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The.
Plumtrrall
VOL. 128.
financial
ninth
SATURDAY, MARCH 161929.
NO. 3325.
would say if making a suggestion that now is the
time to buy good bonds."
PUBLISHED WEICJILY
There is a world of common sense in these remarks
Terms of Subscription—Payable in Advance
of the Secretary. It is pointed out that this is the
including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 first time
that Mr. Mellon, since becoming the SecreIn Dominion of Canada
11.50
6.75
Other foreign countries. U. S. Possessions and territories
13.50
7.75 tary
of the Treasury, has given such direct advice
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year: for all the others b to investors. And in
view of the situation existing,
$5.00 per year each.
COMPENDIUMS-it is obviously good advice. The correspondent adds
MONTHLY PUBLICATIONS—
PUBLIC Urmir—(seral-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(10UT a year)
that Mr. Mellon was asked whether buying the bonds
MONTHLY EARNINGS RECORD
STATIC AND MUNICIPAL—(semi-annually)
on a considerable scale would not take money out
Terms of Advertising
Transient display matter per agate line
45 cents of the stock market. "He indicated a belief," it is
Contract and Card rates
On request
Climatic) Orrich—In charge of Fred. H. Gray. Western Representative, stated, that "it was doubtful that such a movement
208 South La Salle Street. Telephone State (1613.
LONDON Orrica—Edwards Zs Smith. i Drapers' Gardens. London. E. C. would have any appreciable effect on speculative
activities, but would not enter into a general disWILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
cussion of present day speculation in stocks."
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Mr. Mellon, of course, did not furnish a list of
President and Editor. Jacob Seibert; Business Manager. William D. Riggs;
Treas., William Dana Seibert;Sec., Herbert D.Seibert. Addresses of all, Office of Co. bonds which in his estimation may
be considered
"sound" and •at the same time yield a relaThe Financial Situation.
tively high return, nor did he name any stocks
Secretary of the Treasury Mellon has been giving which to him appeared to be selling "too high." Obinvestors excellent advice the present week. He has viously, no one in his position could, with propriety,
been suggesting the purchase of good bonds owing do anything of the kind. Nor is it our purpose
to
to the relatively high rate of return to be obtained make up for this lack here. We will, however, menon them at existing market values by reason of the tion just one high-grade bond issue, of established
great decline in prices that has occurred during the character, to indicate the extent of the decline in
past twelve months. The suggestion came in an bond values that has occurred since the beginning
- oral statement made by him in one of his confer- of 1928, this particular bond issue being typical of
ences with newspapermen on Thursday of the pres- a whole group of bond issues of the same grade and
ent week. It deserves high praise and it is very character. We have in mind the Atchison Topeka
much needed advice at the present, time, when the & Santa Fe gen. mtge. 4s. These bonds run until
tendency on the part of the public is to purchase 1995 and hence have a long maturity. Ahead of them
stocks rather than bonds because of the phenomenal there is $241,759,400 of'common stock paying 10%
rise that has beeR going on in stocks as a result of per annum and $124,172,800 of preferred stock paythe unbridled speculation in the stock market that ing 5% per annum. They may, therefore, be conhas been in progress, almost entirely carried on with sidered a gilt-edged security of the first order. Yet
borrowed money, as is evident from the magnitude these bonds which in January last year sold at 99,
of brokers' loans, now such a general theme of dis- at which figure the yield on the investment was only
cussion and which is giving the Federal Reserve au- a trifle over 4% per annum, yesterday
sold at 91, a
thorities and the whole banking world so much con- decline of 8 points and at which figure the rate
of
cern. The public has got the idea that the rise can return is 4.425% per annum to maturity.
It would
be continued indefinitely.
not be difficult to point out instances where the drop
The Secretary spoke in a cautious way, as was in market prices has been much greater and the imto be expected from one in a position of such high provement in yield correspondingly larger, the seauthority. According to the New York "Times" curities being only a
trifle less select than the
account of his remarks, as reported by that paper's Atchison issue. Mr. Mellon has rendered
an imWashington correspondent, Mr. Mellon said that the portant service in
directing attention to the relapresent situation in the financial market offered tively high return that
can be obtained from bond
an opportune time for the prudent investor to buy issues of the best class, and his advice is sure to
bonds. The "Times" correspondent states that "Mr. hold good, whatever the course of stock values in the
Mellon gave as the reason for his opinion the slow- immediate future.
ness in the bond market, the comparatively low
prices and relatively high interest yield of this form
The action of the Inter-State Commerce Commisof security, and the fact that it was easier to select sion in issuing an order directing the New York
a sound tiond than a sound stock. This does not Central, the Baltimore & Ohio and the New York
mean," said Mr. Mellon, "that many stocks are not Chicago & St. Louis, or Nickel
Plate, railroads to
good investments. Some, however, are too high in divest themselves of their holdings of 51%
of the
price to be good buys. For prudent investors I Stocks of the Wheeling & Lake Erie Ry. within
90
financial Thronicle
1608
FINANCIAL CP-RONICLE
[VOL. 128.
days—on the ground that the acquisition of the the amount for account of the out-of-town banks
Wheeling road was made without consent of the having risen during the week from $1,707,000,000
Commission and tended to lessen competition and to $1,761,000,000 and the loans "for account of
hence was in violation of the Clayton Act—further others," the most objectionable of all the loans of
confuses the situation as regards railroad mergers this description, having risen still further from $2,and consolidations. Ultimate control of the Wheel- 823,000,000 to $2,862,000,000, establishing, of course,
ing road is in itself not a matter of any great con- another new high record in all time.
Borrowing of the member banks at the Federal
sequence. And, as it happens, both the New York
the Baltimore & Ohio had already dis- Reserve institutions has also been slightly reduced,
Central and
posed of their holdings of the Wheeling road be- but is still of large magnitude, far in excess of a
fore this latest decision of the Commerce Commis- year ago. For March 13, the discount holdings
sion. The sale was made to tie Alleghany Corpo- (which show member bank borrowing) are reported
ration, a Van Sweringen undertaking. The Nickel at $955,623,000, which compares with $989,172,000
Plate might dispose of its holdings of Wheeling in last week but with only $472,296,000 on March 14
the same way, if it is deemed expedient to take last year. Holdings of acceptances have likewise
been further reduced, and stand at $283,101,000 this
that step.
of any great conse- week against $304,644,000 last week. On the other
Nor are the merits of the case
quence. It may well be that continuous control hand, holdings of U. S. Government securities are
of the Wheeling by the three great trunk lines would a little larger at $165,297,000 this week, against
have the effect of substantially lessening competi- $162,964,000 last week. The result altogether is that
tion in the way alleged. It must be taken for total bill and security holdings this week are $1,421,granted that the Commission has carefully studied 833,000, against $1,467,030,000 last week, but comthe case, the more so as it has means of arriving at pare with $1,271,509,000 a year ago. Federal Rethe facts of the situation not open to outsiders. At serve notes are slightly lower at $1,650,009,000
all events, it has a trained body of assistants at its against $1,666,567,000 last week, while gold reserves
command and the members of the Commission them- during the week have risen from $2,682,837,000 to.
selves through long experience could qualify as ex- $2,700,125,000. A new item appears this week unperts. Therefore, as to that particular point, the der the designation of "Foreign loans on gold." It
Commission's finding might well be considered by seems that during the week the Federal Reserve
all as conclusive, even though some of the dissenting Banks made a loan on gold of $7,562,000 to a foreign
members of the Commission are not prepared to ac- correspondent—which is taken to mean Germany.
cept that view and indeed directly contravene it.
The real matter of importance is that the members
The improvement noted in our foreign trade in
of the Commission are not themselves in agreement. previous months was well maintained in February.
In the present instance four of the members dis- Merchandise exports from the United States for the
sent and, what is more,express their dissent in sharp month reached $444,000,000 and imports $371,000,language. Woodlock, Brainerd, Porter and Farrell, 000. In no preceding February back to 1920 has
all able men of high caliber, are the Commissioners the value of merchandise exports for February apwho fail to accept the conclusions of the majority proached the figure of the present year, and the
of the Commission, and are not chary about express- same is true as to imports, except as to the latter
ing their dissent, advancing good reasons, too, for for February 1926, when the value of imports was
their contrary views. This has happened many slightly higher than it was for the month just closed.
times before. We have, therefore, a house divided In regard to imports during the early part of 1926,
against itself. How can this state of things be reme- it will be recalled that the exceptionally high price
at which crude rubber was maintained in the mardied?
kets at that time,increased very materially the value
This week's returns of the Federal Reserve Banks of the importations. Our receipts of that commodity
show no great change from those of last week and from abroad will alone undoubtedly account for the
leave things about the same as before. After last higher value at that time of the merchandise imweek's prodigious further increase in security loans ports. In 1920, and for the four or five years prior
to brokers and dealers—the further expansion in thereto, our foreign trade movement was affected
that week having been $140,000,000, following $30,- very greatly by the high prices then current. Tak000,000 increase the week before—there is the pres- ing this into consideration it is doubtful if the acent week a reduction of $20,000,000, an amount too tual movement of merchandise in 1920 was as large
small to count for much. It still leaves the total as that for the present time. There has been, espeof these loans of prodigious dimensions and 50% in cially, improvement in imports in recent months,
excess of what it was last year, when the amount and it may be that this is preliminary to the probawas already unduly swollen. In other words, the bility of a change in tariff rates on certain comgrand aggregate of these loans on securities to modities, now before a committee of the new Conbrokers and dealers by the reporting member banks gress.
Merchandise exports for February (a short
in New York City (the Federal Reserve no longer
member banks do re- month) at $444,000,000 compare with $487,956,000
permits us to know how many
port) for March 13 1929, stands at $5,627,000,000 for January and with $371,448,000 for February
and compares with $3,746,000,000 on March 14 1928, 1928, the shorter period covered for the month just
showing an increase during the year of $1,881,000,- closed, probably accounting for the decline from the
000. The loans made for their own account by these preceding month. Imports in February at $371,000,reporting member banks are somewhat lower the 000 exceeded those of January, for which month the
present week at $1,004,000,000 against $1,117,000,- revised figures are $368,636,000, while for February
000 last week (March 6), but both of the totals of 1928 the value of imports was $351,035,000. There
loans for outside account, show renewed expansion, was an excess of merchandise exports over merchan-
MAR. 16 1929.]
FINANCIAL CHRONICLE
disc imports in January of $119,320,000, but an excess value of exports for February 1928 of only
$20,413,000. Cotton, which constitutes such a large
part of our total exports, contributed nothing to
the increase in the value of exports in February this
year over the value of a year ago—in fact, cotton
exports of 613,400 bales last month were 5% smaller
than they were a year ago, February being the first
month showing a decrease since August last. Furthermore, as to the value of cotton exports last
month, the difference compared with that of a year
ago, was very trifling.
For the eight months of the current fiscal year
from July to February inclusive, merchandise exports were valued at $3,683,701,000, the figures for
the corresponding period of the preceding year being $3,281,309,000, an increase this year of $402,392,000 or 12.3%. Merchandise imports covering
the same time for the current year were valued at
$2,744,631,000 and compare with $2,750,546,000 for
the preceding year, a decrease of only $5,915,000.
This is a much better showing than in some of the
'earlier returns, the improvement reflecting the
larger imports of the two months of 1929.
The excess value of exports for these eight months
of the current fiscal year is $939,070,000 and compares with the excess of exports for the same time
in the preceding year of $530,763,000. Cotton exports have contributed very materially to the better showing in exports this year. The amount in
bales for the past eight months has been 6,624,200
bales against 5,631,900 bales for the same time in
the preceding fiscal year, a gain of 17.6%. The increase in value of cotton exports, however, owing
to higher prices, has contributed relatively a larger
.sum during the later period, as the gain this year
is about 18.8%. Exports other than cotton have
been 10.8% larger for the past eight months than
they were for the corresponding period of the preceding fiscal year.
The foreign movement of the precious metals continues somewhat reduced as compared with some
of the earlier months. Gold exports in February
were only $1,425,000 against $25,806,000 a year ago
and gold imports $26,913,000 compared with $14,686,000 in February of last year. For the eight
months of the current fiscal year gold exports have
amounted to $108,045,000 and imports to $161,401,000, an excess of imports of $53,356,000, the greater
part of the latter in the last three or four months.
In the corresponding eight months a year ago gold
exports were $249,476,000 and imports $99,169,000,
the excess of exports being $150,307,000. Exports
of silver in February were $6,595,000, and imports
$4,458,000.
The stock market this week has again completely reversed its course. In place of the weakness of
previous weeks, prices have moved upward, this
movement gradually gaining strength as the week
advanced. On Saturday and Monday the tone was
still hesitant, with not a few stocks moving towards
lower levels. On Tuesday there was considerable
selling in the early part of the day when numerous
low records for the year were established, but a
sharp rally occurred before the close. On Wednesday the market moved forward with growing force,
though declines were not lacking in the less active
list. On Thursday there was positive buoyancy and
on Friday very much akin to an old fashioned bull
1609
market developed, with spectacular advances in
many stocks.
Lower rates for money on call had perhaps more
influence than anything else in reviving speculative
confidence and bringing a renewal of large scale
speculative operations, though it is to be noted that
there has been no easing in the rates for time loans,
a circumstance which the speculative element ignored or failed to observe. On Monday call loans
were still negotiated at 9%, but the rate dropped to
7% before the close of the day. On Tuesday and
Wednesday the renewal charge each day was 7%,
but with the rate down to 6% before the end of the
day. On Thursday and Friday all loans on the Stock
Exchange were put through at 7%,including renewals. Yet 90-day time money moved still higher, ris4% to 8%. Special comfort, however,
ing from 73
appears to have been derived from the circumstance
that the Federal Reserve Bank of New York had not
raised its rate of rediscount above the prevalent figure of 5%, as had been feared might happen, and
from the further fact that a decrease in the total
of brokers' loans was shown in the Federal Reserve
statement which appeared on Thursday evening,
even though the decrease was relatively slight. In
addition, the copper stocks were given a further upward impetus by additional advances in the price of
the metal, the domestic quotation for copper rising
to 20y a pound and the export price to 2034c. The
2c.
/
steel stocks were vigorously bulled on the continued
activity of the steel industry, capacity of the country's steel plants being engaged to nearly the full
extent. Yesterday new upward movements were engineered in a large number of the old time speculative favorites, like Radio Corporation of America,
a
General Motors shares, General Electric, several of
the copper stocks and a host of others,some of which
were the subject of sky rocket performances, the
trading actually becoming wild in character and
proceeding without restraint right up to the closing
hour, with total sales for the day close to 6,000,000
shares.
The sales on the Stock Exchange last Saturday,
at the half day session, were 1,948,050 shares; on
Monday they were 3,626,850 shares; on Tuesday
3,061,750 shares; on Wednesday 3,330,050 shares;
on Thursday 4,625,350 shares, and on Friday 5,885,170. On the New York Curb Market the sales last
Saturday were 873,300 shares; on Monday 1,323,400 shares; on Tuesday 1,135,100 shares; on Wednesday 1,240,400 shares; on Thursday 1,295,600 shares,
and on Friday 1,543,900 shares.
Net changes in prices for the week are generally
in the direction of higher levels, with only a few
exceptions to the rule. Adams Express closed yesterday at 575 against 525 on Friday of last week
and American Express closed at 314 against 295 bid
the previous Friday. In the chemical group, Allied
Chemical & Dye closed yesterday at 292 against 284
on Friday of last week; Commercial Solvents closed
at 27434 against 266; Davison Chemical at 64%
/
4; Mathieson Alkali at 2011 2 against
against 663
/
195; Union Carbon & Carbide at 218 against 21078
/,
and E. I. du Pont de Nemours at 188 against 181%.
General Electric closed at 2402 against 23738;
/
1
/
Amer. Tel. & Tel. at 215% against 2141 2; National
/
18
Cash Register at 131/ against 130/ ; Inteel Tel.
78
& Tel. at 217 against 210; Radio Corporation of
America at 538 against 445; Montgomery Ward &
Co. at 133% against 1301 2; Victor Talking Machine
/
1610
FINANCIAL CHRONICLE
/8
at 1861 against 171; Wright Aeronautic at 278%
against 270; Sears, Roebuck & Co. at 15878 against
/
157; Inter'l Nickel at 60% against 62%; A. M.
Byers at 153 against 1563 American & Foreign
4;
/
Power at 109% against 109; Brooklyn Union Gas
at 180 against 178%; Consol. Gas of N. Y. at 106%
against 10734; Columbia Gas & Electric at 146
4
/
against 1443 ; Public Service Corporation of N. J.
at 85 against 843 American Can at 12214 against
/
4;
/
120%; Timken Roller Bearing at 831 8 against 81;
/
Warner Bros. Pictures at 120 against 118; Mack
Trucks at 107% against 108; Yellow Truck & Coach
/
at 451 8 against 41%; National Dairy Products at
131% against 129% Western Union Tel. at 210
8;
against 212%; Westinghouse Electric & Mfg. at
/
15758 against 155; Johns-Manville at 195 against
190; National Bellas Hess at 63% against 66%; Associated Dry Goods at 62% against 63%; Common/
wealth Power at 140% against 13078; Lambert Co.
at 148 against 143%; Texas Gulf Sulphur at 74
against 72%, and Kolster Radio at 61% against
61.
The copper stocks were strong throughout the
week. Anaconda Copper closed yesterday at 160%
against 159 on Friday of last week; Kennecott Copper at 101% against 97; Greene-Cananea at 180%
against 177%; Calumet & Hecla at 57 against 5678;
/
Andes Copper at 63% against 63%; Chile Copper
at 116% against 115%; Inspiration Copper at 62%
against 62%; Calumet & Arizona at 134 against
/
, 133; Granby Consol. Copper at 9112 against 90;
Amer. Smelting & Rfg. at 118 against 116%; U. S.
Smelting, Rfg. & Min. at 67 against 66. In the oil
group the advances are very pronounced. Atlantic
*Ref. closed yesterday at 63% against 58 on Friday of last week; Phillips Petroleum at 41 against
38; Texas Corp. at 64 against 58%; Richfield Oil
4
at 451 against 40%; Marland Oil at 41% against
/
3958; Standard Oil of Ind. at 90% against 88;
/
Stanaard Oil of N. J. at 54% against 4918; Standard Oil of N. Y. at 41% against 39%; and Pure
.
/
Oil at 25% against 2478
Bethlehem Steel has been the
In the steel stocks
/
feature. U. S. Steel closed yesterday at 18778
186% on Friday of last week. Bethlehem
against
Steel at 110 against 101%; Republic Iron & Steel
/
at 97% against 9438; and Ludlum Steel at 78
/.
against 7818 In the motor group General Motors
closed yesterday at 89 against 81% on Friday of
last week; Nash Motors at 109 against 107; Chrysler Corp. at 110% against 109%; Studebaker Cor/
1
/
poration at 882 against 8778; Packard Motor at
14178 against 1391
%; Hudson Motor Car at 92%
/
against 8914; and Hupp Motor at 74% against 71%.
/
In the rubber group Goodyear Tire & Rubber closed
yesterday at 141 against 132 on Friday of last
2
1
/
week; B. F. Goodrich closed at 96 against 94, and
U. S. Rubber at 62 against 60 and the pref. at 89%
against 86%.
The railroad group has been more or less inclined
to weakness, the decision of the Inter-State Commerce Commission in the case of the control of
Wheeling & Lake Erie not having been a stimulating
agency. New York Central closed yesterday at
190% against 191% on Friday of last week; Del. &
/
Hudson at 1941 2 against 194%; Baltimore & Ohio
%
at 126% against 1321 ; New Haven at 90 against
/
90%; Union Pacific at 22278 against 223%; Ca4
nadian Pacific at 2463 agaiast 246%; Atchison at
/
/
/
20078 against 20038; Southern Pacific at 12934
[VOL. 128.
against 130%; Missouri Pacific at 82% against
/
83%; Kansas City Southern at 88 against 9078; St.
Louis Southwestern at 109% against 109%; St.
2
1
/
Louis-San Francisco at 115% against 115 ; Missouri-Kansas-Texas at 49% against 50%; Rock
Island at 130 against 132; Great Northern at 108
against 111; Northern Pacific at 107 against 109%,
and Chicago Mil. St. Paul & Pac. pref. at 58 against
.
/
5914
Securities markets in the important European
centers were all dull in the early days of this week,
with the confused international money situation
still a dominant influence. With reports from Wall
Street progressively more optimistic, European
markets also improved later in the week, although
the hesitant note was still much in evidence.
The London Stock Exchange opened quietly Monday, with most of the City absorbed in the fluctuations of sterling exchange, even small fractional
movements causing apprehension or confidence.
Gilt-edged securities continued their long decline,
and the industrial list also was unsettled, only a
few speculative favorites moving against the trend.
Improvement in sterling brought better sentiment
with it Tuesday, but the volume of trading remained small. Graphophone shares were most
prominent in the industrial list, owing to a merger
of Marconi and His Master's Voice. Share movements were uncertain otherwise. Increased cheerfulness was noted at London Wednesday, owing to
a further rise in sterling. British funds rallied
sharply, and home rails shared in the improvement.
The general list was very irregular, sharp gains
alternating with equally pronounced losses. A
rather strong market developed at London Thursday, with international issues leading the rise. Giltedged issues were marked up further, and home
rails again were firm. Much interest centered on
British General Electric shares, which dropped
sharply after the general meeting on the previous
day at which American shareholders were excluded
from subscribing to a new issue of 1,600,000 shares.
The market Friday was again fairly strong, although
some prices were mixed. The gilt-edged division
was easier.
The Paris Bourse was again listless Monday, with
the persistent dullness beginning to manifest itself
in falling quotations. Trading was slight, and the
few sales resulted in declines. The political situation weighed upon the market, no one professing to
know how long the Poincare Ministry will. last
under the continued attacks of the Left. After a
brief period of recovery Tuesday, the Paris market
relapsed into further dullness, with trading again
exceedingly limited. Most stocks closed at the low
levels of the day. The lack of interest was 'attributed in great part to nervousness over the international money situation, Paris traders expecting
advances in rates in important markets. Although
the volume of trading remained small Wednesday,
the price trend showed improvement. The tendency
became more pronounced Thursday, with trading on
a far more active scale than in the preceding sessions. French banks and national securities were
favored in the buying, although industrials also
improved. The international stocks, with the exception of the copper stocks, were less animated. The
buying continued in yesterday's session, giving a
firm appearance to the list.
MAR. 16 1929.]
FINANCIAL CHRONICLE
The Berlin Boerse was in accord with the general
European trend at the opening Monday, a complete
lack of orders causing a drop in prices throughout
the list. The stagnation continued during most of
Tuesday's session, and quotations declined further,
with somewhat of a recovery taking place in the
final half hour. Motor shares dropped precipitously, owing, it was thought, to the acquisition of
the Opel works by General Motors. The nervousness • appeared to have been largely overcome at
the opening Wednesday and stocks improved generally. The market turned irregular in the late
dealings, apprehension over money trends increasing owing to an advance in the private discount
rates. The Boerse opened firm Thursday, and remained so throughout the day. The improvement
was ascribed to better reports from the Paris conference, and to a belief that the monetary situation
had been temporarily adjusted. Covering and speculative purchases caused numerous gains. Some
selling again developed yesterday, causing considerable irregularity.
1611
national obligations from the realm of political discussion to the orderly forms of business that characterize a state of peace."
The institution, it was pointed out, would have
for its primary function at the start the receipt of
Germany's annuities and the disbursement of these
among the creditor nations. Deliveries in kind
could be financed by the 'bank, and "it also could
co-operate with and act as an essential intermediary between all the interested governments and
the issuing bankers in marketing such bonds as
might be issued for the commercialization of the
German annuities." The institution could also cooperate with existing banks of issue, it was said,
and it might, if desired, receive from these both
clearing and investment deposits. "Should the plan
meet with final approval," the summary continued,
"the institution to be created would strictly avoid
competition with existing commercial and investment banking institutions and would consider it to
be a prime necessity to act in close co-operation
with existing central banks of issue. In fact, the
bank would co-ordinate and subordinate its activi- .
Plans for setting up an international bank to ties in any particular country
with and to the politake over most of the functions of the Dawes Plan cies of the existing central bank
of that country. The
transfer organization and the Reparations Commis- new bank would in no sense
be a super-bank to exersion in the handling of Germany's debt to the Allies cise a dominating influence over
existing instituwere foremost in the deliberations of the Experts' tions. The authors of the suggest
ion believe that
Committee at Paris this week. A proposal for the the operations of the new
institution would tend
establishment of such a bank was first broached by to increase and strengt
hen the co-operation that alOwen D. Young, Chairman of the Committee, early ready has been develop
ed between the central banks
last week. Discussion of the suggestion developed and that
has been of such marked service during the
steadily over the last week-end, the delegates con- past several years
in restoring the gold standard
sidering questions of the form, the magnitude and throughout
the world and in otherwise stabilizing
the personnel of the trusteeship for reparations pay- financial conditio
ns. It would supplement rather
ments, which apparently will be one of the main than
duplicate existing institutions and it would
functions of the bank. The project was so far ad- assist
rather than direct."
vanced in the discussions of the experts by last •
The management of the proposed bank, according
Saturday, and the possibilities of the proposed in- to
the scheme, must be non-political, international,
stitution appeared in so favorable a light, that an and
free from any dominating financial relationofficial summary of the bank plan was issued that ships. Only
men of experience and international
evening. In revealing the plan to press correspond- 'repute would
be chosen for the directorate, and as
ents, the Experts placed great emphasis on the supplementary bodies
advisory committees are sugthought that the bank would in no manner of inter- gested,
to be composed in such manner as may be
pretation be h "super-bank." Equal weight was necessa
ry to secure sound opinion in the problems
laid upon the strictly non-political character of to
be dealt with. "The offices of the bank would
the proposed management and the necessity of the
probably be in one of the smaller countries where
institution being free from "dominating financial rea suitable legal status and freedom from taxation
lationships." Without desiring to appear too optimay be obtained," the statement said. "It is bemistic, a Paris report to the New York "Times" said,
lieved that the operations of the bank would be
the delegates feel that the possibilities of the pro- of
advantage equally to debtor and creditor nations.
posed bank are incalculable.
With the establishment of such financial machinery
The official resume of the Bank plan issued ey
Germany would• stand on her own feet financially,
the experts began by describing it as a "purely
would have the responsibility for maintaining her
tentative plan," which, upon further examination,
own credit and be dealing on a business basis with
"may be subject to rejection in part or in whole."
an international financial institution operated on
-11
1t4 obvious," the statement continued, "that the
sound business principles. In addition to bringing
committee of experts in deciding to explore the
these advantages, the bank would be in a position to
possibilities of such a new international bank
has aid the Reichsbank and other central banks in
the
been impressed with the belief that in order to work
of maintaining the stability of their exchanges
achieve a final settlement of reparations it may be
and so help in steadying business conditions gennecessary gradually to do away with the great part
erally." Not only would the proposed bank faciliof the temporary war-time machinery that was cre- tate the flow of
annuities, it was pointed out, but
ated to collect reparations, and for this, if possible, it would
also furnish readier facilities for the ultito substitute permanent peace-time machinery. The mate commercializat
ion of the German debt. The
new machinery may be needed, it is felt, to handle creditor nations
would participate, under the plan,
the great new international movement of funds cre- in any profits
earned by the bank. "The new bank,"
ated by reparations and war debts. The substitution
the statement said in conclusion, "may serve to fill
of financial for political machinery should, it is be- in possible
gaps that now exist in the world's banklieved, transfer the liquidation of Germany's inter- tug
organizations and particularly such gaps as may
1612
FINANCIAL CHRONICLE
have resulted from the new situation created by the
reparation and debt settlements."
Press reports from Paris over the last week-end
made it clear that the summary of the bank plan
issued by the experts was very much in the nature
of a "feeler" to test the reaction in the various countries oncerned. "One may be tempted to ask why
the experts, while their plan was admittedly still
in the tentative stages, should have invited the criticism which their scheme is certain to arouse in
many quarters," a dispatch of March 10 to the New
York "Herald-Tribune" remarked. "The reply is
that the experts have hit upon a solution going far
beyond their original ideas and leading into unprecedented byways of international finance. • Accordingly, in the last few days, it has been markedly evident here that the experts themselves were
most eager to know how their own home opinion
viewed such a tremendous experiment."
The discussion that developed in the Continental
press was to a large extent along characteristic
party lines. An opposition to the plan that was
based mainly on political considerations developed
in extreme Nationalist circles on the one hand and
among Socialists on the other, both in Paris and
Berlin. This opposition "does not come from financial circles," a Paris dispatch to the New York
"Times" pointedly observed. The Nationalists and
Socialists, however, united in expressing fear that
such a bank must by its nature and functions, and
by the natural course of future developments "exercise political influences of a kind which, according to their sympathies, appear likely to do harm
to Nationalist or Socialist interests." London appeared to be rather non-committal regarding the
plan, preferring to await further particulars and
explanations of certain phrases in the statement
issued by the experts. It was noted particularly, a
London report to the New York "Times" said, that
the experts referred to the possibility of creating
"new machinery to handle the funds created by reparations and war debts." This statement was interpreted in London as meaning that the new bank
would handle war debt payments by the Allies to
America, as well as reparation payments by the
Reich to the Allies. It was reasoned further, however, that the American experts on the committee
are unofficial, and that there is no assurance that
the Washington Administration will accept a plan
for turning over payments on account of wqr debts
to the proposed bank. On the answers to the considerations thus raised, the British reaction was said
very largely to depend. Banking circles in New
York viewed the plan with quite general approval.
Such a bank, it was pointed out, might be a powerful force for the preservation of world peace.
Plenary sessions were resumed by the Experts'
Committee Monday morning, with the proposed "International Bank of Settlement" the chief subject of
discussion. The points most prominent in the conversations were, it was indicated, the proposed
bank's relation to central banks, the problem of the
institution's capitalization, and its possible credit
functions. "The actual draft of the scheme for an
International Bank of Settlement, which is twenty
pages long, was prepared by a small group of banking technicians and statisticians," a dispatch to
the New York "Herald Tribune" said.
"Among them were the technical representatives
of the Bank of England, the Federal Reserve Bank
[von. 128.
of the United States, and probably the Reichsbank,
these representatives being here anonymously and
co-operating with the experts," the report added.
It was indicated that the thorny subject of the
amount of annuities had still to be mentioned in
the plenary sessions, although some progress along
this line had already been made in unofficial "armchair" chats between Dr. Schacht, Sir Josiah Stamp
and others. An "arm-chair" figure of $540,000,000
had been mentioned by the Allied representatives,
the dispatch added, but this was stifi considered
far too high by the German experts, even though it
represents a reduction of 300,000,000 marks from the
present Dawes annuities of 2,500,000,000 marks
($625,000,000). Germany's maximum "unofficial"
figure was declared to be $350,000,000, or possibly
$375,000,000, although the only German figure that
could be confirmed from official sources was
$300,000,000. Dr. Schacht left Paris for a short visit
to Berlin Monday to attend his daughter's wedding,
but it was generally believed that he would utilize
the occasion to discuss with government heads in
Berlin the question of the amount of annuities.
A further plenary session was held by the committee on Wednesday, the chief object being apparently to co-ordinate the ideas and proposals into
a unified whole. The experts were content with the
reception accorded in the different countries to their
idea of a settlement bank, and began to work out
the details of this institution. Reports were submitted at this session by each of the three subcommittees. The subcommittee headed by Thomas
Nelson Perkins reported on deliveries in kind and
how they could be regulated by the proposed bank.
The subcommittee headed by Lord Revelstoke reported on the organization of the bank itself. The
third report, submitted by Sir Josiah Stamp's subcommittee, dealt with a scheme for co-ordination of
the functions now performed by the Reparations
Commission Transfer Committee and other bodies
into the bank. All three reports were laid aside
for private discussion, dispatches said. One question discussed was said to have been the location
of the proposed bank, with opinions varying between
Basle and The Hague as the most suitable location.
A report to the New York "Herald-Tribune" indicated that the bankers in Lord Revelstoke's committee were of the opinion that the proposed bank
should have an initial capitalization of $80,000,000
to $100,000,000. The subcommittees thereafter continued their labors in working out the details of
the proposed new settlement bank.
•r.
Arrangements for American adherence to the
World Court were made with remarkable swiftness
in Geneva this week, the International Committee of
Jurists adopting the plan proposed by Elihu Root
virtually in the form offered by the former Secretary of State. The Committee of Jurists met on
Monday to consider revision of the statute which
created the World Court in 1920. The sessions appear to have been devoted almost exclusively to
consideration of the Root formula, as there were
definite assurances of complete accord among the
jurists on the point by Wednesday evening. Mr.
Root issued several statements to the press late in
February and early in March in which he remarked
emphatically that he would represent only his own
opinion at the meeting of jurists. Notwithstanding
these disclaimers of any official American status,
MAR. 16 1929.]
FINANCIAL CHRONICLE
it was reported last week that the formula prepared by Mr. Root had been approved by leading
members of the Senate Committee on Foreign Relations and would be very likely to receive an affirmative vote in Washington. Moreover, the development was considered inevitably related to the identic
note addressed in February by Secretary of State
Kellogg to all governments which have adhered to
the World Court protocol, suggesting that a formula be found which would permit of American
participation.
Impressions thus gained were greatly strengthened Friday of last week, when the Administration
in Washington officially provided the League of
Nations with a copy of the Kellogg note on the World
Court. The League Council, which was in session
at the time, promptly held a secret meeting and
took steps to refer the matter officially to the Committee of Jurists. This action, according to Geneva
reports, enlarged the work of the Jurists' Committee
far beyond the program originally planned and made
it possible for the jurists to report their formula
on the Fifth Reservation of the United States Senate
to the June session of the Council. The decision
to refer the question to the Committee of Jurists
was publicly proclaimed in an open session of the
League Council last Saturday, which was marked
by warm personal tributes to Mr. Root and the expression of an "ardent desire" on the part of the
Council to reach an understanding allowing the
United States to adhere to the World Court.
Sir Austen Chamberlain, Foreign Secretary of
Great Britain, introduced the matter in the League
Council meeting Saturday. "My Government has
observed with satisfaction," he said,"that the United
States Government feels that a further informal
exchange of views, such as was contemplated by
the conference, ought to lead to an agreement which
would be satisfactory to all parties. The Secretary
of State's note has reached the governments at the
moment at which the Committee of Jurists appointed
under the Council's resolution of Dec. 14 1928 is
about to commence its study of the question of eventual amendment of the statute of the court. The
task with which this committee has been entrusted
makes it, in my opinion, possible that it might be
able to furnish valuable assistance toward reaching
the agreement which is contemplated in the Secretary of State's note and which I am sure is greatly
desired by all the present signatories of the protocol of signature of the court's statute. I venture,
therefore, to suggest that the Council should invite
the committee to examine this question and to offer
any advice upon it which it feels it can usefully
give." Sir Austen thereupon offered an appropriate resolution which was quickly adopted. "It is,"
said in conclusion, "a most fortunate circumstance that among the gentlemen who have accepted
our invitation to serve on the committee is that
very eminent jurist and statesman, Elihu Root,
than whom no one could be more competent to assist the committee in its task, since he himself was
one ,of the framers of the statutes of the court."
Aristide Briand, Foreign Minister of France, next
addressed the Council, expressing the hope that the
jurists, "whose mandate is thus enlarged, can, after
an exchange of views with the great American
statesman now in Geneva, Elihu Root, reach an accord ardently desired by all." Dr. Gustav Stresemann, Foreign Minister of Germany, followed with
1613
a speech in which he stressed Germany's appreciation of America's intention to adhere to the court.
"The adhesion of this great State constitutes enormous progress in the development of international
life and will be an important adjunct to the pact
outlawing war signed at Paris," Dr. Stresemann
remarked. "I have confidence that the Committee
of Jurists, with the collaboration of the eminent
American jurisconsult, will find a way to overcome
the difficulties that may yet remain, so that the
intention of the United States Government may be
realized as quickly as possible. The adhesion of
the United States will contribute not only to augment the prestige of the court, but constitute also a
new encouragement as regards the principle of international arbitration." Statements warmly supporting the efforts to find a formula permitting
American participation in the court were also made
by the Japanese, Spanish and other delegates."Only
South American circles remain hesitant," a dispatch
to the New York "Times" said, "chiefly through
fear that the United States will use her reservation
to stultify, their position both in the League and
Court by vetoing, because of the Monroe Doctrine,
advisory opinions affecting them." In private conversations, the dispatch added,some Latin-American
critics called the Council's action "shameful," describing it as "bowing and scraping before the
United States to whom everybody owes or wants
to owe money," and predicting South American
repercussions.
The Committee of Jurists, in its first session Monday morning, promptly took up the Root formula
for American adherence to the World Court. This
meeting, and a second session which was held Monday evening, were in the nature of a preliminary
exchange of views 'both on the Kellogg note and on
the Root proposal, dispatches said. It was defi:
nitely stated in a report to the New York "Times"
that when the evening meeting closed Monday, Mr.
Root's proposal had been tacitly adopted as a basis
of discussion. Virtual agreement among the committee members followed on Tuesday, on a redraft
of the Root proposal presented by Sir Cecil Hurst,
of Great Britain, which was described as essentially
similar to the draft prepared by Mr. Root. It appeared to make provision, a "Times" report said,
for an American "representative" empowered to
receive immediate notice from the Secretariat of
the League of Nations of any proposal to ask the
World Court for an advisory opinion and thus
hasten American consent to it, or a preliminary exchange of views between the League Council and
Washington if the latter had any objections to raise.
Mr. Root, after studying the Hurst text Tuesday
afternoon, told the Committee he was satisfied with
it, but that it was none the less necessary to take
time to consider it thoroughly. The Committee,
meantime, began to discuss the question of increasing the number of judges from eleven to fifteen for
the purpose of meeting the court's constantly increasing business. In Geneva the understanding
prevailed that Mr. Root would consult Washington
on the revised text of the formula, and that he would
also touch up the whole Protocol of 1926 in a manner to make it conform with the new formula. Washington dispatches of Thursday indicated that the
Hoover administration would pass on the text of
the formula before a final understanding is arrived
at.
1614
FINANCIAL CHRONICLE
The Council of the League of Nations closed its
fifty-fourth quarterly session in Geneva last Saturday after a week's deliberations in which the
troublesome minorities question was quietly debated
and action taken, as related above, on the problem
of securing American participation in the World
Court. The gathering also considered on March 8,
the draft of a convention drawn up by its Finance
Committee after several years' labor which aims to
provide machinery for the League to guarantee immediate financial assistance to States which are victims of aggression. The financial aid proposed by
the Committee is in the form of a loan up to $40,000,000. The proposed convention contains 31 articles which provide for every detail. As outlined
in a dispatch to the New York "Times," the provisions are as follows: "If the Connell decided unanimously that any State is, or is threatened with being a victim of aggression, the League will be in a
position to guarantee immediately a loan of no
more than $40,000,000 whicn can be floated on the
markets of the nations signing the Convention. The
loan would be contracted by the interested State,
and secured primarily by its general revenues. It is
guaranteed, moreover, by three outsidefactors—first,
morally by the League; second, collectively by the
signers of the Convention, each underwriting a specified proportion; third, by a smaller group of financially powerful States who would underwrite an
additional share."
Provision was made by the Council for discussion of the proposed convention at the September
Assembly of the League. In an address to the
Council, M. Briand of France emphasized the suggestion as of extreme importance and proposed that
it be submitted to States which are not members
of the League for their observations. This indicates
that it will be brought to the attention of the United
States Government. The Council, after the Saturday meeting, closed the quarterly session with a decision, taken at the invitation of the Spanish Government, to hold its June meeting in Madrid.
Singular action in connection with an increase
in capital shares was taken Wednesday by directors
and shareholders of the British General Electric
Company at a meeting in London, the steps taken including a restriction of a new issue of 1,600,000
shares of
each to persons of British nationality,
this move being obviously directed against American shareholders. The action taken has aroused
widespread interest and no little feeling in both
countries. At the meeting in London the new shares
were first authorized and it was decided to issue
them at 42 shillings each, this price being 20 shillings less than the market price of the old shares before the new issue was announced. In the face of
protests from individual shareholders and of a collective protest from American owners, it was decided to deprive Americans of the right to subscribe
for the new shares. Foreign shareholders of the
company were deprived of voting rights some months
ago, in order to insure continued British control
of the company. No protest was made at that time.
With the action taken at the meeting foreshadowed by announcements in London, American shareholders last Saturday formed a protective committee of which Thomas L. Chadbourne was chosen
Chairman. The committee dispatched a protest to
the directors in London, pointing out that the pro-
[VOL. 128.
posed action would deprive foreign shareholders of
a substantial property interest. Strong objection
was taken to the plan and a request made that the
additional shares be offered pro rata to all stockholders, without discrimination. To this protest,
Sir Hugo Hirst, Chairman of the Board, replied
Tuesday, saying that benefits from redemption of
the company's debentures, for which the new stock
is being issued, will accrue to all stockholders. Admitting that 60% of the shares were owned in America, he said that the board must nevertheless remain
the ultimate arbiter in guiding the company's affairs. The preponderance of ownership in America
might have a damaging effect from a traditional
point of view, he stated. The American committee
promptly cabled back to Sir Hugo Hirst a statement that the proposed benefits could not possibly
accrue to all shareholders without distinction, as
stated by the Chairman, if the program for denying
old stockholders the right to subscribe were carried through. "We do not question the soundness
of your redemption of the debentures," the committee said, "but do question your right to redeem
them at our expense and by diluting our interest
in your company's earnings."
In the face of these protests and of additional vehement objections from British shareholders with
voting rights, the proposals were adopted at the
meeting in London Wednesday. "It is crooked," "It
is not playing the game," "It is not a British act,"
"It will affect England's financial prestige throughout the world," were some of the protests hurled at
the directors, a London dispatch to the New York
"Times" said. There were, however, only ten dissentients. "I am sorry to have to be a pioneer in
this matter," Sir Hugo Hirst said in answering the
sharp attacks of the shareholders, "but I am satisfied I shall have imitators either voluntarily or in
legislation. I believe this criticism is due to misunderstanding of our aims and objects. During
the last twelve months a development has occurred
which none of the directors ever anticipated. Suddenly, without our knowledge or assent, dealings
in our shares began on the Curb Market in New
York. We immediately took steps to insure that any
attempt to secure foreign control should be made
impossible. Despite that, purchases in the United
States continued, raising the price of our shares to
an abnormal extent. We do not take any exception
to an interest in our shares on the part of our American friends, but when we consider the situation, we
realize that we have been deprived of 60% if not
more, of our ordinary shareholders. The company
has always been regarded as a strictly British concern and has derived no small amount of its support
from the co-operation it received from British shareholders, both in the home and empire markets. Itis,
therefore, absolutely vital that, apart from control, its British character should be preserved."
All London newspapers, including the Financial
Times, the "City's" leading organ, roundly condemned the action of the directors and voting shareholders of the British General Electric Company.
A financial writer in the "Daily Chronicle" pointed
out the "extraordinary fact that at the time this issue was announced the market price of General
Electric shares was 65 shillings.""Who ever heard,"
he continued, "of a company offering a bonus issue
to the outside public without permitting its own
shareholders to participate? Such a practice is
MAE. 16 1929.]
FINANCIAL CHRONICLE
1615
of Lower California to Guaymas, to join the rebel
columns. In Vera Cruz, General Jesus M. Aguirre,
who led the abortive uprising in that State, offered
to surrender in return for a promise of safe-conduct
out of the country, which the War Department in
Mexico City refused to give. On the following day,
his brother, General Simon Aguirre, was captured
with several officers and about 1,000 insurgent
troops, marking the end of the movement in the
State of Vera Cruz.
Developments Monday were again mixed, with
the insurgents concentrating at Torreon, and withdrawing 2,000 of their men from the drive down the
western coast in the State of Sinaloa. General Manz°, commander of the rebel forces in Sinaloa, returned to Nogales, Sonora, to take charge of the
preparations for the southern drive. He stated that
5,000 of his men remained near Mazatlan, one of
the three important west coast ports, their object
being to take the city. The rebel prospects were
"very good," he said. In the main theatre of action,
Federal forces again came upon General Urbalejo,
who was retreating with a small detachment. In
Mexico City, the administration of President Portes
Gil expressed pleasure that "Catholic leaders" have
not identified themselves with the revolt, assuring,
it was said, that the rebellion has no connection with
important decision of the day
Great speed and resolution characterized the ac- religion. The most
Washington, where Secretary of State
tions of the Federal Government of Mexico this was taken in
d that the rebels would never be
week in dealing with the military insurrection that Kellogg announce
d as belligerents by the United States. This
suddenly developed in the early days of this month. recognize
of the possibility of a quasi.
Lines began to be sharply drawn this week, with step deprived them
political recognition with the right to declare blockthe center of the insurrection localized to a great
and other material support
extent in the northwestern States of Sonora and ades and obtain financial
in this country. Washington proceeded, it was
Coahuila. The rebellion in the State of Vera Cruz
for forwarding to the Federal
was rapidly suppressed last week by loyal forces, learned, with a plan
10,000 Enfield rifles and 10,whereupon General Canes, assured of peaceful con- Government in Mexico,
ammunition.
ditions in the more populous States near the capi- 000,000 rounds of
The Government in Mexico City by Monday evetal, began to move an army of nearly 20,000 Federthe backbone of
als swiftly northward along the railroad lines. This ning already held the opinion that
broken, an Associated Press
prompt and vigorous action apparently nullified the the revolt had been
of the best inadvantage which the element of surprise gave to dispatch said. "In this opinion, most
observers here concurred," the disthe rebellious troops at first, and placed them on the formed foreign
n saw no chance
defensive rather than on the offensive. Over the patch added. Government spokesme
rebel victory and expressed the opinion that
last week-end the military situation found the loyal of a
forces facing the insurrectos in a broken line extend- within a week or two the situation will be merely
ing over a great part of north central Mexico, with one of wiping out scattered groups in the States of
contact established in only one or two spots. Gen- Chihuahua, Sonora and possibly Coahuila. Mexieral CaIles moved toward the rebel center at Tor- can financial authorities on the same day declared
reon, Coahuila, as rapidly as repairs could be ef- that the Republic's monetary and economic equilibfected to the railway, driving small forces of insur- rium should not be materially affected by the rebelsaid.
rectos before him. Farther to the west, rebel forces lion, a "Times" dispatch from Mexico City
rehabilitation will be
moved southward toward Culiacan, capital of Sina- Progress toward financial
loa, with the expressed intention of proceeding by maintained,it was said, in spite of the extraordinary
strains the national purse strings are now undergothat route to Mexico City.
The first meeting between important bodies of ing. "No upheaval such as is likely to cause real
now studying
---troops took place at Canita,s, Zacatecas, last Sun- worry to the international bankers
two main bodies of op- Mexico's debt situation is expected," the dispatch
day, in the area between the
posing forces. A rebel column, commanded by Gen- added, "although the immediate program for 1929
eral Francisco Urbalejo, established contact with will undoubtedly be affected. The new debt agreecertain."
the Federals, and when the "rebel" troops learned ment will be able to proceed, it is held
Subsequent developments this week have been althat they were opposing the Federals and not supporting them, the great majority quickly rejoined most entirely in favor of the Federal Government in
the Federal ranks. General Urbalejo, with a few Mexico. The most notable imident Tuesday was the
men who remained faithful to the rebel cause, fled defection of General Olachea, with about 1,000
northward. There was, however, an important ac- troops, from the rebel ranks in Sonora. General
cession to the rebel ranks on the same day, the south- Olachea declared for the Federals and seized the
ern half of the State of Lower California joining town of Naco, opposite Naco, Ariz. In response to
the movement against the Federal regime. Troops appeals from Bisbee, Ariz., for protection of its wafrom that region, numbering 1,800, crossed the Gulf ter supply, which is close to the border at Naco, a
illegal in some countries. Yet General Electric has
decided upon this extraordinary course because to
offer shares to its British shareholders would have
meant actually defrauding its American shareholders. The consequences of this discrimination may be
serious if foreign companies in which British investors are interested retaliate or follow General Electric's example."
The matter was also brought up rather sharply
Thursday in the House of Commons by Col. Wedge.
wood, a Labor Member. He opened the discussion by
asking in what countries, if any, obstacles were
placed in the way of investment of British capital.
Sir Philip Cunliffe-Lister, President of the Board of
Trade, sidestepped the question, but Colonel Wedgewood insisted that the Government take steps to prevent "discrimination which is injurious to this country's reputation in the capital markets of the world
and liable to produce bad feeling between us and
America, such as has recently been perpetrated in
this country by a super-patriot of German origin."
The American committee for the protection of the
rights of shareholders in this country indicated yesterday that legal action would be instituted in the
matter, but that the form of this action had not yet
been determined.
1616
FINANCIAL CHRONICLE
[Vol,. 128.
company of United States infantry and a troop of affected, will amount to millions of pesos when the
cavalry were dispatched there from a nearby fort final accounting comes.
in Arizona. In Mexico City, President Portes Gil
•
issued a statement saying the revolt was virtually
Leaders of Italian Fascism to the number of about
broken, and that no more volunteers for the Federal 4,000 gathered in Rome last Sunday for the first
Army would be accepted. The Government also is- Quinquennial Council of Fascism, at which Presued a communication stating that General Roberto mier Benito Mussolini rapidly reviewed the main
Cruz, commanding the western rebel column, is in legislative achievements of his regime. Ii Duce was
retreat from Culiacan, Sinaloa. The authorities greeted on his appearance with wild enthusiasm,
further announced the execution of General Simon dispatches said, and he held his audience spellbound
Aguirre, who was one of the leaders of the revolt in for slightly more than half an hour. Settlement
Vera Cruz. In the Torreon sector, the rebels were of the Roman question was described as the greatest
reported to have evacuated the city of Saltillo, loot- single event since the advent of Fascism. It was,
ing the banks as they left. Dispatches from Torreon Premier Mussolini said, of transcendent importan
ce
declared, however, that rebel troops were pouring for Italy and for the world. "Conciliation
is at
into that city in preparation for the impending clash last achieved through the separation of
Church and
with government forces under General CaIles.
State," he continued. "Each now has its own duAn encircling movement upon the rebel center at ties and each can collaborate with the other
as a
Torreon was begun by the federals under General free sovereign State in treaties, as every
one must
Canes Wednesday, dispatches indicating that the admit their fundamental justice. The Catholic
reloyal troops intended to surround Torreon complete- ligion has a pre-eminent position in Italy,
but other
ly and then attack after all avenues of escape for religions must be neither persecuted
nor hindered,
the rebels were cut off. General Cedillo, a Federal nor otherwise interfered with." The Fascist
Councommander in this movement, reported the capture cil of Minister approved Wednesday
a bill presented
of 4,000 rebels who were retreating from Saltillo, by Premier Mussolini for fulfillme
nt of the "Lateran
and a number of minor skirmishes also were re- Treaty" for settlement of the Roman
question, and
ported.
this action was followed Thursday by the publicaA Government communication stated that Gen. tion of a report in which the political,
religious and
Galles had ordered troops from Vera Cruz to Ira- moral aspects of the treaty were set forth
at length.
puato, State of Guanajuato, behind his main body,
to quell a reputed uprising of "Catholic rebels."
The Bank of Italy which on Jan. 6 reduced its
The defection of rebels at Naco had proved demoral- rate to 67, on March 14 advanced
0
again to 7%.
izing to the insurrectos, the statement said, turning Otherwise there have been no
changes this week in
the thoughts of the rebel troops to looting rather the discount rates of any
of the European central
than to victory. The rebels issued a communica- banks. Rates continue at
6 7 in Germany and
/0
1
2
tion at Chihuahua City, claiming a victory and the Austria; 67 in Italy;
0
5 7 in Great Britain, Nor/0
1
2
capture of 700 Federals in a clash near Saltillo. They way and Spain; 5% in
Denmark; 4 % in Holland
/
1
2
claimed to have 22,000 men "arrayed with them in and Sweden; 47 in
0
Belgium, and 3 % in France
/
1
2
Torreon," to meet General Calles's 18,000.
and Switzerland. London open market discounts for
Veiled movements of troops in the region around short bills are 514@5%7
/
0 and for long bills 5%%
Torreon continued Thursday and yesterday, loyal against 5387 for
/ 0
both on Friday of last week.
forces converging on the city from a number of Money on call in London
was 4%7 yesterday. At
0
directions. The only rail line in this district that Paris open market discount
s remain at 3 7/167 and
0
remained in rebel hands was the one running north- in Switzerland at 3%7
0
.
ward through Chihuahua to Juarez on the border.
One aim of General Calles's encircling movement
In its statement for the week ending March 9th,
was understood to be control of this road so as to the Bank of France
reports a decrease in note circulacut off possible retreat of the insurgent forces tion of 812,000,000
francs, reducing the total to
through Chihuahua. General J. Gonzalo Escobar, 63,414,667,600 francs,
as against 64,226,667,600
commander of the rebel forces in the Torreon re- francs last week and
62,505,667,600 francs two weeks
gion, promised, however, a "finish fight" at Torreon. ago. Creditor
current accounts rose 1,034,000,000
Five columns of loyal forces were engaged in the francs and current accounts
and deposits 1,346,000,movement around the city, according to Mexico City 000 francs. Gold holdings
decreased 39,259,188
dispatches. Aviators participated in the advance, it francs, bills bought abroad
19,000,000 francs, adwas said, and four regiments of light field and moun- vances against
securities 39,000,000 francs, while
tain artillery also moved forward. The rebels also credit
balances abroad rose 2,054,012 francs and
had four airplanes, according to press correspond- French commerci
al bills discounted 1,021,000,900
ents with their forces at Torreon. One effect of the francs.
A comparison of the various items -"cif the
insurrection has already been a thorough destruc- Bank's return for the past
three weeks is shown below:
tion of the railroads in the regions of troop moveBANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
ments. Estimates of the rail loss already run as
Maus as of
for Week.
Mar. 9 1929. Mar. 2 1929. Feb. 23 1929.
high as $500,000, it is said. With this exception,
Francs.
Francs.
Francs.
Francs.
Gold holdings—Dec.
there are few signs in Mexico generally of the re- Credit bale. abed.lno. 39,259,188 34.023,887,557 34,063.146,745 34,037,604.216
2.054.012 11,476,024.679 11,473.970,667 11,548.870.769
bellion. Passenger traffic is greatly affected, but French commercial
bills discounted-Inc. 1021000,000 5.341,626,954 4,320,626,954 5,238,626,954
"the people seem convinced that the government will Bills bought abed_Dec. 19.000.000 18,304,146,350 18,323.146,350 18,286,146,350
39,000,000
win and they refuse to get excited," a New York Adv.agst.sccurs—Dec. 812.000,000 2,366,007,879 2,405,007,879 2,263,007,872
Note cIrculatIonDec.
63,414.667,600
0 132.505.667,600
"Times" dispatch said. Some trade loss was re- Cred. curr. accts__Inc. 1034000,000 18.839,575,215 64.226,667,605 19.474,575,215
17.805,575,21
Curr,accts.& dep.Ino. 1346000,000 7,231,626,692 5,885,626,692 6,884,626.692
ported in Mexico City and elsewhere in loyal sections, while the losses in Sonora, Chihuahua, SinaFor the fifth consecutive week the Bank of Engloa, Nuevo Leon and Durango, which are seriously
land statement shows an increase in gold holdings,
MAL 16 1929.]
1617
FINANCIAL CHRONICLE
immediate future. With money in good supply and
demand light, call loans dropped Monday from a renewal figure of 9% to a close at 7%, with offerings
reported in the unofficial Street market at 6%.
After renewing at 7% Tuesday, the rate dropped to
6% on the Stock Exchange, while in the outside mar2
1
/
ket funds were available at 5 %. The market
lly a duplication of that
Wednesday was substantia
on Tuesday, with the exception that Street loans
/
fetched 534%. On Thursday session, call loans on
the Stock Exchange were steady all day at 7%, with
2
1
/
outside trading at 6 %. In yesterday's session,
was again the prevailing quotation, the market
7%
tightening up slightly as no outside funds were
available. Withdrawals by the banks were nominal all week. Brokers' loans against stock and
bond collateral declined $20,000,000 in Thursday's
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1926.
1927.
1928.
1929.
report of the Federal Reserve Bank of New York,
Mar. 18.
Mar. 17.
Mar. 18.
Mar. 14.
Mar. 13.
compiled for the week ended Wednesday on the
6355,004,000 134,402,000 136,706,105 141,206,640 124,073,935
Circulation
member banks. Only
11,934,000 9,771,000 19,183,864 19,812.755 13,752,406 basis of returns from reporting
Public deposits
101,015,000 103,632,000 102,179,364 100,202,646 108,508,333
Other deposits
s were officially reported for
'minor gold movement
Bankers' accounts 63,384,000
Other accounts._ _ 37.631,000
the same period, but press reports indicated that a
39,891,830
Govemm't securities 44,836,884 31.506,000 32,657,560 38,020,328
76,349,489 shipment of $10,900,000 was under way from Berlin
Other securities.... 29,325,000 56,982,000 73,230,664 76,176,864
& advances 12,517,000
to New York, the first major movement from that
16,808,000
Securities
Reserve notes & coin 57,064,000 43,200,000 33,779,916 24,105,030 24,294,619 source in almost two years.
150,736,021 145,561,670 128,618,554
the amount this week being £240,082 which, together
with a decrease of £84,000 in note circulation, brought
about a gain of £324,082 in reserves. The'bank rate
/%. Loans on "other securiof discount remains at 51
ties" show an increase of £2,832,000. This item includes "discounts and advances" and "securities"
which advanced £2,138,000 and £694,000 respectively. Loans on Government securities show a gain
of £40,000. Public deposits rose £3,651,000 and
"other deposits" fell £464,000. This last item is composed of "banker's account" which dropped £799,000
and "other account" which rose £335,000. Proportion of reserve to liabilities is now 50.52%, last week
it was 51.69%, this week a year ago it was 38.10%.
Below we give details of the different items in the
Bank's return for five years:
Coin and bullion_ _a152,088,880 157,852,718
Proportion of reserve
38.10%
50.52%
to liabilities
4 jf%
534%
Bank rate
27.83%
5%
20.08%
5%
1974%
5%
and bullion
a Includes, beginning with April 29 1925, £27,000,000 gold coin
the
Previously held as security for currency notes issued and which was transferred to
gold standard.
Bank of England on the British Government's decision to return to
of Bank
b Beginning with the statement for April 29 1925, Includes £27,000,000
coin and bullion
of England notes issued in return for the same amount of gold
currency note issue.
held up to that time in redemption account of
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was 9%, but as the day advanced, the
rate on new loans dropped to 7%. On Tuesday and
Wednesday after renewals had been effected at 7%,
there was a decline each day to 6%. On Thursday
and Friday all loans on the Stock Exchange were at
7% including renewals. Time loans continued at
4% for all maturities from thirty days to six
/
73
months, with the market dull, up until Thursday
when the rate for thirty and sixty days was raised
'to 8%;on Friday the rate for 90 days also was raised
4% rate applicable only for
3
to 8% leaving the 7/
loans running four, five and six months. Commercial paper has also continued dull with little or no
market. Rates for names of choice character matur4%
2
1
/ / with
ing in four to six months remain at 5 @53
little done at the lower rate. Names less well known
/
command 534@6%, with New England mill paper
also selling at 5%%@6%.
In its statement for the week ended March 7, the
Bank of Germany reports a decrease in note circulation of 215,366,000 marks, reducing the item to
4,337,660,000 marks, as against 4,067,656,000 marks
last year and 3,346,877,000 marks the year before,
other liabilities rose 11,712,000 marks, while other
daily maturing obligations dropped 22,613,000 marks.
The asset side of the account shows a decrease in gold
and bullion of 46,104,000 marks, bills of exchange
and checks 118,410,000 marks, silver and other coin
6,092,000 marks, advances 143,452,000 marks, and
investments 34,000 marks. On the other hand reserve in foreign currency rose 37,552,000 marks, notes
on other German banks 9,896,000 marks, and other
assets 35,377,000 marks, while deposits abroad reThere has again been no change this week in the
mained unchanged. Below we furnish a comparison
banks' and bankers' acceptances. The
of the various items of the bank's return for the past rates for
posted rates of the American Acceptance Council
three years:
/%
have continued throughout the whole week at 514
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
/
bid and 51 8% asked for bills running 30 days, 5%%
Mar.7 1929. Mar.71928. Mar.71927,
Week.
Reicluntarks. Reichsmarks. Reichsmark*.
Reichsmark&
/
bid and 514% asked for bills running 60 and 90 days,
Assets—
Dec. 48.104.000 2,682,829,000 1,888,253,000 1,843,958,000
Gold and bullion
0
/
/
51 2% bid and 514% asked for 120 days, and 5%7
85,626,000
93,007.000
85,626,000
Of which depos.abr'd_ Unchanged
Res've in(oft cum_ _ _Inc. 37,552,000 127,945,000 297,344,000 202,135,000 bid and 5%7 asked for 150 and 180 days. The Ac0
Bills of exch.& checks.Dec. 118,410,000 1,770,509,000 2,260,942,000 1,603,976,000
63,059,000 129,325,000 ceptance Council no longer gives the rate for call
Silver and other coin—Dec. 6,092,000 108,260,000
17,696,000
14,989,000
17,140.000
Notes on oth.Ger. bksinc. 9,896,000
varying
50,630,000
46,226.000 loans secured by acceptances, the rates
Dec. 143,452,000 153,795,000
Advance
94,239,000
93,136.000
92,765.000 widely.
Dec.
34,000
Investments
Open market rates for acceptances have
Inc. 35,377,000 506,095,000 509,987,000 457,243,000
Other assets
,
also remained unchanged as follows:
Notes in circulation Dec. 215,366,000 4,337,660,000 4,087,656,000 3,346,877,000
0th. daily mat. oblig-Dec. 22,613,000 502,947,000 642,523,000 524,228,000
Inc. 11,712,000 183,699,000 222,870.000 159,637,000
Other liabilities
bills
SPOT DELIVER?.
—180 Days— —150 Days—
Bid. Asked.
Bid. Asked.
531
531
5%
5%
—120 Days—
Md. Asked
531
534
Prime eligible
Money rates in the New York market showed
—90 Days— —60 Daft—. —30 Days—
Bid. Asked
Bid. Asked.
Bid. Asked.
some relaxation this week from the extreme figures
5%
534
534
ISM
534
6%
bills
last week, the call loan rate declining on Prime eligible
reached
FOR DELIVERY WITHIN THIRTY DAYS.
Monday from 9% to 7% and remaining fairly con- Eligible members banks
5% 616
5% bill
stant around 7% the rest of the week. The time loan Eligible non-member bents
rate followed a contrary course, short-term rates risThere have been no changes this week in Federal
ing to 8% on 30 to 90-day loans, indicating belief
in the continuance of the existing tension for the Reserve Bank rates. The following is the schedule
1618
FINANCIAL CHRONICLE
[VOL. 128.
•of rates now in effect for the various classes of pa- in sovereigns from abroad and exported
£5,000 in
'per at the different Reserve banks:
sovereigns. On Tuesday the Bank of England
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES bought
£221,000 in gold bars in the open market.
AND MATURITIES OF ELIGIBLE PAPER.
On Wednesday the Bank sold £1,701 in gold bars,
Bate in
and on Thursday bought £2,767 in gold bars, sold
Federal MUM Bank.
Weston
Date
Previous
Established.
Mar. 15.
Rate.
£5,148 in bars, and exported £18,000 in sovereigns.
Boston
July 19 1928
5
4 i.i
On Friday the Bank sold £5,132 gold bars and
New York
July 13 1928
5
42
'Philadelphia
July 26 1928
6
414
exported £125,000 gold sovereigns.
'Cleveland
Aug. 1 1928
5
43
Richmond
July 13 1928
5
454
At the Port of New York the gold movement for
'Atlanta
July 14 1928
5
414
'Chicago
July 11 1928
5
414
the week Mar. 7-Mar. 13, inclusive, as reported by
'St. Louts
July 19 1928
5
414
•MInne49
414
0191
Apr 25 1928
4
/Camas City
the Federal Reserve Bank of New York, consisted
June 7 1928
414
4
Dallas
Mar. 2 1929
5
414
San Frenetic°
of imports of $83,000, chiefly from Latin America.
June 2 1928
424
4
The exports were $55,000 to Germany. There
Sterling exchange has been firmer this week. The was no movement of gold either to or
from Canada.
underlying exchange and credit position is in nowise The Reserve Bank reported no
change in earmarked
different from .what it has been during the past gold for foreign account. Canadian
exchange has
month, and the sudden upward spurt in exchange been under exceptional pressure
throughout the
this week has been due to slight temporary ease in week and on Thursday Montreal
funds were at the
money in New York, owing partly to abundance of extraordinary discount of 1
1-64%. This comtemporary Treasury funds available to the market pares with the discount of 21-32 of
1% on Friday a
and to the operation of the banks in the accommoda- week ago. Montreal funds have
been consistently
tion of the March 15 financing of the U.S.Treasury. weak and far below the nominal
gold point for some
The firmness in exchange was also furthered by time. The weakness in Canadian
with respect to
-withholding of demand for dollars in London and the dollar arises chiefly from
the disproportionate
to some withdrawals of British funds from the New volume of Canadian imports from
the United States
York market as the result of operations to meet compared with what the United
States buys from
mid-month settlements in London. The range this Canada and from the excessive
attraction of the New
week has been from 4.84 9-16 to 4.85 3-16 for York security and money markets
for Canadian
bankers' sight, compared with 4.84 to 4.84 15-16 funds. The weakness in Canadian
will probably
last week. The range for cable transfers has been continue until navigation
opens on the St. Lawrence.
from 4.85 1-16 to 4.85 19-32, compared with 4.85 1-16 Then there should be a
rapid recovery. The wheat
to 4.85 9-32 the previous week. The demand for export season commences around
Apr. 1.
sterling and the sudden diminution abroad in demand
Referring to day-to-day rates, sterling on Saturday
for dollars was particularly noticeable on Tuesday, last was inclined to weakness
in an unusually quiet
Wednesday, and Thursday, and the firmness in market. Banker's sight was
4.84 9-16@A.84%, cable
exchange was further intensified on those days by transfers, 4.85 1-16. On Monday
the market was
a large volume of short covering. While it is un- firmer. The range was
4.84 11-16@4.84 13-16 for
doubtedly a fact that seasonal factors should help bankers' sight and 4.853@4.
85 3-16 for cable
the price of exchange on London from now on if transfers. On Tuesday sterling was
in demand.
markets were following a normal course, bankers in Bankers' sight was 4.849@4.85
1-16; cable transgeneral recognize that the quotations which have fers 4.85 3-16@4.85 7-16. On Wednesda sterling
y
ruled this week were of a temporary character and showed renewed firmness. The range was 4.85@
that in view of the present underlying credit situa- 4.85 3-16 for bankers'sight and 4.85 7-16@4.85 19-32
tion both here and in London, a partial recession for cable transfers. On Thursday sterling was
in the sterling rate would not be surprising.
irregular and closed easier. The range was 4.84%@
The market is still hesitant over the possibility 4.85 1-16 for bankers' sight and 4.85 3-16@4.85%
of a further increase in the Bank of England rate for cable transfers. On Friday there was
renewed
-of rediscount. While there is known opposition firmness; the range was 4.84 25-32@4.847
4 for
in Great Britain to the present 532% rate, never- bankers' sight and 4.85 7-32@4.85
9-32 for cable
theless the London security market and the discount transfers. Closing quotations on Friday were
market there continue to base expectation upon 4.84% for demand and 4.853 for cable transfers.
an increase in the rate to even 632%. The London Commercial sight bills finished at 4.84 11-16;
60
-day
market is giving voice to strong hopes that the bills at 4.79 15-16; 90
-day bills at 4.777 ; documents
4
Federal Reserve banks will not increase their re- for payment (60 days) at 4.79 15-16, and seven-day
discount rates or take other steps to so tighten the grain bills at 4.84. Cotton and grain for payment
credit situation here as to invite British short-term closed at 4.84 11-16.
funds to the New York market to the detriment of
the sterling rate or the jeopardy of the Bank of
The Continental exchanges have shown a moderate
England's gold holdings. Great relief is expressed degree of firmness, which was to be expected in
in foreign exchange circles over the fact that the view of the firmer quotations for sterling. On
Bank of England was able to secure most of the Thursday the Bank of Italy rediscount rate was
gold offered in the London open market on Tuesday. advanced to 7% from 6%, which had been in effect
The Bank's takings totaled £221,000 in gold bars since Jan. 7. The advance in the Italian rate was
at 84s. 10Y
1d., compared with 84s. 108d. per unexpected. There had been discussion for several
fine ounce paid a week ago.
weeks of a possible increase, but it was not thought
This week the Bank of England shows an increase that the change would be made unless the New
in gold holdings of £240,082, the total bullion York Federal Reserve Bank rate
was advanced.
standing at. £152,068,880 as of March 13, which However, the long continued firmness
in the New
compares with £157,852,718 for March 14 1928. York money market which retarded
to a considerable
On Monday the Bank of England received £10,000. extent the flow to Italy of funds from New York
MAR. 16 1929.]
FTNANCIAL CHRONICLE
1619
holdings of foreign exchange.
and the Italian-populated cities of South America, been disposing of its
shipment may have been brought
together with the fact that the Bank of England The present gold
feels that it is more
increased its rate of rediscount, brought about such about because the Reichsbank
to maintain its foreign balances
a weakness in lire exchange that the advance was to its advantage
compelled
unavoidable. Bankers assert that official support and sell gold, although it is not legally
do so. German gold holdings were brought up to
has been given to lire exchange several times during to
fall by imports from England.
the past month. Lire exchange responded only a high figure last
of Italy's rate. Since the beginning of the year the gold holdings
slightly to the advance in the Bank
averaged close to 2,700,The Bank of Italy's gold reserve, which guarantees of the Reichsbank have
which on average 86,000,000
the paper circulation, now stands at approximately 000,000 marks, of
banks. The present
5,051,000,000 lire, an increase of 145,000,000 lire marks have been held in foreign
shows a reduction of
since June 1927. In the same period the circulation German Bank statement
reserves. It is estimated
has decreased from 17,464,000,000 lire to 17,295,- 46,104,000 marks in gold
7 exchange reserves of the Reichsthat since Feb.
000,000 lire.
redemption
French francs have been relatively steady. The bank, which the Bank may tender for
of its notes instead of gold, has shrunken to 270,French rate is supported this week owing to the adis 23.82.
vance in sterling. The slight ease in money rates 000,000 marks. The par of the mark
reduction in demand Exchange traders place the points at which gold
in New York, with a consequent
from Germany at
for dollars abroad, was also a factor supporting the could be imported profitably
transfers on
4
franc. There is no gainsaying the fact that the between 23.713 and 23.72/. Cable
basic tone is easier. The Bank of France must Friday closed at 23.723/2.
The London check rate on Paris closed at 124.25
continue to guard the rate through foreign exchange
manipulation for as long as money rates on this on Friday of this week, against 124.23 on Friday of
side are firm and French francs continue to be at- last week. In New York sight bills on the French
tracted to London, Berlin, Italy, and other European centre finished at 3903j on Friday, against 3.90 5-16
centers owing to the low return on French funds on Friday a week ago, cable transfers at 3.903,
employed at home. This week, while the sight against 3.90 9-16 and commercial sight bills at
balances and negotiable bills of the Bank of France 3.90, against 3.90. Antwerp belgas finished at
held abroad are practically unchanged from last 13.88 for checks and 13.884 for cable transfers,
4
week, and its circulation is down considreably, its as against 13.88 and 13.883 on Friday of last
shows a drop from 41.52% to 41.36%. This week. Final quotations for Berlin marks were
ratio
is due to a loss of close to 40,000,000 francs in gold 23.713/2 for checks and 23.72 for cable transfers,
and 23.723/ a week
reserves. This is the first time in many weeks that in comparison with 23.71
closed at 5.2334 for bankers'
the Bank of France reports loss in gold. Doubtless earlier. Italian lire
the metal was taken by Switzerland and Holland sight bills and at 5.233/2 for cable transfers, as
and probably small amounts by other Continental against 5.23 3-16 and 5.23 7-16. Austrian schillings
centers. The Bank is in a strong position to main- closed at 14.05 on Friday of this week, against 14.05
tain exchange at almost any point it desires for a on Friday of last week. Exchange on Czechoslovakia
long time to come. The total foreign exchange finished at 2.9634, against 2.9634; on Bucharest at
holdings of the bank are estimated at around $950,- O.5932, against 0.593/2; on Poland at 11.23, against
000,000, most of which is held in London and New 11.25, and on Finland at 2.52, against 2.52. Greek
exchange closed at 1.2934 for checks and 1.293/2
York.
293/2.
German marks continue under pressure and at for cable transfers, against 1.2934 and 1.
the rates prevailing during the past few weeks gold
The exchanges on the countries neutral during
might be expected to move from Germany to New
York. However, the Reichsbank's gold hdldings are the war have been steady, though extremely dull.
protected through the instrumentality of central Exchange on Holland has been somewhat under
bank co-operation. As stated here last week, Berlin pressure. The Scandinavian exchanges show redispatches on Friday reported that the Reichsbank markable steadiness, but rates are largely nominal
had sold approximately $11,000,000 in gold to owing to the scarcity of transactions, apparently
New York bankers. On Friday press dispatches not only in the New York market but abroad. The
stated that an additional $7,000,000 gold had been weakness in guilder is largely a consequence of the
engaged in Germany for American account, which heavy transfer of Dutch funds to other markets
if confirmed later would make the total of the pros- where yields are higher. However, there is a noticepective movement $18,000,000. This is the first gold able firming up in money rates in Holland. At the
from the Reichsbank since May 1927. Up to Friday of beginning of March the private discount rate was
r•-filijs--wcek the gold had not been reported as having 4 9-16%, slightly above the official bank rate. Also
been received in New York. It is asserted in some quar- the monthly prolongation was quoted at 5% to
ters that there has been no real necessity for the gold 53/2%. The Bank of the Netherlands has been
shipment and that it was undertaken by the Reichs- under the necessity of supporting exchange for some
bank to impress the Reparation conference. There- time. An increase in the Dutch bank rate is imfore nothing would have been gained by fast trans- minent. Spanish pesetas show sharp recovery.
port. While Berlin money rates are high as com- This is undoubtedly due to the quieting down of the
pared with other Continental centers, and have political unsettlements of a few weeks ago, and
therefore been less subject to pull from New York, while confirmation is lacking, the renewed firmness
German exchange has been consistently weak 'owing is doubtless due also to a resumption of operations
largely to repayment of short-term loans, proceeds by the Madrid foreign exchange rommittee. Bankof which have been transferred to New York. As ers' sight on-Amsterdam finished on Friday at 40.03
a result the Bank of Germany has been compelled against 40.03 on Friday of last week; cable transfers
to take steps to protect the exchange rate and has at 40.05, against 40.05, and commercial sight bills
1620
FINANCIAL CHRONICLE
[VoL. 128.
at 39.99, against 39.99. Swiss francs closed at buying rate for cable transfers in the different coun19.223/2 for bankers' sight bills and at 19.233/2 for tries of the world. We give below a record for the
cable transfers, in comparison with 19.223 and week just past:
19.231 1 a week earlier. Copenhagen checks finished FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
/
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
at 26.633/2, and cable transfers at 26.651 against
MAR. 9 1929 TO MAR. 15 1929, INCLUSIVE.
26.633/ and 26.65. Checks* on Sweden closed at
2
Noon Buying Rate for Cab. Transfers to Nese Vert.
2
6.693/2, and cable transfers at 26.71, against 26.70 Country and Monaary
Value in United Stales Money.
Unit.
and 26.713/, while checks on Norway finished at
2
Mar. 9. Mar. 11. Mar. 12. Mar. 13. Mar. 14. Mar. 15.
26.65 and cable transfers at 26.663/, against 26.643/ EUROPE0
$
5
2
2 Austria, scbIlling -------14S .140510 .140563 .140551 .140551 I
$
0505
.140481
Belgium,
.138805 .138802 .138817 .138857 .138840 .138830
and 26.66. Spanish pesetas closed at 15.37 for checks Bulgaria,belga
lev
.007225 .007218 .007222 .007204 .007209 .007181
Czechoslovakia, kron .029603 .029605 .029606 .029610 .029607 .029607
and 15.38 for cable transfers, which compares with Denmark, krone
.266434 .266460 .266500 .266548 .266463 .266468
England, pound ster14.69 and 14.70 a week earlier.
ling
.850377 4.850924 4.852682 4.854257 4.852261 4.852209
The South American exchanges are steady, although extremely dull. This week the Argentine
paper peso showed a firmer tone. The firmness
in the peso was due partly to the engagement of
approximately $5,500,000 of gold for shipment to
New York, which was reported here last week.
Approximately $2,000,000 was due to arrive on
March 12 and the balance is due around March 28.
Less is heard of labor troubles in the Argentine
ports and the export season, which is extremely
promising, is so far advanced that firmness in the
peso is to be expected.
.Argentine paper pesos closed on Friday at 42.08
for checks, as compared with 42.08 on Friday of
last week, and are 42.13 for cable transfers, against
42.13. Brazilian milreii finished at 11.85 for checks
and 11.88 for cable transfers, against 11.85 and
11.88. Chilean exchange closed at 123/i for checks
and 12 3-16 for cable transfers, against 123' and
12 3-16, and Peru at 4.00 for checks and 4.01 for
cable transfers, against 4.00 and 4.01.
Finland, markka
.025168 .025164 .025163 .025164 .025165 .025169
France. franc
.039045 .039048 .039048 .039054 .039054 .039049
Germany.relehemark. .237207 .237203 .237223 .237241 .237222 .237211
Greece, drachma
.012915 .012917 .012921 .012925 .012924 .012921
Holland, guilder
.400434 .400453 .400461 .400542 .400454 .400455
Hungary, pengo
.174239 .174265 .174242 .174288 .174248 .174239
Italy. lira
.052329 .052335 .052349 .052366 .052392 .052343
Norway, krone
.266514 .266517 .266555 .266660 .266609 .266587
Poland, zloty
.111966 .111972 .111813 .111920 .111795 .111954
Portugal, escudo
.044380 .044460 .044510 .044540 .044560 .044510
Rumania.leu
005969 .005965 .005960 .005958 .005965 .005960
.148167 .147623 .148680 .149552 .151395 .154013
Spain. Peseta
Sweden,krona
267050 .267045 .267068 .267105 .267102 .267088
Switzerland, franc- -- .192294 .192297 .192310 .192321 .192315 .192316
Yugoslavia, dinar.- .017566 .017580 .017564 .017561 .017564 .017559
ASIAChinaCheloo tael
.645000 .644375 .643750 .644375 .644791 .645208
Hankow gaol
.637968 .637343 .636875 .656718 .637031 .637343
Shang teal
.621607 .620833 .621250 .621785 .622500 .621964
Tientsin teal
.657083 .656041 .656250 .656458 .656458 .657708
Hong Kong dollar-. .487571 .487291 .487500 .488125 .487982 .488035
Mexican dollar_ -_- .448000 .448000 .447750 .448500 .448750 .448750
Tientsin or Pelgang
I
dollar
.448333 .447916 .448750 .448750 .449166 .450000
Yuan dollar
.445000 .444583 .445416 .445416 .445833 .446666
India. rupee
.363458 I .363543 .363593 .363721 .363706 .363578
fapan, yen
444946 I .445443 .445437 .445361 .445543 .446037
3Ingapore(S.S.)dollar. .560833 1 .560833 .561833 .560916 .561083 .560833
NORTH AMER.Danada. dollar
.992820 .992946 .992664 .992019 .989574 .993118
'Juba, Peso
1.000497 1.000497 1.000497 1.000435 1.000435 1.000310
Weak°. peso
.476000 I .477975 .480666 .480833 .479833 .481000
9ewfoundland. dollar .990247 .990512 .990062 .989425 .988625 .990725
SOUTH AMER.511fentIna, peso(gold) .955836 .955757 .955401 .955338 .955480 .955714
Srazil. mitring
.118435 .118425 .118435 .118375 .118400 .118400
:ihile. peso
.120669 .120682 .120665 .120665
Uruguay. peso
1.021381 1.020531 1.017081 1.017281 1.017081 1.014112
3olon.bla. Peso
.970900 I .970900 .970900 .970900 .970900 .970900
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:
The Far Eastern exchanges are practically unchanged from last week. Japanese yen have resisted
further pressure which was so noticeable a week
ago. The Chinese units are fractionally firmer,
merely reflecting an average fractional increase in
the price of silver. While Japanese yen show no
further pressure for the time being, the prevailing
rates have been anything but encouraging to the
prospects of Japanese stabilization. Japanese business leaders continue to complain that depression
grips the country. There is ample evidence that
OF NEW YORK FEDERAL RESERVE BANK
many changes for the better in the nation's financial DAILY CRED1 BALANCESCLEARING HOUSE,
AT
structure have taken place during the past year. Saturday, Monday, Tuesdau, Wednesday
Thurscru. Friday.
A uoregate
Nevertheless the improvement is largely relative. Mar.9. Mar. 11. Mar. 12. Mar. 13. Mar, 14. Mar. 15. Or Week.
Money is extremely cheap in Tokio, and this is a 122,001,000 109,000.000 130.900,000 153,000,001. 131,100,000
144,000,000 Cr 789.000.000
factor tending to help domestic business out of Its Note.-The foregoing heavy credits reflect the
huge mass of checks which come
to
York Reserve Bank
country
great difficulties. On the other hand, the extremely thethe New Reserve System's parfrom all parts of the These In the operation of
Federal
collection scheme.
large credit
however, reflect only a part of the
Bank's
low yield on capital is largely responsible for the House Institutions, as only the items Reserve in New operations with the balanced,
Clearing
payable
York City are represented
the daily balances. The large volume of checks on institutions located outside In
outflow of Japanese funds, especially to London New York are not accounted for in arriving at these balances, as such checks of
do
not pass
and New York, and these transfers are, of course, Bank for through the Clearing House but are deposited with the Federal Reserve
collection for the account of the local Clearing House banks.
in turn a factor depressing the yen quotation, as
there is nowhere nearly a corresponding demand
The following table indicates the amount of bulfor yen in the world markets.
lion in the principal European banks:
Closing quotations for yen checks Friday were
March 14 1929.
March 15 1928.
44M@44%, against 44 7-16@.44% on Friday of Banks of
Gold, I Sliver.
I
Total.
Gold,
Sllrer.
Total.
last week. Hong Kong closed at 48%@49 3-16,
Z
1
E
Z
E
E
Z
England --1152,068,8801
against 487 3@49 1-16; Shanghai at 62%@62 9-16, France a__
152,068.88 157,852,718
/
157,852,718
d
180,382,903
180,382.9031
Germany b
c994,61
against 623 @62; Manila at 50, against 499; Spain ____ 129.860,1501 28,519.011I 130,854,750 147,180,636 13,717,592 160,898.228
90,131,350
4
994.600 91,125,950
102,375,0001
130.894,000104,310.000 27,884,000 132,194,000
64.641.000154,641,000 49,181,000
Singapore at 563'@563/, against 56%@563/2; Bom- Italy
49,181.000
2
Nethlands 30,625,000 1.770,
32,395,000 36,266,000 2,221,000 38,487,000
Nat. Belg_
1,268,000 27,168,000
bay at 363/, against 363/2, and Calcutta at 363/2, Switzland 25.900,000 1,806,000 21,065,000 21,202.000 10,244,000 31,446,000
2
19,259,000
17,302,000 2,491,000 19,793,000
Sweden___ 13,081,000
13,081,000 12,952,000
against 304.
12,952,000
Denmark _ 9,593.000
470.011 10,063.000 10,109,000
641,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
10,750.000
Norway __ 8,158.000
8,158,000 8,180,000
8,180,000
Total week 725,943,933 34,827,600 760,771,533654,666,704 58.193,192 712.859,896
Prey. week 738,214,856 34,941.600 773,158.456 654,790,673 49.282,192 704.072,865
a These are the gold holdings of the Bank of France as reported
in the new form
of statement. b Gold holdings of the Bank of Germany are
held
abroad, the amount of which the present year Is £2,481,300. exclusive of gold1924.
c As of Oct. 7
d Silver is now reported at only a trifling sum.
MAR. 16 1929.]
FINANCIAL CHRONICLE
1621
out the world and in otherwise stabilizing financial
of Experts at
coliditions."
The Work of the Committee
As to the organization and management of the
Paris—A Proposed International Bank.
bank, the communique points out that the
Far and away the most important news that has proposed
must be non-plitical and "free from any domcome from Paris regarding the work of the interna- bank
financial relationships." Its directors
tional committee of experts which'is studying the inating
comprise "only men of experience and interquestion of reparations was the official announce- should
repute," and with them might be associated
ment, on March 9, that the committee was consider- national
y committees "composed in such manner as
ing a plan for the organization of an international advisor
necessary to secure sound opinion in the
bank. The plan, apparently the suggestion in the may be
ms to be dealt with." The bank would probfirst instance of Owen D. Young, one of the Ameri- proble
be located "in one of the smaller countries,
can delegates and the chairman of the committee, is ably
suitable legal status and freedom from taxstated to have been submitted to the committee at where a
may be obtained." Among the further advanits plenary session on March 6, but press dispatches ation
such an institution would offer, the
reported the adoption of the suggestion by the com- tages which
ique mentions assistance to the Reichsbafik
mittee on March 4. Although the official com- commun
central banks in the work of maintainmunique issued by the committee on March 9 de- "and other
in
stability of their exchanges, and so help
scribes the plan as "purely tentative," and "sub- ing the
generally," "facilitating business conditions
ject to rejection in part or as a whole" upon "further steady
the credithe general ing the uninterrupted flow of annuities" to
examination," it seems unlikely that
r nations would also "par, which credito
nature of the proposed organization and the pur- tor nations
the bank reasonably
serve would have been ticipate in the profits that
poses which it is expected to
to earn," and filling in "posed
set forth by the committee if it were not reasonably might be expect
in the world's banking or,
plan would eventually be approved. sible gaps that now exist
certain that the
particularly such gaps as may have
The basis of the proposal, as stated in the offi- ganizations,
from the new situations created by the repcial announcement published in the New York resulted
debt settlements."
"Times" on March 10, is the belief of the committee aration and
Until the proposed plan has been actually
of rep"that in order to achieve a final settlement
details of its organization and
arations . . . it may be necessary gradually to do adopted, and the
comment upon these particaway with the great part of the temporary war- work are fully known,
scheme may best be deferred. Obtime machinery that was created to collect repara- ular aspects of the
proposal itself is one of serious
tions, and for this, if possible, to substitute per- viously, however, the
ance. If the international
manent peace-time machinery. The new machinery and far-reaching import
operate only as a clearingmay be needed, it is felt, to handle the great new "bank," so-called, is to
ge of Germany's obligations
international movements of the funds created by house for the dischar
y replacing the present office
reparations and war debts. The substitution of to its creditors, thereb
General for Reparation Payments and,
financial for political machinery should, it is be- of the Agent
tions Commission, it may
lieved, transfer the liquidation of Germany's inter- in large part, the Repara
a solution of a difficult
national obligations from the realm of political dis- well offer, to this extent,
m. The commercialization of
cussion to the orderly forms of business that char- and vexatious proble
-time
reparations through the substitution of peace
acterize a state of peace."
administration, with the
The "primary function" of such an institution for war-time methods of
Germany from the outside
"at the start," if one were created, "would be to consequent freeing of
which its finances are now subact as trustee in receiving from Germany such an- and direct control to
highly desirable from every point
nuities as may be arranged and disbursing them jected, is a course
amount
It is contem- of view. The crucial question of the total
among the creditor nations
that Germany shall be asked to pay,
plated that it would finance deliveries in kind, and of reparations
which future payments
in important projects coming under the general head and of the conditions under
come before the comof deliveries in kind it might even, under proper shall be made, has not yet
such questions as the
safeguards, finance the residual part of the work. mittee of experts, although
ing the relative proIt also could co-operate with and act as an essen- modalities of payment, includ
gent payments and
tial intermediary between all the interested Gov- portions of fixed and contin
for some time under
ernments and the issuing bankers in marketing such deliveries in kind, have been
. When, in due
bonds as might be issued for the commercialization consideration by a subcommittee
settled, the services of
of the German annuities. It could co-operate with course, these matters shall be
on of bond isexisting banks of issue, and might if desired receive an international bank in the flotati
debt obligations, the handfrom these both clearing and investment deposits." sues or other forms of
es when paid, and
The institution "would strictly avoid competition ling and distribution of annuiti
of exchange may well appear to be
with existing commercial and investment banking the protection
institutions, and would consider it to be • a prime extremely useful.
On the other hand, the statement given out by
necessity to act in close co-operation with existing
that somecentral banks of issue. . .. The new bank would the committee on March 9 shows clearly
clearing-house is
be in no sense a super-bank to exercise a dominating thing more than a non-political
ery" of an interinfluence over existing institutions. ... The au- contemplated. The "new machin
," the statement dethors of the suggestion believe that the operations national bank "may be needed
great new international moveof the new institution would tend to increase and clares, "to handle the
ions and war
strengthen the co-operation that already has been ments of funds created by reparat
bank might receive from existing banks
developed between the central banks, and that has debts." The
ment deposits."
been of such marked service during the past sev- of issue "both clearing and invest
is hoped,"tend to increase and strengthen
eral years in restoring the gold standard through- It will, it
1622
FINANCIAL CHRONICLE
[Vou 128.
the co-operation that already has been developed cial organization working in close co-operation
with
between the central banks, and that has been of the great central banks of issue in Europe
and the
such marked service . . . restoring the gold Federal Reserve system in this country (the latter
in
standard throughout the world and in otherwise of which is not authorized by the Federal
Reserve
stabilizing financial conditions." It may serve "to Act), and performing essentially banking functio
ns
fill in possible gaps that now exist in the world's in a world-wide international field. Meantim
e, the
banking organizations, and particularly such gaps committee of experts has evidently a good
deal of
as may have resulted from the new situations cre- hard work yet to be done, and the fruit
of its labors
ated by the reparation and war debt settlement!' is clouded by politics. The Poincare Govern
ment
The Paris correspondent of the New York "Herald has for weeks been hanging in balance, and
while it
Tribune," cabling on March 6 a long dispatch re- received a vote of confidence on Thursday, the
garding the bank proposal which was presented to customary Easter recess of Parliament,
which is
the committee of experts on that date, stated, on the near at hand, means a period of about
two months
authority of what he declared to be "a most reliable during which Parliament will not be in session.
M.
source," that "one of the most striking functions Poincare has already intimated that he
did not
which are now being contemplated for this central intend to take the responsibility of accepti
ng the
organization is that of issuing loans to various committee's report, but would leave that
responsicountries, including the •European countries, to en- bility to Parliament, and a change
of Ministry
able them to close contracts with German indus- would almost certainly mean debate
and delay.
tries"; a project which, he added, "would amount Great Britain is absorbed with an election
camto establishing a guaranty of Germany's export sur- paign which grows more active and
acrimonious
plus, and by so doing assure her of a considerable every day, and the German Parliam
entary crisis
favorable balance of trade over a considerable period has not yet been resolved. Any
material change
of years." The specific proposal mentioned by the in the method of dealing with
the war debts to this
correspondent does not appear in the announcement country, if it should form a part
of the committee's
made on March 9, but it is perhaps hinted at in recommendations, would involve
some action by Conthe otherwise somewhat obscure statement that the gress as well as by the Adminis
tration. There is
bank, as a part of its work in financing deliveries every reason to believe that the experts
have pushed
in kind, "might even, under proper safeguards, fi- their work as hard as they
could, and their task
nance the residual part of the work."
has certainly been onerous, but the acceptance of
All these would be large undertakings. An in- their recommendations, when their
report is made,
ternational bank endowed with such functions would may prove to be at least as
difficult and time-coabe very much more than a clearing-house for rep- sliming as the framing of the
report itself.
aration payments, and the commercialization of the
German obligations would be transformed into a
The President and the People.
gigantic scheme for the stabilization of exchange,
As citizens of the Republic we are called upon
maintenance of the gold standard, and assisting,
once in four years to greet a new President. He may
and hence to some degree controlling or attempting
have served one term, in which event we have had
to control, the operations of international trade. opportu
nity to observe his methods and judge his
The reference to the war debt settlements seems
work. He is nevertheless a new President, chosen
to imply that the war debt payments, as well as by
a majority of the electors chosen by the States
those on reparations account, might be brought
and usually by a majority of the citizen-voters. If
within the scope of the bank's operations. This he
has never before held this high office he is a
latter suggestion at once raises the question new
President in the sense of being untried, though
whether the American Government, which has thus
generally he is well known as a prominent figure in
far insisted that the questions of reparations and our
national life. The exceptions to this rule we
war debts must be kept separate, will be prepared
need not now and here consider. This new Presito modify its position so far as to agree that paydent has been duly selected as a servant of the peoments on the war debts shall be made through a ple
empowered to perform certain duties embodied
central agency set up and maintained by the coun- in
the office of Chief Executive. It is important at
tries that have reparation claims, instead of, as at the
outset to emphasize this fact. All his acts are
present, by the debtor countries directly. It is, of those
of a civil officer, save in time of war, which
course, possible that the committee, in apparently
also we do not now consider. His principal duty is
merging reparations and war debts under one uni- the
enforcement of the laws—though from his watchfied financial administration, had chiefly in mind tower
he is expected and required to report on the
such matters as the Balfour policy, under which
state of the nation and to recommend such laws as
Great Britain claims from its war debtors only to
him seem necessary and fit. He acts through his
what will suffice to pay its own indebtedness to
Cabinet. And he is given a veto power over legisthe United States, or the French contention, put
lation he deems unwise.
forward on several occasions by Premier Poincare,
It is said that the powers of the Executive branch
that France must receive from Germany enough to
of the Government have vastly increased in the last
pay its war debts plus a reasonable amount for the
twenty-five years. This is true in a sense; but it
expenses of reconstruction.
requires explanation and qualification. The DepartDoubtless the whole subject will be sufficiently
ments have taken on wider scope, assumed enlarged
clarified when the committee makes its final report.
duties, become concerned with the activities of the
We shall then know whether the international bank,
people more closely than ever before. The Presidenif such an institution is finally approved, is to
tial power here lies in appointments and the natural
be only an administrative clearing agency charged
direction which this implies and demands. Yet it
with giving practical effect to the commercialization is
no longer felt that a member of the Cabinet is a
of the German indebtedness, or an immense finan- mere
clerk to do the bidding of his master. Theee
MAR. 16 1938.]
FINANCIAL CHRONICLE
1623
and to cease to encumber his Administration
officials have Constitutional and legal duties they office,
with a super-government of Commissions and
must perform, and though they make up the perBoards only partially responsible to him in his offisonnel of an "Administration," their chief labors are
capacity, though burdensome to the Government
independent and in the line of furthering the wel- cial
itself, he is bound to conserve under the execution
fare of the people according to the laws affecting
of its laws, and yet chargeable to him because of his
the Departments over which they preside. As for
appointive power and power of removal. Third,
the Boards, Commissions, Committees and Agenloyalty to the President, through loyalty to the obcies created by Congress, through appointment of
servance of the laws of the Government—laws made
the President, not all of them report directly to the
s to be executed by the President. And
President, some of them reporting to Congress, and by Congres
may illustrate this in a practical way. Whether
we
some of them, unfortunately, reporting definitely to
ment of the national prohibition act be
power of the Government, and, in so far, the enforce
no other
over to the Department of Justice or remain
constituting a sort of super-government responsible given
with the Treasury, if every man would voluntarily
to themselves alone. If then, as so often asserted,
the intent of the law there would be no laws
statecraft has given way to "business" as the mo- obey
passed for a tyrannous enforcement and no Presitive of governmental procedure, and the Cabinet bedent would be blamed for the continuous and open
comes as a Board of Directors in a Corporation,
ns. Fourth, good-will irrespective of politiwith the President acting as Chairman of the Board, violatio
cal preference and feeling is due the new President
it cannot be said that the President becomes the
when he takes office becomes Chief Executive
chief factor in our representative republican form who
the people.
of government—his initiative is limited, his enter- of all
And just as it is incumbent on the people to reprise is formal, and his power is circumscribed. He
the new President with good-will, irrespective
is still the Chief Executive in the enforcement of the ceive
section, race or condition, so it is imporlawn. It is noteworthy that some such conception of party,
that they keep the peace of the world in thought
as this was in the mind of Mr. Coolidge during his tant
deed by showing good-will to the peoples and
term, causing him to remark before his retirement and
nations of the world with which his foreign policies
that one of the instrumentalities of his success, in
him in contact. There is in the exuberance
his opinion, was that he had "attended to his own place
of our freedom too much irresponsible talk both of
business," meaning a strict construction of the duthe President and of Foreign Governments. Within
ties of his office.
bounds Fe may criticize our own form of
It follows that this high servant of the people in reasonable
government if, in Oilr owntopinion, we can offer inthe ministerial ways laid down by the Constitution
tly and conscientiously something better.
and the laws is not chosen to "lead" the people into telligen
criticize our President in a manly and conor along the paths of a business prosperity, and by We may
way. But we have no right to vent our
the same token cannot of himself or by means of his structive
jealousies against him out of the abundance
office lead them out of these paths and into the wil- petty
our personal egotism; we have no right to inderness of adversity. And yet this "leadership," of
chauvinistic laudation of our government at
both in law-making and in commercial and finan- dulge in
of the governments of other States.
cial activity, has come to be an expectation of the the expense
always remember that his greatest forshould
people and sometimes an assumption of the Chief We
must always be keeping the peace
it is possible eign policy
Executive. And in these circumstances
the nations, and that the "voice of the peofor a President to exert an influence over the com- among
is his mainstay in all his efforts to maintain
mon affairs of the citizenry, though it is not in keep- ple"
peace, which is the hope of the world.
ing with the duties of his office and outside thereof. that
Politics and not the people is responsible for this
excrescence, though the latter too much are coming
A Two-Billion Dollar Bank.
to acept the view, and to clamor for policies and
A short time ago, as time goes in the financial
favors created by their own imaginations. The Presthe privilege of preident is in himself in no sense "prosperity," cannot growth of the country, we had
comments on the first
by virtue of his official acts create it or destroy it. senting to our readers some
hed in the United
This fawning before a fictitious, and, it may be said, billion-dollar bank ever establis
New York City.
superfluous, "leadership," is not a credit to the citi- States—the National City Bank of
of Commerce and
ions of a representative democratic form of govern- By a union of the National Bank
city,
ment and should be exorcised from our "public opin- the Guaranty Trust Company, both of this
a bank with resources of
ion." Only a clamor growing out of selfishness in there is now established
total has
business affairs is responsible for this distorted sen- over two billions of dollars (the size of the
is a matter of no consetiment and the trnth of the fact is proven by the been disputed, but that
bank
small effect a change in the incumbency really has quence for our present discussion), the largest
hemisphere, and close among the
upon "business." And if the people have come to in the western
are acadlisten to the pronunciamento that one candidate in largest banks in the world. While there
l as a promoter of pros- emic, or theoretic, considerations as to the union of
an election is more powerfu
we pass
perity than another, the deception is self-willed and commercial banks and trust companies,
them by at this time, to dwell upon the significance
we think it is steadily diminishing.
instiWhat are our duties as citizens to a new Presi- and power of this great consolidated banking
that this bank is
dent? First, it is not to expect too much of him tution. And our first thought is
l prestige
because of these amplified views of his powers, and an illustration of the growth in financia
of the new United States. For since the
these distorted views of the magic of his "leader- and power
a new place
ship." Second, not to blame him for conditions he World War our country has assumed
no long- in the commercial and monetary affairs of the whole
does not create and cannot alter. Third, to
er unduly increase the pretended powers of his world.
1624
FINANCIAL CHRONICLE
[VoL. 128.
But before considering international connections Washington the small
manufacturer is enabled to
let us try to appreciate the meaning and worth of enter foreign markets as
never before. A bank
this "greatest bank in our history" to the business with offices in the principal
countries of Europe,
and people here at home. The chief benefit of a South America and the
Orient, is a necessity of a
bank lies in the emission of credit—the promoter foreign trade certain
to expand rapidly in the near
and vitalizer of trade and industry. Out of the de- future. This, however,
comes in the natural course
posits of firms, corporations, individuals and trusts, of events. We are more
interested in the relation
thus assembled together, there is created a foun- of a two-billion bank
to our domestic trade. And
tain of perpetual credit. Since we now•have in our while at the present
time there is analysis and deindustrial life several billion-dollar corporations, at- served criticism of stock speculatio
n and "brokers'
tended by many more that reach into the hundreds loans" with reference to
member banks and the
of millions class, a bank with two billions of re- Federal Reserve Bank,
it must be seen that the big
sources becomes a necessary stabilizing factor to bank not only fulfills a mission
in making effective
the demands of our marvellously increasing prog- the Federal Reserve Bank of its
district by its inemress. If the "prosperity" (which we are disposed bership and its reserves,
but it actually holds in
too much to gloat over) means anything, it means check or can hold in check
that institution if it
that in credit and cash we are sufficient unto our- shall evince a tendency
to become a super-bank opselves in all the complex calls of business, trade, erating for itself
in the open markets, which course
and industry, and the index to this is found in our was not
in the original intent of the law. Our
complete banking independence.
thought is that a few large independent banks have
While criticisms of our Federal Reserve System it in their power
to direct the course of trade and
are numerous, no one will deny that that system was establish
the fixed charges on loans according to the
created primarily and chiefly to afford the people needs
of locality and despite the restrictions that
at all times an emergency currency sufficient for our
may be sought to be imposed by a quasi-empowered
needs in any of the exigencies of an advancing trade
distant Federal Reserve Board.
and industry. The only way provided for this to
It is an old saying that all roads lead to the bank
function was through our national banks and such
and not only are we developing great central deof our State banks as might join the system. We go
pots of supplies, great industrial integers, but we
no further at this point than to say that this founare planning the creation of great co-operative astain of credit reaches business and the people
sociations to deal in domestic and foreign markets
through our Central banks. That the independence
in our grains and farm produce. More, we are
and self-sufficiency of these fountain-head banks
prospectively consolidating our railroads into huge
must not be impaired is as fundamental as that they
compact systems that grid-iron important sections
are the direct sources of the credit which energizes
of the country in bonds of steel. A few years more
business and vitalizes life. Therefore, their size, staand it will become imperative that our banks will
bility and Scope is not only necessary to the proper
be called upon for blocks of credit they are now
functioning of the Federal Reserve System but they
unable to supply and must be ready. Financiers
constitute a bumper between any possible speculaof wide vision are meeting this demand, and while
tive demands of the people and any possible enin the exuberance of endeavor there may creep
croachments by the Reserve Board on the freedom
into this natural process of expansion an element
of trade and the responsive issuance of credit. Giof speculation if not of spoliation by those who are
gantic banking institutions must be welcomed then
merely grasping for power and profits we may hail
by all the factors of what we call "big business."
a solid merger of the character of this first twoBut the irrigating, life-giving, benefits of huge
billion-dollar bank as a boon to the country.
original volumes of credit flow down to the lowlands of individual initiative and enterprise and Is Not Group Speculating a Conspiracy, Worksince the small bank (comparatively), under our ining for Sham Prosperity?
dependent free system of popular banking, is at libARTICLE V (Communicated).
In the preceding articles* the reader was asked to conerty, through correspondents, to tap this primal
source it, too, is benefited thereby. Nor do we sider the nature of mass speculation and the part played
forget that this fountain is alsb dependent upon the by it in furthering what the author conceives to be, not
deposits of the small banks that foregather at its genuine prosperity, but an insidious type of business inhead. Nor, we may remark incidentally, do we need flation—preeminently a luxury inflation, war begot, but
any branch banking system to make this credit res- still dominating the nation on a rising scale through an exervoir available to all the people. We have but to traordinary interplay of advancing wages, swelling profits
estimate the hundreds of millions of dollars in loans and expanding credit and capital accounts, chiefly in rethat may flow from the resources of a two-billion- sponse to an insatiable demand by the several favored
dollar bank to realize that its advent is a financial classes, (union labor to the fore) for the latest and best
benefit to the whole country, and such are the bank- of every form of luxury and living comfort.
Some withdrawal of bank support from stock speculators
ing resources of the country, as shown by any recent
can and does muffle one exciting cause of this business
statement of the Comptroller, that it becomes in
fact not a monopoly but merely a leader in the boom, but unfortunately we cannot stop a runaway by
natural procession of consolidations that result reining in one of a tandem and giving the wheel horse—in
from the nature of our indigenous resources, our this case prosperity by luxury expansion—the lash and the
free rein. To-day a survey is taken of the effect that'this
increasing energies, and our ever-accumulating
so-called "Prosperity" is having on the income and excapital.
penditures of the American people.
Advantages accruing by reason of added faciliWhile
tie's for financing foreign trade need only to be series ofthe speculation by groups which called out this
articles Is less in evidence than it was three
mentioned to be appreciated. By reason of statis*Articles
tical researches of the Department of Commerce at Jan. 12, p. I to IV in issues of Dec. 15, p. 3303; Dec. 22, p. 3461;
161; Jan. 26, p. 455.
MAR. 16 1929.]
1625
FINANCIAL CHRONICLE
months ago, the significance of stock speculating as proof
of generar inflation is not only maintained but increased
by the renewal, whenever interest rates moderate, of widespread public speculating for .the rise, especially in stocks
allied with the luxury class, the continuance of monstrously
heavy brokers' loans despite attempts by the banks at retrenchment; and the wrestling by speculators and the new
investments trusts over those common shares which the
"good fairy" is supposed to have touched with her wand.
On March 1 stock transactions for the eighth time in
the history of the New York Stock Exchange ran above
6,000,000 shares and a new high average price of 368.61 was
reached for the 25 industrial stocks in the Times' special
list, contrasting with 332.58 on Dec. 31st and 233.42 on
Feb. 20, 1928.
HOW "PROSPERITY" INFLATES OUR INCOME.
The remarkable effect of this mysterious "Prosperity" on
the nation's income is well seen in the following table showing (1) in "current dollars" (2) in "1913 dollars" the increasing income of the nation from 1913 to 1926 as estimated with much care for the National Bureau of Economic
Research on the basis of aggregate individual incomes (and
shortly we learn to appear in revised and final form).
billions for flood control, waterways, hydro-electric developments, viaducts, driveways, subways, highways, airfields,
and railroad electrification.
A Lumbermen's Association meeting in New York on
January 22 was informed that "Never in recent years has
the outlook for the future based .on tangibl6 existing facts
been so universally optimistic among the country's industrial and financial leaders including the building material
industry."
Nevertheless, when a man whose incoine has never exceeded $3,000 a year amasses within a brief period and is
found to be spending, in large measure luxuriously, $9,000
or more a year, while all otherti 'of the community are far
from prosperous and many, if not a majority, of his own
household are struggling for a reasonable living, the burden
of'proof lies on him to show that his riches are legitimate.
It now remains to consider what has been and is being
done with this vast income, for in the last analysis it is
true that we are following the not too disinterested counsel
of a magnate in the automotiVe industry who several years
•
ago advised the American people "to get rich by spending."
It is the business created by spending that in turn supports
and stimulates the inflationary buying. If that spending
be largely of the •fireworks description the warning is
(1) ESTIMATED ANNUAL NATIONAL INCOME IN BILLIONS OF
CURRENT DOLLARS.
Year
YearAverage-.
79.8
62.7 1924
29.8 1921
-14
1909
88.4
65.5 1925
52.2 1922
1917-18
89.7
76.7 1926
70.7 1923
1919-20
evident.
There are two ways of investigating this matter (1)
from the manufacturers' and distributors' standpoint of
their total sales of various products, especially those largely
(2) ESTIMATED NATIONAL INCOME IN 1913 DOLLARS.
of the luxury class, as compared with the nation's total pop(Showing gain In purchasing power)
Year
Yearulation and estimated personal income; (2) the other, the
Average48.4
36.2 1924
80.1 1921
-14.
1909
51.1 proportion of luxuries among the retail sales of represent40.4 1925
80.4 1922
1917-18
52.9
46.9 1926
36.9 1923
1919-20
ative cities as determined by the Bureau of the Census.
In this brief summary is there not something suggestive Both methods are used in this article.
of a dangerous runaway touching the flight of our national
EVIDENCE OF EXCESSIVE BUYING OF LUXURIES.
Income (the aggregate estimated income of all our inhabitSince 1914 the population of Continental United States
ants), rising with such sensational features, from a eomhas increased about 22%, from approximately 98 to 120
paratively level field at an average of 29.8 billions of
the other hand the' Biennial Census of Manudollars, as it were 30,000 feet, during the years 1909-1914 to million; on
and other trustworthy data discloses the fact that
70,000 feet (averaging $70.7 billions in 1919-20), under the facturers
res for luxury purchases have grown since
inflationary impetus of monster orders on war and re- our expenditu
are still growing at an astonishing rate with
habilitation accounts, and then, notwithstanding a huge the war and
the populace at large as the chief purchasers. The followdecline in these foreign orders, shooting up again, in spite
ing table presents a number of important straws showing
of a sudden but brief collapse of credit, to 76,000 feet
not a little about the direction and strength of the move($76.7 billions) in 1923, when as we were told we were
having "all the prosperity we needed" (Federal Reserve ment':
Board).
Continuing to soar, though not so rapidly, in the somewhat less active year of 1924, a fresh plunge upward is
made in 1925 and once more in 1926 driven by "the very
flush of prosperity" (as described at the time) this income
airship of ours makes for the latter year a new world's
record at approximately 90,000 feet ($89,709,000,000), only
to aim at much higher altitudes to-day. "Well above 90 billions" President Coolidge said it was in his message of
Dec. 3, 1928;
As spurs to this further abnormal rise we observe (1)
the electioneering forecasts (if it be fair to recall them) of
vanishing poverty, a motor for every worker, and "a full
kattige" for every family; X2) gold returning from abroad;
(8) the renewal of stock speculation for the rise; (4) something of a deluge in stock dividends and split-up shares,
with cash dividends rising $40,000,000 a month, as compared
with the previous year; (5) a marked increase in wage ad-48 such increases during the month of January
vances
1929 (February, still more), substantially benefitting many
thousands of employees in building, printing and railroad
unions; (6) higher prices for steel, copper, lead, zinc, cotton and grain, and a flood of mooted tariff changes for
further price "boosting," if adopted.
There are also, we note, record orders and output for
steel, motor cars, radios, yachts, and commercial building
construction, and (8) plans without number for farmer relief and internal improvements involving literally many
STATES COMPARED
SIGNS OF INFLATIONARY BUSINESS IN UNITED
WITH 1914.
(All In Millions and Fractions Thereof)
Auto- a New Value of Output (Census of mfrs.).
mobile Building
Confeclee
FurstService Construe, Motor
Cream. nowt,.
COWL tton, etc. Vehicles. MM.
$154
$271
$56
$503
$1,500
(y)
1.7
0.5
1914_
448
189
579
2,387
3,400
$2,125
7.5
1.9
1919___
314
213
550
1,671
3,500
2,305
10.4
1.6
1921___
366
260
776
3,163
5,400
3,356
15.1
4.0
1923...
379
286
868
3,198
7,500
4,340
19.9
4.2
1925...
392
z332
880
7,800
5,317
23.1
3.4
1927....
74n nananain thili Vffir.
0000
0000
917
59
1092
-Record." including both building and engineerData from "Engineering News
ing construction.
Class Journal Co." (except 1928 estimated), covering
y As reported by "Chilton
numbering 43,643 in
approximately the sales by service stations and repair shops,and service supplies.
1919 and 89,055 in 1927. These sales Include motor parts
service labor, together averaging for each
tires for replacement, fuels, lubricants and
motor vehicle in 1927, $229, against $219 in 1926 and $281 in 1919. Depreciation,
Insurance, taxes and garaging are not included.
s Including 931.378,603 worth produced as secondary product by butter, candy.
bakery. &c.. concerns.
GROWTH OF AUTOMOBILE EXPENDITURES.
In
Cal.
Year.
No. of
Automobiles
Made.
Automobiles
Registared.
(7).
Any industry, like the manufacture of automobiles, which
in the short span of fifteen years can increase a nation's
ownership of any one important product, as auto vehicles
in the United States have been increased, the number registered rising from 1,700,000 in 1914 to 24,750,000 in January
1929, and representing an increase in total (cost) value of
approximately 20 billions of dollars or over 1200%, and at
the same time absorbs into its service (direct and auxiliary)
more than four million workers, could hardly escape being
inflationary in effect, even though its own price list be
astonishingly reduced.
The more evident is this when we remember that to the
automobile is due much of the expansion of building and
1626
FINANCIAL CHRONICLE
other construction in the United States since 1914, most conspicuously for suburban homes, garages, hotels, highways,
Ac., helping to raise the sum invested in such construction
from 12 billion dollars during 1914 to an outlay (including
/
1
roads) of more than ten billion dollars in 1928. Indirectly
it has also contributed not a little to the !increase as shown
in the output of furniture and house furnishings which have
Increased from 271 million in 1914 to 880 million in 1927.
COST OF SHYING AND OPERATING.
If to the cost of our new automobiles amounting at retail
In 1928 to some 3.2 billion dollars, and the service charges
on the 24% million registered trucks and cars as of Dec.
31, 1928, (conservatively figured in the trade a year ago at
4229 each), 5.6 billions, we add the sum paid in 1927 as
taxes on automobiles, namely three quarters of a billion
dollars, and for automobile insurance another half billion
and a further 1.2 billion for garaging and miscellaneous
we have a total annual outlay on this account of $11,000,000,000. Possibly 60% of this may be charged to private
passenger automobiles along with another million or so for
wage of their chauffeurs.
OTHER EXPENDITURES ALSO STRIKING.
But incredible as it may seem the most notewortliy feature in the foregoing table from the strictly luxury viewpoint is not the automobile and the formidable sums spent
thereon from year to year for purchase, maintenance and
ordinary operation, profound as these expenditures have
been on American life and our manner of living during the
past decade.
The principal luxury straw here shown is the growth in
output at wholesale value for the comparatively humble
Items ice cream and candy, since it is these straws that lead
us to a horde of personal indulgences dear to and largely
within reach of all of our people and for that reason under
present boom conditions, equalling if not exceeding in their
aggregate the luxury side of the automobile development
other than long distance touring.
In the following paragraphs there are listed only a iew
of the high lights amongAmerican extravagances as viewed
by the writer and no attempt is made to do more than hint
at the possible expenditures that these Involve. In tile
work "Whither Mankind," Charles A. Beard figures the
"Total Cost of Play" in the United States at 21 billion
dollars annually. Under this caption he includes pleasure
motoring, newspapers, entertainment of all sorts, gifts,
gambling, &c., some 36 items In all with a rough estimate
for each. This table is well worth careful study—See
Chronicle of Jan. 12, p. 158.
MORE THAN FOUR BILLIONS FOR CONFECTIONERY AND OTHER
PERSONAL OUTLAYS.
Census Bulletins recently issued show the production of
Ice cream at wholesale value to have increased 400% from
1914 to 1927, that is from $56,000,000 to $332,000,000 and of
candy by 150% from $154,000,000 to $392,000,000. Combining these items with the value of bottled beverages (in
1925 $237,000,000) and the sum paid annually for soda
water (reported at $175,000,000 by the firm of Parke. Davis
& Co. in November last) and the sales of chewing gum and
chocolates we have as the total of these confectionery
items, if considered at retail value, an amount between one
and two billion dollars.
Closely related to the growing fondness for confections
is the rapidly developing patronage of bakeries for bread.
biscuit, cake, pies, &c., the wholesale value of these products
which in 1914 was less than $500,000,006, mounting to $1,377,000,000 in 1927. The housewife Is also coming to depend
more and more commonly on the commercial power laundry,
as shown by the jump of 25% in gross receipts of such establishments, from $362 millions in 1925 to $454 millions in
1927; and also on all manner of electric appliances, most
convenient but not inexpensive ("Chronicle," Jan. 2
6, P.
482).
The output of cigars and cigarettes also has increased
In value from $314,884,000 in 1914 to $985,523,000 in 19e7,
only a small amount being exported. Contraband liquors
Also must figure to a very considerable aggregate.
[VoL. 128.
SEVERAL BILLIONS FOR PUBLIC AND PRIVATE ENTERTAINMENTS.
Expenditures of a billion dollars a year for the admission of ninety millions persons a week to the nation's 20,233
motion picture theatres, was the estimate made in August
1926 by Will Hays, familiarly known as the Movie Czar";
bankers conservatively estimated the admissions of 1926
at "more than $750,000,000." As such theatres now number
25,600 or more, it seems reasonably certain that their receipts run as high as a thousand million dollars annually.
The cost of making films in 1927 was 134 millions. (Census
of Manufactures.)
The radio has also assumed much importance as a luxury
costing in 1928 no less than $650,000,000, the trade reports,
against only $6,000,000 in 1920. Musical and theatrical performances have suffered rather acutely from the competition of radio and motion picture, but Grand Opera has
never been as popular as now nor have private entertainments of all kinds ever been more lavish. The nation's output of musical instruments and material, including phonographs but not radios, aggregated at wholesale in 1925 231
millions, or say at retail 280 millions.
For sports an estimate of a thousand million dollars annually was made several years ago, another by a sporting
editor was "several billions." The former amount does not
seem unreasonable in view of the many persons taking part
and the thousands of spectators constantly gathering for
the contests on or in the courts, the golf course, the race
track, the diamond, the bowl, the swimming pool, the ring
and the rink. The output of sporting articles increased
/
at wholesale from 1314 millions in 1914 to 42% millions
III 1925 (Census).
PART PLAYED BY FEMININE VANITY.
It Is often asserted that cosmetics and the beauty parlors
of the United States absorb two billions a year. Secretary
Wilbur used this figure last year in a plea for navy expenditures. Other supposed authorities have put the total
at $1,825,000,000, but when queried by the writer, none
would stand sponsor for it. The assumption that any 20,000,000 of American women are expending a hundred dollars yearly each in this manner appears preposterous.
However, the sum involved is enormous, as all agree,
and if it is true, as stated, that the trade supports 170,000 employees and has 135 training schools, the estimate
just published of $200,000,000 for its sales and $400,000,000 for its services appears decidedly low. The Census
of Manufactures reports the output of cosmetics at wholesale as increasing from 17 millions in 1914 to 129 millions
/
1
2
in 1925, and it is much larger to-day. A well known banking house in touch with the trade places the public's expenditures on these products as between four hundred and
five hundred million dollars. If this be correct, the grand
total for sales and services may well exceed a thousand
million dollars.
SEVERAL BILLIONS FOR TRAVELING.
The Department of Commerce has recently investigated
the cost of foreign travel to American tourists and reaches
an aggregate for 1928 of about $900 million, being an increase
of $100 million over 1927. This includes only $50 million
for visiting Canada. The.Canadian Highway Commissioner,
however, estimates the expenditures by American automobilists in Canada in 1925 at 140 million dollars, in 1927 at
275 million, and this was much exceeded in 1928. These
latter sums of course include purchase of gifts, &c.
The American Automobile Association in 1926 estimated
the number of automobile travelers in the United States
at 36,000,000 and for 1928 published an article estimating
the number of cars touring at 11,000,000 and the number
of passengers therein at 44,000,000, as indicated by counts
made at strategic points. The total expense of such touring certainly runs high, but with the total gross income of
the nation's hotels adounting to less than one and a
half billions annually, as calculated in 1928 for the American Hotel Association by Edward C. Romine, C. P. A., of
Horwath & Horwath, experts in hotel accounting. the cost
of automobile touring must certainly fall far short of the
$3,590,400,000* suggested in the aforesaid article. Possibly
$2,000,000,000 would be within reason.
'This item we are told includes $2,892,500,000 on account of the ex•
penditures by 31,900,000 persons supposed to have toured for ten days
in 1928, slopping at hotels and resorts, and spending $7.50 a day apiece.
The remainder comprises the expenditures of 80-day camping automobilist'
at $3.30 a day estimated outlay.
MAR. 16 19291
1627
FINANCIAL CHRONICLE
extent, such as costly foods, fruits, delicatessen, entertainBut it is only when one looks over the broad field of
or laces, or the ments, hotels, cabarets, &c.
general indulgence whether_ in furs, silks
LUXURIOUS
APPROXIMATE RETAIL BALES IN 1926, INDICATING
choicest cuts of meats, or the frequenting of cabarets that
LIVING.
for spending has gone
(All in millions of dollars, except population in thousands.)
the extent to which the popular mania
Is recognized.
Chi- San Proof- Seal- K. C., Syra- At- Den- Tofat.
Mo. cum tango ver.
tie.
The 2 billion table in "Whither Mankind" may and
cage. Fran. deuce
the
256 2,855
200
probably does in some items considerably overstate
172
324
315
3.021 x852 x415
Population
(1) Largely Luxur les—
annual expenditures—it could hardly be otherwise. On
263
10
13
12
15
21
18
73
101
Automobiles
72
4
5
2
6
3
3
10
39
the other hand, both in and Out of the "Play" category Auto. accessories
117
6
6
4
13
8
6
22
52
going on in the United States to-day a prodigious Oil and gas
there is
452
20
24
18
34
32
27
105
192
amount of extravagant spending and wastage which may. As above
28
34
34
34
1
34
1
8
17
offset any excess in these items referred to: We have Radio and art_ _ _ _
well
19
1
2
3.6
1
1
134
4
9
Florists
28
SI
-1
34
2
wasteful usage of the telephone, but Furs
1
4
19
In mind not only the
60
2
2
2
4
4
3
11
32
of Jewelry
31
1
1
1 134
34
1
4
also of electric lights, gas and water, the excessive cost
21
Millinery
3.1
2
2
1
1
2
1
5
19
Music
the beauty parlors, losses on worthless securities, fire. Candy,stores
cream,
Ice
65
1
3
1
2
3
3
of municipal and
11
41
.tc
theft, and the improvident administration
52
1
1
1
1
3
2
11
32
Tobacco
State financing.
768
29
35
25
Total
RETAIL PURCHASES IN LARGE CITIES.
382
163
40
48
46
(2) Remaining D ems (a leo inc 1. man y tutu ries)—
37
23
24
81
499
Clothinga
44
48
48
131
376
Foods b
15
16
7
47
144
Food at hotels, dm.
5
5
4
4
41
Coal and wood__
18
27
27
76
Department stores (a)
.5
4 . 3
10
(a)
5c.to 31
16
7
7
19
72
Drug
22
19
15
47
127
Building materials
13
11
8
35
206
Furniture (5)
1
1
3
6
24
Books, /cc
4
1
Si
11
26
Office equipment_
3
1
7
16
Electrical
e70
8
5
18
68
Miscellaneous
14
16
18
712
735
30
38
20
10 . 252
Substantiating the view gained from the foregoing re7
6
74
5
6
4
the nation's business expansion is over largely
cital that
202
25
19
10
29
2
3
2
statements prepared
dependent on luxury lines, we have the
139
7
8
3
270
8
21
11
the Bureau of Census showing the retail (as well as the
by
291
6
8
4
41
1
5
wholesale) sales of Chicago, San Francisco and other lead• 1
51
1
2
1
ing cities. These sales the writer has divided as far as
34
2
2
1
187
8
8
2
items chiefly luxury and those which
possible into those
152 3,785
178
104
300
223
are luxury, if at all, only in minor part. About 20Wo of the
192
655
1,981
Total
and.
retail sales it will be observed fall into the former group. .
x "San Francisco" Includes also Alameda County with Oakland, Berkeley East
North and
Alameda; and "Providence" includes Pawtucket, Central Falls,
The figures as compiled and given below are intended to Providence and Cranston, R. I. •
dry goods, hats and caps.
a Clothing include.) also sales by custom tailors, shoes,
include only concerns actually engaged in the sale of mer- b Food includes bakeries, dairies, fruit, groceries, meat and fish. c Also hardware.
nts, such as Paint and plumbing. e Includes lire stock. g Includes house furnishing materials.
chandise and not plants or service establishme
z These items are distributed under their commodity classifications only in Chicago.
automobile repair shops, beauty parlors, &c., where the
All of this.goes to indicate, as the writer believes, that as
preponderance in income is for personal service. Hence any
a nation we are living and spending far beyond our inover-statement in the chiefly luxury group approximating
possible only through a progressive and
20% of the retail sales should largely, if not entirely, be come in a manner
inflationary expansion of artificial purchasing power.
offset by the expenditures for such luxury services as those
ARNOLD G. DANA,
just mentioned and from the amounts appearing in the secRaven, Conn:
to a considerable
New
ond classification yet strict ly luxuries
The New Capital Flotations during the Month of February and for the
Two Months Since the First of January
Notwithstanding the tension in the money market, new
financing in the United States is now running pretty regularly in the neighborhood of a billion dollars a month or
over. February is a short month and yet the total of the
new capital issues brought out in that month exceeds the
figure named. This total was reached, too, in face of the
fact that awards of new bonds by municipalities were
unusually small, municipal financing having been hard hit
by the prevailing high rates for money—some municipalities, indeed, finding it hard to float new bond issues at
all except at what are deemed abnormal rates of interest—
and in fact likewise of quite small offerings on foreign
account, both foreign government issues and foreign corporation issues.
Our compilation, as always, includes the stock, bond and
note issues by corporations and by States and municipalities,
foreign and domestic, and also farm loan emissions. The
grand total of the offering of securities under these various
heads during January reached in exact figures $1,018,230,602. In January the total was $1,063,012,703. In December the offerings aggregated $1,178,659,551, or far in excess
of any previous monthly total. In November 1928 the offer..were $961,506,999. In October before full recovery had
occurred from the mid-summer slump which was such a
conspicuous feature of the 1928 financing, the new emissions were $797,508,691. As against these amounts, the aggregate of the new issues brought out during September
was only $543,095,069 and that for August no more than
,
$267,001,422 this last standing as the smallest amount of
new financing done in any month of any year since July
1923. This reflected the very pronounced slowing down
which occurred during the summer of last year in the bringing out of new stock and bond issues because of the money
tension and the readjustment of security values that this
made necessary. In July, also, of last year, the money situation, along with the congested condition of the bond market, operated to hold down the appeals to the money and investment markets and as a consequence the aggregate of
the new capital issues brought out in that month reached
no more than $440,542,439. Oa the other hand, in June last
Year the grand total of the offering of new securities ran
above a billion dollars, the same as now for the month of
February, the precise amount for June 1928 having been
$1,029,567,131. In May 1928 the total of new financing also
exceeded a billion dollars, the exact amount being $1,033,438,110 In April the new offerings aggregated $1,057,531,542, this having been the largest amount ever recorded for
any mouth of any year up to that time. In March of last
year the new issues totaled $970,625,316.
Corporate issues have long played n predominant part
In the monthly records of new financing, but now they come
very close to making up the entire total. Out of the grand
aggregate of $1,018,230,602 new financing for the month
under review, the corporate issues constituted no less than
$937,252,550, this including /Z5,100,000 of foreign corporate issues. At $1,018,230,602 the aggregate of all offerings for February 1929 compares with $879,796,021 for
February 1928. Yet the foreign government issues included
the present year reached only $10,000,000 against $117,351,000 in February last year and the aggregate of municipal
bond issues included is little more than half what It was in
February 1928, the amount this year having been only $68,053,052 against $133,822,923 in February 1928. On the other
hand, the total of the corporate issues at $937,252,550 for the
month in 1929 compares with only $621,821,098 in the month
last year, the increase being in excess of 50%.
The distinctive feature of the corporate financing for
February, aside from its magnitude, is the same as in the
months immediately preceding, namely, that it consists now
mainly of new stock issues, whereas not so long ago it was
made up almost entirely of new bond Issues. In February
last year the new stock issues by domestic corporations
footed up only $134,981,598. The present year the stock
offerings aggregate no less than $633,197,550—$356,094,575
being common stock and $277,10Z975 being preferred shares,
these latter not infrequently carrying a privilege of eonver-
1628
FINANCIAL CHRONICLE
[VOL. 128.
sion into common stock or the right to acquire common $36,000,000 Utilities Pr. & Light Corp. deb. 5s 1959, priced
stock at a special price at some future date. The bond at 98, to yield 5.13%; 490,037 shs. Cities Service Co. common
and note issues the present year by domestic corporations stock offered at $65 per share, involving $31,852,405; $25,were only $248,955,000 in February, against $441,973,500 In 000,000 Central Public Service Corp. cony. deb. 52 1949,
/
1s
sold at 961 yielding 5.80%; $20,000,000 New England PowFebruary 1928.
/
2
An analysis of the February corporate offerings shows er Assn.6% cum. pref. offered at 97, to yield 6.18%; 700,000
that industrial and miscellaneous corporations continue to shs. Utility and Industrial Corp. cony. pref. offered at $25
account for the major part of the corporate total. Their per sharp and 1,000,000 shares of common stock of the same
total reached $629,996,870, or about 67% of all corporate company offered at $171 per share, the two offerings in12
offerings. This compares with $706,528,662 offered in Jan- volving an aggregate of $35,000,000; 260,330 shs. Public
uary, comprising about 72% of the total for that month. Service Corp. of N. J. common stock, offered at $65 per
Public utility issues totaled $295,560,680 during February, share, involving $16,921,450 and $10,500,000 Consolidated
which shows an increase of 93 millions over the total of Gas Electric Light & Pr. Co. of Balt. is ref. mtge. 4%s
$202,134,476 offered during January. Railroad offerings "G" 1969, offered at par.
Railroad financing during February was featured by the
during February totaled only $11,695,000 against $61,613,offering of $8,000,000 Terminal RR. Assn. of St. Louis gen.
000 for January.
Total corporate offerings, foreign and domestic, during mtge. ref. 4s 1953 at 89, yielding 4.77%.
There was only one foreign government loan brought out
February were, as already stated, $937,252,550, and of this
amount stock issues, foreign and domestic, accounted, as in this country during February, namely, $10,000,000 Kingnoted above, for no less than $634,697,550, long-term issues dom of Rumania Monopolies Institute guaranteed external
totaled $282,526,000, while short-term obligations aggre- 7s 1959, offered at 88, yielding 8.07%.
There were, as usual, a number of security offerings durgated only $20,029,000. The portion devoted to refunding
totaled $122,393,350, or slightly over 13% of the total. In ing February which did not represent new financing by the
January the amount for refunding was $142,547,192, or companies whose securities were offered. These issues of
.
nearly 15% of the total. In February 1928 the refunding course are not included in our totals. We show them, howportion was $201,343,948, or about 02% of the total. The ever, in tabular form following the details of new capital
more prominent issues brought out during February of this flotations during the month—see pages 1634 and 1635.
There were no offerings of farm loan securities during
year for refunding purposes were as follows: $25,000,000
/
1s
Central Public Service Corp. cony. deb. 52 1949; $14,211,- the month of February. The following is a complete sum000 out of the offering of 400,000 shares Wesson 011 & mary of the new financing—corporate, State and city, for/
1
Snowdrift Co., Inc., cony. pref. stock at $722 per share, eign government, as well as farm loan issues—for the
involving $29,000,000; $10,265,000 out of $10,500,000 Con- month of February and since the 1st of January. It should
solidated Gas Electric Light & Pr. Co. of Bait. 1st ref. be noted that in the case of the corporate offerings we submtge. 4%s "G" 1969, and $10,000,000 from the proceeds divide the figures so as to show the long-term and the shortof 150,000 shares of American Rolling Mill Co. common term issues separately, and we also separate common stock
from preferred stock, and likewise show by themselves the
stock offered at $75 per share, involving $11,350,000.
The total of $122,393,350 used for refunding in February Canadian corporate issues, as well as the other foreign corcomprised $66,385,000 new long-term to refund existing long- porate flotations.
term, $575,000 new long-term to refund existing short-term, SUMMARY OF CORPORATE, FARM LOAN, FOREIGN GOVERNMENT
AND MUNICIPAL FINANCING.
$12,500,000 new long-term to replace existing stock, $7,900,000 new stock to retire long-term 'obligations, and $35,1929.
New Capital. Refunding.
Total.
033,350 new stock to replace existing stock.
MONTH OF FEBRUARY—
$
$
$
Foreign corporate securities sold in this country during Corporate—
Domestic—
Long-term bonds and notes
February aggregated $55,100,000 as against $24,000,000 in
152,066,000
77,460.000 229,526,000
Short-term
19,429,000
19,429,000
January. The offerings in February were as follows:
Preferred stocks
249.258,425
27,846,550 277,102,975
Common stocks
341,007,775
15,086,800 356,094,575
$15,000,000 Consolidated Investment Corp. of
Canadian:
Canadian—
Long-term bonds and notes
16.000,000
16,000,000
Canada 1st coll. tr. 42 A 1959, offered at par; $1,500,/
1s
Short-term
Preferred stocks
000 Calgary Power Co. Ltd. 6% cum. pref. offered at 98,
1.500,000
1,500,000
Common stocks
to yield 6.12% and $1,000,000 Medical and Dental Bldg.
Other foreign—
Long-term bonds and notes
35,000,000
2,000,000
37,000,000
(Vancouver, B. C.) 1st (c) mtge. Os 1944, issued at 99,
Short-term
600,000
600,000
Preferred stocks
yielding 6.10%. Other foreign offerings comprised: $15,Common stocks
/
1
2
000,000 Berlin City Elecric Co. Inc. (Germany) deb. 6 s
Total corporate
814,859,200 122,393,350 937,252,550
/
1
1959, priced at 932 yielding 7.02%; $5,000,000 Ernesto Foreign Government
,
10,000,000
10,000,000
Farm Loan issues
4,
Breda Co. (Italy) 1st mtge. 7s 1954, offered at 961 to War Finance Corporation
66,654.552
1,398,500
68,053,052
yield 7.33%; $7,000,000 Copenhagen Telephone Co. (Den- VIunicipal
Canadian
1,750,000
1,750,000
United States Possessions
1,175,000
mark) 5s 1954, sold at 94%, yielding 5.38%; $10,000,000
1,175,000
Harpen Mining Corp. (Germany) mtge. 6s 1949, offered
Grand total
894,438.752 123,791,850 1,018,230,602
at 90, to yield 6.93%, and $600,000 Unterelbe Pr. & Light
2 MONTHS ENDED FEB.28—
Co. (Germany) 2-yr. 6s Feb. 1 1931, placed at 09, to yield :lorporate—
Domestic—
Long-term bonds and notes
402,240,500 134,163,500 536.404,000
6.50%.
Short-term
30,263,000
4,726,000
34,989.000
Among the domestic issues during February the largest
Preferred stocks
354,895,275
50,325,450 405,220,725
Common stocks
778,089.371
73,725,592 851,814,963
750,000 units of the Chicago Corp. consisting of 1
was
Canadian—
Long-term bonds and notes
27.100,000
27.100.000
share of $3 cony. pref. and 1 share of common stock, ofShort-term
Preferred stocks
fered at $66 per unit, involving $49,500,000. Other indus7,400,000
7,400,000
Common stocks
trial and miscellaneous issues of exceptional size included:
Other foreign—
Long-term bonds and notes
39,000,000
2,000,000
41,000,000
$35,000,000 Commercial Investment Trust Corp. cony. deb.
Short-term
600,000
600,000
Preferred stocks
5 s 1949, offered at 105, yielding 5.10%; 300,0001 shs. Gen/
1
2
Common stocks
3,000,000
3,000,000
eral Realty & Utilities Corp. $6 pref. offered at $100 per
Total corporate
1,642,588,146 264,940,542 1,907.528.688
share; 400,000 shs. Wesson Oil & Snowdrift Co., Inc., cony. 'oreign Government
25.750,000
25.760,000
'arm Loan issues
pref. sold at $722 per share, involving $29,000,000; 323,- Vat. Finance Corporation
/
1
unicipal
140.149,917
3.357,100 143.507,017
000 shs. Goodyear Tire & Rubber Co. common stock of- fCanadian
1,750.000
3.750,000
5,500.000
United States Possessions
fered at $80 per share, involving $25,840,000; $25,000,000
1.495,000
1,495,000
/
1%
Alleghany Corp. 52 cum. pref. offered at par ($100);
Grand total
1.811,733.063 272.047.642 2.083.780.705
500,000 shs. of common stock of the same company, priced
In the elaborate and comprehensive tables on the sucat $24 per share, involving $12,000,000; 200,000 units of ceeding pages we compare the foregoing figures for 1929
National Securities Investment Co., consisting of 1 share of with the corresponding figures for the four years preced6% cum. pref. and / share of common stock, priced at ing, thus affording a five-year comparison. We also fur1
2
$1031 per unit, involving $20,700,000; 244,367 shs. United nish a detailed analysis for the five years of the corporate
/
2
States Realty & Improvement Co. capital stock offered at offerings showing separately the amounts for all the dif$80 per share, involving $19,549,360 and 147,000 shs. War- ferent classes of corporations.
ner Bros. Pictures, Inc. common stock, offered at $100 per
Following the full-page tables we give complete details
share, involving $14,700,000.
of the new capital flotations during February including
• Publie utility financing was featured by the following: every issue of any kind brought out during that
month:
17,250.000
18,000.000
2.600,000
2,600,000
[*6g61 91 'win
Total.
298166,500
27.235,000
41,187,800
55,563.375
40,000.000
750.000
503,552.675
62.500,000
9,450.000
80,323.729
10,808.000
666.634.404
Total.
s
90.045.000
153.431.000
2,850.000
500,000
22,083,000
15,000,000
31.257.500
30,000,000
10,450.000
355.616,500
22,000.000
13.720,000
2,515,000
3.750,000
2,000,000
1.250.000
45,235,000
38.173,225
1,350.000
1,525,000
29.326,450
1.435.000
6.775,000
750,000
2,250,000
21,116,500
102,701,175
112,045,000
205,324,225
6,715,000
2.025,000
55,159,450
18,435,000
39,282,500
30,750,000
2,250,000
31,566.500
503,552,675
arlDINOUHO rIVIONVNIA
FINANCING FOR THE MONTH OF FEBRUARY FOR FIVE YEARS.
SUIMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL
1925.
1926.
1927.
1928.
1929.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF FEBRUARY.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate44,287,000
$
254,079,500
22.554,000 195,328.500
172,774.500
Domestic
255,043,240 219,377.760 474,421,000
240,586.600 160.264,400 400,851,000
3.000,000
24.235,000
77,460,000 229,526,000
28.210,000
152.066.000
28,210,000
Long-term bonds and notes
19,250,000
6,500,000
12.750,000
41,122.500
19,316.100
21.806,400
19.429,000
41,187,800
74,819,000
19.429,000
74,819,000
Short term
10,000.000 183.890.000
173,890,000
86,566.150
665.000
85.901,150
515150
0
-- .
54.668,375
27,846.550 277,102.975
50,340.920
249.256.425
2.433.000
47.907,920
Preferred stocks
93,387.715
9.183.300
84.204.415
48.415,448
11.458,448
36,957,000
15.086,800 356.094.675
341,007.775
Common stocks
17,250,000
10,000.000
7,500.000
2,500,000
Canadian
2,000.000
2.000,000
4,866.000
4,866.000
18,000,000
16000.000
16,000,000
Long-term bonds and notes_
iXbro7:615
Short term
2,600.000
1.500.000
990,000
1,500,000
608,000
382,000
Preferred stocks
Common stocks
40,000,000
50,500,000
50,500.000
Other Foreign
12,000.000
12,000.000
39,000,000
9.640,000
29,360.000
37,000.000
2,000,000
4,000,000
35.000,000
4.000.000
Long-term bonds and notes_
1.000.000
1,000,000
750,000
600,000
600.000
Short term
Preferred stocks
700,000
700.000
53,382,000
450,170.675
Common stocks
33,095,000 414,188,420
381,093,420
540.587,655 245.061.060 785.648,715
420.477,150 201.343,948 621.821,098
25,000,000
37,500,000
3,800,000
814,859.200 122.393.350 937.252,550
3.800,000
Total corporate
74.669,500
74.669,500
54,101,000 117.351,000
63.250,000
9.450,000
10.000.000
4.250,000
10.000,000
4,250,000
4.450.000
Foreign Government
4,450.000
2,300,000
2.300,000
Farm Loan issues
3,377.473
76.946.256
934,797 172,358,204
171,423,407
77.130.229
1.018,500
War Finance Corporation
76.111.729
4,059,300 133.823.923
129.764.623
10,000,000
808,000
68.053.052
40.000,000
1,398,500
66.654,552
40,000,000
Municipal
4,500,000
4,500.000
1.750,000
1,750,000
Canadian
1.175.000
1.175,000
91.759.473
574,874.931
United States Possessions_
74.029,797 634.596.624
560,566.827
695.818.884 246.079.560 941,898.444
620,291.773 259,504,248 879.796,021
894,438.752 123,791,856 1.018.230.602
Grand total
FEBRUARY FOR FIVE YEARS.
UNITED STATES FOR THE MONTH OF
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
1925.
1926.
1927.
1928.
1929.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF FEBRUARY.
Capital. Refunding.
$
New
$
$
$
$
$
s
$
$
$
24.800,000
65,245.000
$
18,011,000
$
$
-------18.011.000
$
77,076,260 131,872,000
Long Term Bonds and Notes54,795,740
52,216,000
31,646,000
1,771,000
20,570.000
151,660.000
11.695,000
91,220,000
7.000.000
16,524,000
4695000
, ,
74,696.000
95,751,500 167.230,000
Railroads
71.478.500
215,812,000
111,063.800 104.748,200
2,850,000
18,075,000
68,740.000 137,757.500
500
8,750.000
017.
69,
9325,000
6.150.000
3.250.000
Public utilities
2,900,000
18,250,000
2,000,000
16,250,000
17.850.000
940.000
16,910.000
Iron. steel, coal, copper, &c
-------500,000
50,000,000
50.000,000
Equipment manufacturers
3,100,000
780,000
5,526,000
2,320,000
16,557,000
12,200.000
3,850,000
8,350.000
92,397.000
30,500.000
Motors and accessories_
61,897,000
40,041,000
3.578,500
8,500,000
36.462,500
6.500,000
11,775,000
2,000,000
575,000
11,200.000
2,000,000
1.800,000
Other industrial & manufacturing
1,800.000
20,000,000
20,000,000
3,690,000
27.567,500
41,152,500
130.000
41,022.500
48,798,000
5,500,000
on
43,298,000
39,840,000
39.840,000
30,000,000
34,048,500
34.048,500
Land, buildings, &c
Rubber
10,400,000
23,170.000
800,000
22.370.000
40.174,000
7,300,000
32,874,000
Shipping
55,458,000
7,151.700
48.306.300
69,400,000
2.205.000
44.287.000
67,195,000
311,329,500
30,054,000 255,828,500
Miscellaneous
225,774,500
269,043,240 219,377,760 488,421,000
274,812,600 169.904,400 444,717,000
79.460.000 282,526,000
203.066,000
Total
22.000,000
5,000,000
5,000.000
Short Term Bonds and Notes
23.000,000
17,000,000
3,000,000
6,000,000
10,720,000
5,500,000
5,500,000
5.550,000
2.500.000
3,050,000
Railroads
7,400,000
7.400,000
2,515,000
2,525.000
2,525,000
1.000,000
1,000,000
Public utilities
1.200,000
coal. copper, &c
Iron, steel,
1,200.000
1.000,000
1,000,000
Equipment manufacturers
550,000550,000
3.750,000
20,000.000
20,000.000
6,000,000
4.000,000
2,000,000
Motors and accessories
5.000.000
31 - 6
2. .
.100
2,683.900
2,000,000
9,000.000
9,000.000
200,000
manufacturing
200,000
Other industrial and
1,250,000
260.000
260.000
2,600,000
2,600.000
011
3.072.500
3,072,500
6,004,000
6.004,000
buildings, &c
Land,
Rubber
450,000
450,000
2,700,000
2,700.000
Shipping
3,100,000
3.100.000
2,500,000
3.000,000
42,235.000
2.500,000
32,210,000
Miscellaneous
32.210.000
19.250,000
6.500.000
12,750,000
42,122.500
19,316.100
22,806.400
20,029.000
20,029.000
Total
Stocks
38,173.225
52.938,420
705,000
52,233.420
15,000,000 201,994,615
186,994,615
Railroads
39,613,498
8,488,448
31,125,050
1,350,000
36,375,300
6.140,000 155,278,180
36,375,000
149,138.180
150,000
150,000
Public utilities
4,524,350
1.200.000
3,324.350
915,000
30,938.490
11.260.000
915,000
19,678,490
Iron, steel, coal, copper, &c
1,525,000
2,600,000
2,600,000
25,000,000
manufacturers
25,000,000
Equipment
5.200.000
24,126.450
21,071.500
14,510,570
1,728,000
978,950
19,343.500
13,531,620
18.218,100
4,083,300
14.134.800
22,104,600
Motors and accessories
22,104,600
1,435,000
84,322,598
4,930,000
18.811.400
4.930,000
65.511,198
700,000
---700,000
675.000
Other industrial and manufacturing
675,000
6,775,000
16,596,832
900,000
1.200.000
900.000
4,365.000
15,396,832
100.000
4,265.000
5.125,000
Oil
435,000
4,690.000
750,000
78,196,330
78.196,330
Land, buildings, &c
700,000
700,000
2,250,000
25,840,000
25.840,000
Rubber
895,000
20,221,500
6,420.000
200.000
608,000
5,812,000
200.000
27,550,000
27.550,000
Shipping
62,239.150
2.000,000
60,239,150
4,543.000 228.814.550
6.095.000
96,606,175
224,271,550
3,041,000 126,149,920
123,108,920
Miscellaneous
19.183,300 277,977,715
258,794,415
12,123.448 134,981,598
122,858.150
42,933,350 634.697.550
591,764.200
Total
24.800.000
87,245,000
--------23.011.000
23,011.000
77,076,260 131,872,000
54,795.740
75,216,000
Total
48.646,000
4.771.000
26,570,000
200.553.225
11,695.000
17,229.000 149.658,420
7.000,000
132,429,420
4,695,000
261.523.115 113,251,500 374.774,615
Railroads
149,588,850 113,236,648 262,825,498
6,715,000
54,450.000
74,880,000 295,560,680
8,750,000
45,700.000
220,680.680
7,300,000
3,250,000
4.050,000
22,774,350
Public utilities
3,200,000
19,574,350
48,788,490
915,000
12,200.000
915,000
1,200.000
36,588,490
1,200,000
copper, &c
Iron, steel, coal.
-------2,025,000
53.600.000
-------53.600,000
25,000.000
25,000,000
Equipment manufacturers
3.650,000
780,000
10,726.000
2,870,000
44.433,450
14,510.570
53.271.500
978.950
5,578,000
47,093.500
13.531.620
38,583.300 116,615.100
78.031.800
Motors and accessories
67.145.600
8,500.000
5,894,600
61.251,000
9,935.000
6.930,000
19,386.400 105.097.598
6,930,000
85,711,198
2,700,000
-------2,700.000
20,675,000
20,000.000
Other industrial and manufacturing
3,690,000
675,000
35,592,500
16,596.832
42,312,500
130.000
1,200.000
42,182,500
15,396,832
55,763,000
5,600,000
50.163,000
48,037,500
435.000
47,602.500
011
30,750,000
118,248.830
118,248.830
700,000
Land, buildings, &c
__ -----700.000
2,250,000
25,840.000
25,840,000
Rubber
895,000
30,671.500
200,000
30,040,000
1.408.000
28,632,000
200,000
70.424.000
7.300.000
63.124,000
Shipping
9.151,700 120,797.150
111,645,450
6.748,000 300,714,550
53,382,000
450.170,675
293,966,650
33.095.000 414.188,420
381.093,420
Miscellaneous
540.587.655 245,061,060 785,648,715
420,477,150 201.343,948 621.821,098
814,859.200 122,693.350 937,252,550
Total corporate securities
1925.
Refunding.
S
64,659.425
65,400,000
1.683,500
1,582.500
10.050.000
2.600.000
2.600.000
Total.
$
570,183.500
133,635.000
85,788.800
81,363,060
32,250,000
18.000.00C
2.600,000
2,600.000
73,000.000
12.000.000
750.000
148.575.425 1,012.150.36(
25.000,000
70.500.00(
46,325,000
6.093.973 215,859.851
10,000.000
14,808.00(
3.000.001
189.669.398 1.362.643.21
1925.
Refunding.
Total.
30.180.000 112.637.000
12,330.000 316.209.500
14.550.000
350.000
6.257.200
13.500.000
6.495,000
1,500.000
53,376.500
37.500.000
79,630.500
30.000.000
4,315,225
5.000,000
1.282.000
25,010,000
74.709,425 675,413,500
400.000
22.400.000
15,000.000
49.370.000
18,915.000
1,150.000
50.000,000
85,400,000
1.563.500
7.750.000
52.000.000
4,050.000
5,000,000
3,000.000
163,635,000
arloINOITHO
SUMMARY OF CORPORATE,FOREIGN GOVERNME
NT, FARM LOAN AND MUNICIPAL FINAN
CING FOR THE TWO MONTHS ENDED
2 MONTHS ENDED FEB. 28
FEB. 28 FOR FIVE YEARS.
1929.
1928.
Corporate1927.
New Capital. Refunding.
Total.
New Capital. Refunding.
1926.
Total.
DomesticNew Capital. I Refunding.
Total.
i
New Capital, Refunding.
$
5
Long-term bonds and notes- 402.240.500
i
Total.
$
New Capital.
$
I
$
134.163.500 536.404.000
$
448.125.700 289,767,300 737.893.000
$
Short term
i
i
30.263.000
590.737.44
i
4,726.000
308.061.560 898.799.000
34.989.000
s
38.266,400
Preferred stocks
473,592,500
19,836.100
79,234,000 552.826.500
58,102,500
354.895.275
23.571,
50,325.450 405.220.725
6.500.000
505,504,075
30.071.000
150.106.400
Common stocks
71.269.195
16.395.300 166.501.700
778.089,371
71.269.195
226.256.825
73,725,592 851.814.963
12.848,000 239.104.825
68.235,000
Canadian
84.495.002
153,222,242
20,754.848 105,249,850
4.100,000 157.322.242
125.912,990
20,183.300 146,096,290
84.105,300
Long-term bonds and notes_
118,750,147
5,109,578 123.859.722
27,100.000
27,100.000
79,780,560
23,122,000
Short term
23,122.000
4,225,000
4,225,000
Preferred stocks
6.500.000
12,750.000
19,250.000
7.400.000
22.200.000
7,400,000
Common stocks
1,000.000
18,000,000
1.000,000
Other Foreign
Long-term bonds and notes_
382,000
608,000
39,000.000
990,000
2.000.000
41,000,000
Short term
81,131.500
19,618.500 100,750,000
600.000
76,100.000
600.000
76,100,000
Preferred stocks
3.000.000
83.500.000
3,000.000
83.500.000
73,000.000
Common stocks
4.000.000
3.000.000
4.000.000
12,000.000
3.000,000
4,275,000
10.000.000
4,275.000
Total corporate
10.000.000
1.287.500
1.642.588.146 264.940.542 1,907,528.688
750.000
1,287,500
5.720.000
Foreign Government
832,522,002 366,372.048 1,198,894.050 1.049,0
6.720.000
25.750.000
90.755 347.592,860 1,396.683.615
25.750.000
Farm Loan issues
117,565.500
926.936.084 101.801.575 1.028.737,659
79.593.500 197.159,000
100.052.8001 27,000.000 127.052.800
863.574,935
War Finance Corporation
3,800.000
19.699.000
9.073.000
3.800.000
28.772.000
28,700,000
45.500.000
28.700,000
Municipal
9,250,000
140,149,917
9,250,000
3,357,100 143,507,017
46.325,000
Canadian
228.208.250
5.959,300 234.167.550
1.750.000
278.860.704
3.750.000
5.147.500 284.008.204
5,500.000
United States Po
8,840.000
239.817.980
ions___
2,906.847 242.724.827
8.840.000
1,495.000
16.750.000
209.765.878
28.800,000
1.495.000
43.550.000
1000.000
11.000.000
Grand total
40,000,000
1.000,000
51,000.000
1.385.000
4.808.000
1.811.733.063 272.047.642 2.083.780.705 1.191.9
1.385.000
5,748.000
35.752 451.924.848 1.643.860.600 1.474.839.259
5.748,000
3,000,000
406.540.360 1.881.379.619 1.212.451.064 153.781
.422 1.366.232.486 1.172.973.813
CHARACTER AND GROUPING OF NEW CORP
ORATE ISSUES IN THE UNITED STATE
S FOR THE TWO MONTHS ENDED FEB. 28
FOR FIVE YEARS.
1929.
2 MONTHS ENDED FEB. 28.
1928.
1927.
New Capital. Refunding.
Total.
New Capital. Refunding.
1926.
Total.
Long Term Bonds and Notes
New Capital. Refunding.
Total.
New Capital. Refunding.
Railroads
Total,
New Capital.
53,531,000
19.777,000
73,308,000
41,688,500
Public utiUties
67.678.500 109.367,000
117.667,500 101.240,000 218,907.500
61,175.740
80,042.260 141,218,000
228.842,600 157.854,400 386.697.000
Iron, steel, coal, copper, &c
49.658.000
15.023.000
64.681.000
35,763.500
215,856.200 179,476.300 395,332.500
3.186.500
82.457.000
38.950.000
29,422,700
Equipment manufacturers
211,256.000
23.527.300
52,950,000
42,290.000 253.546.000
3.900.000
303.879,500
3,250,000
7.150.000
500.000
Motors and accessories
35,425,000
500.000
9.650.000
45.075.000
1,270.000
14,550.000
1.270.000
3.020,000
Other industrial & manufacturing
780.000
3.800.000
50,000,000
30.300.000
575.000
30.875.000
50.000.000
74.082.100
Oil
50.000.000
22.778.900
96.861.000
101.679,000
50.000.000
1.600.000
400.000
31,168.000 132.847.000
1,150.000
2.000,000
Land, buildings. &c
20.000,000
48,309.000
20.000,000
21.116:655 69.525.000 47,119.300
69,800.000
92.333.500
2,780.000
95.113.500
69.800.000
99,192,000
Rubber
26,500.000
1,815,000 101.007,000
900,000
109.932,500
27,400.000
1,000.000
6,121,666 116.757.500 92.974.500
24.000.000
1.000.000
Shipping
2.105.000
95,079.500
1,000.000
6.000.000
73.135.500
7.000.000
Miscellaneous
1.100,000
135.145.000
1.100.000
• 2.205.000 137.350.000
30,000.000
75,631.300
14.951.700
90.583,000
Total
57.449.000
7,300.000
684.775
468,340,500 136,163.500 604,504,000
64,749.000
48.370.000
552.379,200 309,385,800 861.765.000
Short Term Bonds and Notes
800,000
49,170.000
23.728.000
671,062,440 308.061.560 979.124.000
Railroads
563,592,500
91.984,000 655.578.500
600,704,075
13,500,000
Public utilities
17.000.000
30,500.000
5.134.000
3.781.000
'I,
8.915.
9.960.000
Iron,steel, coal. copper. &c
5,000.000
400.000
10,360.000
5.800.000
5,000.000
2,500.000
22,000.000
8.300.000
Equipment manufacturers
15,250.000
1,000.000
15.250.000
34.370.000
1.000.000
Motors and accessories
1.200.000
18.915.000
1,200.000
1.200,000
Other industrial and manufacturing
1,200,000
9.000.000
1,150,000
9.000.000
2.683.900
011
1.000.000
2,318,100
5.000.000
4.000.000
1.000.000
4.000.000
8.000.000
2,080.000
Land, buildings, &c
20,000.000
120.000
2.200.000
10,924.000
20.000,000
200,000
7.750.000
10.924.000
•
200,000
5.092,500
Rubber
5.092.500
8,021,000
2.000.000
8,021,000
Shipping
3,375.000
3.375.000
4.050,000
Miscellaneous
25,000.000
25,000.000
5,805.000
945.000
6,750.000
6.750,000
6.750.000
Total
3,350.000
5.000.000
30.863,000
3.350.000
4,726.000
5.644.195
35.589,000
41,266,400
Stocks
19.836,100
5.644.195
3.000.000
61.102.500
23.571.000
6.500,000
30,071,000
Railroads
75.269,195
75,289,195
98,235,000
4.275,000
Public utilities
9,296.400
13.571,400
255.507.656
14,365,000 269.872,656
54,535.050
Iron, steel, coal, copper, &c
21.388,448
75.923,498
255,226.540
27.741.990
26.000,000 281.226.540
15.827.500
43,569.490
15.760.725
Equipment manufacturers
86,403.662
1,200,000
16.960.725
705.000
87,108.662
150.000
75.905.725
Motors and accessories
150,000
36,375.000
36.375.000
24.034.620
5.540,000
2.340.950
26,375,570
Other industrial and manufacturing
3.503.500
3,503,500
182.551,108
25,000.000
71.480.820 254.031,928
35.200.700
25.000,000
011
16,351.900
35,200.700
16,351,900
134.081.832
25.765,025
1.525.000
15,085.272 149.167.104
4,083.300
29,848.325
675.000
Land, buildings, &c
65.753.060
5,704.575
875.000
71.457.635
80.811.330
1,287,500
39,478,385
408,500 81.219,830
1,287,500
20.243.500
Rubber
20,587.140
435.000
20,678,500
2,800.000
23.387,140
25.840.000
5.265,000
5.335.000
100.000
25,840,000
5,365.000
10.678,975
Shipping
2,188,500
1,042,400
11,721.375
2,188.500
10.100.000
2,000,00
9.375.000
10.100.000
2,000.000
Miscellaneous
1.064.537
1.064.537
402.716.110
750.000
4.543.000 407.259.110
97.507.452
3,787.900 101,295.352
Total
39,763,250
2,250.000
2.848.000
1,143.384.646 124.051,042 1:2- 7.435,688
42,611.250
55.847.090
6
238,876.402
Total
608.000
37,150.148 276.026.550
56,455.090
24.476.750
354.457.315
33,031.300 387.488.615
Railroads
288.074.389
9,817.575 297.891.964
53,531.000
164,635,860
19.777.000
73.308.000
59.463,500
Public utilities
93,974,900 153,438,400
378,309.156 119.386.000 497.695.156
61.175,740
80.042.260 141.218.000
293,337,650 179.642.848 472,980,498
Iron,steel, coal. copper. &c
54.658,000
15.023.000
69.681.000
63,505.490
475.882.740 207.976.300 683.859.040
104.457.000
19.014.000
82,519.490
45,183,425
Equipment manufacturers
312.909.662
24,727.300
42,995.000 355.904.662
69,910.725
414.155.225
5,050.000
3.250,000
8,300.000
500.000
Motors and accessories
71.800.000
9.650.000
500.000
81.450.000
24.034.620
39,005.000
2.470,000
2.340.950
26.375.570
2,470.000
Other industrial and manufacturing
4.220,000
3.503.500
780.000
5.000.000
3.503,500
221.851.108
75,000.000
1,150.000
72.055.820 293.906,928
75.000,000
111,966,700
Oil
67.351.900
25.095.000 137,061.700
67.351.900
131.444.025
135.681.832
2.675.000
15.485.272 151.167.104
39,251,300 170.695.325
2.755.000
Land. buildings. &c
134.062.060
20.120.000
26.1120:678 160,982.635
22.875.000
184.068.830
71.287.500
94.347.685
3,188,500 187.257.330
71.287.500
124.528.000
Rubber
2,250.000 126,778,000
140
3,700.000
50.787.140
26.840.000
123.218.500
31.335.000
6. --:6156 130.143.500 47,087.000
- 25
9
26.840.000
10.878.975
Shipping
98.538.
1,042,400
2,105.000 100.643.000
11.721.375
11,100.000
2,000.000
86.560.500
6.000.000
17.100.000
2,000,000
Miscellaneous
27.164.537
27.164,537
543.666.110
30.750.000
7.693.000 551.359.110
179.888.752
18.739,600 198,823,352
Total corporate securities
100.562,250
7,934.775
10.148.000 110,710.250
1.642.588.146 264,940.542 1.907.528.688
109.861.285
1,408,000 111.269.285
832,522,002 368.372.048 1.198,884,050 1.049.0
51.204.750
90,755 347.592,860 1.396,683.615
926,938.084 101.801,575 1.028.737.659
863,574,935
77.469.225
5.540,000
1.525,000
45,365,885
5.335.000
-121W6
9.495,000
750.000
2.250,000
895.000 25.371.750
8.466.0
8.468,000 173.101.860
30.380,000 135.037.900
28.893.500 443,048,725
39.005.000
1.150,000
350.000
3.025,000
12.144.700 106.492.385
63.500.000
94.835.000
6,615.000
93.175.500
30.750.000
4.315.225
12,250,000
2.177,000
53.381.750
148,575.425 1.012.150.360
5.887.500
0
FINANCIAL CHRONICLE
MAR. 16 19291
1631
DETAILS OF NEW CAPITAL FLOTATIONS DURING FEBRUARY 1929.
LONG-TERM BONDS AND NOTES (mots MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads$
200,000 Acqulsition; extension to property_
8,000.000 Refunding
3.375.000 New equipment
120.000 Improvements
98
89
100
To Yield
About
Company and Issue, and by Whom Offered.
9;
6.12 Bellefonte Central RR. 1st M. 6s, 1949. Offered by Wm. Marriott Canby, Philadelphia, and
Jay N. Schroeder & Co., Inc., Lancaster, Pa.
4.77 Terminal RR. Assn. of St. Louis Gen. Mtge. Ref. 45, 1953. Offered by J. P. Morgan & Co., First
National Bank, N. Y., and National City Co.
4.85 Wabash Ry. Eq. Tr. 4 14s "H," 1930-44. Offered by Edward Lowber Stokes & Co.
-McKeehan & Devaux, Inc., San Francisco.
6.00 Yreka RR. 1st M.65, 1938. Offered by Russ
.11,695,000
Public Utilities
2,000,000 Retire debt of subs.; acquis'ns, &c.
-
97
600,000 Acquisitions; Cap. expenditures--
98
1.000,000 Additions, construction, &c
971i
15,000,000 Retire current debt;°stens., &c
936
25,000,000 Retire funded debt, pref. stocks--
98 h
983.
65,000 Acquisitions. extensions, &c
1,300,000 Acquisitions; other corp. purposes_ 986
100
10,500,000 Refunding; additions, extensions
7.000,000 Refunding;cap,expenditures.&c__
94h
9,000,000 Refunding; other corp. purposes--
94
800.000 New construction
1,350,000 Refund debt of subs.; acquis.. &C
95
98
2,000,000 Acquisitions
1,000,000 Acquisitions; other corp. purposes_
5,000,000 Acquisitions; retire debt, Jcc
98l.
971-(
985
6,000,000 Refunding; acquisitions
98
3,000,000 Construction; acquisitions, &c
• 5.300,00 Retire bonds & pref. stocks
1,300,00 Acquisitions; other corp. purposes.
36,000.000 Refunding; retire pref. stks., &c-4.542,500 Additions to property
09).
943
94)4
98
10004
6.35 American States Public Service Co. Cony. Deb. Ilts "A," 1938. Offered by PFnchon & Co., Peabody. Smith & Co., Inc., L. L. Davis Co. and Gillet & Co.
6.20 Arkansas Electric & Water Co. 1st M.68, 1944. Offered by Terry & Co., F. N. Kneeland & Co.
and David F. Thomas & Co., Chicago.
5.16 Baton Rouge Electric Co. 1st NI. 55 "B," 1959. Offered by Stone & Webster and Blodget. Inc..
Chase Securities Corp., Blair & Co., Inc.. and Brown Bros. & Co.
7.02 Berlin City Electric Co., Inc. (Germany). Deb. 1334s, 1959. Offered by Dillon. Read 5c Co.,
Hallgarten & Co., Bankers Co. of N. Y., Halsey, Stuart & Co., Inc., International Acceptance
Bank, Inc.. E. H. Rollins & Sons and Mendelssohn & Co.. Amsterdam.
5.80 Central Public Service Corp. Cony. Deb. 534s. 1949. Offered by Harris, Fcrbes & Co., H. M.
Byllesby & Co.. Inc.. Federal Securities Corp. and West & Co.
6.12 Central Texas Telephone Co. let M.6s, 1948. Offered by Heath, Schlessman & Co., Denver.
6.12 Community Telephone Co. Cone. Deb. fis "A." 1949. Offered by P. W.Chapman & Co.. Inc.
4.75 Consolidated Gas, Elec. Lt. & Pr. Co. of Bait, lot Ref. M. 404 "G," 1969. Offered by Alex
Brown & Sons, Lee, Higginson & Co., Brown Bros. & Co., Jackson & Cortiss. Spencer Trask
& Co. and Minsch, Monell & Co.. Inc.
5.38 Copenhagen Telephone Co. (Denmark) Ext. 58, 1954. Offered by Guaranty Co. of N. Y. and
Dillon, Read & Co.
"A." 1979. Offered by E. H. Rollins & Sons, Howe Snow & Co.,
5.87 Florida Power Corp. 1st M.5
Inc., Old Colony Corp., Hill. Joiner & Co.. Inc., Halsey, Stuart & Co., Inc., Hemphill, Noyes
& Co., Coffin & Burr, Inc., Otis & Co.„ Stroud & Co., Inc., Emery, Peck & Rockwood Co. and
Eastman, Dillon & Co.
5.35 Hydro-Electric Corp. of Virginia 1st M.58 "A," 1958. Offered by Hill, Joiner & Co., Inc.
6.17 Illinois Communities Telephone Co. 1st Lien 68 "A," 1949. Offered by P. W. Chapman & Co.;
Inc.
6.15 North American Gas & Elec. Co. Deb.69, 1944. Offered by A. C. Allyn & Co., Inc.
6.20 Northwest Cities Gas Co. 1st M.(is. 1949. Offered by P. W. Chapman & Co., the.
6.15 Pacific Public Service Co. Cony. 68, 1944. Offered by A. E. Fltkin & Co., Inc.. Hempb111, Noyes
& Co., Federal Securities Corp., Bond & Goodwin & Tucker, Inc., Dean Witter & Co. and National Bankitaly Co.
5.10 Peoples Light & Power Corp. Cony.Deb.58, 1979. Offered by O.L. Ohrstrom & Co.,Inc., Brown
Bros. & Co. and Coffin & Burr, Inc.
6.05 Texas-Louisiana Power Co. let M.138 "A." 1946. Offered by Howe Snow & Co., Inc., E. H. Rollins & Sons and H. M. Byllasby & Co., Inc.
5.35 Tide Water Power Co. 181 M.5s "A." 1979. Offered by E. H. Rollins & Sons. Howe Snow & Co.,
Inc., Old Colony Corp. Hill, Joiner & Co., Inc., Halsey, Stuart & Co., Inc., Hemphill. Noyes
& Co., Coffin & Burr. inc., Otis & Co., Stroud & Co., Inc., Emery. Peck & Rockwood Co. and
Eastman, Dillon & Co.
6.00 Union Utilities, Inc. Cony. Deb. 5345. 1948. Offered by P. W. Chapman & Co.. Inc.
5.13 Utilities Power & It. Corp. Deb. 58. 1959. Offered by Chase Securities Corp. West & Co., Pyn'
chon & Co., H. M. Byllesby & Co., Inc., Federal Securities Corp., Halsey, Stuart & Co.. Inc..
and W.S. Hammons & Co.
4.95 Wisconsin Gas & Electric Corp.. bit M. 58 "A," 1952. Offered by Harris, Forbes & Co. and
Silencer Trask & Co.
137,757,500
Iron, Steel, Coal, Copper, &c.
100
3,000,000 Retire short-term debt
1,000,000 Acquisition of property
99
350.000 Retire bank loans, floating dt.&c- 100
90
10.000.000 Inipts.. consolida'n, working cap
100
3,500,000 Refuoding; other corp. purposes
5.50 (James B.) Clow & Sons 1st M.& Coll. Tr. 5)48"A," 1931-39. Offered by Illinois Merchants Trust
Co., Chicago.
6.12 Dilworth. Porter & Co.. Inc., 1st (closed) M.68, 1939. Offered by K. W.Todd & Co.. Inc., and
Colonial Trust Co., Pittsburgh.
6.50 Geometric Stamping Co. Cony. Deb 6 WI, 1939. Offered by McDonald Callahan & Co., Cleveland,
6.93 Harpen Mining Corp. (Germany) Mtge. 68, 1940. Offered by National City Co.
6.00 Tennessee Copper & Chemical Corp. Cony.65"B." 1944. Offered by company to stockholders.
17.850.000
Other Industrial & Mfg.
5,000.000 Pay bank debt
1,175,000 Enable public partic. In business
350,000 Refunding and acquisitions
3,000.000 improvements, construction, &c
90,000 Pay current debt; expansion
1,00,0000 Acquire Ligonier Co
600,000 Refunding; acquire plant, Jrc
450.000 Acquisitions; wkg. capital, &c
110,000 General corporate purposes
96
10234
100
98
100
9834
100
100
100
7.33 Ernesto Breda Co.(Italy) 1st M.78, 1954. Offered by Dillon, Read & Co., E. H. Rollins & Sons
and Hemphill, Noyes & Co.
5.75 (D. L.) Clark Co. 1st M.68. 1944. Offered by K. W.Todd & Co., Inc., Colonial Trust Co.. First
Nat. Bank, Dollar Savings & Trust Co. and Peoples Says. & Tr. Co. all of Pittsburgh.
6.50 Cloverland Dairy Products Co.(New Orleans) Deb.6%s "A," 1939. Offered by Caldwell & CO..
Wheeler & Woolfoik and Canal Bank & Trust Co.
6.15 Holmes Airport,Inc.(N.Y. City). Cony. Deb.68. 1949. Offered by E.H.Holmes & Co.,Inc., N.Y.
6.50 Howell (Mich.) Electric Motors Co. 1st M.Cony.6348. 1936. Offered by Jennings, Ayers Co..Det.
6.20 Hussmann-Ligonier Co. Cony. Deb. 68, 1939. Offered by Francis Bro. & Co.: Stifel, Nicolaus &
Co., Inc.. and W. B. McMillan & Co.
6.00 Marblehead Lime Co. let M.68, 1930-39. Offered by First Wisconsin Co., Milwaukee,
7.00 Reliance Clay Products Co. 1st M.78, 1930-38. Offered by Republic National Co., Dallas, Tex.
6.50 (I. B.) Rowell Co.(Waukesha, Wis.) 1st M.634s. 1938. Offered by Lloyd E. Work & Co., Chicago.
11,775,000
Land, Buildings, &c.
110.000 Capital expenditures; wkg. capital- 100
50,000 Real estate mortgage
2,000,000 Finance construction of building
750,000 Provide funds for loan purposes
1,000,000 Provide funds for loan purposes.
100,000 Improvements to property
100
100
100
100
100
1,000.000 Finance construction of building
150,000 General corporate purposes
100
100
1,000,000 Provide funds for loan purpose
100
70,000 Real estate mortgage
100
42,000 Real estate mortgage
100
260,000 Finance construction of building- - 100
100
310,000 Refunding existing debt
1,000,000 Provide funds for loan purpose.-- 99
1;650.000 Real estate mortgage
325.000 Finance construction of hotel
100
100
1,200,000 Finance construction of building- - 100
150,000 Real estate mortgage
100
750,000 Finance construction of building.. 100
100
150,000 Realestate mortgage
100b
900,000 General corporate purposes
99
1.000,000 Finance construction of building
750,000 Refund existing dt.;other corp.purp
200,00 General corporate purposes
100
100,000 Development of property
100
4.500,00 Finance lease of properties
1.000.000 Provide funds for loan purposes...
1,700,00 Finance construction of apartment 100
225.000 Finance construction of building-- 100
500,000 Retire. debt; expansion, &o
400,00 Finance construction of apartments 100
6.00 Anderson & Ellington (Greenburg, N. C.) 1st M.63, 1930-39. Offered by Old Dominion Mortgage Corp.. Richmono, Va.
The Bartlett Bldg. (Milwaukee) bat M. Leasehold 68, 1929-38. Offered by Greenebaum Sons
Investment Co., ChIcagc•
6.5 Burlingham Land Co. (Detroit) 1st M. 6)48, 1939. Offered by Metropolitan Trust Co., Highland Park, Mich.
6.0 Central one Bldg.,Inc.(N.Y. City) 1st M.68, 1941. Offered by S. W.Straus & Co., Inc.
5.0 Citizens National Mortgage Co. 6348"B" 1938. Offered by Citizens National Co.. Los Angeles.
6.00 Colonial Mortgage Investment Co.(Baltimore) Coll. Trust. 6s, "B", 1941. Offered by Colonial
Mortgage Investment Co., Baltimore.
7.00 Country Club Gardens. Inc.(New Orleans) bat M. 75, 1930-39. Offered by Mortgage & Securities Co., New Orleans.
6.00 Eddystone Homes Bldg. Corp. (Chicago) 1st M. Os, 1930-38. Offered by Continental Nat'l Co.
5.50 El Jebel Country Home & Golf Club (Denver) 1st (closed) M. 530, 1932-42. Offered by Geo.
W. Vallery & Co., Denver.
5.5 Empire Bond & Mtge. Corp.(N. Y. City) Guaranteed let Coll, Tr. 5348, "C". 1938. Offered by
Drumheller, Ehrlichman & White.
6.50 First Baptist Church (Tampa,Tex.) 1st M.6348, 1929-39. Offered by Mortgage & Securities Co.,
New Orleans.
5.50 First Christian Church of Pine Bluff, Ark. 1st M.5348, 1929-43. Offered by Lorenzo E. Anderson & Co., St. Louis,
6.00 Fourth Church of.Christ Scientist In Wash., D.C. let M.68, 1929-39. Offered by &ix & Co.,
Bt. Louis,
6.00 Glenshire Arms(Chicago) 1st M.Os, 1931-36. Offered by Greenebaum Sons Investment Co., Chic.
6.10 Home Mortgage Co.(Durham, N. C.) 1st M. Coll. Tr., 68 (3d issue), 1944. Offered by S. W.
Straus & Co., Inc.
5.50 Hotel Piccadilly (New York) Guaranteed 1st 534% Ws., 1929-38. Offered by New York Title &
Mortgage Co., New York.
6.00 Hotel Vicksburg 151 M. 68. 1930-44. Offered by Union & Planters Bk. as Trust Co., Memphis,
Tenn.; Merchants Nat. Bank & Trust Co., and National City Savings Bank & Trust Co., Vicksburg, Miss.
5.50 Hyde Park National Bank Bldg.(Chicago) 1st (closed) M.5348, 1932-39. Offered by First Trust
& Savings Bank and Lawrence Stern & Co., Chicago.
5.50 Immaculate Conception Church (Clarksburg, W. Va.) 1st M.6)4% Notes, due serially to 1940.
Offered by Lafayette South Side Bank, St. Louis.
5.50 Kalamazoo Bldg. Co. lot M. 534s, 1949. Offered by Virst National Co: of Detroit.
6.00 Kemper Military School (Boonville, Mo.) 1st M.68, 1929-38. Offered by City Bank of K.C.. Mo.
6.00 Kent Columbus Circle Garage, Inc. Deb. 68, 1938. Offered by Kent Garage by,Corp.
6.10 Medical and Dental Bldg.(Vancouver, B. C.) 1st (closed) M.68, 1944. Offered by Blyth & Co.
and Bowes Bros. & Co.
6-6.15 Melba Theatre & Office Bldg. (Dallas, Tex.) 1st M. 65, 1929-44. Offered by S. W. Straus &
Co., Inc.
6.10-6.80 (The) Mortgage & Contract Co. (Detroit) Coll. Tr. 6s, 1930-37. Offered by company.
7.00 Muscoy Development Co. 1st M.78, 1938. Offered by John M. C. Marble Co., Los Angeles.
5.50 National Properties 1st M. 534s, "A" 1949. Offered by Foreman Tr. & Savings Bank, Chicago.
5.8 National Reserve Corp. Real Estate Trust 5345,"A" 1939-44. Offered by Reserve Security Corp.,
New York.
6.00 Ninety-Eight Riverside Drive Apts. (N. Y. City) 1st (closed) M. Os. 1941. Offered by Empire
Bond dc Mortgage Corp., New York and Arthur Parry dr Co.
6.00 North Troy Bldg.(Chicago) lot 51.15s, 1930-38. Offered by Garard Trust Co., Chicago.
(Minsky & Sons,Inc. lot Lien Gtd.68, 1930-44. Offered by Central State Bk. Des Moines,Ia.
534-6 (L.)
6.00 Parkway and Park Central Apts.(Kansas City, Mo.) 1st M.6s, 1931-39. Offered by SteinmatmMcCord & Co., Kansas City.
4.96-6.0
265,000 Real estate mortgage
1632
Amount.
FINANCIAL CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
Land, Buildings, &c.(Conc.)350,000 Real estate mortgage
100
- 100
300,000 Real estate mortgage
100
110,000 Real ettate mortgage
100
37,500 Improvements to property
100
85,000 Finance completion of building-- - 100
125,000 Real estate mortgage
100
210,000 Real estate mortgage
100
350,000 Development & sale of property.... 100
500,000 Providefunds for loan purp
100
932,000 Development of property
107,000 Real estate mortgage
100
2,400,000 Real estate mortgage
100
250,000 Provide funds for loan purposes_ _
100
500.000 Provide funds for loan purpose_
90,000 Real estate mortgage
600,000 Impts.; pay bank loan, &c
100
100
100
_
50,000 Real estate mortgage
960,000 General corporate purposes
500,000 Finance lease of property
175,000 Real estate mortgage
100
100
100
100
60,000 Real estate mortgage
Company and Issue, and by Whom Offered.
5.50 Pondfield Road West, east of Bronxville Road (Yonkers, N.Y.) 1st M. 534% Ctfs., 1934. Offered by Lawyers Mortgage Co., New York.
6.00 Realty Foundation, Inc. Gtd. Panic. 6% Bonds "E", 1939. Offered by National American
Securities Co., Inc., New York.
6.00 Rialto Properties Co. (San Francisco) lot M. 65, 1931-44. Offered by Anglo London Paris Co.
and Bowes Bros. dc Co., San Francisco.
6.25 Richmond Hotel (Augusta, Ga.) 1st NI. Leasehold (Ms, 1930-39. Offered by Whitney Central
Banks, New Orleans.
5.00 St. Agnes Congregation (Milwaukee) 1st M.58, 1930-44. Offered by B. C. Ziegler & Co., West
Bend, Wis.
5.50 St. John's Lutheran Church (Denver, Colo.) 1st (closed) M. 5345. 1930-41. Offered by Peck.
Brown & Co., Denver.
6.00 St. Paul's Memorial Church of Greenfield (Detroit) 1st NI. 65, 1938. Offered by Union Trust
Co., Detroit.
6.00 Seed Terminal Co. 1st & Gen. M. Os, 1930-39. Offered by Boettcher & Co., Denver.
6.50 Seitz Theatre Co. 1st (closed) NI. 630, 1931-43. Offered by Carl J. Fisher. Toledo, Ohio.
6.60 Southern California Realty Corp. (San Diego, Calif.) lot M. 634s. 1939. Offered by John
NI. C. Marble Co.
6.00 Southern Securities Corp., Gtd. 1st M.Coll. 60,"B", 1934-44. Offered by Reserve Security Corp.,
New York.
5-6.25 Suburban Development Co. and Knight-Menard Co.(Detroit) 1st M.6s, due to 1937. Offered
by Wm. L. Davis & Co.. Detroit.
1.00 Tenth Street Bldg. Corp. (Sioux City, Ia.) lot (closed) NI. 6s, 1934-40. Offered by Merchants
Trust Co., St. Paul.
7.00 Textile Bldg. (N. Y.) Gen'i NI. 75, 1948. Offered by P. W. Chapman & Co., Inc., and Peabody,
Smith & Co., Inc.
6.00 Union Mortgage Co., (Charleston, W. Va.) Gtd. lot M. Coll. 6s, "I M", 1939-41. Offered by
Reserve Security Corp., New York.
6.00 Universal Mortgage Co. Gtd. Os, "D". 1939. Offered by Baltimore Trust Co.
6.00 The University Dormitory 1st 50.65, 1938. Offered by Metropolitan Tr. Co., Highland Park,Mich.
7.00 Ventura (Calif.) Properties Co. 1st M. 7s, 1937. Offered by Bayly Bros., Inc. and California
Co., Los Angeles.
6.00 Vicksburg Hospital, Inc. 1st M. Os, 1930-39. Offered by First Nat. Bk., Vicksburg, Miss.
7.00 Washington-Pittsburgh Holding Corp. Coil. Tr. 7s, 1938. Offered by F. H. Smith Co., N. Y.
6.0 1 Washington Realty Co. 1st (closed) NI. Leasehold 68. 1938. Offered by Fidelity Tr. Co., Detroit
,
7.G0 Waycross (Ga.) Commercial Hotel Co. 1st M. 7s, 1930-43. Offered by Citizens d: Southern Co.,
Savannah, Ga.
6.50 Westwood Apts (Seattle) 1st NI, 64s. 1930-35. Offered by Seattle Title & Trust Co.
1,000,000 Provide funds for inv. & loan purp. 100
750,000 Acquisition of property; imp S..
[VoL. 128.
100
34,048.500
Miscellaneous
7,000,000 Refunding; acquisit ons, &c
6.10 American Service Co let M.6s "A," 1944. Offered by Halsey. Stuart & Co., Inc., and A.13. Leach
& Co., Inc.
6-6.55 Bloedel Donovan Lumber Mills Os. 1930-36. Offered by Baker, Fentress & Co., Geo. H. Burr,
Conrad & Broom, Inc., Pacific National Co.. Seattle and E. II. Rollins & Sons.
5.10 Commercial Investment Trust Corp. Cony, Deb. 530, 1949. Offered by Dillon, Read & Co..
Lehman Bros., Cassatt & Co.. A. G. Becker & Co., E. H. Rollins & Sons, Hemphill, Noyes &
Co., Shields & Co., Inc. and Commercial National Corp., N. Y.
4.50 Consolidated Investment Corp. of Canada 1st Coll. Tr. 4545 "A," 1959. Offered by Wood,
Gundy & Cu., Inc.
6.06 Continental Dept. Stores, Inc. Deb. gs "A," 1939. Offered by Union Trust Co., Detroit.
6.56 Foltis-Fischer. Inc. Cony. 610, 1939. Offered by Century Trust Co. of Bait., L. S. Carter & Co.,
Inc., Brooke, Stokes & Co., and A. 13. Leach SG Co., Inc.
6.00 Gerlach-Barklow Co. Deb. 6s, 1944. Offered by A. C. Allyn & Co., Inc., N. Y.
International Investing Corp. Deb. 6s "A," 1954. Offered by Boettcher & Co., Marine Share
Corp., Liberty Bond & Share Corp., Schoellkopf. Hutton & Pomeroy. Inc., and Victor, Commar
& Co., nc.
5.04 Reliance Management Corp. Deb. 58 "A," 1954. Offered by Ames, Emerich & Co., Inc., Estebrook & Co., and F. A. Willard & Co.
99
2,000,000 Acquire property: cap. expend.,&e.
35,006.000 Working capital
105
15,000.000 Provide funds for inv. purp
100
500,000 Acquisition of properties
1.500.000 Acquire constituent cos
99Si
99 Yi
1.900.000 Acquire constituent cos.: wky. cap. 100
1,500,000 Provide funds for inv. purposes
120c
5,000,000 Provide funds for Inv. purposes
9934
69,400,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities
700,000 Acquisitions. extensions, &c
To Yield
About.
100
1,225,000 Acquisitions; improvements
600,000 Working capital
0934
99
Company and Issue, and by Whom Offered.
7.00 Allegheny Gas Corp. Cony. Secured 75 Nov. 11933. Offered by Furlaud & Co., Inc., and Bradford,
Kimball & Co.
East Coast Utilities Co.6% Notes, Dec. 11929. Offered P. W. Chapman & Co., Inc.
6.50 Unterelbe Power & Light Co.(Germany) 2-yr. 6s Feb. 1 1931. Offered by A. G. Becker & Co.
2,525,000
Other Industrial & Mfg.
2,500,000 Acquisitions; other corp. purp____ 100
6,500,000 Acquire predecessor co
9934
6.00 Thermold Co. 6% Notes, Feb. 1 1934. Offered by Eastman, Dillon & Co., Schluter & Co., Inc.
and Oliver J. Anderson & Co.
6.62 Winchester Repeating Arms Co. (of Del.) 5-yr. Deb. 63.4s Feb. I 1934. Offered by Kidder, Peabody & Co.
9,000,000
Land, Buildings, &c.100,000 Provide funds for loan purposes_ _
99
250,000 Provide funds for loan purposes__
100
5.75 Arundel Mortgage Co. (Bait.) 1st M. 534% Ctfs. Feb. 1 1934. Offered by Nelson. Cook fir Co.,
Baltimore
5.00 Citizens National Mortgage Co. Series "A" 5s, Dec. 1 1933. Offered by Citizens National Co.,
Los Angeles.
200,000 Provide funds for loan purposes_ _ Price on application Commercial National Co., Inc.(S' re-eport, La.) 1st NI. Coll. 6s, 1930-33. Offered by company.
100
5.50 Edmund Francis Court (N. Y. C,_)) 5.34% Gtd. Prudence Ctrs., Aug. I 1933. Offered by the
525,000 Real estate mortgage
Prudence Co.. N. Y.
100
1,435.000 Real estate mortgage
5.50 825 West End Ave. Apt. Bldg.(N. Y. City) Gtd. 1st 5.35% Ctfs., Oct. 1 1929-33. Offered by Now
York Title & Mortgage Co.
6.00 Federal Corp. 1st NI. R. E. Coll. Tr. Gs "AU", 1930-34. Offered by Union Bank & Federal Trust
100,000 Provide funds for loan purposes_ _ 100
Co., Richmond, Va.
100
6.50 Fried Estate Bungalow Court 1st Panic. 634% Ctfs., 1931-33. Offered by Seattle Title & Tr. Co.
45,000 Real estate mortgage
100
125,000 Real estate mortgage
7.00 Glenn Court Apt. (Nashville, Tenn.),Ist M. 78, Nov. 1 1932. Offered by Caldwell & Co.
5.50 Lawyers Mortgage Co.(N. Y.) 1st M.
100
965,000 Real estate mortgage
% CUB., 1933-34. Offered by Lawyers Mortgage Co., N.Y.
100
6.00 Mortgage Corp. of Va. (Richmond, Va) 1st M. Coll. Tr. Os. 1930-34. Offered by Scott dz String130,500 Provide funds for loan purposes
fellow.
100
5.50 Olmstead & Newbold Ayes (Bronx, N. Y.) 1st NI. 538% Ctfs., Dec. 15 1933. Offered by Lawyers
385.000 Real estate mortgage
Mortgage Co.. N. Y.
100
8.00 Princess Martha Hotel 1st NI. 88, 1929-33. Offered by the Securities Corp. of Florida, St. Peters500.000 Real estate mortgage
burg, Pia.
6.00 Southeast Corner of Columbia and Clinton Ayes. (St. Louis) 1st NI. 6s, Sept. 15 1931. Offered
36,500 Real estate mortgage
100
by Love, Bryan & Co., St. Louis.
2161-2169 Broadway (N.Y.City) Panic. Ctfs. Feb. 11031. Offered by Spear Securities Corp., N.Y.
270,000 General corporate purposes
100
229-239 West 36th Street (N. Y. City) 735% Mtge. Panic. CM, Feb. 1 1931. Offered by Spear
97.39
272,000 General corporate purposes
Securities Corp., N. Y.
450,000 Real estate mortgage
100
6.00 University Realty Co., Inc.(New Orleans) 1st NI. Os, Feb. 11931. Offered by Chicago Trust Co.
125,000 Real estate mortgage
6.00 Veremar Bldg. (St. Louis) lot NI. 6s, March 15 1932. Offered by Love, Bryan dr. Co., St. Louis.
100
90.000 Real estate mortgage
6.50 Washington Irving Apts. and Alpine Garage (Seattle) 1st M. Ellis, 1930-33. Offered by Con100
tinental Nlortgage & Loan Co., Seattle.
6.004,000
Miscellaneous
2.500,000 Fund outstanding obligations-- -- 100
0.00 Roman Catholic Archbishop of Manila Direct Oblig. 3-Yr. 6s, Feb. 1 1932. Offered by Dean
Witter & Co., Bitting & Co., and Peck-Brown & Co., Denver.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities
750,000 General corporate purposes
To Yield
(a) Amount Price
Invoiced. per Share. About.
750,000 105
1,500,000 Extensions, construction, &c
*40,000 shs Acquire or retire bonds, pref. stk. _
1,500.000
3,800,000
98
95
*60,000 shs Acquire or retire bonds, pref. stk _
2,340.000
39
*490,037shs Expansion, construction, &c
31,852,405 65
*60,000 ohs Acquire securities, other corp. purp 6,000,000 100
*280.0000hs Acquire securities, &c
*100,000shs Acquisitions, working capital,&e-
7,560,000
2,500,000
27
25
*200,000shs Provide for investments In subsid's
8,500,000
4234
20,000,000 Add'ns & impts., other corp. purp_ 20,000,000
97
Company and Issue, and by Whom Offered.
6.67 Associated Telephone & Telegraph Co. (Del.) 7% Cum. lot Pref. Offered by
Bosworth. Chanute, Loughridge & Co., Denver.
6.12 Calgary Power Co., Ltd., 6% Cum. Pref. Offered by Royal Securities Corp.
6.30 Central Public Service Corp. $6 Cum. Pref. Offered by Harris, Forbes Corp., H. M.
Byllesby & Co., Inc.. Federal Securities Corp. and West & Co.
Central Public Service Corp. Class A stuck. Offered by Harris Forbes Corp., H. M.
Byllesby & Co., Inc., Federal Securities Corp. and West & Co.
Cities Service Co. Common. Offered by company to stockholders.
Eastern States Power Corp. $6 Cum. Pref. Offered by F. L. Carlisle de Co., Inc.,
Schoelikupt, Hutton & Pomeroy, Inc., E. H. Rollins & Sons and Hornblower &
Weeks.
Electric l'ower Associates. Inc., Common. Offered by W. C. Langley & Co.
Empire Public Service Corp. Class A Common. Offered by Yeager, Young & Pierson.
Inc., Pirnie, Simons & Co., Inc., and Vought & Co., Inc.
Engineers Public Service Co., Inc., Common. Offered by company to stockholders;
underwritten.
New England Power Association 6% Cum, Pref. Offered by Harris Forbes Corp,
Lee, Iligginson & Co., Chase Securities Corp., Old Colony Corp., Bankers Co. of
New York and Baker. Young dz Co.
MAR. 16 1929.]
Par or No.
of Shores.
FINANCIAL CHRONICLE
(a) Amount Price
To Yield
Ineolved. per Share. About.
Purpose of Issue.
Public Utilities (Concluded)—
.65,000 sits Acquisition of properties
1,592.500
150.000 Acquisition of property
24%
4,879.400 100(par)
7,207,425 Capital expenditures, &c
.260,3305h5 Capital expenditures, Sto
*50,000 sits Acquisition of properties
7.207,425
16,921,450
4,725,000
25(par)
65
94%
.700,000slis Acquire securities, &c
.1009000slis Acquire securities, &c
17,500,000
17,500,000
25
1715
155,278,180
Iron, Steel. Coal, Copper, &c.
*228.5345h3 Acquisitions, development, &c__ _ 13.712,040
3,750,000 Refunding, retire pref. stock
11,250,000
1,000,000 Retire floating debt, wkg. cap.,&c. 1,800,000
*30.000 shs Retire 7% Preferred stock
1,260,000
60
75
18
42
*18.800 ohs Retire bank loans, float. debt. &c.
470,000
25
2,046,450
400,000
35
10
*58,470 ohs General corporate purposes
*40,000 sits Equipment, working capital
Compant and Issue and by Whom Offered.
North American Gas & Electric Co. Class A stock, $1.60 Div. Series
Offered by
A. C. Allyn & Co., Inc.
Northern Indiana Telephone Co. 6% Pref. Offered by Breed, Elliott & Harrison
and E. F. McCoy & Co., Indianapolis.
Northern States Power Co. (Del.) Class A Common. Offered by company to stockholders.
Pacific Gas & Electric Co. Common. Offered by company to stockholders.
Public Service Corp. of N. J. Common. Offered by company to stockholders.
Seaboard Public Service Co. $6 Cum. Prof. Offered by Utility Securities Corp., Old
Colony Corp.. 11111, Joiner & Co., Inc., A. B. Leach & Co.. Inc., and Emery. Peck
& Rockwood Co.
Utility & Industrial Corp. Cony. Prof. Offered by H. M. Byllesby & Co., Inc.
Utility & Industrial Corp. Common. Offered by IL M. Byllesby & Co., Inc.
150,000 100
4,879,400 General corporate purposes
1633
American Metal Co., Ltd., Common. Offered by company to stockholders.
American Rolling Mill Co. Common. Offered by company to stockholders.
Carnegie Metals Co.(Pittsburgh) Common. Offered by company to stockholders.
Detroit Steel Products Co. Common. Offered by First National Co. of Detroit;
Inc., and Otis & Co.
Geometric Stamping Co. (Cleveland) Common. Offered by McDonald Callahan
& Co.
Granite City Steel Co. Common. Offered by company to stockholders.
United Operating Trust. Inc. (Silverton, Col.) Common. Offered by Arthur L.
Kimball, Rochester, N. Y.
30,938,490
•12,500 ohs
510.000
100,000
*69,500shs
Motors and Accessories—
Additions
Acquisitions
Add'ns, development, &c
Acquire C. G.Spring & BumperCo.
237.500 19
5,100.000 100
100,000 10
_
_Alloy Steel Spring & Axle Co. Class B Common. Offered by company to stockholders.
Borg-Warner Corp. Common. Offered by company to stockholders.
Century Rotary Motor Corp. Common. Offered by Nelson A. Goodwin Co., N. Y.
General Spring Bumper Corp. Class A Cony. Prof. Offered by Paul H. Davis is Co.
4,587,000 1 sit. Prof. and 1
and Harris, Small & Co.
*69,5005hs Acquire C. G.Spring & BumperCo.
1 sh. "B" for 666 General Spring Bumper Corp. Class B stock. Offered by Paul H. Davis & Co. and
Harris, Small & Co.
*33,290shs Retire 8% pfd.; working capital
1,098,570 33
Johnson Motor Co. Common. Offered by Hayden. Stone & Co. and E. E. MacCrons
and Co.
1.800.000 Retire pfd. stocks; wkg. cap., &c
1.800.000 30 (par)
Sterling Motor Truck Co.(Milw.) Cony. Pref. Offered by Milwaukee Company.
1,000,000 Acquire predecessor cos., &c
Thermoid Co. 7% Cum. Cony. Prof. Offered by Eastman, Dillon & Co., Schluter
I 1,100,000,1 oh. Prof. and
& Co., Inc., and Oliver J. Anderson & Co.
•10.000shs Acquire predecessor cos., &C
11 sh.Com.for$110 Thermold Co. Common stock. Offered by Eastman. Dillon & Co., Schluter & Co..
Inc., and Oliver J. Anderson & Co.
•15.000shs Extension of activities, &c
487,500 32%
Ward La France Truck Corp. Partic. Class A stock. Offered by E. G. Childs & Co.
Inc., Syracuse, N. Y.
14,510.570
I
Other Industrial & Mts.—
*300.000shs Expansion of plant & equiP.. &c--1.100,000 Provide additional facilities
•100.000shs Acquis'no; other corp. purposes__
4,950,000
1,100,000
2.500.000
.50,000slis Acquisitions, additions, &c
1634
50
25
1,000,000
20
*30,000shs Refunding, additions, &c
750,000
25
*25,000shs Expansion of business
250,000
10
*40.000311s Acq. predecessor cos.; wkg.cap..&c.
1,480,000
37
125,000 Acquire holdings of certain int'ests_
50,000slis Additional capital
•
125,000 Market
2,500,000 50
•90,000shs Enable public partic. in business_ _
1,620,000
*40,000shs Acq. of property; wkg. cap., &c_....
660,000
*40,000shs Acquire predecessor company
*20,000shs Working capital
•20,000shs Working capital
2.500.000 Working capital
•18,000shs Retire curr. debt; working capital_
•50,000shs
*75,000slis
*30,000slis
*32,280.311s
20.000shs
•
1,000,000
I
Expansion; wkg. capital
Acquire predecessor companies__ _ _
Acquire predecessor companies_ _
New plant; working capital, &c
Retire debt; expansion
18 (approx.)
16 Yi
25
1
400.000 1 sit. Prof. & lob.
Common for $20
2,500,000
747,000
25 (Dar)
41M
7.25
-
1,250,000 25
2,850.000 Mkt.-38 approx.
690,000 23
-807.000 25
910,000 1 sit. Prof. & 1 sit.1
Corn, for $4555
*10,000shs Retire debt; expansion
*60.000shs Retire prefstock: wkg. coons!. _ _
2.000,000 Retire pref. stock; working capital_
200.000 General corporate purposes
5.250.000
2,000.000
820,000
8754
10 (par)
2054
•44.810shs Acquire predecessor company
2,240,500
50 (d)
.50,000slis Working capital
3,250,000
65
7.00
•40,000shs Expansion; working capital
1.400.000 lob. Prof. & 1 sb.1
*40,000shs Expansion; working capital
Corn, for $35
2,600.000 Acquisitions
2,500,000 9834
6.60
.72,000311s Acquisitions
2.34.›.000 3354
•19,068ohs Retire prof. stock; other corp. purp.
448.098 2354
*120,000shs Acquisitions
13.480.000 54
__
*20,000811s Expansion of activities
500.000 1254
*400.000shs Retire $7 pref. stk.; wkg. capital
29,000.000 723.4
--011—
2,500,000 Retire bonds; wkg. capital, &c__
10.000,000 Provide funds for inv. purposes- __
Arcturus Radio Tube Co. Common. Offered by S. P. Woodward de Co., Inc.
Arnold Print Works Parties Pref. Offered by company to stockholders; underwritten.
Aviation Corp. of Calif. capital stock. Offered by Bond & Goodwin & Tucker. Inc.;
Hemphill, Noyes & Co., and James C. Willson & Cu.
Berliner-Joyce Aircraft Corp. Class A voting stock. Offered by Townsend Scott &
Son, Burden & Burden, Inc., and Ralph B. Leonard & Co.
Bethlehem Milling Co. Class A Cum. Panic. stock. Offered by Strabo V. Claggett
de Co., Inc., Warren A. Tyson & Co., Inc., and Higgins & Co. Inc., New York.
Bolen & Byrne Beverage Corp. Cum.Partic. Class A stock. Offered by Chas..1. Swan
& Co., New York.
Borin-Vivitone Corp. (III.) $254 Cony. Prof. Offered by Gulbord, White & Co.;
and Evans, Searles & Co., Inc.
(Geo. W.) Brady & Co. Class A stock. Offered by Pence & Co., Inc.. Chicago.
Inc..
Bulova Watch Co., Inc., $354 Cony. Pref. Offered by Bauer, Pogue, Pond & Vivian.
Folds, Buck & Co. and Stein Bros. & Boyce.
(D. L.) Clark & Co. (Pittsburgh) Common. Offered by K. W. Todd & Co., Inc.;
Pittsburgh.
Dayton Airplane Engine Co. Common. Offered by It. G. Harper & Co., W. M.
Madden & Co. and Freer & Co.
Diesel-Wemmer Gilbert Corp. Common. Offered by II. W. Noble & Co. and J. D.
Currie & Co.
(Tobe) Deutschmann Corp. (Canton, Mass.) Prof. stock. Offered by BulkleY;
Valiance & Co. and Mark I. Adams, New York.
(Tobe) Deutschmann Corp. (Canton, Mass.) Common stock. Offered by Bulkley.
Valiance & Co. and Mark I. Adams, New York.
Webster Eisenlohr, Inc., Common. Offered by company to stockholders.
Hachmeister-Lind Co. (Pittsburgh) $3 Cum. Cony. Prof. Offered by S. M. Yorke!
& Co., Pittsburgh.
(Conn B.) Kennedy Corp. Cony. Class A stock. Offered by Edw. D.Jones & Co.. St.L.
Ken-Rad Tube & Lamp Corp. Class A stock. Offered by Trumbull. Wardell & Co.
Lily-Tulip Cup Corp. Common. Offered by Hitt, Farwell & Co.
McMillen Co. (Fort Wayne. Ind.) Common. Offered by Bell & Beckwith. Toledo. 0.
Merit Hosiery Co., Inc., $3 pref. Offered by O'Brian. Potter & Stafford and Hayes
& Collins, Buffalo,
Merit Hosiery Co. Inc., Common. Offered by O'Brian, Potter & Stafford and Hayes
& Ccilins, Buffalo.
National Tea Co. Common. Offered by company to stockholders.
National Tea Co. 534% Cum. Pref. Offered by company to stockholders.
Nicholas-Beasley Airplane Co. capital stock. Offered by Paul Brown & Co., Oliver
J. Anderson & Co., Knight, Dysart & Gamble and Stark C. Steinberg & Co.
Schletter & antler, Inc., $354 Cum. Cony, Pref. Offered by IIornblower & Weeks.
F. S. Moseley & Co., E. Naumberg & Co. and United States Tr. Co., Boston.
(A. G.) Spalding & Bros. Common. Offered by Dillon, Read & Co., Hathaway & Co.
Smith, Moore & Co. and Shields & Co.. Inc.
Standard Products Co., Inc., Class A Cum. Cony. Prof. Offered by Liberty Nat.
Co., Los Angeles.
Standard Products Co., Inc., Common stock. Offered by Liberty Nat. Co., Los Ang.
(A.) Stein & Co.654% Cum.Prof. Offered by Lelunau Bros. and Lawrence Stern & Co.
(A.) Stein & Co. Common stock. Offered by Lehman Bros. and Lawrence Stern & Co.
Toro Mfg, Co. Common. Offered by Wells-Dickey Co.and Merchants Nat. Co., St.Paul
United Chemicals, Inc., $3 Cum.& Panic. Pref. Offered by Taylor, Ewart & Co.,Inc.
United States Air Transport, Inc. capital stock. Offered by company.
Wesson Oil & Snowdrift Co., Inc., Cony. Prof. Offered by National City Co.
'
84,322,598
5,250,000
10,000.000
21
25
1,346.832
•56.118shs Development; other corp. purposes
24
16,596,832
Land, Buildings, &c.—
.50,000 sits Expansion of activities
.39,375 sits Finance construction of apartment
;-19,375 ohs Finance construction of apartment
,
783,400 Provide funds for loan & inv.purp
1,000,000 20
3,937.500 1 sit pref
1 sit coin
920,495 lob pref
54 sit cum
Indian Refining Co. Common. Offered by Company to stockholders; underwritten.
Petroleum & Trading Corp. Class A 5% cum. stock. Offered by Carl if. Pforzhelmer
& Co.
Southland Royalty Co. capital stock. Offered by F. S. Smithers & Co., Chas. D.
Barney & Co. and Dominick & Dominick.
(Morris T.) Baker Co. Class A Common. Offered
For Beaux-Arts Apartments, Inc., 1st pref. Offered by company.
by National City Co.
$100 Beaux-Arts Apartments. Inc., Common. Offered by National
City Co.
For Eagle Funding Corp. (Brooklyn, N. Y.) 6%
Cum. Cony. Prof. Offered by M. C.
2314.
Sender & Co., Inc.
*19,585 shs Prov. funds for loan & inv. purp_ _
Eagle Funding Corp. (Brooklyn, N. Y.) Common stock. Offered by M. C.
Sender
& Co., Inc.
288,975
*23,118 sits Additional capital
123.4
First Realty Corp. (Seattle) Class A Pattie, Prof. Offered by Balilargeon, Winslow
& Co.. First Securities Co., Dean Witter & Co.. Marine National Co. and Ferris
& Ilardgrove.
500.000 Working capital
5,000,000 10 sits pref For I (Fred F.) French Operators, Inc.,
6% Prof. Offered by Fred F. French Investing
sits com$1.000
2
Co., Inc.
•10.000 ohs Working capital
(Fred F.) French Operators, Inc., Common. Offered by Fred F. French Investing
Co., Inc.
*300.000shs Acquisition of prop., constr., &c
30.000,000 100
6.00 General Realties & Utilities Corp. $6 Pref. Offered by Lehman Bros., Hallgarten
& Co., Hayden, Stone & Co., Chas. D.Barney & Co.. Stone & Webster and 1310dgetl
Inc., Kissel, Kinnicutt & Co., Brown Bros. & Co., Commercial National Corp.,
New York, Jesup & Lamont. Hitt, Farwell & Co. and Rogers, Caldwell & Co.. Inc.
*14000005hs Acquisition of prop., constr., &c_
14,000,000 10
General Realty & Utilities Corp. Common. Purchased by bankers and affiLinterests.
Acquire Interests of predecessor__ _
3.500.000 100
*35,000 ails
6:55 Janss Investment Corp. Class A $6 Cum. stock. Offered by American Investment
Co., Banks, Huntley & Co.. Blyth & Co., Bond & Goodwin & Tucker, Inc., Citizens
National Co., Hunter, Dulin & Co., M. H. Lewis & Co., James It. Martin & Co..
Schwabacher & Co. and Wm. It. Stoats Co.
244,3675hs Finance new construction,.kc
19,549,360 • 80
.
United States Realty & Improvement Co. Capital stuck. Offered by company to
stockholders; underwritten.
78,196,330
Rubber—
*323,000 Working capital, prov. raw mat'l__ 25,840,000 80
Goodyear Tire & Rubber Co. Common. Offered by company to stockholders.
Shipping—
200.000 40
5,000 abs Acquire additional equipment
.
FitzSimmons & Connell Dredge & Dock Co. Common. Offered by company to
sbrekholders.
I
[vol.. 128.
FINANCIAL CHRONICLE
1634
Par or No.
of Shares.
Purpose Of Issue.
Company and Issue, and by Whom Offered.
To Yield
Price
(a) Amount
Invoiced. per share. About.
Miscellaneous
*65,000 silo Acquisitions, working capital, &c_
Alaska Pacific Salmon Corp. Cony. Pref. "A." Offered by myth & Co. and Detroit
Co., Inc.
5.50 Allegheny Corp. (Md.) 515% Cum. Pref. "A." Offered by Guaranty Co. of N. Y.,
25,000,000 Acquire securities
Lee. 'Mattison dr Co., Dillon, Read & Co., National City Co., Harris Forbes Corp.,
Union Trust Co., Cleveland, Union Trust Co., Pittsburgh, Hayden, Miller & Co.,
Cleveland, and Wood, Goody & Co., Inc.
Allegheny Corp. (Md.) Common stock. Offered by Guaranty Co. of N. Y., Lee,
12.000,000 24
*500,000shs Acquire securities
'Mattison Sr 'Co., Dillon, Read & Co., National City Co., Harris Forbes Corp.,
Union Trust Co., Cleveland, Union Trust Co., Pittsburgh, Hayden, Miller & Co.,
Cleveland. and Wood. Gundy & Co., Inc.
For, American & Scottish Investment Co.6% Cum. Pref. Offered by co. to stockholders.
1 sh pref
735,000
500.000 Prov. funds for Invest. purposes_to stockholders.
2 ohs corn $147 American & Scottish Investment Co. Common stock. Offered by co.Co. and F. S.
250,000 Prov. funds for invest. purposes__ _
Atlantic Securities Corp. $3 Cum. Pref. Offered by A. Iselin dr
*60,000 sheyrov. funds for invest. purposes.Smithers & Co.
For
5,100,000 1 sh pref
'
$85 Atlantic Securities Corp. Common stock. Offered by A. Iselin & Co. and F. S.
1 sh corn
*60,000 shsiProv. funds for invest. purposes__ Smithers & Co.
Aviation Credit Corp. Capital stock. Offered by Hayden, Stone & Co., Hemphill,
5,875.000 2318
*250,000she Working capital
Noyes SG Co., James C. Willson & Co. and National Aviation Corp.
Branche Drug Co., Inc., $334 Cum. Cony. Pref. Offered by Corporation Holding Co.,
250,000 6234
l
*4,000 shoAcquire stores
Inc., Albany, N. Y.
Burke Grocery Co. (Cincinnati) Common. Offered by Raymond Ashbrook & Co.
150,000 15
•10,000 'she Expansion of business
and Bruner & Reiter Co. Cincinnati.
6.13 Chain & General Equities, Inc.. 638% Cum. Cony. Pref. Offered by Childs, Jef4.000,000 106
4,000.0001Prov. funds for Invest. purposes_ _ _
fries & Co., Inc.
Chain & General Equities, Inc.. Common stock. Offered by Childs, Jeffries &
- 4,240,000 2614
*160.000s110 Prov. funds for Invest. Purposes.
Co., Inc.
Chainstores Trading Corp. Class A Pref. Offered by Morand & Co., inc.
300.000 15
..20,000 she Prov. funds for invest. purposes__ _
Chelsea Exchange Corp. Class A stock. Offered by company to stockholders.
490.000 28
stis Prov. funds for invest. purposes_ -17.500
Chelsea Exchange Corp. Class II stock. Offered by company to stockholders.
455.000 26
17,500 shs'Prov. funds for invest. purposes_ -For! Chicago Corp. $3 Cony. Pref. Offered by Field, Glom & Co.
750,0005115 Prov.funds for invest. purposes_ __ 49,500,000 1 sh pref
•
$66 Chicago Corp. Common stock. Offered by Field. Clore & Co.
1 sh corn
•750.000shs Prov. funds for invest. Purposes(Dan) Cohen Co. (Cincinnati) Common. Offered by Bruner dr Reiter Co., Clue.
400,000 25
*16.000 she Retire pref. stock, operating caplfal
Commonwealth Casualty Co. (Phila.) Capital stock. Offered by co. to stockholders.
1,000.000 25
400,000 Additional capital
Consolidated Commerce Corp. Common. Offered by Consolidated Service Co..
2
200,000
•100,000shs Pruv. funds for invest. purposes._
13rooklyn, N. Y.
Consolidated Rock Products Co. $1.75 Cum. Cony. Pref. Offered by Hunter. Dunn
constlt. cos., work, cap. etc
•75,000 ails Acq.
dr Co., Elliott-Horne Co.. Wm. R. Conipton Co., Inc., Dietrict Bond Co., Tooleshe prof For
2
Tietzen & Co., E. II. Rollins dr Sons and First Securities Co., Los Angeles.
$58
8,700,000 1 sh corn
Consolidated Rock Products Co. Common stock. Offered by Hunter. Dulin A Co.,
1
•150,000shs Acq constlt. cos., work. cap. etc
Elliott-Hume Co. Wm. R. Compton Co., Inc., District Bond Co., Toole Tietzen
ar Co., E. H. Rollins & Sons and First Securities Co.. Los Angeles.
Allum
1 sh pre: For Consolidated Service Co. Cony. $214 Cum. Cony. Pref. Offered by Hoagland,
*50.000 ails Acquisitionof property, dm
dr•Co., Inc.
1,750.000 15 sh corn $35
Consolidated Service Co. Common stock. Offered by Hoagland, Allum & Co.. Inc
Arc
25.000 she Acquisitionof property,
•
Construction Materials Corp. $335 Cony. Pref. Offered by A. G. Becker & Co. and
75,000 ohs Refunding, working capital, Ac..
•
McGowan. Cassady & White, Inc.
For
5,250,000 1 sh pref
de Co. and
6-10the corn $70 Construction Materials Corp. Common stock. Offered by A. G. Becker
*45,000 she Refunding, working capital, &c
McGowen. Cassaily & White, Inc.
Epicure Food Stores Corp. Common. Offered by S. J. Weiss dr Co. Inc., . Y.
2,650.000 2635
•100.000shs Acquire constituent properties_
'
First National Corp. of Portland (Ore.) Class "A" stock. Offered by gebwabacher
3,360,000 48
•70,000 abs Provide funds for inv. purposes__ _
& Co.. Dean, Witter & Co., Wm. Cavalier dr Co., Geo. If. Burr, Conrad & Broome.
Inc., Freeman, Smith & Camp Co., and Drumheller, Ehrlichman & White.
Co. Cony. Pref. Cum. $2 per sh. Offered by A. C. Allyn & Co.. Inc.
*50.000 shs Acquire constit, cos.; working cap. 2,600,000 1 sh. pref. and 11 Gerlach-Barklow Co. Common stock. Offered by A. C. Allyn & Co. inc.
sh. corn. for $521 Gerlach-Barklow
*50,000 silo Acquire constit. cos.; working caP•
Great Lakes Share Corp. Common. Offered by Hayes &Collins and I:. G. Ruth & Co..
561.000 1634
340,000 Provide funds for inv. purposes-Buffalo.
& Trust
1
7.00 (A.) Harris & Co.(Dallas, Texas) 7% Cum.Prof. Offered by Mercantile Bank
500.000 100
500 000,Expansion of business
Cu., Dallas, Texas.
Independence Indemnity Co. (Phila.) Capital stock. Offered by company to stock2.500,000 25
Additional capital
1.000,000
holders and affiliated interests.
Iroquois Share Corp. Capital stock. Offered by O'Brian. Potter & Stafford, Buffalo.
2,150,000 2138
*100.000shelProvide funds for Inv. purposes
Lerner Stores Corp. 634% Cum. Pref. Offered by Merrill, Lynch & Co.
2,500,000 103e
2,500,000 Acquire predecessor company
Lincoln Printing Co.(Del.) Common. Offered by Emery, Peck & Rockwood Co. and
367,500 2435
*15,000 silo General corporate Purposes
Paul II. Davis di Co.
Lloyds Casualty Co. Capital stock. Offered by company to stockholders.
2,750,000 2738
1,000,000!Addltion al capital
Morison Electrical Supply Co.. Inc. Common. Offered by Harris, Ayers & Co.. N. Y.
448,000 28
•16,000 ohs Retire pref. stk.: wkg. capital..National Bond & Share Corp. Capital stock. Offered by Dominick & Dominick.
10,600,000 63
.200,0008ns Provide funds for inv. purposes
de Co.
--20,700,000 1 sh.pfd. and 35sh.- National Securities Investment Co.6% Cum.Pref. Offered by A. G. Becker & Co.
20,000,000 Provide funds for may. purposes_
corn. for $10335 National Securities Investment Co. Common stock. Offered by A. G. Becker
_
100,000 Provide funds for inv.
II. Davis &
2,041.000 I sh. pfd.and 1 sh. National Terminals Corp. 7% Cum. Cony. Preferred. Offered by Paul
purposes_1,300,0001Acq . predecessor co.; wkg.cap.,&c.
Co. and A. B. Leach dr Co., Inc.
preferencefor$3914 National Terminals Corp. Panic. Preference. Offered by Paul H. Davis de Co., and
*52,000 shs!Acq. predecessor co.; wkg. caP..dre•
A. B. Leach & Co.. Inc.
1
Northwest Bancorporation Common. Offered by Minnesota Co.
5,000,000 50.35
5,000.000 Provide funds for inv. purposes_
O'Connor, Moffatt & Co.(San Fran.) Class "A" Cony. Common. Offered by Dean,
644,000 23
•
28,000 shsiEquip. & furnish store; wkg. cap_ _
Witter & Co.
Cincinnati.
7.00 Ohio Terminal Co. 7% Cum. Pref. Offered by Weethelmer &
85.000 100
85.0001New plant
Co..
Pan American Share Corp.(N. Y.) Common. Offered by Baker, Trubee & Putnam,
21
2,100,000
1,000,000 Provide funds for inv. purposes
Inc., Buffalo.
Co., Inc.
750.000 1 sh. pref. and 1 Pennsylvania First Nat'l Corp. 7% Cum, Pref. Offered by F. B. Wilcox & Co., Inc.
500,0001Provide funds for inv. purposes_ _ _
sh. corn. for $15 Pennsylvania First Nat'l Corp. Class "A" corn. Offered by F. B. Wilcox &
50.000 she Provide funds for inv. purposes__
.
by Dillon, Read & Co.,
1 511. pref. and 35 Pennsylvania Industries, Inc. 6% Cum, Pref. Offered
.5.000,000{Acquisition of occur.; retire pref.
corn.'
Dominick dr Dominick, J. H. Holmes A Co. and Hill, Wright & Frew.
stock of oil Well Supp. Inv. Co. 5,500,000 share and $110 Pennsylvania Industries, Inc. Common
.000 abs
*25
Offered by Dillon, Read dr Co..
Dominick & Dominick. J. H.'Wince & Co. and Hill, Wright & Frew
Radlo-Keith-Orpheum Corp. Class"A" Common. Offered by company to stockholders
30
8,700,000
*290.000shs Additional working capital
Reinvestment Associates-C, Boston, Units of Shares. Offered by Slayton-Learoyd,
200,000 500
400 units Acquisition of securities
Inc., Boston.
Sally Frocks, Inc. (Chicago) Common. Offered by Merrill, Lynch & Co., and Howe
1,395,000 31
.
45,000 she Acquire constituent companies_ _ _
Snow & Co., Inc.
Shareholders Investment Corp. (Indpls.) Capital stock. Offered by Fletcher Ameri1,350,000 27
*50,000 she Provide funds for Inv. purposes._ _
can Co.
Shares in the South, Inc. Common. Offered by company to stockholders.
1,062,500 4234
Inv. purposes_ _ _
.25.000 she Provide funds for
Standard Holding Corp. Class "A" stock. Offered by company to stockholders.
1,200,000 30
*40,000 shaProvIde funds for inv. purposes_ _ _
(S. W.) Straus Investing Corp. Common stock. Purchased by organizers of company.
4
800,000
*200,000shs Prov. funds for inv. & loan purp _ _
United Corp., Seattle Partic. pref. Offered by company to stockholders.
*33,685 shs Provide funds for inv. purposes... 1,010,550 30
United Diversified Securities Corp. Panic. Pref. Offered by Murphey, Fevre & Co.
140,000 35
4,000 she Provide funds for inv. purposes...
Warner Bros. Pictures, Inc. Common. Offered by company to stockholders; undercurr.&otb. debt.;11CCI.,&C 14,700,000 100
•147,000shs Liquidate
written.
Weinberger Drug Stores, Inc. Common. Offered by company to stockholders.
125,000 25
ohs Expansion of business
5,000
Western Insurance Securities Co. $235 Class "A" Cum. Partic. Cony. stock. Offered
1,680,000 48
*35,000 she Additional capital
by Prescott. Wright, Snider Co. and Atlantic-Merrill Oldham Corp.
228,814,550
3.250,000
50
25,000,000 100
1
iTLi
FOREIGN GOVERNMENT LOANS.
Price.
Issue and Purpose.
Amouni.
10,000,000 Kingdom of Roumania Monopolies Institute
Guaranteed Ext. 7s, Feb. 1 1959 (Stabilize
currency and for economic development of
country)
88
Offered by
To Yield
About.
8.07 Blair & Co., Inc., Chase Securities Corp.. Dillon, Read & Co., and International Acceptance Bank, Inc.. N. Y.
ISSUES NOT REPRESENTING NEW FINANCING.
Amount
Offered.
Price.
•66,667 silo.
Block
*10,000 shs.
•75.000 ohs.
•18,000 abs.
*17,000 abs.
.30,000 she
*30.000 abs. 5
2,000,000
.36,880 shs.
.25.000 ohs
.30,000 fibs.
To Yield
About.
Ainsworth Mfg. Corp. Common Stock. Offered by Loge & Co. and Howe Snow & Co., Inc.
Apex Electrical mfg. Co. (Cleveland) Common Stock. Offered by Middleton. Worthington dr Co., Inc., Cleveland.
(J. T.) Baker Chemical Co. Common stock. Offered by Bristol-Willett, N. Y.
Bros. & Boyce.
Bulova Watch Co., Inc. Common stock. Offered by Bauer, Pogue, Pond dr Vivian; Folds, Buck dr Co. and Stein
Detroit Paper Products Corp. Common stock. Offered by Samuel Ungerleider & Co. and Nicol-Ford & Co.
Morris dr Co., Cleveland.
Enamel Products Co. (Cleveland) Common stock. Offered by Murfey, Blossom.
& Co.,Balt.
Fulton Industrial Securities Corp.$314 Cum.Pref. stock. Offered by W. A.Becker & Co., Inc., N.Y.and C.B.Love Baltimore.
Co„
Fulton Industrial Securities Corp. Corn, stock. Offered by W. A. Becker & Co., Inc., N. Y. and C. B. Love &
Hartford-Aetna Realty Corp. 1st Mtge. 60, 1959. Offered by Thompson, Fenn & Co., Hartford.
Jonas & Naumburg Corp. $3 Cum. Cony. Pref. stock. Offered by.Taylor, Ewan & Co, Inc.
Jonas & Naumburg Corp. Common stock. Offered by Taylor, Ewart & Co., Inc.
Francisco; Leo G. MacLaUghlin
Mills Alloys, Inc.. $2 class A Cum. Cony. stock. Offered by Bond & Goodwin & Tucker, Inc.; San
& Co., Pasadena, and Blankenhorn & Co., Los Angeles.
A. G. Becker & Co.
Brothers and
6.25 The F. & R. Lazarus & Co. 634% Cum Pref. stock. Offered by Lehman
dr Co.
The F. & R. Lazarus & Co. Common Shares. Offered by Lehman Brothers and A. G. Becker
Prentice-Hall, Inc. Participating Cony. stock. Offered by G. L. Ohrstrom & Co., Inc.
Prentice-Hall, Inc. Common stock. Offered by G. L. Ohrstrom & Co., Inc.
_
3834
_
NIkt.
1235
29
16A
3234
sh pref. and 1 ob.{
corn. for $55
On Application.
6.00
50
15
7.40
27
2,500,000 104
29
•80,000
.50.000 she. 49
Mkt.
'(4.000 she
Company and Issue, and by Whom Offered.
FINANCIAL CHRONICLE
MAR. 16 19291
To YteId
About.
Amount
Offered.
$
600,000
1635
Company and Issue, and by Whom Offered.
%
Dillon
(Clarence) Saunders Pacific Stores, Inc. 7% Cum. Pref. stock. Offered by Bertles, Rawls & Donaldson, Inc., Eastman,
& Co., Mitchell, Hutchins & Co. and Hunter, Dulin & Co.
1 sh. pref. and 1 sh.
(Clarence) Saunders Pacific Stores, Inc. class A Common stock. Offered by Bertles, Rawls & Donaldson, Inc.; Eastman;
corn, for $100.
*10,000 abs.
Dillon & Co.; Mitchell, Hutchins & Co., and Hunter, Dulin & Co.
series. Offered by Harris Forbes Corp.
2,500.000 1511. pref. and I sh. Second International Securities Corp. Cum. 1st pref. stock 6% Offered by Harris Forbes Corp.
Second International Securities Corp. class A Common stock.
f
corn for $100
*50,000 shs.
Partio. Pref. stock. Offered by California Securities Co., M. H. Lewis
7.00 Security Title Building, Inc. (Los Angeles) $7 Cum.
*7,500 shs. 100
& Co. and Banks. Huntley dr Co.
Dominick & Dominick.
Southland Royalty Co. Capital stock. Offered by F. S. Smithers & Co.: Chas. D. Barney & Co. andJohn Burnham
*168,882 shs. 24
Co., and
& Co.. Inc.
Standard Dredging Co. Common stock. Offered by A. C. Allyn & Co., Inc.: Paul H.Davis &Co.. Inc., Detroit.
*100,000 shs. 36
White Star Refining Co. Common. Offered by Wm. L. Davis & Co., and Keane, Higble &
•144,000 she. 50
•Shares of no par value.
are computed at their offering prices.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock
b Bonus of one share a common stock with each $100 of bonds.
stock without additional cost.
c Each $1,000 debenture carries non-detachable warrant entitling bearer to receive 10 shares common
d Limited amount of common stock offered at $26 per share.
e Limited amount of common stock offered at $42 per share.
f 23,000 shares of class A common stock, comprising part of this offering, represent new financing.
1
Secretary Mellon Says Present is Opportune Time for
Investor to Buy Bonds—Points to Low Prices and
High Returns in Contrast With Some Stocks—
Federal Reserve Board Maintains Stand Against
Speculative Loans.
Attention was directed by Secretary of the Treasury Mellon
on March 14 to the desirability of the investor availing of the
present period of low price bond offerings to invest in this
class of industrial and Government issues. The Secretary's
comments were made orally,and in noting that they attracted
wide attention the "Times" Washington accounts of his remarks stated:
Mr. Mellon gave as the reasons for his opinion the slowness in the bond
market, the comparatively low prices and relatively high interest yield of
this form of security, and the fact that it was easier to select a sound bond
than a sound stock.
"This dote not mean," said Mr. Mellon, "that many stocks are not
good investments. Some, however, are too high in price to be good buys.
For prudent investors I would say, if making a suggestion, that now Is the
time to buy good bonds."
This is the first time that Mr. Mellon, since becoming Secretary of
the Treasury, has given such direct advice to investors. The interest
shown in his statement was intensified by the fact that he is Ex-Officio
Chairman of the Federal Reserve Board, which has declared warfare
against the excessive use of Federal Reserve system credit for speculative
activities on the Stock Exchange.
Mr Mellon was asked whether buying of bonds on a considerable scale
would not take money out of the stock market. Ile indicated a belief that
It was doubtful that such a movement would have any appreciable effect
on speculat ye activ ties. He would not enter into a general discussion of
present-day speculation in stocks.
pass unnoticed. The silence was broken when he was informed of the
latest reports, that he was attempting or undo whatever the Reserve
Board had accomplished.
The situation in the stock market Is being watched closely by Reserve
Board officials, but they have been unwilling to comment upon any phase
of it, even informally.
To-day's report on brokers'loans was awaited with interest. The figures
revealed a drop of about $20,000,000 during the week to 85.627.000,000,
a development which was accepted as scarely changing conditions. The
peak for all time was on Feb. 7, when member banks reported a total of
$5,669,000,000
Situation in No Wise Altered.
So far as could be learned the Reserve Board is continuing its policy of
warning member banks against lending their support to the maintenance
of the specualtive wave on the Stock Exchange. But if any further step
is anticipated, such purpose is being carefully guarded.
The expressed attitude of Secretary Mellon, both as to the Reserve
Board's policy and as to present favorable circumstances for bond buying,
Is generally accepted here as answering the rumors that he was not in
sympathy with what the Reserve Board has done or is attempting to accomplish.
Mr. Mellon's remarks to-day were restricted almost exclusively to the
bond situation.
It followed an extensive conference yesterday with President Hoover,
but there was no information available as to whether stock market speculation and the credit situation were discussed by the two men. The belief
has been that their talk had been chiefly of the Executive order which was
issued to-day providing for publication from time to time of some of the details of tax refund settlements.
Trend Said to Be Surprising.
The understanding here is that the Federal Reserve Board members, as
well as other officials of the Administration, had expected a gradual lessening of speculative operations In the stock market to follow the warning statement issued by the Board on Feb.6, and the practically simultaneous action
%.
of the Bank of England In increasing its discount rate to
Statement Viewed Apropos of Market.
When the price advance was resumed after the first sharp break there
Mr. Mellon's statement came at a time when operations for the advance was said to be some surprise. The Board then began its efforts to put into
were being carried on in the stock market, regardless of the recent warnings effect its policy of causing member banks to restrict their loans for speculaby the Federal Reserve Board or the fact that on Monday it has been em- tive accounts.
Whether additional steps will be taken in view of what is considered as
phatically denied in behalf of Mr. Mellon that he was endeavoring to bring
about a reversal of the Reserve Board's policy of restricting the use of disregard of the warning by some of the Interests behind the speculative
activities, Board members would not say. As far as can be learned, there
credits for speculative purposes.
to interfere with
The rumors that Mr. Mellon has been at odds with the Reserve Board has not been any effort in other Administration sources
policy have been frequent and until Monday the Secretary had let them Federal Reserve Board policy.
Inter-State Commerce Commission Orders Baltimore & Ohio RR., N. Y. Chicago
& St. Louis RR., and New York Central RR. to Divest Themselves of Wheeling & Lake Erie Ry. Stock.
The Inter-State Commerce Commission in a decision
dated March 11 and made public March 14, has ordered the
Baltimore & Ohio, New York Central, and the New York
Chicago & St. Louis railroads to divest themselves of their
holdings of 51% of the stock of the Wheeling & Lake Erie
Ry. within 90 days, alleging that this acquisition, which
was made without the consent of the Commission, tended
to lessen competition and was in violation of the Clayton
Act. Four Commissioners—Woodlock, Brainerd, Porter
and
Illhith Farrell—dissented.
Pending before the Commission is a similar case, involving
e purchase by the Baltimore & Ohio of a large interest
.
n the Western Maryland. It is the opinion in some quarters
that the present Wheeling & Lake Erie decision is an indication that the Commission will not approve the retention
by the B. & 0. of its holdings of Western Maryland stock.
It is the consensus of opinion that the present decision will
have an important bearing on the recent unification plans
placed before the Commission by the Baltimore & Ohio
and the Chesapeake & Ohio railroads. In its application
to round out its system, the Baltimore & Ohio did not ask
for control of the Wheeling & Lake Erie and was apparently
Prepared to relinquish its holdings in that railroad to the
Chesapeake & Ohio, which sought complete control of it,
as part of another great system that would also include the
Nickel Plate. The Van Sweringen interests own a controlling interest in both the Chesapeake & Ohio and the
Nickel Plate. Another recent development was the announcement March 7 that the New York Central and the
Baltimore & Ohio had transferred their stock holdings in
the Wheeling & Lake Erie to the Allgheny Corp., recently
formed by the Van Sweringen interests, and that the Allegheny Corp. had disposed of its holdings in the Buffalo
Rochester & Pittsburgh to the Baltimore & Ohio RR.
The only reference made to the Allegheny Corp. transaction
in the Commission's order reads; "Informal representation
have recently been made to our Chairman to the effect
that the Baltimore & Ohio and New York Central have
disposed of, or are in process of disposing of, the Wheeling
stock owned by them. Of course, such representations can
have no weight in this proceeding which is necessarily
determined on the record formally before us."
In its decision the Commission calls attention to the
fact that at the time of the purchase of the Wheeling stock
it was well known that control of the Wheeling, or at least
an interest therein, was earnestly sought by the Taplin
interests on behalf of the Pittsburgh & West Virginia Ry.
in protection of its proposed through route between the
Pittsburgh district and the West, and in furtherance o Iita
plans to form a part of a through route between the East
1636
FINANCIAL CHRONICLE
and Midwest, in which the use of Western Maryland was
involved. More recently the Pittsburgh & West Virginia
has filed applications with the Commission to obtain control
of the Wheeling & Lake Erie and the Western Maryland
in furtherance of such a project.
In concluding its decision, the Commission charged that
competition among the Baltimore & Ohio, the Nickel
Plate, the New York Central, and the Wheeling would
be in danger of being substantially lessened in consequence
of the capital stock control, and that therefore Section 7
of the Clayton Act had been violated.
The dissenting opinions are so worded as to convey the
impression that there is wide divergence of opinion in the
Commission as to important features of the general consolidation problem. Commissioner Woodlock supported
the right of railroads to acquire stock in other lines without
first obtaining approval of the Commission. Calling attention to the fact that the Wheeling & Lake Erie had been
apportioned to the Nickel Plate in the tentative plan for
consolidations, presented by the Commission in 1921,
Commissioner Porter contended that the question of forcing
the Nickel Plate to give up such interests as it now holds
in the Wheeling should at least be deferred until after
consideration had been given to the recent unification
proposals submitted by the Chesapeake & Ohio and the
Baltimore & Ohio.
The order to show cause why the roads in question should
not divest themselves of holdings in the Wheeling was
entered May 17 1928. This action followed the discovery
by the Commission that the three carriers had acquired
the stock interest of John D. Rockefeller Jr. in 1927.
The full text of the report of the Commission follows:
By orders entered May 17, 1928, we issued complaints against the
Baltimore & Ohio R. R. (Docket 21012), the New York Central R. R.
(Docket No. 21012, Sub-No. 1), and the New York, Chicago & St.
Louis R. R. (Docket No. 21012, Sub-No. 2), hereinafter referred to,
respectively, as the Baltimore & Ohio, the Central, and the Nickel
Plate, and collectively as the respondents. It was charged in the
complaints that the respondents seevrally violated section 7 of the
Clayton Antitrust Act' by the acquisition of capital stock of the
Wheeling & Lake Erie, hereinafter called the Wheeling. Each of
the repondents was notified of its right to appear before us on June
25, 1928, to show cause why an order should not be entered requiring
it to divest itself of its interest in the capital stock so acquired.
Each of the respondents filed answer denying violations of the law.
Hearing was duly held before an assistant director of our bureau
of finance, at which all of the respondents were represented by
counsel. The Pittsburgh & West Virginia, which had been permitted to intervene, also appeared and was represented by counsel.
Representatives of our bureau of inquiry appeared in our behalf, to
aid in the development of a proper record. Evidence was received,
briefs have been filed by all parties, and oral argument has been heard.
The pertinent portion of section 7 of the Clayton Act reads as
records, are as follows:
In the early months of 1927, the respondents, acting in concert,
each purchased 17% of the outstanding shares of capital stock of the
Wheeling, the total of the acquisitions thus being 51%. Owing to
conditions affecting the voting rights of the stock, the purchases at
the time of the purchase included 97% of the stock then entitled to
vote. Thereafter, certain of the officers or directors of the respondents
applied to us for authority under paragraph (12) of section 20a of
the interstate commerce act to act also as directors or officers of the
Wheeling. As a result of our investigation these applications were
denied. The facts involve in those proceedings, which are largely the
facts relied upon here, are stated in our report issued May 8, 1928,
Interlocking Directors of Wheeling & Lake Erie and Trunk Lines, 138
I. C. C. 643, hereinafter referred to as the Directorate Case. The
record in those proceedings was, by stipulation, made a part of the
record in the present proceedings.
The pertinent portion of section 7 of the Clayton Act reads as
follows:
That no corporation engaged in commerce shall acquire, directly
or indirectly, the whole or any part of the stock or other share capital
of another corporation engaged also in commerce, where the effect of
such acquisition may be to substantially lessen competition between the
corporation whose stock is so acquired and the corporation making
the acquisition, or to restrain such commerce in any section or community, or tend to create a monopoly of any line of commerce.
No corporation shall acquire, directly or indirectly, the whole or
any part of the stock or other share capital of two or more corporations engaged in commerce where the effect of such acquisition, or
the use of such stock by the voting or granting of proxies or otherwise, may be to substantially lessen competition between such corporations, or any of them, whose stock or other share capital is so
acquired, or to restrain such commerce in any section or community,
or tend to create a monopoly of any line of commerce.
This section shall not apply to corporations purchasing such stock
solely for investment and not using the same by voting or otherwise
to bring about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section
prevent a corporation engaged in commerce from causing the formation of subsidiary corporations for the actual carrying out of their
immediate lawful business, or the natural and legitimate branches or
extensions thereof, or from owning and holding all or a part of the
stock of such subsidiary corporations, when the effect of such formation is not to substantially lessen competition.
That all of the respondent carriers are corporations "engaged in
commerce" within the meaning of the statute is admitted. Such
corporations are forbidden to acquire any of the stock of a like
corporation where the effect of such acquisition may be (1) to substantially lessen competition between the parties; (2) to restrain their
•Stat. L. 730, "An act to supplement existing laws against unlawful
restraints and monopolies and for other purposes," approved October
15, 1914.
[VOL. 128.
commerce in any section or community; or (3) to tend to create
a monopoly of any line of commerce. Only the first two of the effects
thus enumerated are placed in issue by our complaints. By paragraph (2) of section 5 of the interstate commerce act we are given
authority to approve the acquisition of control of one railroad company through the purchase of capital stock, in which case the prohibitions of section 7 of the Clayton Act are not operative; but no
such approval has been given or sought in this case. We have
applied this provision to acquisitions of control by more than one
carrier. Interlocking Directors of Wheeling & Lake Erie and Trunk
Lines, supra.
The wheeling operates about 512 miles of railroad, all in the State
of Ohio. It has two main lines, one extending from Toledo southeasterly about 200 miles to Terminal Junction, on the Ohio River,
opposite Wheeling, W. Va., and the other extending from Cleveland
southerly to Zanesville, about 150 miles.. By these lines and several
branches it reaches many industrial centers and crosses and recrosses
the lines of the Baltimore & Ohio, the Central, the Nickel Plate,
the Pennsylvania, and the Erie.
Prior to the hearing in the Directorate Case, we requested the
Wheeling to compile certain information, based upon traffic actually
transported by that company during a period assumed to be representative, showing the extent to which such traffic was subject to
competition. Statements prepared pursuant to this request were placed
in evidence in that case, showing, among other things, revenue carload traffic handled by the Wheeling during the year 1926 which
could have been moved by other carriers over one-line routes between
the same points. The facts thus disclosed and others bearing upon
competition between the Wheeling and respondents are stated in our
report in the Directorate Case as follows:
The Wheeling is in competition for a large part of its traffic with
one or more of the three trunk-line carriers concerned in these applications, particularly with the Central and the Baltimore & Ohio. This
competition exists at nearly all the stations of the Wheeling. An
exhibit introduced in evidence shows that every community of more
than 2,500 population on the Wheeling, except Steubenville and Coshoc.
ton and four other smaller places, is served by one or more of the
three trunk lines. Of a total of 440,063 carloads of freight handled
by the Wheeling in 1926, the competitive status is given by a witness
for that carrier, as follows:
Carloads.
Percentage,
Total competitive
323,179
73.4
Total non-competitive
116,884
26.6
Competitive with—
Baltimore & Ohio
213,913
48.6
Central
129,275
29.4
Nickel Plate
57,101
13.0
Pennsylvania
194,000
44.0
Other lines
32.174
7.3
It is apparent that many carloads are included in more than one
item.
It was also shown that of the Wheeling's local traffic 29% was
competitive with the Baltimore & Ohio, 4.7% with the Central, and
2.4% with the Nickel Plate; that of its interline traffic 45.9% was
competitive with the Baltimore & Ohio, 23.2% with the Central, and
10.8% with the Nickel Plate; and that of its overhead interline traffic
73.4% was competitive with the Baltimore & Ohio, 68.8% with the
Central, and 28.4% with the Nickel Plate.
There are 14 points common to the Wheeling and the Central, viz.,
Cleveland, Lorain, Huron, Toledo, Oak Harbor, Fremont, Clyde. Bellevue, Monroe, Norwalk, Wellington, Zanesville, Dillonvale, and Minerva.
Of these the most important traffic points are Cleveland, Toledo,
Lorain, and Zanesville. The Wheeling and Central compete for traffic
between Cleveland and Toledo and to and from intermediate points
between those cities. The distance between Cleveland and Toledo by
the Central is 113 miles and by the Wheeling 122 miles. Owing to
the existence of reciprocal switching arrangements at those cities, most
of the traffic between them may be regarded as competitive, although
certain conditions, such as location of tracks and convenience of access
to particular industries, modify the competition to some extent. This
competition is made possible by the trackage rights which the WbeeIng
has over the Big Four between Cleveland and Wellington. These
carriers also .compete for traffic at Lorain, where are. located large
plants of the National Tube Company and of the American Shipbuilding Company. There is also competition between them at Zanesville, where there is a traffic of some 15,000 cars inbound and outbound each year. Due to reciprocal switching arrangements and
numerous through routes and joint rates, all this traffic might be con.sidered as competitive, but a witness for the Central estimated that,
when service and routing are considered, only about one-half of it
should properly be so considered.
The Central and the Wheeling are also in competition in the bituminous-coal fields of northeastern Ohio. The Alliance division of the
Central, terminating at Dillonvale, serves to some extent the territory
served by the Wheeling. There are 21 mines in this territory whose
output is handled by the Central, and the wheeling serves a much
larger number. In 1926, the Wheeling handled from the No. 6 district in this territory 110,788 tons, from the No. 8 district 3,966,836
tons, and from the Crooksville district 35,129 tons; while the Alliance
division of the Central handled from the No. 6 district 522,927 tons,
and from the No. R district 975,036 tons; and the Ohio Central lines
of the Central handled 784,150 tons from the Crooksville district. The
Central also handled 2,591,290 tons from the Hooking district, 486,857
tons from the Pomeroy district, and 3,302,544 tons from the Kanawha
district; all of which is regarded by protestants as in market competition with the Wheeling.
The Wheeling and Central also compete on iron ore received at the
lake ports. In 1925 there were 106.251 tons of ore shipped from
Toledo by the Central and 17,585 tons by the Wheeling. from South
Lorain 539,454 tons by the Central and 597,413 by the Wheeling, from
Ashtabula 4,434,299 tons by the Central, and from Huron 1,004,49'
by the Wheeling. There are four points to which ore is shinped ben
by the Central and by the Wheeling, viz, Bessemer, McKeesport,
Pittsburgh, and Sharpsville.
There are 12 points common to the Wheeling and the Baltimore &
Ohio: Toledo, Monroeville, Cleveland, Kent, Canton, Massillon, Valley
Junction, Martin's Ferry, Zanesville, Lodi, Creston. and Justus. Of
these, Monroeville, Creston, Justus, Lodi, and Valley Junction are
small places having little traffic, and Zanesville is practically
but an interesting point, at which the Baltimore &Ohio
line runs east and west while the Wheeling line runs only to the
north. There is some competition for traffic between Cleveland and
Toledo but, as the distance between those cities by the Baltimore &
Ohio is 184 miles while by the Wheeling it is only 122 miles, the
competition is not strong. Between the Wheeling district on the
south and Cleveland. Lorain, and Toledo on the north, the Baltimore
& Ohio and the Wheeling lines are largely parallel and competing.
For traffic between the large steel centers of Canton and Massillon on
the south and Cleveland and Lorain on the north the roads are in
active competition. The Wheeling handles much traffic between Canton
and Massillon, but its main competitor for this traffic is the Pennsylvania, which has the short line between those cities. The Baltimore
& Ohio route between them is too circuitous to be an important factor.
In the last three years the Wheeling and the Baltimore & Ohio
have entered into several traffic agreements giving reciprocal advantages.
Under the last of those agreements, dated Feb. 1, 1927, the Wheeling
MAR. 16 1929.]
FINANCIAL CHRONICLE
is permitted to participate in the movement of all traffic via Terminal
Junction on the east and its several junctions with its connections on
the west. It thus becomes a part of through routes in connection with
the Baltimore & Ohio and obtains access for its shippers to extensive
territories served by that company. While this arrangement will
doubtless divert some traffic from the through routes of the Baltimore
& Ohio between the same territories, it will also gain traffic at the
expense of other routes. At least, it is the view of the traffic managers of the Wheeling and the Baltimore & Ohio that there will be a
net gain in traffic for both roads. They also believe that an improved
train schedule inaugurated by the two carriers on May 3, 1927, will
have the same effect.
The only points common to the Nickel Plate and the Wheeling are
Cleveland, Lorain, Toledo, Bellevue, and Fremont. In 1926 carload
traffic moved between these points as follows:
Wheeling.
Carloads.
Fremont and Bellevue
Toledo and Fremont
Toledo and Bellevue
Cleveland and Toledo
Toledo and Lorain
Cleveland and Fremont
Fremont and Lorain
Cleveland and 13ellevue
Bellevue and Lorain
Cleveland and Lorain
Total
8
63
299
1,349
33
107
0
86
0
1,058
3,003
Nickel Plate.
Distance,
Miles.
Carloads.
15
36
51
122
110
76
74
71
59
62
0
0
0
26
2
9
0
1
1
106
Distance,
145
53
120
133
196
170
116
90
63
37
26
1637
gateway. The Wabash may also be used for St. Louis business but
the Clover Leaf route is the faster. Representatives of the Weirton
Steel Company, having plants at Steubenville, Ohio, and at Clarksburg
and Weirton, W. Va., of the Central Alloy Steel Company. of Massillon, Ohio, and of the National Tube Company, of Pittsburgh, testified
to the very efficient service given to them by the Wheeling and the
fast freight routes furnished by it in connection with other lines.
The route from Pittsburgh to St. Louis via the Pittsburgh & West
Virginia.VVIeeling-Northern Ohio-Clover Leaf, and the route from
Lorain to Baltimore via the Wheeling-Pittsburgh & West VirginiaPittsburgh & Lake Erie-Western Maryland were mentioned as particularly expeditious. One of these witnesses also stressed the greater
facility of dealing with a relatively small carrier like the Wheeling
as compared with a large system.
The volume of competitive traffic moving over a carrier's line is
not a measure of its competitive influence. The value of its competition is not dependent upon its success in securing traffic. The
existence of transportation facilities and the desire on the part of the
operator of the facilities to perform the transportation are factors in
determining the amount and quality of service and the level of the
rates of all lines in position to perform the same or similar service
for a section or community. That the Wheeling is an unsuccessful
competitor for much traffic, that might reasonably be routed over
its line is shown by the testimony of its vice-president and general
manager in the Directorate Case. * • " *
Question is raised by counsel for the Central as to the propriety
of including so-called market competition of railroads within the
term "competition" as used in section 7. In our decision in the
Directorate Case we expressed the view that competition between
carriers, within the purposes of section 5 of the interstate commerce
act, exists wherever there is such possibility of election of routes
as may have an influence upon service or rates. We think the same
test is equally applicable in construing section 7 of the Clayton Act.
Where different railroads are engaged in hauling the same commodity
from different fields to the same consumers, it seems obvious that
railroad competition must exist in a very positive form. Adopting
an illustration used in argument, if a shipper of sugar to Chicago had
a choice of routes through New York or through New Orleans, he
would clearly be interested in a proposal of the carriers over one of
the routes to secure such interest in the carriers serving the other
route as would give control of their service or rates.
;As a result of our investigation in the Directorate Case, we eoneluded:
These 3,003 carloads constituted only about seven-tenths of 1% of
the Wheeling total traffic.
The Wheeling and the Nickel Plate are complementary and supplementary to a greater degree than they are competitive. The Nickel
Plate is mainly an east-and-west line, while the Wheeling is largely
a north-and-south line. The former reaches none of the large industrial centers in northeastern Ohio except Cleveland. It uses the
Wheeling to reach those centers and, in connection with the Pittsburgh
territory.
On through traffic between Pittsburgh, Buffalo, and other points in
New York and Pennsylvania, on the east, and Detroit, Chicago, St.
Louis, and other points beyond Toledo, on the west, the Wheeling is
in competition to a large extent with the Central and Baltimore &
Ohio, and to some extent with the Nickel Plate. It forms a part
of through routes in connection with those carriers, and also with
the Pennsylvania and Erie, on which much traffic moves. Some of
It is impossible to gauge accurately the effect upon other carriers of
these routes are particularly expeditious and are preferred routes for
many shippers. The Wheeling is, however, much more largely an the service of the Wheeling as an independent line, but it may be
originator and deliverer of freight than a bridge route. Of the total said with confidence that as to much of its traffic there is substantial
cars of freight handled by the Wheeling in 1926, including merchandise competition with the applicants' lines, within the meaning and intent
freight, only 19.2% was overhead traffic. Interline traffic constituted of the act.
56.2% and local traffic 16.6%. As an originator and deliverer of
As we have just shown, the influence of the Wheeling as an indefreight, the Wheeling is to a considerable extent supplementary and
complementary to the Central and Baltimore 8: Ohio as well as to the pendent line can not be measured in terms of its present traffic, but
Nickel Plate. It serves such important tonnage centers as Wheeling, it extends to a large volume of traffic which it is not able to command.
Canton, Massillon, Steubenville, and Coshocton, not reached by the
In the case cited we were considering the application of certain
Central. It also serves a large number of communities not served by provisions of the interstate commerce act, and we found it necessary
the Nickel Plate. On the other • hand, all these roads serve many
request of the applicants for permission to act on the
oommunities not served by the Wheeling, not only in northern and to deny the
northeastern Ohio but in other sections. The following table shows Wheeling board of directors. We are DOW considering the applicathe interchange of the Wheeling in 1926 with its connections, in- tion of a different statute under substantially the same circumstances,
cluding the three carriers concerned in the applications:
the. question being whether or not the acquisition of the Wheeling
stock may substantially lessen the existing competition between the
Wheeling and the respondents, or restrain the commerce of any of
Carloads.
Carloads.
them in any section or community. That there is competition susCarrier,
Carrier.
Received Delivered
Received Delivered ceptible of substantial lessening is amply shown.
In seeking to justify their action, the respondents take substanPitts. dt West Virginia 39,808 19,779 New York Central___ 16.289 20.747
tially the same position as was taken by the applicants in the DirecErie
22,095 43,809 Michigan Central____ 5,211 19,825
Baltimore & Ohio
14,477 16.337 Big Four
5,533
7,475
torate Case. Again quoting from our report in that case:
Nickel Plate
15,490 26,616 Ann Arbor
7.096
2,924
Pennsylvania
10,458 16.455 Detroit Toledo &
Representatives of the Central, the Baltimore & Ohio, and the
Ironton
Wabash
9,243 11,036
1.153 11,226
Nickel Plate state that there was and is no agreement between these
Lorain & West Va__ 20,890 11,109 Detroit & Toledo
carriers regarding the control of the Wheeling; that the stock was
Shore Line
Akron Canton &
5,001 11,686
purchased in accordance with the suggested four-system plan, which
Youngstown
8.442 29.022 Northern Ohio
2.942
6.704
was presented to us by the three trunk-line carriers in 1924 as a
possible solution of the consolidation matter; and that the plan was
The figures given in the foregoing quotation to show the extent of informally discussed by several railroad executives with our comcompetition, as already indicated, are based chiefly upon carloads mittee but no action was taken thereon. The plan provided that the
hauled by the Wheeling but which could have been moved over other railroads in eastern trunk-line territory should be divided into four
one-line routes. As shown by the first table in the quotation, 48.6% systems or groups, the New York Central group, the Pennsylvania
of the carloads were found on this basis to have been competitive group, the Baltimore & Ohio group, and the Nickel Plate group. * • * *
Under the proposed plan, control of 17 of the smaller carriers in
with the Baltimore & Ohio, 29.4% with the Central, and 13% with the
district is to be divided between two or more of the four groups.
the Nickel Plate. At the hearing in the present proceedings, the The New York Central,
Baltimore & Ohio, and Nickel Plate are
record was supplemented by a statement filed by the intervener pur- each to have one-third interest in the Wheeling and one-third interest
porting to show the number of carloads moved by the Wheeling in in the Pittsburgh & West Virginia west of the Ohio River. Control
1926 that could have been moved over other routes made up either of the last-mentioned carrier cast of the Ohio River is to be allotted
wholly or in part by the Nickel Plate. On this basis, the propor- to the four groups, one-fourth to each. The Pennsylvania did not join
tion of traffic competitive with the Nickel Plate was increased from with the other three trunk lines in presenting the plan, but expressed
some opposition
its
13% to about 28.4%. No similar computations were made to deter- officers thought thereto, as it was not allotted all the lines that has
it should have. The Pennsylvania, however,
mine the extent of single-line and joint-line competition of the indicated no opposition to the control of the Wheeling by the other
Wheeling with the Baltimore & Ohio or the Central.
three trunk lines. Those lines each wanted the Wheeling, but no two
The greater portion of the Wheeling's interline traffic at present of them were willing that the other should have it.
The purchase of about 51% of the Wheeling's outstanding capital
originates or termintes on its lines, but it also acts as intermediate
carrier in important through routes. Interest in these routes caused stock, and nearly 97% of the presently controlling prior-lien stock,
by the three carriers in unison and at this particular time, is exthe intervention in the Directorate Case of the Wabash Railway and plained by the president and vice-president of the Baltimore & Ohio
the Pittsburgh & West Virginia Railway. Their circumstances are substantially as follows:
discussed in our report in that case as follows:
The Baltimore & Ohio had some negotiations with the Western
Maryland Ry. in Dec., 1926, or Jan., 1927, regarding the establishThe Wabash fears the injury of its traffic relations with the ment of through train service between the two roads, which it was
Wheeling through the control of the latter by the three trunk lines. thought would result in economy of operation. The Baltimore & Ohio
The use of the Wheeling as part of a through route in connection officials anticipated that this increased operating efficiency would
with the Pittsburgh & West Virginia and the Wabash dates back some enhance the value of the Western Maryland stock, and, as the
23 years to the time when these roads were a part of the Gould Western Maryland had been allotted to the Baltimore & Ohio group
system and under the control of the Wabash. The control ended a under the four-system plan, they thought it advisable to acquire the
few years later in the bankruptcy of the Wabash and of the Pittsburgh stock and to make the purchase promptly. John D. Rockefeller. Jr.,
& West Virginia, then called the Wabash-Pittsburgh Terminal Railway had a large block of Western Maryland stock and also 115,193 shares
Company, but the route is still largely used. The Wabash and its of the prior-lien stock of the Wheeling, all of which was understood to
subsidiary, the Ann Arbor, both connect with the Wheeling at Toledo be for sale. On negotiating for the purchase of this Western Maryland
and, as, shown by the foregoing table, there is an extensive inter- stock, Baltimore & Ohio officials found that Rockefeller would not
change of traffic between them, amounting, in the case of the Wabash, sell it unless he could sell the Wheeling stock at the same time. They
to 546,441 tons in 1925 and 543,477 toils in 1926. Almost all of therefore arranged with the Central and the Nickel Plate for each to
this traffic is competitive with the Central. the Baltimore & Ohio take one-third of the Rockefeller holdings of Wheeling stock. The
or the Nickel Plate, and much of it is competitive with all of them. Baltimore & Ohio then bought the Western Maryland stock and the
Should their route to the east by way of the Wheeling be discontinued, three carriers together bought the Wheeling prior-lien stock, as aforethe Wabash and Ann Arbor would have to depend on one of the said.
Shortly thereafter the three trunk lines were offered the
trunk lines for an outlet to the east, and they fear that they may opportunity to share in the same proportion the Wheeling common
suffer from the change, due to the fact that the trunk lines also and preferred stock which 0. P. Van Sweringen had purchased in
serve the territory west of Toledo and would not reasonably be expected the open market, and the offer was accepted in anticipation of the
to join the Wabash effectively in a through route for traffic which possible adoption of the four-system plan, which would necessarily
they are in position to haul from origin to destination.
involve their acquisition of all of the Wheeling stock.
The principal connections for Pittsburgh & West Virginia traffic
The applicants urge that neither public nor private interests will
to and from the west beyond the Wheeling are the Michigan Central be adversely affected by their holding the positions of officers and
for the Toledo and Detroit gateways, the Wabash for the Chicago directors of the Wheeling. They allege that the stock interests in the
'gateway, and the Northern Ohio and Clover Leaf (Toledo, St. Louis Wheeling of the carriers represented by them will inure to the
& Western now a part of the Nickel Plate system) for the St. Louis advantage of the Wheeling and of the communities and interests which
1638
FINANCIAL CHRONICLE
it serves; that those carriers now have a pecuniary interest in the
prosperity of the Wheeling, which will cause them to afford it every
assistance in their power. They further say that no one of the
carriers could injure the Wheeling if it wished to do so, as any
attempt by one of them to divert traffic from the Wheeling would
naturally be opposed not only by the stock interests other than those
of the three carriers but by the two other carriers, since he three
are in strong competition among themselves in the territory served
by the Wheeling, and no one of them would allow another to secure
' an advantage at its expense if it could prevent it. They also call
attention to the competition of other carriers, particularly the Pennsylvania and the Erie, at all important traffic points served by the
Wheeling, and show that, even though competition between the
applicants' lines and the Wheeling were entirely eliminated, only
11.31% of the traffic of the latter would be left without competition.
The applicants further maintain that the danger of the elimination
of competitive through routes and of other measures detrimental to
the Wheeling is greatly magnified by the interveners in view of the
powers now vested in this commission in the matters of routing,
rates, and service of carriers; and that, under these circumstances,
it would be practically impossible for the trunk lines to carry into
execution any of the oppressive measures which the interveners fear.
That Congress did not rely solely upon these powers is evidenced
by the fact that it sought to provide for the retention of competition
so far as practicable.
The major and controlling contentions of the respondents, as stated
in their briefs, may be summarized as follows:
The Baltimore & Ohio: That the record does not disclose circumstances to justify a finding that the natural and probable consequence
of the stock purchases will be the substantial lessening of competition or the restraint of commerce in any section or community.
The Central: That its purchase and continued ownership of approximately 17% of the capital stock of the Wheeling does not and will
not constitute a violation of section 7 of the Clayton Antitrust Act
in that no substantial lessening of competition or intent substantially
to lessen competition has been or can be shown to exist, the burden
of proving which is upon the Commission and the hostile intervener.
The Nickel Plate: That there was no substantial competition between the Wheeling and the Nickel Plate; that the Nickel Plate has
not used its Wheeling stock to bring about or to attempt to bring
about any substantial lessening of competition; that it did not intend
to substantially lessen competition or to restrain commerce; that the
stock was purchased solely as an investment; and that there is no
evidence tending to show that the probable effect of such acquisition
will he to substantially lessen competition between the Wheeling and
the Nickel Plate or to restrain commerce in any section or community.
Therefore, briefly stated, the respondents hold that, in order to
show a violation of section 7 of the Clayton Act, it must be shown
that there was an intention on their part in acquiring the Wheeling
stock to substantially lessen competition between their respective lines
and the Wheeling or to restrain commerce, and that it will probably
have these effects. Counsel cite various court decisions, but appar.
ently the one that is regarded by all parties as the most directly in
point and the most authoritative is that of the Supreme Court in
Standard Fashion Company v. Magrane-Houston Company, 258 U. S.
346. In that case the court considered the application of section
3 of the Clayton Act to an agreement between vendor and vendee
purporting to restrict the right of the vendee to sell other goods.
The language of section 3, "where the effect of such agreement
(acquisition) tnav be to substantially lessen competition," is substantially the same as that in section 7, which we must now construe
The court said:
The real question is: Does the contract of sale come within the
third section of the Clayton Act because the covenant not to sell the
patterns of others "may be to substantially lessen competition or tend
to create a monopoly."
The Clayton Act, as its title and the history of its enactment disclose, was intended to supplement the purpose and effect of other
antitrust legislation, principally the Sherman Act of 1890. The latter
act had been interpreted by this court to apply to contracts, combinations and conspiracies which unduly obstruct the free and natural
flow of commerce. The construction since regarded as controlling
was stated in Standard Oil Co. v. United States, 221 U. S. 1, 58,
wherein this court construed the act as intended to reach combinations
unduly restrictive of the flow of commerce or unduly restrictive of
competition. It was said that the act embraced:
"All contracts or acts which were unreasonably restrictive of competitive conditions, either from the nature or character of the contract or act or where the surrounding circumstances were such as to
justify the conclusion that they had not been entered into or per.
formed with the legitimate purpose of reasonably forwarding personal
interest and developing trade, hut on the contrary were of such a
character as to give rise to the inference or presumption that they
had been entered into or done with the intent to do wrong to the
general public and to limit the right of individuals, thus restraining
the free flow of commerce and tending to bring about the evils, such
as enhancement of prices, which were considered to be against public
policy." (See also cases cited.)
As the Sherman Act was usually administered, when a case was
made out, it resulted in a decree dissolving the combination, sometimes with unsatisfactory results so far as the purpose to maintain
free competition was concerned.
The Clayton Act sought to reach the agreements embraced within
its sphere in their incipiency, and in the section under consideration
to determine their legality by specific tests of its own which declared
illegal contracts of sale made upon the agreement or understanding that
the purchaser shall not deal in the goods of a competitor or competitors
of the seller, which may "substantially lessen competition or tend to
create a monopoly."
Section 3 condemns sales or agreements where the effect of such
sale or contract of safe "may" be to substantially lessen competition
or tend to create monopoly. It thus deals with consequences to
follow the making of the restrictive covenant limiting the right of the
purchaser to deal in the goods of the seller only. But we do not
think that the purpose in using the word "may" was to prohibit the
mere possibility of the conseugences described. It was intended to
Prevent such agreements as would under the circumstances disclosed
probably lessen comPetition, or create an actual tendency to monoPoly.
That it was not intended to reach every remote lessening of competition is shown in the requirement that such lessening must be substantial. (Italics ours.)
It appears that the respondents acquired a controlling portion of
the stock of the Wheeling as a step in furtherance of their plan to
acquire all of its stock eventually, and to make the line of the
Wheeling a jointly-owned facility to be used in connection with three
of the systems in a four-system division of the eastern carriers which
the respondents hoped to. bring about, with our approval. The four.
systemplan had been brought informally to the attention of some
of our members. As explained by the respondents, the Wheeling
was to perform functions analogous to those of a belt line, jointly
controlled but operated by a separate corporation. Why it is necessary to obtain control of the Wheeling in order to make such use
of its facilities is not clear. Accepting this explanation, it seems
[Vol,: 128.
necessary to conclude that the value of the Wheeling as a competitive
factor in the territory it serves, and in the territories which it aids
other carriers in serving, would be greatly impaired. As we have
already said, the amount of traffic which might possibly be diverted
from the Wheeling to the lines of the respondents falls far short
of being the true measure of the value of the Wheeling as a competing line; and it is not improbable that the presence of the Wheeling
in this field, offering its facilities and diligently seeking traffic in
competition with the respondents is a factor of greater value to the
shipping public than the transportation service it performs. We are
unable to accept the theory that competition of the Wheeling with
the respondents might continue unimpaired pending the final assignment of the Wheeling in a consolidation of eastern lines. The
knowledge of its relationship to its controlling lines would deprive
it of force as a competitor for their traffic. The fact that no
adverse effects of the acquisitions of stock by respondents have yet
appeared is not an indication of ultimate effects, should the present
stock ownership continue.
At the time of the purchases of Wheeling stock by the defendants,
and for some time prior thereto, it was well known that control of
the Wheeling, or at least an interest therein, was earnestly sought
by the Pittsburgh & West Virginia in protection of its preferred
through route between the Pittsburgh District and the West, and
in furtherance of its plans to form a part of a through route between
east and mid-west, in which the use of the line of the Western
Maryland was involved. The feasibility of such a route was discussed in our report in Consolidation of Railroads, 63 I. C. C. 455,
issued August 31, 1921. At about the time of the respondents' purchases of Wheeling stock, the Pittsburgh & West Virginia also succeeded in acquiring about 11% of the stock. The circumstances raise
a strong presumption that the respondents, and especially the Baltimore & Ohio, were actuated, at least in part, by a desire to secure
control of the Wheeling in order to prevent the consummation of the
plans for a competing through system, to which the geographical position of the Wheeling lends itself. These plans are directly opposed
to those of respondents.
As a result of our consideration of the evidence before us and
of the true construction of the statute, it is necessary to conclude
that with the acquisition of a majority of the voting stock of the
Wheeling, the substantial lessening of competition between the Wheeling
and the respondents was not merely probable but was in fact accomplished. Assuming that it would be possible for a controlling carrier
or carriers to provide such routing of traffic, service, and rates for
a controlled carrier as to enable it to maintain or even to increase
its volume of business, such a result would not be due to competition, which necessarily ceases with the acquisition of control. An
appearance of strife for traffic might even be continued, but it would
not be the competition meant by the statute. We find it impossible
to accept the theory that Congress intended that acquisition of absolute control of one corporation engaged in commerce by one or more
other corporations engaged in like commerce in the same territory
could be regarded otherwise than as a substantial lessening of competition. To require us to rely upon declarations of intention, counter
influences, or other hypotheses as evidence that acquisition of control
by one competitor of another would not have its usual and natural
effect, would be to establish an unworkable rule necessarily resulting
in ineffective administration of the law. Although the control in this
instance can not be regarded as lawfully existent without our approval,
the ownership of stock, looking to such lawful control, is sufficient
to negative any theory of real independence of action in matters in
which the parties should normally be opposed. A community of
interest among the respondents in their acquisitions of Wheeling stock
is evident. Without passing upon the legality of their concert of
action—a question not here in issue—it is necessary to conclude that
the acquisitions by each of them, under the circumstances here disclosed, may have the effect of substantially lessening competition
between their lines and the Wheeling.
We are not advised of any judicial interpretation of the expression
"restrain such commerce," as used in section 7 of the Clayton Act,
when applied to the commerce of railway companies. It is perhaps
more applicable to relationships between industrial or commercial corporations. owever, it seems reasonably clear that control of the
Wheeling by other carriers engaged, for example, in the transportation of coal which competes with coal produced on the line of the
Wheeling may result in restraint of commerce in that commodity from
its producing territory.
Informal representations have recently been made to our Chairman
to the effect that the Baltimore & Ohio and Central have disposed
of, or are in process of disposing of, the Wheeling stock owned by
them. Of course, such representations can have no weight in this
proceeding which is necessarily determined on the record formally
before us.
We find that the Baltimore & Ohio, the Central, the Nickel Plate,
and the Wheeling are corporations engaged in commerce within the
meaning of section 7 of the Clayton Antitrust Act: that the effect of
the acquisitions of capital stock of the Wheeling by the Baltimore &
Ohio, the Central, and the Nickel Plate, as herein described, may be
to substantially lessen competition between the Wheeling and each of
the corporations so acquiring its stock, and to restrain the commerce
of the Wheeling; and that such acquisitions were therefore in violation of section 7 of said act. Orders will he entered requiring the
Baltimore & Ohio, the Central, and the Nickel Plate to cease and
desist from such violations, and to divest themselves of the stock
so required.
Commissioner Eastman, concurring, says:
That the conclusions reached by the majority are sound may be
shown. I think, by an analysis of the reasons to the contrary which
are advanced in the dissenting opinions.
1. It is urged that the Wheeling stock was bought by the trunk
lines "solely for investment," within the meaning of the third paragraph of section 7 of the Clayton Act. The sentence in which the
quoted words occur reads as follows:
This section shall not apply to corporations purchasing such stock
solely for investment and not using the same by voting or otherwise
to bring abont. or in attempting to bring about, the substantial lessening of competition.
It will be noted that the fact that the stock was purchased "solely
for investment" does not necessarily make the section inapplicable.
But was this stock so purchased? To answer this question we must
first define "investment." Context considered, there can he no doubt,
I think, but that it means the use of money or capital in the purchase
of property for the sake of the direct return which can he realized
from such property, and not for the sake of some indirect benefit
MAR. 161929.]
FINANCIAL CHRONICLE
which may flow from the acquisition. In the debates in Congress at
the time of the passage of the Act, purchases of the stocks of competing companies by colleges, insurance companies, savings banks, and
the like were mentioned by way of illustration.
Here there is no pretense that the Wheeling stock was bought for
the sake of the direct return which it would yield. No dividends
had ever been paid on any of the three classes of stock, and there
were heavy arrears of cumulative 7% dividends on the prior-lien stock
to be paid before any dividends could be declared on either preferred
or common. The average prices paid of $184.90 per share for , the
prior-lien, $64.03 for the preferred, and $41.66 for the common were
not justified of record by any analysis of earnings. On the contrary
it was frankly admitted that the stock was purchased to secure control of the Wheeling in furtherance of the four-system consolidation
plan in eastern territory. Plainly the stock was not bought "solely
for investment."
2. It is urged that the trunk lines have done nothing to suppress
or even restrain competition by the Wheeling since they acquired a
controlling interest in its stock. Particular stress is laid upon the
fact that the old board of directors has not been changed, except to
permit representation of a minority interest. It would have been
changed, but for our decision in the Directorate Case. However, the
statute uses the expression "where the effect of such acquisition may
be to substantially lessen competition." The wisdom of this form of
expression is obvious. Here the acquisition has been under investigation, either in the Directorate Case or in this proceeding, practically
from the time when it was made. Whatever their ultimate intent,
respondents would hardly be so foolish as to commit overt acts of
suppression or restraint during the course of this investigation.
The essential question is as to the ultimate effect of the acquisition. It is conceded that the Wheeling is in direct competition with
each of the three respondents. It is evident, also, that it is an important factor in an intense competition between rival coal fields, in
which competition all three respondents, directly or indirectly, have
vital interests which are by no means identical with that of the
Wheeling. But more significant than either of these facts, it is
conceded, and indeed declared, that stock control of the Wheeling
was acquired in furtherance of the four-system consolidation plan.
In the carrying out of any plan of consolidation in eastern territory, competition will necessarily be curtailed or restrained in some
degree, but the extent to which this result follows will be dependent
upon the particular plan adopted. The greater the number of competitive systems the greater, broadly speaking, the competition will
be. When respondents say that they acquired stock control of the
Wheeling in furtherance of the four-system plan, they plainly mean
that they acquired this stock to keep it out of the hands of any interests which might be desirous of creating a fifth competitive system.
As a link between the Wabash, reaching such points as Detroit, Chicago, St. Louis, Kansas City, and Omaha, and the Pittsburgh & West
Virginia, reaching Pittsburgh and the steel and coal industries centered thereabouts, the Wheeling was obviously of the utmost strategic
importance if a fifth competitive system were to be forestalled; and
the Western Maryland, which might serve as a possible connection
between the Pittsburgh & West Virginia and the seaboard, was of
like strategic importance. Hence they were both acquired 'in furtherance of the four-system plan." It is obvious, not only that the effect
of the acquisition of Wheeling stock "may be to substantially lessen
competition," but that the acquisition was designed for that very
purpose.
It is possible that we may eventually approve such a lessening of
competition as is involved in the four-system plan. Our tentative
plan of consolidation provided for more than four, and indeed more
than five, system in eastern territory, and certainly we are in no
way committed to the proposition that there shall be only four. However, it is conceivable that we may finally reach that conclusion, and
in that event our order of approval under section 5 of the interstate commerce act would remove all bars interposed by the antitrust laws which might otherwise prevent such a plan of consolidation
from being carried into effect. But because we may at some future
time let down the bars does not give respondents any legal right to
vault over them in anticipation of that possible event.
3. It seems to be urged that the legislation of 1920 which is now
embodied in section 5 of the interstate commerce act has in some
way modified the anti-trust statutes so that acts which would otherwise be in violation of those statutes may be committed with impunity
until we determine that they ought not to be sanctioned. Paragraph
(8) of section 5 is as follows:
The carriers affected by any order made under the foregoing provisions of this section and any corporation organized to effect a
consolidation approved and authorized in such order shall be, and
they are hereby, relieved from the operation of the "antitrust laws,"
as designated in section 1 of the Act entitled "An Act to supplement
existing laws against unlawful restraints and monopolies, and for
other purposes," approved October 15, 1914. and of all other restraints
or prohibitions by law. State or Federal, in so far as may be necessary to enable them to do anything authorized or required by any
order made under and pursuant to the foregoing provisions of this
section.
1639
benefit to two or more railroad companies, I know of no reason why
their boards of directors should be unable to agree upon a plan for
its accomplishments, contingent upon our approval. As a matter of
fact this has been done in several cases which we have passed upon,
particularly where control was to be secured by lease, and it is
substantially what has been done in the case of the proposed Northern
Pacific-Great Northern unification which we now have under consideration. Surreptitious acquisition of stock control is not an essential to unifications which are founded upon mutual benefit.
Indeed freedom to put transportation systems together through stock
purchasing operations has often worked disaster in the past. The New
Haven railroad is only now beginning to recover from operations of
this character which began nearly 25 years ago, and our records furnish many other notable instances of similar disaster. It may also
be said that certain of the stock purchasing operations which have
taken place in eastern territory during the past two or three years,
in furtherance of this or that consolidation plan, can hardly be said
to have had a healthful influence upon the railroad situation.
4. It seems to be suggested that we may be estopped, at least
morally, from interfering with the violation of law here under consideration, because of certain informal commitments or suggestions
made by a committee of this Commission. It is stated, for example,
that at conferences held by that committee with carrier representaand the active cooperation of the carriers in the eastern region in
tives, the "inability of the Commission to make a plan was discussed
and the active cooperation of the carriers in the eastern region in
arriving at a solution of this problem was informally suggested, if
not requested." There is nothing of record to support such a statement. It appears that individual members of the Commission may
have suggested that the carriers attempt to reconcile their differences
and work out a consolidation plan, but there is no intimation that any
such suggestions were made by the Commission itself or by any committee thereof. The conferences in question were sought, not by the
Commission or by the carriers of the eastern region, but by the proponents of the four-system plan. It happens that I was a member
of the committee which participated in the conferences, but I was
present at none of them, believing that they would serve no useful
purpose. No action, formal or informal, was taken by the committee
with reference to any of the matters discussed at the conferences.
And so far as the acquisition of the Wheeling stock is concerned,
it appears definitely of record that the Commission was in no way
advised of it in advance. These matters are, of course, beside the
point and without significance or importance in the present proceeding. I discuss them only that the facts may be clear.
Summing up the situation, it seems to me evident that the acquisition of stock in question was in violation of section 7 of the Clayton
Act, and that in the exercise of our duty to enforce the provisions
of that section so far as common carriers are concerned, we have
no alternative except to make the findings and order which the
majority have approved.
Commissioner Woodloek, dissenting, says:
The sole question here is whether the ownership by the respondents
of stock in the Wheeling Company constitutes a violation of the
Clayton Antitrust Act. These respondents allege that the stock was
acquired by them solely as an "investment" in furtherance of the
so-called "Four-party plan" of grouping the railroads in eastern
territory and that as such the ownership is covered and legitimized
by the third paragraph of section 7 of the act. It is not even
charged, much less shown, that they or any of them have committed
any overt acts looking to lessening the Wheeling's competition with
themselves. The record shows that they have, since their acquisition
of Wheeling stock, pursued a policy of inertia about as complete as
could practically have been followed in the circumstances so far as
interference with, influence over or control of the Wheeling's actions
are concerned. This, it seems to me, fully substantiates their claim
that the Wheeling stock was purchased "solely fcii investment," as
contemplated in the third paragraph of section 7. A reason for that
investment was shown, and all the actions of the respondents disclosed of record—and otherwise--are consistent with that claim.
,It seems to me that in dealing with the Clayton Act as affecting
this and kindred questions arising under section 5 of the Transportation Act we must assume that Congress expected us to use at
least some common sense. We must also assume that Congress itself,
when legislating, was aware of existing facts and the implications necessarily existing in those facts. Among those facts was the stock
market with its inevitable concomitant stock speculation. Forestalling
is the essence of speculation. Can it be supposed that. when Congress
provided under section 5 (2) that a railroad might, with our approval,
Purchase the stock of another, it intended that our approval should in
all cases first he asked and, after public hearings over a considerable
period of time, granted, before any purchase were actually made?
So to suppose is to attribute to Congress ignorance of the obvious
in a preposterous degree. The common sense hypothesis is that it
contemplated among other things the precise state of affairs that we
have here, and that it found in the provisions of the Clayton Act
as .they stood and stand an effective method of giving effect to section
5 (2) of the Transportation Act, and therefore did not feel compelled
to legislate in a special manner with respect thereto. Nor is even
a meticulously technical adherence to the letter of the Clayton Act
inconsistent with this hypothesis. In the circumstances we are not
merely warranted but, I think, are bound by our reason to adopt it.
Plainly there is nothing in this provision which in any way modifies
the anti-trust statutes, and nothing which suspends their operation
until we have made an order. In that event the operation of these
statutes is suspended with reference only to future acts authorized
or required by the order. In no way is it suspended with reference
Commis.sioner Brainerd, dissenting, says:
to unauthorized acts pending our subsequent approval or disapproval,
This is a proceeding to enforce compliance with Section 7 of the
such suspension to continue if we approve and to cease if we disof Congress it could very Clayton Antitrust Act, U. S. Code Title 15, Section 18.
approve. if that had been the intent
easily have been expressed, but there is no language which even
The majority are of the opinion that the respondents in each acquiring 17% of the voting stock of the Wheeling & Lake Erie Railway
remotely suggests such an intent.
This provision that any suspension of the operation of the anti- have severally violated said act. They do not find that the stock
trust statutes must follow and never precede our order of approval acquisitions were made under any contract or conspiracy in restraint
was very wise. We should be free to consider the extent to which of commerce or with any actual intent upon the part of the respondent
competition may properly be curtailed by consolidation or unification carriers to substantially lessen competition between the said Wheeling
programs without embarrassment from the creation of spheres of con- & Lake Erie and themselves. The majority conclude, however. as I
trol or influence which have already become accomplished facts. Other- understand their report, that said acquisitions may and naturally will
wise considerations of practicability and expediency arising out of such have such an effect regardless of the fact that no one respondent
situations might well have a profound effect,- conscious or uncon- has more than 17% of the voting shares of said Wheeling & Lake
scious, upon our deliberations.
Erie Railway and regardless of the fact that there is or may be no
In this connection it is suggested in the dissenting opinions that contract, conspiracy or actual intent to substantially lessen competition
"common sense" forbids the "preposterous" assumption that Congress between said railways.
With the vast sums invested by the respondent carriers in the
intended that our approval should be secured before purchases are
made rather than afterwards. The thought seems to be that it would Wheeling stock it seems improbable to me that any such result would
to carry out any extensive program of unification under naturally follow from the facts and circumstances here disclosed.
be impossible
The majority base their decision upon what they call the true
such conditions. But these are not proved merely by the use of
emphatic lanffunge. if unification can he shown to be of mutual construction of the act. Yet their construction is, as I interpret it,
1640
FINANCIAL CHRONICLE
much narrower than any construction placed upon the act by the
judiciary and in fact is contrary to the decision in Continental Securities Co. v. Michigan Central Railroad Co., 16 Fed. (2nd) 378,
379, (certiorari denied 274 U. S. 741). In that case the court said:
The plaintiff gets no help from the Clayton Act. Section 7 of that
Act gives to the Interstate Commerce Commission no power to prevent
one railroad from controlling a competing railroad unless there is in
the transaction an actual intent to stifle competition, while the Sherman
Act, as construed, reaches every combination which gives the power
to suppress competition.
It is likewise inconsistent with the provisions of the act for it condemns all purchases of stock that may tend to lessen competition, while
the statute itself expressly sanctions purchases made for investment,
although it is conceivable that such a purchase so made might eventually be used to exert control. But unless it is purchased with such
an intent or so used, it is in my opinion within the sanction of
the law.
[VOL. 128.
in Ns orking out a solution of this important problem several purchases
of various lines of railroad have been made, among them the one
now before us. The three respondents each purchased about 17% of
the securities having the control of the Wheeling & Lake Erie. It
must be kept in mind that nowhere in the complaints filed by the
officers of this Commission or in the testimony is it alleged that any
conspiracy or combination existed among the three respondents to
restrain trade or competition. Acting severally and alone they each
made purchases of the stock for the purpose of holding such interest
temporarily until this Commission should determine the final allocation of the carrier purchased. It is not claimed that up to the present moment there has been any actual lessening of competition between
any one of the respondents and the Wheeling & Lake Erie, or among
the three respondents, but that rather if anything that competition
has increased. How under these facts and circumstances considered
in their true light, it can be said that the purchase of this stock will
probably lead to a substantial lessening of competition is far from
clear to me. It is to my mind little less than absurd. To me a far
Commissioner Porter, dissenting, says:
different picture is here presented than if any one of the respondents
While concurring in the dissenting expression of Commissioner had purchased the control of the Wheeling & Lake Erie, or possibly
if two of them had done so acting in combination. But the very fact
Woodlock, there are other reasons which to my mind are equally
compelling with those he has mentioned, which I will briefly attempt that each of the three competing respondents has been and is daily
competing one with the other and each with the Wheeling & Lake
to suggest.
It is evident from a casual reading, that section 7 of the Clayton Erie, and it in turn with each of them, is to my mind persuasive that
there can be no substantial lessening of competition as long as these
Act does not prohibit all acquisitions by one corporation of the stock
of a competing corporation. The mere fact of the acquirement of conditions and circumstances continue to exist. Stated differently,
the stock does not in and of itself constitute a violation of the statute. the strong competition among the three acquiring lines themselves is
This now seems to be settled by numerous decisions. Aluminum Co. grafted on to the portions of the Wheeling & Lake Erie which they
of America v. Federal Trade Commission, 284 Fed. 401; Swift & Co. have acquired.
v. Federal Trade Commission, 8 Fed. (2nd) 595; Federal Trade ComBut far beyond all these considerations is another and to my mind
mission v. Thatcher Mfg. Co., 5 Fed. (2nd) 615; Continental Secur- of greater importance. I believe it is our duty to construe section
ities Co. v. Michigan Central R. R. Co., 16 Fed. (2nd) 378. Under 7 of the Clayton act in the light of the latter legislation contained in
the plain language of the statute it is only "where the effect of such section 5 of the interstate commerce act which, for the first time,
acquisition may substantially lessen competition between the corpora announced a distinct change of policy as applied to carriers. It must
tion whose stock is so acquired and the corporation making the acquisi- be remembered that the Sherman act passed in 1890, the Clayton act
tion, * * " or tend to create a monopoly of any line of commerce" and the Federal Trade Commission act, each passed in 1914, constithat the acquirement of the stock is prohibited. It will thus readily tute what is commonly termed the Federal antitrust acts. They were
be seen that the legality or illegality of the stock purchase is to be enacted in conformity to our long established policy of preserving
determined exclusively by the effect of such acquisition. The difficulty, freedom of competition. Six years after the passage of these two
therefore, as applied to any given state of facts is in the determina- last named acts Congress imposed upon this Commission the duty of
tion of the question of whether or not in the light of all of the consolidating the several hundred carriers of this country into a
circumstances the stock purchase may result in the substantial lessen- limited number of systems. This, in order that there may be built
ing of competition between the corporations concerned. In construing up and preserved an adequate and efficient transportation system, so
a like expression as to the effect of a contract prohibited by section essential to the welfare of this country. Necessarily in accomplishing
3, the Supreme Court in the case of Standard Co. v. Magranc- this purpose, a building up of a limited number of systems as nearly
Houston Co., 258 U. S. 346, stated the rule in the following language: equal as may be in competitive strength and ability to serve the public
It thus deals with consequences to follow the making of the restrict- and between which effective competition shall continue, between some
ive covenant limiting the right of the purchaser to deal in the goods of those lines so merged into the larger units theretofore existing
of the seller only. But we donot think that the purpose in using competition will be obliterated. This outstanding change of policy
the word "may" was to prohibit the mere possibility of the conse- together with what I have heretofore related as having taken place
uqences described.It was intended to prevent such agreements as between these respondents and committees of this Commission
in an
would under the circumstances disclosed probably lessen competition,
or create an actual tendency to monopoly. That it was not intended endeavor to bring to an accomplishment this legislative mandate has
largely contributed to bringing about the situation which we are here
to reach every remote lessening of competition is shown in the requireasked to condemn.
ment that such lessening must be substantial.
In our tentative plan in system No. 5, the Wheeling & Lake Erie
In order to determine in this, as every other case, whether or not
is allocated to the New York, Chicago & St. Louis R. R. Co.,
the effect of the stock purchase may be to substantially lessen competition, resort must necessarily be had to all of the material facts respondent herein. Recently there have been filed with us, and to
and circumstances surrounding the purchase of the stock; the relative which we must not blind our eyes, applications on behalf of two of
situations both before and after the purchase; and among other facts, these respondents which affect this property. The Baltimore & Ohio
has filed an application asking us to find that the acquisition of control
the intention of the persons responsible for the corporation making
of each of the carriers proposed by the applicant be found by us to
the purchase of the stock. Not that good intentions, under section
be in the public interest. It will be observed that in the application,
7 of the Clayton act, any more than under the Sherman act, will
relieve the parties from the guilt of the unlawful transaction if the either in the list of the carriers to be controlled by it, or the carriers
in which applicant shall have not less than one-fourth interest and
natural and probable results of the act are to bring about the projoint control with other carriers, or carriers to be owned jointly by
hibited result. This principle is well stated by Justice Brandeis in
applicant and the Chesapeake & Ohio Railway Company, there is
Chicago Board of Trade v. United States, 246 U. S. 231. That was
no mention of the Wheeling & Lake Erie. This application is verified
a proceeding under the Sherman act, and the question under conby the president of the Baltimore &'Ohio. It, therefore, conclusively
sideration was whether a certain rule or agreement unduly restrained
appears of record now before this Commission that the respondent
competition. In the consideration of that question the Justice said:
Baltimore & Ohio does not desire to permanently retain its interest
The true test of legality is whether the restraint imposed is such in the Wheeling & Lake Erie.
as merely regulates and perhaps promotes competition or whether it
There is also on record with us the application of the Chesapeake
is such as may suppress or even destroy competition. To determine
that question the court must ordinarily consider the facts peculiar to & Ohio Railroad making a prayer substantially identical with that
the business to which the restrain is applied; its condition before and made by the Baltimore & Ohio. In that application, among the railafter the restraint was imposed; the nature of the restraint and its way companies to be controlled by the Chesapeake & Ohio is listed
the
effect, actual or probable. The history of the restraint, the evil New York, Chicago & St. Louis Railroad
Company. Thus there is
believed to exist, the reason for adopting the particular remedy, the now
pending before us an application asking that it be found to be
purpose or end sought to be attained, are all relevant facts. This is
not because a good intention will save an otherwise objectionable in the public interest that the respondent, Nickel Plate, and the
regulation or the reverse: but because knowledge of intent may help Wheeling & Lake Erie Railway shall each become a part of the same
the court to interpret facts and to predict consequences.
system. This, it will be remembered, is in harmony with our tentative plan. Let us assume that this Commission will proceed with
The pertinent facts in the instant case are comparatively simple
and not seriously questioned. Likewise there is no serious question reasonable dispatch to hear these two applications. Let it further be
in this record as to the intention of the parties managing the cor- assumed that we shall ultimately find that the systems to be unified
and described in those applications are in the public interest. We
porations, and responsible for the purchases of stock in this case.
There can be no doubt that the Wheeling & Lake Erie was in com- will thereby say that the Nickel Plate and the Wheeling & Lake Erie
petition with each of the three respondents and they with it. Also shall be a part of the same larger unit. Will we now go through
it can not be gainsaid that each of the three respondents are daily the worse than futile gesture of requiring the Nickel Plate to divest
engaged in severe and active competition one with the other in the itself of its one-third control of the Wheeling & Lake Erie and
respective communities wherein their transportation systems meet or then a little later tell it that it shall go out in the market and
cross one another. The passage of the transportation act of 1920 pro- repurchase stock of which we have required it to divest itself? Yet
viding for the consolidation of the railways of this country into a that is what the majority propose to do. Under the records before
limited number of systems is a historical fact known to all of us. this Commission, the respondent Baltimore & Ohio says in effect that
it does not desire to retain its one-third of the control of the Wheeling
Equally well known and of which we may take judicial knowledge is
the fact that soon after the passage of that act hearings as provided & Lake Erie, and judging by this record. undoubtedly would be willing
to sell its one-third of the control of the Nickel Plate, and yet the
therein were held by this Commission. On August 3, 1921, the Corn
mission issued its tentative plan under paragraphs 4 and 5 of sec- majority, if its finding is to be adhered to, while ordering the Baltition 5 of the interstate commerce act. 63 I. C. C. 455. Following more & Ohio to do that which it is apparently willing to do, likewise
that action on our part hearings were continued during 1924. In in the same order would prohibit it from selling its holding to the
1924 this Commission addressed a letter to one of the Committees Nickel Plate or the Nickel Plate to acquire it.
In my judgment these purchases having obviously been made, not
of Congress asking to be relieved of the necessity of making a permanent plan as required by paragraph 4 of section 5, and has con- for the purpose of lessening competition, but to hold this important
tinued in annual reports up to and including that of 1928 to renew carrier, Wheeling & Lake Erie, in status quo until this Commission
this request. Soon after the conclusion of the hearings several infor- shall have determined where it shall ultimately be allocated, the very
mal conferences were held by the various carriers, particularly of the most we should do would be to postpone our determination of this
eastern region, and a committee of this Commission. The inability matter until after we have passed on the applications referred to now
of the Commission to make a plan was discussed and the active before us, and which determination will go largely towards solving
the question of consolidation in the important region of the east. The
cooperation of the carriers in the eastern region in arriving at a
Clayton act may well be an important and effective instrument in our
solution of this problem was informally suggested, if not requested.
In pursuance to this suggestion or request, the carriers in the eastern hands to bring about obedience to our wishes in consolidation of the
rail carriers as finally determined by us, but its ruthless use as is
region informally submitted various proposals or plans for the consolidation of the various carriers in their territory. It is undisputed here proposed by the majority can not be justified.
I am authorized to say that Commissioner Farrel joins in this
in this record that in an honest endeavor to assist the rommissien
dissent.
MAR. 16 1929.]
FINANCIAL CHRONICLE
1641
SAN FRANCISCO
San Francisco—I928 a Year of Achievement
Eight internationally known insurance companies have
—Fine Prospects for 1929.
their home buildings in San Francisco and more than $275,By Philip J. Fay, President, San Francisco Chamber of Commerce.
For San Francisco and the Pacific Coast, 1928 was a
good year. Business was good and indications point to a
continuance of prosperity throughout 1929, based on the
first two months oi the year.
San Francisco has firmly fixed itself in the eyes of the
nation's business men and manufacturers as the great distribution center of the eleven Western States and the Orient.
Industry is rapidly turning to the Pacific Coast and San
Francisco is the industrial hub.
San Francisco was free from serious problems during
1928. Employment conditions were better than in 1927,
and have been reflected in the maintenance of purchasing
power, which, in turn has been mirrored in active trade.
Industrial output was marked with steady and sound increased activity. At the close of the year 1927 (latest available Government figures) there were 2,086 industries employing 42,078 persons, who received $61,108,185 in wages.
The value of products turned out by local industries was
$437,925,582, while the San Francisco Bay area produced
$1,118,189,160.
During 1928, 148 new industrial and distributing plants
came in, and of these 16 were wearing apparel factories.
San Francisco is one of the world's great markets, as well
as the great distributing point on the Pacific. In the center of the Pacific Coast region, we offer low distribution
costs to a market of 11,000,000 people in the eleven Western
States. We serve a local market of 1,600,000 people within
a radius of 50 miles.
But it is to the great and practically untouched markets
of the Orient to which San Francisco looks for a greater
future and prosperity. The Orient with its teeming millions of people is reaching out for commodities and products of the outside world that will make life more worth
living, looks to the Pacific Coast of the United States to
supply those wants, to say nothing of finding a ready market for its own goods. San Francisco being the gateway of
the Pacific, naturally has been getting and can expect to
, continue getting the greater portion of the business, both
export and import.
During the year 1928 the San Francisco Chamber of Commerce accomplished much toward cementing closer the already friendly commercial and social ties between the
United States and Oriental countries. In 1929 the Chamber
of Commerce will send a good-will party numbering more
than 300 on a.chartered steamer to visit the ports of fourteen countries bordering or in the Pacific as a further
evidence of our desire to further the interests of our
country
and our Pacific neighbors.
That San Francisco is looked upon as the great
Pacific
port by those of other countries is borne out by the
statement made by Capt. Samuel S. Sandberg, member of
the
United States Shipping Board, in talking recently to
San
Franciscans. He said:
"Since 1921 San Francisco has advanced from eleventh
to
seventh place in foreign trade, conducted through
all
in the United States, and has increased the volume of ports
traffic
through the port 48%, from over 2,100,000 tons in 1921
to
3,100,000 tons in 1927.
"One-fifth of the entire trade of the Pacific Coast in
1927
was handled by San Francisco."
During the calendar year 1928 there arrived in this
port
7,562 vessels with an aggregate net tonnage amounting
to
18,121,809, as compared with 7,063 vessels with
16,893,056
tons for 1927, while there departed from the Port of San
Francisco 7,714 vessels with a tonnage of 17,907,250, as compared with 7,147 ships with a tonnage of 16,573,035 in 1927.
San Francisco is not only a great industrial center and
port but it is also the financial center of the Pacific Coast.
Bank clearings in 1927 amounted to U1,491,219,374. Total
bank deposits were $1,698,587,605 and resources $2,038,929,522, while the saving banks showed deposits amounting to
$987,861,401.
This city ranks high in total sales of securities through
the Stock and Bond Exchange. Between October 1927 and
September 1928, the sales amounted to $1,991,833,089.
000,000 worth of insurance business covering the entire West
clears through San Francisco annually.
There is more beside business success of which San Francisco may well be proud. For instance, there is our weather,
our residential sections, our schools, public buildings, parks
and playgrounds, our golf courses and our ideal location on
the Pacific and the San Francisco Bay. As for our weather,
it is never too hot nor too cold for great efficiency in business and industrial activities, or recreational pursuits. The
United States Weather Bureau shows that during the past
48 years our temperature for December, January and February averaged 45.9 degrees, while 64.9 degrees was the average for June, July and August.
1928 statistics show that living costs for the average family in San Francisco are lowest of any large manufacturing in the United States, or $2,800 for each individual resident. And this with a population of 756,188, which figure
was arrived at after a careful survey.
Another indication of our prosperity is the fact that San
Franciscans purchased 18,525 new passenger automobiles
last year and 16,818 new ones in 1927.
After this somewhat incomplete analysis of conditions
here during 1928, I have no hesitancy in predicting even a
greater year for San Francisco in 1929. For, after all is
said, the break between two successful years IS merely a
psychological hiatus. Major projects begun in one year
carry over into the next, and the many big projects either
started or contemplated during 1928 will be pushed to successful culmination.
San Francisco Stock Exchange Preparing for
Continued Growth.
By Sidney L. Schwartz, President, San Francisco Stock Exchange.
The San Francisco Stock Exchange is looking forward to
continued expansion during 1929. There is reason to believe that the national interest, built up during the unprecedented twelve months of 1928, in the investment of funds
In corporate securities will be sustained. The increase in
the number of great investment trusts and the constant increase in the number of stockholders of the corporations
listed on the Stock Exchange, gives sure promise of the
steady growth of trading in stocks.
The San Francisco Stock Exchange is preparing for that
growth. Work is going ahead rapidly on its new $2,500,000
building at Pine and Sansome Streets where the former
United States Sub-Treasury Building is being converted into
a magnificent trading room with an eleven-story addition
to care for the administrative and operative departments
of the Exchange. The new building will be ready for,occupancy about Jan. 1 1930.
The San Francisco Stock Exchange is equipping itself
in other ways to handle a maximum volume of business. It
is improving the technique of its floor trading and clearing house departments and is greatly extending the activities of its administrative departments. The latest available
machinery for the rapid transaction of business will be
installed. New tickers handling 300 characters per minute
are being placed in San Francisco and California cities.
Within a few months, tickers carrying the San Francisco
list will be operating in Washington and Oregon. The San
Francisco Stock Exchange will then be supplying fast ticker
service throughout the length of the Pacific Coast from
Los Angeles to the Canadian line. When the new electrical
board recently perfected in New York is available, it will
be installefl in the San Francisco Stock Exchange.
Simultaneously with the extension of the ticker service
throughout the Coast, member firms of the San Francisco
Stock Exchange are broadening their field, many of them
establishing additional branch offices in California cities
and in Washington, Oregon.
The San Francisco Stock Exchange is playing a most important part in the development of California industry.
San Francisco is the central reservoir from which funds
are drawn for industrial expansion. The industrial group
[VOL. 128.
FINANCIAL CHRONICLE
1642
of the stocks listed on the Exchange led all others in volume
of sales during 1928, the total being 8,185,686 shares out
of total sales for the year of 31,530,016 shares with a market
value of $2,066,781,634. California corporations seeking
funds with which to initiate or expand their business have
received solid support from the mass of investors dealing
In securities through the member houses of the Stock Exchange. That this is true, is shown by the following partial
list of industrial stocks sold on the Exchange in 1928:
Holster Radio Corporation
Magnavox Company
Caterpillar Tractor
Byron Jackson Pump Company
Zellerbach Corporation
Golden State Milk Products
Paraffine Company,Inc
Pacific Lighting Corporation
Federal Brandes, Inc
Atlas Imperial Diesel Engine "A"
Pacific Gas dr Electric. common
Illinois Pacific Glass
Fageol Motors
Pacific Gas & Electric, 1st preferred
shares 3.688.458
3,829,230
2,253,519
998,373
801,138
642.594
632.666
595,512
582,308
467,380
358,935
303,359
251.173
221,599
Prospects for continued business prosperity in California
are bright. According to the Standard Statistics Company
of New York, agricultural and industrial conditions are favorable. Agriculturists are reported to have increased their
Income in California alone $10,000,000 over 1927. "Maintenance of business at high levels is shown by bank debits
Index number, which for January stands substantially in a
par with the December peak at 17.6% above levels prevailing a year ago," according to this authority.
California has been rated the fourth most prosperous
State in the Union and San Francisco as one of the three
most prosperous cities of the nation. The San Francisco
Stock Exchange as the central securities market of the
Pacific Coast, is contributing to that prosperity by its maintenance of an open but carefully safeguarded market place
for the securities offered by corporations West and East.
Investment Trusts on the Pacific Coast.
By S. Waldo Coleman, President, North American Investment Corporation.
Investment Trust growth on the Pacific Coast, which
ranks next to New York and New England, may be divided
Into three periods. The first period, the year 1925, witnessed the formation of the first two investment trusts on
the Pacific Coast, North American Investment Corporation
in San Francisco, and United Bond and Share Corporation
in Seattle. During the second period, 1926 and 1927, only
three investment trusts were formed, Investment Shares
Corporation in San Francisco, Pacific Investing Corporation in Los Angeles, and Mitchum, Tully Participations, Inc.,
in San Francisco. The third period covers the year 1928
In which as many trusts were formed as had been formed
prior to that time. The new trusts were United Pacific
Corporation of Seattle, American Capital Corporation of
Los Angeles, The Investors Association, National Securities
Corporation and Bond & Share Company, Ltd., all of San
Francisco.
The largest investment trust group on the Pacific Coast is
the American Capital Corporation with assets at the end
of 1928 of $16,000,000, and its affiliate, Pacific Investing
Corporation, with assets of $15,000,000. These two trusts
are connected with The Investment Research Corporation
of Detroit, Michigan, and have had a successful record of
operation. North American Investment Corporation of Sah
Francisco has recently published its Third Annual Report,
showing assets exceeding $7,000,000 and with steadily increasing earnings on its capital stock. This investment trust
is most interesting in that unlike many recently formed
trusts, it has no affiliations with any investment banking
house. It has also carried the theory of diversification further than any other investment trust on the Pacific Coast
in that it owns more than 350 securities. The Investment
Shares Corporation is practically the only one of the socalled Static Trusts on the Pacific Coast. This trust has a
group of reserve securities which may be substituted for
the original investments in the discretion of the Board of
Directors. A new San Francisco trust is the Bond & Share
Company, Ltd., which commences active operations in 1929
with a capital of $5,000,000, and an exceptionally notable
Board of Directors. Seattle has been the home of the earliest investment trusts on the Pacific Coast, United Bond &
Share Corporation, formed by the banking house, Drumheller, Erhlichman & White. This trust with assets of about
$5,000,000 has been included in the United Group of Corporations.
An indication of the importance of investment trusts on
the Pacific Coast is disclosed in a recent survey of ten
companies which showed aggregate assets exceeding $57,000,000 on Dec. 31 1928.
Growth of investment trust companies has been accompanied by an increasing understanding upon the part of
the Pacific Coast investors as to the importance and possibilities of a company of this type when conservatively organized and well managed. The wealthy investor has long
recognized the value of diversification and now the small
investor is beginning to realize that the investment trust
offers to him the opportunities of diversificaton.
RECORD OF PRICES ON SAN FRANCISCO STOCK EXCHANGE.
We give below a complete record of the range of prices of all stocks dealt in on the San Francisco Stock
Exchange (formerly the San Francisco Stock & Bond Exchange) for each month of the calendar years 1927
and 1928. The compilation is of course based on actual sales, and covers these and nothing else..
The following is a comparative table of transactions on the Stock Exchange for the last three years,
with percentage of increase:
STOCKS (MARKET VALUE).
I
STOCKS (SHARES SOLD).
BONDS.
Pi
8,611,169 1926
$357,953,449
$13,027,500 1926
1926
15,545,225 1927_
671,251,807
4,952,000 1927
1927
Increase over 1926
80.5%
59.6%
Increase over 1926
62%
Decrease under 1926_ _ _
31,530,016 1928
2,066,781,634
2,857,000 1928
1928
102.8%
Increase over 1927
261.8%
Increase over 1927
42.3%
k Decrease under 1927_ _ _
266.1%
Increase over 1926
477.4%
Increase over 1926
78%
Decrease under 1926_ _ _
MONTHLY RANGE'OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1928.
July
August September October
June
November December
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
_
Alaska Packers Association__ 160 180 ------------------------160 160 ------------------------170 170
l, i
'a 143 165 iii- 11.11 iii iii3j 51 149(4
2
cs 140 210
2
American Company
130 14114
Rights
aft 1212
Amer Motors Transport
American Trust Co
515 557
36
- -Anglo Calif Trust Co
400 25 ;i5' 4ii 455 48 iio 470 45512 460 iio is3 --------430 416 4 ------------ ---- 475 illi ilo 516
Ang1o & London Paris Bank 236 256 227 240 225 235 225 230 2261g 295 230 295 240 255 250 255 245 280 245 248 245 27312 25212 275
4
1812 1812 1914 22 2014 2312 18 183 ______ ____ ____
Armour & Co A
1212 14 --------14 14 ----------------18 20
STOCKS.
pin
Associated Oil
Atlas Imp Diesel
Rights
s
Bancitalv Corp
Bank of California
41 ii
9
3
.,
39 ------------------------39 - -. a6 -iii ii 12
34 33 3814 3412 525 49 76 56 637a 4513 7712 8412 7912 74
8
46
-- .
48 4912 47 47
8734 75 4 87 71 7912 70h - 8 5812 7312
3
787_ _ _ ____
. 2.90 512
8
-14912 14634 181% 1833 198, 187 22014 210 22014 100 215 10938 12312 110 142 122 1487 120 12812 118 12712 12512 127
8
13778
4
275 295 285 330 27712300 290 350 286 300
28012 295 26912 283 27212 350 335 450 39014 452 300 400 282 303
39
31
4
s
7
260 26812 26358 288 285 29734 283 296 287 31112 125 297s 175 2043 171 21712 19012220¼ 19012 21252 20212 222 219 2217
Bank of Italy NT & S A
56 5484 44 52
Bean (John) Mfg
Preferred
Booth (F E) preferred
98 98 99 99
tiffs 79 9878 iii2 iiii12 iii4 foi34 gar:14 iiii8 li
12
5iE8 ii 568 "1318 isof. "0112 isiii Byron Jackson Pump
4
1
/
4
- .__ 1234 1312 93 12
Rights
3012 33 27 3012 27 2812 27 28
Calamba Sugar corn. ($20 par) -------- ---- --------------------------------------------30 31
15e 151
i
)
z e
1
i
10
Common
1
_
_ _
_ _
_
_ _ _ _
_ 19 193- 1812 19
_ _
_ _ _
_ _
18 1812 19- Itisi
4
Calamba Sugar pref MO par) ..
ill. ____ . __ ____ . __ ....... _ ....... . .
-- oii4 lid ei iii 6i 1116 oi "iii ii "
Preferred
9if; 91 ii1- -- -12 . i "98
2 93 6
9
912 7
512 812 6
81s 714 -4 bh 8
5
3
3
7 8 5 s 83
314 812 512 8
2.50 3.00 2.50 2.80 2.00 3.25
Calitornfa Copper
75 142 1101s 139 124 14312 128 14112 110 132 91 128 99 112 103 119 90 10312 90 9512 90 112 86 96
California Cotton Mill
s
s
4
5612 8512 583 6512 587 5912
52 50 5612 40 5712 48 5588 49 567 51 58
30 36 34 4012 3612 43 41
California Ink A
1643
FINANCIAL CHRONICLE
Mmt. 16 19291
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGES FOR YEAR 1928 (Concluded).
November December
October
August September
July
" June
Mayl
April
March
January February
High Low High Low High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low
1
/
3
14
4
1093 112 109 110 110 110 4 110 11112 1104 11012 11112 116
California-Oregon Power 7%__ 10812 11112 110 11112 11134 11218 11012 11112 11012 111 11012 11112 89
79
734 7712
1
/
4
1
/ 73 8112 7412 7912 74
4
1
/ 7212 7012 75
4
4
764 73% 7918 743 783 691s 7514
1
/
7218 764 71
7414 78
California Packing Corn
4
/
301 3134 --------------------------------------------31
California Petroleum common_ 2414 2738 234 267 25 2618 26
8
77 82
75 83
12
12 7 s 843 77 :84
3
8
8
1
/
3
55 4 704 683 7418 7018 7812 55 757 6112 73 4 6812 83
53 5814 5412 59
Caterpillar Tractor
2.80 3.10
Rights
i1 4; - --4 43 4 48
481- 3
4
1
3
5914 - ; /
i 8 42
3712 33. - -- -34 -4 -3 i5 4438 4012 3012
Clorox Chemical
99 10012 10014 10012 IGO 10012 98 10014
95 102 10012 10112 100 10114 9912 101 100 101 100 102 100 101 100 101
Coast Co Gas & El lit pref
360 360 360 375 400
40212 425 365 370 370 450 400 420 400 425 340 405 350 350 350 350 352 82
Crocker First Nat Bank
7912 76 823 85 78
96
4
--- --__ 7712
---- --__ ---- ---- ---- ---- --- _ __-_ ---_ ____ --__ _z __-_-- ---_
Crown fellerbach pref
4
1
/ 54
22 2 3
4
4
1
/
2514 293 23 2612 22 26
Voting trust ctfs
26 27
4
1
/ 25 27
4
1
/
4
24 2613
4
4
25 3234 28 303 263 2812 263 29
2612 3114
26 28
4
243 29
4
1
/
23 244 23 25
Dairy Dale Co A
1
1
/
183 2212
4
4
4
1
/ 243 2712 24 264 227 2638 2212 24
4
8
4
/
1712 183 181 2012 2014 297 2312 2712 23 311 2114 3012 254 29
4
B
98
96
93 984 95 9712 95 98
95
91
4
1
/
9712 984 96 984 84 95
4
963 99
9612 98
98
96
9512 98
East Bay Water A pref
4
1
/
4
1
/
95 97 -------- 90 106 100 101 101 110
4
106 107 1073 11018 10112 11012 105 110 108 106 100 106
B preferred
2112
2718 27 283
29
4
27
8
4
283 307 28 30
30 31
28 31
30 32
33
31
3312 3212 34
3212 3412 32
Emporium Corp
4.10 54 4.50 5 8 518 714
8
833 412 5
512 5
512 74 412 834 412
8
3 2.75 6.50 4
2
2
2
Fageol Motors common
3
7 8 738
4
1
/ 8
8
4
1
/ 6% 7
7
4 712 7
63
7
7
8
7
3
612 7 4 712 8
8
8 6
8 512 63
63
5
Preferred
..,2- :::.,:- :.•,..1-•
.:- :::: ..-.7- :::..,
z- :::- ::,4
1
/ 3312 31 441 -,.- -- --,4
/
8
263 2914 28 3112 28
Federal Brandes
3
-13
3
-3 110 12 - 113 117 114 110 11412119 1 t212 1 / i13 12 12 us( 12512
-1
/
120 127 110 12012 117 1244 119 12312 12014 12
Fund Insurance
Fireman's
4
/
111 1212
8
1312 113 13
124 1312 13
3
1412 1612 12 15 8 13 1438 1212 13
17
3
4
4
183 1512 173 14 4
15
19
14
Foster & Kleiser
50 52
4
4
1
/
58 6414 563 6212 5314 5712 5114 58
Gotland Mere Laundry
30 3212
General Paint Corp A
24 28
B
4
1
/ 5812 6438 5212 614
4
8
41 4612 42 463 443 624 5718 64
4
8
383 363 5014 33 51
---- -___ --- ---- -___ ____ 36
Golden State Milk Prod
----------------------------------------------2.102.902.55 618 512 6 ---- --- ---- ---Rights.
4
1
/
100 102 101 102 10112 102 100 10212 10012 102 10012 102
99
4
/
1
/
Grt West Power ser A 6% pref.. 9812 10034 100 1014 101 1021 10112 10314 102 10234 10314 10212 10412 1053 1054 105 1033 106 1043 10512 105 10618 1044 1074
4
4
4
1
/
4
10538
1
/
4
8
10312 10512 105 10618 10412 1067 1043 10614 1054 106
7% preferred
163k 17
1234 1212 1612
912 1212 12
Haiku Fruit & Pack corn
27 27
25 28
23 2412 24I 25
Preferred
STOCKS.
Haiku Fruit &Pack Pool
Haiku Pineapple Co Ltd com
Preferred
Hale Bros Stores, Inc
Hawaiian Commq & Sugar Ltd
Hawaiian Pineapple
Home Fire & Marine Ins
Honolulu Cons Oil
Humboldt Bank
Hunt Bros Pack A common
Hutchinson Sugar Plant
Illinois Pacific Glass A
Rights
1038 15
____ ____ ____ ____ ____ ____
s
- 2212
iii -27 28
2914 2812 31
27 2912 28
28 31
4
513 53
514 5312 52 5312 5214 58
3
4
1
/ 42 434 42 4612 45 4 5212
43
41
43 46
4
1
/
1
/
4412 494 42 444 43 48
3718 41
3614 383 35 3612 3512 40
4
475 475 430 450 500 525 520 520
23 2412 2314 2814
2312 25
24 25
14
4
153 13
14
14
13
14
13
1
/
1
/
4
1
/ 514 464 58
8
4512 483 461 5312 45
4
/
Key System Transit prior preL
Kolster Radio Corp
Rights
Langendorf Baking A
United Baking A
B
Leighton Ind A
B voting tr ctfs
Leslie Calif Salt Co
Rights
Los Angeles Gas & Elec pref
Magnavox Company
Magnin (I) common
Market St Ry prior pref
ii
i;
612
iii, 16- ie -li ii -1- i; li 241 -116 24 Ii --------10 -fi
2412 2112 233 24 24
4
4
/ 2614
26 2614
26
27
5112
494
39
39
27
29
53
51
4312
43
2734
2712
53
50
42
4112
2514
25
46
45
3712
3512
22
24 16
12
1112 13
53 5912 42
2738
26
52
5414
40
3912
25
4
503
52
3712
3712
/4
12
56
22
12
50
25
25
8
497
4912
39
38
4
143 23
12
12
50
62
8
8
ii1ii 56 - 4 4112
ii14 iira ____ ____ ____ _--- --__ -___ 56i2 -3.00 4.25 2.75 6.00 ---- ---- ---18
14
1834 17 20
1412 1678 1412 16
1214 1612 1312 16
---- --- ---- ---- ---- ---- ---- ---- ---- -___ ---- ____ 36
18
- 22
13
2514
53
61
8
393
4038
___
/312 2212 - 4
23312
12
13
4
551 5014 5214
3
24 4
8
503
5412
3752
3812
26
53
58
39
40
2412
50
55
3612
38
2512
52
5812
3814
40
_-_
4
223 /312
1112 12
49 56
4
1
/
23 25
4
/
511
50
5612 8714
38 40
38 44
__
__,,_
2212 1314
11
11
4
1
/ 52
46
23
51
67
2
4 12
414
____
22 4 3 2312'
1118 1112
1
/
424 48
20
50
8012
3612
37
ii 7034 863* 8212 ii12 ii 6511
ii3; soh, 724 5512 -
---- ---- ---- --_ ____
_
_ _
__ __
4
1
1i
167
- -8 3212 - / 19 Ii"
31
27 30
26 29
20
19
18
18
13
3
15 4 14
14
14
10
554 4714 5614 43 50
_
3.85 54
•
107 1071, 161
4
106
4
10514 10918 107 10912 108 11112 11012 11214 11034 11214 108 11134 10714 109 1051. 1074 106 10612 4.20 1063 10514
113 1018 163
12
4
8 8
3.50 2.90 3.45 3.25 4.45
30 50 .30 .85 .60 1.4712 1.15 2.40 2.15 4.00 1.30 2.75 2.45
4
25 293 2812 3512 32 37
24 28
234 25
2211 25
2234 25
25 26
4
1
/
3
22 2518 23 24 4 2212 2512 24 28
---- ---1912 ____
32
39
22
25
4
243 2012
1312
14
____
---_
3137-- 8
25
22
15
____
---- ---- ---__ ____
____
33
4
1 / 3
33 "8
2212 3212 263
4
4
20 203 18
1412 1614 14
4712
4
493 50
111 114 113 11612 113 114
1
/
105 106 106 108 10714 109 108 109 109 11012 106 1104 108 110 107 112 110 112
North Amer Inv common
10112 100 101 100 10014 101 10112
1
/
9938 102 100 10212 101 1024 10212 103 100 10212 100 101 100 10018 100
99 100
6% preferred
94 94
5 A % preferred
............. Corp Rights
4 4i
374
iiiia 55ra
46
4
4 467ii 5i1 --.4 5; "i6-3- ai -i612 56 4 -- 4 56i -- ii 8 -2712 25 lila 28 40
4614
42
ii -- iiil -.- aii2 8
3 4
564 -- -3North American Oil
267
27
2714
27 28
263 28
Occidental Ins Co
8
543 45 494 40 47
4
1
/
4512 4612 46
____ ____ ____ ___ ____ ____ --- ____ __ ____ ____ ___ 43 4518 39 47
Oliver Filters A common
8
543 45 49
4
1
/ 48
4
1
/
39
3
4
1
/
____ ---_ ____ ____ ____ ____ ____ 424 4412 3812 463 44 55 4 46
_ --__ ____ ____
- _
B common
42 42
Onomea Sugar
4
18
112 i 112 We 9 834 1 gig I51012 1012 1014 -if 6 104 ira "fir ira -II 5 lija Us 4834 4818 50 49 5334 4834 514 4912 5512 -------Paauhau Sugar Plant
3
50 55 8
47
1
4
1
/
/
514 493 534 45 51
4
4
/
471 4912 44 4934 43 4872 46
Pacific Gas & Elec common
2612 2712 264 2714 264 273
8
4
1
/ 27
8
4
8
263 2814 263 2738 26
283 294 273 284 261 28
2718 29
4
4
/
1
/
2618 274 27 28
1st preferred
-_- .. ..,-.,
2, .,-.._•-: -- ---- -- -,,,, --- ---f
.----- ---_
2.05 2.30 1.80 2.25 1.75 2.25 ---Rights
9
7 8
77
5
7
8478
73 85
8212 " 712 94 - 3 77 "
4
1
/ 1314 82 " 8 7512 "8418 7434 7714 74 -- 3 7412 - - 7014 -4
1
/ 918
4
/
751 7812 7218 77
Pacific Lighting common
_ 92 92
.
_
.
_
_
_
_
_
_
_
_
_
5% preferred
1E12 iiii iirila
1
-0614
4
- -14
iFoii2 161 io:Ii2 166 Hi 16512 ioii4 1651 io5 1cid jai 1- 165 coi12 ioi 10 4 ioi iiii 10012 102 155
6% preferred
--------------------------------------------------------2.50 2.80 2.35 2.90 2.35 2.90 ____ ____ ___ ___
Rights
1.00 1.75 1.30 1.55 1.25 1.25 1.25 2.25 1.6212 1.75 1.35 1.50 1.2712.3712 1.25 1.30 1.25 1.3712 1.1212.1212 --------1.25 1.25
Pacific 011
16812
16812
4
/
151 154 150 154 148 151 148 15434 154 159 148 1581 145 149 147 151 152 153 150 154 152 123 160 123
Pacific Tel & Tel common
120
120
11312 120 11812 124 11712 125 12012 125 11834 125 120 121 11812 12112 118 120 120 12114 120 124
Preferred
3
3
4
3
80 8 8812 8412 903 82 8614 83 8 93 4 82 8712
79 10314 82 88
8
1
/
944 9512 927 9812 9312 1054 10012 10912 964 106
Paraffine Cos, Inc,common
4218 45
4
1
/ 3512 ---29
4
1
/
4112 4312 35 4034 3012 3912 4014 4212 4112 4112 4112 4112 ----------------40 40
Phillips Petroleum
118
4
4
26 3312 293 383 294 3512 25 - 7
4
1
/
23 27
2212 24
4
/
4
3
4
/
221 25 4 244 283 211 26
2314 2738 2518 3114 25 28
Piggly Wiggly Western Sts A
1512 15
15
15
1512 15
13
s
147 1512 15
16
1634 15
1614 1712 15
8
143 17
15
4
3
3
15 4 143 15
15 4 16
Piien Whistle preferred
4
/
4
3
4
3
8
39 5134 425 4838 45 4 4812 463 5112 471 503 4718 55 8 4312 514
4
1
/ 3512 4512 44 52
4
1
/ 234 26
2412 35
3
25 8 27
Richfield Oil
2434 2412 2434
24
2512 2412 25
4
1
/
23 2412 24
4
- ---- -7-- - - 2328 2414 24 243 2214 2412 2312 2414 314 3314 313 3212 304 32
Preferred ex-warrants
31
4
/
313 301 3312
4
4
32 34
36
8
31
_--3414 31 - -8 35 373 33 36
373
4
313 31 31
----Roos Bros common
4
1
/ 98 9812 98 99
99 994 9812 9912 98 99
1
/
974 101
1
/
984 102
4
1
/
9814 102 1013 103 10118 103
4
98 994 98 100
Preferred
- -.
-- ,r,, _-_,- ---- ---- -- --- 7,
-- -,.,4
1
/
S J Light & Power prior pref._ 11314 116 1154 118 116 11634 11608 11818 118 11912 115 1173 ---102 101 101
- -100 10184 10112 105 10312 1043 104 106 105 10612 103 10612 10214 111414 101 102 10012 103 --------100
6%
12
----------------------------------------115 11712 11512 116 114 11538 11312 15 11412 11612 115 116
110 110
A 7% pref
4
1
/ 20 2112
2212 2414 21 22
8
223 2212 27
414 20 2312 21
7
20
2112 25
2412 612 25 2714 23 26
23 25
Schlesinger (11 F) A common
Rights
9 -13
a iii2 --1
9i
iii2 55 -- oi 64- 65 iii 6:4 ii 56 65- 4
9i
ii -95 9812 963 98
9412 97
4
1
/
92 94
Preferred
Rights
31 iii2 if
4
9
2
6
2 8
21 iii2 -- -7- i ii4 -- iii4 113- 56i4 2634 2912 iiii8 isii, ii "ii ii 8
25 2684 24 253 25 27
Shell Union 011 common
_ ____ ____
Right.
91
.
91 ' 91
87 98
97 9814 97 "91 ii "9 8 55 " 12 11;1 - 12 ii 91 iiia -crE 92 94
97 9812 974 99
4
Sherman & Clay prior pref.__ 953 98
95 95
92 95
9612 9414 9612 97 97
8
3
97 9718 95 95 4 96
95 9514 95 9512 9512 9612 9512 9612 953 97
Sierra Pacific Elec pref
Southern Pacific
Sperry Flour Co common
Preferred
Spring Valley Water
Standard Oil of Calif
Standard 011 of New York
•
Telephone Inv Corp
Texas Con Oil
Tidewater AssoC Oil
preferred
Transamerica Corp
4
1
/
120 12338 1184 1203 1187 12112 1211g 123 124 12812 11914 12614
8
8
65 73
4
6212 683 6012 67 67 85
82 65
654 80
4
993 10114 10112 1021 1004 10412 10112 1024 102 103 10112 10318
4
/
9818 104
105 10734 106 107 105 10712 106 11018 104 120
4
1
/
53 5918
4
1
/ 53 58
4
1
/
4
1
/ 58 82
4
4
1
4
1
/ 57 62
/
4
1
/
5412 563 53 54
3912 3912 _
4
4
---- ___ 293 298 --------33 33
31
31 3212 ilia ifil
31
119 11912 120 12412
70 7612 68 7412
100 103 100 10112
4
/
911 96
95 100
4
4
563 594 563 594
_
____ ____ _
36
____ ____ a6Z2 -- 4
12212 127 122 122
4
1
/ 7212 774 75 9 4
6
7212 70 78
70
4
993 10212 10014 103 95 1014 100 1021
1
9134 9212 0014 9212
95 89 92
91
3
4
1
/
8
1
/
4
573 614 597 6314 6118 7914 65 75 4
-_-- ___
__-- ____ _
- -_-_-- --64
44 3
____ ____ 5. -238
i1--1 ii
7
218 i i"4
-- il iii
in;233*
.
22 22
24 2512 2512 2812 25 27
---------------------------------------22 26
Transcont'l Air Trans Inc
3
15
247 27" 26 - 4
1
/
22 2252 25 25
23 2.5
22 22
2358 25
251
24 27
24
4
1
/ 25 26
21
3
24 4 2 12
Trau ng Label & Litho Co
49 54 2 518 5614 49 53 4
4
3
3
8
4338 5184 488 574 50 56
5018 547 4912 53 4912 52
4
/
411 45
4
424 44
4
1
/ 45 55
Union 011 Associates
_ _
.1.65 1.75
Rights
1
1:7:2 .9 52
50 1
.
4
1:6 2
.
.14. ..
6_
18
8 51- .
.. . " ii! 7
7
4
1
/
43 45
8
19i4 ill:4 ii!il _I ...i. ii_3_.ii_ 5±4 ii_i_. ii_. i_z ii_i - ii_5! ii_21 i4Hil. -1_ _ i_ _i.i_2. .14
if
4212 45 8 44i4 - " 7 "
5
Union Oil of California
_ _
Rights
4
1934 2812 213 2712
12 25
918 11
912 11
10
10
918 1112 7 4 912 8 16
13
11
1012 14
1112 15
4
1
/ 3
Union Sugar common
29 31
2612 31
4
/
211 2112 --------2412 27
23 24
4
1
/ 2312 25
23 234 23 23
1
/
2312 2312 22 22
2312 24
Preferred
Agric Co Ltd
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -Walalua
-___ ____ ___. ---- ---- ---- ---- -(Raphael)105 105 109 109 --- --- --- - -Weill & Co,Inc
350 305 300 312
Wells Fargo Bank & Un Trust_ 300 317 295 310 300 340 305 356 345 37518 300 345 305 310 30112 315 300 305 280 297
West America Finance pref
Westcoast Bancorp
Western Power pref
Yellow & Checker Cab Co
"Old"
Zellerbach Corp pref6% 1926._
Pre( 6% 1927
Zellerbach Corp
Deposit certificates
Common certificates
614
612
6
8
612
612
6
4
1
/
6
6
a
77
612
7
614
614
612
4
63
612
4
63
4
53
7
512
,
68
514
6
_ ____ ____ ____ ____ ____ ____
8
48 5218 5112 521
"
12 4918 51
102 102
54
.
1
11 ia
iii
-_-- -____ 55 1814 51 - 712 iii, - 4 iii, - i iiia "ii Era 4
1
/ 11
812 1114 9
4
1
/
117 140 130 145 130 140 117 115 120 116 105 125 ---- --- 110 110
120 140 130 144 130 140 1114 125 117 13014 110 125 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------ ---- ---- ---- ---1
/
4
1
/ 344 48 -554 7677 - 4
1
/ 4212 483 444 49
8
4
1
/ 52
4
1
/ 48 5412 48
43 52
4538 453*
- ---- ---- --
_
1644
FINANCIAL CHRONICLE
[VoL. 128.
MONTHLY RANGE OF PRICES ON SAN FRANCISCO STOCK EXCHANGE FOR YEAR 1927.
January February
April
March
May
June
July
August September
October
November December
Low High Low High Loos High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Alameda Sugar
Alaska Packers' Assn
American Trust Co
Anglo California Trust Co_ _
Anglo & London Paris Nat Bk_
Rights
Armour & Co"A" common -"B" Common
Associated 011
1.50 1.50 -------------------------15
----------------165 16
f,sci185 185 180 180 ------------------------160 160
300 350 330 398 355 380 350 361 350 365 350 360 345 352 34412350 345 37512 3503 360 355 485 - 458- 5711
4
338 340 350 350 36712 380 380 380 ----------------365 365 365 365 370 37012 354 375 _- _ _----195 211 205 232 215 228 213 219 210 217 20812 2712 207 209 206 222 217 225 20712 219 200 24212 220 ido
10 20, -- -2
15
12
1512 1412 1412 12
3
104 1012 9 4 12 ------------ ---- 9 9
8 8 9 ----------------11 --7
11
4912 4912 --------46 46
45 45
44 444 ----------------------------------------3812 1812
8934 100
997 1143 110 11414 110 11178 112%11978 119 12512 120 125 88914 1243 r893 120 10512 11814 115 13414 1325 146
8
4
4
8
8
262 270 250 26012 252 260 250 254 245 250 246 250 245 250 250 255 254 260 2533 260 254 290 270 299
4
8
528 575 573 670 670 6823 171 687 171 17312 17112 179 172 191 184 191 1853 235 4197 2497 20312 227 220 250
4
8
3.25 63
4 314 85 -- -8
97 97 ------------------------97 97 ___- -___ ---- _ - 974
9718 97 97
97 97
954 9512 9513 9512
Calamba Sugar common
68 70
7012 7114 70 7012 70 71
69 694 70 75
71
7312 75 7518 76 81
7712 8812 89 98
80 81
Preferred
84 8412 80 82 82
83 84
82 84
8212 8112 85
83 84 8212 85 85
8712 8312 86
8712 94
90, 90
8
California Copper
4.50 5.00 ____ 4.50 4.40 4.75 250 375 250 275 200 275 2.05 2.50 2.75 3.50 2.55 3.65 3.00 30502.50 3.00 2.50 3.00
California Cotton Mills com
_
35 41 ---- ----------------------------20 20
25 25 --------35 40
42% 45
48
California-Oregon Power pref. 10212 10412 10212 10312 10212 105 104 104 10 %132 103 10314 10314 104 104 104 106 106 10614 10712 107 5212 60 85
2
110 110 11058
California Packing Corp
6812 6212 6812 6158 64
66 697 6512 693 64 6778 61
4
8
6112 65
624 6512 6312 6712 6354 66
66
6412 70
794
California Petroleum common 303 33
3014 2112 27
4
2414 2614 2112 25
30 3138 26
2234 25
214 2418 21
234 1934 2214 2414 2434 2134 243
Caterpillar Tractor
2714 293 263a 30
8
4
4
28 293 273 297 2714 2914 27 2834 27 2914 2812 34% 35 448 43 493k 47 567 5214 59 4
4
8
Central Nat Bank of Oakland_
__ 290 295 --------------------------------320 320 325 325 355 355 375 400
00 430
Coast Co Gas & El 1st pref.
9412 9518 9412 96
____-94 944 96 96
96 97
95 9612 96 97
96 974 9612 98
9612 98
9712 106
9612 99
Commercial Securities
Crocker First National Bank 307 307 307 310 3113 312 310 320 310 315 313 315 30612 310 305 308 315 320 335
4
350 350 370 40218 500
Dairy Dale Co"A"
"B"_ __ __ _____ __ ____
,
-,-- ___- -- - - - ----17
16
East Bay :
Water"A" pref
91
1 ---- 97 - ---- 9714 ---- ---- ---- - -- --_ 4 If.. 9612 97 16 2138
96 -- -12 97 - 12 9714 11 i6 "1112 9612 "9112 9512 -- -14 9512 -97
9
9634 69
97 9
9514
"B" preferred
105410718 10812 109 107 110 11012 111 11012 11012 10412 106 10418 107 106 10612 106 110 10612 108 106 10712 96 973
107 107
Emporium Corp (The)
3614 34 39
34
35
3614 363 38
34
8
3434 31
3312 30 32
3012 313 31
4
3314 30 32
30 33
3114 3413
Ewa Plantation Co
4412 45
4212 4.212 41 41
44 44
404 44
414 42
41
4312 4112 4212 4014 44
41
42
4114 4312 444
Fageol Motors common
3.50 3.50 ----------------2.25 2.25 ----------------3.30 3.30 3.00 3.50 --------3.25 3.25 2.25 2.25 __ -- 4612
5
7
i 2 612 638 7
Preferred
612 612 6
612 514 612 6
612 6
7
65
8 65
8 612 8
7
78 612 --712
13
Federal Brandeis Inc
18
15
10
1512 1712 147 17
1012 97 1112 10
8
143 1712 1614 2018 1714 1934 1712 11114 1814 2412 23 28
4
Firemen's Fund Insurance
90 9234 90 9134 88 9013 89 0012 89 893 883 9112 895 9112 89 9014 90 95
4
4
8
927 98
8
9534 11412 110 12514
Foster & Kleiser com
1214 1238 12
13
13
131 1214 13
1214 123 1214 123 1212 1212 1212 13
4
4
1234 1311 1312 15
1312 15
14
143
4
Great Western Power pret
10312 10412 10334 104 103 1043 10214 10314 10212 1037 101 10312 102 104 104 1053 10212 10434 10214 10314 10234 105 1034 1054
4
8
8
6% preferred
---- ---- ---- --__ 965 97
8
97 9812 98 99 99 101
985 9912 9812 10114 98 100
8
Haiku Fruit & Packing pref._ ____ _-_ ____
__ 2312 24
22 2358 20 2212 2214 23
2234 2312 --------21
22
21
22
217 2212 21
8
224
(Free)
9
9
9
10
8% _914 918 10
812 9 9
9 ____ -__ 814 812 8
9 ----------------7
918
(Pool)-____
_ _ ____
_ 914 94 --------8
8 ------------------------7
8
---- 7
918
Hale Bros _Stores Inc
3412 31% 35
3512 -31
364 354 --- 3412 3518
3512
30
34
32l 33
32
31
30's 3212 -------- 30'2 - 1 31
31
333
4
12 4
33
Hawaiian Com'l & Sugar Ltd
48 50
484 4918 4814 4914 48 49
49 50
4912 5012 49 5012 50 52
51
5312 4912 5112 4912 504 51
52
Hawaiian Pineapple
54 554 4914 55 4 4912 5114 50 507 50 504 50 5012 50 51)12 4812 50
3
48 56
434 5112 4212 4412 43 4 48
3
Rights
6
6 14 54 6
53
8 6 ---- -__
Hawaiian Sugar
4114 41
4012 417 4012 42
4114 41
41
4238 4118 42 42
45
4118 44
43 44
4212 44
42 43
Home Fire & Marine Ins
31
3214 2912 31
30 30
2312 30
3018 31
29 30
2812 30
283 31
4
32 3314 3212 3612 35 41
3812 49
Honokaa Sugar
3.00 3.00300 3.00 2.00 3.25 3.25 5.00 5
6
55
8 5 4 3.50 3.503060 4.75 3.00 3.00 3.00 3.75 3.00 3.003050 3.50
3
Honolulu Cons Oil
333 365 35 3612 3412 3612 3458 3512 354 363 3512 363 343 363 36
4
373 3912 394 424 3512 41
8
4
8
4
4
4
4014 36 40
Humboldt Bank
-475 500
Hunt Bros Pack"A"corn
2512 2614 2514 25 4 2414 2512 24 25
24 2412 23 2418 2318 24
3
23 2312 22 2312 22 23
2312 24
2218 2518
Hutchinson Sugar Plantation_ 1234 13
14
14
14
133 144 14 14
4
13
1312 14
a
1312 14
137 14
137 14
133 14
4
1312 14
s
133 14
4
Illinois Pacific Glass "A"
3212 343 3314 3412 33 3438 31% 33
8
313 353 3212 35
4
4
374 3512 3838 3612 4012 3712 4812
8
323 3458 34 385 36
Key System Transit pre(
24
17
9
14
1214 10
3112 15 25
12
6
10
514 6
612 7
612 7
6
614 7
7
2
6
Prior preferred
60 65
39 40
30 35
40 60 4 3012 50
3
25 35 --------25 25
20 2212 10
12
11
1112 812 12
Langendort Baking "A"
1212 121 1212 1212 1212 123 1212 123 1212 127 1214 1212 1214 212 1214 1214 1218 1212 1214 1212 1214 1214 12
4
4
8
1213
L A Gas & Electric pre(
99%10018 99 10012 10038 10214 10114 10418 102 103 10314 1037 10214 10458 10233 104 1027
9912 100% 0912 100
98% 100
8
8 10412
Magnavox Co
40
55
35 45
40 60
50
75
30 40
30 30
20 40
25 25
20 30
30 34
35 55
45 55
Magnin (I) common
2514 283 26 2612 2618 28
164 1912 1714 194 18
8
1718 185 18
8
8
1912 18
1912 1714 18
1914 184 22
20 234
Marine Corp
1.65 2.00
Bancitaly Corp par 525
Bank of California N A
Bank of Italy N T & S A_a
Rights
Booth (F E) pref
Preferred
Second preferred
Prior preferred
------------------------------47--12.._
12 48
46
44i2 4413 --------
55
gip i
S
-
15
.
-25 25
North Amer Inv Corp com
. - - ____
_ i61 161 ioi 162 i02 16i 115i 10
__ ____
i
-- ----------------105 105 --------104 106
-i 10i 10
'
Preferred924 -3 93
93
93 --- 9412 9412 9412 9412 944 95
95 95 95 95 95 95
95 97
95 97
95 97
9612 100
North American Oil
39 468 283 3812 3358 3718 34 373 3558 363 364 39
4
4338 48
403 44
4
4
37 3814 363 4312 383 417 3612 39
4
4
4
Oahu Sugar
3712 36
3612 3712 36
35 3612 3512 37
3812 357 39
36
36
353 3612 3512 38
35 3612 3412 3512
Olaa Sugar
3
1114 1318 1112 1212 11
4 912 93 103
8
4 9 8 12
9
8
83
11114 1034 12
1212 1212 --------01 10 ..
4
_
Onomea Sugar
40 42
41
417 40 4112 4112 4314 4212 44
423 41
s
8
4118 41% 4212 4212 4212 44
4212 44
40 407 ioTz --4212
Paauhau Sugar Plantation-- - 12
8
113 1112 1118 12
117 12
12
8
1112 12
12
12
1112 117 12
12
8
11
123 10
4
11
10
11
11 12
Pac Auxiliary Fire
Pac Coast Biscuit pref
4738 4812 4512 4812 ii ii3 4i
4312 43
.
4
4814 48 4814 47 4814 474 41
147
Pacific Gas & Elec com
32 33
2
3114 3212 317 3212 315 35
83 38
36 .39
3614 38
3714 4014 3914 45
4112 4434 42 463 4512 -8
4912
1st preferred
2518 2558 2458 2518 247 2514 25 26
2512 2612 26
2638 2618 267 28 263 26 263 257 27
8
s
4
8
2614 267s 26
2658
Pacific Lighting Corp com-e- 311 311 315'320 320 375 375 420 420 425 445 552 491 570 54712600 600 790 f717 753 724 7914
8
4
5% preferred
------ -----------------------------------------------------91 91
85 85
91
91
9012 91
90 90
6% preferred
9712 99
912z 978 91 t2114
4 64
i
12 2 10112 102 101 102 1001,102 10034 102
3
4
Rights
-- - .-_ ___ 210 290 215 275
Pacific 011
1.75 1.75 1.40 1.50 1.25 1.30 1.124 1.25 1.1212 1.25 1.0511.151 --------1.1212 1.25 1.1212 1.25 1.25 1.25 1.12411214
Pacific Tel & Tel com
136 139 130 13838 123 1323 12714 13214 128 143 132 138 135 138 13512 137 137 158 150 160 14812 15212 1.1212 1.25
4
10612 11014 109 1144 102 114 104 111 11012 112 111 1144 1144 116 114 115 1121411558 113 116 11112 116 148 160
Preferred
11314 115
Paraffine Cos Inc com
11014 11812 11512 13212 130 13934 56434 13212 643 66
4
6412 66% 5334 68
6414 6812 647 7414 7014 7612 7212 78
75 4 89 2
3
,
Phillips Petroleum
547 5814 5714 597 46 5712 40 4814 407 4414 3814 443 383 4012 42
8
4578 4134 44
4
8
3614 4212 4113 4314 4014 41
Piggly Wiggly W States "A"
1912 20
1912 2014 20 2014 20 203 2012 233 2234 2378 223 23
4
4
8
2212 2312 23 24
2358 2412 2338 24
2212 234
1534 1534 157 1618 16
Pig'n Whistle pre(
8
16
16
16
16
16
16
16
16
16
163 16
16
8
16
16
16
16
1618 16
1612
Pinal Dome
i7 -- - 2
2 12 '
Pioneer 31111
8
7 -- -34 i7 - 12 2518 27
2/
2
26 27
7
- -12 iii4 - - -12 2. -- -33 ii11- 30
3114 3214 5ti "32
4
.8is 2
9
2
9
3
- - 36 -.
14_ -
Richfield
011
San Joaquin Light & Pow com
Prior preferred
Prior 6% preferred
"A" 7% preferred
Schlesinger (B F)"A" com
Preferred
Shell Union Oil com
Sherman & Clay prior pref..-
244 2612 233 25 4 143 237
8
3
4
49 49
51
51
50 50
10612 10918 10812 10912 107 108
97 983 9712 993 97 98
4
8
103 103 103 105 105 105
23
4
2114 223 203 22
4
21
9012 92
90 92
893 91
4
4
287 3034 3012 3178 273 303
8
9434 95 4 95 96
934 96
3
Sierra Pacific Electric pref
Southern Calif Gas pre(
Southern Pacific
Sperry Flour Co common
Preferred
Spring Valley Water
Standard 011 of California
Standard 011 (N Y)
87 914 92 9234 90 92 90, 91
894 9012 89 91
9813 9813 ----------------95 95
..7:1064 11014 108 112 10712 1312 112.8 144 1115 11558 13 1
4
-1614
44 484 47 4812 45 51
4412 4512 45 49
48
54
9212 95
93 95
96 973 97 98
9314 95
9314 97
4
10112 10212 10258104 103 10814 103 1037 103% 10614 10114 10512
8
58 60 4 58 6012 543 584 50% 558 523 553 514 5458
4
3
4
8
8
3012 307 30 31
304 32
30 30
Telephone Investment Corp
Texas Consolidated 011
Traung Label & Litho "A"Union 011 Associates
Union Oil of California
Union Sugar common
Preferred
U S Petroleum
2512 26 26
26
2712
2714 2712 27 27
.50 .66 .55 .95 .50 .65 .45 .60 .40
21
20
21
21
204 2112 21
204 21
4
53 5618 52 5414 404 52
3914
373 43
5214'
3912 433 413
41
4
8
53 564 5214 55
16
1712 16
19
16
1658 16
1712 17
264 264 --- - 2612 27
2512 2612 2512
1.6712 1.75 1.70 1.90 1.80 2.00 1.75 1.9212 1.75
1914 1838 217
15
50 50 3 514 5112
4
107 108 1063 10814
4
9734 98
9714 100
--------105 10518
20 2178 2114 23
892a 9014 89 9112
28
2812 2718 283
8
9512 9712 9612 97
18
21
1812 20
--------55 56
10612 1077g 10624 11012
9712 9378 9912 102
105 106% 1053 107
4
2178 2334 217 2258
9034 93
9212
91
2618 2778 2658 274
96 967 92 96
s
183 2012 1812 1812 1734 22
8
5612 63
1093 11114 10812110 10958113
4
14
100 102 10012 103 10012 1023
4
105 107 1043 10614 10614 107
4
2214 21
21
2234 21
21 18
90 94
94
91
9112 92
26 281a 2514 27
247 2618
8
9012 95 9214 9312 93 94
8918 92
89 91
89 90
_7".•.,
117 11958 118 115 111158 1;1.4
4
50 537 48 493 4912 65
975 9814 0714 9814 98 997
8
102 1034 10312 105 102 10412
5214 544 53 564 53 543
4
314 3112 3112
31
30 30
92
93
11504 121
5778 6112
98
99
10212 10312
5212 5558
303 31
4
274 --------2758 274 27 28 2812 283 287
4
8
.50 .40 .65 .60 .87 .55 .75 .45 .50 .45
2012 20
20 21
2012 20 20
20 21
20
4314 3818 4112 39 41
4058 4334 4012 42
393
4
4278 42 445,. 4112 4314 407
444 394 4318 41
8
17
18
12
12
16
1814 1512 16
15
9
2512 ____ ____ 2518 2514 254 254 2518 26
25
1.85 1.70 1.75 1,271,1.50 --------1.55 1.65 1.35
214 25
2414 2812
112%11112
1001 10214
10534 10614
21
2312
9113 93 4
3
2514 2714
9312 9412
1101, 1131;
1991 101
4
100 106
22 23 4
,
9012 94
2518 Ms
93 97
93 94
914 94
_-•
11918 1258 1193 12512
57 6014 00 70
09 100
99 101
1023 10712 106 110
4
545 574 5412 56
8
3114 323 303 303
4
4
4
29
29
.52 .50
21
20
443 42
8
4512 4312
114 9
26
2312
1.60 1.35
30
294 31
.70 .40.50
20 20
24
443 4114 44
8
457 4212 46
10 144
14
25
233 25
8
1.35..- ----
Waialua Agricultural Co Ltd_ 3712 41
41
4
424 417 431 4312 457 45 47
3814 393 393 40 40
39 40
41
4112 43
45
47
Wells Fargo Bk & Union Trust 270 270 285 290 27214 295 267 270 260 270 263 263 260 263 260 285 285 290 290 320 290 46 46
300 295 340
West Amer Finance pref
9
9 14 9
9 18 818 8 4 815 858 5
914 9
714 7
3
94 9
8
53
4 712 6
7
614 7 0.25 6.50
Western Dairy Prod "A"
Western Power pre(
ii - 12 98 98 --------9958 9912 --- --6i
West Coast 011 pre(- --- ---- -- ____ ___ Yellow & Checker Cab
9
94 9
93
8 85
94 83
8
8 914 84 94 87
83g 814 812 7 4 812 73
4 94 8i 9
3
4 8
5
8
83
4
Zellerbach Corp
8
28 297 2812 314 294 315 2878 3212 3112 3218 3012 33
31
347 34 3512 33 4 37
3
345 3614 35 41
8
4014 4613
6% 1926
96 9712 9534 98
97 98 , 9714 9918 99 1013 9934100
4
99 4 100 9912 1004 1014 10312 100 10112 10034 10612 110 120
3
a Par value to April 12, 5100 from April 13, 525. 8 Aug. 2, ex
-40% stook dlv. c Ex-14 2-7% atOek alV Sept. 28. a Ex-25% stook dlv. Oct. 25. e Par value
to Nov. 19. 8100. from Nov. 21, no par, fEx-900% stock div.. Nov. 21. 5 Ex-20% stock dividend.
MAR. 16 1929.]
FINANCIAL CHRONICLE
1645
LOS ANGELES
The Growth of Los Angeles.
By Shannon Crandall, President, Los Angeles Chamber of Commerce.
Recently a national statistical organization announced
that Los Angeles had become the fourth city in the United
States, being exceeded in population only by New York,
Chicago and Philadelphia. The 1930 census will undoubtedly confirm this in the minds of those inclined to doubt
the assertion, even though the survey is based on such irrefutable indices as school enrollments, registration of voters, utility installations and other significant factors of
growth.
Los Angeles is often referred to as a young city. It IS
young when considered in the light of its growth as an
American city. Yet few realize that its actual founding
took place in 1781 when a small band of priests, soldiers
and colonists under the leadershipe of Felipe de Neve, then
Governor of California under the Spanish reign, marched
from Mission San Gabriel some ten miles away to celebrate
with elaborate ceremonies the founding of "Pueblo de Nuestra Senora la Reina de Los Angeles"—the village of Our
Lady, Queen of the Angels.
Thus began Spain's experiment in colonization, the founding of pueblos, or civil communities, as contrasted with
presidios, or military centers and missions, the secular
settlements. Los Angeles, as we know it to-day, thus became one of the few cities in America actually to be founded
by a decree of a reigning monarch.
But this sleepy Spanish pueblo remained little else for
many years. It passed through those hectic days of Mexico's declaration of its independence from Spain, and California's brief existence as a Republic under the Bear Flag.
Likewise, through the State's admission in 1850 to the
Union—the only State to enter the Union with full statehood. It continued to slumber along even after its incorporation as an American city in 1851 and for some three
decades thereafter.
In 1920, the U. S. Census showed Los Angeles as having
a population of slightly over 576,000. There is every reason to believe that the 1930 census will show the population to have reached twice that figure. At the close of 1928
an estimate based on all the various indices of growth,
gave the city a total of 1,336,889.
Los Angeles to-day is the biggest city in the Western
Americas. It has an assessed valuation of $2,133,479,743,
an increase of $361,624,823 over the previous year. The
County's assessed valuation is given as $3,550,039,417 this
year as compared to $3,309,159,409 last year. Property in
Los Angeles County is assessed, for the purpose of taxation, on a basis of 50% of its actual value. Thus all these
figures are but half of the actual valuations.
Los Angeles is rapidly becoming a great financial center, as the ,two following tables will show—the first showing the steady and rapid growth in bank clearings since
1917, and the second the total deposits in Los Angeles
banks as of Jan. 1 from 1910 to 1927:
BANK CLEARINGS.
Amount. Year
Amount IMA
$1,502,250,332 1923
$7,024,888,783
1,547,065,951 1924
7,194,525,378
2,339,401,197 1925
7,945,493,930
3,994,280,520 1926
8,917,424,196
4,211,196,797 1927
9,381.948,451
5,152,311,839 1928
10,825,705,030
•
BANK DEPOSITS.
Year—
Year—
Deposits.
Deposits.
January, 1910____ $118,460,483.99 January, 1920___. $383,252,411.88
January, 1911____ 125,061,476.72 January, 1921_,__ 443,480,349.12
January, 1912____ 152,975,147.15 January, 1922____ 501,405,982.68
January, 1913____ 181,831,151.38 January, 1923____ 660,664,193.60
January, 1914____ 170,468.979.18 January, 1924_-__ 842,976,578.91
January, 1915____ 164,131,669.30 January, 1925____ 938,098,061.34
January, 1916____ 194,093,078.32 January, 1926____1,048,175,110.73
January, 1917____ 235,182,919.37 January, 1927____1,103,129.366.24
January, 1918____ 252,496,355.74 January, 1928_-__1,118,633,542.8$
January, 1919____ 267,088,503.57
Year
1917
1918
1919
1920
1921
1922
With the merger, announced recently, of the Security
Trust and Savings Bank and the Los Angeles First National Trust and Savings Bank, this city will have, in the
new institution, the eighth bank in size in the country. Financial Los Angeles has developed many national figures
in banking circles, such as Henry M. Robinson, Joseph F.
Sartori and others.
Industrially, Los Angeles has forged forward at an amazing pace during the past decade. To-day it is the leading
industrial center of the West. There are many reasons
for this. Los Angeles County presents the best combination of advantages for economical manufacturing and distribution in the entire West. It has a large supply of open.
shop labor. It has an abundance of water for industrial
purposes as low as 11 cents per 1,000 gallons obtained from
/
1
2
cities and public utilities, and 2 cents per 1,000 gallons
from private wells. Natural gas is obtainable at 20 cents
/
1
per million B. T. U.'s, and oil at 162 cents per million
B. T. U.'s. Industrial power rates, with load factor discount, are as low as V4 cents per kilowatt hour. The mild
climate with which it is endowed makes for low factory
construction costs and happy, contented labor. This county
is served by steam and electric railways and unexcelled
highway systems as well as an excellent deep-sea harbor
and many commercial air lines. It has the biggest electric
interurban system in the world, the Pacific Electric Railway, operating over 1,100 miles of line. It is served by
three transcontinental steam railway systems—the Southern Pacific, Union Pacific and the Santa Fe. The Central
Manufacturing District, established by the same group of
men who established the Central Manufacturing District of
Chicago, is served by the Los Angeles Junction Railway,
connecting with all these rail systems. Another belt line
railway, municipally owned, serves the industries located
in the Los Angeles-Long Beach harbor district.
Los Angeles Harbor, with its 165 steamship companies
operating in and out, has grown within a comparatively
few years from an insignificant mud flat until to-day it is
the principal port of the Pacific, handling more domestic
intercoastal commerce than any other port in the nation.
Last year a total of 25,402,262 tons of cargo passed over
its wharves, with a total value of $879,079,986.
Los Angeles County is endowed with many resources. It
Is one of the greatest oil-producing centers of the nation.
Its miles of ocean frontage yield sand for glass manufacture. Its proximity to the Orient, coupled with its strategic location as a- distribution center for the 11 Western
States, has made it a rubber manufacturing center second
only to Akron, Ohio. Firestone, Goodrich and Goodyear
all have large branch plants here, and Samson, a locallyborn concern, has become a national factor in this field.
Los Angeles plants now have a total daily production of
35,000 tires and 40,000 tubes a day. This figure is rapidly
growing.
In total valuation, Los Angeles motion picture production
and its oil industry, vie with each other for supremacy.
The existence of oil here has led to the building up of a
great industry not only concerned with the production of
the oil and gas themselves, but many by-products as well
as the machinery necessary to producing oil. This latter
industry has grown to a point where it not only serves the
local oil industry, but exports hundreds of thousands of
dollars worth of equipment yearly to all parts of the
world.
Years ago, before the development of artificial sunlight,
this region was discovered by motion picture producers
who found that here a better quality of sunlight could be
obtained more days in the year than in any other part of
the country. However, light was not the sole consideration. Southern California could offer a variety of scenery
that made it unnecessary to carry great troupe of actors
and workers to distant lands in quest of desert or Alpine
or South 'Sea Island or Mediterranean coastline atmosphere. They all existed here within a comparatively small
area. Consequently the movie industry grew here until
now Los Angeles County produces millions of dollars worth
of film annually, representing 85% of the world's output of
pictures. The old days of using natural sunlight are gone,
but with the advent of sun arcs and kleigs, using as they
do great quantities of electricity, the industry still finds
this the ideal place to produce economically. The value
of the industry to this city is inestimable. These films,
FINANCIAL CHRONICLE
1646
depicting American customs largely, automatically have
become the great silent salesmen for American-made goods,
and Los Angeles benefits first because of the general
knowledge that the films are produced here, and consequently many of the clothes and household supplies used
must originate here.
The iron and steel industry has developed quite extensively here. Owing to the large deposits of iron ore in
Utah and the existence of coal and other raw materials necessary to the steel industry in close proximity to the city
of Los Angeles, at least by a down-grade haul, it is reabonable to believe that this city will be the great steel
center of the West in the near future.
It is already an important furniture manufacturing center, leading the entire Coast in this respect. During the
past two years a number of nationally-known furniture
manufacturers have entered the local field, absorbing
concerns which had previously been established locally.
Among these are such firms as S. Karpen & Sons, Khroeler
and others.
The textile industry here is also growing rapidly. With
a splendid grade of long-staple cotton grown in Arizona
and the Imperial Valley as well as in the San Joaquin
Valley, quite a nucleus of this industry has been developed
here. The Goodyear Tire & Rubber Company has a large
fabric mill here. With regard to the wool industry, Los
Angeles draws wool from the eleven Western States, and
several mills are now operating successfully here. Manufacturers are beginning to realize the saving to be made
by taking the raw silk from the Orient off the steamships in this port, and manufacturing it in this country
which has the biggest per capita consumption of silk of any
part of the country, thus saving the tremendous expense
of shipping it by express, heavily insured and heavily guarded, from the Pacific Coast docks to the Eastern mills.
With two-thirds of the world's population bordering on
the Pacific and with this population coming more and more
to use American-made goods, Los Angeles has sprung into
prominence as a manufacturing and shipping center of
great magnitude. At the close of 1927, according to the
U. S. Census of manufactures, there were in this area,
4,300 manufacturing plants with an annual output of $1,100,000,000.
Nothing is so indicative of the stability of a city's growth
as the postal receipts, a tabulation of which covering the'
period from 1917 to 1928, are given herewith:
POSTAL RECEIPTS.
Year
1917
1918
1919
1920
1921
1922
Amount
$2,640,202.18
3,070,760.91
3,269,134.68
4,190,660.70
4,919,348.58
5,813,139.01
Year
1923
1924
1925
1926
1927
1928
Amount.
$7,068,875.07
7,916,340.71
8,226,710.21
9,089,918.86
9,781,076.33
10,147,823.14
Despite its rapid strides in population and industrial expansion—both with attendant encroachments on available
agricultural acreage,—Los Angeles County has been able
to maintain its reputation of being the greatest agricultural producing area in the country. The total value of
its production along this line exceeds that of any other
county in the nation, according to U. S. Census figures.
This is due largely to the diversity of soils and climates
to be found in the county. The figures for the years 1926
and 1927 are given here:
FARM PRODUCTS.
1926.
$7,457,500
11,305,500
45,445,692
25,608,823
1927.
$7,635,825
10,339,825
49,629,251
24,803,000
$89,817,515
Field crops
Truck crops
Fruits and nuts
Livestock
$92,407,701
This enormous production is reflected in another important industry in this area—that of packing and canning.
The output of Los Angeles County's vast orchards and
farms is canned and packed for distribution all over the
world. Its citrus fruits alone are an enormous factor in
the economic stability of the community. In addition, it
draws livestock to its Union Stockyards from all over tile
West, and consequently great quantities of meat are packed
here annually for distribution at home and abroad. And
while on the matter of canning, it might be of passing
Interest to know that Los Angeles harbor is one of the
greatest fish-packing centers of the nation, ranking second
only to Boston. Tuna, sardines, albacore, mackerel and
[VoL. 128.
many other kinds of fish to be found in the Pacific near
Los Angeles-Long Beach harbor, are packed here for shipment all over the world. Over 1,500 commercial fishing
vessels are registered in this port and all the leading packing companies maintain plants and fleet tenders here.
All this growth, phenomenal as it may seem, has not
occurred haphazardly, but is the result of the efforts of
the Los Angeles Chamber of Commerce, working on a plan
adopted years ago when the city boasted less than 100,000
population.
Back in the '80s, Los Angeles had a boom whose bursting
left the city in bad straits. In 1888, a handful of men
who had faith in the city's future, met and formed the
Chamber of Commerce which to-day enjoys the reputation
of being biggest organization of its kind in the world, having over 12,000 members. During the 41 years of its existence, this organization has had but three secretaries—
Charles Dwight Willard, Frank Wiggins, and Arthur G.
Arnoll, who now, in addition to being Secretary, enjoys
the title of general manager. The late Frank Wiggins, who
passed on in 1924 while still "in the harness," succeeded to
the secretaryship in 1897, after having worked for the
Chamber for seven years prior to that year. In 1924, Mr.
Arnoll, who had been groomed for the position under the
able guidance of Mr. Wiggins for several years before succeeding him, took up the torch of civic leadership which he
bears to this day.
The city's history falls into two distinct eras, each coinciding with the tenure of office of Mr. Wiggins and Mr.
Arnoll. During the time Mr. Wiggins was at the' helm
of this institution, Los Angeles experienced its greatest
strides in population gains. For years he was a familiar
figure at Eastern fairs and expositions, a picturesque type
of man bubbling with enthusiasm born of a genial climate
and a land of vast distances. Being a born showman, he
was able to catch the charm of California and take it
'bodily into the East in a manner that fired the Easterner
with a desire to see California and some day to live here.
During the period between the two censuses of 1910 and
1920, population figures show that two out of every three
persons who settled West of the Rockies, settled in Los
Angeles County. Thus this region gained accessions from
every State in the Union. They represented the best brain
power of the nation—people of means and mature judgment.
But mere population cannot support a community. Payrolls are necessary to sound prosperity. For several years
prior to his succession to the secretaryship of the Chamber, Mr. Arnoll was assistant secretary and manager of
the industrial department. He had launched what was
known as the "Balanced Prosperity" campaign. He• had
employed engineers who were experts along textile, automotive, ceramic and other lines. These men were asked
to make surveys of the markets, distribution, availability of
raw materials, manufacturing costs, labor conditions and
other factors entering into industry.
Surveys were also made to determine what Los Angeles
was actually producing, and simultaneously with the launching of the campaign for new industries, there was established a domestic trade department charged *ith the responsibility of expanding into the vast hinterland, the mnrkets of manufacturers already here. With the engineering surveys completed, an active campaign was launched
to bring into this area those industries which Los Angeles
County could support. This systematic program of industrial expansion for a community is the first and greatest
ever undertaken by a city, and has come to be the model
for campaigns of a similar nature in cities all over the
nation.
As a result of this campaign, which is still being pursued energetically, such nationally-known names as Firestone, Goodrich, Khroeler, Karpen,American Can,Pittsburgh
Plate Glass, National Biscuit, Theme, Willys, Ford, CheekNeal, Maxwell House, and many others have been added to
the long list of manufacturers in this community. Likewise,
many local concerns which had previously served only a
limited market area, found themselves, under the paternal
guidance of the Chamber's domestic trade department, serving the eleven Western States and the East. A similar
service was being rendered at the same time, to local manufacturers by the Foreign Trade Department, by expanding the city's markets abroad.
It must be borne in mind that what is now Los AngelesLong Beach harbor, was originally only an open roadstead
MAR. 16
1929.]
FINANCIAL CHRONICLE
connected with a broad expanse of mud flats. In the
early days small vessels moored a mile or so offshore and
merchandise was lightered back and forth either from the
bluff overlooking the harbor or to the head of a shallow lagoon winding its way through the mud flats. In 1871, the
government began a small improvement of the harbor by
confining the mouth of the lagoon to one channel, thereby
deepening it from less than two feet at low tide, to approximately 12 feet. In the course of time the entrance
channel was made deeper for a short distance into the
lagoon and a breakwater was begun in 1896 to protect the
open roadstead and make it a harbor of refuge from
storms.
With the exception of incoming lumber, however, the
commerce of the port was comparatively small until the
City of Los Angeles, in 1909, reached out over the intervening 20 miles between itself and the harbor communities
of San Pedro and Wilmington, and threw its financial resources behind the port development. Since 1912, approximately $25,000,000 has been expended by the city in improving the harbor and in building whacves, transit sheds,
warehouses, highways and railways. Since 1871, the government has spent nearly $10,000,000 in dredging, building
a breakwater, silt prevention and other improvements. Today, less than two decades since its conception, until it is
now second in the nation in point of ocean commerce
handled, being exceeded only by New York. It leads all
ports of America in intercoastal commerce, and ranks second in exports to foreign countries.
Owing to the newness of the harbor, Los Angeles had
to be made sea conscious. This was the work of the Foreign Trade Department. Manufacturers had to be educated to export their wares. Thus another outlet was provided for Los Angeles
-made goods.
But all the Chamber's activities are not confined to
industrial development. The Agricultural Department,
headed by a nationally-known agricultural economist, is
constantly striving to reach out into the East and select the
right type of farmer for Los Angeles County and the great
Southwest. Owing to the diversity of soils and climates in
this area, constant care must be exercised to procure men
able to adapt themselves to new surroundings and to carry
out the work of managing a modern farm which, in itself,
is a small industrial unit. The newcomer is guarded by this
department against real estate sharks and promoters who
endeavor to sell small acreages on the basis that they will
provide an independent income for the owner. Instead, the
Chamber is advocating the small suburban farm for those
who desire to live outside the city and commute to work,
using the farm merely as a means of recreation and a producer of fruits and vegetables and poultry for the household first of all.
The publicity department of the Chamber is constantly
helping all these departments to carry on. their work. In
addition to the aforementioned, the Chamber maintains
departments devoted to aviation, traffic, field service, planning and real estate, research, safety and fire prevention,
, and meteorology. It publishes its own magazine—"Southern California Business," a monthly chronicle of the development of the Southwest. It maintains trade commissioners
in the Orient and in Pan-America. It has branch offices in
Chicago, Hawaii and Washington, D. C. It owns and operates a height-limit office building in the heart of the city
of Los Angeles, and has branches in Venice, West Los Angeles and the San Fernando Valley—all of which are within the city limits of Los Angeles and which are best served
by branches of the parent organization.
The Los Angeles Chamber of Commerce has made Los Angeles and Southern California known all over the world.
Likewise it has become .the model throughout the• world,
for efficient civic organizations.
Los Angeles Clearing House Association
in 1928.
By Henry H. Robinson,* President, Los Angeles Clearing House Ass'n.
The Los Angeles Clearing House Association is outstanding not only for the remarkable growth in the volume of
business handled but for the unique type of organization.
From its establishment in 1887 the Clearing House has
•Mr. Robinson on April 1 1929 becomes Chairman of the Board of
Directors of the Security.First National Bank of Los Angeles, a consolidation of the Loe Angeles-First National Trust & Savings Bank and the
Security Trust & Savings Bank of Los Angeles.
1647
kept pace with the development of the city, and indeed has
been a very important part of the business set-up of Los
Angeles.
The function of this Clearing House Association has
been extended far beyond the clearing of checks for member banks. The present organization plan, so far as is
known, is unlike that of any other association in the country. Many of the present features of the association were
added during 1928.
The Clearing House Association is governed by a President, Vice-President, Secretary and a Clearing House Committee. The executive body is composed of officers of
member banks. The Manager is subject to the control of
the Clearing House Committee. The Committee meets frequently (nearly every week) to consider administrative
policies, reports of examinations, reserves of members, and
relations between banks. An Advisory Committee considers
and reports upon policies and practices in the actual operation of the clearing house and in banking functions in
which inter-bank relations arise.
A sub-committee, the Donations Committee, investigates
all applications to member banks for donations or subscriptions, and recommendations are made for action of
the Clearing House Committee. The Donations Committee also investigates advertising media and by co-operative
agreement prevents member banks from using valueless
or promotional advertising.
The actual clearing of checks has been so well systematized that a minimum staff is required. Settlement of
balances of member and affiliated banks are made by debits
or credits on the books of the Los Angeles Branch of the
Federal Reserve Bank of San Francisco.
Bank examination by the Association assures member
banks and affiliated banks of their individual soundness.
The banks voluntarily submit to the examination. The
Clearing House Association supplements Federal or State
examination, and at times joint examinations are made.
As the Clearing House investigation only extends within
the city limits of Los Angeles, Federal or State examination reports upon bank branches outside the city are obtained by the Chief Examiner. At present the examination
staff Includes seven men.
The Clearing House examination covers loans and investments. Records are taken quarterly of all unsecured loans
of $5,000 or above, and •annually of secured loans of this
amount or over. Records are taken of all loans to directors, officers, employees, or affiliated companies. A classification is made of the loans as to liquiditY. The bank's
investments are listed, the market value obtained, and the
list analyzed to determine the degree of diversity. A report of the loan and investment analysis is made to the
president of the investigated bank. A general report is
made to the Clearing House Committee but the details of
a bank's condition are not revealed unless danger is noted.
Loan cards are made and filed alphabetically by the Examiner to determine the total liability of any borrower of
member or affiliated banks. Reports are made to affected
banks of all duplication of credit lines in more than one
bank. The Examiner will check for such a duplication at
any time upon request. This service has been a valuable
one to detect improper use of bank credit.
No liability as to the condition of the member or affiliated bank is assumed by the Clearing House Association
and no guarantee is made as to the bank's statements. The
record of Los Angeles banks, however, is that there has
been no loss to depositors in any Clearing House member
bank since the establishment of the examination function
in 1908.
The Los Angeles Clearing House Association is a body
of considerable influence In the city, being officered principally by presidents of the outstanding banks. The Association works with the Chamber of Commerce and other
civic bodies when it may aid community betterment movements. Its influence is of large consequence where a financial program must be effected, such as in the rehabilitation work during the past year necessitated by the St. Francis Dam disaster.
At the end of its forty-first fiscal year, Sept. 30 1928, the
Association included thirteen regular member banks, three
associated non-member banks and two banks with the limited privilege of direct clearing of checks. Seven banks
were included in the Association at the time of organization in 1887. While the number of banks clearing through
the Association has only increased from seven to eighteen,
1648
FINANCIAL CHRONICLE
[VoL. 128.
actions on this stock exchange in 1928 was in oil shares.
Banking shares contributed heavily to the total valuation,
and industrial and public utility offerings were far more
active than in preceding years.
Fourteen, or all, existing records for volume and value of
transactions for a single day, week or month on the Los
Angeles Stock Exchange were broken during 1928. On
Oct. 11, 696,726 shares were traded in for a new daily
record; Oct. 19 the record for value of transactions for a
single day was established at $13,355,314; during the week
ended Oct. 13, 2,998,363 shares crossed the board for a new
weekly volume record, and during the following week the
record for value of transactions was hung at $38,274,807.
The Los Angeles Stock Exchange—The Los
Value and volume of sales for October, namely,. 8,414,311
Angeles Curb Exchange.
shares and $121,113,995, also were new records. May 31
By Norman B. Courteney, Secretary of the Los Angeles Stock Exchange. 1928 sixty-nine issues were traded in for another new record.
Since the days when the Roman Forum was established
Stockholders of securities listed on this exchange received
as a cattle trading market and thus became the crude em- dividends amounting to $183,822,358 during the last year.
bryo of the financial market that exists to-day, stock exFor purposes of true comparison of the years 1928 and
change history has been composed of not one but many bril- 1927, it should bi borne in mind that in June 1928 the
liant pages.
Los Angeles Curb Exchange was created. All of the unPerhaps the most outstanding leaf in those annals relates listed securities traded in on the Stock Exchange previto the founding and growth of the New York Stock Ex- ously, were transferred, together with certain other listed
change, the rise of which meant the progress of civiliza- securities which did not meet Stock Exchange requirements,
tion itself. If a free and open market for securities had to the Curb. Trading figures in those Curb issues went
not been provided for financial support of the revolutionary into the totals of former years. Total sales on the two exinventions of the later eighteenth century and nineteenth changes for 1928 reached 67,869,697 shares with a value of
century, the advance of civilization would have been slug- $946,764,446, as compared with the 1927 totals of 27,082,249
gish indeed.
shares valued at $242,272,278.
The fact that one great market in the extreme north-,
The Los Angeles Curb Exchange started operations June
eastern part of this great commonwealth could never be 4 1928 and by the end of the year had attained the surprisadequate for advancing business progress in all the far- ing volume of 18,466,611 shares with a valuation of $106,flung corners of the United States, gave the stock ex379,640. The Curb received listings of junior companies and
change as an institution another great era. It was the securities of those corporations which do not meet requireextension of financial markets to every important sec- ments of the Stock Exchange. The Curb is conducted along
tion of the nation.
ethical lines, closely supervised, and is proving an excellent
Not depreciating any of the great forward movements seasoning
ground for stocks later to be listed on the Stock
embodied in establishment of pioneer stock exchanges in Exchange.
Seats were sold to the seventy members of the
other great cities of the country, it is true that the Los Stock Exchange at the nominal price of $100 at
the incepAngeles Stock Exchange during 1928 made a contribution tion of the Curb. Thirty other seats were created for
sale
which stands without a contemporary in stock exchange his- to the public. All but thirteen of the
seats have been sold,
tory of this latter era. The story is told briefly as fol- with the last registered sale at $60,000, and the new price
lows:
just set by the Board of Governors at $85,000. Combining
By virtue of its share of volume in 1928, the Los Angeles that price with $150,000, the price of
the last recorded sale
Stock Exchange firmly established itself as the third larg- of a Treasury seat on the Stock Exchange (which gives
est financial market of the nation, exceeded only by the Stock Exchange privileges only), one gets $235,000, the presNew York Stock and Curb Exchanges. Its valuation of ent value of joint membership in the two
exchanges.
share turnover was three and a half times that of the preThe Curb operates a post-system trading floor in the baseceding year 1927. It was $1,000,000 in excess of the aggre- ment of the Los Angeles Stock Exchange Building. Engate for the ten preceding years. Seat values rose from largement of facilities looms as a necessity already.
$22,500 as of January 1928 to $210,000 on Dec. 31 1928, an
Growth of the Stock Exchange called for three important
increase of 833% for the year.
steps in 1928. The post-system of trading was substituted
At first thought, this advance might be interpreted as for the old call system, continuous session was introduced
undue inflation. However, Los Angeles is far past the stage and odd-lot dealers were developed in selected issues. Tradwhere it might be subject to such influences. Its prosperity ing quarters were substantially enlarged and new modern
Is well sustained year-round by giant industries, vast re- equipment installed. Hours of trading now
are 9:30 a. m.
tired wealth and a constantly growing population. It is to 2:30 p. m., giving a differential of three hours in time bewell said that the metropolis of the West is only now tween trading here and in New York. Affording traders
reaching its true stride; instead of there being any likeli- in New York stocks listed in Los Angeles an additional
hood of boom conditions, gains reached thus far are due three hours of trading time has been a considerable conto be surpassed in subsequent years as result of balanced venience and has led many Eastern listings to
this Exprosperity.
change. More trading originates in Los Angeles for New
Evidence to support the conclusion may be drawn from York stocks than in any other city in the world with the
financial records thus far in the current year. Bank clear- exception of New York itself.
ings have continued their phenomenal climb; stock exSeveral new departments were authorized in 1928. The
change transactions are growing in volume and value; seat Clearing House was also enlarged in equipment
in pervalues on the Los Angeles Stock Exchange have shown a sonnel so that it can now withstand considerable
more
new rise to a price of $235,000; Los Angeles building per- pressure than it has thus far been called
upon to sustain.
mits are $1,500,000 in excess of the similar period last year; New departments are those for listing, public
relations, purreal estate filings are well in excess of last year's marks chasing of supplies and an employment
division.
throughout the Southland, and huge industrial additions to
In addition, plans were formulated for the opening of
the city continue.
the Los Angeles Stock Exchange Institute to be directed
During the year just passed, all existing records of the by Dr. Gordon S. Watkins, professor of economics at the
Los Angeles Stock Exchange were broken. The grand to- University of California at Los Angeles. The
institute will
tal of transactions for 1928 was $840,384,806 as compared be patterned after that of the New York
Stock Exchange
with $242,272,278 in 1927. Share volume attained 49,403,- and will open next fall. Also a
department of research
086 as compared with 27,082,249 the preceding year. This has just been established. Stock ticker
service of the exrepresents a gain of 82% in share volume and 246% In valu- change has been enlarged to 118 tickers which are now in
ation of transactions.
operation in this and surrounding cities. In 1927 the exIn 1928 this stock exchange lent its 'resources to the change operated only forty-five.
handling of the most outstanding year in Southern CaliThose are the facts in connection with the unprecedented
fornia oil production. Vast new fields were discovered growth of the Los Angeles Stock Exchange during 1928.
and developed. More than half the valuation of all trans- Recognized authorities predict further gains coincident
clearings have increased two hundred-fold. Recently the
value of clearings of Hollywood and San Pedro, both of
which localities are within the corporate limits of Los
Angeles, have been added to the clearings in the daily
reports of the Los Angeles Clearing House.
Clearings during the calendar year of 1928 totaled $10,825,705,030.06, an increase of more than 15% over 1927.
Clearings have doubled since 1922 and all developments
point towards a continuation of the outstandingly large
annual increases which have occurred since 1920.
MAR. 16 1929.]
FINANCIAL CHRONICLE
with tho consummation of the Boulder Dam project. That
$150,000,000 Federal project will afford a plentiful water
supply and abundant electric power for all Southern California. It will be a tremendous factor in attracting new
national industries to this territory in future years. Therein lies great promises for this financial center of the
West.
Review of Public Utilities on the
Pacific Coast.
By R. II. Ballard, President of the Southern California Edison Company.
The electrical industry on the Pacific Coast in 1928 experienced a year of progress that fittingly signalled a
turning point at The close of a decade of outstanding achievement. This turn the industry has rounded was from the
stages of structural finance and engineering development
to a commercial era of great promise. The success of constant striving for financial solidity is shown in the public
appreciation of electrical utility securities and in their stability on all markets. Engineering problems of the generation of electric energy by steam and water power, and of
transmission and distribution, have been met in a manner to assure an adequate and unfailing supply. Additions to generating plants and the extension of distributing systems virtually has become a matter of routine.
The developments of the past ten years have enabled
the electrical industry to keep a stride ahead of the demends for service and to prepare for the new era which
was inevitable. Commercial activities this year and for
several years to come will occupy the center of attention.
Electric energy generated for the 167 operating systems in the Pacific Coast States of Washington, Oregon
and California in 1928 reached a total in excess of eleven
billion kilowatt hours, an increase of more than one billion
kilowatt hours over the production total of 1927.
California, according to statistics compiled by the editors
of "Electrical West," generated approximately eight billion
kilowatt hours, sufficient to supply 1,805 kilowatt hours
of electric energy for every person living within the State
during 1928. This per capita generation, the greatest on
the coast and among the highest in the world, is concrete
evidence of California's leading position as a user of electricity. When it is borne in mind that a kilowatt hour
represents the work performed by one kilowatt of electricity during an hour's time, and that a kilowatt equals one
and one-third horsepower, the immensity of the electrical
supply generated in California last year is apparent.
,In Washington last year nearly two and a half billion
kilowatt hours of energy were produced, a per capita generation of 1,362 kilowatt hours. Washington ranked second to California in per capita generation for the Coast
States. Oregon's total of production, was slightly more
than one billion kilowatt hours, representing a per capita
generation of 1,200 kilowatt hours for the last twelve
months. •
The accomplishments of the three Pacific Coast States
in electrical generation and operation in general during
1928 is a reflection of the achievements of the eleven Western States for the same period. As summarized by "Electrical West," light and power systems of the West in 1928
had reached a capitalization of $1,309,000,000. They had
generated in hydro-electric and steam plants in excess of
twelve billion kilowatt hours of electric energy which they
sold to their 3,000,450 customers for a gross income of $229,800,000; The electric utilities spent $104,035,000 during the
year just closed in the construction of new generating
plants, transmission lines and distribution facilities.
Additions to the generatink capacities of stations of the
Pacific Coast last year provided for 700,380 new horsepower of electricity. California, with the capacity of its
generating plants increased by 581,047 horsepower, led the
advance in this phase of the industry in the West. The
total increase in generating capacity for the eleven Western
States was 707,047 horsepower, with additions to hydro-
1649
electric plant capacities ahead of steam increases by a
slight margin. In California, new capacity was added in
the proportion of 292,713 horsepower in steam and 278,3.13
horsepower in hydro-electric generation. The Pacific Northwest, including Washington, Oregon and western British
Columbia, increased the capacity of its plants 119,333
horsepower. The greater share of this increase was in
hydro-electric development.
In the total of installed capacity at the close of 1928,
according to the figures made available by "Electrical West,"
the Pacific Coast had 6,378,448 horsepower, of which 3,408,281 horsepower was in California plants.
The Southern California Edison Company, with twentyfour hydro-electric plants and five steam generating stations, at the beginning of 1929 had a total capacity of
1,072,000 horsepower as its part in the electrical development of the Pacific Coast. The company's steam generating capacity was increased 134,000 horsepower by the
completion of the first unit of additions to its large plant
at Long Beach. Construction of the second unit, of similar horsepower, has been started and will be in service in
1930. The capacity of Edison company water power plants
reached 586,000 horsepower in 1928 with the completion
of additions to generating facilities at Big Creek, in the
mountains of Central California. A total of 112,000 horsepower was added to the hydro-electric system. Further
water power generating system additions have been planned
for this year.
Impressive totals are represented in the expenditures
proposed by the electrical industry of the 'West for this
year. The 1929 budget of the companies operating in the
eleven Western States for new construction and extensions
is $116,842,925, "Electrical West" says in hte February issue.
This total, the magazine points out, is an increase of 12.3%
over the total of $104,035,000 budget for 1928. The Southern California Edison Company's 1929 construction budget
is approximately $29,000,000. Larger items included in
this figure are $1,609,000 for additional hydro-electric generating equipment at Big Creek, $5,250,000 for the second
unit of the 1,250,000 horsepower steam plant and $15.000,000 for the extension and re-enforcement of the distributing system, which now embraces a territory of 55,000 square
miles and serves approximately 3,000,000 persons.
The exploration for new fields of development in the electrical industry at this far western border of the nation has
become less the work of surveying crews in remote mountain regions and more the task of commercial and industrial experts. The interest in the use of electricity for
domestic, agricultural and industrial purposes is growing
rapidly on the west coast, as attested by the steadily mounting volume of sales of appliances and electrically operated
farm and industrial machinery. In the southern and central sections of California served by the Southern California Edison Company, the sales of domestic appliances
alone totaled $1,577,288.59 for 1928, a gain of $449,977.71
over the previous year. In volume of merchandise, 33,939
individual appliances were sold, as compared with a total
of 26,694 for the year 1927. These figures represent approximately 25% of the appliance sales in the ten counties
served by the Southern California Edison Company.
Population totals of the Pacific Coast have grown rapidly, bringing increased demand for electrical service for
the metropolitan centers. Improved residence wiring, permitting of wider utilization of electrical appliances in
homes, has had a decided effect on the increase in interest
in the use of electricity. The employment of electric energy for agricultural purposes likewise has increased on
the Pacific Coast, bringing into production hundreds of
acres that otherwise might be idle land and intensifying
production of the smaller farms. Industry's share in the
vast supply of electricity made available in 1928 has been
turned to good account. Electric power is the driving
force behind more wheels than ever before in mills and
factories. In the vast oil fields of the West, electricity
is drilling, pumping and transporting petroleum for the
world's use. Heating processes in electrified industries
are turning out better products at lower costs, and even
aiding nature in the coloring of oranges from the groves
of California.
The work of the commercial expert in the electrical world
lies ahead at this beginning of the new era in the history
of the industry. The possibilities for development are
founded on stabilized financial and trade practices and are.
amazingly unlimited in their scope.
[vol._ 128.
FINANCIAL CHRONICLE
1650
RECORD OF PRICES ON LOS ANGELES STOCK EXCHANGE
We give below a complete record of the range of prices of all stocks dealt in on the Los Angeles Stock
Exchange for each month of the calendar years 1927 and 1928. The compilation is of course based on actual
sales, and covers these and nothing else.
The following is a comparative table of transactions on the Stock Exchange for the last two years,
with percentage of increase:
VALUE OF SHARES.
VOLUME OFISHARES.
$242,272,278
27,082,349 1927
10,707,000 1927
840,384,806
49,403,086 1928
11,351,500 1928
246%
82% Percentage of increase__ _
6% Percentage of increase_ _ _
BONDS.
1927
1928
Percentage of increase__
-LOS ANGELES STOCK EXCHANGE.
COURSE OF BOND AND STOCK PRICES IN 1928
BONDS
Amalgamated Sugar 7s..
Associated Oil 6s
Calif Hawaiian Sugar Is
Calif Petroleum 5s
5 Sis
August
September
October
November December
May
June
April
July
February
March
Ilatur. January
Date Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
105
105
105
4
4
3
1937 1043 104 4 1043 105
105
1937 --------104 104
1939 --------109 100
3
1938 10114 1014 102 102
_
.
2
--------1003 166 11361 16612 ii 16614 ____ _ _ _ _ ___ io1E2 1614 ___ • ___ ____ _ _ _ ____
4 - 3
;
- 14
4
101 4 10212 1023 10312 103 103 --------10112 10112 --------10114 10114 ----------------10314 103
1944 10434 105
East Bay Water 65
--_ ____ _ _.- 3
;
1955 104 104 11:15E8 101
68
4
8
'29-'63 10112 10214 10134 1025 1023 10312 10312 104 ----------------10212 10212 ----------------10212 10212 ---- --- ---- ---Feather River 6s
_ --_
General Petroleum 52_ _ 1940 10214 10212 10212 10212 --------------------------------10114 10114
0
- -- 1.
- -11,
12
1211 10052 101 186i4 166 iooi2 10 - ioo-i2 10 - i004, ii0i2 ioiii3 1664
Goodyear Tire & rt 53;9 1931 10012 101 10052
3c
moo i)811la e
6s
681952
Holly Sugar Is
1934
Los Ang Gas & Eiec 5s
1961
5s
51is
5 yis
1949
5%2
1942
6s
106
106
106
106
1.6112 10 - i.oli4
-2
8
1-62--1023 1023
8
-4 iliii4 10112 ili(5i4 10112 io0
8
8
14 1017 1023 la% 10
16112 ---------------- -100
- -
- -1
i66% iooi, 10 -1
-
21947
114 1 3 --------10434 10414 .,r . , ., -. - - ---4
_
14 1434
..
.,
--------10434 101 105 105 ------------------------------------------------10410434 _ _ _ _ _ _ _ _ _ _ _ 10 4
4
--------11014 11038 11012 1103 110%11034 11014 11014 ---------------------------------------- 88 10838 ---- ---8
-
1931
1943
0814 9814 938.. 99
92 92
Los An g Railway 5s
5s
Market Street Ry 7s_
Miller & Lux 6s
7s
Nevada-Calif Electric 5s
Pacific Elec Ry 5s
Pacific Gas & Elec 45.is_
5s
5s
5 MI s
13 6s
1940
1938
1940
1945
1935
1956
1942
1957
1942
1955
1952
1941
---- 8714 8712 86 8712 --------8813 8812
8312 8312 84 85 8518 86 --------865 8658 --------85 85
4
4
9614
7 8 9712 973 97 973 ---- --__ .--- 9612 9714 974 963 9712 --------97 973
3
9418 95
4
8
943 9614 9618 9718 97
4
Pacific Tel & Tel 55
Richfield Oil 6s
1952
1941
5s
5s
San Diego Gas & Etec 5o 3947
1939
6s
1947
fis
San Joaquin L & P B 6s 1952
Sierra & San Fran 1st 53 194,
' 142
2d 5s
So Calif Edison 5s
1944
5s
1951
58
1952
58
51,6s
1937
So Calif Gas 5s
1957
58
1952
55. s
1950
6s
1958
6s
.
So Calif Telephone 5s....
So Counties Gas 4 Yi s
5;is
68
Southern Pacific Co 4s.
Sperry Flour 6s
Union Oil 5s
5s
6s
1947
1968
1936
1945
1955
1942
1931
1935
1942
99
--------99119912 1003 10114
94
4
4
9814 9814 101 1013
8
9618 9612 963 07
4
957 9612 9614 973
8
9812 99
9834 99
99
09
99
15i 10 - --------101 161- -1
101 101 101 101 101 101
_
_ _
967 9712 _
7 16
.Al2 - - -52
9s
9658 983 88 2 - 14 6
99 10114 994 10158 993 100
4
i1:11. 16114
- 101 101
_ _
_
67 - - -14
97
973 98
4
15if2 101%
10038 10038
_
_ _
6- - - 7 97
98 08
16114 --------10034 16
- - 1-12
----------------101100 100 10014 --- _ _ _ _ 100 100
100 10012 100
_ ____ __
___ ____
_ _ __ _ ____ ____
_
--------9614 96
9612 964 - 14 ---- --1W12
95i4 4
9014 9614 9714 973 973 9814 ---- ---- - -
1 - - -38
.
16T4i4 164 4 1043 104% 10,7 i4 104 4 ---- _-_ _ _
- -3--_ ____ ____ ____ ___ ____ ____ --__ ____ ---- .-__ ---- --__ ____ ____
4
_105 10518 --------10514 1051 4 -_- ____ 105 105 10438 10438 10414 10412 --------10434 1043 ----------------10414 10438
_
114121143 11514 11514 11534 11534 ----------------112 112 111 1113 --------11014 11014 ---- ---- ---- ---4
ii
66
-1
is5i4 10 .
- .
- 7- '
6i2 68i4 166 iii8i2 lift. iii 156 126
88
_
_
_
_
.
149
5
ii5j2 12612 15-'
--
116 156'
1-18-
_ ____ __ __ ____ - _ -- ---- ---- ---- -- ---- ---- ---- ---- ---- ---- ---- •----
3
. 14 1 18 11514 11514 11514 115 4 --------11614 1i634 tic., 115 4 ____ ____ ____
1.
-11
__ ____ ____ ___ _ _ _ __ ____ ____ ____ -3
--10212 10212 ------------------------------------------------100 100
934-- --- -----------100
____ _____ ____ __ ____ ____ ____ ____ ____
2 1 14 ----------------9634 9 3
4
4
--- -1
------------------------10358 10358 ----------------101 10 - --------102 102
4
4 101 10012 101 1083 161 iiii
,
1214 10014 10214
2 37
8
a 14 10314 10412
2 1033
8
12 103
4
8
3
4
4
10212 1023 1023 10314 10314 1033 1033 1041 1031 10378 10114 3018 100 4 10218 10014 101 10012 1007 1003 10212 102
4
4
¶1514 9534
100 10012
10414 10414
105 10518
105 10518
1661. 1664 15618 161
2 8
1043 1047g 1043 '047
2
8
105 10514 105 105
10518 105% ---- ----
init., 16614 101 1611- -961-2 166 651 10034 ii64 66 991 - -33
;
2 60 4
- 2
- 12 . 4
___ ____ 1044 10414 10312 10312 ----------------10212 1047
8
--------105 105 ----------------10412 1013 ---- ---4
---- ---- ---- -___ ____ ____ -- ____ ____ ____ -___ ____
___
_
--------103 4 1033 10312 1033 1031 10312 ____ ____ ____ _
3
4
4
------------------------------------------------9134 - -14
92 __ ___ ____ --- -___ 121% 112 10212 _ _ _ _
__ ____ ____ _-__
-105 105 105 10518 105 105 105 105
------------------------------------------------942..
3
l 12 4 --------10213 12 8 ----------------10232 1212 _•,,, - 3
8
4
8 - -14
1013 :0218 1017 102 10018 10218 10214 10212 024 10214 102 10212 1017 102
997 10014 100 10012 100%10012 100%100% 993 1004 9912 100
8
2
993 100
4
4
109 11012 110%1103 11
4
4 052 1103 11012 1103 11014 111 109 10912 10914 1093
___
6s
I
-------------------------28
.55
:25 .55
i88 16 14 186
6
------ ------- ---- ------- _-_- -_-
160
- -- - ---_-
102% 1027 ---------102 10258
2
_
____
_ . ____
4
91 4
91 - -12 9114 - -3- 9112 913 913 9214 9112 9214
91
_--- ___ -___ ____ ---- ____ -__- ____ ____ ____
- ,,..,- -_- - ---- - --- ::- _- 7,2- _- - 2,162
--- 102 102 LUZ 102 LUZ Hi -------- 102 . -14
087 993 0914 997
8
983 09
8
98 9858 98 99
4
--------110 110 1093 110 110 110
____ ___. ---- ---- ---
Par
STOCKS
Value
•
American Motor Trans.
25
Associated Oil
- - 18
- -0
8 - - 14
8
3
4 --- -- -7612 ii58 il4 8 1551. 12 12 ii618 14134 '1511-ti 149
-* 1:1i 184 i.i0i 19 - 1554 22 - 5io 22
55 119 .
25
Bancitaly Corp
25 2591226612 2623
8
4:288 2841 298 283 296 287% 31212 186 297 178 2097 171 218 19612 221
Bank of Italy NT & 8 A
9614 98 --------96 96---- ------ --- ______ -- ---- --- ---- ---- ---100
Barker Bros prof
25
Barnsdall Corp A
rio .85
:47 .55 :36 .86 :is .88 :69 .71 :67 .88 :69 .85 :68 .130 :ii .81
1
Bolsa Chico 011 A
8
Broadway Dept St prof 100 105 1097 105 10712 10714 108 1061 108 107 107 105 108 102 104 104 104 101 102
Preferred
160
5A'- -12
103 103
---- ---____ ____
16514 10113 10238
10212 10214 10212
:5 .55 --:So
.82
:42
.88
.55 .61
52
5211
5138 913s
11812 1283 /154 1274 12T4 111i
-- 4
189 212 202 222
---- ---- ---- ------ ---3614 457g
4512 48
178 3.86 2.05 4.23 2.65 3.60
97 9712 9812 9812
97 102
.52 .0i
:60 2.25 i.io - .6
2
California Bank
25 128 150 13212 140 13312 170 148 169 155 17912 123 163 12514 135 120 130 125 129 121 125 12212 135 12514 13333
California Bank
100 500 500
7814 7814 74l 74l
California Packing
•
.18 21
55 - . 2714 31
24% 274 24 26
25
Calif Petroleum com
31
Certificates of deposit ------------------------------------------31 4
14
- 812 536 8181- 816 iii ill
6
5
,
525 540 66 Eii 856 632 818 63
4
5
Ii
Citizens Nat Bank
100 ------------------------90 104 102 103
9812103 102 102 10112 102 10112 10218 10014 102 10014 103 101 102%
Central I nvestment_
_ ____ ..... 1.35 1.90 1.50 1.50 1.10 1.10 1.00 1.00 --------1.10 1.10 ___ .._ ____ ____
1.30 1.30 ____ ____ _
1
Central & Pacific Imp
Rights
Farmers & March Nat B 100
10
Foster & Kleiser com
Gilmore Oil
Globe Grain & Mill 1st pf
1st preferred
Common
Common
Goodyear Tire & R prof
Goodyear Textile
Hal Roach 8% prof
Holly Development
Holly Oil
Holly Sugar pref
Home Service corn
Common
1st preferred
1213 14i
- ---- ---- ----- - ---- ---- ___ ____ -0
- -1
455 460 4E0- i07;4EL- 4 6- ;lin- 490 490 500 43512 495 485 465 445 445
15 ----------------1284 13
1812 15
1612 16
14
16
187 1612 18
-6
i45 175 i78 166 iio 240 225 32
- _
7
7
---- ---- ---- ---- --__
--------450 450 450 450 450 465
4
123 1234 --------1114 1114 113 113
4
4
10
11% 1012 1412
_
_ _
_
21
58i2 - 12 58j4 26
8
100
25
100
25
100
100
25
1
12
13 4 9
3
6% 812 7
4 7
6
914 63
714 12
7
3.50 3.50 4
5% 6
_
._
..
4
100 102 101 101 10014 1013 ---- --_. 10212 10212 10212 10212 _
-1- ' 21 58 - - 2
5
2 2
--- ------ ---- ---- 581- : 4 58 ---- 99%120 113 135 115 125 116 125 121 125
81
8512 8412 853- 8612 99
4
323, 32
4
-------------------- -----------------------------------30 323 32 - 4 311 99 101
99 99
973 101
4
99 101
111111 101112 100 10234 1112104 100 101 10014 102 100 101
0714 100
99 99
4
00 101 100 10212 997 101 10012 1003 100 101
99 101 102 104
9712 99
2
21
21
20 22
22 234 23 23
2212 23
223 22
4
4 3 23
2
3
233 24 4 23 233
2313 24
1.25 1.401.2213
-3713 1,25 1.3212 1.1712 1.25 1.
15 1.20 1.00 1.1712 1.00 1.10 1.05 1.1212 1.1212 1.25 1.20 1.2712
100
- -r.z• ..:,•
.....- -•,z
,- •,,•
-- - _ ._ ____
66 66 96 .
.
--------90 90
ii 66- 65 24 - - 14 28 3
0
if 27 -14
2414 23% 14
812 2312 2414 2414 - 2812 25 /6
3
2614 2714 26
2614 27
2812 25 4 263
28 268 2614 27
27
----------------------------------------26
25
4
4
101,14 101
3114 32
9918 99%
99 100
20
20
1.20 1.25
3112 - .1%
32
100 101
98 100
1913
18
1.05 1.15
1651
FINANCIAL CHRONICLE
MAR. 16 1929.]
-LOS ANGELES STOCK EXCHANGE (Concluded).
COURSE OF BOND AND STOCK PRICES IN 1928
August
September
Odober
November December
July
June
March
April
Meg
January
February
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS-(Concluded).
5412 50 50 __-- ---------------------------------------------------------- 53 5314 51 5114 51
Illinois Pacific Glass_.._
_ ____ ____
_.
_ _
_
_
5 2. ____ ____ ____ ____ ___ ____ _
I ----------------2802.80
Laguna Land & Water_
Leighton Ind A
1414 1512 13 4 133 ____ -r_ --- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- 14
3
15
16
14
4
B
------------------65 .68 .60 .60 .80 .65 .60 .80 .60 .60 .65 .66 .67 .67 .65 .65 .65 .65 .60 .60
Lincoln Mortgage corn
918 9
9
9
9
914 812 914 9
4 814 812 9
4 83
814 8144 812 814 83
8 83
• ----------------8
Preferred
87
- 87
Los Ang AthieticCiub.. 10
' 2 91
8
9 . 5 7 " 12 94 9712 --------94 -9-i
-. i513 166 ii "6
11
Los Ang Biltmore pref.._ 100 ------------------------100 10
Los Ang First Nat Bank 25 10318 10812 104 12314 11512 145 12712 141 13612 17212 113 154 11614 122 112 120 11414 12113 112 116 110 140 116 130
_
- _
- - ._
_
3.00 4.65 3.25 4.10 _
Rights
.
.15 - .Lo 5
2
.5 5765 -2
27;5 ifo "2.LO i.fo -235
21'5 2".iL Fis 2:6 ' - 2
.io ili5 1
2.65 2.80 2.80 2470 2.55 2.65 2.80 2.80 2.55 - Los Ang Investment co..
4
11012 11012 11234 111 11212 10712 11114 10712 10812 10514 107 1053 10612 106 10612 10514 108 107 108
Los Ang Gas & Elec pref 100 10412 10914 108 10914 108
1
Mascot 011
Merch Nat T & S Bank_ 100
25
do
1
Merchants Petroleum
1
Midway Northern
10
Moreland Motors com
10
Preferred
Mortgage Guarantee Co 100
Mount Diablo Oil
25
Nat Bank of Commerce_
zs
Nat City Bank
1.15 1.20 ------------------------1.25 1.25 1.25 1.3713 1.50 1.75 1.30 1.70 1.50 3.25 2.25 4.25 2.75 3.60 2.75 3.20
513 565
. 6
206 216 Zoi 566 255 27712 24i227
- 12
. iii liZ iii iii 566 178 iii iiL 215 iLL
2
140 14212 Hi 116 14
.30 .32 .34 .36 .35 .48 .45 .50 .48 .50 .40 .40 .40 .58 .50 .55 .50 .50 .50 .60 .55 .92 .60 .80
.25 .
.25 .30
.30 .35 .35 .35 ---------22 .22 .22 .34 .32 .38 .38 .83 .40 .58 .42 .50 . .
1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.50 ----------------1.00 1.25 1.1712 1.50 '2.00 2.05 1.50 2.75
3.50 3.50 2.50 2.50 2.25 2.25 --------2.25 2.25 2.50 2.50 2.50 2.50 2.75 3.00 3.50 3.50 3.50 4.00 4.00 4.05 3.50 4.00
150 16013 162 162 175 200 188 190 188 195 190 200 186 190 --------190 190 188 19512 200 200 186 190
1
1
- -13
8
3
---- --._ ---- ____--- --__ ---- ---- ---- ____ ____ ____ ---- ---- ---- ---- --- ---- ---- ---- 5 8 812 i
.70 .70 .80 .80 .75 .75 .70 .70 .76 .80 .81 .81 .86 .89 .85 .88 ---------88 1.00 1.00 1.45 1.00 1.35
Common
Oceanic 011 Co
Olinda Land Co
icif
_
_ _5Oi____ ____ ____ ____ ____ 43 46143 4314
_. _ -_ _ _ -_
6_
_ _85_
_
6_ _ _
35 ---- ---- ---- ---- ---- ---- ---- -ii
if 55 ii _5i__i5_-5
5 iL
-5
Lo 16
L6 1
Preferred A
Preferred B
Preferred A
-- -- 2414 2412 25 25
Preferred C
-- ---- ---- ---- ---- ---- ---- ---- ---4
25 ____ ____ ____ ---- ---- ---- ---- ---- ---- ---- ---- ____ ---- ---- ---- ---- ---- ---- ---- ---- 243 2434 25 25
Preferred D
Rights1.00
1.10 ---- ------- ---- -___ ---- ---- ---- ---- ---- ---- ---- ---151/ ---- ---____ ____ ---- ---- ---- ---- ---- ---- ---- ---- 14
Warrants
•
14
3
14
28 2912 27 28 27 37 4
2912 2812 30
28
•
Pacific Clay Products
27 3114 28 31
27 273 27 2814 28
4
3113 33
2 34
33 4 3
3
:
3
s
8
47 477 49 527 --------5214 53 4 531 5312
47 49
Pacific Gas & Elm corn. .8
4
4414 4912 4414 4834 46 481s 505 505s 473 49
4713 48
8
265 2718 27 27 s
8
27 2712 2612 28% 2612 27
2714 2834 2812 283 2812 29
4
4
2612 273 2714 28
26 2714 263 28
4
Preferred
---1.87132.25 1.80 2.25 _
_ _ _
- Rights
3ii
___
__ _ §ii2 -- - g5 -- 12 i7f3 __ ____
873;
____
__
814
95'
Pacific Lighting com
ifi 82f3 - 3- *F5C4 - 12 iWs if iii4 Vii4
8
12
10012 10358 105 10 -- 104- 104- 10412 105 ----------------1001410014 103 103 --------10112 1017 --------10318 1031s
-6
6% preferred
_ ____ ____ ---- -_ 2 50 2.85 2.30 2.90 2.30 2.95 ____ ____ ____ ____
Rights
__ 850 850 815 830 810 815 800 810 800 1000 900 950 905 917 950 950 ---- ---- -------- ---- ---- ---- ---_
Pacific Mutual Life Ins_
-'--- Pacific National Bank
400 13713 13713 13712 13713 -------- 14713 14712 149 210 155 185 155 155
, i
0 LOC i
i
47;
-4iis 43 iais --- iii I -1O-do
Rights
-iii4 WI iiig "74
100
Pacific National Co
do
Rights
•
Pacific Oil stubs
Pacific Tel & Tel corn.. 100
In
Preferred
*
Pacific Western Corp._.
1
Palmer Union com
Preferred
Piggly Wiggly corn
•
1
Premier Oil Co
25
13014 13014 13014 13034131 1311 131 14312 133 190 145 165
----------------------------------------3512 39
25 85
25 37
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---155 155
li1
iii
________Ela ii Hi fi iii23i ---- ____ ____ ____
--------------------------12 .ii
:54 745
,-
- -- 14
If 55 16
- - ---- ---- ---1•
.1152712 ---- ----
aa
-- -- 3913
iii2 121::
---- ---- ---- ---- ---- ---- ---- ----- ---- ---- - --- ---- ---- ---- ----
iii Ws;
li ii 167:i
_--- ---- ---- ---- ---- ---- ---- ---- - -- 24
241* 20 2418
__
:i6 It 14 .5i 16 .56 ____ ____ __
12 .52
755 .ii -
3
55
f2 3
5
2
i
:I -25' ii -- 13 i i --- 56 - 14 56 -- g 25 30
- i
21 55- 16
-Lf4 "21 25 261. iii, 4 31
2:1 -- - 2'51. - 14 i
2
7
---------08 .08 .08 .08 .09 .17 .15 .17 .15 .25 .20 .26 .20 .21 .26 .26 .23 .26 ____ ____ _-__ ____
54 6014 59 6178
Republic Supply Co....
- ---- --- ---_ -__ --__ 52 56
*
69 .95
:04 .0412 :03 .13i
1
Republic Petroleum
765 iL .15 .Lti 14 .'- - --.58 .85 .73 .92 .75 .94 .87 1.4713 .91 1.3213
-iL 15 .iii
4718 5512 4314 5114
2578 2734 2338 261s 243 38
25
Richfield 011 corn
4
35 3 4513 4
5
4 513 42% 4812 4512 4838 4612 5158 47 51
4
383
4 52
25
Preferred with warr_
2912 3712 - 243 2518 237 2413 2418 30
4
s
-- -- --2
44 iif4 -- 21
2
5
21 iifs - 14 iif4 -21
Preferred el-warrants 25 ------------------------ 24 2414 ii --- -ii- -- - 23i2 2I ti5is - 14 ii 2 31
4
2
5
15
15
4
1814 153 18% 19 2012 1713 1912 2112 23
15
23
Warrants-------- ---- ---- ---- ---- ---- 11
-___ ---_ --__ ____ 3412 3712 3134 35%
•
Rio Grande 011 corn new
8
25
Common
4
1712 2112 1612 20
s
s
1712 22
2512 3918 3218 427 397 743 62 95 1807 19334 165 18613 150 169
25 4 37
3
21
27
San Joaqn L &P 7% Pr PI 100 114 1153 116 1183 11613 11713 11714 11812 1175* 120 114 118 115 11614 115 11534 114 115 114 116 115 116 114l1151
4
8
100 109 111 ill 11312 110 112 110 811114 111 111 112 112 ---- - -- - r -- -_-7% preferred
,
.7_.-- - :Zr.f' ---- .
6% prior preferred--- 100 101 102 10212 10412 1033 10412 10434 10434 --------104 104 103 10312 10112 103 10213 16212 1011 141U 101331025* 115/18 111i
4
Security Tr & Say Bank 100 48712 496 497 500 500 556 508 545 540 551 506 550 515 515 510 516 51512 525 520 525 520 550 528 555
Shell Union OH corn
Rights
Signal Oil & Gas A
B
So Calif Edison corn
Original preferred
7% preferred
6% preferred
5S4% preferred
Rights
So Calif Gas 6% prof _ _
6% preferred A
•
23
25
25
25
25
25
25
25
2618 27
2518 2834 2414 2514 2518 267 2612 2938 2712 2912 25 4 273 27 27
4
s
3
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -_
iiis -- .347 8
46 49
2834 29
26
265*
2414 2414
l.8212.00
2512 2612
_
:1:08
47
2834
261*
2414
1.90
2614
_
41 4 -:1i- li- -iiis - t -iii4
3iii4812 473 4813 48
501e 51
4
2914 29
2912 2914 2912 29
287 2612 283 263 2718 27
4
4
8
2412 243 25
2478 2518 247
2.10 1.9212 2.10 2.20 2.80 ___
2718 2778 2634 28
28
2718
--_
---- --165
11i8 -ii- . 8
54 55
54
2912 2938 295*
8
8
2714 267 273
8
25 4 247 2512
3
- ---- --275
26 - 8
-2
8
____ ____ -__
-:46/4
55
2934
267
8
247
8
---,.
25 4
3
___-
_ _
--- iiis
48
55
58
293 2914
8
271s 267
2518 25
_- -71-- 4 2512
2
6-3
--__ ----
27
4
423
"56 49
;
5
5812 5712
2954 2914
2714 288
245
4
25
- -f,
4
--- 2512
6
____ ----
2858 28
4
3112 31% 383 27
307
3
4
497 463
8
503 48
4
5712 55
2912 2914
27
27
24 g
7
25
- - -Z.,
-r21% 2513
____
5334 4712
4912 48
5712 5513
2912 2918
27
27
247
8
25
--- -.7. r
,
2514
-2
6
46
5471
58
2918
27
25
4712
55 4
3
56
2912
2714
247
-----25e
46
50
58
2918
2614
k
247
-.::7
2614
7
-.:-in.i
So Countles'Gas 7% pf 100 107 1083 10814 10914 10918 11
3
.. -... ---- ---. .... ..-- -- - r:7r --.,- :=1“ .-- - -:;.:- -- - r. - -- 013 1 ,,.
_-- -,-.
-- - 9912 1ul um 1u1
6% preferred
-13
-100 _.... ___ ____ __-- ---- --__ 10212 10312 10312 104 103 10311 10012 102 10014 101 10114 102 tuu fu1
-Southern Glass Co
Sperry Flour prof
100
-iifif3 106 ----------------101 10213 10212 10212 - --- -- -" '
-7
6 aiis --Standard Oil of Calif
al -7%
6
5412 5614 5338 5458 5418 5714 557 6212 55 6212 6
•
.4 - - 12
5
i
8
5
514 5
Sun Realty corn
3
512 512 5 4 5
5
512 53
8 5% 534 53* 512 53
1
5
8 512 512 512 512 512 512 512 5
7
Superior 011 cola
25
__ ___ _-_ ____ ____ ___ ____ ___ _-__ ____ ---- -- -- --__ -- __-___ ____ _-__ -__ 7
- -34
8
Transamerica Corp
____
__ ---- ---- ---- ---- ---- ---- ---_ ____ ---- ----- ---- - - -- ---- ---- ---- ---- ---_ 125 1285 127 131
25
Union Bank & Trust Co 100 250 2 - 255 255 255 260 250 26213 255 269 250 250 --- --_ 250 250 250 250 250 250 250 251 250 275
-0
6
8
4918 5512 52 575 4938 5511
25
Union Oil of Calif
4312 4518 423 45% 44 4 51
4
4
53 8
5312 4914 - 7 493 5212 50 52
3
4512
4
49
563 483 55
4
1 60 1.81
Rights
- _ ____ ____ --_- --__ ____ _-__ -___
_
4ii: - - 4134 4412 4312 5113 495* 5712 497 4418
25
Union Oil Associates
s
4 411
52
5ii -LI - - 49 547 52 583 503 5
5438 51- -45 4 - - -50- - 4 -497 3 55
Rights
-- _--- ---- ---- ---- ------ ---- ---- ---- ---- ---- -25 --------91 --14.
Union Sugar corn
1
_
.
_ _
_- . _ _ . _ _.
_
'4 9
- _-_- ---- ---- ---- ---- ---- ---- ---- ---- --- - 26% 2814 22 273
25c.
.0812.11 .10 .12 1012 .12 .11 .18 --.14 :2012 .1412.1712 .13 .16 .13 .19 .1512.1812 .1812 .26 .16 .2413 .151..11
U S Oil & Royalties
Victor 011 Co
70 1
75 90
200
160
2512 18
.
•
Weber Sh'case 8c Fix pf
/6
- tiL Id iL -4
2412 2412 2419 20
6 2413 25
2e-1.
25 ii 2 1
551-ii- 21 -til - 2 -ZL" --
si
iii4 "ii 'Sea Wits ii iiiir. io --
aa
-aa- ii-
• No par value.
COURSE OF BOND AND STOCK PRICES IN 1927
-LOS ANGELES STOCK EXCHANGE.
BONDS
Associated Oil 6.
Calif Petroleum Ss
55411
61g s
Calif Hawaiian Sugar Is
gast Bay Water 614.....
6s
Feather River 6s
General Petroleum 5*...
6s
Goodyear Tire & R 551s
Great Western Pow 514s
5)6s
6s
Matur January February
March
April
September
October
November December
May
August
June
July
Date Low High Low High Low High ..'"."' -.8h Low High Low High Low High Low High Low High Low High Low High Low High
'' r... 11,
__ ____ ......_ ______ 95f2 - 13 ---- ---- --, _-_-91
1938 --------101 101 ---- - ___ ____ ____ 98 68 __.---- ---- --- ____ ___ ____ ____ ___ --_- ---- --- _ 101) 100
'
1933 10314 10314 ---- ---- ---- ---- ---- -___ __ ____ ____ -___ ____ ____ ____ ____
..-- -1937
104 104
--- ---- ---- ---- ---- ---1942
1940
10113 1011! ____ ____ ____ ___
1928 ---- ---- ---- ---- ---- - -- -- _ _ _ _ _-_ ____- ____ ___ ____ ____ ____ I00 4 10 3- 10014 10014 10014 100% ---1 -- 4
6
1931 ___ ____ _____. ---- ---- ---- ---- 98 98 _______ ___- ____ -___ ____ 99% 100
994110012 90 2 10012 100 1664
7
2955
1930
1949 . __ _ _ _ inii4 101 ---- ---- ---- -- _ . _ _ _ _ _ _ ____ ____ ____ ____ ____ _ _ _ _ 1155is 11)3 --_
.
- 14
. _
-14
-- ---- ---- ---- ----
Holly Sugar Is
SA s
So
5145
6s
7s
1947
1942 1E184 1611 4 H155
81618 ____ _.- ---- ---- --_- ____ ____ ____ ---- ---- ---- ---- i661- 166 164 foli ids foils 1083 1
- 3
74 0913
4 - 14
1652
[VoL. 128.
FINANCIAL CHRONICLE
COURSE OF BOND AND STOCK PRICES IN 1927
-LOS ANGELES STOCK EXCHANGE (Continued).
BONDS-(Conauded).
January 'February
April
March
June
May
July
September
August
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lxne High Low High
Los Ang Pacific Ry 4s__
Los Aug Ry Corp 5s____
5s
Liberty Loan 4th 4;is
Market Street Ry 7s
Miller & Lux 6s
78
Mount Whitney 6$
Nevada-Calif Elec 5s
1940
1945
1935
1939
1956
Pacific Elec Ry 55
Pacific Gas & Elec 4Sis_
5s
55
53is
6s
75
Pacific Light & Power 5s
Richfield 011 65
1942
1957
1942 10014 1- 4
6611955
1952
1941
1940
1942
1941
San Diego Gas & Elec 65
San Joaquin Lt & P Ss
Ss
5Si s
B 65
C 6s
78
Sierra & San Fran 2d 55
1939
1945
1957
1952
1952
1950
1951
1949
So Calif Edison Ss
55
5
5s
6s
So Calif Gas 5s
5Sis
6s
6s
75
1944
1952
1951
1944
1943
1957
1952
1950
1958
1951
So Counties Gas is
5 yis
So Calif Telephone 58.._
Sperry Flour 6s
Union 011 of Calif 55
58
Union 011 6s
United Oil 65
6s
1945
1936
1947
10114 10114
1942
1931
1935
1942
1929 10012 10012
1- 2
6611935 10514 106
Western Power 55
5Si s
Collateral trust 5Silo_ _
Western States G & E 68
65
1946
1954
1957
1937
1947
1950
1938
1940
8434 85
9512 9512
1/4
-8512 -
1041221041n
-554
-
-9412
95 95
8512 85 4
3
---- 4 ---- ---913____
-641 1664-
984
973 973 9734 9812
4
4
10914 10914 10912 10912
95 95
9512 9612
_-_____ -------
11014 11084
6f4
9512 9512
963 97
8
f6112
-65j2 - 2
111-
9413 943
4
917
----
_-_____
----
---____
110 11013
1047 10478
8
1075 1073
8
4
937
94
f6i78
-Oa- 95
951
104 104
11184 11134
----
10434 10414 105
10112 1- -161 2
10214 162
-14
9612 -918;
102% 10234
105 1661;
11314 hl3Ia 11314 113 4
3
16214 1- - 4
6289414 973
4
104 104
ini- 1 - 10114 10112 10182 1- -8;
0
- 4
62
10414 10414
1128 1123- 113 11314 11514 1111- 1514 1 - 4
4 4
. 2
-11394
-1-- _-_____ -------
- 2
1/1-
10212 10212 10212 103
-------
-151;
-_-_ • -_-_-_-_
992
9712 -
-9811
_
9 8
4
9453 -9411
106
9484 9512 977
98
- -971
11- 4
1023 1023
4
4
101 10118 161- 161- 4 i Ts 1023; 101 103
- 8-- 10012 10118 10114 1013 10114 102% 10214 103
4
105 105 10514 105%
65;1
99l 993 -1591s 10- 4 - -61
6
1035 104 104 10418 10112 10414
8
10478 105 10434 104 4
3
105 105 1043 105 10434 1051s
4
161ioii/f6F
2
105
104 104 10414 10434 10458 105
102 102 10214 10212 10214 10214
10214 10214
9912 995 ioo- 166- -fob- 166
8
10134 1013
4
98 98 -6i64 -1 8- 9853 113/2
4
1087 10914 109 10914
_
8
__-------_-_____ ---9712 171- ____
-2
10612 10612 jars 1651- 2
104% 105
10214 10212
look,1068-4
10178 10178
9912 100
10918 10915
-------
10012 10018
-61762 99
9812 981 9812 9912 -65i2 .1112
102 10214 10212 10214 10214 10214 10214 10214
10614 1063 10634 1063 10714 10714 107% 10711
4
4
STOCKS
Par
Value
American Crude Oil
1
.05 .07 .06 .06 -------------------------05 .05 ___
Bancitaly Corp old
25
88 100
9 8 119 12512 120--7
993 114% 110 114 110 112
4
125
New
25
89% 9012 894 92 64 12
- 10514 ff11- 115 1 4 131 fii6"
4
-111Rights
3
-6 3.
.52 1.66 -760 - 786 -1 0 -- 56 -2:65 3.00
Bank of Italy
100 530 575 572 665 667 682 680 700 684 15-1do
25
171 175 171 17312 i
_
17ii
2 186
18514 235 198 2i6- 22412226 iiii2116Rights
3.80 614 514 87
2
Boise Chita Oil old
438 5
8
512 434 512 514 71g 414 6
414 512 4
44
3
A.
Broadway Dept Store pf 100
96 99
9914 101
9812 101 100 100 4 10012 107 102 107 100 104
1
Buckeye Union Oil pref
:3 .33
.35 .36 :i3
2
12
6
---- .19 .20 .22 .22 .19 .21
.20 .20
Common
-:i1
12
.17 .18
:5
2
1
California Bank
California Packing
California Petroleum.
California Delta Farms.
Central Pacific imp_.
Central Oil Co
Citizens National Bank
Commercial Discount- _
Farmers & Merch Nat B
Foster & Kleiser corn.._
FullertonOil Co
First National Bank rts
Certificates
100
422 435 --------445 445 440 445 440 445 440 440 440 4654 465 480 476 515 485 500
-- -63 63
6234 6234
67 67
635 835 6712 6712
5
8
33 -5614 311- 2614 - 1. -ilit - if
31
164
4
22 25
22 4 247 2114 2514 2155 23
3
8
2014 2214 2112 25
22 - i4:14
1.00 312 3
3
4
2
3
3
3
414 4
5
1.00 1.25
---- .05 .50
1.40 1.55
1.40 1.40 1.25 1.40 ---_-_____
.50 .60 .5212 .55 --750 -Tio
-Tio
_-__ ...410 410 425 425 425 425 438 438 :1
442 443 442 445 450 450
---- S.-2412 241
6
166- 498 11- - 508 11- - 495 16/- .161
6
___ 1-440 450 450 455 445 16i- 446
475 475 455 455
13
5
4
1312 1212 123 1212 1212 123 1212 1234 1234 1212 212 123 123 1212 1234 1314 1314 1312 1412 1304 14
4
4
14
1412
3
14 314
_--15 25
18
21
445 .1/6- iâÔ 486 490 166- itia- 666- 66- 166
2
4941- 420 450 440 838 480 521
Gilmore Oil Co
Globe Grain & Mill 1st pf
Common old
Common 68
Goodyear Tire & R pref
Goodyear Textile Mills..
Hal Roach 8% pref
Holly Development Co..
HollyOil Co
Holly Sugar corn
Home Service corn
35
100
100
100
100
100
25
1
5
100
100
612 712
7
312 6
312 4
3
4
314 312 314 512 5
5
3
14 412
99 9914 9914 100 --------99 100 100 10012 9914 10112 100 10012 10012 10112 9912 10034
50
48
47 56
5312 53 55
50
49 52
51
57
5512 6312
8412 85
78
161S4't -in- - 1
9613 - 4
178-45- 1- 9512 95 961z 96's 98
34
166- 9714 1614 9714 98 9512 98 9714 99
9512 9612 9612 98
96 9612 9614 97
95 97
9514 9912 9514 9512 96 98
9514 9712
23% 2412
36
-1711
1.56 I-A- Tio
Tio 3.60 1.37 1.7212
1.25 1.5212
---37l 3713 4012
---11
11- "iiis -121- -WI - - 62 6212 -64 64
2
4
-- ------ -ii- - -- -ii- -
100
•
25
50
100
100
1
e66-
Ds 284 182 182 1
184
2
23
4 312 4
100 100% 100 10014 1001
f6f18
7814 81 -in- 8153
9512 loo 100 100 9814 102
983
owl 99 99 99 98 9915
2334 2415 23 24
23 2511
1.30 1.40 1.3712 1.45 1.30 1.40
77
78
- 1
1‘4
67
67
67
72
Julian Petroleum com
•
Preferred
50
Los Aug First Nat Bank 25
Los Ang Gas & Elec pref 100
Los Ang Investment corn
1
Laguna Land & Water_
Marine Corporation....
Mascot Oil Co
Merchants Petrol Co
Midway Northern Oil
Merchants Nat Bank
100
Moreland Motors tom_ _ _
Preferred
Mortgage Guarantee Co 100
Rights
Mount Diablo Oil Co
8 47
g 9
634 1312 772 125
83 88
86 112
16E4 90 107 -135- 112
-6
-2 - 2
-iii, 166- '63k 10 - -iiiis 166- -514 1661- "loaf4 fcifis 10184 foi 1023 10314 103 104 1023 10412 10214 103% 10314 1043
5
4
5
2.91 3.00 2.92 2.95 2.80 2.92 2.52 2.84 2.55 2.75 2.50 2.69 2.51 262 2.51 286 2.65 2.80 2.65 2.75 2.65 2.95 2.50 3.00
2.95 3.00 --------2.26 2.25 2.75 2.75
---_ --__
----i:65 1.66
---1.38 1.38 -Kis ILO -1:15 Iii Tio Iii -1:25 Iii Tio -1.56 Tio iTiti -i:f5 1.15
1.15 1.15 1.15 1.15 i:fe 1.15
.56 .65 .35 .35 .20 .20
.20
.15 .15
-1.35 1.35 - 1.45 145 .50 .55 .42 .45 .35 .40 .35 .35 -.35 - .35 --:15 Tai -715 -Tie .40 .20 .45 .50 -:15 1.45
.42
37212 385 378 38712 387% 390 390 39212 39212 395 398 400 397 39712 398 405 405 445 445 45712 420 45712 510 520
1.00 1.50 1.50 1.50 ----------------.851.50 ---- ---1.00 1.25 13
5 135 1.25 1.50 1.00 1.50
3
3
- 2 3 3 3 314 212 212 3 312
11353 31
5
32 3
,
84 5
312 354 312 312
143 143 140 144 iii- 147 143 146 144 145 144 '145 145 145 150 15712 150 155
--13854 140
---- ---- ---- ____
10
1012
---..
.71 .75 :io :7 2 ---------55 -- 55 -----------------61 -Tii
-21-Teo .55
----
National City Bank
Oceanic Oil Co
Occidental Life Ins Co.
Occidental Petroleum tr
Common
Olinda Land Co
Pacific Clay Products
Pacific Gas & Elec tom_
Common
1st preferred
1st preferred
Pacific Finance series A
Series B_
Pacific Mutual Life Ins.
150 163 150 150 150 150 145 150 140 140 -___
100
.50 .50 .55 .55 .55 .55 .45 .57 .40 .60 ---------39 --ii -730 -- ii
.
.
.......230 230
---- --------:io .30 --- __-_
-...
---- ---- --: -7io
10
-15 -Tii ---- ---- --.221;.23 --------.20 .25 .17 .20 .19 .20
7ia
---- ---ii171-3232 33 -3112 - -1- -_-_-_: IT:: -airs - -3612 - 2 -3872 -117e ___ ___ -5iF2 40 39
12 2
130 130
100 100
65fi
9812 9812 -iii1-2 - 1i--2 r -.
i2 264 i
1--2----25% 2512 24 4 24
243 2514 -ii; 2
3
2i72
4
2i ..i -- - 26 2612 26
14
110 113 110
113 113
joi- 16 - 103's 103's 875- 804- ioi- fa- iOi- 1- 1- 103 104 104
-5
i00 1
104 104
6
800 800 800 8007 800 800 800
s
-iiii 1105900 900 870 875
Pacific National Bank
Pacific National Cu....
Pacific Oil Co stubs
Pacific Lighting 6% pref
Pacific Tel & Tel.con2_
Preferred
Palmer Union corn
Preferred
Piggly Wiggly corn
10
10
25
100
100
25
100
100
100
100
100
100
100
100
1
1
212 234
1472
13
.65 1.00 ____ ____ _--_ ---27
8 5 -- ____ -- --
-oir2 100
100
451
713 -- 51 --:E5
.
.60
.15 .15
27 2812 27
42 46
46
2812
483
2
2653
I64 2614 -2.14 -2a1110 110 110 108 108 108 108
104 102 102 100 100 10214 1027
2
800 820 825 850 850 840 855
13712 13712 13712 13712 136 136 13612 13612 .ilo.. . 2 13712 137 13712 13712 13712 13712 13712 13712 13712 13712
11ii_
_
12
MI 13712
11212 11212 112 11212 11212 11212 11112 11212
11212 11212 11212 11212
11612 1237 12414 13012 151514 13 -14 13014 13014
5
-0
1.8712-8712
9
2
8 -- - 2
9714 9812 -9.- Ill; - --- ----_ -. 54 fii- ;1 1301- 993410114 10112 162 101 10112 160- f618- 10038 1- -4
9
9
9
8
- .
-4
618.... 142 145 13712 13712 137 137 1463 1463
i5o" 13 . 130 13212
-0
4
4
16i4
1145311453
-764 -TOE
.08
.09
T21 -1 2 --:22 -Tii --Ho -Tio 1.
2.22 -----------------29 .31 765 .39 --:69 .32 .09 .09
12:2 -1-1
.38
.32
_ ... 2112 2312 2212 2312 2212 2314 22 8 2314 2234 2314 2312 2412
---- ---- ---- ---5
228,. 224
1653
FINANCIAL CHRONICLE
MAR. 16 1929.]
-LOS ANGELES STOCK EXCHANGE (Concluded).
COURSE OF BOND AND STOCK PRICES IN 1927
November December
August September October
Arne
July
May
April
March
January February
Low High Low High Low High Low Nigh
Low High Low High Low High Low NW Low High Low High Low High Low High
STOCKS.
Sperry Flour corn
Preferred
Standard Oil of Callf
Standard Enginering Co
Sun Realty corn
Transport 011 Co
Union Bank & Trust Co
Union Oil Associates
Union 011 of California_
U S National Bank
United States Royalties
West American Ins
Western Chemical Co
White Star 011 Co
Victor Oil Co
...0000000. 10111000 .04)00.0.0 00.0..0000.g0...
0~40 .
0 0 Oa .
eirINNMIOr4ON
CAN OOOOO
..
. . el
. ..
.
.
Premier Oil Co
Republic Petroleum Co_
Rice Ranch Oil Co
corn
Richfield Oil co
Rio Grande Oil coin_ .
A
San Joq L&P 6% pr pf7% preferred A
7% prior preferred....
San Joaquin L & P corn_
Security Trust & Say Bk
Shell Union corn
1.
So Calif Edison corn__ _
5 Yi% preferred
6% preferred
7% preferred
Original preferred
Rights
So Calif Gas corn
Common
6% preferred
6% preferred
So Calif Oil Co
So Counties Gas
Southern Glass
Southern Pacific
-------------------------05
6
17./3 .68 --:631; .(1:1 .04 .0412 :6412 .68 :65 Iii12 :6i12:0112 :65. 2 .0312.05
.06 .07 .0612 .07 .0512.0512 .05 .0512 .
, „, _„
,
1.2213-2213 1.25 1.30 1.25 1.31 1.15 1.15 -------------------------------------------------1914 1744 22 2154 247 24 8 284
181 2012 1812 3
8
1838 20
2158 1818 21
3
2412 2612 2312 2512 14 2358 1512 193 1812
15 1634 15%1612 15 1558 1544 2212 21 2314 16 2112
1512 17
12 1612 14 17
15 16
2012 2212 154 21
96 9914 9812 9912 100 10112 994 10114 100 101 1014 10134 10144 102 100 10013
98 9834 96 9878 98 100
9612 9712
10512 10612 10714 10714 10558 110
10212 104 104 10712 10412 10534 105 105 10513 104 10512 106 106 107 105 107 105 10512 10914 113 11112 11312 11112 114
8
10612 10812 10812 10912 10612 10734 10712 108 10634 10812 107 10712 1074 1107 10812 11114 10812 10934
6
- 712
51 4845 4 - i813 iii ii6 iciti iiii isi iii i66 ii8 E66
4i15 iii 448 460 ii7T2 41(1 48ii3 4
4
4
4
4
2878 3034 3012 313 284 3012 2612 283 2718 2814 2613 2778 263 2778 2618 2818 254 263 25 26
4058
8
4
3153 3414 3212 343 325 3414 3134 34 3134 3434 34 3658 3418 3534 3512 3714 3613 4133 3813 24
i-_ ___ _ 2334
"_
_
"_ _ _ -_ _ _
_ _
-_ _
_
-- 2614 258 2534 2512 2534
8 -_5
i
5
2
Hit iih Ni -- 14 Ng iiI ii 211 i6 ii; iii iiI4 _i8T 2i:
2834 283 29
2878
8
28 2832 2734 2838 277 2814 2814 2814 2814 2834 2814 2838 2814 2914 2812 42 2812 43 41 43
4012
4
35 37 3614 364 364 3718 373 38 --------40
-- ____ 37 37
------------------------.51
9812 100 100
247 25 25
_- ---- ---- ---- ---- ---- -___ .10 .10 ____
0
-6
illii4 1 - 106 10714 10613 10714 105 10712 10612 10712 106
9812 99
5
98 8 9913 9812 100
9812 99
i66 If i66
26
ill
14
27 2514 2614
8
385
24
2514
2814
4012
403
24
25 8
7
2914
4134
4018
24
2514
2814
4334
45
2414
26
2872
47
100 ___. - ---- --_- ---- ---- ---- ---- ---- ---- ---- ---..
12
2538 25 253 2518 26 25 2538 2514 2538 2514 26
2518 25 ____ ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---10734 10534 108 10712 108 10714 108 10514 10714 1074 10712 106 10812
----------------12414 12414
---------------------------------------------------------------- I203s 12038
4714 4114
98 98
Ea if 58 8038 88 illg irji, li 88
10 1012 8
___ ____ 1012 1012 1014 11
64 6
6
4 7
4 63
---- ---- 64 63
ais I51- 852 2
E5
iiia
s
053 Ki li 5234 li ---- 164 ---- I4i4 --- - -4 ---- 1/1- -5412
,._ --,,
- -1.50
1012 ___ 1.25
614
6
3 6
612 5 4 -
12 6
5 --
4
514 - 3
5
4
512 - 3
5
12 54
5 --
56
,12 6
5 -- 12
-11 ii 216 ii8 216 iii iii iiiTs 266
194 195 193 197 -----------------25193 197 2if, 216 tilt') 2
4214 44% 4114
8
52 54 4134 524 384 434 40 43 3812 4114 3913 4118 4034 4314 405 4218 40 4414 4312 48 4253 4418
12
53 56
8
46 4
14 4118 4514
,
8
53 5814 5212 5512 413 52 2 3912 4378 4138 4414 40 4312 4114 4278 42 4412 4134 43
r- ---- --,, -- ,__--,,
200 205 200 205 200 200 190 190 200 200 -- - ---- ---, --,, -- ,_ --,- --rr
200 200
.09 .0712 .09 :0412 .08 .0712:1212 .10 .12 :0313 .10
.08 .0812 :08
.12 .144 .124.1213 .1112.1212 .07 .0912 .0712.081
------------------------------------------------97
iio fii
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
*No par value.
Indications of Business Activity
-COMMERCIAL EPITOME. record for that month. Old crop ended slightly lower for the
THE STATE OF TRADE
Friday Night, March 15, 1929. week but advanced slightly to-day on a remarkably persistent
The weather has been abnormally warm, in contrast with trade demand from hitherto procrastinating mills and
the recent severe cold, and the higher temperatures, ac- merchants. Coffee advanced on an oversold speculative
companied by heavy rains, have caused floods in the West condition, an old story, some Brazilian support, and the
and South and Central sections of the country more or less relative scarcity in Santos at least so far as offerings were
to the detriment of trade. Outdoor work has suffered. In- concerned. Raw sugar has advanced partly on the technical
door work has gone ahead on an active scale. In parts of the position and a steady foreign demand at about two cents
Southwest and on the Pacific Coast better weather has c. & f. Moreover, the recent sales of 1,000,000 tons of
stimulated business of all kinds. The output of lumber has refined at 4.75c, the lowest price since 1914 and the heaviest
increased. One effect of warmer weather has been lower business in 15 years, is supposed to mean than refiners have
prices for butter and eggs. The steel production approached much raw sugar to buy against such a colossal business.
Rubber has risen half a cent for March delivery, but has
100% and for March the daily output may turn out to be
a high record. Steel and iron are both steady. Copper fallen 3i to 1%c on later months as London prices have
was active and up to 203'c and the whole world of business dropped, and Liverpool operators are said to have sold
takes note of the fact. The leaders in the march of trade distant months freely, offsetting bullish February statistics
are automobiles, agricultural implements, electrical goods showing consumption 41,600 tons against 33,700 in-February
and machine tools. Lead has been firm. Building permits last year and stocks 90,000 tons against 109,000 at the same
show a decrease for the month. Wheat has advanced nearly time last year while supplies afloat also decreased. The
40 on dry weather in the Northwest and high winds in Kansas imports of crude rubber in February, it is true, were the
and to-day partly on a sharp decrease in the week's ship- largest on record, but on the other hand the rubber conments from Argentine to Europe being 18,000,000 bushels sumption for January and February combined of 84,600 tons
as against 20,000,000 and upward in recent weeks. To-day, was 24% larger than in the same time last year. The protoo, for a change, Liverpool advanced. Corn has declined duction of bituminous and anthracite coal for January was
slightly with trading small, no export business and supplies 15%% larger than in the same month last year and in
abundant, all of which offset large feeding on the farms. February 23%% larger than in February, 1928, showing the
Yet the net changes in corn prices are so slight as to be rather effects of severe winter weather in various parts of the
suggestive. Stocks of this grain are expected to decrease country. Of late the milder temperatures have tended to
sharply on the resumption of lake navigation, and Europe, restrict the coal trade somewhat. Car loadings are someit is believed, needs large quantities of feed grains. Oats what larger for the first week of March than in the same
are only a fraction lower even with farm reserves of un- week last year, but show some decrease as compared with
paralleled size, for wet weather has delayed seeding in the 1927. Up to this time there is a gain of about 4% over 1928
Southwest and there is a steady cash demand, even if it is and a decrease of nearly 3% as compared with 1927. Southnot active. May rye advanced 5c, as there are fears of a ern reports say that the fertilizer manufacturing trade is
decrease in the crop this year when Europe may want a active. Cigarette manufacturing is brisk in the Richmond
good deal of American rye. Lard consumption is large and territory and some factories are increasing their output.
this product is called cheap compared with the hogs, while Cigar manufacturing at Tampa is at an unprecedented rate.
Phosphate and lumber exports are large. In February
supplies of hogs on the farms are reported to be small.
Cotton advanced slightly on the new crop, despite heavy cement shipments were 17% smaller than in the same month
liquidation, as the season threatens to be somewhat late on last year owing to severe weather. At the same time proaccount of prolonged rains and frequent cloudbursts in the duction dropped 3% as compared with that in the same
Eastern belt and the lack of normal rains in Western Texas. month last year. Packer hides have been firmer at Chicago.
Coarse yarn cotton cloths have been as a rule rather quiet
Besides, fertilizer sales are small and the talk at least is to
the effect that there will be no marked increase in the acreage, this week, though in some cases a good trade is reported.
though as to that there may besome doubt if the price is,as Sheetings have met with a smaller demand. On the other
now above 21 cents at planting time. Many have, however, hand fine and fancy cotton cloths have sold readily. Finpreferred to sell old crop months and buy the new at the dis- ished cotton goods have been in excellent demand and
counts. Spinners takings, too, are large and the February especially for bleached goods and flannel. Woolens and
consumption in this country was 598,100 bales, a new high worsteds have been on the whole very quiet. Men's wear
1654
FINANCIAL CHRONICLE
[VOL. 128.
fabrics have not sold so well. Broad silks have been active, Milwaukee 38 to 58, New York 47 to 64, Philadelphia 46 to
especially sheer fabrics. Raw silk has advanced here, but 66, Portland, Me.,46 to 60, San Francisco 46 to 54, Seattle
thy buying has been hesitant. Mail order sales in February 40 to 54, St. Louis 54 to 64, St. Paul 40 to 42. While New
decreased a little over 2% from those of January, but they New York wps surprised with a spring day temperature of
were about 21%larger than in February last year. February 66 degrees, in the Rocky Mountains winter reigned and
chain store sales showed an increase of five-tenths of one many small towns were marooned by deep snow, Wyoming
per cent over January and about 2134% over February last being especially hard hit. The town of Sheridan reported the
year. Mail order and chain store sales combined showed a worst winter weather in two years; the air mail service was
decrease in February of one-tenth of one per cent from hampered. It was also said that Saturday night's iceJanuary but an increase of 21.2% over February last year. flood damage to Greybull, Wyoming, would reach $500,000.
For the two months ending February 28th mail order sales The water is now receding. Chicago wired March 14th that
were 2354% larger than in the same period last year. Chain two days of spring caused flood havoc in Illinois, Missouri,
store sales gainei 23% and the combined groups of retail Iowa and Nebraska on that day. Rain and rising temperaestablishments an increase of a little over 23%. The tures melting the winter's last snows and breaking up the
February gain in department store sales was only one- ice, had turned the Mississippi's tributaries into ice-glutted
fifth of one per cent. In Cleveland there was a gain torrents. The Mississippi itself was rising, but gave no
in employment in February. In-the St. Louis territory' immediate cause for alarm.
some shoe factories are running at 100 per cent. Country
On the 14th inst. the temperatures here were 45 to 58,
merchants are buying goods more freely at Louisville. still being unseasonably high after a night of rain. Fog
Roads are bad in Iowa, Missouri, Minnesota and Nebraska, partially tied up shipping here. Many liners were delayed,
to go no further.
and some inbound ships were halted in Long Island Sound.
Automobile factories have swung into greater volume Boston had temperatures of 38 to 40, Chicago 50 to 68,
production this month, with the prospects of turning out Cincinnati 50 to 80, Cleveland 56 to 64, Detroit 50 to 66,
more cars and trucks than ever have been rolled off the Kansas City 40 to 57, Milwaukee 36 to 64, St. Paul 38 to 50,
assembly lines in any March, according to Automotive Montreal 30 to 36, Omaha 34 to 52, Philadelphia 54 to 70,
Industries. A conservative estimate of 500,000 vehicles Portland, Me. 30 to 36. In the South there were rainfalls
for March added to 423,655 cars and trucks manufactured reported of 2 to 5 inches. Floods at the West and South,
in January and 468,328 announced for February output, especially in Alabama, due to a swift rise of rivers following
brings an estimate for production in the first quarter of a sudden flood east of the Mississippi. Damage by flood
1920 of 1,391,983 vehicles, a figure which is 227,498 in occurred in Illinois, Missouri, Iowa and Nebraska. In the
excess of the previous high mark for any first quarter set in South, Alabama and Georgia were the principal sufferers.
1926 when 1,164,485 cars and trucks were produced.
Two train wrecks were caused by flood and many comThe stock market latterly has been rising, with Radio up munities were isolated. The Black Warrior River rose
to 538, an advance to-day of 37 points. Money of late has 31.6 feet in 24 hours at Tuscaloosa. In New England, the
been 6 to 7%, closing to-day at 7% though the ninety-day Connecticut River was rising and flood gates were opened
rate was 8% against 73 early in the week. Copper metal in readiness for high water. The Mohawk River in this
%
is up to 2034c and copper shares advanced sharply. The State was rising at the rate of four feet an hour and high
transactions in stocks to-day were up nearly to 6,000,000 water cut off communication on up-State highways.
United Press advices to-day from Chicago said thousands
shares. The Federal Reserve Bank rate remains unchanged.
have
Bonds were noticeably more active with 'Secretary of the of acres of farm lands in the Mississippi river basinsnowsbeen
and
flooded by rivers and streams swollen by melting
Treasury recommending their purchase.
ice jams. Creeks, near Cedar Rapids, Ia. have overflowed
At Charlotte, N. C., a very encouraging trend was noted their banks, flooding farms and roadways and drowning
in the textile markets. The restricted buying that was hundreds of head of livestock. Oskaloosa, In. has been
evident through January and into late February has given isolated by waters of the Skunk river. Basement in Des
place to a broadened demand. Buyers evidently are more Moines were flooded. The Iowa river at Iowa City piled
huge cakes of ice into Randall highway, tearing down
confident of the stability of values. Fine goods mills were bridges, fences and telegraph poles. Fog delayed river
operating at 100%. At Durham, N. C., the Durham traffic here on the 14th. To-day the temperatures here were
hosiery mills trade has shown marked improvement the 43 to 55. Overnight Chicago was 44 to 68, Cleveland 46
last week. The cotton hosiery departments were placed to 64, Kansas City 40 to 58, St. Paul 36 to 50. The New
on a five-day week schedule on the 11th inst. following a York forecast is rain to-night and to-morrow morning and
waters in Alabama marooned 10,000 people.
long period of an average of a four-day week operations. colder.inFlood
Rains
the South were 2 to 43 , inches.
A
Greenville, S. C. wired that the increased demand for
cotton goods may prevent any curtailment schedule being Preliminary Report of Federal Reserve Board on Retail
considered by mills of the Piedmont section. SpartanTrade—Februiry Sales Larger Than In Same
burg, S. C. reported that practically all kinds of goods were
Month Last Year.
in demand, especially sheetings and prints, prices advanced
Total sales of department stores in February were larger
about half as much as raw cotton. Some of the mills had
than a year ago, according to preliminary reports made to
bought cotton at a fixed price, and were profiting therefore the
Federal Reserve System by 438 stores. After allowance
on the price change. No curtailment in the industry is is
made for the fact that February of this year contained one
expected now before May. In some instances manu- less
business day than Feb. 1928, sales of these firms showed
facturers have sold into that month. Spartanburg wired an
increase of approximately 4%. Of the 438 reporting
later that the question of whether or not night work,should
stores, 159 reported increases over February of last year
be abolished in the cotton mills of the south is being studied
while 279 showed decreases. The Board's preliminary survey,
and discussion and opinions on the matter differ quite
issued March 9, also says:
widely.
By Federal Reserve districts, increases in total sales for the month, as
Some of the small tire fabric mills are reported sold up to compared with Feb. 1928, were reported by stores in the Chicago, New
York.
and St. Louis districts, while the largest
June with some orders running up to 500,000 lbs. reported in the ClevelandMinneapolis and Philadelphia districts. declines occurred
Atlanta.
placed this week and rumors of an order of 1,000,000 lbs.
Sales of two mail order houses were 20.8% larger, and those of eight
in the market at a low price. Continental January and 5-and-10-cent chain stores, 4.5% larger than In February of last year.
Changes in the volume of business of both mail order houses and chain
February reports on the cotton textile situation indicate less stores reflected in part an increase in the number of retail outlets operated.
satisfactory sales by spinners and weavers and also a somePercentage changes in dollar sales between Feb. 1928, and Feb. 1929.
what quiter tendency in both France and Italy. German are given In the following table:
mills' stocks of yarn have shown some tendency to increase
Number of Stores.
Percentage of Increase
in recent weeks because of little calling for delivery, but
Total
or Decrease in Sales.
Number Reporting.
stocks of fabrics, both at the mills and in the trade, remain Federal Reserve District.' Feb. 1929 Compared Reporting.
With Feb. 1928.
Increase. Decrease.
about unchanged and appear to be very moderate in volume.
---2.7
78
21
57
Some reports indicate that they may even be considered low. Boston
New York
+5.2
43
23
20
—4.0
35
Philadelphia
15
20
At Lynn, Mass. the shoe strike is settled in all 48 shops.
+1.3
34
Cleveland
19
15
41
Richmond
27
14
Here on the 13th the temperature was up to 66 degrees at Atlanta
26
—6.6
18
8
+7.0
41
19
22
2 p. m., the warmest March 13th on record, and the forecast Chicago
St. Louis
+1.6
20
12
8
was for rain and continued warm overnight. In the 24 hours Minneapolis
—6.5
14
1
13
—3.9
21
10
5
ending 8 a. m. on the 13th at Boston it was 50 to 66, at Kansas City
—3.8
18
13
Dallas
5
—1.4
67
21
46
Chicago 54 to 66, Cincinnati 52 to 70, Cleveland 48 to 66., San Francisco
Detroit 46 to 64, Kansas City 48 to 58, Los Angeles 50 to 60, Total
+0.2
438
279
159
MAR. 16 1929.]
1655
FINANCIAL CHRONICLE
Monthly Indexes of Federal Reserve Board.
Department of Commerce Monthly Indexes of Production, Stocks and Unfilled Orders.
The monthly indexes of production, employment and
trade issued by the Federal Reserve Board about the first
The Department of Commerce issued as follows on Mar.9
of each month in advance of publication of the indexes in its monthly indexes of produetion, stocks and unfilled orders
the Federal Reserve Bulletin, were made available as follows for January:
Production.
March 5. The terms "adjusted" and "unadjusted" refer
Industrial production during January, after allowance for seasonal conto adjustment for seasonal variations.
a gain
both the preceding month and
(Monthly average 1923-25=100.)
1929 1928 1928
Jan. Dec. Jan.
*Industrial Produclion. adjusted-Total
Manufactures
Minerals
'Manufactures, adjust84Iron and steel
Textiles
Food products
Paper and printing__
Lumber
Automobiles
.
Leather and shoes_ _
Cement, brick, glass.
Non-ferrous metals_
Petroleum refining__
Rubber tires
Tobaccomanufactures
1929 1928 1928
Jan. Dec. Jan.
*Building contracts
Adjusted
128 116
Unadjusted
103 105
*Wholesale &sinkslion, adjusted
Total
101
95
Groceries
99
89
117 123 107 Meats
116 115
116 111 107 Dry goods
88
86
103 104 103 Men's clothing
97 101
119 120 115 Women's clothingx
_____
92
87
92 Shoes
120
72
154 103
93 Hardware
92
93
96
92
99 Drugs
132 128
130 130 114 Furn.ture
92 100
124 128 100
* Wholesale Distribu109 159 135
/ton, unadjusted
147 143 124 Total
93
85
131 127 119 Grocerlee
92
88
Meats
116 108
*Minerals, adjusted
Dry goods
84
68
103
Bituminous coal
96
92 Men's clothing
75
51
110
Anthracite
98
89 Women's clothingx .. ___
___
Petroleum
138 132 121 Shoes
99
59
129 133 102 Hardware
Copper
82
86
100 106 105 Drugs
Zino
130 120
112 112 103 Furniture
Lead
81
94
91 103
Silver
93
*Dept. store sales
'Freight-car loadings,
Adjusted
107 116
adjus.edUnadjusted
94 188
104 103 100
Total
*Dept. store stocks
Grain
99 105 102 Adjusted
102 101
91 Unadjusted
Livestock
82
85
91
95
108 102
94
*Matt order house
Coal
90
91
90
Forest products
sales
Merelicndlse I e I.,
136 165
Adjusted
and mislecilancons 109 108 107 i in ad limed
132 208
• Revised: for back figures see Federal Reserve Bulletin for March.
:Discontinued in January 1929; see Federal Reserve Bulletin for March.
FACTORY EMPLOYMENT AND PAYROLLS.
Unadjusted (1919=100).
117
117
117
113
114
112
105
106
103
Employment.
133
104
96
93
106
89
99
___
115
92
108
89
88
85
106
85
76
___
94
82
106
78
104
88
105
93
113
105
Payroll..
1929
Jan.
Total
Iron and steel
Textiles-group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods, &c
Leather, &a
Stone, clay, glass
Tobacco, .t/c
Chemicals, exe
1928
Dec.
1928
Jan.
1929
Jan.
1928
Dec.
1928
Jan,
91.0
90.3
90.0
93.2
85.9
85.1
69.6
150.4
108.3
85.8
79.4
99.3
70.2
79.0
91.3
89.4
90.8
93.8
86.4
87.4
70.4
136.6
109.5
88.5
76.6
106.2
79.8
79.0
87.9
80.7
92.9
95.1
89.9
84.9
70.5
114.0
108.6
83.8
83.2
101.6
73.8
75.1
103.0
97.9
97.2
99.5
94.2
92.3
73.5
165.0
150.1
101.3
78.9
116.6
70.6
109.5
106.6
99.0
101.0
104.3
96.9
100.7
79.6
161.9
153.0
105.5
75.2
131.7
86.7
111.2
97.8
84.1
100.2
100.3
100.0
91.9
75.1
127.2
148.8
99.0
83.5
122.1
78.1
106.3
ditions, showed
over
January 1928.
according to the weighted index of the Federal Reserve Board. The principal increases over January 1928 occurred in iron and steel, textiles, automobiles, paper and printing, leather and shoes. cement, brick and glass,
petroleum refining, rubber tires and tobacco manufactures. Mineral production, after adjustment for seasonal variation, also showed gains over
both the prereding month and January of last year.
Commodity Stocks.
Stocks of commodities held at the end of January were greater than a
year ago. Holdings of raw materials and manufactured goods were each
larger than at the end of January 1928.
Unfilled Orders.
The general index of unfilled orders showed a decline from a year ago
but was greater than in December. Forward business for textiles at the
end of January was larger than at the end of either prior period. Unfilled
orders for iron and steel, transportation equipment, and lumbbr showed
declines from January 1928. but were larger than in December.
index Numbers. 1923-1925=100.
Production
Raw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board)
Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
-Leather and shoes
Cement, brick and glass
Non-ferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders
Total
Textiles
Iron and steel
Transportation equipment
Lumber
January
1929.
January
1928.
December
1928.
96
114
84
117
117
116
117
116
103
119
92
96
134
124
159
147
131
96
98
81
106
103
106
107
107
103
115
92
92
99
114
100
135
124
119
92
152
76
112
112
112
123
111
104
120
88
98
92
130
128
159
143
127
137
147
124
129
139
115
141
157
120
78
80
Si
77
89
64
79
71
72
83
35
62
se
48
78
"
Increase:in- Factory Employment in New York State
During February.
Factory employment in New York State increased more
than usual from January to February, according to Industrial Commissioner Frances Perkins. This was due partly
to the effect of an early Easter on clothing, textile, and
leather goods factories and partly to improvement in the
Industrial Activity Based on Consumption of Electhe month, issued under
tricity-February Operations Increase 10% Over metal industries. The survey for
date of March 11, adds:
Last Year.
Consumption of electrical energy for power purposes by
manufacturing plants of the country indicates that the
February rate of operations was 6% greater than in January
and 10% higher than in the corresponding month last year,
"Electrical World" reports. The February rate was
of record proportions, being 0.3% greater than the previous
high established in September 1928. The "Electrical
World" goes on to say:
•
This statement is based on monthly reports from a fixed list of more
than 1,600 representative 'factories in New York State. These factories
are located in various parts of the State and represent a wide range of
industries.
The index of factory employment based on the average for three years,
1925-1927, rose from 95 in January to 97 in February. Although employment regularly improves at this time of year, the increase of somewhat more than 2% is larger than any January to February increase that
has been reported in the last five years. Payrolls were reduced in some
cases because of holiday closings.
Indications of Strength in Metals.
Among the metals, the most conspicuous gains were in the basic industries. Makers of iron and steel had increased their forces by 11% since
January, and brass, copper and aluminum factories had added nearly 8%
more workers. Increases in employment were general among concerns
making instruments and appliances and among those making stamped and
enameled ware and cutlery and tools.
Several of the larger automobile and airplane factories continued to
report good increases in employment but among the other concerns improvement was not so general as in January. The heating and ventilating
apparatus industry continued to operate below the 1928 level in spite of
a five per cent, gain this month.
New high rates of productive activity were recorded in five primary
industrial groups-rolling mills and steel plants, metal-working plants,
rubber products, automobile manufacturing, including parts and accessories, and chemicals and allied products.
The automotive Industry rose to new heights in February with a rate of
operations 8.1% over January of the current year and 8.6% over February
of last year. Rolling mills and steel plants showed a rate of operations
that was slightly more than 22% greater than in February 1928. Metalworking plants registered a gain over last year of 20.5%.
Conditions in the textiles group, based on consumption of electricity,
also underwent improvement, the gain over February of last year amounting
to approximately 4.5%•
All sections of the country reported a rate of productive activity greater
Gains in Clothing Industries Seasonal.
than that of February last year. Increases over last year, by sections, were:
The fact that Easter comes early this year may have been partly reNew England, 6.1% Middle Atlantic, 3.2% North Central, 17.1%
the men's
South, 2.2%. and the Western States, 12.6%. In New England and the sponsible for a speeding up in the clothing industries. Most of
workers while in
North Central districts the February rate, corrected for number of working and women's garment factories were taking on more
the men's furnishings and women's underwear industries gains were less
days, was of record proportions.
Manufacturing activity in the United States in February, compared with regular and not as large. The increases in February were not exceptionally
January and February of last year, all figures adjusted to 26 working days large, while in January activity was not increasing as rapidly as usual.
Most of the shoe factories reported more workers in February but sevand based on consumption of electrical energy as reported to "Electrical
eral Brooklyn factories were closed for Washington's birthday and some
World" (monthly average 1923-25 equals 100), follows:
Feb. 1929. Jan. 1929. Feb. 1928. of the larger up-State factories had laid off workers. Glove factories
140.4
All Industrial groUPs
132.5
127.7 were busier and fur and leather shops were increasing their forces. Most
Metal industriee grouP
157.3
142.6
130.7 textile factories also reported improvement.
Rolling mills and steel plants
163.3
153.5
133.8
Metal working plants
153.7
135.8
127.6
102.1
Leather and its products
94.3
118.4
Textiles
133.0
129.4
127.5 Annalist's Weekly Index of Wholesale Commodity Prices.
Lumber and its products
107.6
107.4
113.3
Automobiles and parts
161.5
149.4
The Annalist Weekly Index of Wholesale Commodity re148.7
137.4
148.7
Stone, clay and glass
127.3
mains unchanged from last week. The Annalist's Weekly
125.2
126.2
Paper and Pulls
124.2
154.7
148.2
Rubber and its products
137.0 statement in the matter says:
129.2
Chemicals and allied Products
138.7
129.1
Moderate increases, however, occurred in the indexes of farm products,
127.5
128.0
Food and kindred products
115.6
Shipbuilding
108.2
98.5
98.8 and metalsibut their effect was evenly balanced by fairly sizable declines
1656
' FINANCIAL CHRONICLE
in the food products and miscellaneous indexes, and minor declines in
those of textiles, fuels and building materials.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Mar. 12 1929 Mar. 5 1929. Max. 13 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All commodities
147.0
144.8
154.5
160.5
129.4
154.0
134.8
123.9
147 1
146.8
146.1
154.7
161.2
128.8
154.1
134.7
125.5
147.1
146.2
151.6
152.3
157.3
120.4
153.4
134.3
122.1
145.9
Business Activity in U. S. Reaches New High Level
According to Annalist Index.
The rate of business activity in the United States has
reached a new high level in the current business cycle, the
preliminary point for The "Annalist Index of Business
Activity being 105.7, as compared with 104.0 (revised) for
January and 99.1 for December. In presenting its Index of
Activity, the "Annalist" says:
The February rise was caused to a large extent by a greater than seasonal
increase in freight car loadings, which in turn was due primarily to heavier
coal shipments. Other factors contributing to the rise in the combined
index were increased steel ingot production and a higher rate of zinc output.
Automobile production increased in February, but the increase, on the
basis of preliminary estimates, was only approximately the usual seasonal
amount, so that the adjusted automobile index remains unchanged at the
extremely high January figure. Cotton consumption, on the other hand,
shows a fairly sharp decrease from the high January rate and average daily
pig iron output increased by slightly less than the usual seasonal amount.
Table I summarizes for the last three months the movements of the
combined index and of the ten component series, each of which has been
adjusted for seasonal variation, long-time trend and variations in cyclical
amplitudes before being combined into The "Annalist" Index of Business
Activity. Table I also gives the combined index by months since the
beginning of 1925.
TABLE I.
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY.
A. By Groups.
February 1929. January 1929. December 1928
Pig iron production
109.6
108.7
Steel Ingot production
106.9
103.6
Freight car loadings
10L3
98.2
Electric power production
102.8
Bituminous coal production
95.7
105.6
Automobile production
•145.7
145.7
Cotton consumption
111.2
107.7
Wool consumption
107.3
Boot and shoe production
102.9
Zinc production
85.1
89.9
Combined Index
•105.7
104.0
B. The Combined Index Since January 1925.
105.4
106.0
97.4
99.1
92.3
99.1
102.6
102.2
91.2
91.6
99.1
1929.
January
February
March
April
May
June
July
Ang1111t
September
October
November
December
•Subject to revision.
1928,
1927.
1926.
104.0
*105.7
97.0
98.9
98.6
99.0
100.4
97.8
99.7
1013
101.3
102.6
101.5
99.1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
1925.
1024
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
[Vol.. 128.
Conditions in wholesale and retail trade are further
as follows:
in-
dicated
Retail Trade.
Merchandise distribution at retail in the Sixth District declined in
January as compared with the seasonally high level reached la December
but was somewhat greater than a year ago. Stocks of merchandise declined compared with a month and a year ago, and the rate of turnover
was the same in January this year as last. January sales by 45 reporting
department stores averaged 2.9% greater than in January 1928, increases shown for Atlanta, Birmingham and New Orleans more than of
in the district average decreases from other points. Stocks
on hand at the end of January were smaller than a month earlier, except
at Chattanooga, and were less than at the end of January 1928 except
at Nashville. Accounts receivable at the end of January decreased 10.3%
compared with those for December, but were 4.1% greater than a year
ago. Collections during January increased 19.5% over those in December, and were nine-tenths of 1% greater than in January 1928. The
ratio of collections during January to accounts outstanding and due at
the beginning of the month, for 33 reporting firms, was 34.7%. For
December this ratio was 32.8%, and for January 1928 35.8%. For January, the ratio of collections during the month to regular accounts outstanding, for 33 firms, was 36.7%, and the ratio of collections against Installment accounts, for 8 firms, was 14.0%.
Wholesale Trade.
Merchandise distribution at wholesale in the Sixth District, reflected
in sales figures reported confidentially by 124 firms in eight different
lines of wholesale trade, was in slightly larger volume in January than
in December or in January a year ago. January sales by these 124 reporting firms averaged 0.8% greater than in December, and exceeded their
sales during January a year ago by 0.2%. Compared with December, decreases in January sales of furniture, electrical supplies, and stationery
were a little more than offset by increases in sales of groceries, drygoods, hardware, shoes and drugs. January sales of groceries, furniture,
electrical supplies and drugs were greater than in the same month last
year, but decreases occurred in sales of dry goods, hardware, shoes and
stationery. Stocks of all reporting firms at the end of January averaged
3.5% greater than a month earlier, but 0.8% smaller than a year ago.
Accounts receivable averaged 1.0% smaller than for December, and 0.4%
smaller than for January 1928, and collections decreased 7.0% compared
with December, but were 2.8% greater than in January last year.
Conditions in Pacific-Southwest as Viewed by Los
Angeles-First National Trust & Sayings Bank.
General business in the Pacific-Southwest territory during February has measured up splendidly to the good showing noted in January. Manufacturing plants have been operating at a high rate of activity since the first of the year.
The volume of trading was well sustained considering the
short number of working days. The agricultural outlook is
reasonably good, tempered mainly by less that normal rainfall. On the whole, the situation presents a favorable picture. This is the introductory paragraph of the Monthly
Summary of Conditions in the Pacific Southwest territory
compiled by the Research Department of the Los AngelesFirst National Trust & Savings Bank and the First Securities Company, and released for publication March 6. The
summary continues in part:
Aggregate check transactions for the month have shown about the usual
seasonal reduction from January, but the daily average was slightly higher
____
and totals are still running materially ahead of last year in both the
metropolitan and country districts. Stock exchange trading was conConditions in Atlanta Federal Reserve District
- siderably reduced from recent months. Postal receipts were about 10%
under January and about the same as a year ago.
Wholesale Distribution of Merchandise Gains
- Distribution of goods at retail has been somewhat quieter following
the promising totals for January. Wholesale trading has been rather active.
Retail Trade Declines.
New car sales
were half again as large as
Merchandise distribution at wholesale in the sixth (At- 40% above lastin January The value of harbor commerce in December and
February.
registered a good
lanta) Federal Reserve District averaged slightly greater increase although tonnage tended to ease off. Business mortality was much
In January than in December and was fractionally larger less than the record of last month, but still decidedly large.
Expansion of the industrial capacity of this district continues unabated.
than in January a year ago, according to the District sum- Many lines
are operating at or near full schedules, and employment is
mary contained in the Feb. 28 Monthly Review of the Fed- larger than a year ago. Production of automobile tires, oil well and
refining supplies, copper, iron and steel, and petroleum products is eseral Reserve Bank of Atlanta. The summary also states:
pecially active. Fish canning has been about normal, with meat packing
The volume of retail trade declined in January from the high level
and motion picture output still somewhat quiet. Prdspective building
reached in December, but was 2.9% greater than in January last year.
Debits to individual accounts, reflecting the volume of business trans- construction showed a good increase during the month, although real estate was less active, according to documents filed.
actions settled by check, declined 1.5% in January compared with DecemWeather conditions have not been entirely favorable to agriculture. Preber, but was 11% greater than in January last year. Following the interest period at the close of the year, savings deposits of 83 reporting cipitation to date is less than last year and is considerably below normal
in most districts. Unusually low temperatures during the middle of Febbanks in the district decreased 3.7% in January, and were 4.0% less
than at the same time last year. Between January 9 and February 18 ruary caused some damage to citrus fruits and vegetables and further
delayed the growth of hay and pastures.
there was a small increase in the amount of loans to customers by weekly
Marketing of a very large and excellent quality orange crop continued
reporting member banks in selected cities of the.District. During this
period discounts by the Federal Reserve Bank of Atlanta for member with prices at lower levels. Shipments of lettuce from the Imperial Valley
banks declined more than three million dollars, and holdings of bills have reached the peak. Average prices have been good and a profitable
bought in the open market and of United States securities declined nearly season is indicated by returns thus far. Pruning and cultivation of vineeleven million dollars. Building permits issued during January declined yards and deciduous fruit groves is well advanced and growers have bein comparison with December and were 18.9% less than in January a gun preparations for planting of field crops.
year ago. Southern Pine Association statistics indicate that orders re• Banking.
ceived during January by reporting mills were 51.3% greater than their
There has been little change in the credit situation during the month.
production during that month. The consumption of cotton during Janu- The commercial demand for funds has been steady find "all
other" loans
ary increased over December and was 14% greater than in January last of Los Angeles reporting member banks have
been virtually unchanged
year, and production of cotton cloth and yarn by reporting mills in the during the four weeks ending Feb. 20, the latest
available date. Loans on
Sixth District was also greater than a year ago. Production of coal in securities reached a new high point on Feb. 13,
with a
Alabama and Tennessee during the latter part of January was greater than 4 million dollars, on 3% for the period. Investment net gain of about
holdings eased off
at the same time a year ago, and the output of pig iron in Alabama was moderately and are approximately at pre-holiday
levels.
12.6% greater in January this year than last. Weather conditions have
Demand deposits of these banks fluctuated sideways, but time deposits
permitted some work to be done by farmers in preparation for the com- declined by 13 million dollars, or nearly
3%. Borrowings from the Reserve
ing season. Reports of the Department of Agriculture indicate that the bank have been negligible and interest
rates are unchanged. Deposits
number of farm animals on the farms in this district on Jan. 1 this year in the country districts are holding steady at
levels well above last year
was smaller than a year ago, but their value was 8.4% greater than for in most cases. The demand for money
for agricultural purposes is
January 1928.
light at this time of the year.
MAR.
1657
FINANCIAL CHRONICLE
16 1929.]
Activity in Wholesale Lines in Dallas Federal Reserve
District—Sustained Buying in Retail Trade.
The Federal Reserve Bank of Dallas reports that an active demand for merchandise at wholesale and sustained
bUying in retail channels were characteristics of the business
situation during the past month. In its Monthly Business
Review, March 1, the bank adds:
Softwood.
Softwood.
Hardwood.
549
312,555,000
318,671.000
337,894.000
345
53,813.000
51,586,000
57.654,000
Hardwood.
317
526
Mills (or units')
308,328,000 53,702,000
Production
314,471.000 52,520,000
Shipments
350,260,000 53.473.000
Orders (new business)
'A unit is 35,000 feet of daily production capacity.
Sales of department stores in larger cities reflected a seasonal decline of
52% as compared to the heavy December volume, but were practically the
same as in the corresponding month last year. The volume of wholesale
distribution showed a substantial seasonal expansion and was larger than
a year ago. While reports indicate that merchants in most lines of trade
are buying freely, there is a strong disposition to hold commitments
well within prospective demand. Debits to individual accounts at prinpical cities evidenced a seasonal decline of 7% as compared to December,
but were 16% greater than in January 1928.
Despite the normal return flow of currency to the Federal Reserve Bank
during .the past six weeks, there has been a substantial increase in the
use of Federal Reserve Bank credit and the gold holdings of this bank
have been materially reduced. Federal Reserve notes in actual circulation declined from $48,584,840 on Dec. 31 to $39,671,000 on Feb. 15,
and the net circulation on the latter date compared with $38,195,935 on
the corresponding date in 1928. Although Federal Reserve Bank loans
to members stood at $11,161,445 at the close of 1928, there was a large
increase during the first week of the new year and the daily average volume
of these loans during the first six weeks of the year amounted to $20,658,843 as compared to $4,298,620 during the same period in 1928. The
gold holdings of this bank, which amounted to $71,067,147 on Dec. 31,
declined to $54,632,888 on Jan. 31, but had risen to $61,342,546 on Feb.
15. The daily average of net demand and time deposits of member banks
amounted to $970,897,000 in January, which compares with actual deposits of $974,968,000 on Dec. 12 and $932,172,000 on Feb. 8 1928.
The business mortality rate in the Eleventh District reflected a seasonal increase in January due to the credit strain incident to annual
settlements, yet the increase was smaller than usual at this season, and
both the number of failures and the amount of indebtedness involved
were smaller than in any January since 1920.
Weather conditions have been unfavorable for plowing operations over
much of the Eastern half of the district. Rains at frequent intervals
have kept the ground wet and farmers have been able to prepare only
a smaller percentage of the land for spring planting. It is becoming evident that unless dry, sunshiny weather obtains for some time, the planting
of early crops may be delayed beyond the usual seeding dates. The
delay in land preparation is partially compensated by the excellent surface and subsoil season in the ground, which will be a sustaining factor
for crops during the summer months. In the Western half of the District
plowing operations have advanced normally. Small grains are in good
condition and the prospects for these crops at the present are better than
in several years. Livestock and their ranges have reflected the normal
seasonal decline but livestock generally have wintered well.
The volume of construction work in this district reflected a sharp decline in January. The valuation of building permits issued at principal
cities showed a decline of 36% as compared to December and was 23%
less than in the corresponding month last year. The production, shipments and new orders for lumber reflected a sharp seasonal gain during
January.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 196 mills reporting for the week ended March 9, totaled
188,209,000 feet, of which 65,117,000 feet was for domestic cargo delivery,
and 33,426,000 feet export. New business by rail amounted to 77,555,000
feet. Shipments totaled 167,989.000 feet, of which 51,192,000 feet moved
coastwise and intercoastal, and 32,393,000 feet export. Rail shipments
totaled 72,293,000 feet, and local deliveries 12.111.000 feet. Unshipped
orders totaled 810,313,000 feet, of which domestic cargo orders totaled
306,766.000 feet, foreign 246.782,000 feet and rail trade 256.765,000 feet.
Weekly capacity of these mills is 225,558,000 feet. For the 9 weeks ended
March 2, orders reported by 143 identical mills were 13.08% over production and shipments were 4% over production. These same mills showed a
decrease in inventories of .02% March 2, as compared with Jan. 1.
Lumber:OrdersTon'Hand Rise to 28.2 Days of Normal
Output.
Heavy demand for softwood lumber during the week ended
March 9 caused a further increase in unfilled orders at reporting softwood mills, which now amount to an equivalent
of 28.2 days of normal production. This represents a rise of
better than one full day over the 27'day figure of a week
previous, and of two days over the 26.1-day equivalent of a
month ago. Telegraphic reports from 803 hardwood and
softwood mills to the National Lumber Manufacturers Association for the week show new business amounting to 403,733,000 feet as against orders reported the preceding week
by 26 more mills of 395,548,000 feet. Shipments and production for the week are reported as practically the same as
during the week earlier. For the week ended March 9, the
803 mills reported production as 362,030,000 feet, and shipments as 366,991,000 feet. The week before 829 mills reported production as 366,368,000 feet, and shipments as
370,257,000 feet.
Softwood shipments reported for the year to date amount
to 105% of production, and new business represents 115%
of production; the latter is 11 points under the 3
-year production average. Hardwood shipments in the same period
have been 96% of production, and new business has amounted
to 103% of production. The Association adds:
Unfilled Orders Increase.
The unfilled orders of 344 Southern Pine and West Coast mills at the
end of last week amounted to 1,091,156,504 feet, as against 1,061.715,401
feet for 344 mills the previous week. The 148 identical Southern Pine
mills in the group showed unfilled orders of 280,843,504 feet last week, as
against 269,483.401 feet for the week before. For the 196 West Coast
mills the unfilled orders were 810,313,000 feet, as against 792,232,000 feet
for 196 mills a week earlier. Altogether the 526 reporting softwood mills
had shipments 102% and orders 114% of actual production. For the
Southern Pine mills those percentages were respectively 100 and 118: and
for the West Coast mills 95 and 107. Of the reporting mills, the 526 with
an established normal production for the week of 316,617,000 feet, gave
actual production 97%, shipments 99% and orders 111% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of 8 softwood and 2 hardwood regional associations, for the
2 weeks indicated:
Preceding Week 1929
(Revised).
Past Week.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 148
mills reporting, shipments were 0.45% above production, and orders
17.62% above production and 17.09% above shipments. New business
taken during the week amounted to 77.847,041 feet (previous week 68,327,986); shipments 66,486,938 feet (previous week 68,160.618); and production 66,185,834 feet (previous week 66,258,149). The normal production
(three-year average) of these mills is 74,756.864 feet.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 35 mills as 29,143.000 feet, as compared with a normal
production for the week of 30,494,000. Twenty-five mills the week earlier
reported production as 17,589.000 feet. There were heavy increases in
shipments and new business last week, due to the larger number of reporting mills.
The California White and Sugar Pine Manufacturers Association of San
Francisco reports production from 22 mills as 11,779,000 feet, as compared
with a normal figure for the week of 13,413,000. Eighteen mills the week
before reported production as 9,611,000 feet. Shipments were about the
same last week, with a nominal increase in new business.
The California Redwood Association of San Francisco, reports production from 12 mills as 7,067,000 feet, compared with a normal figure of
7.058,000. Thirteen mills the previous week reported production as
7,207,000 feet. Shipments were slightly larger last week and new business slightly less.
The North Carolina Pine Association of Norfolk. Va., reports production from 73 mills as 9,109,000 feet, against a normal production for the
week of 10,538,000. Seventy-one mills the week before reported production as 9,012,000 feet. There were small increases in shipments and new
business last week.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 9 mills as 3,918,000 feet, as compared with a
normal figure for the week of 6,226,000, and for the preceding week 3.928.000. Shipments were slightly less last week and new business slightly larger.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 27
mills as 3,547,000 feet, as compared with a normal production for the week
of 4,178,000. Twenty-six mills the week earlier reported production as
3,469,000 feet. Shipments were about the same last week with a substantial increase in orders.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 40 units as 9,668,000 feet, as
compared with a normal figure for the week of 10,056,000. Thirty-six
units the week before reported production as 7,754,000 feet. There were
notable increases in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 277 units as 44,034,000 feet as against a normal production for the week of 49,920,000. Two hundred and eighty units the preceding week reported production as 39,765,000 feet. Shipments were
slightly larger last week, and new business about the same as that reported
for the previous week.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR TEN WEEKS AND FOR WEEK ENDING
MARCH 9 1929.
Normal
Production
for Week.
Orders.
Shipments.
Production.
Association—
Southern Pine (10 weeks).- 662.608.000 669,869,000 710,378,000
77,847,000 74,757,000
66.487,000
66,186,000
VVeek(148 mills)
West Coast Lumbermen's—
1,510,286,000 1,471.966,000 1,649,541.000
(10 weks)
177,579,000 168,462,000 189,789,000 169.953,000
Week (200 mills)
(10 wks.) 235,878,000 288,238,000 325,493,000
Western Pine M frs.
36,275,000 30.494.000
34,143,000
29,143,000
Week (35 mills)
Calif. White& Sugar Pine
136,790,000 247,670,000 247.753,000
110 weeks)
19,493.000 13,413,000
19,393,000
11,779,000
Week (22 mills)
74,467,000
65,321,000
65,941,000
Calif. Redwood (10 weeks)
6.895,000 7,058,000
7,226,000
7,067,000
Week (12 mills)
81,936,000
91,899,000
95,743,000
No.Caro. Pine (10 weeks)
9,939,000 10,538.000
9,185,000
9,109,000
Week (73 mills)
71,818,000
69,499,000
North. Pine Mfrs.(10 wks.) 39,597,000
6,700,000 6.226.000
7,353,000
3,918,000
Week (9 mills)
No. Hemlock & Hardwood
38,990,000
30,298,000
Softwoods (10 weeks)... 44,707,000
3,322,000 4.178,000
2,222.000
3,547,000
Week (27 mills)
Softwoods total(10 wks.) 2,791,550,000 2.934,760,000 3,200,376,000
308,328,000 314,471,000 350,260,000 316.617,000
Week (526 mills)
No. Hemlock & Ilardw'd—
91,981,000
88,622,000
Hardwoods (10 weeks)... 126,198,000
8,076,000 10,056,000
6,730,000
9,668.000
Week (40 units)
Hardwood Mfrs. Institute
399,722,000 424,437,000 449,611.000
weeks)
(10
45,397,000 49,920,000
45,790,000
44,034,000
Week (277 units)
Hardwood total(10 wks.) 525,920,000
53,702,000
Week (317 units)
513,063,000
52.520,000
541,592,000
53,473,000 59,976.000
Domestic Consumption of All Raw Silk Declined in
February—Visible Stocks of Japan Raw Silk
Higher.
Domestic consumption of all grades of raw silk averaged
2,255 bales daily during February, against 2,389 bales in
1658
FINANCIAL CHRONICLE
the previous month and 2,304 bales in February 1928,
according to data compiled by Douglass Walker, director
of the Intelligence Bureau of the National Raw Silk Exchange. Consumption of Japan raw silk averaged 1,967
bales daily during the month, against 2,144 bales a day in
the previous month and 2,069 bales per day in February
of last year. Mr. Walker continues:
[VOL. 128.
311928, and 7,423,000 for the half ending Jan. 31 1927,
according to a cablegram received by the Foreign Service of
the Bureau of Agricultural Economics from the International Federation of Master Cotton Spinners' Manufacturers' Associations at Manchester and made public
on Mar. 11. Consumption of American cotton for the year
ending July 31 1928 was 15,407,000 bales.
Visible stocks of Japan raw silk, including port, transit and warehouse
As compared with the six months ending Jan. 31 1928, consumption of
stocks, were 91,090 bales on March 11929. as compared with 87,398 bales
Indian cotton increased. Consumption of "sundries" (cotton other than
on March 1 1928, an increase of 4.2%•
Total domestic consumption of all grades of raw silk for the 8 months American, Indian and Egyptian) for the six months ending Jan. 311929.
ended Feb. 28 was 385,801 bales, an increase of 1.7% over the total of 379,- was slightly above the corresponding period a year and two years ago.
Mill stocks of all growths were above a year ago, except Egyptian, which
418 bales consumed in the comparable period last year. Consumption of
Japan raw silk for the same period was 347,579 bales, a gain of 3.6% over was the same.
WORLD MILL CONSUMPTION AND STOCKS, HALF YEAR ENDED
the 335,392 bales consumed in the corresponding period last year.
JANUARY 31 1927, 1928. 1929.
Imports for the 8 months ended Feb. 28 aggregated 391,667 bales, an
increase of 2% over the imports of 384,071 bales in the similar period last
year. Imports of Japan raw silk for the same period were 354,935 bales,
Half Year Ended
Half Year Ended
Half Year Ended
an increase of 4.2% over the total of 340,724 bales imported during the
Growth.
Jan. 31 1927.
Jan. 311928.
Jan. 311929.
corresponding period last year.
Visible supplies of Japan raws are equal at 3 months' running average
Consumption, 1,000 Running Bales. 1,000 Running Bales. 1,008 Running Bales.
7,423
of daily consumption to 46.2 days' supply, as against 48.7 days' stock on American
8,226
7,613
Indian
2,303
2,818
2,574
hand Feb. 1 and 32.3 day's supply on March 1 1928.
Egyptian
489
487
497
Sundries
1,969
2,001
2,088
Total
12,729
Census Report on Cotton Consumed in February.
12,987
12,772
Stocks:
Under date of March 14 1929 the Census Bureau issued its
American
2,982
2,867
2,958
report showing cotton consumed, cotton on hand, active Indian 829
969
1,218
Egyptian
183
173
182
cotton spindles, and imports and exports of cotton for the Sundries
771
863
901
month of February 1929 and 1928. Cotton consumed
Tn..,
A 7SS
4 RR9
52117
amounted to 598,098 bales of lint and 68,060 bales of linters,
compared with 572,875 bales of lint and 57,798 bales of
linters in February 1928 and 668,389 bales of lint and 68,552
Cottonseed Oil Production During February.
bales of linters in January 1929. It will be seen that there
On March 12 the Bureau of the Census issued the following
is an increase over February 1928 in the total lint and linters statement showing cottonseed received, crushed and on hand
combined of 35,485 bales, or 5.6%. The following is the and cottonseed products manufactured, shipped out, on
statement complete:
hand, and exports during the month of February 1929 and
FEBRUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED 1928:
AND EXPORTED,AND ACTIVE COTTON SPINDLES.
(Cotton in running bales, counting round as half bales, except foreign, which
Is In
'500
-pound bales.)
Cotton Consumed
During
Seven
Year
Months
Ended
Feb.
Feb. 28
(Bales.) (Bales.)
Cotton on Hand
Feb. 28
Cotton
In Con- In Public Spindles
suming
Storage
ACHVAI
Evtanand at
During
lishm'ts Compres's February
(Bales.) (Bales.) (Number).
United States
1929 598,098 4,049,461 1,746,537 3,876,215 31,007,936
1928 572,875 4,200,369 1,668,649 4,313,843 31.728.452
Cotton-growing States---
1929 454,864 3,097,088 1,274,580 3,666,685 18,070,204
1928 428,741 3,118,161 1,124.881 3,999,131 17,850,788
1929 122.697 808.384 407.395
93.659 11,667,152
1928 122,049 903,031 462,519 115.313 12.447,368
1929 20,537 143,989
64,562 115,871 1,270,580
1928 22,085 179,177
81,249 199,399 1,428,296
New England States
All other States
Included Above
Egyptian cotton
1929 19,479 131,460
45.545
1928 20.435 141,882
53,958
Other foreign cotton
1929 6.422
41,085
32,673
1928 6,876
30,513
46,567
Amer.-E4aptlan cotton__ _ 1929 1,339
8,909
6,007
1928 1,426
8,958
6,017
Not Included Above
Linters
1929 68,060 477,556 222,216
.
1928 57,798 463.537 232,008
25,937
19,001
15,472
12,404
7.357
4,792
85,850
63.568
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS)
Received at Mills.
Crushed
On Hand at Mills
Aug. 1 to Feb. 28. Aug. 1 to Feb. 28.
Feb. 28.
State.
1929.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
Tinitan Qtatog
1928.
1929.
1928.
1929.
1928.
258.254 286,371 223,818 253,482
33,672
34,549
40,172
61.042
39,467
56,618
878
4,526
383,033 301.916 334.212 271,742
31,855
49.054
86.375
7,922
47.474
42,321
61.693
24.920
384,777 411,510 342,391 386,219
27.673
42,860
203.720 154,457 178.491 154,692
10.393
27,346
600,372 525.206 465,547 455,668 138.824
82,209
290.739 285,095 261,780 265,389
20,460
28.161
376.948 358,386 328.495 312,587
87,375
47.279
197,618 194,208 188,888 184,275
11,248
8895
295,537 260,796 238,593 232,708
29,204
59,813
1,650,265 1,484.928 1.488.390 1,380.769 174,669 158,090
69.586
71,893
69,240
63,633
2,178
5,953
A RSR 941RA/99119d 9/n S401 n912 sqo
AIR RAG
4251117
* Includes seed destroyed at mills but not 21.972 tons and 89,731 tons on hand
Aug. 1, nor 84,639 tons and 44,552 tons reshipped for 1929 and 1925, respeetive17•
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season
On Hand
Aug. 1.
Produced Shipped Ow
Aug. 1-Feb.28 Aug. 1-Feb.28
On Hand
Feb. 28.
Crude oll
1928-29 *20.350.682 1,323.254.856 1,255.786,240 *125,899,952
(Pounds)
1927-28 .16,296.6411,263.036.767 1,139,274,557 181,127,450
Refined oil
1928-29 0335,993.22301100 475.389
a567,278,987
1927-28 378.612,700 992,089,257
February.
(pounds)
7 Mos. Ended Feb. 28.
568,666.530
32.648
1928-29
1,901,701
Cake and meal
256,982
1,677.367
1929.
1,795,998
63,832
1927-28
1,688,172
1929.
1928.
(tons)
171.458
1928.
29,291
Hulls
1928-29
1,141,249
1,024,44
146.094
21,463
168.045
1,143,722
1927-28
(tons)
146.236
1,160,77
150,994
17,196
138.728
43,994
1928-29
890,783
10,471
1,270
997
718.793
215,989
14,785 Linters
46,177
(running bales) 1927-28
747,373
13.221
10.008
639,502
29,492
154.048
48,046
1928-29
2.775
53,885
40,825
6,782
5,006
53.238
3.422
9,573 Hull fiber
21,930
(500-16. bales)
59,734
485
1927-28
82,039
17,126
19,625
97
13,481
1,903
35,346
488
24,014
325
2,038
13,235
1,129 Gmbbots,motes,&c. 1928-29
1,842
(500-11). bales)
1927-28
28.723
22,427
8.138
246,186
38,818
39.720
225,742
• Includes 3.093.476 and 14.145.825 pounds held by refining and manufacturing
establishments and 3,290,652 and 30,318,957 pounds In transit to refinres and
Exports of Domestic Cotton Excluding Linters consumers Aug. 1 1928 and Feb. 28 1929, respectively.
a Includes 7,594.021 and 3,823,562 pounds held by refiners, brokers, agents
(Running Bales
-See Note for Linters).
and warehousemen at places other than refineries and manufacturing establishments
pounds
and 10,166.451
February.
7 Mos. Ended Feb. 28. oleomargarine, and 13,286,845 1 1928 In transit to manufacturers of lard substitute,
and Feb. 28 1929 respectively.
soap, Ac,, Aug.
0 Produced from 1.193,027,256 pounds of crude oil.
1929.
1928.
1929.
1928.
EXPORTS OF COTTONSEED PRODUCTS FOR SIX MONTHS ENDED
152,068
887,283
197,896 1,501.188
JAN. 31.
52,951
63.122
681.319
647,398
Item
1929.
1928.
467,882
81,334
49,221
445.317
13,687,858
27,665,229
139.200 1,507,456 1,512,983 Oil, crude (Pounds)
108,023
4,797,334
4;850,019
Refined (Pounds)
705.240
71,330
83,537
655.077
214,202
255,628
113,614 ,34.348 1,031,523
876.531 Cake and meal (tons)
104,014
99,713
327.410
49,089
43,809
263.886 Linters (running bales
)
Imports of Foreign Cotton (500-lb. Bales).
Country ef Production.
Egypt
Peru
Chins
Maxim
British India
An other
Total
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Total
628.148 6,188,075 5,122,398
613.394
Note.-1.1nters exported, not included above, were 16.127 bales dur ng Feb. In
1929 and 20.446 bales in 1928; 119.472 bales for the 7 mos.ended Feb. 28 n 1929 and
120,159 bales In 1928. The distribution for Feb. 1929 follows: United Kingdom,
1,210; Netherlands. 1.173; France, 1,742; Germany, 8,581; Belgium, 184; Italy,
1,524; Chile, 10; Canada, 1,676: Australia,25: New Zealand, 2.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1927.as compiled from various sources, is 23.370.000 bales, counting American In running bales and foreign in bales of 478 pounds lint, while the consumption
of cotton (exclusive of linters In the United States) for the year ended July 31 1928
was approximately 25.285.000 bales. The total number of spinning cotton spindles,
both active and Idle, Is about 165.000,000.
Production and Sale of Standard Cotton Cloths During
February-Sales and Shipment in Excess of Production.
Both sales and shipments of standard cotton cloths during February were in excess of production, according to the
report made public March 8 by the Association of Cotton
Textile Merchants of New York. The report covers a
period of four weeks.
Sales during February amounted to 340,709,080 yards.
World Cotton Consumption and Mill Stocks.
They were equivalent to 116.3% of production, which was
The world's mill consumption of American cotton for the 292,873,000 yards. Shipments amounted to 309,118,000
half-year ending Jan. 31 1927, was 7,613,000 running bales, yards, or 105.5% of production. Stocks on hand at the end
as:compared with 8,226,000 for the half year ending Jan. of the month were 372,950,000 yards, a decrease of 4.2%
MAR. 16 1929.]
FINANCIAL CHRONICLE
as compared with stocks at the beginning of the month.
Unfilled orders on Feb. 28 amounted to 472,176,000 yards,
an increase of 7.2% as compared with unfilled orders on
Feb. 1.
These statistics on the manufacture and sale of standard
cotton cloths are compiled from data supplied by 23 groups
of manufacturers and selling agents reporting through the
Association of Cotton Textile Merchants of New York and
the Cotton-Textile Institute, Inc. The reports cover upwards of 300 classifications of standard cotton cloths and
represent a large part of the production of these fabrics in
the United States.
1659
proposed standard boxes for spotted cottons, and suggested
standards for the preparation of long-staple cotton.
Universal Cotton Standards Conference To Be Held
in Washington To-day (Mar. 16).
The third international biennial Universal Cotton Standards Conference, for the purpose of approving copies of the
Universal Cotton Standards for use by the United States
Department of Agriculture and the arbitration committees
of the European cotton association during the two-year
period beginning Aug. 1 1929, was called to order on Mar
11 in the Conference Room of the Bureau of Agricultural
Economics at Washington and was adjourned immediately
by Nils A. Olsen, Chief of the Bureau, until 10 a. m., Mar.
16, as the foreign delegates will not reach Washington until
that date. The conference to-day is expected to be attended
by representatives of the nine leading cotton associations and
exchanges of Europe, and representatives of the Department
of Agriculture and the American cotton industry. The
meeting is provided for by agreements between the Secretary
of Agriculture and the European associations, under which the
latter have adopted the Official Cotton Standards of the
United States for American Upland Cotton, known as the
"Universal Standards," as the basis of all their contracts
in which grades are specified for the purchase and sale of
American cotton.
The Department of Agriculture will represent the American
interests in the conference by reason of the Department's
administrative responsibilities under the United States
Cotton Standards Act and the Universal Standards Agreements, but as in past conferences the representatives of the
American groups will advise with department officials and
will participate in the meetings. Invitations have been
sent to the following American organizations to send representatives:
Transactions in Grain Futures During February on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of February, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Mar.6 by the Grain Exchange
Supervisor at Chicago. For the month of February 1929,
the total transactions at all markets reached 1,342,333,000
bushels, compared with 1,285,087,000 less bushels in the same
month in 1928. On the Chicago Board of Trade the transactions in February 1929 amounted to 1,146,549,000 bushels,
against 1,119,566,000 bushels in February 1928. Below we
give the details for February, the figures representing sales
only, there being an equal volume of purchases:
Texas Cotton Association, Waco, Tex.
New Orleans Cotton Exchange.
Atlantic Cotton Association, Atlanta, Ga. Chicago Board of Trade.
Oklahoma State Cotton Exchange, Okla- American Cotton Shippers Association,
home City. Okla.
Memphis, Tenn.
Arkansas Cotton Trade Association, Lit- Rubber Association of America, Inc.,
tie Rock, Ark.
New York City.
Southern Cotton Shippers Association, Cotton Manufacturers' Association of
Memphis, Tenn.
North Carolina, Charlotte, N. C.
California-Arisona Cotton Association, J. C. Evins, President Cotton ManufacLos Angeles, Calif.
turers' Association of South Carolina
Staple Cotton Co-operative Association,
Clifton, S. C.
Greenwood, Miss.
Cotton Manufacturers Association of
Cotton Textile Institute, N. Y. City.
Georgia, Atlanta, Ga.
American Cotton Manufacturers Asso- Mississippi Farm Bureau Cotton Association, Charlotte, N. C.
elation, Jackson. Miss.
National Association of Cotton Manufac- American Cotton Assn., Greenville, S. C.
turers. Boston, Mass,
Alabama Cotton Manufacturers' AssoNew England Cotton Buyers Associaelation, Anniston, Ala.
Lion, Boston. Mass,
Gaston County Yarn Manufacturers'
American Cotton Growers Exchange,
Association, Gastonia, N. C.
Dallas, Tex.
Providence Cotton Buyers' Association,
Arkvc•right Club, Boston, Mass.
Providence, R. I.
New York Cotton Exchange.
Agricultnral colleges in the Cotton States have also been
invited to send representatives. The following representatives of the European organizations will attend:
Heinrich 1Vesterschulte and George Albrecht Furs; Bremen; Pedro
Baste and Mateo Olive, Barcelona; A. L. M. Van Horen. Robert Pflleger,
and Leopold F. Francois (unofficial), Ghent; A. Schadegg and J. Westphalen-Lamaltro, Havre; J. 0. Finlay and A. C. Nickson, Liverpool; Wm.
Heaps, Richard Brooks, and H. Robinson (unofficial), Manchester; F.
Holroyd and Joseph Wild, Spinners (Manchester); Luigi Garbagnatl,
Achille Olcme, and Dr. Aldo Scaravagllo (unofficial), Milan; I. J. Kalmon
and C Stahl, Rotterdaml
VOLUME OF TRADING.
Expressed In Thousands of Bushels, 1.e. (000) Omitted.
Wheal.
Corn.
1
2
3 Sunday
4
5
6
7
8
9
10 Sunday
11
12 Holiday
13
14
16
16
17 Sunday
18
19
20
21
22 Holiday
23
24 Sunday
25
26 •
27
28
32.312
26,978
•
22,786
31.711
25,592
16,911
18,572
12,441
13,870
15,896
1,342
1,602
1,099
844
--------48,623
--------45,320
12,345
23,715
19,369
12,764
12,463
11,039
1,496
1,825
1,258
1,063
1,059
630
1,081
797
650
999
684
514
___ - ____
37.708
--------58,048
--------46,869
--------31,737
_____32.778
--------24,624
Chicago Board of Tr_
Chicago Open Board
Minneapolis C. of C
Kansas City Bd. of Tr_
Duluth Board of Trade_
St. Louis Merch. Exch.
Milwaukee C. of C__._
_
Seattle Grain Exch
I.os Angeles Grain Exch
San Francisco C.of C.
743,378 340,898 40,466 21,807 --------1,146,549
32,013 12,453
187
70
___ ____
44,724
3,568 2,587 2:978 1,516
57.325
67,974
36.929 15,959
52.888
2,081
29
*17.047
812
19 969
2.900 1,185
4,085
844
325 --------5,729
2,239 2,321
415
415
Tot,all markets Feb.'29
Tot,all markets Feb.'28
Tot. Chic, Bd. Feb.'28
892.246 372,817 45,065 26,870 3,007 2.328 1.342,333
307,607697.584 52,187 23,896 2,444 1,369 1.285,087
407,218 649,031 44,675 18.642 --------1.110,866
February 1929.
Outs.
Rye.
Barley. Flax.
Total
17,350 15,216
1,628
648
56,726
56,163
51,629
30,880
18,560
13,934
20,653
17,056
2,093
1,726
3,149
3,157
2,381
1,573
1,489
895
--------79,760
--------73,396
____ -76.920
___- _--51,988
39,005 12,417
33,930 12.442
40,896 15.732
26,726 7,920
3,006
3.537
2,19T
1,185
1.257
690
1,009
536
--------55,685
--------50,599
--------59,834
--------38,367
___-
____
341862
23,211
5,694
1,202
553
--------30,660
51.881
43,335
45.764
38,579
20,732
23,911
19,640
15,530
2.308
1,404
1,582
2.017
1,255
861
1,145
847
--------76,176
--------69,511
--------88,131
--------56,973
• Durum wheat with the exception of 1.045 wheat.
"OPEN CONTRACTS' IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1929 (BUSHELS).
(Short side of contracts only, there being an equal volume open on the "long- skle.)
February 1929.
1
2
3 Sunday
4
5
6
7
s
9
10 Sunday
11
12 Holiday
13
14
15
16
17 Sunday
18
19
20
21
22 Holiday
23
24 Sunday
25
26
27
28
Wheat.
Corn.
Oats.
Rye.
Toed.
116,377.000 *75,419,000 26,872.000 a102,24,000 *228,892,000
•116,311,000 76,293,000 26,802,000 9,933,000 229,339,000
118,444.000
119.287,000
119,517,000
120,353,000
120,225.000
121,146,000
76,983,000 26.757.000 10,038,000 232,222,000
77,867,000 26,650,000 9,852.009 233,656,000
77,328,000 26,811,000 9,779,000 233.435,000
77,185,000 a27,033.000 9,538.000 234,109,000
77,581,000 26,991,000 9,345.000 234,142,000
77,637,000 26,913,000 9,307.000 235,003,000
122,691,000 78,715.000 27,030,000
9,232,000 237,668,000
124,427,000
127,154,C00
127,650.000
129,065,000
78,182,000
78,642,000
80,010,000
79,934.000
26,951,000
26,887,000
26,254,000
26,266,000
9.286.000
9,084,000
9,093.000
9,093,000
238,846.000
241,767,000
243,007,0(8)
244,358,000
130,114,000
131,201,000
132,243,000
134,244,000
80,807.000
82,100,000
81,714,000
82,006,000
26,225,000
26,135,000
25,491,000
25,254,000
9,097,000
9,153.000
9,256,000
9,114,000
246,243,000
248,589.000
248,704,000
250,618,000
135,622,000 81,818,000 *25,253,000
136,359,000 82,259,000
137,571,000 82,514,000
139,920,000(283,006,000
a141,781,000 82,628,000
9,116,000 251,809,000
25,295.000 9,108,000 252,021,000
25.321,000 8,923,000 254,329.000
25,520.000 9,067,000 257,613.000
25,633,000 *8,912,000 0258,954,000
Jiichi Inoye, a representative of the Japan Cotton Spinners' Association and the Japan Cotton Merchants' Union
Average
will be present at the invitation of the Department and will February1929_ _
79,574,000 26,288,000 9,343,008 242,555,006
witness the work of examination and approval of the copies of February 1928.- 127,350,000 98,133,000 37,221,000 9,580,000 231.613,000
86,679,000
January 1929
118,503,000 68,461,000 25,896,000 8.783,000 221,643,000
the standards.
December 1928._ 128,515,000 78,736,000 28.548,000 10.356,090 246.165,000
November 1928
129.718,000 90,553,000 29,997,000 12,222,000 262,490,000
The Universal Standards Conference is expected to extend October 1928
120,644,000 81,548,000 29,314,000 11,826,000 243,332,000
114,061,000 77,168,000 29,562,000 10,431,000 231,222,000
into the week of Mar. 18, and in addition to the regular September 1928
August 1928
111,279,000 79.207,000 26,765,000 9,005.000 226.256.000
biennial meeting, discussions will occur which will not form July 1928
90,257,000 78,156,000 23,824,000 10,381.000 202.618,000
June 1928
92,547,000 83,174,000 23,901,000 10,249,000 209.871,000
a part of the biennial meeting itself. These discussions will May 1928
104,123,000 82,361,000 30,890.000 7,763,000 225.137,000
April 1928
105.609,000 91,532,000 34,559,000 8,551,000 240,251,000
have to do with proposals to set up standard grade boxes March 1928
88,281.000 98.849.000 33.671.000 8.355,000 229.156.000
to represent spotted cottons; standard grade descriptions
Low. a High.
•
for Light Yellow Tinged cottons; and the proposed establishment of standards for the preparation of long-staple cotton. World's Visible Supply of Coffee Lowest Since March 1
1928
Representatives of various American groups met with
-Stocks in United States Higher.
Department officials on Mar. 14 and 15 to discuss a possible
The world's visible supply of coffee, which totaled 5,021,revision of standards for American Egyptian cotton, pro- 939 bags on March 1, was the smallest since March 1 of
posed key sets of copies of standards for Extra White cotton, last year, when world stocks aggregated 4,792,414 bags,
1660
FINANCIAL CHRONICLE
according to data compiled by the New York Coffee &
& Sugar Exchange. This does not include stocks on plantations or in storage in the interior of Brazil. The announcement adds:
Receipts of all coffees in the United States during the 8 months of the
crop year up to March 1 1929, amounting to 6,994,797 bags, were the
smallest for the past 5 years. In the comparable period in 1927-28. receipts
were 7,749,264 bags. Total stocks of all coffee in the United States on
March 1 amounted to 848,939 bags, as compared with 832,782 bags held
here on the same date last year.
Deliveries of all coffees in the United States In the 8 months ended
March 1 1929, were 7,006,421 bags against 7,704,447 bags in the comparable period of the previous crop year.
The official spot price for Santos No. 7 coffee at New York ranged 173,
to 18 cents a pound during February last, against 14% to 163' cents per
pound in February last year.
Total receipts of coffee at primary market centers in Brazil during the
eight months of the crop year up to March 1 1929 amounted to 9,131,800
bags, as compared with 11,409,471 bags in the corresponding period in
1928.
Production and Shipments of Portland Cement Decline
-Stocks Higher.
The Portland cement industry in Feb. 1929 produced
8,522,000 barrels, shipped 5,448,000 barrels from the mills,
and had in stock at the end of the month 29,871,000 barrels,
according to the United States Bureau of Mines, Department
of Commerce. The production of Portland cement in Feb.
1929, showed a decrease of 3.1% and shipments a decrease of
17%, as compared with Feb. 1928. Portland cement stocks
at the mills were 9.2% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
Feb. 1929, and of 155 plants at the close of Feb. 1928. In
addition to the capacity of the new plants which began
operating during the 12 months ended Feb. 28 1929, the
estimates include increased capacity due to eictensions and
improvements at old plants during the period.
RELATION OF PRODUCTION TO CAPACITY.
Feb. 1929. Feb. 1928. Jan, 1929. Dec. 1928. Nov. 1028.
The month
The 12 months ended
44.8%
71.0%
47.5%
75.1%
46.5%
71.0%
60.4%
74.0%
77.4%
74.1%
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS. IN FEBRUARY 1928 AND 1929 (IN BBLS.).
Production.
Shipments.
District.
1928.
1929.
1929.
1928.
Stocks at End of Month
1928.
1929.
Eastern Pa., N.
2,135,000 2,199.000 1,456,000 1,354,000 6,566,000 6.933,000
J. and
N. Y. di Me.-412,000
305,000
288,000
232,000 1,778.000 1,984,000
Ohio, West.Pa.
978,000
829,000
di W. Va.487,000
442,000 3,393.000 3,611,000
303,000
525,000
Michigan
319,000
302,000 2,205.000 2,658,000
Wis., Ill., Ind.
862,000
and Ky
901,000
578,000
373.000 3,732,000 3,911,000
Va..Tenn.,Ala.,
887,000
1,037,000
922,000
662,000 1,966,000 2.180,000
East. Mo., Ia..
Minn.at S.D.
747,000
678.000
319,000
215,000 3,955,000 4,353.000
West.Mo..Neb.,
487.000
482,000
Kan.dt Okla.
495,000 311,000 1,647,000 1,782,000
460,000
399.000
Texas
416,000
423,000
460,000
513,000
Colo., Mont. di
108,000
85,000
74,000
Utah
57,000
496,000
541,000
California
1,164.000 1,071.000 1,016,000
984,000
764,000
872,000
172,000
175,000
104.000
Oregon& Wash.
100,000 337,000
533.000
Total
8,797.000 8.522,000 6,563.000 5.448.000 27,349,000 29,871.000
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1928 AND 1929(IN BARRELS).
Production.
Shipments.
Stocks at End of Month.
Month.
1928.
1929.
1928.
1929.
1928.
1929.
9,768,000 a9,881,000 6.541.000 85,707,000 25.116,000 a26.797.000
Feb_ _ __ 8,797,000 8,522,000 6,563.000 5,442,000 27,349,000 29.871,000
March__ 10,223,000
27,445,000
10,135,000
April_._ 13,468.000
27,627,000
13,307,000
May... 17,308.000
__
25.984,000
18,986,000
June_ __ 17,497,000
25,029,000
18,421,000
July.._. 17.474,000
22,580,000
19,901,000
August. 18.759.000
10,374,000
21,970.000
Sept.... 17,884.000
16,799.000
20,460,000
17,533,000
14,579,000
19,836,000
Nov._ _ 15.068,000
17,769,000
11,951,000
12,189.000
22,650,000
7.384.000
--s.
Total_ 175,968,000
175,455,000
.st Revised.
Note the statistics here presented are compiled from reports for February
from all manufacturing plants except two for which estimates have been
included in lieu of actual returns.
January Cigarette Sales at Record Figures
-Gain in
Return to Government in Taxes.
January cigarette sales reached a record month's total of
10,160,262,683, compared with 8,369,087,187 for the corresponding month of 1927, a gain of 21.4%. The growing
number of women smokers is an attributed cause for this
immense increase. Cigarettes are sold over the counters
of almost all chain grocery stores.
A significant result of this increase in sales has been the
record return to the government of $37,891,854 in tobacco
[VOL. 128.
taxes during the month of January, a gain of almost five
and a half million dollars over January of 1927. The increase was almost entirely accounted for by cigarettes. For
the first seven months of the fiscal year began July 1 1928,
the tobacco industry paid to the Federal government $250,627,672.77, as compared with $230,631,227.97 in the corresponding period of 1928. This represents an increase of
almost exactly $20,000,000 and brings it nearly equal to the
nation's three-year navy shipbuilding program of $274,000,000.
Increase in Exports of American Tobacco.
Exports of American tobacco during 1928 increased by
14% to a total of 584,000,000 pounds, according to final
analyses of the Department of Commerce. Excepting the
abnormal war period, this is the highest of any year on record.
The American Tobacco Co., under date of Mar. 7 observes:
In spite of a price decline of about one cent per pound on leaf exports, the
total value of shipments abroad amounted to more than $154,000,000,
compared with $140,000,000 for 1927.
Over three-fourths of total leaf exports are of the mild cigarette variety.
which, in addition to immense amounts of manufactured cigarettes shipped
abroad from this country, indictees the Americanization of foreign tastes
in this respect.
Production of light cigarette tobaccos in the United States totalled 711,000,000 pounds in 1928, of which almost 435,000.000 pounds were exported. There was a definite decline in exports of darker types of leaf,
which have been weakened in the foreign markets by substitutions. Burley
is popular on the American market and production of this type goes little
farther than the domestic demand.
Petroleum and Its Products-Industry Sees Hope in
Slight Cut in Crude Output-Prices of Cabell and
Somerset Crude Reduced.
Interest in crude petroleum circles again centers on the
problem of adjusting production to a figure somewhat nearer
demand. A ray of hope is seen in the reduction of crude
output during the week ended March 9 by 36,950 barrels,
the first material decrease in many weeks. The prices of
Cabell, W. Va. and Somerset, Ky., crude were cut 10 cents
a barrel March 12, the new prices being $1.35 and $1.50
per barrel, respectively. The new price for Cabell brings
it to the lowest level in several years. On Jan. 1 1927,
Callen was $2.10 a barrel; Jan. 1 1928, $1.50, and for the
past year it has 'been $1.45. In the decrease of output
registered, the principal credit may be given to Oklahoma.
The production in this State in the week ended March 2 was
713,000 barrels per day and for the week of March 9,680,250
barrels, a drop of 32,750. Changes in other States and fields
were small, accounting for the balance of 4,200 barrels of
the total falling off. California production was off 6,000
barrels and other divisions were only slightly up or down.
The announcement by President Hoover on March 12
that the Government would grant no more oil leases, except
on Indian lands where the leasing is mandatory, in times
of overproduction °toil, is expected to have a salutary effect
on production although the full effect of the policy will not
be felt for some time. There are at present some 22,000 oil
and gas prospecting permits on Government land extant and
these will not be affected by the statement of policy, which
will not be retroactive. Holders of these prospecting permits
have priority on leases if their wildcat wells come in as
producers. The President's answer to the question put to
him by newspapermen was that "there will be no leases or
disposal of oil lands, no matter in what category they may
lie among the various Government holdings or control,
except those which may be mandatory by Act of Congress."
The exact scope of the oil conservation policy outlined ,by
the President is defined specifically by the Department of
the Interior in new regulations governing leasing and prospecting on the public domain and Indian lands.
The production situation in California is still giving
concern to those who are attempting to bring about a
voluntary curb of output. The Santa Fe Springs Conservation Committee of Fifteen, which has been working
on the problems, has proposed that deep zone drilling
below the Buckbee sand be suspended for six months and
that future completions of wells now drilling to the deep
sands, be shut in for the six-months period. The large
operators favor the suggestion and seem inclined to cooperate in such a policy. The objection has come from
the smaller producing companies and individual owners.
These latter two classes complain that the bigger companies
can subscribe to the proposal and still gain some income
from other properties, while the smaller corporations and
individuals will suffer much from a shutdown of operations
as suggested. There has been talk in California of legislative action for the appointment of a State umpire of oil
FINANCIAL CHRONICLE
MAR. 16 1929.]
production with power to regulate output from existing
wells, and new drilling. This so far has come to nothing
and those in favor of the move have let it rest rather than
stir up opposition which may militate against the reaching
of voluntary agreements' among operators. The suggestion that town lot drilling be curbed by a law prohibiting
the drilling of a well within 150 feet of a property line
has also met with much violent opposition, the smaller
producers again holding that this would give unfair advantage to the larger companies with broader holdings.
Proponents of a tariff on crude oil and refined petroleum
products will face a stiff fight when Congress convenes.
The United States Shipping Board has announced that
it will file a formal protest showing the huge increase in the
national fuel oil bill to be expected with enactment of oil
tariff legislation urged upon the House Ways and Means
Committee. Other interests are pointing out the absurdity
of placing a tariff on a commodity of which the United
States produces 70% of the entire world output.
While, of course, Eastern oil fields are relatively unimportant from the standpoint of the total production of oil in
this country, they are most important in the matter of high
grade crude especially suitable for the production of lubricants. Activity in the Bradford field of Pennsylvania is increasing and the South Penn Oil Co. has announced a program calling for the drilling of 500 new wells in this field
during the present year. Other companies are also laying
out pretentious drilling programs. Bradford crude is now
bringing $4.10 per barrel, the highest price since 1921 when
a level of $6.50 was reached.
Price changes during the week follow:
1661
entirely, while, while those running are not being operated
at anywhere near their capacity. On Jan. 1 1928 there were
456 refineries in the United States and Jan. 1 1929 there
were 458. A year ago there were 315 refineries in operation
and this year there are 335. The capacity of refineries in
the United States to-day, taking into consideration both
those in operation and those shut down, is sufficiently large
to refine the average daily crude production of the entire
world.
In a large measure the plants which are listed as shut down
are the smaller skimming plants not equipped with cracking
stills, and this condition has been caused by the steady
improvement in refinery technic. The skimming plants,
except in isolated instances, cannot compete with the more
modern installations and unless some unforeseen condition
arises will never again be an important factor in the refining
situation.
Price changes during the week are as follows:
.c. per gallon.
.
-Pennsylvania refiners reduce gasoline H
March 9.
-Pennsylvania refiners reduce gasoline Ac. per gallon
March 12.
Prices are:
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
06K North Louislana___-07X
New York(Bayonne).09 X Arkansas
0634
North Texas
.07
.063 California
West Texas
.06X Los Angeles, export...0755 Oklahoma
Chicago
.09
Gulf Coast,export_ .0.33i Pennsylvania
.07%
New Orleans
Gasoline, Service Station, Tax Included.
182
18
Minneapolis
Cincinnati
19
New York
195
New Orleans
16
Denver
.21
Atlanta
.20
188 Philadelphia
Detroit
.22
Baltimore
.17
San Francisco
20
Houston
.20
Boston
205
Spokane
24
Jacksonville
.15
Buffalo
169
.179 St. Louis
Kansas City
.15
Chicago
41-43 Water 55 bite, Tankcar Lots, F.O.B. Refinery.
Kerosene,
.053-i New Orleans
New York (Bayonne).08k Chicago
.0534
.05yi Los Angeles, export-0554 Tulsa
North Texas
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
-Joseph Seep Crude Oil Purchasing Agency reduces Cabell,
March 12.
65
Gulf Coast
.70
Los
W. Va., and Somerset. Ky., crude in Cumberland Pipelines 10c. per New York (Bayonne) 1.05 New Angeles
.6.5
Chicago
.85
Orleans
2.00
Diesel
barrel, making the new prices $1.35 and $1.45, respectively.
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
Prices of Typical Crudes per Barrel at Wells.
03
Tulsa
.03
New York (Bayonne).05X Chicago
(All gravities, where A. P. I. degrees are not shown.)
Bradford. Pa
Corning, Ohio
Cabal', W. Va
Illinois
Western Kentucky
MidcontInent, Oklahoma. 37
Corsicana. Tex., heavy
Hutchinson, Tex., 35
Luling, Tex
Spindietop, Tex., grade A
Spindletop. Tex.. below 25
Winkler, Tex
84.10
1.75
1.35
1.45
1.53
1.23
.80
.87
.80
1.20
1.05
Smackover, Ark.. 24 and over-Smackover, Ark.. below 24 •
El Dorado. Ark, 34
Urania. La
Salt Creek, Wyo., 37
Sunburst, Mont
Artesia. N. Mex
Santa Fe Springs. Calif., 33
Midway-Sunset, Calif.. 22
Huntington, Calif., 26
Ventura, Calif., 30
Petrone, Canada
$.90
.75
1.14
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
-GASOLINE PRICE HOLDS STEADY AT
REFINERY PRODUCTS
NEW YORK. RISES AT CHICAGO, AND IS REDUCED
IN OTHER PARTS OF THE COUNTRY.
Gasoline prices show no decided trend in any direction,
considering the situation all over the country. The New
York (Bayonne) price for U. S. Motor in tank cars remains
at 93c. per gallon, although business is being done down to
9c. The gasoline situation in Chicago shows signs of improvement with a stiffening in the quotations of most sellers.
%
The price had been around 65 c. per gallon and now almost
no quotations under 63 c. are to be obtained. Such changes
4
as were made in other sections of the country were downward.
Recessions of fractions of cents were recorded in Arkansas,
California, Oklahoma and Pennsylvania. In the latter
State two reductions of %c. each were announced within
three days, bringing the price to 9c. per gallon. Gasoline
tank wagon markets were generally unchanged.
The so-called "gasoline war" on the Pacific Coast, which
has seen prices cut and cut until the consumer in many cases
obtained his motor fuel at less than the refinery cost of production, bids fair to be settled more or less amicably. Leading producers and marketers in California are said to have
agreed to observe the code of ethics recently adopted by the
American Petroleum Institute, and, if this is the case, the
conditions of the past few weeks will soon cease to prevail.
One portion of the code provides that no refiner shall "knowingly induce, attempt to induce, or assist a party to break
an existing written contract for the sale of petroleum products, between the party and another competitor in marketing
refined petroleum products." The code also prohibits the
giving of rebates on posted prices, either in cash, merchandise, equipment or service.
A situation which has given much concern to the industry
during the past few years is called to public attention by the
"Oil and Gas Journal's" annual survey of refineries. For
several years now refinery capacity has been far beyond the
needs of the industry, measured either from the standpoint
of gasoline demand or on the other side,from the standpoint
of crude production. Present refinery capacity is 3,693,550
barrels of crude per day, which is nearly 1,000,000 barrels
per day more than the present production of crude. As a
result nearly one-third of these refineries are shut down
Further Advance in Price of Copper.
The price of copper, both domestic and export, has steadily
advanced during the week, the former yesterday (March 15)
reaching 203/z cents and the latter 20% cents. From the
"Sun" of last night (March 15) we take the following:
Under competitive bidding for the scanty amount of copper available the
price of that metal has been raised another half cent a pound to 20%
cents delivered at domestic points. The export price also was raised half
a cent a pound to 20 cents. These are new high prices for the last 10 Years.
The outlook was said in the trade to-day to be for still higher prices
shortly because of the insistent demand for the metal by consumers both
here and abroad. Producers have been selling sparingly. Their reserve
supply is limited and they desire to keep the market under control. It was
said in the copper trade to-day that had producers taken all the business that
was offered to them they could have disposed of practically their entire July
output. One of the leading cable companies and an electric utility company
were said to be in the market for several million pounds of copper. Brass
mills also are buying the metal.
Refinery copper was advanced 50 cents a pound in sympathy with the
rise in the major market. The American Brass Co. advanced the price of
bare copper wire half a cent a pound to 22.373 cents.
Crude Oil Output in United States Continues Advance
Over Last Year.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended March 9 1929, was 2,665,950 barrels, as
compared with 2,702,900 barrels for the preceding week, a
decrease of 36,950 barrels. Compared with the output for
the week ended March 10 1928 of 2,355,700 barrels per day,
the current figures show an increase of 310,950 barrels daily.
The daily average production east of California for the week
ended March 9 1929 was 1,870,650 barrels, as compared with
1,901,100 barrels for the previous week, a decrease of 30,450
barrels. The following estimates of daily average gross production, by districts, are for the weeks shown below:
Weeks EndedOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Mar.9'29. Mar. 2'29. Feb. 23'29. Mar. 10'28.
653.400
703,400
713,000
680.250
113,100
95,500
95,700
95,400
72,750
55.250
56,100
55,350
67.900
83,000
82,050
82,300
56,600
53.500
53,450
55,350
304,150
334,500
386,250
387,050
22,900
21,400
20,650
21,300
23,650
58,600
61,250
60,950
44.900
35,700
35,700
35,650
86,350
76,100
74,400
73,600
102.750
121,500
122,850
124,500
20.900
16,500
20,650
20,100
102.250
107.850
107,100
103,000
51.300
56,550
52,250
53,600
10,950
8,500
9,400
8,650
7,450
6,300
7,450
7,000
2,650
2,350
2.850
1,600
614,200
808,200
801,800
795,300
2,694,150
2.355.700
2,702.900
2,665,950
Total
The estimated daily average gross production for the Mid Continent
Field, including Oklahoma, Kansas. Panhandle, North, West Central.
West. East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended March 9 1929. was 1,547,200 barrels, as compared
1662
FINANCIAL CHRONICLE
with 1.578,550 barrels for the preceding week, a decrease of 31,350 barrels.
The Mid Continent production, excluding Smackover (Arkansas)
heavy oil,
was 1.496,750 barrels, as compared with 1,527,650 barrels, a decrease
of
30.900 barrels.
The production figures of certain pools in the various districts
for the
current week,compared with the previous week,in barrels of 42 gals., follow:
-Week Ended-Week Ended
Oklah.nnaMar. 9. Mar. 2.
North LouisianaMar.9. Mar. 2.
Allen Dome
25,600 25.900 Elaynesville
5,550
5,500
Bowlegs
35,150 38.100 Urania
5,600 5,750
Bristow-Slick
18,900 18.950
Burbank
22,400 22,350
A rkansasCromwell
7.800 7,850 Champagnolle
8,450 8,700
Earisboro
56,750 58,750 Smackover (light)
6,350 '6,250
Little River
82,600 83,800 Smackover(heavy)
50.450 50,900
Logan County
11,800 11,650
Maud
34,100 37.150
Coastal Texas
Mission
36,550 47,000 Hull
10,500 10,300
St. Louis
99,750 111.950 Pierce Junction
11,708 11,950
SearIght
9,100 9,850 SpindletoP
33.900 32,900
Seminole
33,400 33,800 Went Columbia
7,000
7,000
Ton kawa
10,550 10,500
KansasCoastal Louisiana
Sedgwlek County
9,150 8,650 East Hackberry
5,000
5,750
Panhandle Texas
Sulphur Dome
2,000 2,000
Carson County
5,900
5.800 Sweet Lake
450
500
Gray County
21.450 20,800 Vinton
4,800 4,350
FIutchInson County ____ 28,000 27,050
North Texas
Wyoming
Archer County
17.200 17,300 Salt Creek
34,350 33,800
Wilbarger County
28,750 26,700
Montana
West Central Texas
-Sunburst
5,400
5,400
Brown County
8,950 9.000
California
Shad:Word County _ _ _ _ 13.300 13,000 Dominguez
10.000 10.000
West Texas
Elwood-Uoleta
22,000 22,500
Crane & Upton Co's__ 50,550 49.900 Huntington Beach
47,000 47,000
Howard County
47,300 45,500 Inglewood
26,500 26,500
Pecos County
86,550 85,800 Kettlernan Hills
3.500 3,500
Reagan County
18,800 18.500 Long Beach
183,000 180,000
Winkler County
171.000 173,800 Midway-Sunset
73,000 73,000
East Central TexasRosecrans
8.500 6,500
Corelcana-Powell
8,550 8,700 Santa Fe Springs
188.000 197,000
Southwest Texas
Seal Beach
31,000 33,000
Laredo District
12,200 12,400 forrance
15,000 15,000
Luling
12,500 12,850 venture,Ave
58,500 55,500
Utah Copper Company Again Advances
The "Sun" of last night (March 15) said:
[VoL. 128.
SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (in short
tons).
Production.
Primary
1929.
January
February
Total, 2 mos__
1928.
January
February
March
April
May
June
July
August
September
Detober
November
December
Scrap
Shipments.
Daily
Rate
Total
.
8,695
5,960
154,472
141,385
283,202 12,655
295,857
147.777
135,425
118,245
117,788
123.162
117.088
122,738
125.076
127.718
137.571
130,897
143,624
148,373
140.779
Export a
Domes
tic
Total
4,983 57,054
5,049 50,150
157,189
148.921
5,018 107,204
6.478 122.723
7.060 124,848
5.810 128,972
5,736 122,824
6,498 129,236
5.948 131.024
7,374 135,092
5,986 143,560
6,121 137,018
5,575 149,199
7,075 155.448
7,128 147,905
100,135
98.771
198,906
306,110
3,959
4,305
4,160
4,094
4,169
4,367
4,358
4,631
4.567
4.813
5,182
4.771
Total 1928.- 1,551,062 76,787 1,627.849
56,721
64,824 121,545
60.803
73.789 134.392
55,970
72.672 128,612
64,989
72.234 137,223
58.738
79,103 135,841
57.067
81.436 138,503
58,785
82.245 139.030
60.240
83,398 143.838
51.292
88.707 139.999
64,992 100.371 155,363
49.121
99,822 148,943
49,703
84,889 134.592
4,448 674,221
983.480 1,657.881
1927
1926
1925
1924
1923
1 418,815 57.691 1.476,508 4,045641.865 821,814 1,488.709
1,383.804 56.850 1,440,454 3,948 525.881 902,174 1.428.036
1,299.832 52,477 1.352.309 3.705 584.553 831.171 1,415,724
1,267.810 32.522 1,300.332 3,553 588.395 753.389 1,319.733
1,136,824 27,281 1,163,885 3,189 421,872 735,521 1,157,393
a Beginning 1928 includes shipments from Trail Ref nery In British Columbia.
OUTPUT IN SHORT TONS OF MINES IN THE UNITED STATES FOR
THE
PAST SIX MONTHS.
Monthly
Average
1928.
The Utah Copper Co. to-day announced its third wage advance since
last fall, amounting to 25 cents a day. The advance affects approximately
3.800 workers. It brings the total wage increase in recent months to $I
a day and adds approximately $1,400,000 a year, to the company's payroll.
The Anaconda Copper Co. announced its third wage advance of 25 cents
a day some days ago.
05.
1928.
Nov.
1928.
Dec.
1928.
Jan.
1929.
Feb.
1929.
Porphyry mines_ 32,432
Lake mines
7,457
Vein mines
32,053
Customs ores--- 3,812
33.992
6.847
32.748
3,498
38.748
8.221
34.840
4,879
39.363
6,683
35,338
4.020
37,589
6,384
37,318
4,308
37,949
7.188
38,988
4,244
36.173
7.333
37,363
x3,900
1WaIrmidanrnd
Wages.
Sept.
1928.
77 RA7
RA 400
R.
0%077
RA 290
RA 750
70 704
x Estimated.
February Shipments of Slab Zinc Exceeded Production
by 4,798 Short Tons-Stocks Lower.
According to figures compiled by the American Zinc
Institute, Inc., shipments during the month of February
Report of Possible Federal Investigation of Copper exceeded output by 4,798 short tons. Production amounted
to 48,154 tons as compared with 50,042 tons in the same
Bodies.
month a year ago and 49,709 tons in January 1929. ShipIn the "Times" of March 13 we find the following:
Copper interests have been disturbed by the rapid advance in the price ments in February last totaled 52,952 tons, of which 51,057
of the metal in the last few weeks and were talking yesterday of a possible tons went to
domestic consumers and 1,895 tons were exFederal investigation of the Copper Institute and the copper export body.
Some copper consumers, it was reported, have beocme so angry over the ported, and compares with 47,677 tons shipped in the prerepeated lifting of the price that prepresentations have been made to ceding month and 46,754 tons in February 1928.
The
Washington. The export association, it was pointed out here, is functioning Institute
also released the following statistics:
under the Webb-Pomerene Act and the Institute has been careful to
confine itself to activities that are approved by the Department of Justice.
Nevertheless, both the producing and consuming groups were interested in
rumors that a Federal investigation may be ordered shortly.
Copper Production in February at High Daily
Rate-Stocks Lower.
Stocks of refined and blister copper on Feb. 28 in North
and South America were 290,164 short tons, a decline of
17,791 tons from the stocks of 307,959 tons at the end of
January and 315,461 at the end of December, according to
the American Bureau of Metal Statistics, Stocks of refined
copper were 55,213 tons, against 62,749 at the end of January and 65,466 at the end of December. Total production
of copper in February, including primary and scrap, was
141,385 tons, or at a daily rate of 5,049 tons, against 154,472
tons in January, a daily rate of 4,983 tons, and 147,905
tons in December, a daily rate of 4,771 tons. Shipments
wore 148,921 tons, of which 50,150 tons were for export and
98,771 tons were domestic. In January deliveries totaled
157,189 tons, with 57,054 tons for export and 100,135 tons
domestic. Production from United States mines was 84,769
tons in February, against 86,325 tons in January and 85,577
tons in December, states the "Wall Street Journal," from
which and other sources we have compiled the following:
Refined
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION
OF NORTH AND SOUTH AMERICA. AND STOCKS OF COPPER FOR
NORTH AND SOUTH AMERICA, GREAT BRITAIN, do. (in short tons).
Sept.
1928.
Production
Mines, United States
:Blister, North America
'Blister, South America
Refined. North & South America_
Stocks, End of Period
North and South America:
aBUster(Including in process)__
Refined.
Oct.
1928.
Nov.
1928.
Dec.
1928.
Jan.
1929.
Feb.
1929.
239,142 241,732 244,853 249,995 245,210 234,951
51,812 45,648 52.153 65,466 62.749 65.213
Total North & South Amer-- 290,954 287,380 297,007 315,461 307,959 290,164
1,624
7,979
1,983
7,646
1,139
6,628
Total Great Britain
Havre
9,803
2,613
3.034
9,629
2,896
6.189
7,787
2,677
8.119
1,074
6,543
1,426
6,934
1,350
7,844
7.817 8,360 9,194
2,334 3,221 3,166
r
r
Y
x Includes direct cathode copper. y Not available. a Official warehouses only
a New method.
Month 0J-1929.
February
January
Tot. 2 mos. 1929
1928.
December
November
October
September
August
July
June
May
April
March
February
January
Total In 1928.-1927.
December
November
October
September
August
July
June
May
April
March
February
January
Total in 1927
78,341 86,480 85.382 85,577 86,681 84,769
95,102 110,618 113,984 115,891 112,178 102,354
31,697 33,643 37,835 33,783 35,182 31,388
137,018 149,199 155,448 147,905 154,472 141,385
a Great Britain-Refined
Other forms
Tann.
Metal sold, not yet delivered, at the end of February 1929, amounted
to 47,223 tons; total retort capacity at Feb.28 was 119,896 tons;
the number of idle retorts available within 60 days,48,581; the average number
of
retorts operating during February, 68.614; the number of retorts
operating
at the end of the month,67,631. A comparative table shows:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD
(Figures In Short Tons)
Pro-Domestic
Mutton.
Shipments.
Exports.
Total
Stocks at
5971pmen1s. End of Mo.
48,154
49,709
51.057
47,677
1,895
2,055
52,952
49.732
97.883
98,734
3,950
102.684
50.591
50.260
50.259
49.381
52,157
50.890
50.826
53.422
53,493
55.881
50,042
52,414
49,625
48.698
50,126
44,103
47.050
49,510
49.780
49.818
48.517
51.856
46,754
45.771
2.087
1,088
1,980
1.759
2,901
3,838
1,802
3,138
3,748
3,788
4,134
5,231
51.1392
49.788
52.106
45,882
49,951
53.148
51,582
62,958
50.263
55.3
,
42
50.888
51,002
619,595
579,608
35,270
614.878
52,347
49.217
50,185
47,735
49,012
47,827
49,718
51,298
51.826
56,5413
51.341
56.898
46.483
44,374
46,1302
44.038
49,739
43.359
43.122
45,560
44,821
48.107
43,555
45,884
4,433
1,748
1,637
4,007
4,009
4,803
4,784
4,898
1,878
5,098
4,780
2,989
50,916
46.120
48,239
48,045
53,748
58,162
47.907
50,458
48,697
53.205
48.315
48,873
813.548
549.644
45,040
594.684
40,420
45,418
45.441
48.582
48.088
47,915
44.418
42,210
44.468
45,225
44.769
41.529
41.290
42,163
40,751
39,320
38.223
34,277
34.587
39,329
43,858
42,0413
41.208
36.279
32,938
29,912
Steel Output Again Higher-Shortage Handicaps
-Prices Still Remain Unchanged.
Mills
Pressure on the mills continues to increase and production
of finished material is being handicapped by a shortage of
semi-finished steel, reports the "Iron Age" in its issue of
Mar. 14. In the Valleys the dearth of steel has caused interruptions in sheet and strip mill operations. At Chicago
an unusually heavy demand for plates for railroad cars and
electrically welded pipe has not only adversely affected
output of some other forms of finished steel, notably sheets,
MAR. 16 1929.]
FINANCIAL CHRONICLE
1663
have rarely been
Prospective building, bridge, subway and similar projects
of wire products detect
more attractive at this season, and already makers
a stir in farm country buying.
production Is about
n, there is no evidenc
Majority opinion within the steel industry is that
Despite the growing tenseness of the market situatio
30 to 45 days, and chief sup-.
because of a lack of steel. Buyers at its zenith, is likely to remain close to there
nate for producers
that consumer operations have suffered
deliveries is reflected port will be found in new directions. It may be unfortu
will
however. have low stocks and their concern about
s have been that operations have expanded so rapidly, for their advanced prices
commitments with the mills. While some contract
in heavy
off the market.
obligations on mill books, enter the real test period when the edge may be slightly
closed at recently announced advances, present
thy this week
notewor
quarter requirements.
Pig iron continues in a strong, steady market,
in many instances, will partly take care of second
the Mahoning valley.
over-specify against for an advance of 50 cents per ton on foundry iron in
Some producers have permitted consumers to
buyers, including the Standard Sanitary Mfg.
. Some important and close
current prices, and this has further swelled mill backlogs
contracts at
quarter requirebuyers to become more Co. and General Electric Co., are closing on their second
Extended deliveries in certain products have caused
New York.
to round out their ments. Heavy sales are reported at Cleveland, St. Louis and
dependent on warehouses for lots of prompt material
Shipments are a record.
supplies.
ing trend. Beehive and by-product
steel ingot output in
Other raw materials reveal a conflict
The heavy needs of consumers were reflected in
hing the time when
the highest rate on record. coke prices are somewhat stronger, though approac
February which, at 180,198 tons a day, was at
gical grades.
by this production, shrinking domestic needs will release capacity for metallur
Notwithstanding the large shipments made possible
supply than demand, and
more by
y gained 34,854 tons.
Iron and steel scrap prices are influenced
unfilled orders of the Steel Corporation in Februar
in steelmaking 60 days hence dealers
y of steel furnaces, in anticipation of a spring letdown
With current output close to the practical capacit
monthly and average daily look for a gradual drop.
March is expected to set new records for both
es continue the paramount conIn bars, sheets, strip and plates deliveri
production.
classifications aro more deferred.
ive industry again stands out because sideration, and on the much-wanted
Among consuming lines the automot
June. Due largely
motor car manufactur- On the higher sheet finishes some mills are scheduled into
on plates
of further gains in its steel requirements. Leading
at capacity to demand from car-builders, eight-week delivery is promised
with three or four exceptions, are operating their plants
ers,
Premiums are offered
d to establish new high In Chicago. More barge work is up at Pittsburgh.
and both March and the first quarter are expecte
for hot strip at Chicago.
marks in output.
revival in municipal work,
diversification,
Cast iron pipe begins to reflect the spring
underDemand for sheets and strips, although showing greater
The leading with bookings and production up slightly. Though French sellers
to a high degree the activity in the automotive field.
reflects
6,000 tons
week since early June cut the market $5 per ton at Bloomington, Ill., that city placed
sheet maker finds order receipts the largest for any
since Feb. 1 have with domestic makers.
last year. Bookings of an outstanding independent
New York Central and Erie lists
Freight car inquiry, among which the
been at the rate of 150% of capacity.
tool are dominant, has been swelled by 1,200 for the Northern Pacific and 250
steel consuming line that is unusually active is machine
Another
neous
tool plants has reached for the Nickel Plate. The week's orders comprised chiefly miscella
manufacture. Production in nearly all machine
tons
tool makers report equipment and 500 underframes. The Pennsylvania is buying 4,000
the limit of available man power, and several large
those for the same period in 1928. Orders of tie plates and 16,500 kegs of spikes.
bookings so far this year double
steelmaking rates hold at the level of
boom of 1919-1920,
Chicago and Pittsburgh district
In
in February were tho largest for any month since the
than 60 days of late last week, at 95 and 90%, respectively. Sheet, strip and bar mills
unfilled business on Mar. 1 was equivalent to more
and
. Buffalo has reached a new peak,
both districts are at practical capacity
output.
ng valley
Mahoni
has been augmented with 33 out of 37 open-hearth furnaces melting.
The largo amount of pending fabricated steel work
the shortage
totaled 29,300 tons. The independents still have 49 out of 51 open hearths on, with
by inquiries for 50,000 tons. The week's awards
d of semifinished steel still acute. Steel corporation subsidiaries made a
tons, is expecte
steel for four New York subway sections, 49,000
fabricated
y the highest rate in their history.
gain of 2 points this week, to 97%,probabl
to be placed within a few days.
-in, seamless placed with a Independents are at 92% and the entire industry at 94.
Line pipe orders include 12,000 tons of 8
last week by the Ford Motor
7,000 tons of the same size
Inquiry for 1929 Lake Superior ore, opened
Pittsburgh mill by the Texas Corporation and
Outside Co., is broadening and now totals about 1.000,000 tons. Shippers believe
producer by the Standard 011 Co. of New Jersey.
given to a Valley
price situabusiness in tubular goods the 1929 movement will exceed the 1928 one and hope the strong
of line pipe, mechanical tubing and boiler tubes,
tonnage has been at the ex- tion in pig Iron and finished steel will be reflected in ore.
Is disappointing, and competition for line pipe
compares with
tons of steel ingots
February's daily rate of 180,198 gross
s
pense of prices.
to emphasize the more a 166,274-ton rate in January, 161,812 tons last February, and the previou
The situation in tubular products only serves
there have been no record of 172.144 tons last October. Were Februrary's gait maintained,
While
e position of other finished materials.
favorabl
-ton ingot year, or 10% over the 1928 record.
plates, shapes and sheets, 1929 would be a 55.000,000
widespread tests of recent advances on bars,
50
In connection with contracts In the first two months of 1929 output of steel ingots has totaled 8,814.1
llttle consumer resistance has been encountered
year ago.
In strip steel a considerable tonnage in second quarter tons, compared with 8,036,636 tons one
placed thus far.
the "Iron Trade Review" composite of
led strip in narrow
For the third consecutive week
commitments has been entered. Consumers of cold-rol
A month
new card of extras, which 14 leading iron and steel ptoducts is unchanged at $36.37.
widths, however, are objecting strongly to the
ruling on contracts for ago this index stood at $36.28 and a year ago at $35.81.
raises their not prices $4 to $14 a ton above those
ered practically
the current quarter.
Although steel ingot production was consid
scrap market is
In primary materials price tendencies are mixed. The
to the active
melting grade has at its peak a week ago, the return of some plants
colorless in most districts, and at Pittsburgh heavy
the rate of operations
furnace coke has been
declined 25c. a ton. The shortage of Connellsville
list has permitted a moderate increase in
out the 10c. advance
relieved and prices have declined to $3 a ton, wiping
according to the "Wall Street Journal":
of a week ago.
current rate is placed at a fraction under
forecasts are
For U. S. Steel Corp. the
Iron ore Is headed for an advance of 25c. a ton, if present
ng week and around
ore this year is expected 97%,contrasted with a shade below 96% in the precedi
borne out. The water movement of Lake Superior
or more than for any season since 1918. The 91% two weeks ago.
to reach 60,000,000 tons,
greater gain, but some of the smaller
Larger independents recorded a
1928 total was 54,000,000 tons.
Average rate for in50c. a ton, units have not increased over the preceding week.
Valley producers of pig iron have advanced their quotations
and 87% two weeks
g the accumulation dependents is around 92%, against 91% a week ago
and prices have a stronger tone in other areas, followin
ago.
of substantial backlogs.
estimated that ingot production is now at
to keep abreast
For the entire industry it is
Makers of the commonly used ferroalloys find it difficult
d with about 93% in the preceding week
them,and it has been necessary to allocate ferromanganese 94% of rated capacity, compare
of demands upon
ago.
and around 893.i% two weeks
among consumers.
output
Corp. was working at between 88%
Valley, the highest
At this time last year U. S. Steel
Copper has gone up to 20c. a lb., delivered Connecticut
and the average between 82%
July delivery. March shipments into and 89%, with independents at 76 to 77%
price since 1919, with sales for
g all records.
and 83%.
consumption are breakin
$18.38 a ton,
The "Iron Ago" composite-price for pig iron is charged at
The American Metal Market says:
shows:
g
white finished, steel remains at $2.391 a lb.. as the followin table
ion in January and February was
Despite the fact that steel product
Pig Iron.
of any previous year, the peak rate is
/leashed Steel.
10% above that in the same months
March 12 1929, $18.38 a Gross Ton.
is the second half
March 12 1929, 2.391o. a Lb.
$18.38 not coming earlier than its usual time, which on an average
2.3910. One week ago
One week ago
ly heavier this month than
18.38
Production has been running distinct
2.3910. One month age
One month ago
17.75 of March.
2.384s. One year ago
One year ago
15.72 last.
s
1.689c. 10-year pre-war average
reached a 97% rate. This indicate
10
-year pre-war average
The Steel Corporation this week
Based on average of basic Iron at Valley
tank plates.
there is steel
Based on steel bars, beams,
at Chicago. exceptionally heavy pressure for steel in several directions, for
wire nails, black pipe and black sheets, furnace and foundry irons
product is not
and Sirg departments whose
These products make 87% of the United Philadelphia, Buffalo, Valley
making capacity associated with finishin
units is
mingham.
ed steel from such steel making
States output of finished steel.
Low.
in heavy demand, and unfinish
High.
pressure
Low.
afield at extra expense to relieve
11 2.314o. Jan. 3 1928-318.59 Nov. 27 $17.04 July 24 evidently moving some distance
1928_2.391a. Doe.
4 17.54 Nov. 1
19.71
1927..2.453o. Jan. 4 2.293e. Oct. 25 1927___ 21.54 Jan. 6 19.46 July 13 elsewhere.
1926_2.453o. Jan. 5 2.403o. May 18 1926...._ 22.50 Jan. 13 18.96 July 7
Jan.
18 19251925_2.560o. Jan. 6 2.396c. Aug.
20 19.21 Nov. 3
1424_2.789o. Jan. 16 2.4600. Oct. 14 1924_-- 22.88 Feb. 20 20.77 Nov. 20
Unfilled Steel Orders Show Increase.
1923-.2.824c. Apr. 24 2.448c. Jan. 2 1923-- 30.86 Mar.
Saturday, March 9,
farther
but has caused an overflow of plate tonnage to mills
east, adds the "Age", which continues:
e
February's record of producing more steel per day than
any month in history seems destined to stand only until
statistics for March are complied, states the "Iron Trade
Review" in its summary of iron and steel markets this week.
Operations have expanded further, to practical capacity
and are now moderately in excess of February's peak, continues the "Review," adding:
y well into
and probabl
Continuance of this record gait through March
finished steel as a whole the
April is believed assured Specifications for
year, for one reason because some propast week were the heaviest of the
for ordering-out first quarter
ducers are standing on Mar. 13 as the deadline
exceptional shipments.
material. Backlogs have not shortened despite
turning and its support is beginning
But the color of the present market is
run its course, although specificahas about
to shift. Freight car buying
in the past sixty days will be heavy into
tions for steel for equipment placed
Automobile production, while at a record level, is more spotty
midsummer.
retail buying spurts suddenly. Spring
and may be passing its peak, unless
near their end.
runs of farm implement manufacturers
therefore, is at or Is passing
Demand for steel from these major outlets,
mills begin to experience a real letdown in
its maximum. But before the
e that seasonal spring buying, notably in
this direction it seems probabl
farm work, will rise to fill the gaps.
lines associated with building and
In its usual monthly statement issued
unfilled tonnage on
the United States Steel Corp. reported
ations as of Feb. 28 1929
the books of the subsidiary corpor
4,109,487 tons on
at 4,144,341 tons in comparison with
tons at the end of Dec. 1928.
Jan. 31 1929 and 3,976,712
amounted to 4,398,On the last day of Feb. 1928 the orders
of the amounts back to 1924 is shown
189. A comparison
found in our issue of
below. Figures for earlier dates may be
1926, page 2126.
April 17
UNFILLED ORDERS OF SUBSIDIARIES OF
End of Monti. 1929.1927. 7
4 109.487 4,275,647 3,800,17
January
4,144,341 4,398,189 3.597,119
February
4,335,206 3,553.140
March
3.872.133 3.456.132
April
3.416.822 3,050,941
May
3,637,009 3,053,246
June
3,570,927 3,142,014
July
3,624,043 3.196,037
August
3,698.368 3.148.113
September_.
3,751,030 3,341.040
October
3,673,000 3.454.444
November
3.976.712 3,972,874
December
U. S. STEEL CORPORATION.
1924.
1925.
1926.
4.882.739 5,037.323 4,798.429
4,616,822 5,284.771 4.912,901
4,379,935 4.863.504 4.782.807
3,867,976 4.446,568 4.208.447
3,649,250 4.019,800 3,828,089
3,478,642 3,710,458 3,262,505
3.602,522 3,539,467 3,187,072
3.542.335 3,512,803 3,289,577
3.593.509 3.717,297 3,473,780
3.683,661 4,109,183 3,525,270
3.807,447 4,581,780 4,031.969
3,960,969 5,033.364 4.816.878
1664
FINANCIAL CHRONICLE
Bituminous Coal, Anthracite and
Beehive Coke Output
Continues Increase Over Last
Year.
According to the United States Bureau
of Mines, the production of bituminous coal durin
g the week ended March 2
amounted to 11,160,000 net tons, an
increase of 1,124,000
tons as compared with the corre
sponding period last year,
but a loss of 592,000 tons as comp
ared with the week ended
Feb. 23 1929. The output of anthr
acite for the week ended
March 1 last totaled 1,492,000
net tons, an increase of
29,000 tons as against the preceding
week and an increase
of 198,000 tons as compared with
the week ended March 3
1928. The Bureau's report is as follo
ws:
[Vol,. 128.
duction during the week in
1928 corresponding with that
of March 2
amounted to 1,294,000 net
tons.
Estimated Production of Pennsylvania
Anthracite (Net Tons).
1928 29
1927 29
Week.
Coal. Yr. to Date.
Week. Coal Yr.te Dale
1,736,000
71.397,000
1,025,000
70,451,000
1.463,000
72.860,000
1,254,000
71.705.000
1,492,000
74,352,000
1,294,000
72.929,000
a Minus two days' production in April
to equalize number of days In the
coal years. b Revised.
two
BEEHIVE COKE.
The total production of beehiv
e coke during the weak ended
March 2
Is estimated at 122,100 net tons
as against 111.800 tons in the preced
ing
week. Most of the increase
occurred in the State of Pennsylvania
. In
the Connellsville coke region,
according to the "Oonnellaville
Courier."
there was a net increase of 876 in
the number of ovens fired during
the week
ended March 2.
Week EndedFeb. 16
Feb. 23_b
March 2
BITUMINOUS COAL.
The total production of soft
Estimated Production of Beehive Coke
coal during the week ended March
(Net Tons).
2 1929,
including lignite and coal coked
at the mines, is estimated at 11.160
Week Ended
1929
.000 net
1928
tons. Compared with the outpu
Mar.2'29b Feb.23 '29c Mar. 3
'28
t in the preceding week, this shows
to Date. to Date.a
a Pennsylvania and Ohio_ _ 99.300
decrease of 592,000 tons, or 5%.
89,900
69,200
West Virginia
767.800
655.500
Production during the week in
10,400
9,600
1928 Georgia. Ky.
13.500
corresponding with that of March
82.200
121.500
and Tenn _ _ 1,600
2 amounted to 10,036.000 tons.
1,500
5.500
Virginia
14.600
39.900
Estimated United States Production of Bitumi
4.800
4.800
4,300
40,100
nous Coal (Net Tons), Incl, Coal Coked. Colo., Utah and Wash....
41,300
6.000
6,000
4.500
54.900
42.500
1928-29-1927-28
United States total
Week. Coal Yr. to Date
122,100
Week, Coed Yr. to Dales
111.800
Feb. 18
97,000
Daily average
959.600
11,941.000
800,700
442,209,000
20,350
9.374.000
18,633
Daily average
415.470,000
16,167
18,108
1.990,000
15.108
1.637.000
1,562.000
Feb. 23b
1.535.000
a Minus one day's production in Januar
11.752,000
453,961,000
10,177.000
y to equalize number of days
425.647.000 years h
Daily average
1.939.000
in the two
Subject to revision. c Revised.
1.644.000
1,725.000
March 2_c
1.539.000
11,160,000
465,121,000
10.036.000
435.683.000
Daily average
1,860,000
1,648,000
1,673,000
1,542.000
Monthly Production of Coal by Stat
a Minus two days' production first week
es in January.
the two coal years. b Revised since last in April to equalize number of days In
report. c Subject to revision.
The total production of bituminous coal
The total production of soft coal during
for the country
the present coal year to March 2 as a whole in
January is estimated at 51,456,090 net
(approximately 282 working days) amoun
ts to 465.121.000 net tons. Figtons,
in comparison with 43,380,000 tons in
ures for corresponding periods in other
recent coal years are given below:
December, states the
1927-28
435.683.000 net tons
1925-26
404,204.000 net tons United States Bureau of Mines. The avera
1928-27
540.158,000 net tons
ge daily rate of
1924-25
434,913.000 net tons output
in January was greater by 214,033 tons,
As shown by the revised figures above
, the total production of soft coal
or 12.3%,
for the country as a whole during
than the average rate for the month of
the week ended Feb. 23 is estimated
December.
at
11,752,000 net tons. This is a decrea
se of 189,000 tons, or 1.6%, from
The production of anthracite increased
the
output in the preceding week.
from 6,226,000
The following table apportions the
tonnage net tons in December
by States and gives comparable figure
to 7,337,000 tons in January, and the
s for other recent years:
average daily rate of output in January
Estimated Weekly Production of Coal
by States (Net Tons).
shows an increase
of 33,000 tons, or 13.3%, over that for Dece
Week Ended
StateFeb. 1923
Feb. 23 '29. Feb. 16 '29. Feb. 25 '28.
mber. The
Feb. 26 '27.
Alabama
Averagesa Bureau further show
387,000
s:
395.000
360.000
477.000
Arkansas
434.0(10
61.000
63.000
35,000
29,000
Colorado
30.0(X) ESTIMATED PRODUCTION OF COAL BY STATES
297.000
300.000
IN JAN. (Net Tons).a
199,000
239,000
Illinois
226.000
State1,582,000
Jan. 1929. Dec. 1928. Jan. 1928.
1,620.000
1,618,000
2,093.000
Jan. 1927. Jan. 1923
Indiana
2,111,000 Alabama
406,000
1,648.000 1,485.000 1,610,000 2,148,
460,000
421,000
617.000
Iowa
000 1,002,000
659.000 Arkansas
93.000
112.000
230,000
170,000
123.000
54.000
146.000
Kansas
139,1/0
140.000 Colorado
135,000
76.000
1.215.000 1,128.001) 1,900.000 1,173, 0
80,000
46.000
114.000
Kentucky-Eastern_
103.000 Illinois
9192,000
975,000
1,037.000
7.214,000 6,070.000 6,105.000 8,615, 000
885,000
886.000
Western
607,000 Indiana
382.000
1,830.01:0 1,684,000 1,613,000 2,806, 000 9,256,000
390,000
396.000
402.000
Maryland
000 2,890.000
240,000 Iowa
63,000
440.000
65,000
408,000
65,000
431,000
63.000
Michigan
654.000
55,000 Kansas
613,000
16.000
328,000
16,000
266,000
14,000
258,000
13,000
Missouri
652,000
32.000 Kentucky: Eastern_c ____ 4,295,000
449,000
103,000
104.000
3,485.000 3.972.000
76,000
72.000
Montana
87.000
Western
85,000
1,710.000 1,435,000 1,556.000 4.054.000 2,661,000
92,000
66.000
58.000
New Mexico
1,620,000 1,053.000
82,000 Maryland
55,000
290.000
64,000
65,000
263.000
270,000
58.000
North Dakota
297,000
73.000 Michigan
239,000
77.000
80,000
70.000
46,000
58.000
39,000
70,000
Ohio
69,000
50,000 Missouri
142,000
488.000
465.000
410.000
343,000
186.000
635,000
404.000
Oklahoma
346,000
814.000 Montana
381,000
98.000
98.000
327,000
275,000
54.000
64,000
330,000
Pennsylvania (bit.)
293,000
63,000 New Mexico
361.000
2,7713,01)0
2,815,000
277.000
2,448,000
237.000
3,204.000
335,000
Tennessee
3.402.000 North Dakota
259,000
317,000
116,000
285.000
130,000
270,0110
126.000
141.000
220,000
Texas
174,000
133.000 Ohio
220.000
20.000
2.010,000 1.708.000
20,000
17.000
28.000
786,000 3,440,000 3,567.000
Utah
26.000 Oklahoma
155,000
153,000
455,00
80.000
355.000
91,000
310.000
Virginia
318.00
109.000 Pennsylvania (bitum.)„.12,487.0 0
271,000
295.000
288,000
00 10,764,000 10,799.000 13,998, 0
230.000
258.000
Washington
211.000 Tennessee
0(40 14,911,01)0
74.000
78,000
505.000
45.000
480.000
51,000
493.000
74.000 Texas
W. Va.-Southern b_ 2,136,000
620.000
585.000
2,120,000
92.000
1,785,000
65.000
1,991.000
90,000
1,168.000 Utah
128.000
Northern_c
112.000
684.000
724.000
698.000
648,000
600,000
804,000
560,000
Wyoming
456,000
728.000 Virginia
478.000
160.000
1,210.000 1,100,000 1,030,000
170.000
138.000
134.000
1,138,000
186.000 Washington
Other States
926.000
2,000
258.000
2,000
5,000
205.000
8,000
205,000
248.000
7.000 West Virginia
326.000
12.444.000 9.887.000 10,876,000
12,373.000 8,310.000
Total bit. coal_
Wyoming
11.752,000 11,941,000 10,177,000 12,713
720,000
627.000
.000 11.850,000 Other states_b
710,000
711.000
Penna. anthracite__ _ 1,463,000
817.000
1,736,000
8.000
1,254,000
14,000
1,365,000
21,000
1.968,000
24,000
30.000
Total all coal
Total bitumi
13,215,000 13,677,000 11,431,000 14,078
.000 13,818,000 Penusylvanlita nous coal_ _51,450.000 43,380,000 44,208,000 56,660,000 51.944,000
nthracite__ 7.337,000 6.228,000 5,690,
000 6.516,000 8,521,000
a Average weekly rate for the entire month
W., C. & 0., Virginian, K. & M. and Charle. b Includes operations on the N. &
Total all coal
58,793.000 49,606.000 49,898.000 63,176
ston division of the B. & 0. c Rest
.000 60,465,000
of State, Including Panhandle.
a Figures for 1927 and 1923 are final.
b This group is not strictly comparable
in the several years.
PENNSYLVANIA ANTHRACITE.
Note.
-Above are given the first estimates of produc
tion of bituminous coal. by
States, for the month of Januar
The total production of Pennsylvania anthra
cite during the week ended Part (except tor certain States y. The distribution of the tonnage Is based in
which themselves supply authentic data)
March 2 is estimated at 1.492,000 net
on figured
tons. Compared with the output of loading by railroad divisions, courteously furnish
ed by the American Railway
in the preceding week, this shows
an increase of 29,000 tons, or 2.0%. Pro- Association and by officials of certain roads, and in part
on reports of waterway
shipments made by the U. S. Engineer
office.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Feder
al
Reserve banks on March 13, made publi by the Feder
c
al
Reserve Board, and which deals with the resul
ts for the 12
Reserve banks combined, shows decreases
for the week of
$33,500,000 in holdings of discounted bills and $21,5
of
00,000
in bills bought in open market and an increase of $2,30
0,000
in U. S. Government securities. Member bank reser
ve deposits increased $12,100,000 and cash reserves $24,800,00
0,
while Government deposits declined $13,800,00 and Fed0
eral Reserve note circulation $16,600,000. • Total bills and
securities were $45,200,000 below the amount held on Mar.
6.
After noting these facts, the Federal Reserve Boar proce
d
eds
as follows:
Holdings of discounted bills declin
ed $45.900,000 at the Federal Reserve
Bank of New York and 17,4(2
,000 at Boston, and increased $11.500,000 at
Cleveland, $6,900,000 at Philad
elphia and $4.500,000 at Chicago. The
System's holdings of bills bough
t in open market declined $21,500,000. while
holdings of Treasury certificates
increased $2.500,000. During the week
the Federal Reserve banks made a loan
on gold of $7,562,000 to a foreign
correspondent. The amount of the loan
appears in the accompanying statement against the caption "Fore
ign loans on gold."
Federal Reserve note circulation
was $16,600.000 less than a week ago
decreases of $9,400.000 at New
York, $3.700,000 at Chicago and $3.200
,000
at San Francisco being partly
offset by increases of 13,100,000 at Clevel
and
and $2,000,000 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 1690
and 1691. A
summary of the principal assets and liabilities of
the Reserve
banks, together with changes during the week
and the year
ended Mar. 13, is as follows:
Mar. 131929.
$
Total reserves
2,860,389,000
Gold reserves
2,700,125.000
Total bills and securities
1,421,833,000
Bills discounted, total
955,623,000
Secured by U. S. Govt. obliga'ris 583,135.000
Other bills discounted
372.488.000
Bills bought In open market
283,10
TJ. S. Government securities, total 165,291,000
7.000
Bonds
51,618.000
Treasury notes
90.502,000
Certificates of indebtedness
23,177.000
Federal Reserve notes in circulation 1,650.
009.000
Total deposits
2,396,785,000
Members' reserve deposits
2,362,587.000
Government deposits
7,773,000
Increase 1+) or Decrease (-)
During
Week.
Year.
$
$
+24,797,000
-96,328,000
+17,288,000
-88.292,000
-45,101.000 +204,324.000
-33,549.000
+483,327,000
-22,918,000 +297.880.000
-10,631.000 +185.447,000
-21,543,000
-60.225,000
+2,333.000 -235,590,000
+24,000
-7.189.000
-169.000 -102,919,000
+2,478,000 -125,482,000
-16,558,000
+75,895,000
--5,759,000
---6,141.000
+12,070.000
+143.000
-13,804,000
+11,202,000
MAR. 16 1929.1
1665
FINANCIAL CHRONICLE
disbeen revised to exclude a bank in the San Franoisoo
Returns of Member Banks for New York and Chicago trict, with loans and investments of $135,000,000 on Jan. 2,
Federal Reserve Districts—Brokers' Loans.
which recently merged with a non-member bank.
Federal
Beginning with the returns for June 29 1927, the Federal
In the following will be found the comments of the
Reserve Board also commenced to give out the figures of the Reserve Board respecting the returns of the entire body of
member banks in the New York Federal Reserve District, reporting member banks of the Federal Reserve System for
as well as those in the Chicago Reserve District, on Thurs- the week ended with the close of business Mar. 6:
reporting
The Federal Reserve Board's condition statement of weekly
days, simultaneously with the figures for the Reserve banks
on March 6 shows an increase for the
banks in 101 leading
for the same week, instead of waiting until member $57.000,000 in loans,cities
themselves, and
decreases of $11.000,000 in investments, of
week of
the following Monday, before which time the statistics cover- $79,000.000 in net demand deposits and of $30.000,000 in Government
in borrowings from Federal Reing the entire body of reporting member banks in 101 cities deposits, and an increase of 144.000,000
serve banks.
in the'
cannot be got ready.
Total loans on securities remained unchangeed, reporting banks
Below is the statement for the New York member banks Chicago district showing an increase of $11.009,000, the Bt. Louis district
changes. "All other"
smaller
and that for the Chicago member banks thus issued in a decrease of $6.000,000 and other districtsbanks, $49.000.000 in the New'
$57,000,000 at all reporting
advance of the full statement of the member banks, which loans increased$10,000.000 in the San Francisco district and $6,000.000 in
York district,
latter will not be available until the coming Monday. The the Cleveland district, and declined $7,000.000 in the Chicago district.
at reportHoldings of U. S. Government securities increased 530.000.000
course, also includes the brokers'
New York statement, of
the New York
of ing banks in the Boston district and declined $8,000,000 in
of 516,000.000. while
loans of reporting member banks. The grand aggregate
district, all reporting banks showing a net increase
these brokers'loans after increasing no less than $140,000,000 holdings of other securities declined 59.000.000 in the New York district
at all reporting
last week and $30,000,000 two weeks ago, declined $20,- and $26,000,000deposits, which banks. reporting banks were $79.000,000
at all
Net demand
000,000 the present week, the amount of these loans on below the Feb. 27 total, declined $66.000,000 at reporting banks in the
0,000 which is only $42,- New York district, $24,000.000 in the Chicago district, 513.000.000 in the
March 13 1929 being $5,627,00
in the St. Louis district and $5.000.000
000,000 below the high record of $5,669,000,000 established San Francisco district, $10.000.000increased $25,000.000 in the Cleveland
Pnlladelphia district, and
The total at $5,627,000,000 for March 13 In the and 57,000,000 in the Minneapolis distribt. Time deposits Increased
on Feb. 6 1929.
district
1929 compares with only $3,746,000,000 on March 14 1928. $9,000.000 at reporting banks in the San Francisco district and declined
GONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar.131929. Mar. 6 1929. Mar.141928.
Loans and investments—total
Leans—total
On securities
All other
1209.000.000 7.270,000.000 6,954,000.000
5,348.000.000 5,416,000,000 5,032.000.000
2,749,000.000 2,859,000,000 2,475.000.000
2,599,000.000 2,557,000,000 2,557,000.000
in the Cleveland district.
59.000.000 in the New York district. $8,000.000
at all reporting banks.
56.000,000 in the Minneapolis district and $8.000.000
Reserve banks for the
The principal changes in borrowings from Federal
at the Federal Reserve Bank of
week comprise an increase of $57,000.000
New York and a decrease of $16.000.000 at Cleveland.
weekly reporting
A summary of the principal assets and liabilities of
and the year ending
member banks, together with changes during the week
March 6 1929, follows:
Increase (-I-) or Decrease (—)
Since
Mar.6 1929. Feb. 27 1929. Mar. 7 1928.
Reserve with Federal Reserve Bank
Cash in vault
1.860.000.000 1.854,000,000 1.922,000.000
Loans and investments—total__ _22,384.000,000
1,089,000,000 1,110,000.000 1,088.000.000
16,423,000,000
772.000,000 745.000,000 835.000.000 Loans—total
7.573,000,000
731,000,000 726,000,000 730.000.000
On securities
52.000.000
8,850,000,000
53.000,000
66,000,000
All other
Net demand deposits
Time deposits
Government deposits
5261.000.000 5.285.000,000 5,577.000.000
1 166.000,000 1367.000,000 1,060,000,000
3,000.000
2,000,000
2,000,000
Investments—total
U.S. Government securities
Other securities
86.000.000
889.000,000
97,000,000 100.000,000
951.000,000 1,128,000,000
Borrowings from Federal Reserve Bank. 139,000.000
67.000.000
Due from banks
Due to banks
196,000,000
Loans on securities to brokers and dealers
1 004,000.000 1,117,000.000 1,090,000,000
For own account
1,761.000.000 1.707.000.000 1,446.000.000
Fe account of out-of-town banks
2,862,000.000 2,823,000.000 1,210,000,000
For account of others
Total
On demand
On time
Leans and Investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
5,627,000,000 5.647.000,000 3,746,000,000
5,149.000.000 5,142,000.000 2,847.000,000
478,000,000 506,000,000 899,000,000
Chicago.
2,140.000,000 2,141,000,000 1,972,000,000
1,693,000,000 1.691.000,000 1.481.000.000
959.000.000
734,000,000
949,000,000
741,000,000
811,000.000
670,000,000
447,000,000
450.000,000
490.000.000
189,000.000
258,000,000
191,000,000 216.000,000
260,000.000 275.000.000
+46,000.000 +1.075.000.000
+57.000.000 +1.192.000.000
+57.000,000
+1.064.000.000
+129.000,000
5,961.000.000
—11,000,000
—117.000,000
U. S. Government securities.... 3,058,000.000
2,904,000,000
Other securities
Reserve with Federal Res've banks 1.716.000.000
238.000,000
Cash in vault
13.308.000.000
Net demand deposits
6,871.000.000
Time deposits
6.000.000
Government deposits
+16.000.000
—26,000.000
+123.000.000
—239.000.000
—30.000.000
—8,000,000
—21.000.000
—10.000.000
—79.000.000
—8.000,000
—30,000.000
—310.000.000
+233.000.000
—4.000.000
1,167.000.000
2,970,000,000
+32.000.000
+111,000.000
+26.000.000
—430.000.000
756,000.000
+44,000,000
+398,000,000
Investments—total
Due from banks
Due to banks
Borrowings from Fed. Rea. banks..
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to ths Department
of Commerce. ,
The Department of Commerce at Washington releases for
publication Match 16 the following summary of market conditions abroad, based on ad vices by cable and radio:
ARGENTINA.
Latest
The crops are practically harvested and cereal exports are heavy.
of corn at
Reserve with Federal Reserve Bank— 177,000.000 177,000.000 187,000,000
16,000.000 17,000.000 unofficial Argentina estimates place the exportable surplus
16,000,000
in vault
Cash
failures
5,250,000 metric tons. The liabilities of February commercial
1.258,000.000 1,262,000,000 1.275,000,000 amounted to 11,000.000 paper pesos, a decrease of 2.785.000 paper pesos
Net demand deposits
679,000,000 687,000,000 661.000,000
of pitch
Time deposits
an advance in prices
1,000.000 from the previous month. As a result of
Government deposits
to satisfy
pine, heavy orders have been placed by importers of this material
165,000,000 160,000,000 161.000,000 immediate requirements and the outlook for Douglas fir is encouraging.
Due from banks
330,000,000 341,000,000 383,000,000
prices but the
Due to banks
The stave market has been adversely affected by low wine
are neces20,000,000 cron is large and it is stated that further supplies of cooperage
Borrowings from Federal Reserve Bank_ 130,000,000 121.000,000
capacity substantially.
sary. The cotton spinning mills are increasing their
route and the importation of others
10,000 British spindles being already en
Complete Returns of the Member Banks of the Federal being contemplated.
AUSTRALIA.
Reserve System for the Preceding Week.
week
The business trend in Australia continued uncertain through the
The conAs explained above, the statements for the New York and ended March 6, with the labor sitation the disturbing element.
and the
idleness of timber workers is curtailing building operations,
Chicago member banks are now given out on Thursdays, tinued the strike is not yet in sight. A discharge notice was issued to 12,000
end of
ously with the,figures for the Reserve banks them- coal miners on March 1 because of unsatisfactory conditions in that industry.
simultane
Melbourne
at
selves, and covering the same week, instead of being held Prices for wool were well maintained on Brisbane, Sydney, and little more
Continental account a
week, with buying
the following Monday, before which time the statistics sales during the of Brisbane has announced an offering of £1.000.000534%
until
active. The City
covering the entire body of reporting member banks, in 101 bonds in Australia at £9934. To date, £2,300,000 of the £7,000,000
Commonwealth loan offered some time ago has been subscribed.
cities, cannot be got ready.
•
BRAZIL.
g with the statement of Jan. 9 1929, the loan
Beginnin
dull, especially in textile lines. Exchange
General business
figures exclude "Acceptances of other banks and bills of is slightly weak, but continues of Brazil is still maintaining the official rate.
the Bank
exchange or drafts sold with endorsement," and include all
Wholesale and retail trade appears to be moving forward in very fair
s and mortgage loans held by the banks; amounts and there is evidence of satisfactory consumer demand which
real estate mortgage
business. Heavy snowfalls in some sections are
presages good
previously acceptances of other banks and bills sold with responsible for Easterbusiness, but on the other hand, the absorption of
quiet
ent were included with loans, and some of the winter lines has been temporarily increased with the resulting reduction
endorsem
Car-loadings in March have returned to more satisbanks included mortgages in investments. Loans secured by of stock carryover.the January-February slump, which was attributed to
after
Government obligations are no longer shown separately, factory levels
U.S.
early grain loadings. The sheet metal market is firm and the volume of
only the total of loans on securities being given. Further business being handled by iron and steel fabricators is exceptionally good.
are not now sub- Manufacturers of agricultural implements are reported to be receiving
mores borrowings at the Federal Reserve
orders from their distributors. The canned vegetable
the amount secured by U. S. Government very satisfactory flour has been advancing due to higher wheat prices.
divided to show
market is firm and
al paper, only Footwear manufacturers are less busy and the tanning industry is quiet.
obligations and those secured by commerci
two being given. The figures have also Collections on the whole average fair to slow.
a lump total of the
1666
FINANCIAL CHRONICLE
[VOL. 128.
CHINA
service between Mexico City and Matamoras was inaugurated on March 9.
Doubtful prospects for an early settlement of military differences arising The Government has appointed
a Board with authority to regulate food
wa a result of recent developments, coupled with sectional
disagreements. prices particularly with relation to lard, sugar, coffee, charcoal and rice
are serving to temporarily check the growing feeling of optimism which Silver reached
a discount of 10% as against gold, but strengthened to six
prevailed with reference to future trade outlook, according to Shanghai on March
8.
-advices.
NETHERLAND EAST INDIES.
I Radio communication between Tientsin and points abroad was opened
-oniMarch 1. The service, which is under the auspices of the Minister of
Business in staples is less than usual, although Importers are actively
-Reconstruction, includes points in the United States. Branches of the distributing goods to retailers for the native trade in connection with
National Aviation Association have been formed in Tientsin and Peking native New Year celebrations occurring this month. Increased spending
to promote popular interest in commercial aviation.
on the part of the native population for luxuries, however,is reported.
Tientsin merchants report active inquiries for various types of industrial
PERU.
'equipment, although few deals have been closed. Developmental projects
Cotton planters report an abundance of water and unusually favorable
are generally awaiting the outcome of the party Congress scheduled to
growing conditions prevailing in all areas under cultivation. The promising
convene in Nanking on March 15 and the clearing up of the present unSettled status. Financing conditions for the plan to improve shipping crop prospects are encouraging to merchandise dealers whose sales are
conditions at Tientsin are reported satisfactorily arranged and final nego- seasonally sluggish during the present crop maturing months. Imports are
tiations with Nanking authorities are nearing completion. This is a definite being chiefly confined to replacement needs. Building and construction are
project of a palliative nature to control the silted condition of the Hai Ho active. An excellent demand exists for automobiles, machinery, hardware
River at Tientsin and which Is expected to restore normal shipping con- and foodstuffs, and bankers are reporting conditions as unusually favorable
for this season of the year. Reserve Bank figures as of Feb. 28 report a
ditions at Tientsin.
gold reserve of tp. 5,236,464, note circulation amounting to tp.6,020,983,
CUBA.
and bank clearings totaling tp. 6.041,131.
The influx of a record number of tourists, combined with the rapid
milling of the sugar crop, has caused a noticeable improvement in the
UNITED KINGDOM.
activity and tone of general business during the first part of March. Business
The Federation of Master Cotton Spinners Associations (an organizaIn interior districts Is reported as being more active than at any time within
tion of British spinners of American cotton) has decided to submit to its
two years. The rapidity of cane-cutting and grinding has put money into members for the purpose of ballot a proposition to discontinue operations
on
circulation and merchants are ordering supplies to fill empty shelves. Saturdays and Mondays during April. Presumably the intent of the
sugThe Government also announces heavy receipts from imports and taxation.. gestion is the reduction of stock to prevent less favorable prices.
If the
While the Cuban railroads report a largo increase in current gross earnings. proposal is adopted it will reduce the working week from 48 hours
to 35
Congress has passed a bill extending the power of the President to fix hours. London wool auctions opened on March 6 with a large attendance
tariff schedules tlli Feb. 9 1932.
of buyers and keen competition .
FINLAND.
The Department's summary also includes the following
Economic conditions in Finland during February were satisfactory,
with regard to the Island possessions of the United States.
although somewhat spotty. The stringency in the money market continued
to ease up slowly, principally due to reduced activities on account of
PHILIPPINE ISLANDS.
seasonal influences. Industrial conditions continued subnormal, although
The abaca market is steady with prices of selected grades practically
prospects are more encouraging. Approximately one-half of the estimated unchanged. Grade"F" is now quoted at 31 pesos
per picul of 139 pounds
production of timber for 1929 has been reported sold. Chemical pulp I, 29 JUS, 21 JUK, 17.50, and L, 15.50.
(1 peso equals $0.50). Receipts
prices remain unsatisfactory despite an improving tendency. The paper during the week ended March 2, totaled
44,497 bales and exports amounted
market was unchanged. Plywood demand continues active with prospects to 36.732 bales, of which 16,736 were
shipped to the United States and
considered good, although prices remain low. Unemployment which shows Canada. Since Jan. 1, receipts have
aggregated 318,153 bales, of which
an abnormal increase is receiving government attention. The late and 262,985 were exported and consumed
locally. Arrivals of copra continue
severe winter has somewhat delayed timber cutting. Shipping conditions good and all oil mills are operating. Present f.o.b.
prices are 12.125 pesos
are very difficult on account of heavy ice in the gulf of Finland. Bourse per picul Manila 11.75 Cebu and Hondagua,
and 11.623 Legaspi.
activity was unusually low with quotations depressed. The cost of living
PORTO RICO.
showed a marked drop during February. Foreign trade was active during
A general decline of activity in most lines of business has been evident
January with imports below and exports above those of Jan. 1928.
during the past two weeks, and increasing complaints are hoard of the
FRANCE.
difficulty experienced with colletion. Most of the sugar mills are now
There has been no marked change in the favorable business conditions that grinding and reports being received indicate that the sucrose
content of the
have existed in France for some time. The iron and steel production has cane is still low, averaging about 1% below last year.
The tobacco planted
been maintained at a record figure and the cold weather has intensified the from the middle of November to Dec. 20 is making
excellent progress.
demand for coal. The engineering trades are fully employed and further Tobacco has suffered somewhat from the uneven
distribution of rainfall,
advance is only hindered by the labor shortage. Manufacturers of mining the earlier plantings receiving too much and the later
plantings too little,
equipment, machine tools and railway specialties are operating at capadity resulting in a reduced production per acre, but of fairly good quality.
production. Peospects for sales of agricultural implements are exceptionally good. Railway car builders have recently received heavy orders and
hardware manufacturers are enjoying brisk business. The situation of the Loan of
$7,562,000 to a Foreign Correspondent in
textile industries is generally satisfactory, a high point being the steadily
Federal Reserve Statement Said to Be for
growing demand for rayon and rayon fabrics. The leather industries
Germany.
are seasonally calm. The unseasonably cold weather has damaged crops
but the extent of the damage is not yet known. Both rail and water transWith reference to a so-called "gold loan" of $7,562,000
portation has been seriously hindered by the cold weather, causing a decline
in car loadings and in port traffic, but conditions are again normal. Foreign appearing in the Federal Reserve statement, and participated
trade made a poor showing in January when a very heavy adverse balance in by all the Federal Reserve
banks the "Sun" of last night
was registered. The uncertain political situation is reflected in Bourse
operations buti ndications are that they will react quickly to favorable (March 15) said:
developments. There has been a slight hardening of interest rates but
A new and interesting item,"foreign loans on gold" amounting to $7,money Is still abundant and despite the announcement of large capital 562,000, appeared on the weekly statement of the Federal Reserve system
Increases by leading banks and the attraction of funds to other markets yesterday. This item represents funds advanced to the Reichsbank in
where higher rates prevail, no stringency is expected. The demand from anticipation of gold which is now in transit to this country and which is
the public and especially from business interests for a reduction in taxation expected to arrive next week. It is believed that the $2,500,000 gold
Is growing and the finance minister has announced the early appointment of recently released from earmark is possibly a part of the same transaction.
an official commission to study the entire problem and to draft a compre- The Federal Reserve Bank had no comment to make on the transaction,
but the figures in the statement were so suggestive as to need no official
hensive plan.
elucidation.
GERMANY.
In making such a loan to the Reichsbank the Federal Reserve banks are
The seasonal depression in German business conditions, which ordinarily
reaches its lowest point in February, is especially marked at the present following a commercial and international custom. Gold once shipped and
time as a result of the addition of several unusual factors of an unfavorable insured is considered a proper basis for an advance of funds. By making
nature. These are to some extent temporary in character however, and such a loan the Federal Reserve banks allowed the Reichsbank to make payments here on account of purchases of reichsmark exchange. Owing to
may retard but should not prevent the customary spring improvement
They include concern over the reparations problem, uncertainty as to the the slump in the mark to the gold point the Reichsbank has found it necesfuture trend of money and exchange rates following the partial withdrawal sary to support exchange.
Another $7.000,000 of gold is on its way from Germany in addition to the
of foreign funds, due to rising rates abroad, internal political difficulties
reflected in a continuance of the cabinet crisis since the forepart of February, $10,000,000 or $11,000,000 which is expected here next week. This gold
is another shipment of the same kind and it is possible that its receipt will
delay in approving the budget for the coming fiscal yaer, which is thought
to carry substantial tax increases, the strained cash condition of the federal be anticipated in the same manner, so that the new item "foreign loam; on
treasury, leading to heavy borrowing in the open money market, and gold" will be watched with interest in next week's bank statement.
All the Federal Reserve banks except the San Francisco institution parunusually severe weather, causing an almost complete cessation of outdoor
activity. The position of the Reichsbank at the end of February was ticipated in this "gold loan." The Now York bank advanced the largest
share, namely $2,566,000, while Chicago with a participation of $1.036,000
slightly less favorable than in the previous month, its statement showing
lower gold holdings and somewhat larger note circulation. The month ranked next. The other banks in the Reserve system participated as follows:
witnessed a general rise in money rates. Domestic investment slackened Boston, $600,000 Philadelphia, $778,000 Cleveland, $827.000 Richmond,
during February but foreign borrowing eget& increased and negotiations $348,000 Atlanta, $295,000 St. Louis. $302,000 Minneapolis, $203,000.
for other loans, now under way, foreshadow a continuance of substantial and Kansas City, $250,000.
foreign borrowing during the coming months. Government revenues for
the first ten months of the budget year 1928-1929 were somewhat above estimate. January foreign trade was characterized by a much lower deficit than Dutch Bank Acts to Hold Exchange—Netherlands
Institution Sells Foreign Bills to Maintain Present
In January, 1928, and by greatly reduced foodstuffs imports as a result of
last year's successful crop.
Position—Doubts Ability of Federal
Reserve to Get
JAPAN.
Control of the American Situation.
Business is generally dull and featureless. The tariff investigating
Discussing financial conditions in Holland, an Amstercommittee is considering for immediate Diet action a reduction of the luxury
tariff on 20 items, which include preserved fruits and jellies, cocoa, cheese, dam cablegram March 7 to the New
York "Times" said:
firearms and sporting goods, and patent leathers except black. Diet action
The monetary situation in Holland is very tight. At the beginning of
on the lumber tariff is expected by Saturday. Reduction of the proposed
March the private discount rate was 4 9/16%, slightly above the official
rates on logs is being considered by the Diet tariffinvestigating committee.
tariff. Also, the monthly prolongation was quoted at 5 to 51%.
/
2
MEXICO.
Foreign exchanges, especially the dollar and the pound, were well
A decree issued by the Mexican Government declares that effective maintained, but only by heavy support of the Netherlands Bank, which
March 7, any payments of taxes, duties, fines, stamp taxes, &c.,to offices lost 18,000,000 guilders in foreign bills. Moreover, the bank increased
In control of the rebels, are invalid. Railway service between Mexico City loans to trade by 48,000,000 guilders, since the increase of the British
and Laredo has been rammed via Tampico. Regular air mall and passenger bank rate. Therefore, a rise in the Dutch bank rate is expected.
•
FINANCIAL CHRONICLE
MAR. 16 1929.]
is adversely influencing
The position of the American money market
London exchange market before
London and a change is expected in the
, the Bank of England acthe situation in New York changes. However
one-eighth penny more than
quired £593,000 in gold this week by paying
.
last week, which strengthened its position
New York advances in
Germany experienced little influence from the
the world level. The general
rates, as German money rates are still above
Dutch banks are profiting
Impression in Dutch banking circles is that
day advances. Gerhigh money rates in New York, by day to
by the
degree. The effect of these
many is also participating, but in a smaller
banks in the exchange
movements is greater activity of European issue
by the interest and profits
markets, but this will later be remunerated
returning to their own countries.
and it
Therefore, the Federal Reserve Board difficulties are doubled
not to touch the situation,
Is believed that the board will be compelled
will be frightened. The London
as otherwise foreign money and capital
ing the situation unbank rate is generally believed capable of controll
high New York money rates.
less there is more or less permanence in
very sensitive to
The Amsterdam Stock Exchange has again become
y is unsettled by the
New York market reports. Generally the tendenc
favorable opinion here
nervous ups and downs in New York. There is
nt with Russia and
about Royal Dutch Petroleum, owing to its agreeme
the continuous extension of the company's activities.
Plans for Settlement of Turkish Foreign Debt—Councils Approve Angora Law for Paying It—French
Critical.
A Paris cablegram March 4 to the New York "Times"
•
stated:
Since
Poland Experienced in 1928 Greatest Prosperity
Quarterly Report of Charles S.
War According to
Dewey, Financial Adviser.
enjoyed the
"In no other year since the war has Poland
prosperity that the country experienced in 1928",
degree of
the Polish
states Charles S. Dewey, Financial Adviser to
d, in his
nment and Director of the Bank of Polan
Gover
. A summary of the economic section
fifth quarterly report
by the Legation
of the report was made available on Mar.4
Washington as follows:
of Poland at
conditions, the year has shown steady
Beginning with fairly satisfactory
stability derived from a balanced
Improvement, thanks to fundamental
of disturbing political
budget, a firm currency, and to the absence
national
issues.
with last year's harvest, indicate
In agriculture, the returns, compared
greater in the case of barley, about
that the current yield is about 16%
about 4% greater in the case of rye,
8% greater in the case of oats, and change. No official estimate of the
figures for wheat show but slight
while
been published, but reports received
Important potato and beet crops has yet
that the beet harvested will about
up to the present time roughly indicate from 10 to 20% under last year's
crop wh.le potatoes will be
equal the 1927
figures.
ure though still inadequately taken
Likewise the credit needs of agricult
y. The short term agricultural
care of, are better supplied than formerl zing in this field have increased
seven institutions speciali
credits granted by
long term credits have increased over
over 190% in less than two years, while
65% during the same period.
n debt
After ten years of negotiations, a final settlement of the Ottoma
official
problem appeared practically certain today. According to an
hed to liquidate
communique to the financial press, the two councils establis
apTurkish obligations to foreign bondholders, meeting in Joint session, for
ng
proved, with reservations, the terms of the Turkish law providi
13. 1928.
Initial payments and ratified by the Angora Parliament on June g
instrucThe Turkish Government was immediately notified, receivin
tions to take steps to meet the first payments.
cy to believe this marks the conIn French circles there is some hesitan
ment being quesclusion of the dispute the goodwill of the Turkish Govern
placed many
tioned and criticism leveled at forces in Turkey said to have
obstacles in the way of a final solution.
l of the law implies acceptance
The French creditors ask if the approva
accept such a comof the 40% payment plan advanced by Turkey. To
ial precepromise would, in their opinion, constitute a dangerous commerc creditors
French
dent, especially since Turkey is not insolvent. Most of the
ent should not be
maintain that the right to seek a more equable settlem
relinquished.
Persia to Encourage Foreign Capital to Partake in
Economic Development.
The encouragement of foreign capital to invest within
its territory and partake in the economic development of the
country is to be undertaken by the Persian Government as a
part of its fiscal policy, according to Mozaffar Mirza Firouz,
Secretary of the Persian Legation, according to a dispatch
March 4 to the New York "Journal of Commerce," which
quotes Secretary Firouz as follows:
production which
Pointing out that the steady climb in
ued in most enterprises
began in 1926 and 1927 has contin
records have been
even to the point where many long standing
broken, Mr. Dewey states:
6% in comparison with 1927.
The production of coal increased nearly demand within the country.
of
This increase is chiefly due to the growth
1927 figures by a slight margin, was only
Export of coal, though exceeding
of severe competition and in spite of
able to make this showing in the face
difficulties connected with transport.
technical
accounted principally for the favorIncreased domestic consumption also
the iron and steel trade. In October,
able conditions which prevailed in
products exceeded by 3% and 1% rethe production of steel and rolled
establishing a
average monthly preduction for 1913, thus
spectively the
years.
on these items for the post war
record
rable measure to this expansion
One factor which contributed in conside steady demand from the makers
was
of operations in the iron and steel mills
building industry which enjoyed a
of agricultural implements and from the
building operations were
owing to good weather. Moreover,
long season
the previous year, employment for inconsiderably more acttve than in
whereas the peak attained in 1927 was
stance reaching 51,000 in August,
on the average, considerably more
37,000. Workers' pay increased 20%
other branches of industry.
than in most
who have under
"Experience of certain European countries in the past
se attempted to obtain a
the guise of business and commercial enterpri
arly cautious
political foothold, has made the Persian Government particul
and for this reason
about giving foreigners concessionary rights, etc.,
its nonpolitical characthe chances for American capital, which, in view of
new trend of
ter, is considered neutral and unbiased to profit from this
great.
Persian Government policy, are very
d by the
y
The official Persian Government program recentl approve
Persian Parliament is as follows:
best means of
"The Imperial Government is convinced that one of the people is by
the
insuring prosperity and bettering the economic welfare of
to partake in the infacilitating the development of the unlimited capital
the Imperial
dustrial development of Persia. It goes without saying that to enter the
Government will, under no consideration, allow foreign capital
at its
country for purposes of political exploitation, but will use every means
unbiased foreign capital
disposal to facilitate and encourage the entry ofer."
for purposes of economic and commercial charact
The confidence which American capital and business enterprise enjoys
the railway
t
in Persia is best exemplified by the fact that the contrac for
construction connecting the Persian Gulf to the Caspian has been given
ction in
to the American Ulen Co., which is now engaged in railway constru
Persia.
Polish Finance Head Resigns from Cabinet—Investigation into Excess Expenditures.
The New York "Times" of Mar. 9 reported the following
from Warsaw Mar. 8:
The resignation of Gebrjel Czechowicz, Minister &Finance, was accepted
e of trade remains
It is stated that the unfavorable balanc ts for last year
principal problem in Poland. Expor
the
and imports to 3,362
amounted to 2,507 million zlotysmillion zlotys. Of the
n, leaving a deficit of 855
millio
ented raw materiels
total imports trade, about 32% repres
and appaproduction articles, such as machinery is likely
and 23%
sing and
The latter item has been increa that so much of
ratus.
the fact
to continue to increase, due toyed during the war. Conequipment was destro
Poland's
28% of the total imports
sumption articles represented only report states:
articles only 4%. The
and luxury
desirability of balancing
realizes the
The Government of Poland fully not, the reduction of the unfavorable
if
of
Imports and exports if possible, or
it will be covered by surplus receipts
tures
balance to such proportions that
increased railroad services, expendi
When
foreign exchange growing out of
nces and other intangible items.
by foreigners, emigrant remitta
not only
reached, depends to a great extent
such a condition of affairs will be
of the country, but upon the
wise economy and productive ability d as a result of destruction
upon the
must be replace
amount of domestic capital that
during the war.
ki was appointed provisionally
to-day and Under-Secretary of State Grodyns
ion was announced only an hour
as Minister. M. Czechowicz's resignat
ee of the Sjem, which was to discuss
before a meeting of the budget committ
,000) in excess of the
his having spent 500,000,000 zlotys (about 856,250
became financial adviser
budget for 1927-1928, before Charles S. Dewey
to the Polish Government.
ee as a private citizen
M. Ozechowkz later appeared before the committ
in excess without the Slem having
and explained why he had spent that sum
He said his way as Minister
been asked to vote a supplementary credit.
not wanted to be disloyal to the Prime
of Finance had been barred. Ile had
without the consent
Minister and was unable to ask for a credit supplement
was unobtainable. In spending public
of the whole Government, which
executed the orders of the Prime
money in excess of the budget he had only
Minister, he declared.
icz added that he had resigned in
In a private conversation M. Czechow
for a supplement
November, 1928, when he was prevented from asking
last. Ever since, he said, all his efforts
to the credit for the year before
tion were prevented in the Cabinet.
to give Parliament a complete explana
hment immaterial and the
M.Czechowicz's resignation makes his impeac
or provoke a conflict in
opposition must either drop the whole matter
The resignation of Prime Minister
the Ajem with the whole Government.
Bartel is expected hourly.
•
1667
age Bond Issue—
Budapest Bankers Block Mortg
poly," is Report.
Dislike "Mono
reported the followFrom Vienna the New York "Times"
ing, March 8:
Budapest, dates that the
from
The Ullstein Agency, in a dispatch
for it a
which seemed likely to secure
negotiations of a New York bank
.
bonds in Hungary have fallen through
monopoly for the issue of mortgage
of the
Est, Mr. Mann, a representative
According to the newspapers, Az
bank, has accordingly left Budapest.
y, especially regarding the rate
Unexpected differences arose yesterda
credits to be granted
the mortgage bonds and the amount of
of interest on
the New York bank.
by
took advantage of the difficulties
A delegation from Budapest banks
to grant the desired monopoly, and
to request the Finance Minister not
. The proposal had been
it is asserted that their request was granted worth of mortgage bonds,
bank should issue $12,000,000
that the New York
an banks, which the New York
including those already issued by Hungari
City bank was to take.
for Municipal
$4,840,000 Loan to City of Lisbon—Issue
Improvements to Be Floated in London.
that the Oity
The Lisbon press announced on March 11
contracted a loan in London of £1,000,000
of Lisbon has
pal improve(about $4,840,000) for the purposes of munici
s"
A special Paris cablegram to the New York "Time
ments.
d, added:
from which this is learne
the purchase of the
money will be devoted to the completion of
This
machinery and to the incity park, to street paving, road repair and
ated for local improvedemnification of the owners of property appropri
ments.
1668
FINANCIAL CHRONICLE
The than is stated to be for a terni of
forty-five years and will be retired in five-year periods. The approva
l of the Government Minister of
Finance is expected this week.
[vol.. 128.
survey for the month Robert If. Bean, Executive
Secretary'
of the American Acceptance Council, says:
The total for all banks and bankers is shown by
this survey to be 21.228.027,796 whereas
the amount outstanding on Jan. 31st was 61,279,
271,163.
Offering of $10,000,000 6% Bonds of Repub
lic of Chile On Feb. 28 1928 it was only $1,056,389,782 or $171.638,014 below the
present volume.
Issue Oversubscribed—Books Closed—Ste
rling
A classification of the uses to which accepta
nce credits are put shows
Bonds Offered in London.
that the changes in the volume are likewise
of a generally normal character.
The exception is in export acceptances which
The National City Company offered on March 11
fell sharply to the extent of
at 932 $45,000,000, partly occasio
/
1
ned by the diminishing cotton shipments, but
and interest to yield 6.48% to maturity, the
major portion undoubtedly indicating some shifting to other form of credit.
of a $10,000,000 issue of Republic of Chile
Domesti
external loan Increase c warehouse credits dropped $25,000,000. Import acceptances
d $21,000.000
sinking fund 6% gold bonds due March 1 1962.
Proceeds ances based on goods to $340,000,000, the highest total on record. Acceptstored abroad or shipped between foreign countries
from the sale of the bonds and of £2,000,000 offere
d simul- dropped only $3,000,000 in the month. Geographically, the heaviest
reduction in volume came in the Federal
taneously in the London market by N. M. Rothschild &
Reserve districts of Boston and
Sons New York, where a
decline of $12,000
will be used for the construction of public works,
such as accounted for all but about $10,000.000.000 and $29,000,000 respectively
railways, irrigation works, port, sewage and water works The foregoing analysis of the recent of the loss for the entire country.
survey of acceptance totals affords
most encouraging proof of the strength
and public buildhigs. The Government of Chile is
and stability of the dollar acceptance
now car- business.
rying out a comprehensive plan of public works, as
Dire misgivings which may observers
authorhave had that the acceptance
ized under Law No. 4303, -which provides for an expend
operations of the
iture of the withdrawalbanks would be promptly and seriously curtailed because
of Federal Reserve support of the market
of 225,000,000 pesos ($27,374,062) in 1929, which is
and the sharp
to be advance in acceptance rates are seen to be without
foundation, at least for
provided for in part from the proceeds of the presen
t dol- the present.
For the past 90 days
lar and sterling issues. $1,000,000 of the $10,00
0,000 Issue tremely unusual moneythe acceptance business has had to weather an exmarket situation. The Federal Reserve banks
was publicly offered In the Netherlands by Pierso
reduced their buying and set about to cut down
n & Co.,
the supply of bills which
Nederlandsche FIandel-Maatschappij, Mendelssohn
they were carrying, amounting at the peak
& Co., find
to almost $500.000,000. To
a rate at which bills would be taken in the
Proehl & Gutmann and Vermeer & Co., Amsterdam,
l outside market the dealers
and advanced their quotations until they reached the
highest level for
$600,000 was reserved for public offering in Swede
n by the years. Competition for call money with which to carry acceptance eight
portStockholms Easkilda Bank, Stockholm.
folios became more acute and the Stock Market
situation remained an
unsolved problem.
Announcement was made by the National City
Company
A more trying test to determine the strength
of our acceptance business
on March 11 that subscriptions were received in excess
of the and the discount market could not have been presented but In spite of thesis
obstacles the bill business has held its position
issue offered by it earlier in the day, and the
remarkably well and the
books were market for bills is unquestionably
stronger to-day than on Dec. 1.
closed. It is stated that the price of the Londo
On Dec. 12 the Federal Reserve banks held $494.00
n offering
0,000 In bills for their
was 94. The closing of the subscription lists
in London own account; for the account of foreign purchasers they held $284,000,000,
while foreign buying through private bankers and
was announced March 12. The bonds will be
others amounted to s
dated March total of about $150,000,000 a grand total $928,00
of
0.000, leaving only
1 1929. A cumulative sinking fund will operat
e to redeem $356,000,000 for the open market.
the entire issue by drawings at par. The
To-day the combined holdings of the Federal Reserve
banks and for
bonds will be foreign purchaser's
account are about $745,000,000 leaving $483,00
In denominations of $1,000 and $500, regist
0,000
erable as to prin- for distribution to banks and individual Investors or more
than $127,000,000
cipal only. Interest will be payable
Sept. 1 and March 1. than were being moved in December.
Principal and Interest, will be payable in
Bank buying while still all
New York City In the amount held for investmtoo restricted has shown steady improvement,
ent now being more than double the amount
United States gold coin of the present
standard of weight on Nov. 30.
and fineness, without deduction for any
There is a long road to travel before the bill market
present or future satisfac
reaches a permanently
tory condition but it must not be
Chilean taxes, at the Head Office of the
National City Bank was in reality a friendly reversal of attitud overlooked that through what
e by the Federal Reserve banks,
of New York, Fiscal Agent. Interest
will also be collectible, bankers acceptances are now approaching the position of a real factor in
the money market.
at the option of the holders, in London,
England, either at
the City Office of the National City
The statistics supplied by Mr. Bean follow
Bank of New York or
:
at the Office of N. M. Rothschild 8c Sons,
BANKER
in pounds sterling, TOTAL OFCOUNT S* ACCEPTANCES OUTSTANDING FOR ENTIRS
RY 13Y FEDERAL RESERVE DISTRI
at the fixed rate of $4.8065 per pound
CTS.
sterling, or at Pierson & Co., in Amsterdam, the Netherlands,
inguilders, or at Federal Reserve District. Feb. 28 1929.
Jan. 311929.
Feb. 29 1928.
the Stockholms Enskilda Bank, Stockh
olm, Sweden, in Swe- 1
5131.402.745
2143.105.330
8133.823.827
2
dish kronor, in each case at the then curren
922,063.283
951,919.275
792,085,521
t buying rate of 3
17.831.777
17.321,127
the respective banks for sight excha
15,391,403
4
14.779,539
nge on New York City. 5
14,963.341
16,880,700
10.953,816
12,609,182
The prospectus states:
9,401,211
6
16,632.473
17,310,771
16,411,164
The Bonds of this Loan, authoriz
ed by Laws 4303 and 4495 of the
Chilean Congress, dated Feb. 16 1928 and
Dec. 7 1928, respectively, will
be direct obligations of the Republi
c of Chile, which agrees that it, in
the future, it shall sell, offer
for public subscription or in any manner
dispose of any bonds or contract or
create any loan, internal or external,
secured by ilea or charge on any revenue
or asset of the Republic, the Bonds
of this Loan shall be secured
equally and ratably therewith.
The Republic reserves the right to increa
se the semi-annual Sinking Fund payments. A
letter of Don Pablo Ramirez, Minister of Finance of the
Republic of Chile, addressed to the National City Company,
says in part:
The Chilean Government iS' carryin
g out, with modifications, a program
ef administrative reform outlined
by the Kemmerer Financial Commission
in 1925. This has resulted in
the stabilization of the currency on a gold
basis, the establishment of a central
bank of issue, a general budget law
with a balanced budget, and
the installation of an independent Comptroller-General. Various measure
s have been passed to stimulate the economic development of the country
, taxation has been reorganized and
ecoonmies effected by a reduction of
personnel and control of expenditures.
The gold and gold exchang
e held by the Banco Central de Chile on
Fob. 15 1921 was 959,995
,622, providing a ratio of gold cover to notes
outstanding and deposits of
97.67%.
The ordinary revenues tor
1927, excluding loans, as reported by the
Comptroller-General totaled $110,60
7,000, as compared with ordinary
expenditures of $110,185,555.
The corresponding figures for 1928 are
$124,222,449 and $119,661,829,
giving a surplus of revenues over expenditures of $4,660,620. The.
budgetary estimates for 1929 place ordinary
revenues at $136,662,462 and
ordinary expenditures at 6130,374,019.
The total funded debt as of Dec.
21 1928 including all guaranteed obit.
wationa, was 2416,937,664, of which
$291,429,555 was a direct debt of
the Government.
Outstanding Bankers' Acceptances on Feb. 28 Total
ed
$1,228,027,796—Declined $51,243,367 in Month—
Bill Market Shows Increased Strength.
A decrease of 851,243,367 in the volum
e of outstanding
bankers acceptances, announced on March
14 by the American Acceptance Council in its report
on the acceptance business as of Feb. 28th, is nothing more than
the seasonal
reduction, customary at this period of the
year. In his
7
8
9
10
11
12
51,797,200
1,851,141
4,505,478
192,505
7.348,413
48,669,426
Grand total
Inernalaw
54,156.221
2,061,802
5.854.945
205,669
8,612.724
11,150,776
91,228,027.796
91,279,271,163
981.242.367
37,026,301
1,784,473
3,214,877
235,803
6,835,904
33,276,544
11.056.389.782
9171 63111 014
CLASSIFIED ACCORDING TO NATURE Or
CREDIT.
Feb. 2E1929. Jan.31 1929. Feb. 291996.
Imports
9340,914.983 8319.157,719 8319,739,903
Exports
421,958,339 467,298,929 382,713.778
Domestic shipments
17,561,977 17,817.851 19.053.097
Domestic warehouse credits
136.802,005 162,107,264 167,631.110
Dollar exchange
Based on goods stored In or shipped be- 46,984,462 45,690,647 28,994,582
tauten Inrelon onnntrlaa
2112 sea nsn SAT I a* 7en ins use
055
•
AVERAGE MARKET QUOTATIONS ON PRIME BANKE
RS ACCEPTANCES
FEB. 15.
TO MAR. 15.
Dealers'
Dealers'
Dealers'
Dealers'
Days.
Baying Rate Selling Rare.
Days.
BIllitlIf Rate. Selling Rail.
30
5.250
5.125
120
5.600
5.250
60
5.375
5.250
150
5.695
5.375
90
5.375
5.250
180
6.625
5.375
Survey Showing 159 Corporations, Massa
chusetts
Trusts and Participating Series in U. S., Which
May Be Termed Investment Trust Compa
nies or
Funds—Compilation By L. L. Robinson of
Second
International Securities Corporation.
A comprehensive survey just completed shows
that at the
end of January there were at least 159 corpor
ations, Massachusetts trusts and participating certificate series
in the
United States which may properly be terme
d investment
trust companies or funds. To these, the great
bulk of which
are incorporated under the general acts of
the several States,
should be added 13 Canadian investment trust
corporations.
Of the 172 American and Canadian invest
ment trust companies and funds, 119 are of the general manag
ement type
and 52 of the specialized type. As contrasted
with these 151
MAR. 16 1929.]
FINANCIAL CHRONICLE
investment trusts, which are incorporated, or function like
corporations, there are approximately 21 different trusts, or
series of trusts, set up under indenture agreements with
are
trust company trustees (contractual type), of which 9
supervised (limited management type).
fixed and 12 are
According to this compilation, the results of which were
given out March 14 by Leland Rex Robinson, President of
Second International Securities Corp., satisfactory figures
for paid-in share and debenture capital can be obtained for
all but 13 of the companies and funds included in the list,
and for the 159 American and Canadian investment trusts
g
on which recent data have been secured the followin
figures appear:
Paid In on preferred stock
Paid in on common stock
Paid in on bonds (debentures)
Paid in on beneficiary certificates
Total paid-in capital
1669
Further additions were announced on March 6:
added
The securities market on the New York Produce Exchange has
17 issues to its list of securities designated for trading, as follows:
common stook.
Curtiss-Caproni Corp. temporary certificates for
Coast Copper Co., Ltd., common.
Service Stations Equipment Co., Ltd., class A.
Memphis Natural Gas Co. common.
Metropolitan Edison Co. preferred.
Chain & General Equities, Inc., preferred.
Chain & General Equities, Inc., common.
General Steel Wares, Ltd., common.
Canadian Canners, Ltd., preferred.
Northeastern Surety Co., New York, capital.
Bruck Silk Mills, Ltd., common.
Transportation Insurance Co. of New York capital.
Empire Public Service Corp. class A common.
Empire Public Service Corp. class B common.
White Star Refining Co. common.
Approximately.$439,000,000
Kinner Airplane & Motor Corp. common.
337.000,000
The Gulf Region Lumber Co. common.
200,000,000
58,000,000
last previous item in these columns relative to se$1,034,000.000
The
curities dealt in appeared on page 1164 of our issue of Feb.23.
An announcement in which the above information is
presented, also has the following to say:
New York Cotton Exchange Amends Rule Granting
A proper understanding of the above aggregate figures, it was pointet
Privileges on Exchange to Corporation Having
companies
out, can only be reached by bearing in mind that of the 159
55 have
Executive Officer Holding Membership on Exchanged.
and funds whose paid-In capital is included in the foregoing table,
debentures
Issued no preferred stock, and 43 have Issued no preferred stock,
The New York Cotton Exchange announced on March 8
no particular
or bonds. Therefore the ratios of capital classes above have
that Rule five of the Commission Law had been amended
e as regards individual companies.
significanc
ve,
The figure representing total paid-In capital is highly conservati
for the granting of corporation privileges on the
from the to provide
because several corporations of very large size have been set aside
ion that has an executive officer who
with which they are ordinarily classed, Exchange to a corporat
investment trust company group
The mendment, which was
finance, investing and holding companies as a separate is a member of the exchange.
and put with
category. There are 26 of these, Mr Robinson reports, with aggregate adopted by the Board of Managers at a meeting on March 7
American investpaid-in share capital of over $550,000.000. The total for
immediately, reads as follows:
including investment trusts, and certain general finance and becomes effective
ment companies,
is therefor
and trading companies ordinarily classified with the former.
substantially in excess of $1.500,000.
and
The aggregate paid-in capital of the investment trust companies
among the
funds on which figures are available has been split-up as follows
principal types:
Approximately.
$781.000.000
General management
136.000,000
Specialized management
58,000,000
and limited management
Fixed
59.000,000
Canadian
any firm, but who
A member of the Exchange who is not a partner.in
of memberIs an executive officer of a corporation may confer the privilege
ship rates upon such corporation provided:therefor; (b) that such privilege
joint responsibility
(a) That there is a
that such transactions are
shall be conferred upon but one corporation; (c)
for others:(d) that such corporafor the corporation's own account and notnor solicit accounts of others; (e)
others,
tion shall not deal in futures for
clearing contracts on
that this privilege shall not permit of a corporation's the By-Laws relating
the Exchange: (f) that the provisions of Section 55 of
to corporations.
to co-partnerships shall be construed as applying
$1,034,000,000
Total
recent
The survey concludes with the following table showing the rapid
development of American and Canadian investment trust companies and
funds.
Companies
Companies
Formed.
Formed.
Yaw—.
62
1928
12
to 1924
Prior
10
1929 (Jan.)
11
1924
—
11
1925
172
14
1926
52
1927
Gardiner H. Miller, President of the Exchange, explained
s on
that the new rule would confer corporation privilege coand other corporations, as well as cotton
cotton mills,
owned a
operative associations in which an executive officer
hip on the New York Cotton Exchange.
members
Locate
New York Hide and Skin Exchange, Inc. To
Trading Expected to Start in
on Cedar Street—
Month.
New Margin Rules in Force—Several Leading Houses
e,
The newly organized New York Hide & Skin Exchang
Fix More Stringent Requirements to Curb Specu•
the first and tenth floors of the new building
t $2,000.
Inc., has leased
lation—Minimum Accoun
R. Katzenberg, President of the
The following is from the New York "Times" of March 10: at 5 Cedar St., Milton
The ground floor will
put into effect to- Exchange, announced on March 7.
A number of the leading Stock Exchange houses will
e
of drastic margin rules in order to divert speculation house the Exchange proper, while the board room, executiv
morrow a now series
the tenth
Into systematic and safe channels. Although the new requirements and
offices, and clearing house will be located on
regulations do not in general represent a stiffening of rules recently in effect,
of the Exchange is midway between the
they present in concise form the fruits of experience gained since the Federal floor. The location
downtown
Reserve attack on stock market speculation.
"Swamp" hide and leather district and the
"
According to the special regulations- drawn up by one important house,
offices. The trading ring, quotation boards, ticker
financial
margin accounts must at all times have a minimum cash equity of $2,000.
coat room will be on the ground
No lots of less than twenty-five shares of stock selling for less than $100 room, lounge, lobby and
e
$5 is made on all
a ship will be carried on margin. A minimum charge of
floor. It is expected that the Exchange with complet
single transactions, except on rights, fractional shares and partial execu, will be ready within four weeks and that
facilities
tions. All margin requirements are subject to change without notice, and trading
way late in
additional margin Is required on securities subject to wide fluctuation.
futures trading in hides and skins will get under
Stock ExThe margin requirements on stocks listed on the New York
early in May. Items regarding the new Exchange
April or
change are now as follows:
our issues of Dec. 29, page 3619 and Jan. 12,
Under $10 por 'there_ _Cash in full From $125 to $200 per share 33 1-3% will be found in
50% From $200 to $300 per share ....40% page 178.
From $10 to $20 per share
50%
up
25% From $300
From $20 to $60 per share
From $60 to $125 per share_ -30%
Margins'of 20% are required on listed bonds and not less than 50% is
required on bank, insurance and trust company stocks. The margin on
Curb stocks is not less than 50%,subject to the following rules:
Only Curb stocks of high character and which have a ready market are
carried on margin. Curb stocks are accepted as collateral only in accounts
which carry Stock Exchange securities equal in market value to Curb stocks
Firm approval is necessary in each case of acceptance of Curb
carried
stocks as collateral.
Additional Issues Dealt in on Securities Market of
New York Produce Exchange.
The lists which we have from time to time given of securities dealt in on the Securities Market of the New York
Produce Exchange have been augmented by additions
announced as follows on Feb. 27:
The Committee on Securities of the New York Produce Exchange has
to be dealt in on this
announced the designation of the following as issues
Exchange:
Ken End Tube & Lamp Corp. common, when issued.
The Chicago Corp. common.
The Chicago Corp. unit certificates.
Treadwell Yukon Co., Ltd., common.
Illinois Power & Light Corp. preferred.
International Union Bank capital.
Distillers Corporation-Seagrams, Ltd., capital.
International Utilities Corp. class B warrants.
Macfadden Publications, Inc., now common.
Mactadden Publications, Inc., preferred.
to
Governors of National Metal Exchange Decide
Copper Futureil.
Inaugurate Trading in
Trading in copper futures will be inaugurated on the
at a
National Metal Exchange shortly, it was decided
of Governors on March 12. I. J.
meeting of the Board
Louis, Chairman of the Copper Committee which has been
investigating the practicability of trading in that metal,
recommended that copper be listed on the Exchange. The
recommendation received the unanimous approval of the
Board, which instructed the Copper Committee to draw
up the necessary rules for trading in this metal and report
back to the Board for final approval. An announcement
by the Exchange says:
trading during recent
A spectacular bull market has featured copper
on the part of trade and
weeks, and there has been considerable agitation
the National Metal
commission house brokers for listing of this metal on
trading on the Exchange,
Exchange. The inauguration of futures copper
g of activity in future
It is believed, will witness a considerable broadenin
which has boon little
positions and tend to stabilize the copper market,
owing to the heavy demand
better than nominal for several weeks past
and restricted offerings.
Metal Exchange is also
Listing of lead and antimony on the National
engaged in surveying the market
under consideration, committees being
Board of Governors of
position of those metals upon instructions from'the
the Exchange.
1670
FINANCIAL CHRONICLE
[Vol.. 128.
We indicated in our issue of March 2, page
1303, that Mellon's business connections are, a determi
consideration was being given to the questi
on of trading in be made before the Committee could considernation which would have to
copper and zinc on the Exchange.
tions amount to a disqualification of office. whether or not such connecLate Benjamin Strong of New York Feder
al Reserve
Bank Viewed as Great American Friend
of Franc
by Raurice Lewandowski of Comptoir Natio e
nal
d'Escompte de Paris.
The Seaboard National Bank of New York
has made
available excerpts from a translation
of a tribute to the
late Benjamin Strong, Governor of the Feder
al Reserve
Bank of New York, published in the latest
issue of one of
the French periodicals, the Reptie Deft Deux
Monde, by
Maurice Lewandowski, Managing Director of the Compt
oir
National d'Escompte de Paris, a leading Frenc banki
h
ng
institution. It is pointed out that M. Lewandowsk
i, besides
occupying a place of prominence in French financ
e, is a
well-known writer on financial subjects and has
represented the French Government at the Peace
Conference
in Versailles, the League of Nations in Genev
a and the
Dawes Reparations Conference. The extrac
ts from M.
Lewandowski's article follow:
The Senator said the final determination
of the question whether Mr.
Mellon would be asked to appear before
the
until the Committee holds its next meeting Committee would not be made
. He regards it as unlikely that
the Committee will meet until after the
special session of Congress assembles
on April 15, although in the meantime,
he said, he will consult with such
members of the Committee as are in
Washington, and it may be found
desirable to call a meeting prior to that
date.
The McKellar resolution which is the
basis for the inquiry was introduced
and adopted just after the Senate had
confirmed the nominations of eight
Cabinet members submitted by President
Hoover. Mr. Mellon's name was
not submitted, nor was the name of
the Secretary of Labor, James J.
Davis, who held that position under
former President Coloidge•
Secretary Mellon Not to Seek Reversal
of Policy of
Federal Reserve Board as to Speculative
Loans.
Reports circulated in the financial districts
from time to
time that Secretary Mellon plans to ask the
Federal Reserve
Board to reverse its policy in relation to the specul
ative situation were held as without foundation at the Treas
ury Department on March 11. The Washington corres
pondent of the
New York "Journal of Commerce," in report
ing the foregoing on March 11, said:
Mellon is Ex-officio Chairman of the Reserve
The United States has just lost one of
its fined citizens, and France
Board.
At Mellon's office it was indicated that the
a true friend. We cannot let the memory
Secretary did not intend to
of Benjamin Strong, Governor make
any statement relative to the stock market
of the Federal Reserve Bank of New
York, die out. He was, in his own with
situation, nor to interfere
the action of the Reserve Board taken some
country, the powerful promoter of a new
time ago and aimed at
system of banking and one discour
aging the use of member bank credit going into
of the outstanding factors in America's
speculative channels
contribution toward the financial
For the last month, since the Reserve Board
restoration of Europe.
opened its drive to curtain
speculative use of bank credit,rumors have
If America during the war was illustri
been floated almost daily in Wall
ous through General Pershing, Street and other financi
and after the war, through General
al sectors that Mellon disagreed with the
Dawes, there is room, moreover, policy and was contemp
Board's
lating "bull action."
alongside the latter, for financiers
of great title, who have known how
During the period Mr. Mellon has maintai
to widen the scope of their activities
ned silence relative to the
in order to achieve the solution market situation, leaving
this phase of Government activity to the Board.
of European problems. Benjamin Strong
was among the first of those
Since the action of the board was reproved
who understood that the United
by the Federal Reserve AdStates, not in spite of its wealth, but visory Council, compos
ed of businessmen not connected with the
rather because of that wealth, could
banks
not remain in the boastful isolation from the various Reserve district
s, there has been indicated no probability
of a wealthy nation which feels
no need for those less powerful than of a change of attitude on the
part of the Board. It was assumed that the
itself. .. .
present policy of curtailing the use of member bank credit for specula
Benjamin Strong did not conside
tive
r that his activity should limit itself purposes would be continued indefini
tely, or until the necessity for this
to bringing into maximum efficien
cy a monetary system for the sole course of action had passed.
benefit of the United States. His concept
ion was greater, and after the
Statements recently made by the Board indicated
war he was, in peace-time, the greatest
that it was receiving
of the collaborators in the work co-operation from the member banks. The
last report on brokers' loans
of European restoration. Recognizing
that the world's commerce and from the New York member banks, howeve
r, showed a large increase in
that of the United States could not
come back to normal, inasmuch as the lastfew weeks and placed these loans at 85,647,
000,000. only $22,000,000
the moneys of the principal countries
of the world were not stabilized, under the peak reached Feb. 6.
he actively occupied himself with the
financial relief of these countries
shattered by the war. Through wise
counsel and by negotiating the
credits of the Federal Reserve Banks
with the issuing banks, he gave Closing of Subscriptions for Treasury Certificates
them effective aid toward resumption
of the gold standard.
Offering of $475,000,000—Subscriptions and AllotHe understood that not only the disorgan
ization of monies in Europe
ments.
was ruinous from an economic and
social standpoint, but also that it
directly affected the United States,
The subscriptions books for the new issue of43 %
which was interested in seeing that
4 Treasury
its debtors and buyers of American product
s should enjoy a stable cur- Certificates of Indebtedne
ss (Series TD2-1929) offered by
rency. As soon as a country could be
won over to stabilization, in Bel- the
Treasury Department on Mar. 7 to the amoun
gium, in Poland, in Italy, or more specially
in France, his entire co-operat of
tion was obtained; a cable sufficed to have
him come, even though he $475,000,000 or thereabouts, were closed at the close
of
were obliged to make the trip on a sick bed.
But while in approaching business Mar. 12. Secretary
Mellon announced on Mar. 14
European questions, he remained American,
at the same time his thought that
total subscriptions of $524,109,000 were received
was international, when he worked with all
his might to obtain the resumpto
tion of a well-established financial order or
a stabilized currency for the new issue, and that the total allotments were $475,those countries. . ..
999,500, of which $32,796,500 represents allotments
Without wishing to exaggerate the part of
on
America in this work of subscription
s for which Treasury certificates of indebtedness
restoration, one can at least agree that the dollar
played a great role and
this advent of the dollar into a domain where
of Series TM-1929 and TM-2-1929, maturing Mar.
the pound sterling had
15 1929,
reigned sovereign is indeed a new experience
were tendered in payment. All of such exchange
of the post-war period.
sub-
Secretary Mellon May Be Queried Regarding
Industrial
Holdings by Senate Committee Which Is to Inqui
re
into His Eligibility to Continue in Office.
' Secretary of the Treasury Mellon, may be called
upon to
testify before the Senate Committee on the Judiciary
in its
investigation of his qualifications for office, ordere
d by the
McKellar resolution (S. Res. 2) adopted by the Senat
e on
March 5, it has been stated orally by Senator Norris
(Rep.),
of Nebraska, Chairman of the Committee says the
"United
States Daily" in its issue of March 12. The adoption
of the
resolution and its text was noted in our issue of
March 9,
page 1489. As stated in that item the names of
all but two
of President Hoover's cabinet (Secretary Mello
n and Secretary Davis, who held their present posts during the
administration of President Coolidge) were sent by Presid
ent Hoover
to the Senate in Special Session on March 5, and
were confirmed without opposition. The President is said
to have
considered unnecessary the submission of the names
of
Secretaries Mellon and Davis. In its reference
to the
McKellar resolution on March 12 the "United States Daily
,"
said:
scriptions were allotted in full, while allotments on
other
subscriptions were made on a graduated scale. Detail
s of the
offering were given in these columns Mar. 9, page
1487.
Announcement of the subscriptions and allotments
was
made as follows on Mar. 14 by Secretary Mellon:
Secretary Mellon to-day announced that the
total amount of subscriptions received for the issue of Treasury certific
ates of indebtedness. Series
TD-2-1929 4%%, dated Mar. 15 1929,
maturing Dec. 15 1929, was $524,109,000. The total amount of subscriptions allotted
was $475,999,500, of
which $32,796.500 represents allotments on subscri
ptions for which Treasury
certificates of indebtedness of Series TM-1929 and
TM2-1929, maturing
Mar. 15 1929, were tendered in payment.
All of such exchange subscriptions were allotted in full, while allotme
nts on other subscriptions
were made on a graduated scale. The subscri
ptions and allotments were
divided among the several Federal Reserve District
s and the Treasury
as follows:
Subscriptions.
Allotted.
Subscriptions. Allotted.
Boston
824,715,000 124.130
Minneap
New York... 202,996,000 177.734.000 Kansas olis.- 88,859.000 88,494,000
,500
Philadelphia _31,613.500 28,656,000 Dallas City - - 17,499,500 16,892,000
cievelano____ 33.366.500 31,122,000 San Francisc 30,009,000 28,222,000
Richmond ___ 30,022,000 27.952,000 Treasury __ _ o 37,289,000 32,737,000
_
373,500
373,500
Atlanta
27,544,000 28,136,000
Chicago
63,870,500 58,271,500
St. Louis_ __ _ 16,121,500 15,279,000
Total
3524,109,000 8475,999,500
In announing on Mar. 11 that subscription
books would
close the following day, Secretary Mellon
indicated that
the practice of accepting mail subscription
s after the date
sst for the closing of the books would not be
observed. His
announcement of Mar. 11 follows:
Senator Norris pointed out that the McKell
ar resolution directs the Committee to report on two distinct subject
s: First, whether a Cabinet officer
may legally hold office after the expirat
Sacretary Mellon announced that subscriptions
ion of the term of the President by
for the issue of 4%%
whom he was appointed; and second,
whether Mr. Mellon's business con- Treasury Certificates of Indebtedness, Series TD2-1929, dated Mar. 15
nections are such as to disqualify
1929, maturing Dec. 15 1929. will close at the
him from the office of Secretary of the
close of business Tuesday.
Treasury.
Mar. 12 1929.
Subscriptions which fail to reach a Federal
Question of Fact Presented.
Reserve Bank or branch, or
the Treasury Department, before the close
The first question presented, Senator Norris
of bus ness that day will not be
said, is purely a question of accepted. The
practice of accepting mail subscriptions
law and will not necessitate the calling of any
received on the
witnesses. The second ques- morning followi
ng the closing of the books will not be
tion. however, he said, involves the determi
observed with regard
nation of facts as to what Mr. to the current
offering.
FINANCIAL CHRONICLE
MAR. 16 1929.]
Mar. 12 Secretary
With the closing of the books on subscriptions were
cash
Mellon stated that allotments on
made as follows:
one sub-
not exceeding $100,000. for any
All subscriptions in amounts
0,000
scriber were allotted in full.
000 but not exceeding $1,00
Subscriptions in amounts over $100,
but not less than $100,000 for
one subscriber were allotted 90%.
for any
any one subscriber.
0.000 for any one subscriber were
Subscriptions in amounts over $1,00
one subscriber.
but not less than $900,000 for any
allotted 85%,
1671
and Acby authority of the Budget
set-up of the Federal Government
counting Act.
inted, a
that Gen. Lord has been reappo
Coincident with the information
n of the
riations for the second sessio
comparative chart giving approp
Committee,
by the House Appropriations
Seventieth Congress, made public
total amount
estimates to be slightly above the
showed the Budget Bureau's
appropriated.
ion to Terminate April 4Life of War Finance Corporat
$65,361,000 to Treasury.
To Return
return approximately $65,The War Finance Corp. will
out of business"
the Treasury when it "goes
body made
Treasury 361,000 to
Interest Bearing Bills Planned by
rding to the annual report of that t of the
Sale of NonApril 4, acco
d Be Sold at Discount for Short- public March 7. The Washington corresponden
Department—Woul
s—Similar to
erce" in reporting this said:
Term Funds in Place of Present Note
New York "Journal of Comm $687,000. of which $190,000 were war
Nov. 30 were
em.
British Syst
Outstanding loans
live stock farms.
sury "bills" at
$497,000 on agriculture and
law Dec.
The sale of non-interest-bearing Trea y needs of the loans and rity of the corporation to make loans expired byconditions
autho
The
special
ces have been made under
to finance the temporar
While some advan
frequent intervals
ed to liquidation of the
y of the Treasury 31 1924.
d generally has been devot
Government is being considered by Secretar contained in a since that time the perio
business.
was
corporation's
ation will be taken
ion of completing liquid
Mellon. Announcement of the plan
After its life expires the funct in which the money of the corporation is
New York "Herald
tment,
Washington dispatch Mar. 8 to the
over by the Treasury Depar
loans from
now deposited.
Tribune," whose advices stated:
on agricultural, live stock
ments received and applied
of Treasury certifi000 was
present offerings
These bills would substitute for the
four times a year.
cates which are made approximately
money is needed by the Government
The bills might be sold just as the
as closely together as a week.
and thus varying issues might be made
be necessary, it was explained at
Legislation to permit this change would
law forbids the sale of a
Department to-day, as the present
the Treasury
system being studied by Mr.
nment obligation at a discount. The
Gover
wed by the British Government and
Mellon and his advisers is that follo
it is estimated, a considerable
would save the United States Treasury,
amount of interest yearly.
Bids Would Fix Interest.
taking work now imposed on
It likewise would avoid a great deal of pains
t will
t interest rate at which the marke
the Department in figuring the lowes
the law
ut running into a violation of
absorb Treasury certificates witho
against selling them at a discount.
are
in fixing interest rates. The bills
The British system is automatic
is
would be determined, if the plan
sold with a fixed maturity date, which
by exincome tax payments or
put into effect here, either by quarterly
Bidding for the
ean Governments.
pected payments on loans from Europ
st rate, with no computation
bills would automatically determine the intere
In advance necessary.
First, by more frequent sales,
The saving would be effected in two ways.
ly reduced. In borrowing large
the amount of interest would be sharp
for the entire period, which may
amounts, as at present, the interest is paid
run well over two months.
-
Repay
$844,
totaled 51,283,000, of which
Dec. 1 1927, to Nov. 30 1928, instituions and $439,000 on advances to
banking
repaid on advances to
corporation's charter
Under the original Act the
President Coolidge
live stock loan companies.
10 years, but on April 4 1928, order that it might
was limited to a period of
another year in
bill extending the charter for
approved a
s.
continue to liquidate its affair duty of completing the liquidation of the
the
"It Is recommended that
to the Secretary of the
April 4 1929, be assigned
corporation's affairs after
rity to do any and all things
he be given adequate autho
Treasury, and that
t said.
connection therewith," the repor
that may be necessary in
man Eugene Meyer,
by Secretary Mellon, Chair
The report was signed
F. R. Harrison.
directors G.R. Cooksey and
the managing director, and
Would Cut Interest Payments.
be two months.
y sales of bills, assuming the period to
By using weekl
the second eighth the
one-eighth would be borrowed the first week,
only
be to cut the total Interest
second and so on. the net effect of which would
payment almost in half.
onal mistake made in calThe second saving would come on the occasi
certificates, though this of
culating what interest should be paid on the
the calculations during the last
course would be a much smaller economy, as
the amount of work and nerve
eight years have been close indeed. However,
ls insisted.
strain saved would be prodigious, Treasury officia
the winding up of the War
A resolution providing for
and by
passed by the Senate on Feb. 9
Finance Corp. was
was given in our issue of
text
the House on Feb. 27. Its
Feb. 16, page 995.
Policy on Leasing of GovernPresident Hoover Declares
Be Mands—No Leases Except As May
ment Oil Lan
-Senator Walsh Believes
datory By Congress
ed By Congress Rather
Policy Should Be Enunciat
Than President.
attributed to President Hoover
The following statement is representatives at the White
r
in his talk with newspape
no matter
House on' March 12.
of Government oil lands,
or disposal
"There will be no leases in, of Government holdings or Government
lie
what category they may
by Congress. In other
which nay be mandatory
controls, except those
Government oil in this Adcomplete conservation of
words, there will be
ministration."
ident Hoover's
construing Pres
Senator Walsh of Montana,
her leases would be
views of local bankers regarding the proposal oil pronouncement to mean that no furt
As to the
Leasing Act of 1920, issued on
the paper which we quote above, said: Secretary of the Treasury made under the General statement regarding the policy,
of the
It is understood that the proposed plan
h 12 the following
financing practices was discussed in- Marc
accounts from Washington
to revive that Department's short-term
their ap- according to associated Press
here several weeks ago and that it has
formally with bankers
one referred to,
ams approximating the
that day:
e ought to be deproval. Similar programs, or progr
a policy of such consequenc
cing. The City of New York. for ex"It would seem as though r than by the Executive.
are fairly numerous In municipal finan
in
short-term market on notes issued
ess rathe
ample, Is a frequent borrower in the
Unlike the contemplated Treasury
anticipation of the receipt of taxes.
tions on such occasions
City sells interest-bearing obliga
system, New York
of several millions in notes on a
and only within the last few days disposed
ed, in turn, on a 5.75 basis.
5.99% basis. These notes were retail
utionary, and not seeing in it
While not considering the proposal revol
to the Government, bankers conany great potentialities for saving money
its adoption.
cede that there is no valid objection to
the Treasury's floating debt. In
Its chief effect would be to cut down
al, since the
a procedure would be nomin
normal times the saving by such
itory banks almost as much as it is
Treasury receives in interest from depos
certificates.
anding
required to pay out in interest on its outst
er, was done 'on a 4%% basis,
The latest Treasury financing, howev
gs
, and under such conditions the savin
the highest level in eight years
bly would be considerable.
under the proposed revision proba
lafest experience with
it was this
It seems probable to banyers here that
announcement of the proposed change.
the money market that hastened the
y interfinancing as frequently as at weekl
It is not believed here that
or desirable. It is worth noting that the
vals would be either necessary
Federal Reserve Bank
"over-drafts" at the
Treasury always has recourse to
ed to on virtually every settlement date, for
here. This mechanism is resort
ter than
of interest by the Government are promp
y
the reason that payments
payments. To tide it over temporaril the
are receipts from income tax
ve Bank.
-day loam; at the Reser
tomed to making one
Treakury is accus
may withdraw from
clared by the Congr
has held that the President
se or to await
"The Supreme Court
for some specific public purpo
priation of public lands
appro
withhold them from
their disposition, but to
legislation appropriate to
conservation measure,
of Congress, merely as a
the operation of the laws
thing.
open to the most
Is quite another
lands may be leased, it is
"When Congress says the
they shall not be.
er the President may say
t will be the
s question as to wheth
seriou
States looking for developmen
"Any way, the public lands
oil lands have passed
same token, those in which
sufferers and, by the
profit correspondingly."
into private ownership will
er
Budget.
General Lord Retained as Director of
M. Lord has been retained by PresiBrig.-Gen. Herbert
Bureau of the Budget, it
dent Hoover as Director of the
lished on March 6, said a Washington
was definitely estab
of Commerce." The
dispatch to the New York "Journal
her advices said:
latter's furt
While no official announcement
Wa8
made, it was learned to-day that
Lord some time ago. The Budget
the President offeredd the position to Gen. Government.
to stay with the
Director has decide
t is a personal one by the President and
Under the law the appointmen
to the Senate.
require submission of nomination
does not
s G. Dawes, the first Director of the
Lord succeeded Gen. Charle
Gen.
ial
after establishment of the new financ
Budget, July 1 1922, about a year
opinion that if furth
Senator Walsh also expressed the
Government land States were
new production of oil in the
which
an increase in the price of oil
stopped there would be
es as Texas, PennStat
would materially benefit such
, where nearly all oil lands
sylvania and Southern California
are in private ownership.
had to say, the "HeraldIn quoting what the President
Washington March 12 said
Tribune" in its advices from
shook
in part:
nment oil leasing scandals which
gover
The final chapter to the
conspiracy trials
to the government's criminal
the country in 1924 and led
ny and Harry
or Albert B. Fall, E. L. Dohe
-day
of former Secretary of the Interi
White House to
n by President Hoover at the
F. Sinclair was writte
conference between Secreent's announcement followed a long rvation matters. While
The Presid
this and other conse
tary Wilbur and himself on
"wildcatting" and
immediately to cut down
the oil policy Is designed most
wastage of gas. its more
overproduction of oil and
reduce the present
record at its
the Hoover Administration on
nment
enduring effect is to place
need no longer look to the gover
ning that private producers
begin
in the Teapot
as was done extensively in 1924
for leasing of its holdings,
in California.
ing and the Elk Hills Reserve
Dome Naval Reserve In Wyom
such as the
to carry out existing contracts
The Administration is ready
leasings as in the Osage Reserleases and such other mandatory
Salt Creek
sad.
vation of Oklahoma, it was
er act on had
Justice, it was learned that no furth
At the Department of
indicated that they would
the Salt Creek leases and it was
been taken on
Senate and the courts.
remain legal as judged by the
1672
FINANCIAL CHRONICLE
From the "Times" Washington dispatch
March 12 we
quote the following:
President Hoover today commit
ted his administration to a sweeping
oil conservation policy by a
decision to withdraw Government oil lands
from sale or leasing except where
such a course is made mandatory by law.
This new policy, to aid the oil
industry, which is faced with overproduction, and to conserve this country
's oil reserves, was enunciated by Mr
Hoover following a conference
with
tionist, and in response to questio Gifford Pinchot. a leading conservans submitted at today's newspaper conference at the White House.
•
•
•
Hoover Keenly Aware of Need.
Mr. Hoover, as Secretary of
Commerce, was a member of the Federal
Oil Conservation Board appoin
ted by President Coolidge. Entirely familiar with the laws governing
leasing and sale of Government lands, he has
felt for a long time that some
action must be taken to prevent waste of
this country's oil reserves.
This question of curtailing produc
tion has been discussed by Government officials and the oil industr
y for the past three years, but no decision
has been reached by the Govern
ment to aid the industry In its conservation plans. The industry desired
the Government to permit combinations
of oil producers to control product
ion, which was exceeding the demand.
The industry was told that anti-trust
laws could not be overlooked, and,
therefore, nothing of an effective
character was done to keep the oil in
the ground.
President Hoover's decision to withhol
d the Government oil lands is his
contribution to the problem of conserv
ation. Just how far the President
can go in carrying out this policy
has not been determined. According
to lawyers connected with the Interior Depart
ment, the President has discretionary power as to leases and
permit
several reserves owned by Indian tribes. s In the public domain and in
[VOL. 128.
the practice during the four years that
General Dawes was Vice-Praddens.
The first session of the Hoover
Cabinet was devoted chiefly to routine
matters.
As most of the new heads of depart
ments have had only a few days to
become acquainted with their duties,
there was little of consequence upon
which they felt competent to advise
the President. The perturbed situation in Mexico and its effect upon the
United States were discussed.
All the members of the Cabinet
were present. Frank B. Kellogg, Secretary of State,sat at the President's right
and will continue to attend Cabinet
meetings until the arrival of Colone
l Henry L. Stimson, who will succeed
him about the end of the month,
when he arrives from the Philippines.
The session lasted about an hour.
President Hoover Indicates That Commi
ssion to
Inquire Into Prohibition Enforcement Will Consider Other Branches of Federal Law Enforcemen
t
—President's Conference With Press.
Enlarging upon the statement contained in his inaug
ural
address regarding his plan to appoint "a National
Commission for a searching investigation of the whole
structure
of our Federal system of jurisprudence, to inclu
de the
method of enforcement of the Eighteenth Amendmen
t
and the causes of abuse under it." President Hoove
r, on
Mar. 8 in an interview with newspapers repres
entatives
declared that the Commission's functions would
cover the
entire question of law enforcement and organization
of justice." Besides the prohibition enforcethent the
President
stated that the Commission would consider narcot
ics, immigration, trade restraint and every other branch
of Federal
government law enforcement. The President's state
ment
made at the White House to newspaper correspondents
on
Mar. 8 follows:
Can Cut Production by Half.
The mandatory laws respecting oil
leases do not cover large holdings.
Another mandatory law respecting
the development of oil lands of the
Osage Indians originally compelled
the Government to permit annually
the development of 100,000 acres,
but It was amended in an act signed by
Pres. Coolidge on Mar. 3 restric
ting development to 25,000 acres annually.
By cutting down the drilling in the
Osage reservation to 25,000 acres
and withholding permits to develo
p the public domain and some of the
holdings of three other Indian tribes,
President Hoover has it in his power
to reduce the production of oil
The purpose and scope of the law enforcement commis
In the future on Government oil lands by
sion, as stated Is
my inaugural address. Is to critically consider
perhaps one-half.
the entire Federal machinery
of justice, the redistribution of its functions, the simplic
The leases and sales made up to
ation of its prothis time cannot be revoked, but herecedure, the provision of additional special tribuna
after, so far as the President
has discretionary power, he will withho
ls, the better selection
ld of juries, the more effective organization of our
Government land from exploitation.
agencies of investigation
and prosecution.
There is a possibility that the
President may elect to proclaim the oil
It is intended to cover the entire question of law
situation a national emergency.
enforcement and orSeveral authorities connected wtih the
ganization of justice. It will also naturally include
Interior Department say that if
consideration of the
he should take such action he could withmethod of enforcement of the Eighteenth Amendment
hold from further development all
and abuses which
Government oil lands until it was shown have
that conservation of the oil reserve
grown up, together with the enforcement of the laws
s was no longer necessary.
in respect to
narcotics, to immigration, to trade restraint and
It Is not believed that he will go
every other branch of
that far but will content himself with
Federal government law enforcement.
stopping sales and leases wherev
er the law gives him that unquestioned
The whole constitutes one problem of better
power.
and more effective organization and enforcement. Such reorganization in various
Tenth of Ott in Government Land.
directions, some of
them affecting the civil side as well
Permits for prospecting for oil
as the criminal side, have been recomnumber about 6,000 a year. Already mended and advoca
the Government has issued 36,000
ted for years by men of responsibility from the Chief
such permits, many of which led to Justices of the United
leases and sales of lands where
States down to the local bar associations.
oil was found to be productive.
The first step in law enforcement is adequate organiz
In 1927, 475 leases were given on
ation of our judicial
Government oil lands and last year 543. and enforcement
system.
In 1925 the naval oil lands
produced 12,371,000 barrels, the public
domain land leases 30,000,000,
The President's inaugural address, in which mention
and the Indian lands 49.500.000.
was
In 1928 the production on Indian
lands was 51,000,000 barrels and in made of his purpose to
appoint the Commission, was given in
65 Government oil fields was 32,000
,000 barrels
our issue of Mar. 9, page 1490. In his talk with the
The amount of oil reserves In Govern
ment owned lands is not definitely
newsknown, although experts say that the
supply is being exhausted so rapidly, paper men on Mar.8, the President, in replying to quest
not only in the Government
ions
lands but in private developments, as to concerning what
changes were contemplated in the list of
Imperil the country's future oil
requirements It is estimated that about
one tenth of the oil in the United States is
appointments at his disposal, said he proposed "to adher
on Government oil lands.
e to
In Its last report, Issued on Mar. 2,
the Federal OH Conservation Board the principle of retaining as many as possib
le of these public
declared that the foreign countries were conserv
ing their oil reserves while servants who have
given honest and zealous service," and
the United States was extravagantly exhaus
ting its resources and was
(according to the Washington account to the New
facing the danger In the next few years of depend
ing on foreign producers
York
for its oil supply.
"Times") added:
It is traditional for the
principal directing heads of the government whose
Secretary Wilbur of Department of Inter
ior Isues appointments are at the pleasure of the President, both at home and in
foreign service, to render their
Order Barring Applications for Permits
resignations with the advent of a new Presito Prospect dent.
for Oil and Gas on Public Domain.
Out of several hundre
Secretary Wilbur of the Department of the Interior,
on
Mar. 13 asked the Commissioner of the General Land
Office,
to send instructions to all local land offices
to the effect that
they are not to receive further applications
for permits to
prospect for oil and gas on the public domai
n, and to reject
all applications now pending. The
notice issued by the
Department of the Interior on Mar. 13 said:
These instructions are in accord
ance with the statement issued at the
White House yesterday to
the effect that "there will be complete conservation of Government oil in this
administration."
Permits to prospect for oil
and leases of land for its development have in
the past been issued under the
Act of Feb. 25 1920. That Act state;"that
the Secretary of the Interio
r is hereby authorized under such necessity and
proper rules and regulations
as he may prescribe to grant to an applicant
qualified under this act a
prospecting permit."
The General Land Office in
its Circular No. 672, says: "It should be
understood that under the act,
the granting of a prospecting permit for oil
and gas is discretionary with
the Secretary of the Interior, and any application may be granted or denied,
either in part or in Its entirety, as the facts
may be deemed to warrant."
Vice-President Curtis Present
at First Meeting of
President Hoover's Cabinet.
In noting that President Hoover presid
ed over the first
meeting of his Cabinet on March 8,
the "Times" in advices
from Washington that day said:
Vice-Presi
dent Curtis attended at the
invitation of the President and
will sit regularly at Cabinet session
s, thus reviving a custom instituted by
President Harding when he asked Vice
-President Coolidge to take part in
these conferences. As President Mr.
Coolidge himself did not continue
d such officials, there are probably not
more than
20 or 30 changes likely to be made
at the present time. Some of these are
the result of the determination of
the incumbents that they have given
sufficient of their time to public service
and wish to take this occasion to
retire to private life.
Some changes will be the result of promot
ion and shifts from one position
in the government to another.
There are about 820,000 people on the
Federal payroll. It will be seen,
therefore, that the number of changes
contemplated do not offer an opportunity for the larger recruit log of new personn
el.
Regarding the conferences of the President
with representatives of the press, and the policies of Presi
dent Hoover
as to these meetings a Washington dispatch to
the New York
"Times" Mar.5 said in part:
President Hoover in his first press conference,at
noon to-day, attended by
nearly 200 newspaper men, indicated his intenti
on of increasing the relationship between the press and the Prdsident by
making more specifically
authoritative at times the news emanating from
the White House.
His plan to bring this into effect have not been
developed, but will be
formulated after conferences with J. Russell Young,
President of the White
House Correspondents Association, and other
newspaper men in Washington.
To-day the conference was held under the
system that has prevailed in
the Coolidge Administration, namely, that
the President should not be
quoted, but that what he said on questions
placed before him might be
printed without disclosing the Identity of the
speaker. After explaining
that the old rules would prevail to-day. Preside
nt Hoover told of his desire to improve these conferences, and then
immediately consented that the
remarks he made on this subject might be ascribe
d to him.
Standing behind his desk, facing the
newspaper men assembled in a
half circle, the President was all smiles as
he greeted those known to him.
He began at once with the informal statem
ent of
of improving the machinery of the hi-week his views on the possibility
ly press conferences, which
have been a source of much information regardi
ng the views held by former
Chief Executives on public questions and
international developments.
MAR. 16 1929.]
FINANCIAL CHRONICLE
1673
Balms-, J. Stewart Baker,
The directors of the new company are: Stephen and James P.Warburg.
Seeks to Develop Conferences.
Goodlme,P. A. Rowley,Paul K.Warburg
me the honor F. Abbot
President, James P. Warburg;
States has given
The officers of the new company are:
''It seems that the whole press of the United
L. am and Hugh Knowlton;
,
Vice Presidents,'Graham B. Blaine, Fletcher
of a call this morning," Mr. Hoover said
to say a word about the Assistant Vice Pretidents, E. A. Carter (Syndicate Manager), J. A. MilholBefore we undertake other questions, I wish
ce to continue as before, with land; Secretary, L. J. Wyeth; Treasurer, R. W. Proctor; Assistant Secrepress conference. I would like the conferen
you had with President Coolidge. taries, J. H. L. Janson, NV. H. Maeder and L. Nolde.
the same understandings as those which
development of these conl AcceptI wish further your co-operation on further
Details of the amalgamation of the Internationa
ferences.
the Bank of the Manhattan Co.
of the President and the press have been a ance Bank, Inc., and
As you know, the relations
rations, starting most
9, page 1496.
matter of development over a number of administ through one experi- appeared in our issue of March
going
actively perhaps under President Roosevelt,
mental stage to another down to the present time
e relationship, and Formation of Educational Trust By National City
By degrees a means has been found for a more intimat
direcNational City
ion that we might develop it even further in those
I have an impress
Bank of New York Under Name of
President. I would like
tions which would assist the press and assist the
Foundation.
t of the White House Assoto suggest that Mr. Young, who is the Presiden
and services to dised oy the
ciation, make up a committee of the heads of bureaus
The formation of an educational trust was disclos oration
as to how we can further
cuss the matter with me on some early occasion
11,at Albany,of a certificate of incorp
filing on March
amplify these relations.
as we can between of the National City Foundation, the purpose of which is to
I am anxious to clear up the twilight zone as far
the one hand, and such material
the deserving young men and women
authoritative and quotable material on
und purposes on assist voluntarily
New York, or any
as I am able to give front time to time for purely backgro
employed by the National City Bank of
the other.
better and higher
this
ces, and beyond
I wish to be of such service as I can in these conferen
of its affiliated corporations, to obtain
interest I would be
in matters of special character that are not of general
cultural education and training than their
to feel free to make practical and
glad to see any of you torn time to time. I want you
employinest make
means or the circumstances of their
such suggestions as will help me out in that direction.
Mr. Hoover as
In conferences with Republican Congressional leaders
e.
sman" in Congress, possibl
the work of the
President-elect indicated that he would have no "spoke
'Funds for inaugurating and carrying on
s with the leaders
that he would make known his views in informal meeting
by directors
tion have been personally, contributed
and messages.
Founda
and through statements
which
the Bank, the amount immediately availyears ago the "spokesman" became the vehicle through
A few
of
House news- and executives
more than $2,008,000.
the public learned the President's views as given in the White
the Presi- able representing the income from
paper conferences. The "spokesman," as a medium of voicing
Schwedtman, for
Administration and died late in the The proposal originated with F. Charles
dent's utterances, arose in the Harding
giving way to the plan that the President could not be
-President of the Bank, who has
a Vice
Coolidge regime,
to restate, on the last 15 years
problems confronting
quoted directly or indirectly. The reporters were allowed
devoted much time to the study of
their own responsibility, the opinions held by the President.
had planned
far as possible, the anonymity of young employes of banking institutions and who
Mr. Hoover is seeking to abolish, as
a modest scale with his
reflected twice a week to the country through
the President as it has been
to establish such a Foundation on
the press conferences.
When Mr. Schwedtman approached
Wage Increases Granted By Boston & Maine RR.
An increase in wages amounting to $266,000 annually has
been granted 2,800 mechanical employees of the Boston &
Maine RR. it was announced at Boston, March 12. Assooiated Press advices said:
helpers and
The increase of four et nts an hour applies to all mechanics,
N. H. It is effective
apprentices concentrated at BiHulce and at Concord,
as of March 8.
Missouri, Kansas & Texas RR. Increases Wates of
Shopmen.
Associated Press advices from St. Louis, March 14 stated:
The Missouri, Kansas & Texas RR.announced to-day that It had granted
a wage increase to about 2,200 shopmen, effective March 1.
settleW. E. Williams, manager of personnel, sale it was"a satisfactory
s in our
ment in line with settlements made recently by other railroad
and car mechanics,
Immediate territory." The increase affects locomotive
out the
their helpers and apprentices in shops and round houses through
ma and
territory served by the Katy, including Missouri, Kansas, Oklaho
Texas.
those granted
Mr. Williams said the increased schedule was In line with
Fe I nes. Effective
by the Frisco, Texas & Pacific, Union Pacific and Santa
its 9,000shopmen a voluntary wage increase
March 1. the Frisco has granted
of about 5%.
personal resources.
Bank, on the question
Charles E. Mitchell, President of the
to
machinery could be set up within the institution
of what
the latter brought the matter before
administer this fund,
for consideration and,
members of his executive committee
d
al of the directors, the decision was reache
with the approv
operation.
to put the plan into immediate
H. S. Black, James II.
The names of Charles E. Mitchell,
hler and Guy Cary, all directors of
Post, Gordon S. Rentsc
certificate of inoorporation
the Bank, appear as signers of the
Schwedtmap, are understood to have
and these, with Mr.
aggregate to enable the
pledged an amount sufficient in the
start to function.
Foundation to
in no sense designed to
The National City Foundation is
developed
the educational work that has been
take over
suppleal City organization, but rather to
within the Nation
ll went on to say:
ment that program. Mr. Mitcheme about the educational training
impressed
The thing that has always
is
ions and banks Is that its purpose
offering young employes by corporat
individual specifically.
the institution rather than the
essentially to benefit
to which a corporation may proNecessarily, this is because the distance
must
funds for educational activities
go in the matter of employing its
perly
always remain an open question.
°personal conthe funds are derived from
In the case of the foundation,
tance
es and directors and this circums
tributions from a number of executiv
endeavors. If it
ized—New frees it from the limitations that have surrounded existing
International Manhattan Company Organ
educational leader has developed a course
appears, for example, that some
l City emCompany Will Be Securities Affiliate of Consoli- or subject which might prove of benefit to a group of Nationathe case of
ttan Company and Inter- ployes, the funds will be at hand to bring it to them. Or, in
dated Bank of the Manha
talents, the opportunity will be
individual employes evidencing special
national Acceptance Bank, Inc.
talents by sending them to the
to finance the development of such
opened
ment.
The organization of the International Manhattan Com- centers offering facilities for that developa broader perspective and outlook
The existence of the foundation gives
that if they demon
pany, Inc., the new securities affiliate of the Bank of the
join our organization. It means
International Aceptance Bank, to young people whoprofit by education beyond what they have been able
Manhattan Company and the
the ability to
Witte
to obtain that eduInc., was announced on March 11. James P. Warburg to command, they will be assured of the opportunity
of
ent of the new company. The formation of the cation.
will be presid
foundation is based—the creation
The principle upon which the
of trust funds
International Manhattan Company, Inc., is a development educational facilities through bequests and the establishmentmoney are beamounts of
is
of the recent amalgamation of the two banks, which under —is not now, but its application nalnew. Largo but the benefits of these
institutions,
combined resources of about queathed every year to educatio time and funds to attend the institutions
the new arrangement have
bequests go solely to those with
contrast, will
$700,000,000 and capital funds of more than $64,000,000. receiving the money. The National City Foundation, in employes, and
the
d that the securities company has an authorized offer opportunities heretofore not available, to time bank's to devote to
It is learne
to spare
having
this offer is not conditional upon their
capital of 100,000 shares no par value and that it will start study or funds to pay for the education they receive. The bank will see
d
operations with a subscribed capital of $5,000,000. The that they have the opportunity and the necessary funds will be provide
Bank of the Manhattan Com- by the foundation.
stock is held entirely by the
foundation at the outset will be
Active direction of the affairs of the
pany and the International Aceptance Bank, Inc., and it is lodged with the directorate which will include in addition to the signers of
Baker, Vice
contemplated that these two knstitutions will, from time to the incorporation certificate and Mr.Schwedtman, Hugh B. -President
is required by the President of the National City Co. Wm. Gage Brady, Jr., ViceAssistant.
time, supply whatever additional capital
nt and Executive
of the Bank, and Lee E. Olwell, Vice-Preside
officials of the National City
growth of the business. The announcement also says:
of both organizations. All directors and
without com,
The new company will carry on a general underwriting business and in organization interested in the work of the foundation will serve
particular will take over the business of this nature hitherto conducted pensation in their new capacities.
nce Bank, Inc., which of recent years has
by the International Accepta
of foreign securities.
taken a prominent part, particularly in the issuance
ANIES, ETC.
service to the general public, and
It will offer a fully rounded Investment
ITEMS ABOUT BANKS, TRUST COMP
will be carried on throughout
four rights 11
its activities as a distributor of securities
Bank of the Manhattan Company
Through the purchase of the necessary
the extensive branch organization of
in greater New York City.
ants for membership in the New York Stook
additional applic
which has sixty-two offices
of the International Acceptthis week. This
It will be remembered that the shareholders
Exchange were posted by the Exchange
Bank, Inc., comprise a large number of the leading banks and private
ance
seats authorized
as these shareholders remain makes a total of 69 sales of the 275 new
bankers in this country and in Europe, and
tan Company through the conversion some time ago. The following are the names: Benjamin
interested in the International Manhat
y begins with a net work of
ey, George
of their holdings, the new securities compan
Einhorn, Ellwood M.0. Roland, John F. Tangn
out all parts of the world.
Intimate associations extending through
1674
FINANCIAL CHRONICLE
[VOL. 128.
Willett, Clarence 0. Gamble, James A. S. MacMeekin,
On March 14 the "Herald-Tribune" commenting on the
Carroll V.Geran,Seymour Blauner, Donald L. Samuels, Jos merger
reports said:
H.Hirshhorn and Joseph M.Sydeman.
Reports from the Pacific Coast yesterday cent rmed the belief that
control of the Bank of America,
N. A.,rests with
Transamerica Corp., the
The highest price at which a membership in the New holding company for the Giannini interests. the response to the corporaIn
tion's offer to exchange one and one-half shares of
York Cotton Exchange ever sold, $45,000, was equalled
Transamerica for one
America, it was said that 700.000 of the 1,000,000 shares
to-day (Monday) when John H. McFadden, Jr., Vice- share of Bank ofbeen
outstanding had
turned in.
President of the Exchange, purchased the seat of John W. This would mean that control of the bank, which it is believed the Chase
Geary, Jr. of Dick, Geary & Lancaster of Boston. This National Bank is negotiating for, must be sought through a private deal
with the
ica
was an advance of $4,000 from the previous sale.. The Giannini TransamerNewCorp., of which A. P. Giannini is President. Mr.
is now in
York and is understoo to be
name of the party for whom Mr. McFadden purchased the Chase bank for the sale of the Bank of Americadstock. conferring with the
membership was not disclosed. This is the third sale of
It was stated in the "Journal of Commerce" of March 13
seats at advancing prices since the announcement that the that from a reliable source it was learned that Goldma
n
exchange would grant corporation privileges, which was Sachs Trading & Financial Corp. has bought into the stock
made last Friday.
of the Irving Trust Co. and the Public National Bank and
that it is intended first to unite these institutions and ultiThe New York Coffee & Sugar Exchange seat of Otto mately to include
the Manufacturers' Trust Co., now under
Ziesiniss of Paris, France, was sold this week to Wm. S. the control
of the Goldman Sachs Trading & Financial
Scott for $29,500.
Corp., in the merger.
From the "Sun" of last night (March 15) we take the
The New York Cocoa Ex- change membership of E. J.
Wade was sold this week to Wade Bros. & Co. for $7,500. following:
Sharp advances in two bank and trust company stocks featured
a quieter
This is an increase of $200 over the last preceding sale.
market in bank shares today. The two features were Manufactu
rers Trust
The membership in the National Raw Silk Exchange
of Wallace Fleming was purchased this week by Edward J.
Wade for another, the consideration being $4,800, an advance of $50 of the last preceding sale.
A Chicago Board of Trade membership was reported sold
this week for $35,500, an increase of $500 over the last
preceding sale.
E. H. H. Simmons, President of the New York Stock
Exchange, returned on March 14 on the White Star liner
Olympic after a brief trip abroad. Addresses delivered by
Mr. Simmons while he was in Europe were referred to in
our issue of March 9, page 1482. While abroad he visited
the exchangei in Paris, Berlin and Amsterdam.
shares of $25 par, which jumped some thirty points
to $358 and reacted
to $345, and Public National Bank & Trust, which sold above
$300 for
the first time, a gain of about thirty points also. Public
stock is also of
825 par. The prices attained today in both cases were new record
levels.
Naturally the urgent bidding for these stocks, with the persistent
strength
In Irving Trust Co., intensified rumors that a triple merger
was being
negotiated, but up to a late hour no definite steps to this end had been
reported. If all three banks merged it would result in an institution
of
$200,000,000 capital funds and $1.000,000,000 deposits.
A special meeting of the stockholders of the Bank of the
United States and the Colonial Bank, both of this city, will
be held on March 25for the purpose of voting upon the merger
of the Colonial Bank into the Bank of United States. An
item regarding the proposed merger and the purchase of the
capital stock of the Colonial Bank by the Bankus Corporation, investment subsidiary of the Bank of United States,
was noted in these columns March 2, page 1321.
Colonel Edward C. Delafield, President of the Bank of
Stockholders of the Bank of the United States of this city
America of New York, was decorated last night with the and the Bank of
the
Cross of Commander of the Order of the Crown of Italy by vote on a proposal Rockaways will meet on March 25 to
to merge the Bank of the Rockaways,
the Italian Ambassador, Nobile Giacomo de Martino. The of the Borough
of Queens, N. Y., into the Bank of United
occasion was a dinner given to Colonel Delafield by his States. The
stockholders
brother, General John Ross Delafield, at the Union Club. also act on the question of the Bank of United States will
of increasing the capital of the instiThe honor conferred on Colonel Delafield by the Italian tution from $17,866,
800 to $20,875,000.
Government was in recognition of his services in connection
with international banking. Among the dinner guests
The Bank of New York & Trust Co., oldest banking instibesides General Delafield and the Italian Ambassador were tution in New York and second oldest in the country,reached
A. P. Giannini, General Hanson E. Ely, Romolo Angelone, the 145th anniversary of its establishment on March 15,
Italian Commercial Attache, John E. Rovensky, Vice- marking the first birthday to be observed in the bank's new
Chairman Bank of America; Colonel George W. Burleigh, home at 48 Wall St., which was formally opened two months
R. A. C. Smith, Henry J. Fuller, Douglas Elliman, Com. ago on the anniversary of Alexander Hamilton's birth.
Edward E. Spafford, James T. Lee, Archibald Douglas, Founded in 1784, before a State or Federal Government was
Leo V. Belden, Clarence M. Fincke, Brig.
-Gen. Augusto in existence to which it could apply for a charter, the Bank
Villa, Col. Perrin L. Smith, Lusciano Mascia, R.Stuyvesant of New York started business on March 15 of that year under
Pierrepont, Lionello Perera, Edgar D. Pouch, Walter a constitution drafted by Hamilton, later first Secretary of
Romeyn Benjamin, Stephen H.P. Pell, Edwin S. S. Sunder- the Treasury. In 1922 the bank was consolidated with the
land, M.Livingston Delafield 2d, William B.Kip,Adrian M. New York Life Insurance & Trust Co., established in 1830
Massie, Goerge H. Porter, Claude A. Hope, Dudley F. and the first institution in this country to use "trust comFowler, Maj.-Gen. James G. Harborcl, and Count Leone pany" in its title. The consolidation brought together two
Fumazoni Biondi.
institutions whose experience dated back to the beginnings
of commercial banking and trusteeship in the United States.
Among the various reports of local bank mergers which are
Entering upon its 146th year, the bank is housed in the
in the making is one linking the names of the Chase National new 32-story building at the corner
of Wall and William
Bank and the Bank of America, N. A. Regarding this re- streets, the third structure to be
erected and occupies by
port the "Times" of March 13 said:
the bank on this site since the property was acquired in 1796
The conviction persisted in Wall Street yesterday that a consolidation from
William Constable for a consideration of £11,000 New
of the Chase National Bank and the Bank of America was on the
point of
completion, in the face of silence on the part of the executives of the two York currency. This is believed to establish a record in
institutions. Such a merger would bring together a total of $1,847.112,412 the annals of New York real estate for the
continuous occuof resources, which is exceeded among American financial institutions only
pancy of a site by any business organization. The new
by the National City Bank and by the newly combined Guaranty Trust
home of the bank, representing an adaptation to modern
Co.and the National Bank of Commerce.
Albert H. Wiggins, Chairman of the Board of the Chase National Bank, office building construction of the spirit
and principles of
returned from Florida yesterday, and with his presence in New York the
plans for the merger are expected to be expedited, with the likelihood that Colonial architecture, embodies an effort to perpetuate in
terms will be announced this week. Mr. Wiggin. however, refused to design the qualities of the period in which the% bank
was
comment on the consolidation reports, and other officers of the Chase said organized. A series of murals
on the walls of the main bankthere was nothing to be said on the subject "at present." Officers of the
Bank of America and of the Transamerica Corp., the Giannini holding ing room epitomizes the history of the period since 1784,
Company which controls it, were equally reticent regarding the conversa- and the unusual collection of memorabilia housed
in the banktions looking to a merger.
ing quarters serves to stress the bank's early beginnin
gs.
The action of the stock of the Bank of America yesterday convinced the
Wall Street bank stock trading element that plans were
being worked out
Officers of Bankers Trust Co. of New York, who have
for an exchange of stock on the basis of four shares of Bank of America
for
one of Chase. The stock of Chase held steady at $1,140 bid, $1,150 asked. been connected with the institution
twenty-five years or
If a four for one exchange were decided on, it would place a value of about more,
have formed themselves into an association which
$285 on Bank of America stock. Shares of the Bank of America were bid
up to a high point of $285 a share early in the day, though reacting some- they have called the "Quarter Century Club." The memwhat later, and they closed at $274 bid, $278 asked. That represented an bers of the Quarter Century Club
gave a dinner Monday
advance of $28 a share in the bid price over the final quotation of Monday.
night, March 11, at the Metropolitan Club to H. F. Wil-
MAR. 16 1929.]
FINANCIAL CHRONICLE
1675
company thie
occa- pany, with a par value of $25 a share. The
son Jr., Vice-President of Bankers Trust Co., upon the
complete list of those who have been
made known the
sion of his entrance into the club. Mr. Wilson entered the week
to its directorate. They are as follows:
employ of the bank shortly after its establishment in 1903. electedF. Barry, Gilbert Eliott & Company, members New York Stook
John
The Quarter Century Club now has twelve members, whose Exchange.
Attorneys.
Richard Campbell, Gilbert, Campbell & McCool,
length of service with Bankers Trust Co., or with institumembers, New York Stock
Patrick F. Cusick, P. F. Cusick 6: Company,
have merged with Bankers Trust Co., ranges
tions which
a Exchange.
& Guaranty Company, Engle..
from twenty-five to forty-three years. Upon becoming
Abram De Ronde, President, Palisades Trust
member of the club each officer is presented with a gold wood, N. J.
Philip De Ronde, President.
watch which bears upon it the Egyptian inscription, "One
National Bank.
Frank C. Ferguson, President, Hudson County
Attorneys.
of Those .Who Builded the Pyramid." For many years
Eugene L. Garey, Garey, Crowley & Carey,
Corn Products Refining Co.
the pyramid has been the trade mark of Bankers Trust Co.
Frank H. Hall, Counsel and Director,
Company, members New York Stock
Louis M. Josephthal, Josephthal &
The members of the club, in the order or seniority of service
Exchange.
Railway of Central America.
with the company, are as follows:
Minor C. Keith, Chairman, International
members New York
Trust Officer; Barkley Wyckoff, Cashier; Clifford WllIsaac Michaels,
F. Kinkead, Kinkead Fiorentino & Company,
11. N. Dunham,
murt, retired; George F. Trefcer, Assistant Treasurer;
Assistant
Assistant Treasurer; B. W.Jones, Vice-President W. G. Robins,
B. Close, ViceVice-President; John H. Lewis, Assistant Secretary F. N.
Assistant
President; R. Gregory Page, Vice-President; L. C. Outcault,
Secretary H. F. Wilson Jr., Vice-President.
A special meeting of the stockholders of the National Bank
of Commerce in New York will be held on April 4 to vote
upon the institution's conversion into a State bank, to be
known as the Bank of Commerce in New York or other
suitable name preliminary to its merging with the Guaranty
Trust Co. of New York. An item regarding the proposed
merger appearekinithese columns March 9, page 1496.
A special meeting of the stockholders of the Nassau National BankLankthe Granite National Bank, both of Brooklyn has been called for March 22 for the purpose of voting
on a proposal to combine the institutions under the charter
and name of the Nassau National Bank. The merger is to
become effective April 1. The Nassau National has a capital
of $1,500,000 while the Granite National has a capital of
$300,000. G. Foster Smith, President of the Nassau National, in a letter to the stockholders of the bank, March 9,
has the following regarding the agreement for the consolidation of the two banks:
Eugene
Stock Exchange.
Francis Lee, Treasurer, Nichols Copper Co.
Company, members New York
Frederick J. Lisman, F. J. Lisman &
Stock Exchange.
Company.
Peter P. McDermott, P. P. McDermott &
Company.
Eugene F. Moran, President, Moran Towing
Russell T. Mount, Duncan & Mount, Attorneys.
Co.
T. 0. Muller, President, Atlantic Fruit & Sugar
Truck Corm
I
Martin A. O'Mara, President, Brockway Motor
Air Transport Inc.
John F. O'Ryan President, Colonial
Rogers Construction Corporation.
'
George Rogers, Geo. W.
Hall & Company; President,
Cecil P. Stewart, President, Frank B.
Merchant Marine Insurance Company.
American
Co.
C. A. Whelan, President, United Cigar Stores
+.
Thomas L. Robinson has resigned as Vice-President of
Company of New York and of the GuarGuaranty Trust
anty Safe Deposit Company to become associated with the;
firm of W. C. Langley & Company, 115 Broadway.
It is proposed to reduce the par value of the stock of the
Municipal Bank and Trust Co. of New York from $100 to
$20 per share through the issuance of five new shares for
each share held. The institution announced yesterday
(March 15) that it had placed its stock on a $16,annual
dividend basis by declaring a quarterly dividend of $4 per
share, payable April 1 to stockholders of record March 20.
Heretofore the bank paid $10 per share annually. Directors of the Municipal Financial Corporation announced that
they have declared a quarterly dividend of 68% cents per
share on the class A stock and a quarterly dividend of 25
cents per share on the class B stock, both payable April 1
to stockholders of record March 20. Stockholders of the
financial corporation have voted to abolish both the class
A and class B stocks and to issue new common stock.
Stockholders of both the bank and the financial corporation have approved the plan to link the shares of each into
units consisting of one share of new $20 par value bank
stock and one share of new common stock of the financial
corporation. Outstanding stock will be exchanged on the
following basis:
er
The agreement which has been tentatively approved by the Comptroll
Nassau
of the Currency provides that the name of the bank shall be the
continued
National Bank of Brooklyn in New York. The main office will be
Bank
at Court and Montague Streets, and the office of the Granite National
care of the
will be continued as a branch on Livingston Street, to take
location
present Granite depositors, depositors of this bank for whom that
will be more convenient, and for new business which it IS hoped will be
that locality.
obtained through the anticipated development of
The consolidated association will have a capital of $1,700,000, a surplus
making
of $1.700.00 and undivided profits of not less than $700.000,
.
the total capital, surplus and undivided profits not less than $4.100,000
shares, with
Of the $1,700.000 capital, which will be represented by 17,000
rs of the Nassau National
a par value of $100 each, the present shareholde
r
Bank will hold 15,000 shares, the holding of each individual shareholde
being the same as at present. The shareholders of the Granite National
s of a share
Bank will receive 1,800 shares, being at the rate of three-fifth
National Bank,
of the Nassau National Bank for each share of the Granite
be offered to the
now held by them. The remaining 200 shares will not
e with the terms
sharesholders of either bank, but will be sold in accordanc
seem to the Board
stock,
of the consolidation agreement to such persons as may
For each two shares of Municipal Financial Corporation class A
for the best interests of
of Directors of the Nassau National Bank to be
holders will receive one unit; for each share of bank stock, holders will
ed institution.
the shareholders of the consolidat
the finanthe assets of the receive five units, and, for each ten shares of class B stock of
All of the assets of the Nassau National Bank and all of
contributed to the con- cial corporation, holders will receive three units.
Granite National Bank, except $75,000, are to be
Bank of the value
To carry out this plan, directors of both institutions pro- solidated association. Assets of the Granite National
for the benefit of
of $75,000 are to be withdrawn, trusteed and liquidated
pose to increase the capital of each, the amount of such
the shareholders of the present Granite National Bank.
National Bank increase to be decided later. Organized five years ago with
By separate agreement all of the assets of the Granite
d, the perwhich are brought into the consolidation are to be guarantee
of $200,000, Municipal Bank and Trust
by the deposit a paid-in capital
formance of the agreement of the guaranty to be secured
Company now has a capital of $5,000,000, surplus and unof the consolidated association.
of 500 shares of stock
divided profits to $7,261,624, and total deposits in the
George W. Davison, President of the Central Union Trust bank's twenty units located throughout Greater New York,
Company of New York, returned to his desk on March 12 to more than $70,000,000. An item regarding the plans to
from a six weeks' vacation in Europe.
reduce the par value of the institution's stock appeared in
our issue of Jan. 26, page 509.
May 15 has been set as the date for the opening of the
At its meeting held on March 7 the Directors of the Banes,
Hibernia Trust Company, recently organized in this city
Company of New York dewith a capital of $3,000,000 and surplus of $2,000,000. The Commerciale Italiana Trust
institution was referred to in these col- clared a dividend of $2.50 per share, payable on April 1,
formation of the
as of March 15, for the first
umns Feb. 2, page 674, and Feb. 9, page 831. The temporary to stockholders of record
at present at 17 Battery Place, but it will open quarter of the current year.
offices are
in permanent quarters at 57 William Street, corner Cedar
The National City Bank of this city on March 7 purchased
Street. Philip De Ronde has been elected President of the the property at the northwest corner of Third Avenue
Bank. He is a director of the Empire Trust Company and and Seventy-second Street, consisting of a three-story and
the United States Fidelity & Guaranty Co., Chairman of a five-story building. The bank will establish a branch
the Oriental Navigation Company, Chairman of the Ameri- office on the property, occupying the ground floor for a
can Merchant Marine Insurance Company and a director banking room, With safe deposit vaults in the basement.
of the Palisades Trust & Guaranty Company of Englewood, N. J.
first
The first annual meeting of the stockholders of the ChelA securities company to be known as the Hibernia Invest- sea Exchange Corporation, securities affiliate of the Cheling Company has been formed coincident with organiza- sea Exchange Bank of this city, will be held on March 21.
tion of the trust company. Stock certificates will repre- The company has offered additional Class A and B stock
sent an equal number of shares of the trust company, having to shareholders at $28 and $26 a share, respectively..
a par value of $100 a share, and of the securities com-
1676
FINANCIAL CHRONICLE
[Vol,. 128.
James C. Stewart, President of James Stewart & Co., Inc.,
Stockholders of the Second National Bank of Philahas been elected a director of the Murray Hill Trust Cora- delphia
at a special meeting on March 7 approved.a plan
'pony of New York.
to reduce the par value of the bank's stock from $100
Ledyttrd Opgswell, Chairman of the Board of the New to $10 and to issue 10 shares of stock for each share now
York State National Bank of Albany, N. Y., died of pneu- outstanding, according to the Philadelphia "Record" of
monia on March 10 in Charleston, S. C., after a brief March 8.
illness. Mr. Cogswell was born in Albany Feb. 10 1852,
At a meeting of the directors of the Board of Directors
the son of Dr. Mason Pitch and Lydia Bradford Cogs- of the Sixth National Bank of Philadelph
ia on Mar. 12,
well. He was educated in Albany Academy and at Phil- William F. Cushing, Jr., was unanimous
ly appointed Cashlips, Andover, Mass. In 1869 he entered the employ of ler to succeed William Salter, deceased.
the First National Bank of Albany as a messenger, but
Stockholders of the Jenkintcrwn Bank & Trust Co., Jenleft his position in 1875 to become a member of the firm
of Townsend, Jackson & Co., builders of engines and ma- kintown, Pa., at a special meeting held recently, unanic'hinery. In 1884' he returned to the First National Bank mously approved a proposed reduction in the par value
as Cashier and a year later resigned to become Second of the bank's shares from $50 to $10 a share, and the IsVice-President of the New York State National Bank. Five suing of five new shares for each share formerly owner,
years later he was made President of the institution and according to the Philadelphia "Ledger" of Mar. 6. The
eventually Chairman of the Board of Directors, the office stockholders furthermore unanimously approved a proposed
be held at his death. The deceased banker was elected Increase in the bank's capital from $250,000 to $375,000 by
President of the New York State Bankers' Association at the issuance of 12,500 shares of new stock.
a convention held in Saratoga Springs, N. Y., in July 1909.
M. W. Clement, Vice-President of the Pennsylvania Railroad, and Robert F. Holden, of Smith, Graham & RockWe learn from the Rochester (N. Y.) "Democrat" of
well, were elected directors of the Bank of North America
March 9 that two new branches of the Union Trust Co. of
& Trust Co. of Philadelphia on Mar. 1.
Rochester will be formally opened on March 18, according
to an announcement by Frederick W. Zoller, President of
Effective Feb. 26 the Marine National Bank of Pittsthe institution. Thee new branches will be located at burgh, with a capital of $300,000, was placed in voluntary
Lyell and Saratoga Avenue and in Hudson Avenue near liquidation. The institution (as noted in
the "Chronicle"
North Street. They have been under construction about of Feb. 2 1929, page 677) has been
consolidated with the
a year and are equipped to serve the developing neigh- Third National Bank of Pittsburgh under the title
of the
borhoods in which they are located. Parking space for latter.
automobiles is provided for customers on the bank's propStockholders - of the First National Bank of Consho
erty. The branches were started by the National Bank
of Rochester and were acquired by the Union Trust Co. hocken, Pa., on April 9, will vote on the proposed Issuance
upon the consolidation (Sept. 29 1928) of the two banks, of 2,000 shares of new stock of the par value of $25 a
Officers and directors of the Union Trust Co. together with share, according to the Philadelphia "Record" of March
a number of visitors will inspect the new offices to-day 13. If authorized by the stockholders, the new issue will
be available to stockholders at the rate of one and oneMarch 16.
third shares of new stock for each full share owned as of
, Announcement was made last week of the proposed con- April 16 1929. Subscriptions will be at the rate of $50 per
solidatian of three Syracuse (N. Y.) banks, namely the share, and $25 of this amount will be added to the capital
First Trust & Deposit Co., the Liberty National Bank & account and $25 to the surplus account. The present capiTrust Co., and the Third National Bank, under the title of talization of the institution is $200,000.
the first-named institution. The business of the Liberty
Announement was made in Hagerstown, Md., on Mar.
National Bank & Trust Co. will be moved into the building
12 of the consolidation of the Smithsburg Bank of Washnow occupied by the Third National Bank at the corner of
ington County, Smithsburg, Md., with the Central Trust
North Salina and James Streets, which office will be known
Co. of Frederick, Md., under the title of the Central Trust
as the Clinton Square office of the First Trust & Deposit
Co. of Maryland, Smithsburg Station, as reported in a press.
Co. The merger will become effective as of the close of
dispatch from Hagerstown on that date, printed in the
business Saturday, April 27. Lucius G. Lacy, President of
Baltimore "Sun" of Mar. 13. Under the merger plan,
the Third National Bank, and Ralph E. Haven and R. L.
the Smithsburg branch will continue to be operated by the
Stillwell, Vice-President and Cashier, respectively, of the
same officers, directors and employees. Acquisition of the
Liberty National Bank & Trust Co., will be Vice-Presidents
Smithsburg Bank gives the Central Trust Co. of Frederick
of the enlarged 'institution. The main office of the First
six stations or branches, five of which are in Frederick
Co.
Trust & Deposit Co. Is at South Warren and Washington
The plan is to increase the capital stock of the Central Trust
Streets. Albert B. Merrill is President.
Co. from $400,000 to $600,000, which will give the parent
•
Depositors in the Citizens' National Bank of Woonsocket, Institution combined capital, surplus and undivided profits
It. I., whidi closed its doors on Sept. 18 last, were to re- of $Z250,000. Total resources will be in excess of $12,000,000.
ceive an initial dividend of 30% on Mar. 8, according to the
The following changes in the personnel of the Brighton
Providence "Journal" of that date. The closing of the Bank & Trust Co. of Cincinnati
, Ohio, were announced on
institution followed the discovery of a shortage in the ac- Mar. 5 by Gustave
M. Mosier, the President of the institucounts of H. J. Myette, Assistant Cashier, who is under tion,' according to
the Cincinnati "Enquirer" of Mar. 6:
Federal and State indictments for embezzlement. Refer- Walter S. March and William
S. Gunckel were added to
ence was made 'to the closing of the bank in our issue of the official staff
as Vice-President and Auditor, respecSept. 22, page 1611.
tively; Sidney W. Pandorf, heretofore Cashier, was promoted to a Vice-President; William J. Schrimpf, formerly
stockholders of the Chestnut Hill Title & Trust Co. of
an Assistant Cashier, was promoted to the Cashiership,
and
Philadelphia will hold a special meeting on May 8 to vote
on a proposed increase in the company's capital from George Schraffenberger was raised to an Assistant Cashier
and Manager of the City Hall Branch. Continuing, the
$125,000 to $250,000, according to the Philadelphia "Ledger"
paper mentioned said:
of Feb. 9.
The Belmont Trust Co. of Philadelphia on March 9
opened a new office at 45th and Walnut Streets, that city.
This makes a total of three offices for the company, the
main office being'located at 4826 Baltimore Avenue, and
another branch at 49th Street and Woodland Avenue. The
personnel of the institution is as follows: 0. W. Osterlund, President; Thomas F. Slatterly and Charles It. Jones,
Vice-Presidents; Rodley L. Jack, John E. Hagerty and
Lewis R. '<Wier, Assistant Treasurers and Assistant Secretaries; Robert D. Fulmer, Title and Trust Officer, and
Frank W. Carter, Vault Superintendent.
Messrs. Pandorf, Schrimpf and Schraffenberger are among
the beet
known of the younger bank men of Cincinnati.
Mr. March has had a wide experience as a banker and
has been connected with a firm of public accountants accountant. He
in Dayton, Ohio,
for six years. Prior to that he was assistant national bank
examiner In
the Fourth Federal Reserve District with headquarters
at Cleveland. He
was a member of the college training class of the
National City Bank of
New York for two years. Ile is a graduate of Ohio
Wesleyan University.
Mr. Gunckel likewise is a public accountant, being engaged
in this work
since the war and likewise has a long banking experience.
He was con.
nected with the First National Bank of Germantown, Ohio,
and later with
the Dayton Savings Bank and Trust Company, Dayton.
He is a native of
Germantown, Ohio.
Proposed consolidation of the First National Bank of
Westerville, Ohio, and the Bank of Westerville, to become
MAR. 16 1929.j
FINANCIAL CHRONICLE
1677
A charter was issued on Mar. 2 by the Comptroller of
effective between Mar. 15 and April 1, was announced on
Currency for the State National Bank in Terrell,
Mar. 7 by J. P. West, President of the latter, according to the
is President
further stated Tex., with capital of $100,000. E. R. Bumpass
the "Ohio State Journal" of Mar. 8, which
bank and D. E. Nicholson, Cashier.
the new
that the charter of the First National Bank will be re- of
linquished and the organization will continue under the
The respective stockholders of the Los Angeles-First
name of the Bank of Westerville, with resources of more National Trust & Savings Bank, Los Angeles, and the
than $1,000,000.
Security Trust & Savings Bank of that city have approved
. Paul K. Yost, ViceUnion Trust Co. of the proposed union of the institutions
Frank W. Blair, President of the
President and New York representative of the Los Angeles..
Detroit, announces the election of Dr. Ralph E. Badger
First National Trust & Savings Bank, made public yesterday
as Vice-President of the trust company. Dr. Badger will
(March 15) the following statement in the matter:
have charge of the security analysis and statistical deconsolsdation
Formal and final ratification of the terms of the proposed
partment. Dr. Badger is the author of two books on the of the Los Angeles-First National Trust & Savings Bank and the Security
of Trust & Savings Bank took place this morning at meeting of the stocksubject of investments. These books are "The Valuation
institutions. Only the formal approval of the
Industrial Securities" and "Investment Principles and holders of the respect've
consolidation
Comptroller of the Currency is now needed to make the
on economics. Dr. effective and it Is anticipated that that 14111 be given so the assets of the
Practices." He has also written articles
March 30.
of business
Badger comes to the Union Trust Co. from Providence, two banks may be merged at the closebank will be Security First National
The name of the new consolidated
R. I., where, at Brown University, he was at the head of Bank of Los Angeles, with resources of more than $600.000,000 and a
the economics department. He has also been in charge of capital account of $50,000.000. The new bank takes rank as the seventh
investments for the estate of Frank A. Sayles. Dr. Badger largest in the United States.
shares, having a
Issued stock in the new bank will amount to 1,200,000
was called in as an expert in the Ford stockholders' case. a Par value of $25. Stockholders in the Los Angeles-First National will
number of shares
After his graduation from Dartmouth College, Dr. Badger receive 550.000 slAres of the new stock which is the same
stockholders of the Security Bank will be issued
To
took his degree of Doctor of Philosophy in economics at they now hold. the the bank for the 120.000 shares they now own, which
new
528.000 shares in
Yale University. He is a member of the American Eco- Is at the rate of 4.4 shares of the Consolidated Bank stock for each share of
Association. security. Warrants are now in the hands of stockholders of both banks
nomic Association and the American Statistical
Trust & Savings
to stockholders of the Los Angeles First National
He brings with him to Detroit as his assistant in the givingthe right to by 55,000 shares and to the stockholders of the Security
Bank
statistical and security work, Henry Murphy, graduate of Trust & Savings Bank the right to buy 52,800 shares of the stock of the
share,in proportion to their present holdings.
the University of California and Junior University Fellow Consolidated Bank at $100 per of the stockholders, approval was also given
At this morning's meetings
Mr. Murphy created for the Siber- for the formation for the Security First National Co. as the Investment
at Brown University.
have capitalizaling Business Servicee the Index Number of Stock Prices, Subsidiary of the Security First National Bank. It willownedabeneficially
surplus of $1,000,000 and is to be
index of six industrial common stocks highly sen- tion of $5.000,000: aof the Consolidated Bank. This company will take
a weekly
by the shareholders
the security
sitive to general market movements.
over the bond and securities business formerly conducted by
both the latter companies
company and the First Securities Co., however,
constinue in existence to act as
Robert M. Scott of Oklahoma City, Okla., and E. D. will remain corporate entities and willof each bank. These assets will be
the surplus asseta
Mo., were elected directors of the Se- holding companies for
Nims of St. Louis,
years to guarantee on each side
retained by the Securities companies for f ve
curity National Bank of Oklahoma City on Mar. 6, ac- the assets contributed by each to the Consolidated Bank. Bank.
Trust & Savings
(Signed) J. F. Sartori, President, Security
cording to the "Oklahoman" of the following day, which
Angeles-First National
(Signed) Henry M. Robinson. President, Los
Trust & Savings Bank.
said:
Scott, a druggist, is one of the largest business property owners in
Oklahoma City and Nims is Presideat of the fouthwestern Bell Telephone
Co. Ile formerly lived here.
Closing of the Farmers & Merchants State Bank of
Faribault, Minn., by the State Banking Department and
the placing under arrest of its President, 0. H. Schroeder,
for the alleged uttering of forged notes totaling $88,205,
which were found among the bank's papers, were reported
in advices by the Associated Press from Faribault on
March 11, printed in the New York "Times" of March
12. The closed bank had deposits of $890,000.
On Mar& 5 a charter was issued by the Comptroller of
the Currency for the First National Bank of Coeur d'Alene,
Idaho, with capital of $100,000. A. W. Witherspoon is
President of the new institution and C. T. Hess, Cashier.
E. S. Woosley was elected a Vice-President of the First
National Bank and the Kentucky Title Trust Co. of Louisville, Ky., by the directors, it was announced by President
John M. Monohan of the First National group. He will
be in charge of the six branches which thee First National
operates in Louisville. Mr. Woosley was a director and
for over eight years General Sales-Manager of the PeasleeGaulbert Co. of Louisville. He was Chairman of the membership committee of the National Paint, Oil and Varnish
Association. In his new position he succeeds Vice-President
J. Dudley Winston, who died last October.
A quarterly dividend of $2.50, payable Apr. 1 on stock of
record Mar. 20, has been declared on the new First National trustee certificates, in which the ownership of these
affiliated institutions is vested.
the
Effecive Jan. 7 1929,- American National Bank of
Lebanon, Tenn., with capital of $100,000, was placed in voluntary liquidation. The institution has been succeeded by
the American Bank & Trust Co.
Application was made to the Comptroller of the Currency on Feb. 27 for permission to organize a new bank
in West Palm Beach, Fla., with capital of $100,000, to be
known as the West Palm Beach Atlantic National Bank.
The First National Bank in Cumby, Texas, an institution capitalized at $50,000, was placed in voluntary liquidation en Jan. 22. The national institution was absorbed
by the First State Bank in Cumby.
Vice-PresiThe appointment of H. C. Nicholson as First
Los Angeles was
dent of the Seaboard National Bank of
the bank's
announced on Mar. 5 by George L. Browning,
of the
President, according to the Los. Angeles "Times"
Mr. Nicholson has been for the last sixteen
next day.
National
years the Executive Vice-President of the Packers'
Naof Omaha, Neb., and President of the Packers'
Bank
investment company. According to
tional Co., an affiliated
was born
President Brown:ng's statement, Mr. Nicholson
graduate of the University of Iowa. His
in Iowa and is a
banking experience covers a period of more than twentyMr. Brownfive years. The new post was made necessary,
the
ing said, by the new expansion program undertaken by
National Bank.
Seaboard
An appliation to organize a new bank in Winters, Cal..
under the title of the Winters National Bank was apThe
proved by the Comptroller of the Currency on Mar. 2.
new bank will be capitalized at $50,000.
E
THE WEEK ON THE NEW YORK STOCK EXCHANG
the bad setback on Saturday when most of the
Except for
has
active stocks slumped after a strong opening, the market
recuperative tendencies the present week which
shown
developed into positive buoyancy on T-hursday and Friday.
The outstanding feature was the strength of Radio Corporation, both old and new stocks, which moved ahead by leaps
and bounds to the highest peaks on record. Both copper
shares and industrial issues have come in for a generous
share of speculative attention. The weekly report of the
Federal Reserve Bank, made public a7ter the close of business
on Thursday showed a decrease of $20,000,000 in brokers'
loans in this district. Call money ranged from 9% on
Monday to 6% on Tuesday and was 7% the rest of the week.
The short session on Saturday was featured by a violent
upward spurt in Radio Corporation which started with an
initial sale of 1,000 shares at 449 as compared with the
preceding close at 445. As the day advanced the price
and bounds until it reached 464 with
moved ahead by leaps .
a net gain of 19 points on the day and 94 points higher then
the previous Wednesday's final. Radio new open on a
block of 25,000 shares at 91 and shot upward to above 93.
Western Union was also a spectacular performer and sold
at the highest point in its history as it crossed 220. National
Cash Register also attracted considerable speculative
1678
FINANCIAL CHRONICLE
[Vou 128.
attention as it opened on a block of 10,000 shares at 1363 Pasco, Chile, and Greene Canane.s
. Hudson was the
a gain of 6 or more points. In the second hour much of leader of the motor shares and moved
ahead about 3 points
these early gains were lost as the market slumped on heavy and there was a sharp demand for the
oil shares most of
realizing sales. Kennecott was the strong stock of the which moved briskly forward to higher
levels. New peaks
copper group and broke through 99 on a 10,000 share block were recorded by Youngstown Sheet
and Tube. Otis Steel,
to a new high for the present share. Chrysler was the star Victor Talking Machines, Commonw
ealth
star of the motor stocks and closed with a net gain of nearly Publishing Company, Pierce Oil preferred Power, Curtis
and Advance
2 points. Packard, Studebaker, General Motors and most Rumley. The final tone was good.
of the independent motor shares were under pressure and
TRANSACTIONS AT l'HE NEW YORK STOCK EXCHANGE
closed fractionally lower. United States Steel common,
DAILY. WEEKLY AND YEARLY.
Bethlehem Steel and most of the other active stocks in this
Stocks,
Railroad,
group slipped downward. Radio (new) was again the
Stale,
United
Week Ended Mar. 15.
Number of
tte..
Municipal &
States
feature of the trading on Monday, continuing in demand
Shares.
Bonds.
Foreign Bonds.
Bonds.
in the early trading and making a further advance to 95. 1aturday
1,948,050
12,693.000
11,595,000
11.285,000
3,626,850
4,977,000
3,612,000
id 433,000
It slipped back however to 903/ and closed at that figure, ifonday
Tuesday
3,061,750
5,024,000
2,548,000
757,000
Wednesday
3,330,050
a loss of about 2 points. Copper shares encountered a large Thursday
5,193,000
2,283.000
342,600
4,625,350
4,929.000
2,219,000
450,500
amount of realizing and-most of the active stocks yielded Triday
5,885,170
6,801,000
1,697,000
500,000
from 1 to 5 points. Railroad equipment shares were in
ota
demand, particularly American Locomotive which advanced
Bales at
Week Ended Mar. 15.
Jan. 1 to Mar. 15.
into new high ground for the year at 115% a net gain of more
New York Stock
Exchange.
1929.
1928.
than 2 points.
1929.
1928.
On Tuesday the market was confused and uncertain and Stocks-No,of shares_ 22,477,220 20,586,975 240,799,440 143,335,130
Bonds.
entirely without definite trend. Advances alternated with Government bonds--- 13,678.000 $2,709,000 529,495.600 $43,547,500
State and foreign bonds 13,954,000 15,818,000
138,050,550
declines during the early trading and few shares made much Railroad & misc. bonds 29,617,000 48,863,500
193,356,125
355,148,500
446,414,200
progress either way. Copper stocks were an exception and
Total bonds
$47,339,000 $67,390,500
$522,694,650
$683,317,825
few shares made much progress either way. Copper stocks
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA
were an exception and were active and strong, particularly
AND
BALTIMORE EXCHANGES.
Anaconda which opened on a block of 10,000 shares, a point
off, but quickly recovered and closed with a substantial gain.
Boston.
Philadelphia.
Baltimore.
Week Ended
United States Steel common showed a gain in the early
Mar. 15 1929.
Shares. ,Bond Sala. Shares. Bond- Sales Share.. Bond Sales.
trading but reacted later in the day. This was also true of Saturday
.39,865
$21,000 a56,529
$5,000
51,237
383,600
.54,886
36,000 a78,835
General Electric and a number of other prominent stocks. Monday
12,500
53,320
36,500
Tuesday
*52,557
34,700 076,057
13,000
83,688
44,000
Baltimore & Ohio came back a point, but most of the rail- Wednesday
.62,416
74.000 081,497
5,500
53,782
28,409
Thursday
*77,546 33,100 a72,261
10,500
54,037
28,100
road shares were heavy. Foundation Company was con- Friday
*46,756
34,000 a52,707
84,055
24,000
spicuous because of its unusual strength and closed at a new
Total
334,026 $232,800 417,886
$46,500 620,119 $244,600
high, with about 5 points advance for the day.
Prey, week revised 487,124 $288,000 a508,947 $107,200 818,479 $329,800
Oil Shares assumed the market leadership on Wednesday,
* In addition, &Mei of rights were: Saturday, 30; Monday, 84; Tuesday,
591'
Atlantic Refining selling up to 623( at its top for the day as Wednesday, 97; Thursday, 1,000.
compared with its preceding close at 59g. Houston Oil a In addition, sales of rights were: Saturday, 3,100: Monday, 2,400: Tuesday.
2,600; Wednesday. 1.800; Thursday, 1,300.
jumped more than 5 points and substantial gains were
S In addition, sales of rights were: Saturday, 150; Monday,
4,295: Tuesday,
recorded in such stocks as, Marland Oil, Texas Corporation, 5,469; Wednesday, 3,259; Thursday, 3,044; Friday, 2,593. Sales of scrip were:
Monday, 72-20: Tuesday, 23-20; Wednesday, 25-20;
Thursday, 36-30. Sales of
Pan American Petroleum and Standard Oil of California. warrants were: Monday, 4; Friday,
United States Steel common was again in active demand and
ran up 3 points to above 183 followed by Bethlehem Steel
COURSE OF BANK CLEARINGS.
which advanced about 4 points. Radio (new) closed at 94,
Bank clearings will show only a moderate increase the
with a gain of 23 points, and Columbia Graphophone present week. Preliminary figures
compiled by us, based
crossed 73 a gain of more than 2 points. Motor shares upon telegraphic advices from the
chief cities of the country,
recovered some of their lost ground as they moved briskly indicate that for the week ended to-day
(Saturday, March
forward under the guidance of Chrysler which sold up to 108. 16) bank exchanges for all the cities
of the United States
Some of the high priced stocks like Allied Chemical & Dye from which it is possible to obtain weekly
returns will be
and Commercial Solvents were in active demand and rose 2.5% larger than for the corresponding
week last year. The
further. Public Utilities were represented on the up side total stands at $13,249,385,616, against
by Peoples Gas which moved into new high ground and for the same week in 1298. At this centre $12,915,781,630
there is a gain for
Electric Power & Light which lifted its top to a new record the five days ended Friday of 4.9%. Our
comparative sumhigh for the year. Railroad shares, on the other hand, were mary for the week follows:
practically at a standstill.
Ckartngs-Raurns Si) Telegraph.
Bethlehem Steel was the outstanding strong feature of the
Per
Week Ended March 16.
1929.
1928,
Cent.
market on Thursday as it soared upward to 108, the highest
New York
$7.134.000,000 $6,804,000,000
level in 10 years. United States Steel common also moved Chicago
+4.9
603,713,798
616,137,357
-2.0
Into new high ground for the present movement. Radio Philadelphia
466,000,000
496,000,000
-6.0
Boston
408,000,000
449,000,000
-9.1
Kansas City
old and new were both higher, the latter starting on an St.
119,243,806
115,418,705
+8.3
124,900,000
126,500,000
initial sale of 25,000 shares at 953. and shooting ahead to SanLouis
-1.8
Francisco
191,844,000
212,450,000
-9.7
Los Angeles
208,419,000
100, the highest peak reached since trading in it began. Pittsburgh
178,524,000 +16.8
149,213,911
138,693,941
+7.6
Detroit
Radio old stock shot up to 500 where it also reached a record Cleveland
178,981,481
157,127,503 +18.9
126,594,897
107,622,223 +17.5
top in all time. Chrysler again led the motors with a gain Baltimore
81,105,400
90,673,572 -10.6
57,329,049
of about 4 points. General Motors moved up to 863' and blew Orleans
54,300,129
+5.6
Thirteen cities, a days
closed with a net gain of 434 points. GeneralElectric attracted 3ther cities,
19.849,345,342 $9,546,447,430
+8.2
5 days
1,108.476,005
1,118,843,495
-0.9
considerable attention as it moved briskly upward 5 points
Total all
$10,957,821,347 $10,665,290,925
to 237. Commercial SolVents again raised its top and ill cities. I cities, 5 days
+2.7
day
2,291,564,269
2,250,490,705
+1.8
crossed 263 with a gain of about 14 points. International
Total all cities for week
$13,249,385.616 $12.915.781.63P
.4.2.h
Telephone advanced about 6 points to 216 and importan
t
Complete and exact details for the week covered by
gains were made by Johns-Manville,International Harvester,
the
Electric Auto Lite and United States Industrial Alcohol. foregoing will appear in our issue of next week. We cannot furnish them to-day, inasmuch as the week ends
to-day
Other shares that scored sizable gains included du Pont,
(Saturday) and the Saturday figures will not be available
Goodyear, National Lead and Greene Cananes,.
Speculative enthusiasm reached a high pitch on Friday, until noon to-day. Accordingly, in the above the last day
though much of the buying was concentrated on the more of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which WO
active favorities in the industrial, copper and oil shares.
present further below, we are able to give final and complete
Radio Corporation was the outstanding feature as it moved
vigorously upward 33 points to 534. The new stock ad- results for the week previous-the week ended Mar. 9. For
that week there is an increase of 30.3%, the 1929 aggregate
vanced about 8 points on the day. Bethlehem steel opened
of clearings for the whole country being $13,950,
845,243,
at a new high and closed at 110 with a net gain of*6 points.
Kennecott featured the copper stocks and sold up to 101, against $10,705,308,827 in the same week of 1928. Outside
of this city the increase is only 12.2%. The bank exchanges
a gain of 3 points, followed by Anaconda, Andes, Cerro de at
this centre record a gain of 41.5%. We group the cities
MAR. 16 1929.]
FINANCIAL CHRONICLE
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve District (including this city) there is an improvement
of 41.2%,in the Boston Reserve district of 12.2%,and in the
Philadelphia Reserve district of 9.7%. The Cleveland Reserve district has a gain of 18.3%,and in the Atlanta Reserve
district of 9.2%, but the Richmond Reserve district shows a
loss of 0.8%. In the Chicago Reserve district the totals are
larger by 1.75%, in the St. Louis Reserve district by 9.2%,
and in the Minneapolis Reserve district by 7.4%. The
Kansas City Reserve district throws an increase of .32%,
the Dallas Reserve district of 26.1%, and the San Francisco
Reserve district of 9.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 9 1929.
Federal Reserve Dist..
let Boston
_12 cities
2nd New York_11 "
3rd Phlladelphial0 .•
40h Cleveland-- 8 •
.
5th Itletuumid . 6 •
.
6th Atlanta
_13 •
.
719 Chicago _ _20 •
819 St. Louis_ 8
gth Minneapolis 7
10th Kansas City 12 .•
11th Dallas
5
120 San Fran _.17
1929.
1928.
1927.
1926.
555,285,936
495,885,921 +12.2
526,973,993
9,513,377,734 6,738,038,476 +41.2 5,841,874,212
612.264,582
558,000 000 +9.7
528,086,794
428,806,826
360,879,753 +18.3
384,173,269
179,891,054
181,383,592 -0.8
187,249,947
205,357,639
188,092,590 +9.2
204,655,234
1,090,133,935
927,428,340 +17.5
924,231,199
225,130,233
206,122,783 +9.2
219,325,360
131,398,413
122,289,250 +7.4
109,347,581
257,655,299
249,596,194 +3.2
249,453,509
97,193,791
77,080,281 +26.1
77,083,449
655,349,524
600,511,06 +9.1
553,986,213
$
479,233,925
5,920,973,310
568,618,154
381,839,975
195,928,789
261,771,681
929,087,000
=1,658,554
119,629,779
237,754,883
77,572,567
536,926,5=
Total
129 citlei 13,950,845,243 10,705,308,827 +30.3 9.805,490,780 9,930,995.139
Outside N 5. City
4,576,780,669 4,079.141,333 +12.2 4,075,383,666 4,119,595,170
UagiatIts.....41 o•Itles
499,408,702
443,581,125 +12.6
329,848,902
296,232,088
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 9.
Clearings at
Inc. or
1929.
1928.
First Federal Reserve Dist rict-Boston
Maine-Bangor.
688.873
658,564
Portland
4.219,259
3,413,818
Mass.
-Boston._ 492,000,000 443,000,000
Fall River__
1,214,602
1,788,029
Lowell
1,344,951
1,107.508
New Bedford_ _
1,196,830
1,034,495
Spring field_
5,648,713
5,288,674
Worcester
3,854,243
3,118,216
Conn.-Hartford
20,336.720
15,069.810
New Haven_ _ _
8,269,691
7,154,115
2.
-Providence
It.
16,803,500
13,595,300
N. 11-Ma1sche'r
708,559
657.392
1927.
+4.6
+23.6
+11.1
-32.1
+21.4
+15.7
+6.8
+23.6
+34.9
+15.6
+23.6
+7.8
I
757,667
3,184,213
477,000,000
1,956,732
1,161,074
1,187,835
4,917,557
3,452,504
13,061,689
6,886,240
12,770,000
638.482
1926.
757,490
2,807.025
427,000,000
1.876,389
1,104,312
1,349,865
5,276,648
3,426,979
16,339,593
6,129,503
12,449,100
717,021
Total(12 cities)
556,285936 495,885,921 +12.2 526,973,993 479,233,925
Second Feder al Reserve D istrict-New York
N. Y.
-Albany..
5.719,672
5,061,703 +13.0
5,761,508
7,335,734
Binghannon
1,328,785
1,085,227 +22.4
1,132,800
983,100
Buffalo
60,837,437
45,374,450 +31.7
44,350,536
48.037,182
Elmira
1,134,039
995,078 +14.0
1,221,341
844.539
Jamestown_ _
1,267,558
1,650,993 +10.1
1,248,961
1,021.775
New York.... 9374.064.574 626,167,494 +41.5 5,730,101.114 5,811,399.969
Rochester
15,068,498
11,279,656 +33.6
12,295,373
11,089,437
Syracuse
6,767,874
5,708,056 +18.6
6,502,657
4,264,801
-Stamford
Conn.
3,822,880
3,665.467
+4.3
2,945,205
2,827,516
-Montclair
N. J.
968,397
892,501 +14.9
813.497
577,685
Northern N. J.
42,398,020
36.707,851 +15.5
35,501,220
32,591,572
Total(11 cities) 9,513,377,734 6,738,038,476 +41.2 5,841.874,212 5,920,973,310
Third Federal Reserve Dist rict-Philad elphia
Pa. A itoona_ _
1,489,271
1,017,901 -1.9
Bethlehem _ _ _ _
4,277,516
4,205,844 +1.7
Chester
1,099,073
1,285,290 -14.5
Lancaster
2,051,338
2,192,426
Philadelphia_ _ 583,000,000 527,000,000 + 10.6
Reading
3,769,600
3,455,748 +9.1
Scranton
6,456,109
6,653,466 -3.0
Wilkes-Barre_ _
3,593.296
3,549.470 +1.2
York
2.040,695
1,836.151 +11.1
-Trenton
N..J.
4,487,960
6.304.286 -2.8
Week Ended March 9.
Clearings at
1929.
1,644,461
4,508,156
1,423,665
2,087,318
495.000.000
3,914,055
6,921,815
3,343,868
1,599.717
7,643,739
1,416,304
4,262,688
1,409,308
2,422,764
538,000,000
3,760.291
6,045,046
3,429,736
1,642,738
6,229,279
+9.7
528.086,794
5,722.000
3,839,105
68,249,643
107,376,063
18,207,500
1,874,696
5,158,919
173,745,343
5,444,000
4,048,978
72,754,450
106,899,096
16,564,000
1,896,678
4,640,769
169,592,004
Inc. or
Dec.
1927.
1926.
927,428,340 +17.5
924,231,199
929,087,000
Eighth Federa I Reserve Dis trict-St. Lo uisInd.- Evansville
5 ,082,837
4,559.350 +11.5
Mo.-St. Louis_ _ 138,500,000 126,100,000 +9.8
Ky. Louisville_
40,764,643
39,307,985 +3.7
497,159
Owensboro. - 371,207 +20.5
22.521,229
Tenn.
-Memphis
19,929,918 +13.0
Ark.
15,457,277
13,496,595 +14.6
-Little Rock
III.-Jacksonville
453,239
406,308 +11.6
1,903.849
1,951,420 -2.4
Quincy
5,506,704
139,600.000
34,739,060
453,988
21,762,776
15,123,722
401,580
1,737,530
5,126,208
139,700,009
25,349,052
363,368
23,284,293
15,449,842
385,504
2,000,289
+9.2
219,325,360
221,658,554
Ninth Federal Reserve Dis trict-M i n n eapolis
7,571,076 +8.0
Minn.
8,179,200
-Duluth..
77,426,526
82,694,683
Minneapolis._ _
+6.8
33,163,346
29,516,686 +12.4
St. Paul
2,177,241
N. D.
2,334,545
-Fargo.-.
+7.2
1,067,797
1,403,629 -24.0
S. D.
-Aberdeen
721,092 -7.9
663,842
Mont.
-Billings 3.473.000 -5.1
3,295,000
Helena
6,638,879
67.328,658
28,514,798
2.303.431
1,257,709
564,612
2,739,494
6,836,245
76.603.588
29,024,595
2.113,100
1,620,648
617,815
2.813,790
109,347.581
119,629,779
490,119
656.717
5,778,787
45,798,558
5,419,983
8,043,499
132,826,147
8,803,923.
27,568,357
1,226,616
a
1,142.177
Total(8 cities)-
225,130,233
206,122,783
122,289,250
+7.4
Tenth Federal Reserve Di. trIct-K an s
604,235
464,752
Neb.-Fremont..
860,144
682,790
Hastings
6,652,423
6,063,576
Lincoln
55,711,979
53,527,871
Omaha
3,642,049
4,115,670
Kan.
-Topeka
8,158,252
9,485,529
Wichita
Mo.-Kan. City. 137,841,169 135,735,700
8,729,314
9,063.754
St. Joseph .
32,465,459
28,065,503
Okla.
-Okla.City
1,791,179
1,256,908
Colo.
-Colo.Sng.
a
a
Denver
1,384,644
1,848,593
Pueblo
as City
+30.0
+26.0
-8.8
+4.1
+13.0
-14.0
+1.9
-3.7
+15.7
+33.6
510,278
560,531
5,204,117
45,326,815
4,453,753
8,223.383
143,617,697
7,598,401
30,649,125
1,101,244
a
1,208,165
249,596,194
+3.2
249,453,509
237,754,883
Eleventh Fede rat Reserve District-Da Ilas2,082,462 +37.8
2.868,502
Texas-Austin...
51,481,186 +29.2
66,530,413
Dallas
13,184,230 +4.9
13,825,494
Fort Worth_ _ _
4,810.000 +66.1
8,003,000
Galveston
5,513,403 +8.2
5,966.382
La -Shreveport.
1.767,271
48,559.214
12,470,120
8,399,000
5,892,844
2,736,434
46,583,704
14,420,187
8,389,001)
5.443,262
77,083,449
77,572.567
Twelfth Feder al Reserve D istrict-San Franci sco-45,565,734 +12.4
51,185,636
43,680.572
Wash.-Seattle12,733,000
11,980,000 +6.8
12,645,000
Spokane
1,628,519
1,552,807 +4.8
Yakima
1,517,863
33,691,895 +20.2
40,506,279
Ore.
36,107,956
-Portland.16,885,817
16,887,028 -0.1
Utah-S. L. City
15,602.025
3,845,605
3,638,258 +5.6
3,884,412
Cal.
-Fresno _ -9,335,773
7,629,247 +22.4
Long Beach...
6,901.197
Los Angeles... 238,523,000 196,513,000 +21.4 191,293,000
20,347,779
21,249,299 -4.2
Oakland
18,598.378
7,367,394 -3.9
7,335,950
Pasadena
7.828,813
13,836,431
11,366,259 +21.8
Sacramento 8,497.047
6,460,663
5,421,442 +19.2
San Diego_ _ _
7,173,038
San Francisco_ 222,122,684 227,571,379 -2.4 191,672,000
3,432,860
3,061,366 +12.1
Ban Jose
2,342,833
2,016,045
1,755,112 +14.9
Santa Barbara_
1,569,493
2,378.183
2,195,050 +8.3
Santa Monica_
2,214,186
2,775,300
3,065,800 -9.5
Stockton
2,508,400
46,771,052
12,111.000
1.656,284
39,645,810
15.357.337
3,579.341
7,475.207
178.873,000
20.387,582
6,925,170
8.603,574
7,413,257
178,637,000
2,797,866
1,749.428
2,204,816
2,738,80(1
Total(7 cities)-
Total(11 cities)
Total(5 cities).
131,398,413
257,655,299
97,193,791
77.080,281
+26.1
568,618,154
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron. _ _
6,356,000
5,368,000 + 18.4
Canton
4,634,761
3,643,827 +27.2
Cincinnati _ _ _
71,543,906
69,113,753 +3.5
Cleveland
137,773,092 104,750,744 +31.5
Columbus
17,546,700
16,907,200 +3.8
Mansfield
2,201,293
1,774,937 +24.0
Youngstown _
5,604,864
4,335,635 +29.3
Pa.
-Pittsburgh. 181,146,210 154,986.157 +16.9
1928.
$
$
Seventh Feder al Reserve D istrict-Chi cagokiich.-Adrian_ _
315,574
256,118 +23.2
273,490
274,352
Ann Arbor
990,339
848,034 +16.8
963,578
1,024,459
201,452,124 156,479,503 +28.7 141,880,639 158,781.693
Detroit
Grand Rapids.
7,909,440
6,857,735 +15.3
7,067,993
9.578,454
Lansing
2,773,052 +17.9
3,268,707
2,293,000
2,370,009
Ind.
4,709,439
-Ft. Wayne
3,068.747 +53.5
2,846,012
2,794,470
Indianapolis_ _
27,497,000
23,085,000 +19.1
23,469,000
22,392,009
South Bend
3,358,756
2,607,900 +28.8
3,169,700
2,717,900
Terre Haute..
5,699,819
5,879,174 -3.0
6,064,676
4,303.874
Wis.-Milwaukee
36,564,727
39.827,977 -8.2
43,181,099
44,344,829
Iowa-Ced. Rap.
3,931,142
3,516,275 +11.7
2,933,633
2,527,949
Des Moines_ _ _
11,685,889
11,572,620 +1.0
10,388,518
11,318.954
Sioux City...8,288.170
7,656,291
+8.3
7,217,686
7,741,930
1,797.411
Waterloo
1,457,639 +23.3
1,322.025
1,261,434
M.
-Bloomington
2,941,074
2,147,875 +36.9
1,629,128
1,800,348
754,706,483 645,682.862 +16.9 656,905,721 642,897,547
Chicago
Decatur
1,237,914
1,292,684 -4.4
1.392,644
1,324,154
Peoria.
6,173,853
5,627,666
5,051,425
+9.7
5,300.177
Rockford
4,022,726
3,829,637 +5.0
3,438,660
2,968,475 •
Springfield.3,583,348
2,981,751 +21.0
3,292,592
3,363.999
Total(20 cities) 1,090,133.935
Inca,
Dec.
1679
Total(10 cities)
Total(8 cities).
612,264.859
426,806,826
558,000,582
360,879,753 +18.3
384,173,269
1,544,395
5,514,371
44,746.000
.2,198,896
106,843,112
26,403,173
179,891.054
181,383,592
-0.8
187,249,947
Sixth Federal Reserve Dist rict-Anent aTenn.-Chat'ga 7,492,290
7,880,122 -4.9
Knoxville
3,344,415
3,250,000 +2.9
Nashville
25,497,635
22,350,054 +14.1
Ga.-Atlanta__ _
57,288,691
48.921,225 +17.1
Augusta
2,530,879
1,844,897 +37.2
Macon
1,738,589
2,019,000 -13.9
Fla.-Jack'nville.
17,166,481
18,504,656 -7.2
Miami
4,221,000
3.853,000 +9.6
24,791,888
22,824,441 +8.6
Mobile
1,892,801
1,854,229 +2.1
-Jackson
Miss.
2,029,000
1,886,000 +7.6
Vicksburg
428,369
402,686
+6.4
La.-New Orilla.
56.935.601
52,502,280 +8.4
7,467,867
.3,500,000
21,730,339
51,456,562
2,266,509
2,098,826
22,415,750
8.114,488
25,112,959
1,986,244
1,695,361
405,209
56.405,120
Total(13 cities)
205,357,639
188,092,590
+9.2
655,349,524
600,511,065
+9.1
553,986,213
536,926,522
Outside New York 4,576,780,869 4,079,141,333 +12.2 4,075,393,666 4,119,595,170
Week Ended March 7.
Fifth Federal Reserve Dist rict-Richm ond1,179,123
W. Va.-Ilunt'on
1,124,680 +4.8
Va.-Norfolk .
4.237.212
4,820,817 -12.1
Richmond _ _
41.920,000
41,593,000 +0.8
-Charleston
S.C.
2,311,915
2,000,000 +15.6
Md.-Baltimore. 102.609,099 106,235,928 -3.4
D. C.-Washlon
27,633;705
+7.9
25,609,167
Total(6 cities).
Total(17 cities)
Grand total (129
13950845,243 10705308.827 +30.3 9,805,490,780 9,930,995,139
cities)
204,655,234
Clearings at
1929.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
381,839,975 Quebec
Halifax
Hamilton
1,588,875 Calgary
7,871,547 St. John
49,763.000 Victoria
2,512,412 London
107,127,349 Edmonton
27,065,606 Regina
Brandon
195,928,789 Lethbridge
Saskatoon
Moose Jaw
6,028,726 Brantford
3,316,096 Fort William _ _ _
.
24,169,463 New Westminster
72,106,712 Medicine Hat...
2,178,625 Peterborough....
1,541,038 Sherbrooke
39,368,546 Kitchener
18.364.274 Windsor
32,898,096 Prince Albert
2,123,300 Moncton
1,169,000 Kingston
395,639 Chatham
57,212,166 Sarnia
261,771,681
Total(31 cities)
$
156,233,910
167,204,514
56,444,021
26,082,516
9,185,978
7,381,070
4,099,797
6,830.196
18,701,912
3,325.893
2,577,311
4,102,385
6,740,376
6,267,262
643,935
697,293
2,473,025
1,576,752
1,674,822
977,879
922.989
468,016
1,370,954
1,260,269
1,682,907
5,881,701
575,879
1,003,894
997,465
1,056,662
967,119
499,408,702
1928.
$
157,673,250
137,171,431
50,702,048
23,619,677
8,008,121
6,460,551
3,580,037
5.777,257
10,212.791
3.108,317
3,526,200
3.377,416
5.859,797
4,428,138
516,827
659,462
2,308,939
1,310,069
1,535,134
835,636
879,920
462,457
826.327
1,004,855
1,106,778
4,965,745
458.775
822,492
815,738
886,164
680,776
Inc. Or
Dec.
%
-0.9
+21.9
+11.3
+10.4
+14.7
+14.2
+14,5
+18.2
+83.2
+7.0
-26.9
+21.5
+15.0
+41.5
+24.6
+5.7
+7.1
+20.4
+9.1
+17.0
+4.9
+1.2
+65.8
+25.4
+52.0
+18.4
+25.5
+22.1
+22.3
+19.2
+12.1
443,581,125 +12.6
1927.
$
113,383,300
101,711,628
40,356.865
14,475,127
7,162,081
6.207,475
2.790,225
5.033,973
6,743,518
2.376,885
1,928,379
2,938. 78
4,508,594
3,692,875
447,100
523,653
1,669.967
1.170,183
1,112,843
861,698
720,332
262,448
761.923
968,56:
952,925
3,964,332
398,549
693,780
653,608
792,153
605,157
329,848,902
1926.
$
101,760,828
89,536.087
35,018,979
15,681,912
5,810,855
4,570,842
3,035,725
4,128,013
7,074.5Q
3,164,029
2,136,590
3,384,122
4,172,220
3,191,585
430,243
499,444
1,530,613
949,258
1,145.832
741,141
626,654
249,606
695,734
711,338
898,555
3,214,521
357,177
798,881
716,769
296,232,088
THE CURB MARKET.
Price movements were uncertain in the Curb Market
during the forepart of the week though later there was a
gtrong trend with the result that quite a number of issues
reporting good gains. American Cyanamid, class B, advanced from 584 to 66%, the close to-day being at 65%.
Aviation Corp. of the Americas dropped from 72 to 59 and
recovered finally to 62%. Bohn Aluminum & Brass sold
up from 110 to 118% and at 114 finally. Consolidated
Instrument advanced from 273 to 35 and finished today at
3
843. Douglas Aircraft rose from 26 to 33%,Ford Motor of
was up from .676 to 825, the closing transaction
Canada
to-day being at 801. Internat. Projector moved up from
36 to 60 and finished to-day at 59. Nat. Family Stores,
com. was off from 43 to 363, with the final figure at 37.
-Pond, new corn. jumped from 37 to 583/i and
Niles-Bement
reacted finally to 533'. Westvaco Chlorine Products, corn.
was conspicuous for an advance from 923/2 to 116%, the
close to-day being at 113. Utilities show few changes of
importance. Among Oil, Humble Oil & Ref. after early
lose from 98% to 955( sold up to 1033 and at 103 finally.
%
3
Imperial Oil of Canada improved from 903'g to 97% and
receded to 953.
A complete record of Curb Market transactions for this
week will be found on page 1711.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
Bonds (Par Value).
Week Ended
Mar. 15.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tote
Stocks
(No. Shares)
Rights
873,300
1,323,400
1,135,100
1,240,400
1,295,600
1,543,900
59,500
95,900
83.600
93.000
79,900
125,100
7,411,700
537,000 I
Domestic
Foreign
Government
$798,000
1,379.000
1,478,000
1,497.000
1,580,000
1,509.000
150.000
301,000
373,000
321.000
442,000
146,000
$8,241,000
$1,733,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 27 1929:
GOLD.
The Bank ofEngland gold reserve against notes amounted to £150.503,734
on the 20th inst. (as compared with £149,837,878 on the previous Wednesday), and represents a decrease of £3,402,581 since April 29 1925 -when
an effective gold standard was resumed.
About £706,000 bar gold from South Africa was available in the open
-of this amount was secured
Market this week. The bulk-about £413,000
by the Bank of England,as shown in the figures below, and the balance was
disposed of as follows: £110,000 for a special Continental order, E55,000
for India and £124,000 for the Home and Continental trade.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £389,932 during the week under
review:
Feb. 21. Feb. 22. Feb. 23. Feb. 25. Feb. 26. Feb. 27.
nil
nil £413,100
nil
nil
7,453
nil
nil £13,741
/3,439
£8,441
£5,000
The receipt yesterday was in bar gold from South Africa. The withdrawals consisted of £20,621 in bar gold and £10.000 in sovereigns.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 18th inst. to mid-way on the 25th inst.:
Received
Withdrawn_
ImportsBritish West Africa
British South Africa
France
Other countries
E33,697
921,799
9,488
3,755
Exports
Germany
France
Switzerland
Egypt
British India
Straits Settlements
Other countries
£15,330
16,853
47,800
15,240
98,154
21,200
16.950
£231,527
£968,739
It was announced in Prague yesterday that a bill would shortly be introduced to stabilize the Czechslovakian currency. The rate of stabilization is
to be Oz.K. 33.75 to the U. S. dollar, thus fixing the gold contents at
44.58 milligrammes of fine gold and making the gold parity with the pound
sterling Cz.K. 164.2$.
Following are the balance of trade figures (in lam of rupees) for India
for the month of January last:
Imports of merchandise on private account
Exports,including re-exports, of merchandise on private account
Net imports of gold
Net imports of silver
Net Imports of currency notes
Total visible balance of trade-in favor ofIndia
-against India
Net balance on remittent* offunds
[VOL. 128.
,FINANCIAL CHRONICLE
1680
2684
3033
131
102
125
265
SILVER.
During the week under review silver has been steady and a fair demand
was received from China until some hesitation was manifest owing to prices
here rising rather above Eastern parities. India has shown some interest
in the market, but quotations generally ruled above those which Bazaar
operators were willing to pay. On the 25th inst. the market rose sharply
In response to a geod Eastern demand, which, owing to scanty offerings,
carried the rates to 26d. for cash, and 26 1-16d. for two months' delivery,
representing rise of 3-16d. and 55id. in the respective prices.
America and the Continent have contributed to the supplies and there
has also been some re-selling on China account, but the higher prices have
not so far provoked any freedom of selling and the tone of the market in
consequence remains steady.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
Exports
Imports£13.033
£23,237 British India
Germany
5.010
8,220 Other countries
Other countries
18.043
£31,457
INDIAN CURRENCY RETURNS.
Feb. 22. Feb. 15. Feb. 7.
(In lace of rupees.)
18916
19144
19170
Notes in circulation
9882
9910
9936
Silver coin and bullion in Incite
Sliver coin and bullion out of India
3221
3321
332
Gold coin and bullion in India
Gold coin and bullion out of India
45§1
45§i
4327
Securities (Indian Government)
786
786
786
Securities (British Government)
700
900
980
Bills of Exchange
The stock in Shanghai on the 23rd inst. consisted of about 70,700.000
ounces in sycee. 109.000,000 dollars. and 10,020 silver bars, as compared
with about 69,700,000 ounces in sycee, 109,000,000 dollars, and 7,880
silver bars on the 16th inst.
Quotations during the week:
-Bar Silver, Per Or. Std.- Bar Gold Per
O. Fine.
2 Mos.
Cash.
25 13-16d. 84s 11 d..
25 13-168.
Feb. 21
845. 1113d.
255(d.
25;id.
22
25 13-16d. 84s. 11 d.
25 13-16d.
23
845. 1134d.
26 1-16d.
268.
25
84s. 1034d.
26 1-168.
26d.
26
84s. 1134d.
26d.
25 15-168.
27
84s. 11.4d.
25.916d.
25.885d.
Average
cash and two months' delivery are
The silver quotations to-day for.
respectively )id. and 3-168. above those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c:, at London,
as reported by cable, have been as follows the past week:
Well.,
Frt.,
Tues.,
Thurs.,
Mon.,
Sat.,
Mar,9. Mar, 11. Mar. 12. Mar. 13. Mar. 14. Mar. 15.
26
26
28
25 15-18 26
Silver, p. oz_d_ 26
Gold, piffle oz. 843.1111d. 845.11116. 84s.1034d. 843.10Md. 843.11 Md. 84s.1134d.
55
55
5434
5454
543.
Consols,234%
102
10111
10154
10i5E
101
British 5% _ _ _
9754
9755
9754
9734
9734
British 454%-French Rentes
71.95
71.65
70.95
71.35
71.20
on Paris)-tr- - French War L'n
98.60
98.25
97.60
97.50
97.45
(In Paris)-fr-
The price of silver in New York on the same days has been:
Silver In N. Y., per oz.(es.):
5634
5634
Foreign
5634
5654
15654
5654
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
tables which show all the monthly changes
We give below
in national bank notes and in bonds and legal tenders on
deposit therefor:
•
National Bank Circulation.
Afloat on
Amount Bonds
on Deposit to
Secure ("Rada
Ron for National
Bank Notes.
Feb. 28 1929
Dec. 31 1928
Nov.3 1928
0
Oct. 1 1928
9
Sept.2 1928_
Aug. 31 1928
July 31 1928
June 3 1928
0
May 1 1928
Apr. 3 1928
0
Mar.3 1928
Feb. 2 1928
Jan. 3 1928
Dec. 3 1927
1927
Nov
Oct. 3 1927
1927
sent.
Aug. 3 1927
July 3 1927
1927
June
May 3 1927
1927
Apr.
Mar.3 1927
Feb. 2 1927
Jan. 3I 1097
Bonds.
Legal
Tenders.
$
668.432.090
667.013,340
667,308,440
667,168.440
667,318.040
686,732.700
666.643,200
665.658.650
667,491,900
668,196.460
666,866,710
687.011.210
666.230,710
667.127.710
686,830,210
686,873.290
666.985.790
667.143.790
667.156.290
666,991.130
667.095,680
665.724,930
665.641.990
866.138,640
MA 5113.940
5
659,651,580
682.904,827
663,931.957
662.705,675
660,463.912
680,518,182
658,463.423
858.732,988
661,522,450
681.127.660
662,412.992
661.481,322
659,332,017
682,380,082
663.340.675
683.167.030
662.742.593
663.747.178
661.550.768
661.288.545
663.156,720
662.238.833
661.673,603
660.368.240
M7.3114.790
I
35,231,759
35,877,502
36.248.802
37.446.779
37.688.747
38,299.802
38.926,224
40,887.664
39,757,992
38,814.509
36,802.227
38,250,372
38,407.517
38,623,507
39.060.424
39.825,664
40.537.019
41,052.614
42,967,269
42.857,722
42,777.217
39.074.404
38.251.384
36,825,184
37 PIM 7A9
Total.
$
694,883,331
698.782.121
700.180.751
700.152,454
608.152.651
698.817.984
697,389,647
699,620,062
701,280,442
699.942,169
1399.215,219
699.731.694
607,739.534
701,003,589
702,401.099
702,992,694
703.279,812
704,799.792
704.518.037
704,146,267
705.933.937
701.313,237
609,924.987
697.191.424
595.221.549
$3,882,751 Federal Reserve bank notes outstand ng March 11920, secured by
lawful money. against $4,335,468 on March 11928.
The following shows the amount of each class of'United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Feb. 28:
MAR. 16 1929.]
FINANCIAL CHRONICLE
U.7S. Bonds Held Feb. 28 1929 to Secure
-
Bonds on Deposit
March 11929.
On Deposit to
Secure Federal
Reserve Bank
Notes.
On Deposit to
Secure
National Bank
Notes.
Total
Held.
$
592,056.550
•48,637,020
25,738,520
Totals
592,056,550
48,637,020
25,738,520
666,432,090
La. U. S. Consols of 1930
2a, 11.8. Panama of 1936
le, U. B. Panama of 1938
686,432,090
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Felt. 1 1929
and Mar. 1 1929 and their increase or decrease during the
month of February:
National Bank Notes-Total Afloat
Amount afloat Feb. 11029
Net decrease during February
3697.278,219
2,394,880
Amount of bank notes afloat Mar. 1
Legal Tender Notes
Amount on deposit to redeem national bank notes Feb. 1
Net amount of bank notes Issued in February
8694,883,339
34,822,732
409,027
Amount on deposit to redeem national bank notes Mar. 11029
335,231,759
gointsvotiaI aura 1t1 u cellancollS ACM
Breadstuffs figures brought from page 1770.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
I
Wheat.
I
Corn.
Oats.
I Barley. I
Ave:
bbls.196Ibs.1bush. 6011s.bush. 56 lbs. bush. 32 lbs bush.4Slbs bush.5015s.
.
.
Chicago
443.000 1,221,00
234,000
186.000
396.000
22,000
Minneapolis.
218,000
2,050,000
293,000 388,000
90.000
Duluth
966.000
7.000
91.000, 106.000
82,000
11.111witukee_ -15.000
35..000
138,000
73.000, 182,000
21.000
Toledo
314.000
121.000
48,000
Detroit
8,000
54,000
22.000
Indianapolis_
249,000
34,000
146.000,
661,000
St. Louie_ _
836,000
144.000
323,000
12.000,
Peoria
337.000
23,000
84,000
l84.00&
54,000
Kansas City _
804,000
1.108,000
114,000,
Omaha
441,000
128.000;
256.000
St. Joseph..
200,000
66.000
38,000
Wichita
113,000
306,000
6,000
Sioux City_
104,000
22,000
60.000
2,000
1,000
Total wk. '29
Same wk. '28
Same wk. '27
497,000
485.000
443,000
6.678.000 4,362.000 1.995.000
930,000
6,550,000 12,409,000 3.531,000 1,346,000
4.911,000 5,713.000, 2.820.000 544,000
217,000
317.000
301.000
Banco Aug.I16.0117.000 385.221.000 109,509,000101.516.000 78.534.00020,574,000
1028
15.462.000 350.903,000 210.705,000 103,829,000 57,724,00026,290.000
1927
15,062,000262.972,000 161.177,000101,650,00029,865,00024,042.000
1926
1681
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 9, were as follows:
GRAIN STOCKS.
Corn.
Oats.
Rye.
Barley.
bush,
bush,
bush,
bush,
22,000
132,000
64.000
189.000
9,000
2.000
375,000
85.000
94.000
6.000
108,000
1,340,000
177,000
108,000
4,000
172,000
12,000
612,000
929,000
79.000
49.000
263.000
1,153,000
568,000
2,000
55.000
2,786,000
278,000
162,000
4,000
21.000
4,864,000 2,481,000 2.257.000
142,000
332,000
3,178,000
217.000
2,347.01)0
48,000
250.000
6.000
26,000
600.000
500.000
235.000
45,000
53.000
12,000
85,000
13,061,000 13,157,000 3,204.000 2,372.000
938.000
1,396,000
226.000
474,000 2,368,000
896,000
521.000
460,000
24,646.000 1.099.000
778,000 2.069,000 1,884.000
418,000
278,000
30,623,000 1,446.000 2,199.000 1,259.000 3.823.000
471,000
892,000
244,000
8,000
3,364,000 1.464.000
429,000
8.000
98.000
18.677.000 2,993.000
16.000
32,000
12,000
4,411.000
204.000
23,000
4,000
2,039,000
602,000
3.000
12,000
308,000
454.000
150,000
593,000 1,412,000 1,409.000
7,456,000 2,193,000 1,149,000
217,000
115,000
1Vheal.
bush,
247,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louls
Kansas City
Wichita
St. Joseph, Alo
Peoria
Indianapolis
Omaha
Total Mar. 9 1929_123,994,000 34.167.000 14,876,000 6,599,000 9,239,000
Total Mar. 2 1920....123.432.000 33,301,000 14.898,000 6,415,000 9,172,000
Total Mar. 10 1928.....60.849.000 44.147,000 18,770,000 4,571,000 2,062.000
Note.
-Bonded grain not Included above: Oats. New York, 218,000 bushels;
Philadelphia, 33,000; Baltimore, 5,000; Buffalo, 367.000; Buffalo afloat. 23.000;
Duluth, 14.000; total. 660.000 bushels, against 338,000 bushels In 1928. Barley.
New York, 421.000 bushels: Boston. 97.000: Philadelphia, 212,000: Baltimore,
172,00.; Buffalo, 707,000; Buffalo afloat, 437.000: Duluth, 99,000: total, 2.145.000
bushels, against 1,681,000 bushels in 1928. Wheat, New York, 3.741.000 bushels;
Boston, 1,503,000; Philadelphia, 3,334,000; Baltimore, 3.078.000; Buffalo, 8,135,000;
Buffalo afloat, 4,148,000; Duluth. 273.000: Toledo afloat, 1,369,000; total, 25,581,000 bushels, against 18,398,000 bushels in 1928.
Canadian
Montreal
9,186,000
776.000
382,000
425,000
Ft. William & Pt. Arthur_57,374,000
4,660,000 1,882,000 6.278,000
" afloat
7,792,000
41,000
290,000
Other Canadian
11,899,000
2,761,000
180,000 1.339.000
Total Mar. 9 1929_ ...80,25t,000
Total Mar, 2 1929__ _ _84,712,000
Total Mar. 10 1928.....77,095.000
Summary
American
Canadian
8,238,000 2.444,000 8.358.000
7,524.000 2,403,000 8,147,000
2,789,000 3,141,000 3,825.000
123,994,000 34,167,000 14,671,000 6.559.000 9.239.000
86,251.000
8,238,000 2,444.000 8,318,000
Total Mar, 9 1929_210,245,000 34.167,000 22.909.000 9,003.000 17.597,000
Total Mar. 2 1929___208,144,000 33,301,000 22,432,000 8.818.000 17.319,000
Total Mar. 10 1928...146,944,000 44,147,000 21,559,000 7,712,000 5.887,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Total receipts of flour and grain at the seaboard ports for ending Friday, Mar. 8, and since July 1 1928 and 1927,
the week ending Saturday, Mar. 9, follow:
are shown in the following:
Receipts al-
Flour.
I
Wheal.
I
Corn.
I
Oats.
I Barley. I
Rye.
Barrels. I Bushels. I Bushels. I Bushels. I Bushels. I Bushels.
. 370.000,
New York_ _
447.000,
95,000
172,0001
75,000,
3,000
Portland, Me.
13.000,
189.000,
Philadelphia__
200,0003,0001
34,000,
10,000I
2,0001
Baltimore. ___
17.000,
124,000,
24,000
7,000 123.000
Norfolk
3,000,
I
Kew Orleans•
33,0001
45,000,
369.0001
27,000
Galveston__
I
160,000
48.000
St. John, N.B
19,000 1.063,000
10,000
8,000
20,000
30,000
15.000
1,0Bostn
1,o
I
I
I
Total wk. '29
531,000 2,084,000
657,0001
241.000
20%000,
24,000
Since Jan.I'29 5.389,000 31.674,000 12,149,000 3,229,000 5,648,000, 1,729.000
Week 1928_ _ _I 445,000 1,995.000
Since Jan.1'28 4,709,000 24,815,000
585,000
5,219.000
506,000
182,000
746,000
3,860,000 6,159,000, 3,005,000
Wheat.
Exports.
1928-29.
Week
Mar. 8.
Corn.
I 1927-28. I
Since F
Tince
July 1.
July 1.
1928-29.
Week
Mar. 8.
I 1927-28.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 7,426,000411,058.000 352,944.000 1,119,000 29.738,000 9.284.0110
Black Sea...
2.024,000 9,272,000
1.827,000 14,925.000
Argentina_ __ 10.290,000 123.879,000 99.117,000 1.275.000178,048,000210.527.000
Australia
3,976.000 71,816.000 44,663,000
India
1,064,000 8,240,000
0th. countr's
376,000 34,772,000 24,064,00
528.000 22,931,000 18,313.000
Total
22,068,000644,613.000538,300,090 2,922,000232,544,0
253.049,000
Cleveland Stock Exchange.
-Record of transactions at
• Receipts do not Include grain passing through New Orleans for
foreign ports
on through bills of lading.
Cleveland Stock Exchange, Mar. 9 to Mar. 15, both inThe exports from the several seaboard ports for the week clusive, compiled from official sales lists:
ending Saturday, Mar. 9 1929, are shown in the annexed
Friday
Sales
statement:
Last Week's Range for
Range Since Jan. 1.
Exports fromNow York
Portland, Me
Boston
Baltimore
Norfolk
Mobile
New Orleans
Galveston
St. John, N. B
Halifax
Wheat.
Wheat.
Bushels. Bushels.
701.000
169.000
24.000
664,000
111,000
16.000
1,063.000
45,000
547,000
648,000
Total week 1929._ 2,748,000 1.140,000
anrnp week 1928---- 2.684.085 1.215.000
Flour.
Oats.
I
Rye.
Barrels. Bushels. Bushels.
61.213
70,000
13,000
1,000
1,000
3,000
22,000
6,000
19.000
1.000
Barley.
Bushels.
'253,000
150,000
10.000
20,000
160.000
84,000
8,000
127,213 1
80,000
193.5371 203.000
20,000
787.090
655.000
naa 0.10
The destinat'on of these exports for the week and since
July 1 1928 is as below:
flour
Exports for Week
Since
Week
and Since
Mar. 9 July 1
July 1:
0
1929.
1928.
Irheat.
Week
Mar. 9.
1929.
Since
July 1
1928.
Corn.
Week
Mar. 9
1929.
Since
July 1
1928,
United Kingdom_
Continent
Bo.& Cent. Amer.
West Indies
Brit. No. Am.Col.
Other countries_
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
41.131 2,476.357
690,000 58,673,726 319,000 8.673.110
51.482 3.786,240 2,057,000 161,101,959 794.000 15,639.962
6.000
350,000
273.000
1,000
176.000
10,000
335.000
1,000
57,000
26,000
673,000
1,000
20,000
18:600
793.588
3.156,733
2.250
Total 1929
Total 1928
127,213 7.742.185 2.748.000 223.282.412 1.140,000,25,164.322
103,537 8.223.313 2.654.085 187.051.503 1.217,0001 6,285.671
Stocks-
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
•
Aetna Rubber coin
•
Allen Industries corn
Preferred
•
Amer Multigraph com__•
Amer Ship Bldg corn___100
Apex Elec
Preferred
Bond Stores A
20
Buckeye Incubator corn..'
Dulkley Buildhag pref__100
Brown Fence A prof
Central Alloy Steel pref 100
City Ice & Fuel
•
Clark (Fred 0) corn... _10
Clev Automat Mach com50
Preferred
100
Clev Bldrs Sup & Br corn
Clev-Cliffs Iron corn
•
Clev Elec III 6% Pref....100
Cleve Ry common
100
Clev Securities pr lien pf.
_10
Cleveland Trust
100
Clev Union Stockyds corn •
Clev Worsted Mills com100
Columbus Auto pref
•
Chase Brass pref
100
Elec Control & Mfg com __•
Enamel Products
Falls Rubber pref
25
Faultless Rubber corn_
•
Federal Knit Mills corn_ •
Firestone Tire & It com _10
100
6% Preferred
100
7% Preferred
Foote Burt new
•
374
344
3
26
6511
114
1104
1064
334
184
104
644
324
109
50
204 21
114 11,4
30.4 303
1
374 38
884
88
334 344
10434 107
3
3
1
14
29
284
654 66
294 30
1094 112
574 58
114 134
15
15
75
75
30
33
140 150
1104 111
1064 109
34 34
438 460
24
24
1834 183.4
32
35
101 104
644 66
3234 324
8
8
36
36
404 41
233 245
1094 110
109 1094
50
52
160
20
100
100
65
1,808
180
15
101
5,246
100
300
175
388
3,055
40
27
275
187
100
189
981
203
100
100
725
200
Low.
204
114
304
37
88
26
1044
3
1
104
654
294
10914
86
5
124
70
30
135
111
1044
34
398
22
174
31
1034
so 57
220 32
10
100 33
125 364
140 220
60 1094
180 108
170 40
Feb
Feb
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Max
Mar
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Feb
Jan
High.
27
144
34
40
93
344
107
4
134
284
66
36
113
84
13%
15
75
35
150
1124
110
34
485
244
194
35
10434
67
34
154
394
41
250
111
111
544
Jan
Jan
Feb
Jan
Jan
Mar
Star
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Fel?
FINANCIAL CHRONICLE
58
10634
29
106
1134
3134
348
103
40
334
2634
94
94
94
x
gx
96
g g
w
tggtgtOP&Ng1124ntgt;.tta4MgNtg.gggg,t55a5g14tPAgtV8...n.Etttggtt.g.An
4934
353
t
2534
35
282
102
105
54
43
500
50
105
10814
73
4514
33
6034
3234
50
9814
105
1434
4334
3634
8234
6534
43
38
13034
38
138
41
18
2934
26
9914
11534
92
7534
3834
42
3334
2814
4434
19
28
5234
390
7
8
25
65
10734
35
88
108
28
14
50
634
10334
31
68
107
60
348
300
104
12
4034
334
65
29
2734
xxx
86
72
38
4134
nigh.
Low.
gx
28
0
3634
w-
3434
128
37
•-•
59
.0 0-
1434
38
w
5914
47
m...00-1010
.0.,..4,WWOON.-.2§WWW.,WN...,•
1
.40.000, , ,
N0.-04.NWWWON012§0*Wcre0....0W4.0oMNCA..0CoN.-.C
.00
- -.0C104.000(A04.0000000 000.01-.N.PcnOeinom
,nr-N00w0 m 00
000v.000NW0000000
64
35
Range Since Jan. 1.
..
..,
1-.043 •-•
.c,50beIN
NNO
N
000o.0.1*W0 wo..N500N8CAN
t2.0.N...A.NN.P.W=Wr-ONNWWUNNW.0014.mgNww58.4S3A
WW,P.NCONNUMN4.4.WON0.4NONT.0 CA.040N44,000C400W
com•FN,4•0w11.-40.4=0.-.4.W.-.oNocrt00.-..-.PNW00.-0NNO0
.
g
XgXg
X
g X
1943
42
47
33% 34
295 275
101 101
104% 105
52%
52
43
42
402 402
49%
47
104% 105
107% 10714
64
61
3414 35
30
3034
60
59
32
32
48
47
97
97
100 10234
1434
14
41
41
3634 38
7334 76
59
53
36
36
3434 36
128 130
37
36
134 134
36
3734
17
17
22
23
2534 28
9934 9934
114 115
87
86
7034 72
38
3836
4034 4134
3034
30
2534 2634
44%
44
19
19
2434 25
49
5034
342 354
7
7
634 7
22
2234
58
54
10634 lossi
30%
29
87
85
10534 10634
2514 2514
11
1131
4234 4734
534
5
103 103
31
3134
62
62
107 107
5014 52
346 348
294 294
103 104
634 634
4014
38
234 334
64
64
28
28
2634 2734
8
0
Bends—
teel & Tubes RSI
343
101
(.0
•
Geometric Stamping
General Tire & R com__ _25
100
Preferred
100
Glidden prior pref
Godman Shoe common_ •
Greif Bros Coop corn_ •
ioo
Guardian Trust
10
Halle Bros
100
Preferred
100
Higbee 1st pref
India Tire &Rub com_ _..•
•
Jaeger Machine corn
10
Kaynee common
Kelley Isld L dr Tr corn_ -_•
Lake Erie Bolt & N com •
25
Lamson Sessions
LoewsOhloTheatres pref100
Marion Steam Shov pf _100
•
Maud Muller
•
Met Pay Brick corn
Miller Wholes Drug com -•
Miller Rubber. pfd- —100
Mohawk Rubber. com___•
Murray Ohio Mfg com •*
*
[dyers Pump corn
National Carbon, pfd100
National Refining corn_ _25
100
Preferred
•
National Tile corn
50
National Tool corn
*
Nestle-LeMur corn
•
'1900" Washer corn
North Ohio P dr L6% Pf100
100
Dhlo Bell Tel pre
•
Dhlo Brass B
DIdo Seamless Tube come
•
Patterson Sargent
Packard Elect com new _*
•
Packer Corp com
paragon Refining com _ ...•
•
Preferred
50
Peerless Motor corn
*
Paragon v t c
•
deliance Mfg corn
•
lichman Bros. corn
liver Raisin Pap corn_ •
lob & Myers ser 1 v t a_ _ •
•
3cher-Ilirst class A
3eiberling Rubber corn_ •
ioo
Preferred
•
kslby Shoe corn
Merv/In-Williams corn _ _25
100
Preferred
3maliwood Stone com_ •
hand Text Prod com _ _100
100
B preferred
•
Kearns Motor corn
100
Keel & Tubes pref
•
;toutfer Corp A
Thompson Prods, com_ •
100
Preferred
Inion Metal Mfg cora_ •
100
JnIon Trust
100
Inked Bank
Vestern Res. Inv Corp _100
ran Dorn Iron Wks com *
•
Veinberger Drug
•
Rights
Vellm-Seav-Morg pfd -100
Vood Chem Prods corn •
•
Vidlar Food Prod
0
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
0
0.
1682
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Feb
Jan
•No par value.
information regarding
National Banks.—The following
Comptroller of the
national banks is from the office of the
Currency, Treasury Department:
WITII TITLE
APPLICATION TO ORGANIZE RECEIVED
REQUESTED.
Capitol.
$ 0,000
Miss
Mar. 8—The First National Bank of Lexington.
Miss.
Correspondent, W.0. Barrett, Lexington,
APPROVED.
APPLICATIONS TO ORGANIZE
Bank, West Palm
Mar. 8—West Palm Beach Atlantic National
100,000
Beach, Fla
care Atlantic National
Correspondent, H. V. Martin,
Bank, Jacksonville, Fla.
York, N. Y____ 200,000
Mar. 8—The National Bank of Bayside in New4111 Bell Ave..
Correspondent, J. Wilson Dayton,
Bayside, N. Y.
APPLICATIONS TO CONVERT APPROVED.
& Trust Co., Roslyn, N. Y_ 100.000
Mar. 11—The Roslyn National BankHempstead Harbor, N. Y.
Conversion of the Bank of
of Niles, Mich_ - 150,000
Mar. 11—The City National Bank & Trust Co.
Mich.
Conversion of the Niles City Bank, Niles,
CHARTERS ISSUED.
100,000
Idaho
Mar. 5—First National Bank in Coeur d'Alene, C. T. Hess.
President, A. W. Witherspoon: Cashier. Wells, N. Y
50,000
Mar. 6—The Hamilton County National Bank of
President, Wm. B. Ronald.
Trust Co. of Everett,
Mar. 7—The Citizens National Bank &
100,000
Wash
CooDer•
President, N. L. Thompson: Cashier, Frank L.Everett,
Co.,
Conversion of the Citizens Bank & Trust
Wash.
50,000
Mar. 8—The Pampa National Bank, Pampa, Tex
President, C. L. Thomas.
County State Bank,Pampa,Tex.
Conversion of Gray
VOLUNTARY LIQUIDATIONS.
400,000
Mar. 5—The Northern National Bank of Philadelphia, Pa
E.Schuehler,
Effective Mar.4 1929. Lig. comm.: II. and Clinton
Theodore E. Nickles, Wm.B. Rosskam,
0. Mayer, Philadelpgia, Pa.
Pa.
Absorbed by Ninth Bank - Trust Co.,Philadelphia,
25,000
Mar. 5—The First National Bank of Olust,ee, OklaJ. I. Dyer,
comm.:
Effective Jan. 17 1929. Lb.
Olustee, Okla.
Absorbed by Farmers State Bank. Olustee, Okla.
50,000
Dak
Mar. 6—The First National Bank of Mt. Vernon, S.
comm.:
Effective close of business Feb. 28 1929. Lig. R. E.
E. Newell,
J. M. Newell, J. G. Trotter,
E.
Harris, Mt. Vernon, S. Dak., and Herbert
Hitchcock, Mitchell. S. Dak.
Mt. Vernon,
Succeeded by the First National Bank in
S. Dak., No. 13282.
25.000
Mar. 6—The First National Bank of Horatio, Ark John Elmer,
Effective Mar. 1 1929. Lig. agent,
Horatio, Ark.
Absorbed by Bank of Horatio. Ark.
30,.000
Mar. 6—The Marine National Bank of Pittsburgh, Pa Burilwin
Effective Feb. 26 1929. Lig. comm.: Hill
and J. S. Brooks, Pittsburgh, Pa.
Absorbed by the Third National Bank of PittsbUrgb.
No. 291.
[vol.. 128.
Mar. 9—The Citizens National Bank of Martinsville, Ind_ _ _ _ _ 100,000
Effective Feb. 25 1929. Lig. agent, J. C. McNutt,
Martinsville, Ind.
Absorbed by the First National Bank of Martinsville,
Ind.. No. 794.
Auction Sales.—Among other securities, the following,
not actually dealt in at•the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
.
12105 East Delaware Bldg. CorP-$950 lot
2,700 Austin 011 Co., Inc., Shreve$2 lot 554 Ga. & Fla. RR. pref. v. Lc.:
port, La., par $10
423 corn. v, t. c.: 100 4% pref.
8,000 Walker Petroleum Corp.,
,
200 common v. t. a_ _$1,100 lot
v.
$1 lot
par $1
50 Union Discount Co. of N. Y.,
$11 lot
7% pref.: 200 common
By Wise, Hobbs & Arnold, Boston:
8 per sh.
$ per oh. Shares. Stocks.
Shares. Stocks.
200
1 Griffin Wheel Co. common
10 Central Trust Co., Cambridge_ _450
10
& Knight Co. corn
8 Groton
5 Worcester County Nat. Bank,
18034 500 New England Maritime Co.
Worcester, par $50
Pref. par $10; 1,000 common—$45 Iotr
Mills
12034
15 Continental
'
32 5 Hood Rubber Co. 733% pref____ 7234
8 Arlington Mills
3634
50 Chain Store Stocks Inc
181
3 Royal Weaving Co
6234
234 20 Groton & Knight Co. pref
33 Tremont & Suffolk Mills
1-64 Schooner Edna McKnight_ _ _84 lot
10 Connecticut Mills Co. 1st pref__ 30
50 Carr Fastener Co. cora.. par $25. 55
10 Connecticut Mills class A corn45c. 27 Merrimack Chemical Co., par
mon, par $10
75-7533
$50
80 Naumkeag Steam Cotton Co _130
4 Vermont & Mass. RR__11634 ex-div. 50 Boston Woven Hose & Rubber
93 ex-div.
Co. common
5 Springfield Fire & Marine Ins.
10 Boston Chamber of Commerce
196
Co.. par $25
403L
Realty Trust lot pref
36 ex-div.
9 State Street Exchange
_ _ 68
70 Merrimac Hat Corp.
11 Rockland L. dr P. Co. cony. precommon9134 200 Guanajuato Consol. Min. dr
850
forced, par
150.
Mill. Co.. par 85
65 Chapman Valve Mfg. Co. pref_ _ 111
110 Robert Gair Co. participating
100
2 Biddeford & Saco Water Co
3431-35
class A
9
10 Saco-Lowell Shops common__
803-4-8234
13 41 Western Mass. Cos
-Lowell Shops 2d pref
10 Saco
50 Commonwealth G. dr E. Co. pf-100% 250 Atlantic Public Utilities Inc.
21-22
class A
10 New Bedford Gas& Edison Light
10734 96 Old Colony Trust Associates_ _56-58
Co. v. t. c., par $25
$ per right.
Rights—
(carry10 Laconia Car Co. 1st pref.
10 Merchants Nat. Bank, New Bed40
Mg 10 shs. 2d Prof. as bonus)
814
ford
6 Boston Belting Corp. pref., par
$2.10 lot 250 Hamilton Woolen Co_111-1 5-16
$50
6 W. L. Douglas Shoe Co. pref- — _ 90 110 No. Boston Ltg. Prop.(under].) 133
Per cent.
Bonds—
6 Greenfield Tap & Die Corp. 8%
104 & div. $2,500 K. C. Rys. Co. 2d M. 5s,
preferred
4414
July 7 1944 (Jan. 1920 & sub.
10 Amer. Mfg. Co. common
$5 lot
coupons attached)
40 Old Colony L. dr P. Assoc. pfd_ _100%
41
$10,000 Southwest Gas Utilities
6 units First Peoples Trust
81 & int.
Corp. 614s, May 1943
3
Trust_
7special units First Peoples
$2,000 Distribution Terminal &
142 Eastern Utilities Associates conCold Storage Co. 614s, April
1234-13
vertible shares
80 & int.
1952
100 Universal Chain Theatres Corp.
$5,000 Post Office Square Co. 8348,
8% 1st pref.; 100 common as
51 & lat.
Dec. 1943
$5 on pref.
bonus
100 Old Colony Trust Associates_ _ _ 56
By R. L. Day & Co., Boston:
$ per sh.
$ per oh. Shares. Stocks.
Shares. Stocks.
254
48534-48614 20 U.S. Envelope Co.corn
13 First National Bank
460
1-2 Boston Insurance Co
200
20 Boston National Bank
16 special units First Peoples Trust_ 3
200
45 Boston National Bank
100 Old Colony Trust Associates__ _ 56
14 First Nat. Bank, Merrimack,
9934-100 285 Nonantum Invest. Co.. par $5_ 100.
Mass
1
175
100 Columbus Realty Corp
5 Milford Nat. Bank, Milford
3134 30 Old Colony Trust Associates 1181
5 Potomska Mills
56
37
series trust shares)
5 Associated Textile Co
41
25 units Mart Peoples Trust
14 Naumkeag Steam Cotton Co... 130
15 special units First Peoples Trust_ 3
51
50 Ipswich Mills pret
41
Peoples Trust
130
18 units First
25 Naumkeag steam Cotton Co
55
32 Haverhill Elec. Co., par $25— -- 8034
5 Brookside Mill
33%-34% 5 Charlestown G.& E. Co.(linden.)
28 Wamsutta Mills
13234
par $25
50 Boston RR. Holding Co. pref--- 7333
64 ex-div. 13 Old Colony Trust Associates.... 56
50 Draper Corp
Bonding dr Ins. Co. Par
30 Mass.
3 New Hampshire Fire Ins. Co_ _ __639
170
$25
2 Columbian Nat. Life Ins. Co_ __ _168
8 Old Colony Trust Associates-56-58
4 Rockland L. dr P. Co. corn. (uni per right.
Rights—.
12233
deposited), par $50
64 ex-div. 4 No. Boston Ltg. Prop. v. t. C.-- 333
4 Draper Corp
44 No. Boston Ltg. Prop.(undep.)- 134
20 Lowell Elec. Lt. Corp. (un41
5534 2 units First Peoples Trust
deposited), par $25
50 556 No. Boston Ltg.Prop.(undep.) I%
common_
1 G.II. Priggen & Co.
By Barnes & Lotland, Philadelphia:
per M.
$ per oh. Shares. Stocks.
Shares. Stocks.
255 5 Wharton Title & Tr. Co., par $50. 45
50 City Nat. Bank & Trust
320
20 Union Bank & Tr. Co
20 Industrial Trust Co.. par $50-589
1 Citizens & Southern Bk.& Tr. Co. 45
10 First Nat. Bank, Bordentown,
253 5 Delaware Co. Tr. Co., Chester_ _335
N. J
3 Merlon Title dr Tr. Co., Ard$5,819.75 judgment note, J. Edward
305
more. Pa., par $50
Dorner, adminis. of estate of
T.
272 John B. Stetson Co. pref.,
A. S. Ross vs. Minthorne
3634
Par $25
Gordon Jr.. entered Apr. 6 1928
In Richmond County, N.Y.C-850 lot 38 John B. Stetson Co. common,
90
par $50
10 Central Trust & Say., par $50-240
5
1106 5 Standard Broom Co., pref
18 Phila. Nat. Bank
40 Autocar Co., Ardmore,Pa.,corn 68
1 Manayunk Quaker City Nat.
30
580 4 Phila. Bourse corn., par $50
Bank
30
850
10 Phila. Bourse com., par $50
1 Penn National Bank
2631
20 Phila. Bourse pref., par $25.1357
6 Nat. Security Bank
1011. K. Mulford Co., par $50.— 7634
18 Olney Bk.& Tr. Co. par $50....492
47 Independence Fire Ins. Security
400
1 Textile Nat. Bank
50
Co., par $25
9 Fern Rock Trust Co. par 850_ -128
2 Tacony-Palmyra Ferry Co., par
5 Lancaster Ave. Title & Tr. Co..
45
$50
102
par $50
71
16 Germantown Pass. Ry
1031
10 Fidelity Phila. Tr. Co
53 Frank T & So'wark Pass. Ry _ _245
Title de Trust
60 Real Estate Land
45
7933 10 Catawissa RR. 1st pref
Co., par $10
5414
13 Integrity Trust Co., par $I0...-18833 33 Minehill & Schuylkill Hay. RR_ 61
25 Bankers Securities pret
5 Continental Equitable Title de
30
54
35 Bankers Secur. pret. 50% paid
Trust Co.. par $5
per right.
Rights—
880
10 Provident Trust Co
175% 50 Corn Exch. Nat. Bank & Trust
53 Belmont Trust Co., par $50
97)4
Co
320
14 Hamilton Trust Co
71 Corn Exch, Nat. Bank & Tr. Co_ 96
30 SIxty-Ninth St. Term. Title dr
135
180
110 Phila. Co. for Guar. Mtges
Trust Co., par $50
10 No. Phila. Trust Co., par $50 526
By A. J. Wright & Co., Buffalo:
$ Per M.
per
&$ 83. Shares. Stocks.
Shares. Stocks.
500
3 Big Ledge. par $5
100 Boston Montana Dever. Co..
50e. lot lit Nat. Motor Corp., no par-5004.10$
Boston certifs.. Par $5
DIVIDENDS.
Dividends are grouped in two separate tables. In the
the
first we bring together all the dividends announced
in
current week. Then we follow with a second table,
but
which we show the dividends previously announced,
which have not yet been paid.
The dividends announced this week are:
MAR. 16 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
*IA Apr. 1 *Holders of rec. Mar. 15
Breton & Maine, old 6% pref
*Ix Apr. 1 *Holders of rec. Mar. 15
Prior preferred (guar.)
•1yi Apr. 1 *Holders of rec. Mar. 15
First preferred class A(
guar.)
Apr. 1 *Holders of rec. Mar. 15
First preferred class B (quar.)
*2
First Preferred class C (guar.)
•144 Apr. 1 *Holders of rec. Mar. 15
First preferred class D (guar.)
*24 AM. 1 *Holders of rec. Mar. 15
•1H Apr. 1 *Holders of rec. Mar. 15
First Preferred class E (quar.)
Cleve. Cln. Chic. & St. L.,corn.(Omar.)- *
2
Apr. 20 *Holders of rec. Mar. 28
sui Apr. 20 *Holders of roe. Mar. 28
Preferred (guar.)
Joliet & Chicago (guar.)
134 Apr. 1 Mar. 22 to Apr. 1
Kansas City Southern, pref.(quar.);
Apr. 15 Holders of rec. Mar. 30a
Mahoning Coal RR.,corn.(guar.)
$12.50 May 1 *Holders of rec. Apr. 10
Michigan Central
*100 Mar. 28 *Holders of rec. Mar.23
New York Central RR.(guar.)
2
May 1 Holders of rec. Mar. 28
Pittsb. Bessemer & Lake Erie, corn
75e. Apr. 1 Holders of rec. Mar. 15
Pittsburgh & West Va., corn.(guar.).
- s134 Apr. 30 *Holders of rec. Apr. 15
Public Utilities.
Amer. Dist. Teleg., corn.(guar.)
Apr. 15 'Holders of rec. Mar. 15
*El
Preferred (guar.)
Apr. 15 *Holders of rec. Mar. 15
American & Foreign Power
Allotment ctfs.65% paid
1.1334 Apr. 1 Holders of roe. Mar. 15
Amer. Gas & Elec., corn.(guar.)
25e. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 9
Amer. Superpower, 1st pref. (guar.).
- 31.50 Apr. 1 Holders of rec. Mar. 15
Preference (guar.)
$1.50 Apr. 1 Holders of roc. Mar. 15
Arkansas Natural Gas, pref. (guar.)
*15e. Apr. 1 *Holders of roe. Mar. 20
Barcelona Tr., Lt.& Pr., partic. pf.(qu.) 1% Apr, 2 Holders of rec. Mar. 21
Binghamton Lt., Ht.& Pow.,36 pf.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
31.25 Apr.
Holders of rec. Mar. 15
Brazilian Tree., Lt.& Pow.,6% pf.(q.u) '1)4 Apr.
*Holders of rec. Mar. 15
Capital Traction (quar.)
1% Apr. 1 Holders of roe. Mar. 14
Carolina Pow.& Light, $7 pref.(guar.). $1.75 Apr. 1 Holders of rec. Mar. 16
$6 preferred (quar.),.
$1.50 Apr. 1 Holders of rec. Mar. 16
Cent. Atlantic States Serv.. pref.(guar.) 1% Apr. 1 Holders of rec. Mar.20
Central Illinois Light,7% pref.(guar.)... "1% Apr. 1 *Holders of rec. Mar. 15
6% preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. 15
& Sub. Bell Telep. (guar.)
41.13 Apr. 1 *Holders of rec. Mar.20
Cleveland Ry.(guar.)
134 Apr. 1 Holders of rec. Mar. 12
Commonwealth Utilities, cl. A & B.(qu.) *250. Apr. 1 *Holders of rec. Mar. 21
Cuban Telephone, corn.(guar.)
2
Mar. 31 Holders of roe. Mar. 15a
Preferred (guar.)
1% Mar. 31 Holders of rec. Mar. 150
Detroit Electric, pref. (guar.)
'5234e Apr. 1 'Holders of rec. Mar. 20
Eastern Mass. St. Ry., corn.(No. 1)
373.4c Apr. 1 Holders of rec. Mar.
Eastern N. J. Power Co., pref. (quar.)... 1% Apr. 1 Holders of rec. Mar. 15
15
7% preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
8% Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15
Elec. Bond & Share Secur.(guar.)
25e. Apr. 15 Holders of rec. Mar. 11
Elec. Public Utilities. $7 prof. (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 12
Klee. Public Serv., pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 12
El Paso Electric Co., pref. (guar.)
•134 Apr. 15 *Holders of rec.
Empire Power Corp.,$6 pref.(quar.)... $1.50 Apr. 1 Holders of rec. Apr. 1
Mar. 18
Participating stock (guar.)
50e Apr. 1 Holders of roe. Mar. 18
Federal Water Service, $7 prof.(quar.)
31.75 Apr. 1 Holders of rec. Mar. 15a
$634 preferred (guar.)
31.6234 Apr. 1 Holders of rec. Mar. 15a
6 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15a
Florida Pow.& Light, prof. (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 13
Florida Public Serv.. pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
General Gas & Elec. $8 pref. A (quar.)-- *32
Apr. 1 *Holders of rec. Mar.22
$7 pref. A & B (guar.)
*31.75 Apr. 1 *Holders of rec. Mar. 22
General Public Utilities, $7 pref. (guar.) $1.75 Apr. 1 Holders of roe. Mar.
15
Gen'l Water Works & Elec..$7 pf.(qu.). $1.75 Apr. 1 Holders of rec. Mar. 15
Germantown Pass. Ry.(guar.)
.
$1.31 Apr. 2 Mar. 13 to Apr. 1
Gold & Stock Telegraph (guar.)
"31.50 Apr. 1 *Holders of rec. Mar.30
Hackensack Water, pref. A (guar.)
4354c Mar. 31 Holders of rec. Mar. 160
Haverhill Gas-Light (guar.)
56c Apr. 1 Holders of rec. Mar. 21a
Internat. Telep. & Toles. (quar.)
1% Apr. 15 Holders of rec. Mar.
Metropolitan Edison Co., 37 pref.(qu.) $1.75 Apr. 1 Holders of rec. Mar. 22
15
$6 preferred (guar.)
31.50 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
31.25 Apr. 1 Holders of rec. Mar. 15
Midland Utilities, 7% prior lien (guar.). 1% Apr. 6 Holders of rec. Mar. 22
Six per cent prior lien stock (guar.)--- 1% Apr. 6 Holders of rec. Mar.22
Seven per cent pref. class A (quar.)_.
1% Apr. 6 Holders of rec. Mar.22
Six per cent pref. class A (quar.)
1% Apr. 6 Holders of rec. Mar. 22
Missouri River-Sioux City Bridge
Preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar. 31
Montana Power (guar.)
1% Apr. 1 Holders of me.
130
Nassau & Suffolk Lte., Pref.(guar.) --1 1% Apr. 1 Holders of rec. Mar. 15
Mar.
Nat. Gas& Elec. Corp.. $634 prof.(qu.)s 1.6234 Apr. 1 Holders of roe. Mar. 20a
Nevada-Calif. Elec. Corp., pref.(qua?.).. 1% May 1 Holders of me. Mar. 30
New England Power Assn., corn.(qu.). *50e Apr. 15 *Holders of rec. Mar. 29
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 15
New England Public Serv., corn. (guar.) *450 Mar. 31 *Holders of rec. Mar. 15
N.J. Power & Light, $6 pref.(quar.)--- 31.50 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
$1.25 Apr. 1 Holders of roe. Mar. 15
Northeastern Power, corn.(guar.)
25c Apr. 1 Holders of rec. Mar. 15
Class A stock (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Northern Mexico Pow.& Devel., com-- 1
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
1)4 Apr. 1 Holders of rec. Mar.20
Northern Ohio Pr. & Lt.,6% Pi.(qu.)
1% Apr. 1 Holders of rec. Mar. 15
Seven per cent pref. (guar.)
1% Apr. 1 Holders of roe. Mar. 15
Northern Pennsylvania Pr., $7 pf. (qu) 81.75 Apr. 1 Holders of roe. Mar. 15
$6 preferred (quar.)
81.50 Apr. 1 Holders of rec. Mar. 15
Northern States Pr.(Del.), corn. A (qu.) 2
May 1 Holders of rec. Mar.31
Seven per cent pref. (guar.)
1% Apr. 20 Holders of rec. Mar. 31
Slx per cent pref.(guar)
134 Apr. 20 Holders of rec. Mar. 31
Ohio Electric Power, 7% pref. (guar.)._ 1% Apr.
Holders of rec. Mar. 20
Six per cent pref.(guar.)
1% Apr.
Holders of me. Mar. 20
Ohio River Edison, pref.(guar.)
41.7 Apr.
*Holders of rec. Mar-20
Ottawa L. H.& Pow., corn.(quar.)_
1
Mar.31 Holders of rec. Mar. 150
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 150
Pacific Gas & Elec., corn. (guar.)
*50c. Apr. 1 'Holders of rec. Mar. 30
6 Preferred (quar.)
*31.50 Apr. 1 *Holders of rec. Mar.30
Pacific Lighting, 6% pref. (guar.)
Apr. 1 *Holders of rec. Mar. 30
Pennsylvania Power & L.. $7 pf. (qu.)
Holders of rec. Mar. 15
. 5 Dr.
$6 Preferred (qu,ar.)
81.50 Apr.
Holders of rec. Mar. 15
$5 Preferred (guar.)
$1.25 Apr.
Holders of rec. Mar. 15
Philadelphia Traction
$2
Apr. 1 Holders of rec. Mar. 9
Porto Rico Railways, pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Porto Rico Telephone. pref
4
Apr. I Holders of rec. Mar. 150
Rochester Cent.Pow.Corp.,6% pr.(qu) 1)4 Apr. 1 Holders of roe. Mar.
Rochester Gas & Elec., coin.(quar.)..... *75e. Mar. 20 *Holders of rec. Mar. 22
13
Bt. Louis Public Service. pref. (guar.)._ 1% Apr. 1 Holders of me. Mar. 20
Southeastern Power & Light, corn. (qu.) (k) Apr. 20 Holders of roe. Mar. 30
South Pittsburgh Water, prof. (quar.)-- 1% Apr. 15 Holders of rec. Apr. 1
Southwestern Bell TeleP., prof. (guar.). 1% Apr. 1 *Holders of rec. Mar. 20
Southwestern Power & Light. pref.(qu.) •134 Apr. 1 *Holders of me.
Mar. 15
Standard Gas & Elec., corn. (quar.).--- 8734e. Apr. 25 Holders of rec. Mar. 31
Prior preference (guar.)
1% Apr. 25 Holders of rec. Mar.31
Texas-Louisiana Power, ref. (guar.) _ 1% Apr. 1 Holders of rec. Mar. 15
United Utilities, ref. (quar.)
1% Apr. 1 Holders of rec. Mar. 15
Western Union Telegraph (guar.)
2
Apr. 15 Holders of tee. Mar. 22a
BanksBancamerIca Corp. (No. 1)
1234e Apr. 1 Holders of rec. Mar. 16
Fifth Avenue (guar.)
Apr. 1 *Holders of rec. Mar.30
*6
First National (guar.)
•5
Apr. 1 *Holders of rec. Mar.25
First Security (guar.)
"20
Apr. 1 'Holders of rec. Mar.25
Manhattan (Bank of the) (guar.)
4
Apr. 1 Holders of rec. Mar. 19a
Park (National)(guar.)
Apr. 1 Holders of roe. Mar. 15
6
Trade (guar.)
31.50 Apr. 5 Holders of rec. Mar. 25
United States(Bank of)(guar.)
*50e. Apr. 1 *Holders of rec. Mar.22
Units
*31.50 Apr. 1 *Holders of rec. Mar.22
Bankers Corp.(guar.)
*31
Apr. 1 *Holders of rec. Mar.22
Trust Companies.
Banes Commerciale Hallam Tr.(guar.)_ "2% Apr. 1 Holders of me. Mar. 15
Bank of Europe Trust Co.(guar.)
75e. Apr, 1 Holders of rec. Mar.20
Extra
25c. Apr. 1 Holders of rec. Mar.20
Bank of N. Y.& Trust Co.(guar.)
4% Apr. 1 Holders of rec. Mar.22
Bronx County
2
Apr. 1 Holders of rec. Mar. 20a
Municipal Bank & Trust (guar.)
Apr. 1 *Holders of rec. Mar.20
*$4
*13.4
Name of Company.
1683
When
Per
Cent. Payable.'
Books Closed
Days Inclusive.
Trust Companies(Concluded.)
Municipal Financial Corp., class A (qu.) *683i Apr. 1
Class B (guar.)
*25c. Apr. 1 "Holders of rec. Mar.20
"Holders of rec. Mar.20
Fire Insurance.
Apr. 1
4
City of New York Insurance (guar.)
Apr. 1 Holders of rec. Mar. 20
5
Home Insurance (guar.)
Mar. 15 Holders of rec. Mar. 20
North River (quar.)
*32
$1.50 Apr. 1 *Holders of rec. Mar. 5
Russia (guar.)
Holders of rec. Mar. 140
Miscellaneous.
Aeolian Company, pref.(guar.)
131 Mar.30
Asbestos Corp., Ltd.. 7% pref.-April divide nd omit Holden of rec. Mar.20
Aetna Rubber common (guar.)
25e. Apr. 1 ted
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 16
Air Reduction (guar.)
50e. Apr. 15 Holders of rec. Mar. 16
Albany Perforated Wrapping Paper,corn mon- April di *Holders of rec. Mar.30
Alberta Pacific Grain pref.(guar.)
131 Apr. 1 vidend omitted.
Alles & Fisher, Inc., common (guar.)*50c. Apr. I Holders of rec. Mar. 15
Aluminum Goods Mfg.(guar.)
30e. Apr. 1 *Holders of rec. Mar. 12
Amer.Brake Shoe & Fdy.corn.(quay.)
40e. Mar.30 Mar. 22 to Mar.31
Preferred (guar.)
1% Mar.30 Holders of rec. Mar.22
Amer. Thermos Bottle corn. A (guar.)._ *25c. Apr. 1 Holders of rec. Mar.22
Preferred (guar.)
'87)Se Apr. 1 *Holders of rec. Mar.20
Apr. 15 *Holders of rec. Mar.20
Amer. Type Founders corn.(quar.)
2
Preferred (quar.)
131 Apr. 15 Holders of rec. Apr.1 5
Holders of rec. Apr. 6
Anchor Post & Fence (85e. cash or 234%
Apr. 1
stock)
Artloom Corp. common (guar.)
*50c. Apr. I Holders of rec. Mar. 15
Art Metal Construction (guar.)
37%c Mar.30 "Holders of rec. Mar.25
Associated Dry Goods corn.(guar.)
620. May 1 Holders of rec. Mar. 16
First preferred (guar.)
134 June 1 Holders of rec. Apr. 13
Second preferred (guar.)
131 June 1 Holders of rec. May 11
Astor Financial Corp. class A (guar.).-- 87 he Apr. 1 Holders of rec. May 11
4,1
Apr. 1 Holders of rec. Mar.20
Auburn Automobile (guar.)
Apr. 1 'Holders of rec. Mar. 21
Stock dividends
*2
Apr. 15 *Holders of rec. Mar.21
750.
Autosales Corp. Pref• (guar.)
Bankers Investment Tr. of Am.. corn..... *12c. Mar.30 Holders of rec. Mar.30
,
•15c. Mar.30 *Holders of rec. Mar. 15
Debenture shares (guar.)
75e. Apr. 15 *Holders of rec. Mar. 15
Bankers Securities Corp., corn.(guar.)-Common (extra)
94c. Apr. 15 Holders of rec. Mar. 3045
750. Apr. 15 Holders of roe. Mar. 3042
Participating preferred (guar.)
250. Apr. 15 Holders of roe. Mar. 300
Participating preferred (extra)
Baxter Laundries, corn. A (guar.)
50e. Apr. 1 Holders of rec. Mar. 3042
1% Apr. 1 Holders of me. Mar.2045
Preferred (guar.)
Bayuk Cigars, corn. (guar.)
.
50c. Apr. 15 Holders of rec. Mar. 200
•144 Apr. 15 *Holders of rec. Mar.31
First preferred (guar.)
Beatrice Creamery. corn.(guar.)
Alm. 1 *Holders of rec. Mar. 31
'81
*Holders
Preferred (guar.)
*131 Apr. 1 *Holders of rec. Mar.20
of rec. Mar.20
Bemire Corp.(guar.)
*50e. Apr. 1
me. Mar.
Bingham Mines
.50e. Apr. 5 *Holders of rec. Mar. 15
Holders of
200
Bisset(T. E.) Co., Ltd.(No. I)
*50c. Apr. 1
Bliss (E. W.) Co., corn.(guar.)
*25c. Apr. 1 *Holders of roe. Mar. 15
First preferred (guar.)
Apr. 1 'Holders of rec. Mar. 19
$1
rec.
Second preferred class A (guar.)
'87)4c Apr. 1 *Holders of rec. Mar.. 9
Mar. 19
Second preferred class B (guar.)
*15c. Apr. 1 *Holders of
Bridgeport Machine, pref.(quar.)
Apr. 1 *Holders of rec. Mar. 19
$1.75
Holders of rec. Mar.
Budd Wheel, pref. (acct. accum. div.)
$5.25 Mar.30 Holders of rec. Mar.20
15a
Bunker Hill 6: Sullivan Min.& Const
'25e. Mar. 5 *Holders
of rec. Feb. 28
Extra
*50c. Mar. 5
Byllesby (H. M.)& Co., com.A&B (qu.) 50e. Mar.30 *Holders of rec. Feb. 28
Mar.
Holders of
Preferred (guar.)
50c. Mar.30 Holders of rec. Mar. 20
rec.
California Consumers Co., $7 pf.(qu.)
$1.75 Apr. 1 Holders of rec. Mar. 20
15
Canada Bread, Ltd.
"$1.75 Apr. 1 *Holders
Prof. and class B pref. (guar.)
of rec. Mar.
Canada Steamship Lines. Prof.(guar.)
'134 Apr. 1 *Holders of rec. Mar.15
Canadian Canners. Ltd., corn.(No. 1)-- *123.lc Apr. 1 *Holders of rec. Mar. 15
15
Six per cent 1st pref.(quar.)
*1% Apr. 1 *Holders of roe. Mar. 15
"20e. Apr. 1 *Holders of rec. Mar.
Convertible preference (guar.)
15
Apr. 4 'Holders of rec. Mar.22
Canadian Cottons, Ltd., corn. (qua?.)..- *2
'1% Apr. 4 *Holders of rec. Mar. 22
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 16
Canadian General Elec., pref. (quar.)
Canadian Iron Foundries, prof
Apr. 15 "Holders of rec. Mar. 31
*5
Canadian Locomotive. pref. (guar.)
1% Apr. 1 Holders of rec. Mar.20
Canadian Westinghouse (guar.)
Apr. 1 *Holders of rec. Mar.
'2
Cannon Mills (guar.)
'700. Apr. 1 *Holders of rec. Mar.20
18
Carey (Philip) Mfg., corn.(guar.)
"32
Mar. 15 *Holders of rec. Mar. 12
'134 Mar. 30 *Holders of rec. Mar.25
Preferred (guar.)
Central Distributors. pref. (guar.)
31.75 Apr. 1 Holders of rec. Mar. 15
Central National Corp., el. A (qua?.)_
75e. Apr. 1 Holders of MC. Mar.
City Financial Corp.,class A (guar.)62340 Mar. 20 Holders of rec. Mar. 15
1445
Class A (extra)
$1
Mar. 20 Holders of rec. Mar. 14a
Class B (guar.)
3131c Mar. 20 Holders or rec. Mar. 140
Class B (extra)
50c Mar. 20 Holders of rec. Mar. 140
City Machine & Tool, COM.(guar.)
*40c Apr. 15 *Holders of rec. Mar.20
Club Aluminum Utensil (guar.)
*50c Apr. 1 *Holders of rec. Mar.20
Coca-Cola International(guar.)
Apr. 1 Holders of
2
Mar. 12a
Conde Nast Publication, Inc.,corn.(qu.) 50e. Apr. 1 Holders of rec. Mar. 21
rec.
Conduits Co., Ltd., preference (guar.)
1% Apr. 1 Mar. 17 to Mar.31
Consol. Lead & Zinc, cl. A&B (quar.).,.... *25e. Apr. 10 "Holders of rec.
Consolidated Retail Stores. corn.(guar.) "250. Apr. 1 Holders of rec. Apr. 5
Mar. 18
$2
Preferred (guar.)
Apr. 1 Holders of me. Mar. 18
Coronet Phosphate
Apr. 1 Holders of rec. Mar.
31
Darby Petroleum (guar.)
*250. Apr. 15 'Holders of roe. Apr. 20
1
Davenport Hosiery Mills. corn.(qua?.).,. *50c. Apr. 15 'Holders of rec. Apr. 1
Preferred (guar.)
•1) Apr. 1 *Holders of rec. Mar.20
,
1
Detroit Paper Products (guar.)(No. 1).. *300. Apr. I "Holders of roe. Mar. 20
Devon & Reynolds, Inc„corn.A & B(qu.) *60e. Apr. 1 'Holders of rec. Mar.21
Common A & B (extra)
•15c. Apr. 1 *Holders of rec. Mar.21
1st & 2d pref.(guar.)
"1% Apr. 1 *Holders of rec. Mar. 21
Doehler Die-Casting, 7% prof.(guar.)_ _ 87540 Apr. 1 Holders of rec. Mar.20
$1.75 Apr. 1 Holders of rec. Mar.
$7 Preference (guar.)
Douglas(W. L.) Shoe, pref.(quar.).... I% Apr. 1 Holders of rec. Mar.20
15
Dow Drug, cop.(guar.)
"250. Apr. 1 *Holders of rec. Mar.21
Preferred (guar.)
"144 Apr. 1 *Holders of ere. Mar. 21
Duplan Silk Corp., pref.(guar.)
Apr. 1 Holders of rec. Mar. 15
32
Empire Bond & Mtge.,corn.(guar.) _ _
•$1.50 Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
' Apr. 1 *Holders of rec. Mar.21
13.4
Empire Safe Deposit (guar.)
2% Mar. 30 Holders of rec. Mar.23
Faultless Rubber, corn. (guar.)
20c. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. I Holders of rec. Mar. 15
Fiat
12)4% Mar. 15 Holders of coup. No. 15
Fifth Avenue Bus Securities
16e. Mar. 29 Holders of rec. Mar. 14
Flour Mills of Amer., pref.ser. A (411.).- 32
Apr. 1 Holders of rec. Mar. 15
Forhan Co., corn. (quar.)
'25c. Apr. 1 "Holders of rec. Mar.21
Class A (guar.)
'400. Apr. 1 *Holders of rec. Mar. 21
French Line, American shares
•
47.4c Mar. 15 *Holders of rec. Mar. 8
Fulton Sylphon (guar.)
*50e. Apr. 1 'Holders of rec. Mar. 18
General Baking Co., prof.(guar.)
$2
Mar.30 Holders of rec. Mar.23
General Baking Corp., pref. (quar.)
$1.50 Apr.
Holders of rec.
Gen(Elec. Ltd.(Germany)Am.dep.rcts. "31.69 Mar. 1 *Holders of roe. Mar. 19
.
Mar. 12
General Fireproofing. corn.. (guar.). -- *50e. Apr.
*Holders of me. Mar. 20
Preferred (guar)
*1)4 Apr.
*Holders of rec. Mar.20
General Spring & Bumper cl.A(No.1) _- '370. Apr.
*Holders of roe. Mar.25
Class B (No. 1)
.
37%c Apr.
"Holders of rec. Mar. 25
General Tire & Rubber, pref. (guar.)
1% Mar.3 Holders of rec. Mar. 20
Globe-Wernicke Co., corn. (qiter.)
'31 450
1
*Holders of me. Mar.20
Goldman Sachs Trading Corp..(quar.)
Apr.
Holders of rec. Mar.22
Goodyear Tire & Rub (Canada) pl.(qu.) 1% Apr.
Holders of rec. Mar. 15
Gottfried Baking, Inc., pref.(guar.)-- - 1% Apr.
Holders of me. Mar.20
Grand Rapids Varnish, corn. (quar.)- -25e. Mar.3 Holders of rec. Mar.20
Grant(W. T.) Co. (guar.)
25e. Apr.
Holders of rec. Mar. 17
Great Lakes Towing, corn. (qu.)
$1.25 Mar.3 Holders of me. Mar. 15
1% Apr.
Preferred (guar.)
Holders of rec. Mar. 15
80c. Apr.
Greif Bros. Cooperage, cl. A (quar.)...Holders of rec. Mar. 15
$1.75
Guardian Investors $7 1st pref. (qu.)
Holders of rec. Mar. 15
$6 first preferred (Crean)
Holders of rec. Mar. 15
chutuciildprefrred
Secon
r
31! pr.
750 Apr.
.5
Mar.)
Holders of roe. Mar. 15
(quar.)
'
37540 Apr.
"Holders of rec. Mar.20
Hahn Dept.Stores,6%% pf.(qu.)(No.1) •1% Apr.
634%
*Holders of rec. Mar.21
Hazel-Atlas Glass (guar.)
*50c. Apr.
*Holders of rec. Mar. 16
•250. Apr. l*Holders of rec. Mar. 16
1684
Name of Compare.
Per
When
Cent. Payable.
Books Closed
Days mobsIre.
Miscellaneous.
Habirshaw Cable & Wire (No. 1)
'25c. Apr. 1 *Holders of rec. Mar. 21
HILIcrest Collieries, corn..(quar.)
134 Apr. 15 Holders of rec. Mar. 30
131 Apr. 15 Holders of rec. Mar. 30
Preferred (quar.)
Hinde 6c Danah Paper, pref. (quar.)--- - "25c. A.Pr. 1 'Holders of rec. Mar. 15
250. Mar. 30 Holders of rec. Mar. 15
Holley Oil
Holmes(D. H.) Co., Ltd.(guar.)
355 Apr. 1 Holders of rec. NIar. 23
Apr. 2 Holders of rec. Mar. 28
Holt. Renfrew & Co., own.(War.)
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 26
Houdallle Hershey Corp., el. A (No. 1)- •6254c Apr. 1 *Holders of rec. Mar. 25
Class B
"3754c Apr. 1 *Holders of rec. Mar. 25
Howell Elec. Motor el. A (ma.) (No. 1)- '25e. Mar. 30 'Holders of rec. Mar. 16
Humphreys alfg., corn. 66 pref.(goes.).. '50c. Mar. 31 *Holders of rec. Mar. 15
'14
Hungarian Gen'l Say. Bk.(Budapest)
Apr. 1
"2
Huron .36 Erie Mortgage (quar.)
July 2
*2
Quarterly
Oct. 1
*2
Quarterly
Mar. 31
Mar. 30 Mar. 28 to
Industries Devel. Corp., pref. (guar.).- 2
$4.70 Mar. 25 Holders of rec. Mar. 22
Inland Wire & Cable (special)
53c. Apr. I Holders of rec. Mar. 8
Insurance Securities Co., Inc
International Germanic Co., Ltd.
The. Apr. 1 Holders of rec. Mar. 22
Participating preferred (guar.)
800. Apr. 15 Holders of rec. Mar. 250
Internat. Match, corn. (guar.)
80c. Apr. 15 Holders of rec. Mar. 250
Participating preferred (guar.)
*134 Apr. 15 'Holders of rec. Mar. 25
Internat. Paper, 7% Pref. ((ivar.)
*154 Apr. 15 *Holders of rec. Mar. 25
Six per cent pref. (guar.)
Internat. Paper & Power, 7% pref. (qu.) "1% Apr. 15 *Holders of rec. Mar. 25
A..pr. 15 "Holders of rec. Mar. 25
Six per cent pref.(guar.)
Apr. 1 Holders of rec. Mar. 21
Island Creek Coal,corn.(guar.)
$1.50 Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
*30c. Apr. 15 'Holders of rec. Mar. 15
Jackson Motor Shaft
Lex. Mar. 31 "Holders of rec. Mar. 21
Kalamazoo Vegetable Parchment(qu.)._
•15e. June 30 *Holders of rec. June 20
Quarterly
•15c. Sept. 30 *Holders of roe. Sept. 20
Quarterly
•15c. Dec. 31 'Holders of roe. Dec. 21
Quarterly
2Si Apr. 1 Holders of rec. Mar. 23
Kaufman (Chas. A.) Co., Ltd.(qua -pref.(goar.)
'134 Apr. 1 "Holders of roe. Mar. 19
Keltb-Albee-Orpheurn
Ken Radio Tube & Lamp*3754e'Apr. 1 *Holders of rec. Mar. 20
Claaa A (quar.)(No. 1)
15c. Mar. 25 Holders of rec. Mar. 11
Kentucky Cash Credit Corp. corn.(au.)
15c. Mar. 25 Holders of rec. Mar. 11
Preferred (guar.)
15e. afar. 25 Holders of rec. Mar. 11
Preferred (extra)
Keystone Steel & Wire common (qu.) _ - _ '75c. Apr. 15 "Holders of rec. Apr. 5
"151 Apr. 15 "Holders of rec. Apr. 5
Preferred (quar )
•1
Mar. 15 *Holders of rec. Feb. 28
Minute Mill (quar.)
'6234c Apr. 1 "Holders of rec. Mar. 12
Kimberly-Clark, corn. (quar.)
'154 Apr. 1 "Holders of rec. Mar. 12
Preferred (guar.)
•45c. Apr. 1 *Holders of rec. Mar. 20
Kirsch Company pref. (quar.)
Lane Drug Stores Inc. cony. pf. (qu.).__ "50e. Apr. 1 'Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 210
3
Lawyers Title & Guaranty (guar.)
Lehigh Portland Cement corn. (quar.) '6254c May 1 'Holders of rec. Apr. 13
1% Apr. 1 Holders of rec. afar. 25
Liberty Baking, pref. ((mar.)
*50e. Apr. 27 *Holders of roe. Mar. 30
Lion 011 Rafe. (goar.)
'35e. Apr. 1 *Holders of rec. Mar. 18
Locomotive Firebox (goar.)
'50c Apr. 1 "Holders of rec. Mar. 18
Extra
Loose-Wiles Biscuit common (quar.)- - '65c. May 1 'Holders of rec. Apr. 18
•134 Mar. 30 *Holders of rec. Mar. 22
Mager Car Corp., pref. (guar.)
Manhattan Financial Corp. el. A (qu.)_. 3754e. Apr. 1 Holders of rec. Mar. 20
10c. Apr. 1 Holders of rec. Mar. 20
Class B (gar.)
Manning, Bowman & Co.class A (qu.) '3734e Apr. 1 'Holders of rec. Mar. 20
•1254c Apr. 1 *Holders of rec. Mar. 20
Class B (quar.)
.5l/e. Apr. 1 'Holders of rec. Mar. 22
Marlin-Rockwell Corp. corn.(guar.)._ _
"50c. Apr. 1 "Holders of rec. Mar. 22
Common (extra)
$1.75 Apr. 1 Holders of rec. Mar. 20
Martel Mills Inc. pref. (quar.)
15c. Mar. 25 Holders of rec. Mar. 11
Maryland Cash Credit Corp. corn.(qu.)_
15e. Mar. 25 Holders of rec. Mar. 11
Preferred (quar.)
15c. Mar. 25 Holders of rec. Mar. 11
Preferred (extra)
•1
mar. 20 *Holder, of rec. Mar. 15
Mascot 011 (monthly)
250. Apr. 1 Holders of rec. Mar. 15
Maud Muller Candy
'75c. Apr. 1 'Holders of rec. Mar. 25
McCord Radiator & Mfg. ((mar.)
"200. Apr. 1 'Holders of rec. Mar. 20
McLellan Stores, cl. A Az B
•154 Apr. 1 'Holders of rec. Mar. 20
Preferred (soar.)
Apr. 1 Holders of rec. Mar. 18
$1
Merck Corp. pref. (quar.)
•S1 25 Mar. 30 *Holders of rec. Mar. 16
Merrimack Chemical (quar.)
30e. Apr. 1 Holders of rec. Mar. 15
Metal & Mining Shares, corn
75c. Apr. 1 Holders of rec. Mar. 15
Prefrred (guar.)
3151e. Apr. 10 Holders of roe. Apr. 1
Meyer-Blanke Co.common (quar.)
I% Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
50c. Mar. 30 Holders of rec. Mar. 15
Myers (F. E.) & Bros., corn. (quar.)
$1.50 Mar. 30 Holders of rec. Mar. 15
Preferred (quer.)
Apr. 1 "fielders of rec. Mar. 22
Midland Steel Products, cont. (quar.) .51
'48e. Apr. 1 *Holders of rec. Mar. 22
Common (extra)
Apr. 1 'Holders of rec. Mar. 22
"S2
Preferred (quar.)
Apr. 1 'Holders of rec. Mar. 22
"SI
Preferred (extra)
134 Apr. 2 Holder, of rec. Mar. 15
Mitchell (J. S.) Co.. Ltd., pref. (quar.)..
Morgan Lithograph-April dividend ern !fled
.2e. Apr. 15 *Holders of rec. Mar. 30
Mountain & Gulf Oil (guar.)
•75e. Apr. 1 "Holders of rec. Mar. 15
Nachman Springfield Corp. (guar.).
134 Apr. 1 Holders of rec. Mar. 22
Nashua Mfg., pref. (quar.)
Nat Belles-Hess, new corn. (qu.)(No. 1) •250. Apr. 15 'Holders of rec. Mar. 20
•250. July 15
New common (guar.)
25c• Oct. 15
•
New common (quar.)
525c. Jan. 15 '30
common (guar.)
New
20c. Apr. 2 Holders of rec. Mar. 11
Nat. Cash Credit Assn., corn.(quer.).Corn. (stk. div. 3-100 share cum. stk.) (1) Apr. 2 Holders of rec. Mar. 11
15e. Apr. 2 Holders of rec. Mar. 11
Preferred (guar.)
200. Apr. 2 Holders of rec. Mar. 11
Preferrea (extra)
.
Apr. 2 Holders of rec. Mar. 11
Prof. (stk. div. 3-100 share pf. stk.)..
Apr. 15 *Holders of rec. Mar. 29
Nat. Cash Register, class A (goar.).May 15 "Holders of rec. May 1
$2
National Casket, common
May 15'Holders of rec. May 1
common :stock). 'f
5
Common (payable In
•131 Mar. 30'Holders of rec. Mar. 15
Preferred (goar.)
lid Mar. 30 Holders of rec. Mar. 18
Locurice, pref. (quar.)
National
Apr. 1 Holders of rec. Mar. 15
$2
National Refining (mar.)
"500. Apr. 2 *Holders of rec. Mar. 20
National Steel Car (quar.)
•50c. Mar. 15 *Holders of rec. Mar. 1
(quar.)
Neptune Meter, cum. class A
•50c Mar. 15 "Holders of rec. Mar. 1
Common class B (guar.)
•1254c Apr. 15 'Holders of rec. Mar. 30
New Bradford 011 (guar.)
1J. Apr. 1 holders of rec. Mar. 20
Northeastern Surety (guar.)
roa
Mar. 15 *Holders of rec. Mar. 12
Northwestern Yeast (Qual.)
Apr. 3 *Holders of rec. Mar. 20
*S2
Ogilvie Flour Mills, corn. (guar.)
3151 Mar. 15 Holders of rec. Mar. 8
Ohio Confection (guar.)
1% Apr. 1 Mar. 16 to Mar. 31
Ohio Seamless Tubo, Pref.(goar.)
"400. Apr. 1 'Holders of rec. Mar. 20
Ohio Wax Paper (guar.)
Apr. 1 "Holders of rec. Mar. 19
"2
Orphelum Circuit, pref. (guar.)
Mar. 15 "Holders of rec. Mar. 5
Palmer Bros.. pref. (guar.)
*SI
75e. Apr. 1 Mar. 16 to Apr. 1
Paragon Refining. Pref. (quar.)
1300. Apr. 1 Holders of rec. Mar. 19
Paramount Cab Mfg.(guar.)
'500. Apr. 1 *Holders of rec. Mar. 20
Perfect Circle (gnarl)
'134 Apr. 1 'Holders of rec. Mar. 28
Pettibone Milliken & Co., pref.(quar.)
Philadelphia Dairy Products, pr. pf.(qu.) $16234 Apr. 1 Holders of rec. Mar. 20
25c. Apr. 15 Holders of rec. Apr. 2
Philip Morris & Co., Ltd. (quar.)
40c. Apr. 1 Holders of roe. Mar. 200
Philippe (Louis) Inc., el. A (guar.)
Pick (Albert) & Barth & Co., pref.(qu.)_ •151 Apr. 1 *Holders of rec. Mar. 15
bfle. Apr. 1 Holders of rec. Mar. 15
Pie Bakeries of Amer., class A (quar.)
151 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
3754c Apr. 1 Holders of rec. Mar. 15
Pierce Governor Co.(qual.)
Pittsburgh Steel Fdy., pref. (quar.)___. •151 Apr. 1 'Holders ot rec. Mar. 1
6e. Apr. 4 Holders of rec. Mar. 14
Premier Gold Mining
54 Apr. 1 Holders of rec. Mar. 15
Price Bros. Co., Ltd., pref.(guar.)
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
50e. Apr. 15 Holders of rec. Mar. 31
Pro-phy-lac-tle Brush, corn. (quar.).. _
50e. Apr. 15 Holders of rec. Apr. 1
R. S. Music Co., coca. (quar.)
Q.
134 Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
•154 Apr. 1 *Holders of rec. Mar. 20
Remington Arms, let pref. (goat.)
Apr. 1 "Holders of rec. Mar. 9
Republic Brass Corp., class A (guar.) _ *SI
•8734e Apr. 15 'Holders of rec. Mar. 30
Richmond Radiator, pref. (guar.)
25e. Apr. 1 Holders of rec. Mar. 200
RIgney & Co., pref. (guar.)
July 25 *Holden of rec. July 5
"Sl
Rio Grande 011
Jan2'30 Hold, of rec. Jan. 5 30
'El
Rio Grande 011
'e134 Apr. 25 'Holders of rec. Apr. 5
Stock dividend
"el% Oct. 25 *Holders of rec. Oct. 3
Stock dividend
[Vol,. 128.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inaustoe.
Miscellaneous (Continued).
Royal Baking Powder, corn. (guar.)- --- "25e. Apr. 1 'Holders of roe. Mar. 18
Apr. 1 'Holders of rec. Mar. 18
Preferred (guar.)
Mar, 15 Holders of roe. Mar. 10
Royalty Corp. of Amer., partic. prof... 1
14 May 16 Holders of rec. Mar. 10
Participating pref. (extra)
Humidor Corp.. corn (guar.)
'6234. Apr. 15 'Holders of rec. Mar. 29
Apr. 1 'Holders of rec. Mar. 15
Safety Car Heat St Ltg. boar.)
.52
54 Apr. 1 Holders of rec. Mar. 2114
Safeway Stores, Inc., corn. (quar.)
154 Apr. 1 Holders of rec. Mar. 200
6% preferred (guar.)
151 Apr. 1 Holders of rec. Mar. 20
.50c. Apr. 1 'Holders of rec. Mar. 11
(quar.)
% proE (ci uar
Sangam o tlectrie.L.
75e. Apr. 1 Holders of rec. Mar. 15
St. Regis Paper, corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr. 2 Holders of rec. Mar. 12a
2
Schulte Retail Stores pref.(quar.)
750. Apr. 1 Holders of rec. Mar. 15
Second Internat. Securities lot pf. (qu.).
75e. Apr. 1 Holders of rec. Mar. 15
Second preferred (guar.)
Second National Investors $5 pref.(Ou.) $1.25 Apr. 1 Holders of rec. Mar. 155
Securities Management Corp., cl. A (qu.) 154 Apr. 15 Holders of rec. Apr. 1
250. Apr. 15 Holders of rec. Apr. 1
Class B and C (qual.)
Apr. 1 "Holders of rec. Mar. 20
.2
Selberling Rubber, Prof.(quay.)
400. Apr. 1 Holders of rec. Mar. 15
Service Station Equip., Ltd., A &B (qu.)
10e. Apr. 1 Holders of rec. Mar. 15
Class A A B (extra)
134 APr, 25 Holders of rec. Slat'. 31
Shatter Oil & Here. pref.(qual.)
'50c. Apr. 1 'Holders of rec. Mar. 21
Shafer Co., class A (quer.)
'254 Mar. 31 "Holders of rec. Mar. 0
Singer Manufacturing (guar.)
.454 Mar. 31 "Holders of rec. Mar. 9
Extra
"20c. Apr. 1 *Holders of rec. Mar. 10
Sneed Royalty, class It
*S1.75 Apr. 1 'Holders of rec. Mar. 20
&Althorn Ice. pref. (quar.)
Mar 16
3754c Apr. 1,
Standard Holding Corp
Standard National Corp. corn. (qu.) _ _ _ _ •35e. Apr. 11•Holders of rec. Mar. 27
•154 Apr. 11"Hulders of rec. Mar. 27
Preferred (quar.)
.75c. Apr. 13.*Holders of rec. Apr. 1
Standard Steel Construe. p1. A (qu.) _ _
8754c June II Holders of rec. May 20
Steinberg's Drug Stores pref.(quar.)
(A.)& Co.654% prof.(guar.) ___•S 1,6234 Apr. l'•Holders of rec Mar. 20
Stein
'25e Apr. 1 "Holders of rec. Mar. 20
Sterling Motor Truck pref. (No. 1)
Straus (S. W.)& Co. of Del. pf. A (rm.). •50c Apr. I "Holdera of rec. Mar. 15
•510 Mar. 15 'holders of rec. Mar. 9
Struock (S.) & Co
Holders of rec. Mar. 15
20e.
Supertest Petroleum, corn. & ord. (gu.).
IIelders of rec. Mar. 16
Prof. A (for 5 mos. at rate of 7% p. a.)
Holders of rec. Mar. 1$
Prof. B (for 5 mos. at rate of 6% p. a )
1% Ayr. 1 Holders of rec. Mar. 15
Taggart Corp., pref. (qual.)
'30c. Apr, 1 *Holders of rec. Mar. 22
Thompson (John R.)(monthly)
•30e. May I 'Holders of roe. Apr. 23
hfonthly
'30c. June 1 'Holders of rec. May 23
Monthly
.$1.50 Apr. 1 "Holders of rec. Mar. 10
Thompson Spa., $6 pref.(No. 1)
134 Apr. 1 Holders of rec. Mar. 16
Tide Water Associated Oil, prof.(qual.).
850. Apr. 15 holder, of roe. Mar. 25
Tobacco Prod. Corp. corn.(S20par)(qu.)
1 54 Apr. 15 Heftier, of rec. Star. 25
Common ($100 par) (guar.)
75e. Apr. 1 Holders of rec. /star. 20
Company (guar.)
Torrington
34 Apr. 1 Holders of roe. Mar. 16
Trico Products (guar.)
Triplex Safety Glass Ltd.
Holders of rec. afar. 6
ordinary she... •5
Amer. deposit rots, for
'50c. Apr. 1 *Holders of rec. Mar. 20
Unit Corp of Amer, pref. (quar.)
.75e. Apr. 1 *Madera of rec. Mar. 9
United Aircraft & Trans!). pt. A (qua
•400. Apr. 1 •Hulaere of rec. Mar. 15
United Milk Crate class B (goat'.)
19
United Shoe Machinery common M.)._ 6254e Apr. 5 Holder!' of rec. Mar. 19
37 He Apr. 5 Holders of rec. Mar.
Preferred (guar.)
75c. Apr, 1 Holders of rec. Mar. 20
U.S. Bobbin & Shuttle, corn.(guar.)...
151 Apr. 1 Holden' of rec. Mar. 20
Preferred (guar.)
United Piece Dye Wks.corn.(stk.div.)_. .1100 Mar. 10 'Holders of rec. Mar. 6
United Share Corp Common stock tr. shares ser. A-1_ _._ '49e. Apr.
'Holders of rec. Mar. 25
Apr.
Universal Pictures, 1st pref. (quar.)
"Holders of rec. Apr. 15
Vadsco Sales Corp., prof. (q11.)(No. 1)- - •51.75 May
'Holders of rec. Mar. 22
.50c. Apr.
Van Sicklen Corp., class A (goar.)
'Holders of rec. Mar. 22
•I5c. Apr.
Class A (extra)
Holders of rec. Mat'.'200
154 Apr.
Walgreen Co., prof. (guar.)
12
Mar. 22 Holders of tile. cuupons
Warsaw Discount Bank
'75e. Apr. 1 'Holders of rec. Mar. 16
Waukesha Motor (huer.)
.3754c Apr. 1 'Holder, of rec. Mar. 21
Waverly OIL else A (quar.)
$1
Mar. 30 Holders of rec. Mar. 25
Western Electric (quar.)
•154
Western Grain Co. (guar.)(No. 1)
Western Grocers, Ltd.. pref.(gust.).... •51.75 Apr. 15 'Holden of rec. Mar. 31
Western Reserve Investing Co., pt.(qu.) 154 Apr. 1 Holders of rec. Mar. 150
•500. Apr. 1 'Huldera of rec. Mar. 20
Wextark Reale Co.(goar.)(No. 1)
•51.1e. Apr. 20 *Holders of rec. Mar. 29
White Eagle Oil & Refg. (quar.)
_
Mar. 29 Holders of roe. Mar. 12
Motor Securities. pref.
White
154
'6254e Mar. 30 'Holders of rec. Mar. 20
Wilcox-Rich Corp., class A (guar.)
131 Apr. 1 Holders of rec. Mar. 160
Willys-Overland Co., pref. (quar.)
Wire dr Wheel Corp. of Amer., pret.(qu.) 151 Apr. 1 Holders ot rec. Slur. 20
'30c. Apr. 1 'Holders of rec. Mar. 15
Wolverine Tube (guar.)
'755c Apr. 1 'Holders of roc. Mar. 16
Extra
15c. Mar. 31 Holders of rec. Mar. 22
Woodley Petroleum (goar.)
20
Woodruff Edwards,Inc.,el.A(qu.)(No.1) "50e. Apr. 1 'Holders of rec. Mar.
el(10 Apr. 30 Holders of rec. Apr. 15
Corp
Wright Aeronautical
Mar. 14
Youngstown Sheet & Tube, corn. (quar.) $1.25 Apr. 1 Holders of rec. Star. 15
15i Apr. 1 Holders of rec.
Preferred (quar.)
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).
Alabama A Vicksburg
Bangor & Aroostook. corn.(guar.)
Preferred (guar.)
Beech Creek (quar.)
Boston & Albany (guar.)
Canadian Pacific, cum. (guru.)
Preferred
Chesapeake Corp., common (guar.)....
Chesapeake dr Ohio. corn.(euar•)
Preferred
Chic. R. I. & Pacific. corn. (emir.)
Consolidated RR,.of Cuba, pref.(go.)
Cuba RR. common
Delaware At Hudson Co. (guar.)
Gulf Mobile & Northern. pref. (guar.) _ _
Hocking Valley, coin. (gnar.)
Kansas City Southern, corn.(qu.)(No.1)
Lehigh Valley. corn. (guar.)
Preferred (guar.)
Maine Central, common (guar.)
Missouri-Kansas-Texas. mt.(quar.)
Missouri Pacific, pref. (guar.)
N. Y. Chic. & St. L., corn & pref. (gu.)
N. Y. Lackawanna & Western (gnat'.)..
N. Y. N. II. & Itartford, corn. ((loaf.)..
Preferred (guar.)
Norfolk & Western, corn. (guar.)
Northern Pacific (guar.)
Old Colony (guar.)
Pere Marquette. corn. (guar.)
Common (extra)
Prior preference (guar.)
Flee per cent preferred (guar.)
Pittsb., Ft. Wayne & Chic., corn. (gu.).
Preferred (goar.)
Reading Co., 24 pref.(guar.)
St. Louts-San Francisco, corn. (guar.).Preferred War.)
Preferred (quar.)
Preferred (guar.)
St. Louis Southwestern. pref. (quar.)
Southern Railway, corn. (guar.)
Preferred (quar.)
Mobile & Ohio,stk. trust ctfs
When
Per
Cent. Payable.
Books Closed
Days I netustre.
Apr. 1 Holders of rec. Mar. 80
3
bac. Apr, 1 Holders I if rec. Feb. 284
his Apr. 1 fielders of roe Feb. 284
54 Apr. I Holders of rec. Mar. lba
Mar 30 Holders et rec Feb. 28
2
254 Apr.
Holders of rec. Mar. Is
Apr.
Holders of rec. Mar. 1
2
Holders of rec. Mar. ga
750. Apr.
Holders of rec. Mar. 81
234 Apr.
3Holders et rec. June 8'
his.4 JulyMar. 30 Holders of fee. Mar. fla
Holden; if roe. Mar. 110
114 Apr.
$I 20 Mar. 28 Holders of rec. Mar. 280
234 Mar. 20 Holders of rec. Feb. 204
154 Apr. 1 Holders of roe. Mar. 15a
1
r. 30 Holders of ree. Mar 8a
214H
Holders of rec. Mar. 305
Slay
8754c Apr. I Holders of rec. Mar. 10
$1.25 Apr, I Holders of rec. Mar. 16
Apr. I Holders of rec. Mar. 15
1
1% Mar. 30 Holders of rec. Mar. 1/5s
154 Apr. 1 Holder, of rem Mar. ita
1)4 Apr. 1 Holders of rem Feb. 154
134 A pr.. 1 Holders if rec. Mar. 140
Apr. I Holders of rec. Feb. 2811
1
134 Apr. 1 Holden) of rec. Feb. 285
Mar, 19 Holders of rec. Feb. 28a
2
Mar. 13 to April 1)
154 May
•I 54 Apr.
"Holders of rec. Mar. 16
154 Apr.
llo:ders of roe. Mar fra
t.
i
;
14
2AI:
Holders of rec. Mar. 84
Ifolder, of rec. Apr. 5s
Slay
151 May
Holders of rec. Apr. 5a
134 Apr.
Holders of reo. Mar. ila
134 Apr.
Holders of rec. Mar. 94
Holders of rec. Mar. 210
0
6 e. m a.
1 4 A pry 1
::
N
A
2
Holders of rec. Mar. la
Holders of rec. Apr. 13a
3 Holders of rec. July la
Alar..
1
1: 3ug
Holders of rec. Oct. la
Holders of roe. Mar. ill
Holden' of rec. Apr. la
2Mpry
14 A a 1
Holders of reclaim'. I9a
Apr. 1 Holders of rec. Mar. 154
2
MAR. 16 1929.]
Name of Company.
Railroads (Steam) (Concluded).
Southern Pacific Co. (guar.)
Texas & Pacific fly., coin.(guar.)
Union Pacific, corn. (guar.)
Preferred
Vicksburg Shreveport at Pacific, corn
Preferred
West Jersey & Seashore
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
1685
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Mountain States Power, pref.(guar.).- 134 Apr. 20 Holders of rec. Mar.
National Elec. Power,7% pref. (guar.). 134 Apr. 1 Holders of two. Mar. SI
20
Six per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar.
National Power & Light,$7 pref.(guar) 51.75 Apr. 1 Holders of rec. Mar. 20
16
Nat. Public Service, ser. A pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
New England Power, pref. (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 1$
New England Telep. & Teleg.(quar.)___ 2
Mar. 30 Holders of rec. Mar. 9
N.Y.Central Elec. Corp.,7% pf.(qu.). 114 Apr. 1 Holders of rec. Mar. 15
Public Utilities.
N. Y,Steam Co., 56 prof.(guar.)
Alabama Power,$7 pref.(guar.)
•$1.50 Apr. 1 *Holders of rec. Mar. 15a
$1.75 Apr. 1 Holders of rec. Mar. 13
57 preferred (guar.)
$8 preferred (guar.)
41.75 Apr. 1 *Holders of reo, Mar.153
51.50 Apr. 1 Holder, of rec Mar. 13
N. Y.Telephone. prof.(quit.)
14 Apr. 15 Holders of rec. Mar.20
$5 Preferred (guar.)
51.25 May. 1 Holders
Niagara Falls Power. corn. (guar.)
Amer. Cities Power & It., cl A ((Mar./- HO May 1 Holders of roe. Apr. 15
•65c. Mar.30 *Holders of rec. Mar. 15
of rec. Apr. 10
North American Co., corn. (guar.)
Class B (guar.)
1 214 Apr. 1 Holders of rec. Mar. 5
(o) May 1 Holders of rec. Apr. 10
Preferred (guar.)
Amer. Community Power, 1st Pf (guar.) *31.50 Apr. 1
75e. Apr. 1 Holders of rec. Mar. 5
Northport Water Works, pref. (guar.)._ 134 Apr. 1 Holders of rec. Mar. 15
Amer.& Foreign Power Co.,$7 Pt. (qu.) 51.75 Apr. 1 *Holders of Ise. Mar. 18
Holders of rec. Mar. 150 Northwest
86 Preferred (guar.)
$1.50 Apr. 1 Holders of ree. Mar. 15a Ohio Bell Utilities, prior lien pref.(qu.) •134 Apr. 1 *Holders of rec. Mar. 15
Telephone.6% pref. (guar.)._ *14 Apr. 1 *Holders of rec. Mar. 9
American Gas (guar.)
•2
Mar.
Eight per cent pref. (guar.)
Amer. Power & Light, $6 pref. (guar.)._ 51.50 AIR. 28 *Holders of rec. Mar.20
*2
Apr. 1 *Holders of rec. Mar. 9
1 Holders of roe. Mar. 13a
$5 Preferred, series A (guar.)
- 134 Mar. 30 Holders of roc. Mar. 20a
75o. Apr. 1 Holders of ree. Mar. 13a Pacific Telep. & Teleg., corn.
Preferred (quar.)
Amer. Public Service. pref (guar.)
14 Apr. 15 Holders of rec. Mar. 305
•$1.75 Apr. 1 *Holders of rec. Mar. 15
Penn. Central Light de Pow.$5 pf.(qu.)- 21.25 Apr.
American Public Utilities
Holders of rec. Mar. 15a
$2.80 series preferred (guar.)
Prior pref. and partie. pref.(quar.)
70e. Apr.
Holders of rec. Mar. 15
$1.75 Apr. 1 Holders
Pa. Gas & Elec. Corp:
Amer. State Pub. Service, corn. A (au.). *250. Apr. 1 *Holders of rec. Mar. 15
of rec. Mar. 20
Seven per cent preferred (quar.)
Amer. Telep. & Teleg. (guar.)
134 Apr.
Holders of ree .Mar. 20
234 Apr, 15 Holders of rec. Mar.14a
57 preferred (qua?.)
Am. Wat. Wks. & El.. $6 1st pf (qu.). 21.50 AM.. I Holders
$1.75 Apr.
Holders of rec. Mar. 20
of rec. Mar 120 Penn.
-Ohio Pow. & Lt.. $8 prof.(qu,).. $1.50 May
Associated Gas& Elec.. el. A (guar.)---- (1) May
Holders of rec. Apr. 20
1 Holders of rec. Mar. 30
7% Preferred (quar.)
Bangor Hydro-Elec., 7% pf. (guar.)._ •134 Apr. 1 *Holders
IR May
Holders of rec. Apr. 20
of ree.
7.2% preferred (monthly)
6% preferred (guar.)
*I% Apr. 1 *Holders of rec. Mar. 11
80e. Apr,
Holders of rec. Mar. 20
Mar. 11
7.2% preferred (monthly)
Bell Telephone of Canada (guar.)
60e. May
Holders of ree. Apr. 20
2 Apr. 15 Holders of rec. Mar. 23
8.6% preferred (monthly)
Bell Telep of Pa..64% ifid• (rMar.)---- 14 Apr. 15
550. Apr.
Holders of rec. Mar. 20
Holders of rec. Mar 20a
Birmingham Elec. Co.. $7 pref.(guar.). $1.75 Apr.
6.6% Preferred (monthly)
55e. May
Holders of rec. Apr. 20
1 Holders of rec. Mar. 12
Pennsylvania Water & Power (guar.)
56 Preferred (guar.)
Holders of rec. Mar. 15
62%e Apr.
$1.50 Apr, 1 Holders of rec. Mar. 12
Peoples Gas Light & Coke (guar.)
Boston Elevated Ry., corn.(guar.)
2
Apr. 1 Holders of rec. Apr. 2a
114 Apr. 1 Holders of rec. Mar 11
Peoples Light & Power corn A (Qua?.).. 160e. Apr.
Second preferred
Holders of rec. Mar. 8
3)4 Apr. 1 Holders of rec. Mar 11
Philadelphia Elec. Power (guar.)
British Columbia Power cl. A (guar.) -50c. Apr.
Holders of rec. Mar.lla
500. Apr.
Portland Flee. Power. 1st pfd. (guar.)._ 114 Apr.
Bklyn.-Manhat. Transit. pref.ser A (an) 51.50 Apr. 15 Holders of rec. Mar. 15
Holders of roe. Mar. 15
15 Holders of roe Apr
to
Prior preference (guar.)
Brooklyn Union Gas(guar.)
14 Apr.
Holders of rec. Mar. 15
51.25 Apr.
Buff. Niagara & East. Pow.corn.(guar.) •30o. Apr. 1 Holders of rec. Mar. 76 Porto Rico fly., Light & Power. pf.(qu.) •$1.75 Apr.
*Holders of rec. Mar.12
1 *Holders of rec. Mar. 15
Postal Tel Cable, non-turn. pref. (guar.) 13( Apr.
Class A (quar.)
Holders of rec. Mar.22.
*30c. Apr. 1 *Holders of rec. Mar 15
Public Service Co.of Okla.. corn.(qu.)_ _ 2
Preferred (guar.)
Apr.
Mar. 25 to Apr. I
•40e. Apr. 1 *Holders of reo. Mar 15
7% prior lien stock (guar.)
First preferred (quar.)
134 Apr.
Mar. 25 to Apr. I
•$1.25 May 1 *Holders of rec. Apr. 15
6% prior( len stock (quar.)
Calgary Power (guar.)
114 Apr.
Mar. 25 to Apr. I
134 Apr. I Holders of rec. Mar. 15
Public Service Corp. of N. J., coin.(qu.) 65e. Mar. 30 Holders of rec. Mar. In
California Elec. Generating. Pref. ((M.). 134 Apr.
1 Holders of rec. Mar. 5
Osulfornia-Oregon Pow.7% Pfd.(qu.)._
2% Preferred (quay.)
2
Mar. 30 Holders of rec. Mar. la
134 Apr. 15 Holders of rec. Mar. 31
Six per cent pref.(guar.)
7% Preferred (quar.)
154 Mar. 30 Holders of rec. Mar. 111
134 Apr. 15 Holders
$5 Preferred (guar.)
$1.25 Mar. Si) Holders of rec. Mar. la
Central III. Pub. Serv., pref. (qua?.)... *51.75 Apr. 15 *Holders of roe. Mar. 31
of rec. Mar.
8% preferred (monthly)
$6 preferred (guar
50c Mar. 30 Holders of roe. Mar.
_ •5140 Apr. 15 *Holders of rec. Mar 31
30
Public Serv El. & Gas,6% Pref.(guar.) 1)4 Mar 30 Holders of rec. Alar la
Central States Elec. Corp. corn.(qua--25c. Apr
.
Holders of rec. Mar. 11
7% Preferred (guar.)
Corn.(payable in corn. stock.)
154 Mar. 30 Holders of rec. Mar. IS
f234 Apr.
Holders of rec. Mar. 11
Puget Sound Pow.& Lt., pr. pf.(qua?.). $1.25 Apr. 15 Holders of roe. Mar.206
Seven per cent pref.(guar.)
134 Apr.
Holders of rec. Mar. 11
Preferred (guar.)
Six per cent pref.(guar.)
$1.50 Apr. 15 Holders of rec. Mar.20.
14 Apr.
Holders of rec. Mar. it
Quebec Power (guar.)
Convertible preferred (guar.)
50c Apr. 15 Holders of rec.
(m) Apr.
Holders of rec. Mar. II
Ftad to Corp of A mer.pref. A (qu) --- • - 8714c Apr, I Holders of rec. Mar.20
Cent. States Pow.& Light $7 pf.(qu.)_' 51.75 Apr.
Mar. la
*Holders of rec. Mar. 11
Savannah Electric Power. prefferred--- 3
Chic, North Shore & hillw , pref.(qu.)
Apr. 1 Holders of rec. Mar. 115
•111 Apr.
*Holders of roe. Mar. 15
Debenture series A (quar.)
Prior preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 115
'134 Apr.
*Holders of rec. Mar. 15
Debentures series B (guar.)
Chicago Rapid Transit, pr. Pt. A (au.).. •135c Apr.
134 Apr. 1 Holders of rec. Mar. 115
*Holden ct rec. Mar 19
Shawinigan Water & Power Mar.)
Prior pref. series A (guar.)
50e Apr. 10 Holders of rec. Mar. 15
•1350. May
*Holders of roe. Apr. 16
Southeastern Pow.& Lt.. $7 pf.(qu.)... $1 75 Apr. 1 Holders of rec. Mar. 15
Prior pref., series A (quar.)
•650. June
'Holders of rec. May 21
$6 preferred (guar.)
Prior pref., series 13 (guar.)
$1.50 Apr. 1 Madera of rec. Mar. 16
•600. Apr.
*Holders of reg. Mar. 19
Participating pref. (guar.)
Prior pref., series D (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 12
*60c. May
*Holders of rec. Apr. 16
Southern Calif. Edison., orig. pf. (qu.)_
Prior pref., series B (guar.)
50e Apr. 15 Holders of rec. Mar. 20
*60c. June
*Holders of ree May 21
Series
Columbus Elec. & Power, corn, (guar.).
344c Apr. 15 Holder, of rec. Mar. 20
500. Apr.
Holders of rec. Mar. 116 SouthernC 534% pref. (guar.)
N E Telephone
Preferred, series 13 (guar.)
kpr. 1 *Holders of roe Mar 30
$1.75 Apr.
Holders of roe Mar. 110 Southwestern Gas & Elec. (quar) (qu.) •2
Preferred, series C (guar.)
*2
Apr.
8% pref.
*Holders of rec. Mar. 15
1.624 Apr.
Holders of rec Mar. ha
Seven per Coin Preferred (guar)
Second preferred (guar.)
*IR Apr.
*Holders of rec. Mar. 15
$1.75 Apr.
Holders of ree. Mar. Ito Southwestern Light & Power,
Connecticut Elec. Serv., cony. pf.(qu.).
cl. A (qu.) *51.50 Apr.
*Holders of rec. Mar. 15
*51
*Holders of rec. Mar. 15
Apr.
Southwest Gas Utilities. prof.(guar.)Consul. Gas, El. L.& P., Bait.,corn.
1 624 May
Holders of rec. Ayr 20
(an) *75e. Apr.
*Holders of rec. Mar. 15
Springfield Gas & Mee. pref.(Quar.)._ $1.75 Apr.
8% Preferred series D (guar.)
Holders of roe. Mar. 16
*Holders of rec. Mar. 15
'134 Apr.
Superior Water. Lt.& Pow. pref.(qu.)-- 134 Apr.
51.4% preferred series E (guar.)
•14.4 Apr.
Holders of rec. Mar. 15a
*Holders of roe. Mar. 15
Pen nessee El. Pow. CO.. 45% lilt PI.(QUI
5% Preferred aeries A (quar.)
134 spr.
H.,Iders .st rec Mar. 15
•1y4 Apr.
*Holders of rec. Mar. 15
0% 1st pref. (guar.)
Consolidated Gas of N.Y., pref.(qua?.). $1.25 May
14 3pr.
Holders of rec. Mar. 15
Holders uf rec. Mar. 290
7% lot pref (guar.)
Consumers Power, $5 pref. (guar.)
134 ter.
Holders of ree Mar. 15
51.25 Apr.
Holders of rec. Mar lb
7.2% let prof (guar.)
Six per rent preferred (guar.)
1.80 apr.
Holders of rec Mar. 15
1 4 Apr.
Holders of rec. Mar 15
5% 14 pref (monthly)
6.0% Preferred (quar.)
50e
pr.
Holders of rec. MAT. 15
1.65 Apr.
Holders of rec. Mar. 15
7 2•4 191 orpt (monthly')
Seven per cent preferred (guar.)
60e '.pr.
Holders fif rec. Mar. 15
134 Apr.
Holders of rec. Mar 15
Twin City Rapid Transit (MinneaPoIE).
Six per cent preferred (monthly)
Holders of rec. Mar 15
50c. Apr.
Common (guar.)
8.6% Preferred (monthly)
1
Apr.
Holders of rec. Mar. 12,
55e. Apr.
Holder. of ren Mar 15
Continental Gas & Elee., corn.(guar.)._ $1.10 Apr.
Preferred (guar.)
154 Apr.
Holders of rec. Mar. llis
Holders of rec. Mar, 120 United Corporatio
Prior preference (guar.)
n pref.(guar.)
7513 Apr.
Holders of rec. Mar. 11
$1.75 Apr.
Holders of rec. Mar. 12a United
Denver Tramway, pref.(guar.)
Gas & Elec. Corp. prof.(guar.).- 134 Apr.
Holders of rec. Mar. 15
75e, Apr.
Holders of roe. Mar. lb
Vetted (Ia. Improvement toiler.)
Detroit Edison Co.(guar.)
Mar. 30 Bonen, of rec Feb 284
_ $1.12
2
Apr. I Holders of roe. Mar. tila Unit. Lt.
Duke Power, corn. (guar.)
& Pow.,old el. A & B cora.(qu.) 600 May
Holders of rec. Apr. 15a
*14 Apr.
*Holders of rest. Mar. 15
New class A es 11 corn.(guar.)
Preferred (guar.)
150 May
Holders of roe. Apr. 151
*134 lifir.
*Holders of rec. Mat.15
Class A preferred (guar.)
Duluth-Superior Tr. pref. (guar.)
$1.63 Apr.
Holders of rec. Mar. 154
1 Apr.
Holders of rec. Mar. lla
Class
Duquesne Light, let pref. (guar.)
51 Apr.
Holders of rec. Mar. 15sr
14 Apr. 1 Holders of ree. Mar. 164 United B preferred (guar.)
Eastern M1189. St. Hy., adj. stock
Public Service $7 pref.(guar.)._ 51.7 Apr.
Holders of rec. Mar. 15
234 Apr.
Holders of rec. Mar. 15
United Public UHL,$6 pref.(qu.)
Eastern Texas Elec. Co., pref. (guar.).
•$1.50 Apr.
*Holders of rec. Mar. 1
134 Apr.
Holders of roe. Mar. 153
$7
Electric Power & Light, pref, (guar.).- $1.75 Apr.
•51.75 Apr.
*Holders of rec. Mar. 1
Holders of rec. Mar. lie Utah preferred (qum.)
Elec. Pow.& Lt., allot. ctfs.50%PdArin.)
Power & Light $7 pref.(quar.)
, $1.7 Apr.
Holders of rec. Mar.
34 Apr.
Holders of roe. Mar. lie
$O preferred (guar.)
Allotment ctfs. 50% Paid (guar.)
$1.50 Apr.
Holders of rec. Mar.
14 Apr.
Holders of rec. Mar. 116 Utilities
Empire Gas & Fuel,6% pref.(mthly.)
Power & Lt. class A (qua.).... trISCIc Apr. 3 Holders of roe. Mar. 9
*50e. Apr.
*Holders of rec. Mar. 15
Class B (guar.)
834% preferred (monthly)
w25e Apr. 8 Holders of rec. Mar. 9
•54 1-6o Apr.
*Holders of rec Mar. 15
Preferred (guar.)
prof. (monthly)
7%
134 Apr. 3 Holders of rec. Mar. 9
•681-Sc Apr.
*Holders of rec. Mar. 15
Virginia Elec & Pow..6% prof. (Quar.). 114 Mar 20 Holders of roe Feb. 285
8% pref. (monthly)
66 2-3e Apr.
*Holders of rec. Mar. 15
Engineers Pub. Serv., corn. (guar.).
Seven per root preferred (guar.)
134 Mar 20 Holders of roe Feb. 285
25e. Apr.
Holders of roe Mar. 4
Wen Penn Power,7% pref.(guar.)
Common (2-100 share cow.stock)...... (s) Apr.
134 May 1 Holders of rec. Apr. 5p
Holders of rec Mar. 4,
Six per
55 convertible preferred (guar.)
14 May 1 Holders of rec. Apr. 14
$1.25 AM.
Holders of rec. Mar. 4a Western cent preferred (quar.)
55.50 cumulative preferred (guar.)
Power Corp.. 7% prof.(guar.). 134 Apr. 15 Holders 4 rec. Apr. la
-5 1.374 Apr.
Holders of rec. Mar. 40 West Penn
Federal Light & Traction, COM.(qua?.).
Elec. co.. clams A (quor.).-- $1 75 Mar. 30 Holders of rec. Mar. 16a
Holders of rec. Mar 13a
Common (payable In common stock) 8740, Apr.
Winnipeg Elec. Co. prof. (Quar.)
134 Apr. 1 Holders of roe. Mar.
fl
Apr.
Holders of ree Mar 13a
Georgia Power. $6 pref. (guar.)
Wisconsin Public Service. 7% prof. (flu.) 154 Mar. 20 Holders of rec. Feb. 6
51.50 lifir.
Holders of ree. Mar. 15
28
$5 preferred (guar.)
6)4% preferred (guar.)
14 Mar. 20 Holders of roe. Feb. 28
$1.25 Apr.
Holders of rec. Mar. 15
Great Western Power, 7% pref.(guar.)
6% Preferred (guar.)
134 Apr.
134 Mar.20 Holders of roe. Feb. 28
Holders of rec. Mar. 6
Six per cent pref. A (guar.)
134 Apr.
Holders of rec. Mar. 5
Illinois Bell Telephone (guar.)
Banks.
*2
Mar.30 *Holders of rec. Mar. 29
Bank of America, N. A.(guar.)
Illinois Power Co., 6% pref. (guar.)
$1 Apr.
14 Apr.
Holders of rec. Mar. 16
Holders of rec. Mar. 15
Chase National (quar.)
Seven per cent pref. (guar.)
134 Apr.
334 Apr.
Holders of rec. Mar. I3a
Holders of rec. Mar. 15
Indianapolis Power & Light, pref.(a.)
Chase Securities Corp.(guar.)
14 Apr.
Apr.
Holders of rec. Mar. 130
Holders of rec. Mar. 7
Indianapolis Water, prof A (guar.)
Chatham
114 Apr.
*Holders of rec. Mar. 14
Holders of roe. Mar. 120 Chalets & Phenix Nat. Bk. & Tr.(qu.) •4 Apr.
International Power. pref.(guar.)
Pow/lenge (guar I
134 Apr.
'624° Apr.
*Holdera of roe. Mar. 15
Holders of rec. Mar. 15
International Superpower
National Bank of Commerce (guar.).
50e. Apr.
Holders of roe. Mar. 150
414
Holders of res. Mar. 15
Interstate Power, 57 pref. (guar.)
National City (interim)
$1.75 Apr.
50c. Apr.
Holders of rec. Mar. 9
Holders of rec. Mar. 11
$6 preferred (guar.)
National City Co. (interim)
41.50 Air.
50c. Apr.
Holders of rec. Mar. 9
*Holders of rec. Mar. 11
Publlo Nat. Bank & Trust Co.(quar.).. 4
Jamaica Public Serv.. prof. (quar.)
Apr.
134 Apr:
Holders of rec. Mar.20
Holders of rec. Mar. 15
Seaboard National (guar.)
jersey Central Power & Lt.,7% pf.(qu.) 134 Apr.
4
Apr.
Holders of rec. Mar 18
Holders of rec. Mar.22
6% pref. (guar.)
14 Apr.
Holders of rec. Mar 18
KAMM City Pr. & Lt. pref. B (quar.) _
$1.50 Apr.
Holders of rec. Mar 140 Central Trust Companies,
Kaman Gas es Elec. pref.(guar.)
Union (stock dividend)
e20
134 Apr.
ubj.to e tocklfra meeting Mar.21
Holders of rec. Mar. 15a Equitable
Kentucky Securities, corn. (guar.)
(guar.)
3
•$1.25 Apr.
Mar. 30 Holders of rec. Mar. 16a
*Holders of rec. Mar.20
Guaranty (guar.)
Preferred (guar.)
•114 Apr. 1 *Holders of rec. Mar. 20
4
Mar. 30 Holders of roe. Mar. 15
Irving Trust (guar.)
County Ltg., eon). (guar.)
Kings
•$1.50 Apr.
814 Apr. 1 Holders of rec. Mar. 15
*Holders of rec. Mar. 18
7% pref. (guar.)
Manufacturers (guar.)
•134 Apr.
$1.50 Apr. 1 Holders of rec. Mar. 15
*Holders of rec. Mar. 18
United States (guar.)
6% pref.(guar.)
*15
'134 Apr.
Apr. 1 *Holders of rec. Mar. 21
*Holders of rec. Mar. 18
Lone Star Gas (guar.)
Mo.Mar.80 *Holders of rec. Mar. 19
Fire Insurance.
Long Island Mg.. ser. A,7% pref.(au.) 1)( Apr, 1 Holders of rec. Mar.
15
Brooklyn Fire Insurance
Six per cent ser. B pref.(guar.)
$1.25 Apt. 1 Mar.20 to Apr. 11
114 Apr. 1 Holders of
Mar.
Louisville Gas & Elec., corn. A & B (qu.) 4334e Mar. 25 Holders of rec. Feb. 15
rec.
28a
Miscellaneous.
Mackay Companiee, corn.((man)
134 Apr. 1 Holders of rec. Mar. 220
Preferred (guar.)
114 Apr, 20 Holders of rec. Apr. 10a
1
Apr. 1 Holders of rec. Mar. 22a Abitibi Pow. & Paper.6% pref. (guar.).
Seven per cent preferred (guar.)
Manhattan fly., guar. (guar.)
13( Apr. 1 Holders of rec. Mar. 20a
134 Apr. 2 Holders of rec. Mar. 20
Acme Steel (quit.)
Marconi International Marine Com•1
Apr. I *Holders of rec. Mar.20
Adams Express. common (guar.)
munication Co. Am.dep. refs. ord.shs. *734
$1.50 Mar. 31 Holders of rec. Mar. 15a
*Holders of rec. Mar. 5
Preferred (Misr.)
Memphis Pow. & It.. 57 pref. (guar.)._ $1.75 Apr.
$1.25 Mar. 31 Holders of rec. Mar.
Holders of rec. Mar:16
Agnew-Surpass Shoe Store, pref. (guar.) 114 Apr. 1 Holden of rec. Mar. 150
$6 preferred (guar.)
$1.50 Apr.
Holders of rec. Mar. 16
111
Ahrens Fox Fire Engine, class A (quiz.). .3734c Apr. 1 *Holders of rec. Mar.26
Michigan Elec. Power Co., 7% pf. (an.) 13( Apr.
Holders of rec. Mar. 16
Class B (guar.)
•25e. Apr. 1 *Holders of roe. Mar. 28
Six per cent Preferred (guar.)
134 Apr.
Holders of rec. Mar. 15
Allegheny Steel new stock (montalY)---- •150. Mar. 18 *Holders of rec.
Minnesota Power & Light, pref.(guar.). 134 Apr.
Feb. 28
Holders of rec. Mar. 15
Preferred (guar.)
*1)( June 1 *Holders of rec. May
$6 preferred (guar.)
$1.50 Apr.
15
Holders of rec. Mar. 15
Preferred(Qum-)
•13( Sept, 1 *Holders of rec. Aug. 15
Monongahela West Penn Public Service
Preferred(guar.)
0134 Dee. 1 *Holders of rec. Nov. 15
Preferred (guar.)
43Ke Apr. 1 Holders of rec. Mar. 15
Allied Chem.& Dye Corp., prof.(qu.).. 134 Apr. 1 Holders of rec. Mar. 116
134
14
21.4
2
234
234
14
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
1
1
1
1
Holders of roe. Feb. 250
Holders of rec. Mar. 150
Holders of rec. Mar. la
Holders of rec. Mar. la
Holders of roe. Mar. 86
Holders of roe. Mar. 8a
Holders of rec. Mar. 15a
Name of Company.
[VOL. 128.
FINANCIAL CHRONICLE
1686
Per
Cent
When
Payable.
Books Cased
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Mar. 80
Miscellaneous (Continued).
Calumet & Arizona Mining (quar.)-- - - $1.50 Mar. 25 Holders of rec.
20o. Apr. 1 Holders of rec. Mar. 15
Alliance Investment Corp., com.
Mar. 30 Holders of rec. Feb. 281
Calumet dr Hecht Consol. Copper (guar.) $1
Apr. 1 Holdres of rec. Mar. 15
13
Preferred
Holders of rec. Mar. 15
Apr. 1
$1
Cambria Iron
Allied Refrigeration Industries
154 Mar. 30 Holders of rec. Feb. 28
Canada Cement, Ltd.. pref. Mar.)---11.50 Apr. 1 Holders of roe. Mar. 15
Mar. 30
Prior pref.(guar.)
Canada Foundries & Fore., class A (qu.) 3734c Apr. 15 Holdres of rec. Mar. 22
62c. Apr. 1 Holders of rec. Mar. 19
(A. S.) Co., corn. (guar.)
Aloe
Canadian Car dr Fdry., pref.(quar.)_. 154 Apr. 10 Holders of roe. Mar. 30
134 Apr. 1 Holders of rec. Mar. 19
Preferred (guar.)
.25c. Apr. 30 *Holders of rec.
Ltd. (extra)
15
Canadian Industries.
Alpha Portland Cement,common (quar.) •750. Apr. 15'Holders of rec. Mar. 15
Canal Construction conv. pref. (quar.).... .3754c Apr. 1 "Holders of rec. Mar. 20
Aluminum Co. of Am., pref. (quar.)--- •154 Apr. 1 *Holders of reo. Mar. 20
$1.75 Mar.31 Holders of reo. Feb. 20
Canfield 011, corn. dr pref.(qua?.)
•134 Apr. 18 *Holders of rec. Mar.
American Aggregates, pref. ((War.)
11.75 June 30 Holders of roe. May 20
31
guar.)
Common & preferred(
American Art Works, com. & pref.(au.) 154 Apr. 15 Holders of rec. Mar. Sa
$1.76 Sept.30 Holders of rec. Aug. 20
Common & preferred (quar.)
1 Holders of rec. Mar.
50c. Apr.
American Bank Note, corn.
$1.76 Dec. 3 Holders of ree. Nov. 20
Common & preferred (Guar.)
75c. Apr. 1 Holders of rec. Mar. 80
Preferred (guar.)
Holders of rec. Mar. 15
15c. Apr.
154 Apr. 1 Holders of rec. Mar. 15a Capital City Surety
American Can, pref. (quar.)
Holders of rec. Mar. Ill
154 Apr.
of rec. Mar. 15a Case (J. I.) Thresh. Mach.com.(quar.)_
$1.50 Apr. 1 Holders
Amer. Car & Fdy., corn. (quar.)
Holders of res. Mar. lla
134 Apr.
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
Holders of rec. Mar. 180
154 Apr.
154 alMar30 Holders of rec. Mar. 2(34 Cavanagh-Dobbs. Inc., pref. (quar.)--- 625-ic Apr.
American Chain, pref. (quar-)
Holders of rec. Mar. 20
30
CeCo Manufacturing. corn.(quar.)
'Holders of rec. Apr.
*11.75 May
Amer. Chatillon Corp., pref. (quar.)
Holders of rec. Mar. 15
Holders of rec. Mar. 12a Celanese Corp. of Am., prior pref.(au.). 154 Apr.
50c. Apr.
American Chicle, common (quar.)
Holders of rec. Mar. 15
500. Apr.
First partic. pref. (guar.)
Holders of rec. Feb. 250
IN Apr.
Prior preferred (quar.)
Holders of rec. May 10
$1.75 June
pref.
Celluloid Corp., 1st milk.
Holders of rec. Mar. 15
134 Apr.
American Cigar, pref. (quar.)
Holders of rec. Mar. 15a
75c. Apr.
Celotex Co., com. (guar.)
*Holders of rec. Apr. 10
May
*S1
American Coal, corn. ((ivar.)
Holders of rec. Mar. 15a
IN Apr.
(guar.)
of rec. Mar. 12
Preferred
60c. Mar.3 Holders
American ColortyPe (quar.)
Holders of rec. Mar. 20a
Apr.
50c.
Central Aguirre Associates (quar.)
Holders of rec. Mar. 15
30c. Apr.
Amer. Cyanamid, corn. A & B (quar.)
50e. Apr. 10 Holders of rec. Mar. 230
Central Alloy Steel, com.(quar.)
Holders of rec. Mar. 16
100. Apr.
Common A dr B (extra)
154 Apr. 1 Holders of rec. Mar. 130
Preferred
Holders of rec. Mar. 15
154 Apr.
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 150
/5
Century Electric Co.corn.(guar.)
American Dredging (stock dividend)__ -- "e25
rec. Mar. 120 Certain-Teed Products, pref.-April divl dend o miffed
50c. Mar. 27 Holders of
Amer. Encaustic Tiling (quar.)
75c. Mar. 31 Holders of rec. Mar. 140
$1.50 Apr. 1 Holders of ref. Mar. 15a Certo Corporation (quar.)
American Express (quar.)
25c. May 15 Holders of rec. May 1
phclsen Exchange Corp., cl. A & B (qu.)
Amer. Furniture Mart Building Corp.
Mar. 30 Holders of rec. Mar. fla
$I
Chesebrough Mfg.(quar.)
154 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
50c. Mar. 30 Holders of rec. Mar. 90
Extra
230. Apr, 1 Holders of rec. Mar. 140
American Home Products (monthly)-"75c. Apr. 1 'Holders of rec. Mar. 15
Holders of rec. Mar. 12a Chic. & Jeff. Fuse & Elec.(No. 1)
Apr. 1
Amer. Internat. Corp., com.(No. 1)__ _ $1
•50c. Apr. 1 *Holders of rec. Mar. 15
Extra
Apr. 1 Holders of rec. Mar. 120
e2
Common (stock dividend)
Chicago Pneumatic Tool
Oct. 1
*e2
Mar. 200
Common (stock dividend)
May 200
preference (qu.) (No. 1)_- 8714c Apr. 1 Holders of rec. Mar. 200
New cony.
June 1 'Holders of rec.
Amer. Laundry Mach., corn. (quar.)--- "El
25c. Apr, 1 Holders of rec.
Chicago Yellow Cab (monthly)
June 1 "Holders of rec. May 20
"SI
Quarterly
25c. May 1 Holders of rec. Apr. 190
Monthly
Holders of rec. Mar. 13
Mar. 30
American Locomotive, corn. (guar.)- - $2
25c. June 1 Holders of rec. May 200
Monthly
131 Mar. 30 Holders of rec. Mar. 13a
Preferred ( uar)
750. Apr. 1 Holders of rec. Mar. 90
Chickasha Cotton 011 (atm.)
75c. Apr, 1 Holders of rec. Mar. 20
Amer. London & Empire Corp., pf. (rin.)
75c. July 1 Holders of rec. June 100
Mar. 15
Quarterly
750. Mar. 31 Holders of rec.
American Manufacturing, com.(quar.)8754c Apr. 22 Holders of rec. Mar. 290
Chile Copper Co.(qunn)
75c. July 1 Holders of rec. June 15
Common (quar.)
no. Mar, 30 Holders of roe Mar. 2a
Chrysler Corp. common (quar.)
1 Holders of rec. Sept. 15
75c. Oct.
Common (guar.)
Holders of rec. Mar. 15
35 Apr.
Cities Service,corn.(monthly)
75e. Dec. 31 Holders of rec. Dec. 15
Common (guar.)
Holders of roe. Mar. 15
Apr.
fyi
Corn. (nattily) payable in com.stk.._
154 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
Holders of rec. Mar. 15
50c. Apr.
of rec. June 15
and preference BB (mthly.).
Preferred
154 July 1 Holders
Preferred (guar.)
Holders of rec. Mar. 15
Sc, Apr.
Preference B (monthly)
IN Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Holders of rec. Apr. tsa
8754c. May
City Stores Co., class A (quar.)
31 Holders of rec. Deo. 15
154 Dee.
Holders of rec. Mar. 20
Preferred (quar.)
18c. Apr.
Corp.. com.(quar.)
Mar. 110
American Radiator, common (quar.)_-_ $1.25 Mar. 30 Holders of rec. Mar. 16a Claremont Investing
Holders of rec. Mar. 20
Apr.
31c.
Preferred (quar.)
$1.50 Mar. 30 Holders of rec.
Amer. Railway Express (quar.)
•II olders of roc May 15
•50e. June
of rec. Apr. 1
C evelarul Stone. common (guar.)
American Rolling Mill,common (quar.)_ •50c. Apr. 15 *Holders
•HoMerx of rec. Aug 15
Sept
....
Common (guar ).
July 30 *Holders of rec. July 1
Common (payable in common stock)__ */5
Holders of rec. Mar. 21
Apr.
Apr. 1 Holders of rec. Mar. 8a Cluert, Peabody & Co.. pref. (quar.)-- IN Apr.
$1
Amer. Safety Razor (guar.)
Holders of rec. Mar. 120
25c. Apr. 1 Holders of rec. Mar. 8a Coca-Cola Co., corn.(guar.)
Extra
Holders of rec. Mar. 150
Apr.
6234c.
Cohn-Hall-Marx, com. (Gear.)
*75c. Apr. 1 *Holders of rec. Mar. 20
American Seating (quar.)
Holders of rec. June 15
6240. July
Common (guar.)
1 Holders of rec. Mar. 15a
Apr.
3
American Snuff, corn. (guar.)
(guar.).- "500. Mar. 30 'Holders of rec. Mar. 14
154 Apr. 1 Holders of rec. Mar. 150 Colts Patent Fire Arms Mfg.
Preferred (guar.)
•50c. Mar. 30'Holders of rec. Mar. 90
Mar. 12
Commercial Credit, com. (guar.)
gi Mar. 30'Holders of rec. Mar. ga
Amer.Solvents dr Chem.. partic. pf.(qu) •750. Apr. 1 *Holders of rec.
614% first preferred (quar.)
•11.50 May 1 "Holders of rec. Apr. 10
Participating pref. (extra)
.4334c Mar. 30'Holders of rec. Mar. 90
7% pref. (quar.)
75c. Apr. 15 Holders of rec. Apr. la
Amer. Steel Foundries, com. (guar.)
'500. Mar. 30 *Holders of rec. Mar. 130
30 Holders of rec. Mar. 15a
prof. (quar.)
IN Mar.
8%
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 5a
500. Apr. 1 Holders of rec. Mar. 15a Commercial Invest. Trust com.(quar.). $1
American Stores, corn. (quar.)
Apr. 1 Holders of rec. Mar. 5a
Common (payable in corn. stock)...-- 11
154 Apr. 2 Holders of rec. Mar. 50
Amer. Sugar Refining. prof. (quar.)-134 Apr. 1 Holders of rec. Mar. 50
of rec. Mar. 9a
7% first preferred (guar.)
154 Apr. 1 Holders
American Tobacco, pref. (quar.)
Apr. 1 Holders of rec. Mar. 50
154
% first pref. (qmar.)
75c. Apr. 1 Holders of rec. Mar. 180
Amer. Writing Paper, pref.(qu.)(No.))
Apr. 1 Holders of rec. Mar. 150
Commercial Solvents Corp.(guar.).- $2
American Yvette Co.. corn.(qu.)(No. 1) •50c.
Apr, 1 Holders of rec. Mar. 150
Stock dividend
11.75 May 20 Holders of rec. Mar. 29a
Anaconda Copper Mining (quar.)
134 May 15 Holders of rec. May 10
State Corp., A & B (quar.)_
Holders of rec. Mar. 40
Anchor Cap Corp.. corn.(quar.)(No. 1) 60c. Apr. 1 Holders of rec. Mar. 9a Community B
154 Sept. 2 Holders of rec. Aug. 28
A & (quar.)
Class
1.6214 Apr. 1
$634 convertible pref.(guar.)
131 Dec. 3 Holders of rec. Dee. 20
Class A dr B (quar.)
75c. May 6 Holders of rec. Mar. 290
Andes Copper Mining (guar.)
Holders of rec. Mar. 140
11.25 dApr.
154 Apr. 1 Holders of rec. Mar. 9a Congress Cigar (quar.)
Armour & Co.(I11.) pref.(Gear.)
Holders of rec. Mar. 188
Mar. 9a Consolidated Cigar Corp., com.(guar.). $1.75 Apr.
IN Apr. 1 Holders of rec.
Armour & Co. of Del. pref.(quar.)
Holders of roe. Mar. 15
50o. Apr.
Consolidated Dairy Products (quar.)_-*3754c Apr. 1 *Holders of rec. Mar. 9
Armstrong Cork, common (quar.)
Holders of rec. Mar. 15
el 34 Apr.
*Holders of res. Mar. 9
Stock dividend
•12540 Apr. 1
Common (extra)
Consolidated Film Industries
Associated Apparel Industries
Holders of roe. Mar. 150
50c. Apr.
Common (guar.)(No. 1)
*331sc. Apr. 1 "Holders of rec. Mar. 21
Common (monthly)
Holders of rec. Star. 90
50e. Apr.
Participating. pref. (guar.)
•3318c. May 1 *Holders of rec. Apr. 19
Common (monthly)
*Holders of rec. Mar. 9a
Consumers Co.. prior preferred (quar.) _ •116 Apr.
"3311e. June 1 'Holders of rec. May 21
Common (monthly)
Holders of rec. Mar. 100
300. Apr.
1 *Holders of rec. June 20
Container Corp. of Amer., class A (aU.).
'331st. July
Common (monthly)
Holders of rec. Mar. 100
15c. Apr.
Class B (guar.)
25e. Mar. 31 Holders of rec. Mar. 15
Brew. of Canada common
Associated
*Holders of rec. Mar. 10
•134 Apr.
Preferred
154 Apr. 1 Holders of rec. Mar. 15
Holders of rec. Mar. 180
Preferred (guar.)
Apr.
50e. Mar. 30 Holders of roe. Mar. 16a Continental Baking Corp.. pref.(guar.). $2
Holders of rec. Mar. ISO
Associated 011 (quar.)
134 Apr.
'Holders of rec. Mar. 21
Continental Can, pref. (quar.)
*Holders of rec. Oct. 10
Associates Investment Co., corn. (quar.) "8754c Mar. 31 *Holders of rec. Mar. 21
•60c. Nov.
31
Coon (W. B.) Co., com
"$1.75 Mar.
'Holders of rec. Apr. 10
Preferred (guar.)
•70e. May
Common
•HcIders of rec. July 10
Atlantic Gulf & West Indies S.S. Lines,
•70c. Aug.
Mar. 30 Holders of rec. Mar. 11 a
Common
$1.
Preferred (quar.)
•134 • Nov. 'Holders of rec. Oct. 10
June 29 Holders of rec. June 10a
Preferred
$1
'Holders of roe. Apr. 10
Preferred (quar.)
May
'131
Sept. 30 Holders of rec. Sept. 100
Preferred
Si
"Holders of rec. July 10
Preferred (quar.)
154 Aug.
Dec. 3 Holders of rec. Dec. 11 a
Preferred
$I
Preferred (quar.)
*50c. Apr. 15 *Holders of rec. Mar. 15
'Holders of rec. Mar. 15
Apr.
Copper Range Co. (guar.)
Automatic Regis. Mach., cony. Dr. part. *50c. Apr.
Mar. 30 Holders of rec. Mar. 15a
50e.
Holders of rec. Mar. ha Coty, Inc. (guar.)
75c.
AutoStrop Razor, class A (guar.)
n134 May 28 Holders of rec. May 13
Holders of reo. Mar. 20
14 Apr.
Stock dividend
Babcock & Wilcox Co.((Var.)
n154 Aug. 27 Holders of rec. Aug. 12
Holders of rec. Mar, 1
Stock dividend
134 Apr.
Share Corp., corn. (quar.)
Bakers
n154 New. 27 Holders of rec. Nov. 12
*Holders of ref. Mar. 20
•250. Apr.
Stock dividend
Balaban & Katz, corn.(monthly)
'Holders of roe. Mar. 20
Courtaulds Ltd.
•154 Apr.
Preferred (quar.)
Mar. 18 'Holders of rec. Mar. 6
•10
Holders of rec. May 13a
IN June
Amer. den. Ma.for ord. reg
Bomberger (L.) & Co.,654% pf. (all.)
250. Apr. I Holders of rec. Mar. 200
154 Sept. 2 Holders of rec. Aug. 120 Crosley Radio,new stock (quar.)
634% preferred (quar.)
(quar.)..._ •50c. Mar. 30'Holders of rec. Mar. 11
154 Dec. 2 Holders of rec. Nov. 110 Crowley, Sinner & Co., corn.
Holders of roe. Mar. 130
634% preferred (quar.)
Crown Willamette Paper, let pf. (au.). 154 Apr. 1 *Holders of rec. Mar. 13
"75c. Apr. 1 'Holders of rec. Mar. 15
Bancomlt Corporation
•114 Apr. 1
Holders of rec. Mar. 15
Second preferred (quar.)
Bancroft (Joseph) & Sons Co. com.(qu.) 6239c Mar. 30
Apr. 15 Holders of roe. Mar.d300
25c.
50c. Apr. 1 ThAriers of rec. Mar. 14a Crown Zellerbach Co. com.(quar.)
Barker Bros. Ccrp., corn. (qilan)
154 Star. 30 Holders of rec. Mar. 15a
- 159 Apr. 1 Holders of rec. Mar. 140 Crucible Steel. pref. Mari
Convertible 634% preferred (guar.)
Dividend omitted
75c. Apr. 10 Holders of rec. Mar. M. Cuban-Amer. Sugar. corn. & prof
Beech-Nut Packing (quar.)
•500. Apr. 2 "Holders of rec. Mar. 20
Curtis Publishing (monthly)
134 A,pr. 1 Holders of rec. Mar. I
Belgo Canadian Paper pref.(guar.)
•154 Apr. I *Holders of rec. Mar. 20
190
Preferred (guar)
May 15 Holders of rec. Apr.
$1
Bethlehem Steel,com
Mar.2 •Holdere of r co Mar. 9
oil
131 Apr. I Holders of rec. Mar. 4, Davis Mills(quar.)
Preferred (quar.)
"Holders of rec. May 22
Decker (Alfred) & Cohn, Inc., pref.(qu.) •154 June
Blgelow-Hartford Carpet. pref. (guar.). •154 May 1 *Holders of rec. Apr. 18
•154 Sept. 'Holders of rec Aug. 22
Preferred (quar.)
•114 Aug. 1 *Holders of rec. July 18
Preferred (guar.)
"Holders of rec Mar. IS
41.50 Apr.
Deere dr Co., corn. (guar.)
•154 Nov. 1 *Holders of rec. Oct. 18
holders of rec. Apr. 20
Preferred ((Won)
May
Dennison Manufacturing. deb.stk.(aU.) $2
•50c. Apr. 1 'Holders of rec. Mar. 15
Blue Ribbon. Ltd. (quar.)
Holders of rec. Apr. 20
14 May
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 16a
Blumenthal(Sidney) dr Co. pref. MO
Holders of rec. Mar. 15
2 Apr.
Detroit & Cleveland Nay.(guar.)
1 *Holders of rec. Mar. 15
'750. Apr.
Bohn Aluminum & Brass (quar.)
*Holders of rec. May 20
"35c. June
Dexter Company (guar.)(No. 1)
'50c. Apr. 1 *Holders of rec. Mar. 15
Extra
Mar. 3 *Holders of rec. Mar. 24
•50c.
Diamond Elec. Mfg.. corn. (quar.)
Apr. 1 *Holders of rec. Mar. 20
.11
Borg Warner Corp. com.(quar.)
•154 Mar. 3 *Holders of rec. Mar. 24
Preferred (quar.)
Apr. I *Holders of rec. Mar. 20
'12
Corn, payable in common stock)
Apr. 15 Holders of rec. Mar. 30
Dominion Engineering Works (quar.)--- 51
•114 Apr. 1 *Holders of rec. Mar. 20
(quar.)
Preferred
154 Apr. 1 Holders of roe. Mar. 15
Dominion Glass Ltd., corn.& pftl.(qu 3Apr. 15 Mar. 23 to Apr. 13
11
Borne Scrymser Co
75c. Apr. 1 Holders of rec. Mar. 15
com.(quar.)___
Dominion Stores, Ltd.,
50e. Apr. 15 Mar.23 to Apr. 13
Extra
$1.25 Apr. 1 Holders of rec. mar. 15
50c. Apr. 1 Holders of rec. Mar. 15a Dominion Textile, corn. (guar.)
Brill° Mfg Co., nc., class A (quar.)_ _ _
154 Apr. 15 Holders of rec. Mar.30
Preferred (quar.)
Mar. 30 *Holders of rec. Mar. 20
•S1
Bristol-Myers 60.(quar.)
Apr. 1 Holders of rec. Mar. 2
SI
Draper Corporation (quar.)
•25c. Mar. 30 *HcIders of rec. Mar. 20
1 *Holders of rec. Mar. 18
Extra
Mar. 31
Dunham (James II.) & Co.. corn.(guar.) •134 Apr. 1
Apr. I Mar. 16 to
25c.
British-American Oil (quar.)
*Holders of rec. Mar. 18
•154 Apr.
First preferred (guar.)
(i) Mar. 30 Hold, of coup. No.1 29(i)
British Amer. Tob. ordinary (interim)
Apr. I 'Holders of rec. Mar. 18
•134
Second preferred (guar.)
254 Mar. 30 Holders of coup. No. 51
Preferred
Apr. 11 Holder, of tee. Apr. lo
SI
of rec. Mar. 15
international (quuir)
Dunhill
50c. Apr. 1 Holders
Brit. Type Investors,Inc.,c1.A(bi-mthly)
el
Apr. 15 Holders of roe. Apr. lo
Stock dividend
154 Apr. 1 Holders of rec. Mar. II a
Brockway Motor Truck, pref. (auar.)-el
July 15 Holders of roe. July la
of rec. Mar. 20
Stock dividend
Brunswick-Balke-Collender Co., pf.(qu.) 154 Apr. 1 Holders of rec. Feb. 210
el
Oct. 15 Holders of roe. Oct. la
Stock dividend
250. Apr. 1 Holders
Bucyrus-Erie Co., com.(guar.)
•11.75 Apr. 1
(quar.)
6234 Apr. 1 Holders of rec. Feb. 2Io Dunlop Tire dr Rubber. Pi. Co.
Convertible pref.(quar.)
Nem.&
114 Apr. 1 Holders of rec. Feb. 21a DuPont (E. I.) de
Preferred (guar.)
13-4 Apr. 25 Holders of rec. Apr. 100
Debenture stock (qum.)
114 Apr. 1 Holders of rec. Mar. 13a
(quar.)
Burns Bros., pref.
430. Apr. 1 Holders of rec. Mar. 9
Durant Motors of Canada
Mar. 31
•50c. May 1 'Holders of rec. Mar. 29
Bush Terminal Co.. com.(quar.)
Lead Co.,com.(quar.) -- •200. Apr. 15 *Holders of roe. Mar. 20
of rec. Mar. 29
Eagle-Picher
Common (payable in common stock) 'TIN May 1 *Holders of rec. Mar. 29
•750. Mar. 30 *Holders of rec.
Early de Daniels. corn.(quar.)
•154 Apr. 15'Holders
Debenture stock (quar.)
*154 Mar. 30 *Holders of rec. Mar. 20
Preferred (guar.)
Holders of rec. Mar. 15a
154 Apr. 1
Bush Terminal Ridge. pref. (quar.)---37540 Apr. 1 Holders of rec. Mar. 20a
500. Mar. 30 Holders of rec. Mar, 15c Eastern Rolling Mill (quar.)
Butte & Superior MinIng (guar.)
*$1.75 Apr. I *Holders of rec. Mar.23
154 May 1 Holders o f reo. Apr. 160 Eastern Steamship, 1st pref.(quar.)--- •87540 Apr. 1 'Holders of rec. Mar.23
pref.(quar.)
Byers(A. M.)
par preferred (guar.)
No
50c. Mar. 25 Holders of too. Mar. 11 a
Co.'
By-Products Coke Corp.(quar.)
Eastern Utilities Investing Corp.
50c. Mar. 25 Holders of rec. Mar. 11
Extra
$1.25 Apr. 1 Holders of roe. Feb. 28
$5 Prior prof.(quar.)
*40c. Apr. 2 "Holders of rec. Mar. 15
Colombo Sugar Estates, corn.(quar.)_
Apr. 1 *Holders of roe. Feb. 11
.2
East Hartford Co.(No. I)
•50c. Apr. 1 *Holders of roe. Mar. 21
California Ink, class A (quar.)
Apr. 1 *Holders of rec. Feb. 11
*3
Extra
California Petroleum-April 1 div. omit ted.
MAR. 16 1929.]
FINANCIAL CHRONICLE
Per
When
Cad. Payable.
1687
Books Closed
Per
When
Books Closest
Days inelsirlm.
Name of Company
Cent. Payable.
Days Inelustre.
Miscellaneous (Continued).
Miscellaneous (Continued,.
Eastman Kodak, corn.(CUM.)
$1.25 Apr. I Holders of rec. Feb. 280 International Cement (guar.)
$1 Mar. 28 Holders of rec. Mar. his
Common (extra)
750. Apr. 1 Holders of rec. Feb. 280 Int. Cont.Invest. Corp.corn.(guar.).•250. Apr. 1
Preferred (guar.)
1% Apr. 1 Holders of rec. Feb. 28s
Common (quiz.)
•250. July 1
Eccuadorian Corp., ordinary
13o. Apr. 1 Holders of rec. Mar. 1
Internat. Educational Publishing, pref._ $1
May I Holders of ree. Mar. 30,
Electric Auto Lite, corn.(quiz.)
51 Apr. 1 Holders of rec. Mar. 150 International Equities Corp. ci A (111.)
- 8734c. Apr. 1 Holders of rec.
Common (extra)
500. Apr. 1 Holders of rec. Mar. 15.3 Internat. Harvester, new no par (quar.)- 6214e Apr. 15 Holders of rec. Mar. 20.
Mar. 215a
Preferred (guar.)
111( Apr. I Holders of rec. Mar. 15a rInternat. Nickel of Canada. corn.(qu.)20e. Mar. 30 Holders of rec. Mar. 16a
Electric Stor. Battery, corn. & pfd.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 9, International Products.
pref. (guar.).
- $1.50 Mar.29 Holders of rec. Mar. 15
Emerson Elec. Mfg., pref.(guar.)
13( Apr. 1 Holders of rec. Mar. 20
International Properties. cl. A (Cluar.)- - •65c.
Emporium-Capwell Corp.(guar.)
500. Mar. 24 Holders of roe. Mar. Is
6234c Apr. 1 Holders of roe. Mar. 15
Endicott-Johnson Corp., corn. (guar.).- $1.25 Apr. 1 Holders of rec. Mar. 18a International Shoe, corn.(guar.)
Preferred (monthly)
50o. Apr. 1 Holders of ref3. Mar. 15
Preferred (guar.)
111 Apr. 1 Holders of rec. Mar. 18a
Preferred (monthly)
0500. May 1 *Holders of rec. Apr. 15
Equitable Office Bldg.,cons.(guar.)._ _
50c. Apr. 1 Holders of rec. Mar. 150
Preferred (monthly)
•500. June 1 *Holders of roe. May 15
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 150
Preferred (monthly)
•500. July 1 *Holders of rec. June 15
Erskine-Danforth Corp. pref. (guar.)_
Apr. 1 Holders of ree. Mar. 29
2
•50a. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
Evans Auto Loading,stock dividend_
e2
Apr. I Holders of rec. Mar.20a
Preferred (monthly)
*500. Sept. 1 *Holders of roe. Aug. 15
Stook dividend
6.52
Oct. I 'Holders of roe. Sept. 20
Preferred (monthly)
*500. Oct. 1 *Holders of rec. Sept. 15
Fairbanks, Morse & Co.. cons.(guar.)._
750 Mar.30 Holders of rec. Mar. 12a
Preferred (monthly)
*500. Nov. 1 *Madera of rec. Oct. 15
Fanny Farmer Candy Shops, corn. (qu.) 25e Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
•600. Dec. 1 *Holders of reo. Nov. 15
Preference (guar.)
80c Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
•50o. Jan 1'30 *Holders of recs. Dec. la
Federal Bake Shops, pref. (guar.)
*1% Apr. 1 *Holders of rec. Mar. 8
International Silver Federal Screw Works (guar.)
•750. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 12.
Federated Business Publications
Interstate Dept. Ste., corn.(gu.)(No. 1) 50o. Apr. 1 Holders of rec. Mar. 156
1st preferred (guar.)
6230 Apr. 1 Holders of rec. Mar. 20
Interstate Iron & Steel,corn.(lUar.)--- *81
Apr. 15 *Holders of rec. Apr. 5
Feltman-Curme Shoe Stores. pfd.(qu.) Apr. 1 Holders of rec. Mar. 1
Intertype Corp., lEit pref. (guar.)
•82 Apr. 1 *Holders of rec. Mar. 15
Fifth Avenue Bus Securities('(guar.)
16e. Mar.29 Holders of rec. Mar. 14a Investors Capital Corp.. common
600. Apr. 15 Holders of roe. Dee. 31
Filene's(William)Sons Co.,6;4% pf.(qu) 1% Apr. 1 Holders of rec. Mar. 180
Ille Royale Copper
50e. Mar.30 Holders of rec. Feb. 28
Seven percent. pref.(guar.)
141 Apr. 1 Holders of rec. Mar. 180 Jewel Tea, Coro. (guar.)
•81
Apr. 16 *Holders of rec. Apr. 2
First Federal Foreign Bkg. Corp.(qu.).. $1.75 May 15 Holders of rec. May I
Johns-Manville Corp.. Corn. (quiz.)
750. Apr. 15 Holders of roe. Mar.256
First Nat. Pictures, 1st pref.(quiz.).._ 2
Apr. 1 Holders of rec. Mar. 130
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 115
First National Stores, corn.(guar.)
3710 Apr. 1 Holders of rec. Mar. 18a Joint Security Corp
Fitzsimmons & Connell Dredge & Dock,
Corn.(payablein oom.stock)
May 1 Holders of rec. Apr. 20
fl
Corn.(1-40th share corn.stk.)
(/) June 1
11
Aug. 1 Holders of rec. July 20
Corn •(Payable in corn.stock)
Corn.(140th share corn.stk.)
(/) Sept. 1
(1
Nov. 1 Holders of reo. Oct. 20
Corn.(Payablein corn.stock)
Corn.(140th share corn. elk.)
(/) Dee. 1
Jonas & Naumburg Corp. pref.(guar.)
750. Apr. 1 Holders of rec. Mar.
.15
Fielschmann Co. common (guar.)
750. Apr. 1 Holders of rec. Mar. 136 Jones & Laughlin
134 Apr. 1 Holders of roe. Mar.13a
Florsheim Shoe. pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 15a Kalamazoo Stove,Steel. pref. (guar.)
cons.(guar.)
$11234 Apr. 1 *Holders of rec. Mar.20
Foote Bros. Gear & Mach.. corn.(q.)
•300. Apr. 1 *Holders of rec. Mar. 20
Stock dividend
•1)4 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 20
Kaufmann Dept. Stores, prof. (guar.) - 134 Apr. 1 Holders of roe. M&.20
Foote-Burt Co., class A (quar.)
•87%c Apr. 1 *Holders of rec. Mar. 20
Kaynee Co., common (extra)
•1214o Apr. I *Holders of rec. Mar.20
Formica Insulation (guar.)
*250. Apr. 1 *Holders of rec. Mar. 15
COIXIMOD (extra)
•12440 July 1 *Holders of rec. June 20
Extra
•400. Apr. 1 *Holders of rec. Mar. 15
Kelsey-Hayes Wheel, corn. (guar.)
500. Apr. 1 Holders of roe. Mar. 216
Fraser Companies, Ltd.. (guar.)
25e. Apr. 1 Holders of rec. Mar. 15
Kennecott Copper Corp.,new stk.(qu.)- $1
Apr. 1 Holders of roe. Mar. 15
French (Fred) Constr. Co.. pref
334 Apr. 1 Mar. 16 to Apr. 1
Kentucky Rock Asphalt, corn (qu.) --400. Apr. 1 Holders of rec. Mar. 15
Fuller(George A.)Co.. partio.pr.Pf.(Qu) $1.50 Apr. 1 Holders of rec. Mar. 10
Corn.(payable in corn,stock)
Apr. 15 Holders of rec. Apr. 1
15
Cum.& part1c. pref.(guar.)
81.50 Apr. 1 Holders of rec. Mar. 10
Kinney (G. R.) Co., tom
250. Apr. 1 Holders of rec. Mar.210
Galesburg Coulter-Disc.(guar.)
*31 Apr. 1 *Holders of rec. Mar.20
Knox Hat, prior pref.(guar.)
31.75 Apr, 1 Holders of rec. Mar. 154
Extra
*250. Apr. 1 *Holders of rec. Mar. 20
Prior preference (guar.)
$1.75 July 1 Holders of roe. June 164
Genl.Amer.Tank Car(guar.)
$1 Apr. 1 Holders of rec. Mar. I36
Prior preference (guar.)
51.75 Oct. 1 Holders of rec. Sept. 180
Quarterly
$1 July 1 Holders of rec. June 136
Participating pref. (guar.)
75e June 1 Holders of rec. May 156
Stock dividend
Apr. 1 Holders of rec. Mar. 120
1
Participating pref. (guar.)
75e Sept. 3 Holders of rec. Aug. 155
Stock dividend
July 1 Holders of roe. June 130
1
Participating pref.(guar.)
750 Dee. 2 Holders of roe. Nov. ltia
General Cigar, corn. (guar.)
May 1 Holders qt rec. Apr. 16a Koppers Gas & Coke. pref.(guar.)
$1
*134 Apr. 1 *Holders of rec. Mar. 11
Preferred (guar.)
June
Holders of rec. May 21a Kraft-Phenlx Cheese, corn,(guar.)
37440 Apr. 1 Holders of roe. Mar. 184
General Electric(guar.)
Apr. 2 Holders of rec. Mar. lla
Preferred (guar.)
1.6234 Apr. 1 Holders of rec. Mar. 184
Special stock (guar.)
150. Apr. 2 Holders of rec. Mar. Ila Kresge (S. S.) Co.. cons.(guar.)
400 Mar.80 Holders of rec. Mar. lla
General Mills. Inc., pref.(guar.)
$1.50
Holders of rec. Mar. 140
Preferred (guar.)
134 Mar.80 Holders of rec. Mar.lie
General Motors,6% prof.(guar.)
134 May
Holders of rec. Apr. 8a Kroger Grocery &
Apr. 1 Holders of rec. Mar.dlla
/5
Baking corn.(quiz.)
6% deb. stk. (guar.)
134 May
Holders of rec. Apr. 8a
First preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar. 151
7% pref.(guar.)
14( May
Holders of rec. Apr. 8a
Second preferred (guar.)
*134 May 1 *Holders of rec. Apr. 15
,Gen.Pub. Serv. Corp. 55)4 pf.(cu.-'$ 1.3734 May
*Holders of rec. Apr 10
Laboratory Producta (guar.)
*500 Apr. 1 *Holders of rec. Mar.20
$8 Preferred (guar.)
41.50 May
*Holders of rec. Apr. 10
Stock dividend
43 Apr. 15 *Holders of rec. Mar.20
General Railway Signal, corn.(guar.)-.. $1.25 Apr.
Holders of rec. Mar. lba Lake) Foundry & Mach.
,
Preferred (guar.)
134 Apr.
Holders of rec. Mar. ha
Stock dividend
'.2)4 Apr. 30 *Holders of rec. Apr. 15
(Madding,McBean& Co..com(in corn stk) *2
Oct.
Stock dividend
14:234 July 30 *Holders of rec. July 15
Gleaner Combine Harvester, corn.(q.). $1 Apr.
Holders of rec. Mar. 19
Stack dividend
'.2)4 Oct. 30 *Holders of rec. Oct. 15
Glen Alden Coal(gum)
$2.50 Mar.20 Holders of rec. Mar. 9
Lambert Company,corn.(guar.)
$2 Apr. 1 Holders of rec. Mar. 18a
Glidden Co.,corn.(guar.)
37%c Apr.
Holders of roe. Mar.186 Lamson & Hubbard Corp. pre
Mar. 20 Holders of roe. Mar.11
145
Common (extra)
12%c Apr.
Holders of roe. Max.18a Lane Bryant,Inc., corn.(quiz.)
50e Apr. 1 Holders of rec. Mar. 15
Prior preferred .guar.)
14( Apr.
Holden, of rec. Mar.
.1110 Lehigh Portland Cement, pref.(quiz.)
134 Apr. 1 Holders of rec. Mar. 146
Goldblatt Bros.. Inc., corn.(No. 1)
•370. Apr.
*Holders of rec. Mar. 20
Lehigh Valley Coal Sales
900. Mar.30 Mar. 16 to Mar.30
Goldwyn Investment Corp.,extra
$1
Apr. 1 Holders of fee. Dec. 31
Lehigh Valley Coal Corp. prof.(No.1)
750, Apr. 1 Holders of rec. Mar. 154
Goodrich (B. F.) Co., pref. (quar.)---- 15i Apr.
Holders of rec. Mar. 8a Lessings, Inc. (guar.)
150. Apr. 1 Holders of rec. Mar. 11
Preferred (guar.)
114 July
Holders of roe. June 10
Extra
Sc. Apr. 1 Holders of rec. Mar. 11
Goodyear Tire & Rub. pr. & let pf.(CI) 1% Apr.
.
Holders of rec. Mar. la Liggett & Myers Tobacco. pref.(guar.). I% Apr. 1 Holders of rec. Mar. 110
Gorham Mfg., corn. (guar.)
500. June
Holders of rec. May 1
Lincoln interstate Hoidina CO
11.0. July I Holders of rec June 20
Common (guar.)
50c. Sept.
Holders of rec. Aug. I
Link Belt Co.(lum.)
600. June 1 Holders of roe. May 154
Common (guar.)
50e. Dec.
Holders of rec. Nov. 1
Lion 011 Refining, corn.(guar.)
*50e. Apr. 27 *Holders of roe. Mar. 29
Common (payable in common stock). 15
June
Subj. to atkholders. meet.
Loew's, Inc.. corn. (guar.)
50c. Mar.30 Holders of rec. Mar. 14.
Gotham Silk Hosiery, corn. (gUar.)62)4e Apr.
Holders of rec. Mar. 120 London Packing, corn. (guar.)
*75c.
Great Northern Iron Ore Properties
$1.25 Apr. 3 Holders of rec. Apr. 50 Loose-Wiles Biscuit, 1st pfd.(quiz.)
134 Apr. 1 Holders of rec. Mar. 134
Great Western Sugar, corn.(guar.)
70c. Apr.
Holders of rec. Mar. 15a
& Taylor, COM.(guar.)
*32.50 Apr. 1 *Holders of rec. Mar. 16
Preferred (guar.)
Apr.
Holders of rec. Mar. 15a Lorillard (P.) Co. Pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Greene Cananea Copper (guar.)
$2 Apr.
Holders of rec. Mar. 70 Ludlum Steel, corn.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20a
Greenfield Tap & Die.6% prof.(guar.). 134 Apr.
Holders of rec. Mar. 15
Preferred (guar.) (No. 1)
$ 1.62% Apr. 1 Holders of rec. Mar.20.
8% preferred (guar.)
2
Apr.
Holders of rec. Mar. 15
Lunkenhenner Co., pref. (guar.)
'1)4 Mar. 30 *Holders of rec. Mar.20
Greenway Corp., 5% pref.(guar.)
*75c. May 1 'Holders of rec. May I
Preferred (guar.)
*134 June 29 *Holders of rec. June 19
5% preferred (quiz.)
*75e. Aug. 1 *Holders of rec. Aug 1
Preferred (guar.)
*134 Sept.30 *Holders of rec. Sept.20
5% preferred Omar I
•75e. Nov. 1 *Holders of rec. Nov. 1
Preferred (guar.)
*I% Dec. 31 *Holders of rec. Dec. 21
Grigsby-Grunow Co.(guar.)
*81 Apr.
*Holders of roe. Mar. 20
McCall Corp.(guar.)
May. 1 Holders of rec. Apr. 204
$1
Gulf 011 Corp.(guar.)
•3734c Apr.
*Holders of rec. Mar. 20
Macfadden Publications, corn.(special). •100. Apr. 1 *Holders of rec. Feb. 28
Gulf States Steel, corn. (guar.)
Apr.
$1
Holders of rec. Mar. 150 McGraw-Hill Publishing
% Apr. 1 Holders of rec. Mar. 200
Preferred (guar.)
Apr.
Holders of rec. Mar. 130 Mack Trucks, Inc., corn.(guar.)
$1.50 Mar.30 Holders of rec. Mar. 15s
Preferred (guar.)
July
Holders of roe. June 150 MallInson (H. R.)& Co.. prof.(Quiz.).. I% Apr. 1 Holders of rec. Mar. 214
Preferred (quar,)
Oct.
Holders of rec. Sept. 160 Manhattan Shirt. pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
Jan 2 3 Holders of rec. Dec. 166 Mapes Consol. Mfg.(guar.)
50c. Apr. 1 Holders of rec. Mar. 14
Gurd (Charles) & Co.,corn.(guar.)
50e. Apr.
Holders of rec. Mar. 15
Margay Oil Corp.(guar.)
50c. Apr. 10 Holders of rec. Mar. 19
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 15
Massey-Harris CO., Ltd.,corn.(qu.)
75e. Apr. 15 Holders of rec. Mar.30
Hamilton Bank Note Engraving of Ptg
Mathleson Alkali Works, corn.(guar.)._ $1.50 Apr. 1 Holders of rec. Mar. 155
Common (guar.)
•734c May 1 *Holders of rec. May 1
Corn. (stock d1v.-3 shone for
Hamilton United Theatres(Canada)
(i)
Preferred (guar.)
1if Apr. 1 Holders of rec. Mar. 155
Preference (guar.)
Mar.3 Holders of roe. Feb. 28
Maytag Co.. com.(guar.)
37340 Apr. 1 Holders of rec. Mar. lba
Hanes(P. H.) Knitting, pref.(guar.)
141 Apr.
Holders of rec. Mar.20
Merchants &
Hanna(M. A.) Co., 1st prof
Mar.20 Holders of rec. Mar. tn. Morgenthaler MinersTransportation(qt0 •6240 Mar. 31 *Holders of rec. Mar. 13
Linotype (guar.)
Harbison-Walker Refract., pref.(guar.)
$1.25 Mar. 30 Holders of rec. Mar. 65
134 Apr. 20 Holders of rec. Apr. 10.
Extra
50c. Mar.30 Holders of rec. Mar. 64
Helme(Geo. W.)Co.,corn.(guar.)
$1.25 Apr,
Holders of rec. Mar. lb
Metropolitan Paving
Preferred (guar.)
Apr.
Holders of rec. Mar. 110 Midvale Company Brick. prof.(Cum) 134 Apr. 1 Holders of roe. Mar. 15
75e. Apr. 1 Holders of rec. Mar. 12
Hercules Powder,cons.(guar.)
(gum)
75e. Mar. 25 Holders of rec. Mar. 14
Miller (I) & Sons, corn. (guar.)
Heyden Chemical, corn.(No. 1)
500. Apr. 1 Holders of rec. Mar. 15
500. May 1 Holders of roe.
Minneapolls-Honeywedl Regulator
Hibbard, Spencer, Bartlett Co.(mthly) 35e. Mar.29 Holders of rec. Apr. 10
Mar. 22
Common
Holland Furnace, corn. (guar.)
*$1.25 Aug. 15 *Holders of rec. Aug. 3
6234c Apr. 1 Holders of rec. Mar. 150
Preferred (gum.)
Hollinger Cons. Gold Mines
•144 May 15 *Holders of me. May 1
Sc. Mar. 25 Holders of rec. Mar. 8
Preferred (guar.)
*I% Aug. 15 *Holders of rec. Aug. 1
Holly Development (guar.)
05e. Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
Homestake Mining (monthly)
*134 Nov. 15 *Holders of rec. Nov. 1
500. Mar.25 Holders of rec. Mar. 20
Mock, Judson & Voehringer. Pf.(gu.)Herm Signal Mfg. corn. A & AA ((In.)._ •25e. Mar. 30 *Holders
134 Apr. 1 Holders of rec. Mar. 15
of rec. Feb. 28
Oita. carpet Mills (guar.)
62 Sic Mar. 31 Holders of rec. Mar. 96
Class A common
Mar.20 Holders of rec. Feb. 28
V5
Mohawk Rubber. prof. (guar.)
134 Apr. 1 Mar. 16 to Mar. 31
Class AA,common
Mar. 20 Holders of rec. Feb. 28
P5
Monroe Chemical, corn. guar.)
Hoskins Manufacturing. coin. (guar.)
(
3744c Apr, 1 Holders of rec. Mar. 15
600. Mar.3 Holders of rec. Mar. 15
Preference (guar.)
Common (guar.) extra
8734c Apr. 1 Holders of rec. Mar. 15
15e. Mar.3 Holders of rec. Mar. 15
Monsanto Chemical Works (guar.)
Corn.(payable in common stock.)____ 125 Apr.
•6244c Aprl 1 *Holders of rec. Mar.20
Holders of rec. Mar. 15
Stock dividend
Hudson G•aor (sr (guar.)
*010 Apr. 1 *Holders of rec. Mar.20
$1.25 Apr.
Holders of rec. Mar. II,
ontgoolery Ward & Co., Cialla A (Pit.)- .81.75 Apr. I *Holders of rec. Sim.20
Humble OH & Refining (guar.)
*30e. Apr.
*Holders of rec. Mar. 12
Montroy Investment Co.(guar.)
Extra
•3714c
•20c. Apr.
*Holders of rec. Mar. 12
Morristown Securities(guar.)
•15o. Apr. 2 *Holders of rec. Mar. 15
Hupp Motor Car (Stock dividend) (qu.) 0214 May
Holders of rec. Apr. 15.
Extra
•100. Apr. 2 *Holders of rec. Mar. 15
Stock dividend (guar.)
e244 Aug.
Holders of roe. July Itia
Motor Wheel Corp.. corn.(guar.)
Stock dividend (guar.)
50e. Mar.20 Holders of rec. Mar. 56
e234 Nov.
Holders of roe. Oct. 15a Mountain Producers
(guar.)
Huyler's of Delaware. Pt (guar.)
650. Apr. 1 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 20
Muncie Gear Co.Claa3 A (guar.) (No. 1) *50e. Apr. 1 *Holders of rec. Mar. 15
Hydraulic Brake (guar.)
4
Apr. 1 *Holders of rec. Mar. 20
Class A (guar.)
•50e. July 1 *Holders of rec. June 15
Illinois Brick (quiz)
•6013 Apr. 15 Holders of rec Apr a
Class A (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Quarterly
•60e July 15 *Holders of roe July 3
Class A (guar.)
Quarterly
*50o. Jan1'30 *Holders of rec. Dec. 15
•60. Oct 15 *Holders of roe Oct 3
Murphy (G. C.) Co.. pref. (guar.)
*2
Imperial Tobacco of Canada
Apr. 2 *Holders of rec. Mar. 18
Nat. Baneservice Corp.(guar.)
•81 25 Apr. 1 *Holders of rec. Mar. 15
Ordinary (Interim)
7340. Mar. 28 Holders of rec. Mar. 7
Nat. Belles Hess (guar.)
25e. Apr. 15 Holders of roe. Mar.20
Preferred
3
Mar.30 Holders of rec. Mar. 7
Stock dividend (guar.)
el
Apr. 15 Holders of rec. Mar.20
Indian Motocycle, pref. (guar.)
Apr. 1 Holders of rec. Mar. 21
Stock dividend (guar.)
el
July 15
Indian Refining, pref.(guar.)
Apr. 1 Holders of roe. Mar. 20
Stock dividend (guar.)
el
Oct. 15
Industrial Finance, coal.(In stock)
Mar. 20 Holders of rec. Mar. 8
Stock dividend (guar.)
el Ja.15'30
Inspiration Cense!. Copper Co. (guar.)
Apr. 1 Holders of rec. Mar. 14a National Breweries. Ltd.,corn.
(guar.)._
31 Apr. 1 Holders of roc. Mar. 15
Insull Utility Investment, pr. pf. ((in.).- •$1.37 Apr. 1 *Holders ofisec. Mar. 15
.
Preferred
154 Apr. 1 Holders of rec. Mar. 15
Internat. Business Machines(guar.).- $1.25 Apr. 10 Holders ofFea. Mar. 22a National (quiz.)
Candy, corn. (guar.)
4334c Apr. 1 Holders of rec. Mar. 12
Internat.ButtonholeSewingMach.(qu.) 200. Apr. 1 Holders of rec. Mar. 15
First and second preferred (quiz.).... 144 Apr. 1 Holders of rec. Mu.12
Name of Company.
14(
14‘
$1
134
134
134
1%
134
144
134
144
11
134
134
110
$I
Name of Company.
Per
When
Cent. Payable.
!Molts Closed
Days Inakeen.
Miscellaneous (Continued).
$1.50 Apr. 15 Holders of rec. Mar.29a
National Biscuit, corn.(quar.)
750. Apr. 1 Holders of rec. Mar. 4a
Nat. Dairy Products, corn. (guar.)
Apr. 1 Holders of roe. Mar. 4a
fl
Corn. (payable In corn, stock)
July 1 Holders of rec. June ga
11
Common (payable In common elk.)
1 Holders of roe. Sept. 36
Oct
Common (payable In common stock). fl
•Iyir Apr. I *Holders of rec. Mar. 4
Preferred A & B (guar.)
National Fireproofing. prof.(guar.).- 6254o. Apr. 15 Holders of roe. Apr. 1
11254e Apr. 15 *Holders of rec. Apr. 1
Preferred (extra)
62)4c. July 15 Holders of rec. July 1
Preferred (guar.)
62)4c Oct. 15 Holders of rec. Oct. 1
Preferred ((uar.)
Apr. 1 *Holders of rec. Mar. 16
*2
National Grocers, Ltd. pf. (guar.)
$1.25 Mar.30 Holders of roe. Mar. 150
National Lead. corn.(guar.)
$1.50 May 1 Holders of roe. Apr. 190
Class B Preferred (guar.)
•500. Apr. 15 *Holders of reo. Mar. 20
Nat. Rubber Machinery (No. 1)
500 Apr. 1 Holders of roe. Mar. 4
National Sugar Refining (guar.)
134 Mar. 30 Holders of rec. Mar. 20a
National Supply. pref.(guar.)
$1.25 Apr. 1 Holders of rec. Mar. 186
National Surety (guar.)
3754c Apr. 1 Holders of roe. Mar. 14a
National Tea, new corn.(quar.)
*50o Apr. I *Holders of rec. Mar. 19
Mahan (Herman) Corp.(guar.)
75e. Mar.30 Holders of rec. Mar. 15a
Copper Co.(quar.).-Nevada Consol.
•400 Apr. 1 *Holders of rec. Mar. 15
Newberry (J. J.) Co., corn.(guar.)
N. Y.dr London Management pr.(No.1) *75e. Apr. 1 *Holders of roe. Feb. 19
*500. Mar. 28 *Holders of rec. Mar. 13
N. Y. Transportation (guar.)
Nichols Copper Co.. class A (guar.).- 4334c Apr. I Holders of rec. Mar. 20
•75o. May I *Holders of rec. Feb. 1
B
Class
*75o. Nov. 1 *Holders of rec. Feb. 1
Class ES
$1.20 Apr. 2 Holders of reo. Mar. 16
Nickel Holding Corp., corn.(No. 1).'134 Mar.80 *Holders of roe. Mar. 20
Mies-Bement- Pond. pref. (guar.)
*154 June 29'Holders of reo. June 19
Preferred (guar.)
7540. Apr. 20 Holders of rec. Mar.30
mooing Mines(qua?.)
North Amer. Investment.6% Pt(guar-) 1)4 Apr. 20 Holders of rec. Mar. 31
134 Apr. 20 Holders of rec. Mar. 31
554% preferred (guar.)
North Amer. Investors Corp. corn.(qu.) 250. Apr. 1 Holders of rec. Mar. 15
8230. Apr. 1 Holders of roe. Mar. 15
Five per cent cony. stk. (guar.)
'114 Apr. I *Holders of rec. Mar. 9
North American Provision, pref.(gy.)
North Central Texas OIL pref. ((uar.).- *1.6234 Arp. 1 Holders of rec. Mar. 11
19e June 1
Northern Manufacturing. pref.(guar.).19e Sept. I
Preferred (guar.)
190 Deo. 1
Preferred (guar.)
Northern Paper Mills.common(guar.)-- •500 Mar. 30 *Holders of roe. Mar. 15
Mar.26 *Holders of rec. Mar. 15
Oceanic Oil (bi-monthly)
3754 Mar. 20 Holders of rec. Mar. 9a
.01113hares. Inc., corn.(guar.)
Apr. 1 Holders of roe. Mar. 156
2
Omnibus Corp.,Prof.(guar.)
•450 Apr. 1 *Holders of roe. Mar. 20
Ontario Mfg.(quar.)
•15e Apr. 1 *Holders of roe. Mar. 20
Extra
134 Apr. 1 Holders or roe. Mar. 19a
Otis Steel, prior pref. (guar.)
Apr. 1 Holders of reo. Mar. 16a
$1
Owens Bottle, corn.(guar.)
•50o May 15 *Holders of roe. Apr. 30
Pacific Associates(quar.)(No.1)
*25o May 1 *Holders of roe. Apr. 15
Pacific Coast Biscuit. corn.(qu.)
•8754c May 1 *Holders of rec. Apr. 15
Preferred (guar.)
*50o Apr. 15 *Holders of roe. Mar. 31
needle Equities (guar.)
•10c Apr. 15 *Holders of rec. Mar. 31
Extra
*$1.50 Apr. 1 *Holders of roe. Mar. 20
Pacific Indemnity Co.(No. 1)
250. Mar. 30 Holders of rec. Mar. I2a
Packard Motor Car (monthly)
250. Apr. 30 Holders of rec. Apr. 12a
Monthly
25e May 81 Holders of rec. May 1la
Monthly
1500 May 31 Holders of fee. May tin
Extra
Apr. 1 Holders of rec. Mar. 20
$1
Page-Hershey Tubes COM.(guar.)
154 Apr. 1 Holders of roe. Mar. 20
Preferred (guar.)
liar. 27 Holders of rec. Mar. 18
El
Paraffine Coe. corn. (quar.)
Paramount Famous Lasky Corporation
75c Mar.30 Holders of roe. Mar. 86
common (guar.)
750 Apr. 14 Holders of roe. Mar. 28
Park & TlIford (stock dlv.) (guar.)
Apr. 14 Holders of roe Mar 2f1
el
Stork dividend (guar
200 Apr. 10 Holders of recs. Mar. 196
Park-Utah Consul. Minim (guar.)
0250 Mar. 31 *Holders of rec. Mar. 18
Parke. Davis Co.(guar.)
•10e Mar. 3 *Holders of roe. Mar. 18
Extra
250 Apr. 1 Holders of me. Mar. 15
Pander(D.) Grocery Co..close B ((in.)..250 Apr. 1 Holders of rec. Mar. 15
B (extra)
Class
134 Apr. 1 •Holders of roe. Mar. 156
Penick & Ford, Ltd.. pref. (guar.)
May 15 Holders of roe. May 6
$1
Ammons, Limited, corn. (guar.)
Holders of rec. Apr. 22
154 May
Preferred (guar.)
•250 Apr. 1 *Holders of roe. Mar. 8
Peoples Drug StGres, corn
'3754c Mar. 31 *Holders of roe. Mar. 18
Perfection Stove (monthly)
'3734e Apr. 30 *Holders of rec. Apr. 18
Monthly
'37)4c May 3 *Holders of rec. May 17
Monthly
'3714c June 3 *Holders of roe. June 18
Monthly
'37)40July 3 *Holders of roe. July 18
Monthly
*37540 Aug. 3 *Holders of roe. Aug. 16
Monthly
*3734c Sept.30 *Holders of rec. Sept. 18
Monthly
'37J4e Oct. 3 *Holders of roe. Oct. 17
Monthly
*3750 Nov. 30 *Holders of rec. Nov. 18
Monthly
•3754e Dec. 3 *Holders of rec. Dec. 18
Monthly
3714c Apr. I Holders of roe. Mar. 116
Pet Milk.corn.(guar.)
154 Apr. 1 Holders of roe. Mar. 11
Preferred (guar-)
*$2.50 Apr. 1 *Holders of roe. Mar. 15
Phelps Dodge. Corp.(guar.)
3754e. Apr. 3 Holders of rec. Mar. 140
(guar.)
Phillips Petroleum Co., COM.
$2.88 Mar. 19 Holders of roe. Mar. 5
Pirelli Co. of Italy (Amer. shares)
*50e. Apr. 1 *Holders of roe. Mar. 16
Pittsburgh Plate Glam. COM.(quar.)
•1
Apr.I *Holders of rec. Mar.25
Pittsburgh Steel, corn. (guar.)
Mar. 20 Holders of rec. Mar. I
$2
Portland Vegetable 011
Tobacco. CIA (qu.).__ •154 Apr. 1 *Holders of rec. Mar. 20
Porto Rico Amer.
Prairie Pipe Line, new $25 par stk.(qu.). 750. Mar.30 Holders of me. Feb. 28s
500. Mar.30 Holders of roe. Feb. 28a
Extra
Mar.
Pratt & Lambert & Co., corn.(guar.)... •$1 Apr. 1 'Holder, of rec. Mar. 15
la
134 Mar.30 Holders of roe.
Pressed Steel Car. prof (guar.)
•500. Apr. 1 *Holders of rm. Mar. 15
Price Bros., corn. (guar.)
•154 Apr. 1 *Holders of roe. Mar. 15
Preferred (guar.)
154 Apr. 1 Holders of roe. Mar. 10
Pure 011 Co., 5 A % Pref.(quar.)
154 Apr. 1 Holders of Me. Mar. 10
Six per cent preferred ((uar.)
Apr. 1 Holders of rec. Mar. 10
2
Eight per cent preferred (guar.)
Apr. 1 *Holders of roe. Apr. 1
0$1
Quaker Oats, corn. (guar.)
Apr. 1 *Holders of rec. Apr. 1
*VI
Common (special)
Apr. 2 *Holders of rec. Apr. 1
Corn.(In corn. etk., one new for ea. 25)
•1 L.
May 1 *Holders of rec. May 31
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 13a
Real Silk Hosiery Mills. pref. (quar.)33c. Apr. 1 Holders of rec. Mar. 15
Mach (guar.)
Reece Buttonhole
Sc. Apr. 1 Holders of rec. Mar. 15
Reece Folding Mach.(guar.)
•1% Apr. 1 *Holders of roe. Mar. 20
Regal Shoe, pref. (guar.)
134 Apr. 1 Holders of roe. Mar. 250
Reis (Robert) & Co.. let prof.(qua?.)
Reliance Mfg.(guar.)
62 Ac Apr. 1 Holders of me. Mar. 15
Rand Co., Ino. let pf.(qu.). 1% Apr. 1 Holders of rec.. Mar. 80
Remington
Apr. 1 Holders of roe. Mar. 86
Second preferred (guar.)
2
Remington Typewriter. corn. (quar.)
•$1.25 Apr. 1 *Holders of rm. Mar. 80
Common (extra)
Apr. 1 *Holders of rec. Mar. 86
,
*84
First preferred (guar.)
•154 Apr. 1 *Holders of rec. Mar. 86
Apr. 1 *Holders of rec. Mar. 8a
Second preferred (guar.)
*2
200. Apr. I Holders of ree. Mar. ha
Roo Motor Car (guar.)
20e. Apr. 1 Holders of rec. Mar. ha
Extra
Republic Iron & Steel, pref. (quar.)-134 Apr. 1 Holders of ree. Mar. lie
Reynolds(R.J.) Tob.,com.es co m.B (qu) 800. Apr. 1 Holders of roe. Mar. 18a
154 Apr. 1 Holders of roe. Mar. 15
Moe-Flux Dry Goods, corn. (guar.)
Preferred ((uar.)
134 Apr. 1 Holders of roe. Mar. 15
3754c May I Holden; of rec. Apr. 15
2d preferred (guar.)
Dentai Mtg..corn. (i11.)(No. 1) '82 Sac Apr 1
Ritter
500 Mar. 20 Mar 8 to Mar 20
St. Joseph Lead Co.(guar.)
25e Mar. 20 Mar 8 to Mar. 20
Extra
50c June 20 June 8 to June 20
Quarterly
to June 20
250. June 20 June 8
Extra
500. Sept 20 Sept. 10 to Sept 20
Quarterly
250. Sept 211 Sept. 10 to Sept.20
Extra
A Mar. 30 Holders of roe. Mar. 15a
St. L. Rocky Mt. dc Pao. Co.. oom.(qu.)
134 Mar,30 Holders of roe. Mar. 15a
Preferred (guar.)
St. Louis Screw &Bolt, corn.(guar.)--- •25e June 1. •H. Mere .1 me May 26
154 Apr. 1 Holders of roe. Mar. 15
EN. Maurice Valley Corp., pref. (qu.)..._
be. Apr. 1 Holders of rec. Mar. 15
Salt Creek Consol. 011 (guar.)
11.50 May 15 *Holders of rec. May I
1
Savage Arms. 2d pref. (guar.)
Schlesinger(B. F.) & Sons. Inc., A.(qu.) .37140 Apr. 1 *Holders of rec. Mar. 15
'134 Apr. I *Holders of Mo. Mar. 15
Preferred (guar.)
Schulte United Sc. to $1 Stores-*$1.75 Apr. 1 *Holders of roe. Mar.20
Preferred (quar.) (No. 1)
[VOL. 128.
FINANCIAL CHRONICLE
1688
(1)
Name of Company.
Miscellaneous. (Continued)
Scott Paper. corn. (guar.)
Corn.(In stk. sub). to stkhrs.' aPProv.)
Corn.(In stk. sub). to stkhrs.' approv.)
Sears. Roebuck & Co
Quarterly (payable In stock)
..... - Second Gefloral Amer.Investors.IN.(qu.)
Second Inter, Scour. Corp.,corn. A (qu.)
Selby Shoe, pref.(guar.)
Selected Industries, Inc., prior stk.(qu.)S
Sellers(0.1.)& Sons Co., pref.(qua?,)...
Shattuck(Frank) G)Co.(guar.)
Sheaffer (W. A.) Pen Co. (guar.)
Sheffield Steel,corn.(guar.)
Preferred (guar.)
Per
When
Cent. Payable.
Boob Closed
Days Inclusive.
.
M ne 30
350. Juar 3 Holders of rec. Mar. 15a
r2
/2
Dec. 3
Holders of roe Apr. 13a
May
el
*Holders of roe. Mar. 15
41.50 Apr.
500. Apr.
Holders of roe. Mar. 15
Holders of rec. Apr. 15
154 May
Holders of rec. Mar. 15
1.3714 Apr.
Holders of rec. Mar. 14
134 Apr.
050e. Apr. 1 *Holders of rec. Mar. 20
Sept.I Holders of rec. Aug. 27
$I
*Holders of roe. Mar 21
*58e. Apr.
*Holders of rec. Mar. 21
*154 Apr.
Apr.
*11
*lionlere of roe. Mar. 21
CulIMIOD (111 Common $1.00D)
*Holders of roe. June 20
July.
Common (payable in common stock) ID
'Holders of rec. Sept. 20
Oct.
Common (payable In common stook)._ 11
354). Mar.3 Holders of rec. Mar. 641
Shell Union 011 Corp.,corn.(guar.)
The. May
Holders of rec. Apr. 20
Shepard Stores, Inc., class A (quar.)
Sherwin-Wms. Co. Canada,corn.(guar.) *$1.50 Mar.3 Holders of reg. Mar. 15
134 Mar.3 *Holders of rec. Mar. 15
Preferred (guar.)
Holders of rec. Mar. 156
50c. Apr.
Shreveport-Eldorado Pipe Line (qu.)
SIgnods Steel Strapping. pfd. (quar.)_ •6254e Apr. I *Holders of rec. Mar. 31
Holders of rec. Mar. 186
75e. Apr.
Simmons Company (guar.)
500. Apr. 1 Holders of rec. Mar. 15a
Sinclair Consul. 011, corn
250. Apr. 1 Holders of rec. Mar. 150
Common (extra)
Sloss-Sheffield Steel. Inc.. corn.(guar.). 154 Mar.2 Holders of me. Mar. Ila
Holders of roe. Mar. 200
134 Apr.
Preferred (guar.)
*Holders of rec. Mar.20
Sonatron Tube, el A (guar.)
'37540 Apr.
*500. Mar. 30 *Holders of rec. Mar. 15
South Penn 011 (guar.)
Holders of rec. Mar. 116
50e. Apr.
South Porto Rico Sugar, corn. (guar.).250. Apr.
Holders of rec. Mar. Ila
e
( irtrr.
PreferredCommon(goaa)
)
Apr.
2
Holders of rec. Mar. Ila
Holders of rec. Mar. 15
Apr.
$1
Southwest Pa. Pipe Lines
Holders of rec. Mar. 156
$1.50 API'.
Beane, Chalfant Co., pref. (guar.)
Spaulding(A. G.) dr Bros., new com.(ciu) 400. Apr. 1 Holders of rec. Mar.30
(
75o. Mar. 30 Holders of rec. Mar. 14
stpaneer x th ogg & Co.. corn. uar)
Sperks-Wleili ngtonsons. the. qnar:)
400. Mar. 31 Holders of roe. Mar. 156
.June 30 Holders of rec. June 154
Quarterly
400. Sept.30 Holders of ree. Sept.144
Quarterly
•154 Apr. 1 *Holders of roe. Mar.15
SperryFlour, pref. (guar.)
250. Apr. 1 Holders of roe. Mar.154
Stand, Comae!Tobacco, Corn. (guar.).stand.011(Ky.)new 810 par(qu.)(No.I) *400. Mar. 30 "Mar. 16 to Mar. 29
82540 Mar. 20 Holders of rm. Feb. 25
Standrad 011 (Nebraska)(guar.)
extar
250. Mar. 20 Holders of reo. Feb. 25
62%0. Apr. 1 Holders of rec. Mar. 15
Standard 011 (Ohio) corn. (qu.)
Mar. 31 'Holden; of rec. Mar. 20
Standard Steel Spring (No. 1)(qua?.),.,
*132540 Apr. 1 'Holders of roc. Mar. 18
Stanley Works (quar.)
$2.50 Apr. 1 Holders of rec. Mar. 15
State Title & Mtge.(guar.)
•254 Apr. 1
Steinite Radio(guar.)
•214 July I
Quarterly
'234 Oct. 1
Quarterly
.
Mar. 3 to Apr. 3
Stewart-Warner Speedometer (stk. div.) a
'37540 June 1 *Holders of rec. May 15
nth Baer & Fuller. corn.(guar.)
•37540 Sept. 1 'Holders of rec. Aug. 15
Common (liar.)
537 Ac Dee. 1 *Holders of roe. Nov. 15
Common Mar.)
Strauss(Robert T.)& Co..Pfd.(qu.) --- 1)4 Apr. 1 Holders of roe. Mar. 15
750. Apr. 1 Holders of rm. Mar. 184
Stromberg Carburetor (guar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
Stroock (S.) Co. (guar.)
"750. July 1 'Holders of roe. June 15
ua
*75c. Oct. 1 *Holders of me. Sept.10
rtery
Quarterly
*75e. Dee. 21 *Holders of rec. Dee. 10
Quarterly
Studebaker Cory.
June 1 Holders of rec. May Ina
fl
Common (payable In common stock)
fl
Sept. 1 Holders of me. Aug. 106
Common(payable In corn. stock)
Dec. I Holders of roe. Nov. fia
Corn mon (payable In corn. stock)_ -- /1
Apr. 15 Mar. 31 to Apr. 5
$1
(guar.)
Sullivan Machinery
Apr. I Holders of roe. Mar. 9
2
Swift & Co.(guar.)
•154 Apr. 10 *Holders of rec. Mar.30
Telautograph Corp.. pref.(guar.)
750. Apr. 1 Holders of rec. Mar. fla
Texas Corp (guar.)
a A Mar. 20 Holders of me. Feb. 23a
Texas Pacific Coal & 011( In stook)
Thompson-Storreft new of.(qu.)(No.1) 8714o. Apr. I Holders of rec. Mar. 12
200. Mar.30 Holders of rec. Mar. 16a
Tide Water Oil, corn. (guar.)
15e. Apr. I Holders of roe. Mar. 20.
Timken-Detroit Axle (guar.)
5e. Apr, 1 Holders of rec. Mar. 208
Extra
Mar.20 *Holders of rec. Mar. 5
11
1
Todd Shipyards ((uar.)
Transamerica Corp.((uar.)(No. 1)...... •$1 Apr. 25 *Holders of rec. Apr. 5
Apr. 25 *Holders of ree. Apr. 5
'el
Stock dividend
*37 AO Apr. 1 *Holders of ree. Mar. 12
Traveler Shoe common (guar.)
TM-Continental Corp.6% prof.(guar.). 114 Apr. 1 Holders of rec. Mar. 15
30o. Apr. 15 Holders of rm. Mar. 264
Truscon Steel common (quar.)
Mar.30 Holders of roe. Mar. 120
Underwood-Elliott-Fisher Co..com.(qu.) $1
Preferred and preferred B (guar.)._ $1.75 Mar. 30 Holders of rec. Mar. 12.
$1.50 Apr. I Holders of roe. Mar. la
Union Carbide dr Carbon (guar.)
154 Apr. 1 Holders of rec. Mar. 15
Union Tobacco. clam A (guar.)
•154 May 1 *Holders of roe. Apr. 17
United Biscuit, prof.(guar.)
25e. Apr. 1 Holders of rec. Mar. 80
United Cigar Stores of Am,corn.(qu.). _
United Dyewoud Corp., pref.(guar.)._ 134 Apr. 1 Holders of me. Mar. 13e
Apr. 1 Holders of me. Mar. 2a
$1
United Fruit(guar.)
(e) Apr. 1 Holders of roe. Mar. 2a
Stock dividend (1-20th share)
.
$1.50 Apr. 15 Holders of rm. Apr. la
Grilled 010.0 1...3n1. !wet. must I
United Piece Dye Wks.,pref.(guar.)._ •134 Apr. 1 *Holders of rec. Mar. 20
'154 July I *Holders of rec. June 20
g .)
rr
P fe ed (uar)
Preferred( i mr.
'154 Oct. I *Holders of reo. Sept.20
•134 Jan2'30 *Holders of rec. Dec. 20
Preferred ((uar.)
500 Apr. 30 Holders of roe. Mar.30
United Profit Sharing. pref
13-4 Apr. 2 Holders of roe. Mar. 15
United Securitlee. pref. (guar.)
50c Apr. 20 Mar. 31 to Apr. 25
U.8. Cast Iron Pipe & Fdy., corn. (itt.)
500 July 20 Holders of roe. June 290
Common (guar.)
50e. Oct. 21 Holders of roe. Sept.300
Common (guar.)
500. Jan20'30 Holders of roe. Dee. 31a
Common (guar.)
First & second pref.(guar.)
1
' 300. Apr. 20 Mar. 31 to Apr. 25
300. July 20 Holders of reo. June 29a
First & second pref. (quar.)
30o. Oct. 21 Holders of roe. Sept. 30a
First dr second pref. (guar.)
30e. Jan20'30 Holders of rec. Dec. 31a
First & second pref. (guar.)
*400. Mar.3 *Holders of rec. Mar. 16
U.S. Gypsum, corn.(guar.)
•154 Mar.3 *Holders of rec. Mar. 15
Preferred (guar.)
154 Apr.
Holders of ree. Mar. 1)a
U.S.Leather p dor pref.(guar.)
Holders of roe. Mar. 11
Apr.
Clam A panic. dr cony.stock (quar.)-- 81
$1
Holders of rec. JUDO 100
July •
Class A panto. & cony. stook ((in.)
Oct.
Holders of rec. Sept. 10a
Class A petite. & conv. stook (go.).- $1
.$1
1
Apr.
*Holders of reo. Mar. 4
U S. Playing Card ((mar.)
*Holders of roe. Mar. 21
U.S. Print. dr Litho., corn. & pf. (qu.). 1111.50 Apr.
50o. Apr. 15 Holders of rec. Apr. 1
U. S. Radiator. COM.(quar.)
154 Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
United States Steel Corp.. opm.(guar.). 134 Mar. 30 Holders of roe. Feb. 284
75e. Apr. 1 Holders of roe. Mar. Ms
U. S. Tobacco, corn.(guar.)
1% Apr. 1 Holders of rec. Mar. 1841
Preferred (guar.)
Universal Theatres Concession Co., pref. 0/120 Apr. 1 *Holders of rec. Mar. 18
- $1
Apr. 1 Holders of rec. Mar.
Upressit Metal Carl Corp., pf.(No. 1)
Mar.30 Holders of rec. mar. 154
$4
Utah Copper Co.(guar.)
Mar. 20 Holders of rec. Feb. 28
51
Vacuum Oil (guar.)
154 Mar. 20 Holders of rec. Mar. IS
Valvoline 011. corn. (guar.)
•250.
Van Sloklen Corp.. common (No. 1)
•650. Apr. 1 *Holders of reo. Mar. 22
ClassA (guar.) (No. I)
•I54 June 10 *Holders of roe. June 1
Vapor Car Heating. prof.(quar.)
'134 Sept. 10 *Holders of rm. Sept. 2
Preferred (guar.)
•154 Deo. 10 *Holders of ree. Dec. 2
Preferred (guar.)
50e. Apr. 1 Holders of rec. Mar. 15
Vogt Manufacturing Corp
•350. June 10 *Holders of ree. May 31
Volcanic 011 & Gas (guar.)
*50. June 10 *Holders of rec. May 31
Extra
0354. Sept. 10 *Holders of rec. Aug. 31
Quarterly
.5o. Sept. 10 *Holders of rec. Aug. 31
1
Extra
•350. Doe. 10 "Holders of reo. Nov. 30
Quarterly
•50. Dee. 10 *Holders of roe. Nov. 30
Extra
Vulcan Detinning pref. & Prof. A (gu.).- 154 Apr. 20 Holders of rec. AIM 116
Apr. 20 Holders of rec. Apr. 115
83
.
Prof (acct. accumulated dive.)
'134 Apr. I *Holders of roe. Mar. 21
Wahl Company. pref.(guar.)
.30o. Apr. 1 *Holders of roe. May IS
Want & Bond, Naas B (guar.)
3714e. Apr. 1 Holders of rec. Mar. 21)(1
Waldorf System, Inc.. corn.(guar.)
200 Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
MAR. 16 1929.]
FINANCIAL CHRONIC LE
Per
Cent
Name of Company
It'hen
Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Waltham Watch, pref.(quar.)
'11.4 Apr. 1 'Holders of rec. Mar. 23
Preferred (quar.)
•1% July 1 'Holders of rec. June 22
Preferred (guar.)
•1 % Oct. 1 'Holders of rec. Sept. 21
Walworth Co.. pref. (quer.)
*75c. Mar. 30 'Holders of rec. Mar. 20
Ward Baking Corp., pref. (quar.)
I q Apr. 1 Holders of rec. Mar. 18a
Ward Baking Corp., clam A-Dividend omitte d
Warner Quinlan Co.,corn.(quar.)
50c. Apr. 2 Holders of rec. Mar. 12a
Warren Bros., corn. (quar.)
Apr. 1 Holders of rec. Star. 18a
$1
First preferred (near.)
75c. Apr. 1 Holder of rec. Mar. 18a
Second preferred (quar.)
8734c Apr. 1 Holders of rec. Mar. 18a
Washington Oil(quar.)
Mar. 20 *Holders of rec. Mar. 4
•21
Weber & Hellbroner, corn.(quar.)
"21.
Mar. 30 'Holders of rec. Star. 16
Common (payable In common stock)_ _ .112% Mar. 30 *Holders of rec. Mar. 6
Webster-FAsenlobr, Inc., pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 20a
Wesson 011 & Snowdrift, coin
.1100 Apr. 1 'Holders of rec. Feb.o28
Wesson Oil & Snowdrift new corn. (qu.) _
50e. Apr. 1 Holders of rec. Mar. I5a
West Coast 011, Pref. (quar.)
"21.50 Apr. 5 'Holders of rec. Mar. 18
Preferred (extra)
"23
Apr. 5 *Holders of rec. Mar. 18
West Point Mfg.(guar.)
Apr. 1 Holders of rec. Mar. 15
$2
Westinghouse Air Brake(quar.)
50e. Apr. 30 Apr. 1
to
Apr. 9
Westinghouse El. & Mfg. corn. (quar.). _ $1
Apr. 30 Holders of rec. Mar. Ila
, Preferred (quar 1
Apr. 15 Holders of rec. Mar. 110
$1
Weston Elec. Instrument, class A (qu.)_
50c. Apr. 1 Holders of rec. Mar. 19a
Westvaco Chlorine Products, corn
50c. Apr. 1 Holders of rec. Mar. 20
Whitaker Paper,corn.(quar.)
•$1.25 Apr. I 'Holders of ree. Star. 20
Common (extra)
Apr. I *Holders of rec. Mar. 20
*II
Preferred (quar.)
•114 Apr. 1 *Holders of rec. Mar. 20
White Motor, corn. Briar.)
25c. Mar. 29 Holders of rec. Mar. I2a
White Rock Mineral Springs, corn. (qu.)
75e. Apr.
Holders of rec. Mar. 20a
First preferred (quar.)
I% Apr.
Holders of rec. Mar. 20
Second preferred
Holders of rec. Mar. 20
334 Apr.
Wiii & Boomer Candle, pref.(quar 1_ _ _
'2
‘
pr.
Holders of rec. Mar. 15
Wilson & Co. pref. (acct. aecum. div.).... /ft% Apr.
Holders of rec. Mar. tia
Winsted Hosiery (guar.)
'234 May
'Holders of rec. Apr. 15
Extra
•4 May
'Holders of rec. Apr. LS
Quarterly
.2Si Aug. *Holders of rec. July 15
Extra
•% Aug.
*Holders of rec. July lb
Woods Manufacturing, pref.(quar.).
I% Apr.
Holders of rec. Mar. 25
Worthington Pump et Mach pref. A _ _ _ 143.50 Mar. 20 Holders of rec. Star. 90
Preferred B (acct. accumulated divs.). h$3 Star. 20 Holders of rec. Mar. 9a
Wright Aeronautical Corp (stock div.). el00 Apr. 30 Holders of rec. Apr. 15a
Wrigley (Wm ,l Jr Co .corn. (mthly.)
•2t,c Apr. I 'Holder: of tee mar DR]
Yale & Towne Mfg. (quar.)
$1
Apr. 1 Mar. 12 to Star. 28
Young (L. A.) Spring & Wire (quar.)
500. Apr. I Holders of rec. Mar. 153
Extra
25c. Apr. 1 Holders of rec. Mar. 15
Youngstown Sheet & Tube, corn.(qu.)__ $1.25 Apr. 1 Holders of rec. Mar. 14a
Preferred (q oar.)
• $1.375 Apr. 1 *Holders of rec. Mar. 14
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on thls date and not until further notice f The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not Wan further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
f Payable In Common stock. gr Payable in scrip. h On account of accumulated
Eividends. J Payable In preferred stuck.
British Amer. Tub. dividend Is ten pence per share. All transfers received In
London on or before March 2 will lie in time for payment of dividend to transferees.
k Southeastern Power & Light corn. stock dividend is 1-100th of a share for each
share held.
I 60e. cash or one-fifteenth share class A common stock.
(es) Payable at option of holder either In cash, $1.50, or In common stock at
rate
of 144th share.
n Coty. Inc.. declared a stock dividend of 6%. payable in quarterly Installments.
o New York Stock Exchange rule, Wesson 011 & Snowdrift be not quoted ex-the
stock dividend until April 2.
19 Payable In elan A stock.
a Payable also to holders of coupon No. 9.
r Quarterly dividends of $1 50 and $2 extra with International Nickel stock
reported on our previous Issue was an error.
r Engineers Public Service Co.', stock dividend is two-one hundredths share
eommon stock.
I New York Stook Exchange rules Certo Corp. be not quoted ex the stock dividend
until March I.
u Payable in cash or stock at rate of one-fortieth share.
r American Cities Power & Light dividends are 1-32d share of class B on class A
stock and 1% in class B stock on the class B stock, the class A stock having the
option of taking cash at rate of 75e. per share.
w Less deduction for expenses of depositary.
ir Stewart-Warner Speedometer dividend subject to stockholders' meeting Apr. 2.
(1) Associated Gas & Elec. dividend Payable in class A stock at rate of 234%
SI ono share for each share held.
1689
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 Mar. 8:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOP, THE WEEK ENDED FRIDAY, MAR. 8 1929.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
AfanhattanBank of U.S
Bryant Park Bank
Chelsea Exch. Bk_
Grace National...
Harriman Nat'l__
Port Morns
Public National..
BrooklynNassau National_
Peoples National_
Tnulera Vatlimftl
Oth.Cash, Res. Dep., Dep Other
God. Including N. 3'. and Batas and
Gross.
Ilk. Notes Elsewhere. TrustCos, Deposits.
$
159,435,900
1,997,000
22,854,000
16,925,400
32,929,000
3,962,500
128.644,000
$
$
$
$
$
23,000 1,870,900 18,145,500 1,494,200 146,940,400
92,700 135,000
175.900
2,102,700
__ _ 1,815,000 1,478.000
22,415,000
5.000 107,200 1,541.400 1.322,100 15,581.400
20,000 731,000 4,347,000 1,118,000 38,873,000
37,400 111,800
221,700
3,528,000
28,000 2,133,000 7,831.000 11593000 124.849,000
21,570.000 82,000
8,350,000 5,000
2.608 non
____
283,000 2,888,000
127,000
582.000
A1.900
333.600
607,000 19,254,000
103,000 8,190,000
42.200 2.29R R00
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Res'ee Dep.. Depos Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Manhattan$
$
2
American
52,654,600,
794,500 10,138,900
Bk.of Europe & Tr_ 17,401,350
912,362
122,840
Bronx County
22,429,762
612,406 1,725,980
Central Union
254,341,000 *32,404,000 4,693,000
Empire
78,717,100 .5,215,300 3,587,000
Federation
17,450,285
227.065 1,306,590
Fulton
15,521,500 2,096,900
339,300
Manufacturers
391,337,000 3,929,000 51,114,000
Municipal
63,029,600 1.691.800 4,952,600
United States
71,485,135 3,583,333 8,303,211
Brooklyn
Brooklyn
195 164.900 3,852,200 21,759,500
Kings County
30,171,482 2,181,357 2.200,537
Bayonne, N. J.kfanhor.1...
0 009 117
951 ROR
RIA 579
Grose
Deposits.
$
$
70,300 54.180,700
16,666.285
22,233,402
2,893,000 259.329.000
3,534,600 76,035,100
218,667 17,694.733
15,014,700
2,464.000 357.729.00C
98,100 62,514,300
57,733,01f
107.377,900
28,185,941
!Al RAI
0 o7c OAA
* Includes amount with Federal Reserve Bank as follows: Central Union,
$31,549,000; Empire. 23,575,000: Fulton, $1,978,800.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Changes from
Previous Week
Afar. 13
1929.
Capital
88,350,000
Surplus and profits
111,949.000
Loans, disc'ts & nvest'UL 1,108,543.000
Individual deposits
671,234,000
Due to banks
128,964.000
Time deposits
281,501,000
United States deposits
1,036,000
27,95:3,000
Exchanges for Clg. House
Due from other banks_
80,270,000
Reeve in legal depositor's
81,666,000
Cash In bank
8,922,000
Reeve excess in F. R. Bk _
605,000
Mar.6
1929
Feb. 27
1929.
Unchanged
86,350,000
86,350,000
Unchanged
111,949,000 111,949,000
-6,999,000 1,115,542,000 1.090.868,000
-5.858,000 977.092,000 672,522,000
-9,454,000 138,418,000 129,174,000
-75.000 281.576.000 280.198.000
302,000
1.338,000
1,911,000
-8.424,000
38,377.000
28.288.000
-6,397.000
86,667.000
80,629,000
927,000
82,593.000
81,574,000
+140,000
. .
. .
-405,000
1.01e.000
968,008
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, 192S, the New York City Clearing
House Association discontinued giving out all statements
Philadelphia Banks.
previously issued and now makes only the barest kind of a
-The Philadelphia Clearing House
report. The new return shows nothing but the deposits, along return for the week ending Mar. 9, with comparative figures
for the two weeks preceding, is given below. Reserve
with tho capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR TI1E WEEK ENDED SATURDAY, MAR 9 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
"Surplus & Net Demand
Time
Clearing House
*Capital.
Undivided
is not a part of legal reserve. For trust companies not
Deposits
Deposits
Members.
Profits.
Average.
Arerage.
members of the Federal Reserve System the reserve required
$
$
$
$
is 10% on demand deposits and includes "Reserve with
Bank of N. Y.& Trust Co__
6,000.000 13,324,400
63,942,000
9,074,000
Bank of the Manhattan Co... k22,250,000 k42.424,400 174.252,000
41,161,000 legal depositaries" and "Cash in vaults."
Bank of America Nat Assn_ 25,000,000 37,384,600 (53,699,000
49.043.000
1100000,000 1112693,300 e894,840,000 152,129,000
National City Bank
Beginning with the return for the week ending May 14 1928,
Chemical National Bank _ _
6,000.000 20,294.200 134,283,000
10,159,000 the Philadelphia Clearing House Association
National Bank of Commerce_ 25,000,000 48,295,300 297.089.000
discontinued show36,016,000
Chat.Pheaix Nat.11k dc Tr.Co 13.500,000 15,460,800 158.061,000
g10.000,000 921,983.000 133,453,000 41,642,000 ing the reserves and whether reserves held are above or below
Hanover National Bank
3,024,000
112,100,000 121,157,000 175,455,000
Corn Exchange Bank
32,603,000 requirements. This will account for the queries at the end
10,000.000 25,594.600 129,926,000
National Park Bank
9,842,000
10,000.000 92,684,400 241,059,000
Arist National Bank
14,635.000 of the table.
40.000,000 54,084,000
Irving Trust Company
1,000,000 1,522,300
Continental Bank
1181,000.000 h80,067,300
11130 National Bank
at
500,000 3,382,100
Fifth Avenue Hank
11,000,000 15,912,90(1
Seaboard Natioual Bank ._
25,000,000 77,387,200
Bankers Trust Oo
5.000,000 8,187,200
U. 5. Mtge. & Trust Co
Title Guarantee & Trust Co__ 10.000,000 22,577,900
40,000,000 63.377.000
Guaranty Trust Co
4.000.000 3,771.400
Fidelity Trust Co
3,000,000 4.087,800
Lawyers Trust Co
10,000,000 25,938,100
New York Trust Co
Farmers Loan k Trust Co.__ 10.000.000 23.113,900
30,000,000 27,098,900
Equitable Trust Co.._
Commercial Nat.Ilk & Tr.Co. 7,000,000 7,000,000
Clearing Non-Member.
Mechanics Tr. Co., 13ayonne.
600,000
816,400
373,737,000
8.320,000
b590,579.000
26,193.000
133,439.000
c347,603.000
58,921,000
36,421,000
d468,943,000
42,461,000
18,900,000
142,904,000
el18,013,000
(343,497,000
30,154,000
3,636,000
497 810 000 867.020 200 5.297 can non
48,314,000
654.000
66.001,000
1.026,000
5.947,000
55,917,000
5,772,000
2,557,000
70,331,000
5,166,000
2,563,000
25,214,000
21.572.000
41.450,000
2,725,000
5,840,000
7a5
177
on,,
• As per official reports: National, Dec. 31 1928: State, Dec. 31 1928: trust
eompanies. Dec. 31 1928: g as of Jan. 9 1929; h as of Jan. 26 1929. i as of Feb. 1
1929: 1 as of Feb. 16 1929: k as of March 7 1929.
Includes deposits in foreign branches: a $297,062,000; 'b $13,829,000; c $64,988,000; d $108,827,000: e $7,960,000: f 5I27,315,000.
rico(loam:()0)
omitted.
Week Ended .liar. 9 1929.
Alembers of
Trust
F.R.System Companies.
Capital
58,333.0
Surplus and profits..
183,020,0
Loans, discts. & invest. 1,065,271.0
Exch. for Clear. House
40,163,0
Due from banks
89,231,0
Bank deposits
128,575,0
Individual deposits... 610,447.0
214,447.0
Timedeposits
Total deposits
953,469,0
Res. with legal depos.
Res. with F. It, Bank.
69,521,0
Cash in vault"
9,860.0
Total res. & cash held_
79,381,0
Reserve required
Excess reserve and cash
In vault
Mar 2
1929
Feb. 23
1929.
Total.
9,500,0
87,833.0
67,933,0
67,183.0
18,521,0 201,641.0 201.318,0 195,378,0
98,650,0 1,163.921,0 1,148.498,0 1,128.066,0
795,0
40.958,0
46 711,0
41,063,0
580,0
89,791.9 102,083,0
92.118,0
3,244,0 131,819,0 131,074.0 130,286,0
49,401.0 659,848,0 663,573.0 1551,738,0
26,358,0 240,805,0 238,333,0 231.228,0
79,003,0 1,032,472,0 1,035,980.0 1,013,251,0
9,413,0
9,413,0
10,243.0
7.645.0
69,521.0
67,361,0
2,958,0
12,618,0
12,435,0
2.395,0
12,171,0
91.553,0
90.029,0
88.162,0
7
• Cash In vault not counted as reserve for Federal Reserve
members.
[vol.. 128.
FINANCIAL CHRONICLE
1690
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 14 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 1664, being the first item in our department of "Current Events and Discussions."
MAR 13 1929.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Mar.13 1929. Var. 6 1929. Feb. 27 1929 Feb. 20 1929. Feb. 13 1929.
Feb. 6 1929. Jan. 30 1929. Jan. 231929. Mar. 14 1928.
5
$
8
$
$
RESOURCES.
1,369.178,000
1,213.407,000 1,183,910,000 1,167,830.000 1,207,199.000 1,214,425,000 1.192.665,000 1,207,793,000 1,223.392.000
Gold with Federal Reserve agents
58,576,000
70,648,000
66,686.000
64,362,000
62.119.000
60.347.000
67.836,000
60,476,000
64,353,000
S. Treas.
Gold redemption fund with U.
1,427,754,000
Gold held exclusively agst. F. It. notes 1,277,760,000 1,246,029.000 1,235,466,000 1,287,675,000 1.274 772.000 1,257.027,000 1,274,479,000 1,294,040,000 735,014,000
767,446.000 788,107,000 796.139.000 764,092,000 752.817.000 747,771,000 725,160,000 683,086.000 625,649,000
Gold settlement fund with F.R.Board
670,984,000
Gold and gold certificates held by banks_ 654,919,000 648,701.000 655,241..40 649,343,000 658,632,000 659,122.000 667,545,000
2,700,125,000 2,682.837,000 2,686.846.000 2,681,110,000 2,688,221,000 2.663.920.000 2,667,184,000 2,648,090.000 2,788,417,000
160,264,000 152,755,000 157,318,000 158,751,000 161.928,000 166,685.000 168,013,000 165,440,000 168,300,060
Total gold reserves
Reserves other than gold
2,860,389,0002.835,592,000 2,844,164,000 2.839,861,000 2,848,149,000 2,830,605.000 2,835,197,000 2,813,530,000 2,956,717,000
70,013,000
96,488,000
91.881.000
86,458.000
75,231.000
81,967,000
77,396,000
78.118,000
78,312,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
583,135,000
372,488,000
606.053,000
383.119.000
608,752,000
343,730.000
518,271,000
346.709,000
617,744.000
286,205.000
539,462,000
312,159,000
523.778,000
296,856,000
471,443,000
310,671.000
285,255,000
187,041,00*
Total bills discounted
Mlle bought in open market
U . S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
955,623,000
283,101,000
989,172,000
304,644,000
952,482,000
334,075,000
864,980,000
355.636,000
903.949,000
391,058,000
851,621,000
410.742,000
820.634.000
435,609,000
782.114.000
454,218,000
472,296,000
343,326,000
51,618,000
90,502,000
23.177,000
51,594,000
90,671,000
20.699,000
51,593,000
90.738.000
24,069,000
51.592,000
95,144,000
25,853,000
51.592,000
96,843,000
28,735,000
51,615,000
97,869,000
50,605,000
51,599,000
99,572,000
50,600.000
62.344.000
98,383,000
51,307.000
58,807,000
193,421,000
148,659,000
Total U. S. Government securities_
Other securttlee (see note)
ForeLm loans on gold
165.297,000
10,250.000
7,562,000
162.964,000
10,250,000
166,400,000
10,075,000
172,589,000
10,075,000
177.170,000 200,089,000
9,075.000
9,075,000
201,771,000
9,025,000
202.034.000
9,025,000
400,887,000
1,000,000
1,447,391,000 1,217,509,000
Total bills and securities (see note)___ _ 1,421,833,000 1,467,030,000 1.463,032,000 1,403,280.000 1,481,252,000 1,471,527.000 1,467,039.000
Gold held abroad
570,000
731,000
730,000
731.000
725,000
731,000
729,000
729,000
724.000
Due from foreign banks (see note)
754.786,000 678,483,000 713,637.000 719,244,000 665,350,000 646.528.000 631,465,000 700.026,000 744,469,000
Uncollected items
59,265,000
58.606.000
58,607,000
58,622,000
58,656.000
58,660.000
68,656,000
58,660.000
58,691.000
Bank premises
12,159,000
8,421.000
8.8113830
7,674,000
8,062,000
7.830.000
8,246,000
7,934.000
8,255,000
All other resources
5,182,990,000 5,123,783,000 5,166.586,000 5.107.100,000 5,143,935,000 5.102,145,000 5,093.730.000 5.125,193.000 5,060,702,000
Total resources
LIABILITIES.
2,574,114,080
1 850,009,000 1,666,567.000 1,653.971,000 1,651,595.000 1.659.777 000 1,646,308,000 1,645,494,000 1.660.967.000
F. R. notes in actual circulation
Deposits:
2,362,567,000 2,350,497,000 2,367,250,000 2,318.644,000 2,372,622,000 2.386 284,000 2,390,947,000 2,358,861,000 2,362,424,000
-reserve account
Member banks
18,975,000
18.036.000; 12,088,000
24,042,000
20,862,000
21,577.000
15,187.000
21.156.000
7,773,000
Government
4,305,000
6.762 000
8.903,000
5,876,000
9.766,000
5,371,000
5,834,000,
5,606.000
6,475,000
Foreign banks (see note)
17,222,000
19,379,000
21,211,000
21.938.000
20,704,000
22,667,000
18,960,000
20,611,000
20,715,000
Other deposits
Total deposits
Deferred availability Items
Capital paid in
flurplus
All other liabilities
Total liabilities
Ratio of gold reserves to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposits and
F. it. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
DistrOtaion by Maturities
1-15 days 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
18-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
21-60 days bills bought in open market _
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
31-60(lays municipal warrants
81-90 days bills bought in open market _
81-90 days bills discounted
81-90 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
F. R. notes received from Comptroller
F. R. notes held by F. It. Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2,396,785,000 2,402,544,000 2,412,972,000 2.361,021,000 2,421.522,0W 2,438,140.000 2,437,097.000 2.397.090,000 2,402,926,000
701,004,000
708 172,000 628,729,000 875,013.000 671,503,000, 640.560.000 596,735.000 591,235,000 648,570.000 I 136,456,000
152,521,000 152,118,000 151,266.000 150,196,001) 149.764,000 149.565,000 148,810,000 148,356,000,
254,398,000 254,398,000 254,398,0001 254,398,000 254,398,000 254,398,000 254.398,000' 233,319,000
254,398,000
12,883,000
15,812.000i
16,696,000
16,999,000
19,427,000
17.914,000
18,966,000
18,387.000
21,105,000
1
'
5,125,193,000 5,960,702,000
5,182,990,000 5,123,783,000 5.186,586,000 5.107.100.0005,143.935.000 5.102.145,000 5.093,730,000
66.7%
65.9%
66.6%
65.8%
65.8%
69.7%
69.9%
70.8%
69.8%
69.3%
306,944,000
303,397,000
306,461,000
306,830,000
$
148,860,000
787,080.000
794,000
145,352.000
818,385,000
1,705,000
134,661.000
789.566.000
1,737,000
122,069.000
708,979,000
884,000
64,002,000
45,414.000
81.997,000
43.004,000
101,774,000
41,273.000
188,000
104.340,000
35.853,000
8.216,000
51,249,000
69,563,000
61.864,000
70,834,000
77,558.000
89.807.000
14,613,000
44,156,000
11,504,000
47,483,000
4,377,000
9,410,000
22,383,000
3,927,000
9,376,000
18,994,000
65.3%
65.2%
70.7%
69.4%
65.3%
69.3%
70.1%
74.3%
312,893,000 308,111,000
$
$
140,202,000 138.009.000
787,210,000 707.601,000
506,000
706.000
317,774,000
325,443,000
239,660,000
$
133,502,000
677,446,000
5
132,608,000
656,529,000
780,000
$
142,960,000
399,259,000
10,732,000
89.121.000
35,609.000
7.779,000
91.155,000
36,500,000
95.602,000
37,802.000
81.392,000
33,076,000
89,780,000
18,104,000
106,076,000
67,067,000
135.951.000
56,914,000
4,000
150,152,000
60,261,000
22.863.000
156,122,000
51,437,000
23,073,000
160,109,000
58.933,000
22,928,000
75,281,000
31,442,000
13,419,000
42,589.000
19,326,000
43,758,000
23,381,000
33,005.000
1,000
28,468.000
36,363.000
45,000
46.947.000
42.387.000
1,049,000
76.359,000
40,430,000
30,661,080
15,152,000
3,663,000
9,247,000
22,144.000
3,825,000
9,323,000
16.753,000
2,403,000
10,311,000
20,245,000
2,958,000
10.896.000
27,191,000
3,436,000
11,562,000
26,478,000
3.750.000
13,146.000
27,599,000
4,644,000
8,339,000
137,927,000
2,882,693,000 2,890,834,000 2,895,166.000 2.905,238,000 2.911,668,000 2,927,701.000 2,941,893,000 2,993,997,000 2,850,263,000
833,452,000 823,632,000 838,812,000 854,472.000 857.443,000 863,687,000 862,727,000 840,547,000 879,465,000
2,049,241,000 2,067,202,000 2,056,354.000 2,050,786,000 2,054,225,000 2.064,014,000 2,079,166,000 2,123,450,000 1,970,798,000
363,195,000 362,645,000 362.645,000 362.645.000 360,145,000 360.145.000 380,145,000 360,155,000
96,968,000
90,144,000
07.206.000
93,611.000
87,479,000
94.768,000 101,300,000
99,244,000
750,968,000 733,786,000 710,217,000 743,254.000 760.669,000 735.314,000 757,504,000 766.269,000
1,183,273,000 1,256,975,000 1,240,409,000 1,175,606,000 1,244.987,000 1,220,038.000 1,217,957,000 1.197,449.000
414,840,000
88,454,000
865,884,000
778,352,000
2,398,680.000 2.440.885.0002.408.039,000 2,382,805.000 2,459,412,000 2.412,703.000 2.425.750,0002,420.841.000 2,137,844,000
of balances held abroad and amounts due
-Beginning with the statement of Oct. 7 1925, two new Items were added in order to show separately the amount
NOTE.
debentures, was changed to
to foreign correspondents. In addition, the caption, "All other earning assets," Previously made up of Federal Intermediate Credit Bank description of the total of
"Other securiths," and the caption, "Total earning assets" to "Total bills and securities." The latter Item was adopted as a more accurate are the
it was stated,
only items included
discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which,
the
therein,
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR 13 19
WEEKLY STATEMENT OF RESOURCES
Total
Two ciphers (00) omitted.
Federal Reserve Bank of-
I
I
Total.
Boston.
3
RESOURCES.
Gold with Federal Reserve Agents 1,213.407,Cl, 87,861,0
Gold red'n fund with U. S. Treas.1 64,353,0, 8,697,0
Gold held excl. eget. F.R.notes 1,277,760.0 06,558,0
Gold settle't fund with F.R.Board 767,446.0 60.485,0
Gold and gold etfs held by banks 654.919,01 24,661,0
Total gold reserves
Reserve other than gold
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
New York.
Phila
Cleveland, Richmond Atlanta
Chicago. St. Louis. Mtnneay. Kan.City
Dallas. San Frans
$
$
$
$
241,781,0 89,329,0 158,740,0 48,825,0 107,737,0 202,564.0 23.589,0 48,585,0 53,677,0 21,513,0 129,206.0
14,414,0 6,642,0 4.303,0 1,748,0 3,272,0 8,265,0 4,565,0 2,231,0 2,750,0 2,249,0 5,217,0
1
256,195,0 95,971,0 163,043,0 50,573.0 111,009,0 210,829,0 28,154,0 50.816.0 56,427,0 23,762,0 134,423,0
,
291.984,0 24.663,0 75,571.0 19,737,0 15,564,0 108,724.0 27,289.0 26,588,0 43,112,01 27,002,0j 37,667,0
410.148,0 39,449,0 45,104,0 14,395,0 7,309,0 54,074,0 10,549,0 5,217,0 5.245,0 10,754,01 28,014,0
958,327,0 160,083,0 283,718,0 84,765,0 133,882,0 373,627,0 65,992,0 82.621,0 104,784,0 61,518,0 200,104.0
43,315,0 7,152,0 10,309,0 8,094,0 10,401,0 17,903,0 16,022,0 2,704,0 5,719,0 7,134,0' 14,928.0
1
1,001,642,0 167,235,0 294 027 0 92,859.0 144,283,0 301,530,0 82.014,0 85,385,0 110,503,0, 68,652,0 215,032,0
2,860,389.0 207,227.0
29,951,0 2,472,0 5.018,0 5,354,0 4,745,0 8,137,0 4.322,0 1,352,0 1,850,0 3,318,0 9,597,0
78,312,0' 7,196,0
'
.700,125,0 190,704,0
2
160,264,0 16,523,0
583,135,0 35,750,0
372.488,0, 15,374,0
145,749,0 63,680,0 51,795,0 19,446,0 14,744,0 124,492,0 23,342,0 14,130,0 15,289,01 10,216,0 64.502,0
78,971,0 34,636,0 21,830,0 21,479,0 36.824,0 89.655,0 18,043,0 1,907,0 15,910,0 5.699,0 32,160,0
Total billsdiscounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
055,623,01 51,124,0
283,101,0 34,209.0
224,720,0 98,316,0 73,625,0 40,925,0 51,568,0 214.147,0 41,385,0 16,037,0 31,199,0 15,915,0 06,662.0
65.276.0 21,893,0 27,672,0 12,483,0 12,221.0 27,872,0 8,853,0 9,702,0 9,621,0 18,529.0 36,870.0
51,618,0
90,502,0
23,177,0
689,0
2,630.0
1,773,0
Total 01 8. Gov't securities
165.297.0
5.092.0
1,384,0
9,087.0
3,007,0
585.0
548,0
9,870,0 28,023,0
8,061.0
990,0,
13,478.0 18.516,0 29.561,0
64,0
7,833.0
2,175,0 12,578,0
1,028,0
1.152.0
903,0
301,0
27.0 19,937,0 7,125,0
3,403,0 5,293.0 11.253,0
585.0
292,0 5,596.0
4,519.0
4,385,0
438,0
7.755,0
9112,0
1,106,0
2.358.0
3.722,0 30.826.0 18.963,0
9.342,0
'
9.763,0 10,008,0 13,870,0
MAR. 16 1929.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two Ciphers (00) omitted.
Boston.
Total.
$
10,250,0
7,562,0
Dthersecurities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank Premises
&Bother
New York.
Phila.
$
S
$
$
S
$
778.0
827.0
348,0
295,0
600,0
2,656,0
1,421,833,0 91,025,0
724,0
54,0
754.786,0 73,394,0
58.691,0 3,702,0
8,255,0
74,0
1691
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.l Dallas, San Frau.
S
1,036,0
$
302,0
$
2,000,0
203.0
S
1,500,0
250,0
$
6,000,0
267,0
$
750,0
306,130,0 139,503,0 131,685,0 56,112,0 67.806,0 273,881,0 69,503,0 37,284,0 52,233,0 48,719,0 147,952,0
219,0
70,0
99,0
28,0
33,0
74,0
29,0
24,0
18,0
24,0
52,0
199,695,0 62,844,0 66,999,0 55,897,0 27,949,0 96,915,0 34,912,0 13,197,0 43,580,0 31,325.0 48,079,0
16,087,0 1,752,0 6,535.0 3,575,0 2,744,0 8,527,0 3,893,0 2,110,0 4,140,0 1,922,0 3.704,0
914,0
328,0
1,269,0
513,0
875,0
506,0 1,644,0
745,0
378.0
567,0
442,0
Total resources
5,182,990,0 382,672,0 1,554,638,0 374,204,0 505,607,0 214,336,0 249,199,0 779,964,0 195,186,0 140,091,0 212,708,0 154,527,0
419,858,0
LIABILITIES.
F. R. notes in actual circulation_ 1,650,009,0 129,854,0 298,676,0 140,062,0 207,615,0 72.774,0 137,671,0 277,633.0 59,251,0 62,912,0 66,841,0 38,471,0
158,249,0
Deposits:
Member bank-reserve acc't.- 2.362,567,0 149,053,0 931.601,0 135,433,0 189,295,0 69,086,0 66,886,0 350,486,0 80,031,0 53,268,0 92,029,0
70.172,0 175,227,0
Government
7,773,0
144,0
2,997,0
190,0
274,0
198,0
435,0
856.0
648,0
563.0
101,0
355,0
982,0
Foreign bank
5.834,0
433,0
1,757,0
562,0
146,0
234,0
269,0
597.0
193,0
801,0
228.0
193,0
421,0
Other deposits
20.611.0
78,0
8,023,0
99,0
151,0
764,0
95,0
249,0
867.0 2.123,0
260,0
35.0 7,867,0
Total deposits
2.396,785,0 149,708,0 944,378.0 136,284,0 191,542,0 69.885.0 67.463,0 352,428,0 83.036,0 54,226,0 92,583.0 70,755,0
Delon A availability items
708,172,0 72,116,0 180,462,0 57,805,0 63,4.52,0 51,935,0 26,653,0 90,999.0 35,184,0 11,794,0 38,890.0 31,547,0 184,497,0
47.335,0
Capital paid in
152.521,0 10,308.0
54,439.0 14.970,0 14,683,0 6,224,0 5,324,0 18,467,0 5.506,0 3,098,0 4,300,0 4.443,0 10,759,0
Surplus
254,398,0 19,619,0
71.282,0 24,101.0 26.345,0 12.399,0 10,554.0 36,442,0 10.820.0 7,082,0 9,086.0 8,690,0 17,978.0
All other liabilities
21.105,0 1,067,0
5,401,0
982.0 1,970,0 1.119,0 1,534,0 3,995,0 1,389.0
979,0 1.008,0
621,0 1,040.0
Total liabilities
5,182,990,0 382,672,0 1.554,638,0 374,204.0 505,607.0 214,336,0 249,199,0 779.964,0 195,186,0 140,091,0 212,708,0 154,527,0
419.858,0
Memoranda.
Reserve ratio (per cent)
74.1
70.7
80.6
60.5
65.1
73.7
72.9
57.6
62.1
70.3
62.9
69.3
62.7
Contingent liability on bills purchased for foreign correspondls 308,944,0 22.533,0
94.708,0 29,232,0 31,059,0 14,007.0 11,876,0 41,716,0 12,180.0 7,613,0 10,048.0 10,048.0 21.924.0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In
AirraInfinn
9110 999 11 90 570 A 115 074 11 41 0070 99 0.17 a 10 170 a 59 910 n 99 047 n In 049 n 5 min (1 10 Mt 0 5 307 0
.
AA eel n
FEDERAL RLSERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH
13 1929.
Federal Reserve Agent at-
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. .11. Louis. Minneap.IKan.City. Dallas. San Fran.
Two Ciphers (00) omitted$
$
$
$
i
$
$
5
$
$
$
$
$
3
P.R.notesrec'd from Comptroller 2,882,693,0 227,708,0 766,625,0 214,709,0.272,872,0
418,200.0 83,224,0 86,951,0 104,814,0 61,160,0 314,610,0
F.R.notes held by F. R. Agent__ 833,452,0 76,975,0 349,875,0 32,980,0 32,630,0 109,903,0 221.917,0
20,351,0 52,030,01108.520,0 13,030,0 15,999,0 27,280,0 13.382,0 90,400,0
F. R.notes Issued to F. R.Bank, 2.049,241,0 150,733.0 416,750,0 181,729,0240,242,0
89.552,0 169,887,0 309,680,0 70,194,0 70.952,0 77.534.0 47,778,0 224,210,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates____ 363,195,0 35,300,0 171,880,0
50,000,0 6490,0 27,350,0
8,050,0 14,167.0
14,758,0 35,000.0
Gold redemption fund
99,244,0 19,561,0
14,001,0 12.752,0 13,740,0 8.135,0 4,387,0 1,564,0 1,539,0
1,418,0 3,317,0 3,755,0 14,175,0
Gold fund-F.R. Board
750,968,0 33,000,0
55.000,0 76,577,0 95,000,0 34,000,0 76,000,0,201,000,0 14.000,0 33,000,0 50,360,0 3,000,0
Eligibleeaper
1183.273.0 85,256,0 259.559,0 103,011,0 100,590,0 49.569,0 62,905,0241,750.0 50,096,0 25.481,0 40,373,0 32,284,0 80,031,0
132,399;0
Total nnlInfAral
/ 900 050 0 177 117 0 cill 9.1.11 n 10,- zen n 9r.0 99n n no 9(14 n 1,11 a 40 n 4,1 114 A 71 IIVI (1 74 000 n na n-m n AO 707
,
A 9A1 AIM A
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
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are resources
a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were alwaysin
given
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The
of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 1665 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning
with the statement of Jan. 9 1929, the loan figures exclude "Acceptances
of other banks and bills of exchange or drafts sold with
endoreement." and Include all real estate mortgages and mortgage loans
held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included
mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of leans on securities being given.
Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those
secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted; in its place the number of cities included has
been substituted. The figures have also been revised to exclude a bank in the San
Francisco district, with loans and Investments of $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 WEEKLY
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON MARCH 6 1929. (In millions of dollars.)
Federal Reserve District.
Total.
I
Boston, New York
$
s
Phila.
s
Cleveland Richmond Atlanta. ChicagO. St. Louis. Minneap. Kan. City
1,237
3
2,201
6,330
901
3,292
3.039
503
398
383
2,179
183
199
1,208
970
1,716
238
99
17
13,308
6,871
a
$
I
676
635
$
3,408
1,513
517
501
698
816
198
319
155
347
337
687
159
107
230
333
355
72
87
789
67
77
14
131
29
43
12
887
481
5,883
1.702
2
720
284
____
1,049
978
1
1,167
2,970
52
106
146
1.010
55
159
104
214
52
103
82
122
232
482
59
136
52
93
756
33
224
53
an
,
ii
es
151
20
12
Loans and luvestments-total
22,384
Loans
-total
3,058
2,901
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
466
647
5,961
U. S. Government securities
Other securities
1,113
7,573
8,850
Investments
-total
8,509
16,423
On securities
All other
1,496
Dallas. San Fran.
i
721
391
686
489
$
1,936
2,660
525
261
447
357
1,298
1,261
1,399
244
281
83
178
143
305
119
238
412
886
134
748
195
130
239
132
638
65
69
351
397
78
117
74
56
116
122
91
41
379
260
43
10
255
39
47
7
27
6
59
11
36
8
110
20
1,871
333
361
508
226
395
231
1.275
179
230
132
244
------------------------
317
143
1
759
980
2
119
226
69
112
146
206
19
17
82
$
$
'Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank
In comparison with the previous week and the corresponding date last of New York at the close of business Mar. 13 1929,
year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
Mar. 131929. Mar. 6 1929. Mar. 141928.
241,781,000
14.414,000
241,891,000
11.197,000
298,813,000
14,974,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board..
Gold and gold certificates held by bank_
256,195,000 253,088,000
291,084,000 262,886,000
410,148,000 , 407,880,000
313,787,000
297,027,000
391,597,000
Total gold reserves
Reserves other than gold
958,327,000
43.315,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obligations_
Other bills discounted
Total bills discounted
Bilk bought in open market
U.8. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
Other securities (see note)
1,001,642,000
29.051.000
923,854,000 1,002,411,000
40,335,000
34,843,000
964.189,000 1,037,254,000
30,112,000
22,174,000
145,749,000
78.971.000
184,087,000
86,523,000
82,837,000
28,199,000
224,720,000
65.276,000
270,610.000
65,685,000
111,036,000
100,815,000
1,384,000
9,087,000
3,007,000
1,384,000
9,087,000
3,167.000
4,384,000
35,492,000
36,047,000
13,478,000
2,656,000
13,638.000
75,923,000
3far.13 1929. Mar. 6 1929. Mar.13 1929
Resourcee (Concluded)Gold held abroad
Due from foreign banks (see Note)
Uncollected items
Bank premises
All other resources
Total resources
s
219,000
199,695,000
16,087,000
914,000
$
220,000
174.858,000
16,087.000
676,000
218,000
204,314,000
16,543,000
3,551,000
1.554,638.000 1,536,075,000 1,571,828.000
Fed'I Reserve notes In actual circulation
Deposits-Member bank, reserve acct.Government
Foreign bank (See Note)
Other deposits
298,676,000
931,601,000
2,997,000
1,757.000
8,023,000
308,107,000
922,237,000
4,512.000
.5,689.000
7,352.000
342,668,000
919,622,000
12,990,000
1,216,009
8,370,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
944,378,000
180,462,000
54,439,000
71,282,000
5,401,000
939,790,000
157,829.000
54,160,000
71,282,000
4,907.000
942,198,000
178,242,000
42,381,000
63,007,000
3,332,009
Total liabilities
1,554,638,000 1,536,075,000 1,571,828.000
Ratio of total reserves to deposit and
Fed'' Reeve note liabilities combined_
80.6%
77.3%
80.7%
Contingent liability on bills purchased
Total bills and securities (See Note)
306,130.000 349.933,000 287.774.000
for foreign correspondence
91.161,000
94,708.000
68,189.000
NOTE.-llegInning with the statement of Oct. 7 1925. two new items were added in order
to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In additton, the caption "Ail other earning assets," previously
"Other securities.' and the caption "Total earning assets" to "Total bills and securities." made up of Federal Intermediate Credit Bank debentures, was changed to
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 14
of he Federal Reserve Act, which. It was stated, are the only Items included thereto,
[VoL. 126.
FINANCIAL CHRONICLE
1692
New York City Realty and Surety Companies.
(All prices dollars per share.)
flan-km' %a/etc
Wall Street, Friday Night, Mar. 15 1929.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1677.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
IVest kaskd Mar. 15.
Sales
for
Week.
Range for Week.
Lowest.
i
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. 1$ per share. $ per share.$ per share.
Railroads
100
4855
71
91
7454
8634
Mar 14
Mar 15
Mar 9
Mar 13
Mar 14
4834
71
9244
7434
6651
Mar 14
Mar 15
Mar 9
Mar 13
Mar 14
4835
71
89%
7454
6651
Mar
Mar
Feb
Mar
Mar
4855
71
92%
75
6631
Mar
Mar
Feb
Jan
Mar
Ann Arbor RR
Preferred
Caro Clinch & Ohio_ _100
Chic Ind & Loutsv p1.100
Cth Sand & Cleve pref _50
10
20
110
20
120
Erie & Pittsbusgh____5j
New Or! Tex & Mcx _100
Pitts Ft W & Chic pf_100
20 6155 Mar 14 6134 Mar 14 61% Mar 13116 Jan
Feb 140% Feb
100137 Mar 11 137 Mar 11 35
Jan
10015134 Mar 13151% Mar 13 15154 Feb 154
•64.300, 3334
Alleghany Corp
100 6,000101
Preferred
Alliance Realty
.
5,
10 86
Am & For Pow rights___ 65,600 2%
Am Hawaiian SS Co10 1.200 2634
32,600 1%
Am Metal rights
10,100
%
Anchor Cap rights
100 10855
Assoc Dry (rds 28 p1100
7,100
51
Autosales Corp rights
I
I
Mar 14 3551
Mar 1210234
Mar 14 86
Mar 11 3
Mar 11 2755
Marl! 251
Mar 11 151
Mar 11 106%
Mar 12
%
Mar 9 2834
Mar 11 101
Mar 14 86
Mar 11 234
Mar 11 2644
Mar 9 1%
7
Mar 9
Mar 111105
Mar 9
54
Feb 3751
Feb 10534
Mar 105
Mar 3
Mar 3054
Mar 4
Mar 1%
Feb 110
Mar
51
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Cavanagh-Dobbs Inc__* 2,500 37
100 105
Preferred
CeloMx
• 1,700 68
100
400 90
Preferred
9.600
51
Melts
City Ice & Fuel
• 2,400 5734
100
160 104
Preferred
Coca Cola class A
• 5,900 4914
Columbia Gas & El new •12.900 5851
Crosley Radio Corp._ •19,500 104 55
Curtis Publishing Co_ _ _ 3,1001204
Preferred
20011734
Cushman's Sena prat_ __.
12011034
Mar 13 38
Mar 11 105
Mar 11 69
Mar 9 92
Mar 13
31
Mar 11 5854
Mar 13 105
Mar 9 4954
Mar 12 5954
Mar 12 113
Mar 14 125
Mar 14 118
Mar 14 112
Mar 9 3355
Mar 11.104
Mar 9 67
Mar 9 89
Mar 9,
34
Mar 9, 5755
Mar 9,104
Mar 9 4834
Mar 15 57
Mar 9 9034
Mar 15 12034
Mar 14 117%
Mar 14 10834
Feb 4255
Jan 10555
Mar 79%
Jan 9355
Mar
51
Mar 6234
Mar 105%
Feb 50
Jan 66
Feb 125
Mar 125
Mar 118
Feb 115%
Feb
Mar
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
De Beers Cons Mines_ _ _
10
Duplan Silk
• 1,200
100
Preferred
100
Elkhorn Coal pret_ _ _ _ 50
240
Emerson-BrantMan el B•
200
Emporium Capw Corp
670
800
Eng Pub Sacs pref (53,4)5
67.900
Rights
Evans Auto Load'g Co 10,30,950
Mar 15
Mar 11
Mar 12
Mar 15
Mar 15
Mar 12
Mar 13
Mar 9
Mar 12
Mar 15,
Mar 13
Mar 12
Mar 141
Mar 15
Mar 13
Mar 11
Mar 14
Mar 15
Feb 2251
Mar 28%
Mar 102
Feb 13
Jan 13
Feb 38
Mar 89%
Feb 154
Mar 73%
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Indus. & Miscall.
2234
2231
9834
931
734
34
97
34
63
2234
23
9851
10
734
3434
9734
151
7351
22
2234
9834
9
4
27
97
74
62%
Fairbanks Co pref _ _25
10 19 Mar 9 19
20 106 Mar 13107
First Nat Pict 1st pf.!00l
2,600 234 Mar 15 3
Fisk Rubber rights
Feb 35
Mar 9 14
Mar 15 10451 Jan 107
Mar 15 2% Mar 3
Gen Gas & Elec pf A(7)• 390 112
. 3,700 154
General Mills
90 103
Gen Sty Signal pref. _100
9,000 251
Gen Refractories rights
Goodyear Tire & Rub rts94,500 1355
Gulf States Steel rights_ 2,200 3%
Mar 14 113
Mar 12 2
Mar 13103
Mar 13 334
Mar 12 18%
Mar 14 6
Mar 9 10855
Mar 11
155
Mar 13 99
Mar 15 2%
Mar 15 10
Mar 11 351
Feb 11834
Mar 2
Jan 103
Mar 3%
Feb 1534
Mar 6
Jan
Mar
Jan
Mar
Mar
Mar
Indian Refining rights- _25.800 234
5,600 2%
Certificates rights_
300 124
lot Nickel of Can pfd 100
20 5,200 2134
Class A new
Kreuger & Toll rights_ ,27.800 1
20 110
Kuppenheim la Co p1100
Mar 15 3%
Mar 15 3
Mar 14 128
Mar 12 22
Mar 15 1%
Mar 11 110
Mar 15 2%
Mar 15 2%
Mar 15 118
Mar 9 2151
Mar 15 1
Mar 11 110
Mar 351
Mar 3
Jan 128
Mar 22
Mar 151
Jan 110
Mar
Mar
Mar
Mar
Mar
Jan
6,600 2251
200 39
7,000 5434
800 94
2,000 10034
2,200 43
Mar 12 23%
Mar 12 39%
May 9 563-4
Mar 13 94
Mar 13 LAP
Mar 12 4634
Mar 13 19
Mar 14 39
Mar 13 53%
Mar 13 94
Mar 12 100
Mar 13 43
Feb 26
Feb 40
Mar 61
Mar 94
Jan 102%
Mar 48
Feb
Feb
Feb
Mar
Jan
Feb
20 109 Mar 12 109
100
Outlet Co pref
Par Gas & Elee rights_ __ 19,300 3 Mar 9 354
Pirelli of Italy
800 54 Mar 14 55
80 9534 Mar 9 9534
Pitts Steel pref
100
Pub Serv of NJ rights.. _ 54,600
34 Mar 9 1
Mar 12 106
Mar 13 2%
Mar 11 54
Mar 9 9251
55
Mar 9
Jan 109
Mar 3%
Mar 6555
Feb 96%
Feb 1%
Jan
Feb
Jan
Mar
Jan
Radio Corp new......* 2,879,900 8934
So Porto Rico Bug pf_100
100 125
Spencer Kellogg & Sons• 1,300 38%
Spicer Mfg pref A
• 6.300 5134
Texas Corp part pd___25 1.600 5734
Full paid
25
900 5834
Tobacco Prod new__ _ _20 18.300 1834
Mar 1110034
Mar 12 126
Mar 15 40
Mar 12 .5234
Mar 12 615.4
Mar 9 80
Mar 15 20
Mar 14 6851
Mar 14 125
Mar 9 3851
Mar 14 5934
Mar 14 55%
Mar 13 56%
Mar 9 18%
Feb 100%
Mar 135
Mar 43
Mar 55%
Feb 6151
Mar 815.1
Mar 20
Mar
Feb
Feb
Mar
Mar
Jan
Mar
U S Ex press
100 200 234
United Dyewood pfd_100
30 55
US Realty & Imp rts
81,400, 334
U111V Leaf Tob pf
100
70 123
Victor Talk Mach etre __• 23.800168
Mar 11 234
Mar 9 55
Mar 13 4
Mar 13 123
Mar 1118034
Jan 451 Jan
Mar 11 2
Jan
Mar 9 53;4 Jan 60
Mar 9 3% Mar 751 Feb
Mar
Mar 13 120% Jan 123
Mar 15 153% Mar 186% Mar
Warner Bros Pictures rts. 92,400
Webster Elsenluhr____25 2,900
Preferred
100
900
Rights
8,100
Wilcox-Rich Corp Cl A...• 12,700
Class B
*15.700
Mar 12 3% Mar 15
Mar 9 97% Mar 15
Mar 11 100 Mar lb
Mar 14 17%Mar 13
Mar 15 4655 Mar 9
Mar 15 47 Mar 9
Lehigh Valley Coal_ _ _ _•
50
Preferred
Link Belt Co
•
Loew's prof ex-warrants_
Ludlum Steel pref
•
McGraw-H111 Pub
•
2%
94
99
1651
45
4454
251
9155
99
1555
4455
4351
Jan
Mar
Mar
Mar 4%
Feb 11351
Mar 100
Feb 17%
Feb 4855
Feb 4751
Feb
Feb
Mar
Mar
Feb
Mar
Bank. Trust & Insurance Co. Stocks.
El:mit Tr Co of NY___100
1
Wells-Fargo & Co.
Feb
Jan648
70035 Mar 14643 Mar 14,493
000; 434 Mar 14 455 Mar 141 355 Feb. 431 Mar
' No par value.
5
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
June151929___ 455%
Sept.15 1929 ___ 434%
Deo.15 1929_
451%
Bid.
Asked.
99555, 100
91Msi 9955ii
9915s2 99"ir
Maturity.
Int.
Rate.
Bid.
Sept. 15 1930-32
Mar. 15 1930-32
Dem 15 1930-32
Sept. 15 1929
Dec.15 1929
334%
334 %
355%
451%
451%
9
6"ii 96'',,
”
90 55 965,
"
96 51 96.0
"
99"ii 100
9521,, 992'31
Asked.
I Bid
Ask
160 Resit) Assoc's
(Bklyn) oomf 44
852
let prat_ ___ 98
475
2d eref ____ 97
Westchester
Title & Tr _ 565
Bid
Bid I Ask
Alliance R'Ity
90 110 Mtge Bond..., ISO
AniSurety new 150
157 N Y Title &
Bond & M
Mortgage_ 845
435 455
Lawyers Mtge 305 312 U 5 Casualty..' 460
Lawyers Title
&Guarantee 380 I 388
Ask
05
....--816
New York City Banks and Trust Companies.
(.411 prices dollars per share.)
Banks-N.Y. Bid
America
244
Amer Union, 270
Bryant Park. 275
Central
195
Century
230
Chase
1115
Chath Phenix
Nat Ilk& Tr 710
Chelsealix new 115
Chls'aExe'p A 35
Clays
35
Chemical ._ 1400
Colonial' ____ 1400
Commerce
_ 1170
Rights
182
Continental. _ 580
Corn Each..... 910
Fifth Avenue_ 2400
6700
First
Grace
600
Hanover
1310
Harriman
1050
285
Liberty
Manhattan.
890
National City 374
Park
1050
Penn Each... 150
Banks-N.Y. Bid
,Port Morris__ 900
313
Public
Seaboard ___ 960
'Seward
175
305
;Trade.
Yorkville ____ 230
Yorktown',.. 260
720 ,
121 I Brook's's.
40 Globe Exch• _ 420
40 Municipal' __ 650
660
1440 Nassau
.'People's
1200
1185 Prospect
155
1S8
Trust Cos.
615
New York.
925
2500 Banes Coni'le
Italians Tr_ 414
7000
. Bank of N Y
& Trust Co_ 900
1390
1100 Bankers Trust 1870
100
New
295
900 ,Bronx Co Tr _ 480
379 Central Union 495
420
1075 County
165 .Empire
685
Ask
249
290
375
205
260
1125
1
Ask Tr.Cos.-N. Y.I Rid , Ask
... Equitable Tr. 635 642
270
_
317 Farm L & Tr_ i 1605 113_25
975 Fidelity Trust 440 , 465
182 Fulton
325 Guaranty_ __ 1010 1020
2
240 InVIGermanie 220
360 368
275 Interstate_
Irving TrnOL 1 672 880
Lawyers Trust ..
6_ Manufacturers 340 345
ES- Murray Illil..1 325 335
670 Mutual(West
385 410
_
chester)
fio N Y Trust._. 271 275
Times Square_ 185 192
Title Gil & Tr 960 980
U S Mtge &Tr 595 600
United States 4000 4300
Westchest'r Tr 1000
920
Brooklyn.
900 Brooklyn ___ 1170 1186
194 Kings Co_ _ _ _ 3100
Midwood____ 810 321
505
440
595
*State banks. t New stock. S Ex-dividend. e Ex-stock div.
y Fx-rlghts.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
'Mar.13 Mar.141 Mar.lb
'
Daily Record of U. S. Bond Prices. Mar. 91Mar.11 Mar.12
First Liberty Loan
High
35% bonds of 1923-47_ _{Low1
Close
(First 33-4)
Total sales in $1,000 units._ _
Converted 4% bonds of High
1932-17 (Flmt 48)
LowClose
Total sales in $1,000 units...
Converted 411% bonds( High
of 1932-47 (First 4 qs)i Low(Close
..
Total sales in 51,000 units _
Second converted 4 11
High
bonds of 1932-17 (First( LowSecond 434s1 _ _
Close
Total sales in $1,000 units_ _
.
Fourth Liberty Loan
High
441% bonds of 1933-38__ Low(Fourth 451s)
Close
Total sales in $1,000 units..._
Treasury
{High
Low _
474s, 1917-52
Close
.
Total sales in $1,000 units_
High
{Low_
4e, 1941-195)
Close
Total sales in $1,000 units___
High
{Low_
351s, 1946-1956
Close
Total sales in $1,000 units _ _ _
{HighLow.
Close
Total sales in $1,000 units _ _ High
Lcw _
351s, 1940-1943
Close
Total sales in 31 000 units_ __
351s, 1943-1947
9750.51 9751 ts
987.n' 9778n
97..0 97..0
112
157
97..33 977101
072.0 97220
01
97..0 972,
136'
70
_
991•ts
09sii
99581
30
94..0
08..st
25
9Ole;
Winn
93..0
19
98.20
0
98.8
13
-
97280
97 .n
,
97..0
10
08..0
97120
08120
78
04;;;;
.
98120
98..0
44
982.0
98..st
107
....„
99Ist9914,
99i.41
730
107
107
107
2
102',,
102
102402
Ii
99s5ii
9925,1
99sOu
SO
951sss
95511
95 ,'
,
315
951.as
955is
95612
20
9
61i; 9Y.; 9--09 0
,
09.n
138
108. n
,
108
108
36
102
101..0
101. 0
,
86
9612,,
9.555it
9555ts
32
955831
952,
0
10
98..0
950,
330
106
105..ti
1055512
11
1015n
104.st
101,
n,
55
99
9851:1
9855is
35
95..0
95..0
9511,2
65
95.0
05.n
95.0
100
985,u 9825ss
985, n 9855.2
i
80
194
ss
10550u 105s,
105
10555n
1055.,, 11.15s.0
6
53
101 18u
101,5n
1015532
23
98,581 99
_-9815n 99
9815ss 99
35
1
1151.12
951rn 9511
.
950" 951in
1
2
9811s8
9915o
283
10815,1
10555n
1061,u
32
10225is
1025,1
10255,1
6
----___
Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
35 4th 448 _
9824s to 98tits
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 25-32@
4.85 3-16 for checks and 4.85 1-16@4.85 19-32 for cables. Commercial on
banks,sight, 4.8434 @4.84 11-16;sixty days, 4.79 13-16@4.79 15-16; ninety
days, 4.77 11-1604.7734, and documents for payment, 4.79 5-16@
4.79 15-16. Cotton for payment, 4.84, and grain for payment, 4.84.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.9034@
3.90% for short. Amsterdam bankers' guilders were 40.00% @40.00534
for short.
Exchange at Paris on London, 124.25 francs; week's range, 124.27 francs
high and 124.22 francs low.
The range for foreign exchange for the week follows:
Cables.
Checks.
' Sterling. Actual4.85 3-16
4.85 19-32
High for the week
4.85 1-16
4.84 9-16
Low for the week
Paris Bankers' Francs
3.90 1146
3.9034
High for the week
3.9054
Low for the week
3.9074
Amsterdam Bankers' Guilders
40.06
40.5014
High for the week
40.0474
40.00%
Low for the week
Germany Bankers' Marks
23.73
23.72
High for the week
23.7274
23.70%
Low for the week
-The review of the Curb Market is
The Curb Market.
given this week on page 1680.
A complete record of Curb Market transactions for the
week will be found on page 1711.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks
not recorded here, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT,
PER SHARE
Sales
PER SHARE
STOCKS
Range Since Jan. 1.
for
Range for Previous
NEW YORK STOCK
Monday,
Tuesday.
Wednesday, Thursday,
On basis of 100
Friday,
-share lots
the
Year 1928
EXCHANGE
Mar. 11.
Mar. 12.
Mar. 13.
Mar. 14.
Mar. 15.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ Per share $ per
share
per share Shares
20018 2003 19912 20012 1991g 1993 19914 200
Railroads
4
Par $ per share $ per share 5 per share
4
19914 20053 200 20214 11,000 Atch Topeka
*103 10318 103 163
& Santa Fe. 100 1961s I'm. 16 2093 Feb 4 18233 Mar S per share
1034 10318 103 10318 .10318 1033 1033
8
204
8
3 10312 1,100 Preferred
•18014 181
181 181
100 10212 Jan 3 1037 Jan 7 10212 Jan 10812 Nov
180 181
180 180
8
180 180141
Apr
2.200 Atlantic Coast Line
129 132
/ 12512 12914 1254 127 8 126 1273 12512
1
4
/
1
7
4
4
1264 12618 12712 78,200 Baltimore & Ohio RR..100 169 Jan 2 1913 Feb 4 15718 Oct 19113 May
79
79
79
79
100 1184 Jan 16 133 Mar 5 10334 June 1253
79
/
1
79 .79
7912 7912 79 2 79
,
8 Dee
/ 79
1
4
/ 1.000 Preferred
1
4
68
6914 6814 604 6812 683
100 78 Jan 23 8014 Jan 8
4 61)
69
6914 70
77 Nov 85
Apr
•10812 109 *10812 109
,
10812 10812 *10812 10912 107 10812 6912 69 2 3,000 Bangor & Aroostook
50 65 Feb 16 72 Jan 2
61 June
107 108
140 Preferred
.96 100
*95
97
100 1003 Jan 2 11012 Jan 22 104 Dee 8414 Jan
*95 100
4
*95
99
*95
98
1153 MaY
9712 9712
4
100 Boston & Maine
754 757
/
1
8 723 7712 723 7438 7313 74
4
100 91 Jan 2 1093 Jan 5
4
4
7313 7412 7312 7414 6,500 Bklyn-34
0*8 Feb 91
Dec
*8612 88
anb Tran v t c_No par 7214 Jan 4 817 Feb 25
87
87
•87
8912 .87
8
89
53 8 Jai
3
*87
8912 .87
773 May
4
8912
100
3414 3414 3312 3313 33
Preferred v t c
No par 87 Mar
331 33
/
4
3318 33
82
Jan 953 MAY
33
34
3
3414 1,500 Brunswick Term & Fly See.104) 33 Mar 11 925* Feb 1
*75
80
*73
78
75
12 4418 Jail 18
75
*72
77
*70
1412 Jan
75
47 Sept
/
1
4
*70
73
100 Buffalo & Susquehanna_ _ _100 543 Jan 26 85
65
673 .65
4
67 4 *65
,
4
673 *65
4
673 *65
Mar 2
4
3214 July 641 Nov
673
4 65
/
4
65
230 Preferre
2464 24814 24414 2473 2423 245
/
1
100 5312 Jan 4 08125,4ar 4
8
8
244 246
88 Sept 63 Nov
245 24713 2463 24314 14,700 Canadian d
4
101 101 •10012 101 •10012 101
Pacific
100 23312 Jan 8 2697 Feb 2 19512 June 253
101 10114 10112 10113.
8
1101 101 12
Now
130 Caro Clinch & Ohio elf,816 100 100 Jan 14 10112
220 2201 2181. 220
,
21814 21814 21814 21814 21812 221
Mar 14
98. sent 10.
714
21012 22012 5,800 Chesapeake & Ohio
100 211 Feb 8 22712 Feb 1 17512 June 2181 Mar
4 Dee
1638 164
Preferred
/
1
100 21312 Jan 18 216 Feb 27
161- i6
4
*1614 1634
1653
4 1,600
2214 227
8 22
100 11 18 Jan 2 19 4 Feb 4
2234 2178 2234 2218 22,8 -1614 2238 2153 161- 6.300 Chicago & Alton
3
5 Jan
/
1
4
22313
22
1834 May
Preferred
•38
41
*3714 41
100 173 Jan 9 254 Feb 4
*3712 41
8
/
1
.38
42 .38
77 Feb 264 May
8
42
•38
/
1
42
Chic & East Illinois RR___100 37 Mar 5 43 Feb
61
61
*61
63
*61
64 .61
63
4
37 Feb 4814 May
.6112 63 .61
63
100 Preferred
20
2013 1953 203
100 5812 Feb 20 667 Feb 4
3 1912 1984 191 20
8
/
4
58 Ang 763
1978 20
8May
204 205
8 8.400 Chicago Great Western...100 19 Jan 15
5612 57,
563 58
4
4 563 57
s
234 Feb 1
/ 5612 57
1
4
918 Feb 25 Deo
/ 5718 5712 575 5913 8.700 Preferred
1
4
8
100 4618 Jan 7 63 Jan 31
/
1
4
2012 Feb 503 Dee
36
/ 363
1
4
s 36
8
3612 3512 36
3514 35
/ 3518 353
1
4
41 353 363 10,400 Chicago Milw Si Paul & Pac4
8
583 594 57
8
34 Jan 7 397 Feb 2
/ 584 57
1
4
/
1
577
8 57
8
5712 561. 574 5714 58
221.4 Mar 41)13 Apr
/
1
18,700 Preferred new
8812 887
3 87
55 Jan 4
8812 864 873
/
1
4
4 8712 88
37 Mar 59 Nov
873 88,
8
/
1
4
4 8714 8784 6.700 Chicago A, North Western.100 8658Mar 12 633 Feb
•130 140 *130 140 *130 140 •I35 140
9414 Feb 6
78 June 94(4
Preferred
13012 13114 129 13012 12814 1291 129 12912 •135 140 *135 140
/
1
4
100 135 Jan 5 145 Feb 5 135 Der 150 May
/
4
12834 1293 130 13014 6,200 Chicago Rock 1s1
4
May
•10512 1061: 10512 10512 10534 1053 1067 1067
& Pacific.101 12712 Feb 16 13117 Jan 19 106 Feb
8
8
8
1394
/
1
1067 10678
8
500 7% preferred
•10012 10114 100 100 •100 101 4 10012 10012 *106 107
100 10512 Feb 19 1084 Jan 25 105 Dec 11112 Nov
100 100
10012 10012
May
600 6% Preferred
.114 119 •116 119 *116 119 *116 119
10( 100 Jan 8 1027 Feb 5
3
99 Dec
•116 118
116 117
304) Colordao & Southern
*7514 76
100 1114 Feb 18 122 Mar 5 105 n Aug 105 May
*7514 79
*7514 76
7512 7512 *7512 753
120 May
4 753 70
4
140 First preferred
*66
70
100 7514 mar 7 an Jan 25
*66
7212 *66
7212 *66
7212 *66
67 July 85 Apr
7212 .66
7212
Second preferred
*66
67
r6512 66
100 6912 Jan 26 7212 Mar 5
66
66
*65
66
6912 Nov
6513 66
86 May
64
653
4
*7512 7713 77
77
*7712 8012 *7713 8012 7712 7712 *7712 8012 4,300 Consol RR of Cuba pref...100 64 Mar 15 7053 Jan 2
6812 1)ec 874 June
/
1
40 Cuba RR pref
195 105
19414 195
10(
/ 193 194
1
4
77 Mar 6 81 Jan 2
194 195 4 194 19414 19414 1953
79
,
Dec 94 June
3,400 Delaware & Hudson
4
13012 13112 12812 12912 12814 12814 120 129
100 190 Jan 2 207,
4
128 129
Apr
1291 131
/
4
2.300 Delaware Lack & Western.100 1244 Feb 18 13314 Feb 1 1634 Feb 226
*73
74
7114 73
7012 7112 70
Feb 1 12514 Dee 150 Apr
705s
72
72
72
3,000 Deny & Rio Or West pref_ _101
*4
412 *312 412 *312 41 *312 412 70
5514 Jan 2 771 Feb 21
4
/
4
*312 41
5012 Feb 65 Apr
*312 413
/
1
4
Duluth So Shore & All....100
.6
612 •513 612 *517 612 •51.
2 612 •512 61
318 Jan 8
47ti Feb 4
3 Aug
63 Jan
4
*512 613
7418 753
Preferred
4 7218 741 72
100
/
4
514 Jan 4
7333 7212 733
713 Feb 4
4 7214 734 72
43 June
8
912 May
/
1
734 56.000 Erie
/
1
6114 613
4 6113 6114 61
10
6618 Feb 18 78 Mar 5
61
61
613
4 59 4 603 607 601 2,800 First preferred
4834 June 7212 Dee
3
8
/
4
.59
5914 59
59
100 5913 Feb 18 645 Feb 4
587 581 *5714 58
8
4
/
4
50 June 6318 Jae
*5712 5812 5812 5812
110 11112 109 110
600 Second preferred
let
108 10812 1084 1084
57 Feb
/
1
/
1
4914 June 62
Jan
108 10818 10.300,Great Northern preferred..100 1063 Feb 20 6014 Jan 6
109 109
10678 10674 106 1063 10618 1061 108 109
4
4
18 1157 Mar 4
8
/ 1063 1063 1063 1053
4
9313 Feb 11434 Nov
4
4
4 3,100 Pref certificates
3214 325
3 32
3213 3114 32
100 10412 Feb 19 112 Mar 4
3114 3212 3312 3434 333 35
91, Feb 1113 Nov
3
4
4
26,100 Iron Ore Properties__No par 274 Jan 7 3918
/
1
Feb 1
1914 Jun
.52
54
*5112 5312 .5118 5214 *514 52
33
/ Oct
1
4
51
51
5112 515
8
•10041 101 .100 101 *100 101
400 Gulf Mobile & Northern_ -100 5012 Feb 7 59 Feb 4
100 100 •10018 101
43 Aug 617 May
g
•98 101
*678
100 Preferred
712 •7
712 0714 712
100 100 Feb 19 103 Jan 3
712 72
99 Aug 109 May
712 73
.714
73
4
300 Havana Electric Ry_ __No pa
58
5818 *5813 60
*585 60
8
7 Feb 18
5858 585 .59
81 Jan 4
/
4
8
7 Aug
60 .59
173 June
4
60
100 Preferred
0
4223 445 .4221 440 .423 430 •4223 430
4
4
10
55 Feb 16 60 Jan 12
4
•4223 430 •4223.4 430
51 Des 784
4
Hocking Valley
SO
503
2 4918 497
3 50
100 410 Jan 8 450 Jan 22 340 July 473 Sept
50
495 495
8
8 403 50
4
48
Nov
4912 3,700 Hudson & Manhattan
•78
8018 *78
80
7912 791
10
48 Mar 15 585 Jan 5
. 78
78 .78
8
6018 Deo 731 Apr
80
,
76
9712
600 Preferred
•14118 1413 141 14112 140 141
4
10
76 Mar 15 84 Jan 18
14018 141
14012 1401 •14012 142
81
Oct 9312 Apr
1,100 Illinois Central
•138 145 •138 145 .138 145
100 140 Mar 12 152 Feb 1 1313 Jae 14834
143 143 •138 145 .138
4
145
200 Preferred
787 78
3
•78
79
100 1393 Feb 27 14514 Feb 4 13013 Jan 147 May
*78
80 .78
4
79 .78
80
787 787
May
8
8
30
5118 537
8 4918 527
8 49
7738 Jan 15 801 Feb 21
494 4814 493
/
1
/
4
483 49 8 485 4914 17,700 RR Sec Stock certificates_ __
8
75 July 8238 June
,
8
.51
Interboro Rapid Tran v t c_100 47 Feb 15 5838 Feb 25
55
50
51
50
50
4912 491 .4912 51
29
Jan 62 May
4812 4912
800 Int Rye of Cent America..104) 4812 Star 1' 59
•
50
.47
50 •____ 50 •____ 50
Jan 26
3612 Mar 5218 Nov
50 •-_
50
Certificates
7512 75
*75
No par 50 Jan 10 591 Jan 25
75
7312 741
73
74
/
4
.74
75
75
75
210 Preferred
•33
4 4
4 33
33
4
4
100 73 Mar 13 8014 Jan 2
4
*33
4 4
.33
4 4
69
/ Jan 82 May
1
4
.33
4 4
20 Iowa Central
90
907
88
88
100
88
88
88
,
88
3 8 Jan 30
414 Jan 18
87
2 Mar
874 87
578 Mar
88
3,600'Kansas City Southern__ 100 863 Feb 16
.67
68
*67
6712 6714 671 .6712 68
4
987s Jan 12
6712 6712 68
43 June 95 Nov
68
600 Preferred
.95
96
*9412 96
100 6612 Feb 21 7012 Jan 15
*9412 96
04
94
9414 9414 x9414 941
6612 Aug 77
Apr
900 Lehigh Valley
144 144
143 193
14112 142
50 92 Feb 1
1403 141
4
10214 Feb 2
14012 1403 •140 4 143
844 Feb 116
4
3
Apr
1,700 Louisville & Nashville_
.80
83 .80
83 .80
100 14012 Mar 14 15312 Feb 5 139 Nov 1591
83 .80
83
79
/
1
4
80
•80
83
3 May
20 Manhattan Elevated guar 100 79 Mar 1
5118 511
Si
527
3 5012 511
5014 501
87 Jan 3
5018 5018 50
75
Jan 96 May
501
5,200 Modified guaranty
.338 4
*33
8 414 *33
100 50 Feb 11 5713 Jan 11
4 41s *33
8 41
*33
8
40 Jan 64 May
,
8 41
*3112 3412 *3112 3414 *3112 3412 *3112 341 .3112 4 4 •33
Market Street Ry
100
27 Mar
8
41 Jan 22
/
4
318 Dec
3412 •3112 341
712 May
Prior preferred
100 3114 Feb 2
3912 Jan 4
*27
8 3
3812 Dec 543 May
23
4 24
/
1
4
25
8 23
4
25
8 25
8
258 23
4 •25
8 3
1,700?Minneapolls & St Louis_ _100
•40
43
*40
43
4278 4278 •40
212 Feb 14
43
33 Jan 19
4
•40
178 May
43
•40
43
613 May
200 Minn St Paul & S S Marie_100 3912 Feb 20
81
.78
•78
81
79
79
.79
80
4714 Feb 4
79
79
40 June 524 Jan
*79
/
1
80
600 Preferred
64
.62
*62
64
.62
10
64
71 Jan 14 87 Jan 23
.62
64
*62
64
7014 Dec 8734 May
60
62
20 Leased lines
49
50 3 49
,
495
8 4338 49
60 Mar 5 66 Jan 25
49
4912 4834 4913 49
60 Dec 7113 Jan
4934 14,500 Mo-Kan-Texas RR____No 10
10514 10514 10518 1053 1055 1055 10553 1053 10514
pa
8
3
46 Feb 18 55 Feb 4
8
4
10514 210312 104
3012June 58
1,100 Preferred
8253 835
8 815 83
8
803 8112 803 817
10 10318 Jan 4 1053 Mar 13 10112June 109 Deo
4
4
4
8 8118 83
/ 82
1
4
Feb
8
13312 13312 1307 132
3
131 13212 132 133, 13178 13414 1337 833 31,200 Missouri Pacific
100 6212 Jan 4 871 Mar 5
/
4
2
4178 Feb 7614 Sept
8 1363 12,200 Preferred
4
8312 8312 .83
85 .83
10 120 Jan 2 13738 Mar 5 105 Feb 1267g
85 .83
85
8314 8314 .83
85
Dec
40 Morris & Essex
.193 197
193 196 •193 197 *19212 194
5
83 Jan
/
1
194 194 *19212 195
8212 Aug 89 June
76 Nash Chatt & St Louis_...100 186 Jan 30 864 Jan 17
.212 3
238 213
212 213
25
8 25
29 19912 Feb
8
23
23
4 *23
1711 Aug 2043 Afay
/
4
3 23
4
4
700 Nat
19014 19214 1385 19014 1873 18912 1873 1895 180 4
8
4
2's Mar S
4
8
10111 19014 1918 30,200 New Rys of Mexico 2d pref _100
3 Jan 25
/
1
4
2 Feb
512 Apr
4
1377 1377 136 1373 13414 l3414 13418 135
8
York Central
3
3
10 18614 Feb 16
1343
4
4
3
.1053 1063 1065 10658 10658 10658 1057 10614 10618 1343 13512 13512 2,000'N Y Chic & St Louis Co _100 133 Jan 30 20414 Feb 1 156 Feb 196, Nov
4
4
8
3
145 Feb 2 12114 Oet 146
10618 *106 1063
4
700 Preferred
.315 324
310 310
307 307
100 1004 Feb 25 1094 Jan 4 10412 Aug 110 May
30' 307 '310 315
310 310
Jan
70,11 Y &
895 903
8
4 8818 891 8712 883
/
4
50 301 Feb 16 379 Jan 8 168
4 873
4 8814 897
8 893 903 27,300'N TN Harlem
8
Jan 505 Apr
8
.11512 116 •I15 1154 115 1154'1l5 4 883
H & Hartford
/
1
100 807 Jan 4 983 Feb 2
8
116 •115 116
4
1153 11534
544 June 823 Dee
4
/
1
1.2001 Preferred
4
29
3012 29
/ 29
1
4
/ 29
1
4
29
285 285
8
11453 Jan 3 11953 Feb 2 112 Sept117 May
8 283 283
4
4 2812 284 1,700,N Y Ontario
*612 9
*7
*7
0
.612 0
9
& Western__ _100
•612 9
7
24 Feb 30 May
7
100 N Y Railways pref__ __No par 27 Jan 25 32 Feb 4
31
*30
.30
31
.30
35
*2814. 31
63 Jan 14
4
•2814 32
97 Feb 21
8
.2814 31
514 Jan
13 May
IN Y State Rys pref
*43
4614 *43
45
*43
46
*43
100 30 Jan 3 41 Jan 30
46
*43
46
*43
234 Dec 43 July
/
1
46
Norfolk Southern
1933 195
194 195
4
194 195
195 197
100 43 Jan 14 4812 Feb 4
1963 107 *193 195
4
32 June 58 Nov
2,400 Norfolk & Western
83 8 83 s *833 8312 83
3
,
3
/ 83
1
4
100 191 Jan 9 206 Feb 1 175 June 1981
/ 833 8312 *833 8312 *8338 8312
1
4
8
8
2 Nov
1201 Preferred
100 83 Feb 15 86 Jan 17
10914 1107 210718 10812 108 1087 107 10878
844 Oct 90 June
8
10914 111
/
1
8
107 10813 8,700INorthern
10618 10712 10612 10714 210518 10612 107 10712 10514 107
Pacific
100 10518 Feb 181 1143
41%1er 5
9238 Feb 118 Nov
106 10718 3,500; Certifica
*35
•36
38
3812 •36
tes
39
.36
100 104 Fob 15 112 Feb 2
30
383 383 .37
4
4
9054 Feb 115 Nov
40
100 Pacific Coast
*35
48
*47
48
.30
47
*35
100 20 Feb 15 43
47
•3712 47
el, 28
.35
1912 May 341 May
45
/
4
First preferred
.31
39
*31
35
.31
36
*31
40
10
36 Jan 5 50 Mar 2
•31
40
*31
40 Aug 70 Jan
40
Second preferred
774 7612 7718 7658 77
77 4 773
,
4 77
100 2113 Jan 10 40 Feb 28
71134 77
77
774 2 400,Pennsylvanla
2012 Aug 39 May
6,
.28
•28
33
33
•28
33
*28
50 753 Feb 16 8214 Jan 18
33
8
*28
33 .28
33
617 June 764 Des
8
!Peoria A: Eastern
.160 162 •160 162 .155 162
158 158 .158 162 *160 162
100 30 Jan 18 347 Feb 1
8
25 Mar
200 Pere Marquette
9912 9912 *99
9912 00
100
903 100
4
100 148 Jan 3 1743 Feb 1 1247 Feb 37 May
993 993
4
4 90
4
993
8
154 Nov
680 Prior preferred
*92
94
94
.92
.92
04
*92
94
100 96 Jan 5 100 Feb 2
•92
94
02
92
96
Oct 10134 Mar
100; Preferred
_ _ _.50
•52
-- .52
100 92 Mar 15 97 Jan 8
•50
*50
92 Nov 1003 Met
4
1Phila Rapid Transit
____
50 .51 -- .51
i6 50 _ _ -- *50 ___ .50
50 50 Jan 9 50 Jan 9
____
50 Nov
10, Preferred
563 Aug
8
1413 1413 '138 142 *137 14012 •137 141
4
4
5
50 Jan 2 50 Jan 2
14214 145
1427 14278
8
50
1,400 Pittsburgh & West ‘a
1063 108 4 10614 1077 106 10712 107 1071 10712
4
8
,
100 136 Feb 18 1484 Jan 10 12114 Mar 5113 Oct
10712 107 1084 10.800
/
1
Feb 163
/
1
Reading
•42
421 .42
Oct
43
.42
4212 •42
50 10518 Feb 18 11712 Feb 4
43
42
42
42
42
9414 Feb 11031 May
2001 First preferred
8
•463 47
*463 461 •403 47
3
8
.4638 47
50 42 Jan 4 4314 Feb 28
8
4612 4612
4112 Nov 46
*5512 701 *6512 7012 .6512 701 *467 47
300; Second preferred
.6512 70
Apr
50 4614 Mar 2 403 Feb 5
•65
7012 .6512 71
4
44
Jan 597
1Rutland RR pref
115 1161 11418 1143 113 115
8May
11512 1161
4
100 66 Jan 28 68 Jan 24
11418 1143 11412 1153
4
50
8 6,700,St Louis-San Francisc
8
943 947 *0414 95 .943 95
9412 951
4
o
8
100 1141 Mar 12 12212 Feb 4 109 Feb 77 Dec
/
4
9514 954 95
9514 3,200 1st pref paid
Feb 122 Mar
1087 106 1061 1053 10612 106 106
8
108
100 94 Jan 14 9612 Feb 2
10618 107
1073 11012 8,100 St Louis Southwes
4
94 Dec 101
.91t2 04
*904 94
.91
02
tern.....100 102 Jan 20 11534 Feb 4
.9012 92
*9012 9114 .9012 92
6712 Feb 1244 May
Preferred
Nov
100 90 Feb 25 9213 Mar 4
89 JulY 95
Jai
-iaTa
•aid and asked prices no sales on this clay. 3 Ex-dividend.
a Ex-dividend and ex-rights.
y Ex-lights. S Ez-dtv. ot 1114 the shares
of Chesapeake Corp stock.
New York Stock Record-Continued-Page 2
1694
page preceding.
For sales during the week of stocks not recorded here. see second
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 9.
Monday,
Mar. 11.
Tuesday, 1Wednesday, Thursday,
Mar. 14.
Mar. 13.
Mar. 12.
Friday,
Mar. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads (Con.)
Shares
$ Per share $ per share $ per share $ per share $ per share $ per share
100
1.100 Seaboard Air Line
20
*19
20
4
193 2018 *19
20
20
20
*19
*19
•19
100
800 Preferred
24
*23
23
22
23
23
24
•22
*2214 24
*2212 24
100
Southern Pacific Co
4
8
4
4
1283 1297 12834 1293 12914 1297 12912 13014 1293 13012 9.500 Southern Railway
3
1293 130
4
100
5,100
4
8
3
8
14614 1467 1463 14714 1467 1473 148 148
14714 148
14612 148
100
200 Preferred
9814 9812 9813
9814 *98
4
4
983 *98
4
983 *98
983 *98
*98
100
540 Mobile dc Ohio certifs
115 116
115 117
117 117
117 117
113 114
1124 115
100
100 Texas dr Pacific
*167 174 *168 174 z172 172
*170 178 *170 178 *168 175
100
500 Third Avenue
53412 35
*3412 35
3512 *3412 35
35
3512 35 4 35 4 *35
3
3
5112 504 5118 1,900 Twin City Rapid Transit_100
8
4
493 5112 *50
52
*51
5118 5212 517 52
100
Preferred
99
__ _ _ •
•99
__
*99
*99 100
*99 100
*99 100
100
7,200 Union Pacific
8
8
22218 22334 22214 2237 22218 2237 22212 224
22334 2247 223 224
8
100
8 1,400 Preferred
8
8 833 837
8312 835
8312 84
84
4 833 833 *834
4
4
*834 833
Vicksburg Shrev dr Pao__ 100
•
9212
59212 ____
____ *9213 99
*95
•95 ____ .924 95
100
Preferred
____
•99
__ _- •99 100
*95
*9211 107
97
•95
*9712
100
8 3,100 Wabash
707
70
8
697 70
4
4
7112 693 693 *6912 70
71
70
71
100
300 Preferred A
96
*94
96
*94
96
594
*9412 96
96
9512 96
*95
100
Preferred B
90
*85
90
*85
90
*85
90
.85
87
*85
89
*83
100
8
8 474 487 30,500 Western Maryland
4
8 4618 4712 463 4814 4712 497
8
463 487
4818 50
100
400 Second preferred
8
8
487 487
49
8
483 *47
*47
50
*47
50 5018 *4612 50
100
4,500 Western Pacific
364 3734 374 38
4
374 3718 361 37
37
37
33
•3812
100
4
4 613 6214 2,400 Preferred
60 18 613
60
4 60
4
593 593
4
593 60
61
61
PER SHARE
Range Since Jan. 1.
-share tots
On basis of 100
Lowest
$ per share
1613 Jan 2
20 Jan 2
128 Jan 2
14614 Mar 12
9818 Feb 27
11212 Mar 11
16412 Feb 18
3213 Feb 6
44 Jan 29
9712 Jan 29
4
2143 Jan 8
824 Jan 3
98 Mar 4
103 Mar 7
63 Feb 18
94 Jan 2
8212 Jan 21
41 Jan 29
4
413 Jan 10
3318 Jan 25
57 Jan 28
Highest
PER SMARR
Range for Previous
Year 1928
Highest
Lowest
$ Per share i Per share t Per share
1158 Mar 3012 Jan
4151ar 5
213
Jan
17 Aug 38
2412 Mar 5
8
13833 Feb 2 1175 Feb 13114 Me,
8
1583 Feb 1 13912 Feb 165 May
9653 Sept 1024 Jan
99 Jan 3
Jan 15912 Jan
8
1407 Jan 14 100
8
9912 Jan 1945 Oct
178 Feb 1
2818 Jan 4818 May
39 Feb 25
3214 Sept 56 May
5814 Jan 25
9453 Oct 107 Feb
100 Jan 5
8
231 Feb 2 18612 Feb 2247 Nov
8218 Oct 8714 Jan
Feb 7
84
Jan
09 Aug 111
10014 Jan 6
9914 Nov 10811 Mal
103 Mar 7
51 Feb 9614 May
814 Jan 6
8812 Feb 102 May
8
1047 Jan 7
87 Feb 9912 May
91 Jan 8
4
4
313 Feb 543 May
64 Feb 4
8
334 Feb 547 Ma7
5312 Feb 4
2814 Feb 3812 Del
4178 Mar 5
5213 Aug 6218 Jar
644 Feb 4
Industrial Se Miscellaneous
API
3614 Nov 85
No par 401s Jan 4 5478 Jan 22
5,400 AbitibiPow &Pap
8
435 44
434 45
8 4312 44
443
44
8
4513 4618 4414 45
76 Nov 1025 Juli
100 81 Mar 15 884 Jan 7
1,000 Preferred
8
817
8212 81
8 82
8212 827
84
8
847 *82
8414 *80
June 142 Del
*82
90
400 Abraham dr Straus____No par 128 Feb 16 15912 Jan 3
8
13912 1397 *139 140
11
Oct 11422 J11,
•135 138 *135 140 *131 139 *135 138
4
100 1093 Jan 16 112 Jan 2 109
10 Preferred
11014 11014
Jan 425 Del
•11018 111 *11018 111 *11014 111 *11013 111 *11014 111
100 389 Jan 16 585 Mar 1 195
1,600 Adams Express
560 565 x563 575
545 *525 555 *525 565
Jan 994 Mai
93
564 564 *530
100 934 Jan 22 96 Jan 3
Preferred
4
*913 100
96
964 59313
8
4
*933 967 *93
4
g
4
3013 Dec 334 Dec
*933 987 *933 97
8
No par 30 Feb 27 357 Jan 15
300 Adams Millis
4 3212 3212 3214 3214
323
3213 *32
3212 32
Jan 65 Sent
11
3214 3214 •32
8
100 48 Jan 29 767 Mar 151
8
767 42,400 Advance Rumely
8 72
704 717
71
70
72
4
8 694 7114 68
737
3414 Jan 693 SeD1
71
100 5812 Jan 23 78431ar 15
7812 18,300 Preferred
4 73
4 7112 723
7112 713
6918 72
4
53 Mal
7312 7018 71
24 Jan
71
8
47 Feb 20
313 Jan 2
1
4
4 33 10,600 Ahumada Lead
33
4
5
3 8 33
3
312 3 4
312 34
4
8
34 33
8
1
3 4 37
59 June 995 15e(
8 6,400 Air Reduction, Inc____No par 964 Jan 7 11458 Jan 28
8
1077 10714 1097
10414 1064 1053*
10418 106
1438 Jar
107 10812 10618 107
7 12 Jute
1114 Jan 2
9 Feb 16
No par
12,500 Max Rubber, me
8
914 95
912
914
8
914 95
918 912
014 94
4
914 93
10 Nos
Jan
1
1014 Jan 8
74 Feb 18
s
77 12,500 Alaska Juneau Gold Min__10
734 8
4
73
4
8 73
73
7
753 7 8
753 818
4
8 814
73
223 Dec 3114 Jar
16 Mar 15 25 Jan 3
3,900 Albany Pert Wrap Pap_No par
17
16
1814
17
1912 20
20
2014 20
4
2523 Nos
2018 2018 •20
4
12,700 Allied Chemical er Dye_No par 241 Jan 7 3053 Mar 1 146 Feb 1273 MA/
4
287 2943 290 294
28012 28612 285 292
8
284 28712 28012 289
100 121 Jan 3 12314 Mar 27 12013 June
Preferred
12212 •121 123 *122 12212
•122 124 •121 123 *121 123 *12112
100 16713 Feb 18 194 Jan 11 11518 Feb 200 De(
1,900 Allis-Chalmers Mfg
180 180
177 178
175 175
4
175 175
178 178
918 Oct163 Ap1
183 183
8 Feb 14 114 Jan 14
200 Amalgamated Leather_No par
812
812 *8
812 *8
818 818 *8
9
Am
9
912
69 Mar 90
*9
60 Feb 13 73 Jan 17
Preferred
66
*63
70
*65
70
70 .66
*65
70
*65
70
•68
2718 Feb 4378 Nos
8
30 Feb 18 425 Jan 3
NO par
3214 3312 16,200 Amerada Corp
3
8 3012 3112 3012 3212 3112 324 3214 327
1553 Feb 26 N01
8
307 313
8
2,800 Amer Agricultural Chem...100 1814 Feb 16 235 Jan 15
194
1838 1813 1812 184 19
3
8
555 Feb 794 No,
1914 1912 1812 13 4 *1812 19
100 6118 Mar 14 7334 Jan 11
4 2,100 Preferred
62 14 633
6118 62
6112 6212 62 62
63 63
744 Jan 159 Mal
64
*63
10 121 Mar 6 13414 Feb 6
1,400 Amer I3ank Note
123 12314 123 124
8
1237 124 *124 125
Oct654 Jaz
60
12712 12712 122 123
Jan 3 62 Feb 13
50 60
Preferred
8
8
*6012 6478 *6012 647 *6013 6478 *6012 647 •6012 647 *6012 6473
8
4
143 July 2412 Au(
16 Feb 21 2012 Jan 16
1714 1714 1714 1712 1,200 American Beet Sugar_No par 51 Jan 7 6014 Feb 5
17
17
17
17
1714
8
17
Feb 615 Sep
36
•1634 17
100
Preferred
55
*52
:
•501 65
*5012 55
8
*5012 55
*5013 55
8
153 Feb 443 No,
*5013 55
5818 59,300 Amer Bosch Magneto_No par 4013 Feb 14 591231ar 4
8 67
583
8 57
8
553 583
57
8
397 July 4918 Jai
5714 544 564 54
56
15,900 Am Brake Shoe .1k F_ _ _No par 45 Jan 16 02 Feb 4 120 Dec 128 Jun,
8
5413 563
56
55
56
56
8 554 57
573
55
554 56
12212 Feb 7 125 Feb 15
100
110 Preferred
4
4
123 123 *12318 12412 51233 12412 1233 12412
123 124
1038 Apr 2614 Mal
'
123 123
8
1518 Jan 7 247 Mar 1
8
225 28,300 Amer Brown Boveri El_No par
2212 22
4 2138 2214 22
8
207 223
4
4 203 22
,
4014 Apr 657 Mal
2118 213
4
100 493 Jan 7 82 Feb 28
210 Preferred
76
*75 7512 7512 76 *75 8 12312 271,600 American Can
7912 7512 7512 7512 77
7012 Jan 11711 Nos
4151er 1
*75
4
25 1073 Feb 18 1243
4
4
8
1153 11738 11714 1193 11814 1203 1215
AD.
8
4
8
1185 12153 1155 119
8
8
100 1405 Feb 14 1417 Jan 14 1363 Jan 147
1,400 Preferred
141
•141 142 •141 14114 14118 14118 14118 14118 .14114 142 z141
8814 July 11112 Jai
3
4
4
x993 1013 22,200 American Car 04 Fdy __No par 93 Feb 18 1064 Jan 29 11053 Aug 13712 MA
4
1003 102
4 99 10212 100 10212 10014 102
993
98
100 11612 Feb 7 120 Jan
100 Preferred
4
120 .1173 120
4
4
•1163 11713 *11634 11712 11713 11712 *1173 120 *11714
71 Dec 105 Jun,
8
100 723 Jan 23 8512Mar 13
2,200 American Chain pref
85
8518 •79
8512 85
85
85
83
80
80
79
44 Dec 504 De
79
No par 474 Jan 3 .5812 Feb 1
4
5314 544 533 5412 5.700 American Chicle
4
523 53
52
z51
5212 54
Jan 114 Mal
55
*52
No par 10912 Jan 2 11414 Jan 30 107
Prior preferred
12
*11014 ____ 511014 ____ •11014 ___ *11014 --__ •11014 __-- •11014
1012 Dec15 AD
9 Jan 25 11 Jan 2
10
914 3,200 Amer Druggists Syndicate....
914
8
93
914
8
94 938
8 93
93
918 912
918 914
--_ _ -- ---•
4 Feb
8 4312 4312 1,500 Amer Encaustic Tiling_No par 4038 Mar 8 473 Mar 25 ---Jan $10 De,
433
43
41
41
4
4112 4253 x403 4111
*4112 42
1 169
100 280 Feb 2 330
American Express
4
300 3123 314 31413 •295 310 2310 31412 1,400
,
.295 320 *295 315
8
225 Feb 85 De
8
47,600 Amer dr For'n Power___No par 754 Jan 4 1387 Feb 19
8
109 11214 1095 112
8
108 10912 110312 10912 10712 11114 1085 111
No par 10512 Jan 3 10812 Feb 14 10414 June 110 Ma]
600 Preferred
8
8
4 *1075 10812 10812 10812 .1053 10814
4
1073 1073
4
•1073 10812 108 108
Feb 100 Sep
81
No par 9678 Jan 2 103 Feb 21
4
600 2d preferred
4 9713 973
4 9712 973
4
4 9912 0913 973 973
4
814 Oct 1558 Fel
510012 1013 *9814 993
818 Mar 12 10 Jan 2
823
300 American Hide dr Leather_100
814
9
,
*8 4
84 84 *814 83
8 84
8
83
31 Nov 673 Fel
*812 9
100 3014 Feb 6 38 Jan 2
8
8 1,100 Preferred
3114 3114 315 315
32
*3112 3213 32
33
33
,
34
533
59 Feb 86 No
8
8155 Jan 24
3 1,700 Amer Home Products_No par 76 Jan 2 433 Feb 5
4
4
4 783 793
4
783 *773 783
7918 7812 7812 78
79
Jan 464 Am
28
*7818 79
4
No par 3818 Jan 16
4113 4,700 American Ice
4014 4014 4012 41
8 4012 4012 40
4012 407
4078 41
Jan 9912 Ma:
90
100 9012 Feb 11 96 Mar 6
Preferred
95
200
*94
94
94
95
•94
93
.94
96
*94
95
594
15.300 Amer Internet Corp-_ N0 par 62 Feb 18 7614 Jan 18
67
6612 68
6412 6418 6514 65
4
8
115 Oc
614 Jan
6614 6714 6534 663 x63
84 Jan 10
613 Feb 8
64 67
8 2,500 Amer La France dr Foamite_10
4
4 63
63
4 74
63
4 74
63
3 7
67
Jan 8512 Oe
8
878 67
56
100 64 Mar 1 75 Feb 21
69
360 Preferred
6912 68
*68
67
67
68
6838 6853 67
Jai
69
*65
87 June 115
11614 Mar 15
8
11513 11614 70,500 American Locomotive_No par 1025 Feb 18
8
110 11213 11114 1157 114 11512:11214 11312 113 115
100 113 Jan 3 118 Jan 22 10314 Oct 134 Ma
300 Preferred
116 116
4
117 117 *116 118 *110 118 :116 116 *114 116
Fdy_-No par 170 Feb 16 199 Mar 6 12912 June 1833 He
4 1,000 Amer Machine AC
175 1773
175 175
Jai
176 170 *175 176 *175 176
•176 178
110 Mar 11 1164 Jan 12 110 Dee 116
110 Fret (7) ex-warrants
112 112 *112 115 *112 116 *112 115
110 111
39 Mar 6314 Ne,
112 112
4 Feb 6
4
703 29,700 Amer Metal Co Ltd___No Dar 6014 Jan 7 813 Feb 6 109 Aug 11712 Mal
4 69
4 674 693
673
67
8 6512 674 6614 67
675
67
Jan 3 135
100 117
1,000 Preferred (6%)
8
8
1207 1207
120 120
11912 11912 *11912 120
0634 Dec 9934 No,
9814 Jan 7
11812 11812 *11813 120
580 Amer Nat Gas pref____No par 85 Feb 4
8718 8713 8712
87
88
87
89
88
90
1234 July 25 Fel
89
s
90
90
11 Mar 14 177 Jan 31
No par
11
1,300 American Piano
11
12
11
12
12
13
Jai
1314 1314 13
38 Dec 90
14
Jan 31
•1314
100 38 Jan 2 55
120 Preferred
4112 4112
45
45
46
*45
48
*45
48
•45
6214 Jan 95 Mal
48
*45
Am power dr Light____No par 8118 Jan 8 120 Jan 30 10012 Dec 10714 Ma]
25,400
4
4
8
4
10634 1063 105 10812 10514 1077 106 1074 1073 1094 1083 11113 1,000 Preferred
9912 Jan 2 105 Feb 28
NO par
101 101
4
701s Nov 7713 No,
4
4
4
1023 1023 1023 1023 z10214 10214 :1021 10212 10114 10114 *7414 77
73 Jan 7 80 Feb 13
NO par
300 Preferred A
*7414 77
8
767 767 , *74 4 77
8
767 77
8112 Dec 8614 No,
4
77
*75
No par 8034 Jan 15 843 Feb 15
1,500 Pre( A stamped
81 14
81
8
815 82
8
814 811/ x817 82 I 38178 82
8112
*81
26 175 Mar 13 210 Jan 15 13018 Jan 19112 Do
6,300 American Radiator
181 186
17712 188
175 178
176 180
Oct 152 AD
*18312 18412 z178 180
100 140 Jan 7 195 Jan 29 141
240 Preferred
181 181
179 180
17014 17014 *170 179
4
8
*170 180 *171 179
100 1297 Jan 16 1733 Mar 1 11012 Jan 143 Do
3,000 Amer Railway Exprese
152 15214 154 155
154 154
Ap
514 Feb 85
4
4
44 Feb 18 643 Jan 2
1503 15514 15012 155
155 156
4
563 10.400 American Republics_No par
5114 5114 5312 514 5312 53
Jan 747 Sep
8 49
56
3
494 507
4
Feb 18 743 Jan 31
49
49
1.400 American Safety Razor_No par 67 Feb 16 4178 Mar 15
67
67
68
8 6718 6718 68
8
677 677
68
8
275 Nov 45 Mel
67
69
4
•68
No par 323
8
394 417 29,600 Amer Seating y t c
344 39
3
3 345 35
3
64 Mal
312 Aug
7 Feb 5
8
35 Jan 2
3412 3412 344 3453 343 343
412 412 3.000 Amer Ship & Comm-No par 86 Feb 27 94 Jan 24
8
47
414
8
412 45
Jai
8 44
47
80 Sept 119
8 6
47
5
a
47
190 American Shipbuilding_ _ __100
8
877
874 87
87
87
8712 87
Feb 293 Do
431ar I 169
8713 8712 *87
Jan 16 1243
88
88
11714 11812 47,600 Am Smelting de Refining-100 9312 Feb 2 138 Jan 4 131 Mar 142
8
Ap.
115 11634 11214 11434 11234 11414 114 1163 116 118 01355 136
100 13512
600 Preferred
8
8
8
8
3
1353 1355 1355 1355
3
Jan 210 Do
5
1354 135 8 *1355 137
8
011355 137
100 197 Mar 11 206 Feb 1 141
800 American Snuff
19913 202 *198 2021
197 197 *199 200
Oct 120 Jun,
19814 19814 197 197
100 108 Feb 13 112 Jan 24 100
180 Preferred
110 110
____ 110 110
____ •110
3
6018 June 703 Jai
1
•110 ___ 110 110 *110
Foundries_No par 644 Jan 7 797 Feb 4
704 7212 14,200 Amer Steel
8 8912 71
4 6818 693
663
6912 68
68
11012 Jan 4 114 Mar 13 109 June 120 Fel
6814 70
100
4
310 Preferred
4
113 1133 11012 1113
3
8
65 Feb 9312 No,
11313 1133 .113 1137 •113 1137 113 114
4
100 8013 Mar 11 9434 Jan 25
8 5,600 Amer Sugar Refining
817
4 8118 8314 8118
3
Feb 11011 Mal
100 10612 Jan 3 111 Feb I. 100
8012 8118 80 4 823
8112 8012 81
81
400 Preferred
108 108 *108 109
8
46
Feb 735 Seg
10813 10812 108 108 *108 109
*10812 109
No par 48 Mar 11 60 Jan 2
1,100 Am Sum Tob
52
*50
65
•50
52
50
Jai
50
•49
174 Dec 32
49
48
62
50
17
Telegraph dr Cable __100 1931. Jan 2 324 Mar 25
Amer
25
*24
25
*24
25
*24
Jan 8 222 Jan 30 172 July 211 Mal
100
25
•24
•23
26
26
*23
8
2163 35,400 Amer Telep dr Teleg
4
8
8
3 De,
4
2134 2147 212 2143 21214 21412 2143 2167 z2143 2164 214 173
8
17112
2,200 American Tobacco com---50 17014 Mar 12 18612 Jan 28 152 June 1843a No,
172 172
17014 17012
17014 171
171 171
171 173
50 1704 Mar 13 188 Jan 28 152 June 1847
6,100 Common class B
17112 173
4
4
17012 1713 17011 17112 17212 173
173 17414 17112 173
AD
100 11812Mar 11 1214 Jan 15 1153 Sept 126
500 Preferred
11912 1194 •120 121
•11812 11913 1184 11812 119 119 511914 121
Founders-100 13612 Jan 5 155 Jan 31 1094 Aug 14214 Na'
500 American Type
147 147
147 147 0147 149
14812 14812 *145 148
150 150
100 10712 Jan 8 11112 Mar 25 107 Nov 115 Ma
20 Preferred
,
108 11112 111 111 *110 11113 *110 11112
110 110
52 June 764 No
910812 110
No par 674 Jan 8 94 Mar 2
8613 8714 14,500 Am \Vat Wks It El
87
86
86
Ap
86
Oct 106
98
8578 874 8413 87
88
97 Jan 3 104 Jan 28
87
700 lilt preferred
*9912 100
11
14 July 324 No,
s
4
4
4 993 993 •983 994 994 997 100 100
4
*9914 993
100 20 Mar 8 277 Jan 3
8 5,800 American Woolen
2212 2218 225
,
3
39 Aug 65 4 No
3
4 22
2278 205 2212 2118 2112 22
8
4
203 203
100 4514Mar 8 583 Jan 2
4838 2,600 Preferred
4 48
4 4631 473
463
1912 Fel
4612 4634 46
1012 June
47
1112 Feb 16 1514 Jan 21
8
467 467 *46
8
13
600 Ara Writing Paper ctfd_No par
12
13
8
3
34 June 53 4 Of
*1158 1312 *1112 1312 *115 1312 *12
46 Mar 2
12
12
100 414 Feb 18
1,000 Preferred certificate
43
4413 4312 4312 43
Ge
*43
43
64 Jar 57
434 43
354 Feb 16 40 Mar 9
4313 4313 43
4
4514 4412 453 61,300 Amer Zinc, Lead dr Smelt___25 101 Feb 15 108 Jan 6
8
8 434 4514 44
453
Jan 1177 Oc
4412 4712 43
40
7
43 8 49
25
1,400 Preferred
104 *102 10312 10218 1024 102 104
Jan 12014 De
54
Mar 6
105 10613 10312 104 *102
15813 16118 932,800 Anaconda Copper Nlining_50 1154 Jan 15 163 Feb 21
4
614 15412 1563
48 Dec 5453 De
15534 15858 151 15614 15013 15514 15414 15
No par 53 Feb 7 5219
8
8
574 553 574 567 574 7,500 Anchor Cap
584 584 574 5713 56
No par 112 Jan 2 124 Mar 1 10614 Dec 111 De
5712 58
300 Preferred
11814 11814
118 118
56 No,
3612 Nov
8
*116 120 *117 120 *117 11912 119 119
Andes Copper Mining_No par 48 Jan 31 683 Mar 1
634 6212 634 147,700
8 6114 6212 62
5514 Feb 1124 No'
604 623
4 604 623
64
62
8 4,100 Archer, Deals, Micrld_No par x40 Mar 8 4912 Mar 4
8
437 445
44
4414 44
Oct 11614 Ma
8
8 43
434 4334 424 4412 425 422
100 114 Jan 4 115 Jan 11 112
200 Preferred
*114 115
114 114 *114 11412 114 114
8638 Jan 0711 Jun
0114 11413 114 114
100 881231er 8 95 Jan 30
3,800 Armour le Co (Del) pref
90
894 8914 8918 8918 .89
1114 Jan 2312 Seto
90
90
.89
01
91
89
A___25 144 Mar 13 184 Jan 2
4 154 20.800 Armour of Illinois class
14
134 Me:
8 1412 144 1414 1412 144 15
653 Jan
8
143 147
8 1412 147
8
73 Mar 9 1014, Jan 2
25
Class B
8
18,500
753
712 74
1; 74
73
674 Jan 9112 Jun
3
8 74
73
8 73
73
4
3 72*
73
3
100 793 Mar 15 86 Jan 24
1,700 Preferred
7953 80
80
34 8012 8012 80
80
3514 July 6134 AD
8212 80
81
2
82
82
3112 2,400 Arnold Constable Corp_No par 2938 Mar 12 404 Jan
8 30% 31
3
1
/
2938 2978 2934 30 8 303
30
3012 30
2814 Dec 444 MA
*30
No par 27 Mar 6 30 Feb 5
Artloom Corn
29
•26
29
•26
29
•26
28
*26
29
*26
99 Deo 114 Ma
28
*26
100 974 Jan 9 100 Jan 4
160 Preferred
4 984 9812
9812 9812 59813 993
98 4
*9814 9812 * , 9812 *9814 9812
• 1314 (marl asked Prices; no sales on this day.
z Hz-dividend.
r Er-rights
1695
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 9.
Monday,
Mar. 11.
Tuesday, 'Wednesday, Thursday,
Mar. 14.
Mar. 13.
Mar. 12.
Friday,
Mar. 15.
Sales
for
the
Week.
PER SHARE
Range Sines /an. 1.
-share lots
On basis of 100
STOCK
NEW YORK STOCK
EXCHANGE
Lowest
I
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
$ per share I
2918 Feb 7
574 Feb 11
10014 Mar 12
43 Feb 11
3218 Feb 16
453 Feb 11
4
53 Jan 29
/
1
4
115 Jan 21
98 Mar 8
100 Mar 13
10,4 Feb 25
64 Mar 13
32 Mar 14
go Fe'20
2218 Feb 15
364 Mar 4
4314 Jan 10
225 Mar 2
1153 Jan 4
4
10814 Jan 2
2812 Jan 14
893 Jan 19
4
17 Mar 14
3814 Feu 18
38 Feb 16
97 Mar 12
104 Feb 8
20 Feb 7
8514 Feb 18
115* Feb 13
81 Jan 29
834 Feb 16
824 Ian 31
11912 Mar 14
4214 Jan 31
110 Jan 4
97 Feb 15
81 Mar 12
7 Feb 16
49 Mar 4
17412 Jan 8
4
113 Jan 10
Highest
per share
$ Per share 3 per share
/ Apr
1
4
254 Jan 34
30 s Feb 4
7
404 June 7512 Dee
7034 Jan 10
2912 Aug 113 Apr
107 Jan 15
/
1
4
3712 Feb 53 Sept
47 Jan 5
/
1
4
374 Feb 591 May
/
4
4414 Mar 14
Feb 6514 Oct
35
55 Jan 2
/
1
4
50 Nov 6612 Dec
68 Jan 2
1171 Jan 11 1144 Sept 11814 Jan
/
4
63
Jar 114 Deo
115 Jan 2
10612 Jan 14 102 July 1104 May
171 June
/
4
814 Jan
1512 Jan 3
4
/ Jan
1
4
94 May
10 Jan 11
Jan
25 July 39
421s Jan 14
58 . Oct 75 May
65 Jan 8
4
612 Jan 343 Nov
294 Jan 7
25 Aug 41 Nov
434 Jan 23
/
1
43
Oct 5212 May
50 Jan 1 1
248 Jan 21 235 June 285 Mar
Oct 13434 Apr
120 Jan 25 115
/
4
1104 Feb 1 10714 Nov 1111 Jan
210 Bamberger (L) & Co pref....100
1084 109
10814 109 *10814 109
109 109
1083 10812
4
10812 109
Aug 354 Dee
267
4
3334 Jan 23
32 53112 3134 3134 32
3,700 Barker Brothers
32
32
32
32
32
No par
29
29
917 Dee 101 12June
s
97 Jan 28
100
100 Preferred
96
*93
96
*93
96
*93
96 I *93
96
96
97
*96
2312 Aug 524 Feb
2914 Jan 15
*1512 21
19
19
*16
2.5011 Barnett Leather
No par
•17
20
194 17
/
1
1712' 1718 23
20 June 53 Nov
461 Jan 3
/
4
4014 411 414 4314 4312 451 44
/
4
/
1
25
/
1
/
4
/ 4512 233,500 Barnsrlall Corp class A
1
4
4012 414 404 41
20 Jure 5118 Nov
49 Feb 2
25
42
42
*40
45
100 Class B
44
*42
45
*44
49
•45
50
*40
98 June 14414 May
113 Jan 25
/
1
4
No par
100 100
97
98
98
98
99
99
99
9914 1,800 Bayuk Cigars, Inc
•1003 102
4
1061 Jan 29 10312 Dec 111)33 Mar
/
4
100
106 106
230 First preferred
10512 10512 10512 106
10512 10612 10512 1054 106 106
244 Dee
124 Ma
281, Jan 8
2212 2234 23
5.800 Beacon 011
4 2218
23
23
23
233
No par
233
2312 2312 23
70 8 July 10114 Dee
3
101 Jan 12
20
90
*88
4.400 Beech Nut Packing
893
4 90
90
91
91
91
95
884 88
/
1
.87
Jan
12
Dee 22
1434 Jan 2
13
134 123 13
4
123 12
4
/ 13
1
4
13
1314 134 2.800,Belding Heru'way Co_ _No Par
/
1
13
13
/
1
4
82 Sept 92 Map
/
1
4
847 Jan 3
8
824 2,300 Belgian Nat Rys part pref.
/
4
821s 824 *8218 8214 8218 8214 *8218 8312 811 8214 82
Oct
/ Jan 102
1
4
53
9312 Jan 3
854 •837 8412 8418 88
8
No par
87
/ 873
1
4
4 8712 87
8514 8514 84
/ 5.700, Bea &Co
1
4
/
1
4
511 June 88 Dee
/
4
1114 Mar 15
/
1
98 1011 100 1043 10411 1084 10812 1111 389.300'Bethlehem Steel Corp____100
/
4
4
s 9814 101
/
1
1004 1017
/
1
/
4
123 Jan It 11618 June 125 Apr
1193 120
4
1193 1193 120 120
4
4
1,500 Beth Steel Corp pf (7%)_100
11912 1191 120 120
/
4
•1193 120
4
33 July 50 Sept
/
1
4
54 Jan 29
/
1
4
No pa
49
491, 4712 4712 *4712 50
2
48
4914 4914 48
/ 49
1
4
8001BloornIngdale Broe
48
/
4
111 Jan 16 10911 Jan 1111 July
100
350 Preferred
110 110 *110 11012 *110 1104 *110 11012 110 110 I 110 110
87 June 122 Dee
118 Jan 2
300 Blumenthal 44 Co Pref
10012 10012 100 100
*913 993 *913 102
4
4
4
98 10184 '95 101
100
65
/ Jan 8512 Dec
1
4
894 Jan 12
1,700 Bon Ami clan A
8212 811z 8112 81
No Pa
8114 *3112 84
824 841g 83 83
/
1
82
1212 Nov
113 Jan 2
4
54 Jan
No pa
2,500 Booth Fisheries
7
7
7
7 14
8
8
712 734
718 714
*73
4 8
4114 Mar 721s Nov
63 4 Jan 18
3
100
100 1st preferred
*48
54
348
51
65
54
*48
53
51
*50
537 *48
g
203 Feb 5 152 June 187
/
1
4
Jan
50
1813 183
4
182 18212 18012 18312 18012 182
18312 18612 4,700 Borden Co
18212 183
8 Aug 23 Jen
/
1
4
1512 Feb 11
*12
13
Botany Cons Mills class A.50
*12
13 I *12
13
*12
13
*12
13
*12
13
2118 Feb 63 8 Oat
3
454 Mar 12 634 Jan 3
/
1
4514 47
4618 47
/ 47
1
4
/ 493
1
4
8 4812 5012 133.400 Briggs ManufacturIng_No pa
473 487
4
8 4612 48
5
14 Jan
67 Jan 28
8
94 May
44 Jan 8
100
412 4
414 414 1,000 British Empire Steel
/ *412
1
4
412 412 *414 6
4
/
1
4
12 Feb
214 Jan
100
5 Jan 14 1312 Jan 28
/
1
4
9
100 2d preferred
9
/ *7
1
4
*8
93
4 *7
93
4 •8
7
/ 7
1
4
/ *7
1
4
93
4
454 June 754 Nov
/
1
594 Feb 16 734 Jan 2
644 653 10,300 Brockway Mot Tr____No pa
/
1
4
623 623
4
4 63 631 6414 65
/
4
62
644 6218 64
10 121 Feb 16 145 Jan 2 110 June 150 Nov
100 Preferred 7%
130 130
•128 140 *117 140 *120 140 *120 140 *120 140
20634 Jan 325 Nov
100 300 Jan 2 340 Jan
Brooklyn Edison Inc
305 335 *305 330 •305 335 *305 340
5305 845 *305 345 3
4
No pa 172 Feb 18 20012 Jan 28 139 June 2033 Noy
180 180 *181 183
180 1844 2,200 Bklyn Union Gas
18412 18412 181 181
181 186
44 Dec 5512 Apr
404 Mar 12 47 Jan 2
No pa
1,600 Brown Shoe Inc
42
42
41
42
4018 404 *4012 41
41
4112 4014 41
3
/
4
Jan
100 117 Feb 7 1191 Feb 18 115 Nov 120
Preferred
*117 120 •117 120 *117 120 *117 120 •117 120 *117 120
2712 Feb 6234 Sept
8
46 2 Fen 13 45255144 an 15
3618 i b 8
/ 34,400 Bruns- Balke-Collander_No Pa
1
4
50
/ 51
1
4
/ 504 5212 5012 51
1
4
507 5312 5318 54
8
/
1
504 52
Jan
4
244 Feb 483 May
1
367 37
8
/ 371s 373
1
4
6.900 Bucyrus-Erle Co
8
4 367 371e 3714 38
37
/ 3714 38
1
4
37
333 Feb 54811 May
8
45 M s 15 50 Feb 5
1
/ 45
1
4
4 4514 4518 45
8 4512 4618 45
45
/ 3,800 Preferred
1
4
/ 4514 453
1
4
464 461
/
1
Apr
10 112 Jan 3 1164 Feb 18 11014 Mar 117
*11214 - -- •11214
Preferred (7)
10
1143 1143 *11214 - - - 4
4
Oct
9312 Feb 127
100 Burns Bros new clAcomNo pa 110 Feb 25 127 Jan 11
*112 118 •113 11612 11618 1164 *117 124 *118 124 *118 122
154 Mar 433 June
/
1
8
301e Jan 31 39 Jan 14
34 I 33
/ 33 s *333 3412 34
1
4
8 32
34
2,200
New class B corn.. -No Pa
311 317
/
4
4
354 34
7
4
973 Feb 1103 June
4
100 10314 Jan 5 10514 Jan 7
310212 105 *102 105 *102 105
*10414 105 •10414 105 •10414 105 '
Preferred
Jan 249 Dec
232 293
286 '29112 287 289
7,500 Burroughs Add Mach_No pa 234 Jan 16 29514 Mar 14 139
290 29514 *28614 291
274 284
30 June 88 Dec
No par 704 Mar 14 894 Feb 2
731
72
73
724 7214 7014 733
/
4
*7212 754 73
/
1
4 2,700 Bush Terminal
4 721 733
/
1
100 10514 Jan 5 11012Mar 2 1044 Aug 115 May
10912 1094 109 109
1093 110 *11118 11514 10912 1094
4
110 110
130
Debenture
10 Bush Term Bides pref._ _100 114 Jan 15 11812 Feb 19 111 Aug 11912 June
11514 11514 *11118 11514 311118 11514 *1114 11514 11118 11514 *11118 11514
8 Aug
/
1
4
163 May
/
1
4
4
9 Feb 15 12 Jan 4
93 1014 10
4
10
2.800 Butte & Superior MinIni__10
10
9
/ 1014
1
4
10
104 1014
93 10
4
1214 No.
44 Jan
7 Feb 20
/
1
4
94 Jan 3
5
25,900 Butte Copper & Zinc
83
/
1
4
84 912
4 94
814 8
8
/ 933
1
4
84 9
/
1
814 9
374 Dec 6712 Map
/
1
32
100 304Mar 7 41 Jan 2
32
303 3114 31
4
32
32
323 323
4
4 32
4 1,500 Butterick Co
313 313
4
/
1
4
/
1
4
Mt Jan 206 Deo
147 151
155 15912 148 154
150 154
15214 1553 1527 1563
4
s
4 8,300 Byers & Co (A M)____th par 13514 Feb 16 192 Jan 2
/ Apr 118 Dea
1
4
/
1
4
3112 115 *112 115 *112 115
100 110 Jan 17 129 Jan 26 108
112 112
190 Preferred
112 113 •112 115 '
65 Ma 122 Dec
/
1
11412 1163 1163 11812 11512 118
112 115
4
4
3,000 By-Products Coke__ __No par 108 Feb 16 1294 Jan 25
11612 11612 *11014 115
684June 824 Sept
/
1
/
4
76
751 7518 75
/
4
7514 *73
75
75 74 791
7,600 California Packing_ __-No Par 7414 Jan 31 811 Feb 27
/ 75
1
4
75
/ 75
1
4
36 Sept
2514 Ma
/
1
4
/
1
*24
30
30
324
30
25 264Mar 2 29 Jan 25
29
324
*24
30
*24
Callforula Petroleum
*24
29
538 Apr
11 Ma
/
4
4 Jan 22
3 Jan 8
10
314 34
314 314
314
3
/
1
4
34 3
/
1
4
314
33
8 312
31 4,300 Callahan Zinc-Lead
/
4
89 Feb 133 No•
/
1
4
134 136
134 13614 13312 137
13014 135
22,600 Calumet & Arizona Mining_10 12114 Jan 7 142 Mar 1
13012 133
4
1313 134
8
201s Jan 473 Nov
/
4
/
1
/
4
/ 46,600 Calumet & Boole
1
4
25 44 Jan 8 611 Mar 1
/
1
/ 554 5614 5514 5612 561s 664 5618 5714 561 57
1
4
567 57
8
/
1
544 Jan 8612 May
78 Jan 4 8612 Feb 4
8212 8412 8312 84
8314 84
83
/ 843 21,700 Canada Dry Ginger Ale No pa
1
4
83
/ 8211 84
1
4
83
43 De
50 Sept
43 Mar 7 484 Jan 3
/
1
1,800 Cannon Mills
No pa
4 4312 434 4313 4312 4312 4312 434 4312 4314 431
433 433
4
JaIl 515 Nov
450 450 5460 474 *450 470
600 Case Thresh Machine_ _100 435 Mar 12 509 Jan 2 247
*460 480 z451 45812 435 450
/
1
4
125 125.
100 Preferred
100 la Jan 14 12814 Feb 15 1204 Dec 135 Mar
*125 135 312312 130 *123 125 *125 135 *125 135
384 Dec 394 Dec
/
1
40
374 Jan11 484 Jan 30
/
1
41
40
41
401 383 4012 5,800 Central Aguirre Atm_ _No Pa
/
4
411 41
/
4
4
41
41
41
48 Dee
/
1
4
2818 Ma
44 Feu 16 5212 Feb 1
/ 483
1
4
4 48
491 48
/
4
/ 493 6C,600 Central Alloy Steel_ _No pa
1
4
4
/
1
/
4
4718 4818 464 4914 471 484 47
Jan 1113 May
4
8
100 111 Jan 3 1124 Jan 28 107
/
1
4
11112 11112 *1077 112 *107 112 *10712 112
10
Preferred
.
11112 112 *11112 112
11
Oct
Aug 24
1612Mar 11 2012 Jan 3
17
17
.16
17
800 Century Ribbon Mills_NO Pa
1612 1612 17
4 1612 1612 *16
163 163
4
77 Aug 92 May
*7414 75
*7414 75
75
75
110 Preferred
100 74 12 Feb 27 82 Jan 17
*7412 81
75
75
75
75
/
4
581 Jan 119 Nov
110 111
11014 11114 1113 1133 33,900 Cerro de Pasco Copper_No pa 1013* Jan 16 120 Mar 1
4
8
109 112
/
1
/
4
111 1111 1094 111
8
234 Dec 643 Apr
/
4
203 Feb 25 281 Jan 2
4
223
8 224 2214 2214 2214 4,400 Certain-Teed Products_No pa
/
4
2214 21 12 211 2112 2112 22
22
75 Nov 100 May
*56
58
355
58
*55
58
100 7% preferred
100 59 Mar 12 8112 Jan 11
59
69
60
60
*58
*56
8
7012 Oct 83, Dec
5912 Mar 14 9214 Jan 31
*60
62
5912 5912 *593 82
4
62
500 Certo Corp
No pa
62
*62
63
82
63
*
512 Feb 24 Nov
21
21
18
22 '
318
22
200 Chandler Cleveland Mot
*1712 19
•1712 19
-Never 20 Jan 24 23 Jan 11
*1711 21
4
_
No par 224 Jan 11 223 Jan 18
Certificates
14 Mar
37 Dec
/
1
4
No par 36 Mar 7 41 Jan 29
40 *_ 40 *__ 40 •____ 40 *__.- 40
39
Preferred
*34
No par 37 Jan 9 40 Jan 14
Pref certificates
6214 July 811s Jan
/
1
4
811No par 8018 Jan 7 89 Feb 2
1
844 8434 84 - 2 -64- 14 48358 8414 9,900 Chesapeake Corp
-64-64i485
8
2 313 33
/
4
/
4
4
3114 3114 2,200 Chicago Pneumat Tool No Par 2934 Jan 17 357 Jan 25 111 Aug 17318 Dee
3214 3314 321s 3314 311 311 3112 323
5112 2,300 Preferred
514 51
No par 51 Mar 14 564 Jan 11
62 • 5114 514 511z 5112 5112 517
2 51
52
291 Aug 43 Jan
/
4
1,480 Chicago Yellow Cab_ No par 31 Feb 2 36 Jan 7
3312 34
35
333
4 3312 3312 33
3312 *3213 3312 32
33
45 Dec 5612 Oct
4214 42 •
/ 4214 447
1
4
44
/ 444 •
1
4
1,500 Chickasha Cotton Oil
8 4412 45
10 4412 Mar 15 50 Jan 2
4512 45 45
*45
Apr 84 Dee
37
56
563 12,200 Childs Co
8
553 563
4
/ 66
1
4
564 55
/
1
56
No par 524 Feb 16 604 Jan 2
4 55
5712 55
56
37 Mar 747 Nov
/
1
4
8
4
/
4
25 714 Jan 8 11812Mar 6
4
11312 11414 10812 1131 10912 11212 1123 1133 11112 11312 114 11612 15,800 Chile Copper
Jan
76 Dec 131
Christie-Brown tens ottaN0 Pa 102 Jan 3 115 Feb 4
*110 122 •110 122 *110 122 *110 122 *110 122 *110 122
4
8
543 Jan 14012 Oct
4
8
98 Feb 16 135 Jan 2
/
1
4
4
No pa
8
10914 11112 10612 1114 10618 1087 1063 1083 1083 1113 11012 11312 467,400 Chrysler Corp
220 City Stores class A
*494 50
*4912 50
49, 4912 50
2
50
5114 Jan 5414 June
No pa
50
50
494 Feb 25 52 Jan 2
*4912 50
23
/ 24
1
4
244 24
24
2312 25
9,800 New
2312 24
2212 Feb 16 27 Feb 4
No pa
25 4 24
3
25
2,000 Cluett Peabody & CoNo pa
4
65
6514 8614 643 65
4
/
1
4
83 Feb 11 72 Jan 3 -60is Dec 1094 Atm
6512 65
6512 6512 *6514 8513 65
' 30 Preferred
8
2
/
1
4
s
100 1137 Feb 4 119 Jan 3 1114 Dec 124 Mar
•115 11514 *115 11514 115 115 *11472 11514 *1147 115 •1147 115
4,000 Coca Cola Co
12918 130
130 1314 s130 130
130 130 4 130 131
3
No pa 12918Mar 13 140 Feb 5
•131 132
/ 6414 641 6433 684 68
1
4
8
/ 65
1
4
-.Wu;
7214 8912 7214 63,400 Collins 82 Alkman
/
1
/
4
6418 644 63
No Par 60 Jan 4 7214 Mar 14 -441
100 Preferred non-voting___100 93 Jan 3 1034 Feb 6
•95 100
9612 9512 *9512 100
*95 100
*95 100
90 Nov 109
Jan
*95 100
7612 743 761 7312 757 40,500 Colorado Fuel & Iron
763
4 723 744 74
8
/
1
4
4
/
4
524 June 8412 Jan
100 65 Feb 16 7812 Mar 8
771 72
/
4
76
138 14112 14213 144
143 1481 10,900 Columbian Carbon v t ONO pa 124 Jan 7 1547 Feb 4
138 13914 137 138
79 June 1344 Dee
/
1
8
139 141
14314 144
14318 145
2
10,000 Comm Gas dr Elec__No pa 1364 Jan 2 160 Jan 31
14312 14412 1433 148
8912 Mar 1404 Deo
/
1
/
1
14412 1444 14412 145
700, Preferred
105 105 •10514 10512 1047 10514
8
4
10512 106
4
100 104 Mar 5 1077 Jan 11 106 June 1104 Jan
106 106 *1053 106
7212 7218 73
4
/ 733 765* 7614 78 347,200 Columbia Graphophone
1
4
/
1
4
714 7414 71
61 Dec 843,N
/
1
4
664 Feb 18 88 Jan 9
73
/ 761
1
4
/
4
/
1
494 61
51
4
60
/ 524 513 534 29,8001Commercial Credit___ _No par 48 Feb 16 623 Jan 2
1
4
50
/ 50
1
4
514 511 50
21 Feb 71 N,.•
8
/
4
120 Preferred
26
25
25
2512 2512 *2512 26
26
2512 26
23 Feb 27 Ma
*2512 26
25 244 Jan 2 26 Jan 9
2612 27
*2612 27
*2612 27 •
*2612 27
•2612 27
23 Feb
2P1 Dec
Preferred B
25 23 Jan 21 2712 Jan 30
2612 27
•
100 100 4
95
780 18t preferred (6)4 %)-- A00 9912Mar 8 105 Jan 24
*88
3
4
993 993 100 100
4
85 June 107 Nov
14
99
/ 993
1
4
4 9912 100
174 177
178 1833 1793 180
176 182
4
10,300 Comm Invest Trust___No par 1314 Jan 2 195 Feb 4
4
/
1
553 Mar 1404 Nov
4
178 17914 177 177
10514 10514
10514 107
30 7% preferred
99
Jan 109 May
100 104 Jan 26 109 Feb 5
•10514 108 •10514 108 *10514 107 *10514 107
4
4
93
93
9714 9714 983 983 *944 97
530 Preferred (654)
/
1
/
1
*944 97
100 93 Mar 15 99 Jan 28
923 June 9812 Aug
s
97
97
563 564 57
4
*55
56
800
57
*5512 561
55
/
1
*54
61 Aug 307 Dee
/
4
s
Warrants
100 2714 Jan 7 62 8 Feb 4
7
5612 57
270 283 x27012 2763 12,400 Commercial Solvents_ _No par 2254 Feb 18 283 Mar 14 1377 June 25014 Nov
4
2551z 2623 260 270
258 260
s
265 267
/ 1321s 1354 1344 1404 38,500 Commonwealth Power_No par 10714 Jan 7 14012Mar 15
1
4
/
1
127 1297 129 132
/
1
6214 Jan 11012 Dec
130 13312 12814 132
79
700 Conde Nast Publica___No par 7812 Feb 18 93 Jan 19
*79
80
79
79
79
793 .
4 79
79
Oct
79
48
Jan 84
80
80
2612 2714 27
/
1
273
4 2714 284 38,900 Congo4eum-Nairn Ino_No par 2612 Mar 13 35 Jan 28
/
1
/
4
/ 264 271
1
4
22 June 311 Apr
/
1
4
/ 271s 27
1
4
2714 27
82
/ 83 8 x82
1
4
3
3,600 Congress Cigar
8312 8412 85
No par 797s Jan 8 92 Feb 6
67 Feb 874 Dec
/
1
4
8318 8412 8212 834 824 823
118 *1
1
200 Conley Tin Foll stpd No par
*1
lls
1
/ Feb 19
1
4
Ps *1
lls
14 Jan
33 May
4
112 Feb 7
118 • *1
*1
/ 92
1
4
9012 8912 91
3,400 Consolidated Cigar-NO par 8914 Feb 18 9614 Jan 2
893 9012 901 9012 90
4
/
4
893 893
4
7912 Jan 100 Dec
*90
931
140 Prior pret
9314 9312 93
9312
93
100 93 Jan 28 96 Jan 7
9314 •93
943 Oct 1025 Apr
8
4
90 •__ ._ 90
•____
27
8
/ 52613 2712 5,700 Consol Film Ind pref....No par 254 Jan 2 287 Jan 16
1
4
2714 267 27
8
/
1
/
1
4
23 July 2912 Sept
s
271 2712 267 27
/
4
27
27
1064 10814 92,900 Consolidated Gas(NY) No par 1031s Jan 7 11812 Jan 28 2474
/
1
Aug 17014 MAY
1064 10811 1044 10714 10414 1061 1054 10614 10614 108
/
1
3
/
4
4 993 993
4
9714 Aug 106 Mar
No Par 9812 Jan 2 100 Mar 5
4 3,500 Preferred
*993 99
2
/ 991t 9912 9912 991 9912 99 4 9912 993
1
4
per share I $ per share 1$ per share $ per share $ per share Shares Indus. & Memel. (Con.) Par
$ per share
/ 3012
1
4
301 .30
/
4
3012 *30
3012 303 30 4 *29
4
3
700 Art Metal Construction._ 10
3
3014 3012 30
No _par
6134 6118 63
4 61
/ 611 627
1
4
/
4
4 624 63
/ 29,100 Assoc Dry Goods
1
4
6214 6312 6118 623
100
First preferred
200
10012 10012 10014 10014 *100 102 .10013 104 *100 102
•100 102
25
Associated 011
43
43
43 43
4314 4314
4314 4314 43 43
220
43
43
3914 39
41
411 4414 43
/
4
44
5,100 AUG & W 158 LIne__No par
394 393
4 39
40
40
100
52
5512 2.100 Preferred
53
51
52
523
4 5212 553 *54
4
*52
53
53
25
4 6014 6214 6118 624 6112 6312 293,200 Atlantic Refining
/
1
4
573 594 573 593
s
574 58
100
4
1154 1157 116 116
/
1
8
116 116
116 116
270 Preferred
116 116 *1153 116
No par
100 100
99
100 100
993 9934, 100 10014 1,600 Atlas Powder
4
10014 10014 99
100
101 101
100 102 *101 10412 .101 10412
101 103
300 Preferred
104 104
No par
1012 1012 *1012 12
*1012 12
11
11
113 113
4
4
400 Atlas Tack
*1012 12
612
7
1.600 Austin. Nichols St Co.No par
4
612 612
614 614
64 64
612 63
*612 7
34
*32
34
*32
34
32
32
*32
34
*32
100 Preferred non-votIng____100
34
*32
*6212 65
6212 65
62
624 6214 63
500 Austrian Credit Anstalt
3
*6212 65
*6212 65
No par
2334 2412 24
2434 2312 2412 24
24
233 24
4
3,100 Autosales Corp
*233 24
4
50
38
37
37
38
3712 3713 37
38
300 Preferred
*37
3812 *37
38
481 *4612 473
/
4
*4614 4714 484 4814 48
4 1,400 Ammar Saf Razor"A" N0 par
477 4812 54614 47
8
217 230 *21712 230 1 4
Baldwin Locomotive Wks_ 100
'21712 230
*217 230 *217 230 *217 230 3
100
160 Preferred
•11612 117 *11612 117 *11612,117 *11612 117 *11613 117 I 117 11718
*____
816 and gaged prices: no gale on this day. t Kg-dividend of 100% In eom.5100
2 Ex-dlykland. s Es-rights
S Shillings. 0 Ez-dly, and ex-rights
1696
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here. see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 9.
Monday,
Mar. 11.
Tuesday,
Mar. 12.
Wednesday, Thursday,
Mar. 13.
Mar. 14.
Friday,
Mar. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share iota
Lowest
Highest
PER SHARE
Rangefor Furious
Year 1928
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shores Indus. & wilco. (Con.) Par $ per share I Per share $ per share $ Per Shan
37
31
37
35
37
37
37
4
4
4
4
3 8 Mar 14
5
38 15,000 Consolidated Textile_No par
8 Dee
12
214 Aug
63 Jan 15
8
1834 19
19 .1912 1912 1934 3.100 Container Corp A vot__No par 1812Mar 13 2312 Jan 9
183 18 4 183 183
4
3
4
4 1812 19
20 Nov 38 Apr
914 012
934 1014 7,000 Class B voting
914 9
914 10
918 9%
12
914 912
No par
9 Feb 7 1112 Jan 2
92 Oct 1914 Apr
4
6012 61
18,700 Continental Baking Cl ANo par 4718 Jan 8 6778 Mar 14
4
5912 5912 59
4
62
653
4 653 678 653 67
63
12
2612 Apr 53 Jan
1012 1034
10
107 1114 108 1114 28,700 Class B
1012 1018 1112 105 1114
No par
9 8 Dee
3
818 Jan 8 133 Jan 17
3 4 Apr
3
4
*94
95
*93
1,000 Preferred
9512 955
96
*9414 9412 96
95
9512 96
100 88% Jan 2 97 Jan 16
73 Apr 9612 Jan
705 713
4 6914 71
4 69 4 708 707 717 40,800 Continental Can Inc__No par 60 Jan 19 753
685 70
3
8
6918 703
8
53 Dee 1287 Sept
8Mar 1
•126 12612 *126 12612 *126 12612 *126 12612 *126 12612 126 12612
Preferred
100 1243 Jan 7 126 Feb 14 123
Jan 128 Mar
4
8414 8414 86
5
85
8512 8418 85
86
851 87% 8612 87 8 5,300 Continental Ins
5
10 83 8 Feb 18 9412 Jan 14
75 Feb 947 May
2258 2358 2212 227
2313 24
5
8 2212 23 8 23
2414 238 2458 72,400 Continental Motore__No par 19% Jan 2 2838 Jan 21
10 Mar 2012 Nov
8318 8414 835 8412 83 8 8414 8414 8412 8412 8658 8552 803 18,600 Corn Products Refining-25 6858 Feb 8 91% Jan 3
5
642a Jan 94 Nov
14158 14138 *14138 14212 14138 14158 1418 14158 *1413 1421 .14138 14212
110 Preferred
8
100 14114 Feb 28 14434 Jan 19 13812 Jan 14624 Apr
6258 6312 6278 64
6214 647
54,200 Coty Inc
8 6412 6612 x671 71
62
63
No par 6112Mar 8 8214 Jan 28
8
*
625 Dec 897 Nov
*36
*38
39
200 Crex Carpet
36
36
*36
38
*36
38
*36
38
39
100 2258 Jan 10 40 Mar 5
121 Sept 27 Nov
101 101 *101 102
200 Crown Will Pap 1st yr_No par 997 Jan 8 10114 Jan 18
101 101 z101 101 *____ 10014 *____ 101
9612 Jan 10514 Oot
221
*2212 23
400 Crown Zellerbach
*23
2312
8
227 23
8
8
227 228 225 225 *20
8
4
No par 22 Feb 21 253 Jan 9
2314 Dec 268 Nov
8712 881
87
12 88
8,500 Crucible Steel of America_100 8512 Jan 7 94 Jan 11
8912 907
8 911 92
8712 883
4 88
89
6914 July 93 Feb
011634 11718 *1163 11718 1163 1163 *1163 117
4
1163 1163 *116 11612
4
200 Preferred
4
4
4
4
100 109 Jan 8 11634 Feb 28 111 Dec 121 May
*1912 193
4 1912 19 4 191 193
8 2012 2012 5,400 Cuba Co
4 19% 207
4 197 193
3
No par 19 Mar 6 2412 Jan 3
2
20
Oct 287 May
37
723 May
4
4
4
4
51 Jan 3
2,500 Cuba Cane Sugar
4
4
4
4
4
4
312 Mar 7
No par
4
438 July
1212 1278 1134 1258 *1134 1212 .1134 12
5,500 Preferred
12
1214 1314 14
100 113 Feb 20 188 Jan 3
4
133 Oct 323* Jan
4
115 1212 3,200 Cuban-American Sugar- _ _10 113* Feb 20 17 Jan 3
1134 1134 1178 12
8
1158 1134 113 113
4
4 1112 12
153 Dec 2414 May
8
6314 6318 8314
8214 6212 63
3701 Preferred
643 643
4
65
100 61 Mar 5 95 Jan 3
4
4 63
4 643 643
93 4 Dec 108 Feb
3
6
6
618
618 *6
*6
618 *6
Jan
1,300 Cuban Dom'can Sug__No par
6
6
6
6
12
5% Feb 19
5 Nov
63 Jan 2
4
5 58
8
8
575 5812 583 5918 587 5918 2,400 Cudahy Packing
8
0 5918 5814 5914 57
8
50 575 Mar 12 87% Jan 15
54
Jan 7814 Aug
15414 15718 15014 153
4
15114 1547 15212 15412 1533 1577 15,200 Curtiss Aer & Mot Co_No par 141 Jan 4 17312 Feb 5
15018 151
8
8
5318 Feb 192 May
__ *206
__ ____ _ _ !Cushman's Sons
_ *206
___ *206
_ •206
___ *206
Oct
No par 221 Jan 25 22514 Jan 15 14434 Jan 230
-.12034 124 *120 4 124
P206-10 Preferred (7)
4 3 4 1203 1203 *1203 124 *1203 121 *12034 124
4 - 4
100 12018 Jan 22 124 Jan 31 114 Jan 141 Sept
6112 611z *6014 6112 6012 6112 6118 6118 6114 62
*6012 62
-Hammer Mfg
900 Cutler
10 60 Feb 15 853 Jan 11
4
52 June 6512 Nov
797 80
8
84
3,000 Cuyamel Fruit
*80
7618 7814 7514 7614 7518 76
783 80
4
No par 63 Jan 3 85 Feb 8
49 _Filly 63 Oct
65
67% 6212 65% 6212 6312 6212 6414 6312 6458 645 8618 67,100 Davison Chemical
8
No par 5818 Feb 18 6918 Jan 31
4
3438 Feb 683 Nov
*40
423
8 1,500 Debenham Securities
41
41
*4112 4238 4112 4112 4014 404 *4058 41
bs 3812 Jan 2 46% Jan 24
36
Oct 4914 Apr
120 120
120 120
120 122
123 123 *120 122 *120 122
170 Deere & Co pref
100 116 Feb 26 128 Jan 4 11512 Feb 12634 May
24018 24014 242 242 .240 244 *24012 245
24014 24012 *24014 245
800 Detroit Edison
100 224 Jan 2 252 Feb 1 16612 Jan 224% Des
583 5914 5612 58 .5712 59
4
4
5812 584 .5812 5812 583 597
Apr
Jan 61
8 3,200 Devoe & Reynolds A__No par 5512 Jan 7 64% Feb 5
40
__•115
11538 11538 115 11558 11518 11518 11518 11518 *115
2401 1st preferred
___
100 112 Jan 7 11512 Jan 15 108
Jan 120 Ma,
154 154 *154 157
100 15214Mar 8 16412 Jan 11 13438 Jan 172 Nov
180 Diamond Match
15312 15312 1553 1553- 15312 155
154 154
4 - 4
97
93 1018 4,900 Dome Mines, Ltd
4
1018
918 Jan 2 1038 Jan 9
No par
97 10
9
4
1312 Jan
97 1018 10
8
93
98 97
8
8 June
117 11758 11612 117
.11758 119
4
116 11712 117 1173 118 11812 7,000 Drug Inc
No par 11534 Jan 9 12618 Feb 4
80 Mar 12018 Nov
2,900 Dunhill International...No par 6412 Feb 16 92 Jan 2
70
4 69
69
6912 6912 69
688 6812 683
68 6812 68
5512 Jan 9958 Nov
100 Duquesne Light 1st prof-_100 4912 Jan 24 1007 Mar 5
.10012 101 *10012 1005 1005 1005 10012 101 *10012 101 *10012 101
8
8
8
995 Oct 11613 Mar
8
812 812 *812 9
514 Jan 14 1112Mar 4
3.000 Durham Hosiery Mills B.._ 50
818 812
858 9
812 May
918 918
3 Aug
814 8 4
3
37
37
38
*37
*37
40
100 36 Jan 2 40 Feb 27
101 Preferred
37
*37
38 •
*37
40
34114 Oct 4612 Jan
38
18014 184
18112 18112 17034 180
1803* 182
18312 18514 3,500 Eastman Kodak Co____No par 17934 Mar 12 1941 Feb 2 163 Feb 19414 July
182 184
12618 12618
128 128 *1261 130
100 126 Jan 2 128 Mar 9 12312 Aug 134 Apr
130 Preferred
126% 12618 12618 12618 *12618 130
6718 68
70 4 10,000 Eaton Axle & Spring___No par 61 Jan 7 764 Feb 1
3
683
4 69
663 6712 6612 6712 6712 674 68
4
26
Jan 6818 Nov
18014 18214 178 180
3
20 155 4 Jan 22 19812 Feb 1
8
181 18912 187 1917 40,900 El du Pont de INem
17814 17912 17812 182
11734 1177 1177 1177 118 118
100 1153 Jan 21 1187 Jan 8 114 July 12112 May
4
8
8
8
4
700 6% non-vot deb
4
11712 11712 1173 1177 *1173 118
8
12% Jan 99 Des
25 958 Jan 2 11212 Jan 18
100 93% Jan 9 100 Jan 18
87 Nov 10012 Feb
Preferred
No par 32 Feb 18 395 Jan 10
*337 34
3314 Aug 43 Nov
3212 3278 321 3212 2,100 Eitingon Schad
---------3212 33
103 104 . 101 103
1017 1017
8
1
k
8
100 100 Mar 12 113 Jan 19 1013 Aug 1217 Nov
500 Preferred 64i%
.
100 10318 102 102 *102 103
1523 15412 1503 15312 151 1573 1543* 157
60 June 13612 Dec
No par 13418 Jan 7 170 Jan 28
3
156 1597 x157 160 4 35,500 Electric Autolite
8
4
4
4
100 109 Jan 2 11312Mar 8 10812 Sept 11212 Dee
_ __
_-11312
_ *11312 _ .*113 8
Preferred
5
- *1131
__ *11312
No par 1212 Jan 9 18 Mar 15
1i 163,000 Electric Boat
1312 118 137 1412 1418 -173 June
8 4 Aug
3
3
147
1514 14% -- 8 15 17 4 1614 -8 -11312- 5
8
No par 4318 Jan 8 687 Mar 14
4
4
8 653 673 324,800 Electric Pow & Lt
6114 62
283 Jan 49% Dec
4
8
685
8 6612 687
607 6414 62% 657
8
3 65
No par 10618 Jan 2 10914 Feb 13 105 Dec 11018 Mar
8
4
4
10834 10834 51073 1073 *107 108
600 Preferred
107 10718 *107 1073 *1073 1073
4
4
12212 Jan 4 136 Feb 13 12014 Nov 1297 Apr
50 Certificates 40% paid
136 *13312 136 *13412 136
8
136 136 *136 140 *136 140
69 Feb 911a Des
852 8514 8614 7,100 Eiec Storage Battery-No par 82% Feb 16 92% Feb 4
5
8 83 8 848 85
841- 8518 8312 8412 833 843
2
51
600 Elk Horn Coal Corp___No par
5
5
5 Mar 11
5
9 Jan
6
une
6% Jan 9
5
5
5
*5
55
8
5
*5
5
17
17
400 Emerson-Brant class A_No par
*1513 1612 *1512 1612 *1512 1612 *1512 1612
*16
17
15 8 Des
5
514 Feb
105* Jan 22 2212 Feb 7
7612 7614 7614 7612 7812 7858 788 2,400 Endlcott-Johnson Corp____50 747 Feb 18 8358 Jan 4
743 Dec 85 Apr
4
76
7514 7514 78
•76
Preferred
100 121 Feb 7 12414 Feb 28 12114 Jan 1275 Des
124 125 •124 125 •124 125 *124 125
124 125 *124 125
8
4 5414 5618 32,400 Engineers Public Serv_No par 4812 Jan 4 6014 Jan 31
5312 5312 563
33 Feb 61 Nov
5218 53
52
8
527
8 515 5212 52
No par 90 Jan 12 10412 Jan 31
700 Preferred
93
9012 Dec 10212 Oct
*923 94
4
4
5
*95
955
8 9414 9414 *944 95 8 933 9414 93
3518 35
36
36
8 6,9001Equitable Office Bldg_No par 3114 Jan 4 3714Mar 2
3518 357
3538 3612 3634 37 53512 367
295 Oct 3334 July
8
4912 4912 *49
43 Dec 79 Jan
4 2,000 Eureka Vacuum Clean_No par 4412 Feb 1 54 Feb 28
473* 4912 4958 493
4934 4714 4912 478 477
247 •24
I Exchange Buffet Corp_ _No par 2214 Jan 15 2412 Feb 28
8
8
191 July 245 Oct
4
2458 *24
024
245* *2418 247 *243 247 *2418 2478
4
No par 43% Jan 8 518 Jan 21
4714 4714 1,100 Fairbanks Morse
467 47
8
3212 Jan 64 Apr
467 467
47
47
47
*453 47
47
40 Preferred
3
10 10714 Feb 18 1107 Jan 9 104 Jan 114 May
110 110 *110 111
8
109 109
10814 109
10814 109 *10814 109
8 1,600 Federal Light & Tree
15 6828 Jan 3 8612 Jan 29
42 Jan 71 Des
7812 783
4 793* 793
..77% 81
.
79
7914 7912 79
077
80
100 100
No par 993 Jan 17 104 Feb 6
130 Preferred
Jan 109 Apr
4
*993 100
4
98
4
.993 10018 993 100
4
*993 10018 *993 100
4
4
Federal Mining .4 Smeit'g_100 234 Jan 8 310 Feb 4 120 Apr 230 Dee
:80 400 *270 400 *270 400 *270 400 *270 400 *270 400
4'referred
__.
•9814 100
9114 Jan 10212 Sept
100 100 Jan 4 10034 Jan 7
*9814 100
*9814 100
*9814 100
*9814 100
.984 100
10,300 Federal Motor Truck_No par 18 Feb 2 2238 Feb 6
4
165* Aug 257 May
1814 1818 18% 1818 18% 183 19
1812 1812 1812 1812 x18
8
99
2,300 Fidel Phen Fire Ins N Y____10 95 Feb 18 106 Jan 2
7514 June 10712 Dee
987
8 98
98
98
963 964 97
4
981 .97
ti 98
Fifth Ave Bus
8
4
1114 Jan
4
No par 1112 Feb 11 133 Mar 2
4
1514 May
8
4
012
1334 *121 1334 *1212 1334 *1212 133 *117 133 *117 133
95
9812 Feb 25
200 Filene's Sons
95
No par 85 Feb 1
95
*90
95 .93
96
9512 *90
.92
9512 *92
107 Jan 23
900 Preferred
100 10412 Mar
10518 10518 *100 10512
.0412 10578 105 10512 10512 10512 105 105
28 Apr 763 Dec
74 Feb 25
15,200 First National Eltores_No par 64 Feb
8 6912 72
703
6918 6914 6818 6914 68
3
68% 677 6812 69
8
165 173 22,600 Fisk Rubber
2018 Jan 23
No par 153 Jan
1714
87 Aug 173 Jan
4
8 165 1714 17
1634 1758 1612 1714 1612 167
55 4 Oct 9112 Jan
3
7212 Jan 14
800 1st preferred stamped___ 100 6018 Feb 2
65
65
69
69
68
67
*65
67
67
67
'67
69
8212 Jan 25
68
4
64
Oct 973 Jan
100 6612 Feb 1
400 1st preferred cony
•67
6712 68
73
*67
68
.6814 73
6814 6814 68
65 June 8958 Oct
7712 50,500 Fleischmann Co
No par 72 Feb 1
4 75
845* Jan 2
4
7314 723 763
72
7212 x72
723 7318 72% 73
4
54 Jan 8
400 Florsheim Shoe cl A
51
4914 Nov 561 Nov
No par 48 Feb 2
5012 .504 51
*50
53
.
1
52
...50
52 . 50
'50
52
100 9812mar
10218 Jan 18
9818 Oct 100 Dec
100 Preferred 6%
*951 10018 *9812 102
*9818 10018 *97 10018
9812 9812 •98 101
70 Mar 1
567 Dee 691 Dee
No par 62 Jan 1
8
65
66
6738 67 6712 6678 695* 66% 68 12,100 Follansbee Bros
6614 695
8 66
6214 Mar 13
363 Oct 571 Dee
8
No par 45 Jan 2
5958 35.600 Foundation Co
57
597
60
6214 59
53
587
8 5512 61
531
53
8
72 June 1195 Sept
No par 8514 Feb 18 101 Jan 19
9134 927 21,800 Fox Film class A
8
90 4 927
3
91% 928
91
93
9014 9112 8934 91
100 10612 Feb 28 110 Jan 4 10612 Dec 113 Feb
410 Franklin-Simon pref
09 109
108 110 *107 109 *10612 108 *108 109
110 110
453 457
43 Oct 10914 Jan
4 4,200 Freeport Texas Co____No par 44 Mar 7 5478 Jan 25
4
46
46% 453 463
4558 4612 455 45 4 455 46
8
8
3
200 Fuller Co prior pref___ _No par 100 Mar 11 10612 Feb 28 102 Mar 1097 Apr
8
01 10458 100 101 *100 104 *100 104 .100 104 *100 104
7
3,400 Gabriel Snubber A____No par 24 Jan 2 33 Feb 5
27
15 Mar 2812 Jan
4 27
4
2614 2678 26
2612 27
263
4 263 263
2612 26
No par 15 Jan 7 2.5 Jan 31
8
1614 165 12,900 Gardner Motor
714 June 178 Des
1518 1514 15 4 187
8 153 16
3
3 1538 1618 1514 155
s
8
607 Feb 101 Des
8
9212 9314 9118 927 32,300 Gen Amer'funk Car__ _No par 86 Feb 18 102 Jan 9
94
9218 9312 95
94% 9818 91
97
100 63 Mar 7 8114 Jan 12
7,600 General Asphalt
68 June 947 Apr
8
66
3
66
643 6658 6514 69 8 6714 6912 683 69
4
65
66
100 108 Mar 7 12014 Jan 12 11018 June 14112 Apr
700 Preferred
109 109
4
4
1063 1063 4.1053 1073 1073 10814 *10812 110
4
4
063 108
4
General Baking pref-_No par 13038 Jan 28 140 Feb 5 132
Oct 150 June
8
3
307 136
8
3
13058 136 *130 8 136 *13038 136 •130 8 136 *13038 13
No par 3712 Jan 9 61 Feb 28
21 Feb 4158 Nov
8 5614 57% 5,000 General Cable
57
4 5512 567
5714 5518 56
5512 563
5518 557
No par 81 Jan 8 12012 Feb 28
7,700 Class A
4
56 Feb 883 Nov
8
1414 115
111 11258 11014 11112 111 11312 111 11314 1125 114
100 105 Mar 12 10713 Jan 21 102
400 Preferred
Oot
Oct 107
06 107
8
8
105 106 *105 1057 1057 1058 *106 107
107 107
No par 63 Jan 8 74 Feb 25
59% Nov 7538 Feb
69
6912 69% 7012 5,100 General Cigar Inc
6934 7018 6812 69% 682* 683
697
4 69
100 11214 Jan 5 122 Jan 24 11414 Sept 130 Mar
Preferred
1714 119
11714 119 *11714 119 *11714 119 *11714 119 .11714 119
8
Electric
No par 222 Jan 2 262 * Feb 1 124 Feb 22112 Dec
3512 239 522912 235 4 230 2357 23218 23414 236 2383 240 243% 105,200 General
4
3
10 11 Jan 3 113 Feb 4
4
11 Sept 12 June
8 6,900 Special
1114 113
1138 1112 51114 1138 1114 1135 1114 1138 1114 1114
351 Jan 74 Nov
88
89
8814 8814 87
8812 88% 8812 8812 8812 8812 8812 4,500 General Gas dz Eleo A__No par 70 Jan 7 89 Jan 23
No par 78 Jan 3 10412 Jan 22
37
400 Claw B
*96
99
98
Jan 80 Nov
98
.9514 98
9414 95% *9412 98
*9412 98
No par 121 Feb 20 135 Feb 14 121
320 Prof A (8)
127 127
3314 13314 133 13314 133 133 *12412 128 •130 132
Oct 144 Apr
No par 10714 Feb 1 115 Feb 15 105
1213 113
470 Prof B (7)
.112 112%
Oct 1147 MaY
2
1121 1123 112 11212 *112 11212 .
1123 113
4
4
8
3
741g July 10513 Oct
90 Gen Ice Cream CorD No par 797 Mar 9 109 4 Feb 5
95
797 797
95
8 80
95
80
*90
*90
•90
95
95
NO par 7912Mar 11 8914 Jan 18
79 Dec 8412 NOV
2,500 General Mills
80
83 4 83 4 y7912 8018 791 80 4 80 8014 8014 801
3
80
3
3
100 97 Mar 11 100 Jan 4
9823 Dec 10014 Dec
300 Preferred
97
98
97
4
97
9712 9712 1905 971 *963 9712 *9614 9712
4
10 78 Jan 15 9014 Mar 16
73 4 Dee 9014 Nov
3
8114 8258 8014 8178 8018 813
5
8 80 8 8258 8212 8618 8812 9014 1096600 General Motors Corp
4
100 1243 Jan 10 12812 Jan 2 12312 Jan 12712 AIM
4 1,500 7% preferred
25 12514 •125 125 8 125 125
1243 1243
4
125
125
3
125 125
3
49 Aug 687 Jan
600 Gen Outdoor Adv A-_No par 49 e Feb 8 52 Jan 2
.5018 51
50
50
*443 45
*
51
4
50% 5012 51
50
50
3614 3658 3638 364 37
2912 Aug 625s Jan
3712 3712 37% 15,700 Trust certificates_-No par 32 Feb 14 41 Mar 12
3612 39% 37
41
No par 95 Jan 24 111%Mar 1
8414 June 12338 Jan
105 10814 23,600 Gen RY Signal
4
9
4 10612 510312 10612 10258 105
103 8 1043 1043 106
7
4
-No par 74 Jan 8 8812 Feb 20
45% June 82 Jan
7,100 General Refractories
787
7914 811
7612 77% 78
7614 757 768 7714 7818 78
8
4
8 6,600 Gillette Safety Rasor-No par 1143 Feb 18 12634 Jan 25
1512 117
116 11718 11514 11512 115 11512 115 11614 116 1167
3
9718 June 123 8 Ool
No par 4014 mar 5 4814 Jan 28
4212 2,600 Gimbel Bros
4034 4034 4012 4058 4058 4034 403* 41
3412 mar 597s JUDO
8 42
413 413
8
8
100 815 Mar 2 90 Jan 3
87 Mar 101 June
400 Preferred
8112 84
82
82
82
82
82% 8218 *8212 8412 *8212 8412
s
No par 887 Jan 2 45 Mar 1
113g 42
203 Jan 37 Des
8
18,600 Glidden Co
4114 42
8 43% 44
4114 421g 4118 4214 4214 437
100 10313 Jan 3 iota mar 8
3514 10514 *10514 1063 *10514 1063 *105 1063 *105 1063 *105 1063
30 Prior preferred
95 Jar 105 Sent
4
4
4
4
4
No par 52 Jan 8 66 Feb 6
7
42% Dec 8212 Nov
577 10,800 Gobel (Adolf)
577
8 56
55 4 5612 55
3
543
8
5512 5414 55
5412 54
663 Feb 16 82 Jan 19
s
No par
71
Jan 14314 Dee
707
8 68
597 7112 60
8
6012 6858 695* 70% 7113 7014 7214 72,500 Gold Duet Corp v t o
7
4
7
8
68% June 1091 Dee
8
4 955 977 57,300 Goodrich Co (B S)
9l3 93
8
D21z 93
Na par 874 Feb 18 1053 Jan 2
94% 93 4 973
9114 9212 92
3
100 113 Jan 9 11518 Feb 25 10912 Feb 11558 May
1334 115
100 Preferred
1133 113 4 *11312 115 *11314 115 *11314 1133 *11314 11412
4
1
4
30 13314 126 13058 1261 12912 128 1307 1315 13712 13712 1417 197,700 Goodyear T & Rub-„No par 112 Feb 21 1417 Mar 15
8
8
45% June 140 Dee
8
8
323 1037 103 103 *103 10312 10318 104
8
No par 102 JaJ130 1017 Feb 28
4
9212 Mar 105 Doe
4 1.700 lea preferred
8
8
1037 10414 104 1043
•lid sad isksa; wow
no sales on this day. a Ex-dividend.
V La-rights'
1697
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,
Mar. 9.
Monday,
Mar. 11.
Tuesday,
Mar. 12.
Wednesday, Thursday,
Mar. 14.
Mar. 13.
Friday,
Mar. 15.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
,Rangefor Previous
Year 1928
Lowest
Highest
Per share per share
$ per share $ per share
7312 Dec 93 3 Ape
63 Feb 18 81% Jan 2
7
64 Feb 18 7412 Jan 23
70 Dec 93 Apr
9813 Jan 12 10114 Jan 5 100 Dec 130 Apr
97 Jan 11 100 Jan 12
95 Dec 112 May
7 Feb 18 10 Jan 9
8% Dec 1258 Feb
4414 Feb 16 54 Jan 2
16% Feb 6114 Sept
2612 June 56 Sept
4212Mar 14 49% Jan 11
3
39% Feb 93 Deo
85 Jan 18 95 4 Mar 1
6514 June 94 3 Oct
773 Jan 30 94 Feb 26
4
7
26% July 4178 Oct
23 Feb 25 32% Jan 2
4613 Aug 62% Oct
48 Feb 27 54% Jan 4
5
11612 Jan 17 144 8 Feb 5 111% Dec 125% Sent
31
Jan 38% Dec
3614 Feb 18 44 Jan 25
116 Feb 15 11913 Feb 1 11212 Feb 120 Jan
89% June 17714 Dec
168 Jan 14 190 Mar 1
512 Jan 3
9% Jan
4 Mar 6
45 Dec
4
90 July 107
70 Mar 9 90 Jan 2
Jan
Jan 73 4 Sept
51
68 Jan 7 79 Mar 5
7
107 Jan 22 109. Feb 14 103% Nov 110 Apr
23
Jan 30 Jar
25 Jan 7 29 Feb 28
23 Jan 30 Dee
27 Feb 18 31 Mar 8
2512 Jan 29 Juno
1 26 Jan 31 29 Jan 14
44 Mar 7 55 Jan 10
103 Mar 6 115 Jan 31
8
99 Aug 104 Apr
1003 Feb 15 1055 Jan 8
4
59 May 97 Nov
91 Jan 14 993 Jan 23
54 Dec 5712 Oct
54 Jan 3 5913 Mar 1
Jan
112 Jan 14 11812 Jan 29 110 June 120
2312 Aug 275 Feb
2518 Jan 28 27 Jan 2
185 Aug 37% Dec
8
27 Mar 12 3938 Jan 2
61 Dec 68 Nov
60 Feb 19 63 Jan 10
Oet
104 Mar 15 118 Jan 29 105 Dec 120
7212 Dec
64 Feb 16 7412Mar 15
303 Jan
4
7014 Feb 89 Nov
80 Feb 16 8712 Mar 15
104 Jan 4 106 Mar 1 10014 Aug 105 Apr
k
1514 Sept 307 Jan
8
1738 Feb 18 217 Mar 5
4018 Dec 49 4 Oct
3
4114 Jan 3 51 Mar 9
18 Dec 367 Apr
1718 Jan 21 22 Jan 2
67 Jan 80 Nov
7214 Feb 21 76 Jan 3
6418 Feb 84
Oct
71 Feb 18 791 Jan 7
79 Dec 187
Apr
8018 Mar 7 107 Jan 3
3
4058 Feb 73 Nov
6614 Jan 8 8112Mar 1
8
75 Jan 997 Mar
8918 903 x8812 883
4 8818 8713 87
4
883
8 88
3
9114 90 4 9312 104,000 Hudson Motor Car__ No par 7118 Feb 15 9313Mar 15
29 Jan 84 Nov
7013 72% 70% 72
7014 7114 703 7178 713 7414 7414 75% 48,100 Hupp Motor Car Corp_ _ __10 6753 Feb 18 82 Jan 28
4
8
4 3114 31% 31
213 Feb 383 Nov
4
3113 313
31% 3112 3212 3134 325
8 3213 33
40,200 Independent Oil & Gas-No Par 30 Jan 31 3514 Jan 2
20 Oct70 Apr
No par 2013 Jan 31 3213 Jan 2
*2413 2512 25
253
8 2413 2814 2434 251 *25
2614 2413 241
2,500 Indian Motocycle
3
93 Nov 115 Apr
100 89 Mar 6 95 4 Feb 5
91
90
90
__-- 91 •____ 91 •____ 90 •
90
20 Preferred
4
9 Feb 3958 July
10 29 Jan 8 423 Jan 28
3518 35% 3414 35% 34
35
34% 3614 343 36
4
3312 353 44,900 Indian Refining
8
813 Jan 37 July
10 28 Jan 7 4238 Jan 28
/
1
4
3313 347
3414 323 33 8 34
4
5
3 34
351
34% 3514 33
3414 12,100 Certificates
100 160 Jan 2 165 Jan 11 140 Dec 185 Nov
Preferred
Oct
No par 119 Mar 1 135 Jan 18 118 Dec 146
125 121 121
121 iHo" 1.214 'ii5" fii" *Ha- I221.1
- 14
600 Industrial Rayon
90 Feb 127 Nov
No par 120 Jan 3 137 Jan 26
•1241* 130 *1241 130 124'2 12412 125 128 128 128 128 128
800 Ingersoll Rand
46 Mar 80 Deo
7812 Jan 2 95 Mar 4
No pa
92
92
91
92
8
9114 9112 917 92
9213 94% 93% 9412 7.100 Inland Steel
18 Feb 48% Nov
61
62% 60
621.3 59% 6214 613 62% Z601 617
8
8 62
6318 45,500 Inspiration Cons Copper_._20 43% Jan 7 6612 Mar 1
818 July 211 Jan
101 Feb 8 1414 Jan 11
No pa
1214 1212 1213 1212 12
12
12
12
1214 1214 12% 1213 3.100 Intercont'l Rubber
13 Feb 207 May
NO par 1418 Mar 13 177 Jan 28
•1412 15
1414 1414 •1414 14% 1418 1414 •1414 1412 1412 15
1.100 Internet Agricul
485 Mar 85 Dec
100 7914 Feb 19 8812 Jan 26
8212 *81
*81
8212 *81
8212 *81
8212 •81% 8212 •8112 8212
Prior preferred
3
3
15918 160
157 160
156 156% 15718 160
160 1803 160 1617
8 4,400iInt Business Machines_No pa 149 8 Jan 24 164 4 Feb 8 114 Jan 1663 Nov
4
4
Jan 947 Dec
56
95
39213 93
94
9214 94
9214 9313 93
933
4 9312 9412 7,400,International Cement--No Par 8953 Jan 7 1023 Feb 4
4514 Feb80 Dec
6818 Jan 7 10312 Feb 15
8518 883
3 83
86
824 8514 83% 873
/
1
8 873 89% 9012 923 201,400 Inter Comb Eng Corp__No pa
4
4
100 10812 Jan 2 121 Feb 16 103 Mar 110 Sept
11514 11514 116 116 *113% 117 *113% 117 •11313 117 •11313 117
Preferred
80 Dec 977 Dec
923 Jan 15 115 Jan 29
8
10712 1107 10512 108% 10518 106% 10518 1063 107 1103 108 10912 34,800 International Harvester No pa
4
8
10 142 Feb 5 145 Jan 18 13614 M e 147 May
*142 143 •142 143 •142 143
142 142 *142 143 •142 143
100 Preferred
85 Dec 1217 May
8
88
871s Feb 18 10212 Jan 4
883 89
8
887
8812 88
8812 88
3 88
90% 10,400 International Match Pref.-3
8812 88
38 Mar
78 May
7 Feb 15
/
1
4
512 Feb 4
6
100
6
53
4 5
3
5% 53
4
5 4 53
3
4
53
4 812
7,800 Int Mercantile Marine
612 7
3418 June 4434 Jan
4313 4353 45
100 3612 Feb 1 4778 Feb 18
40
40% 39% 4012 40
41
43
39% 40
13.300 Preferred
1
7353 Feb 26912 Dec
6112 583 803
4
8 58
6014 5913 615 z8014 6312 366,700 lot Nickel of Canada_No par 4614 Jan 2 72 Jan 23
8114 62% 60
8
50
Oct 86 8May
3
72
12
811 11170
72
*78
75
*65
75
*74
77
7753 75
500 International Paper --No Par 5713 Jan 11 77 Mar 8
89 Dec 108 Jan
921 *90
92
91
•90
•90
94
100 8914 Jan 15 9412 Jan 8
•90
92
1590
91
91
200 Preferred (7%)
22 Dec 341 Nov
3212 323
4 3213 3212 321 33
3312 34
3213 3214 33
34
7,600 Inter Pap & Pow cl A __No par 2713 Jan 8 35 Jan 31
1478 Dec 19 Nov
22
23
2214 2212 2214 2212 22
23
23
22
No par 153 Jan 18 2412 Mar 8
23
24
6,400 Class Is
3
10 Nov 1334 Dec
8
8
15% 153
1473 1512 1434 15
1478 15
1434 153
No par 105 Jan 10 18 4 Feb 4
8 15
1512 12,500 Class C
88 Dec 91 Dec
4
911
91
92
91
*90
90 90
90
100 883 Jan 4 93 Jan 23
*91
90
•90
92
900 Preferred
471 Oct 60 Dec
4 5638 56% 5612 5814 58
5714 573
8 56% 573 *5712 583
3
58
1,800 Int Printing Ink Corp--No Par 5812 Feb 18 63 Jan 23
100 100 Jan 2 108 Mar 4 100 Dec 100 Dee
4
10514 10514 *105 10514 10412 1043 10412 10412 10412 10412 10413 10412
130 Preferred
4912 Mar 682 Jan
*
8313 8312 *85
87
83 4 833
3
100 55% Jan 4 90% Feb 4
4 8513 8512 86
•8314 87
87
180 International Salt
Jan
100 131 Jan 22 150 Mar 6 128 June 196
144 14412 *143 14412 14413 146 *14212 145 *141 145
144 144
900 International Silver
Jan
100 11214 Jan 4 119 Jan 17 11214 Dec 131
*11314 11812 •114 1181 *115 11812'115 1181
*115 1183 *115 1183
4
4
Preferred
100 19714 Jan 7 22712 Jan 28 13913 Feb 201 Dec
21134 2193 21514 2201 46,100 Internat Telep & Teleg
4
207 20814 20518 2093 20712 211
4
209 210
6112 Nov 90 Dee
79
79
76 Feb 8 9313 Jan 2
817
8 80
81
5783 8114 3,200 Interstate Dept Stores_No Pa
4
8112 8112 8012 8012 79
4
100 130 Jan 15 150 Jan 2 12412 Nov 150 Dec
4
4
4
Preferred
*1283 14814 *1283 1404 *1283 14814 •1283 14814 *1283 14814 .12834 1481
4
23 4 Sept381 Jan
3
3
29 Jan 2 34 4 Feb 21
33
3212 *31
3213 3213 *3014 313
No pa
32% 3258 32% 3212 '31
600 Intertype Corp
47
Oct61 May
1 53 Jan 2 69 Mar 5
64
*62
63
62
62 4 63
3
8313 633
64
*6314 64
1,400 Island Creek Coal
6414
77% Mar 179 Nov
14414 14612 149 149 •145 149
14812 14813 *14518 149
1473 1473
4
No par 144 Mar 6 16214 Feb 5
900 Jewel Tea, Inc
100 12412 Jan 3 12518 Feb 13 11953 Nov125% Nov
•12518 ---- •12518
•125% ---- *12518 ---- 125% 12518 •1251
10 Preferred
4
9614 June 202 Dec
182 1871 184 19053 191 1943 1921 19914 83,000 Johns
8
No pa 18012 Jan 7 2423 Feb 2
189 193% 18212 189
-Manville
*12012
120% 1201 121 121
122 122
121 12114
100 119 Jan 21 122 Mar 14 11812 Oct122 Apr
•12112
60 Preferred
/
1
4
122 12214 12214 12214 z121 12214 121 12113 *12112 122
122 122
Steel pref 100 11813 Jan 4 122 Mar 11 119 Dec12414 May
250 Jones & Laugh
25% Mar 4112 Oct
1221
.21
29
*21
29
5
21
29
*21
29
26
1521
29
Jones Bros Tea Inc-_--No Par 35 Jan 21 35 Jan 21
818 Aug
1912 Oct
3
1178 1214 12
1238 12% 13
1212 1212 12
127
12% 13
No par 117 Feb 12 1612 Jan 2
11,000 Jordan Motor Car
4
4
10812 10812
*109 10912 109% 1091 •109 109% 10912 1091 *1043 110
60 Kan City P&L let pf B_No par 108 Feb 18 1123 Jan 22 108 Aug 114 Ayr
2913 Dec 34
Oct
•3012 31
3014 301
30
30
30
30 30
30
•3012 31
1,000 Kaufmann Dept Stores_312.50 2912 Jan 31 37% Feb 6
625 Jan 92 Nov
8
813
4
7918 793k 783 79
785 704 80
8
801 8138 8012 80% 6,900 Kayser (J) Co v t c
:
No par 7858Mar 12 88 Jan 3
1513 May 5112 Nov
•3412 36
*3414 37 '
53414 3812 3414 35
*35
37
3513 3512
/
1
900 Keith-Albee-Orpheum_No par 344 Feb 13 48 Jan 4
7511 May 160 Nov
110 110 •110 113% *11018 11313 •112 115 •11012 115
115 115
100 110 Feb 16 138 Jan 5
2001 Preferred 7%
1914 Dec 25% Nov
3 19
/ 197
1
4
1834 1938 19
193 203
2038 19% 2014 1953 2014 27,100 Kelly-Springfield Tire__No,par 18 Feb 18 23% Jan 2
5514 Feb 95 Nov
*80
85
1580
853 '
5808 85
*8014 85 '80% 85
*8018 85
100 81% Feb 20 9478 Jan 9
8% preferred
953 1593
9312 9312 :93
95
*93
95 .93
95
93
58 Feb 101 Nov
93
100 93 Mar 15 100 Jan 14
200 6% preferred
3 57
2212 Jan 58
Oct
55
5513 56
55% 5613 57
612 Feb 26
4
58
4
/ 5514 56
1
4
545 5$
10,900 Kelsey Hayes Wheel-No Par 473 Jan 1
*108 110 *108 110 15108 110 *108 110 *108 110 *108 110
100 109 Jan 21 110 Jan 8 106 Mar 111 Nov
Preferred_
1513 153
15
1514 15
157
4 154 158 1514 1612 16
/
1
/
1
17
73 July 22% Apr
4
24,400 Kelvinator Corp
No par 15 Jan 7 194 Feb 6
4
8
9628 9913 9413 9912 951 9812 963 9833 9714 983
No par 78% Feb 26 101% Mar 15
4 985 101% 176,100 Kennecott CopPer
*5912 6012 5912 61
61
61
61
613 62
4
1560
8113 6113
377 Aug 583 Oct
8
8
4
800 Kinney Co
No Par 5012 Feb 1 657 Feb 15
10714 1083
3•107 10812 107 107
1063 1063 10514 108
4
4
104 10514
8718 Mar 100 Apr
510 Preferred
100 9312 Jan 2 1Q9* Mar 6
611 63
60
617g 5953 6118 5978 6118 60 4 62% 61
3
833 42,400 Kolster Radlo Corp----No Par 5618 Feb 18 7858 Jan 3
8
511 Aug 95 3 Nov
/
4
7
345 35
3412 35
341 35
343 37% 35
4
37% 16,100 Kraft Cheese
32 Dec 42 Nov
39 Jan 21
348 35
/
1
No par 344 Mar
*9712 973
98
98
•9712 98
4 9612 9612 96% 9618 97% 9712
9934 Jan 2
9914 Dec 10114 Dec
400 Preferred
100 96 Mar
4
52
53
513 5278 12,900 Kresge (55) Co
4
518 52
513 52
53
538 517 53
10 513 Mar 12 5712Mar 4 085 Feb 91% Nov
4
*11212 115 *11212 115
1121 1121 11312 11312 114 115 •114% 115
115 Feb 14 11014 June 118 Apr
50 Preferred
100 109 Jan
18
5118
19
19
19
1913 19%
184 1814 1814 1814 18
/
1
1312 Jan 271 Feb
23 Jan 2
4
900 KresgelDept Stores----No Par 175 Mar
8
*7314 75
*7314 80
•7314 75
*734 75
/
1
*734 75
/
1
*731 75
72 Jan 15
6114 Feb 76 Aug
100 7112 Feb 1
Preferred
103 103 *103 104
104 104
104 10413 •10313 104
3
41101 106
600 Kress Co
87 Feb 124 4 Nov
103 Mar 11 114 Jan 5
No par
3
4118 4218 4034 4133 4033 417
41
43
417 94013 4112 125.200 Kreuger & Toll
8
42
3258 Dec 4034 Oct
8Mar 6
36% Jan 3 483
1t)113 10378 10258 10312 103 10412 10313 105
10712 10812 10338 106
/
1
4
33.900 Kroger Grocery & Bkg-No Par 101% Feb 12 12212 Jan 3
734 Mar 132 Nov
/
1
245 245 •240 250
*238 245 *238 245 15235 245 •235 259
Jan 260 Feb
100 Laclede Gas
100 235 Jan 16 245 Mar 14 200
100 100
100 100 •100 105
•100 105 *100 105 •100 105
99 Nov 12413 Jan
20 Preferred
100 100 Mar 8 102 Jan 4
•29
2912 *29
/ 291
1
4
29
2912 3018 30
30
*2912 3012 29
273 Feb 3818 Apr
3
1,800 Lago Oil & Transport-No par 2614 Feb 19 33 Jan 2
14118 1402 14213 14434 14318 14533 14418 147
147 149 111.200 Lambert Co
14218 145
8
7912 Jan 1363 Nov
No par 12718 Jan 22 149 Mar 15
203 *2014 2013 2034 217
4
21% 21% 2113 221
1714 Jan 2614 Oct
2012 2012 20
6,500 Lee Rubber & Tire_ _ No par 1918 Feb 19 25 Jan 14
58
5812 575 581
4
58
58
58
583 59
581
42$4 June 5813 Nov
515812 59
2,500 Lehigh Portland Cement__ 50 58% Jan 8 65 Feb 6
110 110 *110 111 *110 111 511012 11012 10914 1091
•110 11/.
260 Preferred 7%
100 1083 Jan 3 11012 Feb 14 10614 Dec 110% May
4
4 58% 581
58% 613
4 6112 621
Jan 64% Oct
60
5812 5813 5813 583
No par 58% Feb 18 6812 Feb 4
59
38
5.700 Lehn & Fink
2812 Aug 4
No par 2914 Jan 7 39% Jan 5
Life Savers
014 Nov
8913 911
101
8315 June 122% Jan
1,900 Liggett & Myers Tobacco_ _ _25 8914 Feb 12 10512 Jan 28
*9013 9212 -OW 161; -8914 Id" ;89- 90
25 89% Feb 26 1031 Jan 29
9012 9012 8954 9034 8912 8938 89% 897 8913 91 9018 907 6,100 Series B
80 June 123% Jan
14
*137 139 *13512 139 1513513 139 *13512 138 *13513 13712 •13513 1371
/
1
4
100 136 Jan 3 13713 Mar 1 134 Aug 147 Apr
Preferred
4712 48
4712 481
48% 4914 4914 495
48
8 3,400 Lima Locom Works---No Par 45 Feb 8 52% Jan 3
38 July 65% May
/ 48
1
4
497
45
83
4
8212 80
817
8 7912 808
4 8014 83
85% 833 847 14.100 Liquid Carbonic
63 Feb 12412 Nov
12
No Par 79 Feb 18 113% Jan 3
81
7014 74 Z717 7273 70% 73
8
7
49% June 77 May
72% 74 3 7012 73 8 70% 711
3
43,200 Loew's Incorporated-No Par 6353 Jan 2 8412 Feb 27
8
104 104
s
1034 104
/
1
102% 103
No par 102% Jan 2 110% Jan 31
1047 1047 *104 106
99% Mar 110 Apr
1,700 Preferred
52
*104 106
77
77
81
712 Jan 19 10 Jan 24
7 4 813
3
814
8
81
No par
5 4 Feb
3
818 8%
814
8
8,300 Loft Incorporated
1934 Aug
52913 30
29% 291 •29% 30
*29% 30
26
Jan 36% Yob
*2912 30
100 Long Bell Lumbar A
NO Par 2814 Jan 2 3213 Jan 5
*292 30
per share Shares Indus. & Miscel. (Con.) Par
Per share $ Per share 8. per share $ per share 5 per share
67
6513 66
66
6813 6812 6713 6712 z66
6512 66
67
3,100 Gotham Silk Hoalery__No par
No par
68
z66
68
65% 65% 1266
67 67
*6712 68
67
67
700 New
100
100 100 *100 102
*100 103 •100 103 *100 103 *100 103
100 Preferred new
100
9812 98
98
97% 9712 *9713 98
•98
•9713 98
20 Preferred ex-warrants
9812 *98
712
No par
7% 7%
8
8
7% 712 *714 712 :714
1,200 Gould Coupler A
74 8
3
/
1
4812 467
8 4714 50
4918 50 4 32,400 Graham-Paige Motors_No par
47% 48% 4658 4713 464 47
3
No par
*43
4412 4412 *4212 44
4212 443
*4313 45
45
4 45
4512 1,900 Certificates
92
90
8912 907
8 9018 9112 90% 91% 9113 923 15,200 Granby Cons M Sm St Pr_100
9012 90
4
100
4 867 88
9012 9314 88
91% 86
8712 8613 873
8
88% 90 4 6,800 Grand Stores
3
No par
26
267 2678 26
8
2813 2514 2618 25
25
2513 2514 2514 4,300 Grand Union Co
No par
49
49
49
*47
49
4812 4812 4813 4812 49
47% 4712
800 Preferred
No par
12414 127
1243 127 *125 128 *125 126 •125 12712 125 12612 2,300,Grant(W T)
4
No par
38
3812 373 38
4
37% 38
537
3753 38
373 38
4
3714 11,2001 Great Western Sugar
100
118 118 •119 11912 11713 119 51118 119 •118 119
118 119
150 Preferred
17218 175
173 1753 175 180% 177 1833 45,400 Greene Cananea Copper 100
175% 17814 17218 177
8
4
4
4
4
4
4
4
4
*4
418
418
4
4
1,400 Guantanamo Sugar.. ..No par
100
70 *____ 73 4 C.3
70
4 73% 733
20 Preferred
733 •____ 73% •-- - 733
4
4
100
8 70
73
72
73
7214 7012 7012 7014 703
713 571
4
7114 2,600 Gulf States Steel
100
*103 109 *103 109 15103 109 *103 109 *103 109 *103 109
Preferred
25
•27
273 *27
8
273
8 27
27
26
278 *27
26
27
Hackensack Water
27
160
25
31 *28
•28
31
.30
303 •30
4
4
303
4 303
31
*28
31
20 Preferred
25
*27
28
*27
28
*27
28
27
27
*27
29
*27
29
20 Preferred A
4714 4858 465 4818 4613 48
47% 4912 4813 4913 48% 501 133,400 Hahn Dept Stores
No par
100
10512 10814 10413 105
1033 1043 1043 10614 10618 106% 106 1073
4
4
8 7,900 Preferred
102 102 *10112 1021 *10112 10212 10212 10212 103 103 *10212 103
100
0 Hamilton Watch Vet
-100
*93
94
93
94
9213 94
*9213 933 *9212 933
4
4 9213 94
400 Hanna 1st pref class A.
5912 5912 5913 591 515912 603 '
160 Harbison-Walk Refrac_No Pa
4 25913 603
4 5913 5912 '5912 61
100
•112
*112
___ *112
*112
*112
*112
Preferred
*2514 26
2513 25% 82513 26
12251 26
*2513 26
*2512 26
100 Hartman Corp class A_NO Par
No pa
29 29
283 293
8
8 27
273
4 27
2714 2714 30% 2914 30% 4.700 Class B
2
*59
60
4159
61
1559
61
61
*59
4 59
'
61
.59
61
Hawaiian Pineapple
2
*107 110 '
5106 110 .106 110 •103 109 *106 110
104 106
200 Helm°(G W)
6912 6912 6712 6713 67
88
69
89% 70
725
8 723 7412 12,700 Hershey Chocolate__ __No pa
8
833 84
4
No par
83
83
82
8212 8213 85
8712 9,900 Preferred
8412 8718 86
10
*105 10513 105 l055g 105 105
105 100 12105 1053 105 1053
8
8
800 Prior preferred
20
No par
2018 *1913 2013 20
2014
•2013 21
217
8 2,000 Hoe (R) & Co
4934 51
No pa
48
,3
4 4514 4812 54514
27,709 Holland Furnace
498 4834 493
4 487 493
*1834 187
8 1714 197
8 183 1973 1814 19
8
•1813 1918 19
1,900 Hollander & Son (A)_ _ _No pa
19
100
73
73
7212 7212 725 724 73
73
*73
800 Homestake Mining
7312 7314 7314
7212 *71
*7014 723 *71
4
7212 *71
No par
7212 1571
72
7118 72
200 Househ Prod Inc
84 84
8114 83
8112 82
823 87% 87% 9018 9013 933
4
4 5,700 Houston Oil of Tex tern ctfs 100
7712 7914 34,400 Howe Sound
No par
741 76
74
75
731 7513 74 4 76% 78
3
79
1
•Bld and said prime: no sale,on $611607. I Ea-41066nd.
o Old stock,
1698
New York Stock Record-continued-Page 6
For sales during the week of stocks not recorded here. see sixth page
preceding.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 9.
Monday, p Tuesday,
Mar. 11.
Mar. 12.
Wednesday, Thursday,
Mar. 13.
Mar. 14.
Friday,
Mar. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Lowest
Highest
Per share 11 fret share $ per share
Per share $ Per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share
per share
per share
6912 70% 6812 693
per 5547*
673* 694 68
688 6733 6812 673 6833 12,000 Loose-Wiles Biscuit
4
25 Ma Jail 28 744 Jan 5
/
1
4414 June 888
•118 11912 118 118 *118 11912 11912 120
4Sept
120 120 *118 120
170 1st preferred
100 11611 Jan 12 120 Feb 19 11712 Aug 125 May
244 241: 24
243
8 24
2418 244 2418 2418 25
247 2514 11,300 Lorillard
8
25 24 Feb 20 283 Jan 11
2
234 June 4672 Apr
.86
95
*8612 92
*8612 92
*8612 92
*8612 92
*8612 92
Preferred
100 88 Jan 4 93 Jan 16
14
14
137 1414 1333 137
8612 Dec 114 Mar
1334 143
8
14
1433 1418 143 16,100 Louisiana 011
4
No par
1312 Feb 16 18 Jan 9
9 3 Feb
*93
8
99
194 Apr
*93
/
1
95
92
93
*91
9512 •91
9512 *91
20 Preferred
9512
100 89 Feb 8 10014 Feb 21
42% 43
Apr
78 July 96
42
424 42
/
1
4212 4218 4212 423* 4212 4212 4314 4,400 Louisville() & El A__
__No par 365 Jan 23 47 Jan 31
8
28 Feb 41 May
7614 7614 74
75
*7412 77
76
79.3* 78
8018 78
798 4,100 Ludlum Steel
No par 6812 Feb 16 823 Mar 4
4
*42
4212 •4134 4212 423* 4233 413 413 *414 4212 *413 4212
4
4
4
300 MacAndrews & Forbes_No par 40% Feb 2 46 Jan 4
Aug -673 7Iii);
*1064 -- 10612 10612 *1063*
4
*10612 -*10634
*1063 -50 Preferred
100 104 Jan 8 10612 Mar 11 106
Oei 110 Nov
.120 140 •120 140 *125 140 .125 140 .125 140 *125 4 140
Mackay Companies
IOU 122 Jan 19 1251 Jan 15 10812 Mar 134 Mar
4834 8512 *8318 84
,
/
4
*8312 84
*8312 84
*8312 84
*8312 84
Preferred
100 834 Jan 26 844 Jan 14
10884 10712 10512 1073 10514 106
684 Jan 86
Oct
4
10512 10712 1063 1083 z10614 10814 30.300 Mack Trucks, Inc
4
4
No par 104 Jan 16 1143 Feb 5
4
Ai,r 110 Nov
83
•1644 165 •I64 185 *162 164
163 163
161 14 162
16234 165
1,800 Macy Co.
No par 16114 Mar 14 1863 Jan 2 y134 Aug 382 Aug
4
22
22
22
22% 2112 22
2112 2112 2112 2212 213* 22
3.600 Madison Sq Garden_ _ No par
1814 Jan 5 24 Fel,28
1814 Dee 34 May
754 76% 74
75% 7312 75
4 7514 76
758 763
764 7712 16,700 Magma Copper
No par 66 Jan 16 8014 Mar
434 Feb
*2814 2812 28
75 Nov
284 28
28
27
28
27
2814 28
2814 3,300 Maillson (II R) & Co No par 27 Mar 13 393 Jan 15
8
16
Jan
99
384 Nov
99
*97 100
98
98
•93 101 *100 102 *100 102
Preferred
118
98 Mar 12 10518 Jan 18
874 Jay, 110
22 •____ 22
Oct
•20
2; *20 22 *918 99 *918 99
Maned Sugar
101
1912 Feu 18 26 Jan 14
21 NOV
41
Jan
*4233 44
44
•42
44
44
*4238 48
*4238 48
*4238 48
Preferred
100
100 43 Mar 5 504 Jan 10
40 Nov 88
Jan
33
38% 323 323 *324 354 *33
4
g
/
1
4
357
357 358 *33
1,300 Mandel Bros
36
No pa
28 Feb 16 383 Mar 9
8
32 J11110 4012 Jan
327 327
8
8 3278 3278 3214 324 2933 3218 3012 3212 3214 3212 6,900 M mill Elee Su pply
No pa
29% Mar 13 374 Jan 14
2812 Sept 663 June
2
31
31
31
3018 30
31
/ 30 3018 30
1
4
303* 30
3012 2,700 Manhattan Shirt
2
25 29 8 Fei, 15 35% Jan 4
3134 Feb 43 May
*1318 15
*13
143 *13
4
15
143 143
4
4 1434 15
15
1512 1,200 Maracaibo 011 End---_11/o pa
12 Feb IS 174 Jan 3
1212 Feb
3 3934 3814 393
2512 Apr
383 323
4
38
4 393 40% 40
4
41
4014 4138 68,800 Marland 011
No pa
35'8 Feb 20 474 Jan 3
33 Feb 49 Nov
/
1
4
7433 753 .74
•72
4
75
74
74
74
74
74
77
77
600 Marlin-Rockwell
No par 6912 Feb 27 7978 Jan
454 Mar 83 Nov
*73
73
75
73
3
738 73 4 723 7314 73
4
75
75
764 3,900 Marmon Motor Car. NoPar 663 Feb IS 84 Jan 21
4
2
Dec 86 Dec
77
*1412 15
147 147
1514 1514
8 15
15
15
*15
15
151
800 Martin-Parry Corp.._ No par
1414 Feb 16 18 Jan 2
1218 Mar 25 June
3
/
1
4
194 198
194 1963 195 197% 198 1993 19914 20112 x20112 20112 4,800' Mathiewm Alkali WorksNo par
4
4
175 Jan 9 2163 Jan 25 11744 June 190 Dec
4
•123 125 *123 125 •I23 125 *123 125 •123 125 *123 125
Preferred
100 120 Jan 28 125 Jan 2 115
Jan 130
Apr
917
934 9218 933
93
91
92
9114
914 9314 9112 9412 10,300 May Dept Stores
25 904 Feb 18 1081 Jan 10
:
75 July 11312 Nov
2312 24
23
2312 24
/ 231s 2312 24
1
4
3
2312 23 4 X2314 2314 0,300 Maytag Co
No pa, 2112 Feb 21. 243
8Mar 6
1712 Aug 3013 Nov
*4112 42
4112 411: 4178 417
8 42
42
411 42
8
413 417
900, Preferred
4
8
No par
41 12Mar 1 4518 Jan 3
4018 Aug 52 May
•871 119
:
*8712 89
*8712 88
871 8712 8712 8712 *8712 88
/
4
800 Prior preferred
NO par 8712 Feu 16 904 Jan 10
5 734 73
8912 Dec 101 May
73
73
73
7312 7233 73
7212 73
73
73
1,300 McCall Corp
No par
7114 Feb 16 80 Jan 22
Feb 80 Dee
56
*106 109
10812 10812 107 10812 *10712 109
10912 1093 110 1117o
4
560 McCrory Stores class A No Ino 1004 Jan 4 1133 Feb 5
4
77 Feb 1097 Nov
s
10533 108
108 10812 108 109
109 110
1093 112% 113 114
4
5.000, Class B
NO par 101 Jan 10 11512 Feb 6
8012 Mar 1193 Nov
4
*117 128 *117 120 *117 120 *117 120 •117 120 *117 120
I Preferred
101 113%
Feb 11812 Nov
*21
22
33
22
*2014 213
4 213 214 2012 2012 203 2012 1.000 McIntyre Porcupine MInes..5 2014 Jan 31 120 Feb 7 109
4
*
Feb 8 234 Jan 5
194 Sept 2812 Maz
73I 74
734 7414 7314 7312 7318 747
7312 75
743* 76
8.003 McKeesport Tin Plate_No pa, 7112 Jan 8 82 Jan 31
6212 June 783 Nov
2
5714 573
4 5612 577
8 5612 57 81 5612 574 56
,
5733 5714 58
5,700 McKesson & Robbins_No pa• 49 Jan 7 59 Mar 4
4518 Nov 503 Dec
4
59
587 59 1 5812 58 2 58
58% 6014 58
,
58% 587 594 3,500 Preferred
2
/
1
51
5714 Jan 18 62 Feb 4
54 Nov 63 Nov
/
1
4
64
*61
.61
62
*61
*61
62
617 .61
617 *61
8
617
8
'Melville Shoe
No par 62 Mar 6 72 Jan 3
s
807 Nov 70 Sept
28
28% 274 28
27
2718 263* 2612 *27
274 265 277
8
8 3,200 Mengel Co (The)
par 2518 Feb 18 344 Jan 4
/
1
2514 July 41 Sept
2512 3612 25% 2512 .2512 2812 *2512 2614 .253 2614 *253 264
4
4
900 Meiro-Goldwyn PicturesPl-27 24 Jan 10 27 Feb 25
No
2412 Dec 274 May
48
49
47
4938 4012 483
8 483 52
8
513 534 523 544 164.000 Mexican Seaboard 011 No par 4212 Feb 11 693 Jan 3
8
2
4% Jan
Dee
472 48% 473 49
8
4
474 503
4 5112 5314 513* 5212 52
5312 147,800 Miami Copper
5 3018 Jan 8 5312 Mar 15 1734 Jan 73 Dee
33
3112 313
3112 324 3212 3312 334 3412 344 35
4 3112 32
44,9001MI i-Cont Petrol
No par 3012 Feb 16 397 Jan 3
8
2518 Feb 4412 Nov
---- ---I Preferred
-100 12014 Jan 18 121 Jan 4 10314 Feb 1204 Dee
3%
34 4
3
378 4 - 8 -- - 23 100 M Iddle States Oil Corp
37
4
.
3 4 Mar 6
10
3
518 Jan 3
23 Jan
8
7 May
/
1
4
234 234
8
27
8 27
23
4 3
27
27
3
3
3
3
2,400 Certificates
10
22 Feb 25
8
312 Jan 3
III Jan
57 May
8
250 25714 24712 250
2433 244
244 248
4
246 24912 250 254
4,800 Midland Steel Prod pref___100 225 Feb 15 26412Mar 2 193 June 295 Nov
*233 2414 24
24
4
233 233
4 232 235* 237 237
8
8
8 235* 24
900 Miller Rubber
par 2212 Jan 5 283 Jan 14
4
1812 Aug 27
Jata
7618 7714 7512 767
7514 78
75 4 7712 7614 773
3
4 7512 774 23,700 Mohawk Carpet Mills.No par 692 Feb 18 8014 Mar 1
No
8
3918 Aug 757 Dee
8
12818 131
12512 1287 1253 12912 1274 12982 1291 1323 1313 1353 175,600 Moot WardArCollICorpNo par
4
8
/
4
8
4
8
120 Feb 16 1567 Jan 2 11514 Dec 15612 Dec
8
64
6
6
6
6
64
6
54 64
64 74 18.600 Moon Motors
par
8 Jan 8
514 Mar 14
frig Feb
1112 May
54 533
514 512
54 512
5
513
54 512 27,200 Mother Lode Coalition_No nar
54
/
1
514
612 Mar 4
No
3 Feb 8
238 Aug
4's May
34
333 3612 35
35
4
35
36
36
35
38
38
4012 19.600 Motion Picture
No par 124 Jan 8 43 Mar 1
5 Mar
147 Dec
8
4 21
2112 213
2114 204 2012 20
2033 2112 223
8 22
2378 11,800 Moto Meter A
par
19 Feb 18 253 Jan 3
4
13 Mar 2434 Sept
*183 186
184 184
184 1863* 188% 190
191 1933* 191 191
1,900 Motor Products Corp_No par 165 Jan 16 206 Mar 1
No
r
94 July 2184 Oct
4334 4412 433* 448
4338 44
438 447
8 444 457
441 453 11.300 Motor Wheel
/
4
8
No par 4212 Jan 7 4712 Feb 4
2512 Jan 5114 Oct
66 66
60
6314 *61
62
603* 6512 6514 66
64
641
3,300,M ullins Mfg Co
No par 60 Feb 18 817 Jan 4
8
6914 June 9514 Oct
94
*9412 96
94
9212 93
*9212 96
•924 96
*924 96
70 Preferred
No par 92 Feb 21 10214 Jan 11
98 Dec 10478 Nov
531s 535
5312 5312 5312 5312 5212 52 2 52
,
5212 56
52
5,100 Munsingwear Inc
52 Mar 14 593 Feb 13
8
4684 Mar 624 May
7512 7612 734 74
724 7412 713 7412 7312 76
8
753 783 92.000'Murray Body
4
8
No par 67 Feb 18 784 Mar 5
o par
/
1
214 Feb 12414 Oct
107 1077 10612 10833 10618 107
*
/ 1065* 1073 10714 1093 10814 1093 53,200 Nash Motors Co
1
4
4
4
41
par 10214 Jan 4 1187 Jan 25
8
801 Feb 112 Nov
/
4
3 36
2
357 371
35 8 3714 35
354 3633 3614 363
4 3612 3741 16,800 National Acme stamped_o lO 2818 Jan 7 394 Feb 28
_
714 Jan 324 Dec
66
678 64% 66% 64
6412 6318 6414 6214 637
6112 657 14.800 Nat Hellas fleas
8
No par 611:Mar 15 71 Mar 1
•108 110
109 109
110 110 *105 110 •108 110 .108 110
200 Preferred
100 109 Mar 11 118 Jan 3
90
/ Jan 11812 Dec
1
4
181 1823 1793 1794 17812 180
4
4
17814 18012 179 1813 179 182
4
10.300 National Biscuit
35 178 Mar 7 205 Jan 4 1594 July 1954 Nov
*14214 145 •143 144 *143 144 *143 144
143 143 *143 145
200 Preferred
100 1413 Feu 20 144 Jan 26 13713 Feb 150
4
Apr
13112 13612 126 1343 1264 130
12712 12912 12918 1317 131 134 322.400 Nat Cash Register A w I No Dar 98 Jan 8 1433 Jan 25
4
8
4
474 Jan I044 Dee.
/
1
12914 13012 128 4 130
3
128 129
12712 130% 1293 1311 131 1323 33.300 Nat Dairy Products_No par 12212 Feb 16 1375s Jan 29
4
/
4
8
644 Jan 13312 Dee
3612 37
36
36
367
36
36
37
3612 37
8 9,100 Nat Department Stores No par 2818 Jan 4 373
3618 367
4Mar 5
217 Jan 3214 Oct
8
.93
94
94
9414 *9414 947
94
94
8
8 9414 944 943 943
8
700 1st preferred
100 9214 Feb 4 94% Mar
91
Jan 102 May
41
8 443* 4812 484 51,2 4412 5512 441 471 188.200 Nat Distill Prod ctfs.....No par 35 Feb 8 5512 Mar 15
4212 407 443
/
4
/
4
14
294 June 5812 Jan
7812 7912 7812 814 80
84 4 85
3
/ 79
1
4
80141 12.700 Preferred temp ctfsNo par 674 Feb 7 8612 Mar 13
8612 7914 85
51 14 June 713 Jam
2
5718 57% 52
7
54
5414 53
*53
53
5418 55
57
55
3.600 Nat &WM dr Stamping____100 52 Mar 11 6214 Jan 9
234 Mar 57 Nov
/
1
4
150 153
150 1513 149 152
4
15214 158
153% 15812z155 157
13,600 National Lead
100 132 Jan 2 15812 Jan 9 115 July 130
Jan
140 140 *140 141 *140 143
, 140 140
1401 141 •14012 143
/
4
50 Preferred A
100 140 Jan 2 14112 Feb 1 139
Jan 14714 May
•118 122 *118 122 .118 122
118 118 •118 1213 •118 122
4
10 Preferred B
100 118 Jan 2 122 Mar 27 11212 Mar 122 July
5612 58
555 573
55 8 58
5
4 5612 587
58
587
8
8 573 593 208.800 National Pr & Lt
8
No par 424 Jan 8 613 Mar 4
8
21% Jan 464 Dee
/
1
*1212 13
1212 , 12
12
12
*12
1214
II% 12
1,500 National Radiator
11% 1118
No par
1018 Feb IS 17 Jan 10
14 July 403 Jan
2
38
36
30
36
*25
334 3318 *30
30
*2512 30
300 Preferred
30
, 30 Mar 15 41 Jan 29
r
No 4
36 Dee 9812 Jan
*120 124 *12014 121
12012 12012 12012 124
123 1243 123 12312 2,300 National Supply
4
1193 Feb 16 144 Jan 2
4
8414 June 146 Dee
*115 116
1153 115 4 •11512 116
4
116 116
3
11512 11512 *11512'
190 Preferred
116
100 11414 Feb 8 116 Jan 15 114 Sept 119
Jam
136 138 *135 138
135 135 •133 137
1361 13612 136 137
500 National Surety
/
4
611 135 Mar 8 155 Feb 1 1383 Dec 160 Nov
4
81
8312 82 4 83
8314 8218 8218 8212 8312 823 8412 8,200INational Tea Co
3
82
2
No par 81 Mar 9 913 Mar 1 o160
8
Jan 390 Dee
5618 58
/ 5612 58
1
4
57
574 5812 5733 583 z5612 593 165,400 Nevada ConsolCopper_No par 393 Jan 16 614 Mar 6
/ 59
1
4
4
8,
4
/
1
174 Jan 423 Dee
/
1
2
/
4
4734 473
48
48
48
484 4812 491 8,200 N Y Air Brake
48
4 471 48% 48
/
4
No par 423 Jan 7 49 Mar 4
2
/
1
4
39
/ Oct 5013 Nov
1
4
484 484 48
4712 48
.4712 48
48
1,200 New York Dock
4712 4712 •47
48
100 4712Mar 12 583 Feb 2
4
47 Aug 0414 Jan
*87
88
87
88
88
•87
87
87
*87
600 Preferred
*87
88
88
100 854 Jan 7 89 Jan 31
85 Sept 95
Jan
•100 10112 •100 10112 *10012 10112 •10012 10112 10012 101
/
1
4
250 N Y Steam pref (6)____No par 994 Mar 1 103 Jan YO
99% 998
984 Oct 10512 May
•113 1131 113 113
113 113
113 113
:
140 1st preferred (7)
11314 11312 11114 11114
No par 11114 Mar 15 1147 Feb 19 102
8
Jan 115
Apr
104 10434 10212 104
102% 1043 1034 1043 10312 1048 26,100 North American Co
102 103
4
8
10 90% Jan 7 10912 Feb 15
58
1 Jan 97 Nov
4
*52
523
4 5218 5218 5212 5212 5212 5212 5212 5212 5218 5212 1,000; Preferred
ao 5134 Mar 5 5414 Jan 9 61/ Sept 551 May
/
4
10112 10112 1013 1013 •100 1013
10112 1017 10134 1013 •I01 102
4
8
8
8
8 1,300 No Amer Edison pref_No par 101 Feu 16 1033 Jan 15
4
99
/ Oct 105 Feb
1
4
/
1
4
58
3,400 North German Lloyd
5912 58
58,
5714 5712 57% 58
8 5714 58
574 58
55 Feb 11 6414 Jan 12
634 June 8912 Nov
/
1
*484 4914 *4812 4914 4812 4812 *4812 4914 4914 4914 4812 493
/
1
230 Northwestern Telegraph___50 4818 Jan 3 493 Mar 15
4
4
48
Oct 65 May
54 5 8
514 514
*514 • 512
3
5% 512
53
4 54
5 4 57
3
5 Jan 7
8 2,100 Norwalk Tire & Rubber-- _10
614 Feb 4
212 Mar
712 Sept
*36
40
*36
40
*36
40
40
*36
40
Preferred
*36
40 •36
100 37 Mar 7 45 Jan 31
33
/ Jan 48 Sent
1
4
*614
714 .614 714 •61 714
'6. 7
*6
7
200 Nunnally Co (The)___No par
/
4
614 614
614 Mar 15
8 Feb 8
63 Dec
4
13 May
•25
254 2518 *2518 2612 *2518 25% 2518 2518 24% 2514 1,000011 Well Supply
26
25 2414 Feb 18 32 Jan 3
Jan
204 June 41
192 102 • •10014 10212 10012 10012 10212 10212 •1004 10212 102 102
70 Preferred
100 10014 Mar 7 1061 Jan 16
/
4
97 June 1104 Jan
*812 g
8
818 8%
9%
8% 9
2,200 Omnibus Corp
*qv: 9
8% 8%
71: Feb 21 107 Feb 28
No par
8
712 Dec 1514 May
*8212 90
•8212 90
*8212 90
*8212 90
*8012 90
Preferred A
•85
90
100 82 Mar 7 90 Feb 28
834 Dec 993 June
2
7912 794 '7812 793
4 7814 787
7814 78 4 784 8114 8012 8212 10,000 Oppenbelm Collins& CONo par 7214 Feb 8 82% Mar 6
,
673 Aug 8812 Jan
4
•23
70 •23
70
•23 ' 70
*23
70
70 .23
*23
Orpheum Circuit, Inc
70
1
18 May 70
Oot
79
76
75
7512 *7512 80
390 Preferred
78
79
*75
79
78
•75
100 75 Mar 11 953 Jan 2
4
75 May 104 Nov
*290 305 .290 300
300 300
1,800 Otis Elevator
300 305 *30014 310
30014 305
50 276 Jan 7 335 Jan 19 14718 Feb 28512 Den
*12214 12412 12214 12214 122 122
122% 122% 12412 12412 *12412 125
200 Preferred
100 122 Jan 8 125 Jan 24 119
/ Jan 1263 July
1
4
4
454 454 4418 45
43% 454 45
8
4714 4612 4814 472 488 67,000 Otis Steel
No par 3714 Jan 2 483 Mar 15
2
1012 Jan 4012 Nov
•10312 105
10412 10412 10312 104
200 Prior preferred
10312 10412 *10312 10412 *10312 10412
100 101 Jan 21 108 Feb 20
8212 Jan 103 Nov
*85
89
*81
90 .85
90
90
*85
90
Outlet Co
*85
90
•85
No par 88 Mar 6 963 Jan 4
4
81 June 9912 Sept
92
93
•91
93
92
3,000 Owens Bottle
923
4 93
92h 92
8
947 x9312 95
25 81 Jan 7 983 Feb 13
4
8
741 Jan 957 Apr
:
3
56% 5612 55 4 563
4 5514 57
43,900 Pacific Gas & Else
567 58.2 573 5818 574 58
2
4
26 53 Jan 2 6814 Jan 31
4318 Feb 5618 Nov
7812 7912 81
834 7912 81
18,100 Pacific Ltg Corp
825 85
8
8014 8212 8118 82
No par 70 Jan 7 85 Mar 13
69 Dec 85 June
/
1
4
3014 3914 *2934 31 30 30 *2918 3012 *2912 31 .2912 31
20 Pacific Mills
100 29 Feb 18 334 Jan 17 .
Oct 3512 Nov
25
1
1
1
11
/
4
1
118
1
Ds
1
118
118 8,500 Pacific 011
1
No par
I Mar 6
112 Jan 10
1 Sept
214 Apr
17514 177 •174 176 •174 176
*17514 177
640 Pacific Telep & Teleg
18814 18814
176 200
100 159 Jan 3 200 Mar 14 145 June 169 Dee
•129
•129
*128
_ _ _ _ 128
__-•131 140 *130
Preferred
/
1
100 1164 Jan 3 129 Feb 27 114
Oct 12512 May
1384 140% 135 1393 1343 137% 1363 1393 138 142
8
4
183:b06 Packard Motor Car
-4
8
1413* 14412
10 12514 Feb 18 153 Jan 2
5614 Feb 163 Dee
43
44
•43
43 4 43
3
4,100 Pan-Amer Petr & Trans_ _50 4014 Feb 18 50 Jan 4
4312 44
45
:
45
431 4512 45
3814 Feb 5512 Nov
43 8 44
5
4312 4412 43
4412 4312 45 8 448 453
8 4514 4612 54,600 Class B
3
ao 404 Feb 10 511 Jan 3 371 Feb 681 Nov
/
4
/
4
/
4
144 1412 *1412 1514 *1412 152 •1412 15
8
300 Pan-Am West Petrol B_No par
*1412 155
15
15
8
1412Mar 8 1712 Jan 3
2
1612 July 283 Apr
9% 10
10
10
93 10
4
10
1133 1012 11
11
113
4 5,200 Panhandle Prod & ref. NO par
912 Feb 16 154 Jan 3
/
1
4
1112 Feb 213 May
*57
•60
*61
65
60% 60% 65
300 Preferred
75
*62
65
100 4712 Feb 25 76 Jan 16
70 Feb 1061/4 may
64% 65% 64 4 67% 6518 66% 6614 68
3
3
6818 70 4 7014 7012 307,600 Paramount Fam Lanky _No par 554 Jan 2 6718 Feb 4
4714 Oct 564 Dee
/
1
7212 7314 *724 7412 72
7318 734 7212 73
6,700 Park & Tilford
8
4 727 727
723
No par 70 Mar 7 87 Jan 14
/
1
4
84 Mar 98 Nov
1214 1212 1218 12% 12
1214 12
1214
1218 1214 24,400 Park Utab C M
1214
12
1 1114 Jan 30 137 Feb 28
1412 Jan
8
9 Aug
1112 124 1112 114 1112 1212 12
4
113 12
1212 117 1214 40,800 Pathe Exchange
No par 10 4 Feb 8 147 Jan 9
3
15 Nov
8
2 Fob
3
23 4 2414 23% 2428 23% 24
24
3,900 Clan A
28
2512 243 25
4
•24
No par 2314 Feb 11 30 Jan 9
812 Feb 34 AtIg
3
4410 454 43% 45 8 42% 4418 43
43 4 434 4414 44
3
444 35,500 Patin° Mines& Enterpr- _ - _20 3412 Jan 7 47
23
/ Jan 42 Apr
1
4
/
1
4Mar 4
"ii
201
ii. "1"
378 i"
- • Bid and asked prices. no sales on this day. s Ex-dividend. a Ex-rights, 0 Ex-dividend and ca-rights.
0 Old stook.
1699
New York Stock Record—Continued—Page 7
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
Mar. 9.
Monday,
Mar. 11.
Tuesday,
Mar. 12.
1Vednesday, Thursday,
Mar. 14.
Mar. 13.
Sales
for
the
Week.
Friday,
Mar. 15.
Per share S per share $ per share $ per share S per share $ per share
/
1
/
1
8 1938 194 185 19
8
19
1912 1858 1912 184 185
185 19
8
/
4
/
4
8
464 4812 485 4912 481 511 50 4 513
/
1
48
/
1
3
4812 484 47
4
107 107 *107 110 *107 110 *107 110
*107 109 •107 109
.94 10
/
1
9
/ 95
1
4
04 912
/
1
8
912 912 *914 10
4914 10
2014 20
/
1
2012 2018 204 20
20
2014
21
2118 2014 21
8812 *87
8818 *87
8812 *87
*88
884 *87
87
87
88
280 28712 *270 288
27413 27514 275 284
266 27014 267 277
/
1
33714 3714 3712 3713 3612 364 364 37
39
361 363
/
4
/
1
*37
4
•160 170 •160 170 *155 165 *150 175 *160 170 *160 180
5014 *49
*49
5014 *49
51
*49
5012 *49
5014 .49
5014
5314 5314 5314 534 533 533
53
8
8 5312 5312
524 524 63
/
1
/
1
/ 293
1
4
8
8
4 275 2812 27
8 283 283
/ 28
1
4
2914 264 2718
291 29
/
4
1712 1778 173 173
17
/ 18
1
4
8
18
18
4 17
/ 17
1
4
/ 18
1
4
1812
*85
*85
90
90
*85
90
*87
*85
90
8912 8912
90
/ 384 383 40
1
4
/
1
8
3812 37
3818 3812 38
x3918 393
8
4 3912 413
253 253
4
253 27
4
4 2512 2512 2512 2512 28
29
30
30
*9514 99
98 100
*9514 98
*9514 99
*9514 98
*9514 98
/
1
8 3312 344 3318 3314 3234 33
/ 33
1
4
33
/ 343
1
4
33
3314 333
4
*83
8418 *81
83
8312 84
*81
81
81
*81
83
83
/
1
4
214 213
214 23
8
2
/ 212
1
4
23
8 2
25
8 2
/
1
4
25
8 3
/
1
4
3512 3512 3512 45
*3513 37
*3512 37
41
4014 43
453
4
4
/ 5
1
4
48 4
7
4
/ 5
1
4
4
/
1
4
/ 5
1
4
47
8 5
5
5
/
4
5212 5314 521 5314 5218 533
4 53 5312 54
5414 58
54
-- ---- ---- ---- ---- ---- ---- ----6
6
.
rtiEl- - 1- -05- - 6/ 2
65
66
*65
7112 67 67
*8712 95
*8712 95
*8712 95
*8712 95
*8712 9412
*8712 95
2612 2612 *26
26
27
*26
26
2612 26
*26
30
26
*69
*68
71
71
*66
69
*67
.66
69
*67
68
69
8812 8812 8712 8812 86
87
9013 9412 02
88
/ 87
1
4
953
4
42
8
43 4 413 44
3
411 42
/
4
413 42
8
4638
427 433
8
4 45
/
4
/
1
•104 10412 1041 1044 *104 1043 *104 1043 10412 10412 10412 1043
4
4
4
70
7114 69
714 72
/ 7018 7014 7118 7014 71
1
4
70
/ 717
1
4
8
5814 59
5812 59
5818 583
4 5812 5913 591 593
8
/
4
4 593 617
8
5618 567
561 57
/
4
8 5618 5812 5612 5712 561 5714 563 58
8
/
4
2018 213
8 2114 2214 2112 214 211 211 22
/
4
/
1
227
8 23
/
4
2312
*76
78
78
79
*77
79
*77
79
79
793
4 793 793
4
4
.19
20
20
20
193 193
4
/
1
4 194 203
4 203 203
8
/
4
8 201 2312
•40
40
40
42
40
*40
42
4012 *40
40
42
41
*63
*64
69
*64
69
69
•64
69
.64
9
*64
69
823 8514 8214 84
8
8414 85
83
/ 8334 8412 8412 853
1
4
83
8
10634 105 4 105 105
3
1053 10534 10614 10614 *105 10612 1053 1053
4
4
4
120 12018 *119 120 *11914 120
120 121 *11914 1223 *11912 1223
4
4
*149 150 *149 1493 •149 1493 1493 150 *150 15014 15012 15012
4
4
4
*10834 1073 10613 1064 10612 10612 *105 10612 *10513 10613 *10512 1064
4
/
1
/
1
4
813 82
8
/
4
813 83
4
/ 811 8418 8318 84
1
4
8312 8314 843
4
83
1614 1614 *15
153 153 *153 1614
4
4
4
/ 16
1
4
8
153 153
4
4 1518 163
2512
244 244 2414 2412 2418 2412 244 25 8 24
/
1
/
1
8 25
/
1
/ 251
1
4
3
11212 11213 11314 11314 11314 11314 *11212 11318 113 113
11212 113
1243 12712 12414 128
8
12512 126
12618 127
/ 127 130
1
4
1281 13412
/
4
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscell. (Con.) Par
50
3,000 Peerless Motor Car
No par
11,500 Penick & Ford
100
10 Preferred
50
300 Penn Coal & Coke
5.300 Penn-Dixie Cement_—No par
100
109 Preferred
100
9,600 People's0L & C (Chic)
No par
1,600 Pet Milk
Philadelphia Co (P1ttsb)___50
50
5% preferred
50
1.300 6% preferred
24,400 Phtla & Read C etc I____No par
6.000 Plzilin Morris & Co.. Ltd__ _10
100
10 Phillips Jones pref
44,400 Phillips Petroleum____No par
5
700 Phoenix Hosiery
100
600 Preferred
11,800 Pierce-Arrow Class A__No-par
100
6001 Preferred
449 464
*5514 5512
36
3712
78
78
*9712 99
1212 1212
•89
90
311 32
/
4
•9312 9414
25
25.700 Pierce 011 Corporation
100
11,700 Preferred
No par
8.700 Pierce Petram
11.300 Pillsbury Flour Mills--No par
100
Preferred
100
900 Pittsburgh Coal of Pa
100
Preferred
100
800 Pitts Terminal Coal
100
Preferred
7.300 Porto Rican-Am Tob el A.100
No par
22.000 Class 13
.
600 Postal Tel & Cable pref. _100
No par
67.200 Posture Co. Inc
25
22.400 Prairie Oil & Gas
25
20.300 Prairie Pipe & Line
No pa
27.900,Pressed Steel Car
100
1.5001 Preferred
6,000,Producers& Refiners Corp5
50
460; Preferred
1Pro-phy-lac-tic Brush __No par
39,300 Pub Ser Corn of N J-_No par
10
500, 6'7 preferred
100
1,500' 74 preferred
100
400 8% preferred
500 Pub Serv Eiec & Gas pref _100
No par
30.700 Pullman, Inc
50
1.700 Punta Metre Sugar
25
15.800 Pure 011 (The)
100
160 8% preferred
23.400 Purity Bakeries
Preferred
70.500 Radio Corp of Amer___No par
50
800 Preferred
71.100 Radio Kelth-Orp el A__No par
10
18,600 Real Silk Hosiery
100
30 Preferred
No par
500 Reis (Robt) & Co
100
700 First preferred
No par
34,800 Remington Rand
100
600 First preferred
100
_
Second preferred
10
Reo Motor Car
53,600 Republic Iron & Steel___ _100
IGO
Preferred
No par
2.800 Reynolds Spring
45,900 Reynolds (RJ) Toy class B.10
446 476
457 46412 460 46912 479 501
505 538
5514 5514 5514 5512 55
55
4
5512 5512 *5512 553
8
/
1
/
1
3618 344 354 347 3812 351 36
/
4
35
3618 3678
763 7812 7612 7712 7612 77
4
7612 7914 7818 823
8
*99
997 *9713 99
8
*9712 99
9714 9714 *9712 99
•125 13
8
*1213 1314 *1213 1314
8
124 125
/
1
8 123 1314
90
91
90
90
488
89
89
89
*88
89
314 311 311 314 311 323
/
4
3112 32
/
4
/
1
/
4
4 3214 323
4
*9312 9414 *9312 94
9414 9414 9414 9414 94
94
*93
___ *93 110
*93
. - *93
__ •93
_
*93---- 320 293 297
8
8
2912 284 287
/ 29
1
/
1
8 284 - -14 29 -- / 2914 -- / 29
1
4
297
8
1
4
92
9438 92
93 4 95
3
937
/ 95
1
4
8 92
9412 964 96
/
1
984
/
1
•111 114 *110 114 *109 114 *110 113 *110 113 4110 113
91 91
/
4
91 93
/
4
4
91 95
/
4
3
/
4
9
/ 93
1
4
91 9
/
4
%
93 10
4
4
5818 583
59
4 58
5714 5814 8734 59
574 5818 5718 59
/
1
*76
78
*76
78
*78
78
*76
10
76
80
76
78
80
290 Class A
55
55
•5412 55
*543 55
4
*544 55
/
1
5514 5512 56
5618 1.000 Rhine Westphalia Elec Pow__
4112 4234 421 4312 4213 45
42
411 417
/
4
8 41
/
4
441.2 453 56.200 Richfield 011 ofCalifornia25
4
35
/ 37
1
4
361 37
/
4
36
373
4 3614 38
No par
37
3814 38
384 41.800 Rio Grande 011
/
1
265 26712 263 268
268 2893 28014 291 3294 297
4
25
/ 293 2973 10,500! Russia Insurance Co
1
4
4
34
35
343 3514 34
8
34
34
3418 34
34
34
3412 4,000 Royal Baking Powder__No par
•____ 10413 •____ 10412 *____ 104
10114 10114 *10114 104
100
102 102
Preferred
200
523 523 *515 5218 5112 511 511 524 52
8
8
8
/
4
/
4
52
5214 5212 2.600,Royal Dutch Co(N Y shares)
78
793
8 754 777
7712 763 7918 78
8 78
10
4
80 8 7814 793 78.8001 St. Joseph Lead
5
4
164 16412 16212 164
/ 16112 1633 16338 16434 1643 166
1
4
4
No par
4
1654 174
/
1
13,5001Safeway Stores
963 963
4
4 96
963
4 9614 0614 *9614 9614 96
100
9614
9812 96
330' Preferred (6)
10334 104
104 1044 10412 10412 104 1044 10412 1043 10412 105
/
1
/
1
4
100
/
1
3801 Preferred (7)
4
4512 471s 4512 4612 45
4512 45
45
45
4618 45
3.700,Savage Arms Corp_ _ _ _No par
/ 46
1
4
3113 324 3214 3312 3318 33
/
1
/ 333 3414 34
1
4
/
4
3412 331 344 25.2001Schulte Retail Stores__No par
4
/
1
106 10614 *107 108 310614 10614 10712 10713 410614 108
100
107 109
4401 Preferred
1912 201
/ 19
4
19
/ 1812 1912 1918 19
1
4
No par
8 19
/ 1812 193
1
4
193
8 5.4001Seagrave Corp
155 15712 15314 156
/
1
4
1521 15513 1523 15412 15318 1564 1565 1603 37.0001Sears Roebuck & Co No par
/
4
4
/
1
8
8
6
/ 7
1
4
63
4 7
No par
63
4 7
6
/ 7
1
4
63
4 6
/
1
4
35.800 Seneca Copper
6
/ 8
1
4
132 134
130 13112 1291 1291 12912 12913 130 1313 13113 13212 2,100 Shattuck (F G)
/
4
/
4
No par
4
*443 4612 54412 4612 *44
4
461
43
/ 43 8 .425 48
1
4
7
44
44
8
300 Shell Transport & Trading_ 72
2612 267
8 264 265
8 264 2718 27
No par
284 2714 2814 28
/
1
287 51.2001 Shell Union 011
8
66
6614 6514 65
/ 6518 864 6614 6714 6712 7054 69
1
4
7218 32.5001Shubert Theatre Corp_No par
93
/ 944 924 93
1
4
/
1
/ 9214 93
1
4
/ 9212 93
1
4
No par
8
9214 934 937 96
/
1
32.5001Simmons Co
1858 1912 184 184 184 l87s 19
/
1
/
1
/
1
10
8 2012 203
2018 2018 201
4 7.700 Simms Petrolem
3818 3814 38
384 3712 38
/
1
3814 393
/ 33834 4138 318,700 Sinclair Cons 011 Corp_No par
1
4
4 3918 39
•10934 11018 •10934 110
1054 10934 110 110
/
1
100
4
1093 1093 *1093 110
4
4
300 Preferred
34
3418 33
3413 344 3514 354 353
/ 3414 34
1
4
/
1
25
/
4
4 3514 351 9,800 Skelly 011 Co
•112 120 *114 120 *113 120 *117 120 *117 121
115 115
400 Sloss-Sheffield Steel & Iron 100
•108 112 *108 112 *108 112 *108 111
100
108 11012 .108 11012
400 Preferred
1312 13
/ •1318 1313 1312 1313 *134 1313 1318 134
1
4
/
1
1312 134
/
1
No par
700 Snider Packing
*43
42
43
45
4312 44
44
8
/ 43
1
4
4412 433 44
433
8 1,000 Preferred
No par
384 3918 338
/
1
384 38
3812 38
381 38
/
4
/ 37
1
4
3812 37
/ 4,100 So Porto Rico Sag
1
4
No par
60 60
591 60
/
4
585 614 59
8
/
4
595 603
8
8 591 6118 12,900 Southern Calif Edison
/ 60
1
4
25
351 *30
•35
363 *33
4
36
*25
38
36
36
35
/ 36
1
4
300 Southern Dairies el A__No par
1312
1214 131 *1212 13
13
123 13
4
1213 1212 134 13
/
1
/ 1,100 Class B
1
4
No par
*115 117
116 115 *115 117 *115 117 *115 117 *115 117
100
200 Spalding Bros 1st pref
434 431 43
/
1
/
4
434 44
44
447
4312 4113 4513 43
/ 45
1
4
6,700 Spans Chalfant&Co IncNo par
•
_ 90
_ 90 *
_ _•
_ 90 •
_ 90 *90
100
Preferred
iii
4
niz ;ii 1112 ;joss ii
lilt iiii 1112 ;ii
ioia 1058
No par
50 Spear & Co
•77
78
77
7718 77
•77
79
79
7718 7714 *77
78
100
100 Preferred
617
s 60 6012 594 60
61
5918 62
63
6118 64
641 24.800 Spicer Mfg Co
/
4
No par
103 10312 105 10614 105 1067
10212 10412 102 103
10412 106
8 6,500 Spiegel-May-Stern C0_N0 par
35
34
34
8
354 345 354 3414 3512 354 36
/
1
336
37
16,500 Stand Comm Tobacco.Ne par
8914 874 88
884 8838 8712 8814 87
8712 89
/ 9012 17.200 Standard Gas & El Co_No par
1
4
/ 89
1
4
651 053
/
4
8 6412 65
6412 65
6412 6412 6412 65
65
65
1,600 Preferred
50
113 113
11212 113
11012 112
113 114
115 116
11912 1193
4 2,200 Standard Milling
100
11614 11614 11612 11612 .11612 119
1 Preferred
11514 11612 116 116 *11614 120
310
100
6612 6878 8914 70
6712 6812 6712 68
/ 72
1
4
/ 89
1
4
71
724 105.800,Standard 01101 Cal_ _No Par
/
1
/ 49
1
4
/ 5018 49
1
4
4
8 4812 49
491 493
/
4
8 483 493
1
/ 5012 50 4 5412 108.500'Standard 01101 New-1
4
Jersey.28
394 39
/ 394 39
1
4
/ 4114 40
1
4
/ 407
1
4
8 40
/ 39
1
4
3912 40
/ 411 89,600 Standard 01101 New York __25
1
4
/
4
41 5
/
4
47
8 514
5
5
5
5
5
54
518 512 4,000 Stand Plate Glass Co__No par
18
1812 *1812 20
19
*19
20
184 18
/
1
•18
/ 19
1
4
/ •18
1
4
801 Preferred
,
100
4812 4918 4818 49
4818 4812 4812 4913 48
/ 49
1
4
484 49
/ 7,600 Stand San Mfg Co__ __No par
1
4
125 138 *125 138
*120 138 *120 135 *120 135 *120 135
1 Preferred
100
33
33
*33
33
33
3312
34
34
34
800 Stanley Co of Amer___ _No par
34
3413 34
1333 1344 134 1347 135 13678 13612 13812 15.200 Stewart
8
4
/
1
1364 13712 134 135
-Warn Sp Corp_No par
6418 677
8 624 6512 64
/
1
68
663
8 66
6412 67
67
67
10,600 Stromberg Carburetor_No par
85
/ 8712 8618 8754 8712 88
1
4
86
/ 8814 8618 87
1
4
/ 8815 89
1
4
/ 27,100 Studeb*r Corp (The___No par
1
4
4
/
1
4
__
•124 125 *12434 125 *1243 _•125 — 125 125 *125
100
410 Preferred
34 - 18
318 314
31 314
/
4
34 3
/
1
4
33 -- / 24.800 Submarine Boat
318 413
3
4 4
1
4
No par
8
59
/ 59
1
4
/ 595 60
1
4
*59
60
*5712 59
60
59
59
No par
61
1,500 Sun 011
10412 10412 *104 10
100
104 104 *104 105 *104 10412 104 104
90 Preferred
412
738 7
/
1
4
818
912 156.400 Superior 011
815 813
No par
8
8
/
1
4
714 7
/
1
4
714 74
/
1
43
43
*41
43
*42
43
4214 43
100
424 43
/
1
4412 473
8 3,200 Superior Steel
17
17
50
1512 1513 *1612 17
164 17
/
1
*1612 17
16
1.200 Sweets Cool America
16
512 1.500 Symington
*54 513
412 5
5
5
5
5
No par
512 512 45
13
13
/
1
No par
134 1312 1312 1313 1313 2,300 Class A
1211 124 1214 1212 13
No par
*1913 2014 *1912 2014 1912 1912 *19
/ 2014 *1912 2014
1
4
200 Telautograph Corp
•1912 20
• Bid and asked prices: no sales OD this day. 8 Ex dividend. a Ex-rights.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share $ per share
1418 Sept 25 Mar
22 Jan 11
/
1
4
/
1
4
553 Feb 28
8
223 Jan 4112 Oct
8
Oct 115 Max
110 Jan 9 103
12 Jan 20
8 Aug 1412 Jan
143 July 31 May
4
27 Jan 5
/
1
75 Sept 964 Apr
94 Jan 22
4
28712Mar 14 1513 Jan 217 Noy
4113 Dec 4614 Dec
45 Jan 3
/
1
4
180 Jan 5 145 Mar 174 4 May
3
45 Mar 49 Aug
/
1
4
484 Jan 11
513 Oct 57 Mar
4
53 Jan 24
/
1
4
273 June 393 Jan
2
34 Jan 8
4
/
1
4
15 Mar 25 May
2314 Feb 26
85 Apr 99 May
9013 Jan 11
3514 Feb 53 Nov
/
1
4
47 Jan 3
21
Oct 38 May
375 Jan 22
8
94 Dec 10314 Feb
100 Jan 6
18
/ Oct 307 Dec
1
4
8
377 Jan 9
8
/
1
4
5612 Oct 74 Dec
861 Jan 9
/
4
12 Mar
514 Apr
3 Mar 15
Oct
1614 Feb 50
453 Mar 15
4
6 Apr
/
1
4
3 Feb
/
1
4
5 Jan 15
/
1
4
/
1
4
323 Feb 58 Dec
4
63 Jan 15
/
1
4
/
1
Jan 1444 Dec
15614 Jan 14 108
/
1
4
3618 June 78 Dec
8334 Jan 9
81 May 10078 Dec
100 Jan 5
26 Feb 38 Dec
344 Jan 9
/
1
6318 Oct 82 Mar
7814 Jan 9
3
3
53 4 July 85 4 Dec
953 Mar 15
4
/
4
2314 Aug 511 Dec
5034 Jan 2
/
1
105 Jan 31 1004 Aug 106 Sept
613 July 13612 May
8
783 Jan 5
8
/
1
4
5912 Dec 64 Dec
65 Jan 2
/
1
4
60 Feb 25
12 Oct
18 June 33
4
233 Jan 2
70 Aug 9313 Oct
80 Feb 28
8
16 Feb 297 Nov
25 Jan 3
/
1
4
41 Feb 49 June
/
1
4
43 Jan 3
52 Nov 91 Pet
823 Jan 14
4
12
4112 Jan 83 De(
944'Jan 31
/
1
8
10814 Feb 5 1033 Jan 115 May
Oct 12913 May
1247 Jan 3 117
8
Jan 150 Mai
14518 Jan 18 150121%1ar15 134
/
1
/
1
10612Mar 11 1094 Jan 28 1064 Dec 11012 Ala
77
/ Oct 94 Mai
1
4
8
805 Feb 18 917 Jan 3
8
175 Dec 347 Jar
8
8
1518 Feb 18 2114 Jan 14
19 Feb 314 Ncet
2314 Feb 18 2812 Jan 3
112 Jan 14 116 Feu 25 108 Mar 119 Juni
8
75 June 1393 Oo
/
1
4
11914 Mar 4 139 Feb 4
105 July 16814 O0c1
8514 Feb 420 Del
333 Feb 18 538 Mar 15
5412 Jan 60 Mal
55 Jan 19 57 Jan 3
3414 Dec 5112 Not
/
1
34 Mar 7 464 Jan 4
/
1
4
244 Jan 60 Des
/
1
8Mar 4
57 Jan 7 843
8012 July 9712 Del
07 Jan 5 10212 Feb 8
15 Del
512 Feb
ills Feb 18 161 1 Feb 1
6114 Feb 8912 Del
80 Jan 7 10812 Feb 6
2312 Jan 3612 Mal
4
29 Jan 24 353 Feb 4
/
1
4
8714 Dec 98 Jun,
9014 Jan 4 96 Feb 4
Jar
8818 Oct 100
/
1
4
9312 Jan 19 99 Feb 19
2212 Jar! 3514 Or
8
2718 Feb 11 317 Jan 3
4918 June 9412 Noi
8Mar 4
791. Feb 8 1007
1087 Jan 7 11512 Feb 27 102 June 112 Fel
8
14 Juu
/
1
4
814 Feb
912 Mar 6 1214 Jan 16
5612 Feb 21 66 Jan 11
76 Feb 20 80 Mar 15 16512 Mar 195 Ma]
50
Oct 61 De
53 Feb 28 64 Jan 2
2313 Feb 58 No,
/
1
4
393 Feu 16 49 Jan 3
4
/
4
333 Feb 21 411 Jan 25
4
/
1
4
226 Feb 18 297 Mar 14 145 June 278 No,
4
40 Dec 493 De
3112 Jan 22 4314 Jan 2
/
1
4
10114 Mar 13 103 Jan 21 10412 Dec 10412 De
Oc
444 Jan 64
/
1
4
/
1
4
49 Feb 19 553 Jan 5
/
4
37 Mar 711 De
82 Jan 7 94 Jan 21
4
158 Feb 18 19514 Jan 4 171 Dec 2013 De
95 Dec 97 De
94 Jan 10 97 Jan 16
102 Feb 16 108 Jan 18 10612 Dec 10612 De
3814 Dec 51 De
/
4
4312 Mar 7 511 Jan 24
35 4 Dec 6712 Ap
3
/
4
29 Feu 27 411 Jan 8
Ap
105 Feb 4 11812 Jan 2 115 Dec 129
17 Jun
/
1
4
10 Feb
154 Jan 2 21 Mar 7
/
1
/
1
4
8218 Jan 197 No
1514 Feb 18 181 Jan 2
/
1
7
/ Or
1
4
Jan
2
8 Mar 15
5 Jan 2
/
1
4
8012 Feb 14014 Or
12313 Jan 8 142 Feb 4
/ Oc
1
4
39
/ Jan 57
1
4
3
43 Jan 25 55 4 Jan 10
8
2314 Feb 393 Ne
25 4 Feb 18 304 Jan 3
3
4
543 June 8514 No
/
4
65 Feb 8 741 Jan 24
8
55 4.11113e 1018 No
3
9012Mor 7 116 Jan 31
/
4
181 Feb 274 No
/
1
4
1814 Mar 8 23 Jan 3
4
17
/ Feb 463 No
1
4
36 Feb 8 45 J811 2
Oc
10912 Jan 10 111 Jan 29 10212 Jan 110
25 Feb 4258 No
32 Mar 7 40 Jan 22
/
1
4
11412 Feb 15 125 Jan 19 102 June 134 Fe
105 Jan 2 112 Jan 18 10412 Oct 123 Ms
Ap
11 Dec 20
12 Jan 2 1614 Feb 5
Ja
31 Nov 60
33 Jan 3 5(112 Feb 6
8
3212 Feb 493 Ma
/
1
4
37 Mar 15 44 Jan 2
/
1
4
/
1
4
4312 Jan 58 No
534 Jan 4 6813 Jan 31
/
1
/
1
4
2413 Jan 60 Ma
3512 Feb 16 42 Jan 2
At
Jan 30
9
8
117 Mar 4 153 Jan 12
4
Al
Jan 120
115 Jan 2 117 Feb 6 109
/
1
4
26 July 57 De
4014 Feb 8 5214 Jan 3
Oct 100 Au
97
96 Jan 22 97 Jan 17
1014 Nov 20 Fe
4
104 Mar 4 1.43 Feb 4
8
761 Nov 923 Fe
/
4
76 Mar 4 8012 Jan 2
2313 Jan 5158 De
4
45 Jan 7 663 Mar 1
6512 Sept91 Nc
8
7714 Jan 15 1177 Feb 6
24
Oct404 No
/
1
4
31 Feb 18 43 Jan 11
/
1
4
577 Jan 84 De
8
/
1
4
82 Jan 8 99 Jan 31
64 Dec 7112 Ma
/
1
4
644 Mar 6 67 Feb 4
/
1
4
Jan 142 Di
11012Mar 13 16314 Jan 18 100
97 Nov 115 De
113 Jan 2 133 Jan 12
53 Feb 80 Nc
64 Feb 18 7312 Jan 5
3
37 Feb 59 4 NC
/
1
4
48 Feb 18 5512 Jan 3
2834 Feb 4512 Di
/
1
4
38 Mar 7 45 Jan 2
7 8 Fe
7
214 Jan
9 Jan 21
/
1
4
41 Jan 2
/
4
Fe
Jan 40
10
17 Jan 3 31 Jan 18
3
34 June 53 8 Di
4618 Jan 4 54 Jan 29
Oct1263 Ms
4
11812 Jan 15 135 Mar 4 118
35 Dec 693 Bel
33 Mar 13 4314 Jan 3
4
774 Feb 12818 DI
12112 Jan 3 145 Jan 22
44
Jan 99 Di
/
1
3524 Jan 11 924 Jan 9
/
1
Jan 8712 0
57
77 Jan 5 98 Jan 26
4
1243 Jan 2 125 Jan 18 12112 Feb 127 Juz
614 Mt
3 Feb
3 Feb 27
412 Mar 14
3112 Jan
77 Nc
57 Mat 6 6812 Jan 10
/
1
4
Al
Jan 110
100 Jan 3 10512 Jan 8 100
144 Ne
2 Feb
12
7 Feb 16 12 Jan 3
18
Jan 564 Nc
38 Jan 2 4814 Jan 21.
/
1
111 Feb 2312 Sel
/
4
15121Mar 11 20 Jan 24
4 Aug
7 Jan 14
/
1
4
412 Mar 12
7 Ms
10 Aug
4
1214 Mar 11 163 Jan 14
194 Al
/
1
1514 Jan 225 Ms
8
1914 Feb 8 22 Jan 4
$ per share
1712 Jan 14
38 Jan 2
10412 Jan 4
9 Jan 30
20 Feb 27
8612 Jan 8
208 Jan II
3612Mar 13
159 Jan 2
48 Jan 15
/
1
4
527 Mar 9
8
2518 Mar 15
1638 Feb 16
8814 Jan 17
374 Mar 8
2512 Mar 12
'98 Mar 13
4
283 Jan 3
7212 Jan 2
214 Feb 8
30 Jan 8
4 Feb 11
/
1
4
517 Mar 6
8
143 Jan 2
6212 Feb 16
8718 Feb 20
26 Mar 12
70 Jan 29
77 Jan 11
36 Jan 4
103 Jan 7
6814 Feb 18
58 Jan 30
534 Jan 14
/
1
195 Feb 18
8
7412 Feb 16
1814 Feb 16
3814 Fen 20
6018 Jan 7
813 Jan 8
8
104 Jan 5
119 Jan 8
1700
New York Stock Record-Concluded-Page 8
For sale. during the week of stock. not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sattsrday,
Mar. 9.
Monday,
Mar. 11,
Tuesday,
Mar. 12.
Wednesday, Thursday,
Mar. 13,
Mar. 14.
Friday,
Mar. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. I.
On basil of 100
-share lots
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
Lowest
Highsat
$ per share 5 per share 3 per share 3 Per
share 5 Per share $ Per share Shares Indus. & Miscel. (Con.) Par S per share $ per share $ per
share $ per shari
184 1813 183 187
2
2 1814 1852 1814 1852 1814 1812 184 187g 10,900 Tenn Copp &
/
1
Chem_No par
1712 Jan 25 20 4 Feb 6
3
593 6012 59
2
1012 Jan
19 De41
/
1
4
60
587 59
2
/ 60
1
4
614 611 63
/
1
/
4
64
63
71,300 Texas Corporation
25 5714 Feb 21 68 Jan 2
73
734 724 73
/
1
50 Feb 74 Nov
/
1
4
7214 73
7214 7312 723 74
4
7312 7412 25,800 Texas Gulf
_ __No par 7214 Feb 18 82 Jan 3
2014 20 4 201,2 213
3
6212 June 8212 Nov
2 2012 2114 20 4 213
3
211 17,700 Texas Pacific Coal &011
21
/
4
2 2052 2114
Sulphur10 1614 Jan 25 22 Feb 28
1812 1852 1814 1812 18
/
1
4
1212 Mar 265 Nov
8
183
4 1812 193
2 183 1912 183 20
4
2
21,000 Texas Pac Land Trust
1
1772 Feb 16 2412 Jan 17
1712 18
20 June 303 Apr
4
•1718 18
17
17
17
17
1612 17
1712 174 3,000 Thatcher Mfg
No par 1612 Mar 14 27 Jan 3
35
41
22
41
Jan 3912 Ma,
41 '40
41
*40
41
"40
42
41
41
1,700 Preferred
No par 35 Mar 9 48 Jan 5
4214 43 2 424 4312 4212
/
1
4
45
3
Oct 53 June
/
1
4
43
43
434 423 4432 4212 44
/
1
4,800 The Fair
4
No par 4212Mar 8 5172 Jan 15
'107 109 4 "107 1093 *10712 10914 1093 1093
34
3
Jan 5212 Dec
4
4
4 108 108 *108 110
70 Preferred 7%
100 10412 Feb 26 110 Jan 2 10412 Jan 11414 Oct
*4912 50
4914 50
49
49
48 4 48
3
/ *4812 50
1
4
4812 484
600 Thompson (J R) Co
25 4812Mar 15 82 Jan 12
1812 187
5614 June 713 Jun*
2 183 184 1832 183
2
/
1
4
4 1852 193
2 184 1952 1912 20
/
1
34,800 Tidewater Assoc 011__No par
1712 Feb 8 22 Jan 3
89
1434 Feb 25 Sept
89
8812 8812 884 88
/
1
/ *8712 8812 88
1
4
/ 88 z86
1
4
86
/
1
4
800 Preferred
100 86 Mar 15 90 Jan 2
30
30
811 Mar 9134 Dec
/
4
2914 2912 30
30
30
31
32
333 233
2
3312 2,700 Tide Water 011
100 2712 Feb 1 3752 Jan 3
*9012 9112 *9012 9112 9014 9014 9014 9014 •9014
194 Mar 4112 Dec
/
1
9112 90 2 90
3
600 Preferred
/
1
4
100 9012 Feb 25 9712 Jan 17
863
4
801 804 7912 80
: /
1
/ 7952 80 4 80
1
4
3
8212 82
8234 8112 83
/ 23,300 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3 1124 July 10014 Dec
1
4
9512 98
/ Mar 154 Nov
1
97
98
96
964 95
/
1
973 __ ____ ____ ____
4
3,400 Tobacco Products Corp
100 92 Feb 19 102 Jan 11
/
1
4
1064 10812 10812 109 8 108 109
93 Aug 11812 Ape
5
10914 11014 ----------------4,100 Class A
100 10414 Feb 11 112 Jan 3 1097 Aug 128 Feb
•1712 1972 *1712 20
2
*174 20
*1712 20
*1712 20
"1712 20
Dividend certificates A _--- 16 Feb 18 18 Feb 13
•1612 21
19 Aug 25 4 Jan
3
*1612 21
*1612 20
*1612 21
*1612 21
*1612 21
Dividend certificates,B
173 Jan 22 19 Jan 14
2
19 Aug 24 JIM
1652 1652 *1612 21
*1612 20
*1612 21
*1612 21
"1612 21
100 Dividend certificates C -_
16 Jan 18 1912 Jan 15
19 Dec 23 AU'
94 9 4
3
912 9
/
1
4
9
/ 10
1
4
9
/ 94
1
4
3
9
/ 10
1
4
912 10 2 47,200 TranseTI Oil tern ett__No par
3
9 Fen 26 13 Jan 2
1412 Nov
51
6 June
/
1
4
51
50
5012 49
49
4812 513
2 514 5238 51
517
2 4,900 Transue & Williams St'l No par 41 Feb 28 523
2Mar 14
4414 Dec 5912 Feb
*4012 4114 40
4012 3912 40
3952 40
4114 42
z413 4812 53,900 Trice Products Corp___No par 383 Feb 18 4812 Mar 15
4
4
26
324 June 444 Sept
/
1
2612 25
/
1
2512 25
25
24
2412 241g 25
254 2512 3,400 Truax Truer Coal
No par 2312Mar 1 311 Jan 23
/
4
'53
54
52
/ 5312 53
1
4
53
•52
54
*52
5212 1,200 Truscon Steel
5212 '52
10 5012 Feb 8 615 Jan 3
8
5514 Nov 63 Dec
/
1
4
106 108
10212 105 z102 107
1073 11134 11014 11512 113 11614 35,400 Under Elliott Fisher Co No par 91 Jan
4
7 11614 Mar 15
63 June 9378 Dec
*125 126 *125 126
_ _ *125
__ *125
___ •125
Preferred
100 125 Jan 5 125 Jan 5 119 Mar 126 Apr
36
36
*3412 36 '125-,12 *34 -*34
3i
35
35
34 343 3912 3,900 Union Bag & Paper Corp 100 34 Mar 8 43 Jan 14
4
30 Dec 49
/
1
4
210 2144 212 21712 214 2183 215 217
/
1
4
21514 21714 21514 219
93,600 Union Carbide & Carb_No par 19612 Jan 7 227 Feb 5 13612 Feb 209 Feb
/
1
4
4914 494 4914 4914 48 2 49
Nov
7
494 5012 493 504 5012 5114 6,700 Union 011 California
4
25 46 Feb 20 5214 Jan 19
141 144
423 Feb 68 Nov
4
142 146 *14014 144
141 141
14134 142
14014 144
2,600 Union Tank Car
100 1217 Jan 15 15014 Feb 20 110
2
*474 48
Oct 12814 Ma,
45
/ 4612 45 4 46
1
4
3
4514 453
4 44
/ 453
1
4 48
4
5112 6,000 United Biscuit
No par 443
4Mar 14 534 Jan 14
3412 Apr 57
0c1
___ "122
__ *122
__ "122
___ 122
__ 122
_
_
Preferred
100 120 Jan 10 126 Jan 24 11214 Mar 135
*12222
Oct
26
24 -2
24 25
6
2314 24
2314 -2312 23 -- - 39:500 United Cigar Stores
233
4
10 22 Mar 9 2712 Jan 11
22 Aug 345 Feb
/
1
4
•100 101 "100 101
8
10014 10012 *100 10114 10112 1014 '100 10112
200 Preferred
100 10012 Fob 26 104 Jan 2 103 2 Dec 11412 API
7
513 5212 5014 514 50
2
/
1
544 53
56 . 56
57
/ 543 565g 75.800 United Electric Coal___No par 487 Mar 5 814 Feb 6
1
4
2
2
5814 Oct 8912 De(
140 141
13814 140
138 1383 140 14012 140 141
2
141 14112 5.700 United Fruit
No par 138 Mar 12 15812 Jan 31 13112 June 148 Nov
22
2338 21
2112 20
21
•20
2112 18
20
19
19
2.800 United Paperboard
100 16 Jan 7 263 Jan 22
2
1612 Dec 27
/ Apr
1
4
•
7313 7814 *7313 784 *734 7812 *7312 7812 77
•77
78
7812
400 Universal Leaf Tobacco No par 7312 Feb 8 8112 Jan 23
60 2 June 8752 Nov
3
8812 8812 88
88
884 8812 '88
8812 8814 8812
8812 *88
139 Universal Pictures let pfd_100 8614 Feb 13 93 Jan
174 logs 19
2
9114 Nov 100 Fet
20
1814 194 18
187
4
2 1814 183
4 184 183 24,400,Universal Pipe & Rad_No par
16 Feb 18 2214 Jan 2
52
154 June 357 Oct
/
1
2
"9814 100
*9814 100
*9814 100
*9814 100
*9814 100
*9814 100
I Preferred
100 9814 Feb 6 10013 Jan 9
87 Sept105 Dec
/
1
4
/
1
4
434 444 42
/ 434 42
1
4
4314 42
45
/
4
52 444 4612 454 511 83,3001U S Cast Iron Pipe & Fdy__20 38 Feb 1
5152 Mar 15
38 Dec 53 No'
*1818 183
4 1812 1814 *1814 1812 183 183
2
2 1812 1812 1812 19
9001 1st preferred
No par
18 Feb 2
19 Jan 11
18 Nov
•19
1912 Nov
1912 19
19
•19
1912 1912 194
194 194 1912 1.0001 Second preferred_ _No par 187 Mat
2
1952 Feb 8
1812 Nov
1914 De(
144 1414 144 1414 1412 1412 144 1412 1912
1412 15
1512 5,400 U 8 DIstrib Corp
15
No par 14 Feb 1
17 Jan 3
/
1
4
1312 June 2014 Jac
*74
75
74
74
7114 7114 73
73
*73
7312 7312
5001 Preferred
75
100 7114 Marl
804 Jan 3
*4222 43
75
Oct 903 Jac
4214 4212 4212 4212 41
2
417
2 4112 411 411 4214 2,000,U S Hoff Mach Corp-No par 41 Mat 1
/
4
/
4
497 Jan 2
2
41 Dec 583 Jac
2
14111 142
/ 1383 1413 13814 14138 1404 142
1
4
2
2
14112 14432 14234
/ I8,201U S Industrial Alcohol
1
4
100 128 Jan 1
1547 Jan 25 10212 June 138
2
Ool
•124 4 12514 *12514 12612'12512 12612 *12512 12612 "12512 12612.12512 144
3
12612
Preferred
100 12414 Jan
12572 Jan 4 1184 Sept125 Nov
/
1
/
1
4
2512 25
/ 244 254 24
1
4
2412 23
24
2312 2412 25
26
8,4001U S Leather
No par 23 Mar 1
3512 Jan 14
22
Jan 51 May
50
5012 350
5012 50
5014 "35
50
4612 4612 47
/ 5012 2,200 Class A
1
4
No par 4612Mar 1
614 Jan 14
/
1
52
Jan
72 AN
*10012 10212'10012 10212 *10012 10212 *101 1024 101 101 "10014 102
100 Prior preferred
100 101 Mar 2 107 Feb 1 100 Dec 10912 May
/
1
4
91
927
2 9012 914 91
911 90
/
4
91
93
9012 92
91
9,300 US Realty & Impt____No par 81 Jan
11912 Feb 6
6114 Feb 93 8 May
5
58 2 61
7
57
5952 5812 5852 58
60
5912 61
6114 623 175.400 United States Rubber
4
100 42 Jan
64 Mar 4
27 June 63
14 Jac
8614 8714 87
8812 87
874 87 8712 87
90
8914 89
9.300
1s1 preferred
100 77 Feb 1
9212 Jan 16
55 July 1093 Jac
2
66
67
6552 6613 6514 65
/ 651: 6614 65
1
4
/ 664 664 673
1
4
/
1
2 8,000 U S Smelting. Ref & Min_ 50 611 Jan
/
4
3
70 4 Jan 11
3912 Feb 7112 Nov
55
52 557
2 55
55
*5412 56
*5412 554 *5412 55
/
1
5512 554
300 Preferred
50 543 Feb 1
4
Jan 3
58
51
Jan 58 De(
18512 187
18012 185
180 183
/ 182 1853 1843 188
1
4
52
18714 190 4 610,700 United States Steel Corp
4
2
3
15712 Jan
19372Mar 1 1323 June 17212 Nov
2
143 143
1434 143
/ 14314 1434 14312 1434 14312 14312 14312 143
1
4
/ 5,200 Preferred
1
4
100 141 Feb
14414 Mar 1 1385s Jan 14714 Am
'99 101
9914 9914 9814 99
"98
99 .98
98
99
98
600 US Tobacco
No par 9712 Jan
1093 Jan 30
4
86 June 120 Oct
*140 ___ *140 ____ "140
__ *140 ___- 140 140
141 141
30 Preferred
100 136 Mar
141 Mar 15 1274 Jan 139 Jun(
"320 350
335 335 z330 350 "340 350 •335 350
350 350
50 Utah Copper
10 264 Jan
350 Mar 15 139
Jan 273 Dec
4412 4532 444 464 44
4514 4412 4512 444 4514 4414 453 33.400 Utilities Pow & Lt A.
2
-No Par 40 Jan
49 Jan 30
12
281 Feb 45 4 May
:
104 1012 1038 1112 1052 107
3
2 1012 1012
1012 1012 10 8 1052 7.500 Vadsco Sales
3
No par 10 2 Feb 2
3
134 Jan 21
75 75
75
75
"75
77
•75
78
"75
774 •72
3001 Preferred
77
100 70 Feb 25 82 Jan 16
104 105
10252 105 4 103 1043 103 106 4 105 108
3
4
3
/ 10612 1083 31.600 Vanadium Corp
1
4
4
No par 95114 Jan 7 11612 Feb 8
60
Jan 11112 Nov
29
29
28
28
27
27
27 27
.26
29
30 .28
80& Van Raalte
No par 27 Mar 12 35 Jan 17
7
/ Jan 4072 001
1
4
0
6812 70
6812 6812 '69
70
70
70
*69
70
70
70
370 lst preferred
100 60 Jan 2 7214 Jan 17
437 Jan 78 Nov
2
87 87
904 8812 89
88
/ 8814 887
1
4
2 8818 8812 88
89
/ 9,100 Vick Chemical
1
4
No par 82 Jan 4 944 Jan 16
58
Jan 85 Dec
168 17312 170 175
168 1723 1714 178
4
17512 1783 182 182
4
7,000
/
1
524 Jan 1584 Nov
/
1
*114 11412 114 11412 114 11412 11414 11414 1144 11414 11312 11312 5,700 Victor Talk Machlne___No par 143 Feb 18 182 Mar 15
7% prior preferred
100 110 Mar 1 11414Mar 13 10112 Jan 1121, Dec
19
19
/ 1812 1914 1812 1912 1812 183
1
4
4 18
18
/ 194 9,000 Virg-Caro Chem
1
4
/ 19
1
4
/
1
No par
1814 Jan 8 24 .11112 28
/
1
4
12 June 2034 Nov
55
/ 557
1
4
2 5312 544 52
/
1
/ 54
1
4
53
54
5412 5412 2,400 6% Preferred
53
53
100 523 Mar 12 6512 Jan 28
4
44 2 Jan 6414 Nol
5
904 9112 '91
95
"92
9214 9214 •91
95
93
93
93
400 7% Preferred
100 9014Mar 9 9712 Feb 4
881 Jan 9912 Nol
:
•107 109 *107 109 '107 109 '107 109 *10712 109
107 109
Virg Elec & Pow pf (7)____100 107 Feb 21 109 Feb 18 1061 Dec 1144 Apr
:
•48
52 .48
52
52
*48
"45
50
*45
*45
50
50
Virg Iron Coal & Coke pf__100 45 Feb 27 48 Jan 29
47
Oct 62
/ Jac
1
4
Vlvadou (V)
No par
13 Jan 16 15 Jan 4
113 June 25 2 Jar
4
3
Preferred
100
78 June 100
iii ig
Jar
. iii 15
. ;Hi 1 8
s /. ;ilia - . ;
fa
:
5 •727 703* 2 fti
Vulcan Detlnning
100 50 Jan 16 89 Feb 20
221: June 74 Nol
"103 110 "103 110 .105 108 *105 108 *105 108
105 105
10 Preferred
100 91 Jan 4 105 Mar 15
74 June 99 Sept
*100 110 "100 110
7712 7712 77
75
75
75
774 75
200 Class A
100 40 Jan 2 80 Feb 19
1912 June 48 Nol
/
1
4
23 2312 227 2312 227 2312 2212 23
2
2
23 14 24
24
2412 26,900 Waldorf System
No par 2212 Feb 18 2712 Jan 3
1912 Jan 2814 De(
35
/ 37
1
4
36
/ 383
1
4
4 374 3852 37
/ 42 2 411 434 414 433 99,300 Walworth Co
1
4
7
/
4
/
1
4
No par 234 Jay 8 43 4Max
3
1412 Aug 264 Sep,
/
1
55
58
4312 4612 444 45
50
49
5512 59
4514 4612 1,070 Ward Baking Class A No par 4312 Mar 13 843 Jan 15
4
70 Dec 123 Fel
17
I37 1412 1234 134 13
1314
134 13
52 1312 13
/ 1312 1372 11,600I Class B
1
4
No par 12 Feb 19 2114 Jan 16
/
1
4
1514 Dec 2952 Jaz
"83
89
80
7614 7614 7712 7712 77
77
/ 77
1
4
/ 7714 78
1
4
1,000 Preferred (100)
No par 7614 Mar 12 8712 Jan 15
77 Dee 971 Jar
:
11714 11832 116 1177 114 2 11614 1147 11612 11514 1211 1193 12314 75,600 Warner
4
2
5
/
4
4
Bros Pictures_No par 11452 Mat 12 134 Jan 21
80 Aug 13914 Sep
/
1
4
534 53 2 5212 5314 5212 5212 524 5212 53
3
/ 537
1
4
5414 53
2 2,900 Preferred
No par 5212Mar 11 594 Jan 22
511 Dee 5714 De
/
4
35 3552 3512 35 2 z35 2 36
3
36
7
3814 3712 3814 3814 3914 23,000 Warner Quinlan
No par 33 Feb 19 424 Jan 2
/
1
4
/
1
26
Feb 447 Oo
2
'145 148
14212 143 •142 14312 142 142
141 145
1454 145
/
1
/ 2,700 Warren Bros
1
4
No par 141 Feb 18 170 Jan 2 140 June 19212 Ap,
'50
51
•51
52
5012 5014 '50
"50
52
*50
52
52
30 First preferred
50 48 Feb 15 52 Jan 8
/
1
4
4914 Nov 61
AP
2412 2472 2312 24
/ 23
1
4
2312 2212 2312 23
23
22
2212 4.000 Warren Fdry & Pipe___No par 22 Mar 15 344 Jan 3
13 June 367 Oe
2
74
/ 744 *733 74
1
4
/
1
4
73
74
73
73
7313 7312 *73
7314 1,900 Weber & Hellbr
No par 72 Mar 7 84 Mar 5
5912 June 823 Do
4
*9712 101
*9712 101
100 100 "100 10012 *10012 101
*98 10012
100 Preferred
100 98 Feb 8 101 Feb 11
98 Dee 103
Jai
464 4612 45
/
1
454 4512 4512 4512 453 46
46
4
z453 46
2
4.200 Wesson 011 & Snowdrift No par 45 Mar 11 48 Mar 7
87 Nov 110 De
71
7212 7211 7212
7212 7212 7212 7212 724 724 7212 7212 5.000 Preferred
No pat' 71
2
4
213 220
/ 2083 21412 208 21112 209 2121 2091z 2133 210 21412 52,700 Western Union Telegram_100 1793 Mar 9 7212Mar 9 1053 Dee 1083 No
1
4
4
/
1
4
/
4
4
4 Jan 2 2203 Mar 9 13911 July 201
4
00
504 51
5012 523
5212 53
2 50 4 52
/ 37,000 Wstnghse Air Brake_ No Pa
1
4
/ 5212 5312 5212 53
1
4
3
454 Jan 24 6412 Mar 2
4212 June 574 Jai
/
1
152 155 214912 15212 1504 15314 15
/
1
4
2 15 / 15413 15614 15612 15812 79,400 Westinghouse Elec it 41
4
:
Mfg-50 1371 Jan 15 16612 Feb 4
8812 Jan 144 No
,
'14714 149 '145 147
14812 149 *146 150
148 148
150 150
50 1s1 preferred
50 132 Jan 2 159 Feb 4
95
/ Jan 139 No,
1
4
25
254 24
/ 2514 2414 25
1
4
2814 2732 2811 27
25
273 17,300 Weston Elec Instruml_No par 22 Jan 28 28 12Mar 14
2
1212 Jan 2812 Jun,
*3412 35
*3413 3452 *3412 35
"3412 35
344 344 *3412 35
100 Class A
No par 3312 Jan 7 3514 Jan 18
303 Jan 404 Ma:
4
10412 105
1044 106 "105 106 *105 107 *105 106 '105 106
130 West Penn Klee el A
No par 104 Jaa 5 110 Feb 1 103 June 112
Ap
10734 1083 10814 109
4
10814 10812 108 108
108 108
108 109
110 Preferred
/
1
4
100 '10614 Mar 6 11114 Jan 17 10712 Oct 1154 AP
974 974 •___ 9712 •__- 97
965 9652 97
2
820 Preferred (6)
9712 97
97
100 9652 Mar 13 102 Jan 17
9812 July 1041: Ap
•11434 1153 11434 1143 115 115 *1143 116 *115 116 *115 116
4
4
4
30 West Penn Power pref
100 113 Jan 8 115 4 Jan 11 11312 Oct 118 Jun
3
10814 10814 1084 10812 1083 1088 1083 1083 108 1083
2
2
2'1084 109
2
/
1
4
4
120 67 Preferred
100 10714 Jan 9 11012 Jan 16 103 June 113
Jal
•34
56
54
54
5312 54
*5314 56
*5314 55 '534 55
700 West Dairy Prod el A_ _No par 5312 Mar 12 593 Feb 5
4
5212 Dee 78
AP
2814 2814 28
294 27 2 2812 2812 287
7
281 2:100 Class B
/
4
2 2814 2812 28
No par 26 Jan 10 344 Feb
/
1
Ap
203 Jan 49
2
36
3614 357 36
4
35
/ 36
1
4
3672 364 3712 7.700 WhiteEagle011&Refg_No par 3014 Jan 30 38 Feb 5
35
/
1
/ 3612 36
1
4
25
204 Feb 38 No
504 514 49
5012 *49
49
491
5112 5238 28,300 White Motor
52
514 53
No par 4032 Jan 3 5312Mar 2
3014 Feb 43 Jun
/
1
4
45 4 46
3
45
45
*4412 45
4612 4714 2,000 White Rock Min Sp ctf
46
4512 45
45
50 43 Jan 2 487 Jan 8
,
4
344 Jan 497 No
36
36
36
4 35
334 358
36
35
343 344 331 3412 6,000 White Sewing Machine_No par 334 Mar 12 48 Jan 2
2
/
1
:
334 June 52 De
/
1
4
*
$34 534 534 5312 53
53
53
5314 534
53
53's 53
800 Preferred
No par 53 Mar 12 57 Jan 15
/
1
4
6184 Aug 68 De
24
247, 23
/ 2414 2412 2513 25
1
4
27
50,700 Wilcox 011 & Gas
27
2612 267
2 25
No par
1912 Jan 7 29 Feb 6
/
1
4
174 Dec 2212 No
297 303
2 2952 304 293 30
4
2
/ 3014 2952 30
/ 29
1
1
4
4
/
4
2
/ 303 311 64,000 Willys-Overland (The)
1
4
5 29 2 Mar 12 35 Jan 3
3
173 Jan 33 De
4
99
/ 997 •99 100
a
1
4
*99
994 99
*99 100
*99 100
99
200 Preferred
100 98 Mar 4 103 Jan 3
/
1
4
92
/ Jan 10412 De
1
4
1112 1112 114 111 *1112 1112 1118 1112 11
11
1,500 Wilson & Co Inc
114 11
No par
11 Mar 14 1312 Jan 23
Oct16 Fe'
11
224 223
4 2212 23
20
/ 22 4 --__
1
4
3
213*' 211 211 22
/
/
4
4
-3,800 Class A
No par 20 4 Mar 12 27 Jan 21
3
22
Jan 35 Ma
66
6612 66
66
67 671 6618 /
4
67
*67
6812 1.100 Preferred
6714 68
100 68 Mar ,8 79 Jan 23
/
1
4
6314 Oct77 Fe
1994 201
1965 199
2
3 19513 19714 19512 19712 1964 200
20014 207
/ 22.700 Woolworth (F W) Co
1
4
25 19512 Mar 13 22214 Jan 3 17512 Feb 225 No
/
1
4
•54
55
54
55
54
5412 54
5512 54
55
54
/ 544 2,500 Worthington P dr M
1
4
/
1
100 471 Jan 7 6412 Feb 6
:
Jan 55 No
28
*79
85
85
85
*80
85
*80
8412
85
200 Preferred A
8412 841 *82
100 8212Mar 8 924 Jan 23
464 Jan 93 No
7713 7712 7712 77
*70
77
76
"70
*72
"70
76
76
300 Preferred B
100 76.2 Jan 31 82 Jan
41
Jan 80 No
270 273
264 268
259 264
274 2803 16,600 Wright Aeronautleal___No par 253 Feb 18 299 Feb 11
26012 266
4
266 275
5
69 Feb 289 No
75
757
77
77
76 4 763
3
4 764 76
/
1
763
/ 76
1
4
4 753 Mg
1.600 Wrigley(Wm Jr)
4
No par 734 Jan 2 80 2 Jan 30
7
68 July 84 Au
68
/ 68
1
4
/ 268
1
4
68
6714 6714 '6714 68
66
6714 67
800 Yale & Towne
/ 66
1
4
25 613 Feb 11 6812 Mar 8
4
6112 Nov 8412 At
41
413
40
411
3932 41
39
/ 4152 411z 44
1
4
/
1
/ 4412 464,173,700 Yellow Truck & Coach el 13.10 354 Feb 1
1
4
4612 Mar 15
27 Feb 57 No
/
1
4
/
1
4
80
80
82
82
•81
90
"83
8712 *84
8712'
871 *84
200 Preferred
100 80 Mar 8 91 Jan 8
At
83 Nov 96
5812 5813 5712 58's 5714 5812 574 58
25812 60
5852 59
4.200 Young Spring & Wire_No par 5312 Jan 8 623 Feb 6
/
4
453 Dec 561 No
2
4
109 109
10814 109
110 110
111 11312 112 1133 11612 122
2
17,000 Youngstown Sheet & T _No par 105 Feb 19 122 Mar 15
834 June 11516 De
•Bid and liked prim: no Wee on Slils days z Ex-dlvldends
a Ex-rights. • No Dar value.
p Ex-rights.
1701
New York Stock Exchange—Bond Record Friday, Weekly and Yearly
/an. 1 1909 1k. Exchange method of quoting bonds was changed and prices ars nom "and interesr—except for ineonse and defaulted bonds.
11i,,.•
BONDS
9
.
:9
N. Y. STOCK EXCHANGE. 'rE
.....3.
Week Ended Mar. 15.
Price
Friday.
Mar. 15.
Week's"
1-1
Range or
,
Last Sale. coc
Range
Since
Jan.l.
9.
.93
BONDS
N. Y. STOCK EXCHANGE. z...
-,e,
Week Ended Mar. 15.
Price
Friday.
Mar. 15.
Week's
Range or
Lag Sale.
g1
,
alt
Range
Sines
.1011.1.
High
High No. Low
Ask Low
Bid
High
Cundliaamarca (Dept) Columbia_
8914
84
1959 MN 84 Sale 84
8512 31
Extl of 634s
9714299142
11012 43 109 111
991044991.n Czechoslovakia (Rep of) 8a...1951 A 0 11012 Sale 110
4 11014 23 108 111
8
1952 A 0 10912 1097 1093
Sinking fund Pager B
981%11001n
8
5 1087 111
8 10912
8
991442 9911,, Danish Cons Munich)85 A 1946 F A 1087 Sale 1087
5 108% 110%
10914
1946 F A 1094 Sale 109
Series Bet 8s
61 10314 10478
1942 J .1 104 Sale 10312 104
9834n100 42 Denmark 20-year ext108
,
8
987 1015
4 92
993
8
1955 F A 995 Sale 9912
Esti g 5340
105 1111.t.
8814 96
8714 90
Apr. 15 1962 A 0 88 Sale 8714
Esti g 434e
101'12106"n
99
97
8 38
973
991%2103142 Deutsche Bk Am part ctf 88.1932 M S 97 Sale 97
4
953 99
8 12
963
4
4
95'42 931144 Dominican Rep Cust Ad 534e '42 M S 953 Sale 953
95
11
96
4
953
9812
1940 A 0 9312 96
let ser 5348 of 1926
954n 98242
9418 15
9212
4
9213 971
2d series sink fund 534s_ _1940 A 0 9412 95
8
5 100 1015
4
Dresden (City) external 7s1945 M N 10014 Sale 10014 1003
State and City Securities.
4 10312 31 10214 10394
4
1947 1 .7 1023 Sale 1023
Dutch East Indies extl 6s
g
8 10318 28 1027 104
4
1962 M 5 1023 Sale 1027
-year external 62;
40
8812 8812
__ 8812 Jan'29 _ __
NY C 334% Corp st Nov 195451 N 87
4
1953 M S 10214 10212 10212 10212 17 10213 103
-year external 530
30
8811 8812
334% Corporate et_alay 1954 MN 87 13 8812 Jan'29 ____
1953 M N 10212 103 10212 10212 25 10212 10312
_
-year external 534e
30
1936 M N
4
093 Mar'28 _
is registered
10 110 111
110
____
1956 MN ____
_ _ El Salvador (Repub) 8s__1948 J J 10912 11012 110
__ 9912 June'28 ___
4s registered
973
92
1
92
92
95
99
1957 M N
99 95 Feb'29 ____
-95 - - Finland (Republic) esti 65_1945 M 5 93
4% corporate stock
98% 101
19
8 100
1950 M S 993e Sale 983
External sink fund 7s
1957 M N 10112
8
1045 Nov'28 ____ ____ ____
434% corporate stock
9912
94
8 13
973
1956 M S 94 Sale 94
.
1957 MN 10112 ____ 10458 Nov'28 ____ ____
External e f 634s
434% corporate stock
85% 92
5
8734
4
4
1958 F A 863 Sale 863
1958 NI N 95
9712
9712 --Extl sink fund 5345
9712 Jan'29 _
4% corporate stock
9518 9912
2
9634
4
4
Finnish Mun Loan 6345 A1954 A 0 ____ 983 963
1959 M N
9718 08
99 98
stock
Jan'29 _-__
47 corporate
981,
96
1
9612
1954 A 0 ____ 9814 9612
9958 10018
1960 m S _
External 634e series B
9912 10018 Mar'29 ____
934 a corporate stock
4
French Republic ext 7348_1941 J D 1103 Sale 11012 11114 153 11014 115
99
99
1964 M 5 984 ____ 99 Feb'29 ____
434e corporate stock
200 106 10834
19493 D 107 Sale 10618 107
01 1924
1966 A 0
8
1013 Nov'28 ------------External 75
43.1e corporate stock
,
4
1972 A 0 --------9814
1
9814
9814 9814 German Republic ext'l 70_1949 A 0 106 Sale 10514 1053 118 105 4 109
4346 corporate stock
7 1005, 10212
4
8 1013
4
5
1954 MN 100 8 1013 1005
19713 D
_ Gras (Municipality) its
_ 107 10812June'28 434s corporate stock
110 103 10412
5%5_1937 F A 104 Sale 10314 104
1963 M S --------10134 Feb'29 ____ 1013 104
4
Gt Brit & Irel(UK of)
434a corporate stock
9912 11812
4
1929 F A 9912 993 9912 10014 12
10653 D
8
_ 1105 107 June'28 ------------10-year cony 534e
434s corporate stock
8
2 0337 87%
837
8
4% fund loan £ op 1960_ _ _1990 M N c8314 8414 c837
____ 10418 Feb'29 ____ 10312 10418
4345 corporate stock_July 1967 3 J 103
2 c97 100
97
5% War Loan £ opt 1929_1947 J D c97 Sale c97
4 10718 10 104 10712
New York State Canal 4s......1960 ____ _ __ _ ____ 9912 Ang.28 ____ ____ ___ Greater Prague (City) 734,_1952 M N 107 Sale 1063
9514 99
9812 17
8
10423
___
993 Dec'28 --_- ---- --- Greek Governments f sec 78_1964 MN 9812 Sale 973
is trite Canal
4
873
82
8414 83
1963 F A 83% Sale 83
S
Sinking fund see Os
Mar 1982 M .110312 June'28 ea Highway
9919 101
1952 A 0 10014 Sale 9934 10014 31
Haiti (Republic) a 1 6e
933 96%
6
9512
1946 A 0 9512 Sale 9312
Hamburg (State) (is
Foreign Govt. &Municipals.
Heidelberg (Germany)ext 7He 503 J 101 103 10214 Mar'29 ____ 102 10412
9512 100
9
95%
4
1947 F A 8412 88
Agile Mtge Bank 516s
88 Mar'29 --_ _1 8412 9012 Hungarian Munk Loan 7.30 19453 J 953 Sale 9512
8812 94
20
91
4
87
(linking fund 6s A _ _Apr 15 1948 A 0 85 Sale 85
85
12
External 5 t 7s-__ _Sept 1 19463 3 903 Sale 90
0
9
95
7
984
8
973
96
97
8912 Hungarian Land M Inst 734e '61 M N 96
80
36
(Dept) extl 5s_ .....1963 M N 8714 Sale 86
87%
Akenihus
4
991 10112
6
10012
4
9212 9634 Htingary (Kingd of) a f 7%5_1944 F A 993 10012 100
11
937
Antioquia (Dept) col 75 A _ _1945 J J 93
95
9318
954 9719
73
4
98
4
19453 .1 9234 Sale 92
9478 Trish Free State extls s f Si....1060 MN 953 Sale 953
92
8 21
927
External if 7e ser B
9412 974
998
98
4
8
9112 957 Italy (Kingdom of) ext'l 7s-..1951 J D 953 Sale 9518
1945 J J 9112 Sale 9112
9214 31
External of 78 series C
9611
94
9612 12
94
g
912 9512 Italian Cred Consortium 75 A1937 M S 955 96
19453 .1 92 Sale 92
9212 20
Externals f 7s ser D
9318 95
9412 34
9434 94
1947 M E3 94
90
4
91
Extl sec s f 7s ser B
95
External a f 7s 1st ser_ _ _1957 A 0 91 Sale 90
9112 954
9212 59
Italian Public Utility ext 78.1952 J .1 9112 Sale 9112
94
90
2
90
90
90
Extl sec e 1 75 7a 2d ser _1957 A 0 88
9153 94
9212 77
1931 .1 J 924 Sale 9214
8912 93
Japanese Govt £ loan 4s
1957 A 0
9018 20
_ 8912 8912
Esti sees f 75 3d eel'
3
99 4 1024
4
1003 195
1954 F A 10012 Sale 100
30-year a f 834s
8
4
993 1007
31
100
Argentine Govt Pub Wks(91_1960 A 0 9914 Sale 9914
9814 10012
9912 20
1947 F A 9814 Sale 9814
Leipzig (Germany) a 1 7s
Argentine Nation (Govt 01)—
994
96
97 Mar'29 ____
99 10118 Lower Austria (Prov) 7%s 1950 J O ___ 96
8
1003 191
Sink fund Oa of June 1923-1959.9 D 99 Sale 99
10012 62
98% 106%
99 100 4 Lyons (City of) 15
3
-Year 65..J934 M N 10012 Sale 99
10014 121
Esti of 6s of Oct 1925
1959 A 0 99 Sale 99
983 101
10012 66
9918 101
1957 M S 100 Sale 9918
Marselles (City of) 15-yr 63.1934 MN 100 Sale 100
10014 112
Sink fund On series A
8312 895
8412 14
4
99 1003 Medellin (Colombia) 63.4s...1954 J D 8312 Sale 8312
58
100
External 6a series Ii _Dee 1958.9 D 9914 Sale 99
25
22
2
22
22
__ ____ 23
9914 10084 Mexican Irrigat Asetng 4%8_1943
10014 62
Ertl e t Os of May 1926 _ _1960 M N 9914 Sale 9914
_ 4
993 Jan'28 ___
_4
99 10(13 Mexico(US) extl 55 of 1899£ '45 Ca J ____
133
100
External s f 88 (State Ity)_1960 51 9 9912 Salo 99
15
3() - i
30
31 4
20 - 1- 30
1945 99 10078
99% 95
Assenting 58 of 1899
Esti 430 Sanitary Works_ 1961 F A 99 Sale 99
318 34
34 Mar'29 ____
37
3
99 100 4
77
Assenting Ss large
100
Ext 6s pub wits(May '27)-1961 MN 99 Sale 99
8
1612 223
38
20
20 Sale 18
943 9714
92
Assenting 95 of 1904
90
Public Works extl 5;413_ _1962 F A 957 Sale 9512
8
177 231,
8
____ ____ ____ 195 Mar'29 ___
14
92
Assenting 48 of 1910 large
Argentine Treasury se £.....1945 M 9 005 9114 905
8
,
901, 9214
L 16 224
1812
__ ____ ____ 18
8
925 97
9414 124
Assenting 95 of 1910 small
8
Australia 30-yr 55_ _July 15 195.5.1 .1 9358 Sale 925
29
5
29
3712
_924 9612
9414 75
Trees 6s of'13 assent(large)'33 .1 J --------29
External Soot 1927_ _Sept 1957 M 5 93 Sale 923
4
30
40
35%
30
30
1956 M N 87 Sale 8514
Small
87
8412 8814
280
Ext1 g 434o of 1928
9012
88
884 80
Milan (City, Italy) cal 8345 '52 A- 6 88% Sale 88
1028 38 10114 103
1943 3 D 1025s 103 1024
Austrian (Govt) a I 75
Minas Geraes (State) 13raz11—
9212 9512
14
94
1958 M S 94 Sale 93
9412 12
Esti 5 f 634a
4
4
933 9612
Bavaria (Free State) 63.48_1945 F A 9414 Sale 933
11 101 1033,
102
1952 J D 101 Sale 101
Belgium 25-yr ext 8 f 734a 9_1995 J D 1133 Sale 11314
58 Montevideo (City of) 7s
s
1141, 22 11314 115
1941 F A 1087 Sale 1083
20-yr e f 88
4 10913 42 108 110
9 103 108
10312
25-year external 034s _ ....1949 M S 10312 Sale 10312 104
Netherlands Ile (flat prices) 1972 M 5 103 Sale 103
42 10312 107
3
993 100 8
30
997
4
8
1954 A 0 997 Sale 993
1955 J J 99 Sale 9812
995, 117
External a f (3a
9812 1007,
30-year external 6s
9012 95
924 26
New so Wales (state) ext 561957 F A 9214 Sale 9012
4
1955 3 0 1073 Sale 10712 10812 75 10712 109
External 30-years f 7a
4
9012 943
67
92
8
1956 NI N 10512 Sale 105
Apr 1958 A 0 917 Sale 9012
Stabilization loan 75
10612
External a f 59
10551 85 105
8 75 1003, 10314
4
Bergen (Norway) 5 t 8s ____1945 M N 1107 Sale 1103
8
-year ext.! 6a____1943 F A 1003 Sale 10038 1017
4 110%
8
4 1092 11212 Norway 20
26 101, 1034
8
1013
1944 F A 10118 Sale 10118
-year sinking fund 6s___1949 A 0 100 10012 100
15
20-year external 0s
1 100 101
100
7
101% 38 101 103 8
1952 A 0 10114 Sale 101
9614 26
Berlin (Germany) a f 6349.-1950 A 0 0614 Sale 95
30-year external Os
99
95
98 5 1011
7
19653 D 9918 Sale 99% 10018 56
.
External sink fund 6s_ _ .19583 D 8912 Sale 89
40-year 8 f 5348
92
89
90
23
9738
94
83
96
Externals f 5s .. __ _Mar 15 1963 M S 9412 Sale 94
104
(City) ext'l Of 8.1_ __ _1945 A 0 104 Sale 1027
Bogota
5 10112
104
8
95
89
5
8
895
8
Bolivia (Republic of) extl 88.1947 M N 102 Sale 1003
Municipal Bank esti a f 5s_1967 J D 895 92 89
79 100 it 104
102
,
87%
877 901
1
8
1952 F A 877 Sale 8778
9019 25
External sec 78
8712 95
Nuremberg (City) extl 6s
08
1958 3 3 9 , Sale 8712
6 100 1025,
8
1007
8
1955 M N 1007 Sale 10014
1969 a/ S 87 Sale 87
Externals f 75
Oslo (City) 30-year 5 f 0s_
92
87
88'2 33
98 1011,
9914 Mar'29 ____
1946 F A ____ 99
Sinking fund 5345
4
Bordeaux (City of) 15-yr 88.1934 M N 10018 Sale 993
991 101
IOO's 60
I 101 10212
101
1953 J D 100 10112 101
Panama (Rep) extl 534s_
Brazil(US of) external 8s.1941 J D 108 Sale 106
4
10714 28 1053 109
1981 J D --------10112 Jan'29 ____ 10114 1014
Exti sees f 84421
9012
External Of 634s of 1926_1957 A 0 93 sale 92
92
9412 97
9212 9414
19
93
8
1957 A 0 92 Sale 92
Ertl a f 5a ser A_May 15 1963 M N 925 9314 9212
Extl a f 6345 of 1927
92
941 125
961,
9112 95
14
92
J D 9712 Sale 97
Pernambuco (State of) ext 78 '47 M S 9112 Sale 9112
97 102
52
100
7s (Central Railway)
5 10512 10758 Peru (Republic of)
734s (coffee secur) E (flat).1952 A 0 --------10512 107
997 10212
(of 1926).1958 M S --------10714 Jan'29 ____ 107 10712
Bremen (State of) esti 7s1935 M 9 998 Sale 997
Ent 8 1 see 734s
10013 56
26 100 103
101
19590.1 S 101 Sale 100
1957 M 5 9012 911 9118
Brisbane (City) a t 58
Esti 51 See 7s
9018 93
4
9114
9014
85
8638 161
1980 J D 8612 Sale 854
1958 F A 9012 Sale—
Sinking fund gold 58
Nat Loan extl of 88
9012 0178
18
91
9012
9012
85
8658 64
1961 A 0 86 Sale 8514
extl of 68 .19023 D 7912 Sale 7912
Budapest (City)
5 f g 6s
7912 8312
4
803 117
8312
80
20
81
1940 A 0 80 Sale 80
1955 J 3 10134 10214 1017
Buenos Aires(City)6%e
o
5 10014 105-8 Poland (Rep of) gold 6s
10212
4
883
83
5
85 8 318
_ 9914 9914 1 0838 100
1960 A o
Ellis f 6s tier C-2
Stabilization loans f 7s..._1947 A 0 8514 Sale 83
a
987 99
98
98
19503 3 97 Sale 97
1960 A 0 9712 9912 9914
Ertl of Os ser C-3
Ertl sink fund g 8s
9612 1001s
11
100
9934-- 7 10518 10612
Buenos Aires (Prov) extl 88_1961 M S 93 Sale 92
933 Porto Alegre (City of) 8a__ _1961 J D 105 108 10512 106
92
934 186
1966 J J 10012 Sale 10012 10114 11 10014 10238
Esti guar sink fd 734s
Bulgaria (Kingdom)a f 7a_ _ _1987 J J 85 Sale 85
90
8.5
3
85
13 10812 113
110
StabTn9n Of 73-4e_Nov. 15'68 ___ 8714 Sale 8714
8714 9714 Queensland (State) extl a lie 1941 A 0 10912 Sale 10914
8614 70
8
10414 14 103 1047
1947 F A 103 Sale 103
25-year external 65
105% 19 1054 106
Caldas Dept of(Colombia)7He'40 J J 97 Sale 97
97 101
25
Rio Grande do Sul esti 6185_1946 A 0 105% Sale 10514
98
92
87
51
k
88
1988.9 D 874 Sale 87
9912 1015
10012 98
Canada (Dominion of) 55.„1931 A 0 10014 Sale 997
8
Ertl s f Os temp
9918
97
9
4
1929 F A 9914 Sale 993
97 3
1968 NI N 973 Sale 97
10-year 63411
995, 1003
8
104
100
Ertl 517s of 1928
8
1952 MN 104 Sale 104
23 105 10612
106
,
be
105
45 193 1053 R10 de Janeiro 25-yr s f 8s_ _ _1948 A 0 10514 Sale 10514
9534
93
1936 F A 973 Sale 9714
9314 84
1953,F A 94 Sale 93
448
974 9958
4
97% 21
Extl 0 f 834s
8912 91%
19543 J 105 10614 10614 Mar'29 ____ 1057 10712 Rome (City) extl 83.4
9012 69
Carlsbad (City) a t 8a
8
19521A 0 9014 Sale 8912
,
9914 20
98 102
41 10312 1044
104
,63 A 0 98 Sale 98
Rotterdam (City) eat! Os_...1984M N 10312 10414 104
Cauca Val (1)01) Cobb 734
9112
88
1
88
88
89
1953 J J 88
Central Agric Bank (Germany)
Saarbruecken (City) Os
9712 14
7 113 115
9512 99
Sao Paulo(City) a f 8s_ _Mar 1952 MN 11312 115 11412 115
Farm Loan Of 75 Sept 15 1050 M S 96 Sale 9512
9812
95
5
9614
83
65
88
Esti 5 1 6345 of 1927
1957M N 95 Sale 9.5
Farm Loan e t 68_July 15 19603 .1 86 Sale 8412
883,
5 105 108
88
83
4
853 157
Farm Loan e f 6a_Oct 15 1900 A 0 853 Sale 84
San Paulo (State) extl of 88_1936 J J 100 Sale 10512 106
21 105 1074
8618 903
87
89
Farm loan Os ser A_Apr 16 '38 A 0 89 Sale 8714
19503 J 1057 Sale 10512 106
8
External see, f 8.5
5 100 102
External Of 78 Water L'n.1956 al 9 1003 1013 10012 101
4
Chile (Republic of)—
4
1942 MN 10114 Sale 10018
11
31 100 103
90
102
8712 9314
-year external of 7s
Exti s f 13312 tat rcta
4
1988 J J 90 Sale 883
20
External sinking fund 814-1960 A 0 9313 Sale 93
439
94
Santa Fe (Prov Arg Rep) 75 1942 M s 9712 Sale 967
,
92 4 94
8
96
9712 28
98
1961 F A 9312 Sale 93
,
961 10018
92% 9414 Saxon State altg Inn 75
6
937 349
External if Os
97
8
8
1945 J D 907 Sale 967
1961 .1 J 9312 Sale 93
9214 94
391
94
9218 95
3
4
943
S t g 6348
4
993 943
Ry ref eat! 5 f 68
Dec 1946 J D 92
1901 51 9 93 sale 93
393
94
3
9212 94
Seine, Dept of (France) extl 75 '42 J J 10.5% Sale 1053, 10612 83 105 8 10811
Esti sinking fund 6e
97
36
9114 96
9511 9904 Serbs, Croats & Slovenes 8,'62 M N 9214 Sale 9114
9212 29
Chile Mtge Ilk 6348 June 30 1957 J D 97 sale 9612
8112
9718 1007
9914 92
78
84
8
80
Eat'sec 7e ser B
1902 M N 78 Sale 78
St 64a of 19213__June 30 1961 J D 9914 Sale 9814
Apr 30 1961 A 0 8912 Salo 89
7912 84%
8
94
89
8012
901, 86
Silealan Landowners Assn 69_1947 F A 7912 80
7912
Guar a t 6s
9938
98
41
37
443 Sotssona (City of) extl 613...._1938 MN 983 9918 9812
35
16
8
4
8
Chinese(Hukuang Ry) _ _1951 J D 373 40
995, 18
58905 93
9912 10112 Styria (Prey) extl 74
39
3
8
93
1948 F A 9212 Sale 9214
Christiania (Oslo) 30-yr s160'54 M S 0912 Sale 9912 1003
4
24 1013 10414
19393 D 103 Sale 10212 103
Sweden 20-year Os
8
95
1954 M N 10314 Sale 10112 1034 14 10112 105
Cologne(City)Germany 03.481950 M S 9412 Sale 9412
8
975
93
External loan 534s
1961 J J 8634 sale 854
38 10812 1104
8412 91
45
87
Swiss Confed'n 20-yr of Eis_ _1940 J J 10812 Sale 10812 109
Colombia(Republic) 60
8414 91
4
4 72
863
External et Os of 1928..._..1961 A 0 853 Sale 8512
Switzerhind Govt ext 534,l9441 A 0 102 Sale 10055 10214 101 100% 1034
4
783
85
76
4
85
8 23
773
76
77
841, 8812 Tokyo City 56 loan of 19121952 M S 71
Colombia al tg Bank of 8348.1947 A 0 8118 85
9018
80
1981 A 0 86 Sale 86
8812 9314
8
8912
8712 31
Extl of 53.4e guar
Sinking fund 7501 1926_ _1946 M N 8912 Sale 8812
92
92
90
9218
1947 MN 90
9112 Mar'29 __
884 954 Tolima (Dept of) eat] 7a
7
singing fund 75 of 1927_1947 F A 8912 9112 9012
94
31
19523 D 95 Sale 94
97
95
96
9412 9614
1
9512
9512
TrondhJem (City) lot 5%8_1957 M N 95
Copenhagen (City) 55
9612 9812
10
4
1953 MN 873 Sale 864
864 8918 Upper Austria (Prov) 75_ _1945 1 D 97% 98
98
873 120
977
4
25-yr g 434s
1957 F A 94 Sale 9412
4
857e 873,
8712
874
9512
External a f 6 Se__June 15 1957.9 D 8714 88
Ws 9
4
8
Cordoba (City) extl of 7a
5 108 10914
4
8
967 Uruguay (Republic) extl 812_1948 F A 10814 1083 10812 10812
4
953 94
94
5
9418
External e f 78 Nov 15 193761 N 94
9718 9212
130
1900 M N 98 Sale 977
9912 10034
99
External a 1 tle
Cordoba (Prov) Argentina 7819423 J 100 Sale 9912 10014 10
955 Venetian Prov attg Bank 75_1952 A 0 91 Sale 9014
94
90
9112 19
94
38
95
Rica (Repub)ext1 75_1951 MN 94 Sale 94
Costa
4 10018 10212 Vienna (City of) extl a f 68..1952 M N 8614 Sale 86
10014
s 10018 10134 10014
_1949
9012
841
47
87
Cuba (Repub) So OT 1904_
80
18
81
854
4
- 013 Jan'29 ___ 101 12 10214 Warsaw (City) external 78_1958 F A 81 Sale 80
External 58 of 1914 ser A 1(149 F A 10214
9412 9711 Yokohama (C1t9) exti 68_1961 J D 934 Sale 9318
15
4
961
93
94
91
,
loan the eer C 19491F A 9412 - 12 94 2
9612
8
External
8 101% 104
10312
4
Sinking fun4153.1s_Jan 16 1953 J J 1023 Sale 1024
High No.
Ask Low
Bid
U. S. Government.
First Liberty Loan
J D 9513n Sale 973521 Win 573
3U% of 1932-1947
____ 9991 Jan'29 ____
J D
Cony 4% of 1932-47
.1 D 9833n Sale 9891 99,142 299
___Cony 431% of 1932-47
J D ____ ____ 9921 Mar'29 ---21 cony 434 al of 1932-47
Fourth Liberty Loan—
A 0 99103, Sale 983444 991•,4 1775
414% of 1933-1938
140
107
1947-1952 A 0 106144, Sale 105
Treasury 434e
1944-1954.1 D 102234, Sale 101442 102,3n 182
Treasury 4s
121
____ 991%, 99
19443-1956 M El 99
Treasury 334o
%2 415
1943-1947 J D___- -__- 951.2 969
Treasury 334s
Treasury 884s June 15 1940-19433 D 95219 -_ — 9542 95":2 130
,on sbe beats of 95 to the I sterling
a Cash sale.
Low
1702
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 15.
New York Bond Record—Continued—Page 2
n.
Price
Friday,
Mar. 15.
Week's
Range or
Last Sale.
4:54
Range
Since
Jan, I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 15.
13,
Price
Friday.
Mar. 15.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
24
Bid
Railroad
Ala Gt Sou 1st cons A 55__1943 JO
lst cons 4s ser B
1943 ,JD
Alb & Susq 1st guar 3348
1946 AO
Alleg & West 1st g gu 4s
1998 AO
Alleg Val gen guar g 45
1942 MS
Ann Arbor 1st g 45___ _July 1995 Q J
A tch Top & S Fe—Gen g 48_1995 AO
Registered
AO
Adjustment gold 4s_ _July 1995 Nov
Registered
Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 4s of 1909
1955 in
Cony 48 of 1905
1955 in
Cony g 4s issue of 1910
1960 in
Cony deb 4S88
1948
Rocky Al tn Div lot 48_ 1965 J j
Trans
-Con Short L 1st 48_1958 J J
Cal-Ariz 1st & ref 4.38s A_1962
S
At! Knox,/ & Nor 1st g 5s_ 1946 JO
At!& Cheri AL 1st 4388 A 1944 J J
1st 30
1944 J J
-year 55 series 13
Atlantic City 1st cons 45__ _1951 J J
At!Coast Line lot cons 48 July'52 M S
Registered
MS
General unified 4385
1964 JD
L & N coil gold 4s____Oct 1952 MN
All & Day 1st g 45
1948 J J
2d 45
1948 J J
Atl 8, Yad 1st guar 45
1949 AO
Austin A N W 1st gu g 5s_ 1941 J J
Balt & Ohio 1st g 45--- -J1113 1948 AO
,
Registered
July 1948 @
20
-year cony 4385
1933 MS
Registered
MS
Refund A gen 55 series A __1995 JD
Registered
J D
let gold 58
July 1948 A 0
Ref A gen 66 series C
1995 j
PLEA W Va Sys ref 4s_ _1941 M N
Southw Div 1st 5.9
1950 j j
Tol & Gin Div 1st ref 45 A_ 1959 J j
Ref & gen 58 series D
2000 M
Bangor & Aroostook 1st 551943 j j
C011 ret 4s
1951 j j
Battle Crk Stur istgu3a.1989 .1 D
Beech Creek 1st gu g 4s___ _1936 j j
Registered
1.1 J
2d guar g 56
19361
Beech Crk Ext 1st g 338s
1951 AO
Belvidere Del cons gu 3343_1943 J J
Big gandy 1st 4s guar
1944 JD
Br Iv Icy let as
1927 J J
P, Hoz '\l
ist 55 A C 1967 m s
Bootee& N Y Alr Line lst 48 1955 F A
bi Ls & •3 est lift gu g 45_1938
J
& Pitts gen g 5s 1937 m s
Consol 438s
1957 m N
Burl C K & Nor 1st & toll 55 1934 AO
Ask Low
High No. Low
High Chic Milw & St P (Concluded)—
Bid
Ask Low
High No. Low
High
Gen 4385 series C..
.May 1989 J J 94 Sale 93%
9412 40
9214 9534
102 104 10312 10312
4
4 1023 10312
Registered
100 May'28 - -94
93 Feb'29 _
93
94
_ 93
Gen 43813series E____May 1989 J J 9214 Sale 92
48 -6i- 011
93
____ 90 4 8612 Mar'29 _ _
,
85
8612
Debentures 45
_
717 Feb9'228 8
8414
9212 Ch1c 8v adr 1'& Pac 513_ _ _1975 'I D -9112 Sale 9 ,2
9212
9212
90
5
c0/3llw 68
I
1 2 F A
0
1134 -66f2 94
95 Mar'29
92% 95
an_ 1000 m N
g 3 ig _1_ 2987 A O 7712 Sale 7652
7712 802 7628 80
7312 7414 74
74
4
74
78
Chick N'w e.st gen
76
---- 77 4 78 Mar'29 --__
8012
,
9114 74
9014 93 4
9114 Sale 905
8
,
Registered
7712 Oct'28 - - - @
8914 907
8812 Jan'29
8
General 4s
NN 88
14 -81-)T8
8912 881s
89
7
86
86
85
84
84% 87%
Registered
---- -- 94 Apr'28
8812 Jan'28
Stpd 45 non-p Fed in tax '87 Q F 8914
l3M1
8914 Mar'29
91;4
-g6T4 - 17 -84i8
86 Sale 8512
86
Gen 432's stpd Fed Inc tax.1987 731 N 9812 105 10612 Oct'28 -_-_-_-_
Oct'28 _ _ _
89
Gen 5sstpd Fed Inc tax_ .198721 N 106 Sale 106
106
- -112 1651-2 1C19 4
88l 90
8818 8912 89 11.1ar'29 _ _
Registered
M N
113 May'28
1
882
4
8612 90 88%
91
88
Sinking fund 6s
4
1879-1029 A 0 H91 ____ 99
Jan'29
9-5- 99
90
8912
8614 89
8
8912 90
Registered
A 0
10014 Oct'28
__
114 4 Sale 11212 11512 843 11212 119
,
Sinking fund 58
1879-1929 A 0 iooT4
9912 Mar'29
28
Feb'29
91% 92
91
Registered
A 0
99 Mar'29 ____
9
89
1
89 89
89
88
93
Sinking fund deb 5s
10011
1933 66 N 100
M
100% 28
00 10184
97
____ 97% 9612
9612 9814
100 4 Jan'29 _ _ _ _ : ,69 10,14
Registered
,
10
690 1-° ;
9
10314 10314
98%
_ 10314 Jan'29
10-year secured g 76
10128 Sale 1015
8
10212 15 1005 103
8
95
95 Mar'29
9214
96
1 8ty earsr
15- refg sured g 6355____193 MS 108 Sale 108
°il D
6
193
.
109
11 108 1111
102 103% 104
104
101 104
Mly 2037
D 10112 1063 1013
4 10134
3 10112 105%
4
8912 8718 Oct'28
85
1st & ref 438s
May 2037 J D 9412 9514 95
9512
9514 9734
8
91 Sale 9012
9112 33 -i5i4 11- Chic R 2k P Railway gen 4s1988 J J 86% Sale 8628
8712 37
8828 89
9014 9014
9014 Jan'29 _
Registered
J J
8814 Dec'28
95
9414 9612 Feb'29 _
97%
Refund
Refunding gold 45
1934 A 0 93 4 Sale 93.3
,
9
5
9412 106 -9312 - - - 89
88 4 91
,
8812 8912 8812
4
Registered
A 0
923 Jan'29
4
923 923
4
7012 72% 70 Mar'29
70
75
Secured 4388 scales A
9012 Sale 9012
913
9012 9518
4 33
66
6412
6412 6712 Ch St L & N 0 Nlem Div 4s_1952 J D 84% 88
6412
65
1
51 M S
85
19
8712
88
5
85
83 854 Dec'28 _
81
11003712 Fe r 29 ____ 10312 105
Gold .98
A nb 2
June 15 1951 J D 103%
:8
100 ioo
9612 102 8 100 Jan'29
,
J D
Registered
_
Gold 3385
June 15 1951 J D
_ 8412 Jan'27
92
9114 Sale 9114
90
93
89
J D 80 Sale 80
80
Registered
8912 Feb'29
8912 9114 Ch St LA P 1st conga 58_ ___1932 A 0 9912 102 100
10014
10 1 0
98
97% Sale 963
98
96 4 99
,
A 0
June'28
Registered
71378 ;80-01—
- 98 June'28
Chic St I' if & 0 cons 6s__ _1930 i D 100 gale 100
10012 16 i65" 111.
160 4 gale- 993
3
1004 81 -663 162 8
4 - -19614 97
Cons 66 reduced to 3388_1930 J D 9934 ___ 9612 Jan'29 ____
3 Dec'28
99 4
9712 98 9728 98 30 972 101
1930M
Debenture 58
103 Sale 1023
4 10414 29 10234 10412
M S 97% 9814 9918 Jan'29 ____
9/4% 991
Stamped
10814 Sale 1073
141 107 4 110
,
4 109
9512 13
t cegIlu68So East 1st 5s_ __1960 J D 9312 Sale 93
in T kCh
03 10012
9341
,
2
92 4 94
,
93 4
8612
88
8612
1
Dec 1 1960 M S 87
86
9213
1(56 Sale1 993
10018 65
99% 10312 Chic Un Stan 1st gu 43.8s A_ 1963 J
9712 Sale 97
98
9
97 10014
1 963
82
81
8214 82
13
81
8514
10318_ 10212 Mar'29 ____ 102 10412
1st 58 series B
100 4 Sale 10014
3
101
54 100 162
- -12
1 100 10212
Guaranteed g 55
1944 J O 102 162 10212 10212
100 104 105 Feb'29
103 105
115
8 114 1161
1st guar 638s series C
1963 J J 114 Sale 114
8614 Sale 8814
1
8318 86% Chic & West lnd gen 6s Dec 1932 072 10112
8614
_ 10114 Feb'29 ____ 10114 10114
28
8812 Feb.
85 - - 12 85
8
i
86
18
85
Consul 50-year 45
894
1952 J
9412 9512 9428 Mar'29
9412 9428
103 Sale 1023
4 10314 21 10178 106
1962 M
1st ref 530 series A
95 Aug'28
101
_
Feb•29 ____ 10028 10113
Choc Okla & Gulf cons 55_1952 M N
_
97 June'28
9412 Mar'29 ____
9412 94%
Cin Ilk D 2d gold 4 385
1937J J _ _ _ _ 95
77% ____ 82 Aug'29
80
80
9614 9412 Feb'29
C I St I. C 1st g 4s.A tig 2 19:36 @ F 94
9412' 9614
67
Oct'28_ _
Aug 2 1936 Q F
Registered
85
89
89
-86- -- 4 Cin Lob & Nor 1st con gu 4s 1942 MN 87
91-1,
877 87 4 Mar'298
8
53 -
9312 Fifife- 193
- .36 4
79
80 Mar'29
76
9312 9814 9512
9512
1017 10012 Dec'28
s
91 Sale 91
92
10012 102 100
100
93
99
_ 100 July'28
Clearfield M
gu 5s.1943 J J 9812
7912 8112 Cleve Cln Ch & St I. gen
45..1993 in 88 16 90 Mar'29
9418 9512
98
,
J J 97 4 98
99
11
20-year deb 4 34s
1931
112
_
Jan'29
General 58 series B
1993 J D 104
13 -9012 927
8
100
30
Ref & 'mot 6s series A _ _ _1929 J J 997 Sale 99%
1 100 102
Ref & impt Cs ser C
1041 j j 102% 10412 104 Mar'29
98 Sale 98
100
3
Ref & impt 58 ser D
1963 J
Canada Sou cons gu 55 A___ _1962 AO 10328 10414 10312 10312 11 103%
106 4
,
Cairo Div 1st gold 45 ____1939 ii 9312 9412 9312 Feb'29
Canadian Nat 438s.Sept 15 1954 51
____ 95
95
9514
2
963
94is
1
92
Cln W & M Div 1st g 48_1991 .1 .1 92 Sale 92
-year gold 4386_ _Feb 15 1930 IA 99 Sale 99
5
985 99%
8
9928 23
St L Div 1st coil tr g g 48_1990 SI N 8728-- _ _ 85% Feb'29
-year gold 4385
30
1957 J J 9312 Sale 9312
9412 97
9312 96
9218 Dec'28
92% 95
Spr & Col Div 1st g 4s____19411 11.1
Canadian North dcb s f 7s_ _1940 JD 111 Sale 1103
4 112
38 110% 113
_ 90
W W Val Div 1st g 48
Oct'28
25
-year s f deb 6 385
1940 j j 9212
1946 J J 11412 115 115
11512 22 11418 11612
96 Feb'29
96
Ref & impt 430 ser E_ _1977 J J
10-yr gold 4Sis._Feb 15 1935 IA
9612 9714 9678
9678
967 99
8
1
10418 Mar'29
COCA I gen cons g 65
Canadian Pac ity 4% deb stock
1934 J J
J 84 Sale 83%
J
843
83% 88
8 56
Cie / Lor ,k W con I st g 5s__ _1933 AG -66E8 101 100 Feb'29
,
Col tr 4 tis
1946 MS 97 Sale 9612
07
96
33
99
100
Oct'28
Cleve & Mahon Val g 55._1938 J J
Garb & Shaw 1st gold 4s
1932
S
_ 9818 Nov'28
9614 Febs29
96
97
Caru Cent 1st cons g 4s
1949 ii 7414 - - .14 80 Jan'29 _
7
9
-go" 161; Cleve & I' gen gu 4385 ser 8.1942 MN 98% 101 1003 Mar'28
AO
Caro Clinch Az 0 1st 30-yr 58_1938 J
101 10138 101 Mar'29
100 10112
98% Feb'29
,
Series A 4385
1942 J J 98 8 100
lat dz cong 68 ser A _Dee 15'52 JD 10812 ____ 10812
10812
2 107 10858
91
Series C :3385_
Oct'28
1981 JO 8512
Cart & Ad 1st gu g 4s
1948 MN
874 Feb'29
87 4 87 4
,
,
4
-. 893 Jan'29
Series D 338s
Cent Branch U P 1st e 45.1948 J 1)
1950 FA
8512 85 Mar'29
_
8412 85
96
987
Cleve Shor Line 1st gu 4 Ifs.1981 AO 85-- 8 97% Mar'29
Central of Ga 1st gs_Nov 1945 FA
05 Dec'28
__
4
Cleve Union Tenn 1st 53.58. _1972 AO 105% 10612 105%
106
Consol gold 55
1945 MN 100 10278 10228 10228
- 1 TRW icii"
107
Oct'28
Registered
AO
Registered
/31 N
00 Jan'29
100 100
1st s f 5s ser 13
AO 100's ION 105 Mar'29
1973
10
-year secured fis_ _June 1929 in 993 Sale 993
4
1934 10018
4 100
18
98 Mar'29
1sts f guar 4388 ser C
1977 AG 9612 98
Ref & gen 5385 series B___1959 AO ____ 10412 102
102 10512
102
Ref & gen 58 series C
1959 AO 100 102 100 Feb'29 _ _ 3 11012
_
10112 Coal River Ry lotgu 4s
85
90
85
6
J D 83
1945
Chatt Div pur money g 45_1951 in 83
86
9312 June'29
_
87
87
99% Jan'29
Colorado A South lot g 45
I929 FA
1946 J J
Mac & Nor Div Ist g 5s
107 101
101 101
Jan'29
4
9628
Refunding & enter, 4388_ _ _1935 MN 9618 9612 9618
MId Ga & Atl dly pur m551947 ii 100 103 10312 Apr'28
8912
8912
2
Col & II V 1st ext g 4s
1948 AO
Mobile Div 1st g 55
1946
J
106 105 Dec'28
9112
9112
5
Col & Tol 1st ext 49
1955 FA
Cent New Eng Mt gu 48
1961
J 793 827 823 Feb'29
s
8
82 4 84
,
4
__
90 May'28 _ _ _ _
Conn Az Pass= lily lot 4s 1943 AO 90
Central Ohio reorg 1st 4385_ _1930 M
9714 9914 Consol liy deb 45
98
98
99
994
5
9412
5
1930 IA 5413 gale 9412
Cent MI.& Bkg of Ga coil 55 1937 m N 98
9712 9914
9914 98 Feb'29 _ _ _
73 Mar'29
Non-cony 45
1954 J
Central of N J gen gold 55_1987 J j 1083 Sale 1083
4
4 109
1 107% 11115
69 Mar'29
__
Non-cony deb 45.... _Jea 1955 J J
Registered
1987 Q j 107 Sale 107
107 109%
107
76 Nov'28
__
Non-cony del) 45. ___A&O 1955 AG
General 48
1987
88
90
89 Feb'29 -89
89
73
Jan'29
Non-cony debenture 48_1956 J
Cent Pac let ref gu g 45
1949 PA .90% Sale 903
90% 9112 Cuba Nor Ry 1st 5358
91
6
85
38
1942i D 84 Sale 84
Registered
FA
88 Sept'28 _ _ _ _
9012 Sale 9012
92
24
lili 1st
1952 J
Mtge guar gold 338s.Aug1929 JD 99 - 99-5- 99 Feb'29 _ -156 99 Cuba ref 738s50-year 58 g 1936 J O 10214 Sale 102 10212 5
2
Mt
series A
Through Short L 1st gu 48_1954 AO 9014 91
90% 91%
5
91
91
9.s
1st lien & ref 6s ser B
1936 J D 92% Sale 9212
8
Guaranteed g 56
1960 FA 10018 Sale 9912 10114 62
9912 103
9714 Sale 9714
Day & Mich 1st cons 4386_1931 J J
2
9714
Charleston & Sayn'h 1st 76..1936 J J 11318
_
1183 Aug'28
8
90 89
De3i0A-yiefaur soin 1 st & ref 48
90
1943 M N 88
21
dc
s
Ches,k Ohio 1st con g 56
1939 MN 10214 1 0312 10214
3 10214 1041,
103
98 Feb'29
1935 A 0 100
cony 58
_
1939 MN _
Registered
10214 Dec'28
1001s
15
-year 5385
1937 M N 100% Sale 100
17
General gold 4385
1992 MS
9
5 10014
98 4 22
,
6514 Sale 95
10112
10
-year secured 7s
1930i D 10112 102 101
3
Registered
S
92% 9518 n RR & Bldge 1st gu g -is__ _1936 F A 94
5
9214
9214
9614 Aug'28
—
20
-year cony 4388
1930 IA
983 9978 Den & R. G let cons g ie.__ _1936 J .1 8814 Sale 8814
4
116
Sale
99
89
19
Ref A In It 4385 ser A__ 1993 AG 68:is Sale 98%
95
352
91 4 92% 91 4
95
,
95
95
9112
,
91%
1
Consol gold 4385
Registered
FA
9218 9218 Deo & n.0 west.gen 55. Aug 1193 3 j 95.18 Sale 9412
1
9218
92%
9554 83
6
5
5 MN
Craig 3 aileY 1st 59-2 IaY 1
999 100,
' J J Inn
2
100 Mar'29
40
89
Ref & impt 5s ser 13 Apr 1978 131 N 88% Sale 87
56
Potts Creek Branch 1st 45_1946 .3 .3
35 Sale 35
903 Sept'28
35
Des al & Ft D Ist gu 4s
1935 J J
1
R& A Div 1st con g 4s___ _19239 J
-ga- W1334
30
32
30 Mar'29
9414 86 Mar'29
86
Temporary Ws of deposit
_
2d consol gold 45
1989 J J
82% 1.8
9228 Feb'29 _
pea Plaines Val 1st gen 430_1947 M 8 92% 99
86 Mar'29
Warm Springs V 1st g 5s_ _1941 MS
100 100
75
76 Feb'29 _
79
100 100 Jan'29
Det & Mac 1st lien g 4s
1995 J I)
Cheesy Corp cony Is May 15 1947 MN
7912 75 Feb'29
9914 113
98 10012
1995 1 I.) 75
Gold 48
Chick Alton RR ref g 38..._1949 AG 9812 Sale 98
63 j 1 1 9612 981s 98
68 9 69 8 u iNi River 'runnel 38: 1961 M ,
7
0
15
89
69
9 41
98 4 10
,
6812 69
5
Detroit b er N
Ctf dep stpd Oct 1928 1st
102 8 ____ 103 Mar'29
,
89
68 Mar'29
__
Railway first lien 3385_ _ __1950 ii 67
6734 71
87
10118
68% 10
10118
6818 Sale 68
Dul & Iron Range lot 5s__ _ _1937 A 0 10118 _
2
Certificates of deposit
10012 May'28 -68 Mar'29
,
A 0
Registered
Chic Burl A Q—IllDiv 3385_1949 J J 67 4 69
75
79
84% 86
1
8512
84
8514 8512
Dul Sou Shore & Atl g 55._._ 1937 1 J
75, Mar'29
4
Registered
J J
,
9312 1"eb'29
8512 Dec'28
East liy Minn Nor DIY 1st 48 '48 A () 91 8 94
Illinois Division 45
1949 J J 9214 941 1 92
--- 98% 9912 Mar'29
92 12 10 -55:34 94
East T Va & G a Div g 5s_ __1930 J J
_
General 45
1958 M
9014 9312
8
,
1956 51 N 10434 Sale 1043
4 1053
90%
Cons 1st gold 55
90% Sale 90 8
4
3
Registered
M
913 Sept'28
Elgin Joliet & East 1st g As. _1941 M N 101 10514 101
105
7
ist re14385ser B
1977 FA -6-1F8 16 95
22
96
1965 A 0 10012 10212 10028 100 2
El Paso AS W 1st 55
,
1
1st & ref As series A
1971 IA
6
1 Kt;
9 10
10312
8
Chicago & East III 1st 6s___ _1934 AO 10118 1025 10314
10
06
Erie 1st consul gold 78 ext_1930 131 S 10113 Sale 101
106 Feb'29
103
.1,10 1 8 _ _2_7_
10 24
.
,
C & E III Ry (flee co) con 55_1951 M
,
81
8518
8
1st cons g 48 prior
1996 J J 84 4 847 84%
82 4 69
,
8112 Sale 8114
847
8
5
Chick Erie 1st gold 5s
1982 MN
1
102
Registered
1998 J J --------86
Chicago Great West 1st 4s._1959 M S 10112 102 102
60
1:318
4
1996 1 J
1st consol gen lieu g 4s
67, 46 100 11097 3
4
67 4 Sale 67
,
Chic Ind & Louisv—Ref(Ss_ _1947
J 112
1 1013
251
4
1 110606/
112
Registered
1996 J J ioUri 8a e 7378 Mar'29 __7 _
l i 1- i 5%
112
0
_6
Refunding gold 55
1947 j
Penn cull trust gold 4s_ _ _ _1951 F A
10114
10014 10412 10114 Feb'29
10114
1
Refunding 48 Series C _ ._1947
J 88
50-year cony 45 aerie.] A.. _ _ 1953 A 0 -,,, 8128 80
_ 92 Jan'29
82
4
1st & gen 55 ser A
1966 MN 9612 98
793 Sale
95 1093214
9
2
3
3
1953 A 0
98
97 4
,
4
7 4
9
8
8014
18t & gen 68 ser B_ __May 1966 J J
elo
3 106 10812
106
Gen r es B series D
ge cony
1953 A 0 -7-- 82
105 106 106
8412 Dec'28 __
Chic Ind & Sou 50
-year 45_ .1956 J J _
874
,
, 04%
8 9
9214 94% Feb'29
Ref & lm pt 55
1967 M N 93 Sale 92
0312 133
ChIcLS& East hit 438s_ _ _ _1969 in
1
94
Erie & Jersey lots f eis_ _ _ _1955 .7 .1 10612 Sale 10612
94
10714
5
ChM & St P gen g 48 A_May 1989 J J oii4
4
8228 863
84
Genessee River lot s f fe_ _ 1957 J .1 10612 Sale 10612
19
10612
82% Sale 82%
1
Registered
... iis
i
Q J
Erie & Pitts gu g 3)86 ser B_1940 J J 88's ---- 102 Feb'28 _
8228 Dec'28
Gen g 3385 tier 13__2fay 1989 J J
1
7212
Series C 330
721 1940 J J 881s 91
'/4" 7212
881s Jan'09 — —
1954 71 N 10318 1037o 10328
Est RR 0205 f 7s
104 I 19
81
2
_ie.
"iii
9778
112
99%
104
99
93%
83
85%
-9512
104
100
91
9918
112
1017
4
105
1031
8
9312
02
8814
98
10418
101%
97 4 0954
,
105% 109
10414 1051s
98 101
85
9912
9512
8112
9112
9018
99%
9712
91
91%
"oiT2 WI;
71
69
75
72
73
84
9012
100%
9112
75
9314
96
105
98
97%
89
97
100
10914
97114
9411
10411
105
10314
88'4 923
9412
91
98
93
93%
87
33
40
2914 36
92% 92 8
,
7614
76
75
75
98 10014
103 10314
1(1014 101
754 "ill;
9312 94
99
9912
10418 105%
100 105
100% 10514
101
84
104
Ws
-5i72 "WI;
72%
1005
8
80
,
79 4
5
73 8
1011 1
8412
841::
2
-111.12 1)61.
10613 11012
1(0I2 11112
-88is 88 8
110318 105
1703
New York Bond Record-Continued-Page 3
Price
Friday,
Mar. 15.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 15,
Week's
Range or
Last Sale
Range
Since
Jan, 1.
•
High
Hioh No. Low
Ask Loin
Bid
Oct'28
99
99
Fla Cent de Pen let ext g 5s_ _1930 J J
5 -88- - 166 4
9512
963 95
4
5s
1943 J J 95
1st coueol gold
94
93
Florida East Coast 1st 41.is_1959 J D 9238 9414 94 Mar'29
27
80
75
79
1974 MS 78 Sale 78
1st & ref 5s series A
2512 50
16
38
MN 3614 39
36
FondaJohns &Cloy 1st 43s 1952
94
1
94
94
_ 94
J 94
Fort St U D Co 1st g 41511- -1941
4
107 10714 10714 14 10714 107,
1961 J D
-14
Ft W & Den C 1st g 514s
103% 103%
4
Frern Elk & Mo Val 1st 6s 1933 A 0 10314 1033 1033 Feb'29
9914 100
1931 M N
100 100 Feb'29
& A Al & P let 5s
9914 100
99% 13
9912 9912
1931 J J 99
2d extens 5s guar
9812 9912
1933 A 0 9712 9818 9812 Feb'29
Galv Hone & fiend 1st 5s
85
86
88 89 Mar'29
Ga & Ala Ry 1st cons 55 Oct 1945 J J 86
1
96% 98%
9718
9714 98 971s
Ga Caro & Nor let gu g 5.5 1929 J
2
74% 75
4
4
743
I
) 7018 74% 743
Georgia Midland 1st 3s
_ 97
96
97
Jan'29
Gr It & lent Ist gu g 410.-1941 J
8
9512- Grand Trunk of Can deb 65_1940 A 0 1103 11i 10814 110% 28 10314 113
1936 M S 10412 Sale 10412 10518 22 10412 106
15-year s f 69
Oct'28
98
13
1947
Grays Point Term 1st 5s
Great Nor gen 7s series A__ A936 J J
J J
Regwtered
;:scrlet A____1961 J
1st de ref
General 514e series B___ _1952 J
1973 J J
General Os series C
General 416e series D.....1976 J
General 4 As series E
1977 J
Green Bay & West deb Otis A ____ Feb
Feb
Debentures ctfs B
Greenbrier Ity 1st gu 4s__,,1940 M N
Gulf Mob & Nor 1st 5148_1950 A 0
1st NI 55 series C
1950 A 0
Gulf de S I 1st ref A ter g 58_51952 J J
Hocking Val 1st cons g 4148_1999 J J
Registered
1999 J. J
Housatonic Ity cons g-58. _1937 M N
H & T C let g 58 int guar
1937 J J
Waco & N W div 1st 13s
1930 M N
Houston Belt & Term 1st 58_1937 J _J
Houston E & W Tex let g 55_14133
N
1st guar 5s red
1933 ir N
Bud & Mauhat let 55 ser A.1957 r A
Adjustment income 5s Feb 1957 A 0
104
110
10914 Sale 109
114 Apr'28
9312
9312
9312 94
24
107 Sale 10612 107
11
8 102
100 101 1007
93 12 42
4
953 93
935 9614 93%
3
9318
Oct'28
_ 85
79
10
26
25
2312 28
9312 Dec'28
9114
9914 1047 10114 Mar'29
- 8
99% 102 Dec'28
5:1T4 Sale 10418 10414 12
14
97
96% Sale 9612
97
9812 10212 May'28
98 Mar'29
4
973
10214 Mar'29
102
10014
_ 10014
100
1
9912 166 9912. 9912
9812 Jan'29
_
981
9812 Feb'29
29812 99
9412 85
94 Sale 9312
7914 98
4
773 Sale 77
1951
1111noisCentral 1st gold 4s
J
Registered
let gold 3145
1-3
Registered
Extended 1st gold 31411_1951 A 0
1st gold 3s sterling
1951 M
Collateral trust gold 4s_ 1952 A 0
iM N
Registered
1955151 N
1st r efunding 4s
Purchased lines 3148
1952 J
1.1 J
Registered
Collateral trust gold 4s___ 1953l N
'NI N
Registered
Refunding 55
19551 M N
15-year secured 610 __ _19361J J
40
-year 442s
gAug1 1966 F A
Cairo Bridge gold 4s
1930•J 13
Litchfield Div 1st gold 38_1951 J J
Loitisy Div A Term g 314s I953'J J
_
Omaha Div bit gold 38_ _ _19511r
St Louis Div & Term g 35_1951 J
Gold 314s
1951. J
.1 J
Registered
Springfield Dly 1st j 310_1951 J J
Western Lines 1st g 4s____1951 F A
F A
Registered
[II Cent and Chic St L & NO
Joint let ref be series A___1963 J
1st & ref 414e series C____1963 J 13
9312
9312 9112
95 May'28
8538 Jan'29
84 Nov'28
8313 85
8612 June'28
7414 Mar'29
8
735
89%
8914 9012 8914
Oct'28
87
91%
9112
4
833 Jan'29
87 Nov'28
85
8512
9014 May'28
102 Mar'29
ioi8
8 1083
8
108 1085 1083
98
97 Sale 97
8512 92 90 Mar'29
_ 7514 Mar'29
8312 8212 Jan'29
73%--81
74 Mar'29
7314 77
8
763 Oct'28
73% _ _
81 Mar'29
8013
4
783 Oct'28
- --_ _ 88 Dec'28
8914
9012 8914
8914 - 92 Apr'28
Ind Bloom & West 1st ext 4s 1940 A 0
1nd III & Iowa 1st g 48
1950' J
Ind & Louisville 1st gu 45
1956 J J
Ind Union Ity gen 58 ser A 1965 J J
Gen & ref 5s series 13
1965 J J
mat & Grt Nor 1st Os ser A_ 1952 J J
Adjustment 6s ser A July 1932 - Stamped
1st 5e series 13
1956 J --i
19561 2
1st g 5s series C
Ink Rya Cent Amer 1st 5s__ _ 1972 M N
1st coll tr 6% notes_
1941 M N
18t lien & ref 645
1947 F A
Iowa Central 1st gold 5s
1938 J D
Certificates of deposit
Refunding gold 48
1951
James Frank de Clear let 4s_1959 J D
Kan A .12 G It let gu g 5s
1938 J 2
Kan & M 1st gu g 48
1990A 0
91 Nov'28
92% Feb'29
8
-_-_-_-_ 867 8814 Feb'29
2
103
_ 103
106
7
103
10312 103
29
105
10418 104
161
94 Sale 9312
95
7712 Feb'28 _
9112 15
9112
94
90
93 Mar'29
93
91
24
80
7912 Sale 78
93
93% 13
94
_
97
14
88T4 sale 94%
43
2
43 Sale 43
4
403
5
40% Sale 40%
8
147
4
8
147
1418 15
83 Jan'29
8414 88
100 Feb'29
10014 _
8412 Feb'29
86
8412 -
K C Ft S & M
ref g 4s_ _1936 A 0
K C&
R&
1st gu 53_1929 A 0
Kan City Sou 1st gold 3s
1950 A 0
Ref & impt 55
Apr 1950 2 2
Kansas City Term 1st 4s...1960
2
Kentucky Central gold 4
187 2 2
Kentucky & Ind Term 410_1961
Stamped
1961
Plain .
1961 J 2
Lake Erie & West 1st g 55...1937 1 2
19412 2
2d gold 5e
Lake Sti & Mich So g 3145_1997 J D
Registered
1997 J D
25-year gold 4s
1931 M N
M N
Registered
Leh Val Harbor Term gu 58_1954 F A
Leh Val NY 1st gu g 410_1940 J 2
Lehigh Val(Pa) cons g 48_.2003 M N
M N
Registered
2003 M N
General cons 414e
M N
Registered
9134
9112 9112
8
977 9914 9914 Jan'29
72
4
703 Sale 7014
9514 Sale 9512
97
8712 Sale 8712
8712
.
881 Sale 8812
8812
9012 95
Jan'29
9212 Oct'28
-87
90
95
_
Jan'29
Feb'29
100 10014 101
95- 9714 10312 100 Feb'29
79
79
8112 79
75% 7614 8112 July'28
9812
4
9814 Sale 973
4
993 Apr'28
ioi- 1671- 10212 10212
2
9852 98% Feb'29
-_
85
8412 Sale 8414
Jan'29
86
9212
94 Mar'29
99 Nov'28
Lehi Valley RR gen 5s series 2003 MN
Leh V Term Ry 1st gu If 58.1941 AO
AO
Registered
)
Let & N y let guar gold 48_1945 NI
Lox de East 1st 50-yr Os gu_ _1965 A 0
Little Miami gen 4s series A.1962 NI N
1935 AO
Long Dock consol g 68
Long bald 1st con gold 5s July1931 Q J
let consul gold 48_ __July 1931 Q J
1938 21)
General gold 4s
1932 ii)
Gold 4a
1949 M
Unified gold 4s
1934 ID
Debenture gold 5s
1937 MN
30
-year p m deb 5s
Guar Sh B let con gu 5s Oct'32 MS
Nor Sh B let con gu Se_Oct'32 Q J
Lou & Jeff Bdge Co gd g 413_1945 M
Louleyille & Nashville 5s_ _.1937 MN
1940 J J
Unified gold 45
J J
Registered
_1931 MN
Collateral trust gold 5s_
10112 10212 103
0312
10312
10378
90
90
106 Sale 106
8812
16- 168 10412
.8
8
995 101
995
9412
100
4
93
9014 - -12 903
9912
90
8
935 8914
98
99
98
4
96
96% 963
9014 903 9014
4
_ _ _ _ 100
99
8412 Sale 8412
10114 10212 10212
8
4
923 943 927
4
9812
100 101% 100
nuf vet,
109
112%
9314
106
8
1007
93
93
98
4
1093
104
9714
8
973
25
2952
iaoi2 166-
-
92
13
10113
4
953
9734
10214
11[014
98%
9812
97[4
9312
77
9818
,
102 4
102
993
4
9812
10218
98
4
843
91
9514
3;
-8W8 15
83% 85
10112 Sale 101
4
943 9514 943
4
104'8 108
9612 99
12
22
7414 1/4-1-4
3
4
863 93 4
9013 02%
4
833 833
4
30
57
85
91
102
108%
97
86
,
75 4
82[2
74
10534
11118
19012
90
7514
8458
74
81
4
8612
96 4
'88; -- 114
101 10514
9418 97%
85
6
52
88
54
3
3
58
47
9378
-
Mar'29
Mar'29
Feb'28
Oct'28
106
Dec'28
Jan'29
Mar'29
Feb'29
Feb'29
Dec'28
Mar'29
Feb'29
4
963
Mar'29
Mar'29
89
Jan'29
9418
Dec'28
Feb'29
92
8814
103
103
103
90%
9214
8814
103
103
10812
96
9112
93
78
93
8
917
40
40%
1412
87%
,
99 4
8414
96%
9512
82
4
963
8
985
51
5112
20
89%
10018
8412
N
BONDS
Y. STOCK EXCHANGE,
Week Ended Mar. 15.
Price
Friday,
Mar. 15.
Et:
Man G B & N W 1st 3.14s_ _1941 J J
Mich Cent Det & Bay City 5s_'31 M 8
M
Registered
J
1940 Q
MIcla Air Line 4s
J J
Registered
1952 M N
1st gold 31421
1929 A 0
20-year debenture 414
A 0
Registered
Mid of N J 1st ext. 58
:
5111w L S & West imP g 5s_ _ 1121
Mil& Nor 1st ext 4148(1880) 1934 J D
Cons ext 414e (1884)...1934 J D
MII Spar de N W 1st gu 4s _ .1947 M S
1
Milw & State Line 1st 314s_ _1941 J .
Minn de St Louis 1st cons 58_1934 NI N
Temp ctfs of deposit--1934 M N
1st & refunding gold 4s_ _ _1949 M S
Ref & ext 50-yr 58 ser A..1962 Q F
Certificates of deposit
S t c„,5 58
M iet P&3S NI cong 451n1811 38 i--i
'
1938 J 2
1938 J 2
1st eons 5s gu as to int
1931 M 5
10-year coil trust 614e
1946 J 2
1st de ref Os series A
1949M 8
25
-year 514s
1st Chicago Terms f 45._ _1941 M N
1949 J J
Mississippi Central 1st 58
Mo Kan & Tex 1st gold 4s_ _1990 .1 D
Mo-K-T RR pr lien 5s ser A.1962 J J
1962 2 J
40-year 48 series B
1978 J J
Prior Ileu 414s ser D
Cum adjust Os ser A _Jan 1967 A 0
1965 F A
Mo Pac Ist & ref 58 ser A
1975 M _S
General 4s
1977M 0
let & ref 53 series F
Mo Pac 3d 78 ext at 4% July 1938 MN
1978 M N
1st & ref g 5s ser 0
1945 J i
Mob & Bir prior lien g 5s
Small
J i.
1945 .° j
SmallletMgold 4s
1945 J ...
3
Nlobile & Ohio gen gold 4s.._1933 M 5
Montgomery Div 1st If 55_1947 F A
1977 M 5
Ref & impt 414s
moti S4
Mon t cMar
gold 4s 1991 NI 8
1937
l937 J J
1tgu Os
1937 J J
1st guar gold 5s
10
2 00 F A
: 878 J 0
Morris& E. '
2
Nash Chatt :12 t tg 5 311: A
- S- L
- s '4u i
re.
1937 F A
N Fla & S 1st gu g 55
Nat Ry of Nlex pr lien 4146_1957 J J
J J
July 1914 coupon on
Assent cash war rct No 4 on
1977 A-year s f 48
Guar 70
Assent cash war rct No 500
NatRR Idea pr lien 414s Oct'26 i--i
Assent cash war rct No 4 on
A
1951 -0
1st consol 48
Assent cash war rct No 4 on il
,...•-•
Naugatuck RR 1st g 413 - - - -.... lif
1
19 5
New England RR Cons 5s1945 J .1
Consol guar 4s
guarcF A
let
N J kN
N oJ ua
82
14
48- - - '5
m p4-sA1 9 8 J J
EIstret
KR
New Orleans Term 1st 4s_ 1953 J J
N 0Texas & Nies n-c Inc 58_1935 A 0
1954 A 0
let 5e series B
1956
1st Os series C
1954F A
lst 434e series D
1954 A 0
let 5148 series A
N & C Mtge gen guar 414e_ _1945 J i
N Y B & NI B 1st con g 5s 1935 A 0
N Y Cent RR cone deb 68....1935 M N
M N
Registered
1998 F A
Consol 4s series A
Ref & !mut 414s series A 2013 A 0
2013 A 0
Ref & inapt 5s series C
A 0
Registered
4
9912
Range
Since
Jan, 1,
cZ.
Mph
High No. Low
13
1
1
1
101
102
104
104
104
104
98
98
99% Feb'29
10014 Jan'29
9214 Dec'28
8
667
6534 65
_ _ _ _ 100 Sept'28
8612
s612
87
8
9012
Sale 903
9912 9812 Feb'29
100 Feb'29
7418
Sale 74
77 Feb'29
9912
Sale 9912
Sale
105
Sale
99
101
101
9114
64
9818
8512
9012
9814
1001z
74
100%
104
10212
9714
99%
10014
103
1073
s
105%
99
100%
10014
4
-88- -- -167 2
1
4
-8612
3
90 8
9812
100
74
8
747
98%
12
10
891
92
9912
100
75
77
1008
88 July'28 ____
1 -55; 166100
100
1003 Apr'28
93
9612 9812 Nov'28
__
(218 July'28
6
8412
8
Ts - - -7g 833
84
99% 993
4
__
99% 99% 9912 Mar'29
Oct'28
99
9014 18-1;
4
93
963 963 Feb'29
4
9912 9912
9912 Jan'29
96
96
96 Feb'29
97
95
94
94
95 9512 94 Feb'29 _ _ _ _
92
91
91 Mar'29
9012 93
Apr'28
90
i8 0
-815- - -2Feb'29
-Ws - -7- .53
E2 8
49
5314
4814 5134 49 Feb'29
1918 35
25% 29
2512 Sale 25
5
15 8 20
2
1714
1714 1914 1714
16
16
16
Jan'29 _ _ _ _
6713 5914
6
8
887
8814 Sale 8712
44 99
93
1
95
95 Sale 95
4
963 9912
99
11
97 Sale 97
9714 101
14
100
9912 Sale 99
9812 102
4 10
993
9812
9812 100
95
92
3
94
9512 94
94
9312 9312
9312 ---- 9312 Jan'29
4
99%
973 ____ 9812 Feb'29
98
8212 85%
8312 16
8212 Sale 8212
98,8 102
99% Sale 9912 10018 46
8112 8654
84% 31
8112 86% 81%
9413
5
89
8914
89
93% 89
34 102 10512
10412 Sale 10412 105
24
9518 10144
97
95% Sale 9518
74
92
,
73 4 77
4
733 Sale 7314
9312 99
9638 176
4
953 Sale 9512
8
, 7e 9148
90%
1
10
8
907 Sale 907
4
94, 985
4
9538 112
8
953 Sale 9418
99
99 Feb'29 _
99
100 101
99 Feb'29 _ _ _ _
99 100
____ 100
98
86
8
98
89 Sale 89
4
8612 11
4
853 89
8612 Sale 853
9112 93
93% 9412 9112 Mar'29 _103% Nov'28 _ _ _ _
99[8
97(34 07-1-8
9018 921 903 Mar'29
.
6
8412
8412 86
8412 Sale 8412
106
106 108
106 Sale 106
4
4
1003 101
10012
- 1003 Feb'29
77 Mar'29
8012
74% 78
77
-.5
:
.12A A
2
10114
104
104
9718
10012
93
9912
76
4
993
9012
,
99
9044 N Y Cent & Hud Rly M 3148 19 7 J J
Registered
95
Debenture gold 48
Registered
-58- 85
944 J J
1932 MM NN
1003s 101
-year debenture 45
30
19378
1 98 AAFF A
Lake Shore coll gold 3346_ 1 99 F 00AA
99 100
1998 F A
Registered
7812 8112
Nlich Cent coil gold 314s 1998
9714 981
Registered
NY Chic & St L lst g 40- -.1937
155- 168 8
- -1.
Registered
1931 M N
25-year debenture 45
8
987 9944
2d 6s series A 13 C
8418 8814
3
19 1 A N
86
Refunding 534e series A...1974 M 0
86
1975 M J
94 100
Refunding 514e series 11..1978 J S
Ref 494s series C
F A
N Y Connect 1st gu 4494s A.1953 F A
933
1953 M
103 10714
1st guar 58 series B
10312 10312 N Y & Erie 1st ext gold 4s 1947 M N
S
_
3d ext gold 4145
1930 A 0
4th ext gold 5s
106 168
- . N Y & Greenw L gu g 5s_ 1946 M N
-7NY & Harlem gold 314e_ .2000 MN
M N
10413 164-1;
Registered
99% 101% NY Lack & W 1st & ref gu Os'73 M N
1973M N
97 100
1st & ref go 4145 con
NY LEA W let 75 ext_1930 M 5
3
90 4 93
N Y & Jersey 1st 5s
...
.
90, N Y & N E Bost Term 4s_
89
98 100
N Y N II de II n-c deb 4s_ 1947 M 13
98%
96
Non-cony debenture 3148.19471 M 8
90
913
8
Non-conv debenture 3148_1954 A 0
9934 109
1
Non-cony debenture 4s_ _ _1955. J
5
198 M j
8412 90
Non-cony debenture 4s__.1946 J N
1956.3 J
10214 10212
Cony debenture 3145
92% 95%
Cony debenture 68
J J
Registered
40 A O
1957 m N
100 loos;
Collateral trust 6e
Debenture 48
1st & ref 4148 ser of 11827.19672 D
Harlem It & Pt Chefs 1st 48 1954 M N
4
91,
99
7014
95[2
87
88%
95
.44A Low
Bid
Louisville & Nashv (Concluded)
10-year sec 7s _ _ _May 15 1930 M N
let refund 534s series A._2003 A 0
1st & ref 514 series B
2
19
2
let & ref 494s series C_ __.2003I A 0
N 0& M 1st gold (is
19301 2 2
2d gold 6s
Paducah & Mem Div 451946, F A
'M 9
St Louis Dlv 2d gold
Mob & Montg 1st g 4148._1945 M 5
Nfonon 4s1052 J J
South Ry joint
All Knoxv & CM Div 4s_ _1955 M N
Loultly Cin & Lex Div If 4148'31 MN
1934
Nlahon Coal RR 1st 5s
959 m
Manila RR (South Lines)4s_ 19391 M N
1st ext 4s
Manitoba S W Coloniza'n 55 1934 J 13
Week's
Range or
Last Sale.
8
853 90
9912
24
90
8912
8912 90
102
_,_102
7
100
18 July'28
4
183 July'28 17l3
11
17
_1_1_ 811:1 Aug 27 __1_0_
7
894 90 4
4
1093 102
I
_
12', 1538
.
1214
1318 2012 1214
3812 July'27
2 018 Ap2
- 2
"117_3-8_ 1210?.. 22 Mar'29
8
4 28
93
712
Oct'28
86
2
987 98% Mar'29 _ _
e
6 Nia' 9
8712 8818 5far 29
Sale
95
80
93
10
4 10
883
Feb*29
4
973
1
Mar'29
6
'
931 n
102
15
'.
lb 29
Fe o31 _
Dec'28
64
Jan'29
89 EiZe 8712
89 -.-21
9712 75
97 Sale 97
1055 127
8
105% Sale 105
106 Mar'28
93
9234 __
4
8612 1_ _ 883
98 00 100
9712 9914 973
4
997 9812
9312 935s
101 Sale 101
9412 98 1 95
97
98 1 984
14212
1_0_2_1_2 Sale_ 1
79
7712
952
s
95
9412 9212
8
743
78
797 78
Sale 762
78
78
9512 94
9612
9734 9712
Sale 10014
4
Sale 1053
5
, 93
103% 10614
7918 Sale
80
77
96 Sale
904
7412
7212
763
72
9314
9712
8
1013
10578
4
,11
1023
95 Sale
99' Sale
____
95
0
9
9914
8012
Feb'29
96
Jan'29
Feb'29
7512
Nov'28
76%
Mar'29
Mar'29
Feb'28
978
1018
10614
10614
93%
15
--;F2
-58- - -768 8
sips 863
8
88
88
93
4
973
3
88 4 91
9812 100
97% 10012
9812 101
93% 96
101 10512
9418 95
_-_- -10214 Ina
106 106
8712 [39%
97 10012
105 10712
4
7738 821
7712 7812
4
95% 973
9
4
9114 943
743 813
4
4
5
_
____
21
129
46
2
11
11
1
6
%
5
92
10013
1
7518 ____ 8518 Apr'28
Feb 2 _ _ _
8
.
1_0_03
1130 8
100'18 Feb"23 _ :_ _
104 Feb'28
0
100 FOv 2
8
9
100 10014 ,12 N eb:2
86 Dec'28
4
773 Feb'29
7014
7012 11
2
7738
773
6
7714
4
773
1
7013
7012
120
12212 57
118
118
2
1027
1027
2
s
72 Sale 717
12
73
8612 Sale 8812
8712 64
797 9012 Feb'29___
79
84
4
773
Sale
7958
Sale
7214
Sale
131
14
__
9912 Nov'28
100
98% ____ 99 Feb'29
e 2
96_ 94 8 jab:29
_9_4_ . 833 F,9
7738
7212
7014
773
7714
7012
12212
-ioTz
764
7614 78
96
94
-964
10014
10534
108
93
9418
9914
90
10211
107%
107
9512
9714
102%
90
99
99
94% 98
83
83
8
1001. 100.
10014 10014
ioo
2
1661-
757 775
7014 75
8
773 8414
,
77 4 844
,
70 2 75
44712 126
115 119
1027g 10512
7178 7812
8512 9212
8912 9012
1704
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 15.
Price
Friday,
Mar. 15.
Week's
Range or
Last Sale.
Ask Low
Bid
NY 0dr W ref let g 4s_June 1992 M S 68
7018 89
Reg 85.000 only._June 1992 MS
76
General 4s
1955 SD 64 Sale 62
N Y Providence & Boston 4e 1942 AO 90
91
87 8
5
Registered
AO
893
4
NY & Putnam 1st con gu 4s 1933 AO 8518 88
8414
N Y Sus(' & West let ref 55_1937 J J 84
867 84
8
2d gold 434e
1937 FA
83 843
4
General gold 5.2
1940 FA 7714 774 7612
Terminal 1st gold 59
N
1943
10112 9912
N Y W-ches & B let ser I 4He 46 Si 813 Sale 8112
4
Nord Ry ext'l s 1 8.10
1950 AO 102 Bale 10112
Norfolk South 1st & ref A 58_1981 FA 83 Sale 83
Norfolk & South 1st gold 58_1941
N 963 993 102
4
4
Norfolk & West gen gold 62_1931 M N
Improvement & ext 6s_ __1934 F A
New River lot gold 8s___ _1932 A 0
N & W Ry lat coos g 48..1996 A 0
Registered
1998 A 0
Div'l let lien & gen g 4e...1944 J J
10-yr cony fis
1929 M S
PocahC&CJolnt4s.194jJ D
North Cent gen & ref Se A1974 M S
Gen & ref 4 Hs ser A stpd-1975 M S
North Ohio let guar g 5s. _1945 A 0
North Pacific prior lien 4e_ _1997 Q
Registered
1997 Q J
Gen lien ry & Id g 3e_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & Impt 4 He series A_ _2047 J
Ref & impt 68 series B__ _2047 J
Ref & impt 58 series C2047J J
Ref & impt Ss series D__ _2047 J J
Nor Pao Term Co let g 88..1933 J J
Nor Ry of Calif guar g 5e_-_1938 A 0
Range
Since
ra
High go, Low
High
Mar'29
87
74 4
3
Apr'28
4 -62
64
7114
Oct'28
Jan'28
Feb'29
844 8912
2
82
8418
8612
Nov'28
77
10
704 82
Feb'29
9918 10112
82
793 85
8
31
/
1
8 1004 105
10212
83
83
10
903
4
102
993 102
4
1
102 10214 102 Mar'29
105 Sale 105
105
10112 10312 10312 Mar'29
90 Sale 90
90
8912 Feb'29
9114 9014
91
9014
13212 Feb'29
923 923 9238
4
923
8
1073
4
8
1077 Jan'29
99
8
_
957 Feb'29
953- 96 Feb'29
4
87 Sale 87
89
86
8712 8614
8614
633 Sale 6312
65
4
63 Mar'29
9614 Sale 9614
9614
11114 Sale 1103
4 11112
10214 Sale 10214 10214
102 Sale 102
102
1093
4
1093 Feb'29
4
10012 _--- 107 June'28
1
3
7
2
83
4
18
1
53
5
7
North Wisconsin let 68..._1930
.1
Og & L Chem ist gu g 4a_ _ _1948 J
Ohio Connecting lty let 4s__1943 MS
Ohio River RR 1st g Se__ _1936 SD
General gold 52
1937 AO
Oregon RR & Nay con g 4s.1946 ID
Ore Short Line 1st cone g 5s.1946 J J
Guar etpd cons 5s
1946 Si
Guar refunding 4e
1929 JO
Oregon-Wash let & re/ 4e._1961 is
Pacific Coast Co 1st g Es__ _1946 SD
Pao RR of Mo 1st ext g 48_1938 FA
2d extended gold 5s
1938 J J
Paducah & His Isle f 494e_ _1955 Si
Paris-Lyons-Med RR extl (Ss 1958 FA
Sinking fund external 7e...1958 M S
Paris
-Orleans RR s f 7e___ _1954 MS
Ext sinking fund 5 Hs......1988 MS
Paullsta Ry let dr ref f 78_ _1942 M
100 Sept'28
8212 Mar'29
955 Nov'28
8
99 102 104
993 102
8
4
993 Feb'29
91
9018 91
91
2
103 Sale 103
10312 12
103 104 10412 10412 17
983 Sale 983
8
987 117
s
8
sola sale 8512
8714 21
793 7914
4
76
3
7914
94 915 Feb'29
8
2
9714
99
94
/ 99 100 8 Oct'28
1
4
3
/
1
4
983 Sale 9812
4
111
99
1043 1043 10414
1044 20
8
/
1
4
1033 Jan'28
8
9318 95
951
94
24
1023 10314 103 Mar'29
4
Pennsylvania RR cons g 48_1943 MN
Consol gold 48
1948 MN
45 eteri stpd dollar_May 1 1948 MN
Cousol sink fund 494s__ 1960 FA
General 494s series A._ _ _1985 SD
General 5e series B
1968 SD
10
-year secured is
1930 AO
15
-year secured 834e
1936 FA
Registered
FA
40
-year secured gold 5s
1964 MN
Pa Co gu 3)4s coil tr A reg._1937 MS
Guar 314e coil trust ser 13_1941 FA
Guar 3He trust etre C
1942 JD
Guar 3Hs trust etre D__ _1944 JO
Guar 15 -year gold 4s_ _1931 AG
-25
Guar 4e ser E trust W0_1952
N
Secured gold 434e
1983 MN
Pa Ohio & Det 1st & ref 4 He A'77 AO
Peoria & Eastern let cons 48_1940 AO
Income 4s
April 1990 Apr.
Peoria & Pekin Un let 5;0_1974 FA
Pere Marquette let ser A 55_1956 J
let 42 series B
1958 J J
94
93
95 Mar'29
93 Sale 93
93
3
93 Sale 93
93
1
10014 Sale 100
10014 22
9714 Sale 9714
987
8 65
10618 Sale 10618. 1061
8
8
/
4
1017 Sale 1011 10214 133
8
10812 Sale 108
10914 62
112 Apr'28
_
103
ia Sale 101
48
Oct'28
893
88
4- -8
8
857 867 85 Feb'29
87
85
89 Feb'29
87 85 Feb'29
98
/
4
25
9714 Sale 971
____ 90 8814 Mar'29
97 Sale 963
s
973
4 97
Feb'29
95 95
84
7
4
833 85 833
4
373 40
373 Mar'29
8
4
1021
/
4
102 Feb'29
101 gale 101
1013
4 33
884
8814 17
89
86
Fills Bait & Wash 1st g 4s__1943 MN
General fo series 13
1974 FA
PhIllippine Ry 1st 30-yr 5 f 46'37 J J
Pine Creek registered 18t 68_1932 JO
P C C& St L gu 4 Ha A
1940 AO
Series B 4He guar
1942 A0
Series C 4940 guar
1942 MN
Series D 4e guar
1945 MN
Series E 334s guar gold_ 1949 FA
Series F 4e guar gold
1953 JO
Series G 48 guar
1957 MN
Series H con guar 45
1960 FA
Series I cone guar 4 He.. _ _1963
Series], cons guar 4 He_ _ _1964 M N
General M 5s series A_ _ _1970 J D
Registered
J D
Gen mtge guar Se ser B.,.1975 A 0
Registered
A 0
924
/
1
9414
95
107
107 _
107
36 Sale 36
38
102 104 103 Mar'29
9812 9712
96
9712
9712
9914 9712
9712 __
993 Mar'29
4
9612 Sale 9618
9612
9714 Sept'28
94 8 Jan'29
3
98
95 Feb'29
95 Feb'29
3
993 --99 4 Feb'29
4
9912
_ 993 Feb'29
4
1053 tiitd- 1053
4 -e
4 10614
1034 Jan'28
10612 1085 106
;
10612
11312 Jan'28
Pitts MaK & Y let gu 6s__1932 Si
2d guar 6e
1934 J J
Pitts Sh & LE 1st g 58
1940 w 0
let consol gold 58
1943 Si
Pitts Va & Char let 4e
1943 MN
PItte Y & Ash 1st 48 ger A- _1948 SD
1st gen 5s series B
1962 FA
let gen 5e series C
1974 SD
Providence Secur deb 4s
1957 MN
Providence Term let 4e_ _.1956 MS
Reading Co Jersey Cen coil 48'51 A0
Registered
AO
Gen & ref 494e series A__1997
.1
Rich & Meek 1st g 48
1948 MN
Mehra Term Ry lot gu 5e_ _1952 ii
Rio Grande June 1st an 5s 1939 JD
Rio Grande Sou let gold 48_1940Si
Guar 4s (Jan 1922 coupon)'40ii
Rio Qrande West 1st gold 4e_ 1939 J J
1st con & coil trust 4e A__1949 AO
RI Ark & Louis'1st 4 Hs_ _1934 MS
Rut
-Canada 1st gu g 4e_ _ _ _1949 J J
Rutland 1st con g Oka
1941 Si
9712
787
8
10014
997
8
9312 __
10312
Oct'28
105
8
1035 July'28
10012 Jan'29
1004 Aug'28
9918 Sept'28
9318 Jan'29
10318 10318
1 .
-i5-73-- I'vlf;r 29
813
,
84 Feb'29
911 Sale 9112
/
4
9112
4
943 June'28
/
1
9218 974 95
974
794 May'28
Feb'29
101
994 100 Nov'28
May'28
-- 712 Apr'28
87
/
1
4
/
4
861 Sale 8618
8212 84 Feb'29
9412 94
954
94
82 Nov'28
894 Mar'29
e Due June.
1
1
9
18
7
2
3
26
ioa- !rt_
St Joe & Grand lel let 421_1947 i
85 8812 87
St Lawr & Adir 1st g Si..._.1996 Si
8
1047
2d gold Os
1996 AO ioi- 166' 1053
4
St L & Cairo guar g 4e
1931 J J
963
8
L Jr Mt & 13 gen con g 58_1931 AO 993 Bale
4
4
993
Stamped guar 5e
1931 AO
10114
Unified & ref gold 48
1929 Si 9918 Sale 99i8
Rly & G Div 1st g 4s_ - _ _1933 MN 93 Sale 924
St I. M Bridge Ter go g 56-1930 AO 99 100 100
I Due MAY
30
4
1
8 Due August
Mar'29
Feb'29
Nov'28
963
8
1004
Dec'28
9918
94
100
26
31
5
67
18
59
5
10112 10314
105 105
10312 104
90
9214
8912 8912
9014 94
13212 13212
9218 95
1074 1077
8
954 99
96
9614
90
87
8614 89
6312 6712
63 6312
96
987
8
1103 11312
4
10214 105
102 1043
8
1093 1093
4
4
8213 83
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 15.
Price
Friday,
Mar. 15.
Week's
Range or
1481 Sale
Bid
Ask Low
High
St L-San Fran Pr lien 4s A_ _1950 MS 8412 Sale 834
85
Con M 4He aeries A
1978 M
85 Sale 833
4
8518
Prior lien 5s series B
195055 993 Sale 993
4
4 100 8
St Louis& San Fr RY gen 63-1931 J J 101 10178 101 1013
General gold 52
1931 Si 991 10014 99
/
4
9918
St L Peor & NW 1st gu 58 1948 J5 10212 10514 1034 Jan'29
St Louis Sou let gu g 4s_ _ _1931 M S 9618 9712 0618
9618
St L S W let g 45 bond Ws_ _1989 MN
8814 Feb'29
2d g 423 Inc bond ctfs Nov 1989 J J 793 Sale 7914
4
794
Consol gold 4s
1932 SD 96 Sale 9512
96
let terminal & unifying 5s_1952 J J 9812 Sale 98
10012
St Paul & IC C Sh L 181 494s 1941 FA -_-- 9214 92
92
St Paul dr Duluth let So_.._1931 FA
00
Oct'28
let consol gold 48
1968 SD 881 9012 8014
/
4
8014
St Paul E Gr Trunk lst 4,10_1947 J J
974 Jan'28
St Paul Minn & Man con 4s_1933 J J 95
9718 9714 Mar'29
let consol g fle
1933 JS 10312 1035 05 Dec'28
8
Registered
J J 10212 1043 03 Jan'29
4
68 reduced to gold 4%5___1933 JS 974 99 98 Feb'29
Registered
52 97
99
95 Dec'28
Mont ext let gold 4s
1937 SD 9312 95
94 Mar'29
Pacific ext guar 48 (sterling)'40 J J 884 91
92 Nov'28
St Paul Un Dep let de ref 5s_1972 J J
1043 03
103
4
SA&
Pass 1st gu g 4s_ _ _1943is
8958 8714
894
Santa Fe Pres & Phen let 58_1942 M S 983 102
4
02 Feb'29
Say Fla & West let g 13s. _.1934 AO 1033 - - 106 Mar'29
4
1st gold 52
1934 AO 993
8
10012 10012
Scioto V & N E 1st gu g 49.__1989 MN 8912 92
90 Mar'29
Seaboard Air Line let g 48-1950 AO 73
80
74
74
Gold 4s stamped
1950 AO 72 Sale 72
72
Adjustment Se
Oct 1949 PA 4112 Sale 41
4134
Refunding 40
1959 A0 5912 Sale 5812
5912
let & cons Os series A_ _ _1945 MS 755 Sale 7558
8
76
Registered
MS
85 Dec'28
Atl & Blrm 30-yr lag 45 41933 M S 8612 883 89
4
89
Seaboard All Fla let gu 6s A-1935 FA 67 Sale 6614
67
Series B
1935 FA 65 Sale 65
6712
Seaboard & Roan let 5s extd 1931 JS
98 Dec'28
So Car & Ge let ext 510_ .._ _1929
N 994 997 904 Feb'29
8
& N Ala C0118 EU g 58
1936 FA 100 _ _
101 Dec'28
Gen cons guar 50-yr 58-.1983 A0 1053 Sale 1053
4
4 1054
ig
Range
Since
Jan. l.
No.
High
Low
/
1
4
8312 88
83 4 89
3
4
983 101
101 102
99 1001
4
1031 10318
/
4
9512 971s
89
86
7914 8114
951z 9812
8
98 1012
92
9514
214
341
73
5
4
3
16
48
8
10
1
8014 - EW1
-in, - 1i
17
ia- 16i991
4
98
94
1
4
-9
fr
1
1
42
22
64
1025 111i 4
. - 1874 91
102 102
106 108
993 10012
4
90
9012
74
73
14
7114 75
38
45
573 6012
2
7314 80
3
58
11
168715 64
7114
6458 7012
1
- -1
10534 166 4
2
995
-56/4 16690
9212 So Pac coil 45(Cent Pac col) k'49
87 Sale 87
8814
13
103 1063
8
Registered
SD 8514 8712 8514 Mar'21
104 108
/
1
4
20-year cony 45
June 1929 SD 993 Sale 9914
8
9912 134
9914
98
let 4 Hs(Oregon Lines) A..1977 M
985 9812 Mar'21
8
85
/ 8918
1
4
20
-year cony 58
1934 SD 100 101 10012 10112
3
75
80
Gold 414s
1968 M
93 Bale 923
943
4 53
8
914 9418
San Fran Term 1st 4e
1950 AO 894 9012 9014
9014
9614 99
Registered
AO
90 Nov'28
So Pac of Cal lot con gu g 52_1937 MN
10214 103 Feb'29
61 101
So Pan Coast 1st gu g 4s._1937 J
9514 100
953
8
953
8
10312 1047 So Pac RR let ref 48
8
1955 .2 .1 92 Sale 9012
913
8 38
.1
Registered
004 Mar'20
94
9558 Southern Ry 1st cone g 59___1994 JS 10758 Sale 10712 110
35
102 103
/
1
4
Registered
JS 10512 109 10638 108
15
Devel & gen 49 series A_ 1958 AO 833 Sale 834
8414 74
4
933 95
4
Registered
87i4 Sept'28
AO
9214 933
4
Develop & gen Os
1958 A0 ii0F8Sale 10912 11012 17
9214 933
4
Develop & gen 634e
19511 AO 11814 Sale 11712 1183
8 17
997 101,2
8
Mem Div let g Is
1996 J
102 10512 10614 Feb'29
10012
9714
St Louis Div 1st g 41;
1951 J J
8512 Feb'29
1053 10812
4
East Tenn reorg lien g 55._1938 MS
100 Feb'29
1011 1034
/
4
Mob & Ohio coil tr 4s._ __1938 MS 01
923 Mar'29
4
108 111
Spokane Internet 1st g 5e___1955 J
8
8212 787
1
754
101 f6i- Staten Island Sty let 4 Hs_ _1943 SD 75
86 Nov'27 ....„
Sunbury & Lewiston let 4s__1936 .1 .1
95 Apr'28
-- 12 Superior Short Line 1st 55_ .e1930 MB -55- 166- 997 Apr'28
8
i
8
89
89
Term Assn of St L hag 430_1939 A0 H
2
99
_ _ _ _ 98
85
85
lst cons gold 58
1944 FA 1021 Sale 1024
/
4
7
1023
4
9714 9918
Gen refund e f g 4e
1953 .2 .1
8714 22
864 86
/
1
884 92
Texarkana & Ft S ist 5He A 1950 FA 102 Sale 1017
7
8 102
96
/ 9918 Tex & N 0 cow gold 55
1
4
1943 .1 .1
_ _ _ 08
1
98
94
9714 Texas & Pac let gold Ss
2000 SD 10512 10812 106
14
98106
83
/ 87
1
4
2d Inc5e(Mar'28cp on)Deo 2000 Mar
100 Dec*27
373 45
4
Gen .4 ref 5e series B
1977 AO 9812 Sale 977
8
983
4 80
1011 102
/
4
La Dly B L let g 58
1931
J 99 Sale
2
99
100 1044 Tex Pao-Mo Pac Ter 048-1964 MS 105 Sale 99
/
1
4
/
1
4
105
105
88
917 Tol & Ohio Cent let gu 5e___1935 Si 9612 Sale 9012
8
9612 10
Western Div 1st e 5s
1935 A0 9912 Sale 9912
3
9912
9214 95
General gold Is
1935 SD 9612 983 100 Feb 20
.
4
107 108
Toledo Peoria & West let 4s..1917 J J
12
15 Nov'27
3512 39
Tol St L & W 50-yr g 4e___ _1950 AO 88 10 903 Feb 20
.
/
1
4
8
103 103
Tol W V & 0 gu 4 He A_ _ _1931 JS
95
5
95
95 8 993
3
4
let guar 494s series B_ _ _1933 j
973 Oct'28
4
9712 10012
1st guar 4e series C
1942 M S 92
- 9412 Nov'28
99
/ 993 Toronto Ham& Buff let g 4e 1946 J D ____ 89
1
4
4
8658 Feb'29
9412 964
Ulster & Del let cons g 5e- _1928 JD 67
764 79 Mar'29
948 9458
Certificates of depoeit-----77 Feb'29
95
95
let refunding g 48
1952 AO -86F, I6 g 5912 Mar'29
-7
95
95
Union Pac let RR dc Id gr't 481947 J5 933 Sale 923
4
4
933
4 83
983 100
4
Registered
Si 9112 9518 9112 Mar'29
993 993
4
4
1st Ilen & ref 48
June 2008 MB 87 Sale 86
873
48
1053 1084
4
Gold 494s
1967 J J 943 Sale 933
4
4
95
75
let lien de ref 52
June 2008 MS 108 11234 10812 Mar'29
10812
106-year gold 4e
40
1968 SD 8612 Sale 853
4
8612 14
U N J RR & Can gen 4s__ _ _1944 M
91
95
96 Mar'20
Utah & Nor let ext 48
1933 J J 9512 ____ 96 Nov'28
Vandalia cons g 45 series A-1955 FA 943 ____ 9514 Aug'28
4
Cons e f 4e series B
1957 MN 943 Sale 943
4
4
1
943
4
iar, Kay, Vera Cruz & P assent 4 Hs_ _1934
1412 Mar'20
Virginia Mid 58 series F____1931 MS 1OO' Sale low, low,
1
General 55
1936 MN 10012 10012 10018 10018
3
93e 93's Va & Southw'n let gu 54
2003 is
100 Jan'29
10318 1031s
let cone 50
1958 AO 90
-year Se
92
9112
92
2
Virginian Ry 1st 55 aeries A.1982 MN 10318 Sale 10218 10358 29
73
74
Wabash RR let gold fel
1939 MN 1011 Sale 10114 102
/
4
21
84
84
2d gold 5e
1939 FA
_ _ 984 9914
/
1
9914
4
9112 9312
Ref & gen s f 5He ser A_ _1975 MS i0212 Sale 102
103
28
Debenture B tkiregistered_1939 J
_io_
8818 May'27
997
95
let lien 50-yr g term 441_1954 J J
84
887 Nov'28
8
Det & Chic ext let g 58...._1941 5
10112 100
Jan'29
991* 102
Des Niolnes Div 1st g 43_1939 ii
91
88
Jan'29
Omaha Div 1st it 3He___ _1941 A0 793 8312 833 Feb'29
4
4
1941 MS
Tol & Chic Div g 4s
9212 9012 Jan'29
Wabash Ry ref & gen 5e B 1976 AO 95 Sale 944
/
1
98
42
1
-SiTs 12 4
Ref & gen 4He aeries C
1978 FA 85
8514 8414
85
22
83
864
/
1
94
967 Warren 1st ref gu a 3945
2
2000 FA 8
614 83 Nov'28
Wash Cent let gold 48
1948
8414 911 8414 Jan'29
M
/
4
8912 9011 Wash Term 1st gu 394e
1945 FA
85
86 Feb.
20
-year guar 48
1st 40
1945 FA 88
9212 91 Feb'29
87
8814 W Min W & N W 1st gu 55..1930 FA 97
99
97 Feb'29
1047 1044 West Maryland 1st a 412_1952 AO 80 Sale
8
/
1
7912
8012 81
let & ref 534e series A_1977 Si 97 Sale 97
9812 16
9658 97l West N Y & Pa let g 55
1937
J 100
9912 1003
8
8
991s 101
Gen gold 45
1943 AO 8912 - -- 90
9134
2
9012
Western Pao 1st ser A 5.3_-_1946 MS 95
/ 9714 9512
1
4
97
/ 36
1
4
-65- 9958 Registered
MS
92
/ 943 West Shore 1st 48 guar____2361 55 85 Bale 9718 Aug'28
1
4
4
21
85
8412
99 100
Registered
2381 J J 813 84
8
7
83
813
8
Wheeling & Lake Erie-Ext'n & impt gold 5e
1930 FA
100 Sept'28
Refunding 4945 series A 1988 MS 8518
_ 90 Feb'29
Refunding Se series B
1966 MS
_ _ 102 102 Feb'29
RR let consol 48
1949 MS
3
88
8712
87
8514
9914
9818
100
923
8
89
- 8664
914
/
1
8514
993
4
9914
10112
9718
91
103 103
953 9512
8
9012 9212
90 90 4
/
1
4
3
10712 110
10818 108
83
/ 8812
1
4
10911 ilia;
117 12211
10614 10614
851 89
:
99 100
911 9312
/
4
757 8112
2
98
10214
88
1017
8
98
108
98
103
89
10412
98
1094
977
987
8
10212
9612
9912
98
162;
- -1
100
1061
4
10112
10111
10018
55
85
55
85
33 624
/
1
92
/ 9518
1
4
9112 92
88
907
2
93 4 9912
3
1067 10812
8
8514 8914
96
96
03 9434
141, 171,
no, loots
100 woe,
loo 100
9112 9514
10218 104
/
1
4
10114 10314
98 10114
/
1
4
8
1013 10414
- .1.66- 101
88
88
4
83 4 853
3
9012 9012
94 10014
/
1
4
844 907
/
1
8
-in, 114
;
1
86
84
91
91
97
97
794 82
986e 997
2
99 10114
/
1
4
8812 9112
9512 100
8412 881,
813 8858
s
"fil - 5
90 4
102 102
sOls 82s4
1705
New York Bond Record-Continued-Page 5
•
BONDS
I
N. Y. STOCK EXCHANGE
Week Ended Mar. 15.
Price
Friday
Mar. 15.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 15.
t
Price7
Friday
Mar. 15.
Week's
Range or
Last Sale.
CVO
Range
Since
Jan. 1.
az-,
High
Bid
Ask Low
High No. Low
High
High No. Low
Ask Low
Bid
30
4
9912 1033
101
Cuban Am Sugar let coil 8s_1931 M S 100 Sale 100
6512 74
8 13
725
1942 J D 71 Sale 71
Wilk & East 1st gu g 58
8812 977
60
8
92
10058 1005 Cuban Dom Sug let 7348_1944 MN 91 Sale 00
8
1
/
1938 J D 1005 --- 1004 Jan'29
8
Will& SF 1st gold 58
2 1017 103
8
4
/
4
/
.1 10112 102 1011 1011
Cumb T & T 1st & gen 5s___1937 J
92 June'28
1960 J J
Winston-Salem 811 let 4a
9914 102
4
4
1
/
99
-1-8318 14 4 Cuyamel Fruit 1st 8 f 6sA___1940 A 0 9912 Sale 9914
8
817 8414 Feb'29
Wia Cent 50-yr 1st gee 4s....1949 J J
76 Dee 27
83
2
9112 Denver Cons Tramw 1st 55_ _1933 A 0
8818 10
Sup & Dul die & term let 45'36 M N 8712 88' 88
1
/
984 11 --68- Ivor
9814 99
Den Gas & E L 1st & ref sfg 58'51 M N 9712 -8
923 Dec'28
1943 J J
East 1st 4 Hs
Wor & Con
1
98 101
98
1951 M N 9712 9812 98
Stamped as to Pa tax
IN
6912 73
1
/
4
743 694 Feb'29
Dery Corp (D G) lots f 7s 1942 M 6 65
Abraham & Straus deb 5;0_1943
6312 70
66 Mar'29 - _ _
65
68
Second stamped
30 11112 120
A 0 11212 Sale 11212 114
With warrants
2 100 102
10014
8314 884 Detroit Edison 1st coil tr 58_1933 J- -2 10014 10112 10014
7
1
/
8
875
871e 8618
Adams Express coll tr g 4s_1948 M S 86
4
1013
9 10114 10454
8
1st & ref Ss series A_July 1940 M 8 1013 Sale 10114
98
94
3
971 95 4 Mar 29
Adriatic Elec Co exti 7s.._ _1952 A 0 96
4 19112 10414
4
/
1011
10012 10112 10112
4
/
Gen & ref 53 series A
:
4 1021 10412
4
1
/ 103
D 10278 104 102
Ajax Rubber let 15-yr of 8s_1936 J
1119999444040925 AF 5 106 Sale 106
8
10712 34 106 1085
NI
4
4
lot dr ref 6s series B_JulY
4 Feb'29
4
12
Alaska Gold M deb 68 A____1925 M 9
3 10212 104 8
5
8 103
J D 10112 10212 1025
8
Gen & ref Ss ser 13
312
8
Jan'29 _
8
1926 M S
series B
Cone deb 6s
25 103 10518
103
10112 1044 103
1
/
Series C
4
/
961 983
7
4
96'l
Albany Peter Wrap Pap 6s_1948 A 0 9612 Sale 9614
21
97
9653 98
_1932 2 J 97 Sale 9658
Allegbany Corp coil tr 5s___ _1941 F A 103 Sale 10212 10314 889 102 11912 Del United lot cons g 4 Hs_
9918 10412
10012 332
M N 10018 Sale 9918
Dodge Bros deb 6s
97 101
4
/
991 59
2
Allis-Chalmers Mfg deb 53 1937 M N 993 sale 99
4
863 88
4
1
/
87
4
4
1
/
87
1942 31 N 873 88
4
Dold (Jacob) Pack 1st 6s
9312 96
3
95
Alpine-Mouton Steel let 78_ _1955 M S 95 Sale 9414
- ----97 Dec'28
99
1939 34 S 90
1
/
10512 11 1044 10612 Dominion Iron & Steel 5s
8
Agile Chem 1st ref f 7368'41 F A 10458 Sale 1045
Am
4
983 101
1942 2 J 10012 10112 10012 10012 10
8938 Donner Steel lot ref 75
80
2
923 88
6
8812
Amer Beet Sug cony deb 68_1935 F A 88
31 103 10512
105
Duke-Price Pow lot 65 ser A '66 M N 10314 Sale 103
9512 99
19
97
1933 A 0 96 Sale 9512
American Chain deb s f 68
4
1
/
9812 100
89
Duquesne Light lot 434s A_ _1967 A 0 9813 Sale 9812 100
98
99
1931 M N 985 100
1
/
984 Feb 29
debenture 5s
8
Am Cot 011
12
97
81
83
East Cuba Sug I5-yr s f g 7 Sis'37 M S 81 Sale 81
4
1
/ 96
93
1942 A 0 9512 Sale 95
9512 30
Am Cynamid deb bs
10
9512 968l
96
J 94
96
4
1
/ 96
9212 Ed El Ill Bkn let con g 4s_ 1939 J
90
9114 25
1953 .1 D 9114 sale 90
Amer Ices f deb 58
8
8
1107 Feb'29 -- 11013 1107
_
_
1995 2 2 109
4
Ed Elec Ill let COTO g 5s
487 1033 III
106
4
Amer Internat Corp cony 5545 49 J J 106 sale 1033
9112 96
9312 18
Elec Pow Corp (GermanY)634s'50 M S 9314 Sale 9112
4
1
/
2 103 104
4
1033
1939 A 0 1033 1055 1033
4
4
Am Mach & Fdy 81 6s
4
90
2
9518
921
4
Elk Horn Coal Ist & ref 6 Hs.1931 J D 923 95 9212
American Natural Gas Corp-_ _
11
78
4
/
811
79
Deb 7% notes(with warets)'31 J D 79 Sale 78
8912 963
8
9012 42
Deb 630(with purch warr)'42 A 0 8912 Sale 8912
4
/
991 1001
7
4
/
997e
Equit Gas Light lot con 55..1932 M S 9912 Sale 9912
61 100 102
101
1
/
Am Sm & It 1st 30-yr 55 ser A '47 A 0 1004 Sale 10012
4
9214 983
2
94
94
94
1
8 83 101.5 10478 Federal Light & Tr 1st 58_1942 M 8 93
_ 1937 J J 1033 Sale 10112 1037
4
Amer Sugar Ref 15-yr Is.
9412 97
4
1
/ 95 Mar'2 - -- _
1942 M 9 ---- 93
stamped
lot lien s f 5s
9918 99,
,
8
993 140
4
1
/
Am Telep & Teleg coll tr 4s 1929J J 99 Sale 9918
41 10112 104
8 103
1942 M S 103 Sale 1015
let lien 6s stamped
8
925 9712
1936 M
1
/
Convertible 4s
- - 934 9412 Mar 29
9715 101
.
:
109
1 54 J c
1 94309 ., i ) 9718 Sale 9718
97'2 11
30-year deb Os tier 13
99 101
2
99
1933 M S 99
-year cone 43-48
20
4
1
/ 99
99
14 102 105
105
104 Sale 10314
8
4 36 102, 10472 Federated Metals of 7s
1946 J D 10318 Sale 10258 1033
-year roll tr bs
30
13 14412 171
j J 145 Sale 14412 149
Fiat deb 7s (with ware)
_ _ 101 101
J D
101 Feb'29
Registered
9412 103
75
96
8
Without stock purcb warrants----- 95 Sale 9414
123 103 1053
1960J J 103 Sale 103
104
35-yr a f deb 513
8
8
8 1115 1147
8
1
8 1123
1111 Sale 1115
4
/
1941 ‘
1
/
1
/
8
1943 MN 10614 Sale 1043
4 1063 114 1044 1074 Flak Rubber let of 88
-is
20-yeur s f 53
8
1043 Nov'28 - 4
/
9 1041 10514 Ft Smith Lt & Tr lot g 5s_ _.1936 M 13
A 0 1043 __ _ 105
105
1940
.1
Am Type Found deb 68
10538 23 -lei- iboii
7;0'42 2 2 10434 Sale 104
9718 99
4
1
/ Frameric Ind & Deb 20-yr
4
/
981 26
Am Wat Wks & El col tr5a 1934 A 0 9834 Sale 98
10612 26 10418 109
4
10418 29 102 1053 Francisco Sugar 1st s f 710_1942 MN --__ 106 106
1975 M N 10418 Sale 102
Deb g tle ser A
4
/
8512 French Nat Mall S9 Lines 70 1949 J D 102 Sale 1011 10212 46 10154 10254
81
15
84
1947 J J 83 Sale 83
Am Writ Pap lot g 6a
2 D
10518 Dec'28
105
4
1
/ Gas& El of Berg Co cons g 581949
4
4
/
Anaconda Cop Min let6s1953 F A 10418 Sale 1041 1043 220 10334 105
4
/
1939 A 0 10458 10534 1041 10512 10 103 10918
Gen Asphalt cone 65
10414 Oct'28
Registered
98 101)
90
99
1
/
1947 2 2 984 Sale 98
1938 F A 2
-i5f2 Sale 235 24512 493 186 249 Gen Cable lot atg534s A
-year cony deb 7e
15
9412 98
A 941 ____ 100 Feb'29
4
/
Gen Electric deb 33-0F
196 200
Jan'29
200
Registered
10118 29 100 10414
1 42
Gen Elec(Germany) 7s Jan 15945 2 2 10012 Sale 100
235 Dec'28
Andes Cop Min cony deb 713_1943 J J
1 11118 123
115
1940 J D 115 Sale 115
9f debhj4s with warr
94'z 101)
9912 93
Anglo-Chilean of deb 7s. __1945 MN 65 Sale 9812
4
/
4
/
981 20
9712 9914
ty ltirut w arr'ts
20_ Veas r d e b6s attach'd '40 J D 9814 Sale 981
4
1
/ 797
65
8
13
70
69
72
66
Antilla(('om') Azuc)7 Hs_ __1939 J
8912 9412
4 17
903
1948M N 8918 Sale 8918
10112 10312
Ark & Mem Bridge d: Ter 58_1964 M B 10112 102 10312 Mar'29
4
A 1013 Sale 10112
10214 198 10072 1033
4
' 1937 F
1
/ Gen
924 a
Accept deb 6s
90
olsts r ss
1939J D 9034 Sale 9018
9114 68
Armour & Co let 430
10118 71 10012 102
09 10114 101
Petrol
9015 9212
169
91
4
Armour & Co of Del 5 He_.1943J J 903 Sale 9014
8
10614 107 107 Mar'29 -- 1035 107
4
/
4 14 102 1031 Gen Refr Ist a f 68 ser A
4
1023 Sale 10212 1023
Associated 0116% gold notes 1935 M
2
9712 1007
1
9712
2
1 5 A AA
Good Hope Steel & I sec 7s_ _1F1 FF' O 9713 9812 9712
1947.1 13 1013
Atlanta Oas L 1st be
4
- - 10312 Dec'28
10712 38 107 10814
Goodrich (13 F) Co 1st6 Hs_ _1947 2 2 10712 Sale 10714
_
15 Nov'28 _
1934 J D 125
8
Atlantic Fruit 7a ctfs dep
9372
91
9212 231
4
Goodyear Tire & Rub lot 58_1957 M N 9218 Sale 913
15 July'28
J O 125
8
9912 100
3
100
4
993
Gotham Silk Hosiery deb 6s_1936 J D 9912 100
67
77
7112 24
4
Atl Gulf & WI 88 L col tr 58_1959 J 2 703 Sale 6918
14 73
69
2
70
70
69
70
4 102
7 100 10212 Gould Coupler lets f 65
1937 .1 .1 101 102 1003
Atlantic Refg deb 541
37, 98
9912
99
4
5
1940 F J
1 99 J A 9814 Sale 9818
Gt Cons El Power (Japan)78_ 1 9 !
1 106 107
Loco Works 1st Ss_.1940 MN 106'2-- _ 10612 10612
Baldw
36
9212 9512
94
923 Sale 9212
4
let & gen a f 6 Hs
99
9512
4
9512
- 9512
Baragua (Comp Az) 7 Hs. _1937 22 9512 96
3
8 10454 105 4
4
1045
4
1043
Great Falls Power 1st of 58_1940 MN 10414
Jan'29 _ _ 12918 142
136
Barnadall Corp 6s with warr_1940 J O
99
27
96
99
Gulf States Steel deb 5 He._ _1942 J D 98 Sale 97
1
/
984 100
4
/
991 Feb'29
Deb 68(without warraut).1940 J D
87
8714
87 Mar 29 -4.5_ 1952 2 2 - __ 87
4
/
901 9312 Hackensack Water 1st
9112 56
8
Batavian Pete gm n deb 430_1042 J J Olig Sale 905
9618 Nov'28
1
1930 3 5 9618 98
8912 92
Hartford St Fty lot 45
9012
1936. 2 9012 91
9012
1
1
BeldIng-Hemitigway So
804 87
1
/
8014
3
8 1041 11 10178 10512 liavana Elec consul g 5s_ _1952 F A ---- 82 8014
4
/
4
Bell Telep of Pa bawled B 1948 J J 1033 105 1037
65
50
10
63
6212
64
Deb 53.0 series of 1926_ _ _1951 M S 59
1960 A 0 • 10518 Sale 10518
50 10518 1081,
106
let & ref Ss aerics C
8712
85
86
8712 16
89
Hoe(R)& Co 1st 6 Hs ser A_ 1934 A 0 86
91
95
deb 6 Hs 1951 J 13 92 Sale 91
9218 31
13erlin City Elec Co
4
/
1, 1021 103
8 10258
8
(flat)_1947 MN 1025 10314 1025
Holland-Amer Line 6s
94
91
9113
9
Berlin Elee El & Undg 63.4s.1956 A 0 9112 Sale 91
631
7412 85
81
4
Hudson Coal 1st s f 58 see A.1962 2 D 80 Sale 7712
4
4 20 1003 104
4
1013
Beth Steel 18G & ref 5/1 guar A '42 M N 1013 Sale 1003
4
1
/
0
193
9912 102
Hudson Co Gas 1st g 5s5 is_1942 M N 101 103 10212 Mar'29 ----I 102 106
J .1 10018 Sale 99
4
1
/ 10012 27
30-yr p m & imp s f 5s _
J J 101 Sale 101
1011 148: 10012 10218
-year Is series A_ _1948 F A 105 Sale 10412 10514 115 104 10554 Humble Oil & Refining
Cons 30
9912 10112
631
1937 A 0 100 Sale 99
4
1
/ 100
8
Deb gold 5.5
1953 F A 10158 Sale 1018
4
10318 55 1007 104
30-year 534s ser 18
Cons
43! 1011 1044
1031
4
/
1
/
4
/
Illinois Bell Telephone 5s-1956 J D 1021 Sale 101/8
9712 100
1950 MS 95
__
Bing & Bing deb 6 Hs
973 9712 Mar'29
8
2
9818 18. 937 987
8
i 9818 Sale 97
70
7414 Ill nois Steel deb 4 Hs
1934 A0 70 Sale 70
Botany COM M ills 610
7414
17
11 103 10312
103
103 Sale 103
1
1 944 g /I
9813 100
ei ere es
Ilsis dtg Stee1 Corp of 7s
1934 MS 99 Sale 99
9912 14
Bowman-Hilt Hotels is
2121 8312 9214
86
4
/
t
i ; A 841 Sale 8312
1948
7218 7718
13'way & 7th Av 1st cons 5s_ _1943 J D 7312 73
4 18
743
4
/
731
92
7
901
9012 Sale 9012 Mar1 90
8814 9212 Indiana Limestone lst s f 68_1941
Brooklyn City Int lot 58... _1941 J J
8814
2
8814
9712 100
29 -100
1936 M N 10012 Bklyn Edlson Inc gels be A_ 1949 J J
26 10212 10512 Ind Nat Gas & 0115s
gge8 10212 103
10112 10211 28, 10112 105
102 Sale
Indiana Steel lot 5.5
22
1053 Dec'28
8
Registered
102 Sept 28
Ingersoll-Rand 1st Ss Dec 31
1030 J J 1.0014 1601 4 100
1 100 103
General 6s series 13
- 3100
73' 903 93
4
91
1978 A 0 91 Sale 90
4
1
/
94
9834 Inland Steel let 434s
1968 J J 941 Sale 94
Bklyn-Man It T sec 68
4
/
9612 82
3' 101 10212
10118 10112 10212 10212
78;8 Inspiration Con Copper 654e 1931 M
63
4
/
5
Bklyn Qu Co & Sub con gtd 5s'41 MN 7818 Sale 781
7818
7812 7912
7712 41
7612 Sale 7612
Tran let 58_ _1966 1
Interboro Rap
83
1941 22 78
80
Jan 29
1st bs stamped
83 83
7812 7912
7714 101
4
/
J
7612 Sale 761
Stamped
8814 Nov'27
Brooklyn It 'Pr 1st cony g 413_2002 22
9
7612
7612
76
76
Registered
____ 13614 Nov'27
3-yr 7% secured notes___ _1921 J J 105
84
79
8 16
803
1932 A li -HI 16- 79
-year 6s
10
1950 FA 893 Sale 891
894 9212
Bklyn Un El 1st g 4-5s
4
1
/ • 2
89
4
4
/
4
9734 48
2
957 993
10-year cony 7% notes_ _1932 M S 97 Sale 9618
4
1
/ 93
1950 FA 8858 9012 90
89
guar 4-55
3
90
Stamped
3
90 4 95
95 Mat'29
4
/
105
4 10412 1061 lot Agile Corp 1st 20-yr 5.5. _1932 M N 9034 93
Bklyn Un Gas 1st cons g 5s 1945 MN 10312 106 10412
2' 7814 8112
81
Stamped extended to 1942__ M N 7814 7912 79
11V8 118
4
1
/
1st lieu A ref (is series A__ _1947 MN 11612 120 117 Mar'29
4
/
4
/
1948 M N 109 Sale 1071 11014 190, 1071 11812
lot Cement cone deb 5s
359 401)
1936 J J 340 390 3601 Feb'29
4
/
Cony deb 530
180! 951 99
4
/
96
8
1947 M N 953 Sale 9518
4
/
961 961 Internat Match deb 58
4
/
1
Buff & Susq Iron lot St 55_ 1932• D
9618
_ _ 9618
441 9912 102
101
4
5
1 94 5M s
Inter Mercan Marines f 63 19 1 A O 101 Sale 1003
8714 88
1952 AG 96- - 4 873
1
Bush Terminal 1st 4s
4
4
873
873
8714
4
1
/
1
90
/
954 45
94
International Paper 55 ser A_1947 2 2 94 Sale 94
9718 9934
3
4
1955 22 9618 98
993
9712
Consol ba
9314 97
4
1
/ 44
95
1
/
9518 Sale 944
Ftef a t 6s ser A
4
/
Bush '11erm lildgs 58 gu tax-ex '60 A0 10012 10212 100
10012 16 100 1041
923 9512
4
9358 60
lot Telep & Teleg deb g 430 1952,2 J 93 Sale 93
9 100 102
101
By-Prod Coke lot 530 A_ _ _1945 MN 100 Sale 100
11712 2982 10912 120
8
1165 Sale 11254
Cony deb 430
3 10112 103
Cal0& E Corp unit & ref5s_ 1937 MN 10112 Sale 10112 102
4
4
/
1
/
16 1011 10$5
1932 M 3
Kansas City Pow & Lt U....195912 5 102 10214 1014 10214
98 102
Cal Petroleum cone debs f 5.5 1939 FA 9812 Sale 98
9812 10
99 10012
__
99 Mar'29
195712 2 97 8 99
,
let gold 4 He series B
10012 1031,
1038 MN 10012 Sale 10012 1011 19
4
/
Cone deb s f 5345
4
/
10318
10412 36 1031 106
90
9712 Kansas Gas & Electric 6s_ _1952,M S 104 Sale
23
93
4
/
Camaguey Sug lotsI g 71 -1942 AO 93 Sale 901
1
Jan'29 -- 128 141
132
4
/
1941 AO
5 100 1011 Kayser (Julius) & Co deb 5345'47,M 9
Canada SS L 1st & gen 68
100
9912 100
11
4
923 97
95
.
4 10218 1041.1 Keith (1) F) Corp let (38_ _ _1946 M S 9312 Sale 9312
Cent Dist To lot 30-yr 58_ _1943 J O 10314 10414 104
10414
11014 25 110 11014
9612 9812 Kelly-Springf Tire 8% DOGe8_1931 M N 110 Sale 110
A
9812 Feb'29
Cent Foundry 1st of Os May 1931
99
8
965
94
4
/
961 78
1941 MN 12314 12312 12314
7 12314 12412 Kendall Co 5345 with warr 1948 M S 9512 Sale 94
Central Steel 1st g 8 8a
12312
9313 9312 Nov'28 -68
Keystone Telco Co 1st fis_ _1935 2 2
83
1948 MS 71 Sale 71
7314 79
Certain-teed Prod 51.213 A
10258 103's
10258 Feb'29 _
95
09
-is
Kings County El & P g 5a...1937 A 0 1021.,
9712 26
Cespedes Sugar Co 18G a f 73 '39 301 S 9518 97
9612
- 12814 130
A 0 12814 ___-_ 12814 Mar'29
65
69
Purchase money
69
Feb'29
Chic City (lc Conn Rya So Jan 1927 AO 7012 71
1
85
80
85
194
10114 103
Ist g 48_1 97
Kings County Elev Is9 9 F A 85 Sale 85
1937 22 10114 1013 10114 Mar'29
Ch0 LA Coke 1st gu g 5s
4
7914 82
1
82
8112 82
49
1, J J
1954 F A 81
7712 83
1927 FA 78 Sale 7712
Stamped guar 4s
37
Rye 18L .5s
7812
Chicago
10418 _
105 Mar'29 -- 10412 10114
.
1947 J 2 95 Sale 9312
9312 961 Kings County Lighting 5s__
95
128
4
/
Chile Copper Co deb 59
1
/
_ 11514 Mar'29 -- -- 11514 1164
1
1954 2 . 11514
1968 AO 86 Sale 86
86
First & ref 6 Hs
8914
1
/
864 15
Cin & E lat M 4s A
10712 10 10512 10712
90 Dec'28
Kinney(GR)& Co 714% notes'36 J D 107 Sale 107
75
Clearfield lilt Coal lot 4s_ __ _1940 ii
10214 26 102 104
1
/
1938 FA 106j4 Sale 105
112 105 1194 Kresge Found'n coil tr 68._ .1936 2 13 102 Sale 102
107
Colon 011 cony deb 68
9818 99
681
99
8
98
1943 J J 9812 99
9913 Kreuger & Toll 5s with war_1959 M S 983 Sale 9818
99 Mar'29
Colo le & I Co gen s f bs
2
4
997 10212
100
4
/
951 Lackwanna Steel 1st 58 A 1950 M 8 99
04
993 100
1934 FA 943 Sale 94
4
4
/
941 10
4
Col Indus let & coll 55 gu
2
5
9812 1017
9812 100
98 100
1952 M
Lace IGas of St L ref&ext 55.1934 A 0 9812 99
8
993 140
2
S87 Sale 98
Columbia 0 & E deb 5s
10314 55 10214 19512
4
1
/
1932 J J 96
C._ _1953 F A 10212 103 10212
97
4
993
Col & ref 534e series
8
985 9712 Mar'29
Columbus Gas 1st gold 68_
8
99 4
1
97
97
97
97
4
/
911 9312
Lehi C & Nav s f 4348 A_ 1954 2 2 95
11
9214
Columbus ity P& L let 43.4s 1957 J J 9112 921 92
4
/
4
988 101
8712 871, Lehigh Valley Coal lot g 58._1933 2 J
2
4
1
/
98
4
1
/
98
1
_ 8712
8712
Commercial Cable let g 4s 2397 J J 8714
Oct'28
100
J J
1934
3
9812
9812 9912
97
9912
_- 9818
Commercial Credits f 6a
Oct'28
4
/
97
963
93
et 4
1
4
1935 J J 93, 943 9318 Mar'29
gu
iltegirr-yred Int red to 4% _1933 . J 921 97
8
4
Col tr a 1614% notes
1 101 101
_ 101
101
94
1934 F A 101
9812
1948 MS 9414 Sale 94
1st & ref s f 55
4 39
943
Comni'l Invest Tr deb 6s
9112 9342
9112 Mar'29
1944 F A
8
lot A. ref s f 5s
1949 FA 10518 Sale 1047
10514 385 105 10518
Cony deb 554
2
917 9312
A
NFI S
4
/
.j
1954 F A -- -- 911 92 Feb'29
8
105
1st & ref e f Es
1 1043 106
4
105 1053 105
Computing-Tab-Rec f
94 Nov'28
91
9612 99
lot & ref s f 5s
9013 10
9614 9812 0612
Conn Ity & L lot & ref g 4 . .s 1951 .1
88
9018
F A ---- 877 88 Mar'29
8
9614 99
.1951 J J 9614 0812 9614
1st & ref s f 5s
2
9612
68
!
stamped guar 4 ,
3714 May'28
119763
Lea Ave & P F 1st gu g 513_ _ _1 99944
Consolidated Hydro-Elec NVorks
12012 25 118 12118
g
9458 9734 Liggett & Myers Tobacco 7s_1944 A 0 120 Sale 1197
96
3
/Vuertemborg 721_1956 22 96 Sale 96
Of UPP.A• 1
99 103
4
1
/ 73
100
993 Sale 99
4
26
67
6518 7334
Es
66
Cons Coal ofMd let & ref Ss_ 1950 J O 6618 69
4
19 1 F A
10512 89 10434 1063 Liquid Carbonic Corp 6s._ _ _1951FA 11412 116 177 Dec'28 _
4
Consol Gas(N Y) deb 534s. _1945 FA 10514 Sale 105
4
1
/
1
/
1164 56 113 12318
10118 1011 Loew's Inc deb 68 with warr_1941 A 0 116 Sale 115
4
/
Consumers Gas of Chic gu 58 1936 J o 10118 103 10118 Mar'29
97 10012
4 59
983
Without stock pur warrants.. A 0 98 Sale 97
7 10112 104
103
____ 103
Consumers Power let 544____1952 MN 103
4
993 102
10014 38
3
4
8
945 10012 Lombard Elec lot 7s with war '52 J D 993 Sale 99 4
3
4
/
1946 J D 941 Sale 941
96
4
/
Container Corp 1st 6/3
90
J D 947 Sale 92
8
947
1
/
944 13
8
85
9112
Without warrants
1943 J D 883 Sale 88
4
89313 11
15-yr deb bs with warr
11018 16 109 11312
A
1944 A 0 10912 110 10914
97
97
(1') Co 7s
5
97
Lorillard
9712 97
COM,Pap & Bag Mills6 He_ _1944 FA 97
Apr'28
_
117
99 10012
6
9912
Copenhagen Telel)ex t 611- _1950 AO 9912 Sale 9912
8 14 --84f4 -917
865
8
1951 F A 8514 Sale 8514
9914 103
8
Corn Prod Rehr lot 25-yr f 5a'34 MN 10218 103 1015 Feb'29
48
86
8.97s
85
86 Sale 8514
98 100
4
/
981 12
.19472 D 9313 Sale 9818
68DeRbeg5:tesred
Crown Cork & Seal f
13 10012 104
10114
9
1 37 M j
1/9 10314 Louisville Gas & El(KV) 5s_1952 2 N 10012 Sale 10012
10118 26
Pap 841---1951 2 J 10012 Sale 10014
Crown-Willamette
9312
90
9212 9012 Feb'29
7014 7918 Louisville fly 1st cons 5a_ _ _ _1930 2 .1 90
7112 17
4
Cuba Cane Sugar cony 7s_ __HMO J J 7112 Sale 703
80
70
7112 31
1
/
Cony deben stamped 8%.1930 .1 J 7111 Sale 704
2
Jai-
ISE71
1706
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 15.
New York Bond Record-Concluded-Page 6
r, •
Price
Fridag.
Mar. 15.
Week's
Range or„
Last Sale.
c"
..
.
c
Range
Since
Jan. 1.
I; •
BONDS
N. Y. STOCK EXCHANUE
Week Ended Mar. 15.
t
Price
Friday,
Mar. 15.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
Bid
Ask Low
High
High No Low
Bid
Ask Low
High No. Low
High
Lower Austrian Hydro El Pow
Pure Oils f 5 A% notes
1937 PA 97 Sale 97
903 1004
4
48
98
let s f 63.0
1944 F A 84 Sale 84
8414
6
84
877 Purity Bakeries at deb 5s___ 19 8 .1 J 9112 Sale 01
s
47
3
9212 26
95
91
McCrory Stores Corp deb 5 As'41 J D 9814 Sale 98
99
98
17
9914 Remington Arms 6s
MN 98
9812 98
15
98 101
99
Manatl Sugar 1st 5 I 7 As_ 1942 A 0 98
98
99
10
99
98 10012 Rem Rand deb 534s with war '47 M
94 Sale 935
935 951
8
8
/
Manhat Ry (N Y) cons g 48.1990 A 0 6612 Sale 6612
4
9414 4
6
6714 27
6614 68
Repub I & S 10-30-yr Sc ef._1940 AO 10312
102 Mar'29 - - 101 10314
2c1 48
20131 .1 D 6012 Sale 6012
6012
59
4
605
8
Ref & gen 5 As series A _ _ _ 1953"3 102 Sale 102
5
1023
Manila Elec Ry & Lt 51 5s._1953 M
4 13 10112 103 8
1013 1043 10112 103
4
9718 103
4
6
Reinelbe Union 7s with war_ 1946 JJ 103 Sale 10312
10312
Marion Steam Shoves f 6s 1947 A 0
1 10212 10414
---_ 98
5
98
9712 9912
Without stk purch war_..1948 .1 J 943 Sale 94
8
98
94
25
95
Mfrs Tr Co etre of partic In
Rhine
-Main-Danube 75 A.__1950 NI 5 102 Sale 102
1024 20 100 1023
4
A I Namm & Son let 65. _ 1943 J D 102 10212 102
2 102 105
10214
RhIne-Westphalia Elec Pow 71 352 MN 100 10012 10012
8'50
10012
Market St Ry 78 ser A April 1940 Q
7 100 102
8712 Sale 8514
8812 28
8
40
975
Direct mtge 68
MN 91 Sale 90
92
8712 9345
88
Meridional El 1st 75
1957 A 0 9514 Sale 9514
9512 15
943 9712
4
Cons m tis of 1928
1953 PA 91 Sale 90
984
90
9212 50
Metr Ed let & ref 5s ser C_1953 J J 10214 sale 10214
103
16 10112 103
RI= Steel let a f 7s
1955 FA 93
94
96
9312
91
51
94
Metr West Side El(Chic)48_1938 F A
7412 Sale 7412
5
75
7412 80 4 Rochester Gas & El 7s ser 0.1046 MS 10812 110 108
,
10 108 110
108
Miag MIllivlach 78 with war_1956 J D 91 Sale 97
98
4
8
934 983
Gen mtge 53.48 seriesC
1948 M
105 1063 107 Mar'29 _
106 107
4
Without warrants
J D 86
9412
88
86
87
3
91
Gen mtge 434s series D_._1977 51
_
994
9918 1001a
Mid-Cont Petrol 1st 6 As._ _1940 M S
105 Feb'29
104 10514 Roch & Pitts C&Ipm 55_1946 MN 66 1001, 90 Mar 29 ___
__ _ _
Dee 28 _ - - Midvale Steel &0cony sr 58.1936 M S 9818 Sale 98
9914 103
98 100 8 St Jos Ity Lt & Pr let 58._ _.1937 MN
,
96
Milw El Ry & Lt ref & ext 4 As 31 .1 J 973 98
Is11
9814
8
1
98
4
98
9712 9918 St Joseph Stk Yds let 4 3.4a.1930
'3
99
99 Feb'29'_ --99
General & ref Sc series A__ 1051 J D 100 102 10214 Feb'29 ____ 1024 103
St L Rock Mt & P 58 stmpd_1955 J .1 _
77
743 75 Feb'29 _ - _ 8
75
let & ref 58 series 13
1961 3 D 10012 Sale 10018
10014 100 100 101 14 St Paul City Cable cons 5s_ _ 1937 ./ J
8912 9714 92
92
02
Jan'29
Montana Power 1st 58 A_ _ _ _1943 J J 98 Sale 9912 10014 45
__
9 12 04
7 101
9
21
San Antonio Pub Serv let 68_1952 .1 J
10278 1033
8
10312 12 10318 105
Deb Sc series A
1962 J D 973 Sale 975
1
4
8
9834
Saxon Pub Wks(Germany) is'45 F A 9818 983 984
4
9818 10018
12
99
Montecatini Min & AgricGen ref guar 614s
1951 IN N 9212 Sale 92
93
944
92
7
Deb 78 with warrants_ _ _ _ 1937 J J 11618 Sale 11618
11712 34 11618 127
Schulco Co guar 6 As
1946 J .1 10012 10112 100
993 101
4
10012 11
Without warrants
J J 9414 Sale 9378
9412 120
03
95
Guar e 6 As series B
M N 10012 sale 10012 10012 21
A O
9814 101
Montreal Tram 1st & ref 5s..1941 J J 963 974 97
4
9714 10
97
994 Sharon Steel 11001) 5 f 51.0_1194485
94I
9
963
4
9412 974
Gen & ref sf 5$ series A _ _1955 A 0
9O4 11
96.4
4
963 Jan'29 ____
963 9634 Shell Pipe Line a I deb Ss..1962 51 N 947 Sale
4
- _ 98
8 Sale 94
97
94781 63
94
Series B
1955 A 0 -9334 974 9814 Feb'29
9814 98, Shell Union Oil s t deb 58...1947 M N 9512 Sale 953
4
4
9644 107
953 984
4
Morris & Co 1st t 4 As...1939 J J 973 Sale 8712
4
8814 39
867 88 2 Slilnyeteu El Pow lot 6 Ae_ _1952 J D 86 Sale 8512
8
,
88141 17
Mortgage-Bond Co 4s ser 2_ _1966 A 0 79
8512 94
90
8112 Jan'29
8112 8112 Shubert Theatre 6s_June 15 1942 .1 D 834
914
83
10-25
843 84 Mar 29
4
-year 5$ series 3
1932 J J 963 9712 963 Feb'29 _
4
4
963 9712 Siemens & Halske 5 7s
4
1935 .1 J 1024 Sale 102
10212 43 102 105
Murray Body 1st 61.4s
19343 D 100 100 4 100
3
10
10114
993 102
4
Debet6As
1951 51 S 103 Sale 10212
10312 136 102 108
Mutual Fuel Gas 1st gu g 53_1047 NI N 1033 10518 10334
4
1033
1 10212 104
4
S f 03.48 allot Ws 50% pd...'51 51 S 1027 Sate 102
8
103
30 101 106
Mut Un Tel gtd 68 ext at 5% 1941 MN
98 Feb'29 _ _ _ 98
98
Sierra & San Fran Power 58_1949 F A 9814 Sale 9712
9712 101
981
,
Nanurn (A I) & Sou-See Nitre Tr
Silesia Elec Corp St 6 As___ _1946 F A 85 Sale 85
89
4
86
Nassau Elec guar gold 48._ _1951 J J 58i2 sale 584
85
1
5812
9
55
64
Silesian-Am Exp coil tr 78_1941 F A 98 Sale 9712
9712 99
30
98
Nat Acme late f 6s
1942 J D 10114 102 10114
2 101, 10214 Simms Petrol 6% notes
10114
4
99
99 100
9912 99 Feb'29 - _
Nat Dalry Prod deb 548_.1948 F A 9434 Sale 9358
95
258
935 974 Sinclair Cons 011 I5
8
-year 78..1 9 9 MS 1024 Sale 102
27
193 M N
4
10212 57 1013 10314
Nat Enam & Stampg 1st 5e 19293 D 101
Jan'29 ____
____ 101
101 182,4
74
01
let lien coil Os series D__ _1930 M S 9914 Sale 983
983 100
4
4
995
8 68
Nat Radiator deb 6)4s
1947 F A 75 Sale 75
29
76
1st!len 6 As series D
1938 .1 D 100 Sale 99
99 1014
100
179
Nat Starch 20
-year deb 58___1930 J J 97% 101
Jan'29 ____
98
98
98
SIncalir Crude 0115 As ser A.1938
J 06 Sale 95
96
95
33
97%
National Tube 1st s f Sc. ___1952 M N 100 4 102 1015
3
8
8 1005 10458 Sinclair Pipe Line f 5s
8 102
1942 A 0 94 Sale 933
94
93
8
116
95
Newark Consol Gas cons 58_1948 J D 98 104 10312 Mar'29 ____ 10312
,
1031 Skelly 011 deb 534s
1939 M
93 Sale 93
92
9312 12
93 4
New England Tel & Tel 5e A 1952 J
1
1044 1053 1043
8
4 10512 25 1043 107
4
Smith (A 0) Corp let 6 As_ _1933 M N 10112 102 10112
5
10112
let g 4 As series 13
5 10112 102 8
1961 MN 99 Sale 99
9912
2
99 10014 South Porto Rico Sugar 7s..1941 J D 1051g 1055 10514
8
1 10312 107
1054
New Oil Pub Serv 1st 5.8 A_ _1952 A 0 94 Sale 94
9412 12
94
963 South Bell Tel & Tel let f 5e 1941 J J 102%
4
10258 18 10214 1041
.
First & ref .5e series 13_ 1955 J D
924 9612 Southern Cob Power 6s A __1947 J .1 10212 Sale 10214
945
8 15
8
914 927
Sale 10118
10212 17 101 1g 1044
N Y Dock 50-year 1st g 48_1951 F A 90
78
8218 873 S'west Bell Tel let & ref 58_1954 F A 102 Sale 10112
835 8218 Mar'29
8
4
1023
4 63 101 12 10614
Serial5% notes
1938 A 0 __ 88
8614 Mar'29
8614 90
Spring Vol Water let g 58-1943 1W N
9712 9912 9712 Mar'29
9712 9712
NY Edison 1st & ref 614s A.1941 A 0 i13 1.2 Sale 113
,
11312 18 113 11534 Standard Milling lst 58
1930 51 N 100 Sale 100
993 10114
8
100
10
1st lien & ref 5e series B
1944 A 0 103 104 103
104
21 103 105
let & ref 51,,S
1945111 S 102 10312 1023
8
10234
N Y Gas El Lt H At Pr g 56.._ 1948 J Cs 105 108 105
8 102 104
1055
s 14
10712 Stand Olio( N J deb 58 Dec l6'46 F A 102 Sale 102
103
76 10114 1034
Registered
110 Apr'28
Stand 01101 N Y deb 4 As_ _1951 J D 9614 Sale KA I
9614 160
9512 98
Purchase money gold 48__1949F A 92
1
92
95
92
-62- 94
Stevens Hotel 1st 68 series A.1945 J
9712 100
9712 Sale 9712
9812 23
NYLE&WC&RIt 5As_1942 MN
8
_ _ _ _ Sugar Estates (Oriente) 7s.1942 M S 9112 92
1023 Oct'27
91
90
19
93
98
NYLE&WDock&Imp 551943 J
-_ 100 Aug'28 Superior 011 lets 178
1929 F A
100
N Y & Q El L & P let g 5s_ _1930 F A 98- 91, 9914 Mar'29 _ _
9914 9
-59466CR Syracuse Lighting let g 5s.. _ 1951 .1 D 10417 107 10512 Nov'28 _
T 1
105 106
Mar'29
N Y Rye 1st It E & ref 48_ _ _ 1942 J J
Jan'29 ____
56
56
56
Tenn Coal Iron & RR gen 58_1951 .1 .1 102 103 102
10314
9
10214
Certificates of deposit
56
5614 Feb'29
56
58
Tenn Cop & Chem deb Os..1941 A 0 10612 Sale 10612 10812
1 104 114
30
-year adJ Inc 513... _Jan 1942 A 0
25 _8 10
25 Feb'29 _ _ _
8
25
8 23 Tennessee Elec Pow let 68. _1947 .1 D 106 10614 106
8
107
25 108 107
Certificates of deposit
J311'29 _
2
9
3
1,
2 3
Ti,ir,i Ave 1st ref 4s,
. .1960 .1 J 61
66
N Y Itys Corp Inc fis _Jan 1965 Apr 20 Sale 1812
60
6212 6012
6212 30
20
18
108
24,2
Ad)Inc 5e tux-ex N Y Jan 1960 A 0 .56
844
58
58
59
Prior Ben 6s series A
60
28
1965 3J 8312 8612 8412
1
8412
84
87
Third Ave Ry 1st g 55
1937 J .1 911 1 95
95 Mar'29
N Y& Richm
944 974
_
let 60 A__1951 MN ____ 105 10512 Mar'29
10518 108
Toho Elec Pow 1st Ts
1955 M S 9814 Sale 9814
9912 11
N Y State Itys 1st cons 4%8_1962 M N 4512 Sale 45
8
9814 995
47
17
45
54
6% gold notes__July 15 1929 J .1 993 Sale 993
8
8
4
985 993
lot cons 61.4s series B
8
99 4 58
3
1962 M N 5712 60
60
6
57
57
70
Tokyo Elec Light Co. Ltd-_ _
N Y Steam 18225-yr 6s ser A 1947 M N 10514 Sale 105
7 105 1073
10514
4
let 65 dollar series
1953 J D 91 Sale 893
4
9118 242
N Y Telep let & gene f 4 As.1939 MN 983 9912 983
894 9112
9912 28
4
4
984 101
Toledo Tr LA P 5A % notes 1930 J .1 993 Sale 993
8
9918 10014
9934 13
8
30
-year deben s f 65_ _Feb 1949 F A 11012 Sale 11012 111
121 110 1113 Transcont 0110348 with war 1938
8
973 10418
4
20
-year refunding gold 68_1941 A 0 1063 Sale 10531
995s 54
10612 68 1053 10812 Trenton G & El let g 58_ _ _1949 M S 99 Sale 9818
8
4
983 99 1043 June 28
4
N Y Trap Rock let 68
4
_
1948 J D
14
993 100
9912 100
4
9912 101
Truax-Truer Coal cony 6 A8_1943 51 N 973 Sale 973
973 163 4
4
- -14
983
Niagara Falls Power let 5.9_ _1932 J J 100 102 10131
4 21
2 1013 1023 Trumbull Steel 1st a f 6s. __ _1940 NI N 10238 Sale
1013
4
4
8
1025
8
103
Ref & gen 63
28 102 10318
Jan 1932 A 0 102 103 1023
2 101 103, Twenty-third St Ry ref 55_ .1982.1 J
1023
4
4
8
647 62 Feb'29 _ _ _ _
62
60
8
Nlag Lock & 0 Pr 1st 5s A_ 1955 A 0 1013 102 10134
4 21 1013 10418 Tyrol Hydro-Elec Pow 7 As_1955 M N 58
1023
4
4
9812 9912
984 9912 99
9912 II
Norddeutsche Lloyd (Bremen)
Guar sec s f 78
1952 F A 884 923 90
9212
90
92
14
4
20-years I 6s
1947 51 N 904 Sale 9012
46
93
90
94
UJIgawa El Pow s t 75
1945 M S 99 8 Sale 991 1 100
3
Nor Amer Cem deb 6 As A 1940 M S 72 Sale 7158
98 100
28
72
8
70
80
Undergr'd of London 434s.
.1933 J J
9531 Mat 28 ____
No Am Edison deb Esser A_ _1957 M
3
993 102
100 Sale 9934
100 4 164
4
Union Elec Lt & Pr(Mo) 58.1932 M
100 icif - 00 Feb'29 _
165- 1663;
Deb 534s eer B__ Aug 15 1963 F A 10014 sale 9934
123
101
99 1017
8
Ref & ext 58
1933 M N lows
_ 0078 10078 6 tool8 11914
Nor Ohio 'frac & Light
M S 102 Sale 102
103
16 10114 10314 Un E L&P(III) 1st g 5 Asser A.'54 J J 102 fc
10212 Mar'29
101 104
_
Nor States Pow 25-yr 56 A1941 A 0 9914 Sale 984
994 75
983 1014 Union Elev Ry (Chic)53-19451A 0
4
8512 83
83
83
874
1
1st & ref 5-yr 613 series 13_ _1941 A 0 1041 Sale 10412 10514 23 10412 10612
.
Union 011 let lien sf58
19311J J 161j2 ____ 10112
4 10112 1013
1015
8
8
North W T let Id g 4 As gtd_1934 J J 973 984 973 Feb'29
4'
4
973 1053
4
4
30-yr 6e series A _ _ _ _May I042,F A 107 108 1087 Mar'29
11185 1094
8
8
Norweg Hydro-El Nit 550_1957 SIN 90 Sale 89
91
74
9212
89
1st lien s t 5s series C_Feb 1935 A 0 9811 Sale
95 10158
11
Ohio Public Service 734s A __1946 A 0 1123 1133 11214
8
8
1127
8
3 11112 11312 United Biscuit of Am deb 68_ 1,3 51 N 995 10014 9912
1942 m s
5
8
98 100 4
7
10014
,
let & ref 7s series 13
1947 F A 11012 111 12 1104
11114
6 1097 11512 United Drug 25-yr 56
8
9512 Sale 951g
96
9412 9714
97
Ohio River Edison let 6s_..1948 J
1054 1053 105
107
28 105 107
4
United Rye St L let g 4e_ __ _1934 J
8312 Sale 8312
9 82 8414
8334
Old Ben Coal 1st 8s
1944 F A 90
89
93
894
89
14
91
1937 MN 983 Sale 983
United SS Co 15-yr 68
8
8
5
977 100
8
985s
Ontario Power N F 1st 58_1943 F A 997 Sale 99
8
4
997
8
99 102
Un Steel Works Corp 6 As A_ 1951 J D 8118 8512 85
87
17
904
85
Ontario Transmission 1st 58_1945 M N 110 4 101 101 Mar'29 ____ 101 103
3
.1 D 854 Sale 85
With stock pur warrants
92
85
8612 11
Oriental Devel guar 6s
1953 M S 9712 Sale 963
4
9714 35
964 977
s
Series C without warrants__ .1 D 86 Sale 86
9014
86
6
8714
Ext1 deb 5 As Int ctfe
1958 51 N 8612 Sale 86
865
., 26
90
853
4
With stock pur warrants__
D 814 8714 893 Feb 29
4
88
89 4
3
Oslo Gas & El Wks extl 5s..1963 IN
905 92
92
8
3
9114
91, 93 4 United Steel Wks of Burbach
4
,
5155
,
1946
00 Nov'28
Esch-Dudelange 8 7e._ _ .1951 A 0 10612 Sale 10612 1064
8
8 103 1067
Otis Steel 1st MI Loser
1941 M
101 Sale 101
10112 35 100 10312 US Rubber 1st & ref &seer A 19473 J 893 Sale 8912
8
8012 923
109
91
Pacific Gas & El gen & A_- 1942 J
4
ref 58
1004 Sale 100
55 10018 10212
101
10-yr 734% secured notes_ 1930 F A 10012 Sale 10012 10112 51 10012 1024
Pac Pow & Lt 1st & ref 20-yr 5830 F A 9814 995 9814
8
4
99
9814 10014 U 8 Steel Corp(Coupon Apr 1963 MN 108 Sale 108
1081 2 236 107 10914
PaelfIc Tel & Tel let 5,3
1937 3 J 1014 101 12 10117 1017
5 10112 103,4
8
St 10-60-yr 5811tegle_ _A pr 1963 MN
.. 10614 Dee'28
Ref mtge 5s series A
1952M N 1023 10312 103
7 103 1053 Universal Pipe & Rad deb 6s 1936 J D 863 88
103
4
8
4
854 Feb•29
853 90
4
Pan-Amer P & T cony sf6s.1934 MN 1025 Sale 10212 10234 70 102% 106
8
Utah Lt & Trac let & ref 5.8.. _ 1944 A 0 93 Sale 93
9312 18
927 9134
8
let Ilen cony 10-yr 75
1930 F A 1043 105 1043
9 10258 1043 Utah Power & Lt 1st 55
4
4
4 1043
4
1944 F A 99: Sale 99
18
100
30
99 101
Pan-Am Pet Co(of Cal)conv 68'40 J D 9212 Sale 9212
9212 9715 Utica Elec LA P ist 8 t g 58- 1050 3 J 10214 ____ 104
41
94
104 1043
Feb'29
4
Paramount-13'way lot 534s.1951 3 J 102 sale 10212 103
12 10012 10214 Utica Gas & Elec ref 4, ext 58 1957 J .1 1065 107 1065
8
8
1043 107
4
10615
Paramount-Fam's-Lasky 6s.1947 J
10012 Sale 9914
10012 161
99 1004 Utilities Power & Light 5%8.1947 J D 94 Sale 9334
9412 115
9314 98
Park-Lex 1st leasehold 0345.1953 J J 92
92i
93
3
9212
Vertlentes Sugar 1st ref 718_1942 J D 924 Sale 92
93
10
Pat & Passaic G 3, El cons 55 19491W S
9018 973
1
Jan'2910112 105', Victor Fuel isle 158
93
104 105
95
1953 J
3812 Sale 3812
344 40
5
3812
Pathe Each deb 75 with warr 1937 M N 80p2 sale 7918
81
78
34
84
Va Iron Coal & Coke 1st g 55 1949 M S 70
79
8112 Mar 29
8114 82
Penn-Dixie Cement 88 A_ .... _1941 M S 91 Sale 91
14
91
92
97 4 Va Ity & Pow let & ref 58_ _ _ 1934 ,1
,
____ 9814 983
4
99
Peon Gas & C 1st COOS g 6s__1943 A 0 112
983 10014
4
Jan'29
11212 113
115 113
Walworth deb 634s (with war)'35 A 0 99 Sale 984
9912 147
91
9914
Refunding gold 58
1947 51
7 10453 1053
105
10412 105 105
4
let sink fund 65 series A _ _ 1945 A 0 91 Sale 90
914
90
93
Registered
51 S
102 Dec'28
Warner Sugar florin 1st 7s__1941 J D 106 107 106
13 100 107
1061g
Philadelphia Co sec 55 ser A_1987 J D 9714 Sale 97
973 243
4
97
Warner Sugar Corp let 7s....199 .1 J 8412 843 8412
4
85
4
Phila Elec Co 1st 4345
833 85 4
8
3
1987 51 N
98 1106-12 Wash Water Power F! f 5s_ _ _1939 J
9912 89
0
3
10112 _ __ 101 Mar28
100 1024
Phila.& Reading C & I ref 58_1973 J J 9812 Sale 98
894 94
9312 Sale 9314
937
8 20
Weetches LtEt g 50 strand gtd 1950J D 10112 103 104
104
2 1023 1054
Phillips Petrol deb 53.45
8
1939
8912 94
9014 37
West Penn Power ser A 5s __1946 M S 10212 Sale 102
1027
g
10 102 104
Pierce-Arrow Mot Car deb 881943 M S 9014 sale 8912
8
3 10818 10712
8
8 1063
1963 M
let Es nerles E
10114 10314 102
102
Pierce 011 deb f 88...Dec 15 1931 J D 10618 1073 1063
6 102 105
106 107
1953 A 0 10312 10512 10312 10512
1st 5 As series 1
,
2 10312 1064
Pillsbury Fl 511118 20-yr 8s_ _1943 A 0 106 107 106 Mar'29 ____
1033 Sale 10312 1037
4
8 10 10334 105
19563 D 102 Bale 101541
let sec 58 series G
102,2 17 10158 1044
Pirelli Co (Italy) cony 7s. .
19521W N 13212 Sale 130
2
13412 64 119 154, West Va C &C let 68
11)603 J 25
29
25
Pocah Con Collierle8 1st s f 50057 J J
25
17
3314
9412 95
Western Electric deb 58__ _ _1944 A 0 102 10238 10218
109
334 71 102 1033
Port Arthur Can & Dk 68 A.1953 F A 9412 ____ 9412 Mar'29
4
3 104 1053 Western Union colltr cur 53_1938 .1 J 10214 Sale 10214
10412 1043
10412
8
4
1st 51 6s series 13
10212
6 10214 1043
4
1953F A ____ 1055 1053
8
1 1034 10558
8 1055s
Fund a, real est e 4 W1- - 1950 M N 9618 9712 974 Mar'29
Portland Elec Pow let 6s B 1947 M N
98
9914
9 101 10314
10118
1936 F A 10712 1084 10714
I5-year 834s
10814 29 10714 111
Portland Gen Elec 1st 58____1935 J .1 10118 Sale 101
1 100 102
100
1951 J
25-year gold 58
1014 Sale 101
Portland Ry let & ref 59____1930 M N 100 ___ 100
10114 31 101 103 4
3
99
96
5
9612
Weseh'se K & 51 20-yr g 58_194(1 M S
1043 Febn211
4
Portland fty L & P 1st ref 58_1942 F A 9614 9814 9612
10414 105
3
9712 9914 Westphalia Un El Pow 68_1953 J J 83 Sale 8212
98
let lien & ref 68 series B___1947 M N 9712 Sale 9714
83
9
8212 90
101 102 101
1 101 10212 Wheeling Steel Corp 1st 534s 19483
101
10012 Sale 10012 102
1st lien ek ref 7 As series A.1946 1W N
58 100 102
107
8 107 10718 White Eagle 011 & Ref deb 5 34s'37
107 '
Porto Rican Am Tob cony 65 19423 J 10314 Sale 107
83 10012 107
4 104
With stock purch warrants_ _
IN 8 102 Sale 1003
4 1013
8 37
Postal Teleg & Cable coil 58.19533 J 903 Sale 1013
997 1057
8
8
169
8914 95
904
8
White Sew Mach 6e (with war)'36 J
9912 120 128 Feb'29
Premed Steel Car cony g 53_1933 J .1 9712 Sale 8914
_ 125 130
8
935 99
9712 139
Without warrants
98 Sale 98
99
Prod & Ref f 8s (with war)_193I J D 11034 Sale 9338
9912
97
40
Sale 1103 Sept'28
4
1940 M N 973 983 984 Mar'29
Panic s f deb 68
4
4
9812 1004
Without warrants attached_ _ _ .1 D 110 4
_
3 11114
. -12
2 11014 1 - -18 Wickwire Spen St'l 1st 7s_ _ _ 1935 J J 4512 Sale 45
1103
4
464 18
443 5011
Pub Serv Corp NJ deb 4148_1948 F A 187 Sale 1104
4
18312
69 18112 208 4 Wickwire Sp St'l Co 7s_Jan 1935 M N 455 4712 47
187
,
8
Pub Serv El & Gas lat & ref 5.8'65 J D 101 10212 101
43
474
50
6
27 101 10512 Willye-Overland 5 10 As. _ _ _ 1933 M S 1013 Sale 10134
101
4
8
102
let & ref 4 As
7 101 1023
1967 J D 94
8
99
997 Wilson &Co let 25-yrs(68_1941 A 0 10031 Sale 1003
99
99
9912 111
4
10112 16 100 4 1031t
Punta Alegre Sugar deb 7e 1937 J .1 8012 Sale 81
3
88
81
28
82
Winchester Repeat Arms 7 As'41 A 0 10712 ____ 10712 10712
6 1074 108
Youngstown Sheet & Tube 50 1078
3 100 Sale 9994
10078 89
9914 101
1707
FINANCIAL CHRONICLE
MAR. 16 1929.]
Outside Stock Exchanges
Boston Stock Exchange. Record of transactions at
incluthe Boston Stock Exchange, Mar. 9 to Mar. 15, both
sive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Railroad
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
1st preferred
100
2d preferred
Boston & Maine
Ser A 1st pref unstpd _100
100
Preferred stpd
Prior preferred stlx1-100
Ser A lot pni stod
Ser"B" 151 pfdstpd 100
tom!
Ser C lot prof •t
Ser D lot pref stpd _ _ _100
Negot receipts 70% paid
I. ,
Boston A Pro.
Chic Jet Ry & U S Y pf _100
atm mass sr Ity CO.. Its.
100
Preferred B
100
Adjustment
100
Maine Central
NY N H& Hartford _100
Norwich dt Worcester pf100
100
Old Colony
50
Pennsylvania RR
176
84
111
103
106
154
54
90
77
176
z8334
97
111
102%
177
65
97
112
106
75
75
88
88
109 110
79
79
124 124
106 108
154 154
105 106
18334 18355
107% 107%
22
2555
63
63
54
56
75
75
87% 90
125 125
136 137
76% 7734i
Miscellaneous
2155 2015 22%
Air Investors Inc
16
17
American Brick Co
66
69%
Amer Cities Pr Lc wry.__ 66
434
42
50
Class A
73
73
73
Amer & Gen See Corp
34 3%
Amer Pneumatic Service 25
25 19
17% 21
Preferred
100 4955 48% 50
1st preferred
10t. z21555 21214 217
Amer Tel & Tel
Amoskeag Mfg Co
17% 1855
• 17%
Bigelow-Hart( Carpet__ • 102
100 102
102 102
100
Preferred
93% 93
9314
Brown & Co
73
75
Capital Admit] Co Ltd
71
7635
Columbia tlraplen
Continental Securities Corp 11254 112 113
45
4355 46
Credit Alliance Corp cl A.
15
1555
Crown Cork & Seal Co, Ltd
10
5
5
East Boston Land
3
351
Eastern Manufacturing
10455 108%
107
Eastern or, Lures Bur_ ___zo
•
46% 46%
Preferred_
102% 10251
1st preferred.
100
15
1555
1554
Eastern Utility Inv Corp.._
24
2555
acomony woeety tituree.• 25
305 319
106 310
Edison Elec Ilium
4351 42% 44
Em DI Group *Fume.. _
22
21
Galveston-II ouston Elect00
5655
56
100
Preferred
15
16
16
General Alloys Co
6
6
Georgian Inc (The) corn...
16% 17
Class A prof
German Credit & Invest
19
.19
Corp 25% 1st pre!
243( 25%
Gilchrist co
Gillette Safety Basta Co.. 1164 114% 117%
16
1655
Greenfield Tap & Dle___25
4155 4155 42
Greif Coop'ge Corp Cl C _ _ _
45
45
Ilathaways Bakeries clasgA
31
1Flathaway Bakeries class B 32
3251
23% 25
•
Rood Rubber
4455 45%
Hygratie I airip Co
102 102
Preferred
82% 89
International Corn_
93
93
Kidder Peal. accep A p1100
114 12
Libby McNeill & Libby.10
12%
12
25
Loew's Theatres
141% 155
Massachusetts Gas Co_100 155
7654 763i
100
Preferred
1455
14
14%
Maas Utilities Ass. com_
108 108
Mergenthaler Linotype 100
4755 48
Mortgage Ilk of Colombia
3% 315
355
10
National Leather
Nat Service Co
5% 554
2455 25%
Nelson Corp (II) tr
__5 25
38
38
New Engl Equity Corp.
96
96
IGO
Preferred
New Eng Public Service- •
97% 9755
New Eugl Pub Her, pr pfd. 102
102 103
135
1%
New Engl So Mills pref.100
New Knit Tel & Tel..
15114 150 152
1554
North Amer Aviation Ine- _
1534 1555
30
30
North Texas Elee prat._100
100 30
2955 31
Pacific Mills
19
19
Plant (ThosCI) 1st prof 100
18
iteece lint Bole M Co_ _ Ill
1855
135
135
Reece Folding Machlne_10
34
35
Reliance Management Corn 34
15
15
Ross Stores (The) Inc
2535 25
25.34
inawinut Assn Con otk_ _
1334 1355
Southern Ice Co
100
Preferred
8234 83
33
34
33
Ster See Corp pf allot tufa_ _
13234 134
10(1 133
Swift & Co
80
77
• 78
Torrington Co.
12
124
11
Tower Mfg
22% 2351
Traveller Shoe Co
324 31% 33
Tri-Continental Corp
105% 10555
Preferred
1
1
Union Copper Land & Min
36
3751
Union Twist Drill
7755 7954
United Shoe Mach Corm.25 78
31
3134
25 31
Preferred
41
41
S-I3rit Int $3 pfd
2055 20
2134
Intl Sec Corp
IJ 5 &
2755 2755
Utility Finales Corp
10955 108 111
Preferred
70
66
Venezuelan Mx Oil Corp 10
Waldorf System Inc -_-• 244 2231 2451
•
60
60
Watch cl B
Waltham
Waltham Watch87
86
100
Pref trust Mhz
424
38
25
Walworth Co
146% 14155 146%
Warren Bros
51
61
.50
1st preferred
524 5215
50
2d preferred
31
31
Westfield Mfg Co corn__
109 109
Preferred
15% 164
WhitenIghts. Inc
%MimeArladlan Cons Min Co- _25
It
Arlsona Commercial
10
Hingham Mines
1% 1%
4%
4
51
54
Range Since Jan. 1.
High.
Low.
362 174% Mar 182
Mar 88%
303 83
65 9655 Mar 101
Jan 114
56 110
129 1024 Mar 108
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Feb
94
90
110
81%
129
Ill
160
107
159
107%
25%
70
5655
76
98%
134
139
82)5
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jar,
Feb
Jan
Jan
Feb
Feb
Fel
Jan
Feb
Jan
Jan
Feo
Jan
Jon
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
22%
20
70
434
75
355
21
50
2224
24
102
104
94
76
8855
120
4755
154
655
354
10834
48
102%
11555
2555
351
4955
27
6134
19
8%
1755
sate,
Friday
Last Week's Range for
Week
of Prices
Sale
Stocks Concluded) Par. Price. Low. High. Shares.
25
Calumet & Heels
25
Copper Range Co
.:rain Butte Conner Min.1 i
Franklin Mining Co_ _ 25
gsocoek m •onikuldated. 25
1
Hardy Coal Co
25
Helvetia
•mlAnn n•reek Coal
1
1
Preferred
25
Isle Royal Copper
26
Keweenaw Copper
25
La Salle Copper Co
25
Lake Copper Corp
5
NI,011 Valley
25
Mass Consolidated
Mayflower & Old Colony 25
25
Mohawk
_5
New Canella Copper
New Dominion Conner._ _ .
New River Co nref
o
NipissIng Mines
16
North Butte
25
011bway Mining
25
Old Dominion Co
•
P. C.Pocahontas Co
25
Quhicy
di Mary's Mineral Land.25
lc
Shannen
Superior & Boston Copp_10
Apex Nanning.5
Utah
1
cnrah Nletql A Toonal
Victoria Copper Mining_25
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Feb
25
100
83
27
35
75
5
30
10
27
266
10
630
40
823
5
130
650
1,975
35
597
390
99'
1,50
1,96
15
3,33
69
1,06
12
376
136
1,510
249
3.375
1,013
250
185
3,190
40
125
115
2,410
267
2,128
80
55
55
400
120
72
86
106
7755
124
Big
154
105
153%
104
20,4
62
53
62
83%
125
135
754
20
16
6355
40
7215
234
1555
474
193
17%
95
10035
9255
72
6555
105
41
1334
4
235
99
4555
100
12
2255
280
3955
21
54
15
6
11155
Feb
Jan
Feb
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Jan
85 18
Feb 20
623 24% Mar 3355 Jun
672 1144 Mar 126% Jan
1855 Feb
65 1255 Jan
Mar
385 39
Jan 42
Jan
4.50 4454 Feb 47
355 31
Mar 35% Feb
430 21
Feb 26% Mar
430 40
Jan 52% Jan
Jan
Jan 108
50 99
640 6855 Jan 10255 Feb
190 93
Jan 9355 Feb
63 114 Mar
1352 Jan
Jan
13
355 12
Jan
Mar
12,273 12834 Jar 155
Jan
399 7651 Feb 78
Jan
15
14,353 1234 Jan
50 1004 Jar 112% Mar
Mar
550 4315 Feb 48
190
555 Jan
355 Ma
10
555 Ma . 6% Jan
27
120 24
Ja
Feb
10 36
Feb 40
Feb
Jot
10 92
97
Mar
15 96
9955 Feb
Ma
15 101
Jan 104% Jan
10
154 Ma
155 Mar
376 144
Jan 156
Feb
1,125 1534 Feb
Jar,
19
3555 Jun
85 30
Ma
1,057 29
Feb 33
Jan
30 18
25
Fe
Jan
152 1734 Jan
18% Mar
35
155 Ja
1% Mar
3,615 3255 Fe
3614 Fel)
10 15
29% Jan
Ma
2,430 2354 Ja
26
Mar
Jail
.50 13% Feb
15
50 82
Jan 83
Feb
1,120 3234 Jan 37
Jan
748 13234 Feb 139% Jan
Mar 84
392 77
Jan
4,190
8
Jan
1755 Feb
940 1834 Jan 24
Mar
680 2955 Jan 34
Feb
10 104% Feb 106
Feb
200
1% Mar
0.70 Jan
685 28
Jan 374 Mar
1.206 7455 Jan 87
Jan
313 31
Jan 3155 Jan
35 39
Jan 41% Jan
Mar 25% Feb
3.665 20
200 27% Mar 27% Mar
2,455 100
Jan 111% Mar
1,630 66
Feb
7755 Jan
360 2234 Mar 26
Jan
240 60
Jan
Feb 70
42 86
Mar 95%
117 2534 Jan 424
252 141% Mar 16455
25 49
Feb 52
50 51% Mar 53
20 31
Feb 35%
20 108
Feb 109
.567 1434 Jan
1755
1,275
965
30
1
54
50%
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Jan
2
Feb
555 Jan
55
Jan
5655
x3055
4%
255
255
33%
90c
50%
49c
8
17
1955
45
4255
45c
50c
6
13-4
Bonds
1948
A moskeag Mfg as
Chic Jet Ry & US V 5s '40
Dallas Ry & Term (3s_ _1951
East Maas Street RR
1948 61
455s series A
1948 66
5s series D
1948
6s series D
Fox N Eog TI, Inc 634543 102
1936
Hood Rubber 7s
Earatarlt Mud, Inc 681943
Kreuger & Toll 5s__ _ _1959
_1941
Mass Gas Co
& Tel 56
New Elul Tel4%s.-- .11132
Pocah Co 7s deb. 1935 115
PC
Pow Gas & Water Sec Corp
1948
50
Reliance Managment 13s'54 100
Saarbruecken 151tg Bk 6S'47
1 1144 10134
'
sw,mt A. . II 5.1
West End St Ry 48_ _1932 93%
,
Flange Since Jan. 1.
High.
Low.
717 44% Jan 6035 Mar
544 5755
Mar
32
2955 3134 6,302 2555 Jan
355 Jan
435 2,937
4
434 Mar
Jan
1
255 Mar
1% 234 1,075
355 Jan
155 Jan
200
255
2
Feb
2
255 Mar
600
234 2%
155 Mar
Jan
900 65c
155
1
66
Mar
20 523.4 Jar
6355 6354
Feb 105% Jan
10 105
105 105
Jan 33% Mar
31% 3355 5.585 25
74 Mar
555 Feb
605
655
6
Jan
3
155 Jan
250
2% 245
155 Jan
134 Mar
160
155
1%
2., Jan
115 Jan
10
1%
13-4
Jan 80c
Jan
30 50c
60c 60c
Jan
Jan 950
500 70c
80c 90c
Jan 51
Mar
4,125 41
51
48
4734 Mar
2.085 4034 Jan
44% 46
Feb
60e
Jan
4.065 200
40c 50c
Mar
Jan 66
330 56
66
62
354 Mar
Feb
3
120
35.5 34
855 Mar
555 Jan
745 8 ,16.450
5% Jan
24 Jar
10
311
33-1
Feb 194 Jan
1,320 16
16% 174
19% Mar
Feb
15
1934 10,915 11
Feb
Fel. 50
42% 4634 5,626 42
39% 4255 3,485 3454 Jan 42% Mar
Fel. 50, 3,,,,
725 25c
40c 45c
Jar
Jan 50c
400 30e
50c 50c
Mai
6
3% Jan
3,520
5% 6
Jan
234 Mar
10,980 99e
2
13-4
255 Jar
154 Jan
100
2%
2
86% 8755 $56.000
29.000
993-4 100
95
9555 4,000
Jar
8655 Mar 90
Feb 101% Jar
99
Mar 95% Mai
95
12.000 60
61
60
66
4.000 65
66
4.000 79
79
79
3.000 9955
102 103
2.000 110
95
95
8.000 88
91
88
1,000 98
9834 9834
98% 9834 10.000 98%
100% 10054 2.000 9955
32,000 103
115
97
100
85
101%
9%
-
100
Jar
Mar 64
FM
Mar 80
Fat
Feb 79
Jan 10654 Jar
Jar
Jon. 96
Jar
Mar int
Mar 9834 Ma
Mar 99% Jar
Jar
Mar 100
Feb 11555 Jar
Fel
1.000 95
Jan 101
97
9955 Jan 101% Fel
46.00
101
Fel
Mar 90
1,300 65
85
Feb 10315 Ma
10355 12,000 101
9% 2,000 933.4 Star 9434 Ma
Int., 15.1
Ia n
100)2
011
Ann
z
1E4-dividend
• No par value
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange, Mar. 9 to Mar. 15, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Feb 91
Feb
Feb 4344 Feb
Mar 3934 Star
Jan
Mar 39
Mar 5755 Feb
Feb
49
Jan
Feb
Jan 75
Jan
Mar 53
Jan 49% Feb
Mar 88
Feb
Feb
Jan 29
Feb
34
Jan
1055 Feb
Jan
Jan
Feb 91
Mar
Jan 103
Mar 95% Jan
Jan
Jan 96
Mar 3754 Star
Feb
Feb
16
29
Jan
Jan
Mar 2255 Feb
Mar 2955 Feb
8,700 36
3,700 4954
900 53
2,750 27
1,050 .56
11,750 13155
Jan 5734 Feb
Mar 5655 Jan
Feb
Jan 60
Jar
Feb 33
Mar 7435 Feb
Feb
Jan 191
1,650
2,600
8.700
3.100
5,550
500
2,400
250
1,300
150
3,250
750
400
70
317
60
170
15,600
5,200
200
*1,300
600
4634 49
7831 80
403.4 41
2055 21
8555 8754
10351 11955
3055 3455
2655 27
5355
51
12255 131
102 10255
38
37
2455 25
2355 24
1155 14
30
29
29% 30
49
5234
31
313-4
3055
30
4955 50
3455
31
4235 4554
2055
19
72
68
6034 6734
97
98
38
37
43% 4455
704 7855
97
95
100% 102
97
94
93
92
503.4
50
5354
51
1% 2
22R 23
1,750
•
Preferred• 102
Prior lien, prof
Cent States P & I. Corn ni•
Cent States UM 57 pref....*
• 5035
Chain Belt Co corn
Cherry Burrell Corp com_• 51
13Chic City & C Ry par ah_*
• 921,4
High.
Low,
8355
40
3434
204
4134
48
4934
43
3655
81
22
24
8
88
9955
9134
,
9355
304
1455
27
2115
2855
91
88
26 91
Acme Steel Co
40
40
• 40
Adams (J IS Mfg corn...
Ainsworth 'Mfg Corp coral° 3955 3434 3931
All-Amer Mohawk A ..r. 2134 2051 24
Allied Motor Ind Inc com_• 4555 4254 453-4
4835
• 48% ,48
Preferred
61
66
Allied Products "A"...„• 66
44
43
A Itorfer Bros, con pfd_ _ _ _•
46
45
American Colony pe corn _• 46
83
81
corn.*
Amer Corn Ala Corp
29
Amer Comumuw Pow "A"..• 284 25
•
3055 3055
Class "II"
955
9
955
Warrants
1st pref 56% A88% 89
BSI 10155 101 103
..flier Poi. spry 1.ref
91% 94
Amer Pub Util Co pr pi 100
95
94
Participating pref. _ _100
Atter Radio & Tel St Corp* 303.4 3034 3234
1455 1455
American Service Co,core • 143.4
27
27
Am State8 Pub 8er A corn _• 27
Amer Yvette Co Inc corn • 2155 2155 2155
• 2855 2851 2855
Preferred
Art Metal Wks Inc• 4634 4455 4755
Com mon
494 50
Assoc A ppar Ind Inc com..• 50
5355
53
Assoc Investment Co....• 53
2755 30
• 29
Assoc Tel URI Co com
5955 62
• 60
Atlas Stores Corp cum...
16534175%
• 172
Auburn Auto CA. com
Automatic Washer Co
3434
.
Convertible preferred _• 3454 34
Backstay Welt Co com_ _ _•
Balaban & Katz v t c_ -25
Bastian-Blessing Co com_•
• 2055
Banter Laundries Inc A..
Beatrice Creamery eom.50
Nandi' Cern Class B news 11855
Binks Mfg Co cl A cony pf• 3335
Blum's. Inc.. common_ __• 27
Convertible Dreferred_.•
Borg-Warner Corp cum 10 13055
100
7% preferred
Bonn YlvItoim Corp pref • 38
Brach & Sons(E J) com• 25
Bright Star Eta° "A"____• 24
• 14
Class B
5 30
Brown Fence & Wire cl A,
• 30
Class "B''
10 5255
Brown Nifg Co
liunte Bros common _ _ _10
Bulova Watch Co corn._ _• 303.4
• 4955
$355 Preferred
20 34
Butler Brottiers
Cam pb Wyaut & Can Fdy• 44%
Canal Constr Co cony pf_• 2055
Castle & Co k A NI) com 10 7155
cocci Mfg Co Inc WM __• 6534
•
central Ill Pub Serv pref.
• 37
Cent Pub Ser (Del)
Class
"A"•
Centrals w ptileorp__._• 7855
Range Since Jan. 1.
1.600
zoo
350
900
250
37,60
10,150
650
1.000
35,950
450
3.240
600
1.050
20,450
750
450
3,050
200
1,300
2,050
15,250
3,100
3,650
1,800
3,950
380
488
650
100
838
270
90
155
250
1,650
1,050
1.150
34
46
7834
40%
2055
8555
100
29
2655
51
120
102
364
244
23
8
2854
2855
49
27
30
494
31
40%
19
66
593.4
94
24
35
71554
94
100
94
92
4955
50
134
18
Jan
393-4
Jan 5255
Mar 88
Mar 4655
Star 26
Mar 98
Mar 12855
Jan 3755
Mar 28
Mar 54
Mar 152
Jan 1033.4
Mar 39%
Mar 2955
Feb26
14
Feb
Mar 3634
Mar 37
Feb57
Jan 3435
Feb3155
Mar 5055
Mar 45
Jan 47
Feb2114
Star 7934
Jan 8655
Mar 98
Jan 38
Jan 44%
Slar 90
9855
Ja
Jan 103
Jan 97
Star 97
Mar 5934
Jan 5855
2
Jan
Jan 25
Jas
Jam
Jar
Jam
Jar
Jar
Jar
Jaz
Ma.
Mal
Jar
Fel
Fel
Jar
Jar
Ma
Jar
Ja'
Jam
Ma
Fel
Fel
Jai
Jar
Jai
Jai
Fel
Jai
Ma
Ma
Jai
Jai
Jai
Ma
Fe
Ja
Ja
Ja
Fe
1708
FINANCIAL CHRONICLE
Prtgay
o.,ce
Last Week's Range lot
Sale
ofPrtces.
IVeek
Stocks (Continued) Par. Price. Low. High Shares.
•
•
•
Chicago Corp corn
Units
Chicago Elea Mfg A
Chia No Sh & Mil
Prior lien preferred_ _100
Preferred
100
Chic Rya 'art ctf ser 2.10o
Partly ctfs ser "1"--100
Chic Rap Trans pr pf A 100
Chicago Towel Co cony pf•
City Radio stores corn.. •
Club Alum Men Co
.•
Coleman Lamp & St corn.
Commonwealth Edison_ 100
Commonw 1111 Corp B •
Community Tel Co cum pt•
Construction Material__ ..•
Preferred
•
Consumers Co eommon 5
Warrants
6% Prior preferred A.100
Preferred
100
ommon____ .26
Cram. I
Preferred
100
Curtis Mfg Co
Davis Ind.!. Inc 'A"___ •
Dayton Rubber MfgAcom•
Decker (Alf)& Cohn,IDC•
De Mets. Inc. pref w w__ _•
Dexter Co (The) cont....*
27
6841
15
23
96
28
30%
252
324
48%
48%
117
344
10%
19
36
21
26
28
15,900
6744 68)4 31,100
15
15
50
97 100
62
64
34 3%
2215 23
99 100
94
96
27% 2835
29% 31
75
75
243 252
42
42
31% 33
31
344
46
49
915
3% 4
9414
85
794 79%
46
4844
117 117
3414 3435
10
12)5
40
40
1834 2014
35% 36%
20
21
Range Since Jan. 1.
Low.
18
Feb
Mar
67
1445 Feb
209 9634
167 54
100
2%
100 17
295 99
100 94
1,650 274
5,200 20%
50 734
2.312 209
200 35
450 2934
7.500 31
4.000 45)4
3.050
9
3%
250
350 85
900 79%
221 46
165 117
800 34
2,000 10
250 38
750 18%
750 3545
MOO 20
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Jan
Jan
Jan
Fel,
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Mar
High.
Eddy Paper Corp (The).'
25
26
200 244 Jan 28
El Housebela CBI CoFg.IU 4535 44
47
7.550 30
Jan 49
Else Research Lab Eno_ _ .• 1335 1134 1415 3,300 1134 Mar 2214
Empire0 & F Co 6%13f100
92% 9334
60 92
Mar 9645
64% preferred
100
93% 94
300 93)5 Mar 97
7% preferred
Pio
979' 9834
110 9645 Feb 9835
8% preferred
100
109% 11014
200 1094 Feb 110)5
Fabrics Finishing com___•
22% 22%
900 22% Fel, 25
Fed'ated Publie'ns $2 pref• 26
25
2834 3.800 25
Ja” 2835
Fits Simmons & Connel Dk
614 6145
100 60
Jan 83%
& Dredge Co rights
2
2
234
600
2
245
Feb
Foote Bros
M
25
24
26
2.150 24
Jan
30
Foote-Burt Co (The) cum • 50
so
524 1.450 50
Mar 53
Suring Bumper A_ _ _• 4635 40% 47
Oen
2,200 40
Feb 494
Class B.
444 39
45
2.650 38
Mar 49
Gerlach Barklow corn
_•
22
23
1,000 22
Mar 2(1
• 27
Preferred
25
27
1,150 25
Mar 30
GleanerComHarves'rCorp•
100 103
1,000 95
Feb 125
Godchaux Sugar. Inc. el B• 294 29
30%
950 24
Jan
38
Goldblatt Bros Inc corn •
2915 3134
850 28% Mar 36
Great Lakes Aircraft A__• 23% 2234 24% 5,200 21
Mar 32
Great Lakes D & D _ _100 235
235 240
145 220
Fel, 275
Greif Bros Cooper A torn.'
4145 42
125 3914 Feb 42
Grigsby-Orunow Co
Common (new)
1704 163 17244 43.350 14015 Jan 1794
Gad Grip Sh Co. Inc cog .• 42
37
4214 7,950 35'4 Feb 424
Hahn Dept. Store. cum. *
4745 4734
600 4434 Mar 544
:
Rail Printing Co coca_ _ _10 29
2845 294 1,650 28% Mar 3534
Hart-Carter Co cone of • 29
28% 2945 1,650 2835 Mar 3445
Hartford TIMES Part Pref.'
43
43
100 42
Jan 45
Hart, Parr Co corn
•
85
85
1,000 70
Jan 85
Hart Schaffer & Marx...100
172 172
10 172
Mar 190
Hibbard, Spencer, Bartlett
& Co corn
25
56
56
50 55
Feb 58
Borman& Co(Geo)com A •
48
52
2.350 333.4 Jan 5715
Houdaille-Ilershey Corp A• 50
45
50% 5.500 45
Mar 594
Class B
• 4714 44
49
12,100 44
Mar 59
Illinois Brick Co
25 37
37
37%
200 364 Feb 41
Ill Northern Util pfd _ _ 100
100 100
20 100
Fel, 104)34
Inland WI A Cable COM-10 8134 78
844 3,100 71
Jan 844
Inaull Utll Invest Ine____• 45
4345 47
11,550 30
Jan sa
$5 14 prier preferred. _•
216 226
1.101 125
Jan 250
Interstate Power Co $11 if• 10035 1004 10034
200 1004 Mar 100)4
Iron Fireman Mfg 'o• • 29
.c
29
30
1,400 24% Jan 344
Irving Air Chute Co, Toe—
Common
• 27
27
1.350 2645 Mar 28%
28
Jefferson Electric Co corn • 58
52
58,
9.150 4535 Jan 5834
Kalarnapoo Stove cora
109 1174 2,600 109
• 115
Mar 131
Kellogg Switchbd com _19 134 1014 14
7.800 104 Mar 1945
Ken-Rod Tube&l.p A corn• 32% 30
34
14,000 30
Mar 42
Kentucky Dell Jr cum p150 5234 5214 5215
150 5034 Feb 52%
Keystone St & WI corn_• 4745 45
474 1.250 44
Mar 58
Kirsch Co cony pref
2734 274
100 27% Mar 32
Laxie Drug corn v t
• 23% 22% 24 . 3.650 21% Feb 294
25
25
Cum Preferred
26
1.450 25
Feb 32
Leath & Co cow
25
1834 25% 4.950 17
Jan
2534
Cumulative preferred ' 44% 4345 45
600 43)4 Mar 46
Warrants
104
114 2.450
7
6
Jan
11%
Libby McNeill & Libby.10 12
11% 13
7.650 114 Mar 154
Lincoln Ptg Co 7% PrIsf_50
424 424
50 42
Jan
4535
Common
• 2411 24
.
2414 1,500 24
Mar 2645
Purchase warrants
5
50
5
44 Mar
734
Lindsay Light.corn
4
200
411
10
334 Jan
Lion 011 Ref Co coin
• 2745 25
2745 3,350 244 Mar 34
Loudon Packing Co
4841 4835
150 43
Jan 60
Lynch Glaas Mach Co__-• 27
254 274 1,500 20
Mar 30
McCord Radiator Mfg 44._•
42
150 404 Jan 444
41
McQuay-N orris Mfg_...•
410 574 Jan 65
59
60
Mark Bros Theatres pref• 24
24
24
100 23
Mar 334
Material Sera Corp corn 10 364 3614 37
200 3615 Jan 424
Meadow M fa Cln corn .___• 22
20
22)5 15,950 1434 Jan 2931
Mercantile Disct Corp A • 2834 274 2844
300 2735 Feb 28%
Mer et Mfrs See—
Part preferred
6.200 2734 Feb 32
25 2934 2814 31
Mid Coot Laund Inc. A.
250 304 Mar 344
3015 31%
Middle West Utilltles.--• 174% 169 175
4.450 169
Jan 190
Preferred
119% 1204 1,175 119
100 120
Jan 122
$6 cum preferred
• 10134 1014 10211
430 98
Jan 10341
56 cum prior lien pref....
101% 10135
50 90
Jan 104
Prlot lien preterred.-100 125
125 12534
400 1244 Feb 127
Midland Util6% prior lien
100
89
80 85% Mar 91
90
6% Preferred "A"--.100 88
125 85
Mar 88
85% 88
Preferred 7% A
100 9534 90
163 944 Mar 98
9535
7% prior lien
100
113 98
Mar 102
99
98
Miller & Hart.Ine.conv pf• 4634 46
1.050 48
47
Mar 52
Minneap Honeywell Reg • 67
3,150 5544 Jam
60
71
71
Preferred
100
150 155
400 142% Jan 160
Miss Vail Util Inv Co
-Prior lien pref
•
90
89 90
Mar 94
94
MO-Kan Pipe Line corn._• 35% 35
364 5.100 2214 Jan 37)5
Modine Mfg corn
• 55
55
1.600 53% Jan es
58
Mohawk Rubber
Common
• 58
52
1,850 514 Mar 66
58
Monighan Mig Corp A.
550 28
28
29
Mar 35
Monsanto Chem Works...* 128
128 129
Jan 130
550 104
Monroe Chem corn
•
22
22
200 22
Mar 2615
Preferred
•
43
43
100 40
Feb 51
Morgan Lithograph corn.' 32
4.250 264 Mar 50%
26% 36
Morrell& Co Inc__ ______• 624 6115 624 1.600 61
Feb 86%
Muncie Gear class"A".....• 25
244 254 1.050 23% Mar 31
Class"B"
• 2045 20
214 1,250 20
Jan 30
Muskegon Mot Specialties
Convertible class A.....• 30
28
30
2.350 27% Mar 3615
Nachman Springfilled corn* 6915 69
71
3,450 6145 Jan 7034
National Battery Co pfd.' .59
52
60
350 50
Feb 64
Nat Else Power A Part • 334 33
34
850 33
Mar as
National Leather eora.....10
314 34
600
3% Mar
5)S
Nat Secur Inv Co,corn_ __I 2615 28
26%
Feb 2915
300 25
6% cumul pref
100 103
102 103
2.650 102
Mar 105%
Nat Standard eom
• 48
46
4834 3.700 45
Mar 56
FoL. 128.
Range Since Jan. 1.
Low.
High.
Nat Term Corp part pref.'
1634 164
100 1644 Mar 17% Feb
PVP )rua st
.
1 0111
•
74 734
50
74 Mar 1134 Jan
New Eng Pow Ass6% pf 100 9741 97
974
300 97
Feb 97% Mar
mubblitt-Sparka Ind cum_•
39% 42
850 37
Jan 50
Feb
%forth American Car nom.• 60
58
6015 1,050 50
Jan 70
Jan
North Amer 0 & El el A..• 2344 23
2314
350 23
Mar 26
Feb
Nor Paper Mills corn _....•
35
35
100 35
Mar 35
Mar
Noqii west Rug Co, corn •
45
45
100 4315 Jan 48
Feb
North West Utilities
7", preferred
100 99
95
99%
275 93
Feb 102)4 Jan
Prior lien ore
100 102
101% 10235
120 101
Jan 103
Jan
0 ram hint
,r
corn
3215 33
450 32% Fel, 4045 Jan
Oshkosh Overall Co corn...* 144 14
1535 4.250 14
Mar 15)5 Mar
Convertible preferred... 2514 2.574 27
3,850 254 Mar 27
Mar
Par
I ev.A.• eom• 2315 23
24% 7.950 21% Fel
7444 Mar
Pacific West Oil Corp.—.
21)5 2315 2.850 18
Feb 2345 Mar
Parker Pen (The) co ronal0
49
49
600 49
Mar 57
Jan
Penn Gas & Elea A corn..'
2215 224
100 204 Fe), 244 Feb
Peoples Lt & Pow "A"oom• 53
53
55
1,850 47% Jan 58
Feb
Perfect Circle (The) Co..
•
50
50
400 4914 Jan 60
Jan
Pines Wtnterfront A com..6 200)5 198 208
2.950 182
Jan 236
Feb
Poor & Co clam B cont___• 28
2534 28
2.500 2514 Mar 34
Mar
Potter Co(The) corn..___ .
• 32
30
32
500 30
Jan
4015 • Jan
•
Process Corp corn
21
22%
700 21
Mar 33
Jan
Pub Serv of Nor Ill—
Common
100
2354 23534
72 205
Jan 245
Feb
• 235% 234 236
Common
721 205
Jan 245
Feb
6% preferred
100 125
125 125
19 1173( Jan 125% Jan
7% preferred
13034 131
100 131
122 12545 Jan 132
Jan
Q-R-41 Musk. Co. com____• 160
15845 1624 3,000 144
Jan 164
Feb
• 360
Quaker Oats Co corn
360 360
30 350
Jan 369
Feb
Preferred
110)4 114
100
135 1104 Mar 120
Jan
• 5944 56
Raytheon Mfg Co
6134 3,600 53
Mar 70
Jan
Reliance Mfg emu
10 234 23
2344
1.150 22
Mar 3015 Jan
Richards(Elmer) Co pref.• 28
28
284 1.250 28
Jan
2845 Jan
Knop tlettr & Tool corn_• 5445 524 55
1,775 45
Jan 57
Feb
•
Ruud Mfg Co, corn
43
43
1,700 43
Mar 4415 Mar
Ryan Car Co (The) corn 25
12% 12%
50
8
Jan 18
Jan
it verso. vt S,,I ),,t',
•
4234 414 43
2,200 38
Jae 411
Feb
Sally Frocks. Inc, corn- -• 30% 2915 31
3.750 29
Mar 314 Mar
Salomon, Electric (Jo.-41
40
41
1.450 3514 Jan 4635 Jan
Preferred
106 106'
i00
50 105)4 Jan 106
Jan
Saunders cum A torn....• 68
60
68
700 58
Jan
73
Jan
Preferred
4944 50
60 50
450 47
Feb 5134 Jan
Seaboard Pub Serv pref..
•
9445 9415
10 94% Feb 95
Feb
Shaffer Oil& Ref pref.
.100
95
95
100 95
Jan 100
Feb
•
Sheffield Steel cow
73
75
120 66
Jan 90
Jan
SIgnode Steel Strap Co..' 18
1735 184 1.100 17
Mar 204 Jan
Preferred
30 2834 274 28)4 1,000 274 Mar 3245 Jan
Purchase warrants
245
234 3
550
215 Feb
434 San
gonatron Tube Co mom.
.• 35% 32% 3615 22,400 3145 Jan 444 Feb
So Colo Pow El A com..25 24
24
2444
600 24
Jan 2634 Feb
Southw G & E Co 7% pf100 98
98
9834
63 98
Mar 101
Jan
Southwest LI& Pow pfd..' 90
90
9134
458 87% Jan
9134 Feb
Standard Dredge cony DI.• 35
35
3645 1.750 35
Mar 41
Feb
Common
33
32
344 2,150 32
Mar 394 Mar
Stand Pub Serv"A"
3051 3045 3144 1.150 27
Jan
3.134 Feb
• 35
StelnIte Radio Co
34
4.600 34
38
Mar 49
Jan
Sterling Motor, pref. _ 30
30
31
1.050 30
Mar 36
Feb
StorklIne Fur cony pref.25
2614 27
300 2614 Mar 30
Jan
Studebaker Mall Or oom..6 184 1834 19%
1,310 13% Jan
22
Feb
Clam A _
27
27
250 27
274
Mar 30
Jan
Super Maid Coro
66
64
3,000 63% Feb 74
67%
Jan
Swift & Co
133 135
700 133
100 133
Mar 140
Jan
Swift International
3444 2.150 33
16 34% 34
Feb 374 Jan
Tenn Prod Corp. corn....• 27
26
28
2,650 21
Feb 28% Jan
Thompson (.1 R) rom
4815 50
1,000 4814 Mar 62
215
Jan
Time-O-St Controls "A"..• 31
30
31% 1,750 29
Mar 394 Jan
iXth At store (The) pfd • 23% 2315 2354
100 23% Mar 26
Jan
United Chemicals Inc pf.' 5854 53
6034 32.200 53
Mar 60% Mar
Unit Corp of Am pref... • 29
28
1.940 28
30
Mar 374 Jan
United Dry Dim, Inc Coin-• 2014 20
2035 1,660 2034 Mar 23
Jan
United nits Co corn
• 34
3114 345,4
1,800 2934 Jan 3934 Jan
United Lt & Pow A prof.'
9715 9714
60 974 Feb 10034 Jan
In Repro Corn part nr A • 35)4 34
36%
1,650 34
Mar 424 Jail
Universal Theatres Cone-Class A
10
10
5
50 10
Mar 1545 Feb
20 61
5934 6115 1,050 594 Mar 7215 Jan
8 0aPrium
25% paid
4444 46
46
400 4445 Jan 53
Feb
Preferred
127 127
100 127
27 127
Mar 130
Jan
0 /3 Radio & Telev
116
105% 1174 10,100 44% Jan 141
Feb
Utah Radio Products corn' 244 22
25% 12,200 22
Mar 56
Jan
Ut & Ind Corp. corn
22% 22
2334 30.450 20% Feb 31
Feb
Cone. pref
274 264 28
23,900 25
Feb 31
Feb
Van Sickle!, Corp part el A•
3144
31
(350 304 Mar 364 Jan
Vesta Battery Corp corn 10 13
13
250 13
13
Mar
15
Jan
Vogt Mfg COM
•
3335 3346
100 32
Jan 35
Feb
Vorelone Corp part prof..' sou 4615 5041 1.560 45
Feb 5715 Jan
Wahl Co corn
• 23
21;5 23
1,250 20% Feb 27
Jan
Walgreen Co
-134% preferred
104% 105
450 104% Feb 105
100
Feb
Warchel Corporation....' 20% 204 21
1.250 20
Feh 26
Jan
• 32
Preferred
3145 32
1,400 31
Fel, 36
Jan
Ward (M)& Co. class A..*
13335 13345
160 131
Jan 13334 Mar
Waukesha Motor Co corn.'
180 190
510 185
Feb 210
Mar
Wayne l'unip Co
Convertible preferred..' 40
384 40
2,200 38% Mar 46
Jan
Western Grocer Co com.25
21
21
500 21
Mar 25
Jan
Wextark Rad Sts Inc.corn' 5215 47
53
6,100 38
Jan 654 Jan
West P I. AT pt ofd
34
34
3435
650 32
Feb 3545 Jan
•
100 100
7% Preferred
25 98
Mar 100
Mar
White Star Ratio Co com.• 49
4714 49
1,450 46
Mar 51
Mar
Wiebolcit Stores, Inc
44
45
•
350 44
Mar 57
Jan
Wilcox-Rich cone pf A--•
46
46
460 37
Jan 49
Feb
•
Clam B
464 47
200 334 Jan 49
Feb
Williams 011-0-Matie corn' 26% 26
27
6,450 20
Jan 294 Jan
WU-Low Cafeter Inc corn.' 29
25
29
2,350 2414 Feb 29
Mar
Winton Engine con oref__• 77
6744 7715 3,400 66
Mar 94
Jan
Woodruff & Edwards Inc—
•
Panic class A
26% 264
50 25% Mar 2894 Jan
Wrigley (NV in Jr) Co corn _•
76
77
700 75
Mar 80
Jan
Yates
-Amer Math part of• 26% 2515 27
1,950 24
Jan 32
Jan
Yellow Cab Co Inc(Chic)• 33% 32
34% 6.000 31% Jan 35
Jan
Zenith Radio Corp corn...* 484 474 50% 14,665 47
Mar 624 Feb
Bonds—
Central States Utll 65_1938
'97
97
$2,000 97
Jan 97
Jan
Chic City RY 58
1927
Certificate of deposit_
80% 80% 7,000 8035 Mar 8331 JIM
Chicago Rye 58
15ii
78
78
1,000 78
Feb 8545 Jan
Certificates of deposit.
77)4 80% 26,000
734
Jan
5s series A
Isii 65% 65% 65% 15.000 6
7
0
Nl r 6311 Ma
'b 8
a
6
58 scrim II
1927
4545 47
16,000 4134 Feb 47
Mar
Adjustment Inc 4s__1927
23
23
10,000 23
Mar 24
Jan
Corn monw Edison 5s._1943
104 104
2,000 10334 Feb 1044 Jan
1st mtge 5s, series A 1953
103 103
5,000 10234 Jan 103
Mar
Cooper River Bridge the
6s13
1958
94
94
2.000 94
Mar
Mar 04
El Paso64s
1943
100 100
3,000 9835 Jan 101
Jan
Fed UV!
(Md)3-yr 5448 '30
99
99
2,000 140)4 Jan 99
Jan
9
8
[mull Ut11 be 513"A".1949
220 225
2,000
Feb
Jan 251
Mer & Man Bldg 645s A '43
100 100
5,000 100
Jan
Jan 190
0
With warrants
9715 9715 2,000 97)4
Jan
March Nat Prot) Inc Os '58
99% 9945 5.000 9914 Jan 9045 Jan
Metro W Side Eliot 4s '38
74
74
1,000 74
Mar 7834 Feb
Extension gold 4s_ _ _1938
8445 7445
1,000 7445 Mar 7731 Jan
Pettibone-Mulliken 65 1943 98
98
98
2.000
Jan
Mar 99
Pub Serv let & ref 53_1956
101
101
1.000 10
981
Mar 1014 Jan
Swift & Co 1st a f g 59_1944
102 102
1,000 101% Jan 10244 Feb
9
9
65 East So Water 67481947
100 100
2.000
Jan 100
Jan
Standard Pub Serv 13s B '48
99
99
2,000 89
Jan 99 IJan
97
St L Gas & Coke Corp 133'47
87
2,000
87
Mar 93 B.Jan
34
Feb
75% Feb
Jan
15
100
65
4
23
10034
97
31
344
80
252
4314
35%
38
55
1334
634
944
SO
484
119
37
1715
43
27
3774
224
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Stocks (Concluded) Par Price Low. High. Shares
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, Mar. 9 to Mar. 15, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.
High.
Low.
SIX
XXX
CCIDD.-DCOGGCMD.00GGC.-r,tiC=DCO,t,1.00C1
XX
0.04OPLIOGGIOGGO41.1,..0O3.C1,,IC“.=0O
40,
wwwddamooddovo.ddwdodc.xddQdod4v.d,o,oedosdooweo4d4....dowdd....4,
SSS
3,390
5.900
50
5,500
800
480
500
25,300
3,447
40,300
10
17,700
66
11
28,440
2,700
700
825
30
833
8,300
140
500
126
4.700
10,600
5,600
900
7
4,100
100
37
3.000
60
9,400
7,300
500
95
2.700
150
1.200
2,700
825
100
2,200
800
4.710
515
5
60
330
1,700
1,400
1,100
51.100
28.300
31,800
3,100
100
100
900
140
400
X
64 634
88
85
175 175
6315
60
294 313.4
116 11634
814 94
5834 664
88
80
954 10734
41
41
3715, 3934
45
45
45
45
834 10
274
25
314
3
119 123
11815 120
8515
83
4714 5234
229 230
584
68
105 106
784 8415
2834 3315
157 16234
2034 2154
4014 4034
624 67
14
14
54
54
53
52
80
79
159 167
7615 7734
934 9434
9115 9115
3315 34
60
60
524 5314
604 5134
524 5214
2954 2915
7934 804
223-4 2334
3315 3434
664 6755
110 110
4614
46
811 94
% 1
315 314
3734 3744
5215
49
4434 4614
1753.4 17974
5054 5115
1315 134
5
5
2194 22
Yi
%
4
48
934
SX
•
654
• 86
American Stores
Bankers Securities corn_ _ _ __ _ _ __
Bankers Sec Corp pref _ _50 60
50% preferred
Bel Tel Co of Pa pref___100
Bornot Inc
• 65
Budd (E G) Mfg Co
8615
Preferred
1054
Budd Wheel Co
50
Cambria Iron
3834
Camden Fire Insurance__
Catawissa RR 1st pref _ _50
Second preferred
10
Central Prop corn
Commonwealth Can Co 10 27
34
Cramp Ship & Eng _ _ _ _100
Curtis Publishing Co new.• 123
Preferred
Electric Storage Battery100
10 52
Fire Association
Horn & Har(Phila) corn —• __10
Horn & Hard (N Y) com_•
100
Preferred
Insurance Coot N A___.10 8415
Lake Superior Corp____I00 3115
50 161
Lehigh Coal & Nay
10 2134
Lit Brothers
Lit Schuld Nay RR & C 50 4034
6334
Manufact Cas Ins
Manufactured Rubber_ _10
MInehill & Schuylk li av _60
•
North East Power Co_
Penn Cent I.& P cum pfd..*
165
Penna Insurance
50
Pennsylvania RR
Pennsylvania Salt M fg _ _50 9434
9115
Phila Dairy Prod pref
25 3315
Milli Elea Pow pfd
•
Phila Insulated Wire
Phila Rapid Transit_ _ _ _60 5214
60 5134
7% preferred
Philadelphia Traction...50
Phila & Well PY Prat _ _50 2954
7934
R E L Title new
10 2354
Reliance Insurance
Shreve El Dorado Pips L25 3314
• 664
Scott Paper Co
100
Preferred
Tacony-Paimyra Bridge_ •
Telephone Sec Corp
1
Tono-Belmont Dave)
1
Tonopah Mining
50
Union Traction.
5115
United Corp Temp cite_ __ _
Preference..45
United Gas I m pro% em't _50 17915
US Dairy Prod claw A —• 5134
•
Common class 11
Victory Park Land Imp_10
Victory Insurance Co ..i0 22
Warwick Iron & Steel _ _10
West Jersey & EleaaliRR-50
XXXXS
XX
4. N
,,.
i°,1,=2°°A&I,T=W42?."1=g282::&9.72 2.9=2252=%7MSN24886° '',143g4'2 .
-- "- - -
...mar Stores
Range Since Jan. 1.
834 Jan
Jan
97
Jan
220
634 Jan
3114 Mar
118
Jan
Feb
10
6614 Mar
Mar
88
10734 Mar
414 Jan
4254 Jan
4534 Feb
Mar
45
Mar
10
Jan
32
4
Feb
Mar
123
Mar
120
9234 Feb
5254 Mar
233
Feb
624 Jan
Feb
108
Jan
91
42
Jan
Jan
169
Jan
26
Feb
41
7115 Jan
14 Mar
5415 Mar
574 Jan
Feb
81
Mar
169
8214 Jan
9715 Jan
9315 Jan
3434 Feb
Jan
63
Feb
64
5134 Mar
5534 Jan
3015 Jan
8434 Jan
Jan
26
3834 Jan
Feb
70
Feb
110
4914 Feb
, 934 Mar
134 Jan
4
Jan
3814 Jan
604 Mar
Feb
47
19514 Jae
5315 Mar
Feb
15
Mai
5
2534 Jar
14 Jar
5214 Jar
Rights—
Cons Gas El dr Pow w I.
3%
Bonds—
Baltimore City Bonds
1961
4s Jones Falls
1954
48 Annex Impt
1951
4s Annex impt
I Benesch dr Son 65 W I_ _.
Black & Decker 634s..1937
Century Parkway 6s_ _1956
Consolidated Gas 5s_ _1930
1954
General 44s
Consol 0 EL dr P 443.'35
1949
1st ref 6s ser A
Georgia Marble 6s_ _ _ _1946
Houston 01154% notes'38 98
Lake Roland El gu 58-1242
Md Electric Ry 1st 53_1931 93
Merchants Terminal 68;48
Olustee Timber 6a_..1935
Prudential Reftn 6148_1943
Rosemary Manuf 714s.
Sandura Co Inc 1st 681940
1932 110
Silica Gel 6158
Southern Bankers Sec 513'38 10415
United Ry & E 1st 48_1949
1949 3654
Income 4s
1936 57
Funding 5s
1930
6% notes
1949
1st 65
100
Warrington Ants 6s
Wash Balt & Annan 581941 78
West Md Dairy 6s._..1946
3
314 20,022
98
98
98
98
98
98
99
99
14934 16714
85
85
103 103
9814 99
9815 9815
105 105
99
99
9715 98
8514 8515
93
93
99
99
9434 9474
10314 103%
100 100
94
94
10734 110
1044 105
604 61
3615
36
58
57
92
92
82
79
100 100
78
78
10515 10515
Mar
480
4715 Jan
Feb
27
Jan
40
414 Jan
Jan
15
Jan
82
Mar
62
280
Jan
93
Jan
ss Jan
100
Jan
110% Mar
48
Mar
Mar
62
46
Jan
43
Feb
Jan
48
134 Jan
94% Jan
Jan
87
Mar
9
11% Feb
Jan
96
54
Feb
3
Mar
314 Feb
1,000
200
400
9.000
32.000
400
1,000
4,000
1.000
2,000
4,000
2,000
1.000
1.000
5.000
13.000
34,000
1,000
4,000
37,000
17.000
27,000
5,000
11,100
2,000
20,000
5.000
4.000
5,000
98
98
98
99
120
85
103
9834
9834
10434
99
97
8594
93
98
94
100
100
94
10014
101
6014
33
57
90
7415
100
764
1054
Mar
Mar
Ma
Ma
Mar
Mar
Feb
Mar
Jan
Ma
Mar
Feb
Ma
Mar
Mar
Feb
Jan
Ma
Feb
Jan
Jan
Feb
Ma
Mar
Jan
Ma
Jan
Jan
Jan
9914
9914
9914
9914
1674
85
103%
9915
9854
106
99
99
8554
954
99
95
104%
100
95
110
1054
65
43
63
92
83%
100
8314
10514
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
*No par value.
Pittsburgh Stock- Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Mar. 9 to Mar. 15, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
eek.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
REEEWAggegggggrgggggE4ggnEgngEn4111;844MSgOg4
•No par value.
Mar
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Wan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Mar
Feb
%444.244tm
EEEEEEP,.
Feb
Jan
Jan
Mar
Feb
Mar
100%
99
100
100
103
99%
Low.
7 480
218 4334
210 254
100 124
650
1
65 13
103 78
30 5114
1 200
256 77%
58 8514
60 84
19 110
35 24
12 50
25 4034
120 39
10 464
9
489
1,683 84
138 74
10
8
20 11
30 91
69 53
't7.7,M=N823r."Vignm-.=V,I.1,92;22,1;41.02gNSt4g"n288
A AXAA
AA A A
gA
Vg
Mar
Mar
Jan
Jan
.1,11,
Mar
475 475
Mercantile Trust Co_ _50
43% 45
Merch dr Miners TransI)--*
26%
26
Illonon W Penn PS pref _25
10
124 124
Morris Plan Bank
115
1
Mortgage Security com •
1315
Mt V-Woob Mills v t_ _100 1315 13
78
100
78
Preferred
52
52
Nat Sash Weight pref w _
271 271
Nat Union Bank of Md 100 271
86% 88
New Amsterdam CM Co 10 87
86% 86%
Northern Central Ay_ _50
91
89
Penn Wat & Pow ex-div__* 89
11015 11015
.100
Dohme pref.
Sharpe &
40%
Silica Gel Corp corn v t_ •
62
Southern Bank Sec Corp.45
45
Stand Gas En pf w war.100
42%
41
Un Porto Rican Sul; corn.*
• 47% 47% 4714
Preferred
10
1014
50 10
United Rys Jr Elec
8434 8515
U S Fidelity de Guar new.. 85
%
757
74
U 8 Fld dr Guar Co Fire w
9
9
Wash Bait dr Annap_ _50
50
1134 1114
Preferred
92
92
West Md Dairy Inc pref.* 92
50 5315 53% 53%
Prior preferred
=Mt=
.
21.000 98
98 100
4.000 97
99
97
2,000 100
100 100
5,000 98%
100 100
12.000 100
100 100
2.000 9914
994 99%
Jan
3
Jan 100
52,000 100
t
100
Range Since Jan. I.
4mXm
,
..4mm......44-.4.-.4.-.441
7.44....mtra,
4.4.
.
ttogElgg13400g0413 Nn400gNggggE1:411ntngo 4W6g 0042,.
100
High.
Low.
Sales
Friday
Lay Week's Range for
Week.
of Prices.
Sale
Stocks Concluded) Par. Price. Low. High. Shares.
v
..mg r.444m
.
'180.14.142r
208 So LaSalle Bldg 515s'68
United Public Serv Co—
Debenture 634s...1933 100
UM'Elk Coal Co 20-yr6s'48
UM Power & Light 65_1958
Util Pub Serv 5-yr 614s '33
Wrought Iron of ni6 4s'33
YaarabrempleBidg.6112'48 99%
Range Since Jan. 1.
m
&
Friday
Last Week's Range Sales
for
of Price:.
Sale
Price. Low. High. Week.
_ -- .
2-"Alta8
V
Utglinn8,V..tgzi, =AF
Bonds (Concluded)—
1709
FINANCIAL CHRONICLE
MAR. 16 1929.]
!
x
A AggAg
g
W.2tzIng8tgVt
SA g
gg
c4n=ottl
,-.
=
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tggigtigtigiggfAiMPtiggigMlgitigg.
XX
I
QN ., N04.4..0244.6.00044,.-0[-M.
.04040
4I4 4.
0
V444.MO.M.NNO.NW000.4 Noi.o...44NN.OM
.c4
v.
1134 1154
O'S
g
ocroinva!
3.,.. p.....,
44
.0000
.
NO0.4NMC
S.
X
15
TAXA SAA
S
XX
1,162
90
81
• 81
Allegheny Steel corn
17
100 100
Preferred
800
- 334 35
__
Aluminum Goods Mfg
30
--Amer Vitrified Prod pf _100 834 8334 8334
092
515 54 23.
54
Arkarzsas Gas Corp corn.-•
84 814 2,088
815
10
Preferred
318
64
• 6334 63
Cork Co
Armstrong
15
185 185
50
Bank of Pittsburgh
1.993
423-4 43
25
Blase-Knox Co
1814 1,005
17
_ _ _10 18
Carnegie Metals Co
520
264 2715
Cent Ohio Steel Prod corn •
350
197-4 20
Consolidated Ice pref___50 20
Bonds—
795
2611 2615 2654
Crandall McKenzie & II_
5434 Jar
54,500
54
52
293
Elec&Peoples tr ctfs 4s 1945
634 8
Devonian Oil
Jar
66
1,000
61
61
LakeSupCorp 58 stamped
880
1215 1234
Dixie Gas & Util coin_ • 1215
8734 Jar
ssg 8514 2,000
Lehigh Vail gen cons 4132003
73
20
20
ino
Preferred
105
Jar
1.500
102
101
29
PhllaElec(Pa)Istin&ref5s60
420 420
First National Bank _100
10535 Jar
4.500
103 10334
1066
1st 5s
200
60
60
Harb-Walker Ref com- *
2,500
1054 10634
10634 Jar
1st lien & ref 515s__ _1947
60
36
36
• 36
Horne (Joseph) corn
10674 Jar
1044 1054 9,000
1st lien & ref 515s_ _ _1953
50
1214 1214
Jar
106 , — . Jones & Laughlin St pf _100
14.500
103 104
Flinn Elea Pow Co 5%81972
40
10294 10315
—....
—..
Koppers Gas & Coke pref..
6,770
354 40
Libby Ilairy Prod corn...* 40
345
105 115
100 115
1st Preferred
•No par value.
1,936
25
7115 73
Lone Star Gas
15
14
14
Baltimore Stock Exchange.—Record of transactions at McKinney Mfg ram
555
17
17
Stock Exchange, Mar. 9 to Mar. 15, both inclu- Nat Fireproofing com__50 35
Baltimore
85% 2,292
35
50
Preferred
500
45e 45c
1
sive, compiled from official sales lists:
Phoenix 011 Co pref
300
74
7
74
50
Pitts Brewing pref
160
sales
30
ma'am
30
Sec corn_ ..• 30
Pitts Investors
1,264
Range Since Jan. 1.
71
Last Week's Range for
70
100 71
Pitts Plate Glass
13
Week.
of Prices.
25
Sale
5 244 24
Plymouth 011 Co
600
High.
Low.
Par. Price. Low. High. Shares.
2434 25
25
Stocks—
Reymers Inc
30
17
17
Richardson & Boynton Ill•
4334 FR Salt Creek Consol Oil __10
'
1,740
4015 41
415 474 1,42
Arundal Corporation____* 41
2
Feb San Toy Mining
158
158 158
12c 2.000
10e
10c
1
Baltimore Com'l Bank_100
195
404
Jan Stand Sanitary Mfg corn 25
210
4834 49
50 18734 18634 188
Baltimore Trust Co
75
Feb Stand Steel Springs
155
375
67
67
824
82
82
Baltimore Tube pref.__i00 67
1854 Feb Surbuban Elea Dev
452
16
15
16
77
25
• 25
2534
I I3enesch & Sons new w I__
47
Mar Union Steel Casting corn-5
17
• 4534 40
6.561
47
20
20
Black & Decker corn
Mar Un Engine & Fdy com___• 42
400
75
400 400
85
•
44
42
Canton Co v t
1174 Feb United States Glass
20
22
14
13
25
Ches & Po Tato( Balt pf 100 11615 11654 117
62
121
Jan Vanadium Alloy Steel__
52
50
29
• 52
72
71
71
Commercial Credit
26
182
Jan Westinghouse Air Brake..
3
2554 2554
25
5015 5334
Preferred
27
10
Feb Witherow Steel corn
26
26
1
25 26
79
79
Preferred B
10415 Jan
201
100 101
150
100 100
12
12
6%% Ist prat
Worthington Ball Bear
1454 Mar
1434 1434
1434
1334
Warrants
2514 Jan
30
25
25
Unlisted—
Corn Credit of N 0 pref_
104
1,094
Feb Clark (I) L) w 1
97
94
1,37
184 1834
Consol Gas EL & Pow...* 93
76
III% Feb Duff Norton corn
109 111
15
42
100 109
42
prof ser D
6%
10954 Mar
22
10914 10915
1.89
1814 20
Hach Linn corn
54% pref w Isar E-100
103
43
Jan Pitts Screw & Bolt Corp_
1024 103
2434 2454 4,26
5% preferred ser A__100
224 Jan
470
275
43
43
Consolidation Coal_ __ _100 1554 1534 1654
Mfg Co w I
51
Mar Ruud
10
51
51
2815 4.330
50
27
______
Western Public Service
Crook (J W) pref
40
314 Jan
2
2
2674 2834 5.680
Voting trust ctfs
Dalton Tire & Rubber-- *
3414 Feb
736
31
29
1.05
• 30
71
70
w1
Eastern Rolling Mill
3454 Feb Witherow Steel
7 1-5
32
29
Scrip
135
122
Feb
25 13054 130 13054
Trust Co
Rights—
Equitable
310
Jan Armstrong Cork Co
528
295 300
134 115 6,653
50 300
Fidelity & Deposit
12
Jan
300
1134 12
Finance Co of Amer A_ •
1134 Feb
as
•
Series B
!Knnn
mn lnn
. InAo Inn
20
Mar .. Bonds— .
310
183.4 19
Finance Service corn A-10
413
6015 Jan
5815 5854 6815
First Nat Bank w i
9254 Jan
88
85
No par value.
83
•
Houston Oil pref v t a_ _100 _ _85
36
Feb
50
29
29
Mfrs Finance corn v t___25 29
22
Feb
83
Cincinnati Stock Exchange.—Record of transactions
2154
21
25
let preferred
194 Feb
162
1834
18
25
Stock Exchange, Mar. 9 to Mar. 15, both
2d preferred
357
18354 Pan at Cincinnati
15834 16254
Co__25 161
Maryland Casualty
3934 Feb inclusive, compiled from official sales lists:
1.920
3854 30
...—o...A 11.4 con pram _ _ _ 4. 39
1710
Range Since Jan, 1.
Low.
High.
Ahrens
-Fox B
1454 14%
Mar 154 Jan
10 13
Am Laund Mach com_ _ _25 86
86
87%
845 85
Feb 96
Jan
Amer Products corn
284 2955
175 2855 Mar 34
Jan
Amer products pref
•
27
110 27
Feb 30
Jan
28
Amer Rolling Mill corn.
.25 9351 904 94
Jan
803 9054 Mar 105
Am Seeding Mach, com_50
654 Mar
655 Mar
655 64
63
Amer Thermos Bottle A _ • 1755
17
18
468 16% Jan
Jan
1731
Preferred
50 47
47
64 47
Jan 4755 Jan
474
American Radiator
49
46
Mar 49% Mar
1,465 46
4951
Buckeye Incubator
• 25
18
5,024 10
2554
Jan 2554 Mar
Burger Bros
455 434
455 Mar
535 Jan
50
• 38
Carthage Mills
38
Mar 40
38
400 38
Mar
Carey (Philip) com_ .100
345 35134
Jan 35155 Mar
7 230
Central Brass A
•
21% 2251
111 21% Mar 27% Jan
Churngold Corn
26% 20
30
Mar 37
Jan
1.003 20
Cha Ball Crank pfd
3651 37
130 33% Jan 40
Jan
CM Gas & Elec prat_ _ _ _100 974 9755 99
663 9755 Mar 99
Jan
Cin GasTransportation 100
135 135
Jan 13654 Mar
10 126
Cin Land Shares
100
125 125
Feb 129
11 125
Feb
C N & C Lt & Trac corn 100
96
Mar 9855 Jan
11 96
96
Preferred
100
74% 75
20 7051 Feb 77
Feb
Cin Street fly
50 50
5134
50
1,666 4951 Jan 5534 Jan
Cin & Sub Tel
50 124
122 125
190 119
Jan 130
Jan
Cin Union Stocks Yds._100
395% 40
30 3555 Jan 444 Jan
City Ice At Fuel
• 58
57
Mar 63
84 57
Jan
584
Coca Cola A
32
* 34
34
25 304 Feb 3431 Feb
Col Ry Pr B pref
100
107 107
Mar 107
17 107
Mar
Cohen Dan
29% 3155
30
346 2931 Mar 31% Mar
Cooper Corp. new pfd_ _100
70
Jan 80
79 68
75
Jan
Crosley Radio A
109 10955
Feb 127
64 88
Feb
Crown Overall pref__ _100
106 106
Feb 108
Feb
6 106
Dow Crag corn
100
3555 36
135 35
Feb 414 Jan
Eagle-Picher Lead corn. _20 19
19
2,641
1955
19
Jan 2154 Jan
Early & Daniel corn
15 69
71
71
Jan 75
Feb
100
Preferred
107 107
104
Feb 107
Feb
Fay At Egan corn
100
20
27
60 15 • Feb 30
Feb
Fenton United corn_ _100
195 195
4 181
Jan 195
Mar
Fifth-Third-Union Tr_ _100
330 330
Mar 350
2 327
Jan
First National
100
436 436
Mar 450
50 430
Jan
Formica Insulation
• 3754 37% 39
439 2631 Jan 40% Mar
Griess-Pfleger pfd
•
100 100%
20 100
Feb 101
Jan
Gibson Art corn
• 55
55
1,061 4855 Jan 58
56
Feb
Gruen Watch corn
• 5855 57
Jan 60
5955
295 50
Feb
100
Preferred
115 115
•10 114% Jan 11555 Mar
Hatfield-Campbell corn_.• 13
13
94 13
13
Jan
1355 Feb
Hobart Mfg
68
69
207 67% Feb 70
Feb
lit Print Ink•
5754 Mar 6351 Jan
11
5731 58
Preferred
100
105 105
Jan 108
50 103
Feb
Goldsmith Sons
• 2931 29
45 24
2954
Jan 36% Jan
Kahn 1st pref
100
101
10 9955 Jan 104
104
Mar
Kodel Else & Mfg A
• 21
21
21
230 15
Jan 29
Feb
Kroger common
10
10455 10454
2 1044 Jan 116
Jan
Little Miami guar
50
9 103
10655 10655
Jan 1C7
Jan
Lunkenheimer
• 3055 304 3055
10 28
Jan 32
Jan
Manischew Its corn
100 3754 3751 38
619 33
Jan 3955 Feb
McLaren Cons A
18
18
108 1631 Jan
18
Jan
Mead Pulp
68
40 68
68
Mar 71
Jan
Special preferred_ _.100
10755 10755
20 105
Jan 10851 Jan
Nash (A)
100 160
159 160
70 150
Jan 175
Jan
Nat Recording Pump
• 3355 33
250 30
Jan 344 Feb
3351
Oblo Bell Tel pref
-00
1
113% 114
84 112
Feb 11455 Jan
Paragon Refining corn new
254 25
398 22% Jan 30
2654
Mar
Preferred
100
43
44
211 42
Feb 44
Mar
Voting trust ctfs
25
24
301
25
Jan 2951 Mar
20
Procter & Gamble corn_ _20 363
361
1,349 279
368
Jan 375
Feb
5% preferred
100 1044 10334 1044
540 10234 Feb 1044 Mar
Pure 011 6% pre:
100
189 1004 Feb 10355 Jan
10055 101
100 111
8% preferred
111 112
25 111
Mar 114
Jan
Queen City Pet pref _ _ _100
101
101
180 101
Feb 101% Feb
Rapid Electrotype
6434 66
• 66
123 58
Feb 68
Star
Richardson corn (old)-100
280 280
30 235
Jan 290
Feb
New
56
10 5555 Mar 58
56
Mar
United Milk Crate A
• 30
30
130 30
314
Mar 37
Jan
US Playing Card
10
108 111
457 108
Mar 115
Jan
U S Print & Litho corn. 100
9855 100
301 85% Jan 100
Feb
Preferred
100
101
102
54 101
Jan 102
Mar
•
LIS Shoe coin
654 64
634
555 Feb
78
8
Jan
100
Preferred
soy, sox
1
5051 Mar 65
Jan
wh I tak cr Parer pref_ _ _100
107 107
4 102
Jan 10754 Jan
*No par value.
n
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Mar. 9 to Mar. 15, both inclusive, compiled from official sales lists:
Stocks-
rttuuy
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks
Boatmen's Na tl Bank _ _100
First National Bank _ _ _100 383
Natl Bank of Commerce100 185
State National Bank_ _ _100
196 196
383 383
1834 186
210 215
Trust Co Stocks
Franklin-Am Trust_ _100
100 600
Mercantile Trust
228
595
Miscellaneous Stocks
20
A S Aloe Co corn.
Preferred
100
Bentley Chain Stores com.•
Preferred
•
Boyd-Welsh Shoe
*
Brown Shoe cont.
100
Bruce(EL)corn.
•
Burkart SIfg com
Century Electric Co._ _100
Champ Shoe Mach pfd _100
Coca-Cola Bottling Sec. _1
Consolidated Coal
100
.
Cons Lead & Zinc "A".___•
Elder Mfg corn
•
100
Emerson Electric pfd... _100
Ely&WalkDryGds com..25
2nd preferred
100
Fred Medart NIfg corn.- __.
Fulton Iron Wks corn --__•
Globe-Democrat pfd_ __le()
Granite BI-Sietallic
10
Elamilton-Brown Shoe ..25
HUBEIMIIIMItetr com
•
•
EIuttig S & D com
Elydranlic Pr Brick com 100
100
Preferred
Wen Packing corn
International Shoe com •
ioo
Preferred
folanson-S & S Shoe
•
Knapp Slonarch com.____.
•
Preferred
Laclede Steel Co
20
.
...and is Machine com _ _ _25
51ahoney-RyanAircraft _ _5
51oloney Electric "A"._ _ -•
510 Portland Cement__ _25
•
39
42
4455
4654
1154
20
651
116
50c
194
69
24
5855
5854
474
9912
228
600
2
39
328
126
Range Since Jan. 1.
Low.
190
Feb 208
3424 Jan 420
175
Jan 210
190
Jan 215
2 215
135 575
351
4 3655
60
10451 105
95
33
.550
334
47
tel
47
65
38
39
100
42
41
290
4551
44
100
8
8
122 122
5
25
106 106
641
4231 4755
100
25
25
1055 114
1,065
32
46
33
6
75
75
70
103 103
474
(19
29
10
864 8655
20
100
224
5
320
64
116 116
54)
9
50c
50c
19
270
20
26
29
375
20
35
20
34 355
14
69
129
70
12% 1254
100
69
7454 5,705
107
32
17
60
60
75
23
45
24
40
41)
89
53
148
54
52
60
1,845
18
1,200
1934
5314 5935
2,275
47
650
48
oft, 0012 0 9711
High,
3555
10331
284
47
38
41
39
8
122
10355
37
25
1051
32
75
101
2831
86
20
5
115
50e
174
25
Ill
3
62
124
63
10631
54
23
40
53
4755
1655
524
44
IS LC
Jan 228
Jan 628
Mar
Feb
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Feb
Jan
Ts.n
37
105
35
4934
404
46
46
104
130
10855
474
25
134
36
80
106
30
88
2254
755
118
50c
24
3551
2234
455
7155
15
7455
110
65
24
40
57
62
234
5955
5555
99 44
Jan
Feb
Jan
Mar
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Feb
Mar
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Mar
Jan
11,f.,
-
[VOL. 128.
Friday
Sales
Last Week's Range for
Sale
of Paces.
Week.
Stocks (Concluded) Par. Price, Low, High. Shares,
Nicholas Beatley Air_ _ _55
Pedigo-Weber Shoe
•
Rice-Stix Dry Gds 2d pf 100
Common
•
Scruggs
-V-B D G corn_ _25
Scullin Steel pref
•
Southwest Bell Tel pref 100
St Louis Car pref
100
Common
10
St Louis Public Serv pf A_•
Common
Wagner Electric corn. _..15
Preferred
100
Street Ry. Bonds
Si St Louis & Sub Co 5s '32
United Railways 4s. __1934
Miscellaneous Bonds
Houston 011 554s
1938
Moloney Electric 554s 1943
Nat Bearing Metals 6s 1947
Scruggs
-V-B 7s
Serial
Scullin Steel 6s
1941
204 2054
30
3055
99
99
2031 2031 21
18
1851
36
3455 36
120 121
103 103
103
24
24
79
7855 78
20
19
2055
48
45
49
108
108
2054
3054
95% 954 66,000
8331 83% 12,000
98
9455
10154
9954 99
100
9455
Range Since Jan. 1.
High.
Low.
3,238 2035
145 30
45 97
482 20%
228 18
1,400 344
163 117
160 10055
100 24
135 77
114 19
5354 42%
40 10755
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Feb
Mar
Jan
Feb
0554
80%
Jan
Jan
2255
3355
100
2454
19%
4255
121
103
26
81
24
50
110
Mar
Jan
Feb
Jan
Feb
Jan
Mar
Mar
Feb
-Jan
Jan
Feb
Jan
Feb
Jan
96
85
6,000 9734 Mar 99% Tan
98
9454 5,000 9354 Jan 95,, Feb
104% 5,000 10354 Jan 10455 Jan
100
2,500 9755 Jan 100
Mar
Feb
10055 34,000 994 Jan 101
* No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Mar.9 to Mar. 15, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High, Shares.
.-...
N
.
0
. .
.0 .N .-. .
..OW
000.-m'co
.
la... w
,
.
0"0"0tWW enb.1
0 00.-.00Q000QN00W0
.1W:0..1.41=1.WWw 'to
V4,I,,N
a.CW01,.
0 00;.,00.00.00WV000 .+c,.0.-.4-..Q.0.V.200..04-0V000,04-000N000=g,=00,0...Q.9V0WM029090.
0,0.-.0..000GP0,00N000N000000000000.0000Ca,o00...0000N0000N0w0 8
Stocks-
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Barnsdall Corp A
25 4414 394 4954
Bolsa Chico 011 A
1
2.15
1.80 2.50
Buckeye Union 011 pal...l
.45
.45
.48
Byron Jackson Co
• 3555 3554 3555
California Bank
25 130 130 130
Central Investm ent_ _ _ _100 10351 10254 10331
De Forest Radio
* 2131 2155 2155
Douglas Air Craft com
2755 344
• 33
Emsco Derrick & Eq corn.• 4331 42
4374
Globe Grain & Mfg com.25 34
3334 34
Goodyear Tire & Rub pf100 1014 10135 101%
Goodyear Textile pref__100 10155 101
1014
Holly Development
1.00
1.00 1.00
Home Service 8% Pref....25 251
251 252
Hydraulic Brake Co corn 25 60
593.4 60
I Magin Co
• .3551
3534 3514
Intl Re-Insur Co
10 5854 5755 581-4
Jantzen Knitt Mills corn_ _• 474 4634 4854
Jenks Tele
• 1455
13
17
Lincoln Mtge Corn
1.00 1.10
• 1.03
Preferred
•
855
,
835 855
LA First Nat Tr & Say _25 133
132 1335-4
LA First Nat
2.55 2.95
2.53
L A Gas & Elea pfd _ -100 105% 10551 10551
LA Investment Co
1
2.25
2.30 2.35
MacMillan Pete
25 36
344 36
Mascot 011
2.05
1
2.05 2.35
Mere Nat Tr & Say Bk _ _25 220
220 22055
Merchants Pete
50c 50c
1 50c
Midway Northern OIL _ _ 1
.24
.24
.24
.
Mt Diablo Oil
1
1.40
1.30 1.40
Nat Bank of Commerce_25 45
45
45
Occidental Pete corn
2.30 3.40
1
3.10
Oceanic Oil
1.10
1.10 1.10
Olinda Land Co
.16
1
.1555 .10
Pacific Clay Products _ _ _• 3454
.
3455 35
Pacific Finance pfd ser A 25 2775 273.4 2734
Common
25 107
10155 10855
,
Pacific Gas & Elec rights__
3
3
3
Pacific Lighting corn
• 8034 7855 84
Pacific National Co
25 3755 35
3754
Pacific Western Corp_ _.• 2254 22
.
23
Republic Pere Co
1
7
655
754
Republic Supply Co
6151 6134
• 62
Richf'd 011 Co pfd ex-war25 2454 24X 2454
Common
45
25 4451 41
Rio Grande 011 corn(new)25 385
1 3655 3834
San Joaq L&P 7% prpf 100 11454 11431 11454
6% prior preferred_ _100 100
.
100 100
Seaboard Nat Bank. _ _25 44
4455
.
44
Security Tr & Sav Bank 100 610
605 610
Security First Nat Bank _25 12651 12634 130
Security Nat Sup Bk warr_
30
26
26
Signal Oil& Gas A
25 48
4354 484
11
25 4731 47 . 4751
So Calif Edison Orig pfd.25 62
65
62
7% preferred
29
29
25 29
25 2654 2654 2655
6% Preferred
535% Preferred
25 2414 2415 2455
Common
25 6055 5955 6015
3.20 3.35
Rights
3.35
34) Calif Gas6% prat __25 254 2555 26
.
itandard 011 of Calif
• 7151 674 7254
Prans-America Corp_ _ _25 140
1373-4 141
.
Arlon 011 Associates_ _ __25 5154 4831 5154
Inion 011 of Calif
25 504 4834 51
Inion Bank & Trust Co 100 285
285 285
lnion Sugar com
284 29
25 29
I S Royalties
.12 .1254
.12
25c
Bonds1961 99
- A Gas A. Fine 951
99
100
Range Since Jan. 1.
Low,
high.
38
Jan
Feb 46
1.80 Mar
4.30 Jan
.34 Feb
1.85 Jan
Feb
3531 Mar 39
125
Jan 13654 Jan
1013.5 Feb 10354 Mar
2134 Mar 2155 Mar
2454 Mar 3455 Mar
3751 Feb 4431 Feb
3154 Jan 34
Feb
100
Jan 10134 Star
Feb 102
98
Feb
Jan
1.00
Jan 1.10
2554 Jan 2654 Jan
Jan 60
Mar
40
3.534 Mar 3555 Mar
Feb 6055 Feb
53
43
Feb 484 Jan
Mar 17
Mar
13
.60 Jan 1.4755 Jan
Jan
9
834 Jan
Jan
1204 Jan 150
2.53 Star
3.60 Feb
Jan
10534 Mar 108
2.15 JIL11
2.55 Jan
344 Feb 4055 Jan
3.10 Jan
2.00 Feb
210
Feb 25351 Jan
Jan 805 Jan
50c
.20 Jan
.35 Jan
1.10 Feb
3.00 Jan
Jan 48
Jan
45
2.10 Jan
531 Jan
1.20 Jan
Jan
1
.22 Mar
.13 Jan
Jan
Jan 36
31
2734 Feb 2955 Jan
6755 Jan 1115-I Jan
3.55 Feb
Mar
3
Jan 8031 Jan
70
Jan
Feb 40
35
Jan
1854 Feb 23
534 Jan
954 Feb
Jan 614 Feb
60
Jan
2455 Jan 25
40
Feb 484 Jan
3255 Jan 4254 Jan
1143-4 Mar 1163.1 Feb
Jan
100
Feb 101
Mar 48
Feb
44
Jan 65055 Jan
530
Feb
126% Mar 130
Mar
2554 Feb 30
Feb 484 Mar
37
Feb 4754 Mar
39
62
Jan 72
Feb
29
Feb 294 Jan
2654 Feb 2634 Jan
2454 Jan 25
Feb
543-4 Jan 673.4 Jan
3.20 Mar
3.55 Feb
25
-Jan 264 Feb
6454 Feb 7254 Jan
125
Feb 141
Mar
45
Feb 5154 Feb
4654 Feb 5134 Feb
255
Mar
Feb 235
Mar
2834 Mar 29
.1754Jan
.12 Mar
99
Mari 101
Jan
No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Mar. 9 to Mar. 15,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Soles
Last Week's Range for
of Prices.
Sale
1Veek.
Par. Price. Low. Iligh. Shares.
Range Since Jan, 1.
Low.
High.
144 149
2,653 13955 Jan
144
Americas Company
255 263
215 25255 Jan 251:5:
Anglo & London P Nat Ilk_ 263
12
69
7
57
58
Atlas Imp Diesel Sing A... 57
320 544 Feb
114
12
10
23,101
Asso Insur Co
10
Feb 65
12
4654 47%
1,885 45% Feb 504
Bean (John) Mfg Co corn
4751
5.534 35
37
Byron Jackson Pump Co.. 35% 35
Mar 8654
27
27
Calamba Sugar corn
600 27
Jan
Preferred ex div
00 1735 Mar 19
1751 17%
855
California Copper
7% 8% 6,068
Feb
7
7755
California Packing Corp.__ 77% 75
1,476 7354 Jan 8154
Caterpillar Tractor
11,464 734 Jan 8051
76% 7351 77
4255 424 4355
Clorox Chemical Co
799 4055 Feb 050955
98
98
98
Coast Co Gas & Eleclst pf
88 98
Jan
Crown Zellerbach pref A.. 9454 9454 9454
1,492 92
Jan 95
26
Feb
Voting trust certificates. 22% 224 2314 13,265 22
Dairy Dale A
2954 2855 294 3,486 23% Jan 2 1.i.
0
33994
174 4
2351 2454
3,424 174 Jan 2655
2355
271-4 34
32%
Douglas Aircraft
4,166 24
Mar
344 3054 35
Emporium Corp crime)4,714 2755 Jan
54 534
Fageol Motors corn
1,220
534
554 Feb
Preferred
8
7
751
260
7.51
751
755 Jan
Fireman's Fund insurance. 107
104% 10855
755 104% Mar
264 2455 29
9,552 2455 Mar
Rights
31
First Securities of Ogden_
140 140
220 140
Feb 146
}ar
Mab
Fe
,
Jan
Mar
Jan
Jan
l n
j
:Ob
Jan
Jan
Jan
Jan
Mar
il
5tar
15.ia
Feb
Jan
Febl. eb
:
F eb
i b
c
MAR.
1711
FINANCIAL CHRONICLE
16 1929.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Confirmed) Par. Price. Low. IfIgh. Shares.
1,183
1131 1135
1131
Foster & KleLser corn
720
55
54
GaIland Mere Laundry_
3,297
5734
5534 56
Golden State Milk Prod.
65
100 10135
Gt West Pow ser A 6% pfd
910
10535 106%
106
7% preferred
107
31
31
General Paint A
220
26
26
523
2435
24
Hale Bros Stores Inc
60
5134 51 34
Hawaiian Coml & Sug Ltd _
600
4034 4034 40%
Fire & Marine Ins_ _
Home
1,226
37
3734
Honolulu Cons Oil
79
65
65
Honolulu Plantation
270
22
22
Hunt Bros Pack A com__ _ _
10
1154 1131
Hutchinson Sugar Plant _ _ _
2,144
4034 41
41
Illinois Pacific Glass A_ _ _
3,126
48%
4734 46
Jantzen Knitting NIills _ _ _ _
9,247
63
6135 59
Kolster Radio Corp
3234 3531 4,010
34%
Langendorf United Bak A _
31% 31% 3234 2,060
50
1631 1634
1634
Leighton Ind A
50
8
8
13 vot trust ate
1.255
3835 38% 39%
Leslie Salt Co
55
106% 105% 10631
L A Gas & Elea pref
1,745
834 931
834
Magnavox Co
200
35
35
Magnin (I) corn
10
3034 30%
Market St Ry prior pref _
165
121%
121
Nor Am Investment corn _ _ 121
10
95
95
53.4% Preferred
25
101 101
101
6% preferred.
24% 8,549
24% 20
North American Oil
395
2835 2935
Occidental Ins Co
525
40
40%
Oliver Filter "A"
870
38% 38
3834
"B"
8,853
5735 56% 58
Pacific Gas & Elec corn _ _ _ _
3.00 3.25 53,747
3.15
Right
3,906
26% 2634 27
let preferred
Range Since Jan. 1
Low.
11
5134
52%
100
105%
31
25%
2135
50%
4034
3531
6031
22
11
40
44
56
28
25
11%
7
38
105%
3%
34
3034
114
94
100
20
27
38
36
54
2.75
2635
Feb
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Feb
Mar
Feb
Jan
Feb
Ma
Jan
Jan
Jan
Jan
Jan
Ma
High.
1234
55
5935
10234
107%
32%
2834
2434
53
4634
38%
65
23%
12%
47
48%
79%
3531
32%
18%
10%
47%
10835
13%
39
36
123
95
101%
38
30%
46
45
67%
2.85
28
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1
Low.
High
Jan 8434 Mar
8434 37,105 70
8035 80
Jan Pacific Lighting Corp corn
Feb
181 101% Jan 104
10334 104
6% preferred.
Jan
Mar
Jan 196
715 160
175 196
182
Jan Pac Tel& Tel corn
Mar
Jan 129
70 121
128 129
Feb
Preferred
83% 8234 83% 2,726 8134 Feb 8834 Jan
Jan Paraffine Cos Inc corn
100
41
41
41
Jan Phillips Petroleum ex div
Jan
14
174 1231 Feb
1334 14
14
Feb Ptg'n Whistle preferred
Feb
9,255 20% Jan 24
2331 233.4
23%
Jan Pac Pub Serv "A"
Mar
1,175 3335 Mar 35
35
33
33
Paper CO.__
Feb Rainier Pulp Sr
4531 21,690 39% Feb 4834 Jan
44% 41
Jan Richfield Oil
Jan
1,055 24% Jan 25
24% 24% 2431
Jan
Preferred en war
Jan
340 3134 Mar 34
31%, 32
Feb Roos Bros corn
40 9935 Jan 100% Jan
9934
99
99
Jan
Preferred
15 100% Mar 10234 Jan
101
101
101
Feb SJL &P 6% prior pfd
Feb
Jan 118
65 114
114 11431
Feb
7% pr pfd
Jan
1,389 1831 Mar 21
18
18
18%
Jan EIFSchwingerAcomen div. _
Jan
Feb 90
110 88
90
88%
Jan
Preferred ex div
Jan
Feb 29
2.324 26
2834 28%
Mar Shell Union Oil corn
2834
885 8815 Feb 96% Mar
,
8834 97
Mar Sherman & Clay pr pfd _ _ -- 97
Jan
240 8834 Mar 92
88
88
Jan Spring Valley Water
88
72% 35.397 64% Feb 7234 Mar
7134 67
Feb Standard Oil of Calif
1,300 4334 Star 47% Mar
Jan Signal Oil"A"
48% 4334 48%
Feb 21% Jan
300 18
19% 1935
Jan Tidewater Assd Oil corn _ _
1934
200 86% Jan 8934 Jan
88
88
Jan
Preferred ex div
Feb
21% Mar 23
5
22J
22
Jan Traung Label dr Litho Co
Mar
Feb 141
25,777 125
13735 141
Feb Trans America Corp
140
5135 9,662 4434 Feb 5134 Mar
51% 49
Feb Union Oil Associates
11,734 46% Feb 51% Jan
4854 51
51
Mar Union 011 of Calif
Mar 28% Star
Jan Union Sugar common
26% 21% 2834 19,914 21
Mar
Mar 32
28
66
32
28
32
Jan
Preferred
Mar
Jan 315
120 303
305 314
Feb Wells Fargo 13k & Un Tr_ _ 315
Jan
Star 30
356 26
2631
26
Feb West Coast Bank
Feb
Jan
-For this ',week's record of
Exchange.
Cleveland Stock
Jan
see page 1631.
Jan transactions on the Cleveland Exchange
New York Curb Market-Weekly and Yearly Record
on the New York Curb Market for the
In the following extensive list we furnish a complete record of the transactions
entirely from the daily
(Mar.I9) and ending the present Friday (Mar. 15). It is compiled
week beginning on Saturday last
stock or bonds, in which any dealings
reports of the Curb Market itself, and is intended to include every security, whether
occurred during the week covered.
Sales
Friday
Last 1Veeks' Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended Mar. 15.
Stocks-
Range Since Jan. 1.
Low.
Ifigh.
Indus. & Miscellaneous.
Jan
100 17% Jan 23
10
19
Acetol Products corn A_ •
Jan
Feb 19
5
836 1054" 49,500
834
Acoustic Products com___•
600 38% Mar 4431 Jan
43
40
•
Aero Supply Mfg cl A
Jan
Feb 43
700 38
4134 43
• 43
Class 13
1,800 4334 Mar 4835 Feb
* 46
4536 47
Acre Underwriters
600 36
Jan 4334 Jan
36
3734
__• 3634
Agfa Ansco Corp com__
300 7334 Jan 83
Feb
8134 82
100
Preferred
Feb
300 14434 Jan 161
155 159
50
Ala Gt Sou ord
20 150% Jan 167
Feb
157 157
50
Preference
Mar 23
Mar
15,400 17
2134
1934 22
Alexander Industries
800 27% Mar 3634 Jan
2934 30
Ailes & Fisher Inc corn. __• 30
•
3,500 80c Mar
2
1
Jan
80c
Allied Pack corn
300
9
Feb
734 Jan
10
9
100
Prior preferred
231 Feb
200
134 Jan
231 sq
100
234
Senior preferred
4% Jan
5
300
5
731 Jan
5
Allison Drug Stores A _ __ _•
534 Mar
900
334 Feb
335 4
335
•
Class B
4631 5034 2,200 46% Mar 54% Feb
Alpha Portl Cement com.• x50
Jan
1,200 146
Jan 189
16834 175
Aluminum Co common._.' 169
Mar
300 10354 Jan 107
6% 20m
20
10 54 107
100
Preferred
100 117
Jan 13435 Jan
•
Aluminum Ltd
800 3256 Jan 41
Feb
3234 34
Aluminum Goods Mfg __ _• 33
800 43
Ma
4334 47
4734 Jan
100
Amer Arch Co
50
Jan
200 40
Ma
49
• 49
4934
Amer Bakeries el A
15
1534 2,700 1334 Jan 15% Jan
Amer Beverage Corp_ _ _ _ • 15
2035 2134 2,200 19% Jan 22% Feb
Amer Brit dr Cont Corp_ •
Am Brown Boyer!Else Corp
1435 Mar
2,000
8% Jan
•
1334 14
Founders shares
•
3434 Mar
2034 3434 2,200 16% Ma
Amer Chain corn
175 138
Fel 144% Mar
142 143
100
Amer Cigar com
Jan 49% Feb
• 4734 4534 4734 1,500 37
Amer Colortype corn
Jan 90
1,800 78
82
80
Felt
Amer Com Aicoholv to 100 80
Jan 80
Jan
Amer Cyanamid com el B 20 x6534 5834 z6634 51,900 y50
100 98
.
Jan 111731 Mar
10734 10734
100
Preferred
Jan 29
Mar
2335 2234 2434 15,900 20
Amer Dept Stores Corp..'
Ma 114
100 105
Mar
105 103
100
1st preferred
425 8414 Ma
95% Jan
Amer I.aundry Mach Com • 8434 8434 8935
300 3731 Jan 49
Mar
100 z44
Amer Mfg com
4334 4934
Ma al24
125 116
•
Jan
Amer Meter
11734 11935
100 24
Jan 27% Feb
Amer Milling Co corn_ _100 2634 2634 2635
Amer Rolling N1111 corn_ _25 9336 DO% 9335 6,400 9034 Feb 105% Jan
6,200 26% Jan 40% Star
393
Am Solvents & Chem v to• 3834 37
Cony panic preferred_ -• 5134 5034 5131 2,600 46% Jan 55% Jan
SIan 97
Jan
8634 3,500 84
• :8536 84
Amer Stores corn
3
3% Jan
Feb
331 334 3,500
Amer Thread pref
a
1
. 3734 32
Feb 4334 Jan
1,200 31
38
Anchor Post Fence corn_ _.
4234 5,900 33
Jan 4531 Jan
Anglo-Chile Nitrate Corp.' 4134 38
5
1234 Jan
8
100
Feb
8
Apco Mossberg Co el A 25
•
300 85
65
65
Jan 6534 Jan
A pponaug Co com
2334 2534 18.100 2234 Mar 27% Mar
Arcturus Radio Tube __ __• 24
•
6234 63
350 61
Armstrong Cork corn
Jan 65
Feb
800 41
48
45
Jan 58% Feb
Art Metal Works com___• 46
27
5,700 19
Associated Dye .1( Print_ ..• 2534 25
Feb 2734 Feb
12% 13
900 12
1434 Feb
Associated Laundries A •
Jan
Associated Port! Cement
200 z(134 Mar :734 Mar
2634 :735
Amer den receipts recta . :735
27
1,100 25
25
Mar 35% Jan
Associated Rayon corn _ _ _ • 25
7574 1,700 7134 Niar 8734 Jan
100 7434 74
6% preferred
13.4
134 9,900
131
1
2
Jan
Jan
Atlantic Fruit & Sugar_ _•
700 53
• 55
55
Feb 80% Jan
5534
Atlas Plywood
50
5094 2,000 49% Feb 54% Jan
Atlas Portland Cement_ _.•
1,400 130% Jan 192
168 17534
Feb
Auburn Automobile corn.' 172
1134 1234
1,400
Jan
8
1534 Jan
Automatic Regis Mach _..• 12
• :2434 2434 2634
4,800 24% Feb 2934 Jan
Cony prior panic
72
14,600 32% Jan 8934 Mar
Aviation Corp of the Amer. 6231 59
21 34 2234 37,400 21% Mar 22% Mar
22
New, when issued
Aviation Credit Corp._ _ _ _• 2131 2134 22% 1,900 21% Mar 2334 Feb
800 35
Feu
4334 Feb
3634 373.4
Axton-Flsher Tob corn A 10
Mar 2234 Jan
14
1434 2,200 14
• 1435
Babe Corp common
300 14
15
14
Feb
14
Jan
Preferred cumulative_25
70
7935 Jan 8835 Jan
7934 80
Balaban as Katz corn V t c25
200 49
Mar 49
49
49
Mar
Bean (John)
Jan 23% Jan
1834 2034 6,800 15
Bananas Aircraft v to...' 1934
•
200 13
Mar 1735 Jan
13
13
Benson Sr Iledges corn_
900 51
• 58
Jan 6034 Feb
5731 58%
Blaunere common
Feb 4511 Feb
44
600 40
43
•
Blaw-Knox Co
5635 Jan
Bliss(E W) Co common.• 5134 4834 5134 7,200 4331 Feb
Feb 9431 Jan
700 80
82
80
Blumenthal(S)& Co corn •
3
2% Feb
500
Jan
231
234
10
Blyn Shoes Inc corn
110 11834 10,200 105% Feb 123% Jan
Bohn Aluminum dr Brass.' 114
1,800 91% Mar 100
Feb
9134 94
Comew com w I_ _25 94
Borden
200 23% Mar 24
Mar
2354 24
Bright Star Electric clam A 24
200 1234 Mar 13
Mar
1231 13
13
Class B
1,500 2234 Feb 28% Jan
2834
25
• 2834
Brill Corp class A
1,900
854 Mar 1234 Mar
9% 1235
* 1134
Class 13
Feb 27% Mar
2734 7,900 20
23
• 27
Brillo Mfg com
3,700 9234 Jan 10954 Feb
96 10031
Bristol-Myers Co corn...' 100
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
2931 3044
2935 3034
3,700
3,100
Range Since Jan. 1,
Low.
2034 St ar
2931 Mar
High.
3234 Feb
Jan
32
Brit Amer Tob Sr Bear_ „£1
Ordinary reglitered _ _ _ £1 3034
British Celanese-8% Jan
45.‘ Jan
534 3,000
5
5
Amer deposit receipts- 53% Mar
8,200 34% Jan 67
67
.58
Budd (KG) Mfg com____• 65
Star
Feb
•. 53
48% 5334 8,900 44
Bullard Co (new co)
Mar
1,900 3034 Star 31
3034 31
30%
Bulova Watch corn
Mar
2,400 4934 Afar 50
4935 50
50
pref
$3.50 cony
531 Jan
3% Feb
434 34,600
3%
4
Burma Corp Amer dep rcts
20 3335 3134 33% 2,000 30% Mar 4434 Jan
Butler Bros
6% Feb 17% Jan
7
8% 2,000
735
Buzza Clark Sr Inc corn..'
Campbell Wyant Sr Cannon
Jan 46% Jan
500 39
45
45%
Foundry
Jan 43% Mar
100 40
43
43
Canadian Indust Alcohol.'
Mar
Feb 77
1,500 75
75%
75
Capital Administr allot elf
Feb 314 Feb
900 31
31
31
• 31
Carman Sr Co el A
Mar 48
Feb
900 41
4135
Carnation Mil Prod corn 25 41% 41
Jan
Jan 267
90 180
200 210
100 202
Casein Cool Amer
Jan
900 7234 Jan 82
74% 78
78
Caterpillar Tractor
1,800 4134 Jan 57% Feb
Celanese Corp of Am Corn' 44% 4334 4434
Feb
600 10794 Mar 118
109 113
100
First preferred
Feb
1,100 9234 Feb 100
100 z9934 98 :100
New preferred
Mar
Feb 83
100 SO
83
83
•
Celluloid Co $7 pref
Jan
931 Feb 13
1035 1,800
10
Centrifugal Pipe Corp--• 10
Mar 40% Jan
5,300 37
3731
Chain Store Stocks Ina_.• 37% 37
Jan
Mar 42
400 33
•
33%
33
Charts Corp
Mar
8735 8531 8934 27,000 46% Jan 94
Checker Cab NIfg corn
1,400 5135 Mar 57% Mar
Chic Jefferson Fuse Sr El." 5734 51 34 573-1
JAI)
160 10131 Mar 109
10335 106%
100
Childs Co pref
Jan 121% Mar
Cities Service common_ _20 :12035 119% 121% 104,100 88% Star 3031 Mar
30% 3034 38,000 3034
30%
New common
2,100 9634 Feb 98% Jan
9735
100 x973-4 97
Preferred
9;f Jan
1,300
8% Jan
9
93-4
10 x9
Preferred B
Jan
300 s9134 Feb 93
92
92
100
Preferred B B
Fel
3434 Jan
700 29
3134 3235
City Niachine Sr Tool corn •
Feb
400 2735 Mar 31
2734 27%
City Radio Store corn..
Mar 5634 Feb
100 52
52
52
City Say Bank (Budapest).
Mar 24% Jan
7
400
934 10
Clark Lighter cony A _ -•
400 2934 Jan 33% Feb
30%
30%
Club Aluminum
Jan
3634 Feb 45
80
4135
• z4134 41
Cohn-Hail-Marx Co
Feb 803.4 Jan
73
90
75
74% 74
Colgate Palmolive Peet_
300 46% Feb 48% Mar
48
4834
48
Colombia Mtg Bann
Jan
2
Pro Jan
1% 1% 7,00
131
Colombian Syndicate
45% Jan
Nla
500 38
38
4035
Colts Pat Fire Arms Mfg 25
3131 Mar
Ma
31
1,60
31
3131
31
Columbia Pict w 1
Mar
Feb 35
31
60
32% 35
Col Auto Prts cony cum pf•
Mar
3151 Feb 43
36% 3934 8,00
CoIISOlidated Aircraft_ ___* 37
Consol Automatic1034 Mar 1731 Jan
1234 8.90
1134
erchandising v t 0...' 12
45
Jan
1,800 32% Ma
• 3335 32% 34
$3.50 preferred
1334 Feb
834 Ma
100
835 834
Consol Cigar warrants_
Jan 50% Feb
41
44% 2;500
Consol Dairy Products... :4335 43
Jan 25% Jan
2231 24% 24,000 18
Consol Film Indus cotn..• z24
Mar
35
Fe
13,700 23
3434 2734 35
Consol Instrument corn..
20% Star
Fe
17
2034 23,500 17
• 20%
Consol Laundries
4
, Feb 39% Feb
800 323
Stores Inc corn.' 35% 3534 36
Cons Rat
2,900 183.4 Feb 20% Mar
19
,
2036
• 20%
Consol Theatres ltd v t .
Jan
22
Ma
14
130 14
16
Consolidated Coal corn _100
2931 NIar
1,500 27% Ma
27% 29%
Fibre
Continental Diamond
Coon (NV B) Ca
4344 Jan
200 3234 Fe
3334 34%
•
Common
Copeland Products Inc
21% Feb
• 19% 17% 1934 1,200 1531 Ja
Class A with warn
Courtaulds Ltd Amer dep
Mar 2554 Jan
19
2,400 19
1935
reels for ord stk reg _ _Z1 19
550 12734 Jan 287% Mar
Crock Wheel El M fg com 100 28734 274% 287%
Mar
Jan 104
104 104
10 100
100
Preferred
Crosse Sr Black well
Feb
5234 5234
200 5234 Feb 56
•
warrants_
Pre with
Mar 62% Jan
5234
900 47
Crowley Milner Sr Co COM • 50% 47
Mar
3734
27
300 2034 Feb 28
Cuban Tobacco corn v t c_•
Feb 4734 Jan
43
44
300 43
Cuneo Press common.._10
Feb
100 8935 Star 93
6% pref with warrants.. 8934 8935 8934
Jan 12034 Feb
11834 12034
800 115
Publishing corn new
Curtis
Jan
115 118
600 113% Jan 121
$7 cumul preferred....'
Curtiss Aeropl Exp Corp.' 45% 4534 4634 4,800 2634 Jan 5254 Feb
Feb
Feb 25
21,400 21
Serv Inc..' 22% 2234 24
Curtiss Flying
Mar
Mar 35
33
35
700 33
Curtiss-Reid Aircraft pref. 35
Feb 384 Jan
35% 4,000 29
• 34% 34
Davega Inc
• 3034 2834 32% 2,500 18% Jan 3431 Feb
Davenport Hosiery Co
Jan
Feb 67
56
300 58
5631
Davis Drug Stores allot ctfs 5634
Dacca Record Ltd
4
Mar
434 Feb
4
4
1,400
Amer shs for ord sh_ _41
Feb
Feb 842
150 580
.100 60034 80034 60335
Deere Sr Co common..
Mar 2834 Jan
21
20,000 19
De Forest Radio v t c.....• 2034 19
Dinkier Hotels
Feb
22
2234 Feb
22
100 22
Class A with warrants..'
1712
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Mee. Low. High. Shares.
Range Since Jan. t.
High.
Low.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
[VOL. 128.
Range Since Jan. 1.
Low.
High.
Lane Bryant Inc
Common
• z77
z77
79%
800 75
Feb 8135 Jan
Larrowe Milling
•
29
2955 2,100 28
Feb 324 Jan
Lazarus (I'& It) & Co corn• 404 3555 42
9,800 334 Feb 42
Feb
6 Ji% Cum pref
100
104 104
400 104
Mar 104
Mar
Letcourt Realty coin
• 32
3055 32
800 304 Mar 39
Jan
Preferred
• 37% 37
3755
600 3635 Mar 39
Jan
Lehigh Coal & Nay
60 16155 15655 16454 4,500 150
Jan 172
Jan
Lehigh Valley Coal Sales 50
50
50
25 45
Feb 50% Jan
Lerner Stores Corp coin.. • 4731 46
47% 4,800 44
Feb
47, Feb
4
45
6,000 40
Feb 48% Mar Ley (Fred T)& Co Inc w 1• 6355 61
48%
6355
3,100 57,55 Mar 6435 Mar
3
1,200
455 Jan Libby McNeil & Libby..10
Feb
335
3
12
100 11% Mar
15
Jan
4
44
4
Feb
7
300
Jan Libby Owens Sheet Glass 25 21051 2044 12
210% 1,450 179
Jan 22051 Feb
47
Mar 4755 Mar Lily-Tullp Cup Corp
1,500 43
4755
• 23
23
234 2,100 23
Mar 234 Mar
51
53
Mar 61
400 51
Jan
Lit Brothers Corp
10 21% 21% 21%
500 2155 Afar 264 Jan
43
500 43
4355
Afar 4555 Feb Loew's Inc warrants
10% 10% 1455
1,800
8% Mar 14
Mar
224 2355
1,600 2255 Feb 2555 Jan London Tin Syndicate
Mar
655 Jan
300
5
5
5%
Am dep rcts ord
2031 2051 22% 20,800 18
Feb 2214 Mac
6
6
6
Mar
1,100
Mar Louisiana Land A Explor _* 114 1155
6
13
5,900 11% Mar
i 4 4 Feb
2855 31
Jan 34% Feb
6,000 23
Manning Bowman & Co A•
1955 19%
100 1755 Jan 20% Jan
4,090 110
116 119
Feb 124% Jan
Mapes Consol Mfg
•
39
39
100 39
42
Feb
Jan
6
454 Feb
10
9% 18,900
Mar Marion Steam Shov corn.' 3556 2955 47%
12,300 2955 Mar 56% Jan
z33% z334
100 31% Jan 404 Feb Massey-Ilarris Lid corn._• 86
86
86
100 85
Feb 99 Si Jan
2151 Jan
12% 12%
II% Jan
700
Mavis Bottling Coot Am'
8%
855 955 11,200
8
Feb
Mar
11
35
Mar 50
500 35
Jan
39
McLellan Stores class A. •
4955 50
,
400 494 Mar 59
Jan
70% 73%
500 68
Jan 7355 Mar Mead Johnson & Co cona-• z60
5i z60% 634 1,800 x604
39
2,600 3255 Feb
Afar Meadows Mfg common _ _• 2255 205
3754 39
mar 67% Jan
, 22% 2,000 204- Mar 24
5
Feb
694 69%
100 6935 Jan
7054 Feb Mercantile Stores
100
109 110
500 10555 Feb 1194 Jan
1,200 48
49% 53
Jan 53
Mar Merritt Chapman & Scott •
27
264 284 4,500 26
Jan
284 Jan
101
Mar 155
800 101
106
Feb
654% pfd A with warr100
100 100
100 100
Jan 100% Feb
2324 249
1,650 22034 Feb 253
Mar
Mesabi Iron
•
24 255
300
235 Mar
3
Jan
Feb 110% Jan
108 109
350 108
hletropol Chain Stores...' 79
79
81
1,300 74
Feb 89
Feb
3554 44% 39,300 18% Jan 44% Mar Met 5& 50c Stores cl 13- -•
455 4%
100
355 Feb
4% Jan
3651 3731 1,200 3551 Mar 384 Jan
Preferred
100 704 66
7055
300 66
Mar 83
Feb
Mid-Continent Laund
3056 3054 31
300 304 Mar 344 Jan
17% 18
46,800 1534 Jan 20% Jan
Midland Steel Products_ •
101- 102
500 90% Mar 196 4 Jan
2,840 625
676 825
Feb 825
Mar Midvale Co
•
624 634
200 4831 Jan 6356 Mar
29% 2931
200 294 Mar 33% Feb
Milgrim (H) & Bros corn.' 1755
1755 1735
800 1755 Jan
2055 Feb
Miller (I) & Sons corn...' z4555 45
463-4 2,900 39
Jan 46% Mar
19% Mar Minneapolis
1435 1955 8,800 134 Feb
-Honeywell
43,900 28
29% 32
Feb 35)5 Jan
Regulator common
• 69
5951 7255 8,300 5555 Jan
7255 Mar
700 31% Feb 424 Mar
7% cons pref
100
15055
200 144
Jan 165
Jan
75 85% Feb 91% Feb Mock,Judson Voehringer • 39% 33 155
9055 9055
39h 4,900 28
Jan 3955 Mar
2% 3
155 Feb
600
4% Jan
Monroe Chemical corn...' x20
z20 520
100 z20
Afar 27
Jan
8
Mar 124 Jan
855 4,400
8
Alontecatini NI & Agr45
100 45
Mar 40
45
Mar
Am den rcts bearer shs
1455 1455
100 1455 Feb
1555 Mar
Warrants
33-4
351 5
5,800
351 Mar
• 7355 70% 74
Gamewell Co corn
6% Feb
1,100 6855 Mar 74
Mar Moody's Inv part pref._ •
4851 5035 1,300 47-s Feb 5216 Jan
General Alloys Co
•
16% 17%
500 14
Jan 214 Jan Moore Drop Forge cl A-. •
65
6555
600 65
Mar 75
General Amer Investors..' 78
Jan
1,700 75
Mar 034 Jan
75
7835
Morrell (J) & Co,
62
61% 132
1,100 6155 Mar 654 Feb
General Baking corn
•
84 Mar 10% Jan
856
851
8.55 17,800
Mtge Bank of Colombia
Preferred
• 75
4,300 724 Feb 794 Jan
734 75
American shares
4754 48
1,100 46% Feb 4855 Feb
General Bronze Corp corn • 54% 504 54% 10.400 43
Jan 594 Feb
Murphy 0.1C) Co corn _• 103
103 10334
400 774 Jun 106% Mar
General Cable warrants__ 44% 39
444 2,200 17% Jan 47
Mar Nachniann Scat!
•
70
400 70
7155
Feb
,656 Feb
Gen Elea Co of (It Britain
Nat Aviation Corp
71
69% 7255 10,300 63% Jan
724 Mar
American deposit rats__
1455
12
1455 62,900 114 Jan 20% Feb National !taking corn__ •
•
53-4
534
300
531 Feb
Jan
Gen'l Firma'rg new corn _• 38
2,800 3055 Jan
38
36
38
Mar Nat Bankservice Corp...'
69
6955
500 6855 Feb 75% Jan
Gaul Laundry Mach corn • 2555 254 25% 2,900 25
Jan
2735 Ja11 Nat Dairy Prod new w 1_
67
6555 6855 15,800 654 Mar 6835 Mar
Gen'l Realty & HUI corn.* 21
21
Mar 25
2155 9,500 20
Feb
Nat Family Stores cont...' 37
364 43
8,300 3031 Jan
48% Feb
Pf with cotn purch war 100 9555 954 97
10,800 9556 Mar 10055 Feb
Preferred with warr..25 42% 424 4655 3,800
3234 Jan 4954 Mar
Gerd Tire at Rub corn. .25
270 270
10 256
Feb 285
Jan
Nat Food Products
Gilbert(A C)Co corn
• 2354 234 24
Jan 2531 Jan
1,000 18
Class A with warr
• 354 3551 3535
800 3354 Jan
37
Jan
Preference
1,800 424 Jan 48
• 47
44% 4755
Jan
Class II
1055 114 2,200 1055 Mar 12
• 11
Jan
Gleaner Comb harvester.'
100 95
100 100
Feb 124% Jan Nat Grocer corn
10
10
10
200
911 Jan
Glen Alden Coal
125i Jan
1,300 1194 Jan 139
• 129
129 13256
Jan
Nat Mfg ee Stores
30
30
1,000 30
3054
Goldberg (S NI)Stores
Nat Rubber Machinery...* 3455 3451 354 2,600 3155 Feb 40% Jan
Fel. 414 Jan
Common
• 19% 1955 19%
100 19
Jan 23
Feb Nat Screen Serv
• 28
2634 2834 1,300 26
Feb 314 Jan
$7 pref with warr
•
Jan 88
100 86
86
86
Jan Nat Shirt Shops
163,', 17
200 16
Feb 20
Jan
Goldman-SachsTrading •
Nat Sugar Refir
• 49
4455 49
3,800 4456 Mar (554 Jan
New when issue
Feb 11455 Feb Nat Theatre Supply corn.' 13
11431 105% 11456 234,400 93
855
13 14,700
8
Jan
Afar
Gold Seal Electrical Co_..' 78% 64% 79
13
54,000 23
Jail 79
Mar Nat Toll Bridge corn
20
1955 21
3,300 18
Mar 2(1
Mar
Gorham AM corn
500 71
Jau 794 Jan
• 75
72
75
Nat Trade Journal inc...' 28
28
30
900 2855 Mar 34% Jan
Gotham Knitbac Mach..' 1555
1431 17% 13,000 1355 Jan 19% Feb Nauheirn Pharmacies corn,'
11
11
200
10
Fen
12
Jan
Gramophone Co Ltd
Nebel (Oscar) Co Inc corn •
2055 22
300 20
Mar 26% Feb
Amer dep rcts ord El 88
81)5 8951 10,725 6255 Jan 8355 Mar Nehl Corp common
• 24%
2455 25% 1,300 2455 Afar 2931 Jan
Granite City Steel com
• 43% 414 434 4,800 354 Feb 4455 Mar
First preferred
•
72
725
,
200 70
Jan 76
Feb
GI AtI & Pee Tea let pf 100 115
70 115
Jan 117% Feb Neisner Bros common____• 159
115 115%
155 160
1,200 142
Jan 164
Feb
Greenfield Tap dc DIA corn • 17
900 12
Jan
1655 17
1934 Feb
Preferred
1013
206 206
50 187
Jan 210
Feb
Greif(L) & Bro corn
1,100 134 Jan 1735 Mar Nelson (Herman) Corp_ __ 5 25
•
1454 1755
25
26
400 24% Jan 28
Feb
Preferred class X. __100
50 95
97
Feb 97
97
Jan NeveDrugSt corn ctfs of dep
54 556
100
555 Mar 10
Jan
Griffith (1) W) class A
300
155 Jan
255
351
455 Feb
355
•
Cony A stock
25
25
25
100 111% Jan 2'
Mar
Grigsby-Grunow Co new.' 171
3,000 140
Jan 183
16335 175
Mar Newberry (J J) corn
z11855 z11835 120
1,400 115
Feb 125
Jan
Ground Gripper Shoe Co
New Met ds Ariz 1.and.__1
854
755 954 4,700
756 Mar
9% Mar
Common
4,700 27
Jan
42
42
42
Mar New On Gt Nor
37
.100 27
27
2755
200 27
Mar 32
Feb
$3 preferred
Jan 424 Mar Newport Co prior corn A 50
40
3836 424 2,300 32
50
50
400 60
Jau 504 Jan
Guardian Fire AMiillrallee 10 66% 61
Jan 69% Jan
9,600 59
68
New Process Co corn
104 104
•
100 104 Mar 1031 Mar
Habirshaw Cable&W com •
Jan 43% Feb Newton Steel new
200 27
27
27
• 103
99 10555 8,200 66)4 Jan 1054
Hall(C M) Lamp CO-- •
600 23
Mar
Mar 2634 Jan
23
2354
N Y Ilarnburg Com.-- -50 484 464 4855
800 45% Mar 50
Jan
Hall(W F) Printing__ _10 29
1,300 28% Mar 35
28% 30
Jan N Y Investors
43
42
45
9,700 42
Mar 48% Feb
1,600
Happiness Candy St elA -•
355 4
334 Mar
5% Jan N Y Merchandise
4131 4455 1,300 3656 Jan
47% Mar
Harrison's Orange Huts _ •
Feb 37
500 26
26
Jan Niagara Share Coro
264
424 4255 4455
700 25
Jan 47
Feb
Hartman Tobacco corn.-10 22
2155 22
500 20
Jan 22
Jan Nichols & Shepard Co _ _ _ -• 11235 106 113
6.600 76
Jan 113
Mar
Hart-Parr Co corn
8355 8935 4,300 63% „Tan 89% Mar
• 88
Stock pureirase warrants 00
87% 90
200 55
Jan
90
Mar
855% preferred
1,125 146% Jan 195
188 195
• 195
Mar NIles-Bern't-Pond corn now 534
37
58% 23,700 37
Mar 58% Mar
Etaygart Corp
67
72
73% 27,400 46
Jan 7355 Mar Notna Electric Corp com-• 2154
2155 2154
1,600
Jan
24
Jan
Hazeltine Coro
600 43
Jan 504 Jan
4335 434 4355
North American A v lation_• 15% 1555 1555 27,800 21)
1555 Feb
Jan
24
Helena Ituniteln Inc corn • 23% 22
Feb 2655 Jan North Amer Cement
23% 4,200 20
1155
•
103-4
400
954 Jan
13
Jan
Hayden Chemical
600 1934 Feb 24% Jan
•
22% 24
Northam Warren Corp pf •
4155 4251
700 41% Feb 4554 Jan
Hires (Chas E) Co corn A •
24% 2431
100 23% Jan 2555 Feb Northwest Engtheering_.• 44% 4355 46
2,600 4355 Jan 48% Feb
Hood Rubber Co
• 24
274 Jan
23% 24
200 23
Feb
Novadel-Agne cornmon__• 27
264 27
900 2255 Feb 3155 Feb
Hormel(Coo A)& Co corn'
200 33% Jan 57
50
50
Feb Ohio Brass class 15
• 874 86
8734
100 8455 Feb 92
Jan
•
Horn (A C) Co corn
200 364 Feb 47
39
Jan 011 Stocks Ltd39
Horn & Ilardart corn....' ------ 5651 58
500 564 Mar 61% Feb
Claas A without warr..' 16
154 113
2,300 1455 Jan
194 Jan
Housh'd Finance part 01 50
1,100 4851 Mar 504 Jan
484 4954
Class B without warr.....
15% 1555
100 16
Alar 1735 Feb
• 2655 264 264
Huyler's of Del corn
1,200 2555 Jan
32
Jan OliverFarniEquIp WI corn• 4751 4355 50
19,400 42
Mar 50
Mar
500 98
Jan 10055 Mar
7% Preferred
Cony pante. stk.
100 100
100
• 67% 6535 67% 21,300 61
Mar 68h Mar
Hygrade Food Prod corn.' 40
1,000 3455 Jan 4935 Jan
Prior pref A with warn.' 100
3853 42
100 100
2,200 100
Mar 10255 Mar
Imperial Chem Industries
Pacific Tin
34% 34% 3435
500 3451 Afar 34%
A m dap rats ord ohs reg El 104 10
Mar
1155 Feb Paramount Cab Nib( corn.' 32
300
1055
32
3314 5,900 314 Feb 6344 Mar
Indus Finance corn vi C.10 394 394 4954 4,000 3935 Mar 5834 Jan Park Austin & Lipscomb
Jan
7% cum pref
Mar !II
Jan
82
225 82
100 82
85
Panic pre(
•
24% 2454
100 24
Jan 27)5 Feb
lneur Co of North Amer_ 10 85
Jan Parke Davis & Co
3,500 774 Feb
784 85
•
5255 52%
800 5134 Feb 54 Feb
Insurance Securities_...10 30
Mar
29
Jan Parker Pen Co corn_ __10
30% 4,800 29
49
49
100 49
Jun
Mar 56
Internet Perfume corn._
Feb
244 Jan Fender(D)Grocery cl A _ _• 61% 61% 02
700 20
21
23
200 58% Mar 64
Jan
Internal Products corn...'
Mar
1451 Jan
300 11
11
11
•
Class B
5555 554
50 5555 Mar 6051 Jan
$6 cum pref
Nlar 834 Feb Penney (J C) Co cotn____• 30855 368 3824
500 81
81
81
100
400 336
Feb
Jan 412
Internal Projector
6,700 12% Jan 60
• 59
Mar
36
60
Class A preferred_ ___100 102
10155 102
230 1004 Jan 102S1 Feb
Internat Safety Razor 15.• 3851 3455 3955 3,000 25
48
Feb
Jan Peoplee Drug Stores lin_ •
80
84%
1,700 7455 Feb 94
Jan
International Shoe corn..'
Feb 7456 Mar Pepperell Mfg
1,400 60
6855 744
100 1004 98 10751
275 98
Mar 113;4 Feb
Interstate Hosiery Mills_' 3115 30
Mar 32
8,000 30
Mar Perfect Circle Co
32
49% 4955 51
300 4855 Feb 01
Jan
Investors Equity
Mar 53
50
1.200 50
Mar Pet Milk pref
53
1104 1104
100
10 1104 Feb 114
Jan
Irving Air Chute corn ___• 27
9,000 2656 Mar 29
Mar Phelps Dodge Corp..
264 29
..100 £344
329 3454 4,000 10955 Jan 375
Feb
Johnson Motor
1,000 33)4 Jan 60
•
Mar
52
5555
New
25 87
8255 8834 175,900 76
Mar
Feb 89
Jonas & Naurnburg corn..' 1756
1955 Feb Philippe(Louls)Inc A corn •
Feb
3,300 17
17
1755
2555 2555
500 2555 Mar 30
Jan
•• z52
3 cum cony pref
1,800 5054 Feb 55
z51
52
Feb
•
Common class B
2456 244
200 2451 Mar 2915 Jan
Joake Bros corn v t a
44
3955 42
42
Jan
3,700 38
Jan Phil Morris Con Inc corn.'
34 355 1,300
354
435 Jan
3
Feb
Karatadt(Rudolph) Am she 2156 2034 2154
1,500 2055 Mar 23% Jan
Class A
9
9
25
9
955 Feb
100
8% Jan
Kellogg Switchb & Supp.10
Mar 17
Feb Pick (Albert), Barth & Co
1'2
100 12
12
Ken Radio Tube & Lamp A
305,4 Mar
3034 3035
200 3031 Mar
Prat class A (bailie pf).• 18
18
18
Jan
1,900 18
19
Feb
Keystone Aircraft Corp..' 3955
3855 42% 5,200 37
Jan
Feb 50
Pierce Governor Co
• x35% 354 3635 1,000 32
3851 Jan
Jan
Kimberly-Clark Corp corn' 494 4955 51
2,400 484 Mar 5355 Feb Pitney Bowes Postage
Kirsch Co corn
•
27
Jan
Mar 33
200 27
2735
Meter Co
6056 05
Feb
•
1,400 15% Jan 85
Klein (11) & Co part pre:20
204 21
200 1954 Jan 2451 Feb
New
16
1555 1754 23,500
Afar 2(555 Feb
•
Knott Corp cora
Jan
32
37
200 32
Feb Pittsb Plate Glass new-- x7154 70 z7154 1.000 1355 Jan
3234
7654 Jar,
64
Kobacher Stores corn ___ -• 69
Jan 7055 Feb
67
600 44
6951
Pitts Sr-rote & Solt new WI. 2-1
Feb
234 24
Mar 26
400 23
KoLster-Brandes, Ltd.
Pratt & Lambert Co
Feb
•
76
7556
700 63% Jail
A merishares
1255 Mar Procter & Gamble com__10
Mar
10
1054
1255 37,900 10
Mar
30151 307
Jan 370
550 281
Lackawanna Securities...* 4135 41
400 40
Feu 4555 Jan Propper Silk Hosiery inc.' 394 3755 3955 1,100 3555 Feb 43
4136
JAB
Lake Superior Corp. _100
29
2,900 16% Jan 41% Jan Prrene Manufacturing...1i)
3356
7% 84 1,700
956 Jan
7% Jan
Lakey Foundry az Mach..' 31
30% 32
1,600 30% Mar 3555 Jan
Rainbow LutninousProd A• 50
Inn
9,100 4755 Jan 65
483-4 52
Landay Bros class A
•
18
18
200 18
Ma
29
Feb Raybeetos Co common_ _25 x52 3-I
Mar
85
13,000 89% Jan 85
80
Land en of Florida.
•
755
13
100
Mar
Jan
Reevea (1)Ante)l ',Amnon •
37,4 mar 4511 Jan
.
371 4 II)
non
Dixon (Jos) Crucible Co 100
• 33
Doehler Die-Casting
Dominion Stores Ltd_
•
New w I
54
Douglas Aircraft Inc
• 3255
Dow Chemical Co corn_ •
Dresser (S R) Mfg class A •
Dubllier Condenser Corp_'
855
Durant Motors Inc
• 14%
Durham Duplex Razor
Prior pref, with warr' 48
DuzCoclAvtc
•
Class A
•
Electric Household Ut11.10
Elec Shovel Coal par pref'
Emsco Derrick & EquiP • 4331
Fabrics Finishing com
• 22%
Fageol Motors corn
10
5%
7% preferred
Fairchild Aviation class A • 2956
Fajardo Sugar
100 116
Fandango Corp corn
•
855
Fan Farmer Candy Shops• z3356
Fansteel Products Inc__ •
Fedders Mfg Inc class A_•
Federal Screw Works_
734
Federated Metals tr etf • 3755
Ferro Enameling Co cl A •
Fire Assoc of Phtla
10 5156
Firemens Fund Ins_ _100
Firestone Tire & H com_10 249
7% preferred
100 108
Fokker Air Corp of Amer.' 38%
Foltis-Fischer Inc com_ •
Ford Motor Co Ltd
Amer dep rats ord reg_£1 17%
Ford Motor Coot Can 100 801
Fortran Co,el A
294
Foundation Co
Foreign shares class A • 184
Fox Theatres class A com_• 3055
Franklin al ID Mfg COM.
• 37
Preferred
100
Freed-Eiseman Radio____'
3
Freshman (Chas) Co
•
835
Fulton Sylphon
• 45
168% 169
30 1604
3255 34
600 3155
14954 14956
200 146
52
54
700 5255
23
3351 49,300 24%
2674 26754
10 220
47% 48
800 4756
855 84 2,900
755
14
15
9,300 13%
Jan 170
Mar 42
Mar 165
Mar 85%
Mar 3351
Jan 26755
Feb 4835
114
Feb
Jan
1951
rlq
Jan
Jan
Jan
Mar
Mar
Nlar
Jan
Jan
Jan
, FINANCIAL CHRONICLE
MAR. 16 1929.]
Friday
Sales
Last Weeks Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High Shares.
5
'tenet!' Inc
15.1
Republic Brass common_ _• 5331
• 114
Class A
Republic Motor Tr v t e •
Reynolds Metals common • 43
• 74
Preferred
Itice-Stix Dry Goods com_. 22
Richmond Radiator corn.' 1631
7% cum cony pref
Ritter Dental Mfg corn._ • 604
Rolls-Royce of Am pf _ _100 54%
Rolls Royce Ltd
10%
Amer dep receipts reg stk
• 1451
Ross Stores Inc
Royal Typewriter corn_ •
100
Ruberold Co
Safe-T-Stat Co common..' 35%
Safety Car Beat & Lta _100
Safeway Stores old fifth war
Second series warrants__
•
St Regis Paper Co
100
Preferred
•
Schiff Co corn
• 284
Schulte Real Estate
Co__Schulte-United Sc to SiSt' 20
7% prof part pd rcts_100 84
Second Goal Amer Inv Co_
Common
• 2856
6% pref with warrants.. ill 234
• 73
Seeman Bros common_
Segal Lock & flardw corn.
&Marling Rubber corn.._• 584
Selected Industries corn__. 26
z99
Allot etre 1st paid
Selfridge Provincial Stores
Ltd ordinary
£1
Serve'Inc(new co) v t C. • 1651,
Prof v t c
100 60
Beton Leather common_ •
Sharon Steel Hoop
60 4454
Sheaffer(WA)Pen
• 5251
Sherwin-Wms Co corn.
.2S
Sikorsky Aviation com___• 5056
Silica Gel Corp corn v t c_.• 44%
Silver (Isaac) & Urn
•
Simmons Boardman
• 4955
Publishing $3 prof
11
Singer Mfg Ltd
Skinner Organ corn
•
Stria Viscose
200 lira
Sonatrou Tube common__' 3751
South Coast Co common.' 25
Southern Asbestos
• 43%
f Sou Groc Stores corn _ •
Southern Ice & UtilcomA..•
Corn class 13
•
Southern Stores cl A.
*
Southwest Dairy Prod_
21
Preferred
100 9951
Southwestern Stores corn _• 25
Preference series A. •
Spalding(AG)& Bro(new)
• Si
Span & Gen Corp Ltd_ _...11
4.31
Sparks-Withing ton Co__ _• 175
Spiegel May Stern Co
6 4% preferred ___ 10C1
Stahl-Moyer Inc corn_
•
Standard Investing corn _ _* 39
Standard Motor Constr.100
3
Starrett Corp
294
Stein Cosmetics corn
1756
Stein (A)& Co corn W
_
Preferred W I
Sterling Securities allot ctfs 3354
Stern Bros class A
•
Common It v t C.
1251
Stetson (John B) com____* 88
Stewart-Warner (new corp) 6834
Stinnes(Hugo) Corp
14
Strauss (Nathan) Inc corn • 3151
Stromb Carlson Tel Mfg...•
• x4455
Stroock (S) & Co
Stutz Motor Car
• 234
•
Superheater Co
Swift & Co
100
Swift International
15 344
Syrac Wash Macb B com.• 1851
Taggart Corp common_ _.• 52
Tennessee Cent Ity v t c_.•
Tennessee Prod Corp com• 26
Therniold Co corn w 1____• 3054
7% Cuin oonv pref_.100 99
Thompson Prod Inc cl A .._• 64
Thompson Starrett pref._ _
5351
Tim ken-Detroit Axle_ _ _10 274
Tisiunan Realty & Constr• 58%
Tobacco & Allied Stocks..
6451
Tobacco Products Experts*
3
Todd Shipyards Corp.---•
Toddy Corp class A cola •
Trans
-America Corp
139%
Transcont Air Transp____• 2751
Trans
-Lux Pict Screen
* 16
Class A common
• 5351
Travel Air Co
Tri-Continental Corp corn• 33
6% cum prof with war100 x10551
Triplex Safety Glass
Am rcta for ord sh reg.-- 2651
Trunz Pork Stores
•
Tubize Artificial Silk cl B_• 395
Tullp Cup Corp common.'
Tung-Sol Lamp Wks coin.• 2151
• 30
Class A
Union Amer Investment_• 6234
1554
Orden Tobacco
United Aircraft & T ransp.• 8534
0% cam pfil with war_50 69
•
United Biscuit class A_
•
Clara 13
United Carbon v t o
•
100
Preferred
59
United Chemical
United Milk Prod com_...• 14
Unit Piece 1)0e Wks corn_'
United Profit Shur corn •
Preferred
1051
United Shoo Mach corn...25
• 4954
US Asbestos coin
US Dairy Prod class A._ ..• 5134
100
US Finishing Prof
• 63
US Foil claas B new
• 5851
U S & Foreign Sec com
• 9256
$6 preferred
• 10151
US Freight
(IS Gypsum common_20 6054
S Radiator conamon_...•
U
Common v t c
29
U 13 Rubber Reclaiming..
• 2234
Universal Aviation
Universal I nsurance_ _25 75
•
Universal Pictures
1
131
53% 56
112.4 114%
4
3
4251 4831
73
7655
19
22
16% 1831
3555 364
5734 61
47% 5451
4,100
1.500
1,000
3,600
2,200
4,600
400
1,400
200
1,800
450
Range Since Jan. 1.
Low.
High.
1% Jan
Jan
65c
Jan 56% Mar
42
Jan 114% Mar
90
151 Jan
6% Feb
3151 Jan 5254 Feb
63
Mar
Jan 79
19
Mar 24% Jan
1051 Jan
19% Feb
29
Jan 38% Mar
46
Feb 6331 Mar
45
Mar 55
Jan
1054
10% 1151
1,500
1454 144
300 13%
100 100
25 81
80
834 1,400 80
33
3751 44,600 17
225 228
375 157
90
200 90
90
10 510
510 510
138 14454 4,800 127
106 106
50 100
7154 75
900 6351
2854 30%
1,100 26
1734 20
10,600 1751
84
844 1,900 75
Jan
Mar
Jan
Mar
Fel
Jan
Ma
Ma
Jan
Feb
Jan
Fe
Fe
Fe
15%
29%
106
10154
3754
22934
102
626
150%
107
79
3951
26
89
Feb
Jan
het.
Jan
Afar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
284 294 2,700 27% Fe
3551 Jan
112 112% 1,300 112
Feb 125
Jan
73
74
700 70
Jan
Jan 80
104 1254 1,100
1351 Jan
9% Mar
55
58%
500 52
Feb 6534 Jan
244 27
34,500 1851 Jan 3151 Feb
99
wog 11,400 99 Mar 106
Jan
311.4
1551
60
2851
4454
5251
85
47
37%
7231
354 1,200
16% 25,200
60
200
300
2856
45%
200
500
5234
25
85
52% 6.300
48% 60,200
81% 2,600
3%
14%
GO
2751
354
5251
81
204
2354
674
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
31101 Feb
15
Jan
7151 Jan
324 Jan
5031 Feb
6334 Jan
8856 Jan
6354 Mar
4851 Mar
86
Feb
49
7%
4456
5%
33
24
424
28
13
1254
9
1734
9954
21
23
61
451
165
4955
751
444
651
3734
264
4451
28
13
13
9
21
9956
25
21
63
551
17651
90
45
3851
274
2954
163.4
3354
9854
333-6
44
1234
88
6734
1356
304
29
x4454
2151
163
13251
3351
1651
5154
3834
2554
3051
99
6034
533,4
2751
5851
544
3
6454
2934
13754
2731
92
600 85
45
100 39
40
1,100 37
374 6,100
251
30
4,900 2951
1734 4,400 1554
3354
1,800 334
9834
300 9834
3374 3,600 3351
45%
325 44
1234
100 1251
90
100 88
6951 2,400 64
1454
1,100
94
800 2854
333.4
30
400 29
464
800 x4451
2331 1,300 18
163
25 15954
13251
50 13251
35
3.100 33(4
20
4,000 164
5374 3,900 434
200 3851
384
26
300 24
3051 1,00
25
994
800 90
65
7,600 46
5451 1,300 534
2851 7,000 2751
400 4954
5934
5451 1,500 64%
3
100
3
6434
600 60
2951
200 28
1413.4 26,700 125
29
9,100 244
1154
52
314
103
164 85,500
16% Mar
5% Jan
54
600 51
Mar 61
Jan
34
51,500 30
Jan n35
Feb
10534
4.800 104% Fel 10754 Jan
2551 2734
55
5554
39054 405
1251 124
2151 32
2934 32
62%
61
1554 17
834 8851
6551 70
70
704
. 2934 2955
714 73
9931 10051
53
614
14
1451
104 104
10
1054
1051 12
7734 7734
4651 4954
5054 5134
90
90
63
66
58
60
92
933.4
9954 10411
5951 624
5551 564
56
5654
234 2934
214 24
73
76
19
22
200 49
200
64
100 40
551
600
300 33
2.200 20
3,200 404
100 2134
100 13
600 10
200
9
9,000 1211
600 994
3.900 204
200 23
1,800 61
6.700
451
3,700 155
Feb 52%
Jan
951
Jan 444
Jan
654
Jan 4354
Mar 28
Feb 49%
Jan 3251
Mar 17%
Ma
27%
Ma
12
Jan
21
Jan 99%
Ma
28%
Ma '
2834
Ma
7354
Ala
7
Feb 18551
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Ma
Ma
Ma
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Afar
Feb
Feb
Afar
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Afar
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Afar
Feb
98%
53%
434
44
30
17%
3854
9931
3451
474
15
100
72%
1651
364
344
6154
34
176
1394
37%
23%
5954
3854
27
33
105
69%
58%
36%
64%
5551
334
76%
31%
141%
304
1,400 22% Jan
3356 Feb
200 534 Jan 60% Jan
420 39051 Mar 595
Jan
200 104 Jan
1351 Feb
5,500 15
32
Jan
Mar
5,000 24% Feb
32
Mar
900 58% Jan
7254 Feb
3,700 1551 Mar 20
Jan
19,800 8354 Mar 97
Feb
5,500 6656 Mar 80
Feb
500 63
Jan 74
Feb
300 26% Jan
34% Feb
1,900 46
Jan
76
Feb
200 92
Jan 102% Mar
55,900 53
Mar 6131 Feb
200 14
Mar 21
Jan
100 93
Feb 114
Jan
054 Feb
1,100
104 Mar
200 10% Mar
12
Mar
100 7454 Jan 854 Feb
1,200 454 Mar 51% Jan
2,100 4854 Jsin 53% Mar
200 90
Mar 90
Mar
7.200 57
Jsir 744 Feb
3,000 68
Feb 6531 Feb
1,100 92
Mar 9554 Jan
7,800 91% Jan 10951 Feb
2,600 59% Mar 73
Jan
1,400 43% Jan
6251 Jan
500 4951 Feb 564 Mar
11,600 16
2951 Mar
Jan
25,100 1754 Jan 27% Mar
150 7251 Jan 79
Feb
200 1634 Mar 24% Jim
1713
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Van Camp Pack new corn.' 3151 304 3131
3334 3451
25
New preferred
46
46
•
Veeder-Root Inc
32
•
324
Vogt Mfg Corp
2031 20%
•
Wahl Co common
Waitt & Bond class A_ _ • 25% 2554 254
19% 20%
• 22034
Class Et
84%
Walgreen Co common_ __ ..• 83% 83
56% 5651
Warrants
Walk er(Hlram) Gooderham
80
• 79% 77
& Worts common
7%
731 8
Watson (John Warren)Co •
Wayne Pump common...' 24% 2451 254
45
45
Weiboldt Stores corn
135 135
100
West Point Mfg
544 5754
Western Auto Supply cl A •
924 11656
Westvaco Chlorine Prod...' 113
4851 52%
Wextark Radio Stores_....
-- 99% 100%
Wheeling Steel corn__ 100
1551 1655
15%
Whitenights
Widlar Food Products...' 2656 26
2754
Williams(R C) & Co Inc.' 3556 3551 364
284 2556 30
WU-Low Cafeterias corn
55
56%
Preferred
Winter (Ben)) Inc corn...' 12% 1251 1451
Wire Wheel Corp corn new' 33% 32
3331
751 8
8
Worth Inc cony class A_ _ ..•
• 140% 132 142%
Wright Aero new w I
Yellow Taxi Corp
• 31% 29% 3251
48
51%
49
Zenith Radio new
Zonite Products Corp corn • 3634 3631 37
165
Rights
314 2854
Anaconda Copper Co
As,oelitted
954
ft‘ E deb rts_. 104
254
Brazilian Tr L & Pow
351
3
Con Gas El L & Pow Bait.
9254
Dominion Stores
12% 12%
Fist
Firemen's Fund Ins Co_ _ _ 2654 25
454
4%
Haygart Corp
334
35
Loewai Inc
12c
110
Mavis Bottling
231
Niagara Share Corp
o26c
Southwestern Stores
76c
Union Natural Gas (Can).
84
White Sewing Mach deb rts
854
Public Utilities
Amer Cities Pow & Lt Corp
Class A
50
Class B
•
Am Com'velth P coin A •
Common B
•
Warrants
Am D Tel of N J
pf 100
Amer & Foreign Pow warr.
_
Amer Gas & Elec com____•
•
Preferred
Amer Lt dr Trac corn.__100
100
Preferred
Amer Nat Gas corn v t c....•
Amer States Pub Serv el A _
Amer Superpower Corp A•
Class 11 common
First preferred
Convertible preferred _ _
Assoc Gas & Elec class A.*
Bell Telep of Canada
Brazilian Tr L & P Ord
Brooklyn City RR
100
COD
Buff Niag & East Pr corn_•
Class A
•
25
Preferred
•
Central Pub Serv cl
__•
Cent AU Serv States v t C.
Cent States Elea common..•
6% pref without warr_
6% prof with warr_100
Convertible preferred...
Warrants
Cities Ser P & Lt 7% pf 100
Columbus Elee & Pow ___•
Corn'w'Ith Edison Co__100
Corn'w*Ith Pow Corp pf.100
Cons GE L&T Balt corn.
•
Duke Power Co
100
East States Pow B corn_ •
Elec Bond & Share pref.
_100
Elec Bond & Share Secur.•
New
6% preferred
Elec Invert without war..'
Preferred
Elec Pow & Lt 2nd pf A_ •
Option warrants
Emir Gas & Fuel Snit_100
Empire Pow Corp part stk•
Engineers Pub Serf war._.
Federal Water Serv CIA..'
Florida Pow A: It 37 Pf
•
General Pub Serv corn...'
Internal Utll class A
•
•
Class l3
Participating preferred •
Warrants
Italian Super Power
Warrants
42%
2534
28%
31
9%
87
153
10531
23555
1651
274
105
110
9854
--aoii
67
10%
60
4251 4351
24% 27
29
25
314
30
9
10
11351 11351
8151 8851
149 154%
10451 10531
235 2404
115 115
1451 1656
2751 275'
98 107%
98 110
9851 994
90% 9255
60
601
170 170
70
67
10% 11
z104 21034
6951 7254
5554 60
254 2551
60% 62
11051 113
High.
Low.
28
28
43
28
2051
25
18
80
56
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Mar
384
38
48
35
2651
26%
224
91
65
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
4,600 77
7%
1,800
1,300 2451
100 45
10 135
1,800 5251
40,500 474
1,100 4854
500 :91.4
3,500 14
600 25
1,400 35
12,700 25
1,300 55
2,500 1251
10.200 2951
7
1.400
14,600 132
2.600 184
4,200 48
600 3151
Mar
Feb
Mat
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Afar
Jan
Feb
Mar
Jan
Mar
Jan
93%
1434
32
5334
140
5951
11655
5251
10051
18
29
4151
30
58
1651
38
1151
155
32%
61%
44%
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Mar 3251
12%
Feb
Mar
3
Mar
Mar 98
Mar
174
Mar 28%
Mar
Jan 4934
Mar 250
Ma
3
Ma
151
Ma
134
Mar 14%
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Jan
4,800 424
10,000 2431
27.800 22
6.900 26%
17,100
8
25 11131
9,400 52%
4,500 /128
GOO 104
550 216
25 112
5,400 144
200 2731
39,500 6251
5,600 68
800 98%
800 8931
24,800 49%
10 170
600 65
8
10,000
100 21034
4.200 6951
3,400 4934
400 2534
Ma
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Fe
Ma
Ma
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Mar
43%
3054
29
3751
104
114
1134
19254
10954
25951
115
18%
27%
13434
133
10054
04
6134
170
70
1151
:1054
7934
7256
26%
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Jan
35
13
116
83
1934
97
1934
10654
62%
215
99%
91%
155
4254
106
1674
79
108
7754
97%
994
28%
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Afar
Jan
Mar
Jan
Jan
Fel
Mar
Jan
Fel
Ma
Jan
Ma
Jan
Jan
45
1851
14531
8754
122
123
40
10754
7251
258
1034
112
21u
584
I003-4
2864
9754
108
124
101
102%
4651
Mar
Mar
Mar
Feb
Jan
Nlar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Mar
Jan
Feb
Pb
Mar
4334
26
534
100
27
44
1534
93
45(
113.4
554
Jan 69
Jan 35
Mar 634
Jan 102
Jan 44
49
Jan
Jan 22%
Feb 100
11
Jan
Jan
184
Jan
15
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
31% 427,700 28%
10% 34,100
754
254
254
200
3
3% 19,900
92%
100 924
14
44,00 1251
25
28%
1,70
434 2,700
451
28
1,80
36
20c 28,000 lie
231
3
200
1
10,500 0260
14 3,800 76c
900
874
9%
4451 43% 45
1654 is%
17%
145% 14054 145%
83
83
11254 1124
1214 11854 123
31
3055 30
107 107
62% 62%
24651 24056 2494
99% 100%
94
94
97%
178 189
4931 53
106 1084
257 27055
91
8651 92%
108
108 108
10031 10351 10754
9731 99
102 102
4451 42% 46%
109 109%
4634 49%
48
3234
32
54
53% 55%
10154 101%
3734 37% 39%
95
45%
17% 19%
1951
97
97
7% 8%
7%
15
16%
16%
934 1034
10%
Long Island Light corn...' 6056
7% preferred
100
Marconi Intermit Marine
Commun Am deP rota-- 24
Marconi Wire! T of Can...1
9
Marconi Wireless Tel Loud
Class B
1954
Mass Gas Cos com
100
Memphis Nat Gas
18%
Middle West Utilcom____• 175
SG preferred
•
7% preferred
100
Mohawk & Bud Pow corn' 54
29%
Warrants
Montreal Lt IR & row.....
Municipal Service
• 3154
Nat Elea Power class A _ • 33
Nat Power & Lt pref
•
Nat Pub Serv corn class A• 234
Series B
Nev-Calif Elea coal_ _100
New Etigi Pow A son 6% Pt
New Eng Tel & Tel__ __100
N Y TeleP 654% pref__100
Nor Amer Util Sec corn._• 18
•
let preferred
• 51%
Northeast Power corn....
Nor States P Corp cons _100 155
Ohio Bell Tel
pref__100
Ohio Power 7% Prof
10954
Oklahoma Das ar El pref._
4,700
4,700
200
200
100
1.000
2.100
1,300
100
Range Since Jan. 1.
6.700
4,300
1,000
100
100
1,20
90
20(1
10
54
1.10
2,20
550
1,700
1,10
27.700
146,10(1
100
13.400
SOO
100
8,400
300
9,100
400
6,800
100
5,700
600
17,900
100
500
3,600
600
500 49
120 10856
Jan 67% Feb
Mar
Jan 113
1931
731
Jan
Feb
18% 20% 29,200 1814
145% 152
400 132
2,000 IR
18
18%
170 17551
1,000 170
103 103
100 100
11854 121%
150 11854
54
1,100 54
56
29%
29
400 24%
1054 10554
100 10554
2751 3351 25,600 25
3251 3351
800 3234
10654 10751
250 10651
2351 2451 3,700 2354
31% 32
600 30
n60 060
4 48%
50 95
9851 9851
50 148
152 152
1134 113%
300 11234
1.700 1351
1731 1855
944 9454
200 9451
5154 5374 15,100 4954
1534 156
2.100 13654
115 115
100 114
10954 1094
10 10911
10931 109%
50 109%
Jan
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Mar
43,800
2354 26
84 1051 119.000
Jan
28
1034 Mar
2251
152
1831
189
104%
123
71
4554
114
3334
3754
109%
26
3256
60
100
152
114
194
96
6134
16934
115
1094
1114
Jan
Afar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Feb
1714
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Ran ye for
Public Utilities(Cond.) Sale
ofPrices.
1Peek.
Par. Price. Low. High. Shares.
Penn-Ohio Ed corn
•
7% Prior preferred_ _101
$6 preferred
•
Option warrants
Penn-Ohio Pow A Lt $7 Pr
Pa Gas & Elee clam A....*
Penn Pow & Lt $7 pref__
Penn Water & Power__ •
Peoples Light & Pow cl A._
Power Corp of Can com__•
Power Scour preferred•
2d preferred
Puget Sd P&L 6% pref _100
Radio Corp of Amer
New clans B pre(
Rochester Central Power_ _
Sierra Pacific Elec com_11111
Southeast Pow & Lt com_•
Common v t c
•
$7 pref
•
Partin preferred
•
Warets to pur corn stk _
Sou Calif Edison pref A_25
Preferred B
25
555% preferred C.__.25
Sou Cities UM cl A com_
Sou Colo Pow class A_ _25
Sou'west Bell Wen Pf-100
Standard Pow & 12
25
Preferred
Swiss-Amer Elec pref
Tampa Electric Co
•
Toledo Edison 7% pf _ _100
Union Nat Gas of Can_ •
ts.
United Elea Serv warranAmer Shares when wind_
United Gas when issued_
United Gas Improvem1.50
United Lt & Pow corn A..
Common class B
•
Preferred class A
•
•
F Preferred class 11
CHI Pow & Lt class B____•
United Pub Service Co.. _ _
Western Power pref_ _100
_
5835
10455
92
37
3555
98
98
22% 2234
60
106%
95%
37
98
22%
88
53
112
80
82
9855
88
55
114
8255
82
100
594
1104 nosi
53
114
82
100
75
3834
84
84
4055
2834
60
68
394
3
234
34%
180;5
364
42%
Former Standard 011
Subsidiaries.
Anglo-Amer 011(vot sh).£1
17
Non-voting shares_ _ £1 16%
Borne Scrymser Co_ __ _100 44
Buckeye Pipe Line
50 69%
Cheesbrough Mfg
25 148
Continental Oily t
2655
Eureka Pipe Line
Galena-SIgnal Oil com_100
Certificates of deposit_ _ _
Humble Oil & Refining_ _25 -103 Illinois Pipe Line
100 310
Imperial 011(Canada)cou * 9555
Indiana Pipe Line
50 85
National Transit____12.50 244
New York Transit
100 82
Ohio 011
25 69
25
Penn-Man Fuel
Solar Refining
South Penn Oil New
4355
Southern Pipe Line
10 1755
Sou West Pa Pipe Lines 100
Standard 011(Indiana)_.25 90%
Standard 011 (Kansas)._25 2031
Standard Oil (Ky) new... 4055
Standard 011(Neb)
i8 4755
Standard Oil(0) com_ _ _25 115
Vacuum Oil new
128
Other Oil Stocks
Amer Contr 011 Fields_ __1
5
Amer Maracaibo Co
10
Argo Oil Corp
Arkansas Gas Corp corn_ •
10
Preferred
Atlantic Lobos Oil nom_ •
Carib Syndicate new corn_
;
Colon Oil
1
Consol Royalty 011
•
Creole Syndicate
Crown Cent Petrol CorP •
•
Crystal Oil Ref COOS
•
Darby Petrol Corp
•
Derby Oil & Ref com_
•
Preferred
Gulf Oil Corp of Penna__25
Homaokla Oil
•
Houston Gulf Gas
Intercontinental Petrol_ _10
International Petroleum_ _•
Kirby Petroleum
•
Leonard 011Developm't_25
•
Lion 011 Refg
_25
Lone Star Gas Corp_
Magdalena Syndicate_ _ _1
•
Margay Oil
Marland 011 of Mexico....1
Mexico-Ohio 011 Co. ____•
Sto Kansas Pipe Line
Mountain & Gulf oil
1
Mountain Prod Corp ._10
Nat Fuel Gas new
•
New Bradford 011
N Y Petrol Royalty
Pacific Western Oil
•
Panden 01 ICorp
•
Panetpec Oil of Venezuela•
Pennock 011 Corp
•
retroieurn (Amer)
Plymouth Oil
Reiter Foster Oil Corp._
Richfield Oil Co pref. __25
Root Refining Co pref_ _
Royal Canadian 011
Ryan Consol Petrol
•
Salt Creek Consol 011_ _10
Salt Creek Producers-10
Southland Royalty Co_ _
Taxon Oil & Land new w
Tidal Osage Oil non-vt stk•
Venezuela Petroleum - _ _ _5
weedley Petroleum CorP"Y" Oil dc Gas Co
25
Mining Stocks
Arizona Globe Copper_l
Bunker 11111 & Sullivan-10
Carnegie Metals
10
Chief Consol Mining
C.Dmstock Tun & Dr'ge_10c
Consol. Copper Mines-;
Coax.: Nev Utah Cop.„3
Copper Range Co
25
Cortez Silver Mines
Cresson Consol GM & M_1
560
534
234
53-1
8.4
333
10
855
935
135
20"
15155
5
19
11-1
554
255
531
31
635
35%
155
2655
451
23%
224
351
835
334
25
631
25
13c
451
234
24
21
114
5
855
3
20c
744 7531
38
404
56
57
81% 86%
81% 85
107 10755
8955 8956
384 41%
28% 2835
2555 26
2455 24%
47
47
23% 23%
120 123%
59% 60
10155 102
97
97
68
70
110 111
3455 394
3
3%
234 2331
32
344
17431 182
3455 364
464 50
9755 975.5
5515 5555
414 43
2055 204
Dm 51 1074
16
1455
44
68
148
254
64
724
38
51
7155
73
10655
8755
27%
26
2534
244
40
234
11855
49%
101%
97
6455
10855
34
234
2355
25
16155
31%
32
97
5534
37
18
105
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
714 1.
1064 Jae
9834 Mar
46
Jan
99% Feb
24% Jan
110! Feb
10151 Jan
5855 FOI,
12255 Feb
8651 Mar
8251 Mar
Mar
100
774
49
62%
90
85
1(18%
98
47%
30
2635
26%
47
2755
12334
70
105%
9851
79%
111
39%
44
23%
39
197%
4355
56
10034
57%
4635
21
108%
2,200 14% Jan 184
17
300 14% Jan
1631
17
44
50 40% Jan 464
500 67
6955
Jan 744
600 14035 Jan 148
148
29
27% 134,000 1734 Jan
100 64
6455
Mar 7035
6
100
6
6
9455 1034 21,800 8955
350 285
306 310
904 974 7,900 89
300 8134
85
83
2355 2431 2,700 224(
82
150 72
82
6455 685.5
4,500 644
3155 33
1,100 31
3851 43
700 3851
414 4355 3,000 40%
14
174 2,900 13
100 67
67
67
87
9154 33,100 65
2031 2135 1,900 18
394 40% 8,400 3935
47
400 454
4755
114 11555
300 11051
1194 12855 12,000 10555
550 59c
534 535
251 255
534 555
84 851
255
2
255 355
951 1055
855 94
934
155 ly
10
1155
204 2135
351
435
2435
24
147 151%
435 5
18% 19%
135
1%
5651
52
1% 2%
5
6
254 2634
7135 7251
66c 76c
31
31
235
231
655
5
3455 36%
155
135
2055 2151
25% 264
4
4%
234 2455
24
22
255
355
8
8%
435
435
3255 33%
2355 25
555 64
2455 2455
25
254
13c 19c
751 851
44 5
2355 25
22% 24
1855 21%
1151 1155
431 5
855 84
3
355
21e
14151
1731
355
151
1
1735 154
10e
100
3155 30
160
91e
91c
18
3.400 55
110 1112
250 89
800 32
25 98
900 22
100 108
100 84
4,100 474
300 974
800 65
100 82
380 98
55,300
2,000
200
16,500
800
350
200
10,400
100
1,200
200
100
600
300
200
300
100
900
60
900
8,700
1,600
12,300
15,800
32,900
1,200
300
1(10
2,500
100
200
4,800
11,600
2,500
67,700
1,500
600
3,700
3,500
3,600
27,100
2,900
200
1,300
6,700
300
11,700
2,500
3,400
6,500
12,400
3,400
6,700
900
700
3,100
100
400
800
38,200
2,200
4,000
2,800
3,900
14,300
29,300
66,400
5,000
500
41,500
1,300
3,500
100
800
11,000
300
1,800
3,700
2,200
11,600
300
5,300
4,300
1,200
Friday
Sales
Last Week's Range for
Mining Stocks
Sale
ofPrices.
Week.
(Concluded)
Par Price. Law. High. Shares.
Range Since Jan. 1.
Low.
510
551
14
331
8
2
2%
831
655
845
14
8
20
2
20%
14254
4%
18
13,1
5051
5
2555
67
60c
31
155
345
1535
1%
19
2551
4
16
1855
2
8
4%
3234
23
6
2415
25
10e
73.8
4%
22
22%
16%
1055
43.'
531
,
291
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
6%
10551
31155
1034
9034
25%
85
7455
444
50
4431
1755
70
1034
2134
454
494
12435
13031
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar 720
Jan
Mar
855 Jan
355 Jan
Feb
555 Mar
Jan
9
Jan
Mar
Jan
235 Jan
455 Jan
Feb
Mar 15
Jan
Jan
1155 Feb
Mar 1151 Jan
Feb
1% Jan
Feb
11% Mar
Feb 26
Jan
5
Jan
Jan
Jan 2714 Jan
Jan 167
Jan
Jan
755 Jan
Feb 22
Jan
Feb
214 Jan
Jan 654 Jan
Mar
331 Jan
6
Mar
Jan
Mar 3354 Jan
74% Feb
Jan
151 Jan
Jan
Mar 3855 Jan
234 Jan
Feb
Mar
Jan
Jan 3755 Feb
134 Jan
Feb
Jan 22% Feb
Feb 27% Jan
Mar
Jan
5
Feb 2455 Mar
Mar
Feb 24
33.1 Mar
Jan
Mar 1054 Jan
755 Jan
Feb
Mar 3435 Feb
30
Feb
Jan
835 Feb
Feb
Jan 25
Jan
Mar 26
Feb
Mar 210 Mar
11
Feb
Jan
5% Jan
Mar
Jan 2535 Jan
Mar 24
Mar
Jan
Feb 23
1435 Jan
Jan
655 Jan
Feb
935 Mar
Jan
Feb
54 Jan
47e
Jan
90
280 86,000
Jan
200 12555 Feb 14555 Jan
143
Mar 19% Jan
500 17
18%
4
1,900
Jan
355 Jan
3%
151 Jan
151 12,600
Jan
1
1755 Mar
1735 61,900 134 Jan
12c
7,000
Jan 240
So
Jan
1,700 254 Jan 324 Mar
3155
Mar 370 Feb
180
3,000 16
95c
4,400 710
I% Jan
Jan
[Vol,. 128.
Dolores F-speranza Corp__2
East Butte
10
Engineer Gold Min Ltd__5
Evans Wallower Lead com•
Preferred
raven Lead Mines
1
eirst National Copper__
Gold Coin Mines
Golden Cen tr.: Mines_ _ _5
,
Coa-o. Mines_ I
Heels 5.11:dng
2.:c
HollingerConsGold Mines 5
flud Ray Min & Smelt. _•
Iron Cap Copper
10
Kerr Lake
5
Kirkland Lake GM
Mason Valley Mines
5
Mining Corp of Canada_ _5
New Cornelia Copper.._.5
New Jersey Zinc
100
New
Y Hood Rosans
10
Newmont Mining Corp_10
Nipissing Mines
5
Noranda Mines, Ltd
•
Ohio Copper
1
Pond Creek Pocahontas_ _•
Premier Gold Nlining
1
Red Warrior Mining
1
Roan Antelope C Mln Ltd.
StAnthony Gold Min
San Toy Mining
1
Shattuck Denn Stining
•
So Amer Gold & Plat__ _1
Teak Hughes
1
Tonopah Belmont Dev_ _I
Tonopah Extension
1
Tonopah Mining
United Eastern Mln
1
United Verde Extension 50c
United Zinc Smelt corp. •
Unity Gold Stifles
1
Utah Apex
5
Utah Metal & Tunnel__ _1
Walker Mining
1
Wenden Copper Mining_ _1
Yukon Gold Co
5
151
204
38c
950
155
851
590
2155
7%
204
634
69c
155
155
54
4555
30851
79
2244
355
59%
351
18
131
260
48%
450
13c
2455
935
19
94e
574
2
1
151
700
451 451
400
235 3
600
2035 22% 7,200
8355 90
500
34e 400 214,000
950
155 12,000
131 1% 25,200
851 951 18,300
55c 78c 19,600
19
21% 9,400
7% 851
1,100
2055 2155 21,500
635 8
12,800
65c 690
600
155 1% 1,300
155
135 5,200
5y, 555 2,500
44
4655 13,300
300 310
170
774 7955
300
16
1655
200
2124 22655 41,700
355 354 2,400
61
59
10,400
351 335 45,400
19
15
1,000
131 14 1,600
18c 32c 75,000
4451 48% 8,400
380 93e 39,100
100 140 47,500
24
27% 21,400
3
1,400
334
9
955 4,500
14
155
100
100 100
2,000
335
300
910
1
6,300
17% 19
14,600
155
1%
400
900
1
3,100
555 5% 2,300
155 14 1,200
355
355
2,900
135 2
17,600
80c 80c
100
Range Since Jan. 1.
Law.
High.
Jan
Jan
Mar
15% Feb
81
Jan
10e
Jan
200
Jan
21e
Jan
735 Feb
16c
Jan
16
Jan
7;5 Feb
19% Jan
334 Jan
45e
Jan
155 Feb
155 Jan
455 Jan
40
Jan
27931 Jan
75% Jan
15% Jan
18755 Feb
3
Feb
5854 Jan
131 Jan
11
Feb
134 Feb
110
Jan
384 Jan
38e Mar
Se
Jan
2154 Jan
Feb
831 Jan
90c Mar
80
Jan
3
Mar
80e
Jan
15% Feb
151 Jan
80c Mar
Jan
950
Jan
24 Feb
155 Jan
750 Mar
131 Mar
455 Jan
43.8 Jan
264 Feb
94
Mar
540
Jan
14 Jan
Mar
2
12
Jan
80e Mar
2355 Mar
94 Jan
23
Feb
955 Mar
14 Jan
2lui Feb
255 Jan
635 Mar
4851 Mar
325
Jan
8711 Jan
17
Feb
229
Mar
331 Jan
684 Jan
435 Jan
9
Mar
2 7- I elan
320 Star
50
Jan
910 Feb
260
Jan
28
Feb
3% Jan
10% Star
2
Jan
Jan
390
4Ire Jan
1*16 Feb
2451 Jan
24 Jan
235 Jan
535 Mar
255 Mar
354 Star
24 Jan
174 Jan
75e
334
Bonds
85
Abitibi P &P 58 A____1953 85
8654 105,000 85
Mar 8734 Jan
Alabama Power 4 A 6_ -1967 9355 92% 9355 89,000 924 Mar 95% Jan
9951 100
1956
1st & ref 5s
16,000 0951 Feb 103
Jan
48
Allied Pk 1st col tr 88_1939 48
4854 12,000 45
Jan 57
Feb
47
Ctrs of deposit
47
Jan 55% Feb
6,000 46
47
1939
Debenture 6s
50
Mar 57
7,000 47
Feb
Aluminum Co s f deb 55'52 10155 101 10151 82,000 100
Feb 102% Jan
Aluminum Ltd 58_ _ __1948
96% 9751 50,000 06
Feb 98% Jan
Amer Aggregates 6s_1943 11031 110 112
34,000 111
Jan 115% Jan
Amer Com m'l Alcohol 6s43
With warrants
127 12854 42,000 115% Jan 132
127
Jan
Amer G & El deb 56_2028 9415 9355 9535 148,000 9334 Feb 9731 Jan
American Power & Light
135, without war?. 2016 105% 1054 10531 81,000 105
Feb 1064 Jan
Amer Radiator deb 4 A s.'47
9555 9755 15,000 9555 Mar 9954 Jan
Amer Roll Mil deb 58_1948 95
9551 36,000 94
94
Mar 974 Jan
Amer Seating 68
94
1936 96
96
26,000 94
Mar 974 Jan
Amer Solv Sz Chem 68_1936 117
117 120
65,000 114
Mtn
Jan 122
Without warrants
90
954 9731 46,000 94
Feb 9751 Mar
Andlan Nat Coro
6s without warrants 1940
105 105
Feb
5,000 101% Jan 105
Appalachian El Pr 58_1956 9655 9535 97
86,000 8735 Feb 99% Jan
Arkansas Pr & Lt.58._1956 9355 93
96
Mar c198
59,000 93
Jan
Arnold Pr Wks 1st 68_1941 95
95
9554 2,000 95
Feb 98
Jan
Asso Dye & Press 6s...1938
8831 6,000 87
88
Feb 94
Jan
Associated 0 & E 555s 1977 11731 115% 128
91,000 9851 Jan 131
Mar
Con deb 4558 wl war 1948 142
1394 14535 545,000 9154 Jan 148
Feb
Without warrants.... 117
11655 118% 68,000 9455 Jan 120% Feb
Asaoc'd Sim Hard 645 '33
884 8833 37,000 884 Jan 88
Feb
Atlantic Fruit 88
1919
19
31,000 19
20
Feb
2235 Jan
Atlas Plywood 5 As....1943 92
92
93
23,000 92
Mar 1033( Jan
Bates Valve Bag 6s___1942
With stock purch warr_ _ 106% 1054 1074 31,000 105
Jan 11031 Jan
Beacon 01165, with warr'36 107% 108 108
Mar 11855 Jan
19,000 106
BellTel of Canada 6s_1955 99% 994 101
42.000 9954 Mar 10235 Jan
lot 56 series B
100 1004 77,000 100
1957 100
Mar 10255 Feb
New
Mar 10051 Mar
100 10034 57,000 100
Berlin City Elec 63-I8_1959
9355 9345 5,000 934 Mar 9355 Feb
Boston Conso Gas 53_1947
10155 10155 4,000 10155 Mar 103
Jan
Boston & Maine RR 6s '33
10151 1014 6,000 101
Mar 103
Jan
108 10835 16,000 108
Canadian Nat Rye 78.1935 108
Mar 110
Jan
94
1968 94
9455 63,000 94
4558
Mar 964 Jan
fCapital Admit' Is A_1953 100
993i 100
72,000 9955 Mar 101
Feb
100 10051 29,000 100
Carolina Pr & Lt 56_1956 100
Mar 10255 Jan
,
Cent States Elec 5s
1948 8515 8555 8655 39,000 854 Mar 9055 Jan
Cent States P A Lt 54653 92
41,000 92
Mar 9834 Jan
Chic rheum Tool 555s '42
98% 9955 9,000 98% Mar 101% Jan
Chic Ry* Ss elf dep_1927 7755 7735 78
14,000 7751 Mar 82
Feb
Childs Co deb Ee
89
1943
90
16,000 89
Jan 90
Jan
Cigar Stores Realty
95
1949 95
54s series A
964 38,000 95
Mar 9951 Jan
98
Cincinnati St Ry 530_1952
98
6,000 97
Jan 103
Feb
Cities Service 5s
1966 904 89% 9055 70,000 8855 Mar 9034 Jan
00
Cities Service Gas 5558 1942 90
91
55,000 90
Jan 924 Jan
9454 964 92,000 9455 Mar 9835 Jan
Cities Serv Gas Pipe L 63'43 95
Cities Serv PA L 546_1952 9551 95
9554 71,000 04% Feb 9751 Jan
Cleveland Term Bldg 66'41
9731 9731
1,000 98
Jan 984 Jar,
Columbia River Long Bdge
15-yr 7% deb_ _Oct 3143
9335 9355 .10,000 93% Mar 9954 Feb
,
1st 654s
1953
93% 9551 8,000 9355 Feb 100
Jan
Commander Larabee 68.41
85
86
3,000 85
Jan
Mar oo
Commerz und Private
Bank 5546
1937 86% 86
87
78,000 88
Jan
Mar 88
Common Edison 454s_'57
974 9835 20,000 97% Mar 98% Jan
Consol GE LA P
series A
1949
1044 104% 3,000 10434 Jan 10651 Jan
1965 10355 1033-110334
5s series F
5,000 10334 Jan 10331 -Feb
1969
100 100
5554
10,000 100
Feb 10051 Feb
Consol Publishers 64461936 100
100 100
8,000 9855 Jan 100
Feb
Consol Textile 8s
1941
91% 9255
7,000 90
Jan
Feb 98
Consumers Power 434s '58 96
96
97
Jan
6,000 06
Mar
87% 8695 88
Cont'l 0 & El Ss
1958
79,000 85
Mar 91% Jan
Continental 011548 1937 96
96
96
35,000 93
Feb 964 Jan
CosgroveNteehanC6556.'54
88
88
Jan
6,000 88
Mar 92
Cuba Co 6% notes_ _1929
96
96
5,000 96
Mar 9751 Feb
Cuban Telep 755s_ __ _1941 10955 1094 110
Jan
7,000 1074 Jan 111
Cudahy Pack deb 555s 1937 984 9751 9815 12,000 97
Mar 0034 Jan
5s
1946
9955 9955
Jan
1,000 99
Feb 101
Deny & Salt Lake Ry Cs'60 8835 8855 8835 8,000 88
Feb 9151 Jan
Detroit City Gas Sa 11.1950 9955 98% 9935 35,000 98
,
Mar 100% Jan
1054 106
1947 106
6s series A
13,000 105
Feb 10634 Jan
Detroit but ridge 648_1952 90
8851 90
Jar
36,000 88
Mar 96
25year a f deb 7s_ _1952 8031 8051 8335 36,000 8051 Mar 8935 Feb
Dixie Gulf Gas 650-1937
With warrants
8635 86% 6,000 80
Star 884 Jan
Feb
El Pow Corp (Get') 6555 '53
9355 9331 3,000 93
97
Jan
El Paso Nat Gas 655s A 13 9934 99
9955 28,000 09
Jan 1004 Jan
'
ML
102 105
Deb 6
Jan 105
_Dec 1 1938 105
30,000 99
Empire 01- & Refg 510 '42 89% 8955 90
62,000 894 Feb 914 Jart
Ercolc Marel Elec Mfg
95
93
5,000 93
6556 with warrants_1953 93
Mat 984 Jan
Jan
EuropMtg&Inv7sserC 1967
9151 17,000 91
Jan 92
91
Mar
100 100
1.000 9755 Fob 100
1950
714s
Bonds (Continued)
1715
FINANCIAL CHRONICLE
MAR. 16 1929.]
Friday
Last Week's Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Sales
Friday
Lasi Week's Range for
Week
of Prices.
Cute
Share,.
Bonds (Concluded) Par. Price Low. High
Range Since Jan t
Low.
High
Ryemon (Jos T) Jr Sons Ins
Feb 1014 Feb
Jan
96
Jan
9955 9955 33.000 99
1939 9955
9355 9455 16,000 93
Fabrics Finish 6s
-years f deb 5s. _ _1943
15
Jan 964 Jan
Jan
92,000 95
95
Mar 92
95
8555 3.6000 84
84
Fairbanks Morse Co 5s '42
St Louis Coke Jr Gas Os '47 84
Feb
3,000 9255 Mar 97
9455
In in
9255
1958
Farmers Nat Mtge
- an
5,000 9255 Jan 92% Jan , Ant Public Serv 55 1955
9254 9255
5,000 1014 Jan 1024 Jan
1963
10155 10155
Hungary 7s
Banda Falls 55
2,000 8654 Jan 96% Jan
90
90
1933 90
Federal Sugar us
Schulte Real Estate 6s 1935
9615 Mar
Jan
9455 96 151,000 92
95
Finland Resid4ntia Mtge
Without warrants
57,000 8594 Mar 9134 lam.
Jan
95
7,000 924 Jan
_1961 8655 8554 87
9355 94
Ban . 6s_ _
Jar
Scripps(E W)5558___1943 94
9155 9255 40,000 '131 Mar 94
Jan 854 Jan
7855 8,000 75
MO558.1948 92
78
Firestone Cot
Serval Inc(new co) 59_1948 78
Jar
Feb 95
9355 29,000 93
Jan 9454 Jan
92
93
Fimston: T&R Cal 58_1942 93
Shawinigan W Jr P43,48 '67 9215 9255 934 40,000 97
9814 Jan
Jan
9755 9755 3,000
First Bohemian Glass Wks
Feb Shawsheen Mills 713.__1931
Jan 88
86
8655 3,000 84
30-yr 7s with warr_ _1957
Jan Silica Gel 6)5 notes_ 1932
Jan 1124 Mar
9455 19,000 8934 Jan 96
11154 109 11255 82,000 1(11
Fisk Rubber 5 H s___ _1931 944 94
With warrants
8955 904 83,000 8934 Jan 92% Feb
4,000 9955 Jan 10054 Fen
Florida Power & Lt 58_1954 . 90
Jan Sloss-Sheffield S &I681929 994 9955 100
Mar 110
5,000 103
Jan 1074 Jan
103 103
9735 98% 38,000 95
Gateway Bridge 7s..._1938
Snider Pack 6% notes_1932 98
9855 Feb
0315 9415 140,000 934 Mar 97% Feb
Gatineau Power 53_1956 94
Invest 58_1942 103.4 96% 96% 3,000 9634 Feb
Ma 1004 Jan Solvay-Am
97
0834 11,000 97
1941 97
as
Jan 91(4 Jan Southeast P & L 6s_ _ _2025
9055 33,000 89
10234 10355 91,000 1024 Star 10555 Jan
GeLsenkirchen Min 6s_1934 8955 89
Without warrants
Mar 1024 Feb
49,000 99
99 101
Gaul Amer Invest 5s...1952
28,000 8434 Jan 8674 Fe>, Sou Calif Edison 5s___1951 9935 101 1014 10,000 101
Feb 10255 Mar
8555 8555 86
Without warrants
Gen Jr refunding 58_1944
Jan 10255 Jan
9,000 100
Feb
10035
1952 10035 9955 10155 26,000 9955 Mar 101,5 Mar
Gen Laund Mach 6558 1937 10054 100
58
Refunding
Jan
95
Ma
95
8855 32,000 84
84
49.000 9234 Feb
Rayon 69 err A '48 84
9255 95
General
1937 944
Sou Calif Gas 5s
Feb
,
9635 9734 14,000 9655 Mar 99
General Vending Corp
8734 Feb Southern Drives 6s_ _1930
Ma
8235 8.000 80
82
65 with warr Aug 15 1937
71))5 Jan So'west Dairies 6558
Jam
Jan
6,000 65
101
67
67
1946
1938 994 9935 9955 11,000 9954 Jan 97.5 Jan
Ga & Fla RR as
With warrants
9834 Jan
9655 Ma
3,000 9255 Mar
9255 94
Georgia Power ref 59..1967 9655 9655 9755 112.000 105
Jan
S'west G Jr E 55 A_ _1957
Ma 108
Feb 9835 Jan
2,000 93
94
94
Trunk Ity 6555.1936 10516 105 10655 11,000
Grand
Jan So'west Lt Jr Power 591957
Jan 85
21,000 85
85
85
10354 10435 11,000 10255 Feb 10755 Jan
Ouantanamo&WRy58 1958
Sweat Pow Jr Lt (38_ _2022
Feb
21,000 9751 Jan 99
Guardian Invest 55_ _1948
Ma 101% Jan Staley (A E) Mfg 68_1942 9855 9855 9854
7,000 94
97
94
warrants
With
81,000 9855 Star 101% Jan Standard Invest 5s
1937 9831 9855 09
Mar
Jan 136
1.000 126
136 136
Gulf ()II of Pa 50
1937
With warrants
Jan
Feb 102
994 Jan
100 10055 23,000 100
Sinking fund deb 59_1947 100
_1957 9855 9655 984 69,000 9655 Mar
Jan 99% Jan Stand Pow Jr Lt
4,000 96
96
96
Gulf States Utl 55.-1956
Jan Stinnes (Hugo) Corp
Vet, 103
Jan 944 Feb
100 10151 6,000 100
1935 100
Hamburg Elea 78
without warr 9255 9155 9335 138,000 8855 Mar 91
Jan
78 Oct 1 '36
Mar 88
1,000 83
Feb
8455 8455
8854 31,000 86
86
Hamburg El & Int) 5 s '39
78 1940 without warents 86
9654 Feb
9655 36.000 9355 Jan
96
Jan 1404 Jan
15,000 117
Hanover Cred Just 68 1931 96
than) (39_1938 12755 1273-4132
s
Sutrnituss
Jan
9254 0494 45,000 9255 Mar 9455 Mar 0
Feb 102
1941
31,000 100
10055 10055 101
654s
1939
Oil 534s
984 J80 1004 Star
_194))
9916 1004 30,00
Hamel( Mining
Feb 91
Mar Swift Jr Co 5s Oct 15 1932
54,000 90
90
90
4 Jan
90
9755 Feb 991
With warrants
Lt 55..1956 9755 9755 9855 49.00 100
Jan Texas Povrer &
1,000 9315 Jan 97
Mar
95
95
Feb 105
1936
10255 10355 74,00
Hood Rubber 79
103
8055 12,000 7755 Mar 8455 Jan Thermold Co 68 w w 1934
78
10-yr cony 555e ____1936 78
Jan 924 Jan Tran Lux Dayl Pict Screen
Mar
9155 35,000 90
Jan 97
00
12,00
97
97
Houston Gulf Gas 655e '43 9154 91
_1932
en&c
without war_
9254 Jan
Jan
90
9055 9,000 90
9954 Jan 9955 Feb
1943 90
3,00
9955 9955
(is
1936
6
2.500 884 Nlar 9855 Jan U1 is
11,00 10434 Star 11635 Feb
10455 106
Hung-Italian Bank 7558'63 884 8854 90
Union Amer Invest 5s.1948
Feb 964 Jan
9555 6,000 94
95
Illinois Pow & Lt5Hs-1957 95
.
Feb
United El Serv (Une8)79 56
1,000 9955 Jan 101
9955 9955
4 Feb 9255 Jan
891
1954
8916 8954 9014 31,00
555e series B
Without warrants
179,000 10255 Feb 1104 Jan
9054 9134 32,000 904 Mar 9415 Jan
Indep Oil& Gas deb 69 1939 10694 10455 10755 82,000 9755 Mar 9955 Jan United Lt & Rys 5548_1952 91
Jan 10155 Jan
18,000 100
101
ser A '57 9755 9755 98
100
01
Ind'polis P & L 5s
5s
9(
‘,2s_ 932 110
68 series A
12,000 914 Mar 964 Feb
Jan
Jan 110
5,000 110
110 110
1st Pow Secur 7ri ser E 1957 9255 914 9355 47,000 85
Un Itys Havana 7
Jan
Mar 92
87
Securities 59_1047 8634 85
Internal
United Steel Wk.6558 1947
Feb
9254 9354 31.000 924 Mar 9694 Jan
85
Mar QO
32,000
87
8555 85
Interstate Power 5.4.._1957 9234
With warrants
Mar 9354 Jan
92% 9254 9355 27,000 9255 Mar 9854 Jan
9,000 92
92
92
New
Jan US Radiator 5s nor A..1938 92
let' 97
1952 9455 944 9434 6,000 94
Debenture 68
Jan U S Rubber
Mar 98
7,000 96
96
96
'56 96
9955 9955 .5,000 9855 Jan 10055 Jan
I-S Pub Serv 58 D
Jan
Serial 654% notes_ _1930
Jai 107
21,000 98
Jan 10055 Jan
5,000 98
Invest Coot Am 59 A.1947 10094 9034 101
Jan
Serial 635% notes_ _1931 9935 9855 9914 9,000 97
Jan 83
814 26,000 78
Jan 10035 Jan
9115 80
9815 994
Without warrants
Serial 63.4% notes._1932
6,000 9654 Jan 1004 Jan
984 99
Investors Equity .55 A 1947
Feb
Serial 634% notes...1933
Jan 110
6,000 105
108 110
984 984 1,000 964 Jan 10054 Jan
warrants
with
9415 Jan
Serial 655% notes__1934
Jan 10054 .1511
9255 904 9354 24,000 9054 Ma
8,000 96
Iowa-Neb. L & P 58_1957
Serial 615% notes.. _1935 9855 9855 99
1,000 8655 Feb 9155 Jan
00
90
9,000 9751 Jan 1004 Jan
99
98
laarco Hydro-Elec 7s.1952
Serial 655% notes_ _1936 98
Jan 10055 Jan
9855 2,000 97
78._1942
9855
Leona Fraschini
1937
Serial 694% notes.A937
Ma 10094 Jan
7,000 98
0854 99
Jan 10055 Jan
9955 11,000 98
98
With warrants
Serial 64% notes_ _1938 98
Jan 8855 Feb
8751 8735 11,000 87
Jan 100% Jan
9855 9835 4,000 96
Without warrants
Serial 634% notes...1939
Feb
Jan 102
2,000 97
99 100
Italian Superpower 69_1063
Jan
Serial 694% notes_ _1940
7634 7855 55,000 7634 Mar 82
7655
10355 10355 3,000 10351 Jan 1044 Feb
Without warrants
Jan U 8 Smelt & Ref 5548.1935
104
Ja
2,000 104
104 104
Feb 98% Feb
9855 188,000 08
Coal (38 '41
98
Jeddo Highland
Utilities Pr Jr IA 55....1001.1 98
Jan
Jan 96
1936
5.000 96
96
96
Keivinator Co 69
Jan
79
38
Utilities Serv deb 645'
6,000 7355 Jan
Jan
76
76
76
Star 106
5,000 103
Without warrants
163 103
1937
Valvoline 011 75
Feb 100 Mar
094 164,000 98
Jan 871
5 Feb
9934 99
85
8655 8,000
86
Koppers G & C deb 58_1947
Mar Van Camp Packing 68_1948 86
6,000 9935 Jan 101
100 101
12,000 974 Mar 10055 Jan
Laclede Gas Light 5545 '35
9751 98
98
Jan Virginia Elea Pow 58. _1955
54,000 10255 Star 106
Mar 9655 Jan
1,000 90
9054 9051
Lehigh Pow Senor as...2026 10355 10255 10355
Webster Mills 655s__ _1933
193,000 109,5 Jan 12155 Mar
Leonard Tints Inc 7558 '46
Western Power 535s..i957 1174 11555 11715
Jan 1024 Jan
4,000 101
Jan
102 10255
9,000 9955 Mar 104
Without warrants
9955 102
1,000 9915 Mar 9915 Mar Westvano Chlorine 5558'87 101
Jan
9955 9914 9914
Mar 89
,
8835 116,000 88
Lexington Telet Os w
88
e Iin nt R y 53
Jan tthee ceg Stee1455s___11453 88
29,000 904 Feb 94
964 Jan 984 Jan
Libby, NIc/4 & Libby 5s'42 9054 0015 92
9756 9655 9754 25,00
1930
Wise
Feb 9954 Jan
30,000 97
98
97
Star Gas Corp 58 1942 97
Lone
Feb
Foreign Government
14)33.4 Jan 1(16
Long Island Ltg (is_ _1945 10451 104 10455 9,00
and Municipalities-5,000 10054 Mar 10015 Mar
10055 10035
Los Angeles Gas At El Ss '51
Agricul kltge Bk Rep ofCol
Jan
944 9555 3,000 944 Mar 9555 Mar
Mar 99
8,000 96
New
20-yr 7s___Jan 15 1947 984 964 984 54,00
9055 Mar 9434 Jan
9055 9155
Jan Antwerp (City) Ss ..1958 91
24,000 99
Jan 101
Jan
Slat 98
94
9555 5,00
94
Manitoba Power 5148_1951 9955 99 100
Baden (Germany) 79..1951
Mansfield Min & Smelt
Mar Bank of Prussia Landowners
Feb 103
4,000 100
101 101
Jan 974 Feb
78 with warrants_ _1941 101
953.4 9655 9751 12,000 95
Feb
Ass'n 6% note)._ --1930
Mar 97
1,000 93
93
93
Jan 10455 Feb
NV[Mout warrants
102% 10255 10355 49,000 102
Jan
10234 1034 75,000 102% Fel 10455 Feb Buenos Aires(Prov) 7549'47
Mass Gas Cos 5559-1946 103
100 10055 37,000 999 55 Jan 101
1952
is
Mar 9955 Jan
9555 21,000 95
95
McCord Rod & Slfg6s 1943
Cauca Valley (Dept) CO.21,000 8855 Mar 964 Jan
Memphis Nat Gas68_1943
8854 91
Feb
Jan 107
ombia esti f 78__ _ _1948 90
102 1034 120,000 9655
102
With warrants
Jan Cent 131t of German State&
9655 964 27,000 934 Mar 99
Mar 8755 Feb
24,000 85
Nletrop Edison 43.48i968
86
85
Pros Banks Os B. _1951
10055 Feb
874 Mar
la
Milwaukee Gas Lt 4558 '67 9955 9655 9955 38,000 9654 Ma
8634 8734 2,000 85
1952
6s serial A
9255 Jan
J81:I
894 9035 10,000 8915 Ma
71,000 8855 Jan 89
Minn Pow & Lt 4558..1978
8634 8734
1958
5
6555
1,000 101 , Jan 10254 Jan
10254 10255
1014 Jan
Montgomery Ward 58_1946
Mar 10155 Jan Danish Cone Muffle 548'55 994 9834 9955 56,000 9835 Mar
98
2,000
99
98
Montreal L H & P col 58'51
Jan Danzig P Jr Waterway Bd
9955 Mar 101
Jan 8455 Jan
Morris & Co 7555...1930 10055 9955 10055 9,00
4,000 81
83
83
Exti s f 655s
Jan
Jan 89
Munson SS L111°56145_1937
8754 8755 7,000 86
1967
1952
Feb Erdonia (Rep) 719
9774 mar' 99
9715 97% 9854 14,00
With warrants
5.000 9235 Star 96% Jan
9255 9255
Marl 10054 Jan Frankford (City)6548_1953
97
97
Jan
9855 39,00
98
Jan
A '57 08
Narragansett Elec fis
9755 24,000 96
96
Jan German Cons Munk)75 '47 97
Jan 101
8,000 100
Jan
Star 89
'35 9955 9954 100
Nat Distillers Prod 6
8555 37,000 85
1947 8555 85
(is
Mar 1054 Feb
102
29,00
102 104
Nat Power Jr Lt 65 A.2026 104
Jan 834 Jan Indus Mtg lik of Finland
81
824 79.00
Jan
81
Jan 102
Nat Public Service 59_1978 82
2,000 101
101
101
let mtge col a t 75...1944
Jan
Feb 163
3,00 130
Jan
1374 140
Mar 93
Nat Rub Mach'y 65..1943 140
9.000 91
91
91
Star 98 15 Mar Lima (City)Peru 655s 1958 91
98
Jan
984 5,00
1939 9851 98
Toll Bdgel3s
Star 91
Nat
10,000 86
87
86
Nlaran tufo (State) 75_ .1>4514 86
Feb 984 Jan
Nat Trade Journal 68_1938 9154 9155 9355 27,000 91
4,000 9555 Jan 9714 Feb
9634 9694
Mar Medellin (Colombia) 75 '51
11,00 107% Jan 110
Nebraska Power 65 A .2022 1083.4 10855 110
Mar 1084 Jan
Menden (Prov) Argentina
Neisner Realty deb 68.1948 1074 107 10755 51,000 107
35,000 9655 Star 9834 Jan
1951 9655 9(34 97
7 Hs
Mar 974 Feb
92
9335 22.000 92
Feb 9655 Feb
New Eng 05: El Assn 59'47
13,000 94
Montevideo (City) (39 1959 944 944 96
Mar 974 Jan
9355 23.000 91
Feb
1948 9155 01
Mar 94
58
904 22,000 90
Mtge Bank of Bogota 78'47 9035 90
Jan
N y & Foreign Invest
Mar 94
904 24,000 90
90
90
New
Feb
Mar 94
100,000 90
91
Mar 984 1.1)
5558 A with warr _1948 9055 90
97
9751 41,000
97
Mtge Bank of Chile (is 1931 97
Mar 9315 Jan
Mar
Mar 97
95
N Y P & 1. Corp 1st 4548'67 9055 9035 9054 08,000 90
964 21,00
95
55'72 95
Mtge 13k of Denmark
12,000 10454 Jan 1084 Feb
1044 105
Niagara Falls Pow 68.195(1 105
7551 Stat 8255 Jan
7955 19,00
Jan
92
Jan
Mtge 13k of Jugoslav 7s57 7555 754 10255 5,00 1024 Mar 107(4 Feb
90
9055 3.000 90
Nippon Elea Pow 6 He 1953
10255
1972
Net herlands fis
Mar 10155 Jan
6.000 98
98 100
Mar 934 Jan
North Ind Pub Serv 591966
11,000 89
90
89
90
Feb Parana (State of) Bros 78'58
10154 10251 10,000 10155 Mar 104
0
Feb
Fel
97
92
Nor States l'ow 654% _193'3 102
9535 13,00
93
Feb Prussia(Free State) 6558'51 93
5.000 100
101
101
Mar 103
Mar 9055 Jan
North Tetas Utilities 7s'35 101
88
57,00
89
88
(of '27) Oct 1552 88
Extl 6s
Jan
Feb 101
Ohio Power Ss ear B.-1952 984 9855 9955 15.000 99
9135 924 47,000 9135 Mar 9355 Jan Rio Grande do Sul (State)
1956
Jan
94
Star 97
4555 series 13
944 4,00
Brazil 7s (of '2774..1957 9455 94
99
99
10,000 98% 1.eh 10055 Feb
Mar 894 Feb
88
Oblo River 1,,fllson 1st 55'51
47,00
89
88
s
101
2.000 100
101
Jan 10255 Feb Ruzanlan Mono In.st 78'59 8894
Osgood Co with warr Os '38 101
9434 96
59,000 9455 Nfar 9855 Jan Russian Governments
Mar
15
.5.000 1255 Feb
15
13
Pao Gas Jr El 1st 4358.1957 9455 94
1919
95
Jan
14,000 94
1918
Mar
¶44(3.4 Feb
t 5.4
15
Jar
Pacific
-6 1019 1455 124 15 158,000 1255 Feb
Hs ctfs
96% 69,000 9551 Feb 984 Jan
1355 Mar
Western 011655s'43 9635 96
12>4
Pacific
1255 1355 37,000
1921
5145
Mar
15
89,000 1255 Feb
penn-Ohlo Edison es 1950
1251 15
Certificates...1921
555e
Jan
24,000 419
99% 100
Mar 102
Jan
9954
1,000 9855 Mar 101
Without warrants
9855 9855
1935
Feb Haar Baffin 78
96 L5 Feb 97
97
Mar 1014 Feb
7,000 99
993.4
5548 WIIC1115.01ed__ 1959 9655 9655 10055 33,000
99
1935
3,000 100% Pet, 1014 Jan Saarbrucken 78
10055
Penn Pow & Light 541 B '52 10034 10055 101
6,000 100
Feb 1024 Jan Santa Fe (City) Argentine
Jan
20,000 9255 Jan 96
9215 94
1st & ref 58 ser D...1953 101
Feh
9855 42.000 ' Feb 100
Republic mai 79_ ..._1945 9355 98 100
91
Jan
25,000 974 Jan 100
P00111111 1.1 A l'r _ _ 1979 9855 98
1,000 10255 Mar 10355 Feb Santiago (Chile) 78_ _1949 98
1024 10255
Jan
85
Ma
824 16,000 80
Philadelphia Elea 58..1960
80
82
Feb Silesia (Pros) 75 514,t9291958
Mar 107
3,000 100
106 106
1947
9955 Ma 1Q04 Jan
9931 994 094 15.000
5558
7.000 10255 Mar 1054 Jan Switzerland Govt
10255 104
Phila Elea Pow 5545 1972 104
Mar 1034 Feb
3,000 100
100 100
• NO par value.
Phila Rapid Trani; 09 1962
follows:
"Under Ihe rule" sales were made as e Danish Con. Munie. 5 48, 1965, Jan.
Phila Suburban Cos
128;
Feb 98% Jan
9755 9834 14,000 97
a Amer Meter Co., Jan 15 at
'57 98
Gas & El 1st & ref 4549
Jan St 105, p F:dueational Pictures Pref. Feb. Oat 100.
Stern 68_._ 1048 10114 10155 1024 22,000 1014 Mar 103
pittsburgh
,
9715 Jan
9751 19,000 9634 Jan
"Cmda•• Palen were 111/0111118101110111: fa Jan. 22 at 09
Potomac Edison 5s__ 1956 9755 9655 98
Mar 9855 Feb
24,000 97
97
4 Arkansas Power Jr Light ha ref
son Candy, class A Star.
Power Corp of N Y 554847 974 9(355 97
Fen 9755 Jan
4,000 96
sales were made as follows: u Schutter-Jobn
"Option"
Procter Jr Gamble 4555 '47
Fel) 100 at 6.
Fel, 105
102 10255 37,000 102
reported last week
Queensboro & E 5%s'52 102
A
Jan
99
Jan
984 29,000 98
-Sales of Southern Grocery Stores classA. at 10, of Capital Adminis98
Note.
notes 1930 98
Sales
Rem Arms 534%
Mar 10255 Jan was an error: should have been Southern Stores class
9954 23,000 99
9954 99
Richfield 011555% notes'31
error: should have been Canadian National fly.
Mar 8834 Jan tration 435s, 1968. last week an
8555 70,000 83
Rochester Cent Pow 5s '53 8555 83
Jan 455e, 1968.
Mar 04
88
25,000 85
85
1953
Ruhr Gas 6 He
1
1716
FINANCIAL CHRONICLE
D'or.. 128.
Quotations of Sundry Securities
All bond price* are
Public Utilities
and interest" except where marked
"r%
Railroad Equipments
Chain Stare Stacks
Par Bid Ask
Investment Trust S
Par Bid
Ask
American Gas & Eleotric_t *153 155
Par
Ask
Chicago & North West
and Bonds
5.30 5.00 Consol Ret Ste. 8% of with Bid
Par BM Ask
5% Preferred
•104 1063
Amer Internet Bond & Sh_
Eoulpment6 Me
4
5.10 4.90
47 50
warrants
Amer Light & Tree corn. 100 235 240
100 112
A m er Scottish I
.ret sec
A d
Chic RI & Pao 4341 & 58.. 5.10 4.80 Diamond
Invest -__
27
29
Shoe, corn
Preferred
44
47
100 115 118
Equipmentfle
5.30 5.00
urCo
Preferred
Amer Pow & Light
104 108
Astor Financial clam A
Colorado & Southern 615.40 5.00 Fan Farmer Candy
47 50
'Mb 682016_ .....M&S 1053 106 Delawar
pref 1 30
32
Sb
Class B
s
e & Hudson 68..... 5.25 5.00 Fee Bak Shops,
10
14
.7
A m sr Public ULU corn.,.,.100
corn
9
Atlantic & Pac com
50
Erie &Me& 5e
5.20 4.90 ' 7% with warn.....
,
ref
% Prior preferred__ 100
.100 95 100
94 98
Preferred
Equipment 66
5.60 5.20 Feltman & Curme
artlo preferred
Shoe
100
94
Atl at Pac Intl Corp units
98 Great Northern 13e
5.30 5.00
75°12 I
433
Stores A corn
A
Appalachian El Pr pi__ _100 107 10811
Bankers Financial Trust__
Equipment Is
5.10 4.90
25 ...7% preferred
Associated Gas & Elea
100
65
Bankers Investml Am corn
Hooking Valley 8e
5.10 4.90 Gt All & Pao Tea
1514
$5 preferred
vol com_T *350 360
*97
Debenture shares
Equipment thi
5.25 5.90
Preferred
Com'w'ith Pr Corp pref-100
100 114 117
997 1007 Illinois Central 4345 & 58.... 5.05 4.85
Bankers Sec Tr of Am corn . 3312 -3 8
s
17
10
Howorth-Snyder Co. A-Earn. UHL Aso,. corn
13
15
1 *39 40
Baninstocks Holding Corp__
Equipment
5.20 5.00 Kinnear Stores corn
20
24
Cony. Mock_
•123 1312
Banstocks Corp of Md units
4
Equipme
5.10 4.90
8% preferred
Elm Bond & Share pre/ _100 107 108 Kanawha nt 78 & 0348-100 130 140
Class 4
& Michigan 6e___ 5.30 5.00
-11;
General Pub Serv corn---t
*230 245
3812 4012 Kamm City Southern 550. 5.25 5.00 Knox Hat,corn
Class B
712 8
$7 cum pref
•105 10812
67 preferred
192
Louisville & Nashville 61_
Preferred
5.25 5.00
38 41
CIA partie pret
Cien'l Public Util
*57 64
9312 95
100
Basle Industry Shares
Equipment654.
5.10 4.90
94 97
s
Mississippi Itiv Pow pre:
1 *6314 70
.100 *.2104 106 Michigan Central Is & 6.._. 5.10 4.75 Kobacker Stores corn
British
Cum pref 7%
First mtge 68 1951.-X&J
100 104 108
98 100 MinnSt P& BEI M 630 & tie 5.30 5.00
Lane Bryant Inc corn
Deb Is 1947
/
MAN
Colo nnlain nc I8 utge 17
C nti ienI i torrit
96 98
Equipment 634e & 7e
aTy Lsvest
ta
n
. 5.50 5.00
h
A.-- 1526534 257734
7% cum oref
National Pow & Light pref-1 *105 10712 Missouri Pacific 61
100 124 132
5.25
North States Pow com_100 155 157 Mobile & Ohio 5s & OMB-. 5.15 4.95 Leonard Fitspatrick &
Preferred
4.95
82 85
Muller Stores corn
34
7% Preferred
1 *29
100 10812 11012 New York Central 4348 & 61 5.00 4.85
5s 1942 with warrant
1211's 1215778
____ ....Preferred 8%
SOT Texas Elm Co com-100
100 113 118
5
8
Equipment tie
Without warrautree3Cm.-9-7
6.25 5.00 Lord & Taylor
feaa
380 395
Preferred
100
100
27
Credit Alliance A
30
Equipment 78
5.00 4.80
45 47
First preferred 6%......l00 100
Ohio Pub Sere.7% prof.
-100 109 111
Crum ds Forster ImmoNorfolk & Western 4348......
5.00 4.80
Second pref.8%
100 110
6% Pre
102 104 NorthernPacific 7e
shares coin
5.15 4.95 McLellan Stores6%
!seine Gas & El let pref..
pref 100 100 16i.20
263 2714 Pacific Fruit Express 78...
4
Preferred
5.00 4.85
PagetSound Pow& Lt6%p t *98 100 Pennsylvania RR eq 5e --- 5.00 4.85 Melville Shoe Corp
Diversified Trustee she
112913s 112343
8
6
017 s
1st pref 6% with warr...100 105
5% preferred
*89
91
PItteb & Lake Erie 634e
Shares B
5.05 4.80 Mercantile
2314 24
7
Stores
1st & ref 5548 1969_ _J&D 100 10112 Reading Co
Eastern Bankers Corp corn.
5.00 4.90
434e& Si
Preferred
South Cal Edison 8% DL _25 *50
100 103
60 St Louis & San Francisco Si. 5.00 4.90 Metropol
Units
145 fiiitan Chain Stores_ t
Stand G & E 7% Pr PI
-100 110
Finan & Indust Ser com___. 145
Seaboard Air Line
5.75
New preferred_ __
Tenn Elee Power let pref 7% 107 10812 Southern Pacific 6348 & 66 6.00 5.95
117 122
First Fed Foreign Inv Trust
Co Ms._
4.85 Miller (I) & Sons coin _ 100 *451z 46
_r _ igi6% preferred
-1
100
Fixed Trust Shares
9814 99
Equipment71
5.10 4.90
- Is 227
22
8
Preferred 634% •
Toledo Edison 6% pf
102 105 Southern Ry 434e & 6e
100 9412 9812 Foundation See C0111
5.10 4.90 Mock Judson &
Voekinger pf. 101 105
7% pref
100 1083 11012
General Trustee common.
Equipment65
4
5.30 5.00 Murphy
21
13 28
12
(0 C) Co corn.... *100 108
Western Pow Corp pref _100 106 110 Toledo & Ohio Central
New units
68... 5.3 5.00
70
75
8% cum
100 104 109
8% bonds
Union Pacific 7s
5.10 4.90 Nat Family pref
90
Stores Inc warr 17
Greenway Corp corn
22I - -.1;2
1..1I :
3_ 1
6
4
Nat Shirt Shope, corn
Short Term Securities
4
.17 16"
Aeronautical Securities
Preferred (w v)
Preferred8%
100 85 90
keromarine-Klemm
Guardian Investment
712 812 Nat
Allis Chal Mfg, fot May '37_
Tea 612% pre!
100 101 105
99 9914 Aeronautical Industries...... 24
Preferred_
2412 Nedick's Inc corn
Alum Coot Amer.55 May'52 10114 10112 Air Associat
*23' 25
Guardian Investors
12
es
14
" 6
1
17
Amer Rad.deb 4 Me, May'47
Nehmer Bretz Inc corn
155 165
95 97
6%
Air Investors corn
21
211s
Am Roll Mill deb 5e, Jan '48
Preferred 7%
IN 206 215
94 9512
531111118
4012 4112
Preferred
45 1 0
45
98
9
Anglo-Am 011434s, July '29
Newberry (J J)Co corn
.119 121
Inc
99 993 Airstocics Inc
47 49
4
Equities
4912
Ana'da Cop Min 181 cone fle
Preferred 7%
100 105 10712 Incorporated Investors.,..
co
Alexander Indus corn
1 20 2012 NY Merchandise
9812 ioiFeb. 1953 104 10412
corn_ -1 *42 4312 Insurunsaaresser A
8% participating pref
*90 95
Batavlan Pete 4 Ae____1942
First pref7%
105
1
90 9114 Amer Aeronautical
Series B 1928
24
22714 28314
26
32
Bell Tel of Can Is A _Mar'55
Penney (J C) Co new __ _100 129 132
99 100
American Airports Corp_
Series C
95 100
3 12 3212
28
0 28
Beth SU 5% notes June 15'29
Rights
260
991 100 Amer Eagle Aircraft
Series F
12
13
Sec 5% notes_June 15 '30
Peoples Drug Storm corn..1
983 9912 Aviation Sec Co of NE
Series H
23
231*
Bee 6% notes_June 15 '31
634% cum pref
100 115 125
983 9912 BellancaAlrcraft Corp, new
inter Germanic Tr new
19
227 2 812
15 25
193 Piggly-Wiggly Corp
4
Bee 5% notes_June 15 '32
*4712 5012 Int See Corp of Ara
983 9912 Berliner-Joyce Aircraft
20
21
corn A_ 6412 6711
34 3
Com'i Invest Tr 5e_May '29 981 9912 Cessna Aircraft
Preferred 8%
100 103
Common B
new corn.... 27
2712 Reeves(Daniel) Preferre
5% notes
May 1930
grit 9712
d _ 98 102
Preferred
0 M % preferred
100 110
94 99
Cud Pkg,deb 5 Me_Oct 1937
Rogers Peet Co corn_
_100 130 140
971 9814 Claude Neon Lights
6% preferred
395 405
91
95
Cunard SS Line 4348 Dec'29
Safeway Stc.res pref
97 100
Invest Co of Am corn
New w 1
98 4 9914
40
,
41
38
45
Ed El Ill Bost
Saunders(Clarence), corn B. 3412 3712
Consolidated Aircraft
7% preferred
3714 373 Saunder
x95 100
4
notes. _Nov 1930
s (Clarence) Pacific
434%
99 9912 Consolidated Instrument-1 32
Series A units
164 .._
3214
.
Empire Gas & Fuel 58
Stores A corn
Crescent Aircraft
Investment Trust of N y
12
1212 13
13
June 1929-30
Preferred
971 993 Curtis Flying Service
Invest Trust Associates_ _ _ _ 46
4
2212 23
51
Pick Rub 5 Me___Jan 1931
Schiff Co corn
68
933 9412 Curtiss-Robertson Airplane
74
Joint Investors Cony. pref........
Gen' Mot Accept.
.
Cum cony pref 7% - - -100 260
Units
120 130
Kent Securities Corp corn
1f
5% serial uotes_Mar '30
Silver (Isaac) & Bros corn_
pet 100 Curtiss Assets
*73 1630 35
Preferted
100 102
6% serial notee_Mar '31
7% cum cony pref___.100 118 123
981 99 Curtiss Reid pre:
Keystone Invest Corp notes_ 147 149
30
32
5% serial notes_ _Mar '32
Southern Stores° unite_ _ _
971 98 Fairchild Camines Engine- 55 65
80
Massachusetts Investors_
527 555*
8
5% serial notes_Mar '33 9812 9712 Fokker Aircraft
Spaid (A 0)& Bros. corn 100 305 330
Mohawk Invest Corp
39
41
61.1
U S Stores corn class A
5% serial notes_Mar '34
9512 97
*512 712 Motor & Bankstock Corp
t
Preferred
19
22
1112
-.
5% serial notes_Mar '35
Com clam B
9412 96 Great Lakes Aircraft
*312 412 Mutual Investment Trues_
24
241*
1212 1312
5% serial notes...Mar '36
let Preferred 7%
9412 96 Haskelite Mfg
100 63 68
35 40
New England Invest Trutt_
12
Gulf 011 Corp of Pa deb 55
Heywood Starter Corp
10
Old Colony Invest 'Tr corn_
11
26 ii"
Standard 011 Stock.
Dec 1937
983 9912 Kreider-Reisner Aircraft..._ 50 57
4
454%
88 92
Deb 58
&Delo-Amer 011 vot stock_ SI •1612 1714 Pacific, bonds
Feb 1947 100 10012 Lockheed-Vega
19
Investing Corp corn, 35
21
39
oppers Gas & Coke deb 58
Non-voting Mock
4
$1 •143 16
Maddux Air lines corn
12
Second Internet See Corp
14
242311 5612
54413; 42771I
:
Atlantic Refg corn eew_25 631. 1333
9914 993 Mahoney-Ryan Aircraft_
June 1947
4
8
19
__
21
Mae Pet 4 Me..Feb 15'30-'35
Preferred
9512 100 Mohawk Aircraft
100 116 11612
12
preferred
14
Borne Scrymeer Co
Mu 011 58. notes June 1530
9712 9812 Mono Aircraft
.40
25 4
43
:
eiC 1II 12132
A%° 4
7
198 100
10
Buckeye Pipe Line Co__ 50 *89
Serial6% notes June 15'31
9412 96
Preferred
70
Shawfnut Bk Inv Trust__ 52
30
35
57
Serial 5% notes June 15'32
9312 95
.26 *151 158
Moth Aircraft Corp unite -. 2012 2112 Cheeebrough Mfg Cons.
454e
1942 8
9 83
5 29
Continental 011 v I c
Maas Gas Coe,534s Jan 1946 10212 103
10 *2612 263
Common
8
10
56 1952
12
Cumberland Pipe Line...100 6712 69
Pacific Mills 5348.--Feb 31
96 98 National Air Transport
Os2 . 1 _
'
3
40 .
2 3 ..
,
People() Gae L & Coke 4348
Plpe Line Co.
..l00
Nat Aircraft Mat'ls Corp....
14 -15 EurekaSignal 011 corn...100 82 65 South Bond & Share
Galena
Dee 1929 & 1930
512 7
99 100 National Aviation
Com & allotment ctfs 19 7
7012 7112
-Proot &(lamb,4348 July '47
Preferred old
100 75 83
96
9612 North Amer Aviation
$3 pref allotment ctfs_
1514 1512
50 52
Sloes Shef SU & 1r 68 Aug'29
Preferred new _ _
75 90
99 4 10012 Pollak Mfg
3
612 712 Humble Oil & Refining.._100 *103 10312 Stand int Secs Corp unite_ _
Swift & Co 5% notes
...25
Scenic Airways common
Standard Investing Corp
312 5
-3
i- 16Illinois Pipe Line
Oct 15 1932
100 30912 312
99% 10014 Stearman Aircraft corn_ _ .• 120 128
654% preferred w w
100 103
rha NJ RR & Can 48 Sept'29
imperial Oil_
95 953
991s 99% Stinson Aircraft corn
4
5% bonds w w
12512
Indiana Pipe Line Co__ -50 *8314 87
Win) Cent be
Jan '30
97
State Bankers Financial.... 21
0812 Swallow Airplane
12
24
International Petroleu
*356
Travel Air Mfg New
54
1418
5414 National Transit Co__m ,.. *243 5614 13 S Shares class A
12.00
3 25
Class A 1
U 8 Air Transport
8
10
New York Transit Co_ _100 80
83
United Aircraft w I •
ClassC 1
85 853 Northern
s
fl14 -15
1312 - -American Cigar com__100 138 143
60
Class C 2
Preferred
8814 6812 Ohio 011 Pipe Line Co.._100 55
34 . .
Preferred
25 *6812 69
100 108 111
Universal Aviation
Class 0 3
213 22
4
3 2 347j
Penn Mex Fuel Co
British-Amer Tobac ord__ el *29
25 *33
35
Class D
31
Warner Aircraft Engine new
17
18
167
2
Prairie Oil& Gas
Bearer
Al *29
25 *8112 617 U 13 & Brit Internal el B
s
31
Western Air Express, new..
59 60
17
Prairie Pipe Line
Imperial Tob of0 H & herd *30
4
.567 57
8
32
Class A
Solar Refining new
tat Cigar Machinery new100 106 115
3814 3934
Preferred
Water Bends.
46314 - - 314
31 2 4
3f
-2
Southern Pipe Line Co_ _ _50 1714 18
Johnson Tin Foil & Met_100
55 65
U S Elia I.& Powr
Arkin) Wat let Ii'56 A.A&O 96
,
97
41
43
Union Tobacco Co corn_
431s 433 U S & Foreign See corn
4
1612 1712 Birm WW let 554eA'54.A&O 1013 1023 South Penn 011 new
4
4 S'weet Pa Pipe Lines, new
U12 . 913
1 9.
.
Class A
*66
68
66
Preferred_ _
69
let M Si 1954 sir B__J&D 97
99
Standard
Teung (J ED Co corn ___100 115 122 City W(Chatt)5 Ms'IMAJ
(California).-1 *708 72
Sugar
&D 10112 10234 Standard Oil(Indiana
Preferred
Oil
)._ _25 *903 91
4
100 104
Caracas Sugar
lit M 59 1956
J&O 95
60
3
New
6012 6112 Fajardo Sugar
City of New Castle Water
100 116 118
Indus. A MIscell
Standard 011 (Kansas)._.25 *20
21
Federal Sugar Ref com_100 10
5e Dec 2 1941
J&D 1 94
15
Standard Oil (Kentucky).- *4012 403
s
Preferred
Clinton WW let 60'39.F&A
94
100 25
35
American Hardware
25 *4712 48
25 *70 731 Com'w'th Wat let 534eA'47 100 1E" Standard 011(Neb)
Godchaux Sugars, Inc
I •28
33
Babcock & Wilcox
Standard Oil of New Jer_ _25 *5414 5412
100 126 131
Preferred
Connellev W 5sOct2'39A401 95
rr
Biles(E W)Co
Standard 01101 New York 26 *413 413 Holly Sugar
8
*34914 2513 E St LA Int Wat Si'62.J&J 98 If4
s
Corp cons. .f *3
63 32
0 98
Preferred
Standard 011 (Ohio)
25 *x113 115
60
Preferred
60
let M 68 1942
j&J 100 102
Childs Company pref.
Preferred
100 122 123
..100 105 108
National Sugar Ref
Huntington let Os 14.51&13 100 102
100 8
47 99
5 4712
Hercules Powder new
Swan & Finch
26
New Niquero Sugar
• •115 120
Si
1956 94
96
100 22
30
Preferred
Preferred
100 117 120 Mid Stated WW 68'36 MAN 101
Savannah Sugar oom
1 127 160
Union Tank Car Ca
Internal Silver 7% ret_100 114
142 146
100
Monm Con
Preferred
_
let 58'56A J&D 91
93
100 114 116
Vacuum OH (New)
Phelps Dodge Corp new 100 01612 8712 Monm Val W
26 128 12812 Sugar Estates
Wt 5 411 '50_ J&J 97
Oriente p1100 20
99
24
Wager Manufacturing
100 580 610 Muncie WW 55 Oct2'39 A01 94
Vertlentes Sugar pf. _ . 100 50 60
Investment Trust Stocks
Singer Mfg Ltd
Al
Rubber Stocks (Cleveland
s77 St Joeeph Water 5e 1941A&O 94
s
96 and Bonds
Shenango ValWat 58'56A&0 94
Aetna Rubber common__.1
06
20
Allied Internet Investors-1 111 114
Railroad Equipments
Bo Pitts Wat let 5e 196(1 J&J 97
Falls Rubber corn
t *8
991z Amer Alliance Invest
812
62 66
1st M 6s 1955
Preferred
FAA 981z
i16 *11
173
4
Amer Bond & Share com_10 28
Atlantic Coast Line Os
303 Faultless Rubber
4
5.25 5.00 Ter
W W 6e '49 A _ _J&D 100 103
1*
36
Amer Brit & Cent corn
Equipment6541
2112 2312 Firestone Tire & Rub cora.10
4.90 4.70
15t M tie 1966 ear B...F&D 95
*236 250
Baltimore & Ohio 131
0% Preferred
90 92
5.25 5.00 Wichita Wet let Se'41..M&S 100 103
5% Preferred
100 1095* 110
Amer Cit Pow & L
Equipment 4148 & 5e......
6(3 68
4.90 4.70
1st M 6•31958 Der B IF&A
7% Preferred
95
Amer 'titian Hold coin A....
Buff Roch & Pitte equip Os.
5.00 4.80
General Tire
_26 *205 10
1 9
Am & For Si, Corp units_ Canadian Pacific 434e & 68
83 IE
. Preferred & Rub cam_ 11211'310
5.10 4.70
Chain Store Stocks
Central RR of N J fis
Common
35
5.25 5.00 Am Dep St 1st pf 7%. .100
37
Goody'r TA R of Can pf.100 101 1014
1
Chesapeake & Ohio 68
5% cony deter
1938 97 98
5.25 5.00 Berland Stores units new.. 1111i - 110
India Tire As Rubber
Amer Founders Corp corn
Equipment6 34s
8614 883 Mason Tire & Rubber tom ; *62
5.00 4.80 tieback (H Cl Inc corn_
4
*70
1
54- -2
0
75
Bouipmenttis
6% Preferred
4414 4714
4.90 4.70
7% 1st preferred
Preferred
100
8
100 105 110
7% preferred
50 53
sr)
M olerw tuRberbpr eferred-100 75
m ilha R b ub e
Butler(James) corn
11
77
140th,
60c 64c
Preferred
100 55 9
100 35
59
0
45
Amer &Gerd Sec. unite.... 7312 7512
Preferred
100
ClassA
30
34
itelperregTire & Rubber,...? *5612 59
re iln m
"
Class B
12
14
•Per share. 3 No par value.
100 10612 107
Basis. d Purchaser also pays accrued dividend
. a Nominal. z Ex-dividend. y Ex-rights.
r Canadian quotation. aflalepnici
butestutent auttgailroafi Xttiting,ente,
-In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
first Week of March. The table covers six roads and shows
3.72% increase over the same week last year:
First Week of March.
Increase. Decrease,
1928.
1929.
$4,391,839 $4,481,273
3.802,000 3.659,000
356,905
318,517
498,577
539,100
3,508,681 3,562.251
375,721
355.338
6410,566
143,000
813,415.475 $12,933,727
8594,089
481.748
Canadian National
Canadian Pacific
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (6 roads)
Net increase (3.72%)
$38,388
40,523
53,570
20,383
$112,341
In the table which follows we also complete our summary
of the earnings for the fourth week of February:
1717
Blackstone Valley Gas & Electric Co.
Gross earnings
(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
S
S
8
8
547,932 6,132,321 5.914.838
600.101
Operation
Maintenance
Taxes
273,085
20,074
34,332
264.399 3,038.982 3,142,512
253,266
273.168
23.926
374,915
385,953
33,639
Net operating revenue-Income from other sources
272,608
225,968 2,434.217 2,144.143
42.119
686
Net income
Deductions
2.434,904 2,186,263
105.500
105.500
Balance
Interest and amortization
2.329,404 2,080.763
536.318
568,925
1,760,478
Balance
1.544.445
Boston Elevated Railway.
1929.
Fourth Week of February.
1928.
Increase.
$911,746
7,954
8,798
1,988
$14,261,752 $15,192,238
$930,486
930.486
Total (9 roads)
Net decrease (6.14%)
In the following table we show the weekly earnings for
a number of weeks past:
CurAnt
Year.
Previous
Year.
Increase or
Decrease.
8
15,877,441
15,642,128
15,776,100
12,177,506
11.317,960
12,137,810
12,780,980
19,183,384
12,956.515
13,630,111
8
14,501,895
14,280,804
14,365,208
12,061.018
11,212,753
12,721.605
12,905,285
18,082.346
13.296.256
13,598.284
$
+1,175.546
+1.361,324
+1,410,892
+116,488
+105,207
-593,795
-124,303
+1,101,038
-340,741
+31.827
Week.
week Dee. (12 roads)
week Deo. (13 roads)
week Dec. (12 roads)
week Dec. (10 roads)
week Jan. (11 roads)
week Jan. (11 roads)
week Jan. (10 roads)
week Jan. (11 roads)
week Feb. (11 roads)
week Feb. (11 roads)
week Feb. (11 roads)
week Feb.( 9 roads)
week Mar. 5 roads)
(
let
2d
3d
4th
let
2d
3d
4th
let
2d
3d
4th
1st
13.368,601
14,261,752
13,415,475
13,226,590
+142,011
15,192,338
12,933,727
-930,486
+481.748
Per
Cent.
9.49
9.53
9.82
0.96
0.94
4.60
0.97
6.08
2.56
0.23
1.06
6.14
3.72
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.
Inc. (-I-) or
Dec.(-).
1927.
1928.
1928.
$
$
Jan
456,520.897
486.722.646
-30,161.749
February
March
455,681.258
504,233,099
473,428.231
509.746.395
501,576,771
512,145,231
556.908.120
554,440,941
616,710.737
530,909.223
484,848,952
1929.
486.201.4115
468.532,117
530,643.758
497,865.380
518,569,718
516.448,211
508,811,786
556,743.013
564,421,630
579,954,887
503,940,776
458,660,736
1928.
457.347 1110
-12,850,859
-26,410,659
-24.437.149
-8,823,323
-14,871,440
+3,333,445
+165.107
-9,980,689
+36.755,850
+29.968.447
+26.188,216
April
May
June
July
August
September
October
November
December
January
1927.
Mies.
239.476
239,584
239,649
239,852
240,120
240.302
240,433
240,724
$
Miles.
238,608
238.731
238,729
238,904
239.079
239,066
238.906
239,205
239,205
239,602
239.982
236.094
1928.
240 417
240.693
240.661
241,138
237.234
1929.
240855
-1.28.855888
-Month of January-.
1928.
1929.
$
$
2,964,509 3,071.127
Decrease,
$14,130,560 $15,042,306
Previously reported (6 roads)
103,622
95,668
Duluth South Shore 41; Atlantic_ __ _
30.300
39,098
Georgia & Florida
5,224
7,212
Mineral Range
Receipts-
From fares
From operation of special cars, mail pouch service,
872
682
express and service cars
From advertising in cars, on transfers, privileges at
67.345
68,143
stations, &c
From other railway companies for their use of tracks
7,835
4,147
and facilities
6.847
5.368
From rent of buildings and other property
24.211
29.734
revenue
From sale of power and other
3,072,585 3,178.239
Total receipts from direct oration of road
11,537
10.486
Interest on deposits, income om seCurities, &c___3.083.071 3,189.777
Total receipts
Cost of Service
290,291
280,612
Maintaining track, line equipment and buildings
364,112
375,033
Maintaining cars, shop equipment, &c
Power
Transportation exp.(incl. wages of car service men)Salaries and expenses of general officers
Law expenses. injuries and damages,and insurance
Other general operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Subway, tunnell and rapid transit line rentals to be
paid to the City of Boston
Cambridge subway rental to be paid to the Commonwealth of Massachusetts
Interest on bonds and notes
Miscellaneous items
Total cost of service
Excess of receipts over cost of service
Passenger revenue
Other revenue
Oper. expenses & taxes
Income deductions
Net corporate income
January
February
March
April
May
June
July
August
September
October
November
December
January
Amount.
8
93,990.640
108,120.729
131,840,275
110.907.453
128.780,393
127.284.367
137.412,487
173.922.684
180.359,111
216,522.015
157,140,516
133,743,748
1929.
117,730,186
$
99,549.436
107,579,051
135,874,542
113,818,315
126,940.076
129,111,754
125.700,631
164,087,125
178,647,780
181,084.281
127,243,825
87.551,700
1928.
94,151,973
$
-5.558,796
+541,678
-4,034,267
-2,910,862
+840.317
-1.827.387
+11,711.856
+9,835,559
+1,171,331
+35.437.734
4-29,896.691
+46.192,048
-5.58
+0.50
-2.96
-2.56
+0.66
-1.41
+9.32
+5.99
+0.96
+19.56
4-23.49
+52.74
+23,578,213
+25.04
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1928.
1929.
1928.
1929.
1928.
3
• New York CentralDecember__31,463,928 29,155,738 9.550,042 5,996,327 4,547,679 4,380.331
From Jan 1_381733244 383377,311 93,434,041 89,977,475 64,215,594 64,677,578
• Union RR.(of Pa)
235,992 -43,974
262.202 -50,871
566,291
December.. 706,009
945,451
From Jan E10,142,499 9,779.136 2,569,523 1,160,940 2,161,794
*Corrected.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Baton Rouge Electric Co.
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue_..-
Income from other sources
Balance
Interest and amortization
Balance
1,119,144 1,032,755
121.183
113,841
54,126
5,382
10,225
49,244
7.216
10,316
520,407
68.914
112.676
474,215
71.788
111.245
51,450
47.064
417,145
3,065
375.506
420,210
78,762
375,506
70.714
341,448
304.791
166.545
33,411
33,361
214,731
213,272
8,959
10,002
3,008,827 2,998,395
191,381
74,244
-Month of February- -8 Months Ended
Feb.28'29. Feb. 28'28.
1928.
1929.
S
S
S
S
919,668 7,379,169 7.515,766
859,505
169,438
190,239
21,604
22,996
820.074 6,592,079 6,624,167
768,768
348,605
329.692
41.480
39.632
712,432
647,637
72,718
74.101
-Month of January- 12 Mos. End. Jan. 311928.
1929.
1928.
1929.
$
$
$
$
654,265
670,560
62,118
64.830
384,642
407,090
36.172
36,990
98.841
90.695
7,836
7,658
31,506
30.608
3,018
3,208
Gross earnings
?
ration
aintenance
Taxes
16,972
68,562
139,275
68,520
73.604
Net operating revenue---Interest charges
70,754
142,166
15,090
Balance
Columbus Electric & Power Co.
Per Cent.
1927.
187,595
Cape Breton Electric Co., Limited.
Inc. -I-) or Dec. (-)•
Net Earnings.
248,865
980,712
7,971
149,665
109.110
161,504
262,513
(The) Brooklyn City Railroad Co.
Month.
1928.
247,118
977,544
7,526
151,154
116,812
146,888
261.903
Gross earnings
(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
S
8
S
i
386,330 4.317,971 4,250.142
393,929
112,403
Operation
Maintenance
22,755
40,835
Taxes
Net operating revenue__-Income from other sources ^
Balance
Interest and amortization
Balance
217,934
121,777 1,284,437 1,315,100
210,881
249,252
27.112
378.870
432,826
40,149
197.291
2.351,456 2,345,289
11.656
15,402
2,366,858 2,356,945
892,304
875.828
1.491.029 1,464,640
1
Detroit Street Railway.
-Month of February- 12 Mos. Ended Feb. 28
1928.
1929.
1928.
1929.
$
$
i
Operating Revenues
Railway operating revenues_ 1,878,202 1,729,715 21,736,838 20,220,714
276,739 3,473,807 3,328,359
Coach operating revenues_ __ 369,872
Total operating revenues__ 2,248,074 2,006.455 25,210,645 23,549,074
Operating Expenses
'Railway operating expenses__ 1,473.797 1.326,761 16,379,862 14.926.706
284,115 3.415,670 3,170,285
Coach operating expenses_ _ _ 356,419
expenses__ 1,830,216 1.610,876 19.795,532 18.096.991
Total operating
395,578 5,415.113 5,452,082
417,857
Net-operating revenue
763,205
774,107
62.516
67,000
Taxes assignable to oper_ _ _ _
355.341
328,578 4,641,005 4,688.877
ckperating income
238,899
233.809
7,044
20,674
Non-operating income
362.386
Gross income
Deductions
Interest on funded debt:
60,286
On construction bonds10,439
On purchase bonds_____ _ _
15,430
On addt'ns & betterm'ts bds
22.583
(D
On purch.contract .U.R)
349.252 4,874,814 4,927.776
108.739
11.179
142,345 1,748,815 1,868.551
21,062
105.381
6,065
Total interest
Other deductions
119,919
Total deductions
242,466
Net income
Disposition ofNetIncome
Sinking funds:
39.868
For construction bonds_ _ _
10.202
For purchase bonds
12,273
For addit.& better. bench'.
(D.U.R) 137.124
For purch.contract
Total sinking funds
Residue
Total
60,286
10.873
15,983
55.203
785,875
137,509
199,382
626,049
785,875
143.162
212,646
726,867
148,410 1.854,196 1,889,614
200,841 3,020.617 3,038.162
503,122
519,709
39.868
133,000
133.009
10.202
155,479
160,000
12.273
137,124 1,787.518 1,787,518
.199,469
42.997
199.469 2,579,119 2,600,227
437,934
1,372
441.497
242.466
200,841 3,020,617 L038,162
•
1718
[Vol,. 128.
FINANCIAL CHRONICLE
Eastern Utilities Associates
(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
Gross earnings
864,117
768,114 8,646,498 8,268.934
Operation
Maintenance
Taxes
379.576
34.803
68.653
371,784 4,244.281 4,288,305
414,326
34,967
369,146
60,426
720.239
685.853
Net operating revenue....
Income from other sources-
381,084
339
300,936 3,267,651 2,925,629
832
13,551
52,397
Balance
Interest and amortization
381,424
53,645
314,487 3.268,483 2,978,026
59.669
626,001
705.942
Balance
254,818 2,562,540 2,352,024
327.779
Dividends on preferred stock ofsubsidiaries
127,152
127,152
Balance
2,435.388 2,224,872
Amount applicable to common stock of subsidiaries
in hands of public (as ofJan.31 1929)
119.941
109,293
Bal. applic. to reserves & East. TAR. Assoc
2,315,447 2.115.579
Houston Electric Co.
-Month of January- 12 Mos. End. Jan. 31.
1928.
1928.
1927.
1929.
Gross earnings
281.336
268,833 3,355,797 3,088,749
Operation
Maintenance
Taxes
138,886
42,319
25,499
129,892 1,606,975
466,320
37,975
291.505
25,667
1,570,288
401,395
271,838
990,995
350.876
845,226
354,382
640,119
61,172
490.843
31.106
578.946
459.737
Net operating revenue.-74.630
Interest and amortization (public)
75.298
Balance
Interest and amortization (G.
-H. E. Co.)
Balance
Illinois Bell Telephone Co.
-Month of January
1928.
1929.
Gross revenue
Operating income
7.470,000 6,530,000
1.635,000 1,235,000
Jacksonville Traction Co.
El Paso Electric Co.(Delaware)
(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jon. 31.
1929.
1928.
1928.
1927.
Gross earnings
298.182
277,973 3,215,343 3,008,357
?jint nnce
a ratioa
e
130,888
16,296
24,095
125,153 1,449,815
15,025
193.198
22,852
270,805
1,425,983
178,569
252,940
126.901
114,943 1,301,524
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1928.
1929.
$
$
$
$
97,357
104.118 1,192,756 1.349,815
Gross earnings
Net operating revenue
Income from other sources
Balance
Interest and amortization
Balance
50,966
12,599
13,574
9,683
53,723
14,877
15,318
9,423
610,754
158,280
195,337
107.033
685,872
177,434
238,996
111,502
Operating revenue
City of South Jacksonville
portion of oper. revenue
10.534
10,775
121,349
136,008
1,150,864
8.623
521
503
6,455
8,191
1,301,524 1,159,487
219,130
186,236
Taxes
Operation
Maintenance
Retirement accruals
Taxes
Net operating revenue.-Interest and amortization
10,012
10,271
114,894
163.197
127,816
171,567
1,082,393
Balance
973,250
def48,302 def43,750
Jamaica Public Service, Ltd.
Fall River Gas Works Co.
(And Subsidiary Company)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
-Month of January- 12 Mos. End.Jan.31.
1928.
1929.
1927.
1928.
Gross earnings
89,997
90.633 1.022.923 1,040,001
Operation
Maintenance
Taxes
48,277
6.105
14,017
49,284
5,907
12,789
557.553
70,741
168,314
541,975
83,117
155,086
Net operating revenue....
Interest charges
21,597
22,652
226,314
20,039
259.821
17,852
206,274
241,968
Balance
Gross earnings
Operating expenses & taxes
64,378
37.066
63,843
34,623
698,410
417,947
694,383
410,071
Net earnings
Interest charges
27.312
6,637
29,219
5,336
280,463
68,027
284,312
72.571
20,674
23,883
212,435
211.740
Balance (for reserves, retirements & dividends).
Key West Electric Co.
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$
$
(And Subsidiary Companies)
$
Gross earnings
22,151
22.472
251.011
27,511
-Month of January- 12 Mos. End. Jan. 31.
1929.
Operation
1928.
1929.
9,801
1928.
10,396
120.896
109,818
Maintenance
$
$
$
1,947
23.569
1.800
$
24,304
Gross earnings
774,553
717,864 7,968,848 7,071,467 Taxes
1,672
1,278
16,215
14,864
Oper., adm. exp. & taxes..
454,141
415,931 4,724,927 4.397.484
Net operating revenue.__ 8,730
8,996
97,445
101,408
Total income
320,412
301.933 3,243,921 2,673,983 Interest and amortization
29,017
29,884
Interest and discount
93.358
81,553 1,097,621
932,060
Preferred stock dividends:
Balance
67.561
72,391
Cent. Ark. P. 8. Corp_
104,809
104.764
Springfield Gas & El. Co_
68.742
65,482
The Philippine Railway Co.
Balance after charges
227.054
220.380 1,972,749 1,571.677
-Month of December 12 Mos. End. Dec. 31.
1928.
1927.
1928.
1927.
Federal Light & Traction Co.
Galveston-Houston Electric Railway Co.
-Month of January- 12 Mos. End. Jan. 31.
1928.
1927.
1929.
1928.
$
46,782
51,178
639.405
689.052
Grass earnings
Operation
Maintenance
Taxes
20,297
6,585
2,574
23.726
9,215
2,589
272,078
95,223
31,753
294,321
105.188
30.567
Net operating revenue.. 17,325
Interest and amortization (public)
15,646
240,350
126,076
72,644
36.749
Net revenue
Deductions from Income
-
708.066
533,372
684,320
505,054
39,370
35,895
174,694
179,265
Interest on Funded Debt-
28,496
28,496
341,960
341,960
Net income
Income appropriated for investment in physical prop_
28.754
131,490
138,916
29.769
83,754
44,384
258,975
127,485
114,273
144,042
Gross operating revenue- -- Operating expenses & taxes-
7,425
Balance
Int. & amortization (G.
-H. E. Co.)
Balance
Gulf
Gross earnings
Operation
Maintenance
Taxes•
Balance
10.873
' -17,681
7,398 -167,265 --162,694
64,391
74,685
65.809
-56.992 --241.951 --228,503
Ponce Electric Co.
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$•
$
Gross earnings
29,455
33,773
335,516
342,578
Operation
States Utilities! Co.
12,581
14,294
151,453
179,229
Maintenance
2,069
2,151
18,792
27,238
-Month of January
-12 Mos. End. Jan. 31. Taxes
2.660
3.159
25,976
33.455
1928.
1928.
1929.
1929.
Net operating revenue.-12,144
14,166
139,294
102,653
339,922 4.556,097 4,076,871 Interest charges
405,206
2,983
1.315
151.630 1,854,715 1,900,972
171.225
Balance
136,310
101,338
193,731
195.367
16.744
18,200
323,758
391,066
36,467
31,774
Net operating revenue....
Income from other sources
179,314
Savannah Electric 8c Power Co.
139,772 2,114,948 1,658,409
87,789
Balance
Interest and amortization (public)
-Month of January- 12 Mos. End, Jan. 31.
1929.
1928.
1929.
1928.
$
$
$
$
2,202.737 1,658.409 Gross earnings
200,088
195,827 2.230,215 2,223,011
461,657
484,887
peration
72.453
78,597
904.201
983.167
aintenance
12.192
1,717.850 1,196,752
14,763
143.230
152,383
100,433
204,569 Taxes
18,094
18,235
181,729
187,776
operating revenue_ _ Net
1,617,416
97,347
992,182
84,290 1.007,053
919,683
Interest and amortization
448.518
449,293
Balance
470,389
558,534
Co.
O
Balance
Interest (5.1'. E. Co. Del.)
Balance
Haverhill Gas Light
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
$
$
$
$
124.236
111,333 1,397,653 1,248.006
Gross earnings
61,416
61,006
701,620
706,011
Operation
Maintenance
Taxes
44,187
2.481
6,721
43,633
3,011
5,791
454.659
29,352
67,204
483,268
34,246
62.569
Gross earnings
150,404
3.550
125,9213
Operation
Maintenance
Taxes
59,119
4,693
14,498
37,021
5,670
15,575
485,362
98.017
170,157
418,280
79,393
171,592
153,954
11,760
125,926
4,029
Net operating revenue..
Interest and amortization
45,924
53.065
644,115
57,262
578,739
52,545
142,194
121,905
586,853
526,193
Net operating revenueIncome from other sources
r Balance
Interest charges
Balance
8,026
8,570
Balance
FINANCIAL CHRONICLE
MAR. 16 1929.]
1719
COMPARATIVE CONSOLIDATED RESULTS FOR PERIODS ENDED.
'Including Proprietary Companies.1
Years Ended March 31
(And Subsidiary Companies)
9 Mos.End.
1925-26.
End. Jan. 31
1926-27.
Dec. 31 '28. 1927-28.
-Month of January- 12 Mos.
$
1928.
1929.
$
1928.
1929.
$
175,456,816 185,543,087 166,006,800
$
144,432,879
$
$
Sales billed
442,561 4,638.632 4,705,592 a Cost of sales
129,906,981 161,347,357 169,764,086 151.711,939
423,189
Tampa Electric Co.
Gross earnings
Operation
Maintenance
Retirement accruals
Taxes
Net operating revenue
Income from other sources
176,872
27.218
40.166
28,949
173,807 1,952,192 2,016.987
338,286
361,576
30,256
516,604
550,711
41,580
328,946
330,028
32,664
149,983
164,252 1,444,123 1,504,768
3.868
14,108
Net mfg. profit
Interest & discount
mt. & div. receivedTotal income
14,525,899 14,109,459 15,779,002 14,294,861
800,979
1,358,260
1,684,014
2.260.477
1.494.384
1.227,354
1,347,691
1,048,712
17.835.088 17,141.163 18,364,616 16,590.225
2,226.174 2,468,224
1,501,991
1,139,382
16,695,706 15,639,172 16,138,441 14,122,001
Net income
319.896
319,896
319.896
239,922
Preferred dive. (8%)
divs.(8%).-.. 6,867,239 9,156,152 9,155,957 9,154,615
1,405.519 1,450,431 Common •
Balance
9.588.545 6,163,124 6,662,588 4,647.490
Balance, su-plus
56,932,198 54,161,834 51,715.396 51,199.325
Previous surplus
Western Union Telegraph Co.
82.765
Cutter Co...
Sur. Geo.
-Month of January- 12 Mos. End. Dec. 31.
1927.
1928.
1928.
66.520.743 60,324,958 58.377,984 55.929,580
1929.
Total surplus
786.247
$
Loss Pitts. Meter Co..
11,707.875 10,260,948 136449.513 131771,003 Res. for pensions & misc.
Gross revenue
214.183
642.118
1,770,976
431.498
adjustments (net)
750.358 15.569,804 15.132.598
1,284,882
Operating income
2,787.786
Premiums,discount. &c_
Dr1,000,000
Add'i res. for Fed. taxPatents, charters, fran4,621,784
FINANCIAL REPORTS
chises, &c
Bal.of res. prey. approP.
for taxes not required_ Cr1,000.000 Cr3.000,000
-An index to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
Profit & loss Arplus-- 67,089,245 56.932,198 54,161,834 51.715,396
have been published during the preceding month will be given Earns.per sh.on 2.370,063
shs. combined pref. &
$6.03
$6.59
• $6.81
$7.04
on the irst Saturday of each month. This index will not
com stks. (par $50)expenditures for patterns, dies,
a
include reports in the issue of the "Chronicle" in which it is new Includes factory cost, embracing alland extensions, depreciations of
tools and other betterments and depreciation and all selling,
small
published. The latest index will be found in the issue of property and plant, inventory adjustments
taxes.
administration, general and development expenses and
March 2. The next will appear in that of April 6.
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Southern California Edison Co.
Dec. 31 '28. Mar.31'28.
Dec. 31 '28. Mar.31 '28.
3
$
Liabilities-$
(33rd Annual Report-Year Ended Dec. 31 1928.)
Assets
3,998.700 3.998.700
Pref. Stock
Property & plant 69.739,500 70,057,006
The report of President John B. Miller, together with the Investments __ 27,108,198 28,937,279 Corn. stock - _ _ _114,504.450 114.504,450
Funded debt... 30,000,000 30,000,000
U. B.
income account and balance sheet for 1928, will be found Other securities_ 28,897.688 13,247,687 Unpd. bond Int.
market sec 2,875,456
139,729
54,280
17,165,200 19,585,024 and diva
"Reports and Documents" on subsequent pages:
under
Cash
7,019,184 6,165,897
Accts. payable
Cash for red.,
Int., taxes, &c.,
INCOME ACCOUNT FOR CALENDAR YEARS.
ctfs., bds., nts.
139,729 seer., not due 5,918.704 4.300.059
1925.
54,260
1926.
1927.
1928.
for int.& dive.
2,369.091 2,389,054
accrued
27,559,849
System output (k. w.11.12762459843 2421357,098 2227879,772 1998856,927 Notes, accts. rec 32,724,336 61,473.415 Divs.pay on con 1,384,015 1,692,541
Adv.
_x54,162,283
Inventories _ _
Delivered to consumers:
396,000
216.000
Sub.to securities
143,913,806
Lighting (lc. w. h.) _241,936.687 208,988,878 175.558,311 1414346.773 Pats. charters &
1,138,430 2,127,925
5 Reserve
6
1973711 023 1668215,639 1589076,297
franchisesPower (k.w.h.)
Profit & loess__ 67,089,245 56.932,198
327,070 Insurance, taxes,
355.165
379,468
1,414.415
Connected load meters
1.237,598
1,450,298
1.668.715
&c.,Prepaid-- 1,163,185 1,628,559
Connected load horsepo. 1,940,376
Results
233,690,111 222.828.554
233,690,111 222,826,554 Total
335,281,927 330,600.637 $27,377,616 $24,322,680
Total
Gross earnings
-V.128, p. 1577.
Oper. & maint. expense_ 8,415,690 6,908.698 7.298.184 6.301,104
x Valued at cost or market values.
2,486,525
1,970,603
3,076,252
3,379.256
Taxes
Interest on bonds,&c
1,458,232 1,508,637
58,205
52,712
Balance
Interest and amortization
323,486,981 $20,615,686 $17,592.907 $16,050,976
Net earnings
509,722
468.902
Int., diva. &c., received
$23,486,981 $20,615.686 $18,061.809 $16,560,698
Gross income
6,336,018 6,422,509
6,562,382 6,890,611
Int. on bonds & debens
175,324
321.243
257.471
467.910
Miscellaneous interest
Construction account _ Cr1,419,022 Cr1,761,635 Cr1,350.952 Cr1.305,685
520,607
419,403
381,746
565,095
...kmort. of bd. disc.. &c
Reserve for depreciation 4.353,148 3,731.086 3,329,969 y3,400.756
Balance
Previous surplus
313,167,906 $11,059,693 $8,859,462 $7,340,129
1,465,913
5,347,251 3.500,922 2.371,601
318.515 157 $14.560,615 911 231,063, $8,806,042
Total
1,545,632
1,787.051
1,765,551
Ser. A pref. diva.(7%).. 1,817,429
782,642
2,949,685 2,546,6n
1,576,767
See. B pref. diva.(6 )_
106,860
_ _ 1,254,708
Ser. C pref.(5%
320.000
320,000
320.000
320,000
Original pref. divs.(8%)
x5,614,135 (8)3,944,294 (8)3.796,858 (8)3.761,372
Common dividends
367,927 Dr508,521 Dr270,964
Dr24,794
Miscellaneous adjust's_ _
Total P. & L. surplus_ $6.191.272 35,347.250 33,500,923 32,371.601
1,969,407
x432,710
1.766,028
Shs. corn. outs.(par $25) 2,208,105
$3.19
33.10
32.94
510.84
Earn. per share on COMx Shares of $100 par value. y Incl. $457,483 additional reserve for 1927.
z Including 1929 quarterly dividend of 31.203.141 declared on Dec. 28
1928, in addition to the four 1928 quarterly dividends paid during 1928.
BALANCE SHEET DECEMBER 31.
1927.
1928.
1928.
1927.
Ltantlittes-Assets$
Plants & prop .295,408,515 289,873,941 Capital stock:
Original pref. 4,000,000 4,000,000
Invest., &c., in
subsidiary CO9. 6,377,313 6,285.779 7% Pref. A.-- 28,073,4.50 25,562.500
4,114
4,369 6% prof. R.._ 48.321,550 47.660,850
Sundry invest'ts
4% pref C._ 26.283,075 10,718,175
COM,stock subs x7,865.874 3,952,192 5,
Common stk. 55,202,647 49,235,172
3,214,794 8,273,599
Cash
Subscr. by empl.
Spec. dep. with
231,920 to cap. stock_ 7,469,900 3,899,200
259.883
trustee
1,750.000 Public subscrip.
Cash securities
2,523,275
167,120 capital stock_ 2.288,825
186,090
Working funds_
Funded debt_ _ _124,213,700 134,971,700
Notes and accts.
y2,292,837 2,732,143 Accts.. payable_ 2,506.556 3,695,600
receivable
Material & sup _ 5,227,720 4,925,856 Notes payable.. 8,000,000
411,169
374,398
Consum. depos.
UnamortizeddisConsumers' adv 1,274,073 1,409,931
count and pre947.772 1.137,641
mium on bds_ 12,045,295 12,595,172 Interest accrued
On cap. stock 1,548,862 1,906,344 Taxes accrued_ _ 3,214,576 3,494,529
Depreen reserve 17.660,729 14.684.891
Mircell. deferred
942.948
2,407.830 2,359,552 Sundry reserves 1,100,228
charges
180,126
Dividends pay__ 1,657.184
6,191,272 5.347.250
Surplus
Yale & Towne Manufacturing Co.
(Annual Report-Year Ended Dec. 31 1928.)
The remarks of Walter C. Allen, President, and Schuyler
Merritt, Chairman of the Board, together with the income
statement for 1028 and a comparative balance sheet, will
be found in the adve tising pages of today's issue.
INCOME ACCOUNT FOR CALANDAR YEARS.
1926.
1927.
1928.
$17,555,261
Net sales
15,565.710
&c
Cost of sales,
$1.989,551 $1,869,117 x32,670.927
Net earnings
257;219
383,751
471,851
Interest received
earnings- _ _ 32,461,402 $2,252,869 $2,928,146
Total not
400,392
313,117
308,771
Reserve for taxes
32,152,631 51,939.751 52.527,754
Net income
1,716.480 2,000,000 2,000.000
Divs. (cash)' (20%).-
1925.
$2,652,024
268,725
$2,920,749
350,000
32,570,749
2.000,000
$570,749
$527,754
$136.151 def$60,249
Balance, surplus
9,521,048 9,515,112 8.944,363
9,700,611
Previous surplus
Cr421,179
_
Adjust, of tax reserve_
Adjust. due to pur. of net
assets of the Norton
236.814
Door Closer Co
Prem, received on sale of
1,402,790
capital stock
Cr1,060.000
Inventory res. restored_
Dr1,999,999
Trade-marks & patents_
39.515,112
Profit & loss, surplus.$11,539.552 $9,700,611 $9,524,046
Shares cap. stk. outst'g
400.000
400.000
400,000
440,000
(par $25)
1.6.42
$6.32
$4.85
$4.89
Earned per share
production, operating expenses, incl. 3707,833
x After deducting cost of
after deducting
current expenses
for repairs, maintenance, but charged to equipment and after charging all
3386.003 for depreciation on plant and
in previous years.
losses to current operations instead of to reserves sot uppaid.
but excluding interest earned and taxes accrued but not
BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
$
$
Liabilities-$
Assets
Capital stock war
Plant & equip__ 6.338,830 6,672,188
11,000.000 10.000.000
828.140 $25)
2
.895,068
Investments
482,178
Accounts payable_ 917,280
Trade-marks and
400,000
1 Dividends payable 440,000
1
Patents
347,578
946,268 Federal tax reserve 343,232
1,329,923
Cash
11,539,552 9,700,610
Surplus
2,200,000
Call loans
Accts. receivable_ 2,959.501 2,161,080
336,818,707 309,837,988
336,816,707 309,837,988 Total
Total
U. S. securities__ 1,203,750 3.428,628
,
3,551
3,551
x Due by officials, employees and public on stock subscriptions. 3 After Other securities..__
deducting $67.652 reserve for uncollectible accounts -V. 128. p. 401.
493,858
Employee loans__ _ 553,428
6,671,868 6,344,116
Inventories
American International Corporation.
Tot.(ea. side)_ _24,240,064 20,930,384
52,534
84,147
Prepaid charges
-V. 127, p. 2556.
(Annual Report-Year Ended Dec. 31 1928.)
-Texas RR. Co. (& Controlled Cos.).
F The report of President Matthew C. Brush, together with Missouri-Kansas
the income account and balance sheet for 1928, will be
(Condensed Annual Report-Year Ended Dec. 31 1928.)
found on subsequent pages under "Reports and Documents."
President C. Haile reports in brief:
-Preferred stock, series A, increased during the year by $13.Financial,
Our usual comparative tables were published in V. 128,
756.400 for conversion of a similar amount of adjustment mortgage 5%,
-V. 128, p. 1057.
p.552.
series A bonds. Bonds and certificates of deposit on foreclosed mortgage
bonds were converted during the year into prefered stock. series A,amount32.976,
Westinghouse Electric & Manufacturing Co.
ing to 821,429, and common stock (no par value) amounting to purpose
represented by 36.1021 shares, which had been reserved for this
-9 Months Ended Dec.311928.)
Report
(Annual
plan of reorganization, leaving preferred stock amounting to
under the
$71,292 and common stock (no par value) amounting to 351.483. repreThe remarks of Chairman A. W. Robertson and President sented by 624.647 shares reserved for similar future conversions. This
Herr, together with a comparative statement of "stock liability for conversion" is now carried separately in the balance
E. M.
Commission.
comply with the regulations of the I.
earnings for the years 1923 to 1928 and the balance sheet as sheet to term debt decreased $13,146,078 of -S. C. 313.756.400 is reprewhich
Long
of March 31 1928, are given under "Reports and Docu- sented by adjustment mortgage 5%.series A bonds converted into preferred
stock, aerie; A, $95,100 represented by underyling bonds and equipment
ments" on a subsequent page.
1720
FINANCIAL CHRONICLE
notes left undisturbed in the reorganization, paid and retired
during the
year and $12,894.577 prior lien mortgage 6% gold bonds,
for redemption on Feb. 1 1928. New prior lien mortgage 4Mseries C, called
%,
series D,amounting to $13,600.000, were issued and sold during gold bonds,
the year.
Dividends were declared during the year at
on preferred stock, series A, outstanding in the the rate of 7% per annum
hands
The company withdrew its application to the I. of the public.
-S. C. Commission to
acquire control through stock ownership of St. Louis Southwestern
Railway
and (or) The Kansas City Southern Railway, and
company repaid with interest the $7,000,000 whichthereupon the latter
your company had
advanced to It in part payment for the stock of St. Louis
Southwestern
Railway under the terms of the agreement referred to
year 1926. All rights of the company to acquire stock in the report of the
of St. Louis Southwestern Railway from The Kansas City Southern Railway have
ceased and
terminates'.
Operation.
-There was no change in the operated mileage, Dec.
as compared with Dec. 31 1927. it being 3.188.54 miles on both 31 1928,
dates.
Frwith revenues in 1928 were $1,300,892 more than
due principally to heavier movement of wheat, corn,in 1927. or 2.96%.
crude and
petroleum, automobiles and other manufactures and miscellaneous refined
freight.
Passenger revenues decreased $1,044,674 or 13.37%. due
diversion of short haul business to buses and automobiles. to continued
Except for interruptions caused by high water in Missouri and Kansas
during Nov., train operation both freight and passenger, was
generally
satisfactory throughout the year.
The property. including roadway, structures and rolling stock, has been
maintained in good condition.
Additions to Property.
-Additions and improvements to road during the
year involved capital account charges amounting to $2,527.729.
Expenditures for new equipment amounted to $254,869; expenditures
for improvements to existing equipment amounted to $165,959.
The amount
of retirements for the year, less replacements, was $672,524. The net
decrease in the value of equipment owned is $251,695.
Federal Valuation.-It Is expected that a final value upon the property
of the company will be served by the Commission during the year
1929.
The cost of company's valuation work to the end of 928 aggregated
$1,544,968.
INCOME ACCOUNT FOR CALENDO YEARS.
1928.
1927.
1926.
1925.
Average mileage oper__ _
3,188.54
3,188.54
3,188.54
3,188.54
erattng Revenue
eight
$45.262,653 $43,961,760 $45,050,764 $43.777,643
Passenger
6.767,529
7.812,203
8,669,898
9,325,060
Mall
11.116.558
1,107,607
1,143,052
Express
1,790,566
1.768.781
1.758,952
Miscellaneous
4,518,936
822.602
758,825
705,652
Incidental
636,563
701,501
729,569
Joint facility
41,274
43,390
52,985
Total oper. revenue.. _856,549,118 $56,181,528 $58,100,766
$57.492,914
Operating ExpensesMaint. of way & struc
7,861.520 $8,240,609 $7,818,707 $7,404,574
Maint. of equipment_ _ _ 10.143,558 10,398.911 11,203,005
11,422,783
Traffic expenses
1.379,158
1,390.797
1,319,918
1,177,621
Transportation expenses 16.920,529 17,271.332 17,625.954 17,592,364
Miscell. operations
181,604
96,828
374,480
372.179
General expenses
2.447,447
1,940.697
1.984,759
1,886.171
•
I'ransp. for invest.-Cr.
347,753
237,564
Total oper. expenses_ -$38,933,816 339,339,174 339,979,070
$39,618,128
Net oper. revenue_
17,615,302 16,842,354 18.121.696 17,874,785
Railway tax accruals-. 1 5,410,831
5.142,3811 3,367,208
2,867.589
Uncollectibel ry.revenuef
1
29,316
25,424
Total
$5,410,831 $5,142,381 $3,396,524 $2.893,013
Total over. income12,204,471 11,699,973 14,725,172 14,981,772
Other income
938,765
913.807
931,825
921,384
Gross income
$13,143,236 $12,613,780 $15,656,997 $15,903,155
Deduct
-Rentals, &c__ _
2,237,341
2,614,704
Fixed interest charges} 5,646,973
6,618.9701 4.379,547
4.432.446
Int. on adjust. bonds
2.682,641
2,738,387
Net income
$7,496,263 $5,994.810 $6,357,468
Pref. dividend_ - - - %)3,763,870 (5)4)2,111,270(6)1.615,112 $6,117,619
(7
(5)1.281,529
Balance. surplus
$3,732,393 $3.883,540 $4,742,356 $4,836,090
CONSOLIDATED BALANCE SHEET
-DEC.31.
1928.
1927.
1928.
Assets$
$
Liabilities-$
Invest in prop.
Preferred stock_ 59,641,023
used In tramp.
Common stock _x 66,687,649
service:
Mtge. bonds.- 93,226,179
Road
235,401,257 233,073,527 Eq. tr. oblig's_
588,700
Equipment__ _ 52,906.034 53.157.729 Inc. mtge.bonds 20,639,167
Inv.In see.over.
Current liabils__ 8,075,901
companies.. 1,343,560
1,394,906 Tax liability.. _ _ 2,155,060
Inv.In U.S.Gov.
Accr'd deprec.,
securities
4,023,665 1,141,988
equipment- -- 9,960,834
Other investmls 1,794,336 '1,755,399 Reorg. suspense 29.765,949
Cash
2,672,349
2,917,349 Other liabilities_ 1,787,433
Time drafts &
Corporate surp_ 23,404,432
loans
8,390,918
Depos. for pur.
of securities_
7,000,000
Mans & suppl's 5,518,809 6,350,302
Oth. curr. assets 3,329,813 3,419,121
Deferred assets_
551,589
380,801
1927.
45,884,623
66.687,649
92,531,757
672,800
34,395.567
8,511,568
2,291,834
8,003,149
29.537,344
1,486,075
20,588,758
Total
315,932,329 310,591,125
Total
315,932,329 310,591,125
x Represented by 809,119 no par shares.
-V. 128, p. 880.
,
Canadian Pacific Railway.
(Report for Fiscal Year Ended Dec. 31 1928.)
COMPARATIVE INCOME ACCOUNT
-CALENDAR YEARS.
1928.
1927.
1926.
1925.
$
$
$
$
Gross earnings
229.039.297 201,145.751 198.025.592 183.356.006
Oper. expenses & taxes.. A77.344,845 161.630,180 153,080,465 143,201,230
Net earnings
Fixed charges
Pension fund
51.694.452 39,515,571 44,945.127 40,154.776
15,308,698 15,378.867 14,676,359 14,438,517
750,000
600,000
600,000
500,000
Balance, surplus
Special income_a
35.635.754 23,536.704 29,668,768
12,677.683 11,876.560 11,056.271
25.216,259
11.357,375
Total income
48,313,437 35.413.264 40,725,039 36.573,634
Preferred divs. (4 )
4.005.944
4.005,944
4,005,944
4,005,944
Common diva.(10 0)
26,000,000 26,000,000 26.000,000 26.000,000
Balance, surplus
18,307,493
5,407.320 10.719,095
6,567,690
Earnings on ord. stock
15%
12%
14%
12%
a After deduction of contingent reserves.
-V. 127. p. 2812.
Maine Central Railroad Co.
(68th Annual Report-Year Ended Dec. 31 1928.)
President Morris McDonald, Portland, Me., March 1,
wrote in substance:
Operating Results.
-The net income for
of $237,405 compared with the previousthe year was $788.430. an increase
year.
There was a considerable decrease in volume of business both freight
and
passenger, but the decrease in operating revenues,
$915,636.
offset by decrease in operating expenses and other items. was more than
The decrease
in freight revenue was $537,858 and in passenger revenue $311,648.
Taxes.
-There was a decrease in taxes of $37.289.
the excise tax law of the State of Maine was voted upon The amendment of
tion in September 1928. The result of the vote was in at the general elecfavor of the new law.
The benefits of the reduction in tax afforded
to accrue to the company in the year 1929. by this law wi zomtnence
[VOL. 128.
Stockholders.
-On Dec. 31 1928 the company had 1,830 common stockholders as compared with 1,913 on Dec. 31 1927. Leaving
out the block
of 28.815 shares held in the company's treasury, the
average held by the
stockholders on Dec. 31 1928 was 66 shares and on Dec.
31 1927 63 shares.
Funded Debt.
-Company's funded debt held by the public decreased
$260,000 during the year.
Additions and Betterments to Property.
-There was a net increase of
$1,353,817 in the road and equipment account, representing net additions
and betterments during the year.
The net amount expended during the year for additions
and betterments
to leased roads was $144,247.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1928.
1927.
1925.
1926.
Average miles operated..
1,122
1,121
1,121
1,199
Revenue pass. carried__ 1,607,896
1,901,201
2,159,247
2,197.977
Rev, pass. carr'd 1 mile. 91 M97,444 100,392,333
108.355,815 108,446.099
Rev,per pass, per mile__
3.60 cts.
3.60cts.
3.582 cts.
3.580 cts.
Rev,tons freight carried 7,412,610
7,846,058
7,403,651
7,704,978
Rev.tons frt. car. 1 mile 825,877.748
Rev, per ton per mile...,. 1.708 cts. 89,883,503 873,172.743 854,533,856
1.646 cts.
1.669 cts.
1.669 cts.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
Freight revenue (rail)._ _$14.109,007 $14,646,865 $14,572.299 $14.265,126
Passenger revenue (rail)- 3,301,436
3,613,084
3,882,146
3.881,134
Mail, express, &c
1,414,735
1,414,172
1,495,344
1,438,910
Water line revenue
41,858
56,931
49,480
54,475
Incidental
343,594
397,955
378,491
378.589
Joint facility
91,268
88,527
98.405
Total ry. oper. rev
$19,301,899 $20,217,535 $20,423,812 $20,070,587
Operating ExpensesMaint. of way & struc_ - $2.911,110 $3,252,533 $3,013,982 $2,966,147
Maint. of equipment
3.712.820
3.837.605
3,908,765
3,872,810
Traffic
196,109
187,072
172,182
168,039
Transport
-rail line....
7,458,005
8,055.010
7,941,517
8,092,830
Transport
-water line
62,456
66,166
70,876
69,184
Miscellaneous operations
24,991
21,931
20.085
20.760
General expenses
625,326
657.929
595,153
605.097
Transport, for inv.-Cr4,535
4,797
2.791
3,575
Total ry. oper. exp---814,986,283 $16,073,451 $15.843,270 $15,667,792
Net rev. from ry. oper- 4,315,616
4,144,084
4,402,795
4,580,542
Railway tax accruals
1,335.985
1.373.275
1,184,180
1,227.041
Uncollectible ry. revs
2,300
1,221
2,477
4,453
Railway oper.income- $2,977,331 32.769,587 $3,349,048 $3.216.138
Total non-oper. income478.929
501.158
559,155
503,293
Gross income
$3.456,260 $3,270,745 83.852,341
Deductions
Hire of freight cars
debit balance
$28,314
$78,525
Rent for equipment...._
117,676
154,836
145,552
Joint facility rents
346,951
335.718
310.635
Rent for leased roads__ _
822,893
823.426
814,423
Miscellaneous rents_
10.370
10,348
8,725
Miscell. tax accruals.6.984
7,135
6,882
Interest on funded debt_ 1,222,077
1.236.284
1,246,804
Int. on unfunded debt
67,780
33,130
1,547
Sep. oper. prop. loss__ _ _
4,077
3,087
7.129
Misc, income charges..
40.704
37,230
40,246
83,775.293
$116,930
298.293
902,121
7,626
6,431
1,213,994
46,447
3,037
3.412
Total deductions
$2,667,829 $2,719,721 $2,581,944 $2,598,293
Net income
788,431
551,025
1,177.000
1,270,397
Disposition of Net IncomePref. div. appropriations
150,000
150.000
450,000
150,000
Common dividends
360,284
360,213
240,142
Income balance
3278.147
$727,000
3880.255
$440,812
Shares of common stock
outstanding (par $100)
120,071
120 071
120,069
120,071
Earns, per sh. on coin_
35.32
$A.34
$8.55
$9.33
BALANCE SHEET DEC. 31.
1928,
1927.
1927.
1928.
Assets
*Invested in road
Preferred stock___ 3,000,000 3,000.000
and equipment_48,311,716 46,957,898 Common stock... _14,888,600 14,888,600
Improv. on leased
Fund,debt unmat.25,701,000 26,248,000
railway Property 520,060
375,812 Loans & bills pay_ 1,500.000
Slkmell. Physical
Traffic & car sem
409,052
property
420,236
balances payable 343,281
624,852
Invest. in affiliAudited accounts
ated co's
3,151,740 3,423.796
& wages payable 743,971
779,809
Other investments 2,556,159
503,492 Misc. accts. pay__
8,201
9,917
Cash
1,200,650 1,441.351 Interestmatured
Special deposits46.289
12,582
unpaid
76.460
79,860
Traffic & car serv.
Divs. mat'd unp'd 120,175
120,123
balances receiv- 157,464
516,380 Funded debt mat'd
Net balances rec.
unpaid
9,500
3,500
from agents and
Unmat'd int. am_
127,311
126,874
conductors
84,832
85,142 Unmat. rents accr_
57,270
72.484
Misc.accts. receiv. 426,239
511,835 Other current nab_
140,532
170.516
Materials & BUDD- 1,822,603 1,769,130 Deferred liabilities 2,048,910
408,847
Interest and divTax liability
94,170
dends receivable
15,000
17,250 Accr. dear.,equip_ 6,512,455 6,386,234
Other curr. assets_
24,720
60.531 0th. unach. credits 239,010
262,295
Deferred assets
1.283
1,103 Additions to prop.
Rents & ins, prem.
thr. Inc. & sum_ 2,114,754 2,114,671
15,430
paid in advance_
16,484 Pd. debt ret'd thr.
Other unadj. debits 908,332
844,799
income & surplus 866,130
866,129
Securities issued or
Profit and loss
swum..unpledg. 3,172,000 3,459,000
credit balance_ 4,233,161 4,252,790
Total
62,823,570 60,416,825
Total
62,823,570 60,416,825
*Does not include property of leased roads.
-V. 128, p. 1551.
Texas Corporation (& Subsidiaries).
(Annual Report
-Year Ended Dec. 31 1928.)
CONSOLIDATED INCOME ACCOUNT FOR
CALENDAR YEAR:
,
1928.
1927.
1926.
1925.
$
$
Gross earnings
106,2.34,235 141,125,857 166.173,513 159,396 M27
Oper. admin.,&c.,exp
97,488,544 80,539,913 98,227,684 89,392,824
Depreciation,‘Itc
25,528,614 21,189,642 17.760,056 17,567,143
Depletion
8,115,057
7,553,475
Federal taxes
x10,771.192
7,168.247
4,750,000
4,517,260
Intangible devel. costs_ _ 10,543,028
8,470,421
Interest charges_
1,907,566
576,577
Inventory adjustment.
8.314.322
9,392,441
Net operatini income.. 41,880,232
15,627,581 36,043,330 39,605,078
Other income
3.087.302
4,401,824
Total income
44,967,534 20,029,405 36,043,330 39,605,078
Cash div.(12%)
24,306,712 21,180,916 19,734,000 19,734,000
Balance to surplus.. _ _ 20,660,822
df1,151.511 16,309,331 19,871,078
Previous surplus
111,059,306 128,528,708 113,466,023 95,201,709
Adjustments
Dr.578,737
Cr.87,022Dr.1,412.812Dr.1,606,765
Stock dividend
(10%)I6404825
Less applic. to min.int _ Cr.106,346
Profit & loss,surplus _131,247,826
111,059.395 128,362,542 113,466.022
Shares of cap. stk. outstanding (par 523) --- 8,443,354
7.219.243
6,578,000 • 0,578,000
Earn, per share on cap.
stock
x In addition to the amountoit3xes shown there wasp idaccrued)(oaccrued
5
$4a
$8
54
a
.02
))
for state gasoline taxes the sum of $22,134,411.here
f
$
MAR. 16 1929.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
Liabilities
$
AssetsTot.fixed assetsa266,381.138 186,321,624 Capital stock- _ _211,033.850 180,481,075
158.263,763 111.059,396
25.387,133 18.108,477 Surplus
Cash
9.727,536 3,265,592
Accts. receivable 32,465,950 18,248,024 Accrued Itab._
Notes receivable 1,933,334 3,354,003 Divs. payable _ 6.332,533 5,414,365
2,423,511
Def. purch.°Wig
318.000
Bond skg.fund 65.472
134.310 Funded debt- 26.112,745
Other currmssets
6,200,897
673,000 Cap. & sure, of
Investments.
582.528
min. Int.
Merchandise _ _116,073,739 89,557,738
5.738,017 Bea. on stk.subStorehouse sup's 6,669,261
scrip. warrants. 1,215.165
Def'd charges to
operations -__ 6,323,439 2,671,179 Accts. payable _ 17,114,852 13.705,335
Notes payable_ _ 29,091,775 7,556.886
900,211
Deferred credits. 2,293.613
1721
QUARTERLY CONSOLIDATED INCOME STATEMENT.
Three Months Ended-Mar.31 '28.June 30 '28. Sept.30'28. Dec. 31 '28.
xEarns. of all properties- $2,977,807 $4,018,952 $4,130,467 $4,949,369
359,792
140,719
82,926
46,562
Other income
$3,024.369 $4,101,878 $4,271,187 $5.309,161
Total income
368.608
204.366
214,506
179,999
General office expense
Res. for Fed.& franchise
292,339
330,525
312,240
253.574
taxes (estimated)_
132.055
118.855
207,681
98,174
Ret'm't system & ins. res
421,612
399,191
388,849
384,702
Depreciation & depletion
Net profit
Preferred dividends__
Common dividends
$2,107.920 $2,978,601 $3,218,249 $4,094,546
155,969
133.688
133.689
133.689
1,402,676
1,255,035
836,692
836,692
Balance to surplus__ $1,137,539 $2,008,220 $1,829,527 $2,535,901
x After deducting manufacturing, selling expense, ordinary repairs and
maintenance.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
d1927.
c1928.
d1927.
c1928.
Liabilities
Assets
The International Nickel Co. of Canada, Ltd.
7% Cum,pref.stk. 8,912,500 b8,912,600
Property acct.(less
depreciation)-59,860,442 53,496,186 Common stock _ _ a46,909,200b41.834.600
-Year Ended Dec. 31 1928.)
(Annual Report
Sundry Invest.-- 2,058.897 1,571.277 10-yr.serial 5% purchase m'ey notes 1,800,000
7,278,429
Inventories
President Robert C.Stanley, March 4, wrote in substance: &CM.& bills rec- 4,246,974 9,821,479 Acets pay.& pay'ls 2,245,734 2,100.000
828.056
2,633,889
The International Nickel Co. of New Jersey, prior to 1929, owned the Interest receivable. 137,184
703,256
59,762 Taxes accrued..... 1,214,893
entire capital stock of the International Nickel Co. of Canada, Ltd., and Def.instal. on subRes. for pref. div.
133,689
accordingly results of operations of the International Nickel Co. of Canada,
Pay. Feb. 1 _ __ 155,969
for corn.stk__ _ _ 151,320
Ltd., have heretofore been published in the annual reports of the Inter- Advances
995.457
121,014 Ins. & canting res_ 1,245,603
87,395
national Nickel Co. of New Jersey.
345.689
2,730,100 2,730,100 Ret,system res_ _
Government sec
During the latter part of 1928 a plan of reorganization was consummated Loans on call (sec).17,600,000 2,200,000 Capital surplus.._16.030.642
whereby the International Nickel Co. of Canada, Ltd. previously a fully Cash
1,848,667 1,737.455 Earned surplus_ _ _17,139,178 18,863,503
'
owned subsidiary, issued its stock direct in exchange for stock of the International Nickel Co. of New Jersey, over 99% of both preferred and common
95,999,408 74,371,162
Total
95,999,408 74,371,162
Total
stock of the New Jersey company being thus voluntarily exchanged. The
a Represented by 11,258,208 no par shares. b Preferred stock of Interoperating assets of the New Jersey company, located in the United States,
J. carried a rate of 6%. The common stock of
were transferred to a new corporation, known as the International Nickel national Nickel Co (N.
1927. consisted of 1,673,384
Co. Inc., organized in Delaware, all of the capital stock of which is now the New Jersey Co., outstanding Dec. 31 Co. of Canada Ltd. and subs.
shares par $25 each. c International Nickel
owtied by the International Nickel Co. of Canada, Ltd.
-V. 128, p. 1566.
This annual report is. therefore, made on behalf of the International (d) International Nickel Co. of New Jersey & subs.
Nickel Co. of Canada, Ltd. It reflects, on a consolidated basis, the operations of the New Jersey company and of this company, as a subsidiary
United States Rubber Company.
up to the date when the reorganization was effected, and since that date it
reflects the operations of this company and its subsidiaries, which now
(Annual Report-Year Ended Dec. 31 1928.)
include the International Nickel Co. Inc., through which, as noted, the
American assets are owned and the American business is conducted.
Chairman F. B. Davis Jr., New York, March 5 reports
Since the close of the fiscal year ended Dec. 31 1928, company has,
through an exchange of stock, acquired a controlling interest in the stock in substance:
of the Mond Nickel Co. Ltd. of England. whose mines and smelter are
The report of the operations for 1928, and of the financial condition as
district of Ontario, adjacent to this company's of the close of the year, includes, in addition to the subsidiaries heretofore
located in the Sudbury'
properties.
consolidated, Winnsboro Mills, the Beacon Falls Rubber Shoe Co. and the
Company's business was highly satisfactory throughout the entire year of Rubber Regenerating Co., Ltd. of Manchester, Eng., which companies
1928. Netearnings for this fiscal period of$12,399,317 exceed by $6.33.4,772, have previously been carried es investments. This consolidation is made
the net earnings reported in 1927, and with the exception of the war peak in order more clearly to reflect the operating and financial conditions of
earnings of $13,557,970 for the fiscal year ended March 31 1917, the past company as a whole.
year has been the most profitable in the company's history.
-On the consolidated basis, sales for the year
Operations for the Year.
This very satisfactory condition is due to a rapid, and the management amounted to $193,480,121 as compared with $198,089,015 for 1927, a
believes permanent, increase in the use of both refinery and mill products. decrease of 2.3%.
Sales of metallic nickel in the United Stater; were approximately 97%
Sales of waterproof footwear were considerably lower than for 1927,
in excess of similar sales during the previous year, and world sales of nickel, because of the very unseasonable weather conditions which prevailed
exclusive of the United States, increased approximately 52%. Coincident throughout the entire country, and especially in the densely populated
with this large increase in the consumption of metallic nickel the sales of centers in the east, during Nov. and Dec. as well as during the early months
products from the Huntington Works (principally Monet Metal and rolled of 1928. Sales of lieds, the popular rubber soled canvas shoe, showed a
aickel) increased by 35%. The management attributes this rapid growth substantial increase, both in units and value.
in business not alone to generally good business conditions but largely to
Sales of tires, notwithstanding lower selling prices, increased in dollar
new applications of nickel established through the efforts of the technical value over the previous year. Sales of tires to automobile manufacturers
and sales organizations, and to the fact that the vast amount of nicke
for original equipment were appreciably higher in volume. Shipments of
stool scrap accumulated during the world war has been consumed, in con- cotton cord by Winnsboro Mills, which produces practically all of the
sequence of which steelmakers are largely increasing their purchases of fabric used in our tires, increased materially. We start 1929 with an entirely
metallic nickel.
lino of tires, of demonstrated superior quality. The popularity ef this
Total capital expenditure for the fiscal year ended Dec. 31 1928 was new line is already shown in increased demand from car manufacturers and
new
$7,958,610. The distribution of this amount was as follows: Copper Cliff, automobile owners.
84.876,099; Port Colborne, $1,702,788; Hydro-Electric plant, $1.304.301;
of belting, packing, hose, molded specialties, &c., although showing
Huntington Werke, $39,130; Bayonne Works, $25,261; New York office anSales
increase in tonnage sold, were slightly less than the previous year in
and foreign development companies $11,029.
dollar value.
Of the above total capital expenditure there was used for the Frood mine
Sales of miscellaneous articles, such as golf balls, rubber thread, druggists'
development program $7,511,169 which amount was expended approxim- sundries and rubber tiling, showed a satisfactory increase in dollar value and
ately as follows: hydro-electric station, Big Eddy, $1,250,000: surface units.
plant, Frood Mine, $2,200,000; underground development Frond Mine,
Sales in foreign countries through the export subsidiary showed a very
$1,650,000; new smelter, Copper Cliff, $750,000; electrolytic refinery, Port substantial and gratifying increase.
Colborne, $1,650,000.
The operations of the subsidiaries which supply your company as well as
During Aug. 1928 there was offered to both common and preferred stockcustomers with chemicals, reclaimed rubber, &c., were satisfactory.
holders the right to purchase additional common stock at the rate of $60 outside
The chemical subsidiary and the research department have made rapid
per share. From the sale of 202,988 of such additional common shares strides in the development of several products for 11138 in the rubber industry
through this offering of riphts 811,869,828 was realized. This amount, in which should prove of increasing value.
addition to the company a cash reserves, assures the completion of the
Inter-company sales by subsidiaries are not included in the consolidated
Freed mine development program without further financing.
sales as reported above, and the profits derived from inter-company sales
Under the plan of reorganization the holders of the $25 Par common are not taken into the consolidated earnings of the company until the
shares of the New Jersey company received 6 shares of no par value com- manufactured articles are ultimately sold to customers.
mon stock of The International Nickel Co. of Canada, Limited. Holders
Consolidated net income for the year after all charges, including deprecof the 6% non-cumulative preferred stock of the New Jersey company elation of plants and interest on funded indebtedness, amounted to $4,257,received share for share 7% cumulative preferred stock of The International 049 before adjustment of the value of rubber in all inventories. This adNickel Co. of Canada, Ltd. In consequence of this stock split-up and
of which was made as of June 30 1928, amounted to $15.exchange of shares there is issued or issuable 11,258.208 shares of no par justment, mostcaused a net loss for the year of $10,781,255. Earnings were
value common stock and 89,125 shares of 7% cumul, pref. stock of The 038,304, which
adversely affected by the drastic decline, in the market price of crude
International Nickel Co. of Canada. Ltd.
rubber which occurred during the first six months of the year making it
The operating profit for the 12 months was $14,550,437 from which was necessary to adjust the value of rubber in all inventories of finished goods
deducted $1.217,833 for depreciation of plants, $376,521 for depletion of are as well as of raw materials from 40 cents per pound at the first of the year
reserves and $556.765 for retirement system and insurance reserve, leaving to 20 cents per pound at June 30 1928. This adjustment was fully explained
a net profit of $12,399,317 compared with a net profit of $6,064,545 for in the Chairman's letter covering the first six months of 1928.
the preceding 12 months.
-The net earnings of the plantations
United States Rubber Plantations, Inc.
After allowing for preferred dividends $557,034 and 4 common dividends
for the year reflect the low market price of crude rubber. Notaggregating $4,331,095 the surplus on Dec. 31 1928. including a net pre- company
withstanding the low average price for the year, net earnings amounted to
mium from sale of common stock of $6.795.128, was $33.169.819, an in- 51.087,680 after liberal reserves for amortization of the cost of development.
crease of $14,306.316.
equipment, and foreign income taxes. Profits of
The earnings for 1928, after allowing for preferred dividends at 6%, were depreciation of plant and
earnings of the
equivalent to $6.32 per share on the basis of 1,876,368 shares of the former the plantations company are taken into the consolidated the plantations
United States Rubber Co. only as dividends are declared by
New Jersey company's stock, as compared with $3.30 per share earned on company.
1,673,384 shares of that stock in 1927. The earnings for 1928 in terms of
long held a pre-eminent position in the fiScl of crude
Your
the no par value common stock now Issued or to be issued for The Inter- rubber, company has operates the largest rubber plantations in the world.
and owns and
national Nickel Co. of New Jersey stock, after allowing for preferred divi- %stitch now produce over 70% of all rubber produced under American ownerdends on a 7% bats!, were equivalent to $1.05 per share.
ship. Approximately 24 000 employees are engaged in this work with modern
and fully equipped housing, hospitals and sanitation, narrow gauge railroad,
CONSOLIDATED GENERAL INCOME ACCOUNT.
shipping
-Years Ended Dec. 31- 9 MOS. End. motor equipment and roads, complete factory and and with facilities for the
Periodresearch staff
y1926. Dec.31 1925. preparation of rubber best fitted for our uses, as well asaby the rubber
1928.
y1927.
acclaimed by scientists
whose scientific work is
Earning. of all prop't's
Producing industry. Intensive planting was started nearly 19 years ago
(mfg. dr selling exp.,
yield even higher
&c.,deducted)
$16,076,596 $8.861,895 $8.195,141 $6,325,810 and later plantings have been made with stock which will
largest plantations
167.621
123.729
629,999
102.291 returns per acre than the areas now being tapped. The approximately 550
Other income
unit, consisting of more than 44,000 acres, now yields
$16,706,595 $8.985.625 $8,362,762 $6.428,101 pounds per acre per annum, which is much greater than the average obtained
Totalincome
a whole.
560.775
603,029
967,479
General expenses
406,771 by the rubber producing industry asarea of 135.077 acres and are located in
The plantations comprise a total
Federal, franchuse, &c.,
Of the total area approximately 88,500 acres have
614,498
610.704
1,188,679
715,796 Sumatra and Malaya.the planted area about 59,000 acres are in hearing.
taxes (estimated)
1,528,861
1,595,396
Depreciation of plants-- 1,594,354
979,846 been planted, and ofthat became mature during 1928. Production for the
acres
106,155
108,156
556,765
Oxford prop.,expenses._
80,788 including 5.000 to 28,767,000 pounds, an increase of 3,090,000 pounds Otref
Foreign cos. not included
7.500 year amounted
1927.
The assets and liabilities of United States Rubber Plantations, Inc. are not
$12,399,317 $6,064,545 $5,556,267 $4,237,400
Netincome
the United States Rubber Co.,
consolidated
534,756
534.756
557,034
401,067 included in theseparately. balance sheet of
Preferred dive
but are shown
3,346,768 1.673.384
4,331.095 3,346,768
Common dividends
-On Dec. 7 1928, the stockholders
Consolidated General Balance Sheet.
common stock of the company from shares
Balance,surplus
$7.511,188 $2,183,020 $1,674,744 $2,162.949 approved the change of the each to shares of no par value. Thereafter,
having a par value of $100
Shares coin, stock outstock of no par value were offered to common
1,673 384
1,673 284
1,673 384 728,412 shares of common
1,876,368
standing (par $25)
$35 per share in order to provide additional capital, thus
$.00
$6.32
85.30
x$.29 stockholders at retirement of indebtedness and at the same time bringing
Earned per share
Permitting the
Earned per shs. on 11,about a larger proportion ofcommon stock in relation to the senior securities'
258,208 shs. corn.stk.,
of the company. This stock was sold to common stockholders of record as of
after giving effect to
paid for on or before Jan. 111929. Directors believe
$0.47
$0.43
$1.05
$0.38 Dec. 21 1928, to be been a distinct step in improving the financial structure
exchange
that this change has
r x Earned per share for the nine months, which is equivalent to a rate of of the company. In the consolidated general balance sheet as of Dec. 31
$3.05 per share per year. y International Nickel Co. of New Jersey & subs. 1928, effect has been given to this sale of common stock.
461,818,364 324,806,372
Total
461,818,364 324,806,372
Total
a After depreciation, depletion and amortization resenfes of $207,009,877.-V. 128, p. 1544.
1722
FINANCIAL CHRONICLE
Inventories of crude rubber as of Dec. 31 1928, were valued at 20 cents
per pound. both as to raw materials and the rubber content in finished goods.
The average value of all other inventories was at cost or market prices,
whichever were lower.
Trade acceptances and drafts against export shipments, discounted by
subsidiary companies and outstanding as of Dec. 31 1928, amounted to
$1,267,404.
During previous years, six of the smaller factories of the company have
been discontinued as manufacturing units, and during the past year consideration has been given to the consolidation of activities which will permit
the closing of additional plants. Provision has been made from the surplus
account for such adjustments as may be necessary in connection with the
disposition of these factories and for the Improvement of facilities in certain
other units. Provision has also been made for the disposition of obsolete
machinery and equipment including obsolete tire molds, as well as for other
general contingencies. The amount provided for the foregoing purposes is
$10.000,000,as stated in the consolidated general balance sheet.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
3
$
3
Sales
198.089,015 193,442,945 215,528.309
Operating profit
14,530,711 12,522.952 17,928,750
Net prof. U.S. Rub.Plantations,Inc.
•
4,000,000
Total, surplus
Depreciation reserve
Interest
14,530,711
5,152,727
6,097.546
16,522,952 17.928.750
3,980.571
3,711,289
6,290,900 6,455,592
Balance
3,280.438
Divs.rec.from U.S.Rub.Plant.,Inc. 1,000,000
6,251,481
7,761,869
6,000,000
Total income
Dividends on minority stocks
Inventory adjustment
4,280,438
23,389
15.038.304
6,251,481
17,689
13,761,869
17,689
Net loss
Preferred dividends
10,781,255 sur6.233.792 sur13744180
5,208.800
5,208,800
Loss
Reserve against inventory
10,781,255 sur1,024,992sur8,535,380
8.535.380
Deficit
10.781.255sun .024,992
Previous surplus
40,146.386 40.798,675 41,061,685
Surpluses ofsubsidiaries
x1,210,213
Transferred from surplus from U. S.
Rubber Plantations, Inc
• 8,000.000
'
[Vox,. 128.
Boston & Maine Wage Increase.
,
-An increase in pay aggregating $266.00(h
annually has been granted 2,800 mechanical employes. "Wall Street
Journal,..
Mar. 13. p. 5.
"Katy" Raises Shop Wages.
-The Missouri, Kansas & Texas RR. announced Mar. 15 that it had granted a wag? increase to about 2,200 shopmen effective Mar. 1. New York "Times, Mar. 15,9. 33.
Supreme Court Awards Railroads Back Mail Pay.
-A decision that will
cost the United States Treasury nearly 345.000.000 and a gain in that
amount to the railroads of the country for the carriage of mails, was handed
down Mar. 12 by the United States Supreme Court. New York "Times,"
Mar. 12, p. 1.
Surplus Freight Cars.
-Class 1 railroads on Feb. 22 had 222,287 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 7,286 cars compared with Feb. 15, at which time there
were 229,573 cars. Surplus coal cars on Feb. 22 totaled 76.412, an increase of 1,402 cars within approximately a week while surplus box cars
totaled 100,658, a decrease of 8,110 for the same period. Reports also
showed 24.789 surplus stock cars, an increase of 432 cars over the number
reported on Feb. 15, while surplus refrigerator cars totaled 10,106, a decrease of 111 for the same period.
Baltimore & Ohio RR.
-Ordered to Dispose of Wheeling
& Lake Erie Ry. Stock.
-See preceding pages of this issue.
V. 128, p. 1550.
Boston & Maine RR.
-Resumes Dividend on Old Preferred Stock.
-The directors have declared a dividend of
$1.50 Fer share on the old non-cum. pref. stock, par $100,
payab e April 1 to holders of record March 14. This is
the first payment on this stock since 1920, in which year
two dividends of 2% each were paid, one in March and one
in September.
The directors also declared the regular quarterly dividends of $1.75 Per
share on the prior pref., $1.25 per share on the 1st pref. A, $2 per share
on the 1st pref. B, $1.75 per share on the 1st pref. C, $2.50 per share on
the 1st pref. D, and $1.12,4 a share on the 1st pref. E stock, all payable
April 1 to holders of record March 14.-V. 128, p. 1050.
Canton & Carthage RR.-Oper. Under Trackage Rights.
The I.
-S. C. Commission on Feb. 27 issued a certificate authorizing the
company to operate under trackage rights over certain lines of railroad in
Madison, Rankin, Leake and Neshoba Counties, Miss., owned by the
Total surplus
30,575.344 49,823,667 41,061,685
Pearl River Valley Lumber Co., and the Marietta Lumber Co., extending
Property and equipment adjust
10,000,000
from River Junction. Madison County, in a general southerly direction to
Inventory adjustmen.s Jan. 1 19278,910,679
Sundry charges
Pelahatchie, Rankin County, a distance of 23.5 miles, and from Cathage,
2,568.704
Adjustmen,s, previous years
766.602
263.010 Leake County, to Burnside, Neshoba County, a distance of about 29
mlies.-V. 127, p. 2225.
Profit and loss surplus
18.006,640 40.146,386 40.798.675
x Surpluses Dec.311927, of subsidiaries heretofore shown as securities of
Chicago Great Western RR.
-Notes.affiliated and controlled companies on the balance of U.S. Rubber Co.
The I.
-S. C. Commission on Feb. 28 authorized the company to issue
41 promissory notes for various amounts aggregating $3,186,616 payable
CONSOLIDATED BALANCE SHEET DEC. 31.
to the order of the Pullman Car & Manufacturing Corp and to be delivered
1928.
1927.
to that company in payment for certain equipment.
1928.
-V. 128, p. 1550.
1927.
Ands-$
$
Liabilities8
8
Plante, prop. &
Preferred stock _865,109,100 65,110.000
Duluth, South Shore & Atlantic Ry.-Personnel.inc., incl. rubCommon stock -c98.335.620 81,000,000
At a meeting of the executive committee of the board of directors held on
ber piant'ns_ _123,098,009 183,739,231 Minory DominFeb. 26, C. S. Pope was elected Secretary with office at Minneapolis,
Cash
b37.697,918 7,535,052
Ion Rub. Co..
Minn., succeeded W. R. Harley, deceased.
-V. 128. P. 880.
Accts.& nts. rec.
Ltd.,stock.377,100
258.400
(customers)._ 41,932,694 47,156,206 Accts. payable,
Accts., notes &
incl. accept's
Fort Worth & Denver City Ry.-Lease of Extension.loans receiv'be
paya'le for imThe I.
-S. C. Commission on Feb. 28 approved the acquisition by the
(others)
1,979,148 2,755,901
portatlons of
company of control, by lease, of an extension of the line of railroad (1.37
Finished goods.. 38,884,105 37,065,080
crude rubber. 13.819,805 18.204.202 miles) of the Fort Worth & Denver South Plains Railway.
-V.126,p. 3293.
Mails & lump..
Bank loans pay- 25,750,000 11,750.000
Mel. goods in
Drafts & accent.
Kansas, Oklahoma & Gulf Ry.-Earnings.Process
23,327,361 40,125.927
for crude rub.
Crude rubber In
in transit_ -- 3,590.981 4,497,360
Year Ended Dec. 31.1927.
1928.
transit
4.337,153
1st & ref.M.bds. y59,355,400 60.048,400 Railway operating revenues
$3. 66.728 32,937,043
Notes rec. of
Ten-year 715%
Railway operating expenses
2.134.773 x2,301.159
empl. & corn.
notes 1930... 18,520,000 18,704,000 Taxes
117,917
124,481
stock held.
x6,253,381 Dominion Rub.
Uncollectible railway revenues
273
142
Open accts. with
Co.. Ltd.. 68,
If. S. Rubber
2,600,000 2,600,000
1936
Total
3517,693
31.107.333
Plantat'as,Inc 6,597,777 4,571,830 614% gold notes 24,000,000 26,000.000 Other operating income
operating income
61,776
77,732
Sec. of corp. not
Prey. for prop.&
incl. in If. S.
equip. adj. &
Gross operating income
3579.469
$1.1.5.064
Rubber syst__ 2,621,456 5,924.507
other coming. 10.000.000
Deductionsfrom gross operating income
267.231
259,817
Prepaid and-deGeneral reserves 1,298,596
1,381,183
(erred assets_ _ 3.730.365 4.867.816 lemur. reserves_ 2,368,118 2,315,987
Net operating income
3319.652
$917,834
Goodw. pats. bec 58.925,372
Pref. div. pay_
1,302,200 Non-operating income
59.352
32,716
Fixed surpluses,
subsidiary cos.
6,677,814
Gross income
3379.004
3950.549
Tot.(each side).343,131,359 339,995.932 Surplus
z18,006,640 40.146.387 Deductionsfrom gross income
219,399
222.814
a Preferred capital stock, 369,000,000, less amount held by a subsidiary
company. 33,890.000. b Includes 323,275.886, receivable Jan. 11 1929
Netincome
8727.735
3159,605
from sale of 728.412 shares of no par common stock. c Represented by 9% div.series A pref.stock
254.253
1,456,824 no par shares in 1928, and by shares of $100 par value in 1927.
x Notes receivable of employees given for purchase of common stock and
Balance
$473,482
2159.605
secured by such stock; common stock of V. S. Rubber Co. held under
x Included in operating expenses is 3278.427 on account of rehabilitation.
service contracts and agreements, and common stock of U. S. Rubber CO. -V. 128. p. 724.
hold by a subsidiary company. y U. S. Rubber Co. 1st mtge. 5% gold
bonds, due 1947. issued $69.000,000, less amounts retired through sinking
Louisiana &Arkansas Ry.(Ark.).
-Successor Company.
fund, $7,644,600, and $2,000.000 held in treasury. z Subject to final
See Louisiana & Arkansas By. of Del. below.
-V.127. p. 3702.
determination of Federal taxes for years subsequent to 1917.
The consolidated general balance sheet of United States Rubber Plantations, Inc.,according to cabled advices, is as follows:
Louisiana & Arkansas Ry.
&c.
The I. S. C. Commission on Fob. 23 Issued a certircate authorizing (a)
CONSOLIDATED BALANCE SHEET,DEC. 31
the Louisiana & Arkansas Railway (Del.) to acquire and 'mate the lines
[United States Rubber Plantations, Inc.,and Subsidiary Companies.]
of railroad owned by the Louisiana & Arkansas Rail% ay (Arkansas) and to
Assets-1928.
operate certain lines of railroad now operated by tnat company under
1927.
1926.
Cash
$804,778
$418,617
$370,834 lease or trackage rights and agreements; and (b) the Louisiana Railway &
Accounts receivable
118,080
212,525
185,997 Navigation Co. to extend its line of railroad through the acquisition and
Invent, of crude rubber in prep, for
operation of the physical properties of the Angola Transfer Co.
ship.. & other mat.& supplies
The commission also authorized the acquisition by the company of control
2,231,390
1,441,922
2,764,098
Open account with U.S. Rubber Co4.310,105 of the Louisiana Railway & Navigation Co., under a lease and by parchase
Land,develop, of prop. & equipment_ 35.095.673 33,113,236 29,662,967 of stock.
Prepaid and deferred assets
Authority was also granted to the company (a) to issue 512.000.000 of
435.631
387,791
381,107
first-mortgage 5% series A bonds, $.$,000,000 of second mortgage 534%
•
Total
$37.848,246 $36,411,400 $37,675.108 bonds, 35,000,000 of non-cumulative 6% preferred stock (par $50) and not
Liabilitiesexceeding 100.000 shares of common stock without par value: and (b) to
Accta. Pay. (incl. drafts against shipassume obligation and liability In respect of outstanding securities of the
ments of rubber)
2,819.242
1,678.877
1,248.032 Louisiana & Arkansas Railway Co.(Arkansas). consisting of 32.600,0006%
Reserves for insurance
79.305
93,045
74.974 promissory notes, not exceeding $66,000 of equipment gold 6's, series .1,
Res.for sh.of prof.to staff & leave exp.
885.682
594,226
1,079,662 and not exceeding $56.000 of equipment gold 8's, series K: said setorities
Res.for Dutch East Indies inc. tax...
699.252
261,776
915,764 to be issued in connection with the acquisition of the properties of the
Open acct. with U.S. Rubber Co.... 6.597,777
Louisiana & Arkansas Railway Co. (Arkansas) and of the securities of the
4,571.830
Invest. of U. S. Rubber Co. rep, by
Louisiana Railway & Navigation Co. and for proposed additions and
entire cap. stk. of U. S. Rubber
betterments to the properties of the Louisiana Railway & Navigation Co.
Plantations, Inc
18,000,000 18,000.000 18,000,000
The report of the Commission says in part:
Approp. surp. res. for amortiz. of
prop, and for deprec. of equipment. 9,689,920
Under date of July 11 1928, the new L. & A. and the L. & A. entered into
8,511,145
7,477.436
Surplus
844,941
932.621
8.879,241 an agreement whereby the L. & A. agrees to sell, assign, convey, and
deliver to the new L. & A. all its railroads, properties, and assets except its
Total
$37.848,246 $36,411,400 $37,675.108 corporate franchise. In consideration of this transfer and delivery the
-V. 128.p. 1576.
new L. & A. agrees (I) to issue and delivery pro rata to the stockholders of
the L. & A. certificates for 50.000 fully paid and non-assessable shares of its
6% preferred stock (par $100) and 100,000 shares of common stock without
par value:(2) to assume the due and punctual payment of the principal and
Interest on all 6% equipment trust gold notes, series J, and all 6% equipment-trust gold notes, series K.Issued and outstanding, and (3) to assume
all the indebtedness, liabilities, and obligations of the L. & A. Upon
the consummation of these transfers it is proposed to dissolve the L. & A.
Under date of May 11928. the new L. & A. and the L. & A. entered into
an agreement with Sara Edenborn, who owns all the issued and outstanding
STEAM RAILROADS.
stock of the L. R. & N., under the provisions of which the new L. & A.
Union Pacific Wage Increase.
-A wage
of from 2c. to Sc. an agrees to deliver to her $8,000,000 of its 5% first-mortgage bonds, series A,
hour was granted to approximately 11,000 increase
shopworkers. Wall St. "Jour- and 34,000,000 of its second-mortgage 5;•6
bonds in consideration of
nal." Mar. 11, p. 23
her transferring to it the following securities oethe L. R.& N.:
GENERAL INVESTMENT NEWS
MAR. 16 1929.]
FINANCIAL CHRONICLE
1723
No application was filed by the L. R. & N.for authority to acquire conthe aggregate
it being contended that
All!the issued and outstanding capital stock of
$8.131.000 trol of the Transfer company by purchase of stock, a private carrier. In
par value of
the Transfer company is not a common carrier but
% gold bonds issued
-mortgage
outstanding first
filed an application for a certificate
All the
view of the fact that the L. R.& N. has
Loan
Transfer
under an indenture dated July 1 1903, to the Farmers'
of public convenience and necessity to acquire the properties of the
coupons maturing
this
St Trust Co.. trustee, with all interest aggregate principal
company and to operate the ferry, it will be unnecessary to decide N.
1928, attached thereto, of an
the L. R. &
after Jan. 1
10,361,000 question. Counsel state that it is immaterial whether
amount of
the physical properties or the stock of the Transfer company, and
acquire
issue of
-year 6% notes without coupons part of an authorized
2
there appears to be no good reason for maintaining a separate corporation
$2,000,000, being all of the issue outstanding except $500.000 1,500,000 to operate the ferry. Under the arrangement now proposed, the Transfer
the L. R. & N. to
recently purchased by the L.& A.
375.000 company will, prior to the delivery of the securities of L. R. & N. for the
6% short-term notes
150.000 the new L. & A., transfer its physical properties to the
o
5T demand notes
annul all sum of $145,000. being the exact par amount of the Transfer company's
in open
Upon receipt of these securities the new L. & A. will cancel and
-note of the outstanding capital stock. The consideration is to be carried
except the $8,131.000 of stock. It will also cancel the $500.000 time, Sara account and later gratuitously forgiven by the Transfer company, or
L. R.& N., which the L.& A.recently purchased. At the same R.& N., transferred to Sara Edenborn by the Transfer company upon surrender
the L.
EdenEdenborn will gratuitously forgive the obligations due her by
ge
to that company of all the stock, and later forgiven by Sara
consisting of $6,151,184 of unpaid interest coupons on its first-mortga 1 by her
born.
and including Jan.
4Y4% gold bonds which matured from Jan. 1 1915 to 1 1927, except curNov.
Commissioner Eastman, dissenting in part, said: L.&A.
28 and indebtedness due on open account as of
also pay or cause
the new
19'
rent liabilities, totaling $500.000. Sara Edenborn will States under sales
When the transaction here approved is consummated,
due the United
to be paid $5,000 balance of principal the purchase of one Baldwin loco- will own all of the stock of the L. R. & N. the latter will be without debt,
'
the new L. & A. for 999 years. Section
Dec. 27 1920. covering
contract dated
and its property will be leased to
motive, and $37.500 balance of principal due the United States under 5 (2) of the interstate commerce act does not empower us to authorize an
of six Baldwin
in
sales contract dated July 19 1921, covering the purchase assets, contin- acquisition of control which involves the consolidation of the carriersmy
operation." In
adjustments respecting quick
locomotives. Certain other
question into a "single system for ownership and
gent liabilities. etc., are provided for.
this is such a consolidation.
Sara judgment
concerned, I think
It is further provided that prior to the transfer above described,
So far as the merits of the proposed unification are
Certain
Edenborn will transfer to the L. R. & N.(1) the entire capital stock owned that it is likely, on the whole to result in public advantage. the new
Transfer company,
by her of the Angola Transfer Co., hereinafter called the depot and grounds features, however, ought not to be overlooked. The bonds of W. now
value of $145,000:(2) the passenger
securities of the L. R. &
the
of an aggregate par
in Baton L. & A. are to be used to purchase
or its equivalent
used by the L. It. & N. in New Orleans: (3) certain real estate
owned by Sara Edenborn. She, however, wants cash
Rouge described in the aforesaid agreement; and (4) the steamer "Kellogg" for these securities, and she also wishes to dispose of her holdings in the
will thereby become part of the assets L. It. & N. of Texas. It is therefore proposed to give her the new L. & A.
sunk in Old River. These properties
N., but in the same
of the I.. It. & N.
bonds in exchange for the securities of the L. R. &
The neW L. & A. will then lease the properties of the L. R. & N. for a breath she is to sell the new bonds and also her holdings in the L. R.& N.
new
period of 999 years. Under the provisions of the propose lease the the of Texas for $10,000.000 to the syndicate which will own the stock of the
and stripping it of
L. & A. covenants (1) to pay $100 annually, and such further sums as
new L. & A. Reducing the transaction to simple terms
now L. & A. shall certify to be requisite to maintain the lessor's corporate non-essentials whose only purpose is to tinge it with a certain legal color,
organization, (2) to pay taxes, assessments, and Government charges. (3) it amounts to a sale of the new L. & A. bonds for $10.000.000 to the syndito pay, during the term of the lease, rentals and other charges payable by cate which will control that carrier, for the purpose of obtaining that amout
the lessor. (4) to pay and discharge current obligations and liabilities of cash or its equivalent to pay to Sara Edenborn for her holdings in the
existing at the effective date of the lease,(5) to pay all interest and sinking- L. R.& N. and in the L. R. & N. of Texas, the latter to be thrown in with
fund requirements on bonds, notes. and other obligations and indebtedness the new L.& A. bonds and given to the syndicate.
with the
very profitable to the
of the lessor Issued or incurred after the effective date of the leaselease, (6)
This somewhat circuitous transaction may be
of the
consent of the lessee and in accordance with the provisions judgments, and syndicate. It all depends upon what the market values of the new L.& A.
obligations, claims;
& N. of Texas may prove to be.
to pay and discharge all expenses,
every bonds and of the securities of the L. It.
discharge all expenses, obligations, claims, judgments, and suits of of the If the prospects of the new L. & A.are as favorable as represented of record,
an excellent chance
respect of the leased property after the effective date
kind accruing in
there is little, if any,chance of loss to the syndicate and
lease, (7) to perform and observe, during the lease, all covenants, terms, of considerable gain from the new L. & A. bonds alone. The securities of
and conditions to be performed respecting certain contracts, (8) to Pay the L. R.& N.of Texas are represented of record to be a liability rather
insurance, keep reserves, etc., and (9) at its own cost to maintain the than an asset, but the fact Is that the evidence upon this point is sketchy
deficits in net
physical properties of the lessor.
in the extreme. It appears that this carrier has incurred
Under date of Nov. 1 1927, an agreement was entered into between Sara railway operating income during the past four years. but the reasons for
Co.. as
Edenborn and II. 0. Couch, C. S. McCain. and Dillon, Read & cause this showing were in no way developed, nor its prospects if operated in
will
we authorized the L. it &
syndicate managers, in which it is provided that the sundicate
applications herein- harmony with the new L. & A. system. When
the new L. & A. and the L. St A. to present to us theL. R. & N. to join N. of Texas. In 99 I. Cl. C. 229. to issue $40C.000 of stock and $750.000 of
before described, and Sara Edenborn will cause the
prospects were painted in warm and attractive colors;
requested, the bonds, Its future
therein. Subject to our approval of the authority herein bonds,series A, in fact we were asked to approve an issue of $2,963.000 first mortgage 6%
-mortgage
would surely be earned. While
syndicate will purchase the $8,000.000 of 5% first
delivered by the bonds upon representations that the interest
and the $4,000,000 of second-mortgage 5,34% bonds to be and all the stock these representations were no doubt unduly optimistic the fact is that
wholly in the dark as to the
new L. & A. to Sara Edenborn, as hereinbefore described,
Louisiana Railway & we are left upon the present record almost exists for the conclusion that
and bonds, with unmatured interest coupons, of the
of that carrier, and no sound basis
of Texas,
Navigation Co., of Texas. hereinafter called the L. It. & N. Edenborn possibilities a liability to the syndicate. It may have considerable value.
will prove
which are now owned by Sara Edenborn. Concurrently, Sara of Texas It It may be that to provide suffici nt inducement for railroad unifications
will gratuitously forgive (a) the indebtededness of the L. It. & N.
to their promoters opportunities for speculative profit
on open account amounting to $30.000. and (b) all the matured and it is necessary to givehere being given to this syndicate. But in view of the
to her
is
such
length between indeunpaid interest coupons aggregating about $150,000 on the $750,000 Par fact as that which
that this is not wholly a transaction ataarms' and its own stock,
value of first-mortgage 0% bonds of the L. R. & N. of Texas which have
carrier
parties, hut in part a deal between
not yet been issued. The syndicate agrees to pay Sara Edenborn for all the pendent I am inclined to think that we are entitled to better evidence than
in cash holders,
securities purchased $10,000,000, of which $7,500,000 is to be paid
what is proposed a really necessary.
or its equivalent, and the remaining $2,500,000 by the delivery to her of a has been presented that
-Lease, &c.
negotiable note signed by the syndicate managers. payable May 1 1929,
Railway & Navigation Co.
Louisiana
without interest. The note is to be subject to payment before maturity or
-V. 126, p. 573.
Ry. of Del. above.
at maturity and payable on or before 18 months after May 1 1929, See Louisiana & Arkansas
renewable
with interest at 5% per annum, and upon the expiration of the 18 months
-To Refund Bonds.
Maine Central RR.
and upon payment of $1.000,000 the remaining $1,500,000 is to be renewable
the question
will
At the annual meeting April 17 the stockholdersRR. consider 4% bonds
anti payable on or before 12 months from date of renewal with interest at
1st mtge.
Piscataquis
the rate of 5% per annum. Each of the renewal notes is to be subject to of refunding the $175.000 Dexter & Upper Coos RR. (New Hampshire)
before the respective maturity dates. The note for $2,500.000 due July 1 1929, and the $1,043,000
payment
Is to be issued under and secured by a collateral-trust agreement between bonds due May 1 1930.-V. 128, P. 1551.
the syndicate and the Commercial National Bank of Shreveport, La. There
-The
-100% Cash Dividend.
Michigan Central RR.
will be pledged with the trustee under this agreement as security for the
note $4,000,000 of second-mortgage bonds of the new L. & A., all the stock. directors on March 13 declared a cash dividend of 100%
aggregating $400,000, and all the bonds, aggregating $750,000, together
$18,736,400 capital stock, par $100,
with unmatured interest coupons thereon, of the LR.& N. of Texas, and on the outstanding
$2,500.000. making an payable March 28 to holders of record March 23. This
notes of the synalcate participants aggregating .
aggregate total of pledged securities of $7,650.000. The syndicate agrees
the usual semi-annual dividend of 20%
to operate or cause to be operated the properties of the L. It. & N.of Texas is in addition to
distribution
until the collaterally secured note of $2,500,000 has been paid. At the paid on Jan. 29 last. The previous additional
no outstanding funded debt of the
present time it appears that there is
paid on Dec. 30 1927.
50%
L. R.& N.of Texas and but $52,500 of its stock has been issued. However, was one of
Central
Control of this road is held by the New York
by our order of June 20 1924 90 I. C.0.229, we authorized the L. R. & N.
a Texas to issue stock aggregating $400,000 and bonds aggregating $750.- RR. (See also our "Railway and Industrial Compendium"
all of which, with the exception of the $52,500 ofstock now outstanding,
000,
128, p. 724.
was to be issued to William Edenborn in payment for the property. It is of Nov. 22 1928, page 90.)-V.
proposed to act upon this authority prior to the consummation of these
-Earnings.
Valley RR. Co.
Midland
various agreements.
1926.
1927.
1928.
The proposed transactions may be briefly summarized as follows: The
Year Ended Dec. 31$3,725.532 $3,964,918 $4.314,245
stockholders of the L. & A. are exchanging their interest in that company Railway operating revenues
2,551,732
2,529.252
2,195,020
stock in the new L. & A. The physical Railway operiting expenses
for preferred and no-par common
247,151
207,822
186,185
properties of the L. & A. are being transferred by deed to the new L. & A. Taxes
3.603
1.186
603
Then the stockholders in the dual role of syndicate and stockholders of the Uncollectible railway revenues
who is acting in four
new L. & A. are negotiating with Sara Edenborn,
$1,343,722 $1,226,657 $1,511,759
capacities-individually, as owner of the stock of the Transfer company,as
Total operating income
147.672
92,187
74,111
owner of the stock of the L. R. & N. and as owner of the stock of the Other operating income
& N. of Tease for the purchase of the securities or properties of those
L.
$1,417,833 $1,318,843 $1,659,431
companies, the physical properties of the Transfer Company to be transoperating income
Gross
361,958
355,772
393,853
ferred to the L. R. & N., that company's stock to be transferred to the Deductions from gross open Income
new L. & A. which will lease the combined properties, and the securities of
$963.071 $1,297,473
$1,023,981
R. & N. of Texas to be transferred to the syndicate. In payment
the L.
Net operating income
182,608
193.055
225,423
for the securities transferred to the new L. & A., Sara Edenborn will receive Non-operating income
$12.000,000 of bonds of that company, which will be purchased from her by
$1,249,404 $1,156,126 $1,480,081
L. It. & N. of Texas, for
the syndicate, together with the securities of the
Gross income
705,161
708.570
691,788
$7.500.000 cash and a negotiable note for S2,500,000. The appllcants Deductions from gross income
admit that the transactions are to be simultaneous.
$774.919
$447,556
$557,616
Net income
The L. & A. owns and operates a line of railroad extending from Hope,
199,962
199.962
199,962
Ark.. to Tioga. La., a distance of 188.9 miles from Packton to Wildsville Dividend on pref. stock (5%)
200,325
200.325
200,325
La., a distance of 53.32 miles, and from Minden to Shreveport, La., a Dividend on common stock (5%)--..
distance of 27.15 miles. It operates from Wildsville Junction to Con$374,632
$47,269
Amt.cred.to profit & loss, Dec.31- $157,329
cordia Junction. La., a distance of 14.7 miles. under lease from the Missouri
Pacific, and under trackage rights from the same company 5.64 miles -V. 128. p. 1551.
between Tioga and Alexandria, La., and from the Texas & Pacific Railway
-To Offer $46,392,000 5%% Bonds
Missouri Pacific RR.
1.6 miles between the same points. It likewise operates under trackage
rights from the St. Louis Southwestern Railway 2.01 miles near Shrevepor to Stockholders. The company, subject to the approval of
miles between Concordia Junction and
and from the Missouri Pacific 8.92
-S. C. Commission, is about to issue $46,392,000
the I.
Vidalia, La.
The L. It. & N. owns and operates a line between Shreveport and New 20-year 554% convertible gold bonds, series A, due May 1
Orleans, La., a distance of 303.41 miles, and between Aloha and Winnfield,
La., a distance of 27.14 miles. It operates under trackage rights from the 1949.
shareholders of
The bonds are to be offered to the preferred and common
St. Louis Southwestern Railway 0.5$ mile between Shreveport and Bossier
registered on the
City. La.. and 0.11 mile between Shreveport and a connection of the Yazoo the company to the extent of 30% of their holdings as payable on May
City, Shreveport & Gulf company's books on April 11929, at 9734 (5.71% basis),
& Mississippi Valley R. 11.•, from the Kansas union depot, same city;
as possible
1 1929. Warrants will be issued to each stockholder as soon which such
Terminal Co. 0.92 mile from Shreveport to the
respect of
mile from
from the Shreveport Bridge & Terminal Co. 0.35 Valley R. Shreveport to after April 1 1929 specifying the amount of bonds in
R. 2.31 miles stockholder is entitled to a subscription privilege.
'
Bossier City: and from the Yazoo Sr Mississippi
Kuhn,
The subscription by stockholders has been underwritten by
from Almodia to Hanson City, La.
The Transfer Company is a Louisiana corporation organized to engage Loeb & Co.
to $100,000,000 at
The bonds will be part of an authorized issue limitedoption of the holder
in Louisiana. At present its operations are limited
in the ferry business
time outstanding, and will be convertible at the
and trains of the L. R. & N. across
cars,
to ferry transfers of thethese engines being performed under a contract any onetime on and after May 1 1931, into common stock of the comservices
the Mississippi River, company. Heretofore, this transfer has been at any $100 per share, with an adjustment of accrued interest and curat
pany
arrangement with that
between Naples and Angola. La., a distance of approximately 8.25 miles rent dividend.
on
The entire series but not a part thereof may be called for redemption
However, the line of the L. R. & N. has been relocated via Moreauvilie
notice on May 1 1934. or on any semi-annual interest date therebuilt across
a
and Simmesport. La., and thebridge now operates the AtchafalayaRiver 60 days'and including May 1 1944. at 105 and int., and thereafter on any
across the Mississippi after to
ferry
at the latter place, so that
their principal amount, plus a premium equal to 34 for each
River from Phillipston to Angola. La., a distance of approximately 1 mile. int. date at
1724
FINANCIAL CHRONICLE
[Vol,. 128.
6 months between the redemption date and the date of maturity. If
the
Balance Sheet Dec. 31 1927.
bonds are called for redemption, the
15 days prior to the redemption date. conversion privilege will terminate
1928.
1927.
The proceeds of this issue of bonds are to be applied to the redemption Plant and equip-83,099;450 52,784,245 Capital stock
$2,815,300 $2,049,400
Investments
on July 1 1929 of $30,551,000 of unifying and refunding 4% bonds
20,067
21,044 Cap,stock subscr_
53,850
of St. Cash
Louis, Iron Mountain & Southern Railway (a predecessor of the
376,137
289,722 First mtge. bonds_
company) Acc'ts receivable
100,000
and for other corporate purposes.
169,240
195,087 Notes payable_ _ _
25,000
400.000
For the year 1928 the gross income of the
Acels payable
applicable to payment Subscriptions to
66,156
33,941
capital stock...
of interest on funded debt and other fixedcompany before Federal
20,995
Customers' depos_
charges
6,372
6,949
taxes amounted to 325,38.5.139, while such charges amounted Income Math & supplies- 113,797
176,577 Accruals
17,073
18,572
to $15,- Prepaid accounts_
792.375.-V. 128. p. 1551.
6,273
10.662 Res've for depreo'n 336,953
344,034
Surplus
485.257
504,441
New York Central RR.
-Ordered to Dispose of Wheeling
Total
$3,805,961 $3,457,336
Total
& Lake Erie Ry. Stock.
53,805,961 53,457,336
-See preceding pages of this issue.
-V. 126. p. 864.
New Director.
-
Birmingham Electric Co.
-To Sell Gas Properties.
Gordon Abbott of Boston has been elected a director to succeed the
late Ogden Mills.
-V. 128, p. 1551.
See American Commonwealths Power Corp. above.
-Y. 127, p. 1945.
New York Chicago & St. Louis RR.
-Ordered to Dispose
of Wheeling & Lake Erie Ry. Stock.
-See preceding pages of
this issue.
-V. 128, p. 1223.
St. Joseph, South Bend & Southern RR.
-Lower Div.
The committee for stockholders under the plan dated
Feb. 13
announced an extension of time within which deposit of stock may1929, has
The time has been extended up to Aprll 11929. The stock is being be made.
deposited
in connection with the plan to merge the properties of the
Brooklyn City
RR. with the surface lines of the B. M.T.
-V. 128. p. 1224.
The company on March 15 paid a semi-annual dividend
the common stock and the regular semi-annual dividend of 34 of 1% on
5% pref. stock, both to holders of record March 10. On of 23 % on the
Sept. 15
semi-annual distribution of ;.4 of 1% (not 34 of 1% as given In last last, a
week's
"Chronicle") was made on the common stock, while on March 15 1928 a
semi-annual dividend of 14 of 1% was paid.
-V. 128. p. 1551.
Brooklyn City RR.
-Deposit Time Extended.
-
California Oregon Power Co.
-Earnings.
-
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
1928.*
1927.
$3,384,862 $2,913,081
2,207,468
1,787,240
32,185
6,202
Southern Pacific Co.
Total earnings,
-To Issue $65,166,000 Bonds.
- *Preliminary including other income
$2,239,653 $1,793,442'
earnings.
-V. 128, p. 398.
The company, subject to the approval of the I.
-S. C. Commission, is about to issue $65,166,000 principal amount of
Canadian Western Natural Gas, Light, Heat &
40
-year 43% gold bonds of 1929, due May 1 1969, each Power Co.
-Earnings.
Year Ended Dec. 31$1,000 bond having attached a non-detachable warrant en1928.
1927.
1926.
Sales of gas
$1,651,374 31,565.023 $1,220,493
titling the holder to purchase at any time on or before May Interest
73,043
38,199
10,526
1 1934, 3 shares of common stock of the company at $145 Other income
57,501
58.211
52.091
per share, plus accrued dividend at the then current rate.
Total income
$1.781,921 $1,661,433
$1,283,110
The bonds will not be redeemable during the five years privilege of Expenses, &c
1,139,123
915,047
675,221
purchasing stocks. They will be redeemable on May 1 1934, or
Depreciation and depletion
14,852
199.560
140,132
semi-annual interest date thereafter to and including May 1 1964.on any Provision for Dominion income
at 105
tax_
12.223
and int., and thereafter on any semi-annual interest date at their principal
amount, plus a premium equal to 34% for each six months between the
Net income
$627,943
$646,826
$455.536
redemption date and the date of maturity.
Preferred dividends
153,745
76,476
29,262
The bonds are to be offered to shareholders of the company to the
Common dividends
320,000
420,000
240,000
of 1734% of their holdings, as registered on the company's books extent
8 1929, at 94% (approximately 4.85% basis) and accrued interest,on Avail
Balance, surplus
payable
$154,198
$50,350
$186,274
on May 15 1929.
-V.126, p. 1348.
Warrants will be issued to each stockholder as soon as possible
April 8, 1929. specifying the amount of bonds in respect to which after
Cities Service Co.
such
-Debentures Offered.
-Harris, Forbes
stockholder is entitled to a subscription privilege.
& Co., Halsey, Stuart & Co., Inc., the National City Co.,
The proceeds of this issue of bonds are to be applied
on June 1 1929. of $53,815,760 of the company El 4% to the redemption Bonbright & Co., Inc.
convertible bonds
E. H. Rollins & Sons, A. B. Leach
maturing on that date, and for other corporate purposes.
For the year 1928 the net income of the company, after all charges, & Co., Inc., Federal Securities Corp., Pearson-Taft Co. and
amounted to $39.876,000.
Henry L. Doherty & Co., are offering at 973' and hit.
The subscription by stockholders has been underwritten by Kuhn, Loeb
$50,000,000 5% gold debentures, due 1969 (with common
& Co.
Construction of Branch Line.
-
stock purchase warrants).
Dated March 1 1929; due March 1 1969. Interest payable
M. & S.
at'agency of the company in N. Y. City or at agency of the
Chicago or in Boston. Red., all or part, on any int. date company in
on 45 days'
notice at 105 through March 1 1944: with a reduction in
the redemption
price of 34 of 1% at the beginning of each successive
three-year period
thereafter including the three-year period ending on
March 1 1968; and
Terminal Railroad Association of St. Louis.
-Bonds.
- at 100 thereafter until maturity: plus int. in each case. Donom. $1,000c*.
The I.
-S. C. Commission on Feb. 28 authorized the company to procure Equitable Trust Co. of New York, trustee. Company will agree to pay
the authentication and delivery of $7,000,000 of ref. and improv. mtge. Interest without deduction for any Federal income tax not in excess of
434% gold bonds,series A,in partial reimbursement of capital expenditures 2% per annum, and to refund Pa. 4-mills tax, Md. 434-mills tax, Conn.
4
-mills tax, Calif. 5
-mills tax, and Mass, income tax not exceeding
heretofore made.
6%
The company does not propose to sell the bonds now, but will hold them per annum.
Stock Purchase Warrants.
-Each $1.000
in its treasury until some future time when it will request authorization to
(non-detachable except by company when debenture will carry a warrant
sell or otherwise dispose of them.
presented
-V. 128. P. 881.
holder to purchase subject to indenture provisions for exercise) entitling
dends. recapitalization, &c., ten shares of common regarding stock diviWheeling & Lake Erie Ry.-Earnings.during the periods. and on the basis, as follows: stock of the company
Calendar Years1927.19
From March 1 1929
1928.
1926.
25.
through Sept. 1 1929 at
Gross revenues
$20,705,664 $18,129,586 $20,925,898 320,395,618 1930 at $126 per share; $122 per share; from Sept. 2 1929 through March 1
from March 2 1930 through Sept. 1 1930 at $132
Expenses
13.868,383 13,716,571 14.984.089 14,400,990 per share; from Sept. 2
1930 through March 1 1931 at $138 per share:
Taxes, &c
1,682.395
1,464,246
1,668,649
1,572,566 from March 2 1931 through
Sept. 1
Equipment rents, &c_ -Cr99,251 Cr125,716
179,050
57,091 1931 through March 1 1932 at $150 1931 at $144 per share; from Sept. 2
per share.
„A
Net operating income_ $4,975,836 $3,048,020 $4,398,876 $4.364,971 panyrecapitalization plan is now under contemplation. In case the comsubdivides its outstanding shares of common stock into a
Other income
302,362
greater
255,958
298,167
241,932 number of shares, then the number
of shares deliverable on the
thereafter of each warrant shall be proportionately increased exercise
Total Income
55.278,198 33,303,978 34,697.043 34,606,903 requiring any payment by
without
Fixed charges
913,450
1.189,689
909,145
1,320.625 purchase price specified in the warrant holder in addition to the aggregate
the warrant.
In case the debentures
Net income
$4,364,748 $2,394,833 $3,507,354 $3,286,278 the warrants will become are called for redemption before March 1 1932,
void at the close of business on the redemption
-V. 128, p. 1551.
day unless exercised prior thereto. The stock will be delivered
therefore will be required 30 days after presentation of the and payment
warrants.
Data from Letter of Pres. Henry L. Doherty, Mew
PUBLIC UTILITIES.
York, March 12.
Company
.-A Delaware corporation. Controls, directly or indirectly
Matters Covered in "Chronicle" of Mar. 9.
-Production of electric power through stock ownership, more than
In the United States in January increased approximately 13% over the electric light, power, gas and (or) 60 public utility companies rendering
transportation service in 20 States and
same month a year ago. p. 1465.
the Dominion of Canada, serving territories having a
population estimated
to be about 4,000,000 and more than 30 companies representing
an important
American Commonwealths Power Corp.
-Acquisition. system of oil production, transportation, refining and
marketing, The
The corporation announces it has entered into a contract for the purchase public utility companies render service to
over 700.000 customers in more
from the Birmingham Electric Co. of all the properties now being used in than 900 communities, including
such
conducting the gas business in and about the cities of Birmingham. Bessemer Mansfield, Warren and Sandusky, important cities as Toledo, Lorain.
Ohio; Denver and Boulder, Cob.;
and Fairfield. Ala., and the towns of Tarrant City, Brighton and Holly- St. Joseph and Joplin, Mo.; Danbury,
wood, Ala., as well as in certain other sections of Jefferson County, Ala., domestic oil subsidiaries have a present Conn., and Durham, N. C. The
daily average production
adjacent to these cities and towns.
barrels of crude oil. They own and operate seven refineries of 45,000
It is estimated that the total population served by these gas properties 1,200 miles of oil
and about
Is approximately 300.000. It has been arranged with the Birmingham are located in whatpipe lines. The more important petroleum properties
is
Electric Co. that in addition to the properties the entire personnel of its Oklahoma and Texas,commonly called the Mid-Continent field in Kansas,
and the natural gas business is conducted principally
gas department will be included in the transfer.
Kansas, Oklahoma, Missouri and Arkansas.
The American Commonwealths Power Corp. owns and operates a large in
number of properties situated in Texas, Louisiana, Nebraska, New Mexico, ofCapitaltzation.-The consolidated capitalization (outstanding with public)
company and subsidiaries, as of Dec. 311928,after giving
Minnesota, Florida, Georgia, Maine, Arkansas, South Dakota, Oklahoma.
effect to this
Kansas and Missouri and is now serving many important cities with elec- financing, is as follows:
tricity or gas, such as Amarillo, Tex.; Minneapolis, Minn.; Jacksonville Common stock (par $20)
x5,061,636 she.
preferred stock (no par)
and at. Augustine, Fla.• Savannah, Ga., and Bangor, Me. Through this $6 preference B
1,034,951 she.
50c.
recent acquisition, the ' of Birmingham and surrounding territory, will $6 preference BB stock (no par)
296,660 abs.
city
stock (no
)
now be added to this list.
63,053 abs.
-V.128, p. 882.
5% gold debentures due 1969 (this issue)
$50 000,000
5% gold debentures due 1958, 1963 and 1966
Arkansas Electric & Water Co.
-New Name.
1
Subsid. funded debt and pref. stock (par or stated value)._ f y467,779,189
See Commonwealth Public Service Co. below.
-V.128, p. 1552.
Subsidiaries minority common stocks (par or stated value).6,287,463
x Not incl. 506,068 additional shares issued in
Baton Rouge (La.) Electric Co.
-Co-agent.
to stockholders of record Jan. 8 1929. y Not respect of rights offered
incl. $2,030,000 Cities
The Bankers Trust Co. has been appointed co-agent with the Old Colony Service Tank Line Co. 5% equipment
trust certificates, duo serially to
Trust Co., Boston, for the payment of the 1st mtge. 5% coupons. See 1935, guaranteed by Cities
Service Co.
V. 128. p. 1051.
Earnings.
-The consolidated earnings of company and subsidiaries for
the 12 months ended Dec. 31 1928, irrespective of the dates of acquisition,
Brockton Gas Light Co.
-Earnings.
are given below:
Calendar Years1928.
1927.
Gross earnings
3170,294,409
Gross earnings
$997,301
$959.434 Operating expenses, maintenance, taxes (except Federal
taxes)
Operating expenses & taxes
819,752
756.463
and amounts applicable to minority common stocks
105,512,926
Net earnings
$177,649
$202.970
Consolidated net earnings before interest, depreciation,
Other income
6.006
3.180
depletion and other reserves. dividends, &c
564,781,483
Ann. Int. and diva. on funded debt and prof. stocks of subs.
Gross income
$183,555
to be outstanding after giving effect to this
$206,150
financing
Income deductions
19,553
13.917 Annual interest requirements on funded debt of company to be *19,393,395
outstanding after giving effect to this financing
*6,765,880
Net income
$164,002
$192,234
* These figures may vary slightly In their respective amounts but not
Dividends
163,952
163.952 In total, as the company reserves the option to retire additional amounts
of its own funded debt instead of an equal amount of funded debt or
li Balance
$28,282 pref. stocks of its subsidiaries,
$50
The I.-8. C. Commission on Feb. 28 issued a certificate authorizing the
construction by the Company of a branch line of railroad extending from
Knights Landing northerly and northwesterly to a point near Boyers
Landing, approximately 13.8 miles, all in 'olo and Colusa Counties,
Calif.
-V.128, p. 1551.
MAR. 16 1929.]
Purpose.
-Entire proceeds of this financing will be used to reimburse the
company for expenditures made or to be made for the retirement or acquisition of funded debt of the company and funded debt or preferred stocks
of subsidiaries, thereby substantially increasing the company's equity
in the property of its subsidiaries.
Indenture Provisions.-Indenture will provide, among other things,
that the company shall not pledge any of its securities owned without
equally and ratably securing these debentures, except in the case of purchase
money liens and except in the case of pledge of certain assets in the ordinary
course of business to secure current borrowings; and that the indenture
may be amended in certain respects with the consent of the holders of
not less than 85% of the outstanding debentures.
-Company will agree in the indenture to make available
Purchase Fund.
,
semi-annually, beginning Marc,6 1 1930, funds sufficient to retire 111%
of these debentures at the time outstanding, if obtainable, during specified
periods, by purchase at or below 100% of the principal amount and accrued
nterest.
Illinois Power & Light Corp. (are Subs.).
-Earnings.
Calendar Years-Gross earnings from operation
Operating expenses & maintenance
Taxes •
Rentals
1928.
1927.
$34.826,908 331.239.965
18.223.801 17.612,238
1,220.889
1,485,266
726.232
180,211
Earnings from operation
Other income
314.391,610 $12,226,626
501.111
227,022
Total net earnings
Prior charges
514.892.721 312.453,648
1.304,403
987.924
Total earnings available for bond int.
Mortgage debt
513.588,317 311.465.724
5,637,546 5,158.061
Directors Approve Proposed Split-Up of Common Stock.
At a special meeting held March 12 the directors voted to split the common stock 4 for 1, subject to the vote of the stockholders at their annual
meeting in April. The split-up will raise the present 5,500,000 shares to
-V. 128, p. 1395.
22,000,000 shares.
-Definitive Ctfs. Ready.
Central States Electric Corp.
Mon, Read & Co. announce that the Bankers Trust Co. is now prepared to deliver definitive stock certificates in exchange for temporary
stock certificates of a $10,000.000 issue of 6% cumul. pref. stock and a
$10.000.000 issue of cony. pref. stock, optional dividend series. In the
case of the 6% cumul. pref. stock, it is explained that definitive warrants
which accompanied this issue were delivered with the temporary stock
certificates. (See offering in V. 127, p. 2087.)-V. 128. p. 1553.
-Sub. Co. Stock:
. Commonwealth Public Service Co.
The Commonwealth Public Service Co. of Arkansas, a subsidiary, has
filed a certificate at Dover, Del., changing its name to Arkansas Electric
& Water Co.. (see V. 128, P. 1552). with authorized capital stock, no
-V. 128. p. 112
par value, of 4,000 shares.
Concord (N. H.) Electric Co.
-Earnings.
Calendar YearsOperating revenues
Total operating expenses
1928.
$490,666
314.002
1927.
3462,570
311.896
1926.
$423.362
278,231
Income from operations
Non-operating revenues
$176.664
1,414
$150,674
857
$145,131
632
•
Gross income
Income deductions (interest, &c)
$178,079
13,367
$151.531
13,746
$145,763
25,985
Net income
Preferred dim
Common dive
$164,711
13,500
96.000
$137,785
13,500
88,000
$55,211
336.285
$7.950.771 $6,307,663
Consolidated Balance Sheet as of Dec. 31.
Dec. 31 '28. Dee. 31 '27.
Dec. 31 '28. Dec. 31 '27.
$
Assets$
Fixed capftal___197,780435 175,452,558 7% pref.stock_
33,000,000
$6 cum. pt. stk_x35,350.000
Cash held by
193,633
569.012 6% Participating
trustee
1,875,300
Pref. stock_
Cash & due from
4,430,723 3,753.422 6% pref. stock... 4.650,000 4,500,000
banks
Common stock _y29,000,000 22,060,104
Notes and acc'ta
5,928,435 3,270,083 Underlying bels_ 37,167,500 34,507,800
receivable
Mat'is & supers 2,969,335 2,394,944 let & ref. mtge.
134,739
bonds
81,700,000 71,700.000
Prepayments_
12,607
MLscell. Invest._ 6,257,426 5,668.367 Underlying pref.
9,396,550 5,393,400
57,619
stocks
82,123
Sinking fund___
68,062 Debenture bonds 9,252,500 9,416,000
Sroecial deposits_ 1,902,454
14.800
8,650
Notes payable
Unamort. bond
8.766,561 7,404,237 Acels payable__ 3,311,230 2.268,904
discount
812.040
Affil. cos. acc'ts
Miscell. deferred
595,428
710,597
98.835 Consum. deem113,735
debits
990,455
Accrued taxes.._ 1,255.752
Accts. with WM.
137,810 Accrued interest 1,780,054 1,283,110
compples
532,828
1,134,950 2,294,218 Deferred acets_
480,893
Treas'y secure
Advs. on pref.
167,415
237,839
stock sales__ _
415,017
Unadj. credits__
144.897
Retkem't reeve 9,691,667 8,882,172
434,435
Miscell. reserve_ 2,263,377
3.241.337 2,384,271
Total(each side) 229,572,420 201,303.907 Surplus
x Represented by 388,240 shares of no par value. y Represented by
-V. 127. p. 2955.
1580,000 shares of no par value.
3119.778
13,500
60.000
546.278
Balance
-V. 128, p. 246.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-Offers To Purchase Bonds.
-year
The United Electric Light & Power Co. 1st consol. mtge. 4;4% 30
gold bonds will mature May 1 1929, at which time the par value and final
coupon, amounting in total to 31,022.50 per $1,000 par value, will be
payable at the banking house of Alex. Brown & Sons, Baltimore and
Calvert Sts., Baltimore, Md.
Treas. Wm. Schmidt Jr. says: "The company is willing to anticipate
the payment of these bonds by purchasing them. Any holder desiring to
sell such bonds at the par value thereof, viz. $1,000. plus accrued interest
to the date of sale, May do so by presenting the bonds in negotiable form
and with the May 1 1929 coupon attached, at the above banking house
at any time prior to May 1 1929."-V. 128. p. 1552.
Eastern Massachusetts Street Ry.-Initial Common
Dividend.
The trustees have declared an initial dividend of 37%c. per share on the
common stock, Par $100, Payable April 1 to holders of record Mar. 15.V. 128, e. 1553.
Electric Bond & Share Co.
-Consolidation Ratified.
Approval was given to the proposed consolidation of this company and
the Electric Bond & Share Securities Corp. by stockholders of both companies at special meetings held on March 12.
The consolidated company will be known as the Electric Bond & Share Co.
It will have an authorized capitalization of 14,500.000 shares, divided into
1.000,000 shares of $6 pref. stock, 1,000,000 shares of $5 pref. stock and
12,500.000 shares of common stock, all of no par value and with equal
voting rights.
In exchange for each share of the present 6% pref. stock of Electric
Bond & Share Co. the consolidated corporation will issue one share of its
$6 prof. stock, entitled to cumulative dividends from Feb. 11929. Holders
of the common stock of Electric Bond & Share Securities Corp. will receive
three shares of the common stock of the new consolidated company for
each share of their present stock. None of the $5 pref. stock will be issued
to consummate the consolidation.
At the first meeting of the board of directors of the new Electric Bond &
Share Co.. held March 13, S. Z. Mitchell was elected Chairman of the
board of the new company and C. E. Groesbeck, who had been a VicePresident of the former Electric Bond St Share Co. since 1918 and Executive Vice-President since 1927, was elected President. The other officers
elected by the new company are the same as the officers of the former
Electric Bond & Share Co.
The directms of the new company are as follows: S. Z. Mitchell, Chairman of the board; Frederick A. Farrar, C. E. Groesbeck, E. K. Hall,
George II. Howard, Edwin 0. Merrill, L. E. Pierson, William C. Potter
and Frederick Strauss.
Messrs. Mitchell, Groesbeck, Pierson, Potter and Strauss were appointed
as the members of the pxecutive committee. See also V. 128, p. 105.3.
Electric Bond & Share Securities Corp.
-Consolidation.
See Electric Bond & Share Co. above.
-V. 128, p. 1053.
Empire Public Service Corp.
-New Subsidiary Company's
Bonds Convertible into Class A Stock of Company.
See Southwest Utilities Corp. below.
-V. 128, p. 1225, 883.
Engineers Public Service Co., Inc.
-February Output.
-
The corporation reports output of 136,392.000 k.w.h. for February 1929,
an increase of 7.3% over the previous year, in spite of the longer month
in 1928. The largest increases are being shown in the properties serving
southern Louisiana and eastern Texas. where several large power customers
have recently connected with a total load of 5,000 h.p. and an estimated
annual revenue of over 5200,000.-V. 128, p. 1553. 1388.
Exeter (N. H.) & Hampton Electric Co.
-Earnings.--
Calendar Years1928.
Operating revenues
$240,700
Total operating expenses192,729
1927.
$220.741
180.359
1926.
$191,373
159.265
Income from operations
Non-operating revenues
547.970
1,605
540.382
1,556
532.108
1,658
Gross income
Income deductions (int., &c)
$49.575
8,451
$41.938
7.410
833.766
6,338
Net income
Preferred dive
Common dim
$41,125
8,750
16,000
334,528
8.750
13,400
$27,428
8,750
10,800
Balance
-V. 126. p. 865.
$16,375
$12,378
$7,878
Houston (Tex.) Gas & Fuel Co.
-New Officer.
Alba H. Warren, formerly district manager of the Stone & Webster
Interests in Florida and Georgia, has become Vice-President and General
Manager.
-V. 127, P. 3244.
1725
FINANCIAL CHRONICLE
Balance
-Earnings.
Indiana Service Corp.
1928.
1925.
1927.
1926.
Calendar Years34.508,446 $4,459,215 $4,345,946 $3,855,889
Operating revenue
y2,961,873
2,949,998
2.893.623
2.537.961
Operating expenses
325,983
263,588
Other charges,incl.taxes
279.485
301.056
Net operating income_ $1,220,589 $1,229,732 $1,151,267 $1,054.339
25,231
9,367
13.844
8.562
Otherincome
Totalincome
31,245,820 $1,238,294 31.160,634 51,068.184
77.805
Deductionsfrom Inc__ _ _
118,720
Int.on funded debt
649.180
685,744
739,671
719.799
Netincome
Preferred dividends
Common dividends
$518,835
z247,283
239.238
$433.830
197,078
118,667
$420.963
119,076
242.069
3348,384
8.978
15'1.466
$59,818
$179,940
Balance to surplus ___
$32.315
3118.084
y Including charge for retirement of 3247.650. z Includes $129,250 paid
on the 6% preferred stock and $118,032 paid on the 7% preferred stock.
Sales of electricity during the year were 106,731.329 kilowatt hours compared with the previous year's total of 93,385.262 kilowatt hours, an
increase of 14.29%.
Condensed Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
LiabilitiesI;
$
Assets$
$
10,433,354 8,990,954
25,501,709 24.535.527 Capital stock
Investment
Funded debt
13,025,986 12,925,719
Sinking & replace.
14.774 Public improvem't
16,097
funds
604,5.35
448.909
assessments_ __ 656,274
755,047
Deferred charges
595,000
25,000
1,093,133 1.055.746 Adv.fr. MM.coe__
Current asets
599,663
Current liabilities_ 711,774
1,444,422 1,447,758
Retire., &c
Contrib. for exten_ 132.930
891,277
936,246
Surplus
27.365,985 26.054,955
Total
-V. 127, p. 3244.
Total
27,365,985 26,054.955
-Obtains Franchise.
Inland Gas Corp.
The corporation has just obtained a franchise in Huntington. W. Va.,
for supplying natural gas to large industrial consumers. The pipe line is
now being extended from Kenova to Huntington and will be completed
within the next 60 days, and it is expected it will eventually mean a delivery
of 8.000,000 to 10,000.000 ft. per day. The International Nickel Co. will
-V. 128. p. 247.
receive gas from this line.
-Debentures Offered.
International Power Co., Ltd.
Royal Securities Corp., Ltd. are offering $2,000,000 6%
-year gold debentures at 97 and int., to yield 6.20%.
30
Dated March 1 1927; maturing March 1 1957.
Authorized.
Issued.
Capitalization*55,000.000
30
-year gold deb attires
8,000.000
2:000000:000000
38
7% cumulative lest preferred stock
2,000,000
6% convertible second preferred stock-115.610 abs.
150,000 shs.
Common stock (no par)
*53.000.000 6).%.and 52.000.000 6%.
-Incorporated in February 1926 under the laws of the DoCompany.
minion of Canada, as a public utility holding or operating Company.
Company acquired at its inception all the securities of Venezuela Power
Co.. Ltd., and a majority of the capital stock of San Salvador Electric
Light Co.. Newfoundland Light & Power Co.. Ltd.. Bolivian Power
Co., Ltd., a majority of the outstanding 57,, 1st mtge. bonds and a controlling interest in the capital stock of the Demerara Electric Co., Ltd.
It has since acquired 94% of the common stock of the Porto Rico Rys.,
Ltd.. and 93% of the capital stock of the Oruro Electric Light & Power
Co., Oruro. Bolivia, and has largely increased its holdings in other controlled companies. It is the intention to make further investment in
operating utility properties from time to time.
Combined population in the territory served by the controlled properties
is approximately 860.000, and the number of light, power and telephone
customers served is in excess or 71.000.
Purpose -Funds provided by the present issue will be used toward the
cost of additions and improvements to the various properties, and for
general corporate purposes.
-Years Ended Dec. 31.
Earnings
1928.
1927.
,806
2
Gross earns,of contr. cos 331925
,46 ..470 $319 3,.698 $4,233.615 $4,332,756
5
2.396,744
2.407.458
2,254.620
Oper. exp., maint. & tax 2.021.179
Net earns, from oper.
of contr. companies,
before depreciation...._ $1,444,291 51.549.078 31,836.871 $1,925.298
125,211
Miscellaneous earnings of holding company
32.050,509
Total
Miscellaneous holding company expense, charges on underlying
669.075
securities and earnings applicable to minority interests
Balance available for reserves and debenture interest
Interest on debentures
$1,381.434
al95,000
Balance available for reserves and dividends
631,186,434
a The annual interest requirement of the total amount of debentures
now to be outstanding will be $315.000. b Earnings figures include no
1726
[VOL. 128.
FINANCIAL CHRONICLE
provision for damage amounting to approximately $375.000 sustained by
Dated March 1 1929: due March 1 1944. Interest payable M. & S.
the Porto Rico Railways Co., Ltd., through htnricane in September 1928, Denom. $1,000 and 3500 cy. Red. as a wholr or in part, by lot, on any
which is of a capital nature and is being adjusted through capital reserves. ita. date on 30 days' notice at 103 on or before March 11934; at 102 there-v. 126, p. 3448, 2791.
after and on or before March 1 1939; at 101 thereafter and on or before
March 1 1943 and thereafter at
in each case. Principal
International Railway (Buffalo).
- and int. payable in Chicago at the100 plus int. Continental Illinois Bank
-Income Account.
office of the
& Trust Co. Chicago, trustee, or at the option of the holders of the bonds,
Calendar Years1927.
1928.
Operating revenue
$11,116.653 $11.192,908 In New York City at the principal office of Chase National Bank, New York.
Operation az Taxes
9.086.823 9,733.797 Interest payable without deduction for normal Federal income tax not to
exceed 2% per annum. Company has agreed to refund to holders of these
Operating income
$2,029,830 $1.459,111 bonds, upon proper and timely application. Conn., Pa. and Calif. personal
Non-operating income
50,139 property taxes not exceeding four mills per annum each. Md. securities
56.913
tax not exceeding 4% mills per annum, D. of C. and Ky. personal property
Gross income
$2,086.743 $1,509.250 taxes not exceeding five mills per annum each, Iowa six-mills tax, and
Fixed charges
1.352.998
1.440,341 Mass, income tax not exceeding 6% per annum on the interest.
Stock Purchase Warrants.
-Stock purchase warrants will be attached
each
Net income
$733.744
$68.909 to the bond entitling the holder to purchase cum. cony, preference stock
of
Union Telephone Co. at $30 per share after March 1 1931 and to
Note.
-The net income for 1927 is after deducting $340.171 for amortization of intangible capital. No such deduction was made in 1928. The and incl. March 1 1934 in the ratio of 10 shares for each $1,000 bond.
These warrants
net income for 1927 before deducting amortization amounted to $409.080 redeemed, and will be non-detachable except in the event the bonds are
will become void after March 1 1934.
which is the amount that should be compared, with $733,744 for 1928.
Security.
-These bonds will be secured by a direct first mortgage upon
-V.127,p.2956.
all fixed property to be presently owned or hereafter acquired. Based
upon recent
the properties
International Telephone & Telegraph Corp.
-To securing theseappraisals made by independent engineers, of the amount
bonds have a sound value largely in excess
Split up Common Shares on a 3
-for-1 Basis
-To Increase of this issue.
Capitalization-Rights.
-
.Notes Offered.
-Hoagland, Allum & Co., Inc.; Patterson,
The directors on March 14 voted to recommend to the shareholders a Copeland & Kendall, Inc.; G. W. Thompson & Co., Inc.,
division of the existing capital stock into three shares of no par value stock
for each issued share of the present stock of $100 par value and at the same and Hayden, Van Atter & Schimberg, Inc., are offering
time to increase the authorized capital stock to 15,000.000 shares of no $1,000,000 2
-year 5% cony, gold notes at 9834 and int.,
par value. A special meeting of the stockholders has been called to be to yield over 6.30%.
•
held on May 8 to take action upon the foregoing.
Dated March 1 1929; due March 1 1931. Interest payable M. & S.
The directors also voted that, as soon as the requisite action had been
Denom. $1,000 and $500 O. Red., all or part, at any time on not less
taken by the stockholders for the creation of the no par value stock, addi- than
30 days' notice at 101 on or before March 1 1930; at 100 thereafter
tional shares of this stock would be offered for subscriPtion by the stock- to
maturity, plus int. in each case. Principal and int. payable at Continental
holders in an amount and on terms and conditions to be determined at Illinois
Bank & Trust Co. Chicago, trustee, or at Chase National Bank,
that time.
New York, without deduction for normal Federal income tax not to exceed
There are outstanding at present 1.669.400 shares with a par value 2% per annum.
Company has agreed to refund Conn.. Pa. and Calif.
which, if approved by the stockholders, will be exchangeable personal
of $100 each
for 5.008.200 shares of no par value stock. The present total authorized securities property thxes not exceeding four mills per annum each: Md.
tax not exceeding 43.i mills per annum: D. of C. and Ky. personal
capital is 2,500.000 shares.
property taxes not e.ceeding five mills per annum each: Iowa six-mills tax,
Results for Year Ended Dec. 311928.
and Mass. income tax not exceeding 6% per annum on the interest.
The corporation announced, after the meeting of its board of directors
Conversion.
-These notes are
at the option of the holder
March 14, that the consolidated net earnings of that corporation and its any.time prior to maturity Into convertible cum. prior pref. stock of the
associated companies for the year 1928 available for interest and dividend company on the basis of 100 andthe 634%
int. for the notes and 95 and dive, for
charges, amounted to $23.053,828 as compared with 517.166.369 in 1927. the 6j4% cum. prior pref. stock.
The consolidated net income applicable to International Telephone &
Data from Letter of H. B. Crandell, President of the Company.
Telegraph Corp. stock for the year 1928 amounted to 814.596.337, which
Cornpany.-A Delaware corporation. Upon completion of this financing
is equivalent to $10.26 per share on 1.422,785 shares of capital stock outstanding at Dec. 31 1928, including 120,791 shares issued during the year will furnish telephone service without competition to the City of Lexington,
Ky. and through its subsidiaries vrill furnish telephone service to a number
1928.
The following statement shows the consolidated income and surplus of cities and towns suburban to Lexington, including Versailles, the county
accounts for the year 1928. This statement was compiled in part from seat of Woodford County. and Nicholasville, the county seat of Jessamine
preliminary reports and is subject to minor adjustments. It includes the County. Service will be furnished through six exchanges and approxinet income of the Postal Telegraph & Cable Corp. and its associated com- mately 15,000 stations to a total population in excess of 100,000. Company
panies for the year 1928. after giving effect for the full year to the exchange also enjoys a large and profitable toll business, the net toll revenue for
of securities under the plan and agreement, dated March 29 1928, under 1928 amounting to approximately 30% of the total net earnings. By
which the Postal Telegraph & Cable Corp. acquired common and preferred means of inter-connections with the Bell Telephone System and with
shares of the Mackay Companies, and bonds and debenture stock of the independent companies, through contract, subscribers are provided with
Commercial Cable Co. It does not include the results of operations of a nation-wide service.
Earnings.
-The earnings of the properties presently to be acquired for the
the United River Plate Telephone Co., Ltd. since the association of that
company with the International Telephone & Telegraph Corp. did not years ended Dec. 31:
1928.
1927.
1926.
become effective until Jan. 11929.
$702,959
$664,009
$631,705
Earnings
581.234,824 Gross revenues
.353,210
324,986
304,203
Operating,selling and general expenses, taxes and depreciation- 58.180,996 Oper. expenses, maintenance & taxesNet avail. for int., depr.& Fed. tax. 5327.503
$349.749
$339.023
Net earnings
523.053.829 Annual
interest charges on $2,500,000 let mtge. 64
150,000
Charges of associated companies
6,882.492
Balance
$199,749
Net income before deducting int. on debenture bonds
516.171.337 Ann. int.
requirment on 2
55.000
-year 5%% cony, gold notes
-year gold debenture bonds,issued July 1 1927
Int. on 43 % 25
1.575,000
Earnings as above amount to over 2.33 times annual interest requirements
Net income
514,596.337 ..reRlre on the 1st mtge, bonds and to 3.63 times total annual interest
on
Earned surplus
-Jan. 1 1928
15.636,018 requirementsfigur hefo
above
te5 n 88 include maint. charges of $98.597, equivalent
r192
.
to over 14% of gross revenues and are adjusted to give effect to certain
Total
$30.232,355 non-recurring charges
totaling $26.474 and after giving effect for the full
Portion of above earnings of associated companies applicable to
year
adjustments of toll revenues in effect since Jan. 21 1928
period prior to date of acquisition of properties
72.550 and ato certain common
minority
stock interest of 9.274% in one subsidiary amountBalance
$30,159,805 ing to $1,457 in 1928, $912 in 1927. and $1,074 in 1926.
CapitalizationAuthorized, Outstanding.
-Dividends
Deduct
8,173,740 1st mtge. I5
-year 6% gold bonds, series 1929
-net
Sundry surplus charges
514,388
S
(this issue)
$2,500,000
2
-year 5S4% convertible gold notes
$1,000,000
1,000,000
Earned surplus
-Dec. 31 1928
$21,471,677 6%% cumulative prior preferred
None
1,100,000
Shares of stock outstanding-Dec. 31 1928
1,422.785 634% cumulative preferred stock stock
500,000
Earnings per share on stock outstanding-Dec. 31 1928
$10.26 Common stock (no par value)
20.000 'els.
-20,000 ohs.
-V.128. P. 1053.
* The issuance of additional bonds will be restricted by provisions of
the trust deed. The subsidiaries will be entirely free of funded debt and
Interstate Public Service Co.-Earnin^8.preferred stock.
Purpose.
-Proceeds from sale of bonds and notes, together with other
Calendar Years1928.
1926.
1925.
1927.
funds to be presently available will be used to pay in part for the acquisition
Gross earnings,including
merchandise sales_ _ _ _S10,575,378 $9,991.303 59.721,902 $8,916,454 of properties included in the foregoing description; for extensions and
Oper.exp.,incl.taxes _ _ x7,224,759 6,733.645 6,590.530 6,186,350 improvements; for additional working capital and for other corporate
purposes.
Control.
-The Union Telephone Co. will own all of the common stock
Net earnings
53.350.619 33,257,658 53,131,372 $2,730,104
Miscellaneous income_ _
38,502 of the Lexington Telephone Co. and through other subsidiaries will operate
53,305
28,707
29.074
a system of telephone properties serving without competition a total
53,403,924 53.286.732 53,160,079 $2,768,606 population in excess of 250,000 in the States of Kentucky, Illinois, Michigan.
Totalincome
171,297 Missouri,Nebraska and Wyoming. The system will comprise 56 exchanges.
Rental ofleased ry.prop169,276
165,215
164,884
Int. on funded debt
1,391,371
1,405,349 1,264,582 over 33,000 telephone stations and 500 miles of toll lime.
1,470,791
Other deductions
214.883
• 184,075
91,589
108,973
Netincome
$1,659,202 $1,542,083 $1,497,926 51,117.843
Divs.on prior lien stock584,936
628,379
633,163
631,375
Preferred dividends
222.185
420,134
366,513
365,972
Common dividends
385,416
472,569
374,025
411,525
Balance,surplus
$124,225 def$74.694
$133,209
$138.119
Profit& loss,surplus .. _ _ 1.062,970
790.562
893,339
989,439
Shs. combined corn. stk.
outstanding
144.675
96,354
157,523
675
Earns. pershare
$3.23
$3.76
124,.
$3.88
i 99
x Also (in 1928)including retirement of $218.375.
Balance Sheet Dec. 31.
1928,
1928.
1927.
1927.
Assaf$
$
Liatrtlittes$
Fixed capital • 54.338,991 52,160,960 7% prior Ben stock 8,958.300 9,073,300
Cash
477,251
458,543 6% pref. cum.stk. 7,405,900 6,146,300
Accts.receivable 1,153,584 1,058,206 Commonstoek.- 6.310,300 6,310,300
Notes receivable
8,398
5,706 Corn. stock (no
Int.& diva. ree
891
x7,081,500 6.117,900
645 par value)
Materials & suppl- 581.967
578,638 Cap.stock subser _ 124,900
54,700
Prepayments
17,965
28,197,200 26,577,000
17.199 Funded debt
Subscription to
460,259
591.652
Notes &accts. pay
capital stork._ _ _
57,387
275,214
25,750 Divs.declared - _
266.199
Misc. assets (incl.
Misc. curr. ilabil.- 248,495
254,269
inv. in affil.cos.) 740,048
778,993 Accrued liabilities_ 1,047,318
967,493
Unamortned debt
1,399,545 1,367,580
Reserves
dlsct. & expense. 4,113,521 2,455,070 Miscell. def. oblig_
4,000
4,000
Misc.def. debits__ 179,180
215,680 Misc. unaeb• °zed 319
318
Disc.on cc p. stk__ 856,777
853,563 Surplus
1,062,970
989.439
Reacquired sec.__ _ 100,260
111;495
62,606,219 58,720,451
Total
62.606,219 58,720,451
Total
a 94,420 shares in 1 28 and 81,572 shares in 1927.-V. 127. p. 2526.
Lexington (Ky.) Telephone Co.
-Bonds Offered.
Hoagland, Allum & Co., Inc. and William R. Compton &
Co. are offering at 993 and int. $2,500,000 1st mtge. 15
4
year 6% gold bonds Series 1929 (with stock purchase warrants).
Kings County Lighting Co.
-Earnings.
-
Calendar Years1928.
1927.
1925.
1926.
Gross earnings
53.145,839 $3,092,582 $3,085,180 $2,728,875
Oper. exp.. ordinary
taxes, &c
2,030.498 2,111,271
1,688,039
1,908,556
Net operating income- $1,115,341
5981,311 $1,176,624 $1,040,836
Other income
115,412
62,525
43,012
78,687
Total income
$1,230,753 $1,043,836 $1,255,311 $1,083,848
Interest, rents. &c
357,642
327.259
317,542
330,630
Federal income tax
104,801
94,085
98.747
127,189
Balance for dividends- 8768.310
$622,492
$667,559
$797,492
Dividends paid
432,773
397,148
415,366
417,148
Surplus after dividends $335,537
$252.193
$380.344
$225,344
-V. 128, p. 1554.
Louisville Gas & Electric Co.
-Earnings
12 Months Ended Dec. 31
Gross earnings
Operating expenses
Net earnings
Other income
1927.
1928.*
$9,685,999 88,817,922
4,696,295 4,264,956
$4,989,704 $4,552,966
180.381
322,473
Total earnings
$5,312,177 $4,733,347
Interest charges, net
1,148,250
1,318,672
Preferred dividends
1,364,877 1,307,830
Approp.for retire% (deprec.), depict. & other res__
728,414
811,336
Balance
$1.817,392 $1,548,853
•Preliminary figures.
-V. 128, p. 556.
Market Street Railway Co.-Earning8.-
12 Months Ended Dec.31Gross earnings
Net earnings
Other income
Total earnings, including other Income
*Preliminary earnings.
-V. 128. p. 726.
1927.
1928.•
: °
$9,754,461 VI",
1,400,848 1,573.
25.716
20,807
91(2
)
$1,421,655 81,599.428
MAR. 16
1929.]
FINANCIAL CHRONICLE
Maritime Telegraph & Telephone Co., Ltd.
-Earns.
1928.
1927.
1926.
1925.
$1,718,239 $1,626,119 $1,568,924 61,529.670
1,283,284
1,198,970
1,149,446
1.117.070
Gross
Expenses
Net
Interest
Dividends
$434,955
140,000
254,036
$427,149
400,000
232,558
$419,478
134,246
220,360
$412,600
154,167
216,000
Balance,surplus
$40,919
$54,591
$64,872
$42,433
The company on June 30 1928 redeemed the outstanding 6% pref. stock,
-V. 121, P. 3004.
series A.
Massachusetts Utilities Associates.
-May Issue $3,000,000 of 5% Denentures-To Retire Preference Shares.
A special meeting has been called for Mar. 25 to vote on a proposal to
give the trustees power to borrow money for a longer period than 3 years.
The preference shareholders are being asked to tender far sale to the company any part of their holdings. Under proposal to retire preference shares
and issue debentures, there is expected to accrue to the company's treasury
a material saving in taxes,in elimination of participating dividend on shares
to be retired, and in cost of financing for construction and for acquisition
of new properties. Over a period of 20 years requirements et the Associates
for new money for construction and for acquisition of properties will probably be at least $10,000,000 and the saving in the cost of financing, irrespective of the participating dividend, should be at least 34 of 1% for the life
of any debentures issued, the announcement states.
Current earnings are sufficient to cover interest requirements ten times
on any probable issue of 63,000,000 5% securities which the trust might sell
If the stockholders give the trustees the necessary authority at the special
meeting.
-bearing debenture issue replacing the participating
With a fixed interest
preference shares, earnings available for the common shares will increase
more rapidly.
-V. 128, P. 726.
1727
"Judge Oeland was appointed by the United States District Court forthe Southern District, New York, and began to take testimony on Oct. 14
1924. He held hearings from that date until Sept. 10 1928. The record
includes 36,500 pages of testimony and 3.200 exhibits. Over 600 witnesses
were called. Every possible detail bearing on the questions involved wae
brought out through examinations conducted by representatives of the
Commission, the Attorney General of the State, the City of New York,
and the telephone company.
"The Master's report will require confirmation by the Court before It
can become effective. Should the report be confirmed without modification, some readjustment of the present rates will result. The extent of
such readjustment and the particular rates that may be affected cannot.
of course, now be determined as some time must elapse before the court
acts finally upon the report. Obviously, it would be improper for the
company to comment further at this time in anticipation of the court's
decision.
"However, in order to avoid any undue apprehension among our subscribers, I may state that it is this company's policy to furnish the best
possible telephone service at the lowest cost consistent with financial safety.
"The present rates are inadequate and do not provide a proper return,
particularly when it is borne in mind that capital expenditures of upwards
of $100,000,000 will be necessary each year for plant and equipment to
care for the rapidly growing communities and the public demand for continually improved service. In this connection it should be recalled that
when the present rates were put into effect by the Commission in July 1926.
two of the 5 commissioners held that the company was entitled to considerably more annual revenue than that yielded by the rates authorized by the
other three commissioners who constituted the majority.
"In the best interests of our customers and ourselves, rates for telephone
service should be low enough to permit the full use of the service but sufficient to provide a reasonable margin above the cost of furnishing such
service. Whatever may be the outcome of this rate litigation, it will be
our policy to fix rates on this basis."
-V.128. p. 1546.
New Jersey Bell Telephone Co.
-Earns.Cal. Yr.1928.-
Operating revenues
Operating expenses
of
National Power & Light Co.) .1. H. Boenning (President of Boenning &
Co., Philadelphia), B. L. Johnson (V.
-Pros. of P. W. Chapman & Co.,
Inc., New York), H. B. Snider (V.-Pres. of Carman-Snider Co., Inc.,
Chicago), 0. H. Simonds, II. G. Scott (President of Union Utilities, Inc.),
and M. S. Binswanger.-V. 128, p. 1554.
$44,287.929
30,416.369
Net operating revenues
Uncollectible operating revenues
Taxes assignable to operations
$13,871,560
209.758
4,098,777
Michigan Fuel & Light Co.
-Bonds Offered.
-A. B.
Leach & Co., Inc., and A. C. Allyn & Co. are offering an
additional issue of $500,000 1st mtge. 6% gold bonds,
series A, at 983 and int., to yield over 6%. Dated
June 1 1925; due June 1 1950.
Operating income
Net non-operating income
$9.563,025
284,987
Gross income
Rent and miscellaneous deductions
Interest
$9,848,011
732.187
1.683.558
Balance net income
Dividends paid
$7,432,266
6,431,616
Balance for corporate surplus
-V. 126, p. 715.
$1,000,650
Memphis Natural Gas Co.
-Directors.
-The following have been elected directors: H. C. Abell (President
Data from Letter of C. A. Runyan, President of the Company.
companp.-Incorp. in Michigan, the business having been established in
1890. Company owns and operates gas manufacturing plants at Benton
Harbor, South Haven, Otsego, Sturgis. Cadillac and Traverse City, Mich.,
and the distribution systems supplying those cities and St. Joseph, Allem;
and Plainwell with gas for domestic and industrial uses.
The company also owns about 98% of the common stock of Northern
Indiana Fuel & Light Co. and all of the outstanding common stock (except
directors' qualifying shares) and all outstanding pref. stock of Wisconsin
Fuel & Light Co. The Wisconsin company manufactures and distributes
gas in Manitowoc, Wis., and the Indiana company has a manufacturing
plant at Auburn, Ind., which supplies Auburn and the neighboring communities of Kendallville, Garrett and Avilla.
The properties, including those of subsidiaries, comprise 8 manufacturing
plants having a combined daily capacity of 4,400,000 Cu. ft. and 307 miles
of gas mains. Sales of gas for the year ended Dec.31 1928 were 553.342.400
cu. ft. and at that date the system had 21.382 meters in service.
Earnings.
-The earnings of company, including earnings from properties
at Cadillac and Traverse City, for the year ended Dec. 31 1928 are reported
as follows:
Gross revenue, including residual sales
$806,154
Operating expenses, incl. maintenance and local taxes
551,568
Net earnings before interest depreciation and Federal tax
$254,587
Balance of subsidiary companies' earnings after deducting int, on
bonds and diva. on minority stock interests now outstanding- 37;172
Total income
$291.759
Annual interest requirement of $2402,500 1st mortgage bonds-- 144,150
Purpose.
-Proceeds will be applied toward the purchase of properties at
Traverse City and Cadillac. the retirement of outstanding bonds secured by
mortgage on the Cadillac property, and for other additions and extensions.
CapitalizationAuthorized, Outstand'g.
First mortgage 8% gold bonds, series A
*
$2,402,500
One-year 5% gold notes
$800,000
800.000
7% cumulative pref. stock (par 6100)
2,500,000
850,000
Common stock (no par)
25,000 sba. 4,800 sha.
*Additional bonds of series A or later series may be issued as provided
in the indenture.
Bonds and capital stocks of subsidiary companies having par value of
$1,273,913 were outstanding in the hands of the public on Dec. 31 1928.
Control.
-The common stock (except directors qualifying shares) is all
owned by Interstate Fuel & Light Co., which has outstanding $952,700 of
pref. stock and 36.000 shares of common stock.
-V. 123, p. 1876.
Mountain States Power Co.
-Earnings.
-
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
1928.*
1927.
$2,997,296 $2,748,174
1,174,413
1,033,054
78,501
171.728
Total earnings, including other income
$1,252,914 $1,204,782
*Preliminary earnings.
-Tacoma and Puget Sound divisions sold Dec. 31 1927. Net
Note.
earnings of Tacoma and Puget Sound divisions for the full year ended
Dec. 31 1927 are included in other income.
-V.128. p. 399.
Mountain States Telephone & Telegraph Co.-Acq.-S. C. Commission on Feb. 28 issued a certificate approving the
The I.
acquisition by the company of the properties of the•Garfield County Telephone & Telegraph Co.
On Oct. 19 1928, the Bell Co. contracted to purchase the properties of
the Garfield Co.. free from all liens or encumbrance for 624,521.-V. 128.
p. 557.
New England Power Association.
-Record Output.
-
The Associa.tion, one of the principal power units of the International
Paper & Powef Co. system, produced 121,728,000 k.w.h. of electric energy
In February, an increase of 113% over Feb. 1928, and 517 over Feb. 1927.
In the first two months of this year the output was 252,964,000 k.w.h.,
18% greater than in the corresponding period of 1928, and 49% greater
than in the first two months of 1927.
On Feb. 26, the Association produced 4,697,000 k.w.h. of primary
electric energy, a new high record of primary production for a single day.
These high output records reflect continuing industrial expansion in the
area served by the New England Power Association. During recent weeks
the general level of industrial activity in the New England States has
been at the highest point since the latter part of 1925.-V. 128, p. 1226,
1054.
-Special Master's Report SusNew York Telephone Co.
tain's Company's Claim.
p. President J. S. McCulloh on March 14 made the following statement
submitted to the
Federal Court for the Southern
regarding the report
District of /r ew York by the Special Master, lease E. °eland,
took
testimony in the company injunction suit against the New York
New
the
P. S. Commission.
"The report of Special Master Oeland in the New York Telephonerate
ease sustains the company's claim that the rates fixed by the Commission
on May 26 1926.of which it complained,are insufficient to yield an adequate
return and, therefore invalid. The Master's findings support in general
the principles for which this company has contended throughout one of
the most searching examinations ever made into the affairs and service
charges of a public utility.
Niagara Share Corp.
-Rights.
The common stockholders of record March 25 wlll be given the right
to subscribe on or before April 15 for additional common stock (no par
value) at $2.650 per share on the basis of one new share for each 5 shares
owned. The proceeds will be used for general purposes. This offering
has been underwritten.
At a meeting of the board held Feb. 21 the number of directors was
increased to 20, by the election of the following: James H. Anderson (VicePres. & Treas.). Russell J. H. Hutton Vice-Pros, of Schoellkopf, Hutton &
Pomeroy,Inc.), George F. Rand (Pres. of the Marine Trust Co.of Buffalo).
Howard 0. Babcock (H. 0. Babcock & Co.), Edward N. Jesup (of Lee,
Higginson & Co.), Gustav A. Reuss (Vice-Pros. of Marshall & Ilsley Bank,
Milwaukee, Wis.), Douglas W. Clinch, Albert C. Knack (Secretary).
Edward B. Germain (Pres. of Dunlop Tire & Rubber Corp.), Seur.
Knox (Pres. of Marine Union Investors, Inc.) and William Schoellkopf.
-V. 127, p. 1227.
Northeastern Power Corp.(& Subs.).
-Earnings.
Preliminary Consolidated Earnings for Year Ended Dec. 311928.
G
$18.262,914
Net after interest, taxes, depreciation, &c
11.686,744
Balance for common stock after all prior charges
10,819.305
Earned per share on 2,867.557 shares of common stock
$3.77
Electric Output for System.
1928
636,746,049 kilowatt hours
1927
435,876,840 kilowatt hours
-V.127. p. 1526.
Northern Indiana Public Service Co.
-Earnings
.-
Years Ended Dec. 31Operating revenue
Operating expenses
Charges for retirement
Uncollectible bills
Taxes
1928.
1927.
1926.
612,726,032 $11,845,850 610,986,678
6,179,108
5.839,492
5,507.216
858.859
619,539
583,230
61,999
48,828
54.296
1,401.806
1,363.028
1,016,008
Net operating income
Other income
64,224.260 $3.974.961 $3,825.928
417.689
335,683
205,859
Total income
Other deductions
Interest on funded debt
$4,641,949 $4,310.644 $4,031,787
108,861
122.491
95.102
1,456.286
1,403,252
1,252.715
Net income
7 preferred dividends
6g, Preferred dividends
5 % Preferred dividends
Common dividends
$3,076.802 $2,784.901 $2,683,970
523,931
556,824
591.550
398,493
310,411
76,817
24,852
2,054,587
1.826,938
1.948,237
Balance to surplus
174,939
S90,727
667.366
Surplus Dec. 31
1,037,143
1,002,649
1,008,142
Shares com.stock outstdg.(no par)_ - 1,596.870
1,416,870
1,356.900
Earnings per share
$1.33
$1.35
$1.49
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
Assets$
Liabilities$
$
$
Investments
59.985.787 55,360,352 Capital stock
31,898.700 28,455,600
Sinking fund
14,825
7,224 Funded debt
28,896,000 26,985,000
Deferred charges__ 2,233,316 2,223,051 Assessments
284,345
Current assets__ 4.112,397 3,981,056 Adv.from still. cos 425,000
Current liabilities- 3,531,680 3.210,912
Contrib. for exten. 157,437
Retirement & res. 2,115,820 1,917,523
Surplus
1,037,143 1,002,649
Total
68,348,125 61.571,684
Total
68,346,125 61,571,884
-V.128, p. 400.
Ohio Kentucky Gas Co.
-Transfer Agent.
-
The Seaboard National Bank of the City of New York has been appointed transfer agent of the common stock.
-V.128, p. 400. 248.
Oklahoma Gas & Electric Co.
-Earnings.
-
12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
1928.*
1927.
$12,606,572 610.654,744
5.923,206
4,922.338
722.759
811,483
Total earnings,including other income
66.645,965 65.733,821
*Preliminary earnings.
Note.--Ciaa properties sold Nov. 30 1927. Gas department net earnings
for the 11 months ended Nov. 30 1927 are included in other income.
y. 128. p. ti00.
Pacific Lighting Corp.
-Acquires So. California Gas Corp.
egotiations which have been under way for sometime past for control of
the Southern California Gas Corp. and all of its operating subsidiaries have
been consummated, according to an announcement of officials of the company through their bankers, Bond & Goodwin & Tucker, Inc.
1728
All details in connection with the deal have been concluded, and it lacks
only official approval of the corporation Commissioner of California in
order to complete all legal arrangements. Under the terms of the agreement. control of the Southern California Gas Corp. passes to the Pacific
Lighting Corp. through the exchange of 215,000 shares of the latter's
common stock, which will be Issued from the trearury for that purpose for
600,000 outstanding shares of Southern California common stock. This is
equivalent to .355 a share of Pacific Lighting stock for each share of Southern 1
California stock.
The transaction will involve no new financing as the entire deal is to be
handled on an exchange of stock basis. Upon completion, Pacific Lighting
will have outstanding 1.463,000 shares of its common stock out of a total
authorized issue of 10.000,000 shares.
Gross earnings of the two companies totaled $46,448,728 for the year
ended Dec. 31 last. Net earnings of combined properties for the same
period aggregated $5,897,240.
Based on adjusted capitalization of the Pacific Lighting Corp. upon
completion of the issuance of 213,000 additional shares of common stock
necessary to effect the merger, earnings of the combined companies for the
year ended Dec. 31 last would have been approximately equivalent to
64.40 per share on the average amount of Pacific Lighting common stock
outstanding.
Commenting on the merger, President C. 0. G. Miller of the Pacific
Lighting Corp., said:
"The consolidation of these properties into one unit has been a development long sought for by officials of both companies. The subsidiaries of
the Pacific corporation have long been large purchasers of gas from the
Southern California company and the fact that the properties of the subsidiaries of the parent companies adjoin each other in many instances, lends
strength to the firm belief that unified management and unified operation
will result in benefits both to the communities served and to the shareholders
-V. 128. p. 1049.
of the two public utilities involved."
-Capitalization Increased.
• Peoples Light & Power Corp.
At the annual meeting held on March 12 the stockholders approved the
proposed amendment to the by-laws calling for an increase in the authorized
class "A" common and class 'B' common stocks from 300.000 shares to
600,000 shares, respectively. The authorized capital stock after giving
effect to the above amendment will consist of 300,000 shares of cum. pref.
stock, 600,000 shares of class "A"common stock and 600,000 shares of class
"B"stock, all of no par value. (See also V.128,p. 1055.)-V. 128,D• 1555.
-Earnings.
Philadelphia Co. (& Subs.).
Calendar YearsGross earnings
Operating expenses, maintenance and taxes
1927.
x1928.
$61,954,822 $61,250,923
33,524,597 34,728,236
Net earnings
Other income (net)
$28,430,225 $26,522,687
1,087,593
1,849,493
$30,279,718 627,610,280
Total earnings
7,905,730
9,275,178
Income charges, rent of leased properties, &c
Approp.for retire.(deprec.)res'ves, amort.& contin. 9,222,819 8,178,544
Balance
Preferred dividends
Common dividends
Balance
x Preliminary figures.
-V. 128, p. 400.
$11,781,721 $11,526,006
2,610,796
3,076,144
6,719,009
5,328,352
$2,451,916 $3.121,510
-Bus Transfer.
Philadelphia Rapid Transit Co.
On March 1 the Broad St. station of the Pennsylvania RR. took over
the remaining terminal activities of Mitten Tours inter-city motor coach
lines. For several weeks all of the Mitten Tours inter-city coaches have
stopped at Broad St. station, while the branch Mitten Tours terminal at
1432 Market St. was discontinued.
This change is an outgrowth of the partnership agreement into which
P. R. T. entered with the Pennsylvania RR. toward the close of 1928,
for operation of the inter-city lines, through the sale to P. It. R. of a substantial interest in the stock of People's Rapid Transit Co. Mitten Management continues the operation as heretofore, but in direct co-operation
-bus system and with the
with the Pennsylvania RR., as a unit in its rail
stations of the railroad serving as bus terminals in the cities already served
-V. 127, p. 3397.
by rail.
-Interest Payment.
-Postal Telegraph & Cable Corp.
At a meeting of the board of directors held March 7 1929 a resolution
was adopted whereby the corporation will pay interest on its coll. trust
5% Agold bonds and coll. trust 5% debenture stock without deduction
for Federal income taxes, whether the holder be a citizen, a resident, or a
non-resident alien. Any amount of taxes previously withheld from interest
payments will be repaid to the respective holders of the bonds and debenture
stock. Exemption certificates should be filed with the company in all
cases where the personal exemption is in excess of income from sources
-V.127, p. 3397, 2527.
within the United States.
Public Service Co. of New Hampshire.-Acguieition.----
-V.128. P. 1555.
See Great Falls Mfg. Co. under "Industrials" below.
-Registrar,
Radio Corp of America.
Chase
The Chase National Bank has been appointed Registrar for 813,365
shares "B" preferred stock (no par value).
TheEastern district sales offices of this corporation will be moved to,
new and enlarged quarters in the 251 Fifth Ave. Building, N. Y. City.
some time around Mar. 22, according to an announcement by J. L. Ray,
Vice-President and General Sales Manager. The new offices will take up
the entire 24th floor, and provide double the amount of space vacated in
the Woolworth Building, for the expansion of the activities of the Eastern
district sales office.
In making the announcement, Mr. Ray said: "The record volume of
business which the corporation has handled during 1928, and which from
present indications bids fair to be exceeded in the current year, has made
it necessary for us to expand the entire sales organization. This entailed
the acquisition of additional space and the establishment of new district
Dallas.
offices in Atlanta, Ga. and Dallas Tex., in addition to the district offices
and San Francisco.
already operating in New York,
In its new quarters at 251 Fifth Ave., the Eastern district sales office
will operate as a separate and self-contained unit, serving the RCA authorized dealers and distributors in its territory. The space vacated will
be used to expand the national and executive sales offices, which remain
on the 20th floor of the Woolworth Building.
The territory served by this district includes all of the New England
States, New Yerk, New Jersey, Pennsylvania, Delaware, Maryland,
West Virginia and Virginia. The Eastern district sales manager for the
corporation is A. R. Beyer; F. W. Wan.selow is the assistant Western district sales manager.
-The following statement
Merger Negotiations Denied.
was given out by Gen. James G. Harbord, President of the
Corporation, this week:
between the Western
There are no negotiations, completed or pending,
Union and the Radio Corp. of America looking toward a merger or consolidation of any kind. Present relations are no closer than they have
been during the last several years,and there is no prospect of their becoming
more so. The statement in the annual report of the Radio Corp. of its
preparing to enter the field of domestic telegraphy has no relation to the
Western Union Telegraph Co. except in a competitive sense.
Frederick Strauss and De Witt Millhauser were elected directors of the
Radio Corp. of America at the meeting of the board of directors held on
March 15.-V. 128, 1). 1555, 1397.
-Larger Dividend.
Rochester(N.Y.)Gas &Electric Corp.
The directors have declared a quarterly dividend of 75c. per share on
the common stock, no par value, payable March 20 to holders of record
March 13. Previously the company paid quarterly dividends of 50c.
-V. 128, p. 558.
per share on this issue.
-Earnings.
it San Diego Consolidated Gas & Electric Co.
1927.
1928.•
•12(Months Ended Dec. 31Gross earnings
Net earnings
OtherIncome
Total earnings including other income
-V. 128, p. 401.
*Preliminary earnings.
[You 128.
FINANCIAL CHRONICLE
$6,834,773 $6,564,213
3,067,315
3,201.784
5,045
2.868
83,204,652 $3.072.360
-Common Dividends
Southeastern Power & Light Co.
Payable in Stock Instead of in Cash.
A quarterly dividend has been declared on the common stock, no Dar
value, payable in common stock on April 20 at the rate of 1-100 of one
share for each share held of record on March 30 1929. From April 20
1927 to Jan. 20 1929 incl. the company paid regular quarterly cash dive.
-V. 127. p. 3091.
of 25c. per share on this Issue.
-Control Passes.
Southern California Gas Corp.
-V.128. p. 1556.
See Pacific Lighting Corp. above.
Southern Colorado Power Co.-Earning8.12 Months Ended Dec. 31Gross earnings
Net earnings
Other income
Total earnings, including other income
-V. 128. p. 401.
*Preliminary earnings.
1927.
1928.*
$2,290,899 $2,327.653
1,017,335
1,073,062
13.173
7,548
$1,080.610 $1.030,508
-Yeager,
-Bonds Offered.
Southwest Utilities Corp.
Young & Pierson, Inc.; Pirnie, Simons & Co., Inc., and
Vought & Co., Inc., are offering $1,400,000 1st lien 6%
gold bonds, series A (with stock conversion privilege) at
1013i and int., to yield 5.85%.
Dated Oct. 1 1928: due Oct. 1 1943. Interest payable A.& 0. Denom.
$1,000, $500 and $100c5 Red., all or part, by lot on any int. date on
.
30 days' notice up) to and incl. Oct. 1 1933 at 103 and int.; after Oct. 1
1933 to and incl. Oct. 1 1938 at 102 and int.; thereafter at 101 and int.
Principal and interest payable at Central Trust Co. of Illinois, Chicago,
trustee. Interest will be payable without deduction for any tax,assessment
or other Government charge (except estate, succession and inheritance
taxes and that portion of any normal Federal income tax in excess of 2%.
-Empire Public Service Corp. has agreed to make these
Convertible.
1st lien bonds convertible at any time on ten days notice on or before
Oct. 1 1933 or, if called for redemption, prior to the redemption date, at
the option of the holders thereof into its fully paid and non-assessable
shares of class A common stock upon the following basis: Each $1,000
bond shall be convertible,on or before Oct. 1 1929 or,if called for redemption
in such period, prior to the redemption date, into 40 shares of said stock:
thereafter on or before Oct. 1 1930, or if called for redemption in such
period, prior to the redemption date. into 37 shares of said stock; thereafter on or before Oct. 1 1931, or if called for redemption in such period.
prior to the redemption date, into 33 shares of said stock; thereafter on
or before Oct. 1 1932, or if called for redemtpion in such period, prior to
the redemption date, into 29 shares of said stock; and thereafter on or
before Oct. 1 1933, or if called for redemption in such period, prior to
the redemption date, into 25 shares of said stock; with proper adjustment
of accrued interest and accrued preferential dividends in each case. $500
bonds shall carry proportionate conversion privilege. Non-voting and
non-dividend bearing scrip will be issued in lieu of fractional shares of said
stock.
Data from Letter of Floyd W. Woodcock, President of Corporation.
Company.
-A Delaware corporation and a wholly owned subsidiary of the
Empire Public Service Corp. Furnishes through its subsidiaries, natural
gas, electric light and power, ice and sewer service, without competition,
to ten municipalities in Texas and Louisiana, serving a total population
in excess of 70.000.
-These bonds constitute a direct obligation of the company
Security.
and are secured by a first lien on all outstanding bonds, indebtedness
(except current indebtedness not in excess of current assets) and all of the
capital stock of the following subsidiaries: Big Spring Public Service Co.:
Consumers Natural Gas & Power Co.; Texas Electric Co.; Texas Sewer Co.:
Southwest Ice Co.; Minden Gas Co., Inc.
The securities representing such outstanding bonds and capital stock
have been deposited and pledged with the trustee under the indenture.
Upon acquisition of new subsidiaries similar deposits in respect of such
subsidiaries will likewise be made. The indenture provides that such
requirements in respect of each subsidiary must at all times be maintained.
The presently pledged securities include 1st mtge. bonds of the subsidiary companies or cash to at least the same amount as these 1st lien
gold bonds outstanding.
The value of the properties owned by the company and (or) its subsidiaries, as determined by independent engineers based on reproduction
cost new, less accrued depreciation, plus additions at cost and plus cash
on deposit with trustee, is $2,492,614.
-Consolidated earnings of the properties of the company and
Earnings.
of its subsidiaries, for the year ending Dec. 31 1928, including actual
earnings of Big Spring Public Service Co. and Consumers Natural Gas &
Power Co., for 2% months and earnings estimated by the management
for 9% months were as follows:
$448,461
Gross earnings from all sources
Operating expenses, maintenance and taxes (except Fed. taxes) 231,011
$217.450
Net available for interest, depreciation and Federal taxes
Ann.int,requirements on 1st lien 6% gold bonds.ser. A (this issue) 84.000
No earnings or interest credit are included in the above figures in respect
to $150,000 in cash on deposit with trustee which amount is available
for acquisition of additional property or for retirement of bonds of this issue.
Authorized. Outstanding.
Capitalizationa
$1,400,000
1st lien 6% gold bonds, series A (this Issue)
-year6%% gold debentures, series A,due Oct. 1
5
550.000
1933b
$1,000,000
300.000
7% cumulative preferred stock ($100 par)
5,000 she.
25.000shs.
par)
Common stock (no
a Limited by the restrictions of the trust agreement providing for the
issue thereof. la Limited by the restrictions of the trust indenture providing
for the issue thereof.
-Corporation is a subsidiary of the Empire Public Service
Management.
Corp., all of its debentures, preferred and common stocks being owned by
the latter company.
-Earnings.
Standard Gas 8c Electric Co.(& Subs.).
Consolidated Statement of Earnings for Calendar Years.
1927.
x1928.
$165,386,457$158,249,542
Gross earnings
79,578,986 73,488,446
Net earnings, including other income
Bal. after int. & dive. (to public), retire. res've, deplet., amort. & minosity interests' proper, of
undistrib. earnings of subsid. & affiliated co's- _ 15.587,661 14,479,496
Standard Gas & Electric Co.'s int. charges and
2,433,401
2,574,607
amort. of debt discount and expense
Balance
Preferred dividends
Common dividends
613,154,260 $11,904,889
3,825,562
3,629,858 •
4,386,560
4,959.747
64,368,951 $3,888,471
Balance
x Preliminary figures.
-Net earnings of properties disposed of during periods are included
Note.
in other income.
The balance of $9,328,698 after all prior charges, including retirement
reserve and preferred dividends is equal to $6.57 a share on the 1,418,946
shares of common stock outstanding on Dec. 31 1928, and compares with a
balance of $8,275,031 for the previous year, or $5.83 a share on the 1,418,803
shares of common stock outstanding at the end of that period.
Collectible earnings of Standard Gas & Electric Co. for the year ended
Dec. 311928, exclusive of the company's proportion of undistributed earnings of subsidiary and affiliated companies for the period, show a balance
of $6,882,658. the equivalent of $4.85 a share on the common stock outstanding at the end of the year. This compares with a balance of 66,645.152, or $4.68 a share, for the previous year.
1927.
*1928.
Collectible Figures Year Ended Dec. 31613,291,763 $13,124,131
Gross revenue
13,149,526 12,881,008
Net revenue
2,605,998
2,441,306
Int. charges and amort. of debt dlact. & expense
Balance
Preferred dividends
Common dividends
Surplus
--.V., 128, p..727.*Preliminary figures.
$10,708,220 $10,275,010
3,629,858
3,825,562
4,386.560
4,959,747
$1.922.911
$2,258,592
MAR. 16 1929.]
FINANCIAL CHRONICLE
Standard Power & Light Corp.(& Subs.).
-Earnings.
Consolidated Statement of Earnings Years Ended Dec. 31.
x1928.
1927.
Gross earnings
$71.742,617 $71,105,342
, 32,044,954 30,305.811
Net earnings, incl. other income
Bal. after int. & dive. (to public), retire. reserves.
depl., amortiz. Sz minority int, proportion of
undistributed earnings ofsubs.& attil. cos
8,979,285 9.070,384
Standard Power & Light Corp's int. charges and
amortiz. of debt disc, and expense
1,466.795
1,477,958
Balance
Preferred dividends
Participating preferred dividends: cash
Stock
$7,512,490 $7,592,426
1,540,000
1.540,000
2,993,930
2,217,388
740.003
Balance
$2,978,560 $3,095,035
x Preliminary figures.
The balance of $2,978,560 after all prior charges, including retirement
reserve and preferred dividends is equal to $3.88 a share on the common
stock outstanding as of Dec. 31 1928, after an allowance of an additional
42 cents a share on the participating preferred stock, and compares with a
balance of $3,095,035 for 1927, or $4.01 a share on the outstanding common
stock, after allowance for an additional 44 cents a share on the participating
preferred stock.
Collectible earnings of Standard Power & Light Corp. year ended Dec. 31
1928, exclusive of the corporation's porportion of undistributed earnings
of subsidiary and affiliated companies for the period, show a balance of
$670,837, or the eqiuvalent of $1.26 a share on the common stock out.
standing as of Dec. 31 1928, after an additional allowance of 3 cents a share
On the participating preferred stock, comparing with a balance of $1,337.379 for the previous year, or $2.01 a share on the common stock after
allowance for an additonal 15 cents a share on the participating preferred
stock. The collectible figures compare as follows:
Year Ended Dec. 311928.*
1927.
Gross revenue
$6,729.263 $7,357,540
Net revenue
6,671,562 7,312,728
Interest charges and amortization of debt discount
and expense
1,466,795
1.477,958
Balance
65,204,767 $5,834.770
Preferred Dividends:
Preferred stock
1,540,000
1.540,000
Participating Preferred Stock:
Cash
2.993,930 2,217.388
Stock
740,003
• Balance
$670.837 81.337,379
•Preliminary figures.
-V. 127. p. 3541•
Staten Island Edison Corp.
-New President.
W. S. Barstow has been elected President and William Buchsbaum
1729
-Previous surplus $1,957.194: net profit after dive, as
Surplus Account.
above $291,380; profit on securities sold $15,896, total 82,264.470. less
amount of 62,00,000 transferred to common stock account, leaving
balance surplus $264,970.
Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
Liabilities$
Assets$
$
$
.
Tel. prt& equiP-20,744,780 19.802,027 Preferred stock _ _ 5,861.690 5.742,230
Common stock... 7,000,000 5,000,000
Stocks of system
594,774 Twin City Tel. Co.
corporations _ _ 4,354,374
stock
Adv. to system corp 46,502
122,070
Material & supPl- 323,847 398,567 Bonds (direct and
8,500.000 5,000.000
Due from subscr..
assumed)
442,360 Accts. pay. (Incl.
399,611
agents. &c
accr. tax & int.
Invest. In marble
490,017 -not due)
115,862
securities
885,537
697.240
569,052 Service billed in
Cash in banks.... 394,196
44.300 adv.
33,653
All other assets_ _ _ 238.825
34,619
Miscell. credits- -37,950
26,358
Re.s. for employees
benefit fund_
247,431
Rm. for deprec. of
plant & equip 4,016.821 3,497,277
Other reserves_ _ _
17.877
16,677
Surplus & undiv.
264,470 1,987.194
Total(each side)26,617,998 22,341,097 prate
-V.127. p. 1391.
-Earnings.Union Street Ry., New Bedford, Mass.
1926.
Calendar Years1927.
1928.
1925.
Gross earns,from oper__ 61,286,624 $1,493,337 $1,479.448 $1.488,927
1,237.215
Operating expenses
1,165,964
1,192.137
1.255,327
Cr.1,251
C,
-.1.221
Miscell.income (int.) _
Cr.1,370
Cr.2.138
14,832
Interest charges
14,252
12,465
12,070
84,121
58,713
Taxes
74.689
87.830
Net income
Dividends
$199.028
8144,502
$150,438
$50.733
73,125 (6)146,250 (6)146,250 (8)195,000
Balance,surplus
def$22,391
Previous surplus
619,138
Adjust,of accts., &c.... Cr.18.085
Credit balance Dec.31
Shares of capital stock
outstanding (par $100)
Earns, per sh. cap.stk..
-V.127, p. 2820.
$4,188
615.479
Dr528
def$1.748
618,927
Dr1,701
$4,028
611.070
Cr.3,829
6614,832
$619,138
$615,479
018,929
24.375
$2.08
24.375
$6.17
24.375
$5.93
24,375
8.16
-Status, &c.United Corp.
The corporation, which was organized in 1929 in Delaware by J. P. Morann gan & Co., Drexel & Co. and Bonbright & Co., Inc., recently offered to
E. L. West as Vice-Presidents. Mr. Barstow succeeds .1. H. Pardee.
- receive tenders for the exchange of not to exceed 500,000 shares of the capital
V. 126, p. 871.
stock of the United Gas Improvement Co. for shares of the $3 cumulative
preference stock and common stock of the United Corp. on the basis of
Tide Water Power Co.
-Co-transfer Agent.
1 share of the United Gas Improvement Co. capital stock for 134 shares of
The Seaboard National Bank of the City of New York has been ap- the $3 cumulative preference stock entitled to dividends accruing from
pointeed co-transfer agent of the $6 preferred stock,no par value.
-V.128, April 1 1929 and 2 shares of the common stock of United Corp. This
p. 1227.
offer expired March 8.
Capitalization as of March 1 1929.
Toledo Edison Co.
-Annual Report.
Authorized.
Outstanding.
Calendar Years1927.
1928.
1926.
1925.
First preferred stock (no par)
None
1,000,000 she.
Gross earnings
$10,625,575 $10,407,686 $9,638,747 $9,231,218 $3 cum. preference stock (no par)
2,000,000 abs. 1.006.335 she.
Oper. expenses & maint. 5,356,997 6,073.026 5.512,610 5,143,923
4
'10,000,000 abs. 4.234,910 she.
Federal taxes
472,391
255.902
258.906
236,711 Common stock (no par)
* Of the 10,000.000 shares of common stock authorized, 4,000.000 shares
Net operating income- $4,796,187 $4,078,758 $3,857,231 $3.850,584 are held in reserve against the exercise of option warrants of which 3,994.757
Other income
130,888
68,689
125,890
173.450 have been issued and are outstanding, entitling the holders to subscribe at
any time without limit to an equal number of shares of common stock at
Total income
$4,864,876 $4,209,646 $3,993,121 $4,024,034 $27.50 per share.
First Prefwred Stock.
-May be issued in series which shall rank equally
Interest
1,263,269
1,379,081
1,331,080 1,389,821
and be alike in every particular except as to (a) dividend rate, (b) redempNet Income
83.601,607 $2,830,565 $2,662,041 $2,634.213 tion price. (which shall not be less than $100 nor more than $115);(c)dates
Preferred dividends_
695,703
745,497
677.241
609,083 on which dividends shall be payable; (d) sinking fund provisions, if any,
Common dividends_ _ _ 971,250
832,500
832,500
832,500 and (e) convertible provisions, if any. Is preferred over the preference
stock and common stock both as to dividends and assets and is entitled on
Balance,surplus
$1,934,654 $1,252,568 $1,152,300 $1,192,630 liquidation to $100 plus dive. Each share of the first preferred stock is
Previous surplus
6.994,579 6,835.514 :6,763,916 5,868,443 entitled to one vote.
-May be issued in series which shall rank equally and
Preference Stock.
Total surplus
$8.929,233 $8,088,082 $7,916,216 $7,061,073 be alike in every particular except as to (a) dividend rate, (b) redemption
Adjustments, Cr
price, which shall not be less than $50 nor more than $60;(c) dates on which
415,943
144,405
2,083
Res,for replacements_
600,000 1,237,908 1,082,785
947.157 dividends shall be payable; (d) sinking fund provisions, if any; and (e) convertible provisions, if any. Is preferred over the common stock both as
Profit & loss surplus_ ___ $8,745,176 $6,994,579 $6,835,514 $6,113,916 to dividends and assets and each share is entitled on liquidation to $50 per
x After crediting adjustment of $650,000 to surplus (being excess re- share plus dividends.
placement reserve set aside in the previous year.)
The series known as "2.3 cumulative preference stock" is entitlde to cumulative dividends at the rate of $3 per annum, payable Q.
-J., and is redeemaComparative Balance Sheet Dec. 31.
ble at $55 per share and dive. Each share of the preference stock is entitled
1928.
1927.
to one vote.
1928.
1927.
ASSen$
Common Stock.
S
-None of the shares of common stock shall be entitled to
LtabiffhesPlant & invest_ _ _52,180,105 53,035,431 8% Pr. pref. stock
16,100 any preference and each share ofcommon stock shall be equal to every other
Sinking funds_...
54.253
107,818 7% cum. series A. 5,206,200 5,870,100 share of said stock in every respect. Each share of common stock is enSecurities owned._
5,555
titled to one vote.
Cum.6% series-. 5,215,700
Stores & supplies._ 861,930 1,036,440 5% cum.series.- 533,000 4.356,000
Option Warrants.
-The board of directors has power at any time or from
Interest receivable
33.753 Common stock- - -13,875,000 13,875,000 time to time to grant rights or options to run for any period of time, includBills receivable__ _
12,097
4,712 Total funded debt- 4,745,200 20,120,600 ing an unlimited period of time, to purchase any shares of stock of the corAccts. receivable.. 3,498,467 3,230,640 Bills payable
367,000
438,975 poration for such consideration as the board of directors shall determine.
Cash & deposits.- 669,420
390,133 Notes rec. charted
The 3,994,757 option warrants now outstanding entitle the holders to
1,586
Payments made in
Accts.pay.affil.cos.
1,079
115,860 purchase an equal number of shares of common stock at any time without
advance
40,889
54,040 Accounts payable_ 709,804
400,829 limit at $27.50 Per share.
Suspended expense
87,200
231,687 Accts. pay. not
Assets.
-Corporation now owns minority interests in the capital stock of
Bond & stock disc.
CURT
X14.554,034
United Gas Improvement Co. and common stock of Public Service Corp.
and expense.- 2,058,359 1,052,964 Interest accrued__
81,679
420.880 of New Jersey and in the second preferred stock, common stock and option
Comm. Ind. guar1
1 Taxes aecr. (Fed.) 487,838
313,560 warrants of Mohawk Hudson Power Co. It has also acquired blocks of
Scours. borrowed_ 200,000
Other tax. accrued 679,814
658,421 common stock of other public utility holding companies. The book value
Other reserves
. 65.657
52,543 of these assets is in excess of $155,000,000, which is less than the present
Secure. borrowed. 200,000
market value thereof.
Replace. reserve... 3,870,846 4,081,120
Based on the present rate of dividends on the securities owned and on the
Other liabilities- _ 331.047 1,461,366 500,000 shares of the capital stock of the United Gas Improvement Co.,
Surplus
8,745,176 6.994,578 II acquired on the present exchange offer, the income of the corporation for
1929 will exceed $6.500,000, which is in excess of dividend requirements on
Total
59,668,276 59.177,521
Total
59,668,276 59,177,521 the $3 cum, preference stock to be outstanding on the completion of the prox Principally advances from parent company for the redemption of $12.- posed exchange.
-V. 127. p. 2686.
Miscellancous.-The balance of the authorized capital may at any time
500,000 7% bonds.
at the discretion of the directors of the corporation be issued for cash or
propertywithout offering to the stockholders. Statements of the corporaTri-State Telephone & Telegraph Co.
-Earnings.
tion will be published annually, but will not necessarily include an itemized
Calendar Years1928.
1927.
1926.
1925.
Telephone oper.rev---- $5,602,715 0,501,696 $5,354,152 $5,165,320 list of securities owned.
.
Directors.
-Thomas S. Gates, George H. Howard, Alfred L. Loomis,
Oper.exp.(incl. deprec.) 3,563,692 - 3,498,360 3.460.076 3.327.280
Landon K. Thorne and George Whitney.-V. 128, P. 1556, 1398.
Net oper.revenue- ___ 62,039,023 $2,003.335 81,894.077 81,838.040
Uncollectible revenue,._
West Penn Power Co.
14,877
17,169
-Earnings.15.011
13.313
Taxes assign. to oper'ns389,645
408,353
Calendar Years393,000
1926.
1928.
1927.
371.327
Gross earnings
$20,555,343 $19,345.337 $16,531.097
Operating income_ _ _ _ $1,634,501 $1,577,813 61,486,065 81.453,400 Oper.exps., maint.& taxes
9,523,990 9,451,789 8,160.216
Non-operating income__
110,272
105,773
110.962
107,665
Gross income
811.031.353 89,893.548 88,370.881
GrossIncome
$1,744,773 81,683.587 81.597,027 $1,561,065 Int.& amort.of discount
2,549.290 2,756,034 2,447,648
Rentfor plant,&c
163.331
Preferred dividends ofsubsidiaries_
195,296
189,367
54.307
180,558
Interest for funded debt.
325,298
265,910
273,675
287,100
Other int. deductions_ _ _
Balance
6,170
11,679
$8.482,063 $7,083,206 $5,923.233
11,531
11,942
Amort,debt discount exReserved for renewals and retirements 2,024,228 1,715.546
1.507.880
penses, &c
10,299
4,666
4,107
4,456
Netincome
$6.457.835 $5.367.660 $4,415.353
income
Net
61,239,673 $1,206,035 $1,118,347 $1,077,009 -V.127, p.2958.
Preferred dive.(6%) --348,293
343,826
343.764
342,425
Common dividends
(6)600,000 (9)450,000 (9)450,000 (9)406,710
Wisconsin Public Service Corp.
-Earnings.
Approp. benefit fund roe
100,000
100,000
12 Months Ended Dec.311928.*
1927.
Gross earnings
$4.994.239 $4,676,216
Balance, surplus
$291,380
$312,208
$224,583
$327,874 Net earnings
2,203.895
1,884,614
Sim. corn, outstanding
Other income
12,817
10,316
100 000
(no par)
x500,000
x500,000
x451,000
0.91
Earns, per sh.on corn...
$1.70
$1.55
$1.62
Total earnings (including other income)
$2.216.712 $1,80,930
x $10 Par.
-V.128, p. 402.
* Prellmhiary earnings.
1730
FINANCIAL CHRONICLE
Allied International Investing Corp.-Earninqs.-
Wisconsin Valley Electric Co.-Earningi.12 Months Ended Dec.31Gross earnings
Net earnings
Other income
Total earnings,including other income
* Preliminary figures.
-V. 128, p. 402.
1927.
1928.*
$1,684,505 $1,616,839
780,098
688,094
9.058
20,464
$708,558
$789,156
INDUSTRIAL AND MISCELLANEOUS.
Copper at 20c.
-The price of domestic copper was a dvanceed M of
cent to 20Y5 cents a lb. Mar. 15, the highest since 1920. New York "Sun"
Mar. 15, p. 49.
Lynn Shoe Strike Ended.
-Complete settlement of Lynn's shoe strike
has been effected, and all 49 of the shops affected are operating on normal
schedules. "Wall Street Journal," Mar. 14. p. 2.
Matters Covered in "Chronicle" of Mar. 9.-(a) Over 52 billion dollars
invested in new buildings in U. S. since war-$7,500,000,000 outlay for
construction planned this year according to Thompson-Starrett Co., p.
1469. (b) International Paper Co. announces $62 a ton as newsprint
price for 1929, p. 1470. (c) Export copper price advances to 19M cents
P. 1475. (d) Further wage increase by Anaconda Copper Mining Co.,
third increase, p. 1475.(e) $50,000,000 offering of debentures for Kreuger &
Toll issue oversubscribed, p. 1481. (f) Organization of Buffalo Stock
Exchange. p. 1484. (g) Heron & Co., Toronto (Canada), brokerage firm
fails, p. 1485. (h) Offering of $475,000.000 431% Treasury Certificates
of Indebtedness, p. 1475.
-Annual Report.
Abitibi Power & Paper Co., Ltd.
Alexander Smith, President, says in part:
During the year fixed assets were increased $4,395,796, of which $4,189,873 represented capital additions to the company s mills, power plants
railroads and townsites, and the balance, $205,923, was added to lands,
timber limits and undeveloped water powers.
On Jan. 1 1928, the company acquired through exchange of Stocks the
ownership of Spanish River Pulp & Paper Mills, Ltd., Fort William Power
Co.. Ltd., Manitoba Paper Co., Ltd., Ste. Anne Paper Co., Ltd., and
Murray Bay Paper Co., Ltd. The welding of these units into one organized whole is progressing steadily and the management believes that the
present year will see a satisfactory solution of the practical problems
necessarily involved in the controlled operation of properties so widely
distributed. Meantime, the company has completed its major financing
by the sale of $26,000,000 6% preferred stock and $50,000,000 of 5% first
mortgage bonds and has refunded all old preferred stocks, bonds and
debentures of the parent company, and all its subsidiaries, with the exception of $1.000,000 of Abitibi 7% Preferred stock, which is not subject to
call or payment.
Income Account for Calendar Years.
1926.
1925.
1927.
1928.
Operating profit
$7,380,964 $4,213,490 $4,254,595 $4,240,337
611,420
539,781
Interest
762,493
2,818,108
539,000
597,819
Deprec.& exhaustion
546,422
1,716,815
155,000
220,000
Appropriated for tausNet income
$2,846,041 $2,904,574 $2,961,995 $2,869.916
70,000
70,000
Preferred dividends (7%)
70,000
70,000
Preferred divs.(6%)_ _ _ 1,459,325
1,000,000
1,062,500
Common dividends
1,250.000
2,255,416
Shs. of sub. cos. outst'd
but since red
179,436
Balance, surplus_ _def. $1,118,136 51.584.574 $1,829,495 51,799,916
6,984,106
6,705.651
7,847.894
Previous surplus
a59,719,007
1,521,461
965.707
1,092,492
'I'ransf. to deprec. reserve
Adjustments Co.
544,520
Profit & loss surplus- -$59,145,391 $8,339,976 $7,847,894 $6,984.166
250,000
250,000
Ohs, corn. out. (no par)_
250,000
988,117
$11.20
$11.57
Earn, per share on com_
$11.34
$1.33
x Including undistributed profits of companies now consolidated of
$16,801,768, after deduction of bond discount and premiums on securities
redeemed, etc.
Consolidated Balance Sheet Dec. 31 1928.
Liabilities1927,
1928.
7% emulative pref. stock _ 81,000,000
AssetsPlant, mach.& equipment_ _$105,678.524 6% cumulative pref.stock_ - 34,881.800
59,145,391
51,809,489 Common stock & surplusLands,timber limits
5,000,000
13,355,357 Bank loans
Inventories
Current accts.& bills pay-- 2,575,008
Unexpired insurance, pre208,333
420,555 Bond interest accrued
paid taxes, etc
550,668
4,317,981 Dividends payable
Accounts receivable
416,976
Deferred liabilities
Invest. in capital stocks &
50,000,000
527,502 5% 1st mtge. gold bonds
bonds of other companies_
22,282,463
1,809,802 Res.for depr. of plant
Cash
337,833
Res. for depletion
5177.919,211 Res. for gen. Sr contingent.. 1,520,737
Total
-V. 127, p. 3543.
.-Permanent Debentures Ready
Abraham & Straus, Inc.
The Commercial National Bank & Trust Co. of New York, trustee, Is
-year 534% gold debentures, due Oct. 1
prepared to Issue permanent 15
194.3, in exchange for the temporary bonds now outstanding. For offering,
see V. 127. p. 1949.-V. 127, P. 3543.
-New Officers.
Aeronautical Industries, Inc.
[Vol,. 128.
Period
Interest and dividends
Profits realized on sale of securities
Total
Interest paid or accrued
General and administrative
Provision for taxes
Net income for the year
Incorporation expenses written off in full
Div. paid on partic. pref.stock
Balance surplus
Previous surplus
12 mos.end. ).lay 2 to
Dec. 31 '28. Dec. 31 '28.
$43,536
$152,776
22,862
105,406
$258,181
25,974
5.548
28,800
$66,399
15,166
2,146
5,100
$43,986
$197,859
2,339
($6)119,793 ($3) 19,371
$22,276
$78,066
22,276
Profit and loss surplus
$100,342
Balance Sheet Dec. 31.
AssetsLiabilities
b Securities at cost$3,966,623 $1.227,875 Capital stock ___a$3,221,600
.
Divs. and accrued
Secured loans- _ 595,203
Interest reach ,
23,960
13,762 Accounts
45,898
Call loans
40,000
Reserves for taxes_
27,020
Cash
5,939
6,152 Surplus
146,801
$22,276
$718,796
500,000
1,616
5,100
22,276
Total
$4,036,522 $1,247,788
Total
84,036,522 51,247,788
a (1) Partic. preference stock: Auth. 60,000 shares without par value,
preferred upon liquidation to $100 per share, issued and outstanding,
31,576 shares. (2) Deferred stock: Auth. 10,000 shares without par
issued and outstanding 6,400 shares.
b The market value of these securities Dec. 31 1928 exceeded the book
value thereof by 5360,183.-V. 127, p. 531.
Amalgamated Leather Cos., Inc.
-Earnings
.Year Ended Dec. 31Operating profit
Other income
1928.
$1,018,981
55,434
Total income
Selling and administrative expenses
Interest, depreciation and taxes
$1,074,415 $1,184,442
750,940
617,105
366,801
184,448
1927.
$1,110,599
73,843
Net income
$66,701
$272,861
Earns, per shr. on 50,000 sirs. pref. stock (par $100)
$0.77
$5.45
Consolidated Balance .Sheet Dec. 31.
1928.
1927.
1927.
1928.
AssetsLiabilities$
$
$
$
Land, bldge., maLeather Tanning
chinery. dre- -- -x1,694,376 1,751,493
8404,000
Corp. pref.stk.
Cash
241,375
327,452 Pref.stock
5,000,000 5,000,000
Accts.& notes rec. 1,693,380 1,722,898 Com.stock
y 2,500,000 2,500,000
Sundry debtors...
24,525 Acceptances_ _ _ _ _ 1,095,244
673,176
44,387
Inventories
4,994,160 4,712,122 Accts. Parable &
247,484
232,483
scar. expenses.. 1,221,067 1,142,585
Investments
Claim against GerNotes payable- - _- 1,000,000 1,000,000
man Govt
Res for claim against
176,740
Trade-marks, good
German Gov't .176,740
.
25,000
162,489
wills, &c
5,000.000 5,000,000 Adv. by assoc. Int.
17,234
28,450
Deferred charges
54,905 Sundry creditors..
43.903
148,092
Due to off. & empl. 160,877
Fed.tax res
41,406
27,861
202,000
Adv. by bankers-Total (each aide)14,120,807 13,840,879 Surplus
2,893,237 2,552,226
x After reserve for depreciation totaling $692,205. y Represented lsy
175,000 shares of no par value.
-V 127. p. 824.
American Can Co.
-Earnings.
Calendar Years1928.
1926.
1925.
1927.
Not earnings
524,863,326 517,455,199 518,436,382 521,423,903
Depreciation
2,000,000
2,000,000
2,000,000 2,000,000
Int. on deben. bonds
33,867
Reserve for Fed. taxes
3,000,000
2,400,000
2,700,000
3,000,000
Net income
$19,863,326 $13,055.199 $13,736,382 $16,390,036
Pref. dividends (7%) -- 2,886.331
2,886,331
2,886,331
2,886,331
Common dividends_(53.25)8.040.493(82)4.947.996(52)4947.996(38)3298.654
Balance, surplus
58,936,501 55,220,872 55,902,055 $10,205,041
Previous surplus
43,851,369 38,630,497 53,345,092 43,140,050
Stock div. on corn.
(50%)
20,616,650
Profit and loss
$52,787,870 $43,851,369 538,630,497 $53,345,092
Shs. common stock outx412,333
standing (par $25)--- 2,473,998
2,473,998 2,473,998
Earned per share
$4.38
$32.75
$6.86
$4.11
x Par value $100 per share. On Feb. 9 1926 par value of common stock
was changed from $100 par to $25 par, stockholders receiving 6 shares of
new common stock of $25 par in exchange for each $100 share.
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
LiabilitiesAssets$
$
$
$
Preferred stock_ 41,233,300 41,233,300
Plants, real est.,
Common stock- 61,849,950 61,849,950
&c., incl. new
construction__121,090,042 115,949,224 Accts.dtbills pay. 8,090,930 5,581,405
Other investmls
850,871 Res, for employ.
850,871
annuity fund_ 1,374,920 1,082,638
Investments for
Res.for Fed.tax 3,000,000 2,400,000
employees'anfluky fund__ 1,326,589 1,135,901 Pref. divs. pay_
721,583
721,583
5,003.750 Com, dive. pay_ 4,329,496
U.S.Govt.secur.
1,236,999
Time loans
Contingent Ms_ _x9,874,374 10,019,920
5,000,000
Cash
22,017,490 9,657,139 Surplus
52,787,871 43,851,360
Accts. & bills rec. 10,601,174 9,554,440
Malls & prod__ 22,376,257 25,825,839
Tot.(ea. side)183,262,424 167,977,164
x Consists of insurance reserve, $4,534,749; Federal tax reserve. $746.316
Inventory reserve, $3,622,379; miscellaneous reserve. 5970,930.-V. 127.
ro• 3092.
-P. Murphy & Co.:
E.0. McDonnell and 0. A. Glazebrook Jr. of G. M.
James C. Willson of James C. Willson & Co.; J. Cheever Cowdin of Blair
& Co. Inc.; A. C. Dickinson, Pres. of Sikorsky Aviation Corp.; J. C.
Hunsairer, V.-Pres. of Goodyear Zeppelin Corp., and Leonard Kennedy,
V.-Pres. of Aeroplane & Motor Co., Inc. have been elected to the board of
directors. The other members of the board, as now constituted, are
Major Lester D. Gardner, who is President, W. W. Townsend, Louis F.
Reed and Colonel B. F. Castle,
E. 0. McDonnell was appointed Chairman of the board and with James
C. Willson and 0. A. Glazebrook Jr. constitute the executive committee.
This marks active entry of the National Aviation group into the affairs
of Aeronautical Industries, Inc., as James C. Willson and E.0. McDonnell
-Earnings.
American Milling Co.
are President and Vice-President, respectively, of National Aviaticcn Corp.,
1928.
Calendar Years1927.
1926.
1925.
and J. C. Cowdin and Leonard Kennedy are also members of the latter's
Profits from operations- $578,221
$242,607 $1,180,539 $1,072,866
board of cllrectors.-V. 128, p. 1557.
Approp. retire pref. stk.,.
17.500
pref. sti. retir._
19.900
Aetna Rubber Co.
-Common Stock Placed on a $1 Prem, on dividendsPreferred
3,485
14,955
Annual Dividend Basis.
Corn. dividends (stk)525,000
235,555
235,555
265.390
252,000
The directors have declared a quarterly dividend of 25c. per share on the Cora. dividends (cash)...
common stock and the regular quarterly dividend of $1.75 per share on the
$788,411
Balance surplus
5342.666
$7,052
pref. stock, all payable April 1 to holders of record March 16. Formerly
$366,764
Balance Sheet Dec. 31.
50c. a share was paid on the common.
-V. 127. p. 882.
1927.
Liabilities
1927.
Assets1928.
1928.
Air Investors, Inc.
Prop. & plant_ _ $2,907,956 $2,826,061 Capital stock -___x$2,944,377 $2,944,464
-Elects Three New Directors.
119,129 Notes payable.... 1,035,000
310,000
239,877
Three new directors, representing financial and aviation interests, have Cash
Trade accts. pay.. 284,441 360,273
been elected to the board. They are: William Stout (President of Stout Drafts drawn ag'st
Payrolls & comm.
cust, with bills of
Airways and of the Stout All-Metal Aircraft Corp., the airplane division
9,428
116,836
payable
8.487
lading attached_
of the Ford Motor Co.;)also aeronautical consulting engineer for the Ford
63,267
16,418
20,638 Accrued gen. taxes
16,865
23,280
Motor Co.; Seymour Knox, 1st Vice-President of the Marine Trust Co. of Lite ins. policies
43,494
Buffalo, ?resident of the Marine Union Co. and a director of the F. W. Notes & execs rec- 303.374 301,524 Prov. for Fed. taxes 86.491
15,184
17,404
Divs. payable- -.Woolworth Co.: W. W. Crocker. Vice-President of the Crocker First Adv. to corporate
1,141
Res. for fire ins-.
Grange League Fed.
National Bank of San Francisco.
-V. 128, p. 1399.
387,889
Exch.
88,101
Capital surplus- 364,267
982,073 Gen. surplus
726,481 383,816
1.838.578
Inventories
-Earnings.
Alaska Juneau Gold Mining Co.
Adv, on purchases 181,076
66,312
1925.
1928.
Calendar Years1926.
1927.
Invest, and trade
gold, silGross recovered
memberships...
24,115
18,320
ver and lead values
21,844
25,351
$2,420,598 $1,784,924 $1.504,823 $1,576,984 Deferred Charges..
Bullion
895.420
563,013
607,400
Concentrates
678,339
$5.474,955 $4,470,736
Total
Total
$5,474,955 $4,470,736
$3,316,018 $2,463,262 $2,067,836 $2,184,384
x Authorized, 200,000 shares common. Oar $25. Issued: Definitive
Total
2,018,496 certificates. $2,900.890: interim certificates 511,745. old stock not presented
2,335,920 2,425,498
2,098.305
Total oper.costs & exp
for exchange, 532,411.
$165.888
-Contingent liability-drafts drawn against customers secured by
$980,099
$37,764 def$30,468
Note.
Net profit
bilk of lading attached, discounted 51,011.745-V. 127, Ii. 2958.
-V.128. P. 887.
MAR. 16 1929.]
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Assets
$
Fixed assets
1,953,520 1.966,780 Accounts payable,
85.936
trade
Cash in banks and
109,795
495,677 1,535,741 Credit balance on
on hand
customers'acc'ts
10,179
11.633
Call & time loans_ 1,300,000
844,581 Miscellaneous and
U.S.Lib. bds.,&c. 842,675
66,150
accrued items
128,025
66.530
Marketable seem% 125,443
908,316 Dividends payable 259,660
259,751
Accts. & notes rec_ 980,775
30,299 Fed'i income tax
26,389
155,000
127,000
Sundry accts. rec.
1,080.652 1,046,088 Res've for tax &di_
164,143
Inventories
417
Rents rec. prepaid
Inv. of adv., &c.,
106,304 Capital stock__ _ _ a11,008,729 11.008,749
120,886
supplies
139,818 Consolidated sur87,549
Due from affil. cos.
plus
3,543,215 3,317,456
271,600
Stock in affil. cos_ 271,600
239,398
Other investments 350,874
218,687
186,583
Deferred charges
Good-will, patents
7,468,001 7,468,001
Total(each side) 15,290,608 14,903,639
& trade marks
American Reserve Insurance Co.-Bal. Sheet Jan. 1 '29.
.4ssets$533,946
Cash
2,357,030
Bonds
1.667,983
Stocks
38,699
Balances due from companies_
32.298
Accrued interest
Mkt. value bank deposits over
271
book
Total
.
$4,630,228
Liabilities
Capital stock
Premium reserve
Reserve for losses
All other liabilities
Netsurplus
6500,000
1,967,787
278,054
85,000
1,799,387
Total
$4,630,228
-V.126. p.1510.
American Colortype Co.
-Prelim. Bal. Sheet. Dec. 31 '28.
Assets
$261,000
519,000
90,000
2,731,000
1,226.000
2,062,000
134,000
Government bonds
Investments
Accounts receivable
Inventories
Land, building & machinery Deferred expenses
Total
$7,023,000
Accrued bond int. & est.
Fed,income taxes
6476.000
6% S.F.debentures
1.868,000
Minority int. in sub. Co
80,000
Preferred stock
896,800
Common stock (130,000-shs.) 3,702.200
-V. 128, p. 1399.
a Represented by 208,112 shares of no par value.
-Earnings.
American Steel Foundries.
Total
Calendar Years-
$7,023,000
a Earnings
Depreciation
-V. 128. P. 887.
American Commercial Alcohol Corp.
-Report.
Operating & other income
Administ.selling & general exp.& interest
Res.for depreciation
Bond interest & discount
Amortization oforganization expense
Federal income taxes
$1,635,831
513,102
100.688
192,351
17,095
101,733
Net profit
Preferred stock dividends
Total profits
$3.278,323 $4,101,727 64,701,887 64.850,485
26,092
180,748
25.633
22,250
Net earnings ofsub. cos_
$3,256,073 $4,076.094 84,675,796 84,669.737
Net profit
622.916
617.985
532,455
609,910
Preferred dividends(7%)
Common dividends
2,708,235 2.708,235 2,708,235 2,572.823
8710,862
118,067
Balance surplus
Earns. per.on 87.382 she, corn,stk.(no par)
shr.
$592.795
$6.96
Condensed General Balance Sheet Dec. 31 1928.
33m4.1-Liabilities
Cash
8446.325 Notes payable
Customers' notes & accounts
Accounts payable
receivable
1,191,509 Bond interest accrued
Other notes & accounts rec._
67,633 Federal income tax payable- Merch. materials, supplies &
Preferred dividend payablecontainers
1.456,576 15-year mtg. sink, fund gold
Cash surr. value of life insur.
bonds
& build.& loan Ass'n. stock
92,727 Sundry reserves
Prepaid insurance, taxes,etc_
94,533 Preferred stock
Land, build., mach., etc __x 5,285,413 Common stock
.
y
Investments
13,993 Earned surplus
Bond disc. & organization exp. 287,378
Goodwill, trade-marks,formulae,etc
1
$8,916,087
x After reserves of $140,757.
-V. 128, p. 1558.
1926.
1925.
1928.
1927.
83,806.713 $4,483,655 85.173.448 $5,402,378
935,320
893,824 1,076.733
1.104,604
Net profit from oper-- 62,702,109 $3,548,335 $4,279,624 $4,325.645
422,263
524,840
576,214
553,393
Miscellaneous income__
Earnings for Eight Months Ended Dec. 31 1928.
Total
1731
FINANCIAL CHRONICLE
$757,950 $1,349.576 $1,473,998
Balance, surplus
$15,383
902.745
902.745
902.745
902.745
Shs.com.stk.out.
(no par)
$4.49
$3.01
$4.48
$3.84
Earnings per share
a After expenses and Federal taxes.
Consolidated Balance Sheet Dec. 31.
192S.
1927.
1928.
1027.
Mabtlities$
Assets
Common stock _ _630,000,000 30,000.000
Real estate, plant,
Preferred stock_ _ _c6,500,000 8,713,000
equipment,good
a32,509,370 32,660,990 Capital stock of
will,&c
sub. company,. 326,174
313,583
4,734,832 4,673.410
Inventories
185,184 Accounts payable_ 1,289,680
808.162
90.870
Pref.stk.sink.fwad
334.785
Accts. & notes rec. 3,192.046 2,325,248 Pay-rolls accrued_ 433,818
d915,451 2,726,792 Reserve for Fed'I
Investments
&c.,taxes
754.579
U.S. Govt.secure. 9,095,545 8,396,453
696,591
677,069
2,780.573 5,125,107 Corn. div. payable 677,059
Cash
74,134 Reserves
496,798
59,840
575,343
Deferred charges.
Surplus
12,900,421 13.748,638
$375,000
410.697
44,910
115,081
38.500
2,994,000
68.763
2,200,000
2,076,362
592,795
Total
53,378,529 56.167,320
Total
53,378,529 56,167,320
a Real estate buildings, plant, machinery, tools, equipment, patents and
$8,916,087good-will, as ner balance sheet Dec. 31 1927. 839,276.450, plus additions
Total
y Represented by 87,382 no par shares.
American Express Co.--Correction.-
uring year. 8706.139, less reserve for depreciation. $7,473,219. b Common stock authorized, $1.000.000 shares: issued, 902.745 shares of no par
, value. c Preferred stock authorized, $22,633,200, Issued. 65,000 shares
-V. 128. p. 1559.
! of $100 each. d Includes miscellaneous investments.
Duo to errors in the figures published in our issue of March 2. we are
-Earnings.
1
American Sugar Refining Co.
republishing the income account with the corrections duly made:
1927.
1928.
Calendar Years1926.
Calendar Years1928.
1927.
1926.
1925.
Profit from operations-- $8,016,436 63.070,852 $7,091,979
Orem income
$7,848,432 37,409.098 87,670,167 $6,715,222
Oper.exps. (less taxes)
5,031,944
4,963.513 4,896.379 4,575,647 Int. on loans & deposits-1 1.597.9961 3,315,0861 2.044,993(
1
232,8031
Taxes. &c
707,450
444,769
745.311
218,044 Inc. from sale of invest- f
$9,614.433 86.618.741 19,136.971
Total
Net income
92,109,039 82,000,815 82,028,477 81.921,531
1,250,000
1,000.000
1.000.000
Dividends (6%)
1,080.000
1,080,000 1,080,000
1,080.000 Depreciation
1,795,821
1,800,000
1,800,000
Reserves
602.816
554,779
579.732
605,116 Interest on bonds
Surplus for year
Sits. stk. outst.(no par)_
Earned per share
-V. 128, p. 1399.
$426,223
180,000
$11.72
$366,035
180,000
811.12
6368,745
180,000
611.27
$236,415
180,000
$10.68
1925.
$4,477,143
2,989,964
10.549
67,477,656
1.000,000
1.800,000
$6.568,612 63,818,741 $6,336.971 $4,677.656
Net income
Preferred divs. (7%)..- 3,149,986 3,149,986 3.149,986 3.149.986
2,249,995
2,249,995
562,498
Common dividends
1 Balance to surplus. $3.418,626d31.581,240 $936.990 $965.172
450,000
450,000
450.000
450,000
She, corn. out. (par$1•11)
American Machine & Foundry Corp.
-Acquisition.
----$3.39
$7.59
$1.49
$7.08
The company has acquired, for cash, the control of the American Oven Earns, per share on corn_
& Machinery (Jo. of Chicago. At the same time, officials announced that --V. 127, p. 3249.
the company would extend its labor saving machinery business to include
-Earnings.
American Woolen Co.
equipment for the baking industry. The purchase was made from surplus
and the deal will involve no new financing.
1925.
1926.
1928.
1927.
Cater dar Years
About 234 years ago the American Machine & Foundry Co. perfected a Net profits, after taxes. 3694,333 82,598,077 df$2,103.153 63.051,065
bread-wrapping machine which cut the paper after wrapping the bread and Preferreddividend
1.020,833 3.500.000 3.500.000
thereby materially reduced the amount of paper used. More than 500 of
Rate
(7%)
these machines have been sold to date.
-V. 127, p. 2687.
1,750
4.750
875
Subsidiary dividends
afro
American Radiator Co.(& Subs.).
-Earnings.
Calendar Years1928.
1927.
Net sales
$90,743.129 176,010,078
Cost of sales
57,863,040 49,634,430}
Selling & admin. e
expense 16.836,820 11.680.110
Profit
Other income
1926.
1925.
Not Available
$16,043.269 $14,695,538a$14.427,611a$13,196,434
1,898,621
780,711
1,626,710
925.045
Balance, surplus
Previous surplus
$694,333 $1,576,369df$5,604.903 def$453.685
15,175,425 15,597,021 23,324,616 20,808.209
Total
915,869,759 $17,173,390 817,719.713 220.354.524
Res, restored to surplus..
Cr5,071.985
1,956,597
1,997,965 2,122,692
2,101.893
Depreciation
Profit & loss, surplus-$13.913.161 $15,175.425 $15.597.021 623.324.616
Shares of pref. stock outTotalincome
$17,669,979 $16,594,159 $15,208,322 $14,121,480 1
500.000
standing (par $100)-500.000
500,000
500.000
Interest paid
844,394
454,921
366,148
254,666 ' Earns. per sh. after depr.
Nil
Nil
$1.89
91.20
Pension fund,&c
.174,572
167,043
206,585 -V. 127, p. 1255.
Deprec'n & depletion_ -- 2,110,898
1,814,979 2,198.646
2.026,627 '
Res've for Fedl taxes.-- 2,300,946
2,092,372
-Rights-Stock Increased
Anaconda Copper Mining Co.
Net profit
812,413,742 $12,057.315 $12,476,485 $11,633,602
Preferred dividends__ _ _
388,738
480,735
477.311
485,798
Contmon dividends
6,613,100 6,312,879
5,280.884 4,969.991
Surplus
95.411,904 $5,263,701 86,718.289 96.177,813
Profit and loss surplus
46,199,566 40,802,039 31,598,119 24.879.830
She.coin. out.(par $25)- 1,322.620
1,322,620
1,242.561
1,242.561
Earn, per share on corn..
$8.75
$9.09
$9.66
$8.97
a Total consolidated profit from operations of all companies after deducting all ordinary and necessary expenses and reserve for estimated Federal
-V. 128, p. 1057.
taxes.
American Safety Razor Corp.
-Annual Report.
Annual Output of Corporation and Subsidiary Companies for Calendar
Blades.
1922
1923
1924
1925
1926
1927-1928
1,416,129
1,765,892
23,46,320
3.766,836
3,558,210
92,296,848
98,379,538
108,945,807
120.391,685
118,916,906
Not available
Years.
Brushes.
592,561
954,191
If192.288
1,454.978
1.464,831
Consolidated Income Account for Calendar Years (Including Subsid. Cos.).
1928.
1927.
1926.
1925
$3.626,965 $3,263.533 $5,555,134 $5,773,867
x2,379,672 x2,094,296 4,325,889 4,479,440
Operating income__ 1,247,293 91,169.237 $1,229,245 $1,294,427
33,166
13.290
105,084
Other income
111,451
91.260,583 91,202,403 81,334.329 9,1405.878
Total income
Depreciation179,486
170,662
127,000
1 15155
140.000
Federal income taxes155,000
Total revenue
Oast of operation
Net profit
Dividends
$1.133,583 $1,047.403 $1.014,843 61,080,216
1,040,560
719,210
600.000
750,000
193,023
Balance
$5.44
Earnings per share
x Including depreciation.
8328.193
65.03
6414,843
$5.07
$330,216
$5.40
-The stockholders of record April 30 will
-To Retire Bonds.
be given the right to subscribe on or before June 18 for additional capital stock (par $50) at $55 per share on the basis
of 2 new shares for every 5 shares owned. Subscriptions will
be payable at the National City Bank, 52 Wall St., N. Y.
City. It is intended to use the proceeds to retire the $103,803,000 outstanding 1st consol. mtge. gold bonds due in
1953.
Assuming that all of the 7% cony, debentures, due Feb. 1
1938, are converted into stock, and that all of the outstanding shares of Chile Copper Co. are exchanged for shares of
this company pursuant to the offer dated Jan. 23 1929, there
will be outstanding a total of 5,412,526 shares of the stock
of this company, par $50 per share, out of a total authorized
issue of 12,000,000 shares.
The stockholders on Mar. 14 increased the authorized capital stock (par $50)from $300,000,000 to $600,000,000.
This company acquired in 1923 a majority of the outstanding shares of
the Chile Copper Co. The directors recently authorized an offer to be made
to the stockholders of the Chile Copper Co.for the exchange of their shares
for sharee in the Anaconda company on the bests of 73-100ths of one share
of Anaconda for each share of Chile. On this basis 1,551.248 shares ofstock
of Anaconda will be required for issuance to complete the acquisition of the
outstanding shares of the Chile Copper Co. This privilege expires on
April 30 (see V. 128, p.730).
Subsidiary Acquires Inland Wire & Cable Co.
-See that
-V. 128, p. 888, 730.
company below.
-Acquisition.
Anaconda Wire & Cable Co.
See Inland Wire & Cable Co. below.
1732
FINANCIAL CHRONICLE
Anchor Post Fence Co.
-23/2% Stock Dividend.
-
The directors have declared a quarterly dividend of 234% in stock, or
85c. a share in cash on the common stock, payable April I to holders of
record March 15. Three months ago an initial dividend of 75c. a share in
cash and 5% in stock was declared on the common shares. See V. 127.
P. 3400, 2822.
[VOL. 128.
Auburn Automobile Co.
-2% Stock Dividend.
The directors have declared a 2% stock dividend and the regular quarterly
cash dividend of $1 per share, both payable April 1 to holders of record
March 21. Like amounts were paid in each of the five preceding quarters.
Previous stock distributions were 5% each made on Aug. land Nov. 1 1926.
Subsidiary Operations.
-
Anglo American Corp. of So. Africa, Ltd.
-Div.
-
President E. L. Cord on Mar.8 stated that the Lycoming Manufacturing
Co., a subsidiary, has produced 2,000 engines per week for the past six
weeks,and that this schedule is to be maintained for the next three months.
The works at Williamsport, Pa. are operating at capacity with about half
of the,departments on a 24
-hour schedule.
The Lycoming Co. is erecting a $500,000 factory at its Williamsport-.
Pa. plant to be used exclusively for the manufacture of aircraft engines.
The structure which will be 1,350 feet long and 80 feet wide, continaining
108,000 sq. ft. of floor space, will be completed and ready for operations
shortly after April 15.
Arizona Commercial Mining Co.
-Earnings.
-
The Duesenberg, Inc., Indianapolis, a subsidiary, commenced the delivery on Mar. 5 of its new 265 h.p. cars which have been in process of
development for the past 234 years. The officials state that the plant Is
now operating at capacity and will continue on this basis for several months
to complete orders on hand -V.128. D. 1559.
A dividend of 123i% (equivalent to 2s. 6d. per share) has been declared,
payable to shareholders of record Mar. I. The transfer books of the corporation were closed from Mar. 2 to Mar. 7 1929. both days inclusive.
Coupon No. 10 attached to share warrants to bearer will be payable at the
head office and London office, on and after Mar. 211929. A dividend of
like amount was paid Mar.211928.
Of the unappropriated profit as at Dec. 31 1928, £485,000 will berequired for the payment of dividend No. 1_ of12M % as above,and £250.000
has been placed to reserve fund, making the total reserve £1.800,000.
V. 128. p. 1230.
Calendar YearsIncome from sales of
copper, silver & gold
Mining, treating & rerg
Selling, gen. adm., &c.._
Depreciation
Depletion
Interest
Net income
Dividends
1928.
1927.
$862,730
616,065
43,357
47,340
180,798
Cr.17,733
$696,482
548,312
28,764
44,149
148,180
Cr.13,871
1925.
1926.
$871,533 $1,138,109
639.758
700 102
.
75.955
38,775
56,222
61,477
180,936
162,504
Cr.13,133
Cr.17,564
$138,027
def$7,097 def$59,052 def$13.417
(50c)132,500 (75c)98,750 ($1)265.000 ($1)265,000
Balance,deficit
$126,972
$278,417
$139.597
$257,802
The total production for 1928 was 4,665,605 lbs. refined copper 29.074
ozs. silver and 793 ozs. gold. 5,612.944 lbs. of refined copper were sold
at an average price of 14.8c. per lb.
-V. 126, p. 2697.
Armstrong Cork Co.
-Earnings.
Calendar Years1925.
1928.
1926.
1927.
Sales,less returns & allow$44,045.520 $36,685,846 $35,656,610 $31,760,843
Mfg. cost of sales, excl.
depreciation
28,550,344 21.444,098 20.486,846 17,889,334
Gross profit
Other income net
$15,495,176 $15,241,748 $15,169,764 $13,871,509
138,113
80,437
70,080
67,726
Gross prof. from oper115,633,289 $15,311,828 $15,250,200 $13,939,235
Adm.& selling exp.-- - - 9,804,034
9,779,880
9,013,432
8,993,606
Depreciation
1,183,934
1.084,411
1,357,291
1,225,900
Federal income tax
595,461
503,296
540,000
681,802
Netincome
$3.931,964 $3,752,553 $4,348,892 $3,338.097
The net profit for 1928 of $3,931.963 is equivalent to $3.50 a share on
1,124,032 no par shares of capital stock. This compares with $3,752,553 in
1927, or $3.34 a share on the same share basis.
-V.128, p. 404.
Artloom Corp.
-Smaller Common Dividend.
-
The directors have declared a quarterly dividend of 50c. per share on the
common stock, no par value, payable April 1 to holders of record March 25.
Quarterly dividends of 75c. per share were paid on this issue from Oct. 1
1925 to Jan. 1 1929, incl.-V. 128, p. 730.
Associated Insurance Fund, Inc.
-Listing.
-
In connection with the listing on the San Francisco Stock Exchange of
450.000 shares of capital stock, par $10, the company.states in substance:
The company was incorporated Sept. 28 1928 in Delaware, to take over
the following companies: (a) The Associated Indemnity Corp.,which
Is a California corporation organized Dec. 21 1922, to engage in casualty
and surety insurance business; (la) Associated Fire & Marine Insurance
Co., which is a California corporation organized Oct. 2 1928. to engage in
fire and marine insurance; (c) Underwriters Service Agency, Inc., which
is a California corporation organized July 21 1928, to engagein insurance
general agency business.
The real estate holdings of the corporation consist of a parcel of land
together with the office building situated thereon, formerly known as the
Orient Building and located at 332 Pine St., San Francisco, Calif., for
which the purchase price of $550,000 was paid in cash.
The directors are: George T. Cameron, James Cravens, T. A. Davies,
Sidney M. Ehrman, Milton H. Esberg, C. W. Fellows, Bernard W.Ford,
William H. Ford, W.P. Fuller, Jr.. S. M. Haskins, Carl A. Henry, C F.
Michaels, C. 0. G. Miller, George A. Pope. L. D. Sale. Cameron Squires,
James A. Talbot, Joseph 0.Tobin, Charles H. Toll, Nion R. Tucker.
Balance Sheet Jan. 15 1929.
Assets
Liabilities
Real estate owned (cost) ___ $550,000 Capital stock
$4,500,000
Stocks owned (cost)
3.636.405 less-Excess of disbursement
Cash in banks
over Inc. for 214 mos. end.
143,678
Furniture & fixtures
101
Jan. 15 1929
168,935
Due from Assoc. Indemnity
Co.& Assoc. Fire & Marine
Ins.Co
881
Total assets
-V.128, p. 730.
$4,331,065
Total Habilitiel
$4,331,065
Autosales Corp., N. Y. City.
-75c. Preferred Dividend.
The directors have declared a dividend of 75c. a share on 6% non-cumulative participating preferred stock, par $50, payable April 15 to holders
of record March. 30. This is the same amount as was paid on Jan. 15
last when dividends were resumed on the issue.
-V. 128, p. 1559.
Auto-Strop Safety Razor Co., Inc.
-Earnings.
Calendar YearsNetincome from operations
Other income
1927.
1928.
$1,299,777 $1,122,156
70.603
86,673
Total income
$1,386,449 $1,192,759
Other deductions
55.020
62,384
Interest paid
1,399
15.550
Provision for depreciation
109,411
175,358
Income tax
159,775
153,573
Portion of earns. applic, to minority holdings of
Auto-Strop Safety Razor Co., Ltd., London
123,831
134,502
Net profit for period
$743,323
$845,083
Previous surplus
2,552,855 3.378,556
Total surplus
$3,397,938 $4.121,879
Depreciation of appreciation of permanent assets_
43,755
Dividends predecessor company
169,548
Dividend on class "A"stock
131,250
262,500
Surplus of pred. co. represented in stated values
class "A" & "B" stocks
1,150,000
Organization expense
57.407
Sundry items (net)
Cr.6,925 Dr.17.064
Surplus Dec. 31
$3,142,363 $2,552,855
Earns, per sh. on 87,500 class"A"stock (no par)..$9.65
$8.49
Consolidated Balance Sheet Dec. 31.
Assets1928.
1927.
Liabilities1928.
1927.
Land,bldgs.,mach.
Class"A"stock _. 4437,500 $437,500
.kc
42,021,567 $2,029,375 Class "11" stock_ _z1,112,500 1,112,500
Cash
313,807
312,470 Accounts payable. 356,521
312,799
Marketable secur. 1,572,217 1,545,634 Accr. accts. St inc.
Accts.receivable- 930,462
575,110
tax
165,558
157,487
Inventories
917,942
777,539 Contingent reserve
71,178
212,500
Deferred charges
100,012
78,084 Min.int. Autostrop
Sat Raz. Co.,
578,458
Ltd., London
524,500
3,142,363 2,552,855
Surplus
Total
$5,856,007 $5,318,212
Total
$5,856,007 $5,318,212
x After depreciation of $612.546. y Represented by 87,500 no par
shares. z Represented by 222,500 no par shares.- V. 127. p. 2231.
Duesenberg Makes First Shipment.
-
(The) Aviation Corporation (Del.).
-Capital Stock Sold.
-Lehman Brothers; W. A. Harriman & Go., Inc.; Hallgarten & Co.; Chas. D. Barney & Co.; Edward B. Smith
& Co.; Guardian Detroit Co., Inc.; Pynchon & Co.; Hitt,
Farwell & Co.; E. F. Hutton & Co.; Lane, Piper & Jaffray,
Inc.; Air Investors, Inc.; Jessup & Lamont; Rogers Caldwell & Co. Inc.; Pask Walbridge, and Halle & Stieglitz
announce the oversubscription at $20 per share of 2,000,000
shares common stock (no par value).
Transfer agents, Commercial National Bank & Trust Co. of NewYork
and First National Bank of Boston. Registrars, Guaranty Trust Co. of
New York and Second National Bank of Boston.
Listed.
-Listed on the Boston Stock Exchange.
Capitalization Authorized (As of Mar. 7 1929)•
Common stock (no par)
*10,000,000 abs.
The number of shares of common stock presently to be outstanding will
consist of the 2,000,000 shares being publicly offered and any shares presently issued in connection with the acquisition of interests in other companies.
* Including 1,250,000 shares reserved for sale at $20 per share under
options, granted or to be granted to the organizers, bankers and managemeat, exercisable Jan. 1 1930 to Dec. 31 1936, incl. the number of shares
deliverable upon exercise of these options being subject to increase in case
of stock dividends on outstanding common stock. A part of these options
is to be reserved for executive and technical personnel not yet in the corporation's employ.
Data from Letter of Graham B.Grosvenor,President of the Company.
-Organized in Del. Mar. 1 1929, primarily as a holding and
Corporation.
development co.for the aviation industry. Corporation aims to make available to its subsidiary and affiliated companies technical and management
co-operation, as well as financial resources beyond those which would
be at the command of any single unit. While it is anticipated that its
holdings will consist largely of the majority of the common stocks of other
companies, It may also own interests in companies not controlled. In
either case, such companies may be established concerns or new organizations created for experimentation, development, investment, manufacture,
sales, or operation of aircraft.
Technical Staff.
-Although commercial aviation is already a substantial
industry and a factor in the transportation system of the country, experimental and development work is still of great importance. It is hoped
that this corporation will play a significant part in the technical and commercial advancement of aviation in this country. It intends therefore to
maintain a staff of experts versed in all important aspects of the industry.
This staff will co-operate with the active managements of the companies
in which the corporation is interested as well as investigate aviation and
related projects, and carry on experimental and development work directly
for the corporation. A part of the options on common stock will be reserved for the members of this technical division, which, it is expected,
will be headed by Col. Thurman H. Bane, who served in a similar capacity
as Chief of the Engineering Division of the Army Air Service, and will include, among others at the outset Col. V. E. Clark, formerly Chief Aeronautical Engineer, ifs. S.Army,and C. Fayette Taylor, M.H.(in consulting
capacity).
Oroanization.-Corporation is at present negotiating for substantial
interests in several large established companies in the field representing
various phases of the industry. These acquisitions, it is expected, will be
effected in the near future largely through the issuance of common stock
of the corporation and, in some instances, options to purchase common
stock. The corporation will receive $35,000.000 in cash as the proceeds
of the present financing.
The officers of the corporation will include W.A. Harriman as Chairman
of the Board of Directors, Graham B. Gosvenor as President, Robert Lehman as Chairman of the executive committee, and George R. Ham as
Vice-Chairman of the executive committee.
Directers-It is expected that the board of directors, will include upon
completion of the present financing the following:
Frank Andrews, L. W. Baldwin. Harold 0. Barker, William G.Backers,
C. K. Boettcher, D. K. E. Bruce, Matthew C. Brush, Rogers Caldwell,
Frederic G. Coburn, W, W. Crocker, John W. Cutler, R. Stanley Dollar,
Sherman M. Fairchild.
Edward P. Farley, John M. Franklin, John O. Grier, Jr., Graham B.
Grosvenor, Stanley J. Halle, John W. Hanes, George R. Iiann, W. A.
Harriman, George M. Holley.
A. L. Humphrey, James M. Hutton, Jr., W. F. Kenny, John L. Lancaster, Robert Law, Robert Lehman, William Dewey Loucks.
Alan J. Lowrey, C. Townsend Ludington, Paul M. Mazur, George
Miner. Harry S. New. Maurice Newton, Edward J. Noble, Roland Palmed°, Charles M.Parker.
Major General Mason T. Patrick (retired), Harry C. Piper, Joseph W
Powell, Frederick S. Pratt, Samuel F. Pryor, J. S. Pyeatt, George M.
Pynchon, Jr., Edwin B. Reeser.
James A. Richardson, Alexander B. Royce, William B. Scarborough,
C. B. Seger,John D. Siddeley, C.B.E.,Lloyd W.Smith, Sidney W.Souers,
Eugene W.Stetson, G. H. Walker, Harvey L. Williams, Robert W. Woodruff.
Aviation Securities Corp. of New England.
-Stock
Offered.-Hayden, Stone & Co., Jackson & Curtis and James
C. Willson & Co. are offering at $23.50 per share 150,000
shares capital stock (no par value).
Transfer agent, State Street Trust Co. Boston. Registrar, First National Bank of Boston.
Business -Corporation was organized in Del. Mar, 6 1929 by a group
whose members (largely residents of New England) are closely associated
with the aviation industry, for the purpose of participating in and assisting
the development of this industry.
A portion of the company's resources will be devoted to the development
of such new aviation projects, especially those originating in New England,
as in the opinion of the board of directors, supplemented by the advice of
the company's technical associates, merit such assistance. It is proposed
to invest at all times a further part of its assets in the securities of established aviation companies, both manufacturing and transportation.
The company will also be prepared to investigate new ventures and to
render advice to the end that such new enterprises may obtain necessary
capital at a reasonable cost. In addition it is intended that the company
enter into such underwritings', either alone or as a member of a syndicate
or otherwise, as may appear to the board of directors to be justified. It is
believed that the close association of this company, through a working
agreement, with the National Aviation Corp. will result in greatly enlarged
opportunities in the general aviation field. The National Aviation Corp.
through its directors, enjoys the closest contact with numerous aircraft
manufacturing and transportation companies, and has in addition unrivalled facilities for investigating and giving an expert opinion on all
projects relating to any branch of the aviation industry
MAR. 16 1929.]
1733
FINANCIAL CHRONICLE
Authorized.
Outstanding.
Capitalization*250,000 shs.
150.000 shs.
Capital stock (no par),_
- - - - -- -_--* The balance of 100,000shares of unissued stock is under option until
Mar. 1 1932, one-half at $25 per share and one-half at $30 a share, to the
organizers of the company and their associates.
-Corporation will begin business with $3,000,000 in cash.
Assets.
Listed.
-Listed on the Boston Stock Exchange.
Management.
-The board of directors will include: Frederick L. Ames,
Roger Amory, Charles H. Chatfield, Philip S. Dalton, G. Peabody Gardner, Jr., Chandler Hovey, Richard F. Hoyt, Hugh F. MacColl, Charles
E. Spencer, Jr., Lester Watson, Whitin Whittall, James C. Willson,
-V. 128. P. 1559.
Samuel H. Wolcott, Walter S. Wyman.
Backstay Welt Co.
-1% Stock Dividend.
The directors have declared a 1% stock dividend on the common stock
and the regular quarterly dividends of 50c. per share on the common and
1% on the preferred stock, all payable April 1 to holders of record Mar. 20.
No fractional shares will be issued.
An initial dividend of 50c. per share was paid on the common stock on
Jan. 1 last.
-V. 128. p. 1058.
Bankers Bond & Mortgage Guaranty Co. of America.
-First Financial Statement.
This company, which was formed for the purpose of consolidating
three large eastern mortgage and title guarantee companies, and to establish operations in New York State, through a newly organized subsidiary,
the Manhattan Mortgage & Guarantee Co., will start operations with
resources exceeding $12,000,000, according to the first financial statement
issued.
The consolidated balance sheet as of Feb. 25 1929 shows total resources
of $42.246,203, including $39,070,606 bonds and mortgages, $1,666,377
cash, $438,073 stocks and bonds, $247,149 real estate, $515,417 interest
due and accrued. The capital of the company, all paid in, totals $10.
000,000 and the initial and earned surplus totals $1,552,455, giving the
company capital and surplus of $11,552,455.
This company represents a consolidation of the Bankers Bond & Mortgage
Co. of Philadelphia, United States Mortgage & Title Guarantee Co. of
New Jersey and the Guardian Title & Mortgage Guaranty Co. of New
Jersey. The chief purpose of the company, in addition to financing real
estate mortgages, is to create real estate securities which will be legal for
Investment for trust funds in the respective States in which the company
will operate. For the immediate future, it is the intention of the company
to confine its operations to the largest cities of the East.
-V. 128. p. 560.
Bankers Securities Corp., Phila.-Partic. Divs., &c.
and first preference shares in addition to those now authorized may be issued
on complying with the requirements of the letters patent of the company.
Transfer Agent, Imperial Bank of Canada, Toronto. Registrar. Toronto
General Trusts Corp., Toronto.
Authorized. Outstanding.
CapitalizationFirst preference stock
$4,000,000 $1,250.000
700,000
7% cumul. convertible 2nd preference stock
523,800
200,000 shs. 134,000 shs.
Common stock (no par)
Each share of each class of stock is entitled to one vote. Stockholders
will have no pre-emptive rights to subscribe for additional stock or securities.'
Company.-Incorp. with a Dominion Charter in 1912 to continue the
business originally established in 1874. The business has enjoyed continued
expansion. Company is the largest manufacturer in Canada of electric
washers, and of farm pumps and a variety of barn equipment. Other products manufactured in large quantities include grain grinders, churns and
ladders. In general, all these products are original in design and are protected by over 100 patents. Experimentation with a view to improvements
in design and introduction of new products in being carried on constantly.
The general offices and main factories are at Fergus, Ont , with a foundry
In London, Ont.
Sales of the company's products have expanded substantially over aperiod
of years. For the fiscal years ended Aug. 31, net sales have been as follows:
$2.841,71211928
35.785.105
$1,825,90111926
1924
3,585,6091
2,343,16011927
1925
Net sales of the company for the 5 months ended Jan. 31 1929, show an
increase of 38% over those of the corresponding period of a year ago.
Purpose.
-Proceeds will be used in the business of the company.
Earnings Years Ended Aug. 31.
Earnings
Prov. for
Bef. Prot. for Provision
Dom.Inc. Taxes
_
Deprec. and
for
(Us.
Dom.Inc. Taxes. Deprec. at Present Rate. Net Pro
$88,333
$40,042
$7,507
1924
$135.882
161,806
13,852
221,836
46,676
1925
179,820 •
15,462
250,562
55,279
1926
285,820 .
372,040
61,539
24,680
1927
682,923
75,497
59,210
817,631
1928
-Personnel.
-Berliner-Joyce Aircraft Corp.
W. Frank Roberts has been elected chairman of the board. He was
formerly general manager of the Sparrows Point Division of the Bethlehem
Steel Co. and is now president and chairman of the board of the Standard
Gas Equipment Co. of Baltimore.
Officers are: W. W. Moss, President' Henry A. Berliner, Vice-President
in charge of production, and Temple N. Joyce, Vice-President in charge
of sales.
-V. 128, p. 1230.
For the second time since it began business last May, the corporation
on March 12 declared participating dividends on its stocks. These disBethlehem Steel Corp.-Pensoins Paid in 1928.
bursenients, in addition to the cumulative payments, are 34% on the
This corporation, under its pension plan,paid $517,445 to 1,184 pensioned
preferred, making 2% for the quarter, or at the rate of 8% per annum, and employees last year, according to a report just compiled. There were
1.88% plus on the common, making 3.39% for the period, at the rate of 1,077 retired employees remaining on the pension roll Dec. 31, 1928.receiv13.55% per annum. (Compare V. 127, p. 3401.)
average pension of $494.16 a year. The average age of these
Net profits for the first two months and 11 days of this year amount to ing an
employees when pensioned was65 years,8 months.
$_608,716. Out of 1928 earnings the corporation paid $572.774 in dividends.
Bethlehem's formal pension plan has been in operation 6 years. The
The institution has $20,000,000 capital, $4000,000 surplus. After diviamount of pensions paid during this period was 32,487,977.68.-V.
dends declared to-day, the undivided profits and reserve for dividends total p. 1231, 890.
128.
amount to $1,777,956.
While there remain two payments due on the new stock, subscribed last
-Annual Report.
Birtman Electric Co.
year, many stockholders have anticipated payments to secure full paid
1926.
1928.
1927.
Years Ended Dec. 31shares carrying all dividends; so that the amount actually paid in to date Gross profit on sales
$968,873
$725.448
$885,647
exceeds 37,500.000 on the $6,000,000 so far required.
-V. 128, p. 1058. Sell, and administrative expenses_ 406,935
378,308
363,622
Barnet Leather Co., Inc.
-Annual Report.
Calendar YearsNet deficit
Miscellaneous income
1928.
$305,002
19,717
1927.
$261,765
19,865
Total deficit
Federal & State tax reserves
Depreciation
Extraordinary charges
$285,286
$241,900
10,705
69,861
Total deficit
Preferred dividends
$392.760
70,000
80,499
26,975
$322,467
70,000
Balance deficit
$462,760
$392,467
Consolidated Balance Sheet Dec. 21.
Assets1928.
1927.
Licartlittes
1928.
1927.
Real estate, equipPreferred stock- - -81,000,000 $1,000,000
meet, &c
341,081,933 $1,108,654 Common stock _ _ _x2,000,680 2,000,680
Fixtures
88,958
41,463 Notes payable_ _ 1,000,000
126,993
Cash
328,503
137,120 Bks. accept. agst.
Miceli. debtors_ _
26,594
67,001
trust receipts.-- 684,404
Accts.receivable.- 499,652. 720,55.5 Accounts payable51,854
267,571
Bills receivable_
Prof. dive. payable
15,123
17,500
Advances
96,632 Federal taxes, die_
1,784
Inventories
2,714,299 1,769,634 Commissions
18,992
25,220
188,443
Investments
174,656 Accrued pay-roll13,309
9,565
Prepaid exp., die- 50,468
21,650 Contingencies_ ___
12,500
45,841
Surplus
181,991
644,751
Total
54,978,855 $4,139,908
Total
$4,978,855 $4,139,908
x Issued 40,000 shares of no par value. y After deducting $959,042
reserve for depreciation.
-V. 127, p. 2823.
Bates Valve Bag Corp.
-Sale Consummated.
See St. Regis Paper Co. below.
-V. 127, p. 550.
Beacon Oil Co.-Earnings.-
CaTendar Years1928.
1926.
1927.
1925.
Sales (net)
$23,495,931 $19,895,264 $18,919,407 $20,953,396
Oper. exp., incl. cost of
sales,sell'g az adm.exp 20,403.492 19,165,029 16,760,760 19,845,845
Operating profit
33.092,439
$730,234 $2,158,648 $1,107,551
Other income
410,860
314,630
147.581
204.916
Total income
$3,503,299 $1,044,864 $2,306,229 $1,312,467
Interest, discount, &c_ _
443,060
446,153
231,740
415,091
Other charges
447,358
211,235
79,223
113,586
Depreciation
1,212,863
703,146
905,414
Federal taxes
190,202
42,000
81,000
Net profit
$1,209,815
Preferred dividends paid
174.225
$345.476 $1,211,118 def$121,624
180,945
180.957
182,604
Available for common $1,035,590
$164,531 $1,030,161 der$394,229
947.747
No.of com,shs. outst'g_
915,391
704.000
191,870
Earnings per share
$1.09
$0.18
$1.46
Nil
Surplus account Dec. 31 1928: Earned surplus Jan. 11928, $2,730,345;
surplus for 1928, after pref. divs. (as above, $1,035,590; profit from sale of
Everett Process Co. stock, $200,000; total, $3.965.937; less non-operating
debits, $33,662; balance earned surplus, $3,932,272. Capital surplus,
Jan. 11928, $3,534,153; less disposal of assets previously included therein,
$200,000: excess of cost of investment in sub, cos. over book values thereof,
$170,519; balance capital surplus. $3.163,634. Total surplus Dec. 31 1928
37,095,906.-V. 128, p. 561.
Beatty Bros., Ltd.-Pref. Stock Offered.
-A. E. Ames &
Co., Ltd., Toronto, are offering $1,250,000 6% cum. cony.
1st pref. stock, series A,at $102.50 per share, yielding 5.85%.
A,
is preferred
The cumulative convertible first preference stock, series
as to dividends and assets:. Dividends payable (Q-F) by cheque at par at
any branch in Canada (Yukon Territory excepted) of the company's bankers
(now Imperial Bank of Canada). Callable all or part in amounts of not less
than $100,000 at $110 and diva. per share, on 60 days' notice, or the company may purchase shares for redemption in the open market, or by tender,
at a price not exceeding $110 per share and dive. Convertible up to and
incl. Jan. 2 1939, unless previously called for redemption,into common stock
on the basis of 1;i shares of no par value common stock for one share of
first preference stock, series A. The calling of such preference stock for
redemption shall not extinguish the right of conversion until the expiration
of the 60
-day redemption notice and until the redemption takes place or
provision of the Money for that purpose has been made. Future series shares
Operating profit
Other income
$347,140
22,847
$522,025
35,885
$561,938
32,929
Total income
Discounts allowed
Federal income tax
$369,987
41,935
39,449
$557,909
38,375 •
69,859
$594.867
42,151
77.177
Net income
Preferred dividends
Common dividends
$288,603
x42,000
x165,874
$449.675
29,603
165,874
$475,539
11,464
181,001
$254,198
$80,729
Surplus for year
Earns per share on 100,015 shs. corn.
$4.07
$2.46
stk.(par $5)
-V. 126, p. 1202.
x Estimated, official figures not reported.
$283,074
$4.46
_
-Earnings.
-British Empire Steel Corp.
1925.
1926.
1928.
1927.
Calendar Years54,187,403 35,513.761 $4,424,118 Sx1,133,443
*Total earnings
Deduct-Prov. for sink.
funds, deprec. & depl.
1,341,764
1,476,013
1.461.625
1,478,017
of minerals
Int. & disc, on bonds and
1,936,223
1,824,025
1.853,449
1,902,0'7
debenture stock
Acadia Coal Co., Ltd.
6,468
330
dividends
sur$849,469 sur$2,135,401 sr$1,138,468df$4411,430
Balance
Bal, brt. forw'd Jan. 1 _df2,464,149 df4,599,551def5,738,019 def1,326,589
dr125.017
Adjustments
Profit & loss, deficit.. $1,739.697 82.464,149 $4,599,551 $5,738,018
Surplus at date of org'n
bal. at Dec. 31 1925-.821,784,870 $21,784,870 321,784.870 521,784.870
*Total earnings of properties after deducting all manufacturing, selling
and administrative expenses. x Loss.
-V. 127, p. 1247.
-Stock Offered.
-Marlon
Brunner-Winkle Aircraft Corp.
S. Emery & Co., Inc., New York, are offering 50,000 shares
common stock (no par value). The stock is offered as a
speculation.
Transfer agent, Irving Trust Co.; Registrar. Manufacturers' Trust Company.
Outstanding.
Authorized.
Capitalization
70,000 shs.
Capital stock
x250,000 shs.
* 120,000 of which are to be optioned at $15 per share, in the following
respective amounts; 20.000 shares to the organizers to March 1 1931, and
100,000 shares to Marlon S. Emory & Co., Inc.; 50,000 to March 1 1930,
50,000 to March 11931.
Data from Letter of William E. Winkle, Pres. of the Co.
Company.
-A Delaware corporation. Successor of a New York corporation of the same name, which was organized in May, 1928. Corporation
manufactures the "Bird" biplane under the new approved type department
of Commerce certificate No. 101, which type will be used extensively by
!lying schools for training purposes. At the airplane show held in New
York during Feb., 1929, the company received orders for 20 planes. Company has made arrangements with dealers in the eastern part of the United
States to handle the "Bird."
Company now occupies a modern one-story manufacturing plant at
Glendale, Long Island. Additional plant facilities immediately adjoining
the present plant are available for use to the company. Company also
rents a hangar at Curtis Field for experimental and demonstration sales
Purposes and, it is contemplated, will obtain a private experimental field
at a later date. With present plant facilities and with the proceeds of the
present financing available to the Company it is estimated that the company
can manufacture one plane a day of the present design.
Earnings.
-Based on unfilled orders on hand, if the expectations of the
company are fulfilled, it is estimated that the net earnings of the company
should approximate 8210,000 or $.3 per share for the next year on the common stock to be presently outstanding.
-Proceeds from the sale of this common stock will provide
Purpose.
working capital to be used for expansion purposes which will enable the
company greatly to increase production facilities, and enlarge its distributing organization through dealers with exclusive selling rights.
-Company has agreed to make application for the listing of this
Listing.
stock on the New York Curb Market.
-Listing.
Budd Wheel Co.
The Philadelphia Stock Exchange has authorized the listing of 226.900
shares of no par value common stock. The Bank of North America &
Trust Co., Phila.. is transfer agent, and the Provident Trust Co., Phila.,
registrar.
-V. 128. p. 253.
1734
FINANCIAL CHRONICLE
Brunswick-Balke-Collender Co.
-Earnings.
--
Calendar Years1928.
1925.
1927.
1926.
Sales,less returns, &c__ J29,497,612 $27,891,919 $29,017,124 $23,371,968
Orem profit...
$11,105,839 $10.067,7871
Deprec. it depletion____ 1,122,222
1,059,762
Selling, gen. & administrative expenses
7,602,726
6.912,397
Interest paid
Not available
163,399
226.799
Net earnings
$2,217,491 $1,868,828
-Other income
756,204
499,568
Interest on notes rec. &c
661,680
Profits from operat__ $3,635,376
Prey.for income tax__ __
400,000
Profit on sales of prop'ty
Net income
Previous surplus
Appr. of properties(adj.z
Adj. of Fed. tax(pr.yrs.)
$2,368,396 $2,803,810 less$743,210
336,000
250,000
Cr.37.457 Dr.i52.265
Cr.25,809
$3,235,376 $2,069,853 $2,401,545 loss$717,401
3,675.219
4,159,515
1,736,479
3,822.687
Dr148,738
Dr3,111
Dr 22,065
Total
$7,224,086 35.892,540 34,138,023 $2,954.707
Pref. diva.(7% p. ann.)318,229
312,681
315,336
311,809
Common diva. (cash)
900,000
1,449,597
1,420,344
Rate
($1.80)
($3)
($3)
[Vor.. 128.
This additional stock was offered to preferred and common stockholders
of record Jan. 14 1929, at $100 per share, on the basis of one share for each
4 shares of preferred or common stock then held. The proceeds from the
sale of this stock will be used for expansion purposes. This will include the
construction on the company's new property in Harmony Township,
Beaver County,Pa., of a plant to manufacture semi-finished material,such
as blooms, billets, slabs, skelp plate and plate. In this plant the company's
new process will be used exclusively.
-V. 128, p. 1058.
Calumet & Arizona Mining Co.
-Proposed Consolidation.
-The plan of consolidation, on which the stockholders
of the Calumet & Arizona Mining Co. will act on Apr. 15
and the stockholders of the New Cornelia Copper Co. will
vote on Apr. 8 follows:
A new company under the name of Calumet & Arizona Mining Co. is
to be formed in Delaware by consolidation of the two companies above
named.
The authorized capital of the consolidated company is to be $20.000.000,
divided into 1,000.000 shares of the par value of $20 each, of which the
consolidated company will issue a total of 842.857 shares to the stockholders
of the constituent companies:the remaining 157,143 shares of the authorized
stock to be reserved for general corporate purposes.
The basis of exchange is as follows: For each share of Calumet company.
one share of consolidated company and for each 2.85 shares of New Cornelia company, one share of consolidated company.
The distribution of the stock to be so issued by the consolidated company,
as between the stockholders of the constituent companies, will be as follows:
Total Shares Consolidated
Now Held. Co. Shares.
To stockholders of Calumet & Arixona Min. Co. 642.757
642,757
To stockholders of New Cornelia Copper Co.,
other than Calumet & Arizona Mining Co.,
(being at the ratio of 2.85 to 1)
200.100
570,285
1'. & L.surplus Dec.31 $5,462,680 $4,159,515 $3,822,687 $1,736,479
Shs, corn. outst.(no par)
500,000
500,000
500,000
500,000
Earns, per share on com_
$5.85
$4.48
Nil
$3.51
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
s
Liabilities
Land, bidgs., &c..._10,545,107 11,706,018 Preferred stock___ 4,427,300 4,468,800
Goodwill, &c
1
1 Common stock_ x24,098,990 24,098,990
Sundry invest
480,962 1,479,854 Pur. moo. obliga's 647,999
705,249
Total
842,857
Inventories
11,916,447 11,649,793 Gold notes
400,000
The Calumet company has an authorized capital of 650,000 shares, par
Notes & sects rec_14.678,919 12,432,220 Notes payable
2.500,000 3,327,500 $10 Per share, of which 642.757 shares are issued and outstanding.
Cash
2,212,647 1,942,778
1,598,876 1,397,461 Acc'ts payable
The New Cornelia company has an authorized capital of 1,800,000 shares.
Esnpl.stock subsc_
298,800 Fed'i tax reserve_ - 400.000
336,000 par $5 per share, all of which is issued and outstanding. Of the latter
Deferred charges
647,964
561,424 Sundry reserves
118.660
88,739 amount, 1,229,715 shares are owned by the Calumet company, and the
5,462,680 4,159,513 remainder, 570,285 shares are owned by other stockholders.
Surplus
Thtal (ea. side) _39,868,276 39,525,571
A letter to the stockholders of both companies, dated
x Represented by 500,000 no-par shares.
-V. 127. p. 826.
Bunker Hill & Sullivan Mining & Concentrating Co. Feb. 25, follows:
The New Cornelia
company was financed by the Calumet & Arizona
Mining Co.and under its management was developed from a prospect to its
present profitable position. Largely as a result of such financing,the Calumet company now owns more than two-thirds of the outstanding stock of the
New Cornelia company.
Operating as two corporations, the business and affairs of the two comOperating profit
$2.475,383 $2,567,188 $2,858,684 $3,415,092 panies must be carried on independently. Thi‘necessitates the maintenance
Other income (net)
x451,966
x789,961
x895,497
x643,223 of two complete organizations, a detailed distribution and accounting of
joint undertakings, and a careful segregation and separate handling of the
Total income
$2,927,349 $3,357,150 $3,754,180 $4,058,315 product of the two oompanies, all of which results in a duplication of work
Depletion
671,600
698.163
596,879
598,501 and cost along many lines.
In order to eliminate such duplication as far as possible, and because of
Net income
$2,255,749 $2,658,987 $3,157,300 $3,459,814 other economies and benefits to be attained, the directors for a long time
Prof. & corn. diva
3,003,962
2,993.628
2,981,709
2.959,210 have believed that a consolidation would be desirable.
As a preliminary step toward consolidation, a committee of engineers
Balance, surplus.,. __def.$748,213 def3334,641
$175,591
$500,604 selected by and representing both companies, was appointed in June 1928.
x Other net revenue after providing for income taxes.
-V. 127. p. 2688.
with full power to employ additional engineers and such clerical help as
might be required, to make an examination of the mining properties and
Bunte Bros., Chicago.-Earnings.other assets of the two companies for the purpose of arriving at the relative
Gatendar Yearsvalues thereof and the relative values of their outstanding capital stock.
1928.
1926.
1927.
1925.
Net sales
The committee made a detailed examination of the two mining properties
$6,803,486 $6,361,233 $6,872,602 $6,278,966
Other income
35,200
30,110
30,186
22,142 and their equipment, a study of geological conditions and a careful estimate
of ore reserves, with due regard to both probable and possible future
Total income
$6,838,686 $6,391,343 86.902,788 $6,301,108 developments, gave proper consideration to the value of other assets, and
Cost of goods sold, &c,,,. 6,231,681
5,962,762
6,470,953
5,882,291 reported its work and its findings and conclusions to the boards of directors
Federal taxes
72,860
59,218
58,830
55.624 of both companies on Dec. 19 1928.
After careful study and consideration of the report of this committee and
Net income
$534,145
$369,363
$373,005
$363,193 of the conclusions and recommendations contained therein, and also of the
Preferred dividends_
50,563
54,525
61,020
65,786 net current assets and earnings of the two companies and of all other
Common dividends
factors which they considered should be given weight in determining a fair
100,000
50,000
and equitable ratio of relative value as between the two companies, the
Balance. surplus
$383,582
$264,838
$311,985
$297,407 directors agreed upon the basis to be used and subsequently, on Feb. 19
Prey. surp. (adjusted)
3,598,649
3.315.828
3,001,903
2,694,043 1929, adopted the above plan of consolidation.
As required by the laws of the State of Delaware,(both companies being
P. & L. surplus
$3.982.231 x$3,580,666 $3,313,887 $2,991,451 incorporated thereunder) an agreement of consolidation, based upon this
Sha.com.outst.(par $10)
100,000
100.000
100,000
100,000 plan of consolidation, has been signed by a majority of the directors of each
Earn. per sh. on com_
$4.83
$3.15
$3.11
$2.97 company, and will be submitted to the stockholders of each company at the
x Of which $138.900 appropriated for retirement of preferred capital annual meetings, for adoption.
stock.
-V. 128, p. 405.
At the New Cornelia company meeting, the stock owned by the Calumet
company will ho voted for the adoption of the agreement of consolidation
only in the event that a majority of the other stock represented at the meetButterick Co.
-Income Account.
ing is voted in favor of such adoption.
Calendar Years1928.
1927.
1926.
1925.
The directors of the consolidated company, as named in the agreement of
Sales
$11,490.896 $12,418,418 $13,234,420 $12,967,280
consolidation, are as follows: Floyd B. Augustine, Charles E. B
Cost of sales
6,300,879
6.150.784
5,382,747
5,949,603 Gordon R. Campbell. Thomas 11.
James K.
General & sell. expenses- 4,421.165
5,387.307
7.213,045
6,261.726 Fisher, Frank J. Kohlhans, Thomas Collins, Edwin J. Collins, William
Congdon,
Depreciation
91,515
86,923
183.182
196,805 B. Mershon, James C. Bea, GeorgeF. Cole, Walter B.Phillips, Albert A.
F. Ruppe, James
Interest
294,643
181,980
116,633
71.304 Sprague and Louis D. Ricketts.
Consolidated Income Account Year Ending Dec. 31 1928.
Operating profit
$382.794
$611.424
$338,813
$4487,843
[Calumet & Arizona Mining Co. and New Cornelia Copper Co.]
Other income
107.286
Income-Total earnings on metals
$22,099,975
Income from dividends
88,584
Total
$4490,080
$611,424
$338,813
$539,586
Interest
234,722
Reserve for Fed. taxes
51.500
Other income
376,702
Net profit for period.- $490,080 .$611,424
$338,813
$488.086
Total
$22.799,983
1,302,947
1,687.824
Previous surplus
4,150,519
4,294,187
-Operating expenses
Expenditures
9.526.424
Refund of taxes
180,618
Salaries, office and general expenses
204.807
Freight, refining and marketing
2,402,520
Total
$1.973,646 82,299,248 $4,489,332 $4,782,274
State and county taxes
1.244,007
Divs. on pref. stock of
Federal taxes
574,710
subsidiary companies_
26,000
42,000 Depreciation
933,142
Diva, on common stock_
x1,464,210
Expense of outside properties
144,021
Extraordinary expo., less
prof.from sale of mach
1,311,298
Net income
$7,770,354
Adj. affecting pattern &
Per share(based on proposed plan of consolidation on 842,857 ails.)
$9.22
publication returns apNote.
-Entries covering depletion are recorded on the books of the complicable to prior perids
996,300
589,755 pany, but, being made for income tax
purposes only, are omitted from these
Adjustments prior yrs..
39,814
statements.
Consolidated Balance Sheet As of December 31 1928.
Profit & loss, surplus- $1,933,832 $1,302,948 $1,687,824 $4,150,519
(Calumet & Arizona Mining Co., New Cornelia Copper Co. on toasts of
Earnings per share
$2.14
$3.86
$3.18
$3.33
x Paid in cash. $292,842. paid in stock. $1,171,368.
proposed plan of consolidation.]
Assets
Liabilities
Consolidated Balance Sheet Dec. 31.
Cash on hand dc In banks.... 22,596,243 Accounts payable
$2.226,840
1928.
1927.
1928.
1927.
73,300 Reserve accounts
183,701
Notes receivable
Assets$
5
4,596,898 Capital stock (proposed Issue)
Property aoc't ___ .x2,584,294 2,226,271 Capital stock
y4,217,280 15,813,400 Accounts receivable
Government securities
5.908,358 842,857 shares par value
Copyrights, pat'ns,
4,338,500 2,487,345
Funded debt
16.857.140
$20 each
contracts, &c_13,893,271 13,893,271 Notes payable
1,093,155 Metals on hand & in process. 1,701,612
935,818
63,332,779
Bal. on account _ __
2,356,855 Acc'ts payable.... 844.152 1,284,234 Supplies at mines & smelter_ 2,449,328 Surplus
Investments
Acc'ts receivable__ 1,287,868 1,284,650 Patent exc. acc'ts_
170,237
Items in suspense
209.895
Investments
106,437
5,760
5,760 Deposits
57,410,298
Inventories
821,504 1,371,949 Mining property
1,768,716 1,530,518 Reserves
Mine bldg, &
.
14,983.788
Cash
215,834
215,050
361,092 Deferred liablis
254,890 Smelter bldgs. equipment
& equipment y1,734.923
$82,600,480
Total (each side)
Gall loans
12,968,124 1,302,948
1,000,000
Surplus
After depreciation of $4,325,308. y After depreciation of$3,975,978.Stock for empl's 1,261,362
858,081
V. 128, p. 891.
Due from. empl's
564,709
Deferred charges 1,101,038 1,091,423
Canada Iron Foundries, Ltd.
-5% Prof. Dividend.
The directors have declared a dividend of 5% on the non-cumulative
Total
23,682,068 23,607,921
23,682,068 23,607.921
Total
6% pref. stock, payable April 15 to holders of record March 31. This is
* After depreciation of $622,595. y Represented by 210,864 no-par the first payment on the issue since Jan. 15 1927, when a distribution of
shares in 1928 and shares of $100 par in 1927.-V. 127, p. 3545.
-V. 126, p. 2970.
4% was made.
Earnings Cal. Years1928.
1926.
1927.
1925.
Ore mined (tons)
452,345
456,134
459,761
453,412
Production revenue
$6,724,248 $6,932,270 $7,222,350 $7,749.847
Prod. & marketing costs 4,248,865
4,365,082
4,363.666 4.334,755
(A. M..) Byers Co.
-Listing.
-
The Pittsburgh Stock Exchange has approved for listing 66,635 shares
additional of no par value common stock. Upon the issuance of this additional stock, the capitalization will consist of 67.260 shares of 7% cumulative preferred stock (par $100) of which 66,539 shares are outstanding and
325.000 shares (no par) common stock, of which 266.635 shares are to be
outstanding.
Canadian Canners, Ltd.
-Initial Common Div., &c.
The directors have declared a quarterly dividend of 20c. Per share on
the convertible preferred stock (no par value), compared with 15c. in previous quarters, and an initial dividend of 12i4c, per share on the no
common stock, both payable April 1 to holders of record March 15.(See
also "Scheme of Arrangement" given in the "Chroutele", of Nov. 26 i27.
page 2941).-V. 126, p. 1816.
MAR. 16 1929.]
FINANCIAL CHRONICLE
Canadian Car & Foundry Co., Ltd.-Rights--Bds.
1735
Central Airport, Inc.
-New Financing.
-
The holders of the outstanding preference and ordinary shares of record
A site comprising 190 acres of ground centrally
the PhiladelphiaMarch 15 have been given the right to subscribe on or before April 8 for Camden district has been acquired by private located inand,
interests
it is stated,
additional ordinary stock (par $100) at $125 per share, on the basis of one will be developed into a first-class airport through funds to
be
new share for each three shares of pref. or ordinary stock held. Subscrip- the early offering of shares in Central Airport, Inc. Janneyprovided by
& Co. and
tions are payable at the Royal Trust Co., Montreal, or at the Bank of Edward B. Smith & Co., it is understood, will make the
offering which is
Montreal, London, England, as follows: Either in full, or in installments expected to comprise 151,250 shares of no par value
capital stock. The
share on or before April 8;$62.50 per share on or before May 27. property lies near Bridge Circle, on Crescent Boulevard,
viz.:$25 Per
Pensauken Townand $37.50 per share on or before July 31.
ship, N. J. is 2.3 miles from the New Jersey entrance to the
All of the outstanding 6% 30
-year 1st mtge. gold bonds dated Dec. 1 River Bridge and within 5 miles of the Philadelphia City Hall Delaware
and Post
1909 have been called for payment on June 1 next at 110 and int. at the Office Building.
Royal Trust Co. In Montreal or Toronto, Canada, or at the agency of the
Among the aviation interests which
Bank of Montreal in New York City, or at the office of the Bank in Lon- tion of using the facilities of the field already have announced their intenupon completion are Curtiss Flying
don. England, at the holders' option.
Service; Pitcairn Aviation, Inc., operators of the New York-Miami air mail
President W. W. Butler, Feb. 28, says:
route; Ludington-Phlladelphia Flying Service, Inc.; Fairchild Airplane
Inasmuch as the proceeds of the sale of this stock will be devoted to the Manufacturing Corp.; Keystone Aircraft Corp. and Advance Airmet
retirement of the outstanding bonds of this company and also of its subsidi- -V.127, p. 2013.
ary companies, the directors wish to emphasize that the company is not by
Central National Corp.
-Class A Dividend No. 2.
reason of this action increasing its present capital indebtedness, but the pro-The directors have declared a quarterly dividend (No. 2) of 75c. per share
cedure is merely the substitution of stock for bonds on practically a dollaron the class A stock, payable April 1 to holders of record Mar. 15 Ast
for-dollar basis.
When the company was incorporated, authority was obtained for the initial quarterly dividend of like amount was paid on Jan. 10 last.
-V.128.
Issue of 1st mtge. bonds on the properties to the extent of $12.503,000 P. 1059.
which was equivalent to the par value of preference and ordinary shares
combined, so that a potential capital of $25,000,000 was provided for.
Chace Mills of Fall River.
-Sale Approved.
Owing to the heavy reductions in the bonded debts of this company and of
The directors were authorized by vote of the stockholders on Mar.
Its subsidiaries which have been made from year to year, the final con- sell the assets and all of the mill property of the company at either a 1 to
public
summation of the desire of the directors to retire all prior obligations, is to or private sale and to also take the necessary steps to dissolve the corporabe achieved by the increase of capital stock to the very conservative total tion.
-V. 125, p. 2534.
$17,500.000 par value.
of
During the 11-year period ended Sept. 30 1928 the company paid out in
Chain Belt Co.
-Earnings.
bond interest an average of almost $450,000 per annum, which is equal to
Calendar Years1928.
1929.
4;4% per annum on the par value of all ordinary shares, including the new
Issue. In addition, the company has been required to make an annual con- Net earnings (after deprec., Federal taxes & other
charges)
$632,110
$488,818
tribution to the sinking fund for the retirement of bonds of almost$450.000,
Earned per share on common
$5.27
$4.97
making a total annual payment for the combined purposes of bond interest
Consolidated Balance Sheet as of Dec. 31.
and retirement of bonds of about $900,000. The great advantage of this
plan for the retirement of those bonds and the consequent reduction of fixed
Assets1927.
Liabilities1928.
1928.
1923.
charges should be apparent to all shareholders as in future all additions Propertles,less res.$1,429,866 61,317,980 Capital
x$2,441,621y$21459 660
to surplus will be available for the payment of dividends.
Cash St cer of dep. 234,751
280,313 Notes payable_ _ __
20,000
20,
The entire amount of stock now to be issued has been underwritten by Accts. & notes rec. 1,088.991
765,657 Purch.mon'y mtge.
20,000
20.
bankers in Montreal, thus assuring the company the necessary funds to Surr. value of ofAccts. payable_- 207.018
139.331
provide for the retirement of bonds as planned.
Beers' life insur.
Accr. wages, taxes,
The company has ample working capital for its present requirements
policies
56,884
48,682
&c
324,989
264,14
and its properties and plants are in splendid shape. Orders booked during Mince. investmls
Res,for engin. exp.
the present fiscal period to date are almost equal in value to the combined
23,110
28.110
(at cost)
& coming
48,727
69,688
amount of business done in the three years 1926 to 1928 inclusive.
Inventories
1,233,354 1,124,127 Surplus
1,063,073
638.932
The claim (amounting to over $6,0(j0,000) of the subsidiary company in Def. chgv. to over.
58,471
36.765
the United States against the Government of Germany, and now before Patents, &c
1
1
Total
$4,125,428 63,601,635
the Mixed Claims Commission at Washington, is approaching its final
x
stage, and in the event of a favorable outcome there will be a very substan- by: Represented by 120.000 shares of no par common stock. y Represented
First 7%. preferred stock $286,700, second preferred stock $373,400,
tial addition to the surplus account of this company. The directors are common stock $1,799,460.-V. 127, p. 956.
satisfied as to the justice of the subsidiary company's claim and are hopeful
of a satisfactory settlement.
Champion Acceptance Corp.
-Bonds Offered.-MerIt is the intention of the directors, as soon as payments for the new shares
have been completed, to consider placing the ordinary shares on a dividend cantile Trust Co., liver J. Anderson & Co., William R.
basis at the rate of7% per annum.
-V.128, p. 1402.
Compton Co., St. Louis, and Schluter
Canadian Steel Foundries, Ltd.
-Bonds Called.
-
All of the outstanding 6
1st mtge. & collat. trust gold bonds due
Mar. 1 1936 have been called for redemption Sept. 1 next at 110 and int.
at the Montreal Trust Co., Montreal, Canada, or at the agency of the
Bank of Montreal in N. Y. City, or at the office of the Bank of Montreal
in London, England.
-V. 103, p. 1982.
Celanese Corp. of America.
-Annual Report.
-
Calendar Years1928.
• 1927.
Net profit from operations
$4.012,895
Income tax, deprec., invent., adj. & other deduct-- 1,655,918 $4,036,389
1,282.317
Net income
22,356.976 $2,754,072
Previous surplus
1.481,790
362,886
Total surplus
$3,838,766 $3,116,958
Prior preferred dividends
578,828
1st preferred dividends
1,037,253
1,635,168
Participating dividend (10%)
148,179
Earned surplus at Dec. 31
$2,074,506 $1,481,790
Balance Sheet Dec. 31
1928.
1927.
1928.
1927.
Assets$
Mailittes$
$
Buildings
3,993,023 3,364,968 Cum. prior pref.
Mach.& equip. _
7,484,211 5,687,012 stock
11,481,800
She Improvements 442,559
397,609 7% cum. 1st partic.
Const'n in progress 2,464,784
683,067
pref.stk
14,817,900 14,817.900
Real est. housm da 341,172
342,234 Common shares_ _ _y5,792,750 y5,792,750
Furniture & fix- 50,500
40,305 Accounts payable_ 859,736 381,663
Patents & develop.
Wages,comm.,&c.,
asp
579,620
368,640
accrued
32,193
42,930
Cash
3,178,600 1,421,119 Federal income tax 268,282
416,677
17.S. Gov't Recur.- 8,438,734 7,696,437 Dividends payable 200,931
Customers'notes &
Res, for deprec. &
accts. rec. (less
amort
2,454,835 2,172,098
reserve)
1,366,361
525,607 Reserve for coining.
78.679
Other accts. and
Capital surplus_ __ 200,000
200,000
int. rec.
599,556
173.439 Earned surplus_ . 2,074,506 1.481,790
Inventories
6,927,378 3,050,486
Def. & prep. digs. 805,568
415,855
Invest. in MM. &
sub. cos
1,510,837 x1,237,708
Total
38,182,935 25.384.487
Total
38,182,935 25.384,487
x The investments include 99,662 shares of common stock of the Celluloid
Corp. y Represented by 1,000,000 shares of no par value.
-V.127. p.3709.
Century Ribbon Mills, Inc.
-Earnings.
-
Calendar Years1928.
1927.
1926.
1925.
xNet sales
$3,200,872 $3,700,306 $3,850,732 $4,780,138
General & selling (tap_ _ _
789,813
815,116
863,830
785,338
Inventory (net)
1,887,522
2,254,251
2,711,201
3,053,955
Other expenses
336,278
436,743
306,979
468,314
DeprecIation
126,478
125,812
124.412
118.854
Federal income tax_
44,210
Net Profits
$60,781
$68,384 def$155,690
$309.467
Preferred dividend
105,788
113,680
122,561
127.547
Common dividends
50,000
200,000
deficit
Balance,
$45,007
$45,296
$3328,251
$18,080
Surplus earned Jan. 78,238
129,743
461,516
479,596
Dr3,531
Tax adjustment
Dr6,208
Dr3.522
Surplus avail, for pref.
diva. & redemp.
stock
808,246
,fund agreement
766,400
759.358
750,000
Redemp. fund agreem't.
11,034
41,846
7,043
9,358
Profit & loss surplus- $848.981
$886,485
$896.144 $1,220,874
Including other income of $253,999 in 1928, 2329,920 in 1927, $243,441
In 1926 and $314,989 in 1925.
Consolidated Balance Sheet Dec. 31.
Assets
Plant,equip., atc.y$2,222,342 62,267,178 Preferred stock...51,479.600 $1,547;500
3,900
19,500 Common stock_ _x2.536,814 2.536,814
Investments
1,610
Notes payable.. _ _ _ 1,025,000 1,725,000
Treasury stock._ _
507,438
653,974 Acceptance against
Cash
20,749
29,969
letters of credit_ 170,919
Notes & tr. accept.
104,641
Acets receivable_ 1,420,045 1.751,791 Accounts payable. 294,713
132,815
2,116,734 2,140,908 Surplus
Inventories
848,981
886,485
25,795
28,142
Other curl. assets_
37,414
41,792
Prepaid expenses_
$8,355,928 56,933,255
Total
Total
$6,355,929 $6,933,255
x Represented by 100,000 shares of no par value. y After deducting
-V, 127, p. 2370.
$688,754 reserve for depreciation.
& Co., Inc., New
York, are offering at 100 and int. $1,400,000 6% coll. trust
serial gold bonds, series A. Guaranteed principal and int.,
by Champion Shoe Machinery Co.
Dated Feb. 1 1929; due Feb. 1932-1934. Int. pay. (F. & A.) without
deduction for normal Federal income tax up to 2%. Principti and ht
,
payable als
l ie tile Trust Co.n8t tmuis 0
lara
,n
or i pirl on 3 trustee. D
,
ys
m
as
notice at . 1'and int.
ena par
plus a Premium of
if called on or before Feb. 1 1930, and thereafter at
of 1% for each 6 months of unexpired life to date of maturity.
Champion Shoe Machinery Co. was founded in 1903. with a total capital
$50,000. The business experienced a consistent growth and in 1909,
company completed the first of its present three factory units at Forest
Park and Spring Avenues, later constructing the additional units. The
factory has a sufficient capacity for normal expansion over a period of
several years without further plant construction.
The company has,in addition to its St. Louis factory, branch sales
in New York, Chicago, Philadelphia, Cleveland, Detroit, Boston,offloe's
burgh, Los Angeles, San Francisco, Dallas. and Greensboro, N. C. PittsCompany.
-A wholly owned subsidiary of Champion Shoe Machinery Co..
was organized in Missouri in Feb. 1929, to provide the Champion Shoe
Machinery Co., a convenient means of financing its deferred-payment
contracts.
Champion Shoe Machinery Co. manufactures the most extensive line of
shoe repair machinery lathe United States. Its products consist principally
of heavy sewing machines,or stitchers, finishing machines. nailing machines,
and other smaller appliances, all motor driven. These units arc usually
coupled together and form a complete unit for repairing and finishing a shoe.
All of the machinery manufactured by the company is protected by exclusive
patents.
These machines are widely distributed over the entire United States and
Provide one of the best methods of repairing shoes in a commercial manner,
and for which there is no hand substitute. This machinery is sold on a
time-payment basis, on which the purchaser pays a substantial amount
with the order and the balance in monthly installments.
Purpose.
-The proceeds received from the sale of $1,400,0006% collateral
trust serial gold bonds
-Series "A"- will be used indirectly to retire all
of the outstanding 10
-year 6% sinking fund gold notes of the Champion
Shoe Machinery Co. aggregating $971,500, due Aug. 1 1937, to reduce
current liabilities and furnish additional working capital to take care of its
rapidl expanding business.
The Champion Shoe Machinery Co. has agreed to call its outstanding
10
-year 6% sinking fund gold notes, due Aug. 1 1937, as of Aug. 1 1929.
and to deposit in escrow with the trustee cash and (or) readily marketable
loans amply margined by New York Stock Exchange collateral, sufficient
to pay the principal, interest and premium as of Aug. 1 1929, on the outstanding 10
-year 6% sinking fund gold notes of the Champion Shoe Machinery Co.
Securily.-Bonds will at all times be secured by deposit with the trustee
of good and collectible customers' notes and accounts equivalent to
120%.
and-or cash or other securities acceptable to the trustee equivalent to
100%, of bonds at any time outstanding.
Earnings.
-The average earnings of the Champion Shoe Machinery Co..
for the 4 years ended Dec. 311928. ,vailable for interest. but before providing for Federal and state income taxes, have been $258.615. or more
than three times the maximum interest requirements on the series "A"
bonds. The earnings for the year ended Dec. 31 1928, available for Interest
but before providing for Federal and State income taxes, are $317.439 or
more than 3% times the maximum interest requirements on the Series "A"
bonds.
Chelsea Exchange Corp.
-Estimated Earnings.
-
The first annual meeting of the stockholders will be held on March 21.
President Lewis H. Rothchild announced. At this meeting Mr. Rothchild
will present a preliminary report of earnings for the first ten months of
operations and an estimate of earnings for the first year of operations.
Based upon current estimates, earnings for the first ten months 'will
_pproximate $150.000 on the initial subscribed capital of$500,000.
arnings for the first year of operations are estimated at 5200,000. The
earnings are viewed as unusually favorable,due to the fact that the company
earned an average of $8.000 per month during the first three months of
operations, whereas February earnings exceeded $40,000. The company
has offered additional class A and B stock to shareholders at $28 and
$26
Per share respectively, giving the company an additional $900,000 of
capital. With the additional capital, future earnings are expected to
show substantial gains compared with the past ten months. The company
now has 2,000 stockholders on its books -V. 128. p. 1233.
t
Childs Co., New York.
-February
1929
-Feb.
-1928.
$2,095.421 $2,187,922
-V. 128, p. 1561, 1403.
Decrease
1929-2 Mos.-1928.
$92,5011$4,279,848 $4,533,487
Claude Neon Lights, Inc.
-Wins Injunction.
-
Decrease.
3253.639
A supplementary injunction has been awarded
u e
U. S. District Court by Judge M. B. Campbell this corporation p r
and E. Machlett & Son, not only restraining the against Rainbow
latter from the use anil
[VOL. 128.
FINANCIAL CHRONICLE
1736
manufacture of the "Button Caesium" electrode type of Neon tube electric
signs, but also holding liable as contributory infringers all users of Rainbow
Lig ts signs and displays.
This injunction is the 22d preliminary or permanent restraining action
won by the Claude company In a long litigation against companies which
it charges have infringed its patent rights.
-V.128, p. 1234.
-Bonds.
Columbia River Longview Bridge Co.
-year sinking fund
5. & W. Seligman & Co. announce that definitive 15
7% partic. gold debentures and 1st mtge. 634% sinking fund gold bonds
are ready at their offices for delivery in exchange for interim certificates.
See offering in V. 127. D. 2535. 2961.
Columbia Steel Corp. (& Subs.), San Francisco.
The New York division of the company, it is stated, reports an increase
of 80% in deliveries during the first two months of 1929 compared with
last year, while orders booked increased 150%. The Baltimore division
reports an increase of 120% in orders booked for the same period
President J. Leopold announces that Julien P. Fries & Sons of Baltimore,
a recently acquired subsidiary. reports an increase of 124% in business
for the first two months of 1929 compared with 1928. Much of the increased activity of the Friez Company, Mr. Leopold said, is due to airport
development projects and also increased orders for equipment for United
States Weather Bureau stations and national waterpower projects. The
gain reported in orders is the largest for any similar period in the 45 years
-V. 128, p. 407, 255.
of operation of the Friez company.
-Earnings.
Consolidated Laundries Corp. (& Subs.).
1296.
1928.
1927.
$8,854,356 $9,584,293 $8,807,757
8,151,2081 7,470,766
7,409,958
321,3151
543,650
1925.
1926.
1927.
Earns.YearsEndedDec.31- 1928.
Gross profit on sales___- $3,120,077 $2,460,758 $2,457,212 32,081,433
686.208
775,495
Selling & gen. expenses861,492
945,834
Calendar YearsGross sales (less disc., &c.)
Cost of sales
Depreciation
Net operating profit__ $2,174,244 31,599,266 31,681.716 $1,395,225
76,463
106.191
Other income
201,699
163,346
Operating income
Other income
$900,748 $1,111,769 $1,336.691
65,600
51,489
Total income
Interest charges
Federal tax (est.)
$952,237 $1,177,370 $1,336,991
124,361
257,574
246,056
158,524
117,814
47.193
• Gross income
Interest
Provision for taxes
Miscellaneous charges
32,337,590 31,800,965 81,787,908 31,471,688
434,496
362,625
454,797
428,580
110,290
162,460
88,408
187,134
148,959
172,550
191.360
256,827
Net income
Preferred dividends_
$1,465,048 31,066,399 $1,090.271
663,678
1,389,417
699,741
Balance, surplus
Previous surplus
Profit and loss credits
Profit and loss charges
3765,307 def$323,018
1,505,522
1,159,318
17.068
20,753
40,255
74,814
$426,594
1,043,127
83,660
47,859
3777,943
655,666
Net profit
Profit of subs
$658,988
x
$801,982 $1,054,106
24,871
Net income
$777,111 31,054,106
$658,988
x Earned prior to date of acquisition.
$122,277
During 1928 company paid cash dividends amounting to 839,652 on the
897,390
28,025 pref. stock and stock dividends of $39,652 on the common in preferred
-V. 127, p. 3403. •
4,565 stock.
Surplus Dec. 31
$1,870,563 $1,159,318 $1,505,522 $1,043,127
Shares common outstand1,180.209
837.719
ing (no par)
1,330,623
1,495,635
30.15
$0.36
30.27
Earns. per share on corn$0.57
-V. 128, p. 117.
-Merger Effective.
Commercial Factors Corp.
The union of two of the largest and oldest factoring institutions financing
the textile industry became effective on March 11 in the formal announcement of the amalgamation of Fred'k Victor & Achelis. Inc., with Peter's,
Buhler & Co. The combined institutions will operate under the name of
Commercial Factors Corp.. with headquarters at 2 Park Ave., N .Y. City.
Peter's, Buhler & Co. was purchased by the Commercial Investment
Trust Corp. in May 1928 and Fred'k Vietor & Achelis, Inc., joined the
O.I.T. group in January of this year. At the time of the latter acquisition
It was announced that the two factoring firms would be merged in order
that the 150 textile mills served by these companies might have the advantag_es of the increased facilities and resources of a single institution.
The combined annual volume of financing expected to be done by the new
Institution is in excess of $100,000,000. Both of the constituent firms
have been long identified with the textile and apparel industry in this city.
Fred'k Vietor & Achelis having been established in 1842 and Peierls, Buhler
& Co. in 1893. The welding together of these two long-established textile
factoring organizations will result in the largest institutions of its kind,
capable within itself of caring for the maximum needs of all those with
whom it does business.
The management of the Commercial Factors Corp. remains in the hands
of the former heads of the independent firms and the traditional policies
which have been responsible for the success of bothiliouses will be continued.
The announced officers of the Commercial Factors Corp. are: Thomas F.
Victor, (Chairman of board of directors), Thomas &chit, (Chairman of
executive committee); Robert (I. Blumenthal. (President); Johnfritz Achelis
Oxecutive Vi e-Predident and Vim-Chairman, executive committee):
Francis T. Lyons (Secretary), George L. Becker (Treasurer); Konrad F
.
Braun (Assistant-Secretary and Assistant-Treasurer). The board of directors consists of all of the above mentioned in addition to the following:
Philip W. Haberman, T. Holt Haywood. Herbert P. Howell, Henry
Ittleson, Siegfried peieris. Adolph Smidt, Edwin C. Vogel, Hermann H.
Wolff.
-Acquires Motor
Commercial Investment Trust Corp.
Dealers Credit Corp. and Pierce Arrow Finance Corp.
-Report.
Container Corp. of America (& Subs.).
12 Mos.
12 Mos.
Period Ended Dec. 311928.
1927.
Net profits from sales after deduc.cost
of sales, incl. raw mans, labor &
overhead, & selling & admin. exp.-. $2,209,340 $2,597.625
589,360
678.246
Provision for depreciation
6 Mos.
1926.
$966,988
282.586
31,531,095 32,008,264
88,080
111,554
$684,402
57,745
Total income
$1,642,649 $2,096,345
466.597
508.086
Interest charges
106,961
220,000
Provision for Federal income taxes- -111,672
Losses on dispos. of cap. assets
$742,147
251.022
67,500
8915,929 $1,409,748
281.803
1,058.803
3423,625
$1,974.732 $1.691,551
Total surplus
Dividends paid or accrued:
169,750
154,000
Cont'er Corp.of Amer.7% pref.stk:
201,731
318,683
Class A common stock
76,243
323,918
Class B common stock
Mid-West Box Co. ser. A 8% Pref.
75,794
44.788
stock
17,454
10,135
Series C 6% pref. stock
91,775
304,851
Miscellaneous charges
$428.645
$818,356 $1,058,803
Surplus balance Dec. 31
252,164
273.775
Shs. cl. A com.stk.outst. (par 320)
$4.92
$1.24
Earnings per share
Sheet Dec. 31.
Consolidated Balance
1928.
1927.
1928.
Accounts payable_ 560,202
Assets$
$
Accr'd int., wages,
Plant, machinery,
165,580
taxes, ace
equip*t,Sco-___118,811,298 15,694,695
Cash
356,534
564,330 Res. Fed. inc. tax_ 116,375
Call loans
Res. for canting__ 116,554
300,000
Spec. depos. with
M.-W.BoxCo.6
Cont. Corp. let 6s. 4,297.000
trustee
102,500
Accounts and notes
6% debentures15-yr. 5% debs___ 5,700,000
receivable (less
-W. Box Co.:
1,028,026
837,590 M.
reserve)
Inventories
2,009,890 1,541,947 8% prof.stock_
Other notes and
6% pref. stock_
189,051 Cont.Corp.7% pref.2,000,000
165,010
accounts
Deferred charges,
Class A comatk.
(par UM__ - 5,475,500
including bond
Class B comatk.
discount
851,057
573,631
(no par)____ a4,424,483
Organization ox 818,356
49,735 Surplus
47,735
passe
$281,803
252,164
$1.12
Net profit
Miscellaneous income
Surplus net profits
Previous stuP
Discount on preferred stock purchased
Cr5,020
87,500
47.924
11,418
1927.
341,449
113,008
y220,000
116,554
400,000
4,421,000
775,000
The acquisition by this corporation of two important financial institutions functioning in the motor industry, was announced on Mar. 12 by
President Henry Ittleson. These are the Motor Dealers Credit Corp. and
835,500
the Pierce Arrow Finance Corp., the addition of which will give C. I. T. a
256,900
combined annual volume approximating $400.000,000.
2,200,000
The Motor Dealers Credit Corp., with resources of approximately
$25,000,000, has heretofore financed Studebaker domestic and foreign
5,043,280
time sales. Last year's volume of this financing was approximately $75,000,000. The Pierce Arrow Finance Corp. was organized several years
3,649.483
ago under the New York banking law to finance the instalment paper arising
1,058.803
out of sales of Pierce Arrow passenger cars, buses and trucks. These acqUisitions carry with them long tern exclusive contracts with the motor car
manufacturers to finance retail andwholesalesales ofStudebaker and Pierce
Total(each elde)23,674,052 19,430,978
Arrow cars the world over, and the completion of this merger emphasizes
x Includes Container Corp. of America properties ($18,055,625) at cost
C. I. T.'s position as the largest independent financing organization in the at date of acquisition, July 1 1926, based on appraisal by Day & Zimmerworld, having a capital and surplus exceeding $50.000.000.
since at cost; and Mid-West Box Co. properties
mann, Inc.
The Motor Dealers Credit Corp. has maintained a very extensive foreign ($2.783,901)plus additions
other property ($18,815); less $2.103,217 reat book
organization with servicing facilities located in the 46 cities, which when serve for depreciation.values;
Subject to final determination by Treasury Dept.
y
added to its own present foreign operations, gives C. I. T. operating fa- a Represented by 588,289 shares of no par value (35,585,308). after decilities throughout the world which will be placed at the disposal of all ducting $1,160.825 for good-will and patents.
American manufacturers and will be of particular importance in developing
Note.
-Merchandise in transit to the Mid-West Box Co.. $255,564 has
foreign business of independent motor manufacturers.
-Y. 127. p. 3251.
not been included in the inventories or liabilities.
Already the largest independent finance company in several other lines
of industry, C. I. T. now takes its place as the largest in the autoomobile
-Hayden,
-Diamond Fibre Co.
-Stock Sold.
Continental
field, financing the distribution of Graham-Paige, Hudson-Essex, Ilupmobile, Nash, Pierce-Arrow, Studebaker, Reo and other well-known makes Stone & Co. have sold at $23 per share 145,000 shares capital
of motor vehicles. In other than automobile lines the C. I. T. organiza- stock (no par).
tion finances the time sales of manufacturers and dealers of more than 70
Transfer agent: Guaranty Trust Co. of New York; registrar: Commercial
diversified lines of manufactured products which range all the way from
New York.
complete hotel installations, ships, steam shovels, &c. to such compara- National Bank & Trust Co. of
Outstanding
Authorized.
Capitalizationtively imexpensive items as vacuum cleaners and radios.
shs.
*480,000 shs.
par)
Factors Corp. (see above) is also a Capital stock (no reserved for options @ $23 per share for one 450,000 og
The recently announced Commercial
year and
* 30.000 shares
Wholly owned subsidiary of C. I. T., formed by the consolidation of Fred'k
Vietor & Achelis. Inc. and Peierals, Buhler & Co., Inc., two of the oldest $26 per share for two years.
Data from Letter of John P. Wright, Pres. of the Company.
and largest textile factors in America -V. 128. 13• 1561.
-Organized in Jan. 1929 to acquire certain of the properties
Company.
Congress Cigar Co., Inc.
-New Officers.
as of Dec. 31 1928 of Continental Fibre Co. and Diamond State Fibre Co.
Benjamin Schwartz has been elected 2d Vice-President and C. D. Moss (both Delaware corporations) and subsidiaries, including the Celoron Co.
as Secretary and Asst. Treasurer.
which for many years have been successfully engaged in the manufacture
-V. 128, p. 1234.
of vulcanized fibre and laminated phenolic (bakelite) products. Their
-To Increase Output. respective products are complementary rather than competitive so that,
Consolidated Coppermines Corp.
-Diamond Fibre Co. will
The two major developments on which this corporation has been working as a result of such consolidation, the Continental
for the past two years are expected to shortly result in substantially in- be a strong, well-balanced unit and one of the important factors in the inPresent production dustry.
creasing the company's production, it is stated.
Products.-Vulc,anized fibre possesses qualties which make it very deof approximately 3.000 tons of porphyry copper ore daily is coming from
the Morris shaft of three compartments which ranks as one of the first sirable for use in electrical insulation, and there is probably no dwelling
house or other building having the advantage of electrictiy and telephone
half dozen operations in this country. In the drifts from the Morris
service that does not contain in some form a certain amount thereof. The
shaft ores averaging 3% and 3 % copper have been found.
The most important development now under way is the Alpha shaft railroads of the United States use a very large quantity of this material
of five compartments, one of which is double. This shaft is down to the on track circuit signals and on train-control devices which are becoming
1.820-foot level and is the largest shaft ever sunk in the Western States. of great importance. In addition there is a large demand for this product
Large quantities of high grade ore have been found in this shaft assaying along purely mechanical and commercial lines for the manufacture of trunks,
packing cases, spool heads, roving cans for cotton mills, &c.
8% copper in addition to native copper.
Laminated phenolic (bakelite) products, because of high electrical reAnother major operation is the new Emma Nevada shaft, with five
compartments, having a capacity of 15,000 tons daily, which is practically sistance, are used in large quantities in the manufacture of radio and wireless
ready to start production. This shaft, in addition to handling the com- apparatus of all sorts and other electrical devices. They are also used in the
pany's own ores, has been sunk to handle millions of tons of the Nevada production of molded gear-blanks for the automobile industry and there is
a further growing use for them along commercial lines ranging from furniture
-V. 127, p. 414.
Consolidated Copper Co.'s ores on a cost plus basis.
to the taWng-moving picture Industry. These products are distributed
- under the trade names Celoron' "Dilecto" and Bakelite".
Consolidated Instrument Co. of America, Inc.
'
The main plants are located at Newark. Del., and Bridgeport, Pa. In
Contracts Closed.
addition there are plants in England and France and branch factories in
this company, it is announced, has closed contracts for airplane instru- Chicago, Ill., and Toronto. Can., and warehouses in other cities of the
ments with the following companies: Advance Aircraft Co.; Alexander United States.
-The pro forma balance sheet as at Nov. 30 1928, after giving
Assets.
Industries, Inc.; Consolidated Aircraft Corp.; Fairchild Aviation Corp.;
Linooln Aircraft Co.; General Airplanes Corp.. and Nicholas-Beaziey effect to this financing, shows a book value of $15.47 per share, of which
Airplane Co. Handley Page, Ltd.of England, it is also announced. will approximately $6.22 are net current assets. It is believed that the plants and
use the company's instruments on the planes to be entered in the Guggen- property as shown on such balance sheet are carried at a value eonsiderably
less than present replacement costs.
hchii Safety Contest shortly to be held in this country.
MAR. 16 1929.]
FINANCIAL CHRONICLE
1737
-Net sales, and net income after depreciation and Federal all of one class. No additionl shares may be issued for subscription withEarnings.
income taxes at tke 'present rate of 12% per annum, for the 3 years ended out first being offered to the shareholders.
The trustees have broad discretionary authority for the selection of investDec. 31 1928, are as follows:
Net After
ments. It is anticipated that the trustees will invest principally in common
Deprec.& Fed. Earns. Per
stocks.
Management.
Share.
-The management of the trust is in the hands of a board
Net Sales. Tax 0 12%
of trustees consisting of Hugh Bancroft, John Richardson, A. Vera Shaw
$1.96
1926
$7,523,286 3881,202
and Adelbert W. Smith. The trustees shall not buy for the investment
524.779
6.568.861
1.17
1927
account of the trust from themselves, nor sell for such account to themselves,
8,709.772 1,332.048
2.96
1928
collectively or individually.
912,676
7,600.640
2.03
3 years aver
The above summary does not include net sales and net profits of the
The trustees have subscribed to more than 6,000 shares on a basis to net
wholly-owned or controlled foreign subsidiaries, a preliminary audit of the trust the same price per share as the shares sold to the public.
-The Counselors Management Corp., with a board of
which indicates net profits aggregating in excess of 3150.000 for the three
Cost of Operation.
directors consisting of the above named trustees, has agreed to undertake
years 1926-1928, inclusive, and in excess of $60,000 for the year 1928.
Listing.
-It is expected that the company will make application to list the administration of the trust for a fee of ;i% per annum of the gross assets
this stock on the New York Curb Market.
of the trust, payable quarterly. The management company will pay all
salaries, compensation of trustees and expenses incident to the investment
research and administration. Taxes, transfer charges, brokerage fees on
Coral Gables Corp.
-Reorganization.
Reorganization of Coral Gables, in which $150,000,000 was invested, has purchases and sales, and custodian charges will be paid by the trust.
been announced following negotiation by representatives of some 1,250
-Earnings.
Crystal Oil Refining Corp.
creditors situated all over America and England. The new group states
that it is confidently hopeful of its ability to pay off all Coral Gables debts,
Year Ended Year Ended Feb. 17 to
dollar for dollar, within five years. The report of the Committee whose
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
$6,274,490 37,005.241 $6,887.774
Gross income
25 members collaborated in its preparation says in substance.
The reorganization and stabilization of Coral Gables, one of the largest Operating expenses and maintenance.. 5.652,148 6.652.173
6,368,344
enterprises of its kind in America has been announced through the medium
of a new corporation known as Coral Gables, Inc. Under the leadership of
$622,342
8.519.430
Operating income
$353,068
strong banking interests joined by the creditor group, 15,000.000 of Taxes (not incl. Federal income tax)_
38.570
46,055
x75,179
financing has been effected. The control and direction of the financial Int.on car trust ctfs. and tmfund.debt
21,106
25,017
26.202
affairs of the corporation will be vested in representatives of the new Depreciation
150.000
222,000
246,000
financing and creditor groups. George E. Merrick, the founder and Federal income tax (estimated)
30,424
See x
developer of the original project, will be President of the new company
Creditor cooperation has made possible the successful elimination of
3279.330
Net income
859.995
$274,961
substantially all the dangerous elements which have harassed its activities Amt. required (not declared) for div.
during the past two years. The national scope of its operatiol s and the
126,810
152.172
152,172
on pref. stock outstanding
fact that investors in Coral Gables are found in large number in practically
every State of the United States arouses national interest in the settlement
8152,520
Balance
8122,789 def$92,177
of its affairs.
Earns, per sh. on 102,987 shs. of corn.
The new corporation will have an executive board of 15 directors, includNil
stk. outst's
$1.19
$1.48
ing the following: A. J. Orme, A. L. Babcock, Richardson Saunders, J. P. -V. 128, p. 585.
Simmons M. I. Schultz, Alex Orr, Jr., eorge E. Merrick, E. B. Kurtz,
W. A. Macfarlane, E. P. Grimes and 'H. T. Broders, all prominent men
-Listing.
Curtis Publishing Co.
who have worked untiringly in behalf of the reorganization. Under their
The New York Stock Exchange has authorized the listing of 900.000
direction business activities will be immediately instituted on a conservative shares no par value $7 cum. pref. stock and 1,800,000 shares no par value
but aggressive basis.
common stock.
Claims Aggregate $35,000,000.
Earnings Calendar Years.
The constructive work accomplished in guiding this large involved
business from the verge of bankruptcy and foreclosure to a sound financial
1928.
1926.
1927.
status is largely credited to Carl L. V. Exselsen, nationally known reorgan- Gross oper. rev, from all sales, incl.
ization and financial expert of New York City, who devised, directed and
circul. advertising, printing etc----$80,353,393 $83,451,883 $78.329,445
successfully consummated the reorganization program. The undertaking Production selling publicity, general
& administ. expenses, incl. deprec. 59,996,012 65,227.899 62,624,872
required adjustments with over 1,250 creditors located in all sections of the
2,404,411
country with claims aggregating $35,000,000. Innumerable obstacles Provision for Federal & state taxes_ .... 2.556,617
2,185.804
had to be surmounted and the most intricate complications unravelled.
317.800,764 $15,819,574 $13.518,769
Balance
Through the generosity and cooperation of the secured creditors who
1,528,097
1,454.048
1,716.813
have joined in the reorganization plan, purchaserd of some 1,500 lots who Income from investments
have her tofore paid the old corporation the full purchase price thereof
Profits available for dividends
$19,328,862 $17.273,622 315.235,581
but have not yet been able to procure clear title owing to the existence of
16,814,042 14.389,134 14.301,648
unpaid underlying mortgages, will now, without expense or trouble, be Previous surplus
voluntarily given proper mortgage releases to clear their titles wherever
836,142,903 $31,662,755 829.537.229
their lots are included in parcels formerly mortgaged to consenting creditors.
Total surplus
Provision for the issuance of clear deeds guaranteed by the New York Dividends preferred stock
6,298,714
6,295,186
6,298,165
Title & Mortgage Co., the largest title organization in America with assets Reserve for future preferred dividends
1.575,000
in excess of 360,000,000 will materially aid in the restoration of public Dividends,common stock
9,900,000
7,200,000
8,550,000
confidence in the solidarity of the enterprise.
828,059
Pension trust liability
74,930
Reserve for called pref. stock
95% Of Creditors Approve.
Under the terms of the reorganization plan now formally accepted by
Undiv. profits & conting. reserve- -$19,119,659 $16,814,042 $14,389,134
over 95% of creditor interests, provision has been made for the payment Earns per sh.on 900,000 shs.corn-$11.32
$12.19
$14.48
of past due State, County, City and Federal Taxes. All unsecured creditor
Condensed Balance Sheet Dec. 31.
claims under $100 have been settled with cash. Two-year debentures,
1927.
1928.
1927.
1928.
payable exclusively out of certain free and clear lots and lot purchaser conLiabilities
$
tracts specifically segregated for this purpose, have been used in adjusting
$
Assets4 860,331 7,599,688 Current accts. pay. 2,209,398 2,125.757
Cash
unsecured creditor claims in excess of $100.
105,246 Say's fund-empl.
Under a unique adaption of the "revolving fund" system of financing, Accounts recent.- 353.702
stock subscrip-- 580,891
26,410,425 21,727,535
548,477
creditors heretofore holding underlying liens and secured claims in the Investment
older section of Coral Gables are temporarily given debenture certificates. Inventories,etc- 6,074,754 5,920,380 Advance pay. for
mag. subscrlp's
As the property and lot purchaser contracts originally securing their respec- Real est.& build_ _10,387,491 10.385,159
advertis. etc - 2,334,138 3,310,382
tive claims are converted into cash, the net proceeds, after deducting over- Plant'& fixtures..13,319.105 12.059,471
head expenses, must be immediately used for the purpose of purchasing Good will
10,979.000 10,979,000 Res. for deprec. of
plant dz buildgs.
outstanding prior lien bonds which, when so acquired, will be proportionately
delivered to the specific holder or holders of debenture certificates whose
& state taxes,etc17.594,456 15,537.828
440,193
Self insurance fund 546,267
former security produced the cash necessary for such purchase. ThereUndivided profits &
upon, a corresponding par amount of the debenture certificates will be
conting. reserve_19,119,659 18,814,042
cancelled. The prior lien bonds so acquired will, in turn, be similarly
30,000,000 30,000,000
Capital stock
purchased for cash as the liquidation program progresses.
This original plan avoids the objectionable general commingling of
72,384,808 68,776.479
Total
72.384,808 68.776,479
securities as among the former secured creditors and enables each former
Total
secured creditor to have first applied to the liquidation of his particular -V 128, p. 735.
debenture certificates the proceeds derived from those assets which formerly
secured his specific underlying lien. With normal conditions this revolving
-Report.
Curtiss Aeroplane & Motor Co., Inc.
process should 'intimately liquidate all of the debenture certificates and
1925.
1926.
1928.
Calendar Years1927.
prior lien bonds in full and still leave free and clear residuum assets estimated
$5,958,234 $3,953.339 $3,667,556 $1.933,668
at $9,000,000 for reversion to Coral Gables Consolidated, Inc. for the Sales
a4,837,243
3,121,869
1.707.103
2,905,844
benefit of the holders of the preferred and common stock. A similar result Cost ofsales
Is accomplished in the remaining sections of the
through a
$226.565
Gross profit on sales_ - $1.120,991 81,047395
$545,687
system of individual trusts which holds Coral Gablessubdivision an integral
together as
114,224
151.081
134,974
64,270
unit, but still preserves intact for the individual mortgagee his original Other income
18,644
4,873
security.
Profit of sub.cos
28,116
Sales and advertising activities will be conducted under Mr. Merrick's Profit from sale of stk. of
direction through a separate corporation known as the George E. Merrick
sub. company
732,559
Coral Gables Co. A contract has been made by that company with the
$359,433
3685.534
Tropical Sales Corp. which is an independent sales and merchandising
$2,004,630 81,139,882
Gross profit
71,156
167,364
company of which George W. Hopkins is President.
Sell., adm. & gen. exp-199,814
254,987
Income taxes, interest &
$150,000,000 Spent on Property.
138.128
104.854
145,920
special charges
226,860
Coral Gables was the high spot of the Florida real estate boom. Its
sales approximated 3100,000,000. Within a period of seven years Coral
8150.149
3413.317
$794.148
81.528,782
Net profit
Gables has grown from a purely local real estate project into a large
230.401
229.164
465,864
1.083.395
nationally known suburban City of exceptional beauty. During this inter- Previous surplus
short
time over $150,000000 has been expended on the property. The enormous
$642,481
8380.550
Total surplus
32,612,175 81,260,012
scope of its activities abruptly halted by the sudden collapse of the boom
sco
78. 93(7%)176,617 (7)176,617 (6)151,386
8
In 1926 precipitated the serious financial difficulties and complications Divs. paid on pref. stk_ _
Guar. pref.
13,050
from which it is now emerging. The effect of its rehabilatition on business Common diva
dividends_ _ _ - 355,327
and land values throughout Florida cannot be overestimated.
conditions
pd. on pref. stks.
Prem.
-V. 127, P. 3403.
1,047,086
retired
Exp. of recapitalization_
51,766
Crown Zellerbach Corp.
-Earnings.
Period End. Jan. 311929-3 mos.-1928. 1929-9 mos.-1928.
Surplus
8465.864
$229,164
31,069,255 81.083,395
Operating
$2,910,579 32,561,790 39,546,617 88,578,907 Shs.pref.stk.out.(par$100)
25,231
25.231
25.231
Depr. deplt., Int. tax. &c 1.428.130.
x$9.54
47.97
$5.95
,159,619 Earned per share
Contingent reserve
57,050
57.050
Shs. corn. stk. outstand.1
()roan Will pap pr. diva411,500
411,500
1,234.500
" 348.8951
(no par)
See x.
1,234.500
interests_x _ _ _
Minority
15,145
11,071
59,450
34.12J
55,481 Earns. per sh
J
Pacific Mills taxes
8,100
7,280
27.100
16,090
x Earned per share under the participating provisions of the shares. In
1927 earnings per share on 218,060 shares of no par stock was ;2.54, as
Net profit
$990,654
$865,944 $3,743,851 $3,103,217 against $0.97 in 1926.
Div. require. on Crown
a Includes depreciation of $112,503 and amortization of patents $59,592.
Zellerbach pref. stirs- 285,428
285,428
790,188
790,188
Condensed Consolidated Balance Sheet Dec. 31.
$705,226
$580.516 $2,953,663 82.313.029
Surplus
1928.
1927.
1927.
1928.
Earns. pr. sh. on 1,991,Liabilities
$
Assets$
077 shs. corn. stk. (no
2,523.100
Prop. accts. (net) $2,7l6,259 81,167.006 Preferred stock..
$035
$0.29
$1.48
Par)
$1.06 Patents and goodCommon stock __110.535,379
938.267
x Deduction for minority interest's share of profits of Crown Willamette
882.533
938,625 Mtges. payable_
will (net)
522,000
Paper Co., based on percentage of ownership of the common stock of that Investments
631,280 Accts. payable and
375,272
company by Crown Zellerbach Corp., as of Jan. 31, 1929, while deduc- Call loans
4,581,921
accrued Interest 740,403
123,627
tions for minority interest's shares of profits of Pacific Mills, Ltd. are Mortages rec
Prov. for Inc. tax_ 199.702
616.780
109.000
amounts applicable for the respective periods covered by this statement Inventories
1,594,624 1.658,775 Surplus
1,089,255 1,083,395
-V. 128, p. 734.
to minority ownership as then existing.
351,205
Accts. & notes rec_ 904,555
204,547
289,274
Cash
Counselors Investment Trust.
208.000
126,833
-Stock Offered.
Liberty bonds139,950
with offices located in Boston, is offering 30,000 shares
Deferred charges 456,686
The
company'
(no par) capital stock at $100 per share.
Total
12,544,740 5.299,390
12,544,740 5,299,390
Total
-The Counselors Investment Trust (Mass.) is of the manageCompany.
ment type. The initial capitalization consists of 30.000 shares, no par,
-V.128. p.735; V. 127. p.3403
x Represented by 348,895 no par shares.
1738
FINANCIAL CHRONICLE
Cuyamel Fruit Co.
-Annual Report.
[Including Cortes Development Co. and subsidiary.]
Calendar Years1925.
Consolldated earnings-42.972,251 43,314,975 $1,984,i.46 $2,583,737
1928..
yAmort.of concessions &
depreciation
974,718
1,102,905
989,330
957,265
Interest paid
294,739
318,660
421,612
327,302
Prov. for Federal tax..
135,795
89,759
55,345
Prov. for research
80,000
Consol. net earns...,$1,566,999 41,869,290
$612,170 $1.059,219
Prey. capital & surplus
of consolidated oos___ 18,383.900 16,503,192 17.091,022 14.892.733
Proceeds ofsale of 50,000
sits. cap. stock
2,398.517
Adj. of Fed. inc. taxes
Dr.9.558
15,000
11,417
Total
$19,941,341 418,383,900 $17,703,193 S18,365,471
Prem.on 7ji% bds.called
148,750
Unamort. disc, on 730275.697
Divs.: Cuyamel Fruit Co
300,000
600,000
do Cortes Devel. Co.
550,000
600,000
[VoL. 128.
Listing -Application will be made to list the first preferred and the
common stocks on the Toronto Stock Exchange or the Toronto Curb.
Data from Letter of Pres. James Francheschini, Toronto, March 4.
Company.
-Ifas been incorp. under letters patent of the Province of
Ontario to acquire the general contracting, crushed stone and paving
business and certain assets of the Dufferin Construction Co., Ltd., and
all the capital stock or assets of Constructing & Paving Co. of Ontario.
Ltd., and of the following subsidiaries of Dufferin Construction Co., Ltd.;
Rogersville Quarries, Ltd.•, Kirkfield Crushed Stone, Ltd.; Innerkip Quarries, Ltd.; St. Marys Crushed Stone, Ltd., and Blue Lake Sand & Gravel,
Ltd.
The company and its predecessors have been engaged in the business of
general contracting for many years, specializing in paving and road construction work. It is also extensively engaged in building excavation
work, the construction of water mains and sewers, and the production and
sale of crushed stone.
Assets.
-The quarry lands have been appraised at $985,600 and the
fixed assets of the corporation and its subsidiaries at 41,957,492. Net
tangible assets are shown as at Dec. 31 1928 at $3,609,993, equivalent to
$180.49 for each share of 1st preferred stock to be presently outstanding.
Net current assets are certified at $500,000.
Earninos.-For the three years ended Dec. 31 1928 net profits after
providing for depreciation and income taxes have been as follows
.
Year Ended Dec. 311926.
1928.
1927.
Pronto; before provision for depreciation an-1 Ile. taxes
4286,646
$509.288
$704.837
Deprec. on appraised replacm't values
127.020
175.418
147.290
Income taxes at present rate
...
12,610
45,155
28,79S
Net profits
4147,01
$484.262
$333,198
Capital & surplus of
comb. cos. Dec. 31-419,941,341 418,383,900 416,503,193 $17,091,022
Shares of capital stock
outstanding (no par)300,000
300,000
300,000
300.000
Earn.per sh.on cap.stock
$5.22
$2.04
$6.23
$3.53
x After deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses (and after adding $185.972
income from other sources). y Includes depreciation of farms, railroads, machinery and equipment, steamers and office building furniture and fixtures.
Doehler Die Casting Co.
-Earnings.
Consolidated Balance Sheet Dec. 31.
Calendar Years1927.
1928.
1928.
1927.
1928.
1927.
Net sales
$8,341,283 46,640,729
Assets$
$
LiabilitiesCost of sales
5.573.663
6.993,923
Fixed meets
219.835,341 17,705,699 Capital/stock_ _b13,499,671 13,499,671
Cash
1,343,749 1,795,048 Funded debt
4,876,800 4,343,100
Gross profit
$1,347,331 41,067,066
Actets & notes rec- 1.194.707 1,036,469 Acc'ts payable
451,930
,.
Selling and acimistrative expenses
532.220
574.523
Due fr. officers &
Acced payrolls_ _
146,634
166.203 Miscellaneous charges(net)
93,641
95,170
employees
30,851
23,005 Notes payable____
6,683
9,663 Taxes (Federal, State & school
51,627
69,257
Inventortre
1,164,309 1.175,035 Drafts & accept'ees
23.891
48,756
Advs. to planters_ 831.392
746.291 Acced int. pay __ 67.247
83.549
Net income
$389,577
3608.381
Other assets
947,363
135,796
676,483 Federal tax
89,760 Preference and pref. dividends
•
129,275
92.736
Deterred charges
671,261 Reserves
676,428
353.626
401,383
24,411
33,225
Deterred credits
Balance
$296.841
$479.106
Surplus
8,441,670 4,884,229 Earns, per share on 150.000 no par shares corn
$1.98
$3.19
Total
26,024,642 23,829,290
26,024.642 23,829,290
Total
Comparative Balance Sheet Dec. 31.
a After deducting $9,815,318 reserve for depreciation and $3,000.000
Assets1927.
1928.
1928.
1927.
written off on account of concessions, rights of way and undeveloped lands Prop & plant, less
7% cu. pref. stk.31,000,000 $1,000,000
in Honduras. b Represented by 300,000 shares of no par value.
depreclatIon.--342,729,803 $2,452,223 7% Preference stk. 1,000,000 z512,950
-V. 127.
p. 2371.
Cash
172,623
114,829 Coin,stk.,t surp.x 3,362,796 2.960,330
Receivables
640,124
474,711 Trade accept. pay.
72,448
Davenport Hosiery Mills, Inc.- Initial Common Div.
- Inventories
1,554.547 1,105,538 Mortgage pay.... 137,604
150,000
The directors have declared the regular quarterly dividend of $1.75 Patents
171,141
165,410 Dep. on contr.- _ 16.485
30,333
per share on the pref. stock, payable April 1 to holders of record March 20. Inv.In sub.& sell.
Accounts payable_ 406,424
288,248
and has also declared an initial dividend of 50c. per share on the common
COS
58,787
41,285 Accruals
63,902
69,563
stock, payable April 15 to holders of record April 1.-V. 128. p. 1562.
84,614 Current reserves..
Devel. expenses_. 186,382
52,478
58,679
Deferred charges._ 131,283
229,164
Detroit Creamery Co.
-Balance Sheet Dec. 31.Mtge.receivable_ _ 350.000
350,000
Misc.assets
38.880
20,258
1928.
1927.
1927.
Assets
Prepaid expenses _
96,615
LtabilUtesCash
514,020
545,422 Notes & accts. pay. 1,765,253 2.873,660
Total
Notes & accts. rec. 1,324,189 1,336,579 Land cont. pay. &
$6,132,191 $5,018,032
Total
$8,132,192 15,018,032
Inventories
469.821
900,300
675,159
porch. contracts 560.500
x Represented by 150.238 no par shares. y After deducting depreciation
Other assets
79,351
61.512 Divs. payable. _ .._ 262,360
240,000 of 4901,486. z Represented by 10,000 shares, no par value.
-V. 127.
Deer. fixed assets 8,366,385 7.960,761 Rester Fedinc.tax 162.861
185,276 p.,2902.
Total def d charges 273,017
7,496,010 6,000.000
217,998 Capital stock
Good-will
1,470,876 1.289,474
260,597
260,597 Surplus
Douglas Aircraft Co., Inc.
-Listing.
The San Francisco Stock Exchange has authorized the listing of 300,000
shares of capital stock, of no par value.
NW
Total
11,717,860 11,058,030
11,717,860 11,058,030
Total
Transfer agents are: Bank of Italy, San Francisco, Calif.; Bank of Italy.
Gross sales for 1928 amounted to $18.368,667 an increase of 41,161,267 Los Angeles, Calif., and National Park Bank of New Yerk, N. Y. City.
over 1927.-V. 126, p. 3598.
Registrars are: Wells Fargo Bank & Union Trust Co.. San Francisco.
Calif.; Security Trust & Savings Bank, Loa Angeles, Calif. and Seaboard
Devoe & Raynolds Co., Inc.
-Extra Dividend of 15c.
- National Bank of the City of New York.
The directors have declared an extra dividend of 15 cents per share in
The 300.000 shares of stock were issued on Dec. 17 1928, in part for cash
addition to the regular quarterly dividend of 60 cents on both the common (the proceeds to be used for general corporate purposes) and in part in
stock class A and common stock class 13, all payable April 1 to holders of consideration of the transfer to it of all of the assets and business of the
record March 21. Like amounts were paid on these stocks on Jan. 2 1929. Douglas Co., whose liabilities have been assumed. Of this amount, 200,000
On July 2 and Oct. 1 last the company paid extra dividends of 20 cents shares were issued to the Douglas Co. in consideration of the transfer of all
per share, while on April 1 1928 an extra disbursement of 40 cents per of the assets and business of the latter company to the Douglas Aircraft
Co., Inc., and 100,000 shares of this 200,000 shares were sold for cash after
share was made.
-V.128, p. 735.
distribution to the stockholders of the Douglas Co. The other 100,000 share
Dexter Co., Fairfield, lowa.-Initial Dividend.
are held by the Douglas Co. and this company's stockholders under an
The directors have declared an initial dividend of 35 cents per share agreement not to dispose of same except upon written permission of Blair
on the common stock, par $5. payable June 1 to holders•of record May 20. & Co., Inc., and E. A. Pierce & Co., prior to Dec. 12 1929.
See offering in V. 128, p. 1562.
Officers are: Donald W. Douglas, President; H. H.Wetzel, Senior VicePresident; Caspar A. Blass, Vice-President; H. P. Grube, Secretary and
Treasurer; William Armour. Assistant Secretary; W. E. Douglas, Assistant
-Earnings.
Diamond Shoe Corp.
Treasurer.
-V. 128, 13• 566
.
Calendar Years1927.
1928.
Net income (after Federal taxes)
4650.121
488 981
Durham Duplex Razor Co.
-Sub.Inc. Capital Stock, dec.
Earned per sh. on 204,676 shs. of common
$2.23
Si.33
The directors of the Wade & Butcher Corp., a subsidiary, have voted
Consolidated Balance Sheet as of Dec.31 1928.
to increase the common stock by 5.000 shares. A unit, consisting of one
Assets
Liabilities
pref. stock and 14
42,310.523 Accts. pay., accr. exp., &e--- $511,637 share of 8% cumul. parttc.4106 per unit. Theshares of conunon, is being
Real prop., mach., &c
offered to stockholders for
proceeds
be used in
774,135 Divs. payable
Cash & call loan.s
66,556 developing the market and promoting the sales of the neware to & Butcher
Wade
542.420 Res, for taxes
Accts. rec. (customers)
159,906 special curved blade.
1,899,827 Real estate mtge. Install., due
Inventories
The president
the company reports that sales on this blade are now
60,319
In 1929
Adv. on merch. perch
9,000 running at a rateof indicates a minimum sale of 13,000,000
that
35,942 Deposits on leases
Miscell. accts. rec
8.062 1929, as compared with a total of 5,000,000 blades in 1928.blades during
Employ, stock subscrip
70,480 Real esate mtge. pay
358,750
This new patented blade was introduced in a small way on the market
Leaseholds
$2,085,000 in 1927.-V. 125, p.921.
119,558 65s cumul. pref. stock
15.507 6% cumul. pref. stock
Deposits on leaseholds
1.100,000
113,213 Common stock
Prepaid rentals, &ti
7693,530
Dwight Mfg. Co., Chicopee, Mass.
1 Paid-in surplus
-Acquisition.
Good-a RI
497,955
See Great Falls Mfg. Co. below.
-V. 127, p. 415.
Earned surplus
473,529
35,941,925
Total
Total
$5,941,925
x Less depreciation. y Represented by 204,676 shares of no par value:
200,000 shares at a stated value of $3 and the balance at amounts paid
therefor.
-V. 128. p. 565.
Dufferin Paving & Crushed Stone, Ltd., Toronto,
Ont.-Preferred Stock Offered.
-McLeod, Young, Weir &
Co., Ltd., Toronto, are offering $2,000,000 7% cumulative
sinking fund convertible 1st preferred stock at 100 and div.,
with a bonus of three no-par value common shares with
every 10 preferred shares.
Electrical Products Corp. of Colorado.
-Sales Higher.
The corporation reports total sales for January and February of this
year of $85,489, as compared with a total of $336,000 for the first :3 months
of 1928. January 1929 totaled $32,800 and February, $52,689.
Contracts during this period included one for the illumination of a Woolworth store, which, it is understood, Is the first such contract obtained by
any Claude Neon licensee in the country. Several large rubber companies, it is also announced, are contemplating the erection of Claude
-V. 128, p. 1405.
Neon signs.
Electric Shareholders Corp.
-Organized.
-
A syndicate headed by J. Henry Schroder Banking Corp. and the Chase
Transfer agent, Toronto General Trusts Corp.. Toronto. Registrar: Securities Corp.. it is expected will shortly offer $40.000,000 of preferred
stock of this
Trusts & Guarantee Co., Ltd., Toronto. Dividends payable Q.
-J. by stated, are to newly organized corporation. Public utility securities, it is
be the chief assets of this new investment trust when it starts
check negotiable at par at any branch in Canada(Yukon Territory excepted)
of the company's bankers (the Canadian Bank of Commerce). Preferred business. The initial list of securities, it is said, has a market value of about
,
as to assets to the extent of $110 a share and dive. Red. all or part on 437,000000.
Some of the utility securities represented in this investment comprise the
60 days' notice, or for sinking fund, at $110 a share and dive. An annual
sinking fund of 20% of net earnings after allowing for depreciation, income following common stocks: Buffalo Niagara & Eastern Power Corp., Commonwealth Edison Co.. Commonwealth Power Corp. Consolidated Gas
taxes and dividends on the first and second preferred stock is provided Co. of New York, Consolidated
Gas. Electric Light St.
Power Co. of Balt..
for the redemption of this issue at not exceeding the redemption price. Peoples
Gas, Light & Coke Co.. Middle West Utilities Co., Northern States
Convertible at any time at the option of the holder into no-par value
common shares on the basis of three common shares for each first preferred Power Co.. Pacific Gas & Electric Co., Southeastern Power & Light Co.,
share. Stock called for redemption may be converted into common stock and United Gas Imporvement Co.. aggregating about $23,000.000, and
at any time prior to the redemption date. Provision is made against North American common valued at about $14,000,000.
The corporation will purchase these securities from its organizers, Central
dilution of the conversion privilege in the event of )he issue of additional
States Electric Corp. and Hydro-Electric Securities Corp. At the start the
common stock.
corporation will have assets totaling nearly 465,000,000.
CapitalizationIssuea.
Authorized.
Five of the ten directors, it was announced, will
7% cum.sink.fd. cony. let pref. stk.(4100 Par)-- 42,000,000 42,000,000 committee. They are Herbert C.Freeman, directorconstitute the executige
Elec6% non-cumul.cony. 2d pref.stock ($100 par). _ 1.250.000
1.250,000 tric Corp.; Edwin Gruhl, director of Central States of Control States
Electric; C. L. Fisher.
Common stock (no par)
*170,000 abs. 60,000 she. Chairman of the Finance Trust & Agency Co. and Vice-Preeddent of Hydro* Of these. 110,000 shares are to be reserved to satisfy the conversion Electric Securities Corp • Prentiss N. Gray, President of J. Henry Sehroder
Banking Corp., and Joiin Foster Dulles of Sullivan & Cromwell. •
privilege of the first and second preferred stocks,
MAR. 16 /929.]
FINANCIAL CHRONICLE
Electric Household Utilities Corp. & Subs.
-Report.
---
Calendar Years1928.
1927.
1926.
1925.
Gross profit
$2.589.736 $1,386,536 $1,813,439 $2.476,444
Selling & administration
expenses
1,516,507
1,160,858
1.719,793
1.696,875
Net profit
81,073.229
$225.678
$93.646
$779,568
Miscall. credits (net)_
119,786
74,760
56,205
57,897
Net earnings- $1,193,015
$300.438
$149.851
$837.465
Prov.for Federal taxes
125,000
10.758
18.486
108,135
Depreciation
149.517
181.294
Net loss of London br_
6.655
1739
Miners' State Bank, South Superior, Wyo.; First Security Bank, Jerome,
Ida.; First Security Bank, Gooding, Ida.; First Security
Ida.; Thatcher Bros. Banking Co., Logan, Utah; FirstBank, Shoshone,
Preston, Ida.: First Security Bank, Hyrum, Utah; First Security Bank,
Richmond, Utah; Pacific National Bank, Boise, Ida.; First Security Bank,
Security Bank,
Halley, Ida.; First Security Bank, Mountain Home, Ida., and First Security Bldg. & Loan Assn., Pocatello, Ida.
Foote-Burt Co.
-To Readjust Capital Structure.
-
The company will reduce its capital structure to common stock only,
through the retirement of all funded debt and one remaining senior stock
Issue, according to plans announced by President George E. Handles.
The funds for this purpose have been set aside from the sale of an
additional block of common stock. (See also V. 127.
3711, 3548.).
Net income
The company has called for redemption on April 1 all outstanding class
$918.498
$101.731
$131.365
p.
$729.330
Corn. diva. (cash)
A $3.50 cumul. div. stock at $55 per share. The final quarterly dividend
374,768
135,365 (34)721,123
Cons. diva.(in stock)_
of 87% cents per share has been declared on this stock, payable April 1
136.578
to
holders of record March 20 1929.
Surplus
All
$543,730
$101,731 def$140,578
$8.207 103 outstanding 1st mtge. 6% bonds will be retired on June 1 1929 at
Ohs. corn. stk. outstd.
and interest, completing the simplification of the financial structure.
(par $10)
374,999
371,283
-V. 128. p. 256.
374.138
180.573 The 7% pref. stock was retired last month.
Earnings per share
$2.45
$0.27
$0.35
$4.03
Galena Oil Corp.
-Organized.
-Consolidated Balance Sheet Dec. 31.
See Galena-Signal Oil Co. below and in V. 127. p. 689.
S8
1927.
Plant equip., dre.y$1,757.i99 $1,659; 49 Capital stock____53,749,688 $3.712,837
6
Galena-Signal Oil Co. (Pa.).
-Over 86% of Stock DeGood-will. tr.mks.,
Surplus
1,873,407 1,268,690 posited Under
Plan.-Pres. Michel J. A.Bertin Mar. 7 says:
& patents
1
1 Accts. payable &
Cash
596.251
291,950
accrued expenses 414,141
Pursuant to the authorization given at a special meeting of stockholders
164.729
U.S. Govt. secur.
Res.for conting.,&c 190,729
190.729 held on Oct. 11928. deeds of conveyance have been delivered to the Texas
Sc acer. interest
• Fed, tax reserve__ 149.429
52,526 Co., transferring the various properties which were to be sold to it under
thereon
2.299.700 1,800,000 Res, for legal fees2,500 the plan of reorganization of Aug. 1 1928,(V. 127, p. 689), and the payment
Net assets of LonDivs. pay Jan. 15,
of.the cash purchase price has been completed, except for certain adjustdon branch.... 130,658
109,247
1929
ments in respect of accounts receivable and inventories.
374,768
Notes& accts. rec.,
Pursuant to like authorization, moneys have been set aside for the liquidaless reserve
666.052
571,48'
tion of all funded debt, and a new corporation under the name of "Galena
Inventories
1,090,015
871.70!
Oil Corp." has been duly organized.
Prepaid expenses_
38,354
17,38:
The consummation of the plan in its entirety, involving the distribution
Investments
62.676
14,85of cash to the preferred stockholders at the rate of $75 per share with two
Stk. subs. unpaid,
shares of stock of the new corporation, and the exchange, share for share,
& empl_ 112,226
Officers
55,731
Total(each side)56,752,462 $5,392,013 of Galena-Signal Oil Co., common stock for stock of the new corporation,
Is contingent upon the elimination of certain pending claims and the deposit
y Less depreciation of $506.032.-V. 127. p. 3037
of additional stock under the plan. Upwards of 86% of the outstanding
Fageol Motors Co., Oakland, Calif.
stock of the company has been deposited, but, as stated in the president's
-Sales.
--February-1928.
1929
Increase. f 1929-2 Mos.-1928.
Increase. circular letter of August 1 1928,(V. 127, p. 689), it is the opin on of the
$296,233
$229,759
$66,4741$526.714
$390,876
$135,838 directors and of the stockholders' committee that "it will be difficult and
perhaps impossible to carry out all the features of the plan, particularly
-V. 127, v. 3097.
the distribution of cash to holders of preferred stock, unless more
than 90%
Fair Stores Co.
-Stock Sold.
-Caldwell & Co., J. C. of all the outstanding stock is deposited under the plan.
The management
counsel
making
Bradford & Co., Nashville, and Rogers, Caldwell & Co., pending claims, but andlitigationareusually every effort to dispose of the
as
is
protracted, it is Impossible to
Inc. New York, have sold at $25 per share 50,000 shares state when these claims may be adjusted on terms acceptable to the directors
and the stockholders' committee. Until these claims are
capital stock.
adjusted, no
distribution can be made.
Company.-Ineorp. in Delaware. Is acquiring the business and assets
All stockholders of record, including holders of certificates
of The Fair Stores Corp. of Arkansas. Company now operates a chain of will be promptly notified should conditions develop which of deposit,
warrant the
63 popular price junior department stores, located in Arkansas. Oklahoma plan being declared operative In its entirety or should other
action be
andeLouislana, handling dry goods, notions, clothing and groceries. All required.
sales are strictly for cash and no deliveries are made.
By reason of the fact that the company Is In process of reorganization
OK CapitalizationAuthorized.
under the plan of Aug. 1 1928, involving many transactions of a complex
Issued.
Common stock (no par)
75,000 ohs.
50,000 abs. nature, the affairs of the company are necessarily subject to constantly
-The balance sheet as of Dec. 31 1928 shows total assets of changing conditions. It is therefore impracticable to prepare at
Assets.
this time
$1,363.530. current assets of $1,164,349 and current liabilities of $416,306. an annual financial statement of the character heretofore
issued by the
of current assets to current liabilities of over 2.8 to 1.
or a ratio
company.
The estimated figures contained in the plan reflect approximately the
Sales and Earnings Years Ended Dec. 31.
financial condition ef the company upon completion of the matters therein
1928.
1927.
1926.
Sales
$3,452,170 $3.767,486 $3,961,530 provided for. The remaining properties of the company which were not
Net profits
*99.407
90.183
57,341 sold as provided in the plan of reorganization, have been operated as a
separate unit since Oct. 11928. and the results of such operation since that
* After eliminating non-recurring charges totalling $18,597.
Listing.-Applleatton will be made to list this stock on the New York date have shown some net profit.
-V.128, p. 1406.
Curb or the (Mileage Stock Exchange.
Famous Players Canadian Corp., Ltd.
-Control.
-
See Paramount Famous Lasky Corp. below.
-V. 127. p. 3404.
Federal Bake Shops, Inc.
-Sales Higher.
-Feb.
-1928.
1929
$361,130
$3336,029
-V.128, p. 894, 118.
Incre,ase.1 1929-2 Mos.-1928.
325,10113713,423
$657,980
Increase.
$55,443
Federal Motor Truck Co.
-Earnings.
Calendar Years1928.
1927.
Operating income
$663,847
$464,319
124,473
1926.
$1,300,473
218,036
273,903
Total
Depreciation
Interest on funded debt
Federal income tax
$788.320
81,532
71,200
85,000
$682,355 $1,574,375
93,239
73.478
79,060
87,355
62,500
190,693
Net income
Dividends
Stock dividends
$550,588
385,250
234.562
$447,556 $1.222.850
x348,991
x281,960
Other Income
General Box Corp.(& Subs.).
-Earnings.
-
Calendar YearsOperating income
Depreciation
Interest
1928.
$421,763
128.788
33.498
1927.
$222,665
141,203
Net income
Preferred dividends
$259,482
92,008
$881,462
53.049
Balance, surplus
Profit on capital stock purchased
$167,474
$23.413
63,045
Total surplus
Previous surplus
$167,474
347,715
$86,453
261.257
Profit Sc loss surplus
Shares of com,stock outstand. (no par)
Earned per share of common
$515.189
53.260
$1.49
$347,715
53,260
Nil
General Mills, Inc.
-Acquires Larrowe Milling Co.
-
President James F. Bell has announced the completion of negotiations
for the purchase by this company of the Larrowe Milling Co. of Detroit
and Toledo. The latter company, manufacturers of highgrade dairy
rations
Balance
def$69.224
$98,565
3940,890 Generaland chicken feed, sold under the trade name "Larva, brings to
Inc. a valuable manufacturing
Shs. corn. stk. outstand. (no par)
499,543
452.562
410.000 Present Mills, call for audit, stockholders' and distributing organization.
plans
approval. &c. to be completed
Earns, per share
$1.10
$0.99
$2.98
The comnany has paid a stock dividend of 2.72% each quarter since by the end of this month. The present Larrowe management will continue
In charge.
October 1926 but amounts are not available.
Announcement is also made of the awarding of contracts for additional
Consolidated Balance Sheet Dec. 31.
facilities at Oklahoma City consisting of a 500,000 bushel elevator with a
Assets1928.
1927.
new warehouse and office building, a new 1.250,000 bushel elevator at
1928.
1927.
Land, bides. and
Capital stock____152,497,715 $2,262,811 Great Falls, Mont., and a 2.000.000 bushel elevator at Enid, Okla. The
$1,327,494 $1,336,889 /sects. payable.__ 465.326
equip
495,136 addition of these new storage facilities brings the total terminal storage
Cash
1,448,828 1,374,369 Divs. payable.-99,908
90.510 capacity of the corporation to 34,200.000 bushels, all of which should be
Note and trade acDealers deposits__
22,986
19,469 available for service before the beginning of the next amp year.
ceptance rec_ _ _ _ 778.668
660,722 Accruals
12,538
The directors have declared the regular quarterly dividend of $1.50
49,518
588,953
489,032 Debenture notes
Accts. receivable
959,000 1,225,000 share on the preferred stock, payable April 1 to holders of record March per
14.
Inventorlee
3,285,738 3,592,416 Fed. tax reserve
85.000
62,500
The company, in a statement issued on Mar. 7, says in
Investments
378,105
447,308 Other reserves.... 145,770
142,570
Deferred charges
91,934
123,315 Surplus
3,611,477 3,676,537 part:
The company's consolidation of the Sperry properties on the Pacific
Coast virtually completes an organization now the largest
$7,899.723 $8,024,051
Total
Total
$7,899,723 $8,024,051 the world, with mills in 17 cities and 8 states, strategically of its kind in
located both for
a Represented by 499,543 no-par shares.
-V.127. P. 1955.
the purchase of the raw material and the sale of the finished product.
Formed in July 1928, to take over the business and property of W'ashburn
First Security Corp. of Ogden.
-Listing.
Crosby Co. and four other concerns, the company has to-day a total flour
The San Francisco Stock Exchange has authorized the listing of 50.000 milling capacity
of 87.700 barrels per day, comprising 21 mills; 30.463.000
shares of class A common stock par $100.
bushels terminal grain storage capacity. 219
CapitalizationAuthorized
Issued. warehouses with a grain storage capacity ofcountry elevators and grain
10,524,000 bushels; 7
Class A common stock, par $100
$50.000
$332.060 prietary feed mills; 3 cereal food products mills, and 74 branch offices proand
Clara 13 common stock. par $100
10.000
5.000 warehouses throughout the United States. Completion of the negotiations
Preferred stock, par $100
15.000
None
for the purchase of the
This corporation was incorporated June 15 1928. in Delaware. Certain rations and chicken feed, Larrowe Milling Co., manufacturers of dairy
rounds out an important division of the business
banking properties had previously been acquired by the principal incorpor- and adds
to these manufacturing facilities.
ators and were turned in to the corporation in exchanre for stock of said
The total flour milling capacity of the United States is more than double
corporation. These properties so converted were appraised as of their value that necessary
to supply the needs
April 1 1928. and taken into the corporation at that figure. A portion of it would have been an economic of the country. Under these conditions
waste
the capital stock of the corporation was raised by cash subscription and additional mills to meet its requirementsfor General Mills, Inc. to build
such subscribers, in addition to the issuance price of the stock, paid in a sum or elsewhere. If it built additional mills,in Oklahoma, Texas. California.
instead of acquiring them when
representing 6% interest thereon from April 1 1928, up to the date such needed, the extra cost of
more
cash subscription was paid in to the corporation. The intermit so paid in the milling industry as a whole. idle capacity would add to the expense of
was credited to an account entitled "accrued dividends." Such payment
The company, therefore, consolidated
having been made by cash subscribers to equalize with subscribers turning the El Reno Mill & Elevator Co., giving with the Hell group of mills and
it seven milling centers in Texas
in bank stocks as of value April 1 1928, on which earnings subsequent to and Oklahoma. and followed that transaction by the
consolidation of the
date had been accumulating.
that
Sperry properties in Washington, Utah and California.
The board of directors consists of M.8. Eccles (President). M.A. BrownBy retaining the management and
ing (Vice-President), E. G. Bennett (Vice-President), George S. Eccles companies the consolidated company complete organization of the unit
(sec.-Treas.), John Browning, Roy Sullen, 8. S. Eccles, W. H. Harris, skilled and experienced management has secured the benefit of proven
and earning
Joseph Scowcroft, Edgar S. Hills, John Hood, R. B. Porter, John Thomas, who are continuing in the active management of power. The individuals
the properties
W. 11. Wattles, G. G. Wright.
the management of General Mills. Inc.. and in addition to constitute
their direct
The corporation owns, operates and controls 21 subsidiary corporations, ownership of General Mills stock have made
substantial cash payments
as follows: First National Bank. Ogden, Utah; First Savings Bank. Ogden. for the purchase of the stock of General Mills Securities
Corp. 'The latter
Utah; First Security Bank, Rock Springs, Wyo.; First Security Bank. corporation in turn has invested the cash in the
purchase of
Montpelier, Idaho; First Security Bank. Blackfoot, Idaho: Anderson Inc. stocks, and thus the stockholders
are assured that General Mills,
Bros. Bank, Idaho Falls, Idaho: First Security Bank, Pocatello, Ida.; managers
a direct financial interest in the success of the individual
the enterprise.
First Security Bank, Nampa, Ida.; First Security Bank. Ashton, Ida.: - 128, have1563.
V.
p.
FINANCIAL CHRONICLE
1740
-Annual Report.
General Cable Corp.
Earnings for Calendar Year 1928.
Gross profit on sales
Selling, general & administrative expenses
$9,333,907
4,417,048
Net operating profit
Miscellaneous income (net)
14,916,860
378,523
Total
Interest on 1st mtge. bonds
Provision for Federal income tax
Net income
Previous surplus
Total
Dividends declared-preferred stock
Class A stock
[Vol,. 128.
Officers.
-Louis A. Greenberg, Chairman; Morris Z. Dworkin, President:
N. Rothman, V.-Pres.; S. M.Rutledge, Treas., and J. W. Barry, Secretary.
Directors.
-Thomas F. Burchlll, J. W. Barry, Morris Z. Dworkin, S. Al.
Rutledge, Louis A. Greenberg, Louis Schor, G. C. Emery, M.D., A.
Blauzvern and N. Rothman.
Globe Financial Corp.
-Organized.
The corporation has been incorporated in New York State with an
authorized capital of 100,000 shares of no par convertible preference stock,
15,295,383 and 350,000 shares of no par common stock. There will be 100,000 shares of
907,574 preferred stock and 150,000 shares of the common stock outstanding.
500,000
The corporation has been formed by the same interests responsible fen.. the
success of the Globe Exchange Bank. whose principal office is at 815 Broad13.887,809 way, Brooklyn. It will be under the management of a board of directors
948.093 including Morris Walzer. President of the Globe Exchange Bank; Jacob
Davis, Vice-President, Globe Exchange Bank; and Max Blumberg, director
14,835,902 of the bank. Initial assets, it is said, will be more than $5,000,000.
1,050.000
Officers and directors of the corporation it is stated, will themselves own
1,509.010 $2.000,000 of the capital stocks. A limited number ofshares of the preferred
and common stock, it is understood, will be offered to the public in units
$2,276,891 of two shares of preferred and one share of common at $47 per share for the
$2.90 preferred and $6 per share for the common.
Balance
Earnings per sh. on 457,500 common (no par)
Walter Robbins, President, says:
During 1928 two major changes have taken place in the property account
The properties of Detroit Insulated Wire Co. and of Great Lakes Thread
& Yarn Co. at Detroit, Mich.were purchased and the Baltimore Sheet
Mill was disposed of and acquired by the Republic Brass Corp.
The securities issued by Republ:c Brass Corp. upon the transfer to it of
the,altimore Sheet Mill on Dec. 17 1928 are owned by Chesapeake Metal
Sheets Corp., all of whose capital stock is owned by this corporation.
Earnings from the Baltimore Sheet Mill from and after July 1 1928 accrued
to the benefit of Republic Brass Corp. There is, however, included in the
balance sheet and also in other income in the earning statement the amount
accrued on such securities so issued by Republic Brass Corp. for interest
and for declared dividends. No portion of the undeclared surplus earnings
applicable to common stock of epublic Brass Corp. has beeen included
The earnings from the BaltimoreSheet Mill for the first 6 months are
included as regular operating earnings.
Consolidated Balance Sheet Dec. 31.
1928.
19271
1927.
1928.
$
$
Assets-Accts. payable and
Cash & marketable
6,913,649 3,913,720 accrued expense. 5,278,801 2,242,226
securities
693,968
Res. for Fed. taxes 612,398
Cash depos. with
Res. for returnable
2.589,133
mortgage
261,224
6,744,280 reels
Notes & accts. rec_ 8,517,288
75,180
52,370
16,219,983 15,496,474 Other reserves.Inventories
1,300,000
356,748 Notes payable__
311,066
Prepaid expenses
Accrued diva. on
Inves. in & advs.
175,000
1,245,674 1,417,635 Pref. stocks
to MM.cos
66.543 1st mtge.
%
Sundry investmls
252,184 gold bds.,Ben A.115,550,000 16,000,000
1,123,938
Other assets
800,000
22.702,171 26,039,923 Series B bonds._
Fixed assets
5 7% cumul. pf. stk _15,000,000 15,000,000
8
Good-will & pelts
Class A & com.stk
217,110,782 15,909,906
(no par)
Paid-in surplus_ __ 1,443,839 3,157,235
Total (ea. side)_59.622,892 54,317,492 Earned surplus_ _ 2,276,891 1,000,563
a Represented by 411,600 shs. Cl A and 457,500 shs. com.-V. 127.
p. 3548.
-Earnings.
General Motors Acceptance Corp.
1925.
1926:
1927.
1928.
Calendar Years1967675,575 1842819,877 1631543,5731 281426,772
Gross sales
49.851,472 40,784,275 28,682,975 11,529,626
Gross income
713,925
dr231,150
Adjustments
Operating expenses, taxes,
24.243,277 19,976,061 14.792,156 7,040,967
losses, &c
Interest and discount_ _ _ 15,237.742 12,229,739 8,466.466 2.845.848
Net earnings for year. _ _$10,370,453 18,578,475 $5,193,202 $2,356,736
Undivided prof. prey. yr. 8,406,675 5,178,200 3,374,998 2,368,262
Increase from revel, of
2,112,805
investment
,
Total unit's. profits $20,889.933 $13.756,675 $8,568,200 $4,724,998
1,350,000
6,650,000 5,350,000 3,390.000
Dividends
$14,239,934 $8,406,675 15.178,200 13,374.998
Balance
Shares capital stock out135,000
250,000
350,000
400.000
standing (par $100)
$17.45
$20.77
$25.92 , $24.51
Earned per share
Balance Sheet Dec. 31.
Comparative
1925.
1926.
1927.
1928.
AssetsCash in banks & on hand$55,397,794 $45,975,161 $37,930,068 $13,870,952
7.944,944
in trust
Cash
Notes & bills receivable
104,575,200
(U. S. and Canada).-279.083,830 249.863.003 218,696,222 11.711,559
43,549.869 25,867.236 13.428,857
foreign
do
328,344
505.410
999,046
Due from bks. on disetst 1,158,598
Accounts receivable... _ - i
353.411
943.921
1,287,955
Furn. & eq. (less depr.)_ 1.605,189 3.257,702
906,000
81,000
x5,363,535
Investments
767,640
4,399,179 4,175,500 3,193.440
Deferred charges
390,557,995 331.425,599 274,778,919 140,458.051
Total
Liabililies$440,000,000. $35,000,000 $25,000,000 $13,500,000
Capital stock
40,000,000 45.000.000 50,000,000
Serial gold notes
48.000.000 49,500,
-year 6% debs
10
109,975.698
and bills payable_206,215.138 156.999,535 165.545,623
Notes
Dealers repossession res_ 7,056,174 7,735,361 4.640,414 3,423,810
3.514,870 2,615,296 4.912,240
Accounts payable
851,883
1.989,640
Accrued int. on notes-- _ 1,871,225 5,634,597 4,174,618 2,303,377
8.022,263
Reserves
9,794,493 8,225,940 4,505.167
11.638,391
Unearned income_ _
6,749.998
Surplus & undiv. profits_ 24,239,934 17.156.676 11,428,201
$390,557,995 1331425.599 $274778,919 1140458.051
Total
15,222,703;
x General Exchange Insurance Corp. stock revalued at at $6,000 s.
General Motors Acceptance Corp. revalued at $134,832. Other
000.-V. 128, p. 119.
-Stock Offered.
Gibraltar Finance Corp. of New York.
25,000
-Organized.
Globe Underwriters Exchange, Inc.
The Globe Underwriters Exchange, Inc., is the name of the international
holding company investment trust for insurance stocks being launched by
Paine, Webber & Co. and associated insurance and banking executives,
prominent among whom are officers and directors of the Rossia Group Or
Fire Re-Insurance Companies, and other companies. The new corporation,
It is stated, have a very close affiliation with the Rossia group.
The board of directors, as announced, will include: Haratio Barber,
James V. Barry, Lawrence Bennett, Thomas B. Boss, J. W. Cochran.
Rodney Hitt, B. W. Jones, L. Brooks Leavitt, V. Russell Leavitt, Edwin
G. Seibels, C. F. Sturhahn, A. T. Tamblyn, H. S. Tenney, and C. L.
Waddell.
Paine, Webber & Co. have underwritten the financing for the new company, to consist of an issue of 500,000 shares of no par capital stock which
will probably be offered early next week. The total authorized issue is
1,250,000 shares.
-To Recapitalize.
Godchaux Sugars, Inc.
A plan for the recapitalization of the company is nearing shape in which
it may be submitted for approval to stockholders, according to George T.
Leach of A. B. Leach & G'o., Inc. Details of the proposed new capital
structure are withheld pending the final settlement of particulars, but it 18
known that the company's earnings record for 1928 has made the proposed rearrangement possible.
The present capital structure comprises an authorized issue of $3,500,000
7% cumul. 1st pref. stock of $100 par value of which $3,051.100 are outstanding; 70,000 shares of class A stock of no par value of which 56,000
have been issued and 70,000 shares class B stock of no par value, all of
which are outstanding.
The funded debt comprises $2,307,800 1st mtge. sinking fund 7s due
Dec. 1 1941; 19,700 1st mtge. 6%_ notes due Jan. 2 1933 and $1,800,000
6% notes due Jan. 2 1932.-V. r27, p. 1249.
-Director Resigns.
Gold Dust Corp.
Robert H. Adams, formerly President of the'American Linseed Co.,
has resigned as a director of the Gold Dust Corp. The vacancy has not
been filled.
-V. 128. p. 897. 1238.
-13'% Stock Dividend.
Goldman Sachs Trading Corp.
The directors have declared a quarterly 144% stock dividend, payable
April 1 to holders of record March 22. The company on Feb. 25 paid a
100% stock dividend. On Feb. 11 last the company announced that it
would pay a special cash dividend of$2 per share. (See V. 128,P. 1063).V. 128, p. 1406.
-Annual Report.
-Sales.
Grand Union Co.(& Subs.).
1928.
1929.
First Eight Weeks of$5,804,048 14.582,458
Gross sales(new stores included)
Dec. 29 1928.
Consolidated Earnings for Year Ended
$31,972,133
Sales to customers
Merch. supplies, prizes, labor, warehouse expense & freight &
25,253,862
trucking to stores,&c
33,551
Depreciation of plant & warehouse equipment
& other exps-- _ 5,433.299
Store exp.,salaries of clerks, manag.& superint.
527,647
General expenses
144,525
Depreciation of distributing equipment, &c
Profitfrom operations
Miscellaneous income,interest,&c
$579.249
95,200
Total income
Interest& discount on notes payable
Allowance for Federalincome taxes
$674,450
54,149
52,000
$568,300
Net income
221,210
Dividends paid
above net earnings for dividends of $3 per
After providing out of the
share upon the average number of preference shares outstanding during the
year, the residual earnings are equivalent to $1.60 per share on the average
number of voting trust certificates for common stock outstanding during
1928.
Consolidated Balance Sheet, Dec. 29 1928
Liabilities
Assets
$8,098,800
$1,734,459 Convertible pref.stock
Cash
902,724
544,058 Common stock
net of reserves
Acets rec'le,
22,500
4,885,278 Notes payable, banks
Inventories
358,112
67,858 Accep. under bankers' credits
Prepd. exp., ins., taxes, &c
852,388
67,355 Accounts payable
Investments,at cost
2,674 Accr. exps.. pay roll, ins.,
Employees'deposit funds_ --32 377
413.441
property taxes, &c
Real estate, at cost
23 697
Mach.fix. dc equip., at cost- - 1,052,874 Employees' deposits payable_
5..285
Good will, trade-marks, &c... 3,443,369 Accr. Federal income taxes._
33,600
223,835 Mtges on real estate
Deferred charges to oper_ --RUi. for unred. prem. tickets
177,413
& contingencies
33,781
Min. stockholders of sub.cos
1,842,445
Surplus
312,431,999 Total
$12, 4,999
Total
-V 127, p. 3549.
-Organized.
Great Britain & Canada Investment Corp.
The first association of American, British and Canadian investment
houses in the formation of an international investment trust is recorded'
with the announcement that A. Iselin & Co. of New York and Nesbitt.
Thomson dx Co. of Montreal, with the co-operation of Govett Sons & Co.
of London, have organized the above corporation. The new company.
It is stated, will have an initial capital of approximately $11.000,000.
Organized along the line of British investment trusts, the corporation,
It is announced, will be world-wide in the scope of its investments, but will
not be the trading type of corporation familiar to the American investment
trust field.
An offering of $6,000.000 435% 30-year cony. debentures (carrying
stock purchase warrants) is expected to be made at an early date.
American directors of the corporation will be Ernest Iselin of A. Iselin
& Co., Robert M. Youngs of A. Iselin & Co., and Lindsay Bradford.
Vice-President of the Farmers' Loan & Trust Co.
Canadian directors will include Arthur James Nesbitt of Nesbitt,Thomson
& Co., Ltd who will be President of the new corporation; James Blain
Woodyatt, President of Southern Canada Power Corp., Ltd., and Peter
Alfred Thomson of Nesbitt, Thomson & Co., Ltd.. all or Montreal.Arthur
English representatives on the board of the corporation will be
Owen Crichton, Manager of the Colonial Investment Trust Co., and of
the American Investment & General Trust Co., as well as a director in
several other British investment trusts; James Alexander Falconer,director
of the Scottish Eastern Investment Trust, Ltd.; Stewart Kilpatrick of
Govett Sons & Co. and Captain Oliver Lyttleton, D.S.O., Managing
Directors of the British Metal Corp., Ltd., London.
-Barry, Greenberg & Co., New York, are offering
of two
stock units at $25 per unit. Each unit consists
stock.
shares of preferred stock and one share of class B
cumulative to
The pref. stock is preferred as to assets and dividends, is
per share
the extent of 7% annually, payable quarterly, is callable at $11
after 1932.
70c. per share after the preferred
Class B common (no par) to receive
preferred up to
has received 7%. The common is to participate with the
stock.
10%, the remainder to go to the holders of the common
Authorized Capitalization.
50,000 shs.
Class A 7% carnal. pref. stock (par $10)
50,000 shs.
Class B common (no par)
in 1924, organized for the
-Corporation commenced business
Business.
other negotiable
Purpose of buying commercial paper, bills receivable and
of its
instruments. The new financing is to permit the further developing
insurance companies.
investments to include stocks of banks, trust and
buy, hold,
Amendments to the original charter permits the company to
governments and
sell and trade in stocks and securities of corporations,and Participate in
other securities domestic as well as foreign, to originate
underwritings.
years
--Corporation has earned over the period of the past 4 been
Earnings.
Dividends have
an average of 22.22% gross on capital invested. the rate of 10%; during
1926 at
paid during 1925 at the rate of 10%;during
-Sale.
Great Falls Mfg. Co., Boston.
1927 at the rate of 9%;and during 1928 at the rate of 8%• in new banks,
-Proceeds will be used to organize and invest of such banks
Purpose.
Regarding the sale of this company to the Dwight Manufacturing Co. of
stocks
trust companies and insurance companies; to purchase for other corporate Chicopee, which has not yet been consummated, W. Rodman Peabody.
and companies already in profitable operation, and
counsel for the Great Falls company, made the following statement:
purposes.
MAR. 161929.]
FINANCIAL CHRONICLE
1741
"The Great Falls company has agreed to sell its water and steam power
Hallgarten & Co. and Hayden. Stone & Co. (with which firms the
to the Public Service Co. of New Hampshure for $925,000. It has agreed directors are associated as partners) have agreed, subject to the approval
to sell its building and machinery to the Dwight Manufacturing Co. for of the stockholders, to underwrite the 100,000 shares so to be offered to
$900,000 capital stock of the latter company. Minot, Hooper & Co. have stockholders, at $60 per share, with an underwriting commission of $2.50
agreed to buy at par such an amount of the Dwight stock as, after the per share.
liquidation by the Great Falls company of its quick assets, will permit
If the plan is approved by the stockholders, the bankers, under the
the Great Falls company to pay its indebtedness in full.
terms of the Agreement. dated Nov. 12 1928, covering the purchase of the
"As a result of this trade the stockholders of the Great Falls company original issue of 250.000 shares of stock, will have the right to purchase,
will eventually receive about one share of Dwight stock for each 5 shares until April 15 1934, 40.000 additional shares of stock, and have agreed
of Great Falls stock which they now hold."
that the option price with respect to these 40.000 shares shall be $60 per
On completion of the deal the pillow-case and sheeting-production share, instead of $57.50 per share under the terms of the present contract.
departments of the Dwight company will be moved to the Somersworth, V. 127, p. 2830.
N. H., plant of the Great Falls company. This will result in a saving
-Earnings.
Hazeltine Corp.
-of large sums in freight charges which the company has paid hitherto in
Calendar Years1927.
1928.
transporting such fabrics from Chicopee to Somersworth for bleaching and
1926.
1925.
$608,653
$350,086
Royalties
finishing. (Boston "Transcript.")
8432.616
8594,768
-V. 127, p. 1814.
14.744
Other income
16,155
10,094
3,597
(L.) Grief & Bros., Inc.
-Earnings.
-
Income Account for Year Ended Dec. 311928.
Net earnings
Federal income taxes,(est.)
$941,787
125.000
Netincome
Dividend paid to Dec.31
$816,787
304,482
Balance surplus
Previous surplus
$512,305
1,71t,798
Total surplus for year
$2,225,103
Balance Sheet as of Dec. 311928.
Assets1 Liabilities
Land,buildings,&e
$1,804,029 , 7% cumul. pref.stock
$2,624,000
Cash
310.2787% cumul.class A cony.stock 1,743,000
Notes & accts. rec
2,524,923 Corn,stock & surplus
a2,225,102
Inventories
3,068021 Notes payable
745,000
Sundry loans & investments_
68,717 Accounts payable
305,655
Accrued accts., incl. est. Fed.
taxes
133,210
Total
$7,775,968
Total
$7,775,968
a Represented by 200,000 shares, issued and outstanding (60,000 shares
of total authorized amount of 260,000 shares, are reserved for conversion
of class A stock).
-V. 122, p. 1772.
Gulf States Steel Co.
-Subscriptions-Balance Sheet.
-
Subscriptions for the additional 72,500-Shares of no par common stock.
recently offered to the pref. and common stockholders, are payable at the
United States Mortgage & Trust Co., 55 Cedar St., N. Y. City.
Holders of shares of the present common stock of the par value of $100
each should surrender their certificates to the Guaranty Trust Co. of
New York, transfer agent, 140 Broadway, N. Y. City, in exchange for
certificates for a like number of shares of new common stock without par
value. See also V. 128, p. 1564, 1407.
The balance sheet appearing at the top of page 1565 in last week's
"Chronicle" should have followed the Gulf States Steel Co.income account
statement on page 1564.-V. 128, P. 1564, 1407.
t
Hahn Department Stores, Inc.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 1, % on
6
4
the outstanding 6 % cumul. cony. pref. stock, payable April 1 to holders
of record Marcia 21. (For offering see V. 127. p. 3406.)-V. 128. p. 411.
(The) Halle Bros. Co.
-Sales Higher.
-
Fiscal Years End. Jan. 31Sales
-v. 127. p. 3550.
1929.
1928.
1927.
$18.759,177 $17.150.765 $14,754,964
Hayes Body Corp.
-Earnings Calendar Year 1928.
Earnings after all charges,incl. deprec.,but before Fed.taxes_ --$960,036
Balance Sheet Dec. 31 1928.
AssetsLiabilUiesCash
$282,459 Notes payable
$450,000
Accounts receivable
544,820 Accounts payable
778.243
Inventories
2,126,766 Accrued wages
41,716
Life Ins.
-Cash surr. value._
32.532 Sundry accruals
5,849
Other assets
58,729 Compensation claims payable_
11,468
Plant and equipment
3,117,189 Reserve for Federal income tax
75,506
Patents
1 Res,for workmen's compensa'n
10,011
Deferred charges
436,196 Shareholders' equlty-repr. by
250,000 abs. (no par) corn.
Total (each side)
$6,578,692
stock
5.205,899
-V. 128, p. 1407.
Hayes Wheels& Forgings,Ltd. Subs.).
(&
-Earnings.
Income Account for Year Ended Dec. 311928,
Profitfrom operations & other income
Depreciation of plant & equipment
Bond interest
Net profit before income tax
Preferred dividends
a$460,381
121.253
34,856
$304.273
43,750
Balance
$260,523
a After providing for all manufacturing, selling and administrative
expenses.
Consolidated Balance Sheet as of Dec. 31 1928.
Assets
Cash
$58,162 Cap. stk.: 7% cumul. s. I.
Accts.& bills sec
403,039
Pref.stock
$625,000
Inventories
646,002 Common stock
x50,000
Life insur. policies
77,349 Accts. payable
279,828
Investinrnts
215,183 Div. pay.Jan. 1 1929
10,937
Deferred charges
49,821 Res.for income taxes
25,000
Expended at Stockport, Eng 134,229 1st mtge.6% s. f. gold bonds.
573,500
assets
Fixed
1,474.403 Capital surplus
479.102
Earned surplus
1,014.819
Total
83,058,187
Total
$3,058,187
x Represented by 50,000 shares of no par value.
-V.127. p. 691.
Haygart Corp.
-To Increase Stock-Rights.
--
The stockholders will vote March 25 on increasing the authorized capital
stock (no par value) from 350,000 shares to 1,000,000 shares. It is proposed to offer 100.000 additional shares to the stockholders of record
March 30 at $60 per share on the basis of 2 now shares for each 5 shares
owned. Rights will expire on April 15. Subscriptions will be payable at
the Commercial National Bank & Trust Co.,56 Wall St., N.Y. City. This
offering will be underwritten.
A letter to the stockholders dated Mar.8 says in substance:
This corporation was organized in Nov. 1928, with authority to issue
350,000 shares without par value. Of such stock 250,000 shares were
Issued and are outstanding in the hands of the public, and the remaining
100,_000 shares -1' authorized capital stock have been reserved for purchase
by Hallgarten & Co. and Hayden, Stone & Co.• or assigns, in accordance
with the agreement dated Nov. 12 1928, set forth in the original offering
circular, dated Nov. 1928 (see V. 127, p. 2830).
From the beginning of operations on Nov.23 1928,to the close of business
on March 4 1929 (3 months and 9 days) the net cash profits realized were
$601,828 including interest, dividends, etc., after deduction of all charges
including provision for Federal taxes, which amount is equivalent to $2.40
per share on the 250,000 shares of no par value stock now outstanding. In
addition there Is a substantial appreciation in market value over cost of
securities owned.
The directors believe that the additional capital can be employed profitably, and therefore deem it wise for the stockholders to authorize an increase in the authorized number of shares from 350,000 shares without par
value to 1,0000,000 shares without par value, and to issue presently 100,000
shares of this increased authorized stock.
Total income
Expenses and taxes
Res. amort. of patents_ _
$624,808
224,277
241,152
8364,831
166,775
241.152
$442,710
145,678
241.152
$598,364
162,305
258.376
Net profit
$159,379 def$43,097
855.880
8177.683.
Dividends paid
175,000
175.000
218.750
306.250
Rate
$1.00
$1.00
$1.25
$1.75
Shs. cap. stk. outsdg
(no par)
175.000
175,000
175,000
175 000
Earned per share
$0.91
$0.32
Nil
81.01
Comparative Balance Sheet Dec. 31.
AMULiabilities1927.
1928.
1928
1927.
Pats., pat. marks,
Capital stock_ _ -43,741,184 $3.637,719
tr.-marks, &e__$3.847,278 $3,637,278 Acetic. payable__
28,026
48,860
Purn.& equipment
3,424
3,672 Fed. income tax__
7,625
Investments
494,488 Res. for amort. of
539,005
Royalties owing &
797,422
patents
675,357
311,880
accrued
160,387
Accts. receivable_
1,589
Cash
64,024
57,868
Lab'tory supplies500
Accrued Interwt_
2,218
Subs,on cap.stk_
11,669
Rent prepaid
916
Tot,(each side)-$4,574,256 $4,381,936
x Represented by 175,000 shares of no par value.
-V.128. p. 411.
Hibbard, Spencer, Bartlett & Co.
-Income Account.
Calendar YearsNetincome
Dividends
Surplus
1928.
1928.
$885,818
840,000
1927.
$929,757
720,000
1926.
1925.
3687.258 81.372,497
1.000,000
1.000,000
$45,818
$209,757 def.$312.742
Balance Sheet Dec. 31.
1927.
1928.
372,497
1927.
ssetsReal est., bidga.
Capital stock
5,000,000 5,000,000
& equipment
6,249,074 6.235.948 Accts. pay. & accr.
Cash
367,677
477,585
expenses
840,315
460,812
Notes & accts. rec.
Accr. taxes, local
2969,249 3,080.087 & Federal
(lees res.)
282,221
306.012
Inventories
3,326,389 3,145,494 Res. for deprec.--324,901
246,287
Prepaid expenses _
60,299
41,884 Other reserves
36,671
Empl. notes rec___
57,113
65,408 Bills payable
250,000
Stks.of affil.cos.__
58,500 Special reserve
58,500
1,000.000
Treasury stock._ __
25,460
32,480 Surplus & undived
profits
6.778.233 5,727.696
Total
13,223,670 13,027,478
Total
13,223,670 13,027,478
-V. 126, p. 2976.
Hope Engineering Co.
-Gets Large Contracts.
-
The company has closed a contract with the Sinclair Refining Co., for
the construction of a 360
-mile 10
-inch and 12
-inch oil pipe line extending
from Drumright, Okla. to Joliet. Ill. The line, covering territory 700
miles in length will not be a continuous project but will supplement the
lines already laid at various points between the two cities. Construction
work has already begun. The contract is one of the largest placed for
pipe line construction so far this year.
The company has also been awarded a contract by the Indiana Oil & Gas
Co. and the Princeton Utilities Co. for the construction of a natural gas
pipe line to Vincennes and Princeton, Ind.
-V. 127. p. 2098.
The Hope Engineering Co. has started construction of a six-unit compressor station near Bethany, La., for the Dixie Gulf Gas Co. V. 127, p.
Houdaille-Hershey Corp.
-Initial Dividends.-
•
The directors have declared initial quarterly dividends of !i2;p. per
share on the class "A" stock and 37%c per share on the class 'B' stock,
ig par
videnglue, an i ablerAnril iat hoders of reciird March
ub hr orme
•
ou ille orp and i
c8o2r5p..
annual
rates of $2.50 per share on the class "A"stock and $1.50 per share on the
class "B" sto2k. New corporation represents merger of Oakes Product
Co., Houdaille Corp. and Hershey Corp.
-V. 127, p. 3712.
Houston (Tex.) Medical Arts Building Co.
-Bonds
Offered.
-The First National Co., St. Louis, is offering
$1,200,000 1st mtge. serial 5 2% real estate gold bonds
series A at $100 and interest.
Dated Feb. 1 1929; due serially. Feb. 15 1931 to 1941. Coupons payable
F. & A. at St. Louis Union Trust Co., St. Louis, Mo., trustee. Callable
on any int. date on 60 days' notice at 100 and int., plus a premium of
)i of 1% for each year prior to maturity. Denom. $500 and $1.000.
Security -Bonds are a direct obligation of the company, and are secured
by a closed first mortgage upon fee and building in Houston, Tex., known•
as the Houston Medical Arts Bldg. (Secured by the same mortgage but
subject and subordinate in all respects to these series A bonds, there is
also outstanding an issue of 8250,000 series B bonds, maturing during
the years 1930-36.)
The improvements consist of a 16
-story and full basement reinforced
concrete office building erected in 1926.
The basement provides boiler-room space, refrigeration, compressed
air plant, and garage space for 88 cars. The ground floor, in addition
to the lobby, has a drug store, a restaurant, a barber shop and two other
stores. The remaining 15 floors are typical, with suites arranged to suit
each tenant's requirements.
Income.
-Based upon audited operating statements furnished by the
owners, to-day's occupancy (which exceeds 90%) provides a net revenue
of 8156,000 available for the principal and interest requirements of this
loan an amount equal to nearly 23i timesthe maximum annual interest
requirement. Practically all of the office space is occupied under long-time
leases, and new tenants are required to take leases of not less than five
yerinking Fund.
-The mortgagor is required to deposit with the First
National Co., on or before the 15th day of each succeeding month, in
advance, an amount equal to 1-12 of all sums necessary each year to pay
general .
and special taxes, insurance premiums and maturing bonds and
Hudson Motor Car Co.
-February Shipments Higher.
-
Company produced and shipped 36,482 Hudson and Essex cars
ary, comparing with 30,315 a year ago and establishing a new in Februhigh production record for the month. Gain over last year exceeds 20%•
Reports of retail sales for February, while not complete, indicate that
they exceeded any February sales in the company's history. As this was
true likewise in January retail sales to date as a whole are ahead of any
Previous year.
The company is now operating at a maximum capacity and has scheduled
more than 45.000 cars for March shipments.
-V. 128, P. 1239.
Inland Wire &- Cable Co.
-Sale Approved.
-
Announcement is made that the stockholders have accepted the offer Of
the Anaconda Wire & Cable Co., the recently organized subsidiary of the
Anaconda Copper Mining Co., and have voted to transfer all the property
and assets of the Inland company to the Anaconda Wire & Cable Co., in
FINANCIAL CHRONICLE
1742
exchange for 102.800 shares of the capital stock of the latter company.
The Anaconda Wire & Cable Co.. has an authorized issue of 1,000,0130
shares of stock of no par value.
Upen this basis the stockholders of the Inland company will receive one
share of Anaconda Wire & Cable stock for each share of Inland stock held
by them out of the authorized capital stock.
Upon the completion of the transaction there will be a total of 223.478
shares outstanding, which was announced at the time of the organization
of the company which now owns the rod and wire mill formerly owned by
ahe Anaconda Copper Mining Co. at Great Falls, Mont., the wire mill
formerly owned by the American Brass Co., at Kenosha. Wis., and the
insulating plants of the Inland company at Sycamore. Ill.
The following are the officers of the new company: H. Donn Keresey,
President; Harold V. Engh, Vice-President and W. K. Daly. Secretary and
Treasurer. The Board of directors is composed of Cornelius F. Kelley,
Benjamin B. Thayer, H. Donn Keresey. Harold V. Engh and W. H.
Mitchell.
-V. 128, p. 1408.
Illinois Pipe Line Co.
-Balance Sheet Dec. 31.1928.
1928.
1927.
Assets-3
• Pipe line Inv
37,440.317
Other Investments 2,171,292
Cash & sects rec. 3,198,781
Malls & supplies_ 997.291
Dere assets, de__ 502,089
5
34,169,009
3,071,219
3,070,380
1,011 532
550,026
Total
44,309,770 41,872,168
-V. 127, p. 2541.
1927.
Liabttittes20,000,000 20,000.000
Capital stock
923.166
Reserve for taxes_ 946,979
Depreciation res 14,258.654 12.774,376
136,331
213.054
Accounts payable_
11.847
142,001
Unadjusted credits
Profit & loss surp_ 8,955,957 7.819.571
Total
44.309,770 41,872,168
-Class A Stock Sold.
Insuranshares Corp. of Delaware.
-Insuranshares Corp. of New York, 49 Wall St., New York,
A
has sold at $21 7 a share 750,000 shares of class A stock
of Insuranshares Corp. of Delaware, recently organized as
an investment company of the specialized management type
to operate in the insurance and bank stocks field.
The Goldman Sachs Trading Corp. has agreed to purchase
250,000 shares of the stock. The bankers report orders
from many of the principal European centers as well as from
this country and Canada.
The financing will provide the corporation with $15.000,000 which will
be invested and reinvested in Insurance and bank stocks. Of the total
proceeds of the issue. $5 a share will be set up as initial paid-in surplus
and the management may set aside, after payment of dividends on the
class A stock, an amount not exceeding four-fifths of earned profits as
surplus or reserves.
The class A stock, of which 5.000.000 shares without par value are
authorized, is entitled to non-cumul. diva, of 45 cents a share during 1929
and at the rate of 60 cents a share annually, thereafter in addition to 85%
of any additional dividend distribution. The corporation has also outstanding 500,000 shares of class B stock, substantially all of which will be
purchased for cash by the Insuranshares Management Co. The dIvs.
accruing to the class 13 stock, amounting to 15% of total die. declarations
over and above the regular class A diva., will represent the only compensation to the management company for Its services.
The investment policy of the new corporation will be influenced by the
following restrictions relative to the investment of its assets which appear
n its charter:
(1) Not more than 10% in the stock of any insurance company, domestic or foreign.
(2) Not more than 20% in the stocks of foreign insurance companies
not licensed to do business in at least five states of the United States or
In Canada.
(3) Not more than 10% in the stock of any bank or trust company,
domestic or foreign, which must have at least 8500,000 paid In capital and
equal or greater surplus and undivided profits.
(4) Not more than 20% in the securities of any corporation, syndicate.
association or trust engaged in a type of business similar to this corporation, except Insuranshares Trust certificates.
(5) Not more than 20% in any one foreign country and no investment
in securities involving unlimited liability.
If, in the opinion of the board of directors, any part of the assets of the
corporation cannot be or continue to be profitably invested for the time
being in any of the securities enumerated, the board may then authorize
the investment of such assets in other securities provided, however, that
not more than 5% of the assets may be invested in the securities of any
other one such corporation, syndicate, association or trust.
Sterling Pile will be President of the new company and Hobart B. Brown,
Vice-President, other men who will serve on the board of directors being
Edgar H. Boles, President, General Reinsurance Corp.: Kenneth F. Cooper,
Vice-President, American Cyanamid Co.; Harold A. Fortington, Financial
Secretary, Royal Insurance Co., nd Liverpool, London & Globe Insurance
Co.; Edward S. Goodwin, of doodwin-Beach & Co., Hartford: Daniel A.
Heald, of Colston. Heald & Trail; Russell J. H. Hutton, director, Buffalo,
Niagara & Eastern Power Corp.; Hugh R. Johnston, Vice-President, StecI lag Securities Corp.; Daniel T. Pierce, Vice-Chairman. Anthracite Operators Conference: J. F. Schoeilkopf Jr., director, Marine Trust Co., Buffalo.
and Edward B. Twombly, Chairman of the board, Insuranshares Corp. of
New York.
-V.128. p. 1566.
[VOL. 128.
The common stock of the Canadian company has been placed on an 80
cents annual dividend basis, the first quarterly dividend of 20 cents per
share being payable March 30 to holders of record March 15. The old
comraon
basis
th le 66 Jersey company had been on a $3 annual dividend
6 Na
w
-V
-Sales Higher.Jewel Tea Co., Inc.
-4928.
es
-192S.
1929-8 Weeks
End. Feb. 23- 1929-4 Weeks
Sales
$1,253,678 $1,154,229 $2,435,445 $2,255,447
-V. 128, p. 412, 1240.
(G. R.) Kinney Co., Inc.-Ctf. of Incorp. Amended.
At a special stockholders' meeting, the certificate of incorporation was
amended by the addition of the following paragraph:
The preferred stock shall be subject to redemption by the corporation
at the option of the board of directors at such time and in such manner as
said board may determine, at the price of $115 per share and in addition
thereto all unpaid dividends.
This change makes the certificate of incorporation conform to the certificate of stook as solci.-V. 123. p. 1567.
Larrowe Milling Co. Toledo, 0.
-Sale.See General Mills. Inc., above -V. 128, p. 413.
-Merger.
-Leonard, Fitzpatrick, Mueller Stores Co.
The committee representing holders of substantial amounts of 8%
cum. cony. pref. stock and common stock, in an official announcement,
have requested all holders to deposit their shares with the National Bank
of Commerce in New York on or before April 1 1929, for the purpose of
effectuating the proposed merger of this company with the National Bellas
Hess Co., Inc. Under the terms of the merger, one share of National
common stock will be issued in exchange for each two shares of Leonard
common stock.
Under the merger agreement, holders of Leonard 8% cum. cony. pref.
stock who deposit their stock under the plan will not lose their right of
converting their shares into certificates of deposit for common stock upon
the present basis of 314 shares of common for each share of 8% conpref. stock.
George it. Burr & Co., who originally offered and are holders of substantial amounts of Leonard, Fitzpatrick, Mueller Stores stock, have
taken an active part in negotiations leading up to the merger agreement
and have approved and agreed to the plan, and join the committee in
advising holders of both classes of stock to deposit their shares under the
plan. The committee will endeavor to arrange an immediate market for
for the certificates of deposit for both classes of stock and application will
be immediately made for trading privileges on the New York Curb Market.
The committee representing stockholders comprises W. E. Leonard.
Chairman and President of the Leonard Company, who will continue his
association with the enterprise In an important executive capacity; Foster
Adams of Geo. H. Burr & Co.; and George Mueller, Vice-President of the
Leonard company.
-V. 128, p. 1568.
-S. W. Straus &
-Stock Sold.
(Fred T.) Ley & Co., Inc.
Co. Inc. and Foster, McConnell & Co., New York, have
sold 150,000 shares capital stock (no par value) at $57
'
per share.
Transfer agent. Bank of America, New York City; Registrar, Guaranty
Trust Co. of New York.
Authroized. Outstanding.
Camlalization400 000 she. 150.000 abs.
Capital stock (no par value)
$660,000
i800.000
Secured 6% serial gold notes
Fred T. Ley, Harold A. Ley, Leo L. Ley, and their associates who
together have conducted the affairs of the predecessor organizations (Fred
T. Ley & Co., Inc. of Mass, and affiliated corporations) and will continue
in the management of this company, will acquire by reorganization or
otherwise 100.000 shares of the presently outstanding stock and 50.000
shares will be sold for additional working capital and for other corporate
purposes.
Data from Letter of Fred T. Ley, Pres, of the Company.
History ov Business.
-The business, through its predecessor companies:
originated in 1893, when a co-partnership was formed and an initial capital
of $500 and has been built up by the individuals Who still control and
manage the company. Throughout its history, the company (through its
predecessors) has continously engaged in the business of constructing office
buildings, apartment houses, hotels, banking houses, industrial plants,
railways, dams, power plants, bridges, water supply and hydraulic systems,
transmission lines, &c. The greater part of this construction business is
accomplished on a cost plus basis, which makes for stability of earnings.
Construction activities have been largely confined to Eastern and Southern
United States and to South American countries.
The company (through Its predecessors) has also been engaged in the
development, control and operation, for its own account, of large real
estate projects, located for the most part in N. Y. City. It will own
through Its subsidiary the equities above mortgages In the Westinghouse
Building (fee and long-term leasehold) at 150 Broadway. the Professional
Building (fee) at 30 East 40th St. and the Hale Building (long-term leasehold) at 11 East 44th St., all in N. Y. City. In addition It will own onethird of the preferred and common stock of the Fisk Building (fee) at Broadway and 57th St.. N.Y. City.
The value of the three properties entirely owned, plus the full fee value
of the Fisk Building, as appraised recently by Albert 11. Ashforth, Inc. of
N. Y. City, is 516,250.900. Deducting therefrom the entire mortgage
debt of these properties which is approximately 63% of the appraised value,
the value of these ownerships including the one-third interest in the Fisk
Building, Is $3.807,416. Tills total does not Include real estate owned
-Earnings.
Safety Razor Corp.
International
outside N. Y. City.
Earnings for January & February 1929.
-The earnings of Fred T. Ley & Co., Inc. of Mass, and the
Earnings.
Carom profit
New York real estate companies, available for dividends on the stock of
8112..257 Fred T. Ley & Co., Inc. of Del., after deducting Federal Income taxes at
9 476
Reserve for depreciation
14.066 the current rate of 12%, have been as follows:
Reserve for Fed.income taxes
Fred T. Ley & Co.,
$103,154
Inc., Mass. Beal Est. Cos,
Total.
Available for distribution
Year Ended
$347.975
953062
6
812; 78
11 0 403
Feb.28 1927
Balance Sheet Feb. 28 1929.
ea4569r44.n,146n47gs42
$348371:
Feb.29 1928
Liabilities
Assets
308,289
146.382
ended Nov.30 40 1928.... months end
817,367 9 As two of the buildings were completed during these periods, the
$148,154 Accts. payable & accruals
Cash
91,383 as shown for the real estate companies,do not indicate the earning capacity
91.455 Reserve for taxes
Inventories
78,803 Reserve for contingencies
40,000 of the properties. Using actual figures for the nine months ended Nov. 30
Accounts receivable
247,265 1928, and the auditors' estimates for the following 15 months, based on
Land build. mach.& equip,etc._ 149,043 Capital stock
137.679 Surplus
211,791 leases already signed, the earnings available for dividends will be for the
Goodwill. trade marks.etc
2,673
Deferred charges
fiscal year ended Feb. 28 1929, 3208,375; and for the fiscal year ending
Feb. 28 1930, $246.147.
8607,806
Total
Total
8607,806
The average annual earnings available for dividends of Fred T. Ley &
--gr. 128, p. 899.
Co., Inc. of Mass., for the two years and nine months as shown above are
$410,082. Adding thereto the earnings of the real estate companies for
the fiscal year ended Feb. 28 1929. as estimated above, gives a total of
-Earnings.
Isle Royale Copper Co.
$618.458, which is equal to $6.18 per share on the 100,000 shares of capital
1928.
1927.
Calendar Years.1926.
81,939.167 $1,524.019 $1.431.211 stock of Fred T. Ley & Co.. Inc. of Del., which this the amount of stock
Copper sales
25,027
18,400
17.476 to be exchanged for the assets upon which the above earnings are calInterest
665
83
23 culated. Adding to the average annual earnings of Fred T. Ley & Co.,
Miscellaneous receipts
Inc. of Mass, the estimated earnings for the real estate companies for the
$1.964.277 $1.543.085 81.448.709 fiscal year ending Feb. 28 1930, gives a total of $656,230 or $6.56 per share
Total income
288.857
305.019
217,757 on the 100,000 shares.
Copper on hand Jan. 1
-The pro forma consolidated balance sheet after
Financial Condition.
1,318.835
Production, selling, admin. & taxes.. 1,333.258
1,263.000
Cr.288,858 Cr.305.019 giving effect to the present financing and transactions incident thereto and
Copper on hand Dec.31
after excluding certain non-liquid and non-essential assets of predecessor
5342.161
$208.088
$272,971 companies, shows net tangible assets of $7,722,524 or $51.48 per share of
Operating profit
96.947
79.110
Depreciation
83.770 the capitalization presently outstanding. The company will have working
159.097
179,335
139,747 capital of $2.115,802 of which $1,375.783 will be cash.
Depletion
Dividend Poticy.-Directors will inaugurate the payment of dividends
$65.878 loss$30,118
349.455 at the rate of $3 per year on or about July 11929.
Net profit
-Application will be made to list these shares on the New York
Listing.
262,500
150.000
150.000
Dividend paid
-V. 125. p. 658.
Curb Market.
$196,622
$180,118
$100.545
Deficit
-Acquires Engine Rights.
Lincoln Aircraft Corp.
Barns. per share on 150.000 abs. cap.
The corporation announces that it has taken over from the Wright
Nil
$0.43
$0.33
stk.(par $50)
Aeronautical Corp. of Paterson, N. I. the exclusive manufacturing and
I
-V.128. p. 740.
sales rights in the United States and Canada for the Wright Morehouse
-Correction. air-cooled horizontal opposed, light airplane engine. The Wright com,International Nickel Co. of Canada, Ltd.
the European rights.
In last week's "Chronicle," page 1566. It was erroneously stated that pany retains permit the Lincoln company to manufacture and market
This will
ate eemmon shares of the old New Jersey company were issued in exchange
This should have read six complete light plane, weighing only 500 pounds with the engine, for the
for each Canadian company COMMOO share.
$1,200. The engine weighs only 89 pounds. develops 25-30
Shares of common stock of the Canadian company for each New Jersey low price ofArmy tests has driven a light plane at 80 miles an hour. making
and in
share.
ceaunan
1743
FINANCIAL CHRONICLE
MAR. 16 1929.]
32 miles on a gallon. President Victor H. Roos, on March 6 stated that
his company expects to make 1,800 of these motors this year, of which
-V. 128, p. 1241.
300 to 400 will be used in the Lincoln Baby Sport Plane.
-Business Increased.
Lincoln Printing Co.
Business at the company's Chicago plant increased approximately 30%
In the first two months of 1929 over the same period of 1928. All plants are
-hour schedules and the company reports excellent business in
working on 24
sight.
The company has contracted to print annual reports and year books
for eight public utility organizations not served last year, and has retained
all of its last year's business with increased production on many of those
-V. 127. p. 2543.
orders.
were paid on July 2, Oct. 1 and Dec. 31 1928. An extra dividend of 25c.
per share was paid on the common stock on April 1 1928. During 1927
the following extra dividends were paid on the common stock: 25c. per
share in the first quarter, 50c. per share in the second quarter. 25c. Per
share in the third quarter, and 25c. per share on Dec. 31 for the fourth
-V. 128. p. 3410.
quarter.
-Record Shipments.
Marmon Motor Car Co.
A. R. Heiskell, Vice-President and Secretary on March 9 announced
'
that the company already has orders for 5,354 cars for shipment during
March, indicating the possibility of March shipments exceeding the best
previous record for any single month by more than 75%.-V. 128. p. 1411.
Massey-Harris
Ltd.-To Increase Capitalization.-
vote March 18 on increasing the authorized common
The stockholders will Co.,
shares to 1.000,000 shares and on creating
The Bankers Trust Co. has been appointed co-registrar of the common stock, no par value,from 500,000 cum. cony. pref. stock, par $100. The
an issue of 150.000 shares of 5%
(see also V. 128, P. 741).-V. 128, p. 1568.
stock of no par value
at 125 and divs, and will be convertible into
latter issue will be callable
common stock on a share for share basis.
-Earnings.
Loew's Inc.
All of the 7% cum, preference stock (120,899 shares, par $100, outNov. 18'28. Nov. 20'27.
12 Weeks Ended.111
110 and dividends.
$2,997.276 $2,121,666 standing) will be called atthe common stockholders the rigkt to subscribe
Operating profit
It is proposed to offer
864,612
895.243
Depreciation & taxes
per share, for each two shares held. At Dec.. 31
for one share, at $60
shares of common stock.
$2.102,033 $1,257,054 1928 there were outstanding 483,596
Net profit
The directors have declared a quarterly dividend of 75c. a share on the
-V. IV. p. 3536.
-V.128, p. 1568.
common stock, placing the issue on a $3 annual basis.
-Co-Registrar.
Link-Belt Co.
-Earnings.
Ludlum Steel Co.
1926.
1927.
1928.
Years Ended Dec. 31$3.817,528 $2,829,798 $3,521,229
Netsales
3.104,558
2,458,097
Material,labor dc operating expense..- 3,029.200
-Stock Distribution.
Mathieson Alkali Works.
President E. M. Allen March 5 said in substance:
"Subject to the approval by the stockholders of the proposed increaselin
the number ofshares ofcommon stock (no par value)from 200,000 to 1,000.000 shares, the directors have sanctioned the distribution, as a stock diviheld by
dend, of three shares of common stock for each share of such stockof which
stockholders of record on a date to be hereafter fixed by the board, general
The remaining shares will be reserved for
due notice will be given.
corporate purposes, and any thereof sold for cash will be offered, for pro
-V. 128. p. 1411.
rata subscription by the stockholders."
Income from operations
Depreciation
$788,328
82,801
$371,701
81.241
$416,670
101,365
Netincome from operations
Other income
$705,527
54.575
$290,460
89.579
$315,305
120,596
Totalincome
Interest on funded debt
Amortization bond discount
Res.for Federal, State & general taxes
$760,102
73,914
11,076
88,502
$380,039
76.344
11.076
67,183
Bal.for dividends & surplus
Dividends paid
$586,610
270,000
$225,436
270,000
$435,901
-Stock
Merchants & Manufacturers Securities Co. partic. Inc.
78,601
pref.
11,076
The stockholders approved the proposal to increase thethe par value
60,544 stock from 160,000 shares to 300,000 shares and to change
from $25 to no par. A proposal to change the common stock from $25 Par
.111110
$285.679 to no par also was ratified.
270.000
J. Listenau, Vice-President, was elected a director to succeed Fred Bauer
of New York-V. 126, P. 3768.
$15,679
-A new
-Units Offered.
Metal Textile Corp. (Del.).
135.000
$2.12 issue.of 20,000 stock units is being offered at $49 per unit
$316,610 df.$55.436
Balance, surplus
135.000
135.000
Shares cap.stk. outstanding(no par).$1.67
$4.34
Earnings per share
Comparative Consolidated Balance Sheet Dec. 31.
1927.
1928.
Liabilities1927.
1928.
Assets$1,738,164 81,738,165
Permanent assets x$2,363,151 82,269,502 Capital stock
413,956 Bonds outstanding 1,053,000 1,088,000
537,068
Cash
63,001
19,120 Accts. payable _ ._ 186,391
. 10,160
Notes receivable_
1,000
_
304,081 Notes payable...
511,003
Accts.receivable
11,386
17,376
1,237,710 Accrued accts..1,337,171
Inventories.
32,017 Fed. Inc. & other
. 14,500
Other curr. assets
73,020
72,403
taxes
191,508
70,027
assets
Other
31,733
30.712
170,592 Int. on 1st M.bds.
140,173
Pats., form.&proc
67,500
67,500
1 Dividend payable_
1
Good-will
53,168
27.456
289,947 Reslorpos.contin.
Deterred charges.- 291,401
2,080,648 1,802,461
Surplus
85,274,655 $4,928,435
•
85.274,655 84,928,435 Total
Total
x Land, $220,400: plant and buildings. $824505; machinery and equipment, $1,970.364: total, $3.015,270: less depreciation, $652.118. y Repre-V. 128. P. 569.
sented by 135,000 shares of no par value.
-Earnings.
McCord Radiator & Mfg. Co.
1926.
1927.
1928.
Years Ended Dec. 31$11,248,475 $9.149,229 $10,989.852
Netsales
9.508,466
7,838,410
Cost ofsales,selling & admin. expense 9.742,160
Repairs, renewals, deprec. & amort.
426,557
417.710
520,878
of tools & dies
167,787
187,611
238,939
Interest & income tax
164.000
Provision for contingencies, &c
Net profit to surplus account
Shs.ofcl.A&Bstk.outs'd'g (no par)--Earnings per share
-V. 127, p. 2544.
$746,497
182.225
$4.09
$705,496
184,725
83.82
$723,041
188,250
$3.84
-Report.
(& Subs.).
(Md.)
McKesson & Robbins, Inc.,
[Including the results of operations of companies prior to acquisition.]
1928.
1927.
Calendar Years$81.900,129188,720,575
Sales
4,156,876 4,852,740
returns,allowances,%Sze
Discounts,
64,876,916 69,655,460
Cost ofsales
10.673,267 10.996.321
Selling St general expenses
Net profit on sales
Interest on receiv.. bank balances,&c
Cash discounts on purchases
Miscellaneous
$2,193,070 13,216.054
447,346
437,172
895,362
882,755
181,991
154,977
Totalincome
Interest paid
Other charges
Prov.for Federal & Canadian income taxes
$3,667,973 $4.740,753
220,731
201,569
290.938
247.074
487,803
460,439
of one share of participating preference and one 'share of
common, to yield 6.63% by Bertles, Rawls & Donaldson,
Inc., and Parker, Robinson & Co., Inc. The offering does
not represent new financing in behalf of the company.
To Be Issued.
Authorized.
Capitalizationy20,000 shs.
Particip. pref. stk. ($3.25 cum. div.)(no par) 20,000 shs.
165,000 shs.
x225,000 shs.
Common stock (no par)
conversion of participating preference stock.
x 60,000 shares reserved for
y Each share convertible into three shares of common stock.
Transfer agents: Central Union Trust Co. of New York and Old Colony
Trust Co., Boston. Registrars: United States Mortgage & Trust Co..
New York and State Street Trust Co.. Boston.
-Corporation (of Delaware) has been oeganized to acquire the
Business.
business of the Rhode Island corporation of the name name, manufacturing
and selling a patented and trademarked line of inexpensive copper (sponge
and fabric), kitcnen utensil cleaning devices, such as "The Chore Boy"
and "The Chore Girl," and various commercial metallic fabrics. Practically every well known popular priced merchandise chain store system in
the United States is a customer. Other customers are jobbers, general
stores, grocers, department stores and hardware stems. Over 12,000,000
household units were sold in 1928. The sales are practically cash transactions as nearly all of the customers discount within 10 days.
-Net profits, after depreciation and Federal taxes have been as
Profits.
follows:
1928.
1927.
1926.
1925.
$23,748 $74.495 1124.131 1167,008
Net profits
21.9%
18.7%
14.3%
5.9%
Per cent. of net sales
Orders on books on Feb. 1 1929 were far in excess of those on Feb. 1 1928.
An additional line of products has been developed from which it is expected
net profits will further be increased in 1929.
-Company has agreed to make application to list its stocks on
Listing.
the New York Curb Market, and on the Boston Stock Exchange.
-Organized.
Midland Royalty Corp.
Organization of this corporation, which has acquired a selected group of
diversified oil producing royalties representing broad interests in settled
production from lands in the mid-continent field, has been announced by
J. Edward Jones, President.
Corporation is capitalized at 100,000 shares authorized convertible
preference stock and 200,000 shares of common stock. Public offering of
securities of the new company is expected to be made shortly by Weber,
Lyon & Co., Inc.
-Extra DiviMidland Steel Products Co., Cleveland.
dend Declared on Common and Preferred Stocks.
The directors have declared extra dividends of 48 cents per share on the
common and $1 per share on the pref. stock,in addition to the regular quarterly dividends of $1 per share on the common and $2 per share on the
22. Like amounts
$2,758,891 $3.741,282 preferred, all payable April 1 to holders ofrecord March extra of 49 cents
Net profits for year
1928. an
2,777.190 were paid on Jan. I last. On July 1 and Oct. 1 the pref. stock were paid.
Less-Profits ofsubsidiary cos,prior to date ofacquisition
per share on the common and of $1 per share on
of McKesson & Robbins, Ltd.,
Div. paid o i preference stock
cents per share on the
35,000 In each of the previous five quarters an extra of 48 paid.
held by the public
-V.128, p.743.
common and one of $1 per share on the preferred were
Portion of net profits applicable to com. stock of McKesson &
7,202
Robbins,Ltd.,held by the public
-Earnings.
Chemical Works.
Monsanto
1927.
1928.
Calendar Yearsapplic. to pref. & com. stks. of McKesson & Robbins,
$1.645,407 $1,419,100
$921,890 Gross earnings
Inc.of
25,593
108,015
Interest earned & other income
Div. paid on pref. & com. stks. of McKesson & Robbins, Inc.
237,354
of Maryland-Preferred (to Dec. 151928)
$1.753,422 $1,444,693
Totalincome
265.764
Common
334,375
371.681
Provision for deprec.or replacement
112,102
x178,019
$418.772 Expenditure for research
Earned surplus at Dec.31 1928
190,641
127,523
The net earnings for 1928 are equivalent, after deducting minority inter- Interest& discount on bonds
4,177
stock outstanding and after allowing for full year's Other interest paid
est on the subsidiary
See x
47,777
dividend on 321,507 shares of preference stock outstanding, to $3.70 a Miscellaneous reserves, &C
131,760
83.000
Reserve for Federal income tax
the common, against $2.53 the previous year.
share on
F. Donald Coster, President of the company which was formed in the
$672,621
$944.438
Netincome
latter part of 1928 to combine 16 wholesale and manufacturing drug com1.676,967
1.644,642
his letter
Previoussurplus
panies in various sections of the country,said inshow a to stockholders:
substantial increase
- "Sales for the first two months of this year corporation is negotiating
$2,589,080 12.349.589
Totalsurplus
over the corresponding period of 1928. The
275,000
for the acquisition of approximately 25 companies most of which are ac- Dividends paid & adjust
704,947
}
201,106
Ref.of Fed.
tually under option and being investigated by auditors and appraisers. Prem,for taxes
Cr.260,067
sale ofshares
consist of prominent distributing corporations as well as
These companies
important drug manufacturing companies. None will be taken over
12.775,253 11.644.642
Profit
unless in our opinion such acquisition will materially benefit the operations Earns, & loss surplus
per sh. on 110,000 shs. com. stk. out,stand.
advantageous contracts are
of your company. In addition thereto, very for exclusive distribution of
$6.11
$8.59
(no par)
being negotiated with national manufacturers
-V. 128. P. 1411.
x Includes miscellaneous reserves, &c.
their products through the McKesson & Robbins, Inc.. system of distribution." V. 127, p. 3552.
-Omits Dividend.
Morgan Lithograph Co.
The directors have voted to omit the quarterly dividend of $1.25 per
-Report.
McQuay-Norris Mfg. Co.
on April 1 on the common stock. A quarterly
share ordinarily payable
1925.
1926.
1927.
1928.
Years End. Dec.31$384,114 distribution at this rate was made on Jan. 2 last.
1408,337
$538,322
$915,083
Net income
In commenting on this action, Chairman P. J. Morgan stated that
181.359
166,411
178,026
185,210
Deprec., amortiz.&mach
only
27,100 earnings for the first six months ended Dec. 31 1928, werethe about one33,444
44,943
103,397
Reservefor taxes
condition of
half the dividend requirement for that period, and while
shown some slight improvement, immediate prospects are
$175.655 the business has
$208,482
$315,352
$626,475
Balance,surplus
-V. 127. P. 2100.
not such as to justify continuance of the dividend.
-V.126, p. 3607.
-Extra Dividend of 50c.
Marlin-Rockwell Corp.
The directors have declared an extra dividend of 50c. per share in
stock,
addition to the regular dividend of 50c. per share on the common
no par value, payable April 1 to holders of record March 22. Like amounts
-Transfer Agent.
Motion Picture Capital Corp.
The Seaboard National Bank of the City of New York has been appointed
transfer agent of the preferred and common stocks. See also V. 128, p.
1569. 1242.
1744
FINANCIAL CHRONICLE
Motor Bankers Corp.
-Notes Offered.
-First National
Co. of Detroit is offering $500,000 collateral trust gold notes
on a 6% discount basis net.
[VOL. 128.
National Bancservice Corp.
-Dividend No. 2.
-
The directors have declared the regular
per share, payable April 1 to holders of recordquarterly dividend of $1.2
March 15.
An initial dividend of like amount was paid on Jan. 2 last.
-V. 127
P. 2695.
Dated March 8 1929; due serially. Notes available in denom. of 31.000
and $5,000, payable at the office of the Detroit & Security Trust Co.,
trustee, Detroit.
National Bellas Hess Co. Inc.-Proposed Merger.Corporation.
-Organized in 1919 for the purpose of financing the sale of
See Leonard. Fitzpatrick, Mueller Stores Co. above.
automobiles on the deferred payment plan and for the handling
'
-V. 128, P. 1570.
cial paper, throughout the entire State of Michigan. Companyof commerwas organized with a paid-in capital of $125.000, which has been increased to $750,000,
National Bond & Share Corp.
-Stock Sold.
-Dominic
and shows surplus of 8453,904 as of Feb. 28 1929. Company diversifies
its purchases of notes secured hy Ford, Chevrolet, Hudson, Essex, Nash, & Dominick recently announced the formation of th.
corporation, a $10,000,000 investment trust represented b
Chrysler, Pontiac. Oakland. De Soto, Jordan, Packard and other cars,
with a 33 1-3% down payment and the balance in monthly payments not 200,000 shares
of capital stock without par value. Approxi
exceeding 12 months.
mately 10%, or 20,000 shares, were subscribed for by th
The company has shown substantial net earnings in every year since
organization. During its life the company has purchased notes in excessits partners and employees
of
of the firm. The balance of the
363,000.000 and has shown a loss ratio of less than 1%'of the total notes
purchased. Company has marketed in excess of $38,000.000 of its collateral stock was subscribed for by customers and private wire
trust notes, of which there are outstanding approximately $2,967,000 at correspondents of the firm at $53 a
share.
the present time, including this Issue.
Transfer
Security.
-Notes are direct obligations of corporation and are secured by City Bank,agent, Guaranty Trust Co., New York. Registrar, Nationa
New York.
110% of purchase money obligations, secured in turn by motor cars on which
CapitalizationIssue.
Authorized.
the payments have been at least 33 1-3%. The notes are self-liquidating
400,000 shs. 200.000shs.
as the collateral matures serially to correspond with the maturity dates of Capital stock (no par value)
Corporation.
-Has been organized by Dominick & Dominick in Delawar
the collateral trust notes.
for the purpose of buying, selling, dealing in and holding stocks and securities of any kind, participating in syndicates and underwritings and exercisMotor Dealers Credit Co.
-New Control.
ing such other of its charter powers as its directors may from time to time
See Commercial Investment Trust Corp. above.
-V.127, D. 2834.
determine.
The corporation will commence business with 310,000.000 in
Motor Products Corp.
-To Reclassify Capital Stock
- from the sale of 200,000 shares of its capital stock to Dominick cash, arising
& Dominick
Extra Dividend of $5 Per Share Proposed.
-President D. B. at $50 per share; and as they will pay all the expenses in connection with
the organization of the corporation and the issue and distribution of this
Lee Feb. 27 said in substance:
stock, the above sum will
For some time the directors have had under consideration the proposition 20,580 shares have been be net to the corporation. Of the 200,000 shares,
purchased, at $50 per share, by the partners and
that the capital structure of the corporation should be so changed that it employees of Dominick &
Dominick for their own account.
shall have only one class of stock. The board has now adopted a plan
Directors.
-The board of directors is composed of the partners (general
which includes the following:
and special) in the firm of Dominick & Dominick and no others.
(a) The redemption as soon as possible after May 18 1929 of all the
Management and Compensation.
-The corporation has entered into a manoutstanding preferred shares;
agement contract
the firm
(b) The increasing of the total number of authorized common shares (no of which that firm withreceive noof Dominick & Dominick under the terms
will
compensation unless the annual net profits
par value) from 200,000 to 500,000;
of the corporation
(c) The offering to the common shareholders of record March 28 1929 ducting therefrom (as defined in such contract) actually realized, after dethe deficiencies, if any, for any previous years. exceed
of the right to subscribe on or before April 15 1929 pro rata at $28 per share 10% on its stated capital (as
defined in such contract). In any fiscal year
for an additional number of common shares equal to one-half the number in which the net realized
profits after deducting such deficiencies, if any,
of common shares held.
exceed this 10%, the limn of Dominick & Dominick will be entitled to
The directors have also determined as a part of such plan, subject to the receive a management compensation
for such year as follows:
approval Of the holders of the common shares, to have the corporation enter
If in
into employment and stock purchase agreements with certain of its em- cies, if any fiscal year the net realized profits, after deducting the deficienany, for any previous
ployees covering the sale to them of common shares, such shares to be paid 10% upon the stated capital,years as hereinafter mentioned, shall exceed
the firm of Dominick & Dominick shall be
for in whole or in part through credit of a part of the compensation to be entitled to compensation
for that year in an amount up to but not exceeding
paid to such employees for their services to the corporation.
20% of the total net realized profits for that year remaining after deducting
The common shares to be specified in the proposed employment and stock such deficiencies, if any,
purchase agreements are those which the certificate of incorporation pro- & Dominick shall receivesubject to the limitation that the firm of Dominick
such compensation only to the extent that the balvides may be issued to employees of the corporation. The aggregate num- ance of net realized profits, after
deducting therefrom such compensation
ber of common shares that are to be specid in all the agreements to be and such deficiencies, if any,
will be not less than 10% upon the stated
executed and delivered in the year 1929 shall not exceed 12.500.
The employees of the corporation with whom the agreements are to be capital. The amount of compensation thus determined which the firm of
made and the number of shares to be allotted to each and specified in the Dominick & Dominick is entitled to receive for any year shall be paid in
following manner:
agreements are to be determined by a committee consisting of 3 members the Such part thereof as is not in excess of
(a)
10% of such balance of the net
of the board of directors who shall not be parties to or benefit under any realized profits of the
corporation shall be paid in cash; and
such agreements, whether made in the year 1929 or at any time thereafter.
The committee which shall act in respect of agreements made in the year to(b) The remainder,if any,ofsuch compensation shall be paid in cash only
the extent that
1929 is to consist of Jules S. Bache, Dwight B. Lee and William C. Rands. or declared and setdividends aggregating at least an equal amount are paid
aside for payment in such year on the outstanding capital
or their successors appointed by the board of directors.
stock
It Is the intention of the directors to declare an extra dividend on the sationof the corporation. To the extent that the remainder ofsuch compenis not payable in cash it shall be paid in stock of the corporation,
common shares (including those issued on the above mentioned offering) taken at a price per share equal to
the liquidating value per share(as defined
in the amount of $5 per share after the preferred shares shall have been re- in the management
contract) of the outstanding capital stock of the cordeemed, such dividend to be payable on or about June 1 1929.
A special meeting of the holders of the common shares is being called to poration.
The
be held on March 25 to approve the plan above outlined, including the capital requirement for annual net realized profits of 10% upon stated
shall be cumulative so that if,
making of the above mentioned employment and stock purchase agreements. shall fail to have net realized profits in any fiscal year, the corporation
of that amount, the deficiency must
-V. 127. p. 2545.
be made good in subsequent years before the firm of Dominick & Dominick
will be entitled to receive compensation.
Mount Vernon-Woodbury Mills, Inc.
-Report.-The entire net proceeds received by the corporation upon the sale of its
Calendar Years
stock; the fair value, as determined by the board, of services or property
Gross income
3797.201 y$1,161.206 31.090.0,40 31,241,g13 received for stock; and also the amount of compensation paid to the firm of
Int. & exp, on deb. notes
68.204
189,315
137,258
144.258 Dominick & Dominick in stock shall be considered as stated capital.
Other interest
11.225
358,665
27,775
66,349
Prov. for depreciation372,026
363.296
367.803
National Distillers Products Corp.(& Subs.).
-Earns.
Prov. for Fed. & State
Calendar Years1928.
1925.
1927.
1926.
taxes
See y
See y
75.000
40,000 Net sales
$6,414.399 $4,964.694 35.336,914 39,230,611
Cost ofsales
5.292.229 4,187,190 4,555,058
6.264,428
Net income
$608,640
$487,511
$370,332
$623.403
Previous surplus
1,467,443
1,222,301
1.098.287
838.382
Gross profit
$1,122.169
$777,503 .
$781,856 $2,966,183
Gross surplus
31.837,775 $1,830,941 31,585,798 $1,481,785 Bottling and storage rev.
(net)
17,980
165,477
236,612
l+35,387
Divs. pd. on pref.stk (5)
363.497
363,497
363,497
363.497 Miscellaneous income
304,390
285,663
366.918
255,386
Surplus Dec.31
x$1,474,278 31.467,444 31,222.301 $1.098,288 xOld Time Molasses Co.
profit
427.567
344,331
76,718 def.98,131
Earn, per sh. on 72.699
shares of pref.stk.(par
Total income
$100)
$6.62
$5.09
$7.61
$8.57 Selling,adm.& gen. exp. $1,872,106 $1.572,974 31,462.105 $3,458,826
895.702
1,051,216
1,099,138
1,822.507
Subject to accumulated dividends on preferred stock, when 'declared
232,686
246,550
184,016
260.783
of $33.50 per share. y After provision for income taxes. V. 126. P. Interest on gold notes
Other interest
89,995
26,041
1994.
Depreciation
158.614
216,235
284,043
213,913
Prov.for Fed. taxes_
150,000
(G. C.) Murphy Co.
-To Add 20 New Stores.
The company's 1929 expansion program provides for the opening of
Net income
$585,105
$58,974 def$137,772
3928,265
20 additional units, which will increase the size of the chain to 160 units
1,243.594
1,431,717
1.234,307
and increase the annual sales by approximately 35,000.000, President Profit and loss surplus- - 1,828.700
Shares of com. outstd.
J. S. Mack announced.
168,000
168 000
168,000
168 000
"As a result of the opening of these new stores," Mr. Mack stated,
Nil
/411
rin
$0.94
"we expect to increase our sales this year to approximately $17,000.000 Earns. per sh.on cam_
x Proportion of loss or gain applicable to investment of National Distillers
compared with the 1928 total of $12.118.188. Net profits after taxes
-V.127. p. 2695.
for 1928 totaled 3670.680, or $4.29 a share on the 125.000 shares of common Products Corp. in the Old Time Molasses Co.
stock, and this total also is expected to record a substantial increase during
National Leather Co.
-Annual Report.
the current year. The expected $5,000.000 increase in sales for the curFiscal Year Ended- Dec. 29 '28. Dec. 31 '27. Jan. 1 '27. Jan. 2 '26.
rent year is not to accrue entirely from the new stores but will also include
Net sales
324,137.887 524,866.444 $24,558,398 $25,837,341
the increased sales from the Tottle chain of stores, acquisition of which
was announced recently and also the normal growth a business in the Cost of sales, &c.,deduc. 23,898,986 23,560,228 24,796,221 25,116,782
Int. on bor. money,&c
197,323
210,006
818,014
382,996
older established stores.
Cr.67,124
Cr.58,152
Cr.72,022 Cr.113.617
"The expansion program was started early this year and about ten Interest received
of the 20 new stores have already been opened or are just awaiting the
Net profit for year_
3108.701 31,154,3621084550,798
$16,160
arrival of merchandise, thus giving the company the benefit of the sales
3,019,387
4.173,749
3,622,951
3,806,726
of these units for the entire year. The early opening of these stores, Previous deficit
Surplus adjustment_
xCr.465,369
Cr.167.615
together with the Tottle acquisition, was reflected in the January and
Fe
sales statements, which showed grow volume of 31.724,107,
Profit & loss deficit _ _ 32,445,617 33.019,387 $4.173,749 $3,622,951
an increase of 35.64% compared with last year.
a Share of affiliated companies'surplus earned prior to Jan. 1 1928.
Consolidated Income Account for Calendar Years.
Consolidated Balance Sheet.
1928.
1927.
Dec. 2928. Dec. 31'27.
Dec. 2928, Dec. 3117.
Sales
$12,118,187 $10,233,508
Assets
Rents& miscellaneousincome
115.273
119,719 Real estate, bldgs.
Preferred stock_ -13,000,000 13,000,000
& machinery__ 4,908,939 5,060,327 Common stock__ 7.500,000 7.500.000
Totalincome
$12.233,461 $10.353,227
943,275 Notes & wets pay 2,887,764 2,877,726
680.264
Operating expenses
11,476,283 9,683.190 Cash
Notes & accts. roc_ 3,091,900 3,205,287 Reserve for contlnRes.for Federalincome taxes
86,497
89,184 Inventories
9.691,809 9,075,973
gencles, &c
554,414
529.398
3,098,1133 2,627,889
Netincome
$670,680
$580,853 Investments
2,445,617 3.019,387
Deficit
Total(each side) 23,917,162 23,932.139
Preferred dividends
133,981
119.057
Common dividends
124.710
49,440 -V. 126. P. 1675.
Balancesurplus
Previoussurplus
Organiz.expenses written off
Federal tax adjustments
Prem.on sale of pref.stock
Inventory adjustment prior years
Other surplus additions(net)
/refit & losssurplus
No.ofcommon shares outstanding
Earned per share
-V.128. p. 1570.
$411,789
1,339,116
69.128
Dr.40.964
15,380
$412.358
965,483
Dr.39,102
Cr399
$1,794,647 $1.339,116
125.000
120 900
$4.29
$a.67
National Family Stores, Inc.
-Rights, etc.
-
The stockholders on March 11 increased the authorized common stock
from 200.000 shares to 500.000 shares of no par value.
The preferred and common stockholders of record March 18 will be
given the right to subscribe for 64,000 shares of the additional common
stock at $30 per share on the basis of one now share for each 2M shares
held. Rights will expire April 2.
It is announced that the corporation has acquired all of tho Issued and
outstanding capital stock of the W. T. Farley, Inc.. and E. J. Farley, Inc.,
owning and operating 42 apparel stores in various cities throughout the
country. These businesses have been in successful operation for over
35 years. Tills brings total units in the organization to 72.
ThejlFarley chains last yearldid a business of 33.000.000. while they
years in excess of 3500,000
have earned over a period of the past four Organized in Utica, N. Y.,
a year after certain non-recurring charges.
are situated principally in the South and Southwest
in 1893,the Farley chains
Delaware. South Carolina,
and embrace the following States: 'Virginia,
Tennessee. California, Arizona,
FloridaJ Mississippi Texas, Louisiana, D. C.
NewiMexice, Georgia and Washington,
West Virginia,
The National Family Stores have units in Pennsylvania.
and
Ohio, Maryland. Michigan, Illinois, Indiana, Wisconsin, Missouri
Minnesota.
Year Ended Jan. 31 1929.
Earnings for
$3.400,266
Income from sales
Cost of goods sold,exps.,taxes & reserves,less discounts earned_ 3,018,879
3381.387
Net Profit
Earns, per share on 90,000 shs. corn, stock (no par), after .
$3.87
preferred dividends
Consolidated Balance Sheet Jan. 31 1929.
Liabilities
Assets5254.600
$104,639 Notes payable
2,161.051 Acets & trade accepts. payable
Accounts receivable
(incl. Fed.inc. taxes payable) 315.475
460,610
inventories
Merchandise
1,553 Cumulative preference stock- 1,000,000
Marketable securities
11,413 Common stock (90,000 shs.
Notes and loans receivable
450,000
no par)
Officers' life insurance (cash
917,305
5,357 Surplus
surrender value)
3,929
receivable
Deposits
173.505
Furniture & fixtures & equip
15.321
Inventory of stationery & sup_
1
Leaseholds and goodwill
Total
-V. 128.
52.937,381
Total
52.937.381
p. 1243.
-Annual Report.
National Lead Co.
Calendar YearszNet earnings
Class A pref. dive
Class B pref. diva
Common dividends
1745
FINANCIAL CHRONICLE
MAR. 16 1929.]
1925.
1926.
1927.
1928.
$5,872,496 34.929,397 $9.004,567 $4,633,352
1,705.732
1,705.732
1,705.732
1,705,732
464,746
464.746
1.652,432
1,652,432
1,574,974
1,549,155
$2,152.863 $1,183,943 35,646.403 31.275.188
Balance. surplus
Profit dc loss surplus-- 15,243,237 13,245,290 32,716.746 27.070,343
of common shs. outNo.
206.554
206,554
309,831
309,831
standing (par $100)-$14.17
$35.34
$8.90
$11.95
Earnings per share
•
taxes, reserves, &c.
z After deducting expenses,
The net earnings for 1928, including insurance reserves, amount to $6,180.361, equivalent to $12.45 per share on the common stock as compared
with $10.25 per share earned the year before. Net after deducting insurance reserves amounted to 35.872,496.
In discussing the report, E. J. Cornish, President, said that with the exception of white lead in oil, all branches of the company's business showed
Improvement over 1927. The decline in sales of white lead, he attributed
to the inferior quality of lead being used in new construction work and to
the fact that the company cannot sell its product to chain and department
The
stores at prices which would put its loyal customers out of business. lines
losses in white lead, however, arc being made up by increases in other
of the business, it was explained.
President Cornish declared that although earnings for 1928 showed an
increase of more than $2 per shar e over 1927 and would seem to warrant an
Increase in the dividend rate on the common stock, the board of directors
contemplates no action at this time as its policy has always been not to
raise the dividend rate until certain that the future position of the company
assures the maintenance of such rate.
Consolidated Balance Sheet Dec. 31.
1925.
1926.
1927.
1928.
Assets$338,922,846 340,182.557 $40,666,777 $40,268,740
aPlant investment
13,028,004 16,156.521 14,959,184 12,272.113
investments
Other
18,192.403 17.255,549 16,424.252 17,655,426
Inventories
4.631,005
5.625,059
5,831,865
6,454,735
Cash
23,184,359 22,531,708 23.931,834 20,764.268
Accounts receivable
340,001
201,279
257,210
1.212,210
Notes receivable
Total
$100,994,559$102,215,410$101,808,385 895.931,553
Liabilities
$24,367,600 $24,367,600 $24,367,600 $24,367,600
Class A pref. stock
10,327.700 10,327,700
Class B preferred
30,983,100 30.983,100 20.655.400 20,655,400
Common stock
6,916,000
6,517,000
5.171,000
Sub, company bonds3,492,592
3,814,237
4,228,480
4,522,547
Insurance reserves
315,460
347,035
349,903
363,700
Employees' Habil. ree've
1.000,000
1,000,000
1,000,000
1,000.000
Metal reserve
Plant reserve
2,500,0002.500,000. .2,500,000
1,500,000
1,500,000
1,500.000
1,500.000
Promotion reserve
154,915
154.915
Dividends payable
3,663,198
4.153,227
4,135.994
4,981,057
Tax reserve
4,450,960
4.251,428
4,237,140
5,050.701
Accounts payable
15,243,237 13.245,290 32.716.746 27,070.343
Surplus
Total
$100,994,559$102,215,410$101,808.385 395,931.553
a After depreciation and depletion amounting to 322,722,458.-V. 126.
p. 1519.
-Organized.
National Motor Service Corp.
-Earnings.
National Tea Co.
Calendar YearsSales
Operating profits
Federal taxes
Net income
Preferred dividends__
Common dividends
1925.
1926.
1927.
1928.
$85,881,696 $58,801,377 $53,657,785 347.450,885
1,804,474
1,817,221
3,199,833 b2,379.041
234,838
232,000
333.000
377,393
52,822,440
260,272
598,900
32,046.041
219,663
597,682
$1,585,221
210.781
596,275
$1,569,636
/11.030
450,000
$778,166 31.008.606
$1,963,267 31,228,696
Balance,surplus
150,00
150.000
150,000
150.000
Sits.com.outst'g (no par)
$9.72
$9.16
$12.17
$17.08
Earns. per share on cornto
b Includes stock dividend of National Tea Co., Minneapolis amounting
350.000.
Balance Sheet December 31.
,
• 1927.
1927.
1928.
$
Liabitittes$
8
Assets-.
8,184,981 Preferred stock__ 4,005,200 4,137.700
Prop. (leas deer.). 8,517.639
133,200 Common stock_ _ _x1,537,139 1,537,139
85,992
Treasury stock.. _ _
359,273 Pur. men. Ole's_ 1,281.000 1.589,500
Invest.& advances 701,933
9,990,658 7,439,796 Notes & accept'ces
Inventories
payable,&c..-_ 3,090,885 1,548,877
53,460
35.690
Mtge.receivable
464,796 Acc'ta payable...... 3.083,371 3,228.248
Accla & notes rec.. 474,019
125,000
300.000
1,128,976 1,185,981 Stockholders
Cash
47,327
65.878
476,617 Misc. reserves........
Deferred charges__ 544.841
10,341,885 8,163,335
2.222,610 2.079.022 Surplus
Good-will
23,705,359 20,377,126
Total
23,705,359 20,377,126
Total
a Represented by 150,000 no par shares -V.128, P. 1243.
-Proposed Expansion.
National Terminals Corp.
The corporation is considering plans for the addition to its pier facilities
-foot dock at which ocean-going
at its East Chicago terminus of a 2,500
as well as lake carriers may unload directly into its warehouse quarters.
announcing the new plan,said: "Chicago
President William J. Hogan,in
does not intend to compete with New York as an ocean pert of entry,
but it is a fact that four steamships recently docked at our East Chicago
water from
plant direct from Europe. Chicago is only seven days by anticipate a
Montreal and with the completion of our new facilities we
-Europe tonnage. There are many comlarge increase of direct-from
by
modities which can better afford the alight delay of transportation
water from the seacoast than the greatly increased charges of rail transportation." See also V. 128. p. 1412.
-An issue
-Debentures Offered.
National Toll Bridge Co.
-year 6% convertible debentures is being
of $2,100,000 10
offered by J. G. White & Co., Battles & Co. and R. W.ljalsey & Co., at 98 and accrued int., to yield over 6.25%.
Dated Jan. 1 1929: due Jan. 1 1939. Denom. $1.000 and $500 c.•
Convertible at the option of the holder up to and incl. date of maturity or
redemption date into class A common stock. Red. all or part by lot on
any int. date on 30 days' notice at 105 and int. on July 1 1929, the premium
decreasing t % for each 12 months or part thereof elapsed thereafter. Int.
payable J. & J. Principal and interest payable at the office of Public
National Bank & Trust Co., New York, trustee. Ipterest payable without
deduction for normal Federal income tax not exceeding 2%;Penn. personal
property tax not exceeding 4 mills and certain taxes in Maine, Mass.,Conn.,
Maryland, and District of Columbia refunded.
Data from Letter of L. J. Sverdrup, Vice-Pres. of the Company.
Authorized. Outstanding.
Capitalization200,000 shs. 52.500 shs.
Class A common stock (no par)
800,000 shs. 210.000 shs.
Class B common stock (no par)
y$2 100 000
a
-year 6 convertible debentures
10
z Restricted by terms of trust agreement.
-A Maryland corporation, organized to own the securities and
Company.
supervise the operations ofcompanies engaged in the construction and operation of vehicular toll bridges and in similar activities. Three subsidiary
companies now have under construction the vehicular toll bridges below
mentioned, which are being constructed Under the supervision of the J. G.
White Engineering Corp. Additional projected and operating bridges and
ferries are under negotiation by the company.
-The operations of the company's three subsidiaries the
Operations.
financing of which it is estimated will be completed through this issue are
as follows:
Madison Bridge Co. is constructing a toll bridge over the Ohio River at
Madison, Ind.
Herman Bridge Co. is constructing a toll bridge over the Missouri River
at Hermann, Mo.
Independence-Liberty Bridge Co. is constructing a toll bridge over the
Missouri River 18 miles east of Kansas City, Mo.
Contracts have been let for all of the construction of the above bridges.
Company's engineers estimate that the Independence Liberty Bridge will
be open to traffic during Sept. 1929, the ManUon,Bridge during Oct. 1929,
and the Hermann Bridge during Dec. 1929, and that the total cost of the
three projects will be 33.282,000.
-It Is estimated that the proceeds of this issue, together with
Purpose.
proceeds of previous junior financing now in the company's treasury, will
be sufficient to complete the projects under construction by the Madison,
Hermann, and Independence-Liberty Bridge companies.
-It is planned that advances by the company to these three subAssets.
sidiary companies will be funded by the purchase of their first mortgage
bonds. It is e,thalated that upon completion of these three projects the
company will own,in addition to all the stock of these subsidiary companies,
except directors qualifying shares. $3,282.000 of first mortgage bonds secured by their properties.
-Company's engineers estimate that the consolidated earnings
Earnings.
from these three bridges in 1930 wlll be as follows:
$447,400
Gross income360.400
Net income
126,000
(this issue)
Interest on funded debt
Organization of this corporation under the laws of Delaware, announced
this week, reveals a project for bringing under centralized management and
control passenger and freight motor service companies operating in the
principal cities of the United States. Launching of the corporation is
believed by its sponsors to represent the first effort to organize on a cbuntrywide basis the motor service business as distinct from the taxicab business
and inter-State bus lines. Most of this service is now supplied by independent operators, the individual businesses generally comprising relatively
small units, and as a first step in the larger plan it is proposed to bring
Balance,after Federal tax, available for depreciation and diva.... _3208,240
several of these businesses together in the cities which the corporation
78,750
proposes to enter.
Prior dividend, class A
$2
At the outset the operating activities of the corporation will be centered Earnings applicable to class A stock per share
in New York but plans are already under consideration for
primarily
Raises Call Price of Class A.
extending its operations, which will embrace private rentals and service to
The suaekholders at their annual meeting approved the proposal to raise
clubs, hotels, steamship companies and hospitals as well as general trading
to raise the
and armored truck services, to Boston, Baltimore, Philadelphia, Pittsburgh, the call price of the class A stock from $35 to $50 a share, andat the meet
liquidating value from $25 to $50. Announcement was made
Detroit and Chicago where units will be set up at a future date.
corporation will acquire immediately all the outstanding stock of lag that the class A stock had been listed on the New York Curb Exchange.
The
the Imperial Motor Service Corp., a New York company which is by far -V. 127. p. 1958.
the largest unit of its kind in the metropolitan area with approximately 500
-Earnings.
(J. J.) Newberry Co.
active customers' accounts on its books and with a substantial part of its
1926.
1927.
1928.
business under contract. Imperial Motor Service Corp., which will function
Calendar Years121
subsidiary of National Motor Service Corp., has a fleet of approxi- Number ofstores
151
210
as a
$20,609.366 $15,069,159 $9,985,074
mately 500 automobiles, almost exclusively of the higher-price group, and Sales
Net income before taxes
maintains 8 modern garages and 2 repair shops to service its fleet.
1,229.864
886.763
1,691,537
124,565
165.616
198.284
The National Motor Service Corp. is at present considering the acquisi- Federal and State taxes
43,645
36.312
tion of a bus line and of a trucking company operating 350 trucks under Interest
contract. The corporation plans to proceed gradually with its operations
which have a proven earning record
$762.197
Net income
31.456.941 31.020.603
and will acquire no units except those
131.783
and a major part of their business under contract.
242,553
350,000
Preferred dividends
142.242
Furlaud & Co., Inc., expect to make a public offering of the corporation's Common dividends
tock within a short time.
$630,414
$778,050
$964.700
Balance.surplus
-February Sales.
National Shirts Shops, Inc.
206 000
213,200
239,620
Shares of cone. outstdg.(no Par)
Increase. Earnings per share on common
Increase. 1929-2 Mos.-1928.
$3.06
-1928.
$3.65
$4.62
-Feb.
1929
397.104
343.964 3491.650
3394.546
3204,534
3248,498
Consolidated Balance Sheet Dec. 31.
128. p. 1412. 743.
1927.
1928.
1927.
1928..
-Earnings.
8
$
Liabilities$
Assets
National Sugar Refining Co.
Land,bldgs..&c.- 1,765,607 2,467,969 Preferred stock _ __ 5,000,000 5,000,000
1927.
1926.
1928.
Years
Calendar
782.807
Fen.& fixture... 2,556,055 1,830,230 Common stock.. _ _x3.056.531
Not
34,987.494 81.222,2301
Gross earnings
929,744] Available Alternat.&improv 2,593,416 1,770,880 Accts. pay,bonuses
1,614.508
Deprec. int. S.: taxes
859.907
interest. &c_ _ _ _ 1,291.302
626,674
1,028.310
Cash
165.616
198,285
38.670 Federal taxes
13,928
3292,485 13.567.289 Misc.& accts. rec.
33.372.986
Net earnings after taxes
71,886
4,780,546 3,175,357 Dividends payable
1.049.965 Inventories
1,199.986
1.049,965
paid
Dividends
76,410 Purch. money mtg, 927,009 1,417.876
Empl. notes rec.&c 319,004
661,999 Surplus
3,386,007 2.421,984
873,145
32,173,000def.$757.480 32,517,324 Deferred charges_
Balance,surplus
z150„NO
z'Shares 50.000
600,000
ofcapitalstock outst'ng(no par)
Total
13,930,011 10,648,189
13,930,011 10.648.189
Total
323.78
$1.95
$5.62
Earnings per share on capital stock- _ _
Rapraseatel by 238,320 na pir sh wee.- V. 123, p. 1570.
a Par $101-V. 128. P. 1067.
1746
•
FINANCIAL CHRONICLE
New Cornelia Copper Co.
-Proposed Merger.
-See
Calumet & Arizona Mining Co. above.
-V.128, p. 903, 262.
New York Air Brake Co.
-Earnings.
-
Calendar YearsxGross profit
Other income
1928.
$1.434,170
197,868
Total income
$1,632,038
Admin.,&c.,expenses481,957
Taxes,franchises, &c_ _ _
188,624
Royalties
Bond int. & discount_
66.965
Netincome
Class"A"dividends _
Common dividends
Sundry charges.&c
1927.
$1,748,248
253,190
1926.
1925.
$2,586,888 $2,079,464
294,414
196.592
$2,001,438 $2,881,302 $2,276,056
456,866
466,300
466.319
249,459
324,111
254,954
297.750
130.141
198,445
197.659
197,029
$894,493 $1,096,666 $1,595,482 $1,227,613
y62.100
335.700
($3)871.860 ($3)869.160(234)639.703 (3)600.000
47.139
38,573
1,547
1,754
Balance,surplus
def$24.506
Prey, cap. stk. & surplus 16,019.924
Trans.fr. spec. res. acct.
Proceeds of sale com.stk.
Cancellation of reserve
for bond purchase_
Sundry credits, prior yr.
$188,933
15,830,991
$892,131
12,036,675
$290,159
11,682,302
190,615
3,500,000
185,877
48,607
Total cap.stk.& sur_ _$15,995,417 $16,019,924 $16,663,290 $12,163,076
Adjustments
126,401
Prem. on redemp. of
class "A"stock
832,300
[Vol.. 128.
Transport. The United Aircraft & Transport Corp. will be operating
the principal branches of the aviation industry.
On Mar,6 1929, there was distributed to common stockholders of
recor
Feb. 18,
shares of the common stock of the United Aircraft & Trans
Corp. for each share of Niles-Bement
-Pond Co. common stock owned
After this distribution is made, there will be remaining in company'
treasury slightly over 20,000 shares of the United Aircraft & Transpor
Corp. common stsock.
The General Machinery Corp. in addition to the Niles Tool Works an
the Niles Gear Co., has acquired the Hooven Owens Rentschler
the Hamilton Press Co. located adjoining the Niles Tool Works Co. an
plant
Hamilton, Ohio. These properties are now consolidated under one of
ficient management.
The Shepard-Nils Crane & Hoist Corp. includes the former Shep
Electric Crane & Hoist Co. of Montour Falls, N. Y., the Niles Cran
Corp. and the Chemung Foundry Co. The products
Niles plants are complementary. The consolidation of the Shepard an
is now under on
management with consequent advantages.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
$
Liabilities$
Property account. 5,386,506 5,179,245 Common stock._ _x8,662,500
8,287.5
Miscell. invest__ __
59,742
59,739 Preferred stock ___ 1.355,100 1,516,8 I I
Stock & adv. to
do
Assoc. cos. 787,800 1,694.90•
Pratt & Whitn'y
Accounts payable
Aircraft Co ____ 750,500 1,030,914
(Incl. taxes)- _ 796,419
556,456
Inventories,
4,562,968 4,765,001 Adv. payments on
Accts.St notes rec_ 2,115,549 1,448.133
contracts
50,1
Cash
1,060,796 1,350,501 Res. for coating
153,446
144,556
lleal est. mtge.-- 836,000 1,288,559 Surplus
3,254,096 3,067,261
Accrued interest _ _
9,048
11,318
Deferred charges
228,250
184,214
Capital stock & surTotal
plus, Dec.31
15.009,360 15.317,623
Total
$15,995,417 $16,019,924 $15,830,991 $12,036,675
15.009,360 15,317,623
Skis. corn. outst's(no par)
x Represented by 192,500 shares of no par value.
300.000
300,000
300.000
200.000
-V. 128, p. 1068.
Earns, per share on com_
$2.98
$3.65
$5.10
$4.45
North American Cement Corp.
x After deducting cost of manufacture, labor and materials, including
-Earnings.
Calendar Yearsrepairs, renewals, depreciation, &c. y Class A stock redeemed July 1 1926
1928.
1927.
1926.
1925.
Net sales
at $60 per share and dividends.
$5,538,741 $5,916,073 66,095,888 $6,154,584
Cost of sales
3,263,562
3,676,391
Comparative Balance Sheet Dec. 31.
3,331,993
3,827,906
1928.
1927.
1928. 1927.
Gross profit
$2,275,178 $2,239,682 $2,267,982 $2,822,591
Assets$
Liabilities
$
$
Selling and other exp$
895,678
843,498
776,021
838,406
:Land,b1dgs. mayCapital stock and
Int, and amortiz. on bds.
562,247
563,669
40,083
chinery,equip- - 4,384,455 4,633,016
surplus
15,995,417 16,019,924 Depreciation and depl
672,175
605,480
477,502
442.065
Pats., tr. name,&c 5,502,709 5,502,709 1st M.6% bonds.
1,804,500 Federal taxes
r
36.810
Cash
1,261,068 3,065.821 Accounts payable
Market securs
2,018,754 2,058,403
royalties, &c--- 446,548
293,974
Net Profit
$145,077
$190,225 $1,014,459 $1,502,037
Accts. receivable
1,071,471
803,102 Accrued accounts_
18.062
36,751 Miscellaneous earnings36,023
37,659
68,453
50,687
Inventories
1,164,349 1,166,924 Dividends payable 220,787
223,366
Misc.accts.&inv'ts
60,257
31,195 Federal and States
Net earnings
$181,100
$227,884 41,082,912 41.552,724
Beebe's Isi'd Water
taxes accrued_ _ _
184,547
247.385 Preferred dividends-90,125
270.375
Power, &c
1,509.517 1,509,517 Contingent res've- 257.193
317,261
Balance
$90,975 Def$42,491 x$1,082,912 41,552.724
Prenald exp.. supx Before interest and Federal taxes. y Company wrote off, from surplus,
plies,&r)
149,974
172,472
Total(each side)17,122,558 18,943,162 during 1928, 6295,295 for the replacement of obsolete machinery,
making
x After depreciation. y Represented by 300,000 shares of no par value.
-V. 127, p. 696.
- unnecessary any reserve for Federal taxes.
V. 127, p. 834.
Northeastern Surety Co.-Bal. Sheet Dec. 31 1928.
New York Hamburg Corp.'
-Earnings.--AssetsLiabilities
The corporation for the period April 10 to Dec. 31 1928 reports net Collateral loan
$17,000 Reserve for unpaid losses
$135,656
profit, after deducting organization and all other expenses except Federal Bonds and stocks (market
Reserve for unearned prem..
11,818
taxes, of $88,677. Adding to this increase in equity of the
value)
837,003 Commissions due
2,036
Hamburg
American Insurance Co. shares of $80,933, makes a total for the period Cash
731,737 Reserve for tax on premiums_
3,771
of $169,610.
Premiums in course of collection
6,749 Unpaid expenses
18,194
The corporation was formed last April for the purpose of acquiring Interest accrued on investment
7,297 Capital stock
1,100,000
interests in American corporations in the insurance field. It has acquired Other assets
NO Surplus
328,810
all the stock of the Hamburg-American Insurance Co., which does a reinsurance business in fire and allied lines. The Hamburg-American InsurTotal
Total
81,600,286
81,600,286
ance Co. forms part of the "Mutzenbecher Group," the operations of which -V.
128, p. 263.
are international in scope.
The corporation plans to broaden the scope of its activities,
North Packing 8c Provision Co.-Bal. Sheet Jan. 1.according
to Pres. Franz F. Mutzenbecher, who states that an option has been seAssets1929.
1928.
Liabilities1929.
1928
cured to acquire the majority stock of an established life insurance company. Real est.,
bldgs.
Capital stock
$3,000,000 83,000,00
It is expected this option will be exercised as soon as the audit is completed.
machinery,&a_ 31,406,676 $1,508,204 Acc'ts & bilis pay
441,167
728,918
Negotiations are in progress to also acquire a majority interest in another Cash
723,703
425,619 1st mtge. 5s, 1945_ 804,000
826,500
established life insurance company.
-V. 127, p. 1688.
Acc'ts receivable
1,088.804 1,682.566 x Reserves
640,091
695,501
Inventory
2,057,070 1,980,686 x Surplus
New York Transit Co.
953,088
935,528
-Earnings.
Invest. AL securs- 617,503
533,962
Calendar Years1928.
1927.
1926.
1925
Net deficit
$1,549,413
$69,433 sur$106,066 sur$243,792
Total
55,893,756 $8,131,038
Total
$5,893,756 $6,131.038
Dividends
(2()112,500 (3)150.000
x All taxes deducted.
-V.126, p. 2980.
Balance,sur. or def_def$1,549,413 def$69,433
Ohmer Fare Register Co.
def$6.434 811493,792
-To Be Recapitalized.
Shares of capital stock
This company, said to be the largest manufacturer of taximeters In the
outstanding (par $100)
50,000
50.000
50,000
50,000 world and an important manufacturer of truck auditors, hulsometers and
Earns.per sh.on cap.stk.
Nil
Nil
$2.12
$4.87 other fare registers, as well as cash registers, has held a special meeting of
' Balance Sheet Dec. 31.
its stockholders and a special meeting of its board of directors, at which
the necessary action to carry out a plan of recapitalization of the comAssets1228.
1927.
Liabilities1928.
1927.
Plant
$2,712.005 $6,181,967 Capital stock
$5,000,000 $5,000,000 pany was taken.
The plan of recapitalization provides, among other things, for an inMaterial & suppl's
28,297 :Accts. payable_ _ 1,185,678
587,794
Cash, other invest.
Deprec'n reserve.. 1,924,206 2,301,228 crease in the authorized capital stock of the company from 15,000 shares
(Par $100) to 504,922 shares, of which 4,922 shares, known as pref. stock,
& accts. & notes
Profit and loss_
1,274,140 will have a
par value of $100 per share, 100,000 shares, known as class A
3,520,529 2,952.898
receivable
stock, will have no par value, and 400.000 shares known as class B stock
Other assets
1,041,577
will have no par value. It is contemplated that the 4.922 shares of pref.
Deficit
835,773
stock, which are temporarily carried over from the old capitalization, will
$8,109,884 $9,163,162
Total
Total
88,109,884 $9,163,162 be retired out of the proceeds of the sale of class A stock by the company,
x Accounts payable, including reserves for taxes, fire insurance and and that there will presently be outstanding 100,000 shares of the class A
stock and 270,000 shares of the class 13 stock. Holders of present common
annuities and death benefits.
-V.128 p. 903.
stock will receive in exchange for each share held 2 7-9 shares of the new
.
class A stock and 25 shares of the new class B stock.
-Bement
Niles
-Pond Co.(& Subs.)
-Earnings.
The company has authorized the sale of a large block of its class A stock
to F. J. 'Airman & Co., and will use the proceeds of such sale to provide
Calendar Years1928.
1927.
1926.
1925.
Gross income
$1,969,885 $1,699,179 $1,671,180
$868,231 for the retirement of its short term notes, the payment of existing bank
loans, the retirement of all or substantially all of its pref. stock and for
Selling & gen.expenses... 1,324.115
1.459,283
1,452,703
,
1,498,955
expansion purposes, particularly in the field of recording and registering
Operating profit
$239,896
$218,477 1os4630,724 machines. The company has also authorized the issue of 20,000 shares of
$645.770
the class B stock in exchange for certain valuable patents.
Other income
193,900
225,291
135,383
141,245
The board of directors has been increased from six members to nine.
Total income
$839,670
$465,187
$353,860 1084489,479 and F. J. Lisman and A. M.Chambers of the banking firm of F. J. Lisman
Depreciation
231,936
161,683
221,032
259,294 & Co. have been elected to the board.
It is expected that F. J. Lisman & Co. will, in the near future, make a
Int.& miscellaneous50,746
public offering of a block of the Class A stock.
-V. 126, p. 2661.
Net income
$607,734
$244.155
$192.1771084799,519
Oil Shares, Inc.
-Dividend No. 2.Pref. dims,sub. cos
50.799
101,913
52,286
A quarterly dividend (No. 2) of 3734c. per share has been declared
Pref. divs. Niles-Bement
on the common no par stock, payable March 20 to holders of record March 9.
Pond
351,430
An Initial dividend of like amount was paid on this issue on Dec. 20 1928.
-V. 128, p. 903: V. 127, p. 3102.
Surplus
$142.242
$206.505
$139,8911oss$799,519
Pres. L. 8. Horner says in part:
Oneida Community, Ltd.
-Annual Report.
The preferred stock of Pratt & Whitney Co. was retired on Dec. 31 1928.
Years Ended Jan. 311929.
1928.
1927.
During the past year all accumulated and current dividends on the Niles$746.483
$546,541
$797.266
Bement
-Pond Co. preferred stock have been paid, and this preferred stock Net profit after taxes
Reserve for contingencies
has been called for retirement on June 29 1929.
Cr.50,000
Profit on sale of capital assets
Cr1,743
Late in the year 1928, negotiations were completed for the sale of company's investments in several of its associated companies as follows:
Net income
6746,483
$598,284
1797,266
(1) The exchange of the common stock of the Pratt & Whitney Aircraft Preferred dividends
497,145
g%)
197.061 (7)199,0321
Co. for common stock of the United Aircraft & Transport Corp.
(9 %)400.679 (10)411,0291
(2) The exchange of the investments in the Niles Tool Works Co. and Common dividends
296,350
the Niles Gear Co. for common "A" stock of the General Machinery Corp. Stock dividend
(3) The exchange of the assets and good will of the Niles Crane Corp.
Surplus
$187,2051064195,211
$148.743
for common stock of the Shepard-Niles Crane & Hoist Corp.
Balance Sheet as of Jan. 31.
These three companies are well organized as regards research, engineering,
design and production, and have good prospects for earnings.
A et 1929
1928
Liabilities
1928
1929
In addition to the stock of the United Aircraft & Transport Corp. which Plant, mach'y &c.44,071,031 $4,160,147 Preferred stock...52,780,000 $2,847,500
your company has received in exchange for the Pratt & Whitney Aircraft Secs. es 0th. assets 311,725
379,270 Common stock.-- 4,258,200 4,149,600
common stock referred to above, the Niles-Bement
3,087,005 3,286,408 Acc'ts payable-.
-Pond Co. has also Inventories
88,638
01.313
been paid in cash for the Pratt & Whitney Aircraft preferred stock which Acc'ts receivable
1,116.395
810,998 Corn. divs. pay... 106,455
124,488
has been taken up and retired.
Notes receivable..
31,231
31,063 Accr. wages & int45,812
20,052
These transactions were not completed until after Dec. 31 1928, and Trade acceptances 146,677
129,436 Contin. wages accr 102,679
173,058
therefore are not taken account of in the balance sheet.
Cash
849,415
870,740 Reserve for taxes. 109,000
138,000
Besides the Pratt & Whitney Aircraft Co., the United Aircraft & Trans- Deferred charges.- 173,273
171.203 Empl, loan notes
36,300
36.070
port Corp. has acquired the Boeing Airplane Co.. the Boeing Air Transport,
Capital surplus... 225,343
200,524
Inc., the Chance Vought Corp.,the Hamilton Aero Manufacturing Co., the
Total (ea. side)$9.786,752 89,839,267 Earned surplus... 2,081,415 2,032,670
Hamilton Metal Plane Co. and a controlling interest in the Pacific Air
x After deducting $1.300.512 for depreclation.-V. 126, D. 3770.
-Taylor,Ewart
-Stock Sold.
Oshkosh (Wis.) Overall Co.
& Co., New York and First Investment Co. of Oshkosh,
announce the sale of 30,000 units, each unit consisting of
one share of $2 cumulative convertible preferred stock and
one share of common stock. The offering price was $38
per unit. The offering does not represent new financing on
behalf of the company.
1929, payable
Dividends on preferred stock cumulative from March 1 days' notice at
-M. Red. in whole or in part on any div. date upon 30share plus diva.
Q.
to $31 per
$31 per share and divs. Preferred stock entitled per share plus diva. in the
in the event of voluntary liquidation and to $28
plus disv. in the event
event of involuntary liquidation, and to $28 per share shall be made to the
of involuntary liquidation, before any distribution
stock has no voting power unless divicommon stockholders. Preferred
be unpaid,
dends aggregating $3 per share shall have accumulated andone vote for
in which event holders of preferred stock shall be entitled to
until all cumulative unpaid
each share held. This right shall continue
shall have
for such
dividends shall have been paid or provision National payment Trust Co.
Bank &
been made. Transfer agent, Continental
Registrar, First Trust & Savings Bank.
-Each share of preferred stock is convertible into one share
Convertible.
of common stock of the company.
from Letter of W. E. Pollock, President of the Company.
Data
-Company,a Delaware corporation, is the successor to a Wis
Business.
at
consin corporation of the same name. The company's plant is located
1895. Company
Oshkosh, 'Wis., where the business was established in and widely advermanufactures and sells directly to dealers the well known
has
tised "Oshkosh B'gosh" overalls. At the present time the company
over 10,000 active customers' accounts on its books.
balance sheet as of Dec. 31 1928, after adjustments
-The
Balance Sheet.
giving effect to the recapitalization incident to this financing, shows total
$67.105;
current assets of $451,196 and total current liabilities of in excess leaving
of total
working capital of $384,091. Cash alone is substantially
current liabilities.
1911
-The company has operated at a profit in every year sinceearnEarnings
,with the exception of the depression year 1920. Average annual netended
-year
ings available for dividends on this pref. stock, for the 5 and period and
Federal
Dec. 31 1928, after all charges including depreciation
charges,
State income taxes after minor adjustments for non-recurring preferred
$191.866,or 3.19 times the annual dividend requirement on the
are
deduction of the annual divistock presetrtly to be outstanding. After the
dend on the preferred stock and the management bonus of 5% of the
dividends on
amount remaining, average annual net earnings available for share of comthe common stock are $125.286. or the equivalent of $1.78 per the first two
mon stock presently to be outstanding. Company figures for substantially
months of 1929 indicate that net earnings are accruing at a rate
-year averages above mentioned.
in excess of the 5
Outstanding.
Authorized.
Capitalization30,000 shs.
30,000 shs.
$2 cumulative cony. pref. stock (no par)
70,000 shs.
*100,000 shs.
Common stock (no par value)
• 30,000 shares reserved for conversion of preferred stock.
-Earnings.
Otis Steel Co.
1927.
1928.
Calendar Years$6.286,482 33,727.4791
Mfg. profit
665,9791
673,542
Selling gen.& admin.exp
Operating profits
Depreciation
The
production of the Evinrude company as well as that of the Elto. given
be
Elto company occupies rented quarters in Milwaukee which willEvinrude
up after 1929, at which time production will be carried on at thea railroad
plant. The Lockwood company OWDS four acres of land with
siding: its plant, which is modern and well equipped, was enlarged during
the past few months to increase capacity.
-The combined production for 1928 amounted to 25.842 units.
Products.
All three companies manufacture outboard motors and the combined lines
Include several models of the small lightweight motors and other types
The Evinrude
increasing in size up to the large four-cylinder motors. in suburbs and
company has developed a line of equipment for fire control
and high pressure pumpers for contractors and others.
rural communities
These pumps are driven by the same type of motor as used in the outboard
motor. The predecessor companies own many important patents which
are carried on the balance sheet at the nominal value of $1. The Evinrude
and Lockwood companies are each defending a suit for alleged infringement
not
of claimed patents, which in the opinion of their patent counsel are
valid and not infringed.
-Current assets as of Dec. 31 1928. after giving effect to addiAssets.
tional working capital amount to $1,227,695 as compared to current liabilities of $277.893. a ratio of 4.4 to I.
-Net earnings of the three companies included in this merger.
Earnings.
for 12 months ended Dec. 31 1928, for Elto and Lockwood and ending
as
Oct. 31 1928. for Evinrude, after all charges including Federal taxes,
certified by Ernst & Ernst and adjusted to eliminate certain non-recurring
charges, are as follows:
Net Sales. No. of Units. Gross Profit. Net Profit.
$53,526
W87.167
5.680
$714.252
Lockwood
14,499
308.732
10.079
1,482,732
Evinrude
301,842
663.395
10,083
1,478,599
Elto
1925.
1926.
Not available
$5,612.940 $3,061.500 $3,395,777 $2.884,119
720.000
720,000
720.000
864,000
$4,748,940 $2,341,500 $2,675,777 $2,164,119
7,672
37.659
46.793
Dr.144.182
$4,609,757 $2.388,293 $2,713,436 $2,171,791
Gross profit
767.404
766.121
785.413
768.776
Other deductions
40,000
220,000
465,000
Prov. forest. Fed. tax- -
Operating profit
Other income
Net income
1747
FINANCIAL CHRONICLE
MAR. 16 1929.]
23,370.982 $1,382.880 21,907,315 $1,404,388
Profit and loss surplus_ _ $5,905,129 $3,352.834 $2,583,128 $2.679,474
746.802
746.802
741.802
807.002
Slis.com.stk.out (no par)
$0.78
$1.46
$0.75
$3.15
Earns per share
Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
Liabilities
Assets
52,135 Prior prerce-stk _11,731,417 11,729,083
66,601
Cash
30,200
1,600
Pref-7% cum.stk
Ctfs. of deposit &
3,740,458 1,814.194 Common stock- _ -y4,035,010 3,709,010
accrued hit
646,000 1st mtge,gold bds_12,000,000 12,000,000
U.S. Govern. sec_ 312,507
Accounts payable- 2,089,648 1,557,133
2,497
Notes receivable__
Accounts recle- _ 1,698,235 1,134,474 Accrd Fed.& coly
949,017
taxes. bd.int. &c: 1,250,319
6,090,435 6,087,049
Inventory
903,029
Total reserves__ 886.185
Series -A"6% bds. 407,608
Capital surplus- -- 3,733,783 3,342,716
Invest. In & adv.to
other companies 1,044,459 1,032,159 Res, for exch. of
°Masud. pref.
Miscell. accts. &
115,088 stk. for prior pref
other assets...._ 100,661
10,042
532
stock
Real estate, plant
& equipment_ _x27,344,911 25,796,565 Profit Os loss surp_ 5,905,127 3,352,843
Disc.& exp. on 1st
861,291
mtge.gold bonds 795,877
Prior pref. stock
25,039
15,039
issue expenses- Unexp'd ins. prem
18,979
14,333
dce
41,633,620 37,582,974
41,633,620 37,582,974
Total
Total
x After depreciation of $9,300,518. y RepreseMed by 807.002 no par
-V. 128, p. 1570.
shares.
-Jackson &
-Stocks Offered.
Outboard Motors Corp.
Curtis, New York; J. D. Currie & Co. and H. W. Noble &
Co., Detroit, are offering 102,500 units of stock, each unit
consisting of one share class A pref. stock and h share class
B stock, at $27.50 per unit. The stock is offered as a speculation.
$3,675,582
Combined
Deduct provision for income taxes
25.842 $1.159,293
$3369,867
61.000
$308,867
Net earnings after taxes
Net profits are adjusted to exclude interest on borrowed money in the
amount of $33,383 on account of retirement of indebtedness and increased
of
working capital; reduction in officers' compensation by the amount of
232,000 to present basis; and other non-recurring items in the amount
$21.885.
Listing.-ApplIcation will be made to list these shares on the Detroit
Stock Exchange, and the New York Curb Market.
-Earnings.
Overseas Securities Co., Inc.
1928.
Calendar YearsProfits on purchase and sale of securities (net)Interest and dividends
21.173.681
323,407
1927.
$366.028
60.801
$426,829
12,500
13,983
Gross earnings
Interest accrued on debentures
Other interest paid
Franchise and other taxes
Miscellaneous expense
$1.497,088
202,032
22,497
22,304
22,858
Gross income
Provision for Federal income tax
Directors and managers compensation
$1.250.255
115,352
114,283
$376,489
44.073
32,836
Net income before provision for invest. reserve_ - $1,020.621
-V. 128. p. 263.
$299.581
-Acquisition.
Pacific Western Oil Co.
The company has announced the acquisition of the properties of the
Kettleman Oil Corp. on the north dome of Kettleman Hills under a working
agreement. The 11 properties acquired are regarded by oil men as among the
most important undeveloped holdings in the San Joaquin valley of California and have an estimated value of approximately $15,000.000. The
Pacific Western company will start immediately with the drilling of two
locations.
In making the announcement Chairman Jacques Vinmont and Pres.
W. C. McDuffie said: "These holdings consist of 1,760 acres, a substantial
well of the
portion of which is to-day practically proven by the discovery ago, is still
klilham Exploration Co. This well, which came in 4 months
at the rate of 3,600 barrels of 60 gravity oil daily, and in excess
producing
2 gallons per
of 40.000000 cubic feet of gas, containing approximately district which
1.000 cubic feet. These holdings are the third largest in thetransaction as
future oil development. The
looks most interesting for
venture. We believe we have
consummated should shape itself into a joint of this company. There will
added in great measure to the oil reserves Oil Co. in this connection.
Pacific Western
be no public financing by the
Western's
The properties acquired by the company supplement PacificKettleman
holdings of 688 acres on the middle and south domes of the
California and is
Hills structure which is by far the largest anticline in possibilities. The
regarded by geologists as a region of great productive
excess of 25.000,000, bringing the
estimated value of these 688 acres is in In this field to more than $20,000.total value of Pacific Western's holdings
largest oil producing companies on the Coast are now
000. Some of the
drilling test wells in the field.
Stockholders of the Kettleman Oil Corp., holder of the Government
of New
drilling permits covering the tracts, include Walter P. Chrysler
York and Harold E. Talbott of Dayton, O-V. 128, p. 1244.
Paramount Famous Lasky
in Canadian Company.
-Sells Part of Holdings
Corp.
had
President Adolph Zukor on March 14 announced that this company
Famous Players
disposed of a substantial block of its stock holdings in the is also President
who
Canadian Corp. to Canadian interests. Mr. Zukor,
of the Canadian company, stated there will be no change in the manage-V. 128. p. 1068.
ment or officers of that company.
-Annual Report.
(David) Pencler Grocery Co.
1926.
1927.
1928.
Calendar Years214,519,461 $12.599,161 $10,721,805
Net sales
336.405
382.822
460.537
Net prof. before Fed. & State taxes__
292.391
321.198
390.777
Net after taxes
105.000
105,000
105,000
Class A dividends
$187,391
3216.198
3285.777
Balance surplus
61,009
63.000
65,000
Shs. class 11 stock outstanding(no par)
$3.07
$3.43
$4.40
Earnings per share
Balance Sheet as of Dec. 31.
1927.
1928.
Liabilities1927.
1928.
AssetsClass A &II stk..x$1,504.60041,444,600
Land,b1dgs.,equip287,323
y5538,780 8541,623 Accounts payable_ 404,322
ment, am
100,000
221,401 Notes payable..
238,275
Cash
a91,588 Res. for Fed. and
95,881
Notes & accts. rec.
62,155
69,762
State tax
6.187
7,762
Inv. in other cos8,750
8,750
1,845,840 1,588,885 Res. for divs. A _ __
Inventories
31,500
32,500
for diva. B_
Has,
3,035
Fire insur. fund_
3,035
45.782 Fire insur fund._
48.265
Deferred charges__
8.133
11,585
1 Cap. stock (empl.)
1
Good-will
553,007
743,284
Surplus
Tot.(each side)-52,777,839 52,495,469
x Represented by 30,000 shares of class A no par pref. stock and 65,000
shares class B no par common stock. y After deducting $671,678 rescrve
for depreciation and amortization. a Alter deducting $6,178 for reserve.
total
25 new stores were added to the chain in 1928 bringing the 1414.
128. p.
number in operation at the end of December up to 39(f.-V.
Class A convertible preference stock is preferred as to cumulative dividends at the rate of $1.80 per year, preferred as to assets up to $27.50
per share and diva., and red, all or part upon 30 days' notice, at $27.50
per share and diva. Class A stock is convertible into class B stock, share
of the holder any time on or before the fifth day
for share, at the option
prior to the date of redemption.byClass B stock has full and exclusive
Michigan statutes and except as to
voting power except as provided
specified matters. Exempt from present Michigan personal property tax.
Dividends exempt from peesent normal Federal income tax. Transfer
agents: Farmer's Loan & Trust Co. New York, and Union Trust Co.,
Detroit. Registrars: New York Trust Co., New York and Guardian
Trust Co. of Detroit.
Authorized. Outstanding.
Capitalization
120.000
120,000
Class A cony. pref. stock (no par)
*300,000
160,000
B common stock (no par)
Class
per share:
•20,000 shares of Class B stock are under option at 810 stock.
-Earnings.
Penmans, Ltd., Montreal.
1926.
120,000 shares are reserved for the conversion of the preference
1926.
1927.
1928.
Calendar Years$7,122.864 $6.937,038 36.777.400 $6.431,153
Data from Letter of President Ole Evinrude, Milwaukee, March 8. Sales
618.099
720,571.
785,920
-Has been organized in Michigan for the purpose of acquiring Profits
Company.
100,000
100.000
100.000
150,000
of three of the world's Deduct-Depreciation
100,000
all of the assets and business including good will
100,000
110,000
110.000
Bond interest
strongest outboard motor companies, viz., Lockwood Motor Co.of Jackson,
30,000
35,000
35.000
35.000
Co., both of MilIncome taxes
Mich., Evinrude Motor Co. and Bite Outboard Motor in 1910 by Ole
25,068
18,460
26,257
23.956
Bad dts.,&c., writ. off
Evinrude company was organized
waukee, Wis. The
outboard
Evinrude, who was the builder of the first successful Motor Co. motor.
5363,031
$442,077
$466,963
$449,314
and in
Net income
Mr. Evinrude sold his interest in the Evinrude
In 1913
64.500
64,500
64,500
64.5.10
motor industry when he organized the Prof. dividends (6%)--1921 he re-entered the outboard Lockwood company has been producing Common dividends
215 060
215,060
279.578
258,072
Elto Outboard Motor Co. The
Years.
outboard motors for over 15
$83,471
$162.518
$144,391
$105,236
sidings,
Surplus
The Evinrude company owns seven acres of land, with railroad
1.384.737
1,539.831
1.434.596
Total profit and loss_ - 1,684,222
and a large modern plant at Milwaukee, which has been entirely remodeled -V. 126. p. 2802.
provides sufficient capacity for the
and rearranged since Oct. last, and
1748
FINANCIAL CHRONICLE
Penick & Ford, Ltd.
-Earnings.
--
Year End. Year End. 6 Mos.End. Year End.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. June 30'26.
$4.596.970 $3,903,490 $2,182,439 $3,635.581
1,998.275 1.791,804
951,445
1,8 4.3 0
Bad debts charged OV--1,220
53,246
28,406
17,966
Miscell.(net)
Cr.14,577
Cr58,538
Cr.46,022
Cr41,011
Depreciation
647,063
600,084
217,191
613.515
Int. charges on funded
and floating debt
153.986
206,468
117.573
243,552
Prem,on bonds purch-50,240
29,404
5.469
Approp.to res.for cont'g
200,000
25,000
100,000
Prov.for Fed.inc. tax_ 207.567
167.117
122.841
119,688
Net income
$1,293.196 $1,076,388
$698,052
$807,540
Preferred dividends---204.234
208.782
107,968
604,888
Common dividends
212.482
106,241
Balance
$1.088,962
$655.124
$4483,842
$202,652
Ellis. corn. outst.(no par)
424,965
424.965
424,965
424.965
Earns, per share on corn..
$2.56
$1.39
$2.04
$1.34
-V. 127, p. 2548.
PeriodTotal gross profit
Pennsylvania-Dixie Cement Corp. (8c Subs.).
-Earns.
Calendar Years1928.
1927.
Net sales
$11,838,443 $12,118,114
Mfg. cost of sales (excl. of deprec. & depl.) and all
other expenses of operations, less miscell. income 8,216,275 7.835,252
Provision for depreciation and depletion
1,384.785 1,260,622
Interest charges
737,866
747,682
Provision for Federal income taxes
205,665
307,066
Net profit for the year
$1.293,852 $1,967,494
Surplus balance at Jan. 1
2,256.700 2,790,979
Adjustments
Cr.99,031 Dr.51,772
Total surplus
$3,649,584 $4,706,700
Preferred dividends _
934,120
910,000
Common dividends
400,000 1,040,000
Rate
($1)
($2.60)
Special res. for property betterments and impt,s500,000
Surplus at Dec,31, per balance sheet
$2,315,464 $2,256 700
Earns. per share6n 400,000 shs. corn,stock (no par)
$0.89
$.64
• Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets$
$
5
Land, buildings,
Preferred stock___13,588,800
mach'y &c____y26,511,046 26,414,798 Common stook.._ z4,000,000 13,000,000
4,000,000
Cash
1,573,126 2,949,881 Gold bonds
11,920,000 12,442,000
Notes & accts. rec. 1,365,536
849,015 Accts. payable--- 332,857
194,059
Inventories
3,394,902 2,964,915 Accr. tax., lot, &c. 414,181
359,872
Miscell. investls. 115,600
118,500 Divs. declared200,000
Insurance fund
35,000
35,000 Fed, tax reserve.- 283,900
374,746
Deferred charges
38,192
37,290 Other reserves,..... 178,200
542,022
Surplus
2,315,464 2,256,700
Total
33.033,402 33,369,399 Total
33,033,402 33,369,399
x Represented by 400,000 no-par shares. y After depreciation and depletion, of 88.102,114.-V. 127, p. 2244.
Petroleum Corp. of America.
-Increase in Value of
Investments.
-
[VOL. 128.
nually. Connecticut, Maryland or Massachusetts taxes refundable to
the extent and as provided in the indenture. Redeemable as a whole but
not in part upon 30 days' notice on any interest date at 110 on and after
March 1 1934 to and including Sept. 11938;
ing Sept. 1 1943; thereafter at 102% prior thereafter at 105 to and includto maturity, in
accrued int. Denom. $1,000 and multiples thereof, $500each case with
and $100 c*.
Fidelity-Philadelphia Trust Co.. Philadelphia, trustee.
Conversion Privilege.
-Convertible at the option of the holder at any time
on and after March 1 1930 and not later than March 1 1939, or earlier redemption date, into common stock of Philadelphia & Reading Coal & Iron
Corp. at the rate of 40 shares ($25 per share) per $1,000 bond.
A. J. Maloney,President of the company, has summarized
his letter to Drexel & Co., Phila., Pa., describing these
bonds as follows:
Company.
-Organized in Pennsylvania. Owns directly or through
subsidiaries acreage estimated to contain about 2,700,000,000 tons, or
approximately one-third of all the known unmined anthracite in the United
States. During the last 10 years the company's output has averaged about
one-eighth of the total anthracite production of the country. It has ample
reserves of all qualities of anthracite, ranging from the standard grades of
white ash to the premier Lykens Valley.
Purpose.
-The proceeds will provide for the construction of two modern,
electrically
-operated centralized breakers with an aggregate capacity of
about 25,000 tons daily,for the electrification of the mines tributary thereto
and of other facilities, for the retirement of $9,950,000 notes payable, and
for other corporate purposes.
Earnings-The following table shows actual operating
the company and subsidiaries for the past six years, and also anresults of income
estimated
account, obtained by adding the estimated increased earnings which would
have been realized during the past six years if the proposed improvements
had been effected by Jan. 11923:
-Estimated Income Account
Actual Pro- Actual Oper. Oiler. and Int. Charges Balance fo
duen, Incl. and Other
Other Inc. After Giving Dividends
Tonnage Income After Incl. Est.
Effect to
After Est.
Yrs. End. Used as Fuel Deprec. & Increase in
Federal
This
Dec. 31. by Company. Depletion. Earnings. Financing.
Taxes.
1923
11,643,116 $5,854,567 $10,754,567 $3,142,893 $6,699,210
1924
10.989,382 2,293,043 7.193,043 3,424,595 3.320,562
1925 (strike) 7,925,681 def2562,752 1,537,248 3,406.761 def1851,233
1926
9,709,757
1,545,028 6,045,028 3,390,168 2.501,458
1927
9,032,161 def5658.367 def1358.367 3.369.088 def4727,240
1928
9,188,527 2,094,055 6.494.055 3,346.659 • 3,149,034
Average_ _ _ 9.748,104
8594.262 $5,110,929 $3.346,694 $1.525,299
On the above estimated basis, available income after depreciation and
depletion would have averaged $5,110.929 per annum, or over 1.5 times
average interest charges as shown on all funded debt,including these bonds.
Such income for 1928 would have amounted to $6,494,055, or over 1.9 times
such interest charges for that year.
The coal reserves are such that a sinking fund of 5 cents per ton (the rate
provided in the refunding mortgage) would amortize before exhaustion of
one-half the property an amount equivalent to the funded debt to be outstanding upon completion of this financing.
Equity -Upon completion of this financing the company will have outstanding $30,070,000 mtge. & collat. trust bonds, and these $30,800,000
6% deb. bonds! Its entire capital stock is owned by Philadelphia dc Reading Coal & Iron Corp.(Delaware), which has as its only outstanding caiptal
1,400,000 shares of common stock without par value. Based on current
quotations, the common stock of the corporation has a market value of
over $42,000,000. In addition to these outstanding shares, the corporation proposes to authorfze 1,600,000 additional shares, of which 1,232.000
shares will be reserved for conversion of these bonds.
Underwritten.
-Drexel & Co. have underwritten the subscription of these
bonds by the stockholders.
-V. 127. P. 273.
An increase of approximately $3.000,000 in the aggregate value of
of the corporation since its organization early this year is reported by stock
Pres.
John H. Markham Jr. The appreciation is based on the current market
Philadelphia & Reading Coal & Iron Corp.
quotations of the corporation's holdings and includes income received
-Capitaliand accrued to date.
zation Increased-Stockholders Receive Privilege to Purchase
In the first report of its operations, Mr. Markham informs stockholders
that the corporation's principal investments consist of 300.000 shares of Bonds of P. & R. Coal & Iron Co.
Prairie Oil & Gas Co. stock and 563,400 shares of Prairie Pipe Line stock
The stockholders on March 15 increased the authorized
representing an expenditure exceeding $47,000,000. The company has (no par value) from 1,400,000 shares to 3,000,000 shares. common stock
also acquired small blocks of stocks of three leading oil companies having
The stockholders also approved a
dividend record extending over a long period of years. and in addition has the Philadelphia & Reading Coal & contract between this corporation and
Iron Co. providing,
a substantial cash balance available for investment. See also V.128,p.574. offer for sale to the stockholders of this corporation inter alio, for the
of $30,800,000 of
20
-year convertible 6% debenture bonds of the Philadelphia & Reading
Phelps Dodge Corp.- Stock Sold.- Hornblower & Coal & Iron Co.(see latter above).
The proceeds are
Weeks; Redmond & Co.; Dominick & Dominick; J. K. notes payable and to be used in part to retire the outstanding 39.950.000
to provide
Rice, Jr. & Co.; Cassatt & Co.; Paine, Webber & Co.; approximately $19,150.000. funds for a construction program to cost
'ronsolidated Income Account of this Corporation and the Philadelphia &
W. E. Hutton & Co. and E. 5,. •3•
& Co., have so'd
Reading Coal & Iron Co. and Subsidiaries.
200,000 shares capital stock. This stock has been bought
y1928.
1927.
1926.
1925.
in London from British interests and involves neither finan- Netsales & other earns_ 367.589,094 363.140.425 378,117.501 $70,598,667
cing for the company nor purchase from any American Cost of product sold,sell.
& general expense..-- _361,811,247 $63,791,141 $71,945,720 $69,686,816
Deprec.& depletion_ _ - - 1,007,178
holders.
1,497,421
1,494.610
1,218.092
Capitalization.
-Stockholders voted on Feb. 25 1929 to change the capital Taxes (exc. Fed, taxes)_ 3,557,205 3,675,313 3,417,647 2,568,001
stock from $100 par value to $25 par value and to issue 4 shares of the new
Net oper. income__
stock in exchange for each share of the old. Upon completion of this Non-oper.Income x___- $1,213,464def$5820.639 $1,256,713def$2874,242
857.736
133,678
267,335'
302,218
exchange the authorized and issued capitalization will be as follows:
Capital stock ($25 par)
2,000,000 shs.
Gross income
Corporation was incorp. in 1885 in New York as Copper Queen Consoli- Int. & smart. of exp. on $2,071.200def$5686.961 $1,524,048def$2572,024
dated Mining Co., the present name being adopted in 1917 when the Copper
funded debt
1,498,659 1,521.088
1,542,168 1,558,761
Queen Consolidated Mining Co. was merged with the parent holding com538,165
446,232
88,377
109,752
pany, Phelps Dodge dr Co. This latter company and its predecessors had Int.on floating debt.
been engaged in the metal business for over 100 years. To-day, Phelps
Surplusfor year
$34.376def$7654.281 def$106,497def$4240,537
Dodge Corp. is one of the largest producers of copper in the United States. x Incl. deduct,for minor.
Earnings.
-Production and net earnings after depreciation and Federal
Interest amounting to..
$1,638
$215
33,446
18,280
Income taxes, before depletion, have been as follows:
y Subject to audit.
Net After
Note.
-Surplus adjustments made during 1927 and 1928 affecting prior
Production Deprec. & Taxes
Dividends
years' operations have been included above in order to accurately reflect
Lbs. Copper. but Before Dept.
Paid.
the operating results of each year.
1928*
208,000.000
310,077,451
$33,500,000
Balance Sheet as of Dec. 31 1928.y
1927
184,858,377
3,000,000
3,623,582
Assets1926
Liabilities-197,849,933
2,750.000
4,869.666
Cash
$3,557,355 Notes& accts. payable
1925
207.195,518
2.000,000
5,058,006
$14.093,317
Notes & accts. receivable_ _ 12,498.170 Accrued liabilities
1924175.211,078
2,000,000
2,091.276
2,031,662
Inventories
13,458,927 Deferred liabilities
* Officially estimated, and subject to final audit.
164,202
275,186 Ref. mtge.5s
In 1928, the company received an average of 14.70c. per lb. for its copper. Investment
29,208,000
Spec.funds & dep
1,475,182 Other funded debt
Based on last year's production, which will probably be exceeded in 1929,
862,000
78,088,970 Minority Int.in sub,coal cos.
each increase of lc. a lb. in copper should increase earnings approximately Property & equip
.56,167
1,632,459 Reserves
32,000.000 or $1 a share on the new capitalization. Accordingly, if copper Deferred charges
3,228,597
Capital stock (1,400,000she.) 5,600.000
averages over 19c. for 1929, earnings of $18,000,000. or $9 a share after
Total (each side)
$110,986,249 Surplud
depreciation and Federal income taxes, but before depletion reserves, are
55,712,304 •
probable.
y 1928 figures are subject to audit by certified public accountants.
z After deducting $17,972,566 as depletion and depreciation.
Consolidated Balance Sheet Dec. 31 1928 (Subject to Final Audit).
-V. 126. P.
3941
Assets
Liabilities
Mines. mining claims, buildCurrent liabilities
55,579,484
Pierce Arrow Finance Corp.
-New Control.
logs, plant and equip.,
Reserves
113,415,298
See Commercial Investment Trust Corp. above.
Invests. in sundry cos__ _ .$199.843,766 Capital stock
-V. 128. p. 1571.
50,000,000
Gash, copper, supplies andSurplus
68,219,842
Pierce-Arrow Motor Car Co.
materials
-Earnings.
37,370,840 I
The company reports a net loss of $1,293.025 for the year ended Doc 31
Total
1928 as compared with a loss of $783,200 for 1927.-V. 127, p. 2548.
3237.214,605 I Total
$237,214,605
-V.128. p. 1414, 1069.
Philadelphia & Reading Coal & Iron Co.
-Bonds
Offered.
-An issue of $30,800,000 20-year convertible 6%
debenture bonds is being offered to the stockholders of Philadelphia & Reading Coal & Iron Corp. The stockholders of
the latter corporation will receive the right to subscribe at
100 and int. to the debenture bonds of the company on the
basis of $2,200 of bonds for each 100 shares stock of the
corporation. Allotment warrants will be mailed to stockholders of the corporation of record March 18 1929.
Dated March 11928; due March 11949. Interest payable semi-annually
(M. & S. 1) without deduction for Federal income taxes not exceeding 2%
or for Pennsylvania taxes not exceeding $4 per $1,000 debenture bond an-
Pines Winterfront Co.
-To Increase Stock-Rights, &c.
-
The stockholders will vote April 5 on increasing the authorized capitalization from 50,000 shares of class A stock and 50,000 shares of class B stock.
par $5 (all outstanding), to 500,000 shares of common stock, par $5.
It is the intention of the board to issue one share of the
common
stock in exchange for each present share and to offer two newshares to
stockholders of record April 15 at $11 per share for each sharenow
held. Rights
will expire May 9. The exchange of the old stock for now stock will be made
to holders of record April 15 and the new certificates will be ready for
delivery about May 1.
The directors have indicated their intention of placing the 300,000
shares of new common stock, which will then be outstanding, on a $1 cash
and 8% stock annual basis, payable quarterly . This is equivalent to a
,
$3 a share annual cash basis on the old class "A" and "B" stocks, which
Is the same rate as WU heretofore paid on those issues. The directors announced their intention of applying to the New York Stock Exchange to
list the new stock.
-V. 126. p. 3941.
MAR. 16 1929.]
1749
FINANCIAL CHRONICLE
-Annual Report.Pittsburgh Plate Glass Co.
1925.
1926.
1927.
1928.
Calendar Years$13,988,001 $11,667.755 $15.602,108 $17,510,670
tofits
4,311,634 4,362,400 4.135.160 3,787,859
)eprec.,&c.,chgd.off
1,600,000
1.450.000
875,000
1,207.593
les.for Fed.taxes
for year - $8,468.773 $6.430.355 $10.016,948 112,122.811
Net earns,
6,395.596 8,854,056 8.826,334
4,037,301
:lash dividends
4.923,900
neck dividend
$34.759 $1.162,892 $3,296,477
def.492,428
Surplus
33,236,209 33,108,036 31,920,810 28,911,035
;Ur. beginning of year
$32,743,781 $33,142.795 $33,083,702 132.207,512
Total surplus
300,000
General insur.res
Unused portion employCr.40,589
ees'stock rebate
Cr.13,298
Cr.93.413 Dr.18,245
Miscell. adjust.,&c_
Total profit and loss
sur., end of year_ _ -$32.743,781 $33,236,208 $33,108,036 $31420,810
Sim. can. stk. outstand'g
x491.892
x491,892
x492,392
2,166,524
(par 125)
$24.64
820.36
$13.06
$.3.91
Earns per share
$100.-V. 128. p.416.
x par
Statement of Condition at Close of Business, Jan. 31 1929.
Liabilities
37,500,000
$2,305,627 Capital
Real estate
15,000,000
21,085,666 Surplus
Investments
938.172
7,422,297 Undivided Prate
Time loam
167.723
Reserve
39,236,259
Demand loans
50,656,113
6,408,857 Deposits
Cash
1,346,313
492.450 Clearing house due bills
for clearing house_
Exchanges
1,550,000 Reserve for int. on deposits,
Title plant
825,199
taxes, &e
636,940
Accrued interest receivable
117,746 Letters of Credit & accent
Customers' Liability
117,741
ances issued
1,301.016
Miscellaneous
3,598
Unearned interest
4,000,000
380,554,857 Bills Payable
Total (each side)
Resources-
-Annual Report.
(Robert) Reis & Co.(& Subs.).
1925.
1296.
1928.
Calendar YearsNet profit from oper'ns_def$101.530
37,922
Int. paid less int.rec.__ _
Federal tax reserve
1927.
$217,270 def$96,175
44,575
16,918
8.750
def$139,452
157.500
$191,602 def$140.750
157.500
Net income
1st pref. dim
$438,149
35,304
54.093
1348,752
$348,752
$34,102. def$140,750
def$296,952
Balance
Shares of 1st pref. out22.500
22,500
22,500
22,500
standing (par $100)
$15.50
Nil
$8.52
Earns. per sh. on 1st pref
Consolidated Balance Sheet Dec. 31.
1927.
1928.
Liabilities1927.
1928.
Assets$2,250,000 $2.250,000
stock
1st
The Pennsylvania Co. for Insurances on Lives & Granting Annuities. Plant, equip., &c. y$455.005 3430,475 2ndpref. stock _ _
75.000
75,000
pref.
172.754
Philadelphia, transfer agent. Exempt from entire normal Fed.income tax. Empl.stock acct__ 171,178
625,000
248,922 Common stock_ __ x625,000
Outstanding. Cash
257,875
Authorized.
Capitalization452,650
_ 802,400
shs. Accts. & notes rec. 889,628
Notes
965,526
200.000
*400,000 abs.
Capital stock (no par)
payable .ft
2,527,623 2,449,099 Accts.payable__Inventories
* Includes 200,000 shares reserved for exercise of option warrants.
336,315
accrued accts_.... 335,357
128,738
115,603
-Company has been formed in Delaware, as an investment Deterred charges
Business.
39,375
39,375
and Dep.with insur.cos. 21.695
Dividends payable
company of the management type, to buy, sell, trade in or hold stocks
8,750
Tax reserves
any kind, to participate in syndicates andunderwritings,and
securities of
608,426
311,475
Surplus
directors may
of
,to exercise such other of its charter powers as its boardthe completion of
time to time determine. Company will have, at
from
34,438,607 $4,395,517
Total
cash and
$4,438,607 $4,395,517
Total
this present financing as planned, not less than $4,600,000 innow being
x Represented by 100,000 no par shares. y After depreciation of $210,199.
securities, arising from sale of 200,000 shares of Its capital stock
-V. 128.
The managers are paying all of the expenses in connection with
good-will has been taken into consideration.
offered.
-No item of
Note.
the incorporation and organization of the company. so that the company P. 1571.
will begin business with no deferred assets on its balance sheet.
-Angle London
-Philip H. Chase, Arthur B. Loder, William DeCou Jr.,
Directors.
-Bonds Offered.
Rialto Properties Co.
Mark Smith,
Frederick A. McCord, Frederick Peirce, S. Alan Sloan, J.Herren, PittsParis Co., San Francisco recently offered $750,000 1st
J. Latta,Warren A. Tyson, Philadelphia' Arthur R.
Harris
burgh; F. II. Hemelright, Scranton; John L. Hugg, New York; L. 0. mtge 6% gold bonds at 100 and int.
Robertshaw, Youngwood, Pa.
Dated Feb. 1 1929; due serially Feb. I 1931-1944. Principal and int.
-Company has entered into a contract with Frederick (F. & A.) payable at Anglo & London Paris National Bank of San FranManagement.
are
Peirce & Co. to act as managers. Under this agreement the managers
cisco, trustee, without deduction for normal Federal income tax not exobligated to:
ceeding 2%. Denom. $1,000 and $500c5. Red. on any int, date upon
(1)'rake the general charge and management of the company's portfolio 30 days' notice at 10234 if redeemed on or before Feb. 1 1935.and reducing
receivable
tax in
of investments, and be responsible for the collection of income
34 of 1% each year thereafter. Exempt from personal property
'upon its securities.
purchases and the State of California. company is situated on the south side of O'Farrell
(2) Recommend to the company,from time to time, such
The property of the
Sts. A class A
sales of securities as may seem to them desirable.
board of St., San Francisco. Calif. between Powell and Stocktonthe terms of the
By
(3) Execute the buying and selling orders authorized by the
'
such theatre building occupies the entire real property.
directors of the company, without profit to the managers exceptrules. trust deed the company has agreed to remodel and reconstruct the building,
brokerage commissions as may be required under Stock Exchangestatis- in accordance with plans and specifications to be approved by Anglo London
(4) Furnish for the company at the managers' expense the usualand to Paris Co.,into a first-class modern theatre building with 2stores fronting on
sources,
tical and market information derivable from standarddirection and ex- O'Farrell St., one on the east and one on the west end of such building;
be
make more extended investigations and reports at the
8100,000 first realized by the company from thesaleof these bondswill
the
pense of the company.
deposited with the trustee to insure the remodeling and equipping of
payment for the obligations and expenses assumed by the managers, building in conformity with approved plans and specifications.
In
and as compensation for their services, they are to receive: company as of
These bonds are secured by a closed 1st mtge. on the land and building.
(a) A quarterly fee of 31 of 1 % of the net worth of the
the The land and building have been appraised at $1,252,500.
Theatre Co. for a
the last business day of each calendar quarter, such fee to be paid to
The property is leased to the San Francisco Erlanger lease provides for
to which
managers as soon as practicable after the close of the quarter
Period running beyond the life of these bonds. The
and serial maturities on these bonds.
it applies.
fixed rentals sufficient to meet interest
(b) A further payment with respect to any fiscal year in which the net and also provides that the lessee thereunder is to pay all taxes, insurance,
earnings of the company,after payment of all operating expenses and taxes repairs and maintenance. The San Francisco Erlanger Theatre Co. will
and dividends on securities having a priority over the
and all interest
control the Erlanger theatrical franchises in San Francisco.
company's common stock, shall be in excess of $1.50 per share on the
-The balance
-Balance Sheet.
average amount of common stock outstanding in such year (whether or
Richfield Oil Co. of Calif.
been paid or declared on such stock); such paynos dividends shall have
is given in the advertising pages of
ment to be an amount equal to 25% of such excess, but the cumulative sheet as of Dec. 31 1928
total of such further payments to the managers shall not exceed 25% of this issue. See also V. 128, p. 1415.
the excess of the aggregate total of such net earnings of the company from
the
-Walter W.
-Stock Offered.
the date of organization over and above $1.50 per share per annum on
Richmond Guano Co., Inc.
common (or capital) stock from time to time outstanding.
Va., recently offered 1,530 shares
Option Warrants -Each stock certificate issued under this offering will Craigie & Co., Richmond,
stock
purchase
be accompanied by an option warrant entitling the holder to per share 7% cum. 1st pref. stock and 1,530 shares common
;i share additional capital stock for each share held. at $27.50
share of each at $105 per unit. This stock
until Jan. 31 1930; thereafter at $30 per share until Jan. 31 1931; there- in units of one
any new
after at $32.50 per share until Jan. 31 1932: and thereafter at $35 per share has been acquired privately and does not represent
until Jan. 31 1934, at which last date the option warrants will become null financing.
issued to
void. Additional option warrants of similar tenor will be warrants
and
time on
Preferred dividends payable Jan. 15 and July 15. Red. at any
the bankers and their associates, equal in amount to the option
Virat least 60 days' notice at 105 plus div. Principal exempt from present and
that will be delivered to purchasers of the capital stock.
State securities tax and dividends exempt from Virginia state
shall, as a matter of right, be entitled to subse
ginia
No stockholders
Dividends, when received by corporations,
normal Federal income taxes.
any additional stock of any class.
are entirely exempt from all Federal income taxes.
-Rights.
-Stock Inc.
-Company is incorp. in Virginia. Company has been one of
Business.
Rainbow Luminous Products, Inc.
distributors of fertilizer and fertilizer
stockholders on March 8 increased the authorized class A stock the best known manufacturers and located at Richmond, Va., and its
The
200,000 to 400,000 products since 1892. Its plants are
from 100.000 to 200,000 shares and the class B stock from
products are used throughout the South.
shares, no par value.
is
Outstanding Capitalization.
A block of 25,000 shares of class A and 50,000 shares of class /3 stock
,
$270000
holders
being offered to class'A holders and a block of like size to class B balance 79' cumulative first preferred stock
150.000
units of one share of A and two shares of B at $70 per unit. The
79 cumulative second preferred stock
in
at present. The offer Common (no par value)
of the stock recently authorized will not be issued warrants will become
gh
:
6
2,150 shares of the issued common stock have been depositedXer
goes to holders of record March 18 and subscription
designates
The
void after April 10 and payment must be made before the latter date. with voting trust agreement to terminate Jan. 1931, which agreement
keep pace
as voting trustee, W. E. Barrett.
proceeds will be used to finance a program of expansion to
products.
-Net income available for dividends for the fiscal year ended
Earnings.
the rapidly increasing demand for the company's Simms Petroleum Co.,
May 31 1928, adjusted to eliminate items chargeable to previous years,
Thomas W. Streeter. chairman of the board of
Robert amounted to $42,917.89. which is equivalent to $15.16, per share on the
has been elected a director and member of the executive committee.
Co., has 1st pref. stock and $2.25 per share on the common stock.
F. Herrick, Jr., president of the Atlantic Precision Instrument
also been elected a director.
-Stock & Cash Dividends.
Rio Grande Oil Co. (of Del.).
announcing the offer, President Raymond R. Machlett, stated that
In
first of
The directors have declared two cash dividends of $1 each, the Jan. 25
the company has provided for the sale of its products for 10 years through
order alone involving a gross
5 and the second
the major outdoor advertising companies, oneAnother order for 3,400 signs which is payable July 25 to holders of record Julydividends of 1 y,% each.
$1,500,000 covering 45 separate displays.
to holders of record Jan. 5 and two stock
1930
of
85.000.000. the first instalment payable April 25 to holders of record April 5 and the
has been booked and orders in process of closing amount to about
For
averaged $33,000 a
For the first 6 months of 1928 bookings $200,000 a month. month. first second Oct. 25 to holders of record Oct. 5.-V. 128, p. 746.
For the
of 1928 the average was
the last 6 months
-V.128, p. 125.
$350.000 a month.
-Organized.
Roosevelt Field, Inc.
2 months of 1929 the average has been
Incorporation papers have been filed under New York laws for the for-Land Title & Trust Co., Philaelphia.- mation of Roosevelt Field Inc., with an authorized capital stock 0'500.000
Real Estate
has acquired the RooseThe
par
Stock Offered.-Cassatt & Co. and Brown Brothers & Co. shares no and value. Field new company, whichcompletely equipped field
and plans to make a
velt Field
Curtiss
recently offered 44,790 shares capital stock (par $10) at for flying service, has no provision for preferred stock or bonds. Of the
will presently be issued.
shares of capital stock, 360.000
$80 per share. These shares have been acquired at private 500.000new company whose propertiessharesservice will be managed by
and
The
and has been underwritten by Edward
sale and this offering does not represent new financing by the newly formed Aviation
Corp.
B. Smith & Co.; Hitt, Farwell hzCo.; Charles D. Barney & Co. and Aviathe company.
tion Corp., will include in its directorate the following, among others:
Exempt from present Penn. personal property tax. Dividends payable
John W. Cutler and Albert L. Smith, both of Edward B. Smith &
taxes.
-F. Exempt from normal Federal income
Q.
Grosvenor Farwell and William B. Scarborough, of Hitt, Farwell & Co.:
Capitalisation
57.500,000 John W. Hanes Jr.. of Charles 13. Barney & Co.: Graham B. Grosvenor.
Capital stock (par $10)
H.Bane,Chief of Technical Staff, and George R. Hann,
-Does the largest title insurance business of any company President; Col. T. the Executive Committee, all of The Aviation Corp.;
Company.
In addition to this it conducts a regular Vice-Chairman of
In the State of Pennsylvania.business. It was formed by merger as of Harvey L. Williams, Pres. of Air Investors, Inc.; Seth Low,of Charles A.
Inc.;
banking and trust company
(incorp. in 1885). West End Frank & Co.; David C. Beebe, Pres. of U. S. Aviation Underwriters,
of Stone & Webin R
Nov. 1 1927, of the Land Title & Trust Co.
Real Estate Title Insurance & Paul J. Lannin. of the Lannealty Co.: George Mister,
Trust Co. (incorporated in 1891), and the being the oldest title insurance ster, Inc.. and B. A. Tompkins. Pres, of the Bankers Co. of New York.
named
Trust Ca.(incorp. in 1876), the last
the world. During 1928, the first year of operation, over
-Common Dividend No. 2.
company
Rumidor Corp.
809'0f in merger expenses were charged off out of earnings and it is
the
The directors have declared the regular quarterly dividend of 6234 cents
will result from
expected that over a period of years considerable economies
per share on the common stock, no par value, payable April 15 to holders of
n
the cosolidation.
record March 20. An initial quarterly distribution of 6234 cents per share
garnings.-For the fiscal year ended Oct. 311928. the company reported was made on Jan. 15 last.
over $3 per share on the 750.000
not earnings of $2,250,968, equivalent toof dividend is $2 per share per
The corporation announces that combined business for February 1929
shares outstanding. The present rate
increased more than 100%, compared with the same month last year,
annum.
-Frederick Peirce
-Stock Offered.
Public Investing Co.
& Co. are offering at $25 per share 200,000 shares capital
stock (with option warrants).
1750
FINANCIAL CHRONICLE
[VOL. 128.
Refill business for the month showed an increase of 47% over January.
V. 128. p. 575.
Rosiia
Insurance Co
offering does not represent new financing in behalf of the
of Am.-Bal. Sheet Jan.1 1929.- company. exempt from normal Federal
Dividends
income tax. Free of
personal property tax. Penna. Co. for Ins. on Lives & Granting Penna.
/4a/4191esAnnui-
Assets
Cash
883,657
Bonds and mortgages
6.
527,706
Stock
8,
733,103
Balance due from company_ 699.836
Accrued interest
100,625
Real estate
423,000
Total
$17,367,927
-V. 127. p. 3718.
Premium reserve
Reserve for losses
Special reserve
All other liabilities
Capital
Net surplus
Total
37,274.587
1,431,001
860,000
340.000
• 2,000,000
5,462,339
$17,367,927
St. Regis Paper Co.
-Acquires Bates Valve Bag Corp.
-
Acquisition of the business of the Bates Valve Bag Corp.
by the St. Regis Paper Co. was consummated this week, (V. 127, p. 550).
bringing into the
St. Regis group a concern with total assets of nearly 310.000.000. The
Bates Corporation is said to be the largest single
the manufacture
of paper valve bags. F. L. Carlisle & Co., Inc.,factor in for the
St. Res
company, in anounncing the completion of the bankers
deal, said that financial
details of the transaction were now being worked out and would be made
known later. Present plans do not contemplate any public financing
in
connection with the acquisition.
The Bates corporation and its subsidiaries own plants for the manufacture of paper bags at Los Angeles, Birmingham, Toledo, Nazareth and
Oakmont, Pa., Covington, Va.; Menominee,
and Three Rivers, Quebec. The corporation has Mich.; Dryden, Ontario:
originated
developed
a patented system of packing cement, lime, plaster, gypsum and other rock
products, also sugar, flour and fertilizer, which includes notand patented
only
automatic machines for packing, but also a new type of valve bag for
use
in connection with the packing of materials on the company's machines.
Since 1910.substantially the entire cement production of the United States
has been packed by Bates machines and since 1924. the corporation has been
the principal manufacturer of multi-wall sewed-end paper valve
bags.
Other products include wire ties for cloth bags,re-tying machines
machines for open-end bags. The corporation leases the use of and closing
machines to cement and other manufacturers and also licenses its packing
the manufacture and sale of its patented valve bag by certain paper manufacture
rs.
F. L. Carlisle & Co., Inc.,are also bankers for the Taggart
to be second largest producer of multi-wall bags in the United Corp.. said
States. Its
paper and bag manufacturing plants are located at Watertown, Herrings,
Carthage and Oswego, N. Y. Combined production of the Bates and
Taggart corporations for the current year is estimated at more than 250,000,000
multi-wall paper bags.
The St. Regis company ranks as one of the largest
the country while the Bates corporation has alwaysproducers of paper in
purchased
quired for the manufacture of bags from outside sources. The paper re8 manufacturing plants of the St. Regis company in Northern New York have
a
total capacity of 160,000 tons of paper, 175,000 tons of
groundwood,
28.000 tons of sulphite and 50,000,000 feet of fibre
company owns over 650,000 acres of timberlands ininsulating board. The
the United
Canada and is largely interested in public utility companies, States and
holding more
than 52% of the outstanding capital
an investment carried on its books stock of Northeastern Power Corp.,
at approximately $22,000,000 and
having a current market value of more than $80.000,000.
It is expected that the business of the Bates company
will be carried
on by a wholly-owned subsidiary of St. Regis Paper
Co., continuing the
name of the Bates Valve Bag Corp.
-V. 127, p. 28.38.
ties, Phila., transfer agent. Girard Trust Co., Philadelphia, registrar.
Stock is listed on the Philadelphia Stock Exchange and application
will
be made for listing on the New York Stock Exchange.
Company
.-A Pennsylvania corporation. Has been in continuous and
successful operation since 1879. Owns and operates a plant at Chester,
Pa., on the Delaware River, producing and distributing internationa
lly
under its own trade-mark, toilet tissues and tissue towels, including such
well-known nationally advertised brands as "ScotTissue"
The Nova Scotia Wood Pulp & Paper Co., Ltd., Charleston,and "Waldorf.'
N.
owned subsidiary), produces Charleston Fibre," one of S.(a whollythe especially
prepared wood pulps consumed by the company in the production
of its
well-known quality products.
CapitalizationAuthorized. Outstanding.
Series A 79' cum. preferred stock (par 3100)---$1,890,500
$1,995,000
Series B 69 cum. pref. stock (par 3100)
603,000
Comma stock (no par)
300,000 sits. 150,000 shs.
Earnings Years Ended Dec. 31.
1928.
1927.
1925.
1926.
Net sales
$6.714.532 $5.765.642 $4,858,249 $3,880,258
Net earns, for com.stock
610,838
454.721
333,834
286,367
Sales and net earnings in 1928 were
the company and show constant and consistent the largest in the history offour-year
increases each year over the
period.
Net sales for Jan. and Feb. 1929
at
which would indicate that the growtharethe the annual rate of 38,433.650.
of
company as shown for the past
four years is being maintained.
-V. 128, p. 1572.
Second National Investors Corp.-Pref. Div.
No.2.
The directors have declared a regular quarterly dividend
per share on the preferred stock, no par value. payable (No. 2) of 61.25
April 1 to holders
of record March 15. 'An initial quarterly dividend
paid on Jan. 11929. See also V. 127, p. 2838, 3557.of like amount was
Sherwin-Williams Co.of Canada Ltd.
-Split-Up
Stk.
of
The stockholders will vote March 21 on changing
the authorized common
stock from 40,000 shares, par $100 (all outstanding) to
225.000 shares of
no par value. It is proposed to issue 5 new
no par shares in exchange for
each common share owned.
-V. 128. p. 1246.
Shubert Theatre Corp.(& Subs.).
-Earnings.
-
six Mos, End. Dec. 31- 1928.
1927.
1926.
1925.
Operating profit
$1.049.354 $1.309.283 31.113.746 $1,506.262
Prov.for dep.& amort_ 167.431
174.391
155,923
148,634
Int, on morg.& deben.-371,101
404.265
212,842
219,730
Federal tax reserve
40,000
100.000
100,000
100,000
Net income
$470,823
$630.626
$644,981 $1,037,898
Dividends ($2.50)
456.262
426,987
398.742
Balance
$14.561
$203,639
$246,239 $1,037.898
Shares cap. stk. (no par)
214,900
178,990
159,920
150,100
Earn,per shr.on cap stk.32.19
13.52
$44.03
Comparative Balance Sheet Dec. 31.
19C2ams.
1927.
- 1928.
1927.
6.
1.
9
Assets$
Liabilities
$
$
$
Real est. & enula..16,255,017 14.591,939 Capital stock and
Bldg. adv.& lease,
x11,237,469 9,885,018
surplus
San Francisco Bay Toll Bridge Co.
secur.
423,946
-Opens Bridge.
581,789 Gold debentures- - 6,900,000 7,200,000
- Rights, dap
As one of his last official acts, ex-President Calvin
tr.-names.
Real estate mtges- 5.857,250 5.423,077
a telegraph key in the White House at Washington,Coolidge by pressing
good-will,&c..
1
1 Accounts payable_ 429.940
D. C.. on March 2 Cash
409,672
formally dedicated to public use the San
3,031,926 3,066,350 Mtge. payments_ _ 640,125
144.250
longest bridge, which was built at a Francisco Bay Bridge, the world's Accts. receivable
866.749
cost of $7,500,000. The bridge
589,896 Accr. taxes, mtge.,
stretches across the waters of San Francisco Bay for 7.1
Productions
845,376
683,036
Interest, &e.___ 220,415
miles
103,360
San Mateo on the San Francisco peninsula and Hayward on and connects Adv. pay,for prod.
Federal taxes pay79,760
218,027
and opens a new direct course of travel between the Golden the mainland
rights
12 :705
0 587
8
124,936 Deterred credits__ 151,825
Deterr
168,522
Gate
great valleys of the Sacramento and the San Joaquin. The new and the Malls & supplies_
46513810 Reserve for taxes. 262,562
250,855
structure Life ins.
connects directly with the Lincoln Highway in the transcontin
policies- 65,656
ental system Investments
and with the principal arteries in the State highway system.
3,738,962 3,925,725
-V.128. p. 575. Deferred
charges
422,422 244,561
Total (each side)25,779,347 23,860,782
Schiff Co. Columbus, Ohio.
-Preferred Stock Sold.x Represented by 214,900 shares of no par value.
-V. 127. P. 3557.
An issue of $1,000,000 7%
'
cumulative preferred
common stock purchase warrants) has been soldstock (with
by George
H. Burr & Co. at $115 and dividend.
Preferred
Simmons Co.
-February Sales.
-
1929
-Feb.
---1928,
$2,775,738 $2,713,874
-V. 128, D. 417, 1572.
Increase.]
1929-2 Mos.-1928. Increase.
$61,864 I $4,980,653 $4,925,055
$55,598
as to dividends, and as to assets up to $100 per share.
Divs.
payable quarterly, beginning June 15 1929. Sinking
Southern National Corp.
-Debentures Offered.
-Fenner
March 15 1932, is provided to retire annually 3% of the fund commencing
maximum amount & Beane, New York, are
of the Preferred stock ever issued. Red
offering $4,000,000 15-year 6%
any div. date at $115 per share and diva. as a whole or in part by lot, on gold debentures (with
Dividends exempt from present
stock purchase warrants attached)
normal Federal income tax. Listing under Ohio Personal
property tax not at 102 and interest, to yield 5.80%.
required. Transfer agent. Bank of the Manhattan
Co., N. Y. City.
Da1ed March 15 1929: due March 15 1944. Interest payable M.
Registrar, Chase National Bank, New York.
Denom. $1,000c*. Red. all or part, by lot, on 45 days' notice at any & S.
Capitalizationtime
Authorized. Outstanding. up to March 15 1934 at 105 and int.: thereafter up to March 15 1939
7% cumulative preferred stock ($100 par)
at 10255
$3.000,000 $1,000.000 and hat.; thereafter at 100 and Int. Bank of New York & Trust Co., New
Common stock (no par value)
• *200,090 shs. 99.000 shit. York, trustee and registrar.
* 15,000 shares reserved for exercise of common stock purchase
Capitalizationwarrants.
Authorized. Outstanding.
Data from Letter of Robert W. Schiff, President
of the Company. Gold debentures
$25,000,000 $4,000,000
Company.-Incorp.in Ohio in 1920 with an authorized capital
Capital stock (no par)
*1,000,000 shs. 100.000 shs.
of$100,000. • Of which 60,000 have been
In June 1927, the company was recapitalized with
reserved for the exercise of warrants attached
tive convertible preferred stock and 75.000 shares$600,000 of 7% cumula- to this issue of debentures.
of common stock
par value outstanding. This 7% cumulative convertible preferred of no
Data from Letter of A. C. Beane, Pres. of the Corporation.
stock,
convertible into common stock at the rate of four shares of
Company.-Ilas been organized in Delaware with broad
common for
powers, ineach share of preferred, has been called for redemption
cluding among others, to buy, hold, sell and
redeemed or converted into common stcck prior to the , and will have been kind and to participate in underwritings and underwrite securities of any
authorization of the
in syndicates generally.
new capitalization in March of this year.
Management.
-The investment policies of the corporation will be adBusiness.
-Company operates a chain of 108 units, consisting of 51 in- ministered by the executive committee of the Fiscal
Management Corp..
dividual family shoe stores and 57 shoe department
which has been organized for the purpose, among others
chain department stores in the States of New York.s in independent and portfolios of investment corporations. Fiscal Managemenof managing the
Del., Penn., Mass.,
t Corp. has subNew Hampshire, Virginia, West Virginia, Kentucky, Ind., Ill.. Wisconsin, scribed $1,000,000 for the capital stock of
the Southern National Corp.
Minn. South Dakota, North Dakota, Mich.. Iowa, Ohio, Tex. and D
st. presently to be outstanding
The Fiscal Management Corp., under contract,
of Columbia.
will
and research facilities to the corporation,and through furnish its statistical
Company handles a general line of men's, women's and
its executive commitee
house slippers and rubber footwear, which is sold at priceschildren's shoes. will provide active supervision of the investment
ranging between National
accounts of the Southern
50e. and $7. It caters to those of moderate means.
Corp. For these services, Fiscal Management
Corp. Will receive
a fee of ,54 of 1% of the gross value of securities
In March of this year the company acquired 17 stores of the
purchased by the Southern
BrasleYKrieger Shoe Co., the majority of which are located in and around the National Corp.
Directors.
Pittsburgh district. These storm are advantageously located, and
-Phelan Beale, A. C. Beane, N. L. Carpenter,
W. J. Casey,
expected to add materially to the sales and earnings of the company. are Crawford H. Ellis, Charles G. Hill, E. II. Hulsey, I.
H. Kempner. E. A•
Sales and Earnings.
-Sales and earnings of the business for the four years Landreth, W.S. Penick, Julian Price. T. W. Warner.
ended Dec. 31 1928 were as follows:
Stock Purchase Warrants.
-The debentures will carry A and Ii warrants
exercisable at any time after May 15 1929, and
Year Ended Dec. 31not later than May 15
1928.
1927.
1926.
1925.
1939, the A
Sales
$5,364,922 33,839,308 $2.788,953 $1,728,999 at any time warrant entitling holders to purchase 5 shares of common stock
for each $1,000
Earns.after Fed. taxes_ _
294.339
205,392
163,695
96,020 warrant entitling holders to of debentures held at $10 a share, and the B
Number of times pref.
purchase 10 shares of common stock for each
$1,000 face value of debentures held, at $35
dividend earned
4.20
2.93
2.33
1.37 $40 for the next two and $50 thereafter. per share for the first two years.
These sales and earnings do not include the figures for the 17 stores
These warrants will be non-deof tachable except when exercised or in the event of any redemption or retirethe Brasley-Krieger Shoe Co. acquired in March this year.
ment of the debentures to which they are attached.
Balance Sheet.
They will be protected
-The balance sheet as of Dec. 31 1928, after giving effect by suitable provisions in the
indenture in the event of increases in outto this present financing shows total current assets of
total liabilities of $263.469. This is a ratio of over32,213.594, as against standing capital stock.
8 to 1, and leaves a
net working capital of $1,950.124.
Standard Fuel Co., Ltd.
-Preferred Stock Offered.
Purpose.
-Entire proceeds will remain in the business,
ment expects to use most of them for expansion purposes. and the manage- Wood, Gundy & Co., Ltd., Montreal, are offering at 100
per share (with a bonus of M share of common stock)
Sales for Month and Two Months Ended. Feb. 28.
$1,400,000 63/2% cumulative sinking fund preferred shares
1929--February--1928. Increas I 1929-2 Mos.-1928.
,
Increase.
$328,785
$238,843
$89,942 I $634,365
$187,008 (par $100). See also V. 128, p. 1574.
Pres1demt Robert W. Schiff announces that the $447,357 Is
company
negotiating
Standard Oil Co. of Indiana.-Bal. Sheet Dec. 31.for the acquisition of '17 new stores, which
operation to 108 compared with a total of 91 will increase the number in
1928.
now In operation, which in
1927.
1928.
turn represented an Increase of 32 stores since
Assets$
x
the bet.inning of 1928. The
LVOV-flies- .
$
6
purchase of these new stores ranks the company
Real estate
41,991,716
distributors of men's, women's and children's as one of the largest retail Plant (less depr.)121,583,883 40,176,517 Capital stock-232,116,713 230.788,513
moderate-priced shoes in
122,019,836 Accts. payable_. 28,310,950 36,868.412
the country.
-V. 128. p. 417. 1070.
Personal prop'y- 2,074,806 2,523,468 Reserves
Accts. receivable 22.993.085 20,814,297 Capital surplus_ 72:
4
55868:375 15515 56
5 5 644 70:35 31)
Scott Paper Co., Chester, Pa.
-Stock Sold.
-J. A. Sisto Beeur. & Invest_140,370,912
& Co., New York and Boenning & Co., Philadelphia, have Merchandise- - 54,489,277 140,338.575 Earned surplus_156.476,947 106,537,230
49,863,315
sold at $66 per share 10,500 shares common stock. The Cash, secs., &c.114,867,962 86.869,833 Tot.(ea. side)498,371,84t 462,605,841
Our usual comparative income account was published in V. 128, p.1574
1751
FINANCIAL CHRONICLE
MAR. 16 1929.]
-Initial Preferred Dividend.
(A.) Stein & Co.
,
The directors have declared an initial quarterly dividend of $1.6234
per share on the 6;4% cum. pref. stock, payable April 1 to holders of record
March 20. See offering in V. 128, P. 1072.
-Bonds Sold.
Tennessee Copper & Chemical Corp.
Adolph Lewisohn & Sons, Kean, Taylor & Co., J. S. Bache
& Co.,and Sutro Bros.& Co.announce the sale of $3,358,700
15-year 6% convertible debentures, gold bonds; series B,
due March 1 1944.
at a ratio of one share for
The bonds are convertible into common stock
each $20 of bonds up to Feb. 28 1930 and $22 up to Feb. 28 1931 and $24
up .to Feb. 29 1932, at which date the conversion privilege will expire.
Sinking fund provides for the retirement of61% of the issue before maturity.
The corporation, through a subsidiary, owns and operates the largest
plant in the United States for the production of sulphuric acid. The
lobusiness was originally started in 1899 and its plants, advantageouslythe
cated geographically, are served by a fleet of 373 tank cars which
company owns and uses for the transportation of acid between various plants
and the trade in general. During 1928 over 400,000 tons of sulphuric acid,
approximately 13.500 pounds of copper and about 70.000 tons of iron
sinter were produced and in addition its operations included the manufacture of superphosphate, mixed fertilizer and copper sulphate.
These bonds, upon completion of the present financing, will represent
the company's total funded debt, and the consolidated balance sheet,
adjusted to give effect to present financing, shows net tangible assets
applicable to these bonds of $5,8118 per $1,000 bond, and a ratio of assets
against current liabilities slightly better than ten to one.
Net income available for interest after depreciation and before interest
charges and Federal taxes amounted to $1,357,260, or 6.73 times the
annual interest charges on these bonds for the year ended Dec. 31 1928,
-V. 128, p. 1416.
as against the past five year average of 4.18 times.
-February Sales.
(John R.) Thompson Co.
1929-2 Mos.-1928-Decrease.
-Decrease.
-Feb. 1927.
1929.
$28.426
81.146,598 $1,163,833 $ $17,2351$2,370,759 $2,399,185
for Calendar Years.
Earnings
1925.
1926.
1927.
1928.
$14,585,050 $14,348,161 $14,382.023 $12,995,950
Sales
13,315,404 12,745,016 12,780,422 11,683,915
Cost & expense
Operating income
Other income
$1,269,646 $1,603,145 $1,601.601 $1.312,035
154.571
317,900
228,897
121,163
Totalincome
Federal taxes
Other deductions
Reserve for conting
$1,390,809 • $1,832,042 $1,919,501 $1,466,606
175.461
265,000
243,500
182,500
45,310
51,144
58.225
56,102
100,000
Net income
Preferred dividends_
Common dividends
Bank of Italy share for share, received 375,000 shares of Bankitaly Co. of
America for its holdings of stocks, bonds and improved real estate; 'twill
continue to act as the bond department of the Bank. The Bancitaly Corp.
also mainly a holder of investment securities and improved real estate,
is being liquidated: its subsidiary company continues as an operating unit
of Bankitaly Co. of America. The Bank of Italy's affiliated institutions
become direct subsidiaries of Transamerica Corp.
The following tabulation shows various units brought under control of
the Transamerica Corp.•
Total
Surplus and Total Invest.
.
Capital
Resources.
Capital.
.
Outstanding. Undiv.Profit.
$55.756,632 $105,756,632 $847,910,538
- $50,000,000
Bank of Italy_
Bankitaly Mort24,951,704
1.983,817
983.817
1,000,000
gage Co
California Joint
17,374,600
1,399,050
483,050
916,000
Stock Land Bk.
Bankitaly Agricul1,332,058
1,006.620
6,620
tural Credit Co. 1,000,000
Pacific National
3,000.000
3.000.000
2,750,000
250,000
Fire Insur. Co.
Bankitaly Co. of
400,000.000
167,500,000 232,500,000 400.000,000
America
$22J,666,000 $292,480,119 $513,146,119 $1,294,568,900
Total
During the year 1928 the foregoing companies produced earnings of over
$97,300,000. The Bank of Italy group reported earnings of 824,000.000.
and Bancitaly Corp. earnings of $73,300.000. These results combined
were equal to approximately $11.12 a share on Transamerica Corp.'s
8,747,594 shares outstanding, and represented a return of approximately
197on the total invested capital as of Dec. 31 1928.
Officers are: President, A. P. Giannini; Executive Vice-Presidents, L. M.
Glannini, W.H.Snyder; Vice-Presidents,P. C. Hale, James A. Bacigalupl,
A. Pedrini, Dr. A. H. Giannini, L. V. Belden, Jas. F. Cavagnaro, John
M. Grant, A. A. Wilson, Carl Stainer, H. P. Preston, Secretary, George
E. Boyer; Treasurer, A. H. Gibson.
All of the above officers, with the exception of Messrs. Cavagnaro,
Grant, Wilson, Stainer, Preston, Hoyer and Gibson, are members of the
board of directors. Other directors are: A. E. Sbarboro, W. E.Blauer.
Edward C. Delafield, J. E. Rovensky, Leon Bocqueraz,It. .7. Nolan, C. N.
H wkins, George A. Webster, W. F. Morrish and C. R. Bell.
Balance Sheet December 31 1928.
Liabilities
Resourcesaff11. cos-$1,091,507,537 Cap. stk. (8,747,594 shs.
Inv. in sundry
$218,689,850
1,941,713 par $25)
Cash in banks
874,759,400
Surplus
$1,152.207 $1,530,317 $1,503,357 $1,245,835
75,509
792.032
864,000
960,000
864,000
$378.294
$639,357
$570,317
$288,207
Surplus
Profit and loss surplus_ - 4,804,815 4.516,609 3,490,645 2,898,258
240.000
240,000
240,000
240.000
Slis.com.outst'g(par$25)
$4.88
$6.26
$6.38
$4.80
Earn. per sh. on corn_ _ _
Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$
LiabilUks$
$
AssetsProp.& equipl...x 6,398,232 5,848,186 Common stock_ _ - 6,000,000 6,000,000
472,000
Good-will, Atc. ___ 4,000,000 4,000.000 Funded debt_
225,441
818,268 Accounts payable_ 250,821
Securitie3 owned _ _ 650,500
241,310
Res. for inc. taxes_ 161,274
Notes acc'ts and
29.748 Insurance reserve- 181,811 169,205
mtge. receivable
100,000 100,000
Res. for coating _
36,826
Accounts receiv._ _
222,067 Purch, money angs 434,500
237,720
Inventories
72.000
760,649 Accr. com.diva...168,000
590,416
Cash
Accrued taxes, InBonds deposited as
234,170
258,023
157,606 terest, &c
secur. on leases- 136,006
11,346
11,322
Deferred income
Due from employ.
4,804,816 4,516,609
for stock parch._ 109,652 206,359 Surplus
95,197
Deferred assets _ _ _ 115,313
12,274,567 12,138,081
Total
12,274,567 12,138,081
Total
-V. 128, p. 905.
x After deducting $3,606,614 for depreciation.
$1,093,449,250
$1,093,449,250 Total
Total
This corporation has been formed to acquire stock ownership in Bank of
Co..
Italy National Trust & Savings Association, National Bankitalytaken
California Joint Stock Land Bank, Bancitaly Corp. (steps have been
to liquidate Bancitaly Corp. and consolidate its assets with Bankitaly Co
of America) and AMllated institutions.
-Earnings.
Transue & Williams Steel Forgings Corp.
1925.
1926.
1927.
1928.
Calendar Years4418.646 82.532,405 33.831.206 65.084.429
Grosssales
Less returns, allowances
218,526
181,461
95.466
See x
and freight
Labor, material & fac2,277,863 3.698,940 4.582,441
See x
tory expenses
186,427
181,936
172,687
239,708
Selling, office & adm.exp
$97,035
$178,937 1068813,611 loss$231,133
Net profit from opera
65.411
53.375
27,475
47,204
Other income-net
$162.446
813,864 loss$177,758
$226,141
Net profit
Provision for est. Federal
13,000
taxes
($1)100,000 (25c)25,000 ($1)100,000 ($2)200.000
Dividends
$126,141 def $11,136 def.$277,758 def.$50,554
Balance, surplus
$1.49
Nil
$0.14
$2.26
Earn.persh.on cap.stk_ _
x Gross profit on sales after deducting all returns, allowances, labor.
&c.
material and factory expenses,
Balance Sheet Dec. 31.
1927.
1928.
Lis/Witter1927.
1928.
Assetsx$550,000 $550,000
9 Plants & prop._ -$1,535,740 $1,134,282 Capital stock
135,783
1,027,821 1,239,690 Accounts payable_ 338,212
Securities
68,452 Notes & loans pay_ 295,000
31,171
Cash
18,083
18,192
- Accts.receivable__ 347,314 195,389 Contingent reserve 49,960
-Earns. (Incl. Sub. Cos.)
Timken Roller Bearing Co.
29,442
403,665 Accrued liabilities_
928,071
Inventories.
1925.
1926.
1927.
1928.
Calendar Years50,000
14,662 Res,loss in sec_
11,131
Manufacturing profit__ -$19,187,216 $14,995,892 $14,288.188 $12,466,984 Other assets
226,297 Capital surplus ___ 2,450,000 2,450,000
41,587
Deferred charges__
Selling, admin. & gen.
99,129
Profit & loss surp. _ z171,471
2,181,715 3,211,870 2.727,134 2,641,773
&c., expenses
83,922,835 83.282,437
$3,922,835 83,282,437 Total
Total
$11,561,054 $9,825,212
$17,005,499 $11,784,022
Operating profit
493,929
668.167
722.197
774.806
x Represented by 100,000 no-par shares. y After depreciation. z After
Other income
deducting $16,801 amortization prior years and $37.000 additional reserve
-V. 128, p. 1074.
$17,780,305 $12,506,219 $12,229.221 $10,319,141 for loss in securities.
Total income
1,032,245
2,216.226
918,301
1,190,975
Depreciation
1,300,000
1,150,000
1,425,014
-Earnings.
1,850,000
Federal taxes
Traveler Shoe Co.
138,891
48,557
66,381
148,396
Other deductions (net)...
1926.
1927.
1928.
Calendar Yearschgs. covering
Extraord.
$4.494,727 44,189,812 $4.045,748
Sales
absolesc. of mach. &
324,624
325,862
297,652
year
Net income for the
667,139
860,790
equip
43.834
43,991
35,718
Federalincome tax (est.)
Net profit
$13.730,145 $9,554,397 $8,449.090 $8,088.339
8280.790
$281,871
8261.934
Net profit
6,004,410 5,403,969 4,803,528
6,304,631
Dividends
97.688
150,001
150,001
Dividends paid
Surplus
$7.425,514 $3,549,987 $3,045,121 $3,284,810
$183,101
$131,870
$111,933
Surplus
per sh. on 1.200,Earns.
646,172
827,873
959,591
Previous capital & surplus
882 shs. capital stock
Dr.1.400
Dr.152
$6.74 Adjustment of Fderalincome taxes _ _ _ Dr.1.810
$7.04
$7.95
(no par)
$11.43
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
$
$
Liabilities$
$
Assetsy6,000.000 6,000.000
Property acct-x16,573,027 9,502,523 Capitalstock
223,488
583,529 Accts. payable.... 2,380,389 1.194,070
Cash
Securities owned_ _17,409,370 16,814,466 Accrued tax, &c.. 2,087,002 1,511,568
3.424 Res. for cont., &c.. 1,540.187 1,138,716
47,761
Notes receivable33,515,398 25,679,340
Accts. receivable_ 2,648,038 1,874,928 Surplus
6,744,724 4,970,082
Inventories
1,612,278 1,641,346
Other assets
133,397 Total (ea. side)_45,522,975 35,523,694
264,288
Deferred charges
x After depreciation, &c. amounting to $6,550,975. y Represented by
-V. 128, v. 905.
1.200.882 no par shares.
Tobacco Products Corp.
-New Common Stock Placed on
-The directors on March 13
a $1.40 Annual Dividend Basis.
declared an initial quarterly dividend of 35c. per share on
the new $20 par common stock. This is equivalent to a $7
annual rate on the old common which was recently split up
annual basis.
-for-I basis and which was on an
on'a 5
On Oct. 15 1928 and Jan. 15 1929 quarterly dividends of
$2 per share were paid on this issue. The dividend, just
declared, is payable April 15 to holders of record March 25.
-V.128, p. 1575.
-Listing.
Transamerica Corp.
The San Francisco Stock Exchange has authorized the listing of 1,400,000
additional shares of common stock, par $25, making the total listed 10,000,000 shares.
The listing circular shows:
The corporation was incorporated Oct. 11 1928, in Delaware to acquire
stock ownership in the Bank of Italy and the Bancitaly Corp., and their
affiliated subsidiary companies.
Under Transamerica Corp. a new company, Bankitaly Co. of America,
Bancwas formed to consolidate assets of the National Bankitaly Co. and of the
Italy Corp. Nationa 1Bankitaly Co., owned by the stockholders.
$827,873
8959,591
Capital & surplus Dec.31 1926- - -- 81.069,714
Earns. per sh. on 100,000 abs. cap.stk.
$2.80
$2.81
$.61
(no par)
-V. 127. p. 2383.
x Includes $66,705 gain in sale of securities.
Trunz Pork Stores, I nc.-Eipansion- Sales.
This corporation, which this month is opening two additional stores in
Brooklyn, N. Y., increasing its chain to 32 in that city, announces that It
will enter New York City negt month. The company has arranged to obtain
two locations, one on the illeat Side and the other on the West Side.
The company also announces that its sales in February last totaled
$373,125, against $330.413.in Feb. 1928, a gain of 12.8%. For the first 2
months of this year sales represent an increase of 17% Over the corresponding
2 months of last year. An increase of 21% in January sales of this year over
the year before was largely due to the fact that Jan. 1929 contained 5 weeks.
-V. 128. p. 1247.
•
-Annual Report.
Union Sugar Co.,San Francisco, Calif.
Calendar Year
Net operating profit__Dividends
Depree. & obsol
Bad accts. written off..
Loss on 1927 sugar sold in
1928
Miscellaneous
1928.
83.778
35.420
118,696
4,400
31,147
1927.
•def$3,915
• 86,020
121,857
1926.
$146,359
237.820
146,130
1925.
5100.485
237.820
169.978
413
4.263
def$185,885 def$211,792 def$238,004 def$311,576
Balance
$785,405 81,070,986
8544,473
Prof.& losssure.Dec.31
$358,813
1111111111..
-V. 126, p. 2002.
-Stock Split-up.
Union Carbide & Carbon Corp.
President Jesse J. Ricks announced that the directors on March 12
recommended to the stockholders that they pass resolutions to increase
the authorized capital stock from 3,000.000 shares without par value, to
12.000,000 shares also without par value, and to authorize a change by
which the corporation may issue to its stockholders three shares of new
increased capital stock for each share of stock now outstanding.
That portion of the increased shares which Is not to be now issued 11 this
manner will be available forissuancefrom time to time as an i when authorized
1752
FINANCIAL CHRONICLE
by the directors. If this proposition is approved by the stockholders at
their meeting on April 16, means will be aken immediately thereafter
looking to the exchange of certificates of the now increased shares for the
present shares and the listing of such new shares upon the New York and
Chicago Stock Exchanges.
-V. 128. p. 1544.
Union Tank Car Co.
-Annual Report.
Calendar Years1928.
1927.
1926.
1925.
Earns,after oper.exp---43.207.997 x$3,901.759 $7,213,410
$6,613.297
Depreciation
See a
Bee a
3.494,989
3,444,899
Int. on ctfs
566.240
677,477
123.500
Reserves
562,650
452.790
Federal taxes
305,542
401,872
Net income
$2,336,214 $2.822,409 $3,032,271 $2,715,607
Other income
395.744
Totalincome
22,731,958 $2,822,409 $3,032,271 12.715.607
Pref.dividends(7%) 840,000
840,000
Com.dividends(5#)_.- 1,551.005
1.538.450
1,228,220
910,370
Balance,surplus
$1,180,953 $1.283,959
$964,051
$965.238
Adjust.equip. acct
820,666
Previous surplus
3,738,052
2,454,092 8,616,176 13,792,038
Total surplus
$4,919.005 $3.738,052 $10,400,893 114.757.276
Prem.on pref. ret
1,800,000
Com,stock dividend
6,146,800 6,141,100
Rate
(25%) (33 1-3%)
Adjustments
13,035
Profit & losssurplus -- $4,905.970 $3,738,052 12,454,093 $8,616,176
Shs.com.out.
(par $100)
311,012
308,440
307,340
245.644
Earn. per share on corn _
88.78
$9.15
$7.13
$7.59
x After depreciation.
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
.4 nets
Liabilities-$
s
Tank ear, equip.,
Common stock._ _ _31,101,200 30,844,000
prop., plant.&c,
Equip, trust ctfs less deprec'n.__36,145,980 39.397,366 Accts. payable,&e-10,400,000 11,700,000
400,167
482,046
Unamort. debt._ _ _
159,923
170,452 Accrued Interest..., 117,000
Inventories
706,653
638,502 Reserves
696,243
828,975
Accts. receivable
1,285,182 1,277,288 Surplus
4,905,970 3,738,052
Securities
4.236,519 3,043,684
Cash
4,982,117 2,998,314
Def. charges, &c
104,205
67,468
Tot.(each elde)_47,620,581 47,593,073
-V.127, p. 1541.
United Carbon Co.(& Subs.).
-Income Account.
Earnings for Year Ended Dec. 31 1928.
Carbon black sales
Natural gas sales
Gasoline oil and other sales
Total net sales
Cost of Sales
Carbon black
Natural gas
Gasoline, oil and other
Manufacturing profit
Selling expenses
Office and administrative expenses
Other charges (net)
Federal income taxes
-estimated
$4,708,109
644,874
163,103
[Voth 128.
U.S. Realty & Improvement Co.
-Earnings
--
Period End. Jan. 31- 1929-3 Mos.-1928. 1929-9Mos.-1928.
Net income after Mt.
deprec. and Fed. taxes $1.280,135 $1,277,082 $3,450,135 $3,421,217
Earns, per share on 733,102 shares capital stk.
(no par)$1.74
$4.65
$1.73
$4.70
-V. 128, p. 1576.
United Dry Docks, Inc.
-Registrar.
-
The Chase National Bank has been appointed registrar for 553,750 shares
of common stock, no par value, and 18,150 shares of pref. stock. $100 par.
The Chase National Bank has also been appointed trustee for an issue of
option warrants for 200.000 shares of common stock, without par value.
See also offering in V. 128, p. 419.
United States Bobbin & Shuttle Co.
-Dividends.
-
The directors have declared a dividend of 75c. a share on the common
and the regular quarterly dividend of $1.75 a share on the pref. stock, both
payable April 1 to holders of record March 20. A dividend of 50c. a share
on the common stock was paid on June 30 1928.-V. 127, p. 2106.
United States Shares Corp.
-Forms New Trust.
-
United States Shares Corp. is offering an issue of Insurance Stock Trust
shares, series F, at $25 per share-the eighth investment trust of this
corporation. This issue offers a diversified investment in insurance companies. Shares of insurance stocks in identical units, together with a cash
sum designated as the collateral fund, will be deposited with the Empire
Trust Co. of New York as trustee, and for each unit and its proportionate
Interest in the collateral fund. 1,000 insurance stock trust shares, series F,
will be issued.
The collateral fund will be used to purchase variable numbers of shares in
insurance companies which may not be available in sufficient quantity to
be included in the units and which offer exceptional opportunities for profit.
The fund will constitute approximately one-half the investment, Dividends
will be paid semi-annually.
A summary of the growth of the insurance companies represented in
Insurance stock trust shares, series F, during tne seven year period preceding the establishment of the trust, shows total appreciation, 1922-1929.
of 234%, average annual appreciation 33.51%. average annual cash income
13.77%, and annual income including appreciation 47.28%. The average
annual profit of investment trusts operated by the United States Shares
Corp. has exceeded 32%, according to a statement by the corporation.
Among the officers and directors of the United States Sher es Corp. who
will serve on the investment committee of the new trust are Robert Van
Iderstine, president of the Guardian Fire Assurance Corp. and director of
14 insurance companies; Leslie C. Strata, insurance stock specialist, and
Paul Clay, Vice-President, formerly Vice-President and Chief Economist
-V. 128, p. 906.
of Moody's Investors Service.
United States Steel Corp.
-Unfilled Orders.
See under "Indications of Business Activity" on a preceding Page
V. 128. p. 1417.
Universal Products Co., Inc.
-Annual Report.
Calendar YearGross profit
Expenses
1928.
161522:813342
1652.382
Operating profit
Other deductions
Federal taxes
$540,248
51,124
56.164
$5,516,086
3,023,440
504,014
136.712
$1,851.921
373.034
162,319
257,462
127,000
Net profit
$932.105
Previous surplus
5.494,199
Book value of 9,070 SIM of corn, cap. stk. Issued in exch.for
prop. 204,744
Profitfrom purch.& sale of pref. & corn.shs.of United Carbon
Co 223,149
Total surplus
$6,854,197
Dividend of 334% on preferred stock
187,709
Sundry adjustments
-prior years
3.084
Balance, as shown by books, Dec. 31 1928
To set aside stated value of 212,564 corn. abs. at $25 per share_ _ _ $6.663,405
5.314,100
Balance per balance sheet
$1,349,305
-V.127, p. 2975.
United Dairies, Ltd., Calgary, Alta.
-Preferred Stock
-0. C. Arnott Co., Ltd.; Carlisle & Farr, Ltd.;
Offered.
Royal Financial Corp., and 0-. F. Tull & Ardern, Ltd.,
recently offered $750,000 634% cumulative sinking fund 1st
preference shares (tar value $100 per share) at 100 per
share and div., with bonus of one share common stock with
each share pref.
Net income
$432,960
Earns, per share on 90,000 shs. cap. stock (no par)
$4.81
In addition to the regular quarterly dividend of 30 cents, an extra dividend of 20 cents per share was paid Jan. 111929.
Balance Sheet Dec. 31.
Assets1927.
1928.
Liabilities1927.
1928.
Fixed assets
$766.208 $603,661 Common stock _-. 0860,000 $560,000
23,037
Deferred charges
12,746 Notes payable.....,135,000
60,000
Other assets
707
245,756
Accts. pay. & accr. 241,591
Cash
110,904 Dividends payable
78,789
43,750
452,241
247.032 Surplus
Awls receivable- 306,476
728,542
Cash val. Me ins25,648
34,962
Inventories
798,706
318,008
Tot. (ea. side)-32,008,883 $1,317,097
Represented by 90,000 no par shares.
-V. 127, p. 2554.
Vadsco Sales Corp.-Initzal Preferred Dividend.
-
The directors have declared an init al regular quarterly dividend of $1.75
per share on the preferred stock, par $100. payable May 1 to holders of
record April 15.
The above corporation was recently formed by a merger of the V. Vivaudou, Inc., and American Druggist Syndicate.
-See V. 128. p. 268, 760.
Van Sicklen Corp., Elgin, 111.
-Initial and Extra Divs.The directors have declared an initial quarterly dividend of 50c. per share
and an extra dividend of 15c. per share on the participating class A stock,
no par value, both payable April 1 to holders of record March 22. (See
offering in V. 127, p. 3559.)-V. 128, p. 126.
Vanadium-Alloys Steel Co.
-Listing.
-
The Pittsburgh Stock Exchange has approved for listing, 210,000 shares
common stock (no par).
Company was incorp. June 2 1920 in Pennsylvania for the manufacture
Preference stock is to be fully paid and non-assessable; preferred as to of iron, steel, zinc, nickel, brass, copper, alloys, and kindred products.
dividends and assets. Dividends payable (July and Jan. 1) by cheque at and the sale of same. Principal plants and properties are situated at
par at any Branch of the Bank of Montreal. Callable all or part on any Latrobe, Pa.. and consists of approximately 190 acres of farm property of
div. date after Jan. 1 1929 at 105, and div. per share, on 60 days prior
which about 8 acres is used for manufacturing purposes.
notice up to Jan. 1 1934; at 104 to Jan. 1 1939; and thereafter at 103. per
The capital stock originally authorized consisted of 2,000 shares (Par
share.
UM.all of which stock was disposed of for cash. In Feb. 1911, the stockCapitalizationAuthorized.
Issued.
holders authorized an increase in capital stock from $200,000 to $300,000
8h% cumul. 1st preference shares
$1,000.000
$750.000 and in 1911 and 1912 this additional stock was sold for cash at par. ,an.
8% cumul. 2nd preferred shares
400,000 1921 the capital stock was increased from $300.000 (Par $100) to $1,500,000
Common stock (no par value)
mow'
ails. some 8118. (par $100) by transfer of 11.200,000 from surplus, a stock dividend of 400%
Company.
-Has been incorp. under the laws of the Dominion of Canada to being declared. April 1927 capital increased from $1,500,000 to $2,000.000
acquire all the outstanding shares of Central Creameries, Ltd., Crystal by transfer of $500,000 from surplus, a stock dividend of 33 1-3% being
Dairy. Ltd., and Union Milk Co., Ltd. These comapnies have been suc- declared. At the same time. the authorized and outstanding common
cessfully engaged in the manufacture and distribution of dairy produce stock of the company consisting of 20,000 shame (par $100) was exchanged
since March 1 1918, throughout the Provinces of Alberta and British for 120,000 shares of no par value common stock, on the basis of one share
of $100 par value stock for 6 shares of no par value common stock. On
Columbia.
Earnings.
-For the past 8 years the annual earnings have not been less Oct. 31 1928, 90,000 shares additional no par value common stock, authorthan twice the preferred dividend requirements in any one year. Based on ized and issued in exchange for the entire outstanding stock issue of Colonial
the earrings shown for the first 6 months of 1928 fiscal year. the companies Steel Co. of Pittsburgh, consisting of 32,500 shares of $100 par value
common stock.
should earn at least 3 times the preferred dividend requirements.
Purpose.
-To provide $100,000 additional working capital, $150,000 for
Waitt & Bond, Inc.
-Earnings.
the construction of new buildings, plant and equipment, and the balance for
Calendar Yearsthe acquisition of all the outstanding stock of subsidiary companies.
1028.
1927.
Mfg. profit, after deduct, cost of goods sold. Incl.
Sulking Fund.
-Charter provides that company shall annually set aside
mat., labor, factory exps. & deprec
In priority to the payment of dividends on the 2nd preferred or common
11,539,374 $1,418,705
stock a sum equal to 2% of the amount of 1st preferred originally out- Selling, administrative & general expenses
707,385
655,481
standing, which sinking fund will
to the redemption of the preferOperating profit
ence shares purchased in the open be appliedor below the current redemption
$763,224
2831,989
market at
price,and if not so obtainable, drawn for redemption at the current redemp- Other income
22.916
20.894
tion price.
Total income
$784,118
$854,905
Interest paid and bond discount
87,446
66.678
U. S. Radiator Corp.
-Annual Report.Provision for Federal taxes
90,898
91,314
Years End. Jan. 311929.
1928.
1927.
1926.
Grose earnings
11.066.107 $1,363,666 $2,068.183 $1,978.648
Net profit
$605.774
$696,912
Cash disct. on sales, &c_
169.732
200,516
191.749 Previous surplus
356.429
537.782
Int. on bonds & notes_ _ _
190,373
47.900
39.003
47,932
Depr. on plant & equip..
251,855
137.008
143,150
149.874
Total surplus
$962.203
$1.234,694
Loss onaccounts
48,414
Expense of recapitalization in 1927
18,608
Res. for Federal taxes &
Previous period tax adjustments
4,213
contingencies
75.000
227,000
130,000
203.000 Miscellaneous. adjustments
18.802
Net income
1548.879
1830.610 11.458,514 11.386,092
Balance, surplus
$9M282
$1,216,093
Preferred dividends_ _ _
294,672
287,672
287,672
287,672 Former preferred stock dividends
Common dividends
423.344
400,000
430,000
310.000 Former common stock dividends
200,Ill
Present class A stock ni% Mends
80.000
200,000
Balance, surplus__ - __def$160,137
$740,842
$142.938
$788,420 Present clams B stock dividends
107.000
230.001
Shares of corn. outst'd'g
(no par)
211.672
211 672
200,000
Surplus, balance. Dec. 31
200,000
1537.783
$786.093
Earns, per share on corn.
$1.20
$.513
$5.85
$5.49 Earns. per sh. on claas B stock
$2.02
$2.48
-V. 126, p. 2810.
-V. 127, p. 2841.
MAR. 16 1929.1
1753
FINANCIAL CHRONICLE
-Dividend Correction.
Vulcan Detinning Co. payment date of the last distribution
error, the
Due to a typographical
s on the pref. stock was given as Jan. 29
of 1% made on account of arrearage3% an account of accruals will be paid
instead of Jan. 19. A dividend of accumulations on this issue to 123 %
reduce
•on April 20 next, which will
-V. 128, p. 1577.
-Sales Increase.
Walgreen Co.
1929.
Increase.
1928.
$771,534
$2,831,172 $2,059,638
January
831.827
2,082.383
2,914.210
'February
and
now operates 251 stores. 11 of whip are in New York
The company
-V. 128, p. 1576.
Brooklyn.
-Earnings.
h Inc.
Wheatswort
1927.
1928.
Calendar Yearsincl.
Net earnings after provision for all charges,
3325.137
$410.759
Federal income taxes
$1.95
$2.68
stock
Earns,per share on 121,000 shs.com.1928,(no Par)
shows current assets of $665,953
The balance sheet as at Dec. 31 ratio of 6.8 to 1.
and current liabilities of 6.97,534. awere 20% larger than during Jan. 1928.
Sales of the company in January
-V. 127. p. 2556.
-Earnings.
Wheeler, Osgood Co., Tacoma, Wash.
1926.
1927.
Calendar YearsNet sales
Cost ofgoods sold
-Redemption.
Wesson Oil & Snowdrift Co., Inc. appointed redemption
Gross profitsfrom sales
been
The National City Bank of New York has V. 128, p. 1076.)-V. 128, Selling expenses
stock. (See also
Administrative expenses
agent for the 7% cum. pref.
p. 1578.
Net profitfrom sales
-Common Stock Placed on a Other income
Western Electric Co., Inc.
have declared a Profitfrom jobbing account
-The directors
Annual Dividend Basis.
$4
dividend of $1 per share on the 4,000,000 shares of outMarch 30
standing common stock, no par value, payable with quarholders of record March 25. This compares
to
to
terly dividends of 75e. per share paid from June 1928
December 1928 incl., and 50e. per share quarterly from
y
June 1927 to March 1928 incl. In addition, the compan
$13 per
on Dec. 31 1927 paid a special cash dividend ofa special
share on the common stock and on Dec. 31 1928 one &
dividend of 25c. per share. The American Teleph
Telegraph Co. owns about 98% of the common stock of the
-V. 128, p. 1546.
Western Electric Co., Inc.
ghouse Air Brake Co.(& Subs.).- Earnings.
Westin
1925.
1926.
1927.
1928.
Calendar Years$8.039,652
Net profits, all sources-- $8,246,052 $9,852,795 $12.258,533
1.207,634
Depreciation
1,074,114
1.332,786 1,723,471
Federal Lazes (estimated) 547.861
062 $6.965,538
$6.490,557 $8,520.009 $10,535,
Net ncome
5,532,328
Dividends paid in cash_ _ 6.343.665 5,946,223 6,342,099
(12%)
(16%)
x
($2)
Rate
_ $146.892 32.573,786 *4,192.963 $1,433,210
Balance end of year
11,980.165 17,322,890 13,085.677 11.611.087
Previous surplus
41,380
44,249
13,766
Sundry credits
633,868
Sundry adjustments __a
$12,760,927 $19.910,442 $17,322,889 $13,085,677
Total surplus
7,930,277
Transf, to cap. atk. acct.
1928.
$3.533.004 $3.803.804 $4.804,642
3,019,640 3.359.021 4.195,017
$409,625
$444.783
$513.364
190.834
224.237
173,711
133.243
89,312
94,433
$131.234
16.363
27,966
$85,547
16.359
34.511
8281.624
256,618
Gross income
Income charges
i245.220
9.961
26,443
$175.563
247.535
3136.418
122.600
$13,818
325.006 def.$71,972
90.000
60.000
30.000
$131.972 sur.$76.182
$4,994
Netincome
Preferred dividends
Balance, deficit
-V. 127. p. 124.
cguisition.-
Wil-Low Cafeterias, Inc.-A
of the Monroe Cafeteria,
The corporation has arranged for the purchase
opposite the Woolworth Bldg.
located on Park Place, N. Y. City, directly the revenue to be derived
in predicts that
President William Lowenste
add approximately 25 to 30 cents
during the year from this acquisition will common stock.
-V. 128,p.1418.
per share to the earning power of the
-Profits.
International Corp.
Winslow Lanier
for the first month's operation.
The management reports realized profits
ng value of its common
after all expenses, of $128,000. while the liquidati stock was sold at $100
$105 per share. The
stock has been increased to January.
128, p. 906.
-V.
per share in the latter part of
-Sales Higher.Wolverine Tube Co.
Mos.-1928.
1929-Feb.1928-$305,540
6419,134
y.
.
.T 126, p. 3613, 2003.
1929-2
Increased
$113.5941$822,838
8490,184
Increase.
$332.653
-Initial Dividend.
s, Inc.
Woodruff & Edward
y dividend of 50 cents per
The directors have declared an initial quarterlpayable April 1 to holders
par value,
share on the partic. class A stock, no V. 127, p. 3263.
of record March 20. See offering in
Profit & loss, surplus412,760,927 $11,980,166 $17,322,889 *13.085.677
Shares of capital stock
y792,840
y785,026
3,172,111
outstanding (no par).. 3,172,111
$8.79
$13.42
2.68
$2.04
Earn. per sh. on cap. stk
sale of patents and manufacturing assets of the
a Including effect of
Union Battery Co., a
Locomotive Stoker Co., and the Westinghouse on
net.
reduction in book value of patents and the applicati$1 of reservespar value
on the no
x Being 7% on the old shares of $50 par value and
shares. y Par $50.
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$
$
Liabilities$
$
Assets.
Real estate, &c._ 1,892.340 2,546,989 Capital stock__ _y47.581.661 47,581,660
1,223
1,180
13,613,735 13,743,360 Stkseubs.not held
Factories
Patents & Rood will 2,450,001 5,971,729 Accounts payable_ 1,233.781 1,609,442
631,143
8,393,129 8,446,983 Accrued liabilities_ 514,942
Investments
11,438,250 8,330,738 Res. for taxes, &c_ 547,861 1,332,786
Cash
Accts. & notes rec. 6.858,215 9,365,776 Dividends payable 1,685,829 1.585.746
Liberty bonds-- -.12,984,253 11.352,249 Sundry reserve-. _ 3,854,873 6,840,396
1,429,272
10,019,073 12,839,754 Exc. of par valuesx
Inventories
12,760.926 11.980,166
394,258 Surplus
Deferred charges__ 432,058
I
68.081,055 72,991,835
68,081.055 72,991.835 Total
Total
x Excess of par value over book value of capital stock of subsidiaries.
-V. 127. p. 2842.
1 shares of no par value.
y Represented by 3,172,11
Subs.).
Worthington Pump 8c Machinery Corp.(&
Annual Report.
1925.
1926.
1927.
1928.
Earns. Cal. Years458 615.222.560
Billings to customers_ _.115,343.075 *16,520.838 $17,141. 79 14.888,100
14,686,452 16,085.537 16,973,4
xCost of sales
6334.460
$167.978
$435,301
*656.623
Operating profit
67,771
90,637
102.349
81,965
_
Int. received, &c., net....
217,893
157.048
62,696
235,489
Int. & divs.from invest..
$620,124
$415,664
$600,343
$974,076
Gross income
11,000
80.000
Int. 011 notes to U.S.,&c.
50,000
Reserve for Fed'l taxes_
Dividends on
391,498
*293,624
Class A pref. (7%).,619.300
2464,475
Class B pref.(6%)
435 def$481,675
$600,343 deft392,
$974,076
00
Balance
4,939.396 4,539,008 3.938,664 y4.331,1
159,145
Profit & loss, surplus
159.145
159,145
159,145
33.32
Shs. pref. A & B outst'g.
$2.29
$3.77
$6.12
Earned per share
maintenance charges, depreciaa Cost of sales including all operating and and administrative expenses.
plants and equipment, selling, general reserves in 1925, 3200,000 in
tion of
tax
y After adding $150.000 released from s paid for the 9 months to Sept.30
1924 and $1,250,000 in 1923. z Dividend
1926.
Consolidated Balance Sheet Dec. 31.
.t•
1927.
1927. 111* . Wes... ._ 1928.
1928.
$
$
Liabilities$
$
Assets-Report.
000 20.951.000
Company.
Westmoreland Coal
Capital stock _ _ _a20,951.
Land, incise.. Pat1925.
1926.
1927.
1928.
6 Trade accounts__ 379,596.
Calendar Yearsb12,442,171 11,167,08
281,919
terns. &c
Oper. rev. from °per's- $956,880 $1,875,863 $2,017.575 $1.725,410 Inv. in torgn. sec
2,803,586 Fed, taxes re,..,. _ 258,807
78.160
94,844
Int. on invest., bank bal1,316,479 1,529,375 Accrued payrolls... 100,349
143.437
107.337 Cash
130,686
142,263
162,416
curr. nabs_
&c
Misc.
ances.
121,781
Call loans dt govt
122,728
4,150,183 1,150,183 Contingent res____
30.163
securities
41,070
$1.119,297 $2,018,126 $2.148,262 $1.832.748
Total income
22.089 Insur. reserve__
372,150
421,297 Misc. securities
439,380
1.704,678 2,076,418
377,949
316.365
Taxes and interest paid_
6,446,920 7,952,153 Gen. & sig. res.... 4,939,396 4,539,008
376.254 Inventories
417.307
438,863
362,455
Depreciation
3,407,158 Surplus
289,469 Accta. & notes rec 3,126,894
335.429
324,158
258,445
Depletion
Net curr. assets. of
European continProfits transferred to
241,821
ental branches._ 488,641
$745.729
$956.145
$877,156
surplus
$182,030
71,810
73,868
8
Misc. curr. assets..
Earns. per sh. on 200.000
141.139 Tot.(ea. side)._28,592,471 28.486,40
175,164
$4.78
$3.73 Unexp. Maur
$4.38
$0.91
shs. cap.stk. (par $50)
stock, 310,321,671
ted by $5,592,833 class A 7% preferred
a Represen
-V. 126, P. 3946.
common stock. Is After deductclass B 6% preferred stock and *12.992.149
on,$884,829.
- ing depreciation of $7,415,838 and adding property in liquidati
-Annual Report.
Westvaco Chlorine Products Corp.
-V. 128, p. 1418.
Earnings for Year Ended Dec. 29 1928.
-Annual Report.
$5.215,866
(Wm.) Wrigley Jr. Co.
Sales
1925.
1926.
1927.
3.430,878
1928.
Cost of sales
Calendar Years397
268.807 Net profit from oper_ _ _622,781,649 x$12220,239 $18.113,309 $18.246. 4
Selling and administrative expenses
7,146.654 7.297,51
See x
9.368,160
Sell., gen. & adm. exp.565.593
571,195
817.127
$1.516,179 Depreciation
879.840
Operating profit
1,236.522
1,295,290
1,483.464
72,481 Federal taxes
1,465.031
Other income
152,301
Interest
$1.588,661
Total income
68
52,468
$11,068.618 89,767.347 69,100,170 $9,146,7 2
Other deductions
Net income
395,999 Common dividends
6.741 645 6,272 957 6,276,829 6,274.20
Depreciation
$4.00
63.50
$3.50
115.352 Rate
$A.50
n for Federal taxes
Provisio
135.828
Bond interest
40,976
$4,326.972 $3,494,390 32.823.342 82.872.566
Bond amortization
Surplus
$5.42$5.10.
2,319 Earned per share
$6.15
Premium on bond redeemed
expenses.
x After deducting selling, general and administrative 1927. $22,007.292:
$845.718
-Surplus Dec. 31
income
31 1928.
Net
Surplus Account Dec.
nt. 81.001.606: balance,
126,350 settlement of litigation and reserve adjustme
x Preferred dividends
surplus,
profit for 1928 as above, $4,326,922; total
$719 368 $21,005,686;
Earnings available for common stock
$25,332,658.
Balance Sheet Dec. 31.
Earns, per share on 200,000 shs. common stock (no par)
1927.
1928.
x Dividends paid to subsidiary are excluded.
1927.
1928.
Liabattiss-Common Stock-Ne Par Value for the Period Jan. 1 to Dec. 29
Assets
Statement of
Common stook-415,000,000 15,000.000
1928.
Real estate, bldgs.,
2.323,488
a$992.745
mach.& equip x 13.467,192 14,060,171 Accounts payable_ 2,624,988
690.600
Book value as of Jan. 1 1928 and
774
adjustment of reserve
pats.. &e. 6,209,412 6,209,615 Notes payable...._ 679,197
44.700
Refund of Federal income tax
49,100
4 Bonds of subs. ___
719.368 Cash
13,309,986 11,002,22
1,922,015
Net profit for the year 1928, available for common stock
Minority interest- 1,994.532
Accts. & notes rec. 2,934,060 3,177,610 Res. for general dt
5 10,872.473
87 Inventories
11,751,64
$1,712,8
Total
Federal taxes......1,854,310 1.909,697
4 391,026 4,156,146
$56,181 Bonds
Amortization of contracts and processes
328,154 Other reserve_ _ 4.907,100 6.066,669
100,000 Other investments 327,877
Dividends paid on common stock
25,332,658 22,007,292
.57.469 Surplus
43,687
Deferred Charges...
141,556.705
Balance Dec. 29 1928
52,434,887 49.863,861
Total
to the acquisition of sub52,434,887 49.863,861
Total
a After giving effect to adjustments incident
ion. y 1,800.000
x After deducting $5,165,942 reserve for depreciat
sidiaries and adjustment of depreciation. 13 Represented by 200,000 shares
-V. 128. p. 1418.
•
no par value.
-V. 128, 13• 75
shares, no par value.
of common stock of
-Initial Dividend.
Wextark Radio Stores, Inc.
of 50
cents per
The directors have declared an initial quarterly dividend
share on the capital stock, no par value, payable April I to holders of record
March 20. See offering in V. 128. p 750.
-Receives Order.
Truck & Coach Mfg. Co.
Yellow
ry of the Public Service
Public Service Coordinated Transport, a subsidia buses with the Yellow
Corp. of New Jersey, has placed an order for 267 newdivision of the General
Truck & Coach Manufacturing Co., the motor coach
1754
FINANCIAL CHRONICLE
Motors Truck Corp. The buses will have the best system
ventilation that has yet been devised. In addition, theof heating and
modern
braking equipment and engines of considerable more power most have
than
so
far been used will be installed.
All the chassis and a few of the bodies will be built at the Pontiac, Mich.,
shops of General Motors but the majority of the bodies will be built at
Public Service shops in Newark. When these buses have been placedthe
in
service, Public Service will have a fleet of 2,000 buses acutally in operation, the largest fleet operated by any one company in the world with
the
exception of the London General Omnibus Co. The entire electrical equipment will be furnished by the General Electric Co.
The new buses will be of both the gas-electrical and gas-mechanic
type, the gas-electrics being used in city service and the gas-mechanics al
on
suburban and long distance lines—V. 127, p. 2977.
Yellow & Checker Cab Co.—Earning8.-
10 Months Ended Oct. 31—
Cab revenue
Operating expenses
Depreciation
1928.
1927.
$3,423,390 $3,084,917
2,836,312 2.681,207
310,039
291.984
Net income
Miscellaneous income
$277,038
14.186
$111,726
29,467
Net profit
Dividends paid
$291,224
120,003
$141,193
120,003
Net surplus gain before Federal taxes
—V.127, p. 970.
$171,221
$21,189
[VOL. 128.
—Dwight C. Rose, of Scudder, Stevens & Clark. investment counsellors.
has written a book entitled "A Scientific Approach to Investment Management," which is illustrated with charts and tables and published by Harper
and Brothers.
—Abbott, Hoppin & Co., members New York Stock Exchange, announce the opening of an uptown office in the New York Central Building.
230 Park Ave., under the management of John Sise and Casper C. deGersdorff.
—The Irving Trust Co., has been appointed registrar for 2,000,000
shares of the capital stock of the Reybarn Co., Inc., and as trustee for
the 6% gold debentures for the Eleven South William St., Co., Inc.
--Goodbody & Co., members of the New York Stock Exchange, announce that R. M. Ames, formerly Treasurer of the Pontoosuc Woolen
Mfg. Co., is now associated with them in their Pittsfield office.
Pirnie, Simons & Co., Inc., investment bankers with head office at
Springfield, Mass., are opening a Boston office at 31 Milk Street, which
will be under the management of Guy M. MacVicar.
—A. 0. Barbot & Co., specialists in when issued securities are distributing a bulletin on prospective issues of new securities that are expected
to be offered in the near future by syndicate houses.
—Harris, Winthrop & Co., members of the New York Stock Exchange,
announce the opening of a Detroit office in the General Motors Building
under the management of Walter R. Flannery.
—Hemphill, Noyes & Co. announce the appointment of Arthur C.
Ketchan as manager of the firm's Wilmington office, which is being moved
to larger quarters in the Equitable Building.
—Alan Hayman, formerly with F. J. Lisman & Co., has formed the
firm of Frank, Hayman & Co., with offices at 120 Broadway, New York
City, to do a general investment business.
—J. R. Schmeltzer & Co. announce the opening of an uptown office at
1 East 46th Street. Gray Perry and H. Henry Winter, who was formerly
with Moyse & Holmes, will be managers.
—E. W. Clucas & Co., members of the New York Stock Exchange.
have prepared and are distributing a special analysis on the W.B. Coon Co..
manufacturers of Wilbur Coon shoes.
Lilley, Blizzard & Company of Philadelphia, are issuing for distribution
of their booklet giving quotations on more than 3,000 issues of unlisted
public utility and industrial bonds.
—Lybrand, Ross Bros. & Montgomery, certified public accountants.
announce that Prior Sinclair, of their New York office, has been admitted
to membership in their firm.
CURRENT NOTICES.
—Merrill, Lynch & Co. are distributing the 1929 edition of their
annual
analysis of the S. S. Kresge Company. This analysis contains a color
chart which illustrates the continuous growth of the Kresge business
in
both sales and profits for the past twenty years. It is also pointed out
that
an investor who purchased 101) shares of S. S. Kresge Common Stock
at
$45 per share at the first offering in 1912, and who exercised subsequent
subscription privilege, has seen his investment increase to 9,240 share
of
the present stock, with a market value in excess of $500,000. Aside
from
this such original investor has received cash dividends for the period
aggregating $45,384, an annual average of $2,836, or 43% yearly on
the total
original investment.
—Sidney H. Kahn has been appointed executive Vice-President of
S. W.
Straus & Co., in charge of the western organization. Mr. Kahn
joined
the Straus company in 1911 as sales correspondent and later
became successively country sales manager, advertising manager, treasurer
and VicePresident in charge of sales. P. G. Hart has just received the
appointment as Vice-President in charge of the loan department
of the western
organization. Other appointments included'B. M. Kirstein, Vice
In charge of branch office organization; Robert M. Markwell, -President
Vice-Presi—E. R. Diggs & Co., Incorporated, 46 Cedar St., New York, have
dent, and Robert E. Straus, Assistant Vice-President. in charge
of the in prepared a special letter analysing the rise development and
future prosdustrial underwriting department.
pects of Investment Trusts.
—The Philadelphia Association of Security Salesmen has
elected the
—Elmer M. Bloch, member New York Stock Exchange, has been adfollowing officers for the coming year: Joseph C. Ferguson
3d, of Arthur mitted to partnership in the Stock Exchange firm of liilson
& Neuberger,
Perry & Co., President; S. Howard Rippey, Jr., Vice-President;
William 100 Broadway, New York.
Ellis Coale, Treasurer; Charles W. Christensen, Secretary.
Directors for
—An analysis of the Automobile Parts and Accessories Industry is feaone year, E. Marshall Scull, Thornton C. Pray, Edward W.
Kling and tured by Baker, Simonds
& Co., 37 Wall Street, New York, in their curCharles Sheridan. Directors for two years, J. Hayes Chandler,
Harold M. rent issue of "Securities.
"
Gilmore, William Ellis Coale and Charles W. Christensen.
Directors for
three years, Russell McCormick,E. Roscoe Compton. Joseph C.
—Macauley & Co., 42 Broadway, New York, have issued their monthly
Ferguson, quotation
3d,and S. Howard Rippey, Jr.
bulletin on Brooklyn, Long Island and Staten Island bank.
trust and title stocks.
—Arthur Land. Secretary of the Alexander Smith and
Sons Carpet Co.,
recently celebrated his 60th birthday anniversary at
—E. W. Clucas & Co., members of the New York Stock Exchange anhis home, 400 North
Broadway, Yonkers, N. Y., where he was greeted by many of
nounce the opening of an office in the Franklin National Bank Building
his business
associates and other friends. Besides his connection with
the Alexander Jersey City, N. J.
Smith & Sons Carpet Co.. Mr. Land is a director of the
—The Equitable Trust Company of New York has been appointed
Westchester Trust
Co.; President, Welland Securities Corp.; Treasurer of
the Yonkers Build- registrar for stock of the New York Air Terminals, Inc.. and of the Hofgaard
ing and Loan Association; Vice-President of the Peoples
Savings Bank and Remington Corp.
he is also connected with several other business and charitable
organizations.
—Announcement has been made of the formation of Phillips, Angell &
B.T. Tyson, C. P. A. of the Atlantic & Pacific Investing Co.,
13tI William Co., Inc. to do a general investment business with offices at 30 Broad
St., is joining the analytical staff.of the Wetsel Market Bureau,
St., New York.
341 Madison Ave. Mr. Tyson was for several years connected with
the Bureau of
—Detwiler & Co., 11 Broadway, New York, are distributing the first
Business Conditions, a division of the Alexander Hamilton
Institute. issue of their monthly review in which water works companies are analyzed
Another recent addition to the Wetsel staff is L. J. Anderson,
formerly as investments.
connected with Hornblower & Weeks.
—J. R. Williston & Co., members New York Stock Exchange, 5 Nassau
—Clokey & Miller, specialists in, Bank and Insurance Company
stocks, St., New York, have prepared a review and outlook on the Westinghouse
52 Broadway, New York, have prepared for distribution their
sixth an- Air Brake Co.
nual Comparative Analysis of Insurance Stocks. The scope of this
analysis
—The Bank of America N. A. has been appointed co-registrar of the
has been enlarged by adding several new features. The statistics
on the Golden Cycle Mining & Reduction Co., covering
1,500,000 shares of
118 principal Fire, Marine, Casualty and Surety Companies are as
complete capital stock.
and comprehensive as heretofore.
—James Talcott, Inc., has been appointed factor for the Clayville
—Block,Maloney & Co., members New York Stock Exchange, announce
Knitting Co. of Utica, N. Y., manufacturers of woolen and cotton underthe opening of a branch office at 682 Sixth Ave.. near 39th St.,
under the wear.
management of Gerard Valles. Main offices of the company are located
—Wagner, Stott & Co., members of the New York Curb Market, anat 50 Broadway, and branch offices are already maintained at 550
Seventh nounce the
removal of their offices from 30 Broad St. to 74 Trinity Place.
Ave.. New York,2 Park Ave., New York,and Ritz Carlton Hotel,
Atlantic
City, N. J.
—John Munroe & Co.. 100 Broadway, New York, have published the
March "American Letter," copies of which may be had upon request.
—Leon P. Dutch, well known in advertising circles as merchandisi
ng
counsellor and research and marketing expert, has joined the staff of the
—Arthur L. Willis has become a partner of the firm of McClure, Jones &
Dorernus & Co. advertising agency at its Boston office. For the
past Co., members New York Stock Exchange, 115 Broadway, New York.
three years Mr. Dutch has been an independent merchandise, market
—Farr & Co., members of the New York Stock Exchange,
and
90 Wall St.,
research counsellor, specializing in this work for New England banks.
N. Y. City, have prepared their current circular on the sugar
market. '
—S. G. Glaspell, Walter E. Vieth and F. C. Duncan announce
—James C. Willson & .Co., specialists in aviation securities,
their
of Louiswithdrawal as partners of the White-Phillips Co. and that they have asso- ville, Ky., have opened an office at 39
Broadway, New York.
ciated themselves together under the firm name of Glaspell, Vieth & Duncan,
—George, Haines & Halsey announce the removal of their office
to deal in investment securities, with offices in the American Bank
to 48
Build- Wall St., The Bank of New York and Trust Co. Building.
ing, Davenport, Iowa.
—William II. Levee has become associated with Berman, Thomson &
—An analysis of the Irving Trust Co. Is featured in the March
issue Co., Inc., in charge of their trading department.
of the Monthly Review of B. H. Roth & Co., Inc., 52 Wall St.. New York.
—G. M. P. Murphy & Co., 52 Broadway, New
Included is a detailed financial summary of New York banks and trust comYork, are distributing
a circular on National Aviation Corporation.
panies and national insurance companies.
—Childs, Jeffries & Co., announce the removal
—F. J. Lisman .SE Co., members New York Stock Exchange, have apof their New York offices
pointed Edwin S. Bushnell as their representative in Poughkeepsie and to new quarters at 48 Wall St., Now York.
—Barstow & Co., 16 Exchange Pl., New
surrounding territory. Mr. Bushnell will make his headquarters at 2
York, have issued an analysis
of the International Telephone & Telegraph.
Cannon St., Poughkeepsie, N
Y.
_josephthal & Co., 120 Broadway, New
—Palmer and Company, members New York Stock Exchange, 61 BroadYork, have prepared an
way, New York, announce the opening of a branch office at the New York analysis of Paramount Famous Lasky Corp.
—Tameling Keen & Co., announce
Central Building, Park Ave. and 46th St., under the management of
the removal of their office to 50
Broadway, New York, fourteenth floor.
Christopher"Dunphy.
—Harrison, Smith & Co. of New York and Philadelphia, have become
—prince & Whitely,25 Broad St., New York,
are distributing an analysis
members of the New York Stock Exchange. The firm is also associate of the Pennsylvania Railroad Co.
member of the New York Curb Market and member of the Philadelphia
—Bristol & Willett, 115 Broadway, New
York, have issued a circular
Stock Exchange.
on A. 0. Smith Corp.
— • Harvey Richter, William Einhorn, Jacob Kahn and Samuel HE
—Samuel Ungerleider & Co. have prepared a
circular on Calumet and
Richter have formed a -firm under the name of Harvei-Kahn,
Inc.. 30 Arizona Copper Co.
Broad St., to transact a general business
in bank and nsurance stocks.
—Estabrook & Co. have issued a list of investment suggestions.
FINANCIAL CHRONICLE
MAR. 16 1929.]
14cl:carts anti
1755 '
Aocuments.
PlISMSNIt• Al ASVERWSIDIESSO
SOUTHERN CALIFORNIA EDISON COMPANY
ANNUAL REPORT—FOR THE YEAR 1928.
Los Angeles, Calfornia, March 15 1929.
To the Stockholders of
Southern California Edison Company:
Herewith is submitted the annual report of the business
and properties of your Company for the year 1928. This is
the thirty-third annual report of the Company, including its
predecessor companies, and the twenty-eighth annual report
under my administration.
funding Mortgage, and places it in a favorable position for
future financing. Sinking fund operations and serial maturities effected the retirement of additional bonds amounting to $1,157,000, including the balance of the outstanding
7% debentures, originally issued in 1919. An analysis of
your Company's capital structure shows that funded debt
represents 44% of the total outstanding securities, Preferred
stocks 37%, and Common stock 19%.
Dividends.
FINANCIAL.
Regular dividends amounting to $10,752,816.30 were paid
The "Commercial Era," which had its inception with the
In cash from surplus earnings on all classes of capital stock
year under review, marks a new cycle in the evolution of
Company has an uninwere pri- outstanding during the year. Your
k your Company. During the past two decades, we
terrupted dividend record since its incorporation as Southmarily engaged with a comprehensive development of water
ern California Edison Company July 1 1909. A condensed
power production and the general financing thereof. Your
statement of this excellent record is set forth below:
Company's greater hydro-electric development has arrived
Total Dividends
Amountfor
Number of
major aspects. Markat the stage of completion in all of its
Year 1928. to Dec. 31 1928.
Dividends.
$320.000.00 $5,320,000.00
78
ing the transition to a predominantly steam electric sys- Original Preferred
3.003,134.75
20
tem, our major steam plant development under construc- Second Preferred (Retked)....- 25
8,311,870.20
1,817,429.13
Series "A" Preferred
tion during the past several years has progressed to that Series "B" Preferred
8.155,357.68
2,949,684.87
19
1.361.568.68
1,254,707.88
6
stage of completion as to ultimate design and construction Series"0"Preferred
4,410.994.42 35,550.685.19
75
.where the addition of further power capacities, as load con- Common
$10.752,816.30 $61,702.616.50
Total
ditions dictate, can be effected in minimum time and is
Junior Financing.
merely a matter of unit installation under a fixed and definite schedule. Likewise, the Company's plan of capital fiJunior financing operations during 1928 involved cash
nancing, based upon extension of customer-ownership, is and installment sales of the Company's capital stock aggrefully matured and practically automatic.
gating 1,041,619 shares, par value $26,040,475. The greater
With these major activities in the background, your Com- part of this represented Series "C" 5 % Preferred stock
2
1
/
pany enters upon a period of intensive load building and dis- sold under our Customer-Ownership plan.
tribution. During the ensuing five years, the largest proSales to our employees amounting to $4,501,300 par value
portion of annual capital expenditures will be allocated to of Preferred and Common stock are also included. Of the
building new business and this means larger revenues, re- Company's permanent employees, 4,945 or about 90% are
duced rates, and greater net profits. In 1928, the first stockholders, owning outright or purchasing under contract
year of the new regime, results have been eminently satis- shares in the various issues amounting to $15,148,500 par
factory. A total of 292,719 horsepower in new business was value. Approximately 75% of the shares sold to the public
contracted. This Is the largest single year's business in the during the year represented additional purchases by stockhistory of your Company and represents an increase of 42% holders. Cash proceeds from capital stock sales for the year
over the year preceding. The new business contracted is re- and collections on maturing contracts amounted to $22,441,flected only partially in the record of earnings and con- 838. On Dec. 31 our stockholders numbered 118,246, with
nected load for the year, and its full and cumulative effect average individual holdings of 57.4 shares (par value $25)
will not be realized until the year ensuing.
each, 4,096 new stockholders having been added during the
The gross earnings for the year amounted to $35,281,- year.
927.23, an increase of $4,681,290.41 over the year preceding.
An offering of Common stock at par was made in March
On July 1 1927 the Company put into effect a general re- to holders of Original Preferred and Common stock respecduction in its lighting rates, the effect of which is reflected tively. This offering was on the basis of one share of
In the comparative earnings for the first six months of 1928. the additional issue for each ten shares held. Of the 219,Taxes paid to local, State and Federal sources amounted to 314 shares offered, 16,537 subscriptions were received for
$3,379,010.76. Net earnings after taxes but before interest, a total of 211,516 shares, par value $5,287,900, or 96.4% of
depreciation and dividends totaled $23,486,980.89, an in- the issue.
crease of 13.9%. The earnings per share ($3.10) on the
Capital Expenditures.
common stock of your Company for the current year show
Capital Expenditures for the year are summarized as
decrease due to the large amount of new property
a slight
brought into operation this year. This included 254,600 follows:
$3.894.375.50
horsepower additional plant capacity, an increase of 31%. Big Creek Water Power Plants under Construction
6,346,224.44
to Long Beach Steam Plant
These new plants have not carried anything like their full Additions
623.650.03
Plants
Miscellaneous Additions to Generating
2,579,538.33
load. The Summary of Surplus Account shows a net bal- Additions to 220,000 volt Transmission System
and Transmission
ance of $6,191,272.42 after various debit and credit adjust- Land and Rights of Way for Steam Plants
151.498.55
Lines
3.723.970.35
ments. The sum of $1,048,859.22 was set up on the insur- Substations
1,867.066.71
against surplus as an adequate reserve for the Transmission and Telephone Lines
ance method
5,582.990.38
Distributing System
accruing liability to the end of 1928 under our Employee's Electric Store. Shop,Test and Transportation Departments,
General
which went into effect July 25 1919. The en1.016,382.84
Penaion Plan
Buildings.Equipment,District Stores and Miscellaneous
825.785,697.13
tire premium in connection with the retirement of the GenTotal
/
eral and Refunding 512s of 1944 was also charged to surBig Creek-Sun Joaquin River Development.
plus this year, instead of being pro-rated over a succeeding
Big Creek Power House No. 2-A, which has been under
Issue.
Senior Financing.
construction since the year 1926, was completed on sched1928 and
Financing operations during the year were confined prin- ule, the first unit going into operation on Aug. 6
junior securities. The only senior the second unit completed Dec. 22 1928. The two generatcipally to the sale of our
combined rated cafinancing consisted of the redemption and retirement on ing ,units included in this plant have
General and Refunding Mortgage 25- pacity of 120,600 horsepower and are the largest impulse
Aug. 1 of $10,225,000
in the world. The plant operates under a
1%
/
year 52 Gold Bonds due Feb. 1 1944. The retirement of hydraulic units
further strengthened the credit position of static head of 2,418 feet and utilizes water from Shaver
these bonds has
The total expenditure for this plant and
.the Company's principal financing medium, the 1923 Re- Lake Reservoir.
•
1756
FINANCIAL CHRONICLE
appurtenant works during the year amounted to $3,894,375.
The completion of Big Creek Power House No. 2-A increases the amount of water available to Big Creek Power
House No. 8 to double the capacity of the latter plant.
Accordingly a second unit of 40,000 horsepower will be installed in Power House No. 8 during 1929. The item of
$1,609,000 in the 1929 appropriations includes the expenditures for this work.
With the completion of Power House No. 2-A and the
additional unit being installed in Power House No. 8, your
Company's Big Creek East Side Hydro-electric Project,
which has been under construction continuously for the
past 18 years, has reached its culmination in so far as
major tunnels, water delivery trunk lines, reservoirs and
important power plants are concerned. Subsequent construction work on this project will consist of intermediate
power plants and the installation of additional capacity
machinery from time to time in accordance with the ultimate design to obtain maximum utilization of the water
supply. Located in the Sierra Nevada Mountains seventy
miles northeast of Fresno, California, this project embraces
a drainage area of 1,200 square miles. The power plants
operate in series, utilizing the impounded water over and
over through a vertical fall of more than one mile. With
the additions completed in 1928, the development comprises'
five power plants with 466,300 horsepower installed capacity; three reservoirs with aggregate capacity of 288,000
acre feet; eight dams, and approximately forty-one miles
of water conduit and tunnels.
Long Beach Steam Generating Works.
The first unit of a new plant known as Long Beach Steam
Plant No. 3 was completed and placed in operation On schedule, July 5 1928. The Long Beach steam power concentration consisting of ten units has a total installed capacity
of 422,000 horsepower. The new installation, consisting of
a single 134,000 horsepower unit, is the first of eight similar ones to be installed as required by the growth of the
Company's load. Long Beach Steam Plant No. 3 is designed for an ultimate capacity of one million horsepower.
The initial unit installed this year has shown an operating efficiency better than the manufacturer's guarantee and
at full load will produce 485 kilowatt hours per barrel of
fuel oil. This is about 11% higher than the efficiency of
Long Beach Steam Plant No. 2 completed in the year 1926
and is evidence of the remarkable development in the art
of steam electric generating equipment. Preparations for
the installation of the second unit in Plant No. 3 are actively under way. The item of $5,250,000 in the 1929 budget
provides for this work.
Transmission.
Completion of a 220,000 volt transmission line from the
Long Beach steam generating works to Lighthipe substation, about nine miles, connected that important plant with
the main 220,000 volt transmission station and marked another step in more effectively tying together the steam and
hydro-electric systems. Additions and reinforcements to
the transmission system are provided for in the item of
$3,836,600 in the 1929 budget.
POWER PLANT AND SYSTEM DEVELOPMENT.
Your Board of Directors, upon recommendation of our
Engineering Committee, approved an appropriation of $24,160,214 for new construction expenditures during 1929. The
principal items are listed below:
Water Power Development
Steam Power Development
22,000 Volt Transmission Lines, Substations, and Rights -way
-of
Distribution Lines and Substations
General Office Building
Miscellaneous Buildings and Equipment. System Betterments,
Subsidiary Companies, Ate
Total
$1,609,000
5,250.000
3,836.600
8.224,214
1,500.000
3,740.400
424.160.214
OPERATION.
The total operating capacities of your Company's plants
now aggregate 1,072,760 horsepower of which 588,360 horsepower is hydro-electric and 484,400 horsepower is steam
electric. These plants are all inter-connected by high voltage transmission lines providing a highly flexible and wellbalanced system and assuring uninterrupted supply of electric energy to our 740,000 customers. The reliability and
continuity of this power supply was conclusively demonstrated early in the year under the most severe and exacting conditions. On March 12 1928 the St. Francis power
[VOL. 128.
dam of the City of Los Angeles failed, releasing a flood
of water which not only rendered inoperative the entire
electric generating system of the city but also washed out
a number of towers carrying the two original 220,000 volt
transmission lines of your Company from Big Creek. Normally the Company furnishes the greater portion of the energy distributed by the City within its corporate limits.
This catastrophe immediately put upon us the burden of
supplying the entire load which was carried by us without
interruption or inconvenience to the consumers of the City
system.
The maximum peak demand on the generating plants for
the year aggregated 691,823 horsepower, an increase of 15%
over 1927. The output of the combined plants totaled 2,762,459,843 kilowatt hours, an increase.of 14.8%. Due to subnormal precipitation in the mountains and to extraordinary
conditions, such as the St. Francis dam disaster, a larger
percentage of the load was carried by the steam plants than
has been the case for some years; 24% of the output being
generated by steam and 76% from the water power plants.
The steam plants utilized a large supply of natural gas, thus
conserving the equivalent of 1,534,000 barrels of oil, or in
terms of coal, 365,000 tons. The system load factor during
the year was 61.1% reflecting the highly diversified character of the Company's business. Expenditures of $9,306,961
were made on the enlargement and reinforcement of distribution facilities to accommodate the increased load and
provide improved service. Similar work during 1929 to keep
pace with the rapid building up of our load will require an
estimated expenditure of $8,224,214.
System Output.
The output from the Company's generating plants and
other sources was as follows:
Water Power Plants
Steam Plants
Purchased Power
Total Edison System
Kilowatt Hours
1928
1927
2.069,979,943
2,168,339,108
658,709,170
241,530,190
33,770,680
11,487.800
-2.762,459.843
2,421,357,098
Delievered to Consumers.
The foregoing output was absorbed by the various classes
of service as follows:
Kilowatt Roars
241.036,687
709,679.854
389.628,823
302,307,891
32,423,606
483,892,250
55.778.599
%
10.9
31.9
17.5
13.6
1.4
21.8
2.5
Total Power
Used by Company
1,973.711.023
8.224,430
88.7
.4
Total Delivered
2,223,872,140
100.0
Total Lighting
Power: Commercial
Agricultural
Railways
Other Electric Corporations
Municipal for Resale
Municipal Miscellaneous
Connected Load.
The following is a comparative statement of the number
of meters and connected load in horsepower at the close of
the year 1928 as compared with 1927:
Meter,
1928
414,415
1927
379.468
Connected Load in horsepower:
Lighting
Pumping Plants for Irrigation
Railways
Municipalities for Resale
Municipalities for Pumping.Sewerage. &c
.
Electric Cooking_
Industrial
433.988
263 612
143,600
397.664
34 238
191.654
475,620
397.287
233,044
134,886
333,832
28.894
132,301
408.471
1.940.376
1,668.751
Total
COMMERCIAL
Territory Served.
California stands first of all the States in capacity of
water power development, in height of head water power
development, in highest voltage and longest distance of
transmission lines, in percentage of wired homes, in number of farms electrified, and in the origination and development of customer-ownership. Southern California is rich
In natural resources. It has some of the largest bodies of
iron ore in the world, containing less sulphur and more
manganese than other ores. It is a leader in oil production. Annually the State ranks first or second in precious
metals. The Pacific Coast in late years has vied with the
Mississippi Valley in lumber production. Southern California is the capitol of the motion picture production industry. We are high in wool production. Contributing to
the stability of development and prosperity is a diversified
agricultural back country. Cotton, an increasingly impor-
MAR. 16 1929.1
auomioallo
UVIONVIsIM
1757
, en-
weevil. likewise developing at a very rapid rate. Architects
tant product, is of long staple and free from boll
gineers and builders are including air heating in their speciWheat and barley are grown extensively. The greatest
apartment houses, hospitals, lodge
are found here. Califor- fications for residences,
truck gardens existing anywhere
rooms, churches, schools and office buildings. In the agriNot
nia fruit and nuts are famous throughout the world.
and steam
. cultural field electricity is superseding gasoline
only temperate but tropical products grow here splendidly engines, having replaced 18,000 horsepower this year. The
The section is rich in dairy products. Eventually the great- extensive introduction of the Claude Neon electric tube
potential
est advantage will be proximity to the largest
luminescent lighting devices for commercial display advermarket in the world—the awakening Orient. The Los Antising, decorative purposes, beacon and other special outdoor
geles Harbor during 1928 made a steady climb as a world lighting is becoming an important item of consumption.
mart. It has become the third American port in total ton- In addition to thousands of household current consuming
nage of foreign commerce and ranks second in foreign ex- devices sold during the year by electrical dealers and conports. We are first in Intercoastal traffic and clear over tractors, your Company sold through its commercial de40% of all westbound Intercoastal water-borne commerce partment 5,200 ranges, 465 refrigerators, 1,435 water
moving through Pacific ports. In 1928 commerce amounted heaters, 1,735 washing machines, 1,900 vacuum cleaners
for
to $944,000,000 compared with a total of $888,000,000
and 23,000 smaller appliances.
al shipments aggregated 3,074,698 tons
1927. Intercoast
The more extensive use of this equipment in the homes
1,252,644
valued at $116,286,266. Intercoastal receipts were
has contributed substantially to the increase in the average
tons valued at $257,317,891. Coastwise commerce was consumption per residential customer. This average has
3,508,692 tons with valuation $215,583,131.
increased from 428 kilowatt hours in 1924 to 572 kilowatt
The ten counties in Central and Southern California tra- hours in 1928, an increase of over 33%.
versed by the lines of your Company have a population in
34,947 new customers were connected to our lines during
excess of 3,000,000 people, which is approximately 54% of the year, your Company now serving directly 414,415 custhe population of the State. The territory embraces an tomers and indirectly 325,000 customers.
area of 55,000 square miles. With an abundance of cheap
RATES.
electric power available, there is an increasing industrial
The policy of sharing with its customers the benefits
a
development now in progress in many sections. Nearly
from the increased use of its product as well as
fourth of the total manufacturing of the State and a sev- derived
voluntary rate resection. In economies in operation brought certain
enth of the Pacific Coast is conducted in this
during the year. As an aid to agriculture lower
1914, it held twenty-sixth place in the United States Census ductions
rate schedules were approved by the State Railroad ComReport of Manufactures and has now advanced to the ninth
mission in November and will be applicable to the agriposition. $42,000,000 was invested In new industrial plants
1929. A new schedule for large wholesale
this amount $27,000,000 cultural season in
In Southern California in 1927. Of
consumers of light and power for industrial uses was adopted
came from Eastern manufacturers who have established
during the year and will eliminate certain disparities existing
Coast branches in this locality. A number of manufacturers
in the Company's rates which have proved onerous in the
of nationally known products are now locating under our
solicitation of that class of business.
lines. Proximity to varied raw materials; free labor conIn my last report I referred to the reduction in maximum
ditions; adequate transportation facilities—rail and water;
lighting rates which was put in effect in 1927. Electric
world harbor facilities and attractive climatic conditions, power costs to the public, including industrial, commercial
appeal to these industrial enterprises. Many of the manu- and domestic uses, average 27% below pre-war levels despite
facturers in this territory are now successfully marketing the fact that living costs are 65% above pre-war levels.
their products along the Atlantic seaboard in competition
Physical properties have been maintained in excellent
with Eastern manufacturers. Climatic conditions are a condition and are covered by insurance against fire, earthrecognized factor. Large enterprises estimate a saving of quake, casualty and other contingencies. Provision has been
15% in manufacturing costs due to that element.
made for depreciation and replacements. The Company
During the year the properties of the Ontario Power Com- enjoys a splendid position in the financial and credit marpany, located in the western portion of San Bernardino kets of the nation and begins the year 1929 fully equipped
County, were taken over by purchase. That Company served to handle the greatest volume of business in its history.
approximately 7,600 consumers. Likewise the Ojai Power
The organization personnel has maintained the same high
Company, serving 756 consumers in the Ojai Valley in Ven- standard of efficiency and loyalty characteristic of it in the
tura County, was purchased. The local municipally oper- past and is in large measure responsible for the results obated system in the town of Tehachapi was also acquired tained during the year.
By order of the Board of Directors,
during the year. All of these systems have been merged
JOHN B. MILLER, Chairman.
operating districts of the Company, resulting in many
Into
economies.
AUDITORS' CERTIFICATE.
Business Development.
As an initial step in our campaign of intensive load building, an engineering survey was made to ascertain the potentialities throughout the territory. It disclosed that the
field for additional electrification even in relatively highly
electrified regions is enormous. Among the major possibilities disclosed are industrial heat processes; commercial
and domestic air heating; electric cookery and water heating;
diversified agricultural uses and displacement of other
forms of power; oil field development; refrigeration and
convenience appliances; and intensified lighting. 1928 was
the first year of pioneering in the application of electricity
for industrial heating purposes, which is particularly attractive because of the low connection cost, high load factor
and unit income per horsepower. The air heating load is
ARTHUR ANDERSEN & CO.
Certified Public Accountants.
215 West Sixth St., Los Angeles.
We have examined the accounts of SOUTHERN CALIFORNIA EDISON COMPANY for the year ended December 31, 1928. We did not examine the accounts of its
owned and controlled companies but were furnished with
balance sheets and income accounts covering the period
under review.
We certify that, in our opinion, the attached Balance
Sheet and Statements of Income and Surplus Accounts,
subject to the above, fairly present the financial position
of the company at December 31, 1928 and the results from
operation for the year ended that date.
ARTHUR ANDERSEN & CO.
February 111929.
SOUTHERN CALIFORNIA EDISON COMPANY
INCOME ACCOUNT AND SUMMARY OF SURPLUS ACCOUNT FOR THE YEAR ENDED DECEMBER 311928.
:
,
Gross Earnings
-Operating Revenues
Lighting
l'ower
INCOME ACCOUNT.
Interest Deductions:
56.562,382 18
Interest on Funded Debt
257,471 20
$12.545,185 39
General Intereat
565.095 32
21,970,531 77
Amortization of Bond Discount and Expense
534,515,717 07
766.210 16
Non-Operating and Miscellaneous Revenues
.35.281.927 23
Total Gross Earnings
Operating Expenses and 'faxes:
56,981.126 211
Operation
1,434.563 73
Maintenance
3,379.256 35
Taxes
11.794.946 34
Net Earnings before Depreciation-
123.486.98089
Less—Amount charged to Construction-Surplus Net Income before Depreciation
l'rovision for Depreciation
Balance Carried to Surplus
57.384.948 70
1,419.021 69
5,965.927 01
117.521053.88
4.353.148 14
$13.167.905 74
INA
1758
FINANCIAL CHRONICLE
[VOL. 128.
SUMMARY OF SURPLUS ACCOUNT.
Balance, December 31 1927
55,347.250 88
Balance of Net Income for Year Ended
December 31 1928 Carried to Surplus
$13.167.905 74
Lees—Sundry Surplus Items (net)
367,926 79
12,799,978 95
$18.147.229 83
Deduct—Dividends:
On Preferred Stock
On Common Stock
$6,341,821 88
0.614,135 53
11.955.957 41
Balance, December 31 1928, per Balance Sheet
0,191,272
* Includes 1929 quarterly dividend of $1,203,141.11 declared on 42
cember 28 1928, in addition to the four 1928 quarterly dividends Depaid
during the calendar year.
BALANCE SHEET—DECEMBER 31 1928.
ASSETS
LIABILITIES
Capital Assets:
Capital Stock:
Plant and Properties
$295.408,514 52
Issued and Outstanding:
Investments in and Advances to Owned
Original Preferred-5% Cumulative
and Controlled Companies
6,377,313 29
Participating
Miscellaneous Investments
4,113 80
Preferred—Seiies A-7% Cumulative_ 84.000,00000
26,073,450 00
$301,789,941 61
Preferred—Series B-6% Cumulative_ 44,321,550 00
Special Deposits in Hands of Trustees
259,862 88
Preferred—Series C-5.) % Cumulative 26,283.075 00
,
6
Unamortized Discount, Premium and Expense:
Common
$66,039,275 00
Debt Discount and Expense in Process of
Less—Controlled
Amortization
$12,045,294 83
throuqh Ownership
Stock Discount and Premium (net)
1,546,662 07
of Stock of Pacific
13.591,956 90
Light and Power
Prepaid Accounts and Deferred Charges:
Corporation
10.836,628 00
Prepaid Accounts
$253,152 54
Undistributed Clearing Accounts
55,202,647 00
720,601 38
Miscellaneous Unadjusted Items
3159,880,722 00
1,433.875 85
Subscribed and Unissued—
2,407.629 77
Preferred—Public
Due on Subscriptions to Capital Stock:
32.288,825 00
Preferred—Officials and Employees
Officials and Employees
2,399,175 00
$6,713,326 29
Common—Officials and Employees
Public
5,070.725 00
1,152,548 38
9.758,725 00
7,865,871 67
Current Assets:
Cash in Banks and on Hand
$169,639,447 00
$3,214,794 17
Funded Debt:
Working Funds
166.090 00
Southern California Edison Company—
Accounts and Notes ReRefunding Mortgage Gold Bonds—
ceivable
$2,360,488 42
Series of 5s due July 11051
Less—Reserve for Uncol155,000,000 00
Series of 55 due September 1 1952.-lectible Accounts
67,651 59
General Mortgage 5% Thirty-Year 30,000,000 00
2.292.836 83
Gold Bonds due November 1 1939
Materials and Supplies
5.227.720 32
General and Refunding Mortgage Gold 13,360,000 00
10.901.441 32
Bonds, Series of 5s due Feb 1 1944_
10,000.000 00
Underlying Bonds
15,853,700 00
121,213,700 00
Deferred Liabilities:
Consumers' Advances for Construction.. 31.274,073 33
Consumers' Deposits
411,168 66
1,685,241 99
Current Liabilities:
Notes Payable
$8,000,000 00
Accounts Payable
2,506,556 10
Dividends Payable
1,657.184 49
12,163,740 59
Accrued Liabilities:
Accrued Interest
$947,771 55
Accrued Taxes
3,214.576 39
4,162.347 94
ReservesDepreciation
$17,660,728 92
Miscellaneous
1,100,228 29
18.760.957 21
Surplus
6,191,272 42
b336.816,707 15
$336.816,707 15
WESTINGHOUSE ELECTRIC & MANUFACTURING COMPA
NY
REPORT FOR THE NINE MONTHS ENDED DECEMBE
R 31 1928.
East Pittsburgh, Pa., March 111929.
To the Stockholders of
Westinghouse Electric & Manufacturing Company:
At the annual meeting of the stockholders held in June 1928, the fiscal
with the calendar year and therefore to end as of December 31st instead year of your Company was changed to correspond
of March 31st
report of the operations of your Company and of its proprietary manufacturing companiesas heretofore. Accordingly, this
covers the period of nine months
from April 1 1928 to December 31 1928.
INCOME ACCOUNT FOR THE NINE MONTHS ENDED DEC.31 1928.
Gross Earnings:
Sales Billed
$144,432.879.28
Cost of Sales:
Manufacturing Cost, including depreciation of Property
and Plant: all Distribution. Administration and General Expenses,and provisions for Taxes and Reserves
129,906,980.61
Net Manufacturing Profit
$14,525,898.67
Other Income:
Interest, Discount and Miscellaneous Income
$2,260,477.37
Dividends and Interest on Investments
1,048,712.20
3,309,189.57
Gross Income from all Sources
$17.835,088.24
Deductions from Income:
Interest Charges
1,139,382.61
Net Income for the Nine Months
$16,695.705.63
W During the fiscal period ended December 31 1928, your
Company acquired complete ownership of the properties
of the Kaestner & Hecht Company of Chicago in which it
previously had a part interest only. Your Company supplied
all of the electrical equipment used in installations made
by that company. The name of the company has been
changed to Westinghouse Electric Elevsator Company and
its operations and accounts are included in this report. The
Elevator Company builds and installs high class passenger
and freight elevators. Its volume of business is expanding
satisfactorily and provides an additional outlet for the
electrical apparatus for elevator operation developed and
manufactured by your Company.
The R. D. Nuttall Company, a wholly owned corporation
engaged mainly in the manufacture of gears and pinions
for use in the industrial and transportation fields, was
merged January 1 1929, with Westinghouse Electric
&
Manufacturing Company as a further stop in effecting
economies, and is now being operated as the Nuttall Works
of your Company.
The value of Unfilled Orders at December 31 1928 was
$47,295,233, approximately the same as of March 31 1928.
During the nine months' period the value of
received
exceeded by almost $20,000,000 the valueorders
of orders received during the nine months ended December 31 1927,
due largely to the increase in the demand for radio products
and industrial motor apparatus:
Following is a summary of the operations of your Company for the full twelve months of the
calendar year 1928 in
comparison with the operations of the previous five fiscal years which ended on March 31:
12 Months
Ended
Dec. 31 1928.
1928.
1927.
1926.
1925.
$189,050.302
170,867.970
8175.456.815
161,347,356
$185,543,087
169,764,086
,*166.006.800
151,711.939
$157,880,292
144,242.065
$154,412,918
137,006,280
Net Manufacturing Profit
Other Income
$18.182,332
4,146,991
$14.109.459
3,031.704
815.779.001
2,585,614
$14.294.861
2,295,363
$13.638,227
4,203,179
$17,406,638
1.336.438
Gross Income from all Sources
Interest Charges. etc
$22,329,323
1.514,383
$17,141.163
1,501.991
318.364,615
2.226,174
816.590,224
2.468,223
$17,841.406
2,517.042
818,743,076
2,617.773
Net Income Available for Dividends and Other Purposes—
820.814.940
$15.639,172
$16.138.441
814,122.001
S15.324.364
816325.303
Gress Earnings—Sales Billed
Cost of Sales
Fiscal Years Ended March 91,
1924.
MAR. 16 1929.]
A Consolidated Comparative Balance Sheet appears on
pages 8 and 9 [pamphlet report], and a Consolidated Statement of Income and Surplus for the nine months ended
December 31 1928, appears on page 7 [pamphlet report].
The proprietary manufacturing companies included in the
consolidated figures are set forth on page 11 [pamphlet
report].
The total Current Assets of your Company as of December
31 1928, are approximately eight times the total Current
Liabilities as of that date. The items of "Cal and Time
Loans and U. S. Government Securities" and "Other Marketable Securities" represent the temporary investment of
your Company's surplus funds pending their investment
in the business of your Company. The interest and dividends on these investments are included in the Income
Statement as Other Income.
The Investments in affiliated companies consist mainly
of capital stocks and cash advances to Interborough Improvement Company, a corporation operating your employees'
housing activities, the Westinghouse Acceptance Corporation and Westinghouse Commercial Investment Company.
The Westinghouse Acceptance Corporation was organized
to finance installment sales. Arrangements were recently
completed with the Commercial Investment Trust Incorporated, whereby sales of certain Westinghouse products on
the installment plan will be financed through that Corporation, and the Westinghouse Acceptance Corporation is therefore now in process of liquidation.
The Westinghouse Commercial Investment Company
operates jobbing houses located throughout the United
States. The dividends paid by the Investment Company
are included in the operations of your Company as Other
Income.
The physical properties of your Company have been
maintained in excellent operating condition. The additions
to the Property and Plant account during the nine months
period consist mainly of warehouse and service buildings
at strategic points throughout the country. Adequate depreciation charges were made against current operations with
the result that the aggregate value of all Property and Plant
accounts shows a reduction from the figures published as of
March 31, 1928.
The only important additions to your Company's manufacturing facilities under way are the erection of buildings
on real estate already owned; at East Springfield, Mass:,
to accommodate the increase in demand for raalio products
and at Trafford near East Pittsburgh. Pa.. to provide for
expansion and the removal to that point of facilit ies for the
manufacture of micarta products. hliearta is a non-metallic
product first used for general insulin ing purposes, but because of its many important physical pi-gess-ties there has
been developed a large demand for its use in the manufacture
of gears. 'damn". pulleys, air plane prepellers. radio panels
and parts, telephone apparatus and many other articles.
Your company's continued development and expansion of
its operations into new and related lines will result in a
diversification of activities, the effect of which should be
to make the fluctuations in production and sales less pro..
non nets!.
Your Board of Directors at a meeting held December 27
1928, authorized an offering of $14,812.600 par value additional common stock to stockholders of record January 7
1929. at $105 per share. Each preferred and common stockholder was entitled to subscribe for one share for (rich eight
shares held lir their respective holdings of Si.1 le lc. This offering
was made to provide the funds to retire the outstanding
$30.0000)0 of Pive Per Cent Gold Bonds of your Company
due September 1 1946, and which your Directors called for
redemption on March 1 1929. These actions resulted in a
substantial saving to your Company and at the same time
gave the stockholders a valuable subscription right and also
increased the equity for the common stock by the retirement
of the bonds.
The average number of employees during the nine months
ended December 31 1928, was 42,300. The number of
employees at December 31 1928 was 43.871.
The continued interest of the employees in the various
activities of your company for their social and financial
welfare is evidenced by their support of these activities.
Under the Group Insurance Plan an employee receives,
without cost to him and without physical examination, a
1,5130 policy, after six months continuous service, and by
agreeing to deposit 2% of his wages or salary in the Savings
Fund, he receives an additional $500 policy, which is increased $100 annually until a 152,000 total is reached. Under
this plan a total of $33,250,000 insurance is now in force,
protecting 35,500 employees.
1759
FTNANCIAL CHRONICLE
In addition to the free Group Insurance, your Company
provides Contributory Insurance for employees, without
physical examination, the employee paying the major cost
of such insurance premiums. The amounts vary according
to the employees wage or salary. A total of 12,350 employees share in such insurance, the aggregate amount being
$27,500,000.
Since the inauguration of these insurance plans, death and
total disability benefits of approximately $3,000,000 have
been paid by the Insurance Companies.
There has been continued support of the Relief Department, maintained by employees through company assistance,
by which employees receive benefits for time lost due to
sickness or to accidents occurring while off duty. The
Relief Department totals more than 34,600 members.
Pensions are now being paid to 240 employees and 58
widows under the Pension System inaugurated by your
Company.
In the Savings Fund, which pays employees 4% interest, compounded semi-annually, a total of $3,900,000 has
been deposited by 17,596 employees and invested for their
benefit.
The Building and Loan fund fostered by your Company
.
has shown a healthy growth and many employees are now
purchasing homes in locations of their own selection by
financial assistance from this activity.
Your Company has continued to build homes and sell
them to employees at cost and on convenient terms. To
date 810 houses have been erected or acquired near the
various works.
Measures taken by your Company for the safety of employees in the various plants have become very effective and
in the year just ended there have been fewer accidents than
in any year for which records are available.
The latest scientific equipment has been added to your
Company's Medical Department to insure, so far as possible,
the health and corn ort of employees.
Your research engineers are daily searching for—and finding—new materials, new processes and new applications for
electrical equipment. By their efforts, improvements are
being made in apparatus for generating stations, for transmission systems, and in appliances for the home and in
equipment for industry and transportation.' The objective
is a closer approach to a high ideal of service—the lowering
of costs and the perfection of electrical products.
• At a meeting of your Directors held January 16, 1929,
Mr. A. W. Robertson was elected a Director of your Company and Chairman of the Board of Directors. Mr. Robertson was formerly President of the Philadelphia Company,
Pittsburgh, Pa.
At the meeting of Directors on January 16, 1929, Mr.
Henry B. Rust was elected a Director of your Company.
Mr. Rust is President of The Koppers Company,Pittsburgh,
Pa.
The books and accounts of your Company and of its
proprietary companies were audited by Messrs. Haskins
& Sells, Certified Public Accountants, and their certificate
is reproduced on page 10 [pamphlet report].
The annual meeting of stockholders will be held at the
main offices of your Company in East_Pittsburgh, Pa.,_at
10 o'clock A.M. on April 10 1929.
By order of the Board of Directors.
A. W. ROBERTSON, Chairman.
E. M. HERR,President.
HASKINS & SELLS
Certified Public Accountants
Offices In the Principal Cities of
the United States of America
and in
London. Paris. Berlin, Shanghai, Manila,
Montreal, Havana. Mexico City
•
Farmers Bank Blinding
PITTS LI U RO I
February 15 1929.
To the Board of Directors, Westinghouse Electric &
Manufacturing Company, New York.
We have made an audit for the nine months ended December 31 1928 of the books and accounts of the Westinghouse
Electric & Manufacturing Company and its proprietary
manufacturing companies, viz.: Westinghouse Electric International Company, Westinghouse Lamp Company,
Westinghouse Electric Elevator Company, The Bryant
Electric Company and R. D. Nuttall Company.
We have verified the securities owned and the cash and
notes receivable by count or by certificates from depositaries,
and have examined the detailed records of the accounts re()dyable. The securities are conservatively valued, and the
reserves created for notes and accounts receivable are considered by us to be sufficient to cover any probable losses
therein.
The inventories of raw materials and supplies, finished
parts, completed apparatus and work in progress were taken
under our general supervision, and are valued at cost or less.
We hereby certify that in our opinion the accompanying
Consolidated Comparative Balance Sheet at December 31
1928 and Stated-ma of Consolidated Income and Surplus
for the nine months ended that date, are correct; and we further certify that the books of the companies are in agreement therewith.
HASKINS & SELLS,
Certified Public Accountants.
1760
[VOL. 128.
FINANCIAL CHRONICLE
STATEMENT OF CO SOLIDATED INCOME AND SURPLUS FOR THE NINE MONTHS ENDED DECEMBER 31 1928.
Gross Earnings:
Sales Billed
$144,432,879.28
Cost of Sales:
mot
Manufacturing Cost, including depreciation of Property and Plant; all Distribution, Administration and General
Expenses; and provision for Taxes and Reserves
129.906.980.81
Net Manufacturing Profit
Other Income:
Interest, Discount and Miscellaneous Income
Dividends and Interest on Investments
314,525.898.67
12,260,477.37
1.048,712.20
3,309,189.57
Gross Income from All Sources
Deductions from Income:
Interest Charges
$17,835.088.24
Net Income for the Nine Months
Dividends at the Rate of 8% Per Annum:
On Preferred Stock
On Common Stock
116.695.706.63
1,139.382.61
$239.922.00
6,867.239.00
Surplus for the Nine Months
Surplus, March 31 1928
17.107.161.00
39,588.544.63
58.932,198.47
Gross Surplus
Adjustments:
Remainder of $4,000,000 previously appropriated for Federal Income Taxes, not required
Less:
Adjustments of Book Values of Investments in Affiliated Companies
Miscellaneous, net
166.520.743.10
31.000,000.00
1348.463.96
83.034.40
431.498.36
Surplus, December 31 1928, Per Balance Sheet
568.501.64
$67.089,244.74
CONSOLIDATED COMPARATIVE BALANCE SHEET DECEMBER 31 1928.
ASSETS.
December 31 1928. March 31 1928.
Current Assets:
Cash
Call and Time Loans and U. S. Government Securities
Other Marketable Securities
Cash on deposit for redemption of Bonds and for Interest and Dividends. See contra
Notes and Accounts Receivable, less Reserves
Inventories, lees Reserves
$17.165,199.81
28,697,687.50
2,875.456.26
54.260.38
32,724.336.18
54,162.282.90
Total Current Assets
119,585,023.85
13,247,687.50
139,729.38
27,559.849.13
61,473.415.56
3135.679,223.03 3122.005.705.42
Investments:
Capital Stocks of and Cash Advances to Affiliated Companies
Capital Stock of Canadian Westinghouse Co. and Bonds, Stocks,.Sc., of other Foreign Companies
Securities of Domestic Companies
318.799.117.71
5.223.216.88
5.085.863.47
327.108,198.06
169,739.499.01
8.00
170.057.005.74
5.00
$70,057.010.74
$1,163,185.24
Total Fixed Assets
328.937,279.41
369.739.505.01
Total Investments
Fixed Assets:
Factories—Land.Buildingsand Equipment—Service Shops, Warehouses, Office Buildings, &c.,less Depreciation
Patents, Charters and
518.443,283.57
5.364.296.59
5.129,699.25
51.626,558.79
Deferred Charges:
Insurance, Taxes, Etc.. paid In advance
Total
3233.690.111.34 3222,826,554.36
LIABILITIES,
December 31 1928. March 31 1928.
Current Liabilities:
Accounts Payable
Interest, Taxes, Royalties, &c., accrued, not due
Dividend on Preferred Stock
Dividend on Common Stock
Advance Payments en Contracts
Subscriptions to Securities
Unpaid Bonds and Interest and Dividends. See contra
57.019.183.90
5.918,704.88
79.974.00
2.289.117.00
1.384.045.87
216,000.00
54.260.38
$16.961.286.03
330.000.000.00
33.998.700.00
114.504.450.00
Total Capital Stocks
Re
$15,063.281.22
330.000.000.00
Total Current Liabilities
Funded Debt:
Five Per Cent Cold Bonds due Sept. 1 1946
(Called for Redemption March 1 1929)
Capital Stocks:
Preferred (79.974 shares outstanding, par value $50.00 each)
Common (2.290,089 shares outstanding. par value $50.00 each)
$6.165.897.51
4,300.058.97
$3.998.700.00
114,504.450.00
2.278;84 0
8
.0
8
1,692.541.26
396.000.00
139.729.38
3118.503.150.00 1118,503.150.00
Service Pensions, Accident Compensation, &c
31.136.430.57
Total
32.127.924.67
367.089.244.74
Surplus
$.58.932.198.47
3733.690.111.34 3222,828.554.36
AMERICAN INTERNATIONAL CORPORATION
REPORT TO THE STOCKHOLDERS AT THE ANNUAL MEETING APRIL 3 1929.
To the Stockholders of the
American Iraernational Corporation:
During the year the Income of the American International
Corporation was as follows:
$296,468.89
Interest
1,114,247.98
Dividends
Investment Profits Realized—Less Amounts Appropriated
2,103.687.14
as Reserve Against Securities Owned188.107.49
Profit from Syndicate Participations
8,592.41
Other Income
-53,691.103.91
Total
Deduct:
3472,555.35
Operating expenses
104,581.59
Interest
53,127.46
Taxes
630.26440
Operating Income
33.060.839.51
The Operating Income, $3,060,839.51, amounts to $6.25
per share on the outstanding capital stock on December 31
1928, 490,000 shares of no par value, compared with $4.11
per share for the year 1927 and $3.63 per share for the year
1926. During the year your Corporation paid dividends of
$980,000.
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
Total
Total
Listed
Book Value.
Securities.
21.193.612.89 51,024,574.39
3.719,615.00 1.955,441.00
3.836.044.66
1.189.607.72
18.980,897.40 18.461,810.59
Unlisted
Securities.
$168.938.50
1,764.174.00
2.648.436.94
519,086.81
$27,730,069.95 $22.631.433.70 35,098,638.25
As explained in the footnote on the balance sheet, listed
securities had a market value of $30,557,448.25 at December 31 1928, based on published quotations.
Under the unlisted securities, Bank Stocks carried at
$1,764,174.00 had a market value of $4,909,900.00 based on
"last sale" prices in 1928.
The Preferred Stocks unlisted of $2,646,436.94 contain
your Corporation's investment of $2,500,000 in the 8% preferred stock of Ulen & Co., the dividend on which was more
than earned and was paid for the current year.
The remainder of Unlisted Securities amounts to $834,462.25, of which all but $161,820.94 are producing revenue.
Practically all of the $161,820.94 is invested in enterprises
with which your Corporation has close contacts and which
are expected to produce income during the coming year.
Your Board is of the opinion that the realizable value of these
unlisted securities is in excess of book value.
1761
FINANCIAL CHRONICLE
Men. 16 1929.]
NON-PRODUCTIVE ASSETS.
The ratio of non-productive assets (after excluding the
investment in Allied Machinery Company of America and
Accounts Receivable) to total assets shows a marked decrease
as compared with December 31 1927. The market value of
these non-productive assets is substantially in excess of book
values.
CHANGES IN SECURITIES.
During the year your Corporation has entirely disposed of
its holdings in the preferred and common stocks of International Mercantile Marine Corporation at prices in excess of
their book values. The liquid character of your securities
permitted many other changes to be made during the year,
whenever, in the opinion of your Board, such changes were
deemed advantageous.
ULEN & COMPANY.
This company has had a very successful year, its net income after interest and preferred dividend charges showing
a substantial amount applicable to its common no par shares,
of which your Corporation owns over 36%. These common
shares are carried under unlisted non-productive assets at
$1.00 and your board is of the opinion that these shares have
a conservative value of $1,275,000.
During 1928 Ulen & Co., together with associates, signed
cash contracts aggregating $35,000,000 upon which satisfactory profits are contemplated. These contracts cover
railroad construction for the Persian Government, hydraulic
works for the Greek Government, and highway construction
in Colombia.
Agreement was made with the State of Maranhao, Brazil,
during 1928, for the refunding of bonds taken in payment of
construction in 1923, which refunding bonds totaling $1,750,000 were sold to the public.
In October 1928 Ulen & Co. redeemed at par and accrued
interest, $241,000 of your Corporation's holding of its 63%
notes, and it is anticipated that additional redemption of
notes and preferred stock will take place during the current
year.
PROPRIETARY COMPANIES.
As related in the annual report for the year 1927, all of
your Corporation's former interest in proprietary companies
has been concentrated in its 100% subsidiary, the Allied Machinery Company of America. During the year Allied Machinery Company of America disposed of its Japanese subsidiary, Horne Company, Ltd., and has now discontinued
operations in the export field. It has invested the proceeds
from liquidation of its former activities in listed securities,
which had a market value on December 31 1928 of $1,404,100,
based on published quotations.
Your Corporation's investment in Allied Machinery Company of America is carried on the books at $675,000 and in
the opinion of your Board, the liquidating value at Decem221
=
ber 31 1928 was in excess of $1,000,
1
,
11W oWC,irMIENERAL7VFOO FFik- 14
• 7
& The year 1928 has been very satisfactory. Earnings have
been favorable and practically all of your Corporation's assets
are readily convertible into cash.
Annexed to this report are a Balance Sheet of American
International Corporation as of December 31 1928, 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.
CERTIFICATE OF AUDIT.
We have audited for the year ended December 31, 1928,
the general accounts of the American International Corporation, including verification of the securities, and
WE HEREBY CERTIFY that, in our opinion, the acpanying Balance Sheet and Summary of Income and Profit
Loss correctly exhibit, respectively, the financial condition of
the Corporation at December 31, 1928, and the results of
its operations for the year ended that date.
HASKINTS & SELLS.
New York, January 15 1929.
AMERICAN INTERNATIONAL CORPORATION.
BALANCE SHEET, DECEMBER 31 1928.
ASSETS.
$1,064,570.42
338.285.29
22,328.24
Case
Accounts Receivable
Accrued Interest
Securities Owned—Less Reserves:*
Notes and Bonds
Bank Stocks
Preferred Stocks
Common Stocks
$1,193,512.81
3.719,615.00
3,836,044.66
18,980,897.40
27,730.069.95
675,000.00
Proprietary Company—Wholly Owned
$29,830,253.90
Total
LIABILITIES.
$129.485.31
577,108.42
14,671.42
Accrued Accounts Payable
Reserve for Taxes
Deferred Credits
Capital and Surplus:
Common Stock
Surplus x
$14,700,000.00
14,408,988.75
29,108,988.75
Total
$29,8.30,253.90
.At December 31. 1828. listed securities, carried at $22.631,433.70. had a market value (based on published quotations) of $20.557,448.25 and
bank stocks not listed, carried at ;1,764.174.00 had a market value (based on "last sale" prices) of 84,009.000.00.
a 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 LOBS FOR THE YEAR ENDED DECEMBER 31 1936.
Earnings:
Interest
Dividends
Investment Profits Realized—Less Amounts Appropriated as Reserve Against Securities Owned
Profit from Syndicate Participations
Other Income
$296,468.89
1,114,247.98
2,103,687.14
168,107.49
8,592.41
$3,691,103.91
Deduct:
, Operating Expenses
Interest
Taxes
$472,555.35
104,581.59
53,127.46
630,264.40
.
Operating Incope
Surplus at Beginning of the Year
rmt.
Dividendspluasid_
_ ______________________ _ _ _ _ _ _ _
Surplus at End of the Year
$3,060,839.51
12,328,149.24
_
___ _ ___ _ _ __ __
_______ _
$15, 88;000
38
9 0 9882
$14,408,988.75
1762
FINANCIAL CHRONICLE
[VOL. 128.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
May 10.96; July 11.26c. Today prices closed 12 to 23 pOints
lower with March closing at 10.34 nominally; May 10.52c. and
July 10.81 to 10.82c.
SUGAR-Prompt Cuban was quiet early in the week
with 1 31/32c. asked, later sold freely down to 1 15/16.
Receipts at Cuban ports for the week were 245,254 tons
against 201,736 last year; exports 158,696 tons against
100,627 last year; stock (consumption deducted) 1,033,540
tons against 912,689 last year; centrals grinding 163 against
171 last year. Of the exports 110,185 went to Atlantic
ports, 22,674 to New Orleans, 4,648 to Interior United
States; 2,162 to Savannah; 5,312 to Galveston and 13,715
to Europe. Receipts at United States Atlantic ports for
the week were 89,017 tons against 81,360 in previous week
and 103,788 last year; meltings 70,135 tons against 64,916
in previous week and 67,000 last year; importers' stocks
119,395 tons against 109,546 in previous week and 209,461
last year; refiners' stocks 170,813 tons against 161,780 in
previous week and 81,433 last year; total stocks 290,208
against 271,326 in previous week and 290,894 last year.
Guma Mejer issued an estimate of the current Cuban
crop as 5,218,428 tons. Refined was 4.90c. with a better
withdrawal demand than usual at this tulle of the year.
Rumor said that 75.000 bags of Cuban sold • late on the
1 1th inst. at I 15/16c. Resale offerings of refined sugar
appeared at 4.80c. for delivery in the Metropolitan district
and at 4.821 to the interior trade. Futures on the 9th inst.
/
4c.
closed 1 to 3 points lower. Overproduction in the last two
years and an excess of refining capacity in this country and
narrow refiners' margins of profits with some producers
said to be operating at a loss make up a dismal story. On
the 13th inst. the trade in general seemed to be inclined to
defer the making of commitments, pending the outcome of
President Machado's appearance before the Cuban House
possibly to announce some new policy as to the handling
of the sugar trade.
One view is that all the bearish facts seem to he known
and that the bullish factors that will appear during the
rest of the year are likely to have a pronounced effect
among them being the consumption. Tlw world's consumption is apparently proceeding at an unprecendented
rate, and despite the enormous world production this year,
it seems that the carryover will be less than was expected.
Manila cabled: "The Philippines are growing iin,re deeply
concerned over the rising title of sentiment for the limitation of sugar imports into the United States. Business
men here realize that the case for the Philippines requires
the strongest representation in the various fields of business as %veil as government. A special deleeation to the
United States will leave March 16th." Hamburg cabled
that the weather was rainy and generally unfavorable for
field work. Later refiners and operators bought 200,000
bags mostly Cuba for late March and early April shipment at a decline to 1 I5/16c. Futures on the 12th 'inst.
closed unchanged on Inly and 1 to 3 point: nut higher
on other months which were wanted. Cuban interests
sold. The trading was in 45,300 tons of which 13,000 tons
were July. Liverpool cabled March 11th that a cargo of
Cuba for April-May shipment sold at 9s (44(1. London
was a quiet market with sellers of April shipment at 9s
63d and refiners not interested. British operators were
said to be bidding 9. 6d for April shipment. Washington
wired: "A general reciprocity tariff agreement between the
United States and Cuba was proposed in a document filed
by Cuban Ambassador Ferrara with the House Ways and
Means Committee." Havana cabled: "Jose Gomez Mena,
President of the new Gomez Mena Sugar Co. considers
too high the Guma-Mejer estimate of 5,218,428 tons, as
Cuban sugar production from current crop. Cuba will
not produce more than 4,750,000 tons, he declared. At
end of March Cuba will have produced 3,750.000 tons and
more than 25 mills will have been closed down. On April
15th, production will be about 4,250,000 tons, and more
than 80 mills will have terminated. On April 30th, production will reach 4,600,000 tons and only some factories
will continue operating to shut down about May 15th."
Futures on the 14th inst. advanced 2 to 4 points with hedge
covering in near months. Europe bought. Selling by producers was well taken. Contracts were scarce. Prompt raws
were firm at 1-31/32c. with sales of 6,200 tons of Porto Rico
that basis. Today no Cuban sugar in any
March
16.04 I July
15.26015.27 December _14.310;14.32 and Philippines on
position was offered under 2c c. & f. with the exception of
Santos coffee prices closed as follows:
20.79 one very prompt cargo which might be had it was merely
Spot (unofficial)
I May
22.57022.58 I September
20.25 supposed at 2-31/32c. Today prices closed 'inch:Inge(' to 2
March
23.35 July
21.57021.58 I December
COCOA.
-On the 9th inst. prices ended 9 to 13 points points lower on futures with sales of 37.800 tons. Final
higher as the Gold Coast crop estimate was reduced from prices show an advance for the week on March of 1 point
245,000 to 221,000 tons against 201,000 last year; March 10.66; but a decline on other months of 3 points.
COMMERCIAL EPITOME
Friday Night, March 15 1929.
COFFEE on the spot was quiet and steady though cost and
freight prices drifted downward. Stocks of all grades here
remained small. Santos 4s, 24% to 25c.; Rio 7s 18c.; Victoria 7-8s,
to 18c., and Robustas 20 to 20%c. Fair to
/
1
4c.;
good Cucuta 23% to 24c.; Colombian, Ocana 23 to 23
Bucaramanga, Natural 23% to 24%c.; washed 25 to 25 4c.;
Honda, Tolima and Giradot 25% to 25gc.; Medellin 264 to
/
1
2634c.; Manizales 25% to 26c.; washed 25% to 27c.; Surinam
22 to 23c.; Ankola 34 to 38c.; Manheling 36% to 39c.;
Genuine Java 34 to 35c.; Robusta, washed 20 to 204c.;
Mocha 27 2 to 28c.; Harrar 26% to 27c.; Guatemala, prime
,
/
26 to 27c.; good 25 4 to 25gc.; Bourbon 244 to 24%c.; Triea-la-main 23 to 23%c. Futures on the 9th inst. closed 10 to
15 points higher on Rio and 13 to 17 lower on Santos in what
seemed an oversold market. On the 11th inst. cost and freight
offers from Brazil in a few cases were slightly lower and a
few a shade higher. On the 13th inst. early cost and freight
offers from Brazil were in some cases slightly lower. For
prompt shipment, Santos Bourbon 2-3s were tendered at 24.07
to 25.20c.; 3-4s at 23.95 to 24.I5c.; 3-5s at 22.60 to 23.85c.;
4-5s at 22.35 to 24c.; 5s at 22 to 23Y
4c.; 5-6s at 213' to 23c.;
4
6s at 223.c.; 6-7s at 20.30 to 22%c.; 7s at 20.85 to 21.30c.;
7-8s at 16.40 to 20.90c.; part Bourbon 3-5s at 23%c.; Peaberry 4s at 23%c.; 4-5s at 22.60 to 233
/
4c.; 5-6s at 22.30c.;
6s at 21gc.; rain-damaged 3-5s at 20.20c.; 5-6s at 183i to
20%c.; 6s at 20c.; 6-7s at 191
/
2c.; 7s at 17% to 19c.; 7-8s at
16.10 to 18c.; Rio 2-3s were here at 18.45c.; 3s at 1814c.;
4s at 18.05c.; 7s at 16.90c. and 7-8s at 161
/
4c.
On the 14th inst. early cost and freight of fers from Brazil
were unchanged to lower, including for prompt shipment Santos
Bourbon 3s at 24.85c.; 3-4s at 23.95c.: 3-5s at 22.60 to 23.55c.:
4-5s at 22.35 to 22.60c.; 5s at 22 to 22.90c.; 5-6s at 214/ to
4
23%c.; 6-7s at 20.30 to 21.35c.; 7-8s at 16.40 to 21.55c.; part
Bourbon 3-5s at 231 4c.; 4-5s at 22.95c.; Peaberry 4s at' 231
/
/
4c.;
4-5s at 22.60 to 23.40c.; 5-6s at 22.20c.; 6s at 2I3c.; raindamaged 3-5s at 20.10c.; 5-6s at 18.65 to 20.15c.: 6-7s at
21%c.; 7s at 17.10 to 17%c.; 7-8s at 16.10 to I7c.; Rio 2-35
at 18.40c.; 3s at 18 20c.; 4s at I8c.; Rio 7s at 16.85c.; 7-8s
at 16.45 to 16.90c. Futures on the 12th inst. fell 3 to 18 points
with sales of 40,500 bags in all. Support was lacking. Santos
shippers seemed to be selling cost and freight coffee below
their asking prices. The technical position was to all appearance weaker after the recent covering Tlw world's visible
supply of coffee, which totalled 5,021,939 bags on March 1st
was the smallest since March 1st of last year, when world
stocks aggregated 4.792,414 bags according to data compiled
by the New York Coffee & Sugar Exchange. This does not
include stocks on plantations or in storage in the interior of
Brazil Receipts of all coffees in the United States during the
eight months of the crop year up to March 1st, amounting to
6,994,797 bags were the smallest for the past five years. In
the comparable period of 1927-28 receipts were 7.749.264 bags.
Total stocks of all coffee in the United States on March 1st.
amounted to 848,939 bags as compared with 832.782 bags held
on the same date last year. Deliveries of all coffees in the
United States in the eight months ended March 1st were
7,006,421 bags against 7,704,447 bags in the comparable period
of the previous crop year. The ofticial spot price for Santos
No. 7 coffee at New York ranged from 17% to 18c. during
February, against 14Yg to 164c. in February last year. Tptal
receipts at primary market centers in Brazil during the eight
months of the crop year up to March 1st amounted to 9,131.800
bags • as compared with 11.409,471 bags in the corresponding period in 1928. Receipts during March at Rio
were 105,000; at Santos 405,000; since July 1st at Rio
2,082.000; at Santos 6,205,000; same time last year at Rio
2,828,000; at Santos 7,277,000; same time two years ago at
Rio 2,817,000; Santos 6,697,000. On the 14th inst. prices
closed 10 to 25 points higher on Rio with sales of 16,500
bags and 8 to 16 higher on Santos with sales of 23,500 bags.
The cables were firmer. There was some foreign selling but
Boston bought and also scattered shorts. The tendency is to
oversell the market. The position seemed to be sold out.
Today Rio futures closed 4 to 19 points higher with sales
of 20,000 bags and Santos 9 to 18 points higher with sales
of 18,000 bags. For the week Rio futures show an advance
of 17 to 39 points while Santos is unchanged to 22 points
higher.
Rio coffee prices closed as follows:
Spot (unofficial)
18 May
16.120 ____ I September 14.700 -
17g
MAR. 16 1929.]
I, TNANCIAL CHRO.NTGLE
Prices were as follows:
1 .fl-a2 July
2.1011Jecember_ _2.230
spot. tunorf
2.18 January
9.1 04 rIOM. September
March - - _
2.24®2.25
2 0004 --May
LARD on the spot was firm. Prime Western 12.70 to
12.80c.; Refined Continent 13c.; South America 131c.• Brazil
/
2
Contin142 Later prime western was 12.80 to 12.90c.; refined'
/
1c.
ent 134; South American 1334c. Brazil 1434c. Prime Western
later was back to 12.70 to 12.80c. Last week hogs in Chicago
advanced $1.10 in three days, to the highest of the year.
Receipts for the week there were 164,000, the lightest of the
season, being off almost 20,000 from the previous week and
compared with 221,000 last year. Receipts of hogs at 11
markets so far this season were 6,635,000 against 8,040,000 last
year and 5,945,000 two years ago.
Futures on the 12th inst. closed 2 to 3 points net higher
despite considerable realizing. At one time on that day prices
were 5 to 8 points higher due largely to the firmness of hogs.
The rise in grain helped. Hog receipts at Chicago were only
15,000 or well below the estimates and they were some 25c.
higher with a top price of $12. Total wcstern receipts of
hogs were 73,800 against 81,000 a week previously and 145,700
/
last year. Liverpool lard was 3d to 41 2d higher. Cash prices
for both lard and ribs were advanced rather sharply in
response to the future markets. Clearances of lard from New
York were about 4,500,000 lbs. principally to English, Dutch
and German ports. Futures on the 14th inst. declined 5 points
with hogs off 15 to 23 points and grain also lower. Today
futures advanced 2 to 3 points on buying by packers with
hogs higher. Hog receipts were small. Final prices show an
advance for the week on March of 15 points but a decline of
3 points on May.
DAILY
CLOSING
March delivery
May delivery
July delivery
PRICES OF LARD FUTURES
Sat.
12.25
12.60
12.97
IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
12.32
12.35
12.37
12.32
12.35
12.67
12.70
12.60
12.55
12.57
13.05
13.07 12.97-13 12.92
12.97
PORK steady but quiet. Mess $30.; family $32.50; fat back
$27. to $30. Ribs, Chicago, Cash 13.75 basis of 50 to 60 lbs.
average. Beef quiet; Mess $25.• packet $25. to $26.; family
$26. to $28.• extra India mess'
$44. to $46.; No. 1 canned
corned beef'
$3.10; No. 2, six pounds, South America, $16.75;
pickled tongues $75 to $80. Cut meats steady; pickled hams
here 10 to 20 lbs. 1934 to 2034; pickled bellies 6 to 12 lbs. 174
/
1
to 184c.; bellies clear, dry salted, boxed, 18 to 20 lbs. 164c.;
/
1
/
1
14 to 16 lbs. 161c. Butter, lower grades to high scoring 45 to
/
4
494c. Cheese, flats 23 to 29c.; daisies 24 to 271c. Eggs,
/
1
/
1
2
/
2
medium to extra 30 to 332 premium macs 34c.
/c.;
1
OILS-Linseed buying was a little better and prices were
steady. Carlots 10.1c.; single barrels 11c. Jobbers were buying a little more freely. A considerable increase in the movement and a big gain in consumption is expected if the present
fine weather continues. Cocoanut, Manila Coast, tanks 7Y
8c.;
spot, N. Y. tanks 8c. Corn, crude, bbls. tanks, f.o.b. mill 8
/
3
4c.
Olive, Den. $1.30 to $1.40. China wood, N. Y. drums, carlots,
spot 141c.; Pacific Coast tanks, futures 131c. Soya Bean,
/
2
/
2
bbls., N. Y. 12c.; tanks, Coast 91 2 to 934c. Edible, Corn, 100
/
bbl. lots 12c.; Olive, 2.25 to 2.30c. Lard, prime 151c.; extra
/
2
strained winter, N. Y. 13%c. Cod, Newtoundland 67c. Turpentine 581 to 634c. Rosin $7.75 to $11.60. Cottonseed oil
/
2
/
1
sales today including switches 1,400 bbls. P. Crude S.E. 9c.
bid. Prices closed as follows;
Spot
May
10.SOtAMarch_ _10.75010.81 June
April
10 700.10.90 July
10.780 _ _ _ _ !August_ _ _ _11.05011.09
10.78010.95 September 11.12011.15
10.9940 ____ October - _10.96011.07
PETROLEUM-Gasoline was in better demand and
firmer. Refiners were asking 9 to 9 c. in tank cars at
/
1
4
refineries and 10 to 104c. in tank cars delivered to nearby
/
1
trade. Thc warmer weather of late has stimulated the
demand. There were sales still being made at slightly
under the above quotations. Bunker oil was steady at
$1.05 at refineries and $1.10 f.a.s. New York harbor. A
heavy contract movement was reported. There was a
good amount of new spot buying. Diesel oil was steady
at $2. with a routine business. Furnace oil was in slightly
better demand at unchanged prices. Gas oil was also a
little more active and steady. Kerosene demand has fallen
off of late but consumption is holding up well. Stocks on
hand are small. Water white was 84c. at nearby refin/
1
/
4
eries and 91c. in tank cars delivered to nearby trade. A
fair export trade is going on, especially with the Far East.
RUBBER-On the 9th inst. prices advanced 10 to 30
points with sales of 162 lots. July got over the 26c. level.
London closed quiet with spot and March 12 %d; April78d;
June offered at 12/ July-September 13d bid; OctoberDecember 13 5/16 trading. Singapore closed / to /
1c1
4
1d
4
higher. Here New York closed with March 25.30c.; May
July 26c. On the 11th inst. higher cables from
25.70c.;
London and Singapore caused an advance here of 40 to
60 points. Towards the close realizing caused a reaction
of 20 points from the highs. Sentiment in the main was
bullish, though the trade seems more inclined to await
the announcement of the Rubber Association statistics
which is expected within the next few days. The sales
were 471 lots. Trading therefore was smaller. In London
the stock showed an increase for the week of 479 tons;
that is it was 25,920 tons against 25,441 tons in the previous week, 25,413 tons a month ago, 61,920 a year ago
and 61,516 tons two years ago. In Liverpool the stock
was 4,136 tons against 4,255 tons a week ago. This stock
a month ago was 4,106 tons. On the 12th inst. with Lon-
1763
1d
4
don / lower, New York declined 10 to 40 points on sales
of 528 lots. London Board of Trade figures for February
showed exports of only 8,381 centals during the month
against 21,380 centals during January. New York closed
on the 12th inst. with March 25.40c.; May 25.80 to 25.90c.
July 25.90c.; September 26.20c. and December 26.40c.
-Ribbed smoked, spot, March and April
Outside prices:
/
4c.;
251 2 to 253 April-June 2534 to 26c. Spot, first latex
/
/
1
/
1
/
1
crepe 26 to 264c.; clean thin brown crepe 224 to 234c.;
/
4
/
/
1
4
specky 22% to 2278c.; No. 2 amber 231 to 23 c.; No. 3
/
1
/
4
amber 2234 to 234c. Paras, upriver fine spot 26 to 261c.;
coarse 151 to 1534c. London spot and March 1234 to
/
4
1234d. Singapore, March 12 7/16d. The Rubber Association's monthly report gave the consumption in February
as 41,594 against 43,002 in January and 33,700 in February
last year; imports 64,538 against 52,305 in January and
32,710 in Feb. last year; stock on hand 90,058 tons against
76,340 in January and 108,940 in February last year; stock
afloat 63,825 against 78,580 in January and 43,320 in Feb.
last year.
On the 13th inst. New York prices advanced early 3 points
but dropped 60 to 70 points later on liquidation attributed to
leading longs. Stocks here and in London and afloat on February 28th were 17,887 tons against 215,236 tons a. year ago
but this and the other particulars superficially bullish in the
February report in the end fell flat. Offerings were larger.
The net decline for the day was 20 to 30 points. New York
closed on the 13th with March 25.10c.; May 25.50c.; July
25.70c.; Sept. 25.90 to 26c.; October 26c.; November 26.10c.;
December 26.10 to 26.20c. Outside prices: Smoked sheets,
/
4
spot and March 251 to 25%c.; April 2534 to 25%c.; April-Dec.
/
1
June 2534 to 257Ac.; July-Sept. 254 to 2634c.; Oct.
2634 to 26 c. Spot, first latex crepe 2534 to 26c.; clean thin
/
1
4
/
1
brown crepe 2234 to 23c.; specky 222 to 2294c.; rolled 1834
/
1
to 1834c.; No. 2 amber 23 to 234c.; No. 3. 2234 to 23c.;
/
4
No. 4, 22% to 2234:; Paras, Upriver fine spot 26 to 261c.;
/
1
coarse 15% to 1534c.; Acre fine spot, 264 to 26%c.; Caucho
/
3
4
Ball-upper 151 2 to 1534c. In London spot and March 12 d;
/
April-June 127Ad. Singapore March 12-7/16d; April, May
and June 12-11 /16d. On the 14th inst. prices fell 100 points
closing 50 to 90 points net lower on a break in London of
/ and heavy liquidation. Sales were 2,767 lots or 6,917
3
4d
tons. Fears that American tire interests are overmanufacturing and that they will be caught with large stocks later had
their effect. Bearish views on the market's future were expressed by President Hotchkiss of the U. S. Rubber Plantations Co., and the Department of Commerce import compilation placed February arrivals at 76,500 tons against the
Rubber Association's total of 64,538 tons. After the close, a
report was circulated that tire prices would be advanced on
Friday. Akron did not confirm the report, but it steadied the
standard grades outside. March and April ribs closed below
the 25c. level for a net loss of / while the various ambers
3
4c.
38
and crepes revealed losses ranging from / to gcl. New York
closed on the 14th inst. with March 24.60c.; April 24.70c.;
May 24.80c.; June 24.90c.; July 25c.; August 25c.; Sept.
25.10c. Outside prices: Smoked sheets, spot and March 2434
1
4
1
4
to 2434c.; April 2434 to 24/c.; April-June 25 to 25/c.;
-Dec. 251 to 2534c. spot,
/
2
/
4
/
4
July-Sept. 251 to 251c.; Oct.
/
4
/
4
first latex crepe 251 to 251c.; clean thin brown crepe
/
4
/
1
22 to 224c.; specky 2134 to 22c.; rolled 18 to 181c.;
/
1
4
No. 2 amber 224 to 22%c.; No. 3 22 to 22 c.; No. 4 2134
/
1
to 22c. Paras, Upriver fine spot 25% to 2534c.; coarse 15 to
151c.; Acre fine spot 2534 to 26c. Caucho Ball upper 15 to
/
4
/
1
4
151c.; London spot and March 12 d; April-June 12%cl.
/
4
/
1
Singapore March 124d; April-May-June 12-5/16d. London
/
4d; Aprilclosed today net unchanged with spot-March 121
June 12%cl; July-Sept. 1234d: Oct.-Dec. 13d. London stocks
on Monday are expected to show an increase of around 500 to
550 tons.
To-day prices ended here at an advance of 20 to 110 points
on good buying by large factors, steady cables and short covering. Talk of an advance in tire prices of 71 2c. per cent. soon
/
had a certain influence. Final prices show an advance on
March for the week of 50 points, but other months are 50 to
160 points lower.
HIDES-Recent sales include 24,000 Argentine frigori/
1
fico steer hides in the Rio Plate at 195/16 to 194c.; also
9000 Uruguayan ctecrs at 19 3/16c. The unsold stocks of
Argentine steers it is said are small, amounting to only
16,000 hides. City packer were in rather more demand.
/
2
Sales were reported of 1,400 native steers at 141c.; 1,400
butt brands at 131c. and 3,500 Coloradoes at 13c. Later
/
2
some asked / more than these prices. Common dry
1
2c.
hides were in fair demand and steady. New York City
calfskins, 5-7s 2.05 to 2.10; 7-9s, 2.35 to 2.40; 9-12s 2.95c.
OCEAN FREIGHTS at one time were quiet. Later
petrolentri rates were higher and sugar lower.
CHARTERS included grain from Atlantic range. April-May. to
Greece at 4s; San Lorenzo, April 1 to 20, two ports Mediterranean
26s; Rosario, U. K.
-Continent 24s 9d May 1 to 28: San Lorenzo,
May 1 to 25th, Bergen Stockholm range 25s Sd basis Riga, Reval
and Helsingfors options May 1 to 15th; prompt, San Lorenzo.
London, Continent 21s 6d; Bahia Blanca, March 5 to 20, Antwerp
22s. Tankers:-Tampico crude, March-April, to Ostermoor 18s 6d
to 19s; Tampico to north of Hatteras 27c, March; 75.000 bbls.
March-April to North of Hatteras not east of New York, from U. S.
/
Gulf, 28c., from Venezuela 281 2c ; U. S. Gulf, dirty, Ostermoor,
19s.; 9-1245 months' time charter, 4s 7;i d, dirty, March-April;
Gulf-United Kingdom-Continent 15s 6d, clean, March-April; Black
Sea-U. K.
-Continent 24s vegetable oil, prompt; Black Sea 1-4 ports,
South Spain 12s 6d, six voyages, clean, April; Gulf-North Spain
1764
FINANCIAL CHRONICLE
15s 6d, clean, April; Black Sea-Italy, 12s, fuel, March-April. Time:
West Indies round $1.40; West Indies round, delivery north of Hatteras $1.30 prompt; West Indies round, prompt at $1.95; delivery
Japan, redelivery United Kingdom-Continent or U. S. north of Hatters $1.10 March 1-20; delivery for one Australian round redelivery
and delivery North Pacific $1. prompt; delivery Melbourne, redelivery
Japan for trip across 43 9d March. Sugar:
-Cuba, April, to Shanghai 28s 9d; Cuba, first half April, to U. K.
-Continent 18s 6d: Cuba,
prompt to North of Hatteras 13c. Nitrate, Chile to U. S. Atlantic,
April $5.50. Cotton, Gulf, April to Murmansk, 144c. Sulphur Gulf,
April, to one of seven Australian ports, 33s.
[VOL. 128.
for the day 750 tons. Later trade was quiet with sales of
100 tons of specific brands in the outside market and 90
tons on the exchange. In London 480 tons were sold and
in the Far East 223 tons. Sales were made here on the
13th inst. at 48V for Straits, an advance of / Futures
8c.
1c.
2
on the Exchange closed on the 13th inst. at 48.15c. for
March, April and May and 48.20c. for later deliveries. In
London on the 13th inst. spot at the first session advanced
17s 6d to £2219 2s 6d; futures up 7s 6d to 1219 7s 6d; spot
COAL-Forward buying of anthracite has been on a Straits tin up 12s 6d to 1221 7s 6d; Eastern c.i.f. London
fair scale with rather more trade it seems in some direc- dropped 11 to £222 on sales of 225 tons. At the second
tions on account of the recent cold weather and the fear session spot standard rose 7s 6d to 1219 lOs and futures
at that time of a rather late spring. Chestnut and stove lOs to 1219 17s 6d; total sales 480 tons.
coal have in the recent low temperatures displaced subStill later prices were stronger. Straits sold at 48W.,
stitutes for family use. Yet it is also true that foundry a slight advance. On the 14th inst. futures here closed
and furnace coke have kept to the recent advance of 25c. 15 to 20 points higher. March closed on that day at 48.30
a ton although the domestic New York coke trade seems to 48.50c.; April at 48.30 to 48.45c.; May at 48.35c. to 48.45c.
to have passed the peak of winter activity. The trade In London on the 14th inst. spot standard advanced 17s
for the winter of 1928-29 was as good as that for 1927-28 6d and £220; futures up 2s 6d to 1219 10s; sales 80 tons
but no larger. Later warmer weather at the West caused spot and 170 futures; Spot Straits rose 12s 6d to £222 15s
a slackening in the demand and some weakening of prices. on sales of 200 tons. At the second session standard up
Yet for this time of the year there was a fair business in 15s to £220 15s for spot and 1220 5s for futures. To-day
southern smokeless coal and the better grades of Indiana prices on the exchange advanced 20 points on some months.
lump and egg. New York tide water stocks have been March closed at 48.50c., May at 48.55c. and July at 48.55c.
increasing.
LEAD was in good demand and steady at 7.15c. East
TOBACCO was in no more than fair demand here but St. Louis and 7.25c. New York. Prompt was the most
prices were steady. Sumatra attracted attention. Amsterdam, wanted. Ore was advanced $2.50 to $100 in the tri-State
Holland cabled the U.S. Tobacco Journal March 13th: "About district. In London on the 12th inst. spot fell 6s 3d to
3,700 bales of Sumatra bought at first sale today for America. /23 5s; futures dropped 5s to 123 us 3d; sales 150 tons
Prices rather high. Crop shows much light tobacco." Recent spot and 350 futures. Later prices were very firm at 7.15c.
cable advices to local importers stated that offerings of new to 7.25c. East St. Louis and New York. The Mexican
crop Sumatra in the first sale were not quite as good as last war has had no effect. In London on the 14th inst. spot
year's tobacco. The quantity of upper grades is reported advanced 3s 9d to £23 13s 9d; futures up 2s 6d to £23 18s
to be smaller. In these grades there are estimated to be
1,000 futures. Trading in lead
about 50 per cent of first sizes. The quantity of good nickel 9d; sales 50 tons spot and the National Metal Exchange
and antimony futures on
tobacco is also reported to be less than in last year's crop.
Mayfield, Ky. wired the U. S. Tobacco Journal: "Medium was said to be under consideration.
to good tobaccos, especially the heavy bodied, well fired
ZINC was steady at 6.35c. East St. Louis. London adgrades, lower, but while more or less fluctuation was noted vanced on the 12th inst 3s 9d to 126 7s 6d for spot; futures
in the low to common grades of leaf, we believe prices as a up is 3d to 126 15s; sales 800 tons futures. Later a moderate
whole for these lower grades of leaf during the week were demand was reported. The recent favorable statistics for
slightly higher. Lugs remain firm. Auction sales for the February are expected to result in higher prices. London
week include: Mayfield: Sales for week 572,915 lbs. at an on the 13th inst. advanced 5s on the spot and 3s 9d on fuaverage of $11.99; for season 8,561,050 lbs. at an average of tures; with sales of 800 tons futures. Stocks in hands of
$12.77 against an average year ago of $11.51 on 5,797,645 lbs. American producers on March 1st were 40,420 tons or a
Week's average 22 cents lower than preceding week. Paducah: decrease for the month of 4,998 tons according to the AmeriSales for week 313,175 lbs; week's average 42 cents lower than can Zinc Institute. Production during February was 48,154
preceding week. Murray prices average 69c. higher. Hopkins- tons and shipments 52,952 tons. Zinc is in a sound position.
ville: Sales for week 1,149,350 lbs. at an average of $15.09; Spot in London on the 13th inst. rose 5s to 126 12s 6d; fufor season 11,830,115 lbs, week's average 44 cents higher. tures up 3s 9d to £26 18s 9d; sales 800 tons. Later there
Clarksville: Sales for week 1,106,455 lbs. at an average of was a moderate trade on the basis of 6.35c. for prime western
$15.10; week's average 12 cents higher. Springfield: Sales slab zinc though it is intimated that this is shaded now and
for week 719,805 lbs. at an average of $16.54; for season then. In London on the 14th inst. prices were unchanged.
1;1,232,775 lbs. at an average of $17.46 against an average year
-Pittsburgh reported production at 90 per cent.
STEEL.
ago of $18.82 on 9,406,885 lbs. Week's average 35 cents on finished descriptions with some departments only 60 to
higher.
70 per cent. Outturn is the largest in sheets, tin plate, merCOPPER advanced to 20c. on the 12th Inst. the highest chant bars and strip steel. Youngstown is hopeful of higher
level seen since 1919. For export 19
/ was quoted but as prices for the second quarter. It looks to some like a new
3
4c.
this price should be higher than domestic an advance to 20 c. high record output of steel for March. It is increasing in
/
1
2
was expected. Foreign sales for two days early in the week Birmingham. They call it 85 to 90 per cent. Taking the
were estimated at 10,500,000 lbs. Statistics for February industry as a whole it is believed to be doing well. Buyers'
showed stocks of metal on hand dropped to 55,213 tons against stocks are said to be low. A very good demand is reported
62,749 tons at the end of January and 65,466 tons at the end at Chicago for plates for railroad cars and electrically
of December. Shipments of copper in February were 148,921 welded pipe. The Steel Corporation is running at 97 per
tons of which 50,150 tons were exportea, while 98,771 tons cent. Yet scarcity of steel in the valleys has interfered
were delivered to domestic consumers. January deliveries with operations of sheet and strip mills. Some sales have
were 157,089 tons of which 57,054 were export copper and been made at recent advances but in other cases contracts
100,135 domestic. Primary copper production by United will be carried out it is intimated at former prices even for
States mines and other supply to United States smelters second quarter delivery. The relative scarcity of some fintotalled 84,769 tons in February against 86,325 in January and ished steel is stressed.
67,423 in February, 1928, Stocks of refined and blister copper
PIG IRON early in the week was called firmer with sales
in Feb. 28th in North and South America were 290,164 tons
here last week estimated at 12,000 to 154)00 tons. Buffalo
against 307,959 tons at the end of January. Total production
be at $17.50 to $18; Eastern Pennsylvania $19.50
of copper in February, including primary and scrap, was 141,- was said toBirmingham $16.50 for No. 2 foundry and reto $20.50;
384 tons against 154,472 in January. Trading in copper
basis $17.50 Valley, and
firm.
futures will soon begin here on the National Metal Exchange. ported that pricevalley. Pittsburgh it is admitted that sales
This week
Copper brass and bronze products were advanced 3i to / Bessemer $18.25 of small lots. They say Buffalo is firmer
1c. have been mostly
2
London was 3s 9d lower on the 12th inst.
declared
Later the export price was raised to 202
/c. For do- at around $17.50 to $18. Some Buffalo makers it is
1
that
ahead.
mestic account 20c. was quoted. Most producers were out are out of the market being sold scarcity It is said tooas in
of pig iron
of the market. The demand was good but cooper was the tendency is towards greater
steel.
scarce. London on the 13th inst. was up £3 3s 9d on the the case of semi-finished
spot to #85; futures rose 13 5s to 186 7s 3d; sales 3,000
WOOL-Boston wired a government report, "The untons futures. Spot electrolytic advanced £2 lOs to £93 10s; settled conditions in 56s and 48s-50s domestic wools are due
futures up 12 5s to 193 15s. Still later the demand was to a number of factors. Outstanding among the bearish ingood and 20 c. was quoted. Export sales of late have fluences are the sentimental effect of large imports of South
/
1
2
been 15,500,000 lbs. to France and Germany. In London American crossbred wools by manufacturers, lower prices on
on the 14th inst. standard advanced
lOs to 186 lOs for cross breds at London and in primary markets, and the presspot and £87 17s 6d for futures; sales 100 tons spot and sure for lower prices from users of the coresponding qualities
1900 futures; spot electrolytic £93 10s; futures up 5s to £94. of tops and yarns. The receipts of domestic wools at Boston
during the week ended March 9th amounted to 430,700 lbs.
TIN declined to the lowest prices seen in several as compared with 484,900 lbs. during the previous week.
months on the 12th inst. In the outside market 200 to Boston quotations: Ohio & Pennsylvania fine delaine 43c.;
300 tons sold at 48 3c. for Straits tin. On the Exchange / blood 50c; 3i blood 54c.; IA blood 53c. Territory clean
1
2
sales were 185 tons. The decline brought about good basis, fine staple 1.02 to 1.05; fine medium, French combing 1.
buying. Straits shipments in March it is estimated will to 1.02; fine medium, clothing 92 to 95c.; /A blood staple 1.05
be 7,500 tons. London at the first session on the 12th to 1.07; A blood staple 1. to 1.03; % blood 93 to 95c. Texas,
inst. declined #2 on the spot and £2 2s 6d on futures, but clean basis, fine 12 months 1 to 1.03; 8 months 98 to 1.02;
at the second session prices advanced 12s 6d; total sales fall 98 to 1. Pulled scoured basis, A super 1. to 1.05; B, 93
1765
INANCIAL CHRONICLE
MAR. 16 1929.]
The following table shows the week's total receipts, the
to 96; C, 83 to 85; Domestic mohair, original Texas 63 to 65c.
Foreign clothing wools: Australian, clean basis, in bong: total since Aug. 1 1928 and the stocks to-night, compared
64-70, combing super 88 to 90c. New Zealand clean basis, in with last year:
bond 58-60s, 76 to 78. Montevideo grease basis, in bond:
1928-29.
1927-28.
Stock.
58-60s, 45c. Buenos Aires, grease basis, in bond :-111 (46Receipts to
This Since Aug This Since Aug
48s) 34 to 35c. Cape, clean basis, in bond :-best combings
Mar. 15.
1929.
Week. 1 1928. Week. 1 1927.
1928.
83 to 85c. In London on, March 8, offerings of 7,926 bales
contained numerous speculators' lots of greasy merinos and Galveston
32,975 2,627,376 22.722 1,930,150 435.158 388.476
783
85,821
27,256
1,675 171.369
36.598
crossbreds. Firm limits caused many withdrawals. Clip Texas City
22,033 2,723.903 12.364 2,359,462 717,947 664.193
Houston
wools sold readily to home and Continent at late values. Corpus Christi
-___
541
__-- 255,973
___14,065
---- 176.092
Port Arthur, &c
Scoured merinos prices were par with January sales.
New Orleans
30,279 1,368,306 17,465 1,251,899 322.932 443.474
Details:-Sydney 1632 bales; scoured merinos 22 to 84%d; greasy
1734 to 28%d. Queensland 675 bales; scoured merinos 38 to 4154d;
greasy 1534 to 19d. Victoria 1633 bales; scoured merinos 29%d to
398; greasy 16 to 27d; greasy crossbreds 21 to 24d. South Australia
1
2d
845 bales; scoured merinos 25% to i32/ ; greasy merinos 192 to
/
1
231
/
4d. West Australia 844 bales; scoured merinos 8034 to 33d;
/
/
greasy 141 2 to 231 2d. New Zealand 1418 bales; greasy crossbreds
15 to 201/2d. Cape 579 bales; scoured crossbreds 32 to 34141:1;
Kenya Colony 463 bales; greasy merinos 13 to 18d; greasy crossbreds 14% to 173/sd.
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_
Wilmington
Norfolk
N'port News, &c_
Now York
Boston
Baltimore
6,013
. 29
15
3.909
398
236,274
11,573
175
326,470
555
____
3,417
2,215
---1,647
154
1,434
154,121
5,505
117,702
211,744
92
36.940
2,104
39.263
2,814
201
---8,567
238.655
11.629
8
529,687
1,397
---3.431
1,159
221,920
756
99,956
193,795
28,579
14,020
763
42.8:35
592
31.629
36,766
22,131
38,523
83,072
24.078
69,450
124
6.147
96.106 176,848
In London on March 11th there was no auction on account
342
5,215
3,448
3.970
57,075
1,042
1.604
1,865
of heavy fog. In London on March 12th offerings 9,650 bales.
9.957
155
4,657
Home and Continental interests good buyers. Fair buying by Philadelphia
America, chiefly of greasy crossbreds. Prices were fully on
106,350 8,303,359 73.234 7,168,963 1,839,084 1.866.920
Totals_ _
par with those of the previous week and firm limits caused
In order that comparison may be made with other years,
rather frequent withdrawals.
we give below the totals at leading ports for six seasons:
Details:-Sydney 670 bales; scoured merinos 37 to 38%d; greasy
19 to 27d. Queensland 886 bales; scoured merinos 41 to 42c.; greasy
1834 to 21d. Victoria 1607 bales; greasy merinos 22% to 28d;
scoured crossbreds 27 to 8034d; greasy 17½ to 211d. South
/
2
Australia 53 bales; greasy merinos 17% to 20%d. West Australia
1553 bales; greasy merinos 361 to 388; greasy crossbreds 14% to
/
2
28348
. New Zealand 4,400 bales; scoured crossbreds 3034 to 33',4d;
greasy 18% to 241
/
2d. Cape 468 bales; greasy merinos 142 to
/
1
2134d. Falklands 511 bales; greasy crossbreds 14% to 21348. New
Zealand slipe sold at 14% to 25d, latter halfbred lambs. New Zealand greasy crossbred best 56s realized 241d; 46-48s, 19548; 46s,
/
2
/
18d; 448, 161 sd ; 40s, 15548; 36-40s, 145/d.
2
In London on March 13th offerings 7,564 bales. Demand
good. Merinos showed a hardening tendency. New Zealand greasy crossbred best 56s realized 24d; 50s. 22%d; 46-48s,
19d; 46s, 18d; 44s, 161
Atd; 40s, 15%cl.
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1925-25. 1923-24.
Galveston___Houston*__
New OrleansMobile
Savannah
Brunswick_
Charleston Wilmington
Norfolk
N'port News
All others._
32.975
22.033
30.279
6,013
3,909
22,722
12,364
17.465
2,814
8,567
61,313
56,208
53,037
5.846
19,689
26,810
28,244
32,323
2,655
16,688
36.164
46,438
31.984
3,909
12,109
13,450
18,235
12.130
1.551
3,971
555
3.417
2,215
1,397
3,431
1,159
11,175
3,289
6,378
5.021
1,044
3.225
4,831
2.881
7.857
2,279
155
2,429
4,954
3.315
10.625
5,448
2 688
2,671
Total this wk_
106,350
73,234
227,560
121,458
148,871
56.871
Since Aug.1 8.303.359 7,168.963 11144657 8.232,270 8,282.002 5.860.399
*Beginning with the season of 1928, Houston figures include movement of
Details:-Sydney 1472 bales; scoured merinos 84 to 40%d; greasy cotton previously reported by Houston as an interior town. The distinction
13% to 31d. Queensland 600 bales; scoured merinos 36 to 40%d; between port and town has been abandoned.
greasy 15 to 21%d. Victoria 1061 bales; greasy merinos 20 to
The exports for the week ending this evening reach a
27',4d; scoured crossbreds 23 to 29d; greasy 23 to 258. South Australia 266 bales; scoured merinos 32 to 87d; greasy 181/2 to 24%d. total of 133,549 bales, of which 30,914 were to Great Britain,
West Australia 838 bales; scoured merinos 36 to 37d; greasy 13% 6,425 to France, 19,413 to Germany, 11,165 to Italy,
to 1934d. New Zealand 3937 bales; scoured crossbreds 25 to 378; 900 to Russia, 50,938 to Japan and China, and 13,794 to
greasy 14% to 24d. New Zealand slipe sold at 11 to 248.
destinations. In the corresponding week last year
In London on March 14th offerings 9,000 bales, chiefly
greasy crossbred. Good demand from home and Continental
buyers, the latter being particularly active in purchasing Puntas.
Prices firm. New Zealand greasy crossbreds best 56s, realized
22%d; 50s. 20d; 48-50s, 181d; 48s, 17d; 46s, 16d; 44s, 15d.
/
2
Details:-West Australia 687 bales; scoured merinos 36 to 39d;
greasy 14 to 241d. New Zealand 2,883 bales; scoured cross/
2
breds 22 to 28d; greasy 142 to 222 Cape 433 bales; greasy
/
1
/
1d.
merinos 16 to 17d. Puntas 5,071 bales; greasy crossbreds 14
to 20d. Most of the Cape offering was withdrawn at firm
limits. In Liverpool on March 8th the close of the East India
auction was very firm. Early reports were that prices held to
their basis on a par with the last auction. On the Invercargill
sales on March 10th, 12,400 bales were offered and 12,000
sold. Demand between Yorkshire, Continental and American
buyers was sharp. Prices were about equal to Napier sales
March 5th. At Melbourne on March 11th selection good including light and attractive Western district and Gippsland
crossbreds and merinos, mostly southeastern. Demand sharp.
Last week's improvement was fully maintained. At Melbourne on March 14th 6,600 bales were offered and 6,000 sold.
Demand good. Bradford bought freely. Compared with the
last sale on March 6th the market was unchanged.
SILK-On the 9th inst. prices were lc. lower to 3c. higher
on May which responded to the firmness of prices in Japan.
March 4.95 to 5c.; May 4.97 to 4.98c. August 4.85 to 4.86c.
At one time today prices were lc lower with manufacturers
holding off. They are averse to paying the recent advance.
April closed at 4.99 to Sc.; May at 4.98c.; June at 4.96 to 4.98c.
COTTON
Friday Night, March 15 1929.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
106,350 bales, against 86,941 bales last week and 91,438
bales the previous week, making the total receipts since
Aug. 1 1928 8,303,359 bales, against 7,168,963 bales for the
same period of 1927-28, showing an increase since Aug. 1
1928 of 1,134,396 bales.
other
total exports were 163,811 bales. For the season to date
aggregate exports have been 6,401,162 bales, against
5,425,248 bales in the same period of the previous season.
Below are the exports for the week.
Exported to
Week Ended
Mar. 15 1929.
GerGreat
Exports from
- Britain. France. many.
Galveston
Houston
Texas City
New OrleansMotile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Loa Angeles_
San Francisco--Total
Galveston
Texas City
Houston
New Orleans_ __ _
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Totals this week_
Sat.
Mon.
Tues.
Wed.
Thurs.
2,034
4,487 14,486
4,646
3,336
2,375
6,878
769
29
3,239
4,668
16
----
5.962
8,127
398
2,854
4,310
592
2,689
3.530
4,070
-___
-_--
____
574
137
519
164
203
88
858
35
186
43
410
--
1.397
61
928
478
100
44
343
174
559
247
-Ni
-.
--H
14
697
.
435
___-
____
Fri.
Total.
4,006 32,975
1,675 1,675
4.914 22.033
2,886 30,271
168 6,013
29
--ig
15
443 3,909
134
555
528 3,417
848 2,215
934 1,647
154
1,,151 1.434
13,770 13,842 31,961 13,747 15,065 17,965 106,350
1,513
100
7,413
29
3,156
1,484
6.223
6,545
1.670
732
1.461
7;26
-900
17.249
20,246
1,204
4.825
_
892
1,145
3.300
3.769
862
6,904
602
30.914
1.375
1:iia
250
500
7:61,
1
400
6,425 19,413 11.165
Total.
7.637 42.842
2,124 28,915
4,387
3:44i 19.348
310 9,184
29
892
1,145
3.300
4.909
1.803
-281
15.793
1.002
900 50.928 13.794 133,549
Total 1928
52.886 8,164 38.417 13.671 19,965 17.746 12.062 163.811
Total 1927
80.022 22,799 64,350 10.778
72.946 46.083 298,978
From
Exported toAug. 1 1928 t
Mar. 15 1929 Great
Ger- I
Japan&
Exports's,
Britain. France. many. I Itaig.iEusitia. China. I Other.
Total.
Oalveston___
343,201 73.511 518.290149.044
Houston
360.160249.953 472.053 174.036
Texas City.
31.160 11,1
36.518 1,616
Port Arthur_ _
500
7.422
480 2.430
Corpus Christi
47.576 41,740 87.712 21,624
New Orleans_ 350.072 78.185 101,675 98,811
Mobile
73,399 1,533 69,327 3,198
N'port News..
92
1 750
5,275
4.048
Pensacola_.
24 104,226 1.730
Savannah....- 129,804
I
Gulfport
398
____
52.53
777 52.916
Charleston5,585 34.900
__
29,800
Wilmington- 6 : 22.449 2.374
Norfolk
61,904
1.151 3,250
I.ake Charles.
1,296
25,750 12,649
20.352 4,657
NewYork- _ 441
Boston
745
2:5a
Baltimore1
Philadelphia
Los Angeles
56.450 13.549
31 5 51:11
4
:N6
2.700 1.948
SanDiego-- Ban Fran...
5.408
8,145
250
"iiiii
Seattle
I
Total
Receipts at
8,577
Japan&
Russia. China. I Other.
15.798 522.123307.4772.129.444
43,640397 913 136.467 1,840.264
____ 8.417 10.235 99.086
--------3.233 14.065
4904 55036 27.781 286.373
69.340133,320 85.1061.006.S09
7.300 4.370 159,127
92
1.400
100
11.573
10.500 2,921 249,205
398
1,150 11.980 119,383
2.500 72,785
,iiiii 1,405 94.170
s330
6.027
6:ado 13,940 83,658
---- 2386
3.372
---4,114
----
.14
58, .7
13 770
.
17,248
71
1,810 166.451
600
9.544
460
28,233
____
17,248
1,580,382683.242 1.641.940 511,481
'133.682 1237734612,701 6,401.162
Total 1927-28 992.489 725,334 1.685,907 474.839 138,391 786.047622,241 5.425.248
Total 1926-27 2.086,196837.2092.287,259591,575 154,6831269263886,614 8,112,799
Note.
-Exports is Canada -ft has never been our practice to include In the
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 imposiable to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of FeLruary the exports to the Dominion the present season
have been 25.805 bales. In the corresponding month of the preceding season the
exports were 20,466 bales. For the seven months ended Feb. 28 1929 there were
174.366 bales exported, as against 152,306 bales for the corresponding seven months
of 1927-28.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared forOther CoastGreat
GerMar. 15 at- Britain. France. many. Foreign wise.
Galveston
9,200
New Orleans
10.192
Savannah
Charleston_
Mobile
1:g813
Norfolk
Other pone- 6.000
3.000
7,082
5.000
4,263
4.900
4.472
- -
4.000
4.500 30.000
:::: 07.A156
^
i"
Total.
-Leaving
Stock.
5.500 27.600 407.558
920 26.929 296.003
41,335
1.500 1,500
36.766
7
1:666 ci.7 6g 18.781
82.822
250
250
500 45,000 844.742
Total 1929
27.242 13.411 13.872 46.882 9.670 111,077 1.728.007
Total 1928
30,829 16.418 11.954 57.774 4.365 121.340 1.745.580
Total 1927- 27.971 15,141 22.291 108.889 10,258 184.5502,431,617
•Estimated.
Speculation in cotton for future delivery has been on a
fair scale at irregular prices what with heavy liquidation
at times and insistent buying by trade interests at others.
The weather has been better in Texas with the fall of needed rains and somewhat better in the Eastern belt where,
however, the conditions have not been entirely satisfactory by any means and the season's farm work remains
backward. Prices on the whole have drifted downward
on the old crop under the pressure of liquidation in a somewhat overbought market, but as the old was sold the new
crop was bought and the new crop has stood up very well.
On the 9th inst. prices advanced 5 to 10 points on a renewed and steady demand .for March, May and July by
trade and speculative interests. Shorts covered. Liverpool
bought and there was more or less buying by "wire" houses.
Besides, the reports as to the cotton goods trade were favorable. The recollection of the bullish February report
by the Textile Merchants Association tended to strengthen
bullish sentiment. Its totals were so much better than
those for January; the ratio of sales to production were
23.8% higher than in January. Unfilled orders were 13%
higher than then and so on. Manchester's reports were
favorable. The proposition to reduce weekly working hours
in the American cotton division it was said in some of the
cables was not likely to succeed. At one time prices on the
9th fell back 10 to 15 points under profit taking. Later
prices rallied to nearly the highest of the day. At the South
the weather forecast was for cold or unsettled conditions
and the market was beginning to be a little more sensitive
to the weather news. Meantime everybody seemed to expect a bullish report of the domestic consumption in February which was to appear on the 14th inst. Big Wall Street
interests were credited with buying.
On the 11th inst. prices fell 17 to 23 points on weaker
cables than due, better weather, a decline in stocks and
liquidation at home and abroad. There were sharp rallies
to near the highest of recent levels, but they encountered
heavy realizing in a technically weaker position and prices
again turned downward. • Manchester was less active and
Liverpool felt the effects of selling by London, the Con
tinent and Bombay. Here there was good buying of old
cr-op months by the trade and at one time May will; 57
points over July. Spot markets declined 20 to 25 points
but the sales were double those of the same day last year.
May in Liverpool was only 49 points over New York May
while July was 103 over New York July. Worth Street
reported a good trade. Sales last week of print cloths and
sheetings were noticeably large and one company sold 55%
more than the production.
On the 12th inst, prices were irregular now 10 to 13
points higher on a large estimate of the domestic consumption and now dropping 25 points from the high of the
morning on heavy selling attributed to Wall Street and the
South. Later a temporary rally to the closing prices of
the previous day was due to heavy buying by trade houses
and covering as well as buying by Liverpool and the Continent. Still later came another downward turn on remewed liquidation and a rather weak technical position
after the recent sharp advance. This left prices unchanged to 2 points lower on the new crop and 8 to 10
lower on the old. Much selling of the old crop was accompanied by buying of the new. Beneficial rains fell
in Texas but rains that delay farm work occurred in
other parts of the belt. Liverpool ,was higher than due
In expectation of a bullish consumption estimate and India
and Bombay bought. Worth Street was firm but less active after the recent large trade.
On the 13th inst. prices ended irregular after an early
advance of 10 to 17 points. Prices on old crop months closed
2 to 7 points higher except on July and 2 to 0 lower for
the new crop. Texas had benefic:al rains. The weekly
report was better than expected. It said that in the eastern
belt there was a marked improvement in conditions, especially in the Carolinas and Georgia where the fair sunshiny weather dried out the soil rapidly and permitted resumption of field operations on uplands and well drained
soil though in general the ground continued too wet to
work, and but little preparation for planting is yet possible. In the western belt conditions were generally favorable and field work made fairly good progress, except
in those sections where the soil continued too wet principally in eastern Oklahoma and in lowlands just west of
the Mississippi River. The season is generally late. Bene
ficial rains occurred in central and adjoining western and
southwestern portions of Texas. In that State field work
[VG!. 128.
FINANCIAL CHRONICLE
1766
made good progress except in some droughty sections and
planting progressed favorably in the extreme smith, where
some cotton is already up. Trade interests bought the
old crop freely and March was 4 points over May, though
the total supply here rose to 93,588 bales and the certificated stock was up to 81,708 bales. It was said that 25,000
bales may come here for delivery on March contracts. But
the cotton was wanted by mills and spot firms. The firmness of March and May was considered significant. Spot
sales for the first time recently fell below the total on the
same day last year.
On the 14th inst. prices advanced 18 to 20 points net on
the new crop and 1 to 2 on the old. Much switching from
the old to the new crop was done. Rainfalls were 2 to 3
inches and the Census Bureau stated the consumption in
the United States in February as 598,098 bales against 668,389 bales in the longer month of January. 572.875 bales
in February last year, 589,413 in 1927, 565,118 in 1926 and
550,775 in 1925. The total for seven months is 4,046,461
bales or 154,000 less than a year ago. Wall Street, the
West, the South and Oklahoma co-operatives sold. The
trade, Europe and shorts bought. The selling at times put
prices down 15 to 30 points from the early high, but a
rally of 10 to 17 points came later. The market took
liquidation very well.
To-day prices were irregular. Early they were some 12
to 15 points higher in response to rains in the Eastern belt
2
1
/ inches, a wet forecast, higher cables than due
of 2 to 4
and trade buying as well as considerable covering of shorts.
The technical position was better. Liquidation this week
has been very heavy. Some Worth Street reports were
favorable, if others were not so much so. Manchester was
quiet so far as East India was concerned, but in some other
directions its trade was better. It had a better business
with South America and there was a steady demand from
China for cloths. Shanghai auction sales of late have been
satisfactory. Spinners' takings were large. South Cara
lina sales of fertilizers to March 15 were reported as 29%
less than the same time last year. The trade demand for
the old crop attracts attention. The old crop was stronger
than the new to-day reversing the state of things of the
day before. There was some replacing of sold-out long accounts. Final prices show a decline for the week on the
old crop of 14 to 15 points while the new ended 3 points
lower to 5 points higher. Spot cotton ended at 21.55c. for
middling, a decline for the week of 10 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Mar. 14 1929
15-16
inch.
1-inch &
longer.
.16
.15
.16
.16
.18
.16
'.16
AO on Md.
White
Middling Fair
80 ' do
do
Strict Good Middling
.42
do
do
Good Middling
29
do
do
Strict Middling
MOOS
do
Middling
78 off Mid.
do
Strict Low Middling_
1.8i
do
do
Low Middling
.42 on do
Extra White
Good Middling .
.29
do
do
do
Strict Middling
even
do
do
do
Middling
78 off do
do
Strict Low Middling-- do
1 Si
do
do
do
Low Middling
24 on do
Spotted
Good Middling
01 off do
do
Strict Middling
do
.77
do
Middling
04 off do
Strict Good Middling-Yellow Tinged
44
do
do
do
GOA Middling
do
do
do
92
Strict Middling
Light Yellow stained..1 0/4 off do
Good Middling
1 37 off do
Yellow Stained
Good Middling
89 off do
OM
Good Middling
1 08,
do
do
Strict Middling
.80
.60
.61
.62
.83
.ao
.48
.16
.16
.15
.16
.16
.16
.18
.16
.15
.15
Differences between grades established
for delivery on contract Mar. 21 1929.
Figured from the Mar. 14 average quotations of the ten markets designated by
.
the Secretary of Agriculture.
.49
.49
.45
.47
.47
.47
.47
.47
.44
'.44
'The official quotations for middling upland cotton in the
has been:
past
New York market each day for the Tues. week Thurs. Fri.
Wed.
Sat. Mon.
March 910 March 15Middling upland
21.65 21.45 21.35 21.15 21.41 21.55
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
ears
Mar. 15 for each of the past 32 13 have been as follows:
8.200.
1260c. 1905
11.65c. 1
21.5'c. 1921
1
1645c.
10.75c. 1904
41.00c. 1912
1920
1928
1927
1926
1925
1924
1923
1922
l9.20c.
14 05c
19.35c.
25 90c.
29.254.
31.054.
18.20c.
1919
1918
1917
1916
1915
1914
28.60c. 1911
33.65c. 1910
17.95c. 1909
11.954. 1908
8.90c. 1907
13.254.11906
14.55c. 1903
15.15c. 1002
9.80c. 1901
11.20c. 1900
11.25c. 1899
11.05c.11808
10.00c.
9.12c.
8.750.
9.880.
6.44c.
6.120.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contect Total.
-Steady. unchanged _ Very steady._-Saturday
Monday --- Quiet.20 pts. decl _ Barely steady.._
Tuesday --- Quiet 10 pts. decl _ _ Barely steady-Wednesday- Steady, 10 pts. adv Steady
Thursday -- Steady,unchanged _ Steady
Steady. 10 Pts. adv- Steady
Friday
---ioo
Total_
Since Aug. 1
2,200 41,100 43.300
145.640 237, 00 382.940
600
11.300 11.300
17,800 18,200
300 1,800 2.100
200 10.200 10,400
700
700
600
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Mar. 9.
1767
FINANCIAL CHRONICLE
MAR. 16 1929.]
Monday,
Mar. 11.
Tuesday, Wednesday. Thursday,
Mar. 12. Mar. 13. Mar. 14.
Friday,
Mar. 15.
-that is,
AT THE INTERIOR TOWNS the movement
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:
Jan.Range_ClosingFeb.
Range _ Movement to Mar. 18 1928.
Movement to Mar. 15 1929.
Closing Mar.I Ship- Stocks
Receipts.
Ship- Stocks
21.10-21.33 21.18-21.32
Receipts.
Towns.
Range-- 21.28-21.44 21.20-21.42 21.05-21.31 21.09-21.27 21.1s-21.19 21.24-21.27
! meas. Mar.
meras, Mar.
Closing. 21.41 ---- 21.20-21.22 21.10-21.11 21.17-21.18
18.
Week. Season. Week.
15.
Week. Season. Week.
Apr.
Range - 5691 8,804
'
883 83,154
4,707
21.00 ---- 21.09- Ala.,131rming'm
3
370 47,216
21.05 ---- 20.9.5- 20.98Closing. 21.29 200 8.215
18,709
100
13,209 1,133 4,536
170
Eufaula
May
452 71,795 1,1211 23,741
21.06-21.29 21.05-21.33 2.15-21.30
644 54,230 1.527 17,837
Montgomery.
Range.. 21.31-21.47 21.21-21.45 21.05-21.32 21.13-21.15 21.10-21.17 21.24 ---814 18.728
195 56,320
507 16,236
582 55,451
21.11-21.13
Selma
Closing 21.44-21.46 21.21-21.22
690 11,798
240 77,396
Ark.,Blytheville 1,750 83,992 1,052 12,695
June
326 11.159
203 38,593
477 6,583
152 26,980
Forest City
Range -- 21.28
410 50,442 1,741 15.703
20.90 ----- 20.99 ---899 9.836
20.88340 55,492
20.88Helena
20.97Closing. 21.28 448 3,368
45,672
400
972 56.634 1,337 3,368
Hope
July445 3.232
52 31,552
20.61-20.82 20.56-20.81 20.67-20.80
339 2,095
,
33 32, t02
Jonesboro- -Range- - 20.77-20.95 20.72,20.94 20.57-20.81 20.64-20.67 20.65-20.69 20.74-20.75
612 101,530 1,742 17,332
1,076 112.225 3,405 15,433
Little Rock
Closing 20.89-20.91 20.72-20.74 20.65-20.66
294 3,921
53 48,062
341 3.430
286 46.743
NewportAug.
633 121,062 2,739 29.762
137,402 4,515 18,067
1,69
Pine Bluff
Range
4381 2,907
50 35,223
153 5,357
86 38,155
20.63 ---- 20.59- 20.56-20.64- 20.71
Walnut Ridge
Closing 20.8284 1,916
4.973
___
__ 1,896
3,564
4
Ga., Albany
Sept.358 49.155 2.2501 10.426
275 28,481 2:345 9,020
Athens
Range1.856 30,690
20.49 ---- 20.62 ---- 20.681,906 116,719 2,943 43,763 1,689 113.87
20.54 --20.52Atlanta
- 20.74Closing
3.1521 88.834
Augusta ____ 7,371 220,099 2,812 77,118 3,26 235,0671
Oct.367 2.000
100 50,601
20.64-20.72
300 10,207
947 45,626
Columbus_ .._
Range-- 20.50-20.67 20.45-20.65 20.37-20.55 20.52-20.56 20.43-20.61 20.65-20.66
7871 6,702
543 56.7251
47,976 1,068 7.272
1.91
20.45 ---- 20.42 ---- 20.60 ---20.45Macon
Closing. 20.662O 17.993
85 33,318
300 30,580
35.871
3
Rome
Oct. (new)
589 40.709
93,94
50
20.52-20.63
421 142,745 5.503 47.519
Range-. 20.43-20.63 20.38-20.59 20.30-20.51 20.30-20.52 20.35-20.54 20.55-20.56 La., Shreveport
569 151.4741 5,661 39,656
20.38-20.39 20.32-20.34 20.52-20.53
589 143,882 2,584 22,546
Miss.,Clarksdale
Closing. 20.58-20.60 20.38939 5.712
33,6
168
252 30,131 1,182 7,407
Columbus_
Nov.
267 158.1301 3.953 59,353
187,556 2,784 33,462
75
Greenwood-Range..
227 6,409
237 37.87l
20.63- 20.6847,471 2,822 5,262
---- 20.4420.48
87
Meridian_ __ _
Closing _ 20.69 ---- 20.48686 18,255
160 35,872
849 18,748
650 30,661
Natchez
Nov. (new)
451 4.731
17,432
126
348 2,681
20.38
135 24,757
Vicksburg_
Range-.
344 9,560
24 27,531
402 5.998
20.54 ---- 20.5719 39,252
20.39 ---- 20.3020.40
Yazoo city
Closing 20.60296,375 6.661 4.152
Mo., St. Louis_ 10,93 385.571 12,358 23,302 6,898
Dec.773 11,546
23,136
426
365 10,165
20.30-20.52 20.33-20.58 20.40-20.60 20.56-20.70 N.C.,Gr'nsboro
89 18,996
.20.49-20.64 20.41-20.64
Range114 3,230
12,582
226
20.41-20.43 20.39-20.40 20.36-20.38 20.57-20.58 20.61-20.62
Closing 20.62Raleigh
Oklahoma
Jan-(1930)
20.37-20.62 20.43-20.59 20.58-20.66
761,126 5,566 28,282 3,392 725,9341 6.153 59.802
3,562
15 towns•
Range- - 20.45-20.65 20.43-20.61 10.34-20.50
20.61 ---- S.C., Greenville 7,716 169,159 5,105 45,501 5,048 265,051 4.198 56.113
20.42-20.43 20.40 ---- 20.5920.43Closing. 20.6528,0501,308,121 27,961233,633
Tenn.,Memphls 36,2791.541,275 46,490226,356
Feb.
404 2,134
479 61,547
421 1,727
721 52,770
Range..
Texas, Abilene_
659 2.088
24,9871
746 1,622
47,956
2
Austin
Closing.
571 11,941
178 25,288
898 2,723
32,847
847
Brenham
1,469 134,220 2,58111 13.782 1,451 86,237 1.524 26,034
Dallas
Range of future prices at New York for week ending
622 3,324
72.288
271
713 88.636 1,529 2,287
Paris
_._ 1,201
29,72
__
342
March 15 1929 and since trading began,on each option:
1281
14,906
-_
Robstown
300 5,101
300 34.9
300 42.431
3001 1,795
San Antonio_
81, 6.804
153 65,81
63,825 1.290 5,134
of Option.
694
Range Since Beginning
Texarkana
Range for Week.
Option for
679 10.629
86,188
38
1.247 141,801 2,5071 7,840
Waco
22.06 July 9 1928
nlitail "n CA non All nne• el. OA elfff.1•0 AIM
Mar. 1Q25.. 21.05 Mar. 12 21.44 Mar. 9 18.58 Aug. 18 1928 22.30 June 29 1928
• ,-.
'
n"
.
'''..'. .. a .... ""
17.72 Sept. 19 1928
Apr. 1929__
21.47 Mar. 9 1929
May 1929_ _ 21.05 Mar. 12 21.47 Mar. 9 18.00 Aug. 13 1928 21.28 Mar. 9 1929
• Includes the combined totals of 15 towns in Oklahoma.
June 1929.. 21.28 Mar. 9 21.28 Mar. 9 17.12 Sept. 19 1928 20.95 Mar. 9 1929
The above total shows that the interior stocks have
July 1929._ 20.56 Mar. 14 20.95 Mar. 9 19.53 Feb. 19 1929 20.53 Mar. 6 1929
19.50 Dec. 6 1928
week 34,673 bales and are to-night
Aug. 1929
8 1929 decreased during the
18.08 Nov. 5 1928 20.63 Mar.
Sept. 1929_
at the same time last year. The
12 20.72 Mar. 15 19.45 Dec. 15 1928 20.72 Mar. 15 1929 101,724 bales less than
Oct. 1929._ 20.30 Mar.
than
20.38 Mar. 13 1929
Nov. 1929.. 20.38 Mar. 1320.38 Mar. 13 18.89 Jan. 7 1929 20.70 Mar. 15 1929 receipts at all the towns have been 30,139 bales more
4 44 441 4
Dec. 1929.. 20.30 Mar. 12 20.70 Mar. 15 19.06 Feb. 4 1929
Mar. 15 19.60 Feb. 25 1929,20.66 Mar. 15 1929 the same week last year.
Jan. 1930 20.34 Mar. 12120.66
og
j to
A.RD'
OVERLAND -MOVEMENT FOR THE WEEKTHE VISIBLE SUPPLY OF COTTON to-night, as made
SINCE AUG. 1.
-------1927 28
-1928-29--up by cable and telegraph, is as follows. Foreign stocks as
Since
Since
well as afloat are this week's returns, and consequently
Mar. 15Week. Aug. 1.
Week. Aug. 1.
all foreign figures are brought down to Thursday evening. Shipped Louts
6,661 295.132
12,358 361.926
Via St.
3,904 214.086
70,114
2,886
But to make the total the complete figures for to-night
Via Mounds, &a
12,306
5.063
170
(Friday), we add the item of exports from the United States,
Via Rock Island
25.561
455
34.429
922
Via Louisville_
5.135 181,997
including in it the exports of Friday only.
154,817
5.434
Via Virginia points
1926.
12,500 288.457
1927.
1928.
22,899 462,327
1929.
March 15
Via other routes. &c
,000 761,000 1,337,000 826.000
Stock at Liverpool
Stock at London
Stock at Manchester
bales_1.006
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
103.000
1,109,000
551.000
260,000
18.000
86,000
45,000
78.000
154,000
839,000 1,491,000
530.000
301.000
13,000
109,000
57,000
82,000
908,000
628,000 249,000
288,000 217,000
5,000
13.000
97.000
116.000
32,000
59,000
Total gross overland
Overland to N. Y., Boston, &c
Between interior towns
Inland. &c.,from South
Deduct Shipments
44.669 1,088.676
28,664 1,017,539
77,412
14,087
478.289
2,331
480
8,781
68,592
15,881
482,191
21.962 569,788
Total to be deducted
.22,707 518.888
Leaving total net overland*..
*Including movement by rail to Canada.
11,592
566,664
17.072
450.875
3,235
530
18,197
The foregoing shows the week's net overland movement
for
this year has been 22,707 bales, against 17,072 bales the
the week last year, and that for the season to date ago
aggregate net overland exhibits an increase over a year
of 68,013 bales.
-1927-28
-1928-29
960,000 1.010.000 1.104,000 600,000
2,069,000 1,849.000 2,595,000 1,508,000
Total European markets
India cotton afloat for Europe... 204,000 153.000 101,000 143.000
American cotton afloat for Europe 356,000 448.000 611,000 357.000
113.000 117,000
Egypt,Brazil,Szc.,afloatforEurope 91.000 .80.000 455.000 305,000
Since
Since
439,000 385.000
In Sight and Spinners'
Stock In Alexandria. Egypt
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
1,130,000 794.000 587.000 849,000
Stock in Bombay, India
1,839,08401,866,92002,616,167 1.204,310 Receipts at ports to March 15....-106,350 8,303,359 73,234 7,168,963
Stock in U. S. ports
450.875
17,072
518,888
22.707
Stock in U. S. interior towns..,.. 0814,522 0916.24601,097.531 1.766,002 Net overland to March 15
3,549,000
3.300
U. S. exports to-day
Southern consumption to Mar. 15-124,000 3.565.000 108.000
6.945,906 6,492,166 8,175,698 6,243,312
Total visible supply
253,057 12.387,247 198,306 11,168.838
Total marketed
543,414
497.053 *24,797
*34,673
Of the above, totals of American and other descriptions are as follows: Interior stocks in excess
Amr ricanExcess of Southern mill takings
256,489
709.288
___
bales_ 722.000 534,000 1,005,000 570.000
Liverpool stock
consumption to March 1_
over
63,000
59,000 140.000
78.000
Manchester stock
173,509
906,000 964,000 1,058,000 543.000
Continental stock
Came into sight during week.... 48.384
11.968,741
--- 13,593,588
356,000 448,000 611,000 357,000
American afloat for Europe
Total in sight March 15
1,839.08401.866.92002,616,167 1.204,310
U. S. port stocks
16,692 1,090.383
959,494
0814,522 0916,24601.097.531 1.760,002 North.spinns' takings to Mar.15_ 38,995
S. interior stocks
U.
3.300
U. S. exports to-day
• Decrease.
4,718,906 4,788,166 6.527.698 4,497,312
Total American
Movement into sight in previous years:
Bales.
East Indian, Brazil, cca.Since Aug. 1Boles.
Week284.000 227.000 332,000 256,000
16,509,578
Liverpool stock
278,362 1928
-March 18
1928
14,242,540
London stock
184,368 1927
-March 19
1927
19,000
14,000
19.000
25,000
13,272.537
Manchester stock
169.541 1926
-March 20
41.000
40,000
57,000 1926
54,000
Continental stock
204,000 153,000 101,000 143,000
Indian afloat for Europe
QUOTATIONS FOR MIDDLING COTTON AT OTHER
80,000 113,000 117,000
91,000
Egypt, Brazil, &c., afloat
MARKETS.
439.000 385.000 455.000 305,000
Stock In Alexandria, Egypt
1,130,000 794,000 587,000 849,000
Stock In llondwiY. India
Total Continental stocks
Closing Quo ations for Middling Cotton on
2,227.000 1,704.000 1.648,000 1,746,000
Total East India, dm
Week Ended
4 718,906 4.788,166 6,527,698 4,497.312
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Total American
March 15.
20.65
20.55
6,945,906 6,492.166 8,175,698 6.243,312 Galveston
20.55
20.55
20.65
Total visible supply
20.28
7.54d. 10.08d. New Orleans- 20.90
20.19
11.144. I0.77d.
20.19
20.19
20.29
20.42
Middling uplands, Liverpool- -14.05c.
19.30c.
20.10
19.50c.
20.00
21.55c.
20.00
20.00
20.05
20.25
Middling uplands, Now York__ ::_20.64d. 20.058. 15.054. 16.854. Mobile
20.39
20.30
20.30
20.28
20.37
20.59
good Sake!, Liverpool_
Egypt,
Savannah
20.38
20.31
14.506. 13.004. 11.50-1. 18.004. Norfolk
20.31
20.38
20.25
20.63
Peruvian, rough good. Liverpool8.554.
6.704.
21.10
9.654.
9.60d.
21.00
21.00
20.80
21.00
21.00
Baltimore
Broach, fine, Liverpool
7.154.
9.104. Augusta
20.13
20.06
10.754. 10.354.
20.06
20.00
Liverpool
20.19
20.44
Tinnevelly, good,
19.65
19.55
19.60
19.60
19.70
19.95
Memphis
20.50
20.45
20.45
20.45
20.55
20.75
stocks are now included in the port stocks; in previous years Houston
a Houston part of the interior stocks.
19.75
19.62
19.62
19.62
19.72
Little Rock...- 19.95
they formed
19.95
19.85
19.85
19.80
19.90
20.15
Dallas
•Estimated.
19.95
19.85
19.85
19.80
19.90
Continental imports for past week have been 110,000 bales.
Fort Worth_ - - -
1768
FINANCIAL CHRONICLE
NEW ORLEANS CONTRACT
MARKET.
-The closing
quotations for leading contracts
in the New Orleans cotton
market for the past week have
been as follows:
Cotton Takings,
Week and Season.
[Vor.,. 128.
1928-29.
Week.
Season.
1927-28.
Week.
Season.
Visible supply Mar. 8
7.040.766
6.604,160
Visible supply Aug. 1
4,175.480
4.961.754
American in sight to Mar. i5...
Bombayreceipts to mar. 14---- 218.384 13,593,588 173,509 11,968,741
January 86.000 1.917.000 135.000 1.994.000
Other India ship'ts to Mar. 14-February _
12.000
404.000
6.000
404.500
Alexandria receipts to Mar. 13.._
March
20.51 Bid 20.30-20.33 20.20 Bid 20.23 Bld 20.23
15.000 1,383,200
25.000 1,088.860
Othersupply to Mar. 13 sbBid 20.31
April
5.000
501.000
8,000
449,000
May
20.70-20.72 20.53-20.54 20.43-20.44 20.15-20.48 20.47-20.
Total supply
49 20.51 -20.53
June
7,377350 21.974,268 6.951.669 20,866.855
Deduct
July
20.77-20.78 20.58-20.80 20.49-20.50 20.5 -20.52 20.53-20.54 20.51
-20.58 Visible supply Mar. 15
August_ _
6,945.906 6.945,906 6.492,166 6,492,166
September -- Total takings to Mar. 15_a
October
431.244 15.028.362 459.503 14.374.689
20.43-20.442o.2520.18-20.17 20.16-20.17 20.33Of which American
20.31 20.37
November 346,244 11,018,162 289.503 10,570.329
Of which other
December 20 48-20.50 20.2885.000 4.012.200 170.000 3.804.360
20.19 Bid 20.20 Bld 20.37 Bid 20.41
Jan.(1930) 20.47-20.50 20.27-20.29 20.20 Ind 20.21
* Embraces receipts in Europe from
Bld 20.37 Ind 20.41 Bid
Brazil. Smyrna. West Indies, Ste.
February
a This total embesces since Aug.
1 the total estimated eons, minion by
March
_
Southern mills, 3,585,000
Tone
takings not being avaita1,bales in 1928-29 and 3.549.000 boles In 1927-28
1e-sn4 the aggregate amounts taken bv Northern
0104
,
Steady
and foreign spinners 11 463 362
Steady
Steady Sty uneh'd Steady
St, Cl
Option
nirn,
ntseaxlv
1927-28, of which 7.451.162 tales bales in 1928-29 and in 825 689 bales in
nrost.i.,
WA.,
ulo
et.o.
si. dy
and 7,021,329 bales American.
b Estimated.
CENSUS REPORT ON COTTON CONSUMED
AND
INDIA COTTON MOVEMENT FROM
ON HAND IN FEBRUARY, &o.
ALL PORTS.
-This report, issued on The receipt
s of India cotton at Bombay and the shipme
Mar. 14 by the Census Bureau, will
nts
be found in full in an from all India
ports for the week and for the season from
earlier part of our paper under the headin
g "Indications of Aug. 1, as
cabled, for three years, have been as follows
Business Activity."
:
Saturday.
Mar. 9.
Monday.
Mar. 11.
Tuesday, Wednesday, Thursday,
Mar. 12. Mar. 13. Mar. 14.
Fr
Ma . 15.
CENSUS REPORT ON COTTONSEED
1928-29.
1927-28.
OIL PRODUC1926-27.
March 14.
TION DURING FEBRUARY.
-Persons interested in this
Receipts at
te
Since
SOW
report will find it in our department headed
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
"Indications of
Business Activity," on earlier pages.
Bombay
86.000 1,917,000 135.000 1,994.000 77.000 2.083.000
WEATHER REPORTS BY TELEGRAP
H.
-Reports to
For (Sc Week.
us by telegraph this evening denote
Since August I.
that conditions in the
Rzoons
greater part of the cotton belt have been
from
Cheat Conti- Japan&
Great
generally unConti- Japan &
rhain. fleet. China. Total. Britain.
favorable. Much rain has fallen during
fleet.
China.
Total.
the week and in
many localities precipitation has been heavy.
Farm work Bombay
1928-29__ 1,0001 39,0 , 45.000 85.000 32,000
has been greatly delayed and warm, dry
511.0001 979,0001.522.000
weather is needed.
1927-28.._
„....I 18.000 60.l
68.000 44,000 360.000 055,0001.059.000
Mobile, Ala.
1926-27__
....„ 14.000 32.000 46.000
-There have been unusually heavy rains
5.000 223,0001.098,0001.326.000
Other India
and an immense area of farmland
is submerged. Farm
1928-29__ 9,000 3.
12.
79,000 325.000
404.000
work is set back four weeks.
1927
-28- 6.000, 1,
6.000 71.500 333.000
404,500
1926 -27
17
17.000 27.000 248,000
Memphis, Tenn.
-Ground too wet for farm work. River
275.000
is 37.5 or 2.5 above flood stage. Weathe
r Bureau predicts Total all
1928
-29_ 10.0001 42.
39.5 by the 22d of month.
45.000 97.000 111.000 836.000 979,0001.928,000
1927-28.. 5,000 19,000 50.000 74,000 115,500 693.000 655.0001.463,000
Rain. Rainfall.
Thermometer
1926-27__
31,000 32.000 63,000 32,000 471.00 1,098,0001.601,000
Galveston, Texas
3 days 1.90 in. high 70 low 53 mean 62
Abilene
3 days 1.45 in. high 82 low 36 mean 59
According to the foregoing, Bombay appears
Brownsville
to show a
1 day 0.08 in. high 90 low 56 mean 73
Corpus Christi
dry
hleh 86 low 56 mean 71 decrease compared with last year in the week's receipts of
Dallas
2 days 1.48 in. hih 74 low 40 mean 57 49,000 bales. Exports from
all India ports record an increase
Del Rio
3 days 0.12 in. high 84 low 46 mean 65
Palestine
3 days 2.22 in. hiv h 76 low 40 mean 58 of 23,000 bales during the week, and since Aug. 1 show
San Antonio
4 days 1.44 in. hi- h 80 low 48 mean 64 an increase of 463,000 bales.
New Orleans
4 days 2.07 in. hhh __ low __ mean 63
Shreveport
5 days 1.13 in. hi ,h 72 low 38 mean 54
ALEXANDRIA RECEIPTS AND SHIPM
Mobile, Ala
ENTS.
-We
3 days 11.60 in. hi-h 73 low 63 mean 59 now
Savannah, Ga
receive weekly a cable of the moveme
4 days 0.46 in. hiv h 71 low 39 moan 57
nts of cotton at
Charleston, S. C
3 days 0.21 in. high 76 low 39 moan 58 Alexandria, Egypt. The following
are the receipts and
Charlotte. N. C
7 days 0.66 In. hh h 69 low 26 mean 52 shipme
nts for the past week and for the correspondin
Memrhis. Tenn
5 days 0.72 in. hivh 72 low 29 mean 51
g week
of the previous two years:
The following statement we have also
received by telegraph, showing the height of rivers
Alexandria. Egypt,
at the points named at
1928-29.
1927-28.
1926-27.
8 a. m. of the dates given:
Mar. 13.
Mar. 15 1929. Mar. 16 1928. Rem {pis (ran tars)
F I.
Feet.
This week
New Orleans
75.000
Above zero of gauge_
125,000
2 0.000
13 1
9.0
Since Aug. 1
Memrhls
6 1)96953
Above zero of gauge_
5.100.344
6.865.043
37 5
19.0
Nashville
Above zero of gauge_
25 2
17.5
Shreveport
Above zero of gauge_
This Since
162
This Since
11.8
This Since
Vicksburg
E.rport (bales)
Above zero of gauge_
k Aug. 1. Week. Aug. 1. Wmk. Aug.
-i I 5
28.3
RECEIPTS FROM THE PLANTATION
To Liverpool
S.
-The fol4 900) 2 673 4.750 103,60" 8.250 1611,799
To Manchester,&c
lowing table indicates the actual movement
. 125 1 14 8.000 111.055
134.767
each week from
To Contin't & India
15 000 344 968 7.250 280.969
the plantations. The figures do not include
258.835
To America
overland re114)00 125 0.9
300 92.517
400 93.114
ceipts nor Southern consumption; they are
simply a stateTorsi ecnorts
-0 0(0728 184 20,3005148.180 15.800 656.315
ment. of the weekly movement from the plantat
ions of that
N
cantur Is 99 11/6
E2yptian bales welvh
part of the crop which finally reaches the market
through
Tnla statement shows ti, t the receipts for the weekabout 750 11*.
ending Mar IS were
the outports.
75
canters and ?hp frrel,n nhloments
MANCHESTER MA R.KET.-Our
West
Receipts at Ports.
report received by
Stocks at Interim Tonms Receiptsfrom Plantar,,.
cable to-night from Manchester states
Scald
that the market for
1928
111- 7
4
1926. 1928. I 1927
1926.
both yarns and cloths is steady. Deman
1928. 1927. 1 1925.
d for yarn is poor.
We give prices to-day below and
Dec
leave those for previous
7 /88.98. 433.5.8 451 084 1.223,5731.342.508 1.526.55. 306.801., 448.1981409.47:. weeks of this and last year
for comparison.
14.. 311 .73t, 99.1812 400.731 1.232.683 1.331 182 1,552.303 320,844 188,636 424.4714
91._ 265.7w 184J.41)9339.67: 1.232,4:16 .3118.771 1.561.490 265.553 158.
1.87
1928.
55,6e1 59.0691323.795 1.255.901 1.320,74:' 1 502./41 , 471,131 179,1/42 345.938
28
1927.
(25.111:
--- -va 1.10 .qh1111 Cotton
Jan.
929
11428 I 1927
1929. 1 i 928
1927
84 Lee snot (WOO
11429
1928
1927
324 Cop
4_ 180.290 110.324 238.809 1.240.6311.295.5321.629.304173.028 77.113205.252
mIddry 324 Cop
Inga rom,
fmn AI Wel
Twist.
to Pt se
.
,
_ 172.310 117.331 264.74 1.203.4591.261.600 1 545.833135.160
U prigs
Tmitt.
10 Pinssf
MVO.
18._ 151.i 77 I22.21921)6.254 1.181.140 1.217 943 1.4.7 0.1 1104.858 83.407284.22)'
78,070 24,4112 Dee d.
d.
d
id
25.. 171.761 120.406258.93 1.118.699 1,1/40.0146 1.467.42912 .321 82.968238
d.
9
# d
.38)'
d.
16 @.1614 13
* 13
Feb.
10 63
is i *13 4
10.88
1514)141614 13 3 *13 5
1.. 155.73 , 139.567236.19 1.072.678 1.134.007 1.404.189 1(19.710 93.558171
1)1 69
130 @134
.1158
10.68
154(4164 13 3 013 5
8.. 135.1170 111,825 228.441 1.007,913 1.007.654 1.350,179 70.313 65.392 174.431
loss
132 @137
10.88
15 k55516 1 13 3 *13 5
4
16_ 81.57., 107,41s 2416.770 966.4121,049.15
10.63
134 @14 1
0
11.06
23_ 80,006 79,323 210,193 938.027 1.023.12, 1,305,580 40.1819 68.1)42162.171
,.279.1), a6.481 19,2631104.1017 tan.
19 29
Mar.
19 28
15401614 13 3 013 5
1. 91,431. 62.2/41 196.159 906.387 987.384 1,224.580
1.
10.50 154017 0 13 6 014 1
10.98
1514016 14 13 3 4 13 5
8. 86,941 70.7552)7,975 849.11)5 941.01:) 1.160.206 61.798 26.545 141.545
10 50 15401644 13 5 414 1
29.749 24.4:11161.681
10.90
151j0164 13 3 (e 13 5
15... 106.350 73.234 227,560 814.522 916,246 1,097.531
0.63 153(0164 13 7 014 1
_71,677 48.437156.805
10.62
25
154016 44 13 3 @136
'
10.48 16 W6% 13 6 014 0
10.82
Feb.The above statement shows: (1) That the total receipt
s
15)4(141644 13 3 013 6
10.35 14 541615ii 13 5 013 7
from the plantations since Aug.
9.79
8..
15 416 13 3
1 1928 are 8,771,37S bales;
13 5
10.34 1414016 0 13 5
13 7
10.07
154(4164 13 3 013 6
in 1927-28 were 7,706,005 bales, and in 1926-2 were
10.43 1441016)4 13 6 014 0
7
11,10.25
15440164 13 3 0)3 6
10.49 14M 181.4 13 6 014 0
424.628 bales. (2) That, although the receipt
10.40
s at the out
- Mar.ports the past week were 106,350 bales, the actual move15540 1654 13 4 *13 7
10 75 15 (11614 13 5 *13 7
10.63
15450 16% 13 4 *13 7
ment from plantations was 71,677 bales, stocks at interior
11.12 15 (5164 13 5 (613 7
10.54
15)
,
5551645 13 4 013 7
11.14 15 *16H 13 5 5513 7
10.77
towns having decreased 34,673 bales during
the week.
SHIPPING NEWS.
Last year receipts from the plantations
-As shown, the exports of cotton
for the week were
from the United States the past
48,437 bales and for 1927 they
week have reached 133,549
were 156,805 bales.
bales. The shipments in detail,
as made up from mall
WORLD'S SUPPLY AND TAKI
NGS OF COTTON.
- and telegraphic reports, are
as follows:
The following brief but compre
hensive statement indicates
Bales.
at a glance the world's supply of
-March 2
cotton for the week and MOBILE-To Liverpool
-West Madaket, 1,521- -March 8-Dakotian,3,161
since Aug. 1 for the last two seasons
4,682
from all sources from
To Rotterdam-March 7
-Hastings, 160
160
which statistics are obtainable; also the taking
To Antwerp
-March 7
s or amounts
-Hastings. 150
150
To Manchester-March 8-Dakotian. 2.731
gone out of sight for the like period:
2,731
To Bremen-March 7
-Braddock, 1,461
1.461
min
30.000 Nitf.s.
FINANCIAL CHRONICLE
MAR. 16 1929.]
1769
Bales.
hers called business moderate and confined for the most
GALVESTON-To Japan-March 6--SfUestad-3,380: Santos
part to carlots. Many buyers have contracted ahead on
March 9-Snestad. 950: Independence,
Marti, 2.210
14,519 sufficient scale to relieve them of anxiety.
1.479___March 11-England Maru, 6.500
To China-March 6-811Jestad. 1,695_ __March 9--Snestad,
Wheat has advanced during the week on reports of dry
2,730
200: Independence,835
-Westward Ho. 1.976_ -March 8
weather in the Northwest and Canada and damage by
To Liverpool-March 5
6.708
Historian, 4,732
high winds and low temperatures in Kansas and Illinois.
-Westward Ho, 1,143_ -March 8
To Manchester-March 5
1,869 Also the Argentina shipments this week turn out to have
historian,726
-Niagara,
-Deer Lodge, 515_ __March 9
-March 8
To Havre
2,154 been much smaller than those of recent weeks. On the 9th
1.639
-Niagara,
-Deer Lodge.50March 9
To Dunkirk-March 8
Inst. the market acted oversold and rose 3c. from the early
1.002
952
350 low closing 1% to 2%c. net higher for the day. Septem-Deer Lodge. 350
-March 8
To Ghent
653 ber showed the greatest advance. Liverpool closed firm
--Deer Lodge.653
To Rotterdam-March 8
To Bremen-March 8-Cockaponset, 2.123March 11
(1.
4
1
6,223 and unchanged to / higher with dry weather in Australia.
Humber Arm, 4.100
2.334
To Barcelona-March 9-Jomar,2.334
mention was made of dry weather also in tile Ca4.200 Some
4.200
-March 11-Carlton,
To Oporto
100 nadian Northwest. Since last fall the rainfall in the North-March 11--Carlton, 100
To Passages
100
-To Liverpool-March 2-Dakotian. 100 addlNEW ORLEANS
Canada has been much below the normal. Eastern
7,765 west of
Topa, 2.540._
To Genoa-March 7-Monflore. 5,225: Topa
100 and foreign interests took the selling. Export demand was
To Leghorn-March 7-Monflore. 100
629
To Barcelona-March 13-Sapinero, 629
sales reported. It was claimed that No. 2
732 poor w:th no
-Oakwood, 732
To Bremen-March 7
698 hard winter at the Gulf was to be had at below a parity
-Oakwood,698
To Rotterdam-March 7
-Santos
To Japan-March 7-Sneetad, 4.000_ _March 5
Manitobas and Australian. On the 11th inst.
4,825 with No. 3
Meru,825
prices advanced for a time sharply on dry weather in Can-Winston Salem, 960___March 13
To Ilavre-March 9
1.484
Niagara, 524
of damage to the crop in Kansas and
1.050 ada and complaints
-Winston Salem, 1.050
-March 9
To Ghent
900 the Southwest. But later on an increase in the visible
-Greenwich,900
To Murmansk-March 8
100
-Carlton, 100
To Oporto-March 9
caused a reaction and the ending
600 supply and profit-taking
-Sinaloa, 600
-March 9
To Vera Cruz
1c.
/
25 was 1 to %c. lower at Chicago and % to 14 lower at
4
To Cartagena-March 9-Parisinina.25
340
To Guayaquille-March 9-Parismina, 340
States visible supply Increased last
29 Winnipeg. The United
-West Madaket, 29
-March 5
Liverpool
PENSACOLA-To
-Challenger, 200:
-March 2
week 562,000 bushels against a decrease in the same week
SAN FRANCISCO-To Liverpool
602
Drechtdijk, 402
The total is now 123,994,000
400 last year of 1,508,000 bushels.
To China-March 1-President Grant, 400
2,124 bushels against 69,849,000 a year ago. There were private
HOUSTON-To Barcelona-March 8-Jornar,2,124
-England
To Japan-March 6-Siljestad, 6.688 .March 8
Oklahoma and Kansas which
17.646 reports of high winds in
Meru,4,275_ __March 12-Snestad. 6.683
2.600 aroused fears of damage. The plant, it is said, has a very
To China-March 6-Siljestad, 2,600
6,495
-Humber Arm.6.495
To Bremen-March 9
stooled and rain was needed
50 short-root growth and is poorly
-Humber Arm 50
To Hamburg-March 9
-To Liverpool-March 11-Kearney, 124March
NORFOLK
to pack the soil. Later the increase in the visible supply
2.649
-Manchester Hero. 2.525
12
selling on so large a
1.120 and the setback at Winnipeg caused
-Manchester Hero,1,120
To Manchester-March 12
1.140 scale that prices closed at the low of the day. Export deTo Bremen-March 12-Crefeld, 1,140
862
-To Liverpool-March 7-Athenia.862
NEW YORK
world's shipments of
150 mand at the seaboard was slow. The
To Lisbon-March -Hennay,150
100 22.068,000 bushels were the largest on record against 18,-Cristobal Colon, 100
To Vigo-March 10
410
-De Grasse, 410
To Harve-March 13
advanced 2%
31 568,000 last year. On the 12th inst. prices
To Antwerp-March 8-Huronian,31
250 to 2%c. on reports of damage in Texas and Oklahoma, some
To Bremen-March 13-Muenchen, 250
-Notre Dame de Fourviere,
-To Havre-March 8
LOS ANGELES
weather in Canada and
1.375 injury in Kansas by high winds, dry
1.375
4,804 in the Northwest and heavy buying by the Southwest. In
To Liverpool-March 9-Drechtdijk,4.804
-Atlantic Maru, 7,000___March 12
To Japan-March 9
wheat. Rains
7.014 Europe some damage was reported to winter
President Cleveland, 14
-Schwaben, 500 ..Mar. 10--000tenTO Bremen-March 12
were predicted for the Southwest but had no effect. Dull2,600
jk, 2.100
ness of the export trade was also ignored. Evidently the
SAVANNAH-To Genoa-March 13-Topa Topa,892
745 market had been oversold. Some 300.000 bushels mostly
CHARLESTON-To Liverpool-March 13-Tulsa,745
400
-Tulsa,400
To Manchester-March 13
in Europe of
3,300 Manitoba sold for export. Large arrivals
-Ada 0,3.300
WILM I NG TON-To Genoa-March 15
4d.
3
563 Argentina wheat and a decline in Liverpool of % to /
TEXAS CITY-To Liverpool-March 6-11Istorian. 563
950
-Historian. 950
To Manchester-March 6
1.670 had no effect at Chicago or Winnipeg.
To Bremen-March 6--Cockaponset. 1.670
1.204
-Independence, 1.204
To Japan-March 6
On the 13th inst. prims after being higher early de2
1
loss of / to
133.549 clined later and wound up for the day at a
Total
1/4 to /
c. Other markets were
2
1
%c. W.nnipeg was down
LIVERPOOL-By cable from Liverpool we have the fol- generally lower. The cables were disappointing, Southlowing statement of the week's sales, stocks, tte., at that port western crop reports were more favorable, the foreeast
Feb. 22. Mar. 1. Mar. 8. Mar. 15. was for warmer weather and there was a lack of important
37.000
45,000
50.000
30,000
Sales of the week
22.000 export demand. The Government weekly report on the
27.000
28.000
19,000
Of v Wet American
1.000
1.0(10 • 1.000
1.000
Actual exi oris
unfavorable. It stated that warmer
66 000 other 111111(1 was rather
67,000
57.000
61.000
Forwarded
6
970.000 018: 000 1.009.000 1.04' 000 ‘veatiter was needed in the Great Plains area and that unTotal stocks
697.000 710,000 715.000 722.000 doubtedly there had been elmsiderable winter killing espeOf v hich American.
6 .non
71.000
34,000 109.000
Total Imporls
54001) eitiFy in Pennsylvania. Atill many complaints were revel red
35.000
73.000
21,000
Of tt hich American
265.000 201,100 200.000 189001) of alternate thawing and freez ng. On the 14th inst. prices
Amount :'float.
1t0.000
lit0.000 120.000
173.000
Or v huh American
/
2
1c. lower with considerable liquid:Hilo' of
ended 14 to /
The tone of the Liverpool market for spots and futures
of
July. The fluctuations were nervous within a rative
each day of the past week and the daily closing prices of
reported from
/
1 1 . to 2e, nigh wintlg and Muter killing was
Spot cotton have been as follows:
to have
Kansas. Nebraska 111111 $411111' less of acreage said
nod 5, 11111101111 and Ohio. The K1111511 s WPPICIY
(alio red in III
Friday.
Monday. Tuesday. ll'edoeselas. Thursday.
Sal tartars.
&Pot.
M911111'1' crop report confirmed the damage from high winds
Qa let
Market. {
ill the southwest and ext-eme western counties of that State.
Good
Moderate Moderate
12:15
and
Steadier.
Quiet.
Inquiry. demand. demand. Selling against offers and heolinse of a report that India
P. hi. unchanged.
a
ii.Lid
was effering several cargoes for resale caused
11.140
11.08d
II.12d.
Mid.UpI (Is
11.07d
t1.13d
the sea beard
iii iii the highest prices. Export demand at
7.000
7.000
7.000
6.000
4,000
5.000
Sales
with exwas poor. To-day prlees closed lit to %C. higher
better cables than
Steady
Fa:tow 1 Steady
steady
Steady SZtly.2rts
Steady
port business of importance 'licking and
6 to It ids. 6 to louts 5 to 8 eta, ads to lot. 2 to 4 Ida. 3 to 4 eta.
Marlict
Opened , advance. advance. decline. decline. decline. advance. (hie. The comparatively '4111(111 exports from Argentine for
reports came
the week influenced Liverpool. Unfavorable
Steady Qt unch'd Quiet
Market. Q't uncli'd Qt but st'y Quiet
Genln 2 obi. 2 to 7 eta 3 to 8 ots, 3 to 7 ita. to 5 itts. 4 ta 8 PM from the Southwest. Yet the weather was favorable.
4
advance. I advance. decline. advance, decline. advance. eral rains fell in the %%loiter vheat States east of the MisP. M.
Prices of futures at Liverpool for each day are given below: sissippi It'ver. Final prices show an advance for the week
/
of 21 . to 3%c.
Fri.
Wed. I Thurs.
Sat. I Mon. I Tues.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK. Frt.
Mar, 9
sot. Mott. Tors. 1Ved, Thurs.
12.1512.30 12.151 4.0012.15 4.0012.15 4.0012.15 4310,12.1 4.00
to
15044 16054
15834 158% 1603 160
Mar. IS. p. m.p.10.1). rn„,p. m.p. m.p. to. p.111,1), lll,P.in.p. nJp. m.p. ni. No.2 red
CHICAGO.
DAILY CLOSING PRICES OR WHEAT FUTURES IN Thr,rs
d. d. I d. d. a.
Sal. Mon. Ttles, Wed.
d. d.
. d.
I d. I d.
d.
12554 125% 12544
_
1'3% 12354 126
January
March delivery
12954
loRli 128 13054 129% 131% 130
February
May delivery
132
- .4636 10.83 10.82 10.77 10 74 10.78 10.81 10.8210.7810.84 10.83 July delivery
13134 130% 13354 13254
March
__tl0.84 10.8710.86 10.81 10.79 10 82 10.86 10.85 10.81 10.88 10.87
April
IN
_ 10.9010.93 10.92 10.87 10.85 10 88 10.92 10.92 10.89 10.95 10.94 DAILY CLOSING PRICES OF WHEAT FUTURES Wed.WINNIPEG,
May
Thum Fri.
Sat. Mon. Tues.
10.88 10.92 10.9010.85 10.84 10.87 10.91 10.91 10.88 10.94 10.92
June
130% 13054 13234 13231 13154 13154
_ 10.89 10.9310.91 10.86 10.851(1.88 10.92 10.92 10.89 10.95 10.95 May delivery
July
13334 133P
132% 131% 13454 134
10.81 10.85 10.85 10.83 10.90 10.90 July delivery
_ 10.83 10.86 10.85 10.80 10.79
August
13254 131%
132% 131% 133% 133
__ 10.77 10.80 10.79 10.74 10.75 10.76 10.79 10.79 10.77 10.86 10.85 October delivery
September _ _ _
_10.70 10.75 10.74 10.69 10.69 10.71 10.73 10.73 10.7210.80 10.80
October
Indian corn shows little net change. Trading has been
10.70
November ____ __10.67 10.72 10.72 10.66 10.66 10.64 10.70 10.70 10.70 10.76 10.78
10.70 10.76 10.78 light, no export demand has appeared and In fact the week
... 10.67 10.72 10.72 10.6610.66 10.68 10.70
December
10.65 10.67
January (1930) __ 10.65 10.7010.70 10.65 10.6510.66 10.69 10.6910.69 10.76 10.76 has been without striking features of any kind. Stocks are
10.68 10.68 10.68 10.7510.75
10.63 10.69 10.69 10.64
February
__ 10.61 10.68 10.68 10.63 10.65 10.66 10.68 10.68 10.68 10.75 10.74 liberal but the feeding on farms is said to be on a large
March
scale. On the 9th inst. prices advanced 1 to 14c. owing
largely to the rise in wheat. Selling was apt to be rather
large at $1 or above for May; 70,000 bushels sold of No. 3
mixed corn sold at Kansas City to go to Chicago at 5c.
Friday Night, March, 15 1929.
bushels. The spot
not got out of the rut. The trading keeps under May. The country sold 35,000
Flour has
was firm. Selling pressure was lacking in the futures
within comparatively narrow bounds. Mill agents and job- basis
svrhock
BREADSTUFFS
1.11•111Mb%
1770
FINANCIAL CHRONICLE
FoL. 128.
speculation. On the 11th inst. prices closed % to 114c.
Rye has advanced especially on the May delivery
.
lower largely under the influence of the decline in
wheat. is some fear that the crop will be smaller this yearThere
There were purchases of 135,000 bushels to go to
coinChicago cident with the poSsibility at least of a good demand
from Kansas City on the basis of 5c. under May
from
for No. 3 Europe. On the 9th inst. prices ended 1% to
22 higher
/
1c.
mixed. The weather forecast was unfavorable
for the with shorts covering as wheat advanced. On the
11th inst.
movement of corn but this was offset by lower cables
prices fell % to / after an early rise of
from
1
2
c.
/
1c. Commis2
Buenos Aires and Liverpool, lack of export business
and sion houses bought on the way down. The United States
more favorable weather in Argentine. In the United
States visible supply increased last week 181,000 against 246,000
country offerings to arrive were fair, which had some
ef- a year ago. The total is 6,599,000 bushels against 4,571,fect on cash prices. They were unchanged to
lc. lower, with 000 a year ago. On the 12th inst. prices advanced %
to he.
one of the large local industries withdrawing from
the with wheat rising and commission firms good buyers. Firm
market after early trading. The United States visible
sup- Northwestern markets helped rye at Chicago and there
ply increased 866,000 bushels against an increase of
3,149,- was no great pressure. On the 13th inst. prices followed
000 in the same- week last year; total 34,167,0
00 bushels those of other grain downward and ended at a decline of
against 44,147,000 a year ago. On the 12th inst. prices 1 to
1%c. On the 14th inst. prices ended 12 to 17
/
4c. lower
advanced % to / with no export trade nor any specula- after
1c.
2
a firm opening. Trade was dull. To-day prices closed
tive life despite the example of wheat. Terminal markets /
1c. lower to Ific. higher. In other words, the tone was un2
continued to offer cash corn to Chicago on a fair scale settled.
July ended rather weak and March firm. There
and there was weakness in the Chicago cash market. Book- was
no great speculative interest and the cash markets were
ings were reported of 50,000 bushels from Kansas
City slow. Final prices show a rise for the week of % to 4%c.
and 15,000 from Milwaukee. Country offerings to arrive the latter
on May.
were not large but Illinois sold 20,000 bushels to Chicago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
.
Primary receipts were much smaller than they were last
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
111
1103.4 Ill
year New Argentina corn was said to be offering for early May delivery
11014 10834 1090
;
11234 111
112% 111
110
110
shipment at under American prices. Canada wants Ameri- July delivery
112H 112
113H 111% 111
111
can corn on the reopening of navigation.
Closing quotations were as follows:
Consumption and disappearance since Nov. 1 has been
GRAIN.
1,883,000,000 bushels as compared with 1,867,000,000 bush- Wheat. New YorkOats. New York
No. 2 red.f.o.b
els last year, a decrease of 34,000,000 bushels as based on
1.6014
No. 2 white
No.2 hard winter.
No.3 white
20
Government returns. These figures though smaller than Corn, New York- f.o.b.---1.41% Rye. New York
No. 2 yellow
some of the private estimates show a very heavy consumpNo. 2 f.o.b
1.1634
1.2414
No.3 yellow
I 13
Barley. New York
tion as the season started with empty bins; and on the
Malting
8874
average of consumption with previous years is expected
FLOUR.
to end the season in the same condition. On the 13th inst. Spring patents
86.30@$6.75 Rye flour, patents
$7.401$7.65
Clears, first spring...
prices ended 1, to %c. lower in sympathy with wheat and Soft winter straights . 5.6540 6.00 Semolina No.2. pound_
334
6
6.2584 6.65 Oats goods
2.90
2.95
no export business to talk about. Argentina was said to Hard winter straights 6.1584 6.50 Corn flour
2.75
2.80
Hard winter patents_
8.500 7.00 Barley goods
be offering new corn for April shipment from the Plate Hard winter clears
5.4584 6.00
Coarse
at comparatively cheap prices to European markets. On Fancy Minn. patents.- 8 25(4) 8.85 Fancy pearl Nos.1.2. 3.60
8.550 9.25
3 and 4
6.5050 7.00
the 14th inst. prices ended % to / net lower with trad- City mills
1c.
2
For other tables usually given here, see page 1681.
ing small. The weather was favorable for moving the crop.
No export business was done. The best foreign bid for
AGRICULTURAL DEPARTMENT'S REPORT ON
American corn afloat at Liverpool was 39s. The South- CEREAL STOCKS.
-The Agricultural Department's report
west was offering corn to Chicago. Kansas City sold a on cereal stocks, &a., was issued on March 8 as follows:
The Crop Reporting Board of the United States Department of Agricullittle for that purpose. Eastern demand was rather light.
ture makes the
To-day prices ended 1 to %c. net higher with no pres- correspondents,following estimates from reports and data furnished by crop
4
field statisticians and co-operati
sure to sell and rains general in the leading States. For menta) of Agriculture and Agricultural Colleges: ng State Boards(orDepartthe week, however, there is a decline of % to %c.
UNITED STATES GRAIN-STOCKS ON FARMS MARCH 1 AND SHIPDAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
116% 115H 1174 116H 11614 11634
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Frt.
March delivery
9714 9614 96$ 96$ 9514 96
May delivery
100H 9934 100
99
99
99
July delivery
10334 10214 11)3
102
1023.4 10214
MENTS OUT OF COUNTY.
Year.
Stocks on Farms March 1.
Bushels.
Percentage of Previous
Crop Shipped and to Be
Per Cent of
Shipped Out of
Previous Crop. County Where Grown.
Corn5-yr.average-1923-1927_ 1,093,703,000
10-yr.average-1918-192740 5
-.
8:7
11927
1.134.191.000
42.1
16.6
1928
1.011.908.000
36.6
18.2
1929
1,029,572,000
36.3
19.1
Wheat5-yr. average-1923-1927127,270,000
19-yr.average-1918-192717:6
sI.i
1927
130.274,000
15.7
69.8
1928
130.944,000
14.9
73.4
1929
148,813,000
16.5
73.4
Oats5-yr. average-1923-1927_
480.092,000
10-yr. average-1918-1927sli.i.
2673
1927
421,897.000
33.8
21.9
1928
373.167.000
31.6
19.4
1929
501.321,000
34.6
21.5
Barlett5-yr. average-1923-192743.882.000
10-yr. average-1918-1927215..2
-31.i
1927
39,183,000
21.2
30.3
1928
61,972.000
23.3
33.1
1929
97,050.000
27.2
33.1
Rye-4-yr. average-1924-1927_
8,345.000
15.4
55.7
1927
5.897.000
14.5
52.6
1928
7.881,000
13.5
65.5
1929
5.564.000
13.3
AR R
The merchantable proportion of the 1928 corn
compared with 73.1% of the 1927 crop and 71.1% crop is about 83.1%.
of the 1926 crop; the
10
-year average being 78.9%.
Oats have been rather irregular, but on the whole, a fraction lower on the later months. Wet weather and floods
have delayed seeding in parts of the Southwest. But on
the other hand, farm reserves are unprecedentedly large.
On the 9th inst. prices closed unchanged on the later months
to 14c. higher on March and May on covering of shorts.
On the 11th inst. prices after an early rise fell 1 to
4
c.
In sympathy with other grain. The Eastern houses sold
freely. Southwestern shorts covered. The visible supply
decreased 227,000 bushels for the week, while shippers reported a fairly active shipping demand, with local sales
at 83,000 bushels. The large farm reserves act as somewhat of a deterrent on buying for long account. The United
States visible supply decreased last week 227,000 bushels
but a year ago the decrease was 1.021,000 bushels. The
total is 14,671.000 bushels against 18,770,000 a year ago.
On the 12th inst. prices advanced % to %c. in response
to the rise in other grain, though the weather forecast
was good for the growing crop. Commission houses took the
offerings and early sellers had to bid up prices to cover
later. Seeding is reported under way in parts of OklaWEATHER BULLETIN FOR THE WEEK ENDED
homa. Some stress the large supplies and large farm reMARCH 12.
-The general summary of the weather bulletin,
serves. On the 13th inst. prices were influenced largely issued
by the action of wheat and corn. They ended / higher fluenceby the Department of Agriculture, indicating the in1c.
2
of the weather for the week ended March 12,
on March and / lower on other months. On the 14th inst.
follows:
1c.
2
At the beginning of
an area of low pressure
prices ended unchanged to %c. net lower with little specula- the northwestern Lakethe weekwhile another depression was central over
region,
was charted off
the New ngland coast. Precipitation had fallen
tion but a good demand for Chicago's small receipts. In storms over the East as
in the wake of these
far south as North
Northwest. By March 6 the northwestern Carolina and also over the
the Southwest some seeding is being done.
"low" had moved to New
England, attended by general snow over the
To-day prices closed % to / lower at Chicago and % east. Temperatures had
Lake region and the North1c.
2
fallen in the
sections, with a wideto Ific. down at Winnipeg. Demand was small, and cash spread area having a drop of 20 degreescentral valley In
to 30 degrees 24 hours. The cold
weather reached the Atlantic coast on the 8th,
markets quiet. Barley was weak. There was some sell- warmer over the northern
but there was a reaction to
Great Plains and the Southwest, due
ing on reports of feeding trouble with American barley in oflow pressure which obtained over Minnesota and Colorado. to two areas
The Colorado
England. Final prices show an advance on March for the "low" moved southward into the Gulf; the northern one moved rapidly
eastward, but was attended by only slight
"high" prevailed over central sections on the precipitation. An extensive
week of %c. while other months are / to %c. lower.
1
2
9th, with much colder weather
reported over
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
6054 6034 61
61
61
6014
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
March delivery
4734 4634 4714 47% 473( 4714
May delivery
50
4934 50
4934 4914 49
July delivery
4914 4934 4934 4934 4934 4854
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
5694 .56% 573/ 561.1 5634 5514
July delivery
5794 5734 58H 5714 5734 5814
October delivery
5434 5434 5534 55H 5514 5414
the northern Great Plains: this
bringing colder weather to much of the East, anticyclone MOVNI eastward,
although it was warmer toward
the close of the week. Precipitation was rather
much of the week, but toward the close there light and scattered during
was
reported over most of the Pacific Coast States and general rain or snow
some adjoining sections
to the eastward.
The data in the table on page 3 show that the
week,
colder than normal from the Mississippi Valley eastward as a whole, was
and was unseasonably warm in most sections to the westward,
except along the immediate Pacific coast. In most eastern districts
period were from 2 degrees to as much as 8 the mean temperatures for the
degrees subnormal, but in the
Mississippi Valley they were but slightly deficient, except
localities. It was especially warm over the central andin some northern
northern Great
Plains and in most Rocky Mountain States, with the temperatures for the
week averaging from 6 degrees to as much as 13 degrees above normal.
41=Mmi
MAR. 161929.]
FINANCIAL CHRONICLE
1771
middle of the they are placing orders with more celerity and evident conSome low temperatures for the season occurred about the
with subweek in the States from the upper Mississippi Valley eastward, was not fidence than in previous seasons, as a result of the healthy
a number of localities. Freezing
zero minima reported from
South Carolina and the consuming demand, and the improved facilities for proreported from first-order stations south of central
middle West the line
fitting their particular needs.
middle portions of the east Gulf States, while in the
northwestern curing goods more exactly
of freezing extended only to central Oklahoma and extreme
in south- Cotton goods are still adversely affected by an unsatisfacTexas. Some unusually low temperatures for the season occurred
eastern Florida, with frost in the Everglades.than has occurred in recent tory price situation, but advances have taken place and
Precipitation was generally much lighter
In the South- the general undertone of the market is very steady. It is
weeks quite generally over the eastern half of the country.
occurred in
practically
remarked, that theoretically, the
east. where rainfall has been extremely heavy, abundant. none
Generous rains notable, as has been
many districts, and sunshine was generally
do not compensate for the rather
limited sections of the west Gulf area, and also in much of California firmer quotations for goods
fell in
where drought has been severe.
sharp increase in the price of cotton. It remains to be seen
In the eastern Cotton Belt there was marked improvement in conditions,
in the speculative markets will
especially in the Carolinas and Georgia where the fair, sunshiny weather whether the present prices
on
of
l fluctuations occur, even on
dried out the soil rapidly and permitted a resumptionthefield operations
ground continued be maintained. If substantia
and well-drained soil. In general, however,
uplands
will probably suffer from the
too wet to work and but little preparation for planting is yet possible. the bull side, cotton goods
at
but
goods factors are
Frost did some damage to vegetables in the Florida Everglades,Therains
seedig instability which will ensue. Woolen
the close of the week in the southeast portion were beneficial.being planted
The,future, in which the
is
of potatoes was in progress as far north as Virginia; this cropweather. Truck selling a fair volume of goods.
late on the eastern shore because of previously unfavorable
Wool Pageant looms very closely, continues to look bright.
improved quite generally in the Southeast. In the western Cotton Belt
division is very favorconditions were generally favorable and field work made fairly good progress, The situation in the floor-covering
in
except in those sections where the soil continued too wet, principallythe able. Offerings are of an extremely high standard, and
just west of the Mississippi River;
eastern Oklahoma and in lowlands
in attracting buyers.
season is generally late. Beneficial rains occurred in central and adjoining are steadily proving their worth
prospect of continuing
western and southwestern portions of Texas.
The soil, where Prices remain steady, with every
In the interior valleys little field work was possible.
Kansas
thawed out, was mostly too wet, and is still frozen as far south asKansas. SO.
and Missouri; some plowing was done as far north as southern
DOMESTIC COTTON GOODS.—Business in the cotton
Over the great western grazing sections the mildness was very helpful to
The firmness
being a great relieffrom the extremely trying conditions that have goods markets continues on a large scale.
livestock,
been experienced during the severe winter. Snow disappeared rapidly, and
which followed the recent rise in raw cotton,
some range is now open in the Northwest, but heavy snow cover continued of prices
there have been
in some upper Mississippi Valley sections. Rains in California were welcome has been generally maintained, although
for grains and other growing crops.
reversions to rather narrow profit margins in
SMALL GRAINS.—Winter wheat needs warmth in the southern Great occasional
cases booked
Plains, but, in general, weather conditions in the western half of the belt some quarters. Mills are active and in many
were rather favorable, except in the western third of Kansas and south- ahead for several weeks, while the situation in the retail
where harm resulted from blowing of the top soil. In the
western Nebraska
substantial slackeastern belt there were many complaints of unfavorable alternate thawing trade does not appear indicative of any
and freezing, but otherwise conditions were mostly favorable. Reports ening for some time to come. In fact, distributors are conwheat has been winterkilled in some middle
Indicate that considerable
fabrics with
Atlantic sections, particularly in Pennsylvania. In the far Northwest tinuing to develop the popularity of cotton
wheat continues to look well, while in Montana the soil Is absorbing much consumers, and the measure of their success is apparent
were beneficial, and cereals
moisture from melting snow. In California rains
production
made satisfactory advance in the Southern Sates, with some oats seeded in the large sales of dress goods, the improved
during the week as far north as southern Kansas.
both from the styling and quality points of view,
of which,
The Weather Bureau also furnishes the following resume is making a good impression on the public. At the same
of the conditions in the different States:
time, while goods are being sold freely, stocks in distribuVirginia,—Richmond: Temperatures moderate: precipitation light.
are unusually- low, and the policy of low inUnfavorable for farm work until latter part of week, when soil condition tor's hands
Improved. Potato planting under way, but late on eastern shore. Winter ventories seems to be in vogue throughout the retail trade.
grains fair to good. Pastures greening. Favorable for fruit buds.to coast Furthermore, with consumption running high, mills are
North Carolina.—Raleigh: Temperatures variable: freezing
prosis
Sunday. Rainfall light, and fresh to strong winds drying soil, which on more fully engaged than for months past, with every
more favorable for working, outside flooded areas; still heavy overflow
into the next few weeks. The
Lettuce, carrots, cabbage, and peas improved. Planting pect of continuity of activity
coastal plain.
potatoes and preparing to plant beans. Shrub and some fruit buds swelling position of cotton goods, on the whole, is very much imIn south. Small grains fairly good progress.
factors expressing their satisfaction
South Carolina.—Columbia: General winter cereal and truck improve- proved, with many
ment, incident to more sunshine, drying winds, and reduced rainfall, but with the past month and looking forward to further good
growth checked by low night temperatures at week-end. Much spring
The Association of Cotton Textile
truck being planted and potatoes sprouting on coast. Peaches show business in the future.
scattered bloom and tree fruits show practically seasonal development. Merchant's report for February emphasizes these better
in streams improving, but soil too wet for much plowing.
Flood situation
on
conditions. There are prospects of advances in price
Forest trees greening perceptibly.
Georgia.—Atlanta: Week moderately cold, without much precipitation, some lines. The reaction in raw cotton after the comparaexcept on uplands where work is probut soil hardly dry enough to plow,
held such potential advances
gressing slowly. Rivers in lower courses still very high. Some winter oats tively sharp rise, while it has
and wheat washed out, but damage not serious. Planting potatoes and in check, has had, if anything, a strengthening effect in
bedding sweet potatoes begun. Strawberries ripening in south.
some recession may be exFloricia.—Jacksonville: Cool and dry, except rain in southeast on last finished goods markets, since
day. Planting corn advanced in all divisions; early doing well in central and pected to follow an advance, and the fact that the decline
much up in north. Melons and truck damaged by high winds and frost
of intrinsic strength. Some condamaged truck in Everglades. Potatoes, squash, and cucumbers good was so slight is indicative
progress, but nights too cool. Shipping citrus, strawberries, and truck structions of flannels have been pegged up half a cent.
continued. Planting cane active in south. Rain needed badly on uplands.
well, and reports are current
Alabama.—Montgomery: Temperatures averaged somewhat below nor- Printed goods continue to sell
mal; scattered, light rains on four days. Soil too wet in most sections for that buyers are much less hesitant to take up new offerplowing and little farm work accomplished. Condition and progress of oats
corresponding seasons of
continue mostly fair to good. Pastures mostly poor, but improving. Plant- ings than has been the case at
ing potatoes progressing in some localities, except where damaged by rains. other years. Print cloths 28-inch 64 x 60's constructions
well in coast section and some sections of northwest.
Winter crops doing
hc. and 27-inch 64 x 60's at 5%c. Grey
Buds of satsuma orange trees in coast section swelling; peach trees blooming are quoted at 57
in south and central portions.
x 72's construction are quoted at 8%c.
temperatures and generally goods 39-inch 68
Misstssippi.—Vicksburg: Mostly moderate
-inch 80 x 80's at 10%c.
fair, except light, precipitation on Friday and Saturday. Some farm and 39
of
work accomplished, although now behind seasonal average. Development
WOOLEN GOODS.—While activity in some sections
of vegetation also belated. Progress of pastures and truck fair to good.
slow, with
Louisiana.—New Orleans: Mostly light rainfall and moderate temper- the woolens and worsteds markets is rather
atures favorable for truck. oats, and cane, but more sunshine needed.
continuing to be only fair, favorable senStrawberries ripening. Pastures poor to fair, but improving. Plowing business generally
generally resumed and progress fair. Some planting of corn, cane, and timent does not appear to be much affected. The situapotatoes.
end of the trade is unusually healthy.
Texas.-171ouston: Warm, with good rains at close of week in much of tion at the primary
central and adjoining southwest and west; light elsewhere. Weather Manufacturers are maintaining production in a reasonable
favorable for growth of vegetation and field work, which made good progthe exception of certain isoress, except in some droughty sections. Truck shipments large. Straw- relation to demand, and, with
berries ripening; fruit trees blooming in south and east. Corn planting lated instances of price cutting, are holding prices on a
progressed favorably in eastern half of State and cotton planting in extreme
producers anxious
steady basis. At such a time as this, with
south where some up. Condition of ranges and livestock fair.
Oklahotna.—Oklahoma City: Seasonable temperatures and mostly fair, to begin business on their new offerings, and salesmen comexcept light to moderate rain at close of week. Favorable for farm activiof concessions is
tives. Fair progress in plowing and planting oats, except in much of east peting keenly for orders, the danger
portion where soil still too wet. Potato planting begun in east and south. great, and the fact that few factors are yielding to the
Wheat made slow growth; condition generally fair to good, but needs
fashion, is encouraging
warmth and sunshine. Pastures poor, but beginning to show green. Season temptation to secure orders in this
very late.
success of the Wool Institute's policies. In
light rains evidence of the
Arkansas.—Little Rock: Weather very favorable, except
mills have conmiddle and last of week. Plowing progressing rapidly on highlands and comparison with this time last year, many
some plowing on lowlands. Sowing oats and planting potatoes and gardens. siderably more business on hand, and the American Woolen
Winter oats, wheat, meadows, and pastures starting nicely. Fruit in very
larger way.
good condition.
Company is reported as engaged in a much
complaints of
Tennessee.—Nashville: Rain and show throughout State first of week
the women's wear division there are some
and light rain later dried by high winds, while temperatures averaged below In
and manufacnormal. Grains made little progress in west, but advanced in central and slow demand, but stocks both in distributing
as
east. Livestock continue fair to good. Considerable plowing.
are low, and with the trade evils such
Kerducky.—Louisville: Temperatures variable; daily freezing and thaw- turing channels
degree, it is
unfavorable for grains. Precipitation light. Plowing commenced on piracy no longer existing to a very harmful
ing
are in a good
hillsides and well drained uplands; soil draining and working well.
pointed out that those mills most affected spell. Followposition for weathering a temporary slack experienced an
THE DRY GOODS TRADE
ing a change in the weather, retailers have
topcoatings,
encouraging call for men's spring suitings and from them
New York, Friday Night, March 15 1929.
intimations
n of the position of the textile trades with and manufacturers have received
A compariso
be forthcoming if the weather
that of a year ago shOw most divisions in a considerably im- that orders will probably
The majority of drygoods manufacturers continues warmer.
proved position.
line markets is
FOREIGN DRY GOODS.—Sentiment in satisfactory by
have done good business over the past month or so and
favorable. Sales volume is considered
good
the information they have received from their salesmen and still
and there are anticipations of developing
other sources about conditions in retail channels are for many factors, the future. Some faetors believe that the
in
the most part encouraging them to expect a continuance of conditions or so will see a restoration of some measure of
moderate
activity on something approaching the present scale, for next year
one-time popularity of household linens. Only quoted at
some time to come. It is said that distributors' stocks are the
in Burlaps. Light weights are
is evident
unusually low, generally speaking, and while there has activity
7.05c. and heavies at 9.35c.
been litle modification of their hand-to-mouth buying policy,
1772
FINANCIAL CHRONICLE
*late anti Tlitx Dkvartmelit
NEWS ITEMS
Arkansas, State of.
-Bill Proposing $5,900.000 Note
Issue Introduced.
-A bill has been introduced in the Legislature which would authorize the issuance of $5,900,000 in
State notes, according to a report appearing in the "Manufacturers Record"of March 8. The notes, it is said, are to be
based on revenue from the omnibus tax. The proposed
division of the funds to be derived from the sale of these
• notes is reported as follows:
State Hospital for Nervous Diseases, $3,250,000; Tuberculosis Sanatorium. $250.000; University of Arkansas. $650.000: Arkansas Teacher's
College, $200,000: First District A. & M. College, Jonesboro, $100,000;
Arkansas Polytechnic College, Russellville, $100,000: Third District A.& M.
College, Magnolia, $100.000: Fourth District A. & M. College, Monticello.
$100.000: Junior Agricultural School. Beebe, $200,000: Normal School of
the Ozarks, Harrison. $200.000; armories for Arkansas National Guard.
3200.000; cattle tick eradication, $400.000. and revolving school fund,
3250,000. The notes. it is said, would be sold by the State Debt Board
composed of the Governor, Secretary of State, State Auditor and State
Treasurer.
[VOL. 128.
365.000,000. Not more than
eurrcsi under this article In any $20,000,000 of indebtedness shall be inone year.
indebtedness are issued, the State highwayBefore any such certificates of
commission shall transmit to
the Governor a written request for the
issuance thereof, and shall embody
In such request a statement ghosting the
following:
The principal amount of the certificates
of indebtedness proposed to
be issued, the maximum rate of interest
to
of payment of such principal and interest: be paid thereon, and the times
"The amount of revenues derived in the
next preceding calendar year
from the entire gasoline tax and motor
vehicle license fees, escept such
portion. if any, of the gasoline tax as shall
gasoline tax levied at the rate of five cents have exceeded the amount of a
per gallon:
"The amount, as estimated
derived from said gasoline tax by the State hizhway commission, to be
and motor vehicle
exception, in each year during the term for which license fees, with said
the proposed state highway certificates of indebtedness
the State highway commission are to run. In estimating these revenues,
shall not assume that prior to the year
1939 the revenues of any year will be
more
or estimated revenues of the next precedingthan 5% in excess of the actual
year. nor that in 1939 or later
years there will be any increase in such
revenues over and above the revenues of the year 1938:
"The amount, as estimated by the
State highway commission, which
will be required in each year during
the term of the proposed State highway certificates of indebtedness
erest of all such State highway for the payment of the principal and intcertificates of indebtedness issued or to be
Issued pursuant to previous requests
sion, as provided in this section, the made by the State highway commisadministration and operation of the
State highway department, the maintenance
of all highways in the State
highway system, the payment
and the payment of the amountof accident claims (as hereinafter defined)
required to be paid to counties or highway
or bridge districts by the provisions of this
act.
Boise, Idaho.
-Court Confirms Legality of Special ImSouth Dakota State of-Legislature Adjourns-Shortly
provement Bonds.
-Our Western correspondent informs us
that on Feb. 28 C. H. Hartson, Judge of the District Court, after 9 p. m. on Mar.
8 the twenty-first legislative session
handed down a decision which upholds the city in cases of the State came to a close when both houses adjourned
sine die with the calendars cleared.
involving acts of the City Council in the authorization of
bonds for paving and street imrpovement purposes. It
Texas, State of.
-House Passes Bill Enlarging Insurance
is stated that bonds will now be issued to cover these Investment Field.
-The House of Representatives on
expenditures.
passed a bill which had already been approved by the Mar. 4
Senate
Chile (Republic of).
-$10,000,000 6% Gold Bond Issue and is designed to allow domestic life insurance companies a
Oversuhsrribed.-A $10,000,0006% external sinking fund gold larger field for the investment of funds. The Dallas 'News"
bond issue of the Republic of Chile, offered on March 11, by of March 5 carried the following report on the action:
The Senate bill enlarging the investment field for
the National City Co. of New York, at 93.50 and int.,
domestic life insurance
and finally
yielding 6.48% to maturity, was oversubscribed according to companies was engrossed by Senators; passed by the House Monday. The
measure was introduced
Thomas B. Love
the hankers and the books closed. Bonds are dated March 1 Moore of Greenville. It already has passed the Senate of Dallas and Joe
1929 and are to mature on March 11962. Coupon in denoms. of Insurance companies will be permitted to Invest their funds in the stocks
industrials which
of $1,000 and $500. registerable as to principal only. Prin- under the provisions have paid 5% dividends continuously for five years,
of the proposed act Investment also is permitted
hi Interest-bearing warrants, paving certificates, Federal
cipal and interest (Mar. and Sept. 1) payable in New York bonds, first
farm loan act
mortgage notes
City in United States gold coin of the present standard of secured by such first liens. on real and personal property and obligations
weight and fineness, without deduction for any present or
future Chilean taxes, at the head office of the National City
BOND PROPOSALS AND NEGOTIATIONS.
Bank of New York, fiscal agent. Interest shall also be
ABBEVILLE
collectible, at the option of the holders, in London, England, Issue of 3180.000COUNTY (P. o. Abbeville), S. c.-novn siur.-An
reimbursement bonds has been
either at the City Office of the National City Bank of New investor. Due on Feb. 15 as follows: 32.000.purchased by an unknown
19:10.
York or at the Office of N. M Rothschild & Sons. in pounds 1938: $18.000. 1939 and 1940. and $2,000, 1941 to 1943. 817.000. 1931 to
ABERDEEN, Monroe County, Miss.
sterling, at the fixed rate of $1.8665 per pound sterling, or of
-BOND S4L.E.-A san.onn Issue
hospital bonds has
at Pierson & Co.,in Amsterdam. the Netherlands,in guilders, Co. of Memphis for arecently been purchased by the Commerce Securities
$720 premium, equal to 101.44
or,at the Stockholms Enskilda Bank Stockholm. Sweden, in
AITKIN COUNTY (P. 0. Aitkin), Minn.-BOVO OFFERING.
Swedish kronor, in each case at the then current buying Bids will be received until 2 p. m. on April 2 by Ii. 0. Beecher. County
Auditor, for the purchase of an $11.000 issue of funding bonds.
rate of the respective banks for sight exchange on New York rate is not to exceed 514%. Denom. $1,000. Dated
Interest
April 1 1929. Due
City.
$1.000 from April 1 1931 to 1911 incl. l'rin. and seml-annual hit
payable
at
According to the offering circular a "Cumulative Sinking of such place as theStCounty Board may later direct. The letal approval
Schmitt, Moody
Sat-mitt of Si.. Paul will be furnished, also the blank
Fund will operate to redeem entire issue by drawings at par." bonds.
Further information regarding this loan may be found in
AKRON,Summit County, Ohio.
-BOND S4LE.-The following bond
aggregating
our "Department of Current Events and Discussions" on a Issuesawarded to $1.335.000 offered on March 11-V. 128. a. 1134
were
a syndicate comensed of Lehman Bros., Anus. F.merIch
preceding page.
Se Co.. Kean. Taylor A (NI.. and leountze Bros.. rill of New York,
and the
Title Ouarantee it Trust Co.. Cincinnati, at par plus a
New York State.
-Assembly Approves Charter Change for equal to 100.02. ii basis of about 4.69%, as stated below! premium of $267
water works extension. Improvement and repairing bonds
Westchester County.
-A constitutional amendment that would 3500.000 as 4 tis. Due 320.0e0. Oct. 1 19:10 to 1051, Incl.
sold
provide an increased grant of home rule, while requiring a 400.000 street opening, widening and extension bonds sold as 4 Xs. Due
referendum approval of any change in the charter adopted 100.000 $16.000. Oct. 1 from 1930 to 1954. Incl.
West Tailmadgo Ave.. improvement bonds sold as 414.. Due
by either Westchester or Nassau Counties was passed by the
34.000. Oct. 1 from 10:19 to 1954. Incl.
Assembly on Mar. 11 by a vote of 76 to 58. The following 200.000 street paving, surfacing. eradIng and repairing bonds sold as 434s.
article on the subject is taken from the New York "Herald 135.000 Due 320.000. Oct. I 1930 to 1939. Inc)
water works extension, enlarging and Improvement bonds, sold as
434.. Due October 1 as follows: 35.000. 1930 to 1944. Inel.. and
Tribune" of March 12:
$6.000.
to
1945
1951. Incl.
Dated April 1 1929. The successful bidders a-e reoffering the bonds
for
public investment, priced according to maturity, to yield from
4.75 to
4.50%.
ALAMOSA, Alamos. County, Colo.-TIOND
of 4 ti% sewer bonds has been purchased by the SALE -A 350 000 Issue
Internationa Trust Co.
of Denver at a price of 102.001. subject to an election to be heldlon
April 2.
ALBANY COUNTY (P. 0. Laramie), Wyo.-130.VDS NOT
SOLD.
The 3200.000 issue of 4% court house and jail bonds offered
on March 6V. 128. p. 1262
-was not sold, as no bids were received.
and optional in ten years. We are informed that the Due In 30 years
bonds will be reoffered at a higher rate of interest in the near future.
ANTON INDEPENDENT SCHOOL DISTRICT
(P. 0. Anton),
Hockley County, Tex.
-BONDS REGISTERED.
-The 345.000 issue of
534% school bonds that was reported sold.
-V.128,
-was registered
on March 7. Due from Dec. 119:11 to 1940. Incl. p. 919
ARCHER CITY, Archer County, Tex.
South Carolina, State of.
-BOND SALE.
-Both 'louses Approve Road Issue of % refunding bonds
-A
been
Bond Measure.
-Both houses of the general assembly have C.'rumtner Co. of Wichita. Due hasfrom 1purchased at par by the IlrownIn
to 40 years.
adopted the report of the free conference committee on the
ARKANSAS, State of (P. 0. Little Rock).
-ADDITIO
-In connection with the offering at 10 a. NAL OFFERso-called $75,000,000 road bond bill, although the report as ING DETAILS.
m. on Mar. 28,
adopted, authorizes the issuance of but $65,000,000 in bonds of the two!MIMS of not to exceed 5% bonds aggregating 828.1100,000-V.128.
p. 1599
-we are now In receipt of the following communicati
on from Ralph
for the construction of a hard surfaced, adequate state high- Koonce, State Treasurer:
From conversations with
way system. The measure was adopted in the house on will be entirely agreeable members of the State Note Board, I think it
.
to bid on any one of the three following basis:
March 12 at the day session and by the senate at the night
1. Sale of 328.000.000 highway bonds and toll bridge bonds,
all
session. Only the formalities of enrolement and ratification in 2. Sale of $28.000.000 Bonds. 814.000.000 to be delivered and for cash.
paid for
cash and the remaining
to
by the Governor remain to be done on the measure and the period of ten months with $14,000.000 thebe taken up by purchaser over a
the right of
purchaser to
of any or all Installments, bonds to be held in the State anticipate delivery
Governor is reported to be of a favorable attitude. The
Treasury, state to
following report, giving a portion of the text, is taken from receive benefit of the accrued interest to date bonds are taken up.
3. Sale of $14,000,000 only delivery for cash and six months market
protection.
the "State" of March 13:
The state bank depositories can only absorb $14,000,000 so In event
The report of the committee on the bill. which report has been adopted.
$28,000.000 bonds are sold, the purchasers of the bonds will be permitted
was as follows:
"The free conference committee, to whom was referred Senate BM 338 to name the out of state depositories on the remainder of the funds, on
(a bill to provide for the construction of the State highway system, litc•), Which interest at 3% on daily balances will be paid the state.
Depositories of state funds are reqlred to
beg leave to report that they have carefully considered the same and
,
for the deposit, State of Arkansas obligations deposit in trust as security
recommend that the same do pass with the following amendments:
or U. S. Government obliga"Amend by striking out all after the enacting words of said bill and tions, equal to the amount of the deposit.
Inserting in lieu thereof the following:
ASHLAND, Boyd County, Ky.-BONDS NOT SOLD.
-The $209,000
issue of 414% semi-annual sewer bonds offered on March 5-V. 128.
Unit Plan of Financing.
P
-was not sold as all the bids were rejected.
"For the purpose of completing the construction of the State highway 1435
system and carrying out the provisions of this act, the Governor and the
ASTORIA,
-BOND OFFERING.
-Sealed bids
State Treasurer are hereby authorized to issue State highway certificates will be receivedClataop County, Ore.
until
of indebtedness and notes upon the conditions prescribed in this article. for the purchase of a10 a. m.on March 18. by Geo. Garrett, City Manager,
$33.647.83 issue of semi-annual improvement bonds.
The aggregate amount of said certificates of indebtedness shall not exceed Int.
rate is not to exceed 6%. Dated March 1 1929. Due in 10 years and
The Westa11-Sbonk proposal for a constitutional amendment to permit
Westchester and Nassau Counties to adopt a charter barely was passed
tonight in the Assembly. The vote was 76 to 58.
Having passed both houses two years ago and the Senate this session.
the proposition will be voted upon at the general election next November.
The proposed amendment would provide an increased grant of home
rule, while requiring referendum approval of any change In charter adopted
by either county.
,
Edmund B. Jenks, Republican, of Broome. spoke against the measure
on the ground that it was an -attempt to set up In the constitution of the
state a form of county government for Just two counties. Nassau and Westchester. With this as a precedent he said there would be no valid reason
why the Legislature should not be askcx1 to fix a form of government for
every other county by special constitutional amendment. Herbert B.
. Shook, Republican, of Westchester. defended the proposition. Ile said
the proposal was keeping a pledge made two years ago when the Legislature passed the proposed amendment the first time.
370.000
MAR. 16 19291
FINANCIAL CHRONICLE
1773
-The $13.000
-BOND SALE.
BRIGHTON, Jefferson County, Ala.
optional after 1 year. A certified check for 5% of the bid. Payable to the
Issue of 6% coupon debt funding bonds offered for sale on Feb. 6-V. 128.
City is required.
to Steiner Bros. of Birmingham at a price of 95. a
764-was awarded
-BOND AND NOTE OF- p.
ATLANTIC CITY, Atlantic County, N. J.
basis of about 6.95%. Dated Feb. 1 1929. Du 31.000 from 1930 to 1942
-J. A. Paxson. Director of Department of Revenue and Finance, incl.
FERING.
receive sealed bids until 12 m.March 21,for the purchase of $850.000
will
BRILLIANT SCHOOL DISTRICT, Jefferson County, Ohio.Tax Anticipation notes and 5750,000 Tax Revenue bonds. aggregating
-The $55.000 school bonds offered on March 12-V. 128.
51.600.000. listed March 26 1929.Rate of interest not to exceed 6% BOND SALE.
-were awarded to the Well. Roth & Irving Co. of Cincinnati as
stated in a multiple of 1-100th. of 1%. Due March 26 1930. p. 1435
and to be
Principal and interest payable in gold at the Hanover National Bank, New 5tes at a premium of $445, equal to a price of 100.80, a basis of about
York. A certified check payable to the order of the City for 532.000 is 5.155%. Bonds are dated March 1 1929 and mature $2,500. Oct. 1 1929
,5
1 d o iLcl. The following bids were also submitted:
required. Legality to be approved by Clay, Dillon & Vandewater of New to139 der
Prem.
inf. Rate.
York City.
$71.50
534%
Stranahan, Harris & Ostia, Inc., Toledo
-BOND SALE. Seasongood & Mayer. Cincinnati
AURORA SANITARY DISTRICT, Kane County, 111.
34.00
5% s$
-The William R. Compton Co.of Chicago was awarded on Dec. 1 $485.000 W. L. Slayton & Co., Toledo
704.00
5%
sewage disposal plant bonds, bearing interest at the rate of 414% and First-Citizens Corp., Columbus
00
maturing in annual amounts as follows $55.000. 1941: $57.000. 1942: Manchet. Bowman & Wood. Toledo
5te %°
X
3
8:
29
4°
$59,000. 1943: $61.000. 1944; 363.000. 1e45: 165.000. 1946; 167.000. 1947.
BROOKHAVEN UNION FREE SCHOOL DISTRICT NO. 28 (P. 0.
and 158.000. 1948.
-Harriet Gould.
Heliport), Suffolk County, N. -BOND OFFERING.
- District Clerk, will receive sealedY. until 12 in. March 20. for the pur-BONDS REGISTERED.
AUSTIN COUNTY (P. O. Beliville), Tex.
bids
of 514% serial road district No. 1 bonds was registered by chase of$100,000 coupon or registered school bonds
A $60.000 issue
-rate of interest not to
the State Comptroller on March 4.
exceed 5% and to be stated in a multiple of 1-10th or % of 1%. Dated Dec. 1
-The 1928. Denom. $1,000. Due 85.000. Dec. 1 1929 to 1948Ancl. Principal
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
- and interest payable at the Bellport National Bank, Heliport. A certified
road bonds offered on March 12-V.128. p.919
5500,000 434% coupon
were awarded to Baker, Watts & Co., Baltimore. et at. at a price of 101.59 check payable to the order of the District Treasurer for $2,000 Is required.
York City.
a basis of about 4.38%. Bonds are dated April 1 1929 and mature $100.000. Legality to be approved by Clay, Dillon & Vandewater of New
Financial Statement.
April 1 1949 to 1953 inclusive. Baltimore Trust Co., bid 100.08 for the
32.179.600
Total assessed valuation 1928
bonds.
6,227 428
-BOND OFFERING. Actual valuation (official est.)
BARTLESVILLE, Washington County, Okla.
Nil
debt outstanding
bids will be received until March 18, by the City Clerk,for the Debt: Bondedthis issue
-Sealed
100.000
Bonded debt,
purchase of an issue of $169,400 improvement bonds.
the district wM be about4.6% ofthe assessed
The bonded indebtedness of
BARTLESVILLE SCHOOL DISTRICT (P. 0. Bartlesville), Wash- valuation upon the issuance of these bonds.
-Sealed bids will be received
-BOND OFFERING.
Population: 1929 Offkial est., 1.000;summer population, est., 1.500.
ington County, Okla.
until 8 p. in. on March 18, by Marion K. Davis, Clerk of the Board of
-BOND OFFERING.Ohio.
BROOKLYN, Cuyahoga County
Education, for the purchase of a $200.000 issue of semi-annual school
bonds. Interest rate is not to exceed 5%. Denom.$1.000. Dated Jan. 1 George J. Lang, Village Clerk, will receive sealed bids until 12 in. (eastern
1929. Due $10,000 from Jan. 1 1934 to 1953 inclusive. A certified check standard time) March 20, for the purchase of $9,524.58 6% special assessment improvement bonds. Dated March 1 1929. Due Oct. 1 as follows:
for 2% must accompany the bid.
Principal and interest
-A $26,700 issue of 51.524.58, 1930 and 32.000. 1931 to 1934. Incl.
BAYARD, Morrill County, Neb.-BOND SALE.
Pearl Street Savings & Trust Co.. clevebonds has been purchased by an unknown investor. (April and Oct. 1) payable at the,to the order of the Village Treasurer, for
5% street improvement
land. A certified check payable
Due on March 1 as follows: 32,700. 1931 and $3,000, 1932 to 1939. Incl. 5% of the bonds bid for is required.
BEACHWOOD, Cuyahoga County, Onio.-BONDS NOT SOLD.
-BOND OFFERING.
Frank C. Marous, Village Clerk, states that the following tames of 5%
BROOKVILLE, Jefferson County, Pa.
-were not Fred D. Sayer, Borough Secretary, will receive sealed bids until 730 p.m.
bonds aggregating 8143.895 offered on Jan. 15-V. 128. p. 140
sold and are to be reoffered.
April 4 for the purchase of 845,000 434% coupon borough ponds. Denom.
$15,750 property owner's portion street improvement bonds. Due Oct. 1 $500. Due 84.550 Oct. 1 teem 1929 to 1938 incl. The bonds may be
as follows: $750. 1930: 32,000. 1931: 51.000, 1932; 32.000, 1933: registered as to principal and are subject to redemption on Oct. 1 1929.
51.000. 1934: 32.000, 1935 and 1936: 31.000. 1937: $2,000, 1938 or any interest-laying date thereafter.
•
and 19:39.
-BOND OFFERING.
BRONXVILLE, Westchester County, N. Y.
105.145 property owner's portion street improvement bonds. Due on Jerry
C. Leary. Village Clerk, will receive sealed bids until 8:15 P. In.
Oct. 1 from 1930 to 1939 inclusive.
1 as follows: March 19, for the purchase of 1136.000 coupon or registered Land Purchase
23,000 special assessment improvement bonds. Due Oct.
Dated April 1 1929.
rate not to exceed 5%
$2.000, 19'10 to 1935 inclusive; $3.000. 1936: $2.000. 1937 and bonds. To bear interest at a April 119:10 to 1965. incl. Principal and int.
Denoms. 31.000. Due $1.000
1938; $3.000. 1939.
payable in gold at the Gramatan National Bank & Trust Co., 13ronxville.
Dated Feb. 1 1929.
Rate of interest to be stated In a multiple of 34 or 1-10th of 1%. A certified
- check payable to the order of the Village for $720 is required. Legality to
BERRIEN COUNTY (P.O. St. Joseph), MIch.-HOND OFFERING.
Sealed bids will be received by the Clerk Board of County Commissioners, be approved by Clay, Dillon & Vandewater of New York City.
until 1.30 p in. (Central standard time) March 20. for the purchase of four
-BONDS OFFERED
BUNCOMBE COUNTY (P. 0. Asheville), N. C.
issues of special a.ssessment road district heeds aggregating $387.600. FOR INVESTMENT.
-The three issues of5% bonds aggresating 52,100.000
Interest payable on May and Nov. 1. A certified check. Payable to the
on March 7 to a group composed of Breed, Elliott & Harrison,
awarded
order of the County Treasurer for $500, is required.
Walter, Woody & Heimerdinger and Taylor, Wilson & Co.. all of CinBIG HORN COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Lowell), cinnati. and Nforris Mather & Co. and the Channe Securities Co.. bond
--The 336.000 time of 5% school building bonds of Chicago, at par-V. 128. p le00-are now being offered for public
Wyo.-130ND SALE.
offered for sale on Feb. 25-V. 128. p. 919-was awarded to the Stock- subscription at prices to yield 4.80%. Maturities range from March 1
growers National Bank of Cheyenne for it premium of $500, equal to 1932 to 1968.
101.388. a basis of about 4.88%. Dated .lan. 1 1929. Due as follows:
CALIFORNIA, State of (P. 0. Saeramento).-130ND OFFERING.
$2.000. 1940 to 1948. and 33.000. 1949 to 1954. all incl.
Sealed bids will be received until Apr. 4 by Charles 0. Johnson. State
-BOND SALE.
BIRMINGHAM, Jefferson County, Ala.
-The three Treasurer, for the purchase of two issues of bonds aggregating $2.500.000
issues of bonds aggregating 32.370,000 offered for sale on Mar. 12-V. 128, divided as follows.
p. 1263-were awarded to a syndicate composed of White. Weld & Co.,
Sealed bids until 10 a. m. on
the Old Colony Corp and Stone & Webster and illodget. Inc , all of New 32.000,0004)4% State Buildings and State University bonds Denom.
York, the Virst National Co. of Detroit and Mark & Co. of Birmingham.
$1.000. Dated Jan. 2 1927. Due $250.000 from Jan. 2 1949
fort. premium of $5.55, equal to 100.023. a net Interest cost of about 4.78%.
to 1956 Incl. A certified check for 1-10 of the bonds bid for,
dividend as follows
payable to the State Is required.
51.000.000 public school building bonds as 414s. Due 8200.000 from
Public auction at 2 p. m. on
Denom.
Aug. 1 1953 to 1957.
500,0004% San Francisco Harbor improvement bonds optional
1,000.000 grade crossing abolition bonds as 5s. Due 5200.000 from Oct. 1
$1.000. Dated July 2 1915. Due on July 2 191(9 and
1929 to 193;1.
1954.
after
370.000 public improvement bonds as 5s. Due $37.000 from Apr.
Prin. and int. (J. & J.) payable in gold at the State Treasurer's office or
1 1930 to 1939.
at the State's fiscal agency. According to the debt statement accompanying the official offering notice, the outstanding bonds on Jan. 1 1929 aggreThe folios lug Is an official tabulation of the bidders and their bids:
the State and held
(1) The Provident Savings Bank & Trust Co.. by J. D. Williams. agent: gated 3119.079.500. of which $2.277.500 are owned by& University fund.
The Weil. Roth & Irving Co., by H. II. Weaning.agent: and Magnin by the State Treasurer for the benefit of the School
& Ce.. by John Baas (all of Cincinnati. Ohio):
The 1928 assessed valuation is reported to be $8,125,497.579 and the estiPublic school building bonds
mated population is given at :1.398.457.
51.020.611.00 at 5%
No led on other two issues.
-The $35.000
-BOND SALE.
CANADIAN, Hemphill County, Tex.
(2) The Bankamerica Corp.. Eldredge & Co., George B. Gibbons & Co.. Issue of 5% city hall and auditorium bonds offered for sale on Feb. 25Ward, Sterne & Co. and American-Traders National Bank (by V. 128. p. 1093-was awarded to Garrett & Co. of Dallas, at a discount
M. W. Sterne):
a basis of about 5.08%. Due as follows: $1.000.
5370.000 00 at 434% of $240. equal to 99.31, to 1947 and $3.000 In 1948 and 1949.
Public improvement bonds
1930 to 19.16:82.000. 1937
1.000.715.00 at 5%
Public school buildings bonds
-The
-BOND SALE.
%
Grade creasing bonds
1.000,000.00 at
CASS COUNTY (P. 0. Cassopolis), Mich.
All or noue bid on throe issues.
350.625 bonds consisting of $22.725 Road Assessment District No. 50
(3) Lehman Brothers, Kountze Brothers, E. H. Rollins & Sons, Wm. 11. bonds, 513.500 Road Assessment District No. 53 bonds. and 314.400 Road
Compton Co., Stranahan, flares & Oatis, Inc.. by H. C. Wellborn. Assessment District No 52 bonds, offered on March 4-V. 128. p. 1435
agent (all of New York):
were awarded to Knell C. Arnold of Bristol, Ind., at a premium of $625,
Public improvement bonds
S367.965 00 at 57.
equal to a price of 101.2I4. Bonds are dated May 11929 and are in denoms.
Public school buildings bonds
.
1.027,000.00 at 57
0(32.52.5. $1.600. and $1.500. Road District No. 50 bonds mature 32.525,
Grade crossing bonds
989.100.00 Si.5%
annually from 1930 to 1938, incl.; Assessment District No 53 bonds mature
All or none lid on all three issues:
31.500 from 1930 to 1938. Incl., and Road District No. 52 bonds are due
Public Improvement bonds
5370.000.00 at 5%
$1,600 annually from 1930 to 1938. inc!. Interest on all bonds payable
Public school buildings bonds
1.014.100.00 at 5%
May and Nov. 1. Cost basis to the county about 4.72%.
Grade crossing bonds
1,000.000.00 at 5%
-ADDITIONAL
CATAHOULA PARISH (P. 0. Harrisonburg), La.
(4) Marx & Co.(successful bid):
Public improvement bonds
$370 555.00 at 5
OFFERING DETAILS.-ln connection with the offering of the 8150.000
-we are now
Public school buildings bonds
1,006,000.00 at 4 % Issue of public Must. bonds on March 26-V. 128. p. 1435
-No separate bid on this issue.
Grade crossing bonds
Informed that the bonds mature on April 1 as follows: $4.000. 1930 and
All or none-Total on all three issues kjointly), 32.370.55500. 1931; 3.5,000, 1932 to 1935: 86.000. 1936 to 1938; $7.000. 1939 and 1940;
Public improvement bonds at 5%; public school building bonds 38.000. 1941 and 1942; 39.000, 1943 and 1944; $10.000, 1945; 311.000.
at 434%; grade crossing bonds at 57.
0
1946 and 1947. and 512.000 in 1948 and 1949. Prin. and int. (A. & 0.)
(g) M. F. Schuster & Co., Batchelder, Wack et Co., Stephens & CO. Payable at the National Bank of Commerce in New York or at the office
Morris, Mather & Co., Seasongood & Mayer, Edward Lowber Stokes of the Treasurer of the Police Jury In Harrisonburg.
& CO., and Steiner Brothers (by Sig. Steiner):
Financial Statement.
All or none bid on all three issues:
Assessed valuation of parish for 1928
5372.710 00 at Si'
Public improvement bonds
This
S 34 4e
7
u
Bonded debt
Public school buildings bond.,.
1.007,000 00 at 5%
Population of parish, 11.481. Area,440.000 acres.
1.007.000.00 at 5%
Grade croasine bonds
-At the
Public school bondsCEDAR RAPIDS, lUnri County Iowa.-BOIVDS VOTED.
1.060.000.00 at 4%%
-the voters authorized
,
• Successful bid.
special election held on Mar. 11-V. 128, p. 1093
by a vote of 918 "for"
-The $30.000 issue of the issuance of 3100,000 in school building bonds
-BOND SALE.
Rush County, Kan.
BISON,
to 56 "against." It Is reported that the bonds probe1bly will not be adver434% semi-annual water bonds unsuccessfully offered on Feb. 19-V. 128. tised for sale before July 1.
-was later purchased at par by the State School Fund Commkadon.
D. 1600
-BOND OFFERING -August
CELINA, Mercer County, Ohio.
Dated Feb. 11929. Due $1.500 from 1930 to 1949. Incl.
Behringer, Village Clerk, will receive sealed bids until 12 m.(Eastern stand-Sealed bids ard time) Apr. 13, for the purchase of 312.0006% street construction bonds.
BLAIR, Jackson County, Okla.-Bo/en OFFERING.
will be received until 2 p. in. on March 19 by Walter Snow,Town Clerk,for Dated Feb. 11929. Denom. $600. Due $1,200, Feb. 1 from 1930 to 1939
the purchase of a 325.000 issue of semi-annual sewer bonds. Int. rate Is incl. A certified check for 5% of the bonds bid for is required.
not to exceed 6%. A certified check for 3% must accompany the bid.
-BOND ELECTION.
CHARLOTTE, Mecklenburg County, N. C.
BOURBON SCHOOL TOWNSHIP, Marshall County, Ind.-B01VD According to newspaper reports, a special election has been called for
-Oliver P. Smith,School and Civil Township Trustee, will April 2 on a bond issue of $1,250,000 for schools. Under the terms of the
OFFERING.
receive sealed bids until 2 p. m.March 29 for the purchase of 513.000 4%% resolution calling tnts election, a special registration period will be held.
bonds. Dated Jan. 2 1929. Denom. $500. Due as follows: $500, July
-TEMPORARY LOAN.
-The
CHICOPEE, Hampden County, Mass.
11930; $500, Jan. and July 1. from 1931 to 1942, incl., and 3500. Jan. 1
Third National Bank & Trust Co. of Springfield was awarded on March 11,
1943.
will be received by the above at the same time a $200,000 temporary loan, on a discount bails of 5.23%. Loan matures
130ND OFFERINO.-Bids
following bids were also submitteth
for the ipurchase of 557,500434% Bourbon Civil Township bonds. Dated In about 8 months. The
Died. Baste.
BidderJan. 2 1929. Denom. $500. Due as follows: $2.000. July 1 1930: $2.000,
5.49
5.251,
Western Mass. Bank &Trust Co., Springfield
Jam and jay 1 1931 to 1942. incl.; $2,500„ Jan. and July 1 1943. and
5.32%
-Merrill Oldham Corp.. Boston
Atlantic
$2,500. Jan. 1 1944.
and July 1) of both issues payable at the Bank of Commerce & Trust Co.. Boston
Principal and interest (Jan.
.
5.64
fialonaon Dem.& Hutzler (plus $3)
First State Bank, Bourbon.
1774
FINANCIAL CHRONICLE
[VOL. 128.
CHAUTAUQUA COUNTY(P.O. Mayville), N. Y.
-BOND SALE.
C.,
The $350,000 5% coupon highway bonds offered on March 12-V. 128, Laws of N. the Session 1927.1 A certified check for 2% of the bonds bid for.
County, is required.
p. 1435
-were awarded to the National City Co. of New York, at a price payable to
of 103.849, a basis of about 4.48%. Dated April 1 1928. ,Due April 1
CUYAHOGA COUNTY (P.O.Cleveland) Ohio.-BOND OFFERING.
asjollows: $200,000, 1938; and $150,000, 1939.
-F.J. Husak, Clerk Board of County Commissioners, will receive sealed
bids until 10 a. m. (Eastern standard time) April 10, for the purchase of
Other bidders were:
the following issues of 43/%
BidderRate Bid. $124,433 assessment portion bonds aggregating $610,522:
road improvement bonds. Due Oct. 1 as
Bankers Company of New York
103.84
follows: 312,433, 1929; 112,000. 1930 to 1934 inclusive, and
Estabrook & Co
103.65
• $13,000, 1935 to 1938 inclusive.
Kean. Taylor & Co
103.82
53,634 county's portion road improvement bonds. Due Oct. 1 as follows:
Barr Bros. & Co
103.32
$4,634, 1929: 35,000, 1930 to 1934 inclusive, and 16.000, 1935 to
Dewey, Bacon & Co
103.33
1938 inclusive.
Guaranty Co. of New York
103.68
103,447 assessment portion road improvement bonds. Due Oct. 1 as
Lawrence A. Fay & Co.. Inc
103.41
follows: $10,447, 1929: $10,000, 1930 to 1935 inclusive, and $11.
Dunkirk Trust Co.. Dunkirk
103.67
000, 1936 to 1938 inclusive.
CINCINNATI, Hamilton County, Ohio.
96,957 assessment portion road improvement bonds. Due Oct. 1 as
-BOND OFFERING.Henry Urner, City Auditor, will receive sealed bids until 12 m. Apr. 3,
follows: $8,957, 1929; $9,000, 1930 and 1931. and $10,000, 1932
for the purchase of the following issues of 43i% bonds aggregating 1800,000:
to 1938 inclusive.
$400,000 Playground and Boulevard impt. bonds. Due $20,000, Sept. 1.
48,928 assessment portion road improvement bonds. Due Oct. 1 as
from 1930 to 1949 inclusive.
follows: $4,928, 1929; 15.000, 1930 to 1933 inclusive, and 16,000,
1200,000 Park and Playground impt. bonds. Due 110,000, Sept. 1, from
1934 to 1937 inclusive.
44,965 assessment portion road improvement bonds. Due Oct. I as
1930 to 1949 inclusive.
200,000 City's portion street impt. bonds. Due $20,000. Sept. 1 1930
follows: $3,965, 1929; 54,000, 1930 to 1933 inclusive, and 15.000.
to 1939 inclusive.
1934 to 1938 inclusive.
Dated Apr. 1 1929. Denoms. 11,000. Bids may specify a different int.
45,353 county's portion road improvement bonds. Due Oct. 1 as follows:
rate provided, however, that should a fractional rate be bid such fraction
• $4,353, 1929; $4,000. 1930 to 1933 inclusive, and 15,000. 1934 to
shall be M of 1% or multiples thereof. Prin. and int. (Mar. and Sept. 1)
1938 inclusive.
payable at the American Exchange Irving Trust Co., New York. Bonds
35.325 assessment portion road improving bonds. Due Oct. 1 as follows:
may be coupon or registered. Bids may be made separately for each lot
$3,325, 1929; 13,000, 1930 to 1933 inclusive, and $4,000, 1934 to
or for all or none." A certified check payable to the order of the City
1938 inclusive.
Treasurer, for 3% of the bonds bid for is required. Bonds were authorized
35.656 county's portion road improvement bonds. Due Oct. 1 as follows:
in November, 1927 and 1928.
13,056, 1929: $3,000. 1930 to 1933 inclusive, and 14,000, 1934 to
1931Linclusive.
CITRUS COUNTY (P. 0. Inverness), Fla.
-BOND SALE.
-The
21,824 county's portion road improvement bonds. Due Oct. 1 as follows:
$41,000 issue of 6% refunding bonds offered for sale on Feb. 18-V. 128,
32,824, 1929; 12,000, 1930 to 1937 incl., and 83,000. 1938.
p. 764
-was awarded to the Brown-Crummer Co. of Orlando. Dated
All the above bonds are dated April 1 1929. Bids will be accepted for
Jan. 1 1929. Due from Jan. 1 1932 to 1951 incl.
bonds to bear a different interest rate, provided however, that where a
CLARK BOARD OF EDUCATION NO. 2 (P. 0. Las Vegas), Nev.- fractional interest rate is bid, such fraction shall be 31 of 1% or multiples
BOND SALE.
-An issue of 1100.0005% school bonds was jointly purchased thereof. Principal and interest (April and Oct. 1) payable at the office of
on Mar. 11 by the International Trust Co. and Benwell & Co., both of the County Treasurer. All bids must state the number of bonds bid for,
Denver. Denom.11,000. Dated Jan. 1 1927 and due on Jan. 1. as follows: stating separately the amount bid for county portion bonds and assessment portion bonds. A certified check, payable to the order of the County
115,000, 1939 to 1944 and $10,000 in 1945.
Treasurer for 1% of the bonds bid for, is required.
CLARKSDALE, Coahoma County, Miss.
-BOND SALE.
-The four
CUYAHOGA FALLS, Summit County, Ohio
-BOND OFFERING
issues of semi-annual bonds aggregating 1500.000, offered for sale on H. 0. Bach. City Auditor,
will receive sealed bids until 1 p. in. (eastern
March 12-V. 128. p. 1600
-were awarded to the First National Bank standard time) April 2, for the purchase of
$31,500 5% cemetery bonds.
of Memphis as 534s. for a premium of 11,305, equal to 100.261. The Dated April 1 1929. Denominations
11.000 and one bond for $500. Due
Issues are described as follows:
October 1, as follows: $2,500, 1930; $2,000, 1931 to 1943 inclusive; and
$250,000 Junior high school bonds.
$3,000. 1944. Principal and interest (April and Oct. 1) payable at the
30,000 public library bonds.
Depositors Savings & Trust Co., Cuyahoga Falls. A certified check
200,000 street improvement bonds.
payable to the order of the City Treasurer, for 10% of the bonds bid for is
20,000 sewer bonds.
Dated March 1 1929. The bonds are due as follows: One-fiftieth for required.
the first five years and one twenty-fifth for the next ten years. the balance
DAYTON,Montgomery County, Ohio.
-BOND SALE.
-The $500,000
series "A" of 1929, grade crossing elimination bonds offered on Mar. 14
In the next ten years, to be distributed as nearly equal as possible.
-V. 128, p. 1263
-were awarded as 434s to a syndicate composed of the
CLIO, Genesee County, Mich.
-BOND OFFERING.-Rolland F. Detroit Co., Graham,Parsons & Co.and Stone & Webster and Blodget, Inc.
Covert, City Clerk, will receive sealed bids until 8 p. in. March 21, for all of Now York, at 102.31, a basis of about 4.52%. Bonds are dated
the purchase of the following issues of bonds aggregating $105,000:
Mar. 15 1929 and mature on Oct. 1, as follows: 116.000.
1939 incl.;
$62,000 sewage disposal bonds. Due Jan. 1 as follows: $1,000. 1930 to and 117.000, 1940 to 1959 incl. Eldredge & Co. of New 1930 tobidding for
York,
1937 inclusive; 12.000, 1938 to 1949 inclusive, and $3,000. 1950 434s. offered 102.22 and a group composed of Harris, Forbes & Co..
to 1959 inclusive.
National City Co., both of New York, and Hayden. Miller & Co. of Cleve25.000 waterworks mortgage bonds. Due $1,000. Jan. 1 1932 to 1956 incl. land, also bidding for 434' offered 101.81 for the issue.
18.000 general waterworks bonds. Due $1,000, Jan. 1 1932 to 1949 incl.
DEKALB COUNTY (1'. 0. Auburn), Ind.
-BOND OFFERING.
Bids should specify interest rate. A certified check for 13,000 is required.
Legality to be approved by Miller, Canfield, Paddock & Stone of Detroit. Ward Jackman, County Treasurer, will receive sealed bids until 10 a. in.
March 30, for the purchase of $9,800 Stafford Township 434% road bonds.
COE TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Shepherd), Bonds are dated April 1 1929, are in denominations of $490, and mature
Isabella County, Mich.
-BOND SALE.
-The $60,000 school bonds of- $490, May and Nov. 15, from 1930 to 1939 inclusive.
fered on March 6-V. 128, p. 1435
-were awarded to the Grand Rapids
DELAWARE COUNTY (P. 0. Muncie) Ind.-BOND OFFERING.Trust Co., Grand Rapids, as 434a, at a price of par. Bonds mature on
Nov. 1 as follows:$2,000. 1929 to 1931 inclusive; $2,500. 1932 to 1934 incl.,• Ira J. Wilson. County Treasurer, will receive sealed bids until 10 a. in.
13,000, 1935 te 1937 Inc1.• $3,500, 1938 to 1940 incl.: $4,000. 1041 and March 19, for the purchase of 135.600 434% Albert Bauer et al Union
,
Township road construction bonds. Dated January 15 1929. Denom.
1942; $4,500, 1943 and 1944, and 55,000, 1945 and 1946.
$445. Due semi-annually on May and November 15.
COLOMA TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Coloma).
DE WITT COUNTY (P. 0. Cuero), Texas.
Berrien County, Mich.
-BOND SALE.
-BOND OFFERING.
-The 1125.000 school bondi
offered on Mar. 8-V. 128. p. 1435
-were awarded to Rumpus & Co. of Sealed bids will be received until 2 p. in. on March 18, by S. Kulawick,
Detroit as 5s. at par Wm a premium of $1,600, equal to a price of 101.28, a County Judge,for the purchase of $43,000 issue of5% road bonds. Denom.
basis of about 4.88%. Dated Oct. 1 1928. Due Oct. 1 as follows: $2,000, 11.000. Due $13,000 on Feb. 2 1953 and 115,000 in 1954 and 1955.
1929 to 1933 incl.; 13.000, 1934 to 1938 incl.; $4,000, 1939 to 1945 incl.:
DOLGEVILLE, Herkimer County N. Y.
-BOND OFFERING.$5.000. 1946 to 1951 incl.; and 16,000, 1952 to 1958 incl.
Sealed bids will be received by Edward , Rive, Village Clerk, until 7:30
C.
COLUMBUS, Franklin County, Ohio.
-BOND SALE.
-The $1,000,- p. m. March 26. for the purchase of $18,000 coupon or reentered street
-rate ofinterest not to exceed 6 and to be stated in a
000 454% sewerage and sewage disposal bonds offered on Mar. 14-V. 128, Improvement bonds
p. 1435
-were awarded to Eldredge & Co. of New York, at a premium of multiple of 34 of 19'. Dated March 1 1929.
enema. $1,000. Due
$2,190 equal to a price of 100.219, a basis of about 4.48%. Bonds are dated 12.000, March 1 1930 to 1938 inclusive. Prin. and Int. payable in gold
Feb. 1 1929 and mature $40,000, Feb. 1,from 1931 to 1955 incl. Estabrook at the First National Bank, Dolgeville. A certified check for UM is
& Co. of New York and Seasongood & Mayer of Cincinnati, bidding for required. Legality to be approved by Clay, Dillon & Vandewater of
434s, offered 102.31 and 101.72 respectively. Dewey, Bacon & Co. of New York City.
New York, bid 100.03 for 1560,000. 5s. and $440,000. 4Ms. Detroit Co.
DOWNEY UNION HIGH SCHOOL DISTRICT (P. 0. Los Angeles)
of New York, bid 102.01 for 434s, and 100.001 for $680.000 bonds as 430, Los Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be
and $320,000 as 4%s
received by L. E. Lampton, Conn? Clerk, until 2 p. m. on March 18, for
,
CONNELLSVILLE, Fayette County, Pa.
-BOND SALE.
-The the purchase of a $70,000 issue of5 school bonds. Denom.31,000. Dated
% bond offering on February 18-V. 128, p. 1093
285,000
-were Dec. 1 1928 and due on Dec. 1 as follows: $3,000. 1933 to 1946 and 14,000.
awarded to the Mellon National Bank of Pittsburgh, at a premium of 1947 to 1953, all incl. Prin. and semi-annual int. payable at the County
Treasury. No bids at less than 5% or below par will be considered. A
2350.55 equal to a price of 100.42 a basis of about 4.20%. Dated Feb. 1 certified
check for 3% of the bonds, payable to the order of the Chairman of
1929. Due Feb. 1, as follows: 15,000, 1933 to 1939 inclusive; and $10.000.
the Board of Supervisors, must accompany the bid. The following state1940 to 1944 inclusive.
ment accompanies the offering notice:
-BOND SALE.
-The $13,140.83
CORVALLIS, Benton County, Ore.
"Downey Union High School District has been acting as a high school
Issue of 6% semi-annual improvement bonds offered for sale on March 4- district under the laws of the State of California continuously since July 1
V. 128, p. 1436
-was awarded to Atkinson-Jones & Co. of Portland, at a 19
02.
"The assessed valuation of the taxable property in said high school dieprice of 104.021, a basis of about 5.48%. Dated March 1 1929. Due on
March 1 1939 and optional after 1 year.
trictfor the year 1928 is 56.140.020, and the amount of bonds previously
The only other bid was an offer of 103.06 by Pierce, Fair & Co. of Port- Issued and now outstanding is 1219,000.
"Downey Union High School District includes an area of approximately
land.
13.18 six. miles, and the estimated population of said high school district is
- 10,000.
-BOND OFFERING.
COURTDALE SCHOOL DISTRICT, Pa.
Thomas Bailey, Secretary Board of School Directors, will receive sealed
DUNKIRK,
-BOND OFFERING.-Frank
bids until 7:30 p. in. April 5 for the purchase of $20,000 5% coupon school J. Janice, City Chautauqua County, N. Y.
Treasurer, will
bonds. Dated Dec. 15 1928. Denom. $1,000. Due 12,000 Dec. 15 for the purchase of 1100,1)00 receive sealed bids until 7.30 p.m. April 2,
the order of the June 11929. Denominations % Hyde Creek Diversion bonds. Dated
from 1931 to 1940 incl. A certified check, payable to
$1,0100. Due $10,000, June 1 1930 to 1939
District Treasurer, for 5% of the bonds bid for is required.
inclusive. Principal and interest payable at the office of the City Treasurer.
- A certified check, payable to the order of the City Treasurer for 5% of the
CRANFORD TOWNSHIP (P. 0. Cranford) Union County, N. J.
BOND SALE.
-The following coupon or registered bonds aggregating bonds bid for, Is required.
$280.000 offered on March 12-V. 128. p. 1600
-were awarded as 5s to
EAST GOSHEN TOWNSHIP,Chester County,Pa.
-BOND SALE.
J. S. Rippel & Co., of Newark:
E. H. Rollins &
$189.000 assessment bonds. Due January 1, as follows: $15,000, 1930 and coupon township Sons of Philadelphia, recently purchased 114,000 4
bonds. Dated March 1 1929. Denominations $1,000.
1931; $20,000, 1932 to 1938 Inclusive; and 119,000, 1939.
111.
Due March 1 as
91,000 improvement bonds. Due January 1, as follows 14,000. 1931 to and hat. (March follows: 35,000, 1934 and 1939; and $4,000, 1944. Prin.
and Sept. 1) payable at the Paoli
1949 inclusive: and $5.000. 1950 to 1952 inclusive.
Paoli. Legality to be approved by Townsend, Elliott Bank &. Trust Co.,
& Munson of PhilaI Dated January 1 1929.
delphia. Bonds are being reoffered for investment by the successful bidders.
priced to yield 4.25% •
-BOND SALE.
CRAWFORD COUNTY (P. 0. Meadville), Pa.
The Titusville Trust Co. of Titusville recently purchased an issue of
Financial Statement.
2200,000 temporary road improvement bonds, beaming a coupon rate of Assessed valuation (1928)
1841.250
%. at a price of par. Interest payable send-annually Issue matures Estimated real valuation
2 500,008
Total bonded debt (including this issue)
in 1933.
14,000
Population
2,600
CRESTON, Union County, lowa.-BOND SALE.
-A $4,950 issue of
EASTHAMPTON, Hampshire County, Mass.
4ti% sewer bonds has been purchased recently by the First National Bank
-TEMPORARY LOAN.
-The First National Bank of Boston, was awarded on March 13, a $50,000
of Creston, at par. Due in 1034.
temporary
CROWELL INDEPENDENT SCHOOL DISTRICT (P. 0. Crowell) 8 months. loan, on a discount basis of 5.33%. Notes mature in about
F. S. Moseley & Co. of Boston, were
Foard County, Tex.
-BOND SALE.
-A $10,000 issue of school bonds has offering to discount the issue on a 5.65% basis. the next highest bidders,
been purchased by Garrett & Co. of Dallas subject to an election held on
EAST ST. LOUIS PARK DISTRICT, St. Clair County, Ill.
March 11.
-PRICE
-The price paid
CUMBERLAND COUNTY (P. 0. Fayetteville), N. C.
-BOND PAID. 1, to Kent, Grace for the $200,000 434% park bonds awarded on
March
& Co. of Chicago
-V. 128, p. 1601-was par plus
OFFERING -Sealed bids will be received by C. C. Howard. Clerk Board a premium of
$305. equal to 100.15, a basis of about 4.739'. Dated March
of County Commissioners, until 11 a, m. on March 23, for the purchase of
a $700,000 issue of funding and refunding bonds. Int. rate is not to exceed 1 1929. Due March 1 as follows: $30,000, 1935; $20,000, 1938; $30,009,
% and is to be stated in a multiple of X of 1%. Dated March 1 1929 1944, and $60,000, 1948 and 1919. Coupon bonds In denom. of $1,000.
and due on March 1 as follows: $20,000. 1931 to 1936; $25,000, 1937 to
ECORSE TOWNSHIP SCHOOL DISTRICT NO.9 Wayne County,
-BOND OFFERING.
1940; $30,000, 1941 to 1944: $35,000, 1945 to 1948; $40,000, 1949 to 1951 Mich.
-Floyd B. Norton, District Socrotary. will
and 150.000 in 1952 and 1953. Prin. and semi-annual int. payable at the receive sealed bids until 7 p. In. March 18, for the purchase of the followGuaranty Trust Co. in New York City. Authority, Chapter 81, Public ing issues of 5% bonds, aggregating 5157.750:
MAIL 16 1929.]
FINANCIAL CHRONICLE
$124,350 school bonds. A certified check for $5,000 is required.
33,400 school site bonds. A certified check for $1,000 is required.
Both issues mature in 30 years.
-D, F.
-BOND OFFERING...
ELIZABETH, Union County, N. J.
2, for
Collins, City Comptroller, will receive sealed bids until 12 m. Aprilbonds,
following coupon or registered 4% or 434%
the purchase of the
aggregating $1,104,000:
$888,000 school bonds. Due April 1 as follows: $26,000. 1930 to 1944,incl.,
230.000, 1945, and 239,000, 1946 to 1957 Incl.
216,000 street improvement bonds. Due April 1 as follows: 212.000, 1930
to 1937, incl.; 217,000, 1938 to 1943, incl., and 218.000, 1944.in
p Dated April 11929. Denom. $1,000. Principal and interest payable to
gold at the National State Bank of Elizabeth, Elizabeth. No more bonds
be awarded than will produce a premium of $1,000 over the amount of each
Issue. The United States Mtge. & Trust Co., N. Y. will certify as to the
genuineness of the bonds and as to the seal and signatures impressed thereon.
A certified check payable to the order of the City for 2% of the bonds bid
for is required. Legality to be approved by Reed, Hoyt & Washburn of
New York City.
-A 267,000
-ELECTION SALE.
-PRE
ERIE, Weld County, Colo.
Issue of 5% city hall bonds has been purchased by a Denver bond house
to be held on April 4. Due in 15 years and optional
subject to an election
In 10 years.
-The
-TEMPORARY LOAN.
FALL RIVER, Bristol County, Mass.
First National Bank of Boston, was awarded a $500,000 temporary loan,
7 1929. on a discount basis of
dated March 11 1929 and maturing on Nov.
5.59%. Fall River National Bank. was the only other bidder offering to
discount the loan on a 5.625% basis.
-BOND SALE.
FARIBAULT COUNTY (P. 0. Blue Earth), Minn.
The $85,000 issue of drainage funding bonds offered for sale on March 4-was awarded to the Minnesota Co. of Minneapolis. for a
V. 128. p. 1264
$600 premium, equal to 100.705. Dated March 1 1929. Due from March
1 1932 to 1944 inclusive.
The following is a list of the other bids (all for 434s) submitted:
Premium.
Bidder$590.00
Wells-Dickey Co
465.00
Co
The First Minneapolis Trust
382.00
Paine-Webber Co
-BOND OFFERING.
FAYETTEVILLE,Cumberland County, N. C.
will be received until noon on March 23, by H. J. McDule,
Sealed bids
$137,000,
City Clerk, for the purchase of two issues of bonds aggregating
as follows:
$87.000 street improvement bonds. Due on April 1 as follows: $4,000,
1931 to 1940; $5,000, 1941 to 1947 and 1948 and 1949.
50,000 sewer bonds. Due on Aprll 1 as follows: $1,000, 1932 to 1949,
and $2,000, 1950 to 1965.
Interest rate is not to exceed 6%. Denom. $1,000. Dated April 1
New York.
1929. Principal and interest (A. & 0.) payable in gold in the preparasupervise
The U. S. Mortgage & Trust Co. of N. Y. City will said bonds. Masslich
bonds and will certify the genuineness of
tion of the
bidding
& Mitchell of N. Y. City will approve the legality. The required
forms will be furnished by the above clerk. A $2,740 certified check must
accompany the bid.
Financial Statement.
212,826,000.00
Assessed valuation, 1928
25,000.000.00
Actual valuation, estimated
$1,576,500.00
Total debt including bonds now offered
Less:
$435,208.10
Water debt
50,000.00
Light debt
Uncollected special assessments applicable
to Street Bonds:
197,706.87
Actually levied
45,154.40
To be levied
728,069.37
County,
GLOUCESTER TOWNSHIP,(P. 0. Blackwood) Camdenon March
-It Is reported that no bids were submitted
-NO BIDS.
N. J.
7
0
im13. for the purchase of 255,000 431, 431 or 5 coupon or registered
provement.bonds, scheduled to have been sold-V.128, p. 1601-Bonds
on March 1, as follows: $3,000, 1931 to
are dated Mar. 1 1929 and mature
1934 incl: and $4,000, 1935 to 1945 incl.
GOLDTHWAITE INDEPENDENT SCHOOL DISTRICT (P. 0.
-A $50.000 issue of
-BOND SALE.
Goldthwaite) Mills County, Texas.
school bonds has been purchased at par by the State of Texas.
Gorse)
GOREE INDEPENDENT SCHOOL` DISTRICT (P. o. of school
-A 140.000 issue
-ELECTION SALE.
-PRE
Knox County, Tex.
Co. of Dallas subject to an election
bonds was purchased by Garrett &
scheduled to be held on March 12.
Stone
GRACEVILLE SCHOOL DISTRICT, (P. 0. Graceville) Big bonds
-A $78,000 issue of school building
-BOND SALE.
County, Minn.
been purchased at par by the State of Minnesota.
has recently
-Jacob Van
-NO BIDS.
GRAND RAPIDS, Kent County, Mich.
11,
Wingen, City Clerk, states that no bids were submitted on March
Issues of 4% bonds aggregating $943,000:
for the purchase of the following
1 1930 to 1934,
2460,000 street improvement bonds. Due 292,000, April
Inclusive.
1 1930 to
288,000 sewage disposal system bonds. Due 212,000, Aug.
1953, incl.
$19,000, April 1 1930 to 1939, incl.
190.000 street impt. bonds. Due
1934, incl.
5.000 sewer construction bonds Due $1,000 April 1 1930 to
Dated April 1 1929.
NO. 9
GRASSY LAKE AND TYRONZA DRAINAGE DISTRICT
-BASIS.-MATURITY
Ark.
(P. O. Osceola), Mississippi County,No. 4 bonds that was purchased
nds
trict
sub-dis
The $225,000 issue of 534
128. p. 434
by M. W. Elkins & Co. of Little Rock at a price of 93.50-V.
$14,000.
is due on Aug. 1 as follows: $12,500, 1938: $13.500, 1939: $18,500. 1940;
1945:
1944:
$15,000, 1941; 115.500. 1942: $16,500, 1943: $17,500, 1949 and $18,500
119,500, 1946; 120.500, 1947; $21,500, 1948; $22,000,
In 1950, giving a basis of about 6.16%.
-A
-NOTE SALE.
N. C.
GREENE COUNTY (P. 0. Snow Hill), purchased by an unknown
$20,000 issue of 607 notes has recently been March 29 1929.
March 9 1929 and clue on
investor. Dated
-The
-PRICE PAID.
HALE COUNTY (P. 0. Plainview), Tex.
March 4 by Kauff$200.000 issue of 607 road bonds that was purchased on
128, p. 1601-was awarded to them for
-V.
man,Smith & Co. or St. Louis.
e
a premium of $2,147.30, equal to 101.073, a basis of about 5.89%.**Du
serially in from 1 to 30 years.
-BOND OFFERING.
HAMILTON COUNTY (P.O. Noblesville), Ind.
m.
bids
Clyde Pettijohn, County Treasurer, will receive sealed road until 10 a.
bonds to bear
March 29, for the purchase of $7,500 Clay Township, Bonds are dated
payable semi-annually.
interest at the rate of 454%.
1930
March 26 1929 and mature semi-annually on May and Nov. 15, from
to 1939 inclusive.
Hamlin),
HAMLIN COMMON SCHOOL DISTRICT NO. 6 (P. 0. registered
-The $45,000 coupon or
-BOND SALE.
Monroe County, N. Y.
12-V. 128. p. 1601-were awarded to
school bonds offered on March
of 100.06
the Livingston County Trust Co. of Geneseo., as 4.80s, at a price
Nov.
a basis of about 4.79%. Bonds are dated Nov. 1 1928. and mature
1, as follows: 2500, 1929 to 1933 inclusive; $1,000 1934 to 1938 inclusive;
to 1943 inclusive; $2.000. 1944 to 1948 inclusive: and $2.500.
21.500 1939
1949 to 1956 inclusive.
Tangipahoa
HAMMOND DRAINAGE DISTRICT (P. 0. Amite), bonds offered
-BOND SALE -The 2110,000 issue of drainage Well, Roth
Parish, La.
-was awarded to the
for sale on March 7-V. 128, p. 1602
& Irving Co. of Cincinnati, for a $610 premium, equal to 100.55.
-LOAN OFFERING.
HAMPDEN COUNTY (P.O. Springfield), Mass.
11 a. m.
-Fred A. Bearse, County Treasurer, will receive sealed bids until $25,000,
2200,000 temporary ldan. Denom.
Mar. 25,for the purchase of a
Legality to be approved by
$10,000 and 15,000. Due Nov. 7 1929.
Ropes, Gray, Boyden & Perkins of Boston.
-The
-BOND SALE.
HATTIESBURG, Forrest County, Miss.
sale on Mar. 7-V. 128,
offered
$25.000 issue of 5% library site bondsBank offor
Hattiesburg, for a premium
-was awarded to the Citizens
P. 1602
0
Denom. 21.000. Dated
of 250, equal to 100.20, a basis of about 4.99 7. Apr. St Oct.
Apr. 15 1929. Due in 25 years. Int. payable in
-Sealed bids
-LOAN OFFERING.
HAVERHILL,Essex County, Mass.
a. m. to-day, Mar. 16, for
will be received by the City Treasurer until 11
temporary loan, dated
the purchase on a discount basis of a 2300,000
Mar. 19 1929 and due on Nov.8 1929.
-100L DISTRICT (P.O. Greensburg),
HEMPF1ELD TOWNSHIP SCI
-Roy E. Meek. Secre-BOND OFFERING.
Westmoreland County, Pa.
until 2 p. m. March 29,
tary Board of Directors, will receive sealed bids
Dated April 10 1929
school
for the purchase of $165,000 434% follows:bonds.
223,000. 1930; 213,000. 1931;
Denom. 01.000. Due Oct. 10 as
1935 and 1936; $17,000.
$14,000, 1932 and 1933; 215,000, 1934; 116.000,
certified check, payable to
1931; $18.000. 1938 and $19,000, 1939. A
Treasurer, for $500, is required. These
the order of II. C. Waugaman,
March 4-V. 128. p. 921.
are the bonds offered unsuccessfully as 430 on
2848,430.63
Net debt
net
Sinking funds of $170,607.56 are not here deducted in computing and
no separation of such funds for bonds other than water
debt because
light bonds has been made.
The water and light plant is treated as a combined plant. The net earnings of the Public 'Works Commission, operating this plant, for the year
ending May 31 1928 amounted to 294,560.00.
Population, (1910 census). 7,045; population, (1920 census), 8.887;
and population, (now estimated), 15,000.
-A
FAYETTEVILLE, Fayette County, W. Va.-BOND SALE.
$34,000 issue of sewer and street paving bonds has been purchased at par by
the State of West Virginia.
-The$100,000
-PRICEPAID.
FLORENCE,Lauderdale County,Ala.
Issue of 6% coupon refunding bonds that was purchased by Caldwell & Co.
-was awarded at par plus the cost of printed
-V.128 P. 593
of Nashville
bonds and legal opinion. Dated Jan. 1 1929. Due from Jan. 1 1932 to
1959 inclusive.
-The $60,-BOND DESCRIPTION.
FOREST, Scott County, Miss.
000 issue of waterworks bonds that was purchased by Caldwell & Co. of
-is more fully described as follows: 531%
p. 593
-V. 128,
Nashville
coupon bonds in denoms. of $1,000 and $500 each. Dated Feb. 1 1929
and due on Feb. 1 as follows: $1,500, 1930 to 1934; $2,500, 1935 to 1949 and
the
23.000 in 1950 to 1954, all incl. Prin. and int. (F. & A. 1) payable at
office of the Depository in Forest. Legality to be approved by B. II.
Louis.
Charles of St.
-BOND
FRANKFORT (P. 0. Frankfort) Herkimer County, N. Y.
-Warren J. Carder, Town Supervisor, will sell at public aucOFFERING.
on March 26, at 10 a. m., 271,000 5% coupon or registered highway
tion
improvement bonds. Dated April 11929. Due April 1 as follows: 21,000,
1930, and $5,000. 1931 to 1944, incl. A certified check payable to the order
of the above-mentioned official for $1,500 is required. Legality to be
approved by Clay, Dillon & Vandowater of New York City.
-The $35,000'
-BOND SALE.
FREDERICK, Tillman County, Okla.
Issue of semi-annual sanitary sewer bonds offered for sale on March 11V. 128,P. 1601-was awarded at par to the sinldng fund. Dated March 1
1929. Due from March 1 1933 to 1944.
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
10 a. m.
Carl L. Woods, County Treasurer, will receive sealed bids until aggregatMarch 30, for the purchase of the following issues of04% bonds,
ing $48,000:
road construction bonds.
$25,000 H. C. Barr et al Patoka TownshipNov. 15 from 1930 to 1939.
Denoms. $625. Due $1.250 May and
incl.
23.000 0. M. Gilbert ot al Patoka Township road construction bonds.
Denoms. $575. Due $1,150 May and Nov. 15 from 1930 to 1939.
Inclusive.
Both issues are dated March 15 1929. Interest payable on May and Nov.
15.
-A $10,000
-BOND SALE.
GLADBROOK, Tama County, Iowa.
by the State Bank
issue of 431% town hall bonds has been purchased at par
from 1931 to 1947.
of Gladbrook. Due
-BOND SALE.
GLOUCESTER CITY, Camden County., N. J.
on Feb.25. the following issues
IL M. Grant & Co. of New York. purchased
2135,000:
of 531% bonds, aggregating
premium of 21,300, factual
$95,000 water works improvement bonds, at a
Mardi
to 101.36, a basis of about 5.13%. Dated follows:1 1929. Int.
$2.000, 1931
1. Due March 1 as
payable May and Sept.
to 1936, incl.; $3000, 1937 to 1963, incl., and 22,000. 1964. equal
street improvement bonds, at a premium of $250,
40.000 refunding
to 100.62. a basis of about 5.17%. Dated July 11929. Due $2,000
July 1
July 1 1930 to 1949. incl. Interest payable on Jan. and
Coupon bonds in denoms. of $1,000.
Financial Statement.
110,871.616
Assessed valuation 1929
2,556,725
Total bonded debt (incl. these bonds)
$353,000
Less: Water debt
234,547
Sinking fund
891,700 1.479.217
Special assessments levied and confirmed
1.077.478
(as computed under N. J. statutes)
Net debt
Population 1929 (est.), 20,000. •
1775
No. 19 (P. 0.
HEMPSTEAD UNION FREE SCHOOL DISTRICT -The $125.000
-BOND SALE.
East Rockaway), Nassau County, N. Y.
p. 1437-were awarded to
school bonds offered on March 14-V. 128,4.90s, at a price of 100.54.
George B. Gibbons & Co. of New York, as
follows: $1.000,
Bonds are dated April 1, 1929 and mature on April 1, as 84,000. 1937;
1934 to 1936 inclusive;
1931 and 1932: 22.000, 1933; 83,000 1940 and 1941; $8,000, 1942 to 1944
$6,000, 1939: 27.000,
25.000, 1938;
and 113.000. 1948
inclusive; $10,000. 1945: $11,000, 1946; $12,000 1947;
for 5% bonds.
and 1949. Dewey, Bacon & Co. of New York. bid 100.53
-BOND OFFERING.
HENDRICKS COUNTY (P.0. Danville), Ind.
will be received
Sealed bids addressed to Charles E. Shields, County Trees,ditch bonds, to
until 10 a. m. on March 30, for the purchase of $129.995Bonds are dated
boar Interest at the rate of 6%, payable semi-annually.
proposal.
Dec. 15 1928. A certified check for 2500 must accompany each
-E. J.
-BOND OFFERING.
, Herkimer County, N. Y.
HERKIMER
m.
Beckingham, Town Supervisor, will receive sealed bids until 10 a. t
March 26, for the purchase of $19,000 coupon 5% highway improvemen
1929. Denominations $1,000. Due April 1,
bonds. Dated April 1
Prin. and int.
as follows:$2,000, 1930 to 1938 inclusive; and $1,000, 1939. rexisterable as
(April and October 1) payable in gold at Herkimer. Bondscertified check
A
to principal only or as to both principal and interest.
payable to the order of the above-mentioned official for 21.000 is required.
Legality to be approved by Clay, Dillon & Vandewater of New York City.
Bonds are to be,sold at public auction.
-The 250,000
-LB.
-BOND SA
HOLLAND, Ottawa County, Mich.
to
5% repaving bonds offered on March 6-V. 128, p. 1265-were awarded to
Trust Co., Grand Rapids, at a premium of $830. equal
the Michigan
1 1929 and mature
101.66, a basis of about 4.66%. Bonds are dated Feb.
submitted:
15.000 Aug. 1 1929 to 1938, incl. The following bids were alsoPremium.
Int. Rate.
KoBidderPar
5%
Peoples State Bank, Holland
268.00
5
First National Bank, Detroit
158.50
9
57
Bank of Detroit, Detroit
257.00
5g
JohnNuveen & Co., Chicago
161.00
431%
Detroit & Security Trust Co., Detroit
-The
-BONDS NOT SOLD.
" HOLLYWOOD, Broward County, Fla.
p.
$95,000 issue of 6% refunding bonds offered on March 11-V. 128.
Due
1437-was not sold as no bids were received. Dated Dec. 31 1928.
on March 1 as follows: $15,000, 1933 and $20,000 from 1934 to 1937.
-The
HOPEWELL, Prince George County,Va.-BONDS NOT SOLD. 128,
three issues of bonds aggregating $300.000, offered on March 12-V.
sold. They are described as follows: 2150.000 street
-were not
p. 1602
Dated
improvement: 2100,000 school and $50.000 sewer bonds. reported Nov.
that
is
1 1928. Due 230,000 from Nov. 1 1944 to 1953, incl. It
sale within a short time.
the bonds will again be offered for
1776
FINANCIAL CHRONICLE
IOWA, State of (P. 0. Des Moines)-WARRANT OFFERING.Subscriptions will be received by R. E. Johnson, State Treasurer, until
the close of business on March 23. for the purchase of a $200,000 issue.
5% series 20 anticipatory warrants. Par value $10,000 each. Due on
or before April 11931). Int. payable on Dec.31 1929 and on date of maturity.
IMFIPSWICH, Essex County, Mass.
-TEMPORARY LOAN.
-The First
National Bank of Boston, was awarded on March 8,a 1100.000 temporary
loan, maturing in seven months, on a discount basis of5.355%. The
Merchants National Bank of Boston, was the next highest bidder, offering
to discount the loan on a 5A7% Wale.
JACKSON, Hinds County, Miss.
-BONDS VOTED.
-At the special
election held on March 9-V. 128, p. 1437
-the voters approved the
various propositions for civic improvements aggregating $675.000. by a
count of 942 "for" as compared with 129 "against."
[VOL. 128.
LITTLE FALLS, Herkimer County, N. Y.
-BOND OFFERING.
Barney Abeel, Town Supervisor, will receive sealed bids until 10 a. M.
Mar. 26 for the purchase of $25,000 5.7,, highway improvement bonds.
Dated April 1 1929. Denoms. $1,000. Due April 1, as follows:
$1,000,
193G: and. $2,000, 1931 to 1942 inclusive. Principal and Interest (April
and October 1) payable at Little Falls. Coupon bonds registerable as to
principal only, or as to both principal and interest. A certified check payable to the order of the above-mentioned official for $1,000 is required.
Legality to be approved by Clay, Dillon & Vandewater of New York City.
Bonds are to be sold at public auction.
LODI, Bergen County, N. J.
-BOND OFFERING.
-Joseph D.
cella, Borough Clerk, will receive sealed bids until 8:30 p. m. March Pa25.
for the purchase of the following coupon or registered, 4;i, 5.5I4 or
536%
bonds aggregating $430,500:
$318,000 assessment bonds. Denoms. $1,000. Due March 1, as follows
326,000. 1930 to 1934 incl.; $36,000, 1935; and $38,000, 193e
JAMESTOWN, Stutsman County, N. Dak.-ADDITIONAL DEto 1939 incl.
TAILS.
-The $84,000 issue of school building bonds that was purchased
112,500 public improvement bonds. Denoms. $1,000,one bond for $500.
at par by the State Board of University and School Lands
Due March 1, as follows: $6,000, 1931 to 1938 incl.; $8,000.
-V. 128, p.
1602
-bears interest at 5%. Due from 1930 to 1948.
1939 to 1945 incl..• and $8,500. 1946.
Dated Mar. 1 1929. Principal and int. (May and Sept. 1) payable ID
JANESVILLE, Rock County, Wis.-BOND OFFERING.
-Sealed bids gold at the First National Bank, Lodi.
were received until 2 p. m. on 'March 15, by A. J. Olsen, City Clerk and will produce a premium of $1,000 over No more bonds to be awarded than
Treasurer,for the purchase ofa $375,000 issue of4;4% coupon school bonds. fied check payable to the order of thethe amount of each Issue. A certiBorough for
Denom. $1.000. Dated April 11929. Due on Jan. 1 as follows: $15,000, for is required. Legality to be approved byReed. 2% of the bonds bid
Hoyt & Washburn of
1930 to 1934, and $20.000. 1935 to 1949. all incl. Prin. and Int. (J. & J.) New York.
payable at the office of the City Treasurer. Chapman & Cutler of Chicago
LORAIN,
-A. M.
will furnish the legal approval. The printing of the bonds to be paid for Pollock, City Lorain County Ohio.-BOND OFFERING.
Auditor, will receive sealed bids until 12 m. March 30, for
by the purchaser.
the purchase of 1237,318.88 5,0 coupon special assessment street improve7
ment bonds. Dated Mar. 15 1929. Due Sept. 15, as follows: $26,318.88,
JOHNSON COUNTY (P. 0. Franklin) Ind.
-BOND SALE.
-The 1930:326.000, 1931
following issues of 4;4% bonds aggregating $16,900 offered on March 8- and interest (}starchto 1935 incl., and $27,000, 1936 to 1938 incl. Principal
-V. 128, p. 1437
-were awarded to the J. F. Wild Investment Co. of trustees in Lorain. Aand Sept. 1) payable at the office of the sinking fund
certified check for 2% of the bonds bid for is required.
Indianapolis, as stated below:
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
$11,300 Ed.Paddock et al White River Twp. highway improvement bonds,
at a premium of $45.00, equal to 100.39, a basis of about 4.42%. DISTRICT NO. 149 (P. 0. Los Angeles) Calif.
-BOND SALE.
-The
$120,298.66 issue of improvement bonds offered for sale on Mar. 4-V.
Due $565, May and Nov. 15,from 1930 to 1939 incl.
-was awarded to the Investment Securities Corp. of Los
5,600 John W. S. hephard et al White River Twp. highway improvement 128, p. 1438
Angeles, as 6s, for a premium of $2,627.42, equal to 102.18, a basin of
bonds at a premium of $17.00, equal to 100.30, a basis of about
about 5.79%. Dated Feb. 181929. Due from Feb. 18 1934 to 1953 incl.
4.44%. Due $280, May and Nov. 15,from 1930 to 1939 incl.
Dated Mar.8 1929. Other bidders were:
LOVELAND, Tillman County, Okla.
-BOND OFFERING.
-Sealed
Premium
bids will be received until 2 p. in. or Mar. 18, by Albert Tindle, Town
BidderPaddock
Shepherd Clerk, for the purchase of a $5,000 issue of semi-annual water works bonds.
Road.
Road.
Interest rate is not to exceed 6%. Dated Mar. 1 1929 and due on Mar. 1.
Fletcher Savings 8c Trust Co..Indianapolis
$31.80
$6.70
as follows: $300. 1933 to 1948 and $200 in 1929. A certified check for 2%
Farmers Bank, Franklin
15.00
7.50
is required.
City Securities Corp., Indianapolis
12.00
1.00
LOWER ALSACE TOWNSHIP SCHOOL DISTRICT (P. 0. Stoney
Inland Investment Co., Indianapolis
5.75
1.00
Creek Mills), Berks County, Pa.
-BOND OFFERING.
-Charles A
Newcomet, Secretary Board of School Directors, will.receive sealed bids
JOHNSON COUNTY UNION GRADED SCHOOL DISTRICT NO.
until 8
58 (P. 0. Tishomingo), Okla.
-BOND DESCRIPTION.
-The $18.500 bonds. p. in. April 4, for the purchase of $61,000 4;4% coupon school
Dated .April 1 1929. Denom. $1,000. Due April 1 as followsIssue of school bonds that was reported sold-V. 128. p. 921-is more
fully described as follows: 513,500 5% coupon bonds and $5,000 5I4% 31.000. 1930 to 1934, incl: $2,000, 1945 to 1949, incl.; $3,000. 1950 to
coupon bonds, payable semi-annually. Denom. $500. Dated Oct. 15 1954,incl.:14.000, 1955 to 1958. incl., and ,and $5.000, 1959. A certified
check, payable to the order of the District Treasurer, for 2% of the bonds
1928. Due $1.000, 1931 to 1947 and $1,500 in 1948.
bid for, is required. Legality to be approved by Townsend, Elliott &
JONES COUNTY CONSOLIDATED ROAD DISTRICT NO. 10 Munson of Philadelphia.
(P. 0. Anson) Tex.
-BOND DESCRIPTION.
-The two issues of bonds
LUBBOCK. Lubbock County, Tex.
-BONDS REGISTERED.
-The
!kggregatIng $461,000, that were purchased by the Brown-Crummer Co. of three
issues of5% coupon sewer, water extension and paving bonds aggregatWichita
-V.128, p. 1437
. -are more fully described as follows:
ing $200,000. that were awarded to Stranahan, Harris & Oatis, Inc. of To$436.000 5% series
'
road bonds awarded for a premium of $198. equal
-V. 128, p. 1438
-were registered on March 5.
to 100.04, a basis of about 4.99%. Denom. $1,000. Dated ledo
Jan. 11929. Duefrom Mar. 1 1932 to 1958.
NDHURST (P. 0. Lyndhurst) Bergen County, N. J.
-BOND
25.000 5 % series "D" road bonds awarded for a $362 premium, equal OFFEHING.-Albert II. Crankshaw, Di”ector of Department of Revenue
to 101.448, a basis of about 5.33%. Denom. $1,000. Dated and Finance, will receive sealed hi Is until 8 p. in. March 18, for the purFeb. 11929. Due $1,000 from Aug.! 1929 to 1953.
chase of $65,000 4%1 Puhli; 1 hrary bonds. Denom. 11.000. Due Dec. 1,
1
as follows: $2,000, 1929
KLAMATH FALLS SCHOOL DISTRICT (P. 0. Klamath Falls) Interest payable at' to 1960 incl., and $1,000, 1961. Principal and
the Fist Natianal Bank, Lyndhurst. No more bonds
Klamath County, Ore.
-BONDS OFFERED.
-Sealed bids were received to be awarded than will
until Mar. 14, by the District Clerk,for the purchase of an issue of $150,000 stated above. A certified produce a premium of $1.000 over the amount
check payable to the order of the Township for
school bonds. Interest rate is not to exceed 53.%.
2% of the bonds biATor ls required.
LAPORTE COUNTY (P. 0. LaPorte), Ind.
-BOND OFFERING.
MADISON COUNTY (P. 0. Canton) Miss.
-The
-BOND SALE.
Sealed bids will be received by the County Treasurer until 10 a. m.,Mar. 16,
of general county road bonds offered for sale on Mar. 5for the purchase of an issue of $26.0.10 voting machines, to bear interest at $100,000 issue -was
V. 128, p. 1438
awarded to Kauffman, Smith & Co. of St. Louis, as
the rate of 4;4% payable semi-annually.
5s. for a premium of $328, equal to 100.328, a basis of about 4.96%. Dated
LAftAM1E COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Cheyenne), Mar. 11928. Due from Mar. 1 1929 to 1953 incl.
Wyo.-BOND SALE.
-A $36,000 issue of school bonds has been purchased
MANHEIM, Herkimer Counts., N. Y.
-BOND OFPERINO.-.P. M.
by the Stockgrowers National Bank of Cheyenne. Pierce, Town Supervisor will receive sealed bids until 10 a. m.. Mar. 26.
for the purchase of
bonds.
LARIMER COUNTY SCHOOL DISTRICT NO. 12 .O.Timnath), Dated Apr. 1 1929. 412.000 6% registered highway improvement1931 to
Denom. $1,000. Due
,000. Apr. 1 from
Colo.
-PRE
-ELECTION SALE.
-A_$23,000 issue of 434 school building 1934 incl. Prin. and int. (A. & 0. 1) payable
Dolgeville, N. Y. A
bonds has been purchased by Geo. . Vallery & Co. of Denver subject to certified check for $600 is required. Bonds are to In sold at public auction.
be
an election to be held in April.
MARGATE CITY, Atlantic County, N. J.
-BOND SALE.
-M. M.
LEESBURG,Lake County, Fla.
-BONDS NOT SOLD.
-The $112,000 Freeman & Co. of Philadelphia, recently purchased the following issues
Issue of coupon refunding bonds offered on March 11-V. 128. p. 1264- of6% bonds aggregating $252.000.
was not sold as all the bids received were rejected.
3152.000 Tax Revenue bonds. Dated Dec. 31 1928. Due Dec. 31 1930.
BOND OFFERING.
-Sealed bids will be received until April 8 by W. E.
100.000 D mpo5 ly34.
teee 1rar 9 improvement bonds. Dated Dec. 15 1928. Due
.
Harlmess, City Clerk, for the purchase of an issue of $112.000 coupon
refunding bonds. Int. rate is not to exceed 6%. Alternative bids at
PrIncinal and semi-annual interest payable in gold at the Hanover
various rates are desired. Denom. $1,000. Dated March 1 1929 and Nsfi mal Bank. New York. Coupon bonds in denoma. of $1,000 with
due on March 1 as follows: 112.000, 1934 and 920,000 in 1939, 1944, oil% liege of re titration. Legality approved by Clay, Dillon & Vande,
1949, 1954 and 1957. Prin. and semi-annual int. payable at the National water of New York City.
City Bank in New York City. Legality will be approved by Caldwell &
Financial Statement.
Raymond of New York. Required bidding forma will be furnished by Assessed valuations, 1928
$17,375,113.00
the above clerk. A $2,500 certified check must accompany the bid.
Total bonded debt
1,697,000.00
Financial Statement.
Lets water bonds
$310,000.00
Total bonded debt,including this Issue
Less pinking fund
$1,764,300.00
110,000.00
420,000.00
Light and water bonds,included In above
$233,000.00
Net bonded debt
1 ,277,000.00
Special assessment bonds included in above.-- *1.064,300.00
Populat lIn fl lmin
pop lat i l a ie25 estimated)2,000
1.297.300.00
er)7,000
MARICOPA COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Phoenix)
$467, 00.00
Arix.-BOND ELECTION.
-A special election will be held on Mar. 16
Less
-Sinking fund on hand: General debt
45,923.27 (to
-day) for the purpose of voting upon the issuance of a $17,500 school bond
Net bonded debt
1421,076.73 issue. hit, rate is not to exceed 6%. Denom. $1,000, one for $500.
Sinking fund on hand,light and water debt
36.291.44 Due from May 1 1932 to 1942. Incl. Int. payable semi-annually.
F;itsaln debt
s
s ea
14.400.00
MARIETTA, Washington County, Ohio.
-BOND OFFERING.
valuation, 1928 tax roll
6.102.S52.00 Laura Morse, City Atz•liter, %ill receive sealed bids until 12 m. (Eastern
Actual valuation, estimated
8,000.000.00 Standard linze) March 18. for the purchase of s56,000
% water works
Population, 1920 census, 1,800; 1927 census (special Federal). 4.765.
improvement bonds. Dated Mar. 1 1929. Denom. $1,000. Due Oct. 1,
* Includes $125,000 1928 refunding bonds and $112.000 1929 refunding as follows: 15.000, 1930: 36.000. 1931: 55,000, 1932: 16,000, 1933: $5,000.
bonds as certificates in this amount are set aside for these bonds.
1034: 86.000. 1935: 15.000, 1936: 16,000. 1937; 15,000. 1938, and $6,000.
payable at the office of the
LEON COUNTY SCHOOL DISTRICTS (P. 0. Tallahassee), Fla.
- 1039. Principal and interest (April and Oct. 1)for
In Marietta. A certified check
3% of the bonds bid for
BOND SALE.
bonds aggregating $300.000 of-The two issues of school
L required.Ds""
Citys
fered for sale on Mar. 12-V. 128, pl. 1095
-were awarded as follows:
$250,000 5% Special Tax School District No. 1 bonds to John Nuveen &
County, Okla.
-BOND SALE.
MARSHALL, Logan
-A $31,_000 1118U0
Co. of Chicago, at a price of 97.50, a basis of about 5.370/. of 6% improvement bonds has recently been purchased by the Hanchett
Dated Dec. 1 192R. and due on Dec. 1 as follows: $17.0J0. 1939 Bond Co. of Chicago. Dated Dec. 9 1928. Prin. and int. (A. & 0.),
to 1943 and $12,000 in 1944. int. payable on June & Dec. 1.
Payable at the office of the City Treasurer.
50,000 6% Special Tax School District No. 3 bonds to the Lewis State
-BOND SALE.
MASON, Warren County, 0.
-The $2,500 6% fire
Bank of Tallahassee. at a price of 97.50. a basis of about 6.25%.
-were awarded to
Dated Apr. 1 1929 and due on Apr. 1 as follows: $1.500. 1930 to equinment bonds offered on March 8-V. 128, p. I438
1919 and $2,000. 1950 to 1959, all incl. Int. payable on Apr. & the First National Bank, Mason. at a price of 101, a basis of about 5.63%.
Dated Mar. 1 1929. Due $500, Sept. 1, from 1930 to 1934 incl. FirstOct. 1.
Citizens Corp. of Columbus,offered'a premium of $3.00 for the issue.
Prin. and int. Is payable at the National City Bank in New York City.
MARION COUNTY (P. 0. Indianapolis) Ind.
-BOND SALE.
LEWISTOWN, Mifflin County, Pa.
-OTHER BIDS -The following
-were
bids were also submitted on March 4, for the 128.000 434% street im- The $13,C00 4;4% road bonds offered on March 8-V. 128, D. 1265
awarded to the S. F. Wild Investment Co. of Indimapolis, at a premium
provement bonds, awarded to J II. Holmes & Co. of Pittsburgh, at a price
of $53.00, equal to 100.40, a his of about 4.42%. Dated Mar. 1 1929.
of 100.98 a basis of about 4.42%.-V. 128. p. 1602.
nidd ,_
,
6
i
r w m.
Rate Bid. Due $ 50, May and Nov. 15, from 1930 to 1939 incl. Other bidd emire :
BidderE.It. Hollins & Sons. Philadelphia
100.27
Russell National Bank, Lewistown
100.00 Inland Securities Corp
City Securities Corp-$5..00
16 50
LINCOLN PARK SCHOOL DISTRICT, Wayne County, Mich.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND OFFERING.
BrDS.
-The following is a list of the bids submitted on Feb. 28 for the
$460,000 school bonds awarded as Ss to the Union Trust Co. of Detroit, -Otto IT. Weber. County Auditor, will receive sealed bids until 2 p. m.,
and Stranahan, Harris & °ads of Detroit, at a price of 101.304-V. 128, Apr. 2, for the purchase of $1,593.45 6% Lloyd Lehman eta! ditch construction bonds. Dated Jan. 1 1929. Denom. $159.36 bond No. 1 for
p. 1602.
ilic1 .,!.5. Due Jan. 1 88 follows: 3159.30, 1930; and $159.35. 1931 to 1939
.
Premium. Rate Biri. El52
BidderUnion Trust Co.; Stranahan, Harris & Oath;
$6.000.00
101.30
Detroit & Security Trust Co.; First National Co. of
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
1111 Detroit: Guardian-Detroit do
,
5,050.00
101.11
The following issues of 6% bonds aggregating $5.691.40 offered on Mar.5Morris Mather & Co.; David Robison & Co.; Ryan,
-were awarded at a price of par to Rudolph V. Shakes of
V. 128. p. 1096
Sutherland Co
3,025.00
100.657 Plymouth:
MAR. 16 1929.]
FINANCIAL CHRONICLE
Due
$3.053.19 Daniel M. Lemler et al ditch construction bonds. incl. Jan. 1,
Dated
as follows: $305.31, 1930; and $305.32. 1931 to 1939
Jan. 1, 1929.
2,638.21 Earl W. Lowry et al ditch construction bonds. Due Feb. 1, as
follows: $263.83, 1930; and $263.82, 1931 to 1939 incl. Dated
Feb. 1 1929.
other bid submitted.
No
-BONDS OFFERED
MASSACHUSETTS (State of) (P. 0. Boston).
-The $4,000,0004% registered *water bonds awarded
FOR INVESTMENT.
of about 3.97%, to a syndicate composed of
on March 6, at 100.329. a basis
Harris, Forboi & Co., Inc., R. L. Day & Co., Estabrook & Co., Old Colony
-V. 128, P.
-Merrill Oldham Corp. all of Boston
Corp. and the Atlantic
-are being reoffered for investment by the successful bidders, priced
1603
to yield according to maturity 4.75 to 3.90%.
-OFFERING DETAIL.
McLENNAN COUNTY (P. 0. Waco), Tex.
In connection with the offering on April 2, of the $1,160000 issue of 454%
-we are now informed that bids will be received
bonds
-V.128, p. 922
road
both for the entire issue and for one half of the entire issue totaling $580,000.
1777
MOUNTRAIL COUNTY SPECIAL SCHOOL DISTRICT N0.1111
-The $10.000 issue
(P. 0. Van Hook), N. Dak.-CERTIFICATE SALE.
of semi-annual certificates of indebtedness unsuccessfully offered on Nov.
-has since been purchased by the First National Bank
3128
15-V. 127, p.
of Harvey. as 7s. Due as follows: $5,000 in 1 A and $5,000 in 2% years.
-BOND
MUNCIE SCHOOL DISTRICT, Delaware County, Ind.
-The 2160.000 434% school bonds offered on March 5-V. 128. p.
SALE.
-were awarded to the Delaware County Bank of Muncie, and the
1438
Merchants National Bank, also of Muncie, each of the institutions taking
580,000 bonds, at a price of par. Bonds are dated March 1 1929 and mature
on March 1 as follows: $20,000, 1930 to 1933, incl., and $80,000, 1934.
-FINANCIAL
NATIONAL PARK, Gloucester County, N. J.
-The following statement is published in connection with
STATEMENT.
-of 1125.000 6% bonds to M. M.Freeman
the award in-V. 128. p. 1603
& Co. of Philadelphia. Bonds are dated Feb. 1 1929 and mature Aug. 1
1933.
Financial Statement.
$1,042,170
Assessed valuation, 1928
358,052
Total gross debt
324,226
assessments & taxes
-The Less: Water bonds,
-TEMPORARY LOAN.
MELROSE, Middlesex County, Mass.
33,825
awarded on Mar. 13 a 3200.000 Net debt as computed under the New Jersey Statutes (3.28%)-- Merchants National Bank of Boston was
Population (est.), 2.500.
temporary loan maturing in about nine months, on a discount basis of
Gado.& Co. of Boston, were the next highest bidders,
COUNTY ROAD DISTRICT NO. 2 (P. 0. Corsicana),
NAVARRO
5.23%• Faxon.
-Sealed bids will be received until 10 a. in. on
-BOND OFFERING.
Tex.
offering to discount the loan on a 5.24% basis.
March 25, by Clay Nash, County Judge, for the purchase of an issue of
-Sealed bids $135,000 5% coupon road bonds. Denom. $1,000. Dated April 1 1928 and
-NOTE OFFERING.
MEMPHIS, Shelby County, Tenn.
will be received until 2.30 p. m. on Mar. 26 by D. C. Miller, City Clerk, due on April 1 as follows: 32,000, 1931 and 1932; 23.000, 1933 and 1934:
5,5M or 554% revenue $4,000, 1935 to 1939; $5,000, 1940 to 1950; 16,000, 1951 to 1956 and $7X100
for the purchase of an issue of 21,000,000 4A ,
notes. Dated Jan. 1 1929. Due on Sept. 6 1929. Payment shall be in 1957 and 1958. Prin. and bat. (A. & 0.) payable at the Seaboard Nan
made in Memphis or New York funds. The Union Planters Bank & Trust Bank in New York. A $2,500 certified check must accompany the bid.
Co. of Memphis will supervise the preparation of the notes and will also
Financial Statement.
certify the signatures of the officials and the seal upon the notes are genuine. Actual valuation of taxable property in said road district
632
544 060
$1. :020
Thomson, Wood & Hoffman of New York City will furnish the legal ap- Assessed Valuation 1928: Real property
A 210,000 certified check, payable to the city, must accompany Personal property
proval.
91,421
the bid.
Population (est.), 2,000.
The official offering circular on these notes contains the following in(P. 0. San Bernardino), San Berformation:
NEEDLES SCHOOL DISTRICT
-BOND OFFERING.-Sealed bids will be received
These notes are to be issued under and in pursuance of the charter amend- nardino County,Calif.
ment known as chapter 487, of the private acts of Tennessee for the year until Mar. 18 by the County Clerk for the purchase of a $30.000 issue of
1917, and further, in pursuance of an ordinance of the City of Memphis, 5% semi-annual school bonds. Due from 11934 to 1948 incl.
passed on the third and final reading on Jan.8 1929.
-All
-BIDS REJECTED.
NEW BEDFORD, Bristol County, Mass.
These notes shall not be sold for less than par plus accrued interact to
for the purchase of a 1500,000 temporary loan.
on Mar.
date of delivery, free from all commissions and brokerage; provided, how- bids submitted 1929 and 12 on Nov. 8 1929, were rejected according to a
due
ever, that should it be necessary, a bid as low as $99 on the $100 of face dated Mar. 12
value, plus accrued interest to date of delivery and free from commissions report.
and brokerage, may be accepted by a four-fifths vote of the Board of ComNEW MOORE SCHOOL DISTRICT (P. 0. Tahoka), Lynn County.
missioners.
-A $15,000 issue of school building bonds has ben
-BOND SALE.
Tex.
These notes will be delivered in Memphis, in New York City or the purchased at par by the State School Fund.
equivalent of New York City; provided, however, that the bidder shall
-BOND OFFERING.-Jotm
NEWPORT, Herkimer County, N. Y.
state in his proposal the delivery required, and provided, further, that
will receive sealed bids until 10 a. in,,
delivery in Memphis will be regarded as $62.50 better than St. Louis de- H. Vaughn, Town Supervisor,
V7,060
than Chicago delivery and $100 better than New York Mar. 26, for the purchase of Denom. 5% coupon nighway improvement
livery, $75 better
21.000. Due $1,000. Apr. 1 from
bonds. Dated Apr. 1 1929.
City delivery in awarding the notes.
1930 to 1956 incl. Plitt. and int. (A. & O. 11 payable in gold at Newport,
-Grover N. Y. Bonds registerable as to principal only or as to both principal and
-BOND OFFERING.
(State of), P. 0. Lansing.
MICHIGAN
order of the above-mentioned
C. Dillman, State Highway Commissioner, will receive sealed bids until interest. A certified check payable to thebe approved by Clay. Dillon &
12.30 p. m. (Central Standard time), March 20, for the purchase of the official fo: 41.000 is required. Legality to sold at public auction.
of interest not to exceed 6%. Vandewater of New York. Bonds are to be
,00&
following bonds aggregating $773
$698,000 Road Assessment District No.473, Oakland and Wayne Counties
-An
-BOND ELECTION.
NEWPORT, Herkimer County, N. Y.
bonds. The bonds which mature serially are obligations of election will be held on March 19, to determine whether an issue of $6,500
Royal Oak Twp. Oakland County, the counties of Oakland and bonds for pavement purposes. will be issued. Bonds if issued are to be dated
'
Wayne and an assessment district.
July 1 1929 and bear coupon rate of 5%.
75,000 Road Assessment District No. 1104, Monroe County bonds. Due
-TEMPORARY LOAN.
-The
NEWPORT, Newport County, R. I.
on May 1 1930 and 1931. Bonds are the obligation of Monroe and
and Frenchtown Townships, in Monroe County, the County of First National Bank of Boston, was the successful bidder on March 11, for
Monroe and an assessment district.
a $200.000 temporary loan due in about 6 months. The purchaser offered
Interest on both issues payable semi-annually on May and Nov. 1. A to discount the loan on a 5.52% basis, and paid a premium of 22.00. Old
certified check, payable to the order of the State Highway Commissioner, Colony Corp. of Boston. offered to discount the loan on a 5.78% bards.
for 1% of the bonds bid for, is required. Said bonds are being issued under
-Sealed
-BOND OFFERING.
NOBLE COUNTY (P. 0. Albion), Ind.
the Provisions of Act 59, Public Acts of 1915, as amended known as the bids will be received by Wallace C. Harder, County Treasurer, until 2 p. m.
Covert Act.
April 5, for the purchase of $22,800 Wayne Township bonds and $10.100
232,900. Bonds
-BOND OFFERING.
-Bids Elkhart Township bonds, both issues aggregating and November. bear
MILES CITY, Custer County, Mont.
May
will be received until 81). m.on April 8, by M.F. Mann,City Clerk,for the a coupon rate of 5% payable semi-annually in
purchase of an issue of 2160,000 public sewage system bonds. Dated April
-BONDS
NORTH TARRYTOWN, Westchester County, N. Y.
11929. Payable at the office of the City Treasurer. A certified check for OFFERED.
-Thomas A. Quinn, Village Clerk, received sealed bids until
5% of the amount bid is required.
8 p. in. March 15, for the purchase of 125,000 coupon registered sewer
(The city expects to purchase this bond issue from its own bonds).
bonds. Rate of interest not to exceed 6% and to be stated in a multiple of
Denom. $1,000. Due $1.000 April 1 1934
-The h of 1%. Dated April 11929.
-NOTE SALE.
MISSISSIPPI, State of (P. 0. Jackson).
to 1958, incl. Principal and interest payable in gold at the First National
- Bank, North Tarrytown. A certified check for 2% of the bonds bid for is
$3.500,000 issue of notes offered for sale on March 8-V. 128. p. 1438
was awarded to a syndicate composed of Harris, Forbes & Co. Curtis &
Legality to be approved by Reed, Hoyt & Washburn of New
'
Banger, Stranahan, Harris & Oaths, Inc., and R. W. Pressprich dr Co., ll required.
of New York. and the Hibernia Securities Co. of New Orleans, as 6s. at Ye:. York City.
-Sealed
-BOND OFFERING.
Due on March 1 1930.
OAKLAND, Alameda County, Calif.
Dated March 1 1929.
-The above Issue of notes is now being bids will be received until Apr. 4, by the City Clerk, for the purchase of a
NOTES OFFERED TO PUBLIC.
Issue of $1,000,000 harbor bonds. (These bonds are a part of a total
offered for investment by the above purchasers priced to yield 5.40%.
The offering circular states that these notes are legal Investment for sw- authorized issue of $9.960.000.)
-BOND OFFERING.
ings banks and trust funds in New York and other states. They are also
-Sealed
OLYMPIA, Thurston County, Wash.
reported to be direct general obligations of the entire State of Mississippi, bids will be received by the City Treasurer. until Apr. 2, for the purchase
which reported an assessed valuation for taxation in 1927 of $744.101.320. of a $225,000 issue of water bonds.
compared with a total bonded debt including this issue of $31,521,000.
-BOND OFFERING.
ORLEANS COUNTY (P. 0. Albion), N. Y.
Population, according to the 1920 census, is 1,790.618.
County Treasurer, will receive sealed bids until 3 p. M.
- Francis W. Buell. purchase of $177,000
-BOND SALE.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
%. coupon or registered, highGraham, Parsons & Co. of New York, privately purchased at par, 2564,000 March 27, for the
way and general purpose bonds. Dated March 20 1929. Denominations
% coupon or registered road bonds. Dated March 15 1929. Due $1.000. Due $59,000. Sept. 20, from 1938 to 1940, incl. Principal and
March 15, as follows: 124,000, 1931, and $30,000, 1932 to 1949, incl. No 'interest payable at the Citizens National Bank of Albion. A certified
on March 6 for these bonds when they were publicly
bids were submitted
check, payable to the order of the County Treasurer, for 2% of the bonds
offered-V. 128, p. 1438.
offered, is required. Legality to be approved by Thomson, Wood & Hoff-BOND SALE.
MONTGOMERY Montgomery County, Ala.
-An man of New York City.
51 coupon street impt. series AT bonds has recently been
Issue of $100.000
-BOND PROPOSAL DE
County, Mich.
OWOSSO, Schiaw
purchased by Cal well & Co. of Nashville. Denom. $1,000. Dated
to issue 262,000 bands for water mains construction
Jan. 11929. Due $10,000 from Jan. 1 1930 to 1939, incl. Prin. and int. PEA FE1).-A proposal
.
purposes failed to receive the necessary two-thirds majority, at a recent
& J. 1) payable In gold at the Old Colony Trust Co. in Boston. Storey, election, according to the March 9 issue of the "Michigan Investor.' This
Thorndike, Palmer & Dodge of Boston will furnish the legal approval.
proposal was defeated on two previous occasions, namely. Sept. 4 and
city commission state
MORGANTON, Burke County, N. C.
-BOND OFFERING.
-Sealed Nov. 6-V. 127. p. 1559, 2858. Members of the
bids will be received by L. E. Smith,Town Clerk, until noon on April 2, for that the issue will be resubmitted to the electors on April 1.
the purchase of a $95,000 issue of coupon water bonds. Int, rate is not to
PALISADE. Hitchcock County, Neb.-ADDITIONAL DETAILS.
exceed 6%. Denom. $1.000. Dated April 11929. Due $3,000 from 1931 The $19.200 issue of 434% sewer b<Ls that was reported sold-V.128,1).11604
to 1945 and $5,000 from 1946 to 1955, all incl. Prin. and semi-annual int. -was purchased by the Frenchman Valley Bank of Palisade. Due on
IDayable in gold in New York. Principal only of bonds may be registered. March 1 as follows: $1,200, 1932; $1,000, 1933 to 11918 and 22,000 in 1949.
The above clerk will furnish the required bidding forms. A certified check
-BOND ELECTION.
PALM BEACH, Palm Beach County, Fla.
0
for 27 of the bonds bid for is required. (Assessed valuation, 1621,183:
On Mar,30. It is reported that a special election will be held for the purpose
total debt, $760,000; net debt, $267.667. Population. 6,500).
of passing upon bond issues aggregating $450.00)for public improvements.
MOUNT HEALTHY, Hamilton County, Ohio.
-BOND SALE.
-John
-BOND OFFERING.
Cuyahoga
County, 0.
PA RMA
The $56,158.49 special assessment and city's portion street improvement
bonds offered on *March 8-V. 128, p. 1266-were awarded as 56 to the H. Thompson, 'Village Clerk, will receive sealed bids until 12 in.
0
,
Davies-Bertram Co. of Cincinnati. at a premium of $62, equal to a price of April 1 for the purchase of 111.700 6 7' special assessment street improve100.11, a basis of about 4.97%. Dated March 1 1929. Due Sept. 1 as ment bonds. Dated April 15 1929. Denom. 31,000, one bond for $700.
follows: $6,158.49, 1930: $6.000, 1931 to 1933. incl., $7,000, 1934; $6000, Due Oct. 1 as follows: $2,700, 1930:12,000. 1931 to 1933 incl., and $3,000,
1935 to 1937, incl., and $7,000, 1938. An official list of the bids submitted 1934. A certified check payable to the order of the Village Treasurer,for 2%
of the bends bid for is required. Legality to be aproved by Squire, Sanders
follows:
BidderPremium. Int. Rate & Dempsey of Cleveland.
Davies-Bertram Co., Cincinnati
PAYNE COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Glencoe)
46 .
2
5 90
$"
Assel, Goetz & Moerlein. Inc.. Cincinnati
55
-A $6,546.31„ Issue of gymnasium and auditorium
-BOND SALE.
Okla.
170.00
5
Well, Roth & Irving Co., Cincinnati
bonds has been purchased by the American First Trust Co. of Oklahoma
& Mayer, Cincinnati
Seasongood
115.00
City, at a price of 100.38.
457.00
Detroit & Security Trust Co., Detroit
514
-The
-TEMPORARY LOAN.
PEABODY, Essex County, Mass.
178.00
50
First-Citizens Corp., Columbus
455.00
5
Central National Bank. Lynn, was recently awarded a $100,000 temporary
W. L. Slayton & Co, Toledo
102.00
loan on a discount basis of 5.265%. Loan is dated March 8 1929 and Is due
54
Ryan, Sutherland & Cd., Toledo
5j
40.00
on Nov.20 1929. The following bids were also submitted:
Otis & Co., Cleveland
Discount Basis.
BidderMOUNT PLEASANT COMMON SCHOOL DISTRICT NO. 7 (P. 0. Warren National Bank. Peabody (plus $7.00)
6.3257
-BOND OFFERING.- Curtis & Bangor
Hawthorne), Westchester County, N. Y.
5.39
Dassier. District Clerk, will receive sealed bids until S p. in
William E.
Bank of Commerce& Trust Co
March 29. for the purchase of $272.000 5% coupon or registered school Atlantio-Merrill Oldham Corp
5.42%
bonds. Dated Feb. 1 1929. Denom. $1,000. TDue Feb. 1 as follows: Salomon Bros. & Hutzler (Plus $3.00)
547%
$5,000. 1930 to 1941. incl.; $10,000, 1942 to 1951, incl., and 114,000, 1952 Shawmut Corp. of Boston
5641
to 1959. incl. Principal and int. payable in gold in New York. A certified
-BOND OFFERING.
-Sealed
PENSACOLA, Escambia County, Fla.
to the order of the Board of School Trustees. for $5,440 is
check payable
on March 25. by
Bayllas, Comrequired. Legality to be approved by Reed, Hoyt & Washburn of New bids will be received until 2 p. in.for the purchase of an issue of
$151,000
missioner of Revenue and Finance,
City.
York
1778
FINANCIAL CHRONICLE
5% funding bonds. Denom. $1,000. Dated Dec. 1 1928. Bids may be
made for all or any part of the issue. Prin. and semi-annual hit. is payable
inigold at the U. S. Mortgage & Trust Co. in New York City.
(This corrects the report appearing in V. 128, p. 1439, giving offering
date as March 18.)
[Vol,. 128.
SAINT CLOUD SCHOOL DISTRICT (P. 0. St. Cloud), Stearns
County, Minn.
-PRE
-ELECTION SALE.
-A $330,000 issue of school
bonds has been purchased at par by the State of Minnesota subject to an
election to be held on March 26.
ST. STEPHENS HIGH SCHOOL DISTRICT (P.O. Moncks Corner),
Berkeley County,S. C.
-BOND OFFERING.
-Sealed bids will be received
by John Klintworth, Chairman of the Board of Trustees, until Mar. 18 for
the purchase of an $18,000 issue of school bonds.
SALAMANCA, Cattaraugus County, N. Y.
-BOND OFFERING.
George H. Elliott, City Clerk, will receive sealed
in. March
18. for the purchase of $18,220 registered paving bids until 8 p.of interest
bonds. Rate
not to exceed 5%. Bonds are dated April 1 1929, and mature serially in
from 1 to 15 years. Of the total offering part of the bonds represent the
city's cost of the proposed improvement and the remainder the property
owners' portion of the cost. Interest payable on April and Oct. 1. A
certified check payable to the order of Fred. W.Gardner,City Comptroller,
for $500 is required.
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0. San Bernardino) San Bernardino County, Calif.
-BONDS
The $95.000 issue of 434ç' school bonds offered on MarchNOT SOLD.P.
4-V. 128.
1439
-was not sold as no bids were received for the bonds. Dated March 1
1929. Due from March 1 1930 to 1936, incl.
SAN LUIS OBISPO, San Luis Obispo„, County, Calif.
-BOND
ELECTION.
-At the city election to be held on April I, the voters will
pass upon a $15,000 bond issue to be used for various improvement purposes.
SARASOTA, Sarasota County, Fla.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. on Mar. 25, by H. A. Matthews, City
Clerk, for the purchase of two issues of 534% bonds aggregating $263,000.
divided as follows:
8133.000 refunding bonds. Dated Apr. 1 1929. and due on April 1, as
follows: 55,000. 1932 to 1936, and 86.000, 1937 to 1954, all incl.
130,000 refunding bonds. Dated Feb. 15 1929, and due on Feb. 15, as
follows: $43,000, 1932 and 1933, and $44,000 in 1934.
Denom. $1,000. Principal and semi-annual interest payable at the
Hanover National Bank in New York City. Caldwell & Raymond of New
York City will furnish the legal approval. A certified check for 2% of the
bonds bid for, is required.
SARASOTA, Sarasota County, Fla.
-BOND SALE.
-A.
$37,000 issue
of 534% refunding bonds has recently been purchased
Bond Co. of Chicago. Denom. $1,000. Dated Jan. 2 by the Hanchett
1929 and due on
Jan. 2 as follows: $4,000. 1934, 1935 and 1940; $5.000, 1941, 1946 and 1947
and 82.000, 1950 to 1954. Prin. and hit. (J. & J. 2) payable at the
over National Bank in N. Y. City. Legal approval by Caldwell & HanRaymond of New York.
SAULT ST. MARIE SCHOOL DISTRICT, Chippewa CountyMich.
-BONDS OFFERED FOR INVESTMENT.-Harrls Trust & Say,
ings Bank of Chicago, is offering for public investment, $100,000 414%
coupon school bonds, at prices ranging from 100.26 for the 1932 meaning
bonds to 102.15 for the 1952 maturing bonds, all bonds priced to yield
from 4.40 to 4.35%. Principal and interest (Jan. and July 15) payable
at the Harris Trust & Savings Bank. Chicago. These are the bonds awarded
to the afore-mentioned institution on Feb. 15, at 100.327, a cost basis to,
the district of about 4.46%.-V. 128, p. 1267.
Financial Statement (As Officially Reported).
Real value of taxable property, estimated
$20,800,000
Assessed valuation for taxation
15„
*Total debt (this issue included)
378,000
Population (estimated)
15,000
Population (City) 1920 census
12,096
Population (City) 1910 census
12,615
* The above statement does not include obligations of other municipal
corporations which have taxing power against property within the district.
SCARSDALE, Westchester County, N. Y.
-BOND SALE.
-The
$28,795.26 434% coupon improvement bonds offered on March 12-V. 128,
p. 1604
-were awarded to the Scarsdale National Bank & Trust Co., at a
price of par. No other bid was submitted. Bonds are dated March 1
1929 and mature March I as follows: $4,795.26, 1930. and 56,000. 1931
to 1934 inclusive.
SCRANTON, Lackawanna County, Pa.
-BOND OFFERING.E. B. Jermyn, Mayor, will receive sealed bids until 11 a. in. March 26 for
the purchase of $40,000 434% municipal improvement bonds. Dated May 1
1929. Denom. $1,000. Due May 1 as follows: $2,000. 1930
1939 incl.,
and $1,000. 1940 to 1959 incl. Principal and interest (May to Nov. 1)
and
payable at the office of the City Treasurer. The United States Mortgage &
Trust Co., N. Y. C., will certify as to the genuineness of the bonds. A
certified check payable to the order of the City Treasurer for 3% of the
bonds bid for is required. Legality of the bonds to be decided by counsel.
mutually agreed upon by city officals and successful bidders.
A summary of the bonded debt and assessed valuation of the city of
Scranton follows:
Bonded debt, Feb. 1 1929
$2,42398:002088..2070
Accrued interest to Feb. 1 1929
Judgments (interest and costa estimated)
166,963.94
PERRY, Wyoming County, N. Y.
-BOND OFFERING.
-C. C.
Blythe, Village Clerk, will receive sealed bids until 7 p. m. March 18, for
the purchase of the following issues of coupon or registered 4 % bonds
aggregating $73,000:
$47,000 series "A" bonds. Due March 1, as follows: $2,000, 1930 to 1942
incl., and $3,000, 1943 to 1949 incl.
26.000 series "B" bonds. Due March 1, as follows: $2,000, 1930 to 1933
incl., and $3.000, 1934 to 1939 incl.
Dated Mar, 1 1929. Denom. $1,000. Principal and interest payable
at the First National Bank, Perry. A certified check payable to the order
of the Village for $1,500 is requir:ed. Legality to be approved by Clay.
Dillon & Vandewater of New York City.
PERRY COUNTY (P. 0. Cannelton) Ind.
-BONDS NOT SOLD.
The $20,000 43.6% road construction advertised to have been awarded on
March 1-V. 128, p. 1266-were not disposed of according to a report. Bonds
are dated Mar. 11929, and mature $1,000, May and Nov. 15, from 1930
to 1939 incl.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Malta),
Mont.
-BOND SALE.
-The $1,500 issue of 6% school building bonds
offered for sale on March 2-V.128. p.596
-was awarded at par to the State
Board of Land Commissioners. Due on the amortization plan.
PLAINVILLE, Hartford County, Conn.
-The $95,-BOND SALE.
000 4 % coupon school bonds offered on March 14-V. 128, p. 1604
-were
awarded to Eldredge & Co. of New York, at a price of 99.32, a basis of
about 4.61%. Bonds are dated Feb. 1 1929 and mature Feb. 1 as follows:
14,000, 1930 to 1952, Incl. and $3,000. 1953. Estabrook & Co. of New
York, bid 99.125. for the issue.
PLATTE COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Guernsey),
Wyo.-BOND SALE.
-The $10,000 issue of 5h;% school bonds offered for
sale on March 4-V. 128, p. 923
-was awarded to J. H. Goode & Co. of
Denver. at par. Dated Feb. 1 1929. Due from Feb. 1 1930 to 1937.
PLATTSBURG, Clinton County, N. y.
-BOND OFFERING-Simon
E. Fitzpatrick, Clerk Board of Education, will receive sealed bids until
4. p. m. April 5, for the purchase of $24.000
% coupon or registered
school bonds. Dated May 1 1928. Denoms. $1,000. Due May 1, as
follows: $10,000 1948 and 1949: and $4,000, 1950. Principal and semiannual interest payable in gold. A certified check payable to the order
of Elizabeth Curran, City Chamberlain, for 2% of the bonds bid for is
required. Legality to be approved by Clay, Dillon & Vanderwater of
New York. These bonds are the unsold portion of a $190,000 issue.
POST INDEPENDENT SCHOOL DISTRICT (P. 0. Post), Garza
County, Tex.
-BOND SALE.
-A $39,500 block of the $55.500 issue of
5% school bonds that was registered on Feb. 20-V. 128. p. 1439
-has
been purchased at par by the Brown-Crummer Co. of Wichita. Due in
from 1 to 40 years.
UPPER POTTSGROVE TOWNSHIP SCHOOL DISTRICT, Montgomery County, Pa.
-BOND SALE.
-The Farmers National Bank of
Boyertown, recently purchased an issue of $10,000 43j% school bonds, at
a premium of $112.80, equal to a p.Ice of 100.70. a basis of about 4.445%.
Bonds are dated Dec. 1 1928, coupon in denores. of 41,000 and mature
$3,000, 1938; $5,000, 1948, and $8,000, 1958. Interest payable on June
and Dec. 1.
RAPIDES PARISH ROAD DISTRICT NO. 96 (P. 0. Alexandria),
-BOND SALE.-The $75,000 issue of road bonds offered for sale on
La.
Mar. 1Z
-V.128, p. 1266
-was jointly awarded to L. E. French & Co. and
Mr. J. A. Bentley, both of Alexandria as 53(s, for a premium of $401,
2
equal to 100.534, a basis of about 5.21%. Dated Mar. 1 1929. Due
from 1930 to 1959 incl.
RAYMONDVILLE, Willacy County, Tex.
-BOND SALE.
-Three
issues of 5h% bonds, aggregating $75,200 have been purchased by A. C.
Allyn & Co. of Chicago, for a $750 iiremium, equal to 100.99, a basis of
about 5.42%. The issues are described as follows: $40,000 water works
Improvement; 825.200 refunding and $10,000 sewer improvement bonds.
Due in from 1 to 40 years.
RITENOUR CONSOLIDATED SCHOOL DISTRICT(P.O. Clayton)
St. Louis County, Mo.-BOND SALE.
-A $69,000 issue of school bonds
has been purchased by the Mississippi Valley Trust Co. of St. Louis.
RIVERSIDE TOWNSHIP FRACTIONAL SCHOOL DISTRICT
NO.1, Missaukee County, Mich.
-BOND OFFERING.
-Katherine Ardis.
Secretary Board of Education, will receive sealed bids until 2 p. m.(Central
standard time), March 20, for the purchase of $40,000 434% school bonds.
Due April 1 as follows: $1.000. 1931 to 1940, incl. $1,500. 1941 to 1953.
Incl., and 81,750. 1954 to 1959. incl. A certified check, payable to the
order of the above-mentioned official for $500, Is required. Bidders shall
pay for the printing of bonds and legal opinion.
$2,634,252.21
Resources
ROCK HILL, York County, S. C.
-BOND OFFERING.
-Sealed bids
will be received until 11 a. m. on March 22, by Emma Bele, City Clerk and Cash in interest and sinking fund
$123,212.38
Bonds in interest and sinking fund
Treasurer, for the purchase of a 11300.000 issue of coupon water extension
36,000.00 159,212.38
bonds. Int. rate is not to exceed 5%,is to be stated in a multiple of jof
Net bonded debt
1% and must be the same for all the bonds. Denom. $1,000. Dated Mar.
$2,475,039.83
1 1929. Due $10,000 from Jan. 1 1940 to 1969,incl. Prin. and int.(J.& .1.) Assessed valuation for the year 1929
126.754.730
payable in gold in New York. Reed, Hoyt & Washburn of New York City
SECAUCUS, Hudson County, N. J.
-BIDS REJECTED.
-All bids
will furnish the legal approval. A $6,000 certified check, payable to the submitted on Mar. 12, for the purchase of
$227,500, 5, 534 or 53i% school
City, must accompany the bid.
bonds offered on that date
-V. 128, p. 1440
-were rejected. Bonds are
(This corrects the report appearing in V. 128, p. 1604).
dated Mar. 1 1929 and matrue on Mar. 1 as follows: $4,500, 1930: $4,000,
ROCKLEDGE, Montgomery County, Pa.
-BOND OFFERING.
- 1931 to 1935 incl.; $5,000, 1936; and $6,000. 1937 to 1969 hid. These
George W. Bluett, Borough Secretary, will receive sealed bids until 8 p. m. bonds were offered unsuccessfully on Feb. 26-V. 128. p. 1267.
Mar.25,for the purchase of 8120.000 4 i% coupon borough bonds. Dated
SEDALIA, Pettis County, Mo.-BOND SALE.
-A $200,000 issue of
May 1 1929. Denom. $1,000. Due $5,000, May 1 1930 to 1953 incl. A 43i
hospital bends has recently been
certified check payable to the order of the Borough for 2% of the bonds bid $100,000 to John 11. Bothwell of Sedalia disposed of at par, as follows:
°
and $100,000 to the Commerce
for is required. Legality to be approved by Townsend, Elliott & Munson Trust Co. of'Kansas City. •
on Philadelphia.
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
ROME, Oneida County, N. Y.
-Lynn C. Butts. County, 0.
-BOND OFFERING.
-BOND OFFERING.
-J. W. Main,
City Treasurer, will receive sealed bids until 11 a. m., Mar. 25,for the pur- cation, will receive sealed bids until 12 m.(Eastern Clerk, Board of EduStandard time) April 1.
chase of 899.472 coupon or registered assessment bonds
-rate of interest for the purchase of $500,000
not to exceed 6% and to be stated In a multiple of Si or 1-10th of 1%. ment bonds. Dated Jan. 1 434 %school building construction and improve1928.
Dated Mar. 15 1929. Denom. $1.000, one bond for $868. Due $24,868, from 1929 to 1948 incl. Bids may Denom. 81.000. Due *25,000. Oct. 1.
be submitted for an Interest rate other
Mar. 15, from 1930 to 1933 incl. Prin. and int, payable in gold at the than the one stated above, provided,
National Park Bank, New York. A certified check payable to the order Interest rate is bid, such fraction shall however, that where a fractional
of the City for $2,000 is required. Legality to be approved by Clay, Dillon Principal and interest (April and Oct. 1) be .4' of 1% or multiple thereof.
payable at the office
& Vandewater of New York City.
mentioned official. A certified check payable to the order of of the abovethe Board of
ROSEBURG, Douglas Counth, Ore.
-BOND OFFERING.
-Sealed Education,for 5% of the bonds bid for is required.
bids will be received until 7.30 p. m. on Mar. 18 by A. J. Geddes, City
SHEFFIELD, Colbert County, Ala.
-An issue of
Recorder, for the purchase of a $25,000 issue of 5% semi-annual aviation 5193,000 6% sewer and paving bonds has -BOND SALE.
recently been jointly purchased
park bonds. Denom.$500. Dated Mar. 1 1929. Due $2,500 from Mar. I by Mark & Co. and Steiner Bros.,
both of Birmingham, for a premium of
1930 to 1939 incl. A $500 certified check payable to the City must ac- $2,316, equal to 101.20.
company the bid.
SHEPHARD SCHOOL DISTRICT (P. 0. Mount Pleasant) Isabella
ROSELLE PARK SCHOOL DISTRICT (P. 0. Roselle), N. J.
- County, Mich.
-BOND SALE.
-The Grand Rapids Trust Co., Grand
BOND SALE.
-The Board of Trustees of the Teachers' Pension Fund, Rapids, was awarded on March 6,an issue of
purchased on April 17 1928, 5168.000 45‘1% registered school addition addition bonds, at a price of par. Bonds $60,000 coupon school building
bear interest at the rate of 434%
bonds at a price of par. Bonds are dated May 1
are in denomina- payable on May and Nov. 1.
.
tions of $1.000 and mature May 1 as follows: $4,000, 1930 to 1932, incl.,
1928'
SHIP BOTTOM-BEACH ARLINGTON SCHOOL DISTRICT, Ocean
and $6,600, 1933 to 1958. bad. Int, payable on May and Nov. 1.
County, N. J.
-BOND OFFERING.
-Ida May Cox, District Clerk, will
RUSSIA, Herkimer County, N. Y.
-BOND OFFERING.-Iloward R. receive sealed bids until
Moon. Toan Supervisor, will receive sealed bids until 10 a. in., Mar. 26, 5% coupon or registered7.30 p. in. March 25, for the purchase of $24,500
school bonds. Dated March 1 1929. Denoms.
for the purchase of $23,000 5% highway improvement bonds. Dated $500. Due March 1 as follows:
$1,000, 1930 to 1952 inclusive, and $1,500.
Apr. 1 1929. Denom. $1,000. Duea1000. Apr. 1 from 1931 to 1953 1943. Principal and interest (Mar.
& Sept. 1) payable at theBeach Haven
Incl. Prin. and i
mt.(A. & 0. 1) payable in gold at Poland, N. Y. Bonds National Bank &
registerable as to principal only or as to both principal and interest. A than will produceTrust Co., Beach Haven. No more bonds to be awarded
a premium of $500, over the amount stated above. A
cettilled cheek payable to the order of the above-mentioned official for certified check, payable to
the order of the District for 2% of the bonds
$1,000 is required. Legality to be approved by Clay, Dillon & Vande- bid for, is required.
water of New York. Bonds are to be sold at public auction.
SMITHFIELD SCHOOL TOWNSHIP, DeKalb County, Ind.P SAINT CLAIR, Franklin County, Mo.-BOND OFFERING.
--Sealed BOND SALE.
bids will be received until 7.30 p. M. on Mar. 29, by J. A. Jeffries, City March 4-V.-The $40,000 434% street improvement bonds offered on
128, p. 768
Clerk, for the purchase of a 819.500 Issue of water works improvement price of par. Bonds are -were awarded to the Auburn State Bank, at a
dated Mar. 2 1929, and mature as follows: $1,000,
bonds. The maturities and the interest rate are to be determined at the July 2 1931; $1.000, Jan.
and July 21932. and 1933; *1,500, Jan. 2.81,000.
time of the sale. A $500 certified check must accompany the bid.
July 2, 1934:11.500.Jan. 2,and $1,090. July 2 1935:*1.500,Jan. and July 2
MAR.16 1929.]
FINANCIAL CHRONICLE
1779
1936 to 1938 incl.; $2,000, Jan. 2,131,500, July 2 1939; $2,000, Jan. 2 and
July 2 1940; $2,000, Jan. 2 and $2,500. July 2,1941 to 1943 incl. Bids were
also submitted by the Inland Investment Co. and the Fletcher Savings &
Trust Co., both of Indianapolis.
-The First
-NOTE SALE.
SOMERS POINT, Atlantic County, N. J.
National Bank of Somers Point, has purchased an issue of$82,000 temporary
notes, bearing interest at the rate of6%,at a price of par. James G. Scull,
City Clerk.
-BOND SALE.
-Fairfield County, Conn.
STAMFORD (Town of).
-The $120,000 coupon or registered 434% Springdale School Addition
-were awarded to R. L. Day
bonds offered on March 8-V. 128, p. 1440
& Co. of Boston, at a price of 100.279, a basis of about 4.455%. Bonds are
dated March 1 1929 and mature $10,000 March 1 from 1931 to 1942. ind.
No other bid submitted.
follows: 11.000, 1930 to 1934 incl.: $2,000, 1935 to 1938 incl.; 83.000. 1939
to 1942 incl.; 84,000. 1943 to 1947 incl., and $5,000, 1948 to 1955 incl.
Livingston County Trust Co. bid 100.748 for the bonds.
WATONWAN COUNTY CONSOLIDATED SCHOOL DISTRICT
-A $45,000 issue of
-BOND SALE.
NO. 6 (P. 0. Butterfield), Minn.
school building bonds has recently been purchased at par by the State of
Minnesota.
-BOND OFFERING.
WAYNE COUNTY (P. 0. Honesdale) Pa.
T. L. Medland. Commissioner's Clerk, will receive sealed bids until 12 m.
April 1, for the purchase of $250,000
% coupon County bonds. Dated
Jan. 1 1929. Denom.$1,000. Due Jan. 1, as follows: $13.000. 1930 to 1934
incl.; $14.000, 1935: $15,000. 1936: 316,000. 1937: 817.000, 1938: $18,000.
1939; 319.000, 1940; 320,000,1941; 821,000, 1942; 322.000. 1943. and
323.000, 1944. A certified check payable to the order of the County Treasurer, for 2% of the bonds bid for is required. Legality to be approved by
-SALE POST- Townsend, Elliott & Munson of Philadelphia. The bonds are registerable
STAMFORD (Town of) Fairfield County, Conn.
-In reference to the offering on March :8, of a $100,000 temporary to principal only.
PONED.
-the following notice as been circulated:
-V. 128. p. 1440
loan
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson County,
"Disregard circular dated March 5 1929 calling for bids at 12 noon, N. J.
-A syndicate composed of Lehman Bros., Stone &
-BOND SALE.
Monday, March 11 1929lifor $200,000 tax notes maturing June 14 1929 as Webster and Blodget. Inc. and Hannahs, Bailin & Lee. all of New York.
postponed.
sale has been
purchased on March 9, the following issues of bonds aggregating $881,000
-BOND OFFERING.
-Burton at a price of par:
STARK, St. Lawrence County, N. Y.
J. Wairath, Town Supervisor, will receive sealed bids until 10 a. m. $550.000 school bonds awarded as 41.1s. Due March 15 as follows: $10.000, 1931 to 1937 inclusive, and $15,000, 1938 to 1969 inclusive.
Mar. 26, for the purchase of $24,000 5% coupon highway improvement
200,000 municipal blinding bonds awarded as 5115. Due $5,000. Mar
bonds. Dated Apr. 1 1929. Denom. $1,000. Due Apr. 1 as follows:
15, from 1930 to 1969 inclusive.
and $2,000. 1940 to 1946 incl. Prin. and int.
$1,000, 1930 to 1939 incl.;
131,000 school bonds awarded as 53(s. Due March 15 1933.
(A. & 0. 1) payable in gold at Mohawk, N. Y. Bonds registemble as to
Dated March 15 1929. No bids were submitted on March 4, for the
principal only or as to both principal and interest. A certified check payable to the order of the above-mentioned official for 81,000 is required. $550,000 school bond issue and the $200,000 municipal building issue.
-V. 128, p. 1605.
Legality to be approved by Clay, Dillon & Vandewater of New York City. offered as 4348 on that date.
Bonds are to be sold at public auction.
-The
-NOTE OFFERING.
WELLESLEY, Norfolk County. Mass.
Town Treasurer, will receive sealed bids until 12 m. March 18, for the
-Walter purchase on a discount basis of a $100,000 issue of revenue notes. Dated
STEWARTSTOWN, York County Pa.-BOND OFFERING.
G. Fulton, Borough Secretary, will receive sealed bids until 8 p. m.April 12,
due on Nov. 29 1929.
for the purchase of $20,000 434% coupon general improvement bonds. March 18 1929 and
-The
WELLESVILLE, Montgomery County, Mo.-BONDS VOTED.
Dated April 1 1929. Denom. 31.000. Due April 1 as follows: $7,000.
check payable to the order 8135,000 issue of water works and sewerage system bonds that was re1939:$6,000, 1944,and $7,000, 1949. A certified
-V.128,
of the Borough Treasurer, for 1% of the bonds offered is required.
cently purchased by the Mississippi Valley Trust Co. of St. Louis
-was approved by the voters at a special election held on Mar. 12.
P• 1097
-BOND SALE.
-The
TARRANT CITY, Jefferson County, Ala.
-An issue of $152,-BOND SALE.
WEST, McLennan County, Tex.
$60,000 issue of 6% semi-annual impt. bonds offered for sale on March 11
-was awarded to Caldwell & Co. of Birmingham at a 333.33 53(% refunding bonds has been purchased by an unknown investor.
V.
- 128, p. 1605
price of 98.50, a basis of about 6.32%. Dated April 1 1929. Due $6,000
-BOND OFFERWEST SALEM (P. 0. Salem), Marion County, Ore.
from April 1 1930 to 1939 inclusive.
-Sealed bids will be received until 8 p. m. on March 18, by Maude
ING.
Miller, City Recorder, for the purchase of a $20,000 issue of 6% improve-The ment bonds. Dated March 1 1929. Due $1.000 from Jan. 1 1930 to
-BOND SALE.
TARRYTOWN, Westchester County, N. Y.
8117.000 coupon or registered real property bonds offered on March 11 1949 inclusive. Principal and semi-annu I interest payable at the office of
-were awarded to George B. Gibbons & Co. of New the City Treasurer. A $500 certified check must accompany the bid.
V.
- 128, p. 1440
York as 4.705, at a price of 100.796, a basis of about 4.647. Bonds
are dated Feb. 1 1929 and mature on Feb. 1 as follows: $4,000, 1934 to
WEST VIEW SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
-Sealed bids will be received by the
-BOND OFFERING.
County, Pa.
1951 incl., and $5,000. 1952 to 1960 incl.
Secretary Board of Directors, until Mar. 19, for the purchase of 380.000
-BOND OFFERING.
TENNESSEE, State of (P. 0. Nashville).
% coupon bonds. Dated Dec. 1 1928. Denom. $1,000. Due Nov. 1
Sealed bids will be received until noon on Mar. 25 by Belle E. Brock, 1958. These are the bonds scheduled to have been sold on March 5Secretary of the State Funding Board, for the purchase of a $4,000,000
Issue of bridge bonds. Int. rate is not to exceed 5%. Due in 15 years and V. 128, p. 1267.
-BOND OFFERING.
WEST VIRGINIA, State of (P. 0. Charleston).
subject to call at 101 and accrued interest seven years from date.
will be received by William G. Conley, Governor, until
-BONDS REGISTERED.
-The -Sealed bids19, for the purchase of a $5,000,000 issue of 434% coupon or
TEXAS, State of (P. 0. Austin).
2 p. m. Mar.
following four issues of bonds were registered by the State Comptroller registered road bonds. These bonds are issued under authority of an Act
during the week ending March 9:
Legislature of the State of West Virginia, passed on March 2 1929.
310,000 5% Ropes Independent School District bonds, series 1929. Due of the a part of an authorization of 20,000,000. The bonds will bear
and are
serially.
rate of 434% per annum, or in any lesser rate which is a
3,500 5% Garrison Independent School District bonds, series 1929. interest at the of 1% which may be named, the rate to be named by the
multiple of H
Due serially.
issue may bear one rate and a part a dfferent rate.
part of
600 5% Red River Consolidated School District No. 7 bonds. Due bidder. Athan twothe will be considered in any one bid. Denom.$1,000.
rates
Not more
in 10 to 20 years.
Dated Jan. 1 1929 and due on Jan. 1, as follows: $125,000. 1945; $450.000.
3.0Q0 5% Haskell County Consolidated School District No. 21 bonds.
1946; $475.000, 1947: 3500.000, 1948; 8525.000, 1949 and 1950; $575,000.
Due serially.
1951 and 1952: 3600,000, 1953 and $650,000 in 1954. Prin. and int. (J.
- & J. 1) payable in gold at the State Treasurer's office or at the Chase
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
David H. Thomas, Clerk Board of County Commissioners, will receive National Bank in New York City. Legal approval of Caldwell & Raymond
sealed bids until 1 p. rn, Mar. 27, for the purchase of the following Issues of New York will be furnished at the expense of the purchaser. A certified
of 41(% bonds aggregating
check for 2% par of the bonds bid for, payable to the State, is required.
364,800 Youngstown-Warren road bonds. Due as follows: $4,800, Apr. 1
Financial Statement.
1930;$4,000, Oct. 1 1930;$4,000, Apr. and Oct. 11931; and 33,000.
$2,075.746,270.00
Assessed valuation
Apr. and Oct. 1 1932 to 1939 incl.
Bonded Indebtedness
32,800 Mahoning-Trumbull road bonds. Due as follows: $800. April and
6,314.100.00
-1919 Virginia debt bonds (orig.issue $13,500.000.00)• $2,000, Oct. 1 1930: $2,000. April and Oct. 1 1931 to 1935 incl.; 1.
54,960,000.00
-State road bonds.Including this offer
2.
and $1,000, April and Oct. 1 1936 to 1939 incl.
23,500 Youngstown-Sharon road bonds. Due as follows: $1,500. April
$61,274,1130.00
Total bonded indebtedness,incl. this offer
and $2,000, Oct. 1 1929; 32,000, April and $1,000. Oct. 1 1930; and
-BOND OFFER$1,000, April and Oct. 1 1931 to 1938 incl.
WHITLEY COUNTY (P. 0,Columbia City), Ind.
11,260 York St. road bonds. Due as follows: $2,600. April and $1,000. ING.
will be received by Eugene E. Glassley, County Treas-Sealed bids
Oct. 1 1930; and $1,000, April and Oct. 1 1931 to 1934 incl.
urer, until 10 a. m. Mar. 26,for the purchase of $6,800 road bonds. Dated
All the above bonds are dated Mar. 1 1929. Denom. $1,000 and frac- Mar. 15 1929. Coupon bonds in denominations of $340. bearing interest
tions thereof. Prin. and int.(A.& 0.1) payable at the office of the County at the rate of 4% ,payable semi-annually. Due $340,kMay and Nov. 15.
In
Treasurer. A certified check payable to the order of Frank F. Musser. from 1930 to 1939 inclusive.
County Treasurer, of $1,000 for each issue, must accompany bid.
WICHITA COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Wichita
-BOND SALE.
-A $35,000 issue Falls), Tex.
WAELDER, Gonzales County, Tex.
-A $27.500 issue of6% serial drain-BONDS REGISTERED.
of 534% sewer bonds has recently been purchased by A. J. Douglas of age bonds was registered on Mar.8 by the State Comptroller.
Gonzales.
-The $10§TIMM,
WICHITA, Sedgwick County,Kan.-BOND SALE.
WALWORTH COUNTY (P. 0. Elkhorn), Wis.-BOND OFFERING.
paving and sewer bonds offered for sale on Mar. 11-V. 128.
Sealed bids will be received until noon on Mar. 28, by Leo D. Dunlap, Issue of 4).6% purchased at par by the State School Fund. Due in from
p. 1441-was
County Clerk, for the purchase of a $290.000 issue of 414% semi-annual
highway, series B bonds. Deonm. 31,000. Due on Apr. 1 as follows: 1 to 10 years. SOLD-The $104,095.15 issue of 43(% internal improveBONDS NOT
$115,000, in 1934, $125,000 in 1935 and $50,000 in 1936. Bids will be ment bonds offered at the same time
-was not sold 89 all
-V. 128, p. 1441
received for the whole or any part of the issue. Chapman & Cutler of the bids were rejected. Due in from 1 to 20 years.
Chicago will furnish the legal approval. The printed bonds will be furSCHOOL DISTRICT
WILLIAMSTOWN TOWNSHIP FRACTIONAL
nished by the City. A certified chedk for 5% of the bonds bid for, payable
-In con-BID.
to the County, is required.
NO. 1 (P. 0. Williamstown), Ingham County, Mich.
4 of $115,000 school bonds as 43(8. to
-The $10,000 nection with the award on MarchDetroit, at a price of 101.10, a cost basis
WAPATO, Yakima County, Wash.
-BOND SALE.
coupon fire apparatus bonds offered for sale on March 4-V. the Detroit & Security Trust Co., -it is stated that the Harris Trust &
issue of 57
1605
-was awarded at par to the State Finance Committee. Denom. of about 4.65%-V. 128, p.for 411s, offering a premium of $1.261. equal
128. p. 1267
Savings Bank of Chicago bid
$200. Dated April 1 1929.
to a price of 101.09.
WARREN, Herkimer County N. J.
-BOND OFFERING.
-Lester
-BONDS OFFERED FOR
WILMERDING, Allegheny County, Pa.
Young, Town Supervisor, will receive sealed bids until 10 a. m. March 26
-The National City Co. of Pittsburgh, is offering for
for the purchase of $25,000 5% registered highway improvement bonds. INVESTMENT. $180,000 4H% bonds of this borough, at prices yielding
public investment,
Dated April 1 1929. Denoms. $1,000. Due 31,000, April 1, from 1931)
4.20%. According to reports assessed valuation for 1928 was $6,790,to 1954 incl. Prin. and int. (April and dct. 1) payable in gold at Mohawk, about the net bonded debt $267,500. These are the bonds awarded on
N. Y. A certified check payable to the Order of the above-mentioned 200 and to the above-mentioned concern, at 102.209, a basis of about
March 5
official for $1,000 is required. Legality to be approved by Clay, Dillon
& Vandewater of New York City. Bonds are to be sold at public auction. 4.30%-V. 128, p. 1605.
-BOND
WINFIELD (P. 0. West Winfield) Herkimer County, N. Y.
WARREN CITY SCHOOL DISTRICT, Trumbull County, Ohio.
- OFFERING.-1Toward M.Brace, Town Supervisor, will receive sealed bids
TEMPORARY FINANCLIVG.-Mabel C. Wolfe, Clerk-Treasure:, states until 10 a. m. March 26, for the purchase of $14.000 5% coupon highway
that the district has been issuing short-term notes to local banks for the Improvement bonds. Dated April 11929. Denoms.81.000. Due 82,000,
purpose of financing and paying for improvements in the district. A April 1 1930 to 1936 incl. Prin. and int. (April and Oct. 1) payable in gold
$210.000 bond issue is expected to be awarded the latter part of this year.
in West Winfield. A certified check payable to the order of the above-BOND SALE. mentioned official for $700 is required. Legality to be approvedby Clay.
WASHINGTON COUNTY (P. 0. Washington), Pa.
to be sold at public
Dillon &
-R. M.Snyder & Co. of Philadelphia were awarded on March 11 8175.000 auction. Vandewater of New York City. Bonds are
% road bonds at a premium of $3,132.50, equal to 101.79, a basis of
.-PRICE PA ID
WINNEBAGO COUNTY(P.O. Forest City), Iowa.
Bonds are dated Feb. 1 1929, coupon or registered in
about 4.117.
denom. of $1.000. Due Feb. 1 as follows: $15,000, 1939; $10,000, 1940 The 812,000 issue of funding bonds that was!Purchased by Geo. M.Bechtel
-was awarded for a premium
-V.128, p. 1605
1941; $5,000, 1942 to 1949 incl.; $5,000, 1951 to 1956 incl.; $40,000. & Co.of Davenport.as 43(s.
and
1957. and $30,000, 1958. Prin. and int. payable at the office of the of $115, equal to 100.958.
County Treasurer. Legality to be approved by Townsend, Elliott &
Munson of Philadelphia. Successful bidders are re-offering the bonds for
investment prices to yield 4.05%.
Financial Statement.
-The following bond issues aggreAURORA, Ont.-BOND SALE.
$750,000,000
Estimated real value
-were awarded
187,600,067 gating $22,233.50, offered on Feb. 15-V. 128, p. 925
Assessed valuation
4,311,000 locally, according to the March 8 number of the "Monetary ji Times- of
Bonded debt
Toronto:
Population, 195,000.
$10,433.50 5% local improvement bonds due in 15 years.
WASHINGTON COUNTY ROAD DISTRICTS (P. 0. Abingdon),
8,000.00 434% water works bonds due in 30 years.
-On March 26 a special election will be held for
Va.-BOND ELECTION.
3,800.00 4%'7, local improvement bonds due In 15 years.
$332,060for road
i
Equal annual'installments of principal and interest payable at the office
the purpose of issuing three issues of bonds. aggregating
improvement purposes.
of the Town Treasurer.
-BID.
-Wood,Gundy & Co.of Toronto
BURNABY DISTRICT, B. C.
WATERLOO COMMON SCHOOL DISTRICT NO.5(P. O. Waterloo)
-The 385,000 5% coupon or and Pemberton SE Son of Vancouver Jointly bid 98.10 for the $262,000
-BOND SALE.
Seneca County, N. Y.
-were awarded 5% bonds consisting of three issues, awarded on Feb. 25, to the Dominion
registered school bonds offered on March 7-V.128, p. 1440
a price of 101.937, a
Securities Corp.and the Canadian Bank of Commerce. both of Toronto.
to George 13. Gibbons & Co. of New York, at and mature on March basis at a
1, as
price of 98.14, a basis of about 5.15%-V. 128, p. 1441.
of about 4.82%. Bowls are dated Mar. 1 1929
CANADA, its Provinces and Municipalities.
1780
FINANCIAL CHRONICLE
CRANBROOK, B. C.
-BOND SALE.
-W. L. McKinnon & Co. of
Toronto are reported to have purchased an issue of $31,000 bonds, maturing
in ten years, at a price of 95.10, a cost basis of about 5.65%. Issue bears
a coupon rate of 5%.
BOND SALE.
-A report credits the Imperial Bank of Canada ashaving
purchased an issue of $11,062 bonds, bearing a coupon rate of 5% and
maturing in ten years.
GRAND MERE, Que.-BOND OFFERING.
-Sealed bids will be
received by J. E. Deziel, Sec.-Treas., until 4 p. m. March 2..) for the
purchase of 8400.000 5% bridge debentures, and $125,000 5% street
debentures, both issues aggregating $525,000. Bonds are dated Nov. 1
1928 and are payable at Montreal, Quebec and Toronto. Alternative
bids are asked for 15
-year serial or 30
-year serial bonds on both issues.
HALTON COUNTY,Ont.-BOND SALE.
-The Bank of Nova Scotia,
according to a report, has purchased an issue of 832,600 5% bonds at a
price of 99.50. a cost basis to the county of about 5.11%. Bonds mature
in five years, and were offered unsuccessfully on Aug. 1-V. 127, P• 993.
LaTUQUE, Que.-BOND OFFERING.
-Sealed bids will be received by
Alphonodor Roy, Secretary-Treasurer, until March 20, for the purchase of
$60,400 school bonds. Bonds are to mature in from 15 to 25 years. Bids
will be accepted for Sand 53 % bonds. Interest payable on May and Nov.1.
NEW TORONTO, Ont.-BOND SALE.
-The Dominion Bank of
Canada of Toronto, was awarded on March 4, the following issues of 5%
bonds aggregating $109,209, at a price of 97.02:
860,850 pavement and water mains bonds. Due in 15 years.
17,059 sidewalk bonds. Due in 10 years.
16,000 sanitary plumbing bonds. Duo in 5 years.
15,300 Library Building bonds. Due in 20 years.
The following bids were also submitted:
Rate Bid.
Bidder96.90
Bank of Montreal
C. II. Burgess & Co
96.79
96.71
Canadian Bank of Commerce
95.00
Harris, MacNem & Co
-The following bond issues.
NIAGARA FALLS, Ont.-BaND SALE.
aggregating 3333,783.20, were recently awarded, it is stated, to McLeod.
Young, Weir & Co. of Toronto, at a price of 98.30:
8176,814.42 5% pavement bonds. Due in 10 years.
110,000.00 5% College Institution bonds. Due in 30 years.
25,000.00 534% swimming pool bonds. Due in 10 years.
14,709.98 5% sewer bonds. Due in 30 years.
4,108.80 5% sidewalk bonds. Due in 20 years.
3,150.00 5% Memorial School site bonds. Due in 30 years.
Dated Aug. 1 1928. Prin. and int, payable at the City Treasurer's office.
All bids submitted for these bonds on Nov. 5 were rejected. List of bids
received appeared in V. 127, P. 3131.
NORTH YORK TOWNSHIP (P. 0. Willowdale), Ont.-BOND OFFERING.
-H. D. Goode, Township Clerk, will receive sealed bids until
12 m. Mar. 18, for the purchase of the following issues of bonds aggregating $335,826.90:
$100.000.00 5% bonds. Due in 20 annual instalments.
88,829.00 5% concrete and macadam street bonds. Due in 10 annual
instalments.
37.440.00 5% macadam and stone gravel street bonds. Due in 5 annual
instalments.
28,387.00 5% water mains bonds. Due in 20 annual instalments.
20.000.00 5% school bonds. Due in 20 annual instalments.
17,525.00 5% Douglas Bridge bonds. Due in 15 instalments.
16.635.00 5% Fairlawn Ave. paving bonds. Due in 5 annual instalments.
10,230.90 53.4% street improv. bonds. Due in 20 annual instalments.
%
FINANCIAL
We Specialize in
City of Philadelphia
3s
328
/
1
4s
41 48
/
41 2s
/
58
51 48
/
51/
2s
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to New York
Call Canal 8437
CALIFORNIA
4,820.00 5% 20th Ave. pavement bonds. Due in 10 ann. instalments.
4,010.00 5% sidewalk bonds. Due in 15 annual instalments.
4,610.00 5%% water mains bonds. Due in 30 annual instalments.
1,520.005% Bassano Road, pavement bonds. Due in 5 annual instalments.
1,100.00 5% Brooke St. sidewalk bonds. Due in 15 ann. instalments.
720.00 5% grading bonds. Due in 5 annual instalments.
Bids should state the price for each issue and the combined offering.
The legal opinion of Long & Daly of Toronto will be furnished.
PARRY SOUND, Ont.-BIDS.-The following bids, it is stated, were
also submitted on Feb. 19 for the $61,357 5% paving bonds awarded to
the Canadian Bank of Commerce of Toronto, at a price of 98.11, a basis
of about 5.25%-y. 128, p. 1606.
Rate Bid.
Bank of Nova Scotia
96.12
Harris, MacKeen & Co
95.05
C. H. Burgess & Co
94.51
REGINA, Sask.-BIDS.-The following bids were submitted on Feb'
21 for the $8,000 Graton Roman Catholic Separate School District No. 13
bonds awarded to Houston. Willoughby & Co. of Regina, as 5s, at a discount of $320, equal to 96-V. 128, P. 1441:
Bidder6%
5%
5%7.
Houston, Willoughby & Co
9
Kern Agencies, Ltd101.25
98.81
Nay and James
100.06
Mrs. B. E. Lawrence
100.00
ST. JOHNS, Que.-BOND SALE.
-Of the $33,000 school bonds bearing a coupon rate of 5%. for which no bids were submitted on Jan. 5V. 128, p. 438-82,500 have been awarded locally. The bonds mature
serially in 30 years.
SASKATOON, Sask.-BOND OFFERING.
-Andrew Leslie, City Com:
missioner, will receive sealed bids until 12 m. April 1, for the purchase or
the following coupon bonds, aggregating $907,300:
$170,000 hospital bonds. Due in 30 years.
114,600 street railway extension bonds. Due in 15 years.
75,000 storm sewer bonds. Due in 30 years.
70,100 macadamizing and graveling bonds. Due in 10 years.
65,000 filtration plant extension bonds. Due in 20 years.
60,500 electric light extension bonds. Duo in 10 years.
59,000 pavement bonds. Due in 15 years.
42,830 storm sewer bonds. Due in 30 Years.
41,300 sewer mains bonds. Due in 30 years.
41,100 water mains bonds. Due in 30 years.
35,800 concrete sidewalks and curb bonds. Due in 20 years.
26,500 water connections bonds. Due in 10 years.
25,000 hospital bonds. Due in 10 years.
21,400 concrete curb bonds. Due in 10 years.
16,900 sewer connection bonds. Due in 10 years.
12,000 water meter bonds. Due in 15 years.
15,000 comfort station bonds. Due in 15 years.
6,200 boulevard bonds. Duo in 10 years.
4,970 retaining wall bonds. Due in 20 years.
4,100 boulevard construction bonds. Due In 15 years.
Dated May 1 1929. Principal and interest payable at the Bank of
Montreal, in Montreal, Toronto, Winnipeg. Vancouver and Saskatoon.
WALKERVILLE, Ont.-BOND SALE.-Georgo Carruthers & Son of
Toronto, were awarded on Feb. 25, three issues of improvement bonds
maturing in from 5 to 15 instalments, at a price of 98. The bonds which
aggregate $90,500. bear interest at the rate of 5%•
PRINCIPAL and
INTEREST
The great interest
we take in manufacturing securities
is the principal
reason for our
success.
Complete plants in both
New York and Chicago
CENTRAL'
BANILNOTE COMM
CHICAGO
233-245 SPRING STREET
•
NEW YORK
Members
N. Y. Stock Exch. Los Angeles Stock Ezell
San Francisco Stock & Bond Exchange
and other leading Exchanges
San Francisco
Portland, Ore.
Tacoma
Los Angeles
Seattle
Pasadena
Stocks - Bonds - Grain - Cotton
CHAPMAN DE WOLFE CO.
. 1Stocks ee Bondslc
.
W
351-353 Montgomery Sc.
SAN FRANCISCO
Information and ::otations on all
1
Pacific Coast Securities
Members: Sari Francisco
Stock Exchange
Members: San Francisco
Curb Exchange
INVESTMENT
SECURITIES
A.B.Leach&Co.,Inc.
FRED R.ESTY,President
319 NORTH ALBANY AVENUE
Private Wires to Branch Offices at
FINANCIAL
FINANCIAL
E. A. Pierce & Co.
11 WALL STREET, NEW YORK
[VOL. 128.
ItALEIGII,
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Providence
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Durfey & Marr
RALEIGH, N. C.
Southern
Industrial Securities
North Carolina's Oldest
Strictly Investment House
ALABAMA
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL ANi
CORPORATION BONDS
WHITTLESEY.
McILEAII &CO.
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO
Mining Engineers arid Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPIIIA
@FedFRASER