of 374 cents per share on the preferred stock and 5 employees, was of 35,000 shares of common stock to stockholders and
oversubscribed by nearly two to one, President Lee W.
20 to holders of Maxwell
er share on the common stock, both payable Feb.
announced.
Jan. 31. According to officials, more than 90% of the stock of
share. Of the new
The
olidated Hotels,Inc., has been converted into stock of the Consolidated 25,000stock was offered in January, at $60 a stockholders and offering.
shares were for pro rata allotment to
10,000 for
bile Service Corp. on the basis of three shares of the Hotels company sale to employees. Subscriptions for 62,500 shares were received.
-V. 129.
Almon stock for one share of Consolidated common stock.
Proceeds are to be used in the company's equipment and building pro. 2688.
gram necessitated by the growth of its publications. The new capital is in
addition to heavy investments out of current earnings during the past
Container Corp. of America.
-To IncreaselStock.few years.
Tlie corporation has notified the New York Stock Exchange of a proposed
The
placed on a regular $3 dividend basis.
crease in the authorized class A stock from 600.000 shares to 2,000,000 againstcommon stock has been
$2 previously.
-V. 130, p. 627.
ores of no par value.
Publications of The Crowell group are Woman's Home Companion.
American Magazine, Collier's Weekly, Country Home and tho Mentor,
-Larger Dividend.
Cook Paint & Varnish Co.
with a combined circulation of more than 8,500,000 copies per issue.
The directors nave declared an initial quarterly dividend of60c. per share
In the past
circulation of Crowell publications increased
the
the common stock, payable Mar. 1 to holders of record Feb. 22. Pre- over a million year gaintotal
and
in advertising has been equally impressive, it is
-V. 125, stated.
quarterly dividends of 50c. per snare.
ously the company paid
-V. 124, p. 116.
. 3067.
-New Directors.
Consumers Co.
At the stockholders' meeting,continued from last week,C.J. O'Laughlin.
• J. O'Laughlin and Joseph Hock were elected directors in addition to the
5 members of the board who have been re-elected. There Is one vacancy
n the board.
1926.
1927.
1928.
1929.
Calendar Years$23.146,617 518,394.210 519,620,473 $20,974,720
otal sales
2.997,
2,926,309 3,281,894
3,732,812
Oper. and other inc-1,159,015
1,254,180
1,362,718
dmin.& gen. expenses.. 1,556,833
548,480
458,783
488,694
709,463
eprec. & depletion__ _
564.771
562,300
454,932
521,481
nterest and discount___
101.253
32,000
ederal taxes
92,000
$853,034
330,000
315,000
$587,964
265,168
315,000
$905,378
210.000
315,000
$725,065
210,000
157.500
Balance
$208.034
evious surplus
2,403,211
ncome tax refund
30,882
di. of res. for conting_ _
14,525
pprec. due to appraisal
of capital assets
187,378
$7,796
2,590,146
$380.378
2,208,917
$357,565
1,925.759
72,023
Net profit
or pref. dividends_ _ _
ferred dividends_ _
Total surplus
$2,844.030 $2,597.942 $2,589,295 $2,355,347
dl. of prop, values due
to deprec. & disposal
of capital assets
145,361
rem, on pref. stock &
unamort.disc,on notes
330.362
ef. chg.sub, to amort_
93.817
iscell. adj. prior year..
1.069
194,731
Cr.850
Profit & loss surplus-- $2,419,851 $2,403.211 • $2,590,145 $2,208.917
arns. per sh. on corn..
$0.31
$0.69
$0.01
$0.58
a Including net profit from sale or disposal of capital assets. y No
ederal taxes due for this year on account of statutory deductions from
ucome.
-Debentures Sold.-Blyth &
Crown Zellerbach Corp.
Co.; Bancamerica-Blair Corp.; Continental Illinois Co.,
Inc., and J. Barth & Co. have sold at 98 and int., to yield
-year 6% gold debentures (with
6. 5%, $10,000,000 10
2
common stock purchase warrants).
Dated March 11930; due March 11940. Principal and int. payable ac
The Bank of California, N. A. San Francisco, trustee, and at the Bank of
•
America, N. Y. City and Coniinemal Illinois Bank & Trust Co.. Chicago,
paying agents. Red. an or part on 30 days' notice at 103 and int. if red.
on or before March 11931; thereafter the premium decreasing 34% annually
until March 1 1934; thereafter at 101 sod int. Interest payable M.& S. 1
without deduction of normal Federal income tax up to 2%. Corporation
agrees to reimburse holders upon proper and timely application for payment
of Mass. State income tax, not exceeding 6% per annum, and Penn, personal property taxes, not exceeding 5 mills per dollar of par value and California personal property taxes not exceeding 4 mills per dollar of par value,
which the holder of any debenture is required to pay by reason of his ownership thereof, all as provided in the trust agreement.
Purchase Fund.
-Corporation agrees to cause the trustee to purchase
annually $750,000 maximum par amount of gold debentures (with warrants
during their life) beginning March 1 1931. Funds are to be available
semi-annually for the purchase of $250,000 debentures at not to exceed 100
and int. and for the purchase of an additional 3125,000 debentures at not
to exceed 98 and accrued int., all as provided in the trust agreement.
Data from Letter of Louis Bloch, Chairman of the Board.
Business el Properties.
-Corporation is the outgrowth of businesses
founded over a half century ago, an, with subsidiaries, is the second largest
producer of paper products in the world, with assets of approximately
$117,000,000. P'roducts of the corporation include newsprint, sulphite and
kraft wrapping papers, tissue papers, waxed papers, paper bags and fruit
wraps and such products as solid fibre and corrugated containers, cartons,
folding and stiff boxes, paper cans, oyster pails and nationally distributed
brands of towels and bathroom tissues. Its wholesale divisions are agents
for a full line of all grades of papers and kindred lines.
Properties include fee ownership of more than seven billion feet of timber
in the United States and fee ownership and timber licenses and plup leases
of approximately three billion feet oftimber in Canada; water power de-
MAR. 11930.]
FINANCIAL CHRONICLE
velopments owned and leased of approximately 100,000 h.p. of which
40.000 k.w. is developed as hydro-electirc power; steam units of 24.000
k.w. capacity; pulp mills and paper mills having an annual capacity of
485.000 tons of paper: Partly owned paper and board mills having an annual
capacity of 200,000 tons of box board and box board products: converting
plants; wholesale divisions.
Earnings.
-Consolidated earnings of the corporation and subsidiary companies for each of the fiscal years years ended April 30. including earnings
of the Crown Willamette Paper Co. for the entire period, adjusted to the
fiscal year basis,for the years 1926 to 1927, based upon a statement prepared
by Messrs. Lybrand, Ross Bros.& Montgomery, Accountants and Auditors,
rom audited statements were as follows:
1928.
1927.
1929.
1926.
Profs. before depr., depl.
bond int. and Fed. &
Canadian taxes
$12.067.870 $11,522,479 $11,267,836 $10,706.036
Depletion &depreciation 3,510,446 3,109,485 2
,974.635 3.045.941
Net profits after deprec.,
depl.,bond int. & Fed.
& Can,taxes and after
allowing for minority
int. in Pacific Mills.,
Ltd., based upon holdings as of April 30, for
the yearsshown
5,790,960
5,681,986
6.338.712
5,561.846
Bal. of net profits after
deducting divs.on pref.
stks. of subsid. as of
Dec. 31 1929
4.109.496
4.000,522
4,657.249
3,880.383
Annual int.requirements
of debentures
600.000
The balance of net profits of the corporation and subsidiary companies
for the first eight months of the current fiscal year of Dec.:).
.
deducting dividends on preferred stocks of subsidiary companies and allowance for minority interests were $3,505,970, which is at the rate of over
8% times interest charges on these debentures.
Common Stock Purchase Warrants.
-Each $1,000 gold debenture of this
Issue will be accompanied by a common stock purchase warrants, nondetachable (except in case of exercise or in event of the redepmtion by call
of debentures) entitling the holder to purchase 20 shares (10 shares in the
case of $500 denomination gold debentures) common stock (voting trust
certificates) at a price of $20 per share if exercised on or before Sept. 1 1931;
thereafter at $22 per share if exercised on or before March 1 1933: thereafter
at $25 per share if exercised on or before March 11935; thereafter warrants
will become null and vaoid.
Listing.
-Corporation agrees to make application to list these gold
debentures on the New York Stock Exchange.
Capitalization as of Dec. 311929.
Giving effect to issuance of $10,000,000 debentures, and retirement of
2,955 shares convertible cumulative $6 dividend preferred stock.
Authorized.
Outstanding.
Gold debentures.
Prefernece stock (no par value)
198,334 shs.
3,d00,d00 shs.
di
$6 dividend convertible series A
60,000 shs.
$6 dividend convertible series B
Common stock v.t c.)
*7,500,000 shs.
1,991,680 shs.
Corporation is a holding company operating through subsidiary companies which subsidiary companies had outstanding on Dec. 31 1929.
bonded debt aggregating $22,742,400 and preferred stocks aggregating
246,910 shares.
•Includes shares reserved for conversion of preference stock and exercise
of common stock purchase warrants.
Purpose.
-Proceeds will be used to reimburse the corporation for capital
expenditures heretofore made; to provide funds for plant additions and
betterments and for other corporate purposes.
Tentative Pro Forma Consolidated Balance Sheet Dec. 31 1929.
AssetsLiabilities
Cash
$4,277,078 Accounts & contracts pay'le. 83.083,412
U. S. Govt. bonds
199,735 Accr. State & county taxes &
Notes & accounts receivable 8,508,380
bond interest
1,383,777
Inventories
11,914,600 Accrued U.S. & Can. taxes.
804,684
Invest. in other companies
9,231,187 Dividends payable
917,386
Capital assets
81,687,528 Crown Willamette Paper Co.
Deferred charges to oper
1,891,163 Bonds
a400.000
Pacific Mills. Ltd., bonds-8150,000
Mtges. & contracts payable. 1,782,881
Bonds payable subsequent to
Dec. 31 1930
32,192,400
Special reserves
749.601
Cap.stk.of subs, with public 25,656,661
621.359.665
$6 cony. cum. pref. stock
Common stock
c24,067,719
Total
$117,709,671 Surplus
5,161,483
a Due 1930. b Represented by 198,334 shares series A and 60.000
series B. c Represented by 1.991,680 share: no par value.
-V.130. P.628-
(F. R.) Cruikshank 8c Co. (New York).
-Notes Offered.
-First National Co., St. Louis, recently offered
$420,000 6% collateral guaranteed gold notes at 100 and int.
1467
shares of common stock on official notice of issuance upon surrender of
certificates of deposit for debentures of the Sugar company deposited under
the plan of reorganization (or to underwriting bankers in respect of the
debentures of the Sugar company not deposited under the plan of reorganization); (c) 850,000 shares of its common stock on official notice of issuance
pursuant to exercise of subscription rights issued to depositors of pref. and
com, stock under the plan of reorganization: 1,925,000 shares of its corn.
stock on official notice of issuance pursuant to exercise of option warrants
issued upon the surrender of certificates of deposit for pref. and com, stock
of the Sugar company deposited under the plan of reorganization and upon
the conversion of the bonds of Eastern Sugar Corp.
Directors are: Earle Bailie, Robert I. Barr, Wilbur L. Cummings,
Moreau Delano, Irene° du Pont. Charles Hayden, George E. Roosevelt,
John R. Simpson and Eugene W. Stetson.
Officers are: Charles Hayden, Chairman: John R. Simpson, Pres.;
George E. Bush, Vice-Pres.; Edward G. Miller, Vice-Pres.•, F. Girard
Smith, Vice-Pres.; George E. Bush, Treas.: G. A. Knapp. Sec.; G. A.
Knapp, Asst. Treas.; Fred Harworth, Asst. Treas.; G. E. Sheehy, Asst.
Sec.; A. Garcia Sanchez, Asst. Sec.
Transfer agent, Chase National Bank, New York, registrar, Guaranty
Trust Co., Ness York.
-V. 130, p. 1283.
-Bankruptcy.
Cutting Die & Machine Co.
An involuntary petition in bankruptcy was filed in the Federal Court at
Boston, Feb. 20 against the company.
Danville (Pa.) Structural Steel Co.
-Sale.
See Bethlehem Steel Corp. above.
-V. 124, p. 1673.
De Forest Radio Co.
-Patent Suit.
The company has started proceedings in the U. S. District Court in
Brooklyn against the Pilot Radio & Tube Co., asking an injunction and
Ac,...mting for alleged violation of De Forest patents. The patent involved
era. awarded De Forest by the United States Supreme Court after litigation lasting 11 years. It covers the regenerative or feed back circuit principle.
-V. 130, p. 1122.
Detroit Steel Products Co.(& Subs.).
-Earnings.
-Earnings for Year Ended Dec. 31 1929.
Net profits for year
$1.023,832
Earns. pr.shr.on aver, number shs.cap.stk. outstg.during year
$5.31
Earns per share on 199.752 shares cap. stock (no par)
$5.12
Consolidated Balance Sheet Dec. 311929.
Liabilities
Assets
Cash
8208,218 Notes & trade accept. pay-..._ $601,827
571,291
Marketable securities
1,137,188 Accounts payable
129,869
Notes & trade accept.rec
27,564 Dividends payable
Accounts receivable
1,621,133 Accrued commissions & exp__ _ 106,965
1,424,922 Federal income tax
Inventories
128,981
255,296
Other assets
375,478 Land contract payable
Incompleted orders
47.349
Land, buildings, mach. &
equipment dm
3,103,623 Employes' special compensa._ 367.879
Work orders in progress
Capital stock & surplus
x5,790,106
Patents & contracts
1
Unexpired ins, premiums, prep.
101,441
Total
taxes, int., &c
$7,999,565
z Represented by 199.752 no par shares.
-V. 130, p. 1283.
Distributors Group, Inc.
-Sales of North American
Trust Shares Realh Total of 350,000,000.
North American Trust Shares, the largest investment trust of the fixed
type at the close of its first 12 months of operation has attained the record
sales total $50,000,000, according to an announcement made Feb. 28 by
Thomas F. Lee & Co., Inc. syndicate managers for Distributors Group. Inc.
On the occasion of its first anniversary, first public offering of the shares
having been made on Feb. 19 1929, sponsors of North American Trust
Shares state that it is the aim of Distributors Group, Inc. to have sales at
the end of 1930 reach the $100,000,000 mark.
Although North American Trust Shares during the first eight months
of operation took the lead in the fixed trust field, its greatest growth has
been enjoyed since the break in stock market prices. In the 334 month
period from Nov. 1 1929 to Feb. 19 1930. the sales have increased from
$29,000,000 to $50,000.000.
Each North American Trust Share represents 1-2000th participating
ownership in a unit (of 112 shares of stock in 28 of the country's leading
railroads, oil companies, industrials and utilities) composed of Tour shares
of each of the following stocks,all of which are listed on the New York Stock
Exchange.
American Tobacco (class B)
Atchison Topeka & Santa Fe
Du Pont
Canadian Pacific
Eastman Kodak
Illinois Central
General Electric
Louisville & Nashville
Ingersoll-Rand
New York Central
National Biscuit
Pennsylvania
Otis Elevator
Southern Pacific
United Fruit
Union Pacific
Royal Dutch Co.(New York shares) United States Steel
Westinghouse Electric
Standard Oil of California
Woolworth
Standard Oil of New Jersey
American Tel. & Tel.
Standard Oil of New York
Consolidated Gas
Texas Corporation
Western Union.
American Radiator
During 1929 North American Trust Shares paid dividends of $1.129 per
share, or more than 11% on the original offering price. This included
extra returns, in addition to the regular semi-annual dividend of 6%, of
3134 Cents per share on June 30 1929 and 21 4-10 cents on Dec. 31 1929
Each certificate carries coupons calling for 60 cents per share annually
although all returns from deposited stocks are paid to shareholders. Rights
are issued semi-annually to shareholders permitting the retiurn from stock
dividends, rights and split-ups to be reinvested at the bid price.
-V. 130.
p. 629.
Dated Nov. 1 1929: due Nov. 1 1932 through 1937. Principal and int.
(M. & N.) payable at the St. Louis Union Trust Co., St. Louis. Denom.
$1,11011 and $500. Red. all or part on any int. date upon 30 days' notice
at 103 and int. to date fixed for redemption.
Guaranty.
-Unconditionally guaranteed as to prompt payment of principal and interest by the Glens Falls Indemnity Co. of Glens Falls, N. Y.
Data from Letter of Hewitt S. West, Vice-President of Company.
History.
-Company was lncorp. in New York in Jan. 1904. F. R.°runt
shank & Co. of Canada. Ltd. and F. R. Crmkshank & Co. of the Pacific
are wholly owned subsidiaries' and operate respectively in Canada and on
the l'acific Coast.
For the past 22 years, the principal business of the company has been the
Installation of automatic sprinkler systems in all types of buildings under a
Drug, Inc.
-Annual Report.
plan wnereby the insured is able to purchase both the sprinkler equipment
Louis K. Liggett, Chairman of the board,says in part:
and fire insurance protection at a combined cost no greater than the cost
It is a source of gratification to the management to submit the stateof an equal amount of insurance alone under unsprinklered conditions.
ments, as considerable progress has been made in molding together our
In the last 22 years, the company has installed approximately 800 various units. It should be understood that one of the objects of Drug,
automatic sprinkler systems, varying in cost from $2,560 to $300,000. Inc., is to bring together kindred businesses that by consolidation insure
Company's business has grown steadily and has doubled in the last 5 years the success of each other.
with every indication of a continued increase in the future. In each of
Earnings for the 12 months available for dividends amounted to $17,the past 10 years, the company has shown net earnings, after all charges, 013,543. Earnings of businesses acquired during the year have been
of substantially more than its interest requirements.
included only since the dates of acquisition. Based on the average number
Purpose of Issue.
-Net proceeds will be used to retire a like amount of of shares outstanding during the year, a yield per share is shown of $6.90.
present indebtedness of the company.
This compares with $5.86 a share earned during the full Year of 1928.
when earnings amounted to $12,797,870.
Consolidated Balance Sheet Oct. 311929.
The statement of earnings shown above does not include our proportion
Assets
LtatnIttles-Cash in bank and on hand_ __ $70,190 Accounts payable
$395,935 of the undistributed earnings of the Boots Pure Drug Co., Ltd., of England;
Household Products, Inc.; -tilted Drug Co. and Liggett's Drug Stores
Notes and accounts receivable 144,875 Notes and loans payable
2,820,609
Contract installments (curAccrued interest and charges_
37.038 Ltd., of Canada; and Bayer Products, Ltd., of England.
During the year, at various times, the following properties were acquired
rently due)
436,011 Res.for contract costa (not due) 214.102
Deferred install. receivable._ 4,186,727 Reserves for insur. premiums 1.154,528 by the issuance of shares of Drug, Inc.: The May Drug Co. of Pittsburgh;
-Myers Co..
-Wilson Drug Co. of St. Louis; Life Savers, Inc.; Bristol
Equity in dividends
4.366 Wolff
167,060 Deferred credit to operations_
Mortgages and unlisted secuPreferred stock
1,650 and the Three-in-One Oil Co.
rities, &c., at cost
148,468 Common stock
60,000
Earnings for Stated Periods.
Furniture and fixtures (deSurplus
590,721
12 Mos.end. 11 Mos.end
preciated value)
2,654
Dec. 31 '29. Dec. 31 '28
PeriodDeferred charges
37,277
$58,382,263 $45,710,073
Gross profit.
Accounts rec. In suspense_ _
Total (each side)
85.686
38,870.862 31,109,052
85,278.947 Merchandising and operating expenses
Cuba Co.(& Subs.).
-Earnings.
-
Months Ended Dec. 311928.
1929.
1927.
•Gross revenue
$9,883,040 $12,043.294 $13,017,399
Expense, int., tax, depreciation, &c_ - 9.158,438 11,208,118 12,572,299
Net income
$724,602
$835,176
$445,100
129, P. 3331.
Cuban Cane Products Co., Inc.
-Listing.
The New York Stock Exchange has authorized the listing of (a)$25,000.
.000 20-year gold debentures dated Jan. 1 1930 and due Jan. 1 1950, on
official notice of issuance upon surrender of certificates of deposit for
debentures of the Cuba Cane Sugar Co. deposited under the plan of reorganization (or to underwriting bankers in respect of the debentures of the
Sugar company not deposited under the plan of reorganization);(b) 250.000
819,511,401 $14,601,021
Operating profit
2.280,712
0th. inc., incl. return from inv., less other deducts 3,550,029
Total income
Depreciation
Interest on funded debt
Federal tax reserve
Dividends on stocks of sub. cos. outstanding
$23,061,430 $16,881,734
1,347,297
1,750,983
2,112,418
2,345,593
1,399,932
1,943,834
7,751
7,478
Net income
Dividends paid
$17,013.543 $12,014,336
6,521.768
9.872.246
Net surplus Dec. 31
Shares capital stock outstanding (no par)
Earnings per share
$7,141,297 $5,492,568
2,183 990
2,678 713
$h.so
$6.35
1468
FINANCIAL
Consolidated Balance Sheet Dec. 31•
1929.
1928.
1929.
1928.
Assets3
Cash
13,280,983 13,434,364 Accts. payable._ 7.541,684 7,930,372
Accts. receivable 9,432,097 7,347,781 Notes pay.(sub.)
917,000
500,000
Notes and other
Dividend payle
3.737
3,769
obligations,.,
449.881
512.415 Real estate mortMdse, Inv'torles 26,116.453 23.568.284
gages (subs.),
910,193
899,419
Fixed assets
x29,508,245 24,459.154 5-yr.5% g. notes 4,000,000 5,000,000
Inks. in other cos 38,963,005 39,292,861 25
-year 5% deb.
U.S.certificates,
40,000.000 40,000.000
bonds
bonds.&c
2,685,429
1,535,689 Res. for Fed.tax. 1,943,834
1,399,932
Advances and
Reserve for ml.,
deferred items 3,121,360 2,700,842
advtg., royal
Tr.
-marks, goodcoming.. dec.... 8,832,871 8,037,570
will, pats., dm 34,474,283 32,147,011 Capital stock _ y81,547.908 75.177,768
Earned surplus_z12,762.284 5.621.799
TotaL
158.031.737 144,998,404
158,031,737 144,998.404
Total
x After deducting depreciation of $12,077,940. y Represented by 2.678,713 no par shares. z Includes $128.419 for capital stock and minority
Interests of Sterling Remedy Co.
-V. 130, p. 1283.
Durkee
-Thomas Corp.
-Resumes Dividends.
The directors have declared a regular quarterly dividend of 43Mc. on
the class A cumul, stock, payable March 1 to holders of record Feb. 20.
In the two previous quarters this dividend was omitted.
-V.129.P.3479.
Eaton Axle & Spring Co.
-To Increase Stock.
The stockholders will vote March 19 on increasing the authorized common
stock (no par value) from 300,000 shares to 1,000,000 shares. See also
V. 130, p. 1283.
Electrical Products Corp. of Calif.
-Control.
-
See Claude Neon Electrical Products Corp.,Ltd.,above.
-V.127.p.1681.
Electrical Products Corp. of Colo.
-Probable Merger.
-
See Claude Neon Electrical Products Corp.. Ltd.,above.
-V.130, p. 294.
Electrical Products Corp. of Ore.
-Exchange of Stock.
See Claude Neon Electrical Products Corp..Ltd.,above.
-V.129, p.2864.
Electrical Products Corp. of Wash.
-Probable Merger.
-See Claude Neon Electrical Products Corp.,Ltd.,above.
-V.129,P.1290.
Equitable Casualty & Surety Co.
-Capital Decreased.
At a special stockholders' meeting, a reduction of capital from $1,300.000
to $650,000 by halving the par value of the stock from $10 to $5 per share,
was approved. The $650,000 reduction will be transferred to surplus.
V. 130, p. 141.
Erie Share Corp.
-Merger.
--
[VOL. 130.
Filice & Perelli Canning Co., Inc.
-Bonds Offered.
Freeman, Smith & Camp Co., San Francisco, recently
offered $300,000 1st mtge. cony.7% sinking fund gold bonds
of 1940 at 100 and interest.
Dated Jan. 1 1930; due Jan. 1 1940. Denom. $1,000, $500 and $100
Tax exempt in California. Int. payable (J. & J.) at the Bank of Italy
National Trust & Savings Association, trustee, San Francisco, without
deduction for normal Federal income tax not to exceed 2%. Company will
refund, upon proper and timely application. State income or personal
property taxes not exceeding 6 mills on the principal or 6% of the interest on
these bonds. Red. as a whole or in part on 60 days'notice at 105 and int. up
to and incl. Jan. 1 1933; thereafter at 104 and int. up to and incl. Jan. 1
1936; thereafter at 103 and int. up to and incl. Jan. 1 1938; and thereafter
at 102 and int. up to and incl. Dec. 311939.
Convertible at ratio of $1,000 par value of bonds for 10 shares of 7% cum.
partic. pref. stock of the company, said pref. stock to partic. equally in
any cash dills. in excess of 7% on the corn stock up to and including 14%.
Preferred stock redeemable at 110 and accrued dividend.
Data from Letter of G. A. Filice, President of the Company.
Business
.-Company Was established in 1914 for the purpose of growing,
canning and packing fruits and vegetables and the marketing thereof.
Products of the comparls are distributed to about 600 customers in practically
every State ill the Union, as well as a large export business to Canada,
France. Germany. Holland, Denmark, Cuba and Porto Rico.
Properties.
-Properties consist of 57 acres of bearing orchard, two miles
south of Gilroy on the State highway, owned in fee; 141.41 acres adjoining
the fee properties mostly in bearing orchard, operating under a leasehold
until 1937; 5.29 acres in the heart of the city of Gilroy, on which is located
a modern packing plant, box factory, warehouse, offices, cottages, machine
shops and garage; 8.97 acres in the Inner-Harbor section of the city of
Richmond,adjacent to the new Ford plant and carrying deep water facilities.
A modem canning plant equipped with new, up-to-date machinery is being
constructed on this site.
Security.
-Bonds will be a direct obligation of the company, and further
secured by a 1st mtge.on the Richmond and Gilroy properties and orchards,
and by the machinery and equipment owned and to be owned by the company in these plants, and by the lease on 141.41 acres. The property,
consisting of real estate, buildings, improvements, leasehold, machinery
and equipment is valued at $704,095 or $2,346 for each $1,000 bond.
Earnings.
-Net earnings, after depreciation, available for interest during
1929 were $88,643. or 4.22 times maximum annual intefest charges. Similar
net earnings for the years 1925 to 1929 have averaged $95,711, or 4.55
times maximum annual interest charges.
-Mortgage provides a sinking fund of a minimum of
Sinking Fund.
$15,000 a year, beginning with the current year, with an additional 20%
of the net earnings before depreciation, but after interest charges. Federal
taxes, and the fixed sinking fund.
Purpose.
-These bonds are issued to retire $105,000 of outstanding bonds,
and to provide funds for building the new Richmond plant.
_O.) Fischman & Sons, Phila.-Sales Increased.
-
See Liberty Share Corp. below.
-V. 129. p. 1130.
Ex-Cell-0 Aircraft & Tool Corp.
-Proposed Exquisition.The directors of the Airports & Tool Corp. on Feb. 20 approved the
offer of the Ex-Cell-0 Aircraft & Tool Corp. to acquire the former through
an exchange of stock. Terms offered by Ex-Cell-0 are 31 of a share of
Ex-Cell-0 stock for every share of Airports class A stock and ji of a share
of Ex-Cell-0 for every share of Airports class B. Meetings of stockholders
have been called for March 6 at which time the proposal to merge the companies will be voted upon. The Airports & Tool Corp. was organized in
August 1929 to acquire all of the assets of the Wayne Tool Co. and H. R.
Krueger & Co., both of which are located in Detroit. In November 1929,
Airports & Tool Corp., through an exchange of stock, acquired the Wolverine Screw Co. also of Detroit. The Ex-Cell-0 company's offer includes the
acquisition of all these divisions.
-V. 129. p. 2690.
Exchange Buffet Corp.
-Earnings.
Period End. Jan. 31Gross profit
Depreciation
Federal taxes
CHRONICLE
1930-3 Mos.-1929.
1930-9 Mos.-1929.
$199,170
$203,681
$491,923
5539,824
25857
77571
49:722
21,339}
{
Total sales showed an increase for 1929 of 128%, over the preceding
year, according to President Maurice I. Fischman. Total sales amounted
to $5,435,624, as against $2,380,288 for 1928.
"Without considering the sales of the subsidiary companies acquired
during the year," states Mr. Fischman, "the net sales in 1929 were $3,700,677 as compared with $2.380,287 in 1928, or an increase of more than
55%. All of the subsidiary companies which were taken over during 1929
have shown improvements both in sales and profits since their acquisition.
"Indications that 1930 will prove the most successful year in the company's history," Mr. Fischman reports, "are contained in the net volume
of delivered business for the month of January which reflects an increase
of 24% over the same period last year. The present trend of business
indicates that this figure will be'the low ratio for 1930.-V. 129, p. 3806.
First Federal Foreign Banking Corp.
-Offer for Stock
Made by Bush Service Corp.
-F. J. Lisman & Co., members
of the New York Stock Exchange, New York, Feb. 24, in a
letter to the stockholders of the First Federal Foreign Banking Corp., Says:
The problems connected with the future policies of your company have
caused the board of directors a considerable amount of thought, and have
led to many discussions as to which policy would be the best one to pursue.
During the last few months, several propositions have been made by
Balance surplus
$63,862
562,735
5125,233
$83.380 several investment trust companies to acquire the stock of your company
Shares of cap. stock outby an exchange of shares or by other methods, but these propositions, after
standing (no par)_ _ _ _
250.000
250,000
250,000
250,000 due investigation, have been dropped due to the fact that the proposed amalEarns, per share on com_
$0.64
$1.62
$0.63
$1.46 gamations did not seem to be to the best interests of the stockholders.
-V. 130, p. 1122.
We have, however, now succeeded in obtaining a firm offer from the
Bush Service Corp.. which has recently been organized by the Bush Terminal
Federal Facilities Realty Trust.
of
-Bonds Offered.
- Co. to acquire not less than 90% we the stock of the First Federal Foreign
which
Banking Corp., on
believe to be not only very attractive
Jacob Kulp & Co., Inc., Chicago, in December last offered but which will give a basisstockholders an interest in an organization which
to our
$1,000,000 coll, trust gold bonds, series A 0
,
6% (con- has been most successful for many years and which will undoubtedly
continue to grow in the future.
vertible), at 100 and interest.
The Bush Service Corp. will pay for stock the full realizable liquidating
Dated Oct. 1 1929; due Oct. 1 1939.WInterest (A. & 0.) payable at value of the assets, paying immediately for each one share of First Federal
office of Jacob Kulp & Co., Inc.. without deduction for normal Federal Foreign Banking Corp. stock, one-half share of Bush
Income tax not exceeding 11.4 %. Red. all or part on 30 days' notice at cumul. pref.stock (par $100)and one-halfshare of Bush Service Corp. 7%
Service Corp.voting
102 and int. on or before Oct. 1 1934; and thereafter at 101 and int. Denom. trust certificates
par
$1,000. $500 and $100 c*. The Foreman Trust & Savings Bank, trustee. In preferred stock,for no madevalue common stock. Further payments.
as the liquidation progresses, viz., when the
will be
Business.
-Company has been organized for the purpose of owning and assets have been liquidated to the extent of $60.25 per share of First Federal
operating certain properties in the United States, the major portion of stock, a further one-tenth of a share of Bush Service
Corp.
Which properties are under lease to the U. S. Government for post office pref. stock. [This additional 25c. per share is an adjustment 7% cumul.
on account
purposes. All of these properties have been operated successfully for a of the dividend on Bush Service Corp. pref. stock, accruing prior to
March
number of years and they are all completed and occupied.
244 A like payment in pref. stock is to be made when the liquidation has
Security.
-Bonds will be the direct obligation of Federal Facilities Realty reached $70 per share and thereafter payments are to be made from time
Trust and be secured by the pledge and deposit with the trustee of all the to time in multiples of 5% until full liquidation is accomplished.
outstanding capital stock (except directors' qualifying shares) of 14 corpoIt is agreed that such assets as are not liquidated by March 24 1932.
rations owning and operating buildings in Chicago, Ill., Columbus, 0.. shall be paid for at their then appraised value arrived at by arbitration
Dallas, Texas. San Francisco, Calif., and St. Louis, Mo., all except one of so that in any event the stockholders of First Federal Foreign Banking
buildings are leased to the U. S. Government for post office purposes. Corp. will receive the full payment for their stocks within two years.
which
Indenture securing bonds contains provision restricting the amount of
The Bush Service Corp. requires that 90% of the stock must be deposited
bonds that may at any time be issued to one-third in principal amount of with the Hibernia Trust Co., 57 William St., N. Y. City, before March 21
the valuation of the equities in the properties owned by subsidiaries, 1930, against the depositary's receipt therefor. Such deposit will constitute
securities of which are deposited with the trustee. The present value of the acceptance of this offer. In the event that the purchase is not effected,
the properties, after deducting depreciation and outstanding indebtedness deposited stock will be returned to depositors free of charge.
of the subsidiary corporations. is 53,896,777.
While the Bush Service Corp. Is not obligated to accept less than 90%
Earntngs.-The consolidated average annual net earnings of the sub- of the outstanding stock of First Federal Foreign Banking
it has
sidiary companies for the period Jan. 1 1927 to June 30 1929, after depre- the right, on or before March 24,1930. to elect to purchase all stock deposCorp.'
ciation, taxes and interest on underlying bonds outstanding June 30 1929, ited on the foregoing terms, even though the same be less than 90%.
were $122,186. Annual interest requirements on $1,000,000 collateral
We believe the offer herein made is very advantageous to stockholders
trust gold bonds, series A 6.4% due Oct. 1 1939 (this issue). $65,000.
of First Federal Foreign Banking Corp. because it should afford the assent-Holders of the bonds will have the option at any time up Ing stoekholders receiving the Bush Service Corp. stocks, an immediate
Conversion.
to and incl. Oct. 1 1934 (or until date fixed for redemption if called for Income. To those who wish to realize on their investment, the market
redemption on or before said date) to convert the bonds into common shares which would be afforded by the listing of the stock on the New York Stock
of the trust at the rate of 4 shares for each $100 bond, without adjustment Exchange, is highly desirable.
for interest on the bonds or dividends on the shares.
Furthermore, we strongly believe that those who retain their Bush
Purpose.
-Proceeds will be used for the retirement of indebtedness of Service Corp. securities should be able not only to sell the pref. stock at a
subsidiaries as bonds thereon may become due and for general purposes premium within a reasonable time, but will also find the common stock to
of the Trust.
be a security of substantially increasing value.
The Bush Service Corp. is under practically the same management as
the Bush Terminal Co.
Federal Knitting Mills Co.
-Extra Dividend.
Shares of common stock of the Bush TerminalCo.,originally distributed
The directors have declared an extra dividend of 1234c. a share and the
regular quarterly dividend of 6234c. a share on the common stock, pay- as a bonus to purchasers of its first mortgage bonds, are currently selling
able May 1 to holders of record April 15. Like amounts were paid on on the Now York Stock Exchange at the equivalent of over $200 per share.
with an annual income of about $15 per original share.
Aug. 1 and Nov. 1 1929 and on Feb. 1 last.
-V.130. p. 472.
We, ourselves, owning more stock of First Federal Foreign Banking
Corp. than the aggregate holdings of the 8 next largest stockholders, are
Fidelity Investment Association.
-Expands.
accepting this proposition and we strongly recommend all stockholders
This association, which is devoted to the building of incomes through In- to do likewise.
vestment in bonds, has begun a nation-wide expansion program. New York
It is
offices have been opened at 120 Broadway under the management of An- tion for but fair to state that we are receiving a very moderate compensaassembling the stock but this compensation is not considered by us
derson & Opel. Matt C. Smith has been appointed Eastern supervisor.
The association has also opened offices in New Haven, Kansas City, St. as any inducement in our acceptance of the proposition or in its recommendation.
Louis, Nashville and may shortly open on the Pacific Coast. The comMany
pany's plan calls for the regular deposit of funds to be invested in high-grade perfectly of the assets of the First Federal Foreign Banking Corp., while
sound intrinsically, do not enjoy currently a fair market and in
bonds which are then held in trust by the State of West Virginia.
the event that the offer we are submitting does not become operative and
Brenton Welling, Assistant Vice-President of the Bankers Trust Co., has the company
will undoubtedly be considerable
been elected to membership of the board of directors of the Fidelity In- delay, wisely proceeds to liquidation, there would
awaiting better markets. It
appear therefore, that the
vestment •Assoctation.-V. 130. p. 1122, 1284.
offer of the Bush Service Corp. affords First Federal Foreign Banking
Net profit
Dividends
$157,612
93.750
5156,485
93,750
$406.483
281.250
$364,630
281,250
MAIL 1 1930.]
FINANCIAL CHRONICLE
stockholders an opportunity to renew the income from their investments
in First Federal stock, or to convert their stock into cash if they desire.
Condensed Consolidated Balance Sheet Dec. 31 of First Federal Foreign Banking
Corp. & Subsidiaries
Assets
1929.
1928.
1929.
1928.
Cash
$127,943 $235,951 Capital stock
$2,215,300 $2,215,300
x Secur. (at cost). 1,648,253 3,169,978 Loans payable
227,062 3,694,545
& discounts:
Loans
Accts. payable_ _ 5,207
12,139
Secured
1,337,714 3,385,027 Aced. Rd.
-First
Unsecured
20,000
Fed.5-1932_
71,371
13,360
14,649
Accts. receivable-6,463
15,749 Accruals general- 2,577
Adv. to branch ofFed. dc State taxes
(Ices
estimated
14,093
500
32,240
Acard.
62,576 Res, for conting
23,749
186,139
188,108
Furn.& equip.(less
First Federal 5
depreciation).....
2,481
10,406
583,000
1932
639,000
Unamort. portion
9,351
Surplus
164,578
a( exp. 1st. Fed.
5-1932
15.067
25,905
Sundry
4,578
3,850
Organ. exp.-subsi.
17,023
4,878
$3,242,497 $13,960,559
Total
x Approximate market value Dec. 31.
x Includes majority stock interest in International Credit & Securities
Corp., Zurich, Switzerland. y Authorized 50,000 shares, par $100; outstanding 22,153 shares.
See also letter of Irving T. Bush, Chairman of the Bush Service Vorp.
above.
-V. 129. P. 970.
146w
Comparative Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets
LtabilitiesS
$
Land & bldgs.,
$742,871 $607,857 Capital stork
21,000,000 1,000.000
Inventories
162,161
135,854 Accounts payable_
42.107
186,498
Accts. receivable_
78,504
96,489 Accruals
21,979
55,421
Interest receivable
5,075
10,709 Initial surplus._.. 529,783
529,783
Liberty Loan bds. 987,302 1,642,461 Surplus from oper_ 401,427 1,020,307
Cash
14,079
4,675
Patents
85,011
Good-will
1
1
Deferred charges
14,707
199,748
Total(each side) 1,995,296 2,792,011
a Represented by 198,000 shares of class A. no par value, and 2.000
shares of class B, no par value.
-V. 129, p. 3174.
Gamewell Co.
-Earnings.
Company reports net earnings for 8 mos. ended Jan. 30 1930 of $708,997,
equivalent to $5.96 per share on 118,928 shares outstanding.
-V.130, p.808.
Gardner Motor ,Co., Inc.
-1929 Exports Increase.
-
"Surpassing all previous records for any similar period in many years,
the export sales of Gardner cars for the 11 months ending Nov. 30 1929,
showed an increase of 87.3%." said T. F. Fowler, director of exports, in a
recent statement. "This phenominal increase" said Mr. Fowler, "means
that one out of every five cars produced by Gardner during the above
mentioned period, was for export shipment.
"In the period from Jan. 1929 to Nov. 30 1929 direct factory shipments
of Gardner cars were made to 53 foreign countries as a result of the export
expansion program inaugurated a little over a year ago."
Fisher Brass Co.
-Defers Preferred Dividends.
During the past several months new Gardner distributors have been
The directors have decided to defer the quarterly dividend of 50 cents
per share due Feb. 20 on the class A no par pref. stock. The last distribu- signed up in the following cities: Bombay, India; Belgrade, Jugoslavia;
Cairo. Egypt; Alexandria, Egypt; Tripoli, Syria; Bayreuth, Syria; Lisbon,
tion at this rate was made on Nov. 20 last.
-V. 129. p. 2235.
Portugal and Madrid, Spain. These additions bring the total number of
distributors overseas up to 59.
Ford Motor Co., Detroit.
-Acquires Plant.
"C. C.
The company has purchased the plant of the United States Pressed Steel quarters inRadcliffe. European Sales Manages for Gardner, with headHamburg,
Co. on the Huron River in Ypsilanti. Mich., as the final step in securing under way with one ofGermany, has just cabled us that negotiations are
the largest distributors in
all land to be covered by water impounded when the company builds a baking toward the establishment of an important that part of the world
merchandising
dam there. Some time ago the Ford Motor Co. announced a $5,000,000 zation for Gardner cars in Germany. Another indication of the organigrowing
textile plant would be erected near the dam site.
-V. 129, p. 3018.
preference for these cars in that country."
-V. 129. p. 3972.
Ford Motor Co., Ltd., England.
-Initial Dividend.
-
The directors have declared an initial dividend of 10% on thec apital
stock, according to a London dispatch. The company's profits for the
year 1929 totaled E1,013,000, it was added.
-V. 127, p. 3405.
General Foods Corp.
-Merges Canadian Sales Activities.
The General Foods, Ltd., Canadian subsidiary, has taken over the sales
activities and distribution of the products of five of its Canadian companies, according to an announcement.
These companies include Canadian Postum Co., Ltd., Windsor, Ont.;
the Jello-0 Co. of Canada, Ltd. Bridgeburg, Ont.; Walter Baker & Co.
Foote Bros. Gear & Machine Co.
Ltd.,
-Stock Increased.
Ltd., both of Montreal. Que., and
The stockholders on Feb. 25 authorized an increase in the capital stock of Canada. Ltd., and Franklin
Douglas-Pectin. Ltd., manufacturers of Certo.
from 250,000 shares to 500,000 shares of common stock, Par 85.
11. K. McIntosh is resident Vice-President of General Foods, Ltd.. with
President W. C. Davis stated that the directors will meet for action in
headquarters in Toronto. The other officers include Clarence Francis.
regard to the increased capital stock in a few days.
A contract has just been given this company to furnish all of the gearing President; Carl Whiteman and J. F. Brownlee, Vice-Presidents. The
and machine parts for a new bridge over the Calumet River at 130th and company has representatives in all the provinces of the Dominion. Its
-V. 129. p. 2691.
Halsted Sts, in the Calumet district, Chicago, Ill. President W. C. sales personnel and policy will continue unchanged.
Davis on Feb. 20 stated that the company also had furnished gearing and
General Laundry Machinery Corp.
-Costs Reduced.
other machine parts for the Damon Ave. bridge and the Crawford Ave.
Reorganization of its sales divisions, in which costs have been reduced
bridge in the Chicago area.
-V. 130. P. 1285
.
and an increase in efficiency already shown, is announced by the corporation. The company
New York
Francisco
Fox Film Corp.
-Halsey Stuart & Co. Deny Rumors-Will and other large cities.maintains branches in in Chicago.City, Sanp. 1287.
The main offices are
-V.130,
Submit Own Financing Plan.
-
Referring to rumors which have been disseminated to the effect that
Halsey, Stuart & Co. will participate in the plan of refinancing which has
been submitted to the directors of Fox Film Corp and Fox Theatres Corp.
by Dancamerica-Blair, Inc., Lenman Bros. and Dillon, Read & Co., it was
stated last night (Feb. 28) at the offices of Halsey. Stuart & Co. that these
rumors have no foundation.
It was further stated by Halsey, Stuart & Co. that that company or the
trustees under the egreement of Dec. 3 1929 expect to submit a plan of
refinancing to be submitted in turn at the stockholders' meeting on March 5,
which they believe will be materially more advantageous from the standpoint of the stockholders nad the companies as a whole than the plan which
has already been accepted by the directors of the Fox companies.
Depositary.
The Central Hanover Bank & Trust Co. has been appointed depositary
under deposit agreement dated Jan. 29 1930 for $12,000,000 6% gold
notes, due April 1 1930.-V. 130. P. 1285
.
Franklin Process Co.
-Annual Report.
President E. S. Graves in his remarks to stockholders says:
The Providence plant made a new record for production in 1929. processing 850,000 pounds more yarn than in the previous year. The production of the Philadelphia plant was less by about 700,000 pounds than in
1928, but 500,000 pounds more than in 1927. This wide fluctuation Li the
Philadelphia plant production was probably largely due to the prolonged
strike in Eastern mills, laming some 26 weeks in 1928, and diverting the
business from one locality to another.
The entire output of the Franklin Process Spinning Mill was converted
and sold by the processing plants, the mill operating on two shifts throughout the year.
The Southern Franklin Process Co. by a coincidence produced almost
exactly the same amount as in the previous year, and the Central Franklin
Process Co. some 60.000 pounds less. Both of these plants, however,
through reduction in manufacturing costs and a =fib better class of work
on the whole were able to show record profits.
Additions to plants are not contemplated, and we may face the year 1930
and its uncertainties with confidence.
Yarn Production Figures of Plants (in lbs.) for Calendar Years.
1929.
1927.
1926.
1928.
1925.
Providence
4,774.503 3.932,285 4,561,876 3,742.672 4,299,651
Philadelphia
3,460.028 4,252,189 2,913.765 2,109,743 1,710.151
Greenville
3,511,199 3,342.835 4,131,578 3,065,030 2,569,973
Chattanooga
1,807.117 1,859.329 1,923,194 986,621
Total
13,552,847 13.386,638 13,530,413 9,904,066 8.579,775
Balance Sheet Dec. 31.
Assets1929.
1929.
1928.
1928.
Cash
$474,593
$99,118 Accounts payable_ $50,892
$98.493
Accts.receivable
317,501
512,785 Dividends payable 150,000
75000
Inventories
74,086
328.729
861,292 Tax reserve
68,685
Quick investments 250,609
Contingency res. _
16,238
20.298
Insurance
18,893
Com, stock equityx3,050,845 2,722,331
Investments(subs.) 799,965
795,598
Plant & equip_
1,115,882 1,144,861
Patents
1,571
222
Employe stk. acct.
4,618
Deferred items_
Total(each eh:10)33,351,061 $2,984,807
38,698
70,932
x Represented by 100,000 shares,
-V. 130, p. 295.
Gabriel Snubber Mfg. Co.
-Earnings.
-
Calendar Years
-1929.
Gross profit from operation
$248.713
Selling, gen. & admin. exp. and
local taxes
242,954
Depreciation
82,024
Advertising
206,589
Amortization of patents
1927.
8677,617 $1,709.743
Net profit
Other income
def.$282,864
65,340
$296,846 $1,033,702
69,071
57.464
$217.523
8365.917 $1,091.166
37,940
130,835
Total income
Provision for Federal taxes
Other deductions
Net profits
Dividends paid
401,356
316,910
26,598
609,055
28,148
37,563
38.839
df.$618,880
$327,976
$960,330
700,000
Balance
df.$618,880
Earned per sh. on 200,000 shs combined A & B stock
Nil
$327.976
$260.330
$1.63
84.80
General Motors Corp.
-Sales for January 1930.-Pres.
Alfred P. Sloan, Jr., on Feb. 24 announced that, beginning
with the figures for January 1930, the corporation would
publish each month the number of cars sold at retail in
Continental United States, realizing that it is the desire of
the public to receive as clear a picture as possible of conditions
in the domestic market. Heretofore, the published sales to
consumers consisted of United States, Canadian and overseas sales. The corporation will also publish sales to dealers
each month in Continental United States, and total sales to
dealers including Canadian and overseas sales. The announcement further says:
In the month of January, domestic sales to consumers amounted to
74,167 cars, as compared with 73,989 for the corresponding month of 1929
The figures for a year ago, and this was also brought out in last month's
statement, were somewhat influenced by a shortage in the number of
cars available for delivery, resulting in a somewhat smaller retail movement last year than might otherwise have been the case. Sales to General
Motors dealers within Continental United States in January amounted
to 94,458 cars, as compared with 95,441 for January. 1929. Total sales
to dealers, including Canadian and overseas, amounted to 106,509, compared with 127.580 for the corresponding month a year ago. Overseas
sales during the month were greatly curtailed in order to adjust stocks in
overseas countries, as the result of adverse economic situations existing
In several markets overseas which are important customers of automotive
products.
The following table shows January sales to consumers of General Motors
cars in Continental United States, sales by the manufacturing divisions
of General Motors to their dealers in Continental United States, and total
sales to dealers, including Canadian and overseas sales:
Tot. Sales to Dealers,
United States
Incl. Canadian
Sales to Consumers -Sales to Dealers- & Overseas Sales
1929.
1930.
1930.
1929.
1930.
1929.
Jan
73,989
74,167
94,458
95,441 106,509 127,580
-These figures include sales of Chevrolet, Pontiac, Olds, MarNote.
quette, Oakland, Viking, Buick, LaSalle and Cadillac passenger cars and
trucks.
New Management Company To Be Formed.
-The stockholders will vote March 5 on approving the proposed
General Motors Management Corp. plan, dated Feb. 6
1930, outlined as follows:
For the purpose of promoting the welfare of the General Motors Corp.,
herein called General Motors, by stimulating the efforts of its executives
and employees upon whose capacity,industry and effort Its success depends.
the following plan has been adopted by the board of directors:
1. There will be incorporated in Delaware a corporation to be called
General Motors Management Corp. or other suitable name. Its capital
stock will consist of 50,000 shares of common stock (par $10) to be issued
at $100 a share: 500,000 shares of class A stock (par $10),and 500.000 shares
of class B stock (par $10).
2. General Motors will sell to the management corporation approximately
1.385,000 shares of General Motors common stock at $40 a share. The
management corporation proposes to finance the purchase of this stock
by the sale of 50,000 shares of its common stock and the balance by the
Issuance of $50.000.000 of 7
-year 53. % serial bonds. General Motors is
to subscribe to the 50,000 shares of common stock at $100 a share and to
pay $5.000.000 therefor, and in turn to sell the same to its executives at
not less than cost. General Motors may elect to purchase the whole or
any part of said bonds at the fair market value therefor.
:3. General Motors will enter into a contract with the management corporation to pay to it yearly for a period of 7 years commencing as of Jan. I
1939 and ending Dec. 31 1936 on or before March 10 of the succeeding year
a sum equal to 5% of the net earnings of General Motors during the preceding calendar year after deducting 7% on its capital employed. In,
addition thereto, General Motors in each of said years will subscribe
amount equal to an additional 5% of its said net earnings to the classan
A
stock of the management corporation at the book value thereof based upon.
the cost of the General Motors common stock represented thereby, as
hereinafter described.
In the event that in any year 10% of General Motors net earnings as
aforesaid does not equal $7,000.000, the amount of bonds to be redeemed
yearly. General Motors further will stipulate to lend the management corporation the difference, provided said bonds are outstanding. Said indebtedness is to bear interest at the rate of 6% per annum, is to be subordinate to the principal and interest-of said bonds, and is repayable when
1470
[VOL. 130.
FINANCIAL CHRONICLE
and to the extent that the amounts representing 10% of its net earnings
paid by General Motors are in excess of $7,000,000 yearly. In case the
management corporation defaults in the payment of the principal and interest of said bonds, General Motors is to agree to purchase all of the assets
of the management corporation, exclusive of the assets allocated to the
class A stock and to pay therefor to the trustee an amount sufficient to pay
said indebtedness in full So long as any such indebtedness is outstanding
no cash and(or) property dividends shall be paid on the common or class B
stock of the management corporation.
4. The common stock of the management corporation will be purchased
for cash by such executives including directors occupying managerial positions of General Motors, its subsidiary and affiliated companies, and in
such amounts and upon such terms as the finance committee of General
Motors shall determine.
The 3% yearly earnings under the contract, after making provision for
income taxes, shall accrue exclusively to the benefit of the common stock.
Such net earnings shall be capitalized and paid to the common stockholders
as a dividend in class B stock and there shall be allocated to the class B
stock as many shares of General Motors common stock at the price specified
by the directors, so that each share of class B stock outstanding shall have
allocated to it a share of General Motors common stock.
5. The management corporation will acquire from time to time General
Motors common stock in the market or as same may be available from its
own holdings or otherwise, to the extent of the amount of the subscription
to class A stock made by General Motors as described in paragraph 3.
General Motors will receive In consideration of its subscription class A stock
of the management corporation at the book value thereof based upon the
cost of the General Motors common stock acquired in the manner just
described. General Motors will distribute to its employees the class A
stock so obtained in accordance with its bonus plan. Each share of the
class A stock will be exchangeable at the option of the bonus recipient at
any time for one share of General Motors common stock. General Motors
shall have the right at its option to receive for its subscription payment
General Motors common stock in lieu of or in exchange for class A stock
of the management comoration. Class A stock shall be preferred to class B
and (or) common stock in the case of liquidation and the restriction upon
the payment of dividends on the common and(or) class B stock, so long as
any indebtedness to General Motors is outstanding, shall not apply to the
class A stock.
6. There shall be allocated to the common stock 125,000shares of General
Motors common stock paid for in full at $40 a share by the original amount
of $5,000,000 subscribed for the common stock.
7. Each of the holders of the common stock of the management corporation shall grant to General Motors an irrevocable option to purchase all or
any part of his common stock and(or) class B stock up to April 1 1936 upon
notice given between Feb. 1 and April 1 in any year at the net asset value
thereof as allocated thereto and as shown on the books of the management
corporation as of March 31 in said year. At the election of General Motors
settlement may be made either in cash or in General Motors common stock
at the same price as used as the basis for calculating the net asset value.
In computing the value of the net assets of the management corporation.
General Motors common stock shall be valued at the closing bid Price
therefor on the New York Stock Exchange on the day before notice of its
intention to exercise its option is given by General Motors Corp., except
that in respect of the common stock of the management corporation General
-year 53 % serial bonds
Motors common stock in the face amount of the 7
outstanding in the hands of the public shall be valued at the original cost
price thereof, viz., $40 a share.
8. So long as any of the bonds above referred to are outstanding the
management corporation is to create no lien or charge or incur any indebtedness additional to the lien, charge and indebtedness incurred in connection with said bonded indebtedness, other than for current expenses,
without the previous written consent of the finance committee of General
Motors Corp., except to retire or redeem in whole or in part said bonded
indebtedness.
9. The discretion of the finance committee in regard to the matters and
things relating to this plan and actions taken thereunder shall be final
an. onclusive.-V. 130. p. 982.
-Earnings.
Goodyear Textile Mills Co., Los Angeles.
1929.
$251,542
27.670
32,192
31,234
38,953
Net profit
Preferred dividends_ _ _ _
Common dividends
$223,872
133,721
85,000
$236,073
133,721
100,000
$202,075
133,721
$237,505
133,721
52,500
$5,151
$2,352
$68,354
$51,284
$9.15
$10.24
$6.84
$10.28
Surplus
Earns, per sh. on 10,000
shs.com.stk.
(par $100)
-V. 128, p. 1238.
1928.
$268,265
1926.
$276,458
Year Ended Dec. 31Gross profit
Operating expenses, incl.
Federal taxes
1927.
$233,309
-To Inc. Stk.
Goodyear Tire & Rubber Co., Akron, 0.
The stockholders, at the annual meeting to be held on March 31, will be
asked to vote on a proposal to increase the authorized common stock from
-V. 130, p. 1124.
1,450.000 to 5.000.000 shares, no par value.
Goodyear Tire & Rubber Co. of Calif. (& Subs.).
1928.
Earns. Cal. Years1929.
1927.
1926.
Net sales
$26,233,596 $26,109,252 $23,590,315 $25,870,040
Cost,sell.,adm.&gen.exp. 23,789,764 24.151.808 20,798,328 23,477,535
Operating income.......$2,443,832 $1,957,443 $2,791,987 $2,392,505
273.252
306,870
Other income
168,704
157,765
Total earnings
$2,717,084 $2,264,314 $2,949,753 $2,561,209
191,780
150,037
286,805
xInterest
288,867
273.480
189,568
301,098
Federal taxes
307,454
Reserve for conting.,&c250,000
$2,293,568 $1,882,966 $2,103,432 $1,973,306
Net profit
(7%)559.699 (7)359,699 (7)559,699(21)1679,097
Pref. divs. paid
Corn. dividends_(37% %)1,500,000 (50)2,000.000(25)1000,000(30)1200,000
$233,869 def$676,733
Balance, surplus
$543,736 def$905,791
Shares common stk. out40,000
40,000
40,000
standing (par $100).._
40,000
$43.34
$38.59
Earnings per share
$7.35
x Including amortization of note discount.
Note.
-All of the common stock is owned by the Goodyear Tire & Rubber
Co. of Akron, 0.-V. 128, p. 1238.
$33.08
-Earnings.
Gosnold Mills Corp.
The company reports for 6 months ended Dec. 31 1929 net income of
$157.436 after interest, taxes and depreciation, equal after pref. dividends
0 $13.40 a share on 9,900 shares no par common stock outstanding.
• Stanford T. Crapo and Laurence D. Chapman have been elected direc-V. 130. p. 1124.
tors, increasing the present board to nine.
-Earnings.
Gould Coupler Co.
Period End,Dec.31x Net profit
Other income
Net income
Interest charges
1929-3 Mos.-1928.
$29,027
$185,155
25,207
21,269
$206,425
52,830
$54,234
69,436
1929-12 Mos.-1928.
$430,354
$255,516
83,454
81,879
$513,809
229,067
$337,395
280,003
$153,595 def$15,202
$284,740
$57,392
Net profit
Earns, per share on 175.000 shs. class A stk.
Nil
$1.63
$0.88
$0.32
outst'd'g (no par)
x After depreciation, selling and general expenses, provisions or reserves
-V. 129, p. 3175.
and for State and Federal taxes.
-Listed.
Great Lakes Engineering Works of Detroit.
-Correction.
General Outdoor Advertising Co.
'
A block of 106,250 shares of common stock (par $10) has been admitted
-V.120, p.590.
to trading on the Detroit Stock Exchange.
In our issue of Feb. 22, p. 1287, the figures in the fourth column are for
the full 12 months ended Dec. 31 1926 and not for ten months as stated.
-Merger.
Great Lakes Share Corp.
The figures which we state are not available are as follows. Sales. $24,-V. 129, P. 2083.
See Liberty Share Corp. below.
466.099; operating, selling, general, &c., expenses, $20,546.668; balance.
$3,919.430; other income. $360,801; total income, $4,280,231; interest,
-Plant Ready in August.
Great Lakes Steel Corp.
$155,782; applicable to minority interests, $2,402; profits after interest
,
This corporation, a unit of the National Steel Corp. will have its $20,Charges, $4,122,045
Listing.
-The New York Stock Exchange has authorized the listing of 000,000 plant at Detroit completed and will start making steel by the
642,385 shares of common stock (no par value), in exchange for outstanding latter part of August or early in September. said President George R. Fink
of the National Steel Corp.
-V.130, p. 1287.
and listed voting trust certificates.
"Construction work at our Detroit mill is progressing rapidly." said
plant completed on
Mr. Fink. "and
notwith-To Be Formed to Unite standing the fact we will have the 'been delayed a little schedule, the most
General Petroleum Corp.
by one of
that the work has
-See severe winters in history.
Standard Oil Co. of New York and Vacuum Oil Co.
"Completion of this plant will mark another step in the development of
Va.COUM Oil CO. MM.
Detroit as a steel centre. The Great Lakes plant will have a capacity of
Stock on Curb.
-The New York Curb Exchange has admitted to unlisted 500,000 tons per annum at the outset, and is so constructed that capacity
trading privileges General Petroleum Corp. capital stock, "when, as and can be enlarged as needed. It will make bars, shapes and sheets. It is
ideally situated, from the standpoint of transportation, with waterfront
If issued."
rights on the Detroit River and sidings from the Michigan Central and the
Detroit Toledo & Ironton railroads.
-Listing.
Golden State Milk Products Co.
Great Lakes plant can be largely marketed In the
"The
The Los Angeles Stock Exchange has authorized the listing of 9,017 Detroit output of the although the company, through the freight adindustrial area,
additional shares of $25 par value common stock, bringing the total listed vantages which it enjoys, will also be in position to compete advantageously
- for business in many other territories, including the Atlantic Coast and
stock to 477,485 shares. The additional shares cover stock dividends.
V. 129, p. 1452.
export markets. Michigan in 1928 consumed 2,343,000 tons of steel,
aside from steel rails. Of this total. 870,000 tons was made up of sheets,
-Earnings.
-(B. F.) Goodrich Co.
131,000 tons of rolled shapes and 722,000 tons of bars. Our new plant
will be in an ideal position to handle the steadily growing tonnage of these
1928.
1926.
1927.
Calendar Years1929.
Products.
$
$
$
$
Great Lakes Steel, as a unit of National Steel Corp., is assured of ade164,494,958 148,805,178 151,684,961 148,391,478 quate
Net sales
ore reserves for many years to come; National's ore holdings, from
Mfg., &c., expenses_--151,074,888 139,790,818 132,389,668 x138640,094 the standpoint of requirements, being second only to those of the United
States Steel Corp. The Great Lakes plant thus is in an outstanding posi9,751,384 tion
9,014.360 19,295,292
13,420,069
Net profit
and favorable location for the economi770,289 cal with regard to both ore holdings plant, and the subsequent movement
916,808
1.219,602
Miscellaneous income_ _ 1,903,647
transportation of the ore to the
of the finished products to consuming points. -V. 129, p. 2394.
9,931,168 20,514,894 10,521,673
15,323,716
Total net income
2,481,102
3,007,489
3,991,580
3,303,021
Depreciation
-Stock Listed on Chicago Exchange.
Greyhound Corp.
Interest on bonds, notes
The governors of the Chicago Stock Exchange have approved application
2,975,460
2,535,567
2,927.098
2,950,591
bills payable,&c
for the listing of 449,996 shares of the common stock. The corporation,
1,800,000
433,000
690,000
Prov. for Fed. taxes_ --.
formerly Motor Transit Corp. operates through subsidiaries the principal
5,065,110 long-distance motor bus lines in the territory between Chicago and NOW
3,659,580 12,780,307
7,691,546
Net profit
York. The company also owns a substantial minority interest in motor
Prof. anPlic. to sub. cos.
bus companies operating in other gentians of the country, namely, Pacific
cap.stk. not owned by
Transportation Securities, Inc.; Pickwick-Greyhound Lines, Inc.; North146,557
245,235
B. F. Goodrich Co_
2,560,670 land-Greyhound Lines.. Inc.; Southland-Greyhound Lines, Inc.; and
2,477,510
2,394,350
Preferred divs. (7%)_ _ _ 2,311,190
and affiliated companies form a
Common dividend..---($4)3,706,824(34)2950,084(14)2406,840($4)2406,240 Colonial Lines, Inc. The subsidiary scope, operating as the Greyhound
motor transportation system of national
329,300
Div. cred. on empl's stk.
Lines.
1,000,000
Reserve for conting
Operating arrangements with the affiliated companies gives the corpora98,200 tion advantages such as the interchange of passengers at connecting points,
6,895,957
1,098,996 df1,831,411
Balance,surplus
27,492,550 21,157,480 24,770,125 co-ordination of schedule and group purchasing of equipment and supplies.
Previoussurplus
24,899.226
The Southern Pacific Co., Great Northern Railway and Chicago Burlington
Surp. previously approp.
1,225,064 & Quincy RR. also own substantial minority interests in one or more of the
for amort. of war facli.
five affiliated companies. The Greyhound Corp. has an operating agreeDifference between cost
13,875 ment with the Pennsylvania RR., one of the stockholders, whereby Grey& par of pref. stk. red. Dr198,717
hound lines furnish bus service, under franchises owned by the railroad,
Total
25,799,505 25,661,139 28,053,437 26,107,264 on certain routes paralleling its right of way.
Consolidated gross earnings of the corporation and its present subDifference between cost
sidiaries for the year 1929 were $7.775,479. Consolidated net income
of affil. cos. acq. and
3,187,279 available for dividends was 11,3)0.396. Based on present capitalization,
' value of assets
,
1
1,762,505 after deducting preferred dividends and allowing for participation of the
560,886
Fed. tax prior years, &c.
participating preference stock, net income was equal to 31.18 per share of
761,914
Sundry adJustments_
51,981
common stock. Based on the average amount of stock outstanding during
21,157,480 the year such net income was equal to $1.51 per common share. The
Total profit & loss sur. 25.747,524 24,899,225 27,492,551
earnings for the year 1929 do not reflect the full year's returns on a large
Shares com. stock out601,710 portion of the corporation's investments -V. 130, p. 1288, 1124.
602,216
standing (no par)--- - 1,132,388
745,910
aNil
6317.11
Earned per share
$4.53
$1.50
-Stock Increased.
Grigsby Grunow Co.
x After deducting $5,000,000 contingency reserve existing at Dec. 31
The stockholders have voted to increase the authorized common stock
1925. a After excluding credit from reserves of $5,000,000 (see x). Earnings per share on common after crediting the $5,000,000 from reserves as from 2,000,000 shares to 3,000,000 shares, no par value.
The directors have no present intention to issue any of the additional
above amounted to $4.16 per share. b Before charging contingencies
shares.
-V. 130, p. 1124.
reserves of $1,000,000 in 1927 and $4,000,000 in 1925.-V. 130,P.983.
MAR. 1 1930.]
FINANCIAL CHRONICLE
Haiku Pineapple Co., Ltd.
-New Directors.
-
The board of directors was increased from seven to nine members at
the annual meeting. The new members elected are W. H. B. Fowler
and It. S. Geen, both of San Francisco.
-V. 128. p. 3837.
Hale Bros. Stores, Inc.
-Reduces Dividends.
-
The directors have declared a quarterly dividend of 25c. a share, payable
March 1 to holders of record Feb. 15. Quarterly dividends of 50c. a share
had been paid previously.
-V. 128, p. 1565.
Hamilton Bridge Co., Ltd.
-Initial Common Dividend.
-
The directors have declared an initial quarterly dividend of 50c. Per share
on the common stock, no par value and the regular quarterly dividend of
;
1 % on the fIM % cum. 1st pref. stock par $100, both payable May 1 to
holders of record April 15.-V. 128. p. '1837.
(M. A.) Hanna Co.
-Initial Div. on New Pref. Stock.
-
The directors have declared an initial quarterly dividend of $1.75 per
share on the new 27 cumul. pref. stock (no par value) and the regular
quarterly dividend of 1 % on the old 7% cumul. 1st pref. stock,series A.
par 2100, both payable March 20 to holders of record March 5. The no
par pref. stock was offered In exchange for the old pref. stock under the
recapitalization plan given in the "Chronicle" of Dec. 21 1929, page 3973.
-V. 130, p. 809.
"Hansa" Steamship Line (Deutsche Dampfschiff-
fahrts-Gesellschaft "Hansa").
-Listed.
The New York Stock Exchange has authorized the listing of trust receipts
of Guaranty Trust Co. of New York (with and without non-detachable
stock purchase warrants) for $5,000,000 10
-year 6% gold bonds, due
Oct. 1 1939. See also V. 129, P• 2546.
(George W.) Helme Co., Inc.
-Earnings.
-
calendar Years1929.
1926.
1927.
1928.
x Net earnings
$2,324.993. $2,301.051 $2,258,850 $2,223,920
Pref. diva.(7%)
280,000
280,000
280.000
280,000
Common diva
(28%)1,680,000
1,680,000
1,680,000
1,680,000
Balance, surplus
$364,993
$263.920
$298,850
$341,051
Previous surplus
4,737.391
4.396,340 4,097,490 3.833,571
I tofit & loss surplus__ $5,102,385 $4,737,391 $4,396.340 $4,097,491
Snares of common stock
outstanding (par $25)240,000
240,000
240.000
240 000
Earns. per share on corn_
$8.52
$8.24
$8.42
22.10
x After deducting all charges and exnses at management, and making
provision for the estimated amount of Federal tax on profits, and making
suitable additions to the general funds for advertising, insurance, &c.
Balance Sheet December 31.
1929.
1928.
1929.
1928.
Assets
-$
Liabilities$
$
$
Real estate, goodPreferred stock- 4,000,000 4,000.000
will. &c
3,262,403 3,320,455 Common stock___ 6,000,000 6,000,000
Leaf mfg.stook,&o 5,341,768 5,170,086 Prov. for divs___- 850,000
850,000
Cash
1,864,206 1,906,676 Prop, for coining.
11111s & acets rec
684,463
4,137,195 3,973,078
731,392 taxes, &c
Genre°, res. funds
41,850
Accounts payable_
45.286
Investments In
5,102,385 4,737.391
Surplus
Govt., &c., sec_ 5,191,872 5.088,455
Other Investments 3,786,716 3,388,690
Total
20,131,429 19,605.755
-V. 129, P. 3482.
Total
20,131,429 19,605,755
Heywood Wakefield Co.
-Decreases 1st Pref.. Div.
Omits Payment on 2nd Preferred Stock.
-
The directors have voted to omit the
semi-annual dividend
on the 2nd pref. stock, but declared aregular $3.50 dividend of $1.75 on
semi-annual
the 1st pref. stock, payable March 1 to holders ofrecord Feb. 25. Previously
the rate on the tat pref. stock was $3.50 semi-annually.
Earnings for Calendar Years1927.
1928.
Earns,from oper. after deducting depr. 1929.
and other normal charges
$185,284
$667.876
x$7.731
Inventory markdowns occasioned by
declining price levels and disposition
of obsolete merchandise
110,217
193.820
10,898
Unabsorbed burden resulting from subnormal operations
461 827
431 051
248 080
Net deficit
$355.983 sur$12,028
$251 247
Previous surplus
8.740.332
8,209,865
Transfer from insurance fund re ierve_ 7.388.567
147,446
Total surplus
$7,284,765 $7,853,882 $8.752,361
Preferred dividends
458,391
453.040
470.267
Common dividends
60.000
Sundry adjustments
6,922
12,229
Reserve for doubtful accounts, &c
185,340
Sundry losses
78,560
Balance at Dec. 31
$8,209,865
x After deducting depreciation of $6,567.825 $7,388,567 charges on
2313,582 and carrying
Idle properties of $29.621.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets
$
Liabilities$
Cash
793,158 1,117,657 1st pref. stock____ 3.737,000 3.737,000
Accts. receivable__ 3,073,887 3,486,417 2d pref. stook__ 2,735,000 2,735,000
Notes receivable-. 563,326
641,082 Common stock___ 6,000,000 6.000,000
Inventories
6,563,476 6,545,545 Accts. pay., &o-_- 386,496
429.619
MIscell. Investls_
28,844
51.535 Res. for Insurance_
147.446
Plants & equlpm't 5,747,973 5,864,904
6,567,825 7.388,587
Pats. & good-will.. 2.545,217 2.623,918 Surplus
Deferred charges__
110,440
109,575
Tot.(each side).19,426,321 20,437.633
-V. 129. p. 2867.
Hoskins Mfg. Co.
-Larger Quarterly Dividend.
-
The directors have declared a quarterly dividend of 75c. a share on the
common stock, no par value, compared with 60c. a share in previous
quarters, payable March 31 to holders of record March 15. An extra of
60c. a share was also paid on this issue on Dec. 31 last.
The company reports for the year ended Dec. 31 net income of $628,350
after all charges and Federal taxes, equal to $5.23 a share on the 120,000
capital shares outstanding. This compares with $471,114 in the year
1928, equal to $4.91 a share on the 96,949 capital shares then outstanding.
W. D. Little has been elected a director to succeed the late Alfred Lucking.
-V. 129. p. 3482.
Hotel Bellevue Trust.
-Reorganization Plan.
The bondholders protective committee
been acting since 1928
In the interests of the first mortgage 6% which has
sinking fund gold bonds recently
formulated a reorganization plan which has been declared operative.
The bondholders committee consists of Pliny Jewell, Roger Amory,
Lawrence W. White and Arthur 0. Wise, with Francis Chamberlain, Sec.,
60 State St., Boston, and Gaston, Snow, Santonstall & Hunt, counsel,
Boston.
Digest of Plan for Reorganization Dated Jan. 21 1930.
New Company.
-A new voluntary association will be created which shall
provide for transferable (no par) shares and shall have such other provisions
as the committee shall determine. New company shall acquire, directly
or indirectly, the real estate belonging to Hotel Bellevue Trust and
other assets of the trust or of Bellevue Hotel Co. as the committee such
may
determine. The present subsidiary operating company (Bellevue Hotel
Co.) may be continued or a new operating company may be organized, of
which the new company shall own all or substantially all the stock. The
new company shall lease the real estate acquired by It to the operating company upon the terms below.
1.0 Capital and Debt of the New Company.
-New company shall be authorized
to incur the following indebtedness and to issue the following shares,
stantially all of which will be outstanding upon carrying out the plan: subNote or notes secured by first mortgage not exceeding
$300,000
Income mortgage bonds (junior to first mortgage)
1 517,000
Common shares (no par)
9,400 shs.
1471
All the income mortgage bonds and common shares shall be In trust until
Oct. 1 1940.
Adjustment With Creditors -New company shall assume all taxes and
other similar charges, if any, constituting a hen upon the real estate having
Priority over the mortgage securing the present outstanding bonds. New
company shall also assume and pay all expenses of reorganization including
the expenses of the committees representing bondholders and debenture
holders, the members of which are serving without compensation.
The holders of the first mortgage6% sinking fund gold bonds (21,500.000)
who assent to the plan and dposit their bonds, shall receive, in exchange
for their bonds, trust certificates representing income mortgage bonds of
the same principal amount as the amount of their deposited bonds and also
trust certificates representing four shares of new company for each $1,000
of bonds.
The holders of 15
-year 7% sinking fund gold debentures Issued by Hotel
Bellevue Trust, dated Oct. 1 1925 ($400,000), who assent to this plan and
deposit their debentures, shall receive trust certificates representing six
shares of the new company for each $1,000 of deposited debentures.
The holder of the $10,000 note of Hotel Bellevue Trust due March 1936.
upon assenting to the plan and transferring said note to the committee,
shall be entitled to receive when the plan is carried out 60 shares of the new
company.
The holders of the promissory note of Bellevue Hotel Co. dated Sept. 29
1927 for $61,000, payable on demand and secured by chattel mortgage of
the same date, and the promissory note of Bellevue Hotel Co. dated March
28 1928, for $46,000, payable on demand and secured by chattel mortgage
of the same date, shall receive, when the plan is carried out, if they deposit
said notes and assent to this plan, cash to the extent of $90.000 and trust
certificates representing 217,000 of income mortgage bonds.
The current accounts payable of Bellevue Hotel Co. shall either be paid
by the present operating company or assumed and paid by the new operating
company.
The committee shall have the right to use trust certificates representing
the whole or any part of 940 shares of the new trust, in its discretion, to
secure such contract for the management of the operating company as it
may deem advisable.
Any income mortgage bonds and shares of the new company not required
to carry out the terms of this plan shall remain unissued.
New Money.
-Cosh to carry out this plan of reorganization and provide
working capital to the new company will be raised by the note or notes of
the new company, secured by a first mortgage upon the real estate of an
amount not exceeding 2300,000, which note or notes shall bear such rate of
Interest and be for such term or terms as the committee shall determine.
Terms of the Lease.
-New company shall enter into a lease of the hotel
real estate to the subsidiary operating company for a term of years ending
Oct. 1 1940 providing a rental which shall be equivalent to the net income
of the operating company, and containing such other terms and conditions
as the committee shall determine.
The Committee in a letter to the first mortgage bondholders further
states:
Under present conditions affecting the hotel business In Boston, it has
been deemed best to reduce fixed charges to a minimum. There will accordingly be reserved for you under the proposed plan in place of your
,
present bonds an equal principal amount of Income mortgage bonds
viding for payment of interest when earned, and four shares of the Pronew
company with each $1.000 income bond. About 60% of the shares of the
new company will go to the bondholders, the exact percentage depending
on the number of bonds, assenting to the plan. The income bonds will
carry an interest rate up to and including 6%,the rate of payment in each
Year to be governed by the earnings of that year. Of the remaining capital
stock about 30% will be reserved for the holders of the debentures and about
10% for management.
Summary Giving the Basis of Securities Proposed Under the Plan.
-Proposed Securities of New Co
.First
Income
Common
Present Securities et Olig.- owsewv.
Mtge.
Mtge.I3onds.
Shares.
1st mtge.6% bds.,due 1940a$1,500.000
21,500,000 6.000 shs.
7% debentures,due 1940 _ b400,000
2,400 shs.
Chattel mortgages
c107,000
17.000
Promissory note
10,000
60 shs
Capital shares
12,000 shs.
Reserved for exp., working
cap., paying off chattel
mtges., & contingencies
not in excess of
$300,000
940 shs.
Totals
2300.000 $1,517.000 9.400 shs.
a Each $1,000 first mortgage bond deposited will be exchangeable for
trust certificates representing one $1,000 income mortgage bond and four
common shares of the new company. b Each $1,000 debenture deposited
will be exchangeable for a trust certificate representing six common shares
of the new company.
c Of this amount $90,000 is to be Said in cash
from the proceeds of a new ifrst mortgage loan not to exceed $300,000.
The plan gives the committee full discretion to determine the price which
it will bid for the Property in case of a foreclosure sale and also to refrain
from purchasing the property if in the judgment of the contra'ttee a sufficient price is bid by any other prospective purchaser.
It should be emphasized that the proposed plan is not necessarily to be
regarded as a permanent settlement for the first mortgage bondholders,
as it is the intention to place them in position to benefit from any future,
opportunities to dispose of the property on a more satisfactory basis than
has thus far developed. Accordingly, all the new securities are to be
placed in a voting trust which will enable the voting trustees to act quickly
In your interests if and when a favorable opportunity presents itself. Any
such action Is subject to approval of the holders of trust certificates representing a majority of the bonds of the new company.
With the opening in 1927 of several new Boston hotels, and of additions
to certain older properties including the Bellevue, competition became
so
Intense that the earning power of your property suffered with the others.
In that year no portion of the first mortgage bond interest was earned
and
the payment of real estate taxes had to be postponed. This unfavorable
condition continued until the fall of 1928, when the hotel was once more
doing nearly a capacity business, but at rates reduced in order to meet the
competition. During the year 1929 nearly two-thirds of the first mortgage
bond interest was earned before depreciation, and the large dining room
In the new addition at the corner of Beacon and Bowdoin Sts., which
had
become unproductive for banquet purposes, has been converted
successful cafeteria and its equipment fully paid for from currentinto a suefunds.
The chattel mortgages, amounting to $107,000, of Bellevue Hotel Co..
which is a wholly owned subsidiary of Hotel Bellevue Trust, represent
$61,000 loaned to the Hotel company in Sept. 1927 by Coffin 8: Burr,
Inc..
and Spencer Trask & Co., and $46,000 loaned by the same group in March
1928. These loans were made to enable the hotel company to make sufficient payments of the rental due on its
from the Hotel Bellevue Grust
so that the trust could pay the interest leaseOct. 1 1927,
due
on the bonds and
debentures, and the interest due on the bonds April 1 1928. The chattel
mortgages are a first lien on sill furnishings and equipment
hotel company at the time the loans were obtained. Underowned by the
the plan it is
proposed to discharge these mortgages by payment of
$90,000 in cash
and reservation of $17,000 principal amount of
income bonds,
bankers will forego all interest on the funds which they previously and the
advanced.
The cash to meet the above obligations, and also taxes,
charges and expenses, and to provide adequate working reorganization
capital, will be
obtained through a new first mortgage not to exceed
$300,000.
The property securing the bonds 18 now
tax purposes at $1,800,000. Priospectivevalued by the City of Boston for
purchasers, however, have been
Unwilling up to the present time to make a definite offer
Proved attractive to holders of the first mortgage bonds that would have
now outstanding
in the amount of 21,500,000.-V. 127, P. 2239.
Illinois Pipe Line Co.
-84.50 Dividend.
-
The directors have declared a dividend of $4.50 a share
on the capital
stock, payable March 25 to tolders of record
an adjustment dividend for the period from March 15. This represents
1930, upon which latter date the exchange ofDec. 15 1929, to March 15
stock for preferred shares of the Ohio 011 Co. the Illinois Pipe Line Co.
will become effective.
-V.
130. p. 475, 296.
Indiana Limestone Co.
-New Officer,
13. M.Pettit has been elected a Vice-President. &c.--
Treasurer Frank S. Whiting. stated that the
has proven to be the best in the history of the first quarter of this year
company and that the outlook for the second quarter is promising.
-V.130, p. 1124,,
1472
[you 130.
FINANCIAL CHRONICLE
facture and sale of tools and equipment for the oil industry, making Byron
Jackson Co. in addition to it extensive pump business one of the largest
[Including Houston Pipe Line Co.]
manufacturers of oil drilling and production equipment.
Calendar Years1926.
1928.
1929.
As a result of this expansion
Gross earnings
$9,553,955 $8,092,358 $8,964,769 $7,258,069 list of equipment essenti,..1 to program,company now produces a diversified
many of the
Crude oil & gas purch_ _ _ 1,852,256
894,959
552,837 Within these individual industries many Industries of the United States.
1,234,364
different uses are made of Byron
Decrease in crude oil and
Jackson products
refinery invent's (net)
169,352 of a depression which tend to stabilize the sales of the company in event
190,421
31,707 Cr315,937
in any one industry.
Producing & oper. exps_ 1.499,301
1,235,332
1,287,685
1,171,578
Sales offices are maintained in New York, Chicago, Portland, Salt Lake
Taxes (other than Fed'I
City, Phoenix Dallas, Houston Tulsa. San Francisco and Los Angeles.
income taxes)
220,525
190,684 A foreign
224,424
247,393
office is in operation at Lahore, Punjab, India, Approximately
Admin.& gen. expenses_
731,164
572,287 25% of the company's sales are made
912,607
810,418
in foreign markets: traveling repreAdjustment of inventory
sentatives are maintained la practically all of the oil producing countries
of materials & supplies
10,262
8,473
4,571
the world.
Depreciation & depletion 2,351,812 2,151,814
1,852,399
1,385,937 ofCapitalizationAuthorized.
Outstanding.
$2,500,000
Income from oper _ _ _ - $2,658,878 $2,811,122 $3,781,138 $3,141,378 6;4% convertible sinking fund gold debentures $2,500,000
a800,000 she. b342,704 shs.
Other income credits_
262.875
204,231
407,462 Capital stock (no par)
155,197
a 95,000 shares reserved for conversion of this debenture issue.
b Including 388 shares represented by outstanding warrants.
Gross income _____ _
$2,814,076 $3,015,353 $4,044,014 $3,548.840
Purpose.
-Proceeds will provide funds to reimburse the company In
Income charges (includpart for
ing Federal taxes)
1,614.682
1,322,039 including approximately $2,770,000 of' capital expenditures during 1929,
1,202,835
1,082,607
controlling interest in subsidiaries, patents and improvements
plant and
for other corporate purposes.
Net income
$1,731,469 $1,812,518 $2,429,332 $2,226,801 toEarnings. properties andcompany and
-The profit of
subsidiaries for the year ended
Profit and loss credit__ _
3,885
220.125
327,000 Dec.31 1929 and the average profits of company
23.764
and predecessor companies
now merged for the five years ended Dec. 31 1929 according to statements
Gross surplus for year $1,755.233 $1.816.402 $2,649,457 82.553.801 prepared
by Lybrand, Ross Bros. & Montgomery were as follows:
Divs. on pref. stock__ _ 536,856
536,856
536.856
536,856
Year Bnded Average for
Gas rights expired or forDec. 31 '29.
5 Years.
feited in prior years..
111,325
Profit after depreciation and estimated Federal
Prem. & unamort. por.of
income taxes, before interest
$1,148,597 $1,136,090
bond disc. & exps_
493,244
Interest on debentures, this issue
162,500
162.500
Prov. for addl Fed. inc.
taxes (prior years)
76,343
88,577
Balance after debenture interest but before tax
adjustment thereon
$973,590
$986,097
$709,959 $2,112,601 $2,016,945
Surplus for the year. $1,018,475
17,875
20,387
Surplus Jan. 1
9,879.926 9,169,966 7,057.365 5,040.420 Saving on incomqtax through deduc.of deb.int
Profit
81,003.972
$993 977
Surplus Dec.31
$10,898.401 $9,879,925 $9.169.966 $7,057,365 Times debenture interest earned
7.07
6.99
Shs.ofcom.out.(par$100)
249.686
249,686
249.686
249,686 Profit per $1,
000 debenture
$459.44
$454.44
$5.11
Earn.per sh.on com.stk_
$7.57
$6.77
$4.89
-Debentures will be convertible into or exchangeConversion Privilege.
-V.130, P. 143.
able for the common capital stock of no par value of company at the option
of the holder, interest to accrue to the date of conversion or exchange as
-Progresses.
Insurance Securities Co., Inc.
follows: Each $1,000 of debentures convertible into or exchangeable for:
Accomplishments for the year 1929 as refledted in the annual report of 38 shs. of stock ($26.32 per sh.) from Jan. 1
1930 to Dec. 31 1930 (both
President W. Irving Moss to the stockholders are summarized:
incl.); or 36
"The business of the past year was the largest in the history of the dates(both dates shs. of stock ($27.78 per sh.) from Jan. 1 1931 to Dec. 31
Incl.); or 33 she, of stock ($30.30 per sh.) from Jan. 1
1931
group. It was characterized by the addition of four diversified insurance 1932
dates incl.); or 28 shs.
31 1932
companies operating: in various fields, namely, Detroit Life Insurance from to Dec. 1933 to (both 31 1935 (both dates of stock ($35.71 per sh.)
Dec.
Jan. 1
incl.); or 25 shs. of stock
Co., New York Indemnity Co. Union Title & Trust Co. and the Iowa
($40 Per sh.) from Jan. 11936 to Jan. 1 1940 (both dates incl.).
Fire Insurance Co. These acquisitions materially strengthen the structure
In the event any of these debentures are called
of the group and round out a program of expansion begun in 1928, which version or exchange privilege with respect• to for redemption the condebentures so called shall
has brought the combined premium income at the end of 1929 to $23,004,up to the 10th day
076. an increase of $12,478.002 in two years. or 124% over 1927. The continue -Debentures will prior to the date of redemption.
Equity.
be followed by outstanding common stock
resources of Insurance Securities Group now exceed $45,000,000.
"Due to unusual conditions late in the year 1929 in the stock and bond with a current market value indicating an equity of approximately $7,500,markets, the investment securities of this and constituent companies have 000 junior to this issue. Total net assets, as shown in balance sheet,
debentures,
declined in value $1,365.742, of which $367,901 applied to bond holdings amount to over $5,100,000, subject to thesebe presently equivalent to
more than $2,040 for each $1,000 debenture to
outstanding.
and $997,841 to stocks.
"Our investments are sound; the income therefrom is not impaired and
Jackson Pump Co.
(Byron)
-Changes Name.
to such an extent as the markets may recover during the year our invest-V. 130, p. 1125.
See (Byron) Jackson Co.above.
ments will reflect the enhancement.
Jones Bros. of'Canada, Ltd.
-Initial Common Div.
"The book value of the company's stock at Dec. 31 1929, applying to
The directors have declared an initial quarterly dividend of 30c, per share
869.194 shares, was $18.56 per share as against $20.22 per share at the
m the unim
.inning of the year, applying to 673,867 shares then outstanding, or a onarch co. on stock, no par value, payable April 1 to holders of record
reduction of $1.66 per share. This reduction is accounted for by the de,
cline in the value of the security holdings of the Group.
Earningefor the year ended Dec. 20 1929, are reported at $4 per share
"The net income from investments in 1929 of the companies comprising on the common stock.
the Insurance Securities Co. Inc. Group amounted to $1,343,502. Cash
Sales volume has increased from $660,000 in 1924 to over $1,400,000 in
1929, while gross earnings are reported to be 28% in excess of last Year.
dividends paid during the year amount to $989,556."-V. 129, p. 2867.
The company carried out expansions during the year which had the effect
Interlake Iron Corp.
-Initial Dividend, &c.
of increasing manufacturing facilities at the Dundas plant,some 60%.
The directors have declared an initial quarterly dividend of 25 cents a -V. 129, p. 3644.
share on the common stock, no par value, payable March 25 to holders
Kemsley-Millbourn & Co. Ltd.
-Forms Cuban Subs.of record March 10. This is at the same rate as was formerly paid by
This company, foreign affiliate of
Commercial Credit Companies,
the By-Products Coke Corp.
has established the Compania Cubans Kemsley Millbourn, a subsidiary,
H. G. Dalton has been elected Chairman of the board and Seymour
Wheeler has been made a director, succeeding E. L. Whittemore, deceased. for the handling of desirable time sale business in Cuba, according to
President R. R. Appleby.
-V.130, p. 1289.
Mr. Appleby said that arrangements have already been made for the
financing of a substantial voiuem of good business through the new comIntertype Corporation.
-Earnings.
pany. Compania Cubana Kernsley Millbourn have offices at 815 Edificio
1927.
1926.
Calendar Years1928.
1929.
-V. 129. p. 138.
&Profits
8781.560
$939,099
$730,529 La Metropolitans, Havana.
$1,095,729
Depreciation
181,510
193.920
116,982
196,604
-Larger Kraft Pulp Mill Being
Krueger & Toll Co.
Reserve for taxes
110,000
109,000
134,000
108.000
Houston Oil Co. of Texas.
-Earnings.
-
Built by Subsidiary.
Net profit
1st pref. dividends (8
2d pref. dividends (6
Common dividends
Stk. div. p'd in cons.stk.
1st pref. stk. red. appr_
$765,125
89,658
232
371,307
161.114
30,000
$636.180
90,746
• 232
299,632
$490,050
90,142
274
299,605
$505.547
92,880
316
298,683
30,000
30,000
30,000
Dec. 1929. Jan. 1929.
492.748
531,941
The Swedish Cellulose Co., formed last fall by the Kreuger & Toll Co.
to control Swedish companies representing over 30% of Sweden's wood
pulp production, is beginning the construction of a mill which will be the
largest in the world specializing in kraft pulp. The new plant, which will
have a maximum annual capacity of 100,000 tons, is being constructed
adjacent to the company's own wharves in the harbor near Sundsvall, which
is of great economic value in that It is accessible to ocean-going ships nine
months of the year. The new plant will be unique not only on account
of its size, but also because it will employ a new air-drying system which
exposes pulp to heat of 90 degrees centigrade as against the previous 130
degrees of old systems, thus insuring a stronger and higher quality of fibre.
In connection with the acquisition last summer of the several units which
constitute the Swedish Cellulose Co., the Kreguer & Toll Co. announced
that it would apply to the wood pulp industry of Sweden the same principles which have transformed the Swedish match industry in a period of
less than 20 years into one of the most reliable sources of national income
for Sweden. The mill is expected to utilize, as raw material, wood heretofore considered waste, which will supply approximately 30,000 tons of
pulp a year. This mill will also use "round wood" obtained when thinning
forests. One of the principal objects of the new plant will be a combination of improved forest culture on the company's vast tracts, with highly
economic manufacture. The total area of land owned by the several companies constituting the Swedish Cellulose Co. exceeds 4,000,000 acres,
situated in Sweden's best timber district.
Power will be supplied partly from the mill's own steam plant and partly
from the Ilammarsforsen's Power Co. The latter company, also controlled
by the Swedish Cellulose Co., recently announced the beginning of construction of a 70,000-volt transmission line which will make its vast water
power resources available to most of the wood pulp plants controlled by
the parent company.
The new kraft pulp mill is expected to be In operation by the summer
of 1931. Operating at full capacity it will employ 400 persons.
-V• 130.
P. 984.
-Debentures Offered.-Tuoker,
(Byron) Jackson Co.
Hunter, Dulin & Co., Los Angeles, are offering at 100 and
int. $2,500,000 6%% cony. sinking fund gold debentures.
The directors have declared a quarterly 3% stock dividend on the cons
corn.stock, par $1. payable April 15,and the regular quarterly cash dividend.
of 75 cents per share, payable April 1, both to holders of record March 20,
Like amounts were paid in the preceding quarters.
-V. 129, p. 2239.
Balance, surplus
$215,570
870.029
$112,813
$83.667
Shares of common outstanding (no par)---199 771
199,771
199,141
221.546
Earns. per share on com_
0.00
$2.73
$3.04
$2.07
a After deducting head and branch office selling expenses.
Balance Sheet Dec. 31.
Assets1929.
LiabUtztes1929.
1928.
1928.
Mach.& equip_ _ _ 88679,668 $591,047 First pref. stock_ .$1,116,700 $1,127,500
3,870
1.401.089 1,664,519 Second pref. stock
Cash
3.870
Notes & accts. rec_ 3,523,614 3.727.440 Common stock.. _61,828.230 1,658,001
912,000
2,105,950 1,873.891 5)4% deb. bonds- 897,000
Inventories
1
1
Accounts payable_ 152,010
Patents & patt'ns.
122,093
94,265 Dividends payable
22.430
76,102
Deferred charges
22,590
Part. pay, by empl
21,305
13.873
Marketable secur_ 311,214
Adv.pay.mach.sold
11,400
57,603
Mortgage receivle. 110,000
Res. for taxes, &c- 469,595
490,597
Prov, for retire, of
1st pref. stock- 334.362
307,712
3,350,137 3,237,324
Total(each side)88,207,639 37,951,165 Surplus
a After deducting depreciation of $2,293,455. b Represented by 221,546
-V.130, p. 475.
shares of no par value.
-Coal Mined.
Island Creek Coal Co.
Month ofCoal mined (tons)
-V.129, p. 2695.
Jan 1930.
536,983
Dated Jan. 1 1930: due Jan. 1 1940. Principal payable at American
Trust Co., San Francisco, trustee, and int, pay. at office of trustee or at
Security-First Nat'l Bank of Los Angeles, without deduction for any
normal Federal income tax up to 2%. Interest payable J. & J. Denom.
$1,000 and $500 co. Red. all or part at any time upon 30 days' notice at
Par and int, plus a premium of 3% to and incl. Jan. 1 1935; thereafter at
a premium of 3% less yi of 1% for each year or fraction thereof elapsed.
Sinking Fund commencing July 1 1931 payable to the trustee in quarterly installments each year, is calculated to retire not less than 50.7,, of
this entire issue of debentures by maturity.
Data from Letter of W. W.Wilson, Vice-President of Company.
History and 13usiness.-Company was incorp. on Nov.25 1927 as a Delaware corporation under the name of Byron Jackson Pump Co., to acquire
the business and assets of Byron Jackson Pump Manufacturing Co.,
which business was originated in 1872. Company is a prominent factor
In the pump business and has developed a complete line of centrifugal
and turbine pumping equipment for many diversified uses.
The rapid development of the oil industry increased the demand for
the company's products, and in 1928 activities of the company were expanded in this field of operation through the acquisition of the business,
properties and patent rights of a group of companies engaged in the menu-
-3% Stock Dividend.
(The) Laboratory Products Co.
-Merger Approved.
Lambert Co.
-V. 130. P. 1291.
See Pro-phy-lac-tic Brush Co. below.
-Liquidation Postponed.
Lancaster Mills, Clinton, Mass.
The stockholders' meeting has been postponed from Feb. 21 to March g
for the purpose of voting on the liquidation of the company. This was due
to the lack of the necessary 75% of preferred shares, represented in person
or by proxy. Only 11,909 of the required 12,608 shares were available.
1291 stockholders voted unanimously against new financing.
The
-V. 130, p.
Laura Secord Candy Shops, Ltd., Toronto.-Sale8.--Month of
October
November
December
January
Four months ended Jan. 31
-V. 129. p. 3484.
1929.
$181,272
180,056
320,782
1930.
137,795
Changes.
1928.
$179,855 /ne.$1,417
173,083 /ne.6.973
327 707 Dee.6,925
109.
144,409 Dee.6.614
$819,905
$825,054 Dee.$5.149
MAIL 1 1930.]
FINANCIAL CHRONICLE
Lawrence Portland Cement Co.
-Earnings.
Earnings for Year Ended Dec. 311929.
income from sales of cement and lime
Other income
$824,739
141,117
Loew's, Inc.
-Regular Dividend of 75c.
-
$476.725
$6.35
$240,642
2,240,000
7,500,000
1,508,848
Net income carried to surplus account
Earnings per share on 75,000 shs. capital stock (par $100)
Condensed Balance Sheet December 31 1929.
Assets
Liabilities
Land, bldgs., plant & equip _x$9,164,579 Current liabilities
Cash & accts. receivable_ ___
605,161 Funded debt
Cement, materials & supplies 1,338,857 Capital stock
Investment assets
222,510 Surplus
Deferred charges, (Incl. unamortized bond discount
114,362
Company bonds in treasury
(Durch, for sinking fund)
44,021
-Merrill,
MacMarr Stores, Inc.-Pref. Stock Offered.
Lynch & Co. and E. A. Pierce & Co. are offering a block of
7% pref. stock (with common stock purchase warrants)
at $103 per share, yielding 6.80%.
$11,489,439
Lessings, Inc.
-Usual Extra Dividend.
The directors have declared the usual extra dividend of 5c. a share and
the regular quarterly dividend of 25c. a share, both payable March 31 to
holders of record March 11. Like amounts were paid on Dec. 31 last.
See V. 129, p. 3176.
Lehigh Coal & Navigation Co.
-Note Issue,
his
Inhis remarks to stockholders for the year 1929. President S. D. Wardnor says in part:
In order to provide funds for corporate purposes other than railroad
purposes, company issued on Dec. 23 1929. $4.000,000 5). % secured gold
notes, due Dec. 23 1932, secured by the deposit with The Pennsylvania
Co. for Insurance on Lives & Granting Annuities, trustee of 85,000,000
consol. mtge. sinking fund gold bonds of the company, held In its treasury.
The notes are callable at the end of one year or at any subsequent interest
period at 100 Si% of the par value.
Additional Investment In National Power & Light Co.
-In the latter part
of the year, conditions in the stock market rendered it possible for company to purchase additional common stock of the National Power & Light
Co. at advantageous prices. Accordingly, 90,000 shares of this stock
were added to company's holdings. The earnings of the National Power
& Light Co. in which company now holds approximately 13% of the
common stock, continue to show steady growth. The business of the
company is in a widely diversified field, and in the opinion of the board
It is reasonable to expect that this investment will continue to increase
In value.
Segregation of Coal Properties.
-In regard to the segregation (see V. 130,
P. 476), President Warriner says:
One of the purposes was to enable company, which was created in 1822
by special act of Assembly of Pennsylvania, amended and supplemented
by various other special acts prior to 1874, to accept the Pennsylvania
Constitution of 1874, which was deemed desirable in order to obtain the
benefit of subsequent legislation which will substantially inure to the
Interest of company, particularly in respect of its canals and water resources.
To prevent any question arising under the Constitution. it was deemed
advisable to segregate company's coal lands and mining properties by
conveying the same to the Lehigh Narioalion Coal Co. an existing corporation heretofore known as the Alliance Coal Mining
The consideration
for the sale of the coal properties will be the issuance to company of the
entire capital stock of the Lehigh Navigation Coal Co.
P. H. Sawyer has been elected a director, succeeding Hugh G. M.Kelleher.
-V. 130, p. 476.
CO.
Lehn & Fink Products Co.(& Subs.).
-Earnings.
-
Calendar Years1927.
1926.
1929.
1928.
Net profit after selling,
admin. & gen. expense
and depreciation
$1,945,814 82,166.000 $1.476,465 $1,665,441
Federal taxes
199,323
224,206
224,83,5
259,730
Net income
$1,721,608 $1,906,270 $1,277,142 $1.440,606
Min, int. in Lysol, Inc.
2.105
1,531
2.163
1,027
Divs. management stock
45.000
33,750
56,250
Diva, common stock .._ _ - 1,254,374
825,000
967,500
795.000
Balance, surplus
$405.037
$166,208
$903,489
$587.194
Shs.ofcom.stk. outst
.g_
419,166
415,000
285,000
265.000
Earned per sh. on com
$4.31
$4.10
$5.06
$4.51
Consolidated Balance Sheet Dec. 31.
1929
1929.
1928.
1928.
AssetsIS
Ltabtilttes$
Capital assets__ _a1,786,305 1,707,080 Accounts payable,
Cash
512,116
126,645
accrued interest.
Accts. rec., less res. 635,028
399,851
627,167
taxes, &c
450.353
Sundry debtors_ _ _
46,303
800,000
20,032 Notes payable_
Inventories
836.532
c325,580
722.102 Reserves
292,738
b Investments_ __ _ 972,551
334,084 Interest of monorTrade marks,trade
ity stockholders
names, dee
7,968,540 7,653,171
in capital and
Can. stk. of Prod.
surplus of LyReallzationCorp.
1
19,491
1
sol, Inc
18,318
Deferred charges... 124,869
100,472 Capital &surplus d11.237,413 10,521.245
Total
12,782,336 11,291,654
12,782,336 11,291,653
Total
a Land, buildings, machinery and equipment,&c.,less reserve for deproc..
$2.213,493: less real estate mtge. 5Si% due 1931. $430.000: automobiles,
&c.. net $2,903. b Invest, in and advances to foreign operating companies,
at book value. c Against liabilities under guarantee of Products Realization
Corp., and for other contingencies. d Represented by $419,166 shares of
common stock of no par value; initial capital and surplus, $8,901.953:
general surplus, $2,335,459.-V. 129. p. 808.
Liberty Baking Corp.
-Earnings.
-
The corporation reports its consolidated net earnings for the year ended
Dec. 28 1929, amounted to $393,963, after deducting all charges including
depreciation, interest and Federal taxes.
After payment of all preferred dividends for the year 1929. earnings
equalled $1.06 per share on 119,300 shares of common stock outstanding.
Changes in Personnel.
-
The following officers were elected by the board of directors at their
meeting on Feb. 15 1930: Ivan B. Nordhem (formerly President). Chairman
of the board; Anse N. Barber (formerly Vice-Pros.)President; Walter C.
Iluckey, Charles E. Strand and William P. Walsh, Vice-Presidents: Arthur
0. ohnson, Comptroller; Roy B. Seeman, Secretary: Henry Kiefer, Treas.
,J
5•• The following directors were elected by the stockholders at meeting held
Feb. 13 1930: Ivan It. Nordhern, Rolland J. Hamilton (President of American Radiator Co.), Lemuel Bannister, George R. Meyercord. Alexander
Stock, Lloyd E. Work, Walter A. Hardy (President of Ilardy Baking Co.
and a director of the Union Industrial Bank), Jesse N. Barber and Arthur
0.E.Johnson.-V. 129. p. 3021.
Liberty Share Corp.
-Consolidation.
-
The corporation Is offering to absorb the Great Lakes Share Corp. and
the Erie Share Corp. through an exchange of stock, giving one share of
Liberty stock for each four shares of Great Lake.;; one share of Liberty for
each.three of Erie class A or Li: and a negotiable option warrant for each
three shares of Great Lakes or Erie to purchase t any time within two
years a share Of Liberty stock at $50 a share. The plan depends upon deposit of 80% of the stock of both companies before April 1.
Lion Oil Refining Co.
-New Pipe Still Ready.
-
r A new pipe still has just been constructed by the company for its refinery
at El Dorado, Ark. According to Col. T. 11. Barton, President, extensive
improvements also are being made in the cracking units in the refinery.
Col,T. It. Barton, President, on Feb. 13 received word that the cornDa roliatt j.ust,pireotwatallt, aw%Oci010L-taarrglilwIlaldacaathnllaitnersasecttion
an il
fgabare
a m in
in
13c
o1
located
than.tiiree miles from production in the Zwolle field. The well blew in
flowing 5,000 barrels daily of 42 gravity oil. The well, with the valve
closed, is now flowing at the rate of 2,000 barrels daily. The company
has about 400 acres adjoining the new well.
-V. 130. p. 1291, 1125.
The directors have declared the regular quarterly dividend of 75c. per
share, payable March 31 to holders of record March 14. On Dec. 31 1929,
a quarterly distribution of 75c. per share and an extra of like amount were
paid. Previously the company paid quarterly dividends of 50c. per share.
An extra cash dividend of 81 per share was also paid on Dec. 31 1926, 1927
and 1928. A 25% stock distribution was made on June 18 1928.-V. 130.
p. 634. 476.
Total income
8965.856
Provision for deprec., int., bond discount amortization, bad
debts, and Federal taxes
489.130
Total
$1E489.489
Total
st After depreciation of $2,333.304.-V. 127, P. 2241.
1473
Preferred as to dividends and as to assets in case of liquidation, either
voluntary or involuntary, at S110 per share and diva. Entitled to cumula-J. Red, on any div. date
tive divs, at rate of 7% per annum, payable Q.
as a whole or in part, on not less than 30 days' notice, at $110 per share
and divs. Sinking fund, commencing in 1931, is provided to retire annually 3% of the largest amount of7% preferred stock at any time outstanding.
Dividends exempt from present normal Federal income tax.
Authorized. Outstanding.
CapitalizationPreferred stock ($100 par value):
$9.000.000 $8.500,000
7% dividend series
1,000,000
Not yet classified into series
Common stock (no par value)
*1,000,000 shs. 772,554 shs.
* 84.813 shares of common stock reserved for exercise of warrants.
Data from Letter of Ross McIntyre, President of Company.
llistory.-A Maryland corporation. Operates directly or through subsidiaries, a chain of 1,400 grocery stores, 345 of which include meat markets.
The chain includes 23 warehouses, 5 bakeries. 2 creameries. 6 wholesale
grocery houses and one coffee and spice wholesale house. The operations
are conducted in California, Arizona, Washington, Oregon, Idaho, Montana, Colorado, New Mexico, Wyoming and Nebraska. On the basis of
total volume of business in 1929, the company ranks second among the
grocery chains west of the Mississippi River. There are negotiations
pending for further acquisitions.
Sales and Earnings.
-The combined net sales and net earnings of the
predecessor concerns for the three years ended Dec. 31 1928 applicable
to properties acquired by MacMarr Stores, Inc., and subsidiaries, after
giving effect to (1) the elimination of interest charges on indebtedness
either retired or not assumed (such eliminations amounting to $9.146 in
1926, $39,986 in 1927 and $105,279 in 1928),(2) the reduction of executives'
salaries to the baste of contracts (such reductions amounting to 886,403 in
1926. $150.998 in 1927 and $177,219 in 1928) and (3) the adjustment of
Federal income tax to the present rate of 12%. are tabulated below, together with the company's preliminary figures on the same basis for 1929.
1927.
1928.
1926.
Calendar Years1929.
1.037
1.274
818
Stores at end of year_ _ _
1,394
$87,174,791 875,918.747 858,007.056 $46,557,510
Net sales
1,493,548
2,047,860
Net earnings (as above). 2,075.000
1.085,980
Times div. on $8,500,000
2.51
3.44
3.48
1.82
preferred stock
Note.
-Figures for Self Service Grocery & Bay Cities Mercantile Co.
included for 1928 and 1929 only: and for Piggly Wiggly Arizona Co., Inc..
only from date of acquisition in 1929. The earnings of these concerns
omitted for the earlier periods were not material.
Financial Condition.-The consolidated balance sheet as at Sept. 30 1929,
after giving effect to new acquisitions since that date, adjustments incident
thereto, and after giving effect to this financing, shows total net assets
of $12,208,451 and net quick assets of $7,365.299. The equity behind
the preferred stock as measured by current market value of the common
stock, is in excess of S14.000.000.
Purpose.
-The proceeds of this offering of $685.400 par value 7% preferred stock with warrants will be used in part to reimburse the company
for capital axpenditures in 1929 and in part for other corporate purposes.
-Each share of this 7% preferred
Common Stock Purchase Warrants.
stock will be accompanied by a warrant entitling the holder to purchase
on or before Dec. 31 1933, at the price of $30 per share, one full paid and
-V. 130. p. 1125
non-assessable share of common stock without par value.
-Earnings.
McKeesport Tin Plate Co.(& Subs.).
Earnings for Year Ended Dec. 31 1929.
Net sales
Interest and discount earned
Profit from sale or redemption of securities
Miscellaneous income
Net operating earnings Tin Place Improvement Co
817,232,562
186.373
115.800
15.784
15,959
Total income
Cost of sales and expenses
Depreciation
Federal taxes
$17,566,478
14.760,277
501,225
266.661
$2,038,315
Net profits
Pro rata share of 1929 net earnings of Metal Package Corp.,
363,885
based on stock ownership therein
Total profits of McKeesport T.P.Co. and T.P.Impt. Co
Earnings per share, based on 300,000 shares
Capital Stock and Surplus Reconcilement.
Capital stock and surplus Jan. 1 1929
Net profits Jan. 1 to Dec. 31 1929
Other credits
Dividends received
$14.911.335
2,038.315
2.696
90,669
Total surplus
Dividends
Other deductions and special gift
$17,043,015
1,350,000
27,886
$2.402,201
$8
$15,665,129
Capital stock and surplus Jan. 1 1930
Consolidated Balance Sheet Jan. 1.
1929.
1929.
1930.
1930.
Liabnities-$
5
Assets$
$
Eand,h1dgsAequipx9,300,736 9,511,571 Capital stock and
y15,665,129 14,911,335
surplus
230,136
z50,721
Investment
Accts. payable &
Invest. workmen's
708,043
355,000
accrued items__ 1,083,800
compen. fund_ 514,583
1,750,000
1,582,715 1.886,393 Notes payable_
Cash
295,988
Accts. & bills rec__ 3,370,058 2,992,884 Res. and det credits 161,002
2,081,030 2,645,901
Inventories
43,481 Total (each side).16,909,931 17,665,366
10,085
Deferred charges.x After depreciation of $8,756,207. y Represented by 300,000 shares of
no par common stock. z Including 810,000 representing investment in
stock of Metal l'ackage Corp. carried upon books of said company at $2.799.540.-V. 129, p. 3645.
(I.) Magnin & Co.
-Earnings.
Calendar YearsSales
Net income after tax(_%
Divs. on pref. stock_ _
1928.
1929.
$10,984,159 $9,487,318
777,025
788,041
81,652
20,970
1926.
1927.
$8,363,486 $7,225.263
570.084
622,556
24,342
22,956
Bal, avail, for corn. stk $706.388
8545.741
8599.599
$786,055
Earns, per sh.on corn_ __
$1.91
82.44
$2.10
82.65
Balance Sheet as of Dec. 31.
1928.
1929.
AssetsLiabilities1928.
1929.
Cash
$375,427 8607,962 Preferred stock _ _ _$1,351.800 51,479,100
288,065 Common stock... 2,293,666 2,156,937
Sees -coy. & munic 310,094
Customers' accts._ 2,587,459 2,350.510 Mer. & 0th, accts.
Ernpls. stk. porch.
Payable
870,690
825.899
95,784 Notes payable_
86,923
& 0th. accts. rec
600,000
1,488.370 1.182,113 Fed. Income tax_ Merchandise
99,039
107.349
Adv,spring purchs 289,868
281.766 Sundry reserves
15.905
6,486
112,959
Lite insurance_
100,846 Res. for com. My
108,787
71,407
Surplus
20,886
Treasury Stock__
1,360,627 1,085,493
1,174,129
632,896
Fixtures
Misc. & def. chgs- 245,399
192,728
1
1
Tot.(each side)..$6,700,516 $5,732,671
Good-will
-V. 129. p. 2696.
1474
FINANCIAL CHRONICLE
[VOL. 130.
Income Account Year Ended Dec. 31 1929.
McKesson & Robbins, Inc.
-Listing.
The New York Stock Exchange has authorized the listing of (a) 17,680 Incomefrom profits on sales ofsecurities
$430,019
From dividends & interest
additional shares of common stock and 1,806 additional shares of pref.
294,971
stock upon official notice of issuance; such shares of com, stock and pref.
Totalincome
stock are to be issued as part consideration, plus cash, for the transfer and
$724.991
delivery to the coporration on Jan. 31 1930 of the assets and business Administrative & general expense
151,883
(except the corporate franchise) of Van Vieet-Ellis Corp.: (b) 10,837 Provision for estimated Federal income taxes
50.048
additional shares of com, stock, and 670 additional shares of pref. stock
Net income for the period
upon official notice of issuance; such shares are to be issued to repay loans
$523.060
to the corporation of 10,837 shares of com, stock and 670 shares of pref. Earned surplus Jan. 1 1929
21,694
stock of the corporation, the shares so loaned having been delivered as part
Totalsurplus
consideration, plus cash, for the transfer and delivery to the corporation on
$544,754
Dividends declared in 1929
Jan. 31 1930, of the aisets and business (except the corporate franchise) of
316.110
Van Vieet-Ellis Corp.: (c) 2,476 additional shares of common stock upon Organization expense written off
14,433
official notice of issuance on conversion of a like number of such additional
Earned simples Dec.31 1929
shares of pref. stock, making the total amounts heretofore and herein
$214,210
applied for: pref. stock series A 7% convertible, 428,256 shares. con,stock,
Balance Sheet Dec. 31 1929.
2,091,184 shares.
-V. 130, p. 145.
AssetsLiabilities
Cash In banks & on hand
8255,533 Notes payable
8690,752
afiecs. In portfolio (at coat)- -- 6.318,954 Accounts payable
Mandel Brothers, Inc.
-Earnings.
-21,974
Dividends receivable
22.307 Dividends payable
89,067
Years Ended Dec. 311929.
1928.
Sindry accts. receivable
4,574 Res,for estimated Federal tax_
50,048
Net sales
$25,796,852 $25,456,142
43,322 6% preferred stock
176,450
Cost ofgoods sold
18,214,309
18.800.849 Deferred charges to expense__ _
Common stock
a5.402.189
Total(each side)
86,644,691 Earned surplus
214,210
Gross profit on sales
$7.582,543
$6,655,293
a This includes securities at a cost of$1,858,108 that are pledged to secure
Discount
1.012.049
1,061,721
notes due bank and brokers. bRepresented by 288,069 (no par) shares.
Total income
$8,594,591
$7,717,014 -V. 129, p. 3975.
Expenses (exclusive of provision for depreciation)_ 8,154.890
8,295,742
Operating profit
Income credits
-interest earned, &c
$439,701 loss$578,728
164.105
215.493
Gross income
Provision for deprec. of property & improvements
Miscellaneous charges
$603,807 loss$363,235
288,073
237,333
61,525
62,744
Net income
Dividends
$254.209 loss$663,313
195,624
782,494
Balance
Earns per share on 313,000 shs. cap.stk.(no par)_
-V. 129, p. 2398.
$58,585 loss$1445,807
30.81
Nil
-Permanent Certificates Ready.
Marine Midland Corp.
-
Permanent certificates on the capital stock are now ready in exchange for
temporary certificates at the Marine Trust Co. of Buffalo, the Bankers
Trust Co., New York, and the First National Bank of Boston.
-V. 130,
P. 1126.
Marmon Philadelphia Co., Phila.-Rights, etc.
The stockholders will vote April 18 (a) on changing the authorized
capital stock from 1,500 shares of $100 par value (1,260 shares outstanding)
to 5,000 shares of no par value: (b) on approving the issuance of one new
share in exchange for each old share: (c) on giving the present stockholders
the right, during 30 days after date of notice, to purchase for each share
of stock now held by them two shares of no-par value stock at $15 per
share. George D. Bell is Secretary. Company's offices are at 667-77
No. Board St., Phila., Pa.
Matson Navigation Co.
-Earnings.
Years Ended Dec. 31- 1929.
1928.
1927.
1926.
Earns,from vessel oper._ $2,238,827 $1,964,456 $1,755,724 $1,622,291
Agency.gen.,wharf ex.&c 1,435,724
1,356,016
1.150.153
989,566
Net profit from vessel's
operations
$803,103
$608,440
$605,571
$6632,725
Miscellaneous earnings
1.982,590
1.682.948
1,868,174
1,781.181
Total earnings
$2,785,693 $2,291,388 $2,473,745 $2,413,906
Depreciation
23,085
23,810
23.699
16,739
Taxes
109,564
49,797
74,108
76,558
Net income
$2,653,044 $2,217.892 $2,375,826 $2,320,609
Dividends paid
978,071
978,067
733,548
733.548
Balance, surplus _
$1,674,973 $1,239,825 $1,642.278 $1,587,061
Sirs. ofcap.stk.outst
(par $100)
244,518
244.516
244.517
122,258
Earned per share
310./35318.98
Note.
-A stock dividend of 100%, amounting to $12,2.71 800. was de$2 ,
95
clared during 1927.-V. 130. p. 1292.
Mayflower Associates Inc.-Initial Dividend, etc.-
The directors have declared initial quarterly dividends of 50 cents in
'
cash and 1% in stock, placing the issue on an annual dividend basis of $2
in cash and 4% in stock, payable March 15 to holders of record March 3,
Since Jan. 1 the market value of the company's portfolio has increased
more than $4,000.000, with the liquidating value as of Feb. 19 nearly $75
a share.
As of Dec. 31 1929 the market value of Mayflower holdings was $14,834.203, cash and call
'
totaled $3,404,226 and liquidation value stood
at $58.66 a share. The company has 300,000 no-par shares outstanding,
-V. 130. p. 812.
Mead Corp., Cincinnati.-Consolidaturn.-See Mead Pulp & Paper Co. below.
Mead Pulp & Paper Co.
-Merger.
-
Middle States Corp.
-Notes Offered.
-Peabody clz Co.
are offering at 993 and int. $1,000,000 coll, trust one-year
6% gold notes.
Dated March 1 1930: due March 11931. Principal and int.
& 8-)
payable at First Union Trust & Savings Bank, Chicago, trustee. Denom.
51,000 and 4500 c*. Red. in whole or in part at any time upon 15 days'
notice at 101 and int. Corporation will agree to pay interest without
deduction for normal Federal income tax up to but not to exceed 2% per
annum,and to refund certain State taxes as defined in the trust indenture.
Company.
-A Delaware corporation organized for the purpose of acquiring investments in strong funded obligations of well known companies.
Security.
-Notes are specifically secured by deposit with the trustee of
high grade investment securities with a fair market value of not less than
115% of the par value of the notes outstanding. The securities pledged as
collateral must be selected from the issues of securities listed below and it
Is provided that not more than 10% in market value of pledged securities
may be the obligation of any one company. Suostitutions may only be
made in event of an issue not being in good standing, when it must be
withdrawn and replaced by an equal market value of other securities from
the selected list. Issues from which underlying collateral securities must be
selected follow:
Associated Gas & Electric Co., convertible 5% debentures.
Southern Union Gas Co., 1st mtge. coll. 634s. series A (with warrants).
Kokomo Steel & Wire Co.. 1st mtge. serial 68.
Crowell Publishing Co.,6% notes.
Pettibone Mulliken Co. 1st mtge. 6s (with warrants).
Beset Co.. 1st mtge. collateral 6s.
Butler Building (Chicago). 1st mtge. leasehold 54.
Consolidated Warehouses, Inc.• 1st mortgage 6s.
Elm-La Salle Building, 1st mortgage 6s.
Fort. Worth Elevators & Warehousing Co., 1st mortgage 6s.
Haaterlik 81st Street Building (Chicago), 1st mtge. 68.
Koholyt Corp., 1st mtge. 63s.
Manufacturers Realty Trust, 1st & gen. mtge. 54.
Republic Realty Mortgage Corp., 10-year 63s notes (with warrants)
Willoughby Tower Building, 1st mtge. leasehold 6s.
,
100 North La Salle Street Building. 1st mtge. leasehold serial 6s.
Brown Hoisting Machine Co., 1st mtge. serial 6s.
Pettibone Mulliken Co.10-year 6% notes (with warrants).
Hodgson Building (Minneapolis), 1st mtge. 6s.
Merchants & Manufacturers Building (Houston), 1st mtge. 6y4s.
Wolfson-Grand,614% 1st mtge. leasehold bonds.
Berkey & Gay Furniture Co., 1st mtge. serial 6s.
Faust Hotel, 1st mtge. serial 634s.
Peerless Portland Cement Co., 1st mtge. serial 63is.
Texas City Terminal By., 1st mtge. 6s.
Warren Foundry & Pipe Co., 1st mtge. 634s.
-Indenture provides that the company may draw down
Sinking Fund.
any portion of the coPateral deposited as security for these notes upon the
payment to the trustee of the fair market value of such collateral less the
margin of pledge, plus accrued interest: the funds so deposited with the
trustee shall be used by the company for the retirement of notes at the
market price and not o exceed the call price, and (or) by the process of
redemption. It is believed that a substantial part of this issue of notes
will be retired in this manner prior to maturity, thus assuring a high degree
of marketability.
Retirement at Maturity -In the event the entire issue of notes has not
been retired by the sinking fund prior to maturity, Peabody & Co. has
contracted to purchase the remainder of the colltiterai security at prices
sufficient to retire the balance of the notes, plus accrued interest, at
maturity.
-The management of the company will be supervised
Administration.
by its board of directors, all the members of which are at the present time
connected in either an official or directorate capacity with the management
of Peabody & Co.
Midland Steel Products Co.
-Transfer Agent., etc.
-
The Central Hanover Bank & Trust Co. has been appointed transfer
agent for 96,930 shares of 8% cum. 1st pref., 96,930 shares of $2 non-cum.
div. shares and 242,325 shares of common stock,
By action of the shareholders at the aillourned meeting held Feb. 11 1930,
each share of outstanding 8% panic. pref. stock was changed into one share
of the new 8% cum. 1st pref. stock and two shares of the new common
stock, and each share of outstanding common stock was changed into two
of the new $2 non-cum. div. shares and one share of new common stock.
Exchange of the certificates for the old partic. pref. stock for certificates
for the new 1st pref. stock and common stock may be made at either of
the following transfer agents: The Union Trust Co., Cleveland, 0., or
Central Hanover Bank & Trust Co. New York City.
Exchange of the certificates for the old common stock for certificates for
the new $2 non-corn. div. shares and common stock may be made on like
terms only at the Union Trust Co.. Cleveland, 0.
The directors have therefore ordered that all certificates be exchanged
on or before March 25 1930, and on and after said date no holder of certificates for the panic. pref. stock and common stock shall be entitled to vote
or receive dividends or exercise any other rights of a stockholder until he
-V. 130. p. 1292.
shall have made such exchange.
Through the consolidation of the interests of the Mead Pulp & Paper Co.,
the Mead Paper Board Corp. and the Management Engineering & Development Co., a merger to be known as the Mead Corp. with claimed assets of
$330.000,000 has been formed according to an announcement made on Feb.
18. The consolidated capital structure will be 500,000 shares of $6 cumul.
pref. stock; 38,250 shares of series "A"6% pref. and 1,000,000 shares of no
par common stock of which 435,000 shares are to be issued.
Both the common and preferred stocks of the Mead Corp. are to be listed
on the New York Stock Exchange, it is stated, when the distribution meets
the listing requirements.
Under the new set up, common stockholders of Mead Pulp will receive
1 1-5 shares of the $6 pref. stock, series A and holders of 7% special pref,
will receive 11-6 shares of the new $6 pref.stock.
Holders of the 7% pref. stock of Mead Paperboard Corp. will receive 2%
shares of Mead Corp. common and common stockholders of Mead Paperboard will receive share for share exchange in the new company. Stock-Rights, &c.
Missouri-Kansas Pipe Line Co.
holders of the Management, Engineering & Developing Co. will receive one
At a meeting of the directors on Feb. 17 it was decided that upon the
share of Mead Corp. common stock for each share of common stock held.
In the announcement, President George El. Mead of Dayton, requested completion of the change in the capital structure of the company, which
all stockholders to make deposit of holdings for exchange on or after March was authorized at a special meeting of stockholders, an amount of the
newly authorized class 13 stock equal to the amount of the present common
-V. 129, p. 1924.
15 and before June 30. (Cincinnati "Enquirer".)
stock outstanding will be placed in a voting trust of which the voting
trustees will be Frank P. Parish (President), Francis I. du Pont and Ralph
-Annual Report.
Metal and Mining Shares, Inc.
G. Crandall (directors).
President Goo, L. Johnson says in part:
An offering then will be made of voting trust certificates representing
The market value of the securities in our portfolio on Dec. 311929, was class B shares at par on $1 per share to all holders of common stock, share
t7.098,054, being $779,100 in excess of the cost of those securities to us. for share so that each holder of common stock will be entitled to purchase
This favorable position was primarily the result of investment opportunities upon this basis one share of class B stock for each share of common held
made available through the Mineral Research Corp.
by blip.
In 1929 the net earned income per share of common stock (based upon
There will be no additional B stock offered to
individual or group
average number of common shares outstanding during the year) was $2.13, of individuals, it being intended that any future any
issued will be
B
after all charges and after deducting pref. dividends paid or accrued. In offered to stockholders pro rata. The B stock will be shareson the Chicago
addition, the appreciation in portfolio as of Dec. 31 1929, was equivalent Stock Exchange and the New York Curb Exchange. listed
-V. 130. p. 1292.
to $33.48 per share of common stock (based upon average number of common
-To Give Value to Patents, &c.
shares outstanding during the year). No part of this appreciation has yet
Monroe Chemical Co.
been credited to earned surplus account.
The stockholders on March 25 will vote on an amendment to the charter
Investment Position.
-We still have some holdings the market price of of the company so as to give value to intents, goodwill and other intangibles
which is below cost to us. However,these holdings are practically all in the in calculating surplus available for dividends on the conimon stock. In a
securities of sound, well-managed and profitable companies, such as the letter to the stockholders, President E. N. Monroe states that the present
Commercial Investment Trust Corp., Commonwealth & Southern Corp., charter restricts the company from expanding in a healthy way by the
Electric Power & Light, Cerro de Pasco Copper Corp..'Kennecott Copper purchase of other growing concerns, as it is generally recognized in the
Corp., Consolidated Gas of New York, Sinclair Consolidated Oil Corp. and pharmacential business goodwill trade marks, &c., are principal assets.
the like.
V. 129. p. 3975.
1475
FINANCIAL CHRONICLE
MAR. 1 1930.1
-13/2% Stock Dividend.
Monsanto Chemical Works.
The directors have declared the regular quarterly dividends of 31 Xc.
in cash and 1%% in stock, payable April 1 to holders of record Mar. 10.
-V. 130. p. 145.
Like amounts were paid on Oct. 1 1929 and on Jan. 2 last.
Montgomery Building, Inc., Spartanburg, S. C.
Notes Offered.
-A. M. Law & Co., Spartanburg, are offering
$375,000 ref. 7% endorsed gold notes at 100 and int. Notes
are unconditionally guaranteed, by endorsement, as to prin.
and int., jointly and severally, by principal owners.
duction and sales exceeding all previous records. Notwithstanding the
general business decline during the last two and a half months, earnings will
be satisfactory. The company is in a strong position and its fordgn business continues an ever-increasing factor in its sales and activities.'
To meet increased German business, Mr. Patterson stated that the
company is in the process of constructing a large new plant in Gremany.
-V. 129, p. 3810.
-Initial Dividend.
National Department Stores, Inc.
The directors have declared an initial quarterly dividend of 50c. a share
on the common stock, payable April 1 to holders of record March 15.V. 129, p. 3646.
Dated Feb. 11930; due Aug. 1 1934. Non-callable. Principal and int.
-Initial Cash Dividend Earns.
Neisner Bros., Inc.
(F. & A.) payable at the Chemical Bank & Trust Co., N. Y. City. The
The directors have declared an initial quarterly cash dividend of 404.
Central National Bank of Spartanburg. trustee. Denom. $5.000, $1,900 a share on the common stock, payable April 1 to holders of record March 15.
and $500.
A 60% stock dividend was paid on this issue on Aug.5 last.
Capitalization (Upon Completion of Present Financing).
1926.
1927.
1928.
1929.
Calendar Years6;i% 1st closed mortgage bonds
$503.000
$15,092.420 $10,292,130 86.477,100 $4.497.208
7% endorsed gold notes (this issue)
375.000 Net sales
292.618
458.590
779,698
a Net profit aft. taxes,&c 1,025,363
Common stock and junior securities
585,000
54,296
70,000
142,000
163,724
Properties.
-story Preferred dividends-The Montgomery Building, completed in 1925. is a 10
office building and theatre of excellent construction, located in the business
8238.321
$388,590
$637,698
$861.639
Net income
district of the City of Spartanburg. Nine stories are devoted to offices
80.000
100.000
125,000
206,215
and have a total floor space of over 61,000 square feet. The ground floor Shs. corn. stk. outst'd'g$2.98
$3.88
$5.10
$4.18
Is occupied by a bank, mercantile establishments and offices. Attached to Earns. per sh.on corntaxes in 1929 amounted to $110,000 in 1928 to
a Reserve for Federal
the building is a theatre with seating capacity of 1,362. This theatre is
$125,000 and in 1927 to $75,000.
satisfactorily teased to Paramount interests.
Balance Sheet Dec. 31.
Adjoining this building and theatre is very valuable land owned by the
1928.
company, adjacent to the Southern freight depot, ideal for the develop1929.
Liabilities1928.
1929.
Assetsment of warehouses, the railway company being under contract to extend Furn. & fixtures
Accts. pay.& mansuitable sidings at their expense. The company also owns valuable frontage
agem't bonuses $266,398 $176,173
(less deprec.)___$1,500,081 $902.670
a short distance away on North Church St. suitable for an additional office Investments
Res. for Fed. taxes
1,133,686
building or mercantile establishments in the future. The cost of the build- Other investments
168,658
146,792
& ins
45,000
ing and land was $1,333,000, which was a lower cost than first estimates.
794,340 2,549,337 7% cumul. cony.
Cash
Security.
2,208,700 2,500,000
-These notes are secured by a second mortgage on the office Accts. receivable
pref. stock
44,908
89,563
building and theatre and by a first mortgage on adjacent property. The Life ins, cash value
21,670 Cora. stk. & surp_a3,343,143 2,286,112
24,800
Issue of first mortgage bonds Is being reduced $30,000 per year and is now Inventory
2,250,800 1,421.663
$503,000, leaving an equity of $830,000 as security for these notes.
Total(each side)$5,9115,034 $5,130,943
145,694
171,762
Deferred charges
The rentals have been increasing steadily and are 25% greater now than
a Represented by 206,215 shares, no par value.
three years ago. On a basis of the minding being fully occupied at a
moderate rental of offices, stores and theatre, less than Is being obtained
-Directors.
Noma Electric Corp.
for equivalent space in many cities of similar size, net income available for
Foster Adams, of George H. Burr & Co., and Leroy P. Sawyer,formerly
nterest on these notes would be about three times interest requirements.
-V. 129, p. 2088.
Endorsements -These notes are guaranteed as to principal and interest of the General Electric Co., have been elected directors.
by the unconditional endorsement, jointly and severally, of the following
-$5 Distribution Authorized.
Nonquitt Mills Co.
parties: V. M. Montgomery, W. S. Montgomery. It. A. Ligon. R. E.
Barnwell, H. L Bomar, B. T. Earle and J. N.(Judd.
The stockholders on Feb. 25 authorized the distribution of $5 a share out
The combined net worth of these men and estates of W. S. Montgomery. of capital surplus on the outstanding 48,000 shares of capital stock. PaySr., and H. A. Ligon. Sr.. as given by their statements is in excess or ment will be made April 1 to holders of record Feb. 15.
$2,900.e00.
-Sub. Co. President.
North American Aviation, Inc.
(G. C.) Murphy Co.(& Subs.).
-Earnings.
Calendar Years
Sales
es
Rents & miscellaneous income
1928.
1927.
1929.
$15,726,652 $12,118,187 $10,233,508
115,273
119,719
169,891
Total income
Operating expenses
Res.for Federal income taxes
$15,896,543 $12,233,461 $10,353,227
9,683.190
14,889,152 11.476.283
86.497
89,184
110,221
Net income
Preferred dividends
Common dividends
Balance,surplus
Previous surplus
Sale of com.stk. In exc. of stated val_
Organization exps. written off
Federal tax adjustments
Prem. on sale of pref. stock
Inventory adjustment prior years
Other surplus additions (net)
$897,168
213,127
150,000
$670,680
133,981
124,710
$580,853
119,057
49,440
$534,041
1,794,647
288,691
$411,989
1.339,116
$412,356
965,463
33,310
69,128
1r40,964
15,380
Dr39,102
Cr399
0r8,185
Profit & loss surplus
$2.644,525 $1,794,647
No.ofcommon shares outstanding_ _ _
125,000
125,000
Earned per share
$4.29
$5.47
-V.130, p. 1126.
Thomas B. Doe has been elected President of the Eastern Air Transport.
replacing Clement M. Keyes, who was named chairman of the Board.
Eastern Air Transport was formerly the Pitcairn Aviation, Inc., and is
-V. 130 p. 1294.
now a subsidiary of the North American Aviation, Inc.
-Forms New Subsidiary.
North American Car Corp.
President E. II. Brigham on Feb. 20 announced the formation of a new
subsidiary company to handle poultry car operations of this corporation.
The new company. Palace Live Poultry Car Co., incorporated in Delaware,
will operate a fleet of 2,700 live poultry cars, composed of those formerly
operated by another by another North American subsidiary, and those
acquired from the Live Poultry Transit Co. on Jan. 1 1930.
Mr. Brigham will head the new subsidiary. I. V:Edgerton and Waldo
P. Johnson have been elected Vice-Presidents, L. H. S. Roblee Secreatry
and G. A. Johnson, Treasurer.
_ The new company will operate in addition to the poultry car line, either
directly or through subsidiaries, car repair plants at Buffalo, N.Y., Kenton,
Ohio and the Union Stock Yards, Chicago, and rennin: plants at Buffalo
and Kenton.
-V. 130. p. 477.
-To Increase Stock.
Northern Paper Mills Co.
$1,339.116
120,000
$3.76
Nash Motors Co.
-Resignation.
-
Milton H. Pettit has resigned as Vice-President and General Manager
of the Kenosha (Wis.) plant.
-V. 130. p. 298.
National Bellas Hess Co.
-Earnings.
-
Year Ended Dec. 31x1928.
1927.
1929.
Net sales
$48,311,813 $44,649,103 $44,665,419
Cost of goods, selling, operating &
admin. exp., less miscel. earns_ _
48,085,975 41,323,973 43,463,054
Losses Bust. in disposal of aband.
lines of mdse
735,313
Provision for Federal income tax..._
350,077
63,052
Depreciation of buildings & equipment
269,900
305,902
Interest & discount on funded debt
137,684
134,050
Net profits
loss $214,114 $2,567,468
Dividends on 707 pref.stock (net)_ _ _
432.579
422.429
Corn. divs.(cash)
y702,384
$404.000
441,329
Balance, surplus
deal,338,927 $2,134,888 def$37.329
abs. corn. stk. outstanding (no par)- 200.000
717,097
200,000
Earns, per sh.on 200,000 sirs, of corn_
$10.67
Nil
Nil
x Includes profits of Charles Williams Stores for three months ended
Dec. 31 1928.
y In addition stock divs. (capitalized at $3 per share) amounting to
$78,759 were paid.
Consolidated Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
Assets$
Liabilities$
$
$
Plant dr equip- _- 6,912,034 6,129,103 7% pref.stock.. _. 6,004,700 6,124,7C0
°ash
a:717:4 5 2
1,961,483
963,338 Common stock-- 2
i 11
.
000
Call loans, includ.
Funded debt
accrued interest_ 800,000 5,116,5,51 Accts. pay. incl.
Recur.at market..
accepts. under
36,990
17,313
Postage stamps dr
letters of credit_ 2,155,643 2,960,162
postcards
31,500
17,8,56
33,580 Notes payable_
Notes & accts. rec.
Rester taxes
29.747
leas reserve
281,241
270,677 Dividends payable 200,779
Inventories
8,896,215 7,329,908 Min.int. In sub.co
2,446
Prepaid expenses.- 1,186,648
920,076 Due to customers- 463,702
437.734
Amts. rec. not eurr
72,287
66.276 Cast. unfilled ords 110,100
213,694
Good-will
1
1 1st mtge.6% notes
Unamort. bd. disc,
not presented...
52,500
50,500
& fin. expense...
11,925
18,448 Res. for Federal
tax 1927
350,077
Accr. exp. de uncl.
wages
231,689
257.440
Res. for conting - _ _
Tot.(each side)-20.176.683 20,865,273 Surplus
8,111303 8,1t1t6
.
4
a Represented by 717,097 no par shares.
-V.130.P.986.
C7
National Breweries, Ltd.
-40c. Common Dividend.
-
The stockholders voted Feb. 24 to increase the authorized common stock
-V. 126. 13• 3311.
(no par value) from 75,000 shares to 85,000 shares.
-Earnings.
-Nunnally Company.
Calendar YearsSales
Cost ofsales & expenses
1927.
1928.
1929.
$1,775,392 $1,858,733 $1,832,941
1.746,747
1,821,657
1.746,101
Operating income
Other income
$29,291
11,211
$37,076
10,889
$86,194
38,362
Total income
Federal taxes
$40.502
$47,965
8124,5.56
16,356
x$40,502
447.965
$108,200
120,000
Net income
Dividends
447,965
def11,800
x$40,502
Balance
Earns, per sh. on 160.000 abs. cap.
$0.25
$0.70
$0.30
stock (no par)
x Before Federal taxes.
Balance Sheet Dec. 31.
1928
1929.
1929.
Assets$25.000
$16,580 Notes payable.... $90,000
.
$40,149
Cash
55,344
54,860
212,259 Accts. payable....
191,235
Accounts recelv- _
x3,000,000 3,000,000
150,009 Capital stock
218,428
Investments
99,223
58,720
207.335 Surplus
208.194
Inventories
1,129,878 1,099,393
Fixed assets
Trade marks &
1,449,974 1,449,974
good-win
3,030
Tot.(each side)_$3,244,567 $3,138,580
6.709
Prepaid items _ _ _
-V 129, p. 1457.
x Represented by 160,000 no par shares.
-Omits Common Dividend.
Oil Shares, Inc.
The directors have voted to omit the quarterly dividend of 373c. a
share on the common stock due at this time. Quarterly dividends at this
rate were paid from Dec. 20 1928 to Dec. 20 1929, incl.
In connection with the omission of the dividend on the common stock.
President, F. deC. Sullivan, stated that this action was taken by the
directors in order to reinvest earnings in leading oil securities at present
prices. Under its charter, the company is required to invest at least 50%
-V. 130, p. 638.
of its funds in shares of the Standard Oil group.
-Earnings.
Overseas Securities Co. Inc.
Calendar YearsProfits on purch. St sale of semr.(net)
Interest and dividends
1928.
1929.
$184,008 $1,173,681
323.407
359,716
1927.
$866,028
60,801
Gross earnings
Interest on debentures
Other interest paid
Franchise and other taxes
Miscellaneous expense
$543,724 81,497.088
202,032
250.000
$426,829
12,500
13,983
22,497
22,304
23,858
Gross income
Provision for Federal income tax
Directors and managers compensation
$253,015 $1.250,255
115,352
114.283
$376,489
44.073
32,836
40,709
The directors have declared an initial quarterly dividend of 40c. a share
$253,015 $1,020,621
Net inc. before prov. for inv. res _ _ _
on the new common stock and 49c. a share on the new $25 par 7% pref.
8299.581
stock, both payable April 1 to holders of record March 15. The annual
Condensed Balance Sheet as of Dec. 31.
dividend rate of $1.60 a share on the new common is equivalent to $6.40
1929,
1928.
Lfabintfes-Assets1929.
1928.
a share annually on the old common
which was split four for one and ,Case & can loans_ _ $217,193 $3,144,112 Suer .wt oe debs
Aend aert n pay -.
. . .
14 762 $290
49:000
56,238
which was on a $4 annual basis.
-V.130, p. 145.
Due fr. for. bits. &
5% debs. due 1947 1,347,000 1,500: 01
bankers
0
2
National Cash Register Co. (Md.).-Foreign Business. Accr. int. reedy_ _ 26,842
8,789
1,560 5% deb. due 1948 3,022,000
3.500,000
President Frederick B.Patterson said that the company's foreign
22,672 Cop.pensaliopd. ii.
cam stk.
n res.
business Accts. rec., &c
,
114,283
January would show a gain of about 40% over the same period a year Invest, at cost less
for
age.
su: lus
r
invest. reserve _ _27,370.670 5,789,659 Earn d airplus... 2,899 44 2, 09 7
301:8687
597:54684
8
"prospecta for 1930," Mr. Patterson added, "are good. The anticipated gain in foreign sales for the year will more than offset any falling off
In domestic activities. The company had a good year in 1929, with pro-$7,623,494 18.958,002
Total
Total
87,623,494 58,958.002
1476
Investments as of Dec. 31 1929.
(1) Domestic Bonds
Shares.
Par Value
1,900 Electric Power & Light Corp.
394,000 Atlas Plywood.cony. deb.531s
600 Pacific Lighting Corp.
75,000 Canadian Pacific, coll. Os
(d) Bank, Investment & Insurance
100.000 Chesapeake Corp., cony. coll. 5s 533 Home Insurance Co.
100,000 Chic. Mil. St. P. & Pac. mtge. 2,500 Lackawanna Securities Co.
5s, series A
500 Marine Midland Corp.
228,000 Chic. Sr No. West. cony. 430. (5) Foreign Common Stocks
series A
(a) Argentine
50,000 El Paso Nat. Gas Co. 1st s.f. 1,000 Sociedad Anonima "Manuf. de
Cia,
Piccardo
y
635s. (with warrants)
Tabacos
50.000 Pan-Amer. Pet.& Transport Co.,
Limitada."
cony, sinking fund Os
(8) Canadian
100,000 Phila. & Reading Coal & Iron 1,000 Arntfield Mining Syndicate
Co., cony. deb. 133
1.000 Asbestos Corp., Ltd.
(2) Foreign Bonds
(e) Dutch
35,000 Amer. I.G.Chem.Corp.guar. a37,300 N. V. Philips' Gloellampen53s
fabrieken
Rm.372,000 I.G. Farbenindustrie A.G.,
(d) English
cony. deb. Os
Shares.
Kr.3,960 Kreuger dr Toll Co. 5% 1,375 Alaska United Gold MM. Co.
partic. debentures.
1.750 Harrods (Buenos Aires) Ltd. def'd
$25,000 Prussian external s. f. 6s
3,600 Marks and Spencer. Ltd.
£52,898 2-6 Russian 4% consol. RR.bds. 4.000 N. V. Margarine Unto
of 1889*.
2,625 Mining Trust. Ltd. (The)
9,800 Russian 4% Dvinsk Vitebsk 21,000 Russo-Asiatic Consolidated, Ltd.
Ry. bonds of 1894*
2,000 Turner and Newall, Ltd.
4,060 Russian 4% Nicolas Ry. bds.
(e) French
of 1867 and 1869*
2,000 Ford (Societe Anonyme Francalse)
Hb6.100,000 Russian 4% Rente-s of 1894*
108 "Etabilssements Kuhimann"(Compagnie Nationale de Matleres
£7,040 Russ'n 3% Trans-Caucasian
Colorantes et Manufactures de
RR. bds of 1882*
•Acquired by predecessor corp. and
Produits Chimiques du Nord
sold since Dec. 31 1929.
Reunies)
(3) Preferred Stocks
94 Paris-France, A (25% paid)
Shares.
31 Paris-France, B (25% paid)
800 Go'd Dust Corp..$6 cony.
44 "Pechine "(Compagnie de Prodults
500 Gotham Silk Hos. Co., Inc..7%
Chimiques et Electro-Metallur500 Helene Rubinstein,Inc.$3div.cony.
gigues Alais, Froges et Camar500 Inter. Match Corp.. Participating
gue)
SOO Missouri Pacific,5%
16 Telegraphle sans Fit (Compagnie
(4) Domestic Common Stocks
Generale de) A
166 Telegraphie sans F11 (Compagnie
(a) Industrial
500 Air Reduction Co.. Inc.
Generale de) B
60 American Can Co.
(f) German1,000 American Smelting & Refining Co. Richsmarks-Par value
500 American Tobacco Co., B
204,000 Darmstaedter und Nationalbank
300 Borden Co.
K.
-G. a. A.
2,121 Carnation Co.
492,000 Deutsche Bank und DIsconto
Gesellschaft
500 Case (J. I.) Co.
1,000 Childs Co.
208,500 Elektrische Licht-und-Kraftan1.000 Consol. Retail Stores, Inc.
lagen A. G.
1,886 Corno Mills Co.
84,000 Elektrizitaets A. G. vormals
600 Drug, Inc.
Schuket t & Co.
300 Gen. Railway Signal Co.
169,200 Gesellschaft fuer elektrische Un605 Gillette Safety Razor Co.
ternehmungen
1,600 Goodyr. Tire & Rub. Co.
393,000 Hamburgische Electricitaets1,000 Gotham Silk Hos. Co., Inc.
Werke A. G.
300 Inter. Business Martin. Corp.
204.000 I. O.Fat benindustrie A. G.
1,000 International Cement Corp.
377,800 Rudolph Karstadt A. G.
200 Johns-Manville Corp.
100,000 Rudomh Karstadt A. G.(Amer509 Kennecott Copper Corp.
Iran sits. R.M. 40 par value)
500 Lambert Co.
164,700 Rheinische A. G. fuer Braunk1,200 Libbey-Owens Clam Co.
ohlenbergbau und Brikett1,000 Libbey-Owens-Se Corp. v.t.c.
fabrikation
500 Liggett & Myers Tob, Co., B
240,000 Rheinisch-WestfaelLsches Elek8,700 Lorillard (P.) Co.
trizitaetswerk A. G.
600 Mead Johnson & Co.
96,000 Schiesische Elektrizitaets - und
325 Metal & Thern..t Corp.
Gas A. G.
400 Murray Co.(Texas)
294,000 Siemens & Halske A. G.
90 North American Match Corp.
(g) Italian
COO Pan-Amer. Pet. & Transp. Co., B
Shares.
900 Safeway Stores, Inc.
2,545.43 "Snia-Viscosa" (Societa Na600 Sears, Roebuck & Co.
zionale Industria Applicazioni
1.000 Shattuck (Frank G.) Co.
Viscosa)
1,500 Shepard Stores, Inc.
(h) Polish
1,000 Standard Oil Co. of N.J.
Shares.
275 Stern Brothers, A
603 Bank of Poland
700 Tubb* Artificial Silk Co. of Amer.,
(0 Swedish
class B. vot. trust eds.
137 A. B. Kreuger & Toll. B
1.025 United Fruit Co.
587 Skandinavlska Kreditaktiebolaget
1,500 Walgreen Co.
1,325 A. B. Svenska Kullagerfabriken
100 Weill(Raphael)& Co.
(S.K.F.) A shares
(b) Railroad
450 A. B. Svenska Kullagerfabriken
1,000 Alabama Great Southern
(S.F.K.) B shares
3,000 alleghany Corp.
600 Svenska Taendsticlu3A.B.(Swedish
800 Atchison, Topeka & Santa Fe
Match) A shares
1,000 Chic.. Rock Island & Pacific
90 Svenska Taen.tIcks A.B.(Swedish
500 Delaware & Hudson
Match) B shares.
500 Norfolk dr Western
(0 Swiss
500 Union Pacific
170 Banque pour Entreprises Elect(c) Public Utility
riques
BOO American Gas & Electric Co.
250 Credit Suisse
500 American Power & Light Co.
632,500 Internationale Gesellschaft fuer
Chemische Unternehmungen
500 Amer. Telep. & Teleg. Co.
(50% paid)
600 Consol. Gas Co. of New York.
A.G.
a Guilders Dar value. is Swiss francs par value.
-V. 128, P. 2 46.
5
Ohio Brass Co.
-Earnings.
1926.
Calendar Years1927.
1929.
1928.
Net profit
$2,823,057 $2.002,058 $2,506.455 $2.501.657
, The net income of 22,823,057 afer charges is equivalent after preferred
dividends to $7.78 a share on the combined 347.534 class A and class B
shares outstanding, and compares with $5.24 a share in 1928.
Consolidated Balance Sheet Dec. 31.
1928,
1929.
1929.
1928.
Liabilities
Assets$
$
Mfg. pl'ts Sr equip_ 4,303,424 4.574.995 Preferred stock... 2,000,000 2,000,000
1,266,976 1,086,462 Corn. stk.(no par,
Cash
347,534 shares). 9,434.66() 8,851,327
Marketable securs. 3,049,073 2,651.921
3.51,941
281,714
154,165 Accounts payable_
137,635
Notes receivable
250,000
Accts. receivable.._ 1,552,791 1,333,443 Reserve for taxes. 336.500
464.412
464,393
2.277,615 2.046,448 Reserve for dive__
Inventory
12,587,514 11,847,434
Total
-V. L.9, p. 3336.
[VOL. 130.
FINANCIAL CHRONICLE
Total
12,587,514 11,847.434
-Rights.
Pacific Associates, Inc.
The expiration date on rights to buy one new share of capital stock at
$30 a share for each 5 shares held has been extended to June 30 1930 from
the former date of March 5.-V. 130, p. 1294.
-New Stock Placed
Pacific Indemnity Co., Los Angeles.
on a $1.46 Annual Dividend Basis
-New Directors.
The directors have declared an initial quarterly dividend of 35c. a share
on the new $10 par stock, payable April 1 to holders of record March 15.
This dividend is equal to $7 a share per annum on the old $50 par stock,
compared with the $6 rate previously paid.
SkTwo new directors were added at the stockholders' meeting, viz., Asa
V. Call and M. R. Johnson.
-V. 129. p. 3023, 2400.
-Listed.
Pacific Mutual Life Insurance Co. of Calif.
The Los Angeles Stock Exchange has authorized the listing of 44.000
additional shares of $10 par common stock, bringing the total listed stock
to 484.000 shares. The additional stock is being listed in connection with
the issuance for new financing and expanding activities. V. 130, P. 1294.
Pacific Mills, Lawrence, Mass.
-Earnings.
Calendar YearsNet sales
Cost of goods sold
1928.
1926.
1929.
1927.
$47,603.674 $44,120,650 $44,088,359 $44,766,810
43,924,397 41,943,607 39.751,777 41,900,143
Net operating profit__ $3,679,277 $2,177,043 $4,336,582 $2,866,667
Plant depreciation
1,440,340
1,427.676
1.407.009
1,392,990
Inventory marked down
465,808
600,511
547,519
1,253.837
Interest charges
582,337
325,782
738,872
889.013
Amortization of discount
on term notes
121,394
119.916
204,750
224,583
Other charges
160,082
182.057
145,914
34,196
Net profit
$1,031,168 def$600,751 $1,292,518 def$927,952
Earns per sh.on cap.stk.
Nil
$2.58
$3.26
Nil
Sales (Cal. Years)
Cotten (yds.)
I
Not
{255,637,133 254,995,732 268,436,404
Worsteds (yds.)
Available
10,846,884 14,633,071 15,505,726
Yarns (lbs.)
375,224
24,393
159,438
Balance Sheet, Dec. 31.
1928.
1929.
1929.
1928.
LiabilUtesAssets$
$
Plant
y48,192,550 48.018,462 Capital stock
39,612,300 39.612,300
Cash
3,591,144 3,200,847 534% gold notes.. 7,442,000 13,451,000
Acets receivable._ 9.713,454 9,820,494 Accr. int, on notes 170,546
308,252
U.S.ctfs.of igelebt_ 2.500,000 2,500,000 Sundr. acc'ts pay_ 1,171,135
424,421
a Inventories
10,876,825 13.949,454 Fed. Sr State inc.
taxes
Unearned insuece
75,000
389.318 Inventory reserves 300,000
premium
336,513
48,574 Res. for deprec_ _ _20,746,773 19,445,140
Sundry securities.
9,150
87,182 Res. doubt,acc'ts. 250,000
Prepsid items. _ _ _
78,859
200,000
Surplus
5.535,742 4,573,218
Tot.(each side)_75,303,496 78,014,331
x Inventories were taken at cost or market, whichever is lower, except.
such part as was against firm orders. y Plant taken at book value.
As of Dec. 31 1928 the company contracted to purchase cotton, wool,
cotton cloth and supplies for the total amount of $818,155, which, as of
that date. was $4,960, above the market.
-V. 129, p. 812.
-Earnings.
Park Lexington Corp.
Calendar Years1929.
1928.
otal rental and other income
$1,411.572 $1,155.700
Net operating profit
625,357
446,803
&Janes after all int, charges, but before deprec87,528 def$69,835
Balance Sheet Dec. 31.
1928.
1928.
1929.
1929.
Liabilities$
Assets
Preferred stock... 1,750,000 1,750,000
x Buildings,' ease.,
40.000
40,000
imPt Sr equip_ _10,074,I54 10,179,439 y Common stock__
6,953.000 7,051,500
55,935 Funded debt
Cash
119,304
Debenture bonds_
990.000 1,000,000
Sinking fund cash_
5,587
8,322
8,134
Accts. & notes rec. 108,465
75.477 Cash sec, on leases
74,501
137,542 Advance rentals
74,448
Deferred charges
245.406
Notes Sr accts. pay 454,754
160,614
Accruals
207,586
208,069
74,511
155,870
Tot.(each side)_10,552,916 10,448,393 Surplus
Represented by 40,000 no-par shares.
-V.
x After depreciation. y
129, p. 1457,
-Earnings.
Patterson-Sargent Co.
Earnings for Fiscal Year Ending Oct. 311929.
Operating profit after deducting cost of sales, selling, administra$977,558
tive and general expense
17,514
Other deductions, net
108.000
Provision for Federal taxes
Net profit
Previous surplus
Total surplus
Dividends on 2nd preferred stock
Common dividends
Premium on preferred stock retired
$852,043
2,060,437
$2,912,480
65,625
300,000
12,500
$2.534,356
Balance Sheet Oct. 311929.
Liabilities
Assets
$93,945 Accounts payable
$300,242
Cash
1,174,967 Accrued accounts
144,605
U. S. Govt. securities
170,000
Customers' notes & accept.pay 841,860 Diyidencis payable
1,197.295 Mortgage payable for real
Inventory
estate purthased
9,900
Sunory secur. owned & miscell.
40,537 Prey. for retirement of 2,500
accounts receivable
sha. of 2nu pref. stock
262.500
Cash surrender value of We
10,082 Special plant Sr Maur. reserve
331,999
insurance
Second preferred stock
750.000
Land, buildings, machinery &
1,421.355 Common stock
x300.000
equipment, &e
Profit and loss. surplus
2,534,356
Unexpired insurance prem. Sr
14.610
prepaid taxes
Balance, surplus
Total
$4,803,602
Total
-V.128, p. 3011.
x Represented by 200.00000 par shares.
$4,805,602
-80e. Dividend.
Peck & Hills Furniture Co.
The directors have declared an initial semi-annual dividend of 80 cents
per share on the new no par value common stock, payable March 1 to
holders of record Feb. 18.-V. 128, p. 1244.
-25e. Extra Dividend.
(David) Pender Grocery Co.
The directors have declared an extra dividend of 25c. a share and the
regular quarterly dividend of 25c. a share on the class B stock. both Payable
April 1 to holders of record March 15. Like amounts have been paid on
this issue since and incl. April 11928.
1927.
1926.
1928.
Earns. Calendar Yrs.- 1929.
$15,920,689 $15,419,461 $12,599,161 $10,721,805
Net sales
Net profit before Federal
460,537
382,822
336,405
338.015
and State taxes
390,777
321,198
292,391
287.715
Net after taxes
105.000
105.000
105,000
x235,761
Class A dividends
$187,391
$285,777
$216.198
Balance surplus
251,954
Shs. class B stock out65,000
61,000
63,000
65,070
standing er share _ _ _ _
p (no par
)
$4.40
$3.07
$3.43
Earnings
x Includes class B dividends.
Balance Sheet Dec. 31.
Class A IUs
Liabll D
1023.
1929.
1928.
Assets1929.
stockx$1,517.065 $1,594,500
Land,bides.,equip404.322
595,097
ment, &c
Y$809.271 $538.780 Accounts payable_
238,275 Notes payable..
200,000
Cash
366,838
95,881 Res. for Fed. and
Notes & accts. rec. 126,045
69,762
State tax
50.300
7,762
Inv. In other cos._
9,263
8,750
8.810
Inventories
1,817.898 1,845,840 Res. for dive. A _ _.
32.500
32,535
3,035 Res. for (flys. B.Fire insur. fund
10,419
3,035
Fire insur. fund...
10,419
Adv. to employees
3,032
11,585
Cap. stock (empL)
Dep. with bankrupt
743,284
banksSurplus
795,363
6,284
48,265
Deferred charges..
60,738
Tot.(each side) _$3,209,590 $2,777.839
1
Good-will1
x Represented by 30,207 shares of class A no par pref. stock and 65,070
shares class 13 no par common stock. y After deducting $799,474 reserve
-V. 130, p. 988.
for depreciation and amortization.
-To Reopen Plant.
Pennsylvania Dixie Cement Corp.
The corporation's plant at Kingsport. Tenn.. will resume operations on
March 1 according to a dispatch from Richmond, Va. The mill was
The directors have declared a quarterly dividend of $1.25 a share on the closed down nearly a year ago. Resumption of work at the cement plant
common stock, payable April 1 to holders of record March 20. Previously will mean the employment for between 150 and 200 men at Kingsport and
-V. 130, between 50 and 75 men at the plant's rock quarry near Gate City, Va.
the company paid quarterly dividends of $1 a share on this issue.
-V. 129,1p. 3179.
p. 1294.
Page Hersey Tubes, Ltd.
-Larger Dividend.
FINANCIAL CHRONICLE
MAR. 1 1930.]
Pennsylvania Tank Line.-Eguipment Trusts Offered.
Freeman & Co., New York, and Bankers Bond & Share
Corp. of Sharon, Pa., are offering $900,000 5% equipment
trust gold certificates, series BB. To be issued under the
Philadelphia plan.
Principal and dividends to be unconditionally guaranteed by endorsement by the Pennsylvania Tank Line. Dated March 1 1930; principal
payable semi-annually in serial installments of $45,000 each from Oct. 1
1930 to April 1 1940. both inclusive. Payable to bearer (with optional
registration as to principal) in denom. of $1,000. At the option of the
Pennsylvania Tank Line, certificates are to be red, as a whole on any div.
date at 101 and div. Both principal and div. are to be paid without deduction of normal Federal income tax not in excess of 2% per annum.
Certificates and div. warrants (A. & 0.) payable at the office of Colonial
Trust Co. of Farrell, Pa., trustee, or at principal office of its agent, Equitable Trust Co. New York. The Oct. 1 1930 div. warrant will cover a
7 months' pericid. The Pa. Tank Line agrees to reimburse to the holders
of these certificates the Pa. State tax (not to exceed 4 mills annually) upon
application as set forth in the agreement.
These certificates are to be secured through deposit with the trustee of
title to 600 new all-steel tank cars, each having a capacity of 10,000 gallons
and being equipped with 50
-ton trucks. These cars are to cost in excess
of $1,160,000, or approximately 128% of the face value of the certificates
to be issued. Pending transfer of title to these cars, cash to the full face
amount of the certificates will be deposited with the trustee to be withdrawn as cars are delivered.
The entire 600 cars to be included in this trust will be leased to The
Texas Corp. for a period of 5 years under a non-cancellable contract.
Pa. Tank Line is one of the oldest and best known of the lease line companies, having been incorp. in New Jersey in 1912. Its business consists
entirely of the owning and leasing of tank cars, having a fleet, including the
600 cars to be placed under this trust, of 6,117 cars, and ranking among
the first three leased lines in the country.
The average annual earnings of the Pa. Tank Line for the years 1925 to
1929 incl., available for interest and other fixed charges, were $1,140,576,
or approximately 33a times interest requirements on all trust issues of
the Pa. Tank Line now outstanding and series "BB."
-V. 127, P. 2696.
Pierce Arrow Motor Car Co.(& Subs.).
-Earnings.
-
The report of the company for 1929 shows net profit of $2.586,112
after depreciation, interest, &c., equivalent after dividends paid on the
6% preferred stock and under the participating provisions of the class A
and B shares, to $4.06 a share on 197,250 shares of class A stock (no par)
and $6.12 a share on 230.125 shares class B stock (no par), all of latter
stock being owned by Studebaker Corp. This compares with net loss of
$1,293,025 in 1928.-V. 130, p. 988.
Pilot Radio & Tube Corp.
-Rumor Denied.
Treasurer J. Benjamin states• "We have not been sued by the DeForest
ompany, nor have any papers been served on 1113 in eonnection with said
You are at liberty to deny any such statement.''
-V.130, p. 1295.
Pirelli Co. of Italy (Societe Italiana Pirelli).
-Bonds.
S. P. Morgan & Co., as fiscal agent, is notifying holders of sinking fund
7% cony, gold bonds, due May 11952, that $74.000 of these bonds will be
redeemed and paid on May 1 1930 at 104. Bonds so drawn will be paid
upon surrender at the office of J. P. Morgan & Co., 23 Wall Street on May
1, next, after which date all interest on drawn bonds will cease.
-V. 129,
p. 1603.
-Offer to Airstocks.Pittsburgh Bond & Share Corp.
The corporation having been advised by the management of Airstocks.
Inc. of their intention to liquidate the assets of Airstocks, Inc.. is entending
to certain stockholders of that company an opportunity to exchange their
shares on the basis of one share of Pittsburgh Bond & Share Corp. for each
one share of Airstocks, Inc. owned. A letter dated Feb. 13 further states:
This exchange offer Is of immediate advantage to Airstocks. Inc. stockholders inasmuch as the liquidating value of Pittsburgh Bond & Share Corp.
as of Feb. 11 1930 Is equal to $48.05 per share as opposed to a liquidating
value of approximately $46.80 per share for Airstocks, Inc.
Pittsburgh Bond & Share Corp. was organized in March 1929, and reports net earnings of $5.68 per share for the nine months ending Dec. 31
1929.
The company paid an initial quarterly dividend of 50 cents per share on
Nov. 16 1929 and a second quarterly dividend of the same amount Feb.
15 1930.
Income Account for the period from Mar. 12 to Dec. 31 1929.
Dividends received, $6.269; profit from sale of securities, $37,263;
int. received, $9,891; syndicate profits, $851
$54.273
Int. paid, 8407; cap. stock tax, $219; legal expenses and stock Ws.,
$1161; miscellaneous, 8342
2,129
Provision for Federal taxes
5,736
Profit for period
Dividend paid ______________________________ Balance, surplus
Assets-.
Cash in bank
Call loans
Investments at cost
Accrued interest
$46,408
4,085
$42,323
Balance Sheet Dec. 31 1929.
Liabilities
$5,736
$5,946 Prov.for Federal tax
85,000 Capital stock & paid-in surplus_ _b414,975
a370,834 Earned surplus
42,323
1,254
1477
of counsel dividends are exempt from normal Federal income tax under
existing laws.
CapitalizationAuthorized.
This Offering.
Capital stock (no par)
1,000,000 abs.
500,000 shs
No stock warrants, or so called "founders or management stock," have
been issued or provided for, there being only one class of stock, with full
equal voting power.
-No management fee will be paid by the corporation.
Management Fee.
-Company was organized in Delaware as a limited manageBusiness.
ment investment trust. The life of the Trust is limited to a period of
from 5 to 10 years, not to extend beyond 1940. Will acquire common
stocks and (or) senior securities of leading railroad, public utility, industrial corporations and of banks and trust companies. Except under conditions noted, the company's choice of investments will be limited to the
securities of the following companies and the following ratios:
Industrial Group (30%)
Railroad Group(
27%)
Allied Chemical & Dye Corp.
Atchison Topeka & Santa Fe fly. Co.
American Bank Note Co.
Atlantic Coast Line RR. Co.
American Can Co.
Baltimore dr Ohio RR. Co.
Anaconda Copper Mining Co.
Canadian Pacific Ry, Co.
Atlantic Refining Co.
Chesapeake & Ohio fly. Co.
Chicago Rock Island & Pacific Ry. Co. Du Pont (E. I.) de Nemours & Co.
Eastman Kodak Co.
Great Northern fly. Co., preferred
General Electric Co.
Illinois Central RR. Co.
General Motors Corp.
Lehigh valley BR. Co.
Ingersoll-Rand Co.
Louisville& Nashville RR. Co.
International Harvester Co.
New York Central RR. Co.
National Biscuit Co.
Norfolk & Western fly. Co.
National Dairy Products Corp.
Northern Pacific fly. Co.
Otis Elevator Co.
Pennsylvania RR. Co.
Reynolds (R. J.) Tobacco Co.
Reading Company
Sears, Roebuck & Co.
Southern Pacific Co.
Standard Oil Co. of New Jersey
Southern Ry. Co.
Texas Corporation
Union Pacific RR. Co.
Union Carbide & Carbon Corp.
Public Utility Group (38%)
United Fruit Company
American Gas & Electric Co.
United states Steel Corp.
American Light dr Traction Co.
Westinghouse Electric & Mfg. Co.
American Power & Light Co.
Woolworth (F. W.) Co.
American Telephone & Telegraph Co.
Bank Stoat Grout)(5%)
Columbia Gas & Electric Corp.
Fidelity-Philadelphia Trust Co.
Commonwealth Edison Co.
Girard Trust Co.
Consolidated Gas Co. of N. Y.
Integrity Trust Co.
Electric Bond & Share Co.
Pa. Co. for Ins. on Lives & Grant. Ann.
Electric Power & Light Corp.
International Telephone & Telegraph Co. Philadelphia National Bank
Bankers Trust Co.(New York)
National Power & Light Co.
Chase National Bank (New York)
Northern States Power Co. (Del.)
First National Bank (New York)
Pacific Gas & Electric Co.
Guaranty Trust Co. of New York
Public Service Corp. of New Jeisey
New York Trust Co.
Southern California Edison Co.
First National Bank of Boston
United Gas Improvement Co.
Continental Illinois Bank & Trust Co.
Western Union Telegraph Co.
All securities in the portfolio of this company will have been acquired at
market prices prevailing subsequent to Feb. 1 1930.
-Under the provisions of the trust agreePolicy and General Features.
ment, the management is prohLoited from engaging in margin transactions,
short selling or hypothecation of securities in the portfolio, thereby assuring supervision of a strictly investment character. The management,
under specified restrictions, may make readjustments in the portfolio. If
conditions have arisen under whilh inaction would be incompatiole with
the high standards of investment set forth in the formation of this trust,
provided such action is in conformity with the provisions of the trust
agreemsnt As provided in the charter, stockholders will not have the
pre emptive right to subscribe to additional issues of stock.
A Reserve Fund wL1 be created consistint, of at least 75% of realized net
capital gains. This fund will be held and invested by the trustee and
distributed to the stockholders upon final liquidation.
Stockholders may inspect the list of securities at any time after Nov. 1
1930, and may, after Feb. 1 1931, liquidate their stock for cash in the
manner and subject to the limitations described fully in the deed of trust.
Application will be made to list or admit to trading privileges these
shares on the Philadelphia Stock Exchange and (or) N. Y. Curb Exchange.
-Chas. P. Barden Jr. (I3erdell Brothers, N. Y. City), Henry
Directors.
D. Boenning (Boenning & Co.), Frank M. Hardt (V.-Pres., Fidelity-Phila.
Trust Co.), Walter K. Hardt (Pres., Integrity Trust Co.). Edward B.
Leisenring (Pres., Westmoreland Coal Co.), Philadelphia; H. G. Scott
(Pres.. Union Utilities, Inc.), N. Y. City: Henry Tatnall. William H.
Taylor (Pres., Philadelphia Electric Co.) and Herbert J. Tily (Pres..
Strawbridge & Clothier), Philadelphia.
-Merger Approved.
Pro-phy-lac-tic Brush Co.
The proposed merging of the Pro-ph y-lac-tic Brush Co. of Massachu'
setts, with the Lambert Co. has been approved by a vote of approximately
90% of the outstanding stock, George H. Burr, chairman of the Pro-philac-tic Brush Co.. announced on Feb. 24. For the purpose of carrying out
the consolidation all of the assets of the Massachusetts company have
been transferred to the newly organized Pro-phy-lac-tic Brush Co. of
Delaware which is 100% owned by the Lambert Co. As a result of the
action of stockholders the Delaware company has now taken over control
of the property.
Under the terms of the merger agreement the holder of each share of
the common stock of Pro-phy-lac-tic Brush Co. (Maas.) will receive onehalf share of the common stock of the Lambert Co. Stock of the Lambert.
Co. will tr..+ a vailabh, for cl3livery on March 3 against delivery of the stock
of the Alassachusetts company.
Stockholders of Pro-ph y-lac-tic Brush Co. (Mass.) whose certificates are
re,gistered in names other than their own are requested to immediately
deposit their shares for transfer with the Bankers Trust Co. in New York
in order to facilitate consummation of the consolidation.
Prior to transfer of the property to the Delaware company certain miscellaneous assets of the _Massachusetts company were taken out and transferred
to P. B. Corp. in exchangelor its stock. This stock will on March 8 be
distributed pro rata to holders of stock of the Massachusetts company at
the rate of one share of P. B. Corp. stock for every 10 shares of common
stock of the Pro-phy-lac-tic Brush Co. (Mass.) held.
The Delaware company was incorporated on Feb. 13 1930 with an
authorized stated capitalization of $700,000.
Total
Total
$463,034
$463.034
a Market value $288,183. b Represented by 8,170 shares of no par value.
Portfolio Holdings at Close of Business Dec. 31 1929
Shares.
Shares.
(a) Common Stocks
50 Union Carbide & Carbon Co.
150 New York Central RR.Co.
500 Granite City Steel Co.
100 Pennsylvania RR.Co.
200 Spencer-Kellogg, Inc.
150 Pennroad Co.
100 General Foods Corp.
100 Pennsylvania Co.
200 Airstocks, Inc.
150 New York Central RR.Co.
150 Montgomery Ward dc Co.. Inc.
100 Standard Oil Co. of Calif.
200 Marine Midland Corp.
100 Standard Oil Co. of Ind.
1,000 General Baking Corp.
Frederick C. Ely, Secretary and Treasurer, Feb. 19 says.
100 Texas Corp.
(b) Preferred Stocks
in substance:
100 Gulf Oil Corp.
200 General Baking Corp. 6% pref.
Since Feb. 7 1930, the assets and cash, which the reorganization agree100 Humble Oil & Refining Co.
50 Sloan & Zook Prod. Co.7% pref.
ment dated Jan. 9 1930, between this company and the Lambert Co.
406 Bradford Producing Co.
(c) Bonds-.
600 Commonwealth & Southern Corp. 55,000 Danish Consol. Muni°. 88_1946 provided should be transferred to P. B. Corp. (a Delaware corporation
100 Electric Bond & Share Corp.
5,000 Toho Elec. Pow. Co. Ltd.68_1932 formed by this company), have been transferred top. B. Corp.in exchange
.500 United States Electric L.& P.Co. 5,000 Deutsche Bank Notes 8s_ _ _1932 for 10,000 shares of the common stock without par value of P. B. Corp., ,
100 United Corp.
5,000 Kingdom of Italy Ext.7s._ _ _1951 being all of its authorized and outstanding stock; all of the property, busi50 North American Co.
5,000 Pressed Steel Car Co. Conv.5s1933 ness and assets, including the good will, of this company, remaining after
300 Empire Pub. Secy. Corp., class A. 5,000 Loew's Inc. deb. 6s
1941 said transfer, have been transferred to Pro-ph y-lac-tic Brush Co., a Dela100 Texas-Gulf-Sulphur Co.
15,000 Garlock Pkg.Co.conv.deb.6s-1939 ware corporation, in exchange for 7,000 shares of common stock, par $100
100 Harbison-Walker Refractories Co. 25,000 Bradford Prod. Co.10-yr.68_1939 each,of the latter company,being all ofits authorized and outstanding stock;
50 United States Steel Corp.
and this company has delivered to the Lambert Co. all of said 7,000 shares
of common stock of the new company In exchange for an irrevocable order
Pond Creek Pocahontas Co.
-Coal Mined.
upon the transfer agent of the common stock of the Lambert Co. entitling
Month ofJan. 1930. Dec. 1929. Jan. 1929. this company to the delivery of 50.000 shares of common stock without par
Coal mined (tons)
66.216
71.411 value of the Lambert Co.; all as contemplated by and specified in the
50.348
-V. 129. p. 2551.
reorganization agreement. In addition, the stockholders of this company have duly voted to change its corporate name to P. B. Co. of MassPrairie Pipe Line Co.
-Extra Dividend of 50c.
achusetts, such change
take
The directors have declared an extra dividend of 50c. per share and the certificate of amendmentto the effect upon the filing of the customary
of
of this company,
regular quarterly dividend of 75c. per share on the no par common stock. and have also duly voted that certificate of incorporationin due course for
the usual steps be taken
payable March 31 to holders of record Feb. 28. Like amounts were the dissolution of this company.
both
paid in each of the four preceding quarters. On Jan. 4 1929 the stock
The above transactions having been consummated to the extent stated.
was spoilt on a 4-for-1 basis and a 25% stock dividend declared.
-V. 130. it is now in order to effect the distribution among the holders of the common,
p. 988, 302.
stock of this company of (a) the 10,000 shares of common stock of P. B.
Corp.(being at the rate of share
Premier Shares, Inc.
-Stock Offered.-Boenning & Co. 10 shares of common stock1 of thisof common stock of P. B. Corp.for every
50,000 shares of
and Integrity Trust Co., Philadelphia, are offering at $12.50 common stock of the Lambert Co. company). and (b) theshare of common
(being at the rate of 1
stock of the Lambert Co.for every 2shares of common stock of this company)
per share 500,000 shares capital stock (without par value).
Pursuant to resolutions of the board of directors of this company adopted,
Trustee and custodian, Fidelity-Philadelphia Trust Co., Philadelphia. at a special meeting thereof held Feb. 19 1930:
Transfer agent. Integrity Trust Co., Philadelphia. Registrar, Girard
(1) Said 10,000 shares of common stock of P. B. Corp. will be distributed'
Trust Co.. Philadelphia.
as soon as convenient after the close of business on March 8
It is anticipated that annual dividends payable quarterly will be in- of record of common stock of this company on March 3 1930, to holders- This dis
augurated as soon as the same may be justified and consistent with sound tribution will be effected by Bankers Trust Co. as transfer1930. who will
agent,
business methods at the rate of 8% of the offering price. In the opinion mail eertificaties to such
tholders. It will not be necessary, in order to receive-
1478
FINANCIAL CHRONICLE
this distribution, for holders of common stock of this company to surrender
their certificates representing such common stock. Inasmuch as there will
be only 10.000 shares of common stock of P. B. Corp. to be distributed
among the holders of the 100.000 outstanding shares of common stock of
this company, such distribution will be effected by the issuance of stock
certificates representing common stock of P. B. Corp. in respect of holdings
of common stock of this company in amounts of 10 shares or any multiple
thereof, and by the issuance of scrip certificates representing fractional
Interests in shares of common stock of P. B. Corp. in respect of holdings of
common stock of this company other than 10 shares or a multiple thereof.
Such scrip certificates will not confer voting rights, but holders thereof will
be entitled to receive their pro rata shares of dividends, if and when declared
and paid, on the common stock of P. B. Corp. The scrip certificates, when
combined in amounts aggregating 1 full share of stock. may be exchanged
for stock certificates at any time on or before the close of business on Feb.
1 1933, at the said office of the transfer agent, unless said time is extended
by P. B. Corp. If not so surrendered for exchange, the stock against which
the then outstanding scrip certificates were issued will be sold, and the
proceeds distributed pro rata among the holders of outstanding scrip
certificates. upon surrender of their scrip certificates for cancellation.
(2) Said 50.000 shares of common stock of the Lambert Co. will be
available for distribution on and after March 3 1930. to holders of common
stock of this company. It will be necessary, in order to receive this distribution, for holders of common stock of this company to surrender their
certificates representing such common stock, to the transfer agent, for
cancellation. Inasmuch as there will be only 50,000 shares of common
stock of the Lambert Co. to be distributed among the holders of the 100,000
outstanding shares of common stock of this company,such distribution will
be effected by the issuance of stock certificates representing common stock
of the Lambert Co. in respect of holdings of common stock of this company
in even amounts, and by the issuance of such stock certificates and of
Bankers Trust 'Co. scrip certificates representing fractional interests in
shares ofcommon stock of the Lambert Co.in respect of holdings of common
stock of this company in odd amounts. Such scrip certificates will not
confer voting rights, but holders thereof will be entitled to receive their
Pro rata shares of dividends, if and when declared and paid, on the common
stock of the Lambert Co. The scrip certificates, when combined in amounts
aggregating 1 full share of stock, may be exchanged for stock certificates
at any time on or before the close of business on Feb. 1 1933, at the said
office of the transfer agent. If not so surrendered for exchange, the stock
against which the then outstanding scrip certificates were issued will be
sold, and the proceeds distributed pro rata among the holders of outstanding scrip certificates, upon surrender of their scrip certificates for
cancellation.
It is not expected that any income tax will be payable by holders of common stock of this company by reason of the receipt of shares of common
stock of P. B. Corp. or shares of common stock of the Lambert Co. upon
he distributions above referred to.
-V. 130, p. 1127.
-New Shares
Providence Washington Insurance Co.
Placed on a $2.20 Annual Dividend Basis.
[VOL. 130.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
AssetsPreferred stock... _18.000,000 18,000,000
Land,bldgs..mach.
&c
al8,663.180 16,096,296 Com.stk.(no par)b14 625.000 14,062,500
Inventories
18,941,838 15,535,969 Notes payable_ _. 2.000,000
Accts.rec.(less real 4,985,341 4,556,185 Accounts payable_ 3,656,409 3,270,551
Government secur.10,193,112 10,801,624 Fed. inc. taxes &
Joint stk, land bk.
other seer. nab_ 2,144,833 2,094,505
bonds
485.000
502,196 Divs. payable_ _
832,500
855,000
Cash
2,044,854 3.150,445 Reserves:
Due from employ.
For Inv. shrink.. 2,550,000 2,250,000
on stock purch.
For advertising. 3,183,805 2,883.890
plan
539.753
53.703 For Maur. & other
Cos. pref. stk. (for
contingencies___ 2,314,013 2,205,067
employees)
148.512 Surplus
330,151
17,810.222 15,967,387
Ms. pf. partially
owned subs_ _ -70.520
70,520
Misc. isle. & stks21,375
20,744
Insur. &other prepaid expenses_ _ 711.277
481.471
Trade marks,goodwill. &c
Total
10,152,881 10,148,734
67,139,283 61,566,400
a After depreciation of $7.669,628 b Represented by 585,000 shares o
no par value.
-V. 128, p. 1244.
-Common Stock Placed on a $1.60
Remington Rand, Inc.
Annual Dividend Basis.
The directors have declared a quarterly dividend of 40c. a share on the
common stock, no par value, payable April 1 to holders of record March 8.
Three months ago a special dividend of 50c. a share was paid on this stock.
The directors also declared regular quarterly dividends of 15tI% on the
1st preferred and 2% on the end preferred stock both payable April 1 to
holders of record March 8.-V. 129. p. 3487.
-Merger Plan Expected To Be
Republic Steel Corp.
Declared Operative Next Week.
It is understood that sufficient percentages of stock of the constituent
companies have been deposited to make possible the consummation of the
plan for the new Republic Steel Corp. and that the committee having the
consolidation in charge will early next week take action in connection with
declaring the plan operative. The time limit sot for deposits under the
plan expires to-day (March 1).-V. 130. p. 1296.
Republic Supply Co. of California.-Farrinos.The company reports for the quarter ended Jan. 31 net income of$171.400
after charges and Federal taxes, equivalent to 85c. a share on the 200,000
no par shares outstanding.
-V. 129. P. 1459.
-Acquisition.
-Richfield Oil Co. of California.
Arrangements have been completed under which stork control of the
Universal Consolidated Oil Co. has passed to the above company. This
control has been obtained through the exchanging of stock In Richfield for
stock in Universal with tne result that Richfield now has in excess of 51%
stock ownership in the Universal company.
r A quarterly dividend of 55 cents per share on the new $10 par value
stock has been declared payable March 28 1930 to holders of record March
10 1930. This is equivalent to $5.50 per share on the old stock of $100 par
value, recently split-up on a 10
-for-1 toss's. The company on Dec. 28 last
paid an extra dividend of $2 per share in addition to the regular quarterly
Stockholders Increase.
dividend of 85 per share on the old share.
There has been an increase of 120% in the number of holders of common
Earnings for Year Ended Jan. 1 1930.
stock of this company, according to the records of the Chase National
Gross premiums
$11,482,406 Bank of New York, Anglo California Trust Co., San Francisco, and the
Returns and reintrarance
4,705,405 Bank of America of California, Los Angeles. transfer agents. The figures
Gross losses paid
5,168,554 aamati of Jan. 20 1930, the last date of record for regular quarterly common
are maa a
Salvage and reinsurance--Or
1,A07.437 stock dividend. which was paid Feb. 15. On that day there were 14,165
Expenses
2,793.224
tockholders, as against 6.426 on the corresponding date of 1929.
Taxes
290.715 A year ago the average number of shares held per stockholder was 29.43,
While on Jan. 20 1930 the average held was 137.4.-V 130. p. 1128.
Net income_
$431,945
Decrease in unearned premium,loss and other reserves
57,934
-To Retire Priority Shores.
Royal Dutch Co.
The directors have adopted a plan subject to the approval of the stockUnderwriting profit
$489.878 holders, through which the 434% cum. priority shares can be converted into
Income from investments
851.097 5% debentures of the same nominal value. The debentures will mature in
Tax on investments
Dr72.000
y3o, p v
lears and er be redeemed wholly or in part at 10234% at any time.Depreciation at securities
Dr178,572 V.
Net profit
Dividends paid
$1,090,403
660.000
Increase in surplus
$430.403
1930.
Assets
Govt. State and
municipal bonds 1,079,370
Bk.6c tr. oo.stocks 5,867,740
Utility ants. & beta. 3,794,734
Anchor Ins. Co___ 1,286,420
Other stks. & bds.. 9.257,580
Office buildings-- 100,000
Cash
535,736
Bills
_
23,945
receivable_Agents' balance .1t
other assets_ _ _ _
967,460
-V. 130. D. 147,
Balance Sheet Jan. 1
1929.
1,190,000
6,017,510
3,546,595
1,291,330
8,581.112
100,000
615,244
23,183
1930.
Reserve for losses_ 1,084,101
Reserved for unearned premiums 5,314,633
Res. for taxes, exp.
& other liabilities 503,437
3,000,000
Capital
Surplus
13,010,814
-New Director, &c.Sears,Roebuck & Co.
edM.. Barker has been elected a director to succeed William
rett
Hoch,
The stockholders approved the recommendation of the board of directors
L i.crear the 97 ectorate to not more than 16 from not less than 10.
ovn no p. 12 dri
.
1929.
1,124,773
Servel, Inc.
-New Contract.
With the closing of a contract by the consolidated Gas Co. of New York
5,324,329 to supply Electrolux gas refrigerators to a 961-room apartment house In
Manhattan, the Electrolux gas refrigerator of Servel, Inc. now is standard
456,804 equipment far the largest apartment house in New York and also a number
of v ln a. 12cri
.
.
.
3.000,000 -iarge apprtment houses in Chicago and Philadelphia, it is announced.
12,580,411
-Bonds Sold.
-Eastman, Dillon
Sheffield Steel Corp.
& Co. New York, and Prescott, Wright, Snider Co., Kansas
Co.,
1,121,344
Total(each side) 22,912,985 22,486.318 City,
have sold $1,500,000 1st mtge. 5l O/., gold bonds
(series of 1928, with sinking fund) at 97% and mt.,to yield
Quaker Oats Co.
-Extra Dividends of 20% in Stock and about 5.72%. Bonds are dated March 1 1928 and are due
$4 per Share in Cash.
-The directors on Feb. 21 declared a March 1 1948.
20% stock dividend, an extra cash dividend of $4 per share
Capitalization (Outstanding upon completion of Preeent Financing).
1st
S3,500,000
and the regular quarterly dividend of $1 per share on the 7% mtge. 534/3 (including this issue)
2,500,000
preferred stock MOO Par)
outstanding 585,000 shares of common stock, no par value.
5,308.924
Common stock (187,081 shares no par)
The stock dividend is subject to the approval of the stockholders at the
annual meeting of an increase in the common stock to 860,000 shares from
600,000. If approved the dividend will be distributed to holders of record
April 1. The common cash dividends will be paid on April 15 to holders
of record April 1.
A year ago extra dividends of $4 per share in cash and 4% in stock were
paid on this issue.
It is the intention of the board to continue the regular $4 per annum
dividend rate on the increased common stock, and if future earnings of
the company and surplus over capital requirements permit the board will
consider from time to time additional payments by way ofspecial dividends,
it was announced.
Nee also record of common diva, since 1907 in the "Industrial Number"
of our "Railway and Industrial Compendium" of Dec. 13 1929, page 181.
-Ed.)
Consolidated Income Account for Calendar Years.
1928,
1927.
1926.
1929.
Consolidated earnings- _$10,245,439 $9,777,163, 39,162,708 $9,727.270
845,977
757,784
944,916
1.046,710
Depreciation
Net earnings
Int.& diva. received-
$9.198,729 $8,832,247 $8,316.731 $8.969,486
735,869
593.107
493,950
545.544
*Net inc. before taxes.,., $9,744,274 $9,425.354 $9.052,601 $9,463,437
l
1.182,016
1,321.908
Fed.& for, income taxes. 1.009.069
1,095.708
Net profits
$8.735.205 $8,329,646 87,870,585 $8,141,529
430.525
9.638
Adj. of prior years (net)_
29.953
26,493
Gross surp.for the year $8,761,698 $8,359.599 $8.301,110 $8,151,167
1,047,365
1,010,935
Surp. res.-net increase..
773,239
708.862
Bal. surP., bef. diva- - $8,052,836 $7,586,360 $7.253,745 $7,140,232
Preferred dividends- - - - 1,080.000
1,080,000
1,080,000
1,080,000
Common dividends
1,575,000
2,317,500 2,137.500 1,800,000
Net surplus for the yr., $4,655,335 $4,368,860 $4,373,745 $4,485,232
Previous surplus
15.967.387 15,761,027 13,637.282 10.277.049
Total surplus
$20,622,722 $20,129,887 $18,011,027 $14.762,281
Special div. on corn. stk. 2,250,000
1,125,000
1,350,000 2,250,000
Stock dividend on corn._
562.500 2.812,500
Profit & loss surplus $17.810,222 $15,967,387 $15,761,027 $13,637,282
Shares of common out450,000
standing (no Par).585,000
562 500
450 000
Earns. per sh. on com_._
$13.47
$13.09
$1.88
$1.09
Data from Letter of W. L. Allen, President of the Company.
Company.
-Organized in Delaware in 1925 to acquire the business of
The Kansas City Bolt & Nut Co.. established in 1888. Corporation is
engaged in the manufacture and sale of basic open-hearth steel ingots and
various semi-finished and fully finished steel and iron products, including
blooms, billets, plates, blue annealed sheets, merchant and reinforcing bars.
small shapes, rods, wire, wire fencing, nails and other wire products,
rail steel, track spikes, tie plates, bolts, nuts and rivets. Principal manufacturing properties are situated on more than 55 acres of land owned in
fee simple in Kansas City, Mo.,and consist of 4 open hearth furnaces of 100
tons capacity each, 3
-high blooming mills, Morgan continuous billet mill,
sheet mill producing blue annealed sheets in widths up to 72 Inches, Morgan
-continuous merchant bar mill. wire mill,
continuous bar and rod mill, semi
bar iron and rail rerollIng mill, and bolt and nut works. In addition the
corporation operates a warehouse and fabricating plant located on 534 acres
of land which it owns in Oldagoma City, Okla., adjacent to the oil fields in
that district.
The directly owned railroad yards of the corp.comprising over five miles
of trackage connect with the Missouri Pacific, the Kansas City Southern.
and the Kansas City Terminal, and through these is served by Kansas
City's 12 railroads.
Purpose.
-Proceeds are to reimburse the corporation for capital expenditures made and lobe made and for other corporate purposes.
Earnings.
--Net earnings for the past 5 years, after depreciation, available
for interest and Federal taxes, as certified by independent audit, compare
with present bond interest requirement as follows.
Net After
Present Bond Times
Depreciat on. Int. Reottrements.Earned.
Calendar YearsSales.
3595,320
1925
3.09
8192.500
35,187,978
824.473
4.28
1926
192,500
6,038,069
871,264
4.52
1927
192.500
6.061,990
1,411.025
1928
7.33
192,500
6,984.862
1,512,238
1929
7.86
192,500
9.531,554
1,042,864
5.41
Average for 5 years
192.500
1.264,842
Average for 3 years
6.57
192.500
Sinking Fund -Based upon the largest amount of bonds of the series of
1928. all of which is now or will presently be outstanding, in the amount of
$3,500,000, the corporation is to deposit annually with the trustee a sinking
fund as follows.1931 to 1935 both inclusive 134%; 1936 to 1940 both inclusive 2%; 1941 to 1947 both inc. 254%. This sinking fund is to be used for
retirement of these bonds, or for permanent additions made but not Previously used, for the purpose of authenticating bonds and not in excess of
50% of the cost or fair value thereof(whichever is less).
MAR. 1 1930.]
FINANCIAL CHRONICLE
Balance Sheet as at Dec. 31 929 (After present finance.)
LlabftflfesProperty, plant & equipment_ 88,415,069 Preferredztock
$2,500.000
Inventory
1.259,460 Com.stk.(185,228 share par) 3,898,337
Accts. receivable, less reserve 1,102,810 Earned surplus
1,655,756
Misc.invest. & advances_ ___
111,327 1st mtge. gold bonds
3.500,000
Due by employees
2,405 Trade accts. payable
262.407
Cash
1,099,174 Accrued salaries & wages_
143.023
Deferred charges
243.170 Accrued int. on bonds
38,687
Accrued taxes,insurance, dm_
3,091
Prov.for Fed.Jr State taxes_
158,832
Total(each side)
812,233,413 Operating reserves
79.300
-V. 129, p. 3979.
1479
The Swedish Match organization has already obtained match concessions
covering all of Germany and Poland, it is announced.
-V.130. p. 818.
Symington Co.
-Earnings.
Period End, Dec. 31*Net profit
Other income
1929-3 Mos.-1928,
$53.628
849,903
62.375
6,205
Net income
Interest on notes
$112,279
$59,833
1929-12 Mos.-1928.
$191,298
$206,586
113,474
20.134
S301,773
3226,720
12,500
Silent Automatic Co.
-New Dealers Added.
-
Net profit
M12,279
359.833
3304.773
214,220
Earns, per sh. on 200.000 shs. class A stock
(no par)
$0.56
$1.52
$0.29
$1.07
5 After depreciation of plant, all selling and general expenses, provision
for reserves and for State and Federal taxes.
-V. 129. D. 3182.
South Penn Oil Co.
-Extra Dividend.
-
The corporation announces that definitive debentures of its $100.000.000
5% convertible sinking fund issue dated Oct. 1 1929, will be deliverable on
and after Feb. 28 in exchange for interim recelpts.-V. 129. p. 3815.
Within the last 30 days 29 dealers have been established by this corporation. This brings the increase of the last 90 days to 46, with a new high
total of 241. Demand for representation has come largely from States where
the company had just established sales contacts.
-V. 130, p. 303.
Texas Corp.-Definitives Ready.
-
An extra dividend of 12% cents per share and the regular quarterly
dividend of be cents _per share have been declared, both payable Mar. 31
to holders of record Mar. 15. Like amounts were paid on Dec. 31 last.
Thompson Products, Inc.
-Quarterly Div. Increased.
An extra cash distribution of 25 cents
share was made on Sept. 29
The directors have declared
Dec. 31 1928, while on Feb.. 1 1929 aper stock dividend was paid. and common stock, thus placing a quarterly dividend of 60c. a share on the
50%
-V.
Issue on a regular $2.40 annual basis, and the
129, p. 3648.
regular quarterly dividend of 31.75 a share on the preferred stock, both
payable April 1 to holders of record March 20.
Spiegel, May, Stern Co., Inc.
-New Director.The company previously paid 30c. extra and 30c. regular on the comItelline 0. Bort has been elected a director to succeed Howard Keough. mon stock.
-V. 130, p. 1298.
-V. 130, p. 1298.
Standard Oil Co. of Kentucky.
-Regular Dividend.
-
The directors have declared the regular quarterly dividend of
per share. payable March 31 to holders of record March 15. In 40 cents
the preceding quarter,an extra of 40 cents per share was made.
-V.129. p.3338.
Standard Oil Co. of Nebraska.
-25c. Extra Diviaend.-
Time-O-Stat Controls Co.-Move.s Of
[ices.
-
Executive and sales offices have been moved from the Peoples Gas Building at Michigan and Adams Sts. to The Daily News Building, 400 West
Madison St., Chicago, according to an announcement by President Julius
K. Luthe. "The expansion of these offices provides greater facilities for
rendering the most complete sales and engineering service." Mr. Luthe
said. The company manufactures automatic heat controls for domestic
and industrial uses In its plant at Elkhart, Ind. The stock Is listed on the
Chicago Stock Exchange.
-V. 128, p. 1927.
Title Insurance & Trust Co., Los Angeles, Calif.-
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly div. of 62Mc. per share, both payable
March 20 to holders of record Feb. 25. Like amounts were paid in each
of the 5 preceding quarters. A corrected table of dividends paid since
1913 follows:
Listing.
On $100 Par Value Stock
-On $25 Par Stk.The Los Angeles Stock Exchange has authorized the listing of 240,000
'13. '14-'20. '21. '22. '23-'24. '25. '26. '26. '27. '28. '29.
Regular (%)-- 20 20 yrly 10 10 10 yrly 10 -- 10 10 10 10 shares of common stock, par $25.
The company was incorporated Dec. 20 1893 in Oalifornla. Prior to
FIxtrain cashi)10
---- - 10
1
10
3
5
___ _
4
Dec. 31 1929, the authorized and issued capital stock was 33.000,000
Extra in stk. )
25
_
-- -divided into 30.000 shares of 6100 par value stock. The company declared
x Paid on ay 7 1926 on old $1011 capital stock x50 -- also split which was
up a 100%
on a basis of four new $25 par shares for each $100 share owned.
-V. 130. and alsostock dividend, to be paid to stockholders of record Dec. 31 1929,
reduced the par value from $100 to $25.increasing the capital stock
P. 1129, 1298.
to $6,000.000, divided into 240,000 shares of $25 par value stock. Stockof
Standard Oil Co. of New York.
-Proposed Merger with holders in record Dec. 31 1929 received, as a result of stock dividend and
Vacuum Oil Co.
-See Vacuum Oil Co.below. V.130, p.990. change par value, eight new shares for each share of old stock.
-
Tonopah Mining Co.
-Nicaragua Company Seeks AuthorStandard Plate Glass Co.
-Noteholders Asked To Accept
75% in Cash and Grant Extension of 25% of Notes for Six ity To Construct About 50 Miles of Railroad.
An authoritative statement says:
onths
The Tonopah Mining Co. of Nevada. in 1915. purchased what is known
The _protective committee (composed of S. B. Congdon, Chairman; as the Rosita Copper property,located in Nicaragua. and formed a corporaJames D. Ghambers, G. C. Watt and W. B. Purvis, with T. H. Eddy as tion known as the Tonopah Nicaragua Co. The latter company conducted
Secretary) in a letter to the holders of the $3,000,000 6% gold notes, dated a drilling campaign to prove up the ore body but, up to the present time.
March 11925. due March 1 1930. on Feb. 7 said in substance:
on account of the transportation situation, it has never been considered a
Due to unfavorable conditions prevailing in the plate glass industry
commercial proposition.
ing the past three years, the company has not operated profitably.durThe Tonopah Nicaragua Is now trying to obtain from the Nicaraguan
It
therefore finds itself unable to effect arrangements for the refunding of Government the authority to construct about 50 miles of railroad and to
$3,000,000 5
-year 6% gold notes which mature March 11930.
obtain exemptions from any copper export duty for a period of 10 Years.
The officers of the company state
the purpose of
it is their expectation that the If it can obtain a satisfactory agreement it
company on March 1 next the datethatmaturity of the note issue, will to consider the proposition from a financialisstandpoint and the company
endeavor to
of
have available for distribution pro rata to noteholders $2,250,000, equiv- arrange for construction of a railroad and smelter. This whole matter
alent to 75% of the face amount of the notes, together with interest for the would naturally depend on the outlook for the copper situation during the
six months' period ending March 1.
next three years. At the present time, the curtailment by large producers
The officers of the company further advise that
encouraging.
of the amount stated on account of the notes, the after making payment does not make the situation any tooNev., has been ordered shut down, as
company will have reThe Tonopah Mine, at Tonopah,
maining, according to their estimates, a
-V.
working capital of approxi- the present price of silver makes it impossible to operate at a profit.
mately $400,000. It owns its plate glass net
manufacturing plant, located at 128. p. 4023.
Butler, Pa., together with a gas-producing and gathering property furnishing the fuei supply of the plant,
Traung Lable & Lithograph Co.
4
-183 0. Class B Div.
in 1923 were
American Appraisal Co. at $4,350.284whichare now carriedvalued by the
The directors have declared a quarterly dividend of 183‘c. a share on
on the books
and
of the company at $3.097,452; a
modern and well-located warehouse prop- the class B stock, payable March 15 to holders of record March 1. The
erty in Cambridge, Mass,, purchased in
dividend was omitted in the last two quarters. The directors also declared
the site of what formerly was known as 1923 at a cost of $419.715, and four regular quarterly dividends of 37
a share on the class A stock.
(now dismantled), located at Springdale, Pa., and the Heidenkamp plantcompetent Payable March 15, June 15, Sept. 15 and Dac. 15 to holders of record
appraised by
which is
real estate men at $426,000.
-V. 128. P. 1575
.
These properties, situated at Butler, Pa. March 1, June 1, Sept. 1 and Dec. 1, respectively.
Cambridge, Mass., and
-Earnings.
Truax-Traer Coal Co.
or liens of any nature. Springdale, Pa., are not encumbered by mortgages
The company appears to have made a sincere effort to meet its
Earnings for Year Ended Dec. 31 192'3.
tions to noteholders, and the opinion is expressed by the officers obliga- Net profit
$1,479.072
that if
lven a reasonable time in which to accomplish that end, it will
o so
.
412.783
be able to Depreciation & depletion
190,999
Interest
With that object in view, the company anticipates that
99,897
Federal & State income taxes
tion to make payment on March 1 next to all noteholdersit will be in posipro rata of 75%
of the principal amount of the notes, together
3'775.393
Net profit for year
interest to that date on
with
the face amount of the notes.
shown above is equivalent
The net
$3.16 per share
of the noteholders grant to the This will only be possible if at least 75% of Commonprofit of $775,393 on the same basis for theto months ended
12
stock.
an extension for a period of six company, under terms to be agreed upon. Dec. 31 1928, afterThe profit interest paid and substituting therefor a
eliminating
the
months
ance of 25%, the extended portion of for the payment ofbear unpaid bal- full year's interest requirement on the then outstanding convertible dethe oblations to
interest at
the rate of6% per annum.
bentures, would have been about $566.000, equivalent to $2.31 per share
The above named, representing a substantial amount of the 5
of common stock.
-year
notes, are acting together for purposes of mutual protection and offer 6%
At a meeting of the directors held last December the by-laws were amended
their
services as a committee to all holders of the aforementioned notes.
changing the end of the fiscal year from Dec. 31 to April 30. which was the
The company being unable to pay these notes in full at maturity,
..sms so.41
but end of the fiscal year prior to 1928.-V._129, p.3980.
having made an earnest effort to meet its obligations, and it appearing
that
United Carbon Co.
-New Director.
No.2
after making the payment to noteholders as indicated there will remain in
the company assets having value substantially in excess of its
common
The
obligations, stock, directors have declared a dividend of 50c. a share on the months
the committee, representing as stated above a substantial amount of
payable April 1 to holders of record March 15. Three
the
notes, have expressed a Wilagness
ago an initial dividend of the same amount was paid.
next a
of 75% on account of principal of to accept on March 1 of the payment
Grayson M.
-P. Murphy has been elected a director succeeding 0. F.
the 5
-year 6% notes
company
owned or represented by them, together with interest to that date on the Clay.
full face amount thereof, and grant to the company, under terms and con1928.
'Earns. Calendar Years1929.
ditions to be agreed upon by the committee and the company, an
Carbon
$3,430,017 $4,708,109
sion of six months for the payment of 25% of the principal of the exten- Natural black sales
644,874
745,986
gas sales
notes,
with interest, conditioned upon the
163,103
a similar payment and Gasoline oil and other sales
145.729
the granting of a similar extension byacceptance of of these notes.
other holders
Notes, without interest coupon due March I 1930, should be forwarded
Total net sales
$4,321.732 35.516.086
to the Bank of Pittsburgh, N. A., I'ittsburgh, Pa., the depository
Cost of Sales
for the
committee.
Carbon black
1875,119 3,023,440
The committee will accept the above outlined arrangement. in its dis- Natural gas
504,014
'582.804
cretion, upon the deposit with the depository of the committee of notes in Gasoline, oil and other
136,712
110,203
amount sufficient in the judgment of the committee reasonably to assure
the success of the plan. Should there be any material variation in
Manufacturing profit
the
31 753.606 $1,851,921
particulars of the proposed plan, as set forth above, the committee will Selling expenses
373.034
282,566
.
again communicate with depositing noteholders and await their
162,319
187,586
authority Office and administrative expenses
before taking action on their behalf.
Other charges (net)
257,462
Cr141,102
In view of the near approach of the maturity of the notes, on March 1 Federal income taxes-estimated
127.000
110.006
next, noteholders are urged to forward their notes to the depository prompt
/Y.
-V. 130. P.1129.
Net profit
Previous surplus
4
1
Swedish Match Co.
-7'o Obtain Match Concession from Book value of 9,070 shs. of com, cap. stk. issued 31• 1 :18g 5r1E1S8
in exchange for property
Free City of Danzig.
204,744
Profit from purch. & sale of pref. & corn. shs .of
The company has concluded an agreement to acquire from the Free
United Carbon Co
223,149
City of Danzig monopoly rights for the manufacture and sale of matches
for 35 years, according to an announcement made this week. The comTotal surplus
$2.663,861 $6.854.197
pany will pay to Danzig 1.000.000 Danzig gulden, equivalent to
Dividend on preferred stock
187.709
282,435
$194,500, and will make certain additional annual payments. Theabout Sundry adjustments-prior
years
3.084
pany will also grant Danzig a loan of 31,000.000 at 6% to be taken com- Common
over
dividends
196,536
at 93% of par. The agreement is subject to ratification by the Danzig
Premium paid on preferred stock
242,101
Diet,
Cost of dismantled gas plants written off and other
I Danzig, formerly a part of Germany was set up as a free city under
charges
151,646
the terms of the Treaty of Versailles. It is governed by the Danzig Port
and Waterways Board, composed of an equal number of commissioners of
Balance, as shown by books, Dec. 31
$1.791.142 $6,663,405
the Free City of Danzig and of the Republic of Poland, with the President
aside stated value of 212,564 coin. shs. at
chosen by agreement between them or by the League of Nations. The To setper share
$25
5,314,100
Port of i5anzig is one of the most important Baltic ports, ranking second
only to Copenhagen, and is the chief outlet for foreign trade of Poland.
Balance per balance sheet
31.791,142 31.349,305
a
-
ad
FINANCIAL CHRONICLE
1480
After deducting preferred dividends paid during the year, but without
considering the participating feature of the preferred, the balance is equivalent to $4.04 per share on the average number ofshares of common outstanding_during the year 1929.
The capitalization at the close of the year shows substant al changes.
Common stock outatand ng changed from 212,564 to 393.073 shares, as a
result of two offer nes of stock at $50 a share and exerc se of nearly all of
the outstandmg stock purchase warrants at $30 a share. These warrants
were issued in connection with the company's $2,500,000 of bonds in 1925,
which bonds were all paid off during 1929. Of the 53,631 shares of preferred stock outstanding at the close of 1928 the compapy owned 26,576
shares at the close of 1929.
Current assets at Dec. 31 1929 aggregated $6,056,398 as compared with
current liabilities of$1,049,257. Included in current assets were $1,485,000
principal amount of Mississippi River Fuel Corp. bonds. The company
also carries on its balance sheet but not among its current assets 88,020
shares of Mississippi River Fuel Corp. stock, constituting 137,, of the stock
of the company which owns the pipe line from Monroe to St. Louis.
The company has contracts for the sale of natural gas to companies which
have pipe lines from the Monroe and Richland, Louisiana, fields to St.
Louis, Birmingham-Atlanta, Memphi,s Baton Rouge, Shreveport and
Houston. Deliveries to these lines, excepting Baton Rouge, commenced
on or shortly before Jan. 1 1930 and at the present time, including Baton
Rouge, are at the ratio of approximately 40,000,000 cubic feet per day.
In the opinion of the management, daily requirements of these pipe lines
for United Carbon Co. gas will increase to about 70,000,000 cubic feet this
year.
-The New York Stock Exchange has authorized the listing of
Listing.
shares of common stock (no par) as follows: (a) 397,885 shares, on official
notice of distribution on and after March 1 1930. in exchange for outstanding and listed voting trust certificates; (b) 300 shares, on official
notice of issue from time to time on the exercise of outstanding purchase
warrants for common stock, and (c) 1,815 shares, on official notice of issue
and payment in full upon public or private sale as a whole or in parcels at a
-V. 130, P• 3183.
price or prices not less than $50 per share.
-Earnings.
United States-Envelope Co.
1926.
1927.
1928.
1929.
Calendar Years$1,570,082 $1.306,392 $1,262,672 $1,459,075
Net profits
57,083
52,083
19,792
Interest
311,794
305.461
363,158
369,602
Depreciation
125,000
150.000
110,000
135,000
Tax reserves
$813,442
8779.528
8940.197
$1,085,479
Net income
280,000
280,000
280.000
280,000
Pref. dividends(7%)..
(
Corn. dividends- --- - 12%)315,000 (12)245,000 (10)175,000 (10)175,000
8324,528
$485.197
8288.442
$470,479
Surplus
2,976,266
3,310,797
3,574.947
Profit & loss surplus_ __ 4,071.405
17,500
17,500
26,250
28,250
Com.shs. out.(par SI00)
$28.54
$37.72
$20.32
$29.92
Earns.per sh. on com.stk
Comparative Consolidated Balance Sheet.
Dee. 31'29. Jan. 219
Dec. 3129. Jan. 229.
LtattilUies--$
Assets
Plant lnvestm.%--- 9.769,098 9,009.412 Preferred stock __ 4,000,000 4,000,000
2,825,000 2,625.000
Common stock Trade-marks. pat47,850
157,918 1st mtge. bonds_
153,178
ents.kgood-will
421,060
Stock in prin.,&e.. 2,696,124 2,525,944 Accts. payable - 604,595
Accts.& bills rec._ 1,410,652 1,345,273 Res. for 1st mtge.
3,105
bonds,&c
595,024
690.423
Cash
21,225 Reserve for deprec.
Misc.investmls._
20,125
425.000 on plant invest _ 3,763,701 3,430,695
Cats. of deposit... 375,000
135.000
110,000
Reserve for taxes
Dep.with Old Col4,071,408 3,574,947
47,850 Surplus
3,105
ony Trust Co_
81,904
85,203
Prepaid charges___
15,202,808 14,209,553
Total
-V.130. p. 1299.
Total
15,202,808 14,209,553
-Tax Refund Proposed.
United States Steel Corp.
The New York "Times" Feb. 28 had the following:
A refund of more than $33.000.000 in income and excess profits taxes
to the United States Steel Corp. is expected to be granted prior to Mar. 15.
A proposed decision of the Bureau of Internal Revenue, granting the
refund, is before the Joint Committee of Congress on Internal Revenue
Taxation, of which Representative Hawley of Oregon is Chairman. Mr.
Hawley said tonight that the committee staff was studying the bureau's
decision, but he declined to discuss it further.
The proposed refund covers the tax years 1918, 1919 and 1920 and has
been the subject of inquiry by the bureau for almost a year. It is understood that even with this refund, if it is granted, the tax payments of
the corporation for those years will exceed those covered in its original
returns by about $16,000,000.
Other large refunds have been granted to the Steel Corporation and
its subsidiaries. On Dec. 27 the treasury announced that a refund of
$25,849,542 had been granted to the Carnegie Steel, a subsidiary. This
grew out of a claim In a suit, filed by the corporation, for tax refunds,
totaling $101,582,180, and interest of 89,369,862. Another refund of
83.000.000 was granted to the corporation in 1928.-V. 130. p. 1131.
Vacuum Oil Co.
-Proposed Merger with Standard Oil Co.
of New York-Court Will Pass on Legality of Reunion.
After many months of negotiations the Vacuum Oil Co. and
the Standard Oil Co. of New York, through their respective
boards of directors, have agreed upon a basis for the merger
of the properties of the two companies. A letter sent to
the stockholders of both companies states:
The business of the two companies is complementary in character. In
general, the business of the New York company in the United States is
primarily in crude production, refining and marketing of gasoline and
kerosene; the business of the Vacuum company in the United States Is
primarily in the manufacture and marketing of high grade lubricating
specialties for which it has established a worldwide reputation and market.
The bulk of the business of the New York company is in the United States:
the bulk of the business of the Vacuum company is in foreign countries.
The Vacuum company and the New York company have been pioneer
American enterprises in building up an extensive business carried on within
foreign countries. The lubricating products of the Vacuum company are
marketed in practically every country in the world. In addition, the
Vacuum company through numerous branches and locally incorporated
. Vacuum 011 companies, does a valuable business in the marketing of gasoline and kerosene In important foreign markets,including Australia, Egypt,
South, East and West Africa, and parts of Europe. where the New York
company Is not engaged in marketing these products. The activities of
the New York company abroad have been principally in building up extensive storage and distributing facilities for the marketing of kerosene, gasoline fuel oil and other products in the large markets of the Orient and
India, in Aden and all of the markets of the Near East. In these markets
by the union of the companies the Vacuum lubricating specialties and the
gasoline of the New York company can be distributed to advantage in
competition with other companies which market both products.
Protecting Foreign Markets.
To maintain their position abroad against powerful foreign competitors,
strongly entrenched as to crude supplies and refining and distributing facilities, the union of the complementary businesses of the New York and
Vacuum companies and their resources is regarded as vitally important
and directly promotive of American interests in business in such countries.
The crude supply of the New York company and its refining facilities for
gasoline and kerosene will tend to protect and extend the marketing outlets which the Vacuum company has established for those products.
In the United States there have been rapid changes in conditions in the
petroleum business which make this merger useful and appropriate for
both companies. The prevailing method of doing business in the oil
industry has come to be for each company doing a general business in
petroleum products to have its own crude supply. Its own refining facilities
and to offer a full line of petroleum products through intensive local marketing facilities. The New York company, handling gasoline and petroleum products generally, has developed along these lines and has extensive
facilities for distributing gasoline to motorists. In the United States, the
Vacuum company, having devoted itself primarily to the manufacture and
marketing of its high grade lubricants, has created a national consumer
demand ler its lubricating specialties, The Merger will make available to
(VOL. 130.
the distinctive Vacuum products a very much wider distribution and sale.,
and it will also make available the large crude oil production of the subsidiaries of the New York company.
Extending Markets.
The New York company's distributing facilities are in process of expansion in response to another prevailing tendency. In this automobile age,
each large oil company handling gasoline primarily, although formerly'
marketing its products in only a portion of the country, now seeks to
extend its activities generally throughout the United States so as to get
the most complete use of its overhead organization, of its standing with
its customers and of its national advertising. For example, the New York
company originally confined its distributing facilities in this country to
New York and New England where it had a great preponderacne of the
business. But at present there are now actively competing with each
other in that territory, in addition to numerous local companies; not less
than eleven separate and distinct major concerns each with widely developed distributing facilities in this territory and a number of them already
having nationwide distribution for their products. In line with this tendency the New York company has already in the last few years extended
Its distribution Into the West and Southwest. The Vacuum company has
for years had a nationwide reputation for its highly-specialized lubricants,
which will be of advantage to the New York company in further extending
its marketing of gasoline.
The united company, in addition to the specialized lubricating products
of the Vacuum company, will market, it is estimated, about 9% of the
petroleum products consumed in the United States, an amount comparable
In volume with the business done by each of several of the larger of its
numerous competitors. In foreign countries it will carry on the widespread and important business above described.
The facts as to the situation have, as has been the custom in important
transactions in the past, been submitted to the Government. Both companies were former subsidiaries of the Standard Oil Co. (New Jersey).
The question was raised whether the decree entered in 1911 in the so-called
"Standard Oil dissolution suit," by which the control of the Standard Off
Co. (New Jersey) over its subsidiaries was terminated, might forbid this
transaction between two of such former subsidiaries. The Government
took the position that the questions involved should be passed upon by
the Courts.
The Legal Position.
Counsel for the companies have given their opinion that the merger Is
with the law. As to the permissibility of a union of two
in conformity
former subsidiaries of the Standard Oil Co. (New Jersey) counsel have
advised that this question was raised before the Supreme Court of the
United States in the dissolution case and that that Court held that after
the subsidiaries had been freed from the control of the Standard Oil Co.
(New Jersey) they would be entitled to pursue any course of conduct
lawful for anyone else.
There being no available method for asking the courts for an advisory
expression 88 to the specific situation now arising, the only way to secure
a ruling was for the companies to proceed and let the matter be brought
before the Courts in an appropriate way for determination. Under these
circumstances, the directors of the respective companies felt it their duty
to the stockholders of the companies to proceed, and have entered into a
contract for the merger which they have brought to the attention of the
Government. The Government has indicated that It proposes to institute
an appropriate proceeding in equity to determine the questions involved,
and it is expected that the matter will be promptly disposed of.
Terms of the Plan.
While in deference to these legal proceedings the contract will not be
submitted to you immediately, you will be interested at this time in its
provisions. The contract makes provision for uniting the assets of the
Vacuum Oil Co. and the Standard Oil Co. of New York, under the name
"General Petroleum Corp. To effect this end the name of the present
Standard 011 Co. of New York will be changed to 'General Petroleum
The General Petroleum Corp. will have all the present assets of
Corp.
the Standard Oil Co. of New York. The General Petroleum Corp. will
also acquire all the assets of the Vacuum Oil Co., and will issue and deliver
to each shareholder of the Vacuum Oil Co. in exchange for these assets 3
shares of the capital stock of General Petroleum Corp. for each share of
Vacuum Oil Co. stock surrendered to the Vacuum 011 Oiy. for cancellation.
The stockholders of the Standard 011 Co. of New York will receive new
certificates in the name of the General Petroleum Corp. for their present
shares.
The board of directors of the General Petroleum Corp. will, upon consummation of the contract, be composed of directors chosen in equal
number from the present directorates of the Vacuum 011 Co. and the
Standard Oil Co. of New York, thus giving to those now conducting the
business of each company an equal voice in the management.
Preserving Existing Good Will.
Among the important assets of each of the present companies is the
good will attached to its name and the confidence of the public in it..
management and personnel. To preserve these assets there will be rogan!zed two subsidiary corporations of General Petroleum Corp., to be known,
.
respectively, as "Vacuum Oil Co., Inc." and "Standard Oil Co. of New
York, Inc. In order that the present businesses of the respective companies may be carried on as In the past and under present management_
thus preserving the values of the corporate names, trademarks and organizations of the two companies. The Vacuum customers can thus feel
assured that the high-grade lubricants and all other distinctive Vacuum
Products will be manufactured and marketed in all the world's markets by
and through Vacuum organizations with the management and personnel
with which they are familiar, thereby ensuring that the distinctive Vacuum
products will be available exactly as heretofore. The customers of the
Standard 011 Co. of New York can likewise feel assured that they will be
dealing with the same management and personnel with which they are
familiar in the marketing of the distinctive Standard 011 Co. of New
York products.
Your directors unanimously believe that the carrying out of the contract
will prove to be in the best interests of the stockholders of your company
and of the public we serve. •
Justice Department Will Test in Courts Union of Vacuum
to New York Company.
The Federal Government will take legal steps to test the validity of the
Proposed merger of the Standard Oil Co. of New York and the Vacuum
Oil Co. under the name of the General Petroleum Corp.. it was announced
by the Department of Justice Feb. 24.
The department will file a petition in the Federal Circuit Court in St.
Louis asking the Court to determine the questions involved and to decide
whether such a merger would violate the decree of 1912 under which the
old Standard Oil merger was dissolved, as well as the Sherman anti-trust
law. The Department made the following statement:
"Attorneys for the Standard 011 Co. of New York and the Vacuum Oil
Co. recently submitted to the Department of Justice a proposed _plan of
merger, accompanied by opinions rendered by their Attorneys, Messrs.
Hines, Rearick, Derr, Travis and Marshall, Counsel for the Standard Oil,
and A. T. Foster, Counsel for the Vacuum company, to the effect that this
merger would not be in violation of the Sherman Act and would not violate
the decree rendered in 1912 in tho dissolution suit to which they were
parties.
"They asked for an expression of the views of the Department.
"The conclusion reached in the Department was that the nature of the
proposal and the questions arising under the dissolution decree of 1912
make it advisable that they be passed on by the Courts, and Counsel for the
two corporations were so advised.
"The proposed merger has now reached a stage where judicial proceedings
may properly be taken to test its validity, and they will be instituted within
the next 10 days.
-V.130, P.308.
-Split-up Approved.- '
Washburn Wire Co.
The stockholders on Feb. 18 voted to change the capital stock from
$11,000,000, par $100 each, 35,000 of said shares being pref. stock and 75,000 of said shares being common stock, to 250,000 shares of no par value
and all of the same class.
It being the intention of the directors to provide for an exchange of the
present common stock for the new stock authorized by this amendment.
in the proportion of four shares of new stock for each one share of common
stock now outstanding, which will take up 200,000 shares of the stock
authorized by this amendment. The remianing 50,000 shares are not to
be Issued at present, but are to be held for future corporate development.
-V. 130. p. 1300.
For other Investment News, see pages 1494 and 1496.
MAR. 1
1481
FINANCIAL CHRONICLE
1930.]
itteRorts and 31)Junnunts.
PUBLISHED AS ADVERTISEMENTS
PUBLIC SERVICE CORPORATION OF NEW JERSEY
TWENTY-FIRST ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1929.
To Shareholdero•
I submit herewith the twenty-first annual report of Public
Service Corporation of New Jersey covering the affairs of the
Corporation and its subsidiary companies for the year 1929.
FINANCIAL.
Certificates of Series "E" and "F" of Public Service Railway Company amounting to $124,000 and Equipment Trust
Certificates Series "K" of Pennjersey Rapid Transit Company amounting to $130,324.18, were retired in accordance
with the equipment trust agreements.
TAXES FOR 1929.
RESULTS OF OPERATIONS.
Taxes to the amount of $15,458,564.64 accrued against
The following is a condensed summary of the results of
of New Jersey and the Corporation and its subsidiary companies in 1929,chargeoperations of Public Service Corporation
subsidiary utility companies for the twelve months ending able as follows: To the Corporation $410,951.93; to subsidiary
companies, $15,047,612.71.
December 311929:
Taxes chargeable to the Corporation were $169,044.07
$137,086.707.65
Operating Revenues (Gross Earnings)
$55,373,910.82
Operating Expenses
greater than in 1928, and those chargeable to subsidiary
13.432.659.17
Maintenance
companies $1,670,560.97 greater. Taxes of subsidiary com11.417,795.01
Depreciation
panies amounted to eleven per cent. of their gross and 26.5
15,031.574.38
Taxes
95,255.939.38 per cent, of their combined net earnings.
Net Income from Operations
Other Income
$41.830,768.27
3,032.885.87
Total
Deductions (Fixed Charges, etc.)
$44.863,654.14
15,319.036.84
Balance for Dividends and Surplus
$29,544,617.30
DIVIDENDS.
During 1929, in addition to the regular dividends on the
preferred stocks, quarterly dividends of 65 cents per share,
with an extra dividend of 80 cents per share in December,
were paid on the Common Stock.
The preferred stock dividends aggregated $7,449,800.05,
leaving a balance of $22,094,817.25 earned on the common
stook, equal to $4.13 per share on the stock outstanding at
tho end of the year, or $4.19 per share on the average number
of shares outstanding during the year.
ISSUES OF COMMON STOCK BY THE CORPORATION.
The Corporation issued during the year 405,596 shares of
its no par value common stock. A total of 133,144 shares
were issued in exchange for $6,052,000 par value of Public
Service Corporation of New Jersey Convertible 44i% Gold
Debentures, due February 1 1948; 10,642 shares were issued
for Common Stock of County Gas Company; 261,800 were
sold under authority of resolution of the Board of Directors
dated January 22 1929 and the proceeds used to purchase
stock of subsidiary companies issued for extensions and
betterments and for other corporate purposes; ten shares
were issued in exchange for stocks of lessor companies.
ORGANIZATION.
PURCHASE OF COUNTY GAS COMPANY.
Public Service Corporation acquired during the year,
ninety-seven per cent. of the common and about fifty-one
per cent of the preferred stock of County Gas Company.
This company operates in Monmouth County and in Madison Township, Middlesex County, and serves in whole or in
part, the following municipalities: Highlands, Rumson, Atlantic Highlands, Middletown, Keansburg, Keyport, Matawan Borough, Matawan Township, Marlboro, Freehold;
Holmdel and Madison. The territory has a winter population of some 38,100 and a summer population of about 74,600.
The Company owns a water gas works at Atlantic Highlands,
and has 197 miles of main. It has some 9,237 customers,
and its yearly sales amount to some 193,585,000 cubic feet
of gas, with annual revenue of about $400,000. The population of the territory is increasing both as to summer and
winter residents, particularly along the shore of Raritan Bay,
between Atlantic Highlands and Keansburg.
MEMBERSHIP OF DIRECTORATE.
At a meeting of the Board of Directors, held March 26
1929, the by-laws of the Corporation were amended, reclueing the number of directors from 18 to 15. SHAREHOLDERS OF THE CORPORATION.
On Dec. 31, accounts on the stock lists of the Corporation
numbered 105,726, an increase of 6,844 over the number
recorded as of Dec. 31 1928. This total does not include
13,192 accounts of subscribers under our popular ownership
plan who had not completed payments on their subscriptions.
With duplications resulting from the ownership of more
ISSUES OF PREFERRED STOCK BY THE CORPORATION.
than one class of stock eliminated, the number of names on
The Corporation issued during the year $954,600 par value the corporation's stock roll, Dec. 31, was 83,720, an increase
of 6% Cumulative Preferred Stock and 43,318 shares of of 3,188 over the number registered Dec.31 1928.
POPULAR OWNERSHIP SALE.
$5 Per Share Per Annum Cumulative Preferred Stock without nominal or par value.
On Oct. 1 an offer of 50,000 shares of $5.00 Cumulative
At the end of the year 27,066 additional shares of $5 Pea Preferred Stock (no par value) was made to the public, under
Share Per Annum Cumulative Preferred Stock were being the Corporation's "popular ownership plan." Employes
of the Corporation and its subsidiary companies were
paid for on the installment plan.
authorized to receive subscriptions and their indefatigable
PURCHASE OF STOCKS OF OPERATING CORPANIES.
and intelligent efforts resulted by Oct. 31 in 17,908 subThe Corporation purchased during the year at $10 per scriptions for 53,222 shares. This offer was made at the
all securities,
of serious depression in the
-share 1,025,000 shares of no par value Common Capital time theaover-subscription of 3,222prices of may properly
shares
and
Stock of Public Service Electric and Gas Company issued be regarded as evidence of the effectiveness of our employe
by the latter company during the year. It also purchased sales organization, as well as the confidence felt by cus.an issue of 125,000 shares of no par value Common Capital tomers of Public Service companies in the securities of the
Stock of Public Service Coordinated Transport at $10 per Corporation.
share.
BUSINESS OF OPERATING COMPANIES.
Public Service Coordinated Transport acquired by purYEAR'S RECORD OF SALES.
The volume of business done by the Corporation's operat• chase 4,250 shares of the Capital Stock of Pennjersey Rapid
Transit Company, and now owns the entire outstanding ing subsidiaries in 1929, showed a satisfactory increase over
that of previous years, and reflected healthy industrial
•capital stock of that Company.
and business conditions in the territory served, as well as
RETIREMENT OF SECURITIES.
the results of the companies' efforts to expand and extend
In addition to $6,052,000 par value of Public Service their activities. The following summary of sales results,
'Corporation of New Jersey Convertible OM Gold Deben- presents a picture of the year's progress:
tures retired during 1929, the following bonds were acquired Sales of Electricity (exclusive of current furnished Public
Service Co-ordinated Transport)
1,646,998,938 KWH
An increase of 240,739.991 KWH,or 17.12 % over 1928.
by sinking funds provided by the mortgages:
Revenue from sales of electricity
Public Service Newark Terminal Railway Company 5% First
mortgage Bonds.......................................
Princeton Light, Heat and Power Company 5% Sinking Fund
Bonds
.............
....Newark
Rapid Tratifai...............
Railway - im- - Ofd Pan3T Lice
8% First Mortgage Bonds
Plainfield Street Railway Company 6% First Mortgage Bonds
'Public Service Corporation of New Jersey Perpetual Interest
Bearing Certificates
$45,000.00
18,100.00
35,000.00
5,000.00
30.152.00
Equipment Trust Series"A" Certificates of Public Service
.Electric Company amounting to $130,000, Equipment Trust
(exclusive of current furnished Public Service Coornated Transport)
$64,050.657.01
An increase of $5.778,827.71, or 9.22% over 1928.
Sales of gas
24;797,894,643cu.ft.
An increase of 971,061.440 cu. ft., or 4.08% over 1928.
Revenue from sales of gas
829.404.776.50
An increase of $1,067.457.30, or 3.77% over 1928.
Passengers carried on street cars and motor buses
655,484.666
An increase of 12,350,485, or 1.9% pver 1928.
Revenue from street car and motor bus passengers,Including
revenue from chartered cars and buses
$39.631,622.43
An Increase of $4,614,840.35. or 13.2% over 1928.
Revenue from sale of electric and gas appliances
$6,789,871.40
An Increase of $670,781.49. or 10.96% over 1928.
1482
FTNANCIAL CHRONICLE
INCREASE IN CUSTOMERS.
Increase in the number of customers as indicated by
additional meters set, as was to be expected, in view of the
large increases of former years due to the wiring and piping
of existing buildings, fell below that of 1928, and is largely
due to new construction. Electric meters, Dec. 31, numbered 886,797, an increase for the year of 40,652, and gas
meters, 760,127, an increase of 20,204.
SALES OF ELECTRICITY.
r to
fleeting not only the growth of the territory, but an intensive
sales cultivation of the field. Lamp manufacturers report
an increase of 17.9 per cent. in the sales of Mazda Lamps in
Public Service territory, and an increase of 18 per cont. in
the total wattage. The Company has through its New
Business department carried on a promotion campaign, not
only affecting residential and commercial lighting, but also
the general use of electric labor saving, and convenience
appliances with good result.
Electric domestic refrigeration is becoming increasingly
popular. During the year some 25,000 electric refrigerators
of various makes were placed on the companies' lines, of
which 5,974 were sold directly by the Qompany, including
192 for commercial use.
While such motor driven appliances as vacuum cleaners,
washers, ironers and floor polishing machines are still the
most popular of electric appliances, the electric refrigerator
seems likely in a short time to take first place in revenue
producing appliance sales.
Revenue from electric appliance sales for the year amounted
to $3,669,054.29, an increase of $530,970.63 over 1928.
Street Lighting Sales.
Sales of current for street lighting amounted to 60,555,099
kilowatt hours, an increase of 5,643,864 kilowatt hours, or
10.3 per cent. over 1928. The year saw further improvement and extension of many municipal street lighting systems, including those of Newark, Paterson, Camden, Bayonne, Clifton, West New York, Weehawken, Glen Ridge
and Princeton.
Reduction in Electric Rates.
Substantial reductions in the company's electric rates
were made during the year. Under a schedule filed Dec. 3
1928, rates for domestic consumption became effective with
January bills which retained the first two steps of the
schedule formerly in effect, but reduced the third step to
five cents per kilowatt hour.
In April 1929, by means of riders to the Uniform Wholesale rate, two additional steps were added which reduced the
cost to customers using more than 1,000,000 kilowatt hours a
Month, and also reduced th'e cost to the same class of customers for current consumed between the hours of 9:00
P. M. and 7.00 A. M.
On Dec. 12, the company filed with the Board of Public
Utility Commissioners, a schedule which becomes effective
with the January 1930 bills, and provides in the residence
rate a third step of three cents, instead of five cents, per
kilowatt hour, retaining the first two present steps. The
schedule includes a demand charge of 50 cents per horsepower for incidental power, cooking and heating on installs,
tions having an individual rated capacity greater than 1,500
SALES OF GAS.
watts. Reduction in the general lighting rate through a
Readjustment of Gas Rates.
change in steps, was also provided.
The readjustment in the gas rate schedule filed by Public
Increase in Kilowatt Hour Sales.
Service Electric and Gas Company with the Board of Public
Kilowatt hour sales of electricity for power, for residential Utility Commissioners on December 3 1928,
was suspended
and commercial lighting, and for street lighting all showed by the Board, which at the request of
several interested
large increases over similar sales in 1928.
municipalities held a series of hearings, with the result that
Power Sales.
the rate as filed was modified by, providing for the sale of
More than 64 per cent, of the total of all kilowatt hour the first 400 cubic feet instead of the first 200 cubic feet of
sales was for power purposes and an increase of 179,075,562 gas for $1; the sale of the next 1,000 cubic feet at 11 cents
kilowatt hours was recorded for the year. New Jersey per 100 cubic feet, and the sale at 9% cents per 100 cubic
industry is in increasing degree turning to the central station feet of the next 48,600 cubic feet of gas used. The succeedfor power, and isolated power plants are being rapidly ing steps were not modified. The rate went into effect with
abandoned. In this respect it is significant that while the July bills, and has acted as incentive to increased domestic
Electrical World statistics covering sales of electricity in and industrial use.
Increase in Sales.
the United States as a whole to 46 key industries showed for
the first nine months of 1929 a gain of eight per cent., Public
An increase of 4.08 per cent. in the year's gas sales was
Service sales to the same industries, and for the same period, due to a greater use of gas in industry, fostered by the
showed a gain of 28 per cent.
readjustment of gas rates that became effective with the
On Dec. 31, the net connected power load of Public July bills, bythe development of improved gas burning
Service Electric and Gas Company was 1,165,595 horse- appliances for industrial use, and by growing recognition on
power, a gain for the year of 134,749 horsepower, or 13.1 the part of manufacturers that the greater efficiency of gas
per cent. Of this, some 65,000 horsepower was supplied permits closer adherence to rigid specifications, saves labor
to new manufacturing concerns, some 25,000 horsepower and effects better working conditions, while fuel costs conto concerns which had abandoned private plants, while stitute but a small item in the total of manufacturing costs.
the remaining increase resulted from additional power
Industrial Sales.
requirements of plants that were already euStJmers.
Consumption of gas for industrial purposes showed for
Among the new plants connected or to be connected, to
our lines, are those of the Ford Motor Company at Edge- the year, an increase of 625,000,000 cubic feet, or 23 percent.,
water, the Richardson Company at New Brunswick, the over 1928, and new industrial business secured showed an
E-Mark Battery Company at Newark, the Transoceanic increase of 50 per cent. over that obtained in 1928.
Owing to a continuing greater demand for gas as a fuel for
Radio Station of the American Telephone and Telegraph
Company at Lawrenceville, and the Rundel Manufacturing cooking in hotels and restaurants, commercial sales for the
year, showed a gain of 313,996,000 cubic feet, or 9.2 per cent,
Company's plant at Delair.
Combined industrial and commercial gas sales of the year.
The Lefcourt-Newark, The National Newark and Essex
Banking Company, and the American Insurance Company were 28.4 per cent. of total sales as against 25.6 per cent.
buildings in N ewark will, upon their completion, all be sup- in 1928. Thirty-six large new industrial users, with individual requirements ranging from 3,000,000 cubic feet to
plied with electricity by Public Service.
Among industrial concerns that have largely increased 151,200,000 cubic feet a year, were added to our lines during
the year, their total requirements aggregating 580,000,000
their connected load are:
Wright Aeronautical Company. Paterson; John A. Roebling's Sons Com- 'alai('feet.
pany, Roebling; Standard Underground Cable Company. Perth Amboy
Domestic Sales.
American Copper Products Company. Bayway: Tidewater Oil Company,
Bayonne; Riverside Metal Company, Riverside, and P. J. Schweitzer
In the domestic field, there has been considerable increase
Company, Newark.
Chrome Steel Company, of Carteret, and Weston Elec- in the installation of central house heating equipment and
trical Instrument Company, of Newark, are two of the gas refrigerators. Sales of gas for house heating purposes
many companies that have abandoned private plants for increased 133,013,000 cubic feet or 57 percent., while through
the work of our sales force 361 new central gas house heating
Public Service power.
Sales of electricity for power to be used in ice manu- plants were Installed. Our sales of gas refrigerators amounted
.
facturing and refrigeration increased substantially. Five to 1,854 units.
Revenue from the sale of gas appliances amounted for the
large ice making plants with a combined connected load of
4,300 horsepower, were added to our lines, and kilowatt hour year, to $3,120,817.11, an increase of 139,810.86 or 4.70
sales amounted to 89,849,336, an increase of 23.2 per cent. per cent. over 1928.
TRANSPORTATION.
over the previous year.
New Fare Schedule.
Lackawanna Electrification.
On November 18, Transport filed with the Board of
In the early part of 1929, a contract was signed with the
Delaware, Lackawanna and Western Railroad, under the Public Utility Commissioners, a rate schedule providing for
terms of which Public Service Electric and Gus Company the sale of tokens, twenty for $1.00, each token good for a
.
will upon completion of the road's electrification, provide five-cent ride as defined under the old rate, and a cash fare
power for the operation of that railroad between Hoboken of ten cents, the schedule to become effective on January 1
and Maplewood, including the Montclair branch. The 1930. On December 4, the Board notified the Company that
contract is for twenty years, and under its terms, the road's it was willing to allow the rate to become effective for an
initial requirement is for 15,000 kilowatts. Alternating cur- experimental period without suspension, provided that tokens
rent will be supplied through underground cables to sub- were sold, ten for fifty cents, instead of twenty for $1.00.
stations to be built by the Lackawanna, one at West End, The Company on December 9, agreed to the change. It is
the hope of the Company that the new rate which retains the
Jersey City, and one at Roseville Avenue, Newark.
five-cent fare for the regular car and bus rider, but increases
Residential and Commercial Sales.
the rate charged the casual rider, will supply additional
Residential and Commercial lighting kilowatt hour sales revenue sufficient to make the retention of the five-cent
showed an 11.95 per cent, increase over those of 1928, re- fare possible.
MAR. 1 1930.]
FINANCIAL CHRONICLE
That the business of the Company shall be placed upon a
sound economic basis is in the public interest as well as
that of the Company. This is the only basis upon which
adequate service to the public can be permanently provided
and this result must ultimately be accomplished.
Transportation Statistics.
There were carried on the ears and buses of Public Service
in 1929, 655,484,666 passengers, an increase over 1928 of
12,350,485. The number of street car passengers decreased
by 19,433,881 from 331,568,468 in 1928 to 312,134,587 in
1929, while the number of bus passengers increased by
31,784,366—from 311,565,713 in 1928 to 343,350,079 in
1929. For the first time since bus operation was inaugurated, the number of bus passengers exceeded the number of
street car passengers.
Revenue for the year, including that received from chartered cars and buses, amounted to $39,631,622.43, an increase over 1928 of $4,614,840.35.
Chartered Bus Service.
The chastered bus and car operations of Transport increased substantially during the year. Income from this
source was 51.7 per cent greater than in 1928. On sixteen
days of the year more than 100 buses per day were operated
in the service, and a total of 19,355 buses and 191 cars were
chartered during the twelve months.
Business of the Ferries.
Both the Riverside and Fort Lee. and Port Richmond and
Bergen Point ferries of the Company, were operated at the
high degree of efficiency which attracts to them increasing
business. On the former 2,715,505 vehicles and 9,063,807
passengers were carried, an increase in vehicles carried over
1928 of 3.61 per cent on the latter, 581,977 vehicles and
1,252,886 passengers, an increase in vehicles of 9.89 per cent.
Traffic over the Riverside and Fort Lee ferry on May 26,
when 12,603 vehicles were carried, established a new record.
IMPROVEMENT AND EXTENSION OF FACILITIES.
CAPITAL EXPENDITURES.
Improvement and extension of the plant and equipment of
operating companies was carried forward during the year in
anticipation of future requirements for service and to secure
increase in the efficiency and dependability of facilities.
Net expenditures charged to fixed capital after deduction
of capital items withdrawn from service made on account
of the Corporation and subsidiary utility companies,
amounted to $27,765,357.22. Expenditures of the Corporation were $77,018.29; for electric facilities, $15,696,014.91;
for gas facilities, $3,461,980.93, and for transportation
facilities $8,530,343.09.
ELECTRIC FACILITIES.
Purchase of Properties.
Public Service Electric and Gas Company purchased during the year the Crosswicks Electric Company, serving a
portion of Chesterfield Township, and the New Orange Park
Water, Heat, Light and Power Company, serving a section
of the Borough of Kenilworth. No other extensions of
service to municipalities not previously served were made.
Generating Stations.
Pursuant to the Company's policy of concentrating production in its more efficient plants, operation of the Cranford Generation station was discontinued. The station had
a capacity of 4,350 kilovolt amperes. Production is now
concentrated in the Kearny, Essex, Marion, Perth Amboy
and Burlington stations. The total rated capacity of generation stations was increased during the year to 616,276
kilovolt amperes, a gain of 4,400 kilovolt amperes, brought
about by an increase of 8,750 kilovolt amperes in the capacity
of a generating unit at Kearny station which was rebuilt.
The amount of power generated and purchased during
the year was 2,134,581,298 kilowatt hours, an increase of
13.6 per cent over 1928, and the largest in the Company's
history. Power generated amounted to 1,802,207,845 kilowatt hours, an increase of 65.601,792 kilowatt hours, or
3.8 per cent over 1928, and power purchased to 332,373,453
kilowatt hours, an increase of 189,955,443 kilowatt hours,
or 133.4 per cent. The maximum demand on the system
came at 4:50 p.m. December 16, and amounted to 536,600
kilowatts, as against a maximum of 480,500 kilowatts in
1928.
Trenton-Metuchen Line.
An improvement of major importance was effected during the year when the completion of a double circuit high
voltage tower line, connecting the switching stations at
Trenton and Metuchen, permitted the tying together of
the Northern and Southern generating zones and interchange of power throughout the entire system. The connection permits of more economical operation of the system
as a whole and materially improves service. .
The Metuchen switching station was put in service on
January 13. It has an installed transformer capacity of
111,000 kilovolt amperes, and receives power over double
circuit tower lines from both Roseland and Trenton switching stations.
Additional equipment, consisting of transformer banks,
was installed at Trenton switching station, increasing the
station's capacity to 115,500 kilovolt amperes. Similar
additions at Athenia switching station increased its capacity
to 145,500 kilovolt amperes, while two 20,000 kilovolt am-
1483
peres synchronous condensers were installed to provide
voltage regulation.
The Company now has in operation nine switching sta-tions, with a total capacity of 932,500 kilovolt amperes.
Substations.
New substations were placed in service in Paterson, Areola,
Rahway, Metuchen and Jersey City and additional capacity
at five other substations was provided by the installation
of outdoor equipment.
The program of change from two to three-phase operation,
under way for a considerable time, was practically completed
during the year by the reconstruction of five additional substations to permit three-phase operation.
Underground System.
The underground system was added to by the construction of 10.19 miles of street conduits in congested areas, including sections of Clifton, Ridgefield Park, Guttenberg
and Highland Park. Further improvement to the underground system was provided by the installation of automatic
secondary net work in some of the more heavily loaded
sections of Newark and Union City, while construction of
such a net work was commenced in Camden.
New Buildings.
New distribution headquarters buildings were constructed
at New Brunswick, Englewood, Bound Brook and Jersey
City. At Roseland a combined garage, storeroom and office
building was constructed. Existing buildings in Newark
and Ridgewood were remodeled for use of the distribution
department. Work was carried forward on a new headquarters building in Hackensack and on the reconstruction of the
former Trenton generation station for garage and storeroom
use.
GAS FACILITIES.
The condition of the plant and equipment of the gas department of Public Service Electric & Gas Company is
excellent. Although the Company has eleven works in
which gas can be made, production is largely concentrated in
the more efficient Harrison, Camden Coke, Paterson and
Trenton plants, a condition made possible by the extensive
system of transmission mains that link these works together. The Company maintains its plants in the highest
possible state of efficiency, and during the year added several improvements towards this end. At the Harrison
Works, the meter house was enlarged to house two additional
station meters, each with a capacity of 10,000,000 cubic feet
a day. These works are now sending out an average of
26,873,000 cubic feet a day. During the year the Sixth
Street Gas Work... in Jersey City, established about 1850,
was torn down an the land cleared for sale.
At the Paterson works an additional steam-driven compound compressor was installed to provide for additional
demand in the district served by the high pressure system
which now extends as far as Butler in Morris County and to
the New York State line.
Experiments with Oil.
Experiments with the use of a heavy residue oil, known as
"bunker" fuel oil, in the manufacture of carburetted water
gas were begun in 1929 at the Trenton Works and have
proved so successful that this grade of oil is now being used
in three of our plants. Its use is to be extended, and it is
expected that it will be used in producing a large part of the
1930 output. This low grade oil is used in substitution for
gas oil, which in recent years has decreased both in quality
and, due to improved methods which permit its "cracking'
to produce gasoline, in quantity. Use of fuel oil in making
gas involved many difficult problems which it is believed
that the company has successfully solved.
There is being developed at the Camden Works an automatic grate which does away with the necessity of shutting
down water gas generators from two to four hours a day
in order to remove ash and clinkers. The device promises
to increase the works' capacity by reducing shut-down time
and providing more uniform fire conditions.
Production of Gas.
In 1929 17,105,874,826 cubic feet of gas were produced
in the Company's plants, a gain of 495,361,925 cubic feet
over 1928. In addition, 9,957,712,537 cubic feet were purchased and distributed, some 9,367,944,414 cubic feet from
the Seaboard By-products Coke Company. The works
erected by the International Coal Carbonization Company,
adjoining property of this company on the Raritan River
near New Brunswick, were completed during the year and
delivery of gas to our holders was begun, the total delivery
from this source being 589,768,123 cubic feet.
Transmission and Distribution Mains.
On December 31, 1929, there were 4,926 miles of main
in the Company's gas system. During the year 252 miles
of new main were constructed and eight miles replaced.
The extension of the system to points in Bergen, Passaic
and Morris Counties, begun in 1928, was completed as far
as Butler, providing service in Butler, Bloomingdale,
Wanaque, Wayne Township and Pequannock Township.
Eighty-seven miles of main are included in the extension,
which serves the district around Pompton Lakes. For the
proper maintenance of service, the Company completed
during the year at Pompton Lakes a building to be used as a
1484
FINANCIAL CHRONICLE
distribution shop, a garage and for storage purposes, and
erected four high-pressure gas storage tanks.
To meet the requirements caused by the rapid growth and
development of Bergen County. extension of mains was made
to Radburn and Warren Point in the municipality of Fairlawn, and to sections of Northvale and Park Ridge, not
before served; at the Dumont holder station two additional
compressors were installed in a new brick compressor house
and at Englewood a new blacksmith shop was built.
In the Essex division service was extended to new sections
of New Providence; in the Central division, to the Oak Tree
and Bonhamtown districts of Raritan Township, and in the
Southern division to Bellmawr, to the Hutchinson Mills
district of Hamilton Township, and to new sections of
Lumberton Township.
TRANSPORTATION FACILITIES.
Lines and Equipment.
On December 31, Public Service Coordinated Transport
was operating 54 street car lines, using 1,170 street cars and
159 motor bus lines, using 1,745 motor buses; Public Service
Interstate Transportation Company was operating 21 lines,
using 205 motor buses; Pennjersey Rapid Transit Company
nine lines, using 144 buses; and Schultz Management, 23
lines, using 231 motor buses.
Combined, the operation embraces 266 lines using 1,170
street cars and 2,325 motor buses, constituting what is believed to be the largest co-ordinated system of local transportation in the world.
During the year many extensions and improvements were
made in the system, marking progress towards further coordination and efficiency.
Conditions in the Southern division have for some time
been unsatisfactory. The opening of the Camden bridge
over the Delaware River, between Philadelphia and Camden
in 1926, proved the signal for the flooding of the territory
with buses, operating between Philadelphia and communities in South Jersey. The failure of Congress to enact laws
controlling inter-State bus operation made it possible for
any person desiring to do so to operate buses without governmental permits or franchises, and with little or no public
control over either service or fares. The result was wasteful
competition that created a state of chaos and made economical and satisfactory service impossible, since there is neither
protection of investment or satisfactory regulation of service.
In anticipation of Congressional action, steps have been
taken to restore some degree of order. During the past
year Public Service Coordinated Transport purchased the
Interest of Philadelphia Rapid Transit Company in the
Pennjersey Rapid Transit Company,formerly jointly owned,
and took over its operations. During the year, also, Schultz
Management, which was organized in November 1928,
acquired 18 independent lines, operating throughout the
territory, and combined them in one central management.
Practically all of the lines so acquired were organized to do
an inter-State business. Agitation by the merchants of
Camden led to the Company's agreement to apply for permission to do intra as well as inter State business, and in
pursuance of that agreement the Company obtained from
133 municipalities of New Jersey a total of 7.273 bus permits to do local business for presentation to the Board of
Public Utility Commissioners for its approval. Schultz
Management has been acquired by Public Service InterState Transportation Company, with which its constituent
companies will be merged during 1930.
Schultz Management lines operate some 231 buses over
about 862 miles of one way route, own garages at Berlin,
Williamstown and Blackwood and occupy seven rented
garages in other places. Their purchase will permit further
co-ordination and resulting economies, but the enactment
of laws providing adequate regulations is essential to a corn
plete solution of the Soutn Jersey problem.
In addition to the Pennjersey and Schultz companies,
there were acquired during the year the C. E. Jacobus lines,
operating 28 buses between Newark and Butler, and Newark
and Boonton; the Grove Street Cross Town line, operating
21 buses between Irvington and Bloomfield; the J. H.
Stoddard and Arrow bus lines, operating 19 buses between
Paterson and New York City, and seven other lines operating 36 buses in various parts of the State.
Interstate Lines in Operation.
Through the purchase of new lines, combined with former
operation, Public Service now operates interstate motor bus
lines, between;
New York and—Philadelphia, Atlantic City, Newark,
Elizabeth, Paterson, Maplewood, Orange, Montclair, Caldwell, Nyack, West Orange.
Philadelphia and—Atlantic City, Asbury Park, Ocean
City, Camden, Mt. Holly, Burlington, Berlin, Williamstown, Barrington, Pitman, Cleinenton, Pensauken, Atco,
Fairview, Haddonfield, Moorestown, Haddon Heights, Merchantville, Woodbury, National Park, Pennsgrove, Bridgeton, Millville, Salem.
Paterson and—Suffern, Greenwood Lake.
Wilmington, Delaware; and—Atlantic City.
Frankford, Pa., and—Burlington.
Trackage of Railway System.
There were 831.215 miles of single track in operation in
the railway system on December 31 1929. The operation of
[VOL. 130.
Public Service Rapid Transit Railroad Company was discontinued during the year. Track extension for the year
amounted to .297 miles.
There were no major suspensions of street car lines, aside
from that on Public Service Rapid Transit Railroad Company, which had taken over the North Jersey Rapid Transit
Company operating between Paterson and Suffern. N. Y.
This Company's right of way has been sold to Public Service
Electric and Gas Company. ,Buses took over the service
formerly provided by the Orange Crosstown lines. One new
ear line was inaugurated; one bus line was discontinued and
nine new interstate and eight new intra-state lines put in
service. In addition there were many improvements in the
routes and service of other bus lines. Two hundred and
ninety-three new buses were added to the Company's equipment during the year. Bodies for 258 of these buses were
built in the Company's shops. One hundred and thirteen
street cars were remodelled into so-called parlor cars, with
leather upholstered seats.
New Terminals.
To provide additional accommodations for patrons, alterations were made in the upper level of Public Service Terminal,
Newark, to permit its use by buses. A ventilating and heating system which removes fumes and supplies fresh air, and
an escalator from the concourse floor were installed and a
waiting room provided. Sixteen bus lines, and five street
car lines, now use this terminal.
An additional station, with stairways leading to Broad
Street, Newark, through the McCrory store at Broad and
Cedar Streets, was opened in the subway leading to Public
Service Terminal. This improvement permits passengers to
board cars, outbound from the terminal on the east side of
Broad Street, as the station opened in 1926, through the
Kresge store, permits passengers to leave inbound cars.
Improvements were also made to the Jersey City car and
bus terminal, and a bus waiting room was opened in the
Broadway Terminal, Paterson.
Garage capacity was increased during the year by the
construction of a 63-car garage at Summit, and by additions
to the Union City, Perth Amboy and Cresskill garages,
which provided in them storage for a total of 61 additional
buses. The construction of a garage at Broadway and.
Second River, Newark, was begun.
New Gasoline System.
In the furtherance of plans for a system of bulk purchase
and storage of gasoline, Transport leased from the Cre*Levick Company, two 80,000 barrel gasoline tanks at Perth
Amboy, and began the construction of an 80,000 barrel
gasoline tank at its Passaic wharf property, Newark. An
80,000 gallon storage tank was erected on the Newton
Avenue property, Camden, and a 15,000 gallon tank at
Dover. In addition a fleet of eighteen gasoline delivery
trucks has been ordered. A considerable saving is expected
from the operation of the new system.
COMMERCIAL FACILITIES.
Commercial Offices.
Improvement in services and facilities provided for electric
and gas customers continued during the year. A new commercial office building was constructed and put in service at
Ridgewood, and substantial additions made to commercial
office buildings, owned by the Company in Camden, Union
City and Rahway. A needed addition was made by the
owner to the building in Plainfield which is leased by the
Company.
An innovation, following trials made of the system in
Newark, Jersey City and Bayonne, was put into effect in
the new Ridgewood office, by the substitution of desks for
the usual customers' counters. Under this plan, persons
having business to transact with Company employes, are
seated beside the employe's desk, assuring them greater comfort and privacy.
Telephone System.
The Public Service telephone system was materially expanded during the year. An addition of 438 miles of wire
and 200 telephones brings the total wire mileage up to
3,727, and the total number of telephones up to 3,400. A
new exchange was installed at Camden, and the Elizabeth,
Orange, Hackensack and Passaic exchanges were enlarged.
An average of 115,000 calls a day were handled.
The telephone and order file system now in operation at
twelve of the Company's larger offices, proved its value
during the year. Encouragement given to customers to
transact business over the telephone, resulted in a total of
more than a million telephone calls being handled over the
telephone tables in the twelve offices.
New Type of Street Light Bracket.
A new type of ornamental brackets for overhead electric
street lights was developed during the year, and is being
used for new installations and for replacements.
Home Economics.
The Company's Home Economics Department continued
to function with good results during the year. Contacts
with women using electric and gas service established by this
department are valuable. The staff conducts cooking classes,
gives lectures and demonstrates before women's organizations
and in educational institutions, broadcasts household information over tne radio and demonstrates in the home of cue-
MAR. 1 1930.]
FINANCIAL CHRONICLE
tomers the correct use of appliances. Attendance at classes
in .1929, numbered 34,584; attendance at lectures, 2(3,205;
home demonstrations, 2,443; while department speakers were
"on the air" for a total of seventy-nine hours.
Light's Golden Jubilee.
The Company participated in the celebration of Light's
Golden Jubilee by the appropriate decoration of its building
and cooperation in state and civic celebrations.
MAINTENANCE OF PROPERTY.
1485
Diesel Engine Experiments.
Experiments were conducted during the year with the
use of fuel oil for motor bus use. A bus equipped with a
Diesel engine, using fuel oil has been in service for some time.
with results that offer hopes of further development.
Property for Gas Plant Purchased.
Additional land, with considerable frontage on the Raritan
River, adjoining the property owned by Public Service
Electric and Gas Company in Pisataway Township, was
acquired so that the Company now has in this location sufEXPENDITURES.
ficient property to permit the erection of the modern gas
A total of $13,432,659.17 was spent during the year in works, contemplated for the central district of the territory
the maintenance of the property of the Corporation's operating Companies. In addition the sum of $11,417,795.01 served by it.
PERSONNEL.
was set aside for depreciation, and retirement purposes.
EMPLOYES AND WAGES.
The plant and equipment of the operating companies
The morale of the Public Service organization as expressed
are in.excellent shape, the usual careful attention having
in figures of labor turnover and in the effectiveness of the
been given throughout the year to keeping it in condition.
staff is highly satisfactory and reflects the careful attention
TRANSPORTATION MAINTENANCE.
paid to the
There.was reconstructed during the year 22.3 miles of the variousengaging and training of its members, as well as
their
street tailway track, using new rail, and .708 miles of track operation of provisions made inWelfarebehalf through the
Plan. On
using the same rail;21 miles of new trolley wire were installed; ber 31, there the Public Service of the Corporation Decemand its
were in the employ
786.street cars and 1,013 buses were repainted; 258 bus operating subsidiaries, 20,280 men and women. The amount
bodies were built, and 1,825 bus engines were overhauled. paid for wages and salaries during the year 1929 was $39,This work was done in the shops of the Company, in ad- 997,425.28.
dition to a very large amount of other repair and mainDISBURSEMENT ON EMPLOYES' ACCOUNT.
tenance work, and the remodelling of 113 street cars into
Under the Welfare and Group insurance systems of Public
the parlor car type.
Service, and the State Workmen's Compensation Act,
INSURANCE OF PROPERTY.
During the year insurance in effect upon the property of there was disbursed during the year for the benefit of emthe Corporation and its subsidiary operating companies ployes or their families, a total of $1,150,694.28.
was increased by $8,375,677, total insurance in force on
THE WELFARE PLAN.
Dec. 311929, being $117,818,215. The average rate paid
Of the total disbursements, $477,110.97, was chargeable
was 20.04 cents per $100, a decrease from the 1928 rate of to the Welfare system, of which $312,665.74 was for pen0.6 cents.
sions; $63,433.95, was for death benefits, and $52,425.05
was for sick benefits.
EXTENSION.
PLANS FOR FUTURE
There were on the Public Service pension rolls, December
PROSPECTS FOR NEW BUSINESS.
31, the names of 335 pensioners, 73 names having been
General business in the territory served by Public Service added during the year, and 36 having been removed by
companies was good during 1929, despite the set back caused death. Sick benefits were paid in 1,107 cases. The disby the Fall deflation of stock prices. Indications point to pensary opened for the benefit of employes in the Newark
normal, if not unusually good, conditions during 1930, terminal building in February 1928, demonstrated its
while there can be no question that the future progress of usefulness during 1929. The number of treatments totalled
the State is assured, not only by its natural advantages and 10,908, an average of 33 for each working day, and unresources, but by the energy and intelligence that is being doubtedly the free medical and surgical service given was of
applied in the furtherance of major projects for development. great benefit.
Since the inception of the Public Service organization its
GROUP INSURANCE SYSTEM.
management has had confidence in the future of the territory
The broadening in 1928 of the Group Insurance plan under
served, and that confidence manifested by
im- which individual insurance coverage was doubled, resulted
provement and expansion of facilities and justified by in- in an increase of 8167,000 or 106 per cent in benefits paid
creases in business, continues unabated. In accordance under the system in 1929, as against those paid in 1928. Inwith their fixed policy, Public Service companies moved surance amounting to $324,500 was paid to the beneficiaries
forward during the year, with various plans to provide for of 135 employees who died during the year.
future demand.
On December 31 the number of employees covered by the
Group Insurance policy was 15,747, and the total coverage
EXTENSION OF ELECTRIC SYSTEM.
amounted to $39,166,500, an increase of 753 in the number
Interconnection.
$2,163,000 in the amount
Work on the two major interconnections of the electric coming under the plan, andamounted to $301,447.35, of
.
of
system progressed and they will be placed nci operation coverage. Premiums paid
during 1930. Interconnection of our lines with ,those of which the insured contributed $229,243.45 and Public
Philadelphia Electric Company, and Pennsylvania Power Service $72,203.90.
WORKMEN'S COMPENSATION ACT.
and Light Company, not only assures a supply of power
which will make unnecessary extensive expansion of our
Under the provisions of the State Workmen's Compensageneration plant during the next two or three years, but, by tion Act, Public Service disbursed $285,057.74 as payments
providing reserve capacity, will increase dependability of provided by law. In addition it paid as voluntary contribuservice, and in addition will make possible economies in tions, in excess of legal requirements, the sum of $10,519.85.
the operation of the three systems involved. On a smaller Total expenditures increased by $61,161.57.
scale interconnection with the lines of New Jersey Power
WAGE AGREEMENT,
and Light Company will accomplish the same results.
Public Service Co-ordinated Transport and Public Service
Interstate Transportation Company signed an agreement
Deepwater Power Contract.
Negotiations have been concluded for the purchase of the with their transportation employees, covering a period of
entire output of the Deepwater Light & Power Company's three years from October 1 1929, and providing for a connew generation station at Deepwater, N. J., which is to be tinuance of the wage schedule that had been in effect for
put in operation some time in the spring of 1939, with a the previous three years.
CONTINUANCE OF BONUS PLAN.
capacity of approximately 58,000 kilowatts. This station
The bonus plan, designed to increase safety of street car
and one of like capacity to supply energy to the Atlantic
City Electric Company are being jointly constructed by and bus operation, was in effect during the year and will be
the Deepwater and Atlantic City Companies.The two continued through 1930. A total of $153,029 was paid out
stations will have a common housing and certain facilties during the three bonus periods of the year. Of the $4,277
will be used in common. Joint operation as one station is men eligible for bonuses, 3,867 earned some bonuses of which
expected to secure the efficiencies and economies resulting 224 had clear operating records for the year. This record
from mass production.
must be considered in the light of the fact that all forms of
accidents, no matter how slight, are counted against the
Edgewater Station Site.
There was acquired at Edgewater, during the year a 20- operator.
.
EDUCATIONAL OPPORTUNITIES.
acre plot, with frontage on the Hudson River, upon which
Public Service continued during the year its policy of enIt is intended to construct in the future a generation station
to supply the rapidly increasing power requirements of the couraging its employees to take advantage of the numerous
educational courses open to them through State and municiBergen division.
pal educational facilities and through national public utility
EXTENSION OF TRANSPORTATION SYSTEM.
organizations. A bulletin of educational facilities afforded
City Railway.
was prepared and circulated. Enrollment in A.G.A. and
Work upon City Railway, which is to occupy the bed of N.E.L.A. courses increased by 91 and refunds of tuition
the abandoned Morris Canal in the city of Newark, and fees were made to 268 employees who successfully completed
operated by Transport under the terms of an agreement their courses. During the year plans were perfected for
.
entered into in January 1929, has been started. The rail- the establishment in 1930 of vocational training schools for
way is to have a terminal under the new Pennsylvania those entering the commercial service of the companies.
railroad station to be constructed as part of a major improve- The training to be given in these company schools is dement of railroad facilities in Newark, work upon which has signed to better equip new employees for the performance of
also been started.
their duties.
[VOL. 130
FINANCIAL CHRONICLE
1486
The loyalty of the organization, manifested, among other
ways by its work in the 1929 stock campaign, is a source
of pride to the management.
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Long Term Debt—
Long Term Debt of Public Service Corpo$26,033,508.00
ration of New Jersey
Long Term Debt of Operating Subsidiaries
INFORMATION.
Controlled Through Stock Ownership 1C9.437.434.03
FINANCIAL STATEMENT AND STATISTICAL
Long Term Debt of Lessor Companies
24,072,300.00
Controlled Through Stock Ownership
Attention is called to the balance sheets and statements of
Long Term Debt of Lessor Companies Not
earnings and expenses of the Corporation and its subsidiary
Ownership 49.914.550.00
Controlled Through Stock
8209,457,792.03
companies which have been verified by Niles and Niles,
Current Liabilities—
Certified Public Accountants, of New York, and to the usual
$3,853,335.81
Accounts Payable
4,388,160.47
Consumers' Deposits
statistical information and other statements herein sub11,397.05
Miscellaneous Current Liabilities
4,464,542.53
mitted.
Taxes Accrued
1,882,197.99
Interest Accrued
THOMAS N. McCARTER,
241,146.77
Miscellaneous Accrued Liabilities
14,840,780.62
President.
Reserves—
$697,720.13
Premiums on Capital Stock
47,574,750.53
COMBINED RESULTS OF OPERATIONS
Retirement Reserve
576,000.00
Contingency Reserve
OF NEW JERSEY
PUBLIC SERVICE CORPORATION
5,860.39
Unamortized Premium on Debt
2.901.982.06
Casualty and Insurance Reserve
AND SUBSIDIARY UTILITY COMPANIES.
442,634.32
Contributions for Extensions
2,344,841.64
Miscellaneous Reserves
FOR THE TWELVE MONTHS ENDING DECEMBER 31 1929.
54,543,789.07
$137,086,707.65
Operating Revenues
2,438,222.33
Miscellaneous Unadjusted Credits
$55,373,910.82
Operating Expenses
13,432.659.17
Maintenance
Capital Stock—
11,417,795.01
Depreciation and Retirement Expenses
Capital Stock of Public Service Corpora15,031,574.38
Taxes
tion of New Jersey—
95,255,939.38
Common Stock (5.355,785 shs.no par)-$138,207,100.32
21,531,200.00
$41,830,768.27
8% Cumulative Preferred Stock
Operating Income
28,908,000.60
7% Cumulative Preferred Stock
58,731,200.00
Other Income—
6% Cumulative Preferred Stock
$5.00 Per Share per Annum Cumulative
Income of Public Service Corporation of
Preferred Stock (75,373 shares no par) 7,240.199.66
New Jersey (exclusive of dividends on $3,099,527.55
stocks of operating utility companies)-8254,617.699.98
Less—
Capital Stock of Operating Subsidiaries
$703,443.93
Expenses
33,770,445.00
Stock Ownership
Controlled Through
115.963.19
Retirement Expenses
Capital Stock of Lessor Companies Con410.951.93
Taxes
5,840,836.67
trolled Through Stock Ownership
1,230,359.05
Capital Stock of Lessor Companies Not
29,063,100.00
Controlled Through Stock Ownership
$1,869,168.50
323,292,081.65
Non-Operating Income of Subsidiary ComSales of $5.00 per Share per Annum Cumulative Preferred
137,930.50
panies
Corporation of New Jersey under
Stock of Public Service
Credit Adjustments of Surplus Accounts—
2,531,330.00
Deferred Payment Plan
241,983.28
Public Service Corp. of New Jersey_ __ 783,803.59
Subsidiary Utility Companies
Profit and Loss—Surplus—
3.032,885.87
523,370,252.90
Balance December 31 1928
17,493.16
Deduct adjustment of inter-company item
$44,863,654.14
Total
$23,352,759.74
Deductions—
Net Increase Year Ending December 31
Income Deductions of Subsidiary Companies—
1929from statement a combined results
Bond Interest, Rentals and Miscellaneous
4,155,709.20
of operations
$11,668,047.76
Interest Charges
27,508.468.94
Income Deductions of Public Service Cor$634.612,464.64
poration of New Jersey—
Interest on Perpetual Interest Bearing
1,116,332.78
Certificates
Interest on Public Service Newark TerPUBLIC SERVICE ELECTRIC AND GAS COMPANY
minal Railway Company First Mort229,033.48
gage Bonds
INCOME ACCOUNT
Interest on Convertible 4H% Gold De137.271.08
FOR THE TWELVE MONTHS ENDING DECEMBER 31. 1929
benture Bonds due 1948
111,787,98
Interest on Miscellaneous Obligations_ Operating Revenues—
864.663,601.69
Amortization of Debt Discount and
Electric Department
23,576.35
29,622,461.93
Expense
Gas Department
$94,286,063.62
Other Contractual Deductions from In13,855.09
come
Operating Expenses—
on Stocks of Subsidiary Utility
Dividends
$19.341,518.72
Electric Department
Companies in Hands of Public—
13.350.790.79
Gas Department
$32,692,309.51
Public Service Electric and Gas Com2.017.162.17
pany 6% Preferred Stock
Maintenance—
1,970.15
Other Stocks
$4,955,283.80
Electric Department
15,319,036.84
1.607.060.22
Gas Department
6,562,344.02
$29,544,617.30
Balance for Dividends and Surplus
Retirement Expenses—
Dividends on Preferred Stocks of Public
$6405065.70
Service Corporation of New Jersey
Electric Department
*1,440,081.09
Gas Department
S1.722,496.00
8% Cumulative Preferred Stock
7,845,146.79
2,023,560.00
7% Cumulative Preferred Stock
Taxes—
3461,140.50
6% Cumulative Preferred Stock
8.113,813.71
$
Electric Department
$5.00 per Share per Annum Cumulative
3.
921,621.02
Gas Department
242.603.55
Preferred Stock
12,035.434.73
7,449,800.05
Dividends on Common Stock of Public Service Corporation
of New Jersey
822,094,817.25
17,939,108.05
59,135,235.05
$4,155,709.20
Not Increase in Surplus
PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY UTILITY COMPANIES.
CONSOLIDATED BALANCE SHEET—DECEMBER 31 1929.
ASSETS.
Fixed Capital
Investments
Sinking Funds and Other Special Funds—
Sinking Funds
Other Special Funds
$578.466.124.76
13,815,772.44
$15,339.89
28,553.49
Special Deposits
Current Assets—
$11,622,648.36
Cash
757.656.25
Marketable Securities
556,046.80
Notts Receivable
11463,720.39
Accounts Receivable
21,394.93
Interest and Dividends Receivable
6.014,811.03
Materials and Supplies
253,391.48
Miscellaneous Current Assets
Purchasers of $5.00 per Share per Annum
Cumulative Preferred Stock of Public
Service Corporation of New Jersey under
1,978,811.87
Deferred Payment Plan
Deferred Charges—
Prepayments
Unamortized Debt Discount and Expense_
Miscellaneous Suspense
Operating Revenue Deductions—
$38.815,681.93
Electric Department
20.319,553.12
Gas Department
$750,345.96
6,443,976.19
1,894.130.73
43,893.38
529,740.07
Operating Income—
Electric Department
Gas Department
$25.847,919.76
9.302.908.81
$35,150,828.57
$3,124,008.45
Non-Operating Revenue
Non-Operating Revenue De29.199.62
ductions
3.094,808.83
Non-Operating Income
538,245.637.40
Gross Income
Income Deductions (Bond Interest, Rentals and Miscel9,698,223.73
laneous Interest Charges)
-- 428,547,413.67
Net Income
Profit and Loss Accounts—
Adjustment of Surplus Accounts (exclusive of dividends)
718,166.12
(credit)-----------------------------------------329,265,579.79
Dividends on Outstanding Stocks—
Paid to Public Service Corporation of New Jersey:
820.039,049.60
Common Stock
1.398.328.75
7% Cumulative Preferred Stock
1,087,195.83
6% Cumulative Preferred Stock
$22,524,574.18
32.668,481.11
9,088.452.88
634,612,464.64
Paid to Unaffiliated Interests:
Common Stock
7% Cumulative Preferred Stock
6% Cumulative Preferred Stock
Net Increase in Surplus
12.90
1,671.25
2,017,162.17
24.543,420.50
$4,722,159.29
•Includes $200,186.36 Camden Coke Company Retirement Expense.
MAR. 1 1.930.]
FINANCIAL CHRONICLE
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
BALANCE SHEET DECEMBER 31 1929.
ASSETS
Investments—
Securities of Subsidiary and Leased Companies
$278,511,556.36
Other Securities
.
Advances to Affiliated Companies
8,459,930.88
Real Estate
12,651,356.09
$305.166,910.55
Reacquired Securities
12.440.96
Sinking funds—
Sinking Fund of Public Service Newark
Terminal Railway Company First Mortgage Bonds
Sinking Fund of Perpetual Interest Bear- $434,020.74
ing Certificates
664.006.95
1,098,027.69
Current Assets—
Cash
$633,733.51
Marketable Securities
757,656.25
Notes Receivable
550,000.00
Accounts Receivable
86,246.44
Interest and Dividends Receivable
482,839.78
Purchasers of $5.00 per Share per Annum
Cumulative Preferred Stock Under Deferred Payment Plan
1,978,811.87
4,489,287.85
Deferred Charges—
Prepayments
$17.642.37
Unamortized Debt Discount and Expense
195,652.77
Miscellaneous Suspense
53,436.16
266,731.30
$311,033.398.35
1481
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
AND
CAMDEN COKE COMPANY.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1929.
ASSETS.
Fixed Capital—
Balance December 31 1928
$281,608,378.39
Construction Year Ending December 31
1929
25,335.474.45
Total
$306.943,852.84
Lees Property Written Off During Year.. 6.177.478.61
Balance December 31 1929
$300,766,
374.23
Investments—
Public Service Corporation of New Jersey
6% Cumulative Preferred Stock
$17,205,825.00
Securities of Affiliated Companies
33.688,618.61
Other Inve:tments
18,466.83
50,912.910.44
Reacquired Securities
2,914,000.00
Miscellaneous Assets—
Sinking Funds
$31.41
Miscellaneous Special Funds
15.993.21
Special Deposits
15.823.40
31,848.02
Current Assets—
Cash
$9,850,442.38
Notes Receivable
4,046.80
Accounts Receivable
12,771,437.53
Interest and Dividend Receivable
250,174.98
Materials and Supplies
5,021,762.23
Miscellaneous Current Assets
190,480.00
28,088,343.92
Deferred Charges—
Propayments
$230,455.48
Unamortized Debt Discount and Expense 6,032.026.99
Miscellaneous Suspense
1.819.774.58
8.082.257.05
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Long Term Debt—
Perpetual Interest Bearing Certifcates_ -$20,111.910.00
Public Service Newark Terminal Railway
8390,795.733.66
Company 5% First Mortgage Bonds
due 1955
Convertible 434% Gold Debentures due 5.000,000.00
1948
LIABILITIES, CAPITAL STOCK AND SURPLUS.
1.429,000.00
Real Estate Mortgages
1.452.500.00
$27,993.410.00 Long Term Debt—
First and Refunding Mortgage Gold
Current Liabilities—
Bonds, 59 Series due 1965
$22,300,000.00
Accounts Payable
$67,283.02
First and Refunding Mortgage Gold
Miscellaneous Current Liabilities
144.84
Bonds, 4ii% Series due 1967
45,000,000.00
Taxes Accrued
142,876.87
Bonds of Merged Companies
21,748.000.00
Interest Accrued
263,905.97
Real Estate Mortgages
1,590,630.00
Miscellaneous Accrued Liabilities
3,160.83
Equipment Obligations
130,000.00
Advancesfor Construction
477,371.53
41,177.69
Reserves—
$90,809.807.69
Current Liabilities—
Premiums on Capital Stock
$1,179,545.13
Retirement Reserve
Accounts Payable
370,744.95
$1.807.683.61
Contingency Reserve
Consumers' Deposits
576,000.00
4,388.160.47
Miscellaneous Reserves
Miscellaneous Current Liabilities
8,850.74
8,608.06
Miscellaneous Unadjusted Credits
1,316.82
Taxes Accrued
3,634,470.94
Interest Accrued
2336.457.64
914,886.74
Miscellaneous Accrued Liabilities
646.372.91
Capital Stock—
11.400.182.73
Common Stock (5,355.785 shares no par) $138.207,100.32
8 Cumulative Preferred Stock
Reserves—
21,531,200.00
7 Cumulative Preferred Stock
Premium on Capital Stock
28,908,000.00
$337.500.00
6 0 Cumulative Preferred Stock
Retirement Reserve
38,701,865.23
$5.00 per Share per Annum Cumulative 75,117.700.00
Unamortized Premium on Debt
37.28
Preferred Stock (75,373 shares no par)._ 7,240.199.66
Casualty and Insurance Reserve
1.484.827.56
Miscellaneous Unadjusted Credits
2,167.488.74
271,004,199.98
Miscellaneous Reserves
Sales of $5.00 per share per Annum Cumulative Preferred
3,170,713.33
Stock under Deferred Payment Plan
45,862,432.14
2.531.330.00 Capital
Stock—
Profit and Loss—Surplus—
Public Service Electric and Gas Company—
Balance December 31, 1928
Common Stock
Net Income Year Ending December 31 $7.729,000.93
$150.000,000.00
7% Cumulative Preferred Stock
20.000,000.00
1929
25,344.573 59
6% Cumulative Preferred Stock
51.739,300.00
Camden Coke Company
Total
500.00
$33,073,574.52
Additions to Surplus
221,739,800.00
241.983.28
Profit and Loss—Surplus—
$33.315,557.80
Balance December 31 1928
$16,261,351.81
Less Dividends Paid During
26,424.928.60
Year
Net Increase Year Ending December 31
1929
4.722,199.29
Balance Profit and Loss—Surplus December 31 1929-6,890,629.20
20,983.511.10
8311,033,398.35
U90,795,733.66
_
PUBLIC SERVICE COORDINATED TRANSPORT
Public Service Interstate Transportation Company, Public Service
Railroad Company. The Riverside and Fort Lee Ferry Company, Pennjerse
y Rapid
Transit Company, Port Richmond and Bergen Point Ferry
Company, Highland Improvement Company, New York Harbor
Real Estate
Company, Yellow Cab Company of Camden
INCOME ACCOUNT FOR THE TWELVE MONTHS ENDING
DECEMBER 31 1929.
Public Service
Public Service
Interstate
Public Service
Other
Coordinated
Transportation
Railroad
Affiliated
Transport
Company
Company
Companies
Operating Revenues
Total.
$34,732,658.45 $4.322,630.44
5280,313.97 $3,465,041.17 $42.800,644.08
Operating Expenses
$17,814.768.01 82,955.189.07
$61,126.67 81,850,517.56 822,681,601.31
Maintenance
5,407,740.14
919,404.90
38,886.42
504,283.69
Depreciation
6.870,315.15
2,748,281.80
509,165.73
315,200.69
Taxes------3,572,648.22
2,618,059.28
88,668.89
54,409.23
235,002.25
2.996.139.65
Operating Revenue Deductions
$28,588,849.23 $4.472,428.59
$154,422.32 82,905,004,19 $36,120,704.33
Operating Income
86.143,809.22
$149,798.15* $125,891.65
Non-Operating Income (Exclusive of Dividends of Affiliated
$560,036.98 36.679.939.70
Companies)_
144,166.27
3,791.90
2,861.85
86.673.86
237,493.88
Gross Income
$6,287,975.49
$146,006.25* 8128.753.50
Income Deductions (Bond Interest, Rentals and Miscellane
$646,710.84
86.917,433.58
ous Interest
Charges)
6,531,226.87
8,046.38
95,200.74
76.389.42
6.710.863.41
Net Income or L088
8243.251.38* $154.052.63*
$33.552.76
Profit and Loss Accounts (Excluding Dividends)
$570.321.42
$206.570.17
56.892.89x
353.53x
598.57
8,989.62x
65,637.47x
Surplus (Before Dividends)
5186.358.49* $153.699.10*
Intercompany Dividends
$38,954.19
8579.311.04
5272.207.64
444.514.001
444.514.00
Dividends Paid Unaffiliated Interests (Directors
8258.155.51
$153,699.10*
$32,954.19
)
$134,797.04
$272.207.64
288.00
Net Increase or Decrease in Surplus
286.00
8258,155.51
$153,699.10*
$32,954.19
8134,511.04
• Deficit. x Credit.
$271,921.64
136.
FINANCIAL CHRONICLE
1488
PUBLIC SERVICE COORDINATED TRANSPORT
Pennjersey Rapid
Service Railroad Company, The Riverside and Fort Lee Ferry Company,
Public Service Interstate Transportation Company, PublicFerry Company, Highland Improvement Company, New York Harbor Real Estate
Transit Company. Port Richmond and Bergen PointCab Company of Camden. Peoples Elevating Company.
Company, Yellow
CONSOLIDATED BALANCE SHEET DECEMBER 31 1929.
LIABILITIES AND CAPITAL STOCK.
Funded Debt Unmatured—
$41.563,016.00
Mortgage Bonds
29385.019.24
Equipment Obligations
Miscellaneous Obligations—
406.392.23
Real Estate Mortgages
171,964.87
Advances for Construction
ASSETS.
Road and Equipment—Fixed Capital— 3125,979.489.64
December 31. 1928
Balance
Additions to Property—Year Ending 10.696,153.44
December 31 1929
$136,675,643.08
$71,326,392.34
Total
2,165,810.35
Less Property Written Off During Year
Advances from Other Corporations—
693.760.00
Public Service Corporation of New Jersey
$134,509,832.73
Balance December 31 1929
1,067.370.80 Non-Negotiable Debt to Lessor Companies—
Issued for
Investments
Bonds of Lessor Companies
129.718.93
1,643,000.00
Sinking Funds
Construction Expenditures
513,916.67
Special Deposits
Current Liabilities—
$3,868,616.73
Current Assets—
Accounts Payable
47
$1,138,472.
99.487.79
Cash
Other Current Liabilities
2,000.00
398,846.79
Notes Receivable
Tax Liability
496,283.97
Miscellaneous Accounts Receivable
Accrued Interest, Dividends and Rents
5,157.24
919,646.74
Interest, Dividends and Rents Receivable
Payable
993.048.80
5,286,598.05
Materials and Supplies
62,911.48
1,114,536.73
Other Current Assets
6 Deferred Liabilities
2,697.873.9
12.560.28 Reserves—
Deferred Assets
Accrued Depreciation—Road and Equip- 38,502,140.35
Deferred Charges—
ment
5.823.11
Rents and Insurance Premiums Paid In
Premium on Funded Debt
$163,7113.58
1,431,034.08
Advance
,
Casualty and Insurance Reserve
222,238.93
283,289.35
Discount on Funded Debt
Credits
Other Unadjusted
71,030.59
10,222.286.89
Other Unadjusted Debits
457.059.10
Capital Stock—
Coordinated Transport_ -- $47,857,500.00
Corporate Deficit—
Public Service
$372,653.18
Balance December 31 1928
Public Service Interstate Transportation
100.00
Net Decrease Year Ending December 31
Company
271,921.64
285.000.00
1929
Public Service Railroad Company Ferry
The Riverside and Fort Lee
100,731.54
1,000.000.00
Balance December 31 1929
Company
Port Richmond and Bergen Point Ferry
40,000.00
Company
19,100.00
Highland Improvement Company
800.00
Peoples Elevating Company
49,202,500.00
$139,489,064.01
$139.489,064.01
NILES & NILES
Certified Public Accountants
165 Broadway, New York
N. Wood. C.P.A.
Henry A. Niles, C.P.A. Henry A. Horne,C.P.A. Ernest
53 State Street
Boston
CERTIFICATE OF ACCOUNTANTS.
New York, February 11 1930.
the books, accounts and record of the
We have examined
Public Service Corporation of New Jersey and of its subeidiary companies for the year ending December 31 19207
and
We certify that, in our opinion, the combined income
Service Corporation of New
profit and loss of the Public
Jersey and its subsidiary utility companies for the year
ending December 31 1929 is correctly shown by the statement on page 33 [pamphlet report]; the income and profit
and loss for the year ending December 31 1929 of the companies which operate, respectively, the electric, gas and
transportation utilities is correctly shown by the statements
on pages 37 and 39[pamphlet report]; and the balance sheets
as of December 31 1929 of
Public Service Corporation of New Jersey and its subsidiary utility companies (consolidated),
Public Service Corporation of New Jersey,
Public Service Electric and Gas Company and Camden
Coke Company (consolidated),
Public Service Coordinated Transport,
Public Service Interstate Transportation Company,
Public Service Railroad Company,
The River side and Fort Lee Ferry Company,
Pennjersey Rapid Transit Company,
Port Richmond and Bergen Point Ferry Company,
Highland Improvement Company,
New York Harbor Real Estate Company,
Yellow Cab Company of Camden, and
Peoples Elevating Company (consolidated).
shown on pages 34-35, 36, 38 and 40-41 are in accordance
with the books and correctly show the financial condition
of those companies at that date.
NILES St NILES,
Certified Public Accountants.
S.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIE
LONG TERM DEBT DECEMBER 31 1929.
Authorized.
Outstanding.
Amount
Intercompany &
in the Hands
Sinking Fund
of Public.
Holdings.
Public Service Corporation of New Jersey—
of New Jersey,
Perpetual Interest-Bearing Certificates of Public Service Corporation Payable May
Interest
.001
Fidelity Union Trust Company, Trustee. Rate 6%.
320,200,000.00 320,111,910.00 a$1,526,902.00 318,585,008
November
and
434% Gold Debentures. Due
Public Service Corporation of New Jersey Convertible Company, Trustee. Interest
1,429,000.00,
February 1 1948. Fidelity-Philadelphia Trust
1,429,000.00
43,689,000.00
Payable February and August
Co. 5% First Mortgage. Due June 1 1955.
b433,000.00 4,567,000.001
Public Service Newark Terminal Railway Interest Payable June and December
5.000,000.00
5,000,000.00
1,452.500.00,
Fidelity Union Trust Co.„ Trustee.
1,452.500.00
Real Estate Mortgages
.00 $1,959,902.00 $26,033,508.00
$27,993,410
Total Public Service Corporation of New Jersey
Public Service Electric and Gas Company— Refunding Mortgage Gold Bonds
First
Public Service Electric and Gas CompanyUnion and Co.,Trustee. Interest Payable
Trust
6% Series Due June 1 1965. Fidelity
850.000,000.00 $22,300,000.00
June and December
Refunding Mortgage Gold Bonds
Public Service Electric and Gas Company First and
Union Trust Co., Trustee. Interest
434% Series Due December 11907. Fidelity
100.000,000.00 45,000,000.00
Payable June and December
4% First Mortgage. Due June 1 1949.
Halted Electric Company of New Jersey Co., Trustee. Interest Payable June and
& Trust
New Jersey Title Guarantee
20,000,000.00 18,617,500.00
December
First Mortgage. Due June 1 1938.
Consumers Light. Heat & Power Company 5%Trustee. Interest Payable June and
Co.,
New Jersey Title Guarantee & Trust
885.000.00
1,000,000.00
December
Mortgage. Due October 1
North Hudson Light, Heat & Power Company 5% First Trustee. Interest Payable
Co.,
1938. New Jersey Title Guarantee & Trust
2,000,000.00
2.000,000.00
April and October
Due January 1 1955.
Middlesex Electric Light & Power Company 5% First Mortgage. and January
181,000.00
200,000.00
Fidelity Union Trust Co., Trustee. Interest Payable July
-year 5%
Princeton Light, Heat & Power Company First and Refunding Mortgage 30 Trustee.
Equitable Trust Co.,
Sinking Fund Gold Bonds. Due February 1 1939.
64,500.00
250.000.00
Interest Payable February and August
Certificates. 665,000
Public Service Electric Company Equipment Trust Series"A"8% ia Trust Company,
due each February let and August 1st. Fidelity-Philadelph
130.000.00
1,300,000.00
Trustee. Interest Payable February and August
1,590,630.00
Beal Estate Mortgages
41.177.69
&dvanoes for Construction
ton RAO en7 RQ
rnmnano
Tedhal Puhlle Servien Electric. and Clam
,
$22,300,000.00
,
45,000,000.00
4683,000.00 17,934,500.001
d577,000.00
d1,633,000.0
c21,000.00
308,000.001
,
367,000.00
160,000.001
64,500.001
,
130,000.00
,
1,590,630.00
,
41,177.69
22.014 non nn SRI ROk RA7 ea
MAR. 1 1930.]
1489
FINANCIAL CHRONICLE
Authorized.
Companies Leased by Public Service Electric and Gas Company
Gas Company 5% Consolidated Mortgage. Due December 1
Newark Consolidated
1948. Fidelity Union Trust Company. Trustee. Interest Payable June and $10,000,000.00
December
Newark Gas Company 6% First Mortgage. Due April 1 1944. National Newark and
4,000,000.00
Essex Banking Co.. Trustee. Interest Payable July,October,January, April
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
10,500,000.00
Interest Payable May & November_
Jersey Title Guarantee & Trust Co., Trustee.
New Brunswick Light, Heat & Power Company 4% First Mortgage. Due December
15 1939. Fidelity Union Trust Company, Trustee, Interest Payable June 15 and
500,000.00
December 15
Ridgewood Gas Company 5% First Mortgage. Due June 1 1925. Equitable Trust
100,000.00
December
Co., Trustee. Interest Payable June and
Ridgewood Gas Company 5% Second Mortgage. Due April 1, 1925. Fidelity Union
100,000.00
Payable April and October
Trust Co.,Trustee. Interest
Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. Due March
1 1949. The Paterson National Bank, Trustee. Interest Payable September and
5,000,000.00
March
Edison Electric Illuminating Company of Paterson 5% First Mortgage. Due July 1
600,000.00
The Paterson National Bank,Trustee. Interest Payable January and July_ _
1925.
,,age. Due May 11925. Guaranty
Passaic Lighting Company 5% Consolidated Mort,_
450,000.00
Trust Co.,Trustee. 11116e6St Payable Mat'ahd NeVember
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March 1 15,000,000.00
1953. b`idelity Union Trust Co., Trustee. Interest Payable September and March _
Trenton Gas & Electric Company 5% First Mortgage. Duo March I 1949. Equitable
2,000,000.00
Trust Co.. Trustee. Interest Payable March and September
Somerset, Union & Middlesex Lighting Company 4% First Mortgage. Due December
2,750,000.00
Interest Payable June and December_ _
11043. Fidelity Union Trust Co., Trustee.
Central Electric Company 5% Consolidated Mortgage. Due July I 1940. Fidelity
750,000.00
Union Trust Co., Trustee. Interest Payable January and July
Plainfield Gas & Electric Light Company 5% General Mortgage. Due April 1 1940.
500,000.00
Guaranty Trust Co., trustee. Interest Payable April and October
Somerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelity
150,000.00
Union Trust Co.,Trustee. Interest Payable February and August
The Gas & Electric Company of Bergen County 5% General Mortgage No, 2. Due
May
November 1 1954. Fidelity Union Trust Co., Trustee, Interest Payable
5.000,000.00
and November
The Gas & Electric Company of Bergen County 5% General Mortgage No. 1. Due
November 1 1954. Equitable Trust Co., Trustee. Interest Payable May and
5,000,000.00
November
The Gas & Electric Company of Bergen County 5% Consolidated Mortgage, Due
Jane 1 1949. Fidelity Union Trust Co., Trustee. Interest Payable June and
1,500,000.00
December
Hackensack Gas Light Company 5% First Mortgage, Due July 1 1934. Interest Pay42,000.00
able July and January at Fidelity Union Trust Company
Hackensack Gas & Electric Company 5% General Mortgage. Due July I 1935. Interest
40,000.00
Payable January and July at Fidelity Union Trust Company
Englewood Gas & Electric Company 5% First Mortgage. Due January 1 1939. Fidelity
200,000.00
Union Trust Company Trustee. Interest Payable January and July
Total Companies Leased by Public Service Electric and Gas Company
Total Public Service Electric and Gas Company and Leased Companies
Outstanding.
Amount
Intercompany ck
in the Hands
Sinking Fund
- of Public.
Holdings.
,
$6,000,000.00
$6,000,000.00
3,999,700.00
3,999,550.00'
$150.00
,
10,500,000.00
10.500,000.00
500,000.00'
500,000.00
100,000.00
c100,000.00
85,000.00
c85.000.00
4,099,000.00
c50,000.00
585.000.00
4,049,000.00'
c585,000.00
316,000.00
c316,000.00
12,994,000.00
c3,507,000.00
,
9,487,000.00
4
1,998,000.00'
1,974.809.37
e573,809.37
1,401.000.00'
750,000.00
c20,700.00
,
729.300.00
1,998,000.00
500.000.00'
500,000.00
150,000.00
c$21,000.00
,
129,000.00
3,463,000.00
c1,846,000.00
1,617,000.00,
37,000.00'
37,000.00
1,443,000.00
1,443,000.00
24.000.001
24,000.00
10,000.00
10,000.00,
23,000.00
,
23,000.00
849,551,509.37
$7,101,659.37 842,446,850.00
$140,361,317.06 $10,018,659.37 8130,342,657.69
Public Service Coordinated Transport
North Jersey Street Railway Company 4% First Mortgage. Due May 1 1948. Bankers
,
8683,000.00
$15,000,000.00 $15,000.000.00 I$14,317,000.00
Trust Co., Trustee. Interest Payable May and November
Jersey City, Hoboicon & Paterson Street Railway Company 4% First Mortgage. Due
November 1 1949. New Jersey Title Guarantee & Trust Co., Trustee. Interest
,
1.553,000.00 12,508.000.00
--Payable May ant November _ _ __ _ ___
-- ------- ------ -- -- 20,000,000.00 14,061,000.00
-------------- Mortgage. Duo July 1
m- North Hudson C
County Railway Copany
Company, Trustee. Interest Payable January and
1928. Fidelity Union Trust
2,998,000.00
2,998,000.00
3,000,000.00
July at First National Bank, Hoboken
North Hudson County Railway Company 6% improvement Mortgage. Due May 1
1,291,000.00
1.291.000.00
1,292,000.00
Interest Payable May and November_ _ _
1926. Fidelity Union Trust Co., Trustee.
North Hudson County Railway Company 59' Weehawken Extension Mortgage. Due
Trust Co., Trustee. Interest Payable February
February 1 1945. Fidelity Union
,
100,000.00
100,000.00
100,000.00
and August
_Paterson Railway
___ _____________ Mortgage. Due June I 1931. Irving
,
1,132.000.00
118,000.00
1,250,000.00
1,250.000.00
and December
Trust Co., Trustee. Interest Payable June
Paterson Railway Company 5% 2nd General Mortgage. Duo October I 1944. Fidelity
,
300,000.00
300,000.00
8300,000.00
Union Trust Co.,Trustee. Interest Payable April and October
Elizabeth, Plainfield & Central Jersey Railway Company 5% First Mortgage. Due
December 11950. Fidelity Union Trust Co., Trustee. Interest Payable Juno and
,
2,246,000.00
154,000.00
2,400,000.00
2,500,000.0
December _ _ ___ _
Plainfield Street Raliwa-- Company 6% First Mortgage. Due July 1 1942. Fidelity
y
,
76.000.00
g24.000.00
100,000.00
100,000.00
Union Trust Co., Trustee. Interest Payable January and July
Elisabeth & Raritan River StrO3t Railway Company 5% General Mortgage. Due May
,
1,226,000.00
274,000.00
1,500,000.00
3,500,000.00
11951. Fidelity Union Trust Co., Trustee. Interest Payable May and November...
Brunswick Traction Company 5% First Mortgage. Due July 1 1926. Fidelity Union
500,000.0
500,000.00
500,000.0
Trust Co.,Trustee. Interest l'ayable January and July
East Jersey Street Railway Company 5% First Mortgage. Due May I 1944. Perth
,
448,000.00
52,000.00
500,000.00
500,000.0
Amboy Trust Co., Trustee. Interest Payable May and November
Middlesex & Somerset Traction Company 5% First Mortgage. Duo January I 1950.
958,000.00'
42,000.00
1.000,000.00
1,500,000.0
Interest Payable January and July
Fidelity Union Trust Co., Trustee,
Public Service Series "E" Equipment Trust 712% Certificates. $140,000 due each
February 1st and August 1st for first five years and $12,000 due each February 1st
and August lst for the second five years. Bankers Trust Co., Trustee. Interest
81,000.00'
84,000.00
1,820,000.00
Payable February and August _ - ____ - _
_, --= , -Cer
EquipmentT__ - Series"F"
___ _
--- --- $20:000
Trust
tificates.
Public Service Railway Company
duo each November 1st and May 1st. Fidelity Union Trust Co., Trustee. Interest
,
140,000.00
140,000.00
.100.000.00
Payable November and MaY
406,392.233
406,392.23
Real Estate Mortgages
,
171,964.87
171,964.87
Advances for Construction
$21.323,000.00 $20,479,357.10
$41,802,357.10
Total Public Service Coordinated Transport
Companies Controlled by Public Service Coordinated Transport
Consolidated Traction Company 5% First Mortgage. Duo June 1 1933. Bankers
815,000,000.00 815.000,000.00
Trust Co., Trustee. Interest Payable December and June
Jersey City & Bergen Railroad Company 43 % First Mortgage, Due January 1, 1923.
Interest Payable January and July at Bankers Trust Co. or First National Bank,
258,000.00
1,000,000.00
Jersey City--- - --- - - - ------- --- -- =---First mortgage. Due July -- 1930. New
Newark Passenger Railwa-- CompanY
rusteo. Interest Payable January and July _
Jersey Title Guarantee & Trust Co.,
6,000,000.00
6,000.000.00
Passaic & Newark Electric Traction Company 5% First Mortgage. Due Juno I 1937.
New Jersey Title Guarantee & Trust Co., Trustee, Interest Payable June and
December- _ -- - -- ------- - --- --- ---- 1-1941. -First
-550,000.00
1,000,000.00
First Mortgage,
April
Rapid Transit Street Hallway Company
Mechanics National Bank of Trenton, Trustee. Interest Payable April and
------------------------------October-500,000.00
500,000.00
Company 5% First Mortgage. Due iiecem Wei- Orange &
------------------1938. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable June
and December.._ _
---- ----- ----- =-- ------ - - -- -833,000.00
1.000,000.00
Camden & Suburban Itallwa-- Conian--First -Mortgage. Due---- 11946. The
First National State Bank of Camden, Trustee. Interest Payable January and
July
'Sue July 1 ------- New Jersey Title
3,000,000.00 $1,910,000.00
Bergen Turn----Guarantee & Trust Co., Trustee. Interest Payable January and July
989,000.00
1,000,000.00
People's Elevating Company 5% First Mortgage. Due October 1 11,19. Now Jersey
Title Guarantee & Trust Co., Trustee. Interest Payable April and October
175,000.00
250,000.0
Paterson & State Line Traction Company 5% First Mortgage. Due June 1 1964
Fidelity Union Trust Co., Trustee. Interest Payable Juno and December
150,000.00
300,000.00
New Jersey & Hudson River Railway & Ferry Company 4% Fifty Year Mortgage.
Due March 1 1950. Chemical Bank & Trust Co., Trustee, Interest Payable
March and September_ --- --4,011,000.00
5,000,000.00
Liu() MarfSO.--Che
Hudson River Traction Company 5% licrsti Mortgage. Bank & Trust Co., Trustee. Interest Payable March and September
631,000.00
1,000,000.0
Riverside Traction Company 5% First Mortgage. Due Juno 11960. The Real Estate
Land Title and Trust Company,Trustee. Interest Payable December and June_ _
1,500,000.00
1,500,000.00
Penniersey Rapid Transit Company Equipment Trust 5% Certificates. 8130,324.18
due each November 30. The Pennsylvania Company for Insurances on Lives
and Granting Annuities, Trustee. Interest Payable May 31 and November 30_ 1,303,241.78
912,269.24
Total Companies Controlled by Public Service Coordinated Transport__
833,449,269.24
....- -------
-- _ --- _ --
258,000.00
249,000.00
5,751.000.00
10,00000
540,000.00
g126,000.00
86,000.00
374,000.00,
747,000.00
-_
Total Public Service Coordinated Transport and Subsidiary Companies__
,
8756,000.00 $14,244,000.00
$1,940,000.004
3,000.00
986,000.00
175,000.0
150.000.00
14,000.00
,
3,997.000.00
h97.000.00
534,000.00'
15,000,00
1,485.000.00
,
,
912,269.24
81.789,000.00 $31,660.269.24
$75,251.626.34 823,112.000.00 852.139,626.34
1490
FINANCIAL C1111, NTCLE
)
Authorized.
Companies Controlled by Public Service Railroad Company
Elizabeth & Trenton Railroad Co. 5% First Mortgage. Due April 11962. FidelityPhiladelphia Trust Company, Trustee. Interest Payable April and October_
_
[Vol,. 130
Intercompany &
Amount
Sinking Fund
in the Hands
Holdings.
of Public.
Outstanding.
$1,200,000.00
$990,000.00
$48,000.00
5990,000.00
Total Companies Controlled by Public Service Railroad Company
TOTAL LONG TERM DEBT
$48,000.00
$942,000.004
5942,000.00
8244.596.353.40 535.138.561.37 520e 407 702 03
a $634,825.00 purchased by the Sinking Fund. $891,845.00 owned by Public
Service Electric and Gas Company and deposited as collateral
its First and Refunding Mortgage. $232.00 owned by Public Service Corporation
under
of New Jersey.
b $421m000.00 purchased by the Sinking Fund. $12,000.00 owned by Public
Service Corporation of New Jersey.
c Pledged under Public Service Electric and Gas Company First and Refunding
Mortgage.
d Pledged under United Electric Company of New Jersey First Mortgage.
a $573.700.00 pledged under Public Se8vice Electric and Gas Company First
and Refunding Mortgage.
f $7,230,000.00 pledged under Public Service Electric and Gas Company First
and Refunding Mortgage. $7,037,000.00 owned by Public Service
Corporation of New Jersey.
g Purchased by the Sinking Fund.
h $67,000.00 pledged under New Jersey and Hudsen River Railway and Ferry
Company Mortgage. $30,000.00 owned by the Public Service Corporation of New Jersey.
SUMMARY OF LONG TERM DEBT AS SHOWN IN CONSOLIDATED BALANCE SHEET.
Debt of Public Service Corporation of New Jersey
Debt of Operating Subsidiaries Controlled Through Stock Ownership
Debt of Lessor Companies Controlled Through Stock Ownership
Debt of Lessor Companies Not Controlled Through Stock Ownership
TOTAL LONG TERM DEBT IN THE HANDS OF PUBLIC
'Long Term
:Long Term
'Long Term
'Long Term
$26,033,508.00
109.437,434.03
24,072,300.00
49,914,550.00
$209,457,792.03
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY OPERATING
COMPANIES.
CAPITAL STOCKS DECEMBER 31 1929.
Authorized
Shares.
ISSUED.
Shares.
Public Service Corporation of New Jersey:
Common Stock (No par value)
10,000,000
8% Cumulative Preferred Stock ($100 par)
250,000
7% Cumulative Preferred Stock ($100 par)
500,000
67 Cumulative Preferred Stock ($100 par)
1,250,000
$5.00 Per Share Per Annum Cumulative Preferred Stock (No par value)._ 2,000,000
Total Public Service Corporation of New Jersey
5,355,785
215.312
289,080
751,177
75.373
Amount in Hands
of Public. Incl.
Directors' Shares.
Amount.
$138,207,100.32
21,531,200.00
28.908,000.00
75,117.700.00
7,240,199.66
$138,207.100.32
21,531.200.00
28.908,000.00
58.731.200.00
7,240,199.66
$271,004.199.98
STOCK ISSUED.
$254,617,699.98
Intercompany
Holdings.
Amount in Hands
of Public, Incl.
Directors Shares.
Shares.
Amount.
Subsidiary Operating Companies:
Utility Companies
Public Service Electric and Gas Company
Common Stock (No par value)
$150,000,000.00
15,000.000
$149.999.910.001
$90.00
7% Cumulative Preferred Stock ($100 par)
20,000.000.00
200,000
19,975,800.003
24,200.00
6% Cumulative Preferred Stock ($100 par)
51,739,300.00
517.393
17,997,000.001
33,742,300.00
Public Service Coordinated Transport
Common Stock (no par value)
11.295,000.00
1,129,500
11.291,910.001
90.00
$6.00 Non-Cumulative Preferred Stock (No par value)
36.562,500.00
487,5001
36,560,925.004
1,575.00
Public Service Railroad Company ($100 pari
285,000.00
2,850
284,600.001
400.00
Public Service Interstate Transportation Company (No par value).
500.000.00
50,000
499,910.006
90.00
Camden Coke Company ($400 par)
350,000.00
3,500
349,500.00
,
500.00
Peoples Elevating Company ($100 par)
250,000.00
2,500
249,400.004
600.00
Paterson and State Line Traction Company ($100 par)
150,000.00
1,500
149,400.00
,
600.00
Total Subsidiary Operating Utility Companies
$271,131,800.00
$237,361,355.00
$33,770,445.00
'Owned by Public Service Corporation of New Jersey.
▪ 197,368 shares pledged under agreement securing Public Service Corporation of New
Jersey Perpetual Interest Bearing Certificates.
Includes stock of merged companies.
4 474.790 shares pledged under agreement securing Public Service Corporation
of Now Jersey Perpetual Interest Bearing Certificates.
49,990 shares owned by Public Service Coordinated Transport. One share owned
by Public Service Corporation of New Jersey.
• Owned by Public Service Electric and Gas Company.
2,492 shares owned by Public Service Coordinated Transport and pledged under mortgage
securing Jersey City Hoboken and Paterson Stree
Railway Company First Mortgage Bonds. Two shares owned by Public Service
Corporation of New Jersey.
,1.492 shares owned by Public Service Coordinated Transport. Two shares
owned by Public Service Corporation of Now Jersey.
CAPITAL STOCKS OF COMPANIES OPERATED UNDER LEASE BY
SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY, WITH THE RATE OF DIVIDEND PAYMENTS GUARANTEED
FROM RENTALS.
Capital Stock
Outstanding.
The Bergen Turnpike Company
Bordentown Electric Company
The Camden Horse Railroad Company
The Camden and Suburban Railway Company
Cinnaminson Electric Light, Power and Heating Company
Consolidated Traction Company
The East Newark Gas Light Company
Elizabeth and Trenton Railroad Company Preferred
Elizabeth and Trenton Railroad Company Common
Essex and Hudson Gas Company
The Gas and Electric Company of Bergen County
Hudson County Gas Company
Newark Consolidated Gas Company
New Brunswick Light, Heat and Power Company
New Jersey & Hudson River Railway & Ferry Co.. Pfd
New Jersey & Hudson River Railway & Ferry Co., Com
Orange and Passaic Valley Railway Company
The Paterson and Passaic Gas and Electric Company
Rapid Transit St. Railway Co. of the City of Newark
The Ridgewood Gas Company
Riverside Traction Company, Preferred
Riverside Traction eompany, Common
Somerset, Union and Middlesex Lighting Company
South Jersey Gas, Electric and Traction Company
The South Orange and Maplewood Traction Company
a$51,990.00
50,000.00
250,000.00
600,000.00 ,
20,000.00
15,000.000.00
60.000.00
180,300.00
811,350.00
06,500.000.00
2,000.000.00
a10,500,000.00
6,000.000.00
a400,000.10
a750,000.00
02,500,000.00
01,000,000.00
a4,999,516.00
501,000.00
100,000.00
266,500.00
747,150.00
01,050,000.00
6,000,000.00
a225,000.00
Controlled through stock ownership
$60,565,806.00
a27.976,506.00
Milt "nntrnlInri .1"..nItcr1. cr.etnl,ekurnaeohin
Intercompany
Holdings.
$51,930.004
50,000.003
2,000.004
20,000.00
,
339.100.00
,
60.000.00'
23,000.00
,
81.500.00
,
4,951.600.004
483.300.00
,
8.254.400.00
,
778,900.0014
272,980.0011
4,633.33'
2,446,350.001
999,600.00u
4,124.708.0014
17,000.00u
27.500.00
,
40.200.004
804,468.00u
1,603,700.00u
225.000.001
$25,661,869.33
22,135.669.33
Rate of
Amount in Hands Par
Value Dividends Date of
of Public. Inc.
Per
Directors'
From
Lease.
Share. Rentals.
Shares.
$60.00
"256,000m0
598.000.00
14.660,900.00
157,300.00
729,850.00
1,518,400.00
1.516.700.00
2,245,600.00
5,221,100.00
127.020.00
745,366.6713
53,650.00
400.00
874,808.00
504.000.00
83,000.00
239,000.00
706.950.00
245,532.00
4.396.300.00
$10.00
50.00
1-5%
25.00
24%
25.00
4%
50.00
347
100.00
4
25.00
6
5%l
50.00
50.00
4%)
100.00
8%
100.00
57
100.00
8
100.00
5%
100.00
5%
100.80
6%1
67 f
100.00
100.00 1 4-5
100.00
5%
100.00 11 h 7
2
100.00
5%(
50.00
50.00
2.7%)
100.00
4%
100.00
8%
100.00 2 2-3%
Term of
Lease,
Years.
14454694-
1-08
1-14
1-96
1-04
1-14
1-98
1-09
1-12
6161215-
1-03
1-05
1-03
1-98
2-05
1-11
999
46
999
999
46
999
099
999
999
900
999
900
999
900
900
116674-
14)3
1-03
1-93
1-10
1-12
900
000
999
999
999
12-31-03
000
6- 1-03
900
10- 1-03 Perpetual
$34.903,936.67
5,840,836.67
_ S32.5g9.300.00
% 3.025 Ono no
tea nn't inn no
Owned by Public Secvice Coordinated Transport.
Owned by Riverside Traction Company.
$3,000,000 par value, 20% paid.
Owned by Camden Horse Railroad Company.
Owned by Public Service Corporation of New Jersey.
$59,775 owned by Essex and Hudson Gas Company and Newark Consolidated Gas Company. $25 owned by Public Service Electric and Gas Co.
$93.100 owned by Public Service Corporation of New Jersey. $4.858.500 owned by Public Service Electric and Gas Company.
$166,800 owned by Public Service Corporation of New Jersey. $316.500 owned by Public Service Electric and Gas Company.
$87,100 owned by Vublic Service Corporation of New Jersey. $8.167.300 owned by Public Service Electric and Gas Company.
*538.300 owned by Public Service Corporation of New Jersey. $240,600 owned by Public Service Electric and Gas Company.
*8.010 owned by Public Service Corporation of New Jersey. $264.940 owned by Public Service Electric and Gas Company.
*1.366.67 reserved to retire stock of consolidated companies.
Owned by Public Service Corporation of New Jersey. $995,000 pledged under agreement securing
Perpetual Interest Bearing Certificates.
*1.688 owned by Public Service Corporation of New Jersey. $4,123,020 owned by Public Serviceits
Electric and Gas Company.
13,700 owned by Public Service Corporation of New Jersey. $3.300 owned by Public Service Electric and Gas Company.
11,568 owned by Public RerviFe Corporation of New Jersey. *792.900 owned by Public Service Electric and Gas Company.
1.433.200 owned by Public Service Corporation of New Jersey. $170.500 owned by Public Service Electric and Gas Company.
I
MAR. 1 1930.]
OPERATING REVENUE OF SUBSIDIARY UTILITY COMPANIES
OF PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Transportation
Gas
Electric
Total.
Properties.
Properties.
Properties.
Year.
64
1903(7 n1011 ) 31,756,952 81 83.000,87934 $4,462,690 02 89.220.52279
17,149.843 02
3.458.827 68 5.302.841 32 8.388.174
1904
3.673.213 24 6.034.262 36 9,286.145 06 18.993.620 66
1905
4,112.261 87 6.544.097 69 10.053,50286 20.709.862 42
1906
13
4.619.365 94 7.014.459 37 10.671.553 62 22.305.378 44
1907
22.806.478 20
4.572.885 15 7.170.306 43 11.063.286
1908
49
5.092.028 32 7,599.132 67 12.087.011 50 21.778.172 82
1909
13.258,677 31 27.447.762
5.842.227 63 8,346.857 88
1910
6.656.039 15 8.854.454 45 14.416,55531 29.927.048 91
1911
1912
7,499 367 71 9.592.510 44 15.224,211 44 32.316,089 59
8.500.122 00 9.960.937 54 16.131.414 26 34.592.473 80
1913*
1914
9.293.661 50 10.320.536 59 16.310.255 56 35.924.453 65
1915*
10,425.851 78 10.475.933 18 16.569.443 28 37.471.228 24
57
1916
12.814.597 36 11,558.413 17 18.175.764 82 42.548.775 10
47.291.342 13
1917
15.168.25544 12.729.060 87 19.394.025
1918
17.587.806 75 14.578.269 71 20.831.762 27 52.997.838 73
1919
20.054.659 90 14,941.745 80 24.140.35697 59.136.762 67
23.563.929 63 20.872.062 04 27.882,095 72 72.318.087 39
1920
1921
24,390.321 49 23.516.318 23 27,404.867 81 75.311.507 53
54
91
1922
27.660.026 21 23.152.426 42 27.544.509 63 78.356.962 48
79.107.882
1923
31.188.595 51 24.814.283 34 23.105,003 10 87.689.453 39
1924
34.889,632 66 24.542.643 63 28.257.177
20
1925*
40.016.174 91 24.181.431 50 30,517.918 79 94.715.525 54
1926
46,954.362 27 26.280.246 50 33.062.600 77 106.303.209 63
1927
52,393.848 19 27.242,453 24 35,369.607 20 115,005.908 36
1928
58.860.099 12 28.683,368 97 37,985,112 27 125,528.580
64 nag Rol no 90 A99 Mil QR 42 800.644 03 137.086.707 65
1920
•Change in classification of accounts effective January 1st.
EXPENDITURES CHARGED TO FIXED CAPITAL PUBLIC
SERVICE CORPORATION OF NEW JERSEY AND
'
-YEAR 1929.
SUBSIDIARY UTILITY COMPANIES
Corporation
$90,148.29
Land and Buildings
$90348.29
Fixed Capital Installed During Year
13,130.00
Less Property Written Off During Year..
$77,018.29
Increase in Fixed Capital
Electric
$1,581,546.21
Land
80.364.94
Steam Power Plant Structures
817,083.15
Transmission System Structures
Miscellaneous Structures Devoted to Electric
1,151.596.13
Operations
250,842.65
Boiler Plant Equipment
56.159.32
Turbo-Generator Units-Steam
27,641.38
Electric Plant
-Steam
Miscellaneous Power Plant Equipment
4,592.40
Steam
6,001,470.93
Substation Equipment
Apparatus Withdrawn from Service Await135.294.48
ing Reinstallation
481,196.14
Transmission Underground Conduits
1.253.228.31
Distribution Underground Conduits
Transmission Poles. Tower/3 and Fixtures....- 1.456,998.78
688,794.11
Distribution Poles, Towers and Fixtures
902,605.93
Transmission Overhead Conductors
1,397.545.50
Distribution Overhead Conductors
427,819.84
Transmission Underground Conductors_ _ _ 1.024.509.64
Distribution Underground Conductors
13,676.00
Transmission Roads and Trails
740,830.30
Services
796,729.18
Line Transformers and Devices
117,382.88
Line Transformer Installation
491,802.39
Consumers Meters
71.287.59
Meter Installation
842.003.86
Street Lighting Equipment
64,491.91
Office Equipment
22,917.34
Stores Equipment
645.47
Shop Equipment
32.601.37
Transportation Equipment
284,024.65
Automobile Equipment
39,082.44
Laboratory Equipment
12,477.29
Miscellaneous Equipment
23,354.38
Unfinished Construction (Credit)
Fixed Capital Installed During Year
Less Property Written Off During Year
1491
FINANCIAL CHRONICLE
$21,245.888.13
5,549.873.22
15,696.014.91
Net Increase in Fixed Capital
Gas
$69,487.76
Land
68,606.78
Works and Station Structures
21,550.94
Holders
to Gas
Miscellaneous Structures Devoted
251,966.02
Operations
16.68
Boiler Plant Equipment
6,396.83
Internal Combustion Engines
6,145.27
Water Gas Sets
56,677.12
Purification Apparatus
105,468.05
Accessory Works Equipment
1.828,503.42
Mains
17,661.59
District Governors
949,134.37
Services
345,962.16
Consumers' Meters
79,816.76
'Consumers' Meter Installation
4,483.04
Street Lighting Equipment
51,594.84
Office Equipment
2,678.42
Storm Equipment
7.019.97
Shop Equipment
8,113.62
Transportation Equipment
107,606.49
Automobile Equipment
3,781.86
Laboratory Equipment
32.627.01
Miscellaneous Equipment
64,287.32
Miscellaneous Tangible Capital
$4,089.586.32
Fixed Capital Installed During Year
627,605.39
Less Property Written Off During Year
Not Increase in Fixed Capital
3,461,980.93
Transportation
36,746.82
Engineering and Superintendence
1,914.66
Right-of
-Way
86,918.02
Other Land Used in Operations
8,399.08
Grading
37,761.99
Ballast
52,896.03
Ties
203.259.14
Rails, Rail Fastenings and Joints
26,301.50
Special Work
316,007.91
Track and Roadway Labor
50,712.30
Paving
2,050.65
Road Machinery and Tools
4,314.33
Bridges, Trestles and Culverts
8.79
Crossings, Fences and Signs
2,901.57
Signals and Interlocking Apparatus
52.52
Telegraph Lines
Telephone and
1,033.29
Distribution Poles and Fixtures
1,911.81
Underground Conduits
22.612.64
Distribution System
78,487.56
General Office Buildings
76,236.02
Shops and Carhouses
421,005.70
Shops and Garages
30,673.95
Stations. Miscellaneous Bldgs. & Structures
2,315,432.35
Cost of Purchased Properties
162,182.79
Passenger and Combination Cars
6,366,665.41
Revenue Passenger Motor Equipment
30,267.52
Service Equipment
86,140.02
Shop Equipment
55,085.46
Equipment
Furniture and Office
Miscellaneous Equipment and Other Tangi113,021.00
ble Capital
1,203.17
Organization
7,248.11
Ferry Slips, Buildings and Piers
2,160.00
Ferry Boats (credit)
23.390.02
Shop and Garage Machinery and Tools__
34.803.48
Taxicabs
70,667.83
Other Expenditures During Construction
$10,696,153.44
Fixed Capital Installed During Year
2,165,810.35
Less Property Written Off During Year....
8.530.343.09
Not Increase in Fixed Capital
Total Net Increase in Fixed Capital_ _ _
327,765.357.22
ELECTRIC STATIONS.
Railway and Lighting.
June 1 1903. Dec. 31 1929.
5
14
Number of Generating Stations
616,276
40.075
Generators in Kv-a
Capacity of
9
Number of Switching Stations
Capacity of Switching Stations Transformers
932.500
in Kv-a
83
9
Number of Substations
53.150
5,400
Rotaries in Kilowatts
Capacity of
39,692
Capacity of Motor Generator Sets in Kilowatts
Kilowatt Hours Produced (years 1903 and 1929) 129,614,180 1,802.207,845
332.373.453
Kilowatt Hours Purchased (year 1929)
ELECTRIC CONDUITS AND TRANSMISSION LINES.
(Railway and Lighting Combined.)
1,368
47
Length of Transmission Lines (in miles)
230
25
Length of Conduits (In street miles)
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
317.608
45.059
Number of Poles
41,165
4,244
Miles of Wire
42,701
5.336
Number of Transformers
886.797
16,000
of Meters
Number
Total Commercial Load Connected (in 50 W.
35.010.287
710.000
equivalent)
ELECTRIC LIGHTING AND POWER STATISTICS.
Year.
1903
1904
1905
1908
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1
K.W.HoursSold
(Excluding
Inter-Company
Railway
Current).
48,894.308
56.666.749
65.472.561
69.274.132
78.911.840
89.742,689
103.144.595
122,486.832
141.936,243
159.044,648
197.079.581
280.871.843
371.509.459
440.676.475
442.641.630
505,813.937
432.073.405
534.465.033
666,838.087
743.084.455
919.515.074
1.091.749.572
1.233,984.052
9
2N• 17
1.199.
Number of
Street Arc
Lamps
Supplied
Dec. 31.
7.745
8.121
8.681
9.150
9.671
10,397
10.863
11.441
11.726
12,297
12,787
13,187
12,619
10.954
10,073
9.367
9.353
8.559
8.219
7.257
6.069
6.024
3,932
3,242
669
7.4
Total
Number of
Street Ineandes- Connected
Load in
cent Lamps
K. W.
Supplied
Dec. 31.
Dec. 31.
5,733
8.538
12,351
13.168
13.821
14,352
15.175
16,640
18,906
20,347
22.339
24,214
26,062
29.033
31.378
32.080
33.415
35.523
38.771
43.251
47,743
53.930
61.316
70.436
80.257
87,.632
45.380
55.748
68.331
81,873
92,143
102.104
118.188
137.058
156.202
180.942
209.835
239.719
277.652
326.019
367.021
430.485
464.605
525.258
576.410
669.954
790.780
936.719
1.092,257
1.277.332
1.446,414
7
I.597..,111
The increases shown above are somewhat, but not very
materially, affected by properties acquired between June 1
1903 and January 1 1930.
GAS STATISTICS.
1920.
las Sold-M. Cu. Ft
Miles of Mains in use Dec. 31
Meters In Service Dec. 31
3ervices Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
)as Arcs Installed
Welsbach Lamps Sold
Slantles Sold
Domestic Appliances Installed
Vianufacturing Appliances Installed
las Fixtures Installed
so. of Gas Engines Installed
Elorse Power of Gas Engines
as Refrigerators
1921.
1922.
1923.
1924.
1925.
1926.
1927.
1928.
1929.
16.493.276 16.644,298 17.736,689 19.558.279 19.857.632 20.294.361 22,165.087 22,576.256 23,836.833 24.797.895
4,926
4.682
4.408
4.131
3.170
3.223
3.865
3.646
3.467
3,332
760,127
739.923
715,523
705.550
675,264
643.1155
565.711
553.343
609.140
583.842
19,213
22.055
26,653
26.262
27.027
7.590
24.679
12.335
21.654
18,550
23.664
26.733
28.073
26.252
26.128
24,896
11.838
15,572
23.875
17,013
6.690
6.032
7.318
8.928
9.502
9.831
10.982
6,020
11.342
12,007
547
470
486
532
473
3.054
3,953
4.522
6.258
4.979
6.731
4.539
5.929
4.276
6.355
45
323
73
136
226
320
1.296
855
353
570
423
1,302
2.005
4.697
757
6,139
17,018
14,962
9.496
10.293
9,969
34.957
14.646
24,704
49.145
58.487
111.998
150.502
77.360
87.882
47.273
37,213
24,113
24.665
20.324
29.715
20.970
26.854
22.795
16,859
1.053
1.149
1.328
961
1,158
1,435
736
919
820
734
118
1.771
148
4.126
674
321
5.221
5.901
3.421
2,751
8
1
1
75
30
3
1.369
1.854
52
A
1492
FINANCIAL CHRONICLE
[VOL. 130.
IRVING
INVESTORS MANAGEMENT COMPANY, INC.
(Successor to Investment Managers Company)
Associate of Irving Trust Company, New York
FIFTH ANNUAL REPORT
-FOR THE CALENDAR YEAR 1929
To Holders of
INVESTMENT TRUST CERTIFICATES, SERIES A
Beneficiaries of Separate Voluntary Revocable Trusts Under Trust
Indenture Dated as of January 1 1925 (as amended).
For the year ended December 31 1929 the net income of Investment Trust Fund A (before deduction of provision for
Reserve for Contingencies amounting to $811,591.53*) was $3,292,115.75. The greater part of this amount represented
profits from the sale of securities, yet income from interest and dividends alone amounted to $1,159,137.49, and was in
excess of the requirements for regular and extra distributions for the year.
To each Investment Trust Certificate, Series A, outstanding, there is assigned a definite number of shares. These
are not corporate shares, but are mathematical shares, indicating the proportionate interest in the assets of the Fund represented by the Certificate.
On the basis of the market value of securities held at December 311929, each 100 shares were worth $1,317.07(before
deducting Reserve for Contingencies), compared with $1,393.09 at December 31 1928, a decrease of $76.02 per 100 shares,
or 5.46%. This is less than the amount distributed to Certificate Holders for the year. Thus, after deducting all unrealized
losses in the market value of securities held, the gross operations of the Fund for the year showed a slight profit. This would
not have been the case if a strong liquid position had not been established prior to the severe decline in security prices.
On October 1 1929, 63.5% of the Fund was held in the form of call loans and cash. By December 31 1929 the liquid
position had been reduced materially, and 31.4% of the Fund was held in call loans and cash, while the balance, 68.6%,
was invested in common stocks, preferred stocks and convertible bonds, as reported in detail herewith.
After setting aside the Reserve for Contingencies, the value of 100 shares at December 31 1929 was $1,260.30.
EARNINGS OF TYPICAL PARTICIPATIONS.
The earnings of the Fund as a whole are reported herewith. The interest, however, of each Certificate Holder in these
earnings differs from that of other Certificate Holders as a result of the different dates upon which their respective Certificates were issued.
In order, therefore, to present a record of the typical experience of Certificate Holders who have subscribed to the Fund
at intervals since its inauguration, there appears below a table showing distributions made and changes in asset value which
have occurred up to December 31 1929, in ten typical Certificates issued at approximately six month intervals, from January 14 1925 to July 11929, all expressed in percentages of the amounts originally subscribed.
DISTRIBUTIONS AND CHANGES IN ASSET VALUE.
Ten actual Investment Trust Certificates, Series A,Issued at approximately six months' intervals.
(Stated in Percentages of the Amounts Originally Subscribed)
Total Quarterly and Extra Distributions.
Dates Certificates
Were Issued.
191 61
1.
jla9n2.77
.
Julyi978
9 84
l n..
a2
dVie
i
jn .
la 202
9
2.43%
5.64
6.10
6.30
7.39
5.07%
6.01
6.25
7.30
2.50%
5.97
6.22
7.26
5.75%
6.19
7.24
2.64%
6.07
7.13
5.39%
6.93
2.63%
6.86
5.72%
2.50%
31.26%
Total
19V.
4
"2
j
M5
"
1
.
f9 8
1 1
.
5.49%
5.75
6.16
6.36
7.50
Fiscal Periods Ended:
December 31 1925
December 31 1926
December 31 1927
December 31 1928
December 31 1929
27.86%
24.63%
21.95%
19.18%
15.84%
12.32%
9.49%
5.72%
2.50%
129. i
1
Average Rate Per Annum
6.22%
6.30%
6.20%
6.37%
6.43%
6.26%
6.19%
6.37%
5.75%
5.00%
Gain or Loss in Asset Value from Respective
Dates of Issue to Dec. 31 1929:
• ii. After Reserve
c
,
rir
.
26.03% 20.15% 15.95% 13.93% r2.80%
1.08% -.81% -9.64% -11.02%
7.76%
Before Reserve
31.71
25.56
21.17
le on
17 AA
12.61
5.63
3.65
-5.57
-701
•
(a) Based upon the actual value of$1,260.30 per 100shares in the Fund at Dec. 31 1929 after deducting provision for Reserve for Contingencies.
(b) Before provision for such Reserve the actual value per 100 shares was $1,317.07.
From the foregoing table it will be seen that, on a Certificate issued January 14 1925, the holder has receiveedistributions at the average rate per annum of 6.30%, while up to December 311929 the asset value of his Certificate hasincreased
31.71% before reserve, or 26.03% after reserve.
IWO r,1004
1
It will be further noted that distributions have been made on all the typical Certificates at 5% per annum or;better,
and that all issued to July 5 1928 show,in addition, some gain in asset value prior to reserve.
kitoitto,
The holders of Certificates issued in the latter part of 1928 and in 1929 will recognize that the decline in the asset-value
of their participations shown at December 31 is the inevitable result of a collapse in stock quotations near the end of afiscal
year.
They will understand, moreover, that the liquidation of the stock market, when so large a proportion of their assets
were held in call loans and cash, has made possible a genuine improvement in their long term invested position, through the
acquisition of desirable securities upon a favorable price basis.
FINANCIAL STATEMENTS.
Pursuant to the terms of the Trust Indenture dated as of January 1 1925 (as amended),rwhich governs the operation
of Investment Trust Fund A, there will be found herewith four statements covering the operation of this Fund for the calendar year ended December 31 1929, with certain comparative figures for the preceding calendar year. These statements
comprise:
I.
II.
III.
IV.
Comparative Statement of Condition as at December 31 1928 and 1929.
Securities Owned, December 31 1929.
Comparative Statement of Income-Years ended December 31 1928 and 1929.
Aggregate Net Value of Shares Represented by Outstanding Certificates, Comparative Statement-December 31 1928 and 1929.
The accounts of the Fund for the year ended December 31 1929 have been audited by Messrs. Price, Waterhouse &
Co., whose certificate appears below.
The list of securities held by Investment Trust Fund A on December 31 1929 is shown in Statement II, and discloses a
net decrease of market value from book value (cost) as follows:
$15,173,149.21
Book Value (cost)_
Market Value--------------------------------------------------------------- 13,277,489.10
$1,895.660.11*
Net decrease of Market Value from Book Value
*Subsequently largely reduced through appreciation in market value of securities held and acquired.
The total market value of the gross assets of the Fund at December 31 1929 was $19,354,620.29, as follows:
Per Statement I
Deduct-Unrealized Loss in Securities Owned
Total Market Value
Call Loans,
Cash ct Receivables.
$6.077,131.19
Securities
Owned.
$15,173,149.21
1,895,660.11
To
$21,250,280.40
1,895,660.11
$6,077,131.19
$13,277.489.10
$19,354.620.29
* The Reserve for Contingencies has been set up as a protection to Certificate Holders pending final adjudication of the claim of the Internal RevenueDepartfor
ment. taxes on a corporate basis. Counsel for the Company are of the opinion that this claim (which is being contested) is not likely to be sustained In law.
Should final adjudication be favorable to the Company's position, this reserve reverts to the Fund.
MAR. 1 19301
1493
FINANCIAL CHRONICLE
Inasmuch as changes have been made since December 31 1929 in the holdings listed in Statement II, inclusion in this
statement should not be construed as a recommendation of any particular stock for investment under current conditions.
1929,
The aggregate net value of shares represented by outstanding Certificates at the close of business December 31of 5%
the rate
after deducting management charges for the four quarterly periods, accrued provisions for distributions at$18,016,186.94.
on Face Value, estimated provisions for extra distributions, and deduction of Reserve for Contingencies, was
The number of shares outstanding at that date was 1,429,517.
Thus the average value per 100 shares outstanding December 31 1929 was $1,260.30, after the deductions enumerated
above. Before Reserve for Contingencies the value per 100 shares was $1,317.07. A Certificate Holder may ascertain the
value of his participation in the Fund as of December 311929, before and after provision for reserve, by applying these values
per 100 shares to the number of shares represented by his Certificate(s).
When the first Certificate was issued, January 13 1925, the value per 100 shares was $1,000.00. At December 31 1925
the increase in value per 100 shares was 1.82; at December 311926, $119.19; at December 31 1927, $244.53; at December
31 1928, $393.09; and at December 31 1929 (before reserves), $317.07.
The income of tho Fund as reported in Statement III, amounted to $3,440,246.47. Deducting from this amount
management charges of $148,130.72, discloses net income (before deducting provision for Reserve for Contingencies amounting to $811,591.53) to have been $3,292,115.75. This net income is not properly applicable to the Face Value of Certificates outstanding at the end of the year. It amounts, however, to 19.39% per annum on the average Face Value of Certificates outstanding during the year, compared with a rate per annum of 14.26% earned in 1928, 12.18% in 1927, 9.21%
in 1926, and 9% in 1925, all percentages relating to the Average Face Value of Certificates outstanding during the respective years. It is to be noted that this statement excludes all unrealized appreciation or depreciation in the value of securities
held.
INDIVIDUAL STATEMENTS OF INCOME.
The earnings of Investment Trust Fund A as a whole do not apply directly to any individual Certificate. This report,
,hen, insofar as it covers the operation of Investment Trust Fund A as a whole and its condition at the close of the year 1929,
is an account of the general stewardship of the assets that have been placed under the management of Irving Investors
Management Company, Inc., through the instrumentality of this Trust Fund.
A separate accounting is kept of the interest in the Fund of each Certificate outstanding, and a separate statement is
Tailed to each Certificate Holder at approximately the same time that this report on the whole Fund is forwarded. The
figures appearing in these individual statements are to be included by subscribers in the preparation of their Federal Income
Tax returns.
Respectfully submitted by order of the Board of Directors.
Irving Investors Management Company, Inc.
EDGAR LAWRENCE SMITH, President.
February 20, 1930.
CERTIFICATE OF INDEPENDENT AUDITORS.
New York, January 23 1930.
predecessor comWe have examined the books and accounts of Investment Trust Fund A, of Irving Investors Management Company. Inc., and its
pany, Investment Managers Company, for the year ending December 31 1929.
the trustee.
The Securities, cash and call loans have been confirmed by certificates received from
for the
In accordance with the terms of the Trust Indenture, provision has been made in the accountssubmitted through the reserve for contingenciesfund Is
that the
maximum liability that would accrue against the fund in respect of Federal income taxes should the Treasury Department's contention
taxable as an association be finally upheld.
of securities
On this basis we certify that, In our opinion, the annexed statement of condition at December 31 1929 and the accompanying statements
owned,statement of income and aggregate net value of shares are correct.
the Investment Trust indenture
The transactions in Investment Trust Fund A during the year have been, in our opinion, within the provisions of
dated January 1 1925 and those of the supplemental indentures dated September 7 1927 and September 18 1929.
PRICE. WATERHOUSE & CO.
STATEMENT I.
IRVING INVESTORS MANAGEMENT COMPANY, INC.
BUSINESS
INVESTMENT TRUST FUND A—COMPARATIVE STATEMENT OF CONDITION AS AT CLOSE OF
DECEMBER 31 1928 AND 1929.
December 31
1929
$15,173.149.21
ASSETS
December 31
1928
$7.518,495.68 Securities Owned,at cost (Statement II)
($8.898,725.00—at closing prices December 31—$13,277.489.10)
103,262.84 Interest and Dividends Receivable
1 8.700.000.00 Call Leans
76,507.67 Cash
,
Iht 34.900.00 Deposits Against Investment Trust Certificates Not Yet Issued
k
94,347.45
5,900.000.00
82,783.74
110.200.00
$21,360.480.40
$16,433,166.19
LIABILITIES
km
$18,451,500.00
$15,286.700.00 Investment Trust Certificates Outstanding
Shares in Fund-1,429.517)
(1,255,461—Number of
110.200.00
34,900.00 Subscriptions to Investment Trust Certificates
48.385.72
22,222.21 Due Irving Investors Management Company. Inc.
the quarter ending December 31)
(Management Compensation for
Certificates:
Provision for Distributions at Rate of 5% Per Annum on Face Value of_________________________________$222,750.93
Payable January 3 1930, ------- -- t , ---- ..- ------- —
.-205.17
Payable April 2 1930 (on Certificates issuea ________ December 11;2-9)
222,956.10
172,066.97
255.500.00
(Estimated)
94.500.00 Provision for Extra Distributions
811.591.53
Reserve for Contingencies
1.460.347.05
822,777.01 Undistributed Income, per Statement III annexed
$21.360,480.40
$16.433,166.19
INVESTMENT TRUST FUND A—COMPARATIVE STATEMENT OF INCOME, SHOWING ALSO UNDISTRIBUTED ACCUMULATIONS, YEARS ENDED DECEMBER 31 1928 AND 1929.
STATEMENT III.
Income—
Consisting of:
—Year Ended Dec. 31 1928— —Year Ended Dec. 31 1929—
14teasPrini _______ OFiieCtirlifee---------------------------------------------------e
Dividends-------------------------------------------------------------------------------------------------------------------------
21'8.28061.'310768..2989
352.761.20
1,322,482.52
$575,132.60
254.710.00
$3.440,246.47
$2,152,325.12
Deduct—
Management Compensation
---------------------------------------------------------Reserve for Contingencies in respect of:
Prior PeriodsCurrent Period
-----------------------------------------------------------------
$148,130.72
$82,963.40
464.718.85
346,872.68
82,963.40
Distributions—
Distributions at Rate of 5% per annum on Face Value of Certificates
Extra Distributions (Estimated Provision)
959.722.25
$2,069,361.72
$2.480,524.22
$848,800.04
255,500.00
$725,430.20
94,500.00
819,930.20
-Less
Distributions Applicable to Certificates Redeemed:
-In respect of
Undistributed Income of Prior Periods
Undistributed Income of Current Period
Unrealized Appreciation in Market Value of Securities
$1,376,224.18
822.777.01
$2,112,318.10
Undistributed Income at Beginning of Period
1,104,300.04
$1,249.431.52
862.886.58
82.199,001.19
$335,769.37
259,510.26
143,074.51
$554.150.19
462,815.17
272,575.73
1.289.541.09
Undistributed Income at End of Period
738.654.14
$822,777.01
$1,460.347.05
1494
FINANCIAL CHRONICLE
[VOL. 130
STATEMENT II.
INVESTMENT TRUST FUND A-SECURITIES OWNED DECEMBER 31 1929.
1.000
2.200
1.900
1.700
4,900
8.000
2.200
2.100
1,500
900
3.900
1.400
2,600
1,600
Per Cent of
Gross Assets
of Fund
(Securitieeat
Market Val.)
Market Value
Based on ClosMg Prices of
Dec. 31 1929.
Number
of Shares
F. V. Bonds
Description of Security
RAILROAD
Atchison Topeka & Santa Fe Ry. Co. Common
Baltimore & Ohio RR. Co. Common
Chesapeake & Ohio RR. Co. Common
Chicago Rock Island & Pacific Ity. Co. Common
Consolidated RR. of Cuba 6% Cumulative Preferred
Cuba Company Common
Great Northern Ry, Co. Preferred
Missouri-Kansas
-Texas RR. Co. 7% Cumulative Preferred
New York Central RR. Co. Common
New York Central RR. Co. Rights Common
New York New Haven & Hartford RR. Co. Common
Norfolk & Western Ry. Co. Common
Southern Ry. Co. Common
Union Pacific RR. Co. Common
$224,000.00
256,300.00
383,800.00
' 194,650.00
247,450.00
72,000.00
209,000.00
216,562.50
255,375.00
4,837.50
433,875.00
316.750.00
353,600.00
345,600.00
1.2
1.3
2.0
1.0
1.3
0.4
1.1
1.1
1.3
0.0
2.3
1.6
1.8
1.8
$3,513,800.00
18.2
$572,600.00
597,800.00
600,462.50
2.9
3.1
3.1
$1,770.862.50
9.1
$508.750.00
415.921.25
428,400.00
2.6
2.2
2.2
$1.353,071.25
7.0
TOBACCO
2,800
6.100
12.100
American Tobacco Co. Common "B"
Liggett & Myers Tobacco Co. Common"B"
R. J. Reynolds Tobacco Co. Common "B"
CHAIN STORES AND MAIL ORDER
14,800
Kresge (S. S.) Co. Common
3,632% Safeway Stores, Inc., Common
4,800
Sears, Roebuck & Co. Common
OIL
2.700
5,600
3,5.00
$400M
Gulf Oil Corp. of Pennsylvania Common
Standard Oil Co. of New Jersey Common
Texas Corp. Common
Texas Corp. (Interim Receipts) Cony. S. F. G. 5% Deb., Due Oct. 1 1944
$373,275.00
370,300.00
196,437.50
405.500.00
1.9
1.9
1.0
2.1
6.9
$1,345,512.50
FOOD
4.200
General Foods Corp. Common
9.000
Loose-Wiles Biscuit Co. Common
7,52611,00 National Dairy Products Corp. Common
$201,600.00
456,759.00
366.917.85
$1,025,267.85
6,000
6,200
5.3
NON-FERROUS METALS
American Smelting & Refining Co. Common
St. Joseph Lead Co. Common
2,200
3,600
1.0
2.4
1.9
LIGHT,HEAT AND POWER
Columbia Gas & Electric Corp. Common
Consolidated Gas Co. of New York Common
2.3
1.5 '
$437,250.00
299.150.00
$736,400.00
3.8
-•
$165,000.00
360,450.00
0.8
1.9
$525.450.00
2.7
$277,500.00
182,790.00
267.000.00
337,500.00
244,800.00
249,550.00
489,100.00
302.100.00
193.000.00
80,275.00
383,600.00
1.4
1.0
1.4
1.7
1.3
1.3
2.5
1.6
1.0
0.4
2.0
OTHERS
6,000
5,800
1,200
10.000
3,400
3.100
7,300
11,400
8.000
3
.800
2,800
American Brake Shoe & Foundry Co. Common
American Radiator & Standard Sanitary Corp. Common
American Telephone & Telegraph Co. Common
Bucyrus-Erie Co. Convertible Preferred
Insurance Co. of North America Common
International Harvester Co. Common
International Match Corp. Participating Preferred
Remington-Rand, Inc., Common
South Porto Rico Sugar Co. Common
___________________________
Spicer Manufacturing Corp. Common _____________________________________ _
_________________
U. S. Industrial Alcohol Co. Common
$3.007.125.00
15.6
$13,277,489.10
15,173,149.21
Total Market Value
Total Book Value, cost
68.6
Unrealized Lees in Market Value on Securities Owned ________________________________________________ $1,895,660.11
INVESTMENT TRUST FUND A-AGGREGATE NET VALUE OF SHARES REPRESENTED BY OUTSTANDING
-COMPARATIVE STATEMENT DECEMBER 31 1928 AND 1929.
CERTIFICATES
STATEMENT IV,
Face Value of Certificates Outstanding
Undistributed Income
Total (Statement I)
Per 100 Shares
Unrealized Profit (-Loss) Iii Securities Owned (Statement II):
Market Value
Book Value, cost
Total (Net)
Per 100 Shares
Aggregate Net Value of Shares After Deducting Reserve for Contingencies
Per 100 Shares
-December 311928- -December 31 19291.255.461Shares
1,429,517 Shares
$15,286.700.00
$18,451,500.00
822,777.01
1,460,347.05
$16,109,477.01
$1,283.18
$13.277,489.10
15,173,149.21
$8.898,725.00
7,518,495.68
1,380.229.32
$109.94
-1,895.660.11
-2182.81
*$17,489,706.33
$1,393.09
*$18,016,186.94
$1,260.30
Aggregate Net Value as Above
Add-
$18,016,186.94
Reser f gegi ro nggi ne (Statement III)______________________________________________________________________
fZdi
i
f nt
3 I
rs
Aggregate Net Value of Shares Before Deducting Reserve for Contingencies
Per 100 Shares
$19,911,847.05
$1,392.91
811,591.53
$18,827,778.47
$1,317.07
*After deducting Management Compensation for the quarters ended December 31 1928-1929, payable, respectively, January 2 1929 and 1930,
accrued provision for Distributions at the rate of5% per annum on the Face Value of Certificates and estimated provision for Extra Distributions equal
to 123i% of Certificate Holders' respective proportionate parts in any balance of income derived from the Investment Fund remaining after provision
for the distributions at the rate of 5% per annum on the Face Value of Certificates.
Wil-low Cafeterias, Inc.
-Earnings.
-
Worthington Pump & Machinery Co.
-Back Divs.-
Earnings for the month of Jan. 1930 were $43,405, and after deducting
The directors have declared dividends of 1X% on the class A pref. and
depreciation, amortization, and taxes, net earnings amounted to $36,650.
After monthly dividend requirements on the preference stock,such earnings 154% on the class B pref, stocks on account of arrears and the regular
were equal to approximately 22 cents per share on the common.
-V. 130. quarterly dividends of IX% on the class A and 154% on the class B pref.
P. 649.
stocks, all payable April 1 to holders of record Mar. 10. Like amounts were
paid on the respective stocks on Jan. 2 last.
Yellow & Checker Cab Co. (Consol..), San Francisco
Accumulations on these issues as of Apr. 11930, after giving effect to the
-New President-New Directors.
above payments, will amount to 7% on the class A pref. and6% on the class
'vv. Lansing Rothschild has been elected President, to succeed the late B pref. stock.
-V. 129, p. 2702.
Arthur 0. Smith. Mr. Rothschild has been Vice-President.
Two directors were also elected, viz.: Victor Klinker (Vice-President
-New Director.
Yosemite Holding Corp.
of the Anglo & London Paris National Bank) and A. N. Baldwin (former
Manager of the Central California Traction Co.). They succeed Mr.
James 0. Blaine, President and director of the Fidelity Trust Co. of
Smith and George D. Roberts, resigned.
-V. 128, p. 2655.
New York, has been elected a director.
-V. 130, p. 1301.
FINANCIAL CHRONICLE
MAR. 1 1930.]
1495
AMERICAN INTERNATIONAL CORPORATION
REPORT TO THE STOCKHOLDERS AT THE ANNUAL MEETING APRIL 2 1930.
To the Stockholders of the
American International Corporation:
During the year the Income of the American International
Corporation was as follows:
Less:
Dividends paid:
Year 1927 Cash
S980,000.00
Year 1928 Cash
980,000.00
Year 1929 Cash and Stock-- _2.573695.
97
$4533,695.97
Provision for Reserve for Securities
and Miscellaneous Charges (net)
Year 1925
$280,621.03
Year 1926
386,719.09
Year 1929
3,971.695.03
4.639.035.15
Interest
2444,556.13
Dividends
1,974,556.15
Investment Profits Realized—Less amounts appropriated as
Reserve against Securities Owned
8,264.747.44
9.172.731.12
Profit from Syndicate Participations
152,388.23
Other Income
316.902,631.06
12,160.49 Surplus, December 31 1929
Total ______________________________________________$10,848,408.44
* Includes $3,064,577.27 of non-recurring profits.
Deduct:
Operative Expenses
$432.778.24
ULEN & COMPANY.
Interest on Debentures
1,256,921.11
Other Interest
During the year, Ulen & Company did some additional
48,802.48
Taxes
70,873.30
public financing which involved the redemption of its 634%
1,809.375.13
convertible gold notes, and the redemption of its $5,000,Operating Income
$9.039.033.31
The Operating Income, $9,039,033.31, amounts to $8.86
per share on the 1,019,757 shares of no par value Capital
Stock outstanding on December 31,1929. Operating Income
for 1928 amounted to $3,060,839.51 and for 1927, $2,015,241.78, or $3.12 and $2.06 per share respectively, on the
shares then outstanding after giving effect to the 2 for 1
stock split-up in January 1929.
Cash dividends paid during the year amounted to $1,979,770.97. After deducting this amount the total net assets at
market value applicable to common stock as of December 31,
1929 amounted to $36,571,818.54 compared with $41,703,531.80 as of December 31, 1928. As of the date of this report
the total net assets at market value applicable to common
stock amounted to $40,793,512.52.
Stock dividends as received during the year were not
treated as income, but were entered on the books by recording only the number of shares received and making no
increase in the cost or book value of the securities involved.
SECURITIES OWNED.
Investment securities are shown on the balance sheet at
their book values and are divided as between "Listed" and
"Unlisted" as follows:
Notes and Bonds
Bank Stocks
Preferred Stocks
Common Stocks
Totals
•
Listed
Unlisted
Total
Securities.
Book Value.
Securities.
$5,103,369.64 $5,103,369.64
6,497,319.16
4.473,083.54 3.099.466.15 $1,373.617.39
34,623,029.54 33,982,502.17
640.527.37
$50,896,801.88 242,185.337.96 $2,014,144.76
Unlisted securities include your Corporation's investment
in 11,200 shares of Ulen & Co. 7% preferred stock, par
value $100 each, the majority of which issue is closely held
by the organizers of that company. The valuations placed on
"Unlisted Securities" are based on "last sale" prices where
the issues had current sales and closing bid prices on inactive
items.
At December 31, 1929, the distribution of the total assets
of your Corporation was as follows:
Cash, Call Loans and Receivables
Investments in Industrials
Investments in Rails
Investments in Public Utilities
Investments in Bank Stocks
Investments in Oils
Investments in Foreign Securities
Total
11.69%
39.40%
18.46%
14.88%
11.10%
2.99%
1.48%
100.00%
As indicated on the footnote to the balance sheet, the
market value of securities aggregates $54,744,626.86 as
against the total book value of $50,696,801.88.
000.00 8% preferred stock by the payment of $3,224,200.00
in cash and the substitution of 73% preferred stock for the
balance with provision made for an increase in principal
amount to compensate for the reduction in dividend rate,
and a 2 for 1 split up of its common stock.
Your Corporation's original investment in Ulen & Company amounted to $3,000,000.00. There has been received
to December 31 1929, through redemptions, sales, interest
and dividends, a total of $3,314,676.68. The remaining
investment in Ulen & Company, which cost $1,094,826.00,
had a market value on December 31 1929, based on "last
sale" price of $2,333,740.00.
Ulen & Company enjoyed a very prosperous year, and
had on hand at December 31, 1929, uncompleted contracts
amounting to approximately $40,000,000.00. Its earnings
for 1929, after provision for income taxes, bond interest and
preferred dividends, amounted to $33.81 per share on its
average number of shares of common stock outstanding
during the year.
PROPRIETARY COMPANIES.
The Allied Machinery Company of America, a 100%
subsidiary of your Corporation, enjoyed a profitable year,
and paid dividends amounting to $20,000.00 to your Corporation during the year 1929.
Your Corporation carries its investment in Allied Machinery Company of America at $675,000.00 and in the opinion
of your Board its liquidating value on December 31, 1929,
was in excess of $1,000,000.00.
20
-YEAR 54% CONVERTIBLE GOLD DEBENTURES.
On January 17, 1929, the stockholders of your Corporation
approved the sale through bankers of $25,000,000.00 principal
amount of 20 Year 53 % Convertible Gold Debentures. On
January 311929, your Corporation received the proceeds of
this sale at a premium which was more than sufficient to cover
all expenses in connection with the issue.
GENERAL.
The year 1929 witnessed one of the sharpest declines in
the values of domestic securities in history. Your Corporation
starts the new year with investments having a market value
in excess of book value of over $4,000,000.00.
Earnings have been larger than heretofore due in a large
measure to profits realized on security sales, as will be noted
on the Summary of Income and Profit and Loss. Your
Directors have appropriated the amount of $4,100,000.00 as
a further reserve against any possible decline in security
prices.
The cash on hand and on call is ample for immediate
requirements and in addition, the liquidity of practically all
of your assets places your Corporation in a position to
rearrange its investments whenever advisable.
Annexed to this report are a Balance Sheet of American
International Corporation as of December 31 1929, a Summary of Income and Profit and Loss for the year, and a
Certificate of Audit by Messrs. Haskins & Sells, the Auditors
for the Corporation.
By Order of the Board of Directors.
M. C. BRUSH, President.
February 14 1930.
SURPLUS AND RESERVES. ,
It will be noted that there was appropriated from Surplus
$4,100,000.00 as a further reserve for securities. After
this deduction and the payment of dividends, there remained
a net addition to Surplus account for the year 1929 of $2,493,CERTIFICATE OF AUDIT.
642.31. Since the recapitalization of the Corporation on
We have audited the accounts of the American InterOctober 31, 1924, the net additions to Surplus were as follows: national Corporation, including verification of the securities,
December 31 1929, and
Surplus after Recapitalization, October 31 1924
25.009.225.75 for the year ended
Operating Income:
WE HEREBY CERTIFY that in our opinion the accomTwo months ended December 31 1924
52,771.17
panying Balance Sheet and Summary of Income and Profit
Year ended December 31 1925
*5,118,345.07
Year ended December 31 1926
1,779.905.59
and Loss set forth, respectively, the financial condition of
Year enclOd December 31 1927
2.015,241.78
the Corporation at December 31, 1929, and the results of its
Year ended December 31 1928
3,060,839.51
Year ended December 31 1929
operations for the year ended that date.
9,039.033.31
21,066,136.43
HASKINS & SELLS.
Total
New York, February 14 1930.
$26,075,362.18
1496
FINANCIAL CHRONICLE
[VOL. 130.
AMERICAN INTERNATIONAL CORPORATION.
BALANCE SHEET, DECEMBER 31 1929.
ASSETS.
$1,944,135.04
4,200,000.00
639,472.05
59,684.55
Cash
Call Loans
Accounts Receivable
Accrued Interest Receivable
S:ecurities Owned-Less Reserves*
Notes and Bonds
Bank Stocks
Preferred Stocks
Common Stocks
$5,103,369.64
6,497,319.16
4.473,083.54
34,623,029.54
50,696,801.88
338,142.87
675,000.00
Miscellaneous Investments
Proprietary Company
-Wholly Owned
858,553,236.39
Total
LIABILITIES.
$129,445.21
645,892.50
24,987,000.00
577,108.42
14,796.70
Accrued Accounts Payable
Accrued Interest Payable on Debentures
20 Year Convertible 5%% Gold Debentures
Reserve for Taxes
Deferred Credits
Capital and Surplus:
Common Stock
Surplus x
$15.296,362.50
16,902,631.06
32,198,993.56
$58,553,236.39
Total
* At December 31 1929, Securities were valued as follows: Listed Securities, Book Value, $42,185.337.96: Market Value. $42,406,606.88 (Based on
Published Quotations). Bank Stocks. Book Value. $6.497.319.16; Market Value, $10.218,907.00 (Based on Published Quotations). Unlisted Securities,
$2.014,144.76; Market Value. $2,119.112.98 (Based on "Last Sale" or "Bid Price"). Total. Book Value. $50,696,801.88; Market Value, 854,744,626.86.
x No credit has been taken in this item for the excess of market over book value of securities.
AMERICAN INTERNATIONAL CORPORATION.
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 311929.
Earnings:
Interest
Dividends
Investment Profits Realized-Less Amounts Appropriated as Reserve Against Securities Owned
Profit from Syndicate Participations
Miscellaneous Income
Deduct:
Operating Expenses
Interest on Debenture.;
Other Interest
Taxes
$444,556.13
1,974,556 15
8,264.747.44
152.388.23
12,160.49
510.848,408.44
$432,778.24
1,256,921.11
48.802.48
70,873.30
1.809.375.13
59.039M33.31
14,408,988.75
Operating Income
Surplus at Beginning of Year
$23,448,022.06
Gross Surplus
Charges and Credit to Surplus:
Dividends Paid in Cash
Dividends Paid in Stock
Additional Provision for Reserve for Securities
$1,979,770.97
593,925.00
4.100,000.00
$6,673,695.97
128.304.97
Total
Less,Premium on Debentures and other Adjustments
-Net
6,545,391.00
$16,902,631.06
Surplus at End of Year
-Earnings.
Vulcan Detinning Co.
1926.
1927.
1928.
Calendar Years1929.
Sales,&c
46,060,292 55.171,979 $4,401,280 $4,423,616
3,946.823
4,107,817
Expenses, deprec., &c- _ 5,387.666 4.616.869
Net oper. income__ _ _
Other income
$672,626
65.341
$555,110
22,963
$293,462
29,442
$476,793
25,071
Total Income
Rea.for tax. &c.,charges
$737.967
119,271
$578,074
139,691
$322,904
73.335
$501,865
103,353
Net income
Divs. on pref. stock__ _ _
$618,696
507,531
3438,383
199,358
8249,569
259,358
3398,511
289.358
and San Pedro, Calif., and will seat, respectively, 1,800 and 2,000 people.
Both theatres will be equipped with the new magnoscope screen. Construc-V. 130. p. 1300.
tion is expected to begin at once.
Warner Co.
-New Director.
Howard A. Loeb has been elected a director to succeed George de B.
Kelm, resigned.
-V. 130. P• 991.
Western Tablet & Stationery Corp.
-Operations Higher.
Operations for the three months ended Jan. 31 resulted in a 30% increase
in net income available for dividends, compared with the corresponding
Period a year ago, President W. W. Sunderland reported.
-V. 130. P. 150.
-New Company Formed
Westinghouse Air Brake Co.
8109,153 to Continue the Operation of the Automotive Division.
Surplus
def$9,789
$239,025
$111,165
Is
81is. cony. pref. & pref.
See Bendix Aviation Corp. above.
?
24.194 1 $24.194
i•stock outstanding- -- _
22,478
24 194
Period End, Dec.31- 1929 3 Mos.-1928.
1929-12 Mos.-1928.
$16.47
810.31
Earns. per share
$27,53
SIAM
Net income after deprec.
x After inventory credits amounting to 878.806.
Earnsederasa on 3.1 _2 82,65£1,083
& F per l taxes _ _ _7 _,$1,840,094 58,822.111 56,490.557
Results for Quarter Ended Dec. 31.
111 shs. capital stock
1926.
1927.
1929.
1928.
80.58
(no par)
$2.78
$2.04
a Sales
81,302,806 81,705,977 $1,239.456 $1,398,879
1,295.337 -V. 129, p. 985. 3026, 3491. $0.84
Expenses, deprec., &c__ 1,182,266
1.210,374
1,443.766
-Earnings.-ker Paper Co.
years$103.542
$29,082
Net oper. profit
$262,211
$120,540
1929.
Calendar
8,937
6,524
Other income
25,213
6,825
Ne sales
2;
$10,711,802 $10,9 6621
1 538t
8.757,007
8,641,300
$112,479 Cost of merchandise
$35,606
Total income
3145,753
$269,037
1.511,410
1,464,689
8.295 Operating expenses
Res.for tax, &c.,charges
5,347
20,207
70.175
Net income
$125,546
$198,862
a After inventory adjustment.
-V.130, p.991.
$30,259
3104,184
Walgreen Co.
-Fiscal Year Changed-New Officersland
Directors.
-
Operating income
Other income
$443.384
41,995
$430,631
46,374
Total income
Interest & fixed charges
Federal taxes
$485.378
75,248
45,114
$477,005
79,793
47,650
At the annual meeting, the stockholders ratified proposal to increase the
directorate from 5 to 9 members and also to change the company's fiscal
Net income
$365,016
8349,562
year to end Sept. 30 instead of Dec. 31 and the annual meeting date from Earns, per share on 30,853 shs. corn. stock (no par)
February to December. The retiring directors were reelected and the followafter preferred diva
$9.56
$9.06
ing added to the board: Joy H.Johnson, Walter Schwanke,John McKinley, -V. 130, p. 649.
Jr., and R. G. Knight.
formerly secretary, and
-Earnings.
At the organization meeting. Harry Goldstine,
Youngstown Sheet & Tube Co.
F. C. Schramm were elected Vice-Presidents; R. G. Schmitt was elected
1928.
1127.
Calendar
1926.
1929.
Secretary; A. L. Starshak, Treasurer, and E. E. Ruekert, Assistant Sec- Net sales Years1
Not I 8140990,988 5132210,463 5152508,502
retary and Assistant Treasurer; A. C. Thorsen, formerly Treasurer was Cost of salts
.1 stated 1 118,457,527 111,152,047 122,531,334
elected Vice-President.
The directors have declared the regular quarterly dividend of $1.62%
Net profits
430,802,683 $22.533,461 $21,058,415 $29,977,168
per share on the preferred stock payable April 1 to holders of record March Other income
3,020,136
1,864,850 3,161,839
3,221,421
20. The company now has 409 stores in operation, it Is stated.
Gross income
434,024,104 $25,553,597 522,923,264 533,139,007
Opens New Chicago Store.
9,166,632
9,782,459
The company opened its 111th store on Feb. 22. The new unit is Deprec, and depletion-- 8,190,649 8,321,399
1,521,991
2,326,319
588,262
1.998,536
located in the Hearst Building, Madison St. and Wacker Drive, Chicago, Other 'Macon. charges__
Int. & discount on bonds 3.644,140
3,821,717 4,098,305
4,290,805
according to dispatches.
-V. 130, p. 1132.
17,149
Prof. accr. to rninor.subs
36,376
20,630
36,877
1,425,000
Federal taxes
2,170,000
See x
Warner Bros. Pictures, Inc.
-Definitive Debentures,
Holders of optional 6% cony, debentures, due 1939, desiring to receive
Net income
821,564,174 $10,446,336 $7,023,334 815,148.876
the installment of interest due March 1 1930 in cash rather than in common
stock are advised by Treasurer Albert Warner to exchange their temporary Preferred diva
(51i %)825,000 (7)910,938 (7)996,877 (7)996,877
5,000,000 4,938,036
3,950.424
5,500.000
debentures for definitive debentures promptly, since, to obtain cash, they Common dividends
must surrender their coupons at the Manufacturers Trust Co. on or before
Surplus balance for yr.$15.239,174 $4.535.398 51,088,427 810,201,575
March 11 1930. The definitive debentures are now ready for delivery
at the office of Manufacturers Trust Co., as trustee, at 139 Broadway, Shares corn, stock outstanding (no par)_ __ _ 1,200.000
987.606
987,606
987.606
New York City.
Earnings per share
$9.53
$14.31
$17.28
86.10
Further Expansion in California.
x After provision for estimated Federal taxes.
S. Livingstone Mather, Cleveland has been elected a director to succeed
Two new. theatres are to be built by this corporation, each to cost approximately 8500.000. The theatres will be located in Huntington Park A; E., Adams, deceased.
-V. 129, p. 2556.
AIAn. 1 1930.1
FINANCIAL CHRONICLE
1497
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HI DES-METALS
-WOOL-ETC.
-DRY GOODS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
ound in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 28 1930.
COFFEE.
-Trade was quiet on the spot at 14 to 14340.
for Santos 4s; 103e. for Rio 7s and 9% to 9%c.for Victoria
7-8s. Mild coffees were in rather better demand and
steadier on replacement orders. Fair to good Cucuta, 1534
to 160.; prime to choice, 16 to 17c.; washed, 18 to 190.;
Columbian, Ocana, 1534 to 16c.; Bucaramanga, natural,
1534 to 163/20.; washed, 1834 to 1934e.; Honda, Tolima, and
Giradot, 1834 to 19e.; Medellin, 1934 to 20c.; Manizales,
1834 to 19c.; Mexican, washed, 1834 to 193/20.; Surinam,
1334 to 1434e.; Ankola, 24 to 324.; Mandelling, 29 to 35c.;
Genuine Java, 28 to 29o.; Robusta washed, 12% to 1234c.;
natural, 1034 to 110.; Mocha, 2634 to 27c.; Harrar, 2134 to
230.; Abyssinian, 173 to 183‘e. Guatamala prime, 183
%
,
to 19e.; good, 1734 to 180.; Bourbon, 16 to 16342e. Arrivals
of mild coffee in the United States for the month of February
thus far were 307,763 bags against 291,165 for the same time
last year. Deliveries for the same time were 268,648 bags
against 288,710 last year. Stocks of mild coffee in the
United States on Feb. 24th were 268,593 bags against
270,678 on Feb. 17th and 375,960 last year. Owing to the
holiday in Brazil the supply of cost and freight offers on the
24th inst. was light. None from Rio or Victoria. .Santos
was unchanged to slightly higher. For prompt shipment,
Santos Bourbon 2-3s were here at 15.35c.; 3s at 143e.;
%
3-4s at 14.35c.; 3-5s at 13 to 13.95c.; 4-5s at 13.15c.; 5s at
12.60 to 123 0.; 5-6s at 12 to 12.650.; 6s at 10% to 118 c.;
4
%
7-8s at 8.30 to 9e.; part Bourbon 3-5s at 13.20 to 1334e.;
3-6s at 13.30c.; 5s at 12.90e.,• 6s at 11.10e.
On the 25th inst. cost and freight offers from Brazil were
very irregular many unchanged, one or two being a little
higher and a few slightly lower. Santos Bourbon 2-3s were
quoted at 16434,3s at 143 c to 15c.; 3-4s at 13 to 143e.;
%
%
3-5s at 123 to 15e.;4-5s at 12.95 to 13.700.;5s at 12 to 133c.
%
5-6s at 11 to 12.65c.; 6s at 11.30 to 11.80c.; 6-7s at 1034 to
lie.; 7s at 9% to 1134c.; 7-8s at 8.25 to 10c.; part Bourbon
3s at 143je.; 3-5s at 1334c.; Santos rain-damaged 4-5s at
118 c.; 7-8s at 830. Rio 7s were here at 9.10c.; Victoria 3s
%
at 9.95c.; 4s at 9.60c.; 5s at 93c.;6s at 8.90c.; 7s at 8.550.,
and 7-8s at 8.40c. A Comtelburo cabled to the New York
Coffee Si Sugar Exchange stated that Rio receipts from Mar.
1 to 15 will be at the rate of 12,614 bags daily or a decrease
of 1,971 from the present daily average. On the 27th inst.
cost and freight offers were not plentiful but on the whole,
slightly lower. For prompt shipment, Santos Bourbon-2-3s
were here at 15 to 15 1-5e.; 3s at 1434 to 158 c.; 3-4s at
%
13.95 to 14.6504 3-5s at 12.85 to 14.35c.; 4-5s at 12.85
to 130.; 5s at 12.45 to 12.8504 5-6s at 113 to 13.05c.; 6s at
%
11.30 to 113c.; 6-7s at 10o.; 7s at 10c.; 7-8s at 8.40 to
%
9.85c.; Rio 7s were here at 9c. On the 24th inst. futures advanced 7 to 16 points on covering and smaller offerings. The
total trading was 42,500 bags. Santos rose 11 to 16 and Rio
7 to 12 points. Brazilian markets were closed. Cost and
freight offers were few. Some of the lower grades were
25 points higher; no offers of Rio or Victoria. Rio 7s here
%,c. lower at 10%c.; Santos 4s 14 to 1434c.; Victoria 7-8s
93 to 934c. On the 25th inst. a better demand sent prices
up 12 to 32 points many being especially active. Shorts
covered in the near positions. The total sales were some
69,000 bags of Rio and Santos.
On the 26th inst. futures fell 11 to 23 points on liquidation
m. small market. Mild futures ended unchanged to 35
a
6
bags.
points lower. The total sale of futures were
On the 27th inst. prices were irregular in a small market.
Santos cables were weak; Rio steady. Santos here ended 1 to
3 points off; Rio 3 to 5 points higher. Brazilian exchange
was lower. To-day futures ended 2 points lower to 4 points
,
higher on Rio and 8 to 11 points higher on Santos. Mild
March ended at 1704 May at 16.75e.; July at 15.850. Sales
of Rio were 13,000 bags and of Santos 34,000 bags. Firmer
Brazilian and European markets, smaller offerings and
local covering and some buying by Europe were the bracing
factors. Prices early were 3 to 11 points higher on Rio and
16 to 21 on Santos. Final prices show an advance on Rio
for the week of 5 to 17 points and on Santos of 13 to 30
points.
Rio coffee prices closed as follows:
s linpfrici 4 ( May
ivive
_1cs
)g
8
.35@nom.1September--7.88.0 ---July
8.03@nom.IDecember
Santos coffee prices closed as follows:
Spot unofficial
c_n54_ llt;
i
A:
nom.3c
I ieztemter lnip
:
i6
-Cuban rows have been quiet and weaker.
SUGAR.
Futures on the 24th inst, fell 1 to 4 points under pressure to
sell especially Dec. Cuba and Europe sold the most. The
total sales for the day were estimated at 26,500 tons. The
Single Seller announced a reduction of 1-160. inits price.
This made it 2c.for March up to the 28th inst. It guarantees
that no lower price will be named. Some 3,000 tons of
Philippines due March 11, sold to Boston at 3.50°. The
raw sugar market awaits developments in the Cuban situation. Refiners seemed to withdraw entirely. Receipts aCuban ports for the week were 175,713 tons, against 232,88.;
in the same week last year; exports 13,808 tons, against
123,458 last year; stock (consumption deducted) 651,911
tons, against 818,978 last year; centrals grinding 154 against
163 last year. Destination of exports: Atlantic ports,
370; New Orleans, 5,563; Interior United States, 663;
Galveston, 4,310; New Zealand, 2,902 tons. Old crop,
1928-29 exports, 28,592 tons; destination: Atlantic ports,
15,900; New Orleans, 4,570; West Coast United States,
4,063; Canada, 3,100; South Africa, 950; stock, 47,409
tons. Receipts at United States Atlantic ports for the
week were 53,282 tons, against 26,014 in the previous week
and 123,101 last year; meltings, 43,456 tons, against 47,987
in previous week and 61,045 last year; importers' stocks
357,267, against 361,007 in previous week, and 97,346
last year; refiners' stock 157,227, against 143,571 in previous
week, and 157,536 last year; total stocks 514,494 against
504,668 in previous week and 254,882 last year.
On the 25th inst. prices fell 2 to 4 points under the depressing effect of 79 notices and attacks on the Cuban Single Selling Agency. March liquidation played a considerable part.
Cuban interests sold distant months especially Sept. The
total trading was estimated at 56,500 tons; 10,000 bags
Porto Rico due Mar. 10 sold at 3.55e. and 3,000 tons Cuban
for store at 3.580. Futures on the 26th inst. fell 4 to 7 points
on enormous selling due to reports that the Cuban Single
Selling Agency had been dissolved. They seemed to be
widely believed. Cuban and Porto Rican interests sold here.
The total sales were 113,600 tons the third largest on record.
Last July they were 160,000 tons. No Nov. 19 1926, they
were 225,650 tons. Large Cuban interest sold Mar. heavily.
Raw sugar was 3.55 to 3.58e. In London 15,000 tons of
sugar afloat sold at 7s 134d. Liverpool opened with May
7s. 11d. bid, Aug. 8s. 434d.; Dec. 8s. 9d. and Mar. 9s. 2d.
Liverpool closed id. to 1Md. net lower at 73.11d.for May;
Se. 434d. for Aug.; 8s. 9d.for Dec. and 9s.2d.for Mar. Re.
fined was quiet at 4.95e. with some refineries making a
trucking allowance of 10e. per 100 lbs. in all ex-refinery deliveries to customers desiring to do.their own trucking. On
the 26th inst. record trading in raw sugar futures developed
on the Exchange with one transaction involving 400 contracts, equivalent to 44,800,000 lbs., equalling the high
record for volume on the Exchange set Sept 19 1928. The
trading at 1.94c. per pound, involved $869,120 against a
money value of $1,043,840 for the 1928 transaction, at which
time sugar sold at 2.380. Immediately following the 44,800,000 pound transaction, two other huge single deals, Involving 22,400,000 lbs. and 22,848,000 lbs. respectively were
put through. On the 27th inst. futures fell 3 to 6 points with
sales of 79,600 tons. March went to a new low of 1.54c.
Liverpool was depressed. London was lower; April 7s.434.d;
May 7s. 6d. Refined 3d. lower.
On the 27th inst. 156 March notices appeared here.
Havana cabled: "Cuban Department of Agriculture reports
production of 1,180,766 long tons of sugar from the 6 provinces from Jan. 15th when grinding started this year, to
Feb. 15th. Total by provinces in tons, follows: Pinar del
Rio, 293,672; Habana, 621,319; Matanzas, 1.070,242;
Santa Clara, 1,545,303; Camaguey, 2,515,023; and Oriente,
2,092,645." Rumors are current that encouraged by the
success of the movement against restriction through the vote
brought out by the Santa Clara Association mill owners
and colones in Cuba are taking steps toward doing away with
the Single Selling Agency. Some of the members of the
agency are said to be in favor of its dissolution. These
reports may account in some measure for the heavy recent
selling here. Refined was quoted in one instance at 4.90e.
To-day futures advanced 4 to 8 points early on firm London
cables, covering and some new buying on the cheapness of
the price. Cuba sold May on the rise and some reaction
followed. The ending was at an advance for the day of 7 to
10 points. Final prices are 6 to 8 points lower for the week
however.
Prices were as follows:
Spot unofficial
1.82.0
March
1.7184
May
21Juli
1.80 ,1.811 Decembcr_--0
- September _ -1.88 !.0. 1.89IJanuary
1 99'02.00
COCOA to-day ended 10 to 19 points lower with sales of
LARD on the spot was easier; prime Western 10.95
to
112 lots; March, 8.56e.; May, 8.82e.; July, 9.14c. Final 11.050.; Refined to Continent,
lie.; South America,
prices are 60 to 65 points higher for the week.
Brazil, 12*. Later on prune Western was 11.10 to 113c.;
11.200.;
FINANCIAL CHRONICLE
1498
Veined Continent, 113ic.; South America, 11%c.; Brazil,
2
123/0. Futures on the 24th inst. declined 22 to 25 points
answering the big break in grain and the decline of 10 to
15 cents in hogs. Total western receipts of hogs were 175,000,
against 155,000 a year ago. Liverpool lard was unchanged
to 3d.lower. Clearances from New York were 10,039,000 lbs.,
against 8,791,000 a year ago. Cash lard was weak. Prime
Western later was 11.15 to 11.25c.• Refined Continent,
4
1134c.; South America, 113 3.; Brazil, 12%c. Clearances
from New York late last week were 2,180,000 lbs. to English,
Irish, German and Dutch ports.
Futures on the 25th inst. declined 2 to 10 points. Cash
was weak. Grain was irregular and at times distinctly weak.
Prune Western cash was 10.90 to 11c. Hog markets were
10 to 15e. lower. Liverpool lard fell 6d. to is. Western hog
receipts were quite liberal and the forecast was for a continua,tion. On the 26th inst. futures advanced 18 to 20
points. Packers bought. Hogs advanced 10 to 15e. Cash
lard was firmer at 11.10 to 11.20c.; refined was up to 11 to
/
1134c. for Continent, 11%o. for South American and 123 c.
for Brazil. On the 27th inst. futures advanced 2 to 5 points
with hogs up 10 to 20c. grain higher and shorts covering.
Receipts at Chicago were 19,000 and at all Western points
were 91,000. It was expected that stocks of contract lard
at Chicago would show an increase of around 5,000,000
pounds for the last half of the month as compared with an
increase of 12,276,000 from the same period last year. Very
little change developed in cash lard or cash ribs. To-day
futures closed unchanged to 2 points lower with a fair amount
of liquidation. Final prices show a decline for the week of
5 to 15 points, the latter on March.
DAILY CLOSING PRICES
Sat.
March
May
July
OF LARD FUTURES
Wed.
Mon. Tues.
10.40 10.62
10.50
10.80
10.60
10.65
10.82 11.05
10.87
IN CHICAGO.
Thurs. Fri.
10.62 10.60
10.82 10.80
11.05
11.05
PORK quiet; Mess $29.50; family $34,50; fat back $22
to $28. Ribs 13.250. Chicago. Beef firm; Mess $25; packet
$25 to $26; family $28 to $29; extra India mess $42 to $44;
No. 1 canned corned beef, $3.10; No. 2, $5.50; six pounds,
South America $16.75; piokel tongues $70 to $75. Cut meats
firm pickled hams 10 to 20 lbs. 193f to 215c.; Clear bellies
6 to 12 lbs. 20 to 213o.; bellies, clear, dry salted, boxed,
18 to 20 lbs., 15%o.;14 to 16 lbs., 16c. Butter,lower grades
to high scoring 28 to 35c. Cheese, flats 1834 to 260.; daisies
21 to 25e. Eggs,first to extras 273/2 to 30c.; closely selected
heavy 3034 to 31c.; extra fancy 1 to 234c. more.
-Linseed was rather quiet at 14c. for raw oil in
OILS.
earlots cooperage basis. The paint trade and linoleum
makers are taking fair sized contracts. Cocoanut, Manila,
%
Coast tanks,64 to 634c.; spot New York tanks, 67 to 7c.
Cina wood, New York drums, carlots, spot, 11 to 113.e
Pacific Coast, tanks,futures, 98% to 10c. Soya bean, tanks,
0. Edible, olive, 2 to 2.25c. Lard, prime,
2
coast, 9 to 93/
1334c.; extra strained winter, New York, 1234c. Cod,
Newfoundland, 60c. Turpentine, 56 to 62c. Rosin, $7.40
to $9.35.
COTTONSEED OIL sales to-day including switches,
3,500 barrels. P. Crude S. E., 73.1,e. bid. Prices closed as
follows:
9.209.30
lAugust
8.81(
Spot
8.90 8.96 September -_9.29
March
April
118.70I Nitye
8.60 8.80 July
9.10@9.13 October
9.20®9.35
-The Standard Oil Co. of New York
PETROLEUM.
reduced the tank wagon price of gasoline lc. throughout the
metropolitan area and this was followed immediately by
leading independent companies with a cut of a cent below
the new Standard price. Tank car prices are being shared,
it is said, throughout the vicinity. The Oil Export Association announced a reduction of %c. a gallon in gasoline and
10. in export prices. This is the first revisions made by this
association since its organization of well over a year ago.
The tank wagon price is now 12.3c. throughout this section,
not including the State tax and applies to Manhattan, Westchester the Bronx. Southern Connecticut, Staten Island and
Long Island. Warner-Quinlan was the first of the independents to cut the tank wagon price of 13.3c., including State tax
or 10. below the Standard Oil Co.'s price. Other independents are expected to take similar action. Tank car
8
prices ranged from 74 to 8310. /I well informed authority
estimated that stocks in the United States on March 1st
will be 60,000,000 bbls., a new high record. Competition
between large and small competitors is keen. California
reports statee that State-wide curtailment of production will
become effective March 1st, excepting the Midway Sunset
field, reducing the daily average output from 700,000 bbls.
to 619,000 b`bls. Fuel oils show little change. Domestic
heating oils have been moving satisfactorily but the undertone has been a little easier. Kerosene was quiet at 73/2c.
for 41-43 water white in tank cars refineries.
Tables of prices usually appearing here will be found on an earlier
page in our department of "Business Indications," in an article entitled
"Petroleum and Its Products."
-On the 24th inst. prices advanced 20 to 30
RUBBER.
points; then it struck selling recoiled and ended unchanged
to 10 points net lower for the day. London was 1-16 to
Md. higher. Singapore was 34 to 5-16d. up. February
[Vol.. 130.
here on the 24th inst. ended at 15.900.; March at 16.30c.;
May at 16.80c.; July at 17.20c.; December at 18.20o. Outside prices: Ribbed smoked spot and February 163 to
%
4
163/2c.; March, 17 to 17340.; July-Sept., 173/2 to 173 c.;
%
Oct.
-Dec., 1734 to 18340.; spot first latex, 1634 to 163 .;
thin pale latex, 163 to 170.; clean thin brown crepe, 14% to
4
1434c.; rolled brown crepe, 1034 to 10%e.; No. 2 amber,
4
15 to 158 e.; Paras, up-river fine spot, 163 to 17e. London
%
%
spot, Feb. and March, 83 d. Singapore, March, 8d.;
April-June, 830. Stock in London, 62,725; increase 66
tons; in Liverpool, 19,677 tons; increase 27. On the 25th
inst. prices fell 40 to 60 points under liquidation which
carried the day's sales up to 2,397 tons. London declined
%d. and closed weak, evidently uneasy over the general
situation, whatever plans for restriction may be under consideration. The fact that restriction itself is deemed necessary is perhaps not very reassuring. There will be a meeting
in Amsterdam on March 5 when the proposal to restrict
rubber production for one full month will be formally presented and voted upon by producers representing the British,
Dutch, Belgian and French nationals. According to advices from London to members of the Rubber Exchange of
New York,the British growers,through the Rubber Growers'
Association, have indicated approval of restriction, contingent upon the participation of at least 70% of the Dutch
plantation interests in the scheme. So after all there is
something like a string to it. New York ended on the 25th
inst. with March 15.80 to 15.90o.; May, 16.4043.; June,
16.50c.; July, 16.70 to 16.80c.; Sept., 17.20 to 17.30e.
Outside prices: Ribbed smoked spot and March, 157 to
%
1634e.; April-June, 168 to 16%c.; spot, first latex crepe,
%
%
1694 to 16%c.; thin pale latex, 163/2 to 163 c.; clean thin
4
brown crepe, 1434 to 143 0.; rolled brown crepe, 1034 to
103/2c.; No.2 amber, 15 to 1534c.; Paras, up-river, fine spot,
4
163/2 to 164o.;coarse,83'2 to 83 c. London spot and March
830. Singapore March, 7 13-16d.
On the 26th inst. prices ended 10 points off to 10 up with
sales of 515 tons showing far less activity. March ended
at 15.80 to 15.90c.; May 16.30 to 16.4004 July, 16.80c.;
September, 17.20 to 17.30c. Spot and March rubbed, 1594
to 1634e. London spot and March 8 1-/6d. Singapore
%
March,75 d. The rubber restriction campaign in producing
countries is gaining momentum. The Rubber Growers'Association, according to a cable to the Exchange. The Rubber
Growers' Association has recommended that producers agree
with the Anglo-Dutch liasion committee's proposal to cease
tapping in May. Every effort, it stated, would be made to
secure the support of producers in the East, including that
of Asiatic owners. The Association's proposal provides that
producers would be realized from assent if by April 8 1930,
adherence to the proposal represents less than 70% of production during 1929. January crude shipments from the
Dutch East Indies totalled 22,821 tons, against 24,761 tons
in the previous month, according to a cable received by the
Rubber Exchange of New York. Java and Madiera shipped
5,801 tons in January, East Coast Sumatra 7,957 tons, the
remainder of Sumatra, 4,875 tons, Borneo 4,160 tons and
Celebes 28 tons. London cabled the New York News
Bureau: "A Malacca dispatch of Financial Times states
that announcement of decision reached regarding restrictions
at the Amsterdam meetings has had a lukewarm reception
there and that there is no confidence that restriction would
be adhered to."
The Far East Rubber census as of Jan. 31 covering estates
of 100 acres and larger in Federated Malay States, Straits
Settlements, Johore and Kedah, showed holdings totaling
26,841 tons of crude rubber on hand according to a cable to
the Rubber Exchange of New York on the 25th inst. Dealers'
stocks at these points on the same date totalled 17,141 tons.
January crude rubber exports from the Federated Malay
States, Straits Settlements, Jonore, Kedah, Kelantan, and
Trengganu totalled 42,130 tons. On the 27th inst. prices
fell 30 to 40 points with London off A to 3-16d. lower. The
sales were 1,182 tons. New York ended on that day with
March, 15.50 to 15.60c.; May, 16 to 16.100.; June, 16.20c.;
July, 16.40 to 16.50c.; Sept., 16.90c.; Oct., 17.10c.; Dec.,
17.40c. Outside prices: Ribbed spot and March, 1534 to
%
4
1530.; April-June, 16 to 163 c.; July-Sept., 163 to 17e.;
/
Oct.
-Dec., 1734 to 1734e. Spot, first latex, 16 to 1634e.;
/
thin pale latex, 163/s to 163sc.; clean thin brown No. 2,
1434 to 1434c.; rolled brown crepe, 1034 to 10%c.; No. 2
amber, 143 to 150.; No. 3 amber, 143/2 to 14%o. Pares,
4
to 89(0.;
/
up-river fine spot, 1634 to 1630.; coarse,
Acre, fine spot, 1734 to 17340.; Caucho Ball-upper, 834 to
834c. On the 27th inst. the disappointing action of London
and the uncertainty as to the outcome of the restriction
.proposals seemed Ito cause selling by local interests and
Broad Street commission houses. London closed % to
-March, 7 15-16d.; April-June, 83/sd.;
3-16d. lower with spot
-Dec., 89/2d. To-day prices here
July-Sept., 885d. and Oct.
/
closed unchanged to 20 points higher with sales of 253.
London closed unchanged to 1-16d. lower with spot-March at
-Dee.,
/
7"Htd.; April-June, 8 1-16d.; July-Sept., 83sd.; Oct.
4d. Singapore ended 34d. net lower; No. 3 Amber crepe
815
spot, 6 9-16d. or 3-16d. net lower. London's stock is expected to show an increase of 1,400 tons and Liverpool's
1,000. Final prices here show a decline for the week of 60
to 80 points.
-Late last week prices were 5 to 15 points lower
HIDES.
with sales of 1,200,000 lbs, on the 21st inst. May, 14 to
MAR. 1 1930.]
FINANCIAL CHRONICLE
14.100., closing at 1443.•, September, 15.05 to 15.10c.; December, 15.50 to 15.600. Sales in the domestic packer
market were only moderate without absorbing the available
supply and prices fell., Reported recent sales were 21,000
packer heavy native steers said to have been about 143/sc.;
1,000 extreme light native steers down to 13c.; 11,400 heavy
native cows down to 12c.; 17,500 light native cows down
to 1254c. On the 24th inst. prices advanced 5 to 20 points.
Common hides, 14 to 15c.• May sold at 14.15 to 14.17c.;
closing at 14.20c. September sold at 15.170., closing at
closing at 15.55c.
15.75 to 15.20c.; December sold at
15.60c.,
On the 26th inst. futures advanced 5 to 15 points with sales
of 520,000 lbs. Outside prices were lower leading to a
larger business. March closed at 13.95c.; May at 14.25 to
14.35c.; July at 14.8.5e.; August at 15.10c.; Sept., 15.30c.
Big sales were reported in the Chicago and New York markets for packer hides, at prices from % to lc. decline. On
.the 26th inst. they inclined 2,100 heavy native cows, Feb.
take off at 12c.; 1,800 butt brands, Feb. at 14c.; 9,000
Colorado steers, Feb. at 13%c.; 1,500 light Texas steers,
Jan. at 12c.; 6,000 branded cows, Feb. at 12e.; 8,000 heavy
Texas steers, Jan.
-Feb. at 14c.• 825 extreme light native
steers Jan.
-Feb. at 13c. and 6,006 heavy native cows at 12c.
Here 5,000 heavy native steers, Jan. sold at 140.; 2,300
Colorado steers, Jan. at .133/2e.; 4,000 heavy native steers,
Feb. at 14c.; 4,000 butt brands, Feb. at 14c. and 7,700 Colorado steers, Feb. 13%c. River Platte frigorifico were
dull with business restricted to 3,000 light frigorifico steers,
Feb.at 14%c. Country hides weredull and weak. Common
7
dry hides fell to anew low for the present movement. Cucutas nominal at 16e.; Central American, 12% to 13c.
On the 27th inst. 29,000 Argentine Feb. steers sold at
16 7-16 to 16 15-16e. showing an advance At the Exchange
prices advanced 1 to 5 points ; Marchlended at 14c. nominal
May at 14.35 to 14.50c.; Sept. at 15.40 to 15.50c.• Dec.;
to
at 15.85 to 16c. Cucuta, 16c.; Orinoco, 13% ' 14e.;
Maracaibo Central American, La Guayra, Equador, Sayannila and Puerto Cabello all 12% to 13c.; Santa Marta,
133. to 14e.• spready native steers, 16% to 17c.; native
steers, 16% ' 17c.; native steers and butts, 14c.; Colorado,
.to
133e. To-day prices ended 25 to 35 points higher with
sales of 23 lots. March closed at 14.40c.; May at 14.65c.
to 14.70e. and July at 15.10c. Final prices are 60 to 65
points higher for the week.
OCEAN FREIGHTS.
-The debacle in wheat did not
help business early in the week but later that gain advanced
sharply.
-Mar. 5 MediterCHARTERS included: Grain-New York Feb. 28
ranean, 34,000 qrs., basis 11c.; New York prompt to Antwerp or Rotterdam, nic. and 8c.: 33,000 qrs. Vancouver-Greece March, 20s. 6d.; St.
John Feb. 27
-Mar. 7 Mediterranean, basis 11c.; a few loads were booked
for Antwerp at 9c. and other scattering parcels elsewhere. 28,000 qrs. New
York spot Mediterranean, 11c. Time
-New York March west coast
South America round, 70c.•, West Indies round ProitiPt. 80c. Trip across
prompt New York, redelivery New York-Continent, 85c. Tankers
Feb. Gulf clean U. K.
-Continent, 45s.; March Gulf dirty to north of Hatteras, not east of New York, 45c.; Oonstanza March-April crude fuel or
Diesel oil Italy, 12a.•, dirty Curacao March to north of Hatteras, 15c.,
Feb. 15 Sugar-Santo Domingo March United Kingdom-Continent,
14s. 6d. one, 158. 6d. two discharges; Santo Domingo March to U. K.
Continent, 14s. 103cl.
COAL.
-Naturally the mild weather early in the week
did not help trade here or at the West. Anthracite production was slightly higher for three weeks ended Feb. 15 than
a year ago, the increase being 61,000 tons. For the Feb. 15
week there was just 1,000 tons difference in the 1929 and
1928 output. After recent depression bituminous has been
steadied by a decrease in output within a fortnight of
1,300,000 tons.
TOBACCO.
-In the New York district trade was small.
Cigar makers• appeared to be pretty well supplied for the
time being. Offerings of Connecticut and Wisconsin were
not very large, but they were large enough for the current
demand. Mayfield, Ky., to the 'U. S. Tobacco Journal":
"Deliveries as a whole to the dark-fired markets in Kentucky
and Tennessee for the week were the largest of the season.
During the early part of the week prices on all grades were
firm, while during the latter part there was more or less
fluctuation with the medium to good grades being off
several bids. Trashes and lugs remained firm at practically
all points. Auction sales in the One Sucker District closed
last week, and it is estimated that 75 to 80% of the Green
River, 70% of the Western Dark Fired, and 60% of the
Eastern Dark Fired districts have been sold. Mayfield
sales for week 1,531,160 lbs.; average price, $9.72, or 27c.
lower than the preceding week. At Murray sales for
week 462,245 lbs.; average, $10.30, or 9c. higher than
preceding week. At Hopkinsville sales 2,929,415 lbs. of
dark; average of $10.39; and 71,230 lbs. Burley; average
$13.88. Dark, $1.02 and Burley 76c. lower than the week
before. At Clarksville sales 2,027,905 lbs.• average $12.73,
'
'
or 660. lower. At Springfield sales 2,159,605 lbs.; average of $14.44, or 180. lower. At Owensboro sales 1,624,090
dark; average, $9.99, and 876,715 lbs. of Burley, average
$14.90; dark $1.06 and Burley 4c. lower. At Henderson
sales 1,021,640 lbs. dark; average $11.10. At Blackstone
sales 338,210 lbs.; average $18.50, or $1.57 higher. At
Farmville sales 293,000 lbs.; average $12.74, or $2 lower.
COPPER has latterly been quiet and unchanged though
other metals have been declining. Lake, 18 to 183/2c.;
electrolytic, 1754 to 18c. On the 27th inst. there were no
sales of standard futures at the National Metal Exchange.
Closing prices were: March 17c. bid; other prices nominal as
1499
follows: April, 16.85c.; May to Aug., 16.75c.; Sept. and
beyond, 16.65c. InLondon on the 27th inst. spot standard
fell 7s. 6d. to £29 2s. 6d.; futures off 5s. to £68 10s.; sales
200 tons spot and 650 futures. Electrolytic £83 10s. bid, and
£84 5s. asked. London spot declined 5s. at the second session
and futures fell 2s. 6d.; sales 100 tons futures.
TIN has been declining here and in London under pressure
of liquidation in a reluctant market hampered by stocks at a
new high level. In the forenoon July Straits sold at 38.i 5c.
and later prompt at 38c., closing with prompt, 38c., April,
38.20e.; May, 38.35c.; Juno, 38Mc. At the first session in
London on the 27th inst. prices fell 2s. 6d. and at the second
session spot standard reached £170 is. 6d. Sales of standard
futures on the 27th inst. were 100 tons. Tho market closed
easy at a net decline of 30 to 50 points. March ended at
37.60 to 37.70c.; April, 37.70c.; May, 37.80c.; July, 38.15c.
In London on the 27th inst. prices fell 2s. 6d. to £171 2s.
6d. for spot, and £173 15s. for futures; sales 50 tons spot and
400 futures. Spot Straits ended at £173 7s. 6d. Eastern c.i.f.
London closed at £176 7s. 6d. on sales of 150 tons. At the
second session in London spot standard dropped 15s.;
futures off £1 on sales of 10 tons spot and 210 of futures.
To-day futures ended with March 37.30 to 37.35c.; May,
37.50 to 37.60c., and July, 37.80 to 37.90c.; sales 60 tons.
LEAD has been quiet with the tone weak here and in
London where the declines in the last ten days have been
sharp. London pulled down New York prices on the 27th
inst. American prices have had to be lowered to avert
imports of Mexican lead. On the 27th inst. the American
Smelting & Refining Co. reduced the price $3 per ton to
6.10c. New York, the lowest quotation in several months.
Middle West was 5.95c. per pound, East St. Louis. In
London on the 27th inst. spot fell 8s. 9d. to £19 15s.• futures
'
off 10s. to £19 10s.; sales, 100 tons spot and 200 futures.
At the second session, London spot was unchanged; futures
rose 2s. 6d. on sales of 300 tons.
ZINC has been declining in company with other metals
here and in London with trade slack and production large.
On the 27th inst. prime Western slab zinc fell 50c. per ton
to 5.123/20. East St. Louis, for prompt and March shipment
and possibly for early April. In London spot was unchanged at £18 6s. 3d. but futures fell is. 3d. to £18 17s.
6d.; sales, 1,400 tons of futures.
STEEL has been less active. From the automobile
industry specifications are smaller. The output of autos
is smaller. Now people are talking to the effect that in
four or five weeks things may brighten up very plainly.
Railroads' specifications were large enough, especially at
for the
Chicago, to make up, it seems, in some d
slackness in this respect in the automobile industry. The
tone in the steel trade in general is more cautious. The
spurt in January was followed by what is apt to follow
spurts. That is a reaction notably in Pittsburgh, Birmingham, and Buffalo. Chicago alone shows no noteworthy
falling off in snap and energy. Even as to the buying by
railroads, it is believed that its topmost point has passed.
The unsettled commodity, markets and the need, to all
appearance, of the Farm Board stretching a strong arm
over the agricultural West cause comment if not exactly
uneasiness. In Pittsburgh district miscellaneous strip consumers have increased their specifications moderately in
February. Mill operations are unchanged at 55 to 65%
for hot mills with cold mills at 50%. Production of ordinary
cold-rolled strip is at an even slower rate, but rolling of
corrosion-resistant steels is fairly active. Furnace coke,
at oven, is quoted at $2.60, with a firmer trend. The
nominal quotation of $33 Pittsburgh applies on semifinished steel, such as billets and sheet bars.
-Trade has not been satisfactory even putting
PIG IRON.
the best possible face upon it. Buffalo generally quotes
$16.50, but it seems often waives silicon differences frequently selling No. IX at the same rate, it is said, as No. 2
plain. About 50% of the current business, it is stated, is
for the second quarter shipment. The melt slowly increases
as usual at this time of the year, but whatever the expansion
it is certainly slow. Foundries are operating, it seems, at
less than the average rate of output for the steel industry
in general. A sharp rivalry for March business is under
way. Southern iron was still offered at $13. Birmingham in
northern markets. Birmingham, Ala., wired that there is
steady decrease in progress in the surplus Stock of pig iron.
The sales are frequent but are in small lots. The aggregate
however, is said to exceed the output. The price base in the
home territory is called $15.
WOOL.
-A Boston Government report said: "A fair demand was being received on Texas 12
-months' wools with
'scoured basis. These wools occupy
prices firm at 780. to 80c.
strong position in the market because of the restricted supplies and a continued use in manufacturing. According to
reports from both dealers and buyers, only a few offerings
of these wools are available, and the aggregate quantity
comprises only a relatively small percentage of the quantity
on the market a year ago." Later reports show less activity in Boston. Medium grades have been comparatively
firm but finer qualities no more than steady. Some sales
were made at around 70 to 75c. for average to good topmaking wools and up to 77 to 780. for the best, with 80e.
it is intimated now and then. Mills, however, seem to pre-
[VoL. 130.
FINANCIAL CHRONICLE
1500
fer the lower grades. Interest has largely centred in the
West. Foreign markets have been barely steady. New
Zealand will resume its sales next week with an offering of
33,000 bales of Wanganui and Wellington wool. Continental markets have been slow. In Boston, Ohio and Penn3 -blood
2-blood 35 to 36c.; %
sylvania fine delaine 33 to 34c.; /
34 to 350.; 5.4-blood, 35o.; Territory fine staple, 78 to 80o.;
Texas fine 12 months, 75 to 780.; pulled A super, 75 to 8004
B, 65 to 700.; mohair, domestic original Texas, 49 to 50o.
At Adelaide on Feb. 20 and 21 offerings, 25,000 bales, and
90% sold. Good general competition. America and Japan
bought super grades. Compared with sales on Dec. 12
and 13, prices were 10% lower, but were fully par with recent
prices at Melbourne and Sydney. The next sales at Adelaide will be held May 1 and offerings will total 25,000 bales.
SILK to-day ended 4 points off to 1 point higher; March
closed at 4.30 to 4.32o.; May at 4.30c.: July 4.23 to 4.25c.
Sales were 740 bales.
COTTON
Friday Night, Feb. 28 1930.
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
55,748 bales, against 65,886 bales last week and 53,506
bales the previous week, making the total receipts since
Aug. 1 1929, 7,344,937 bales, against 8,110,068 bales for
the same period of 1928, showing a decrease since Aug. 1
1929 of 765,131 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans..
Mobile
Pensacola
Sat.
Mon.
Wed.
Tues.
452
1,803
2,278
811
2,141
1.427
53
- 2
1,6.:1 5,521
-------1,520 1,630
172
1.654
1,775
-74
2,46
1,001
2.686
195
3,577
523
918
393
43
237
76
7
5
581
6
151
65
2
637
6
1,397
571
348
1.741
51
1,244
34
88
82
156
178
1,244
____
el ARA
--- _
A AV/ 15 007
0055
0.717
Galveston
Houston
Texas City
Corpus Christi
New Orleans
Mobile
Pensacola
Savannah
Charleston
Norfolk
New York
Los Angeles
San Francisco_ _
Total
Total 1929
Tntwl 10252
3,166
1,222
---_
4,828
600
1,520
1,328
.....
---_
1,092
1,334
388
375
100
721
----
2,900
400
4.621
----------------2,612
----------------2,662
800
--------1,207
---
2,070
18,324 11,389 17,060 15,949
.-- 19,564 10,893 88,179
6,627 35.675 19,735
5520 34_510 22.1182
---- 41,525 16.633 149,167
R cm 29079 155 542
28.972
xa nt,
From
Aug. 1 1929 to
,
Gel
Jan. 00 0
11343. Great
Britain. France.' Many.
ExportsJr
-Galveston.
Houston
Texas City._
Corpus Chrb3t1
Beaumont _ - Lake CharlesNew Orleans.
Mobile
Jacksonville
Pensacola...Savannah _ _
Brunswick _
Charleston_
.
Wilmington Norfolk
New York __ _
Boston
BaltImore..Philadelphia_
Los Angeles..
San Diego.._
San Francisco
Seattle
Portland, Ore.
Total.
-- 1.215
---- 3.358 7,556 21.303
6,008
488 14,683
--------3,314
535 10.346
-----------------303 1,725
200
------------226 1,984
992
767
---- 8,185 1,921 34.247
2,704 2,596 14,013
172,135 233,4511
185,15 290.702,
25,01 14,876
69,5351
98,0
3,112 • 3,610
318
363
220,12 65,868
81,931 7,683
141
5,38
131,856 1,661;
7,09
115
48.661
12,987
41,988
3,28
223
972
72
33,732 3.650
5,2
300
3,522
Exported to
Japan&
IRussia. China. Other.
Total.
8,123254,427 225,5201,323.545
12.521 261.628 156.617 1,399,739
---- 3,161
41,521 27,731
351,989
14,754
-8,840
15,87 154:79846,642
268.375
11,687
141
200
23,531
29.170
191,868 5,3111
343,286
8:66
7,094
2201
53,679
40,405 11:81i 154,074
61,933
9,836 37,110;
---- 2,00
188 66,532
23,7556
44,317
20,023 4:ii61
2,497 7,511
2,453
32 --._
2.148
6
122 ---1,094
--__
229
157
186.176
42,488 1:310 ....l02.709
2,9
8,150
50,105
201
1.500
44,336
24.245
24,245
4,237
4.23
284.157 145,732
357,867 135,248
2,533
32,03
48,368 36.517
3,777 1.0141
3.6541
4,05
175.881 139,76
8,14
154,05
1,278 13.739
497
497
3.322 17.739
1 080.090697.719 1,427,077521,874 78.040943,39 537,6206.285,517
Total
410
---2,243 13,343
425 3,828 Total 1928-29 1,523,978655,592 1,596,018473.536 132,782115037 585.9126,120,893
1.624.724 446,508 113,226 760,80 581.3805,145.374
164
24
142
108
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Baltimore
Philadelphia
m.t...i., thiet argualr
Total.
Fri.
Thurs.
7.928
Exported to
Week Ended
,
Gel
Japan&
Fee. 28 1930. Great
Exports from- Britain. France. many. Italy. Russia. China. Other.
0 510 55 745
Total 1927-28 919,990698,739
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada. the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of January the exports to the Dominion the present season
have been 17,6.51 bales. In the corresponding month of the preceding season the
exports were 27.579 bales. For the six months ended Jan. 31 1930 there were
117,088 bales exported, as agabut 144,680 bales for the six months of 1928-29.
In addition to above exports, our telegrams to-night also
The following tab e shows the week's total receipts, the
shipboard, not
and stocks to-night, compared with give us the following amounts of cotton on
total since Aug. 1 1929
cleared, at the ports named:
last year:
On Shipboard Not Cleared for
1929-30.
Receipts to
February 28.
This
Week
1928-29.
Since Aug This Since Aug
1 1929.. Week. 1 1928.
Stock.
1930.
1929.
13.739 1,636,764 26,912 2,567,315 364,292 479,012
Galveston
17.830
33,638
Texas City
497 132,894 1,250 168,318
17.739 2,498,334 19,904 2,682,314 977.917 803,257
Houston
19,039
-___ 255,973
410 381,337
Corpus Christ!...
14.065
14,754
Beaumont
New Orleans
13,343 1,419.487 31,293 1,316,933 470,390 328,181
398
Gulfport
32,182
32,352
Mobile
3.828 357,930 1,270 224,056
11,494
28.770
Pensacola
800
142
867
730
22
384
Jacksonville
6
62,575
40,360
Savannah
1.397 428.721 4,704 318,038
7.094
Brunswick
22,446
Charleston
36,029
571 177.355 1,444 152.210
5,505
-___
8.780
---Lake Charles_ _ -881 112,905
24.640
85,476
348
37.079
Wilmington
63,942
92,512
Norfolk
1,741 136.573 2,423 207,541
92
N'port News, dze_
34.531
98,329
508
2,705
51
85.186
New York
27
1.282
1,938
1.898
3,630
Boston
1,118
36.294
800
25,618
1,244
1,086
Baltimore
6
5,093
34
---679
4.657
Philadelphia
• 55.746 7.344.937 91.438 8.110.068 2.162.558 1.077 700
'Mtn&
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1927.
1926.
Galveston......
*Houston- _ __
New Orleans_
Mobile
Savannah_ _Brunswick
Charleston..._
Wilmington- Norfolk
Wport N.,Ste.
All others_ _ _ _
13,739
17,739
13,343
3,828
1,387
26,912
19,904
31,293
1,270
4,704
20,635
12,020
17,717
2,650
3,433
50,840
50,952
35,268
7,503
20,798
29,692
18,878
37,122
3,033
12,053
57.035
61,673
42,932
2,445
12,636
571
348
1.741
1,444
881
2.423
1,207
2,473
1,063
11.104
3,483
6,521
5,410
1,758
4,132
6.700
4.087
9,972
3,042
2,607
1,083
9.690
6.688
2.153
Totalthis wk_
55,748
91.438
62,281
196,159
118,766
199,633
1930.
Receipts at-
Rfnest Am/ 1
1929.
1928.
1925.
14.1 057 5 110 AAR 7 024 074 10699 222 7.993.098 7.940 052
7.
*Beginning with the season of 1926, Houston figures include movement
previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
of cotton
The exports for the week ending this evening reach a total
of 88,179 bales, of which 1,222 were to Great Britain, 3,476
to France, 8,240 to Germany, 1,215 to Italy, 2,900 to Japan
and China, and 4,208 to other destinations. In the corresponding week last year total exports were 149,167 bales.
For the season to date aggregate exports have been 5,285,517
bales, against 6,120,893 bales in the same period of the
previous season. Below are the exports for the week.
Great
Feb. 28 at
- Britain. France.
8.800 5,600
Galveston
New Orleans.. 7,562 1,478
2,000
--- Savannah
---Charleston2.922
Mobile
Norfolk
3,000 3,000
Other ports *
Total 1930.. 24,284 10,078
Total 1929.. 26.624 19,766
Total 1928- 21.470 6,337
Other CoastGermany. Foreign wise.
Total.
Leaving
Stock.
5,000 42,000
3,000 50,200 314,092
200 21,904 448,486
60,275
300 2,300
22,167
279
279
90 4,812 • 27,370
63,742
200
200
2.000 55,000 1,091.731
15,540 78,724
18,410 74,345
18,559 49,482
6,069 134,695 2,027,863
9,529 148,674 1,829,035
5.711 101.559 1.919,885
6,200 26,600
4.340 8.324
- 1./3015
*Estimated.
Speculation in cotton for future delivery has been on a
very liberal scale for these times, irregular prices ending at
a small net advance largely in sympathy with the recent
sharp rise in wheat and a fear on the part of shorts In
cotton that the Farm Boaird might take aggressive measures if they seem to be needed in the cotton trade. The
March notices for about 56,000 bales have been promptly
handled. At the ending the market was for the most part
in a waiting attitude. Chicago is sharply watched for a
possible cue. On the Nth inst. prices fell 35 to 45 points,
2
1
/
1
/
with wheat off 62 to 7 c., March liquidation persistent,
and fears of a big issue of notices on the 25th inst., possibly
most of the certified stock here of 92,500 bales. Spot markets fell 40 points. Carl Williams said the acreage must
be reduced sharply or prices would break. Selling was
heavy by the South, Wall Street, the West, Liverpool, and
the Continent. Bombay and the Continent continued to sell
in Liverpool. Manchester was dull. Worth Street was
staggered by the sudden and unexpected break in cotton,
2
1c.
and some print cloths were reported / lower. Sheetings
also declined. Another factor that told plainly on the
price was an Associated Press dispatch from Memphis on
Feb. 22 which said: "The South is facing a cotton calamity
as dire as the depression of 1926 unless the Government's
campaign for acreage reduction is successful, Carl Williams,
Federal Farm Board member, told directors of the American
Cotton Co-operative Association." He added: "Cotton
acreage is on the red side of the ledger, and there must
be an Immediate reduction of 6,000,000 acres. Unless farmers reduce their acreage to 40,000,000 there will be no
cotton profit In the South, and, furthermore, Southern
farmers face the prospect this year of no Government aid
of an effective character because of overproduction. Cotton may sell as low as 10c. a pound, or less, if the same
acreage is planted this year as was planted last year. If
the Fsrm Board is to help the Southern farmer, it must not
MAR. 1 1930.]
FINANCIAL CHRONICLE
1501
have to deal with an unwieldy surplus, and Southern farm- March the same as a week ago. Spot cotton ended at 15.30c.
ers cannot make expenses as long as overproduction holds for 'middling, the same as last Friday.
down the price. There is great danger in the tendency of etapie Premiums
American growers to lower quality of their cotton, while 60% of average of
Differences between grades established
European growers improve quality." This attracted uni- es markets quoting for delivery on contract Mar. 6 1930.
for deliveries on
Mar 6 1930.
versal attention. Few, if any, believe the acreage will be
Figured from the Feb. 27 1930 average
cut 8,450,000 acres this season. It would have to be to
quotations of the ten markets designated
15-18 1-Inch &
make the planted area only 40,000,000.
inch.
longer.
by the Secretary of Agriculture.
On the 25th inst., after a decline of 10 to 15 points to new
lows early on an issue of March notices of 40,800 bales,
further liquidation of March and a break in wheat of 5c.,
cotton turned suddenly upward over 30 points from the
low of the morning. That was due to good trade buying
and covering in a short market. The Farm Board agents
here were credited with buying May cotton freely and
with giving wheat a lift in-Chicago, where it rallied 5c. or
more. Spot markets advanced 20 to 30 points on light
transactions. Liverpool was higher than due. Worth Street
and Manchester were dull and depressed early. In Lancashire, however, the American division refused to adopt
eight weeks' short time beginning Mar. 8. The proposal
did not get the requisite 80% majority. Here the better
technical position was an outstanding feature.
On the 26th inst., after rather erratic fluctuations within
small limits, prices ended 1 to 6 points net higher. A rise
of 2 to 4c. in wheat helped cotton more than all. As a
bracing force, however, was the lessened pressure of selling. It had largely ceased. The trading was only about
33 1/3% of what it had been on two previous days. Liverpool, too, was a little higher than due. Spot markets,
though still far less active than at the same time last year,
were 5 to 15 points higher. Stocks advanced. That had
wine indirect influence. The purchase of 3,000,000 to
4,000,000 bushels of wheat by the co-operatives on the 25th
inst. also had a certain effect. Cotton people reason that
*Not deliverable on future contract&
if the Farm Board stretches a protecting arm over wheat
The official quotations for middling upland cotton in the
it may at need do the same for cotton. Cotton goods were New York market each day for the past week has been:
h-inch 64x60's at 61
quiet, with sales of print cloths 281
4c, a
Fri.
Sat.
Mon. Tues. Wed. Thurs.
Feb. 22
recent decline of %c. Manchester was dull. The new rule Middling to Feb. 28Bkil.
15.15 15.35 15.30
14.90 15.1C
upland
as to deliveries was carried at the ballot on the 26th inst.
It eliminated the 35-(point discount on cotton delivered at
NEW YORK QUOTATIONS FOR 32 YEARS.
Southern delivery points in fulfillment of future contracts.
The quotations for middling upland at New York on
The amendments became effective on the 27th inst., the
Feb.?8 for each of the past 32 years have been as follows:
first month affected by the change being October. Under
13.00c. 1906
10.80c.
18.55c. 1914
15.30c. 1922
in force since last October, 1930
' the by-laws which have been
8.00c.
12.50c. 1905
13.20c. 1913
1929
20.25c. 1921
10.50c. 1904
14.500.
cotton was delivered in New York at the contract price. 1928
39.00c. 1912
18.500. 1920
14.00c. 1903
10.05c.
26.65c. 1911
14.00c. 1919
of specified Southern markets, 1927
Cotton delivered in a number
14.50c. 1902
8.81c.
32.15c. 1910
20.760. 1918
1926
9.31c.
however, was subject to a discount of 35 points. It is this 1925
9.80c. 1901
16.20c. 1909
24.50c. 1917
11.560. 1900
8.860.
11.35c. 1908
30.400. 1916
Two contracts, old and 1924
discount which has been abolished.
6.56c.
11.00c. 1899
8.560. 1907
29.460. 1915
new October and onward, will be quoted until the end of 1923
January; then the new contract alone.
-The highest, lowest and closing prices at
FUTURES.
On Feb. 27 trading commenced in a new contract which New York for the past week have been as follows:
will be applicable to delivery for the month of October 1930
and beyond. The new contract differs from the present one
Friday.
Tuesday, Wednesday. Thursday.
Saturday, Monday,
Feb. 28.
Feb. 26.
Feb. 27.
Feb. 25.
Feb. 24.
Feb. 22.
in that the 35
-point differential is eliminated. Trading in
the old contract will continue insofar as all present months bier.14.76-15.05 14.67-14.99 14.99-15.11 14.90-15.24 15.16-15.21
on the board are concerned but will cease with the month
Range.
15.2215.2014.8014.99 --•15.05Closing.
of January 1931. Orders received by us for execution in Mw.
the months of October, November and December of 1930
Range _ _
15.37
15.19- 15.3514.9415.13Closing_
and January 1931 (these being the months in which there lifaywill be trading in two contracts) will be understood to mean
15.06-15.34 14.95-15.32 15.25-15.40 15.22-15.59 15.38-15.51
Range15.52-15.53 5.51-15.51
15.09-15.10 15.28-15.30 15.33Closing_
old contract unless otherwise specified.
June
On the 27th inst. prices advanced 15 to 20 points net on
Range - _
15.6415.6315.2015.3915.44Closing.
trade buying, covering, and some new buying. Also the
rise of 23 to Sc. In wheat was a conspicuous factor. In- July
15.30-15.56 15.18-15.53 15.46-15.62 15.48-15.85 15.63-15.81
Range..
15.32-15.33 15.50-15.51 15.56-15.57 15.77-15.79 15.76-15.71
Closing_
deed, cotton was largely dominated by wheat and the determined attitude of the Farm Board in its efforts to sustain A Range.-15.3815.5715.8315.8215.80 Closing.
wheat prices. Spot cotton was 20 points higher, with reports
HOLI
of a better demand from Germany, Italy and Russia. Serf.DAY.
Range__
15.4415.6415.6915.8715.85Goods were quiet on both sides of the water. But a paraClosingmount factor is the object lesson of the Farm Board's Oa.
15.50-15.77 15.41-15.79 15.69-15.85 15.69-16.02 15.78-15.9i
Range..
2
15.51-15.53 15.73-15.75 15.76-15.78 15.92-15.98 15.90-15.9:
Closing_
dominance of the wheat market and the fear that it might
at any moment give the cotton trade a similar exhibition Oct.(new)
15.49-15.79 15.65-15.7,
Range__
15.7915.72 of its power. To-day prices ended 1 or 2 points net lower
Closing_
for the day. In the early trading there was a decline of Nov.16.06 15.56-15.60 15.95-15.95
Range- 6 to 14 points, with the cables indifferent and the technical
16.02
16.06 15.61 15.7715.88- Closing..
position slightly weaker. Liverpool, the South, Wall Street Nev. (new)
Range_
and some of the local traders sold. There were intimations
15.83-15.87 Closing_
• from Liverpool that the Federation of Master Spinners Dec.
15.70-15.98 15.62-16.00 15.90-16.04 15.90-16.22 15.98-16.13
.
Range.
might estimate the half year's world consumption of Amer15.71-15.72 15.93-15.95 15.95-15.97 16.13-16.14 16.11 -Closing_
ican cotton at about 7,100,000 bales. It was also intimated Dec.(new)
15.66-15.99 15.80-15.95
Range__
that this might be taken as pointing to 14,100,000 bales for
15.92 -15.91 --Closingthe year as against about 1,000,000 bales more than this Jan.5-16.1
15.80-16.05 15.73-16.05 15.97-16.09 15.95-16.22 16.05-16.12
Range- _
last season. Of course this is pure inference and nothing
15.8016.03-16.05 16.04-16.05 16.18-16.20 16.16 Closing_
else. The season has five months more to run. A good Jan. (new)
15.77-15.79 15.84-15.9
Rance_ deal can happen in that time. The East Indian duties on
("Insane,
18.021Q7 goods were announced to-day and were considered more
favorable to Lancashire than had been expected. British
Range of future prices at New York for week ending
trade in goods has slowed down recently awaiting the an- Feb. 28 1930 and since trading began on each cption:
nouncement of the new Bast Indian tariff. It is possible
that things might brighten up in the matter of Lancashire's Option for
Range for Week.
Range Since Beginning of Oprion.
trade in the near future now that the tariff particulars are
Mar. 1930_ 14.67 Feb. 25 15.25 Feb. 28 15.05 Feb. 7 1930 20.25 Apr. 1 1929
known. To-day Manchester was dull and silver in London Apr. 1930_
18.71 July 9 1929 18.82 July 8 1929
was down % to 9/16d. to a new low level. It is not sur- May 1930- - 14.95 Feb. 25 15.59 Feb. 27 15.26 Feb. 8 1930 20.18 Sept. 3 1929
15.28 Feb. 8 1930 18.87 Oct. 24 1929
June 1930
prising to hear that trade with China is very unsatisfactory. July 1930._ 15.18 Feb. 25 15.85 Feb. 27 15.47 Feb. 8 1930 20.00 Sept. 3 1929
Spot markets were slightly lower on this side with sales Aug. 1930..
15.63 Feb. 8 1930 18.34 Nov.22 1929
1930
still much smaller than on the corresponding days last Sept. 1930 15.41 Feb. 25 16.02 Feb. 27 15.79 Feb. 7
Oct. 1930__
1930 18.56 Nov. 20 1929
year. Worth Street showed perhaps a little more life, but Nov. 1930.. 15.56 Feb. 25 15.95 Feb. 26 16.13 Feb. 8 1930 17.78 Dec. 16 1929
27
Dec. 1930.. 15.62
trade in the main was still understood to be quiet. Final Jan. 1931,. 15.73 Feb. 25 16.22 Feb. 27 16.00 Feb. 7 1930 18.06 Jan. 13 1930
Feb. 24 16.22 Feb.
16.01 Feb. 20 1930 17.18 Feb. 1 1930
prices show a rise on most months of 2 to 6 points, with Feb. 1931
16.09 Feb. 20 1930 16.65 Feb. 15 1930
-+••••
1502
FoL. 130.
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
February 28Stock at Liverpool
Stock at London
Stock at Manchester
1930.
bales- 915,000
1929.
998,000
109,000
112,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
-Stock at Antwerp
1,024,000 1,110,000
1927.
1928.
771,000 1,315.000
78,000
158,000
381,752 bales more than at the same time last year. The
receipts at all the towns have been 9,448 bales less than the
same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
849,000 1,473,000
Futures
SALES.
Market
Spot Market
607.000
Closed.
Closed.
Spot. Contr'cl Total.
292,000
11.000 Saturday_ -HOLIDAY.
121,000 Monday _ Quiet,40 pts. decl _ Steady
66,000 Tuesday - Steady,20 pts. adv _ Very steady
Wednesday_ Steady.5 pts. adv _ Steady
200
200
Thursday _ Steady.20 pts. adv - Barely steady
Friday
Barely steady-_
Quiet, 5 pts. decl
-----Total Continental stocks
987.000 1,017,000 1.042.000 1,097.000
Total_
200
200
Total European stocks
2,011,000 2,127.000 1,891,000 2,570,000 Since Aug. 1
142,238 241,500 383.738
Indian cotton afloat for Europe
240.000 150,000 167.000 129.000
American cotton afloat for Europe 267,000 402.000 410,000 629,000
OVERLAND MOVEMENT FOR THE WEEK AND
Egypt,Brazil,&cafloat for Europe 83,000
80.000
80.000 111,000
-We give below a statement showing the
Stock in Alexandria, Egypt
490,000 445,000 399,000 432,000 SINCE AUG. 1.
Stock in Bombay. India
1,312,000 1,138,000 746,000 579,000 overland movement for the week and since Aug. 1, as made
Stock in U. S. ports
02.162,558 1,977,70902.021,44402.700,152
Stock in U. S. interior towns_ -01,288,189 0906,387 0987,38401,224,550 up from telegraphic reports Friday night. The results for
U. S. exports to-day
39
5.800 the week and since Aug. 1 in the last two years are as follows:
-4929-30--4928-29-Total visible supply
7,853.697 7,226.096 6701.828 8.380.532
Since
Feb. 28.
Since
Of the above, totals of American and other descriptions are as follows:
Week. Aug. 1.
ShippedWeek. Aug. 1.
American
bales_ 438.000 716,000 536,000 1.000,000
1 stock
5,653 225,795
Live
Via St. Louis
10,061 334,581
Mane ester stock
77,000
1,960
83.000
48,400
Via Moungs, &c
56,000 146,000
2,340
64,338
Continental stock
917,000 958.000 1.009.000 1,051,000
71
3.380
Via Rock Island
32,693
837
American afloatfor Europe
776
25,623
267,000 402,000 410.000 629.000
15. S. port stocks
4.831 125,052
Via Virginia points
02,162,558a1,977,70902,021,44402,700,152
3.800 143.735
U. S. Interior stocks
9,842 438.943
01,288,139 0906,387 0987,38401,224,580
Via other routes, Sze
22.197 421,848
U. S. exports to-day
5,800
23,133 867,193
Total gross overland
39,503 1,001,971
Total American
5,149.697 5,043,096 5,019,828 6.756,532 Deduct Shipments
East Indian, Brazil, &c..
30.334
Overland to N. Y., Boston, &c_-.. 1,329
1.335
71,868
Liverpool stock
11,576
477.000 282,000 235.000 315,000
428
Between interior towns
502
13.038
London stock
14,131 291,741
Inland, &c., from South
16,559 438,839
Manchester stock
32,000
29,000
22,000
12,000
Continentalstock
70.000
15.888 333.651
59,000
Total to be deducted
33,000
18,396 523.735
46.000
Indian afloat for Europe
240,000 150,000 167,000 129,000
Egypt Brazil, &c., afloat
83,000
80.000
Leaving total net overland*_--. 7,245 533.542
21,107 478,236
80,000 111.000
Stock in Alexandria, Egypt
490.000 445,000 399,000 432,000
Stock in Bombay, India
1.312,000 1,138,000 746,000 579,000
*Including movement by rail to Canada.
Total East India. &c
Total American
516,000
305,000
6,000
94,000
66.000
613,000
258.000
17,000
87,000
42.000
551,000
331,000
11,000
101.000
48.000
2,704,000 2.183,000 1,682.000 1,624.000
5,149,697 5,043,096 5.019.828 6.756.583
Total visible supPlY
7,853,697 7.226,096 6,701,828 8,380,532
Middling uplands. Liverpool
8.49d. 10.75d. 10.63d.
7.93d.
Middling uplands. New York_ _ - 15.390.
20.790. 18.90c.
14.50c.
Egypt,good Sakel,Liverpool-14.40d.
19.40d. 20.00d. 15.70d.
Peruvian. rough good. Liverpool- 13.758. 14.50d.
12.25d. 11.50d.
Broach. fine,Liverpool
6.30d.
9.390.
9.55d.
7.10d.
Tinnevelly, good, Liverpool
7.658. 10.45d.
3.258.
7.55d.
a Houston stocks are now included In the port stocks; in previous years
they formed part of the Interior stocks.
•Estimated.
Continental imports for past week have been 167,000 bales.
The above figures for 1930 show a deoreasa over last
week of 112,369 bales, a gain of 627,601 from 1929, an
increase of 1,151,869 bales over 1928, and a loss of 526.835
bales from 927.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to Feb. 28 1930.
Movement to Feb. 28 1929.
Receipts.
Receipts.
Week. Season.
Ala.. Birm'ham
477 104,74
18,23
66
188 57,421
79 71,4
1,427 124,901
192 29,551
88
58,692
54,33
186 38.738
319 123,55
200 51,09
981 182,05
54,791
4
6,48
39,752
3
144.91
2,5
1,767 281,458
112 23,474
196 72.46
85 22,836
55 142,88
2,488 185,37
49 27,772
1,844 224.19
183 50,93
182 23,928
268 31,7
21
41.29
5.47 230,322
559 16,973.
Eufaula
Montgomery.
Selma
Ark.,Blythevllle
Forest City..
Helena
Hope
Jonesboro- _ _
Little Rock- Newport-Pine Bluff_
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta _
Columbus--.
Macon
Rome
La., Shreveport
Miss.,Crksdale
Columbus_ -Greenwood_ _
Meridian_
Natchez __
Vicksburg_ -Yazoo City_ _
Mo., St. Louis_
N.C.,Greensb'o
Oklahoma
15 towne
5,701 736,516
S.C., Greenville 3.781 139,651
Tenn.,Memphis 33,148 1,679,815
Texas, Abllene_
12
28,212'
Austin
6 11 096
Brenham_ _
451 10,594,
Dallas
463 106,660
Paris
374 72,791
Robstown_ _ _
--__
32,698
Ban Antonio_
332 23,313
Texarkana _ _
942 58,597
Waco
428 103,195
Ship- ! Stocks
merits Feb.
Week. 28.
1,288
35
867
1,052
1,608
316
1,083
294
303
2,685
200
1,445
550
Week. Season.
14,89
536
5.334
2
27.235
83
26
29,503
43,217
512
12,362
202
16,769
4
2,607
39
3,486
79
29,038 1,21
4,691
2
35,324 1.0
44
6,77
2,494
7
2,701 20,738
2,871101,838
82
2,179, 91,811 4,47
109 2,.11
285
7911 20,602
779
35
200 17,866
347
763 55,640
781
2,774 35,750
227
469 9,421
178
3,507 67,544
20
504 6,291
39
195, 9,548
12
238 7.456
222 10,18
5,653 13,656 9,33
498
700; 10,727
54,205
13.02
53,06
44,76
81,50
26,719
54,88
55,492
32,721
110,529
46,449
127,883
37,72
Ship Stocks
meats
Feb.
Week. 28.
462
57
516
91
848
601
1,46
1,161
420
2,272
8
1,55
1,721
3,56
28,05
-ioo
113,17
2,92
207,044 2,961
43,84
631
52,59
804
35,27
3
141,686 2,047
142,522 1,919
29,727
739
186,50
2,93
240
46.23
29.521
597
25,58
687
39,213
379
360,72 10,061
18,364
530
8,2011 68,605 3,64 754,352
3,259 71,001 7,049 155,3
33,469 395,220 37,62 1,473,826
891
51,602
226
234
20
47,604
50;
878
2 I
31,764
951 3.417
123,541
1,034 12.401 1,52
87,821
779; 3,961
31
28,005
49 2.408
41,852
3251
151
731
49 62,922
784 5,5
449 139,323
365; 8,435
5,190
5,700
20,439
19,441
13,606
7,273
11,748
5.342
2,951
18,528
4,105
23,872
5,545
1,892
12,440
46,326
75,979
8,921
7,450
30,610
54,199
27,826
9.229
38,361
7,280
19,870
3,559
7,205
25.899
10,487
7,728 35,822
6,716 44,951
2,596251,506
1,117 1,699
175 2,097
461 2,949
3,446 15.362
742 3,427
19
470
646 1,601
319 6,422
952 9,808
Total, 58 towns 67,3185,539,454 84,2321288139 76.7665,239,607 105,655906.387 I
The foregoing shows the week's net overland movement
thi3 year has been 7,245 baks, against 21,107 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 55,306 bales.
-----1929-30----- -----1928-29----Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1.
Takings.
55.748 7,344.937 91,438 8,110,068
Receipts at ports to Feb. 28
•6.33.142 21,107
478,236
Net overland to Feb. 28
Southern consumption to Feb. 28_110,000 3,150.000 122,000 3.319,000
172,993 11,028,479 234,535 11,907.304
Total marketed
*18,493 1.078,229 *29,640
Interior stocks in excess
588,918
Excess of Southern mill takings
731,721
--__
over consumption to Jan. 31.
743,710
Came into sight during week_ _ _154,500
204.905
12,838.429
Total in sight Feb. 28
---- 13,239.932
North sphufs's takings to Feb. 28 22.717
849.844
31,108
879,195
• Decrease.
Movement into sight in previous years:
Since Aug. 1Bales.
144,238 1927-28
282,035 1926-27
205,281 1925-26
Week1928
1927
1926
L
Bales.
11,695,143
15,880.156
13,924.166
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Feb. 28.
.
Saturday. Monday. Tuesday. Wed'day. Thursd y. Friday.
15.30
15.35
15.10
15.55
15.55
Galveston
14.83
14.98
15 16
14.62
15.21
New Orleans..14.65
14.70
14.90
14.90
14.50
Mobile
14.78
14.83
15.02
15.01
14.59
Savannah
15.19
15.25
15.44
15.44
HOLI- 15.00
Norfolk
15.30
15.50
15.55
15.20
Baltimore
DAY. 15.50
15.25
15.44
15.19
15.44
Augusta
14.88
14.55
14.50
14.75
14.75
14.35
Memphis
15.25
15.45
15.20
15.45
15.00
Houston
14.32
14.62
14.18
14.62
Little Rock
13.78
14.80
14.65
15.00
15.00
14.35
Dallas
14.80
14.65
15.00
Fort Worth__ -.
15.00
14.36
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 22.
Tuesday, Wednesday, Thursday,
Feb. 26.
Feb. 27.
Feb. 25.
14.83
14.62-
darch ___
kpril
day
Friday,
Feb. 28.
Illd 14.5815.11 15.06 --
15.1315.3815.30 -14.91-14.92 15.10-
rune
ruly
kugust__ Ieptember
)ctober qovember
December
Ian.(1931)
Tone
;pot
3otIons _ _
Monday,
Feb. 24.
15.3715.62-15.63 15.5615.14-15.16 15.34HOT 1
DAY.
15.82-15.74-15.71
15.34 -- 15.56-15.5915.77
15.5415.62 Bid 15.87
Quiet
Rts.nr1v
Bid 15.79
Did 15.87
Steady
Steady
BM 16.01 -15.94 Bid 16.09 Bid 16.00-16.01
Steady
Steady
Steady
Steady
Steady
Steady
NEW YORK COTTON EXCHANGE AMENDS BY•Includes the combined totals 0115 towns In Oklahoma.
LAWS.
-Members of the New York Cotton Exchange on
The above total shows hat the interior stocks have Feb. 26 adopted amendments to the by-laws eliminating the
decreased during the week 18 493 bales and are to-night 35
-point differential existing on cotton delivered on Exchange
contracts at Southern delivery points. The change became
effective on Feb. 27.
Under the amendments, the first month to be traded In on the new
contract with the differential eliminated will be October 1930. Beginning
that month and up to and including January 1931 deliveries can be made
in both old and new contracts. The old contract, which was adopted by
the Exchange in November 1928 and became effective on Southern delivery
contracts traded In during January 1929 for October 1929 delivery, will
automatically expire on Jan. 31 1931.
The Secretary of the Exchange notified other Exchanges, here and
abroad, by telegraph and cable, of the change which became effective
Feb. 27.
Under the so-called old contract, which continues in force through next
january, when cotton is delivered elsewhere than at New York against
New York Cotton Exchange contracts, 35 points are deductible from the
Invoice price by the deliverer. The new contract eliminates this differential
-Reports
WEATHER REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that the early
part of the week conditions for farm work were good and
much plowing has been accomplished, except in the low
lands of the north central section where it has continued
too wet. Some cotton has been planted in Arizona.
Thermometer
Rain. Rainfall.
Galveston, Tex
1 day 0.8 in. high 72 low 52 mean 62
86 low 34 mean 80
0.06 in.
dry
2 days 0.12 in.
5 days 0.19 in.
dry
4 days 0.73 in.
3 days 1.90 in.
2 days 0.36 in.
2 days 0.64 in.
5 days 1.67 in.
2 days 0.33 in.
dry
1 day 0.04 in.
1 day 0.06 in.
3 days 1.43 in.
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio. Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
New Orleans. La
Shreveport, La
Mobile, Ala
Savannah,Ca
Charleston, S. 0
Charlotte, N. C
Memphis, Tenn
1 day
high
high 82
high 76
high 80
high 84
high 80
high 82
high 86
low 52
low 52
low 44
low 44
low 46
low 44
low 48
high 79
high 72
high 82
high 81
high 82
high 78
low 45
low 52
low 51
low 51
low 40
low 47
mean 67
mean 64
mean 62
mean 64
mean 63
mean 63
mean 67
mean 67
mean 62
mean 65
mean 66
mean 66
mean 63
mean 62
The following statement we have also received by telegraph, showing the height of rivers at the points named at
.8 a. m. of the dates given:
1
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feb. 28 1930. Mar. 1929.
Feet.
Feet.
8.2
13.8
Above zero of gauge.
21.7
23.4
Above zero of gauge_
37.8
16.0
gaugeAbove zero of
19.6
18.0
Above zero of gauge_
24.8
41.4
Above zero of gauge_
-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.
Stocks at Interior Towns. Receiptsfront Plantations
1927. 1929. 1928. 1927.
1929. 1928. 1927. 1929. I 1928.
Nev.
• I
16._ 350.357 351.467 341,193 1.400.378 1.009.921 1,260.409 411,409 400.843 370.596
22.._262j)09 351 50:, 257.764 l.441,2901,155.384 1.307,971 - 4.423 408,968 275,328
29 268.195 365.1811 289.933 1.448 310 1.215.753 1.329,000 75.215 425,M8 306.862
Dec
I
6 282.747 388.981 233.58s 1.451.947 1.223.573 1.342,508 1.25,384 396,808248.198
,
13 .281.398 311.736 199.962 1.461.857 1.232.883 1,331.182 1,1 1.308 320.846 188,636
20 260.772263.780 180,999 1.476.6991,232.4361„ 275.619 265.553 168.087
21... 187.785 255,661159.0691.493.0151.255,9011.328,743 04.101279,131179.042
Weal
Ended
1503
FINANCIAL CHRONICLE
AWL 1 19301
Receipts at Ports.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1929-30.
1928.
77.113
83.487
78,076
82.958
93,558
85,392
68.948
49,262
26,548
1927-28.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
77,000 2,194.000 136,000 1,717.000 76.000 1,793.000
Bombay
Since August 1.
For the Week.
Exports
from-
Great I Conti- 'Japan &
Great I Conti- Japan&
Total.
gain. wag. China. Total. Britain. nest. j China.
Bombay
49,000
1929
-30- ---- 2
2
_ 14:000 43,000
1928-29_ _
3.000 23.000 45,
1927-28_ _ .
Other India
1929-30_ 13.000 29,
1928-29 __000
3,000
r8
1927-28__
62,000
57,000
71.000
45.000 474,000, 832.0001,371,000
28,000 440,000 889.0001.357.000
40.000 335,0001 578.000 953.000
42,000
26,000
25,000
89,0001 372.0001
62,000, 310,000
68,500, 301,0001
456,000
372,000
367,500
Total all
1929-30__ 13,000 51.000, 40,000104,000 129,0001 846.0001 852,0001.827,000
___I 40.0001 43,000 83,000 90,000 750.000 889,0001.729,000
1928-29....
1927-28_ _ 10:000 41,000 95,000 96,000 106.500' 636,000 578,0001,320,500
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
59,000 bales. Exports from all India ports record an increase
of 21,000 bales during the week, and since Aug. 1 show an
increase of 98,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1929-30.
Receipts (cantars)This week
Since Aug. 1
1928-29.
1927-28.
190,000
6.494.174
Alexandria, Egypt,
Feb. 26.
165,000
6.686,668
105,000
4.885.468
This Since
Week. Aug. 1
To Liverpool
To Manchester, &c
To Continent & India
To America
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
106.170
- 106.677
11.000 316.013
68,891
Exports (bales)
6,000 122.577 8,000 93.769
4.000 120.157 8,000 103,168
7,000 319,876 11,000 259,788
86.119
11,000 111,311
11,000 597.751 28.000 673,921 25.000 542,839
Total exports
-A canter is 99 lbs. Egyptian ha es weigh about 750 ibe.
Note.
This statement shows that the receipts for the week endhig Feb. 27 were
190,000 canters and the foreign shipments 11.000 bales.
-Our report, received by
MANCHESTER MARKET.
cable to-night from Manchester, states that the market in
yarns is easy and in cloths is steady. Demand for both
yarn and cloth is improving. We give prices to-day below
and leave those of previous weeks of this and last year
for comparison:
1928
1929.
32s Coy
Twist
834 Los. Sheri Cgtton
Inge. Comnsmi Altair c
de
UM'
Co P.n.$).
d
d
d
13%01414 12 3
15_ 1:440i444 12 2
22.__ 1314014% 12 3
134(0144i 12 3
Dee11.. 134401444 12 3
13 . 134014% 12 3
.
13, 0014 12 3
1344314% 12 3
5lov 1928. 1930. 1929.
Jan. 1930. 1929. 1928. 1930. I 1929.
3_ 154.389 188.298 110.324 1.476,971 1.240.631 .295.532 138.320 173,028
10._ 137,699 172,340 117.331 1,477,345 1.203.959 .261,688 138.073 13.5.188
17_ 109,523 151,177122.215 1,458,833 1.181,190 1,212,543 84.011108.858
24.. 98.38s 171.761 120.405 1,432.347 1315,6991,180,096 73.942 129,320
31.... 87.594 155,731 139,567 1.403,107 1.072,678 1,139,087 58.314109,710
Feb.
i
7... 82,277 135.078 111,825 1,355,821 1,007,913 1.087,654 34,791 70.313
14_ 53,506 81,570 107,419 1.328.078 966,912 1,049,180 23,972 40.089
21__ 65,888 80,866 75,323 1,308,632 938,027 1,023,120 96,490, 50,481
28- 91.438 91,438 82,281 906.387 906,387 987,384 61,7981 61,798
1928-29.
Since
Weak.'Aug. 1.
Feb. 27.
Receipts at
-
Jan-
32s Cop
Tuner
eg Lb.fito.rs
Cotton
lags. Common /414641's
Eltd•eis.
to Pinar
s d
012 5
012 4
012 5
012 5
9.56
9.56
9.76
0 59
s. d
d.
15 016 13 0
;
164017u 13 0
1540164 13 1
151.016% 133
d
013 2
013 2
013 3
@135
10.46
10.55
10.84
3097
012 5
012 5
012 5
012 5
9.5s
947
9 36
9.51
154016% 13 3
15 4016% 13 3
154016% 13 3
15%0164 13 3
013 5
013 5
013 5
013 5
10 63
10 09
10 58
10.63
19 29
9.53 154016% 13 3 013 1
10.50
19 30
1340194 12 2 012 4
9.58 1540184 13 3 013 5
10.58
10_ _ _ 134014% 12 2 012 4
The above statement shows: (1) That the total receipts
9.49
2
134014% 12 2 012 4 9 4C 15% ON% 13 3 013 5 10.63
10.48
154016% III @136
from the plantations since Aug. 1 1929 are 8,399,153 bales;
@124
13340144 12 012 4
10.35
8.85 15%016% 13 8 013 6
13 014% 12 2
in 1928 were 8,669,952 bales, and in 1927 were 7,633,134 Feb.
bales. (2) That, although the receipts at the outports the
10.34
8.60 15 016 13 3 013 5
123(014 0 11 4 012 0
10,43
8.89 15%016% 13 3 013 6
124013% 11 0 011 4
past week were 55,248 bales, the actual movement from
10.49
8.47 15%016% 13 3 013 8
124013% 10 6 @II 2
plantations was 37,255 bales, stocks at interior towns
10.75
8.49 15%016% 13 4 013 7
10 4 @II 0
12 013%
having decreased 18,493 bales during the week. Last year
-As shown on a previous page, the
NEWS.
SHIPPING
receipts from the plantations for the week were 61,798
exports of cotton from the United States the past week have
bales and for 1928 they were 265,545 bales.
- reached 88,179 bales. Th) shipments in detail, as made
WORLD'S SUPPLY AND TAKINGS OF COTTON.
comprehensive statement indicates up from mail and telegraphic reports, are as follows: Bales.
The following brief but
a a glance the world's supply of cotton for the week and GALVESTON-To Havre--Feb. 20-Middleham Castle, 2.578..
-West Tacook, 154___Feb. 25-Edgemoor, 3.276.. 6,008
Feb. 25
since Aug. 1 for the last two seasons from all sources from
-Feb. 20-Middleham Castle, 4,039---Feb. 25To Ghent
which statistics are obtainable; also the takings or amounts
4.270
Edgemoor, 231
gone out of sight for the like period:
To Antwerp-Feb.20-Middieham Castle, 17
49
To Rotterdam-Feb.25-Edgemoor,
-Craftsman, 2,307
To Liverpool-Feb. 22
To Genoa-Feb. 27-Monbaldo, 1.115
-Craftsman,859
To Manchester-Feb.22
Season. 1 Week,
Season.
Week.
To Naples-Feb. 27-Monbaldo, 100
To Japan-Feb. 25-Lindenbank, 2,811
7,350,466
Visible supply Feb. 22
7.966.066
To Barcelona-Feb. 27-Monbaldo, 3.220
3,735,957
4.175,480
Visible supply July 31
To China-Feb. 25-Lindenbank, 547
American in sight to Feb. 28_
154,600 12.838.429 204.905 13,239,932 NEW ORLEANS
-Mount Evans, 3,590.
-To Liverpool-Feb. 19
77,000 2,194,000 136.000 1,717,000
Bombay receipts to Feb. 27--Mount Evans, 1,238
To Manchester-Feb. 19
456,000
26,000
42,000
372,000
Other India ship'ts to Feb. 27....
To Barcelona-Feb.19-Frusa,250
33,000 1,341,200
38,000 1,301.200
Alexandriareceipts to Feb. 26....
-Cranford, 2,617
To Havre-Feb. 22
559,000
4,000
8.000
491,000
Othersupply to Feb. 26 *6 _ -Cranford, 1.050
-Feb. 22
To Ghent
-Cranford, 100
To Antwerp-Feb.22
Total sunray
8,285,566 21,084,586 7.754.371 21,336,612
-_Aquarius, 1,891
To Bremen-Feb.22
Deduct
To Oporto-Feb.26-Lercomo,50
7,853,697 7.853,697 7,226,096 7,226,096
Visible supply
-Aquarius, 705
To Hamburg-Feb. 22
To Fillboa-Feb. 26-Lefeomo, 155
431,869 13,230,889 528.275 14.110,516
Total takings to Feb 28 a
To Genoa-Feb. 22-Monfiore. 6,913
252,869 9,542,689 343,275 10,338,316
Of which American
-Alberta. 6,300
To Venice-Feb. 23
179.000 3.778.200 185.000 3.772.200
Of which other
-Alberta.800
To Naples-Feb.23
-Artemis, 100
Laguayra-Feb. 22
To
•Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
-Hanover,3,950__Feb. 23-Ensley City,
To Japan-Feb. 23
a This total embraces since Aug. 1 the total estimated consumption by
1.835
1929-30 and 3,319,000 bales in 1928-29
Southern mills, 3,150,000 bales in
-Hanover,2,400
To China-Feb.23
takings not being available--and the aggregate amounts taken by Northern
To Arico-Feb. 22-Iriona, 100
and foreign spinners, 10,080,889 bales in 1929-30 and 10,791,516 bales in
To Bordeaux-Feb. 24-Clara Macintosh 87
1928-29 of which 6.302,689 bales and 7,019,316 bales American.
-Main, 116
To Copenhagen-Feb. 26
ob Estimated.
Cotton Takings,
Week and Season.
1929-30.
1928-29.
2 307:97
4
1:1 8
10
819
2.851
0
3,220
4
9
31 1
1.238
250
2,817
1.050
100
1.891
50
705
155
8.913
6.300
800
100
5,785
2.400
100
87
116
1504
FINANCIAL CHRONICLE
im
Bales.
SAN FRANCISCO
-To Great Britain-Feb. 20-Prusa, 72
72
To Japan-Feb. 20-Prusa, 100
100
HOUSTON-To Bremen-Feb. 21
-Nord Schleswig. 1,856
Feb. 26
-Kensington Court,8,240
10,098
To Hamburg-Feb. 21-Nord Schleswig, 250
250
To Japan-Feb.20-Lindenbank, 1,189
1,189
To China-Feb.20-Lindenbank,2.125
2,125
To Dunkirk-Feb. 28
-Tortugas, 535
535
To Gothenburg-Feb. 26
-Tortugas, 488
488
SAVANNAH-To Japan
-Feb. 24-Erie Maru,500
500
CHARLESTON-To Bremen-Feb. 23-Fuerat Buelow, 222
222
To Hamburg
-Feb. 23-Fuerst Buelow, 870
870
To Liverpool-Feb.26-Datonian,300
300
To Manchester-Feb. 26-- aytonian, 1,200
1.220
NORFOLK
-To Liverpool-Feb. 24
-Manchester Merchant, 308
Feb. 25
-East Side, 240
548
To Manchester-Feb. 24-Manchester Merchant, 855-Feb.
25
-East Side, 125
780
To Bremen-Feb. 26
-Emden, 1,334
1,334
-Chester Valley, 721
MOBILE
-To Genoa-Feb. 20
721
-Feb. 20-Westkyska, 200
To Ghent
200
To Hamburg-Feb. 19-Wildenfels. 600
800
To China-Feb. 20
-Hanover. 2,900
2,900
To Barcelona-Feb.22-Prusa,200
200
PENSACOLA-To Liverpool
-Feb.25
-West Maximus,800
800
-Feb. 21-East Lynn, 288
-To Liverpool
LOS ANGELES
288
100
To Manchester-Feb. 21-East Lynn, 100
-Feb.21-Oregon,375
To Havre
375
To Genoa
-Feb. 21-Celilna. 100
100
-Feb. 21-Tenyo Marti, 190; Bordeaux Marc, 65
To Japan
Feb. 24
-Santos Marc, 702
957
-Santos Marc, 250
To China-Feb. 24
250
-Waukegan. 800
NEW YORK
-Feb. 25
-To Havre
800
-To Havre
-Feb. 19-Edgemore,606
CORPUS CHRISTI
806
To Dunkirk-Feb. 19-Edgemoor, 181
181
-Feb. 19Edgemoor, 225
To Ghent
225
-Kensington Court, 225; North SchlesBremen
-Feb. 19
To
wig, 767
992
TEXAS CITY
-Feb. 21-Steadfast, 1,028
-To Liverpool
1,028
To Manchester-Feb. 21-Steadfast, 194
194
-Feb.25-Edgemoor,200
To Havre
200
-Feb.25-Edgemoor,303
To Ghent
303
(VoL. 130.
Chicago to the amount of anywhere from 3,000,000 to
8,000,000 bushels a day. Export business, however, has
been, as a rule, rather small. The Farm Board is undoubtedly keeping a sharp eye on the Chicago market On
the 24th inst. prices fell 6,% to 7%c. in a wild outburst
of selling as Winnipeg weakened and rumors affecting the
Canadian crop circulated, export demand fell off, foreign
markets broke, and Chicago. got within 3c. of the predicted
"dollar wheat" as March touched $1.03. May went to the
lowest price seen since 1914. The stock and cotton markets
broke. Though they followed wheat, they also tended to
weaken wheat. Farm Board loan prices have been 10 to
15c. above the market level. The Farm Board price of
No. 1 hard wheat at Chicago upon which loans to farmers
are based was $1.20 a bushel; No. 2 hard, $1.18; No. 1
Northern at Minneapolis, $1.25; No. 1 hard at Kansas City,
$1.15, and No. 1 durum wheat at Duluth, $1.12. On the 24th
inst. No. 2 hard wheat at Chicago sold to the co-operatives
at $1,18, but the March option in that market sold at $1.03.
Minneapolis cash wheat No. 1 Northern was quoted at $1.22
to $1.25, with reports that the co-operatives were the principal buyers. May in that market closed at $1.09. At
Kansas City No. 1 hard winter wheat was quoted at 99c.
in some quarters, with the Farm Loan basis $1.15; No. 2
hard winter wheat was 98c., with the Farm Loan basis $1.13.
The Canadian pool representatives' meeting at Regina,
Canada, said it seems that there was no difficulty in arrangTotal
88.179 ing for legislation covering the guarantee to the banks on
-Current rates for cotton from loans against holdings and that there was nothing in the
COTTON FREIGHTS.
New York, as furnished by Lamber & Burrowes, Inc., are grain situation alarming. Liberal storage space was reported at Duluth and Minneapolis, with prospects of a good
as follows, quotations being in cents per pound:
movement to these centers, while in the Southwest storage
StandHigh
RIO StandHuh StandDensity.
space was at a premium. The weather was again summerord.
Density.
ard.
DensUy. ard.
Liverpool .45e. .600. Stockholm .600. .75o. Shanghai open open
like over the entire Southwest. The forecast called for
.50c. .65c.
Bombay .42e. .570.
Manehester.45e. .60c. Trieste
rain or snow and colder weather. World's shipments for
.500.
.65c. Bremen
Antwerp .45e. .600. Flume
.450.
.60e.
.450. .600. Hamburg .45e. .600.
Havre
Lisbon
.31e. .46e.
the week were 12,343,000 bushels, a disappointing total.
.60c. .75c. Piraeus
Rotterdam .45e. .60e. Oporto
.75c. .90e.
There was some selling based on reports from Omaha that
Genoa
.50e. .65e. Barcelona .300. .45e. Saionica .750. .90e.
Oslo
Japan
Venice
open open
.50e. .65e.
the co-operative buyers were inclined to cease purchasing
LIVERPOOL.
-By cable from Liverpool we have the fol- country run wheat due to lack of storage room, and there
lowing statement of the week's sales, stocks, &c.,at that port: were large receipts at all leading terminals. The same
question is becoming a factor, it seems, at Kansas City and
Feb. 7. Feb. 14. Feb. 21. Feb. 28.
Sales of the week
20,000
28,000
27,000
23,000 Wichita. Extremely high temperatures in the winter wheat
Of which American
11.000
13,000
12,000
12.000 sections throughout the United States and over a conSales for export
1,000
1,000
1.000
1,000
Forwarded
52,000
50,000
57,000
56.000 siderable portion of Europe put the plant in position where
Total stocks
904,000 912,000 921,000 915,000 a sudden heavy freeze might cause serious
damage. The
Of which American
435.000 436.000 435,000 438,000
Total imports
62,000
70,000
80.000
48.000 United States visible supply decreased last week 1,008,000
Of which American
45,000
37,000
33,000
32,000 bushels, but this was disappointing. The total is still
Amount afloat
210,000 193,000 156,000 152,000
102,000
Of which American
89.000
75,000
58,000 157,444,000 bushels against 123,315,000 a year ago.
On the 25th inst. prices opened steady, then broke Sc.,
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of and in a wild market there were big swings with alternate
rises and falls of 5 to 6c., but the final swing was upward
spot cotton have been as follows:
as the Farm Board is said to have bought 3,000,000 to
4,000,000 bushels. It played "Horatius at the Bridge" to
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
some purpose. March wheat got below a dollar, but ChairMarket,A fair
man Legge consulted with President Hoover and then ap12:15 { Quiet.
business
Quiet.
Quiet.
Quiet.
Quiet.
P. M.
doing.
pealed to the grain trade of the West to support the co8.40d.
Mid.lipi'ds
8.346.
8.31d. 8.44d.
8.406.
8.496. operative associations. Final prices were %c. lower to %c.
4c. A meeting of farm
higher, and with Winnipeg off 1
Sales
2,000
4,000
4,000
4,000
4,000
5,000
leaders was held in Chicago at the call of the Farm Board
Futures.1 Barely st'y
Steady Q't but sty' Q't but sty Steady
Quiet
to discuss details of a national live stock marketing coMarket
6 to 10 pts.3 to 5 pts 8 to 10 pts. 4 to 5 pta. 1 pt. dee.. 9 to 11 pts.
operative patterned after the co-operatives for grain, cotton
opened
decline.
decline,
detline.
advance. to 1 pt.adv. advance.
and wool. Evidently the Farm Board intends to stick to it.
Market,
Q't but st'y Steady S'ty unchd. Barely sty Steady
Quiet
4d. lower. There were reports of
4
11 to 13 pts to 3 pta. 2 to 3 pta. 1 to 6 pta. 2 to 4 pta. Liverpool closed 1%d.to 11
1
P. M.
decline,
decline,
advance, advance. advance.
a better export interest for hard winters, durums and ManiPrices of futures at Liverpool for each day are given below: tobas, but actual business was small, i.e., not over 300,000
to 400,000 bushels, Portugal bought some more Argentine
wheat, and the Continent was also in the market for small
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
Feb. 22
quantities of Australian. Chairman Legge of the Farm
to
12.15 12.31 12.15 4. 12.15 4.0012.18 4.0012.15 4.11 12.15 4.00
surplus wheat in the United States
Feb. 28.
.m.p.m. Board said that the
P. m•P. m•P• m•P. m.P. In. P. m • P. mP. m•P. m.P. In. p
.
would soon be moving with a better demand. The world's
- d.
d. d.
d.
d. d.
New Contract
d.
d. d. d. d. d.
8.11 8.04 8.0 8.01 8.05 8.14 8.07 8.10 8.1 8.17 8.14 visible supply, according to Bradstreet's, decreased 8,000,000
February
March
8.10 8.03 8.0 8.00 8.03 8.13 8.05 8.08 8.11 8.17 8.14 bushels, with the supply now in sight 420,000,000 bushels.
8.13 8.06 8.0 8.03 8.0 8.14 8.07 8.10 8.12 8.2 8.21 On
April
breaks good commission house buying appeared and
8.21 8.14 8.1 8.1 8.12 8.21 8.15 8.27 8.18 8.2 8.23
May
8.23 8.16 8.16 8.12 8.1 8.23 8.17 8.19 8.20 8.31 8.28 prices rebounded to the previous day's close and a little
June
8.29 8.22i 8.22 8.17 8.2 8.29 8.23 8.25 8.25 8.34 8.31 above. The market had the appearance of an oversold
July
8.32 8.251 8.25 8.2 8.23 8.31 8.26 8.28 8.27 8.37 8.34
August
Crop reports generally were favorable, but
8.35 8,281 8,281 8.23 8.26 8.34 8.29 8.31 8.30 8.39 8.36 condition.
September_ _ _
October
8.38 8.321 8.321 8.26 8.29 8.37 8.32 8.34 8.33 8.41 8.38 prices of the new crop showed so great a decline that many
8.40 8.341 8.34 8.28 8.31 8.39 8.34 8.36 8.35 8.48 8.43
November_ - -3
December _
8.44 8.3 8.38i 8.32 8.35 8.43 8.38 8.40 8.39 8.40 8.45 thought they had discounted anything bearish in the
_
January
8.47 8. 8.41 8.3 8.38 8.46 8.41 8.43 8.42 8.51 8.47 situation. Sales in Chicago on the 25th inst. were 106,793,000
February
8.49 8.42 8.4 8.37 8.40 8.48 8.43 8.4 8.44 8
8.50
bushels; open interest, 194,482,000 bushels.
On the 26th inst. prices ended 1% to 2e. higher, shorts
fearing further action by the Farm Board. One report was
BREADSTUFFS
that the purchases by the Board on the 25th inst. were, as
Friday Night, Feb. 28 1930.
already stated, 3,000,000 to 4,000,000 bushels. Other reports
Flour for a time was steadier, with some apparent pros- said 3,000,000 to 5,000,000, despite openly expressed sceptipects of export business, but the break of 3 to 4c. In wheat cism in some quarters. A Washington report, seemingly
on the 24th inst. was a damper. Feed also tended down- authentic, was that the Farm Board had buying orders in
ward at one time. On the 24th inst. prices were called 10 Chicago on the 25th inst. for no less than 6,000,000 to
May wheat. Export business on the
to 20c. lower, with wheat breaking decisively. Later prices 8,000,000 bushels of
27th inst. was less than expected. There were reports that
were reported 5 to 10c. higher.
Winnipeg had done a good export trade. American wheat
Wheat.
-One of the outstanding events Of the week was prices were closer to the Argentine parity. Buenos Aires
1c.
2
the dropping of prices below the dollar mark amid great was % to / higher at midday. Liverpool ended 1% to
liquidation and a very sharp decline for a time.. Latterly, 1%d. higher in sympathy with the rally in North American
however, the trend of prices has been distinctly upward, markets and due to steadiness in Argentina, with shorts
covering but, in general, the market was reported as dull.
with reports that the Farm Board was buying futures in The seaboard advised that European demand did not de-
1505
FINANCIAL CHRONICLE
Men. 1 1930.]
velop on these recent breaks. Southwestern grain men
wired President Hoover protesting against the action of the
co-operative buyers in refusing to take grain except from
their own members. A Duluth message said co-operatives
there had notified co-operative shippers to bill their grain
direct. This would eliminate commission house men, according to the message.
1c.,
/
On the 27th inst. prices advanced 2 to 22 with rumors
that the Farm Board resumed buying and took 3,000,000
to 4,000,000 bushels of May. The open interest is said to
have been reduced 9,000,000 bushels. Chairman Legge of
the Farm Board stated that its agencies had 25,000,000
bushels of wheat bought or contracted for supposedly cash
wheat. The sharp rise in American prices in two days loft
March wheat at Buenos Aires 6e. under the same month in
Chicago, compared with 4c. on Wednesday and 2c. on Monday. Active foreign demand for Manitobas led to sales estimated at 1,500,000 bushels, mostly from the Pacific Coast,
the business being credited to the pool. Winnipeg was 23c.
2
/
higher, Buenos Aires gained 11c., and Liverpool 114 to
1%d. higher. The trade felt that the action of the market
will be dominated entirely by Farm Board operations.
To-day prices ended 114 to 2%c. higher after an active
day. Chicago May sold at $1.17. That was an advance of
14%c. from the recent low point, and to within lc. of the
Farm Board loan price at Chicago. Export sales were
estimated at 600,000 to 700,000 bushels, largely Manitoba,
but including some durum. Argentine exports for the week
were 3,011,000 bushels; Australian, 2,266,000; North American, according to Bradstreet. only 3,050,000. So that the
total for the world looks like a little over 8,000,000. Stocks
on 'passage seem likely to show a sharp decrease. Final
prices show a rise for the week on March and May of
c., and a decline on July and September of
2
/
about 11
2
1
/
1 to 1 c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
bought. Resting orders to buy were met. The country movement meanwhile increased a little. Terminal markets had
larger receipts. Holdings in the country are large. The
visible supply is 22;661,000 bushels against 14,593,000
bushels a year ago. There was a decrease, to be sure, last
week of 533,000 bushels, in contrast with an increase in
the same week last year of 161,000 bushels. But there is
the fact of a greater visible supply than a year ago by
8,000,000 bushels.
On the 25th inst. prices closed %c. lower to %c. higher,
following other grain pretty closely within a narrow range
of trading. The receipts were light and the shipping de,4
mand small. On the 26th inst. prices ended 1 to %c. net
higher. They showed independent strength all day. The
receipts, for one thing, were very small. Cash prices, moreover, advanced. Shipping demand was good. Shorts covered. On the 27th inst. prices ended % to le. higher. The
Northwest bought May and sold July at the same price. The
spot demand was good. No. 2 white sold at the May price.
Shippers had a moderate trade. To-day prices ended % to
%c. higher in response to the rise in other grain. Realizing
stopped the rise. Cash demand was fair at an advance
of %c. Final prices show an advance for the week of
% to %c.
Mon. Tues. Wed. Thurs. Fri.
10834 10734 10934 11334 11634
No.2 hard
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
10334 10331 10534 109% 11194
March
108 10834 11034 1133 11634
May
iiO1 11034 11194 11334 11511
July
11734
113i 11334 11394 117
September
DAILY CLOSING PRICES OF WIIEAT FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri
116
11731
111H 114
11
May
July
113 113 11591 118 119
115 11794 11934 11934
115
October
Sat.
Indian corn declined early in the week, but has since
rallied, so that the final changes are small. Corn has also
been helped by a better cash demand, and some broadening
in the speculation. The country movement has also been
small. On the 24th 'inst. prices broke 3 to 4c., snapping
under the strain of nearly double this drop in wheat. Good
buying was done at times by local traders and commission
houses, but falling wheat was a clog not to be thrown off.
The outside cash demand was good, and much lighter receipts were predicted as the outlook for the weather was
bad. Moreover, farmers complain sharply of current prices.
Terminal stocks are smaller than a year ago, and hogs are
bringing high prices. The visible supply last week increased
2,138,000 bushels against 823,000 last year. The total is
now 21,067,000 bushels against 32,488,000 a year ago.
On the 25th inst. prices closed % to lc. net higher, after
being 2c. lower. Corn followed wheat with its usual
docility. New lows were reached. But receipts fell off
sharply to a small total; so did country offerings to arrive.
Shippers had a sharp outside demand. On the 26th inst.
prices were irregular, advancing for a time 1 to 11/2c., with
the weather bad, wheat higher, shipping demand better,
sales 150,000 bushels, cash prices 1 to 3c. up, and shorts
covering. But later it was another affair. Heavy March
liquidation set in. Some who bought rye sold corn. Realizing in general told. Prices broke 2 to 3%c. from the early
high. The net change for the day was a decline of % to
4c.,
to 21 partly
2
/
11c. On the 27th inst. prices advanced
in sympathy with wheat and partly because of small re1c.
/
ceipts. May corn in Buenos Aires was 252 higher than
in Chicago. Speculation was more active. The closing
was at a net rise of 1 to 1%c. There was an active shipping demand. The receipts were small, as the roads were
bad. Stocks are much smaller than a year ago.
To-day prices ended 1 to 1%c. net higher, with larger
trading and a good cash demand at strong !prices. The rise
in wheat, as usual, helped. Some expect the farm reserves
to show a total of about 35% of the crop, or about 918,000,000
bushels. Cash prices advanced 1 to 2c. Final prices show
a decline for the week of % to lc.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9934 9931 10134 10334
98
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
82
March
6
.
874 88%
8554 8 % 86
May
July
8834 883k 8834 8994 903(
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
53
53
52
52
52
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
&II. Mon. Tues. Wed. Thurs. Fri.
4234
401 4034 4034 41
March
44
4294 4291 43
42
May
42
4234 4234 4334 4334
July
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
5531 5634 5634 5634 58R
May
5434 5434 5554 5534 56
July
5134 5134 5234 5234 52
October
Rye has declined sharply in a tired market, irrespective
of the recent rally in wheat. 'Stocks are large, including
9,760,000 bushels in store at Chicago. Foreign demand is
lacking. American prices are above those of Europe. On
h
the 24th inst. prices declined 21 to 3c. owing to the drop
in wheat. Liquidation and stop orders played their inevitable part. The United States visible supply increased
last week 51,000 bushels against 98,000. in the same week
last year. The total is 14,193,000 bushels against 6,352,000
a year ago. Some bought rye or they sold corn. On the
25th inst. prices fell to new low levels, with the exception
of July. That July showed a resisting power even when
wheat broke so sharply excited remark. "Spreading" business was conspicuous. It took the shaps of buying rye and
selling corn. On the 26th inst. prices fell % to 1%c., with
some revival of liquidation though there was also continued
buying of rye against sales of corn. On the 27th inst. prices
/
ended 14 to lc. higher in response to the rise in wheat, but
speculation was quiet. To-day prices closed '4 to 2c. lower,
owing to liquidation in a dull market. It was so dull that
it paid no attention to wheat, especially with stocks ample
and export trade is still lacking. Final prices show a de2
1
/
1
/
cline for the week of 12 to 4 c.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
7731 7834
7531 7634
7734 78
March
May
July
IN CHICAGO.
Wed. Thurs. Fri.
7631 7734 75$
75
76
77
7734 7834 78
Closing quotations were as follows:
FLOUR.
$5.401135.75
Spring pat. high protein.$6.50 S6.90 Rye flour, patents
434
6.00(8 6.50 Seminole. No. 2. pound
Spring patents
2.650 2.70
5.60 5.90 Oats goods
Clears. first spring
2.4010 2.45
Soft winter straights-- 5.50 5.90 Cornflour
Hard winter straights._ 5.75 6.15 Barley goods
Coarse
3.25
Bard winter patents _ - 6.15 6.60
Fancy pearl. Nos. 1,
5.20 5.70
Hard winter clears
6.000 6.50
, 3 and 4
-2
Fancy Minn. patents_
aty mills
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
53
13634
No.2 red,f.o.b
No.3 white
5134
No. 2 hard winter, f.o.b----11634
Rye. New York
No.2f.o.b
8654
Corn, New York10334 Barley. New York
No. 2 yellow, all rail
6634
loot Malting
No.3 yellow, all rail
page 1405.
For other tables usually given here, see
2 ___
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 21, and since July 1 1929 and 1928.
are shown in the following:
Corn.
Wheat.
Exports
North Amer.
Black Sea_ _.
Argentina.__
Australia ___
India
Otis. enuntr's
Total
Week
Feb. 21
1930.
Since
July 1
1929.
Since
July I
1928.
Week
Feb. 21
1930.
Since
July I
1929.
Since
July I
1928.
Bushels. Bushels. Bushels.
Bushels.
Bushels. Bushels.
58,111 2.593.000 27,706.000
5,615.000 211.989.000393,945,000
232,000 19,131,000 2.024,000 876.''' 15.190.000 1,827,000
3,016,000 121,264,000 106.386,000 2.768.000133.545,000 175.354.000
2.064,000, 39,357.000 63,720,000,
320,000 1.064,000
I
110,
23,225.000 21.885,000
1,416.000 29.052.000 33,828,
12,343.000421,093,000 600,967,000 3,812,000 174,553,O00226.752.
WEATHER BULLETIN FOR THE WEEK ENDED
Oats ended a fraction higher and are regarded as cheap,
-The general summary of the weather bulletin
prices, in fact, having been down to pre-war levels. The FEB. 25.
inference is that farm consumption will be much increased. issued by the Department of Agriculture, indicating the in/
On the 24th inst. prices declined 1 to 114c. net after being fluence of the weather for the week ended Feb. 18 follows:
week's weather was
The outstanding feature
1% to 2c. off. That was under the depressing influence conditions which prevailed of themany Eastern Statesthe mild. springlike
ove4
the middle part of
of other grain. Stop orders were caught. Cash houses the period. The week openecUmith a general reaction to warmer over
1506
FINANCIAL CHRONICLE
practically the entire country and with comparatively little precipitation.
except over the Pacific Coast States. The middle and latter parts continued
generally mild for the season, and with rather high maximum temperatures
throughout northern and eastern sections. Precipitation was widespread
over the central districts on the 22-23d and overspread the Northeast
toward the close of the week. Rains were general throughout Pacific
Coast States, but the daily amounts were not heavy, except locally.
Record-breaking maximum temperatures were experienced on the 19th23d, especially on the 20th-21st, when some 20 first-order Weather Bureau
stations, mostly in the Lake region and the East, reported the highest
temperature of record for February.
Chart I shows that very unusual temperature conditions for the season
prevailed during the week practically everywhere east of the Rocky Mountains. It was one of the warmest weeks of record in February in nearly
all of this area. Temperatures were especially high in Central and Northern States where the weekly means were generally from 15 deg. to more
than 30 deg. above the normal; in some interior sections they were as high
as the normal for the latter part of April. In the more southern districts
plus departures of temperature were smaller, but there, too, the week was
generally from 6 deg. to 12 deg. warmer than normal. In the Pacific Coast
States about normal warmth prevailed.
In the eastern half of the country freezing temperatures were confined
to the more northern States, except locally in the interior of the Atlantic
area, but in the West freezing was reported as far south as Roswell, N. Mex.,
with a temperature as low as 8 deg. above zero in some higher sections of
northern Arizona. The lowest temperature reported for the week was
4 deg. above zero at BLsmark, N. Dak., on the 25th.
Chart II shows that moderate to fairly heavy rains occurred over a
considerable area of the interior valleys, the lower Lake region, and in
some central-northern sections. There were also rather widespread generous to heavy rains in the Pacific Coast States and locally in the eastern
Great Basin. Elsewhere there was very little precipitation, with a large
area of the Southeast receiving practically no rain. There was much sunshine, especially in the Southern States, and the week, in general, was
springlike.
Under the influence of the abnormally warm weather, vegetation during the past week made unusually rapid advance throughout the central
and southern portions of the country, and some growth was in evidence
even in the more northern States. Fruit buds show a decided swelling
In the central valley areas, with some early plum bloom showing as far
north as the lower Ohio Valley. Trees are reported as prematurely blooming as far north as northern Texas, and indications are that peaches will
be In full bloom in some southeastern heavy-producing areas within a
week unless checked by colder weather. From the standpoint of fruit,
the generally warm conditions have been decidedly unfavorable in prematurely forcing buds and blossoms.
Considering the season of the year, the week was ideal for outside operations and much spring work was accomplished on farms. Early truck
Crops were being planted as far north as the eastern shore of Virginia,
while oats were being put in northward to southeastern Kansas and to
North Carolina. Grass and wheat fields show a decided greening up in
central valley sections, while the general weather conditions were unusually
favorable for grazing interests in the great western range country.
While the weather was mostly favorable for outside work in the Corn
Belt, the preparation of soil was not active in many sections because of
wetness. Some plowing was accomplished, however, while in the more
western portions of the belt and in the Southwest plowing and disking
were active. Nearly ideal conditions for seasonal work prevailed in the
Cotton Belt and much plowing was accomplished. Good progress in
preparation of the soil was rather general over the belt, except in lowlands of the north-central portion where it continued too wet. Some cotton
was planted in Arizona.
•
SMALL GRAINS.—The abnormally warm weather of the past week
caused a complete disappearance of the few patches ofsnow remaining in the
Winter Wheat Belt and the crop is now greening as far north as Iowa and
New York. The condition of wheat appears to be satisfactory generally.
ranging from fair to excellent, but there were some complaints as to the
late-planted crop in the upper Ohio Valley. Some plowing was done in
the spring wheat sections, with a little wheat sown in South Dakota.
Preparations for spring oat seeding advanced rapidly and sowing was
progressing locally north to Kansas. Late oats show considerable improvement in the South. while small grains in general made good progress.
[you 1110.
THE DRY GOODS TRADE
New York, Friday Night, Feb. 28 1930.
As was the case during the previous week, most of the'
interest and discussion throughout the textile markets centered in the causes, and possible ultimate effects, of the
movements of the commodity markets, and the efforts of
Senators, who apparently have no conception of economic
law, to pass injurious legislation. It is interesting to note
that on almost all previous occasions when a Government
has meddled with, or tried to regulate, commodities, the
results have been adverse. Naturally, having to contend
with developments of such a character, business in the
textile markets suffered. Buyers have apparently been
unwilling to chance commitments beyond immediate necessary needs, although the pressure in consuming channels
for spring merchandise has forced them to place more orders
than they would ordinarily. A good example of this may
be found in the domestic cotton goods division. While business in the unfinished lines is almost at a standstill owing
to the erratic movements of raw cotton, a good volume of
sales has been received for spring wash goods, prints and
percales. The recent improved weather has stimulated a
better business in the woolen markets for spring cloth..
However, much interest centers in the coming price levels
of the new lines of fall men's wear fancy goods, which the
American Woolen Co. Is opening next week. Owing to the
declines in raw wool markets which have caused recent
reductions in quotations for men's wear staple lines, the
forthcoming price announcements are anxiously awaited.
Conditions in the silk market closely approximate those
prevailing in other branches of the textile industry.
Although raw silk is low, the many new and attractive
spring fabrics are stimulating a good business.
Domestic Cotton Goods.—Tariff uncertainties and the
erratic movements of raw cotton restricted business in the
markets for domestic cotton goods during the past week.
This was especially true of the unfinished goods division,
where buyers have been awaiting more stabilized conditions
before operating beyond absolute 'requirements. Although
prices are low and undoubtedly at bargain levels, continued
unsettlement of commodities has encouraged buyers to defer
commitments as long as possible, even though they may be
in actual need of merchandise. Manufacturers, strangely
enough, are apparently beginning to realize the futility of
The Weather Bureau furnishes the following resume of. maintaining production schedules, and are making further
'reductions in their output. This is effecting a gradual
the conditions in the different States:
of stocks on mills' hands, which
Virerria.—Richmond: Unseasonably warm; no rain until close of week, shrinkage in the volume
when light rain fell. Favorable for outdoor work and good progress In in tarn is strengthening their position in the industry. Furplowing, nreparing tobacco beds, and planting early crops in Norfolk and thermore,
the situation prevalent in the finished goods
Eastern Shore districts. Winter grains and truck crops good.
North Carolina.—Raleigh: Unseasonably warm and generally fair, ex- section is not as bad as in the unfinished lines. Retail
cept light rain Sunday. Much plowing done. Sowing spring oats in demand for such spring fabrics as wash goods, pereales, and
central and east and planting potatoes and truck in east. Close to record
high temperatures latter part of week forcing buds to swell unfavorably. prints seems fairly satisfactory, the principal complaint
South Carolina.—Columbia; Dry and remarkably mild weather, with
of the orders. Individual commitments
abundant sunshine, improved growth of all crops, but too warm for tree being as to the size
has been partly offset by the fact
fruits, which are budding. Shrubbery and forest
greening. Spring continue small, but this
plowing very active and potato and garden planting progressing. Winter that the aggregate is relatively large. Naturally, repeat
cereals and hardy truck good. Spring oat planting continues. Tobacco
orders are constant, which prompts the belief that there
beds Improved.
Georgia—Atlanta; Warm, mostly dry, and sunny weather ideal for Is still considerable merchandise to be bought before even
farm work. Plowing progressing rapidly in all sections and planting potatoes, gardens, and truck active in south. Tobacco in beds doing well. the subnormal requirements are met. As to colored dress
Cereals made good growth, but beginning to need rain. Shipments of cottons, which include the principal lines of percales, prices
vegetables continue from south. Peaches will be In full bloom In another
are steady in spite of the slow recovery of raw cotton.
week unless checked by colder weather.
Florida.—Jacksonville: Dry, mild, and sunshiny. Lowlands dried Interest in wash fabrics is increasing and is being materially
rapidly; good progress in planting cane and melons, some corn, and cu,
cumbers, beans, and other truck in north and west. Melons doing well assisted by efforts to establish a national wash fabrics
In central; strawberries good. Oats improved. Shipping potatoes and week. Print cloths 27-inch 64x60's construction are (Incited
beans continued from southeast. Tobacco plants very good. Groves at
4%c., and 28-inch 64x60's at 4%c. Gray goods in the
doing well; much bloom.
-inch 68x72's construction are quoted at 7%c. and 39-inch
Alabonza.—Montgomery: Unseasonably warm, especially middle and 39
latter parts: light, general showers. Very favorable for farm work and 80x80's at 9c.
much plowing accomplished. Potatoes, truck, vegetables, and spring
oats being planted in many sections. Some corn planted locally in more
Woolen Goods.—Warm weather during the past week
southern counties. Pastures and ranges show improvement in south and
stimulated a good business in spring merchandise. In the
some northeastern localities. Plum and peach trees blooming in south.
Mississinpi.—Vicksburg: Generally moderate precipitation. Frost In men's wear section of the trade, retailers were reported to
north at beginning of week; unseasonably warm throughout thereafter.
have disposed of a considerable amount of spring suitings
Fair to good progress of farm work, pastures, and truck.
Louistona.—New Orleans: Mild, with temperatures considerably above and topcoatings,'with the result that they have been placing
normal latter part of week and little or no rain, favorable for farm work,
except where soil still too wet In some northwestern localities. Plowing quite a number of re-orders stipulating immediate delivery.
and planting potatoes made good progress; potatoes mostly planted in Among first hands, interest centered in the announcement
south and some corn planted. Pastures poor, but improving. Truck of the
American Woolen Co. that they would open part of
doing well.
Texas.—Houston: Very warm, with light to moderate precipitation from their men's wear fall lines next Monday, and the remainder
Guadalupe Valley northward and northeastward; mostly dry elsewhere. on Wednesday. Other producers will follow suit. The marFavorable for farm work, which made rapid progress. Truck planting
started in eastern half and corn and potato planting In south. Fruit trees ket appears to be well stabilized following the recent readblooming prematurely in north and west. Pastures, barley, wheat and
oats improving; condition poor to fair and needing rain in western half; justments of staple lines, and all indications point to a
sowing spring oats continues. Strawberries late and crop reduced by successful season.
winter freezes; other fruit promising. Large truck shipments from extreme
Foreign Dry Gooda—Fair activity continued to prevail
south. Livestock improving, but feeding still necessary in some sections.
Oklahoma.—Oklahoma City: Unseasonably warm; heavy rains in east throughout the local linen markets. A wide variety of
and light to moderate in west at close of week. Favorable for field work
and much plowing done. Seeding oats advanced rapidly. Progress and new fabrics available for spring and summer delivery have
condition of wheat generally _good and being pastured quite generally. attracted considerable attention which is being reflected
Native pastures greening rapitilY.
Arkansas.—Little Rock: Farm work progressed rapidly and vegetation In the sustained purchases of such goods. Importers are
starting nicely, due to light to moderate precipitation and high tempera- evidently anticipating one of the best seasons in recent
tures. Considerable plowing done in hills and on some lowlands, but
soil too wet on most lowlands. Wheat, rye, meadows and pastures start- years,as reports from Belfast indicate that American buyers
ing nicely. Early gardens and potatoes being planted. Fruit buds de- ' are operating quite freely. In the household section of the
veloping rapidly.
Tennessee.—Nashville: Unusually high temperatures, with light rains domestic linen market, further progress has been made in
last of week, favorable for much outdoor work,including plowing. Early the revival of activity from the recent seasonal lull. Busiwheat in a few eastern counties fair, while some late killed, but winter ness has
been steadily broadening, and with values at such
grains generally making considerable progress. Stock fair to good.
Keniucky.—Loulsville: Abnormally warm, with light precipitation. attractive levels all indications point to a further expansion
Grass and grains starting vigorously and buds expanding. Rapid progress of sales. Burlaps have remained quiet, with sales limited
In sowing tobacco plant-beds. Some early gardening, plowing, and potato
planting commenced in west where soil in good working condition. Still to small lots. Light weights are quoted at 5.10c., and
rather wet in east. Peaches show extensive winter damage.
heavies at 6.70c.
MAR. 1 1930.]
FINANCIAL CHRONICLE
# at anti (PO Poyartni(-a
NEWS ITEMS
1507
Irondequoit, N. Y.—Assembly Passes Bond Issue Bill.
—The Laurelton bond issue validation act was passed in
the Assembly on Feb. 25 by unanimous vote, according to
the Rochester "Democrat" of Feb. 26. It is stated that the
bill has already passed the Senate, but has been amended
slightly in the Assembly committee so that it will have to
go back to the upper house for action, but this is expected
to be merely a technical detail. The purpose of the bill,
which was introduced in the Assembly on Jan. 15 by Mr.
Searle—V. 130, p. 832—is to validate $869,553.79 in bonds
issued by the town of Irondequoit to meet the cost of Laurelton sub-division improvements. The Union Trust Co. of
Rochester, and Marine Trust Co. of Buffalo bought the
bonds on Dec. 16—V. 129, p. 4167—and have agreed to a
5% interest rate on them, as provided in the bill.
Mamaroneck, N. Y.—To Vote on Manager Plan of Government.—At an election to be held on March 18 the voters will
decide whether they shall have manager government or
retain the present form, reports the New York "Times" of
Feb. 23. The city of New Rochelle recently adopted the
manager plan of government.
Chicago, 111.—City Financing Fund Exceeds $50,000,000
Mark.—A special Chicago dispatch to the New York"Times"
of Feb. 28 reports that pledges in the so-called "rescue
drive" headed by Philip R. Clarke, President of the Central
Trust Co., to obtain $74,000,000 in order to keep the city
and county governments operating until July 1, reached a
total of $54,857,900 on the night of Feb. 27, or $4,857,900
more than the minimum requirements to permit the Cook
County Taxpayers' warrant trust to become operative. It
is expected that the money will be available so that the more
than 43,000 public employees may get their overdue salaries
on March 1.
Coral Gables, Fla.—City Reduces Bonded Indebtedness.—
George N. Shaw, City Finance Director, recently reported
that the bonded indebtedness of the municipality has been
reduced in the past year, the city having made payments of
principal and interest amounting to $419,545 since July 1
Moffat Tunnel District, Colo.—Formation of Bond1929. We quote as follows from a special dispatch to the
holders' Protective Committee Urged.—Coincident with the
"Wall Street Journal" of Jan. 10:
The City of Coral Gables has made principal and interest payments commencement in Colorado of legal action challenging the
amounting to $419,545 on the bonded indebtedness of the municipality validity of the supplemental bonds of the above district,
since July 1 1929, according to George N. Shaw. Municipal finance director, outstanding
in the amount of ,250,000—V. 130, p. 660—
who reports a steady improvement in the city's financial condition.
Interest payments made recently include one of $14,850 on an improve- steps were initiated in New York on Feb. 18 looking toward
ment bond issue of 8550 000 dated Dec. 1 1925. and another of $26,190 the organization of a bondholders' protective committee.
on a refunding Issue of $8t3,000 dated June 15 1928 Two payments totaling $9,420 on other refunding issues of June 1 1928, and June 1 1929, were A letter requesting proxies authorizing the organization
made last month together with a principal payment of $5,000.
of such a committee and urging the necessity of prompt
On Jan. 1, this year, Coral Gables made interest payments totaling
$180,570. One of $135,960 due on an improvement bond issue of Jan. 1 action in the matter was mailed on Feb. 18 to bondholders;
taxation; while another the following is a copy of the letter:
1929. was made out of regular funds from general
of
of July 1 1926, was
$44,610. due on a special improvement bond issue
made out of special "A"fund which consists of collections on improvement
assessment liens. The city also refunded 896,000 principal due January 1,
on the improvement bond Issue of Jan. 1 1927.
Mr. Shaw pointed out that Coral Gables has yet to miss making an
interest payment or to default on a principal. The city is making rapid
progress in paying off its obligations, due to the rigid economy program
instituted shortly after the present city commission took office on July 1
1929, as well as certain efficient methods adopted by various municipal
departments. A considerable increase also is noted in collections of 1929
taxes.
To All Holders of Moffat Tunnel Supplement Bonds:
In view of the default in the payment of the interest which became due
Jan. 1 1930. on the supplemental bonds of the Moffat Tunnel Improvement
District issues dated:
82,750,000
Jan. 1 1925
82,500.000 Jan. 1 1927
Jan. 1 1926
3,500,000
and of the recent action of the Supreme Court of the State of Colorado. a
memorandum of which you received with the coupons due Jan. 1 returned
to you, a very serious situation has arisen. Inasmuch as the validity of
your bonds is directly attacked in pending litigation and delay may result
In a decision by the Court
your absence declaring these bonds invalid, it
Fort Lauderdale, Fla.—Settlement of Bond Default Pro- has been deemed necessaryin a bondolders' committee should be formed
that
to
copy of a letter written by without delaythe protect the interest of the bondholders.
posed.—We are in receipt of a
fact that the bonds are very widely distributed and that
In
Glenn E. Turner, Manager of the above city, dated Feb. 13 there view of
is at present no single interest which may fairly represent all the
sent to him by the holders, the undersigned at the request of bondholders have consented to
1930, in answer to a previous letter
act in an effort to form a properly representative bondholders' protective
Bondholders' Protective Committee, of which J. R. Easton committee.
had made suggestions
You are urged to communicate immediately with the Secretary named
is Chairman, in which the committee
him as to your holdings and authorizing the undersigned to
below,
with reference to the proposed payment of the defaulted act foradvisingthe formation and appointment of a representative bondyou in
bonds and coupons of the city, which default was announced holders' committee which may include all or any of them. Any of the
will be very glad
undersigned, or
by the City Manager after Feb. 1—V. 130, p. 1003. The information withthe Secretary, situation involvingto supply you with any
these bonds and also to
regard to the
letter follows:
have the benefit of your views and wishes in connection with the formation
My Dear Mr. Easton
of a committee.
The City Commission, at its regular meeting yesterday, spent the major
Prompt action is necessary.
HERBERT F. BOYNTON,
portion of the time discussing various phases of our financial situation.
The questions of valuations and assessments for the coming year should
F. S. Moseley & Co.
be agreed upon very soon, because the books will have to be completed
ARTHUR PERRY, JR.,
by June 30 1930 in order that hearings may be held thereon before the
Arthur Perry & Co., Inc.
Board of Equalization, which meets during the month of July.
It seems that there is a large amount of complaint of our present basis
P. C. WILMERDING,
of valuation, and the Commission feels that it should be materially reGuardian Detroit Co., Inc.
duced, as a great majority of property is valued greatly in excess of the
market price, and the taxpayers, for that reason, become convinced that PHILIP WHITE, Secretary.
there is no need to bother about paying the taxes. It seems to be the
49 Wall St., New York City. Tel. Hanover 1315.
opinion of the Commissioners that the total valuation should be very
materially reduced, even as low as 25% of the present valuation, and
New York City.—Basic Tax Rate Cut to $2.53 for 1930.—
the millage raised. This situation seems necessary because the other
taxing districts, including the State and county, have a very low valuation The basic tax rate for 1930 is $2.53 on every $100 of taxable
and a very high millage, and the two different systems cause a great deal
of misunderstanding and complaint, especially from the Northern property assessed valuation, according to an announcement made
owners.
late in the afternoon of Feb. 27 by Comptroller Charles
This question, and others similar thereto, necessarily depend upon
the working out of some arrangement agreeable to both the bondholders W. Berry. The statement bearing on the tax rate reads as
and the city of the present condition. It was suggested that a survey follows:
be made by the city, taking into consideration the tax burdens to be placed
The basic tax rate for 1930 is 2.53. The basic rate for 1929 was 2.55.
upon property in the city, not only by the city but by other taxing disThe gross rates on each borough, which includes the basic tax rate for
tricts; also other similar facts, with the idea of reaching some conclusion
annual city budget purposes and the assessments for local improvements,
as to what the City may levy and expect to collect under the existing concollectable with the taxes, are as follows:
ditions and laws with reference to enforcement of payment.
For 1929 Were:
For 1930:
For 1929 Were:
For 1930:
No definite plan to submit to you has ever been agreed upon by the
2.66
Queens
2.68
2.68
2.70
Commissioners—on the contrary they have refrained from making such, Manhattan
2.66
Richmond
2.62
2.73
2.62
The Bronx
having in mind that representatives of the bondholders would be better
2.66
2.65
Brooklyn
able to assist and advise them in the matter and, for that reason, they
have continually requested a meeting with the bondholders.
City Budget Re-opened—On Feb. 27, according to report, the
The attitude of the Commission, as has been heretofore expressed to
the necessary
you, is that they want to do their utmost in clearing up the defaulted Board fo Aldermen,for the second time, passed
condition.
resolutions for the opening of the budget to permit the inPlease bear in mind that there are numerous elements and facts which
providing salary increases for
enter into this matter; for instance, the ability of taxpayers to pay, the clusion of the $5,000,000 i em
policemen and firemen.
large amount of litigation now pending affecting the title to property
the attack upon the city boundaries, and the attack upon the Diehl Brothers;
contract.
New York, N. Y.—Syndicate Reports Distribution of $65,The demand of the bondholders as set forth in your letters, are, as I
understand them, as follows:
000,000 Corporate Stock and Bond Award.—The syndicate
1. A rigid policy of economy in the operation of the city.
National City Co. of New York, which
2. A vigorous campaign for the collection of current and past due taxes. headed by the
3. Levying of adequate tax.
was awarded on Dec. 11 a total of $65,000,000 45% long4. Adjustment of water rates so as to make this utility more nearly term gold corporate stock and serial bonds at 102.3487,
self-sustaining.
I do not believe that there will be any argument on the part of the an interest cost basis to the city of 4.351%, and subsequently
bondholders but that the first demand has been fully adopted and com- .re-offered the securities for public investment at prices to
plied with. The second demand can only be necessarily complied with
to the extent to which the law permits. The entering into the Diehl yield 4.10 to 4.30%—V .129, p. 3836—announced on
Brothers' contract was certainly a decided step in that direction and the Feb. 25 that the entire award had been marketed.
situation now is, that this contract, with the taxes therein, is being attacked
by four separate suits, which are being properly defended on behalf of the
Shawnee, Okla.—Court Orders Payment of Overdue
city in the courts, the outcome of which is rather coubtful. The city operates substantially under the system used by the State and counties, with Bonds.—On Feb. 20, Edgar S. Vaught, Federal District
reference to the sale of property for non-payment of taxes and Is, therefore,
limited in forcing tax payments by that law. The third demand, par- Judge, issued an order against the Board of Education of
ticularly involves a great deal of study of the matters hereinabove set the city, calling for the payment of $59,000 due on school
forth and, upon this question, the city is very anxious to have counsel
with you. The fourth demand, it seems to me, is somewhat debatable, building bonds and $11,475 due on coupons to the Royalty
in that the rates charged at present are higher than any other Publicly Service Corp., reports the "Oklahoman" of Feb. 21. The
operated utilities of this character in our section of the State; and further,
ifrates are increased to a certain point, water consumption will be affected newspaper goes on to say that Judge Vaught's stipulated
judgment ordered the school board to provide for tax levy
and the revenue will be no greater.
Please convey to the bondholders that it is the belief of the City Comcover one-third of the judgment during
mission that no real effort has been made by them to ascertain the actual large enough to
and true conditions here, and further, that it is believed that out of a each of the next three years. The bonds in question were
conference some mutual understanding can be arrived at that will probably issued May 21 1917 and matured on May
211927, but were
be more beneficial to the bondholders than if they resorted to litigation.
not paid at maturity as the school sinking fund did not have
Very truly yours,
GLENN E. TURNER, City Manager.
the money, according to the bondholders.
FINANCIAL CHRONICLE
1508
New York City.
-City Property Assessed at $18,583„
987,402 on Final 1930 Rolls.
-On Feb. 19, James M.SextonCommissioner of the Department of Taxes and Assessments,
made public the final tax assessment figures on real and
personal property in the city, showing a • net increase of
$1,138,157,467, about 7% increase, for all five boroughs
over 1929. The total assessed value of all city property
for this year reached $18,583,987,403, which compares with
$17,445,829,935 for last year. The complete tabulation
as given out by the Commissioner follows:
ManhattanReal estate
Real estate of corp
Franchises
Total
The Bronx
Real estate
Real estate of corp
Franchises
Real Estate.
Net Increase.
1930.
1929.
$8,486,079,895 $9,093,021,335 $ 606,941.440
15,172,950
212,864,200
197,691,250
5,634,883
287,529,574
281,894,691
$8.965,665,836 $9,593,415,109 $ 627,749,273
$1,760,645,195 $1,871.438,747 $ 110,793,552
1.006.750
58,349,700
•57,342,950
6,582,308
67.788,352
61.206.044
$1,879,194,189 $1,997,576,799 $ 118,382,610
Total
Brooklyn
Real estate
Real estate of corp
Franchises
$3,920,146,865 $4,076.742,920 $ 156.596,055
2,298,200
59.430,050
57,131,850
10.276,775
136,219,566
125.942,791
Total
Queens
Real estate
Real estate of corp
Franchises
$1.779,922,565 $1,921,681,705 $ 141,759,140
53,251.850
1.358,500
51,893.350
5,387,459
64.839,747
59,452,288
Total
Richmond
Real estate
Real estate of corp
Franchises
Total
Real estate
Real estate of corp
Franchises
Total
Manhattan
The Bronx
Brooklyn
ens
hmond
te
Total
Manhattan
The Bronx
Brooklyn
Queens
Richmond
Total
$4,103,221,506 $44,272,392,536 $ 169,171.030
$1,891,268,203 $2.039,773,372 $ 148.505,099
$275,648,950
11.516,000
7,399,526
$9,791.060
$285,440,010
6,913.900 Dec.4,602.700
8,036,616
637,090
$5,825,450
$294,565,076 $300,390,526
Recapitulation of Real Estate.
316,222.443,470117,248.324,717 $1,025,881,247
15,233,700
390,809.700
375,576,000
28.518,515
564,413,855
535,895.340
$17,133.914,810318.203,548,272 $1,069,633,462
Recapitulation of Personal Estate.
354.619.300
$207,234,350 $261,853.650
29,154.600
3,269,150
25.885.450
10,581,000
75,424,700
64.843,700
235,155
11.505.555
11.270.400
2,500,625
Dec.180,600
2.681,225
$311.915,125 $380,439,130
Recapitulation of Real and Personal Estate.
$9,172,900.186 $9,855,268,759
1.905.079,639 2.026,731,399
4,168,065,206 4.347,817,236
1.902,538,603 2,051.278.857
297,246,301
302.891,151
368.524.005
$682.368.573
121.651,760
179.752,030
148,740,254
5,644.850
$17.445,829,935$18,583,987,402 $1,138.157,467
Philadelphia, Pa.
-Large Increase Shown in Assessed
Value.
-On Feb. 13 the Board of Revision of Taxes submitted to the City Comptroller the total valuation figures
for 1930, showing that there has been a large addition
since last year. The total increase in taxable real estate
for the present year over 1929 was shown to be $44,854,347,
while the total increase in taxable personal property for 1930
is $78,484,094 over last year. According to the Philadelphia "Ledger" of Feb. 14, the following are the new
figures for each of the 48 wards in the city:
Wards. Real Estate. Personal Property.
1 ---- 332,054,050
31,400,335.34
2 ___
23,067,600
1,534,162.51
3 ____
11,460,000
740,316.90
4 ____
18.744,800
1,234,128.78
63.121,15620,462,913.07
61,453,525
9,139,913.53
55,919,100
29,707,339.08
342,697,316
619,681,275.98
314,487,066
153.731,201.56
10 ____
86,445,950
8,887,666.58
11
16,545,600
687,271.50
12
12,948.020
920,114.75
13
17,784,810
11,515,747.90
14
31,770,400
2,024,498.62
15
71,241,500
6,445,780.26
14,282,590
1,306,927.93
17___
12,036.400
1,361,800.50
18j____
27.282,990
2,066,519.04
15,012,020.31
19)____
41,661,350
20 ____
50,712,870
7,326,257.57
21
48,654,300
33,594,683.70
22
233,450,659
117,894,858.85
16,463,121.24
57,220,825
24
71,851.900
15,403,826.60
31,412,910
3,048.837.23
Wards. Real Estate. Personal Property.
5,198,338.52
46.898,200
26 ____
23,558,058.51
75,178,700
4,724,868.14
56,429,000
4,451,228.79
31.861,050
1,162.779.50
23,968.400
3,059,003.88
21,409,970
10,603,707.34
45,176,900
32
.5,161,304.76
76.102,100
40,581,307.44
154,208.750
12,390.356.36
35__,. 118,426,850
897,767.18
37,091,200
6,261,191.75
35,740,800
23,181,209.53
123,943,920
2,501,862.82
60,238,827
7,121,375.32
132,078,820
40
6,197,857.97
49,686.525
37,211,207.29
244.470,930
12,890,397.02
62,724,905
1,827,634.00
48,207.035
2,539,554.23
37,967.085
31,366,531.03
151.573,535
8,080,896.24
37,767,950
3,403,710.47
32,070,225
33,451,528,364 51,336,073,667.42
-Highway Bond Litigation Re-opened.
W South Carolina.
The suit brought by Clarence L. Johnson, representative
from Spartanburg County, and others, against the State
Highway Commission and Governor Richards, in which the
constitutionality of the $65,000,000 road bond program of
the State is attacked on the ground that it was not submitted
to a vote of the people, was re-opened when the first of the
oral arguments was heard just before the U. S. Supreme
Court adjourned on Feb. 24. After the South Carolina
Supreme Court had affirmed the constitutionality of the act
authorizing the issuance of the above bonds on Oct. 12 by a
vote of 13 to 6-V. 129, p. 2568
-Mr. Johnson took his case
to the U. S. Supreme Court. Pending a final decision as to
the constitionality of the road bonds law, the entire program
of highway building is held up.
A Washington dispatch to the Columbia (S. C.) "State"
of Feb.25 reported in part on the hearing as follows:
[VOL. 130.
thing worth while to say he should say it. Southard was told at 4 o'clock
that the court did not wish to hear him further and would not bother to
hear the other side at all.
"Am I out of courts., Southard asked. To which Chief Jiustice replied,
"it looks very much that way."
"Does the court not wish to hear the remainder of my arguments or that
of other counsel with met" Southard inquired. The reply was "We do
not."
During the 15 minutes that Southard was before the court he was quizzed
by half a dozen members it being the general idea of the court, as indicated
by the line of questioning, that Southard in his briefs and argument had
failed to present any Federal question. The court said it had examined
most carefully the decision of the South Carolina court, sitting en bane,
with 19 members and was satisfied It had acted rightly when it sanctioned
the bond issue.
-By formal resolution, the
Texas.
-Legislature Adjourns.
fourth called session of the Forty-First Legislature adjourned
sine die at 10 o'clock on Feb. 18 after having been in session
for 30 days, the time limit imposed.
-On the same day Governor Dan
Legislature Re-Convenes.
Moody re-convened the Legislature in its fifth called session
for the morning of Feb. 19 in order to consider prison matters,
to raise revenue to meet supplemental demands of State
institutions and departments and also to complete the impeachment investigation of charges against Comptroller S. H.
Terrell.
-On Feb. 25 S. H.
Texas.
-State Comptroller Resigns.
Terrell, State Comptroller, resigned in the midst of a hearing
by the House of Representatives on impeachment charges
brought against him, alleging irregularities in office, reports
an Austin dispatch to the New York "Times" of Feb. 26.
It is stated that the resignation of the Comptroller brought
the hearing to an end and it was indicated that the House
would take no further action.
BOND PROPOSALS AND NEGOTIATIONS.
-BOND SALE.
-The three
AITKIN COUNTY (P. 0. Aitkin), Minn.
issues of 6% coupon refunding bonds aggregating $67,000, offered for sale
-were awarded to M. 11- W. Moody. of St.
on Feb. 21-V. 130, P. 1314
Paul at par and interest. The issues are described as follows:
$32,000 refunding bonds. Dated Jan. 1 1930. Due from 1933 to 1943,incl.
20,000 refunding bonds. Dated Mar.11930. Due from 1944 to 1947,incl.
15.000 refunding bonds. Dated April 11930. Duefrom 1948 to 1950,incl.
( cm.0 .0). . Interest payable semi-annually (J. & S. 1);(M.& S. 1)
en & 31 100
A
.
and
-OFFER $1,200,000 BONDS.
ALBANY COUNTY (P.0.Albany) N.Y.
-Barr Bros. & Co. of New York. and the New York State National Bank,
of Albany, jointly, are offering an issue of $1,200,000 43d % coupon or
registered jail bonds for public investment as follows: The 1931 maturities
are priced at 100 and interest, and the 1932 to 1960 maturities are priced
to yield 4.10%. The bonds are said to be legal investment for savings
banks and trust funds in New York State and were awarded on Feb. 20
at 101.40, a basis of about 4.15%-V. 130. p. 1314.
Financial Statement.
$5,300,000.00
Bonded debt, March 11930,including this issue
Assessed valuation, 1929: Real est.,incl. special franchise_ 312,572.622.00
197,138
Population census of 1925
-BONDS VOTED.
-At an election
ALBION, Calhoun County, Mich.
-the voters authorized the issuance of
held on Feb. 18-V. 130. 12. 833
$75,000 in bonds for street paving purposes. The measure is said to have
been overwhelmingly indorsed.
-At a
ALDERSON, Monroe County, W. Va.-BONDS VOTED.
special election held recently the voters authorized the issuance of $40,000
in bonds to be used for the construction of a filtration plant.
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. 0. Amarillo)
-The $400.000 issue of coupon
Potter County, Texas.-BOND SALE.
-was jointly
school bonds offered for sale on Feb. 20-V. 130. p. 1006
purchased by Whitaker & Co., and the Mississippi Valley Co., both of St.
Louis, as 5s, for a premium of $240. equal to 100.06, a basis of about 4.99%•
11930. Due from 1931 to 1970 incl. The other bids were as
follows:
Price Bid.
Bidder$4,901.50 (discount)
Well, Roth & Irving Co
10,333.00 (discount)
Caldwell & Co
ANAHEIM ACQUISITION AND IMPROVEMENT DISTRICT NO. 2
-BONDS OFFERED.
-Sealed
(P. 0. Anaheim) Orange County, Calif.
bids were received until 8 p.m. on Feb. 25, by Edward B. Merritt, City
Clerk, for the purchase of a $39,274.85 issue of 6% semi-annual street
improvement bonds. Dated Jan. 28 1930.
-BOND OFFERING.
ANN ARBOR, Washtenaw County, Mich.
Fred C. l'erry, City Clerk, will receive sealed bids until 3 p.m. on March 13,
for the purchase of the following issues of bonds aggregating $152,000, to
bear interest at a rate not exceeding 5.%:
$116,000 pavement bonds. Denorns. $1,000 and $500. Due annually on
Aug. 1 from 1930 to 1939 incl.
36,000 sewer bonds. Denom. $1,000. Due $9.000 on Aug. 1 from 1930
to 1933 inclusive.
Both issues are dated April 1 1930. Bids for each issue shall be separate
and a certifified chock for $2,000, payable to the order of the City Treasurer,
must accompany each proposal. Legality approved by Miller, Canfield,
h
Pad
c:1aa:e k
i
Paddock .ids
1B7sz Stonewill f Detrolt, whose opinion will be furnished to the purbe opened on the date given above, but will be subject to
confirmation by Common Council at a meeting to be held at 7:30 p.m. on
ARCHBOLD SPECIAL SCHOOL DISTRICT, Fulton County,
Ohio.
-BOND SALE.
-The $95,000 coupon school building construction
bonds offered on Fob. 20-V. 130, p. 1006-wore awarded as 5s to Ryan,
Sutherland & Co., of Toledo, at par plus a premium of 3771, equal to 100.81.
a basis of about 4.91%. The successful bidders also agreed to print bonds.
Dated March 15930. Due on Oct. 1, as follows: 33.000, 1931; and $4,000
9ted fo 95e
32 torlt h 4,icl. The following is an official list of the other bide
ub
sfmmmit
issue:
Int. Rate. Premium.
Bidder5%
$798
Stranahan, Harris & Oatts, Inc
5oz•
665
First Citizens Corp
553
56Y
Herrick Co_,
5
503
Braun, Bosworth & Co
222
5
/
W. L. Slayton & Co
1,925185
5 0
1Otis & Co
5
Seasongood & Mayer
764
5Yr
Weil, Roth & Irving Co
104
Slier, Carpenter & Reese
5
-The
-BONDS NOT AWARDED.
ASTORIA, Clatsop County, Ore.
$23.045.20 issue of not exceeding 6% semi-annual improvement bonds
-was not sold as no bids were received.
offered on Feb. 17-V. 130. p. 1143
It
D Issreprte19
eb d that
bonds were later disposed of at par to the contractor.
1a3
e
Only a quarter of an hour was taken by the United States Supreme 'ATLANTA, Cass County, Tex.
-WARRANT SALE.
-It is reported
Court this afternoon to indicate that it could see no Federal question in- thaloaall3vestossce of paving warrants has recently been purchased ar par
b y t c in.00 ir s
0
volved in the South Carolina 565,000,000 highway bonds case and that
accordingly the suit brought by certain citizens of the state to prevent
-BOND ISSUE PROATTALA COUNTY (P. 0. Kosciusko), Miss.
the issuance of the securities would be dismissed.
-It is reported that the County Board of Supervisors, at a recent
It was 3.45 when the case was called. L. G. Southard of Spartanburg, POSED.
leading attorney for the appellants, after he had addressed the court for meeting, adopted an order necessary for the forming of the above county
some minutes, was called to time, by Chief Justice llughes and Justices Into a separate road district. It is said that an election will be called on
Vandeventer and McReynolds, who admonished him that if he had any- $350,000 in bonds for gravel roads.
MAR. 1 1930.]
FINANCIAL CHRONICLE
1509
-BONDS TO BE SOLD Denoms. $7,000 and $6,500. Due serially until 1953. Interest payable
AVALON,Cape May County, N. J.
-NO BIDS
PRIVATELY.
-Elmer B. Stretch, Borough Clerk states that no bids were in April and October.
received on Feb. 16 for the purchase of the following issues of bonds aggreBROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.
gating $105,000 offered for sale.
-V. 130, P. 1015. The bonds, according The Home National Bank of Brockton, on Feb. 27 purchased a $500.000
to Mr. Stretch, are to be sold privately.
loan is dated Feb. 28 1930 and
temporary loan at a 3.897,', discount.
Ms. $35,000 6% sewer bds. is due on Nov. 20 1930. The following The list of the other bids received:
$35,000 6% sewer bds. $35,000 5% water
is a
-W. H.
-BOND OFFERING.
Bidder
Dyc9oant
AVON, Livingston County, N. Y.
Clark, Village Clerk, will receive sealed bids until 8 p. m. on March 11, for F. S. Moseley & Co
4 04
the purchase of $33,600 coupon or registered paving bonds, to bear interest Brockton National Co. (plus $5)
4.04
at a rate not exceeding 6%, stated in a multiple of 3 or 1-10th of 1%. Plymouth County Trust Co
Dated March 1 1930. IlDenoras. $1,000 and $680. Due $1,680 on March 1
-BOND .SALE.
BROOKVILLE, Montgomery County, Ohio.
-The
from 1931 to 1950, incl. Principal and semi-annual interest (March and $2,875 6% coupon fire apparatus purchase bonds offered on Feb. 18Sept. 1) payable in gold at the State Bank of Avon. A certified check for V. 130, p. 1007
awarded at a price of par to the Brookville State
$600, payable to the order of the village, must accompany each proposal. Bank, the only-were
The bonds are dated April 1 1930 and mature
The approving opinion of Clay, Dillon & Vandewater, of New York, will $287.50 on Aprilbidder. 1931 to 1940 inclusive.
1 from
be furnished to the purchaser.
-At a recent bond
BURGIN, Mercer County, Ky.-BONDS VOTED.
BABYLON, Suffolk County, N. Y.
-BOND SALE.
-The $95,000 election the voters authorized the issuance
4 % coupon land acquisition bonds for parks and parkway purposes offered for school buildings and improvements byof $35,000 in bonds to be used
what was reported to be an
on Feb. 25-V. 130, p. 1315
-were awarded to Roosevelt & Son, of N. Y., overwhelming majority.
at 101.55, a basis of about 4.54%. The bonds are dated April 1 1930 and
mature $5,000 on April 1 from 1931 to 1949, incl.
BURLINGAME ELEMENTARY SCHOOL DISTRICT (P. 0. Burl-BOND OFFERING.
--Sealed bids
ingame), San Mateo County, Calif.
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND OFFERING.
will be
by Elizabeth
John R. Haut, Chief Clerk of the Board of County Commissioners, will Mar. 3 receivedpurchase of an M. Kneese, County Clerk, until 10 a. m. on
issue of $130,000 5% school bonds. Denom.
for the
receive sealed bids until 11 a. m.(eastern standard time) on March 25, for
Due
Prin. and
$1,000. Dated
the purchase of $500,000 4Si% road bonds. Dated April 11930. Denom. semi-annual int. Mar. 1 1930. officefrom 1933 to 1960 incl. Bids must
of the County Treasurer.
payable at
$1,000. Due $100,000 on April 1 in 1954. 1955, 1956 and in 1958. Principal be for not less than par and the
accrued interest. A certified transcript of all
and semi-annual interest (April and Oct. 1) payable at the Second National the proceedings will be furnished to the successful bidder. A certified
Bank, Towson. A certified check for 1% of the amount of bonds bid for, check for $1,000, payable to the Chairman of the Board of County Superpayable to the order of the Board of County Commissioners, must accom- visors, is required. The offering notice contains the following information:
pany each proposal. The legal opinion of Elmer J. Cook, of Towson, will
election held
Said
disissued
be furnished without cost to the purchaser. The information following is trict onbonds are day of in pursuance of anin compliance in said school perwith all laws
the 28th
January 1930 and
taken from the offering notice.
"The full faith and credit of Baltimore County is pledged for the payment taining to such election.
At said election there were 802 votes cast, 704 of which were in favor
of the principal and interest of said loan, which is authorized by Chapter 1
said bonds
against said
of the Acts of the General Assembly of Maryland of 1927. The loan is ofThe last and 98 valuation ofbonds.
the district was $5,971,825. The total
assessed
exempt from State, County and Municipal taxation in the State of Maryoutstanding bonded indebtedness of said district is $157.000.
land and from Federal taxation. Baltimore County has no incorporate
The Burlingame Elementary School District is comprised of the Incortowns and has an assessable basis of at least $222.000.000. The total in- porated area
of the
debtedness of the County is $256,000 serial sewer certificates, for which the city and county of city of Burlingame, which is located 16 miles from the
San Francisco.
Towson Sewerage Area is primarily liable, and the issue of the Public Road
and School Bonds of Baltimore County, amounting to $3,000,000 of which
-OTHER BIDS.
CAMBRIDGE, Middlesex County, Mass.
-The fol$25,000 was paid Feb. 1 1924; $30,000 Feb. 11925; $35,000 Feb. 1 1926; lowing is an official list of the other bids received on Feb. 17 for the $815,000
$40,000 Feb. 11927; $45.000 Feb. 1 1928: $50,000 Feb. 1 1929 and $55,000
% coupon bonds awarded to R. L. Day & Co. of Boston at 102.919, a
Feb. 1 1930, and $1,500,000 Public School Bonds of which $10,000 was paid basis of about 4.03%;
Feb. 1 1927; $12,000 Feb. 11928; $14,000 Feb. 11929. nd $16.000 Feb. 1
Rate Bid.
Bidder1930, and $1.500.000 Public Road Bonds, of whcih $40,000 was paid April Estabrook & Co
102.86
1 1928, and $40,000 April 1 1929. and $1.000,000 additional of Public First National Old Colony Corp. and Harris, Forbes & Co.,jointly_102.85
School bonds, and $5,000.000 Metropolitan District bonds, of which the Harvard Trust Co
102.83
$40.000 was paid June 1 1929, for which the properties benefited will be Central Trust Co
102.83
assessed to repay this loan; the faith and credit of the whole of the Metro- Stone & Webster and Blodget, Inc
102.78
politan District and of Baltimore County is pledged for the payment of this F. S. Moseley & Co. and E.IL Rollins & Sons,jointly
102.562
loan. The tax rate of Baltimore County for 1930 is $1.65. 'Fetal State and
CANADIAN COUNTY SCHOOL DISTRICT NO, 26 (P. 0. Yukon),
County rate is $1.90.
-Sealed bids were received until 2:30 p. m.
Okla.
-BONDS OFFERED.
BARRY COUNTY (P. 0. Hastings), Mich.
-OUTSTANDING on Feb. 27 at the Yukon National Bank in Yukon by the District Clerk
ROAD BONDS TOTAL $379,241.35.
-The Michigan "Investor" of Feb. for the purchase of a $5,000 issue of school bonds.
22 reported that at the end of 1929 county road bonds outstanding totaled
$379,241.35. Of this amount it is reported that 50% will be paid by the
-BOND SALES.
CARROLL COUNTY (P. 0. Delphi), Ind.
-The two
townships and the assessment districts for the various Covert roads and issues of 434% bonds aggregating $16,200 offered on Feb. 20-V. 130, p.
50% by Barry county at large. These bonds will mature as follows: In 1316-were awarded as follows:
1930. $117,928.01; in 1931. $112,305.01; in 1932, $53,300; in 1933, $53,300; $8,600 Emory L. McHardie et al, Deer Creek Township highway improvein 1934, $42,408.83.
ment bonds sold to William Bradshaw of Delhi, at par plus a
premium of $124, equal to a price of 101.44, a basis of about 4.20%•
BEDFORD UNION FREE SCHOOL DISTRICT NO. 7, Westchester
Due as follows: $130, July 15 1931; $430. Jan. and July 15 from
County N. Y.
-The Marine Trust Co. of
-OFFER $20,000 5% BONDS.
1932 to 1910 incl., and $430 on Jan. 15 1941.
New York, is offering an issue of $20,000 5% coupon (registerable as to
'
7,600 David Anderson et al, Deer Creek Township highway improveprices to yield 4.50%.
principal only) school bonds for public investment at
ment bonds sold to William J. Guckien of Delphi, at par plus a
The bonds are dated Feb. 1 1930 and mature $2,000 on Dec. 1 from 1931
premium of $94, equal to a price of 101.23. a basis of about 4.24%.
to 1940 incl. According to the offering notice they are legal investment
Due $380, July 15 1931; $380, Jan. and July 15 from 1932 to 1940'
for Ravings banks and trust funds in New York State. pAward was made
lo.
A.
incl.. and $380 on Jan. 15 1941.
on Jan. 2'7 at 100.358, a basis of about 4.93%.V.
Beth issues are dated Feb. 4 1930.
Financial Statement (Officially Reported).
-The
Actual valuation ________________________________________ $7,677.370
CEDAR RAPIDS, Linn County, lowa.-BOND ELECTION.
Assessed valuation__
______________________________ 6,846,792 question of passing upon an $85,000 bond issue for the construction of a
Total bonded debt (incl. _______
__
141,625 garbage disposal plant will be placed before the voters at a special election
Population (1930 estimate). 3,000.
to be held on March 31.
CENTERVILLE, Hickman County, Tenn.
-BOND OFFERING.
BIG HORN COUNTY (P. 0. Cheyenne), Wyo.-BOND SALE.
-It
Is reported that an issue of $166,000 5 % funding bonds has been pur- Sealed bids will be received until 10 a. m. on Mar. 4 by C. B. Stephenson,
City Recorder, for the purchase of a $50,000 issue of coupon water works
chased at par by the State of Wyoming.
Denom. $1,000. Dated Apr. 1
bonds. Int, rate is not to exceed 5
-OFFER $530,000 435% 1930. Due in from 5 to 29 years. P'rin. and int. (A. & 0.) payable in
BINGHAMTON, Broome County, N. Y.
Purchaser is to pay for the printing of the bonds and the legal
BONDS.
-The Marine Trust Co. of New York, is offering an issue of New York.
$530,000 434% coupon or registered improvement bonds for public sub- opinion. Authority for issuance, Chapter 50, Public Acts of 1913. A
scription at prices to yield 4.15 to 4.10%, according to maturity. The $1,000 certified check must accompany the bid.
bonds are dated Dec. 1 1929 and mature annually on Dec. 1 from 1930 to
-NO BIDS.- Willis
CENTRAL SQUARE, Oswego County, N. Y.
1959 incl. They are reputed to be legal investment for savings banks and C.
Clerk, states that no bids were
on Feb. 11
trust funds in New York State and were awarded on Dec. 12 at 102.25, a for House, Village the $76,000 coupon or registeredreceivedworks bonds
water
the purchase of
basis of about 4.22%.-V. 129, p.3831.
offered for sale. Rate of interest not in excess of 5% was to be named in
Financial Statement (As Officially Reported).
proposal.
-V. 130. p. 834. The bonds are dated Jan. 1 1930 and mature
Assessed valuation, 1929
$126,877,435.00 $2,000 on Jan. 1 from 1933 to 1970, incl.
Total bonded debt (including this)
8,270,275.00
CHADRON, Dawes County, Neb.-BOND DESCRIPTION.
-The
Less sinking fund
$135,594.07
$27.000 issue of paving districts bonds that was purchased by the United
Less water bonds
80,)(2(±r
_(_
-was
at par
States National Co., of Omaha-V. 130, p. 1326
Net bonded debt _ _ - __
_
8,054,680.93 and bears interest at 534 %. Due in 10 years and optionalawardedyears.
after 5
Population (1925 Statecensus), 71,915.
CHERRYVALE, Montgomery County, Kan.
-BOND SALE.
-The
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
Sealed bids will be received until noon on March 14 by C. E. Armstrong, $37,000 issue of semi-annual refunding bonds offered for sale on Feb. 25
(V. 130, p. 1316) was purchased by the Guarantee Title & Trust Co. of
City Comptroller, for the purchase of 3 issues of bonds, aggregating $2,Wichita at a discount of $105.45 on 5% bonds, equal to 99.715, a basis
500.000 as follows:
22 1930. Due from April 22 1931 to 1945.
$1,000,000 park bonds. Due on April 1 as follows: $25,000, 1933 to 1942; of about 5.02%. Dated April follows:
lad. The other bids were as
135,000, 1943 to 1952, and $50.000, 1953 to 1960, all incl.
Price Bid. MI
Bidders1,000,000 drainage bonds. Due on April 1 as above listed.
Par less $2.90 per $1.000
500,000 fire department refunding bonds. Due on April 1 as follows: Prescott, Wright, Snyder Co
Par less 7.90 per 1,000
130.000, 1933 to 1937; 140,000, 1938 to 1942, and $50,000. Central Trust Co
Par less 12.81 per 1,000
Columbian Securities Corp
1943 to 1945.
Par less 17.50 per 1,000
Interest rate is not to exceed 5%. The bonds are to be sold on an all Shawnee Investment Co
99.31
or none bid. No split interest rate bids will be considered for any one issue Commerce Trust Co
98.76
and one interest rate must be specified for each issue. Prin. and int. Stern Bros. & Co
(A. & 0.) payable at the Central Hanover Bank & Trust Co. New York
-BOND SALE.
-The three
CLAY COUNTY (P. 0. Brazil), Ind.
City. Thomson, Wood & Iloffman of New York, will furnish the approving
43/% coupon bonds, aggregating $38,700 offered on Feb. 194
opinion. A certified check for 1% of the bid, payable to the City is required. issues of
V. 130, pp. 661, 834-were awarded as follows:
To the Citizens National Bank, of Brazil, and the Brazil Trust Co.,
Ala.
-LIST OF BIDDERS.BIRMINGHAM, Jefferson Count
jointly, at par:
The following is an official list of the bids received on Feb. 18 for the
$300,000 issue of public improvement bonds that was awarded on that day $18,500 Robert M. Van Horn et al Harrison Township road improvement
bonds. Due as follows: $455, July 15 1931, $455, Jan. and July
-V. 130. P. 1315:
15 from 1932 to 1950, incl., and $455 on Jan. 15 1951.
BidderAnd. of Bid.
Int. Rate.
15,000 Thomas Robinson et al Dick Johnson Township road improvement
*Bancamerica-Blair Corp., and Ward, Sterne & Co.
$302.133
5%
bonds. Due as follows: $375. July 15 1931; $375. Jan. and July
3 .710
02
5%
15 from 1932 to 1950, incl. and $75 on Jan. 15 1951.
Steiner Brothers
300,96o
5%
To the Citizens National Bank of Brazil:
Caldwell & Co
300,801
5,200 Cass Township road improvement bonds sold at par plus
preMarx & Co
300,333
See
mium of $9.60, equal to 100.18, a basis of about 4.47%. Dated
A. B. Leach & Co., Inc
301,737
5%
Nov. 5 1929. Due $260, July 15 1931; $260. Jan. and July 15
* Successful bidder.
from 1932 to 1940, ink., and $260. Jan. 15 1941.
BLOUNT COUNTZ (P. 0. Maryville), Tenn.
-WARRANT SALE.
The $18,500 issue and $15,000 issue are dated Jan. 7 1930.
-A $10,000 issue of current expense warrants is reported to have been
disposed of to local banks.
CLEVELAND HEIGHTS, Cuyahoga County, Ohio.
-FINANCIAL
STATEMENT.
-In connection with the scheduled sale on March 3 of
BRACKETTVILLE, Kinney County, Tex.
-BOND OFFERING.
$180,400,
5%
Sealed bids will be received until 2:30 p. m. on March 8, by Denver Keeney, 4 issues ofgiven bonds, aggregating -we are innotice and description of
in -V. 130, p. 1316
receipt of the following:
City Secretary, for the purchase of a $68,000 issue of 6% water and sewer which was
Financial Exhibit.
bonds.
Assessed Value for Taxation:
(This offering notice corrects the erroneous report of sale appearing in
$44,629,000 1928
1918
$167,944,340
V. 130, P. 1143.)
85,446,500 1929
1920
169.621,780
85,473,020 Estimated actual value_ 210.030,425
BRAZOS COUNTY (P. 0. Bryan), Tex.
-BONDS REGISTERED._ 1922
Two issues of serial road bonds aggregating $
1926
323,000, were registered on
Feb. 18 by the State Comptroller. The issues are divided as follows: Total bonded debt, including this issue
$6.103,979.09
Cash value of sinking funds held for debt redemption
$267,000 series A and $55,000 series B bonds.
1.378.726.17
assessment bonds incluaed in
3.940.720.15
BRECKSVILLE VILLAGE SCHOOL DISTRICT, Cuyahoga Coun- *Special bonds included in total debt total debt
-BOND SAM-The State Teachers' Retirement System of General
ty, Ohio.
* Special assessment bonds are said to be general obligations'but'sped's/
Columbus on Nov. 11 1929 purchased an issue of $319.000 5% coupon
have been levied for
school building bonds at par and accrued interest. Dated Oct. 1 1929. assessmentsfor 1929, $2.29 per the payment thereof.
Tax rate
$100.
1510
FINANCIAL CHRONICLE
COFFEYVILLE SCHOOL DISTRICT (P. 0. Coffeyville) Mont-The $300.gomery County, Kan.
-ADDITIONAL INFORMATION.
000 school bonds that were Jointly purchased by the Prescott, Wright,
-V. 130,
Snider Co.. and the Fidelity National Co., both of Kansas City
-were awarded as 44s, at a price of 100.52, and are due $20,000
p. 1316
from 1931 to 1945, incl.. giving a basis of about 4.67%•
-CITY TO LIQUIDATE
COLDWATER, Branch County, Mich.
BONDED INDEBTEDNESS.
-City Council has voted to retire the balance
of the city's indebtedness March 1. when bonds, aggregating $30,000 will
be taken up, according to the Michigan "Investor" of Feb. 22. The
scheduled redemption will clear the city of its bonded indebtedness which
is of over 30 years'standing.
-The follow-BOND SALE.
COLUMBUS, Franklin County, Ohio.
ing issues of 4 % coupon or registered bonds aggregating $106.000. offered
on Feb. 27 (V. 130. p. 1316), were awarded to Seasongood & Mayer of
• Cincinnati and Stephens & Co. of New York. Jointly, at par plus a premium
of 3131, equal to a price of 100.12, a basis of about 4.47%j
$71,300 special assessment street improvement bonds. Due on March 1
as follows: 37,300. 1932; 37.000. 1933 to 1940, incl., and $8.000
in 1941.
34.700 special assessment street improvement bonds. Due on March 1
as follows: $6,700. 1932. and 17,000 from 1933 to 1936 inclusive.
Both issues are dated March 15 1930.
-The $9,000
-BOND SALE.
CONTINENTAL,Putnam County,Ohio.
-were
water works improvement bonds offered on Feb. 24-V. 130. p. 1316
awarded as 5)s to the Banc Ohio Securities Co. of Columbus at par plus a
premium of $18, equal to 100.20, a basis of about 5.18%. The bonds are
dated Mar. 1 1930 and mature $500 on Sept. 1 from 1931 to 1948 incl.
Ryan, Sutherland & Co. of Toledo, were the only other bidders, offering
1s.
,
par plus a premium of $153 for the bonds as 55
-BONDS REGISTERED.
CORPUS CHRISTI, Nueces County, Tex.
Five issues of 5% serial bonds aggregating $215,000, were registered by the
State Comptroller on Feb. 19. The issues are as follows: $115,000 street
improvement; $60,000 incinerator; $20,000 public park; $10,000 storm
sewer and $10.000 sanitary sewer bonds.
-BOND SALE.
-The $60,000
, CORVALLIS, Benton County, Ore.
issue of 5%% semi-ann, fire department equipment bonds offered for sale
-was purchased by the State Treasurer, at a
on Feb. 24-V. 130. p. 1316
price of 100.45. a basis of about 5.45%. Dated Jan. 1 1930. Due $2,000
from Jan. 1 1931 to 1960 incl.
COSTILLA COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The $6,500 issue of 5%%
-PRICE PAID.
10 (P. 0. Blanca), Colo.
school refunding bonds that was purchased by Bosworth, Chanute, Lough-was awarded at par. Due $500
ridge & Co. of Denver
-V. 130, p. 1008
from 1935 to 1947, incl.
-BOND OFFERING.
e CRAWFORD COUNTY (P.O. Denison),Iowa.
We are informed that bids will be received until 10 a. m. on March 6, by
P. J. Portz. County Auditor, for the purchase of a $260,000 issue of 43 %
refunding bonds. Dated Feb. 1 1930.
DAUGHERTY TOWNSHIP SCHOOL DISTRICT (P. 0. New
-BOND SALE.
-The
Brighton. R. F. D. No. 1), Beaver County, Pa.
$10.000 4%% coupon school bonds offered on Jan. 6-V. 129, p. 3354were awarded at a price of par to the Beaver County Trust Co. of New
Brivhton. The bonds are dated March 1 1930 and mature $500 on March
1 from 1931 to 1950, incl.
-BOND OFFERING.
-It is reported
DE QUEEN, Sevier County, Ark.
that sealed bids will be received by the Chairman of the Board of Commissioners until 10 a. m.on Mar.7foe the purchase offrom $145,000 to $155,000
5%% semi-annual paving improvement district No. 1 bonds. Due in
from 1 to 15 years. Rose, Hemingway. Cantrell & Loughborough of
Little Rock will furnish the approving opinion. A $1,000 certified check,
payable to the Board of Commissionerc. mu..t accompany the bid.
[VOL. 130.
ERATH COUNTY ROAD DISTRICT NO. 3 (P. 0. Stephenville),
Tex.
-BONDS REGISTERED.
-A $30,000 issue of 5% serial road bonds
was registered by the State Comptroller on Feb. 18.
EVERETT, Middlesex County, Mass.
-PROPOSED BOND CFFERING
POSTPONED.
-William E. Emerton, City Treasurer, states that the
proposed sale at 10 a. m. on March 5 of $81,000 4U% coupon sewer bonds,
for which smled bids were requested, has been indefinitely postponed.
The bonds are dated March 1 1930. Denom, $1,000. Due on March 1,
as follows: $3,000, 1931 to 1955 incl., $2.000, 1956 and $1,000 from 1957
to 1960 inclusive. Prin, and semi-annual interest (March and Sept. 1)
payable at the office of the Old Colony Trust Co., Boston. Legality to be
approved by Ropes, Gray, Boyden & Perkins, of Boston.
Finanacial Statement.
Assessed valuation for year 1929
$74,858,799.00
Total debt (above issue included)
2,532,400.00
Water debt (included in total debt)
118,000.00
Sinking funds other than water
341.854.44
Population. 44,000 (estimated).
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
A $500.000 temporary loan due on Nov. 3 1930 was awarded on Feb. 27 to
S. N. Bond & Co. of New York at a 4.18% discount plus a premium of
$18. W. 0. Gay & Co. of New York. the only other bidders, offered to
discount the loan at 4.40%.
-BOND SALE.
-Two issues of
FARIBAULT, Rice County, Minn.
`.ionds aggregating $9.362 have recently ..een purchased at par by the
Sinking Fund. The issues are as follows: $5,555 real estate purchase and
$3,807 storm sewer bonds.
-COUNCIL AUTHORIZES $900.000
FLINT, Genesee County, Mich.
-At a meeting of the Common Council on Feb. 17 approval
BOND ISSUE.
was given the Board of Education to issue $900,000 in bonds for school
construction purposes by a vote of 11 to 2. according to the Flint "Daily
Journal" of Feb. 18. Of the proceeds from the sale of the bonds. 3575.000
will be used to construct a new unit at Northern High School and a new
elementary school building is to cost $325,000.
-BOND OFFERING.
-The City
FLINT, Genesee County, Mich.
Clerk will receive sealed bids until March 10 for the purchase of $3320,000
delinquent bonds. Date of sale was decided on by
special assessment
the City Council at a meeting held on Feb. 25.
FRANKLIN AND MEREDITH CENTRAL SCHOOL DISTRICT
-BOND OFFERING.
NO.16(P.O.Treadwell), Delaware County, N.Y.
-Maude A. Ulmer, District Clerk, will receive sealed bids until 2 p. m. on
March 12 for the purchase of $10,000 coupon or registered school bends, to
bear int. at a rate not exceeding 6%,stated in a multiple of % or 1-10th of
1%. Dated April 1 1930. Denom. $1,000. Due 31.000 on April 1 in
from 1932 to 1935 incl., in 1939. and from 1941 to 1945 incl. Prin. and
semi-ann. Int. payable in gold at the First National Bank, Franklin. A
certified chock for $200, payable to Harry A. Barlow, District Treasurer,
must accompany each proposal. The approvimt opinion of Clay, Dillon &
Vandewater of New York, must accompany each proposal.
-The
-TEMPORARY LOAN.
GARDNER, Worcester County. Mass.
-was awarded
$200.000 temporary loan offered on Feb. 25-V. 130. p. 1317
to the Shawmut Corp. of Boston at a 3.98% discount. The loan is dated
Feb. 25 1930 and is payable on Nov. 6 1930 at the First National Bank of
Boston. The following other bids were received:
Discount.
BidderF. S. Moseley & CO.(Plus $3)
4.01%
(plus $5)
First National Bank of Gardner
-Sealed
-LOAN OFFERING.
GLOUCESTER, Essex County, Mass.
bids will be received by the City Treasurer until 3 p. m. on March 5. for
the purchase at a discount of a $150,000 temporary loan. Dated March 7
1930 and due on Oct. 28 1930.
-BOND SALE.
-The $50.000
GOLI AD COUNTY (P.0.Coiled), Tex.
Feb. 25-V. 130,
-BANKERS DISPOSE OF $15.- issue of 5%% road, series B, bonds offered for sale on Wichita at a price
DETROIT, Wayne County, Mich.
-was purchased by the Brown-Crummer Co. of
-The National City Co. of New York on Feb. 27 P. 1317
500,000 TAA NOTES.
Due on Mar. 1
was awarded an issue of $15,500,000 4.30% tax anticipation notes at par of 102.40. a basis of about 5.30%. Dated Mar. 11929.
plus a premium of 3155, equivalent to a price of 100.001, and on the same as follows. $15,000, 1946: $17,000, 1948, and $18,000, 1949.
at prices to yield 4.15%. The notes are
day disposed of the total issue
GOOSE CREEK INDEPENDENT SCHOOL DISTRICT (P.O. Goose
dated March 3 1930 and are due on Aug. 7 1930. Bids for the notes were Creek). Harris County, Tex.
-BOND SALE.
-A $350,000 issue of 5%
requested by the city from various banking houses in Detroit and New school bonds has been purchased at par by the State Board of Education.
York City. The following other bids in response to the city's request are Denom, 31.000. Dated Dec. 14 1929. Due serially until 1969. Prin. and
reported to have been submitted:
Goose Creek.
Premium. semi-ann. int. is payable in
Int. Rate.
Bidder4.34
$75
Guaranty Company of New York
GOSHEN COUNTY SCHOOL DISTRICT NO.13(P.O.Torrington),
2.645 Wyo.-BOND SALE -It is reported that a 335.000 issue of 54% school
4.50
Detroit Company
Par building bonds has recently been purchased by Geo. W. Vallery & Co. of
4.43
Bankers Company of New York
1,550 Denver, Due in 25 years and optional after 15 years.
4.40
Chase Securities Corp
8.990
4.75%
Halsey, Stuart & Co
-BOND SALE.
-The $26,000
GRACEMONT, Caddo County, Okla.
-NEW CITY COMPTROLLER.- issue of water works bonds offered for sale on Feb. 19-V. 130, ro• 1317
DETROIT, Wayne County, Mich.
Howard C. Wade has been named City Comptroller by Mayor Charles was purchased at par by Arthur Burkett of Oklahoma City.
Bowles. succeeding P. L. Monteith, who resigned as the city% fiscal agent
-PROPOSED BOND ISSUE.
GRAND RAPIDS,Kent County, Mich.
at the time Mayor John C. Lodge retired.
of a
-The Bankers A proposal to issue $1,500,000 in bonds to finance the construction an
ACCOUNT CLOSED ON $24,266,000 BOND AWARD.
municipal auditorium may be submitted for approval of the voters at
Co. of New York, as managers of the syndicate which was awarded on
the Grand
Dec. 5 a total of $24,366.000 4)(, 4% and 5% improvement bonds at election to be held on April 7, according to the Feb. 18 issue of
100.009, a net In, cost to the city of about 4.47%, and subsequently re- Rapids "Press."
offered the obligations for public subscription at prices to yield 4.30 to
-GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
-announced on Feb. 24 OTHER
-V. 129. p. 3665
4.40%. according to maturity
-The following is an official list of the other bids received
BIDS.
that all of the bonds had been distributed and the account closed.
on Feb. 19 for the two issues of bonds aggregating $28,000 awarded as
-Trust Co. of Buffalo for a $101 premium, equal to
-OFFERED. 4.70s to the Marine
-BONDS RE
DOBBS FERRY, Westchester County, N. Y.
100.36, a basis of about 4.64%-V• 130,P. 1317:
-The $60.000 434 % coupon or registered land purchase bonds awarded on
,
Rate Bid.
/
Int, Rate.
Bidder100.2
Feb. 17 at 101.76, a basis of about 4.59% to the Marine Trust Co. of Rutter & Co., New York
4.70
-are being re-offered by the purchasers for public Batchelder & Co. New York
100.21
-V. 130. p. 1316
Buffalo
4.75
100.159
investment at prices to yield 4.40%. The securities are stated to be legal Roosevelt & Son,
4.80
'New York
100.2974
Investment for savings banks and trust funds in the State of New York.
4.90
George B. Gibbons & Co., New York
101.04
5.00
Financial Statement (Officially Reported).
Manufacturers & Traders Trust Co., Buffalo
$29,000,000
Actual valuation estimated
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.20,268,147
Assessed valuation (1929)
-The two issues
379,000 $28,000 4.70% BONDS OFFERED FOR INVESTMENT.
Total bonded debt (including this))
of 4.70% coupon, registerable as to principal only, street improvement
Population (1925 State census). 5,020; 1930 estimated, 6,500.
bonds aggregating 328.000 awarded on Feb. 19 at 100.36, a basis of about
-V. 730, p. 1317-are being
-A $12.000 issue 4.64% to the Marine Trust Co. of Buffalo
-BOND SALE.
DODGE CITY, Ford County, Kan.
of 44% improvement bonds has recently been purchased by the Guar- re-offered by the successful bidders for public investment at prices to yield
Title & Trust Co. of Wichita. Denom. $1,000. Dated Feb. 1 1930 4.35%. The bonds are stated to be legal investment for savings banks and
antee
trust funds in New York State.
Due $6,000 from Feb. 1 1932 to 1938, inclusive.
Financial Statement (Officially Reported).
DOS PALOS DRAINAGE DISTRICT (P. 0. Dos Palos) Merced and Assessed valuation (1929)
$114.884,287.00
350,000 issue of 6% drainage
-A
-BOND SALE.
Fresno Counties. Calif.
4.035.459,54
Total bonded debt (including this)
bonds has recently been purchased by Russell Sutherlin di Co., Inc., of Net bonded debt
1,448,359.54
Los Angeles. Denom. $1,000. Dated Jan. 1 1930. Due from Jan. 1
Population. 1925 State census, 30,534.
1934 to 1946 incl. Prin. and semi-ann. int. payable at the office of the
-BOND SALE.
-The $25.000
District Treasurer. Legality approved by Orrick. Palmer de Dahlquist of
GREENFIELD, Hancock County. Ind.
San Francisco.
5% Riley Park improvement bonds offered on Feb. 21-V. 130, p. 1145
were awarded to the Citizens Bank, of Greenfield, at par plus a premium of
-BONDS OFFERED -Sealed bids
EARL, Crittenden County, Ark.
basis of about 4.83%. The bonds are dated Feb. 5
Watson, Chairman of the Board of $70. equal to 100.28. aon Jan. 1 from 1931 to 1955, incl.
were received until Feb. 27 by H. S.
1930 and mature $500
Commissioners, for the purchase of a $47,700 issue of street improvement
district No. 7 bonds.
-PRICE PAID.
-The $85,000
GREENWOOD, Leflore County, Miss.
hall bonds that was purchased by the Hi-TEMPORARY LOAN. issue of 54% semi-annual city
EASTHAMPTON,Hampshire County, Mass.
-V. 130.p. 1317
-was awarded for a
bernia Securities Co. of New Orleans
-A $30,000 temporary loan, dated Feb. 26 1930 and due on Nov. 7 1930, Premium of $884, equal to 101.04, a basis of about 5.14%. Due from
was awarded on Feb. 26 to Faxon, Gade & Co.. of Boston, at a 4.01% dis- 1931 to 1954.
count. The following other bids were received:
Discount.
.
HALL COUNTY CONSOLIDATED ROAD DISTRICTS (P. 0
Bidder-We are informed by the County Clerk
4.03% Memphis), Tex.
-BOND SALE.
Merchants National Bank of Boston
4.03% that the Brown-Crummer Co. of Wichita has purchased the following issues
First National Old Colony Corn
4.07% of bonds' $800.000 district No. 1, $200,000 district No. 4 and $150,000
Grafton Co
district No. 5 bonds.
-Sealed bids
WEL PASO, El Paso County, Tex.
-BOND OFFERING.
-BOND SALE
-BOND ELECHAMTRAMCK, Wayne County, Mich.
will be received until 10 a. m. on April 10 by G. R. Daniels, City Auditor,
-The following issues of 6% bonds aggregating $43,170.83 offered
for the purchase of $1.362.000 5% coupon various impt. bonds. Denom. TION.
-and for which no bids were received, were sold
$1,000. Dated April 11930. Prin. and Int.(A.& 0.) payable at the Chem- on Jan. 21-V. 130. p. 498
inAke
ical Bank & Trust Co. in New York City, or at the office of the City Treas- later at a price of par to the First State Bank,of Hamtramck:
urer. The approving opinion of Thomson, Wood & Hoffman,of New York, $29,577.43 special assessment paying bonds. Due in from 1 to is years.
13,593.40 special assessment paving bonds. Due in from 1 to 5 years.
will be furnished. A certified check for 1% of the bid is required. No bids
Both issues are dated Jan. 15 1930.
under par and interest can be considered.
MAR. 1 1930.]
FINANCIAL CHRONICLE
BOND ELECTION.
-At a meeting of the city council on Feb 25. a
"notion to submit the question of issuing $500,000 in bonds to pay the city's
cost of grade separation for the voter's consideration at an election set for
April 7 was unanimously adopted.
HARRISON (P. O. Harrison), Westchester County, N. Y.
-BOND
OFFERING.
-Benjamin I. Taylor, Town Supervisor, will receive sealed
bids until 10:30 a. m. on March 1 for the purchase of the following issues
of coupon or registered bonds totaling $738,000. to bear interest at a rate
not exceeding 5%,stated in a multiple of ;,4" or 1-10th of 1%:
1250,000 park bands. Due $5,000 on Feb. 1 from 1931 to 1980,inclusive.
160,000 Sewer District No. 1 bands. Due $8,000 on Feb. 1 from 1931 to
1950, inclusive.
160,000 highway bands. Due $8,000 on Feb. 1 from 1931 to 1950. Incl.
100,000 water distribution system bonds. Due on Feb. 1 as follows:
63.000, 1931 to 1950, incl.; $3,000, 1951 to 1966, incl., and $4,000
from 1967 to 1069, incl.
68,000 highway improvement bonds. Due $4,000 on Feb. 1 from 1931
to 1947, incl.
All of the above bands are dated Feb. 1 1930. Denom. $1,000. Principal and semi-annual int. (Feb. and Aug. 1) payable in gold at the First
National Bank. Harrison. with the exception of the water distribution
issue, which is payable at the Guaranty Trust Co.. New York. A certified check for $15,000, payable to the order of the Town Supervisor, must
accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished to the purchaser.
HARTFORD, Hartford County, Conn.
-AUTHORIZE $600,000
LOAN.
-The Common council on Feb. 24 authorized the mayor and
treasurer to borrow $600,000 from the Hartford National Bank & Trust city
Co.
of Hartford, payable in 60 days and to bear 43,1% interest. The loan is
expected to meet the expenses of the city until April, when the city will receive its share of the corporation stock tax, estimated at 81.875.000.
HATTIESBURG, Forrest County, Miss.
-BONDS NOT SOLD.
-The
4450,000 issue of sewer system bonds offered on Feb. 20(V. 130. P. 1009)
was not sold as all the bids were rejected. It is reported that the bonds
are now being offered at private sale.
HAVERHILL, Essex County, Mass.
-Sealed bids
-LOAN OFFERING.
for the purchase at a discount of a $300,000 temporary loan will be received
by the City Treasurer until 11 a. m. on Mar. 5. The loan is dated Mar.6
1930 and is payable on Nov. 7 1930.
HAZLEHURST, Copiah County, Miss.
-BOND OFFERING.
-Sealed
bids will be received until Mar. 1 by the City Clerk for the purchase of a
146,000 issue of paving bonds.
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 31 (P. 0. Island
Park), Nassau County, N. Y.
-BOND OFFERING.-Sablola E. Richardson. District Clerk, will receive sealed bids until 8 p. m. on March 12, for
the purchase of $265.000 coupon or registered school bonds, to bear interest
at a rate not exceeding 8%, stated in a multiple of Yi of 1-10th of 1%.
Dated April 11930. Denoms. $1.000 and $500. Due on Jan. 1 as follows:
111,500, 1931 to 1945, incl.; $12,500, 1946 to 1950. incl., and $6,000 from
1951 to 1955, incl. Principal and semi-annual interest (Jan. and July 1)
payable at the Oceanside National Bank, Oceanside, or at the Equitable
Trust Co. of New York City. A certified check for 35,300, payable to the
order of Robert Parson, District Treasurer, must accompany each proosal.
The approving opinion of Clay. Dillon & Vandewater, of New York, will
be furnished to the purchaser.
HENDERSON, Henderson County, Ky.-BONDS AUTHORIZED.
We are informed that a resolution was recently adopted by the Fiscal Court
ordering the sale of an issue of $150.000 of road bonds.
HOOSICK FALLS, Rensselaer County, N. Y.
-BOND SALE.
-The
following issues of coupon or registered bonds aggregating $96.000 offered on
Feb. 26-V. 130, p. 1145
-were awarded as 45is to Dewey, Bacon & Co.of
New York, at 100.5766, a basis of about 4.69%i
168.000 series A bonds. Due on Feb. 1 as follows: $3,000, 1931 to 1942
incl., and $4,000 from 1943 to 1950 incl.
28,000 series R bonds. Due on Feb. 1 as follows: $2,000, 1932 to 1940
incl., and $1,000 from 1941 to 1950 incl.
Both issues are dated Feb. 1 1930. The bonds are issued for paving
purposes and are being offered by the successful bidders for public investment at prices to yield 4.50%.
The following is an official list of the other bids received for the bonds:
BidderInt. Rate.
Rate Bid.
Manufacturers & Traders Trust Co., Buffalo
4.90%
100.3472
A.B.Leach & Co., Inc., New York
4.75
George B. Gibbons & Co., New York
4.90%
100.2747
Rutter & Co., New York
4.80%
100.373
Marine Trust Co., Buffalo
5.00%
100.5867
Batchelder & Co., New York
100.321
4,75%
1511
Both issues are dated March 10 1930. Prin. and semi-annual tnt. (J. &
J. 1) payable in gold at the Union Trust Co., Rochester, or at the Irving
Trust Co., New York. A certified check for 2% of the amount of bonds
bid for, payable to the order of the town, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn, of New York, will be
furbished to the purchaser.
JACKSON COUNTY (P. O. Scottsboro), Ala.
-BOND SALE.
A $250,000 issue of 534% refunding bonds has recently been purchased by
a syndicate composed of the Well Roth & Irving Co. of Cincinnati, Marx
& Co. of Birmingham, and the Provident Savings Bank & Trust Co. of
Cincinnati. Denom.$1,000. Dated March 11930. Prin.and int.(M.&S.)
paya'ile at the National City Bank of New York. Chapman & Cutler of
Chicago, to approve legality of bonds.
JACKSON SCHOOL DISTRICT NO.2 (P. 0. Clinton) East Feliciano Parish, La.
-BOND OFFERING.-Bids will be received until 11 a. m.
on March 28, by P. H. Dupuy, Secretary of the Parish School Board, for
the purchase of a 840.000 issue of school bonds. Int. rate is not to exceed
6%, payable semi-annually. Denom. $1,000. Dated Aprll 1 1930. Due
from 1931 to 1945. The approving opinions of B. A. Campbell of New
Orleans, and some other recognized bond attorney, will be furnished. These
bonds were authorized at an election held recently. A certified check for
61.200, payable to the President of the Parish School Board, must accompany the bid.
JEFFERSON COUNTY (P.O. Beaumont), Tex.
-BOND OFFERING.
-Sealed bids will be received until March 17, by L. A. Watson, County
Auditor, for the purchase of an issue of $1,000,000 5% semi-annual court
house bonds.
JONES COUNTY (P. 0. Laurel), Miss.
-BOND OFFERING.
-Sealed
bids will be received until March 5. by W. D. Busby. Clerk of the Board
of Supervisors, for the purchase of a $70,000 issue of court house bonds.
KALAMAZOO TOWNSHIP, Kalamazoo County, Mich.
-BOND
SALE.
-The $19,000 special assessment improvement district bonds,
comprising a $10,000 issue and a $9,000 issue, offered on Feb. 21-V. 130,
-were awarded as 6s at a price of par to the Kalamazoo Trust &
la• 1318
Savings Bank. The bonds are dated March 1 1930 and will mature in five
equal annual installments from March 1 1931 to Jan. 1 1935.
KINGSFORD, Mich.
-RESCIND BOND ELECTION NOTICE.
-The
Iron Mountain "News" of Feb. 18 reported that the village commission
had rescinded all resolutions that had been passed in preparation for an
election that had been set for March 10-V. 130. p. 836
-to pass on a
$150,000 bond issue to finance the erection of a community building, the
Commission having decided that the project was too great to undertake this
year.
KITTSON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.75
(P.O. Bronson), Minn.
-MATURITY.
-The 550.000 issue of 67 semi0
ann. refunding bonds that was purchased by Mr. David Kirk, of St. Paul
V. 130, p. 1146
-matures in 1950.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
William E. Whitaker, County Auditor, will receive sealed bids until 1 p.m.
on March 12, for the purchase of 6150,000 5% Tuberculosis Sanitorium
extension construction bonds. Dated Jan. 1 1930. Denoms. $1,000 and
$500. Due $7,500 July 1 1930; $7,500, Jan. and July 1 from 1932 to 1939.
incl., and $7,500 on Jan. 1 1940. Coupon bonds, payable as to principal
and semi-annual interest at the office of the County Treasurer. A certified
check for 2% of the amount of bonds bid for, payable to the order of the
Board of County Commissioners, must accompany each proposal. Bids
must be for the entire issue.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND OFFERING.
Fred. A. Hausheer. County Auditor, will reCeive sealed bids until 11 a. m.
on March 15, for the purchase of $3,869.10 6% drain construction bonds.
Dated March 15 1930. Denom. $387, one bond for $386.10. One bond
duo each Dec. 1 from 1931 to 1940, incl. Interest payable semi-annually.
LARIMER COUNTY SCHOOL DISTRICT NO. 34 (P. 0. Wellington), Colo.
-ELECTION SALE.
-PRE
-A $7,000 issue of 5% refunding
bonds has been purchased by the United States National Co. of Denver,
subject to an election to be held in May. Due $1,000from 1937 to 1943 incl.
LAS VEGAS, Clark County, Nev.-BOND SALE.
-A 528,000 issue
of paving intersections bonds has recently been purchased by Snow-Goodart
& Co., of Salt Lake City. Due in from 1 to 18 years.
LEWISBURG, Marshall County, Tenn.
-BOND SALE.
-The two
issues of 5% semi-annual coupon bonds. aggregating $50,000, offered for
-were purchased by the American Nasale on Feb. 20-V. 130, P. 1146
tional Co. for Nashville.
The issues are divided as follows:
538.000 sewer bonds. Due in from 1 to 30 years.
12.000 street bonds. Due in from 1 to 12 years.
HOLMES COUNTY (P. 0. Millersburg), Ohio.
-BOND SALE.
-The
LEXINGTON, Fayette County, Ky.-BELATED BOND SALES.
following issues of bonds, aggregating $40.390. offered on Feb. 20 (V. 130.
P. 1009) wero awarded as 5s to the Banc Ohio Securities Co. of Columbus In addition to the sales of bonds that have been reported in these columns
at par plus a premium of 525, equal to 100.06 a basis of about 4.98%:
from time to time during the past year, we are now informed that the follow112..00 road bonds. Due as follows: $1,220 on March and Sept. 1 from ing were also disposed of in 1929:
1931 to 1935, incl.
$20.601.25 6% street improvement bonds. Dated Nov. 5 1928. Due
from 1929 to 1938.
9.805 road bonds. Due as follows: $805 March 1 and 51,000 Sept. 1
1931; $1,000 March and Sept. 1 from 1932 to 1935, incl.
4,206.04 6% street improvement bonds. Dated Oct. 29 1928. Due
7,450 road bonds. Due as follows. 3700 March I and $750 Sept. 1
from 1929 to 1938.
1931 and $750 March and Sept. 1 from 1932 to 1935, incl.
2,682.79 6% street improvement bonds. Dated Oct. 29 1928. Due
6.000 road bonds. Due $600 on March and Sept. 1 from 1931 to
from 1929 to 1938.
1935,
incl.
All of the bonds listed above were purchased by the Police and Fire4,935 road bands. Due as follows: 5435 March 1 and $5.000 Sept. 1 men's Pension Fund at approximately par. They are optional 5 years
from date.
1931; 8500 March and Sept. 1 from 1932 to 1935, incl.
All of the above bonds are dated March 1 1930. The Guarantee Title 623,364.79 67 street improvement bonds. Dated in 1928. Due from
Trust Co. of Cincinnati, the only other bidder, offered par plus a pre1929 to 1938.
mium of $105 for the bonds as 5
4,093.49 6% street improvement bonds. Dated Jan. 12 1929. Due in
1938.
HOLYOKE, Hampden County, Mass.
-TEMPORARY LOAN..
The above bonds were sold at par to the contractor.
8'. S. Moseley & Co. of Boston on Feb. 21 purchased a $300,000 temporary
loan at a 4% discount plus a premium of $5. The loan is dated Feb. 21
-BOND OFFERING.
LITTLE ROCK, Pulaski County, Ark.
-It is
1930 and is payable on Nov. 7 1930. The following is a list of the other reported that sealed bids will be received until Mar. 1, by the Chairman
of the Board of Commissioners, for the purchase of a $500,000 issue of
bids received:
BidderDiscount. street improvement district No. 508 bonds.
•Salomon Bros. & Hutzler (Plus 87)
4.03
LOMBARD, DuPage County, III.
-BONDS VOTED.
-At an election
First National Old Colony Corp
4.09
held on Feb. 8 the voters authorized the issuance of bonds to finance the
8. N. Bond & Co
4.15
construction of an addition to the local high school building by a favorable
HUNTINGTON BEACH, Orange County,Calif.
-BONDS VOTED.
- vote of more than 10 to 1. Authorized amount not given.
At a sped ii election held on Feb. 18. the voters authorized the issuance
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
of $122.000 in bonds as follows: $60.000 for municipal pier repairing was
-ADDITIONAL DEapproved 749 to 166 and a 663,000 issue for extension of the pier was DISTRICT NO. 64 (P. 0. Los Angeles), Calif.
TAILS.
-In connection with the sale of the 8262.437.40 issue of road
Indorsed 757 to 176.
widening bonds to the Wm. R. Stoats Co., of Los Angeles, as 6s, at 101.38,
HUTCHINSON COUNTY(P.O.Stinnett), Tex.
-BOND OFFERING. a basis of about 5.85%-V. 130. p. 1318
-we are now informed that the
_Sealed bide will be received by H. M. Hood, County Judge, until 10 interest is payable on Jan. and July 2. Legality subject to approval of
a. m.on March 3 for the purchase of a $30.000 issue of 57 coupon or regis- O'Meiveny, Tuller & Myers, of Los Angeles.
0
tered road bonds. Denom. $1,000. Dated in 1930. Due in 10 y_ears.
The only other bidder was Redfield, Van Evera & Co. of Los Angeles,
Prin. and int. (M. & N.) payable at the Central Hanover Bank & Trust offering a premium of $3,200 on gyis.
Co. in N. Y. City. A certified clitck for 3% must accompany the bid.
Financial Statement (As officially reported.)
(This report sunplemente that given in V. 130. P. 1318.)
Estimated actual value (before improvements)
56,000,000
IPSWICH, Essex County, Mass.
2.602.720
-LOAN OFFERING.
-The City Assessed valuation (Land) 1929-30
Treasurer will receive sealed bids until 12 m. on March 3, for the purchase Assessed valuation (Improvements) 1929-30
229.680
Bonded debt (This issue)
at a discount of a $100,000 temporary loan. dated March 6 1930 and payable
262,437
Area in acres
on Oct. 10 1930.
800.31
LUBBOCK COUNTY (P. 0. Lubbock), Tex.
-BOND OFFERING.
IRON COUNTY (P. 0. Crystal Falls), Mich.
-BOND ELECTION._
Sealed bids will be received by Robert H. Bean, County Judge, until Mar.
At an election to be held on April 7 the voters will pass on a proposal to
Issue $45,000 in bonds to finance the erection of buildings at the Iron 10 for the purchase of a $300.000 issue of 5% road bonds. Denom. $1,000.
Dated Mar. 10 1930. Due on Mar. 10 as follows: $4.000, 1931 to 1935;
River fair grounds.
$5,000. 1936 to 1940; 86.000. 1941 to 1945; 87.000. 1946 to 1950: $8,000,
IRONDEQUOIT (P. 0. Beachwood Station, Rochester), Monroe 1951 to 1955; 59,000, 1956 to 1960;810,000, 1961 to 1965, and 511,000, 1966
County, N. Y.
-BOND OFFERING.
-Earl A. Partridge, Town Clerk, to 1970, all incl. Prin, and int.(M.& S.) payable in Austin, or at the Cenwill receive sealed bids until 12 m.on Mar. 1, for the purchase of the follow- tral Hanover Bank & Trust Co. in New York City. A 113,000 certified
ing issues of coupon or relatered bonds aggregating $114.736.67, to bear check payable to the County Treasurer, must accompany the bid.
interest at a rate not exceeding 6%. stated in a multiple of 1-20th of 1%:
LUCAS COUNTY (P.
-BOND SALE.
-The 14
$98,000.00 sewer bonds. Denom. $1,000. Due on June 1, as follows: issues or bonds aggregating 0. Toledo), Ohio.
$336,700 offered on Feb. 24-V. 130, p. 836
$2.000 in 1931. and $4,000 from 1932 to 1955, incl.
were awarded as follows:
16,736.67 street improvement bonds. Denom. $1.000. one bond for
composed
To a
$736.67 due on June 1, as follows: $736.67 in 1931: 51.000, Mayer. syndicate Goetz & of Prudden & Co., of Toledo, Seasongood &
Moerlein, Inc., both of Cincinnati, as 5s, at
and Aasel,
1932 to 1941, incl.; and 52.000 from 1942 to 1944, incl.
par plus a premium of $639.30, equal to 100.38, a basis of about 4.89%;
1512
FINANCIAL CHRONICLE
64.990 local water supply system improvement bonds. Due on March 15
as follows: $8990, 1932, and $8,000 from 1933 to 1939 incl.
37,290 local water supply system improvement bonds. Due on March 15
as follows: $8,290, 1932; $8,000, 1933; and $7,000 from 1934 to
1936 incl.
16,780 local water supply system improvement bonds. Due on March 15
as follows: $3,780. 1932; $4,000, 1933; and $3,000 from 1934
to 1936 incl.
16,010 local water supply system Improvement bonds. Due on March 15
as follows: $4.010, 1932; and $3,000 from 1933 to 1936 incl.
12,560 sanitary sewer improvement bonds. Due on March 15 as follows: $2,560. 1932; $3.000. 1933 to 1934; and $2,000 in 1935
and 1936.
10,510 sanitary sewer improvement bonds. Due on March 15 as follows: $2,510, 1932: and $2,000 from 1933 to 1936 incl.
9,000 sanitary sewer improvement bonds. Due on March 15 as follows: $2,000 from 1932 to 1935 incl. and $1,000 in 1936.
The issues herewith were awarded to the above group as stated:
$144,340 sanitary sewer improvement bonds sold as 43,is at par plus a
premium of 531, equal to 100.002, a basis of about 4.74%. Due
on March 15, as follows: 514,340. 1932: $15,000. 1933 to 1936,
incl. and $14,000 from 1937 to 1941, incl.
'
2,000 local water supply system improvement bonds sold as 5345 at a
price of par. Due $1,000 on March 15 in 1932 and 1933.
The following issues were sold to the Provident Savings Bank & Trust
Co., of Cincinnati, as 53is, at par plus a premium of $52.44, equal to
100.30, a basis of about 5.16%:
6.960 local water supply system improvement bonds. Due on March 15
as follows: $1,960, 1932; $2,000. 1933; and $1,000 from 1934 to
1936 incl.
5,570 local water supply system improvement bonds. Due on March 15
as follows: 51,570. 1932; and $1,000 from 1933 to 1936 incl.
4,640 local water supply system improvement bonds. Due on March 15
as follows: $640. 1932. and $1,000 from 1933 to 1936 incl.
The Trust Co. also was awarded the following issues as 534s, at par plus
a premium of $2.95, equal to 100.04, a basis of about 5.48S'o:
3.510 local water supply system improvement bonds. Due on March 15
as follows: $1,510. 1932, and $1.000 in 1933 and 1934.
2,540 local water supply system improvement bonds. Due on March 15
as follows: $1,540. 1932, and $1,000 in 1933.
All of the above bonds will be delivered at the Court House in Toledo
on March 15 1930 and the date of issue of said bonds will be of that date.
Prin. and semi-annual int.(M.& S. 15) payable at the office of the County
Treasurer.
-BOND OFFERING.
LUCAS COUNTY (P. 0. Toledo), Ohio.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m.on March 13,fro the purchase of 8292,060
534% bonds issued to provide a fund to meet the payment of notes and
interest thereon which matured July 1 1929, which were issued from
highway construction purposes. Dated July 10 1929. Due on July 10 as
follows: $20,060. 1930; $30.000. 1931 and $29,000 from 1932 to 1939, incl.
Principal and semi-annual interest (Jan. and July 10) payable at the office
of the County Treasurer. A certified check for $500 must accompany each
proposal. Conditional bids will not be considered. The offering notice
states that a complete certified transcript of all proceedings, evidencing
the regularity and validity of the issuance of said bonds, will be furnished
the successful bidder in accordance with the provisions of Section 2295-3
of the General Code. A complete transcript of all proceedings relative to
the issuance of said bonds, up to the date of the sale thereof, is now on file
in the office of the County Commissioners for inspection by all persons
interested.
-A 550.000 issue of
-BOND SALE
LYONS, Boulder County, Colo.
4%% water bonds has recently been purchased by Joseph D. Grigsby &
Co., Inc., of Pueblo.
-The $150,-BOND SALE.
McKEESPORT, Allegheny County, Pa.
000434% coupon improvement bonds originally scheduled to have been sold
on Feb. 17-V. 130. p. 1010
-were actually awarded on Feb. 24 to M. M.
Freeman & Co., Inc., of Philadelphia, at par plus a premium of $2,623.50,
equal to 101.74, a basis of about 4.31%. The bonds are dated Jan. 1 1930.
Denom. $1,000. Due 510.000 annually from 1935 to 1949 incl. Int.
payable in January and July.
[VoL.130.
condition shall be attached to any bid that the transcript of said proceedings
or the legality thereof be first subject to the approval of attorneys for the
bidder, unless such attorneys beSquire. Sanders & Dempsey, Cleveland,
Ohio, or the Attorney General of Ohio.
-The fol-LIST OF BIDDERS.
MEMPHIS, Shelby County, Tenn.
lowing is an official list of the bids received for the $450,000 sewer and drain
and the $200,000 general hospital bonds that were awarded on Feb. 18V. 130, p. 1319:
Par.
Premium.
P.C.
*Chase Securities Corp., N. Y., and R. L. Day
4( $650,000 $7,501.00
& Co, Boston
M. M.Freeman & Co. Inc., N. Y.; Stranahan,
Harris & Oatis, Inc. 'Toledo, and C. F. Childs
4%
3,848.00
& Co., Inc., Chicago
650,000
Estabrook & Co., N. Y.,• Kissel, Kinnicutt &
Co., N. Y.; Kountze Bros., N. Y.; Hannabs, 4%
450,000
Bailin & Lee, N. Y., and A. K. Tigrett & 5h
200,000
Co., Memphis
Bankers Co. of N. Y., National City Co., N. Y.;
& Co., N.Y.,
Eldredge & Co., N.Y.;Emanuel
1,423.50
4( 650,000
and First Securities Corp., Memphis
Manhattan Say. Bank & Trust Co., Memphis;
Guaranty Co.of N.Y., Ames, Emerich & Co..
The Detroit Co., Inc., and The Northern
1,189.50
650,000
4M
Trust Co., Chicago
Halsey, Stuart & Co., Chicago; BancamericaBlair Corp., First National Old Colony Corp.,
Geo. B. Gibbons & Co., R. H. Moulton & Co.,
Stifel, Nicolaus & Co. and First National
1,014.00
4j 650,000
Co., St. Louis
Continental Illinois Co. Chicago; Harris Trust
& Savings Bank, Chicago; E. H. Rollins &
Sons, Chicago; Mercantile-Commerce Co.,
St. Louis; Union it Planters Co., Memphis,
750.00
650,000
43(
and Commerce Securities Co., Memphis
Caldwell & Co., Nashville; Lehman Bros., N. Y.;
Stone & Webster and Blodget, Inc., N. Y.;
Kean, Taylor & Co., N. Y.; It. W. Pressprich
173.55
650,000
& Co., N. Y., and J. C. Bradford & Co., N.Y_4M
Foreman State Corp. Chicago, and Saunders &
111.00
650,000
43i
Thomas,Inc., Meniphis
*Successful bidder.
MESA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Grand Junc-Sealed bids will be received until 5
-BOND OFFERING.
tion), Colo.
p. m. on Mar. 11 by Charles K. Holmburg, Secretary of the Board of
Trustees, for the purchase of an issue of $100,000 school bonds. Int, rate
is not to exceed 5%.payable semi-ann. Due $4.000 from 1941 to 1965 incl.
This offering is being made subject to an election to be held on Mar. 14.
A certified check for $1,000 must accompany the bid.
-The $56,500
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
fire department building and equipment bonds offered on Feb. 27-V. 130.
-were awarded as 43(s to the First Citizens Corp. of Columbus, at
P• 1146
par plus a premium of $192.10, equal to 100.34, a has of about 4.69%.
The bonds are dated March 1 1930 and mature on Sept. 1 as follows:
$4,708.37 in 1931, and $4,708.33 from 1932 to 1942 incl.
-BOND OFFERING.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-O. Asa French, County Treasurer, will receive sealed bids until 11 a, m.
on Mar. 19 for the purchase of the following issues of 434% coupon or registered bonds totaling 5933.000:
$769,000 road bonds. Due on Mar. 15 as follows: $40.000 1932 to 1941
incl.. and $41,000 from 1942 to 1950 incl.
143,000 bridge bonds. Due on Mar. 15 as follows: $7,000, 1932 to 1940
incl., and $8,000 from 1941 to 1950 inc.l.
21,000 sanitorium bonds. Due on Mar. 15 as follows: $2,000, 1932 to
1939 incl., and $1,000 from 1940 to 1944 incl.
All of the above bonds are dated Mar. 15 1930. Denom.$1,000. Prin.
and semi-ann. Int. (Mar. and Sept. 1) payable at the office of the County
Treasurer. No more bonds to be awarded than will produce a premium of
$1,000 over the amount of each issue. A certified check for 2% of the
amount of bonds bid for, payable to the order of the County Treasurer must
MAMARONECK (Town of), Westchester County, N. Y.-$198,000 accompany each proposal. The approving opinion of Caldwell & Ray-The Marine Trust Co. of mond of New York, as to the validity of the bonds will be furnished to the
434% BONDS OFFERED TO YIELD 4.35%.
New York is offering two issues of 434% coupon or registered bonds aggre- successful bidder.
gating $198,000 for public investment at prices to yield 4.35%. The bonds
-APPROVE S455.000
are said to be legal investment for savings banks and trust funds in the State
MONROE COUNTY (P. 0. Monroe), Mich.
of New York and were sold on Feb. 19 at 100.63, a absis of about 4.45%.- BOND ISSUE-At a meeting of the Board of County Supervisors on
V. 130, p. 1319.
Feb. 18 permission was given the County Road Commission to issue
Financial Statement (Officially Reported)
road improvement bonds, according to the Monroe Evening
$110,000,000 $455,000 the following day.
Actual valuation (estimated)
of
75.031,055 News"
Assessed valuation (1929)
2.602,000
Total bonded debt(incl.this)
,
MONROE COUNTY (P. 0. Woodsfield), Ohio. BOND SALB.-The
1.243,000
Net bonded debt
-were
33.600 road improvement bonds offered on Dec. 16-V. 129. p. 3668
Population 1925 State census, 13,124: 1930 estimate, 21,000.
of Cincinnati
awarded as 53.s to the Provident Savings Bank & Trust Co.about 5.20%.
at par plus a premium of $7.92. equal to 100.22, a basis of
-BOND OFFERING.
MARION COUNTY (P. 0. Indianapolis), Ind.
follows: $500from
-Harry Dunn, County Auditor, will receive sealed bids until 10 a. m. on The bonds are dated Nov. 1 1929 and mature on Oct. 1 as
March 17, for the purchase of $72,000 4% 7, voting machine purchase 1931 to 1936 incl., and $600 in 1937.
bonds. Dated Jan. 1 1930. Denom. $720. Due $7,200 on Jan. 1 from
-BOND
MORRISVILLE SCHOOL DISTRICT, Bucks County, Pa.
1931 to 1940, incl. Prin. and semi-annual interest (Jan. and July 1) pay-Walter R. Taylor, Secretary of the Board of Directors will
able at the office Of the County Treasurer. A certified check for 3% of OFFERING.
receive sealed bids until 8p. m. on Mar. 14 for the purchase of 579,0005%
the amount of bonds bid for, payable to the order of the Board of Count
t500. Due as
Commissioners, must accompany each proposal. No conditional bid will coupon school bonds. Dated Mar, 1 1930. Denom.
1943 to 1950 incl.;
be considered and the opinion as to the validity of the bonds is to be furnished follows: $2,000, 1935; $3,000. 1936 to 1942 incl.; $4,000,and semi-ann. int.
85.000. 1951 to 1954 incl., and $4,000 in 1955. Prin,
by the bidder.
payable
(M. & S. 1) payable in Morrisville. A certified check for $7,900,
-Lester S. to the order of Wm. W. O'Neil, District Treasurer, must accompany each
-BOND OFFERING.
MASSILLON, Stark County, Ohio.
Lash, City Auditor, will receive sealed bids until 12 m. on March 3 for the proposal. The bonds will he sold subject to the approval of the Department
Purchase of 556,500 5% special assessment street improvement bonds. of Internal Affairs.
Dated April 1 1930. Denom.$1,000 and $500. Due $7,500 on Oct. 1 from
-LIST OF OTHER
1931 to 1937 incl. Prin, and semi-ann. int.(A.& 0. 1) payable at the State
MOUNT VERNON, Westchester County, N. Y. received on Feb.
Bank, Massillon. Bids for the bonds to bear interest at a rate other than BIDS.
-The following is an official list of the other bids
will also be considered, provided, however, that where a fractional rate 17, for the $1,092,000 coupon or registered school bonds awarded as 4148
59'
& Co.,
is bid such fraction shall be h of 1% or a multiple thereof. A certified to a group composed of the Guaranty Co. of New York. Estabrook 4.37%.
check for 3% of the amount of bonds bid for, payable to the orderof the City and Barr Bros. & Co., all of New York, at 101.057, a basis of about
Successful bidder to furnish -V. 130, p. 1319.
Treasurer, must accompany each proposal.
Price Bid,
Int, Rate.
printed bonds.
BidderGeorge B. Gibbons & Co., Inc.; Roosevelt & Son;
and Dewey,
-The $100,000
-BOND SALE.
Stone & Webster and Blodget, Inc.;
MATA WAN,Monmouth County, N. J.
434% $1,099,205.02
Bacon & Co
5% coupon or registered improvement bond offered on Feb. 25-V. 130,
NaFreeman & Co. of Philadelphia, the only American National Bank & Trust Co.; First and
-were awarded to M. M.
p. 1146
tional Old Colony Corp.; R. L. Day & Co.;
bidders. Price paid not given. The bonds are dated May 1 1930 and
1,098,868.68
434%
Phelps, Fenn & Co
mature on May I as follows: $3,000, 1931 to 1952 incl., $4,000, 1953 to 1960
Eldredge & Co.; Kean, Taylor & Co.; Ames, Emincl., and $2,000 1n1961.
1,098,760.00
erick & Co
1,098,759.48
-BOND Bankers Co. of N. Y.; Harris, Forbes & Co
MEADVILLE SCHOOL DISTRICT, Crawford County, Pa.
-The 5120.000 434% coupon school bonds offered on Feb. 20-V. Bancamerica-Blair Corp.; Equitable Corp. of N.
SALE.
1.098,672.00
4;4%
awarded to A. B. Leahc & Co. of Philadelphia, at par
Y.; Wallace & Co
-were
130, p. 1146
plus a premium of $1,920. equal to a price of 101.60. a basis of about Chase Securities Corp.; L. F. Rothschild & Co.;
1.097,012.28
Emanuel & Co
4.33%. The bonds are dated March 1 1930 and mature on March 1 as
1,096,575.00
follows: 819,000, 1935: $4,000, 1936; 85,000, 1937 and 1938: $6,000, 1939 Marine Trust Co.of Buffalo
to 1942, incl.; $7.000, 1943 to 1945, incl., 88,000, 1946 to 1948, incl, and Lehman Brothers; E. H. Rollins & Sons; M.& T.
1,096,368.00
4;4%
.
Trust Co.; Edward Lowber Stokes & Co
$9,000 in 1949 and 1950. The following is an official list of the other bids
Rutter & Co.; Stephens & Co.; H. L. Allen & Co.;
submitted:
1.096.236.96
4;4%
Premium.
dderBatchelder & Co
$1,224.60
W. H. Newbold & Son & Co
-BOND
1,395.00
NEW ATHENS SCHOOL DISTRICT, St. Clair County, Ill.
R. M. Snyder & Co
1,273.20 OFFERING.
-S. J. Woodward, President of the Board of Education will
E.H. Rollins & Sons
1,726.80 receive sealed bids until 7 p. m. on Mar. 4 for the purchase of $38,000 4%
M. M. Freeman & Co., Inc
1.207.80 coupon school bonds. Dated Feb. 1 1930. Denom.81.000,$500 and $100.
Prescott Lyon & Co
1,675.85 Int. payable semi-annually on Mar. and Sept. 1. Prin, and int. Payable
Mellon National Bank
1,450.00 Athens, Bellville or Chicago. A certified check for $1.000 must accompany
J. H. Holmes & Co
each proposal. The validity of the bonds has been established by Chapman
MAYFIELD HEIGHTS (P.0. Cleveland), Cuyahoga County, Ohio. & Cutler of Chicago.
-BOND OFFERING -la L. Granger, Village Clerk will receive sealed
-BOND OFFERING. W. J.
NEWBURGH, Orange County, N. Y.
bids until 12 m. (Eastern standard time) on Mar. 3 for the purchase of
bids until 2 p. m. on March 4
$25,746.59 6% special assessment street improvement bonds. Dated McKay, City Manager, will receive sealed,
i, 434 or 4%% coupon or regisFeb. 1 1930. Denom. $1.000, one bond for $746.59. Due on Oct. 1 as for the purchase of the following Issues of 43
1 41
follows: 86,746.59, 1931: $6,000. 1932: 87.000. 1933, and $6,000 in 1934. tered bonds totaling $313,000:
Prin. and semi-ann. int. (April and Oct. 1) payable at the Guardian Trust $168,000 refunding bonds. Due on March 1 as follows: $8,000, 1931 to
1946 incl., and $10.000 from 1947 to 1949 incl.
Co., Cleveland. A certified check for 5% of the amount of bonds bid for.
155,000 street improvement bonds. Due on March 1 as follows: $7,000,
payable to the order of the Village Trcsurer, must accompany each pro1931 to 1945 incl., and $10,000 from 1946 to 1950 incl.
posal. The Council reserves the right to reject any and all bids and no
14a
MAR. 1 1930.]
FINANCIAL CHRONICLE
Both issues are dated March 1 1930. Denom. $1,000. The principal
will be payable at the office of the City Treasurer and the semi-annual
Interest (M. & S. 1) will be payable at the Highland-Quassaick National
Bank & Trust Co., Newburgh. A certified check for 2% of the amount
of bonds bid for, payable to the order of the City Treasurer, must accompany each proposal. The approving opinion of Hawkins, Delafield &
Longfellow of New York will be furnished to the purchaser.
1513
OSAGE COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Lyndon),
-Sealed bids will be received until 2 p. m. on
Kan.
-BOND OFFERING.
March 3, by 0. T. McDaniel, District Clerk. at the Lyndon State Bank
in Lyndon, for the purchase of a 563,000 issue of 4(% semi-annual school
bonds. Denom. $500. Dated Jan. 11930. Due on Jan. and July 1, from
Jan. 1 1931 to Jan. 1 1950. A certified check for 2% of the bid is required
-A $25.000 188118
PARSONS, Labette County, Kans.-BOND SALE.
-BONDS OFFERED of 43(% water works refunding bonds has recently been purchased by the
NEW MEXICO, STATE OF (P. 0. Santa Fe).
was Guarantee Title & Trust Co., of Wichita. Denom. $1,000. Dated March
-The 51.600,000 issue of highway bonds that
FOR INVESTMENT.
1935, incl.
purchased by a syndicate headed by John Nuveen & Co. of Chicago, as 1 1930. Due $5,000 from March 1 1931 to
5Xs and 6s. at 100.006, a basis of about 5.74%-V. 130. p. 1011-is now
-BOND SALE.
-The $175.PAWTUCKET,Providence County, R. 1.
being reoffered for public subscription by the successful bidders as follows: 0004 % coupon school funding bonds offered on Feb.21-V. 130, p. 1320
yield 5.10%.
6% debentures maturing from Jan. 1 1935 to 1938 are priced toLegal opinion were awarded to Harris, Forbes & Co., of Boston, at 99.70. a basis of
and the 514% bonds, due on Jan. 1 1939 and 1940 yield 5%.
about 4.53%. The bonds are dated Jan. 1 1930 and mature on Jan. 1,
of Thomson. Wood & Hoffman of New York City.
as follows: $85,000 in 1940 and $10,000 from 1941 to 1949, inclusive.
Financial Statement (Officially Reported).
An official list of the unsuccessful bids received follows:
5309.933,527
Assessed valuation,1929
Rate Bid,
Bidder10,359,500
Total bonded debt(incl. these debentures)
97.5702
A.B.Leach & Co.,Inc
$512.086
Lesssinking fund
95.375
9.847,414 Estabrook & Co
bonded debt
-3.17%
Net
98.80
H.M.Byllesby & Co.,and M.F.Schlater & Co.,jointly
Population (1920 U. S. census), 360,247; (1928 U. S. census, estimated, Stone & Webster and Blodget,Inc
99.53
396,000.
98.82
First National Old Colony Corp
98.70
(P. 0. Eldredge & Co
NEWPORT HARBOR UNION HIGH SCHOOL DISTRICT
98.30
-Sealed E.J.Coulon & Co
-BOND OFFERING.
Newport Beach), Orange County, Calif.
Clerk, until 11 a. m.on Mar.
bids will be received by J. M. Backs, County
-BOND SALE.
-The Town
PECATONICA, Winnebago County, Ill.
11 for the purchase of a $410,000 issue of 5% school bonds. Denom. Clerk informs us that an issue of $50.000 53 % high school building addi$1,000. Dated Mar. 1 1930. Due $16,000 from 1931 to 1955 incl. Prin. tion bonds was recently sold. The bonds mature in equal annual amounts
County Treasurer. A
and semi-ann. int. payable at the office of the
and were authorized by the electors by a vote of 380
to
certified check for 3% of the bid, payable to the Chairman of the Board of in from 1 an 20 years held on Feb. 8. Purchaser not disclosed.
election
Supervisors is required. The following statement accompanies the offering to 141 at
notice: The total valuation of taxable non-operative property within New-BOND SALE.
PENFIELD(P.O. Penfield), Monroe County, N. Y.
port Harbor Union High School District for the year 1929 is $9,137,290 and The Fairport National Bank & Trust Co., of Fairport, on Feb. 20 is re-•
the:outstanding bonded indebtedness of said school district is no issue at the ported to have purchased an issue of 57,000 fire apparatus purchase bonds.
timtrof County Auditor's affidavit dated Feb. 14 1930.
Rate of interest and price paid not stated. The bonds are dated Feb. 15
-The 1930. Denom. $1,400. Due $1,400 on Feb. 15 from 1931 to 1935. incl.
-ADDITIONAL DETAILS.
NEWTON, Jasper County, Iowa.
Principal and semi-annual interest (Feb. and August 1) payable at the
$103,000 issue of coupon funding bonds that was purchased by Geo. M. office of the above-mentioned institution or at some Rochester banking
-bears
Bechtel & Co. of Davenport at a price of 100.136-V. 130. p. 1319
interest at 4%. The next highest bidder was the White-Phlllips Co. of house.
Davenport offering a premium of $140.50 on 434s.
-BONDS REGISTERED.
PORT ARTHUR, Jefferson County,Tex:
-F. B. The 51.700.000 issue of 5% sea wall bonds that was reported to be sold-V.
-TEMPORARY LOAN.
NEWTON, Middlesex County, Mass.
registered on Feb. 19, by the State Comptroller. Due
-was
Moseley & Co. of Boston, on Feb. 27 were awarded.a $125.000 temporary 130, p. 1320
to 1950.
loan, due on Nov. 3 1930, at a 3.94% discount. The following is a list of from Feb. 1 1931
the other bids submitted:
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
Discount.
Bidder3.94% C. A. Blachly, County Auditor, will receive sealed bids until 10 a. m. on
Boston Safe Deposit & Trust Co
purchase of $2,638.40 6% ditch construction bonds.
.94
3 .7 March 15, for the
Shawmut Corp
Dated Jan. 16 1930. Denom. $263.84. Due $263.84 on May 15 from 1931
3.95
Bank of Commerce & Trust Co
to 1940, incl. Interest payable on May and Nov. 15.
3.96
Faxon, Gade & Co
3.97
First National Old Colony Corp
PORT ISABEL-SAN BENITO NAVIGATION DISTRICT (P. 0.
4.01
W.O.Gay & Co
-BOND OFFERING.
-Sealed bids
San Benito), Cameron County, Tex.
4.02
Salomon fires. & Hutzler (plus$3)
will be received until Mar. 14, by E. H. Downs, Chairman of the Board,
4.02
Day Trust Co
for the purchase of a $500,000 issue of 5H% semi-annual navigation bonds.
-BONDS OFFERED.
NINETY SIX, Greenwood County, S. C.
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
Sealed bids were received until 3 p. m. on Feb. 27 by W. B. Jeter. Town Salomon Bros. & Hutzler of Boston, on Feb. 28 purchased a $300,000 tempClerk and Treasurer, for the purchase of a $65,000 issue of 5% coupon orary loan at a 4.06% discount, plus a premium of $5. The notes are dated
water works and sower system bonds. Denoms. $1.000 and $500. Dated Mar. 5 1930, denoms. to suit purchaser, and are payable on Oct. 7 1930 at
Jan. 11930. Due on Jan. 1 as follows: $10,000. 1935:$2.500. 1936 to 1940; the First National Bank of Boston. Legality to be approved by Ropes.
$3,000. 1941 to 1945; $4,000, 1946 to 1949, and $11,500 in 1950. Prin. Gray, Boyden & Perkins of Boston. The issue is being reoffered by the
and int. (J. & J.) payable at the Central Hanover Bank & Trust Co., purchasers for public investment at a price to yield 4.05%.
N. Y. City. The bonds will be sold subject to the approving opinion of
New York bond attorneys selected by the town, and the purchaser will be
-FINANCIAL STATEPORTLAND, Multnomah County, Ore.
required to payfor the opinion and the cost of printing.
-In connection with the offering scheduled for March 18 of the
MENT.
(This report corrects that given in V. 130, p. 1319.)
-V. 130, p. 1320
-we are now in
$1.000.000 issue of 4% water bonds.
-Wallace receipt of the following official statement:
-BOND OFFERING.
NOBLE COUNTY (P,0. Albion), Ind.
Feb. 11930.
Summary of Bonded Indebtedness
0. Harder, County Treasurer, will receive sealed bids until 2 p. m. on
$11,817.000.00
March 8, for the purchase of $5,590 5% Frank P. Taggart et al road con- a General bonded debt
8.275.000.00
struction bonds. Dated March 15 1930. Denomination $139.75. Due Dock bonded debt
19,479.000.00
$139.75. July 15 1931; $139.75, January and July 15 from 1932 to 1950. b Water bonded debt
142,000.00
Interest payable on Jan. and Public utility certificates
inclusive, and $139.75 on Jan. 15 1951.
8,337,012.70
Improvement bonds
July 15.
-BOND OF548.050,012.70
NORTH TARRYTOWN, Westchester County, N. Y.
Total bonds outstanding
FERING.
-Thomas A. Quinn, Village Clerk, will receive sealed bids until Sinking funds
51.127.245.44
General bonds, investment account
8 p. m. on March 7, for thp purchase of 513.000 coupon or registered fire
179,019.73
General bonds, cash account
apparatus purchase bonds, to bear interest at a rate not exceeding 6%,
1,115.500.00
Dock bonds, investment account
stated in a multiple of si of 1%. Dated March 11930. Denom. Si
incl. Principal and
5.554.31
bonds, cash account
on March 1, as follows: $1,000 from 1931 to
Due
Dock
1943'
3,614,640.00
semi-annual interest (Mar.and Sept. 1) payable at the First National Bank.
Water bonds, investment account
18.93.5.82
North Tarrytown. A certified check for 2% of the amount of bonds bid
Water bonds, cash account
211,301.32
for must accompany each proposal. The approving opinion of Reed,
Improvement bond sinking fund,cash acct
Improvement bond staking fund, investHoyt & Washburn, et New York. will be furnished to the purchaser.
218,440.36
ment account
OFFERING.
-Sealed bids
-BOND
NORTON, Norton County, Kan.
will be received until 8 p. m.on March 4. by Edna L. Guthrie, City Clerk,
$6.490,636.98
for the purchase of a $4,500 issue of 43 , semi-annual airport bonds.
Denom. $500. Dated Jan. 11930. Due on Jan. 1, as follows: $500 in 1942
Net bonded indebtedness
$41.559,375.72
and $1.000, 1943, 1945, 1946 and 1947. A complete transcript of the pro- Payable from general taxation
ceedings will be furnished to the successful bidder. A certified check for
$11,817,000.00
General bonds
1.306.265.17
2% of the bid is required.
Less sinking fund
OAKLAND,Alameda County,Calif -BONDSOFFERED.--Sealed bids
.
$10,510,734.83
Net gen. bds. outst'd'g
were received until noon on Feb. 27 by Frank C. Merritt, City Clerk, for Payable from revenue & taxation
the purchase of an issue of $500,000 not exceeding 5% harbor improvement
58.275.000.00
Dock bonds
Due on July 1 as follows:
bonds. Denom. $1.000. Dated July 1 1926.
1,221,054.31
Less sinking fund
to 1966,
$20,000, 1930: $14,000, 1931 to 1942, and 513,000. 1943 office of all incl.
the City
Principal and semi-annual interest payable In gold at the
7,153,945.69
Net dock bonds outst'd'g
Treasurer. These bonds are part of a total L48110 of 59,960,000. voted on Payable from water revenue
Nov. 10 1925, of which $7,000,000 have been sold. The approving opinion
$19,479,000.00
Water bonds
will be furnished.
of Orrick, Palmer & Dahlquist, of San Francisco
3.633,575.82
Less sinking fund
OCEAN BEACH, Suffolk County, N. Y.-730ND OFFERING.
15,845,424.18
Net water bonds outst'd'g
sealed bids until 12 m. on
Roland W. McCurdy, Village Clerk will receive
Attorney, 115 Broadway, Pay,from assessm'ts against
Mar. 12 at the office of Leroy B.'sermon, Villageregistered street improveprivate property & not a
coupon or
New York, for the purchase of $8,000
part of the limitation by
ment bonds to bear int, at a rate not exceeding 6%. Dated Mar. 1 1930.
law as to indebtedness:
Denom. $500. Due $500 on Mar. 1 from 1931 to 1946 incl. Prin. and
Improvement bonds--- $8,337.012.70
in gold at the First National
semi-ann. Int. (Mar. and Sept. 1) payable
429,741.68
Less sinking fund
payable to the
Bank & Trust Co., Bay Shore. A certified check for $250The
approving
the Village must accompany each proposal.
order of
7.907.271.02
Net improvement bonds outst'd'g__
will be furnished to the
opinion of Clay, Dillon & Vandewater of New York
142,000.00
Public utility certificates
Purchaser.
-The 88,500
OCONTO FALLS, Oconto County, Wis.-BOND SALE.
issue of 5% semi-annual city bonds that was offered for sale on Jan. 6-was purchased locally.
V. 129, P. 4169
-BOND OFFERING.-§ealoi
OLD FORT, McDowell County, N. C.
bids will be received until 11 a.m. on March 8, by L. L. Caplan, Town
Clerk, for the purchase of a $10,000 issue of water bonds. Interest rate is
0
not to exceed 6% stated in multiples of X of 17. Denom. $500. Dated
Oct. 1 1929. Due $500 from April 1 1932 to 1951, incl. Principal and
interest (A. & 0.) payable at the Chase National Bank in New York City.
The purchaser will be furnished with the legal approval of Storey.Thorndike,
Palmer & Dodge, of Boston. A certified check for 2%, payable to the
Treasurer, is required. (These bonds were unsuccessfully offered on
Dec. 27-V. 130. P. 665.)
ORANGE COUNTY WATERWORKS DISTRICT NO. 4 (P. 0. San
-The $36,_000 issue of 6% semiJuan Capistrano). Calif
.-BOND SALE.
-was
annual water bonds offered for sale on Feb. 11-V. 130, p. 1012
awarded to Redfield. Van Evera & Co., of Los Angeles, for a premium of
equal to 100.35. a basis of about 5.95%. Dated Feb. 1 1930. Due
$126,
""1
.•
from Feb. 1 1932 to 1947, inclusive.
"
.
•ad tiP.4 ,-Rmi
The other bids for the bonds were as follows:
Premium.
Bidder$10.00
G. Hilleary
J.
1 00
G. W. Bond & Bon
OSAGE COUNTY SCHOOL DISTRICT NO. 50 (P.O. Prue), Okla.
-The $6,000 issue of coupon school bonds offered for sale
-BOND SALE.
-was awarded to Mr. A. B. Budlong of Tulsa,
on:Feb. 10-Y. 130, D. 1012
as 514s and 6s, at par. Due $500 from 1934 to 1945, inclusive.
$41,559.375.72 $41,559.375.72
Total net bonded indebtedness
a Of this amount the sum of 23,837.500. as provided by charter amendments, is not included in our debt limit. b Principal and interest of
$1,250,000 water bonds issued during 1909-1910 are payable from general
taxation and are not included in this amount.
Amount to be raised by taxation for city purposes, 1929 to 1930 as follows:
1929.
1930.
$3,845,581.00 $3,971,922.00
General fund
560.827.00
Bonded indebtedness interest fund
606,171.00
413,441.00
Sinking fund
464.850.00
102,040.00
Playgrounds & parks fund
50,000.00
70,459.00
Special bridge fund
57,500.00
232,568.00
increase fund
Ffremen's salary
231,883.00
168,231.00
Policemen's salary increase fund
172,488.00
102,690.00
Firemen's relief & pension fund
103.500.00
34,928.00
Polcemen's relief & pension fund
34,739.00
759.263.00
Public docks fund
748,587.00
$6,290 018.00 $6,441,640.00
Total
1929.
Assessed valuation for city:
1930.
Real estate
$159,501.945.00 $161.541.145.00
Improvements
98.200,635.00 102,480.655.00
property
Personal
45,085.073.00
42,790,270.00
Public service corporations
39.414.055.00 40,579.105.00
2 2.201,708.00 $347.391,085.00
34
Assessed val. for county, inc.l. city --$ 3.746,038.00 $380,228,745.00
37
Property assessed by County Assessor at 75% of cash value on land and
50% of cash value on buildings. Population (1930 animated). 386.500.
1514
FINANCIAL CHRONICLE
PORT CLINTON, Ottawa County, Ohio.
-BOND OFFERING.
H. E. Christiansen, Village Clerk, will receive sealed bids until 12
March 11, for the purchase of $18,631.42 514% special assessment m. on
improvement bonds. Dated March 1 1930. Denom. $1,000, one street
bond
for $631.42. Due on Sept. 1 as follows: $631.42. 1931; 52.000.
1932 to
1934, incl. $3.000, 1935; $2,000, 1936 to 1938.
Interest payable on March and Sept. 1. Bids forincl., and $3,000 in 1939.
the bonds to bear interest
at a rate other than 534% will also be considered, provided, however,
that
where a fractional rate is bid such fraction shall be X of I% or multiple
thereof. The bonds will be awarded to the highest responsible bidder
offering not less than par and accrued interest on said 11th day of March
1930, and will be ready for delivery, with a complete certified transcript
evidencing the legality of said bonds to the satisfaction and approval of
Attorneys Messrs. Suqire, Sanders and Dempsey, of Cleveland, Ohio,
whose approving opinion will be furnished without charge on March 18
1930.
The successful bidder will be required to take up and pay for said bonds
promptly on the date herein fixed for their delivery and payment for same
shall be made in cash or by certified check on a bank doing regular
in the Village of Port Clinton Ohio. Bids otherwise conditioned business
will not
be considered.
PORTLAND,Multnomah County, Ore.
-BOND SALE.
-The $51,000
issue of 434 7,, semi-annual fire boat, fire station and fire bureau equipment
bonds offered for sale on Feb. 18-V. 130. p. 1012
-was purchased at par
by the City Treasurer. Dated March 1 1930.
[VOL. i311
ST. JOHN SPECIAL SCHOOL DISTRICT, Mercer County, Ohio.
-BOND SALE.
-The $35,000 grade and high school building bonds
offered on Feb.25-V. 130, p. 1320
-were awarded as 53-15 to the
Bank, Celina, at par plus a premium of 31,050, equal to 103, Citizens
basis of
about 4.19%. The bonds are dated March 1 1930 and mature a follows:
as
3500. Sept. 1 1931; 3500, March and Sept. 1 in 1932 and
1933; $1,000,
March 1 and $500 on Sept. 1 from 1934 to 1954 incl., and
$1,000 on March 1
in 1955. The following is an official list of the other
bids received:
BiddersInt. Rate.
Prem.
i
van, Sutherland & Co. Toledo
$5425501...000000
Callahan Ft oo., Cleveland
554
Commercial Bank, Celina
5
Banc Ohio Securities Co., Columbus
290.50
Blanchet, Bowman & Wood, Toledo
59.50
56
Minster State Bank, Minster
5
175.00
Well, Roth & Irving Co., Cincinnati
SALEM, Marion County, Ore.
-BOND DESCRIPTIOIThe $ . .
38 600
09 48312 issue of67. improvement bonds that was purchased by the Freeman,
Smith & Camp Co. of Portland, at a price of 103.24-V. 130,
p. 1321
is due in 1940 and optional after 1932. Denom. $500.
(F. & A.) payable at the office of the City Treasurer. Prin. and int.
Basis of about
5.57%,if run to maturity.
D
McDonald.
SALINE TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO 1.
(P. 0. Saline), Washtenaw County, Mich.
-BOND OFFERING.
Anna Miller, Secretary of the Board of Education, will receive sealed bids
until 3 p. m. (eastern standard time) on March 4, for the purchase
of
$150,500 414, 434, or 5% school bonds. Dated March 1 1930. Denom.
$1,000. Due on March 1 as follows: $3,000. 1933 to 1939, incl.: $4,000
1940 to 1943, incl.: 55.000. 1944 to 1947, incl.: 56,000, 1948 to
$7,000, 1951 to 1955, incl., and $8,000 from 1956 to 1960, incl. 1950, incl.;
Purchaser
to furnish printed bonds and legal opinion. Principal and
semi-annual
interest payable at some bank or trust company mutually agreeable. A
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on March 17 by Geo. J. Ries, certified check for 32,000, payable to the order of the District Treasurer,
County Auditor, for the purchase of a $500,000 issue of coupon city hill must accompany each proposal. These bonds were authorized to 160 sold
•
and court house, series A, bonds. Int. rate is not to exceed 434%, stated at an election held recently. Of the votes polled, 196 favored the measure
in multiples of X of 1%. Bids below par are not acceptable. Denom. and 151 disapproved of it-V. 129, p. 4170. This issue was originally
$1,000. Dated Apr. 1 1930. Due in increasing amounts from April 1 1931 scheduled to have been sold on Feb. 18-V. 130, p. 1148. The district
to 1950 incl. Prin. and int. (A. & 0.) payable at the office of the County reports an assessed valuation of $1,403,990. This issue will represent its
County Treasurer, at the First National Bank of St. Paul or at the Chase total bonded debt. Population est. at 1,100.
National Bank in New York City. The County will prepare and furnish
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
the bonds and coupons as well as the approving opinion of Wm. F. Hunt
-BONDED DEBT OF
of St. Paul and Thomson, Wood & Hoffman of N. Y. City. The principal COUNTY AND CITY OF FREMONT.-The following dealing with the
only of the bonds can be registered. Authority: Chap. 397, Seas. Laws bonded debt of the county and of the city of Fremont appeared in the
Feb. 26 issue of the Toledo "Blade": "Bonded debt of Sandusky county,
of Minn., 1929. Expense of delivery to be paid by purchaser. A certified
exclusive of Fremont, was $2,366,117 Dec. 31, according to a report of
check for 2% of the bid is required.
Auditor Walter W. Hofolich, here. Fremont had a bonded debt of
Official Financial Statement.
929.52 but while the county paid off debts of $516,277.24 and added $349,Actual value of taxable property, 1929 (estimated)
of $515,017.83 during the year, the city paid off only 551,820 and others
$579,170,604.00
added
Assess value of taxable property, 1929
284,434,916.00
Assessed value of real estate
"The Fremont school debt was given as $536,000, but $350,000
$156,839,842.00
Assessed value of personal property
was added during 1929. Other school districts in the county were of this
32,598.396.00
5634,Assessed value of money and credits
819.20 in debt."
94,870,273.00
Assessed value of elec. It. and pow. co's_128,405.00
Total indebtedness of Ramsey County Feb. 17 1930:
SAN FRANCISCO, San Francisco County, Calif.
-BOND ELECTrunk highway reimbursement assumed
TION.
-On Feb. 17 the Board of Supervisors designated Aug.26 as
by State of .Minnesota
on which there will be hold the special election on the power bond the date
$173,768.48
issue of
Series A" to F" incl. road and bridge
approximately $60,000,000 to acqpire the local distributing plants and
bonds, Ch. 388, S. L. Minn. 1923_
systems of the Pacific Gas and hlectric and the Great Western Power
4,796,000.00
Series G" and H" road and bridge
companies for the Retch Hetchy system power distribution. Aug. 26 is
bonds, Ch. 116, S. L. Minn.. 1929
also the date of the State primary election.
2,000,000.00
Hospital bonds, Ch. 398,5. L. Minn.'23
223,000.00
Hospital and almshouse bonds, Ch. 70,
SAN GABRIEL WATER DISTRICT NO. 1 (P. 0. San Gwbr iel_)•
a e re
S. L. Minn., 1927
116,000.00
Los Angeles County, Calif.
-BONDS OFFERED.-Selled bids
re37,308.768.48 ceived
25 for
Average tax rate for 1929 for $1.000 taxaole value, 872.17; taxable issue ofby the District Clerk until Feb. 1 1930.the purchase of a 513.000
6% wat( r bonds. Dated March
Due on March 11950.
value of real property is 33 1-3% and 40% of actual v Me; taxable value
of personal property is 10% to 40% of actual value; tax on money and
SA.NTA BARBARA, Santa Barbara County, Calif.
-BOND ELECcredits Is $3 on 31.000 actual value. Population, 1920 Census, 244,544: TION.
-On recommendation of the Superintendent of Schools, the city
estimated now, 304,221.
school board on Feb. 17 called a special election for Mar. 28 on the issuance
of $950,000 in bonds to provide now school buildings and land.
RANKIN SCHOOL DISTRICT, Allegheny County, Pa.
-BOND OFFP',RIN.:- Lee Van Meter, Secretary of the Board of lAstrict Directors,
SAYREVILLE SCHOOL DISTRICT, Middlesex County, N. J.
will receive sealed bids until 8 p. m. on March 10. for the purchase of $210,- ONLY ONE•BID RECEIVED.
-In connection with the report of the sale
000434% coupon school bonds. Dated March 1 1930. Denom. CAN. on Feb. 18 of 312.000 coupon or registered school bonds as 5s to C. A.
Due OA March 1. as follows: 51.000, 1935 and 1936; 53,000,1937 and 1938; Preim & Co.. of New York, at 100.002, a basis of about
4.9970-V.
34.000, 1939 and 1940: 55.000. 1941 to 1943, incl.: 37.000, 1944 to
P. 1321-we learn that the accepted bid was the only one submitted. 130.
The
incl.; 53,000. 1948 to 19.51, incl., and 513,000 from 1952 to 1960.1947. bonds are dated June 15 1929 and mature on June 15,
incl.
Printed bonds to be furnished by the successful bidder. A certified check 1931 to 1952, incl., and 54,000 from 1953 to 1960, incl. as follows: $5,000.
for $5,000, payable to the order of the Scheel Listrict, must accompany
each proposal. Sale of the bonds has been authorized by the Department
SHARON SPECIAL SCHOOL DISTRICT (P. 0. Sharon), Weakley
of Internal Affairs.
County, Tenn.
-BOND SALE NOT CONSUMMATED.
-We now learn
that the sale of the $20,000 issue of school bonds to Little, Wooten & Co..
-was not consummated as the attorney ruled
ROBERTSON COUNTY (P. 0. Franklin), Tex.
-BONDS REGIS- of Jackson-V. 130.. p. 1148
TERED.
-The State Comptroller on Feb. 18 registered a 34,000 issue of the issue was unconstitutional.
5% road precinct No. 8 bonds. Due in from 10 to 25 years.
SHREVEPORT, Caddo Parish, La.
-BOND SALE.
-The $500,000
ROCHESTER, Olmsted County, Min.
-BOND SALE-The two issue of coupon water works bonds offered for sale on Feb. 20-V. 130.
issues of bonds aggregating $32,000 offered for sale on Feb. 26-V. 130, P. 1013
-was purchased on Feb. 21 by Caldwell & Co., of Nashville, as
-were purchased by the Shaking Fund Commission for a premium 58, at par. Dated March 11930. Duo on March 1 1940.
p. 1147
of $1.300.50. equal to 101.03, a basis of about 4.18%. The issues are
The successful bidder agreed to pay 3% on daily balance and 434% on
described 33 fellows:
the sinking fund. The Commercial National Bank of
will act
$17,000 4347 savage disposal plant bonds. Due from Dec. 1 1941 to 1944. as trustee and will pay 4% on interest and sinking fund Shreveportcharges.
and no fee
15.000 4X % improvement bonds. Due from Dec. 1 1931 to 1940.
SSelbyyille), Ind.
SHELBY
0.
-BOND SALE.
-The
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND OFFERING. three issues COUNTY (P.
-V. 130
-George S. Utter, Village Clerk, will receive sealed bids until 8 p. m. on 0 1, 48- of bonds aggregating $52,240, offered on Feb. 2I
. ,1a
lvei
March 19, for the purchase of the following issues of coupon or registered 111 1 8 followlawarded to the Fletcher Savings & Trust Co., of Indianan'
bonds aggregating $185,000. to bear interest at a rate not exceeding 5%, 341.6005%
Ed. P. Kuhn et al highway construction bonds sold at par,
stated in a multiple of X or 1-10th of 17
0:
plus a premium of 51.058, equal to 102.54, a basis of about 3.987..
$98,000 series D sewer bonds. Due 33,000. March 1 from 1935 to 1966,incl.
Duo $2,050, July 15 1931: 5?,080, Jan. and July 15 1932 to 1940,
69,000 water bonds. Due $3,000 on March I from 1935 to 1957, incl.
inclusive. and 52.030. Jan. 15 1941,
20.000 highway bonds. Due 32.000 on March 1 from 1931 to 1940, incl.
7.200 414% Arthur J. Young et al highway construction bonds sold at
All of the above bonds are dated March 11930. Denom. 51,000. PrinPar. Mum a premium of 101, equ'al to 101.26. a basis of about
and semi-annual interest (Mar. and Sept. 1) payable in gold at the First
4.24%. Dated Feb. 15 1930. Due $360. July 15 1931: 5360.
National Bank, Rockville Centre. A certified check for $4,000, payable
Jan. and July 15 from 1932 to 1940 incl., and $5360 on Jan. 15 1941.
to the order of the Village, must accompany each proposal. The approving
5.400 4'4% John di osch et al highway construction' bands sold at par,
opinion of Clay, Dillon & Vandewater, of New York, will be furnished to
Plus a premium of $58. equal to 101.25, a basis of about 4.24%.
purchaser.
the
Due on Jan. and July 15 from July 15 1931 to Jan. 15 1941.
In the following we give the names of the bidders and their bids. desigROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING,
- nating the issues bid for as follows: A. $41,600; B, $7.2010,r;
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. (eastern
Premiums
standard time) on March 3,for the purchase of 56,9756% special assessment
A.
A.
B.
C.
street improvement bonds. Dated March 11930. Due on Oct. 1,as follows: Inland Investment Co:, Indianapolis
$707.50
$7.50
$5.50
$1.375. 1931, and $1,400 from 1932 to 1935, incl. Principal and semi- The Meyer-Kiser Bank. Indianapolis
860.00
79.00
1.00
annual interest (April and Oct. 1) are payable at the First National Bank of Campbell & Co., Indianapolis
.00
2.00
1.00
Rocky River. Bids for the bonds to be bear interest at a rate other than *Fletcher Savings & Trust Co.. Indianapolis_ _ _ 1,058.00
91.00
68.00
67 will also be considered, provided, however, that where a fractional rate Thomas D. Sheerin & Co., Indianapolis
0
605.00
--is bid such fraction shall be X of 1% or a multiple thereof. A certified City Securities Corp.. Indianapolis
805.00
13.06
1100
check for 5% of the amount of bonds bid, for payable to the order of the
•Awarded three issues.
Village Treasurer, must accompany each proposal.
SNYDER, Kiow County. Okla....4301%7D OFFERING.
-Sealed bids
ROOSEVELT,Kiowa County, Okla.
-BONDS NOT SOLD.-The $37,- will be receivcd by George Robinson. Town Clerk, until 2 p m. on March 3
000 issue of not to exceed 6% semi-annual water works extension bonds for the plus base of three issues of bonds aggregating $40,000 as follows:
.
offered on Feb. 6-V. 130. p. 1012
-was not sold as no satisfactory bid was $22.000 water works extension, 515.000 town hill and $3,000 fire-fighting
equipment bonds. A certified check for 2% must accompany the b d.
received. Dated Feb. 1 1930.
(These bonds were previously scheduled for sale on Feb. 17-V. 130.
BONDS RE
-OFFERED.
-Sealed bids will again be received for the purP. 1012.)
chase of the above coupon bonds, by J. J. Prather, Actin; Town Clerk,
until 4 p. m. on March 5. Interest rate is not to exceed 6%, payable semiSOMERVILLE, Middlesex County, Mass.
-TEMPORARY,LOAN.
annually. Dated Feb. 1 1930. A certified check for 2% of the bid is The
$250,000 temporary loan offered on Feb. 29-V. 130,
1321-was
required.
awarded to the Bank of Commerce & Trust Co. of Boston atp. 3.95% disa
count. The
RUSSELLVILLE, Jefferson School District, Brown County, Merchants loan is dated Feb. 24 1930 and is payable on Nov.7 1930 at the
National Bank of Boston or at the Central Hanover Bank &
Ohio.
-BOND OFFERTh G.
-W. C. Richey, Clerk of the Board of Education, will receive sealed bids until 12 m. on March 3, for the purchase of Trust Co., New York. The following is a list of the other bids received:
Bidder$12.000 514% school building construction bonds. Dated April 1 1930. First National
Old Colony Corp.(plus $1.55)
Denom. $500. Due as tillows: $100. April 1 and $1,000. Oct. 1 from 1931 ssahl rchount
M e m ante osora &.lonal Bank __________________________________________________
aowm
ncrN p.t
to 1942, incl., and 31.000. April and Oct. 1 from 1943 to 1954. incl. Int.
sus s55;us 4_ 5
_w _ _ 8
_ ,
: 02
1i
4 0
payable on April and Oct. 1. Bids for the bonds to bear interest at a rate
(pHluustzter5)
other than 534% will also be considered, provided, however, that where W.O.Gay &
Co
a fractional rate is bid such fraction shall be 14 of 1% or multiple thereof.
S.
4.03
A certified check for $500. payable to the order of the Board of Education,
(plus $
4.03
must accompany each proposal.
S. N. 0nade go ( lus 38)
°843 d
:°
el
e:
7P
o
4.17%
PRINCE GEORGE'S COUNTY (P. 0. Upper Marlboro), Md.BOND .SALE.
-The $125.1300 434% coupon road construction bonds offered on Feb. 25-V. 130. P. 1012
-were awarded to Robert Garrett &
Sons, and the Baltimore Trust Co., both of Baltimore, jointly. at 102.229.
a basis of about 4.377
0. The bonds are dated July 1 1929. Denom.
51.000. Due in 1959. Interest payable in Jan. and July.
MAR. 1 19301
FINANCIAL CHRONICLE
-BOND OFFERING.
SPENCERVILLE, Allen County, Ohio.
Robert M. Sunderland. Village Clerk, will receive sealed bids until 12 m.
on March 7 for the purchase of $21,886.26 6% property owners' portion
water works system construction bonds. Dated March 1 1930. Denom.
$1,000, one bond for $886.26. Due on Sept. 1 as follows: $2,000, 1931 to
1938 inclusive; $3,000, 1939, and $2,886.26, 1940. Interest payable on
March and Sept. 1. The bonds will be sold to the highest and best bidder
for not less than par and accrued interest. Anyone desiring to do so may
present a bid or bids for such bonds based upon their bearing a dfiferent
rate of interest than 6%, provided, however, that where a fractional
interest rate is bid such fraction shall be yi of 1% or multiples thereof.
All bids must be accompanied with a certified check, payable to the Clerk
of said Village, for 5% of the amount of the bonds bid for, upon condition
that if the bid is accepted the bidder will receive and pay for such bonds
as may be issued as above set forth within ten days from the time of award;
said check to be retained by the Village if said condition is not fulfilled,
-Mary K. RickSTARKE COUNTY (P. 0. Knox), Ind.
-NO BIDS.
ett, County Auditor, reports that no bids were received on Feb. 24 for the
purchase of the 18,752.38 6% John P.()rigor et al drain construction bonds
offered for sale.
-V. 130, p. 1321. The bonds are data Feb. 1 1930 and
mature on June 1 as follows: $877.38. 1931, and $875 from 1932 to 1940 incl.
STEUBEN COUNTY (P. 0. Angola), Ind.
-BOND OFFERING.
Frank 0. Watkins, County Treasurer, will receive sealed bids until 1 p. m.
on March 1 for the purchase of $4.300 5% Delpha Stewart road construction bonds. Dated Feb. 15 1930. Denom. $215. Due $215, July 15
1931; $215, Jan. and July 15 from 1932 to 1940 inclusive, and $215 on
Jan. 15 1941. Interest payable on Jan. and July 15.
BOND OFFERING.
-Sealed bids will be received at the same time for the
purchase of $1,443.60 6% drain construction bonds. Dated Feb. 3 1930.
Denom. $300, one bond for $243.60. Due on May 15 as follows:$300 from
1931 to 1934 incl., and $243.60 in 1935. Int. payable on May and Nov. 15.
•
1515
$70.000 on April 1 from 1932 to 1956 incl. Bids for the bonds to bear
Interest at a rate other than 5% will also be considered, provided, however,
that where a fractional rate is bid such fraction shall be % of 1% or a
multiple thereof. Principal and semi-annual int. (A. & 0. 1) payable at
the Chemical Bank & Trust Co., New York. A certified check for 1% of
the par value of the bonds bid for, payable to the order of the Treasurer of
the Board of Education, must accompany each proposal.
-BOND OFFERING.
TOWNSEND, New Castle County, Del.
-James
A. Hart, President of the Board of Commissioners, will receive sealed bids
until 2 p. m.on Feb.28 for the purchase of$14,000 5% town bonds. Dated
Mar. 1 1930. Denom. $1,000. Due in 30 years; optional after 5 years.
Prin. and semi-ann. int. payable at the Townsend Trust Co. A certified
check for 10% of the amount of bonds bid for must accompany each proposal.
-BOND OFFERING.
-Sealed bids will
TROUP, Smith County, Tex.
be received by J. A. Pearce, City Secretary, until Mar. 10 for the purchase
of the following three issues of bonds aggregating $60,000: $25,000 sewer,
$21,000 water works and $14,000 refunding bonds. All of the above bonds
bear interest at 5%•
-OFFER $73,500 4.75%
TUCKAHOE, Westchester County, N. Y.
-Improvement bonds bearing 4.75% interest
IMPROVEMENT BONDS.
and amounting to $73,500 are being offered by the Marine Trust Co.,
of New York, for public investment at prices to yield 4.40%. The bonds
are dated Jan. 1 1930 and mature annually on Jan. 1 from 1931 to 1950
inclusive. They are reported to be legal investment for savings banks and
trust funds in New York State. Legality is to be approved by Clay. Dillon
& Vandewater, of New York,
Financial Statement (Officially reported).
513.367,667
Assessed valuation (1929)
Total bonded debt (incl. this)
716.307
76 0
'6
Population 1930 estimate, 6,000.
-BOND SALE.
-A $75,000 issue of
TULSA, Tulsa County, Okla.
434% incinerator plant bonds is reported to have been purchased by the
First National Bank & Trust Co. of Tulsa.
-BOND SALE.
STEUBENVILLE, Jefferson County, Ohio.
-The
$40,600 coupon real estate purchase bonds offered on Feb. 20-V. 130,
p. 1013-were awarded as 4%s to Seasongood & Mayer ef Cincinnati at
-BOND OFFERpar plus a premium of $44, equal to 100.10, a basis of about 4.73%. The
'TUSCALOOSA COUNTY (P. 0. Tuscaloosa), Ala.
bonds are dated Feb. 1 1930 and mature on Sept. 1 as follows: $4,600, 1931, INC.-Sealed bids will be received until 11 a. m. on March 17, by the
and $4,000 from 1932 to 1940 incl.
Probate Judge,for the purchase of a $200,000 issue of 5% semi-annual road
bonds. Venom. $1,000. Dated April 1 1930. Due on April 1 1960.
-BOND OFFEFSUNFLOWER COUNTY (P. 0. Indianola), Miss.
-BOND SALE.
-The 36.500
UNIONVILLE, Orange County, N. Y.
ING.-Sealed bids will be received by the Clerk of the Board of Supervisors,
until Mar. 12for the purchase of a $50,000 issue of6% semi-ann.road bonds. 5% coupon fire truck purchase bonds offered on Feb. 27-V. 130, p. 1149
were awarded at a price of part to the First National Bank of Unionville. the
only bidder. The bonds are dated March 1 1930 and mature on July 1 as
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0.
Sweetwater), Nolan County, Tex.
-The $180,000 issue follows: $500 in 1930 and $1.000 from 1931 to 1936, incl.
-BOND SALE.
of 5% school bonds offered for sale on Feb. 15-V. 130, p. 1148
-was
UNIVERSITY HEIGHTS (P. 0. Warrensville Center Road, South
purchased at par by Canwell & Co. of Nashville. Dated Feb. 10 1930. Euclid), Cuyahoga County, Ohio.
-BOND OFFERING.
-Carl J.
Due from 1931 to 1970 inclusive.
Schweikert, City Clerk, will receive sealed bids until 12 m.(Eastern standBONDS REGISTERED.
-The above bonds were registered by the State ard time) on March 18, for the purchase of the following issues of6% bonds
Comptroller on Feb. 17.
aggregating 3109.448.39:
$64,898.39 street impt. bonds. Dated March 1 1930. Due on Oct. 1, as
SYRACUSE PAVING DISTRICTS (P. 0. Syracuse), Hamilton
follows: $5.898.39 in 1931; $6,000. 1932 to 1935 incl.: $8,000,
County, Kan.
-BOND SALE.
-The two issues of coupon bonds aggre1936: $6.000. 1937 and 1938: 37,000. 1939 and $8,000 in 1950.
gating $34,000, offered for sale on Feb. 20-V. 130. p. 1148
-were pur44,550.00 road improvement bonds, series 1929-C. Dated Sept. 15
chased by the Valley State Bank of Syracuse. The issues are as follows:
1923. Due on Oct. 1, as follows: 34,550. 1931 and $5,000 from
$17.000 4%% paving district No.! bonds. Due from Jan. 1 1931 to 1938.
1932 to 1939 inclusive.
17,000 4%% paving district No. 2 bonds. Due from Jan. 1 1931 to 1939.
Interest on both issues payable semi-annual on April and Oct. 1. Both
The only other bidder was the First National Bank of Garden City.
principal and semi-annual interest are payable at the Guardian Trust Co.,
check for 3% of the amount of bonds bid for,
-BOND OFFERING. Cleveland. A certified Village Treasurer, must accompany each proposal
TARRANT COUNTY (P. 0. Fort Worth), Tex.
the
-Sealed bids will be received until 10 a. m. on Mar. 10 by W. E. Yancy, payable to the order of upon the approval of Squire, Sanders & Dempsey,
Only bids conditioned
County Auditor, for the purchase of a $2,700,000 issue of 434% road bonds. of Cleveland, as to the validity of the proceedings incident to the issuance
Denom. 11.000. Dated Oct. 10 1929. Due $90,000 from Oct. 10 1930
considered.
to 1959 incl, l'rin. and int. (A. & 0. 10) payable at the Chemical Bank & of the bonds will be
Trust Co. In N. Y. City. The bonds have been prepared, printed and will
-BOND ELECTION.
VALLEJO, Solano County Calif.
-The Board
be ready for delivery after the proper legal opinions have been made. of Education has ordered the holding of an election in the near future to
The County will furnish purchasers with the legal opinion of Chapman & raise $230,000 in bonds for a new junior high school.
Cutler of Chicago. Authority: Art. 3. Sec. 52. State Const. and Laws
enacted pursuant thereto; election held on June 15 1928. A $54.000
-PRICE PAID.
VERO BEACH, Indian River County, Fla.
-The
certified check, payable to S. D. Shannon, County Judge, is required.
$71,000 issue of 7% general obligation warrants that was purchased by the
-V. 130, p. 1149
-was sold at
Title & Trust Co. of Wichita
Guarantee
Financial Statment as of Fib. 11930.
par. Due from Jan. 15 1932 to 1935.
Estimated actual value of taxable property
$310,000,000.00
Assessed values of real estate for the year 1929
-BOND SALE.
-The
142,106,140.00
VICTORIA COUNTY (P. 0. Victoria), Tx,
Assessed v.•lues of person:. 1 property for the year 1929
31,063.620.00 $369.000 issue of road bonds, series E, offered for sale on Feb. 25-V. 130,
Total bonded indebtedness (including this issue)
7,886.000.00 P. 1013
-was purchased by the Brown-Crurnmcr Co. of Wichita as 534s
Cash on hand in ainkin4 fund
810,917.15 for a premium of $3.778.48, equal to 101.023. a basis of about 5.43%.
Net bonded debt Feb. 1 1930
7,075.082.85 Dated Feb. 11930. Due from Feb. 1 1945 to 1968 incl.
•
-BOND SALE.
-The $100.000
VINCENNES, Knox County, Ind.
TARRYTOW• Westchester County, N. Y.
1,
-BONDS. OFFERED
FOR INVESTMENT.
-An issue of $17,000 4.60% coupon or rexistered 434% George Rogers Clark Memorial bonds offered on Feb. 26-V. 130, p.
sower bonds is bein offered by the Marine Trust Co. of New York for 1149
-were awarded to the Cities Securities Corp. of Indianapolis. at _par
Public investment priced to yield 4.30%. The bonds are dated Dec. 15 Plus a premium of $778, equal to 100.77, a basis of about 4.41%. The
1929 and mature $1,000 on Dec. 15 from 1930 to 1946 incl. Legal invest- bonds are dated March 1 1930 and mature as follows: $2,000, July 11931;
ment for savings banks and trust funds in New York State, accordin • to $3,000. Jan. 1 and $2,000 on July 1 from 1932 to 1950 incl., and $3,000 on
report. Award was made on Jan. 6 at 100.378, a basis of about 4.55%. Janid n. lin 1951. The following other bids were received:
-V. 130. p. 326.
Premium.
BidderFletcher Savings & Trust Co., Indianapolis
Financial Statement (Officially Reported).
Assessed valuation _ _ _ _
_____________________________$17,304,557 Thomas D. Sheerin & Co., Indianapolis
S284 ,
512
56 E
Total bonded debt (incl. _______
__
910,000 Harris Trust & Savings Bank, Chicago
Net bonded debt _ _ _
_________
511,500
-BOND SALE
WALTHAM, Middlzsex County, Mass.
.-The following
Population (1925),6.
1 % coupon bonds a rgrecating $60,000 offered on Feb. 26/
issues of 4
TAU-zToN, Blatt,' County, Mass.
-TEMPORARY LOAN.-The V. 130, p. 1321-were awarded to Estabrook & Co. of Boston at 101.18,
$150,000 temporary loan offered on Feb. 25-V. 130, P. 1321-was awarded a basis of about 4.01%:
to F. S. Moseley & Co. of Beaton, at a 3.95% discount. The loan is $30.000 street bonds. Due $3,000 on Jan. 1 from 1931 to 1940 incl.
dated Feb. 26 1930 and is payable on Oct. 30 1930. The following other
20,000 surface drainage bonds. Duo $1,000 on Jan. 1 from 1931 to
bids were received:
1950 incl.
10,000 sewer bonds. Due $1.000 on Jan. 1 from 1931 to 1940 incl.
BidderDiscount.
First National Old Colony Corporation (plus $6)
All of the above bonds are dated Jan. 11930. The following is an offic:a
4%
Curtis & San,fer
4.01% list of the other bids received:
Rate Bid.
TENNESSEE, State of (P. 0. Nashville).
-BOND ISSUE ENTIRELY Harri,. Forbes &
L,
101.09
SOLD.
-It is stated th,t the six issues of bonds and notes that were pur101.037
Sacurities Corp
chased on Jan. 9-V. LO. p. 326
•
100.92
-by a syndicate headed by Lehman Bros., E. H. Rallins & Sons
the Nation-1 City Co., the Guaranty Co. of New York, the Bankers Co. R. L. Day &Co100,919
of Ne w York and Harris, Ames & Co. and re-offered immediately there- Union Market National Bank, Watartown
100.78
after
-V.
p. 502-11 ,ve now been entirely said and the s;ndicate Stone & Webster and Blodget, Inc
100.729
books en the tot: 1 of $29,050,000 olal ;ationa have been closed.
WALTHAM. Mi Idlesex County. Mass.
-TEMPORARY LOAN.
-The
NOTE.
-The Bankers Trust Co. of New York has been appointed agent
for the payment of State of Tennessee 6% highway note coupons. Shawmut Corporation of Boston on Feb.21 purchased a $150,000 to nporary
loan at a 4.02% discount. The loan is dated Feb. 25 1930. Denorns.
THAYER COUNTY SCHOOL DISTRICT NO. 39 (P. 0. Hebron), 525.000. 310.000 and 85.000. Payable on June 12 1930. Tha notes will
Neb.-BOND OFFERIN(l.-Sealed bids will be received until 5 p. m. on be en -raved under ill', sopervision of the Old Colony Trust Co.. Boston.
t
.
Mar.8. by tho County Superintendent of Public Instruction, for the pur- Boston.y has been approved by Storey, Thorndike, Palmer & Dodge of
chase of a $2,500 issue of school bonds.
WATERTOWN, Jefferson County, N. Y.
-BOND OFFERING.TIPTON COUNTY (P. 0. Covington), Tenn.-BO:VD SALE.
-The Perley B. Door,City Treasurer, will receive sealed bids until 12 m.on Mar.4
$150,000 issue of coupon refunding bonds offered for sale on Jan. 20-V. for the purchase of $49.3,000 coupon or re;stored school bonds to bear int.
-was purchased by the Commerce Securities Co. of Memphis. at a rate not exceeding 5%, stated in a multiple of 1-10th or % of 1%.
130. p. 502
Due $5,000 from July 1 1910 to 1939, incl. Prin. and somi-annual int. Dated Oct. 1 19a9. Denom. $1,000. Due on Oct. 1 as follows: $20,000,
payable at the Chemical Bank & Trust Co. in New York City. Legality 1930, and $19,000 from 1931 to 1955 incl. Prin. and semi-ann. int.
to be approved by Chapman & Cutler of Chicago.
(April and October 1) payable in gold at the Jefferson County National
Bank, Watertow • or at the Irvin; Trust Co.. New York. A certified
Financial Statement (As Reported).
check for $9,900 payable to the order of the City must accompany each
Actual value of all taxable properted, estimated
$30,000,000 propos11. The approving opinion of Clay, Dillon & Vandewater of New
Assessed valuation for taxation, 1928.
11.476.100 York will be furnished to the successful bidder.
Total bonded debt, including this issue
1,711,000
Financial Statement.
Less: Bonds, payment of which has been assumed by
Assessed valuation. 1330-the State under Chapter 23, Acts of 1927
3356,000
Real estate
$46.520,455.00
fund
Sinking
115,000
Special franchises
925.876.00
$471,000
Tatal
$47.446.331.00
Net bonded
________________________________ $1,240,000 Debt
Population (1920 census),
debt.-Total bonded debt, including this issue
$3,813,135.00
SInidn fund
$142.141.13
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio.
-BOND
c. ..‘rn
0,000.00
OFFER!NO.
-May P. Foster. Clerk of the Board of Education, will receive
Net bonded indebtedrass
3.690,993.87
sealed bids until 12 m. on March 14 for the purchase of $1,750,000 5%
The net bonded indebtedness will be about 7
coupon school bonds. Dated April 1 1930. Dtn,om. $1.000. Due ation upon the issuance of those bonds. The %% of the assessed valucity of Watertown owns
1516
FINANCIAL CHRONICLE
property officially valued at $9,551,288.14, which represents over 24
times the amount of the net bonded indebtedness of the city.
Population.
-1920, Federal Census, 31,285; 1925, State Census, 32,836:
1930, estimated, 35.000.
WALWORTH COUNTY (P. 0. Elkhorn), Wis.-BOND SALE.
A $290,000 issue of 5% road bonds is reported to have recently been Jointly
purchased at a price of 103.12 by the First Wisconsin Co. of Milwaukee,
and the Foreman National Corp. of Chicago.
WATERTOWN Middlesex County, Mass.
-LOAN OFFERING.
-The
Town Treasurer will receive sealed bids until 3.30 p. m. on Mar. 4 for the
purchase at a discount of a $300,000 temporary loan, due $100,000 on Nov.
21 and $200.000 on Dec. 23. In 1930.
WELLINGTON INDEPENDENT SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
Wellington), Collingsworth County, Tex.
Sealed bids will be received until March 5, by E. L. Winne, Secretary of
the Board of Trustees, for the purchase of a $55,000 issue of
% semiannual school bonds. Dated April 10 1930. Due serially in 40 years.
M WEST LAFAYETTE, Coshocton County, Ohio.
-BOND OFFERING.
-S. Cochran, Village Clerk, will receive sealed bids until 12 m. on
March 10. for the purchase of $1,922.93 6% special assessment street
improvement bonds. Dated Feb. 1 1930. Denom. $192.29. one bond for
$193.32. Due on Feb. 1 as follows: $193.32 In 1931. and $192.29 from
1932 to 1940, Incl. Interest payable on Feb. and Aug. 1. Bids for the
bonds to bear interest at a rate other than 6% will also be considered,
provided, however, that where a fractional rate is bid such fraction shall be
of 1% or a multiple thereof. A certified check for $200, payable to the
order of the Village, must accompany each proposal.
WEST MUDDY DRAINAGE DISTRICT (P. 0. Ripley) Tippah
-BOND OFFERING.
-Sealed bids will be received until
County, Miss.
Mar.Thy the Board of District Commissioners for the purchase of a $12,000
Issue of6% drainage bonds.
WEST SENECA (P. 0. Ebenezer), Erie County, N. Y.
-BOND
OFFERING.
-Peter Mildenberger, Town Clerk, will receive sealed bids
until 4 p. m. on March 5, for the purchase of $36,500 coupon or registered
paving bonds, to bear interest at a rate not exceeding 5%, stated in a
multiple of 3. of 1%. Single interest rate to apply to the entire Issue.
Dated Han. 1 1930. Denom. 51,000, one bond for $500. Due on July 1
M follows: 54,000, 1931 to 1938 incl. and $4,500 in 1939. Prin. and
semi-annual int. (J. & J. 1) payable at 'the Seneca National Bank in West
Seneca, P. 0. Buffalo. A certified check for 2% of the amount of bonds
bid for, payable to the order of the town, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn of New York, will be
furnished to the purchaser. The town failed to receive a bid on Nov. 25
for the purchase of $42,500 paving bonds.
-V. 129. D. 3509.
[VoL. 130.
BOWMANVILLE, Ont.-BOND SALE.
-The $100,000 534% high
school building bonds offered on Feb. 20-V. 130, p. 1322
-were awarded
to H.R. Bain & Co.of Toronto,at a price of 102.08 a basis of about 5.30%.
The bonds mature annually in from 1 to 30 years. Prin. and int. payable
at the Bank of Montreal, In Bowmanville. Legality approved by Long &
Daly of Toronto.
The following other bids are reported to have been submitted:
BidderRate Bid.
Dyment, Anderson & Co
101.53
Fry, Mills, Spence & Co
101.43
R. A. Daly & Co
101.15
Dominion Securities Corp.. Ltd
101.037
Gairdner & Co
100.779
Bell. Goulnlock & Co
100.60
Wood, Gundy & Co
100.27
J. L. Graham & Co
100.11
McLeod, Young, Weir & Co
100.09
Matthews & Co
100.06
C. H. Burgess & Co
99.33
Bickle Clarke & Co
98.90
KAPUSKASING, Ont.-NO BIDS FOR 5388.531.84 BONDS.
-30
DAY OPTION TO BUY ISSUE GRANTED.
-Clement Saville, Town
Clerk and Treasurer. informs us that no bids were received for the purchase of $388,531.84 6% paving bonds offered for sale on Jan. 25-V. 130.
P. 503
-and that a 30
-day option was granted Wood. Gundy & Co. of
Toronto, to purchase the issue at 98, which will expire March 5. The bonds
are dated Dec. 30 1929 and mature $33,873.98 (including semi-annual
Interest) annually from 1930 to 1949, Incl.
MOOSE JAW, Sask.-BOND ELECTION.
-At an election to be held
shortly the rate-payers will pass on a proposal to issue $450,000 school
bonds.
NOVA SCOTIA, Province of (P. 0. Halifax).
-BOND SA LE.
-The
55.000,000 57 provincial bonds offered on Feb. 25-V. 130, p. 1322
were awarded ° the Bank of Nova Scotia, of Halifax; McLeod. Young,
to
Weir & Co; Fry, Mills, Spence & Co.: and Bell, Gouinlock & Co.. the latter
price of 98.92, a basis of about 5.07%. The bonds
three of Toronto, at a
are dated Mar. 1 1930 and mature in 30 years. The proceeds of the sale
will be used for refunding and public Improvement purposes. The successful bidders secured a 30
-day option to purchase an additional $4,000,000
bonds.
The purchasers are reoffering the bonds for public investment at 100 and
accrued int. in New York funds. The bonds are said to constitute a direct
obligation of the Province and a charge upon all the revenues, monies and
funds of the Province. Unsuccessful tenders for the Issue were reported as
follows:
BidderRate
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND SALE.
-The Wood, Gundy & Co., Dominion Securities Corp., A. E. Ames & Co., Bid.
$300,000 4Yi% school bonds of 1929 offered on February 25-V. 130.
Royal Bank
p. 1322-were awarded to Alex Brown & Sons, of Baltimore, and the Securities Coof Canada, Canadian Bank of Commerce and Eastern98.768
---------------------------------Salisbury National Bank, of Salisbury. jointly. at 101.53, a basis of about
-riC. raid syndicate Statement.
98,659
4.31%. The bonds are dated Feb. 1 1930 and mature on Dec. 1, as follows: Royal Securities Uo
Financial
$22,000, 1936; $38,000, 1937; $40,000, 1938: 542.000, 1939; 544,000. 1940; Assessed value of property within Province (Dec.31 1928)---$161,154,741
547.000, 1941; $50,000 in 1942 and 817,000 in 1943.
Totalfunded debt (incl. this issue)
51,395,846
The following is an official list of the other bids received:
Less: Total sinking fund
$4.162,227
BidderRate Bid.
Halifax & Southwestern y
Mercantile Trust & Deposit Co
Commission
101.12
Nova Scotia Power
14,429.967
Union Trust Co., the Equitable Trusb Co.. J. S. Wilson Jr. & Co.
Revenue-producing assets
and Colston, Heald & Trail, all of Baltimore
101.05
Net debenture debt
32.803,652
Harris, Forbes & Co
101.279 Annual Dominion Governmentsubsidy
1,536,841
National City Co
101.479 Total Provincial assets
55.277,895
Baltimore Trust Co
101 519
Area: 21.428 square miles. population (1921 census): 523.837.
WILLOUGHBY RURAL SCHOOL DISTRICT, Lake County, Ora
-11. B. Church, Town
ORANGEVILLE, Ont.-BOND OFFERING.
-BOND SALE.
-The $65.000 school bonds offered on Feb. 2-V. 130. Clerk, will receive sealed bids until 7:30 p. m. on March 3,for the purchase
p. 1014
-were awarded as 5s to the Guardian Trust Co., of Cleveland, at of $44,782.43 5% trunk sewer and disposal plant construction bonds. The
bonds are said to be guaranteed by the Corporation of the County of
CiAs:dhg°`$3Maqu:1085.1of
90NThelarV154.Vu82.6"plItnd.930U00
Dufferin.
April 1, and 83.000. Oct. 1 1931: $2.000. April and Oct. 1 1932; $2.000,
-At an election held on Feb. 15ORILLIA, Ont.-BONDS VOTED.
April 1, and $3,000. Oct. 1 1933; 12.000. April and Oct. 1 1934 $2,000,
V. 130, p. 1014-the rate payers authorized the issuance of $58,000 In
Aprll 1, and $3,000, Oct. 1 1935; 82.000. April and Oct. 1 1936; $2.000.
April 1, and $3,000 Oct. 1 1937; $2.000, April and Oct. 1 1938; and $2,000, bonds for sewer construction purposes.
April 1. and $3,000, Oct. 1 1939; also $2,000, April and Oct. 1 from 1940
-City officials
OSHAWA, Ont.-CONTEMPLATED BOND ISSUE.
to 1944, incl.
are contemplating placing on the market shortly various 5 and 534%
PIWOBURN, Middlesex County, Mass.
-LOAN OFFERING.
-The CIty improvement bond issues aggregating $737,165. according to report. The
Treasurer will receive sealed bids until 12 m. on March 4, for the purchase bonds will mature in 10, 15 and 20 annual instalments.
at a discount of a $300,000 temporary loan, dated March 4 1930 and due
-J. U. Gregoire, SecTHREE RIVERS, Que.-BOND OFFERING.
5150.000 on Oct. 21 and on Nov. 12 in 1930.
esi
retary-Treasurer of the School Commission, will receive sealed bid' until
4 p. m. on Mar. 12, for the purchase of the following issues of bonds aggreWORCESTER, Worcester County, Mass.
-LOAN OFFERING.
-The
City Treasurer will receive sealed bids until 12 m. on March 3, for the gating $554,800:
dated May 1 1929 and due serially in 30 years. Alternative
purchase at a discount of a $1,000,000 temporary loan, dated March 4 1930 5510,000 bonds, asked for 4 or 534% bonds.
bids are
and due on Nov. 14 1930.
44,800 bonds, dated Nov. 1 1928 and due serially in 30 years. Alternative
-bids are asked for 44 or 5% bonds.
or YPSILANTI, Washtenaw County, Mich.
-BOND SALE.
-Local InThe bonds will be issued In denoms. to suit purchaser and are payable
vestors on Feb. 17 purchased an issue of $7.000 5% Improvement bonds
at Three Rivers. Montreal and Quebec.
at a price of par. Dated March 1 1930. Denom. $1,000. Due on March
1.as follows:$1.000from 1932 to 1938.incl. Int. payable on Mar.& Sept. 1.
-The
TORONTO, Ont.-32.000,000 BONDS PLACED IN CANADA.
$2,000.000 5% Harbour Commissioners of Toronto bonds purchased on
Feb.20 by a syndicate beaded by the National City Co. of New York, which
Corp.. and the Canadian Bank of ComIncluded the Dominion Securities
merce, both of Toronto.at 98.95,a basis of about 5.08%-V. 130, p. 1323
CANADA,its Provinces and Municipalities.
were disposed of In Canada. The bonds are dated Aug. 1 1929 and mature
Sept. 1 1953.
BROCKVILLE, Ont.-PRICE PAID.
-The Dominion Securities
Corp. of Toronto, paid a price of 97.38 for the $458,716 5% local improve-An
VICTORIA COUNTY, Ont.-FORTHCOMING BOND ISSUE.
ment bonds sold recently
-V. 130, p. 1322. The bonds are dated Nov. 1 Issue of $50,000 5% improvement bonds Is expected to be placed on the
1929 and mature from 1930 to 1949 incl. The following is a list of the market shortly, according to the "Monetary Times" of Toronto of Feb. 24.
unsuccessful bids submitted for the issue:
The bonds will mature In 30 annual instalments.
Bidder
-Sealed bids addressed
Rate Bid.
VICTORIAVILLE, Que.-BOND OFFERING.
Wood, Gundy & Co
97.00 to W. Fortier. Secretary-Treasurer, will be received until 7 p. m.on Mar.4
R. A. Daly & Co
96.75 for the purchase of an Issue of $55,000 5% improvement bonds. Dated
Bank of Montreal
96.28 Jan. 11930. Denom.8500 and $100. Due serially in 30 years and payable
C. H. Burgess & Co
96.24 at Victoriaville.
about
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