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VOL. 128.
SATURDAY, MARCH 2 1929.
Financial Chronicle
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Financial Situation.
iThe Federal Reserve Board has shown the present
al
week that it knows how to play safe—safe when the
integrity of its own functioning is at stake. Following the Board's warning early in February against
the excessive use of bank credit in stock speculation,
the U. S. Senate adopted a resolution requesting the
Board "to give to the Senate any information and
suggestions that it feels will be helpful in securing
legislation necessary to correct the evil complained
of and prevent illegitimate and harmful speculation." On Wednesday of this week the Board made
reply, expressing confidence in its ability to cope
with the situation and saying that it had no suggestions to make regarding legislation. "At the time
of the issue of its statement" (meaning the warning
referred to), the Board remarks, "it was the belief
of the Board that it could count upon the co-operation not only of the Federal Reserve Banks but of
leading member banks everywhere in the country in
making successful an effort to bring about an orderly readjustment of the credit situation; and the
Board has been confirmed in this belief by what has
taken place since."
The Reserve Board here displays the same spirit of
facile optimism that it has always displayed. The
Board is easily satisfied, but as far as tangible results are concerned, there is little to sustain its
reassuring statements. If the character of the Federal Reserve returns during the past two weeks did
show some change for the better, thereby encouraging hope that corrective influences were at work,
this week's returns, as analyzed further below, reveal that the tide has already begun to turn again
in the old direction. The member banks may be sincerely desirOus of co-operating with the Federal Reserve in restoring normal credit conditions, but to
some extent at least these member banks are not
their own masters. The Federal Reserve by its easy
NO. 3323.
money policy of the summer and autumn of 1927 has
set in motion forces which unfortunately have now
got beyond control.
The Federal Reserve in pursuit of its easy money
policy flooded the country with Reserve credit to an
inordinate degree and the member banks in turn
with this Reserve credit available allowed their customers to borrow in excessive amounts for stock
market purposes. It is impossible now to cut off
what was so freely and so liberally bestowed. If
the attempt were made, the outcome could only be
disaster. The member banks are as helpless in that
respect as the Reserve Banks themselves, but that
simply serves to reveal the original mistakein stronger light. Perforce, therefore, the Federal Reserve is
in a position where it cannot expect too much,
but at least it should face the situation squarely and
courageously, and not console itself by conjuring
up illusions. The Reserve has accomplished little
or nothing thus far. Already the present week
there has developed a new ebullition of speculative
enthusiasm, with dealings on the New York Stock
Exchange yesterday in excess of 6,000,000 shares.
As to suggestions in the way of new legislation, the
Federal Reserve Board disposes of the troublous problem by simply saying: "This whole matter is engaging the earnest attention and efforts of the Federal
Reserve Board. If it should develop that the Board,
through exercise of the powers granted under the
provisions of the Federal Reserve Act, or through
co-operation with the Federal Reserve and member
banks, should be unable to bring about a solution
of the problem which has awakened the concern alike
of the Senate, the Federal Reserve and the general
body of public opinion, it will be glad to give consideration to the possibilities of remedy by legislation." By thus side-stepping the issue, the Reserve
Board has escaped a very embarrassing predicament.
Helpful suggestion to the legislator is not likely to
come from the Federal Reserve authorities in any
event. The needed legislation consists mainly of
depriving the Federal Reserve of the powers that
have worked so seriously to the public detriment
and especially the power to bring about such speculative excesses as exist to-day and which have grown
directly out of the unstinted use of Reserve credit.
Such curtailment of its functions and powers the
Reserve authorities, it may be depended upon, will
never favor. Men never readily yield up power once
possessed. They are sure to argue, as the Reserve
Board does in this instance, that everything is certain to come out right in the end if only they are permitted to continue in the exercise of these powers, no
matter how utterly they may have failed or how badly they may have blundered in that respect in the
past.
1270
FINANCIAL CHRONICLE
Assuming that the Reserve authorities are now
in earnest in the attempt to eliminate the ills and
evils that have grown out of their own mistaken policy, they are certainly deserving of the support of
all right thinking persons. It does not seem to us
that they are getting that support in the remarks
and comments that are being made by Mr. McFadden, the Chairman of the Banking and Currency
Committee of the House of Representatives at Washington. In an address delivered at the banquet at
the Waldorf Astoria in this city on Saturday last,
at the mid-winter meeting of the New York State
Bankers Association, Mr. McFadden after making
some very sensible remarks in other respects, wound
up with the following extraordinary declaration:"It
seems to me, after giving very careful consideration
to this subject and the attractiveness of the New
York money market, as it has been observed during
the past year, that the money market could be somewhat improved, with little danger of increasing socalled speculation, by reducing the discount rate,
which would remove a possible burden on industry,
commerce and farming in the United States, and
thus enable our industry to compete on a more favorable basis in the markets of the world."
It is difficult to understand how any such uninformed statement could have emanated from Mr.
McFadden. In some of the Western farming sections such talk is common but one is certainly unprepared for anything of the kind from the Chairman of the House Banking and Currency Committee.
Governor Young of the Reserve Board is already
on record as saying that it is impossible for the Federal Reserve to "earmark" the credit released by it,
and if the Federal Reserve authorities should take
Mr. McFadden's advice and reduce the rediscount
rate, what would be or could be gained thereby?
Would not Reserve credit and ordinary bank credit,
which Reserve credit sustains, as surely and inevitably pass into speculative channels as before, and
would anyone stand to benefit by the lower rediscount rate except the member banks catering to the
speculative debauch, who would be able, as a result,
to borrow more cheaply at the Federal Reserve?
Does Mr. McFadden imagine that if Federal Reserve
rates were reduced it would have the slightest
effect upon the general course of money rates in the
markets and that commerce and industry would be
able to command needed funds at the slightest fraction less than at present? If so, all
the experience of the past to the contrary counts
for nothin q.
As noted above the Federal Reserve statements
the present week are not of the assuring nature of
those of last week or the week before. In the first
place, brokers'loans, after having shown contraction
in the previous two weeks, the present week disclose renewed expansion. The expansion is not so
noteworthy as in some other weeks in the recent
past, but is nevertheless substantial, being $30,000,000. Most important of all, it is a change in the
wrong direction. In brief, the total of these loans
on securities to brokers and dealers by the reporting member banks in New York City stands at $5,507,000,000 the present week (Feb. 27) against $5,477,000,000 last week (Feb. 20). At $5,507,000,000
comparison is with only $3,722,000,000 a year ago on
Feb. 29 1928, showing an increase for the 52 weeks
in the huge amount of $1,785,000,000. The loans
[VOL. 128.
made for account of out-of-town banks decreased
during the week from $1,786,000,000 to $1,693,000,000, but the loans made by the reporting member
banks for their own account increased from $1,023,000,000 to $1,090,000,000 and the loans made "for
account of others" moved up still further from $2,668,000,000 to $2,724,000,000, thus establishing a new
high record total in all time.
Nor are the returns of the Federal Reserve Banks
themselves of a more assuring character. The member banks have again increased their borrowings
at the Federal Reserve institutions, the discount
holdings of the 12 Reserve Banks having risen during the week from $864,980,000 to $952,482,000,
bringing these borrowings by the member banks close
to the billion dollar mark again. On Feb. 29 last
year the aggregate of these borrowings stood at
$492,568,000. As partial offset to the larger discounts, the 12 Reserve institutions show their holdings of acceptances reduced from $355,636,000 on
Feb. 20 to $334,075,000 on Feb. 27, and the Reserve
banks have also further reduced their holdings of
U. S. Government securities from $172,589,000 to
$166,400,000. Nevertheless, the total of the bill and
security holdings the present week is roughly $60,000,000 larger than last week, standing at $1,463,032,000 against $1,403,280,000. This is $218,103,000
greater than at the corresponding date a year ago,
when the total of these bill and security holdings was
$1,244,929,000. The amount of Federal Reserve
notes in circulation increased during the week from
$1,651,595,000 to $1,653,971,000. Gold reserves increased from $2,681,110,000 to $2,686,846,000.
There has been a very pronounced revival of speculation on the Stock Exchange during the present
week. The Stock Exchange was closed on Saturday
in addition to Friday of last week which was Washington's Birthday and a holiday. On Monday the
market received its initial fillip when U. S. Steel
opened at 185 as against 182 the close the previous
Thursday and further advanced during the day to
189/. This sudden upswing was based on an anal78
ysis of the Steel Corporation issued by the New York
Stock Exchange firm of Shearson, Hammill & Co.,
which contained the suggestion that the company's
bonds might be retired and replaced by stock and
that valuable rights would accrue to the shareholders from the new stock to be issued to take up the
bo•• s. This was found to have been a correct forest of what was to be done when the directors at
their meeting on Tuesday authorized steps to that
end and the company issued a statement after the
close of business on that day announcing what had
been done.
The rise in U. S. Steel had the effect of reinvigorating the whole market and sharp advances occurred all through the list. The upward movement
was continued on succeeding days until the tone became positively buoyant, and the revival of speculative enthusiasm was termed a Hoover inauguration
boom. Not much attention was paid to the course
of money rates, not even on Thursday, when call
loans commanded as high as 10%. A succession of
favorable developments helped the revival along.
Bethlehem Steel advanced to above par and the
accounts regarding the steel trade continued favorable in the extreme. Then the copper stocks developed new strength on several successive further
advances in the price of the metal so that the price
MAR. 2 1929.]
FINANCIAL CHRONICLE
1271
/
of copper was quoted on Friday at 191 2c. Further at 44 against 38%; National Dairy Products at 131
dividend increases were also announced by several against 12534; Western Union Tel. at 202% against
/
of the copper companies. The railroads were helped 197; Westinghouse Electric & Mfg. at 160% against
by the extremely favorable returns of earnings that 154%; Johns-Manville at 211 against 206%; Nacame in for the month of January from one company tional Bellas Hess at 70% for the trebled new shares
• after another. The shares of the express companies against 197 for the old shares; Associated Dry
moved up by leaps and bounds under the influence Goods at 63% against 60; Commonwealth Power at
of the favorable report for the calendar year issued 135 against 117%; Lambert Co. at 139 against
/
1
4
by the American Express Co. and the Adams Ex- 138%; Texas Gulf Sulphur at 76 against 75, and
/
1
4
press and also by the knowledge that the railroads, Kolster Radio at 6578 against 63 .
/
/
1
4
under a previous arrangement, were about to take
The copper stocks, as already indicated, displayed
over the entire express business. The chemical stocks more strength as a group than any other, stimulated
got an upward impetus from the news that the shares by the further advances in the price of the metal and
of the Mathieson Alkali were to be split up on the also further dividend increases. Kennecott Copper
basis of 3 new shares for one old share. The mar- last week declared $1 quarterly on the new stock
ket continued its upward course on Friday, notwith- recently split up by giving two new shares for one
standing the renewed expansion in brokers' loans. of old, placing the stock on a $4 annual basis or
The volume of business steadily increased from the equivalent of $8 on the old stock, which had paid
day to day, sales on the New York Exchange on Mon- $4 per annum. The present week Inspiration Conday having been 3,506,150 shares; on Tuesday 3,736,- solidated Copper declared $1 quarterly, placing the
200 shares; on Wednesday 4,365,600 shares; on stock on a $4 annual basis, against $3 previously,
Thursday 4,971,250 shares, and on Friday 6,021,300 and Greene Cananea Copper declared $2 quarterly,
shares. On the New York Curb Market the sales placing the stock on an annual basis of $8 per share
were 1,207,900 shares on Monday; 879,800 shares on against $6 previously. Andes Copper Mining deTuesday; 1,209,600 shares on Wednesday; 1,250,900 clared a quarterly dividend of 75c. a share, payable
shares on Thursday and 1,705,200 shares on Friday. May 6, being the first regular quarterly dividend
Another stimulating agency has been a prodigious paid by the company. In December the company
rise in all local bank stocks as a result of the mer- paid 75c. a share out of accumulated earnings prior
ger announced on Monday of the Guaranty Trust to the calling of the convertible bonds. Rumor has
Co. of this city with the National Bank of Commerce it, too, that the dividend on Nevada Consolidated
on the theory that other bank mergers were likely Copper is to be increased at the meeting of the dito follow.
rectors the coming week.
Among the specialties the largest advances of the
Anaconda Cop. closed yesterday at 151 against
/
1
4
week have been in the shares of the express com- 133% on Thursday of last week; Kennecott Copper
panies—these having been of prodigious magnitude at 91% for the doubled new stock against 1563 for
4
—and in those of the different chemical companies, the old; Greene-Cananea at 185 against 174%; Caluin addition to which most of the copper stocks have met & Hecla at 60% against 56%; Andes Copper at
established new high records. Adams Express stock 67 against 59%; Chile Copper at 109% against 97;
closed last night at 585 against 429% on Thursday Inspiration Copper at 65 against 54%; Calumet &
of last week, Friday of that week having been Wash- Arizona at 139% against 129; Granby Consol. Copington's Birthday and a holiday; American Ex- per at 94% against 89%; Amer. Smelting & Rfg. at
press closed yesterday at 327 against 299% on 122% against 115%; U. S. Smelting, Rfg. & Min. at
Thursday of last week. In the chemical group, Al- 691 8 against 66. In the oil group Atlantic Ref.
/
lied Chemical & Dye closed at 303 against 292 on closed on Friday at 561 2 against 55% on Thursday
/
Thursday of last week; Commercial Solvents closed of last week; Phillips Petroleum at 39 against 37 8;
/
7
at 265 against 244; Davison Chemical at 62% Texas Corp. at 5914 against 57%; Richfield Oil at
/
1
4
/
against 60%; Mathieson Alkali (the shares of which 43 against 40%; Bfarland Oil at 40% against 37%;
are to be split up on the basis of 3 for 1), at 203 Standard Oil of Ind. at 87% against 87%; Standagainst 192; Union Carbon & Carbide at 216% ard Oil of N. J. at 48% against 481%; Standard Oil
against 211%, and E. I. Dupont de Nemours at 188 of N. Y. at 40% against 3878 and Pure Oil at 2458
/
/,
against 18412
/
.
against 24%.
General Electric closed on Friday at 249 against
The steel stocks were the leaders at the beginning
240 on Thursday of last week; Amer. Tel. & Tel. of the week, as already indicated, in the new upward
closed at 216% against 213; National Cash Regis- surge of the market. U. S. Steel sold as high as
ter at 138 against 130; Inter'! Tel. & Tel. at 216% 19378 yesterday, but closed at 191% ex-dividend of
/
against 20978; Radio Corporation of America at 13
/
/
4%, against 182 at the close on Thursday of last
405 against 360; Montgomery Ward & Co. at 1393 week with the dividend still on. Bethlehem Steel
/
4
against 130; Victor Talking Machine at 158
/ closed at 105% against 97% on Thursday of last
1
4
against 149; Wright Aeronautic at 285 against 274; week; Republic Iron & Steel at 95 against 867 and
/
8;
Sears, Roebuck & Co. at 163% against 159%; Inter- Ludlum Steel at 80% against 73. In the motor
national Nickel at 67 against 64%; A. M. Byers at group General Motors closed on Friday at 833
/
4
16534 against 142%; American & Foreign Power at against 81% on Thursday of last week; Nash Motors
/
118 against 12534; Brooklyn Union Gas at 189% at 111% against 109; Chrysler Corp. at 107 against
/
against 182%; Consol. Gas of New York at 112% 105; Studebaker Corporation at 91 against 89%;
against 108; Columbia Gas & Electric at 150
/ Packard Motor at 146% against 138%; Hudson
1
4
against 145 ; Public Service Corporation of N. J. Motor Car at 89% against 87 ; and Hupp Motor
/
1
4
/
1
4
at 901 8 against 85; American Can at 123% against at 75% against 7378 The rubber group were aided
/
/.
117; Timken Roller Bearing at 85% against 77; by the higher level of crude rubber. Goodyear Tire
Warner Bros. Pictures at 124 against 128%; Mack & Rubber closed yesterday at 136% against 11778
/
Trucks at 110 against 10778; Yellow Truck & Coach on Thursday of last week; B. F. Goodrich closed
/
1272
FINANCIAL CHRONICLE
/
at 97% against 93, and U. S. Rubber at 5814 against
52%, and the pref. at 88 against 86%.
The railroad group shared in the rise. New York
Central closed yesterday at 199% against 190% on
Thursday of last week. Del. & Hudson at 200 against
195; Baltimore & Ohio at 131% against 124%; New
Haven at 94% against 90; Union Pacific at 230
against 22314; Canadian Pacific at 255 against
/
250%; Atchison at 20378 against 202; Southern Pa/
cific at 134% against 131' 8; Missouri Pacific at
/
7
/
8312 against 74%; Kansas City Southern (on which
/
an initial quarterly dividend of 114% has just been
declared) at 9378 against 90; St. Louis Southwest/
ern at 113% against 107; St. Louis-San Francisco
at 117% ex-div. of 2% against 117; Missouri-Kansas/
4
Texas at 53 against 49; Rock Island at 1353 against
/
131; Great Northern at 110 against 10978; Northern
/
Pacific at 10834 against 107%; and Chicago Mil. St.
/
Paul & Pac. pref. at 6078 against 58%.
[voL. 128.
chemical shares dropping off sharply. This was
countered to some extent by a fairly firm tendency
in coppers, phosphates and oils. Prices steadied in
yesterday's dealings, owing partly to glowing
reports from New York. The Berlin Boerse
also was uncertain at the opening Monday, and
shares dropped with few exceptions from the start.
Several of the more speculative issues lost as much
as 50 points in the day. After a somewhat firmer
opening Tuesday, the decline was resumed, unexpectedly stringent money conditions contributing to
the weakness. After further weakness Wednesday
morning, a recovery was begun, based chiefly on reports of buying by interested banks. The opening
Thursday was again somewhat uncertain, but the
general trend soon became firm with buying orders
coming in from a number of foreign centers. Optimistic reports were circulated regarding the reparations conference at Paris, and these were a factor
in the improvement. The firmness continued in yesterday's session, a number of issues going to appreciably higher levels. Prices on the Vienna Stock
Exchange have continued almost unchanged in recent weeks, Czech and Hungarian mining shares
alone showing a slight tendency to improvement.
Rumors that certain Austrian banks intend to reduce dividends have caused some nervousness in
recent dealings.
Securities markets in all the European centers
pursued irregular courses this week, no definite
trend being apparent in any group with the exception of the Anglo-American issues listed at London,
which edged continually higher on persistent buying.
In general the markets were dull, although there was
a tendency in the latter part of the week to react
more favorably to the cheerful advices from New
York. The London Stock Exchange opened the week
with quotations steady, notwithstanding a someSteady progress is being made by the Experts'
what restricted volume of trading. British funds Committee on Reparations under the able chairmanwere slightly weaker and home rails also moved ship of Owen D. Young, notwithstanding the imdownward, but shipping, motor and rubber stocks mense variety and difficulty of the problems faced
were firm and in some cases appreciably higher. by the fourteen experts. The sessions of the ComRolls-Royce became a feature in Tuesday's session, mittee were begun in Paris on Feb. 9, and more than
with the heavy buying attributed to American a week was spent in an exposition by the German
sources. The session otherwise was dull and gloomy, delegates of the economic conditions within their
with gilt-edged securities depressed further. The country. The problem of procedure was thereafter
pressure against the gilt-edged list continued on studied by a subcommittee appointed for the purpose
Wednesday, in a market that was again described by Mr. Young, and a report was submitted by this
as dull. Motor shares continued a bright spot, with "steering subcommittee" to the full committee late
Napier, Leyland and Dennis joining Rolls-Royce last week. It was made plain in dispatches from
in the upswing. With money conditions easier in Paris that this report contained the elements of a
London Thursday, some improvement was noted in plan for overcoming one of the most complicated
the gilt-edged markets and an additional appearance of the problems before the experts, namely that of
of firmness was given by the strong performance of transfers. The German experts, according to unthe international issues. Coppers were strong on official intimations current in Paris, insisted upon
the rise in the metal, and hopeful rumors regarding retention of at least some of the transfer protection
oil restriction gave tone to these issues. The oils now accorded them under the Dawes Plan. On this
turned buoyant yesterday on reports of agreement plea, they were represented as having parried atbetween British and Russian oil interests and a rise tempts to get them to name preliminary figures for
in the price of gasoline. The market as a whole actual payments under the proposed new schedule
was cheerful, although some of the speculative of payments. The plan evolved by the steering subvehicles were in supply. The gilt-edged list was committee was said to provide for division of the
easier.
German annuities into two parts, one unprotected
The Paris Bourse opened the week with a down- and unconditional, and the other benefiting by
ward movement in share values, the tendency being transfer protection. The full committee considered
interrupted for only a brief period just before the this tentative plan on Feb. 22 and referred it back
close which was not sufficient to permit any great to the subcommittee with instructions to complete
recovery. Liquidation continued at the opening the final draft of the plan for resubmission last
Tuesday, and the session as a whole was dull, despite Monday.
an announcement that the Bank of France would
The full committee heard the report of the steering
convoke a general assembly to increase its capital subcommittee, which is headed by Sir Josiah Stamp,
from 200,000,000 to 500,000,000 francs. This had on Monday morning. After a two-hour discussion
only a temporarily stimulating effect on bank the session was adjourned, and all work was turned
shares, which relapsed subsequently and showed back to the subcommittees, of which it appeared two
losses for the day. Trading revealed little improve- more had been formed in the meantime. One of these
ment Wednesday, rentes joining other securities in a subcommittees was an "informal" one, formed some
moderate decline. The unsettlement became more time during the second week of the meetings, acpronounced Thursday, French banks, electrical and cording to a dispatch of Monday to the New York
MAR. 2 1929.]
FINANCIAL CEERONICLE
Herald Tribune. It was said to have been formed
in order to consider the problem of mobilization of
German reparations bonds, and was therefore regarded as highly important. Lord Revelstoke, of
Britain, was appointed chairman of this group,
which included J. P. Morgan, Thomas W. Lamont,
Dr. Carl Melchoir, Emile Moreau, Emile Francqui,
Professor Fulvio Suvitch and Kengo Mori. It was
officially announced by the spokesman for the committee that another subcommittee had been formed
to deal with deliveries in kind, Thomas N. Perkins,
alternate for Mr. Young, being appointed chairman.
Associated with Mr. Perkins on this subcommittee
are Dr. Albert Voegler, Jean Parmentier and
Camille Gutt. Formation of these three bodies
means, the Herald Tribune dispatch asserted, "that
virtually the whole weight of the reparations conference has been shifted to the shoulders of the subcommittees which will bear the brunt of having to
outline and prepare all the details of revision of the
present plan, and which will go to the whole committee only from time to time for consideration of
suggestions."
Further plenary sessions of the full committee are
not expected until early next week, but in the meantime the three subcommittees have been meeting
daily and getting on with their several problems,
according to all reports. One development of the
early part of this week which was considered of
especial interest was the arrival in Paris of Montagu
Norman, Governor of the Bank of England. It was
definitely reported that Mr. Norman conferred with
M. Moreau, Governor of the Bank of France, and
with Dr. Schacht, President of the Reichsbank. The
idea of a central clearing house in London for the
payment of reparations was again mentioned in dispatches as under consideration in Paris. One suggestion was said to have been to the effect that
"commercialization" of the reparations bonds be
placed on an annual basis, a certain amount to be
floated for each year the proposed new plan will run.
That commercialization is under lively discussion
was indicated in a dispatch of Thursday to the New
York Times, which said "The American bankers
serving on the Experts' Committee desire it to be
known that the plans do not involve danger of the
American market being flooded with German bonds.
Far from agreeing to any scheme which would overstep the limits set by skilled caution, they emphasize
that they will agree to no plan which would strain
what is interpreted as the probable absorption limit
of the investment market of the United States for
securities."
1273
governments is especially evidenced by the unanimous request, not to say insistence, that citizens of
the United States should contribute their assistance
and counsel in the effort to make a final adjustment
of the problem of reparations." The speech was accepted as the farewell address of President Coolidge,
giving his views of his administration's accomplishments in composing foreign disputes.
should like the people of the United States to
know that at the present time there are no questions
of importance awaiting settlement between our government and any of the European governments with
which we have relations," Mr. Coolidge said. "Our
government is on the most cordial and friendly
terms with all of them. It is possible to say of our
foreign relations at the present time that they have
rarely been in a more happy condition. The uncertainties which existed south of the Rio Grande
have been very much relieved. The domestic disorders in Central America are being adjusted with
a satisfaction that is almost universal. Even the
mouths of those who would rather criticize us than
have us do right have been stopped. The recent PanAmerican Congress held in Washington exhibited a
spirit of friendliness and good-will which was most
gratifying. Competent and experienced observers
have assured me that our relations with South America are on the most satisfactory basis that they have
been for twenty-five years. On the far side of the
Pacific our situation is equally satisfactory. We
have no important unadjusted problem with the government of any European nation, with the exception
of Russia. Outside of that country, all the issues
that arose, even out of the World War, have been
adjusted."
The occasion of a Washington's birthday celebration in the capital was also taken by Sir Esme
Howard, the British Ambassador, to utter sentiments of the greatest friendliness for the United
States and optimism regarding the relations between London and Washington. Sir Esme quoted
at length from a speech made by Sir Austen
Chamberlain late in January, in which the British
Foreign Secretary asserted that Britain "had no
nearer and dearer friendship than her friendship
with the United States." The Ambassador also gave
unstinted praise to the Kellogg Pact, which he
termed "an immense step forward toward the ultimate goal of universal peace." "This treaty has
made an incalculable difference in world affairs,
though this is not yet generally realized," he added.
"Formerly there was nothing unmoral in going to
war. A country which took up arms might be doing
something foolish, might be doing something worthy
of blame, but it was not necessarily committing an
immoral action, it was not violating a pledge given
to the rest of the world. Now, whatever other
grounds there may be to justify such action, a government which goes to war will be branded by world
opinion as a breaker of oaths, as false to the promise
it has solemnly given. That is the true meaning of
the Kellogg Pact, and if public opinion has any influence at all, that pact must weigh heavily in the
balance for the cause of peace. It is a factor which
will grow in importance and influence as the years
go by."
The national observance of the anniversary of
Washington's birth on Friday of last week was
marked by a notable declaration on American
foreign policy, delivered by President Coolidge in
the course of an address at the commencement exercises at George Washington University. Mr. Coolidge asserted in effect that American foreign relations have rarely been more satisfactory than they
are at present, no unsettled problem existing between this government and any European nation
with the exception of Russia, while relations with
the nations of Central and South America and those
bordering on the Pacific are equally cordial and
friendly. "The governments are friendly and the
A considerable stir was caused throughout Europe
people and press should be friendly," Mr. Coolidge this week by the publication in
the Utrechtsch Dagasserted. "The respect and confidence of European blad, a leading provincial paper
of the Netherlands,
1274
FINANCIAL CHRONICLE
of the provisions of an alleged secret Franco-Belgian
military convention concluded in Brussels in 1920.
Under the terms of the convention, the Dutch journal asserted last Sunday,France and Belgium would
be obliged to make common cause in the event that
either was at war with Germany or with any power
assisted by Germany. The articles of the alleged
treaty, as published, provide that both nations shall
mobilize against Germany immediately after a cause
for invoking the treaty has been established according to international usage, and that each shall undertake a vigorous offensive, compelling Germany to
fight at once both north and south of the common
front. One of the articles was said to commit
Belgium to mobilize a minimum of 600,000 men,
and France a minimum of 1,200,000 men. The newspaper charged further that interpretations were
arrived at in 1927 which contain references to Holland and the possibility of war operations in Dutch
territory. The interpretations were said to speak
also of eventual British cooperation with the
Franco-Belgian forces.
The existence of a military convention of the kind
described in the Utrechtsch Dagblad was promptly
denied on the following day both in Paris and in
Brussels. It was explained in both capitals that an
accord had been reached in 1920, and duly registered
with the League of Nations, which implied an exchange of views between the respective general
staffs. In Paris it was intimated that one of the
many military schemes formulated- by army officers
for the defense of their country may have fallen into
the hands of the Dutch journal, but such documents
were declared to have no official standing. Foreign
Minister Hymans, of Belgium, denied the authenticity of the document as published. Brussels dispatches indicated that the agreement concerns only
the possibility of aggressive action by Germany. In
London, an official and emphatic denial . was
promptly issued at the British Foreign Office of the
intimations that Britain might cooperate in any
such alleged military movements. This denial was
made on behalf of the entire British government, and
it was augmented, according to Berlin reports, by a
diplomatic communication to the German government in which the existence of any such understanding between the British and Belgian general staffs
was denied. German officials maintained a reserved
attitude regarding the "revelations," Berlin dispatches said, but the German press was aroused to a
high pitch of indignation.
The British position was further clarified by an
interpretation in the House of Commons, Wednesday, in which Godfrey Locker-Lampson, Under-Secretary of State for Foreign Affairs,-assured Parliament that Great Britain would enter into no military agreement with any other power that would in
any way be contrary to her obligations to Germany
under the Locarno Treaty. When questioned regarding the reports of British connection with the
alleged military convention, Mr. Locker-Lampson
started his reply by explaining that Sir Austen
Chamberlain, the Foreign Secretary, was kept at
home by an indisposition. "Apart from the Treaty
of Locarno," he said, "no agreement involving a
military commitment has been concluded since the
war .between this country and Belgium, nor is any
military agreement or understanding in existence between the British general staff and that of any
foreign country. No British military attache at
[VOL 128.
Brussels has on any occasion even discussed the
question."
Increasing unemployment in Great Britain is
again lifting this troublesome problem into high
prominence, the more so in view of the approaching
national elections in which the respective relief
plans of the Conservatives, Liberals and Laborites
are expected to play a great part. The most recent
official figures published by the British Ministry of
Labor show that on Jan. 21 there were 1,458,000 unemployed among the 11,880,000 registered work people of Britain, or 12.3%. This compares with 11.2%
a month earlier and with 10.7% a year ago. The
largest percentage of unemployed among the registered work people since the war was 23.1% in June,
1921, while the largest of the past four years was
14.6% in June, 1926, when the general strike was
in progress. The smallest percentage since the war
was 1.1 in March, 1920, and the smallest in the past
four years was 9.1 in April, 1926, a month before
the general strike. The last named figure represented unemployment of 996,645 of the then registered work people. In a London cable of Feb. 26
to the New York Times, it is remarked that "the
strike, in the estimation of Chancellor of the Exchequer Winston Churchill, inflicted a loss of revenue of $400,000,000, and now it is clear that the
country, even after two years of industrial peace,
never has recovered from this staggering blow. It
may well be that three or even four years of common
sense are required to balance the nine months' folly
of a stoppage in the coal mines, which continued
long after the general strike was ended."
The policy of the present Conservative Government, like that of its Labor predecessor, has been
based largely upon efforts to find a solution of this
distressing problem. The "derating" scheme recently introduced has for its chief aim the relief of
productive industry, in the belief that the expected
improvement will make possible the absorption of
many unemployed. Miners, who have been particularly hard hit by unemployment, have been taught
other trades as quickly as possible and transferred
to industrial areas where conditions seemed to warrant their ready absorption. Emigration to the
Dominions has been fostered and relief attempted
by extensive public undertakings. Figures made
public in London this week would seem to indicate
that the relief afforded by public works has been
of small consequence. "It is estimated," the Times
dispatch said, "that the expenditure of $5,000,000
gives direct employment to only 2,000 men on road
work for one year. The Unemployment Grants Committee estimates that during five and a half years
they have sanctioned the expenditure of $520,000,000
'and provided directly the equivalent of one year's
work for 330,000 men. Under housing schemes the
expenditure of $375,000,000 gave employment for
105,000 men for one year, while the schemes sponsored by the Ministry of Agriculture, costing $6,500,000 in six years, provided the equivalent of one
year's work to only 11,200 men. It is apparent from
these figures that relief schemes demand colossal
financial effort and produce comparatively small
results, even when allowance is made for employment indirectly created and for the material and
moral assets produced. In effect, by depleting the
national exchequer, it is now realized that relief
schemes are more likely in themselves to create un-
MAR. 2 1929.1
FINANCIAL CHRONICLE
employment, and the public is waiting with anxiety
to know what the next move by the government will
be."
Thousands of Britain's unemployed joined forces
over the last week-end in one of their spectacular
periodical demonstrations. From Scottish and
English industrial centers, they began to march over
all roads toward London, tramping the highways
cheerfully. After marching a distance the individuals would drop out, their places being taken by additional recruits, who in turn would tramp along for
a while. In this way several thousands, mainly from
the capital itself, proceeded to Trafalgar Square in
London, which is the famous rendezvousfor all public
causes. Labor leaders who greeted them voiced the
grievances of the marchers, and again urged the
government to take active steps to solve the problem. A number of the "out-of-works" gathered again
at the House of Commons on Wednesday and clamored unavailingly for an interview with Winston
Churchill, the Chancellor of the Exchequer. Two of
them gained admission to the House, and created a
disturbance. In reply to questions from Labor and
Liberal members, Sir Arthur Steel Maitland, the
Minister of Labor, observed that the field of employment which could be thrown open by public expenditure was limited. "It is far better," he said,
"to -try and get men working at their own trades
again, as we are trying to do by the electricity act,
derating and safeguarding." He ascribed the unemployment situation largely to lowering of the
country's purchasing power and suspension of capital replacements induced by the general strike
troubles in 1926. Nevertheless, he added, compared
with five years ago, 600,000 more persons are actually working and wages are up 7%. "At the end
of the war," Sir Arthur remarked,"this country was
faced with greater dislocation of its national industrial existence than any other country that took
part in the conflict and at the same time had to
face an addition to its working population of anything from 1,000,000 to 1,200,000."
In Germany, also, unemployment is becoming an
increasingly serious problem, although the aspects
differ from those prevalent in Great Britain. The
difficulty in the Reich is mostly that of seasonal
variations, which are exceptionally severe. The official tabulations of the Berlin Government indicate that at the end of January, workmen entirely
unemployed made up 19.4% of the labor union membership. A year ago the percentage was 11.4. In
the so-called "seasonal occupations," 58.4% were
fully unemployed, while in non-seasonal trades,
which depend upon the general state of business,
10.3% were out of work. Difficulties probably will
be encountered with the new unemployment insurance system in Germany, according to a Berlin report of Feb. 22 to the New York "Times," as the premiums are expected to prove insufficient to meet
the necessities of the situation. The unemployment
insurance account for November showed an actual
deficit, the dispatch said, and since then unemployment has trebled.
France, on the other hand, remains virtually without any unemployment, proving in this respect, according to recent dispatches, the "economic enigma
of Europe." Government officials, questioned by a
Canadian press representative, gave the explanation that France produces more cheaply than England, that French workmen are less controlled by
1275
trades unions, and that transfers are more readily
made from one class of employment to another. It
was pointed out also that France has within her borders large bodies of foreign workers who, it is
claimed, act as a sort of safety valve in case of any
general depression in industry. In the six years
ended Jan.1 1926, more than 1,200,000 foreign workers entered France from other Continental countries, of whom 287,000 were subsequently repatriated. Two other causes frequently adduced to explain French freedom from unemployment are the
relatively slight increase in population from year to
year, and the great number of small land holdings,
to which the French peasants adhere with great tenacity. There is in France very little of the heavy
transference from agriculture to industry that is
taking place at present in all the more highly industrialized countries.
Sanguinary fighting has again begun in China as
the result of an uprising on the Shantung Peninsula
engineered by Chang Tsung-chang, erstwhile Governor of Shantung, who was driven out of that province by the southern Nationalists last year. The
former war lord of Shantung had been a refugee in
the Japanese concession at Dairen since last summer, but returned to Chefoo, at the tip of the Peninsula, in a specially chartered steamer two weeks
ago. A revolt of about 3,000 former Peking soldiers,
who had been mustered into the Nationalist armies,
aided the plans of the insurgents, and the first clash
was reported to have taken place Feb. 22 between
loyal Nationalist troops and anti-Nationalists, about
fifteen miles west of Chefoo. The American light
cruiser Trenton was ordered to Chefoo from Manila,
at the request of Leroy Webber, American Consul
in Chefoo, who considered naval protection for
American citizens there desirable. The Nationalist
forces, said to be greatly outnumbered, were reported victorious in the clashes, because of superior
arms. Reports to the diplomatic corps in Peking indicated that about 70,000 men all told were engaged
in the fighting. Authorities of the Nationalist Government at Nanking and Shanghai made plain their
belief that Japan was responsible for the revolt at
Shantung. "Chinese authorities," a Foreign Office
spokesman was represented as saying last Sunday,
"have gathered conclusive evidence that Tokio aided
Chang Tsung-chang's departure from Dairen, assisting him to launch an anti-Nationalist movement at
Shantung." It was pointed out again that the numerous issues between China and Japan growing
out of the success of the Nationalists in consolidating the country under one rUle, still remain unsettled despite the protracted negotiations at Shanghai. Wholesale looting was reported in the vicinity
of Chefoo. Trouble was also reported in the interior province of Honan. The whole situation is admittedly precarious, with an additional element of
uncertainty introduced by the movements of the powerful General Feng Yu-hsiang, who is reported proceeding to Chefoo for the purpose of "reclaiming
Shantung for the Nationalists." The official news
agency of the Nanking Nationalist Government announced yesterday that the Foreign Office had protested to the Japanese Government against its alleged connivance in the disorders in Shantung.
Bandits in Mexico late last week seized for ransom and then murdered two Americans, J. M. IJn-
1276
derwood and C. C. Aisthorpe, who were employees
of the Guanajuato Reduction and Mines Company.
The mine where the kidnapping took place is known
as the Bustos Mine, which is located about 20 miles
from the city of Guanajuato, capital of'the State of
the same name. Federal troops were promptly dispatched in pursuit of the bandits. United States
Ambassador Dwight W. Morrow called at the Foreign Office in Mexico City, Monday, and made formal representations. He was informed, according
to Mexico City dispatches, that President Portes
Gil had ordered special detachments of troops to
make a thorough search for the slayers and to submit them to summary trial and punishment when
found. Other reports of the past week from Mexico
City have indicated continued progress in the efforts
to place the governmental finances on a sound basis.
Luis Montes de Oca, the Minister of Finance, announced on Feb. 21, that the Mexican Treasury has
completed payment of upward of 1,000,000 pesos
(about $500,000), overdue on accounts for merchandise supplied to the government, and in the course
of this year will pay a further 9,000,000 pesos ($4,600,000) to relieve the national authorities of liabilities which in some instances have been pending
since 1914. The accounts will be completely liquidated by means of ten monthly instalments, as from
Ferbuary this year, Senor de Oca stated. "The foregoing measures," he added, "may be considered as
essential steps prior to solution of the general problem of public indebtedness in such manner that future receipts will permit the payment of full service, interest and amortization, on the different sections composing the national public debt."
A compact whereby reciprocal permission is given
commercial aircraft to fly over the Panama Canal
Zone and over Colombian territory was concluded in
Washington last Saturday by Secretary of State
Frank B. Kellogg and Dr. Enrique Olaya, Minister
of Colombia. Identic notes were exchanged by Mr.
Kellogg and Dr. Olaya in which it was provided that
such commercial flying is to be subject to the respective governmental regulations of the United States
and Colombia. "It is understood," the notes state,
"that the two governments agree and will endeavor
to give the greatest possible facilities to aircraft in
international commercial communication service in
order that they may land on land or water, fuel and
carry out the other services." The agreement, it is
explained in a Washington dispatch to the New York
"Times," follows an executive order issued by President Coolidge last week defining the rights of commercial aviators in the Canal Zone. All aviators,
American or foreign, must obtain permission to enter the zone and must follow designated air routes.
The agreement will make it possible for the Scandta
Company, now operating from Bogota to the seacoast of Colombia, to extend its air service over the
Panama Canal. It also clears the way for future
United States airways clown the west coast of South
America.
There have been no changes this week in the discount rates of any of the European central banks,
though the National Bank of Java on Monday
raised its rate from 4 to 432%. Rates continue
at 63/2% in Germany and Austria;6% in Italy;5%
in Great Britain, Norway and Spain; 5% in Denmark;
432% in Holland and Sweden; 4% in Belgium, and 33'
[Vol,. 12S
FINANCIAL CHRONTCTY
in France and Switzerland. London open market
discounts for both short bills and long bills remain
unchanged at 53@5 5-16%. Money on call in
London was 534% on Wednesday but down to 33
4%
yesterday. At Paris open market discounts remain
at 37-16% and in Switzerland at 3%%.
This week's Bank of England statement discloses
a further increase in gold holdings of £404,579.
This brings the total up to £151,255,517 which compares with £157,249,908 for this week last year and
with £150,115,074 in the corresponding period in
1927. "Note circulation," the only other item to
show an increase, advanced £435,000. "Reserves"
therefore decreased £30,000. "Public Deposits"
dropped £1,109,000, and "Other Deposits" £9,126,000. This latter consists of "Bankers Accounts" and
of "Other Accounts" both of which showed decreases,
namely: £8,654,000 and £472,000 respectively.
Loans on government securities fell £3,355,000 and
those on other securities declined £6,801,000.
"Other Securities" is composed of "Discounts and
Advances" and "Securities." The former fell off
£3,702,000 and the latter £3,099,000. The proportion of reserves to liabilities is 54.79%, it was
50.15% last week, and 38.33% the same week ast
Below
year. The rate of discount remains
we show these items in tabular form for the past five
years:
STATEMENT.
BANK OF ENGLAND'S COMPARATIVE
1927.
1928.
1929.
Mar. 1.
Feb. 29.
Feb. 27.
Circulation
b352,253,000
Public deposits
13,967,000
Other deposits
93,701,000
Bankers' accounts 57,040,000
Other accounts_ _x 36,661,000
Governm't securities 42,976,000
Other securities_ _ -- 23,946,000
Ditict..4 advances 8.353,000
Securities
15,593,000
Reserve notes.4 coin 59,002,000
Coin and bullion_ _a151.225,000
Proportion of reserve
to liabilities
54.97%
Bank rate
%
1926.
Mar. 2.
1925.
Mar. 3.
135,350,000 137,588,645 141,720,585 124,826,765
10,139,000 9,643,302 13,546,250 9,825,224
98,508,000 109,530,114 106,038,295 119,104,913
30,683,000 32,267,560 38,015,328 43,606,830
54,587,000 72,911,808 76,273,908 80,048,938
41,650,000 32,276,429 23,580,467 23,534,707
157,249,908 150,115,074 145,551,052 128,611,472
38.33%
44%
27.08%
5%
19.71%
5%
18M%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes issued and which was transferred to the
Bank of England on the British Government's decision to return to gold standard.
is Beginning with the statement for April 29 1925. includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its statement for the week
of Feb. 23 reports a further decrease in note circulation of 114,000,000 francs, reducing the total to
62,505,465,950 francs, as against 62,619,465,950
francs last week and 63,101,465,950 francs two
weeks ago. Creditor current accounts rose 791,000,000 francs and current accounts and deposits
1,184,000,000 francs. Gold holdings increased 11,009,527 francs, bringing the total up to 34,037,604,216 francs. French commercial bills discounted rose
1,266,000,000 francs, bills bought abroad 6,000,000
francs, while credit balances abroad dropped 256,087,465 francs, and advances against securities
62,000,000 francs. Below we furnish a comparison
of various items of the Bank's return for the past
three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
C.)hanges
Feb. 23 1929. Feb. 16 1929. Jan. 9 1029.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _Inc. 11,009,527 34,037,604,216 34,026,594,689 34,018,098,489
Credit bals. abr'd_Dec. 256,087,465 11,538,870,769 11,794,958,234 12,302,943,167
French commercial
bills discouted Inc .1,266,000,000 7,042,061,281 5,776,061,281 4,836,061,281
Bills bought abr'd_Inc. 6,000,000 18,286,970,680 18,280,970,680 18,131,970,680
Adv. agst. securs_Dec. 62,000,000 2,263,091,022 2,325,091,022 2,314,091,022
Note circulation__Dee. 114,000,000 62,505,465,950 62,619,465,950 63,101,465,950
Cred. curr. accts__Inc. 791.000,000 19,474,735,843 18,683,735,843 19,366,735,843
Cure.accts. dep.Inc.1.184.000.000 6,884,493,363 8.700,493.363 6,429,493.383
MAR. 2 1929.]
In its report for the third week of February, the
Bank of Germany showed a further decrease in note
circulation of 175,168,000 marks, reducing the total
to 3,902,094,000 marks, as against 3,652,870,000
marks last year and 2,926,397,000 marks the year
before. Other daily maturing obligations rose 105,525,000 marks and other liabilities 2,476,000 marks.
On the asset side, gold and bullion increased 52,000
marks, bills of exchange and checks 24,781,000
marks, silver and other coin 6,811,000 marks, notes
on other German banks 5,344,000 marks. Reserve
in foreign currency dropped 1,220,000 marks, advances 39,817,000 marks and other assets 63,118,000
marks, while deposits abroad and investments remained unchanged. A comparison of the various
items for the Bank's return for three years past is
furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Feb. 23 1929. Feb. 22 1928. Feb. 22 1927.
Assets—
Reichsmark:. Reichsmarks. Reichsmarks. Reichsmarks
Gold and bullion
Inc.
52,000 2,728,962,000 1,886,263,000 1,834,003,000
Of which depos.abr'd_
Unchanged
85,626.000
83,532,000
93,007,000
Reeve in for'n curr
Dec. 1,220,000
99,134,000 295,088,000 182,715,000
Bills of exch.& checks.Inc. 24,781,000 1.471.350,000 1,830,712,000 1,247,967,000
Silver and other coin_ _Inc. 6,811,000 132,175,000
83,515,000 142,749,000
Notes on oth.Ger.bks_Inc. 5,344,000
28,815,000
24,300,000
18.570,000
Advances
Dec. 39,817,000
22,515,000
38.467,000
12,936,000
Investments
Unchanged
93,170,000
94.256,000
92,571,000
Other assets
Dec. 63.118,000 481,459,000 506.243,000 616,482,000
Notes in circulation__Dec. 175,168,000 3.902,094,000 3,652,870,000 2,926,397,000
Oth.dally matur.oblig.Inc. 105,525,000 572,696,000 620,189,000 653,469,000
Other liabilities
Inc. 2,476.000 158,346,000 209,607,000 208,254,000
The New York money market manifested all the
expected signs of month-end stringency this week,
rates for demand loans rising from a start at 6 %
/
1
2
Monday to a high of 10% Thursday, and then relaxing a little again in yesterday's final money market
session of the week. The 6 % rate on Monday
/
1
2
prevailed for only a short period, the figure rising
rapidly to 9% after withdrawals by the banks of
upwards of $30,000,000. The higher rate attracted
new funds and offerings were reported in the unofficial "street" market in the late afternoon at 8%.
From an opening at 8% Tuesday, the rate was again
advanced to 9%. Withdrawals were approximately
$25,000,000, and no concessions were reported in the
outside market. An undeviating level of 8% was
maintained for call loans on the Stock Exchange
Wednesday, with some street trading at 7 %.
/
1
2
Withdrawals were light. The session Thursday
marked the end of the month, and the demand loan
rate advanced from an opening at 8% to a close
at 10%. With banks preparing to meet the monthend dividend and interest disbursements, withdrawals for the day were more than $35,000,000. In yesday's session renewals were fixed at 8%, and this
rate was maintained throughout, with outside offer/
1
2
ings reported at 7 %. Withdrawals by the banks
were about $15,000,000. Time money was quiet but
firm all week at 734% for all maturities. Brokers'
/
loans against stock and bond collateral reflected this
week the resumption of bullish operations on the
stock market, the total as of Wednesday evening rising $30,000,000 over the previous week in the report
of the New York Federal Reserve Bank. The weekly
summary of gold movements through New York
shows imports of $59,000 and exports of $325,000.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, renewals on Mon/
1
2
day were at 6 %, but with an advance in the rate
for new loans to 9%. On Tuesday the renewal rate
was 8%,and the rate for new loans 9%. On Wednes-
1277
FINANCIAL CHRONICLE
day all loans were at 8%, including renewals. On
Thursday after renewals had been effected at 8%,
the rate advanced to 10%. On Friday all loans
were at 8%. Time loans were quoted at 7%70 for
all maturities from thirty days to six months on
every day of the week. Commercial paper has been
firm with the market very narrow. Rates for names
of choice character maturing in four to six months
/
1
2
remained at 5 @5%%. Names less well known
now command 5%@6%, with New England mill pa/
per selling at 534%.
There has been no change this week in the rates
for banks' and bankers' acceptances. The market
continued firm with the bulk of the demand for the longer maturities. The posted rates of the American Acceptance Council have continued through/
1
4
/
1
2
out the whole week at 5 % bid and 5 % asked
/
/
for bills running 30 days, 538% bid and 514% asked
/
/
1
2
for bills running 60 and 90 days, 5 % bid and 514%
/
/
asked for 120 days, and 558% bid and 538% asked
for 150 and 180 days. The Acceptance Council no
longer gives the rate for call loans secured by bankers' acceptances, the rates varying widely. Open
market rates for acceptances have also remained unchanged as follows:
•
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked.
Bid. doted.
534
534
534
534
—90 Days— —60 Days—
1314. Asked.
Bid. Asked.
534
534
534
534
—120 Days-Bid. Asked.
514
534
—311 Days
-Bid. Asked.
554
554
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
534 bid
534 bid
Announcement was made yesterday (March 1) by
the Federal Reserve Board at Washington that the
discount rate of the Federal Reserve Bank of Dallas
/
1
2
had been raised from 4 % to 5% on all classes of
paper and for all maturities. The advanced rate is
made effective to-day (March 2). This is the first
change in the rate of the Dallas Reserve Bank since
May 7 1928, when it was increased from 4% to
412%. There have been no other changes this week
/
in Federal Reserve Bank rates. The following is
the schedule of rates now in effect for the various
classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Rate in
Effect on
Feb. 22.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
5
5
5
5
&-
5
5
8
5
434
43-4
5
434
Date
Established.
Previous
Eats.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
Nov. 2 1929
June 2 1928
414
434
434
454
43-4
434
434
434
4
4
434
4
Sterling exchange has ruled on average a trifle
lower than last week. The main features of the mar-'
ket are unchanged in all important respects from the
past several weeks. Exchange continues dull and
irregular, perhaps more so this week than usual, due
largely to the fact that the New York Stock Exchange
was closed on Friday, Washington's Birthday, and on
Saturday last. Uncertainty continues as a result of
the money market situation both here and abroad.
The range this week has been from 4.84 13-16 to
4
4.85 for bankers' sight, compared with 4.843 to
4.85 last week. The range for cable transfers has
been from 4.85 3-16 to 4.85 11-32, compared with
4.85 3-16 to 4.85 11-32 the previous week. The New
1278
FINANCIAL CHRONICLE
York money market is exercising a severe pull, not
only on sterling but on most currencies. Rates are
held just above the gold import point and while many
believe that as the season advances the tone will become firmer regardless of money rates in New York,
nevertheless the present figures, just above the gold
import point, are due to the recent increase in the
Bank of England rate of rediscount from 43/2% to
53/2%. It is doubtful if even this advance in the
Bank of England's rate could alone keep sterling up,
but the market is further supported by purchase of
sterling exchange by banking authorities here with
a view to supporting exchange. Official confirmation of such purchases is never obtainable until so
long after they take place that they lose interest.
London bankers say that it is reasonable to assume that in exchange for the support lent to the
American monetary authorities by the increase
in the Bank of England rate of rediscount to 53/2%
an agreement may have been reached for a renewal
of the old arrangement whereby sterling bills are
purchased by the Federal Reserve Bank. There
can be no doubt that sterling is receiving official
support in some form, as it could not withstand,as it
does, even now, the present pull exercised by the
magnetism of high money rates in New York.
Formerly when the Bank of England rate underwent an increase of a full 1% funds were strongly
attracted to London. This does not seem to be
so much the -case now and there is every evidence
that the demand for dollars is strong in London and
at most of the Continental centers. Much dissatisfaction is expressed in business circles in London
with regard to the increase in the bank rate in the
belief that the marking up was altogether too drastic.
In some quarters it is even intimated that the
rate cannot be maintained at 532% for long without
injury to general business in Great Britain and the
expectation is entertained that the rate may be
reduced to 5% in deference to these opinions. Surely
if such a reduction is made, the sterling rate cannot
be maintained without official support of the Bank
of England either directly or through its foreign
central bank correspondents. The London security
market, however, is talking of an increase in the
rate to 63/2%. It cannot be gainsaid that while
New York continues to exert a pull on foreign funds
adverse to sterling quotations, money is so much
firmer since the marking up of the Bank of England
rate of rediscount that considerable Continental
funds are seeking employment in London at more
remunerative rates. Holland, Switzerland, France,
and the Scandinavian countries are, it is believed,
employing part of their surplus funds in the London
market. This inflow, however, makes the Bank of
England's task of protecting its gold holdings more
difficult, as it tends to lower money rates in London.
The opinion is expressed in some quarters that the
demand for credit will continue on this side for so
long and to such an extent that all the European
countries will be hard pressed to maintain their gold
holdings and it is even thought that a very large
proportion of the American gold exports to Europe
during the past year will be redomiciled on this
side. While such uncertainties attach to the credit
situation, foreign exchange traders are unwilling
to take a technical position with respect to sterling.
This week the Bank of England shows an increase
in gold holdings of £404,579. On Monday the Bank
[Void. 128.
of England sold £13,741 in gold bars. On Tuesday
the Bank bought £413,100 in gold bars and on
Wednesday sold £3,439 in gold bars. On Thursday
the Bank bought £1,681 in gold bars and sold £15,472
in gold bars, and exported £2,000 in sovereigns. On
Friday the Bank bought £2,056 in gold bars and exported £5,000 in sovereigns. At the Port of New
York the gold movement for the week Feb. 21-Feb.
27, inclusive, as reported by the Federal Reserve
Bank of New York, consisted of imports of $59,000
chiefly from Latin America. The exports were $325,000, of which $260,000 were shipped to Java, $52,000
to Germany, and $13,000 to India. The Federal
Reserve Bank reported no change in gold earmarked
for foreign account. There was no gold movement
either to or from Canada. Canadian exchange continues to rule at a severe discount. Montreal funds
this week ruled generally between 13-32 and 17-32 of
1% discount. Business conditions in Canada are
more prosperous than at any time in the history of
the Dominion and money is in full employment
there. Canadian funds are at a discount partly
because Canada has for a number of years been importing from the United States in disproportionately
large amounts, but a chief factor in the weakness at
this time is the transfer of Canadian funds to the
New York money market. At present rates gold
should move from Montreal to New York in order to
correct the extreme discount on Canadian funds,
but the Canadian banks and government seem averse
to the export of gold. Gold shipments from Canada
to New York of approximately $60,000,000, it is
believed, would be required before Montreal funds
could be quoted at par.
Referring to day-to-day rates, sterling on Saturday
last was nominally quoted, as the market was more
than ordinarily dull, owing to the fact that the New
York Stock Exchange was closed from Friday (Washington's Birthday) until Monday. Bankers'sight was
4.847 @4.85, cable transfers 4.85 9-32@4.85 5-16.
A
On Monday the market was dull and steady. The
range was 4.84 27-32@4.85 for bankers' sight and
4.85 9-32@4.85 11-32 for cable transfers. On Tuesday the tone was easier. Bankers'sight was 4.84 13-16
@4.85;cable transfers 4.853@4.85 5-16. On Wednesday the market was irregular and dull. The range
was 4.84 13-16@4.85 for bankers' sight and 4.853@
4.853 for cable transfers. On Thursday sterling was
A
under pressure. The range was 4.84 13-16@4.84 15-16
for bankers' sight and 4.85 3-16@4.85 11-32 for cable
transfers. On Friday the range was 4.84 13-16@4.85
for bankers' sight and 4.853i@4.85 5-16 for cable
transfers. Closing quotations on Friday were
4.84 15-16 for demand and 4.85 5-16 for cable transfers. Commercial sight bills finished at 4.843 ; 60%
day bills at 4.80 1-16; 90-day bills at 4.77 15-16;
documents for payment (60 days) at 4.80 1-16, and
seven-day grain bills at 4.84. Cotton and grain for
payment closed at 4.84%.
The Continental exchanges have been dull and irregular, as during several weeks past, and this week
they are generally lower. French francs were particularly weak at onetime, due to the transfer of French
funds to both the London and New York markets.
Bankers say that the Bank of France has been a seller
of both sterling and dollar exchange for the past several
weeks with a view to maintaining the franc rate.
On Feb. 2 the Bank of France holdings of sight balances abroad were approximately 12,435,000,000
MAR. 21929.]
FINANCIAL CHRONICLE
-francs. This week the Bank of France sight balances
abroad were reduced by 256,000,000 francs and show
a reduction since Feb.2 of approximately 897,000,000
francs. The total sight balances abroad stand at
11,538,000,000 francs and constitute an effective
barrier of protection for French gold holdings. The
opinion is nevertheless expressed in many quarters
that if money rates continue nearly as firm as they
now are in New York and if credit demands here are
not greatly reduced, the Bank of France will find it
difficult to maintain these sight balances and may lose
gold to New York unless central banks arrive at some
plan for conserving the European gold stock, regardless of the pressure on exchange.
German marks are slightly easier and money has
begun to tighten in Berlin. There is no longer a
superabundance of day money. Monthly rates have
risen fractionally and the private discount rate has
been advanced. Private discounts are hard to obtain
under 6%. Italian lire have ruled on average slightly
lower this week, due largely to a diminution in the
flow of funds from this side to the Italian security
markets. Exchange on Czechoslovakia while of
relatively minor importance in the New York market,
is of especial interest this week because of the announcement by the Governor of the Czech National
Bank that the adoption of the gold standard will be
effected in the near future. Since 1922 the Government has kept the rate stable at about 2.963 1. On
Jan. 1 complete freedom was restored to the foreign
exchange market, but with hardly any effect on the
rate. Since the crown has been actually, if not
legally, stabilized for some time, no revalorization
will be necessary, and legal stabilization on return to
the gold standard will take place at about present
levels. Charles S. Dewey, American financial adviser to Poland, is expected to make a report on the
economic condition of Poland some time this month.
No details have been revealed, but it is probable that
the document will show a successful working of the
Polish stabilization plan and the apparent balancing
of the budget.
The London check rate on Paris closed at 124.23
on Friday of this week, against 124.28 on Thursday
of last week. In New York sight bills on the French
centre finished at 3.90% on Friday, against 3.90 5-16
on Thursday a week ago, cable transfers at 3.90%,
against 3.909-16 and commercial sight bills at3.901-16
against 3.90. Antwerp belgas finished at 13.883 for
checks and 13.89 for cabletransfers, as against 13.883
%
and 13.89% on Thursday of last week. Final quotations for Berlin marks were 23.72 for checks and 23.73
for cable transfers, in comparison with 23.72% and
23.733/2 a week earlier. Italian lire closed at 5.233/
2
for bankers' sight bills and at 5.23% for cable transfers, as against 5.23 15-16 and 5.24 3-16. Austrian
schillings closed at 14.05 on Friday of this week,
against 14.07 on Thursday of last week. Exchange
on Czechoslovakia finished at 2.963'I, against 2.963/2;
on Bucharest at 0.60, against 0.593 ; on Poland at
%
11.25, against 11.25, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.29% for checks and
1.293/2 for cable transfers, against 1.29 and 1.293/
2
.
The exchanges on the countries neutral during the
war have been fractionally higher this week with a
few exceptions. Holland guilders have inclined to
weakness at times. Guilder cables have sold down
as low as 40.05, which compares with the high this
%
year of 40.173 ,and with dollar parity of 40.20. The
1279
weakness in the guilder is due largely to the demand
in Amsterdam for dollars, sterling, and marks, as
excess Dutch funds find more lucrative employment
in outside markets. In view of the guilder exchange
position, bankers think it highly probable that the
Bank of the Netherlands may increase its rediscount
rate or take other measures to prevent gold withdrawals. While the Scandinavian exchanges are
extremely dull, they have been steady and seem little
influenced by the credit situation either here or in
their nearer markets. Conditions in Norway, which
have been depressed for a long time, beginning in
1920, are showing marked improvement, and the
country is on a sounder basis, although a number of
obstacles remain. Some municipalities are facing
difficulties, but in the main the contraction of new
debts has ceased and a good beginning has been made
in the clearing up of old engagements. Public administration of banks is now practically at an end,
since a number of institutions so controlled have,been
liquidated and others reorganized. Spanish pesetas
are again sharply down, owing to the many unfavorable reports coming from Spain despite a wall of censorship. Nothing is heard in the market of the workings of the foreign exchange committee in Madrid.
Pesetas have been sold heavily this week in nearly all
markets.
Bankers' sight on Amsterdam finished on Friday
at 40.03k, against 40.03 on Thursday of last week;
cable transfers at 40.053(, against 40.05, and commercial sight bills at 40.00, against 39.99. Swiss
2
francs closed at 19.223/ for bankers' sight bills and
at 19.233/i for cable transfers, in comparison with
19.221 and 19.233i. a week earlier. Copenhagen
4
A
checks finished at 26.651 , and cable transfers at
A
26.67, against 26.65 and 26.661 . Checks on Sweden
closed at 26.71, and cable transfers at 26.723,against
26.713/i and 26.73, while checks on Norway finished
at 26.66 and cable transfers at 26.673, against
26.653/2 and 26.67. Spanish pesetas closed at 15.29
for checks and 15.30 for cable transfers, which compares with 15.44 and 15.45 a week earlier.
The South American exchanges are little changed
from the past few weeks. Quotations are for the
most part nominal, although exchange on Buenos
Aires has been slightly more active. The improvement in the peso is due in large measure to the cessation of the strike of dock workers and chauffeurs. If
labor troubles are not resumed exchange on Buenos
Aires should firm up steadily from now on, as the
export season is well under way and is expected to
be more prosperous than ever. Argentine paper pesos
closed on Friday at 42.08 for checks, as compared
with 42.08 on Thursday of last week, and at 42.13
for cable transfers, against 42.13. Brazilian milreis
finished at 11.87 for checks and at 11.90 for cable
transfers, against 11.90 and 11.93. Chilean exchange
closed at 12 1-16 for checks and 123 for cable transfers, against 12 1-16 and 123', and Peru at 4.00 for
checks and 4.01 for cable transfers, against 4.00
and 4.01.
The Far Eastern exchanges have reflected the renevved difficulties among the Chinese war lords and
the possibility of further impediments to good feeling between Japan and China. The Chinese exchanges are slightly higher as a result of fractional improvement in silver prices, but there seems to have
been no marked increase in Chinese takings of silver.
1280
Japanese yen have been noticeably depressed. The
situation with regard to yen exchange has reached a
point where it is thought that official support will be
required. Such support will probably take the form
of the sale of sterling and dollar bills. During the
past week considerable sales of sterling bills were reported from Japanese sources. It is certain that
Japan will not permit the export of gold in order to
effect an improvement in yen exchange. Gold holdings of the Government are approximately 1,190,000,000 yen, of which 108,000,000 yen are held
abroad. Japanese bankers are confronted with a difficult situation. Due to industrial depression, money
in Tokio is extremely cheap and large amounts are
finding their way to New York and London, where
rates are attractive. This, of course, results in depression of yen exchange at a time when it was hoped
to keep the rate strong for stabilization purposes.
For the first few days in January yen were quoted
around 46. The average price this week was around
44.89, which compares with normal par of 49.85.
4
Closing quotations for yen checks Friday were 443
@,44 8, against 4538@45% on Thursday of last week.
Hong Fong closed at 48%@493, against 48.65@
48%; Shanghai at 623/@62 11-16, against 61%@
2
4
623/; Manila at 493 , against 493 ; Singapore at
8
4
56@56 9-16, against 56/@56 9-16; Bombay at
and Calcutta at36M,against36M.
363/2, against
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922.
FEB 23 1929 to MAR. 1 1929, INCLUSIVE.
Country and monetary
Unit.
[vox.. 128.
FINANCIAL CHRONICLE
Noon Buying Rate for Cable Transferee 0 Neu' Yeti.
Value in United States Money.
Feb. 23. Feb. 25. Feb. 26. Feb. 27. Feb. 28. Mar. 1.
8
i
EUROPE$
$
$
Austria, schilling ---- .140546 .140518 .140802 .140532 .140513
Belgium. belga
.138873 .138871 .138905 .138895 .138876
Bulgaria, lev
.007198 .007193 .007213 .007209 .007222
Czechoslovakia, kron .029638 .029636 .029625 .029613 .029612
Denmark, krone
266637 .286626 .266831 .266618 .266607
England. pound s ling
4.852780 4.852773 4.852434 4.852812 4.852514
Finland, markka
.025169 .025168 .025188 .025168 .025167
France,franc
.039049 .039084 .059065 .039058 .039051
Germany,reichsmark. .237327 .237325 .237301 .237275 .237273
Greece, drachma
.012916 .012916 .012917 .012918 .012918
Holland, guilder
.400469 .400521 .400540 .400509 .400473
Hungary, pengo
.174278 .174253 .174248 .174285 .174258
Italy, lira
.052377 .052368 .052361 .052361 .052383
Norway, krone
.286838 .266646 .266632 .266642 .266647
Poland,zloty
.112137 .111963 .111968 .111955 .111859
Portugal, escudo
.044120 .044020 .044120 .044060 .044080
Rumania.leu
.005980 .005975 .005979 .005977 .005971
.154336 .153786 .154000 .152542 .151700
3Pain. peseta
Sweden,krona
.267215 .267207 .267205 .287195 .267210
Switzerland. franc._. .192303 .192304 .192313 .192313 .192304
Yugoslavia, dinar
.017570 .017588 .017570 .017567 .017569
ASIAChinaCheloo tael
636666 .643750 .645833 .645208 .842083
Hankow tael
.632500 .836875 .639062 .637658 .638750
Shang teal
.618571 .621071 .623000 .621964 .824107
Tientsin tael
.852083 .655833 .658333 .857708 .657916
Hong Kong dollar__ .485446 .486428 .489160 .488035 .489196
Mexican dollar_ ___ .444250 .448750 .449000 .448500 .448000
Tientsin or Pelyang
dollar
.445000 .447916 .449583 .448750 .449166
Yuan dollar
440000 .444583 .446250 .445416 .445833
India, rupee
.364145 .383575 .383743 .363635 .363592
fapan, yen
.450628 .449687 .449605 .449000 .448982
3Ingapore(S.S.)dollar. .559791 .561125 .581125 .561041 .561125
NORTH AMER.Ilanada, dollar
.995810 .995927 .995095 .995004 .994913
7uba, peso
1.000466 1.000528 1.000468 1.000557 1.000526
Vies's°. peso
.483500 .484133 .484333 .485186 .484800
Vewfoundland, dollar .993153 .993325 .992343 .992468 .992375
SOUTH AMER.trgentina, peso(gold) .958281 .956468 .958403 .956348 .958325
Small. mikes
.119086 .119070 .119113 .119052 .119015
3hile, peso
.120505 .120338 .120502 .120605 .120603
7ruguay, peso
1.024744 1.024738 1.024533 1.024783 1.024188
7Wow bia. PESO
.970900 .070000 070000 970900 I .970900
8
.140528
.138878
.007222
.029612
.268590
4.852288
.025172
.039054
.237267
.012911
.400474
.174258
.052372
.266639
.111988
.044120
.005985
.152745
.267178
.192304
.017567
.647291
.640156
.623839
.680208
.488767
.449000
.449583
.446250
.383835
.448078
.581041
.994724
1.000526
.484400
.992056
.950492
.118920
.120601
1.023728
.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 dis
continue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday, Monday,
Feb. 23, Feb. 25.
Tuesday, Wednesday Thursd'y,
Feb. 26. Feb. 27. Feb. 28.
Friday,
Mar. 1.
$
$
8
$
5
$
137.000.600 112.000,000 124,000,000 153,000,00G 174,000,000 176,000,000
Aggregate
for Week.
8
Cr. 876.000.000
Note.
-The foregoing heavy credits reflect the huge mass of checks which COM@
to the New York Reserve Bank from all parts of the country in he operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations w th the Clearing
House institutions, as only the Items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New Uork are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
February 28 1929.
Banks of---.
I
Gold:
i
Silver.
March 11928.
Total.
Gold.
Silver
Total.
£
i
1
England_ I151,255.517,
151,255,517 157,249,908
157.249,908
179,989.888 221,753,269 13.717,023235.470.292
994,600 91,131,150
Germany b 136,448,100, c994,800 137.442,700 90,136,550
Spain
102,372,000, 28,283,000130,655,000 104,305,000 27,816,000 132,121,000
Italy
49,288,000
54,640.000 49,288,000
54,640,000,
Netheri'ds 38,213,00W, 1,854,000 38,067,000 30,268,000 2,291,000 38,559,000
Nat'l Belg. 25,888.0001 1,288,000 27,156,000 21,217,000 1,243,000 22,480.000
Switzerl'd_ 19,281,000; 1,819,000 21,100,000 17,307,000 2,526,000, 19,833,000
12,988,000
13,090,000 12,968,000
Sweden_ _ _ 13,090.000I
641,000 10,750,000
Denmark _ 9,595.000j
468,000 10,083,000 10,109,000
I 8.180.000
8,159,000 8,180,000
Norway -- 8,159.000i
£
Total week 736,931,485 34,686,600771.618,085 728,781,727 49.228,623778,010,350
Prey. week 731,144,680 34,717,600 765,862,280 729,467,882 49,177,623778,645,505
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £2,481,300. c As of Oct.7 3 2
d Silver Is now reported at only a trifling sum.
The Testing of Parliamentary Government in
Europe.
Those who feel that parliamentary government,
in spite of its shortcomings here or there, is still the
best form of government that has yet been devised
for a democratic State, may well find themselves
concerned at the strains and stresses to which parliamentary institutions are being subjected in
Europe. Italy has virtually abolished parliamentary
government altogether, and the Parliament which is
shortly to be elected in that country will bear little
resemblance to the body which it will replace. The
dictatorship of Primo de Rivera in Spain, at the
moment apparently hanging in the balance, has effectually interrupted the 'normal development of
constitutional government there, and given the
country an administration more nearly akin to that
of Italy. In Jugoslavia a supreme legislative council, created by royal decree on Feb. 18, has taken the
place of the Parliament which the recent establishment of a dictatorship abolished, while in Poland
pronounced opposition has developed to a proposed
new Constitution which would give to the President
of the Republic virtually dictatorial powers. Party
instability in France has lately put the Poincare
Government in jeopardy, and there have been repeated reports that M.Poincare would before long resign.
Now, within a few days, comes a party quarrelin Germany so serious as to lead Foreign Minister Stresemann to pronounce parliamentary government in
that country a caricature, and to warn the nation
that unless the situation is speedily remedied, Germany may have a dictatorship.
The German situation is particularly interesting
because of the widespread impression that the gov-.
MAR. 21929.]
FINANCIAL CHRONICLE
ernment of the Reich, thanks in large part to the
conservative and dignified course of President von
Hindenburg, had become so firmly established that
no fundamental change, especially in the direction
of a dictatorship or a possible revival of the
monarchy, was seriously to be apprehended. It is
the party situation that has worked mischief. Of
the thirty parties that put candidates in the field
in the election of May 20, 1928, not less than fourteen won seats in the Reichstag. The 490 members
of the present Reichstag comprise 152 Socialists,
73 Nationalists, 61 Catholic Centrists, 54 Communists, 45 People's Party, 25 Democrats, 23 Economic
League, 17 Bavarian People's Party, 13 Christian
Nationalist Peasants, 12 Fascists, 8 German Peasants,3 Land League, 2 People's Rights, and 2 Saxon
Peasants. Under such circumstances, a coalition
Government has been the only thing possible, and
the Mueller Ministry, made up principally of members drawn from the Socialist, People's, Centrist,
Democratic, and Bavarian People's parties, has been
popularly known as the "Ministry of Personages".
On Feb. 7 the Centrists, the third largest group
in point of numbers in the Reichstag, withdrew from
the Ministry their only representative in that body,
the Minister of Transportation, with the object, it
was said, of thereby resuming for the party "its prewar position of holding the balance of power between the Government and the Opposition" and dictating the composition of the Ministry as between
the Right and the Left. The party further demanded three places in the Ministry instead of one.
On Feb. 15 former Chancellor Wirth, leader of the
Left wing of the Centrist Party and a member of
the Reichstag, created a sensation by publishing in
his newspaper, the "Deutsche Republik," a signed
article in which he declared that "the political situation is so tangled and poisoned that one can understand if certain circles characterize our parliamentary system as thoroughly degenerate and about
ready for death. This cannot go on any longer or
else we shall see that, as liberalism ended in Italy
with fascism, so will German democracy end with
a dictatorship. I doubt if even that thunderclap
would now have a purifying effect on this fetid
atmosphere". The burden of Dr. Wirth's argument
was that the three republican parties, the Democrats, Centrists and Social Democrats, should unite.
As he himself represents the section of the Centrists
which is opposed to the Nationalists, the party
which has clamored for the restoration of the monarchy, his vision of a possible dictatorship did not,
of course, imply support for Nationalist aspirations.
Indeed, he declared in his article that he could see
"real danger to the existence of the democratic system only in the never-ceasing quarrels among the
republican parties themselves".
The echoes of Dr. Wirth's warning had not died
away when, on Tuesday of this week, Foreign Minister Stresemann pressed the same points upon the
People's Party, the party which he represents in the
Ministry. Speaking at a meeting of the Central
Executive Committee of the party, Dr. Stresemann
said: "We stand today in the presence of a crisis
of parliamentarism and not of a mere Cabinet crisis.
This crisis has two causes: first, the caricature
which has been made of the parliamentary system
in Germany, and, second, the absolutely wrong
stand taken by Parliament toward the nation. The
resignation of the Reich Government does not enter
1281
into consideration. Our experts in Paris who know
that their eventual engagements must be approved
by the Government and the Parliament would be
deprived of their moral support if, at a time when
making decisions involving the generations to come,
they saw the Furor Teutonicus of party passion in
Germany consuming itself in the overthrow of a
Ministry. I hold it to be the duty of the men who
stand at the helm to remain at their places even if
the waves break over the ship and the crew is inclined to mutiny. . . . There are whisperings
throughout the country of illegal efforts to replace
the Constitution by a dictatorship. . . . There is
nobody who can be so senseless as to think that a
man like President von Hindenburg would demean
himself so far as to violate the Constitution. But
we must come to reform through a parliamentary
government by demanding that power and party
spirit find their limits. Parliament must recollect
its responsibility to the whole German nation".
The immediate response to Dr. Stresemann's appeal was not encouraging. The Central Executive
Committee adopted a resolution to the effect that
the People's Party would give its support to a coalition Government, but the resolution itself was not
clear, and an attempt on Wednesday to clarify it
was met by the refusal of the Centrists to work with
the People's Party unless the latter withdrew its
opposition to certain features of the budget, and by
the further refusal of the Centrists to take part in
a conference of the Socialists, Centrists, Democrats
and People's Party, the four parties without whose
support a working coalition could not be formed.
If, as has since been reported, Chancellor Mueller
has declared that the party that disrupts the Minh try must take full responsibility for its action, the
challenge may have a clarifying effect on the situation.
It would be easy to over-estimate as well as to•
under-estimate the German crisis. No country is
likely to pass under a dictatorship unless there is
at hand a dictator able and willing to lead, and Dr.
Stresemann was probably well within the truth in
asserting that President von Hindenburg was the
last man in Germany from whom any disregard of
the Constitution was to be expected. The President
of the Reich is a great soldier, accustomed to obey
orders as well as to give them, and nothing short of
an open revolution, one may feel sure, would induce
him to set the Constitution at one side and govern as
a dictator. What is more, the leaders of the socalled "Steel Helmets", the group that champions
the monarchist cause, are reported to have assured
President von Hindenburg that they desire only to,
reform the Constitution, not to overthrow it. Nevertheless, the crisis points to a serious defect in theGerman parliamentary system similar to that which
is vexing the course of the Poincare Government in
France. The great multiplicity of parties which
obtains in both countries, while it commonly makes
inevitable a coalition Ministry, keeps such a coalition in constant jeopardy by the danger of withdrawing party support, at the same time that the
right which both German and French parties assert
to recall their representatives from a Cabinet may
at any time call a halt to legislation and put foreign
relations in danger. Government by parties there
presumably must be, and parties themselves will
reflect the divisions in public opinion, but Dr.
Stresemann was on solid ground in declaring that
1282
FINANCIAL CHRONICLE
[Vou 128.
the first duty of a party is to the nation, and that party controversy, and the country is free to rejoice
unless parties and party leaders subordinate their in what it knows of the two men. In a fine sense
ambitions and caprices to the welfare of the State, both belong to the people and in spirit and characthe parliamentary system itself is gravely menaced. ter are recognized as representing much that is best
Every such crisis as has appeared in Germany is, and all that is characteristic of the American people
of course, aggravated by circumstances, as well as as that has been shown in their past and is believed
.
by the appearance of any other incidents that arouse to be true of both to-day. Mr. Coolidge's record is
suspicion or discontent. Press dispatches from Paris complete. It has been so simple and direct, so sinindicate that the committee of experts which is en- cere and devoid of self in his devotion to the public
gaged in framing a reparations settlement has been welfare, so intelligent and thoughtful while open to
made aware of the political considerations that will every wider view or new situation, and all the time
have to be taken into account in drawing up a plan, so in touch and eager to be "understanded of the
and that the pressure of France against any consid- people," that there is no need to do more than to
erable reductions in the annuities which Germany join in the heartfelt admiration with which he is
shall pay has been making itself felt. It is peculiarly everywhere regarded to-day. Mr. Hoover's characunfortunate for the German delegates, anxious, ter is so like Mr. Coolidge's in its strength and simquite properly, to make as good a showing for plicity, and so well known, and his wide and varied
leniency as they can, to be threatened with a Cab- experience so exceptional and distinguished, that
inet upset at Berlin and doubt about the ability or it is enough to note that the heart of the people is
willingness of the German Government to carry out at rest, and in the best sense all are expectant, as
such agreements as the German delegates may make. he enters upon his great office.
There is opportunity, therefore, to look abroad
The publication on Sunday of the alleged provisions
against Ger- upon the nation and see how truly we are one people,
of a secret treaty of alliance directed
many, said to have been concluded by France and having a definite national spirit, ever capable of reBelgium in 1920 and further interpreted by the sponding to a common impulse. That may come in
French and Belgian General Staffs in 1927, has any direction. We have seen it calling for national
caused widespread suspicion and irritation in Ger- self-control and more than once for great sacrifice;
many and made a profound impression elsewhere in it has its place in hours of privilege and opportunity,
Europe. The existence of such a treaty has been when responsibility is correspondingly great and the
formally denied by the French and Belgian Govern- future is unknown. That spirit we well know; it
ments, and in the absence of further evidence the is the buoyant, expectant, and courageous attitude
denials, must, of course, be accepted for whatever in which we survey the nation's course. We are putthey may be worth, but the revelation of the secret ting democracy to the proof in the form of a reprenaval understanding between Great Britain and sentative government based on a written ConstituFrance last summer has not been forgotten, and the tion as its permanent charter and guide, maintained
allegation of a secret Franco-Belgian treaty will now for a century and a half in a form and with an
effectiveness for which there is no duplicate in the
leave a bad taste on both sides of the Rhine.
It is not yet time to despair of parliamentary gov- history of any other great people. We have made
ernment in Europe. The tradition of representative our own government; is it any wonder that it has
institutions, given practical effect through parlia- made us?
Should anyone doubt as to the reality or endurmentary forms, is too deeply rooted to be easily
ance of this creation, he has only to recall the imdestroyed. No dictatorship that now exists in
Europe has been long enough in power to show be- pressions of any intelligent foreigner. Andre Mauyond cavil that it will be permanent, nor has Italian rois, the brilliant French writer, said to his counfascism, the most successful thus far of all the arbi- trymen on his return from a recent visit here, urging
trary systems that have been set up, proved con- them to visit us:"You will return from your journey
clusively its ability to insure the political education with greater confidence in life, happier because
and sense of responsibility among the people which thenceforth you will know that the human race posa free State unquestionably demands. If parlia- sesses over there, still intact, a vast reservoir of
mentary government is not to be overborne, however, benevolence and youth."
Furthermore, as to the source and strength of this
it must work, and when a responsible Minister of a
American spirit and our distinctive national history,
great State can declare that the governmental system which he serves has become a caricature, and we need to keep in mind that it is born of our past
that unless remedies are promptly applied con- and rooted in it. It was brought here by our Engstitutional government will give way to a dictator- lish ancestors in the 17th century and it expressed
ship, it is clear that the system is working badly. itself in our institutions and our history. Mons.
It is such a situation that the German nation, and Maurois again bears witness. He says: "Do not
to an almost equal degree the French nation, seems think that country has no past, no traditions, or has
existed for only two centuries; the colonists who
called upon to correct.
created it brought with them the entire past of the
The Nation's Part in the Inauguration.
white race. At almost every step historical monuThe inauguration of a President is much more ments will be pointed out to you. Near-by they
than a spectacle. Always there is nation-wide ex- showed me places connected with the War of Indepectancy, and, whichever political party has tri- pendence, and the memories of the Civil War of
umphed, large confidence in the continuance of ex- 60 years ago are as fresh as our memories of the
isting conditions. We are an optimistic people; War of 1914. Go to the Metropolitan Museum and
party strife is for the hour in abeyance, and the look at their reconstructed 18th century domestic incountry will of course go forward.
teriors and you will perceive that this is not the art
The fact that both Presidents, the old and the new, of a primitive civilization. Washington was an
belong to the same party, minimizes for the hour Anglo-Saxon gentleman."
iKAR. 2 1929.]
FINANCIAL CHRONICLE
Take what view of this one may, it must be recognized that no great civilization, even that of Greece,
sprang out of the ground, or like Minerva, armed
cap-a-pie out of the brain of Jove. Our Henry Osborn Taylor in his "Human Values and Verities,"
has pointed out that "the progress of the Greek
genius lay in its constant use of the past, taking
up its contents into the swiftly moving present."
In the abundance of our resources, and our exhilaration over the achievements of the last Administration as it passes into the hands of the new one, with
its consequently even greater opportunity, let us not
forget that after all it is a trust; and the real question before the country is not what new power the
nation has attained, but how ready it is to undertake the care and the worthy use of that which has
been committed to it.
In all this the human factor is of course the important one. All are eager to discern and weigh
that in President Hoover. The country early came
to understand and count upon it in President Coolidge. They have every reason to believe that it will
not be lacking in his successor. But the real question is: What of the nation? Can it be counted on?
Is it searching its own heart? We all want peace
and what it stands for; are we ready to meet the
conditions? Not the President, nor even Congress,
can ensure it, nor readily destroy it. It is in the
temper and the hands of the people. They desire it,
and there is a method of its attainment. That underlies all the interest and excitement of the inauguration. It will be uppermost in the mind of the new
Administration, who will keenly feel their dependence upon what we have called the mind of the nation, that is, before all else, the intelligent understanding of the people. What then is the method of
peace? The officers of State may know at least the
means of securing it; and its underlying conditions
may well be set forth for all.
Of the agencies for peace there is specifically a
considerable group; primarily the League of Nations with its Council, its permanent Secretariat,
and its various Commissions and Boards of Arbitration. Then there is the World Court, and the
long list of special treaties pledging various groups
of States to keeping the peace. Besides intervening
effectively to arrest certain aggressive steps toward
war, it has in many ways contributed by its representatives to restoring interrupted relations and
also to advancing greatly the internal reconstruction
of States that had suffered beyond their powers of
recovery because of the war. While for various reasons we have not joined the League, we have at times
participated helpfully, either officially or by the action of individual citizens having special knowledge
or influence in Conferences or cases in which the
League was interested, with the general result that
while discussion still continues over many attempts
at definition of terms, movements toward securing
peace in many ways, leading up to the Kellogg Pact
and the appointment of Mr. Hughes to the Permanent Court of International Justice, the line of future growth into settled peace has gained definiteness.
There is no likelihood that war will again be inaugurated by the ambition of rulers or the schemes
0contending diplomatists. The one danger lies in
the animosities growing out of unsettled economic
conditions. When it is remembered that the war
created seven new States, each a national unit with
1283
its special individual interests and rivalries, and the
immediate setting up of customs officers and trade
barriers along the line of its share of the 7,000 miles
of new frontiers, where the impulse of one and all
is to protect itself by restricted business with its
neighbors, while its Government proceeds to take
away the freedom of its people in ordering their own
lives, their industries, and their business, at once
there arises antagonism with neighbors whose advantages they may not share. Imagine what the condition with us would be if the States of the Union
were permitted to bar their doors against intercourse
with one another. We live in peace, we remain one
people, because all share the ever-growing means of
intercourse, of trade and transportation, and everyone is free to do as he will and co-operate with any
in sharing common advantages of industry or of
life.
This is both the root and the fruit of a national
spirit of which we are proud. It recognizes the community of humanity and the interdependence of all.
It would share with all and profit at the expense of
none. It would seek the peace and prosperity of all.
The feelings stirred in the inauguration which is
so full of promise spring from a kindling in the
American heart of a renewed faith in men, a new
courage to face life as it unfolds, and a new stirring
of that spirit of adventure in which the foundations
of the nation were laid, which characterized its prolonged task of peopling the continent and has always
renewed its steadfast purpose and its patriotism in
the crises through which again and again it has
passed. As a nation in the inauguration, it acknowledges its dependence and declares its faith in
God.
Electrification of Railroads.
The vast improvements, through electrification,
projected by the Pennsylvania and New York Central lines, running in cost into hundreds of millions
of dollars, is a matter of grave importance to the
people as well as to the roads. The people pay the
"freight"; and the freight pays for the improvements. The first consideration that comes into
view is the cause for these large and radical changes.
Locomotives have grown larger and trains longer.
Their operation is at a peak of efficiency not believed possible ten years ago. There is no real
dearth in moving the traffic of the country. Loadings are heavier than ever before on the average,
and speed of movement is greater.
As to actual transportation of produce and passengers, there is no delay or deficit. It is conceded
the roads as a whole are now at the top of their operating management. Why then this tremendous transformation? Why these expenditures at a time when
the A-1 roads are not earning the quotas allowed by
law? The question brings up considerations that
are broad and far-reaching. Thirty or forty billions
of invested capital cannot allow itself to be superseded by other means and methods of transportation.
It cannot be allowed to become old-fashioned, outof-date, inefficient to meet the normal demands of
the public. That is not the law of free business enterprise. The people, regardless of cost, demand
that all industry keep up with the times—yet they
ask in their own behalf the cheapest and best service.
Changing the motive power of a railroad cannot
be done in a day or a year. Many things must be
1284
FINANCIAL CHRONICLE
(Volk 121
considered. Electricity itself is an unknown quanti- growing poorer rather than richer because we dety. Water power is rapidly developing. The nature stroy good serviceable working machinery of a greatof the current to be used is a present quandary. er value than that with which we supplant it. This
So that years must elapse before these changes can condition is nothing short of a craze. And the peobe effected, with the possibility that in the mean- ple (who pay the freight), what do the people care?
time revolutionary modifications in this form of mo- They want to live while they live, for to-morrow they
tive power may occur. All this spells expense. And die. Every new marvel, like the movie, radio, teleit would seem that, since present machinery is ade- photograph, is like a toy to a child. To perdition
quate, the destruction of perfectly serviceable ma- with expenses just so we can have what no one ever
terial will be compulsory and costly. But what is had before. Continue to ride in a Pullman when
adequate to-day will be inadequate tomorrow. The a splendid upholstered autobus will take you over
already congested East is filling up rapidly. It is the same route in equal time! Well, two hundred
possible to estimate, with some accuracy, the popu- and fifty-thousand miles of steel rail tracks, costing
lation of this territory ten and twenty years hence. billions, are worth preserving but who cares? And
Not only are the cities growing by enormous in- so it goes in everything. We have no economic colcreases, but the manufacturing of the section is en- lective sense of thrift. We are rushing ahead withlarging and increasing rapidly, with the lure of for- out guide and without thought. Only look! What
eign trade in the near future. If the roads are to progress! What prosperity! The richest, best counmeet these demands, they must double their tracks, try on earth!
Progress will go on and on. But in these days of
or quadruple them, and they must put on more rolling stock. What kind shall it be? Mr. Edison says analysis and appraisal, ought there not to be a new
there is no need for alarm over coal for steam. conception of progress? Just because some genius
He does not place water power for the generation of turns out a new machine must it be bought before
current very high in the scale. But if electricity is it can be paid for, or used before it is needed, or put
to become the dominant power of the future, railroad in the place of another that is yet giving good sermachinery must be made to fit. And yet there is vice? It is perhaps inevitable that electricity will
the chance that some new discovery will render use- supplant steam as the motive power of railroads.
less these new improvements before they are fin- It has advantages. But likewise, there is discontent
ished. Every one remembers how the trolleys drove with freight rates that will not cease. There are
out the cables before they were even fairly tried out. under way great consolidations of systems that must
Still, to repeat again, the railroads must not only prove their worth by actual trial. There is this
growing competition the effect of which cannot now
keep up, but they must compete with all corners.
And the competition is already here — motor be gauged. Are the people willing to pay and pay
trucks, passenger automobiles, and aeroplanes. The and pay? Have they no respect for the good mantrucks and autos are making inroads that are per- agement which is now the pride of the largest doceptible. They are running on tracks on concrete mestic trade among the nations of earth? Is it
roads built at the public expense and maintained foolish to think that the combined patronage of these
in the same way. They have the slight advantage of multiple roads should announce a willingness to
delivering their loads at the door. The building of sustain them as they are before demanding of them
public highways is forging ahead in most of the new capital outlays, no matter how meritorious?
States of the union. There is no restriction on parLocal Discount Markets—Uniform Buying Rates
allel lines in protection of the vested rights of the
by the Federal Reserve for Bankers' Acceptrailroads. Wrong as it seems in principle, it is a
ances.
fact that must be reckoned with. What will help
[Editorial from New York "Journal of Commerce," Feb. 23.)
the railroads unless they hel pthemselves? As to
After a consultation of Reserve authorities, it has been
airplane routes, there are some combinations with decided to compel the interior banks of the Federal Reserve
the roads in cross-continent lines, but it is too early System to adopt a uniform minimum buying rate for acapplicable at all of the banks.
to estimate the success or growth of this innovation. ceptances which shall be
The apparent object is to restore the leadership of the FedOn the other side, to offset these losses, as the years eral Reserve Bank of New York, which has been badly
pass there will be more freight and passengers to broken in upon, and, of course, to confirm the control of
haul—this increase in "business" is inevitable, and the acceptance market by this bank. The attitude is in
though there is competition by these new agencies, line with what has been done for some years past in attempting to force a uniform, or nearly uniform rate of disthey cannot take it all. The time will not soon come, count upon the system,
compelling those
if ever, when heavy long-distance freight will be car- like it to resort to an at least nominal banks that did not
compliance when they
ried in the air. Yet these innovations are growing resisted. To-day we have only two rates of discount in the
apace, and in so far as they succeed, they are against system, and it is quite likely that before long a single unithe even prosperity of the roads. And this brings form rate will again be instituted. Practically from the
us to a consideration, part of fact, part of senti- beginning of the Reserve organization it has been desired
to centralize the process of buying acceptances here in this
ment.
city, and in order to compel such action, the desire has
As a people, we are enamored of what we call always been expressed to maintain a uniform rate and to
"progress." And we have become abject worship- have the interior banks buy in the New York market, and
pers at the shrine of a get-rich quick method of life there alone.
:
This is an unfortunate situation and always has been.
and industry we call "prosperity." We might ilIn the present instance, and with acceptance buying centrallustrate it by saying "the new cars (autos) arrive, ized in New York, the step now taken
whereby the low-rate
let the old cars go." This seething ambition per- banks are directed to raise their rates, may be wise, or at
meates all business. It is a sentiment that drives all events inevitable. In general, however, the idea of a
the whole machine of industry and trade ahead at uniform rate situation is as absurd with respect to aca reckless pace. No sooner has one new thing been ceptances as it is with respect to member bank paper. The
rate of interest is properly an outgrowth
local, industrial,
perfected and marketed than another is put out to financial and credit conditions. If weof
want a local distake its place. A financier has said we are actually count market in any part of the country that market mud
MAR. 2 1929.]
FINANCIAL CHRONICLE
be self-supporting, and must be able to maintain its own
rates and to give its own customers access to credit or protection against excessive credit under the conditions which
exist in the district.
Acceptance and other dealers have always been afraid
that they would lose the business which came from the interior. They ought to lose it, since it belongs in the regions
where it originates. Even at the present time, it is doubtether the emergency warrants what is being done.
ful
lan of Carter Glass to Get Rid of Nationa
Bank Notes.
Editorialfrom Boston News Bureau, Feb. 21 1929.
Senator Glass has been so conspicuous of late in senatorial
comment upon Wall Street behavior in relation to the credit
supply that some of his quieter activities have doubtless
escaped general attention. Yet one at least of some new
measures he has introduced may well draw considerable
notice when much of the now animated discussion about
Wall Street is forgotten.
It is a bill designed to achieve, by amending sections 7
and 18 of the Federal Reserve Act, two purposes obviously
linked together beyond their inclusion in the same proposed
statute. One is to give member banks a materially larger
slice of reserve bank earnings; the other is to take away
from national banks—which automatically are member
banks—their present power to issue national bank notes.
The Senator had earlier filed a bill taking a smaller step
toward the first of these twe objects, in proposing to raise
the dividen! :ate on rebetvo bank stock from 6% to 8%.
This is now discarded for a more elaborate and prospectively
more generous divisior
After the now prevailing 6% dividend 25% of remaining
net earnings would be paid Uncle Sam as franchise tax;
another 25% paid into reserve banks surplus until it reached
100% of the stock, whereupon it would go to franchise
tax; and all the remaining 50% be paid stockholders (member banks) pro rata at end of the year starting with 1929.
The way reserve bank earnings have been running, a very
liberal margin above 6% should result.
1285
But linked with this is the provision for calling on July)
1930, the 2% consols of 1900 and the 2% Panama Canal
bonds dating from 1902—the joint bond security for the
nearly $700,000,000 national bank notes that have been
outstanding.
In their place would be issued new 2% serial bonds with
maturities of one to 10 years, "having circulation privilege
only so far as Federal Reserve Banks are concerned."
The reserve banks would have to buy these bonds in proportion to their capital and surplus, and might take out an
equal amount of circulating notes from the Comptroller,
as based thereupon,"of the same tenor and effect asna.tional
ank notes." It can be figured that reserve banks would
find the operation profitable and were the maturities spread
evenly over a decade—unless the act were later amended
to provide for complete calling at some propitious time—the
notes would be extinguished at the rate of a little less than
$70,000,000 annually.
For many a year the existence of a government-bondsecured bank-note circulation has been criticized as an
unscientific anomaly in our monetary structure. War and
its aftermath deferred the attending to that job. Added
as an influence for retention has been the attractiveness
of such circulation to national banks, especially of smaller
size, in view of the fairly sizeable profit attached and the
presumed advertising prestige. Now these banks would be
offered more than a quid pro quo, evidently calculated to
more than outweigh any reluctance to forego the note
privilege. A gradual note extinction is suggested under a
unifying agency. And most member banks have long been
yearning for a larger yield on their reserve bank stockholdings.
Consideration of such a proposal would naturally not
come up before the next regular session—with the extra
session earmarked for "farm relief" and tariff. Meanwhile
this interesting offset of a gain and a waiver could be the
subject of educational discussion. The method suggested
seems flexible, ingenious and logical—which is more than
could be said for the same distinguished Senator's less recent
proposal to raise arbitrarily the reserve requirement on
"time" deposits.
The Trust Companies in New York and Elsewhere
Continuing the practice begun by us a long time
ago, we print on subsequent pages our annual comparative returns of the trust companies in this city
(Manhattan and Brooklyn boroughs) and also those
in Boston, Philadelphia, Baltimore and St. Louis,
bringing down the figures to the close of 1928. For
this city the figures, as far as the liabilities and assets of the different companies are concerned, are
those furnished to the Superintendent of Banking at
Albany, under his latest call, namely, Dec. 31 1928.
As has been many times pointed out by us, it was the
practice of the New York State Banking Department
for a quarter of a century or more to require reports
for the closing day of the year, but this was changed
in December 1911 by the then executive head of the
Department, and from that time to 1914 various
dates in December were fixed as the time of the
return, while in December 1915 the last day was
again chosen, but for 1916 the date was dropped back
to Nov. 29, for 1917 to Nov. 14, and for 1918 to Nov.
1; for 1919 the date was fixed at Nov. 12; for 1920,
for 1921, for 1922, for 1923 and for 1924 at Nov. 15;
for 1925 at Nov. 14, and for 1926 and 1927 at Nov.
15. The Superintendent who inaugurated the departure evidently contemplated that there should
always be a return for some date in December,
though the date was not to be known beforehand.
Succeeding incumbents of the office did not feel
bound by any such rule, but the present Superintendent has returned to the old practice, and accordingly we once more have the figures for the closing
day of the year—Dec. 31 1928.
As in the years immediately preceding, growth
and expansion are the distinguishing characteristics
of the results for 1928, only very greatly emphasized.
The totals are of huge proportions, whether we deal
with the figures for New York City alone or with
those for the whole State. For the entire State
aggregate resources now are close to $7,750,000,000,.
while the deposits run in the neighborhood of $6,250,000,000. Even in the case of New York City
alone (the Greater New York),total resources stand
roughly at $6,350,000,000 and deposits at over $5,000,000,000.
The further addition during 1928 In the case of
the New York City companies (comparing Dec. 31
1928 with Nov.15 1927) was no less than 11,591,615,752 in the resources and 41,228,298,704 in the deposits. For the entire State the further addition
during the 13 months in the aggregate resources
/
1
2
was $1,754,903,069 and in the deposits $1,336,632,156. From these figures an idea will be gained
of the magnitude of the operations of the trust companies in this City and State, and also their notable
record of further expansion during the past year.
We wish again, however, to caution against considering these trust companies as being made up of
institutions doing an exclusively trust business. And
the remark applies with reference to the changes in
the amounts from year to year, or even the changes
between one return and the next succeeding one, or
the one immediately preceding. As we have so frequently pointed out, mergers and consolidations
have been the order of the day among the trust cam-
1286
FINANCIAL CHRONICLE
[voL. 128.
panics, the same as among the banking institutions been some additions of that kind and they should
generally, and such mergers and consolidations have have mention here, because two or three of them
involved not alone the taking over of one trust com- are far from being inconsequential. On Jan. 10 1928
pany by another. More frequently they have meant the Bank of Coney Island was merged in the Brookthe absorption by a trust company of a National or lyn Trust Company. This bank Nov. 15 1927 reState Bank, and in these instances, which of late ported deposits of $5,101,000. On Jan. 21 1928 the
years have become quite common, the mercantile Inter-State Trust Company, which in 1927 had figbusiness of the absorbed bank has of course been ured in a number of mergers, absorbed also the Hamcontinued by the consolidated institution, even ilton National Bank which on Dec. 31 1927 had
though now it be carried on in the name of a trust shown deposits of $16,778,400. The consolidation
company. As a matter of fact, in the case of s?me of the Terminal Trust Company with the Internaconsolidated institutions, of which the Irving Trust tional Germanic Trust, ratified by the stockholders
Company of this city is a notable illustration, so of the two institutions on Jan. 25 1928, need only be
many mercantile banks have been taken over in the mentioned in passing, since this involved no change
process of bank absorptions, that the operations of from the banking category to the trust company list
the enlarged institution may be said to consist to a or vice versa. On Aug.4 1928 the Windsor Bank of
predominant extent of that of an ordinary bank of this city was merged with the Banco di Sicilia Trust
loan and discount, rather than of the class of busi- Company, also of this city, which later became the
ness -which of yore was associated with the name of Bank of Sicily Trust Co. The Windsor Bank on
June 30 1928 reported $100,000 capital, $484,a trust company.
300 deposits, with aggregate resources of $666,On occasions it happens that a bank, National or
State, will take over a trust company and the trust 300. On August 25 1928 the Banca Commercompany will then disappear from the list, though ciale Italiana Trust Company of this city
cases of that kind are no longer frequent and usually absorbed the private banking firm of Di Sesa & Di
involve small trust companies of minor consequence. Sesa. On June 11 1928 the Harlem Bank of ComThere have been instances even of the shifting of merce and the Atlantic State Bank merged under the
trust companies—and not minor ones at that—from name of the City Trust Company, and the latter
the trust company designation to the National Bank accordingly entered the trust company list. For
category, and then back again to the trust company Dec. 31 1928, the City Trust Company shows $1,225,division, at least as far as charter organization is 000 capital, $1,067,150 surplus and $7,481,860 deconcerned, though obviously the selection of the form posits, with aggregate resources of $10,292,494. On
of organization does not alter the character of the Dec. 21 1928, the Seventh National Bank was merged
business. The Irving Trust Company again comes in the Municipal Bank & Trust. The Seventh
up as a case in point.
National on Oct. 3 1928 reported $11,344,100 deAll this makes it difficult to interpret the changes posits and aggregate resources of $16,559,500.
from year to year, or when there is steady expansion
There have also been some mergers which into accept such expansion as a measure of the growth volved a change from the trust company list to the
of the pure trust company, operating within distinct- bank category. One instance of the kind in the
ly trust company lines. Palpably enough, the in- period under review was the merger on May 21 1928
crease just as likely may have occurred in the or- of the Central Mercantile Bank & Trust Co. with
dinary mercantile banking business or have followed the Bank of United States under the title of the
from the taking over of business of that kind through latter. The Central Mercantile Bank & Trust Co.
merger and absorption. In comparing our present on March 2 1928 showed $3,500,000 capital, $49,figures therefore for Dec. 31 1928 with those for 263,674 deposits and total resources of $59,079,086.
2
Nov. 15 1927, a period of 13I/ months, the first This thus was an important deduction from the trust
step is to see what changes of the nature indicated company totals. The State Bank of this city, howoccurred during that period. What is in prospect ever, on March 3 1928 changed its name to the
for 1929 is made evident from the action this very State Bank & Trust Co. and thereby entered the
week of the Guaranty Trust Company in arranging trust company list. For Dec. 31 1928 this trust
to absorb the National Bank of Commerce of this company shows $5,000,000 capital, $6,772,730 surcity after the latter has increased its capital stock plus, $109,362,944 deposits, with total resources of
from the present amount of $25,000,000 to $30,000,- $125,173,799, offsetting once over the loss referred
000. The National Bank of Commerce in its state- to from the elimination of the Central Mercantile
ment as of Dec. 31 1928, under the call of the Comp- Bank & Trust. Of course, some new trust comtroller of the Currency, showed deposits of $672,- panies have also been organized, adding their quota
943,890 and aggregate resources of $934,302,599. to the trust company totals. One of these is the
It accordingly follows that the Trust Company to- Plaza Trust Co., which began business Dec. 5 1928
tals at the end of 1929 will be enormously further with $2,000,000 capital, and on Dec. 31 1928 showed
swollen as the result of this one merger alone of a aggregate resources of $6,994,000.
large banking institution with a trust company, the
Increases in capital were fully as numerous and
Guaranty Trust Company intending to retain its important, if not more so, than in previous years.
trust company charter. At the same time the air In June the Guaranty Trust Co. increased its capital
is full of rumors of still other absorptions and mer- from $30,000,000 to $40,000,000; the same month
gers to come.
the American Exchange Irving Trust increased from
For the 13 months, however, under considera- $32,000,000 to $40,000,000, the Bankers Trust from
/
1
2
tion from Nov. 15 1927 to Dec. 31 1928, it happens $20,000,000 to $25,000,000, the Manufacturers'
that the additions to the trust company totals by Trust from $15,250,000 to $17,500,000, and the
reason of the taking over of ordinary mercantile Pacific Coast Trust from $1,000,000 to $1,500,000.
banks have been less numerous and less important In July the Murray Hill Trust increased from $1,than in most other recent years. Still there have 000,000 to $2,000,000. In January the Interstate
MAR. 2 1929.]
FINANCIAL CHRONICLE
Trust Co. raised its capital from $3,800,000 to
$5,175,000. In February the International Acceptance Trust raised from $500,000 to $1,000,000, and
the International Germanic Trust from $3,000,000
to $4,000,000. In December the Municipal Bank &
Trust, having absorbed the Seventh National Bank,
increased from $4,000,000 to $5,000,000. The State
Bank & Trust Co., mentioned above, has also
arranged for an increase from $5,000,000 to $6,250,000, but this had not gone into effect on Dec. 31 1928.
Outside of the Greater New York the changes in
New York State are always less numerous and less
important than here in New York City, and that
was the case in 1928. The most of such changes add to
the trust company totals, though an occasional one serves
to diminish them. On Sept. 29 1928 the National Bank
of Rochester merged with the Union Trust Co. of Rochester
under the title of the latter. The National Bank of Rochester
in its return for June 30 showed capital of $1,200,000,
deposits of $19,546,717 and aggregate resources of $22,777,070. Capital increases outside the Greater New York
have not been absent, though of course not on the scale
of those here at the financial centre. The Union Trust
Co. of Rochester, before its absorption of the National
Bank of Rochester, had increased its capital from $2,200,000
to $2,500,000 and, as a result of that event, increased further
to $4,000,000. The Manufacturers' & Traders'
-People's
Trust Co.of Buffalo increased from $4,000,000 to $5,000,000,
the County Trust Co. of White Plains from $300,000 to
$500,000, the First Trust & Deposit Co. of Syracuse from
$2,500,000 to $3,000,000, the Mount Vernon Trust Co.
from $750,000 to $1,000,000 and the City Bank Trust Co.
of Syracuse from $2,500,000 to $3,000,000.
There is one item in these trust company returns which
has kept steadily rising in all recent years, notwithstanding
the elimination of some important trust companies from the
list in some of the years. We allude to the total of capital
stock. For the Greater New York the total stood at $104,700,000 on Nov. 12 1919, $116,983,300 Nov. 15 1920,
$125,500,000 Nov. 15 1921, $127,600,000 Nov. 15 1922,
$159,000,000 Nov. 15 1923, $163,000,000 Nov. 15 1924,
$169,500,000 Nov. 14 1925, $193,050,000 Nov. 15 1926,
$224,700,000 Nov. 15 1927 with a further jump now to
$266,830,000. Dec. 31, 1928.
A better measure of the growth of the trust companies is
furnished by the totals of the deposits. The amount of this
item for the Greater New York, is now $5,037,683,910
Dee 31 1928. For Nov.15 1927 the figure was $3,809,385,206
and for Nov. 15 1926 $3,090,619,710. On the other hand,
in the year ending Nov. 14 1925 the deposits showed an
actual falling off in amount of $63,170,251, though the elimination of the Metropolitan Trust Co. from the list at that
time was responsible for $48,803,080 of that loss. In the
ease of the trust companies for the whole State, including the
Greater New York, the Nov. 1925 aggregate, as it happened,
was not less than the corresponding total for Nov. 1924,
but rather somewhat larger, and here accordingly the
increase for that period has been continuous, with the total
for Dec. 31 1928 $6,211,295,841, against $4,874,663,685
Nov. 15 1927, $4,030,384,615 Nov. 15 1926, $3,767,251,862
Nov. 14 1925 and $3,743,655,185 on Nov. 15 1924.
As pointed out in previous reviews, in 1920 and 1921 the
trust companies, like the mercantile banks, had their
deposits drawn down under the influence of business depression, credit restriction and price deflation. On the other
hand, in 1922, 1923 and 1924 the trust companies no less
than the banks enjoyed renewed growth in their deposits
with the return to normal conditions. And, as a matter of
fact, the fluctuations in the items referred to in the case of
the trust companies always corresponds quite closely with the
fluctuations in the same items in the case of the banks.
The business of the two classes of institutions is becoming
more or less similar, at least in this city. As noted above,
there have been in recent years several important amalgamations of trust companies with banks, and in such instances
the consolidated institution of course continues both the
former mercantile business and the trust company work. In
some of these amalgamations the result has been to transfer
a bank to the trust company list, the charter of the bank
being surrendered and the charter of the trust company
retained, while in other eases, as we have seen, the effect
has been to transfer a trust company to the bank group, the
1287
charter of the trust company being given up. The truth
is, as a consequence of such combinations there has been so
much shifting from the trust company list to the bank
group, and vice versa, that comparisons between one period
and another period over a series of years is considerably
disturbed thereby.
For the Greater New York aggregate deposits between
Nov. 12 1919 and Nov. 15 1921 fell from $2,443,087,071 to
$2,001,080,342. By Nov. 15 1922 the amount was back to
$2,208,982,617;for Nov.15 1923 it was up to $2,486,238,620,
or larger than before; by Nov. 15 1924 it had risen, as already
stated, to $3,031,376,388, but by Nov. 14 1925 had dropped
somewhat lower to $2,968,208,137; on Nov. 15 1926 it
moved up to $3,090,619,710, for Nov. 15 1927 it rose to
$3,809,385,206, the exceptional extent of the increase being
due to the taking over of such extensive amounts of banking
business through the mergers enumerated above, while now
for Dec. 31 1928, the total is up to 5,037,683,910. It is"
well enough to add, as we have on previous occasions, that
had it not been for certain mergers which took several trust
companies out of the trust company list, the recovery and
further progress in 1922, 1923 and 1924 would have reached
still larger proportions. Not only that, but the disappearance of certain trust companies from the list at that time
served greatly to increase the loss resulting from business
depression in the two years from 1919 to 1921. Thus the
Irving Trust Co., which on Nov. 12 1919 had reported
aggregate deposits of $76,278,940, was on April 19 1920
merged in the Irving National Bank, while on May 1 1920
the Franklin Trust Co., which the previous Nov. 12 had
reported deposits of $25,278,176, was merged in the Bank of
America and also disappeared from the trust company
returns. The elimination of these two institutions from the
trust company list accounted for over $101,000,000 of the
$288,000,000 loss in deposits shown in 1920. Then in 1921
there occurred the absorption of the Hamilton Trust Co. of
Brooklyn by the Metropolitan Bank, while in 1922 there
were several other mergers which operated to take trust
companies out of their class. For instance, in April 1922 the
Mercantile Trust Co. of this city was taken over by the Seaboard National Bank and in July 1922 the Lincoln Trust Co.
was merged in the Mechanics & Metals National Bank.
On the other hand, in the consolidation in Sept. 1922
of the Bank of New York with the New York Life Insurance
& Trust Co. and the continuance of the operations of the
combined institutions under the title of Bank of New York
& Trust Co., with retention of the trust company charter,
the trust company list got the benefit of the additional
deposits of the Bank of New York, which the previous
December were reported at $52,946,000. Furthermore, in
1923, through another consolidation, the Irving National
Bank once more resumed its place among the trust companies. In other words, on Feb. 7 1923 the Columbia Trust
Co. was consolidated with the Irving National Bank and the
combined institution became the Irving Bank-Columbia
Trust Co. This last mentioned change disturbed greatly
the comparison between Nov. 1923 and Nov. 1922, tending
to make the improvement in the trust company totals for
that period of twelve months very much larger than it really
was, for while in 1922 the Columbia, standing by itself,
reported deposits of $89,613,080, the Irving Bank-Columbia
Trust Co.,in its report for Nov.15 1923 showed total deposits
of no less than $307,569,734. At the same time, however,
the re-entry of the Irving into the trust company list evened
up the comparisons with earlier years—the years prior to
1920. Nevertheless, this still leaves the Mercantile Trust
Co. and the Lincoln Trust Co., both of this city, as also the
Franklin Trust Co. of Brooklyn and the Hamilton Trust Co.
of the same borough, formerly appearing among the trust
companies, outside the fold. Furthermore, in 1924 the
Commercial Trust, which on March 20 1924 had deposits of
$12,409,310, two months later was absorbed by the East
River National Bank and disappeared from the trust oompany field. In Jan. 1925 the Metropolitan Trust Co. was
taken over by the Chatham & Phenix National Bank and
also disappeared from the trust company list, while in 1926
the absorption of the People's Trust Co. of Brooklyn by the
National City Bank of New York, took still another company out of the trust company group, as already stated.
On the other hand, the business and operations of two
banks of considerable size were during 1923 absorbed by
trust companies, serving thereby to swell the trust company
totals. On June 29 1923 the Equitable Trust took over the
Importers & Traders National Bank, with deposits of approximately $30,000,000, and on Aug. 14 the Manufacturers
1288
FINANCIAL CHRONICLE
[VOL. 128.
Trust Co., which in previous years had absorbed several 1928 was $133,336,624 against $44,576,786 Nov. 15 1927;
other banks, took over the Columbia Bank with deposits $43,309,209 Nov. 15 1926; $42,876,978 Nov. 14 1925 and
of about $31,000,000. In 1925 the Manufacturers' Trust ab- $10,488,998 Nov.151924. The acceptances outstanding,too,
sorbed several other banks. A smaller transaction of the are steadily increasing and amounted (for the whole State)
same nature was the absorption in April 1923 of the Ter- to $402,809,136 Dee.31 1928 against $285,189,377 Nov. 15
minal Exchange Bank with deposits of about $3,000,000 by 1927, $198,617,094 in 1926, $184,041,566 in 1925, $163,the Hudson Trust Co., this latter being on July 9 1924 450,398 in 1924, $147,329,908 in 1923 and $111,081,592 in
merged in the Empire Trust Co. And during 1926-7 the 1922.
Turning now to the assets, the collateral loans still contrust company totals were further enlarged, as already
stated, by the merger on Dec. 11 1926 of the American stitute the largest single item among the investments of the
Exchange-Pacific Bank with the Irving Bank & Trust Co. trust companies and for 1928 show a further large expansion
under the name of the American Exchange Irving Trust to a new high record. Such loans have always been a favorite
Co. The American Exchange-Pacific Nat. on June 30 1926, form of investment with these institutions and the high
as already noted, had deposits of $223,216,200 and aggregate interest rates obtainable for the same in 1928 made them
resources of $277,504,800. In 1927, also, as pointed out still more inviting. For the Greater New York the aggregate
above, the Central Mercantile Bank which the previous of these loans fell from $1,115,503,148 Nov. 12 1919 to
96,288,916 Nov. 15 1920, and further declined to $744,November had deposits of $35,389,200 entered the trust
Central Mercantile Bank & 386,339 Nov. 15 1921, but recovered to $846,437,293 Nov.
company field by becoming the
Trust Co., and it also took over the Broadway Central with 15 1922,to $859,511,995 Nov.15 1923,rose to $1,202,283,870
$6,974,700 deposits. Besides this, the Interstate Trust Nov. 15 1924; to $1,267,717,424 Nov. 14 1925; to $1,239,Co. in 1927 took over the Franklin Nat. Bank and the 113,920 Nov. 15 1926; to $1,511,817,492 Nov. 15 1927, and
Bloomingdale Bros. Bank, and the Manufacturers' Trust now,for Dec.311928, have mounted to $2,026,737,277. For
Co. took over the Commonwealth Bank with deposits of the whole State the amount is no less than $2,435,227,526,
14,963,638 and the Standard Bank with deposits of $8,- which compares with $1,813,150,860 Nov. 15 1927; with $1,255,628. In 1928 among other changes the Central Mercan- 491,410,945 on Nov. 15 1926; with $1,470,452,312 in 1925,
tile Bank & Trust, with $49,263,674 deposits, disappeared and $1,354,727,295 in 1924. It is the bill holdings, however,
from the Trust Complany list, having been absorbed by the that have increased most and the inclusion of the Irving
a
Bank of United States, but on the other hand, the State Bank-Columbia Trust, with its large banking business of
Bank & Trust Co., with $109,382,944 deposits, constitutes a strictly commercial nature, is mainly responsible for this.
The designation of the item in the statement given out by
new addition to the list as already noted.
is "Loans, Discounts and
For the whole State the deposits of the trust companies, the State Banking Department
Bills Purchased Not Secured by Collateral" and the aggreafter having fallen from $2,885,355,813 Nov. 12 1919 to
gate amount for the trust companies in Greater New York for
$2,672,289,441 Nov. 15 1920 and then to $2,497,547,429
against $955,for Dec. 311928, is reported at $1,064,089,284
Nov.15 1921,on Nov.15 1922got back to $2,770,799,561,
069,496 Nov. 15 1927; $726,280,962 Nov. 15 1926, $668,Nov. 15 1923 were up to $3,090,947,512, for Nov. 15 1924
$626,867,758 Nov. 15 1924, $620,jumped to $3,743,655,185, for Nov. 14 1925 stood at $3,- 845,396 Nov. 14 1925, $448,204,530 Nov. 15 1922, $486,301,146 Nov. 15 1923,
767,251,862, for Nov.15 1926 increased to $4,030,384,615,
Nov. 15 1920 and $479,for Nov. 15 1927 advanced to $4,874,663,685 and now for 467,500 Nov. 15 1921,$646,822,007
327,753 Nov. 12 1919. For the whole State the amount
Dec. 31 1928, have taken a leap to $6,211,295,841.
31 1928, against $1,240,097,The item of surplus and profits which in 1921 showed stands at $1,378,006,520 Dec.
$880,261,088 in
diminished profits as 560 Nov. 15 1927; $998,111,748 in 1926,
some shrinkage (awing, no doubt, to
1925 and
10,321,168 in 1924.
well as the charging off of heavier losses than usual), has
The stock and bond investments constitute the third
made new high record totals each year since then. It
been
does not largest item, but recent changes in that item have not
should be understood, however, that the increase
important. The aggregate for the companies in the Greater
in its entirety reflect accumulation of surplus earnings. In
was $766,245,114 against
part it has followed from the selling of new stock at a premium New York on Dec. 31 1928,
$735,902,221 Nov. 15 1927, $653,013,089 Nov. 15 1926,
and in part from the taking over of big mercantile banks.
$761,457,826 Nov. 15 1924,
Surplus and profits for the trust companies in the Greater $639,092,695 Nov. 14 1925,
$578,844,733 Nov. 15 1923, $607,744,730 Nov. 15 1922,
New York stood at $485,139,692 Dec. 31 1928, against
15 1921, $460,767,809 Nov. 15 1920 and
$346,909,297 Nov. 15 1927; $281,150,160 Nov. 15 1926; $480,806,007 Nov.
State the total
Nov. 15 1924; $570,213,964 Nov. 12 1919. For the whole
$237,865,765 Nov. 14 1925; $219,006,842
Dec. 31 1928 is $1,063,311,071 against $1,054,028,580 Nov.
$202,022,101 Nov. 15 1923; $197,338,717 Nov. 15 1922; 15
1927, $932,691,071 Nov. 15 1926, $921,557,895 Nov. 14
1175,565,266 Nov. 15 1921; $187,349,468 Nov. 15 1920,
1925 and $1,037,185,829 Nov. 15 1924. The real estate
and $179,326,098 Nov. 12 1919. For the whole State,
held does not vary greatly from year to year and for the
including the Greater New York, the surplus account (with
Dec. 31
$581,394,018 against companies in Greater New York was $69,248,000
all undivided profits) Dec. 31 1928 is
1928 against $56,189,912 Nov. 15 1927, $42,440,287 Nov.
$424,247,856 Nov. 15 1927; $346,840,350 Nov. 15 1926; 15
1926, $440,530,591 Nov. 14 1925, $446,500,246 Nov. 15
$288,624,503 Nov. 14 1925; $263,732,250 Nov. 15 1924;
1924, $51,050,870 Nov. 15 1923, $448,900,549 Nov. 15 1922,
$242,049,428 Nov. 15 1923; $235,322,994 Nov. 15 1922';
in Nov. 1921, $45,052,851 in Nov. 1920 and
$209,223,775 Nov. 15 1921;$219,945,439 Nov. 15 1920, and $45,975,995
$44,703,110 in Nov. 1919. The amount of bonds and
$211,441,830 Nov. 12 1919.
has heretofore changed comparatively
The trust companies are again engaged in borrowing on mortgages owned year, but during the last few years has
no doubt from the ab- little from year to
an increasing scale, this following
increased, the total for Dec. 311928, for the
sorption by consolidation of so many mercantile accounts. substantially
Greater New York being $121,360,951
they had only relatively small trust companies of the
Three or fonr years ago
In against $112,573,510 Nov. 15 1927, $117,296,925 in Nov.
amounts of bills payable and rediscounts outstanding.
Nov. 1925, $76,177,295 in Nov. 1924,
1925 policy once more changed and in 1926 the change became 1926, $89,053,572 in
1922,
period, when the $73,340,713 in Nov. 1923, $555,660,301 in Nov.
still more pronounced. During the war
$60,374,001 in Nov. 1921, $58,694,686 in Nov. 1920 and
trust companies, like the banks, were financing heavy purchases of U. S. Government obligations for themselves and $60,599,653 in 1919.
The reserve held by the trust companies with the Federal
their customers, these institutions had recourse to the loanincreased heavily during the last four
ing facilities of the Federal Reserve Bank of New York Reserve Bank has
trust companies years, as would be expected from the inclusion of the Irving
on quite an extensive scale. For all the
Bank-Columbia Trust Co., with its large volume of deposits,
in Greater New York the total of the bills payable outbanks. The amount due from the
with rediscounts of and other commercial
standing Dec. 31 1928 was $93,031,104
Federal Reserve Bank of New York, less offsets, combined
$380,000. This compares with $24,922,495 of bills payable
due from approved reserve depositories,
and 31,134,750 of rediscounts Nov. 15 1927; with $27,608,- with the amount
the
15 less offsets, aggregated for the trust companies of
314 bills payable and $406,000 of rediscounts on Nov.
Greater New York on Dec. 31 1928, $482,810,415 against
1926; with $18,993,654 of bills payable with no rediscounts on
15 1927, $321,400,741 on Nov. 15 1926,
Nov. 14 1925; with only $2,758,406 the total of the bills $394,954,589 Nov.
$3321,196,215 Nov. 14 1925, $338,428,608 Nov. 15 1924,
payable and rediscounts Nov. 15 1924 and with $16,981,613
Nov. 15 1923, $243,672,704 Nov. 15 1922,
Nov.15 1923;$9,281,621 Nov. 15 1922,$35,631,000 Nov. 15 $260,735,096 in Nov. 1921, $196,965,929 in Nov. 1920 and
Nov. 12 $234,304,212
1921, $242,934,456 Nov. /5 1920 and $230,815,610
$238,937,114 in Nov. 1919.
1919. For the whole State the total of the two items Dec.31
FINANCIAL CHRONICLE
MAR. 2 1929.]
The trust companies never hold large sums of cash in
their own vaults and the holdings of "specie" on Dec. 31
1928 were only $6,663,753 against $4,937,016 Nov. 15 1927;
$4,026,528 Nov. 15 1926, $3,637,699 in November 1925,
$3,493,095 in November 1924,$3,460,696 in November 1923,
34,000,736 in November 1922,$5,233,340 in November 1921,
$8,877,761 in 1920, and $11,138,921 in 1919. In addition,
the companies of the Greater New York reported $27,823,129
of "other currency authorized by the laws of the United
States" on Dec. 311928, against $22,709,275 Nov. 15 1927,
$20,031,065 in 1926, $23,823,016 in 1925, $18,279,919 in
1924, $23,795,804 in 1923, $17,851,658 in 1922, $17,704,536
in 1921, $19,419,590 in 1920, and $23,315,808 in 1919.
The remaining cash items, viz.: "exchanges and checks for
next day's clearings and other cash items," aggregated no
less than $1,089,128,075 Dec. 31 1928, which compares with
$443,194,609 Nov. 15 1927, $294,989,498 Nov. 15 1926,
$103,511,447 Nov. 14 1925, $141,416,538 Nov. 15 1924,
$260,573,825 Nov. 15 1923, $164,352,748 Nov. 15 1922,
$146,059,871 in 1921,$167,713,628 in 1920,and $105,552,258
in 1919.
In the foregoing we have been dealing with the trust
companies as a whole. As far as the separate companies
are concerned, the elaborate statements on subsequent pages
will enable the reader to ascertain what the experience
of each company has been as between 1926 and 1928. To
furnish a sort of general survey we introduce here the following table comprising all the companies in the Boroughs
of Manhattan and Brooklyn, and showing the deposits
on Nov. 12 1919, Nov. 15 1921, Nov. 15 1926, Nov. 15 1927
and Dec. 31 1928. The remarkable feature in this comparison is that only three companies out of all those given fail to
show for 1928 an increase as compared with 1927.
DEPOSITS OF NEW YORK CITY TRUST COMPANIES.
Borough of
Manhattan.
12
1919.
Nov.
Nov. 15
1921.
Nov. 15
1926.
2
2
2
Americaa..111_
9,082,733 15,448,676 44,673.139
Anglo-13ou.
Amer. Tr 2
9,083,165
Bk of Athens
Trust Co.f
1,247,553
Sanaa Con,
Ital'a Tr, 3
8.615,727
Banco di SIM
Trust Co_ 4
5,735.478
Bankers
317,536,146 280,452,276 880,050.522
Bank of N.Y.
& Trust Cow
102,424,745
Bk of Europe
Trust Co g
12,679,401
Cent Mercan
Bank & Tr
Central- k ... t
Union Tr.. I 211,438,902 193.635,185 250,186,789
City Trust
Co (12)_
Commercial
8,717,627
7.284,656
(c)
County Tr C.
of N Y.I.
9.195,447
Empire. _ _ _
50,412.043 47,160,104 64,736,972
Equitable ___ 234,016,518 206,458,795 384,054.794
FarmersLoan
& Trust... 166 688.021 134,064,853 146.058,966
Fidelity Tr..1
12.944.106 21,127,153 44,797.012
Fulton
9,312,38•
8,814.322
14,893.635
Federation
Bk &Tr_j_
16,250,065
Guaranty
725.510.455 430,834.259 518,815.530
Hudson.-8.268.86
7,007,493
(d)
AM Exchange
76.278.950
355,782,903
(b)
Irving Tr _ _
95.643,;i ; 83,256,238
Intemat Ace
Trust_ _ _.o
8,766,049
Internat GermanieTr(6)
Italian Disc'i
& Trust_.p
17,372,888 12,044,482
8,215.912
Interstate
Trust a....4,089,213
Lawyers'
Trust ....1 1 19.542,72.
19,821,048
17,167,726
.... j
Home
Lincoln_ _ _.
26,622.804 25,773,985
(u)
Merele Tr._
16.249,446
18,437,460
(v)
Metropolitan
39,022,670 27,779,992
(n)
Hill
Murray
Trust Co.,
2,949,671
N Y Life Ins
& Trust..
23.483.727 24,962,284
(w)
New York.
67.956,267 160,065,802 208,304.894
Pacific Coast
Tr Co (7)
Plaza Tr (9).
State Bank &
Tr Co (11)
Terminal Ti
Co
5,434,933
Times Squar.
Trust Co.,
2,524,837
Title Gu AT
33.070,973 84,305,535 44,516,288
Trust Co 0
N.A., NY.
3,193,83
u.8.tg.&T
24
61.722.175 52.019.127 66,207,87
49.639,976
United States
52,119.108 46,776.3
Noe. 15
1927.
Dec. 31
1928.
8
53,536.850
2
64.586,300
11,271,812
12,627,700
2.952.654
4,498,600
11,723,877
18.276,100
13.543.037 14.286,300
469,109.339 585.642,400
110,222.743 161,238,900
14,630,358
16,891,100
50,948,331
(5)
286,522,621 297,398,100
7,481,900
(c)
(c)
16.079,010 21,785.900
67,409.578 78,825.700
408,575,948 530,843,900
157,324,958 191,282.400
54,431.362 60,671,300
18,061,095 17,046,800
17,937,102 18,364,000
609,963,521 836.505.800
(d)
(d)
574,573,141 732,029,300
9.780.866
17,118.600
3,608,989
13,679,300
(9)
(9)
25.370.363
48,760.100
22,703,326
26.575,300
(u)
(v)
(n)
(u)
(v)
(n)
6,310,764
11.466,400
(w)
(w)
247,530,080 394,823,200
6,217,475
23.156.400
3.978.200
109,362,900
4,968,148
(o)
7,208.201
48.451.107
5,581.100
51,884.800
3,965.505
69,098,742
64.833.926
5,691,700
75,057,000
72,235,800
.280. 34,2711,860.219,001 2,785,095.458 3,468,889,3154,530,628.500
5
Total _a....2
Borough of
lirookkrz
Brooklyn(8).
Franklin....
Hamilton _..
Kings County
Manufact'rsCitlzens_a
Itidwood 5
Municipal Bk
&TrCo(10)
People's
Total
Total Greater
I,.
7/......
.
37.744.025
25.278.176
8.500,6
24.941,377
34,058,891
(r)
(t)
23.269,374
31,784,319
41.809.290 208,844,482 238,625,370 319,165,900
9.616.976
11,291,961
1,308,694
12,584.100
34,304,249
40,415.092
162.552.800 140.861,341
54,303,443
(r)
(t)
32,759,401
(h)
60.174.011
(r)
(t)
30.404.549
(h)
66.509,500
(h)
305.524.252 340,495,891 5074)54,400
L12 1127 11719 nnt non •1•41 a wro. a In wf•ko arm •Off OW.
,
d.
•
•
.
.
78,627,000
(r)
(t)
30,167.900
•
1289
a Corporation Trust baoluded In total for all the years; had deposits of 3975,200
on Dec. 31 1928.
b Flatbush Trust of Brooklyn was consolidated with Broadway of New York
City March 6 1912. The Broadway changed title to Irving Trust Nov. 30 1917
and Market & Fulton National consolidated with Irving in March 1918. On
April 19 1920 the Irving Trust was merged In the Irving National Bank and disappeared from the trust company list. On Feb. 7 1923 the Columbia Trust Co.
was consolidated with the Irving Bank, the new instnution becoming the Irving
Bank-Columbia Trust Co.. and accordingly reappeared in the trust company list.
&
A_merger of the Irving Bank-Columbia Trust Co. and the National Butchers'
Drovers Bank. under the name Inifisg Bank & Trust Co. became effective Sept. 26
1926. American Exchange-Pacific Bank was merged on Dec. 11 1926 with the
Irving Bank & Trust Co. under the name of American Exchange Irving Trust Cailij
c Commercial Trust Co. merged in May with the East River National Bank after
first having been converted to a national bank. Bee "Chronicle," page 2586.
d Hudson Trust Co. merged on July 9 with the Empire Trust Co. under name of
Empire Trust Co.
e Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 1914,
becoming manufacturers' Trust Co., which absorbed the West Side Bank, New
York City, June 15 1918, the Ridgewood National Bank Sept. 1 1921, the North
Side Bank of Brooklyn April 281922, the Industrial Bank of New York City Dec.18
1922. the Columbia Bank Aug. 14 1923 and the Standard Bank and the Commonwealth Bank as of July 29 1927. Merger of the Capitol National Bank & Trust Co.;
Longscre Bank and United National Bank into the United Capitol Nat. Bank &
Tr. Co. on Mar. 9 1928, and later acquired by Manufacturers Trust Co. on Jun.)
6 1928.
f Bank of Athens Trust Co. began business April 1 1926.
11 Bank of Europe on Feb. 24 1926 entered the trust company list under the
title of the Bank of Europe Trust Co.
h Merger of the Peoples Trust Co. with the National City Bank became effective
at close of business June 26 1926.
County Trust Co. of New York began business Feb. 23 1926.
j Formerly the Federation Bank of New York and began business in May 1923.
Name changed to the Federation Bank & Trust Co. and began business as a trust
company on April 15 1926.
k Central and Union consolidated June 18 1918.
1 Lawyers Trust Co. began business Feb. 28 1925 to take over trust boldness
heretofore done by the Lawyers Title az Trust Co.
in American Trust organised Jan.27 1919,absorbed Queens Co.Trust Sept.1919.
n Metropolitan Trust Co. on March 1 1925 merged with Chatham az Phenix
National Bank. under the title of the Chatham-Phenix National Bank dt Trust Co.
o International Acceptance Securing; az Trust Co. organized March 9 1926
and owned by the International Acceptance Bank, Ins. Name changed to International Acceptance Trust Co. on Jan. 5 1928.
p Italian Discount & Trust changed its name to the Discount NatIonal Bank and
merged with the Bowery & East River National Bank as of Feb. 21 1927.
Brotherhood of Loco. Eng. Co-Op. Trust Co. began business in 1923. Name
changed to Terminal Trust Co. as of Sept. 1 1926. and consolidated with the International Germanic Trust Co. on Feb. 20 1928.
r Merged in Bank of America May 1 1920.
Began business Sept. 1920.
t Hamllton Trust merged in Metropolitan Bank Jan. 29 1921.
u Lincoln Trust merged in Mechanics & Metals National Bank July 1922.
•Mercantile Trust, which began business May 1 1917, merged In Seaboard National
Bank Aprill 1922.
w New York Life Insurance az Trust merged with Bank of New York, forming
Bank of New York az Trust Co. Sept. 1922.
x Interstate Trust Co. began business Oct. 14 1926,and, as •f the close of business
June 30 1927, acquired Bloomingdale Bros. Bank and merged with the Franklin
National Bank. Merged on Jan. 21 1928 with Hamilton National Bank.
y Murray Hill Trust Co. opened for business on Sept.? 1926.
z Times Square Trust Co. began business on Oct. 5 1926.
(1) Coal & Iron National Bank merged into the Fidelity-International Trust
Co.; name of latter changed to Fidelity Trust Co. as of Feb. 27 1926.
(2) Began businesss Des. 3 1923.
(3) Began business June 16 1924 and on June 28 1927 acquired the Security Bank.
Absorbed the private banking firm of Di Sees & Di Seen on Aug. 25 1928.
(4) Began business April 20 1925 and acquired the Windsor Bank on Aug.4 1928,
(5) Formerly the Central Mercantile Bank and changed to the Central Mercanthe Bank & Trust Co. on Dec. 17 1926. Absorbed the business of the Broadway
Central Bank on Jan. 10 1927 and merged with the Bank of United States on May 21
1928 under title of the latter, taking it out of trust company list.
(6) Began business on Oct. 17 1927. (See Terminal Trust Co. above.)
(7) Began business on April 23 1927
(8) Acquired Bank of Coney Island on Jan. 10 1928.
(9) Began business Dec. 5 1928.
(10) Formerly Municipal Bank: name changed on Aug. 15 1928. Absorbed
Seventh National Bank on Dec. 21 1928.
(II) Formerly the State Bank. Name changed Mar. 3 1928.
(12) Harlem Bank of Commerce and Atlantic State Bank merged on June 11 1928
under the name of City Trust Co.
TRUST COMPANIES AT OTHER POINTS.
In the case of the trust companies at Boston,Philadelphia,
B
-Elt=ore and si7Louii7-The figures as presented on subsequent pages.
f?The different institutions are all our own,
we having in each instance inide direct application for them
oughin a7few instances,'where our re—
ti6 the companies71h—
quests met with no response, we have had to have recourse to
official statements made in pursuance of calls of the public
arif,hoTities7rn We nature ofthings, as we are_ entirely de—
13
Feiadericup7a the compangs7hemselves for the figures, -ai
no general data of an official kind are available, comprehensive totals and elaborate details, such as are possible for the
institutions of New York, are out of the question. Our
summaries for these collier centres are such as we have been
able to prepare ourselves and necessarily are limited to a
few Teading items. Nor are the returns in those instances
—
cast on uniform lines, nearly every company having its own
aistinct method of Classification, making general footings
out of the question, except as regards those few common
things treated alike by all, and which have definite, established meanings, such as capital, surplus and deposits.
[VoL. 128.
FINANCIAL CHRONICLE
1290
In Boston one new company, the Lee, Higginson Trust
Co., began business Jan. 2 1928, and one old company
disappears from the record, the Liberty Trust Co. having
been merged into the Beacon Trust Co. This leaves the
number the same; viz., 17 in both years. Capital stock
increases were made by several companies: The Beacon
Trust Co. increased its capital from $1,500,000 to $3,000,000
to provide for the merger with Liberty Trust Co.; the
Exchange Trust Co.increased from $1,250,000 to $1,500,000,
and the United States Trust Co. from 81,000,000 to $2,500,000. These, with the addition of the $500,000 capital
of the new Lee, Higginson Trust Co., increases that item
$3,000,000, or from $28,400,000 Dec. 31 1927 to $31,400,000
Dec. 31 1928.
Deposits have risen from $457,072,002 Dec. 31 1927 to
$467,412,309 Dec. 31 1928, surplus and profits from $37,537,669 Dec. 31 1927 to $42,541,775 Dec.31 1928, and aggregate resources from $521,144,380 Dec. 31 1927 to $533,453,314 Dec. 311928. Below is a comparison for the various items for the last 29 years:
BOSTON.
Capital.
$
Dec. 31 1900 (16 cos.)
8,450.000
Dee. 31 1901 (16 cos.)
9.000.000
Dec. 31 1902 (18 cos.)
11.100.000
Dec. 31 1903 (19 cos.)
12,100,000
Dee. 31 1904 (19 cos.)
12.500.000
Dec. 31 1905 (19 cos.)
12.500,000
Dec. 31 1906 (16 cos.)
11,100.000
Dee. 31 1907 (19 cos.)
11,750.000
Dec. Ill 1908 (19 cos.)
11.750.000
Dec. 31 1909 (19 cos.)
12.150.000
Dec. 31 1910 (19 cos.)
12,250,000
Dec. 31 1911 (19 cos.)
14.850,000
Dec. 31 1912 (21 cos.)
16.250.000
Dec. 31 1913 (23 cos.)
17.250,000
Dec. 31 1914 (24 cos.)
17.450,000
Dec. 31 1915 (26 cos.)
18,480,200
Dec. 31 1916 (29 cos.)
19.150,000
Dee. 31 1917 (29 cos.)
21.479.800
Dec. 31 1918 (30 cos.)
21.650,000
Dec. 31 1919 (31 cos.)
26,077.000
Dec. 31 1920 (28 cos.)
26.329,300
Dec. 31 1921 (23 cos.)
23.450.000
Dec. 31 1922 (21 cos.)
23.850.000
Dec. 31 1923 (17 cos.)
18.650,000
Dec. 31 1924 (17 cos.)
18.750.000
Dec. 31 1921 (10 cos.)
21 750.000
Dec. 31 1926 (16 co8.)._ 24.400,000
Dec. 31 1927 (17 ens.)
28.400.000
Dec. 31 1928 (17 cos.)
31.400.000
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
10.285,659
12,294,798
15,779,627
18,629,264
19,702,108
20,841,502
22,551,499
23.699,740
24,610,326
25,002.793
27,349.902
26,234,350
28,108,699
29,358,660
26,143,017
24,261,485
26,174,836
27,419,977
29,107.018
33,978,583
34,573,485
34,983,448
32,900,905
30,089.158
29,719,764
32,086.404
33.711,924
37.537.0169
42.541.775
$
89,461,044
107,991,782
116.264,790
112,281,257
139,851,208
148.033.197
158.213,825
125,254,672
173,765,331
186,937,983
189,153,760
216,926.992
207,263,762
213.973.959
225.532.137
293,833,516
337.625.256
363,551.440
415,355.824
503.450.567
429,925,262
392,924,224
446,844.659
323,701,085
372,741.230
396,114,507
412,251.145
457.072.002
467.412.309
$
108,196.703
129,286,580
143,144,417
143.010,521
172.053.316
181.397,833
191.885.062
160.704,413
210,125,657
224.090.823
228,753,662
258,248.402
251,622.061
260,582,620
269,125,155
336,704.220
383.460.073
414,609.945
466,298,772
560.096.234
495,145,455
456.840.076
507,282.285
413,589.416
438,755,964
469.871,200
476,'61 530
521,144.380
533.453.314
Capital.
PHILADELPHIA.
Dec. 31 1900 (40 cos.)
Dec. 31 1901 (41 cos.)
Dec. 31 1902 (41 cos.)
Dec. 311003 (43 cos.)
Dec. 31 1904 (43 cos.)
Dec. 31 1905 (44 cos.)
Dec. 31 1906 (52 coo)
Dec. 31 1907 (58 cos.)
Dec. 31 1908 (58 cos.)
Dec. 31 1909 (59 cos.)
Dec. 31 1910 (59 cos.)
Dec. 31 1911 (58 cos.)
Dec. 311012 (56 cos.)
Dec. 31 1913 (56 cos.)
Dec. 31 1914 (56 cos.)
Dec. 31 1915 (56 cos.)
Dec. 31 1916 (56 cos.)
Dec. 311017 (54 cos.)
Dec. 31 1918 (56 cos.)
Dec. 311910 (57 coo.)
Dec. 31 1920 (64 cos.)
Dec. 31 1921 (66 cos.)
Dec. 311022 (69 cos.)
Dec. 31 1923 (76 cos.)
Dec. 31 1924 (81 cos.)
• e, 31 1325 (80 mu.) .......
Dec. 31 1926 (88 cos.)
Dec. 31 1927 (82 ens.)
Dec. 31 1928 (80 cos.)
$
28,399,965
31,927.006
33,142.233
34,320.337
34.800,980
35,312.363
36,931,963
38.727.909
39,068.955
39.897,218
39,931,418
38.511,733
36.797.836
39.182.538
39.069.243
38,870,193
38,879,993
40,579,993
41,307,608
44,142,068
45,338,668
46.098.921
47.554.243
53,525.235
57.839.244
61.440.874
844112 332
74,735.750
77.8013.900
Surplus andAggregate
Resources.
Profits.
Delimits.
$
$
136,496.312 1913,498,618
149.137,386 218,860,249
153,151,355 227,480,117
161,231.152 238,817.566
202,855,986 283,503,299
209,213.067 293,177.935.
193.283,134 288.232,800
169,669,224 265,150,778
200,983.530 296,761,341
217,196,883 316,892,720
208,837,634 311,640,645
224.225.832 328,196,392
231,712,367 337,179.556
232,941,234 341,764.741
238,2501.333 347,588,292
297,235,195 407,024,328
331,108,286 444,775,175
327,597,906 452,498.288
335,093.397 505.489,017
405,373.275 576,019,954
417,307,021 591,315,173
407.600,404 561,639,998
489 308.036 635.130,394
599,915,842 771,778.286
656,621,057 859,818,395
960.052,041
750.772.771
795,599.739 1026,146,591
924,937.431 1163,615.797
007 FAR 401 1241.111.008
$
27,826,941
33,885,857
37,514,329
39,654,877
42.344,733
45,594,298
49.590.018
50.840.244
52,000,976
5.5,374,618
59,187,488
62,262.427
64.847,539
65.535.659
65,932,888
69,298,540
73,775,140
77,779.452
78,408.601
81.801.490
87,915.257
91,183.753
88.125,428
110,457.610
129.778,397
146,171,713
148.434.215
150.738,418
172.040110
The number of Baltimore companies remains the same,
being 13 for both Dec. 31 1927 and Dec. 31 1928. An
increase in the capital of the Union Trust Co. from $1,150,000 to 81,500,000 accounts for the advance in the aggregate
total of that item from $14,950,000 Dec. 31 1927 to $15,300,000 Dec. 31 1928. Surplus and profits, however, have
increased from $25,779,355 Dec. 31 1927 to 828,486,023
Dec. 31 1928. Deposits have fallen from $235,403,813 on
Dec. 31 1927 to $227,720,059 Dec. 31 1928, and aggregate
resources from $276,363,728 Dec. 31 1927 to $271,793,425
Dec. 31 1928. Following is a yearly record of the various
items back to 1913:
BALTIMORE.
Dec. 311013(10 cos.)
Dec. 31 1914 (10 cos.)
Dec. 31 1915 (11 cos.)
Dec. 31 1916 (11 mg.)
Dec. 31 1917 (11 cos.)
Dee. 31 1918 (11 cos.)
Dec. 31 1919 (12 toe.)
Dec. 311020 (12 cos.)
Dec. 31 1921 (13 cos.)
Dec 311022(13 cos.)
Dec. 31 1923 (14 cos.)
Dee. 31 1024 (14 cos.)
Dec. 31 1925 (13 cos.)
Dec. 31 1928 (14 cos.)
Dec. 31 1927 (13 cos.)
3ec. 31 11428 (13 cool
Capital.
Surplus and
Profile.
Deposits.
Aggregate
Resources.
$
8,950,000
8,950.000
8.650.000
8.650.000
8.650.000
8,650,000
9.150,000
10,250,000
10.800.000
11,500.000
13.000.000
13.200.000
13,950.000
14.950.000
14,950.000
15 awl OM
$
12,177.127
11.407,783
11.851,317
12.539.306
12,765,927
13,309.150
14.099,513
14.967,987
15,988.624
17,361.792
19.596.373
20.909,399
21,695.365
24.440,935
25,779.355
20 ARA 022
$
45.131,061
52.212,492
72,128,718
82,523,300
89.537.800
85,714,838
116,199.900
108,508,855
110,811.291
137.308.934
137,383.255
164.890,476
200.438,039
198.565.429
235.403.813
227 720 AAA
$
66,058,188
73,170.116
93,230,098
103,712,608
110,986,411
107,773,988
140,749,413
138.393.143
140,781,858
169,330,708
190.093,117
203.393,123
244,201,203
243,740.127
276,383.728
271702.425
Changes in Philadelphia companies have, as usual, and
for the reason stated below, been out of the ordinary.
The tabulation below will show the many changes that
_
have taken place in 1928. As stated on previous occasions,
Quite a few changes have taken place in St. Louis instituthe more general use of the trust company in that city
tions, the number appearing in our tabulation having been
makes for greater changes than elsewhere. The number of
reduced from 22 Dec. 31 1927 to 21 Dec.31 1928. Following
companies has been diminished by two, there being 80
are the changes in detail:
companies Dec. 31 1928 against 82 for Dec. 311927. Five
NEW COMPANIES.
new companies came into existence while seven old com- Franklin-American Trust Co
32,000.000
2,150,000
Lafayette-South Side Bank & Trust Co
panies disappeared. With these changes and the increases
DISAPPEARING FROM THE LIST.
COMPANIES
the item of capital has risen from $74,735,750 Dec. 31 1927 American Trust Co. (consolidated with Franklin Bank)
11,000.000
Farmers & Merchants Trust CoaConsoildated, forming the South Side' 400.000
to $77,808,900 Dec. 311928.
1 200,000
South Side Trust Co
NEW COMPANIES.
Bank of Philadelphia At Trust Co
City National Bank & Trust Co
Guardian Bank & Trust Co
North City Trust Cm
Sonsitaly Bank & Trust Co
12,300.000
1,125,000
300.000
300,000
125.000
INCREASES IN CAPITAL.
Allegheny Title & Trust Co
Bankers Trust Co
Belmont Trust Co
Colonial Trust Co
Fairhill Trust Co
Frankford Trust Co
Franklin Trust Co
Haddington Title & Trust Co
Hamilton Trust Co
Holmesburg Trust Co
Integrity Trust Co
Msutheins Trust Co
Manufacturers Title & Trust Co
Market Street Title & Trust Co
Mitten Men & Management Bank & Trust Co
Northeastern Title & Trust Co
Provident Trust Co
Richmond Trust Co
Security Title & Trust Co
Southwark Title & Trust Co
Wharton Title dr Trust Co
William Penn Title dr Trust Co
from $832,400 to $997,100
from 2,875.000 to 3,075,000
from 250.000 to 375,000
from 1,875,000 to 2,500,000
from 169,300 to 231,050
from 250.000 to 500,000
from 2,000,000 to 2,548,000
from 125,000 to 150,000
from 200,000 to 250,000
from 125,000 to 250,000
from 750,000 to 1,000,000
from 150,000 to 232,450
from 286,000 to 267,750
from 1,100,000 to 1.200.000
from 3,428,810 to 3,500.000
from 200,000 to 400.000
from 3,192,640 to 3.200,000
from 194,700 to 231,500
from 151,800 to 536,450
from 125,000 to 250,000
from 160,500 to 200,000
from 250,000 to 500,000
COMPANIES DISAPPEARING FROM THE LIST.
Chelton Trust Co.(consolidated with Guarantee Trust & Safe Deposit Co.
and Tradesmens National Bank)
$400,000
Cobb's Creek Title & Trust Co. (merged with City National Bank at
Trust Co
125,000
Commonwealth Title Ins. & Trust(consolidated with Provident Trust Co.)-1,500.000
Guarantee Trust & Safe Deposit Co.(consolidated with Chelton Trust Co.
and Tradeemens National Bank)
1,000.000
Logan Bank & Trust Co.(merged into Bankers Trust Co.)
200,000
Oak Lane Trust Co. (consolidated with Broad Street National Bank)._ 750.000
Oxford Bank & Trust Co. (merged into Corn Exchange National Bank
& Trust Co.)
500,000
Surplus and profits have increased from 8150,738,418
Dec. 31 1927 to $172,946,116 Dec. 311928. Deposits have
declined from $924,937,431 Dec. 31 1927 to 97,506,491
Dec. 31 1928. Aggregate resources are up from $1,163,615,797 Dec. 31 1927 to $1,241,311,008 Dec. 31 1928.
Following is a comparison for a series of years:
j National Bank
INCREASES IN CAPITAL.
from $50,000 to 5250,000
Vandeventer Trust Co
Surplus and profits of the St. Louis institutions have
ncreased from $19,874,590 Dec. 31 1927 to $21,447,250
Dec. 311928. Deposits have increased from $202,893,571
Dec. 31 1927 to $245,452,552, while aggregate resources
have risen from $238,902,733 Dec. 31 1927 to $298,258,498
Dec. 311928. Below is the comparison of the various items
for a series of years:
ST. LOUIS.
Dec. 31 1901( 6 cos.)
Dec. 31 1902( 9 coo.)
Dec. 311003( 8 cos.)
Dec. 31 1904( 5 cos.)
Dec. 31 1905( 8 cos.)
Dec. 31 1906( 9 cos.)
Dec. 31 1907( 8 cos.)
Dee. 31 1908( 9 cos.)
Dec. 31 1909(13 cos.)
Dec. 31 1910 (13 cos.)
Dec. 31 1911 (16 cos.)
Dec. 31 1912 (15 cos.)
Dee. 31 1913 (16 cos.)
Dec. 31 1914 (18 cos.)
Dec. 31 1915 (14 cos.)
Dec. 31 1916 (15 coo.)
Dec. 31 1917 (15 cos.)
Dec. 31 1918 (15 cos.)
Dec. 311019 (15 cos.)
Dec. 31 1920 (17 cos.)
Dec. 31 1921 (18 cos.)
Dec. 31 1922 (17 cos.)
Dec. 31 1923 (17 cos.)
Dec. 31 1924 (20 cos.)
Dec. 31 1925 121 ens.)
Dec. 31 1926 (22 coo.)
Dec. 31 1927 (22 cos.)
Dec. 311936 (21 cos.)
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
8
$
$
$
13.425,660 14.471.934
41,339.273
89,829,307
20.485,300 24,922.243
62.910.106 109,167,449
19,000,000 24.915.483
62,583,117 107,454.100
16,000,600 22.507.930
78,790.702 117.214,632
18,100,000 23.365.609
71.681.442 111,268,041
16,350,000 23,584,914
74,512.832 115,189.586
13.350.000 22,537.837
60,329,762 107,028.169
61,619,831
13,452.400 22,782,021
97,856.192
73,959,732 108,139.489
14,752,400 19.428,356
73,015.086 107,272,981
14.752,000 19,505,474
15.002,400 19,591,743
78.169,009 112,763,152
14.900.000 19,617.825
84,229.211 118.747,036
83,329,512 117,880.234
14,950,000 19,600,492
81,741,093 111.765,316
13,050,000 19,024,203
.8,050.000 •12.738,289 *62,012,906 *94,068,996
70,380.425
8,250.000 12.879,829
91,509,254
98,906,145
8,350.000 12,795,317
79,518,642
8,350.000 12,909,504 102.137,663 123.397.168
8,450,000 13,519,789 121.424,904 153,394,692
9,350,000 14,146,690 125,581,165 145,780,855
x12,450,000 x15.300,040 x154,556.540 1186,171.366
12,650.000 15.862,452 171,019,489 204,152.108
12,950.000 16,147,139 170,608.193 207,629.421
13,400,000 15,620.518 193.958,238 225.731,883
13.600.000 16,262,276 190,966.610 235,055,843
13.950.000 17,542,288 205,474,676 237,884,192
13,950.000 19,874,590 202.893,571 238,902.733
18.700,000 21,447,250 245,452.552 298.258,498
• Reduction in totals due to the elimination of the St. Louis Union Trust CO..
Whose banking busInees was taken over by the newly organised St. Louis Union
Bank. The trust company reported no deposits on Dec. 31 1915, against $25.710,275 on Dec. 31 1914 and 811,244,321 aggregate resources Dec. 31 1915, against
$36,935,227 on Dec. 31 1914.
I All items heavily increased through the establishment of the Liberty-Central
Trust Co. by the merger of the Central National Bank and the Liberty Dank.
MAIL 2 1929.]
FINANCIAL CHRONICLE
1291
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 1, 1929.
Retail trade in the country districts has suffered more or
less from ra'ns and snows. In parts of the corn belt the
weather has been milder and roads are in bad condition.
This not only interferes with the movement of the corn crop,
but with the movement of general trade. At the same time
there is on the whole an increase in the jobbing trade for the
spring, with cotton goods and silks leading features. There
has been some advance in semi-finished and finished steel.
A larger business has been done in automobile material.
Copper has risen to 1934c if not to 193'c on a spirited deboth home and foreign. Consumers have evidently been
been anixous on both sides of the water. It appears to be
another case of producers having overstayed their market,
that is hold off too long. Now they want quick deliveries
as they bid up prices on themselves.
Wheat declined under the weight of enormous supplies
competition from Argentina lask of export business, and a
better crop outlook in the winter wheat belt of this country.
To-day the influence of the enthusiastic and rising stock
market was apparent in Chicago, encouraging the idea that
bull markets in commodities emulating the example of the
stock market may be more popular for the time. Besides
worlds exports of 20,000,000 bushels a week to consuming
markets can have no other meaning than that the world's
consumption is enormous. And it may be worth while to
keep an eye on Russia and the Ukraine for further symptoms
of famine or semi-famine. Corn has latterly like wheat
advanced. The farm feeding of corn has been on a large
scale with hogs at the best prices of the season. While supples of corn at Chicago are larger than those of a year ago
it is pointed out that the high quality of this crop enables
the farmer to hold it without fear of deterioration. In the
last three months farm consumption has been unusually
large and the remaining supplies are said to be in strong
hands. Prices of oats will be governed by those of corn and
those of rye by the fluctuations of wheat. Flour is lower.
There has been speculative buying of lard based on the
cheapness of this product as compared with the price of hogs.
Sugar has advanced, but still supposed to be below of the
cost of production. The March sugar situation is believed
to be pretty well liquidated and there is some disposition
to buy the distant months on the theory that the price of
sugar is unwarrantedly low and therefore in accordance with
economic law is likely to advance sooner or later. Coffee
has declined some WI to Y c on the idea that the recent rains
2
in Brazil so far from doing harm were beneficial rather than
otherwise and that the crop of Santos may amount to some
15,000,000 bags. The spot trade in coffee is still quiet, with
the cost and freight offers on the whole showing something
of a downward trend. Rubber has been very active and
fluctuations have been spectacular, running roughly from
100 to nearly 200 points within 26 hours. But in the upshot prices are some 3/0 higher for the week, indicating
2
that there is an undercurrent of consumptive demand, which
really dominates the situation. Cotton has advanced / to
1t
%c on what looks like an unmistakable revival of the textile
industry of Lancashire and a rising demand for cotton goods
in this country. The weather at the South has been unfavorable for farm work. Not that this matters very much
at this time of the year, but it is pointed out that in the years
of big crops the season, certainly in such years as 1925 and
1926, was quite early. Moreover, whether because of bad
weather or because of restricted credits the sales of fertilizers thus far this season have certainly shown a noteworthy decrease. And world's spinners takings of cotton
furthermore show a suggestive increase. The world seems
to need an American crop this year of 15,000,000 to 15,500,000 bales, what the consumption may be next season
with a rising tide of world's trade must be left to conjecture.
Meanwhile the daily spot sales of cotton at Southern markets
are far ahead of those of the corresponding days of last year.
Reverting to the textile industry it is of interest to notice
that (me of the large houses here to-day withdrew percales
and fancy prints from sale in order to catch up on deliveries.
It is said that some interests are sold up 100% for Aprildelivery and that others in the past week have sold 50% more
than their production. After:all, however, the recrudescence
of textile business in Lancashire is one of the ouststanding
features. Another is the settlement of the strike of some
70,000 workers in Germany.
Latterly,trade here in,worsteds and woolens has noticeably
increased following the American Wollen Co's. opening of
its men's wear suitings for the fall of 1929 season. Some
reductions were made of 1 to 10 cents a yard mostly on the
higher grades. Broad silks, expecially printed goods and
novelties, have been in good demand. Reductions were
made by producers of rayon goods of 5 to 20 cents a pound
on both lustrous and dull finished yarns. Raw silk has
been quiet and steady. Wool has been quiet and rather
tending towards lower prices than otherwise, though no
very marked changes are noted. Car loadings are still well
above those of a year ago. Chain groceries on the
Pacific Coast have been cutting prices, notably those
of bread, below the cost of production. Petroleum has
declined with lower prices for gasoline a noteworthy feature.
The leather trade suffers more or less from the trade in
substitutes. Eggs have declined owing to warmer weather
in the Southwest. Scaricity of logs account for some reduction in the output of Coast lumber mills. That means
that production is still behind the orders and prices are in
the strongest position seen for some years past. The coal
trade seems on the whole to be in better shape owing to the
severe winter which keeps stocks pretty well cleaned up
despite a large output.
The stock market has latterly advanced very sharply,
despite call money rates of 8 to 10%. The rise in copper
stocks coincided with a sharp rise in the copper metal.
To-day the so-called Hoover market was more demonstrative than ever with transactions of over 6,000,000 shares
at advances of 2 to 20 points. First National Bank stock
rose $800, touching $7,500 a share. Some realizing occurred
as later the Federal Reserve Bank of Dallas increased its
rediscount rate to 5% from 4%,but the net advances for
all that were very sharp, after the most spectacular trading
seen since that of Dec. 7 last year.
The abnormally severe winter throughout the Continent
has had serious results on trade and industry of central
Europe. It has caused temporary suspension of work at
numerous factories, owing to lack of coal which in turn
was caused by the blockading of railway traffic throughout
this part of Europe by heavy snows.
New Bedford, Mass., stated that an increase in wages
averaging from 7% to 12%, depending upon conditions
found, has been put into effect in the spinning rooms of the
four mills where the labor specialization plan has been installed to date. The four mills are the Wamsutta, Butler,
Taber and Hathaway. At Newmarket, N. H., following a
disagreement over wages, some 1,200 employees of the Newmarket Manufacturing Co. have been locked out. The employees are seeking an advance of 15% in wages, which the
mills will not consider. The mills, it was announced, will
be closed indefinitely. Concord, N. H., wired that the bill
establishing a 48-hour work week for women and minors in
New Hampshire was defeated in the House of Representatives on Feb. 26 by a vote of 226 to 126. Greenville, S. C.,
reported a decidedly better outlook in the textile industry,
adding that the worst period, it was believed, had been
passed and that business would continue to hold its own
if not to improve and that in that event no curtailment will
be necessary for several months longer. Charlotte, N. C.,
reported a better cotton goods trade, encouraged by the recent rise in raw cotton.
Berlin wirelessed the New York "Times" that according
to this week's official reports, workmen entirely unemployed
at the end of January made up 19.4% of the labor union
membership, while a year ago, the percentage was 11.4. In
what are called seasonal occupations, 58.4% were fully unemployed, and in non-seasonal branches, which depend on
the general state of trade, 10.3%. Textile strikes in Germany have been settled and it means re-employment of about
70,000 workers on new wage agreements which in some cases
cover a year and a half to two years. They provide wage
increases of 3 to 5% for 200,000 workers including all trades.
Detroit reported that the automotive industry continues
to show a steady increase in production and that the out-
1292
FINANCIAL CHRONICLE
put last week was approximately 123,000 units, or 3% over
the preceding week. Shoe production has been rather large.
Last year's output was apparently somewhat greater than
that of 1927. Latterly the industry has been reviving after
a seasonal lull. Hide prices have dropped sharply to around
14y for heavy native steers or below those current in
2c.
the latter part of 1928, and 11%c. below the prices of last
spring. The decline is due, it is said, to the curtailments
and substitutions in use of leather induced by high leather
prices, and the shipment of hides into world markets from
many different countries and unusual sources which high
prices usually tends to bring out.
Montgomery Ward & Co. reported February sales of $18,655,270 against $14,750,080 in February last year, an increase of 28.1%, a new record for February and the 10th
consecutive month to show an increase. Sales for the first
two months were $36,784,106 against $27,775,550, an increase of 32.43%. Sears, Roebuck & Co. showed an increase
of 16.4% for February and of 18.6% for the first two months
of the year.
New York on the 26th inst. had temperatures of 37 to 41
degrees. Boston had 26 to 40 on the 25th inst.; Chicago 36
to 48, Cincinnati 44 to 56, Cleveland 40 to 50, Detroit 34 to
44, Kansas City 28 to 68, Milwaukee 32 to 42; Philadelphia
38 to 56, Portland, Me., 14 to 32, Seattle 36 to 48, St. Louis
40 to 52, St. Paul 22 to 32. On the 28th inst. in the American and Canadian Northwest it was 6 below zero to 22 degrees above. Chicago was 32 and New York 38 degrees.
Atlanta wired to-day that floods swelled rivers in Georgia,
Alabama and the Carolinas in the last 24 hours. The Ocmulgee and Oconnee Rivers in Georgia, the Coosa, Tombigbee, Black Warrior and Tallapoosa in Alabama and the
Catawah, French, Broad and Swannanoa in the Carolinas
Inundated wide areas of lowlands. Georgia was hardest hit.
Milledgeville, Ga., was marooned. Central Alabama was
threatened with the worst flood since 1919 as the rivers
rose. To-day the temperature here was 32 to 39 degrees
and the forecast was for fair and warmer weather to-morrow. Chicago yesterday had 30 to 36 degrees, Kansas City
26 to 40, Cleveland 30 to 36, Milwaukee 28 to 36, St. Paul
16 to 30, New York 32 to 42 and Philadelphia 36 to 40.
Vienna on Feb. 28 cabled that a new cold wave was again
causing anxiety regarding coal supplies in Central Europe.
In Czechoslovakia a 48
-hour snowfall necessitated the suspension of many train schedules, including some on which
Vienna's coal supply depends. The grip is again on the
increase in Budapest. In Brussels by order of Queen
Elizabeth, 1,000 tons of coal were delivered on Feb. 28
without cost to a number of poor families. The thermometer was 12 degrees above zero here. The weather after two
hours of snow and strong winds cleared and the Channel
boats resumed the service. On Feb. 28 a great rainstorm
causing floods which destroyed roads and cut all communications at Angra was reported from the Azores. The population was said to be panic-stricken when the water entered their homes, doing heavy damage. Near Travnik,
Bosnia, some snow drifts were 21 feet deep. Tales of tragedy
have come from many parts of Jugo-slavia where a new cold
spell has settled upon the suffering population, a heavy
snowfall at Belgrade on Feb. 28 stopping communications
and causing much suffering. At Canstantinople on Feb.
28 for the first time in more than 100 years the mouth of
the Bosporous is almost impassable because of icebergs and
icefloes which have floated down from the Black Sea. A
terrific landslide destroyed a mosque and many dwellings in
Anatolia.
[VOL. 128.
mand from railroads. Domestic output of refined copper, while continuing in large volume, was somewhat lower in January than in
December. Activity of textile mills increased considerably in January.
In the mineral group, output of copper ore, bituminous coal, and petroleum, was exceptionally large, and anthracite coal and tin also
increased.
In the first part of February preliminary reports indicate the maintenance of a high level of industrial activity. Steel plants operated
at a high percentage of capacity; the output of coal continued large and
employment in Detroit factories increased. The production of petroleum,
however, declined slightly in the middle of February.
Building activity declined in January for the third successive month,
reflecting primarily a large reduction in awards for residential building,
while commercial building awards increased somewhat. The value of
building contracts let during the first six weeks of the year was
substantially lower than the corresponding period of either 1928 or 1927.
Trade.
Shipments of freight by rail increased during January and the first
two weeks of February and were larger than a year ago. The increase
during January reflected primarily larger shipments of coal and coke,
and livestock. Sales by wholesale firms were seasonally larger in
January and above the level of a year ago. Department store sales
declined less than is usual at this season and were considerably larger
than in January, 1928.
Prices.
The general level of wholesale prices rose somewhat in January. Prices
of grains, livestock, and meats advanced and there were also price
advances in steel, automobiles, and copper. A decrease in the group
index for building materials reflected reductions in the prices of lumber
and brick, and prices of pig iron, silk, cotton, and petroleum also declined. Among the raw materials, rubber advanced sharply in price,
while silk, cotton, and hides declined. During the first half of February,
the price of copper advanced to a new high level, and the price of rubber
continued to rise.
Among the agricultural commodities, prices of wheat, corn, and hogs.
rase, while sugar and cattle declined slightly.
Beak Credit.
On February 20 total loans and investments of member banks in leading cities were nearly $90,000,000 smaller than in the middle of January,
owing chiefly to reductions in the banks' investment holdings. After the
first week in February, security loans declined, while all other loans,
largely commercial, increased somewhat in February.
During the five weeks ending February 20, decline in the reserve
balances of member banks, together with a considerable inflow of gold
from abroad and some further decline in the demand for currency, were
the chief factors accounting for a decline of $173,000,000 in the volume
of reserve bank credit in use. A large decline in Reserve Bank holdings
of acceptances and United States securities was offset in part by a
small increase in the volume of member bank borrowing.
Open market rates on bankers' acceptances and commercial paper
advanced, while rates on collateral loans showed little change.
Business Conditions as Viewed byiConference-of Statisticians in Industry—Business Activity, Near
Record in Some Lines, Rests on Incomplete Basis.
of Automobile Production an&Building Construction.
"Industry and trade during the first six weeks of 1929.
have on the whole maintained their level which they established towards the end of 1928," according to the monthly
statement on business conditions by the Conference of Statisticians in Industry, which operates under the auspices
and with the co-operation of the National Industrial Conference Board, 247 Park Avenue, New York. Current business activity, however, although proceeding in some lines
at near record rates, still rests on the incomplete basis of
automobile production and building construction, it is pointed out, which continue to support the relatively high level
of operations in iron, steel, copper, rubber tires, oil, machine tools and electrical manufactures. "This closely related group of industries in turn has been most directly
supported by the expansion of credit in recent years, and
the continuance of the specialized activity in them, largely
depends upon the future trend of credit and financial conditions," the Conference statement concludes.
Domestic and international credit conditions, however,
are described as "unsettled," although, excepting possibly
the building industry, "their influence has not yet become
Federal Reserve Board's Summary of Business Conditions widely reflected in general business." The full text of the
In the United States—Industrial Production Larger February statement of the Conference of Statisticians in
Than Year Ago—Increase in Manufacturing and Min- Industry made available Feb. 25, follows:
Industry and trade during the first six weeks of 1929 have on the whole
ing—Building Declines.
maintained the level which they established towards the end of 1928. Thus
"Manufacturing and mining increased in January and the far this year there is no definite indication as to trends for the snore
first part of February, while building continued to decline," or less distant future. Productive activities are well sustained; wholesale
proceeding at normal seasonal levels. But domestic
and
says the Federal Reserve Board, in its monthly summary and retail trade are
international credit conditions are unsettled, although, outside of
of business conditions in the United States, issued Feb. 28. possibly the building industry, their influence has not yet become widely
reflected in general business. The grain markets and the textiles find
The summary continues:
themselves in a more or less uncertain and leather in a rather depressed
state. In some industries increaess in inventories are beginning to make
thmselves felt.
Operation in iron and steel, automobiles and machine tools have continued at near record rates; production of bituminous coal, of anthracite
Production.
Industrial production increased in January and continued to be larger and of metals has increased considerably over the immediately preceding
than a year ago. Output of pig iron, steel ingots, and automobiles was months, while textile mill operations and the manufacture of food products
in record volume for January. The high rate of steel activity reflected remain spotted. Petroleum production is at its peak and has been delarge purchases from automobile manufacturers and also increased de- veloping at such a high rate that the trade has become newly aroused to
Wholesale commodity prices rose slightly. Reserve Bank credit declined between the middle of January and the middle of February
reflecting chiefly a reduction in reserve balances of member banks.
MAR. 21929.]
FINANCIAL CHRONICLE
1293
the need for conservation through a program of rationalization, the daily Annalist's
Weekly Index of Wholesale Commodity
rate of current production being 14% greater than that of a year ago.
Prices.
As for copper, both current demand and production are highest in years
and the price of electrolytic copper now stands higher than at any time
A further moderate advance occurs this week in The Annalsince 1920, in spite of what would ordinarily seem unfavorable increases
in the stocks of both the refined and unrefined metal. A negative factor ist Weekly Index of Wholesale Commodity Prices, primarily
in the current industrial situation is the continued moderate decline in the result of a substantial increase in the index of food prices.
the amount of contracts awarded for building projects.
In announcing this the "Annalist" says:
During January, the output of both iron and steel set new records for
Farm products and metal are also slightly higher, while textiles and
the month. On a daily basis, pig iron was produced at a rate of 20%
over that of the preceding January. Total production was higher than miscellaneous commodities have declined. As a result, the index of all
commodities has risen to 147.3 from last week's level of 146.6.
in any month since April 1927, and on an annual basis, when allowance
is made for the long-time trends and seasonal changes, it was highest since THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY prams
February 1925. Prices, however, are slightly lower.
1913=100).
Feb. 26 '29. Feb. 19 '29. Feb.28'28.
Similarly, steel ingot production has been carried on at a rate nearly
146.1
Farm products
146.4
146.7
3%% over that of December and more than 8% over that of January Food products
150.6
146.2
148.2
a year ago. Total production of steel ingots was not quite 4% under the Textile products
142.1
154.3
153.8
158.2
161.0
161.0
monthly record of last October. It was the largest January and the fourth Fuels
120.3
127.0
127.8
largest month on record as far as total production is concerned, and the Metals
150.2
164.1
Building materials
154.1
fifth largest month on record on the basis of the daily rate of produc- Chemicals
134.1
134.6
134.6
122.4
129.6
tion. However, measured in terms of the long-time trend and seasonal Miscellaneous
128.8
141.1
146.6
147.3
allowances, the increase over the preceding months was not as high as in AU commodities
December. But month-end figures for unfilled orders of the United States
Steel Corporation reveal a more than seasonal increase over the figures
Loading of Railroad Revenue Freight Increasing.
of the preceding month, and although some 4% smaller than the figures
for January, 1928, are 8% higher than those for January 1927. Delivery
Loading of revenue freight for the week ended on Feb. 16
dates are being advanced and prices are stiffening.
958,051 cars, the Car Service Divisioa of the AmeriThese facts should not, however, be taken as indicative of an impending totaled
boom. The continued high rate of production in iron and steel is largely can Railway Association announced on Feb. 16. This was
traceable to the record demands of the automotive and of machine tool an increase of 69,465 cars over the corresponding week ia
industries and only to a lesser extent to increased orders for railway
1928 and an increase of 3,257 ears over the corresponding
equipment and other steel products. The output of automobiles in January
reached the new high record for the month of 423,655 passenger cars and week in 1927. Particulars follow:
trucks, and during the year just passed automotive industries were the
Miscellaneous freight loading for the week totaled 337,936 cars, an Inlargest Consumers of steel products, railroads coming next and building crease of 15,937 cars above the corresponding week last year and 10,943
third.
cars over the same week in 1927.
Coal loading totted 212,980 cars, an increase of 55.943 cars over theism*
The continuation of the current high rate of steel production will therefore obviously depend to a large extent upon the maintenance of the week in 1928 but 515 cars under the same period two years ago.
Grain and grain products loading amounted to 47,149 cars, an increase
present high rate of automobile production, as the decline in the awards
for building contracts which began last August is continuing. A sus- of 5,839 cars above the same week in 1928 and 4,928 cars above the same
week in 1927. In the Western districts alone, grain and grain products
taining influence, however, will be found in orders for railroad equipment
cars, an increase of 4,366 above the same week In
and in the demand of the machine tool industries. At the end of January loading totaled 33.000
1928.
orders were outstanding for 251 locomotives as against 161 at the same
Live stock loading amounted to 26,879 ears, a decrease of 4,819 cars
time a year ago and 834 two years ago. Orders placed for freight cars
under the same week in 1928 and 628 cars under the same week in 1927.
during January called for 12,452 units as compared with 3,248 units a
In the Western districts alone, live stock loading totaled 21.002 can, a
year ago. The largest month in 1928 was November, with orders for 6,100
decrease of 3,720 cars under the same week in 1928.
units. Activities in the machine tool industries largely reflect the excepLoading of merchandise less than carload lot freight totaled 248A43 airs.
tional activities in automobiles.
a decrease of 729 cars below the same week in 1928 and 4,416 cars under
Contracts awarded during January for building and engineering con- the corresponding week in 1927.
struction in the 36 Eastern States were 4% below those of January 1928
Forest products loading amounted to 61,460 cars, 6,813 cars below tile
and 5% below those of December 1928, in spite of the very large
increase same week in 1928 and 7,364 cars below the same week in 1927.
in awards for industrial, commercial and engineering projects.
Ore loading amounted to 9,605 cars. 1,183 care over the same week in
The increase for heavy construction amounted to 37%. The decrease in the
total 1928 but 794 cars below two years ago.
figures resulted from the continued decline in contracts for
Coke loading totaled 13,599 cars, 2.924 cars above the same week last
residential
buildings, which were lower this month than in any of the three
Januarys Year and 1,103 cars over the corresponding week two years ago.
preceding. Shipments of Portland cement were 12% smaller
All districts except the Northwestern reported Increases in.the total
than a
year ago.
loading of all commodities compared with the samil weak in 1928 while all
Production of both bituminous coal and anthracite was
reported inconsiderably except the Allegheny', Southern and Northwestern districts
higher in January than in the months of the recent past.
Production of creases compared with the same perod in 1927.
bituminous coal during January was 18.6% higher than in the
Loading of revenue freight in 1929 compared with the two previous years
preceding
month and 16.4% higher than in the preceding January, and larger
than follows:
1928.
1927.
in any month since March 1927, the record month preceding
1929.
the great
3,756,660
3,570,978 3.448.895
coal strike of that year. The output of anthracite during January
Four weeks in January
was
965.664
946,892
926,202
16.7% higher than in December and 27.7% higher than in January
Week ended Feb.2
1928.
906,477
962.602
955,478
Week ended Feb.9
Similarly, freight-car loadings during the first weeks of 1929 have
been Week ended Feb. 16
954,794
888.586
958,051
showing a consistent increase over the rate of recent months.
Totals for
January, 1029, were 3.5% higher than for January 1928, but were
still
6.431,399 6,170,220 6.639.720
Total
about 5% smaller than the totals reported for January 1927.
Cotton and silk textiles appear to have continued their recent
recovery. January consumption of raw cotton was the largest on
record The Position of Business as Viewed by National Bank
for the month and the second largest monthly total. Production
of staple
of Commerce in New York-Industrial Activity
fabriai, however, was somewhat less than in December. Shipments
were
slightly ahead of production, and stocks during the month decreased
Moving Along Steadily-Believed, However,Present
by a
corresponding amount. Sales for January were 92.5% of
production, and
Expansion May Reach Early Culmination.
unfilled orders at the end of the month were 6% less than at
the beginning of the month. Prices continue at a low level.
The National Bank of Commerce in New York in MsTakings of silk by raw silk consumers were nearly 50%
above Decent- cussing "The Position of Business" under date of 1Zeb. 21
her and nearly 30% above January a year ago. Stocks of
wool goods on
notes that "industrial activity is moving along steadily."
hand in mills are at a low point and both consumption
and activity of
machinery are greater than a year go. The mnufacture of
leather, on the It states that "expansion is mainly of a seasonal nature
basis of consumption of electrical energy by the industry,
was 16% smaller but, considering the high basic level from which it is prothan a year ago and 7% below the annual average for
1927.
ceeding, the present position is in general very satisfactory.
Retail trade in January showed fair growth. Department
store sales
were by 1% higher than those of January a year ago.
Chain store sales There is some ground, however," says the bank, "for feelrecorded further increases over past records, due
largely to the increase ing that the current period of expansion may reach its culin the number of units included. Wholesale prices
rose slightly in January, but the trend has been downward since last
mination in the spring months." The bank goes on to say
September. During
January 1929, 18.6% more life insurance was
written than during Janu- in part:
ary 1928.
This view is based on the following more or less interrelated points:
Farm purchasing power, reflected in the ratio of
farm prices to prices
I. The prolonged continuation of high money rates.
of commodities which farmers purchase, shows no
definite improvement.
2. The temporary psychological effects which a sharp reaction in the
This ratio in December stood at 85 as against 86 in
November 1928, and speculative securities markets might have on business confidence.
90 in December 1927. The December 1928 ratio was the
lowest reported
3. The very high rates of production which the automotive industry
for the year and for any December since 1923, with the
exception of De- has in view for the next several months
-with a question whether there
cember 1926, when it stood at 82. As a possible
reflection of the cur- may not have to be a falling off in its activity thereafter.
rent status of agriculture in some sections of the country, fertilizer
4. An apparent moderate slowing down in construction.
sales
in January 1929 were approximately 26% less than a year ago.
5. The tendency of production in some important industries to overFactory employment in January in the United States was
nearly 4% shoot requirements, leading to an unsatisfactory market condition.
higher than in January a year ago, pay-rolls, 5.5%, and
per capita
These points summarize the uncertain features in the present outlook.
earnings of factory labor, 1.5% higher. As compared with
December, how- It is evident that most of them are uncertainties rather than definitely
ever, employment in January was somewhat smaller (0.3%) and
payroll unfavorable factors.
totals considerably smaller (3.3%).
The current period has mover closely along the lines set by earlier
In general, therefore, current business activity still rests, as it did
last months. Activity centers about the steel industry, which set new records
year, mainly on the incomplete basis of automobile production and building for January performance and Is
continuing operations with no signs of letconstruction which continue to support the relatively high level of
opera- up at from 85 to above 90% of capacity in the several steel-making distions in iron and steel, copper, rubber tires, oil, machine tools and elec- tricts. The demand for steel is widely
diversified. Requirements of the
trical manufactures. This closely related group of industries has in turn automotive producers are of course large.
The farm equipment Industry
been most directly supported by the expansion of credit in recent years, and is working at capacity rates. Machine-tool
demand continues heavy.
the continuance of the specialized activity in them may largely depend The railroads, in line with the improvement
in their tisane, ordered
upon the future trend of credit and financial conditions.
substantially more freight cars in January than In any month last year.
1294
[VOL. 128.
FINANCIAL CHRONICLE
Building contracts awarded in January, according to the F. W. Dodge
figures, were $410,000,000, 5% below December, and 4% below January
1928. Projects reported as contemplated were about 10% below last
year's figure. It is of course entirely too soon to draw conclusions from
such figures about the prospective volume of building. However, high
money rates, declining rents and a gradually rising percentage of vacancies in some types of building, are factors which point to moderation
rather than further increases in construction activity.
Union Trust Co., Cleveland, Finds Business Satisfactory Notwithstanding Uncertain Credit Conditions.
Notwithstanding uncertain credit conditions, business is
satisfactory throughout the country in a large variety of
lines, says the Union Trust Co., Cleveland. The bank looks
for continued good business during most of 1929, although
there may be some slowing down of building due to high
interest rates. "Retail sales, carloadings, railroad earnings, and farm buying give promise of fair business in most
lines throughout 1929," says the bank in its magazine "Trade
Winds." "The credit situation presents a serious problem,
but one which it is to be hoped may be solved In such a
way as not to hamper trade and industry." It adds:
"Production of steel and automobiles continues at high levels. It is
encouraging that steel prices have held steady since the first of the year,
indicating that volume has not been attained at the sacrifice of profits,
as has been the case in the past. Freight movements are running well
ahead of this time in 1928.
"The high rate of industrial activity is also indicated by the consumption of electricity, which is reported at 15% ahead of one year ago.
Employment is at a high level, Cleveland employment, for example, being
now at the highest point in 10 years.
"There is some likelihood that if the automobile manufacturers maintain their present production schedules through the first half of this
year, a falling off in automobile manufacturing may be expected during
the latter half of the year, with a resultant decline in the business of
parts and accessories manufacturers.
'There is also some indication that higher interest rates are now having
an effect in the direction of decreasing volume of building, in view of
the decline in building shown by the January figures. On the whole, however, indications point to good business at least during the first half of
the year, and indeed, with the exception of certain lines, throughout the
balance of 1929.
"It is one of the paradoxes of the present situation that this very expectation of continuing good business, with resultant satisfactory earnings,
is probably the strongest influence is the direction of bringing about
the diversion of credit into speculative channels which threatens to have
a deterrent effect upon business."
Building Permits for January 1929 Show 11% Decline
From 1928.
Building permits issued in 576 cities and towns for the
month of January, according to official reports made to
S. W. Straus & Co., showed a loss of 11% from Jan. 1928,
and a 5% loss from Dec. 1928. The total for the first month
of this year in the 576 places was $239,074,441, compared
with $266,293,500 in January last year and $251,991,579 in
December last. The firm goes on to say:
The January decline of 11% for the whole country appears to be largely
In the smaller cities and towns. This is indicated by the reports from the 25
leading cities, which showed a gain of 5% over Jan. 1928; a gain of 9% over
Jan. 1927, and a gain of 9% over Dec. 1928. Among the 25 leading cities
15 reported substantial gains over January last year.
The total for the 25 leading places in January was 2165.443,243, compared with 2157,244,920. The most surprising feature of the report from
the leading cities was the change in the positions of Chicago and Philadelphia, the latter taking, for the first time, the place of second city in the
country. Heretofore. Chicago has always held second position, following
New York, with a wide margin over Philadelphia and Detroit.
During this January, Detroit, which held third position for the year
1928. dropped to fifth place, while Leo Angeles, which held fifth place for
1928, rose to fourth place following Chicago. The shifting of positions
between Chicago and Philadelphia was due not only to a loss of 51% in
Chicago from Jan. 1928, but also to a gain of 282% in Philadelphia from
January last year.
Detroit reported a gain over Jan. 1928, but the city fell behind its building
record in the first month of 1927. This was also true of Los Angeles, Port-.
land, Ore.: Milwaukee, Cincinnati and Pittsburgh.
Among the larger cities which reported losses from Jan. 1928. were San
Francisco. Yonkers, Washington, Baltimore, Cleveland, Houston, Boston,
St. Louis and Buffalo.
Had there not been a January gain in New York of nearly 215,000,000,
the 25 leading cities, as well as the whole country, would have shown a loss
from January a year ago, as the total gain in the leading group was less than
$8.000,000. At the same time it will be observed, from an analysis of the
figures of the leading cities, that the heavy loss in Chicago, rather than in
the other places, pulled down the showing for the group.
On the whole the January building figures do not show a radical downward tendency in construction activity, but neither do they indicate a
recovery from the slowing down which set in after the middle of 1928.
a greater number of workmen for a shorter period, as there is a fine balance
in construction that determines the number of men who can be efficiently
employed on a construction job at one time, it was stated. For this reason
it was felt that the five-day week would have no appreciable effect on the
unemployment problem. The American Federation of Labor ban on local
arbitration boards to settle jurisdictional disputes as between the various
trades was frowned upon and a resolution adopted to demand the Building
Trades Department ofthe American Federation of Labor to co-operate with
other agencies in the building industry for the purpose of settling jurisdictional disputes that disturb the harmony of the industry and add to the
actual costs of construction because of the delays involved.
TWELVE LEADING STATES.
No. of
Places.
42
64
31
46
20
28
34
28
21
13
17
18
1. New York
2. California
3. Pennsylvania
4. Illinois
5. Michigan
6. Ohio
7. New Jersey
8. Massachusetts
9. Texas
10. Washington
11. Connecticut
12. Wisconsin
Volume of
Permits.
892,839,942
22,234,233
21,302,978
16,434,817
8,718,253
8,683,098
7,557,093
7,158,613
6,511,365
4,166,550
3,851,577
3,020,819
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF
FOR JAN. 1929, WITH COMPARISONS.
Jan. 1929. Jan. 1928. Jan. 1927.
8
8
$
New York (P. F.)
82,234,376 67,621,875 72,886,416
4,482,600
3,254.225
17,161,370
Philadelphia
13,194,400 27,091,400 21,873,100
Chicago
8,129.749
7,509,691
Los Angeles
7,514.888
7,641,333
5,416.551
6,057.879
Detroit
2,312,325
2,692,530
Seattle
3,085,910
3,528,955
3,710,925
San Francisco
2,778,323
2,667,500
5,211.670
2,558,700
Yonkers
2,905,755
4,629,895
2,558,445
Washington. D.C
983,200
3,502,610
Portland, Ore
2,483,320
1,697,400
6,428.820
2,450,160
Baltimore
1,451,625
2,556,450
2,433,575
Cleveland
1,066,385
1,396.150
2,014,307
Atlanta, Ga
3,213,316
2,342,717
2,002,870
Houston
3,431.297
1,447.623
1.935,814
Milwaukee
2,058,661
2,693.759
1,921,324
Boston (P. F.)
939,658
2,418,377
St. Louis
1,917,439
205.780
799,547
1,914,745
Cambridge
1,878,145
1,109.640
1,660,035
Cincinnati
432,850
816,800
1,410,480
Long Beach
1,438,785
1,899.550
1,294,760
Buffalo
3,368,203
1,225.109
1,245,380
Pittsburgh
1,122,800
1,072,611
San Diego
1,227,929
760.132
1,105,476
1,204.527
Richmond
466,591
581,954
1,182.307
Hartford
PERMITS
Dec. 1928.
s
46,964,436
5,605,825
22,598,300
10,032,321
9,239,632
881,420
1,606,700
1,961,212
7,787,630
1,261,695
11,994,040
6,806,750
7,463.751
3,848,211
6,257,074
3,344,650
2,920,897
119,482
2,770,435
2,249,520
1,804,326
2,245,719
1,034,895
342,971
1,153,3011
165,443,243 157,244,920 152,233,596 152,295,260
(P. F.) indicates plans filed.
January Construction Contracts Somewhat Smaller.
Total construction contracts awarded during January in
the 37 eastern States amounted to $409,967,900, according
to statistics compiled by the F. W. Dodge Corporation.
In January 1928 these construction contracts aggregated
$427,168,700. Hence there has been a decline of 4.1%.
The F. W. Dodge Corporation also compile statistics
indicating the contemplated projects and these foot up
$818,284,000 for January 1929 as compared with $904,674,900, a decrease of $863,909,000, or 9.5%.
We give below a table showing the details of the projects
contemplated in January this year as compared with a year
ago, following which we give another table giving the details
of the contracts awarded in both years. These figures, it
is stated, cover 91% of the total United States construction.
CONTEMPLATED PROJECTS.
1928
1929
Month of January.
No. of
Projects.
Yaluanon.
No. of
Projects.
Valuation.
2,225
612
301
105
155
196
261
$140,131,700
156.542,200
32,233,600
18,502,000
16,198,500
11,302.100
23,496,200
2,175
558
476
144
149
293
325
$105,878,300
80.283,500
56,106,500
30,054,200
24,648,000
17,308,0011
31.701,500
3,855
08,478
$398,406,300
264,078.300
4,120
69,816
$345,980,000
374,194.300
12.333
Total building
1,544
Public works, dre
Military and naval buildings--
$662,484,600
155.799,400
13,930
1,393
as
5720,174,300
179,601,100
4.899,500
13,877
$818,284,000
15.367
8904,674,900
Classification
Commercial buildings
Industrial buildings
Educational buildings
Hospitals and Institutions
Public buildings
Religious. &c
Social, &c
Non-residential
*Residential building
Total construction
CONTRACTS AWARDED.
Month of
January,
1929
1929
No. of New Floor
Proj- Space In
nti, Square Ft.
1929
Yaluaeon.
1928
1928
No. of New Floor
Prof. Space in
eels. Square Ft.
1928
Valetalon.
$
s
ClassificationCommercial buildings 1.615 15,750,000 100.378,000 1.676 11.428,500 68,851.400
419 5,198,100 37,970,300
461 7,334,400 63,108,900
Industrial buildings__
Building Materials.
147 3.498,100 23,369,400
Educational buildings
140 2,729,100 17,745,900
53 1,372,800 11,182,400
The seasonal strengthening of the building materials market has begun; Hospitals&institut'ns
844,500 8,057,100
71
73 605,800 5,612,300
795,800 4,949,900
such minor weakness as were reported being only local. To offset price Public buildings
69
132
709,100 5,532,900
494,200 4.382,500
Religious, &o
121
declines of starting materials in Cleveland, for example, we have increases
164 1.495,800 9.189,700
914,000 6,755,500
Social. &c..
138
reported in these materials from Detroit and New Orleans. Brick prices
were reported down in Atlanta and New York and up in Dallas and Kansas
Non-residential_ _ _ 2,615 28,862,000 205.377.300 2.664 24,308,200 161,708,400
c6,905 29,308,900 138,068,600 d8,521 39,114.200 193,189,200
City. Portland cement was stronger with priee increases at Atlanta, Kansas *Residential
City and Now Orleans. Lumber appeared to hold its own and structural
Total buildings9.520 58,168.900 343,445,900 11,185 63,422,400 354,897,600
steel shapes in a firm position.
604
230,700 72,038,700
Public works, &e.670 605,000 66.522.000
232,400
10
63,800
Military & naval bldgs
Labor Conditions.
Adoption of the five-day week for the building trades received strenuous
Total construction_ 10.190 58.773.900 409.967,900 11.799 83.716,900 427.168.700
opposition in the recent meeting of the National Association of Building
• Include projects without general contractors.subooatracte being let directly by
Trades Employers. The five-dear week was held economically unsound at owners or architects. a 18.741 buildings. b 19,747 buildings. c 10,609 buildings,
present time; the same amount of work cannot be done by employing d 13,489 buildings.
she
MAR. 2 1929.]
FINANCIAL CHRONICLE
1295
Wholesale Trade in New York Federal Reserve District Increased Trade Shown in January By Chain Stores in
in January Experiences Larger Gain Since October.
New York Federal Reserve District.
Wholesale dealers in the New York Federal Reserve
Regarding chain store trade in this District the March 1
District reported in January the largest increases in sales Monthly Review of Credit and Business Conditions by the
since October 1928, according to the March 1 Monthly Federal Reserve Agent at New York says:
The total January sales of reporting chain store systems in this district
Review of Credit and Business Conditions by the Federal
all
Reserve Agent at New York. Regarding wholesale trade showed increases in and lines. Grocery chains showed the largest increase
since last October,
the sales of shoe chains were larger than in any
the Bank adds:
month since September. However, increases in sales per store were
Sales of stationery, groceries, and shoes showed substantial increases
a year ago following decreases in December. Machine tool sales
continued to be considerably above a year ago, but as sales were in large
volume in January 1928 the percentage increase was not as large as those
reported a few months ago. Increases continued to be reported in the
sales of drugs, paper, cotton goods, silk, and diamonds, while hardware and
jewelry sales were below those of a year ago.
Stocks of silk goods and drugs remained larger than last year,but stocks
held by cotton jobbers and shoe dealers continued to be smaller than last
year. Hardware dealers reported the largest decrease in stock since
Dec. 1027.
Collections in accounts outstanding were better this year than last in
mast of the reporting lima.
over
Commodity.
Percentage Change Percentage Change P. C. of Accounts
January 1929
January 1929
Outstanding
Compared with
Compared with
Dec. 31 Collected
December 1928.
January 1928.
in January.
Net
Sales.
Groceries
Men's clothing
Cotton goods-Jobbers
Silk goods •
Shoos
Drugs
Hardware
Machine tools x
Stationery
Paper
Diamonds
Jewelry
Weighted average
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
+3.3
+45.7
-11.0
+39.8
-6.8
+43.4
-29.3
-0.4
____
+15.7
-6.5
+15.1
+5.9
+28.4
+5.4
-1.9
+4.8
+7.3
+8.8
+23.3
-2.2
-___
+7.2
..
+6.8
+9.6 l -2.61
-66.6 J
i
+12.1
____
1928.
1929.
+5.1
----5.1
+15.2
-13.9
+19.6
-6.1
72.6
42.7
73.0
46.3
50.3
37.2
51.3
50.1
47.8
39.6
56.4
51.6
+7.0
____
-___
+5.0
+1.2 1, -4.5
-7.1 j
67.7
64.6
45.6
61.0
67.4
46.4
____
54.5
55.9
+6.4
• Quantity not value. Reported by Silk Association of America.
a Reported by the National Machine Tool Builders' Association.
reported by only three types of chainstore systems-grocery, drag, and
shoe chains.
Percentage Change Jan. 1929
Compared with Jan. 1928.
Type of Store.
No. of
Stores.
Total
Sales.
Grocery
Ten-Cent
Drug
Tobacco
Shoe
Variety
Candy
+1.2
+9,8
+9.1
+5.8
+9_2
+16.3
+12.3
+11.8
+5.7
+12.8
+0.2
+16.2
+15.4
+0.3
+4.2
-3.7
+3.4
-5.3
+6.4
-0.7
-10.7
Total
+5.8
+8.8
+2.9
S'ais Per
Store.
All Sections of Country Show Increased Sales of Ordinary Life Insurance in January.
Record volumes of life insurance sales in all sections of
the country in January are considered reflection of good
conditions throughout the country. All sections showed an
increase of at least 4% and the average increase was 16%,
according to the Life Insurance Sales Research Bureau. The
Bureau, under date of Feb. 20, says:
Very large increases were recorded in those sections of the country where
most insurance is already in foroe and where business and manufacturing,
rather than agriculture, predominates. The Middle Atlantic and East
North Central sections which pay for mare than half of the insurance sold
in the country both materially increased their production. Large increases in these States show that where people already have a lot of life
insurance they are convinced of its value and eagerly buy more. New York
State and Pennsylvania, the two leading States in the amount of new
business sold, recorded sales of $159,329,000 anti $63,743,000 and showed
increases of 13% and 24%, respectively.
These figures issued by the Life Insurance Sales Re.search Bureau are
based on the experience of 78 companies having in force 88% of the total
legal reserve ordinary life insurance outstanding in the United States.
Gains in Retail Trade in New York Federal Reserve
District.
The Federal Reserve Bank of New York, in its Monthly
Review, March 1, states that "the total sales of leading
department stores in this district showed an increase of
The record of the various sections during January is
4% over a year ago in January, but as there was one more indicated as follows by the Bureau:
selling day in January of this year the average daily rate of
New England.
sales was no larger than in January 1928. Increases, howThe New England States show a 12% increase in
ever, occurred in Buffalo, Newark, and Southern New York 1928. The greatest gain, 19% was revmded in Rhodesales over January
Island; MassachuState, even after allowance for the extra selling day." setts showed an increase of 15%. For the twelve-month period just ended
the section as a whole shows a 7% increase. Connecticut leads with an
Further surveying department store business the Bank says
- 11% gain over the preceding twelve-month period.
Apparel store sales showed a moderate increase from a year ago,following
decreases in November and December.
Collections on charge accounts, for the sixth consecutive month, were
better than a year ago, and stock turnover was slightly higher than in
January 1928.
Percentage
Change
January 1929
Compared 1Vith
January 1928.
Locality.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+4.4
+6.7
-5.2
+3.6
+5.6
-4.3
-4.6
+0.1
-3.3
+8.3
-3.0
-16.7
-8.6
+3.7
+5.6
Stock en
Hand
End of
Month.
+1.9
+0.4
+2.4
-2.0
+2.4
-7.6
-4.6
Per Cent. of
Accounts
Outstanding
Dec. 31
Collected in
January.
1928.
1929.
55.4
56.3
45.8
58.3
54.0
48.5
49.8
50.5
41:4
_
42.7
_
_
_
_
-5.5
52.5
51.3
5- :i
4
54.4
January sales and stocks in the principal departments are compared
with
those of a year ago in the following table.
Net Sales
Percentage Change
January 1929
Compared With
January 1928.
Musical instruments and radio
Cotton goods
Shoes
Toilet articles and drugs
Men's furnishings
Hosiery
Books and stationery
Women's ready-to-wear accessories
Furniture
Luggage and other leather goods
Home furnishings
Linens and handkerchiefs
Toys and sporting goods
Women's and misses' ready-to-wear
Silverware and jewelry
Men's and Boys' wear
Silks and velvets
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
Jan. 31 1929
Compared With
Jan. 31 1928.
+24.4
+16.9
+16.4
+12.4
+11.1
+10.3
+9.9
+9.1
+6.1
+5.6
+5.3
+6.3
+4.1
+2.7
+1.0
-3.9
-11.8
-19.8
-3.4
-33.2
-2.4
+5.3
+11.4
+3.2
+11.9
-0.9
+5.8
+2.4
+12.3
-3.8
+2.4
+8.4
-8.7
+3.1
+2.7
-10.2
-1.9
Middle Atlantic.
The Middle Atlantic section, which pays for the most insurance of any
section, shows a monthly gain in January of 19% over January 1928. New
Jersey leads with a 33% increase, Pennsylvania and New York record
monthly increases of 24% and 13% respectively. For the twelve-month
period ended Jan. 31 1929 the section as a whole iscreased its production
7% over the preceding twelve-month period.
East North Central.
The greatest monthly gain over January 1928, one of 24%, was made
by the East North Central States. Every State shared this large increase.
Ohio leads this section with a 31% gain over January 1928, while Ohio
and Wisconsin record increases of 25%. For the twelve-month period just
ended the section increased 7% over the preceding twelve months.
West North Central.
Ilansas leads the West North Central States with the unusual increase
of 52% over sales in January 1928. The section as a whole shows a
monthly gain of 15%. This is shared by all the States in the section
with the exception of North Dakota and Nebraska. Every State records
a gain for the twelve-month period just ended over the preceding twelve
months. The section as a whole increased 5%. Minnesota leads with a
9% increase.
South Atlantic.
The South Atlantic States show an average gain of 7% in January
over sales in January 1928. Delaware leads with a monthly increase of
32%. For the twelve-month period ended Jan. 31 1929 sales just equaled
those of the preceding twelve-month period.
East South Central.
Mississippi alone in this section failed to equal the volume of insurance
produced in January 1928. The section as a whole shows a monthly increase of 4%. The greatest monthly gain in this section, 10%, was made
by Tennessee. For the twelve-month period just ended, the East
South
Central States show an average gain of 3% over the twelve months preceding.
il'est South Central.
Every State in the West South Central section showed a gain in January
over sales in January 1928. As a whole, these States increased their production 4%. Arkansas leads these States with a 15% gain. Arkansas
with
an 8% increase also shows the greatest gain in this section for the twelvemonth period just ended over the preceding twelve months. The section
as a whole records an increase of 5% over the preceding twelve months.
Mountain.
Nevada leads all the States both in the monthly increase over January
1928 and the gain in the twelve-month period just ended over the preceding twelve months. For the month, Nevada records a 70% increase.
The section as a whole gained 14% In January, every State except New
Mexico and Wyoming shared this gain. For the twelve-month period just
1296
[VOL. 128.
FINANCIAL CHRONICLE
of the foremost institutions of the Dominion. A notable
feature, according to this bank's study of Canadian condiPacific.
tions, is the northward trend of population and settlement
The three States in the Pacific section averaged a 20% gain in January
A large part of projected railway extensions is scheduled
3929 over January 1928. Oregon increased 33% and California 22%;
Washington recorded a 7% gain. All States shared in the 4% increase for the Northern sections of Manitoba, Saskatchewan and
made by the section as a whole in the last twelve months over the pre- Alberta, where, in the next three years, more than a thouceding twelve months.
sand miles of new lines will be built and put into operaGain in tion, opening up new agricultural districts and providing
Canadian Sales of Ordinary Life Insurance
better transportation facilities for existing settlements.
January.
Commenting on Canadian activities, the Bank of MontA total of $50,575,000 of ordinary life insurance was purreal states in its current business summary issued under
chased in Canada during the month of January. This voldate of Feb. 22:
ume is unusually large for January and represents a 6%
"Business broadens with the approach of spring, and in some departincrease over sales in January 1928. The increase is shown ments renewed activity is manifested, notably in the distribution of drygoods. Balance sheets of commercial, financial and industrial corporations
by 60% of the contributing companies. These figures are
show 1928 to have enlarged operations and produced profits in excess of
furnished by the Life Insurance Sales Research Bureau and any preceding year, and if the same volume of trade can be maintained
having in force 84% in the next ten months, a high degree of prosperity will be enjoyed. That
represent the experience of companies
of the total legal reserve ordinary life insurance outstanding this consummation will be realized there is general confidence, founded on
many outward and visible signs.
in the Dominion of Canada. The Bureau adds:
"Industrial operations are upon a large scale, there is little unemployended, the Mountain States as a whole increased 5% over the preceding
twelve months. Nevada showed an increase of 53%.
Every province shows a monthly gain with the exception of Manitoba
and New Brunswick. Alberta, Ontario and Quebec, which together pay for
more than half of the insurance sold in the Dominion, all record material
gains. Alberta leads all provinces with an increase of 30%. The colony
of Newfoundland, for which figures are also reported, shows a 54% gain.
The record for the twelve-month period ended Jan. 31 1929 shows an
increase of 14% over the preceding twelve-month period. Every province
shows an increase during the past twelve months. Alberta shows a 27%
gain and Saskatchewan an increase of 20%.
The only city which failed to increase its production in January was
Winnipeg. Hamilton recorded the unusual increase of 76% and Ottawa
followed closely with a 69% gain.
ment of labor and commodity prices continue stable. Structural steel
mills are well booked with orders; textile industries are working nearer
capacity; the automobile industry, both presently and prospectively, is
in satisfactory shape; building operations proceed on a larger scale, and
although car-loadings in the last six weeks have been less than in the
corresponding period of 1928, nearly the whole decrease occurred in the
Western division in the single item of grain. In the Eastern division
car-loadings to Feb. 9 were up to 10,527 cars over last year. Agricultural implement manufacturers anticipate a busy season; iron and
steel works are busily employed, with firm prices for products; and recent
advances in quotations of copper increase the value of the growing output
of this metal in Canada."
Wholesale Price Index of National Bank of Commerce
in New York Show Increase For First Time in
Five Years.
For the first time In five years the wholesale price index
of the National Bank of Commerce in New York was higher
on Feb. 15 than on Jan. 15. The increase of 1.5 points compared with decreases of 1.2 points in 1928, 1.9 in 1927,
2.7 in 1926 and 1.6 in 1925. The February index of 90.4
was 5.6 points above February 1928, and the highest of any
month since Jan. 1927. The bank says:
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following preliminary report on the hosiery industry
by 130 hosiery mills in the Philadelphia Federal Reserve
District from data collected by the Bureau of the Census,
is made available by the Federal Reserve Bank of Phila.:
"Ten of the twenty-three commodities constituting the index were higher
than in January, five were unchanged, and eight were lower. The average
of the declines was slightly greater than the average of the advances.
"For the second consecutive month the price of rubber showed the greatest
gain and that of hides the greatest loss. Rubber is now 25% above the
January 15 price and about 40% higher than on Dec. 16. Hide prices
dropped nearly 30% during the *month and are 35% below those of the
middle of December. Hogs advanced about 14% and cattle declined almost
as much. Petroleum, the price of which had been unchanged for five
months, declined about 13%, bringing it to the lowest level since 1921.
Steel scrap was quoted at the same price as on Jan. 15 but during the
month it had advanced about 7% and then declined the same amount. Copper made another gain, which brings it to the highest price in over eight
years."
Bank of Nova Scotia Says Stability of Prices is One of
Principal Foundations of Canada's Present Prosperity.
According to the Bank of Nova Scotia, one of the most
encouraging features In recent Canadian history is the fact
that "the level of prices has for some years past been extraordinarily level." In its comments in its Monthly Review
for February the bank says:
During the war period and the years immediately following the war, it
was impossible for the business man to foresee within a range of about
24c. what the purchasing power of the dollar would probably be during
the twelve months immediately before him. During the past seven years,
on the other hand, experience has shown that the limit of probable range
has not been, more than 2c. Similar comparisons of seven-year periods
from 1880 to 1914 indicate a range of uncertainty within that time, varying
from Sc. (1880-1886) to 3%c. (1886-1893). Even by pre-war standards,
therefore, the recent stability in the purchasing power of the Canadian
dollar has been very remarkable. At no time in the last sixty years has
there been so stable a period as we now enjoy.
Without undue exaggeration, this steadiness may surely be regarded as
one of the principal foundations of our present great prosperity. So long
as the real value of the Canadian dollar was in a state of rapid and uncertain change, it was difficult to maintain even the semblance of prosperity within the country. The years since 1924 have shown us vividly
what can be achieved when this great element of risk has been confined,
as at present, within inich narrow limits.
PERCENTAGE CHANGES FROM DECEMBER 1928 TO JANUARY 1929.
Men's.
Women's.
FenFullfashioned. Seamless. fashioned. Seamless.
Hosiery knit during month
+25.8
Net shipments during month
22.7
Stock on hand at end of month, finished and In the gray
+7.3
Orders hooked during month
+5.8
Cancellations during month
88.9
Unfilled orders at end of month
+13.5
+3.7
-0.8
+14.6
-12.0
+32.3
+0.2
+2.9
+24.4
-27.4
-1.7
+14.2
-32.9
-58.9
-4.0
+12.3
+38.5
+55.8
+8.4
Athletic.
Total.
+34.6
+84.2
+46.0
+26.0
+18.8
+3.2
-9.0
+34.2
-68.3
-10.7
+1.1
+180.0
+211.5
+17.1
+5.1
-11.2
-44.8
-6.0
Boys'
Misses' db Infants'.
Children?.
Hosiery knit during month
+28.2
Net shipments during month
+54.8
Stock on hand at end of month, finished and in the gray
-5.8
Orders booked during month
+45.4
Cancellations during month
-8.0
Unfilled orders at end of month
13.5
Increase in Industrial Consumption of Electric Power
in Philadelphia Federal Reserve District During
January.
The Federal Reserve Bank of Philadelphia reports that in
industrial consumption of electrical energy increased in its
district during January by 5.5% as compared with December,
and by 11.1% in contrast with a year earlier. Total sales of
electricity also showed a gain of 1.3% in the month and 18.7%
in the year. The output of electric power by 12 systems was
appreciably larger than iin the preceding month or a year
before. The statistics of the bank follow:
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT
TWELVE SYSTEMS.
January.
Rated generator capacity
Generated output
Hydro
-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
Change
from
December
1928.
1,788.000 k.w.
+0.4%
538,188.000 k.w.h.
+3.4%
102,827,000 k.w.h.
+5.9%
336,975,000 k.w.h.
+2.5%
98,586,000 k.w.h.
+6.1%
438,090,000 k.w.h.
+1.3%
103,542,000 k.w.h.
+2.0%
12,432,000 k.w.h
-0.1%
91,110,000 k.w.h.
+2.3%
285.930,000 k.w.h.
+6 5%
88.98
k.w.h. +52.7%
61,709.000 k.w.h.
+8.1%
197,523.000 k.w.h.
+5.5%
68,818,000 k.w.h. -15.7%
Change
from
January
1928.
+24.5%
+21.3%
+385.8%
-3.0%
+14.8%
+18.7%
+3.9%
+7.1%
+3.5%
+13.5%
+378.0%
+10.8%
+11.1%
+76.2%
The bank also observes that "stable prices are an evidence of stable marketing conditions, and make possible the
planning of future production and development without
the embarrassing consciousness in the mind of the business
man that an unforeseen change in general prices may disorganize his plans."
Business Conditions in Philadelphia Federal Reserve
District
-More Pronounced Seasonal Improvement
Industrial Expansion Under Way in Canada.
Than at Same Period Last Year.
A high degree of industrial activity during the next ten
"Trade and industry in the Philadelphia Federal Reserve
months is forecast for Canada by the Bank of Montreal District give evidence of a more pronounced seasonal imwhich, with assets in excess of $870,000,000, stands as one provement than was the case a year ago." The Business
Review of the Federal Reserve Bank of Philadelphia, dated
March 1, in indicating this, adds:
The demand for manufactured products shows improvement and the
Immediate outlook generally is reported to be favorable. Unfilled orders
have increased in tho month and are somewhat larger than those at the
same time last year. Stocks of commodities carried by reporting firms
are moderate and are appreciably smaller than those on the same date last
year.
Mercantile activity is well sustained. Business at retail is moving
forward at a fair pace, and sales in January were nearly 4% larger than
In the same month last year. The dollar volume of wholesale trade, though
declining in the month, also exceeded that of a year earlier by about 9%.
Stocks of goods carried by most retailers and wholesalers were moderate
and smaller than at the end of January, 1928. Wholesale prices have
shown little change during the month and as compared with a year ago.
Freight car loadings in this section have increased seasonally and were
larger than the volume of a year ago. Shipments of coal and miscellaneous
commodities have been largely responsible for heavier railroad traffic in the
Allegheny district.
Check payments in the four weeks ended February 20 were 7.2% smaller
than in the preceding four weeks but 28.9% larger than in the corresponding
period last year.
Industrial activity shows seasonal betterment, the extent of which has
been more marked than that of a year ago. The demand for labor by
employers, while not quite up to the usual seasonal rate, has continued
well ahead of last year. Factory employment in Pennsylvania increased
slightly in the month and was larger than a year earlier. Wage payments,
too, °acceded the volume of last year but declined in the month. Likewise, employe-hours worked during January showed a drop in comparison
with the previous month.
Fabrication of iron and steel products has increased during the month
and exceeds materially the volume of a year ago. Textile plant activity
also shows expansion, although the present rate of operations generally
continues below that prevailing at the same time last year. Mill takings
of textile fibers during January have been in larger volume than 1nDecember,
and in some instances surpassed those of a year before. The output of
hosiery has increased considerably in the month.
A seasonal gain is reported in the output of shoes, plant operations
having expanded appreciably since the middle of last month. The leather
market continues rather quiet, although a higher rate of activity than last
month Is noted in colored kid leather. Producers of rubber tires and
mechanical rubber goods report the usual seasonal upturn in their plant
operations.
Other manufacturers, particularly those making paper, cigars, and
furniture, indicate enlargement of their plant activity, which in the main
compares favorably with the level of a year ago. Plant producing building
materials, however, show little change from the level of last month.
The value of building contracts in January decreased heavily as
compared with a month and a year before. Building permits, on the
contrary, showed large increases from the volume in the previous month
and of a year earlier.
0) The coal market has been somewhat more active than in the previous
month. Production of both anthracite and bituminous coal has increased
In the month and in the year.
Compared Compared Ratio to Compared Compared
with
with
with
Net Sales
with
Same
Same
Precious
During Previous
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
Drugs
Dry goods
Electrical supplies**
Groceries
Hardware
Jewelry
Paper
Wholesale Trade.
Wholesale and jobbing trade Is progressing at a moderato rate. The
dollar volume of sales has increased owing largely to the earlier advent of
Easter this year than last. Sales of shoes, drugs, groceries, jewelry, and
paper are reported to be in good volume and compare favorably with last
month. Prices continue unchanged except for advances in groceries and
hardware.
Sales in January were about 13% smaller than in the previous month
but nearly 9% larger than in January 1928. Drugs and paper reported
Increases during the month while other lines shown In the accompanying
table showed declines. Compared with a year ago,jewelry, drugs, groceries,
and paper had larger sales while shoes, hardware, and dry goods showed a
smaller volume of business.
Inventories held by dealers In groceries and paper show little change
although jewelry reported considerable increases as compared with a month
and a year ago. Collections generally were smaller in January than In
December. In comparison with a year, payment of accounts in drugs,
groceries, and paper was larger while in the four remaining lines they were
smaller.
Retail Trade.
Business at retail is fairly active. Reports showing increased sales since
the middle of last month are more numerous than those indicating smaller
sales. Retail prices for the most part show little change.
Sales in January were nearly 4% larger than in the same month last
Year. practically all lines of retail trade sharing in this gain. January
this year, however, contained one more business day than that in 1928.
Increases as compared with a year ago were shown oy the York, Harrisburg,
Philadelphia, and Altoona trading centers, while the sharpest declines
were reported by the Wilkes-Barre, Allentown, Bethlehem, and Hasten,
and Wilmington areas.
Inventories carried by retailers in this district declined substantially
In the month and in the year in nearly all lines. The rate of turnover
increased slightly in contrast with that reported for January 1928. Collections generally were larger than the year before.
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
The Federal Reserve Bank of Philadelphia makes public
the following statistics covering wholesale and retail trade
in the district during January:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF
JANUARY 1929.
Net Sales During Month.
Stocks at End of Mo.
Electrical supplies**
*98.3
Groceries
*94.2
Hardware
*203.9
Jewelry
*87.6
Paper
95.4
71.6
62.4
99.3
--3.0
-24.0
-89.4
+13.4
+8.3
-1.9
+24.9
+8.4
+6.2% -31.1%
-0.8
+3.3
+13.0
-0.8
+3.1
-5.6
+18.6
-0.5
-1.7% -10.3%
-0.4
-2.3
-2.1
-7.3
-1.1
-9.1
-37.5
+12.3
+0.3
-4.7
+3.1
+6.9
781.7% -32.2% -15.4%
+27.3
118.8
+0.9
-10.2
369.9
-23.3
130.3
241.2
580.2
129.5
-10.9
-14.1
+70.7
-16.7
+2.9
-6.3
-19.3
+0.5
• Revised. •• Only two firms reported.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF JANUARY 1929.
Net Sales.
Imdex Numbers
of Sales
(% of 1923-25 Jan. 1929 Jan. 1
to
Monthly Asige.) Compared
Jan. 31
with
Jan. Jan. 1928 1929.
Dec.
+3.7
81.9
*174.6
All reporting stores
*173.4
+3.6
77.8
Department stores
+5.1
In Philadelphia
-0.3
___
__
Outside Philadelphia_
+3.6
_191.8 114.7
Apparel stores
101.5
+3.9
Men's apparel stores-- 185.1
+8.2
___
____
In
Philadelphia_OutsidePhiladelphia ---------2.1
+3.6
Women'sapparelstores 194.2 120.0
+4.3
____
In Philadelphia_ __ _ ____
OutsidePhiladelphia ---------4.1
+5.4
155.3 108.1
Shoe stores
+6.5
60.8
163.9
Credit stores
Stores in:
+5.3
84.5
170.9
Philadelphia
Allentown. Bethlehem
-4.8
82.7
•196.5
and Easton
+4.7
85.6
188.6
Altoona
81.4
174.2
+7.3
Harrisburg
Johnstown**
-2.3
81.9
188.9
Lancaster
-1.8
77.2
178.9
Reading
-0.1
70.1
174.8
Scranton
-1.2
72.8
185.1
Trenton
-8.0
68.1
186.5
Wilkes-Barre
Williamsport*.
-2.5
88.1
*220.3
Wilmington
86.3 +11.4
221.2
York
+4.1
-----Alt nthar ritteit
Stocks at
End of Month
Compa ed with
Month
Ago.
Year
Ago.
-8.3
-7.7
-9.3
-4.3
+3.7
+3.6
+5.1
-0.3
+3.6
+3.9
+8.2
-2.1
+3.6
+4.3
-4.1
+5.4
+6.5
1- .
- -8 5
-26.4
-8.3
-7.6
-9.1
+0.8
-15.7
-2.1
-10.9
-12.5
-15.1
-6.6
----7.8
-7.6
-7.9
+8.5
+7.5
+13.8
-2.1
-6.8
+5.3
-10.2
-13.0
-4.8
+4.7
+7.3
-0.4
-3.6
-8.1
-9.6
-6.2
+2.0
-2.3
-1.8
--0.1
-1.2
-6.0
+0.9
-4.7
-7.5
+3.0
-3.4
-1.7
-12.6
-15.7
-8.3
+1.0
-2.5
+11.4
+4.1
-8.2
+0.6
-8.5
-2.4
+12.3
-7.4
Stocks Turnover
Jan. 1 to Jan. 31.
Accounts Collections
During
Receivable
at End of
Month
Mo.Com- Compared
pared with
with
Year Ago. Year Ago.
1929.
1928.
0.29
0.28
0.31
0.21
0.25
0.23
0.25
0.20
6
41- :6
0.29
0.35
0.23
0.57
0.62
0.30
0.19
0.15
0.26
0.30
0.22
0.53
0.57
0.33
0.18
0.12
-2.3
+11.7
+15.4
+8.7
0.33
0.17
0.22
0.24
0.27
0.18
0.21
0.23
+6.0
+16.1
--21.8
+9.3
0.22
0.24
0.25
0.28
0.19
0.21
0.23
0.21
0.25
0.20
-15.9
+12.9
+2.8
-1.6
0.21
0.21
0.18
0.22
0.21
0.14
+14.2
+12.2
+15.1
+32.6
+20.4
+11.7
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel store
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown. Bethlehem and Easton
Altoona
Harrisburg
Johnstown'•
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport**
Wilmington
York
All other cities
+9.5
+4.2
*Revised. **Only two firms reported.
Merchandising Conditions in Chicago Federal Reserve
District-Declines in Department Store and Wholesale Trades.
Conditions in the wholesale and retail lines in the Chicago
Federal Reserve District are surveyed as follows in the
March 1 Monthly Business Conditions Report of the Federal
Reserve Bank of Chicago:
1Vholesale Trade.
All reporting lines of wholesale trade except groceries showed sales
declines in January from the preceding month, while all but shoes had
larger sales than in Jan. 1928. In the latter comparison, however, the
majority of firms in both the wholesale shoe and hardware groups reported a
smaller volume of business. Unfavorable weather and road conditions were
mainly responsible for the declines shown in the latter line. Collections
were generally below December, although most groups indicated increases
over last January. Prices held at firm levels through January, with advances recorded in certain grocery lines.
WHOLESALE TRADE DURING THE MONTH OF JANUARY 1939.
Compared Compared Compared Compared
Index Numbers
with
with
with
with
(P. Ct. of 1923-1925
Same
Previous
Previous
Monthly Average
Same
Month
Month
Month.
Month
Last Year,
Last Year.
Dec. 1928 Jan. 1929
58.9% -29.0% -23.8%
+20.6
+3.7
137.3
-1.1
-21.3
48.0
Collections
During Month.
Accounts Outstanding
at End of Month.
Concerning wholesale and retail trade the Bank says:
83.0
Boots and shoee--•132.4
Drugs
*61.0
Dry goods
1297
FINANCIAL CHRONICLE
MAR. 21929.]
Net Sales During Month
Per Cent Change from
Preceding
Month.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks at End of Month
Per Cent ChangefroM
Same Month
Last Year.
Preceding
Month.
Same Month
Last Year.
(30)+ 7.4
(12)-14.3
(10)- 7.6
(9)-14.3
(7)-13.6
(25)-28.1
(30)+11.9
(12)+ 3.9
(l0)+ 7.2
(9)+11.3
(20)- 1.7
(8)+ 9.1
(8)+22.7
(81+ 1.1
'5)+ 9.5
(17)+ 0.6
(18)+ 5-7
(7)--10.5
(25)+20.3
5
(8)- 7.
(8)- 8.5
(8)+ 7.6
(51+ 5.6
(19)+12.1
1298
FINANCIAL CHRONICLE
Collations during Month.
Per Cent Changefrom
Preceding
Month.
Groceries-Hardware _
Dry goods.
Drugs
Shoes
Elec. imp_
Same Month
Last Year.
Ratio to
Net Sates
During
Month.
(27)+ 3.5
(12)- 8.0
(10)- 6.8
(8)- 4.9
00- 7.4
(25)-13.9
(27)- 2.2
(12)- 3.4
(9)+ 3.2
(8)+ 5.7
(6)- 1.1
(25)+20.8
(27) 94.6
(12) 230.6
(10) 362.0
(8) 145.1
(6) 389.8
(25) 141.0
Regarding conditions in the furniture and shoe manufacturing industries the Bank says:
Preceding
Month.
Accounts Outstanding End of Month.
Per Cent Changefrom
Same Month
Last Year.
(23)- 6.9
(10)-25.0
(9)-31.0
(7)- 3.1
(5)-26.1
(20)- 6.4
(23)+ 9.1
(10)- 1.1
(7)+11.9
(7)+19.0
(5)-10.8
(20)+31.9
Shoe Manufacturing, Tanning and Hides.
Preliminary estimates of the United States Department of Commerce
show that shoe manufacturing in the Seventh (Chicago) Federal Reserve
district increased 8.7% in January over December. Production of leather
In the district gained somewhat in comparison with the preceding month.
while sales decreased; both items were below a year ago. Quotations trended
downward during the period.
Sales of packer green hides and calf skins were indicated as
larger in
volume than in December, purchases by district tanners also increased, and
shipments from the city decreased. January prices were lower than in
December.
Furniture.
A seasonal increase of 38.1% over the preceding month was shown in the
volume of new orders booked during January by 23 furniture manufacturers in the Seventh district, only five firms indicating declines; in the
comparison with a year ago, however, orders booked aggregated
17.4%
less, with a majority of the companies reporting declines. Shipments fell
off 8.7% from December but were 13.6% above a year ago.
Unfilled orders
on hand Jan.31 gained 18.0% in the monthly comparison,though showing
a
drop of 14.5% from the same date in 1928. The January rate of operations
was slightly below December, but higher than for
Jan. 1928.
Figures in parentheses indicate number of firms included.
Department Store Trade.
A seasonal decline from December of 52.3% took place during January
In aggregate sales of 102 department stores of the Seventh district. As
compared with Jan. 1928, however,a gain of 6.0% was reported. Chicago.
Detroit, and Indianapolis stores shared in this increase, but the total for 58
smaller cities showed a decline of 2.7%. Stocks on band the end of January
averaged 2.5% smaller than a month previous, though exceeding the volume
of Jan. 31 last year by 5.6%. Stock turnover for January this year (the
ratio of sales to average stocks during the month) was 30.5%, comparing
with 30.3% a year ago. January collections aggregated 13.6% more than
In the preceding month and 2.8% above last January, while accounts
receivable Jan. 31 fell off 15.8% in the month-to-month comparison and
exceeded the amount held on the corresponding date of 1928 by 13.3%.
The ratio of January collections to accounts receivable Dec. 31 averaged
38.3% this year, compared with 41.5% a year ago.
Retail Shoe Trade.
January sales of shoes by 23 dealers and 18 department stores in the
Seventh district aggregated 47.0% less than in December and were 4.5%
below the volume of a year ago. Stocks on hand Jan. 31 averaged 36.8
and 52.7% heavier in the respective month-to-month and yearly comparisons. Accounts receivable by dealers on Jan. 31 fell 1.8% below a
month previous, while collections during the month declined 2.1%; accounts receivable exceeded the amount outstanding Jan. 31 last year by
13.3% and January collections increased 4.0% over a year ago. The ratio
ofaccounts receivable to sales during the month avraged 78.4% for January,
62.7% for December, and 72.8% a year ago.
Retail Furniture Trade.
A decline of 40.4% from December was shown in the January sales of
20 retell furniture dealers and the furniture sections of 23 department
stores in the district. As compared with January last year, sales showed
little change. Installment sales of 15 dealers aggregated 38.3% less in
January than a month previous and 1.8% more than a year ago. Total
collections by 17 dealers were 10.0% smaller in the month-to-month comparison, but 3.4% larger than in Jan. 1928, while collections on installment
sales declined 1.0 and increased 12.8%, respectively, in these comparisons.
Accounts receivable Jan. 31 fell 3.2% below the amount outstanding Dec.
31, but exceeded the amount on the corresponding date a year ago by 5.6%.
Stocks of dealers and department stores the end of the month averaged
6.1% below a month previous, though showing an aggregate gain of 9.2%
over January last year.
Chain Store Trade.
Aggregate sales during January of 22 chains operating 2,509 stores fell off
46.9% from the preceding month, though increasing 14.7% over Jan.
1928. The number of stores in operation gained 0.8 and 21.9% respectively,
In the comparisons. Averagesales perstore were 47.3% below December and
5.9% under a year ago. All reporting groups except shoes showed sales
declines in the comparison with the preceding month, while only musical
instruments and furniture had smaller aggregate sales than last January,
grocery, five-and-ten-cent, drug, cigar, shoe, men's and women's clothing
chains reporting total sales as larger than a year ago.
Manufacturing Activities in Chicago Federal Reserve
District Gains in Shoe Manufacturing and Automobile Lines-Midwest Distribution of Automobiles.
An increase in the raidwest distribution of automobiles at
wholesale is indicated in the following from the Monthly
Business Conditions Report of the Federal Reserve Bank of
Chicago issued March 1:
Automobile Production and Distribution.
Data on automobile production for January show increases over both
December and a year ago. Output of passenger cars in the United States
totaled 350,617, or 70.9% more than in the preceding month and 70.4%
above last January. Truck production of 51,537 compared with 28,114 in
December and 26,082 for Jan. 1928.
Distributors in the Middle West report a great number of cars sold at
wholesale in January than either a month previous or in January last year.
Retail sales declined in the month-to-month comparison, while a larger
number of cars was sold than a year ago but with a decline registered in the
figures on total value. Stocks of new cars on hand Jan. 31 were considerably heavier than either a month or a year previous. Used car stocks increased in number over Dec. 31, but decllned in value, and exceeded those
held on the corresponding date of 1928 in both number and value. Sales of
used cars declined in the month-to-month comparison and increased over a
Year ago. Deferred payment sales constituted 49.9% of the total retail
sales of 44 dealers in January, compared with a ratio of 44.3% in December
and 41.7% for 26 dealers last January.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
[Changes in Jan. 1929, from previous moo Its.]
Per Cent Change From
Companies Ind.
Dec.
1928.
New CarsWholesale
Number sold
Value
Retail
Number sold
Value
On hand Jan. 31
Number
Value
Used Cars
Number sold
Salable on hand
Number
Value
[VoL. 128.
Jan.
1928.
Dec.
1928.
Jan,
1928.
+17.7
+7.9
+30.6
+18.0
40
40
29
29
-6.3
+24.9
+10.3
-15.3
96
96
75
75
+27.7
+22.0
+43.5
+13.7
66
66
45
45
-13.0
+11.8
95
75
+5.5
-3.9
+22.4
+17.8
63
63
43
43
Industrial Employment Conditions in Chicago Federal
Reserve District Shows Slight Falling Off.
The number of workers gainfully employed in the Seventh
[Chicago] Federal Reserve District was somewhat smaller on
Jan. 15 than a month earlier, a reaction from the activity
preceding the holidays as well as a result of inventory-taking
at a large number of reporting plants. The Federal Reserve
Bank of Chicago,in its Monthly Business Conditions Report
March 1, in noting this, says:
At factories employing approximately 356,000 workers, the reductions
amounted to 0.7% in number and 2.1% in amount of payrolls. Reports
for the distributive and construction industries showed the usual heavy
decline in demand for labor at this season, so that the total loss in employment within the district was larger than as reflected in the manufacturing
returns. One of the reporting industrial groups, vehicles, registered gains
in both men and payrolls, the automobile industry reflecting a distinctly
upward trend in operations. Reports received from the Employers' Association of Detroit showed a similar trend, employment in that city gaining
5.4% during the four weeks previous to Jan. 15, with an additional expansion of 4.6% up to the last reporting date, Feb. 12.
Under the metal industries, payroll amounts declined, although there was
no curtailment in forces. Agricultural implements and the manufacture
of tools and cutlery registered gains. The leather and rubber industries
showed some expansion in the number of workers employed, while payroll
amounts declined. The remaining reporting groups recorded definite losses
In both men and payrolls, the most pronounced of these in the stone, clay,
and glass products, where the declines for the month were 12.3 and
12.9%.
respectively.
The ratio of the number of applicants to available positions at the free
employment offices reflected a larger volume of unemployment. At the
Illinois offices this ratio increased from 144% for December to 182 for
January; in Indiana from 123% to 154; and in Iowa from 247 to 316.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Number of Wage Earners
Industrial Groups.
Week Ended.
Total Earnings.
Week Ended.
Per
Jan. 15 Dec. 15 Cent
Jan. 15
1929. 1928. Change. 1929.
De0 85
192 1
..
Per
Cent
Change.
All groups (10)
353,340 355,692 -0.7 29,157,323 $9,356,719 -2.1
Metals & metal prods
(other than vehicles)
146,545 145,728 +0.6 3,765.815 3.829,898 -1.7
Vehicles
981.661
955,476 +0.6
35,335 34,923 +1.2
Textiles & textile products 25,475 25,683 -0.8
615,567 -1.9
604,148
Food & related products--- 46,743 47,760 -2.1 1,219,303 1,234,158 -1.2
Stone,clay,& glass products 12,469 14,220-12.3
353,066
405,317-12.9
Lumber & Its products
691,228 -5.4
654,007
29,335 29,796 -1.5
Chemical products
262,723
9.951 10,047 -1.0
267,594 -1.8
Leather products
284,815
13,921 13,838 +0.6
294,486 -3.3
Rubber products
100,662
4,139 4,074 +1.6
101,523 -0.8
Paper and printing
951,123
29,427 29,633 -0.7
961.472 -1.1
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 195 mills show that for the week ended Feb. 16
shipments were 14.3% over production, while orders exceeded output by 21.9%. The Association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS
195 mills report for week ended Feb. 16 1929.
(All mills reporting production orders and shipments.)
BM/nasals.
Production.
Orders.
133,285,772 feet
162,469,971 feet
152,387,897 feet
100%
14.3% over production
21.9% over production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (245 IDENTICAL MILLS)
(All mills reporting production for 1928 and 1929 to date.)
Actual Production
Average Weekly
x Weeny
Average Weekly
Week Ended
Production
Production 7 Weeks
Operating
Feb. 16 1929,
During 1928.
Capacity.
Ended Feb.16 1929.
194,381.298 feet
148,152,039 feet
7256,004,477 feet
155,936,477 feet
x Weekly operating capacity is based on average hourly production for the 12 last
months Preceding mill check and the normal number of operating hours per week.
Y_Includes adjustments result recent mill audit.
111 IDENTICAL MILLS.
All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 7
Average 7
Week Ended
Weeks Ended
Weeks Ended
Feb. 16 '29.
Feb. 16 '29.
Feb. 18 '28.
89,752,067
Production (feet)
100,038,555
92,297,028
Orders (feet)
114.094,671
105,465,359
107.349.924
Shipments (feet)
101,594,425
97,135,784
91,667,976
MAR. 2 1929.]
FINANCIAL CHRONICLE
WEEKLY COMPARISON FOR 193 IDENTICAL MILLS
-1929.
(All mills whose reports of production, orders and shipments ars complete for ths
last four weeks.)
Feb. 9.
Feb. 16.
Weeks EndedFeb. 2.
Jan. 26.
133,049,802 122,749,021 110,919,602 167.050,783
Production (feet)
162,110,913 158.547,468 147,990,279 184,356,288
Orders (feet)
65,855.027 63,188,176 57,372,609 66,628.385
Rail
63.353,429 67,392,865 57,091,594 65,975,818
Domestic cargo
Export
21,065,815 22,403,328 25,689,059 38,832,410
5,563,099
11,838,642
Local
7,837,017
12,919,655
152,046,801 127.902,256 127,226,497 153,350,409
Shipments(feet)
Rall
52,208,346 46,227,212 44,147,494 59,702,336
62,252,947 52,808,963 45,988,879 48,546,459
Domestic cargo
Export
25,748,866 23,302.982 29,253,107 32,181,959
5,563,099
11,836,642
Local
7,837,017 12,919,655
780,743,389 776,629,570 748,641,209 734,945.515
Unfilled orders (feet)
240,039,208 226,611,727 210,479,808 198,422,514
Rail
292,393,473 294,004,218 280,323,435 274,893,014
Domestic cargo
248,310,708 256,013,825 257,837,966 261,629,987
Export
DOMESTIC CARGO DISTRIBUTION-WEEK ENDED FEB.929(103 Mills)
Orders on
Hand Begin's iVeek
Feb. 9 '29.
Washington ch Oregon
(88 Mills)California
Atlantic Coast
Miscellaneous
Orders
Received.
Feet.
Fed.
89,715,345 21,797,389
140,322,912 31,929,288
4,421,503
48,058
Cancellotions.
Shipmerits.
Unfilled
Orders
Week Ended
Feb. 9 '29.
Feet.
Feet.
Fed.
683,140 21,918,680 88,910,914
None 25,138,681 147,113,519
None
None 4,469,561
Total Wash.& Oregon. 284,459,760 53,774,735 683,140 47,057,361 240,493,994
Brit. Col.(16 Mias)California
Atlantic Coast
Miscellaneous
654,443
107,000
10,749,583 2,760,867
685,733
759,958
Total British Columbia 12,163,984 3.553,400
Total domestic cargo
246.823.744 57.328.135
None
30,000
130,000
125,000
636,443
124,907 13,355,343
None 1,315,691
160,000
249,907 15,307,477
843.140 47.307.268 255.801.471
Lumber Order Files Continue to Show Growth.
Unfilled softwood worders, as of Feb. 23, are reported as
equaling approximately 26.3 days average production, representing an advance from 26.1 days equivalent a week previous
and 24.7 days a month ago. Telegraphic reports from 790
hardwood and softwood mills to the National Lumber
Manufacturers Association for the week ended Feb. 23
showed shipments as 341,587,000 feet, compared with new
business amounting to 369,300,000 feet. Shipments for the
preceding week were reported from 826 mills as 360,841,000
feet, with new business amounting to 373,298,000 feet.
Some advance in produbtion is reported for the later week,
but this continues considerably behind shipments and new
business.
For the 8 weeks of the year to date, cumulative orders
received for softwoods were 15% above production, and
shipments were 6% above production. For hardwoods, new
business received during the eight weeks of the year totaled
3% above production and shipments were 2% under production.
A good demand for hardwood lumber continues and 319
mills report a demand for 51,467,000 feet for the week ended
Feb. 23, as against orders the week earlier amounting to
59,223,000, or a loss of less than eight million feet with 25
fewer mills reporting. The Association further states:
Unfilled Orders.
The unfilled orders of 339 Southern Pine and West Coast mills at the
end of last week amounted to 1,047,697,679 feet, as against 1,009.188.529
feet for 339 mills the previous week. The 146 identical Southern
Pine
mills in the group showed unfilled orders of 263,583,679 feet last
week,
as against 260.445,529 feet for the week before. For the 193 West
Coast
mills the unfilled order were 784,114,000 feet, as against 748,743,000
feet
for 193 mills a week earlier. Altogether the 510 reporting softwood mills
had shipments 103%, and orders 112%. of actual production. For the
Southern Pine mills these percentages were respectively 99 and 103: and
for the West Coast mills 76 and 103.
Of the reporting mills, the 510 with an established normal production
for the week of 303,173,000 feet, gave actual production 94%, shipments
07% and orders 105% thereof.
The following table compares the lumber movement, as reflected by
the
reporting mills of eight softwood, and two hardwood regional associations,
for the two weeks indicated.
Pan Week.
Preceding Week 1929..
(Revised).
Softwood. 1Herdwood Softwood. Hardwood.
Mills (or unite)
319
510
546
344
Production
284,475,000 50,345,000 258,624,000 54,787,000
Shipments
293,391,000,48,196,000 305,726.000 53.115,000
Orders (new business)
317,833,000'51,467,000 314,075.000 59,223,000
•A unit is 35,000 feet of daily production capacity.
lVest Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 193 mills reporting for the week ended Feb. 23d totaled
171,012,000 feet, of which 61,493,000 feet was for domestic cargo delivery,
32.127,000 feet export and 8,944,000 local. New business by rail amounted
to 68,447,000 feet. Shipments totaled 158,557,000 feet, of which 58,457,000 feet moved coastwise and intercoastal, and 26,342,000 feet export.
Rail shipments totaled 64,814,000 feet, and local deliveries 8,944,000 feet.
Unshipped orders totaled 784,114.000 feet, of which domestic cargo orders
totaled 291,778,000 feet, foreign 250,119,000 feet and rail trade 242.217,000
feet. Weekly capacity of these mills is 223,717.000 feet. For the seven
weeks ended Feb. 16, orders reported from 135 identical mills were 17.7%
over production, shipments were .08% over production. The same mills
showed an increase of .05% in inventories on Feb. 16, as compared with
Jan. 1.
1299
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 146
mills reporting,shipments were 1.20% below production, and orders
above production and 4.93% above shipments. New business taken during
the week amounted to 66,842,595 feet (previous week, 76,325,864); shipments, 63,704,445 feet (previous week, 68,436,614), and production 64,475,730 feet (previous week, 67,969.258). The normal production (threeyear average) of these mills is 75,016,132 feet.
The Western Pine Manufacturers Association of Portland, Ore., reports
production from 26 mills as 18,891,000 feet, as compared with a normal
production for the week Of 18,340,000. Thirty-five mills the week earlier
reported production as 20,112,000 feet. There were notable reductions
in shipments and new business last week.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 22 mills as 10,203,000 feet, as
compared with a normal figure for the week of 10,607.000. Twentysir mills the week before reported production as 11,670.000 feet. Shipments were somewhat below those reported for the previous week, and new
business about the same.
The California Redwood Association of San Francisco, reports production from 13 mills as 7,028,000 feet, compared with a normal figure of
7,743,000, and for the week earlier 6,264,000. Shipments were about the
same last week and new business showed a small increase.
The North Carolina Pine Association of Norfolk, Va., reports production
from 68 mills as 8,822,000 feet, against a normal production for the week
of 9,848,000. Sixty-nine mills the preceding week reported production as
9.016,000. Shipments weer slightly less last week, and new business
slightly larger.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
reports production from nine mills as 4,073.000 feet, as compared wtih a
normal figure for the week of 6,706,000 and for the week before 3,882,000.
Shipments showed a nominal increase last week, and new business a slight
decrease.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports production from 27 mills
as 3,448,000 feet, as compared with a normal production for the week of
4,374,000. Thirty-one mills the previous week reported production as
3,442,000. Shipments showed some decrease last week, while new business
nearly doubled.
Hardwood RePorts.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 39 units as 8,354,000 feet, as
compared with a normal figure for the week of 9,833.000. Forty-four
units reported production for the preceding week as 9,745,000 feet. There
were no noteworthy changes in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Term. reports
production from 280 units as 41,991,000 feet as against a normal production
for the week of 50,480,000, and for the week earlier 40.506,000. Shipments
and new business were slightly below those reported for the preceding week.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
3.67%
LUMBER MOVEMENT FOR EIGHT WEEKS AND FOR WEEK ENDING
FEB. 23 1929.
Nona&
Production
Produdion.
AssociationBliipstents.
Orders.
for Week.
Southern Pine (8 weeks).- 530,164,000 535,221.000 564,203,000
Week (146 mills)
64,476.000
63,704,000
66.848,000 75.016.000
West Coast LumbermensEight weeks
1,151,912.000 1,137,390.000 1,284.863.000
167,534,000 160,621,000 173,027.000 170.539,000
Week (199 mills)
Western Pine Mfrs.(8 wks.) 174,472,000 212,575,000 233,535,000
Week (26 mills)
23,079,000
18,891,000
24,149,000 18.340.000
Calif. White & Sugar Pine
108,637,000 194,145,000 196.100.000
Eight weeks
21,363,000
10,203,000
Week (22 mills)
27,394,000 10,607,000
Calif. Redwood (8 weeks)._ 51,667,000
58,302,000
53,011,000
7,028,000
Week (13 mills)
7,004,000
7,513,000
7,743,000
74,752,000
No. Car. Pine (8 weeks).- 77,622,000
64,001,000
8,822,000
Week (68 mills)
9,033,000
7,473.000
9.848.000
31,751,000
No. Pine Mfrs.(8 weeks)
60,809,000
53,870,000
4,073,000
7,529.000
Week (9 mills)
5.405,000 6.706,000
No. Hemlock & Hardwood
31,264,000
24,408.000
(softwoods)(8 weeks)... 36,102,000
4,469,000 4.374.000
2,618,000
3,448,000
Week (27 mills)
Softwoods total(8 weeks)2.162,327,000 2,285,372,000 2,493,077,000
284.475,000 293,391,000 317,833,000
Week (510 mills)
No. Hemlock & Hardwood
69,206.000
69,576,000
(hardwoods) (8 weeks)-. 97.756,000
8,354.000
Week (39 units
5,363,000
5.447.000 9.833.000
Hardwood Mfrs.Inst.315,923,000 336,000,000 357,683.000
Eight weeks
42,863,000
41.991.000
Week (280 wilts)
46,020,000 50,480.000
Hardwood total(8 weeks) 413.679,000
50,345.000
Week (319 units)
405,206,000
48,196,000
427,259,000
51,467,000
Canadian Pulp and Paper Exports in January Increase
as Compared with Same Month Last Year
-Below
December Total.
The report issued by the Canadian Pulp and Paper Association shows that exports of pulp and paper from Canada
in January were valued at $16,136,198 which was an increase of $2,348,156 over the total for January, 1928, but
$1,888,419 below December, 1928. The Montreal"Gazette"
of Feb. 23, in reporting this adds:
Exports of wood-pulp for the month were valued at $3,645,154 and exports of paper at $12,491,044 as compared with $3,071,447 and 510,716.595
respectively in January 1928.
Quantities and values for the various grades of pulp and paper exported
in January were as under:
January, 1929.
Pulp
Mechanical
Sulphite bichd
Sulphite unbichd
Sulphate
Screenings
Tons
18.771
23.328
14,590
11,306
2,187
420,062
1773,913
732,448
675,669
43,064
January, 1928.
Tons
10,777
15,658
17.400
11.333
1,481
275.880
1.202.863
887.983
674,458
30,263
68,182
Paper
Newsprint
Wrapping
Book (cmts.)
Writing (cwts.)
All other
Total
3,645,154
56,649
3.071,447
195,047
1,258
5,517
21
11,973,615
132,839
49,147
740
334,704
157,466
1,361
4,390
1,013
10,240.670
152.752
34,638
10.260
278,275
12,491,044
10.716.595
Pulpwood exports in January were 70,536 cords valued at $649,837 as
compared with 113,527 cords valued at $1,057,959 exported In January,
1929.
The bulk of the exports of pulp and paper in January went to the United
States, smaller quantities going to the United Kingdom and other countries
as shown:
To-
United States
United Kingdom
Other countries
For.. 128.
FINANCIAL CHRONICLE
1300
Pulp.
$3,045,999
98,151
501,004
Paper.
$10,913,432
739,896
837,716
Total.
$13,959,431
838,047
1,338,720
$3,645,154
$12,491,044
Statistics representing 100% of the following respective
industries were also issued:
1926.
1927.
1928.
13,633,452,000 12,512,976,000 10,708,068,000
3,929,535
3,093,428
4,023,350
535,006
486,952
a Trucks produced
576,416
a These figures include Canadian production and cars assembled abroad the parts
of which were manufactured in the United States.
Calendar YearsGasoline consumed (gal.)
x Passenger cars produced
$16,136,198
American Woolen Co. Opens Fall Lines of Men's SuitingsPrices Vary Slightly from Spring Levels.
Completed lines of men's wear suitings for the Fall were
Production and Shipments of Rubber Tires Reached opened on Feb. 27 by the American Woolen Company at
-Inven- price levels which varied slightly from those quoted for
a New High Record for all Time in 1928
tories Increased.
the Spring season, according to the New York "Journal
According to statistics compiled by the Rubber Association of Commerce," the account in which says:
of America, Inc., from figures estimated to represent 75%
Reductions were almost wholly confined to the better grade offerings
of the industry, 58,457,863 pneumatic casings-balloons, and ranged from Sc to 10c.
include plain
Most of
cords and fabrics-and 508,223 solid and cushion tires, and fancy the fabrics offered by Department 1, which clear finished
weave mixtures in cheviots, unfinished and
were produced during the year ended Dec. 31 1928. This fabrics, fancy weave piece dye fabrics and worsted topcoatings, were
priced at
set a new high record and compares with 48,331,311 pneu- 2 and 7 spring levels, but a few numbers were Sc less. Departments
pegged down prices on several high grade offerings from Sc to
matic casings and 558,030 solid and cushion tires turned out 10c, while the offerings of Department 3 remain about the same.
pneumatic casings and
in the preceding year, 46,104,201
Range of Styles
562,041 solid and cushion tires in 1926 and 45,633,316
Striking features of the opening were the eagerness of buyers to
pneumatic casings and 758,900 solid and cushion tires in view the lines and vast range and diversity of the styles shown. All
occupied
show booths in
1925. Shipments in the year 1928 are estimated at 55,- during the daythemselves struck Department 3 were which theby buyers
who professed
by the manner in
big com721,937 pneumatic casings and 512,602 solid and cushion pany prepared its offerings to cover all possible style trends. It was
compares with 48,052,414 estimated by officials of the firm that the offerings of the four departtires, also a new record, and
ments comprise about 10,000 styles.
pneumatic casings and 558,007 solid and cushion tires in the
The prices quoted by the company are regarded by millmen as reprevious year, 44,253,080 pneumatic casings and 542,487 flecting the growing stability of the market and are in complete conformance with the analysis of present market conditions in the annual
solid and cushion tires in 1926 and 44,446,678 pneumatic report of the Wool Institute, which predicted that no startling price
casings and 800,395 solid and cushion tires in 1925. In- changes would mark openings of fall lines.
Simultaneously with the opening, it was announced that Chester M.
ventory of pneumatic casings at Dec. 31 1928 totaled 10,3 to succeed
Lord had been appointed manager
217,708, a new high figure, and compares with 9,434,003 at Colvin, who resigned recently. Mr. of Department been connectedB. F.
with
Lord, who has
Nov. 30 1928 and 7,697,691 at Dec. 31 1927. The previous the company since 1905 and has been located in the New York office
since 1909, supervised the showing of fabrics in the department of
record was reached on May 31 1928 when the total pneuwhich he is now head. The offerings opened by the department include
matic casings on hand amounted to 9,767,754.
cassimeres, twists, tweed suitings and velour and llama finishes, tweeds,
shows that in December 1928 a twists and fancyback topcoatings.
The Association also
Of special moment to buyers interested in new style developments
total of 4,203,624 pneumatic casings and 31,751 solid and
were the fancy worsteds in Department 2. The suitings come in a
cushion tires were produced, as against 4,556,094 pneu- wide variety of colors and color combinations and striking weaves and
matic casings and 35,760 solid and cushion tires in the pre- provoked considerable favorable comment from discerning stylists for
ceding month and 3,373,080 pneumatic casings and 32,241 large clothing manufacturers. prepared to supply the demand for wine
Although the company is
solid and cushion tires in December 1927. Shipments in reds and plum shades, royal blues and reddish browns, which are
December 1928 amounted to 3,443,210 pneumatic casings expected to be popular during the fall season, other shades are
other
and 30,688 solid and cushion tires as compared with 3,123,541 not slighted. The candy and jazz colors ofand less years, however,
noticeable silk
have seemingly yielded to dark, rich tones
pneumatic casings and 31,793 solid and cushion tires in decoration. Cloths for children's garments are light and bright and a
number of
offered come in a wide range of striking
the corresponding period in 1927 and 3,748,692 pneumatic Contrasting topcoatingsand plain piece dyes fixed the attention colors.
mixtures
of many
casings and 37,138 solid and cushion tires in November 1928. buyers as did other semi-staple lines styled to meet fall fashion requireDuring the year 1928 there were produced 36,878,990 ments.
Among the new fabrics brought forward and which
balloon inner tubes and 23,255,891 high pressure inner favorable response are Webster Mill No. 1345 decoratedhave met with
back topcoattubes, as against 25,718,529 balloon inner tubes and 27,- ing, $1.77-1.87; Yantic Mill No. 473 fine cassimere, 13'4.ounce, $1.90398,535 high pressure inner tubes in 1927 and 3,804,824 2.10; Oakland Mill No. 1603, topcoating, 1747%-ounce, $1.30-1.35.
The opening of the Fall overcoating lines by the Ameriballoon inner tubes and 49,224,256 high pressure inner
can Woolen Company was noted in our Issue of Feb. 2,
tubes in 1924. Shipments in 1928 totaled 34,095,223 page 648.
balloon inner tubes and 28a44),966 high pressure inner
Viscose Co. and Other Rayon Makes Reduce Prices.
tubes, as against 25,143,821 balloon inner tubes and 29,528,108 high pressure inner tubes in 1927 and 2,992,128 balloon
The reduction in prices for rayon yarns, announced reinner tubes and 48,019,665 high pressure inner tubes in 1924. cently by the du Pont Rayon Co., has been followed by
At Dec. 31 1928, there were on hand a total of 12,087,464 similar action by the Viscose Co. and other rayon proinner tubes, all types, as compared with 11,806,916 at ducers. The price cuts made by the du Pont Company
Nov. 30 1928 and 10,268,996 at Dec. 311927.
were referred to in our issue of Feb. 23, page 1148. The
The Association in its bulletin, dated Feb. 19, gave the revised price list of the Viscose Co. was made effective
following statistics:
Feb. 25, it is learned from the "Journal of Commerce"
1927
1928
Produdion Shipments Production Shipments
which in referring to the action of the Viscose Co. said
Month of DecemberTires
1,710,893 in part:
1,824,668
2,371,732
2,761,109
Balloon casings
Total
1,434,529
7,986
1,061,132
10,346
1,487,624
61,788
1,368,158
44,490
Total pneumatics
Solid and cushion tires
4,203,624
31,751
3,443,210
30,688
3,373,080
32,241
3,123,541
31,793
Total
Inner Tubes
Balloon inner tubes
4,235,375
3,473,898
3,405,321
3,155,334
2,453,744
1,434,227
2,312,203
1,331,607
1,617,875
2,108,924
1,734,026
1,800,026
Total
12 Mos. End. Dec. 31Tires
Balloon casings
High pressure cords
High pressure fabrics
3,887,971
3,643,810
3,726,799
3,534,052
38,878,218
19,302,218
277,427
Total pneumatics
Solid and cushion tires
58,457,863 55,721,937 48,331,311 48,052,414
558,030
558,007
512,062
508,223
Total
Inner Tubes
Balloon Inner tubes
High 'vesture inner tubes
58,966,086 56,233,999 48,889,341 48,610,421
High pressure cords
High pressure fabrics
High pressure Inner tubes
Total
35,931,982 26,037,452 25,111,903
19,351,380 21,527,278 21,741,962
766,581
1,198,549
438,575
36,878,990 34,095,223 25,718,529 25,143,821
23,255,891 23,749,966 27,398,535 29,528,108
60,134,881
57,845,189 53,117,064 54,671,929
With this act the largest domestic producer has dispelled any doubts
which might exist that a lower price level for viscose process yarns
would be established. The reductions range from 5c to 30c a pound,
according to the type of yarn.
Reports of a pending cut in prices because of the disturbing influence
exerted upon the market by foreign yarns have been current for some
time. It had been expected, however, that the new prices would not be
put into effect until April 1 and that the announcement of the revision
would be made March 1. It is understood that the date for the announcement of price reductions by the two largest American producers,
the Viscose and du Pont companies, was advanced to dispel the disquieting influence rumors of a pending cut had upon yarn consumers.
In announcing his company's new price schedule, S. A. Salvage, president of the Viscose Co., also stated that in the future its yarn would be
classified as first and second quality rather than as "A" and "B"
grades.
New Viscose Schedule.
Mr. Salvage's announcement follows:
"In view of the recent change in American prices, the Viscose Co.
wishes to announce that it has decided to revise its price list as follows:
The Association also released the following figures, estimated to represent 75% of the industry:
Denier.
75
75
100
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES.
Calendar Years1925.
1926.
1928.
1927.
Cotton fabric (lbs.)
222,243,398 177,979,818 165,963,182 168,295,927
Crude rubber (lbs.)
600,423,401 514,994,728 518,043,062 552,389,272
100
125
125
150
150
150
Filament.
18
30
18
40
18
36
•
24
38
60
-Lustre2d.
lot.
$1.70
$2.50
1.75
2.60
1.40
2.10
2.20
1.65
1.25
1.55
1.25
1.60
1.20
1.30
1.25
1.35
1.25
1.50
Denier.
170
170
200
200
300
450
600
900
Filament.
27
60
30
60
44
64
72
100
let.
$1.30
1.50
1.25
1.45
1.10
1.10
1.10
1.10
VI.
$1.20
1.20
1.15
1.15
1.05
1.05
1.05
1.05
MAR. 2 19291
FINANCIAL CHRONICLE
1301
Dulesco.
24.
1st.
Denier. Filament.
24.
60
51.60 51.20
150
51.75
1.20
60
1.60
170
1.50
1.15
60
1.55
200
1.25
44
1.20
1.05
300
1.20
150 denier 75 filament duienza, $1.65
1.20
fuss quality.
Improved Production.
"The refinement in production has advanced so much in the past year
that we now produce no 'C' quality, so we will, from now forward, sort
our product into a first and second quality, and the trade can accept our
first quality as being the same as our former 'A' quality, and our second
quality as representing our former 'B' quality.
"This change is effective February 25 and all unfilled contracts will
be invoiced as our first and second quality at the above prices."
Petroleum and Its Products-Oklahoma Proration Fails
To Curtail Production as Planned-New High
Record Output Reported-Prices Changes Lacking.
Posted prices for crude petroleum show no changes this
week, although oil economists, in view of the apparent
failure of proration to curtail production, are again preaching
that the only way to cut output to a figure in line with
demand is to make prices so low that drilling becomes
unprofitable.
A new high daily average production figure of 2,694,150
barrels is reported for the week ended Feb. 23. This is
The same paper in noting in its issue of Feb. 26, price 20,000 barrels higher than the previous week, when the
first recession since November was recorded. Various
changes by other rayon producers, said:
Three more domestic rayon producers revised their price lists yester- factors enter into this new high record. Oklahoma proday and changed the classification of their yarns, accepting the new duction, which, according to the proration plan effective
price levels established by the Viscose and du Pont companies. The
been cut to 650,000 barrels, was 703,400
concerns issuing revised price lists yesterday were the American Glanz- Feb.15,was to have
stoff Corporation, the Belamose Corporation and the Tubize Artificial barrels in the week ended Feb. 23. This is a reduction of
Silk Co. of America.
23,000 barrels in two weeks, but is far from the cut of 80,000
No reduction in the price of its finer counts was made by the Tubize
company. A revision of the price list for its imported as well as its barrels planned. Most of the pools in the Greater Seminole
domestic yarns was announced by Glanzstoff. Other importers stated area have been curtailed considerably and a spectacular
yesterday that they expected to meet the reduction in domestic prices.
increase in the Mission pool may be blamed for the OklaSome delay, however, in the announcement of changes of prices for some
imported yarns is expected, due to the necessity of obtaining authoriza- homa showing. The 16 wells in the Mission pool were
tion for new prices from the European producers represented.
shut in to 50 barrels each daily, or a total of 800 barrels
In announcing his firm's new price list yesterday Arthur L. Erlanger,
proration. The order of the Oklasales manager of the American Glanzstoff Corporation, also announced daily before the latest
that the length of the company's domestic skein was now 3,800 yards.
homa Railroad Commission called for inclusion of Mission
in the proration order and it was included-to the tune of
New Glanzstoff Prices.
a daily average of 35,000 barrels in the week of Feb. 23.
Prices for the corporation's domestic yarns are now:
-Skeins- On Cones.
West Texas production also showed an increase during
Denier.Filament.
-Skeins- On Cones. Denier. Filament.
1st.
2,1.
1st.
24.
1st.
lat.
the week and California for the first time went over 800,000
"Soft Lustre."
1.30
1.20
1.35
32
150
1.40
1.20
32
1.45 barrels a day. This latter increase is caused by the new
1.50
1.25
___ 150
60
150
The new price list for Glanzstoff's imported yarns follows:
production from the new deep sands at Santa Fe Springs,
Multifflamenf Yarns.
Imported.
to which old wells have recently been drilled a further
24.
1st.
Denier. Filament.
1st.
24.
Denier. Filament.
24
3.90
3.40
2.35
50
12
2.60
80
distance of 750 feet.
36
2.45
90
1.80
15
2.45
1.70
75
45
2.20
100
1.65
2.15
1.60
90
18
In West Texas, Winkler County operators have vetoed
48
1.70
120
2.05
1.40
20
100
60
150
1.50
1:26 a proposal to cut down production from 175,000 barrels
1.30
24
1.60
120
"Soft Lustre."
1.20
1.30
160
25
1st.
Denier. Filament.
24. daily to 125,000. This proopsal was made, not exclusively
1.25
--35
200
1.40
150
25-30
1.20
1.25
250
36
to aid in reducing the enormous oversupply of oil, but to
40
150
1.45
1:16
1.25
1.20
50
300
50 and 75 denier yarns save the field from what, in the opinion of many, is the
No change was made in the prices of its 35,
by Tubize. Their classification, however, was changed from "A" and serious menace of encroaching water and to prolong the
"B" grades to first and second quality to make their classification uni- life and total production of the field.
form with that used for the yarn of other domestic producers. Price reThe January cut of 16c. a barrel in posted prices for
ductions on other counts of first quality yarn ranged from Sc to 20c.
Mid-Continent crude had practically no effeot on either
New Tubize Prices.
production from existing wells or the drilling of new ones
The new price list issued yesterday by E. V. Peters, vice president of
and the various local proration schemes have not worked
the Tubize Artificial Silk Co. of America, follows:
24. Denier.
1st.
Denier.
1st.
24. out as well as had been hoped. The whole producing branch
3.50
3.25 140
1.40
35
1.25
2.50 150
2.75
50
1.30
1.20 of the petroleum industry now looks to the Oil Conservation
75
2.50
1.70 160
1.30
1.20 Committee of the American Petroleum Institute, scheduled
2.10
1.40 175
100
1.30
1.20
1.60
1.25
125
to meet within the next two weeks, for guidance in what
Belmose Changes Prices.
has come to be one of the most serious crises which the
Price reductions ranging from 10c to 25c a pound on Belamose yarns industry has faced. This committee, named Feb. 12, is
were announced yesterday by George W. Izon, New York representative considering the problem of orderly conservation and the
of the Belamose Corporation.
balancing of crude production with demand, and is expected
The new Belamose price list follows:
Unbleached
Unbleached at its next meeting to have some definite suggestions along
Cones. Denier.!Warn% 1st.
24.
Denier. Film% 1st.
24.
Cones.
these lines.
1.10 1.05
1.30
1.20
1.35 450
66
150
22
1.10 1.05
1.35 1.25
66
150
42
1.40 600
This A. P. I. committee also will give consideration to
42
126
1.10 1.05
300
1.10 1.05
1.10 900
possible curtailment of production in South America, where
the greatest expansion is being shown by Venezuela. This
'Strike of Workers in Lynn (Mass.) Shoe Plants-6,000 country has risen from comparative insignifiance in the
Repor'ed Idle-20% Wage Increase Sought.
world petroleum picture in 1924, to a rank second only to
Lynn (Mass.) advices Feb. 28 to the "Herald-Tribune" the United States, topping Mexico and Russia within the
stated:
past year. In 1924, Venezuela produced some 9,000,000
The first general strike In the Lynn shoe industry since 1907 went into
barrels of oil. The monthly output is now equal to the
effect to-day. More than 1,800 lasters and stock fitters were out, with
about 1,000 cutters to follow to-morrow, tieing up 45 shoe factories in the entire 1924 production. Of the larger companies operating
city and throwing 6,000 employees out of work.
there, Venezuela Oil Concessions, Ltd., is producing 137.571
To-day 300 pickets were patrolling factories where the strike was called,
daily, Lago Oil & Transport 116,450, and Creole
and every available policeman, together with inspectors, was called out barrels
Petroleum 42,848 barrels daily.
by Chief Thomas M. Burckes.
p The strikers demanded equalization of work and wages, with a straight
The decision of the Barnsdall Oil Corp. and several other
eight
-hour day and a 20% wage increase.
large Midcontinent producers to go on a six-day week,
shutting down production Sundays, was expected to result
Wage Increase on New Haven Road.
in a lower yield. It undoubtedly did on the wells affected
The New York New Haven & Hartford RR. announced but new production has more than made up this decrease.
-day moratorium of drilling be
A suggestion that a 60
on Feb. 26 an increase of 4 cents an hour in wages for more
than 5,800 mechanics working in the shops at New Haven, declared for its wholesome effect on production us of especial
according to Associated Press advices from that city on interest in that it is made in the current issue of "The Lamp,"
house organ of the Standard Oil Co of New Jersey. The
Feb. 26. The dispatch also said:
The increase will be retroactive from Feb. 1. Present rates in mechani- article reads:
Dewier.
75
100
125
150
150
Filament.
30
40
36
24
36
1st.
12.70
2.30
1.70
1.40
1.45
cal work in the railroad shops range from 40 to 70 cents an hour.
ip The increase policy is similar to that recently established by the New
York Central and Pennsylvan a Railroad systems.
Wage Increase on Union Pacific RR.
The "Wall Street Journal" of Feb. 25 reported the following from New Haven:
Union Pacific Railroad has granted 11,000 mechanical employes wage
increases aggregating 51.000,000 annually.
Considering all of the thought and talk that has been expended on the
subject of overproduction it is not flattering that so little attention has been
concentrated on the basic cause of oversupply and its train of evils. That
cause is the drilling of new wells.
A moratorium on drilling for a period of perhaps 60 days with no release
of present shut-in production would go a long way toward solving the
problem of the industry.
At a hearing before the House Ways and Means Committee on tariff matters, Feb. 23, Rep. Howard of Oklahoma urged that an "equitable tariff be placed upon crude
1302
FINANCIAL CHRONICLE
petroleum and its products." This, he said, will being
prosperity to the petroleum interests of the United States
and will make sure the independence of the independent
producer.
Prices of Typical Crudes per Barrel at Wells.
(All gravities, where A. P. I. degrees are not shown.)
Bradford, Pa
$4.10 Smackover. Ark., over 24
Corning. Ohio
1.75 Smackover Ark., below 24
Cabal!, W.Va
1.45 El Dorado, Ark
IllinoIs
1.45 Urania, La
Western Kentucky
1.63 Salt Creek, Wyo..37
Midcontinent, Oklahoma. 37
1.23 Sunburst, Mont
Corsicana. Tex.. heavy
.80 Arteela, N. Max
Hutchinson, Tax., 35
.87 Santa Fe Springs. Calif.. 33
Luling, Tex
.80 Midway-Sunset, Calif.. 22
SpindietoP. Tex., grade A
1.10 Huntington, Calif.. 26
aplildleteD. TeX., below 25
1.05 Ventura, Calif., 30
Whitler, Tax
.65 Petrolla. Canada
REFINERY PRODUCTS
-GENERAL PRICE STRUCTURE
UNCHANGED
-GASOLINE REMAINS WEAK.
$.90
.75
1.00
.90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
IS
(Vol. 128.
for the week ended Feb. 25 1928 of 2,349,150 barrels per
day, the current figures show an increase of 345,000 barrels
daily. The daily average production east of California
for the week ended Feb. 231929 was 1,885,950 barrels, as
compared with 1,876,800 barrels for the preceding week, an
increase of 9,150 barrels. The following estimates of daily
average gross production (in barrels), 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 LouLsiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Feb. 23 '29. Feb. 18 '29. Feb. 9'29. Feb. 25 '28.
703,400
658,700
708,200
728,360
95,500
110,700
95,954)
95,700
55.250
51.650
73,750
56.850
83,000
83,700
68,550
84.200
53.500
53,700
53,000
52,460
384,500
372.150
297,900
376,660
21,400
21.350
23,500
21,050
58,600
52.800
23,600
49,350
35.700
36,150
44,000
35.700
76,100
76,850
87,760
77.250
121,500
121,000
122,000
99,100
20,900
21.550
15,400
21,500
107,850
108.600
109,600
103,500
51,300
54.500
53,600
53.700
8,500
10,000
10,950
10,850
6,300
6,900
6.500
7,800
2.650
1,750
1.950
2,550
808,200
798,100
789,900
613.900
Some good business passed in the New York bulk gasoline
market immediately after the recent reduction to 9X cents,
f. o. b. refinery, but this did not last and the market slowed
up considerably during the week on account of the weather.
The rumors current when the 10-cent price prevailed that
considerable business was being done at a lower figure,
Total
2,694,150
2,674,900 2,693,550 2,349,150
continue. It is said that orders have been taken at an eighth
The estimated daily average gross production
and even at a quarter off the named price. Kerosene con- Field, including Oklahoma, Kansas, Panhandle, for the Mid-Continent
North, West Central,
tinues in fair demand at New York with the price un- West, East Central and Southwest Texas, North Louisiana and Arkansas,
changed at 83-i cents per gallon,f.o.b. refinery or terminal. for the week ending Feb. 23 1929, was 1,566,950 barrels, as compared with
1,552,500 barrels for the preceding week,
of 14,450 barrels.
Tank wagon gasoline prices all over the country are The Mid-Continent production, excluding an increase (Arkansas) heavy
Smackover
holding steady without a named change. The situation on oil, was 1,515,900 barrels, as compared with 1,501,450 barrels, an increase
the Pacific Coast, however, is still not what the large com- of 14,450 barrels.
The production figures of
various districts for the
panies there would wish. The published prices are still 13 current week, compared withcertain pools in the in barrels of 42 gallons,
the previous week,
cents tank wagon and 17 cents service station, but the first follow:
-Week Endednamed of these is only a nominal figure. Sales are being
-Week Ended
OklahomaFeb. 23. Feb. 18.
North LouisianaFeb.23. Feb. 16.
made, when necessary to keep trade from going over to Allen Dome
27,600 27,300 Haynesville
5,500 5,500
Bowlegs
33,800 39,900 Urania
5,800 5.850
independent sources of supply, at 93. cents to 10X cents. Bristow-Slick
18,950 18,950
Burbank
Arkansas22,200 22,200
including tax, which with bulk gasoline 9 cents in California Cromwell
7.850 8,050 Cnampagnolle
10,150 10.250
means an actual loss, considering tax and delivery charges. Earlsboro
59,450 63.600 Smackover (light)
8.250 6,600
Little River
84,650 93,600 Smackover(heavy)
51.050 51,050
Chicago bulk gaolines, tank car lots, f. o. b. refinery, is Logan County
13,200 13,300
Maud
Coastal Texas
41,900 43,250
off X cent during the week to 6X cents. Kerosene remains Mission
1,200 Hull
35,150
9,900
9.950
unchanged at 5% cents with demand good. Furnace oils St.Louis
108,750 121.250 Pierce Junistion
12,400 11,900
%aright
9,600 8,750 SpindletoP
33,550 33.500
are in good demand with the 38-4() straw distillate bringing Seminole
33,650 37.850 West Columbia
7,000 8.900
Tonkawa
10,500 10,750
43.4 cents per gallon.
KansasCoastal Louisiana
7,600 6,850 East Ilackberry
The Standard Oil Co. of Indiana has placed in effect in Sedgwick County
6,150 6,400.
Panhandle Texas
Sulphur Dome
2,500
2,000
Chicago territory only, the following quantity discount Carson County
5,700 5,550 Sweet Lake
600
550
Gray County
22,000
4,100 4,250
schedule on tank wagon gasoline sales:
-For more than 500 Hutchinson County _ _ _ _ 25,250 20,250 Vinton
23,750
North Texas
Wyoming
gallons a month,2 cents a gallon; for more than 1,000 gallons Archer County
17,500 17,450 Salt Creek
32,000 34,250
a month, 4 cents a gallon discount. This compares with Wilbarger County
Montana
28,900 27,200
West Central Texas
Sunburst
5.450 8,750
former discounts as follows:
-For more than 1,000 gallons a Brown County
California
8.900 9.000
Dominguez
10,000 10,000
month, 2 cents; 2,000 gallons, 23 cents; 6,000 gallons, 3 Shackelford County.._. 13,100 13.000 Elwood-Goleta
West Texas
23,000 23,500
Crane& Upton Co's--- 50,600 50.500 Huntington Beach
47,000 48,000
cents.
Howard County
47,800 40,600 Inglewood
28,500 26,500
Shell Eastern Petroleum Products, Inc., formed recently Pecos County
83,750 84,600 Kettleman Hills
3.400 3,300
Reagan County
181,600 180,500
18,800 18,100 Long Beach
by the Shell Union Oil Co. to take over the New England Oil Winkler County
170,400 165,200 Midway-Sunset
73,000 73,000
East Central TexasRosecrans
6,500 7,000
Refining Co.,is making a further invasion of eastern markets Corslcana-Powell
202,000 191,500
8,950 9,050 Santa Fe Springs
Southwest Texas
Seal Beach
32,500 32,500
with the purchase of the Bang chain of twenty service Laredo District 12,500 12,350 Torrance
15,000 15,000
stations in Westchester County, N. Y., with a bulk dis- Luling
12,800 12,900 Ventura Ave
55,500 55,000
tributing station at Mount Vernon.
A chronological summary of the week's price changes Present Year Viewed as Crucial Period for Petroleum
follows:
Industry, by Union Trust Co. of Cleveland.
Feb. 23
-Standard Oil Co. of New York reduces tank wagon price of
The present year promises to be a crucial period for the
gasoline 1 cent at Buffalo. Rochester, and Syracuse, and service station
petroleum industry with constructive forces endeavoring to
price 2 cents, making the markets 14 and 15 cents, respectively.
Feb 25
-Continental 011 Co. reduces tank wagon and service station check the great excess of production, says the
Union Trust
gasoline at Boise. Idaho, 2 cents to 21.5 and 24.5 cents.
Co., Cleveland. Since the beginning of the year, producFeb. 25
-Standard 011 Co. of New Jersey reduces V. M. & P. naphtha
tion has expanded on a large scale and this has stimulated
1 cent per gallon to 17 cents.
Feb. 26
-Pennsylvania refiners advance fuel oils 34 cent.
co-operative efforts to hold the situation in hand. "Upon
Prices are:
the effectiveness of these efforts the health of the industry
Gasoline, U. S. Motor, Taukcar Lots, F.O.B. Refiner9In the immediate future largely depends," says the bank.
New York(Bayonne).0934 Arkansas
out North Loulslana......073( Continuing, it says:
.0634
North Texas
Export. cases
.264 California
.09
Chicago
New Orleans
.07
.0634 Los Angeles, export.....0734 Oklahoma
.0934
.0734 Gulf Coast,export--.08% Pennsylvania
Gasoline, Service Station, Tax Included.
New York
182
Minneapolis
.19
.18
Cincinnati
Atlanta
195
.23
New Orleans
Denver
18
Baltimore
.20
.22
.188 Philadelphia
Detroit
Boston
.17
20
San Francisco
.20
Houston
Buffalo
.16
.205
Spokane
.24
Jacksonville
Chicago
15 }Kansas City
169
St. Louis
.179
Kerosene, 41-43 Water NS bite, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).0834 Chicago
.0634
.0534 New Orleans
Export, cases
.189 Los Angeles, export-05% Tulsa
.0534
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) 1.05 Los Angeles
.65
Gulf Coast
70
Diesel
204) New Orleans
.55
Chicago
85
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne).0534 Chicago
.0234
.0234 I Tulsa
Crude Oil Output in United States Again Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ended Feb. 23 1929, was 2,694,150 barrels,
as compared with 2,674,900 barrels for the preceding week,
an increase of 19,250 barrels. Compared with the output
"The great oil fields of Oklahoma and Kansas
recently were producing
about 75,000 barrels of oil daily above refinery requirements. Plana for
reducing output in Oklahoma from 725,000 barrels daily to 650,000 have
been adopted.
"Not only has production jumped since the beginning of 1929, but new
drilling also has expanded on a wide scale. These developments have had
a prompt repercussion upon the price structure. Quotations for both
crude oil and gasoline have weakened.
"Developments designed to stem the extraordinary flow of oil from the
ground, to stabilize the market and to assure the prosperity of the
industry include:
"Appointment of an 'oil and gasconservative umpire' and curtailment of
output by pr
"Inauguration of an :11 7o14 gomAtlgi to function under the Webbu
X
fi ds
Pomerene Act.
"Promotion of a legislative program looking to the attainment of production restriction by law.
"Formation of a number of large oil investment trusts, designed to aid
in the stabilization of this industry.
"Adoption of a code of ethics in marketing.
"Because of 'wildcatting' and many other factors, it is extremely
difficult to attain complete effectiveness in restriction plans. Wildcatting
Is a relic of the pioneer days of oil. Statisticians of the oil industry estimate that more money is sunk in the ground for oil than comes out. In
former days, the mere finding of oil in the ground meant certain profits.
But this is no longer true, with heavy production costs, low prices and
excessive outputs.
MAR. 2 1929.]
FINANCIAL CHRONICLE
"From the standpoint of consumption, requirements for oil are the
greatest in history and growing rapidly. In the world there are in excess
of 30,000,000 motor vehicles and of this number more than 24,000,000
are in the United States. It takes in excess of 60,000,000 gallons of
gasoline daily to provide fuel for these vehicles.
"The production of gasoline has increased 100% in six years from
200,000,000 barrels to 400,000,000 barrels, while consumption has made
an even more rapid increase.
"It is estimated that the consumption of oil in the United States in
1929 will reach 1,100,000,000 barrels, comprising 430,000,000 barrels of
gasoline and 680,000,000 barrels of crude and fuel oils. With a reasonable
restriction upon production such huge requirements would result in a
healthy condition."
1303
ceeds blister and refined supply, Mr. Logan says that a
shortage of refined copper cannot last long unless leading
producers combine to restrict their output, which he considers unlikely. Mr. Logan adds:
"No alarm need be felt for many years with regard to the quantity of
copper available, for while under normal conditions consumption is increasing at the rate of between 4 and 5% per annum, there are known
to be at least 2,500,000,000 tons of accessible ore, sufficient for twenty
years or more without the need of investigating new sources, although of
course, further exploration is warranted in countries such as Canada,
where geological and mining conditions are favorable."
Price of Copper for Export Reaches 194 Cents—Increase in Domestic Price.
The price of copper, both domestic and export, has been
steadily rising during the week, the "Sun" of last night
(March 1) carrying the following regarding the latest advance:
Following the advance of copper for domestic shipment to 19X cents a
pound yesterday, Copper Exporters, Inc., who control the American foreign trade in the metal, advanced their price to 19X cents a pound, c.i.f.
Hamburg. Havre and London, a raise of X of a cent a pound. Copper
for export now is selling at the highest price paid for the metal since 1919.
Copper sold in 1920 at 1934 cents, but did not go above that level.
It was reported that sales at the new high level were comparatively light,
but that a large tonnage of copper had been sold for 19X cents a pound,
both for foreign and for domestic shipment. Producers are reluctant to
sell any more copper for 19( cents a pound,it is stated, because the demand
Is chiefly for delivery in June and later, a period so far ahead that the selling
agencies hesitate to commit themselves to large contracts.
It is believed that the domestic price will be advanced shortly to 1934
cents.
In noting the week's advances in price the "Times" of
March 1 said:
From Monday morning's level of 18 cents, domestic, the price has now
advanced 131 to 134 cents a pound. This is the most rapid peace-time
advance in tho history of the industry. The present price is the highest
since 1919, when refineries were quoting 2234 cents.
Domestic sales were relatively small yesterday, but they constituted an
appreciable drain on the small supplies available, and it was freely precIcted
that a level between 1935 and 20 cents a pound would be established within
a few days. Foreign sales wore again reported in fairly heavy volume.
Advancing quotations for copper have also caused a further increase
In the prices of the products in which the metal is the chief ingredient. The
American Brass Co., subsidiary of the Anaconda Copper Mining Co., announced increases on brass products, and nickel silver of 34 cent a pound,
on seamless tube of X cent, and on copper products except wire of X cent
a pound.
Much of the inquiry whioh reached the market yesterday was for July
delivery. Producers, however, are not yet prepared to contract for delivery in the latter part of the year. In a normal market contracts are customarily made for delivery only a month or two months ahead Foreign
fabricators have been slower to cover their requirements than domestic
users. The amount of copper allocated to European fabricators by the
export association has recently been increased.
In a statement based on a special survey taken by the
Bank, Mr. Logan comments as follows:
"While the United States is the largest producer of copper, supplying
53% of the world's output, recent discoveries and developments in Africa
and Canada make it clear that the rest of the world is becoming less
dependent on the United States for this metal. Chile is reported to have
1,000,000,000 tons of ore in sight on three properties. There appears
to be in Africa at least 200,000,000 tons of ore, and it is believed that
improved transportation and labor methods will insure an output from
this quarter of 200,000 tons by 1933. Within the next five years also
Canada may be expected to produce annually 200,000 tons, or more than
double the amount mined in 1928, and she will greatly have improved
her position, not only through actual mining, but through the consummation of her plans for new smelters and refineries.
"It is not unlikely that the world consumption of copper is to-day 50%
higher than it was five years ago. Much of the increased use has undoubtedly been due to the development of the electrical industry, which
in all its branches uses more than 40% of the available copper, while
the automobile industry uses about 12% and the building industry 5%.
"The world production of electricity has more than doubled since 1913
and the limit of expansion has not by any means been reached. As far
as can be judged, not more than 15% of the world's potential water
power has been utilized, and Europe has scarcely begun to meet its needs
in this direction. Italy and France have extensive resources, the former
country using about 50% of its water power and the latter about onethird. In the United Kingdom, Germany and France, not more than
25% of the houses are at present wired for domestic purposes, a situation that opens up a vast field for the use of copper."
National Metal Exchange Considering Trading in
Copper and Zinc.
Broadening of the market for futures trading in metals
to include copper, zinc and antimony has been taken under
consideration by the Board of Governors of the National
Metal Exchange of New York. At present, trading on the
Exchange is confined to tin. Sub-committees to conduct
an investigation of the conditions inherent to each metal,
which will permit eventually of trading therein under the
rules of the Exchange, have been appointed. I. J. Louis
is Chairman of the Copper Committee; C. S. Trench, of the
Zinc Committee, and K. C. Li, of the Antimony Committee,
Erwin Vogelsang, President of the Exchange, discussing
Previous references to increasing copper prices appeared in the plan to broaden the scope of trading, said on Feb. 21:
"The Board has realized from the very inception that in the establishour issue of Feb. 9, page 805.
ment of adequate and conservatively operated machinery, It was furnishing
the medium whereby all metals, let alone tin, could be traded in to the
advantage of those interested. Whereas progress in this respect must
necessarily be slow, if it be conducted carefully and with the conservatism sponsored by the Board, nevertheless it is felt that within a measurably short time definite progress will be manifest."
Urgent Copper Call Sends Prices Soaring—Sales at 19
Cents, Delivered in East—Domestic Business Exceeds
26,000 Tons in Week.
Prices of copper and lead continued their upward progress during the past week. The latest buying spurt in President Vogelsang of New York Metal Exchange
Favors Statistical Bureau For Dissemination of
copper has forced the price up to 19 cents a pound, ConInformation Here and Abroad Regarding Tin
necticut basis, which compares with 18 cents a week ago,
Industry.
Engineering and Mining Journal reports, and then adds:
Erwin Vogelsang, President of the National Metal ExConsumed buying of lead is being maintained at a high rate and
with the recent improvement in London quotations producers raised change, announced yesterday that the Exchange would orthe New York price from 6.95 cents to 7.10 cents a pound. Zinc is in
public dissemination of
fair demand with the market firm, though quotably unchanged. Tin and ganize a statistical bureau for the
antimony quotations declined slightly.
authoritative information in regard to the tin industry, both
Turbulent conditions have prevailed in the copper market in the last
here and abroad. Mr. Vogelsang, under date of Feb. 18,
few days, the entry of several of the largest consumers into the market,
and failure to completely satisfy their requirements, even at the higher said:
quotations, has revealed in some measure the panicky nature of the
present situation. Considerably more than half of the 26,000 tons of
copper purchased by domestic consumers during the week has been for
June delivery. In one or two instances a premium has been offered for
near-by positions Sales of copper for export this month totaled approximately 63,000 long tons. There is no sign of a let-up in foreign
demand.
A feature in the recent demand for copper from large fabricators
has been the request for a considerable tonnage of prompt, late March,
and early April shipment. These requests indicate that fabricators find
themselves in an underbought position, despite the large purchases made
several months ago. The demand for copper from ultimate consumers,
it is believed, must be very heavy. Several producers are completely
sold out for deliveries earlier than June.
Demand for Copper to Continue, But Present Shortage
May Not Last Beyond July, According to S. H.
Logan of Canadian Bank of Commerce.
A study of the factors underlying the copper situation
shows that a strong demand and good prices for the metal
may be expected for some time, although the present
strained condition of the market may not continue beyond
July, according to S. H. Logan, General Manager of the
Canadian Bank of Commerce. While present demand ex-
"The National Metal Exchange appreciates that there Is a dearth of
accurate statistics relative to the tin industry, which would permit both
the consumer and the merchant as well as the trade speculator to make
intelligent use of price insurance facilities of the Exchange.
"In particular, information from the sources of supply, all of which
are foreign, have been very meagre and of little guidance to the American
metal trade. The fact that the United States is the largest consumer of
tin makes it of paramount importance that all information and statistics
regarding the production and supply which will come to the market should
be available to those who buy and use tin.
"The Exchange recognizes that it is not interested in the movements
of the market, whether they be upward or downward. It is, however,
vitally concerned with the portrayal of basic conditions as to production, shipments and consumption together with such relevant data as
will serve to paint a clear picture of conditions throughout the world
from day to day.
"The Board of Governors of our Exchange has created a Committee on
Information and Statistics which for some time past has been working in
close harmony and co-operation with the Department of Commerce in
Washington. The first step in the creation of a statistical department
and the publication of accurate data has been taken and will permit of
the release at an early date of information as to shipments to the United
States in detail, from every port in the world.
"It is believed that this data wil serve as a basis of further investigation and ultimately will redound to the benefit of the trhole industry.
It It recognized that it is only through such media can those interested
in the metal industry judge as to the future and make use of the facilities of the exc.hange to the best advantage."
1304
FINANCIAL CHRONICLE
Steel Output Again Shows Upward Tendency—Prices
Unchanged.
Mill output is again rising, responding to the growing
pressure for deliveries, particularly of automobile steels,
the "Iron Age" this week states in its review of the iron and
steel markets. Ingot production at Chicago now stands at
fully 95% of capacity, compared with 92% a week ago,
and the general average for the Youngstown, Pittsburgh and
Wheeling districts, influenced by a recovery from a temporary recession in the Valleys, has gone up five points to
90%, continues the "Age" which further says:
Steel prices continue to gather strength. Wider adoption of advances
of $2 a ton on the common finishes of sheets and $1 a ton on bars, plates
and shapes has been followed by an increase of $1 a ton on sheet bars, billets
and slabs.
Heavy specifications for sheets, strip steel, carbon and alloy steel bars
are coming from the automobile industry, as well as other consuming lines.
Automobile production still shows an upward tendency, at least for some
manufacturers.
The January report of independent makers of flat rolled steel showed
large gains in sales, production, shipments and unfilled tonnage. The
total of unfilled orders Feb. 1, at 652,600 tons, represented an increase of
60,000 tons for the month. Output in February has been virtually at capacity and, despite heavy shipments, deliveries have continued to lengthen,
now ranging from four to eight weeks.
In the face of increasing pressure for deliveries, the mills, by forcing
production, have thus far succeeded in satisfying the current requirements
of consumers. In fact, the chief effect of the consuming trade's concern
about shipments has been a tendency to duplicate orders, thereby throwing
mills still further behind in their rolling schedules.
A similar situation exists in semi-finished steel. Detached finishing mills
generally have been attempting to add to their contracts for semi
-finished
material or to buy extra tonnage elsewhere, but, in the light of the price
advance just announced, their tactics may have reflected buying strategy
rather than an actual shortage of steel for rolling.
Following a winter lull in fabricating awards, structural steel prospects
are bright. New projects total 67,000 tons for the week and 122,000 tons
for the past fortnight. Early action is expected on a San Francisco bridge,
25,000 tons, and a Baltimore causeway, 30,000 tons.
Railroad freight cars ordered number 3,100, making a total of more than
27,000 bought by domestic roads since Jan. 1.
Scrap is marking time at Pittsburgh and Chicago, and is weaker at
Philadelphia, where heavy melting steel has declined 50c. a ton to $16.
The"Iron Age" composite prices are unchanged, finished steel remaining
at 2.391C. a lb. for the twelfth week and pig iron at $18.38 a gross ton for the
fifth week.
tabbed Steel.
Pig Iron.
Feb. 26 1949, 4.391c. a Lb.
Feb. 26 1929, 818.38 a Gross Ton.
One week ago
818.38
2.391o. One week ago
One month ago
18 38
2.3910. One month ago
One year ago
17.75
2.3640. One year ago
10-year pre-war average
15.72
-year pre-war average
1.689o. 10
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire nails, black pipe and black sheets. furnace and foundry Irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo. Valley and BirStates output of finished steel.
mingham.
Low.
High.
High.
Low.
1928..2.391o. Dec. 11 2.314o. Jan. 3 1928-818.59 Nov.27 817.04 July 24
1927..2.453o. Jan. 4 2.2930, Oct. 25 1927.— 19.71 Jan. 4 17.54 Nov. 1
1926-2.453o. Jan. 5 2.4030. May 18 1926_ 21.64 Jan. 5 19.46 July 13
1925_2.560e. Jan. 6 2.396o. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
1924...2.709t Jan: 15 2.4600. Oct. 14 1924_ 22.88 Feb. 26 19.21 Nov. 3
1923-.2.824s. AIN. SI 2.4460. Jan. 2 1923... 30.86 Mar.20 20.77 Nov. 20
[VOL. 128.
Delivery on bars at Chicago is six to eight weeks deferred, with automotive requirements not yet at their maximum. In no February have Chicago
mills shipped so many bars. Car builders at Chicago are specifying nearly
15.000 tons of plates weekly, while new business from the oil country
totals 13,000 tons. Three thousand tons of plates has been placed at Pitt*.
burgh for river barges, while 4,500 tons is being distributed for a water
line at Youngstown.
Industrial and bridge work is conspicuous in the week's structural awards.
the Chesapeake & Ohio placing 4,000 tons for shops, while a 4,500
-ton
bridge has been ordered at Chicago. The highly competitive condition in
which fabricating shops find themselves is stimulating inquiry. Only at
Chicago is contracting for second quarter bars, plates and shapes a factor.
In that district consumers seek a place on mill books to insure deliveries;
in other districts some producers are awaiting a better appraisal of the advance to 1.95c.. Pittsburgh, before seeking contracts.
Delivery of full finished sheets by some makers has backed up into
May despite capacity output. Furniture sheets are now quoted $2 higher.
January sales of independent producers, at 438,390 tons, were at a record
height and compared with 302,921 tons last January. Strip and cold finished bars are in principal demand by automotive users. Weather conditions 80011 will stimulate demand for wire products.
Railroad equipment buying continues heavy, the 3,234 cars and 32 locomotives ordered this week requiring 80,000 tons of steel. Car awards
were lead by 2,500 for the Chesapeake & Ohio and 400 for the Soo Line.
Steelmaking operations at. Chicago have attained practical capacity
with the lighting of two additional stacks at Gary. The district's ingot
rate now averages 95%, with such finishing mills as bars and plates at
capacity. Three more open-hearth furnaces have been lighted at Youngstown, making 48 out of the 51 of independent units in operation. The lack
of semi-finished steel is acute. The steel rate at Pittsburgh is 85 to 90%•
Only five of the 32 open-hearth furnaces at Buffalo are cold.
Advanced prices on semi-finished steel applying immediately because
of a scarcity, the "Iron Trade Review" composite of 14 leading iron and
steel products is up 12 cents this week, to $36.27, the highest since September 1927.
Steel ingot production in the past week has been increased
1%, with the average for the industry now estimated at
893/%, compared with 883/2% in the preceding week and
nearly 87% two weeks ago, says the "Wall Street Journal"
of Feb. 26, which adds:
The U. S. Steel Corp. is credited with running slightly better than 91%,
against a shade above 90% in the previous week and around 89% two weeks
ago.
Independent companies also are doing better, and are at approximately
87%,contrasted with 86% a week ago and 84% two weeks ago.
At this time last year the U. S. Steel Corp. was at 90%, with independents at 77% and the average was nearly 84%.
The "American Metal Market" of Feb. 27 states:
Chicago stays in the lead in steel productive activity, with the steel
Ingot rate up to 95% Youngstown district is up a trifle, at about 90%.
Pittsburgh at about 90% and eastern plants at 85% and less. The general
rate of steel production has been at around 90% since the beginning of
the month, representing a slight increase over January and a larger increase
over December.
Postage Stamps to Bear Names Of States to Balk
Robberies.
To eliminate the profits of trading in stolen stamps, the
Postoffice Department on April 1 will begin an experiment
Steel production is at the threshold of what is normally the which, if successful, will require that all stamps bear the
best 60 days of the year, reports the "Iron Trade Review" names of the state in which they are to be sold. The advices
to this effect are contained in a Washington dispatch Feb.
in its weekly summary of iron and steel conditions.
Though January and February have been record breaking 15 to the New York "Herald-Tribune" which added:
The experiment, for the first months, will be restricted to Kansas and
there are no indications that this has been at the expense of
Nebraska, but it will be extended to all other
March and April tonnage. Requirements of the automotive will include all stamps from one to five cents.states if it is satisfactory. It
Postmaster General New, to illustrate the advantages which the departindustry and the railroads, which are the chief support
ment hopes to obtain through the plan, referred to a recent robbery in
of the current market, promise to be sustained well into Rhode Island where thieves took more than $200.000 in stamps. If the
stamps had borne the name of the state, Mr. New said, It probably would
spring, adds the "Review," which is further quoted:
have been difficult for the thieves to sell them.
On such important lines as steel bars, sheets and strip, delivery dates
have drawn farther away in the past week. With concluding specifications against first quarter contracts for finished products scheduled to
be in producers' hands by March 15, this condition apparently will be aggravated. Further advances in prices make current contracts the more
attractive.
Semi-finished steel continues the bottleneck of production, especially in
the Chicago, Pittsburgh and Youngstown districts. Some finishing capacity lies idle for want ofsheet bars and billets. Some steelmakers, having
consumed substantially all of their semifinished output, are in the open
market seeking material to apply on contracts.
An advance of $1 has been made in semi-finished steel, with talk of
premiums in the Youngstown and Pittsburgh districts. The recent $2
rise in all grades of sheets, excepting full finished. receives reinforcement
by the adherence of the leading producer. Wire products' makers have reaffirmed current prices for the second quarter, which is tantamount to
an increase of $2 because of the large carryover of fourth quarter business.
An analysis of factors which will largely determine finished steel production over the next 60 days discounts any exterior adverse influences. Production of track material will be seasonally high through most of the second
quarter. Automotive needs for steel, already at a record for the season, are
more likely to expand than contract, as the spring assembly peak is rarely
passed before May. Freight car awards assure heavy steel specifications
Into the third quarter. The approach of spring normally heralds a revival
of construction and enhanced demand for many steel lines from rural
districts.
Coke continues the most active of raw materials. In some recent transactions the beehive furnace grade has commanded $3.10. an advance
of 10 cents. By-product coke at Indianapolis, Cincinnati and Ohio river
points will be advanced 50 cents per ton Mar. 1. Iron and steel scrap
has shaken out much of its recent weakness and some large buying is reported. The return of marked activity in pig iron is slow but steady.
February shipments constituted a record.
"If the fence did buy the stamps," said the Postmaster General. 'he
would leave himself in a position to be traced easily by our inspectors. As
soon as the department would ho notified of the robbery, our inspectors
would have a clew which, although not conclusive, would he valuable in
tracing the fence and eventually through the fence probably would be able
to locate more easily the thieves."
The plan to create an individual mark on retail stamps has been discussed in every detail since 1902, tho Postmaster General said, and a detailed study of its probable effect and its helpfulness to postal inspectors
in running down the robbers of postofflces and their fences finally led the
Department to decide on the new plan.
Chicago Not In Sympathy With Proposal That It
Adopt Eastern Standard Time.
Proposals that Chicago time should be changed to Eastern
Standard Time so that New York and Chicago might transact
business on an identical schedule are stirring up a controversy
in which opponents of the idea appear to be in the majority,
said a Chicago dispatch Feb. 24 to the New York "Times".
The dispatch went on to say:
Objectors maintain that Chicago would be forced
to set its clocks forward
two hours instead of one when Now Yoz'k daylight time goes in effect. This
would provoke aloud outcry from worldng people, it is believed.
The assertion is also made that the changes would cause much confus on
In Omaha, Minneapolis and Kansas City. That the time in these cities
should be the same as that in Chicago is held to be essential.
MAR. 2
1305
FINANCIAL CHRONICLE
1929.]
Bituminous Coal and Anthracite Production Continues
Ahead of Last Year.
According to the United States Bureau of Mines, the
production of bituminous coal during the week ended Feb. 16
amounted to 11,954,000 net tons, an increase of 2,580,000
tons over the corresponding week last year, and compares
with 12,093,000 tons in the week ended Feb. 9 this year.
The total output of anthracite amounted to 1,736,000 net
tons as against 1,829,000 in the preceding week and 1,025,000
tons in the week ended Feb. 18 1928. The Bureau's report
is as follows:
BITUMINOUS COAL.
Estimated Weekly Production of Coat by Stales (Nei Tens).
Week Ended
Feb. 9 '29. Feb. 2 '29. Feb. 11 '28. Feb. 12'27.
State506,000
333,000
340,000
349,000
Alabama
34,000
28,000
68.000
64,000
Arkansas
251,000
201,000
322,000
283,000
Colorado
1,575,000 1,588,000 1.264,000 2,157,000
Illinois
639.000
364,000
433,000
470,000
Indiana
153.000
73,000
99,000
98,000
Iowa
126,000
50,000
81,000
76,000
Kansas
955,000
873.000
1,052,000 1,029.000
Kentucky-Eastern
400,000
318,000
400,000
382,000
Western
64,000
60.000
67,000
66,000
Maryland
14,000
13,000
16,000
16,000
Michigan
78.000
80,000
89.000
91,000
Missouri
63.000
55,000
84,000
86,000
Montana
63,000
47,000
62,000
65,000
New Mexico
42.000
38,000
81,000
67.000
North Dakota
797,000
198,000
467,000
434,000
Ohio
75,000
45.000
89.000
97,000
Oklahoma
2,906,000 2,789.000 2,485,000 3,358,000
Pennsylvania
142.000
116,000
120,000
142,000
Tennessee
28,000
18,000
19,000
18,000
Texas
94,000
93,000
151,000
150,000
Utah
268,000
243,000
283,000
285,000
Virginia
54.000
41,000
51,000
67.000
Washington
.
W. Va.-Southern_b__ .. 2,290,000 2,086,000 1,855,000 2,098,000
817,000
743.000
743.000
753,000
Northern..c
152,000
113,000
167,000
160,000
Wyoming
6.000
2,000
1,000
2,000
Other States
Feb. 1923
Average.si
434,000
30.000
226.000
2,111.000
659.000
140.000
103.000
607.000
240.000
55.000
32.000
87.000
82.000
73.000
50.000
814.000
63,000
3,402.000
113,000
26,000
109,000
211,000
74,000
1,168,000
728,000
186,000
7,000
The total production of soft coal during the week ended Feb. 16, including lignite and coal coked at the mines, is estimated at 11,954,000
net tons. Compared with the output in the preceding week, this shows
a decrease of 139,000 tons, or 1.1% Production during the week in 1928
corresponding with that of Feb. 16 amounted to 9,374,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1928-1929•
1927 1928
12,093,000 11,676.000 9,749.000 13,434,000 11,850,000
Coal year
Coal Year
Total bituminous
1,829,000 1,718,000 1,466.000 1,491,000 1,968,000
Week.
to Date.
Week.
to Date.a Pennsylvania anthracite
11,675.000 418,198,000
10,105,000 396,347,000
Feb. 2
13,922,000 13,393,000 11.215.000 14,925.000 13.818,000
Total all coal
1.546,000
1,620.000
Daily average
1,684,000
1.533,000
a Average weekly rate for entire month. b Includes operations on the N. & W.:
12,093,000 430,291,000
Feb. 9_b
9.749,000 406,096,000 C..4 O.; Virginian; K. & M.. and Charleston division of the B. & 0. c Rest of
Daily average
2,016,000
1,629,000
1,625,000
1,535,000 State. including Panhandle.
Feb. 16.c
11,954,000 442,245,000
9,374.000 415,470,000
PENNSYLVANIA ANTHRACITE.
Daily average
1,992.000
1,637,000
1,562,000
1.535,000
The total production of Pennsylvania anthracite during the week ended
a Minus two days' production that week in April to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
Feb. 16 1929 is estimated at 1,736,000 net tons. Compared with the
week, this shows a decrease of 93,000
The total production of soft coal during the present coal year to Feb. 16 revised estimate for the preceding
the week of 1928 corresponding with that
(approximately 270 working days) amounts to 442,245,000 net tons. Fig- tons, or 5.1%. Production in
1.025,000 tons.
ures for corresponding periods in other recent coal years are given below: of Feb. 16 amounted to
Estimated Production of Anthracite in Pennsylvania (Nel Tone).
1927-28
415,470,000 net tons 1925-26
471,996,000 net tons
928-19291927 1928
1926-27
514,305,000 net tons 1924-25
416,696,000 net tons
Coal Year
Coal Year
to Date
Week
to Date,
Week Ended
As shown by the revised figures above, the total production of soft coal
1,579.000 67.960,000
1.718,000 67,832,000
for the country as a whole during the week ended Feb. 9 is estimated at Feb. 2
1,466,000 69.426,000
1,829,000 69,661,000
Feb. 9_1s
1.025,000
70.451.000
12,093,000 net tens. This is an increase of 418,000 tons, or 3.6% over Feb. 16.c
71,397,000
1,736.000
the output in the preceding week. The following table apportions the
a Minus two days' production in April to equalize number of days in the two
report. c Subject to revision.
tonnage by States and gives comparable figures for other recent years:
coal years. b Revised since last
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 27, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows an increase of $87,500,000 in holdings of discounted bills, and decreases of
$21,600,000 in bills bought in open market, and $6,200,000
in United States securities. Member bank reserve deposits
increased $48,600,000, Government deposits $6,000,000,
Federal Reserve note circulation $2,400,000 and cash reserves $4,300,000. Total bills and securities were $59,800,000 above the amount held on Feb. 20. After noting
these facts, the Federal Reserve Board proceeds as follows:
Holdings of discounted bills increased $40,700,000 at the Federal Reserve
Bank of Now York, $18,600.000 at San Francisco, $16,900,000 at Chicago,
$10,500,000 at Boston, $7,000,000 at Minneapolis and $87,500,000 at all
Federal Reserve banks. The System's holdings of bills bought in open
market declined $21,600,000, of Treasury notes $4,400,000 and of Treasury
certificates $1,800,000, while holdings of U. S. bonds were unchanged.
Federal Reserve note circulation was $2,400,000 larger than a week
ago, increases of $6,900,000 at Cleveland, $1,600,000 at Chicago, and
$1.500,000 at Philadelphia being largely offset by decreases of $5,700,000
at New York, $1,500,000 at Boston, and $1,000,000 at Richmond.
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 1354 and 1355. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Feb. 27, is as follows:
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans have increased $30,000,000 the amount
of these loans on Feb. 27 was $5,507,000,000, which compares with $5,669,000,000 on Feb. 6 1929, the peak for all
time, and with only $3,722,000,000 on Feb. 29 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb. 27 1929. Feb. 20 1929. Feb. 29 1928.
Loans and investments-total
Loans-total
On securities
All other
Investments-total
Total reserves
Gold reserves
Increase (-I-) or Decrease (-)
During
Week.
Year,
Feb.27 1929
3
+4,303,000
2 844,164,000
130,137,000
+5,736.000 -121,524,000
2.686,846,000
Total bills and securities
1 463,032.000
U.S. Government securities
Other securities
7,239,000,000 7,109200,000 6,905.000,000
5,369,000,000 5,229,000.000 4,984.000.000
2,863,000,000 2,743,000,000 2,481,000,000
2,500,000,000 2,486,000,000 2,503,000.000
1,870,000,000 1,880,000,000 1,921,000,000
1,116,000,000 1,127,000,000 1,079.000,000
754,000.000 753.000.000 842,000.000
+59,752,000
+218,103,000
Reserve with Federal Reserve Bank-. 761,000,000
56,000,000
Cash in vault
Bills discounted, total
952,482,000 +87,502,000
Secured by U.S. Govt. obliga'ns _ 608,752,000 +90,481.000
Other bills discounted
2,979,000
343,730,000
+459,914.000
+302.344,000
+157,570,000
Net demand deposits
Time deposits
Government deposits
Bills bought in open market
334,075,000 -21,561,000
9,684,000
U. S. Government securities, total- 166.400,000
Bonds
51,593,000
Treasury notes
90.738,000
Certificates of indebtedness
24,069,000
-6,189.000
+1.000
-4,406,000
-1,784,000
Federal Reserve notes in circulation_ _1,653,971,000
+2.376.000
+65,733,000
2,412,972,000 +51,951.000
2 367,250,000 +48,606,000
+5,969,000
21,156,000
-12,633,000
-7,265.000
-6,761.000
Total deposits
Members' reserve deposits
Government deposits
-241,202,000
-4,017,000
-115,298.000
-121.887.000
Due from banks
Due to banks
772,000.000
61,000,000
746,000.000
51,000.000
5,349,000,000 5.212,000,000 5.563,000,000
1,177,000,000 1,173,000,000 1,081,000.000
10,000,000
12,000.000
11,000.000
93,000,000
935,000,000
Borrowings from Federal Reserve Bank_ 134,000,000
95,000,000 102,000,000
948,000,000 1.162,000,000
103,000.000
42,000.000
'Mans on securities to brokers & dealers:
1,090,000,000 1,023.060.000 1,149.000,000
For own account
For account of out-of-town banks__ 1.693,000,000 1,786,000,000 1,424.000,000
2,724,000,000 2.668,000,000 1,149,000,000
For account of others
Total
On demand
On time
5,507,000,000 5,477,000,000 3,722,000,000
4 962.000,00 4,918,000.000 2,812.000.000
545,000,000 559.000.000 910,000.000
1306
Loans and investmenta--total
Loans—total
.
On securities
All other
Investments—total
13. S. Government securities
Other securities
FINANCIAL CHRONICLE
Chicago
2 141,000.000 2,099,000,000 1,942,000,000
1,688,000,000 1,646,000,000 1,447,000,000
943,000,000
745,000.000
912.000,000
735,000,000
708,000,000
649,000,000
453,000,000
453,000,000
495,000,000
192,000,000
261,000,000
195,000.000
258,000,000
221,000,000
274,000,000
188,000,000
17,100,000
177,000,000
17,000,000
[VOL. 128.
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Mar. 2 the following summary of market conditions abroad, based on advices by cable and radio:
184,000,000
17,000,000
ARGENTINA.
The outstanding feature of the month of February was the large amount of
United States capital that has been invested in Argentina, principally in
light and power plants and in telephone systems. Construction work
Net demand deposits
1 281,000,000 1,245.000,000 1,272,000,000
Time deposits
685,000,000 686,000,000 646.000,000 continued to be active and general business to be good. The summer Is
Government deposits
2,000,000 nearing its end and the autumn activities will begin on Mar. 1 with a
1,000,000
1,000,000
favorable outlook.
Due from banks
173,000,000
162,000,000 145,000,000
AUSTRALIA.
Due to banks
321,000,000 315,000,000 376,000,000
For the past month general trade conditions in Australia have been someBorrowings from Federal Reserve Beni.. 121.000.000 104,000,000
12,000,000 what disappointing and business men generally have proceeded cautiously.
Despite fairly good rainfall in sections where it was needed badly the volume
of trade has been below expectations. The labor outlook is one of the chief
Complete Returns of the Member Banks of the Federal causes of this lack of business confidence. Though it is expected that
the timber strike will be settled within the next fortnight, it is felt
Reserve System for the Preceding Week.
by many that a crisis in the coal strike is near and that a strike of considerable proportions is probable. There is, however, the possibility that agreeAs explained above, the statements for the New York and
ment will be reached
the trouble will be
Little
Chicago member banks axe now given out on Thursdays, is being made in theand that conference betweenaverted. and progress
general
laborers
employers
simultaneously with the figures for the Reserve banks them- now under way at Sydney. Uncertainty in industrial circles is reflected in
the Investment market and there is a very noticeable tendency for investors
selves, and covering the same week, instead of being held
to prefer gilt-edged securities to industrial stocks.
Reserve with Federal Reserve Bank
Cash in vault
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 20:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Feb. 20 shows decreases for the week
of $42,000,000 In loans, of $19,000,000 in investments, of 5248.000,000 in
net demand deposits, of $12,000,000 in time deposits and of $32,000,000
In borrowings from Federal Reserve banks.
Loans on securities were $73,000,000 below the Feb. 13 total at all reporting banks, the principal changes by Federal Reserve districts being
declines of $65.000,000 in the New York district, of $11,000,000 in the
San Francisco district. of $7,000,000 in the Dallas district and of 58,000.000
in the Kansas City district, and increases of 534.000,000 in the Chicago
district and of $7,000.000 in the Philadelphia district. "All other" loans
increased $8,000.000 each at reporting banks in the New York and Chicago
districts, $8,000,000 in the Cleveland district and $31,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $8,000,000 in the
Boston district and $17,000,000 at all reporting banks, while holdings of
other securities show little change for the week.
Net demand deposits, which at all reporting banks were $246,000,000
below the Feb. 13 total, declined in all districts except Minneapolis, which
shows a small increase, the principal reductions by districts being: New
York. $83.000,000; San Francisco, $31,000,000; Chicago. $29.000.000;
Boston and Cleveland, $23.000,000 each; St. Louis, $13,000,000, and Kansas City, 512.000.000., Time deposits declined 512,000,000.
The principal changes in borrowings from Federal Reserve banks for the
week comprise declines of 567.000,000 at the Federal Reserve Bank of
New York, of $10,000,000 at San Francisco and $7,000,000 at Cleveland,
and increases of 528,000.000 at the Chicago bank. of $11,000,000 at Philadelphia and of $9.000,000 at St. Louis.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Feb. 20 1929 follows:
AUSTRIA.
Normal industrial and trade activities in Austria were seriously handicapped during February by unprecedentedly severe cold and heavy snows
which disrupted all transportation and forced the curtailment or the closing
of many industries owing to a shortage of fuel or electric power. Vienna and
other large cities are experiencing a fuel and to a less degree a food shortage.
The closing offactories has boosted unemployment to new records;recipients
of unemployment subsidies on Feb. 15 numbered 258.000, or 28.000 more
than on Jan. 15. The money market continues easy with rates steady.
The commodity price tendency, particularly of manufactured goods, is
Upward.
BOLIVIA.
General business conditions in Bolivia during February continued to show
the improvement which began during the previous month. Retail trade was
more active and importations were much heavier than in January. Collor
tions have improved noticeably, and a number of the leading importers
have appreciably relaxed their previous stringent credit policy. At the
same time, they are restricting the volume of their business considerably.
Local importers, and merchants in general, are reported to be satisfied
With the present state of business, although the more important firms are
somewhat pessimistic regaiding the outlook for the near future if the proposed increased import duties on flour, sugar and textiles are imposed,
In which case they will find It difficult if not impossible to compete with the
highly protected local products. The Central Bank has not yet begun to
function although the local banks have already started to reduce their
outstanding loans In conformity with the new law which requires them to
maintain a higher percentage of reserve. Important local merchants
believe that there will be a credit deflation when the new banking system is
definitely inaugurated. Tin prices improved somewhat over those of January
although the prevailing low level makes it difficult for any except the large
mining companies to operate at a profit.
BRAZIL.
General business continues dull with an undertone of pessimism and uncertainty. Exchange has weakened during tho last week, and the Bank of
Brazil has increased the sight dollar selling rate from 8.359 milreis to 8.395
milrehs. The sterling rate remained unchanged at 5-31-32 pence to the milreis. The Bank of Brazil is still not rediscounting. Rumors that the Federal
Government will float a foreign loan of E15,000,000 or £20,000,000 by
midyear for the purpose of establishing the conversion of all currency persist. Total foreign trade figures for the 12 months of 1928 just made available show imports to have amounted to E90.658,000 and exports £97,426,000, the resulting favorable balance of £8,770,000 being the smallest
since 1924. Sao Paulo reports commodity sales dull and the automobile
market only fair, sales having been reduced by rains, but a largo increase
In sales is expected next month. Damage by rains to the coffee crop is
estimated at 500,000 to 1,000,000 bags,so that a good crop is still expected.
The market is firm. General business has been much impaired and commodity prices are rising owing to interruption of traffic on the Sao Paulo
Railway which will be blocked for several weeks. Imports in general have
been slow. The rubber market at Para is reported firmer with arrivals from
Acre. Business at Bahia has improved because of rains, though the cacao
market Is still depressed. General business at Pernambuco is dull but with
a slight increase in sugar prices around the middle of the month.
BRITISH MALAYA.
The reopening of business following the Chinese New Year is marked
chiefly by steadily increasing rubber prices. Although retail markets continue seasonably dull, improvement in the rubber situation is creating a
strong feeling of optimism among importers.
CANADA.
Retail trade in the Dominion is improving steadily after the usual January
Increase 1-1-) or Decrease (—)
lull. Heavy shipments of groceries are being made to mining camps in
Since
Feb. 20
Feb. 13 1929. Feb. 21 1928.
1929.
northern Manitoba as the result of mining and construction activities this
$
$
3
Loans and investments--total_._ _22,180,000,000 •-59,000,000 +980,000,000 winter, and the so-called Lenten groceries are moving well, particularly
in Quebec Province. Dry goods and clothing sales are reported to be very
Loans—total
16,188,000,000 •-42,000,000 +1,063.000,000 good In Toronto, where very satisfactory quantities of electrical apparatus
and radio equipment are moving into consumption channels. Canned
On securities
7,448,000,000 •-73,000,000 +938,000.000 vegetables and fruits
continue firm. Collections are fairly good throughout
All other
+31,000,000 +125,000,000
8,740,000,000 •
the East but a little slow in rural districts in the western provinces. AdInvestments—total
—84,000,000 vancing copper prices continue to feature the hardware
—19,000.000
5,991,000,000
trade. British
U. EL Government securities
+82,000,000 Columbia hardware merchants report an unusually active winter in view
—17,000.000
3,067.000,000
Other securities
—166,000.000 of weather conditions. Retail gasoline prices in that province have been
—1,000.000
2,925.000,000
reduced two cents per Imperial gallon.
Reserve with Federal Reserve HU_ 1,750.000.000
+13,000.000
+10.000.000
Cash in vault
+8,000,000
CHILE.
—8,000.000
253,000,000
The general merchandising situation in Chile continued at the approxiNet demand deposits
13,259,000.000 •-246,000.000 —211,000,000 mate
of January, although retail sales in Santiago showed a further
levels
Time deposits
—12,000,000 +261.000,000
6,887.000,000
GOvell1M0Dt deposits
+8.000.000 decline reflecting the seasonal dullness. Wholesalers report a slightly
43,000,000
larger movement in February than in the previous month and statementa
Due from banks
+12.000.000
—48.000,000
1.144,000.000
Due to banks
—49,000,000 —347,000,000 from other commercial centers indicate that there have been a maintenance
2.873.000,000
of the same volume of merchandise turnover. Conditions are fundamentally
Borrowings from Fed. Res. Basis. 637,000,000
—32,000,000 +301,000,000 sound and import orders indicate that merchants arc anticipating heavy
'Feb. 13 figures revised.
demands for merchandise during the coming fall and winter seasons. Non-
MAR. 2 1929.]
FINANCIAL CHRONICLE
employment is at a minimum. Money has tightened considerably during
February as a result of the requirements of agriculture and also possibly
owing to the announcement that the Banco de Chile y Alemania with reported assets on Sept. 1 1928. of 92,000.000 pesos intends to liquidate.
This is one of the largest German banks and has several branches. The
Central Bank has maintained its discount and rediscount rates, but commercial banks have increased their rates to 7% and above for first class
paper. Deposits appear to have declined slightly and overdrafts increased.
Collections continue good, with no large failures reported. Heavy rains in
the vicinity of Valdivia early in the month caused some damage to cereals
but benefited the hay crops. Although the harvest will not meet the
early expectations it will appreciably exceed the production of last year.
Prices are also maintaining higher levels. Heavy exportations of various
agricultural products took place during the month. Manufacturing industries continue to be actively employed with orders well booked. Copper
production is expected to exceed that of January. Nitrate production for
January totaled 2.745,000 metric quintals as compared with 2,430,000
metric quintals in January, 1928.
CHINA.
A branch of the Equitable Eastern Banking Corp. Is to be opened in Tientsin on Mar. 15. Improved operating conditions are reported on both the
Peking-Suiyuan and Peking-Mukden lines, although both are still handicapped by insufficient rolling stock. Revenues on the Peking-Hankow
line are declining, due to excessive military surtaxes. No through traffic
on the Tientsln-Pekow line is yet established. The embargo on the importation of radio sets has been removed by the Government. Through freight
traffic is again returned on the Peking-Mukden Railway.
1307
FRANCE.
The conversion loan of the amortization office opened on Feb. 18, but
National Defense bonds closed the same day after reaching
subscriptions in
the limit fixed which is reported to be in excess of 4,000.000.000 francs.
The exchange of tobacco bonds will continue until Mar. 30. The striking
success of this operation confirms the marked improvement in Government
credit.
GUATEMALA.
Business in general during February appears nearly normal, although
customs receipts during January and February are below those of last year,
which seems to indicate a retrenchment on the part of importers. Both
retail and wholesale business showed the usual increase during February
on account of the fact that money from the sale of coffee is available.
Retail and draft collections also improved over the past months. Agents
report that wholesale orders for foodstuffs and textiles during February
Increased over the previous month. Corn imports during January amounted
to 1.457 short tons, and orders for February shipment, placed before
Feb. 11. totaled 1.815 short tons. It now appears that the highland corn
crop will not supply the country's needs and that consequently imports
will continue until the August lowland crop is harvested. Recent local
estimates of the 1928-29 coffee crop are considerably more conservative
than those made in November and December of last year. It is believed
that in spite of the revised and lowered estimates, which in the majority
range from 925.000 to 980,000 quintals, there are still strong indications
that the crop may reach a figure somewhat above the one million quintal
mark.
HAITI.
COLOMBIA.
General business conditions in Haiti are improving slightly, but collections
Business conditions in the Bogota region are slow and a general business are still poor. Sales of dry goods are more active than in January. The
depression is noticeable in the Cali district. Bank collections are more importation and sale of foodstuffs during the past eight months have been at
difficult. However, the purchase of automobiles, machinery, foodstuffs, record levels. The principal crops are now moving and business is benefitting
textiles and specialties is improving. Building construction in Bogota is as money from this source becomes available. The current coffee crop,
brisk. Trade is increasing thus far this year with the United States, which upon which the trend of economic conditions is primarily dependent.
sells Colombia nearly 50% of its needs. The Magdalena River is ex- is very much smaller than the large crop of last year.
ceptionally low with the result that 50 cargo boats are tied up. seriously
HONDURAS.
affecting business as imports cannot move from Barranquilla to interior
Business in general was slack during January awaiting the taking over
points. The congestion of freight at La Dorada, the terminus of the lower
of office by the new administration on Feb. 1, and it is reported that since
river traffic, is becoming more serious. On account of the inability of
that date merchandise sales have shown an encouraging increase. As a
boats to carry the coffee from Girardot, a large concentration point for this
result, the outlook for Increased orders for foreign merchandise in the near
commodity, prices at that place have declined.
future is favorable. The banana crop prospects for 1929 are said to be
COSTA RICA.
excellent. The bank rate of exchange in Tegucigalpa remains at 2.02
there was the seasonal dullness in trade in Costa Rica during pesos to the dollar.
Although
February, collections were good. The port of Puntarenas is still congested,
JAMAICA.
but coffee is moving fairly well. Banana planters on the Atlantic Railway
Retail business during February has shown some improvement over the
west of the landslide are unable to harvest the fruit but they are hoping
previous month as a result of increased tourist traffic. Bank deposits
to make shipments via Puntarenas in the near future. However, it is
normal level and collections are still reported to be slow. Buildstated that barring any setbacks such as unusual rains, the railway to remain at a construction work are active and labor conditions are generally
ing and road
Port Limon will probably be in operation by May 1.
satisfactory. The banana crop is in good condition, but some apprehension
CUBA.
exists owing to the scarcity of rain. The grinding of the sugar crop is
Wholesale distribution in Cuba is far below the normal for this season proceeding at a steady pace with production for February estimated at
which usually witnesses a seasonal improvement, and no sharp 8,000 long tons, or about the same amount as produced in January.
of the year
increase has been shown over last month. The grinding of the sugar crop is
JAPAN.
being rushed ahead at unusual speed and by the end of February the trade
Markets in general are dull, with little prospect of improvement in foreign
anticipates that the production will have exceeded 2,500.000 tons. According
legislation of interest has been completed by the diet. An into the figures of the Cuban Sugar Club,the production to Feb. 15 amounted trade. No
tariff appears certain. Cotton mills continued their
to 1,900,000 tons. This compares with 1,213,000 tons to the same date of crease to the lumber
preparations for a reduction in working hours without impairing their present
1928, when the grinding started two weeks later, and 1,490,000 tons to the
refunding debenture issues at 5.50% are in prospect.
same date of 1927, in which year grinding started on the same date as this output. Many new
that the yen will continue at approximately its
year. The sucrose content of the cane according to the report, is averaging It is generally believed
11.71%, as against 10.67 last year. The total production of the 1928-29 present value.
MEXICO.
sugar crop is still in doubt, but from present indications it is believed it may
exceed the estimate of 4.500,000 tons conservatively made in December.
A downward reaction in business occurred during the last halfof the month
The expectation of an increase is based on the improvement in the sucrose of February on account of the political developments growing out of the
content reported to date. However, the south central region of Cuba is presidential campaign and the religious conflict. Conditions in the northern
reported suffering heavily from the effects of last year's drought, and in States are generally satisfactory, while in the States of Jalisco, Colima,
some sections cane left over from last year is not being cut. In view of those Nayarit. Guanajuato and Hidalgo, they continue disturbed. Inauguration
facts, the opinions of individual sugar producers are so conflicting that of the Mexico City to Matamoras air mail service has been set for Mar. 9,
general estimates are not forthcoming. It now appears unlikely that many
NETHERLAND EAST INDIES.
mills will shut down for financial reasons as the banks are still advancing
Business in the first weeks of the current year has shown considerable imthe funds necessary to enable the mills to harvest the crop.
dullness at the close of 1928. Importers are
The tobacco crop is expected to be of assistance this year in stabilizing provement over the temporary
celebrations
business conditions. The crop now being gathered is reported so heavy that now distributing to retailers in anticipation of native new year
the sugar mills in the western province are having difficulty in securing in March.
Export markets, however, are seasonally dull and it is feared that dry
sufficient labor to take the cane off the fields at the wages they are able
to pay. February has witnessed a remarkable influx of tourists in Havana weather in east Java may affect sugar, rice, and tobacco crops. The textile
market remains overstocked in staples but excellent business has been done
and present indications are that this season will prove the most lucrative
which Cuba has ever known. It appears quite probable that this year's in fancies in connection with new year buying. Automotive sales have
tourist expenditures will register a gross volume of over $25,000,000. The improved over December and imports are heavy. Dealers and distributors
Machinery
country outside of Habana is profiting this year to some extent from the are organizing for keen competition in the automotive trade.
tourist business as the opportunity is now given visitors to see the interior firms are active in supplying demands for estate extensions and construction
of the Island in comparative comfort. The excellent tourist trade is filling work. Distribution of canned goods is seasonally active. January forward
a part of the hole made in the income of the island through the depression sugar contracts were weak and the market was dull. Rubber was firm,
in the sugar industry and the results appear to justify the Public Works with good demand for near and future deliveries.
expenditures on tourist attractions.
NETHERLANDS.
•
General business conditions in the Netherlands during the past few weeks
DOMINICAN REPUBLIC.
severe weather which has hampered manufacEconomic conditions in the Dominican Republic showed some slight im- have been slower owing to the
provement during February, owing in large measure to the resumption of turing and transportation.
NICARAGUA.
sugar grinding and the receipt of proceeds from the fall cacao and coffee
crops. However, the unusually dull conditions prevailing during the last
The business improvement in Nicaragua noted during December and
six months of 1928 are still adversely affecting business in general and con- January has continued in February, with the exception of a slight slowing
.
ditions in the northern part of the Republic continue very poor. Banks up in collections. The circulation of the cordoba has increased to 4,370,000
report collections somewhat better, but still unsatisfactory. Wholesale as compared with 4,160,000 last month.
and retail trade has shown some improvement as merchants have resumed
PERU.
buying to replenish depleted stocka. Imports during January 1929, were
Business conditions in Peru are seasonally dull and imports orders are
about $375.000 more than during January 1928, and $100,000 more than
In December. This increase in importations was the result of the low level to being limited to bare replacement requirements in both the luxury and genwhich stocks of merchandise had fallen and it should not be taken as an eral merchandise trades. This condition of trade may continue into July
indication of greatly improved conditions. Business circles expect a slow at which time the income received from cotton exports normally increases the
and steady improvement during the spring months. Ample rains have purchasing power of the agriculturists. Building activities, the sale of
materially aided growing crops and the shipment of cacao and coffee is automobiles and the demand for machinery all exceed those of the corresponding quarter of 1928. Bankers report that borrowing is subnormal.
steady.
collections fast and mercantile balances excellent.
ECUADOR.
SALVADOR.
The economic and commercial situation in Ecuador during February
continued unsatisfactory. Only a few orders have been placed by merchants,
Nearly all prominent retail and wholesale merchants complain of poor
the reduced purchases being attributed to the delayed returns from the cacao business during the month of February. while the smaller stores are genercrop. The slackness in trade is expected to be lifted somewhat in March. ally satisfied with sales. The tendency of the small retailer to make direct
Banks are continuing to curtail credits. Textile mills in the interior are importations from abroad has had a marked effect on the market. It is
reported to be prospering with some working on day and night shifts. reported that general imports are increasing each month and that sales
Heavy rains have resulted in unfavorable cacao conditions and both the of low priced American automobiles are larger. The Government is meeting
"mocha" and "witchbroom" plant diseases are reported in certain sections its salary and other obligations promptly and this fact, together with the
of the country. It is feared that the rains may also injure the coffee crop. general satisfactory conditions, presages a prosperous year. There had been
1308
FINANCIAL CHRONICLE
[VOL. 128.
a noticeable fmprovement in the washed coffee market and the demand of the country," he said. "Every newspaper proprietor in England
for unwashed grades continued strong with large shipments moving. Plant- ought to be compelled to come here at regular intervals
to get that same
ers are now fairly satisfied with the general coffee market conditions. influence. It should be a part of his round of duty."
The sugar market is extremely dull, with exporters refusing to sell at the
He said he had sailed from England on the Cunarder Laconia on what
low prices offered. The rumored increase in the United States tariff has he believed was the first cruise of the West Indies starting from Great
caused some anxiety and consideration is being given toward limiting sugar Britain, and had visited practically every British colony in the West
production.
Indies "There should be more West Indies cruises out from England."
he added. "You Americans have been going there for some time, and
SWEDEN.
The underlying economic situation remains favorable and the outlook more of us ought to."
Lord Beaverbrook expects to visit Canada, where he was born, before
encouraging. Shipping is showing gradual improvement, notwithstanding
the retarding influence of heavy ice in the waters surrounding Sweden. returning to England.
According to estimates, shipbuilding reached record production in 1928.
A reduction in Swedish beet sugar raising is threatened as a result of the
refusal of the Swedish Parliament (Riksdag) to grant a subsidy or to in- 1928 Favorable Year for Life Insurance in Great Britain.
crease import duties. Bourse quotations recorded a moderate decrease
The year 1928 was a favorable one for the new life induring February with normal turnover. Advanced lumber sales have
shown appreciable gain, although sales to England have been unimportant surance business in Great Britain, the returns from 28
on account of large English purchases from Russia. On February 15 ad- offices showing
a total of new sums insured for 1928 of
vanced sales estimated at 425,000 standards (841,000,000 board feet) compared with 300,000 standards (594,000,000 board feet) at the same time £90,357,633 as compared with £81,441,833 in 1927 and £71,last year. The mills report unusually low stocks of chemical pulp with 760,173 in 1926. According to advices received by Bankers
the market quiet and prices unchanged.
Trust Company of New York
Information
TRINIDAD.
General business conditions in Trinidad remain satisfactory and the
outlook for the immediate future is promising. The production of cacao
has been maintained at a steady level, and the marketing of the crop has
afforded the usual stimulus to business activity. The yield from the 1929
sugar crop is expected to be excellent, but the low price prevailing for this
commodity is causing anxiety to the industry. Another crops are normal.
The oil industry continues to make steady progress despite low prices.
The petroleum output in 1928 increased about 40% over the preceding
year. Government finances are in a very satisfactory state, and a considerable surplus is being shown. A part of the surplus win be used to open
up a large tract of land for agricultural purposes.
by its British
Service, these figures represent the net sums insured after
deduction of reinsurances, and include life insurance business only. In making this known, the trust company on
Feb. 22 added:
In addition to this business, a considerable volume of business was done
in annuities and sinking fund insurances. The combined total of all the
British offices, at £90,357,633, is an increase of 11% compared with an
increase of over 13% in 1927 over the corresponding total of 1926.
The need for life insurance is said to have received much more general
attention recently throughout the United Kingdom than ever before. The
average taxpayer has been made to feel that he really is a greatly under
URUGUAY.
insured person, and that so long as he remains in that position he has
The prospects of a poor corn crop and the closing of retail establishments failed to meet his family responsibilities. Life insurance propaganda has
during the carnival failed to exercise a dampening influence on business directed attention rather away from the capital aspect of life policies in
which showed greater stability in February than was anticipated. The the direction of showing the income which their proceeds may be expected
retail trade was especially benefited by one of the heaviest inward move- to produce. This is considered a sound line of argument, for the most
ments of summer visitors from Argentina that the country has ever ex- skeptical can quickly be convince of the absurdity of regarding a policy
perienced. Although the meat packing plants curtailed their operations for say £1,000 as adequate provision when actually the proceeds are
for a short period owing to a shortage of water, the number of animals equivalent only to an income of £1 a week for dependents.
slaughtered by them is expected to be greater than during January. There
was little interest displayed in the wool market and buying was restricted
to small lots of crossbred. The hide market was extremely quiet and prices Bank!of England Had to Bid For Gold in Open Market.
showed a downward tendency.
The Department's summary also includes the following
with regard to the Island possessions of the United States:
PORTO RICO.
Some slackening in the movement of merchandise in most lines of business
has been evident in the past few weeks. This is attributable to the termination of Red Cross relief expenditures which has not been offset by the
congressional provisions for farm relief, the money for which is not yet
available. The trend of conditions over the next few months is largely
dependent on the outcome of the sugar and tobacco crops which are now
being watched anxiously. The replacement of buildings destroyed by the
storm, especially tobacco barns and military barracks, is maintaining the
movement of construction materials somewhat above normal. Stocks
are adequate to meet this demand and importers are ordering conservatively.
Sales of builders hardware, plumbing materials, and paints are still fairly
good. The foodstuffs trade is less active than a month ago. The trade
in fertilizers Is dull, but the agricultural implements trade, after a long
period of dullness, is showing some activity, largely through purchases of
'tractor drawn implements for sugar farms.
j
Governors Norman, Moreau and Schacht of Central
European Banks Confer in Paris.
Under date of Feb. 27, Central News adviees from Paris
to the "Wall Street News" stated:
Governor Montagu Norman of the Bank of England has been here
since Sunday and has had conversations with Governor Moreau of the
Bank of France and Governor Schacht of the Reichsbank. It is understood
that the object of the visits comprises technical gold questions arising from
the Geneva negotiations and the financiers may also discuss the reparations
problems.
Lord Beaverbrook Says Gold Standard Was Thrust
Upon England.
Lord Beaverbrook, British newspaper proprietor, who
arrived in New York recently from Bermuda,in an interview
on Feb. 23 discussed the English money market as one of his
-country's present chief concerns. The New York "Times"
-of Feb. 24,from which we quote, gives the following account
of his comments:
Satisfaction over the Bank of England's purchase this week of gold
arriving in the market from South Africa is to some extent tempered by
the fact that, contrary to its usual custom, the bank had to pay the market
price in order to get the gold. Normally, the Bank of England buys gold
only at what is called its statutory price, approximately 84 shillings, 9%
pence per fine ounce. Consequently, if there are any buyers willing to
pay more, the bank gets only such supplies as remain unsold.
Last Thursday it bought £712,000 at 84 shillings, 10% pence, thus
paying one penny per ounce more than its statutory price. The balance
of £200,000 which remained after this purchase was bought for the
home and continental trades and for India, which has also obtained nearly
half a million sterling for direct shipment from South Africa,
Fiance Issuing New Coin—Five Franc Coins Will
Replace Present Pink Notes.
According to a Paris cablegram to the "Times," President
Doumergue on Feb. 21 signed a bill authorizing the issuance
of the new five-franc coins which will be in nickel and will
replace the little pink notes now in circulation. The cablegram added:
These coins wil lbe made on the model of the pre-war five.frano silver
pieces and will answer the long standing public complaint that the paper
bills are easily torn and are dirty. They will also provide a new complication for tourists who will no doubt have some difficulty in getting used
to a coin made of nickel, about the size of a dollar, labeled 5 francs and
worth only about 20 cents.
The resumption by France of the coining of gold and silver
pieces was noted in our issue of Jan. 26, page 497.
Retirement of M. Rist—Vice-Governor of French Bank
Remained to' Complete Stabilization—M. Moret
Successor.
The retirement of Charles Rist from the Deputy Governorship of the Bank of France caused no surprise, says a cablegram, Feb. 22, to the New York "Times." The cablegram
was Ill- goes on to say:
The Bank of England's policy in adopting the gold standard
considered and ill-advised," said Lord Beaverbrook. "The condemnation of
the Federal Reserve Bank here for talking with the Bank of England is not
half as severe as has been the condemnation of the Bank of England for
talking with the Federal Reserve. If Montagu Norman, Governor of the
Bank of England, had not talked with the Federal Reserve we would never
have had the gold standard thrust upon us."
Lord Beaverbrook further criticized British bankers,saying they dictated
the industrial policy of the country. "We have had a bankers' policy all
along, directed along the lines of favoring the general financial situation
without regard to the industrial situation," he asserted.
He spoke more optimistically on general conditions in Great Britain
to-day, foreseeing much improvement.
"There has been," he said, "a noticeable improvement in the coal
market, which will make a great difference in England's industrial situation. Likewise there has been considerable betterment in shipbuilding
and in the shipping business. These are the fields in which things look
best at present. I expect that we will shortly see England emerge from
the long period of depression she has been in."
Asked concerning his purposes in visiting this country, Lord Beaverbrook replied that he came here regularly. "I like to feel the influence
From the "Times" we take the following from London,
Feb. 23:
When he accepted the post of Vice-Governor, on the reorganization of the
public finances after 1926, he stipulated that his incumbency should be
only temporary and that he would withdraw when stabilization had been
fully accomplished.
He remained with the bank longer than he had meant to do because
his special services were still required. His departure is unanimously
regretted; but his successor, M. Iforet, who had previously been the
chief treasury official, enjoys the complete confidence of banks and other
financial circles.
The resignation of Mr. Rist was referred to in these columns Feb. 9, page 816, and Feb. 16, page 982.
Credit Lyonnais of France Raises Capital by 60%.
A cablegram from Paris Feb. 24 to the New York "Journal of Commerce" states that the Credit Lyonnais, the most
prominent financial institution in France, will increase Its
MAR. 2 1929.]
1309
FINANCIAL CHRONICLE
•capital from 255,000,000 francs to 408,000,000 francs, a rise
of 60%, it was made known by the Agence Economique et
rinanciere. The cablegram further states:
This capital increase follows similar action already announced by the
Qredit Commercial de France, the Banque de l'Union Parisienne and the
,
Cbmptoir National d'Escompte.
The increase in capital of the leading banks have been regarded as an
inevitable consequence of the return to the gold standard.
Belgium—Army of Occupation
Coal and coke (including transport)
Dyestuffs and pharmaceutical products
Chemical fertilizers and nitrogenous products
Coal by-products
Miscellaneous deliveries
Cash transfers
Fifth Annuity
Year—CumulaMonth of
tire Total to
January
Jan. 31 1929.
1929.
Gold Marks.
Gold Marks.
653,086.09
28.279.78
912,961.38 4,983,771.28
784,682.82 3,452.619.92
433,097.81 1,913,240.48
223.704.75 1,003,268.81
3.688.279.50 21,456,856.29
98
3,594,842.81 12,935.067.
9,665.848.85 48.398,010.85
Lists for French Conversion Loan Closed.
Regarding the new 414% French loan, issued at 93.50,
a Paris account Feb. 22 to the "Times" stated:
Serb-Croat-Siovene State—Pharmaceutical products
Miscellaneous deliveries
Miscellaneous payments
Cash transfers
Subscriptions to the new obligations of the CaLsse d'Amortissement were
so large that the lists were closed on the evening of the first day for subscriptions payable in defense bonds. They remained open only for conversion of old obligations of the Caisse.
The subscription books were opened Feb. 18. The following comment regarding the issue is from a cablegram
(copyright) from Paris to the "Herald-Tribune" Feb. 23:
204.843.52
,
4,303.587.35 25.692.814.20
141,505.75
25.055.85
1.141,138.26 4,444,437.68
5.469,781.46 30,383,631.13
United States of America—Deliveries under agree3,276,292 67 16,468,348.88
ment
Cash transfers in liquidation of priority for Army
4,011,700.00 18.213.000.00
costs in arrears
7,287.992.67 34.681,348.88
2,184,764.17
Rumania—Miscellaneous deliveries
117,565.17
Three years ago, when the French Government launched its interior Japan—chemical fertilizers and nitrogenous products
281,904.56
loan, the subscriptions remained open a month or more and the total was Agricultural products
398,659.63
Miscellaneous deliveries
seldom covered. Last week the loan issued by the sinking fund had to be
424,941.89
Cash transfers
stopped the same evening, as subscribers offered more than 5,000,000 francs
1,223,071.25
national defense bonds in exchange for the new 4M % long-term bonds.
of
This will allow the sinking fund to cut by 5,000,000,000 the floating debt,
1,316,154.66
deliveries
which now stands at 30,000,000.000 francs, and which two years ago Portugal—Miscellaneous
165,186.74
Cash transfers
amounted to 49,000,000,000. Thus, the effort of the sinking fund, which
1,481,341.40
Government, has been crowned with
has been working independently of the
brilliant results. Not only has the total been reduced, but the interest
129,624.19
Greece—Miscellaneous deliveries
rate has been brought down from 8 to 434%. This amortization effort will
27.527.85
Cash transfers
be continued during the year, as the sinking fund deposes of 5,412,000,000
157,152.04
francs in cash, which at present it has deposited on current account with the
Bank of France.
47,111.94
Poland—Agricultural products
Miscellaneous Payments
Cash transfers
9,505,020.60
117,565.17
281.904.56
2,592.518.76
1.895.273.38
4,887,261.87
4,618.155.43
536,633.47
5,154,788 90
2,098,022.45
654,063.35
2,752.085.80
219,433 73
3,389 91
12,499.69
German Reparations Receipts and Transfers During
235,323 33
47,111.94
January.
171,523.725.26 860,652,364 03
to Powers
Total transfers
According to the statement issued Feb. 9 at the office
For Prior Charge...—
7.520.914.55 35,556,047.23
Service of the German External
of the Agent-General for Reparation Payments, the total Coasts of Inter-Allied CommissionsLoan 1924
762,643.94 3,870.403.08
transfers during January amounted to 179,807,284 gold
179,807,283.75 900,078.814.34
transfers
Total
marks. The funds available for distribution during the
month totaled 183,081,073 gold marks. The report for the
Prussian Government to Form Holding Company to
month follows:
Execute Industrial Foreign Loans.
STATEMENT OF AVAILABLE FUNDS AND TRANSFERS FOR THE
FIFTH ANNUITY YEAR TO JAN. 31 1929.
Under date of Feb. 23 advices from Berlin to the "Times"
(On Cash Basis, Reduced to Gold Mark Equivalents)
stated:
Fifth Annuity
Month of Year—Cusnulatire Total to
January
Jan. 31 1929.
1929.
Gold Masks.
Gold Marks.
189,488.944.86
Atailable Funds—
Balance as at Aug. 31 1928
Receipts in completion of the fourth annuity:
Transport tax
24.174,000.00
Interest and amortization on railway reparation
bonds
55,000.000.00
Receipts on account of the fifth annuity:
Budgetary contribution
104,166,666.66 520,833,333.33
Transport tax
24,166,666.66 96,666,666.64
Interest and amortization on railway reparation
bonds
55,000,000.00 220,000,000.00
Interest and exchange differences
276,040.17 3,142,019.38
183,609,373.49 1109304,964.21
Less discount on advance payments for service of
528.300.86 3,726,220.06
railway bonds
Totals
Transfers—.
In foreign currencies:
Service of the German External Loan 1924
Reparation Recovery Acts
Deliveries under agreement
Transferred in cash
Costs of Inter-Allied Commissions
183,081,072.63 1105578,744.15
7,520,914.55
30,919,579.46
3,276,292.67
64,071,719.95
285,652.16
35,556,047.23
168.364,909.25
16,408.348.88
278,963,389.42
1,446,216.36
106.074.158.79 500,798,911.14
By reichsmark payments for
Deliveries in kind
Armies of Occupation
Costs of Inter-Allied Commissions
Miscellaneous objects
70,016,498.14 375.474.155.90
3.139.579.19 20,861,664.92
476,991.78 2,424,186.72
100,055.85
519,895.66
The Prussian Government proposes to form a Prussian holding company
with 180.000,000 marks (about 845,000,000) capital.
The chief purpose of the company will be the execution of foreign loans
for Prussian State enterprises, comprising the coal mines and electrical
plants of the Preussag, Hibernia, Recklinghausen and Electra concerns.
Czechoslovakia to Adopt American Dollar As Basis for
Gold Standard.
accounts Feb.25 from Prague stated:
Associated Press
Governor
The early adoption of the gold standard was announced by the
of the National Bank to-day.
the present
The American gold dollar will be used as a standard with
Czechoslovak crown convertible into gold on demand.
would be necessary.
The Governor said that no revalorization of the crown
It has been virtually stabilized for some time.
prices or in
Adoption of the gold standard would involve no increase in
Czechoslovakian
cost of living, it was said. (The present value of the
crown is about 2.96 cents.)
Further Associated Press accounts from Prague Feb. 26,
said:
Dr. Vilem Pospisil, Governor of the National Bank of Czechoslovakia,
justified
said to-day that the country's strong economic and financial position
crown at
the Government in fixing the gold value of the Czechoslovakia
44.58 grams of pure gold or 33.75 crowns to the American gold dollar.
, (The Czechoslovakian crown closed in New York yesterday at 2.963
cents, equal to 33.743 crowns to the dollar.)
73,733,124.96 399,279,903.20
Total transfers
179,807.283.75 900,078.814.34
Cash balance as at Jan. 31 1929
Distribution of Amounts Transferred—
To the Powers—
France—Army of Occupation
Reparation Recovery Act
Coal, coke and lignite (including transport)
Dyestuffs and pharmaceutical products
Chemical fertilizers and nitrogenous products
Coal by-products
Refractory earths
Agricultural products
Timber
Sugar
M iseellaneous deliveries
Miscellaneous Payments
Cash transfers
205,499,929.81
2,106,321.60
5.848,853.05
14,688,560.25
766,996.72
4,588.384.98
670,897.40
58.683.29
41,180.10
565,792.89
1,586.414.23
25,149,304.68
75,000.00
36,064,805.98
14,175,788.91
26,305,707.87
79,884,349.54
5,064,760.67
25,343,433.91
2,330.167.74
325,784.99
283,717.64
2,471,512.91
4,917,278.48
133,896,724.47
375.000.00
161,315.087.41
92,211,195.17 456,689,314.54
British Empire—Army of Occupation
Reparation Recovery Act
Cosh transfers
1,004,977.81 6,032,789.92
25,070,726.41 142,059,201.34
13,444,923.74 55,776,812.11
39.520,627.96 203.868,803.41
Hely—Coal and coke (Including transport)
Dyestuffs and pharmaceutical Products
Coal by-Products
Miscellaneous deliveries
Cash transfers
6,943,623.48 41,177,250.46
29,644.38
980,753.46
104,917.81
756,735.86
1,520.57
5.196,652.68 23,180,514.37
12.274,838.35 66,096.774.72
Italy's Progress During First Year Since Stabilization
of Currency.
Noteworthy recovery has been recorded by Italy, both
from an economic and financial standpoint, during the first
year of operation under its stabilized currency, according
to a survey made by Roberto Pozzi, for the International
Power Securities Corporation which has financed some of
the largest public utility enterprises in Italy. Mr. Pozzi, a
leading corporation lawyer in Italy, states in his survey that
during the year 1928, Italy, In strengthening its financial
structure co-incident to stabilization of the lire, reduced its
outstanding paper money circulation to the extent of 1,500,000,000 lire. The Government also adopted strong measures of economy and restricted expenditures for the purpose of strengthening the balance sheet. A statement regarding Mr. Pozzi's observations says:
Italian industries, manufacturing export products chiefly, experienced
considerable difficulties at the start, due to stabilization of the currency,
as indicated by the curtailed exports during the first half of the year.
In the last half of 1928, exports improved substantially, and it is expected
that these industries will entirely overcome their difficulties in the near
future. Consolidations of certain companies in kindred lines has, to
1310
FINANCIAL CHRONICLE
some extent, aided the situation from the manufacturers' standpoint. Considerable attention has also been given by the government to stimulating
the agricultural industry, which, due to its geographical position, continues the backbone of Italian prosperity.
Rapid progress, however, has been made in furthering the position of
the larger industries In Italy, including the electrical, metallurgical, mechanical, manufacturing, railway and naval industries, the development
of which has been the chief cause of the revival of Italian prosperity
since the war. The development of industry has retarded agricultural
development somewhat, but the latter is now being solved by the government through its reclamation project.
The revival of industry is evidenced by the figures which show the
growth of the demand for electrical energy. For the month of November
1928, production of electrical energy increased 19%, compared with the
same month in 1927, while production for northern Italy increased 21%.
City Savings Bank Co., Ltd., of Budapest Increases
Dividend.
The City Savings Bank Co., Ltd., of Budapest, has increased the annual dividend on its capital stock of 50 pengoe
par value from 11% paid for the year 1927 to 12% for the
year 1928. Each American share represents four Hungarian
shares. The payment to be made to holders of American
shares is $4.17 a share, payable March 9 1929 to holders
of record at the close of business Feb. 27 1929. The dividend.will be paid through the National City Bank of New
York, the depositary. The American shares were first issued in June 1928, and the purchasers thereof are receiving the entire year's dividend although the shares were held
for only half of the period covered by the dividend. The
American shares were offered in this market last June by
Colvin & Co., and Geo. H. Burr & Co.
[voL. 128.
The net result is that while the liquidation in member bank indebtednesa
to the Reserve System has been quite marked, member banks still remain
indebted to it to the extent of about 38% of their reserve balances.
Member banks in the New York Reserve district in this respect are in a
relatively comfortable position, since their indebtedness on Feb. 13 to the
Reserve Bank was about 26% of their reserve balances. However, there
has been practically no liquidation in member bank borrowing from the
Reserve System outside of the New York district, with the result that OR
Feb. 13 member banks outside of this district were indebted to the extent
of 46% of their reserve positions. This is at a season of the year when
the seasonal liquidation of credit is about over.
• • •
The present situation may be summed up about as follows: Liquidation in member bank credit has not resulted in easing money conditions;
gold imports have been offset by gold earmarkings ; the member banks
in the aggregate remain heavily indebted to the reserve banks and still lean
too strongly on the Reserve System in maintaining their reserve position;
and the Reserve System has continued to exercise its influence in the
direction of firm money.
State Banks in Multnomah County, Oregon, Withdraw
Suits Filed in Protest Against Capital Stock Levy—
All State and National Banks Urged to Reach Settlement as to Unpaid Taxes.
The following taxation bulletin was issued Jan. 31 by
T. P. Cramer Jr., Secretary of the Oregon Bankers Ass'n:
All suits filed by the state banks of Multnomah County in both Federal
and state courts have been withdrawn and a settlement with the county
court effected by Messrs. Graham and Stearns. attorneys.
Banks which had not paid the 1926 capital stock tax will pay the same
In full. The 1927 and 1928 capital stock levies will be paid only to the
amount of the state tax. The banks which have paid the first half of the
1927 levy will receive credit for the amount so paid, this credit applying
as payment toward the state levy of 1927 and 1928, the latter tax payable
this year. All real estate taxes are to be paid as usual.
In the national bank suit, Judge Bean hold that protest to the Board
of Equalization was not necessary. In the state bank suit, he held that
this was required. This accounts in a large measure for the payment of
Plans for Liquidation of China's Debts—To Pay Off 1926 taxes in full. Formal protest by all banks had been filed for 1927
and 1928, thus complying with these requirements under the decision
External Loan Within Twenty Years.
mentioned.
It is the recommendation of the Taxation Committee that all banks,
Associated Press advices from Shanghai Feb. 19 stated:
both state and national, endeavor to reach a settlement regarding all unPlans for the liquidation of China's domestic and foreign debts were
paid taxes covering the years 1926, 1927 and 1928.
announced to-day by the Nationalist Government.
The proposed excise tax has been introduced in the Legislature and is
It was stated that committee had been formed composed of T. V.
Soong, the Finance Minister; C. T. Wang, the Foreign Minister, and Wang known as House Bil 1279. The rate at which the tax Is proposed to be
levied is left blank in tho bill as introduced, the same to be fixed by the
Teh-chun, Minister of Communications, with several foreign experts to
Legislature. The measure as introduced in California provides for a 4%
arrange this liquidation.
The Foreign Ministry also announced that it had notified the various levy, and it is expected that the Oregon measure will not vary from that
foreign governments of the intention of the Nationalist Government to to any great extent.
It may be of interest to Oregon bankers to know that a similar measure
repay foreign debts within twenty years after the declaration of tariff anis expected to be placed in the Washington Legislature. Under a decision
bosomy.
handed down in Seattle on Jan. 30, a refund of approximately $500,000
Is awarded to five national banks in Seattle on their capital stock tax of
To Reorganize Brazil Bank—Report That President 1925 and 1926. The suit was based on the same grounds: as for the suits
In Oregon.
Luis Plans to Suggest Changes Soon.
The Brazilian Government is planning to submit a scheme
for the reorganization of the Bank of Brazil to the stockholders' meeting in April, according to statements published
on Feb. 26 by 0 Journal of Rio de Janeiro and the Diario de
Sao Paulo. This is learned from a Sao Paulo cablegram
to the New York "Times" which also stated:
It is understood that President Washington Luis bas two plans for
Ticker System of New York Curb Market to be Extended
to St. Louis and Other Cities In Middle West.
Plans have been completed for the extension of the ticker
system of the New York Curb Exchange to St. Louis and the
service will be inaugurated about the middle of next month.
This fact was made known on Feb. 28. in a report by E.
Burd Grubb, Chairman of the Committee on Quotations of
that institution which describes the expansion of the ticker
service during the past year and also since its inception in
1921. The Curb's announcement on Feb. 28 said:
reorganizing the bank, and is said to prefer the one making the institution a Central Bank of issue and rediscount. According to reports, he
prefers to limit the bank's activities to these two functions, but since it
is impossible to liquidate the bank's discount transactions in a short time,
the bank would continue these operations only while the changes were
being made.
Mr. Grubb's report also shows that preparations are now under way for
The foreign markets, principally New York and London, have been bear- the extension of the service to Richmond, Louisville, Akron, Columbus,
ing reports that the Government plans to cancel the stock of the bank which Youngstown, Minneapolis and Milwaukee and other cities in the middle
the National Treasury holds, but it is said that investigations have shown west. Upwards of 2,000 tickers are now in active operation in approxithe reports to be inexact.
mately 45 cities throughout the United States and Canada and the number
of tickers installed and the new cities added to the chain have practically
doubled during the past year. At present, the service not only embraces
Brazil Bond Bids Sought—State and City of Bahia New York City but covers twenty-one more cities than it did a year ago
and which are bounded by Chicago in the west, Wheeling, W. Va., in the
Seek $20,000,000 for Public Works.
south, Toronto and Montreal in the nortn and Boston in the east.
The report also calls attention to the fact that the number of stock tickers
From Sao Paulo, Brazil, Feb. 21, the "Times" reports the
in operation in New York is 1,237, which is an increase of 971 tickers since
following:
the opening of the Exchange in 1921, and that the cities of Boston, Chicago,
Governor Vital Soares signed a decree yesterday calling for public bids Newark, Philadelphia, Buffalo, Hartford, Providence, Montreal,
Albany.
on an external loan of 160,000 contos, or about $20,000,000, according Syracuse and Detroit show an increase of approximately
200 from the initial
to a dispatch from Bahia to the Diario da Nolte.
number of tickers installed.
The value of the bonds will be 600 milreis each, with interest at 6%
The steady growth of the bond ticker service, inaugurated last Septemand payable in thirty years. The funds are destined for the construction ber for the purpose of relieving the stock ticker of some of its burden and
of sanitary works in the City of Bahia and State railways, roads and river have it more closely reflect current market prices on extremely active days.
navigation, agricultural credits and other items.
is also shown in the report, as is tan account of the many mechanical refinements which have taken place in the tickers themselves in order to speed up
the printing of quotations.
National Bank of Commerce on Money Situation—
Extension of the ticker service to the Pacific Coast is under consideration.
Liquidation in Member Bank Credit Fails to Ease and it is believed that before the close of the present year tickers will be installed in all important cities from New York to San Francisco.
Money Conditions.
"The outstanding feature in the credit position," says the
Federal Reserve Bank of New York Scrutinizing DisNational Bank of Commerce in New York, "Is the fact that
counting Here—Makes Unacceptable Eligible Paper
the liquidation in Federal Reserve credit was not accomof Those Lending Heavily on Call—Letter to Mempanied by any material easing in the money situation." In
ber Banks.
noting this on Feb. 21, the Bank says:
The Federal Reserve Bank of New York has adopted a
Total bills and securities held by the Federal Reserve system on Feb. 13
were at about the level of the first part of last September. It was at that definite policy of discouraging rediscounting by those memtime that the System adopted the policy of buying acceptances rather ber banks which lend freely on the call money market, it is
freely in order to finance autumn trade and to forestall increased strin- learned
in banking circles, according to information in the
gency in money conditions. Certainly the recent liquidation in member
bank indebtedness and in Federal Reserve open market holdings has left New York "Journal of Commerce" of Feb. 25. In reporting
money conditions no more comfortable than they were early last fall.
this, it said:
MAR. 2 19291
FINANCIAL CHRONICLE
This policy has been applied to a marked degree since the appearance
of the warning against the further expansion of speculative credit issued
by the Federal Reserve Board to the individual Reserve banks Feb. 7.
Federal Reserve Banks in three Western Districts, Minneapolis, Kansas
City and Dallas, have applied such a policy for a long time past. In the
New York district, however, active adoption of a similar policy has only
taken place since the warning was issued. A number of banks in this
district have received letters indicating that further rediscounting would
not be permitted unless their brokers' loans were reduced. On the other
hand, at least one bank which recently expanded its rediscounting simultaneously with an increase in commercial loans for apparently non-speculative purposes has received from the Reserve Bank a letter stating that
further rediscounting by it for similar purposes would be welcomed.
The present policy of the Reserve Bank, involving discrimination against
member banks which lend heavily on the call money market, is based on
the differentiation between eligible and acceptable paper. The Federal
Reserve Act and interpretative regulations by the Federal Reserve Board
fix the eligibility of commercial paper to rediscount privileges at , the
Reserve banks. The individual Reserve banks turn may determine the
acceptability of this paper, and they may bar individual member banks
from rediscount privileges by declaring their paper nonacceptable, even
It admittedly eligible.
The definite establishment of this policy of making unacceptable for
rediscount eligible paper of member banks which play an important role
In the brokers' loan market is expected to make that rate far more sensitive to month-end and year-end turnover periods than has been the case
so far. This is xpected to furnish an automatic discouragement of speculation for the near future.
The reporting New York member hanks reported that 49% of the loans
to brokers made by them on Feb. 20 were for the account of others.
This represents the largest proportion yet recorded. There is a tendency
for these outside loans to be drawn down at periods of large outside demand for funds. At such times, hitherto, New York City member banks
have endeavored to stabilize the market by increasing loans for their own
account, expanding rediscounts at the same time. Should this stabilizing
influence be removed, the call rate is expected to show much greater
fluctuations In the future.
Because of the apparent general adoption of the new policy of
refusing acceptability to paper offered by banks which lend heavily
on the
call market, the real test of the effects of the Federal Reserve
warning
will not come until periods of temporary monetary stringency occur,
such
as the monthly turnover periods. At such times, a sharp upward
flurry
in call rates to higher levels than the 12% attained at the end
of last
year will reflect the extent to which the new Reserve policy is
effective.
1311
have existed in the market in years. Investigation, however, shows that
comparatively few sales have been made to investors.
Where new issues are offered to insurance companies, only the syndicate manager approaches these institutions with the bonds. The bonds
thus placed are sold for the account of the entire syndicate and the
amount is prorated. Such purchases usually are made by an insurance
company at a meeting of the finance committee and are subject to approval of the bonds by its attorneys. As a rule insurance companies insist on bonds issued for purposes calculated to improve living conditions, such as for hospital, park, sewer, garbage-disposal and water system purposes. Most of the companies refuse to buy temporary improvement bonds or long-term road bonds, or, in fact, any bonds which may
run longer than the estimated life of the improvement for which they
are issued.
Acceptances Held By Banks, Investors Below $100,000,000—
Survey Shows Foreign Holders Now Have $560,000,000—
Holdings of Savings Banks.
Less than $100,000,000 of acceptances, or about 10% of
the total volume outstanding, are at present in the hands
of American member banks and institutional investors, according to a survey of the situation which has been made
here, it was stated in the New York "Journal of Commerce"
of Feb. 28. Its further observations follow:
This represents the situation existing as a result of one month's
campaign to place the discount market on an independent basis, free
of reliance upon the Reserve Banks, through a sharp advance in rates.
The survey reveals that the recent advance in rates has had two important effects. In the first place it has decreased the total volume of
outstanding acceptances by about $300,000,000, although the decline
would probably have taken place to some degree in any case because
of the operation of seasonal influences. The outstanding volume of
acceptances, as reported by the American Acceptance Council, amounted
to $1,279,000,000 on January 31. The most reliable available estimates
of the total outstanding at present is between $900,000,000 and $1,000,000,000. Final figures will not be available until the middle of next
month. That this large decline was not mainly of a seasonal character
is shown by the fact that in February of 1928 acceptances outstanding
declined in volume during the month only $1,590,414, which compares
with an estimated decline of approximately $300,000,000 this month.
Big Foreign Buying.
Brokers' Loans—Banks Scrutinize "Bootleg" Loans
—Institutions Watching Balances of the Private
Lenders.
The following is from the New York "World" of Feb. 25:
"Bootleg" lenders, who have poured into the call money market
more
than $1,500,000,000 within the last year and who now represent nearly
half of the $5,477,000,000 of brokers' loans, are coming under the scrutiny
of banks. The Federal Reserve System, the Federal Reserve Banks
and
all other banking Institutions concede they have no control over
the
"bootleg," or corporate and private lenders, who now have
$2,688,000,000
in the call loan market, as compared with $1,140,000,000 this
time a
year ago.
Although the bankers say they can do nothing to prevent
corporations
and private lenders front putting their surplus funds directly out
into
the call loan market, these same bankers nevertheless are watching
carefully the bank balances of the "bootleg" lenders. When one of these
non.
banking lenders attempts to obtain a loan from a bank his balance
for
the last year is carefully studied and his request for credit is pared
down
to the amount that his bank deposits and average balances appear
to
justify.
One of the leading bankers in this city last week had occasion to borrow
$350,000 for a personal transaction. He merely telephoned a bank,
where
for the last year his balance has averaged $50,000, and was told he
could
have the loan at 5% either on a time or demand basis as he wished.
That
same day call loans were bringing 71%, and the bank might have
/
2
put its
funds out at that rate instead of the 5% it charged the depositor.
borrower.
Executives of a number of banks in this city, ranging in size
from the
most prominent to neighborhood institutions, admit they are paying
attention to the balances of depositors these days. Balances are given
much
study by the smaller institutions, but even the large national and
State
Institutions here admit that the loan clerk is called in at every
conference
at which the advisability of granting a loan is considered.
Several bankers in showing how they handle prospective borrowers
quite
readily said that the depositor who maintains a large time deposit
merely
at a nominal rate of interest and asks for few favors, all other
factors
being equal, receives favored treatment in the matter of loans.
Last year witnessed the loss of considerable prestige to
bankers.
entrance of corporate and private lenders into the call money market The
without the aid of banks cut into the commissions of the latter
institutions and
to some extent loosened the banks' control of the money market.
Higher Yield Demanded on Municipal Bonds.
The following appeared in the New York "Times" of
Feb. 24.
More drastic price cuts have been made in the municipal bond market
in the last few days than during any similar period of time in recent
years, according to dealers who have kept week-to-week charts of the
trend of quotations on first-grade municipals. All of these reductions,
however, have been made to satisfy a single group of buyers, which
group, at present, furnishes almost the whole of the demand—insurance
companies.
A few weeks ago when the declining tendency of municipal bond
prices became quite pronounced, several insurance companies announced
that they would require at least a 4.30% yield on all first-grade bonds
purchased. The price was dropped subsequently to 4.40% and this
week to 4.50 by some concerns.
Although the insurance companies have been able to force the issue,
particularly where slow-moving blocks of bonds were concerned, private
investors have been able to take advantage of the lowest prices which
The second important effect of the recent general advance in acceptance
rates has been the sharp increase of the volume of bills held for foreign
account. Abroad, bankers' acceptances are in many countries a preferred commitment for short term funds, especially when available at
the yields currently quoted here.
The survey that has been made here indicates that about $500,000,000
of acceptances are being held for foreign account chiefly for foreign
central banks. The Federal Reserve Bank on February 19 reported
that it held $306,830.000 of acceptances for the account of foreign
central banks, on which bills it had assumed contingent liability. In
addition nearly another $100,000,000 is being held by banks and dealers
here for the account of foreign central banks. About an additional
$100,000,000, it is estimated, is held here for the account of foreign
private banks of all classes.
The division of these foreign acceptance holdings among different
countries is especially difficult of estimate. One informed quarter believes that the Bank of France holds in the neighborhood of $100,000,000
of bills, and that, despite the higher bill rate in England established with
the advance of the bank rate to 5%% there, about $50,000,000 of
acceptances were purchased here only last week by British firms, and
that the total British holdings may go to three or four times this figure.
Numerous other central and large private banks in many European
and South American countries are large buyers of American bills also.
Next to the foreign holders, believed to account for $500,000,000 of
bills, come the Reserve banks themselves. On February 19 they reported holding $355,636,000 in bankers' acceptances, and this total is
being reduced at the rate of about $30,000,000 weekly right along. The
Reserve Banks are expected to continue to decrease their holdings,
which at the top were almost $500,000,000, for sonie time to come.
The mutual savings banks, which are allowed to buy acceptances under
the investment laws in practically every State in which they operate,
are third in importance among bill holders, the survey shows. They
hold, it is estimated, between $50,000,000 and $75,000,000, exact data
on their holdings not being available, Dealers in acceptances believe
that the savings banks will increase their holdings rapidly if the present
high rates are maintained, and that it is conceivable that the volume of
their holdings could under these conditions attain $250,000,000. This
is because the savings banks are restricted in their bond investments to
issues yielding less than 5% in large part, and therefore the 54S% yield
they can get on the longer term acceptances attracts them. The rise of
acceptance yields to a substantially higher basis than Government bonds
yields also proves an important point in favor of the former with them.
Before the advance in rates dealers believe that the mutual savings
banks had less than $25,000,000. There is some dernaud for a segregation of acceptance holdings in reports of the savings banks by the
State banking departments and the Comptroller of the Currency, in
order to permit a check on these holdings.
Banks Buy Few.
Commercial banks, corporations, investment trusts, insurance companies and private investors are believed to hold now in the neighborhood of $25,000,000 of these acceptances. However, many dealers and
other observers have expressed themselves as of the opinion that this
figure is excessive. One estimate yesterday placed their holdings at only
$15,000,000 in all.
Dealers have portfolios which vary with the State of the market.
Present dealer holdings are placed at less than $50,000,000, although
estimates before the advance put the stock of unsold bills at around
$100,000,000, or more. These bills are held in course of resale.
The current demand for bills is reported active, although less than
was the case at the beginning of the week. The chief demand for bills
from foreign and savings hank sources, now the chief buyers outside
of the Reserve system, is for the nearer maturities, stressing she demand
for complete liquidity.
1312
FINANCIAL CHRONICLE
Member Banks in Philadelphia Federal Reserve District
Urged by Governor Norris to Reduce Volume of
Loans For Speculative Purposes.
The voluntary co-operation of member banks in the Philadelphia Federal Reserve District in effecting a curtailment
of loans for speculative purposes is sought in a communication addressed to them under date of Feb. 21 by George
W. Norris, Governor of the Federal Reserve Bank of Philadelphia. In his letter, Governor Norris calls attention both
to the warning issued early in February by the Federal
Reserve Board against borrowings by member banks from
Federal Reserve Banks for speculative loans (this was
given in our issue of Feb. 9, page 822) and the statement
issued by the Federal Advisory Council approving the action of the Board. This statement, in which it was suggested that member banks in each district be asked by the
Reserve Banks to co-operate in bringing about a curtailment of speculative loans, was given in these columns Feb.
16, page 992. Governor Norris in his letter to member banks
states that "there has perhaps never been—certainly not
since 1920—a time when this co-operation was more urgently needed than it is at the present." In urging that
member banks avoid "as far as is consistently possible, the
making of new loans for purely speculative purposes," Governor Norris says:
"We remind those who are availing themselves of our discount facilities
that if they find their reserve for any reason deficient for anything longer
than a very temporary period and have security loans to individuals or
firms who are not regular customers entitled to accommodations, they
should reduce the volume of such loans rather than rediscount with us or
borrow from us. The adoption of this course will correct an unwholesome
situation and probably prove advantageous in the long run."
Governor Norris' letter follows:
FEDERAL RESERVE BANK OF PHILADELPHIA.
Feb. 21 1929.
To the Member Banks in the Third Federal Reserve District:
You are doubtless aware of the basic facts that the present volume of
bank credit is very large; that it has been increasing at a rate out of
proportion to the country's trade; that the greater part of the recent
Increase has been absorbed in speculative security loans • and that this
growth of credit has coincided with a loss of approximately $500,000,000
in the gold which forms its base. This is a condition which is manifestly
liable to have dangerous consequences. It has already materally increased
the cost of credit to the busiaess man, and threatens to restrict construction and productive enterprise. We will not detain you by citing the figures which prove these obvious facts.
Under date of Feb. 5 the Federal Reserve Board called public attention
to the situation in a statement which included the following paragraph:
"The Board has no disposition to assume authority to interfere with the loan
Practices of member banks so long as they do not involve the Federal Reserve banks.
It has, however, a grave responsibility whenever there is evidence that member
banks are maintaining speculative security loans with the aid of Federal Reserve
credit. When such is the case the Federal Reserve Bank becomes either a contributing or a sustaining factor is the current volume of speculative security credit.
This is not in harmony with the Intent of the Federal Reserve Act nor is it conducive to the wholesome operation of the banking and credit system of the country."
There having been some criticism of this statement, the Federal Advisory Council considered the matter at a meeting held in Washington on
Feb. 14, and issued the following public statement:
"The Federal Advisory Council approves the action of the Federal Reserve Board
in instructing the Federal Reserve Banks to prevent, as far as possible, the diversion
of Federal Reserve funds for the purpose of carrying loans based on securities.
The Federal Advisory Council suggests that all the member banks in each district
be asked directly by the Federal Reserve Bank of the district to co-operate In order
to attain the end desired. The Council believes beneficial results can be attained
in:this manner."
This suggestion of the Federal Advisory Council is in entire accord with
the views of the Board of Directors of this bank. A Federal Reserve Bank
is owned by the member banks of its district, which elect two-thirds of
its directors. It operates for service, not for profit. Its service is to
the public through the member banks. It should not, except in a grave
emergency, and to avoid greater evils, adopt any policies that are prejudicial to the member banks, or that, even temporarily, hamper or oppress
business. It must be remembered, however, that its powers are broad
and far-reaching. It has always been, and is still, the policy of the
directors of this bank to avoid the use of such of these powers as might
seem arbitrary, and to seek the voluntary co-operation of the member
banks rather than impose terms upon them. Thus far, we have usually
found that when the facts were fairly presented, and the reasons for a
course or policy fairly stated, this co-operation was forthcoming.
There has perhaps never been—certainly not since 1920—a time when
this co-operation was more urgently needed than it is at the present. We
ask those member banks which are not availing themselves of our discount facilities to consider the greatly increased volume of loans to customers who are carrying stocks for speculation, and to avoid, as far as
is consistently possible, the making of new loans for such purely speculative purposes. What we particularly have in mind is the growing tendency
of persons speculating in the stock market, under the pressure of high
carrying charges by brokers, practically to transfer their accounts to
banks. We remind those who are availing themselves of our discount facilities that if they find their reserve for any reason deficient for anything longer than a very temporary period, and have security loans to individuals or firms who are not regular customers entitled to accommodation, they should reduce the volume of such loans rather than rediscount
with us or borrow from us. The adoption of this course will correct an
unwholesome situation, and probably prove advantageous in the long
run.
Yours very truly,
GEORGE W. NORRIS, Governor.
[VOL. 128.
Rate of Dallas Federal Reserve Bank
Increased from 434 to 5%.
The Federal Reserve Board at Washington announced
yesterday (Mar. 1) that the Federal Reserve Bank of Dallas
had increased from 4
to 5% its discount rate on all
classes of paper, of all maturities. The new rate becomes
effective to-day (Mar. 2). The 434% rate had been in
force at the Dallas Reserve Bank since May 7 1928, at which
time it was advanced from 4%. The 434% rate is now in
effect at but three of the Reserve Banks, namely Minneapolis, Kansas City and San Francisco. The rate at all
other Federal Reserve Banks is 5%.
Discount
W. C. Durant Says Warning of Federal Reserve Board
Against Speculation Accomplished Nothing But
Over-Night Panic—Contends Board Knows Banks.
Abusing Discount Privileges.
Criticism of the Federal Reserve Board on Feb. 27, came
from William C. Durant, stock market operator and automobile manufacturer, who declared the recent warning
against speculation accomplished nothing but an over-night
panic costing the people hundreds of millions of dallors The
"Evening Post" of Feb. 27, from which we take the foregoing quotes Mr. Durant as saying:
Any group of eight men vested with or assuming power, who by careless
or Intentional action, succeeds in destroying credit and confidence—the
basis of our great prosperity—will be and are subject to criticism by every
sensible business man.
"The methods adopted by the Federal Reserve Board in its attempt to
discourage improper use of credit facilities are subject to criticism, and
business men generally resent the lack of tact and judgment displayed in the
campaign now being conducted.
"The Federal Reserve Board knows every bank that is abusing the discount privileges and it has the right to, and should, quietly and without
blare of trumpet see that the offending bank puts its house in order.
"It Is well known that over-extended credit for speculation in securities or
any other commodity leads to trouble, but our successful bankers do not
have to be reminded of It every few days.
"Men engaged In constructive undertakings and whose aim is to make the
United States a better place to live in will be overjoyed when the brokers'
loans ghost ceases to walk."
W. Randolph Burgess of New York Federal Reserve
Bank Sails for Europe.
W. Randolph Burgess, Deputy Reserve Agent at the New
York Federal Reserve Bank,sailed on Feb.23 on the steamer
Olympic for a three weeks' trip abroad.
Federal Reserve Board's Reply to Heflin Resolution Seeking
Information Helpful In Enacting Legislation to Curb
Speculative Loans—Board Relying on Co-operation of
Banks—Thinks It Can Cure Trouble Without Legislation.
Through its Secretary, Walter L. Eddy, the Federal Reserve Board on Feb. 27 replied to the resolution of Senator
Heflin, passed by the Senate on Feb. 11, requesting the
Board for any information helpful in securing legislation
necessary to correct and prevent "illegitimate and harmful
speculation." The resolution was prompted by the Federal
Reserve Board's warning to member banks on Feb. 6
against borrowing from the Federal Reserve Banks forspeculative purposes, published in these columns Feb. 9,
page 822. Replying to Senator Heflin's resolution the Board
says:
"At the time of the issue of its [the Board's] statement it was the
belief of the Board that it could count upon the co-operation not only
of the Federal Reserve Banks but of leading member banks everywhere
in the country in making successful an effort to bring about an orderly
readjustment of the credit situation; and the Board has been confirmed
in this belief by what has taken place since."
In indicating that the "whole matter is engaging the
earnest attention and efforts of the Federal Reserve Board,"
Mr. Eddy in his advices to Senator Heflin adds:
If it should develop that the Board, through exercise of the powers
granted under the provisions of the Federal Reserve Act, or through
co-operation with the Federal Reserve and member banks, should be
unable to bring about a solution of the problem which has awakened the
concern alike of the Senate, the Federal Reserve Board, and the general body of public opinion, it will be glad to give consideration to the
Possibilities of remedy by way of legislation."
The text of Senator Heflin's resolution as adopted by the Senate on Feb. 11 follows:
WHEREAS in press dispatches recently, the Federal Reserve Board
has complained that money is being drawn from the channels of business and used for speculative purposes, and that some if said speculation is illegitimate and harmful: Therefore be it
Resolved, That the Federal Reserve Board is hereby requested to give
to the Senate any information and suggestions that it feels would be
helpful in securing legislation necessary to correct the evil complained
of and prevent illegitimate and harmful speculation.
The Board's reply to the resolution follows:
Inasmuch as this resolution was occasioned by the statement issued by
the Federal Reserve Board on February 6, wherein the attitude and
MAR. 2 1929.]
FINANCIAL CHRONICLE
1313
viewpoint of the Federal Reserve Board with respect to the growing on the resolutions
were voted on Feb. 22 by the House
volume of credit in speculative security loans was indicated, the statement is repeated here in order that there may be no misapprehension Banking and Currency Committee, of which Representaof the Board's position with reference either to the matter discussed in tive McFadden is Chairman.
After the adoption of the
its statement or to that which is the subject of the Senate's resolution.
"The United States has during the last six years experienced a most adverse report Representative Black served notice upon the
remarkable run of economic activity and productivity.. The production, Committee that he would call
upon the House to pass final
distribution and consumption of goods have been in • unprecedented
volume. The economic system of the country has functioned efficiently Judgment on the resolutions. Under date of Feb. 22, a
and smoothly.
"Among the factors which have contributed to this result, an im- Washington dispatch to the New York "Journal of Comportant place must be assigned to the operation of our credit system and merce" in reporting this said:
notably to the steadying influence and moderating policies of the Federal Reserve System.
Before the Committee acted, Black appeared at a special meeting this
"During the last year or more, however, the functioning of the
morning to urge favorable consideration of his proposed inquiry.
eral Reserve System has encountered interference by reason of theFedexcessive amount of the country's credit absorbed in speculative security
loans. The credit situation since the opening of the new year indicates
To Block Consideration.
that some of the factors which occasioned untoward developments dur"I am surprised," Black declared, in an authorized statement, "that
ing the year 1928 are still at work. The volume of speculative
credit the Committee on Banking and
is still growing.
Currency should throw a protecting
"Coming at a time when the country has lost some
blanket over the Federal Reserve Board at a time when
dollars of gold, the effect of the great and growing volume of 500,000,000 under so much public fire," and he asserted, that "if there the Board is
speculative
was nothing
credit has already produced some strain, which . has reflected itself
in to hide, we should have the information, and if there is anything to
advances of from I to 1%.70 in the cost of credit for commercial
uses. hide, stronger are the reasons for the Committee to insist upon a full
The matter is one that concerns every section of the country and every
report between the Federal Reserve Board and Sir Montagu Norman."
business interest, as an aggravation of these conditions
be expected
to have detrimental effects on business and may impair mayfuture.
Chairman Louis T. McFadden, in a statement issued after an afterits
"The Federal Reserve Board neither assumes the right nor
noon meeting to determine what action would be taken on the Black
has
any disposition to set itself up as an arbiter of security speculation it resolutions, announced the Committee had instructed him to prepare a
or
values. It is, however, its business to see to it that the Federal
Reserve report which, it was indicated, will be used to block any move the New
Banks function as effectively as conditions will permit.
York member may make to have the House consider the proposals.
"When it finds that conditions are arising which obstruct
His statement made no mention of the joint resolution calling for a
Reserve Banks in the effective discharge of their function of so Federal
manag- general inquiry into affairs of the Federal Reserve Board such as Chairing the credit facilities of the Federal Reserve System as to
accommo- man McFadden had suggested at the time the Board's "warning"
date commerce and business, it is its duty to inquire into them
was
and issued to member banks
to take such measures as may be deemed suitable and effective
that credit would be withdrawn if funds were
circumstances to correct them; which, in the immediate situation, in the to be used for speculation on the New York Stock Exchange. Mcmeans
to restrain the use, either directly or indirectly, of Federal
Reserve Fadden's proposal was discussed by the committee, but its failure to recredit facilities in aid of the growth of speculative credit.
port out such a joint resolution, which would require both House and
"In this connection, the Federal Reserve Board, under
ary 2, addressed a letter to the Federal Reserve Banks. date of Febru- Senate action as well as the President's approval, was attributed to the
which contains short time remaining for its consideration at this session of Congress.
a fuller statement of its position:
"'The firming tendencies of the money market
The statement explained that the Committee had considered three
evidence since the beginning of the year—contrarywhich have been in pending bills, in addition to the Black resolutions. These bills were
at this season—make it incumbent upon the Federalto the usual trend tabled. They were the Brand bill proposing to amend Sections and
7
9
give constant and close attention to the situation Reserve Banks to
influence adverse to the trade and industry of the in order that no of the Federal Reserve Act so as to provide for insuring depositors in
exercised by the trend of money conditions, beyond country shall be member banks of the Federal Reserve system against loss; a measure
what may develop introduced by Representative Goodwin (Rep.), of Minnesota, known as
as inevitable.
the bank tax bill, and the Campbell bill containing the legal money
"'The extraordinary absorption of funds in speculative
security loans tender proposal advanced by Gen. Coxey,
which has characterized the credit movement during
for providing work for the
more, in the judgment of the Federal Reserve Board, the past year or unemployed.
deserves particular
attention lest it become a decisive factor working toward
"The action of the Committee on these three bills," Chairman Mca still further
firming of money rates to the prejudice of the
country's commercial Fadden stated, "indicates that no further action will be taken at the
interests.
present session of Congress on any one of these bills, which, in the final
"
'The resources of the Federal Reserve System are
ing the growth of the country's commercial needs ample for meet- analysis, means that all bills not acted upon at the present session of
for credit, pro- Congress die with the closing of the Seventieth Congress."
vided they are competently administered and
protected against seepage
into uses not contemplated by the Federal Reserve
Act.
"
'The Federal Reserve Act does not, in the opinion
of the Federal
To Demand Action.
Reserve Board, contemplate the use a the
resources of the Federal
Reserve Banks for the creation or extension of
Representative Black, who made the first move in Congress to obtall
member bank is not within its reasonable claims speculative credit. A
at its Federal Reserve Banks when it borrows for rediscount facilities an explanation from the Federal Board in regard to the credit stateof making speculative loans or for the purpose either for the purpose ment which preceded a crash on the New York Stock Exchange, later
of maintaining specula- presented a resolution inquiring into conferences
tive loans.
held between Federal
."'The Board has no disposition to assume
Reserve Board members and Sir Montagu Norman, Governor of the
with the loan practices of member banks so long authority to interfere Bank of England. The two resolutions adversely reported by the Bankthe Federal Reserve Banks. It has, however, as they do not involve ing and Currency Committee today grew out
of the initial proposal of
whenever there is evidence that member banks a grave responsibility
are
tive security loans with the aid of Federal Reserve maintaining specula- the New York member after Speaker Longworth had ruled the resolucredit.
tion was improperly addressed to secure consideration on the floor of
"
'When such is the case the Federal Reserve
contributing or a sustaining factor in the currentBank becomes either a the House.
"The greater the efforts made to block the inquiry," Mr. Black said,
security credit. This is not in harmony with the volume of speculative
intent of
Reserve Act nor is it conducive to the wholesome operation the Federal "the greater the mystery surrounding the Federal Reserve Board. The
of the bank- Committee
ing and credit system of the country.'
should make an investigation of the entire situation as the
"
The Board begs leave to call the attention of the Senate
to the fact public is entitled to know anything that was in back of the violent statethat the purport and language of its statement do not
agree with those ment of the Federal Reserve Board." He added that "the circumstances
in the preamble of the Senate resolution. The Board's
attendant upon the visit of Sir Montagu Norman, Governor of the Bank
cerned itself with credit conditions. It disclaimed both statement con- of England, the issuance of this widely criticized statement of the Fedthe authority
and the desire "to set itself up as an arbiter of security
eral Reserve Board, indicate a cooperative agreement between the two
speculation or
values." That still is the Board's position.
central banks, whereby the Bank of England strengthened its reserve
At the time of the issue of its statement, it was the belief
position at the expense of American business and American investors."
of the
Board that it could count upon the co-operation not only of
Scant prospects are held for House adoption of the Black resolutions,
Reserve Banks, but of leading member banks everywhere in the Federal but the New York member maintained that he would insist upon a dethe country
in making successful an effort to bring about an orderly
cision by that body.
readjustment
of the credit situation; and the Board has been confirmed in
The latest resolution looking toward investigation of Federal Reserve
this belief Board affairs was one offered by Representativ
by what has taken place since.
e Brand (Dem.) of Georgia, a member of the Banking and Currency Committee. Mr. Brand deThis also is the view of the Federal Advisory Council,
as will be clared today after the Committee's last
seen from the following minute of its proceedings which
meeting of this session that he
was
to the Board February 15 on the occasion of its recent quarterly presented would not press for action on the resolution.
meeting:
"The Federal Advisory Council approves the action of
According to further advices (Feb. 24) to the same paper,
Reserve Board in instructing the Federal Reserve Banks to the Federal
prevent, as scant hope of Representative
far as possible, the diversion of Federal Reserve funds for
Black gaining House conthe
of carrying loans based on securities. TheFederal Advisory purpose
Council sideration of his resolutions was seen by House leaders as
suggests that all the member banks in each district be asked
the Federal Reserve Banks of the district to cooperate directly by a result of the adoption of the motion
in order to
to table the proattain the end desired. The Council believes beneficial
results can be posals. The Feb. 24 dispatch
attained in this manner."
added:
This whole matter is engaging the earnest attention and
efforts of the
The Black resolutions precipitated a lively row in the House when
Federal Reserve Board. If it should develop that the
Board, through they were put aside on motion of Chairman McFadden.
exercise of the powers granted under the provisions of
Mr. Black
the Federal charged that McFadden had abandoned, without consulting him, an
Reserve Act, or through cooperation with the Federal
member banks, should be unable to bring about a solution ofReserve and agreement that nothing would be done with regard to them until next
the problem Tuesday, February 26, when the New York member would have an opwhich has awakened the concern alike of the Senate, the
portunity to
serve Board, and the general body of public opinion, it willFederal Re- the motion object. Mr. Black was not on the floor of the House when
be glad to
was offered, but Chairman McFadden's understanding of the
give consideration to the possibilities of remedy by way of
agreement referred to by the New York member concerned a speech
legislation.
which Mr. Black proposed to make on Tuesday.
A request by Mr. Black that the resolutions be reconsidered and
House Adopts Motion Tabling Resolutions of
Representa- brought up for discussion on Tuesday, February 26, was objected to by
Representative Snell (Rep. of N. Y.), Chairman of the Rules Comtive Black Calling for Information Regarding
Federal mittee, and Representative Stevenson (Dem.,
South Carolina). The
Reserve Board's Conferences With Montagu
Norman New York member then asked permission to speak on the resolutions for
three minutes, but this request also was refused when Majority Floor
of Bank of England—Adverse Committee Report.
Leader Tilson entered an objection.
On motion of Representative McFadden, the House
Under House procedure when a resolution is reported unfavorably it
on
automatically goes to the Speaker's table.
Feb. 23 tabled the resolutions of Representative Black
of it can be placed on the calendar on the Within three days thereafter
motion of any member, but it
New York seeking information from President Coolidge, cannot
be called from the table for consideration.
Secretary Mellon and the Federal Reserve Board
Members of the Banking and Currency Committee, which ordered an
regarding
the latter's conferences with Montagu Norman, Governor adverse report on the resolutions by unanimous vote, are of the opinion
that Black has no chance of gaining consideration of his resolutions on
of the Bank of England. The text of the resolutions
was the floor of the House. It is pointed out that the resolutions cannot be
called up for consideration from the calendar without specific direction
given in these columns Feb. 23, page 1172. Adverse
reports to do so by a formal motion of the Committee.
1314
FINANCIAL CHRONICLE
Representative L. T. McFadden Says We Are Headed
for Centralized Branch Banking—Before New York
State Bankers Association Discusses Discount and
Other Powers of Federal Reserve System—Believes
Money Market Could Be Improved with Lower
Discount Rate.
An address,in which he discussed the powers of the Federal
Reserve Board, Representative Louis T. McFadden in
noting that the Federal Reserve system to-day is operating
as a central banking system pointed out that "no other
central banking system that is charged with the responsibility
of maintaining a proper volume of credit for the needs of
the country and the maintenance of a gold reserve, permits
the use of Government securities to the extent permitted
In the Federal Reserve system." Representative McFadden
continuing his discussion made the statement that "I believe
It would have been better Treasury policy, and thus would
have relieved member banks of the temptation to use the
class of securities for the release of credit in the Federal
Reserve system, had the total volume of short-term Government Notes been refunded into long term securities about
two years ago when money was cheap." "The encouragement," said Mr. McFadden, "which has been given by the
Federal Reserve system in the development of bankers'
acceptances, in lieu of legitimate trade acceptances, has been
a deterrent of what would have been a development of a
proper class of eligible paper, paper originating on strictly
commercial transactions and the development of a proper bill
market in this country." Mr. McFadden declared that
"we should weigh carefully the relationship between brokers'
leans to American banking and the extent to which capital,
as distinguished from credit has entered our bank deposits."
He declared that "it has been clearly demonstrated that
purchases and sales of securities in a rising market cannot
be stopped by a moderate increase of Federal Reserve
discount rates." He added "careful consideration, therefore,
should be given to this particular subject at the present
time as to whether or not the Federal Reserve rate is on a
sound or fictitious basis." In conclusion he said:
It seems to me, after giving very careful consideration to this subject
and the attractiveness of the New York money market as it has been observed during the past year, that the money market could be somewhat
Improved with little danger of increasing so-called speculation by reducing
the discount rate, which would remove a possible burden on industry,
commerce and farming in the United States and thus enable our industry
to compete on a more favorable basis in the markets of the world.
Incidentally Mr. McFadden declared that "domestically
we are witnessing through a system of consolidations of
chain, holding and other modern investment company operations, a concentration of banking assets that must lead
one to believe that we are headed for centralized branch
banking in the United States." Representative McFadden's
address from which the above extracts are taken, was
delivered at the banquet, at the Waldorf-Astoria, in New
York, given in connection with the mid-winter meeting of
the New York State Bankers' Association. The address
In full follows:
I desire to Invite your attention to the great advancement in industry,
commerce and finance in this country during the past 10 years. and to particularly emphasize the potent influence on our economic situation of those
changed conditions especially in the concentration effected in both Industry
and finance.
History proves that this country has advanced very rapidly in its financial
and economic progress following each of the great wars in which we have
been involved, and the changes brought about subsequent to the closing of
the last war have been quite in keeping with the magnitude of the war itself.
The economic and efficiencies made necessary 10 our preparation, first to
aid the allies, and then in our own behalf, demonstrated to Industry the
Importance of this evolution. It has not only been preserved, but it has
been magnified, and in keeping with this development and in order that It
might proceed uninterruptedly, our system of finance has likewise become
more efficient and more concentrated notwithstanding the fact that just
prior to the outbreak of the war we brought into being and practice the
Federal Reserve system.•supposedly decentralized system, in preference
to the then suggested centralized system of banking. Thus after 10 odd
years of operation we see a concentration and organization of banking
resources which might well startle the imagination of 10 years ago. Even
in this remarkable development of our Federal Reserve banking mechanism,
industry apparently has not been sufficiently accommodated with modern
banking facilities, for we have seen the organization and establishment of
many new instruments operating to serve the purposes which heretofore
had been presumed to be banking operations.
Our association in the war with the Allies and the obligations thus incurred
through the rendering of industrial, commercial, and financial responsibilities and has thus placed an obligation upon the management of our Federal
Reserve system that was not contemplated when the Act was first put
into operation. Additional responsibilities have also been placed on the
system by the increased production of our mills, factories and farms through
the sale of consequent surpluses to countries outside the United States.
The financial operations incident to the carrying on of our increased international trade both In exports and imports have made necessary the increased scope of the development of international financial operations which
had already become established incident to our co-operation in the furnishing
of food, war materials and loans during the war. The development of this
necessary relatioaship was complicated by the fact that the exigencies of the
war caused large shipments of gold to this country and loans to other
[VOL. 128.
countries in settlement of trade balances which at the close of the war were
considerably enhanced by the fact that the countries abroad had become
so impoverished and disorganized industrially and financially as to result
in their again asking the financial aid and leadership of this country. This,
apparently, could not be avoided, because our prosperity and standards
of living were so involved in this intricate development that it became
necessary for us to so operate our financial system as to facilitate our cooperation with the world. In other words, the time had arrived when we,
as a country, were no I3nger isolated, but found ourselves to be, economically, industrially and financially, the chief country in the world, and by this
force of cIrcumstanc.s we were saddled with the financial leadership and
all of the attending responsibilities which come with that dominating
position. The world's financial center was thus moved from London to
New York, and in the discharge of these new and unexpected responsibilities, our originally organized domestic financial system was, so far as the
world is concerned, transformed into a central bank. Whether we are in
accord with this situation or not, the fact remains that, under the authority
granted in Sec. 4 of the Federal Reserve Act, as interpreted by its management. the Federal Reserve System to-day is operating,ender the direction of
the Federal Reserve Board and principally through the Federal Reserve
Bank of New York. as a central banking system, and is so regarded by
the major countries of the world and the central banks therein situated.
Domestically we are witnessing, through a system of consolidations of
chain, holding, and other modern investment company operations, a
concentration of banking assets that must lead one to believe that we are
headed for cnetralized branch banking in the United States, not through
a willingness on the part of independent or unit bankers, but be the very
force and development of modern economic conditions, following the development of industry, commerce, and farming along more economic lines.
naturally resulting in operation by larger units because of mass production.
This modern development is the result of a mixture of opportunity,
brains, and vision, which might be more properly called applied American
genius.
All of this development, which has been so essential to our success as a
nation has made us the world's most influential country, we having not
only excelled in the production of national resources and financial leadership
but in the standard of living, raising It to the highest level of any country in
the world. This could not have been accomplished except for this thing
called American genius. This entire development, starting as a speculation,
or which at the time that Alexander Hamilton landed in this country looked
like a speculation, has developed into a very sound investment. I shall not
attempt to explain what is "speculation" and what is "investment." Nor
am I going to attempt to say what Is essential or non-essential: nor am I
going to say that brokers' loans are too high or too low, because I do not
know, and I can say this in all frankness. Nor do I know, nor do I believe,
there is anyone else in these United States that can correctly state whether
or not brokers'loans are too high or too low. Anyone to intelligently answer
this must qualify by first expressing a full knowledge as to what use the
proceeds of brokers' loans are ultimately put.
John Stewart Mill. the famous English economist, pointed out that the
ultimate use to which money or credit Is put is the Important thing to
to inition.
considerin the operation of monetary systems, having particular reference
ra
Hartley Withers. another noted English enonomiat, says there can be
-time, self-liquidating comno inflation so long as credit is based on short
mercial transactions.
R. C. Hawtry, of London, recently speaking before an economic society
In Washington, stated that in his Judgment there was on inflation extant
in this country at the present time, and cited in substantiation of this,
the fact that the present commodity price level was about the same as
ono year ago. He also commented upon the fact that the present gold
reserve of the Federal Reserve System was approxlariately 69% whereas
the law requires 3.5% and 40% on deposits and notes in circulation. This
excess amount of legal reserve requirement would indicate that our gold
standard is not being impaired.
As a further element of important interest I direct your attention to the
vast amount of money and credit now made available in this country through
the organization of the Federal Reserve System. The reorganization,
development and efficiency resulting in large profits and savings from
industrial and financial and commercial operations and the development
of our natural resources, coupled with the conditions brought about by the
charge from a debtor to a creditor nation; the change of financial leadership
from London to New York; the development of dollar exchange; and
the circulation of American dollars and goods to all parts of the world,
have resulted in making available in this country vast amounts of money
and credits In addition to confidence that has been created in the minds
of individuals and large investors in foreign countries attracted by the
solidarity of our institutions, free from any involvement in the complicated
conditions existing In their own countries and in other countries of the
world. Naturally this has resulted In stimulating purchases of the best
grade of our securities and accentuating that old law of supply and demand,
which has resulted in an increase in prices because of competition in many
of our leading stock exchange securities until there are times when one
wonders whether or not there are enough of the better grades of securities
left to supply the demand of the investors of the whole world.
Does this changed condition of industry and finance indicate that industry and commerce are leading finance, and does the decrease in the
total volume of deposits of the past year indicate that the savings of the
people are going directly into industry, rather than through banks, by
way of the modern development of security,sales agencies. Is It not reasonable to suppose, if such be the case, that in those localities where large
amounts of credit are being absorbed, a readjustment of banking reserves
should be made to thus strengthen the banking position to meet a sudden
withdrawal or transfer of credit to other uses? Professor 0. M. W.Sprague,
of Harvard, recently suggested that if the credit that was being used in
brokers' loans were reduced, this money or credit thus released might
go into commodities and inflation would result.
Looking toward the preservation of the liquidity of our financial system.
due reference should be given to the decreasing amount of eligible paper
and a careful analysis should be made of tho liquidity of bankers' acceptances which are now being utilized for investment of bank reserves concentrated in the Federal Reserve System. Consideration should also be given
to the continued increasing use by member banks and the Federal Reserve
banks of short
-time Government securities as security for loans or utilization
with the system for the replenishment of reserves with repurchase agreementa. No other central banking system, that is charged with the responsibility of maintaining a proper volume of credit for the needs of the
country and the maintenance of a gold reserve, permits the use of Government securities to the extent permitted in the Federal Reserve System, and
in this connection I believe it would have been better Treasury policy, and
thus would have relieved member banks of tho temptation to use this class
of securities for the release of credit in the Federal Reserve System, had the
total volume of short-term Government notes been refunded into long-term
securities about two years ago when money was °Imp.
MAR. 2 1929.]
FINANCIAL CHRONICLE
The encouragement which has been given by the Federal Reserve System
In the development of bankers' acceptances, in lieu of legitimate trade
acceptances, has been a deterrent of what would have been a development
of a proper class of eligible paper, paper originating on strictly commercial
transactions and the development of a proper bill market in this country.
At the same time, such a development would have greatly improved the
quality of credit in the United States by tending to encourage the raising
of the standards of the credit of the issuing houses. I sometimes think
we have too many companies attempting to insure credit and that by this
process we are destroying a development of integrity in credit instruments
which is so much more desirable in this country.
In passing, we should not overlook, as another important element in this
situation, the trend away from Government, State, municipal, mortgage
and bond investments, due to a full realization of this American spirit as
again demonstrated by the speculative instinct in each and everyone of us,
the fact that once one invests in a security one becomes either a limited
or a general partner in that business, and very recent observation has
demonstrated that larger returns aro inherent in common stocks which
participate in distributions of profits, either in the form of stock dividends
or cash, for beyond that which is received by those who are limited partners
and owners of preferred stocks and bonds or debentures. This trend, or
development, has necessarily been an important one and has been brought
about through the use of the agencies of modern financial development
and,of course, has been accentuated because there has always been available
sufficient money and credit to bring about the necessary reorganizations and
refinancing operations.
The demonstration made by the United States Government in the sale
of its war loans directly to the public, followed by the campaign of Investment houses in the distribution of their securities and later by the direct
selling campaign of the public utilities' interest of the country, has created
nation-wide interest in investment and speculation in all attractive
securities.
In this connection, I would like also to point out the origin and development, sponsored principally by the automobile industry, of the partial
payment sales plan which, while in the beginning and prior to the campaign
of the automobile manufacturers was oflittle significance, has now developed
to such proportions that it is one of the important elements in our whole
industrial, economic and financial structure. Recent estimates have placed
the staggering figure of seven billions and a half as the amount of outstanding partial-payment obligations in existence. I see very little difference
in the purchase-on-the-installment-plan of a horse, a cow, a bicycle, an
automobile, or a share of stock in the Pennsylvania Railroad, or the Radio
Corp. of America, or the National City Bank, or a so-called investment
trust. If this system of installment buying has resulted in the creation
of too large a line of installment paper, either in the form of a farmer's,
a barber's, a clerk's, or a millionaire's obligation, or borrowing by a group,
or investment trust, or what
-not-kind-of-organization, which has resulted in
the absorption of too much credit through the discount of eligible paper,
or borrowing in the form of brokers' loans, we must look to the source for
the evil (if it is an evil) because this development goes to the very foundation
of our prosperity. And, if we have come to the danger point and this class
of dealing is absorbing an undue proportion of available credit and thus
endangering the stability of our financial structure, we must realize that
we have been progressing too rapidly in our development and must now
slow down. Is this what we are to infer from the recent announced change
of policy of the Federal Reserve System. I hope that we are not to interpret
their meaning to be that they are attempting to affect the price of securities.
With further reference to this recent statement issued by the Federal
Reserve Board and concurred in by the Federal Advisory Council as wise
and proper, and to the general public comment thereon, I desire to point
out that in the management of the Federal Reserve System they are first
charged with the responsibility of the maintenance of the gold standard,
with the regulation of the total volume of credit and to see that the business
of the nation proceeds in an orderly manner without impediment so far as
financial operations are concerned. The operation of the financial system
Is primarily to facilitate and not to dictate.
Unquestionably, the three most potential powers of the system are,
first, the discount rate, second, the open market operations and, third,
publicity. The discovery of the power of publicity was made, so far as the
management of the Federal Reserve System is concerned, when the famous
statement of the Federal Advisory Counsil, headed by D.R.Forgan, was
Issued as a warning to the American public in 1920 which resulted in one of
the most drastic deflations that has ever occurred in this country.
The power and influence of open market operations developed about
1922 when the earning ability of the Federal Reserve System, because of the
non-use of the rediscounting privileges of the system caused by the deflation
which started in 1920, became apparent and the 12 banks, in order to have
sufficient earning assets to pay their operating expenses and dividends,
began the purchase of Government securities in sufficient quantities to
produce the necessary income. These purchases resulted in enhancing the
value of Government securities and further resulted in competitive buying
between the 12 Federal Reserve banks and other purchasers of Government
securities and so unsettled the money market as to cause a hurried Investigation by the Treasury, which resulted in a change of policy and the creation
of the open markets committee for the purchase and sale not only of government securities but other open market securities for the system. A careful
study of the effects of the open market purchases at that time demonstrated to the management the unquestioned influence and power of these
operations. So, since then the Federal reserve system have been utilizing
these three great powers in their operations, and recently we have been
experiencing the effects of the 1120 of the open market and publicity powers.
The combined use of the powers granted by law to the Federal reserve
system is sufficient to give them control over the gold reserve and the total
volume of credits.
There is in the operation of this system, as in all other systems,the great
human element, and "to err is human."
Attention has been directed during the past year, and particularly the
last few days, to the authority vested in the Federal Reserve Banks and
the Federal Reserve Board in the application of changes in discount rate,
open market operations, and the use of publicity. My own view is that
the banks have the power to initiate but shuld not put in operation any
one of these functions without the approval of the Board, and I can see
where it might be necessary, under certain conditions, that the Board
should have the right to compel an execution of any one or all of these
powers.
The methods pursued in initiating a change of policy or the putting into
operation of any one or all of these functions Is important, and in this
connection I desire to point out that, of course, where the Federal Reserve
Board exercise a change of policy they perhaps proceed without consultation with the management of any of the 12 Federal Reserve Banks, as
undoubtedly was the case in the recent statement that was sent out. But,
osi the other hand, partcicularly In a change of discount rate and perhaps also
in dealings in the open market, a consultation with the officers and directors of each of the 12 banks might be desirable, and when initiated by any
one or all of these banks the approval of the Board is now deemed essential
1315
before putting into opera on any proposed change of policy. These
Initiations and the consultations necessary by the management and the
directors of each of the 12 banks, together with the consideration given by
the Board are, of course, necessarily confidential, and are so construed
by the management of the system—a very delicate operation, indeed,
and one fraught with the responsibility of keeping strictly confidential
any information, which, if disclosed in any manner whatsoever, or utilized
by anyone connected with the system for their own personal benefit, would
be most unforunate. And, in such a delicate mechanism as is this system.
public confidence must be maintained in the integrity and the preservation
of those decisions which are so imperative to the successful operation of the
system as regards any change in policy.
The successful operation of the Federal Reserve System demands that
the necessary confidence in managing its important and vital powers be
held inviolate. Likewise in its relationship with foreign central banks it
must be understood that the confidence of these foreign central banks must
be preserved at all times, else a destruction of such confidence might interfere with necessary co-operation in the management of the gold standard.
This relationship between our banking system and the foreign central
banks is quite similar to the relationship between a bank and its customer
and its transactions should be held in confidence out of respect to the
wishes of these associations.
The Federal Reserve System Is still young and much of its work to date
has not been charted and might be construed as pioneering. Attention has
been centered, as probably never before, in Federal Reserve policies during
the past two years, principally by the fact that, following a conference in
New York of the Governors of the Banks of England. France, and Germany,a change of policy was announced when the discount rate was lowered
to 335% and large operations in the open market were resorted to to further
,
ease the money market in this country which resulted in the exportation of
something over five hundred million dollars worth of gold. This "easy
money" situation resulted in increased purchases of stock exchange and
investment securities and a consequent gradual increase in prices of the
more attractive securities, which finally resulted In increases of the discount rate and further open market operations by the Federal Reserve
System.
Owing to the wide public interest, both national and international, in
the purchase of the better grade of common stocks, prices continued to
rise and, because of the large volume of transactions, interest rates also
began to rise, thus making New York an attractive market for the Investment of idle funds. The continuance of this situation resulted in there
being placed on the New York market a large amount of independent
funds which caused the return importation of gold, and this situation has
resulted in the recent drastic raise in the discount rate by the Bank of
England from 4H% to 5%%. By some strange coincidence this increased
rate was almost simultaneously announced with the warning by the Federal
Reserve Board following conferences in New York and Washington between the directors of the Federal Reserve Bank in New York and the
Federal Reserve Board in Washington with the Governor of the Bank of
England. This announcement of the two important changes of policy by
the Federal Reserve System, coming immediately as they did after conferences with important foreign banking heads, has resulted in an outburst
of discussion as regards possible collision to the detriment of the best
Interests of the American people in the management of the Federal Reserve
System.
I have already pointed out the fact that the necessities of our situation
have developed to the point where financial leadership is being exerted by
and through the Federal Reserve System. This leadership cannot be
exercised competently without a frank and free exchange of views with the
other banks of issue of the important countries of the world who are operating with gold as the basis of their monetary systems. In the more
recent developments of standardization of financial systems in these major
countries of the world, the Federal Reserve System has played an important part, and I believe in doing so it has been acting for the best interests
of the American people. There is no question but that the Federal Reserve
System should be operated as an American system to protect the interests
of the American people and a certain amount of cooperation is necessary
on the past of the management of this system with the management of the
other central banks with which we are now cooperating. and I think this
cooperation should be limited in scope primarily to the management of gold
and the stabilization of exchange, always keeping in mind the stabilization
of price levels in this country as well as a general stabilization of world
price levels.
In conclusion, the real problem confronting our banks as a whole is one
of knowing what to do with surplus funds. This inefficiency on the part
of banks accounts for much of the increase in brokers'loans.
We should weight carefully the relationship between brokers' loans to
American bameing and the extent to which capital as distinguished from
credit has entered our bank deposits, bearing in mind that bank deposits
can be created in two different ways by the customers eontracting a loan
at its banks, the proceeds of which are to be on deposit to his account.
and also by the placement of capital belonging to the customer on deposit
in the bank. In the first case the bank deposit represents the ability of the
bank to expand its credit, while in the second case no such credit element
is involved. I suggest that so long as this country was a debtor nation,
capital was in general too scarce to be left on deposit in our banks to a great
proportionate extent. On the other hand, when we became a creditor
nation and began to enjoy the recent period of great industrial and commercial prosperity, great amounts of capital were created in this country
in the hands of people unaccustomed to the placement of capital in security
and other investments. The consequence of this change has been that
many people have elected to keep or convert their capital in these bank
deposits either for safety or through inexperience with investment. Tide
tendency, of course, is seen very clearly in the enormous increase in time
deposits in this country and also to an important extent in the Increase of
demand deposits as well, and if this situation is to continue, bankers and
investors must acquire a new technique in respect to the handling of capital.
I have heretofore on several occasions directed attention to the continually increasing use of short-term government securities in securing
credit from the Federal Reserve System. I again take occasion to point
out the unwisdom of this continued and increasing practice, and in this
connection reiterate the opinion which I have expressed in the past that
the present short-term public indebtedness should be refunded into longterm obligations and I respectfully suggest that in consideration of thls
situation, which has devloped as regards bankers acceptances, that careful
scrutiny should also be given to the cotinual investment of the liquid reserves of member banks in this class of security, bearing in mind at all
times whether or not such security would be readily liquidated in an emergency. I desire also to point out that it has been clearly demonatrated
that purchases and sales of securities in a rising market cannot be stopped
by a moderate increase of Federal Reserve discount rates. Careful consideration, therefore, should be given to this particular subject at the
present time as to whether or not the present Federal Reserve rate is on
sound or a fictitious basis. It seems to me, after giving very careful 0011elderatIon to this subject and the attractirenesa of the New York mewl
1316
FINANCIAL CHRONICLE
[vol.,. 128
Subscriptions Not Classified.—Where under the terms of an offering or
market as It has been observed during the past year, that the money market
accompanying an offering, the Treasury agrees to allot
could be somewhat improved with little danger of increasing so-called under instructions
securities maturing on the date of the
speculation by reducing the discount rate, which would remove a possible new securities in full for any of its
new issue or on any later date, subscriptions to be paid for in such securities
burden on industry, commerce and farming in the United States and thus
enable our Industry to compete on a more favorable basis in the makrets of should not be classified.
the world.
Application Forms to Be Furnished.
When the terms of the offering are announced, notice thereof, together
be mailed promptly by this bank to banking
000 Issue with subscription blanks, will Should notice and subscripton blanks for
Forthcoming Treasury Offering—$500,000,
institutions in this district.
in reaching such institutions, this bank will nevertheany reason be delayed
Looked for.
less receive subscriptions either by letter or telegraph. It is suggested
Indications of a forthcoming Treasury offering were fur- that subscriptions be promptly transmitted to this bank.
If it be found necessary to telegraph subscriptions they should be connished in a circular addressed under date of Feb. 21 by the
or
New York Federal Reserve Bank to banks in the district firmed immediately either by letter and on subscription blank, setting
method of payment, and clearly
forth the classifications indicated above
advising them of the method of procedure in filing sub- stating that the confirmation is not an original subscription so that dupliscriptions. It is the expectation that $500,000,000 will be cation may be avoided.
GEORGE L. HARRISON, Governor.
securities. A Washington dispatch
offered in short-term
Feb. 25 to the "Times" commenting on the Government's
March financing program stated that it was indicated at U. S. Treasury Turnover in March to Be $2,000,000,000
the Treasury Department that the offering would be with—Corporations to Start Month With $400,000,000
held for another week or ten days in the hope that money
in Dividends and Interest—Treasury Financing
market conditions would make it possible to float the issue
Heavy.
on a more favorable basis. This dispatch said:
More than $2,000,000,000 of funds will be turned over
It is probable that there will be no offering until after the month-end in the two weeks beginning on March 1 in connection with
adjustments by banks and corporations.
the operations of the United States Treasury Department
Higher money rates in the open market over the month-end are expected
and interest by corporain some quarters, especially if member banks of the Federal Reserve system and the disbursement of dividends
withhold funds from use for speculative purposes on the Stock Exchange tions, said the "Times" in its issue of Feb. 27. It added:
and corporations at the same time are forced to reduce their loans in
Preparations for the month-end distributions of dividends and interest
the call market. Treasury officials, however, would not comment about were reflected in a strong tone yesterday in the money market, with call
this feature of the credit situation.
loans quoted at 9%.
The Treasury Department's needs include funds with which to refund two
In the few days after the first of the month, corporations will pay out
issues of short-term certificates of indebtedness which fall due on March about $400,000,000 in dividends and interest, while on March 15 the gov15. These are series TM-1929, paying 3%%, of which $380,947,000 are
ernment will distribute about $80,000,000 of interest on its obligations.
outstanding, and series TM 2-1929, a 3%% issue, of which $210,884,000 Further payments to be made in the month by corporations will bring
are outstanding, making a total of $571,831,000.
disbursements to around $500,000,000.
From the first quarterly payment of income taxes on March 15, the
The quarterly financing of the government, which will be dated March
Treasury expects to receive about $500,000,000, the same as a year ago, 16,
but some of which actually will be effected a week or so in advance
1928 law corporations will pay a levy of 12% as
although under the
of that date, will be the biggest money-turnover event of the month. The
% last year. The Treasury estimate is based on the fact
2
/
against 131
treasury will offer about $500,000,000 of new securities as part of its
that net earnings of corporations in the calendar year 1928 were generally
refunding operation. At the same time, it will pay off $571,000,000 of
larger than in the calendar year 1927.
maturing securities, consisting of two issues of certificates of indebtThe last issues of certificates of indebtedness floated by the Treasury,
% from the October edness.
2
1
of /
In December, were on a 41
% basis, a drop
2
/
On March 15, also, the government will receive quarterly income tax
issue.
payments. These are expected to total about $500,000,000, the same as
It is understood that the Treasury hopes to sell its new issue at last
March, despite the fact that the corporation tax now is 12% against
around 4%, but this will depend largely upon the open market conditions 131
% a year ago. Larger corporate earnings in 1928 than in 1927
2
/
and no decision has yet been made.
are expected to counteract the reduction in the rate.
The following is the notice issued by the Federal Reserve
Bank of New York:
U. S. Financial Policy to Meet No Changes Under Next
Regime—Will Continue Fundamentally as at
FEDERAL RESERVE BANK OF NEW YORK
Present if Mellon Remains, Is Belief—Long Term
Fiscal Agent of the United States.
Issues at Lower Rates Believed Planned to Refund
Wire:tier No. 903, Feb. 21 1929.1
Floating Debt Maturities.
New Treasury Issue—Preliminary Notice of Offering and Methods of Filing
Subscriptions.
Little change in fundamental financial policies of the
To all Member Banks, State Banks, Trust Companies and Savings Banks Government are anticipated in the Administration of Presiin the Second Federal Reserve District:
dent Hoover, provided Secretary Mellon continues as head
From advices received from the Treasury Department of the United States,
this bank is enabled to transmit to banking institutions in this district the -of the Treasury Department, said the Washington correfollowing information:
spondent of the New York "Journal of Commerce," under
1. That a Treasury offering may be expected shortly.
27. The account went on to say:
2. That the subscription books may be closed by the Treasury without date of Feb.
While Mellon's retention is generally regarded as assured, it apparently
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the will not be finally certain until the new President makes the formal anterms of the Treasury offering (either in the press, through the mails nouncement.
The principal reconstruction projects already have been completed.
or by telegram) should promptly file with the Federal Reserve Bank any
subscriptions for itself and its customers This is important, as no guar- Taxes have been reduced, the war debts funded and provision made for
antee can be given as to the period the subscription books may remain paying off the public debt.
There are features of the Administration of these problems, however,
open, and subscribing banks, even before receipt of official subscription
blanks, may file their subscriptions by telegram or by mail with the that yet require attention, especially as to further reduction of taxes and
Bank. Any subscriptions so filed by telegram or mail in adjustment of the public debt.
Federal Reserve
advance of receipt by subscribing bank of subscription blanks furnished
Plans Long Term Refunding,
for the particular issue should be confirmed immediately by mail, and on
The floating of short term debt amounts to approximately $4,894,000,000,
the blank provided, when such blank shall have been received.
4. That if the terms of the offering when announced provide for both $1,900,000,000 of which matures during 1920 and the rest before 1933.
cash subscriptions and subscriptions for which payment may be tendered Most of this debt is at rather high interest rates, some of the issues going
In other securities, the subscribing bank should prepare its subscriptions up to 4%%. It is understood to be Mellon's intention, should he remain
In such manner as to indicate the method by which it proposes to make at the head of the Treasury, to place some of these securities in long term
payment and the respective par amounts of securities, if any, to be ten- issues at lower interest rates and refund the remainder at lower rates
as soon as the cost of money declines.
dered in payment.
Until lower costs of money prevail it is probable that the Treasury
&c.
Classification of Subscriptions,
issues of securities will be for short term, nine months to a year. This
Bank Customers' Subecriptions.—With regard to issues, subscriptions policy has been pursued by Mellon and enables the Treasury Department
to which the Treasury determines for the purpose of allotment shall be to take advantage of any drop in rates. Up to the period of high specuconsidered as on a cash basis irrespective of whether or not payment is lative activity at about the beginning of 1927, interest rates on Governto be made in cash or in securities, the following classification will be ment paper had been going down steadily and the average rate paid
required of subscriptions made for account of customers, stating the was below 4%. Most of the issues since that time have been higher and
the last ones went to 43 6% and over.
,
number of subscriptions in each class.
Mellon also is expected to give attention to the question of further reClass A—Subscriptions for $1,000 or lees for any one subscriber.
ductions in taxes and to a revision in administrative policies that will simClass B—Subscriptions for over $1,000, but not exceeding $10,000.
plify assessment and collection. Steps already have been taken in that diClass C—Subscriptions for over $10,000, but not exceeding $50,000.
rection, through the creation of the advisory committee of the Internal
Class D—Subscriptions for over $50,000, but not exceeding $100,000.
Revenue Bureau. Thousands of tax litigations have been settled by that
Class E—Subscriptions for over $100,000, but not exceeding $500,000.
committee, resulting in the saving of considerable sums both to the GovClass F—Subscriptions for over $500,000, but not exceeding $1,000,000.
ernment and to tax payers by eliminating suits in the Board of Tax
Class G—Subscriptions for over $1,000,000.
Appeals and the courts.
Where the maturing securities are not by the instructions accompanying
Various factions in Congress attacked Mellon and the Internal Revethe offering given a preference they shall be treated as cash and such nue Bureau severely for the policy in making refunds, especially to large
in the classisubscriptions to be paid for in securities should be included
corporations, but there is no indication that the situation will be changed
fication.
should the present Secretary remain at the helm.
--A subscription for a bank's own account should
Bank Subscriptions
No Tax Outs in Sight.
not be included in the above classification of subscriptions for account of
There is no immediate tax reduction in sight, since the Government for
customers but should be clearly indicated as for the bank's own account
the next two years, according to present indications, will bare a narrow
and in addition to eubsiriptiont for customers.
MAR. 2 1929.]
FINANCIAL CHRONICLE
margin between receipts and expenditures. However, undoubtedly it will
be possible to lighten the tax burden within the next two or three years,
provided prosperous conditions continue. Some reduction is contemplated
in the surtax rates, which have a maximum of 20%, as applied to incomes over $100,000. The present rates are not a burden on the so-called
little fellow.
Married individuals with incomes under $3,500 annually, pay no tax,
while a married individual with four dependents pays no tax unless his net
income exceeds $5,100.
Another important project is the placing in circulation of the Government's new reduced sized paper money. In about May the Treasury 'will
be prepared to definitely name the date and the method of distribution of
the new paper currency. It will be applied to all paper including gold
and silver certificates, Federal Reserve paper and national bank notes.
Carrying out the $300,000,000 building program also is charged jointly
to the Treasury and the Post Office Department, its administration being
carried on chiefly by the Secretary of the Treasury. In all probability
before the present funds authorized have been expended it will be necessary
to appropriate even a greater sum of money for the purpose. Mellon has
mapped out the plan for dealing with this project.
President Coolidge in Washington's Birthday Address
Says Foreign Relations Have Rarely Been in More
Happy Condition—No Important Unadjusted Problem with Any European Nation Except Russia.
Declaring that "it is possible to say of our foreign relations at the present time that they have rarely been in a
more happy condition," President Coolidge, In an address
delivered at the commencement exercises at George Washington University on Feb. 22, made the statement that "we
have no important unadjusted problem with the Government of any European nation with the exception of RuNoia."
"Outside of that country," said the President, "all the
Issues that arose, even out of the World War, have been
adjusted." The President indicated that he was moved to
mention the subject in view of the recent national campaign "In which, of course, the opposition party was expected
to criticize the foreign policy of the Government and suggest that important unsettled issues were gravely interfering with the friendly attitude which we desire to cultivate abroad." "The great measure of our standing in the
world," said the President, "Is determined by whether other
nations turn to us for assistance when they have difficulties among themselves." "Our very detachment," he went
on to say, "puts us in the position where we are constantly
rendering a service to the world which would otherwise
not be possible." "While we are not associated with any
particular foreign group," he added, "in the last analysis
they all know that they can apply to us when they are in
need of friendly offices. This is the position which
I
judge Washington wished his country to occupy.
While
he warned us against alliances with any, he was no
less
urgent in counseling the maintenance of friendly relations
with all."
Observing, incidentally, that Washington
"warned us in his farewell address to beware of permanent
and political alliances," President Coolidge added "the
phrase entangling alliances is not from him but from Jefferson." Honorary degrees of Doctor of Law were conferred both upon the President and Mrs. Coolidge at
the
exercises. The President's address follows:
My Fellow-Countrymen:
Compared with some of the older nations, our holidays
are few in
number. Being less frequent, they are given a more formal
observance.
With the possible exception of the Fourth Day of July,
none of them on
the secular side arouses any more popular interest than
the birthday of
George Washington. Of course, he is honored for what
he did. He was
the leader in a successful struggle for independence
, which
a justified military reputation. He was also the foremost gave him
influence in
securing the adoption of our Federal Constitution,
which gave us a free
Republic. Naturally, he was chosen the first
President In this office
he brought into practical operation the
theories of our National Government, which demonstrated that he was not
only a
a sound and patriotic statesman. In addition to all military leader but
his public service,
he was a man of affairs. He ranks as the best
business man of his day.
Had there been no Revolutionary War, he would
undoubtedly have become
the foremost Colonial figure of his time.
It is because of his success in so many fields of
action that his memory makes such a wide appeal. Wherever men
love liberty we find a veneration for the name of George Washington. Wherever
there are aspirations for a free government, whether already in being
or in future expectation, there is admiration for the institutions he
established. Wherever
purity of character and self-sacrificing public service
are
name is honored and revered. Almost alone of the great admired, his
figures of
tory he can be accepted without any qualifications or reservations. hisNot
only is his fame world-wide, but his life is held in universal
respect.
Washington's Comprdiension of Advantages of Federal
Union.
In a day when tilling the soil went mostly by the rule of thumb, we
find
developing agriculture in a scientific way. While others
him
were specu.
lating, usually at a loss, he was investing in land and making a
profit.
When the political thought of his day was centred for the most part in each
local colony, he had the vision to see and the understanding to comprehend the advantages of a Federal Union. Although his own State of
Virginia had a college in his youth, and there were others in the North,
with the possible exception of some short studies in surveying he did not
1317
attend any of the higher institutions of learning. Yet be became a welleducated man himself, and in many of his public statements, and finally
in his will, he was careful to disclose his views on the importance of
republican institutions, of government-supported free schools and opportunities for higher education.
Coupled Benefit of Centralized University Training with Cultivation of
National Spirit.
Here, again, he showed distinctly that he was nationally minded, because
he coupled the personal benefits of a centralized university training with
the cultivation of a national spirit in the students. Since his day so many
local colleges and State universities have been established that the provisions of his will have never been put into execution. Yet it is a satisfaction to have this institution at least bearing his name in the national
capital. The views which he expressed on the all-important subject of
education have that ring of truth and that soundness which make them
apply with the same force to-day as they had when they were uttered.
Although he, like Lincoln, did not have opportunity to take a college
degree, yet, like the Great Emancipator, the Father of His Country had
the advantage of working with a citizenship which was well permeated
with college men, whom he constantly sought for his advisers in positions of responsibility. It should always be remembered that unless many
of their associates had secured the liberal education which comes from
college training, the career of both Washington and Lincoln would have
been utterly impossible. Without well-educated leaders and general diffusion of learning among the people they would have had no MOcess.
Outside of college walls, but usually under the guidance of competent
instruction, Washington was a most painstaking and thorough student
He gained the position which he held through application to hard work.
By that means his mind became well trained. He knew how to think.
Not only in what Washington said do we find much wise counsel
relating to education, but we find even snore in the man himself. His
life justifies the existence and demonstrates the necessity of institutions
for giving to our youth that broad culture which comes from application to a course in the liberal arts. We need men of technical training.
They are much more necessary now than they were in the Revolutionary
period. We could not maintain our modren life for any length of time
without them. Washington himself would be entitled to considerable rank
as an engineer in hie day. It is necessary for our progress to have
Individuals who make a life study of one subject to the exclusion of everything else. The danger to them and from them lies in their becoming
lost in particulars. While they are wonderfully skilled in their
own
subject, they often do not comprehend its relation to other subjects.
There would be a place in the world for the soldier and sailor
who
could see nothing but national defense; a place for the pacifist
who
would never engage in war and had no comprehension of international
relations; for the physicist who had little interest in spiritual
ideals, and
a place in every large enterprise for the experts in accounting,
in production, in transportation and in merchandising, though they might
understand nothing of the broad principles of political economy. But these
talents will reach their greatest usefulness only when directed
and coordinated by the wisdom of a comprehending executive who
may not
always know but who rarely fails to understand.
Washington Superior to Jefferson as Statesman, and Better Business
Mau
Than Hamilton.
It was in this field that Washington appears to have excelled.
Be
could not have written the Declaration of Independence. Yet as a statesman he was easily the superior of Jefferson. He could not have prepared
the intricate report on manufactures. Yet he was a far better business
man than Hamilton. His words and actions were such that he inspired
confidence. The country followed him because it trusted him.
They
were willing to take his judgment concerning subjects which
they did
not themselves comprehend. In him was the essence of all great
leadership, a power which gives men faith. The people looked on him
and
believed. They believed in themselves, in their country and in
their
future destiny. In that faith they conquered.
It is possible that this kind of talent is born, not made. Yet,
as we
study the lives of those who have possessed it, we cannot escape the
conviction that it is enlarged by rigorous training. The only military
experience that Lincoln ever had was a few days' service in
the Black
Hawk War, to which he always referred with a mixture of
amusement.
Yet from his early youth we find him constantly employed in the
deepest
of study trying to learn how to think.
Mathematical accuracy was no mere figure of Speech with him.
His
old note papers show that he was engaged in demonstrating his conclusions in accordance with the principles of geometry. When he
came to be
tried out in a great conflict the dispatches be sent to his armies
in the
field indicate that his military judgment was unsurpassed by that of
any
of his Generals. When the great Jefferson, master writer,
brilliantly discoursing on the rights of man, was markedly indifferent to declaring
and
defending the rights of his countrymen, it was the practical
Washington
who was bending all his energies to make the rights of
man a reality
by establishing this Republic under a Federal Constitution.
In all the efforts which our institutions of learning
are making to
develop science they ought not to fail to put a
large emphasis on the
development of wisdom. We shall fail if we put all
our endowments,
all our honor and all our efforts into our
technical schools and leave
unsupported our schools of liberal arts. It will be found
just as impossibk
to secure progress without them as it is to secure
civilization without
religion.
In addition to the great example of his life,
he left a legacy of 'wise
advice and counsel to his fellow countrymen
concerning their relations
to each other, to their government and to their
God. As he was about to
leave the army at the close of the Revolutionar
y War in June 1753, he
issued a letter addressed to the Governors of
the several States in which
he summed up his solicitous interest in the
cultivation of good citizenship
in the following paragraph:
"I now make it my earnest prayer that God
would
State over which you preside, in His holy protection; haveTyou and th.•
that He would incline
the hearts of the citizens to cultivate a spirit of
subordination and obedience
to government; to entertain a brotherly
affection and love for one another.
for their fellow-citizens of the United States
their brethren who have served in the field; at large and particularly for
most graciously be pleased to dispose us all to and, finally, that He would
do
to demean ourselves with that charity, humility justice, to love mercy and
and
which were the characteristics of the Divine Author pacific temper of mind
of our blessed religion.
and without an humble limitation of whose
example in these things we can
never hope to be a happy nation."
His better-known Farewell Address contains
nothing finer than this
simple, direct, but all-embracing admonition.
1318
FINANCIAL CHRONICLE
Washington's Warning Against Alliances.
Washington was one of the first in a practical way to conceive of the
United States as an independent establishment. Before him it had been
a province. After him it was a nation. Even following the Revolution
there were many people in this country who clung to the old thought
that we were a European dependency. If we were not to look to England,
then we must look to France. It was the clear belief of Washington
that we must look to ourselves. Habits of thought live on. There are
still those among US who have an inferiority complex and there are still
people in Europe who regard us as a province. He therefore warned us
in his Farewell Address to beware of permanent and political alliances.
The phrase entangling alliances is not from him, but from Jefferson.
In the thought of that day an alliance meant the banding together of
two or more nations for offensive and defensive purposes against certain
other nations, either expressed or implied. It was a purely artificial creation. It had no reference to an association of practically all nations in
an attempt to recognize their common interests and discharge their common obligations. While we should at all times defend our own independence
and maintain our own sovereignty, we should not forget that all nations
as well as all individuals have natural and inalienable rights "of life,
liberty and the pursuit of happiness," in the words of Jefferson, and,
while we should fail disgracefully in our mission in the world if we did
not protect those rights for ourselves, we shall also fail if we do not respect
them in others.
This principle was clearly understood by our first President, and, being
understood, he did not hesitate to put it into operation. When the French
undertook to interfere in our affairs in such a way as to threaten the
integrity of our government, he called them to account. When our own
citizens, on the other hand, were resentfully refusing to recognize the
rights of English subjects, Washington was equally insistent that our
government and our citizens should faithfully discharge their legal obligations—even to our Tory enemies. The Revolutionary War inevitably
left many undecided questions pending between the United States and
Great Britain. There was the question of turning over to this country
certain outpusts. There were also certain boundary disputes which were
not adjusted until well into the next century. These in turn were followed by differences concerning fisheries. Of course, every one recalls
the difficulties under which we suffered as neutrals during the Napoleonic
era, which resulted in tho War of 1812. A like experience came to us
in the World War. We also have had issues arise, sometimes of a serious
and threatening nature, with many other countries. We had them during
the early period of our national life and shall undoubtedly continue to
have them in the. future. Both foreign and domestic affairs will constantly produce new questions for consideration.
Those who feel in a considerable state of alarm when they learn that
there are subjects requiring diplomatic adjustment at the present time would
probably be somewhat relieved if they would consider the history of our
international relations. So long as we continue as a nation we shall have
such relations. Because there are matters which require adjustment is no
reason for grave concern. There are more and more methods by which
the certainty increases that they will be composed.
[vor.. 128.
not to say insistence, that citizens of the United Sterne should contribute
their assistance and counsel in the effort to make a final adjustment of
the problem of reparations.
Our Detachment Enables Us to Render Service to World.
Of course, in past negotiations we have reached conclusions with them
through the necessary process of give and take, but their actions have
demonstrated that their governments feel that our conduct has been such
that they can trust us. After all, the great measure of our standing in
the world is determined by whether other nations turn to us for assistance
when they have difficulties among themselves. Our very detachment puts
us in the position where we are constantly rendering a service to the world
which would not otherwise be possible. While we are not associated with
any particular foreign group, in the last analysis they all know that they
can apply to us when they are in need of friendly offices.
This is the position which I judge Washington wished his country to
occupy. While he warned us against alliances with any, he was no less
urgent in counseling the maintenance of friendly relations with all. As
our strength has increased, as our power to maintain our independent position has grown, the wisdom of his warning and his counsel has become
more and more apparent. Some nations are so situated that it has been
and is now necessary for them to seek understandings with others in order
to perpetuate their own evistence. Others have interests so detached and
territory so scattered that they can best protect themselves by some
method of regional relations.
Our situation is such that we are and can remain unhampered by any
such necessities. We do not seek isolation for its own sake, or in order
that we may avoid responsibility, but we cherish our position of unprejudiced detachment, because through that means we can beet meet our
world obligations. If we become closely identified with any specific grouping of nations, however advantageous it might be to us, we could not hope
to continue to perform that service.
As we study the statesmanship of Washington, as we see it demonstrated
in our domestic and foreign experience, he becomes a larger and larger
figure. The clearness of his intellect, the soundness of his judgment, the
wisdom of his counsel, the disinterested patriotism of his actions are constantly revealed to us with a new and compelling force. The reverence
for his memory continues to increase. The people of the United States
feel that they were exalted in his victory. The people of England feel
that even in the defeat of their arms abroad he carried their ideals to victory at home. Such a conquest could not be made save by all exponent
of universal truth.
To Test Hoch-Smith Constitutionality—Supreme Court
Will Be Asked to Pass on Meaning of the Act—A
Development in California Fruit Rate Case—
The constitutionality of the Hoch-Smith Resolution will
be argued before the Supreme Court of the United States
as the result of a final move by the railroads in the California fruit rate case. "Railroad Data" of Feb. 22, from
which we quote, says:
Forelign Relations Rarely in More Happy Condition.
It is possible to say of our foreign relations at the present time that
they have rarely been in a more happy condition. The uncertainties which
In this case the Commission ordered a reduction in rates of approximately
existed south of the Rio Grande have been very much relieved. The do- 8% on perishable fruits from California to various destinations. A summestic disorders in Central America are being adjusted with a satisfaction mary of the original decision and subsequent developments were pubthat is almost universal. Even the mouths of those who would rather lished in "Railroad Data" of August 26 1927 and Dec. 16 1927.
criticize us than have us do right have been stopped. The recent PanThe Commission's decision was based upon its interpretation of the
American Congress held in Washington exhibited a spirit of friendliness Iloch-Smith Resolution. This resolution directs the Commission, with due
and good-will which was most gratifying. Competent and experienced regard "to the maintenance of an adequate system of transportation" to
observers have assured me that our relations with South America are investigate and "effect with the least practicable delay such lawful changes
on the most satisfactory basis that they have been for twenty-five years. in the rate structure of the country as will permit the freedom of moveOn the far side of the Pacific our situation is equally satisfactory. We ment by common carriers of the products of agriculture . . . includhave no important unadjusted problem with the government of any Euro- ing live stock, at the lowest possible rates compatible with the maintenance
pean nation, with the exception of Russia. Outside of that country, of adequate transportation service."
all the issues that arose, even out of the World War, have been adThe case now comes before the highest court of the land following an
justed.
appeal from the United States District Court for the Northern District of
Of course, our citizens meet the citizens of other countries in com- California.
mercial rivalry in the market places of the world. That will always conThe Railroads' Contention.
tinue. It is the natural and inevitable result of foreign trade. But it
does not raise any issue between our government and other governments.
In a brief just filed with the Supreme Court, the railroads contend
maintain an army and
We believe in a policy of national defense and
that the Commission erred in construing and applying the Hoch-Smith
a navy for that purpose. Other countries have similar military establishResolution. The brief says in part:
ments. We are committed to the principle of limitation of armaments.
"The Commission construed the resolution to require it to reduce an
The other great powers through the public opinion of their people and the
existing rate on agricultural products, notwithstanding that the existing
binding obligation of their treaties are more firmly committed to this rate was
reasonable, and otherwise lawful. This was a misconstruction
principle than we are. Each government is conscientiously seeking to of
the resolution. The resolution required that the Commission reduce
extend this principle. It does not raise any issue among us.
existing rates on agricultural products only if such rates were unreas
sonable or discriminatory, or otherwise unlawful as measured by the Pro.
Criticism of Foreign Policy in National Campaign.
visions of the Inter-State Commerce Act.
It seems desirable to mention this subject in order that the people of
'If the resolution properly construed authorizes the Commission to rethe United States may have my opinion concerning it. We have recently duce existing reasonable rates, such reduction is only authorized where
had a national campaign in which, of sourse, the opposition party was ex- it is 'compatible with the maintenance of adequate transportation service.'
pected to criticize the foreign policy of the government and suggest that The Commission has interpreted this to mean that a reasonable rate may
important unsettled issues were gravely interfering with the friendly be reduced, although the carriers are not earning the fair return speciattitude which we desire to cultivate abroad. In other countries there fied pursuant to Section 15a.
will be similar campaigns, where the parties out of power will criticize their
"This is in effect to repeal Section 15a, and is an improper interpretagovernments in a like manner. There was nothing in our election to tion of the resolution. If the resolution authorizes the Commission to
indicate that our own country took suck statements seriously, and I there- reduce a reasonable rate, where the carriers are not earning a fair return,
fore trust they will not be taken seriously abroad.
it also requires that other rates be adjusted simultaneously so that the
For the same reason, our people should not take seriously the campaign carriers' revenue, already inadequate, will not be
impaired further.
the governments in
utterances of those who may be seeking to supersede
"The Commission erroneously construed the resolution as authorizing it
power in other countries. Political utterances of this nature should be to find without substantial evidence that the existing
rate was unreacarefully differentiated from statements by responsible governments authori- sonable, and that the new rate was the lowest
passible lawful rate, and
ties. I should like the people of the United States to know that at the further misconstrued the resolution as placing upon the
carriers the burpresent time there are no qustions of importance awaiting settlement be- den of proving that the old rate was the lowest possible
lawful rate and
tween our government and any of the European governments with which that the new rate was lower than the lowest possible lawful
rate.
we haverelations. Our government is on the most cordial and friendly
terms with all of them.
Bad Not Sufficient Evidence.
Because this is true, there should be an attitude of kindness and good"The order is arbitrary and invalid since the resolution does not auwill between our people and all the European people. Whenever we see
statements constantly made and seriously entertained concerning the con- thorize the Commission to act without substantial evidence and does not
duct and intentions of our government likely to prejudice it at home or alter the existing rule requiring complainant to bear the burden of
abroad, there comes it time when a candid presentation of the facts is re- proof.
"The Commission misconstrued the resolution in that it held that a
quired to promote a state of better understanding. .Such an expression is
entirely different from a constant attitude of fault-finding and hostility rate which yielded the carrier an amount slightly above operating extoward everything that is foreign. The governments are friendly. The penses was a lawful rate. The Inter-State Commerce Act and the Coneti.
people and the press should be friendly. The respect and confidence of tution require that each rate shall yield to the carriers all proper emta
European governments is especially evidenced by the unanimous request, and a substantial profit.
MAR. 2 1929.]
FINANCIAL CHRONICLE
"The Commission construed the resolution as authorizing it to regulate
industry through the medium of regulating rates, and to base rates not
upon the approved and accepted principles of rate-making but upon
whether the shipper was or was not conducting his business at a profit.
"Such is not a proper construction of the resolution, but if it is,
the resolution is unconstitutional as it then constitutes a regulation
of industry and not a regulation of commerce."
1319
Dutch Village of New Amsterdam. Regarding his collection, Mr. Davies says:
"I have treasured this collection over many years, in the hope that
the time might come when I could place it where it would benefit the
city as a whole. The successful effort to establish the Museum of the
City of New York for housing such material as this collection of mine
marks, in my opinion, a great advance is the cultural progress of
our city.
"In making this donation, I sincerely hope that I am taking a step
which numbers of others in New York are capable of taking, and that
they, too, will realize the greater value and the greater desirability of
placing their collections of whatever nature where they will be housed
and properly cared for, for the benefit of the public and coming
generations."
New Form of Trust Created By Farmers Loan & Trust
Co. Designed To Secure For Investors Advantages
of Large Scale of Diversification of Investments'
Announcement was made on Feb. 26 by the Farmers Loan
& Trust Co. of New York of a new form of trust to be known
Mr. Davies' donation places him as one of the three
as The Farmers' Loan and Trust Company Uniform Trust "Donors" whose gifts to the Museum equal one-quarter of
"A". In its announcement the trust company says:
a million dollars or more. The other two "donors" are John
The plan under which these trusts are created represents an ingenious D. Rockefeller, Jr., and James Speyer. When the new
adaptation of the basic principle of revocable voluntary trusts. The
operation is in the nature of a composite investment fund created for pur- Museum of the City of New York building is completed at
poses of large-scale diversification and made possible by the mingling of Fifth Avenue, between 103rd and 104th Streets, the J.
numerous individual trust funds.
Clarence Davies collection will be displayed in a gallery
Under the new plan the Trust Company functions both as trustee and
as manager of the fund. While accepting all the responsibilities of the bearing the name of the donor.
former function, the company also enjoys unlimited powers of management.
The contract for the foundation for the new Museum
In effect each trust fund set up under the plan is a complete and selfsome time ago and the excavation is well
contained unit, differing from the ordinary voluntary trust in the important Building was let
particular that all Uniform Trusts may be mingled and invested at the sole under way. The contract for the building, which has been
discretion of the company to enlarge the investment opportunity and
approved of, and favorably commented upon, by the Muespecially to permit of large holdings of extensively diversified securities
nicipal Art Commission, is expected to be awarded shortly.
in the common interest.
The theory underlying the plan is based simply on the principle that there A celebration is contemplated of the "Corner-Stone Laying"
is no essential difference between managing a single trust and managing a
in about two months, with proper ceremonies. The Gracie
thousand or more similar trusts.
The trustee's compensation is limited to a commission of one per cent to Mansion, at the foot of 88th Street, East River, is the
be paid upon the establishment and termination of an investment fund, present home of the Museum, pending the erection of its
and an annual commission of one-half of one per cent upon the value of each
quarters. The subscriptions to the Building and
trust fund. All expenses incurred by the trustee in the administration of permanent
each such trust fund are covered by these charges. No charge of any kind Endowment Fund of the Museum were noted in our issue
may be made by the trustee for any of the services rendered by it, nor for of June 23, 1928, page 3878. The officers of the Museum
any services rendered by any director, officer or employee of the trustee,
are: Phoenix Ingraham, President; Robert LeRoy, Secreother than its commissions.
In a booklet issued by the Company the operating method tary ; Raymond E. Jones, Treasurer; Luke Vincent Lockwood, Chairman of the Building Committee; James Speyer,
and management are epitomized as follows:
A plan has been adopted to facilitate the establishment of trusts by Chairman of the Finance Committee; Lewis Gouverneur
persons desiring to avail themselves of the investment service of The Morris, Chairman of the House Committee, and Hardinge
Farmers' Loan and Trust Company. This plan provides for the creation
of separate individual trust funds, each of which is described as an invest- Scholle, Director.
ment fund having the following characteristics:
(a)The Farmers' Loan and Trust Company will be the Trustee of each
such investment fund and will have the exclusive powers to invest and
reinvest the moneys constituting such fund, including the power in its
discretion, for the purpose of investment and reinvestment, to mingle the
funds of each separate trust.
(b)The beneficiary of each investment fund will be the owner of the entire
beneficial interest interest therein.
(c)Each investment fund so established is revocable at any time by the
beneficiary thereof who shall thereupon be entitled to the return of the net
amount of all funds then constituting the trust.
The investment and reinvestment of each such trust will be under the
supervision of a committtee, which at present consists of the President,
four of the Vice-presidents, and two directors of the Trust Company.
The Trustee will cause each trust fund to be invested and reinvested from
time to time, as it may in its absolute discretion deem for the best interests
of the trust without any limitation whatsoever.
Beginning in August 1929 and quarterly thereafter of each year the
Trustee will pay to the beneficiary of each investment fund such proportions of the sums credited to income and profits as under the circumstances
may seem advisable. Any income of realized profits not distributed immediately will be retained by the Trustee for further investment, thus
increasing the value of the investment fund, and the beneficiaries' interest
therein. Such income and profits may, however, in the discretion of the
trustee be subsequently distributed.
At the outset and prior to March 21 1929, trust funds of multiples of
$1,000 will be received. On March 21 1929, the Trustee will execute and
deliver Declarations of Trust with relation to all such funds which have
previously been received by the Trustee and accepted by it.
J. Clarence Davies Donates Collection of "Old New York"
Prints to Museum of City of New York.
The first valuable gift to the Museum of the City of New
York has been made by J. Clarence Davies, prominent Bronx
real estate broker, in the donation by him of unique collections of prints, paintings and photographs depicting the
growth of New York over a period of three hundred years.
Announcement of this is contained in a statement just
made available to the press by the Museum. The collection
received from Mr. Davies comprises approximately 15,000
pieces and is valued at not less than half a million dollars.
More than forty years ago, according to the statement
given out by the Museum, Mr. Davies began his collection
of pictorial reproductions of the progress of Greater New
York. He earlier sensed the northward growth of the city
and foresaw the rapid erection and demolition of many of
the structures, and his initial thought was to preserve many
of these photographs for the benefit of coming generations.
This soon became a hobby and Mr. Davies extended his
purchases to include the earliest prints, paintings, drawings, etc., of New York from the time of its origin as the
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements have been made for the sale of three New
York Curb Exchange memberships: One at $175,000 and
two for a consideration of $160,000 each. Previous to these
sales, a membership sold at $187,000 which was the highest
price ever paid for a "seat."
The New York Coffee & Sugar Exchange membership
of Raymond E. Jones was reported sold this week to Lowry
& Co. for $31,000. The last proceeding sale was for $29,500.
The creation of the largest banking institution in the
country will evolve from the consolidation of the National
Bank of Commerce in New York and the Guaranty Trust
Company, which has for some time been rumored as in process of consummation,and which was officially confirmed on
Feb. 25 after special meetings of the Boards of Directors of
both institutions at which identical resolutions were adopted.
The official announcement of Feb. 25 said:
This action followed the presentation of a report made to both companies by Myron 0. Taylor and Henry W. deForest which recites that as
informal survey and analysis had been made by them, acting with Price,
Waterhouse & Company, of the assets and earnings of the two companies, taking into careful consideration earnings and equities not reflected in current
statements. The basis of consolidation recommended to and adopted by the
companies provides that the Bank of Commerce shall first increase its
capital stock to $30,000,000 by the issuance of $5,000,000 of additional
stock to its stockholders at par. The stock of the Bank of Commerce $30,000,000 and the stock of Guaranty Trust Company $40,000,000 will then
be exchanged for stock of the consolidated company share for share.
The principal officers of the consolidated company will be:
Chairman, Board of Directors, James S. Alexander, now Chairman of the
Bank of Commerce.
Vice-Chairman, Charles H. Sabin, now Chairman of Guaranty.
Chairman, Executive Committee, Thomas W. Lamont of J. P. Morgan
& Co.
President, William C. Potter, now President of Guaranty.
The officers of the Guaranty Company of New York will be:
Chairman of the Board of Directors, Charles H. Sabin.
President, Joseph R. Swan.
The present Boards of Directors and the Executive Committees of the
Guaranty Trust Company of New York and the National Bank of Commerce will be combined in the enlarged institution, and will be as follows:
James S. Alexander, Charles H. Allen, George G. Allen James Howard
'
Ardrey, W. W. Atterbury, Edward J. Berwind, Edward F. Carry, W. Palen
Conway, Charles P. Cooper, Henry G. Dalton, John W. Davis, Henry W.
deForest, John T. Dorrance, Edward D. Duffield, Caleb C. Dula, Charles E.
Dunlap, Marshall Field, Lewis Gawtry, Robert W. Goelet, Philip G. Gosiler,
Eugene G. Grace, W. Averill Harriman, Albert H. Harris, John A. Hartford,
W. Lamont, Clarence H.
David F. Houston, Cornelius F. Kelley,Mackey, Angus D. McDonald, Richard ft. Mellon, Grayson M.-P. Murphy,
1320
FINANCIAL CHRONICLE
William 0. Potter, Lansing P. Reed, George E. Roosevelt, Charles H. Sabin,
Ohm.les B. Seger, Frederick P. Small, Talentine P. Snyder, Eugene W. Stetson Eugene M. Stevens, Joseph R. Swan, Joseph B. Terbell, Stevenson E.
Wand, Cornelius Vanderbilt Whitney, George Whitney, Harry Payne Whitney, Thomas Williams.
The consolidation will have various advantages, including important operating economies and a wide extension of activities along banking, trust and
investment lines. It has been brought about mainly by the joint efforts
and close co-operation of Mr. Taylor and Mr. deFarest, who were asked some
weeks ago by various interests connected with the two companies to consider and report upon the situation. The former is Chairman of the Finance
Oommittee of the United States Steel Corporation; the latter, Chairman of
the Board of the Southern Pacific Company, and both are connected with
various other business and financial corporations.
According to the "Times" of Feb. 26, the latest negotiations
for the merger were started by Thomas W. Lamont of J. P.
Morgan & Co. The account in that paper said:
On sailing for Paris early this month to take part in the deliberations of
the committee of experts that will fix German reparations, Mr. Lamont left
the negotiations in the hands of Mr. Taylor and Mr. de Forest. Both are
large stockholders in the two banks.
[VoL. 128.
taking subscriptions for Liberty Bonds, and supplying disbursing officers
with cash. The company's Paris Office at one time carried 10,000 accounts
for members of the A. E. F.
The Guaranty's remarkable record of achievement in connection with Liberty Bond distribution paved the way definitely for its later position of leadership in the underwriting field, and by October 1920, following a 12-month
period in which the company had participated in diversified underwritings
totaling considerably more than $1,000,000,000, the business of the bond
department had attained such proportions that a separate corporate organization was deemed necessary that could render service by means of its
own branch offices throughout the country.
Accordingly, the Bond Department was incorporated as a subsidiary Of
the Trust Company, under the name "Guaranty Company of New York,"
with its capital stock of $5,000,000 held entirely by the parent company.
Ever since its organization the Guaranty Company has been associated
with much of the important financing that has been effected through security
offerings in the United States. It has participated in fniancing done for
the Government of Great Britain and Ireland, Belgium, France, Italy, Germany, Dutch East Indies, and other countries, and has underwritten securities issues for many municipalities and for leading industrial, railroad and
public utility corporations here and abroad.
From the "Wall Street Journal" of Feb. 26 we take the
The name of the new institution, says the "Wall Street following regarding the National Bank of Commerce:
Journal," has not yet been determined, but it will probably
National Bank of Commerce.
be a State institution with National Bank of Commerce givNational Bank of Commerce in New York, the third largest of the naing up its national charter. The combined institution will tional banks in New York, opened for business on April 3 1839, as the
Bank of Commerce
capital of $5,000,000—the full
have resources approximating $2,000,000,000. The resources amount was not paidin New York with a a 50-year State charter obtained
up until 1852—under
of the Guaranty Trust Company exceeded a billion dollars under the New York general banking law. At that time the Second Bank of
for the first time at the date of the Company's last published the United States had just closed its doors and it was the intention of the
the Bank of Commerce to create an institution so
founders
statement as of December 31 1928. At that time the company it would of selected as the Government's fiscal agent. In fact strong that
be
throughout
reported assets of $1,052,211,198, with deposits of $842,358,- its career it has co-operated closely with the Government and was able to
service during the crisis of 1857 and again in the trying
215. Capital was $40,000,000, surplus $50,000,000, and undi- render signal
Civil War of 1861-66 when it rendered important financial
period of
vided profits $13,377,019, which gave the company a total cap- assistance thePresident Lincoln.
to
ital account of $103,377,019. The National Bank of ComThis co-operation was maintained during the European War, though all
merce on the same date showed resources of $934,302,599; its official connections between the Government and the bank ceased on
independent Treasury system in 1848. The bank was
its deposits stood at $672,943,890; the bank's capital was the adoption of the members of the Clearing House. Entry into the naone of the original
shown as $25,000,000; the surplus as $40,000,000, and the tional banking system was effected in 1865, whereupon the present title
undivided profits as $8,295,321. A review of the history of was adopted. At the time of the establishment of the National banking
system it was found that certain privileges granted to this institution under
the Guaranty Trust is furnished by the latter as follows:
its charter were not included in the provisions of the National Bank Act,
The Guaranty, which at the beginning of the present year employed a
staff of nearly 4,000 people, was organized in 1864 as the New York Guaranty
and Indemnity Company, at a time when the trust company was a comparatively new form of financial institution. Previous to the passage of
the Trust Company Act by the New York State Legislature in 1887, trust
companies were organized under special acts, and that incorporating the
New York Guaranty & Indemnity Company was passed on April 13 1864.
The organized capital stock of the company was $100,000. Another act
passed in 1865 authorized an increase in the capital stock, and in 1891 the
capital stock was increased to $2,000,000.
In December 1895 the Supreme Court of New York authorized the New
York Guaranty dr Indemnity Company of New York to assume the name
"Guaranty Trust ecanpany of New York," on Jan. 2 1896.
In 1896 the State Banking Department authorized the company to open
a branch in London, which was one of the first foreign offices of any
American banking institution. The company now has three offices in London, and offices also in Liverpool, Paris, Havre, Brussels and Antwerp.
The real growth of the company began in 1910, when under the direction
Of the late II. P. Davison of J. P. Morgan & Company its capital was increased to $5,000,000 and it absorbed the Morton Trust Company and the
Fifth Avenue Trust Company. That year also marked the coming of
Charles H. Sabin as the executive head of the company, first as Vice-President, then President, and finally as Chairman of the Board. His great
constructive ability brought the company rapidly forward to the very forefront of banking institutions. The Standard Trust Company was absorbed
by the Guaranty in 1912 and at that time the capital was increased to $10,000,000. The capitalization was increased to $20,000,000 on Jan. 3 1916
and to $25,000,000 on July 17 1917.
A further addition of $5,000,000 to capital and $10,000,000 to surplus
was approved by the stockholders on March 11 1927, together with the decision to raise the dividend rate from $12 to $16 a share.
The company's capital was again increased, to $40,000,000, on May 18,
1928, when stockholders approved a proposal for the addition of $10,000,000
to capital stock and $20,000,000 to surplus. This most recent increase, together with the preceding change, represented a doubling of the capital
and surplus account within a period of fifteen months, bringing the total
of capital and surplus to $90,000,000. The company's total capital account,
including surplus and undivided profits, exceeded $100,000,000 for the
first time in September 1928, when its statement showed capital, surplus
and .undivided profits totaling $100,479,367.18.
The first home of the Guaranty Trust Company was on Broad Street, adjoining what is now the Stock Exchange Building. It moved in 1891 to
the Mutual Life Insurance Building at Pine, Cedar and Nassau Streets on
the site of the Middle Dutch Church which was used as a British prison during the Revolutionary War and was succeeded by the old New York Post
Office. It remained in the Mutual Life Building twenty years.
In 1911 the Company purchased the plot at 140 Broadway, on the southeast corner of Broadway and Liberty Street. It demolished the old Mutual
Life Building then standing there, and erected the building into which it
gloved in April 1913, and which it has since occupied. The Company has
two branch offices in New York City, one at Fifth Avenue and 44th Street,
established in 1910, and the other at Madison Avenue and 60th Street, established in 1918.
During the World War the Guaranty threw its resources and man-power
whole-heartedly to the support of the Allied cause, building an organization
that handled most efficiently the problems of war-time finance. The Company secured more Liberty Loan subscriptions than any other single agency
in the United States, leading the country in subscriptions in four out of five
war loan campaigns.
As a depositary for Government funds abroad, the company adjusted its
foreign organization to meet a great variety of the Government's war-time
financial needs, serving as paying and receiving agent for United States paymasters and maintaining special facilities for the exclusive use of American
soldiers and sailors, including the operation of an "automobile bank," which
moved about behind the lines, cashing checks and selling drafts to soldiers,
and a special amendment to the Act was passed permitting the bank to
retain these privileges.
Surplus Raised to $40,000,000.
At that time the capital was $10,000,000 to which it had been raised in
1856. In latter years two mergers, with the National Union Bank in 1900
and the Western National Bank in 1903, raised the capital to its present
figure of $25,000,000. In 1865 the surplus was $2,000,000 and by 1917 it
had risen to $10,000,000. It was equalized with the paid up capital by three
transfers of $5,000,000 each from undivided profits in January 1918, January 1919, and October 1919. In 1926 it was raised to its present figure
of $40,000,000 by additional transfers. On June 30, last, the capital, surplus and undivided profits totaled $71,295,000. In January 1928, the bank
had 6,696 stockholders.
Developments in the foreign field include the organization in 1919 of
the French American Banking Corp. with a paid up capital of $2,000,000,
effected in conjunction with First National Bank of Boston and the
Comptoir Nationale D'Escompte de Paris. The fundamental policy of the
National Bank of Commerce, in both its domestic and foreign business, has
been one of co-operation with other institutions through building up of
strong correspondent relations. In many cases its correspondents are the
central banks of the various countries. It also maintains its own resident
representatives in London, Paris and Berlin whose duties include keeping
in dose personal relation with European affairs and gathering information
on financial and economic conditions abroad. A trust department was established toward the end of 1923.
After transacting its business for 88 years under one roof, the bank in
1927 opened a midtown office at 269 Madison Avenue in the Grand Central
district.
Large Money Maker.
On Dec. 31 1928 deposits totaled $672,900,000 and aggregate resources
at $934,300,000. The stock holding in the French American Banking Corp.
is carried in the balance sheet at $625,000. Bank reported a net profit
of $8,856,000, an increase of $2,397,000, representing largest earnings in
the history of the bank. Since the war the distribution to the shareholders
has been substantially increased while total of surplus and undivided profits
has been doubled. Last year, a regular dividend of $18 and extra dividend
of $2 were paid. After payment of dividends, $3,856,776 was available for
undivided profits account.
Charles Hamilton Sabin, Chairman of the Board of Directors of the Guaranty Trust Company of New York, was born
in Williamstown, Mass., on August 24, 1868. He attended
Greylock Institute at South Williamstown, Mass., and was
graduated there in 1885. His business career is summarized
as follows:
Two years later he entered the employ of Henry Russell, a flour merchant of Albany, and remained there for two years. In 1889 he began his
career as a banker with the National Commercial Bank of Albany and two
years later became Cashier of the Albany City National Bank, and in 1902
Vice-President and General Manager of the National Commercial Bank,
with which the City National had been consolidated. In 1907 Mr. Sabia
came to New York as President of the National Copper Bank of New York,
and three years later, when the National Copper Bank and the Mechanics
National Bank were merged as the Mechanics and Metals National Bank,
he was elected Vice-President with powers equal to those of the President.
In July 1910 Mr. Sabin was elected Vice-President of the Guaranty Trust
Company of New York and in January 1915 became President of the company, and in October 1921 was elected Chairman of the Board.
He is a director of many corporations, including the following: Commercial Cable Company, Cuba Cane Sugar Corporation, Discount Corporation of New York, Fifth Avenue Coach Company, First National Bank of
Southampton, Guaranty Company of New York, Guaranty Safe Deposit Company, Guaranty Trust Company of New York, Inspiration Consolidated Oop.
MAR. 2
1929.]
1321
FINANCIAL CHRONICLE
Mercantile
per Company, Intercontinental Rubber Company, International
ComMarine Company, The Mackay Companies, Missouri Pacific Railroad
Company, New Orleans,
pany, Montana Power Company, National Surety
Texas and Mexico Railway Company, New York Railways Company, Omnibus Corporation, Owens Bottle Company, Postal Telegraph Company, Shell
Union Oil Corporation, Texas and Pacific Railway Company and Vanadium
Corporation of America.
In recognition of his services during the war, Mr. Sabin was appointed
a Chevalier of the Legion of Honor by the French Government, and Officer
of the Order of Leopold II and Cross of the Commander of the Order of the
Crown by Belgium.
The quotation to-day for the stock makes the rise in two days $1,550 per
share, an increase that caused wide comment in Wall Street. Various rumors ascribed the demand for and rise in the stock to merger plans, to stock
split-up or to extra dividends coming.
The Morgan group was thought to be in the negotiations. Dividends on
the stock are now 100% a year. Capital changes were also believed to
be imminent as the institution has a small capital in comparison with many
leading Wall Street banks, only $10,000,000.
On Dec 31 1928 its surplus and undivided profits were $92,684,000 and
deposits were $450,360,800. The bank also has a highly profitable securities
subsidiary, earnings figures of which do not often appear in print.
Chairman Baker will be eighty-nine years old this month. He was an
Intimate friend of the elder J. P. Morgan.
William C. Potter, President of the Guaranty Trust Company of New York, was educated as a mining engineer and
Some of the other marked gains of the week are indicated
for 15 years was active in mining and metallurgical opera- in the following from the "Herald Tribune" of Feb. 27:
tions and their administration, both in this country and in
In the face of official denials from the banks concerned that any mergers
are being contemplated,stocks of the lead'ng banking institutions continued
Mexico. His activities are indicated as follows:
over-the-counter market yesterday.
He was born in Chicago on Oct. 16 1874, and graduated from the Massachusetts Institute of Technology in 1897 with a degree of Bachelor of
Science in Mining Engineering. From that time on he followed his profession of mine operator in New Mexico, Colorado, and Montana until he became General Manager of the Guggenheim Exploration Company in Mexico
and later general manager of the American Smelting & Refining Company
for Mexico and the Southwest. In 1911 he became President of the Intercontinental Rubber Company, and on July 8 1912 was elected a Vice-President of the Guaranty Trust Company and continued there until March 15
1916, when he resigned to become a member of the firm of Guggenheim
Brothers. He continued, however, to be a Director of the Guaranty Trust
Company and member of its Executive Committee.
In 1918 Mr. Potter was called to Washington and was appointed Chief
of the Equipment Division of the Aviation Corps of the U. S. Army. For
his services he was awarded the Distinguished.Service Medal and later was
decorated by the Italian Government as a Commander of the Order of the
Crown.
Mr. Potter became Chairman of the Board of Directors of the Guaranty
Trust Company of New York on Jan. 5 1921, to succeed Alexander J. Hemphill, whose death occurred on Dec. 29 1920. He was elected President of
the trust company on Oct. 5 1921.
In addition to his connection with the Guaranty Trust Company, he is
Chairman of the Board of the Intercontinental Rubber Company; Director,
Atchison Topeka & Santa Fe Railway, Electric Bond & Share Company, and
other corporations. Ile is a member of the American Institute of Mining
and Metallurgical Engineers, and of a number of New York clubs.
to soar 'n trad ng on he
Among the big gainers were: First National, with a 100 point rise; Seaboard, with a 70 point gain; Brooklyn Trust, up 40 points; National Park.
up 35, and Commerce. Manhattan and Nassau National, all up 20 points.
On the New York Stock Exchange shares in the Equitable Trust Co. added
28 points to a gain of 78 the day before.
Since Tuesday of last week, or in the space of four trading days, a large
number of bank stocks have scored gains of over 100 points, and one, the
National Bank of Commerce, has added $230 to the value of each share.
Fortune for Investors.
During this brief period fortunes have been made for traders and investors
in bank stocks who have been shrewd enough to pick institutions which
current rumor has involved in forthcoming mergers. A few of the leading
bank stocks, with yesterday's final bid price and the gains scored during
the last four trading days, following:
Yesterday's
Gain
Bid
Bank—
230
1175
Commerce
145
1340
Bankers Trust
125
5550
First National
110
1150
Brooklyn Trust
115
940
Seaboard
115
377
Manufacturers Trust
116
632
Equitable
98
1015
Chase
65
950
National Park
43
380
National City, new
20
1010
Guaranty Trust
James S. Alexander, Chairman of the Board of the National Bank of Commerce in New York, was born at Tarrytown, N. Y., Feb. 21 1865, and educated at the public schools.
James Heckscher, Vice-President in charge of the foreign
His rise to his present position, and his other affiliations, office of the Irving Trust Co. of New York, sailed on the
are summarized as follows:
Aquitania on Mar. 1 on a two months' business trip to EuClerk, Chief Clerk, Assistant Cashier, National Bank of Commerce in rope. During his absence he will visit England, SwitzerNew York, New York City, 1885.1907; Treasurer American Express
land, France,. Germany and Poland.
New
York
Company, 1907-08; returned to National Bank of Commerce in
as Vice-President, 1908; President, 1911-23; Chairman of the Board since
May 31 1923.
Chairman of the Board, French American Banking Corporation; Director, American Agricultural Chemical Co.; American Express Co.; American Railway Express Co.; American Telephone & Telegraph Co.; Camp.
bell Soup Co.; Pacific Oil Co.; Prudential Insurance Co. of America;
Southern Pacific Co.; United States Rubber Co.; United States Rubber
Plantations, Inc.; Class A Director, Federal Reserve Bank of New York,
1920-22; member Federal Advisory Council of the Federal Reserve Board;
Trustee, Bank for Savings in City of New York.
Member, New York Clearing House Committee, 1913-16, 1919-21 (Chairman of Committee on Credit and Finance); President of the New York
Clearing House, 1923,1924 ; Chairman, Executive Committee, National
Committee on European Finance; member, New York Liberty Loan Committee from its organization, and of its sub-committee on money rates;
member, Advisory Committee, American Section, International Chamber
of Commerce; member, Committee on Finance and Currency of Chamber
of Commerce of State of New York.
Chevalier, Legion of Honor (France); Chevalier, Crown of Italy; Knight
Commander, Order of Leopold II (Belgium).
Several references to the reports which had been current
regarding the plans for tile consolidation of the Guaranty
Trust and the National Bank of Commerce have appeared in
these columns—one in our issue of Feb. 23, page 1176.
Taking cognizance of the rumors of bank consolidations
which have been rife folowing the announcement of the
merger plans of the Guaranty Trust Co. and the National
Bank of Commerce in New York, the "Sun" of last night
(March 1) said:
Walter E. Frew, President o- f the Corn Exchange Bank of
New York, sailed for Europe on the Aquitania last night.
He expects to return early next month.
The Bankus Corporation, t- he securities subsidiary of the
Bank of United States of this city, on Feb. 21 purchased the
capital stock of the Colonial Bank, also of this city. Negotiations are now under way whereby the Colonial Bank will
be merged into the Bank of United States. At a meeting
following the transfer of the stock of the Colonial Bank to
the Bankus Corporation, Bernard K. Marcus was elected
President of the Colonial and C. Stanley Mitchell was elected
Chairman of the Board, succeeding Alexander Walker, who
is retiring. Alexander C. Walker, formerly President, and
George S. Carr were elected Vice-Presidents and after the
consummation of the merger will continue in that capacity
with the Bank of United States. The following were elected
directors of the Colonial Bank: Robert Adamson, George S.
Carr, Frederick G. Hobbs, John F. Gilchrist, Arthur W.
Little, B. K. Marcus, C. Stanley Mitchell, Henry W. Pollock, Saul Singer, George C. Van Tuyl, Alexander S. White
and Alexander C. Walker. The merger of the Colonial
Bank into the Bank of the United States will become effective
about April 1.
The Interstate Trust Co. of New York on Mar. 1 opened
its eighth branch banking office, located at Madison Ave.
and 96th St., under the management of Charles Windish,
previously connected with Interstate's Hamilton Branch, on
42d St. This new branch will give the trust company nine
banking offices in Greater New York. The Interstate
Trust Co. within the next few months will take over its new
banking quarters on Wall Street formerly occupied by the
Equitable Trust Co. and now the temporary quarters of
Brown Brothers & Co. Interstate Trust Co. resources
Soaring prices of bank stocks have also been incidents of now aggregate $65,000,000, a large total for an institution
the week, the First National Bank having been one of those in business for but two and a half years.
experiencing a huge advance, the "Evening World" last
At the annual meeting of the International Germanic
night (March 1) noting this as follows:
Trust Co. this week Frederick E. Hasler was elected a
First National Bank stock, which sold yesterday at $6,500 bid. $7,000
asked, its highest price, Jumped to-day to a sale at $7,100. up $600 from member of the board of directors and of the executive comThursday's highest. George F. Baker is Chairman of First National and it mittee. Harold C. Bishop, Vice-President of the InterIs generally understood that he holds 20.000 shares of the stock. On that
national Germanic Co., Ltd., was elected a director of the
basis he yesterday added $13,000,000 to his fortune and to-day had $12,'
trust company. The board of directors announced the
000,000 more to put on top of that sum
The air is full of bank merger rumors. Some of them are far indeed of
any possible fulfillment, and consequently other rumors which ordinarily
would be given little credence find ready believers. Such staid old institutions as the First National are not spared, and talk of "gigantic"
mergers to include everyth'ng under First National and Morgan influence
rolls glibly off Wall Street tongues. Unless national banks are willing to
give up their charters or discontinue a large part of the business of the
trust companies, they cannot very well merge with trust company banks.
Such banks as First National and National City, one would think, would
not consider for a moment the surrender of their names; consequently the
acquisition of largo trust companies by them would mean the abandonment
of much of the business of the acquired concern. In the case of Guaranty
and Bank of Commerce, the national charter of the latter will be given up
1322
FINANCIAL CHRONICLE
following elections: Ernest K. Satterlee as Vice-President
and Trust Officer; C. C. Kelley, as Vice-President in charge
of the Terminal Branch; Morton Waddell as Vice-President
in charge of the Madison Ave. Branch. The following
appointments were approved by the board of directors:
T. W. Knauth, Assistant Secretary to be in charge of the
foreign department; A. C. Bising, Assistant Secretary at
the Terminal Office; E. Stanley Homan, Assistant Treasurer
at the Terminal Office; C. H. Gallagher, Assistant Vice
President at the Terminal Office, and J. Sehers, Assistant
Secretary at the Madison Ave. Office.
[VOL. 128.
muted to the Presidency, succeeding J. E. Smith, whose
death occurred on Dec. 13, while J. R. Harkness and W. A.
Leckie were added to the roster, the former as Assistant
Treasurer and Trust Officer, and the latter as Comptroller.
The personnel of the institution is now as follows: V. A. Oswald, President; C. G. Mattas, Vice-President; L. M. Moses,
Secretary-Treasurer; J. L. Tate, Assistant Secretary-Treasurer; J. R. Harkness, Assistant Treasurer and Trust Officer, and W. A. Leckie, Comptroller.
J. C. Taliaferro, Jr., was el-ected a director of the Calvert
Bank of Baltmore on Feb. 19 to fill a vacancy caused by the
The Municipal Bank and Trust Company of New York
death of his father, J. C. Taliaferro. A vacancy on the
received authorization on Feb. 26 from the State Banking board of the Century Trust Co.
of Baltimore caused by Mr.
Department to make 70 Wall Street its head office, instead Taliaferro's death was filled on
the same day by the elecof 1783 Pitkin Avenue, Brooklyn, the previous head office.
tion of Charles C. Duke, President of the Provident Savings Bank of Baltimore.
The Corn Exchange Bank of this city on Feb. 20 leased
for 21 years to commence in 1933 the Broadway corner
Effective Feb. 18 the Wern- ersville National Bank, Werof the building at the northwest corner of 125th Street nersville, Pa., changed its name to the Wernersville Naextending to St. Clair Place, where it will establish a per- tional Bank & Trust Co.
manent home for its Manhattanville branch now in temA special meeting of the stockholders of the Commercial
porary quarters at Broadway and 125th Street.
Trust Co. and the Mercantile Trust Co., both of Jersey
At the next meeting of the shareholders of the Banco di City, N. J., has been called for Mar. 19 to ratify a proposal
Roma, Rome, Italy, to be held in Rome on March 23, the to consolidate the institutions under the title of the ComDirectors will submit a proposal to distribute to the share- mercial Trust Co. The merger, if approved by the stockholders a dividend of 6% for the past year 1928, adding lire holders, will become effective Apr. 1.
5,000,000 to the surplus fund, thus raising it to lire 50,000,000.
That the Kenton Savings Bank & Trust Co., Kenton,
At a meeting of stockholders of Manufacturers Trust Com- Ohio, which was closed by the State Banking Department
pany held on Feb. 21 the following directors were elected: on Nov. 6 1928, after it had suffered a "run," had been reEdgar W. Bassick, capitalist, Bridgeport, Conn.; Edwin J. organized and would reopen for business on Feb. 28, was
Beinecke, Sperry & Hutchinson Company; Frederick Brown, reported in a press dispatch from that place on Feb. 25,
real estate; Waddill Catchings, Goldman, Sachs & Co.; appearing in the Toledo "Blade" of the following day. The
James H. Conroy, Executive Vice-President; Edward S. new institution is capitalized at $150,000 with surplus of
Evans, Evans Auto Loading Co., Detroit, Mich.; Charles $15,000. Its officers are: Addison C. Johnson, President;
Froeb, President, Lincoln Savings Bank; Samuel Keller Ja- W. R. Bixler, Vice-President; H. H. Shanks, Cashier, and
cobs, capitalist; Nathan S. Jonas, President; Ralph Jonas; F. C. Haudenschield, Assistant Cashier. The closing of the
Arthur S. Kleeman, Vice-President; S. B. Kraus, retired; enton Savings Bank & Trust Co. was noted in the aChronDaniel J. Leary, Morse Dry Dock and Repair Company; icle" of Nov. 28 last, page 2912.
Maurice W. Newton, Hallgarten & Company; Harold C.
Richard, Chairman, Finance Committee; Walter E. Sachs,
Goldman, Sachs & Company; Arthur S. Somers, Fred L.
Lavanburg Company; Henry C. Von Elm, Chairman, Executive Committee; Sidney J. Weinberg, Goldman, Sachs &
Company; and August Zingsor, President, Central Savings
Bank.
On Feb. 19 the Comptroller of the Currency issued a
charter to the Cohasset National Bank, Cohasset, Mass.,
with capital of $50,000. Hugh Bancroft is President of the
new institution and Ralph C. Eichler, Cashier.
The Midland Bank & Midland Corporation of Cleveland
—recently organized by a group of Cleveland capitalists
headed by C. L. Bradley, President of the Cleveland Union
Terminals Co.—opened their doors for business yesterday
(Mar. 1) with a total capital and surplus of $9,000,000. The
full roster of the bank is as follows:
John Sherwin, Jr., Pros ent; E. E. Barker, Vice-President: J. B. Root,
Vice-President & Cashier; A. P. Reed, Vice-President; Willard W. Wilson.
Trust Officer; C.S. Sprung, Auditor: Thomas E. Hann, Assistant Trust
Officer; C. C. Sigraler, Assistant Cashier; E. H. Dickerson, Assistant
Cashier; A.J. Stiver, Assistant Cashier; Robert Bandlow, Assistant Cashier.
P. I. Robertson, Asslsant Cashier & Manager/Credit/Dept.
With reference to the banking situation in Wells County,
Ind., where several State banks closed two weeks ago, a
press dispatch from Bluffton on Feb. 21 to the Indianapolis
"News" reported that a new bank would probably be started
in Bluffton. It appears at a meeting composed of local
bankers and business men and bankers from Ft. Wayne, Ind.,
held in Bluffton on the night of Feb. 20, plans were formulated for raising $150,000 to finance a new institution. It
is proposed to start a new State bank with capital of
$100,000 and surplus of $50,000. The price of the shares
will be $150 each. Half of the shares will be subscribed
The directors of the Keyport Banking Company, Keyport,
for by local men and half by Pt. Wayne men. We quote in
N. J., at their meeting on Feb. 19, elected F. P. Armstrong
part from the dispatch as follows:
President of the bank to succeed the late John W. Keough,
The new bank proposes to take over from both the Wells County Bank
whose death was noted in these columns Feb. 23, page 1178. and Union Savings and Trust Company such percentage of the deposits as
Mr. Armstrong has been a director of the bank since 1916 are guaranteed by first class collateral. As the Union Savings and Trust
and has occupied all the positions leading up to his present Company is believed to be solvent, it is expected nearly the full amount
of this bank's deposits will be taken over. The percentage of deposits
office, having been employed in the bank for over 25 years. to be taken from the Wells County Bank will depend on the oondition of
J. H. Hendrickson has been elected Vice-President and made the bank, which well be learned this week when State examiners complete
a director; John S. Matthews, Jr., is the new Cashier, and their audit.
Later advices from Bluffton (Feb. 26) to the same paper
L. E. Cokelet has been appointed Assistant Cashier.
stated that the new institution will be known as the Com—•-At a special meeting on April 22 stockholders of the Liberty mercial Bank and will open for business March 4. Charles
Title & Trust Co. of Philadelphia will take action on a pro- M. Neizer and Fred Pothoff (both of Ft. Wayne), will be
posal to increase the capital stock of the institution from President and Cashier, respectively, of the new bank. This
$700,000 to $1,000,000, according to the Philadelphia dispatch furthermore said:
Directors of the new bank have signed a contract to take over the Union
"Ledger" of Feb. 25.
A new financial institution has been organized in Hartford, Conn., under the title of the South End Trust Co. The
new bank is to be capitalized at $100,000, consisting of 2,000
shares of the par value of $50 a Share. The organizers are
as follows: James H. Naylor, Peter R. Martin, Edward
Dugan, Fred N. Tilton, Patrick McGovern, John M. Kinsella, J. Henry McManus, Wilfred H. Dresser, Michael A.
Connor (all of Hartford), and Charles H. Abbott, of West
Hartford.
A report of the condition a the Mountain City Trust Co.
of Altoona, Pa., at the close of business Dec. 31 1928 shows
combined capital and surplus of $437,000; deposits of $2,340,791, and total resources of $2,827,361. V. A. Oswald,
formerly a Vice-President of the comvany, was recently pro-
Savings and Trust Company, a solvent institution and thus make available
at once to all creditors of that institution their full claims. The new
bank also may take over some of the assets of the Wells County Bank,
but that plan is being held up pending an audit of the Wells bank books.
In furtherance of the plans to merge the Continental
National Bank & Trust Co. of Chicago and the Illinois
MAR. 2 1929.]
FINANCIAL CHRONICLE
Merchants Trust Co. of that city, under the title of the
Continental lllinois Bank & Trust Co., formal ratification
of the consolidated agreement between the two institutions
was voted on Wednesday of this week (Feb. 27) by stockholders and trustees for the deposited stock of the two
institutions, according to Chicago advices on that to the
"Wall Street Journal," which went on to say:
The action was a legal formality to validate the agrement already entered
into and was one of the many steps necessary before the actual physical
merger of the two banks could be accomplished. This latter event is not
expected until after the middle of March,at which time the new ContinentalIllinois bank will open for business in the present quarters of the Illinois
Merchants Trust Co. now undergoing extensive remodeling.
Our last reference to the approaching union of these
banks appeared in the "Chronicle" of Sept. 15 last, page 1480.
1323
The St. Louis "Globe-Democrat" of Feb. 26 stated that in
an effort to decrease as much as possible the loss to depositors of the Troy State Bank, Troy, Ill., which was closed
on Feb. 8 by order of the Illinois State Auditing Department, about 100 of the, 700 depositors of the institution met
on Feb. 25 at Troy to discuss ways whereby the expense of
liquidating the bank might be lessened. J. Irwin Hindmarch, an attorney, and son of James F. Hindmarch, a
Collinsville druggist, who presided at the meeting, agreed
to acept the work of liquidation for $3,000. Continuing, the
St. Louis paper said:
Last week it was estimated the loss to depositors would be approximately
45%, but James Hindmarch yesterday expressed a hope the loss would not
exceed 10% if the cost of liquidation is decreased.
Under the Illinois law, as Hindmarch explained it, the temporary receiver is allowed 5% of the money he handles and a similar amount is
allowed the permanent receiver. In addition to that expense, an attorney
is allowed so much for legal services, the amount to be later determined by
court order.
According to Hindmarch, the Troy Coal Company owes the bank $112,000. Hindmarch said he had been informed the bank accepted accommodation notes from the coal company for payroll advances. The mine,
the principal industry of Troy, employs about 200 men and has a monthly
payroll of about $10,000.
Oscar Nelson, State Auditor of Public Accounts, will probably file for
the appointment of a receiver within a few days and it is thought, in view
of Irwin Hindmarch's agreement, he will recommend his appointment.
President of the bank is Arthur Seligman of 901 Audubon Place, St.
Louis, who last week announced plans were being worked out whereby
it was hoped depositors would be paid in full. At the time the bank
was closed he laid the institution's failure to frozen assets.
The board of directors of the First National Bank of
Chicago (the new organization formed by the consolidation
of the First National Bank,including its affiliated institution,
the First Trust & Savings Bank, and the Union Trust Co.)
at the regular meeting held Feb. 26, voted to submit to
the stockholders at a meeting to be held April 8 1929 a
proposal to increase the capital stock of the bank from
$24,000,000 to $25,000,000, by offering to each stockholder a right to subscribe for one additional share of stock
for every 24 shares of stock standing in his name. The
subscription price is to be $600 for each additional share,
and the total subscription, $6,000,000, of which $1,000,000
goes to increase the capital of the First National and $5,According to a previous issue of the same paper (Feb.
000,000 to increase the capital and surplus of the First- 24) the closed bank was organized in May 1919 with a
,
Chicago Corp. The transfer books of the bank are to be capital of $25,000. At the time of the closing its deposits
closed at the close of business on Tuesday, March 26 1929 were approximately $263,000.
in anticipation of the stockholders' meeting, and the subscription rights expire at noon on Saturday, May 25.
That S. L. Cantley, State Finance Commissioner, anThe First National Bank and the American Exchange
National Bank, two of the oldest and largest banks in
Duluth, Minn., are being merged into an institution with
resources of $40,000,000, according to Chicago advices yesterday (March 1). The combined institution will be known
as the First & American National Bank and will have a capital structure consisting of $3,000,000 of capital stock, divided
into 120,000 shares of $25 par value, $2,000,000 surplus
and $1,000,000 undivided profits. It will be headed by
David Williams, Chairman; Isaac S. Moore, President, and
Philip L. Ray, Executive Vice-President. Special meetings
of the respective stockholders will be called shortly to vote
upon the plan, which has already received the approval of
the Comptroller of the Currency. The merger will probably become effective about April 15.
Application has been made to the Comptroller of the Currency for permission to organize a new bank in Milwaukee,
Wis., under the title of the Metropolitan National Bank,
with capital of $200,000.
The Comptroller of the Cur- rency on Feb. 21 approved an
application to organize the First National Bank of Moorhead, Minn., with capital of $100,000.
The following details pertaining to the approaching consolidation of the Mercantile Trust Co. of St. Louis and the
National Bank of Commerce in St. Louis (indicated in our
issue of Jan. 17, page 358) were received yesterday (March 1)
from the latter institution:
The Mercantil J-Commerce Bank & Trust Co. is the name chosen for
the new depositary created by the merger of the Mercantile Trust Co. and
The National Bank of Commerce in St. Louis, it is announced. George W.
Wilson, now President of the Mercantile, will be Chairman of the board.
and John G. Lonsdale, now President of the Bank of Commerce, will be
President of the Mercantile-Commerc
These facts are set forth in communications mailed to stockholders of
the two depositaries, whose combined resources are in excess of $160,000,000. The stockholders are requested in the letters to send in their
stock certificates for exchange within the next 15 days, so that the consolidation may be completed as early as possible.
As previously announced, the new company is to occupy the present
Mercantile quarters at Eighth and Locust Streets.
The capital structure will consist of $10,000,000 capital stock, 55,000.000
surplus and $2,500.000 undivided profits, a total of $17,500,000. The
Mercantile Trust Co. will contribute $7,687,500 of this capital and the Bank
of Commerce $9.812,500.
The stock of the new bank, 100,000 shares, will be divided equally between stockholders of the two merging banks. Commerce stockholders
will receive one-half share of new stock for each share of Commerce stock,
and Mercantile stockholders will receive one and two-thirds shares of new
stock for every share of Mercantile. No fractional shares will be issued, but
the purchase and sale of fractions of shares will be facilitated
Remaining assets of each merging bank will be held by liquidating companies. The Mercantile liquidating company will hold assets of approximately $4,290,000, or about $143 a share, and the Commerce liquidating
company,assets of approximately 55,500.000, or $55 a share. These assets
will be distributed to stockholders of the old banks from time to time as
they are turned into cash. The corporate eistence of the Bank of Commerce will be maintained with a nominal capital in order to administer
existing trusts.
nounced on Feb. 19 the closing on that day by its directors
of the Maysville Bank of Maysville, Mo., because of the
inability of the institution to meet its obligations, was reported in advices by the Associated Press from Jefferson
City on Feb. 19, appearing in the St. Louis "Globe-Democrat" of Feb. 20. The dispatch said in part:
Bank examiners found a shortage of $3,665.14 in the bank's ledger accounts. Officers of the bank promised to make the shortage good, Cantley
said. The finance commissioner said he asked the Board of Directors to
certify to him the replacement of the shortage, and received in reply a
telegram stating the bank was closed. W. H. Sharp is President and
Albert Sharp Cashier.
The last financial statement of the bank showed the following: Assets,
$103,603.48; deposits, $78,790; capital stocks, $20,000; surplus, $4,500;
loans, $70,000.
The appointment of 0. W. Jackson as a Vice-President
of the Guardian Trust Co. of Houston, Texas, was announced by officials of the institution on Feb. 21, according
to the Houston "Post" of the following day. Mr. Jackson,
it was stated, would assume his new duties on or about
March 1 and would be elected a director of the company at
the next meeting of the Board of Directors. For twenty
years Mr. Jackson has been connected with the First National Bank of Houston, and has been its Cashier for the
past several years. He is well known in banking circles
throughout the Southwest. Continuing, the "Post" said:
Mr. Jackson will devote most of his time to the commercial banking
department of the company. On account of the increased business in
this section, it was necessary for the bank to have a man well known
in such line of work, officers declared. Too, it is the desire of the institution's management to allow C. M. Malone, active Vice-President, to
devote more of his time to the development of the trust section and real
estate business and the placing of real estate loans.
Effective Feb. 21, the First National Bank of Wellington, Texas, with capital of $50,000, was placed in voluntary liquidation. The institution is succeeded by the First
National Bank in Wellington.
A charter for the First National Bank in Electra, Electra,
Texas, with capital of $100,000, was issued by the Comptroller of the Currency on Feb. 21. J. A. Coker heads the
new organization and G. D. Ezell is Cashier.
In order to reduce expenses and increase facilities, the
Richmond County Savings Bank of Rockingham, N. C.
has been absorbed by the Bank of Pee Dee of that place
with which it was closely affiliated, according to a press
dispatch from Rockingham on Feb. 22, printed in the
Raleigh "News & Observer" of Feb. 23. The Bank of Pee
Dee, which was organized in 1891, is one of the oldest banks
in that section of the country. It is capitalized at $100,000
with surplus of like amount and has deposits of approximately $700,000. W. L. Parsons, ex-State Senator, and
for years a leader in the industrial and commercial life of
the community, is President. The acquired institution was
organized in 1901 and had combined capital and surplus of
$27,000 and deposits, as of December 31 last, of $118,000.
1324
FINANCIAL CHRONICLE
Replying to reports that plans were being made for the
consolidation in the near future of the National Bank of
Commerce of Los Angeles with the Pacific National Bank
of that city, Erie M. Leaf, President of the former institution, on Feb. 14 issued the following statement (as published in the Los Angeles "Times" of Feb. 15)
:
"Upon my return from New York recently, I found that rumors were in
circulation to the effect that plans for the consolidation of this bank with
the Pacific National Bank were nearing completion and that the merger
of the two institutions would in all probability he effective in the near
future.
"Prior to my departure for New York, I had tentatively discussed a
consolidation of this character with officials of the Pacific National Bank,
but the discussions were of a most preliminary and informal nature, and
were wholly inconclusive. No definite plan was brought forward at that
time, and no plan has as yet been suggested which I would feel justified
In submitting to the board of directors of this bank.
"At the present time there is no definite proposal before this hank
for a consolidation with the Pacific National Bank, or with any other
banking institution, and it seems to me to be very unlikely that any plan
will he presented that will meet with the approval of our directors."
On February 11 the Security Trust & Savings Bank of
Los Angeles (which on April 1 next will consolidate with
the Los Angeles First National Trust & Savings Bank)
celebrated the 40th anniversary of its founding. A news
item in the matter received this week from the institution
says in part:
Coming on the eve of Security's participation in a giant consolidation
with the Los Angeles First National Bank, this fortieth anniversary has a
double significance. When the consolidation is completed on April 1st,
the eighth largest bank in the United States will come into existence, with
resources of more than $800,000,000 and a capital structure of $59,000,000.
Guiding the destinies of the consolidated bank will be J. F. Sartori, holding
office as president and as chairman of the executive committee.
The story of the Security Trust Ss Savings Bank of Los Angeles is part
and parcel of the life of Joseph F. Sartori, co-founder and President.
Through his vision, initiative and energy, it came into existence as the Security Trust & Savings Bank in a little store-room on Main Street on
Feb. 11th. 1889, in the days when horse-cars filled Los Angeles' transportation needs.
Mr.Sartori was born in Cedar Falls, Iowa, on Dec. 25 1858. Young
Sartori received his early education in the grade schools of Cedar Rapids
and then entered Cornell College at Mt. Vermon, Iowa, in 1874. In 1878
he went to Germany for one year to attend the University of Freiburg,
situated in his father's native town. He returned to Cornell in 1887.
graduated in 1879 and then entered the UniversitY of Michigan Law School
where he received the degree of Bachelor of Laws in 1881.
He began his career as an attorney in the law offices of Leslie N. Shaw,
former Secretary of the Treasury of the United States, who was then practicing in Dennison, Iowa. Years later when Shaw assumed the guidance
of the government's finances he invited the young banker, by that time
already established in Los Angeles, to accept the post of Assistant Secretary
of the Treasury, an honor which was declined. From 1882 to 1887 Mr.
Sartori practiced law in Le Mars, Iowa, in partnership with I. S. &ruble,
a well known attorney and member of the United States House of Representatives.
In 1887 he moved to Monrovia, California, where he was active in subdividing land and established the First National Bank of Monrovia. He
served as Cashier of that institution from the time of its founding until
1889 and from that date was vice-president of this bank until it was merged
with the Security Trust & Savings Bank in 1924.
Moving to Los Angeles in 1889, he organized the Security Savings Bank,
which has since become the Security Trust & Savings Bank. He was
cashier of this institution until 1894. In 1895 he became President and a
member of the board of directors. He has been the head of this institution
ever since. The initial capital of the bank was only $29,000, but the small
group of men who organized the institution brought to the infant enterprise qualities more potent than capital. They had vision and faith in
Southern California.
To-day the Security Trust & Savings Bank stands as striking evidence
of the soundness of the principles upon which it was founded. It is to-day
the largest bank west of Chicago operating in a single metropolitan district.
It has more than 330,000 depositors, equal approximately to one out of
every four residents of the district in and about Los Angeles in which it
is established.
The officers of the Security Bank believed from the beginning that the
secret of the bank's growth would lie in the development of the community.
Therefore, as time has recorded the years, officers and directors of the bank
have been indentilled with every major forward movement of the Southland. They have seen it become one of the most prosperous and progressive
sections' of America.
Four other men within the Security organization share with their chief
congratulations upon the completion of a span of almost forty years association with him. They are Maurice Hellman, Vice-President and
Chairman of the Board; Willis D. Longyear, Vice-President; Tracy Q.
Hall, Vice-President and Treasurer: all of the head office, and John H.
Bartle, Vice-President and manager of the Monrovia Branches.
It is significant that in connection with its fortieth anniversary the
Security Bank should publish for free distribution to the public a 200
-Page
history of Los Angeles. Bearing the colorful title of"La Reina-Los Angeles
in Three Centuries," this splendid volume with more than 300 illustrations
constitutes a real contribution to the history of Southern California. It
was written by Lawrence L. Hill, publicity manager of the bank.
These appointments were announced February 19 by the
Los Angeles-First National Trust & Savings Bank, Los
Angeles following a meeting of the Board of Directors:
C. N. Rosenthal, Head Office, as an Assistant Vice-President. G. W.
He's* as Manager, Second & Fremont Branch; C. 0. Bond as Manager,
University Branch; H. M. Brown as Assistant Manager, Tenth & Broadway Branch; F. W. Heydenreich as Assistant Manager, Avalon & Vernon
Branch. The following were authorized to sign for manager:. 0.0. Helmbig. Second & Spring Branch; R. S. Darby, San Pedro Branch, and H. B.
Clarke and L. W. Pingree, Santa Barbara Branch.
Supplementing our item of Feb. 23 (page 1179) with reference to the sale of the Brotherhood National Bank of
San Francisco to the Calitalo Investment Corporation (a
[VOL. 128.
bank holding company), the latter on Feb. 20 formally announced the purchase of the majority of the bank's stock.
The program of the investment company provides for the
necessary' procedure to change the bank's name to the City
National Bank of San Francisco. Its capital will be increased from $500,000 (consisting of 5,000 shares of the par
value of $100 a share) to $1,000,000, divided into 40,000
shares of the par value of $25 a share. Present stockholders
will receive four new shares for each one now held. Remaining shares will be offered to the stockholders of the
bank and the holding company in the form of "rights." According to the San Francisco "Chronicle" of Feb. 20, the
directors of the Brotherhood National Bank on Feb. 19'
authorized a special meeting of the stockholders to vote
on the proposed change in the bank's title and the doubling
of its capitalization. The date of this special meeting, It
was stated, would be decided upon at the annual meeting
of the stockholders on Feb. 23. The paper referred to furthermore said:
Frederic Vincent and Company, fiscal agents for Calitalo, stated Tuesday (Feb. 19) that the necessary procedure, including ratification, would.
consume about thirty days, and that the issuance of rights would then
follow. The same company was also authority for a statement to the effect
that Calitalo offices would shortly be opened in Seattle, Tacoma and
Portland, significance of which lies in the reports some time ago that the
Northwest banks of the Brotherhood chain were under option to Calitalo.
The First National Bank of Santa Rosa, Cal. (capitalized
at $100,000), was placed in voluntary liquidation on Feb.
21. The institution has been absorbed by the Bank of America of California, head office Los Angeles,
The McMinnville National Bank, McMinnville, Ore. (capital $75,000), and the United States National Bank (capital
$50,000), were merged on Feb. 18 under the title of the
United States National Bank of 'McMinnville, with capital
of $125,000.
On Feb. 23 three Seattle banks, the National Bank of
Commerce (capital $1,000,000), the Marine National Bank
(capital $300,000), and the National City Bank (capital
$500,000), all of which are owned by the Marine Bancorporation, were consolidated under the title of the National
Bank of Commerce of Seattle, with capital of $2,500,000.
Daniel Kelleher, Chairman of the Board of the Seattle
National Bank, Seattle, Wash., and one of the prominent
bankers of the Pacific Northwest, died suddenly of heart
disease on Feb. 20. Mr. Kelleher was born at Middleboro,
Mass., on Feb. 5 1864, and was graduated from Harvard
University in 1885. After studying law in Syracuse, N. Y.,
he began the practice of his profession in Seattle in 1890.
In 1910 he gave up his law practice and devoted himself to
banking. At the time of his death in addition to being
Chairman of the Board of the Seattle National Bank he was
also President of the Bank for Savings in Seattle. During the World War the deceased banker served as State
Director of War Savings for Washington and Alaska.
Sir Vincent Meredith, Chairman of the Board of Directors
of the Bank of Montreal and one of the Dominion's most
prominent bankers, died in Montreal on February 24 after
a prolonged illness. The deceased banker, who was President of the Bank of Montreal for fourteen years, from 1913
to 1927, was born at London, Ont., on Feb. 28 1850 and
received his education at Hellmuth College. In 1867, at
the age of seventeen, Sir Vincent began his banking career
as a clerk in the Hamilton, Ont. branch of the Bank of Montreal. He advanced rapidly to the post of Assistant Inspector at the head office in Montreal and held that title
for ten years. He became Manager at Montreal in 1889
and Assistant General Manager in 1903. In 1910 he was
elected a director; in December 1911, General Manager; in
1912 Vice-President; in 1913 President, and finally in 1927
Chairman of the Board of Directors, the office he held at
his death. On the occasion of the departure from Canada
of the Duke of Connaught in 1916 Sir Vincent was created
a baronet. Among his many varied business interests,
aside from the Bank of Montreal, Sir Vincent was President
of the Royal Trust Co., Montreal, Chairman of the Canadian board of the Royal Exchange Assurance of London,
England; a director of the Standard Life Assurance Company of Edinburgh, Scotland; a director of the Canadian
Pacific Railway Co. and the Canadian Pacific Express Co.;
a director of Laurentide Co., Limited, Canada Power and
Paper Corp. Guarantee Co. of North America, Consolidated
Mining & Smelting Co. of Canada, Limited, and of the
Dominion Textile Co., Limited. He was a member of the
following clubs: Mount Royal, Forest and Stream, Rideau
(Ottawa), York (Toronto), Marlborough (London), and
Metropolitan (New York).
MAR. 2 1929.]
NEW YORK
BROOKLYN
CHICAGO
BOSTON
FINANCIAL CH_RONICLE
Trust Company Returns
1325
PHILADELPHIA
BALTIMORE
AND
ST. LOUIS,
We furnish below complete comparative statements of the condition of all the trust companies in New
York, Brooklyn, Boston, Philadelphia, Baltimore and St. Louis, and some of the companies in Chicago.
This is in continuation of a practice begun twenty-seven years ago, the compilation having been enlarged
twelve years ago by the addition of Baltimore's institutions,and in 1921 being further enlarged by the inclusion of the Chicago companies. The statements occupy altogether twenty pages.
The dates selected for comparison are December 31 1928, December 31 1927 and December 31 1926.
In the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis companies, we
have sought to get figures for these dates and have largely succeeded. As, however, returns for these dates
are not required in all the States, a few of the companies have not found it convenient to compile statistics for December 31, but have furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the
trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year.
In December 1911 this practice was abandoned, and some years thereafter it became the custom to
select
Nov. 15 as the date. In 1928, however, the Superintendent again returned to the old practice and
once
more made the date Dec. 31. Beginning with 1911, too, the Banking Department has waived
entirely the
requirement as to the supplementary items of information. As these supplementary statistics, dealing with
earnings, expenses, dividends, &c., constituted a most valuable feature of the annual returns and the record
extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct application to the companies in each instance and in not a few of the cases
we
have been successful in obtaining the supplementary statistics, though the number of companies supplying
such data has been greatly reduced as compared with the original number.
NEW YORK COMPANIES
*Irving Trust Co.
Dec.31'28. *Nov.15'27. 4
"/Volt. 15'26.
Resources—
$
$
$
Specie
268,049
$201.776
$344,345
Other curr. author, by laws of U.S--_ 3,466,494 2.975,037 2,301.166
Cash items
228.953,321 124,528,133 39.140.821
Due from Fed. Res. Bank of N. Y
70,283,342 60,693.489 48.674.266
Due from other banks, trust cos. and
bankers
24,149,856 11,052.728 12,647.070
Stock and bond investments
83.390,739 90,205,663 67,247,128
Loans & discts. by bonds & mtge.deed
or other real estate collateral
5,068,030 2.140,501
5.780.320
Loans & discts. sec. by other collat-267,161,966 191,760,138 129,705,128
Loans discounted & bills purch not
secured by collateral
134,690,007 144.769.831 88.907,639
Own acceptances purchased
412,735
368,913
202.050
Overdrafts
288,643
162,463
55,271
Bonds and mortgages owned
12,579,240 9,868,934 7,420,270
Real estate
372,903 2,955,323
242.979
Customers' liability on acceptances 57,715,393 41,213,701 27.346.498
Other assets
6,337,571
3,649.963 2.882.123
Total
$895,138,399 $686636593 432.897.074
Liabilities—
Capital stock
40,000,000 $32.000,000
Surplus fund and undivided profits 54,083,962 31.014,783 $22.000.000
19.949.436
Preferred deposits—
Due N.Y.State savings banks—
6,941,955 8,695,080 4.939.137
Due N. Y. State savings and loan
associations, &c
234,043
494,213
189.172
Due as executor,admin.,guard.,&c 3,152,252 3.908.535 2.524.020
Deposits by State of New York_ __ _
277,927
642.246
503.600
Other dope. sec. by pledge of assets 1,680,903 4,675.226
1.643,547
Deposits otherwise preferred
160.128
196,730
Due depositors (not preferred)
588.400,462 447.405.887 275.853.437
Due to trust cos., banks & bankers--131,145,038 108.591.822 70.069,956
Acceptances
60,687,543 43,525.229 20,333.665
Other liabilities
8.337.584 5.523.444 5.831.073
Total
$895,138,399 68(1.636.593 432.897.074
Amount of deposits on which interest
Is being paid
4329,436,093 330.337.432 215.293,677
*National Butchers & Drovers Bank merged into Irving Bank-Columbia
Trust Co.and name changed to Irving Bank & Trust Co.. effective Sept. 20
1926. Irving Bank & Trust Co. and American Exchange Pacific Bank
merged under name of American Exchange Irving Trust Co. as
business Dec. 11 1927. Name since Feb. 1 1829, changed of close of
to Irving
Trust Co.
American Trust Co. (New York).
Resources—
Dec.31'28. Nov. 15 '27.- Nov. 15'26.
Stock and bond Investments
$10,052,407 $6.783.775 $4.776.217
Bonds and mortgages owned
3,747,025 4.234,600 11,275,350
Loans & disc'ts sec. by bond & mtge- 1,538,230
1,624,576
1.675.547
Loans & disc'ts sec. by other collateral 23,767,520 24.735.297 16.451.522
Loans,disc.& bills per..not sec by coil 14,385,534 12,217,220
9,248.688
Overdrafts
1,258
35,237
4,321
Due from Fed. Res. Bank. N. Y
16,187,970 9,643.882 7.099.018
Due from other bits.. tr. cos. & b'kers 1,701,430
980.499
1.007.615
Specie
66,786
49.506
35.956
Other curr. auth. by laws of U. S
650,519
978,079
696.875
Cash items
1,046.993
393.001
96.472
Customers' liability on acceptances
1,869
15,545
498.152
Other assets
442.428
201.867
175.393
Total
$73,589,969 561.893,084 $53,041.126
Liabilities—
Capital stock
$4,000,000 54,000,000 54.000.000
and undivided profits
Surplus fund
4,603,187 3.858.818 3,415.409
Preferred deposits—
Due New York State savings banks 1,560.120
1.671.565
1.854.861
9,394
Due N. Y. State say. & loan assoc_
7,746
1,647
Due as executer,administrator, &c. 2,750,682 2,378,645 2,087.411
State of New York _ _ _ _
Deposits by
303.420
300.000
346.650
Deposits secured by pledge of assets
524,796
93,590
185.763
Deposits otherwise preferred
457.746
227.600
58,009,814 48,031,606 38.272.760
Due deposits (not preferred)
1,428,103
603,194
Due trust cos.. banks and bankers
1.698.090
Acceptances
1.869
15.545.
398,583
482.375
Other liabilities
454.430
573,589,969 561.893.084 553011.126
Total
of dep. on which int. Is paid_338,293.809 $40.018.272 534.673.350
Amt.
Anglo-South American Trust Co.(New York).
Dec.31'28. Nov. 15 '27. Nov. 15'26
RaSOUTCeS—
o
Specie
$404,620
5640.087 _ 5481.350
Other cur, author, by laws of U, 13—
40,575
71.610
29.872
Cash items
38,346
8.362
Due from appr. res. depositaries—
892,863
749.297
713.636
Due from other banks & trust co.'s
2,028,057
1,495,438
1.307,813
Stock and bond investments
3,448,618 3.045.710 2,629,77
Loans and discounts, sec. by bond
and mortgage
3,394
50.000
Loans and discounts secured by other
collateral
6,528,607 5,960.101
4.474.071
Loans, discounts and bills purchased
not secured by collateral
680.653
1,269.454
1.024.076
Own acceptances purchased
188,874
571.082
341.688
Overdrafts
1 320
21,115
31
Customers' liability on acceptances
2,012,526 2.156,158 2,239.323
Other assets
909.953
747.930
725,216
Total
$17,175,012 516,732.276 514.025.148
Liabilities—
Capital
51,000,000 51.060.000 51.000.000
Surplus fund and undivided profits
645,221
790,566
646,358
Preferred deposits—
Deposits by the State of New York
100.000
75,000
75,000
Due as executor, administr., &c
53,696
4.884
10,293
Other dep. sec. by pledge of assets_
140,685
Due depositors, not preferred_ _ _ _ 12,189,431
11,09.979 8,997,872
Due to trust companies, banks and
bankers
81,948
143,896
Bills payable
111,204
108,725
113,856
Acceptances
2,255.426 2,411.233 2.435.528
Other liabilities
390,108
1.295.286
746.241
Total
$17,175,012 516.732.276 514.025.148
Amount of deposits on which interest
is paid
$511,818,650 510.270.790 S8.059.100
Banca Commerciale Italiana Trust Co. (New York);
Resources—
Dec. 31 '28. Nov. 1527. Nov. 15'2
Specie
$7,421
$2,191
$54
Other currency auth. by laws of U. S._
104,875
67.307
67,189
Due from approved res've depositaries 3,061,979
338,201
67,138
Due from other banks and trust cos
4,278,849 5,516,648 4,593.638
Stock and bond investments
7,014,819 5.614.502 2,320,551
Loans & disc'ts sec. by bond & mtge. _
125,000
125,0
535,805
Loans & disc'ts sec, by other collateral 6,085,644 3,104. At"
1,578.309
Loans,disc.& bills pur.not sec.by coll.. 1,681,935
920,299 1,159,556
Overdrafts
1,205
417
159
Real estate
117,000
Customers'liability on acceptances
1,597,857
1.076.020
753.921
Other assets
268,250
120,574 10.449,506
Total
$24,344,834 $16.885,458 521-526,813
Liabilities—
Capital
$2,000,000 52,000,000 $1,000;000
Surplus and undivided profits
2.110,882 1,847,809
766,934
Preferred deposits—
Due N.Y.State Savings Banks 141,515
151.360
100.460
Due as executor, administratot,Am_ 1,627,736
6,770
1,416
Deposits by State of New York_ _
100,757
100,000
Dep.sec. by pledge of assets
254.914
Deposits otherwise preferred
226.500
Due depisitors not preferred
15,744,807 11,034,878 8,222,950
Duo to trust cos., banks & bankers_ _ _
179,886
430,867
290,809
Acceptances
1,766,874
1.096,450
772,758
Other liabilities
190.963
217,324 10,370,396
Total
524,344,834 $16.885,458
Amt.of dep.on which int.is being paid $15,191,026 510,807,145 $21,526,813
58.277,329
Supplementary—For Calendar Year—
1928.
1927.
Total Int. & comm. rec'd during year
5948.912
*823,31
All other profits reed during year
517.741
524,017
Charged to profit and loss—
On account of depreciation
45.161
On account of other losses
70,189
Int. credited to depositors during year
405,214
420,774
Expenses during year. excluding taxes
366.578
400.591
Amt. of divs. declared on cap. stock
200.000
126,000
Amr.deposits on which int. is paid
16,392.080 12.177.203
Taxes paid during year
110.457
56.247
1326
FINANCIAL CHRONICLE
Bank of New York & Trust Co. (New York) Concluded.
Bankers Trust Co. (New York).
ResourcesDec. 31 '28.
Stock and bond investments
$100494324
Real estate
8,359,370
887,700
rftuds and mortgages owned
Loans on bond&mtg.or other r.e.coll_
115,000
Loans & disc. sec. by other collateral-339,026,593
Loans dIsc.&bills pure. not sec. by coll 93,581,902
Own acceptances purchased
56,630
Overdrafts
34,330
Due from trust cos., banks & bankers 21,186,217
Due from approved res. depositaries_
Specie
103,045
Other currency auth. by laws of U. S..
999,585
Cash items
121,073,122
Due from the Fed. Res. Bank of N.Y. 46,244.624
Customers' liability on acceptances 34.282,221
Other assets
6,834,203
Nov. 15 '27. Nov. 15 '28.
$109512780 $91.702.778
8,155,391
8,014,810
404.200
535.000
9.758
314,587
210,518.037 180.727.879
65,240,341 58.112,163
35,776
33,586
208.098
17.360
29,250.625 20.739,069
455,937
527.185
73,820
100,373
687,289
740,997
63,548,034 50,286,413
41,550,708 25,528.603
21,215,115 12,173,567
1,983.466
4,137,344
Total
$7732688663554,942,9333451,598.156
Liabilities
Capital stock
$25,000,000 $20,000,000 $20.000.000
Surplus fund and undivided profits
77,387,182 41,373,643 35,540,753
Preferred deposits
Due N. Y.State savings banks,....,_ 6,240,586
7.078,259
6,061,599
Due as executor. administrator.&c. 46,737,064 32.520,036 35.114,470
1,017,980
1,125,000
Dep. by N.Y. State
571,107
4,313,342
Other dep seed by pledge of assets 16,193,533 12,498.746
16.430
516,430
Other preferred deposits
16,430
429,762.354 324,839.085 281,840,643
Due depositors (not preferred)
86,121,354 90,638,799 51,579,035
Due trust cos., banks and bankers
Bills payable
47,500,000
Acceptances
34,949.216 22,202,293 13,115,741
2.891,143
2,257,662
Other liabilities
2.790,040
$7732688668554,942,9333451,598.156
Total
Amt. deposits on which int, is paid_450,256.741 391,002.404 325.376,413
$10,149,162
Net profits for year 1928 before dividends
6,750,000
Dividends paid, year 1928
*Bank of Athens Trust Co. (New York).
Dec. 31 '28. Nov. 15 '27.*Nov. 15 '26.
$11.640
Specie
$97.016
$3,510
1.7771,911
Other currency auth. by laws of U.S..
19,834
32,771
12,827
Cash items
43,720
38,424
87,444
Due from approved res. depositaries_
251,475
Due fr. other bks., tr. cos. & bankers_
612,811
948,728
537,476
647,916
Stock and bond investments
1,459,389
1,838.579
923,412
Loans and discounted by collateral
1,138,162
2,274,631
L'ns, disct. & bills pur. not sec. by coil
188,472
3,128
353,454
Own acceptances purchased
118,242
3,743
7.562
Overdrafts
21
147
Customers liability on acceptance_..
118,242
258,860
46,351
29,416
Other assets
46,017
ReSOUITCS--
Total
Liabilities
Capital
Surplus including undivided profits
Preferred deposits
Deposits by State of New York_
Due depositors (not preferred)
Due trust cos., banks and bankers
Acceptances
Other liabilities
$5.804,106
84,094,089 $2,258,913
8500,000
530.161
$500,000
507.797
8500,000
506,772
4,038,951
459.704
258,860
16,430
25,461
2,389,510
537,683
118,242
15,396
993,028
254,524
4,589
Total
$5,804,106 $4,094,089 $2,258,913
2,650.580
891,513
Amount deposits on which int. is paid 4,189,039
*Began business April 1 1926.
*Bank of Europe Trust Co.
Dec. 31 '28. Nov. 15 '27. Nov. 15 '26.
Resources
$29.935
$36,994
$34,179
Specie
74,955
177.441
177,764
Other currency auth. by laws of U.S.
1,234
1,482
417
Cash items
883,417
902,639
Duefrom Fed. Res've Bank of N.Y
143,410
123,464
214.850
Due from approved res. depositaries
6,719,676
7,330,521
8,207,747
Stock and bond investments
Loans & disc. sec. by bond & mtge.
151,351
175.926
239.997
or other r. e.col
1,244,451
1,582.953
Loans & disc.sec. by other collateral._ 3,293,526
Loans, disc. & bills purchased not
2,298,093
2,465.773
2,219,285
secured by coil
18
33
742
Overdrafts
3,578,275
3,138.380
3,511.643
Bonds and mortgages owned
299,475
308,700
290.000
Real estate
187,468
191,898
181.072
Other assets
$19,273,861 $16,733,414 $15,028,379
Total
Liabilities
$1,000,000 $1,000,000 $1,000,000
Capital
755,085
685,831
834,579
Surplus including undivided profits
Preferred deposits
931
150
205
Due N.Y.8tate sav.Stloan asso.,&c_
846
Due as executor, administrator. &c.
16,844,128 14,533,141 12.641,832
Due depositors (not preferred)
36.6'38
96.220
46,847
Due to trust cos., banks & bankers.... _
400,000
50,000
380,000
Re-discounts
263,147
297,972
168,102
Other liabilities
$19,273,861 $16,733,414 $15,028,379
Total
Amt.of dep.on which int.is being paid.$14,500,000 $13,500,000 $11,250,000
1927.
1928.
Supplementary-For Calendar Year
$789,900
Total interest & commissions received during year $909.162
123,276
126,189
All other profits received during year
Charged to profit and loss
15,128
13,450
On account of depreciation
26,337
1,710
On account of other losses
461,474
550.438
Interest credited to depositors during year
184,619
213,940
Expenses during year, excluding taxes
140,000
140.000
Amount of dividends declared on capital stock.. _ _
16,000,000 14,000.000
Amount deposits on which interest is paid
10,921
Taxes paid during year
29.348
* Formerly Bank of Europe;changed to a trust company as of Feb. 24 '26.
Bank of New York & Trust Co. (New York).
ResourcesDec.31 '28. Nov. 15 '27.
Specie
$12,835
816,021
Other currency auth. by laws of U.S_
432,0
659,827
Cash Items
845
Due fr. Fed. Reserve Bank of N.Y._ 7
5
17
.
?:725:1E 3,8, 11:684
Due fr.other banks, tr.cos.& bankers 7.215,782 4,779,561
Stock and bonds investments
25.248,947 31,968,936
Loans and discounts secured by bond
& mtge.or other real estate collet
772,424
610,479
Loans & disc.secured by other collet- 35,887,006 24,112,370
Loans, discts. & bills purchased not
secured by collateral
21,052,380 21,9823
Own acceptances purchased
cc
87,530
Overdrafts217,666
Bonds and mortgages owned
1,981.140
3,479,388
Real estate
3,651,835
7,468,821
Customers liability on acceptances.. 8.797,441
8,076,304
Other assets
520,194
717,023
Total
[VOL. 128.
Nov. 15 '26.
$18,144
,
41,932.585
5,030,811
4,329.049
24,701.783
819.723
20.290.489
18.673.828
97,506
4.131,575
3,350,000
5,929.075
474,044
$198.413,372 140,728,7028130.237.883
LiabilitiesDec.31 '28.
Capital
$6,000,000
Surplus and undivided profits
13.324.369
Preferred deposits
Due New York State savings banks 1,896,606
Due 88 executor,admin.,guard..&e 4,352,171
Deposits by the State of N. Y
200,000
Other dep. sec. by pledge of assets_ 1,537.646
Due depositors, not preferred
136,394,090
Due trust cos., banks & bankers_ _ _ 16.858.444
.
Bills payable
4,300,000
Acceptances
9,809,012
Other liabilities
3,741,034
Nov. 15'27. Nov. 15'26.
$6,000,000 $4,000,000
12,690,435 13,354,696
1,776,348
1,856.245
5,471,881
4,447,833
200,000
200.000
1,193,553
3.478,303
87.143.243 85.445.337
9,361,670
12,073,069
7,978,693
2,479,753
9,201.813
2,613,713
Total
$198,413,372 140,728,702$130,237,883
Amt. of dep. on which int. is paid_ .$62,799,800 364.289,800 $54,638,500
*Bank of Sicily Trust Co. (New York).
ResourcesDec.31 '28. Nov. 15'27. Nov. 15'26.
Specie
81.323
$8,822
$10,716
Other curr. author, by laws of U. S..44,056
155,774
234,162
Cash items
139,678
922,448
136,576
Due from approved res've depositaries
60,439183,600
64,232
Due fr. other banks, tr. cos.& bankers 1,812,792
879,951
1,582,334
Stock and bond investments
1,403,352
4,202.611
4,022,980
Loans & disc, secured by bond & mtg.
or other collateral
31,000
616,640
524,705
L'ns & disc, secured by other collat..- 5,879,000
2,886,318
5,880,145
L'ns, dig. & bills pur. not sec, by coll.. 2,900,0:13
907,539
1,912,667
Overdrafts
6,712
22,997
33,223
Own acceptances purchased
16,785
52,542
10.000
Real estate
35,117
Customers' liability on acceptances_ 232,136
400,716
186,196
Other assets
90,043
222,718
195,068
Total
$17,116,811 $14,968,842 $6,822,493
Liabilities
-Capital
$1,100,000
$600,000
8700,000
Surplus and undivided profits
1,090,000
197,708
376.927
Prof. dep, secured by pledge of assets
9.247
Due depositors not preferred
11,805,810
1,910,203
5,310,333
Due to trust cos., banks & bankers
2,471,262
1,632,834
425,144
Acceptances
400,716
189,941
232,136
Other liabilities
230,776
57,172
158,937
Total
$17,116,811 $14.968,842 $6,822,493
Amd.of dep.on which int. is being pd.$13,568,887 $14,069,049 $5.371,074
* Name changed from Banco de Sicilia Trust Co. as of Dec. 27 1928.
Bronx County Trust Co. (New York).
Resources
Dec. 31 '28.
Specie
$71,078
Other curr. authorized by laws of U.S.
694,791
Cash items
2,065,640
Duefrom approved res. depositaries....
817,143
Due fr. other banks,tr. cos.& bankers
Stock and bond investments
6.561,922
Loans & disc. sec. by bonds & mtges.
or other real estate collateral
2,077,117
Loans and disc.sec. by other coll._ - -. 4,349,447
Loans. disc. & bills purch., not sec. by
collateral
6,121,558
Overdrafts
359
Bonds and mortgages owned
3,160,197
Real estate
365,748
Customers'liability on acceptances..
1,800
Other assets
335,122
Total
826,621,922
Liabilities
Capitalstock
$1,250,000
Surplusfund and undivided profits_
1,059,254
Preferred deposits:
Due New York State savings banks
806,377
Due N Y State savings & loan assn.
13,881
Due as executor,adminst.. guar. &c
563,071
Deposits for State of N.Y
668,155
Due depositors not preferred
00,433,296
Due to trust cos., banks & bankers
Bills payable
500,000
Acceptances
1,800
Other liabilities
1,326,088
Total
$26,621,922
Amount of dep. on which int. Is paid _814,000.000
Nov. 15'27. Nov. 15 '26.
$50,139
$38,086
536.025
589.795
609,396
735,253
1,141.440
551,584
23.614
16,246
5,806,305
219,340
1,700,892
4,109,906
1,051,927
5,242,837
5,903,363
2,622
2,398,992
351,251
7,975,434
1,759
1,442.092
155,750
18,785
264.129
128.278
$22.951,844 $18.113,396
$1,250,000 81,000,000
942,188
796.725
730,277
238,344
18,448
23.119
219,217
39,105
611.454
255,464
18,913,326 15,589,425
23,614
11,249
18,785
243,320
141.180
$22,951,844 $18,113,396
$12,947,000 $5,900.000
Central Union Trust Co. (New York).
Dec. 31 '28. Nov. 15'27. Nov. 15'26.
Resources$46,996,408 $50,884,718 859,614,967
Stock and bond investments
3,295,000
3,295,000
Real estate
3,295,000
4,720,956
6,619,538
Bonds and mortgages owned
7,366,590
Loans on bona or mtg.or oth.r.e.coll_ 4,013.180
3,445.867
2,799,543
Loans & disc. sec. by other collateral.149,324,576 147,035,333 130,644,796
Loans,disc.& bills pur.not sec.by col- 77,424,389 75,230,519 46,512.864
Own acceptances purchased
526,376
327,818
25,035
Overdrafts
20.918
20,081
Due from the Fed.Res.Bank of N.Y. 51,854,218 32,526,875 30,917,247
Due from approved res've depositaries 5,133,440 4,348,457
1,836,356
Duo from other bks.,tr. cos.& b'kers_ 10,803,636
9,016,359
8,641.400
Specie
65,273
66,032
131,017
Other currency auth. by laws of U. S.
797,320
789,750
806.170
Customers' liability on acceptances
44,950,686 31,869,080 18,321,335
Other assets
2,680,424
1.990,569
1,776,392
Total
402,084,5418367.665,3918313,011,576
3
Liabilities
Capital stock
$12,500,000 $12.500,000 812,500,000
Surplus fund and undivided profits
42,662,371 33,442.342 28,254.151
Preferred deposits
Due N.Y.State savings banks_
3.840,935
4.614,703
3,873,702
Due as executor,administrator,&c. f),408,73fi 11.674,667 10,440,737
Deposits by New York State _
400,000
450,000
'300.000
Other dep. see. by pledge of assets.. 2.593,272
2.449,346
1,057,877
Due depositors not preferred
255,217,303 247,143,755 216,542,348
Due trust cos.. banks and bankers_- 25,937,820 20,190,146 17,972,122
Acceptances
46,041,413 32,195,889 19,300,046
Other liabilities
3,482,691
3.004,543
2.770,593
Total
a
3402,084,5418367,665,3918313,011,576
Amt. deposits on which int. paid..__$267,606,510$266,377,610 233,579,154
Supplementary-For Calendar Years 1928.
1927.
Total int. & com'sions rec, during year$19,808,470 $18,342,013 $1719 3,944
2
,61 6
Int. credited to depositors during year 5,178,584
4,865,126
4,970,360
Expenses
ear incl. taxes_ _ _ _ 5,166,061
4,101,149
4,318,568
during'
Amt. of dive. declared on cap. stock_ 4,500,000
4,000.000
4,125,000
Amt. deposits on which int. is paid-261,606,510 292,603,007 259.587.000
*City Trust Co. (New York).
Resources
Specie __________________________________________________Dec4 1 8
31338
2
Other currency authorized by laws of United States
265,775
Cash items
240,984
Due from approved reserve depositaries
974298:505
Due from otherbanks, trust companies and bankers
e
Stock and bond investments
586,279
Loans and discounts sec. by bond & mtge. or other r. e. cull
1,034,498
Loans and discounts secured by other collateral
1,353,459
Lo
Loans,disc. and bills purchased not sec. by collateral
acceptances3,957,176
Bonds and mortgage owned
361,861
Real estate
345.041
10,524
Customers liability on
437,922
Other assets
Total
$10,292,494
MAR. 2 1929.]
FINANCIAL CHRONICLE
*City Trust Co. (New York) Concluded.
Equitable Trust Co. (New York) Concluded.
LiabilitiesCapital
Surplus and undivided profits
Preferred deposits
Deposits by State of New York
Other deposits secured by pledge of assets
Deposits otherwise preferred
Due depositors not preferred
Bills payable
Acceptances
Other liabilities
Nov. 15'26.
$1,225,000
1,067,150
Total
Amount of deposits on which interest is being paid
$10.292,494
$7.380.982
75,000
175.000
151.165
7,080.694
357.500
11,834
149,151
* Began business Aug. 2 1928 being a merger of the Atlantic State Bank
and Harlem Bank of Commerce. The institution since the above statement (Feb. 11 1929) has been taken over by the State Banking Department.
Corporation Trust Co.(New York).
Resources--
Dec. 31 '28. Nov. 15 '27 Nov. 1526.
Stock and bond investments
$502,939
$502,996
5502.883
Due from trust cos.. banks & bankers_
121,924
888,447
90.501
Specie
114
60
89
Other curr. authorized by laws of U.S
1,062
1.272
1,242
Cash items
2,776
2,767
2.618
Other assets
629,813
172.198
293.287
Total
5801.160
$2,025,208
5775.729
Liabilities
Capital stock
5500.000
$500,000
$500.000
Surplus fund and undivided profits
108.171
141.754
110.381
Due as executor. administrator, &c_ _ _
715,971
14,236
12,730
Due depositors not preferred
26,861
12,750
Due to trust cos., banks & bankers
232,358
Other liabilities
132.420
441,871
267.509
Total
$2,025,208
$801.160
5890.620
Supplementary-For Calendar Year1928.
1927.
Total interest and commissioners received during yr
522,393
All other profits received during year
872.900
Charged to profit and loss account of depreciation_
5.683
Expenses during year, excluding taxes
745.947
Amount of dividends declared on capital stock_ __ _
100,000
Taxes paid during year
15,231
*County Trust Co. (New York).
ResourcesDec.31 '28. Nov. 15 '27. Nov. 15 '26.
Specie
$651,024
5133.307
5538.583
Other currency authorized by laws
of U S
498,300
352.591
144.000
Cash items
2,412.590
426,441
67
Due from Fed. Reserve Bank of N.Y_
500,000
500,000
500,000
Due from approved res. depositaries_
284,635
605.957
411,299
Stock and bond investments
3.661,309
2.846,913
1,773,234
Loans Sc disc, secured by bond and
mtge. or other real estate coil
36.350
9,500
122.713
Loans & disct. secured by other coll._ 11,466,184
5.626.602
8,860.185
Loans. disct. & bills purchased not
secured by collateral
2,790,969
4,281,213
1,968.268
Overdrafts
608
601
833
Bonds and mortgages owned
636,000
784.675
100.000
Real estate
240.294
Other assets
177,630
210.281
134,189
Total
$25,027,363 517,858,583 510,801,299
Liabilities
Capital
$1,000,000 $1,000,000 51,000.000
Surplus, incl. undivided profits
1,130,062
704,025
564.643
Preferred deposits
Due as executor, administrator,
guardian, &c
73.578
66,795
57,740
Deposit by State of New York
700,000
750,000
250,000
Other dep. secured by pledge of assets
428,508
255.778
152.340
Due Now York State savings banks
386,584
346,006
Deposits otherwise preferred
4,743,907
2,275,332
69,061
Duo depositors not preferred
15,396,792 12.344.351
8,600,823
Due to trust co.'s, banks & bankers
56,551
40,746
65,480
Bills payable
1,000,000
Other liabilities
111,381
75,550
41,212
Total
$25,027.363 $17,858,583 $10,801,299
Amt.of dep.on which int, is being pd.$17,650.000 $13,606,000 $6,619.100
* Began business Feb. 23 1926.
Empire Trust Co. (New York).
Resource,
-
Dec. 31 '28.
Stock and bond investments
520,781,167
Real estate
Bonds and mortgages owned
957,576
Loans on bond & mt.g.or other r.e.coll.
143,300
Loans & disc. sec. by other collateral_ 49,736,683
L'ns, disc. & bills pur,not sec. by coll. 5,678.989
Due from Federal Res. Bk. of N. Y__ 3,492:870
Duefrom approved res. depositaries_ _ 7.215.554
Due from other bks., tr. cos.&
3.637.388
Specie
745,095
Other currency auth. by laws of U.S_
811.187
Cash items
27.538
Customers' liability on acceptances_
16,103
Other assets
797,174
Total
594,057,822
Liabilities
Capital stock
$6,000,000
Surplusfund and undivided profits.-- 8,858,598
Pref. depos.-By N.Y.State sav. bk. 3,215,735
Due as executors, administr's, &c... 2,937,208
Deposits by State of New York...-.
763.673
Depos. secured by pledge of assets..
304,600
Due depositors (not preferred)
63,658,653
Due trust co's, banks and bankers_
7,945,880
Acceptances
16,103
Other liabilities
357.372
Nov. 15'27. Nov. 15 '26.
516401.894 521.922.645
156,551
8.765
1,101.127
2,941.385
176.000
269.598
42.786,222 30,745.655
10.045.711
5,946.558
21,958
4,777
2,546,170
2,140,455
5,233,251
5,945.767
1,829,372
1,554,092
752,608
608.497
829,090
696.456
23,568
36.103
122,177
60.257
535,695
580.279
582,561.394 573,461,289
$6.000,000 54.000,000
8,592,220
4,135,272
2,678.939
2,843,143
4,699,945
2.916,665
775,046
2,716.970
2,350,921
278,310
50,894,907 49.338,519
6,009,818
6.643.362
122.177
60.257
437,421
528.791
Total
94,057,822 $82,561,394 $73,461,289
Amt.deposits on which Int. is paid-163,939,426 $56,727,281 $52,568,910
Equitable Trust Co. (New York).
Dec. 31 '28.
Stock and bond investments
$56,381,166
Real estate
16,388.483
Bonds and mortgages owned
7,68 .165
Loans on bond & mtg. or oth. r.e.coll.
937,000
Loans & disc. sec. by other collateral-192,871.357
Loans,disc.&bills pus. not sec. by co11.151.389,119
Own acceptances purchased
7,376,577
Overdrafts
208.835
Due from Fed. Res. Bk. of N. Y_ - 35,590,290
Due from trust co's, banks & bankers 22,114,434
Specie
104,076
Other currency auth. by laws of U.S. 1,565,522
Cash items
132,190,788
Customers' liability on acceptances
44.768,159
Othcr assets
2.789,325
Resources-
Total
Nov. 15 '27.
569,188,600
12.270,606
10.949,044
3.115,151
124,214,103
165,752,450
12.227,031
517.452
34.338.294
12.996,426
57,849
1,508,845
39.231,434
44.346,750
7.028.949
1327
Nov. 15'26.
586,636,739
849.179
9,145.469
9.543.846
130.429.013
139.238,134
970.327
9,984
29.459,324
26.314,651
54.532
2,034.366
32.099,584
43,608,709
8,390,794
$672.360,2965537.742.9845498,964.671
LiabilitiesDec. 31 '28. Nov. 15'27. Nov. 15'26.
Capital stock
530.000.000 530.000.000 $30,000.000
Surplus fund and undivided profits_ 27,098.866 25,154.753 22,907,926
Preferred deposits
Due N.Y. State savings banks_
2,149,246
1,275.293
2.228.778
Due N.Y. State say. S loan assoc.
103.482
237.480
286.737
Due as executor, administrator, &c 13,612.486 14.228.115 23,050.078
Deposits by State of N. Y
400.000
400.000
550.000
Deposits secured by pledge of assets
1,963,362
249.730
314.897
Due depositors (not preferred)
442.380.738 284.842,371 270,848,346
Due trust co's, banks and bankers
72.822,195 104.755,369 86.775.956
Bills payable
28.298.000 19.563,770 8,687.600
Acceptances
47,076.828 46,192.998 45.739,070
Other liabilities
9,042,678
8.255.520
7,575,283
Total
5672.360,2965537.742.9845498,964,671
(mt, deposits on which lot. paid-4284.000.0005257,000,0005243.000.000
Farmers' Loan & Trust Co. (New York).
Dec. 31 '28. Nov. 15'27. Nov. 15 '26.
Resources532.289.999 542,523,042 $47.025.733
Stock and bond investments
2.484.000
2.485,143
Real estate.
2.484.000
Bonds and mortgages owned
4.325.936
4.127.351
5.789.310
49,800
100.000
Loans on bond&mtg.or other r.e.coll_
1.046.125
Loans & disc.sec. by other collateral_ 93.549.239 76,794.825 67.874.613
Loans.disc.& bills pur.not sec.by coll. 23.781,823 32,583.741 23.987.098
6,774
Own acceptances purchased
3.228
Overdrafts
8.362
3.034
Due from Fed. Res. Bank of N. Y...._ 17,245.624 16.879,541 15,133,901
Due from trust co's. banks & bankers 16,876.891 10.086,637
9,427.526
209.050
Specie
105.482
247.255
517,107
Other currency auth. by laws of U.8..
443.226
393.099
Cash items
7,078.841
34.619.354 13.321,916
Customers'liability on acceptances
5.107.864
22.765.870 11,890.497
1.141.971
Other assets
1,437,849
2.376,866
Total
5250.917,003 213.113.9435186.598.597
Liabilities
Capital stock
310.000.000 510,000.000 510.000.000
Surplus fund and undivided profits
23,113,865 21,384.573 19,908.801
Preferred deposits
Due N. Y. State savings banks
3,508.282
3.524.507
3,277.980
Due as executor. administrator. aze. 13.647.277 12.756.984
1,956.782
Deposits by State of N Y
125.000
100,000
200.000
Other dep. sec. by pledge of assets_ 3,393,410
2.205.800
3.000,000
Due depositors (not preferred)
150.596.456 124,524.381 130.886.607
Due trust co's, banks and bankers
20.167.286 13.419,085
7.376.494
Bills payable
2,000.000
1.750.000
Acceptances
23.060.854 22.975452
5.127.379
Other liabilities
1.459.875
3,753.452
1.428.961
Total
5250.917,003 213,113,9435186.598.597
Amt. deposits on which int. paid
$161.701,746 137.990.6065127.333.905
*Federation Bank & Trust Co. (New York).
ResourcesDec. 31 '28. Nov. 16'27. *Nov. 15'26
Specie
$4.825
55.524
510.597
Other curr. auth. by laws of U. S
295.184
270.381
223.911
Cash items
490.815
386.372
392.733
Due from F. R. Bank of New York
1,382.211
1,466.664
1,405.264
Due from oth. bks., tr. cos. & bankers
345,624
211,039
228.269
Stock and bond investments
4,763.623
3.737,601
3,613.827
Loans & disc, secured by bd. & mtge.
other real estate collateral
5.555,560
3,156,304
5.561,952
Loans Sr, disc, secured by other collat. 3,262.641
2.480,952
4,452,730
L'ns. disc.&bills pur.,not sec. by coll. 4,088.554
3,400.581
3,444,181
Overdrafts
312
38
1.571
Bonds & mortgages owned
249,200
357,300
3,131,335
Customers' liability on acceptances
10,023
5,145
31,201
Other assets
262,017
346,163
422.201
Total
$20,710,589 520,212.924 518.530,901
Liabilities
Capital
$750.000
$750,000
5750.000
Surplus, incl. undivided profits
1,073,866
988.172
972,047
Preferred deposits
Due N.Y. State says. & loan assoc.
17,067
16.489
5,249
Due as executor, administr., &c_ _ _
272,760
Deposits by State of New York......
560,852
419.007
426,870
Other depos. sec. by pledge of assets
173,952
51,134
110,781
Deposits otherwise preferred
54,064
Due depositors, not preferred
17,318.953 17,343,832 15,559.011
Due to tr. cos., banks and bankers_21.016
51,996
148.153
Bills payable
100.000
Acceptances
5,145
10.023
31.190
Other liabilities
412,678
532,507
527.600
Total
$20,710,589 520,212,924 518,530.901
Arat.of dep.on which int, is being pd_$17.000,000 516.000.000 515.000.000
Supplementary-For Calendar Year1928.
Interest credited depositors
5521,000
Amt. of dividend declared on capital stock
75,000
*Formerly Federation Bank. Began business as a trust co. Apr. 15 1926
*Fidelity Trust Co. (New York).
ResourcesDec. 31 '28. Nov. 15'27. *Nos.15'26.
Stock and bond investments
513,516.766 515,302.138 $14.404.347
Bonds and mortgages owned
1,860400
2.054.585
1.723.010
Loans on bond St mtg.or other r.e.coll
12,350
228.000
131.700
Loans & disc. sec. by other collateral_ 22,376,348 19,232,064 16.037.018
Loans disc. & bills pur. not sec. by coll 10,324.881 11,283,061
9.186.461
Own acceptances purchased
13,000
1,554
Overdrafts71.455
15,172
322
Due from Fed. Res. Bank of N. Y__ - 8,891.376
7,376,564
6.472.687
Due from other bks.. tr. cos. & bkrs
558,936
996.416
658.817
Specie
80,087
112,193
134.887
Other currency auth. by laws of U. S_
500.000
450.800
586.364
Cash items
9,844,511
5.210,765
3.536.800
Customers' liability on acceptances.- 2,533.767
1,404,577
829.385
Other assets
562.321
465.986
333.175
Total
571.588,139 563.690,380 554.036.527
Liabilities
Capital stock
$4,000,000 $4,000.000 $4,000,000
Surplus fund and undivided profits
3.771.407
3,459.015
3.235.401
Preferred deposits
Due N. Y. State savings banks_ --415,654
456.618
322.981
Due as executor,administrator, &c.
688,245
592.391
1,237,283
Deposited by New York State
500.000
500.000
475.000
Deposits sec'd by pledge of assets_ - 1,591,103
2.633,457
2.186.701
Due depositors (not preferred)
54.355.304 46,719,519 37,375.967
Due trust co's. banks and bankers
3,121,030
3,529,375
3,199.079
Bills payable
700,001)
Acceptances
2.606.093
1.425,145
964.051
Other liabilities
539.303
374,860
340.064
Total
571.588,139 563.690,380 554.036.527
Amt.deposits on which int. is paid --440,400,000 $41,800,000 532.620,200
Supplementary-For Calendar Year
1928.
1927.
Total interest & commission received during year,,.. 52.643.079 52.318,722
All other profits received during year176.023
444,953
Charged to profit and loss
On account of depreciation
37.888
43,321
On account of other losses
166.812
Interest credited to depositors during year
788,494
714:992
93 847
Expenses during year, excluding taxes
1.112.919
1,216,802
Amount of dive. declared on capital stock
.400.000
Taxes paid during year
53,500
• coal & Iron merged in Fidelity-International Trust Co. and 8.M
name
Changed as above as of Feb. 27 1926.
1328
FINANCIAL CHRONICLE
[vol.. 128.
Fulton Trust Co. (Now York).
*Interstate Trust Co. (New York).
ResourcesDec.31 '28. Nov. 15'27. Nov. 15'28.
Stock and bond investments
$3,159,354 $3,368,305 $3,073,279
Bonds and mortgages owned
787.850
733.900
974,500
Loans & disc, secured by collateral
11,901,215 13,677,229 11,171.895
Loans. disc. & bills pur. notsec. by col
61,500
55,500
28,800
Overdrafts
63,802
1,299
3,888
Due from Fed. Res. Bank of N.Y_-.. 3,129,921
1.931.553
2,581,354
Duefrom approved res. depositaries
205,668
87,299
434,699
e
41,719
40,907
40,178
ther currency auth. by laws of U.S..
80.000
107,000
122,000
Cash items
20,413
27,871
24,469
Other assets
64.464
77,103
89.742
Total
$19.908,766 $20.757,767 817,502,143
Liabilities
Capital stock
$1,000,000 $1.000.000 $1.000,000
Surplus fund & undivided profits__ -- 1,662,515
1.428.984
1,529,061
Preferred deposits
Due to N.Y.State savings banks
65,833
169,557
Due as executor, administrator. &c.
1,653,299
674.467
971,704
Deposits by N.Y.State
70.000
70,000
70,000
Deposits secured by pledge of assets
21.476
86,506
5.284
Due depositors (not preferred)
15,780,202 16,084,322 14,026,579
Due to trust cos., banks and bankers_
101.133
101,111
50,092
Other liabilities
179,526
167.613
199,412
Total
$19,908,7T6 $20,757,767 $16,989.164
Amt. deposits on which int. is paid $16,055,600 $17,324.000 $13.950.900
ResourcesDec. 31 '28. *Nov.15'27. *No0.15'26.
Specie
$150,742
$9,700
Other curr. author, by laws of TI
.8385,011
215,179
Cash items
2,005,819
279,012
Duefrom F. R.Bank of New York_ -- 15,143,769 5,957,864
324,068
Due fr, approved res've depositaries_
265,875
Due fr. oth. bks, tr. cos. & bankers502,850
127,605
777,306
Stock and bond investments
10,018.154 7,244,237
2,786,053
Loans & discts. sec. by bonds & mtges.
or other real estate collateral
1,255,890
431,571
Loans & disets secured by collateral.. 16,474,560 9,672,867 3,506,380
L'ns,dis. & bills pur.not sec.by collet- 13,986,906 7,022,678
527,500
Own acceptances purchased
36,521
31,175
Overdrafts
5.818
1,044
Real estate
392,665
Customers' liability on acceptances
4,148,585
809,873
Other assets
699,389
95.088
182,073
Total
$65,206,379 $32,250,753 $ 8,052,860
13:2ti
Liabilities
Capital
$5.175,000 $3,800,000 $3,000,000
Surplus, including undivided profit_ - 2,276,815
1,541.681
900,000
Preferred deposits
Due New York State savings banks
10,061
10,024
Due as exec., adm., guard., &c
232,850
295,209
Deposit by State of New York
651,443 1,253,224
250.000
0th. dep. sec'd by pledge of assets_
319.972 3,074,256
100,090
Deposits otherwise preferred
Guaranty Trust Co. (New York).
1,159.659
Due depositors not preferred
41,900,838 18,632,908 3,475,717
ResourcesDec.31'28. Nov. 15'27. Nov. 15'26. Due to tr. cos., banks & bankers__
4.485,313 2,104,739
263,406
Stock and bond investments
$104232,390 $71,911,524 $71,562,707 Bills payable
3,900,000
400,000
Real estate
8.021,092 Acceptances
9,715,395 7,408,686
4,257.083
987,021
Bonds and mortgages owned
3,256,800 Other liabilities
1,458,989 2,902.963
837.345
151,691
63,647
Loanson bd.&mtg.oroth.r.e.coll.-- 4,054,365
1,877,713
3,605,003
Loans & disc. sec. by other coil
334,136,025 245,322,746 212,488,644
Total
865,206,379 $32,250,753 88,052,860
Loans, discounts and bills purAint.of dep.on which int.is being pd..-$26,920,001 $16,232,600 $3,780,042
chased not secured by collateral 173,590,354 174,634,398 138,376,995
Own acceptances purchased
1,107,049 6,211,223 6.361,010
* Began business Oct. 14 1926. On June 30 1927
299,603 Bros. and merged with Franklin National Bank. acquired Bloomingdale
148.776
Overdrafts
1.734,696
Also on Jan. 21 1928
Due from rect. Res. Bk. of N. Y
61,327,691 52.443,861 48,025,327 acquired the Hamilton National Bank.
Due from oth.tr.cos., bks.St bankers 56,191.723 43,304,673 33.085.632
Specie
98,812
66.978
67,876
Other curr'cy auth. by laws of U.S1,401,442
993,026
831,634
Cash items
188,245,087 62,872,581 46.886.784
*Lawyers' Trust Co. (New York).
Customers'flab. on acceptances
94,205,339 60,227,152 41.105.484
Other assets
Dec. 31 '28. Nov. 15'27. Nov. 15 '26.
18.698.499 16,604.706 21.485,655
ReSOUTC83$6,698.785 $7,250,893 $5,570.268
Total
$ 1049597112 747.371,256 $635.620.740 Stock and bond investments
Bonds and mortgages owned
2,122,250 2.776,335 3,654.560
Liabilities
.or oth. r,e.coli,
1,201.500
301,650.
Capital stock
$40,000,000 $30,000.000 $25.000,000 Loans on bond &
9.254.605
Surplus fund and undivided profits - 63.377,018 33.979,955 25,202.569 Loans & disc. sec. by other collateral.. 12,031,676 9,637,766
4,072,951
2.593.147
Loans,dis.&bills pur.not sec. by coll. 4,075,861
Preferred deposits
113
981
67
Due N.Y.State savings banks.__ 2,061,862 3,085,727
3.051,127 Overdrafts
852,676
838,576
Due N. Y. State say. & loan ass'us
77.125 Due from Fed. Res. Bank of N.Y...... 3,020,973
25.000
100,160
1,344,106
1.518.016
Due as executor, admin'r. &c..
5,999,581
3,216.238 Due from approved res. depositaries.. 1,051.097
3,628,801
13,216
14.106
11,678
Deposits by New York State.-500.000
504.000 Specie
617,938
905,845
862,006
848,775
Depos. sec by pledge of assets- 13,272,972 14.115.863 7,061.190 Other currency auth. by laws of U.S.
'd
984,477
3,323,118
1.843,654
Due depositors (not preferred)
690,011,954 502,690,190 429,738,346 Cash items
247,212
145.474
151.724
Due trust cos., banks & bankers
126,812,187 83,547.157 75.167.501 Other assets
Bills payable
13,000.000
1,218,150
$33,792.686 $29,531,530 $26,455,019
Total
Acceptances
96,819,425 61,620,048 44.381,777
Other liabilities
9.220,867
11,676.645 11.807.735
Liabilities
Total
$1049597112 747,371.256 $635.620,740 Capital
$3,000,000 $3,000,000 $3,000.000
Amt.depos. on which Int. is paid- .$470707,389 421,962.817 $387,694.527 Surplusstock
3,429.519
fund and undivided profits.... 4,087,809 3.602,363
Preferred deposits
*International Acceptance Trust Co.(New York).
256,106
274.173
Due N.Y.State savings banks....
381.542
31.176
12,948
Due N.Y. State say. & loan ass'n_
11,188
Resources
-Dec. 31 '28. Nov. 15 '27. •Nov.15'26.
1,018,444
1.085,824
Duo as executor,administrator.&c.
605,617
Specie
$95
$89
$133
570,954
566,919
Deposits by State of N.Y
371,569
3,164
0th. curr. author, by laws of U.S__
1,150
2,972
112,031
134,790
113,211
Dep.secured by pledge of assets1,259,224 Due
Cash items
1,542,771
2,911,917
24,997,884 20.612,515 17,646,703
59.036
68,546 Due depositors (not preferred)
Duefrom F.R.Bank of New York--957.844
103,033
95,534
97,567
trust cos., banks and bankers_
Due fr. approved res've depositaries_ 63.211
225,843
204.461
129,512
82,395
5,547 Other liabilities
Due fr. 0th. bks., tr. cos. & bankers-Stocks and bond investments
4,679,769 5,302,992 2,261,195
Total
$33,792,686 $29,531,530 $26,455,019
655,510
Loans & disc'ts secured by collateral.. 8,363,110 2,607,000
400,000
Loans & bills pur. not sec. by collet
- 2,126,643 1,095,531
1927.
1926.
Supplementary-For Cal. Year1928.
250,000
250,000
500.000
Bonds and mortgages owned
Total
73.184
33,285 All int. & comm.rec'd during year.. $1,693,048 $1,462,326 $1,565,060
2.436,328
Other assets
69,092
other profits rec'd during year --69,044
256.168
$22,041,927 $11.016,168 $
Total
182,547
4,991
12,531
4,834440 Charged to prof. & loss acct. of losses
424,367
Int. credited to depositors during year
440.680
431,701
Liabilities
467,040
684,263
$500,000
$500,000 Expenses during year, exclud. taxes..
579,286
$1.000,000
Capital
240.000
240,000
240,000
535,000 Amt. of divs. declared on cap. stock_
693,979
1,445,940
Surplus,including undivided profits
120,000
Taxes paid during year
72,500
102,000
Preferred deposits
664,326
98,648 Amt. deposits on which int. is paid- 20,704,382 20.891,000 21.407,000
Due as executor, adm., guard.. &c. 1,064,403
100.000
100,000
Deposits by State of New York760.800
*Business of the Lawyers' Title & Trust Co. divided into two corpora2.525,230
0th.depos.sec. by pledge ofassets_ 1,749,311
13,146.053 6,422,909 2,896,271 tions as of Feb. 28 1925, the title and mortgage business to be conducted
Due depositors (not preferred)
10,329 by the Lawyers Title & Guaranty Co. and the banking and trust business
68,399
Due to tr. cos., banks and bankers--- 1.058.838
33.498 by the Lawyers Trust Co. The above statement for Nov. 14 1925 is for
41,325
Other liabilities
2,477.382
institutions.
Total22,0r 417g7 $11,016,168 84.834,546 the latter company; previous year for the two
$8,962,360 $2,707,659
Amt.of dep.on which Wt. Is being pd-$12.862.006
*Began business Mar. 9 1926. Name changed Jan. 5 1928 from InterManufacturers' Trust Co. (New York).
national Acceptance Securities & Trust Co.
*International Germanic Trust Co.(New York).
Dec. 31 '28. *Nov, 16'27
Resources$27,203
$3,836
Specie
265.218
125,317
Other currency authorized by laws of United States
142,359
1,394,843
Cash items
1,526,554
587,330
Duefrom approved reserve depositaries
368,611
139,395
Due from other banks,trust companies & bankers..
Duefrom Federal Reserve Bank of New York
1,977,116
1,174,045
2.567,351
Stock and bond investments
Loans & disc. sec. by bond & mtge. or other
217,700
851,703
real estate collateral
Loans and discounts secured by other collateral..,._ 7,322,871 7.794,048
Loans, discounts Sr bills purchased not sec. by coll. 2.010,403 3,534.863
Own acceptances purchased
247,040
Bonds and mortgages owned
1:113t
89
Real estate
1/7
2.541,8
386,924
Customers liability on acceptances
2,279,086
156.761
Other assets
1,537.892
*Dec. 31 '28. Nov. 15'27.*Nov. 15 '26.
ResourcesStock and bond investments
$76,167,750 $67.990,339 $55,462,403
5,193,307 5,261,284 8,543,776
Real estate
Bonds and mortgages owned
17.010.657 20,341,164 13,847.807
Loans on bond & mtg. or oth.r.e.coll. 1,647,465
965.897
428.799
Loans & disc. sec. by other collateral- 90,208,441 50,041,767 37,404,922
Loans disc.& bills pur.not sec.by co11-119,327,916 95,632,952 81,492,175
Own acceptances purchased
198,485
33,729
Overdrafts
27,123
61,108
Due from Fed. Res. Bank of N. Y--.. 30,986,168 29,142,683 27.380,013
Due from approved res depositaries
414.674 2,289,277
1.986,200
Due from other tr.co's,bks.& bankers 1.253.199
992,719
841.307
661,446
Specie
417,035
313,078
Other currency auth. by laws of U.EL 2.564.313 3,610,722
3.311.227
36,201.957 9,087,212 8,215,908
Cash items
6,488,816 3.746,417
Customers'liability on acceptances
3.861,367
1,114.469
Other assets
919,318
586,008
Total
389,472,792 291,089,283 242,073,394
Liabilities
Total
$23,654.799 $16,495,905
Capital stock
$17.500,000 $15,250,000 $10,000,000
Liabilities
Capital
$4,000,000 $3,700,000 Surplus fund and undivided profits_ - 34,612.529 28,226,928 14,782.338
-N. Y. State say. Wm 1,756.738 2,396,449 2,537,785
Surplus, including undivided profits
2,228,964 2.356,697 Pref. deposits
DueN.Y.Statesav.&loan abatis &c.
Preferred deposits:
764,204
631,043
532.348
25,862
Due N.Y.State savings and loans associations_
Due as executor, administrator, &c 2,358,645 2.659,595
5,066,520
186,300
Due as executor,administrator,guardian,&c_Deposits by State of New York...._
564,470
989,960
1,506,366
100,000
Dopos.secured by pledge of assets_ 1,284.983
Deposits by State of New York
201,508
408,930
780,554
Deposit secured by pledge of assets
Deposits otherwise preferred
348,556
147,306
69.219
101,341
189,859 Due depositors (not preferred)
Deposits otherwise preferred
307,858,539 228.408,617 196,165,135
250,000
Due depositors not preferred
12,862.697 7.742,459 Due to trust companies & banks-.... 4,229,796 2,756,503 2,388,342
332,656 Bills payable
Due to trust companies, banks and bankers
2,000,000
295,868
386,924 Acceptances
Acceptances
16,277,747 4,076,066 4,109.800
2,303,617
1,481.148 Other liabilities
Other liabilities-bills payable
1,916,585 4,910,922
2.329.829
1.442,926
$389,472,792 291.089,283 242,073.394
Total
Total
$23.654,799 $16.495,905
Amount of deposits on which interest is being paid- 12,336,400 $3,242,000
1928.
1926.
Supplementary-For Cal. Year1927.
Supplementary-For Calendar Year1927.
1928.
Total int. & comm.rec'd during year-$13,919,643 $10,371,970 $9,491,599
$71.490 All other profits received during year.. 3,977,413 4,344,920 3,992,659
Total int. and cornmksions rec during$244,417
247 Amt. of dive, declared on cap. stock. 3,885,000 2,262,500 2,000,000
other profits received during year
All
1,238
12,840 Amt.deposits on which int, is allowed 182,213,000 163,020,000 147.000.000
Interest credited to depositors during year
45,104
Expenses during year, excluding taxes
32,357
146,939
deposits on which interest is paid
5,021,487
Amount
7,645,100
•Includes YorkvWe Bank since April 1 1925 and Fifth National Bank
* Began business Oct. 17 1927. Terminal Trust Co. merged into Inter- and Gotham National Bank since June 1 1925. Also since July 29 1927
national Germanic Trust as of Feb. 28 1928. Above is combined state includes Commonwealth Bank and Standard Bank. United Capitol Nat.
Bank & Trust Co. merged into Manufacturers Trust Co. as of June 6 1928.
ment of both companies for both periods.
MAR. 2 1929.]
FINANCIAL CHRONICLE
*Murray Hill Trust Co. (New York).
1329
*State Bank & Trust Co.(New York).
&Kneen-Dec. 31 '28. Nov. 15'27.*Noe. 15'26.
Specie
$9,124
$3,912
$3,981
'Other currency auth. by laws of U.S_
66.722
40,296
Cash items
832.500
133.027
207,895
Federal Res. Bank of N.Y. 1,375,402
Due from
1,029,901
419.676
Due from other banks, trust companies & bankers
404,468
302,254
292.676
Stock and bond investments
2.499,792 1.592.371
1.171.427
Loans & disc. sec. by bond & mtg. or
other real estate collateral
239,280
577,550
35,000
Loans & disc,secured by other coil__ - 4.838,756 2,142,306
1,115,140
Loans, disc. & bills purch. not sec.
collateral
by
4,360.821
2.760,325
1.204,574
Overdrafts
45
133
Bonds and mortgages owned
465.950
349,450
342.700
'Customers liability and acceptances
2,039
Other assets
194,040
174,702
203,469
Total
$15,286,900 $9,137.138 $5,037.034
Liabilities
Capital
$2,000,000 51.000.000
Surplus including undivided profits_ - 1,734.662 1,040,058 $1.000,000
1,022,597
Preferred deposits
Due New York State savings banks
99.345
45.781
Due as exec. adm.,guardian,&c- _ 44,881
66,403
387
Deposits by State of New York_ __ 150,000
150,000
150,000
0th. dep. sec. by pledge of assets
248,600
200,000
Due depositors (not preferred)
10,789,673 5,760.087 2,736,537
Due to trust cos., banks & bankers- -133,872
88,491
62,746
Re-discount
760,000
Acceptances
2,039
'Other liabilities
85.867
24.279
64.767
Total
$15,286,900 $9,137,138 $5,037,034
Anat. of dep. on which int. is being pd $9,173,098 $5.076.700
$2.501.771
* Began business Sept. 7 1926.
Resources
-
Dec. 31 '28.
Specie
$703.942
Other currency authorized by laws of United States
3,485.511
Cash items
6,290.263
Due from Federal Reserve Bank of New York
164,202
Due from approved reserve depositaries
4,550,737
Due from other banks, trust companies and bankers
4
Stock and bend investments
15,671.446
Loans & disc,secured by bond & mtge.or other real estate collat.
332,503
Loans and discounts secured by other collateral
21,832.985
Loans, discts. & bills purch. not secured by collateral
60.104.628
Own acceptances purchased
260.654
Overdrafts
23.285
Bonds and mortgages owned
5,401.351
Real estate
2,602.956
Customers' liability on acceptances
1,541,594
Other resources
1,793,368
Total
5125.173,799
Liabilities
Capital
Surplus and undivided profits
Preferred deposits
Due New York State savings banks
Due N. Y. State savings and loan associations. Ste
Due as executor, guardian, administrator, &c
Deposits by State of New York
Other deposits secured by pledge of assets
Due depositors not preferred
Due to trust companies, banks and bankers
Acceptances
Other liabilities
$5.000,000
8,772.730
25.318
328.006
43.315
200,000
146.165
107,508,914
1,113,222
1,619.988
2,418,141
Total
Amount of deposits on which interest is paid
$125,173.799
$73.501.923
* Formerly State Bank:changed to a trust company as of Mar. 31 1928
New York Trust Co. (New York).
ResourcesDec.31 '28. Nov. 15'27. Nov. 15'28.
Stock and bond investments
$19.584.121 $29,230,718 $19.533.372
Real estate
325,005
324,255
321.935
Bonds and mortgages owned
414,150 1.190,672
600.420
Loans on bond & mtg.or oth. r.e. coll. 2,440,400 2,579,100
Loans & disc. sec, by other collateral _111.744.843 112,650,453 5.267,577
Loans dis. & bills pur. not sec. by coll. 60.090.846 45.081,901 89,541,917
49.679,282
Own acceptances purchased
1,724,288
977,268
614.144
Overdrafts
356,893
386,878
75.110
Due from Fed. Res. Bank of N.Y.... 29,056.103 23,271,216
21,323,749
Due from trust co's, banks & bankers
182.301
335,058
417.095
Specie
36,784
45,773
41,441
Other currency auth. bylaw.of N.Y.
512.871
606,928
520.194
Cash items
201,450,951 62.642,941 50.642.798
Customers' liability on acceptances.- 37.659.443 27.703,214 18,464.456
Other assets
8.585.238 9,436,446
8.664.063
Total_
5474.164.2375316.462,821 5265,707.553
Liabilities
Capital stock
$10.000,000 $10,000,000 $10.000,000
Surplus fund and undivided profits
25,938.102 23,538,526 21,813,046
Pref.dopos.-Due N.Y.State sav.bks
636,768
756.892
938,842
Due as executor,administrator.&c. 17.346,416 14,766,416 10.705.882
Deposits by New York State
503.524
901,849
3.507.290
Deposits secured by pledge of assets 1,839.613
5,271,305
683,579
Due depositors (not preferred)
252.207,474 164.022.269 150,711.060
Due trust co's. banks and bankers
122.289,393 61,811,346 41,758,239
Acceptances
38.880.430 29.413,324 20.334,057
Other liabilities
4.522.517 5,980.894
5.255.558
Total
474,164,2373310.462,821 $265.707.553
Supplementary-For Cal. Year1928.
1927.
1926.
Total int.& comm.rec'd during year-$12.405,824 $10,704.983 $10,691,768
All other profits received during year.. 1.021,206
737.087
824,679
Int. credited to depositors during year 3,648,825 3,206,828
3,117.779
Expenses during year,excluding taxes 3,469,182 3,179,680
3.077,818
Amt. of divs. declared on capital stk..2.000.000 2,000,000
2,000000
Taxes reserved and pd. during the yr..
779.360
735.020
839,000
Amt deposits on which int, Is paid_287,231,142 a179725079 b158.000.000
a As of Nov. 151927. DAsofNOv.151926.
*Times Square Trust Co. (New York).
ResourcesDee.31 '28. Nov. 15'27. Nov. 15 '26.
Specie
$21.480
916,450
$5.735
Other curr.author. by laws of U.S__ _
135,213
125,010
75,148
Cash items
483,087
936.289
184,155
Due from F. R. Bank of New York
658.565
689,043
290,515
Due from banks, tr. cos. & bankers
87,569
111.331
103,511
Stock and bond investments
1,633.359 1,479,645 1.673,591
Loans and discounts sec. by collateral 1,446,785
1,131,704
1.372.388
L'ns, disc. & bills.pur.not sec.by coll. 3,317.018 5,196,980 1,105,492
Own acceptances purchased
39,748
102.790
Overdrafts
1,226
924
Bonds and mortgages owned
723,125
735,975
Customers' liability on acceptances
173,546
320,881
16.366
Other assets
237,584
214,006
281,213
Total
$8,958.305 911.061,028 $5.108,114
Liabilities
$2,000,000 52.000,000
Capital
Surplus,including undivided profits
532,427
516.650
Preferred deposits
1.504
Due as exec., admin., guard., &c- _
25,831
125,894
Deposits by State of New York_
50,000
2.700
Other dep. sec. by pledge of assets..
5,404,283 7.120,369
Due depositors not preferred
Due to trust cos., banks & bankers-46,703
10,000
600,000
Bills payable
950,000
173,546
Acceptances
342,421
71,248
Other liabilities
45.757
52,000,000
542,290
2,514.837
10,000
16,366
24.621
$8,958,305 $11,061.028 85,108.114
Total
Amt.of dep.on which int. Is being Pd. $3.269,722 $4,500,000 81.200.000
Supplementary-For Calendar Year
Total int. and commission rec, during year
All other profits received during year
Charged to profit and loss
On account of other losses
Interest credited to depositors during year
Expenses during year, excluding taxes
Amount deposits on which interest is paid
Taxes paid during year
1928.
1927.
$342.964
38,988
1,235
79,623
289,245
*Pacific Coast Trust Co.(New York).
3,100.000
ResourcesDec. 31 '28. *Nov. 15'27.
2,000
Specie
$596
$741
Other currency authorized bylaws of United States
25,643
10,318
* Began business Oct. 16 1926.
Cash items
26,484 3,232.425
Due from Federal Reserve Bank
954,068
327,443
Duefrom other banks,trust companies and bankers 14,394,667 1.136,273
Stock and bond investments
6,817.673 1,180,493
Loans and discounts secured by other collateral_ _ 3,398.122
Title Guarantee & Trust Co. (New York).
1,022,966
Loans & Disc, and bills purchased not sec. by coil700.200
574.873
Overdrafts
RGIOUT00-Dec.31 '28. Nev.15'27. Nov. 15'28.
20,476
Customers liabilities on acceptances
733.984
262.365
and bond investments
$12,729.647 $12,320,045 515.398.599
Other resources
166.403 1.054,527 Stockestate
Real
5,032,280 4,984.113 4.325,397
and mortgages
Total
$27.217,840 $8,822.900 Bondson bond & mtg.owned r.e.coll. 23,061.449 17.390,953 18,118.117
Loans
or 0th.
3,655,159 3.271,966 4.077.022
Liabilities
Loans & disc.sec. by other collateral- 15.150,617 18,002,145
9.780.564
Capital
$1,500,000 91,000,000 Loans dia. & bills pay. not sec. by coll. 13,812,547 12,361.399 12.954,490
Surplus including undivided profits
1,799,490
3134
1.883
2,401
274.687 Overdrafts
Preferred deposits
Due from Fed. Res. Bank of N.Y...... 2,906.307 2,624:712
2.225.010
Duo as executor,adrnstr. guard,&c
Due from approved res. depositaries_ 4,027,565 4,745.194 2.955.013
3,129
Other deposits secured by pledge of assets
59,200
Due from other tr.co's, bks., bkrs..&c
52.425
97.404
87,782
Due depositors not preferred
15,630,220 3.430,932 Specie
769.626
672,658
687.271
Due to trust companies,banks and bankers
7,463,938 2,786.542 Other currency auth. by laws sr U.S.
897,041
830,555
1.076.024
Acceptances
733,984
3.949,304 2,467,997
2,947.971
262,365 Cash items
Other liabilities
27,879 1,068.374 Customers' liability on acceptances7.125
31.500
363.041
Other assets
1.277.726
1.505,624
1.534,466
Total
$27,217,840 $8,822,900
Amount of deposits on which interest is being paid_ 32,806,700
TotaL
$87.227,497 881.404.009 576.542.272
82,465.684
•Began business April 23 1927.
Liabilities
Capital stock
210,000,000 910.000,000 $10.090.000
Surplus fund and undivided profits
23,977,886 21,170.979 '
19,506,750
*Plaza Trust Co. (New York).
Pref.deposits due N.Y.State says.bks. 1,807,931
1,115,271
970.047
Resources
Due savings and loan associations_
•Dec. 31 1928.
11,742
10.684
Specie
Due as executor. administrator, &c. 1,848,312 1.915,545
1,541.572
$2,819
currency authorized by laws of United States
Other
Deposits by New York State
61.000
61.000
61.000
29,452
Cash items
Deposits secured by
72.750
72,750
72.750
716.138 Due depositors (not pledge of assets
Duefrom approved reserve depositaries
preferred)
47.771,064 45.053.029 41,500.287
79,307 Due trust co's. banks
Duefrom other bank,trust co s.and bankers
and bankers
313.102
221.769
370.628
100,000
Stock and bond investments
31,500
363,041
7.126
328,850 AcceptancesLoans and discounts sec. by collateral
1,333.268
1.774,799 2.156.197
5,568.030 Other liabilities
Loans discounts and bills purchased not sec. by coil
135,000
Other assets
Total
587.227,497 681.404,009 78.542.272
34,500
Total
Liabilities
Capital
Surplus and undivided profits
Due depositors, not preferred
Due to trust co s., banks and bankers
Other liabilities
$6,994,096
Total
Amount of deposits on which interest Is paid
$6,994,096
51.427,000
•Began business Dec.5 1928.
$2.000,000
1.013,893
3.831.445
146,774
1,984
SuPPletnenlary-For Cal. YearTotal Int. & comm.rec'd during year..
All other profits received during year..
Oharged to profit and loss
On account of depreciation
On account of losses
int, credited to depositors during year
Expenses during year, excluding taxes
Anat. of divs. declared on cap.stock
Transferred to surplus
Taxes raid during the year
&Eit. deposits on which int. is paid_
1928.
1927.
1926.
$3,912,192 83.665.524 63,416,539
9.943.784 10,484.308 11,243.395
40,328
375.775
806.783
6,206.545
3.600.000
66.727
243.338
305,092
742.914
731.981
6.309.285 6.706,480
3,600.000
3.600,000
6.000,000
982,970
1,113.767 1,024,855
46.053,807 41.978.805 38.546.404
1330
[VOL. 128.
FINANCIAL CHRONICLE
Trust Company of North America (New York).
United States Mtge. & Trust Co.(New York) Concluded.
Resources
Dec. 31 '28. Nov.15'27. Nov. 15'26.
Specie
$875
$469
$5.389
205,963
207.750
Other currency auth. by laws of U.8..
380,112
1.732
Cashitems
5.989
8.154
572.855
483,504
Due from approved res. depositaries_
546.577
131,837
Duefrom other bits., trust cos.& bkrs
268,590
204,841
422.801
Stock and bond investments
753.916
1.137.658
620,127
1.236,623
Loans & disc'nts secured by collateral 2,565,770
Loans, di.sc'ts & bills porch, not sec.
2.026,671
1,406,188
by collateral
1,262,234
152.129
271,306
Own acceptances purchased
114
150
Overdrafts
5,043
115,250
123,402
Bonds & mortgages owned
475,652
348.519
435,069
Customers' liability on acceptances
233.460
318.195
876.370
Other assets
242,201
LiabilitiesDec.31 '28. Nov. 15 '27. Nov. 15'26.
Capital stock
$5.000,000 $3.000,000 $3.000.000
Surplus fund and undivided profits
6,187,211
4,964.966
6,497.098
Preferred deposits
Due N.Y.State savings banks.-904,726
853,915
536,349
Due as executor, administrator, &c. 1,495.662
1,182.344
1,440,560
Deposits by State of New York
650,000
250,000
150.000
Dep. secured by pledge of assets
1,772,434
690,572
660.366
Deposits otherwise preferred
37,480
9,424
119.793
Due depositors (not preferred)
65,093.411 61,596,918 59,903.015
Due trust cos.. banks and bankers__.- 6,215,432
3,625.803
3,176.488
Acceptances
2,005,526
834,377
459,450
Other liabilities
829,365
964,546
899.193
Total
37,067.091 $6.067.439 $4,918,855
Liabilities
$500.000
$500,000
Capital stock
$500,000
205.998
240,019
Surplus fund & undivided profits
260,853
29,242
20,130
Pref.dep.-Due N. Y.State says. bks
17,007
404,332
Due as executor,admin., g
4,424
-uard..&c
200.000
200,000
Deposits by State of New York_ _
200.000
Deposits secured by pledge of assets
93,465
2,904,383
3,009,405
Due depositors, not preferred
5,047,387
331,637
43.183
Due to trust cos., banks & bankers
346,352
250.000
Bills payable
146,250
454,392
478.597
Acceptances
285,373
883,319
314.650
Other liabilities
182,987
Total
$7,067,091 $6,067,439 $4,918,855
Amt.of dep.on which int.is being pd. $1,813.100 $2,503.283 $1,614,500
Total
Amt. deposits on which int, is paid
$87,668,284 880,500,556 $75,836,584
$64,323,328 $59,736,170 $57.963.755
United States Trust Co. (New York).
ResourcesDec. 31 '28. Nov. 15'27. Nov. 15 '26.
Stock and bond investments
$17.277,000 $16,758.500 $14,034,607
Real estate
1,000,000
1,500.000
1,500.000
Bonds and mortgages owned
5.633,228
5,542,585
6.313.686
Loans on bond and mortgage
20,000
25,000
27,000
Loans & disc, secured by other collat. 56,762,249 51.887,148 37,750,900
Loans,disc.&bills pur.not sec.by coll. 2,577,636
3,994,630
3.277.617
Due from Fed. Reserve Bank of N. Y. 4,300,000
4,600,000
3,700.000
Due from approved res've depositaries 9,823.563
5,656.064
3,802,230
Other assets
458,528
386,636
604.018
Total
$99.185,152
Liabilities
Capital stock
62,000,000
Surplus fund & undivided profits
23.404,313
Preferred deposits
Due N. Y. State savings banks
1,231,245
Due as executor, administrator. &c. 44,831.808
Dep. secured by pledge of assets_ 2,219,863
Due depositors (not preferred)
20.231.035
Due trust cos.. banks and bankers_ _ _ 3.721.851
Other liabilities
1,545,037
$90.417.455 69.610.118
$2,000,000 $2,000,000
United States Mortgage & Trust Co.(New York).
21,935,544 19,819,293
ResourcesDec. 31 '28. Nov.15 '27. Nov. 15 '28.
)ck and bond investments
613,155,578 612,727,418 $12,127.607
1.894.180
1,874.105
1,139.875
1.197,851
lal estate
1,331.599
33.313.173 18.201,679
4.103.671
4,043,367
3nds and mortgages owned
3,876,108
2,345.139
1,684,484
521.140
315.885
1.)ans on bond & mtg. or oth. r.e.coll_
474,320
25,043,735 24,778.191
leans & disc. sec. by other collateral_ 40,114,422 37,248,506 36.387,950
2,237,697
237,889
5.200.381
5.612,106
koans,disc.&bills pur. not sec.by coll.. 4,834,190
1,647.987
1,015,477
3,147
10.785
erdrafts
3,663
7,172,267
8,861.330
e from Fed. Res. Bank of N.Y..,...8,346,492
Total
$99,185,152 $90,417.465 $69.610.118
722.024
719.839
f,)ue from approved res've depositaries
905,569
Supplementary-For Cat. Year1928.
1927.
1926.
737.020
905,709
Due from other tr. cos., bits. &
598.973
63.301 Total int. & comm.reed during year.. $5.256.210 $5,628,770 $4,624,287
78,107
pecie
74,568
601,471
461,078
690.541 All other profits received during year..
923.710
Other currency auth. by laws of U. 3..
860,070
1,296,090
1,196,368
5.869.865 Int. credited to depositors during year 1,689,017
5,519,057
Cash Items
12,042,983
931,720
863,793
1,005.054
721.561 Expenses during year, excluding taxes
1.928,877
Customers' liability on acceptances
459,450
1,200.000
1,200.000
376.234 Amt. of divs. declared on capital stock 1,400.000
410,009
Other assets
590,299
Taxes paid during the gear
556,337
731,560
677.281
Total
$87,668,284 $80,500,556 $75.836.584 Amt. deposits on which int. Is paid.-- 71,935,790 66.647.957 51,483,406
rhi
BROOKLYN COMPANIES
*Brooklyn Trust Co. (Brooklyn).
Resources*Dec.31'28. Nov. 15'27. Nov. 15 '26.
Stock and bond investments
$22,694,929 $21,208,307 $18,743.560
1,755,738
1,713,213
Real estate
2.242.010
6,280.656
Bonds and mortgages owned
211.868
Loans on bonds & natg.or oth. r.e.cell.
Loans and disc.sec. by other collateral 32,949.693 23,176,275 22,434,755
3,123,263
Loans,disc.& bills pur.not sec. by con. 7,615,418
4,964,258
4,307
7,671
Overdrafts
5,301
5,382,670
6,047.145
Due from Fed. Res. Bank of N.Y..... 8,420,161
707,272
765,602
Due from approved res. depositaries_
293,424
346.269
464,438
Specie
861,647
410,281
442.126
Other currency auth. by laws of U.S..
798,342
2.389,894
2.642,201
Cash items
9.093,465
10,063
Customers' liability on acceptances_ 3,400
582,708
637.903
Other assets
639,115
4.81:ER 5.14R:288
$91,433,238 $68,325,675 $62,383.304
Total
Liabilities
Capital stock
$2,080,000 32,000,000 $2,000,000
5,315,664
5,736,933
Surplusfund and undivided profits..
6,455,941
Preferred deposits
3,771,253
2,977.117
Due N. Y. State sayings banks_ _ _
4,350,635
40.052
18,783
Due N.Y.State say.& loan assn's..
38,772
4,304,559
5,679,518
Due as executor,administrator, &c. 4,086,931
628,342
3,228,107
Deposits by State of New York_ _-- 1,048.602
2,230.359
2,464.968
Deposits secured by pledge of assets
960.094
165.530
256,840
702.638
Deposits otherwise preferred
Due depositors (not preferred)
66,554,559 45.393.021 42.938.754
224,589
155,652
Due trust cos., banks and bankers.884.820
Bills payable
3,500.000
10,063
3.400
Acceptances
754.139
414.736
766,846
Other liabilities
$91,433,238 668,325,675 $62,383.304
Total
Amt. deposits on which int. is paid-368.473,321 $54,505,248 $48,688,200
* Bank of Coney Island mered into Brooklyn Trust Co.as of Jan. 10 1928.
Kings County Trust Co. (Brooklyn).
R480WW3-Dec $31 '28. Nov. 17 '27. Nov. 15 '26.
Stock and bond investments
65,909,478 $6,631,689 $8,278,834
210,000
Real estate
210,000
1,579.165
Bonds and mortgages owned
1,475,240
1,622,000
653.763
Loans on bond & mtg. or oth.r.e.coll514,184
455.085
Loans & disc. sec. by other collateral_ 18,836,043 18.088,671 18,777,242
2.437,504
2,878,954
Loans disc.& bills pur.not sec.by coil_ 2.088,031
609
Overdrafts
185
358
4,367.729
4,526.186
Due from approv'd res'vedepositaries 3,416,057
39,237
Due from other tr.cos ,bks &bankers 1,513.662
22,717
23,776
20,607
Specie
. 24,072
2,005,304
Other currency auth. by laws of U.EL 2,195,474
1.961,378
121.078
132,790
Cash items
215,683
131.007
137,048
Other assete
256,630
Total
$36.742,573 $36,599,649 638,625,248
Liabilities
6500,000
Capital stock
3500.000. f$500.000
1
5,031.462
5,374,960
surplua fund and undivided profits
5,895,262
Preferred deposits
ad
5.757.545
3,357.090
Due N.Y.State savings banks_
3.822,572
1,000
1,000
Due savings and loan associations..
1,000
2,350341
Due as executor, administrator. &c 1,294.344 1E2,172,600
450,000
600,000
Deposits by State of New York
600,000
560.905
696.874
Deposits sec. by trust co. assets
100.000
22,752.225 T23,468,941 23,494,358
flue depositors(not preferred)
145.150
108,043
co's, banks and bankers_
1,597,808 >tot,
bus trust
334.387
179,362 M320,141
Other liabilities
386.742.573 336,599,649 $38,625,248
Total
mt. of deposits on which int. is paid$28,564.000 $28,838,400 $31,298.800
Midwood Trust Co. (Brooklyn).
Dec. 31 '28. Nov. 15 '27. Nov. 15 '26.
ResourcesStock and bond investments
$2,100.575 $1.567.810 $1,345,876
367,448
424,280
Real estate
425,097
1,341,344
1,380,130
Bonds and mortgages owned
1,109.130
Loans on bond & mtg. or oth. r.e coil_
694,672
568,066
600,585
1.495.611
Loans and disc. sec. by other collateral 2,101,292
1,790,953
Loans, discounts and bills purchased
4,981,807
5,530.521
not secured by collateral
5,215,765
1,369
1,349
Overdrafts
Due from Fed. rtes. Bank of N.Y...... 1,235,971
819.413
1,325,258
Due from other tr. cos., bits. & b'kers_
43,971
198.146
101.362
Specie
36,788
4.300
23.800
Other currency auth. by laws of U. S..
215,044
290.689
254,907
Cash items
498.341
1.026.512
731,788
Customers' liability on acceptances...
3,913
3,408
1.550
Other assets
50,382
183,948
154,801
Total
$14,388,478 $13.880.864 311.980,380
LiabilitiesCapital stock
$1.000.000 $1,000,000 $1,000,000
Surplus fund and undivided profits.....
546,824
562,373
574,464
406,975
Pref.deposits: due N.Y.State savs.bks
492,100
336,000
Due by say. & loan ass'ns, &c_
25.000
Deposits sec. by pledge of assets_
122.000
68,268
Due as exec.. admin., guard.. &c
64,935
71,880
150.000
150,000
200,000
200.495
Deposits by State of New York_ _ _
Due depositors (not preferred)
8.785,523
11.870,144 10,537,693
Due trust cos., banks and bankers
12,046
Bills payable
500.000
750,000
Acceptances
1,550
Re-discounts
324.'753
5 42
0
8,323
Other liabilities
228.340
196.357
58,259
Total
.314.388.478 $13,880,864 311,980,380
Amount of dep's on which int. is paid $7.180,000 36,240,000 15,410.000
*Municipal Bank & Trust Co. (Brooklyn).
Resources*Dec. 31 '28.
Specie
3331.508
Other currency authorized by laws of United States
1,822.560
.
Cash items _ __________ _ _ __ ___ __
7,088,751
Due from Federal lieserve--------- New----York
5,079,431
Due from other banks,trust companies and bankers
146,159
Stock and bond investments
13,982.582
Loans & disc, sec. by bond & mtge. or other real estate coll
714.260
Loans & discounts secured by other collateral
15,185,792
Loan discount & bills purch. not secured by collateral
30,356,740
Own acceptances purchased
249,994
Overdrafts
34,589
Bonds and mortgages owned
3.192,075
Real Estate
838,787
Customers liability on acceptances
399,387
Other resources
1,402,801
Total
$80,825,416
Liabilities
Capital
$5,000,000
Surplus and undivided profits
7,261.624
Preferred deposits
Due New York State savings bank
96,375
Due N. Y. State Savings & Loan Associations &c
69,083
Deposits by State of New York
55,000
Other deposits secured by pledge of assets
60,000
9.086
Deposits otherwise preferred
66.009.366
Due depositors not preferred
Due to trust companies, banks and bankers
210,639
401,449
Acceptances
1.652.794
Other liabilities
$80,825,416
Total
$33,898,169
Amount of deposits on which interest is paid
1928.
Supplementary-For Calendar Year$2,790,021
Total interest and commissions received during year
551,637
All other profits received during year
101,700
Charged to profit and loss
-On account of depreciation
91,164
On account of other losses
846,018
Interest credited to depositors during year
1,271,858
Expenses during year, excluding taxes
409,500
Amount of dividends declared on capital stock
58,848,000
Amount deposits on which interest is paid
183,301
Taxes paid during year
•Formerly Municipal Bank. Changed to a trust company as of July
20 1928. Seventh Nat. Bank merged into Municipal Bank Trust as of
Dec. 21 1928.
MAR. 2 1923.]
1331
FINANCIAL CHRONICLE
BOSTON COMPANIES
Columbia Trust Co. (Boston).
American Trust Co. (Boston).
ResourcesDec. 31 '28. Dec. 31 '27. Dec.31'26.
Railroad and other bonds
$4 972 233 $3,630.238 23,144,447
18,017,930 16,680,855 17,521,240
Time loans
Customers liabils, under acceptances
441,985
141,000
199.455
2,940,040 6,831,457
Demand loans
6,502.967
10,912,129
9.251,566
Cash on hand in banks
5,543.289
656,408
145,784
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for taxes, &c
Bills payable
General deposits
Acceptances
Other liabilities
Total
537.940.725 536.680.900 532.911,398
$1,500,000 51,500,000 $1,500,000
2,000,000
2.000.000
2,000.000
772,725
765,475
808,332
298,225
96,466
302.303
1.150.000
32,420,666 31,976.200 26.951.308
441,985
141,000
199.455
708,883
337,940,725 336,680,900 $32.911.398
Bank of Commerce & Trust Co.(Boston).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$732,842
$633,285
United States bonds
$528,192
293,101
Other stocks and bonds
254,377
127,410
[1,357,250
Loans on real estate
936,050
1 7,264,802
Demand loans
1,710.470
1,437.679
3.157.034
Time loans
3,129.540
39,500
41.000
Furniture and fixtures
42,500
939,812
868,819
Cash in reserve banks
655.311
258,142
166,291
Checks on other banks
108,853
125,269
Cash in vaults
101,150
131,232
166,092
Customers' liability acct. acceptances
33,147
26,975
47.475
Customers'liability on letters of credit
16,526
Foreign bills bought
7.434
Interest accrued
Total
$9,890,995 $8.322,823 $7.123,742
Liabilities
Capital stock
$1,000,000 $1,000,000
400,000
Surplus fund & undivided profits__.._
411,003
4,413,487
4,925,260
Demand deposits
2,119,247
2,511,739
Time deposits
356,942
228,925
Due to banks
500.000
Bills payable
166.092
33,147
Acceptances
47.476
Letters of cred. executed for cust'rs
100,000
Loans held for others
500
Travelers letters of credit
$750,000
258,650
3,755,631
1,858.153
149.332
325,000
26,976
59,890,995 $8,322,823 $7,123.742
Total
*Beacon Trust Co. (Boston).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$27.333,430 $25,726,072 $25.618,604
Time loans
8,788,403 10,181,993
Demand loans
9,889,113
Investments
2,541,391, , .
2,083.406
8,573,349
7,275.489
Cash in office and banks
7.165.960
374,542
356,532
Safe deposit vaults
389.242
19,106
Real estate by foreclosure
132,755
146.337
letters of
Customers' liability under
1,640,189
1,275,571
credit and acceptances
1,252,927
106,624
Other assets
127,067
109,581
Total assets
Liabilities
Capital stock
Surplus
Earnings undivided
Letters of credit and acceptances
Reserve for taxes and interest
Notes and bills rediscounted
Deposits
Other liabilities
$49,472,673 546.947,383 $46,655,170
23,000,000 $2,250,000 $2,250,000
2,750,000
3,000,000
2,750,000
322,869
780,200
312,501
1,275,571
1,640,189
1,252,927
23,421
20.784
9,355
1,747,000
1,890.000
39,281,863 40.157.177 37.340,744
170,982
849,643
$49,472,673 $46,947,383 $46,655,170
Total
*Beacon Trust Co. and Liberty Trust Co. a of Dec. 5 1928. Above
statement is combined result for both companies for all periods.
Boston Safe Deposit and Trust Co. (Boston).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$2,151,047 32,739,588 $2,082.510
Bonds and stocks
16,792.050 16.746,265 15,522.946
Loans
729,870
Cash in office
742706,494,845
1,310.224
1.679,310
Cash in banks
2.433,024
243,610
Exchanges for clearing house
510.221
820.045
26,303
41.930
Overdrafts and accrued interest
35.812
2,624
1,057
Cash items
2.196
Real estate
1.745,331
1,745,331
1,745.331
Boston Safe Dep. & Tr. stock in
hands of directors
130,500
&MUMS-
Total
$23,795,858 $23,542,248 $23.348.358
Liabilities
$1,000,000 $1,000,000 $1.000,000
Capital stock
3,000,000
Surplus
3,000,000
3.000.000
1,099,145
Profit and loss
1,311,449
977.110
Deposits
18,376,978 18.348.262 18.279.651
106,583
Reserved for taxes
94,841
91.597
Int. reserve & for, ctf. of deposit.-- 848
$23,795,858 523.542,248 523.348.358
5153,005,180 134,000.000 5118.044.538
1927.
1928.
1926.
2%
2%
Rate of interest paid on deposits.-2%
32%
Dividends paid in calendar year
32%
32%
Total
Trust department(additional)
Charlestown Trust Co.(Boston).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$63,142
United States & Massachusetts bonds
$74,572
$94.572
Other stocks and bonds266,845
319 388
Loans on real estate
266:125
294,375
275:956
Time loans
259,649
243,968
304,305
Demand loans
108,087
110,219
06,162
Banking house and vaults
55,215
55.216
53.836
Due from banks
131,888
185,020
187.904
Cash on hand
56,773
95.046
69,488
Overdrafts
57
------Total
$1,277,367 51.325,261 $1.411.611
t4abilitiesCapital stock
$200.000
$200,000
$200,000
Surplus fund
30,000
26,000
23.000
Undivided profits
3.620
7.631
2.721
Commercial deposits
1.040.263
1,088,240
1.182,640
Miscellaneous dividends unpaid
3,485
3,390
3,250
Total
$1,277,367 51.325,261 $1,411,611
ResourcesUnited States bonds
Other stocks and bonds
Loans
Cash In office
Cash in banks
Total
Liabilities
Capital stock
Surplus and profits
Deposits
Total
Dec. 31 '28. Dec. 31 .27. Dec. 31 '26.
$126.350
$119.350
385,350
252,417
262,246
294,224
2,968,258
2,819,049
2,765,805
85,637
63.500
30.683
241,274
211,631
110,786
53,673,936 53.475,776 53,286.848
$100,000
$100,000
$100.000
304.765
267,113
239,481
3,269,171
3,108.663
2,947,367
$3,673,936 53,475.776 53,286,848
Exchange Trust Co. (Boston).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$5.715,810 $5,431,008 $3,901,948
Stocks and bonds
2,098,688
1,828,680
2,239,938
Cash in offices and banks
90,000
57.030
40,000
Safe deposit vaults,fun. & fixtures
1,848,335
1,540,153
1.815,498
Demand loans
160,249
192.072
Customary liability on acceptances
3,588.832 4,078.105
4,368,714
Time loans
7,932,845
7,477.859
7,904,884
Loans on real estate
1,015,630
997,636
328.000
Real estate owned
Total
Liabilities
Capital
Surplus
Profit and loss
Deposits
Rediscounts and bills payable
Acceptances executed
$22,482,212 $21,570,720 $20,598,982
$1,500,000 $1,250,000 $1,000,000
1,750,000
1,250,000
1,000,000
167,702
338,931
320,615
18,172,437 17,868,790 18,278,367
650,500
700,000
192,073
212,499
$22,482,212 $21,570,720 $20,598.982
1928.
1927.
1926.
2%
2%
25'
$135,000
$120.000
$165,000
Total
Rate of int. pd.on dep. of $500 & over
Dividends paid in calendar year
*Industrial Bank & Trust Co.(Boston).
ResourcesStocks and bonds
Loans on real estate
Demand and time loans
Furniture,fixtures and vault
Due from banks
Cash
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
Uncompleted loans
Bills and accounts payable
Other liabilities
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$509,632
$509,252
$342,967
98.1,757
875,722690,494
715.389
626,757
733,007
62,907
54,772
54,756
119,667
82,944
204,424
59.520
64,028
53,918
217,255
86.119
106,687
52.668,127 52.299,578 52,186,269
$200,000
20,000
20,874
2,296.091
60.051
70,000
1,111
$200,000
15,403
15,176
2,032,999
$200,000
12,185
32,113
1,875,971
36,000
66,000
$2,668,127 $2,299,578 $2,186,269
Total
* Formerly the Roxbury Trust Co., name changed as of May 6 1927 to
Industrial Bank & Trust Co.
Jamaica Plain Trust Co. (Boston).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources5237.416
$4,789
$4,189
State of Massachusetts bonds
1,221.001
1,941.586
1.646.692
Other stocks and bonds
2,569.213
2,171.538
1,815,260
Loans on real estate
43,366
148.470
615,545
Demand loans with collators's
14.285
6,490
30.980
Other demand loans
728,940
267,667
609,527
Time loans with collateral
516,954
568,401
435.056
Other time loans
652
495
231
Overdrafts
60.000
53,125
58,800
Banking house
30,078
26,373
28,451
Safe deposit vaults. furn.and fixtures
165.832
291.692
242,482
Due from reserve banks
144.120
121,021
121,528
Cash, currency and specie
$6,219,354 $5.632,350 $5,090,148
Total
Liabilities
$200,000
5200.000
5200.000
Capital stock
35,000
86.000
100,000
Surplus fund
81.475
118.007
155.951
Undivided profits
35.000
40.000
30,000
accounts
Reserve
4,700,223
5,183.598
5,649,187
Deposits subject to demand
5,000
3,500
Certificates of deposit
1,776
4,325
9,086
Certified checks
2,743
311
Treasurer's checks
pay. within 30 days_
Open accts, not
25.247
109
130
Dividends unpaid
75,000
Bills payable
36.219,354 $5,632,350 $5.090,148
Total liabilities
*Lee, Higginson Trust Co. (Boston).
Resources
United States and Massachusetts bonds
Other stocks and bonds
Loans on real estate
Demand loans with collateral
Time loans with collateral
Other time loans
Customers' liability on account of acceptances
Interest accrued but not collected
Revenue stamps
Duo from Reserve banks
Due from other banks
Cash: Currency and specie
Checks on other banks
Other cash items
Other assets
Dec. 31 '28.
$459,887
3,080,242
40,000
3.296,600
3,633,486
680,350
200,000
85,824
86
963,473
426,410
319.768
167,969
473
103,322
$13,457,890
Total
Liabilities
$500.000
Capital stock
500,000
Surplus fund
82,647
Undivided profits, less expenses, interest and taxes paid
40,000
Reserved for taxes
25.397
Reserved for interest
556,052
Due to other banks
Deposits (demand):
6,804,404
Subject to check
7,766
For payment of coupons, &c
122,500
Certificates of deposit
1,435
Certified checks
414.443
Treasurer's cheeks
1,436,095
of deposit (time)
Certificates
2,698.437
Open accounts (time)
352
Sinking funds
Acceptances executed for customers, or guaranteed by this
200,000
company less acceptances of this company included in loans
68,362
Other liabilities
$13,457,890
Total
•Began business Jan. 2 1928.
[. 1332
FINANCIAL CHRONICLE
New England Trust Co. (Boston).
Revere Trust Co.(Revere, Mass.)(Concluded).
ResourcesStocks and bonds
Real estate
Demand and time loans
Cash in bank and office
Other assets
Dec. 31 '28.
$2.783,956
1,855,720
19,309,084
5,728,830
100,206
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserved for taxes
Deposits
Bills payable
Discount collected not earned
Other liabilities
$29,777,856 $34,341,724 $26,825.301
Total
Dec. 31 '27. Dec. 31 '26.
63,159,054 $2.974,359
1,825.000
1,825,000
19,195,954 17,208,248
4,739.296
10,076.479
85.237
78,398
$1,000,000 $1,000,000 $1,000,000
2,000,000
2,000,000 2.000.000
784,614
879,746
864,877
80.219
136,965
60,322
25,576,044 30.323,679 22,314,383
350.000
100,000
160,525
153,212
144,207
16.088
$29.777,856 $34,341,724 $26,825,301
Old Colony Trust Co. (Boston).
ResourcesDec.
.31 '28. Dec. 31 '27. Dec. 31 '26.
Investments
$40,043,195 $45,616,722 $24,265,185
Demand and time loans
130,087,547 140,443,403 136,665,536
Banking offices
6,563,219
5,416,000
6.514,169
Customers' liability under letters of
credit and acceptances
7,994,286
7.083.070
5,685,663
Due from banks130,612,489 29.291.306
Cash
1,826,183
/39,869,542 3,099,876
Exchanges for clearing house
4,192,468
5.335,086
Total
Liabilities
Capital stock
[VOL. 128.
Liabilities-Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Capital stock
$100,000
$100,000
$100,000
Surpluafund
30,300
30,000
10,000
U
.prof..lessexp.,int.& taxespaid
33,466
34.647
17,171
Deposists (demand)
Subject to check
496,959
467,717
488.416
United States Government
26.500
Certificates of deposit
5,000
500
Certified checkS
1,329
4,373
1.105
Treasurer's checkS
5,891
6.972
4,064
Deposits (time)
Ctrs. dep. not pay. within 30 days_
25,000
5,000
5.000
Notes and bills re-discounted
64,200
30,000
4,000
Total
$762.145
$629.756
$705,709
State Street Trust Co. (Boston).
ResourcesJan. 2 '29. Jan. 3 '28.
Loans on real estate
1829.151,965 $27,622,319
Time loans
I
Demand loans
22,669,543 23,682,941
Investments
1,792,308
1,411.130
Duefrom Federal Reserve Bank
6,853,453
6,903.654
In office and banks
Cash
8,201,890
4,736,703
Real estate and safe deposit vaults
1,064,886
1,034,663
Bankers' acceptances, purch. or disc
Interest & rent accrued, not collected
191,782
174.864
Customers' liability on account acceptances and letters of credit
3,930,494
3,112,734
Acceptances ofother banks end.&sold 1,596,967
565,971
Other assets
Dec. 31 '26.
31,516,015
130.179.704
21.962.883
1.334.462
7.256,666
5.777,210
906,999
134,272
171,068
2.544.884
1,292,812
40.858
15221101947 238,473,413 211.029,585
$15,000,000 615,000,000 $12,000,000
11,000,000 11.000,000 10,000.000
Undivided profits
i us
f
3,296,887
5,411,549
6,479,121
Reserved for taxes and interest
956,930
1,165,259
742,882
508,428
Reserved for depreciation
508,428
Acceptances and letters of credit_ _ _ _ 6,022,308
8,384.684
7,181,283
Deposits
181,857,636 190,211.822 169,855.011
Rediscounts
7,022,717
7.000.000
Total
$221101947 238,473.413 211.029.585
*Peabody Trust Co. (Boston).
Total
$75,453,288 $69,244.979 $73.117,833
Liabilities
Capital stock
$3,000,000 $3,000,000 $3.000,000
Surplus and undivided profits
3,900.931
3,900,931
3.962,218
Reserve for expenses & contingencies} 122,224
218,944;
43.874
Reserve for taxes, &c
1
81.568
Acceptances
2,812,734
2,534,106
2,235.046
Acceptances of other banks end.& sold 1,596,967
565,970
1.792,695
Acceptances and letters of credit
issued and guaranteed
1,166,631
899,882
Deposits
61.652,168 57,943,912 61.067,503
Unearned income
251,632
181.234
134,929
Commercial paper rediscounted
950,000
ResourcesDec.31 '28. *Dec.31 '27.
Total
$75,453,288 $69,244,979 $73,117.833
U.S.and Massachusetts bonds
$407,531
$413,727
Other stocks and bonds
256,287
519,566
Demand loans with collateral
United States Trust Co. (Boston).
300,000
1,515,918
Other demand loans
100
ResourcesDec. 31 '28. Jan. 1 '28. Dec. 31 '26.
Time loans with collateral
595.354
600 U. S. and
State of Mass. bonds
$370,000 $2,911,489 $1,659,095
Other time loans
102,000
Other stocks and bonds
9,545,132
8,345,877
5,191,403
Overdrafts
4
Loans on real estate
1.080,137
9,968,752
6.267,864
Banking house safe dep. vaults,furn.& fixtures.. _
24,758
13,125 Demand
and time loans
4,856,636
3,773,523
Interest accrued
21,794
1,762,752
3,187,004
1,132,477
Revenue stamps
325
173 Due from banks
1,984,188
1,634,623
Duefrom Reserve Banks
135,111 Cash on hand
1.554,167
85,441
69,507
14,379
Due from other banks
70,280
15,015 Other assets
Cash-currency and specie
175,063
51,911
Total
819,684,286 $24,482,629 819,673.364
Other assets
403
963
Liabilities
Total$4,994,019 61.180,156 Capital stock
$2,500,000 $2,000,000
1,000.000
Trust department (additional)
$3,575.572
$508.608 Surplus
3,000,0001 2,148,505
1,000,000
519,430J
Undivided profits
533,052
Liabilities
13,658,509 20.264,617 16,912,844
Deposits
Capital stock
$500,000
$500,000 Other liabilities
6,347
69,507
227,468
Surplus fund
100,000
100,000
51.422
Undivided profits, less expenses, int. & taxes paid1.494
$19,684,286 $24,482,629 $19,673,364
Total
22,093
Due to other banks
U.S. Government deposits
59.280
Winthrop Trust Co. (Winthrop, Mass.).
Deposits (Demand)
3,330,925
573,662
Subject to check
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources326,335
For payment of coupons,&c
U. S. and State of Mass. bonds
$299,388
6359,847
$269,552
50,000
Certificates of deposit
Other stocks and bonds
654.533
504,941473,745
Deposits (Time)
165,519
Demand loans with collateral_ _ _.. _401,199
216,171
30,402
5,000 Other demand loans
Certificates of deposit
76,089
56,346
49,420
518,916
Open accounts
Time loans with collateral
134,027
79,500
57,492
4,646
Other liabilities
Other time loans
73,725
16,073
117,065
1,494,313
1,317,285
real
1,530,848
$4,994.019 $1.180.156 Loans onhouseestate
Total
Banking
22.467
18,000
30,000
and vaults
Due from banks
96.582
126.598
121.579
* Began business. Oct.20 1927.
Cash, currency and specie
41.252
77,867
32,856
Other assets
360
Revere Trust Co. (Revere, Mass.).
1
Total
$3.296.196 $2,945,278 $2.673.165
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$50.203
$15,203
U. S. and State of Mass. bonds
$15,203
Liabilities
98,816
79,476
113,630
Other stocks and bonds
$100,000
$100.000
116,490
78,128 Capital stock
$100,000
131.380
Loans on real estate
100,000
85,000
44,072 Surplusfund
75,000
35,955
43.926
Demand loans with collaterals
51,292
46,291
30.220
36,377 Undivided profits
44,667
36,983
Other demand loans
2,723.715
2,647,572
79.262
87.663 Deposits
2,405,019
61,020
Time loans with collateral
1.558
300
191,782 Certified checks
204,8.53
303
262,917
Other time loans
65,835
9,624
10.000
10,000 Treasurers' checks
10,000
5,921
Safe dep. vaults, furniture & fixtures_
2,980
2,940
60,742 United States Government deposits
46,388
3,220
44,977
Due from reserve banks
217.629
17,853
32,957
26,313 Due to banks and bankers
16,385
37,282
Cash and cash items
33.187
35.698
Reserved for taxes and interest
565
22,649
4.827
Other assets
$3,296,196 32,945,278 82.673,164
Total
$629,756
$705,709
$762,145
TtAid
PHILADELPHIA COMPANIES
Allegheny Title & Trust Co. (Philadelphia).
Aldine Trust Co.(Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$209.795 Cash, specie and mites
Real estate mortgagee
$90,868
$77,429
8101,495
$85,057
$32,680
752,650 Due from approved reserve agents
Stocks and bonds
836,138
205,161
1.025,398
116,704
2,483.966 Bills discounted
Loans on collateral
2,379.879
867,438
2,619,202
722,833
507..466
:
Igg Loans on collateral
2,311
2,389,243
Loans on commercial paper
871,539
2,558,325
853,228
160,940
Customers' liability letters of credit338,155
889
Loans on call
295,546
427,866
156,023 Loans secured by bonds & mortgagesBanking house & fixtures
158,009
208.892
3.800
1
9g:A7A Bonds and stocks
126,634
Cash on hand
820,983
80,766
416,977
160,246
152.385
354,491
Cash on deposit
312.801
Bonds and mortgages owned
248,989
175,188
287,769
Due from Federal Reserve account_
70.176
Judgments of record
136.171
Transit account
215.219
213,934
Office building, furniture and fixtures
28,238
3,577 Other real estate
55,656
Other resources
3,835
7,553
4,646
618
2,588
473
Overdrafts
Total
102,900
86,912.414 $6.560,931 66,551.094 Participating mortgages
114,068
16,791
Accrued interest
608
225,504
Liabilities
7,598
Other resources
34.102.369 83.070,697 $1,704,122
Total
Capital stock paid in
$1.000,000 61,000,000 $1,000,000
1.000.000
Liabilities
1,000,000
Surplus fund
700.000
$997,100
$632,400
$337,002
85.616 Capital stock paid in
Undivided profits
85,595
88,213
200,000
98,7471
4.038,244 Surplus fund
55,942
3.938,105
4,627,066
Deposits
22,952
38,3121
873 Undivided profits
Dividends unpaid
368
34
14,323
19,274
Reserves
11,184
Notes & bills rediscounted or guar_ _ _
464,000
809.766
774,891
384.768 Demand deposits
679,444
528,754
Bills payable
30,000
1,219,677
912,473
22,195 Time deposits
500,550
Letters of credit
899
641.720
19,398 Bills payable
481,700
120.000
Reserve for taxes and misc. liabilities
2,212
8.109
196,600
102,900
$6.912,414 86,560.931 86.551.094 Other liabilities
Total
230
10.000
Dividend unpaid
$4.1C2.369 $3.070,697 81,704,122
Total
58.244.391 69.272.008 $7,665.800
Trust department (additional)
T.N.
M
1333
FINANCIAL CHRONICLE
MAR. 2 1929.]
American Bank and Trust Co. (Philadelphia),
Bank of North America & Trust Co.(Phila.) a)7ici.
Dec.31 '27. Dec. 31 '28. Dec. 15 '27.
Liabilities-55.000.000 $5,000,000 $5.000,000
Dec. 31 '28. *Dee.31'27. Dec. 31 '26. Capital
AWOVITC3.$167,881 Surplusfund
$216,522
5,000.000 5.000.000 5.000.000
$207,204
notes
Cash and
259,719 Undivided profits
1,603,510
346,602
2,123,392 1.922,296
309,710
Due from reserve agents
328.253
341,204
150.000 Reserve for interest and taxes
150,000
336.801
150,000
Legal reserve security at par
1,144 Demand deposits
2,155
40,151.921 41,583,061 40.054.707
2,606
cents
Nickels and
2,368
3,903
2,569,3122.999.090. .
Time deposits
Check and cash items
.
422 144 Due to banks and trust companies.-- 6.154,227 6,572,186 7.029.885
439.283
472.511
Commercial paper on one name
182,123
402,670 Dividends unpaid
333,161
201.340
200.266
494.915
Commercial paper on two names
89.970
72,439
47,500 Acceptances and letters of credit
122.250
154,574
104,117
Time loan with collateral
787,775 Bills payable
1.132.469
4,200,000 5,000,000
1.100,951
Cell loans
270.700 Other liabilities
328,225
2,636.386 2.152.323 2.177.677
304,414
Loans secured with bonds and mtges- 1,669,746
1.056,740
1,036.576
968.404,556 $70,861,470 $63.833.839
Stocks and bonds
Total
1,328.050
872,050
913,150
$56,291.482 $47.655,894 941.675.767
Mortgages and Judgments
65.791 Trust department (additional)
68.202
65,791
Real estate and building
22.000
22,000
40.607
Furniture and fixtures
Belmont Trust Co.(Philadelphia).
255
779
250
Overdrafts
Dec. 31 '28. Dec.31'27. Dec. 31 '26.
Resources$5.839,875 $5,104,966 $4,988,378
Total
$490,477
$475,302
$382.820
Cash on hand and due from banks
267,573
328.286
323.139
paper purchased.
Liabilities
Commercial & other
825.186
1.056.578
1,250,798
$500,000
$500,000 Loans on collateral
$500,000
stock
Capital
850,114
701,502
723.244
600.000 Loans on bonds and mortgages
600,000
600,000
Surplus
524.443
756.787
933.113
44.991 Bonds
105,887
141,785
Undivided prefita
653,799
510.863
656,155
2,502,938 2,115,070 2.247,991 Mortgages
Depositssubject to check
28,360
25,000
5,924 Furniture and fixtures
53,337
70,429
Demand certificates of deposit
144.495
87.200
224,302
100.000
50.000 Banking house and other real estate
100,000
Deposit by Commonwealth of Pa.._
177.300
154.550
4,825 Loans to building & loan associations_
6,529
4.777
Certified checks
505,936
81,023
154.925
5.556 Miscellaneous assets
23,776
11,563
Treasurer's checks
1,369,873
r4W,828 64,032.646
$4,825.796 1,708,107 1,593,054
Saving fund deposits
Total
439
718
221
Dividends unpaid
Liabilities
150,000 Capital stock
$250.000
200.000
$250.000
5375.000
payable on demand
Bills
6,500
6.873
55
250.000
250,000
450,000
us
Other liabilities
50,994
76,507
74,510
Undivided profits
$5,839.875 $5.104.966 $4,986.678 Deposits
3,600,676 3.486.470 3.408,468
Total
$139,226
$154,988
$168,287
245,000
Trnst department (additional)
Loans payable
4,646
Letters of credit
75,418
72.150
17.631
▪ Tenth National Bank and American Bank & Trust Co. consolidated Special reserve account
298.433
1,034
58.333
as of Dec. 31 1927.
Other liabilities
$4.825.796 54.434.828 64.032.646
Total
$31.971
310,469
$421,896
department (additional)
Trust
*Bank of Philadelphia & Trust Co. (Philadelphia).
*Dec. 31 1928.
Broad Street Trust Co. (Philadelphia).
Resources$24,362,143
Dec.31 '28. Dec.31 '27. Dec. 31 '26.
Loans and investments
Resources-159,875
$79,102
$93,193
$114,493
Furniture and fixtures
381.805 Cash,specie and notes
362,618
209.220.
Letters of credit and acceptances
reserve agents_
1,118,664 Due from approved
661,634
988,809
984,072
Due from banks
Notes purchased
423,973
438,612
270,559
311,058
Cash on hand
mortgages163,462 Loans secured by bonds &
734,079
586,799
475.875
Other resources
Loans on collateral
330,800
317.250
366.300
Building and loan paper
$26.609,922
Total
613.515
857,480
974,720
Bonds and stocks
Liabilities
159.300
236.246
338,675
Mortgages & judgments ofrecord
$2.300,000 S'urniture and fixtures
34,845
Capital stock
31.061
28,093
2,300,000
Surplus
141,784
349,092
and other real estate.914,865 Banking houseresources
Undivided profits
6
63
Miscellaneous
110,098
Reserve for interest and taxes
$4.439.365 63.769.938 6.3.126.833
Total
28.881
Reserve for title insurance and contingencies
Liabilities
383.705
Letters of credit and acceptances
$500.000
$1.000.000 1,000,000
1,000,000 Capital stock
Bills payable
328.604
572.316
582,639
69,968 Surplus and undivided profits
Dividends unpaid
1,595,048
1,614.333 1,449.674
check
69,660 Deposits subject to
Other liabilities
34.496
10,878
9,480
19.432,745 Certified checks
Deposits
15,542
24,487
Treasurer's checks
643.161
670,061
1,155,562
$26,609,922 Special time depoalts
Total
25,000
50,995
51,184
Reserve for depreciation. &c
524
492
1,680
*Formed Oct.8 1928 by merger of Broad Street National Bank, National Other liabilities, dividends unpaid93.769.938 $3.126.833
Bank of North Philadelphia, Queen Lane National Bank and Oak Lane
Total
$17.031
$7,377
$16.680
Trust Co.
Trust department (additional5
:4.439.365
'Bankers Trust Co.
Central Trust & Savings Co.(Philadelphia).
•Dec.31 '28. Dec.31 '27. Dec.31 '26.
Resources9446.958
988,587
$773,114
Cash, specie and notes
1,018,276
333,812
Duo from approved reserve agents_... 1,046,254
47,768
84,117
10,000
other banks. trust cos., &c_
Due from
399,750
604,750
76.000
Legal reserve securities, at par
2,835
4,486
2.718
Nickels and cents
5,005
16,206
9,268
Cash items
5,623,504 4.934.728
436.785
Bills discounted, upon one name
1.240,172 1,725,206
196.835
Bills disc., upon two or more names
883.952
1,288,351
118.237
Time loans with collateral
2,940,489 2,465,728
284.592
Call loans with collateral
708.668
178.000
Loans on call. upon 1.2 or more names 1,290,900
424,070
611,503
209,400
Loans secured by bonds and mtges
3,228,867
3,204,821
647,166
Bonds
171.387
2,215,611
5.000
Stocks
361,950
450,400
141.050
Bonds and mortgages owned
881.220
1,021.220
500.000
Office building and lot
177,350
193,650
43,385
Furnittire and fixtures
3,486
Other real estate
4,918
20,295
14
Overdrafts
23.700
12.600
Oust Bab.on letters ofcred.& accept.
7.620
10,096
585
Book value of legal res. sec. above par
98.834
265,258
707.145
Other assets not inch in the above
Loan participations pur. for cust'ers_ 9.917,000
32,838.283 618,018,878 $3,988,579
Total
Liabilities
$3,075,000 $2.875,000 $1.000,000
Capital stock paid in
500,000
500.000
250.000
Surplusfund
140.244
411,054
6.990
Undivided profits
152,634114,623
12,189
Reserved for Int., taxes and expenses_
10,349.156 7.072,413 1,397,809
Deposits subject to check
553
94.000
400
Demand certificates of deposit
300,000
500.000
96,250
Deposits, Commonwealth of Penne
117.715
189,452
27,317
Certified checks
49,094
65,491
93,021
Cashier's or treasurer's checks
11,470
13,542
11,531
Special time deposits
4.814,710 5,945,405
852,762
Time savings fund deposits
137,874
71,647
Time certificates of deposit
93,360
340,062
Due to banks, trust cos., &c
250,000
2,000,000
Bills payable on demand
650,000
Bills payable on time
34,016
23,874
Acceptance and letters of credit
7
8
7,509
Dividends unpaid
320,222
327.104
232,801
Other liabilities not incl.in above_
Loan participations sold to7customers 9,917,000
-----$32.838,283 918,018.878 $3.988.579
Total
Bankers Trust Co. of Philadelphia absorbed National Bank of Com'
merce in Philadelphia Dec. 3 1927. The Bankers Trust Co., a newly organized institution, was consolidated with the Bank & Trust Co. of West
Philadelphia as of Dec. 311926. The Bank & Trust Co. of West Philadelphia began business April 17 1924, succeeding the West Phila. Bank.
Bank of North America & Trust Co. (Philadelphia)
Dec. 31 '28.
Resources$490.932
Cash on hand
4,590.385
Due from approved reserve agents
Due from other banks, trust cos., &c_ 4,800,435
3,739,104
Checks and cash items
13.066.941
.Commercial paper purchased
5,502,384
Time loans
19,144,057
Call loans
1,542,500
Bonds and mortgages owned
12,399,749
Bonds and stocks
300,000
Office building and lot
Other real estate
107,000
Furniture, fixtures and vaults
122,250
-Customers'liability on letters of credit
2,688.819
•Otiter assets
$68,494,556
Total
Dec. 31 '27.
$428,439
3,961,427
4.594.943
3,133,468
14.078,276
6.506,535
15,519.121
882.500
18.693.036
300,000
90.900
113,000
89,970
2.469,854
$70.861.470
Dec. 31 '26.
$455,032
3.948.792
5,868.583
4.498,343
11,918.848
6,881.410
19,512,911
462.500
7.479.969
300.000
90.900
119.000
72.439
2.231.112
$63.839.839
Dec.31'28. Dec. 31 '27. Dec. 31 '26.
$820,224
$1,185,733
5901.829
Stock and bond investments
8,389,593
Commercial & other paper purchased 3,388.461 6.542,457 6,162.113
5,767,977 5,080.872
loaned on collatwals
Amount
531.546
531,911
543,828
Real estate,furniture and fixtures......
578.257
594,915
593,280
Cash on hand
1,287,462
1,432,753
1,865,163
Cash on deposit
34.432
46.308
35.670
Miscellaneous
616.001.728 $15 579.378 $14.733,678
Total
Liabilities
5750.000
51,000.000 91.000.000
Capital stock
1,700.000
1.350.000
1,700,000
Surplus fund
105,611
84,573
160,799
Undivided profits
13.102.169 12,731,560 12,266.063
Deposits
283.042
42,207
38,760
liabilities
Other
$16,001,728 515,579,378 514,733,678
Total59,491.945 58.699.959 57.162,394
Trust department (additional)
Resources-
Chestnut Hill Title & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27 Dec. 31 '26.
Resources$54.749
$60,847
$68,781
Cash specie and notes
77,456
49.954
81,577
agents
Due from approved reserve
36,500
30,000
47,613
Legal reserve securities at par
1309,713
141,420
purchased
Commercial paper
1443.380
436,406
846,689
Loans upon collateral
385,337
264,790
429,944
Bonds and stocks
276.122
220,095
211.900
Mortgage and judgments of record......
56.310
56,310
56,310
Office building and lot
45,619
45,619
74.674
Other real estate
19,874
23.198
20,434
Furniture and fixtures
1,356
1.389
1.408
Other assets
51,838,216 51.656,487 51.379.957
Total
Liabilities
$125.000
$125,000
$125,000
Capital stock
40.000
25,000
50,000
Surplusfund
14,610
14,362
23,428
Undivided profits
1,800
1,500
3.980
Reserve for depreciation
557,787
665,102
577.704
Demand deposits
817.290
879,445
624,845
Time deposits
100,000
102,512
Bills payable
91,837,216 $1,656,487 $1,379,957
Total
392.824
53.347
423,727
Trust department (additional)
*(The) City National Bank & Trust Co.(Phila.)
Resources-Loans and investments
Interest earned and uncollected
Banking house, furniture and fixtures
Customers' liability account acceptances
Due from banks
Exchanges for clearing house
Cash and reserve
Other resources
*Dec. 31 1928.
$6.913.785
45,300
213,835
860.000
887,019
291.008
571,841
1,170
Total ................................................$9,783,958
LiabilidesCapital------------------------------------------------- $1,125,000
Surplus------------------------------------------------- 1,000.000
186,810
fits
Undivided
Reserve for interest. &c
17.054
Unearned discount
340.000
Bills payable. Federal Reserve Bank
860,000
Contingent liability, account acceptances
2.000
Cash letter of credit
6,244,594
Deposits
6,000
Other liabilities
Total
• Began business Feb. 25 1928.
$9,783.958
1334
FINANCIAL CHRONICLE
*The Colonial Trust Co. (Philadelphia).
Fairhill Trust Co. (Philadelphia).
ResourcesDec. 31 '28. *Dec. 31 '27.*Dec.31 '26.
Real estate mortgagee
$2,140,231 $2,400,465 22,468,335
Stocks and bonds
7.020,787 8,533,608
7,127,307
Loans on collateral
13,797,965 14,852.633 12,270.815
Buildings and equipment
2,527.5631.433,869
2.521,185
Cash on hand and in banks
4,497,895
4.459,723 4.360.975
Commercial and other paper owned-- 10,193,099 8,967.800 12,779.609
Othet assets
372,980
263,040
299,307
Total
$40,538.817 $40.393,263 $42,357.111
Liabilities
Capital stock paid In
Surplus and undivided profits
General deposits
Bills payable and rediscounts
Reserve for taxes. &c
Other liabilities
Total
Trust funds
[VoL. 128.
$2,500,000 $1,875.000 $2,300,000
2.381,235
1,818.813
3,686,314
32,867.397 35,007,579 36,733,801
575,000
1,500,000
1,300,000
247,836
24.817
49,221
119.240
167,053
135,885
$40,538,817 $40,393,263 $42,357,111
$9.309,918 $5,984,956 $5.821.804
* Colonial Trust Co. and Peoples Bank & Trust Co. consolidated as of
Feb. 14 1927 and Excelsior Trust Co. as of Mar. 21 1927. Above are combined results_of the three companies for all the years.
Resources-.
Dec.31 '28. Dee. 31 '27. Dec. 31 '26.
Cash, specie and notes
185,546
$29.036
$29.13181
Due from approved reserve agents
25,728
49,086
17.651
Legal reserve securities at par
34,427
34.089
Commercial paper
482,895
157.751
19.
2
A
Time loans
11,660
41,224
33,131
Mortgages and judgments of record
149.995
120.985
128.460
Call loans
228,686
401,326
•
Bonds and Stocks
373,990
328,984
374.813
Office building, furniture and fixtures
211,159
104.383
142,251
Other assets
1,333
2,004
24.668
Total
$1,605,419 $1,375,229 $1,253,647
Liabilities
Capital stock
$231.050
$125.000
$169.300
Surplusfund
58,405
42,500
54,330
Undivided profits
27.601
7.856
11.968
Reserve for int., tax and exP
9,797
Dernand deposits
600,046
536.308
622,800
Savings deposits
634,355
466,307
447.708
Bills payable on time
50.000
125,000
Other liabilities
3.962
7.783
2,219
Total
11.605.419 $1,375.229 51.253,647
Trust departmen i(additional)
52.377
21.900
5364
Federal Trust Co. (Philadelphia).
Resources-
Columbia Avenue Trust Co. (Philadelphia).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Cash on hand and due from banks__ $938,890
2933.393
$848,991
Commercial and other paper owned__
793,456
696.792
589,741
Loans on collateral
2,793.994
2,674.272
2,707.030
Loans on bonds and mortgages
204.540
210,700
150,250
Stocks, bonds. &c
2.564,285
3,291.656
3,832,983
Mortgages
532.778
484,540
458,006
Banking house,furniture, Sze
291.004
284.804
278,604
Other real estate
55,000
80,000
102,920
Miscellaneous assets
23.368
22,438
23,584
Total
$9,082,008 $8,594,193 $8.191,818
Liabilities
Capital stock
$500,000
$500,000
$500,000
Surplus and undivided profits
1,001.588
1,065.260
1,128,652
Reserve for taxes & ins
22,500
15,000
Deposits
6.639.744
6,960,569
7,395,048
Dividend unpaid
30.402
35.030
35.000
Miscellaneous liabilities
20.084
10,834
11K2 8,308
Total
39,082,008 $8,594,193 $8.191,818
Trust department (additional)
3,762,170 $3,319,717
$4,169,248
Bonds
Real estate mortgages
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Total
Liabilities
Capital stock
Surplus fund
Deposits
Bills payable
Other liabilities
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$2.872.709 $2,633,243 $2,253,454
720.600
694,450
644.650
2,537,627
1,219.123
1,931,768
827,069
883,929
1,679,204
184,043
234,821
239,398
112.056
129.974
111.435
610.147
550.494
550,815
139.454
25,212
74,460
57.977.555
$200,000
450.000
6,424,374
800.000
103.181
57,140.750 56.741,830
$200.000
400,000
5,969.533
475,000
96.217
$200,000
413,177
5,898,691
220,000
9.962
Total
$7.977,555 57,140,750 56.741.830
1928.
1927.
1926.
Rate of interest paid on deposits oft 2% check 2% check
2% check
$500 and over
l 4% says.
4% says.
4% says.
Dividends paid in calendar year
14%
14%
12%
*Fern Rock Trust Co. (Philadelphia).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Cash, species and notes
$27,408
$17,300
$9,186
Due from approvaed reserve agents
39.0:32
35.411
30.951
Legal reserve securities at par
25,000
Columbus Title & Trust Co.:(Philadelphia).
10,000
10,000
Bills discounted-Upon one name
57,345
23,370
22,370
Upon two or more names
Resources93.489
63.610
'28.7/Dee. 31 '27. Dec. 31 '26.
Dec. 3110,365
Cash, specie and notes
16.370
$74.208 Time loans with collateral
$72,693
13.200
276,861 ,
1.325
Due from approved reserve agents
107.600
162.947 Call loans with collateral
158,980
129.478
97,854 ,
98,300
Duefrom banks, trust companies, &c..
109.250
98,970 Loans secured by bonds & mortgages..
37.627
121.150
56,000
I
Bonds
Legal reserve sectulties
189.471
62.10065,000
174.624
64,0811
112.981
Commercial paper purchased
173.715
37.602
60,378 Mortgages on judgments of record
141,902
18,560
169,708
Loans on collateral
159,431
416.878 Office building and lot
345,202
159,110
100,100
576,993
Furniture and fixtures
Loans on bonds and mortgages
7.667
6,889
285.309
314.812
327,414
2,687
Bonds and stocks
388
312
293,713 Book val. of legal res. secs,above par..
483,832
313
541,883
Judgments
27
142
546.528 Other assets not included in above.-483.784
403,566
211
Furniture and fixtures
38.283
40,613
b 40,691
Total
Other resources
51.006.193
31,276
3792.198
58.524
$473,349
27,234
Liabilities
Total
$2,326,285 12,172,821 $2,100.735 Capital stock
$200.000
5200,000
$185,180
Surplus fund
40,000
40.000
Liabilities
33,727
Undivided Profits
7,667
1.060
Capital stock
$125,000 Reserves for interest, taxes and depree
$125,000
$125,000
2,510
1,558
Surplusfund
50.000 Deposits subject to check
100,000
135,000 ,
382,330
271,020
144.682
Undivided profits
60.995 Time certificates of deposit
38,222
25,372
44,000
4,500
10,000
Reserve for dep., hit.. taxes, 3fze
14.751 Special time deposits
17.025
17,944
12,418
6,611
2,223
Demand deposits
642.182 Time savings fund deposits
549,214
542,850
307.230
239,421
86,859
Savings fund deposits
1,152.817 Due to banks, trust companies, &c1,321.972
1,477,554
10,241
Other liabilities
54,990 Bills payable on demand
21,388
12,565
10.000
17,500
Other liabilities, not included in above
39
10,528
437
Total
52.326,285 $2,172,821 $2,100,735
Total
$1,006,193
$792,198
$473,349
*Began business Jan. 2 1926.
Continental-Equitable Title & Tr. Co. (Philadelphia).
Resources-
Real estate mortgages
Stocks and bonds
Loans on collateral
Cash on hand and in banks
Other assets
Dec. 31 '28.;Dee. 31 '27. Dec. 31 '28.
$3,725,150. $4,303,150 13,986.200
5,726.762
6.017.489
6,240,085
11,966,506 0'10,843,806 11,108.987
1,734.827
1,863,447 t.11,581.623
83,330
377,670 M154.840
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
General deposits
Dividends unpaid
Bills payable
Other liabilities
$24,172,8581522,900,908 $22,640,106
Total
Trust department (additional)
$24,172,858 122,900,908 522,640,106
$15,783,812 $13,440,369 $12,234,997
Rate of interest paid on deposits
Dividends paid in calendar year
11,000,000 $1,000.000
2,000.000
2.000,000
542,406 ' 493,156
18,639,837 ,17,823.994
7,793
7,264
600.000
1,300.000
975,965
683,351.
$1,000.000
1,500,000
746.861
17,193.552
7,035
1.050,000
1.142,668
1926.
1927.
1928.
2% sight: 4% time------5180.000
$180,000
$180.000
Empire Title & Trust Co. (Philadelphia).
ResourcesCash on hand
Due from banks aner bankers
Loans
Stocks, bonds. ate
Mortgages
Real estate,furniture and fixtures
Reconstruction
Miscellaneous
D cc.31 '28. Dec. 31 '27. Dec. 31 '28.
,,$68,6961 1220,283 J $125,894
56.638
1
1,- 139,9651
619.566
565,040
. " 670,434
.L
1,009,305
900,226
888,604
448,220
536.600
''. 539,524
173,378
215,508
233,491
• I.,
14,225
314
451
PT 25.932
Total
Liabilities
Capital stock paid in
Surplusfund
Undivided profits
DePosits
Reserve for depreciation
Miscellaneous
Unpaid dividends
BiLls Parable
Mortgage 5948 Market St
52.566,646 $2,438,108 $2,347,540
$250,000
100,000
30,529
1,881,076
5.000
13
28
300,000
$250,000
100,000
44,263
1.873.615
17
213
125,000
45.000
$240.800
74.670
57.466
1,849.275
3,000
242
188
75.000
45.000
Total
Trust department (additional)
52.566,646
535.210
52,438.108
$48,054
52,347.540
$36443
r
*Fidelity-Philadelphia Trust Co. (Philadelphia).
(Combined results for all years.)
Resources
Dec. 31 '28. Dec. 31 '27.
Mortgages
{19:771:199
Stocks, bonds, &c
)245,661,437
46
Loans
64.989.087 59,210,11
Real estate, office building and lot-,_ 3,248,019
3,248,018
Cust. liab. on aceop. & let, of credit447,370
428,481
Cash on hand
f 615,575
Cash on deposit
14.550,182 111,515,097
Accrued interest
11,106.228
Miscellaneous
6,915.276 1 270,377
Total
Liabilities
Capital stock
Surplus and profits
Deposits
Bills payable
Reserve fund
Letters of credit issued
Ground rents
Mortgages
Accrued interest
Other liabilities, accrued taxes
Dec. 31 '26.
53.007,910
45.925,020
53,537,691
3,248.099
463,505
445,199
12,150,613
1,037,550
174,596
$135,811, 71$130,948,1143119,990.182
2
$6.700,000 56,700,000 $6,700,000
25,572,180 24,879,356 24,262,512
94,160,960 91.741,390 82,242,479
3,000,000
4,300.000
4,000.000
1,000,000
988,823
447,370
428,482
463,506
150,000
150,000
5,930,861
250.000
250,000
1.099,421
649,567
J
1 399.466
472,119
Total
.
$135 811,3715130,948,115$119,990,182
Trust department (additional)
1710.681,2585651,661,1523625,154,326
* Fidelity Trust Co. and Philadelphia Trust Co. consolidated as of
July 10 1926 under name of Fidelity-Philadelphia Trust Co. Above are
combined results for all years.
Finance Co. of Pennsylvania (Philadelphia).
ResourcesCash on hand
Due from banks, &e
Commercial & other paper owned.._
Loans on collateral
Stocks, bonds, &c
Mortgages
Real estate,furn.& fixtures
Other assets
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$31,070
$37,283
$98,269
263,643
240,652
359,343
40.200
30,500
500
1,394.095
342,499
148,345
3,981,265
3.984,233
4.161,627
710,700
985,441
672,200
4,503,422 4,203,422
4,175,525
31,459
58,509
30.812
Total
Liabilities
Capital stock
Surplus & undiv. prof
Res.for deprec.,int., taxes,&c
Deposits
Dividends unpaid
Bills payable
Miscellaneous liabilities
510.955,843 $9.524,841 $10,004,319
Total
$2,500,000 32.500,000 $2,500,000
6,716,781
4,776.995
5,290,553
738,432
436,003
482,070
680.694
1,220.984
1,108,111
100.080
1,000,000
219,856
70,337
144.107
$10.955,843 59,524,841 510,004.319
* Fox Chase Bank & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$110,289
$80,211
$145,564
Cash,specie and notes
143.357158,753
168,941
Due from approved reserve agents__ 72,750
72.750
72,750
Legal reserve securities at par
2,023
1,543
830
Nickels and cents
607
2,115
221
Checks and cash items
442,807
429,566
Comm'c'l paper purch: Upon 1 name_
454,866
167,759
157,452
142.482
Upon 2 or more names
123,137
86,660
75,465
Time loans
466,680
478,592
322,485
Demand loans
618,139
533,609
509.647
Loans secured by bonds & mortgages629,499
513.287
563,345
Bonds,stocks.&c
181,006
291,393
252,288
Bonds and mtgs. owned
117,162
119,597
121,736
Office building and lot
145,329
147,175
50,813
Other real estate
40,854
Furniture and fixtures
40,597
35,077
622
Overdrafts
249
154
115
Other assets not included in above_ _ _
187
140
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for interest,tax & expenses
Demand deposits
Time deposits
Bills payable on demand
Other liabilities
$3.201.147 $3,240,077 $2,851.451
Total
Trust department (additional)
$3,201,147 $3,240,077 $2,851.451
$83,735
$8,098
$8,595
$125,000
350,000
28,757
16,263
1,536,792
1,125,322
19,013
3125.000
300,000
82,272
18,000
1,363,388
1,107,543
225,000
18,874
$125,000
300,000
81,826
1,343,559
957,193
25.000
18,874
Frankford Trust Co.(Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on personal securities
Real estate
Cash on hand and reserve bonds
Cash on deposit
Other assets (incl. vault.turn.&
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$1,541,295 $9,043.095 $1,705,520
4,003,702
4,839,112
3,715,578
3,824,748
1,506,994
1,945,768
1,959,827
2.444,847
1.631,927
368,000
$374,000
380.000
618,495
545,000
519,590
558,051
811,992
536,020
59,942
63.018
58,260
Total
$13,769,472 $11.792.648 $10.492.663
LiabilitiesGapItal stock
$250,000
$500.000
$250.000
Surplus and reserve fund
959,416
905,000
1,905,000
Undivided profits
132,985
203,541
286,207
Gen. dep. payable on demand & time 10,970,100 10,366,370
9.146,333
Other liabilities
58,345
13,321
108,165
Total
Trust department (additional)
$13,769,472 $11,792,648 $10,492.663
$5.617,730 34425,990 $4,251.949
Franklin Trust Co. (Philadelphia).
Resources-Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Bonds and mortgages and real estate_ $4,221,959 $3,932,810
$310,523
Stocks and bonds
19,155,345 16,049,373 16,224,355
Amt.loaned on coll. & personal sec
22,846,130 21,390,612 21,317,337
Cash on hand
1,367.432
1,307,119
1.164.879
Cash on deposit
3.081,274
1,981,728
2,540,063
Furniture and fixtures
220,975
228,655
231,915
Other assets
373,860
272.673
258,178
Total
$51,266.975 $45.162.970 $42,047,250
Liabilities
Capital stock paid In
$2,548,000 $2,000.000 $1,500,000
Surplus and undivided profits
4,326,916
6,350,753
2.937,866
439
Dividends unpaid
381
370
Deposits
37.810.089 35,880,119 32,475.838
13111s payable
2,750,000
2.550,000
3,750,000
200,725
108,723
Reserved for deprec'n.int.,tax & exp.
300,402
Subscriptions to additional capital stk. 1.808.000
1,034.525
91,029
4,771
Other liabilities
48,249
Total
$51,266,975 $45,162,970 $42,047,250
Trust department (additional)
$2,144,271 $2.031.611
Germantown Trust Co. (Philadelphia).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26*
Cash on hand,due from banks. &c..... $2,137,068 $2,344,446 $1,992.061
Loans on collateral
8,322,215
9,801,546
9,067,808
Loans on bonds and mortgages
2,818,400
278,069
2,594,925
Stocks, bonds, &c
12,260,771 14,281,852
8.518.421
Commercial paper
566,491
462.256
653,546
Real estate, furniture and fixtures
1,130,060
985.967
704,498
Other assets
208.193
283.750
1.065,579
Total
$28,893.851 $26,987,233 $24,596,839
Liabilities
Capital stock
$1,120,000 $1,120,000 $1,150,000
Surplus and profits
2,812,424
2.643.108
2,465,593
Deposits
24,961,427 23,224.125 20,981,246
Total
Trust department (additional)
$28,893,851 $25,987,233 $24,596,839
$38,057.579 $34,277,582 $32.363,435
Gimbel Bros. Bank & Trust Co. (Philadelphia).
Resources-Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
Cash, specie and notes
$123,563
$67,199
$57,091
Due from approved reserve agents
301,173
309,691
222,996
Due from other banks. tr. cos., &c.._
15,000
40.000
Legal reserve securities at par
115,000
100,000
80,000
Nickels and cents
205
189
191
Cash items
37
900
577
Exchanges for Clearing House
1.636
3,200
4,886
Time loans with collateral
39,051
17,637
15,293
Call loans with collateral
446.350
395,000
600.000
Bonds and stocks
2,713,368
2,566,369
2,433.157
Bonds and mortgage owned
627,500
570,500
225,500
Furniture and fixtures
107.820
107.363
6,877
Overdrafts
6
15
164
Cus.liab. on letters of credit & accept.
10,000
15,000
Other assets
3.484,941
58,167
46.198
Total
$7.932,818 $4.289,062 $3,707,930
Liabilities
Capital
$200,000
$200,000
$125,000
Surplus fund
100,000
100,000
75,000
Undivided profits
92,141
73.053
48,934
for int., taxes,exp.& deprec'n Res.
12,944
16.551
9.041
Deposits subject to check
897,588
784,878
737.721
Certified checks
110
2,456
1,205
Treasurer's checks
5,960
3,736
6,370
Savings fund deposits
3,169,877
3,070.930
2,661,200
time deposits
Special
33,461
30,644
28,351
Acceptances and letters of credit_ _ _ _
10,000
15.000
Other liabilities
3,417.130
421
108
Total
Trust department (additional)
1335
FINANCIAL CHRONICLE
MAR. 2 1929.]
$7,932,818 $4,289,062 $33.707.930
$47.001
Girard Avenue Title & trust Co. (Philadelphia).
ReSOUC-
Ral estate mortgagee
Stocks and bonds
Loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Furniture, fixtures and vault
Miscellaneous
Dec. 31 '28. Dec. 31 '27. Dec. 31 '25.
$969.081 $1.059,931 $1,087,081
996.460
964.217
892,094
1.881,549
2.850.788
2,167,006
494,554
397,647
499.958
46,000
90,235
46,000
133,262
166.492
141.286
243.845
188.225
288.218
15.053
22,928
15,910
5.099
8.405
3,881
$5,783,675 $4,988,627 34,901.903
Total
Liabilities
$200,000
$200.000
$200,000
Capital stock
400,000
450.000
500.000
Surplus fund
59,562
92,085
75,903
Undivided profits
2.451,414
2,551.161
2,515,459
Deposits, saving fund
1,638,926
1,709,295
General deposits,payable on demand_ 1,949,737
150.000
Bills payable on demand
525,000
Notes and bills re-discounted
2,001
1.394
2,268
Other liabilities
$5.783,675 $4.988,627 $4,901.903
Total
$206,490
8159.271
$174.185
Trust department (additional)
Girard Trust Co. (Philadelphia).
Dec.31 '28. Dec. 31 '27.
Resources$5,695.283 $6.030,153
Cash and reserve
3,693,843
Due from banks & clear, house exchs- 4,087,867
31,720,60
Loans
36,405,355 48.701.995
Securities
2,880,050
2.880,050
Banking house
180.610
181,835
Other real estate
284,914
288.121
Customers,liability on letters of credit
3,768
4,563
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Reserve for taxes
Deposits
Dividend
Due Federal Reserve Bank
Letters of credit issued
Total
Trust dept., excl. of corp. trusts
Dec. 31 '28.
$5,319.221
3,715,710
27.905.186
41,663.319
2.880,050
185,816
288.753
675,588
$81,263,679 585,632.872 382,633,643
t
$3.000.000 $3,000,000 $3,000.000
9,000.000
10.000.000 10,000,000
2.743.936
2,085,674
2.873.810
279,317
250,796
290,650
62,111,097 62.911.488 59.271.637
300.000
300,000
2,300,000
2,400.000
6,800,000 7,750,000
288.753
284,914
288.121
881.263,679 $85,632,872 $82,633.643
545,376,252 498.298,277 460,225,684
*Guardian Bank & Trust Co. (Phila.)
Resources
Cash, specie & notes
Due from approved reserve agents
Legal reserve securities at par
Nickels and cents
Commercial paper purchased, upon one name
Upon two or more names
Time loans with collateral
Call loans with collateral
Loans on call upon one name
Loans secured by bonds & mortgages
Bonds
Office building and lot
Furniture & fixtures
Book value of legal reserve securities above par
Other resources not included in above
Dec. 31 '28.*
$47,151
204,947
25.000
410
445.070
142,250
275,124
390,717
29,000
33,500
20,725
29,651
8,922
64
15,695
Total
Liabilities
Capital stock
Surplus fund
Undivided profits, less expenses and taxes paid
Reserve for int., taxes & expenses
Demand deposits: Deposits subject to check
Demand ctfs. of deprec
Deposits Commonwealth of Pa
Certified checks
Cashiers or Treasurers checks
Time dep., time certificates of deposit
Special time deposits
Time savings fund deposits
Bills payable on demand
Other liabilities, not includ. in above
$1,668.226
$300,000
100.000
51,336
4.000
889,815
8,900
75,000
858
59
26.500
36,226
118,570
50,000
6.962
31.668.226
Total
* Began business Aug. 1 1928,
Haddington Title & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
31.146,489 $1,185,234 31,070,575
Bonds, stocks, &c
537.100
575,000
593,245
Mortgages
1.245.954
1,107.993
on collateral & bonds & mtges.- 1,249,239
Loans
310.509
351.372
333,919
Commercial paper
87,983
98.003
127,952
Cash on hand
228,667
318,158
263,521
Cash on deposit
194,190
195.596
650,747
Office building,furniture & fixtures
58,315
Other real estate
30.255
37,763
44.784
Other assets
Resources-
Total
Liabilities
Capital stock
Undivided profits
Deposits
Other liabilities
$3,968,210 $3,867.713 $33.706,639
Total
Trust department (additional)
$3,968,210 83.867.713 $3,706,639
$19,518
29,126
$50,076
$150,000
238,636
3,576.327
3,247
$125.000
227,072
3.511.677
3,964
$125,000
203,121
3,376.853
1,665
Hamilton Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$162,678
$199,454
Cash on hand
$228,824
394,102
260,503
468,024
Checks and due from banks, dm
112,800
170,000
177,000
Reserve bonds
926,623871,989
Commercial and other paper owned....
937,462
1.253,047
1,390,414
1,518,154
Loans on collateral
522,327
577,270
520,070
Loans on bonds and mortgages
711,514
775,994
769,453
Stocks, bonds, &c
531.900
570.700
656,400
Mortgages
266.163
324,339
281,733
Real estate, furniture and fixtures
42,706
30,931
26.967
Other assets
ResOUTC6S-
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Deposits
Dividends unpaid
Other liabilities
Total
35.416,136
$250,000
250.000
122,694
13,534
4,767.580
7
12,321
35.355.380 34.908.026
$200,000
200.000
154,932
83,073
4.693.358
8
24,009
$200,000
200,000
137,919
4,357,844
8
12.255
$5,416,136 $5,355.3
80 $4.908.025
1336
FINANCIAL CHRONICLE
Holmesburg Trust Co.(Philadelphia).
ROSOUITC.1 Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$53.436
Cash on hand
$69,736
$80,250
139,303185,794
Duefrom banks and bankers
148,640
179.755
Commercial and other paper owned255,776
261.429
191,286
Loans on collateral
251,861
533,289
806,197
Bonds and stocks
764,003
688,460
658.112
Mortgages
644.651
769,659
46,392
104,314
Real estate, furniture and fixtures
160.834
126.778
97,462
Miscellaneous assets
10,227
Total
82.652.788 $2,327,105 $2,247,750
Liabilities
$125,000
$125.000
Capital stock paid in
$250,000
150,000
170,000
Surplus fund
400.000
23,228
28,164
Undivided profits
31,248
1,947.120
2,003,738
Deposits
1,964,717
1.945
63
Dividends unpaid
323
457
140
6,500
Miscellaneous liabilities
[VOL. 128.
Lancaster Avenue Title & Trust Co. (Philadelphia).
Resources-
Cash,specie and notes
Due from approved reserve agents-- _
Legal reserve securities at par
Comml paper purchased,one name
Upon two or more names
Time loans with collateral
Loans secured by bonds At mortgages_
Call loans with collateral
Call loans on one name
On two names
Bonds, stocks, &c
Mortgages
Office building and lot
Other real estate
Furniture,fixtures and vault
Overdrafts
Other assets not included in above__ _
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$78,445
$133,281
$88.890
131.043
49,071
51,201
60,000'
60,000
60.000
159.657
238,412
147.151
92.561
161,388
179,556
24,926
88,640
99,086
173,656
241,252
169.392
184,896
279.891
238,350
187,958
187,132
174,793
11.000
39,919
66.155
249,061
445,687
362,853
368,600
252,200
260.800
107,867
108,142
108,142
10,221
17,461
17,461
31,772
35,358
33.046
68
600
21,782
29,731
24,220
Total
82,370,295 82,078,965 $1.893.513
Liabilities
Capital stock paid in
$200,000
$300,000
8300.000
fund
50.000
75.000
75,000
Industrial Trust, Title & Savings Co. (Philadelphia.) Surplusprofits,less exp.& taxes paid_
Undiv.
9.717
23,688
16,038
Jan. 3 '27. Reserve for deprec., hit., taxes, &c
ResourcesJan. 2'29. Dec. 31 '27.
7,040
10,922
18,321
Cash and reserve
$1,078,448 $1,115,787 $1,052.667 Treasurer's checks outstanding
2,861
910
690
6,433,708 6,386,129 Deposits subject to check
7,174.634
Loans on collateral
949,285
879.128
766.013
355.383 Special deposits (Com'wealth of Pa.).
621.936
602.825
Commercial paper purchased
25,000
118,407
1,692,940 Certified checks
1.852,815
1,710,839
Mortgages and ground rents
5,983
14.592
2,205
4,276,650 4,147.372 3.901,078 Savings fund deposit
Stocks, bonds. &a
534,693
703,702
948,773
114.821 Special time deposits
118,270
112,555
Banking house
10,134
9,878
11,170
1,000 Bills payable on demand
16,000
76,543
Customers'liability on letters ofcredit
120,000
60,000
75,000
53.184 Other liabilities
81.595
245,046
Other res.,int. earned. uncollected
4.056
11,100
3.467
$15,277,540 $14,387,483 $13,557,202
Total
Total
$2,370,295 82.078,965 81,893,513
Liabilities
Trust department (additional)
373,695
$74,778
$69,760
$500,000
$500,000
$500,000
Capital stock
1,650,000
1,700,000
1,875,000
Surplus
361,048
361,848
Manayunk Trust Co. (Philadelphia).
362,519
Undivided profits (net)
111,700
95,986
140.941
Reserved for new taxes, &c
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
33
Dividends unpaid
$572,533
3643,986
$629,060
14,458 Real estate mortgages
10.557
59,591
Treasurer's checks outstanding
Stacks and bonds
2,230,319
,
. .
75.000
80,000
80,000
Reg.& extra div. payable Jan. 15 1927
1,555.570
1.440.228
1.468,462
Deposits
11,704.358 11,493,218 10,812,830 Loans
Real estate and fixtures
157,238
158.191
158,540
500,000
Bills payable
186.710
136,838
142.612
32,133 Cash on hand
145,874
55,131
Other liabilities
(Dash on deposit
236,347
160.714
268.378
15,160
6,135
12,207
$15,277.540 $14,387,483 $13,557,202 Other assets
Total
Trustfunds (additional)
$9,647,235 $8,425,641 $88,041,800
Total
$4,904,005 34.498.894 34.159.415
Liabilities
Integrity Trust Co.(Philadelphia).
Capital stock
$250,000
$250,000
$250,000
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26. ."•plus fund
500,000
600,000
550,000
$215,696 Undivided profits
$756,166
Real estate mortgages
$1,204.005
64,360
99,848
92,825
Stocks and bonds
5,722,041 6,310,771 3,747,001 Reserve for deprec'n, int., taxes, &c.
36,214
39.669
38,855
Loans on coll. & comm. paper porch_ 20,944.269 15,124,155 16,487.670 defiersl deposits, payable on demand 1,576,697 1,482,273
1.270,443
712,052 Time deposits
Real estate,furniture and fixtures_ _ _ 1,373,613 1.310.006
1.940,876
1,975,411
2,049.102
Cash on hand and on deposit
2.768,991 3,449,214 1,794,096 Bills payable
350,000
75,000
25.000
30.620 Other liabilities
137,182
Other assets
153,849
12,380
22,522
10,839
Total
832,166.768 826,331,027 $22,987,135
Total
$4,904,005 $4,498,894 $4,159,415
Liabilities
Trust department (additional)
81,963.475 $2,190,678 $2,152.477
$750,000
Capital stock
$750.000
$1,000,000
Surplusfund
6,000,000 4,000,000 3,750,000
320,509
Undivided profits
153,678
307,743
Manheim Trust Co. (Philadelphia).
Deposits
24,423,351 19,941,513 17,466,626
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesDividend Jan. 3
75,000
100.000
Cash on hand
$26.917
$29,034
321,192
Bills payable on demand
1,000,000
42,508
40,414
26,830
Other liabilities
411,136
700,000 Doe from banks,trust companies. &c..
335,674
105.329
Commercial paper purchased
91,540
103,575
233,874
206.201
Total
135,544
332,166.768 $26,331,327 $22,987.135 Loans on collateral
85.650
73,150
Trust department (additional)
48,125
$15,785,468 $12,702.101 $9,974,247 Loans on call on one name
175,535
Bonds and stink
210,705
127.631
137.027
Mortgages and judgments of record__
140,900
117.920
Jefferson Title & Trust Co. (Philadelphia).
158,302
108,842
Office building, furniture and fixtures
108.644
Resources1926.
89,221
Other resources
Dec. 31 '28. Dec. 31 '27.
4,729
4,060
Cash specie and notes
$61,916$42,389
$39,048
81,054,363
Due from approved reserve agents
107,974
102.462
8905.065
Total
135,276
3693.521
Legal reserve securities
55,000
55,000
44.912
Liabilities
82,227
202,702 Capital
Commercial paper purchased
125,124
$232,450
$150.000
$150,000
468,160
392,777 Surplus stock
388,528
Loans on collateral
13.500
29,972
fund
10,000
1,002,347
751,548
1,343,662
Bonds and stocks
4.808
14,627
Undivided profits
4.234
211,100
208,000
222,800 Demand
Mortgages and judgments of record
366,512
449,298
306,000
deposits
87,000
88,000
89,300 Time
Office building, furniture and fixtures
345,476
281.885
221,648
deposits
30
Overdrafts
5,604
65.327
639
11,850
14,477
53,584 Other liabilities
Other resources
$1,054,363
6905.065
$693.521
Total
82,422,082 $2,065,947 $1.899,163
Total
837,128
$38.983
Trust dept.(additional)
Liabilities
$200,000
8200.000
$200,000
Capital stock
100,000
130,000
60,000
Manufacturers Title & Trust Co. (Philadelphia.)
Surplusfund
9.780
10,131
16.155
Undivided profits
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources
10,000
1,000
6,000
Reserve for deprec., hat., taxes. &c
$28,533
$28,587
$18,299
709,046
647,580
663,274 Cash, specie and notes
Demand deposits
Due from approved reserve agents _ _
69.886
51,235
60,092
1,306,911
1,048,587
918.734
Time deposits
10,000
65,000
50,000
35.000 Legal reserve securities at par
Bills payable
319,451
252,501
Commercial paper purchased
214,458
183,398
143,147
106,082
Total
$2,422,082 $2,065,947 $1.899.163 Loans on collateral
51,913
5,144
38,800
$14,717 Loans on call on one & two names -$14,632
$11,314
Trust department additional
5,000
Loans sec. by bonds & mtges
5.000
5,700
47,393
Bonds
62,604
70,056
Kensington Trust Co. (Philadelphia).
14,350
Judgments of record
161.618
161,618
161,619
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Office building and lot
RMOUTCP14,557
14,087
12,867
$2,125,227 Furniture and fixtures
$2,244,588 $2,508,
Real estate mortgages
267
Other resources
1.012
Loans on collateral & personal secur_ 9,599,002 9,019,714 8,752.731
2,521,552
3,259,650 3,005,117
Stocks, bonds, &c
Total
$896,366
$724,935
$697.973
1,340,418
1,170.789
Cash on hand and on deposit
1,385,207
253,655
253.655
Banking house
,u483,643
Liabilities
56,311
30.839 Capital stock
Other assets
71,503
$267,750
8266,000
$251,100
1,998
Undivided profits
2,314
4,404
Total
$17,043,593 $16,013,886 315.024.422 Demand deposits
297.394
262,481
267,878
257,639
Savings fund deposits
127,214
Liabilities
92,478
6,585
$500.000
Capital stock
$500,000 Special time deposits
1,926
$500,000
2,113
65.000
1,405,533 Mortgage payable
Surplus and undivided profits
1,509,389
65.000
1,557,734
80,000
Contingent fund
55,000
55,000
56,932
6896,366
Deposits
Total
14,863,724 13,884.268 12,993,515
$724,935
$697.973
55.000
50,000
Dividends payable Dec. 31
55,000
10,229
Miscellaneous liabilities
20,374
10,203
Total
Trust department (additional)
Total
Trust Department (additional)
$2,652,788 $2,327,105 $2,247.750
$391,657
$224,766
$534,737
817.043,593 816,013,886 85,024,422
$600,385
$586,737
11750,306
Market Street Title & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesCash on hand
$301,946
8354,464
8376,626
Due from banks and bankers
788,209
895,772
906,989
Liberty Title & Trust Co.(Philadelphia).
3,415,963 2,962.926 3,174,125
Loans on collateral
2,799.197 4.023.388 4.210,546
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26. Loans on bonds and mortgages
9,116,087 8,076,960 6.570.427
$329,774
$396,760
$290,408 Bonds, &c
Cash on hand
1,932,784
1,522,066 Mortgages
1.601,695 2,169,920
Due from banks, &c
675,109
6,998,063 5,597,486 5.475,585 Real estate, furniture and fixturesLoans on collateral
686,036
440.449
1,185,283
327,055
1,551,836
Stocks, bonds, &c
1,185,558 Miscellaneous assets
256,062
351,071
934,999 1.297,656
1,180,597
Mortgages
619,356,350 818,857.303 818.200.153
Total
579,199
517.021
390,334
Commercial paper purchased
furniture and fixtures_ _ _
25,698
24,456
24.857
Real estate,
Li
81,200.000 $1,100,000 $1.000,000
$12,471,439 610.973,000 810,069,404 Capital stock paid In
Total
Surplus fund
2,000.000 1.900,000
1.800,000
Liabilities
450,262
Undivided profits
443,202
379.041
$700.000
$700,000
$700.000 Dividends unpaid
stock
Capital
1,000,000
800,000
800,000 Deposita
surplus
14,493,091 14,035,884 13,288.584
219,567
376.735
317,437 Reserve for taxes, contingencies,&c__ 1.004,382
Undivided profits
907,865
767,060
10,201,872 9,096,265 8,001,932 Bills payable
Deposits
200,000
800,000
350,000
250,000 Unearned mortgage coll.fees
Bills payable
117,944
141,953
165.098
35 Other liabilities
Other liabilities
90.644
128,400
375
312,471,439 810.973.000 $10,069,404
Total
Total
819.356,350 618,857.303 618.200,153
811.300.159 $10,684,086 $9.444.584 Trust department (additional)
Trust department (additional)
$2.814,460 $2,675,251 $2,287.851
FINANCIAL CHRONICLE
MAR. 2 19291
*Metropolitan Trust Co. of Philadelphia.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$125,427
$127,410
Cash on hand
$111.576
Due from approved reserve agents
434,760
banks and bankers
300,853
438,898
Commercial paper
1,376,498
1,204,863
1,094,109
132,452
128.806
Loans on call with one or more names_
127,934
99,526
Call loans with collateral
74,814
67,120
1,506,070
Time loans with collateral
1,358,024
1.568.6.58
Loans on bonds and mortgages
284,898
302,550
312.215
Mortgages
330,098
335,248
300,386
Bonds, stock, &c
1,195,306
1.080,616
970,285
265.146
Office bldg.& lot and other real estate
259.276
235,311
Furniture and fixtures
72.000
73,000
73,000
5,858
Other assets
2,650
831
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Demand deposits
Time deposits (savings)
Bills payable
Mortgage on bank building
Reserve for depreciation
Dividends unpaid
Notes & bills rediscounted or guar
$5,828,039 35,248.110 $5,298.323
Total
Trust department (additional)
$5.828,039 $5.248,110 $5,298.323
$65,007
$14,806
$10,118
$500,000
225,000
14,113
2,113,702
1,518,934
350,000
150.000
53,700
15,000
887,590
$500,000
225,000
47,040
2,161.490
1,276,274
37.500
150,000
15,000
835,806
$500,000
200,000
27,210
2,045,536
1,422,280
30,000
150.000
22,100
15,000
886.197
• Metropolitan Trust Co. took over the Sons of Italy Bank & Trust
Co. as of May 1926 (V. 122, p. 2803). Above is combined statement for
all years.
*Mitten Men & Management Bank & Trust Co.(Phila.).
ResourcesDec. 31 '28. Dec. 31 '37.*Dce. 31 '26.
Cash specie and notes
$366,530
$ 9. 96
$57,655
Due from approved reserve agents_ _ _ 2,436,895
3.834.809
2,433,063
Commercial paper
630,730
1.381.241
635,313
Time loans on collateral
2,035,483
1,886,597
1,049,588
Call loans on collateral
4,318.435
2,111,545
845.690
Call loans on collateral (brokers)_
1,175,000
2,300.000
5,060,000
Character loans
1.304,500
Bonds and stocks
8,369,489
7.611,886
2,824,079
Bonds and mortgages owned
1,276,018
1.026,200
37.400
Office building and lot
306,000
Furniture and fixtures
69,954
34,976
17,413
Other assets
192,927
146,679
39,963
Total
$22,175.961 $20,673,329 $13,306,163
Liabilities
Capital stock
$3,500,000 $3.428,810 $1.300,000
Payments on acct. new stock subscr_
1.763
5,748
Surplus fund
1.000,000
982,203
350,000
Undivided profits
370,828
302,398
154,464
Reserve for interest and taxes
132,427
90,166
14,593
Demand deposits
3.298,713
2,979,869
2.736.387
Time deposits
13.529.218 12,222,553 8,690.684
Due to banks, trust companies, &c_..
202,265
639,130
7.888
Other liabilities
142,510
26,437
46.399
Total
$22,175,961 320.673,32e 513,306,163
Trust department (additional)
$288.924
$103,788
* Began business July 1 1926. Brotherhood of Locomotive Engineers
Title & Trust Co. consolidated with the Mitten Men & Management
Bank
& Trust Co. as of Juno 2 1927. Above statement is
combined results of
both companies for both years.
Mortgage Security Trust Co. (Philadelphia).
Resources-
Cash, specie and notes
Duo from approved reserve agents_ _ _
Legal reserve securities at par
Time loans
Call loans
Loans on bonds and mortgages
Bonds
Mortgages
Office building
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplusfund
Undivided profits
Demand deposits
Time deposits
Other liabilities
Total
Trust department (additional)
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$32,000
$32,578
$22,142
99,467
88,438
47.241
41,000
21.000
14.550
228,6501
297,960
(
429,794
343.071
27.900
34,700
67,000
305,622
261,191
97,332
216,400
129,800
76.500
124.968
124.499
124.231
9,336
9.519
9.330
85,700
9,392
9,425
31.469,003 31.140.911
$810,822
$250,000
42,500
7,315
578,000
498,000
93.188
$250,000
42,500
4,598
479.464
324.712
39.637
$125,000
17.500
3.513
369.859
258,657
36,293
$1,469.003 $1,140,911
$19,251
$810,822
Ninth Bank & Trust Co. (Philadelphia).
Resources
Dec. 31 '28. Dec.31 '27. Dec. 31 '28.
Loans and investments
317.521,433 $18,137,849 $17,445,768
Banking house, vault. &c
696.274
326,049
333,233
Interest accrued
166,617
161,562
176,886
Due from banks
786,665
688,219
727.155
Clearing House exchanges
316,812
187.892
300,687
Cash and reserve
1.772.786
1.452.079
1.455,618
Customers' liability acct. acceptances
124.541
161,104
237.144
Total
$21,385,128 $21.114,754 $20,676,491
Liabilities
Capital stock
$1.000,000 $1,000,000
$750.000
Capital stock subscription account_
250.000
Surplus and profits
2,320.095 2,180,047
2,057,265
Reserve for taxes, &c
150.67895,833
84.137
Discount unearned
23,429
29.004
31,403
Deposits
17,766,385 17.148.766 16,516.542
Due Federal Reserve Bank
500.000
750,000
Acceptances & letters of credit issued
124,541
161,104
237.144
Total
Trust department (additional)
321.385428 321,114,754 $20,676,491
9,391.065 $6.631,867 $5,689,689
North City Trust Co. (Philadelphia.
Resources
--
Cash,specie and notes
Due from approved reserve agents
Nickels and cents
Cash items
Due from banking institutions (excluding reserve)
Bills discounted on one, two or more names
Time loans with collateral
Call loans with collateral
Loans secured by bond and mortgage
Boads
Furniture and fixtures
Other resources
Total
Dec. 31 '28.
$22,527
36.302
36
6,650
5.000
49,775
41,825
596,900
35,000
15,168
9,006
6.711
$824,900
1337
North City Trust Co.(Philadelphia) Concluded.
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other liabilities
Dec. 31 '28.
$300,000
90.000
7
221,090
213,677
126
Total
$824,900
Northeast-Ts:cony Bank & Trust Co. (Phila).
Dcc. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources
$62,467
Cash on hand
$36.181
344.694
Cash on deposit
117,809
102,100
141,066
30,456
Exchange for Clearing House
36.28228,480
Commercial paper
250,411
286,097
308,789
Loans on collateral
202,798
166.831
165,879
189.800
Loans on bonds and mortgages
229,725
280,550
230,135
Loans on call upon one or more names
182.720
132.576
Bonds and mortgages owned
331,800
311,700
128,300
Bonds, stocks, itc
694,527
698.193
577,593
36,000
Office building and let
36.000
36,000
26,500
Other real estate
26.500
26.500
14,000
Furniture and fixtures
15.800
17,500
9,139
Other resources
9,315
2,596
$2,195,842 52.137.444 5/ .890.524
Total
Liabilities
$250,000
Capital stock
$250.000
$250,000
Surplus
150,000
150.000
125,000
36,414
Undivided profits
23.185
23.754
6,000
4.000
Reserve for depreciation
2.500
561,001
572.337
Demand deposits
607,154
1,130,887
Time deposits
1,006,512
876,284
125,000
45,000
Bills 'Payable
Dividends unpaid
5.540
6,410
5.832
11,000
Notes and bills rediscounted or guar
Total
Trust dept. (additional)
$2,195,842 $2,137,444 31.890,524
$12.811
$6,010
Northeastern Title & Trust Co. (Phila.).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$235,817
Cash on hand
$144.515
$168.686
257.387201,297
Due from approved reserve agents
123,861
Commercial paper purchased
281,987
295.250
368.783
803,368
Loans on collateral
665,048
210,163
337.260
Loans on call on one or more names
323,515
319,125
1,229,010
Bonds, stocks kc
992.109
1,161,124
425,369
Office building, furniture and fixtures
104.076
101,124
7.500
Other real estate
81,500
82,216
12,932
Other assets
11,725
5.337
$3,590,630 52,819,035 $2,510,419
Total
Liabilities
5400,000
Capital stock
5200,000
$200,000
200,000
Surplus fund
70.000
70,000
4,074
Undivided profits
26,141
12,479
2,605.354
Deposits
2,421,250
2.178,524
350,000
Bills payable
100,000
75,000
31,202
Other liabilities
1,644
4,416
$3,590,630 _32,819,035 52,540,419
Total
Trust dept. (additional)
$25,314
322.136
*Northern Central Trust Co. (Philadelphia).
Resources
Cash on hand
Cash on deposit
Commercial paPer Purchased
Loans on collateral
Loans on call on one name
Bonds, stocks, &c
Mortgages
Office building and la
Furniture and fixtures
Other resources
Total
Liabilities
Capitol stock
Surplus fund
Undivided profits
Demand deposits
Saving fund deposits
Reserves
Other liabilities
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
5188,696
5162,958
$127,847
232.328
286,953
215,194
779,549
837,899
515,371
2,590,039
1,883.451
1,224,446
68,806
69,755
14,920
1,100.697 51,332,819
1.041,856
922,650
874,900
715,100
704.558
687.144
407,700
97.254
100,664
47,949
41,890
54,213
34,522
36,726,367
3550.000
300,000
103.754
2,744,480
2,942,739
27,505
57.889
56,290,756 54.374,905
3550.000
300.000
60,905
2,736.253
2.535,416
40,281
67.900
5400,000
150,000
33,317
1,932.725
1.834,980'
23,826
57
56,726,367 $6,290,755 54374,905
Total
3426,820
$258.093
3141.702
Trust dept. (additional)
Phoenix Trust Co. and Northern Cents] Trust Co. have since
•The
Dec. 31 1926 been consolidated under name of Northern Central Trust
Co. (actually effective Jan. 311927). V. 124. p. 745.
Northern Trust Co.(Philadelphia).
Dec.31 '28. Dec. 31 '27. Jan. 3 '27.
Resources33,064,150 52,597,650 52.127,000
Real estate mortgages
7,060,550
Bonds and investment securities_ _ _ _ 6,772,278
6.989.232
383.100
United States Govt. securities
623.100
430.350
6,344.718
Loans on collateral
7,121,680 6,348.533
Commercial paper
155.871
125,514
161.508
368.229
355,699
354.737
Real estate
1,160.173
1,262,482
Cash on hand and In bank
1,397.501
Accrued interest
36,977
46,658
72,092
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
319,343,210 318.200.862 317,815,710
Total
Trust department (additional)
$19,343,210 318,200,862 317,815.710
533.505,478 $28,557,883 $28,663,307
3500,000
3,500,000
331,594
15,011,616
3500,000
3.250.000
349.849
14,101.013
3500,000
3,250.000.
157,748
13,007,962
North Philadelphia Trust Co. (Philadelphia).
IICIOUrCesDec.31 '28. Dec. 31 '27. Dec. 31 '26.
Stocks and bonds
32,571,027 52,751,463 $2,420,589
Mortgages
2,445,571
2.865.552
3.068.361
Amount loaned on collaterals
5,441,518
4,304.812
4,119,280
Amount loaned on personal securities
458.743
412,321
384.278
Cash on hand
344,503
391.642,
Cash on deposit with banks
542,728
479.230
624,415
Real estate, furniture and fixtures_
230,525
222,039
216,889
Other assets
2.252
1,683
635
512,036,867 311,603.508 SI I ,010.011
Total
Liabilities
Capital stock
3500,000
3500,000
3500.000
1,200,000
Surplus fund
1,000,000
950,000
Undivided profits
96,978
108,568
175.452
interest and taxes
96,232
Reserve for
89.264
81.673
68,654
66.913
Title insurance reserve
68.996
9,332,857
Gen. dep. pay. on demand & time.,,... 10,075,003
9,770.696
Total
Trust department (additional)
512,036.867 311,603.508 $11.040,011
$3.389,200 $2.339.476 $2,304,922
1338
[VoTM 128,
FINANCIAL CHRONICLE
Northwestern Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Mortages
Real estate,furniture and fixtures
Total
Liabilities
Capital
Surplus fund
Undivided profits
Reserve for int., tax & expenses
Demand deposits
Savings fund deposits
Bills payable on demand
Total
Trust dept. (additional)
PennsylvanialWarehousine& SafelDeposit Co.(Phila.).
,..., Dec. 31 '28. Dec. 316'27. Dec 31 '2g.
Dec.31 '28. Dec.31 '27. Dec.31 '26. 8 Resources-- w ild
$346,938 Cash on hand
$384,366
$19,048
$452.109
$22,234
$23,819
Due from baiakaand bankers
4 597,362
.
81,187
125,823
3.770.791 Accrued storage charges
.:. r 34,219
3,870,609
4.125,426
39.29$
2.078.916 Loans on collateral
1,680.432
600,340
2,034,669
397,968
426.041
1,693.800 Investment securities owned
1,530,000
393,479
2.075.400
364.580
413,243
2.622,276 Real estate, furniture and fixtures
2,603,833
1,479,895
2,317,454
1,479.809
1,464,199
1,058,100 Other assets
1,782,700
50,050
2.024,900
89,544
38,503
221.000
223,000
347,000
e Total
$3,174,394 $2.435.320 32.530,724
$14,242,635 $12,908,578 312,684.756
Liabilities
$800,000
$150,000
$150,000 Capital stock
$800,000
$800,000
$150,001
1,000.000 Surplus and undivided profits
450,000
450,000
471,607
1,400,00') 1,200,000
262,625 Deposits
1,571,504
796,719
221,218
759,713
250,807
Reserve for deprec., int., taxes, &c
316.291
296,908
251.914
340,651
5,295.154 Lille payable
5,282,436
150,000
5.583.981
5.826.977 1,tber liabilities
6,054,924
55,982
72,310
97.485
„
150.000
400,000
1 otal
$3,174,394 32,435,320 32,530.724
$14,242,635 $12,908,578 $12,684.756
$628,732
$293,826
3369.254
*Provident Trust Co. (Philadelphia).
Olney Bank & Trust Co. (Philadelphia).
ResourcesCash on hand
Due from approved reserve agents
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loess on call on one or more names
Loans on bonds and mortgages
Bonds and stocks
Mortgages and judgments of record
Office building
Other real estate
Fureiture and fixtures
Other assets
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$165.229
$200.322
$366,684
410,508
370,680
398,291
279,659
237,000
284,200
.
,
362,391
2,061.065
2,610,104
2,391,179
1.021.480
1,021,727
856,415
1.175,260
1,161.484
1,313,584
2,120,317
1,385.830
1,506,331
790,534
895,030
1,578,735
327,545
238,061
334,654
59,892
46,557
141,402
73.531
63,334
75,255
124,134
96,384
144,830
$9.017,448 $7.967,232
Total
Liabilities
Capital stock
Surplusfund_
Undivided profits
Reserve for deprec., int., taxes, &c
Demand deposits
Time deposits
Other liabilities
$9,753,951
Total
Trust department (additional)
$9,753,951 39.017.448 $7.967.232
$79.414
$119.217
3483.708
$250,009
400,000
176,546
301,031
3,115,522
5,504,741
6,111
$250,000
359,000
173.169
314.824
2,932,667
4.993,914
2,874
3250.000
325.000
122,512
252.583
2,916.672
4,098,994
1,441
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$3,270,572
$701,782
$810.325
Mortgages
Stocks and bonds
21,269,754 20,419,183 12,440,216
1,173,353
355,700
Commercial paper purchased
913,877
Loans on collateral
18,623,902 13,603,756 13,372,458
Real estate
„
1,615,831814,281
Cash on hand & due from hiss. & bkrs- 3,929,522
2,928,737
2,663,256
Miscellaneous assets
249,774
260,339
1,077,994
Total
Total
352,337.698 340.426,935 330,982,056
Trust department (additional), incl.
corporation trusts
225.869,508 229,182,8193199.437,913
* In July 1927 purchased the capital stock of the Commonwealth Title
Insurance & Trust Co.
Parkway Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Loans on call on one or more names
Loans on bond and mortgage
Bonds,stocks, &c.
Mortgages and judgments of record
Furniture and fixtures
Other resources
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$78.160
$79,160
$83,653
124,698
142.780
154,125
741,229
565,461
755.386
141.469
109,265
129,241
293,644
263,799
314,579
58,550
58,300
47,050
94,600
138,800
68.300
1,008,963
936.484
1,142,306
42,942
75,557
34,154
26,140
27,000
23,336
29,683
14,223
19.304
Total
Liabilities
Capital stock
Surplus fund
Undividedprofits
Reserve for interest,taxes,&c
Demand deposits
Time deposits
Bills payable
Other liabilities
32,771,434 $2,640.078 $2,410,809
Total
Trust department
$2,771,435 $2,640.078 32.410,809
322,618
$21.278
$17.015
$250,000
150,000
71,076
11,250
1,297.481
781,648
200,000
9,980
$250,000
150,000
52,703
10,482
1,338,924
677,332
150,000
10,637
$250.000
150,000
28,731
8,712
1,271,760
594,349
100,000
7,257
*The Real Estate-Land Title & Trust Co.
(Philadelphia).
(Combined Results of All Companies.)
Dec. 31 '28. Dec. 31 '27.
ResourcesCash on hand and due from banks....$14,366,097 $10,920,915
47,591,622 46,318,453
Loans
22,419,016 21,454,419
Investments
3.029,347
2,305,527
Real estate
3,483,356
4.191,996
Other assets
Dec. 31 '28. Dec. 31 '27.
$78,937
$45,717
205,833
118,783
70,000
70,000
67.484
56,533
11,438
15,170
411,275
195,518
23.700
8,600
80,000
656,149
895,475
207,200
106,900
23,357
22,174
15,835
16,380
'Pedal
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for interest, taxes and expenses
Demand deposits
Time deposits
Due to banks, trust companies, &c
Bill payable on demand
Other liabilities
$1,851,208 $1,551,250
Total
Trust department (additional)
31,851,208 51.551.250
$166,800
$112,400
$200,000
30,000
17,801
1,580
1,292.947
202,244
4,342
100,000
2,294
$200,000
30,000
15,127
17,917
851,012
363,849
22,788
50,000
557
Dec. 31 '26.
311,736,534
43,170,908
18,373,552
7,965,000
2,240,514
$90,874,258 385,206.490 383.486,508
Total
Liabilities
Capital stock paid in
Surplus and reserves
Undivided profits
Deposits
Other liabilities
Total
Trust dept. (additional)
37,500,000 37,500,000 37,000,000
15,167,384 15,401,817 18,598.531
441,037
1,124,830
2,562,615
56,319,161 59,485,922 53,295,912
2,377,714
10,762,883
2,029,450
390.874.258 $85,206,490 $83,486,508
$140,656,037 130,000,0003121,663,576
• On Nov. 1 1927. the West End Trust Co., the Real Estate Title Ins.
& Trust Co., and the Land Title & Trust Co., were merged under the name
of the Real Estate-Land Title & Trust Co. Above statement is combined
results of all three companies for all the years.
Penn Colony Trust Co.(Philadelphia).
ResourcesCash specie and notes_
Due from approved reserve agents
Legal reserve securities at par
Bills discounted on one, two or more names
Time loans with collateral
Call loans with collateral
Loans on call on one, two or more names
Loans secured by bond and mortgage
Bonds and stocks
Bonds and mortgages owned
Furniture and fixtures
Other resources
352,337,698 $40.426,935 $30,982.056
Liabilities
Capital stock
33,200,000 $3,192,640 32,000,000
Surplus
12,260,000
5.000,000
5,000,000
Undivided profits
4,073,336
4,697,810 11,569,998
Special reserve fund
2,577,128
2,577,128
Dividend payable June 3 1928
239.242
Reserve for taxes and other liabilities_
257,180
516,193
216,366
Deposits
26,964,713 17,390,746 15.715,399
Bills payable
1,250,000
200.000
1,100,000
Other liabilities
3.748,808
The Real Estate Trust Co. of Philadelphia.
Resources
Lawful reserve bonds
Cash on hand
Due from banks and bankers
Call loans on collateral
Time loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &a
Real estate
Other assets
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$304,000
$272,000
$272,000
273,382
297,505
310,038
647,916
977,942
1,134,944
3,129,026
3,057,144
3381,697
15,100
316,635
201,700
204,650
3,316,599
4,196,365 4,011,056
4,893,600
3,131,956
3,131,956
22,818
15,070
15,070
$12,856,217 $12,212.341 312,461,411
Total
Liabilities
Capital stock paid in Common
Capital stock, preferred (full paid)
Surplus
Undivided profits
Sinking fund for leasehold
Building renewalfund
Principal of ground rents
Deposits
Dividends unpaid
Other liabilities
Total
Trust department (additional)
31,319.600 31,319,600 31,319,600
1,811,600
1,811,600
1,811,600
1,500,000
1,000,000
1,000,000
651,250
486,926
472,616
413.610
413,610
14,807
157,566
158,046
832,000
6.671,803
6,992,920 7,248,947
158
119
192
55,000
30,000
36,800
$12,856,217 $12.212.341 312,461,411
$47.742,451 $33,999,586 $25,973,329
1928.
1927.
1926.
2%
2%
2%
$219,026
3219,957
$220,053
Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Rate of interest paid on deposits
Divs, paid local. year
ResourcesDec.31 '28.
Cash on hand
$917,728
Due from banks and bankers
32,542,281
Loam; on collateral
57,603,413
Stocks, bonds. &c
14.989.332
Mortgages
2,222,257
Commercial paper purchased
,
Reserve fund for protection of tr. bai- 9,798,318
Interest accrued
632.787
Other assets
3,094,170
Dec.31 '27.
$705,199
28,223.164
50,955,700
22,544,205
754,966
„
7.570,259
511,422
3,244.085
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
&MIMS3781,541
3849,033
Cash and reserve bonds
$870,995
352,8583
Real eat., safe dep. vaults,furn.& fist.
.
3,296,456
3,177,645
Loans on collateral
2.803:901
2,959,550
2,561,208
1,963,708
Stocks and bonds
36.638
33,190
29,275
Accrued interest
5,557
6,153
6,983
Miscellaneous
Total
$126,906,379
Liabilities
Capital stock
34,000.000
Surplus fund
15,000,000
Undivided profits
3,016.482
Reserve for depreciation
1,101,366
Deposits
94,984,671
Interest payable to depositors
299,073
Bills payable Federal Reserve Bank.._ 7,300,000
335,000
Loans & comm. paper re-discounted_
869.786
Other Debilities
117,555.0443399,680,278
Total
Trust department (additional)
Dec.31 '26.
$316,641
17,288,411
48.671,160
20,117,926
101,609
3,151.275
7,111,056
550,744
2,371.456
$44,000,000 54.000,000
15.000.000 15,000,000
2,296,185
2,765,664
1,041,366
981.366
93,877,080 71,294,637
252,094
328,355
5,050.000
795.000
544.579
11,016
$126,906,379 117,555,044 399,680,278
3483.671,719 448.635.7713402,727.534
Republic Trust Co. (Philadelphia).
Total
Liabilities
Capital stock paid In
Surplus fund
Undivided profits
Deposits
Dividends unpaid
Accrued interest and taxes
Bills payable
Other liabilities
Total
Trust department (additional)
$7,432,600 $6,607,443 56,410.258
3750.000
700,000
50,963
5,778.730
26,250
23,199
100,000
3,458
$750,000
600,000
81,220
5,130.670
26,250
13,381
$750,000
600,000
50,819
4,968.936
18,750
14,213
5.922
7,540
$7,432,600 $6,607,443 36,410,208
31,502.180
$842.630
$708.605
MAR. 2 1929.]
Richmond Trust Co. (Phila.)
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Cash, specie and notes
$102,479
$121,939
$105,801
Due from approved reserve agents_
201,936
201,844
Due from other banks, trust cos., &c_
230
227
221
Commercial paper
139,744
124,413
16'2,503
Time loans on collateral
138,700
85,900
106.285
Call loans on collateral
137.600
118,700
85,500
Loans on call on one or more names.._
199.838
169,883
151,950
Mortgages and judgments
609,537
587,550
681.725
Bonds and stocks
1,024,167
754,532
388.748
Real estate
187,233
58,703
59,951
Furniture and fixtures
16,165
15,446
7.296
Other resources
1.281
6,364
994
Total
32,758.911 $2,245.501 $1.965,216
LiabilitiesCapital stock
$231,500
$194,700
$145,400
Surplus and undivided profits
56,941
44,294
33.917
Reserve for depreciation
20,720
10,220
2,063
Deposits
2,419,134
1,995,789
1.779,472
Bills payable
30,000
Other liabilities
.616
498
4.364
Total
$2,758,911 $2,245,501 $1,965,216
Roxborough Trust Co. (Philadelphia).
Resources
Cash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Bonds, stocks, &c
Mortgages and judgments
Office building and lot
Furniture and fixtures
Other resources
1339
FINANCIAL CHRONICLE
Dec. 31 '28. Dec. 31 '27. Dec. 31 '46.
$138,174
$103,292
$81,437
206,863
161.775
285,299
477,475
424,203
301,521
151.090
15,833
9,057
546,244
436,544
236,171
1,135,269
1,244.593
1,209,708
859,241
854,835
823,142
177,340
177,285
176,620
43,862
40,613
40,965
15,554
7,588
4,018
Total
$3,751,112 $3.466,561 $3,168,039
Liabilities
Capital stock
$300.000
$300.000
$150,000
Surplusfund
450,000
400.000
225,000
Undivided profits
26,916
53,684
30.158
Reserve for deprec., int., tax & exp_ _
28,579
19.638
18,788
Demand deposits
1,376,162
1,271.884
1,276,449
Time deposits
1,295,260
1,300,306
1,401,194
Bills payable
255,000
100,000
50,000
Other liabilities
19.195
21,049
16,510
Total _
$3,751,112 $3,466,561 $3,168,039
Trust department (additional)
$488,159
$407,305
$114.480
SecuDity Title & Trust Co. (Philadelphia).
Dec. 31'25 Oct. 5 '27. Dee. 31 '26
Cash, specie and notes
$21,229
$69,228
$10,56
Due approved reserve agents
69,172
17,83023,353
Duefrom other banks & trust cos_ _ _ _
3,619
6,935
1,102
Bills discounted
576,887
119,594
126.157
Time loans with collateral
198,447
Call loans with collateral
360,972
12,004
9,438
Loans on call on one name
109,989
24,579
13,583
Deans secured by bonds & mtges_ _ _ _
23,000
265.100
57,057
Bonds and stocks
199,971
101,259
71,497
Bonds, mortgages & judgments
37,007
31.516
19,748
Office building and lot
90,537
50,537
50,536
Furniture and fixtures
32,612
12,055
10,629
Other real estate
40,000
Miscellaneous
2,454
23.560
3.300
Total
$2,015,975
$486,778
$401,389
Liabilities
Capital stock
$536,450
$151,800
$125,600
Surplusfund
145.326
7.740
2,524
Reserve for depreciation
1,205
Demand deposits
694,863
136,851
179,302
Time deposits
349,704
76,171
38,643
Due to banks,trust companies,&c_
12,250
15,120
Notes & bills rediscounted or guar_ _
15,000
Bills payable
220,000
20,000
Other liabilities
68.427
81.966
25.200
Total
$2,015,975
$486,778
$401,389
•Began business April 25 1925.
Sixty-third Street Title & Trust Co. (Philadelphia).
ResourcesCash specie and notes
Duefrom approval reserve agent
Legal reserve securities at par
Commercial paper
Call loans with collateral
Loans on call on one,two or more names
Loans secured by bonds and mortgage
Bonds and stocks
Bonds, mortgages and judgments ofrecord
Office building and lot
Furniture and fixtures
Other real estate
Other resources
Total
Liabilities
Capitalstock
Surplus fund
Demand deposits
Time deposits
Other liabilities
Total
Trust dep.(additional)
Dec. 31 '28. Dec. 31 '27.
$31,902
$33.366
47,948
32.380
20,000
28,000
50,672
73,589
{ 204,551 )
'1,
a
s '1
,
6
7
6
7,881' 1ipg1
264,061
92.594
160,847
162,985
2,275
4,828
3,200
3,971
22,419
28.485
$777,603
$936.699
$125,000
25,000
354,208
277,483
155,000
$936,691
$3.944
$125,000
25,000
361,509
181,094
85,000
$777.603
Suburban Title & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$112.384
$114,669
Cash, specie and notes
$123,922
143,664
75.834
182.608
Due from approved reserve agts ---91,000
91,000
116.000
Legal reserve securities, at par
162,302
190.156
483,696
Bills discounted-Upon one name_ _ _
105,143
80,571
167.768
Upon two or more names
192.473
143.913
264,321
Time loans with collateral
77,025
38.350
84,517
Call loans with collateral
104,291
84,160
150,038
Loans on call, upon one name
214,202
212.063
317,675
Loans secured by bonds & mtges368.304
460,984
744,968
Bonds and stock
471,461
891,242
592,750
Bonds and mortgages owned
372.365
95,495
341.446
Office building and lot
94.053
40.714
31,515
Furniture and fixtures
471
1.028
541
Overdrafts
2.207
2,499
2,207
Book val. of legal res. sec. above par
16,647
30.730
28.553
Other assets not included in above
$3.996,511 $2,692,062 $2,025.351
Total
Liabildies$250,000
$250.000
$250,000
Capital stock paid in
50.000
50,000
50,000
Surplua fund
159.856
92.807
124,151
TJncliv. profits less exp. and taxes pd.
27,380
12.918
12,238
Res. for int., taxes and expenses- - - 1,519,689
1,324.206
920,360
Deposits subject to check
40009
50,000
50,000
Deposits, Commonnealth of Pa
19,979
7,106
6.114
Certified checks
17,547
16,810
1,145
Treasurer's checks
186,920
17.135
5,440
Time certificates of deposit
25,889
17,604
7.857
Special time deposits
1,329.632
801,599
537,550
Time saving fund deposits
6.998
Due to banks, trust cos., &c.,excl.res
60,000
Notes and bills redis. or guaranteed _
285,000
75.000
Bills payable on time
.
24.618
20,533
3.842
Other liabilities not incl. in above
$3,996,511 $2,692,062 $2,025,351
Total
$23,852
$10,035
Trust dept additional
Southwark Title & Trust Co. (Philadelphia).
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
Resources-$ ,8
$46,239
$51,283
Cash on hand
155,446
146.713
158,351
Due from approved reserve agents
411.888
353.186
423,146
Commercial paper
64,310
28.554
23.072
Time loans with collateral
107,749
69.802
104,970
Call loans with collateral
604,317
579.344
653.139
Loans secured by bonds & mortgages_
701,460
557,284
311.424
Bonds
210.539
395,050
555,750
Mortgages
143,134
142.082
141,741
Office building and lot
23.439
22,220
22.547
Furniture and fixtures
35.445
164.595
22.387
Other assets
$2.621,837 $2,377,139 $2,467,810
_
Total
Liabilities
$125,000
$125,000
$250,000
Capital stock
125.000
125,000
312,500
Surplusfund
94,651
92,020
89,813
Undivided profits
26.062
37,779
13,589
for deprec.,int., taxes & expReserve
728.687
806.523
628,363
Demand deposits
973.988
1.079.865
1,162.572
Sixty-Ninth Street Terminal Title & Trust Co. (Phila.). Time deposits
130.000
135.000
90.000
Bills payable
Resources89,500
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Notes and bills re-discounted
Cash, specie and notes
62.874
88.000
$261,875
210,534J
78,000
liabilities
$75.965 Other
Due from approved reserve agents
I
119.514
$2,621,837 $2,377,139 $2,467.810
Total
Duofrom other banks, trust cos., &c_
17,195
23,035
42,401 Trust department (additional)
$94,678
$81.839
Bills discounted
196.762
Time loans with collateral
88,845 Susquehanna Title & Trust Co. (Philadelphia).
Call loans with collateral
227.710
Loans or dill on one or more names.._ 2,737,698
2,220.707
Dec. 31 '28. Dec. 31 '27. Dee. 31 '26.
Resources75,011
Loans secured by bonds & mortgages
$27.642
$20,423
$27.079
771,712 Cash, specie and notes
Bonds and stocks
57.202
51,934
68,563
494,856 Due from approved reserve agents_-Bonds, mortgages& judgments owned
10.000
15.000
10,000
208.520 Legal reserve securities
Office building and lot
139,881
85,038
172,200
Commercial paper
132,494
Other real estate
t 68,059
127,956
46,835
353.010
120,143
150,902 Time loans with collateral
Furniture and fixtures
68.499
54,853
88,778
23,785 Call loans with collateral
Other resources
20,911
32.883
29.840
44.730
62,967
57.583 Loans on call on one name
82,000
170.825
Total
$3.105.738 $2,840,169 $2,666,060 Loans on bond and mortgage
165.896
336.529
Bonds
468,090
Liabilities
8,000
Mortgages and judgments of record.,..
22,500
Capital stock
$375,000
$375,000
$375.000 Office building and lot
109.640
109.691
109,691
Surplusfund
} 226,796
211,002
150.000 Other real estate
68,056
Undivided profits
51.982 Furniture and fixtures
24,706
Reserve for int., taxes & expenses_,.
20,992
25,756
22.789
21.930
12,052 Other assets
1.271
1.824
Demand deposits
33,130
1,292,572
Time deposits
companies...._), 2,327,372
Total
2.003,273{
$793,258
$1,266,953 $1,017.949
763,738
Duo to banks and trust
Liabilities
10,617
Bills payable
150.000
Capital stock
225.000
$150,000
$150.000
$150,000
Dividend unpaid
3.781
3,964
15,000
15.000
15,000
10.099 Surplusfund
Undivided profits
6,452
2,956
Total
$3,105,738 $2,840,169
$2,666.060 Reserve for depreciation
9,432
6,075
12,658
Demand deposits
382,125
436,031
357,906
Sonitaly Bank & Trust Co. (Philadelphia.)
Time deposits
192.821
350,264
259,840
Bills payable
303.000
68.500
195.000
rr Resources
Dec. 31 '28.
Total
Cash,specie and notes
$1,266,953 $1,017,849
$793,258
$15,783 Trust department (additional)
Due from approved reserve agents
$7,138
$5,438
$7,660
144,781
Nickels and cents
166
Duo to banking institutions, excluding reserve
Tacony Trust Co. (Philadelphia).
2.585
Bills discounted
ReSOWTAIIDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
65,851
Time loam with collateral
8,525 Real estate mortgagee
$881,886
$867,859
$896,539
Call loans with collateral
201,500 Stocks and bonds
1,032,534
954,593
842,636
Loans on call upon one name
19,071 Loans on oollateral
310.752346,903
400,542
Loans secured by bond and mortgage
18,700 Loans en personal securities
139,165
95,984
138.486
Bonds
Loans on call on one name
16,912
178,775
116,050
135,497
Bonds and mortgages owned
174,100 Real estate
71,617
72.493
72,679
Judgment ofrecord owned
52.675 Cash on hand
178,997
156.702
127,635
Office building and lot
50,000 Cash on deposit
179,381
185,695
68.420
Furniture and fixtures
11.160 Other assets
17.369
22.508
18.252
Overdrafts
58
Total
$2,999.475 $2,861,289 $2,658.184
Total
$780,867
LtarnlitiesLiabilitiesCapital stock
$150,000
$150,000
$150,000
Capital stock
125,000 Surplus fund
275,000
250,000
200.000
Surplus fund
75,000 Undivided profits
60,424
72,616
105,340
Undivided profits
1,153 Deposits
2,514,024
2,202,539
2,288,661
Demand deposits
151,516 Bills payable_
100,000
Time deposits
416,198 Miscellaneous
27
12
305
Other liabilities
12,000
Total
$2,999.4,"5 $2,861,289 $2,658.181
Total
$780,867 Trust department (additional)
$2.237,568 $2,178,589 $2,080,572
[VoL. 128.
FINANCIAL CHRONICLE
1340
-Concluded.
Wharton Title & Trust Co. (Philadelphia)
Tioga Trust Co.(Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$999,707
$997,951
$964,288
Bonds, stocks, &c
322,269
77,382
185,938
Real estate
1,045.397
1,271.658
1.202,328
Mortgages
457.742
409,404282,334
Loans with collateral
407.946
201,204
154.962
Loans on call on one or more names
247.957225,416
250,078
Commercial paper purchased
100,831
140.206
158,224
from banks
Due
103.062
61,885
73,745
-Specie and notes
19,950
84,428
414,720
Other assets
$3,862,025 $3,943,704 $3,055,283
Total
Liabilities
$250,000
6125.000
$250,000
Capital stock
184.532
80.541
314,987
Undivided profits
54,816
56.336
78,578
Res.for deprec.,int.,taaes & exp.2.668,555
2,508.506
1,716.619
Deposits
182.429
888,272
452,0001
Bills payable
49,8411
Other liabilities
$28,374
Trust dep.(additional)
Total
62,862,025 $3,943,704 $3,055,283
Resources-
*Union Bank & Trust Co.(Philadelphia).
.
Dec. 31 '28. *Dec.31'27 *Dee.31 '26.
Resources$233,620
$865,239 134.670,365
Cash on hand
691,437
5,501.882
Due from banks and bankers
2.776,363
3,882.341
Commercial and other paper owned
2.722.264
6,729.559 1
Loans on collateral
903,850
1,816,614 28,893,240
Loans on call on one name
2,694.145
4,589,689
Stocks, bonds, &c
1.134,422
757,888 J
Mortgages
85,318
153,359
Furniture and fixtures
37,795
494,774
Real estate
Office building and lot
50,484
1,172.188
Cust'rs nab.on accep.& letters of cred. 1.293,061
59.663
197.893
Other assets
Total
$36.282,298 $34,735,793 $11,389,361
Liabilities
$2,000,000 $2,000,000 $1,000,000
Capital stock paid in
2,000.000
600,000
Surplus
2,000,000
179.370
583,989
Undivided profits
397,950
32.710
317.874
Reserves for deprec.,Mt.& taxes
218.775
9.412.906
26,662,322 27,559.343
Deposits
1,100,000
Bills payable
3.500.000
50,484
601,926
Acceptances executed for customers _
760,662
572.661
Letters of credit unused
553.175
113.890
189,414
Other liabilities
Total
636.282,298 534.735,793 $11.389,361
Trust dept.(additional)
$4.888,263 32.426.956 $1.396.395
•Union National Bank & Mutual Trust Co. consolidated as of Dec. 5
1927. Middle City Bank consolidated with the Mutual Trust Co. as of
Mar. 21 1926.-V. 120. p. 1702.
United Security Life Ins. & Trust Co. (Philadelphia).
ResourcesDee.31 '28.
Bonds and mtge.owned
$2.882,429
Bonds and stocks
1,487.400
Loans on collateral
2.797,175
Commercial paper
1.351,811
Banking house and other real estate....
646,933
Cash on hand and deposit
826.215
Other assets
36.090
Total
$10,028,053
Liabilities
Capital stock
$1.000,000
Surplus
1,000,000
Undivided profits
233,543
Reserve
84,291
Bills payable
General deposits payable on demand.. 7,565.255
144.964
Other liabilities
610,028,053
Total
$5.585.230
Trust department (additional)
Dec. 31 '27. Jan. 1 '27.
$3,498,060 63,382,316
991.784
1,381,195
2,748,273
2,115.751
1,305.774
668,390
454,934
586.963
718.410
758,310
42.337
2.100
39.648,472 39.006.107
$1,000,000 $1.000.000
1,000,000
1,000,000
190,606
232,037
115.795
158,167
200,000
200.000
7,003.445
6,415,903
138.626
39.648,472 $9,006,107
$5,355,556 $1,478,656
Wharton Title & Trust Co. (Philadelphia).
ResourcesCash,specie and notes
Duefrom approved reserve agents Commercial paper
Time loans with collateral
Call loans with collateral
Loans on call on one or more names
Bonds & stock
Mortgages
Office building and lot
Other real estate
Furniture and fixtures
Other assets
Dec. 31 '28. Dec. 31 '7. Dec. 31 '26.
316.793
372.120
618.152
49,963
169,965
259,888
112,800
340,160
87,583
85,156
27,700
26,038
30,025
54,841
316,245
253,410
35.000
52,948
52,948
9,305
11,992
2,868
4,245
14,646
17,444
$848,350
Total
$737,830
1575.095
LiabilitiesCapital stock
Surplus fund
Undivided profit
Reserve for depreciation
Demand deposits
Time deposits
Bills payable
Other liabilities
Total
Trust dep.(additional)
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
3157.700
$160,500
$200,000
8,500
22,500
15,000
1.075
5,000
183,184
245.9571
421.266!
178,862
259,586j
1
45.000
125.000
100,000
1,848
16,064
14,232
$848,350
$2,096
$837,830
$575,095
West Philadelphia Title & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Real estate
Cash on hand and on deposit
Other assets
Total
Liabilities Capital stock paid in
Surplus
Undivided profits
General deposits
Bills payable
Other liabilities
Total
Trust department (additional)
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
62,433,766 32,381.289 $2,171,006
4,134,754
4,219,994
5.802,667
3,161.203
2,574,293
2,408.512
524,850
822,562
907,277
814,377
855.657
898,601
177.890
140,569
213,938
312.664.764 310,994.364 110,984.080
6500.000
$500,000
$500.000
901,000
900,000
900,000
96,108
113,222
120.749
8,648,797
9,308,054
9,740,976
715,000
125.000
1,378,000
124,175
48,088
25.038
$12,664,764 110.994.364 $10,984,080
4,393,925
$8,216,925 64.827,512
1926.
1927.
1928. •
2 to 4%
2 to 4%
2 to 4%
Rate of int. on dep. of $500 & over....
18%
18%
Dividends paid in calendar year
18%
*William Penn Title & Trust Co.(Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources610,250
$81,935$65,222
Cash, specie and notes
46,444
198.490
133,728
Due from approved reserve agents
640
168
470
Due from other banks,trust cos.. &c126,751
597,691
634,208
Commercia lpaper
11,662
63,812
114,116
Time loans on collators'
19,463
50,200
99,853
Call loans on collateral
18,259
62,300
38,600
Loans on call on one or more names-217,919
Industrial loans, two or more names-670
366,650
243.820
Loans on bonds and mortgages
12,373
202,652
472.715
Bonds and stocks
77,865
18,200
12,500
Bonds & mtges. owned & judgments..
59,613
93,938
94,020
Office building and lot
21,017
19,689
21,205
Furniture and fixtures
103
115,643
173.828
Other resources
8405.101
12.427,262 31,766,311
Total
Liabilities
$500,000
$250,000
$125,150
Capital stock
90,878
Capital stock paid acct. sub
68
50,000
125,000
Surplusfund
18,175
Surplus fund acct. sub
23,443
16.558
Undivided profits
4,544
Undivided profit acct. sub
44,940
46,213
16,682
Reserve fund
165,995
804.568
733,336
Demand deposits
371,022
19.923
763,618
Time deposits
100,000
31,025
224.000
Bills payable
18,000
48,068
47.468
Other liabilities
$405,101
$2,427,262 31,766,311
Total
$7.648
$2,096
Trust department (additional)
* Formerly the Pilgrim Title & Trust Co. V. 125,p. 2481.1007.
Wyoming Bank & Trust Co. (Philadelphia).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources-$66,886
$52,978
$39.881
Cash, specie and notes
160,165
183,580
86,808
Due from approved reserve agents-30,000
30,000
30,000
Legal reserve securities
126,293
183,176
70,4
Commercial paper
63.611
34.795
50,9
Time loans on collateral
769,195
472,511
580,265
Call loans on collateral
274,185
261,500
282,590
Loans on call on one name
552,553
485.762
645,185
Bonds and stocks
175.908
301,885
229.600
Mortgages and judgments of record
110,947'
110,947
114,648
Office building and lot
21.934
21.213
23,495
Furniture and fixtures
9.640
12,052
13,745
Other resources
82.677.996 62,068,013 $1,923,315
Total
Liabilities
1200,000
8200.000
$200.000
Capital stock
140,000
100,000
100,000
Surplusfund
12,081
27,120
11,737
Undivided profits
956,972
840,224
Demand deposits
895.715
1,356.670
707,863
900,669
Time deposits
12,273
Miscellaneous
8.000
82,677,996 $2,068,013 $1,923,31
Total
5
BALTIMORE COMPANIES
Baltimore Trust Co. (Baltimore)
-Concluded.
*American Trust Co. (Baltimore).
Dec. 31 '28.
Resources31.174,392
Loans and discounts
616,560
Stocks, bonds, securities, &c
156.644
Banking house
4.281
Furniture and fixtures
4,304
Due from banks, bankers & trust cos..
475.544
Due from approved reserve agents- _ _
11,541
Cash
17.644
Miscellaneous assets
Total
$2,460,910
Liabilities
Capital
5500.000
100,000
Surplus fund
Undivided profits
15,587
Demand deposits
1.116,571
Savings and special depoits
429,638
150,000
City of Baltimore deposits
Bills payable
Mortgage account
132,000
Unearned discount
3,054
14.060
Other liabilities
Total
52.460.910
*Began business in 1926.
Dec. 31 '27.*Dec. 31 '26'
$1,194,463
$956.588
176.015
335,456
156,644
156,644
4,141
4,141
7,775
2,734
59,387
109,123
5,6585,805
13,039
24.812
$1,833,031 $1,379,394
$500.000
100,000
11.090
588,262
287,359
100.000
125,000
132,000
$500.000
100,000
5,082
392,570
158,535
50,000
25,000
132,000
6,207
19.320
51,833,031 31.379,394
Baltimore Trust Co. (Baltimore).
Dec. 31 '28. Dec. 31 '27.
ResourcesCash on hand & in F. R.& oth. banks$10.901.995 $14,135,393
U. S. Govt. & other bonds & invest..- 14,868,736 14,186.094
37,102,897 19.329,887
Loans secured by collateral
13,434.459
Discounts and bills purchased
4.486,065
Customers'liability account accepts,_ S 6.286,703
217,786
Customers habil. under letters o cred
2,754,674
Banking houses, furniture & fixtures.. 3,280,534
286,852
Interact earned but not collected_.._..1 294,352(
39.036
Miscellaneous assets
$72.735,217 868.870,246
Total
Dec. 31 '26.
611,963,548
10,932.603
20,359,864
13.142,621
4,202.228
396,934
2,368,053
226.887
221,165
363,813,903
Liabilities
Dec. 31 '28. Dec. 31 '27.
Capital
$33,500,000 $3,500,000
Surplus and undivided profits
4,300,000 4,200,000
Reserves
392.572
_1 639.4401
Interest collected but not earned-138,169
Acceptances
6,545,274
7.978,904
Letters of credit
217,786
Bonds borrowed
Deposits (time)
56,316,874J 23,916,600
)
Deposits (demand)
1 29,959,845
Total
Dec. 31 '26.
$3,500,000
4,170,822
303,484
171,667
4,821,228
396.934
500.000
20,733.129
29,216,639
$72,735,217 368,870.246 563,813,90.7.
Colonial Trust Co. (Baltimore).
Resources
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$679,457
Loans and discounts
$605.417
$812,456
433
Overdrafts, secured and unsecured478
1.075,492
1.068,340
Stocks, bonds. securities, &c
824,573
285,650
309,750
Mortgages
261,250
153,989
153,325
Bkg. 11011903, turn., fixtures & vault_
153,642
26.498
26,498
Other real estate
26,498
706
94
Checks and cash items
251.542
188,699
195,814
Due from approved reserve agents......
15,807
11,398
18.191
Lawfulmoney reserve in bank
5.084
12,778
17,138
Miscellaneous
$2,310,134 12,377.344 12.493.519
Total
Liabilities
$300.000
6300,000
1300,000
Capital stock paid In
200,000
200.000
300.000
Surplus fund
52,018
118,331
56,671
Undivided profits
1,937.786
1,743,335
1,635,488
Deposits
3,715
8,948
7.325
Reserve for taxes
6,730
10.650
Other liabilities
Total
32,310,134
32.377,344
82.493,519
MAR. 2 19291
Fidelity Trust Co. (Baltimore).
*Century Trust Co.(Baltimore).
ResourcesLoans
Investments
Equipment
Cash on hand and in banks
Other real estate owned
Interest earned not collected
Oust. liab. acct.,letters of credit
Warehouse and fee, sample lots
Mortgages
Miscellaneous assets
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
$9,387,035 88,753,674 67,435,599
1,972,658
3,715.746
2,832,696
37.152
18,961
15,052
3,488,471
1,288,409
1,301,728
41,555
73,315
66,400
64,667
52,054
10.000
131,305
209,788
377,207
66,684
Total
Liabilities
Capital
Surplus
Undivided profits
Reserve for interest and taxes
Reserve for depreciation
Reserve for contingencies
Interest collected not earned
Letters of credit
Bins payable
Deposits
$14,699,362 $14,339,986 $12,300,808
$1,000,000 $1,000,000 $1,200,000
1,800,000
1,700,000
1,900,000
303.585
292,499
211,509
76,280
136,846
103,964
22,266
17,266
10,000
28,519
49,429
29,369
26,231
27,784
31,703
131,305
10.000
550,000
10,761,176 11,116,162 8,804.263
Total
$14,699,362 $14.339,986 $12,300,808
•Security Storage & Trust Co. purchased as of Dec.9 1927. Above are
combined results of both companies for all the years. The storage business
has been sold by the Century Trust Co.to a separate corporation and does
not appear in the Dec. 31 1927 statement.
(The) Continental Trust Co. (Baltimore).
Resources-Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
Loans and discounts
$6,281,974 $17,310,844 89.614,681
3.774.307
Stocks, bonds. securities, &c
3,699,581
2,705,972
1.550,000
Banking house,furniture and fixtures 1.550.000
1,550,000
471,747
Due from banks, bankers and tr. cos_
811,328
569,189
1,111,939
Due from approved reserve agents
1,386,950
678,393
Exchange for Clearing House
1,570,074
597,315
1.226,485
45,012
Cash on hand
149.217
34,085
Total
$13,476,365 25,833,923 816,378,805
Liabilities
Capital stock paid in
$1,350.000 $1,350.000 $1,350,000
Surplus fund
1.350,000
1,350,000
1,350,000
682.182
Undivided profits
711,770
647,061
Due to banks, bankers and trust cos_
320,574
139,272
321,538
11.638.098
Special trust funds
9.521.277 11,460,872
7,434,092
Deposits (demand)
971.792
2,491,231
Deposits (time)
1,249,334
$13,476,365 $25,833,923 $16,378,805
Total
1341
FINANCIAL CHRONICLE
Equitable Trust Co. (Baltimore).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesLoans and discounts
$12,222,811 $12,014,793 $12,647,128
3.733
2,644
Overdrafts, secured and unsecured
9,491,079
Stocks, bonds, securities, &c
9,296,756
7.485.062
Bank. house, vaults,furn. & fixtures_
250,000
250,000
250.000
11,632 1
119,598
Due from banks, bankers 8c trust cos_
Due from approved reserve agents
3,563,896
3,176,153
3.313.341
Lawful money reserve in bank266,680
204,473
143,089
Accrued interest receivable
179,896
156.268
Miscellaneous
93.294
102.754
55,613
Total
$26,153,090 $25,240,190
Liabilities
Capital stock paid In
$1,250,000 $1.250,000
Surplus fund
1,500,000
1,250.000
Undivided profits
549,015
526,110
Due to banks, bankers and trust cos350,272
338,555
Due to approved reserve agents
704,110
555,373
Deposits (demand)
12.004,665 12,872,417
Deposits (time)
9,355,719
8,056,206
Dividends unpaid
32,000
31,262
Reserved for taxes. interest, &c - --325,950
335,478
Bills payable
Miscellaneous
81,299
24,789
Total
$26,153,090 $25,240,190
$23,907,412
81,250,000
1,250,000
377.119
ResourcesDec.31 '28. Dec. 31 '27. Dec. 31 '26.
Loans and discounts
$9,532,877 $9.271,930 $14,610,040
Overdrafts, secured and unsecured
580
269
345
Stocks, bonds,securities, &c
8,765,684 10,346.780
9.177,046
Due from banks, bankers & trust cos_
3,092
10.122
12,823
Due from approved reserve agents
3,165,618
4.132,585
3.295.891
Cash on hand
352.869
298,885
323,650
90,767
Due from cust'rs under letters of cred
67,375
107,256
Miscellaneous assets
4,770
14,130
28.574
Total
$21,916,257 $24,142.076 $27,555.625
Liabilities
Capital stock paid in
61,000,000 $1.000,000 $1,000,000
Surulus fund
2,000,000
2,000,000
2,000,000
647,626
Undivided profits
545,752
439,015
Due to banks, bankers and trust cos_
831,897
1,366,844
1.427,230
342,058
Due to approved reserve agents
349.888
374,988
13,338.114 16,846.643 16.070.973
Deposits (demand)
2,190,839
Deposits (savings and special)
Reserve for taxes and interest
40,000
39,513
36,000
100.000
Certificates of deposit
680,625
530,152
984.956
945.436 5.241,471
Trust deposits
350,000
300,000
City of Baltimore deposit
300.000
90.767
Liabilities under letters of credit_
67,375
107.256
Other liabilities
28,539
$21,916,257 $24,142,076 $27.555,625
Total
1928.
1927.
1926.
21%
24%
Divs. pd. on co.'s stk. in cal. year__
24%
Rate of interest paid on deposits__ 23 %sav.33. %
23.4% 2% daily,
*Real Estate Trust Co. (Baltimore)
ResourcesLoans
Investments
Furniture and fixtures
Due from approved reserve agents
Cash
Interest earned not collected
Miscellaneous
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Reserve for interest
Other liabilities
Total
*First statement.
Dec. 31 '28.*Dec. 31 '27.
51,693.874 $1,635,296
222,970
183,666
6,264
4,882
159,104
148.325
10,790
16,328
22,342
833
14,883
$2.116,177 $2,003,380
8600,000
$600,000
150,000
150,000
21,500
9.849
1,238.377
1.338,950
4,375
3,320
1,352
1,834
$2,116,177 $2.003,380
Safe Deposit & Trust Co. (Baltimore).
ResourcesStocks and bonds
Loans, demand, time and special
Mortgage loans
Cash on deposit in banks
Bills receivable
Real estate
Accrued interest receivable
Other assets
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for taxes. &c
Deposits
Deposits, trust funds
Total
Dec.31 '28. Dec. 31 '27. Dec. 31 '26
$14,420.857 $14,719,258 $9,389,228
4,794,297
3,941,632
3,635.597
627,675
314,354
151,753
2.363,366
6,065.345
2,357.654
102,000
176,000
218.200
100,000
100,000
100.000
41.627
25,689
27.726
24
2,904
3,478
522,449,846 825.345,182 615.883.636
$1,200,000 $1,200,000 81.200,000
3,600,000
3,600.000
3.600,000
981,154
869.195
636.286
415,646
189,383
172,26.5
14,341,441 16,223.249
8,118.315
1,911.605
3.263.355
2.156,790
$22.449,846 $25.345.182 $15,883,636
Title Guarantee & Trust Co. (Baltimore).
Dec.31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$2.918,323 $2,810,576 83.675,380
Loans and discounts
3,466,304
4,014.931
1.995.140
Stocks, bonds,securities,&c
600,200
600,200
600,200
Banking house,furniture and fixtures
2.572,592
3.427,200
2,395.248
275.335 Mortgages and ground rents
617,510
880,800
905,533
500,000 Cash in hand and in banks
43.724
33.966
124,331
23.790 Equity in other real estate owned_
47.644
46.646
47,458
Accrued interest receivable
$23,907,412 Miscellaneous
4.347
3,312
4.096
510,460.709 $10,711,521 810.663,428
Total
Maryland Trust Co. (Baltimore).
Liabilities
$600,000
$400.000
$600,000
Resources-Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Capital stock paid in
800,000
900,000
900,000
Loans
$6,599,635 $7,696,212 $6.353.701 Surolus
29,579
28,818
31,379
Stocks, bonds,securities, &c
2.773,670
3,129,474
2,418,920 Undivided profits
583,623
506.409
Due from banks, bankers & trust cos- 3.745,245
2,306.077
2,372,152 Due to banks, bankers & trust cos_
4,424.830
8,558.347j 3,844,774
Cash on hand and on deposit
914,413
1,129.143
1.222,593 Deposits(demand)
4.319,520
Banking house and office building_ _ _
I 4.752,539
I
615,000
625,000
635,000 Deposits (time)
31,623
33.698
1
3
Miscellaneous assets
106,961
111,564
98,976 Ruth:ling loan deposits
300,000
Bills payable
Total
$14,759,527 $14,992.867 $13,101.342 Reserve for interest on deposits
69,386
50,153
70.983
Liabilities
$10,460,709 $10,711,524 510.663.428
Total
Capital stock paid in
$1,000,000 $1,000,000 $1,000,000
Surplus earned
750,000
750,000
500.000
*Union Trust Co. (Baltimore).
Undivided profits
119,992
219,606
292,398
Wee. 31'28.*Dec. 31 '27. Dec. 31 '26.
ResourcesReserve for taxes, interest, &c
43,119
53.871
26,581
526,486,197 519.617,371 $20,858,156
Deposits
12.736,050 13,079,756 11.282.363 Loans and discounts
5,685.396
8,632,240 10,230.910
Stocks, bonds, securities, &c
Total
680,001
450.000
450,000
$14,759,527 $14,992,867 $13,101,342 Banking house,furniture & fixtures
386.979
417,029
696,782
Other real estate
4,704,868
4,337.821
5.313,736
Cash and exchange
Mercantile Trust & Deposit Co. (Baltimore).
107.350
550.100
426,584
Credit granted on acceptances
Resources
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26. Customers'Habil. under letters of cred
218,520
Loans and discounts
616,580,057 $14,454,019 $14,592,939 Other resources
29,787
Stocks, bonds,securities, &c
6.783.254
5,862,940
6.732,365
Total
$42,224,059 $35,603,231 832,452,537
Banking house, furniture and fixtures
100.000
100,000
Liabilities
Cash on hand and on deposit
1,990,184
2,952,712
1.908:491 Capital stock paid in
$1,500,000 $1,150.000 $1,750.000
Unsettled bond accts. & accts. receiv_
340,305
160,174
44.369 Surplus fund
1,150,000
1,250,000
2,500,000
Foreign department
16,008
49.909
21.467 Undivided profits
687,883
1.200,539
1,288,023
Clearing House exchanges
881.716
570,681
410,087 Reserve for interest and taxes, &c
82.987
229,198
270,671
Customers'liabil. under letters of cred
260.570
Deposits
36,061.734 31,432,021 28,531,667
Total
826.031.789 $25,070,749 $23.809.718 Acceptances sold
400.000
426,584
Liabilities
100,000
Rediscounts
$1,500,000 $1,500,000 $1.500,000 Bills payable
Capital stock, paid in
50,000
Surplus fund
4.000,000
4,000,000
218,520
3.500.000 Letters of credit
profits
410,106
Undivided
124,237
342,944
Total
842.224,059 535.603,231 532,452,537
300,855
Reserve for interest and taxes
226,610
213.202
• Commerce Trust Co. absorbed by Union Trust Co. as of Oct. 1 1927
Deposits (demand)
15.252,304 14.866,615 14,033.179
Deposits (time)
4.307,945
4,353,287
4.220.393 Above is combined statements of both companies for all the year. t On
Feb. 1 1928 Union Trust Co. absorbed the West Baltimore Bank and
260.579
Letters of credit
Overlea (Md.) Bank, and on Mar. 1 1928 the Commercial Bank of Mary
Total
$26,031.789 $25,070,749 $23.809.71 1 and (Arlington, Md.).
20,231,168
ST. LOUIS COMPANIES
Chippewa Trust Co. (St. Louis).
Resources- .
Loans and discounts
Overdrafts
Bonds
Stock in Fed. Res. Bank, St. Louis
Banking house & real estate
Safety deposits vaults
Cash and due from banks
Interest earned. uncollected
Total
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$1,374,646 $1,317,584 51,306,304
1,250
361
454
451,099
297,485
194.924
7,500
7,500
7,500
I 215.283
58,000
10.000
207.431
179,085
-59,734
10,959
11.665
10.106
( &Mg
52,268.168 $1,881,180 51,747.023
Chippewa Trust Co. (St. Louis)
-Concluded.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Liabilities$200,000
Capital stock paid in
$200,000
5200,000
50,000
Surplus
50.000,
Undivided profit
50.704
46.545
39.082
Reserve for net & taxes
12,600
9,600
825.345
Deposits subject to cheek
796.109
757.787
810,402
Time certificates of deposit
745,897
679,068
Treasurer's checks
22,159
32,727
15,362
30,322
Unearned interest
6.500
302
86,636
Commissioners' ace t (Chippewa Bk.)
Bills payable
180,000
52,268,168 51.881,180 51,747,023
Total
1342
[VOL. 128.
FINANCIAL CHRONICLE
Laclede Trust Co. (St. Louis)-Conducied.
Broadway Trust Co. (St. Louis).
ResourcesJune 30'28.
Loans, demand,time and special_ ___
$784,585
Bonds and stocks
154,753
Due from trust cos. and banks
243,382
Cash on hand
93,143
Furniture,fixtures and vault
21,905
Other assets
19,221
Total
31,316,989
Liabilities
Capital stock
$200,000
Surplus and undivided profits
20,171
Deposits
1,095,870
Re-discounts and bills payable
Other liabilities
948
Total
31,316,989
June 30'27. Dec. 31 '26.
$1,317,376 31,514,094
286,408
62,383
302,687
163,659
41.150
185,617
21,363
21,636
10,338
7,784
$1.758,454 $2,176,040
$200,000
$200,000
28,046
22.939
1,673,994
1,451.226
274,000
83,000
1.289
31.758.454 $2,176,040
Chouteau Trust Co. (St. Louia).
Resources-.
Loans on collateral security
Loans on real estate security
Bills purchased
Bonds and stocks
Furniture and fixtures
Due from trust cos, and banks
Checks and other cash items
Cash on hand
Other resources
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Bills payable
Other liabilities
Total
Dec. 31 '28. Dec. 31 '27. June 30'26.
$612,453
$982,243
$579,979
579,127
578,086
737,650
4,256
4,093
263,665
334.752
344,798
23,334
23,922
22,310
90,103
86.210
41,377
66,855
40,465
54,133
83,495
78.461
76,253
4,395
609
31,860.593 31.759.667 $2,092,764
$200,000
200,000
3200,000
100.000
60,000
60,000
2,952
2,797
4,383
1,722,104
1.496.755
1,443,109
60.000
150,000
7,707
115
3.101
31.860,593 $1,759,667 $2,092.764
Easton-Taylor Trust Co. (St. Louis).
ResourcesLoans on collateral
Loans on real estate
Other securities
Bonds and stocks (present value)
Due from banks and trust cos
Cash on hand, &c
Furniture and fixtures
Safe deposit vaults
Real estate
Other resources
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits. demand
Bills payable and rediscounts
Time certificates of deposit
Savings deposits
Treasurer's checks outstanding
Other liabilities
Total
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$552.736
3549,483
$610,283
299,945
225,275
379,250
345.957
414,877
401.639
516,559
603,793
622,128
145.319
165,416
149,723
136.142141,340
140,000
10.446
9.512
6.437
13,850
13,850
10,925
63.500
62,230
59,230
17.587
21,509
20,252
$2.399.867 32,205,340 32,103,986
'
$200,000
75,000
36,252
949,214
$200.000
75.000
33,288
929,144
$200.000
50.000
48,343
883.988
50.000
126.648
719,934
25,073
159,845
189,277
792,981
913,323
14,612
35,991
471
810
$2,399,867 32.205,340 32.103.986
*Fidelity Bank & Trust Co. (St. Louis)
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26
Loans on collateral security
131.533,961 $1,372,956 $1,721,812
42.378
Loans on real estate security
327,660
248.598
Bonds and stocks
1,318,823
141,980
156,064
U. S. ctfs, of indebt.
28,000
28,000
Furniture and fixtures
28,875
15,610
16,280
Real estate
11,250
336,747
379.361
Due from trust cos. and banks
387,790
27,340
18,628
Cash on hand
36,467
21,682
28.005
Other resources
Total
83,345,171 $2,271,975 32.611,321
Liabilities
$200.000
$200,000
Capital stock paid in
$200,000
50,000
50,000
50,000
Surplus
9,064
7.321
Undiv. prof. less current exp. & tax
23,515
Dep.sub, to draft at sight by indiv._
1.131.351
1,172,738
& others.incl. dem.ctfs. of dep.
1,179,927
219.439
136.773
Time certificates of deposit
329,268
454,618
466,947
536,839
Savings deposits
248.599
60,135
United States deposits
266,388
64,340
48.095
Treasurer's checks
77,790
25,000
Borrowed bonds
3,241
Special reserves
62,745
Rediscounts
190,443
25
Dividends nnpaid
120.000
151.867
Bills payable
491,000
Total
$3,345,171 $2,271,975 32,611.321
•Formerly the City Trust Co.. name changed as above on Oct. 12 1927.
1
*Franklin-American Trust Co.(St. Louis).
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Dividend checks outstanding
Bills payable
Treasurer's checks
Bonds borrowed
Re-discounts
Total
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$300,000
3300.000
3300.000
146.499
180,569
166.598
2,061,259
2.246,010
2,390.881
9,003
5,375
5,151
75.000
418.000
189,000
32,976
32.676
7,185
50,000
15,000
33.377.277 $2,914,168 32,639,737
*Lafayette-South Side Bank & Trust Co. (St. Louis).
ResourcesDec. 31 '28.
$12,246,422
Loans undoubtedly collateral
4,950,675
Loans on real estate
Customers' liability on letter of credit
20,967
2,279
Overdrafts
10,800,450
Bonds and stocks
350,000
Real estate (company's office building)
138,481
Other real estate
Safety deposit vaults
37,600
Due from Federal Reserve and other banks and trust companies 2,495,904
217,856
Checks and other cash items
439,675
Cash on hand
10,118
Items in process of collection
Other resources-Liberty bonds held for safekeeping
100
Total
$31,710,527
Liabilities
$2,150,000
Capital stock
1,000,000
Surplus
645,371
Undivided profits
100.000
Reserves for interest, taxes and other reserves
298,670
Deposits subject to draft by trust companies, banks & bankers
9.334,445
Deposits subject to draft by individuals and others
8,916,727
Time certificates of deposit
7,311
Demand certificates of deposit
7,544.966
Savings deposits
159,771
Cashier's checks and certified checks
54,076
Fidelity insurance fund
20,967
Contingent liability on letters of credit
555,000
Bonds borrowed
920,000
Bills payable and rediscounts
3.123
Contingent liability on lien claims
100
Other liabilities-Liberty bonds savings account
$31,710,527
Total
*Formerly Lafayette South Side Bank. Name changed as above Jan. 3
1928.
Liberty Central Trust Co. (St. Louis).
Dec. 31 '28. Dec. 31 '27.
Resources$21,339,447 $16,772,140
Loans and discounts
824.606
1,030,029
Customers'liability under acceptances
219.754
175,313
Oust. liab. under letters of crodit
21,670
2,192
Overdrafts
5,217.340
12,379,753
United States securities
105,000
105,000
Stock in Federal Reserve bank
5,322,438
6,349.798
Other bonds and stocks
1,153,528
Bank house equity & other real estate 1,229,107
113.000
113,000
Safe deposit vaults
959,000
959,000
Bonds borrowed
188,519
Interest earned uncollected
361,520
224,966
Other resources
9,478.924
9,192.192
Cash and sight exchanges
Total
$53,082,892 $40,754,343
Liabilities
Capital
$3.000,000 $3,000,000
500,000
Surplus
1 1.428,5571
738,581
Undivided profits
1
40,367
Unearned discounts
57.458
1,089,144
Acceptances
852,056
219.824
Letters of credit
175,313
959.000
United States securities borrowed-.
959,000
Govt.sec. under repurch. agreement_ 5,425,000
1 17.481.477
-Commercial
Deposits
7.737.514
Banks and bankers
Certificates of deposits
40.887.546t 3,528,063
3,789,569
Savings
I
1,421,000
U. S. Government
J
179.218
211,552
Depreciation
70,586
86,410
Interest & expenses accrued
353.082,892 340,75.1.344
Total
I
Jan.5'27.
$17,969,367
238.283
49,674
8,961,224
105,000
4,991.301
1,105,458
113,000
347,344
9.732.229
$43.612,880
$3,000,000
500,000
625,857
60,942
251,282
49.673
23,170,951
7,140,436
3,556,367
3.797.310
1.460,062
343.812.880
Lindell Trust Co. (St. Louis).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesDemandloans{3510,451
187,843
131.297,633 31,155,356
Time loans
398,000
Real estate loans
523,491
581.404
401.176
Bonds
190,000
81,000
56,000
United States securities
7,200
7.200
7,200
Stock in Federal Reserve Bank
166,147
239,348
Cash on hand and in other banks__ _
268,693
11,895
17,735
9,707
Furniture and fixtures
50,500
250,362
Bank building
1,596
560
Other resources
Dec. 31 '28.
Resources32,818.384
Bonds and stocks
1,829,751
Total
U. S. Government securities
32,525.769 $2,154,410 81,740,308
90,000
Stock in Federal Reserve Bank,St. Louis
Liabilities
12,974,350 Capital stock
Demand loans
$200,000
$200,000
$200,000
8,407.991 Surplus
Time loans
40,000
40,000
40.000
1.020,766 Undivided profits
Real estate loans
16,277
28,373
46,046
5.548,029 Reserve for
Cash and exchange
1,500
2,361
2.867
taxes
15,830 Deposits
Overdrafts
1,400,217
1,790.622
1,995.971
36,169 Bills payable
Customers'liability on letters of credit
85,000
69,000
240,000
Interest earned uncollected
73,944
15
999
885
102,435 Other liabilities
Furniture and fixtures
551,844
Banking house equity
32,525.769 $2,154,410 $1,740,308
Total
104,388
Safe deposit vaults
Other resources
51,164
Mercantile Trust Co. (St. Louis).
Total
833,625.045
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesLiabilities
$35,728.276{318,185,535 $22,189,124
$2,000,000 Time loans
Capital
15,589,221. ,
1,127,360 Demand loans
Surplus and undivided profits
. 10,947,079 10,781,067
79,848 Bonds and stocks
Reserves
111
27,331,348 Liberty bonds & U. S. Govt. ctfs. of 24.780,7271
Deposits
14,452,742 11,375,060
Indebtedness
1,153,000
U. S. Government deposits
300,000
300,000
(
11.839 Stock in Fed. Res. Bank, St. Louis_
borrowed
Bonds
2,261,000
2,757.537 12,261.000
39,569 Real estate (co.'s office building)
Letters of credit outstanding
450,000
450,000
1,820,000 Safe deposit vaults
Bills payable
11.475,625
1,368,736 10,636,435
62,081 Cash and sight exchange
Unearned discount
Customers' liability account accept'$33,625,045
Total
120,142
92,802
ances and letters ofcredit
150.000
*Franklin Bank and American Trust Co.consolidated as of April 23 1928. Acceptances
13.285
5,903
Other resources
Laclede Trust Co.(St. Louis).
374.742.165 373,653.018 $72,058,446
Total
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesWI
Liabilities$1.620,892 $1,423,501 $1,277.918 Capital stock paid in
Loans and discounts
$3,000.000 $3,000,000 $3,000,000
1,242,612
1,003,910
893.540 Surplus and undivided profits
Bonds and stocks
8,274,098
9.234,870
8.729,882
150,000
150,000
155,000 Reserve for int, and dive, and taxes-estate
Real
40,000
40,000
8.294
8,500
9,400
Safe deposit vaults
62,367.864 61.783.738 60,660,010
16,000
17,206
18,646 Deposits
Furniture and fixtures
.serel
acceptliability
326,547
298,694
273,092 Contingent letters ofaccount
120,142
Cash and due from banks
92,802
99.431
ances
credit
358
932
891 Unpaid and
4,196
Overdrafts by solvent customers
6,596
dividends
12,000
12.000
11,250
Stock Federal Reserve Bank
374.742,165 373,653.018 $72,058,446
Total
33.377.277 $2,914,168 32,639,737
Total
I
IN
MAR. 2 1929.]
FINANCIAL CHRONICLE
Mississippi Valley Trust Co. (St. Louis).
Northwestern Trust Co. (St. Louis).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$10.199,789 $11,329,903 $10,596,313
Stocks and bonds
U.S. bonds and ctfs. of indebtedness_ 1,988,963
981,282
991.454
Loans on real estate
.
131.757,672 27,180,102 [14.245,679
Loans on collateral
Other negotiable & non-nego. paper
10,659,822
238,726
231,442
Customers' liability on acceptances
875,263
849,503
Real estate
728,790
717.615
Cash on hand
1 7,620,279 9,492,528 1 373,521
Cash on deposit
1 8,258,135
341.205
281.862
251.522
Other resources
Resources-
$52,875,424 $50,346,622 $48,881,707
Total
LialnitiesCapital stock
Surplus fund
Undivided profits
Deposits (savings)
Deposits (time)
Deposits (demand)
U.S. Govt. bonds borrowed
Rediscounts with Federal Res. Bank
of St. Louis
Acceptances and letters of credit
Accrued interest
Other liabilities
Total
$3,000,000 23,000,000 $3,000,000
5,418,524 5,164,994 3,500,000
1, 1,349,722
6,194,775
41,856,992 41,125.143 3,695,751
30,117,279
1,000.000
1,200,000
238,726
52,124
109,058
700,000
231,442
54,474
70,569
875.263
44,410
104,507
$52,875,424 $50,346,622 $48,881.707
Mound City Trust Co. (St. Louis).
ResourcesDec. 31 '28. Dec.31 '27. Dec. 31 '26.
Loans and discounts
$1,540,231 $1,416,637 $1,366,317
Bonds and stocks in Federal Res, Bk.
589,827
639,407
588,941
Real estate
67,393
53,907
64,867
Cash and exchange
397,995
414,216
445,138
Furniture and fixtures
19,000
17,000
20,188
Other resources
58
10
18,715
Total
$2,664,771 $2,490,910 $2,504,167
Liabilities
Capital stock paid in
$200,000
$200,000
$200,000
Surplus
25.000
50,000
25,000
Undivided profits
26,000
5,000
37,616
Deposits
2,338,038 2.228,047 2,236,047
Bills payable and rediscounts
50,000
11,863
Reserves, depreciation, &c
21,733
5.503
Other assets
Total
$2,664.771
1343
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Loans and discounts
$4.867,021 65,044,690 $4,875,734
Cash and due from banks
775.206
840,931
714.945
Real estate
200
200
200
Overdrafts
2,196
2,433
3.734
Banking house, furniture .St fixtures
122,000
122,000
124.737
Bends and stocks
4.894,599
4,609,411
4.738.900
Total
$10,661,222 $10,619,665 $18.458,250
Liabilities
Capital stock
6500,000
$500,000
$500,000
Surplus
1,000.000
800,000
800,000
Undivided profits
172,086
264.068
162.974
Deposits
8,932,536 8,998,597 8.939,276
Reserves
56.600
56,600
56.000
Total
$10,661,222 310,619.265 $10.458.250
Security National Bank Savings & Trust Co.(St. Louis).
Dec. 31 '28. Dec. 31 '27.
Resources$1.862,423 $1,362,018
Loans on real estate and other collateral
635
Overdrafts
1,220
2,706,427 3,345,939
Bonds and stocks
Bills payable (secured by U. S. bonds)
300.000
Stock in Federal Reserve Bank St. Louis
11,250
11,250
324,887
313,728
Real estate (company office building)
310,875
1,345,399
U. S. Govt. ctfs, of indebt. and Lib. Loan bonds
Due from banks and trust companies
11,025,805
1,586.399
5,000
Due from U. S. Treasurer
Checks and other cash items
45,504
85,637
Cash on hand
70,634
86,792
Other resources
$7.173.530 $7.628.292
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for interest and taxes
Deposits subject to draft
Time certificates of deposit
Savings deposits
U. S. GoArnment deposits
Cashiers' checks
Bills payable
Other reserves
Circulating notes outstanding
6350,000
150,000
54,690
74.156
3250.000
125,000
68,455
47,712
14.172,697
335.268
6,447.484
1.874.382
525,280
73,996
50.000
5,502
97.200
100,000
Total
67.173.530 $7.628,292
$2,490,910 62,504.167
Union Easton Trust Co. (St. Louis).
North St. Louis Trust Co. (St. Louis).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Stocks and bonds investment
$1.063,794
$924,141
1754,229
Loans
1 1,689.094
1,766,268
1786.715
Other loans, incl. bills purchased....- -1
1682,191
Real estate mortgage
337.125
Due from Federal Reserve and other
banks and cash on hand
280,588
408.055
268.121
Real estate, furniture and fixtures- _
69,459
69.039
57,506
Other resources
19,961
16,671
28,291
Total
$3,122,896 $3,184,174 $2,914.178
Capital
$200,000
$200,000
$200,000
Surplus and undivided profits
125,095
107,188
96.037
Deposits subject to check
1,058.361
1,165,239
1,045.291
Certifs. of dep. and savings deposits- 1,726,035
1.710,776
1.553,864
Other liabilities-res. for int. & taxes
13.405
971
18.986
Total
$3,122,896 $3,184.174 $2,914.178
Resources
Loans and discounts
Bonds
Overdrafts
Banking house
Furn., fixt. & safe deposit vaults
Cash and sight exchange
Other assets
Jan. 2'29. June 30'27. Jan. 7 '26.
$862.986
$732,906
6701,185
104,005
302
42
176,1551
123.973
1
123,973
51,283
49,776
127,583
107,894
60,682
7,322
43.537
3.376
$1,278,353
Total
Liabilities
$200,000
Capital
1
34,121(
Surplus
Undivided profits
Bills payable
200,000
Treasurer's checks
840,820
Individual deposits subject to check_
Savings deposits
Certificates of deposit
3,412
Other liabilities
Total
Park Savings Trust Co. (St. Louis).
$1,278,353
$972,220 $1,026,407
$200,000
30.000
926
75,000
3,750
609,1501
I
40.730
12,664
$200.000
30.000
2,117
90,000
9,658
404,162
238.104
43,374
8,992
$972,220 *1.026,407
*Vandeventer Trust Co.(St. Louis).
Resources-Dec. 31 '28. Dec. 31 '27. Dec.31 '26.
Loans on collateral
$253,288
$310,563
$150.000
Loans on real estate
145,330
173,680
176.900
Other negotiable and non-negotiable
paper and investment securities
1,770
,;,353
25,593
Overdrafts
3,374
1,439
1,139
Bonds and stocks
194,645
314.977
186,098
Stocks in Fed. Res. Bank,St. LOUIS
1,800
1,800
1,800
Furniture and fixtures
12,503
14,405
12.274
Safety deposit vaults
12,052
11,886
12,552
Due from Fed. Res. and other banks65,600
15,932
45,722
Cash on hand
41,063
14,920
11.105
All other resources
2,729
2,471
2,302
Total
$684.487
$914,094
6637.985
Liabilities
-Capital stock paid in
$550.000
$50,000
$50.000
Surplus
10,000
10,000
10,000
Undivided profits
6,035
3,385
1,522
Demand deposits
425,169
375,637
311,698
Time deposits
172,465
192,776
229.088
Bills payable and rediscounts
165,000
73,000
35,000
Trust department deposit account
57,710
29
Suspense account
7.404
648
Total
$914,094
$684,487
$637,985
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$122,302
347,157( $112,870
Loans on bonds and stocks
}
$
10,075
11,926
Loans to customers
599,422
569,595
653,481
Bonds and stocks
504
U. S. Government obligations
19,172
16,422
Furniture,fixtures & safe dep. vaults1
18,7331
8,750
5
Real estate
8,750
379
245
Overdrafts by solvent customers_
162.642
Cash on hand
121,650
103,549
121
151
Other resources (collections)
The Savings Trust Co. (St. Louis).
West St. Louis Trust Co. (St. Louis).
$842,612
Total
$1,127,954
$917,330
Liabilities
Capitalstock$250.000
$50,000
$50.000
Surplus and undivided profits
22,780
13,900
49,053
Treasurer's checks
1,846
4,550
Demand deposits
495,631
539,339
19,062
Time certificates
828,901
19,606
Savings deposits
237,104
252.419
Unclaimed deposits
3,158
3,118
Bills payable____25,000
Miscellaneous
la
9,398
Total
$1,127.954
$842.612
$917,330
* On Jan. 2 1929 converted into the Vandeventer National Bank.
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Dec. 31 '28. June 30'27. Dec.31 '26. Loans on
collateral security
$410,559
$403,187
6521.070
Loans on collateral
$1,340,811 $1,257,560 $1,273,524
Loans on real estate security
376,732
321,215
441.084
Loans on real estate
1,020,370
605.760
706.882 Bonds and stocks
1,502,000
1.421,700 1,308,200
Bonds
665,994
{232,900 Bills receivable
897,781
968.584
936.490
United States Government bonds- _ - _
300,000} 1,0 7,380
2
508,100 Real estate
96,600
93,100
98,100
Stock in Federal Reserve bank
7,500
7,500 Furniture and fixtures
29,291
32,364
30,569
Bank building
113,700
100.000
100,000 Due from trust companies and banks'
417,625
219,433
211,692
Safe-deposit vaults, turn. & fixtures..
80.299
73,028
73.028 Cash on hand and other cash items....!
134,003
148,382
Due from trust companies, banks,
Other resources
6,270
3,562
4,851
bankers and brokers
350,863
587.498
489,866
Checks and other cash items
113,6741
1110.817
TotaL
$3.736,758 63497,148 $3,700,438
Cash on hand
140,8281
268,430
1 79,486
Other assets
3.179
ListrilititsCapital
*200,000
6200,000
$200.000
Total
$4,134,039 $3,922,835 *3.582.102 Surplus stock
100,000
100,000
100,000
Undivided profits
68,992
62,418
54.924
Liabilities
Deposits by individuals and saws inCapital stock paid in
$200.000
6200,000
$200,000
cluding demand certifs. of deposit_ 1,298,695
1.453.053 1,426.409
Surplus and undivided profits
141,039
130.442
121,541 Ilme certificates of deposit
351,941
323,264
317,637
Deposits subject to draft
2,465,2191
2.403,476 Sayings deposits
1,468,013
1.438,572 1.312,893
Time certificates of deposit
134,937 3,592,393
91.269 Rowse for Wt., taxes & depreciation
14.868
18.924
13,575
Savings deposits
942,844
765.816 Other liabilities4,239
917
Bills Payable
250,000
Bills payable
230.000
275,000
Total
$4,134,039 $3,922,835 83.682.102
65.736,748 33,507.148 $3,700,438
Resources-
1
[VOL. 128.
FINANCIAL CHRONICLE
CHICAGO COMPANIES
Central Trust
Co.
ResourcesDec. 31 '28.
Time loans
$40,996,235
Demand loans
38,963,493
Real estate loans
2.148,014
U. S. Government securities
17.860.162
Bonds and stocks
7,812.123
Capital stk. of Fed. Res. Bank, Chic420,000
Bank premises
775,000
Customers' Habil. on letters of credit_ 1.020,406
Customers' liability on acceptances
2,134,004
Cash and sight exchange
30,317,151
Total
$142446588
Liabilities
Capital
$8,000,000
Surplus
6,000,000
Undivided profits
2,065,164
Contingent reservefund
250,000
:Reserved for taxes and Interest
675,655
Dividend account
241,008
Bills payable
7,500,000
Letters of credit outstanding
1,031.621
Acceptances executed for customers
2,134,004
Deposits
114,549,137
Total
$142446588
Dec. 31 '27.
$33,908.657
32,697,298
3,122,568
14,109,587
10.691,797
270,000
775.000
699,434
791.404
25,089.203
122,154,949
Dec. 31 '26.
$38,088,625
29,676,477
2,888.359
1,672,553
10,212,568
270.000
775,000
444,696
93,898
23.414,434
107,536,610
$6,000,000 $6,000,000
3,000,000
4,000,000
1,624,992
1,149,140
250,000
809.937
801,425
180,519
180,762
458,461
713,519
93,898
791,404
108,268,698 95,368.803
122,154,949 107,536.610
*Chicago Trust Company (Chicago).
Dec. 31 '28. *Dec. 31 '27.Dec. 31 '26.
Resources$11,987.938 $9,729,124 $8,402,628
Cash on hand and on deposit
2,973,152
3,209.573
Loans secured by first lien on real est.. 4,369,358
4,022,048
3,170.103
Stocks and bonds
3,743,039
1,348,638,
U.S. bonds
90,000
Stock in Federal Reserve bank
120,000
Loans and discounts
25,938,482 24.008,191 19.135.498
7.774
417
Overdrafts
1,296
Customers' liability under letters of
339,063
653.823
credit and acceptance
229,184
785,337
902,766
Other assets, incl. accrued interest- _ 1.935,638
Total
$49,673,573 542,8.57,731 $35.474,808
Liabilities
Capital stock paid in
93,000,000 $2,400,000 $2,000,000
1.600,000
1.000,000
Surplus
2.000,000
683,898
678.181
Undivided profits
669.754
Deposits
42,505,339 36,193.043 30.175.425
70,343
Dividends unpaid
60.090
84,332
1,127.464
268,226
Interim certificates outstanding
100.000
Contingent fund
163,125
Reserved for interest and taxes
181.866
828,874
Liability under letters of credit and
339,063
653,823
acceptance
229,184
280.795
357.197
Discount cell. & unearned
356,090
Total
$49,673,573 $42,857,731 335.474.808
• National Bank of Commerce and Chicago Trust Co., consolidated as
of Dec. 1 1927.
Equitable Trust Co. of Chicago.
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Resources$725,292
3611,049
Cash on hand and due from banks-- $632,893
180.934
257.752
414,076
Bonds
2,558.370 J 1,315.759
Loans secured
1 2,462,485
1 1,514,812
Loans unsecured
123,500
123,500
123,500
Banking house & other real estate_ _
16,290
18,100
15.143
Furniture and fixtures
7.821
6,245
10.703
Interest earned
$3,658,800 53.610,631 33.848.793
Total
Liabilities
3250.000
1250.000
$250,000
Capital stock
50,000
50,000
50,000
Surplus
43,125
39.535
35,310
Undivided profits
6,252
5.000
10,716
Reserved for interest and taxes
150,000
Bills payable
3,261.254 3,354,258
3,312,774
Deposits
33,658.800 53,610,631 33,848,793
Total
First Trust and Savings Bank (Chicago).
Jan. 2 '29. Dec. 31 '27. Dec. 31 '26.
Resources$8,472,742 $10,443,526
Cash on hand and due from banks_ _ _
Cash in hands of agents and in coursel $6,855,984
484,319
1,661,306
oftransmission
86,720.382 80,458,008 77.027,802
Loans and discounts
5.168,743
5,599,698
5,442.227
Due from Federal Reserve Bank
45,358,941 46,955,220 48,926,728
Stocks and bonds
450,000
450,000
450,000
Federal Reserve Bank stock
4,451,600
4,890,553
Real estate
759,763
288,055
416,148
Other assets
$145,243,682$148,070,303$148,417,760
Total
Liabilities
$7,500,000 $7,500,000 57.500,000
Capital stock paid in
7.500,000. 7500.000
7,500.000
Surplus fund
3,994.972
5,231,420
6.407,144
Undivided profits
115.117,077 116,511,191 121,028,049
Deposits
3,314,855
3,626,017
2,219,268
Reserved for interest and taxes
3,300.000
Bills 'payable
5,079,884
7,701,675
1,120.150
Liability under letter of credit
1,092,981
Liability on other banks bills, sold
987,062
Other liabilities
$145,243.682$148,070.303$148,417,760
Total
(The) Foreman Trust & Savings Bank (Chicago)*
ResourcesCash on hand and on deposit
Loans and discounts
Bonds and securities
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Unearned interest
Reserved for taxes and interest
Total
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
$5,830,418 $6,542,027
$4,008.394
8,902.289
9,725,912
8,402.301
5,336,960
4.725.088
4.141.740
$19,569,679 520,169,404 317.876.046
$2,000,000 32,000.000
$1.000.000
1,000,000
1,000,000
1,000.000
764,123
972,544
447,002
15,276,249 16,153,911
15.156.220
22,885
19,650
42.424
228,485
301,236
230.400
$19,619,679 520.169.404 517.876.046
Harris Trust & Savings Bank (Chicago).
Dec. 31 '28. Dec. 31 '27. Dec. 31 '26.
ResourcesCash on hand and due from banks_ _ _$22,259,119 $18,465,599 $19,966,036
48,035,266 42,074,948 40,501,855
Loans on pledges of securities
8,687.075 32,320,812 26,661,442
0
Stocks and bonds
1,384,139
Customers' liability on acceptances
984,980
583.522
Other assets, incl. accrued interest_
3100.365,599 $93,846,339 387,712,855
Total
Liabilities
$4,000,000 34.000,000 $4,000,000
Capital stock paid in
5,000,000
4,000,000
5,000,000
Surplus
1,060,766
1,259,405
2,261,898
Undivided profits
86,468,861 81,679,338 76,774,065
Deposits
1,679,384
1,250,7011 2,106,235
taxes, interest, &c
Reserve for
1,384,139J
Acceptances and letters of credit
5100.365,599 393,846,339 387.652.855
Total
Illinois Merchants Trust Co. (Chicago).
of Illinois (Chicago).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Cash on hand and due from banks___ $81,989,093 980,897,253 384,682,703
U. S. Govt. bonds and Treasury ctfs_ 54,678,242 59.094,987 37.802,959
Bonds and other securities
31,471,212 30,781.312 36.588.029
Demand loans on collateral
103.026,017 82,808.759 83,626,418
Time loans on collateral
85,348,600 105,033,966 132,764,597
Other loans and discounts
78,795,299 78,815,374 49,310,940
Stock in Federal Reserve Bank
1.350,000
1,350,000
1,350.
Illinois Merchants Tr. Co. building
1
1
1
Cunt, llab. under letters of credit_
18,988,425 10.524,456 16,011,312
Customers' liab, under acceptances
12,340.436 14,225,273 9.527 579
Other banks'ha.on bills pur.& sold..
7,656,952
Interest accrued but not collected
1,793,498
2,027,426
1,843,534
Total
$469830859 473,215,759 $453,458,033
Liabilities
Capital stock paid in
$15,000,000 $15,000,000 $15,000,000
Surplus
30,000,000 30,000,000 30,000,000
Undividedprofits
$256,066
2,558.981
278,350
Deposits
373,640,549 382,434,285 372,903,421
Contingent fund
5,000,000
5.000.000 3,150,000
Dividends unpaid
750,7
0 225
900 780
Reserved for taxes and interest
3,218,369
3,020,401
2,937,109
Other reserves
5,000.000
3,500,000
1,850,000
Letters of credit
19,036,253 10,575.087 16,073,852
Acceptances
12.350,914 14.227,220 9,527,579
Liability on bills purchased & sold
7.656,952
Discount collected but not earned_-727,987
822.481
706,531
Bills payable Federal Reserve Bank- 2,500,000
Total
$469830859 473.215.759 8453,458,033
The Northern Trust Co. (Chicago).
ResourcesDec. 31 '28
Time loans secured by collateral
$14,968,642
Demand loans secured by collateral
24,732,280
Other loans and discounts
6.164,897
Bonds and securities
11,173,576
Federal Reserve bank stock
150,000
Bank premises
1,400.000
Liability of other banks on bills purchased
Customers' liability under letters of
credit
1,130,813
Cash and due from banks
19.279,961
Dec. 31 '27. Dec. 31 '26.
$12.875,742 $17,515,531
19.067,111 10,564,618
6.880.6877.310,069
13,878,145 13.541,998
150,000
150,000
1,400,000 1.400,000
600.988
1,330,763
1,108.882
16.781.310 14,714,447
Total
$79,000.169 572.363,758 566.906,533
Liabilities
Capital stock
$2,000,000 $2,000,000 52.000,000
Surplus fund
3,000,000
3.000.000 3.000.000
Undivided profits
3,110,993
3,503,390
2,820,764
80.390
Dividends unpaid
80,302
82,900
Reserved for taxes, interest. &c
2,225,576
2,471.818
2,211,483
Discount collected but not earned..
167,772
123,884
128.665
Contingent liability on other banks'
bills sold
600.988
Letters of credit & acceptance outstdg 1.176,246
1,345,995
1,122,614
Deposits
66,600,641 60.476.920 54.939.119
Total
$79,000,169 $72,363,758 366,906,533
The Peoples Trust & Savings Bank (Chicago).
ResourcesDec. 31 '28. Dec. 31 '27. Dec. 31 '26.
Loans
520,790.821 319,246.029 517.405,627
Cash on hand
{ 647,8
671,0
Deposits in other banks
5,946,010
3,600,188
2,524,195
Cash in hands of agents and in transit
925,736
1.483,327
Stocks and bonds
4,004.142
2.681,034
3,341,682
Furniture & fixtures
140,132
Customers liability on letters of credit
56.461
216.469
216.469
224,398
Overdrafts
4,036
Total
530.941.602 527.317,355 525.650,275
Liabilities
Capital stock paid in
$1,000,000 $1,000,000 51.000.000
Surplus on hand
500.000
500,000
500,000
Undivided profits
378,557
301,392
337.088
Deposits
28,736,233 25,304,216 23,608.261
Reserve for taxes, insurance, &c_ - - 263,0811 211,746
204,926
Liability in letters of credit
63,731 1
Total
530.941.602 527.317.355 $25,650.275
State Bank of Chicago (Trust Company).
ResourcesDec. 31 '28. Dee. 31 '27. Dec. 31 '26.
Real estate, new banking premises
33,724.304 $6.399,799 32.758,928
Cash on hand
743,571
1.094,555
836,416
Deposited in other banks
7,107,383
8.275,907
7,045.072
Cash in hands of agents & in transit
6,094.168
4.126,519
4.653,707
Loans on real estate, being first liens
thereon
4,161,011
3.878,078
5,110,195
Stocks and bonds
5,935.363
3,340,167
3.291,345
Loans upon the pledges of securities.... 30,658,421 27.705.773 26,438.465
Other loans
17,812.134 19,410,686 18,588,045
Overdrafts
46,641
16.884
3,419
U. S. Government investments
53,052
200,000
670,957
Other assets
299.141
1.092.771
752,879
Total
376,635,190 375.541338 370.149.428
Liabilities
Capital stock paid in
35.000,000 $5,000,000 $2,500,000
Surplus on hand
5,000,000
5.000,000 5,000,000
Undlvided profits
3,561.341
3,204.623
2,575,684
Deposits
59,729,986 60.603,439 57,749,917
Other liabilities
3.343.863
1.733,076
2.323.827
Total
$76,635,1110 175.541.138 370.149.428
*Union Trust Co. (Chicago).
ResourcesDec. 31 '28. Dec. 31 '27.
Cash on hand and clearings($3,777,061
Deposited in other banks
1$24,225.146 13.765,622
Cash in hands of agentsand in transit
4,127,763
Loans and discounts68.255.575 6,206,656
Loans upon the pledges ofsecurities _
521,7J 36.721,564
Stocks and bonds
16,143,0431 12.058,834
Customers liability on letters of credit
84
Customers' liability on acceptances..- 1,211,165
Interest earned not collected
266,113 29.701,054
Building and safe deposit vaults
2,042,406
Overdrafts
23,837
Dec. 31 '26.
$4,591,265
9,533,469
3,578,755
6,479.979
30,332,465
10,311,387
21,915,546
Total
3112.649.0695106,358,554 386,742.867
Liabilities
Capital stock paid in
$4,000,000 *3.000,000 $3,000,000
Surplus
6,000,000 4,000,000 3,000,000
Undivided profits and reserves
1,813,709
1,899,229
1,945,965
Deposits
99,370,413 94,520.947 77,029,633
Unearned interest
247 744
Liability on customers acceptances
1,217,202
2,938,378
1,767,269
Liability to Federal Reserve Bank
Total
*112,649,4138106,358,554 $86.742.867
* Union Trust Co. consolidated with First National Bank as of Feb. 13
1929.
MAR. 2 1929.]
FINANCIAL CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been active and strong the present
week and many new highs have been recorded all along the
line. Copper stocks have been especially conspicuous as a
result of the further increase in the price of metal to above
19c. Steel stocks have gradually worked upward from the
low levels of the preceding week and the so-called specialties
have displayed marked improvement, many of the more
popular speculative favorities raising their tops to new
highs for the year and in several instances in all time. The
weekly report of the Federal Reserve Bank, made public
after the close of business on Thursday, showed an advance
of $30,000,000 in brokers' loans in this district during the
present week, raising the total to $5,507,000,000. Call
money touched 10% on Thursday, but slipped back to 8%
on Friday.
Buying orders predominated in the New York Stock
Market ol Monday when business was resumed after the
three day holiday, and prices moved briskly upward. United
States Steel assumed the leadership in the early trading with
an initial order of 30,000 shares at an advance of 3 points
to 185 followed by further advances to 189% where it closed
with a net gain of 7% points on the day. Bethlehem also
improved, rising 33/2 points. Collins & Aikman wrs one
of tne spectacular feature-, of the session as it bounded
forward 11 points to 693/2. Automobile stocks were heavy,
though Nash, was in active demand all day and sold above
112 with a net gain of 3 or more points. Copper stocks attracted considerable attention, and Anaconda soared to a
record top at 137. Allied Chemical & Dye and General
Electric were especially noteworthy and both Crosley Radio
and Lambert broke into new high ground. The market
continued strong on Tuesday and moved briskly forward
under the guidance of the copper, radio and oil shares.
Radio Corporation staged one of its spectacular performances,
as it shot up about 24 points to 390. Kolster finished with
a gain of 13/2 points at 633/2, and Crosley sold up to 120 at
its high for the day. Oil shares were stronger than for some
time past, particularly Mexican Seaboard which gained nearly
4 points to 48, Pan American Petroleum crossed 44 with a
gain of 3 points and Marland Oil gained 2 points to 39.
Copper stocks were in the forefront, Anaconda leading with
a gain of 33/2 points to 139% while American Smelting &
Refining shot ahead nearly 2 points to 118. Chile Copper
closed with a net advance of 3 points. Packard Motors was
up about 3 points to 140%. United States Steel common
was under pressure in the early trading and declined to 187,
but rallied later in the day to 190% and finally closed at
1867 with a net loss of 23/ points on the day. Commercial
%
Solvents moved into new high ground and there was a brisk
demand for Westinghouse Air Brake.
On Wednesday the market was fairly bouyant with copper
stocks and motors shares leading the upward swing followed
by the so called specialties which also participated in the
vigorous advances. General Motors sold above 84 at its
high for the day and closed at 833/i with a net gain of 33
points. Packard moved briskly forward 6 points and closed
at 1463. Copper stocks were in urgent demand. New
tops were scored by Anaconda above 141, Kennecott which
soared above 85, Chile Copper which raised its peak above
102, Calumet & Arizona which advanced into new high
ground as it crossed 136 and Andes Copper when it slipped
over 63. Greene Cananea Copper sold up to 185% as
compared with its previous close at 1773'. Numerous
specialties joined the upward rush including such active
issues as American Can, National Cash Register, Union
Carbide & Carbon, General Electric, Allied Chemical & Dye
and Johns-Manville. Public utility stocks were featured
by American Water Works which sold in large blocks above
90. Commercial Solvents again raised its top and both
Columbia Graphophone and Liquid Carbonic were conspicuously strong. United States Steel common sold up to
1883' at its top for the day but yielded later in the session
and closed with a fractional loss. Copper stocks were the
outstanding features on Thursday, the advance of the price
of metal to better than 19 cents stimulating a new speculative
interest in these stocks. New High records were the rule.
Steel stocks followed along with the coppers, United
States Steel common moving ahead from 6 to 7 points followed by Bethlehem Steel which crossed 102. Specialties
attracted considerable speculative interest and new tops were
registered by such issues as Case Threshing Machine,which
jumped 10 points to 480, American Can, Allied Chemical
& Dye, Timken Roller Bearing, Commercial Solvents,
1345
American Express, Adams Express and Continental Can..
The Market surged forward with irresistable force on Friday,
steel shares, copper issues and a host of lesser lights sweeping
ahead to new tops for the year. Huge blocks of stocks.
changed hands in practically all of the speculative favorites
and the transactions for the day were in excess of 6,000,000
shares. United States Steel common assumed the leadership.
and sold up to 1933/s. Bethlehem Steel followed with its
highest peak since 1919 and substantial gains were recorded
by some of the independent steel stocks. Radio old and
new also reached record levels and American Can broke into.
new high ground for the present shares. Noteworthy advances were made by Baltimore & Ohio, St. Louis-South
western, Union Pacific and New York Central. Copperstocks continued to move with the leaders at higher prices,
new tops being scored by such issues as Andes Copper,
American Smelting, Miami Copper, Kennecott Copper,
Cerro de Pasco, Calumet & Arizona and a host of others in
the group. Rubber shares were unusually active. Express
shares were in sharp demand at higher prices and motorshares moved to higher levels though the pace was somewhat
more moderate in the latter group. The final tone was
bouyant.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
ctc.,
Bonds.
3,506,150
3,736,200
4,365.600
4,971,250
6,021,300
Week Ended Mar. 1.
HOLI DAY
$7,115 000
33,381,000
5,566 000
2,604,000
6,016 000
2,404,000
6,246 000
2,143,000
6,750,000
1,435.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
l'Afal
22.600.500
1929.
1928.
United
Stales
Bonds.
3338,000
390,100
505,000
307,000
287,000
SU 9f17 nnn
31 627 1f111
Jan. 1 to Mar. I.
1929.
1928.
22,600,500
9,457,770
194,795,980
107,369,895
$1,827,100
11.967,000
31,693,000
$4.258,000
17,293,000
37,110,500
$23,476,100
110,638,050
290.783,500
338.527.500
161,259.625
346,413,800
545,487,100 358,661,500
-No. of shares
Stocks
Bonds.
Government bonds. State and foreign bonds
Railroad dr misc. bonds
Total bonds
531.693.000
Week Ended Mar. I.
Sales at
New York Stork
Exchange.
Slate,
Municipal ct
Foreign Bondi
3424,897,650
$546,200,925
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mar. 1 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
....,- -...,1, .......t...,1
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond-Sales Shares. Bentilictiee.
HOLI DAY
HOLI DAY
211,000
$13,000 a40,647
*76,229
19,000
35,000 a51,800
*79,106
22,000
36,500 a93,557
*60,854
20,000
22,500 0108,878
93,662
45,000 a92,540
69,705
HOLI DAY
b5,123
$24,000
82,600
64,661
83,941
69,400
83,578
48,000
b6,078,
64.000
379,556
3152,000
397,422
$77,000
23,381
$288,000
215 209
8211.500
272.427
874.600
13.896
3181.500
* In addition, sales of rights were: Monday. 853; Tuesday, 401: Wednesday. 82.
a In addition, sa es of rights were: Monday, 2,400; Tuesday, 4,000; Wednesday,
4,500; Thursday. 9,300; Friday, 300.
b In addition, sa es of rights were: Monday, 101; Tuesday, 516: Wednesday. 836
Thursday, 810; Friday, 804. Sales of warrants were: Thursday, 104; Friday, 75,
Sales of scrip were: Monday. 30-20.
THE CURB MARKET.
Prices in the Curb Market this week for the most part
moved irregularly though the trend was upward. To-day's
market showed a general forward movement with a number
of issues making sharp advances. Aluminum Co. dropped
from 1743' to 168, then sold up to 175. Amer. Cyanamid,
class B, advanced from 58% to 67% and closed to-day at
653 . Auburn Automobile was conspicuous for a rise of
%
14 points to 192, the final figure to-day being 1873. Aviation Co. of the Americas sold up from 53% to 7434 and at
%
733 finally. Fajardo Sugar lost six points to 110 and recovered finally to 113. Gold Seal Elec. Co., corn. sold up
from 5334 to 75, the close to-day being at 72. Newton
Steel, corn. advanced from 81 to 102% and finished to-day
%
at 10134. Sikorsky Aviation, corn. from 465 reached 624
.
8
and rested finally at 613/ Among utilities Amer. Gas &
Elec. corn. after early loss from 155 to 150, recovered to
15994, the close to-day being at 157%. Amer. Superpower,
corn. A, sold up from 9074 to 1193, the final transaction
to-day being at 118%. Corn. B moved up from 903j to
1198 ,the close to-day being at 117. Eastern States Power,
%
com. B,rose from 46 to 5434. Elec. Bond & Share Securities
FINANCIAL CHRONICLE
1346
eased off at first from 261 to 2523 then advanced to 286.
Electric Bond & Share new corn. declined at first from 893
to 853, sold up to 97M and finished to-day at 97. United
Gas/Impi. sold at its highest level when it advanced from
1713 to 1973, the final transaction to-day being at 190%.
Oil stock show only slight changes. In the mining group
Newmans rose from 1953 to 229 and rested finally at 221.
Noranda Mines sold up from 60% to 65% and at 65 finally.
New Cornelia Copper was active and advanced from 423i
to 483j, the close to-day being at 47.
Afcomplete record of Curb Market transactions for the
weeklwill be found on page 1375.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
Mar. 1.
Stocks
(No. Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,207,900
879.800
1,209,600
1,205,900
1,705,200
Total
6,208,400
Rights
Domestic
Foreign
Government
HOLI DAY.
52,703,000
51,600
2.072.000
38,700
2,049.000
25,600
2,042,000
30,500
2,281,000
26,700
5397.000
312,000
316.000
319,000
180,000
$11,147,000
$1,506,000
173,100
[VoL. 128.
re-opening, but demands have been easily met by moderate sales on Continental account.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th inst., to mid-day on the 11th inst.:
Exports
Imports£19,240
£13.500 Persia
Norway
12,058
Germany
11,375 Irish Free State
451.465
Mexico
101,369 British India
2,875
Other countries
11,913 Other countries
£485,638
£138,157
INDIAN CURRENCY RETURNS.
Feb. 7. Jan. 31. Jan. 22.
(In lacs of rupees).
18909
Notes in circulation
18916
18974
9890
Silver coin and bullion in India
9955
9882
Silver coin and bullion out of India
2
.
3 -21
Gold coin and bullion in India
3221
3221
Gold coin and bullion out of India
15N
2
4327
Securities (Indian Government)
4327
771
Securities (British Government)
771
786
700
Bills of Exchange
700
700
The stock in Shanghai on the 9th inst. consisted of about 69,600,000
ounces in sycee, 109,000,000 dollars and 7.200 silver bars, as compared with
about 65,800.000 ounces in sycee, 108,000.000 dollars and 4,140 silver bars
on the 24 inst.
Quotations during the week:
-Bar Silver, Per Or. Std..- Bar Gold Per
Or. Fine.
2 Mos.
Cash.
84s. 113.d.
26d.
25 15-16d.
Feb. 7
25 15-16d. 84s. 11.;611.
25lid.
8
253.d.
25 15-164. 84s. 1130.
9
25 13-164. 84s. 113.d.
25 13-164.
11
84s. 11;td.
251d.
25%d.
12
2534d.
25 13-164. 84s. 11344.
13
84s. 11.54.
25.8964.
25.854d.
Average
The silver quotations to-day for cash and two months' delivery are each
lid. below those fixed a week ago.
THE ENGLISH GOLD AND SILVER MARKETS.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
The daily closing quotations for securities, &c., at London,
Feb. 13 1929:
as reported by cable, have been as follows the past week:
GOLD.
The Bank oflingland gold reserve against notes amounted to £149,626,177
on the 6th inst. (as compared with £152,714,393 on the previous Wednes-when an
day), and represents a decrease of /4,280.138 since April 29 1925
effective gold standard was resumed.
No gold was available in the open market this week and the usual requirements of India and the Trade were met by withdrawals from the Bank of
England.
The following movements of gold to and from the Bank of England have
been announced, ah wing a net influx of E133.139 during the week under
Fri,
Thurs.,
Tues.,
Wed.,
Mon..
Sat.,
Feb. 23. Feb. 25. Feb. 26. Feb. 27. Feb. 28. Mar. 1.
26
2515-16 263
26
2513-16 26
Silver, per °LAI.
Gold,per fine oz 848.11 Sid. 848.1134cl. 840.10%d. 845.11 Sid. 888.11 Sid. 848.11344•
55%
5531
5534
5534
5534
Consols,2%%10134
10134
10134
10134
101%
British, 5%._ _
9831
9831
9834
9811
9811
%_
British,
French Rentes
70.20
70.00
70.30
71.15
71.30
(in Paris)_fr..
French War L'n
97.00
96.8$
96.95
97.20
97.40
(in Paris)..fr - -
review:
The price of silver in New York on the same days has been:
Feb. 9. Feb. 11. Feb. 12. Feb. 13.
Feb. 7. Feb. 8.
£4 Silver in N.Y., per oz.(cts.):
nil
nil
nil
£1,479 £250,000
Received.6631
6634
5631
5634
56Si
Foreign _____
£5.081 £53,136 £37,881
nil
£1,694
Withdrawn-- £20,552
sovereigns "released." The withThe receipts on the 8th inst. was In
-were all in bar gold.
drawals-totalling /118,344
COURSE OF BANK CLEARINGS.
Following the heavy withdrawals of gold from the Bank of England last
Bank clearings continue expanding and the current week
week for shipment to New York the Bank raised its official rate of discount
of the
from 4;4% to 5 % on the 7th inst. The subsequent appreciation
figures comto the export of forms no exception to the rule. Preliminary
pound sterling in terms of the dollar being unfavorable
piled by us, based upon telegraphic advices from the chief
gold,further shipments,for the time being,are unlikely.
month of January cities of the country, indicate that for the week ended to-day
United Kingdom imports and exports of gold during the
(Saturday, March 2) bank exchanges for all the cities of the
last are detailed below:
Exports.
Imports.
£121,610 United States from which it is possible to obtain weekly reE4,620
Germany
120,945 turns will be 23.8% larger than for the corresponding week
Netherlands
1,602,677
Belgium
total stands at $14,695,830,028, against
68.309 last year. The
82,015
France
624,971 $11,870,291,499 for the same week in 1928. At this centre
Switzerland
50.647 there is a gain for the five days ended Friday of 26.9%. Our
Egypt
606
55,470
follows:
West Africa
100.150 comparative summary for the week
Austria
2,629,712
8,061
U. S. A
Per
Clearings-Returns by Telegraph.
11,000
1929.
1924.
Gibraltar
Cad.
Week Ended March 2.
2,149.042
of South Africa
Union
$8,125,000,000 $8,112,000,000 +26.9
73.704
New York
Rhodesia
739,325,152
600,737.992 +23.1
300,063 Chicago
British India
544,000,000
472,000,000 +15.3
54,351 Philadelphia
403,000.000
-1.2
408,000,000
Straits Settlements
Boston
53,000
116,749,815
+3.6
112,653,593
Kansas City
Irish Free State
46,231 St. Louis
133,200,000
+5.6
120,100,000
7,958
countries
Other
187,501,000
-9.5
207,142,000
San Francisco
£5.731,272 Los Angeles
200,286,000
£2,433.870
172,218,000 +16.3
174.348,655
+8.1
161,266,385
just been issued, Pittsburgh
224,531,158
The Roumanian loan, the prospectus of which has
146,048,595 +631
Detroit
of the currency. Cleveland
138,570,057
102,901,885 +34.7
Provides for a part to be applied for the stabilization
milligrammes of gold Baltimore
+7.0
87.034,848
87,361,739
The gold contents of the leu have been fixed at 10
52,753,767
65,774,761 -19.8
New Orleans
pound sterling.
9-10ths fine, thus making the gold parity 813.6 lei to the
$11,126,300,452 58.768,204,050 +26.9
last amounted to
Thirteen cities, five days
The Transvaal gold output for the month of January
1,120,224.571
+5.5
1.061,915,765
ounces for Dec.1928 Other cities, five days
876,452 fine ounces, as compared with 859,761 fine
612,246,525,023 $9,830,120,715 +24.6
Total all cities, five days
and 843.857 fine ounces for Jan. 1928.
2,449,305,005
2,040,170.784 +20.1
exports of gold All cities, one day
The following were the United Kingdom imports and
$14,695,830,028 811.870.291.499 +23.8
Total all cities for week
registered from mid-day on the 4th inst., to mid-day on the 11th inst.:
Exports
Imports£3,421,564
Complete and exact details for the week covered by the
£784,657 U. S. A
British South Africa
35,760
28,413 Germany
British West Africa
18,010 foregoing will appear in our issue of next week. We can6,673 France
Other countries
54,712
Switzerland
as the week ends to-day
10.250 not furnish them to-day, inasmuch
Austria
40,890 (Saturday) and the Saturday figures will not be available
Egypt
72,001
British India
36,644 until noon to-day. Accordingly, in the above the last day
Straits Settlements
10.480
Other countries
cases had to be
£819,743
.43,700,351
SILVER.
the Isterw Year
week has been quiet in the silver market. Owing to
The
inst., business from this
holidays in China, which commenced on the 11th
Bombay market remained closed for
quarter has been restricted and the
disturbances in that city. Buyers being
two days in consequence of the
25;4d. and 25 13-164.
reluctant, prices continued to sag and to-day touched
respectively. Without being active,
for cash and two months' delivery
transactions have been rather
America has made some offers of silver, but
the Indian Bazaars after their
limited. Seine enquiry was received from
estimated.
of the week has in all
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
-the week ended Feb. 23. For
results for the week previous
that week there is an increase of 23.9%, the 1929 aggregate
of clearings for the whole country being $11,595,540,662,
against $9,361,971,172 in the same week of 1928. Outside
of this city the increase is only 11.8%. The bank exchanges
at this centre record a gain of 31.4%. We group the cities
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) the expansion reaches
31.2%, in the Philadelphia Reserve District 19.5% and in
the Boston Reserve District 9.0%. The Cleveland Reserve
District records a gain of 12.7% and the Atlanta Reserve
District of 12.4%, but the Richmond Reserve District falls
2.0%. In the Chicago Reserve District the totals are larger
by 17.5%, in the St. Louis Reserve District by 7.7% and
in the Minneapolis Reserve District by 9.6%. The Kansas
City Reserve District shows an increase of 7.3%, the Dallas
Reserve District of 15.5% and the San Francisco Reserve
District of 6.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1929.
Inc.or
Dec.
1928.
1927.
flanalla
21 01•100
/11 501 110
9,361,971,172 +23.9
3,607,086,931 +11.8
tin 414 AM
07 CM 69.3
9P5 MR 101
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending Feb. 23.
Clearings al
1928.
Inc. or
Dec.
First Federal Reserve Dist
482.434
Maine-13angor
3,110,281
Portland
M0813.-130Ston _ 418.000,000
1,075,415
Fall River
1,196,611
Lowell
942,376
New Bedford_ 4,282,417
Springfield__
3,042.126
Worcester _ _ _
13,281.764
Conn.-Hartford
7,015,086
New haven _
13,671,300
-Providence
95.1.
529,923
N. H.-alanche'r
$
rict.-Bosto
418.854
2,514,256
383,000,000
1,629,097
896,845
918.196
4,238.584
2,611,070
12,322,679
6,963,929
11,912,100
486,693
+15.0
+23.7
+9.1
-34.2
+33.4
+2.6
+1.0
+16.5
+7.1
+0.7
+14.8
+8.9
539,053
2.972,572
398,000,000
1,483,688
1,006,729
920,922
3,971,360
2,783,498
11,744,437
6,982,148
12,219,500
535,119
520,751
2,292,626
346,000,000
1,676,971
744.539
1,082,691
4,811.922
3.166.897
16.942,194
6,352,458
11,464,700
592,417
466,629,733
427,912,303
+9.0
443,159,026
395,648,166
1929.
Total(12 cities)
-New
Second Feder at Reserve Di strict.
4,993.090
4,660,232
-Albany._
N. Y.
896,534
1,050,453
Binghamton
54,058,722
42,712,694
Buffalo
746.599
825,437
Elmira
1.078.798
Jamestown_
984,864
7,563.900,864 5,754,884.241
New York
10,060.532
11,563,160
Rochester
5,170,542
4,790,988
Syracuse
-Stamford
4,180,647
2,724,210
Conn.
626,423
-Montclair
595.566
N. J.
36,876.397
35.006,359
Northern N.J.
1927.
1926.
York.
+7.1
3,860,576
5,123.887
+17.2
1,117,000
844.600
+26.5
42,597.265
44,749,554
+10.6
838.723
739,014
1,359,952
+9.5
1,115,554
+31.4 ,146,144,593 4,667.996,824
+ 14.8
11,751,303
11,013.086
+7.9
5,061,329
4,551,480
+53.5
3,373,053
2.900,083
+5.2
553,892
557.629
33.570,959
+5.4
30.199,093
Total(11 cities) 7,684,324,533 5,158,062,819 +31.2 5,250,228,645 4,769,830.804
Third Federal Reserve Dist rice -Philad elphia.
Pa.-Atoona. _
1,411.920
1,313,306
1,412,583
+7.5
4,419,462
Bethlehem
4,191,484 +5.4
4,555.979
1,112,722
Chester
989,635
904,586 +9.4
Lancaster
1,861,224
2,135,973 -12.9
1,700,075
Philadelphia _ _ 540,000,000 449,000,000 +18.3 467,000.000
Reading
3,013,424
3,005.031 +0.3
3,485,062
Scranton
5.430,959
5,611,818
4,890,850 +14.7
Wilkes-Barre_ _
3,195,014 + 12.3
3,284,464
3,589,493
York
1,513,006 +19.8
1,341,300
1,812,486
-Trenton _ _
4,275,595 -2.0
4,406,748
N.J.
4,191,888
Total(10 cities)
566,901,350
474,424,845 +19.5
istrict-Clev elandFourth Feder al Reserve
6,047.000 + 16.8
Ohio-Akron._
7,064,000
Canton
3.607.048
+5.5
3,419,478
Cincinnati _ _ _
74,430,399
63.016.454 +17.0
Cleveland
127,079,221 106,054,173 +19.8
Columbus
13,917,100 +1.2
14,078.800
Mansfield
1,407,323 +72.4
2,426,972
Youngstown _ _
3,107,214 -2.9
3.017,214
-Pittsburgh _ 162.510,997 152,100,155 +6.8
Pa.
493,729,892
5,359,000
3.332,425
62.552.597
106,622,711
13,761,700
1,708,920
4,967,185
185,106.614
1928.
Inc. or
Dec.
1927.
991,195,586
843,430,872 +17.5
873,784,234
869.511,871
Eight Federal Reserve Dist rict-St. Lo iris-Evansville.
Ind.
5,311,810
4,123.891 +28.8
.
Mo.-St. Louis.. 128,200,000 121,100,000 +5.9
Ky.-Louisville.
37,114,947
32,983.801 +12.5
.
455,216
Owensboro_ _ _
363.989 +25.1
Tenn.-Mempla a
19,804,273
18,578,348 +6.6
Ark.
13,082,281
-Little Roc(
12,116.380 +8.0
.
259,306
285,501 -9.2
1,227,619
Quincy
+1.2
1,212,606
5,440,460
124,500,000
32,159,101
413,670
20,101.150
12,748.070
372,238
1,561,565
4.225.888
127,000.000
31,328.696
437,628
22.151.227
13,175,788
366.814
1.280.991
+7.7
197,296,2.54
199,967.032
Ninth FedoraI Reserve Dist rict-Minne a pol I o
5,395.627 +11.4
Minn.
6,009,598
-Duluth .
63,212,509 + 11.7
Minneapolis _. 70.592.8)3
26,757,001
25,808,591 +3.7
St. Paul
No. Dak.-Farg 3
1.531,215
1,543,062 -0.8
829,240
947.913 -12.5
S. D.-Aberdee 1
500,665
Mont.
521,562 -4.0
-Billings.
_
2,792,000
2,000,809 +39.5
Helena
4,750,617
59,509.005
24,216.739
1,553.710
923,385
463,180
2,883,000
5,469.850
63.418.256
26,201,335
1,468.755
1,203,352
449,886
2,219.207
+9.6
94,299,636
100.460,641
Tenth Feder I Reserve Dist rict-Kansa as City
290,160
Neb.-Fremont
323,826 -10.4
443,468
456,635 -2.9
Hastings
3,320,710
4,147,742 -19.9
Lincoln
41,932,892
39.593,161
Omaha
+5.9
2,589,244
2.813,862 -8.0
Kan.-Topeka._
7,420,752 -10.7
6,623,870
_
Wichita
Mo.-Kan. City _ 119,695,961 112,922,514 +6.0
6,247,612 +17.3
7,330,538
St. Joseph- .
30,890,000
24,668.502 +25.2
Okla-Okla City.
1,087,361
1,103,544 -1.5
Colo.
-Col. Spg .
1,398,986
1.144,038 +16.3
Pueblo
271,349
403,081
3,628.309
34,254,210
2.688.005
6,469,232
121.130,093
5,145,043
25,471,989
954,105
1,06E221
302,247
553,206
3,797,729
37,287,480
2,695,695
6,231,447
111,202,412
6,121,499
23.510.513
1,027,313
954,358
1,347,362
3,851.058
1,180,386
2.900,409
494.000.000
2,992,679
4,934,014
2,635.299
1,265.405
4,290,565
519,397,177
4,998,000
2,999,803
62.608,576
95,293,081
12,619.500
1.713,862
4,005,970
173,123,082
Total(8 cities).
205,455.452
. 109,012,532
Total(7 cities)
) 215,603,190
Total(12 cities
190,764,516
99,430,073
200,842.188
+7.3
201,476,637
193,683.899
-Da
Eleventh Fed c rat Reserve District
1,616,819
1,249,195
Texas- Austin.45,622,572
51.463,509
Dallas
13,736,222
10,659,473
Fort Worth_ .
4,109,000
.
4,700,000
Galveston
5,153,321
4,724,572
La.
.
-Shreveport
has+29.4
+12.8
+28.9
+ 14.4
+9.1
1,279,685
45,289,327
10.470.028
7,904,000
4,3.53,555
1,372,656
44,125,455
12.527.895
7,012,000
5.187,541
66,364,812 +15.5
69,294,595
70,225,547
Franc taco.+13.6
37.174,068
-1.9
10,361,000
-6.9
1.118,117
28,929,449
+9.3
+ 11.0
13,982.407
-45.6
6,129,767
6,082,344
+10.7
+20.4 174,558,000
+6.9
18,390.070
5.914.859
-0.8
6,158.916
+14.6
5,413,285
+22.0
-6.5 168.955.000
-7.4
2,663.508
1,214.990
+15.6
-3.4
1,750.282
+4.0
2,270,000
36,707,257
9,414.000
1,048,062
34,014.691
13.823,847
3,14.8,053
6.840,674
151.450.000
18,181,254
6,372.292
7,313,518
4,945,477
167,704.000
2,120,256
1,190,794
1,728,632
1,964,300
.
Total(5 cities)
76,669,871
Twelfth Feder al Reserve D istrict.-San
43,160,467
38,000,000
Wash.-Seattle_ _
11,283,000
11,065,000
Spokane
1,133,756
1.055,047
_
Yakima
29,698,209
Ore.-Portland _. 32,472.503
14.990,059
16,634.265
Utah-S. L. Cit.v
5,991,323
3.261,080
Cal.-Fresno._ - _
7,642,062
8.458,890
Long Beach _
Los Angeles _ _ _ 210.697,000 174,859,000
16,194,700
17,310.744
Oakland
6,579,969
6,528.681
Pasadena_ _ - - _
6,653,494
5,804,765
Sacramento _
5.508.467
4,516.405
San Diego
_
San Francisco. 187.046.148 200.159,000
2.471,601
2.668,582
San Jose
1,595.992
1,380,723
Santa Barbara
1,914,727
1,849,227
Santa Monica _
_
2,324,100
2,235,400
Stockton
Total(17 cities
) 558,092.706 525,051,680 +6.3 491,066,062 467,967.107
Grand tot 1(1211
.
_ 11595540,662 9,361,971.172 +23.9 8,848,692,133 8.355.121.602
cities)
Outside N.Y
_ 4,03E639.798 3,607,086,931 +11.8 3.702,547,540,3,687.124,778
Weak Ended Feb. 21.
Clearings at
1929.
1928.
Dec.
1927.
Canada3
S
3
%
95,786,350
137,363,368 136,557,603 +0.6
Montreal
151,811.541 141,015.216
Toronto
+7.7 107.256,263
Winnipeg
44.399,146 -3.0
43.075,844
35,507,622
Vancouver
23,007,157
21,539,832
14,683,510
+6.8
Ottawa
9.724,431
5,616,351
6,552,673 +48.4
Quebec
7,442.814
5,751.557
4,393.881 +69.4
cities) _ 394,214,651 349.668,897 + 12.7 383,411,152 357.361,880 Halifax
Total(8
3,308,714
3,049.803 +8.5
2,419,918
Hamilton
7,299,280
5,408,980 +34.9
4,710,516
Fifth Federal Reserve Dist rict-Richm ondCalgary
9,713,904
12,325,676 -21.2
7,184,900
1,149,448
911,149 +3.9
W.Va.-Hunt'g'n
947.017
2.471,713
1,136,793 St. John
2,614,276 -5.5
2,378,297
Va.-Norfolk _ _
4,292,504 -18.0
4.397,787
3,521.608
2,613.009
1,885,749 +38.6
1,685.749
7,027.820 Victoria
Richmond
45,856.000
36,059.000 +1.5
36,614,000
2,846,414 +11.1
3,160.419
45,168,000 London
2.775,030
-Charleston
2,138,021
2.200.000 -9.1
.2,000,000
2
S.C.
5.797,323
5.301,205 +9.4
3,993,431
,260,116 Edmonton
88,283,213
87,011.550 -6.2
Md.-Baltimore.
81.660,065
4,376,236
4.342,077 +0.8
95.317.045 Regina
3,212,125
21,129,494
23,793,811
21,106,897 + 12.7
504,113
309,026 +63.1
D.C.-Wasbing'n
21,313,014 Brandon
402,735
Lethbridge
542.498
608,125 -10.8
439,699
cities) _ 148,536,501 151,581,100 -2.0 162,953,963 172.222,788 Saskatoon
Total(6
2,160,126
1,862,4162 +16.1
1,458,637
1,211,247
Moose Jaw
1,112,827
+8.9
1,044,057
Sixth Federal Reserve Dist rIct-Atiant a1,527,391
1,410,158 +8.3
Brantford
1,179,097
Tenn.-Cliatt'ga.
7,119,253
7,358.093 +7.9
7,937,046
883,426
.
833.987 +5.9
789,520
7,143,295 Fort William_ _ _
2,706,242
Knoxville
2,750,000 -15.4
2.602,517
721,526
672,883 +7.2
2,602,480 New Westminster
'630,87
20,067,023
19.908,452 + 1.2
Nashville
20,206,759
432,041
434,078
+0.5
19,811.030 Medicine Hat_ _ 232,98
46,135.664
45.568.484 +11.9
50,982,416
899,806
837.521
68,245,249 Peterborough---+7.4
Ga -Atlanta _
694,57
1.990,470
1.437,451 +26.7
1,821,911
1,100,665
786.422 +40.0
Augusta
2.141.559 Sherbrooke
798,31
1,768.152
1.698.738 -25.7
1.192.828
1.261,652
Macon
1,268.363 -5.9
954.103
1,462.358 Kitchener
21,650,910
Fla.-Jack'nville.
33,612,042 Windsor
5,563.076
17,438,747 -9.4
4,938.778 +12.6
15,796,407
3.746,463
6.868,187
452.972
3.386,000 -3.8
370.033 +22.4
3,256,000
Miami
17.645,682 Prince Albert
300,977
21,530,245
Ala.-Birming'm
953,931
20,204.192 +7.8
799,440 +19.3
21,787,246
24.770,613 Moncton
798,668
1,722,481
790,067
2,318.158 Kingston
1,250,929 +17.7
702,993 +12.4
1,472,854
653,311
Mobile
1,434.133
757.241
686,664 +10.3
2,025,954 +25.4
3,541,000
-Jackson _
1,724,537 Chatham
726,309
Miss.
324,751
730,595
285,094 +25.8
550,106 +32.8
358,711
340,852 Sarnia
525,914
Vicksburg
54,674.526
48,879,138
51,394,933 -4.9
57.067,235
-New Orleans
La.
Tr,rsi 125 Het,...) 431.591.339 410.414.860
+5.2 307.085.62%
Total(13 cities) 178,904,557 174,707,067 + 12.4 187.992,037 238.885,690
• Estimated.
1926.
3
$
%
$
$
Seventh Fede r al Reserve 13 'strict-Chi cagoMich.
-Adrian _ 222,433
214,823 +3.6
231,797
194,033
Ann Arbor_ _ _ •
854,547
601,423 +42.1
1,057,180
927.281
219,176,823 146,719,304 +49.4 149,098,196 149.596,207
Detroit
6,873,566
Grand Rapids.
6,684.225 +2.8
6,451.151
7,643,432
2,676,476
Lansing
3,302.942 -19.0
2,137.000
2,000.000
Ind.
-Ft. Way n a
2,553,133 +18.7
3,031.059
2,358,842
2,287.292
Indianapolis..-. 20,637,000
19,759,000 +4.4
21.830,000
18,240,000
3,127.738
South Bend_ _ .
2,428.692 +28.8
2,613.600
2.735.640
6,163.294
Terre Haute_ _.
4,762.732 +29.4
7,232,903
6,096,815
Wis.-alilwauk 3
34,278.438 -16.0
28,797.203
35,710,057
34,839.650
.
Iowa-Ced. Rap
2,429.581
2,428,206
+0.1
2,440,158
2,209.305
Des Moines_..
8,198,331
8,076.159 +1.5
8,749,024
9,055.364
5,922,452 -4.4
5,664,118
Sioux City_ _
5.937.237
6,162,691
1,209,456
Waterloo _ _ _ .
1,145,174
+5.6
1,011.823
1,071,001
IIL-Bloomingto 1
1,637,108
1,438,041 +13.8
1,209,269
1,308,423
668,478.864 592,268,113 +12.9 615,000.057 614,727,084
Chicago
1.159,115
984,100 +17.9
Decatur
1,159.580
1.247,939
5,334,992
4,625,767 +15.3
Peoria
4.257.707
4,226.902
2,818,810 +12.5
.
3,170,838
Rockford
2,816.362
2,592,773
2,353,034
2,149,338 +9.8
Springfield_ _ .
2,482.291
2,350,039
Total(20 cities I
8,848,642.133 8,355,121,602
3,702,547,540 3,887,124,778
-1-5 9
1929.
1926.
Federal Reserve Mats.
3
3
S
%
$
466,629,733
427,912,303 +9.0
4-43,159,026
lot Boeton_ .._ _12 cities
395,648,166
7,694,324,533 5,868,062,819 +31.2 5,250,228,645 4,769,830,804
2nd New York _11 "
474,424,845 +19.5
566,901,350
443,729,892
3rd Philadelphial0 "
519,397,177
349,668,897 +12.7
394,214,651
4th Cleveland__ 8 "
383,411,152
357,361,880
151,581,100 -2.0
148,536,501
5th Richmond _ 6 "
162,953,953
172,222.788
174,707,067 +12.4
178,904,557
6th Atlanta__ _13 "
187,992,037
238.886,690
843,430,872 +17.5
991.195,586
873,784,234
7th Chicago... _20 "
869,511,871
190,764,516 +7.7
205,455,452
197,296,254
8th St. Louis_ _ 8 "
199,967,032
99,430,073 +9.6
109,012,532
94,299,636
9th Minneapolis 7 "
100,460,641
201,476,637
200,842,188 +7.3
215,603,190
10th Kansas City12 "
193,683,899
76,669,871
5 "
66,364,812 +15.5
69,294,595
llth Dallas
70,225,547
558,092,706
491,066,062
525,051,680 +6.3
12th San Fran_ _17 "
467,967,107
129 cities 11,595,540,662
Total
4,031,639,798
Outside N. Y. City
Week Ending Feb. 23.
Clearings al
-
1926.
00P..0201-.WMw00-4W.,400,00000000N010040.0
Week End. Feb. 23 1929.
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MAR. 2 1929.]
285.05R.384
1348
Zomuurcial andMiscellaneons
=IS
Stocks-
-All
Breadstuffs figures brought from page 1432.
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:
Friday
E0485
Last Week's Range for
Week.
Sale
of Prices.
Par. Price, Low. High. Shares.
Ahrens
-Fox A
*
B
*
Amer Laund Mach com -25
Amer Products pref
5
Amer Roiling Mill com _ _25
Amer Thermos Bottle A_.*
Preferred
50
Common
Baldwin corn
100
New preferred
100
Buckeye Incubator
*
Barley.
Rye.
Receipts at
- Flour.
Oats.
Carey (Philip) com
Corn.
Wheat.
_100
Preferred
100
bbls.19619s. bush.60 Os.bush. 56 lbs. ush. 32 lbs bush.48155.bush.561bs. Central Brass A
*
36,000 Champ Coated Pap com100
Chicago
178,000
616,000
223,000
501,000 2,184,000
437,000
123,000
Minneapolis_
350,000
lot preferred
208,000
100
1,717,000
303,000
29,000 Champ Fibre pref
Duluth
128,000
10,000
460,000
100
254,000
10,000 Churngold Corp
Milwaukee_ _
81,000
230,000
23,000
62,000
*
2.000 Cincln Ball Crank pref____
1,000
Toledo
156.000
53,000
260,000
10,000 CNO&TP
Detroit
38,000
16,000
25,000
100
364,000
Indianapolis_
507,000
Preferred
65,000
100
53,000
Cin Gas & Elm pref__ _100
St. Louis_
537,000
905,000
655,000
126,000
59,000
C N & C Lt & Trac pref 100
118,000
Peoria
562,000
26,000
48,000
100.000
Kansas City.
818,000
Cincinnati St Ry
1,368,000
50
Omaha
104,000
Cincinnati & Sub Tel_ _ _50
599,000
388,100
14,000
Cincin Union Stk Yds100
St. Joseph_
317,000
179,000
City Ice & Fuel
22,000
Wichita
110,000
325,000
*
1,000
Coca Cola A
42,000
Sioux City_
68,000
35,000
5
Cooper Corp A
20
210,000
New preferred
Tot. wk.'29
420,000 6,277,000 6,376,000 2,670,000 1,286,000
100
317.000 Crosby Radio A
903,000
Same week '28
5
458,000 5,081.000 7,938,000 2,451,000
591.000
464,000 Dixie Ice Cream
Same week '27
430,000 4,413,000 6,597,000 2,153,000
50
Dow Drug com
100
Since Aug.1Preferred
100
1928
15,029,000 370,120,000 180,775,000 97,022,000 76,586,00020,065,000 Eagle-Picher Lead oom_ _20
14,472,000 338,474,000 183,834,000 97,772.00055,544,000 25,959,000 Early & Daniel corn
1927
5
23,256,000 Fay & Egan corn
14.147.000 253,477,000 148,460,000 96,914,000 28,805,000
1926
100
Preferred
100
Total receipts of flour and grain at the seaboard ports for Fenton United com _100
Fyrfiter A
the week ending Saturday, Feb. 23, follow:
Formica Insulation
5
French-Bauer (linden)- *
Rye.
Barley.
Flour.
Oats.
Receipts atWheat.
Corn.
French Bros
-Bauer pref 100
Goldsmith Sons
*
Bushels. IBushels.
Bushels.
Bushels.
Bushels.
Barrels.
Gibson Art tom
5
153,0001
69,000 Globe-Wernicke pref._ _100
New York___
120,000
335,000
630,000
14,000
25,000
10,000
Philadelphia__
28,000
459,000
42,000
Goodyear Tire lot pref_100
48,0001
Baltimore_ _ _ _
16,000
3,000
278,000
15,000
Greiss Finger pref
Newport News
1.000
Gruen Watch corn
*
Norfolk
26,000
Hatfield-Campbell corn _ _*
New Orleans.
27,000
42,000
18,000
240,000
Hobart Mfg
5
Galveston_
---- Internat Print Ink
•
21,000
162,000
9,000
144,000
St.John, N.B_
51,000 1,049,000
112,000
94.001
Preferred
100
18,
Boston
4,000
28,000
76,000
*
Jaeger Machine
Kahn participating
40
253,000
213.000 Kodel Elec & Meg A
Tot. wk.'29
276,000
501,000 2,531,000
593,000
*
Sinee Jana '29 4,181,000 27,500,000 10,726,000 2,740,000 5,167,000 1.621,000 Kokenge(Julian)
Leland Elee
745,000
243,000 Lunkenheimer
323,000
Week 1928417,011 1,802,000
533,000
*
Since Jan. 1'28 3,757.000 20,815,001 4,094,000 3,052,000 5,568,000 2,016,000 Manisehewitz corn
100
McLaren Cons A
*
* Receipts do not include grain passing through New Orleans for foreign ports
Mead Pulp
5
or through bills of lading.
5
Meteor Motor
The exports from the several seaboard ports for the week Nash(A)
100
Nat Recording Pump_ _ _ _•
ending Saturday, Feb. 23 1929, are shown below:
Ohio Shares pref
100
Paragon Refining com _ _25
Barley.
Rye.
Oats.
Flour.
ExportsfromWheat.
Wheat.
Preferred
100
Vet trust certificates_ - __
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Procter & Gamble com_ _20
91,709
New York
8% preferred
1,108,000
9,000 128,759
100
208,000
6,000
Boston
100
% Preferred
Pure Oil 6% pref
Report no t received
Philadelphia
100
40,000
1,000
8% preferred
71,000
Baltimore
305,000
100
Putman Candy corn
Norfolk
26,000
5
1,000
Queen City Pet pref _ _ _100
Newport News
Rapid Electrotype
130,000
Mobile
*
69,000 Richardson corn
11.000
13,000
212,000 450,000
New Orleans
100
90,000 United Milk Crate A
1,000
377,000
Galveston
*
75.000 US Playing Card
Montreal
10
9.000 144,000 US Print & Litho corn _100
51.000 112,000
94,000
1,049,000
St. John, N. B
8,000
US Shoe corn
Houston
*
2,000
Halifax
Preferred
100
Whitaker Paper corn
5
9,000 717,709
Preferred
Total week 1929__ 2,674,000 1,157,000 211,759 123,000
100
Same week 1928 _ _ __ 2.086.505 634,914 171,064 208,918 335,000 633.250
*No par value.
j
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.
1
1927.
Customs Receipts
at New York.
Exports.
Imports.
1928.
1
1928.
1927.
1
i
$
I
$
a
I
!
8
January __ 168,712,467 176,319,795 148,120,044 155,804,9751
173,826,482 154,108,688 135,898,816 129,846,152
February.
150,660,2981
March_ _ _ _ 185,264,893 185,002,299 168,891,768
165,919,118 188,933,508 130,785,040 164,037,393
April
May
157,560,673 163.149,501 150,186,285 139,497,479
144,666,8051165,089,895 147,075,390 127,325,100
June
149,390,9651 58,169.597 147.613.519 38,384,513
July
August_ _ _ 154,359,9441166,332,013 139,961,583 142,661,747
Septamber 150,470,783:172,707,698 103,008,757 126,772,088
175,624,8781175,855,280 170,708,771 137,849,733
October
November 156.599,6261179,611,688 169,650,612 156,060,057
December_ 168,359,836'157,075,741 157,285,530 157.874.443i
Total
1928.
1927.
$
$
25,495,311
25,128,590
26,742,317
24.102,748
23,853,273
22,868,179
26,130,127
30,315,887
31,168,728
34,691,171
27,651,679
25,823,112
24,850,299
23,681,705
26,675,460
26,635,472
24,059,482
27,940,184
26,620,038
30,852,625
32,593,222
31,626,401
29,487,856
24,257,557
l950756470 1942355703 1769186061 l626773979323,971,122329,280,301
Movement of gold and silver for the twelve months:
Stiver-New York.
Cold Movement at New York.
Month.
Imports.
1928.
January ....
February
March..
April
131hy
June
July
August_ - September.
October _
Novem ber
December_
[Vox. 128.
FINANCIAL CHRONICLE
1
;
795.991
5,763,918
899.714
3,873.068
551,762
877,842
605,267
863,544
2,895.149
12,723,677
28,07 .532
,
419,784
Exports.
1927.
1928.
1927.
17,840,566
14,060,641
1,512,363
3,853.056
27.257,660
8,031,123
5,215,929
6,107,889
1.714.313
495,910
727.412
487,049
$
50,866,191
24,536,938
96,975,664
94,843.016
82,603,409
97,939,505
72,403,845
781,074
3,417,972
526,726
429.048
830,345
14,466,637
2,084.371
1,628,544
1,928,638
756,245
932,108
1,090,730
883,618
24.166,981
9,147,118
34,200,361
71,982,903
Imports.
Exports.
1928.
1928.
2,819,736
1,652,499
2,050,259
1,819,080
1,127,725
2,762,894
2,395,829
2,260,561
1,933.546
3,095,261
2,422,550
1,556,612
$
3,913,573
4,325,121
2,769.747
4,049,989
3,724,039
3,432,299
3,401,081
5,153,091
2,551,976
3,764,703
3,960,040
5,600,365
Total_ _ _ 58,348,248 87,304,211 526,153,733 163,268,254 25,896,552 47,646,024
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Feb. 23 to Mar. 1, both
inclusive, compiled from official sales lists:
87
2734
94
1734
4734
18
23
3134
38
76
52
5834
31
116
3534
1934
40
3534
30
5534
90
18
20
15
15
8834 89
27
2734
9434
93
1734 18
47
4734
2934 30
24
24
104 104
1734 18
330 340
120 120
24
23
165 165
110 111
108 108
31
33
36
38
450 450
114 114
98
9834
75
77
5034 52
123 125
4134 4134
58
59
3034 3134
45
46
76
80
11434 121
5834 5835
35
37
125 125
1034 1934
75
73
30
30
40
60
185 100
2731 2734
34
36
16
16
91
91
2934 30
55
5034
103 103
100 100
60
56
59
1334____
(
1
68
68
5834 58
5834
105 106
37
35
40
38
23
27
23
2934
29
4734
4734 48
30
30
3934
37
39
1734
17
69
69
28
28
161 161
3234 34
34
11334 113 11334
27
2634 2734
42
42
42
26
2634
2634
355 370
370
190 190
10234 10234 10234
10034 10134
11334 113y5
10
10
101
10134
6234
6234 58
290
280 290
3234
3234 3334
10834 112
99 100
534
534
54
58
81
81
10535 10634
135
50
1,347
210
1,271
705
67
80
47
5
603
72
52
236
80
6
100
560
888
20
20
534
230
1,233
71
100
342
325
2
15
351
5
289
8
1,990
65
10
27
76
135
989
100
1
381
276
10
31
5
435
49
125
22
171
55
30
561
317
300
6
1,810
70
25
2
8
303
7
1,668
25
535
928
5
353
153
1
13
23
230
59
140
217
310
2
102
10
74
Range Since Jan. 1.
Low.
18
15
85
27
9034
1634
47
2934
24
103
10
230
120
23
165
110
108
3034
3334
44234
11234
9734
7034
4934
119
3534
58
3034
45
68
88
5834
35
125
19
69
15
40
181
2734
2634
16
90
24
4834
82
103
100
50
13
6734
58
103
35
3634
15
29
46
28
33
1634
6834
2734
150
30
112
2234
42
20
279
190
10234
10034
112
4
101
58
235
3234
10834
8534
534
54
7434
102
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
High.
20
1834
90
30
105
18
47
34
29
10734
1834
340
126
2734
165
112
108
37
40
450
115
99
77
5534
130
4434
63
3434
46
80
127
5834
4134
125
2134
75
30
60
190
2834
36
16
91
3634
58
97
10334
101
60
1334
70
6334
108
45
42
29
36
4734
32
3934
18
71
36
175
3434
11434
2734
43
2634
375
190
103
10334
114
10
10134
64
290
37
115
100
8
65
87
10734
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Fhb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLES
Capital.
REQUESTED.
Feb. 21
-The Metropolitan National Bank of Milwaukee, Wis.- $200.000
Correspondent: S. J. Wabiszewski, 800 Layton Blvd.,
Milwaukee, Wis.
APPLICATION TO ORGANIZE APPROVED.
100,000
Feb. 21-First National Bank in Moorhead, Minn
Correspondent: J. IL Deems, Moorhead. Minn.
CHARTERS ISSUED.
50,000
Feb. 19
-The Cohasset National Bank, Cohasset, Mass
Ilugh Bancroft. Cashier, Ralph C. Eichler.
President,
100.000
Feb. 21
-The First National Bank in Electra, TexaS
President, J. A. Coker. Cashier, G. D. Ezell.
CHANGE OF TITLE.
Feb. 18
-The Wernersville National Bank. Wernersville, Pa., to
Wernersville National Bank & Trust Co."
"The
VOLUNTARY LIQUIDATIONS.
50.000
Feb. 21-The First National Bank of Wellington. Tex
Effective Dec. 261928. Liquidating agent, Bob Glenn,
Wellington,Texas. Succeeded by The First National
Bank in Wellington. No. 13249.
100,000
The First National Bank of Santa Rosa, Calif
Effective Feb.6 1929. Liquidating agent, W. C. Marshall, Santa Rosa, Calif. Absorbed by Bank of
America of California.
CONSOLIDATIONS.
1,000,008
Feb. 18
-The First National Bank of Jersey City, N. J
600,000
Lincoln Trust Co. of New Jersey, Jersey City, N. J
Consolidated today under the Act of Nov. 7 1918, as
,
25 1927, under the charter and title
amended Feb.
City,' No.
of "The First National Bank of Jersey
374, with capital stock of 81.600.000.
75,000
National Bank. McMinnville. Ore.Feb. 19
-The McMinnville
50,000
United States National Bank of McMinnville, Oretoday under Act of Nov. 7 1918, under
Consolidated
charter of The 'McMinnville National Bank. No.
3857, and under the title "United States National
Bank of McMinnville," with capital stock of$125,000.
Feb. 23
-The National Bank of Commerce of Seattle, Wash.....-1,000,000
300,000
The Marine National Bank of Seattle. Wash
- 500,000
The National City Bank of Seattle, Wash_ _
-Consolidated today under the Act of Nov.71918, under
the charter and corporate title of"The Notional Bank
'
of Commerce of Seattle. No,4375, with capital stock
of $2,500,000.
MAR. 2 1929.]
FINANCIAL CHRONICLE
25 1927.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB.
Feb. 18
-The First National Bank of Jersey City, N. J.
Location of branches:
Monticello Ave.;
Central Ave.;
Jackson Ave.;
Montgomery St.;
Bergen Ave. All
located in Jersey City, N. J.
77
70
89
286
878
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:
Shares. Stocks.
3 per share.
Stocks.
$ per share.
ser.
258 Amer. Home Foundation, Inc.
Shares.3, el. 3, cony. ctf.; 14 Uppercorn.(new stk.)
ville-Rectortown Telep. Co.(Va.)
12
724 Shawmut Silver Fox Ranching
Par $25; 100 Greenwater dr Death
Co., par $10
$1 lot
Valley Cop. Co., S. S., par $1;
300 Pacific Devel. Corp, no par.._ _ _$2 lot
5 Eagles Mere (Pa.), par $50;
100 Central Teresa Sugar Co., pref.,
20 Fauquier Farmers Co. Inc.
par 310; 200 U. S. S. S. Co., par
(Va.), par $10
$18 lot
310; 50 Allied Oil Corp., par $1;
Bonds.
Per Cent.
20 Telepost Co. voting trustees,
$1,000 Riots Throwing Co. Inc. 1st
par 310; 20 Telepost Co., ser. B,
& Coll. Trust 7% bonds, due
cl. 2, cony. ctf.; 20 Telepost Co.,
Dec.31 1933
92
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per share.
13 Old Colony Trust Co
475
15 Lawton Mills
79
2 Stevens Linen Works
11334
34 Farr Alpaca Co
112
50 Boston Mfg. Co., pref
2534
50 Samosett Cotton Mills
20
43 Connecticut Mills Co., 1st pref
30
20 Harmony Mills, pref
60
12 Dartmouth Mfg. Corp.common,
7634 ex-div.
27 Arlington Mills
34
31 Nashawena Mills
41
8 Indian Orchard Co
60
50 Charlestown G. JtEl. Co. v.t.c.,
par $25
13334
20 United Elastic Corp
45
50 Graton & Knight Co. prof
59
20 Saco-Lowell Shops, Inc.,2d prof_ 60
72 Old Colony Trust Associates_56-58
10 Public Service Co. of N. H.,
preferred
9834
60 New Bedford Gas& Edison Light
Co.(undeP.), Par $25
10034
45 Western Mass. Cos
8034
124 Lowell Elec. Light Corp. (undepos.), par 525
55
10 Delaware Water Co. pref
81
10 Amer. Mfg. Co. common
44
15 New Eng.Pub. Ser. Co. com-__ 79
10 New Boston Arena Co.. corn_ _ _ _ 234
Shares. Stocks.
$ per share.
24 Oxford Paper Co.6% pref_ _98 ex-div.
8 Haverhill Elec. Co. (undep.),
par 525
83
16 Merrimac Chemical Co., par $50 82
32W.L. Douglas Shoe Co. pref__ _ 9034
50 Puget Sound Pr. & Lt. Co.
35 prior pref
8934-8934
6 units First Peoples Trust
41
20 Ludlow Mfg. Associates. 178 ex-div.
50 Shawmut Bank Invest. Trust55
30 Mass. Bonding & Ins. Co. new,
par 525
175
33 Shawmut Bank Invest. Trust_ _ _ 57
48 Plymouth Cordage Co
70
Rights$ per Right
200 Merchants Nat. Bank, New
Bedford
9 934
20 Colonial Mtge. Corp
134
25 No. Bost. Ltg. Prop., cornmon v. t. c., w. 1
434
BondsPer Cent.
$5,000 Chic. Elev. Prop. Inc. 6s,
July 1942
90
$5,000 Southwest Gas CUL Corp.
6545, May 1943
7534
31,000 Great Lakes Terminal di
W'house Co. of Toledo 654s,
Sept. 1942
70
$2,000 Distribution Terminal& Cold
Storage Co.6545, Apr. 1952
84
Shares. Stocks.
$ Per Sh.
9 Special unit First Peoples Trust__ 3
47 Old Colony Trust Associates-- 58
5 Batchelder & Snyder Co.. pref_._ 8834
7 Central Maine Power Co., 7%
preferred
10854 ex-div.
6 Charlestown Gas dr Elec. Co..
v.t.c., par $25
13
211 New England Pow. Assn., Dret- 963(
4 Public Elec. Lt. Co., pref
90
10 Mass. UM. Associates, pref, par
350
44
13 New Eng.Pow. Assn., common_ 85
10 New Eng.Pow.Co., pref 10554 ex-div.
Bonds.
Per Cent.
3100 Alaska Gold Mines Co., Os,
March 1926
32 lot
32,000 Distribution Term. & Cold
Storage Co., 6548, Apr.'52 85% ex-int.
Rights6 per Right.
200 North Boston Ltg.Prop__
4 3-16
By Barnes & Lotla,nd, Philadelphia:
Shares. Stocks.
$ per sh.
30 Chestnut Hill Title di Trust Co.,
Par $50
12034
120 William Penn Title & Trust Co.,
par $50
76
30 City Nat.Ilk. & Tr. Co
254
6 Phila. National Bank
952
5 Maple Shade Nat. Bank, N. J _ _142
1 Nat. Bank of Chester Valley,
Coatesville, Pa
222
2 Northern Trust Co
1373
8 Norther.. Trust Co
1371
10 Real Estate Land Title & Trust
Co., par $10
8055
10 Chestnut H111 Title & Trust Co..
par $50
12034
111'dway Merch. Tr. Co., Carnden_37534
2 Internat. De Lavaud Mfg. Corp.,
Ltd., common
$30 lot
513ornot. Inc., class A, no par
1034
167 Hornet, Inc., class B,no par_ 144
100 Phila. Record Co., pref
94
10 John B.Stetson Co.,corn., no par 9034
Shares. Stocks.
$ Per sh.
5 John B.Stetson Co., corn., no Par 3
634
300 Little Schuylkill Nay. RR. &
Coal Co
4134
133 Minehill & Schuylkill Haven R5t.5434
50 Girard Life Ins. Co., par $10
2634
10 Sylvania Hotel Co., pref
75
50 Amer. Indemnity Corp., common, par $10
15
2 West Jersey Parkside Trust
35234
4 Tloga Trust
185
Rights$ Per Right,
133 1-3 Phila. Co.for Guar'g Mtgs_135
2 2-17 Camden Safe Deposit & Tr
75
4 Corn Exch. Nat. Bank & Trust_ - 8634
15 Corn. Exch. Nat. Bank & Tr
8534
61 Corn Exch. Nat. Bank de Tr._
8554
BondsPer Cent,
81,000 No. 526 Arch St.. Phila.,
50
3d M.6s, Mar. 15 1933
$2,500 Phila. Sub. Water Co lit
5s, 1955
9934
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
Spersh.
200 Boston & Montana Dev. Co.,
Boston etfs., par 35
31 lot
Temple Assn. of Buffalo &
5 Labor
Vicinity, Inc, par $
505. lot
5
Shares. Stocks.
$ Per
1,000 Baldwin Gold Mines, Par $1_4%c.
200 Kirkland Lake, par 31
$1.50
100 Buffalo Steel Car, no par__$2.25 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Alabama & Vicksburg
Erie & Pittsburgh (quar.)
Kansas City Southern,corn.(qu.)(No.1)
Missouri-Kansas-Texas, pref. (quar.)_
Missouri Pacific, pref. (quar.)
N. Y. Lackawanna & Western (quar.)_ _
Reading Company 2d pfd.(quar.)
St. Louis Southwestern, pref.,(quar,) _ _
Texas & Pacific Ry., corn.(quar.)
Vicksburg Shreveport & Pacific, corn__ _
4. Preferred
When
Per
Cent. Payable
Miscellaneous (Continued).
Public Utilities,
American Electric Power, $6 pref.(qu.)_
$7 preferred (quar.)
American Utilities, $7 prof. (quar.)
Bell Telephone of Canada (quar.)
Bell Telep of Pa.,634% pfd.(guar.)._
Brooklyn Union Gas (quar.)
California-Oregon Pow. 7% pfd. (qu.)
Six per cent pref. (quar.)
Chic. North Shore & Milw., pref.(qu.).
Prior preferred (quar.)
Chicago Rapid Transit, Pr. Pt. A (qu.)-Prior pref. series A (quar.)
Prior pref., series A (guar.)
Prior pref., series B (quar.)
Prior pref., series B (quar.)
Prior pref., series B (quar.)
Coast Counties Gas & Elec.
Six per cent first pref.(quar.)
Six per cent second pref.(quar.)
Consolidated Gas, N.Y.. pref. (tillar.)- Duluth-Superior Tr. pref. (quar.)
Duquesne Light, 1st pref. (quar.)
Electric Power & Light, pref. (quar.)_
Illinois Bell Telephone (quar.)
Illinois Power Co., 6% prof. (quar.)_ _
Seven per cent pref. (quar.)
Indianapolis Power & Light, pref. (qu.)_
Intercontinents Power $7 pref. (quar.)_ _
Jamaica Public Serv., pref. (quar.)
Kansas Gas & Elec. pref. (quar.)
Marconi International Marine
Construction Co
National Power & Light, $7 prof.(quar.)
NewYork Water Service, pref.(quar.)-Pacific Telep. & Teleg., corn. (guar.).-Preferred (quar.)
Philadelphia Elec. Power (quar.)
Savannah Elec dr Power, deb A (quar.)._
Debenture B stock (quar.)
Preferred
Southern Calif. Edison., orig. pf. (qu.).
Series C 554% prof. (quar.)
Southwestern Gas & Elec.8% pref.(qu.)
Seven per cent preferred (guar.)
Standard Public Servic, panic. A (qu.)..
Twin City Rapid Transit (Minneapolis),
Common (qua.)
Preferred (quar.)
United Corporation pref.(quar.)
Utilities Power & Lt. class A (quar.)_ _ _ _
Class B (quar.)
Preferred (quar.)
Western Power Corp.. 7% prof. (quax.).
Winnipeg Elec. Co. pref. (quar.)
Banks.
National Bank of Commerce (guar.)._
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
1 Webster & Atlas Nat. Dank
207
7 Atlantic National Bank
305
5 Bristol County Nat. Bank, Tannton
192
25 Edward Mfg. Co
8334
25 Arlington Mills
34
124 U. S. Worsted Corp., corn.;
37 15-100 1st pf., and 40 2d pf_ _318 lot
10 Naumkeag Steam Cotton Co_ _ _130
21 Nyanza Mills
20
6 Dartmouth Mfg. Co., com_7634 ex-div.
2 Bates Mfg. Co
147
100 Eastern CUL Associates, cony_ 1334
6 J. R. Whipple Corp., pref
42
30 New Eng. Pow. Assn., wet_96% flat
25 units First Peoples Trust
41
10 Shawmut Bank Invest. Trust__ 55
1 New Eng. Pow. Assn., pref_9634 flat
3 Plymouth Cordage Co
70
5 units First Peoples Trust
41
Name of CoraPeol.
Books Closed
Days Inclusive.
Apr. 1 Holders of rec. Max. 8
3
8734c Mar. 9 Holders of rec. Feb. 28
s51./ may 1 *Holders of rec. Mar. 31
134 Mar. 30 Holders of rec. Mar. 15
•134 Apr. 1 *Holders of rec. Mar. 8
134 Apr. 1 Holders of rec. Mar. Ida
*50c. Apr. 11 *Holders of rec. Mar. 21
134 Mar. 30 Holders of rec. Mar. 11
134 Apr. 1 Holders of rec. Mar. 15
234 Apr, 1 Holders of rec. Mar. 8
234 Apr. 1 Holders of rec. Mar. 8
1349
When
Per
Cool. Papabie.
Boas Maar
Days Isalortoe.
$1.50 Mar. 1 Holders of rec. Feb. 23
$1.75 Mar. 15 Holders of rec. Mar. 1
$1.75 Mar. 1 Holders of rec. Feb. 20
*2 Apr. 15 *Holders of rec. Mar.23
*154 Apr. 15 *Holders of rec. Mar.20
$1.25 Apr. 1 Holders of rec. Mar. 7
si
Apr. 15 *Holders of rec. Mar.31
*154 Apr. 15 *Holders of rec. Mar. 31
*1% Apr. 1 *Holders of rec. Mar. 15
*15i Apr. 1 *Holders of rec. Mar. 15
*65e. Apr. 1 *Holders cf rec. Mar. 19
*65e. May 1 *Holders of rec. Apr. 16 '
*65c. June 1 *Holders of rec. May 21
*60c. Apr. 1 *Holders of rec. Mar. 19
560e. May 1 *Holders of rec. Apr. 16.
*60c. June 1 *Holders of rec. May 21
1% Mar. 15 Holders of rec. Mar. 1
154 Mar. 15 Holders of rec. Mar. 1
*$1.25 May 1 *Holders of rec. Mar.29
*1 Apr. 1 *Holders of rec. Mar. 11
134 Apr. 15 Holders of roe. Mar. 15
$1.75 Apr. 1 Holders of rec. Mar. 11
Mar. 30 *Holders of rec. Mar.29
*2
134 Apr. 1 Holders of rec. Mar. 15
1% Apr. 1 Holders of rec. Mar. 15
1% Apr. 1 Holders of rec. Mar. 7
$1.75 Mar. 1 Holders of rec. Feb. 25
134 Apr. 1 Holders of rec. Mar. 1.5
*134 Apr. 1 *Holders of rec. Mar. 15
*734
$1.75 Apr. 1 Holders of rec. Mar. 16
$1.50 Mar. 15 Holders of rec. Mar. 5
•
134 Mar. 30 *Holders of rec. Mar.20
yi Apr. 15 *Holders of roe. Mar.30
*50c. Apr. 1 *Holders of rec. Mar. 11
*$2 Apr. 1 *Holders of rec. Mar. 1
*1% Apr. 1 *Holders of roe. Mar. 1
03 Apr. 1 *Holders of rec. Mar. 1
50c. Apr. 15 Holders of rec. Mar.20
3454c Apr. 15 Holders of rec. Mar.20
Apr. 1 *Holders of rec. Mar. 15
*2
*13i Apr. 1 *Holders of rec. Mar. 15
50e. Mar. 1 Holders of rec. Feb. 14
1
Arp. 1 Holders of rec. Mar. 12
134 Apr. 1 Holders of rec. Mar. 12
75c. Apr. 1 Holders of roe. Mar. 11
*u5rn Apr. 3 *Holders of rec. Mar. 9
*u25c Apr. 3 *Holders of rec. Mar. 9
*1% Apr. 3 *Holders of rec. Mar. 9
1% Apr. 15 Holders of rec. Apr. la
134 Apr. I Holders of rec. Mar. 6
4% Apr. 1 Holders of rec. Mar. 15a
Miscellaneous.
60e. Mar, 15 Holders of rec. Mar. 1
Metal Products cony. A (quar.)
1% Apr. 1 Holders of me. Mar. 11
Allied Chem.& Dye Corp., pref. (qu.)._
American Art Works, corn. & pref. (qu.) 134 Apr. 15 Holders of rec. Mar. 31
*50e. Apr. 1 *Holders of rec. Mar. h
American Bank Note, corn. (quer.)
•750. Apr. 1 *Holders of rec. Mar. 8
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 150
American Can, pref. (quar.)
May 1 *Holders of rec. Apr. 10
*81
American Coal. corn. (quar.)
550e. Mar. 27 *Holders of rec. Mar. 12
Amer. Encaustic Tiling (quar.)
Apr. I *Holders of rec. Mar. 8
*$1
Amer. Safety Razor (qua.)
*25e. Apr. 1 *Holders of rec. Mar. 8
Extra
575c. Apr. 1 *Holders of roe. Mar. 20
American Seating (qUan)
154 Apr. 1 Holders of rec. Mar. 9
American Tobacco, pref. (qilar.)
Amer. Writing Paper, pref.(qu.)(No. 1) *75c. Mar.30 *Holders of rec. Mar. 14
Anchor Cap Corp., corn.(quar.)(No. 1) 60e. Apr. 1 Holders of rec. Mar. 4
1.6254 Apr. I Holders of rec. Mar 4
.
$634 convertible pref.(quar.)
*75e. May 6 *Holders of rec. Mar.29
Andes Copper Mining (quar.)
25e. Mar. 31 Holders of rec. Mar. 15
Associated Brew. of Canada common.._
154 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
Atlantic Gulf & West Indies 13.13. Lines,
Mar. 30 *Holders of rec. Mar. 11
0$1
Preferred (guar.)
*31
June 29 *Holders of req. June 10
Preferred (quar.)
*El
Sept.30 *Holders of rec. Sept. 10
Preferred (quar.)
Dec. 31 *Holders of rec. Dec. 11
*31
Preferred (quar.)
Mar. 15 Holders of rec. Mar. 5
2
Autocar Co., pref. (quar.)
*75e. Apr. 1 *Holders of rec. Mar. 11
Auto-Strop Razor, class A (quar.)
154 Apr. 1 Holders of rec. Mar. 1
Bakers Share Corp., corn. (quar.)
Bancroft (Joseph) & Sons Co.corn.(qu.) 6234e Mar. 30 Holders of roe. Mar. 15
25e. Mar. 15 Holders of rec. Feb. 28
Bathurst Pow.& Pap., Ltd.,com. A (qu.)
13elgo Canadian Paper pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 1
30e. Max. 1 Holders of rec. Feb. 20
Bentley Chain Stores, corn. (quer.) _ _
Mar. 1 Holders of rec. Feb. 20
Preferred (quar.)
$1
Blumenthal(Sidney) & Co. pref.(qu.)
*1Si Apr. 1 *Holders of rec. Mar. 16
Bohn Aluminum & Brass (quar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
*50c. Apr. 1 *Holders of rec. Mar. 15
Extra
Borne Scrymser Co
Apr. 15 Mar. 23 to Apr. 13
$1
50c. Apr. 15 Mar. 23 to Apr. 13
Extra
Borg Warner Corp. corn.((Mar.)
Apr. 1 *Holders of rec. Mar. 20
*El
Com, payable in common stock)
*f2
Apr. 1 *Holders of rec. Mar. 20
•1Si Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Wino Mfg Co., Inc.. class A (quar.)_
50c. Apr. 1 Holders of rec. Mar. 15a
British Amer. Tobacco, preference
234 Mar.30 Holders of coup. No.51
British South Africa Co
Amer. dep. rcts. for registered shs _ (m) Mar. 13 *Holders of rec. Mar. 1
Brit.Type Investors,Inc.,c1.A(bu-mthly) 501. Apr. 1 Holders of rec. Mar. 15
13roekway Motor Truck, pref. (quar.)... 134 Apr. I Holders of rec. Mar. D.
By-Products Coke Corp.(qua.)
*50c. Mar. 25 *Holders of rec. Mar. 11
Extra
*50e. Mar. 25 *Holders of rec. Mar. 11
Canada Cement, Ltd., pref. (quar.)---- 134 Mar. 30 Holders of rec. Feb. 28
Canal Construction cony. pref. (guar.)._ *37Sie Apr. 1 *Holders of roe. Mar.20
Celotex Co., cons. (qua.)
*75c. Apr. 1 *Holders of roe. Mar. 15
Preferred (quar.)
Apr. 1 *Holders of rec. Ma.15
Century Electric Co.corn.(quar.)
Apr. I Holders of rec. Mar. 160
/5
Coca-Cola Co., corn.(qua.)
*31
Columbus Auto Parts Co.,cony.pf (qu.)
50e. Mar. 1 Holders of rec. Feb. 21
Commercial Credit, corn. (quar.)
*50c. Mar.30 *Holders of rec. Mar. 9
*134 Mar.30 *Holders of rec. Mar. 9
634% first preferred (qua.)
7% pref.(quar.)
54334c Mar.30 *Holders of rec. Mar. 9
(quar,)
080e. Mar. 30 *Holders of rec. Mar. 7
8% prof.
Congress Cigar (quar.)
*$1.25 Mar. 31 *Holders of rec. Mar. 14
Cooksville Co., pref. (quar.)
1
Mar. 15 Holders of me. Feb. 28
Courtaulds Ltd.
Amer. dep. rcts. for ord. reg
*10
Mar. 18 *Holders of rec. Mar. 6
Crown Zellerbach Co. corn. (guar.)
.25e. Apr. 15 *Holders of rec. Mar. 31
Curtis Publishing (monthly)
050e. Apr, 2 *Holders of roe. Mar.20
Delaware Lack. & West. Coal (quar.)
*32.50 Mar. 15 *Holders of rec. Mar. 1
2 Apr. 1 Holders of rec. Mar. 15
Detroit & Cleveland Nay.(quar.)
Dominion Glass Ltd., corn.& pfd.(qu.). 134 Apr. I Holders of rec. Mar. 15
758. Apr. 1 Holders of rec. Mar. 15
Dominion Stores, Ltd., corn.(quar.)
Draper Corporation (quar.)
$1 Apr. 1 Holders of ree. Mar. 2
Durham Duplex Razor pr. pl.(quar.)_
*31
Mar. 1 *Holders of rec. Feb. 23
Eastern Utilities Investing Corp.
$1.25 Apr. 1 Holders of rec. Feb. 28
$5 prior pref.(quar.)
*$1 Apr. 1 *Holders of roe. Mar. 15
Electric Auto Lite, corn.(quar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Common (extra)
sui Apr. 1
Preferred (quar.)
*Holders of rec. Mar. 15
-Divide nd pas sod.
Empire Thirty-eighth St. Corp.
Erskine-Danforth Corp. corn.(quar.)_
$1 Mar. 1 Holders of rec. Feb. 28
Common (extra)
25c. Mar. 1 Holders of rec. Feb. 28
2
Apr. I Holders of rec. Mar.29
Preferred (quar.)
2
Fear (Fred) & Co. corn. (guar.) Mar.15
1350
Name of Company.
PINANCLiL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
a . Miscellaneous (Concluded).
Filmes(William)Sons Co..634% Pf.(qu) •1% Apr. 1 "Holders of rec. Mar. 18
•134 Apr. 1 *Holders of rec. Mar. 18
Seven per cent. pref.(guar.)
Fitzsimmons & Connell Dredge & Dock,
nom.(1-40 sh.common stock)
(1) Mar. 1 'Holders of rec. Feb. 23
Corn.(1-40th share corn.stk.)
(f) June 1
Corn.(1-40th share corn.stk.)
(1) Sept. 1
Corn.(1-40th share corn.stk.)
(f) Dec. 1
•75c. Apr. 1 *Holders of rec. Mar. 13
Fleischmann Co. common (guar.)
Foote Bros. Gear & Mach., corn.(qu.).. "30e. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar. 20
French Line American shares
*47.4c Mar. 15 "Holders of me. Mar. 8
General Electric(guar.)
111
Apr. 28 *Holders of roe. Mar. 11
Special stock (guar.)
•150. Apr. 28 *Holders of rec. Mar. 11
Gen.Pub. Serv. Corp. $534 pf.
1.3734 May 1 *Holders of rec. Apr 10
28 preferred (guar.)
*31.50 May 1 *Holders of roe. Apr. 10
General Railway Signal, corn.(guar.)
*51.25 Apr. 1 *Holders of roe. Mar. 10
*1% Apr. 1 'Holders of rec. M.10
Preferred (guar.)
Gleaner Combine Harvester,corn.(qu.)- $1 Apr. 1 Holders of rec. Mar. 19
Golden Cycle Min. & Red
•4c. Mar. 1 'Holders of rec. Feb. 15
Greene Cananea Copper(qua:.)
32 Apr. 1 Holders of rec. Mar. 7
Hawaiian Commercial& Sugar
•25e. Mar. 5 *Holders of rem Feb. 25
Helme ((leo. W.)Co..corn.(guar.)
$1.25 Apr. 1 Holders of reo. Mar. 11
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 11
Hercules Powder,corn.(guar.)
The. Mar. 25 Holders of rem Mar. 14
Imperial Tobacco of Canada
Ordinary (interim)
734c. Mar.28 Holders of MC. Mar. 7
3
Mar.30 Holders of rec. Mar. 7
Preferred
Inspiration Consol. Copper Co.(quar.)- $1 Apr. 1 Holders of rec. Mar. 14
'Si Mar. 28 *Holders of rec. Mar. 11
International Cement(guar.)
*82340 Apr. 1 *Holders of rec. Mar. 15
International Shoe, corn. (guar.)
(No. 1) *500. Apr. 1 'Holders of rec. Mar. 15
Interstate Dept. Sta., corn.(qu.)
• 1.1234
$
Kalamazoo Stove(guar.)
Kraft-Phenix Cheese, corn.(guar.) - • 37340. Apr. 1 *Holders of rec. Mar. 18
; 1.8233 Apr. 1 *Holders of reo. Mar. 18
$
Preferred (guar.)
le. Mar. 10 Holders of reo. Mar. 1
Laguna Land & Water. corn.(monthly).
15e. Apr. 1 Holders of reo. Mar. 11
Lessings, Inc. (guar.)
Sc. Apr. 1 Holders of roe. Mar. 11
Extra
60e. Mar. 8 Holders of reo. Mar. I
Link-Belt Co
82.50 Apr. 1 *Holders of reo. Mar. 18
Lord & Taylor, corn. (guar.)
Mathieson Alkali Works, corn.(guar.)._ $1.50 Apr. 1 *Holders of reo. Mar. 15
-- (f)
Corn. (stock dIv.-3 shares for D.
1)4 Apr. 1 Holders of Tee. Mar. 15
Preferred (guar.)
The. Apr. 1 Holders of rem Mar. 12
Midvale Company (guar.)
"8234c Aprl 1 *Holders of rec. Mar.20
Monsanto Chemical Works (guar.)
*810 Apr. 1 *Holders of roe. Mar. 20
Stock dividend
•30e. Mar. 1 *Holders of rec. Mar. 18
Murphy (G. C.) Co., corn. (guar.)
Apr. 2'Holders of rem Mar. 18
*2
Preferred (guar.)
•750. Feb. 25 'Holders of rec. Feb. 10
Nat. Industrial Bankers (qu.)(Na. 1)_
NationalBreweries, Ltd.,corn.(guar.)._ "al Apr. 1 'Holders of rec. Mar. 15
4.1 54 Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 180
National Surety (guar.)
North Amer. Investors Corp. corn.(qu.) 25e. Apr. 1 Holders of rec. Mar. 15
82340. Apr. 1 Holders of reo. Mar. 15
Five per cent cony. stk.(guar.)
19e. Mar. 1 Holders of rem Feb. 23
Northern Manufacturing, pref.(guar.).190. June 1
Preferred (guar.)
190. Sept. 1
Preferred (guar.)
190. Deo. 1
Preferred (guar.)
•500. Mar.30 *Holders of roe. Mar. 15
Northern Paper Mills,common(guar.)
•500. May 15 *Holders of rec. Apr. 30
Pacific Associates(guar.)(No.I)
*$1.50 Apr. 1 *Holders of roe. Mar.20
Pacific Indemnity Co.(No. 1)
.
1250. Mar. 31 *Holders of rec. Mar. 18
Parke, Davis Co.(guar.)
•10o. Mar.31 "Holders of rec. Mar. 18
Extra
Pander(D.) Grocery Co.,class B (gu.).... 250. Apr. 1 Holders of rec. Mar. 15
25e, Apr. 1 Holders of rec. Mar. 15
Class B (extra)
Mar. 13 Holders of rec. Mar. 7
$7
Penney (J. C.) Co., common
134 Apr. 10 Holders of rec. Mar. 20
Porto Rico Amer.Tobacco,cl A (qu.)._. •
Phillips Petroleum Co.. corn.(guar.)._ 3734c. Apr. 1 Holders of rec. Mar. 14
Mar.20 Holders of rec. Mar. 1
$2
Portland Vegetable Oil
134 Apr. 1 Holders of rec. Mar. 10
•
Pure 011 Co.,534% prof.(Mar.)
Apr. 1 Holders of rec. Mar. 10
*134
filx per cent preferred (guar.)
Apr. 1 *Holders of rec. Mar. 10
*2
Eight per cent preferred (guar.)
•134 May 1 Holders of rec. May 31
Quaker Oats, pref.(guar.)
150. Mar. 15 Holders or rec. Mar. 1
Quaker Products 01 A (guar.)
•134 Apr. 1 Holders of rec. Mar.25
Reis (Robert) & Co. 1st prof.(guar.)
•20c. Apr. 1 Holders of rec. Mar. II
'
Reo Motor Car (qua:.)
"200. Apr. 1 Holders of rec. Mar. 11
Extra
Manageml Corp., pfd.(mthly) 2-3 Mar. 1 Holders of rec. Feb. 25
Royalties
134 Apr. 1 Holders of reo. Mu.15
St. Maurice Valley Corp., prof.(qu.)._
Me. Mar. 15
Second General Amer.Investors, pf.(qu.) •$1.50 Apr. 1 Holders of reo. Feb. 25
Mar. 15 Holders of
'$1
Sheaffer(W. A.) Pen Co
•500. Mar. 15 Holders of rec. Feb. 25
Extra
Sept.19 Holders of roe. Aug. 25
*51
Semi-annual
•500. Apr. 1 *Holders of reo. Mar. 15
Shreveport-Eldorado Pipe Line (qu.) Mar.31
of
Signods Steel Strapping, pfd.(guar.)._ •82340 Apr. 15 *Holders of rec. Feb. 21
roe.
1%
Simon (Franklin) & Co., prof.(qua:.)_. *134 M. 1 Holders rec. Mar. 11
Mar.20 *Holders of
-Sheffield Steel, Inc., corn. (guar.).
Sloss
•134 Apr. 1 *Holders of roe. Mar.20
Preferred (guar.)
•132340 Mar. 15 *Holders of roe. Mar. 5
Smallwood Stone, class A (guar.)
3% Mar. 15 Mar. 8 to Mar. 15
Smith (F. H.) Co. 734% prof
354 Mar. 15 Mar. 6 to Mar. 15
Seven per cent preferred
3734c Apr. 1 'Holders of reo. Mar.20
•
Sonatron Tube, cl A (guar.)
•500. Mar. 30 *Holders of reo. Mar. 15
South Penn 011 (guar.)
50e. Apr. 1 Holders of rem Mar. 11
South Porto Rico Sugar, corn. (guar.)
250. Apr. 1 Holders of rec. Mar. 11
Common (extra)
Apr. 1 Holders of roe. Mar. 11
2
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
$1
Southwest Pa. Pipe Lines
Kellogg & Sons. Inc.(guar.) - 400. Mar.31 Holders of rec. Mar. 15a
Spencer
40e. June 30 Holders of rec. June 15a
Quarterly
400. Sept.30 Holders of rec. Sept. 140
Quarterly
(gy.)(No.1) •40c Mar.30'Mar. 18 to Mar. 29
Stand.011(KyJnew $10 par
82340. Apr. 1 Holders of rec. Mar. 15
Standard 011 (Ohio) corn.(qu.)
Apr. 1 Holders of rem Mar. 9
2
Swift & Co.(guar.)
•134 Apr. 10 *Holders of rec. Mar.30
Telantograph Corp., prof.(guar.)
Mar.20 *Holders of rec. Mar. 5
•
61
Todd Shipyards (guar.)
•50e. Apr. 15 *Holders of rec. Mar.26
Truscon Steel common (guar.)
3734c Apr. 1 *Holders of rec. Mar. 12
•
Traveler Shoe common (guar.)
'Fri
-Continental Corp.6% pref.(guar.). 134 Apr. 1 Holders of rec. Mar. 15
United Dyewood Corp.. prof.(qua:.)... •1- Apr. 1 *Holders of rec. Mar. 10
n
United Steel Works Corp.(Germany). 54Mks Mar. 1 Holders of coup. No. 3
134 Apr. 1 Holders of rec. Mar. 9
U.S. Leather prior pref.(guar.)
Apr. 1 Holders of rec. Mar. 11
Class A partic.& cony.stock (qua:.)
- $1
of
g Apr. 20 Holders of rec. Apr. lie
Vulcan Detinning pref. & pref. A ((raj
rec. Apr. lla
Apr. 20 Holders
h3
Pref.(acct. accumulated diva.)
.
3734c. Apr. 1 Holders of reo. Mar.20
Waldorf System, Inc., corn.(guar.)
20c. Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
Warren Quinlan Co., corn.(guar.)
*50c. Apr. 2 *Holders of ree. Mar. 12
50e. Apr. 1 Holders of reo. Mar. 15
Wesson 011 & Snowdrift new corn.(qu.)_
Old common (payable In corn. stock)_ _ 1100 Mar. 6 Holders of rec. Feb.o280
Apr. 30 Holders of reo. Mar. 11
Westinghouse El. & Mfg.corn. (quar.)_ •
21
Apr. 15 Holders of ree. Mar. 11
Preferred (guar.)
•21
White (J. G.) Engineering pref.(guar.). 1% Mar. 1 Holders of roe. Feb. 15
Wilson & Co. pref.(acct. annum. div.)_ h131 Apr. 1 Holders of reo. Mar. 9
Worthington Pump & Mach. prof. A._ _• 843.50 Mar. 20 Holders of reo. Mar. 9
Preferred B (acct. accumulated diva.)_ *843 Mar. 20 Holders of reo. Mar. 9
Apr. 1 Holders of rem Mar. 11
$1
Yale & Towne Mfg.(guar.)
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 Compass.
Railroads (Steam).
AUSIttle Coast Line Co.(guar.)
Bangor & Aroostook. corn.(guar.)
Preferred (guar.)
Boston & Albany (guar.)
Canadian Pacific, corn. (gum.)
Preferred
When
Per
Cent. Payable.
Boors Closed
Days Inclusive.
•
234 Mar. 9 *Holders of rec. Feb. 28
880. Apr. 1 Holders of reo. Feb. 283
134 Apr. 1 Holders of rec. Feb. 28a
2
Mar. 30 Holders of rec. Feb. 28
234 Apr. 1 Holders of rec. mar. la
2
Apr. 1 Holders of rec. Mar. 1
[VoL. 128.
1-171
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Chesapeake Corp., common (guar.).
Chesapeake & Ohio, corn.(guar.)
Preferred
Chestnut Hill RR. (guar.)
Chic. R. I. & Pacific, corn.(guar.)
Consolidated RE,.of Cuba,pref.
Cuba RR. common
Delaware & Hudson Co.(guar.)
Gulf Mobile & Northern, pref. (qua?.)..
Hocking Valley, corn.(guar.)
Maine Central, common (qua:.)
N.Y.Chic. & St. L., corn. & pref.(qu.)
N.Y. N. H.& Hartford, corn.(qua:.)..
Preferred (guar.)
Norfolk & Western, corn. (guar.)
Northern Pacific (guar.)
Pere Marquette, corn. (guar.)
Common (extra)
Prior preference (guar.)
Five per cent preferred (guar.)
Phila. Germantown & Norristown (an.)
Reading Co., 1st pref. (guar.)
St. Louis-San Francisco, corm (lUar.)
Preferred (guar.)
Preferred (guar.)
Preferred (qua:.)
Southern Pacific Co.(guar.)
Union Pacific, corn. (guar.)
Preferred
750 Apr. 1
234 Apr, 1
334 July 1
750. Mar. 4
134 Mar. 30
134 Apr. 1
$1.20 Mar. 28
234 Mar. 20
131 Apr. 1
234 Mar. 30
1
Apr. 1
134 Apr. 1
1
Apr. 1
134 Apr. 1
2
Mar. HI
134 May 1
134 Apr. 1
Apr, 1
2
134 May 1
134 May 1
$1.50 Mar. 4
50o Mar.14
Apr. 1
2
134 May 1
134 Aug. I
11.4 Nov. 1
134 Apr. I
234 Apr. 1
2
Apr. 1
Holders of roe. Mar. 80
H,olders of rem Mar. Sa
Holders of reo. June 8a
Feb. 21 to Mar. 3
Holders of reo. Mar. 80
Holders of reo. Mar. ill
Holders of rec. Mar.280
Holders of rec. Feb. 200
Holders of rec. Mar. 153
Holders of rec. Mar. 80
Holders of roe. Mar. 15
Holders of rec. Feb. 150
Holders of roe. Feb. 280
Holders of reo. Feb. 280
Holders of reo. Feb. 28.
Mar. 13 to AMU 9
Holders of reo. Ma: 811
o
Holders of rec. Mar. 84
Holders of roe. Apr. $11
Holders of reo. Apr. 50
Feb. 21 to Mar. 3
Holders of rec. Feb. 200
Holders of reo. Mar. la
Holders of reo. Apr. 13a
Holders of rec. July la
Holders of reo. Oct. la
Holders of rec. Feb. 253
Holders of rec. Mar. 13
Holders of rec. Mar. la
Public Utilities.
Amer.Power dr Light, 28 pref. (quar.)__ $1.50 Arm. 1 Holders of rec. Mar. 134
$5 Preferred, series A (guar.)
750. Apr. I Holders of roe. Mar. 130
Amer. Telep. & Teleg. (guar.)
234 Apr. 15 Holders of reo. mar.140
Am. Wat. Wks. & El., $8 1st pf. (1111.)- 31.50 Ain. I Holders of rec. Mar. 123
Aasoclated Gas & Electric
$5 preferred (guar.)
81.25 Map. 15 Holders of rec. Feb. 15
Boston Elevated Ry., corn.(quar.)
•
134 Apr. 1 Holders of rec. Mar. 11
Second preferred
'354 Apr. 1 Holders of rec. Mar. 11
Brooklyn City RR.(guar.)
100. Mar. 15 Holders of rec. Mar. 2
Bklyn.-Manhat. Transit, pref.set A (qu) $1.50 Apr. 15 Holders of rem Apr. la
Buff. Niagara & East.Pow.corn.(guar.) •300. Apr. 1 Holders of rec. Mar. 15
Class A (guar.)
•300. Apr. 1 Holders of rem Mar. 15
Preferred (guar.)
•
400 Apr. 1 Holders of rec. Mar. 15
First preferred (guar.)
•$1.25 May 1 Holders of rec. Apr. 15
Central III. Pub. Serv., pref. (qua:.)... •$1.75 Apr. 15 "Holders of rem Mar.31
$6 preferred (guar
•
$1.50 Ain. 15 *Holders of reo. Mar.30
•643344) Mar. 15 *Holders of reo. Feb. 23
Central Pub. Ser. class A (guar.)
Consol. Gas,El. L.& P.,Bait..00112.(Q11) •75o. Apr. 1 *Holders of roe. Mar. 15
8% preferred series D (guar.)
•
134 Ape. 1 *Holders of reo. Mar. 15
•
134 Apr. 1 *Holders of rec. Mar. 15
5H% preferred series E (guar.)
•134 Apr. 1 *Holders of rem Mar. 15
5% Preferred series A (guar.)
750. Max. 15 Holders of reo. Feb. Sa
Consolidated Gas of N Y corn.(qu.)
Consumers Power,$5 pref.(guar.)
$1.25 Apr, 1 Holders of rem Mar.15
1% Apr. 1 Holders of rec. Mar. 15
Six Per cant preferred (guar.)
1.85 Apr. 1 Holders of rec. Mar. 15
6.6% Preferred (guar.)
Seven per cent preferred (guar.)
134 Apr. 1 Holders of rm. Mar. 15
Six per cent preferred (monthly)
15
50o Apr. I Holders of ree. M.
8.8% preferred (monthly)
550. Apr. 1 Holders of rec. Mar. 15
Detroit Edison Co.(guar.)
2
Apr. 15 Holders of rec. Mar. 200
East Kootenay Power, pref.(guar.).
134 Mar. 15
- •
Engineers Pub. Sere., corn. (guar.).
- 25e. Apr. I Holders of roe. Mar. 4
Common (2-100 share corn. stock).... (s) Apr. 1 Holders of roe. Mar. 4a
$5 convertible preferred (guar.)
$1.25 Apr. 1 Holders of rem Mar. 43
$5.50 cumulative preferred(guar.) --$ 1.37% Apr. 1 Holders of rem Mar. 4
Federal Light & Traction, corn. (guar.). 3733o. Apr. 1 Holders of roe. Mar. 134
Common (payable in common stock). 11
Apr. 1 Holders of rem Mar. 13a
Galveston Houston Elec. Co. pref
3
Mar. 15 Holders of rec. Mar. 5
Gulf States Utilities $5.50 Prof.(qua?.) 1.3734 Mar. 15 Holders of reo. Mar. 4
.5
$8 preferred (guar.)
$1.50 Mar. 16 Holders of rem Mar. 5
Indianapolis Water, pref. A (guar.)
134 Apr. 1 Holders of rec. Mar. 120
Kansas City Pr.& Lt. pref. B (guar.)._ •31.50 Apr. 1 *Holders of rem Mar. 14
Laclede Gas Light, corn. (guar.)
234 Mar. 15 Holders of reo. Mar. la
Louisville Gas & Elec., corn. A de B (qu.) 43)4s Mar. 25 Holders of reo. Feb. 28.
Middle West Utilities, prior lien (qua:.). 2
Mar. 15 Holders of rem Feb. 28
$8 preferred (guar.)
$1.50 Mar. 15 Holders of rec. Feb. 28
Minnesota Power & Light, pref.(guar.). 134 Apr. 1 Holders of rec. M.
15
88 preferred (guar.)
$1.50 Apr. 1 Holders of reo. Mar. 15
Monongahela West Penn Public Service
Preferred (qua:.)
43340 Apr. 1 Holders of roe. Mar. 15
National Public Service, corn. A (guar.). 400. Mar. 16 Holders of reo. Feb. 27
New England Pub. Sem., pr. lien pf.(gu) *31.75 MU.16 Holders of rem Feb. 28
New England Telep. dr Teleg.(guar.)
Mar.80 Holders of reo. Mar. 9
2
N.Y.& Queens El. Lt.& Pr. corn.(qu.)_ •87.340 Mar. 14 Holders of reo. Mar. 1
North American Co.. corn.(guar.)
Apr. 1 Holders of rec. Mar.
f 234
Preferred (guar.)
75e. Apr. 1 Holders of reo. Mar. 5
North Amer. Utility Secur., 1st pf.(qua 51.50 Mar. 15 Holders of rec. Feb. 28
First pref. alot. ctfs. (guar.)
$1.50 Mar. 111 Holders of reo. Feb. 28
Oklahoma Gas&
pfd.(guar.) --- 1% Mar. 15 Holders of rec. Feb. 28
Pa. Gas & Elec. Corp.
Seven per cent preferred (guar.)
134 Apr. 1 Holders of me .Mar. 20
$7 preferred (guar.)
$1.75 Apr. 1 Holders of rem mar.20
Penn.
-Ohio Pow. & Lt.,$8 pref. (Q11.)
$1.50 May 1 Holden; of rem Apr. 20
134 May 1 Holders of reo. Apr. 20
7% Preferred (guar.)
1300. Apr. 1 Holders of reo. Mar. 20
7.2% preferred (monthly)
800. May 1 Holders of rec. Apr. 20
7.2% preferred (monthly)
550. Apr. 1 Holders of reo. Mar. 20
6.6% Preferred (monthly)
55c. May 1 Holders of reo. Apr. 20
13.8% preferred (monthly)
82340 Apr. 1 Holders of rec. Mar. 15
Pennsylvania Water & Power (qua:.)
People, Light & Power corn. A (qua:.)
1800. Apr. 1 Holders of rec. Mar. 8
Philadelphia Electric+ Co.. corn. (guar.); 50e. Mar,15 Holders of rec. Feb. 28a
Public Service Corp. of N.J.. coin.(au.) 850. Mar.30 Holders.of rec. Mar. 13
2
Mar. 30 Holders of rec. Mar. is
8% preferred (guar.)
154 Mar. 30 Holders of reo. Mar. 13
7% Preferred (quar.)
$1.25 Mar. 30 Holders of rem Mar. la
$5 Preferred (guar.)
500. Mar. 30 Holders of rec. Mar. la
8% preferred (monthly)
Public Sem. El. & Gas,8% prof.(quar) 154 Mar. 30 Holders of rem Mar. la
134 Mar. 30 Holders of rec. Mar. la
7% preferred (guar.)
50c Apr. 15 Holders of rem Mar.29
Quebec Power (guar.)
875.4e Apr. 1 Holders of roe. Mar. la
Radio Corp of Amara:W(0.A (qu.)
San Joaquin Lt.& Pr.7% pf.(qua?.)... "134 Mar. 15 *Holders of rem Feb. 28
•134 Mar. 16 *Holders of reo. Feb. 28
Prior Prof. A (guar.)
50c. Apr. 10 Holders of rec. Mar. 15
Shawinigan Water & Power(guar.)
Southern Calif. Edison. pref. A (guar.). 435.4e Mar. 15 Holders of rec. Feb. 20
37340 Mar. 15 Holders of roe. Feb. 20
Preferred B (guar.)
134 Mar. 15 Holders of rem Feb. 28
Southern Colorado Power, prof.(qua?.)
*2
Apr. 16 *Holders of reo. Mar.30
SouthernN. E.Telephone (guar.)
1.8234 May I Holders of rem Apr. 20
Southwest Gas Utilities. prof.(guar.)
Mar. 15 Holders of roe. Feb. 28
Standard Gas & El., $4 pref. (quan).- $1
Superior Water, Lt.& Pow. pref.(au)
- 154 Apr. 1 Holders of rec. Mar. 16a
Tennessee El.Pow.Co.,5% lat pf.(gu.) 134 Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 15
8% 1st pref.(guar.)
134 Apr. 1 Holders of rem Mar. 15
7% 1st pref.(guar.)
1.80 Apr. 1 Holders of rem M.
14
7.2% 15t pref.(guar.)
50e. Apr. 1 Holders of rem Mar. 15
8% 1st pref.(monthly)
80o. Apr. 1 Holders of reo. Mar. 15
7.2% let pref.(monthly)
35o. Mar. 10 Holders of reo. Feb. 28
Union Natural Gas of Canada(gm).- Sc. Mar. 10 Holders of rec. Feb. 28
Extra
81.1254 Mar.30 Holders of rec. Feb. 250
United Gas Improvement tguar.)
134 Mu.20 Holders of reo. Feb. 280
Virginia Eleo. & Pow.,8% prof.(quar.)
134 Mar. 20 Holders of rem Feb. 283
Seven per cent preferred (guar.)
West Penn Elec. Co., class A (qua:.)... $1.75 Mar. 30 Holders of rem Mar. 183
Wool Penn Railways,6% pref.(qua:.).. 13.4 Mu.15 Holders of rem Feb. 25
134 Mar. 15 Holders of rec. Feb. 28
Wisconsin Power & Light, 7% pf.(qu.). •
Wisconsin Public Service, 7% prof.(qu.) 154 Mar. 20 Holders of rec. Feb. 28
134 Mar. 20 Holders of roe. Feb. 28
654% preferred (qua:.)
134 Mar. 20 Holders of reo. Feb. 28
6% Preferred (guar.)
Banks.
Chelsea Exchange (guar.)
'62340 Apr. 1 Holders of rem M.
14
Name of Company.
1351
FINANCIAL CHRONICLE
MAR. 2 1929.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Cohn-Hall
-Marx, corn. (quar.)
6234c. Apr. 1 Holders of ree. Mar. 154
62340. July 1 Holders of ree. June 16
Common (guar.)
Apr. I Holders of rec. Mar. 15
Commercial Solvents Corp. ((Mar.)- - -- $2
e2
Apr. 1 Holders of ree. Mar. 15
Stock dividend
$1.25 Apr. 1 Mar.20 to Apr. 11
159 May 15 Holders of rec. May 10
Community State Corp., A Is B (quar.)_
154 Sept. 2 Holders of rec. Aug. 28
Class A Is B (quar.)
Miscellaneous.
159 Deo, 31 Holders of rec. Dee. 20
Apr. 1 *Holders of rec. Mar. 20
Class A Is B (quar.)
•1
Acme Steel (quar.)
Consolidated Automatic Merchandising
$1.50 Mar. 31 *Holders of rec. Mar. 15
Adams Express, common (quar.)
87510 Mar. 15 Holders of rec. Mar. 5
Preferred (quar.)
•$1.25 Mar. 31 *Holders of ree. Mar. 15
Preferred (quar.)
Consolidated Cigar Corp., corn. Mari_ $1.75 Apr. 1 Holders of rec. Mar. 18.
Allegheny Steel new stock (monthly)___ _ •15c. Mar. 18 *Holders of rec. Feb. 28
50c. Apr. 1 Holders of rec. Mar. 15
.
01K June 1 *Holders of rec. May 15
Consolidated Dairy Products (quar.)
Preferred (quar.)
e134 Apr. 1 Holders of rec. Mar. 15
•159 Sept. 1 *Holders of rec. Aug. 15
Stock dividend
Preferred(quar.)
•159 Dec. 1 *Holders of rec. Nov. 15
Consolidated Film Industries
Preferred (quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Common (quar.)(No. 1)
Allied Refrigeration Industries
50c. Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
Participating, pref. (quar.)
Prior pref.(quar.)
Consumers Co., prior preferred (quar.) - •151 Apr. 1 *Holders of ree. Mar. 15
Alpha Portland Cement,common (qua?.) •75c. Apr. 15 *Holders of ree. Mar. 15
•$1.75 Mar. 15 *Holders of rec. Mar. 1
Container Corp. of Amer., class A (qu.)_ *300. Apr. 1 *Holders of rec. Mar. 10
Preferred (quar.)
*15c. Apr. 1 'Holders of rec. Mar. 10
•131 Apr. 1 *Holders of rec. Mar. 15
Class B (Qua?.)
Aluminum Co. of Am.. pref. (quar.)*1% Apr. 1 *Holders of rec. Mar. 10
•159 Apr. 18 *Holders of rec. Mar. 20
Preferred
American Aggregates, pref. (quer.)
1M Apr. 1 Holders of me. Mar. 150
*$1.75 May 1 *Holders of rec. Apr. 30
Continental Can, pref.(quar.)
Chat'lion Corp., prof. (quar.)
Amer.
50c. Mar. 30 Holders of rec. Mar.115a
50c. Apr. 1 Holders of rec. Mar. 120 Coty, Inc. (quar.)
American Chicle,common (quar.)
55151 May 28 Holders of rec. May 13
1)4 Apr. I Holders of rec. Feb. 250
Stock dividend
Prior preferred (quar.)
n151 Aug. 27 Holders of rec. Aug. 12
60c. Mar.31 Holders of rec. Mar.12
Stock dividend
American ColortyPe (qua?.)
n191 Nov. 27 Holders of rec. Nov. 12
25c. Apr. 1 Holders of rec. Mar. 140
Stock dividend
American Home Products
3751c Mar. 15 Holders of ree. Mar. 1
Apr. 1 Holders of rec. Mar. I20 Crane Company, com.(qua?.)
Internat. Corp., corn.(No. I)._ _ $1
(monthly)_Aer.
e2
Apr. 1 Holders of rec. Mar. I20
134 Mar. 15 Holders of rec. Mar. 1
Preferred (quar.)
Common (stock dividend)
250. Apr, 1 Holders of rec. Mar. 20a
*02
Oct. 1
Crosby Radio,new stock (guar.)
Common (stock dividend)
*$1
June 1 *Holders of rec. May 20
Crown Willamette Paper, 1st pf. (qu.). *159 Apr. 1 *Holders of rec. Mar. 13
Amer. Laundry Mach., com. (quer.).-_
•151 Apr. 1 "Holders of rec. Mar. 13
June 1 *Holders of rec. May 20
Quarterly
*S1
Second preferred (quar.)
159 Mar. 30 Holders of rec. Mar. 15a
Mar. 30 Holders of rec. Mar. 13
American Locomotive, com.(quar.) _ $2
Crucible Steel, prof. (qua?.)
Dividend omitted
Preferred (quar.)
1)4 Mar. 30 Holders of rec. Mar. 13
Cuban-Amer. Sugar. com. Is pref
•351
Mar. 15 *Holders of ree. Feb. 28
American Manufacturing, com.(quar.)_
750. Mar. 31 Holders of rec. Mar. 15
Cumberland Pipe Line(quar.)
*$9 Mar. 15 *Holders of rec. Feb. 28
75c. July 1 Holders of rec. June 15
Common (quar.)
Extra
•151 Mar. 15 *Holders of rec. Mar. 1
75c. Oct. 1 Holders of rec. Sept. 15
Common (guar.)
Cuneo Press, Inc., 634% prof. (quer.)
Common (quar.)
75c. Dec. 31 Holders of rec. Dec. 15
Curds Publishing, common (monthly)._ *50c. Mar. 2 *Holders of rec. Feb. 28
•199 Apr. 1 *Holders of rec. Mar.20
159 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
Preferred (guar.)
50c. Mar, 15 Holders of rec .Feb. 280
159 July I Holders of rec. June 15
Preferred (quar.)
Curtiss Aeroplane Is Motor, corn
$10 Mar. 15 Holders of re c.Feb. 28
I M Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Curtiss Assets, ctfs. beneficial Interest
87c. Mar. 15 Holders of rec. Mar. 40
1 91 Dee. 31 Holders of rec. Dec. 15
Preferred (quar.)
Cutler Hammer Inc.(quar.)
*$1
Mar. 23 *Holders of rec. Star. 9
American Radiator, common (quar.)_
$1.25 Mar. 30 Holders of rec. Mar. 110 Davis Mills(qua?.)
Amer. Railway Express (guar.)
$1.50 Mar. 30 Holders of rec. Mar. 15a Decker (Alfred) Is Cohn,Inc., com.(qu.) *50c. Mar. 15 *Holders of rec. Mar. 5
'134 June 1 *Holders of rec I May 22
American Rolling Mill,common (quar.)_ *50c. Apr. 15 *Holders of rec. Apr. 1
Preferred (qua?.)
'134 Sept. 1 *Holders of re...Aug. 22
July 30 *Holders of rec. July 1
Common (payablein common stock)._ *15
Preferred (quar.)
*31.50 Apr. 1 *Holders of rec.Mar. 15
Amer.& Scottish Invest. corn. (quar.)_ _ *30c. Mar. 15 *Holders of rec. Feb. 15
Deere Is Co., corn. (quar.)
May 1 Holders of rec. Apr. 20
Amer.Solvents & Chem., panic. pf.(qu) .75c. Apr. 1 *Holders of rec. Mar. 12
Dennison Manufacturing. deb.stk.(qu.) $2
159 May 1 Holders of rec. Apr. 20
Participating pref. (extra)
*$1.50 May 1 *Holders of rec. Apr. 10
Preferred (guar.)
2
Mar. 15 Holders of rec .Feb. 280
American Stores, corn. (quar.)
50c. Apr. 1 Holders of rec. Mar. 15a Diamond Match (quar.)
Apr. 15 Holders of rec. Mar.30
$1
159 Apr. 2 Holders of rec. Mar. 50 Dominion Engineering Works(quar.)
Amer. Sugar Refining, pref. (quar.)._
$1.25 Apr. I Holders of rec. Mar. 15
Anaconda Copper Mining (quar.)
$1.75 May 20 Holders of rec. Mar. 29a Dominion Textile, COM.(qua?.)
159 Apr, 15 Holders of ree. Mar.30
Armour & Co.(Ill.) pref.(quar.)
159 Apr. 1 Holders of rec. Mar. 9a
Preferred (quar.)
$1
Apr. 15 Holders of rec. Apr. la
Armour & Co. of Del. pref. (guar.)
159 Apr. 1 Holders of rec. Mar. 9a Dunhill International (quar.)
el
Apr. 15 Holders of rec. Apr. le
Armstrong Cork, common (quar.)
Stock dividend
'37)40 Apr. 1 *Holders of rec. Mar. 9
el
July 15 Holders of rec. July la
Common (extra)
•12)40 Apr. 1 *Holders of rec. Mar. 9
Stock dividend
el
Oct. 15 Holders of rec. Oct. la
Associated Apparel Industries
Stock dividend
Mar. 15 Holders of rec. Mar. la
Common (monthly)
*3313c. Apr. 1 *Holders of roe. Mar. 21
DuPont(E.I.) de Nem.Is Co.,com.(qu) $1
151 Apr. 25 Holders of rec. Apr. 100
*33'e. May 1 *Holders of rec. Apr. 19
Common (monthly)
Debenture stock (quar.)
Common (monthly)
*33'.c. June 1 *Holders of rec. May 21
Eagle-Picher Lead Co..corn •(qua?.)- --- •200. Apr. 15 *Holders of rec. Mar. 31
*750. Mar.30 *Holders of rec. Mar. 20
Common (monthly)
*33I.c. July 1 *Holders of rec. June 20
Early Is Daniels, corn.(quar.)
•I.K Mar.30 *Holders of rec. Mar.20
Associates Investment Co., com. (guar.) *8751c Mar. 31 *Holders of rec. Mar. 21
Preferred (quar.)
Apr. 1 *Holders of rec. Feb. 11
•2
Preferred (quar.)
411.75 Mar. 31 *Holders of ree. Mar. 21
East Hartford Co.(No. 1)
*3
Apr. 1 *Holders of rec. Feb. 11
Atlantic Refining, com.(guar.)
25e. Mar. 15 Holders of rec. Feb. 21 a
Extra
$1.25 Apr. 1 Holders of rec. Feb. 28a
Common (extra)
25e. Mar. 15 Holders of rec. Feb. 210 Eastman Kodak, corn. (qua?.)
750. Apr. 1 Holders of rec. Feb. 280
Atlas Powder, coin. (quar.)
Mar. 11 Holders of rec. Feb. 28a
$1
Common (extra)
151 Apr. 1 Holders of rec. Feb. 28a
Automatic Regis. Mach., cony. pr. part. *500. Apr. 1 *Holders of rec. Mar. 15
Preferred (qua?.)
6e. Apr. 1 Holders of rec. Mar. 1
Babcock & Wilcox Co.(guar.)
1,‘ Apr. 1 Holders of reo. Mar. 20 Ecquadorian Corp., ordinary
$1.625 Mar. 15 Holders of rec. Mar. la
Balaban & Eats, corn.(monthly)
•25e. Apr. 1 *Holders of rec. Mar. 20
Co., pref. (quar.)
Eitingon fichlld
•37910 Mar. 15 *Holders of rec. Mar. 1
•151 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
E.Dorado 011 Works (qu.)(No. 1)
151 June I Holders of rec. May 13a Electric Stor. Battery, corn. Is pfd.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 90
Bamberger (L.)& Co.,651% Pf.(21.)
500. Mar,24 Holders of ree. Mar. la
691% preferred (quar.)
151 Sept. 2 Holders of rec. Aug. 12a Emportum-Capwell Corp.(quar.)
50c. Apr. 1 Holders of rec. Mar. 15
151 Dee. 2 Holders of rec. Nov. ha Equitable Office Bldg..com •(qua?)...
699% Preferred (quar.)
159 Apr. 1 Holders of rec. Mar. 15
Barker Bros. Corp.. coin. (quar.)
50e. Apr. 1 Holders of ree. Mar. 14a
Preferred (quar.)
Apr. 1 *Holders of ree. Mar.20
•e2
151 Apr. 1 Holders of rec. Mar. 14a Evans Auto Loading,stock dividend
Convertible 651% preferred (quar.)
Oct. 1 *Holders of rec. Sept. 20
4412
Beech-Nut Packing (quar.)
750. Apr. 10 Holders of rec. Mar. 256
Stock dividend
75e. Mar. 30 Holders of rec. Mar. I2a
Belding Corticelli, Ltd., pref.(quar.)
1K Mar. 15 Holders of rec. Feb. 28
Co., corn. (quar.)
Fairbanks, Morse Is
75c. Mar. 15 Holders of rec. Feb. 25a Federal Mining Is Smelt. pref. (qua?.)... 1.59 Mar, 15 Holders of rec. Feb. 21
Best & Co.(quar.)
Bethlehem Steel,corn
May 15 Holders of rec. Apr. 190 Federal Screw Works (quar.)
*75c. APr. 1 *Holders of rec. Mar. 29
81
1M Apr. 1 Holders of rec. Mar. 40 Federated Business PublIcationePreferred (quar.)
62 Kc Apr. 1 Holders of rec. Mar.20
Bigelow-Hartford Carpet, pref. (qua?.). '1)4 May 1 *Holders of ree. Apr. 18
let preferred (ariar.)
•11i Aug. 1 *Holders of rec. July 18
1K Apr. I Holders of rec. Mar. 1
Preferred (quar.)
Feltman-Curme Shoe Stores, pfd.(qu.) _
•151 Nov. 1 *Holders of rec. Oct. 18
160, Mar. 29 Holders of ree. Mar. 14a
Preferred (quar.)
Fifth Avenue Bus Securities Blum./
Mar. 15 Holders of rec. Feb. 28
2
Bolas, Chia. Oil Corp., class A (Quar.)
Federal Foreign 13kg. Corp.(qu.)-. $1.75 May 15 Holders of rec. May 1
First
2
Apr. 1 Holders of rec. Mar. 13a
Mar. 15 *Holders of rec. Feb. 21
Borne. Scrymser Company
*92
First Nat. Pictures, lot pref.(quar.)
3734c Apr. 1 Holders of rec. Mar. 18
Boston Woven Hose & Rubb. com.(qu.) 21.50 Mar. 15 Holders of rec. Feb. 23
First National Stores, com.(qua?.)
ts Apr. 1 Holders of rec. Mar. 15a,
.$1.50 Mar. 15 *Holders of rec. Mar. 1
Brill Corp.,class A (guar.)
Florsheim Shoe, pref.(quar.)
50e, Mar. 15 Holders of rec. Feb. 28a
Mar. 30 *Holders of rec: Mar. 20
•21
Bristol-Myers Co.(quar.)
Follansbee Bros. Co., com.(quar.)
250. Mar. 15 Holders of rec. Feb. 274e.
•25e. Mar. 30 *Holders of ree. Mar. 20
Extra
Common (extra)
CO
Mar. 30 Hold, of coup. No.129(1)
134 Mar. 16 Holders of rec. Feb 28
British Amer. Tob. ordinary (interim)....
Preferred (quar.)
65e. Mar. 15 Holders of rec. Mar. 5
Mar. 15 Holders of rec. Feb. 21
BuckeyePipe Line (qua?.)
$1
Foote-Burt Co.. corn
Mar. 15 Holders of ree. Feb. 21
•25.c Apr. 1 *Holders of ree. Mar. 15
$1
Extra
Formica Insulation (quar.)
25e. Apr. 1 Holders of rec. Feb. 210
*400. Apr. 1 *Holders of rec. Mar. lb
Bucyrus-Erie Co., com.(quar.)
Extra
351 Apr, 1 Mar. 16 to Apr. I
6231 Apr. 1 Holders of rec. Feb. 21a French (Fred) Constr. Co., pref
Convertible pref.(quar.)
159 Apr. 1 Holders of ree. Feb. 21a Fuller(George A.)Co., partic.pr.pf.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 10
Preferred (quar.)
me. Mar. 11 Holders of rec. Feb. 26a
Apr, 1 Holders of ree. Mar. 10
Burroughs Adding Machine, corn. MO Cum.Is parttc. pref.(quar.)
Bush Terminal Co.,corn.(qua?.)
*50c. May 1 *Holders of rec. Mar. 29
21.25 Mar, 15 Holders of rec. Mar. 5
Gamewell Co., com.(guar.)
Common (payable in common stock)-- '1134 May 1 *Holders of rec. Mar. 29
.$1 Apr, 1 *Holders of rec. Mar. 13
Gen). Amer.Tank Car(quar.)
Debenture stock (quar.)
•159 Apr. 15 *Holders of rec. Mar 29
•$1 July 1 *Holders of rec. June 13
Quarterly
Bush Terminal Bldgs., pref. (quer.).
Apr. 1 *Holders of rec. Mar. 13
•1
•1)4 Apr. 1 *Holders of rec. Mar. 15
Stock dividend
Byers(A. M.) Co., pref.(quar.)
159 May 1 Holders o reo. Apr. 15.
July 1 *Holders of rec. June 18
•1
Stock dividend
California Ink, class A (quar.)
"50c. Apr. 1 *Holders of rec. Mar. 21
75c Mar. 12 Holders of rec. Feb. 160
(No. 1)
General Motors, new com.(qu.)
$1
Mar. 15 Holders of rec. Feb. 28a
California Packing (quar.)
151 May 1 Holders of rec. Apr. 8a
6% preferred (quar.)
California Petroleum-April 1 div. omit
159 May 1 Holders of rec. Apr. 8a
6% deb. stk. (guar.)
Calumet & Arizona Mining (quay.)_ _ _ $1.50 Mar. 25 Holders of roe. Mar. Sc
159 May 1 Holders of rec. Apr. 8a
7% prof.(guar.)
Mar. 30 Holders of rec. Feb. 280 GladdIng,McBean& Co.,com(In com stk) *2
Calumet & Hecla Consol. Copper (quar.) $1
Oct. 1
Canada Malting, Ltd.(quar.)
3751c Mar. 15 Holders of rec. Feb. 28
3734e Apr. 1 Holders of rec. Mar.18a
Glidden Co.,corn.(quar.)
Canadian Car & Fdry., pref.(quar.) --159 Apr. 10 Holders o tree. Mar. 22
1251c Apr. 1 Holders of rec. Mar.18a
Common (extra)
Canfield Oil, com.& pref.(qua?.)
$1.75 Mar. 31 Holders of roe. Feb. 20
159 Apr, 1 Holders of rec. Mar.180
Prior preferred ,quar.)
Common dc preferred (quar.)
$1.75 June 30 Holders of rec. May 20
Goldberg (S. M.)Stores, $7 pref.(quar.) $1.75 Mu.15 Holders of rec. Mar. 1
Common & Preferred (quar.)
$1.75 Sept.30 Holders of rec. Aug. 20
Apr. 15 Holders of rec. Dec. 31
Goldwyn Investment Corp..extra
$1
Common & preferred (quar.)
$1.75 Dec. 31 Holders of ree. Nov. 20
199 Apr. 1 Holders of rec. Mar. 8a
Goodrich (B. F.) Co., pref. (quar.)___ _
Capital City Surety
15o. Apr. 1 Holders of roe. Mar. 15
159 July 1 Holders of rec. June 10
Preferred (ciler.)
1
Apr. 1 Holders of ree. Mar. 110 Goodyear Tire Is Rub. pr. & 1st Df.(qu.) 1M Apr. 1 Holders of rec. Mar. la
Case (J. I.) Thresh. Mach.com.(guar.)m Apr. 1 Holders of ree. Mar. ha Gorham Mfg., corn. (quar.)
Preferred (quar.)
50c June 1 Holders of rec. May 1
Central Alloy Steel, com.(quar.)
50c. Apr. 10 Holders of ree. Mar. 23a
50c Sept. 1 Holders of rec. Aug. 1
Common (quar.)
Preferred (quar.)
1M Apr. 1 Holders of rec. Mar. 13a
50c Dec. 1 Holders of rec. Nov. 1
Common (guar.)
Mar. 31 Holders of rec. Mar. 9a
Certo Corporation (quar.)
750.
June 1 Subj.to stkholders. meet.
Common (payable in common stock). f5
Chelsea Exchange Corp., cl. A & B (qu.)
250. May 15 Holders of rec. May 1
Gotham Silk Hosiery, com.(quar.) _ _ _ _ 6254e Apr. 1 Holders of rec. Mar. 120
Chesebrough Mfg.(quar.)
Mar. 30 Holders of rec. Mar. 9a Great Northern Iron Ore Properties
91
$1.25 Apr. 30 Holders of rec. Apr. 59
Extra
50c. Mar. 30 Holders of rec. Mar. 9a Greenway Corp., 5% pref. (quer.)
•750 May 15 *Holders of rec. May I
.750. Apr. 1 *Holders of rec. Mar. 15
Chic. Is Jeff. Fuse & Elec.(No. 1)
•75c Aug. 15 *Holders of rec. Aug. 1
5% preferred (qua?.)
Extra
*50c. Apr. 1 *Holders of rec. Mar. 15
.750 Nov. 15 *Holders of rec. Nov. 1
5% preferred (quar.)
Chicago Yellow Cab (monthly)
*25c. Apr. 1 *Holders of rec. Mar. 20
Apr. I *Holders of rec. Mar. 15
"81
Gulf States Steel, corn. (qua?.)
Monthly
*25c. May 1 *Holders of rec. Apr. 9
•134 Apr. 1 *Holders of rec. Mar. 15
Preferred (quar.)
Monthly
•25c. June 1 *Holders of rec. May 20
*154 July 1 *Holders of rec. June 15
Preferred (quar.)
Chickasha Cotton Oil (quar.)
750. Apr. 1 Holders of ree. Mar. 9a
•1 K Oct. 1 *Holders of rec. Sept. 16
Preferred (quar.)
Quarterly
75e. July I Holders of rec. June 10a
Preferred (quar.)
.134 Jan 230 *Holders of rec. Dec. 16
cbilds Company, com. (quar.)
60c. Mar. 11 Holders of rec. Feb. 25a
*3734 Mar. 15 *Holders of rec. Mar. 1
Hall Lamp(quar.)
Preferred (quar.)
159 Mar. 11 Holders of rec. Feb. 250 Hamilton Bank Note Engraving of Ptg.
Chile Copper Co.(quar.)
8734c Apr. 22 Holders of roe. Mar. 294
*734 May 15 *Holders of rec. May ?
Common (qua?.)
75o. Mar. 30 Holders of roe Mar. 2a Hamilton United Theatres(Canada)
Chrysler Corp.common (quar.)
A Apr. 1 Holders of rec. Mar. 15
Cities Service, com.(monthly)
131 Mar. 30 Holders of rec. Feb. 28
Preference (qua?.)
Apr. 1 Holders of roe. Mar. 15
Corn.(mthly) payable in coin. stk.._ _ /m
Hanes (P. H.) Knitting. prof. Mari
154 Apr. 1 Holders of rec. Mar.20
Preferred and preference BB (mthly.)
50o. Apr. 1 Holders of rec. Mar. 15
Hanna(M. A.) Co., 1st pref
134 Mar.20 Holders of rec. Mar. 60
Preference B (monthly)
5e. Apr. 1 Holders of rec. Mar. 15
151 Apr, 20 Holders of rec. Apr. 100
Harbleon-Walker Refract., prof.(quax.)_
87510 May 1 Holders of rec. Apr. 15a Hecla Mining (monthly)
*15c. Mar. 15 *Holders of rec. Feb. 15
City Stores Co.. Maas A (quar.)
•500. June 1 *Holders of ree. May la
Cleveland Stone. common (qua?.)
50e. May I Holders of rec. Apr. 10
Hoyden Chemical, corn.(No. 1)
.00 Sept. 1 "Holders of rec. Aug 16
0
Common (quar.)
Hibbard, Spencer, Bartlett Co. (mthly.) 350. Mar. 29 Holders of rec. Mar. 22
Apr. 1 Holders of rec. Mar. 5a Holland Furnace, corn. (quar.)
Commercial Invest. Trust corn. (qua?.). $1
6254o Apr. 1 Holders of ree. Mar. 150
Apr. 1 Holders of rec. Mar. 50 Liorni Signal Mfg. COLO. A Is AA (qu.)
Common (payable in corn. stock)___ _ fl
.250. Mar. 30 *Holders of rec. Feb. 28
1% Apr. 1 Holders of rec. Mar. 50
7% first preferred (quar.)
25
Mar. 20 Holders of rec. Feb. 28
Class A common
% first pref.(qua?.)
1K Apr. 1 Holders of rec. Mar. 5a
Mar. 20 Holders of rec. Feb. 28
Class AA,common
7s5
Trust Companies.
Central Union (stock dividend)
Equitable (guar.)
Fire Insurance.
Brooklyn Fire Insurance
e20 S ubj.to s tockh'rs meeting Mar. 21
Mar. 30 Holders of rec. Mar. 160
3
tea.
1352
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Ctosea
Days Inaustte.
Miscellaneous (Continued).
Honolulu Consolidated 011(guar.)
*50c. Mar. 15 *Holders of rec. Mar. 5
Hudson Motor Car (guar.)
$1.25 Apr. 1 Holders of roe. Mar. ha
Hupp Motor Car (Stock dividend) (g11.) 4214 May 1 Holders of roe. Apr. lba
Stock dividend (guar.)
.234 Aug. 1 Holders of reo. July lita
Stock dividend (guar.)
e234 Nov. 1 Holders of roe. Oct. 15a
Illinois Brick (guar.)
'60e. Apr. 15 "Holders of reo. Apr. 3
Quarterly
*60c. July 15 "Holders of roc July 3
Quarterly
*60. Oct 15 *Holders of ree Oct. 3
Indian Refining, pref.(guar.)
11i Apr. 1 Holders of rec. Mar. 20
Industrial Finance, corn.(In stock)
Mar. 20 Holders of roe. Mar. 8
Internat. Business Machines(quar.). $1.25 Apr. 10 Holders of reo. Mar. 22a
'
Ins. Cont.Invest- Corp.corn.(guar.)
Apr. 1
Common (guar.)
*250. July 1
Internat. Educational Publishing, pref.- SI
May 1 Holders of rec. Mar. 30,
Intenaat. Harvester, new no par (qual.).'6234c Apr. 15 *Holders of rec. Mar. 25
International Shoe pref.(monthly)
.
050c Apr. I "Holders of roe. Mar. 15
Preferred (monthly)
*5Ce May 1 *Holders of roe. Apr. 15
Preferred (monthly)
*50o. June 1 *Holders of rec. May 16
Preferred (monthly)
*50c. July 1 "Holders of reo. June 15
Preferred (monthly)
'50e. Aug. 1 "Holders of reo. July 15
Preferred (monthly)
*50a. Sept. 1 "Holders of roe. Aug. 15
Preferred (monthly)
"50e. Oct. 1 "Holders of rec. Sept. 15
Preferred (monthly)
*500. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*500. Dee. 1 *Holders of rec. Nov. 15
Preferred (monthly)
*50o. Jan 1'30 *Holders of roe. Dec. 15
International Silver, pref. (quar.)
Apr. I Holders of rec. Mar. 120
Interstate Iron & Steel, corn.(quar.)--- *SI
Apr. 15 "Holders of rec. Apr. 5
Investors Capital Corp.. common
50e. Apr. 15 Holders of roe. Dee. 31
file Royale Copper
Mar. 30 Holders of roe. Feb. 28
Jewel Tea. corn. (quar.)
Apr. 16 *Holders of rec. Apr. 2
'21
Johns
-Manville Corp., corn. (guar.)_
_ 75c. Apr. 15 Holders of rec. Mar. 250
Preferred (guar.)
Apr. 1 Holders of rec. Mar. Ila
Joint Security Corp
Coro.(payableIn corn.stock)
fl
May I Holders of rec. Apr. 20
Corn.(Payablein corn.stock)
fl
Aug. I Holders of rec. July 20
Corn.(PayableIn corn,stock)
fl
Nov. 1 Holders of roe. Oct. 20
Jones & Laughlin Steel, pref. (quar.).. 1% Apr. 1 Holders of rec. Mar. 13a
Kaufmann Dept. Stores, prof. (guar.)-- 154 Apr. 1 Holders of rec. Mar. 20
Kaynee Co.. common (extra)
•1234e Apr. 1 *Holders of roe. Mar.20
Common (extra)
•1214c July 1 *Holders of rec. June 20
Kelsey-Hayes Wheel. corn. (guar.)
50c. Apr. 1 Holders of rec. Mar. 210
Kennecott Copper Corp., new stk.(qu.). 81
Apr. 1 Holders of rec. Mar. la
Kinney (G. R.) Co., corn
25c. Apr. 1 Holders of roe. Mar.21a
Knox Hat, prior pref.(guar.)
31.75 Apr. 1 Holders of roe. Mar. 15a
Prior preference (guar.)
81.75 July 1 Holders of roe. June lba
Prior preference (guar.)
$1.75 Oct. 1 Holders of roe. Sept. 16a
Participating pref.(guar.)
75c June 1 Holders of ree. May 15a
Participating pref.(guar.)
75e Sept. 3 Holders of roe. Aug. lba
Participating pref.(guar.)
75c Dee. 2 Holders of reo. Nov. 15a
Kresge (S. 8.) Co., corn.(guar.)
40o. Mar. 30 Holders of rec. Mar. ha
Preferred (guar.)
1% Mar. 30 Holders of rec. Mar. lb
415
Kroger Grocery & Baking corn.(quar.)
Apr. 1 "Holders of reo. Mar. 10
Lake Shore Mines, Ltd.(guar.)
20c Mar. 15 Holders of rec. Mar. 1
Lakey Foundry & Mach.
Stock dividend
*4234 Apr. 30 *Holders of roe. Apr. 15
Stock dividend
*4234 July 30 *Holders of rec. July 15
Stock dividend
•4214 Oct. 30 *Holders of roe. Oct. 15
Lamson & Hubbard Corp. pref
Mar. 20 Holders of rec. Mar. 11
45
Lamson dr Sessions (guar.)
6234c Mar. 15 Holders of rec. Mar. 5
Lehigh Portland Cement, pref.(guar.)._
1% Apr. 1 Holders of roe. Mar. 14a
Liggett St Myers Tobacco, pref. (quar.)_
114 Apr. I Holders of rec. Mar. 11
Lincoln Interstate Holding Co
150. July 1 Holders of rec. June 20
Lunkenheimer Co.,common (quar.)
•3734c Mar. 15 *Holders of rec. Mar. 5
Preferred (guar.)
•134 Mar. 30 "Holders of rec. Mar. 20
Preferred (guar.)
•114 June 29 *Holders of rec. June 19
Pr,eferred (guar.)
•134 Sept.30 *Holders of rec. Sept. 20
Pfeferred (qual.)
•134 Dec. 31 *Holders of rec. Dec. 21
McCall Corp.(guar.)
May. 1 Holders of rec. Apr. 200
$1
Macfadden Publications, corn. (special). •10c. Apr. 1 *Holders of rec. Feb. 28
McKesson & Robbins, Prof. (guar.)_ _ _ _ 8734c Mar. lb Holders of rec. Mar. la
Mallinson (H.R.)& Co.. pref.(guar.).- 1% Apr. 1 Holders of roe. Mar. 21a
Mergenthaler Linotype (guar.)
$1.25 Mar. 30 Holders of rec. Mar. 6a
Extra
50o. Mar. 30 Holders of rec. Mar. 60
Metro-Goldwyn Pictures, pref.(quar.)-- 1% Mar. 15 Holders of rec. Feb. 28a
MetropoUtan Paving Brick. pref.(guar.) •134 Apr. 1 "Holders of rec. Mar. 15
Miller (I) & Sons, corn.(guar.)
500. Apr. 1 Holders of roe. Mar. 15
Minneapolis-Honeywell Regulator
Common
•$1.25 Aug. 15 *Holders of rec. Aug. 3
Preferred (guar.)
'134 May lb "Holders of rec. May I
•114 Aug. 15 "Holders of roe. Aug. I
Preferred (guar.)
Preferred (fluor.)
'134 Nov. 15 "Holders of roe. Nov. 1
Mohawk Carpet Mills (guar.)
6234c Mar. 31 Holders of rec. Mar. 90
'Holders of rec. Mar. 20
Montgomery Ward & Co.,class A (qu.)_ "81.75 Apr.
Montreal Cottons, Ltd., corn. (guar.)-- 134 Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
134 Mar. 15 Holders of rec. Feb. 28
•90c. Mar. 15 'Holders of rec. Feb. 28
I•lorrell(John) dr Co.(No. 1)
"15c. Apr. 2 *Holders of rec. Mar. 15
Morristown Securities(guar.)
*10c. Apr. 2 "Holders of rec. Mar. 15
Extra
50c. Mar.20 Holders of rec. Mar. ba
Motor Wheel Corp.. corn. (gear.)
Muncie Gear Co.class A (guar.) (No. 1) *500. Apr. 1 *Holders of rec. Mar. 15
'50e. July 1 'Holders of rec. June 15
Class A (guar.)
Class A (guar.)
*50c. Oct. I *Holders of rec. Sept. 15
Class A (guar.)
"500. Jan 130 *Holders of rec. Dec. 15
National Biscuit,corn.(guar.)
81.50 Apr. 15 Holders of roc. Mar.29a
Nat. Dairy Products, corn.(guar.)
75e. Apr. 1 Holders of rec. Mar. 40
Apr. I Holders of rec. Mar. 4a
11
Corn. (payable In corn. stock)
July 1 Holders of ree. June 3a
Common (payable in common stk.).- fl
Oct. 1 Holders of rec. Sept. 30
Common (payable in common stock). fl
•It4 Apr. 1 *Holders of roe. Mar. 4
Preferred A dr B (guar.)
National Fireproofing, pref. (qua!).... 6214c. Apr. 15 Holders of roe. Apr. 1
•7234c Apr. 15 *Holders of rec. Apr. 1
Preferred (extra)
6234e. July lb Holders of rec. July 1
Preferred (guar.)
(1234c. Oct 11 Holders of rec. Oct.
Preferred (guar.)
•$1.25 Mar. 31 'Holders of rec. Mar. 15
National Lead,corn.(guar.)
•111.75 Mar. 15 "Holders of roe. Mar.
Preferred A (guar.)
•$1.50 May 1 'Holders of rec. Apr. 19
Class 13 preferred (guar.)
National Sugar Refining (guar.)
50c. Apr. 1 Holders of rec. Mar. 4
National Transit (guar.)
'250 Mar. 15 *Holders of rec. Feb. 28
Extra
•25c. Mar. 15 *Holders of rec. Feb. 28
Newberry (J. J.) Co.,corn.(guar.)
"40c. Apr. 1 *Holders of rec. Mar. 15
New York Auction Co., corn.(quar.)... '373.4c Mar. 15 *Holders of rec. Mar. 1
N.Y.& London Management pf.(No.1) *75c. Apr. 1 *Holders of rec. Feb. 19
.
N.Y.Transportation (guar.)
*50e. Mar. 28 *Holders of roe. Mar. 13
Nichols Copper,class B
•750. May 1 "Holders of roe. Feb. 1
ClassB
•75c. Nov. 1 "Holders of rec. Feb. 1
Nike-Bement
(y) Mar. 6 *Holders of roe. Feb. 18
-Pond,corn
-Bement
Niles
-Pond. pref. (guar.)
*13.4 Mar. 30 *Holders of rec. Mar. 20
41;4 June 29 *Holders of roe. June 19
Preferred (guar.)
NIpIssing Mines(quar.)
734c. Apr. 20 Holders of rec. Mar. 30
North Amer.Investment.6% id.(guar.) 114 Apr. 20 Holders of rec. Mar. 31
514% preferred (guar.)
154 Apr. 20 Holders of rec. Mar. 31
North American Provision, pref. (qy.)
•134 Apr. 1 "Holders of roe. Mar. 9
North Central Texas Oil, pref.(guar.)-- "I.6234 Arp. 1 Holders of rec. Mar. 11
Ohio 011 (guar.)
•50c. Mar. 15'Holders of roe. Feb. 15
Omnibus Corp., pref.(guar.)
Apr. 1 Holders of roe. Mar. lba
2
Ontario Mfg.(guar.)
•45c. Apr. 1 "Holders of rec. Mar. 20
Extra
•15o. Atm. 1 *Holders of roe. Mar. 20
Owens Bottle.corn.(guar.)
$1
Apr. I Holders of rec. Mar. 16a
Pacific Coast Biscuit,corn.(qu.)
"25c. May 1 "Holders of rec. Apr. 15
Preferred (guar.)
•8714c May 1 *Holders of rec. Apr. 15
Packard Motor Car (monthly)
25e. Mar. 30 Holders of rec. Mar. 120
Monthly
25e. Apr. 30 Holders of rec. Apr. 120
Monthly
25o May 31 Holders of rec. May ha
Extra
50e May 31 Holders of rec. May 1 la
Page-Hershey Tubes corn.(guar.)
Apr. 1 Holders of rec. Mar. 20
81
Preferred (guar.)
1*1 Apr. 1 Holders of roe. Mar. 20
Paraffine Cos. corn. (guar.)
Mar. 27 Holders of rec. Mar. 18
$1
Paramount Famous Lasky Corporation
Common (guar.)
75e. Mar. 30 Holders of rec. Mar. 80
Park & Tilford (stock div.)(guar.)
750. Apr. 14 Holders of rec. Mar. 28
Stock dividend (guar.)
61 Apr. 14 Holders of roe. Mar. 29
Name of Company.
[Vol.. 128.
W hen
Per
Cast. Payable.
Books Closed
Days Indust's.
Miscellaneous. (Continued)
Penick & Ford, Ltd., pref. (guar.)
134 Apr. I Holders of rec. Mu.154
Pennsylvania Dixie Cement W.(CPI.)
Mar. 15 Holders of rec. Feb. 28o
Pet Milk,corn.(guar.)
37340 Apr. 1 Holders of roe. Mar. lla
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 11
Phelps Dodge.Corp.(guar.)
•$2.50 Apr. 1 *Holders of rec. Mar. 15
Port Alfred Pulp & Pap.. pref.(qual.)... 134 Mar. 15 Holders of roe. Mar. 1
Prairie Pipe Line, new $25 par stk. OW 75e. Mar.30 Holders of rec. Feb. 280
Extra
500. Mar.30 Holders of rec. Feb. 2815
Pratt & Lambert& Co., corn,(quar.)--- *al
Apr. 1 *Holders of rec. Mar. 15
Pressed Steel Car. pref.(guar.)
13( Mar. 30 Holders of rec. Mar. la
Procter & Gamble,5% pref.(guar.).- *6214 Mar. 15 "Holders of rec. Feb. 25
Six per cent pref.(guar.)
'134 Mar. 15 *Holders of roe. Feb. 25
6% prof.(for period from Mar. 15-28). *25o. Mar. 15 *Holders of roe. Feb. 25
Pro-oily-hurtle Brush. prof.(guar.)
•134 Mar. 15 *Holders of rec. Feb. 28
Quaker Oats, corn. (guar.)
Apr. 15 *Holders of rec. Apr. 1
"21
Common (special)
Apr. 15 *Holders of rec. Apr. 1
Corn.(in corn.stk., one new for ea. 25)
Apr. 20 *Holders of rec. Apr. 1
Rapid Electrotype
•37S40 Mar. 15 *Holders of roe. Mar. 1
Remington Rand Co., Inc. 1st p1. (q11.). 134 Apr. 1 Holders of rec. Mar. tia
Second preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 50
Remington Typewriter, corn.(guar.).- "31.25 Apr. 1 *Holders of rec. Mar. 80
•s4
Common (extra)
Apr. 1 "Holders of roe. Mar. 80
•14( Apr. 1 'Holders of roe. Mar. 80
First preferred (guar.)
Second preferred (guar.)
"2
Apr. 1 "Holders of rec. Mar. 86
Republic Iron & Steel, pref. (guar.).- 134 Apr. 1 Holders of rec. Mar. lla
Ritter Dentai Mfg.,com.(qu.)(No. 1) '62540 Apr. 1
St. Joseph Lead Co.(guar.)
600. Mar. 20 Mar 8 to Mar.20
Extra
25e. Mar. 20 Mar 8 to Mar.20
Quarterly
50c. June 20 June 8 to June 20
Extra
25e. June 20 June 8
to June 20
Quarterly
50e. Sept.20 Sept. 10 to Sept.20
Extra
250. Sept 20 Sept. 10 to Sept.20
St. Louis Screw &Bolt. corn.(quar.).... .25c June 1 *Holders of roe.
May 25
St. Mary's Mineral Land
*32 Mar. 12 'Holders of rec. Feb. 25
Savage Arms, 2d pref. (quar.)
•$1.50 May 15'Holders of roe. May 1
Sears, Roebuck & Co
Quarterly (payable In stock)
el
May 1 Holders of roe. Apr. 130
Second Inter. Sewn Corp.. corn. A (Qu.) *500 Apr. 1 *Holders of roe. Mar. 15
Seeman Brothers, Inc., corn,(extra).-50e Mar. 15 Holders of rec. Mar. Is
Selby Shoe, prof.(guar.)
134 May 1 Holders of roe. Apr. 16
Separate Units,stock dividend
*610
Holders of reo. Mar. 1
Seventeen Park Ave., pref
3
Mar, 15 Mar. 1 to Mar. 15
Shattuck (Frank) G)Co.(guar.)
050c. Apr. 10 *Holders of roe. Mar. 20
Sheffield Steel,corn.(guar.)
*50c Apr. 1 *Holders of roe. Mard21
Preferred (guar.)
•1% Apr. 1 •IIolders of rec. Mar. 21
Common (in Common stook)
Apr. 1 'Holders of roe. Mar. 21
Common(payable In common stock).. 'fl
July 1 *Holders of rect. June 20
Common (payable In common stock).. •11
Oct. 1 "Holders of roe. Sept. 20
Shell Union Oil Corp., corn.(guar.)
350. Mar. 31 Holders of rec. Mar. 64
Shepard Stores. Inc., class A (guar.)--750 May 1 Holders of reo. Apr. 20
Sherwitt-Wms. Co. Canada,corn.(guar.) *31.50 Mar. 31 Holders of req. Mar. 15
Preferred (guar.)
134 Mar. 31 "Holders of rec. Mar. 15
Shubert Theatre Corp.(guar.)
$1.25 Mar. 15 lIolders of rec. Mar. la
Signal Oil &Gas,el. A & B (guar.)
433(0 Mard10 Holders of roe. Feb. 25
Simms Petroleum
40e Mar. 15 Holders of roe. Feb. 280
Sinclair Consol. Oil, corn
50c Apr. 15 Holders of rec. Mar. 150
Common (extra)
25e. Apr. 15 Holders of roe. Mar. 156
Skelly 011 (guar.)
50o Mar. 15 Holders of rI30 Feb. I54
.
Spaulding(A.G.)&Bros.,new com.(qu) 40o Apr. 15 Holders of roe. Mar.30
Sparks-Withington Co., cont.(guar.).- •750 Mar. 15 *Holders of roe. Mar. 5
*134 Mar. 30 *Holders of roe. Mar. 14
Preferred (guar.)
Sperry Flour, pref. (guar.)
•151 Apr. 1 *Holders of roe. Mar. 15
Standard Chemical Co., Ltd
$1
Mar. 15 Holders of reo. Feb. 15
Standard 011 (Calif.) (guar.)
6234c Mar. lb Holders of rec. Feb. 186
Standard 011 (Indiana) (guar.)
'62340 Mar. 15 *Holders of ree. Feb. 16
Extra
•50o Mar. 15 *Holders of roe. Feb. 16
Stock dividend
•50o Mar. 15 *Holders of roe. Feb. 16
Standard 011(Nebraska)(guar.)
62%c Mar. 20 Holders of roe. Feb. 25
Extra
260. Mar. 20 Holders of roe. Feb. 25
Standard 011 of N.J., $25 par stk.(qu.)
250. Mar. 15 Holders of rec. Feb. 286
$25 par stock (extra)
1234c Mar. 16 Holders of roe. Feb. 280
$100 par value stock (guar.)
1
Mar. 15 Holders of rec. Feb. 280
$100 par value stock (extra)
500. Mar. 15 Holders of rec. Feb. 280
Standard 011of N.Y.(guar.)
40c Mar. 15 Holders of rec. Feb. 154
Standard Steel Spring (No. 1)(guar.).- •81
Mar. 31 •Ilolders of roe. Mar. 20
Menne Radio(guar.)
*234 Apr. 1
Quarterly
*2% July 1
Quarterly
'234 Oct. 1
Stewart
-Warner Speedometer (stk. city.) z2
Mar. 3 to Apr. 3
Strauss(Robert T.)& Co.,Pfd.(qu.) --- 114 AM'. 1 Holders of roe. Mar. 15
Stroock (S.) Co. (guar.)
•75c) Apr. 1 *Holders of rec. Mar. 15
Quarterly
•75c July 1 "Holders of rec. June 15
Quarterly
•75o. Oct. 1 'Holders of rec. Sept.16
Quarterly
•75c Dec. 21 "Holders of roe. Dee. 10
Studebaker Corp.Common (payableIn common stock).- fl
June 1 Holders of rec. May 100
Common (payable In corn. stock).... 11
Sept. 1 Holders of roe. Aug. 104 '
Dee. 1 Holders of rec. Nov. 96
Common (payable in corn. stock).... fl
Sun 011,common (guar.)
250. Mar. 15 Holders of roe. Feb. 25a
Tennessee Copper & Chemical (guar.).250. Mar. 15 Holders of roe. Feb. 28a
Texas Corp.(guar.)
750. Apr. 1 Holders of rec. Mar. 80
Texas Gulf Sulphur (guar.)
Mar. 15 Holders of roe. Mar. 40
1
Texas Pacific Coal& 011( In stock)
e234 Mar. 20 Holders of reo. Feb. 23a
Thompson-Starrett new pt.(qu.)(NO.I) 8734e. Apr. 1 Holders of rec. Mar. 12
"50e. Mar. 15 *Holders of rec. Mar. 1
Tidal Osage 011 (guar.)
75e. Mar. 5 Holders of rec. Feb. 180
Timken Roller Bearing (guar.)
"El Apr. 25 "Holders of rec. Apr. 5
Transamerica Corp.(guar.)(No. I)•el
Apr. 25 *Holders of rec. Apr. 5
Stock dividend
Mar. 30 Holders of roe. Mar. 12a
Underwood-Eillott-Fisher Co.,com.(qu.) Si
Preferred and preferred B (quar.)---- $1.75 Mar. 30 Holders of rec. Mar. 120
Union Carbide & carbon (guar.)
$1.50 Apr. 1 Holders of rec. Mar. la
250. Apr. 1 Holders of reo. Mar. 86
United Cigar Stores of Am.corn.(qu.)-$1
United Fruit(guar.)
Apr. 1 Holders of roe. Mar. 2a
(e) Apr. 1 Holders of roe. Mar. 2a
Stock dividend (1-20th share)
81.50 Apr. 15 Holders of reg. Apr. ls
United Paperboard. pref.(guar.)
United Piece Dye Wks.. prof.(guar.)._ '154 Apr. 1 *Holders of roe. Mar. 20
'134 July 1 *Holders of roe. June 20
Preferred (guar.)
'154 Oct. 1 *Holders of roe. Sept.20
Preferred(guar.)
'134 Jan2'30 *Holders of ree. Doe. 20
Preferred(guar.)
United Securities. pref. (guar.)
134 Apr. 2 Holders of roe. Mar. 15
U.S. Cast Iron Pipe & Fdy.. corn.(2u.) 500. Apr. 20 Holders of rec. Mar.304
50c. July 20 Holders of roe. June 294
Common (guar.)
50o. Oct. 21 Holders of rec. Sept.306
Common (guar.)
ISOc. Jan20'30 Holders of roe. Dee. 3Ia
Common (guar.)
30e. Apr. 20 Holders of ree. Mar. 300
First & second pref. (guar.)
300. July 20 Holders of roe. JUDO 294
First & second Prof. (guar.)
300. Oct. 21 Holders of roe. Sept. 3041
First & second pref. (guar.)
300. Jan20'30 Holders of rec. Dec. 3I4
First & second pref. (guar.)
•750. Mar. 11 *Holders of rec. Feb. 18
U. S. Freight (guar.)
"400. Mar. 31 "Holders of rec. Mar. 15
U.S. Gypsum,corn.(guar.)
•134 Mar. 31 *Holders of roe. Mar. 15
Preferred (guar.)
U. B. Leather class A partioirtatind and
Apr. 1 Holders of reo. Mart lls
$1
convertible stook (guar.)
July 1 Holders of roe. June 10a
Class A pa.rtic. & cony. stock (mi.).- $1
Oct. I Holders of roe. Sept. 104
Class A panto. & cony. stock (qu.).. $1
Apr. 1 *Holders of roe. Mar. 4
'Si
U.S.Playing Card (guar.)
"51.50 Apr. 1 lIolders of rec. Mar. 21
U.S. Print. & Litho., corn. & pt.
Mar. 15 Holders of reo. Feb. 154
S. Realty & Impt., corn.(guar- $1
(qu.)cornU
.).
United States Steel Corp., com• guar.). 1% Mar. 30 Holders of rec. Feb. 284
(
Mar,20 Holders of rec. Feb. 28
51
Vacuum 011 (guar.)
154 Mar. 20 Holders of roe. Mar. 16
Valvoline 011. corn. (guar.)
•2541.
Van Sicklen Corp., common (No. I)
•65o. Apr. 1 *Holders of roe. Mat. 22
Class A (guar.) (No. I)
•35e. Mar. 10 *Holders of roe. Feb. 28
Volcanic Oil & Gas (guar.)
'Sc. Mar. 10 *Holders of rec. Feb. 28
Extra
•350. June 10 *Holders of rec. May 31
Quarterly
•50. June 10 *Holders of roe. May 31
Extra
0350. Sept. 10 *Holders of rea. Aug. 31
Quarterly
05o. Sept. 10 *Holders of roe. Aug. 31
Extra
*35e. Doe. 10 *Holders of root Nov.30
Quarterly
•50. Dee, 10 *Holders of rec. Nov.30
Extra
Name of Company.
1353
FINANCIAL CHRONICLE
MAR. 2 1929.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Feb. 21:
Miscellaneous (Concluded).
•1 M Mar. 9 "Holders of rec. Mar. 1
Vapor Car Heating, pref.(quar.)
•1M June 10 *Holders of rec. June 1
Preferred (quar.)
*1M Sept. 10 *Holders of rec. Sept. 2
Preferred (quar.)
•141 Dec. 10 *Holders of rec. Dec. 2
Preferred (quar.)
•134 Apr. 1 *Holders of rec. Mar. 21
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
Wahl Company. Pref.(guar.)
'30c. Apr. 1 *Holders of rec. May 15
Waitt & Bond, class B (quar.)
FOR THE WEEK ENDED THURSDAY, FEB. 21 1929.
Walker (Hiram)-Gooderham & Worts.
750. Mar. 15 _Holders of rec. Feb. 28
Ltd.. (quar.)
-Average Figures.
NATIONAL AND STATE BANKS
•134 Apr. 1 *Holders of rec. Mar.23
Waltham Watch. pref.(quar.)
•134 July 1 *Holders of rec. June 22
Preferred ((Mara
•134 Oct. 1 *Holders of rec. Sept. 21
Preferred (quar.)
Oth.Cash, Res. Dep., Dep.Other
30e. Mar. 15 Holders of rec. Mar. 40
Walworth Co., corn.(quar.)
*75e. Mar. 30 *Holders of rec. Mar.20
a.m. Including N. Y. and Banksand Grass.
Loans.
Preferred (quar.)
Bk. Notes Elsewhere. Trust Cot. Deposits.
*El Mar. 20'Holders of rec. Mar. 4
Washington 011(quar.)
Mar. 30 *Holders of rec. Mar. 16
*31
Weber do Hellbroner, corn.(quar.)
*.12 34 Mar.30 *Holders of rec. Mar. 6
$
$
$
$
$
Common (payable In common stock)
Manhattan154,964,700 26,000 2,042,600 17,939,900 2,390,000 142,101,700
.goo Apr. 1 *Holders of rec. Feb. 28 Bank of U.S
Wesson Oil & Snowdrift, corn
170,500
2,049,400
Western Canada Flour Mills,corn.(rm.). "35c. Mar. 15 *Holders of rec. Feb. 28
Bryant Park Bank 1.970,200 91,700 133,200
es 1.6234 Mar. 15 *Holders of rec. Feb. 28
_ _. 1,991,000 1,280,000
21,604,000
Preferred (quar.)
Chelsea Exch.Bk_ 22,076.000
93,400 1,540,900 1,357.900 15,535.100
50c. Apr. 30 Apr. 1 to Apr. 9
Westinghouse Air Brake (quar.)
Grace National... 17,066,800 5,000
50e. Apr. 1 Holders of rec. Mar. 190 Harriman Nat'l__ 32,860,000 20,000 700,000 4,333,000 1,065,000 38,945,000
Weston Elec. Instrument, class A (an.).
241,800
50e. Apr. 1 Holders of rec. Mar. 20
4,050,500 41,900 118,000
3,485,300
Westvaco Chlorine Products, corn
Port Morris
•$1.25 Apr. 1 *Holders of rec. Mar. 20
121,927,000 34,0002.050,000 7,862.0009.274,000 121,883,000
Whitaker Paper,corn.(quar.)
Public National
*31 Apr. 1 *Holders of rec. Mar. 20
Common (extra)
Brooklyn
9,142,789
____ 236,834
802,702 309,463 9,326,820
'134 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Mechanics
25o. Mar. 29 Holders of rec. Mar. 123 Nassau National_ 21,912,000 82,000 297,000 1,617,000 506,000 19,064,000
White Motor, corn. (quar.)
82,000 8,400.000
596,000
7513. Apr. 1 Holders of rec. Mar. 200 Peoples National_
8,400,000 5,000 101,000
White Rock Mineral Springs, corn. (au.)
"reva ries', NatInnal
2 720 300
_
51.300
341.300
36.000 2.323.400
134 Apr. 1 Holders of rec. Mar. 20
First preferred (quar.)
Second preferred
334 Apr. 1 Holders of rec. Mar. 20
Widlar Food Products(No. 1)
37340 Mar. 15 Holders of rec. Feb. 15
Apr. 1 Holders of rec. Mar. 15
2
Will & Baumer Candle, pref.(quar.)
TRUST COMPANIES-Average Figures.
Winsted Hosiery (quar.)
*234 May 1 *Holders pf rec. Apr. 15
”.6 May 1 *Holders of rec. Apr. LS
Extra
•234 Aug. 1 *Holders of rec. July 15
Quarterly
Reeve Dep., Depos.Other
•
54 Aug. 1 *Holders of rec. July 15
Extra
Gross
Cash.
N. Y. and Banks and
Loans.
Woods Manufacturing, pref.(quar.)_ _
134 Apr. 1 Holders of rec. Mar. 25
Elsewhere. Trust Cos. Deposits.
Wright Aeronautical Corp.(stock thy.)_ 6100 Apr. 30 Holders of rec. Apr. 150
Wrigley (Wm.) Jr. Co.. corn.(mthly.)-- .25e Apr. 1 *Holders of rec. Mar. 200
$
$
$
$
$
ManhattanYoung (L. A.) Spring & Wire (quar.)._ _
50,3 Apr. 1 Holders of rec. Mar. 15a American
152,900 53,728,300
53,255,300
813,100 10,465,500
Extra
25c Apr. 1 Holders of rec. Mar. 15
16.664,500
46,263
17,302,825
857,005
Bk.of Europe dr Tr
Youngstown Sheet & Tube, corn.(qu.)_ _ 31.2 Apr. 1 Holders of roe. Mar. 140 Bronx County
22,478,010
514,881 1.713.792
22,216,779
• $1.37 Apr.
*Holders of rec. Mar. 14
Preferred (quar.)
250,872,000 *33,193,000 4,995,000 2,780,000 258.166,000
Central Union
73,072,400 *4,703,500 2,776,200 3,821,400 69,366.200
Empire
220,264 17,431,220
17,391,551
285,515 1,254,975
•From unofficial sources. t The New York Stock Exchange has ruled that stock Federation
15,785,400 *2,162,900
286,600
15,678,600
will not be quoted ex-dividend on this date and not until further notice I The Fulto390,830,000 3,753,000 54.643,000 2,115,000 363,819,000
9
New York Curb Market Association has ruled that stock will not be quoted ex- Manul.
61,872,000 1,822,800 4,942,500
82,700 62,570,800
Municii.
dividend on this date and not until further notice.
71,254,790 3,360,000 7,774,887
56,870.816
a Transfer books not closed for this dividend. a Correction. e Payable in stock. United States
Brooklyn
IPayable In common stock. g Payable in scrip. h On account of accumulated
113,152,100 3,667,000 20,269,000
118,313,500
Brooklyn
dividends. jPayable in preferred stook.
30,055,849 1,927,937 2.194,905
27,927,281
Kings County
S Payable in cash on class A stock at rate of one-fourth share.
Bayonne, N. J.802.702
9.142.789
236.834
309.467 9.326.82(
t British Amer. Tob. dividend is ten pence per share. All transfers received in Manhanir.
London on or before March 2 will be in time for payment of dividend to transferees.
* Includes amount with Federal Reserve Bank as follows: Central Union.
k Two per cent In stock or 62 Mc. cash: stockholders will receive cash unless notice
$32,332,000; Empire,$3,182,700; Fulton, $2,050,200.
to take stock is received five days before date of payment.
1 60e. cash or one-fifteenth share class A common stock.
m British South Africa dividend is 18. 3d. and 3d. bonus less deduction for expenses of depositary.
a Coty,Inc., declared a stook dividend of6%.Payable in quarterly installments.
-In the
Boston Clearing House Weekly Returns.
o New York Stock Exchange rules Wesson Oil & Snowdrift be not quoted ex-the
stock dividend until April 2.
following we furnish a summary of all the items in the
Payable in class A stock.
Boston Clearing House weekly statement for a series of week s
g New York Stock Exchange rules Archer-Daniels-Midland shall not be quoted
ax- the 100% stock dividend until March 4.
BOSTON CLEARING HOUSE MEMBERS.
r Federal Water Service dividend payable in cash or class A stock at rate of
one-fiftieth of a share for each share held.
s Engineers Public Service Co.'s stock dividend is two-one hundredths share
Changesfrom
Feb. 13
Feb. 6
Feb. 20
common stock.
Previous Week
1929.
1929.
1929.
New York Stock Exchange rules Certo Corp. be not quoted ex the stock dividend
Until March 1.
$
$
8
u Payable in cash or stock at rate of one-fortieth share.
85,850.000
85,850,000
+500.000
86,350,000
Capital
to Less deduction for expenses of depositary.
+151.000 111,798.000 111.798,000
111,949,000
Surplus and profits
z National Belles Hess dividend is two additional shares for each share held.
Loans,disc'ts & Investla. 1,087.171.000 -8,067,000 1,095,238,000 1,113.580,000
685,823,000 +3.167.000 682,656.000 696.828,000
y Niles
-Bement
-Pond voted to distribute 234 shares common stock of United Individual deposits
-373.000 135,501,000 141,039,000
135,128,000
Due to banks
Aircraft & Transport Corp. for each share Niles
-Pond stock held.
-Bement
279,792,000 +1.766,000 278,026,000 276,746.000
Time deposits
Stewart
-Warner Speedometer dividend subject to stockholders' meeting Apr. 2. United States deposIts__ 2,485,000
1,917,000
-3,000
1,914,000
29,915,000
38,811.000
33,877.000 +3,962.000
Exchanges for Clg. House
82,889,000
83,261.000
89,831,000 +6.570.000
Due from other banks...
- Ree'ye In legal depositar's 82,807,000 -457.000 83,284,000 84,336,000
Weekly Return of New York City Clearing House.
8,758.000
8,801.000
+214,000
9,015,000
bank
1.257,000
1,019,000
-469,000
Beginning with Mar.31'28,the NewYork City Clearing House Cash InexcessIn F. R.Bk.
788,000
Res've
8
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
-The Philadelphia Clearing House
_ hiladelphia Banks.
new return shows nothing but the deposits, along with
return for the week ending Feb.23, with comparative figures
give it below in full:
the capital and surplus. We
preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE for the two weeks
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FE 3. 23 1929.
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
*Surplus & Net Demand
Time
Deposits
Deposits
Clearing House
*Capital. Undivided
to be kept with the Federal Reserve Bank. "Cash in vaults"
Average.
Profits.
Members.
Average.
is not a part of legal reserve. For trust companies not
$
$
$
$
Federal Reserve System the reserve required
62,953,000
Bank of N.Y.& Trust Co___ 6,000,000 13,324,400
9,403,000 members of the
Bank of the Manhattan Co__ 16,000,000 28,775,400 175,625.000
40,823,000 is 10% on demand deposits and includes "Reserve with
48,572,000
Bank of America Nat Assn.._ 25,000,000 37.384,600 139,135,000
National City Bank
j100000,000 112693,300 a878,415,000 151,925,000 legal depositaries" and "Cash in vaults."
Chemical National Bank.... 6,000,000 20,294,200 134,685,000
10,291,000
Beginning with the return for the week ending May 14 1928,
National Bank of Commerce_ 25,000,000 48,295,300 288,265.000
44,021,000
Chat.Phenix Nat.Bk.& Tr.Co 13,500,000 15,460,600 159,785,000
41.664.000
Philadelphia Clearing House Association discontinued showHanover National Bank
510,000,000 521,983,000 126.334,000
3,011,000 the
Corn Exchange Bank
112,100,000 121,157,000 173,208,000
32,233,000 ing the reserves and whether reserves held are above or below
10,000,000 25,591,600 128,638,000
9,536,000
National Park Bank
14,987,000 requirements. This will account for the queries at the end
First National Bank
10,000,000 92,684,400 221,392,000
40,000,000 54,084,000 358,676,000
50.766,000
Irving Trust Company
8.902,000
1,000,000 1,522,300
605,000 of the table.
Continental Bank
561,000,000580,067.300
Chase National Bank
500,000 3,382,100
Fifth Avenue Bank
Seaboard Natiabal Bank.... 11,000,000 15,912.900
25,000,C00 77,387,200
Bankers Trust Oo
5,000,000 6,187,200
U.S. Mtge.& Trust Co
10,000,000 22,577.900
Title Guarantee & Trust Co
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 & Trust Co.._ 10,000,000 23,113,900
Equitable Trust Co
30,000,000 27.098,900
Colonial Bank
1,400,000 3,985,400
Commereial Nat.Bk & Tr.Co. 7.000,000 7.000.000
Clearing Non-Members.
Mechanics Tr. Co., Bayonne_
Totals
66,075.000
852,000
6,915,000
5 ,600.000
0
5,707,000
2,577,000
75,389,000
5,127,000
2,526.000
22,565,000
19,728,000
44,878,000
7.468,0,00
3,183.000
3,277,000
5.668.000
493.000 000 857.936,600 5,217,255.000
777.095 00(3
500,000
816,400
8596,251,000
25,786,000
130,728,000
c335,332,000
56.171,000
36,589.000
4470,658,000
42,768,000
20,660,000
139,529,000
el14,692,000
1331.286,000
27,880,000
29,635,000
•As per official reports: National, Dee. 31 1928; State. Dec. 31 1928: trust
companies, Dec. 31 1928.
6
Includes deposits in foreign branches: a $295,886,000;b $15,244,000;c$ 8,730.000:
d $111.010,000: c $6,799.000;f $121,188.000.
As of Feb. 16
I As of Jan. 91929. h As of Jan. 26 1929. lAsofFeb. 11929.
1923a
Week Ended Feb. 23 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
57.683,0
Capital
176,852.0
Surplus and profits
Loans, Mama.& invest. 1,030,186.0
40,287,0
Exch. for Clear. HOA190
91.621,0
Due from banks
126.676,0
Bank deposits
Individual deposits..- 606,206,0
204,878.0
Time deposits
937,760,0
Total deposits
Res. with legal depos-67,725.0
Res. with F. R. Bank_
10,397.0
Cash In vault'
78,122.0
Total res. & cash held_
Reserve required
Excess reserve and cash
in vault
Feb. 16
1929.
Feb. 9
1929.
Total.
$
$
$
67,183.0
9,500.0
67.183,0
67,183,0
18,521,0 195,378,0 195,378,
195,378,0
97,880,0 1,128,068,0 1,127,326,0 1,127,852.0
40.912,0
776,0
41,063,0
,025.0
497,0
92.118,0
87,463.0
93,657.0
3,609,0 130,285,0 134,204,0 137,753,0
45,532,0 651,738,0 654,795.0 652,633,0
26,350,0 231,228,0 235,990,0 237,649.0
75,491,0 1,013.251,0 1,024,989,0 1,028,035,0
7,645,0
7.645,0
7,665,0
8.236,0
68,751,0
67,725,0
68,373,0
2.395,0
12.792,0
12,356,0
12,750,0
10,040,0
88.162,0
88,772,0
89,359,0
•Cash in vault not counted as reserve for Federal Reserve members
1354
FINANCIAL CHRONICLE
[VOL. 128.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
of the twelve Reserve banks at the close of business on Wednesday. In the first table weFob. 28 and showing the condition
as a whole in comparison with the figures for the seven preceding weeks and with those present the results for the system
The second table shows the resources and liabilities separately for each of the twelve of the corresponding week last year.
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
latest week appears on page 1305, being the first item in our department of "Current Events comment upon the returns for the
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS FEB 27 1929.
Feb. 27 1929.1Feb. 20 1929. Feb. 13 1929. Feb. 8 1929. Jan.30 1929.
Jan.23 1929. Jan. 16 1929.1 Jan.9 1929. Feb. 29 1928.
RESOURCES.
$
Gold with Federal Reserve agents
5
1,167,630,000 1,207,199,000 1,214,425,000 1,192,665,000 1,207,793,000
1,223,392,000 1,196,417,000 1,219,166,000 1,388,957,000
Gold redemption fund with U. S. Treas.
67,836,000
60,476,000
60,347.000
64,362,000
66,686.000
70,648.000
45,952,000
68,979,000
73.400,000
Gold held exclusively asst. F.R. notes 1,235,466.000 1,267,675,000 1.274772.000 1,257,027.000
1,274,479,000 1,294,040.000 1,265.396,000 1,292.566.000 1,434,909,000
Gold settlement fund with F. R.Board
796,139,000 764.092,000 752,817,000 747,771,000
Gold and gold certificates held by banks_ 655,241..00 649,343,000 658,632.000 659,122.000 725.160,000 683.066.000 704,819,000 684,091.000 752,529,000
667,645,000 670,984.000 660.355.000 655,015.000 620.932,000
Total gold reserves
2,686.846,000 2,681,110,000 2.686,221.000 2.663.920.000 2,667,184,000
Reserves other than gold
157,318,000 158,751,000 161,928,000 166,685,000 168,013,000 2,648,090.000 2,630,570,000 2,831,672.000 2,808,370,000
165,440.000 162.065,000 151.435,000 165,931,000
Total reserves
2,844,164.000 2,839,861.000 2,848,149,000 2,830.605,000 2.835,197.000
2,813,530,000 2.792.635,000 2,783,107.000 2,979,301,000
Non-reserve cash
78,118,000
77,396,000
81,967,000
86,458,000
91,881.000
96,488.000
70,296,000
96.532,000
09,091,000
Bills discounted:
Secured by U. S. Govt. obligations
608,752.000 518,271,000 617,744,000 539,462,000 523,778,000
471,443.000 525,735,000 558,186.000 306,408,000
Other bills discounted
343.730,000 346.709.000 286,205.000 312,159,000 296.856,000
310.671.000 296,089.000 318,361.000 186,160.000
Total bills discounted
952,482,000 864,980,000 903,94.9.000 851,621,000 820,634,000
782.114.000 821,824,000 876,547,000 492,568.000
Bills bought In open market
334,075,000 355,636,000 391,058,000 410,742,000 435,609,000
454,218,000 481,239.000 477,100,000 343,759,000
U. S. Government securities:
Bonds
51,593,000
51,592,000
51,592.000
51.615.000
51,599,000
52,344.000
52.679.000
55,610,000
52.686,000
Treasury notes
90,738.000
95,144,000
96.843.000
97,869,000
99,572,000
08.383.000 122.478.000 113.425.000 206.036,000
Certificates of indebtedness
24,069,000
25.853,000
28,735.000
50.605,000
50.600,000
51,307,000
63,186,000
73,151.000 145,956,000
Total U. S. Government securities
166,400,000 172.589,000 177,170.000 200.089.000 201.771.000
202.034,000 238,343.000 239,242,000 407,602,000
Other securities (see note)
10,075,000
10,075,000
9,075.000
9.075.000
9.025,000
9.025.000
9,825.000
1,000,000
9.825.000
Total bills and securities (see note)
1,463,032,000 1,403,280.000 1,481,252,000 1,471,527,000 1,467,039,000
1,447,391.000 1,551,231,000 1.602,714,000 1,244,929,000
Gold held abroad
Due from foreign banks (see note)
729,000
729,000
731,000
731,000
730,000
731,000
731,000
567.000
729.000
Uncollected Items
713,637,000 719,244,000 665,330,000 846.528.000 631.465,000
700.026.000 793.508,000 691.004.000 619,520.000
Bank premises
38,660,000
58,656,000
58.656.000
58.622,000
58,607.000
58.606.000
58,591,000
59,08,4,000
58.591,000
All other resources
8,246,000
7,934,000
7,830.000
7,674,000
8,811,000
8,421,000
11,168,000
7,740.000
7,678,000
Total resources
5,166,586,000 5,107,100,000 5,143,035,000 5,102,145,000
5,093,730,000 5.125.193,000 5,300,968.000 5.242,914,000 4,974,845,000
MABILITIES.
1
F. R. notes In actual circulation
1,653,971,000 1,651,595,000 1,659.777 000 1,646,308,000 1,645.494,000
1,660.967.000 1,697,302,000 1,745,262,0001,588,238,00
0
Deposits:
Member banks—reserve account
2,367,250,000 2,318,644,000 2.372.622.000 2.386.284,000 2,390.947.00,
8,358,861.000 2,414,553.000 2,404,678,00012,374,515,
000
Government
21,156,000
15,187,000
20,862,000
24,042,000
18,036.000
12.088,000
25,535,000
14,108,0001 27,917,000
Foreign banks (see note)
5,605,000
6,476.000
5,371.000
5,876.000
6,014.000
6,903,000
6,762;000
7.283.000
5,853,000
Other deposits
18,960,000
20,715.000
22,667,000
21.934.000
21,211,000
19,379.000
25a11,000
27,600.000) 17,129,000
Total deposits
2,412.972.000 2,361,021,000 2.421,522,000 2,438,140,000
Deferred availability items
675,013,000 671,503,000 640,560,000 596,735.000 2,437,097,000 2,397.090,000 2,472.582.000 2,452,239,000 2,425,605,000
Capital paid in
151,266.000 150,196,000 149,764,000 149,565,000 591,235,000 648,570.000 713,457,000 629,574,000 579,520,000
Surplus
254,398.000 254,398,000 254,398.000 254,398,000 148,810,000 148,356,000 147,856.000 146,826,000 136,592,000
254,398.000 254,398.000 254,398.000 254,398.000 233,319,000
All other liabilities
18,966,000
18,387,000
17,914,000
16,999,000
16,696,000
14,615,000
15,812.000
11,571,000
15,373,000
Total liabilities
5,166,586.000 5,107,100,000 5,143,935.000 5,102.145.000
5.093,730,000 5.125,193,000 5.300.968,000 5,242,914,000 4,974,845,000
Ratio of gold reserves to deposits and
F. It. note liabilities combined
66.6%
65.8%
65.8%
65.2%
65.3%
65.3%
63.1%
70.0%
62.7%
Ratio of total reserves to deposits and
F. It. note liabilities combined
69.9%
70.8%
69.8%
69.3%
69.4%
69.3%
74.1%
67.0%
66.3%
Contingent liability on bills purchased
for foreign correspondents
306,461,000 306,830,000 312,893,000 306,111,000
317,774,000 325,443.000 332,338,000 333,971,000 238,817,000
—
mut
Distribution by Maturities
$
1-15 days bills bought in open market _ 134,661,000 122,069,000 140,202,000 138,009.000
133,502,000 132,608,000 156,899,000 146,784,000 111,382,000
1-15 days bills discounted
789,566.000 708,979.000 767.210,000 707,601.000
677.446,000 656.529.000 888.297.000 741,362.000 420,680,000
1-15 days U. S. certif. of indebtedness_
884,000
1,737,000
706,000
506,000
20,072,000
780,000
23.020.000
12,965,000
1-16 days municipal warrants
18-30 days bills bought in open market .. 104.774,000 104,340,000
89,121,000
91,155,000
95,602,000
92,357,000
81,392.000
77,198.000
89,543,000
16-30 days bills discounted
41,273.000
35,853,000
35,609.000
36,500.000
17,933,000
37,802,000
33,076.000
36.022.000
37,238,000
16-30 days U. S. certif. of indebtedness_
8,216.000
188,000
7,779.000
16-30 days municipal warrants
31-60 days bills bought in open market
77,558,000 106,076,000 135,951,000 150,152,000
156.122,000 160,109,000 141,846,000 139.511 000 107,092.000
31-60 days bills discounted
67.067.000
69,807.000
56.914,000
60.261.000
29,469,000
51,437,000
50.422,000
49.880,000
58,933.000
31-60 days U. S. certif. of Indebtedness
4,000
22,863,000
23,073,000
22,913,000
22,928,000
31-60 days municipal warrants
61-90 days bills bought in open market
19,326,000
13,419,000
23,381,000
28,468,000
29,762,000
97,221.000
46,947,000
76.359.000 100.252.000
61-90 days bills discounted
43,758,000
42,589.000
33,905,000
36,363,000
18,156,000
42,387,000
35,162.000
31.801,000
40,430,000
81-90 days U. S. certif. of indebtedness_
1.000
45,000
22,888,000
1.049,000
61-90 days municipal warrants
Over 90 days bills bought in open market
3,825,000
3,663.000
2,403,000
2,958,000
3.166.000
5,044.000
4.041.000
3,438,000
3,750.000
Over 90 days bills discounted
9,323,000
9,247,000
10,311.000
10.896.000
6,330,000
15,282.000
12,905.000
11,562,000
13,146.000
Over 90 days certif. of indebtedness
22,144,000
16,753,000
20,245,000
27,191,000
27.308.000
27,243,000 125,884,000
27,509.000
26.478,000
Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2,895,166.000 2,905,238,000 2,911,668,000 2,927,701,000
2,982,912.000
838.812,000 854,472,000 857,443,000 863,687,000 2,941,893,000 2,963.997,000 800.957,000 3,001 234,000 2,870,453.000
758,582,000, 878,280,000
862,727,000 840.547.000
2,056,354,000 2,050.766.000 2.054,225.000 2,069,014.000
2,079,166,000 2,123,450,000 2.181,955.000 2,242,652,000 1,992,173,000
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board_
By eligible paper
362,645,000 362,695.000 360,145,000 360,145,000
360,145,000 360.155,000 365,155,000 371,273,000 919,841,000
94,768,000 101,300.000
93,611,000
97.206.000
96.908.000
94,958,000 101,271,0(10
96,068,000
90,144,000
710,217.000 743,234,000 760,669,000 735,314,000
757.504.000 766.269.000 736.304,000 746,622,000 878,048,000
1,240,409,000 1,173.606.0001,244,987,000 ,220,038.000 1,217,957,00011.197,4
49,000 1.262.034,000 1.314.853,000 801,275,000
1
Total
2,408,039,000 2.382,805,000 2,459,412,000 2,412,703,000
2.425,750,000 2,420.841.000 2,458.451.000 2.534.019,000 2,190.232,000
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added in
order to show separate y the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, -All other earning assets," Previously
"
"Other securities," and the caption, -Total earning assets to -Total bills and securities." made up of Fedora Intermediate Credit Bank debentures, was changed to
the discounts, acceptances and securities acauired under the provision of sections 13 and 14 The latter item was adopted as a more accurate description of the total of
of the Federal Reserve Act, which, it was stated, are the only Items included
therein
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 27 1929
Two ciphers (00) omitted.
Total.
Boston, New York, Philo, Cleveland. Richmond
Federal Reserre Bank of—
Atlanta. Chicago. St. Louis, Minneay, Kan.C‘ty, Dallas, San Fran.
RESOURCES.
5
$
$
$
5
$
$
5
$
$
5
3
$
Gold with Federal Reserve Aeon g 1,167,630,0 61.565.0 241,981,0 91,582,0 137.867,0 51,683,0
91 023 0 202.651,0 27,901,0 47,448,0 52,571,0 20,826,0
Gold red'n fund with U.S.Trees.
67,836,0 8,940,0
13,558,0 8,129,0 5.916,0 2,474,0 4,414 10,434,0 3,637,0 1,878,0 4,488,0 2,263,0 139,032,0
4,205,0
Gold held excl. agst. F.R.not • 1.235.466,0 68.005.0 255,539,0 99,711,0 143.783,0
54,157,0
085,0 31.538,0 49,326,0 57,059,0 23,089,0 144.137,0
Gold settle't fund with F.R.Boar I 796,139,0 65,889,0 334,545,0 20.086,0 80,433,0 14,573,0 96 037 0
' ' 122034,0 28.233,0 21,577,0 42,847.0 22.992,0 22.823,0
Gold and gold ctfs held by bank
653,241,0 24,125,0 411,873,0 38,859,0 44,899,0 14,262,0 200870 213'
7:382,0 53, 84,0 11.250,0 4.961,0 4,997,0 10.553,0 28.216,0
8
Total gold reserves
2,686,846,0 158,019,0 1,001,957,0 158,656,0 269,135,0 82,992,0
71,021,0 75,864,0 104.903.0 56,634,0
123 506
Reserve other than gold
157.318,0 17,502,0
41,213,0 7,175,0 9.057,0 8.794,0 9,38050 388.983,0 16,785.0 3,225,0 6,316,0 7,085,0 195,178,0
,
0 1 866,0
14,920,0
Total reserves
2,844,164,0 175,521,0 1.043.170,0 165,831,0 278,192,0 91,786,0
132.886,0 404 849,0 87,806,0 79,089,0 111,219,0 63.719,0 210,096,0
Non-reserve cash
78,118.0 6,290,0
32.081,0 2,433,0 4,679,0 5,631,0 3,7590
,82 ,0 4,320,0 1.151,0 1,895,0 3,448.0 4,605.0
6
Bills discounted:
Sec. by U. S. Govt. obligation
608,752,0 40,838,0 172,130,0 82,560,0 53,185,0 21,835,0 17.491,0
118.198,0 21,418,0 13,846.0 13,974,0 12,578.0 60,690,0
Other bills discounted
343,730,0 23,654,0
50,250,0 31,961.0 29,640.0 21,325,0 34.9980 7,9320 16,469,0 2.604,0 15,331,0 5.398,0
29.168,0
Total bills discounted
952,482,0 64,492,0 222,389,0 94,521,0 77,825,0 43,160,0 52,489,0 206,130,0 37,877,0 16,450,0 29,305,0 17.976,0
89,858,0
Buis bought in open market
86,832,0 22,543,0 32,418,0 14,218,0
334,075,0 43,707,0
9,671,0 12.805,0 9,892,0 18.855,0 46,8114,0
19,058,0 37,422,0
U. S. Government securities:
Bonds
51.593,0
585,0
1,384,0
689.0
548,0 1.152.0
22,0 19,937,0 7,125,0 4.519.0 7,755,0 7,813,0
64,0
Treasury notes
90,738,0 2,630,0
9.332,0 9.871,0 28.024,0
903,0 3,403,0 5.238,0 11,253.0 4.385,0
902,0 2,219.0 12.578,0
Certificates of indebtedness
24,069,0 2,078,0
4,600,0 8,348,0 1,324.0
592,0 1,106,0
790,0
407,0
900,0 2,397,0
706.0 1.321,0
100 400 0 A 2970
15 amen 18.804,0 29 AN n 9.1E9 n / seen 07 A70 A 10 10011 0 400 0 0 711:1 n in 728 n is Dears
Total U. S. Gov't securities
FINANCIAL CHRONICLE
MAR. 2 1929.]
RESOURCES (Concluaed)TWO Ciphers (00) omitted.
Boston.
$
10,075,0
Dther securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Lllother
New York.
Phila.
$
Total.
$
$
1355
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran,
$
$
$
$
$
1,825,0
$
$
1,500,0
$
6,000,0
$
750.0
304,337,0 135,868,0 140,139,0 59,840,0 75,372,0 271,124,0 66,726,0 40,576,0 50,460,0 53,569,0 151.425,0
29,0
29,0
100,0
18,0
24,0
219,0
70,0
34,0
24,0
75,0
53,0
195,618,0 60,776.0 70,934,0 51,017,0 23,935,0 88,350,0 31.230,0 13.203,0 41,285,0 26,580,0 40,733,0
16,087,0 1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,862,0 2,110,0 4,140,0 1,922,0 3,704,0
488.0
866,0
823,0
347,0 1,224,0
952.0
379,0
539,0
492,0 1,663,0
418,0
1,463,032,0 113,596,0
54,0
729,0
713,637,0 69,976,0
58,660,0 3,702,0
55,0
8.246,0
5,166,586,0 309,194,0 1,592,335,0 367,077,0 501.778,0 212,375,0 240,388,0 781,728,0 194,461,0 137,013,0 209,402,0 149,801,0 411,034,0
Total resources
LIABILITIES.
Er. R. notes In actual circulation. 1,653,971,0 127,438,0 308.057,0 140,995,0 208,374,0 74,620,0 130,580,0 278,561,0 60,049.0 61,655,0 66.588,0 38.617,0 158,437,0
Deposits:
Member bank-reserve acc't.... 2,367,250,0 141,879,0 959,853,0 128,758,0 182,058,0 67,676,0 67.195,0 353.413,0 82,316,0 52,105,0 90,903,0 69,524,0 171.570,0
779,0 1,491,0 2,781,0
406,0
2,022,0 1.087,0 1,304,0 1,540,0 1,865,0 4,626.0 2,130,0 1,125,0
Government
21.156,0
461,0
1,263,0
853,0
249,0
156.0
206,0
5,606,0
598,0
287,0
243,0
206,0
Foreign bank
636,0
448,0
254,0
82,0
245,0
257,0
18,960,0
7,766.0
218,0
91,0
86,0 1,398.0
615.0
27.0 7,921,0
Other deposits
Total deposits
Deferred availability Items
Dapital paid in
lurplus
111 other liabilities
2,412,972,0
675.013,0
151,26.6,0
254,398,0
18,966,0
142,828,0
68,066,0
10,265,0
19,619,0
978,0
970,904,0 130,661,0
183,386,0 55,782,0
53,877,0 14,732,0
71,282,0 24,101,0
4,829,0
806,0
184.613,0 69,594.0 69,389,0 360,290,0 84,940,0 53,643,0 92,142,0 71,248,0 182,720,0
65,949,0 48,498,0 23,179,0 84,403,0 31,860,0 10,620,0 36,665,0 26,184,0 40,424,0
14,609,0 6,176,0 5,282,0 18,379,0 5,494,0 3,080,0 4,286,0 4,446,0 10,640,0
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
933,0
635,0
1,891,0 1,088,0 1,404,0 3,653,0 1,298,0
616,0
835.0
5,166,586,0 369,194,0 1,592,335,0 367,077,0 501,778,0 212,375,0 240,388,0 781,728,0 194,461,0 137,013,0 209,402,0 149,801,0 411,034,0
Total liabilities
Memoranda.
60.6
70.1
leserve mtle(per cent)
69.9
64.9
81.6
63.4
68.6
58.0
61.0
61.6
70.8
63.6
66.5
llontIngent liability on bills purchased for foreign correspondls 306,461,0 22,705,0
92,601.0 29.456,0 31,297,0 14,114,0 11,966,0 42,036,0 12,273,0 7.671,0 10,125,0 10,125,0 22,092,0
F. R. notes on hand (notes reed
from F. it. Agent less notes In
tolvolvInfInn
407 goo n 99 6000
190 014 n /Q AQ7 0 90 loan 17 9o, n In 077n Qn ARA n 11 007 n 7 nnn A 0 9nnn in 2720 AO ASO n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEBRUARY 27 1929.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Two Ciphers (00) omitted8
8
F.11.notes rec'd from Comptroller 2.895.166,0228,412,0
F.R.notes held by F.R. Agent-- 838,812,0 78,375,0
$
5
5
5
8
$
3
$
$
$
$
768,356.0212,882,0 270,700,0 112,762,0 222,64,3,0 424,515,0 84,486,0 84,054,0 105,388.0 62,472,0 318,496.0
334,285,0 33,400,01 33,130,0 20,761,0 61,230,0 115,320,0 13,430,0 15,399,0 29,600,0 13,482,0 90,400.0
F. it. notes issued to F. R.Bank. 2,056,354,0 150,037,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates-- 362,645,0 35,300,0
Gold redemption fund
94,768,0 13.265,0
Gold fund-F.it. Board
710,217,0 13,000.0
Eligible paper
1,240,409.0 108,123,0
434.071,0 179,482,0 237,570,0 92,001,0 161,413,0 309,195,0 71,056,0 68.655,0 75,788,0 48,990,0 228,906,0
Totsicollaterol
2042 0200 1110 ASIR
171,880,0
7,500.0 14,167.0
14,758,0 35.000.0
50,000,0 6,690.0 27,350,0
15,101,0 12,005,0 12,867,0 5,993,0 7,273,0 1,651,0 3,401,0 2,281,0 3.211,0 3.068,0 14,652,0
55,000,0 79.577,0 75,000,0 39,000.0 57,000,0 201,000,0 17,000,0 31.000,0 49,360,0 3,000,0 90,280,0
267,374,0 101.693,0 109.634,0 52,315,0 70,819,0 243,275.0 47,460,0 28,932,0 38,705,0 36,695,0 135,384,0
500 35A 0 103 2750947
A
knl A 107 000 01a7
449 04430260 75.301.0 76.3800 0127* n 57 591 09752150
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917,Ipage 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 1306 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with
endorsement," and include all real estate mortgages and mortgage loans 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 loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. 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 OP WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS ON FEBRUARY 20 1929. (In millions of dollars.)
Federal Reserve District.
Total.
$
22,180
Loans and Investments-total
Loans-total
Boston. New York
3
1,467
3
8,345
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. 211inneap. Kan. City Dallas. San Frau.
$
1,240
$
2,194
8
$
674
637
$
3.382
$
$
732
3
3
387
493
681
$
1,948
'
16,188
2,631
532
257
444
361
1.293
155
347
1,245
1.385
256
276
80
177
145
299
122
239
417
876
353
2,204
342
693
158
135
751
200
130
237
132
655
153
200
1.227
977
106
236
334
360
71
87
67
6:
356
395
80
120
74
57
115
123
91
41
394
261
96
18
838
76
78
15
129
31
41
12
40
10
255
40
48
7
21
6
58
11
37
8
111
20
893
478
1
5,812
1,709
13
725
284
3
1,017
985
4
362
240
1
330
233
2
1,880
1,272
2
405
237
1
216
139
508
178
1
313
145
4
801
969
11
52
109
151
1,007
56
156
III
209
47
101
81
113
229
445
55
140
45
83
115
216
61
106
141
194
037
Borrowings from F. It. Bank
502
197
318
1,144
2,878
Due from banks
Due to banks
515
696
804
13,259
6,867
43
Net demand deposits
Time deposits
Government deposits
1,501
509
389
1,750
253
Reserve with F. R. Bank
Cash In vault
898
3,170
2,971
3,067
2,925
U.S. Government securities
Other securities
6,141
455
659
5,991
Investments-total
1,114
7,448
8,740
On securities
All other
30
139
58
A7
99
37
181
27
7
16
15
61
*Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Feb. 27 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury.
Feb. 27 1929. Feb. 20 1929. Feb. 29 1928
$
$
$
241,981,000 241,981,000 318.957,000
13,558,000
14.841,000
13,083,000
Gold held exclusively eget. F. R.notes 255,539,000
Gold settlement fund with F. It. Board. 334,545,000
Gold and gold certificates held by bank
411,873,000
256,822,000
329,703,000
407,006,000
Total gold reserves
Reserves other than gold
993,531,000 1,056,531,000
39,773,000
32,273,000
1,001,957,000
41,213,000
332,040,000
335,484,000
389,007,000
Total reserves
1,043,170.000 1,033,304,000 1,088,804,000
Non-reserve cash
31,451,000
32,081,000
21,417,000
Bills discounted
Secured by U.S. Govt. obligations.- 172,139.000 107,926,000
50,752,000
Other bills discounted
50,250,000
73,801,000
32,584,000
Total bills discounted
Bins bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
222,389,000
66,632,000
181,727.000
70,355,000
83,336,000
96,505,000
1,384.000
9,332,000
4.600.000
1,384,000
10,381,000
4,549,000
3,384,000
38,678,000
38,876,000
TOtal U.S. Government securitiesOther securities (see note)
15,316,000
16,314,000
80,938,000
Total bills and securities (See Note)...
304,337,000
268,396,000
260,779,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
Total resources
Feb. 27 1929. Feb. 20 1929. Feb. 29 1928.
8
$
$
219,000
195,618,000
16,087,000
823,000
215,000
219,000
205,457,000 164,584,000
16,087,000 16,516,000
776,000
2,895,000
1,592,335,000 1,555,690,000 1,555,210,000
LiabilitiesFed'I Reserve notes In actual circulation
Deposits
--Member bank, reserve acct..
Government
Foreign bank (See Note)
Other deposits
308.057,000
959,853,000
2,022,000
1,264,000
7,765.000
313,707,000 348,715.000
917,400,000 938,064,000
6,340,000
2.201.000
2,749,000
2,132,000
9,009,000
8,384,000
Total deposits
Deferred avallabilitY items
Capital paid in
Surplus
All other liabilities
970,904,000
183,386,000
53,877.000
71,282,000
4.829,000
930,117.000 956,162,000
183,441,000 142,133,000
52,525,000 42,337,000
63,007,000
71,282,000
2,856,000
4,618,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combinedContingent liability on bills purchased
for foreign correspondence
1,592,335,000 1,555,690,000 1,555,210,000
81.5%
83.1%
83.4%
92,601,000
94,791,000
66,389,000
NOTE.-Regluning 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 addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption "Total earning assets" to "Total bills and securities," The latter term was adopted as a more accurate description of the total of the
iscaunt 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 therein.
1356
[Var.. 126.
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
Vanlicre
az,ette,
(All prices dollars per share.)
Wall Street,!Friday Night, Mar. 1 1929.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Marketlis given this week on page 1346.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages whichlfollow:
STOCKS.
Week Ended Mar. 1.
Range for Week.
Sales
for
Week
Lowest.
Highest.
$ per share.
Par. Shares $ per share.
Railroads
Albany & Susqueh__ _100
Buff Koch Fs Pitts p1..100
Car Clinch & Ohio_ _ _100
Cleve & Pittsb
100
Ill Cent leased line__ _100
New On Tex & Mex_100
Northern Central_ _ _50
Pitts C C & St L
Pitts Ft W & Chic p1_100
Range Since Jan. 1.
Lowest.
Highest.
per share $ per share.
Feb 25 21034
Feb 27 98
Mar 1 893.4
Feb 2' 76
Feb 28 7934
Mar 1 135
Feb 28 85
Mar 1 110
Feb 26 151%
Feb216
Jan 103
Feb 92%
Febl 79%
Feb 80
Feb 14034
Jan, 8634
Mar 110
Feb 154
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Jan
27 3334 Mar 1 28%
25 102% Feb 25 101
28 30 Feb 28 2834
26 4 Feb 25 234
27 95 Feb 27 95
28 106 Feb 28 105
25 1534 Feb 28 9
Fe9 37
Feb 10554
Feb, 30
Feb! 4
Feb 99%
Feb 110
Feb! 17
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Cavanagh-Dobbs Inc_•40,600 35 Feb 26 42% Feb 28 3334
200 105 Feb 28 105 Feb 28 104
100
Preferred
Celotex
• 4,500 70 Feb 28 7334 Feb 26 67K
100 92 Feb 26 .12 Feb 26 89
100
Preferred
City Ice & Fuel
• 1,500 5834 Mar 1 59% Feb 25 58%
10 104 Mar 1 104 Mar 1104
Preferred
100
City Stores class B rights 12.200 234 Feb 27 434 Feb 28 234
Coca Cola class A
• 13,400 4834 Feb 25 4934 Feb 25 48%
Columbia G & El new_ _* 22,100 5934 Feb 26 62% Mar 1 57
130 92% Feb 27 100 Mar 1 92%
Consolidated Cigar p1100
%
Continental Motors rts__ 125900
74 Feb 28 1% Mar 1
Crosley Radio
* 37,300 11234 Feb 27 125 Feb 25 90%
Cushman's Sons pref._*
1 110 Feb 26 110 Feb 261°"
Febl 42%
Jan 105
Feb 7934
Jan 9335
Mar 6234
Mar 105K
Febl 534
Febl 50
Jan 66
Feb 100
Feb i 134
Feb 125
Feb 1153f
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Duluth Sup Trac__100
10 12 Feb 27 12
Duplan Silk
*
30 23 Feb 28 2334
Preferred
100
100 100 Feb 27100
Elkhorn Coal pref
_511
740 9 Feb 25 11%
311 3734 Feb 25 38
Emporium Corp
•
Engineers Pub Ser rights 58,500
% Feb 25 1%
Preferred (534)
500 993.4 Mar 1 99%
Emerson Brant class B.•
Ill 934 Feb 27 9%
Evans Auto Load
10,111 6534 Mar 1 68
Fairbanks Co pref__ _ _25
160 14 Feb 25 23
First Nat Pict 1st pf_100
20 105 Mar 1 105
Feb 27 8
Feb 27 23
Feb 27 100
Feb 25 9
Feb 25 27
Mar 1
%
Feb 28 99%
Feb 27 4
Feb 28 65%
Feb 25 14
Mar 1 10434
Jan 12%
Feb 28%
Feb 102
Feb 13
Feb 38
Feb 1%
Ma 99%
Jan 13
Ma 68
Feb 35
Jan 10634
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Gen Gas & El pf A (7)_ _•
750 109
Gen Motors pre!(6).100
100 109%
Gen Ry Sitnal pref__100
20 10034
Goodyear Tire & Rubrts3. 11 10%
Helme
3 124%
W)Pref_100
*
1 I 92%
Kendall pref
Kennecott Copper new_*640700 78%
Feb 28 10834
Feb 27 109%
Feb 27 99
Mar 1 10
Mar 1 12334
Feb 25 9234
Mar 1 78%
Feb 116K
Feb 109%
Jan 103
Feb 17%
Ja 124%
Feb 96
Feb 9234
Jan
Feb
Jan
Mar
Jan
Feb
Mar
19
39
54
100
4334
155
66
84
Feb 26
Feb 40
Feb 61
Jan 102%
Feb 48
Feb 172
Feb 71
Feb 91%
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Mar
Pac Gas & Flee rights__ 8,90
3% Feb 26 3% Feb 25 3%
Pettibone Mul 1st pL 1001
2 111
Feb 26 112 Feb 26 110
Pirelli of Italy
2,90 59 Feb 25 60 Feb 25 59
Pitts Steel pre(
120 94% Mar 1 95 Mar 1 92%
1
Pub Ser of N J pf (5)- -*
ill 9534 Feb 26 95% Feb 26 9534
34
RIghts
95,20
% Feb 26 134 Mar 1
Radio Corp new
717811 73% Feb 25 84% Mar 1 68%
Radio-Keith-Orph rts___ 169111
% Feb 25 1% Mar 1
Feb 334
Ja 112
Feb 65%
Feb 95
Jan 96
Feb 1%
Feb 84%
Feb 1%
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Feb 25 130 Feb 25 129
Mar 1 40 Feb 25 39%
Feb 28 554 Mar 1 5234
34 Feb 27
Feb 25
Feb 25 58 Feb 28 55%
%
34 Feb 25
Mar 1
Feb 135
Marl 43
Febl 5574
Feb
%
Feb 58%
Mar 2
Feb
Feb
Mar
Feb
Feb
Jan
7021034
100 100
10 9234
410 76
10 80
10 137
60 85
10 110
200151K
Feb 2521034
Feb 27 100
Mar L 92K
Feb 25', 7734
Feb 28! 80
Mar 1 137
Feb 27I 8634
Mar 1,110
Feb 28153
Feb 26 112
Feb 27 10934
Feb 26 101
Feb 26 1734
Mar 1 12434
Feb 25 93
Feb 26 92%
Lehigh Valley Coal_ _ _ _•14,200 21% Feb
.
Preferred
I
211 40 Feb
e 4,8
Link Belt Co
55 Feb
Ludlum Steel pref
* 1,8 Is 100 Feb
McGraw Hill Corp_ _ _* 2,4 11 44 Feb
Montana Power
100 155 Feb
100
Nat Bellas Hess new_ _ _* 14,500 66 Feb
Nat Tea new
*41,200 84 Feb
SO Porto Rico Sug pf_100
1 130
Silencer Kellogg & Sous 9
'
' Oil 39%
54us 52%
Spicer preferred
Tenn Copp & Chem rts 19. 55
34
Texas Corp part paid_25 3,651 55%
Thompson Co rights
%
7,90
25 26
28 40
26 5634
26 101
25 46%
25 155
27 71
26 91%
Feb 27
Feb 28
Feb 28
Feb 26
Mar 1
Feb 25
Mar 1
Mar 1
S Express
is 234 Feb 27 2%
iod
United Dyewood pf_ _100
56 Mar 1 56
U S Realty & Impt rts__ 19,000 454 Mar 1 634
Victor Talk Mach ctfs__
211 156% Mar 1 158
Va Iron Coal & Coke 100
25 Feb 27 25
1
Jan 4% Jan
Feb 25 2
Jan
Mar 1 53% Jan, 60
Feb 25 4% Mar 7% Feb
Mar
Mar 1 156% Mar 158
Feb
Feb 25
Feb 27 25
Walgreen pref
155 104
10
Warner Bros Pictures rts 180000 4%
Wilcox-Rich Corp cl A.I 6.855 44%
Class B
•21,400 4434
Webster Eisenlohr_ _25 3
93%
Rights
2
1634
Mar 1 104
Feb 26 4%
Feb 25 47%
Feb 25 46%
Feb 26 94%
Feb 26 1634
Mar I 100K
Feb 25 434
Feb 25 44%
Feb 26 43%
Mar 1 9134
Feb 26 15%
Mar 106
Feb 4%
Feb 4834
Feb 47
Feb 113%
Feb 17%
Mar
Feb
Feb
Feb
Feb
Feb
Bank, Trust & Insurance Co. Stocks,
Corn Etch Bank _ _100
Equit Tr Co of N Y_ _100
• No par value.
Feb 26 810
Feb 25648
Feb 261759
Feb 261493
Jan,810
JanI648
Feb
Feb
30800
450 562
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Rate.
Mar. 15 1929_ _
%
Mar.16 1929__
%
June 15 1929_ _ _ 414%
Sept.15 1929 _ 4%%
Dee.15 1929_ _ _ 434%
Ask
214
255
375
206
250
1015
Banks-N.Y.
Port Morris
Public
Seaboard
Seward
Trade*
Yorkville Yorktown*._
Ask
Ask Tr.Cos.-N.Y. Bid
Equitable Tr_ 605 615
Farm L & Tr_ 1140 1160
Fidelity Trust 420 435
630
Fulton
Guaranty _ _
1000 1015
Int'lGermanic 327 335
Interstate_ _ 335 345
Irving Trust_ 585 595
Lawyers Trust
410 Manufacturers SVC 306
625 Murray Hill__ 330 340
680 Mutual(Westchester) ___ 375 400
170 N Y Trust_- 275 279
Times Square_ 183 190
Title Gu & Tr 890 910
U S Mtge &Tr 580 600
United States 3700
425 Westchest'r Tr 1000 iioo
Bid
900
272
900
178
305
240
260
278
925
185
325
270
275
715
120
Brooklyn.
40 Globe Etch* _ 360
40 Municipal*
615
660
1285 Nassau
ifig_ People's
1200
155
Prospect
610
920
Trust Cos.
New York.
2300
7500 Banat Com'le
Itallana Tr_ 410
____ Bank of N Y
Brooklyn.
950
& Trust Co. 380 900
290 Bankers Trust'1490 1510 Brooklyn ____ 1140 1160
Kings Co_ ___ 2850
915 Bronx Co Tr _ 480
Central Union 492 500 Midwood-- - - 315 335
379 County
420 440
975 Empire
550 560
165
*State banks. t New stock. x Ex-dividend. 0 Ex-atook div. y Ex-rights.
Indus. & Miscell.
*75,400 2934 Feb
Allegheny Corp
Preferred
100 10,500 10134 Feb
Am Hawaiian S S
7,300 2834 Feb
Am Metal rights
29,200 3 Feb
40 95 Feb
Am & For Pow pf(6)_ _ _•
100 106 Feb
Assoc Dry GM,2d 91_100
10,900 loy, Feb
Byers Co rights
Maturity.
Banks-N.Y. Bid
America
210
Amer Unions_ 245
Bryant Park* 275
Central
200
Century
235
Chase
1005
Chath Phenix
Nat BM Tr 700
ChelseaEx new 115
Chls'aExC'p A 35
Class
_ _ _ 35
Chemical
1265
Colonial* _
1400
Commerce
_ 1135
Continental* _ 590
Corn Each. _ 900
Fifth Avenue.2200
First
7200
Grace
600
Hanover
820
Harriman_ _ _ 920
Liberty
280
Manhattan* _ 900
NationalCity
New
374
Park
950
Penn Exch.__ 155
Md.
Asked.
99"33 991 13,
.
99.
1n 100
9910n 100
9921n 99..s,
991311 99"ai
Maturity.
bd.
Role.
Bid.
Asked.
Sept.15 1930-32 334% 9921ot
Mar.15 1930-32 334% 96211,
Dec.15 1930-32 3%% 9621st
% 100
Sept. 15 1929
99.13,
96"31
100211
New York City Realty and Surety Companies.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Feb. 23. Feb.25. Feb.26. Feb.27. Feb.28. Mar. 1.
First Liberty LoanHigh
3Si% bonds of 1923-47_ _{Low(First 335)
Close
Total sales in 61,000 units...
Converted 4% bonds off High
1932-47 (First 4s)
LowClose
Total sales in $1,000 units _ __
Converted 434% boudlHigb
01 1932-47 (First 4%8) LowClose
Total sales in 51,000 units _ __
Second converted 434 y
origh
bonds of 1932-47 (First LowSecond 434*)
Close
Total sales in $1,000 units...
Fourth Liberty Loan
{High
4%% bonds of 1933-38_ _ Low(Fourth 4 %a)
Close
Total sales in 81.000 units_ _ _ IIOLI
Treasury
{High DAY.
4348, 1947-52
Low_
Close
Total sales in $1,000 units-(High
4s, 1944-1954
Low_
Close
Total sates in $1,000 units _ _ _
(High
334,. 1946-1956
w_
ChM
Total sales in $1.000 units__
(High
3%s. 1943-1947
Low_
Close
Total sales in $1.000 units...
{
High
334s, 1940-1943
Lcw_
Close
Total saline in 51_1100 testa
971131
97173,
9717s,
53
9712
8
97...,
971.3.
59
972732
9724
.,
9725
..
241
972121
97213t
__-_
____
9923
.,
992.n
9923ss
19
----___
-___
---- --99.1
.,
992533
992331
8
------ -
-----993.23
99233.
9921
”
39
---------
------99.9n
99233,
992e31
5
----------
100 --9929s
100
101
1081.s,
108..,
108.s,
23
103.
0s,
10311.,
10311n
95
--__
---
9 --931st
9929
.,
99"at
39
10821,1
108"ss
10810.,
6
10312z:
10311.,
103"n
105
10011,2
10011.2
97"32
3
98 st
,
98232
98281
53
------9915
.,
991533
992121
11
--------
0
- 9
9 .32 9 -3i31 10 --- i 9
5
99.., 9911s, 992731
9923,2 991*31 9927st
88
45
206
-___ 1087ss
1081.n
- 1087s:
108 s,
,
____ 108'n
10810
.,
10
____
4
103"ts 103"ss 103"ss
10311s, 1031.s, 103".,
1031in 10311.1 103"as
61
1
4
--- 1001.31
100"ss
100",
11
..100",,
331
... . 100'
100"Si
.-...
10011111
151
97.,,
97.s,
971at
210
973
.,
9712,
97.3,
20
____
-_----__
97
97
97
-_------____
-____
____
35
97"ss
979n
97"si
12
971.1,
97 n
,
9719.1
12
____
971s,
97. ,
1.
97'ss
16
971.2
971,3
97.3,
2
s
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 4348
9913,2 to 99"st
99',, to 993315
30 4th 434s
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 13
-164
4.85 for checks and 4.8434444.85 5-16 for cables. Commercial on banks.
sight, 4.84 9-164 .84 V.: sixty days, 4.79 15-1644.80 1-16; ninety days,
4
4.774 44.77 15-16, and documents for payment 4.79 7-16@4.80 1-16.
Cotton for payment, 4.84, and grain for payment. 4.84.
To-day's (Friday's) actual rates for Paris bankers francs were 3.9046
3.9034 for short. Amsterdam bankers' guilders were 40.01440.04 for
short.
Exchange at Paris on London. 124.23 francs; week's range, 124.28 francs
high and 124.21 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualHigh for the week
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
Germany Bankers' Marks
-High for the week
Low for the week
Checks.
4.85
4.84 13-16
Cables.
4.85 11-32
4.85 3-16
3.00 9-16
3.904
3.90 15-16
3.90 5-16
40.04
40.01
40.00
40.05
23.73
23.70
23.74
23.724
(AU prices dollars per share.)
Bid
Alliance R'ltY
j 90
AmSurety new 158
Bond & M G_ 440
Lawyers Mtge 305
Lawyers Title
&Guarantee 375
Ask
110 Mtge Bond_
165 N Y Title &
455
Mortgage315 U S Casualty.
385
Bid
130
620
440
Ask
150 Realty Assoc's Bid
(Bklyn)coin: 44
let pref-_1 98
630
480
2d pref ___- 97
Westchester
Title & 're _ 550
Ask
45
-The review of the Curb Market is
The Curb Market.
given this week on page 1345.
A complete record of Curb Market transactions for the
week will be found on page 1375.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
11
"
For sales during the week of stocks not recorded here. see
preceding Page.
HIGH AND LOW SALE PRICES
PER SHARE
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1.
for
NEW YORK STOCK
Monday,
Tuesday,
On basis of 100-share lots
Wednesday, Thursday, I Friday,
the
EXCHANGE
Feb. 25.
Feb. 26.
Feb. 27.
Feb. 28.
Mar. 1.
Week.
Lowest
Highest
$ Per share $ per share $ per share S per share $ per share I$ per share
Shares
Railroads
Par $ per share $ per share
202 20378 200 202
201 202
202 203
8
10312 10338 103 8 1033 10312 10312 *1033 10312 202 2037 16,700 Atch Topeka & Santa Fe__I00 19618 Feb 16 20938 Feb 4
8
8
4
10314 10312 2,400 Preferred
100 10212 Jan 3 10378 Jan 7
185 186
18314 18314 •183 186
18014 185
100 169 Jan 2 1913 Feb 4
4
124 12514 1233 1243 124 1247 1243 1253 *182 18512 1,300 Atlantic Coast Line RR
4
4
8
8
8 1253 13178 109,500 Baltimore & Ohio
8
100 1187 Jan 16 1317 Mar 1
8
8
794 793
8 7918 793 *19
8
7914 79
7912 79
7912 1,500 Preferred
100 78 Jan 23 8014 Jan 8
66
6614 6714 69
69
704 x68
70
687 697
8
8 3,500 Bangor & Aroostook
50 65 Feb 16 72 Jan 2
*10912 110 *10912 110
108 108
108 109 *10912 110
30 Preferred
100 1063 Jan 2 11012 Jan 22
4
*95 100
93 93
*98 102
*98 100
98
500 Boston & Maine
100 91 Jan 2 1093 Jan 5
4
7814 817
8 7714 7814 7738 7878 7734 7812 7712 08
793 16,400 Bklyn-Manh Tran v t c_No par 7214 Jan 4 817 Feb 25
4
8
*89
903
4 8914 8914 *893 903
4
4 903 90 4 90
4
3
90
360 Preferred v t c
No par 883 Feb 15 923 Feb 1
4
8
354 363
4 3412 35 4 343 35
,
4
35
3612 354 353
8 4,700 Brunswick Term & Ry Sec_100 3412 Feb 26 4418 Jan 18
*56
61
*55
6034 *56
61
6012 62
6212 6312 1,800 Buffalo & Susquehanna_ _ _100 543 Jan 26 63,
4
28lar 1
59
60
*5518 6012 *58
6012 *58
6012 *58
6012
100 Preferred
100 5312 Jan 4 60 Jan 29
248 252
24818 250
24818 2517 25018 2517 2494 256
8
8
37,100 Canadian Pacific
100 23312 Jan 8 2697 Feb 2
8
*10014
*10014
10012 10012 *10014
- *10014 --Caro Clinch & Ohio ctfs st'd100 100 Jan 14 101 Jan 26
50
217 2 4 21714 21912 21934 2233 212
-183
4
2 4 223 22612 14,300 Chesapeake & Ohio
-163100 211 Feb 8 22712 Feb 1
216 216
____
_
__
Preferred
100 21312 Jan 18 216 Feb 27
1538 1578 15
15
- .14
1534 16
1514 1 - - - 18 8 61416
77,5_00 Chicago & Alton
100 1118 Jan 2 193 Feb 4
4
1934 21
1914 194 20
207
8 21
22
2178 224 9,200 Preferred
100 173 Jan 9 253 Feb 4
8
4
41
41
41
41
*36
42
*37
42
*37
42
300 Chic & East Illinois RR
100 40 Jan 31 43 Feb 4
63 6312 63 63
6312 6312 62
62
627 624 1,300 Preferred
8
1978 203
1001 5812 Feb 20 664 Feb 4
8 103 20
8
193 2014 197 2014 20
4
8
2214 22,300 Chicago Great Western
1001 19 Jan 15 237 Feb 1
8
593 61
8
5912 603
8 5912 6014 5914 603
4 5918 6214 16,400 Preferred
1001 4618 Jan 7 635* Jan 31
363 373
8
8 36
375* 3578 363
4 3612 373
8 364 377 19,200 Chicago Milw St Paul & Pac__
8
34 Jan 7 397 Feb 2
8
573 593
4
8 573 583
4
4 58
583
8 584 595* 5918 604 30,100 Preferred new
55 Jan 4 633 Feb 2
4
89
91
8814 90
8834 8934 89
893
4 89
9114 12,200 Chicago & North Western_100 863 Feb 18 944 Feb 5
4
*136 142 *13612 14212 *136 14112 *136
14112 *136 14112
100 135 Jan 5 145 Feb 2
Preferred
12918 132
13034 13112 1317 13218 132
8
8
8
10614 107 *10512 107 *10512 107 *10512 13312 133 1357 17,200 Chicago Rock 1e1 &Pacific_100 12712 Feb 16 1387 Jan 19
107
100 10512 Feb 19 10814 Jan 25
300 7% preferred
•1004 10112 10118 10118 10012 10012 1003 1003 '10512 107
8 *10012 10117
8
100 100 Jan 8 1027 Feb 5
300 6% Preferred
8
115 116 *114 117
118 118
116 117
116 116
1,000 Colordao & Southern
100 11118 Feb 18 120 Jan 3
*76
77
76
76
*75
76
*75
76
*75
76
100 76 Jan 14 80 Jan 25
40 First preferred
*6514 7212 *6514 7212 *6514 7212
*6514 7212 *6514 7217
100 6912 Jan 26 71 Jan 14
Second preferred
663 67
4
66
6612 *66
667
8 667 67
8
663 67
4
1,5001Consol RR of Cuba pref__ _100 6512 Jan 24 704 Jan 2
7812 7812 *7512 80
•7512 80
*7512 8012 '7512 80
100 7712 Jan 31 81 Jan 2
10 Cuba RR pref
19314 196 *1933 19412 1933 195
4
4
1953
1
194 200
4,000,Delaware & Hudson
100 190 Jan 2 20714 Feb 1
130 13114 1303 13112 13112 13112 130 4 196
4
131
13012 132
5,000 Delaware Lack & Western_100 12414 Feb 18 13314 Feb 1
Stock
7314 7434 71
7212 713
4 7112 72
7212 731
2,900 Deny & Rio Gr West pref 100 5514 Jan 2 774 Feb 21
312 312 *312 414 *314 733
2 4
*312 4
100 Duluth So Shore & At1
*6
100
318 Jan 8
47 Feb 4
8
7
Exchange
*6
63
4 *512 812 *312 4
*512 614
53
2 53
8
200 Preferred
100
514 Jan 4
712 Feb 4
7018 7112 6912 7012 693 703
8
8 7014 713
4 704 7434 62,200 Erie
100 6618 Feb 18 753 Feb 1
8
Closed,
6112 613
4 6138 6134 613 613
8
8 6112 6112 614 631
4,300 First preferred
100 5912 Feb 18 643 Feb 4
4
55712 60
*5712 60
*5712 60
*5712 60
587 59
8
100 57 Feb 20 6014 Jan 7
200 Second preferred
Lxtra
*10912 1097 '107 109
8
1073 1073 10814 10814 10812 110
4
4
2,600 Great Northern preferred 100 1064 Feb 18 11312 Feb 4
10514 106
106 106
105 105
10.518 10518 1053 10714
8
7,3001 Pref certificates
100 10412 Feb 19 11012 Feb 2
Holiday.
345 35 4 343 35
8
3
8
333 343
8
4 34
3412 344 347 34,8001 Iron Ore Properties. No par 274 Jan 7 3918 Feb 1
8
*51
5212 52
5212 5233 53
53
5314 53
56
4,100 Gulf Mobile & Northern-100 5012 Feb 7 59 Feb !
*99 100
*99 100
*99 100
100 100 '100 101
100 100 Feb 19 103 Jan i
200 Preferred
*012 782 '612 8
5612 712 '612 71
.612 71,
Havana Electric Ry.....spar
7 Feb 18
4
83 Jan 4
59
59
59
595* 59
5918 5814 5814 5814 5 14
8
420 Preferred
100 55 Feb 16 60 Jan 11
*405 418 *402 418 "405 418 "415
418
425 425
100 410 Jan 8 450 Jan 2:
10 Hocking Valley
50 4 507
3
8 51
51
503 504 5112 521
8
514 527
8 1,600 Hudson Jc Manhattan
100 50 Feb 14 5838 Jan 1
*77
80
*71
80
*77
80
794 80
*77
8012
100 79 Feb 4 84 Jan 11
200 Preferred
141 1423 *141 142
4
14112 14112 1424 14212 14134 14412
3,300 Illinois Central
100 14084 Jan 4 152 Feb .
•138 141 *138 141
1393 1393 *138 145 *140 145
4
4
100 Preferred
100 13934 Feb 27 14514 Feb !
7912 7912 *7912 8012 7914 7914 7918 794
794 794
170 RR Sec Stock certificates_ __
773 Jan 15 804 Feb 2
8
51
583
8 52
54
52
5318 53
5378 537 543 23,600 Interboro Rapid Tran v t c_100 47 Feb 15 533 Feb 2.
8
4
8
*50
5112 514 51 12 *4912 55
*4912 55
*4912 55
800 lot Rys of Cent Amer1ca 100 4914 Feb 20 59 Jan 21
"47
50
*46
50
*48
50
"48
50 '48
50
Certificates
No par 50 Jan 10 5912 Jan 2.
75
75
75
75
*7412 75
*7412 77
*7412 77
•354 372 *33
90 Preferred
100 75 Feb 20 8014 Jan !
4
37
2 *33
4 34 *354 37
2 *33
4 372
Iowa Central
414 Jan 1.
100
34 Jan 30
894 9014 8814 8914 89
93
94
963
8 937 95
8
20.500 Kansas City Southern. _100 863 Feb 16 987 Jan E
4
8
68
68
*67
69
"673 683 *68
4
4
6814 684 687
8
300 Preferred
100 6612 Feb 21 7012 Jan 1.
96
96
9614 *95
9512 9512 94
04
954 100
3,800 Lehigh Valley
50 92 Feb 16 10214 Feb !
*14714 148
147 147 •146 148
146 146
148 14934
500 Louisville & Nashville__100 14512 Jan 15 15312 Feb .
"83
86
*83
89
*83
89 '83
86
*83
86
Manhattan Elevated guar_100 8314 Jan 4 87 Jan .
5212 55 8 *53
5412 *5112 54
7
52
5414 533 533
4
4 1,900
100 50 Feb 11 5712 Jan 1
Modified guaranty
5314 33
4 *314 33
4 *314 34
34 33
4 "314 4
100 Market Street Ry
100
33 Feb 15
4
45* Jan 2
3112 3112 *31
32
3114 3114 *3112 33 '3112 3412
500 Prior preferred
100 3114 Feb 27 3912 Jan
234 278
23
4 24
23
4 27
8
23 • 234
4
2
4 24
1,200 Minneapolis & St Louls
100
212 Feb 14
33 Jan 1
4
42
42
*42
43
42
42 '41
43
*42
43
700 Minn St Paul & S S Slarle_100 3912 Feb 20 4714 Feb
80
80
80
80
SO
80
*79
81
"79
80
500 Preferred
100 71 Jan 14 87 Jan 2
*60
64
*60
64
*60
62
*60
62
62
62
10 Leased lines
100 6112 Jan 4 66 Jan 25
4814 49
4818 483
4 484 49
4818 4978 4912 53
39,500,Mo-Kan-Texas RR____No par 46 Feb 18 55 Feb
1047 105
8
105 105
10518 10518 10518 10514 105 1051
1,400i Preferred
100 10318 Jan 4 10512 Feb
75
783
4 7812 793
4 781.4 7914 7818 784 79
8381 89,3001M1ssouri Pacific
100 6212 Jan 4 831:Slat
132 1327 1323 133
6
8
13318 134
1334 134
134 1347 15,400 Preferred
100 120 Jan 2 1347 Mar
8
8412 8412 *8312 873 "83
4
873 *83
4
873 "83
4
8734
20,Morris & Essex
83 Jan 30 864 Jan 1
5
191 193
19012 19012 193 193 *191 196
191 191
9 Nath Ce a ftN eSicLou p e_:1 0 18234 Jan29 193942
10,3 as R yh ot t xt o 2dis _r_ f 100
001N
6
2
3,
8 318
3
3 18
23
4 3
3
3
24 3
FebJan 5
19034 19212 1914 193
191 1943 19212 1947 1937
8
8
8
58,400 New York Central
100 18614 Feb 16 20414 Feb 1
"135 138
137 1377 13512 13614 13714 13714 13512 200
8
141
3.600'N Y Chic & St Louis Co_ _ _100 133 Jan 30 145 Feb 2
1053 1053 106 10618 107 107
4
4
107 1071
4
700 Preferred
100 1053 Feb 25 10914 Jan 4
4
335 335 *325 340 "330 344 "325 345 "107 1073
'325 350
10
50 301 Feb 16 379 Jan ..8
893 903
8
8 8912 90
893 913 x903 9218 9118 94'2 63,900 N Y & Harlem
4
4
4
NY Nil & Hartford
100 804 Jan 4 983 Feb 2
117 11714 1167 1167 117 11714 x11714
4
8
8
11714 11612 11634
1,200 Preferred
1143 Jan 3 1193 Feb 2
8
8
283 2914 29
4
29
283 293
4 293 297
8
4
8 29
31
7.600 N Y Ontario & Western__ _100 27 Jan 25 32 Feb 4
*712 97
3 '712 814 *74 814
814 9
*8
9
94 Feb 2
*30
300 N Y Railways pref____No par
63 Jan 14
4
90
*30
40
*30
*25
40
35
3018 301
50 N Y State Rye pref
100 30 Jan 3 41 Jan 2
45
45
45
45
44
4412 4412 441
4512 463
4
900 Norfolk Southern
196 19612 19512 197s8 1954 19612 2196
100 43 Jan 14 4812 Feb 4
19614 19612 1993
4 7,600 Norfolk & Western
100 191 Jan 9, 206 Feb 1
*8312 87
83
80,2 *8312 87
*8312 87
*8312 87
300 Preferred
100 83 Feb 151 86 Jan]7
10618 10812 10618 1077 10612 1067 106
8
8
1073 10712 1083
8
4 9,002 Northern Pacific
100 10518 Feb 16 114 Feb 2
105 105
10412 106
10412 1057 1044 10538 1043 1063
8
8
8 6.000 Certificates
27
100 104 Feb 15 112 Feb 2
28
29
333
4 31
40
4114 43
4234 43
14,100 Pacific Coast
40
100 20 Feb 15 43 Feb 1 8
40
40
40
4212 4412 46
48
"48
50
340 First preferred
*28
100 36 Jan 5 48 Feb:
30
31
8
31
34
393
4 40
40
*38
40
530 Second preferred
100 2112 Jan 10 40 Feb:
77
7814 773 777
8
8 774 7734 774 7812 7883 80
42,900 Pennsylvania
50 75.33 Feb 16 8214 Jan ]8
*30
33
*29
33
*29
32 '29
32
3212 3212
100 Peoria & Eastern
162 162
100 30 Jan 18 344 Feb 1
162 162
160 160
157 160
160 165
3.200 Pere Marquette
983 99
100 148 Jan 3 1743 Feb 1
4
4
99
99
9834 983
4 9834 09
9834 983
4
490 Prior preferred
9534 94
*04
100 90 Jan 5 100 Feb 2
94
94
94
*94
953 *94
4
951
200 Preferred
100 9312 Jun 4 97 Jan 8
"503 ____ *503 ____ • 5038 ____ *51
8
8
____ •51
____
Phlia Rapid Transit
*50
50 50 Jan 9 50 Jan 9
_ *50
_ .
150
_ _ *51
_ _ *51
_ *137 111-34 *137 111
Preferred
50 50 Jan 2 50 Jan 2
- -34 140 1414 141
142 iii
1,000 Pittsburgh & West Va
1093 1094 108 10878 10612 1087 107 141
100 136 Feb 18 1483 Jan 0
8
4
8
1083
4
*42
50 10518 Feb 18 11712 Feb 4
4312 *4218 4312 *4218 4312 4214 4314 10818 11214 17,700 Reading
4218 4214
1,000 First preferred
*4614 48
50 42 Jan 4 4314 Feb:
*4614 4812 *4614 4812 '4614 4812 '4614
4812
*66
Second preferred
50 4612 Jan 28 4914 Feb 5
71
*66
71
*66
71
'66
71
*66
71
100 68 Jan 28 68 Jan ' 4
117 11712 11718 118
Rutland RR met
1174 11818 118 11814 x117 11812
12.70061 Louis-San Francisco
100 11512 Jan 30 12212 Feb 4
9512 96
95 4 954 95 4 953
3
3
4 96
96
96
96
2,400
100 94 Jan 14 9612 Feb 2
10712 10812 106 10712 1057 107
8
10618 10714 107 1133 15,800 1st pref paid
8
St Louis Southwestern...-100 102 Jan 29 1153 Feb 4
90
90
*89
4
9012 9012 91
92
92 '9112 9212 1,000
100 90 Feb 25 92 Jan 5
Preferred
Saturday,
Feb. 23.
Bld and asked prieea: no sales on shly day. a El
-dividend
Ex-dividend and ex-rights.
y Ex-right
PER SHARE
Range for Previous
Year 1928
Lowest
I
Highest
$ per share;$ per share
18238 Mar 204 Nov
10212 Jan 10812 Apr
15718 Oct 19112May
1033 June 1254 Dee
4
77 Nov 85 Apr
61 June 8414 Jan
104 Dec 1153 May
4
58 Feb 91 Dec
534 Jai
773
4May
82
Jan 951 May
1412 Jar
474 Sept
3214 July 6412 Nov
38 Sept. 63 Nov
19512 June 253 Nov
98 Sept 10715 Mar
17512June 2183 Dec
4
--533 Jan
74 Feb
37 Feb
58 Aug
918 Feb
2012 Febi
2214 Mar
37 Ma
78 June
135 Dec
106 Feb
105 Dec
99 2 Dec
105 Aug
67 July
6912 Nov
6812 Dec
79
Dec
16314 Feb
12514 Dec
5012 Fe
3 Au
438 Jun
483 Jun
4
50 Jun
4914 Jun
9312 Fe
9118 Fe
1914 Jun
43 Aug
99 Aug
7 Aug
51 Dec
340 July
5018 Dec
Oct
81
1314 Jan
13012 Jan
75 July
29
Jan
3612 Mar
1834 May
264 May
4814 May
8
763 May
25 Dec
503 Dec
8
4012 Apr
594 Nov
9414 May
150 May
13938 Nov
11113 May
105 May
126 May
85 Apr
85 May
874 June
94 June
226
Apr
150
Apr
4
653 Apr
63 Jan .
4
912 May
7212 Dec
637 Jan
5
62
Jan
11434 Nov
11134 Nov,
333 Oct"
8
614 May
109 May
1734 June
784 Sept
473 Nov
7312 Apr
9312 Apr
14884 May
147 May
824 June
62 May
5218 Nov
691 Jan 82 May
2 Mar
54 Mar
43 June 95 Nov
8612 Aug 77
Apr
8418 Feb 116
Apr
1393 Nov 15913 May
4
75
Jan
96 May
40
Jan 64 May
3 8 Dee
,
712 May
3812 Dec 54 4May
3
l7 May
64 May
40 June 523* Jan
7014 Dec 8734 May
60 Dec 7112 Jan
3012 June 58 Dec
10112 June 109 Feb
414 Feb 7614 Sept
105 Feb1264 Dec
8212 Aug 89 June
17112 Aug 2044 May
2 Feb512 Apr
156 Feb 196.2 Nov
12114 Oct 146 May
10412 Aug 110
Jan
168
Jan 505
Apr
54 8 June 82114 Dec
3
112 Sept 117 May
24 Feb
39 May
514 Jan
13 May
2312 Dec 43 Jell/
32 June 58 Nov
175 June 19812 Nov
844 Oc
go June
923 Feb 118 Nov
8
903 Feb 115 Nov
8
1912 Slay
3478 May
40 Aug 70 Jan
2012 Aug 39 May
614 June 767 Dee
8
25 Mar 37 May
1244 Feb154 Nov
98
Oct 1013 Mar
4
92 Nov 100 4 Mrs
3
50 Nov
564 Aug
50 Mar 5112 Oct
12114 Feb 183
Oct
9414 Feb 11938May
4112 Nov 48 Apr
44
Jan 594 Ma,
50 Feb 77 Dee
109 Feb 122 Mar
94 Dec 101 May
674 Feb 12418 Nov
89 July 95 Jan
b Ex-div. of 114. the shares of Chesapeake Corp stook.
1358
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
I Feb. 23.
Monday,
Feb. 25.
Tuesday,
Feb. 26.
Wednesday, Thursday,
Feb. 27.
Feb. 28.
14.1per share $ per share $ per share $ per share
per share
1912 20
19 4
,
1914
1878 19
•19
20
2312 2312 *22
2312 *2212 2314 *22
2312
513118 13214 13114 13178 13114 1313 132 13312
4
149 1497 147 14812 147% 148% 1473 1487
8
8
8
4 9818 9818 98% 98%
983 983
4
4 9812 083
•115 123 *12012 124 *12012 125
12013 121
*165 4 175
3
175 177
175 176 *172 176
3812 39
*3512 37
363 373
4
36
4 36
5214 53
5212 53
53% 54
52
53
*9712 100
*97% 100
*97 100
12
*9712 100
22312 22714 223 224
22238 2233 224% 226%
4
83 8 837
7
8 83 4 83 4 84
84
3
84
84
3
*98
*98
____ *98 ____ *98
*99 103
*99 103
*99 103
*99 103
7112 723
4 7214 7212 7112 7112 713 73
4
*95
97
*95
9414 9414 9514 9514
97
*85
88
90 .85
*85
88
*85
90
45
12 4714 4514 4618 45% 47% 45% 46%
*47
*47
49
*4613 49
49
4612 483
4
3714 3714 3818 38%
38
383 3914 *35
8
8318 8318 *62
63
*6114 62
63
63
Friday,
Mar. 1.
Sales
for
the
Week.
$ per share
19
20
2314 24
13212 13438
14814 15214
9812 9812
12012 120%
175 178
38
37
5312 54
*9712 100
226 230
5823 83
4
*98
*99 103
713 7412
4
9412 95
90
*85
46% 5114
4812 513
4
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads (Con.)
Par
2,300 Seaboard Air Line
100
900 Preferred
100
15,690 Southern Pacific Co
100
8,400 Southern Railway
100
1,400 Preferred
100
70 Mobile & Ohio certifs
100
3,000 Texas & Pacific
100
2,100 Third Avenue
100
1,800 Twin City Rapid Transit_.100
Preferred
100
10,700 Union Pacific
100
2,100 Preferred
100
Vicksburg Shrev & Pac
100
Preferred
100
4,200 Wabash
100
600 Preferred A
100
Preferred B
100
34,600 Western Maryland
100
1,200, Second preferred
100
3814 393
4 2,200 Western Pacific
100
62
627
8 1,000 Preferred
100
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest
$ per share
1612 Jan 2
20 Jan 2
128 Jan 2
1463 Feb 18
8
9818 Feb 27
1201/ Feb 28
18412 Feb 18
321z Feb 6
44 Jan 29
9712 Jan 29
21434 Jan 8
4
823 Jan 3
983* Feb 8
68
94
8212
41
4134
3318
57
Feb 18
Jan 2
Jan 21
Jan 29
Jan 10
Jan 25
Jan 28
Industrial & Miscellaneous
49
4712 49
4714 471/ 4,300 Abitibi Pow & Pap
51
4812 4912 4714 48
No par 4018 Jan 4
2,400 Preferred
83 8414 843 85 8 85
85
4
3
8512 8512 8512 85
100 83 Jan 21
1411 142
142 144
137 140 *137 141
138 13934 2,600 Abraham & Straus____No par 128 Feb 16
110 110 *110 111 *110 1103 *110 11014 *110 11014
10 Preferred
4
100 10934 Jan 16
4491 475
8,500 Adams Express
430 442
575 585
475 500
507 560
100 389 Jan 16
100 Preferred
•95
96
•95
96
95 95
*95
96
*95
96
100 9314 Jan 22
1,100 Adams Millis
•30
303
4 3018 3014 30
3012 *30% 32
3014 3014
No par 30 Feb 27
8434 7112 70% 73
68
753* 107,800 Advance Rumely
6814 713* 67% 697
100 48 Jan 29
:
6,800 Preferred
67
7112 883 717
4
69
703
67
69
7014 73
100 $81 Jan 23
41
414 4Iz
412
43
8 41 27,300 Ahumada Lead
312 Jan 2
4% 43*
414
1
414
106% 110
10614 1073 108 108
4
108 1113 110 11212 13,800 Air Reduction, Inc____No par 967s Jan 7
*
9,800 Ajax Rubber,Inc
9% 93
4
9 Feb 16
918 912
93 10
4
No par
9% 10
912 93*
8
914 57,100 Alaska Juneau Gold Min__10
74 Feb 18
73* 7%
78 74
3
3
714 8%
75s 834
22
22
21
21
20
2012
700 Albany Pert Wrap Pap_No par 20 Mar 1
2134 213 *2014 22
4
295 2983 291 2963 295 30312 30114 305
4
4
4
30214 3053 31,400 Allied Chemical az Dye_No par 241 Jan 7
123 12318 •12314 124
600 Preferred
12314 12314 1223 12312 123 123
100 121 Jan 3
8
17014 173
1751 186
180 18012 5,300 Allis-Chalmers Mfg
183 186
100 1671/ Feb 18
180 183
812 812
9
9
8% 818
9
914 *914 93
8 Feb 14
4 1,000 Amalgamated Leather_No par
63
200 Preferred
63
*83
70
60 Feb 13
6512 *63
*67
65
65
65
31% 3134 31
327g 311 3234 3114 313
No par 30 Feb 18
3 3114 3112 19,300 Amerada Corp
19
1918 1813 1834 1812 183
19
198 3,100 Amer Agricultural Chem.
.100 1914 Feb 16
4 183 19
4
63% 65
2,500 Preferred
64
64
66
64
63
64
100 6114 Feb 16
8314 84
127 127
1,000 Amer Bank Note
12612 12812 126 12812 127 12814 *127 129
10 12258 Jan 7
*8014 847
8 8014 8014 *6012 647 *602 847 •8012 64%
280 Preferred
50 60 Jan 3
8
17
17
18
1812 181 183 1734 184
173 18% 2,800 American Beet Sugar __No par 16 Feb 21
4
*50
59
*50% 5912 *5012 5912 *53
Preferred
100 51 Jan 7
5912 *50Is 5912
45 8 48
7
46
47
.No par 4012 Feb 14
45 4 4612 46
3
513
4 54% 57 104,100 Amer Bosch Magneto.
13 543 5512 5514 5013 57
55
56
597 11,500 Am Brake Shoe & F__ __No par 45 Jan 16
8
8 4 55
43
4
•122 125 •122 125 *122% 125 •12214 125
20 Preferred
122% 12212
100 12212 Feb 7
2214 2312 2218 2334 223* 2312 24% 243
s
4 2312 247 119,900 Amer Brown Boverl El_No Par 151e Jan 7
75
1,840 Preferred
78
80
7714 7612 80
3
79
100 749 4 Jan 7
80
7712 82
116 11814 11512 1177 11814 1193 1193 12118 1213* 1243 335,500 American Can
4
4
25 1073 Feb 18
4
8
14118 14118 *141 14114 141 14118 .14118 14114 14114 14114
400 Preferred
100 140z* Feb 14
Stock
973 9878 9712 973
4
9912 3,900 American Car de Fdy_ No par J93 Feb 18
99
4 98 100
99 100
400 Preferred
118 118
118 118 *1161 120 *11613 120 •118 120
100 11613 Feb 7
exchange *82
500 American Chain pref
82%
82% 82
8234 *82
100 723 Jan 23
8
823 *82
4
823
4 82
4,800 American Chicle
54
53 4 5 4 5314 53 4 5318 5314 5312 5312 53
3
No par 4718 Jan 3
3
lag
43
Closed.
70 Prior preferred
11014 11014 *11014 111
11014 11014 *97 -- •100
No par 10913 Jan 2
fog 914
91
913 918 6,500 Amer Druggists Syndicate_ _10
9 Jan 25
9% 912
914
918 918
4,200 Amer Encaustic Tiling_No par 4318 Feb 18
_Extra
4538 473
4318 45
4 4512 461
4434 4434 45
45
6,600 American Express
325 330
*290 298
2981 30712 308 3083 3092 324
100 280 Feb 2
4
4
7514 Jan 4
filtday. 113 12212 11014 115
109% 115
110 113% 1153 1181s 154,100 Amer & For'n Power_ __No pa
108 108
10712 108
No par 10512 Jan T3
1077 108
10814 10814 10811 10812 2,000 Preferred
8
2,100 2d preferred
10212 103
No par 967 Jan 2
10014 1021 101 102
8
10112 10112 101 101
500 American Hide & Leather_100
83
812 812 *812 9
4 83
812 812
814 Feb 21
812
4 •8
8 2,000 Preferred
100 30141Feb 6
3211 3434 327 327
8 3314 3314 347 3614 357 357
3,100 Amer Home Products_.No par 75 Jan 2
4
7912 8178 7912 803* 7912 80% 7912 793* 793 80
7,500 American Ice
40 4 41
3
No par 3813 Jan 16
40% 413
3 405* 403* 4
03* 40% 4038 41
900 Preferred
100 90121Feb 11
9412
*94
95
9412 *94
95
*94
9418 9418 *94
4 6912 707 24,600 Amer Intermit Corp__.No par 62 Feb 18
66
67
65
87
8512 6812 6812 703
73
4,700 Amer La France & Foamlte_10
8
83
8
812 Feb 8
714
71
7
714 714
712 77
64
520 Preferred
100 84 Mar 1
64
72
72
72
*65
73
*65
72
*65
9,500 American Locomotive_No par 1023* Feb 18
108 1093 10812 10914 108 1097 109 11118 11012 112
4
s
600 Preferred
100 113 Jan 3
115 116 *114 11618 116% 1161* 11512 11512 115 11614
1,800 Amer Machine & Fdy_ _No par 170 Feb 18
18114 183
180 181
*175 176
176 178
177 177
20 Pref (7) ex-warrants
11212 Feb 5
113 115
*113 115 *113 115
113 113 *113 115
7314 7214 733* 30,000 Amer Metal Co Ltd___NO par 6014 Jan 7
7012 72% 7034 713
4 703 7114 71
8
Preferred (6%)
100 117 Jan 3
*122 130 *119 125 *12112 128 *120 125 *12212 125
260 Amer Nat Gas pref__ __No par 85 Feb 4
92
92
92
92
92
92
92
92
9214 92
800 American Piano
No par 13 Jan 2
14
14
1312 14
1478 157 •131z 15
*14
15
8
Preferred
100 38 Jan 2
*48
48
48
*45
*46
52
*46
51
*46
52
11212 1143* 34,500 Am Power & Light_ ___No par 8118 Jan 8
10712 1113 1063* 10814 10714 110 4 10712 112
8
3
No par 9912 Jan 2
8
4 1,200 Preferred
10112 10218 102 10214 102 102
10214 105 *1013 1023
200 Preferred A
No par 73 Jan 7
77
0
76
77
77
77
7812 7612 *75
77
77
No par 80 4 Jan 15
3
3 1,900 Pre( A stamped
83 83
7
8212 8212 823* 82 8 8212 823* 8214 827
• 25 187 Feb 18
189 192
189 1903 190 190
190 19212 19112 19212 6,500 American Radiator
4
130 Preferred
100 140 Jan 7
*185 187
, 187 187
179 179 *183 190 *18312 181
8
144 1473* 1484 16214 16214 173% 24,600 Amer Railway Expreas__ _ _100 1297 Jan 16
140% 14312 1433 147
4
7,500 American Republics__.No pa
44 Feb 18
51
51
53
45
45% 4518 5212 50
5212 52
1,200 American Safety Razor_ No pa
67 Feb 18
69
69
68% 89
*68
69% 69% 693
6812 70
1,600 Amer Seating v t c
323 Feb 16
4
35
No pa
33 8 3412 3
343 343
4
4 35
7
412 3412 3414 35
358 Jan 2
3,400 Amer Ship & Comm_ __No pa
51
4% 5
5
5% 5%
514 53*
5
5%
110 American Shipbuilding_ _..100 86 Feb 27
8712 8712
87 87
86
8712 8712 86% 863
8 86
4
122% 1243 170,700 Am Smelting & Reflning__100 9312 Jan 16
114 1173 1143* 11813 1183 1213 11912 123
4
4
8
100 13512 Feb 2
13513 1351 1353* 135% 13512 13512 1,100 Preferred
13614 13612 135% 136
400 American Snuff
100 200 Jan 30
20012 20112
•203 205 203 20312 *202 204 *201 203
20 Preferred
100 108 Feb 13
*110 112
•102 112 •102 112
109 109 •109% 112
4
7214 691 7112 70
69
7
70 4 70 3 733
3
4 7314 74% 40,300 Amer Steel Foundries.-No par 643 Jan 7
240 Preferred
100 11012 Jan 4
*11114 1137 •112 11378 11134 112
11114 11114 11114 11114
8,700 Amer Sugar Refining
100 82 Feb 18
86% 88
8412 8512 8412 854 84% 86
8512 86
100 10613 Jan 3
11012 11012 110 11012 1095 1093* *110 11012 110 11012 1,000 Preferred
*
2,200 Am Sum Tob
55
No Par 52 Feb 8
543 5434 53
4
53
53% 5214 53
533 *54
4
2,400 Amer Telegraph & Cable--100 17 Jan 2
25
•20
3214 32% 29
26
32% 25
263 •20
4
4
100 19314 Jan 8
21314 2143 213% 21514 214 21712 21612 2173 21612 2183 41,200 Amer Telep dc Teleg
4
4
2,300 American Tobacco com.---50 17212 Mar 26
17412 176
173 17414 17212 174
17212 174
17312 174
174% 17614 2,800 Common class B
50 173 Feb 18
17314 1743 173% 1733 174 174
4
174 174
4
700 Preferred
•120 12018 120 120 *120 12018 120 120
120 120
100 11914 Feb 1
1,800 American Type Founders__100 13612 Jan 5
144% 150
•14012 144 *14012 144 *1431 144
144 145
50 Preferred
4
100 10712 Jan 8
110 11112 *110 111
4
110 110 .10812 1113 •1081s 1113
63,300 Am Wat Wks & El
No par 6714 Jan 8
84
4
85
12 843* 853* 86
907
8 8812 893
4 893 92
400 1st preferred
100 100
97 Jan 3
.99 100
99
99
*99% 100
100 100
8,400 American Woolen
3
2134 23
100 203 Feb 28
203* 217
2012 213
20 8 217
3
8 2112 22
5,000 Preferred
47 Feb 27
4914 503
47% 50
100
8 4718 49
48
47
47% 47
11% 1112 •1112 12
1,000 Am Writing Paper etfs_No par
1112 Feb 16
1314 13%
12
123
4 1212 13
1,100 Preferred certificate.._100 415 Feb 18
433 433
8
*4112 43
4414
43313 433
8 433 433 *44
4
4
447
4
38% 443
423 45,400 Amer Zinc, Lead & Smelt...25 3518 Feb 16
4 41
4214 4438 425 4414 42
1,600 Preferred
104 10512 105 105
25 101 Feb 15
10438 1045* 1047 104% •100I2 104
8
J19,700 Anaconda Copper Mining.
135 13712 13514 13912 139 1423 14218 148% 149% 155
.50 11514 Jan 15
8
24,900 Anchor Cap
58
8112 5712 583
No par 53 Feb 7
575* 605s 60 5 613* 60% 62
3
2,900 Preferred
117 121
115 11613 115 120
121% 124
No par 112 Jan 2
120
120
5912 6114 583 617
4
8
8 617 6312 6312 6614 6612 683 492,800 Andes Copper Mining_.No par 48 Jan 31
*
8
93
9412 917 94
8
953 967
8
8 8,100 Archer, Dangs, Mid'Id_No par 917 Feb 2(1
93
93% 94
947
110 Preferred
11412 11412 •114 11412 *114 11412 114 114 *114 11412
100 114 Jan 4
800 Armour & Co (Del) pref
93
92% 92 4 923 94
3
4
93
100 9134 Jan 9
*9212 93
93
93
1512 15
15
..25 15 Feb 18
1538 15
4
151
15
163
8 153 161s 22,300 Armour of Illinois claw A.
8% 814
25
8 Feb 16
814 8% 19,000 Class B
8
814
8
8 1s
8
812
1,500 Preferred
82
82
*82
8218 83
83
100 82 Jan 7
82
82
82
83
5,200 Arnold Constable Corp_No par 293 Feb 2
31% 31
31
4
30 4 31
3
100 Artloom Corp
28
29 .27
*27
31.
29
No par 2712 Jan 22
21
3
9
2182 *37
3
9
21
3182 *27
29
9912
*99
Preferred
9912 *99
100 9713 Jan 9
9912 *99
9912 *99
9912 •99
•Bla and asked prim: no sales on tnle day.
z Ex-dividend.
V Ea-rights
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
4 per Mars $ per share $ per share
207 Feb 4
g
1158 Mar 30 Jan
13
2414 Feb 4
17 Aug 38 Jan
1383 Feb 2 11758 Feb 13114 May
8
15838 Feb 1 13913 Feb 165 May '
99 Jan 3
963* Sept 10214 Jan
14078 Jan 14 100 Jan 1591/ Jan
178 Feb 1
9913 Jan 194% Oct
39 Feb 25
2818 Jan 451 May
5814 Jan 25
3214 Sept 56 May
945 Oct 107 Feb
100 Jan 5
231 Feb 2 1861/ Feb 22478 Nov
84 Feb 7
82% Oct 8714 Jan
Jan
10014 Jan 5
99 Aug 111
9914 Nov 10812 Mar
51 Feb 9614 May
813s Jan 5
8812 Feb 102 May
1047s Jan 7
87 Feb 9913 May
91 Jan 8
54 Feb 4
3134 Feb 543 May
4
3312 Feb 547 May
5312 Feb 4
2
41 Feb 4
2814 Feb 3812 Dec
6413 Feb 4
5212 Aug 621s Jan
3614 Nov 85 Apr
5478 Jan 22
78 Nov 1023* July
885* Jan 7
1591/ Jan 3
90 June 142 Dee
112 Jan 2 109
Oct 11413 June
585 Mar 1 195
Jan 425 Dee
96 Jan 3
93 Jan 9912 Mar
3578 Jan 15
301/ Dec 331/ Dec
75 8 Feb 4
3
11
Jan 65 Sept
733
8Mar 1
3414 Jan 6934 Sept
47 Feb 20
8
234 Jan
534 Mar
1143* Jan 28
59 June 993* Dec
1114 Jan 2
713 Jul e 1433 Jan
1014 Jan 8
1
Jan
10 Nov
25 Jan 3
223 Dec 3114 Jan
4
4
305 4Mar 1 148
3
Feb 2523 Nov
12314 Mar 27 12012 June 12758 May
194 Jan 11 11518 Feb 200 Dec
111s Jan 14
918 Oct 1634 Apr
73 Jan 17
69 Mar 90 Apr
2718 Feb 4378 Nov
425 Jan 3
8
2358 Jan 15
1558 Feb 28 Nov
5558 Feb 797 Nov
8
733 Jan 11
4
7434 Jan 159 May
13414 Feb 6
8
80
Oct 657 Jan
82 Feb 13
2012 Jan 16
143 July 2412 Aug
4
36 Feb 8158 Sept
6014 Feb 5
57 Mar 1
15 8 Feb 4438 Nov
3
3972 July 4918 Jan
62 Feb 4
125 Feb 15 120 Dec 128 June
105 Apr 2614 May
8
247 Mar 1
8
8
4014 Apr 657 May
82 Feb 28
4Mar 1
7012 Jan 1171/ Nov
1243
4
1417 Jan 14 1365 Jan 147 Apr
8
10612 Jan 3
8814 July 11113 Jan
8
120 Jan 29 1105 Aug 13712 Mar
71 Dec 105 June
4
823 Feb 28
3
44 Dec 50 4 D00
5812 Feb 1
Jan 114 May
11414 Jan 30 107
1011 Dec 1513 Apr
11 Jan 2
473 Feb 25
4
Jan 316- Dec
330 Mar 1 169
225 Feb 85 Dee
8
1387 Feb 19
8
3
10813 Feb 14 104 4 June 110 MAY
81
Feb 100 Sept
103 Feb 21
3
10 Jan 2
814 Oct 153 Feb
3
38 Jan 2
31 Nov 873 Feb
855 Jan 24
8
59 Feb 86 Noe
Jan 463 Aug
2
28
43 4 Feb 5
3
Jan 9912 May
9418 Mar 27
90
7614 Jan 18
8 g Jan 10 --1314 Jan -11E8 Oct
7
Jan 851/ Oct
75 Feb 21
56
87 June 115
Jan
115 Jan 3
118 Jan 22 10314 Oct 134 Mar
4
1883 Jan 11 12912 June 1833 Dec
4
Ja
11612 Jan 12 110 Dec 116
813 Feb 6
4
39 Mar 633 No
4
135 Feb 6 109 Aug 11712 May
9814 Jan 7
963 Dec 993 Noy
4
4
177 Jan 31
8
123 July 25 Feb
4
55 Jan 31
38 Dec 90
Ja„
120 Jan 30
6214 Jan 95 Ma:
105 Feb 28 10012 Dee 10714 Ma'
7018 Nov 7712 No
80 Feb 13
843 Feb 15
4
8112 Deo 8614 Nov
210 Jan 15 1301s Jan 19112 Dec
195 Jan 29 141
Oct 152 Apr
1733 Mar 1 11012 Jan 143 Dee
4
4
5114 Feb 85 Apr
643 Jan 2
74 4 Jan 31
3
56
Jan 747 Sept
2
367 Jan 3
8
275 Nov 45 May
8
7 Feb 5
313 Aug
618 May
94 Jan 24
80 Sept 119
Jan
12434Mar 1 169
Feb 293 Dec
138 Jan 4 131 Mar 142
Apr
206 Feb 1 141
Jan 210 D00
112 Jan 24 100
Oct 120 June
797 Feb 4
8
5018 June 703 Jan
s
1123 Jan 10 109 June 120 Feb
4
55 Feb 9312 Nov
943 Jan 25
4
111 Feb 1 100 Feb 11012 May
46
Feb 73 8 Sept
60 Jan 2
5
1714 Dec 32 Jan
327 Mar 25
s
222 Jan 30 172 July 211 May
18812 Jan 28 152 June 1843 Dec
8
188 Jan 28 152 June 1847s Nov
3
12114 Jan 15 115 4 Sept 126
Apr
155 Jan 31 10978 Aug 14214 Nov
11112 Mar 25 107 Nov 115 Mar
9212 Jan 30
52 June 7612 Nov
104 Jan 28
98
Oct 106
Apr
2778 Jan 3
14 July 323 Nov
,1
583 Jan 2
8
39 Aug 653 Nov
4
1514 Jan 21
10i2 June
1913 Feb
44 Jan 4
34 June 53 4 OM
3
447 Jan 2
8
63 Jar 67
8
Oct
108 Jan 31
40
Jan 1177 Oct
2
155 Mar 1
54
Jan 12014 Dec
623 Feb 21
8
48 Dec 543* Dee
124 Mar 1 10614 Deo 111 Dec
6838 Mar 1
3618 Nov 56 Nov
1107 Jan 9
8
8
5514 Feb 1127 Nov
115 Jan 11 112
Oct 11514 Mar
95 Jan 30
863 Jan 9712 June
8
1818 Jan 2
1114 Jan
2312 Sept
1014 Jan 2
1312 May
65 Jan
8
88 Jan 24
8718 Jan 9112 June
407 Jan 2
8
3514 July 5134 Apr
30 Feb 5
2814 Dec 443 Mar
8
100 Jan 4
99 Dec 114 Mar
New York Stock Record-Continued-Page 3
1359
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 23.
Monday,
Feb. 25.
Tuesday,
Feb. 26.
Wednesday,I Thursday,
Feb. 27.
Feb. 28.
Friday,
Mar. 1.
Sales
for
the
WeeR.
STOCK
NEW YORK STOCK
EXCHANGE
$ per share $ per share 5 Per share $ per share I $ per share $ per share Shares Indus. & Miscel. (Con.) Par
293 2934 3038 308 30
4
307 .30
31
3018 307
8 1,500 Art Metal Construction__ 10
6018 613
8 5812 593
4 5914 663
4 635 663
8
8 625 8478 55,400 Assoc Dry Goods
8
No par
103 104 '101 10312 "101 104 *102 10312 *100 103
100
500 First preferred
45
45
4612 4612 4414 45
44
44
*4412 45
25
170 Associated 011
34
34
3412 3618 384 40
4014 423
4 4118 4214 10,000 Atl 0 & W I 85 Line__No par
473 473
4
4 477 4918 493 50
8
4
54
555
8 533 55
4
100
2,900 Preferred
5514 56
5518 577
57
58% 5612 5778 5618 5714 84,500 Atlantic Refining
25
116 116
11512 1163 11512 1153 118 116
4
4
116 11612
310 Preferred
100
10012 10212 10114 103
10214 1045 •104 108
8
105 10514 2,400 Atlas Powder
No par
104 104
104 104
10314 10314 10314 104
10412 10413
100
90 Preferred
1018 1018 •1014 12
*1014 12
*1012 12
*1012 12
No par
100 Atlas Tack
7
7
714 714
7
7
7
74
612 7
700 Austin, Nichols & Co_No par
*34
38
'34
38
34
34
"32
36 .32
34
100 Preferred non-voting____100
*61
64
"61
84
•62
63 '6112 8213 62
62
100 Austrian Credit Anstalt
2212 2212 2212 2212 '2218 2212 2212 23
y2312 2312
No par
900 Autosales Corp
3712 3712 37
3712 3712 3712 3712 38
3814 387g
1,300 Preferred
50
4438 4514 *4434 45
45
45
45
45
45
45
1,400 Autostr Sat Razor "A"_No par
•217 230 •217 230
217 230 *217 230 .217 230
Baldwin Locomotive Wks_100
117 117
11612 11612 11614 11614 11612 117
11612 11612
110 Preferred
100
10814 10814 10814 10814 10812 10812 10814 10812 *10812 1087
8
250 Bamberger (L) & Co pref 100
30
30
30
30
30 30
*293 30
4
2934 293
4
700 Barker Brothers
No par
97
97
*97
9712 '97
9712 *97
974 .97
971
100 Preferred
100
"20
23
2114 2114 22
22
.21
22
*2114 22
No par
400 Barnett Leather
3918 393
4 3818 403
4 4018 413
40 8 407
3
8 40
4133 88,400 Barnsdall Corp class A
25
*39
41
3818 381g •39
42
*39
41
'39
42
100 Class 13
25
*10512 107 *10513 107
105 10512 105 105 "10412 105
No par
500 Bayuk Cigars, Inc
10514 10514 *10518 10533 105 10518 105 10512 .10518 10512
80 First preferred
100
21
2114 2114 227
8 22
223
4 23
2414 237 2434 16,500 Beacon Oil
No par
8914 8914 893 90
88
4
8912 874 90
9113 92
20
2,500 Beech Nut Packing
1178 12
1112 1133 12
12
1178 12
115 13
3,800 Belding Hem.way Co__No par
•813 83
4
813 8134 8112 824 8214 8214 8214 823
8 1.600 Belgian Nat Rys part pref ____
x847 8533 85
8
853
4 84% 853
4 84
847
8 845 8611 5,700
8
No par
963 10034 973 10014 9818 10114 99% 10312 10312 1063 378,800 Best & Co
4
4
8
Bethlehem Steel Corp __.100
12113 122
12178 1217 1213 1217 12112 12212 "12113 122
8
4
8
1,800 Beth Steel Corp pf (7%)_100
46
4712 45
46
48
57
47
4714 47 s 481s 2,500 Bloomingdale Bros
5
No par
110 110
110 110
11014 11014 '110 11012 '110 11012
100 Preferred
100
*10033 102
10012 1023 102 103
4
102 103 '10013 103
230 Blumenthal & Co pref
100
*8314 35
*8314 837 '8314 834 '8314 85
8314 834
No par
200 Bon Arai class A
84 84 1,500 Booth Fisheries
73
4 814
8
85
8
772 87
812 812 *7
No par
*49
53
52
52
*49
55 "49
55
.49
54
100
100 1st preferred
188 188
185 186
184 188
189 190
18912 19114 6,300 Borden Co
50
13
1314 .127 14
8
.123 14 .127 14
4
8
.127 14
300 Botany Cons Mills clasa A.60
497 513
4834 503
4 4812 52
302 52
3
31
52 155,000 Briggs Manufacturing_No par
%
512 512 *5
514 #5
514
5
14
514
51
5
100
500 British Empire Steel
*0
03
4
9
0
918 94 .9
1012 .9
1012
100
300 2d preferred
6033 627
605 6134 6112 6238 6212 837
8
84
66
11,400 Brockway Slot Tr____No par
•120 145 *120 128 "120 128 '120 135
126 126
109
100 Preferred 7%
*305 345 5305 345 "305 345 *305 345 '305 345
100
Brooklyn Edison Inc
176 1825 '175 180 '175 180
8
17912 180
1883 190
4
No par
9,200 Bklyn Union Gas
4178 417
8 4214 4214 43
43
4238 4212 4218 4213 1,400 Brown Shoe Inc
No par
•117 121 *117 121 "117 121 •117 121 '117 121
100
Preferred
4812 487
8 4814 487
517
8 4912 5012 4912 5112 14.700 Bruns-Balke-Collander_No par
8 48
3 3812 3733 373
3712 377
37
4 373 383
8
4 38
39
10
6,100 Bucyrus-Erie Co
4614 467
8 4612 4634 48
463
4 4618 463
4 4613 4733 3,800 Preferred
10
115 115 *115 11978 115 115 •115 1197s 115 115
100
30 Preferred (7)
110 110
1107 1107 *111 11112 '111 112 '111 112
8
8
300 Burns Bros new clAcomNo par
Stock
3133 32
3112 313
4 32
32
3112 3113 3133 3133 1,000 New class B com___No par
104 104
10418 10418 105 105 *10414 105 *10412 105
100
80 Preferred
Exchange 240 245 2245 246
246 247
24712 24712 247 2513
4 3,100 Burroughs Add Ilach_No par
74
75
7412 74
75
74
7414 7518 754 75% 4,300 Bush Terminal
No par
Closed.
109 109
10713 1077 109 10913 109 110
8
10912 1001z
100
180 Debenture
•115 116 "115 116 *115 118
115 11513 "11513 116
20 Bush Term 131dgs pref__._100
014 92
014
97 10
Extra
912
97 1014
10
104 7,200 Butte & Superior Slining_10
8
93
83
8
77
83
8
s
814
9
818
912 18,000 Butte Copper de Zinc
5
Holiday. "3214 337
323 3233 33
8
3314 *33
34
323 323
8
2 1,300 Butterlck Co
100
14212 14712 1463 15714 15212 16034 158 16312 16012 167
4
29,800 Byers & Co (A lal)---No par
114 114
112 1121 5112 115 "112 115 *112 115
100
30 Preferred
115 115
116 116
11712 119
12214 124
120 12214
2.700 By-Products Coke____No par
77
7712 8014 7914 8133 278
78
8034 784 79
24,900 California Packing_ _ _ _No par
27 '24
27 '24
*23
27
•24
27
•24
27
25
California Petroleum
3'
4
31
335 32
3 8 31
312
az. 3 8 8,100 Callahan Zinc-Lead
333
10
5
--4
4
4
12933 13184 1303 1343 134 13612 13612 1395 1383 14258 61,300 Calumet ,s, Arizona MinIng,,1O
8
8
5612 58'4 58
591 2585 60 4 6033 617s 215,100 Calumet & Heels
5618 571
8
3
25
821s 804 8212 8012 82
817 84
8033
s
8118 8284 11,200 Canada Dry Ginger Ale No par
4518 45s 443 45
4412 45
4
4433 4413 4418 447
1,900 Cannon Mills
No par
464 4642 46712 468
445 485
470 4793 4793 488
4
3,800 Case Thresh Machlne____100
•125 135 *125 135 "125 135 *125 135 .125 135
100
Preferred
42
4114 4112 41
8 40
4114 413
418
4033 43
4,100 Central Aguirre Asso__No par
463 4918 4733 49
4
4712 4812 484 49
503 5112 89,300 Central Alloy Steel__ _No par
8
*111 112 •111 112 '111 112 "111 112 111 111
100
10 Preferred
1718 1714 1718 174 17
17
•1714 1721 1714 1713 1,200 Century Ribbon MIlls_No par
7412 7412 80
•7412 80 .7412 80
80
.7812 80
100
30 Preferred
1123 11412 114 117
8
8
4
10714 1083 1075 112
117 120 136,400 Cerro de Pasco CoPper_No par
22
22
2134 2214 22
201 22
221s 2238 223
8 7,900 Certain-Teed Products_No par
81
61
6012 6012 60 60
"60
651 •60
6512
100
400 7% preferred
83
8314 84
84
84
*83
85
853 '85
86
No Par
1.100 Certo Corn
21
21
22
22
2112 2112 *20
22
•20
22
300 Chandler Cleveland MotNopar
---- ---- ---- ---- ---- ---- ---- ---- ---- -No par
Certificates
"30
38
38 ..P30
•30
38
*30
38
•30
38
No par
Preferred
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- _
No par
.
Pref certificates
83% 8418 83 8 84
8533 8512 86%
8478 85
84
3
No par
23,000 Chesapeake Corp
*32
•32
3312 32
32
34
32
32
*3312 3412
400 Chicago Pneumat Tool No par
52
52
513 513
4
4 5112 515
8 5112 52
4 5112 513
1.400 Preferred
No par
32
33
3214 334 32
33
331
33 '3312 34
110 Chicago Yellow Cab -No par
4534 46
48
46
47
4512 4614 545
*45
47
1,100 Chickasha Cotton 011
10
256
573
8 .5514 5612 56
58
561_ 55
5512 56
9,200 Childs
No par
8
975 100
983 102
8
s
1017 10312 1015 10712 109 11214 51,800 Chile Co
8
Copper
25
3 122
*99
*993 122
4
*991 122
"993 122
4
"993 122
1024 1064 1007 104
s
10118 1041., 103 1055 1043 1083 309,300 Christie-Brown tem ctfallo par
8
4
Chrysler Corn
No par
4912 50
52
52
*50
*51
50
51
"5012 52
910
No par
2378 2418 2338 2312 2318 2334 24 2412 25 27 41,000 City Stores class A
No par
New
65
85
64
64
84
64
64
85
88
71
2,800 Cluett Peabody & Co No par
115 115
1147s 1147 *11438 115
115 115
115 115
240
100
13212 134
13012 132
13312 1343 134 1343 134 13413 6.700 Preferred
4
No par
59
6912 8512 6918 66
69
6714 7014 6738 8914 87,400 Coca Cola Co
Collins &. Aikman
No par
*96 102
*96 102
.96 101
.95 100
*95 100
non-voting__100
6912 7113 70
7212 72
743
4 72
7414 723 7412 23,000 Preferred
4
Colorado Fuel & Iron
100
145 148
4
142 1453 142 14334 143 146
1443 150
4
145 14714 14514 146
8
14538 1467 1467 14712 14814 1503 13,700 Columbian Carbon v t cNo par
8
8.300 Colum Gas & Elec____No par
10512 1054 10512 106
1057g 1057 1057 106
8
8
105 105
1,400 Preferred
100
7014 73
704 74
7214 77
71358 79
7918 81 505,200 Columbia Graphoplaone
507 524 51
52
51
5512 54l3 3614
333 5558 61,600
Commercial Credit____No par
*25131 26
*2518 26
25
2518 •243 25
4
25
25
200 Preferred
25
2618 2612 27
27
2818 2914 2714 2714 2612 2612
540 Preferred B
25
10034 102
10114 103
101 102
102 104
101 104
1,410 1st preferred (6 A %)___100
1703 1825 .
4
7177 179
180 18112 182 1853 18312 1867
4
8 9,500 Comm Invest Trust-__No par
510712 109 *10712 109 "107 109
1083 109 "107 109
4
200 7% preferred
100
*97
98
•97
98
*97
98
97
97
97
97
100
100 Preferred (69)
55
55
53
55
53
55
56
56'2 587 567
8
8 1,300 Warrants
100
2433 250
2508 25958 254 2683 288 274
4
4
265 268
par
1174 12034 117 120 119 12112 12238 130 133 136 34,100 Commercial Solvents_No par
25.300 Commonwealth Power_No
843 843
4
4 833 84
8
*80
83 '80
834 837 83
8
600 Conde Nast PublIca_No par
287 298
8
283 294 284 30's 2918 3014 2914 297
8
40,700 Congoleum-Nairn Ino_No par
85
8733 8433 86
8312 851
84
8514 8418 857
8 9,400 Congress Cigar
NO par
.1
11
1
1
1
1
*1
14
1
14 1,000 Conley Tin Foil stpd No par
931k 9012 92
7 927s 905 917
92
913 927
8
91
No par
5,300 Consolidated Cigas
94
*90
*90
94
*9014 94
94
95
9312 94
100
300 Prior pref
275 277
8
2718 2712 2714 2712 27
277
2714 273
pref_No par
8
1073 10922 10612 10814 10714 10914 10878 11012 11114 11312 5,500 Consol Film Ind (NY) No par
4
136.500 Consolidated Gas
9914 991
9914 9914 9914 9914 99% 99'2 994 9912
No par
2,500 Preferred
1
PER SHARE
Ranpe Since Jan. 1.
On basis of 100
-share lots
Lotoest
1
5 per share
2918 Feb 7
5714 Feb 11
10113 Feb 7
43 Feb 11
3218 Feb 16
453 Feb 11
4
5312 Jan 29
115 Jan 21
9913 Feb 18
103 Feb 13
1018 Feb 25
612hlar 1
34 Feb 15
60 Feb 20
2218 Feb 15
37 Feb 21
434 Jan 10
230 Feb 8
1153 Jan 4
4
10814 Jan 2
2812 Jan 14
893 Jan 19
4
20 Feb 16
3818 Feb 18
38 Feb 16
10412 Feb 18
104 Feb 8
20 Feb 7
8514 Feb 18
1118 Feb 13
81 Jan 29
8318 Feb 16
8218 Jan 31
12112 Feb 19
4214 Jan 21
110 Jan 4
97 Feb 15
8112 Feb 16
7 Feb 16
52 Feb 26
17412 Jan 8
113 Jan 10
4
4812 Feb 27
418 Jan 8
4
53 Jan 14
5912 Feb 16
121 Feb 18
300 Jan 2
172 Feb 16
4112 Feb 21
117 Feb 7
4812 Feb 18
3618 Jan 3
455 Jan 30
8
112 Jan 3
110 Feb 25
3033 Jan 31
10314 Jan 5
234 Jan 18
7012 Feb 18
10514 Jan 5
114 Jan 15
9 Feb 15
77 Feb 20
8
31 Feb 16
13514 Feb 18
110 Jan 17
106 Feb 16
7418 Jan 31
27 Jan 3
3 Jan 8
1214 Jan 7
44 Jan 8
78 Jan 4
44 Feb 11
445 Feb 8
124 Jan 14,
371 Jan 11
44 Feb 18
111 Jan 3
17 Feb 27
7412 Feb 27
1017 Jan 18
s
203 Feb 25
4
60 Feb 21
7712 Jan 7
20 Jan 24
2212 Jan 11
3812 Jan 7
37 Jan 9
8018 Jan 7
29 4 Jan 17
1
5112 Feb 27
31 Feb 2
4513 Feb 27
5218 Feb 18
7114 Jan 8
102 Jan 3
9838 Feb 16
4913 Feb 25
2212 Feb 18
63 Feb 11
1137 Feb 4
s
130 Feb 18
50 Jan 4
93 Jan 3
65 Feb 16
124 Jan 7
13612 Jan 2
105 Mar 1
8618 Feb 18
48 Feb 18
2413 Jan 2
25 Jan 21
100 Feb 11
13112 Jan 2
104 Jan 28
94 Jan 3
2714 Jan 7
22514 Feb 18
10714 Jan 7
784 Feb 18
27 Feb 18
797 Jan 8
% Feb 19
894 Feb 18
93 Jan 28
2514 Jan 2
10318 Jan 7
9812 Jan 2
Highest
PER SHARE
Range for Preview
Year 1928
Lowest
Bid and askoe 9r10e6:00 sale on this day. t Ex-alVidentl of 100% In tam. stook. zE2Jyj4Sfld. p Hz-sights. a 11121111/3
83• S Hz-d1v• an6 111-31303111•
Highest
$ per share $ per share $ per share
307 Feb 4
2512 Jan 343 Apr
4
703 Jan 10
4
4014 June 754 Dee
107 Jan 15
9912 Aug 1137 Apr
47 Jan 5
3712 Feb 533 Sept
8
4318 Jan 11
3718 Feb 697 May
8
553 Jan 2
4
38 Feb 6514 Oct
68 Jan 2
50 Nov 6612 Dec
11733 Jan 11 11412 Sept 11814 Jan
115 Jan 2
63
Jar 114 Dec
10612 Jan 14 102 July 11012 May
1512 Jan 3
814 Jan
173 June
8
10 Jan 11
43 Jan
8
914 May
4218 Jan 14
25 July 39
Jan
65 Jan 8
58
Oct 75 May
2912 Jan 7
812 Jan
3434 Nov
437 Jan 23
25 Aug 41 Nov
1
50 Jan : 1
43
Oct 5212 May
248 Jan 21 235 June 285 Mar
120 Jan 25, 115
Oct 12434 Apr
11012 Feb 1 10714 Nov 1117 Jan
3334 Jan 23
287 Aug 3514 Dee
8
97 Jan 28
917 Dec 10112 June
2914 Jan 15
2312 Aug 5212 Feb
20 June 53 Nov
487 Jan 3
8
49 Feb 2
20 Jung 5118 Nov
11334 Jan 25
98 June 14012 Mar
1063 Jan 29 10312 Dec 1103 Mar
4
8
1214 Mar 2413 Dee
2812 Jan 8
101 Jan 12
703 July 10114 Dee
8
143 Jan 2
4
12 Dec 22
Jan
847 Jan 3
s
8233 Sept 9212 May
9312 Jan 3
533 Jan 102
4
Oct
10638 Mar 1
517 June 883 Dec
8
8
123 Jan 11 11818 June 125 Apr
547 Jan 29
335 July 50 Sept
8
111 Jan 16 10913 Jan 11134 July
118 Jan 2
87 June 122 De,
8912 Jan 12
8514 Jan 8512 De,
113 Jan 2
4
514 Jan
1212 No,
633 Jan 18
4
4114 Mar 72111 No,
2033 Feb 5 152 June 187
4
Jan
1512 Feb iii
84 Aug 23 Jan
8318 Jan 3
2118 Feb 6333 Oct
67 Jan 28
8
118 Jan
914 May
1312 Jan 28
214 Jan
12 Feb
737 Jan 2
4512 June 7512 Nov
145 Jan 2 110 June 150 Nov
340 Jan 5 2063 Jan 325 Nov
4
20012 Jan 28 139 June 2033 Nov
4
47 Jan 2
44 Dec 554 Apr
11912 Feb 18 115 Nov 120
Jan
5514 Jan 18
2712 Feb 823 Sept
4
4234 Jan 5
2413 Feb 483 May
4
333 Feb 545 May
60 Feb 5
8
11612 Feb 18 11014 Mar 117 Apr
127 Jan 11
9312 Feb 127
Oct
39 Jan 14
157 Mar 433 June
8
8
10514 Jan 7
973 Feb 1103 June
4
4
2513
4Mar 1 139
Jan 249 Dec
8918 Feb 2
50 June 88 Dee
110 Feb 28 1047 Aug 115 May
s
11812 Feb 19 111 Aug 11912 June
123 Jan 4
s
83 Aug18 Ma,
4
8
912 Jan 3
44 Jan
124 No,
41 Jan 2
374 Dee 8712 May
1927 Jan 2
*
9012 Jan 20634 Des
8
1295 Jan 26 10833 Apr 118 Dec
65 Mar 122 Dec
1293 Jan 25
4
8158 Feb 27
6812 June 825 Sept
8
2978 Jan 25
2514 Mar 36 Sept
4 Jan 22
134 Mar
53 Apr
8
14258 Mar 1
89 Feb 133 Nov
6178 Mar 1
2018 Jan 473 Nov
8
8612 Feb 4
547 Jan 8612 May
8
4818 Jan 3 43 Dec 50 Sept
509 Jan 2 247
Jan 515 Nov
12818 Feb 15 12012 Dec 13512 Mar
3814 Dec 394 Dee
48% Jan 30
2818 Mar 483 Dec
5212 Feb 1
8
11212 Jan 28 107
Jan 1113 May
4
11 Aug 24
2012 Jan 2
Oct
82 Jan 17
77 Aug 92 May
120 Mar 1
5812 Jan 119 Nov
2318 Dec 645 Apr
285 Jan 2
8
8
75 Nov 100 May
8112 Jan 11
7012 Oct8318 Dee
9214 Jan 31
612 Feb 24 Nov
23 Jan 11
223 Jan 18
4
14 Mar 377 Dec
41 Jan 29
3
40 Jan 14
4
623 July 8118 Jan
893 Feb 2
8
357 Jan 25 111 Aug 17312 Dec
5614 Jan 11
Jim
297 Aug 43
8
38 Jan 7
45 Dec 5612 Oct
50 Jan 2
37 Apr 64 Dee
8012 Jan 2
8
373 Mar 747 Nov
8
11214Mar 1
78 Dec 131
115 Feb 4
Jan
4
135 Jan 2
545 Jan 14012 Oct
6114 Jan 6414 June
52 Jan 2
27 Feb 4
4
723 Jan 3
4
603 Dec 1093 Apr
2
119 Jan 3 11112 Dec 1243 Mar
4
140 Feb 5
Dec 11 133 Jan
7014 Feb 28
4418 Jan
10311 Feb 6
90 Nov 109
7712 Jan 29
5212 June 8412 Jan
s
1547 Feb 4
79 June 1343 Dee
4
180 Jan 31
8912 Mar 1407 Dee
8
1077 Jan 11 108 June 11018 Jan
s
884 Jan 9
61 Dec 843 Nov
:
625 Jan 2
3
21 Feb 71 Nov
26 Jan 9
23 Feb 27 May
274 Jan 30
23 Feb 28 Dec
1053 Jan 24
4
85 June 107 Nov
195 Feb 4
2
5533 Mar 1407 Nov
109 Feb 5
Jan 106 May
99
99 Jan a8
9238 June 982 Aug
627 Feb 4
2
31178 Dec
84 Aug
274 Mar 28 1377 June 26014 NO
8
136 Mar 1
6214 Jan 1b'2 Dec
93 Jan 19
48
Jan 84
Oci
358 Jan 28
22 June 3113 Apt
92% Feb 6
67 Feb 874 Dec
113 Feb 7
1134 Mita
4 Jan
9614 Jan 2
7912 Jan 100 Dec
948 Oct 1025k Api
98 Jan 7
287 Jan 16
s
23 July 2923 Sepl
11812 Jan 26 y74
Aug 17014 3153
993 Jan 8
4
974 Aug 105 Mru
1360
New York Stock Record-Continued-Page 4
For gales during the week of stocks not recorded here,see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 23.
Monday,
Feb. 25.
Tuesday.
Feb. 26.
Wednesday, Thursday,1
Feb. 27.
Feb. 28. i
Friday,
Mar. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share 3 per share $ Per share Shares Indus. & Miscel. (Con.) Par
414 412 12,100 Consolidated Textile_No par
43
8 412
438 412
414 47
414 4
/
1
4
5,400 Container Corp A vot__No par
/
4
1912 191 2034 1912 20
204 207
/
1
8 1912 204 19
/
1
97
912 914
912 9
/
1
4
958
912 10
10
1018
3,500 Class B voting
No par
59
64 4 635 6612 64
4
8
3
6412 653
4 643 6512 35,000 Continental Baking el ANo par
67
77,400 Class B
114 1212 113 12
/
1
10 4 117
3
8
/ 1114 118 1114 12
1
4
No par
6,100 Preferred
95 9512 95
93
92
93
96
/ 96
1
4
95
95
100
69
/ 73
1
4
/ 7314 743
1
4
70
/
1
8 7418 754 121,900 Continental Can Inc-No par
693 70
4
/ 69
1
4
Preferred
4
*12412 126 *12512 126 *1243 126 *1253 126 *1253 126
4
4
100
8712 885
8 3,600 Continental Ins
8514 87
86
86
8612 877
863 88
10
4
2312 2372 223 2312 227s 23
8
/ 227 2314 2318 245 60,600 Continental Motors -No par
1
4
8
4
/ 8514 85
1
4
8734 8518 85
8.500 Corn Products Refining-25
8512 8712 86
3
/ 855 86
1
4
150 Preferred
/ 14158 14134 14114 1411 •14113 14212
1
4
1411 1411 *14158 142
/
4
/
4
/
4
100
No par
6914 28,200 Coty Inc
6814 6618 68
67
/ 69% 67
1
4
6714 6918 68
200 Crex Carpet
*28
35
100
*34
37
33
33
3
9
32
*33
37
Crown Will Pap let pf_No par
*100 10114 *100 10114 *100 10114 *100 10114 *100 10114
No par
234 3,300 Crown Zellerbach
/
1
2312 227 2414 24
2458 23
2214 228 *23
12,700 Crucible Steel of America_100
01
92
92
903 917
4
8 91
92
89
917
8 90
200 Preferred
100
4
11512 11513 *116 120
*11512 120
1163 1163 *1163 120
4
4
4,900 Cuba Co
No par
2012 2114 2014 21
8
21
2112 207 2112 2012 21
No par
1,500Cuba Cane Sugar
4
4
418
4
4 18 *4
4
4
4
418
100
/ 2,500 Preferred
1
4
*1213 13
13
/ 1312 1212 14
1
4
134 1318 1234 13
/
1
2,600 Cuban-American Sugar____ 10
113 12
4
1134 12
12
1214 1178 1218 113 12
4
100
920 Preferred
66
66
6514 65
12 658 66
68
65
6114 65
1,300 Cuban Dom'can Sug--No par
6
6
6
6
6
6
6
6
6
6
50
59
/ 6014 5913 60
1
4
593 6014 2.400 Cudahy Packing
4
595 60
4
593 60
4
11,800 Curtiss Aer or mot Co_No par
15714 161
15014 155
1491 151% 150 155 z1543 157
/
4
4
Cushman's Sons
No par
____
____ *206
__-- *206
____ *206
*221
____ *228
100
Preferred (7)
4
4
4
*1203 124 *1203 124 *12034 124 *1203 124 *1203 124
4
10
600 Cutler-Hammer Mfg
/
1
4
8
*62
6212 623 62
6014 62
61
6114 6114 61
No par
700 Cuyamel Fruit
83
83
82
81
81
81
80
/ 81
1
4
*8113 83
No par
35,700 Davison Chemical_
611 63
/
4
64
5912 6012 60
63
/ 62
1
4
60
/ 611
1
4
55
300 Debenham Securities
4
4112 4112 413
414 *40
/
1
*4012 43
/ 4012 4013 *40
1
4
100
890 Deere & Co pref
121 12212
120 120
120 120
116 118
120 120
100
1,100 Detroit Edison
244 244
241 241
240 24114 240 240 *240 245
/ 58% 1,700 Devoe & Raynolds A__No par
1
4
59
*59
5912 59
/ 5912 58
1
4
59 5913 58
100
70 1st preferred
•115 ____ *115 ____ •115 ____ 115 115
11514 11514
100
150 Diamond Match
158 158 *154 157 *154 157
155 15512 155 156
3,400 Dome Mines, Ltd
No par
913 10
9
/ 10
1
4
913 934
9
/ 93
1
4
4
*95
8 94
3
8 7,600 Drug Inc
No par
119 12014 119 1197
1197 120 4 120 120
3
11812 120
3,400 Dunhill International_No par
73
72
70
70
72
72
70
72
72
73
500 Duquesne Light 1st pref__100
*10012 101
1003 1003 10013 10012 *100 10012 *10012 101
4
4
/
4
/
4
*5
7
3
7 4 1012 10 8 111 1018 111 36,400 Durham Hosiery Mille B__ 50
3
63
4 8
210 Preferred
*3912 41
100
40
37
3713 377 40
•36
37
40
8 2,900 Eastman Kodak Co____No par
1831: 184
184 18514 1847e 184% 18314 1847
18313 185
100
240 Preferred
1264 12713 *126 12712 *126 12712
/
1
127 127
*12612 127
4
6918 70
71
70
7214 69
70
703
8 7014 713 13,700 Eaton Axle & Spring___No per
/
4
183 18514 1811 18412 183 1883 18612 1893 z18641 1883 32,600 E I du Pont de'Nem
20
.
4
4
4
/ 11714 11714 .11714 1173 11714 11714 1,300 13%
1
4
117 117
/
1
4
/ 11714 117
1
4
100
25
100
Preferred
1,400 Eitingon Schild
34
34
34
;5312 3513 34 34
.
333 34
4
34
No par
500 Preferred 65.5%
*104 105
100
1047 1048 z10212 10213
g
1043 104 4 *10412 105
4
3
8
1611 1653 16014 163 4 16214 1633 162 1633 16312 1653 79,100 Electric Autolite
/
4
8
3
4
No par
4
90 Preferred
11212 113
112 11218 *11012 113
/
1
4
*11218 113 *11218 113
100
134 133
/
1
1312 1414 15,000 Electric Boat
135 14
8
8 1313 14
4 1312 143
No par
/ 65% 108,800 Electric Pow & Lt
1
4
5912 613
8 608 6412 63
5912 6112 5914 60
No par
900 Preferred
/
4
4
*108 1081 108 10814 108 108
1073 1073 *1073 10814
4
4
No par
Stock
180 Certificates 40% paid
1343 1343 134 13414 13412 13412 *13412 135
*1337 139
8
4
4
6,000 Elec Storage Battery___No par
/
1
4
8 854 858 8514 88
3
85
8612 8512 85 4 843 863
Exchange
512 512
514
512
8
513 51
: *514 55
*511 6
500 Elk Horn Coal Corp__ _No par
1714 2,500 Emerson-Brant class A_No par
1612 177
8 17
17
*16
15
1714 167 17
Closed.
7512 7512 *7512 76
/
4
3
7514 75 8 751 75 8 7512 76
3
-Johnson Corp___50
1,100 Endicott
700 Preferred
12312 12312 *123 124
1241 12418 12414 12414 *12312 12412
/
4
100
Extra
5314 547
547 564 29,200 Engineers Public Serv_No par
/
1
5314 5414 53 8 54
5318 55
3
/
4
4 2,600 Preferred
934 9412 9314 9714 951 973
/
1
92
/ 93
1
4
93 93
Holiday.
No par
3514 3518 3513 11,900 Equitable Office Bldg_No par
3412 364 354 357
/
1
/ 35
1
4
/
1
8 3514 35
9,100 Eureka Vacuum Clean_No par
5313 54
/ 54
1
4
49
/ 503
1
4
4 50 5012 50
4734 50
8
400 Exchange Buffet Corp_No par
/
4
2318 2318 2318 241 *2414 247
23
23
*2112 23
/ 464 1,600 Fairbanks Morse
1
4
/
1
4714 4713 46
4612 47
47
4712 *4618 47
No par
100 Preferred
10814 109
4
4
100
107 10712 1083 1083 *10712 109 *10712 109
/
1
4
10,900 Federal Light & Trac
80
80
7914 7912 7912 80
79
80
80
15
78
20 Preferred
4
4
4
4
*100 1033 *100 1033 100 100 *101 1033 *101 1033
No par
200 Federal Mining ds Smelt'g_100
301 301 *300 350
*280 400 *280 400 *280 400
*9814 100
*9814 9912 *9814 100
Preferred
*9814 100
100
*9814 100
1934 1934 1858 1938 4,900 Federal Motor Truck_No par
8
4 193 197
193 193
8
193 20
8
1,800 Fidel Phen Fire Ins N Y.__ _10
99
99
98
98
98
99
98
98
99
98
270 Fifth Ave Bus
1314 1314 *1314 1312 1312 1312
No par
*1234 1314 *1212 13
7,700 Filene's Sons
/ 94
1
4
/ 937 953
1
4
4 93
9812 9414 9812 9414 95
No par
95
Preferred
100
105 106 *105 106 *105 106 *105 106 *105 106
4 31,700 First National Stores__No par
72
/ 733
1
4
/ 7313 74
1
4
73
/ 7214 73
1
4
72
717 74
3
8
8
8
8 173 1814 177 193 92,700 Fisk Rubber
1612 17
16
165
8 1614 183
No par
705
8 4,900 let preferred stamped_ -100
66% 67
65
65
60
/ 6414 6012 6112 63
1
4
1,300 1st preferred cony
72
74
/ 72
1
4
72
74 •70
72
*68
73
100
73
18,100 Fielechmann Co
75
733 7413 74
4
73
/ 7413 7312 74
1
4
No par
744 75
/
1
4912 50
3.200 Florsheim Shoe Cl A
50
5212 50
*50
52
No par
52
48
517
200 Preferred 6%
9912 9912
*98 100
*98 100
100
*98 102
*98 102
13,000 Follansbee Bros
/ 70
1
4
4
657 x653 6914 68
8
No par
8 65
3
641 65 4 65 657
/
4
4 9,200 Foundation Co
4912 5114 5013 5414 5314 553
No par
49
4818 4818 •47
88,500 Fox Film Class A
9618 98
9712 9534 98
8 94
No par
4
887
8 873 915
88
60 Franklin-Simon pref
10612 10612 *10612 109
100
10612 109
106 109
1064 109
/
1
464 4612 4612 4914 4778 488 4738 4858 12,000 Freeport Texas Co.___NO par
/
1
46
47
500 Fuller Co prior pref__ __No par
10612 _- 106 ---- 10612 10712 10612 10612 106 106
3112 9,600 Gabriel Snubber A____No par
3114 311 31
/
4
2932 2932 2812 2914 3012 317
/
4
1612 168 1612 161 8,000 Gardner Motor
No par
163 1718 1612 17
4
18
17
923
4 9112 92% 9113 9212 8,300 Gen Amer Tank Car
No par
90
90
90
89
91
7112 4,400 General Asphalt
100
8
8
70 4 705 717 *70
3
68
/ 7012 70
1
4
69
70
1,000 Preferred
100
114 114 *112 114
110 110
109 110
109 109
General Baking pref___No par
8
130 8 137 *1303 137
3
1303 137
8
*137 13712 131 137
4
5814 603 26,500 General Cable
No par
5814 61
47 55
/
1
5414 5514 554 58
5
4
No par
3
4
109 1093 10312 1103 110 4 11514 117 12012 11712 1193 26,600 Class A
4
Preferred
100
106 107 *106 107
106 108
*106 110 *106 110
7112 18,900 General Cigar Inc
71
No par
3
8 70 8 72
4 7014 717
7218 74
71
/ 7 3
1
4
100 Preferred
100
122 122 *12112 122
121 121 *121 122 *12113 122
87,000 General Electric
/
1
4
No par
2375 24312 24112 245% 247 251
8
239 245
23612 240
10
114 114 1112 1112 1112 1112 1112 1132 1132 1132 5,100 SpecIal
/
1
/
1
2,000 General Gas de Elec A__No par
88
88
89
89
88
88
85
86
8212 86
400 Class B
9212 9212
No par
*9212 94
93
924 9214 •90
/
1
93
94
1,120 Pref A (8)
132 133
No par
125 126
131 131
128 130
124 127
520 Pref B (7)
110 110
No par
110 111
109 11114 110 111
108 110
Gen Ice Cream Corp No par
*95 110
*95 115
•95 115
•95 110
*95 110
858 5,100 General Mills
4 84
No par
8518 86
8512 853
8514 86
85
85
973
4
Preferred
100
/ •97
1
4
97
97 4 *97
5
973 *97
4
" 9784 *97
7
/
1
4
10
/ 8412 8312 84 410,600 General Motors Corp
1
4
80
11 817
80
8114 8014 8412 82
/
4
100
12518 12514 125 12518 124 4 1243 1243 12518 125 1251 2,800 7% preferred
4
4
3
500 Gen Outdoor Adv A_No par
5012
*4934 5012 50
4 50
4
*50
50
5012 493 493
5,400 Trust certificaten___No par
4
35
34 8 35 4 3412 3512 3414 35
3
3
358 343 357
No par
10338 105 4 10514 1073 106 1073 10615 11012 10812 11112 68,000 Gen Ry Signal
3
2
3
80
/ 15,800 General Refractories
1
4
No par
8314 857
8 8238 8314 79
8
82% 795 81% 80
8 7,500 Gillette Safety Razor-No par
1173 1185
4
11614 11734 116 11634 116 1167 11614 117
8
434 6,700 Gimbel Bros
/
1
42
No par
4212 43
4218 4212 4218 427
42
/ 43
1
4
1,200 Preferred
83
100
834 8318 *8312 8312 *83
/
1
*8312 8312 82
84
55,900 Glidden Co
4312 45
No par
395 4012 4012 423
8
/
1
8 424 437
4 4112 423
70 Prior preferred
100
105 105 •10413 105
/
1
/
4
10412 1045 1041 1044 •10412 105
8
547 557 19,900 Gobel (Adolf)
No par
55 8 56% 5514 56
5
554 551
/
1
8 5418 56
4
8
No par
69
7013 677 697
7213 733 743 129,000 Gold Dust corp v t0
89
711 71
/
4
44,500 Goodrich Co (B F)
4
No par
92
93 8 9158 971s 95
7
95
/ 9738 963 98
1
4
4
973
200 Preferred
11518 1154 115 11512 •115 11512 *115 115l *115 11512
100
/
1
/
1
4
4
116 118% 11514 118
117 12212 123 12712 131 1373 132,000 Goodyear T es Rub......No par
No par
10353 104
8
104 104
10414 1047 110218 10312 1.700 let preferred
104 104
•
•BM sal asked ggkoin no Wag on Ung nag. a Ex-dividend. g Ex-lighig•
PER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
Lowest
Highest
8 per share
414 Feb 25
19 Feb 27
9 Feb 7
4718 Jan 8
818 Jan 8
8812 Jan 2
60 Jan 19
12434 Jan 7
83 Feb 18
/
1
4
1918 Jan 2
685 Feb 8
8
14114 Feb 28
64 Feb 18
/
1
4
225 Jan 10
8
99% Jan 8
22 Feb 21
8512 Jan 7
109 Jan 8
2014Mar 1
4 Feb 21
113 Feb 20
4
1138 Feb 20
6114 Feb 25
5 Feb 19
/
1
4
58 Feb 18
141 Jan 4
221 Jan 25
120 Jan 22
/
1
4
60 Feb 15
63 Jan 3
584 Feb 18
/
1
3813 Jan 2
116 Feb 26
224 Jan 2
5512 Jan 7
112 Jan 7
15414 Feb 21
918 Jan 2
115 4 Jan 9
3
6412 Feb 16
4912 Jan 24
5 Jan 14
/
1
4
36 Jan 2
181 Feb 18
126 Jan 2
61 Jan 7
155 4 Jan 22
3
115 4 Jan 21
3
95% Jan 2
9313 Jan 9
32 Feb 18
10212Mar 1
13418 Jan 7
109 Jan 2
1212 Jan 9
431 Jan 8
/
4
1061 Jan 2
/
4
12212 Jan 4
82% Feb 16
514 Feb 28
105 Jan 22
8
748 Feb 18
121 Feb 7
4812 Jan 4
90 Jan 12
3114 Jan 4
4412 Feb 1
2214 Jan 15
437 Jan 8
8
10714 Feb 16
6818 Jan 3
9934 Jan 17
234 Jan 8
100 Jan 4
18 Feb 2
95 Feb 18
1112 Feb 11
85 Feb 18
10514 Feb 21
64 Feb 8
15 Jan 8
/
1
4
6018 Feb 25
6612 Feb 14
72 Feb 16
48 Feb 25
99 Jan 5
62 Jan 18
45 Jan 22
8514 Feb 1
10612 Feb 2
4518 Feb 1
101 Jan
24 Jan
15 Jan
86 Feb 1
663 Feb 1
8
8
1087 Feb 1
8
1303 Jan 2
374 Jan
/
1
81 Jan
106 Jan 1
63 Jan
1124 Jan
/
1
222 Jan
11 Jan
70 Jan
76 Jan
121 Feb 2
10714 Feb
104 Jan
83 Jan
$ per share
6 Jan 15
/
1
4
2313 Jan 9
11 Jan 2
/
1
4
67 Feb 27
133 Jan 17
4
97 Jan 16
753
8Mar 1
126 Feb 14
9412 Jan 14
283 Jan 21
8
917 Jan 3
8
1443 Jan 19
4
8214 Jan 28
33 Feb 27
10114 Jan 18
2534 Jan 9
94 Jan 11
1163 Feb 28
4
2412 Jan 3
513 Jan 3
187 Jan 3
17 Jan 3
95 Jan 3
63 Jan 2
4
677 Jan 15
17312 Feb 5
2254 Jan 15
/
1
124 Jan 31
653 Jan 11
4
85 Feb 5
6918 Jan 31
487 Jan 24
128 Jan 4
252 Feb 1
64% Feb 5
11513 Jan 15
16412 Jan 11
1038 Jan 9
12618 Feb 4
92 Jan 2
10034 Feb 26
111 Feb 28
/
4
40 Feb 27
19412 Feb 2
12712 Feb 18
763 Feb 1
4
19812 Feb 1
11878 Jan 8
1124 Jan 18
/
1
100 Jan 18
39 Jan 10
/
1
4
113 Jan 19
170 Jan 28
113 Jan 16
15 Jan 16
/
1
4
657 Mar 1
8
10914 Feb 13
136 Feb 13
927 Feb 4
8
612 Jan 9
2212 Feb 7
83 Jan 4
/
1
4
12414 Feb 28
6014 Jan 31
1041z Jan 31
363 Feb 25
8
54 Feb 28
2412 Feb 28
513 Jan 21
4
1107 Jan 9
8
8612 Jan 29
104 Feb 6
310 Feb 4
1003 Jan 7
4
2
223 Feb 6
106 Jan 2
1312Mar 1
9812 Feb 25
107 Jan 23
74 Feb 25
201 Jan 23
/
4
7212 Jan 14
8212 Jan 25
843 Jan 2
8
54 Jan 8
10218 Jan 18
70 Mar 1
553 Mar 1
4
101 Jan 19
110 Jan 4
8
547 Jan 25
10612 Feb 28
7
33 Feb 5
25 Jan 31
102 Jan 9
8114 Jan 12
12014 Jan 12
140 Feb 5
61 Feb 28
12012 Feb 28
1071 Jan 21
/
4
74 Feb 25
122 Jan 24
262 Feb 1
/
1
4
114 Feb 4
/
1
89 Jan 23
10413 Jan 22
135 Feb 14
116 Feb 15
109 4 Feb 5
3
8918 Jan 18
100 Jan 4
86 Jan 26
12613 Jan 2
52 Jan 2
36 a Feb 2
11112 Mar 1
8613 Feb 20
1263 Jan 25
4
4813 Jan 28
90 Jan 3
45 Mar 1
105 Jan 7
66 Feb 5
82 Jan 19
1053 Jan 2
4
11513 Feb 25
140 Jan 9
1047 Feb 28
8
9714 Feb 7
78 Jan 15
/
1
1244 Jan 10
8
495 Feb 6
32 Feb 14
95 Jan 24
74 Jan 8
4
1143 Feb 16
42 Mar 1
82 Mar 1
387 Jan 2
3
10312 Jan 3
52 Jan 8
/
1
4
66 Feb 16
8718 Feb 18
113 Jan 9
112 Feb 21
102 Jan 30
PER SHARE
Range for Prettious
Year 1928
Lowest
Highest
$ per share $ per share
214 Aug
612 Dee
20 Nov 36 Apr
93 Oct 1914 Apr
4
2612 Apr 5312 Jan
9 Dee
/
1
4
334 Apr
73 Apr 9612 Jan
53 Dee 1287k Sept
123 Jan 128 Mar
75 Feb 947 may
10 Mar 2012 Nov
643 Jan 94 Nov
8
/
1
13812 Jan 1464 Apr
625 Dec 897 Nov
8
1212 Sept 27 Nov
9612 Jan 10514 Oct
/
1
4
2314 Dec 26 Nov
6914 July 93 Feb
111 Dec 121 May
g
20
Oct 287 May
43 July
722 May
8
13 4 Oct 323 Jan
3
8
1538 Dec 2414 May
933 Dec 108 Feb
4
12
Jan
5 Nov
54
Jan 7814 Aug
534 Feb 1923 May
/
1
4
Oct
14434 Jan 230
114
Jan 141 Sept
52 June 6512 Nov
49 July 83 Oct
3438 Feb 683 Nov
4
36
Oct 4914 Apr
1154 Feb 12634 May
/
1
16612 Jan 22414 Dee
40
Jan 61 Apr
108
Jan 120 May
13438 Jan 172 Nov
/
1
4
8 June 13 Jan
80 Mar 12018 Nov
5513 Jan 9958 Nov
99% Oct 11612 Mar
812 May
3 Aug
4
343 Oct 4612 Jan
163 Feb 19414 July
12313 Aug 134 Apr
/
4
26 Jan 681 Nov
114 July
1218 Jan
87 Nov
3314 Aug
1014 Aug
/
1
60 June
10812 Sept
8 Aug
/
1
4
283 Jan
4
105 Dec
12014 Nov
69 Feb
6 June
514 Feb
743 Dec
4
12114 Jan
33 Feb
9012 Dec
29
/ Oct
1
4
43 Dec
194 July
/
1
324 Jan
/
1
104 Jan
42 Jan
98 Jan
120 Apr
9114 Jan
164 Aug
/
1
7514 June
1114 Jan
12112 May
99 Dee
10012 Feb
43 Nov
1217 Nov
s
13612 Dee
11213 Dee
173 June
3
493 Dee
8
11018 Mar
1297 Apr
8
911g Dee
9 Jan
154 Dee
/
1
85 Apr
12758 Dee
51 Nov
10213 Oct
33 July
/
1
4
79 Jan
245 Oat
8
54 Apr
11434 May
71 Dee
109 Apr
230 Dee
10212 Sept
257 MaY
8
10712 Dee
1514 May
28 Apr
8% Aug
55 4 Oct
3
54
Oct
65 June
4914 Nov
9818 Oct
56% Dee
363 Oct
8
72 June
10612 Dec
43 Oct
102 Mar
15 Mar
714 June
607 Feb
8
68 June
11018 June
132
Oct
21 Feb
56 Feb
102
Oct
5913 Nov
11414 Sept
124 Feb
11 Sept
3514 Jan
37
Jan
121
Oct
105
Oct
741 July
/
4
79 Dec
9812 Dec
73 4 Dec
3
12313 Jan
49 Aug
2913 Aug
8414 June
4512 June
9718 June
341 Mar
/
4
87 Mar
20
/ Jan
1
4
95 Jar
424 Dec
/
1
Jan
71
681 June
/
4
10912 Feb
4,5118 June
9212 Mar
763 Dee
8
173 Jan
4
91
/ Jan
1
4
973 Jan
4
89
/ Oct
1
4
561 Nov
100 Dee
6911 Dee
5711 Dee
11958 Sept
113 Feb
10914 Jan
1097s Apr
28
/ Jan
1
4
173 Dee
8
101 Dee
947 Apr
8
1411 Apr
/
4
150 June
4138 Nov
88 Nov
/
1
4
107
Oct
3
75 Feb
130 Mar
22113 Dee
12 Jane
74 Nov
80 Nov
144 Apr
114 Mar
/
1
4
10512 Oct
84Ig Nov
10014 Dee
9014 Now
12712 Ayr
5878 Jan
52
/ Jan
1
4
123 8 Jan
5
82 Jan
3
1233 Oct
8
597 June
101 JULIO
37 Dee
105 Sept
621x Nov
1431 Den
4
109 Dee
/
1
4
115 May
/
1
4
140 Dee
105 Dye
1361
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 23.
Monday,
Feb. 25.
Tuesday,
Feb. 26.
Wednesday, Thursday,
Feb. 27.
Feb. 28.
Friday,
Mar. I.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
Crier share $ Per share $ Per share 3 per share $ per share $ Per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share
7212 727
8 7112 7112 70
70
713
73
4 70
71
7,200 Gotham Silk Hosiery_No par 63 Feb 18 814 Jan 2
6912 71
72; •70
71
No par 64 Feb 18 74; Jan 23
71
7212 72
•70
71
2,000 New
.100 103 *100 107 •100 107 *100 103
100 9812 Jan 12 1014 Jan 5
100 100
10 Preferred new
.9712 100
*9712 100
*9712 093 *9712 100
4
Preferred ex-wartants_ _ _100 97 Jan 11 100 Jan 12
.9712 100
.714 8
812
814 .7
No par
.7
812 •7
814 *7
7 Feb 18 10 Jan 9
Gould Coupler A
4638 4818 473 48; 48
4618 4814 4618 47
4
5112 40,500 Graham-Paige Motors_No par 4414 Feb 16 54 Jan 2
4312 4312 43
44
4312 43 43
44; 4412 4612 1.200 Certificates
No par 43 Feb 16 4912 Jan 11
89
907
8 8914 927
8 9112 9314
9218 95
94; 953 52,900 Granby Cons M Sm & Pr_100 85 Jan 16 9534 Mar
4
903 927
4
8 9112 94
9312 94
9212 93; 91
100 773 Jan 30 94 Feb 26
4
933 14,900 Grand Stores
8
23
24
2318 23
2318 23
2434 25; 253 29
No par 23 Feb 25 3278 Jan 2
4
6.400 Grand Union Co
48
46
477
8 4612 48
4914 4778 48
4812 4918 4,100 Preferred
No par 46 Feb 27 54; Jan 4
12834 1283 1277 128
128 128
4
8
12814 12814 12812 129
8
No par 11612 Jan 17 1443 Feb 5
800 Grant (W 'I')
37; 38
37; 37
3718 37i; 37
3712 37
40
15.000 Great Western Sugar_ _ TN° par 3614 Feb 18 44 Jan 25
•11714 119
119 11912 11814 11814 .117 11912 1183 1183
4
100 116 Feb 15 11912 Feb 1
70 Preferred
4
173 17812 1733 179
4
178 186
18112 1873 185 190 101,400 Greene Cananea Copper 100 168 Jan 14 190 Mar 1
8
*414 412
414 412 *4
412
414
512 Jan 3
44 414 *4
414 Feb 20
_No par
400 Guantanamo Sugar
•70
88 .70
87
*70
87 .70
87 .70
100 75 Feb 16 90 Jan 2
87
Preferred
7478 733 733
7418 7478 74
4
4 74
7412 75
74
100 66 Jan 7 75 Mar 1
8,400 Gulf States Steel
.105 10712 *105 107 .105 107 .105 107
107 107
100 107 Jan 22 109 Feb 14
10 Preferred
2812 2612 *2612 263
29
4 2612 2612 27
25 25 Jan 7 29 Feb 28
263 2 4
4 63
320 Hackensack Water
*2712 2812 .2712 2812 •2612 27
27
27
25 27 Feb 18 30 Jan 8
.2612 27
40 Preferred
2712 *27
.27
2712 27
2718 27
27
25 28 Jan 31 29 Jan 14
.27
2712
40 Preferred A
4814 4914 47; 487
8 467 4818 4714 4812 4714 48; 40,200 Hahn Dept Stores
8
No par 45 d Feb 18 55 Jan 10
10712 1083 107 1073 1063 107
8
4
106 10614 106 10612 3,100 Preferred
8
100 106 Feb 28 115 Jan 31
10112 10112 .101 1013 •101 1013 •101 10134 101 10112
4
4
100 1003 Feb 15 105; Jan 8
4
70 Hamilton Watch pre:
9414 9514 9514 .9514 98
9414
95
9512 95
9514
200 Hanna 1st pref class A__ _ _100 91 Jan 14 99; Jan 23
58
58
_ _ __ •
*5812
-- *59
5912 ---- 5912 5912
110 Harbison-Walk Refrac_No par 54 Jan 3 5912Mar 1
•112
112 112
112 112 •112
____ .112
100 112 Jan 14 11812 Jan 29
20 Preferred
25; 2512 .2512 26
*2512 26
25; 25; 257 257
8
8
600 Hartman Corp class A_No par 2518 Jan 28 27 Jan 2
307 31
8
303 30; 3012 32; 31; 324 31
4
31; 6,900 Class 13
No par 3014 Feb 11 39; Jan 2
*5912 61
61
•59
*5912 61
.5912 61
*5912 61
20 60 Feb 19 63 Jan 10
Hawaiian Pineapple
•106 10612 •106 112 .107 112 .107 112 .107 112
25 110 Jan 2 118 Jan 29
Helme (G W)
6812 69
67
67
67
67
67
87
66
67
1,400 Hershey Chocolate__ __No Par 64 Feb 16 7212 Jan 3
82
823
4 82 8218 8112 8112 8114 8114 8112 82
No par 80 Feb 16 85; Jan 3
2,500 Preferred
105 105
105 105
105; 10514 •106 10614 106 106
100 104 Jan 4 106 Mar 1
800 Prior preferred
•I7
18
.17
18
.17
18
17; 1812 1838 182
4
8
No par 173 Feb 18 203 Jan 2
500 Hoe (R) & Co
4514 4712 47
47; 483
481
8 483 498 493 503 38,300 Holland Furnace
4
s
4
No par 4114 Jan 3 5034Mar 1
1814 1814
173 1814
19
4
1918 1912 1912 1912 20
1.70d.Hollander & Son (A)_ No Par 17; Jan 21 22 Jan 2
7212 7318 7212 73
73
73
73
73
7312 73
100 7214 Feb 21 76 Jan 3
1,30011omestake kilning
7414 75
74
7412 75
7418 74
74
74
7478
No par 71 Feb 18 7912 Jan 7
1,500 Househ Prod Inc
8314 84
86
897
8 85 857
85
84
84
8 84
3,300 Houston Oil of Tex tern ctfs 100 8212 Feb 11 107 Jan 3
8112 55,200 Howe Sound
723 74
4
73
7412 7512 75; 793
75
4 79
No par 6614 Jan 8 8112Mar 1
8814 8814 853 8714 85; 8812 87
8
895
8 89
9018 81,000 Hudson Motor Car_
No par 71; Feb 15 93 Jan 2
737 753
72; 741
734 74; 74; 75; 75
8
8
7612 83,300 Hupp Motor Car Corp__ _ _10 67; Feb 18 82 Jan 28
3038 31; 31
303 31
3112 15,200 Independent Oil& Gas.No par 30 Jan 31 354 Jan 2
8
31; 3118 3112 31
.25
26
263 •24
26
4
26
263 •25
4
.25
2 4
63
100 Indian Motocycle
No Par 2018 Jan 31 3212 Jan 2
9012 *____ 90
90
90
4
100 92 Feb 6 953 Feb 5
Preferred
-3412 353
4
4 333 363
4
1
29 Jan 8 423 Jan 28
4 3512 3612 35; 3612 35; 374 38,400 Indian Refining
341
3278 32
333 34; 344 35
32
4
8
10 28 Jan 7 423 Jan 28
35
353 19,200 Certificates
4
100 160 Jan 2 165 Jan 11
Preferred
-- 2
122.121- 1221- 120 1/6f165- ii5- 12812 1,900 Industrial Rayon
8
No par 119 Mar 1 135 Jan 18
130 130
130 130
130 131
13212 13212 130 130
1,100 Ingersoll Rand
No par 120 Jan 3 137 Jan 26
90
9112 0014 9214 91
89
92
89
91
923 13,900 Inland Steel
4
4
No par 7812 Jan 2 923 Mar 1
54; 553
637
8 6312 6512 65
6612 222,800 Inspiration Cons Copper.. _20 4318 Jan 7 6612 Mar 1
8 .54; 57; 58
14
123 123
1312 1414
4
13
8
1312 133
4 1314 137
No par 10; Feb 8 1414 Jan 11
4 9,800 Intercont'l Rubber
15
15
143 143
14; 1478 15
4
4 15
15
157
8 1.800 Internat Agricul
No par 14; Feb 16 17; Jan 28
Stock
83
8412 8114 83
803 80; .80
4
•81
823
4 83
100 7914 Feb 19 8812 Jan 26
300 Prior preferred
159 1613 159 159; 159 16012 161 161
1613 1637
4
4
9 4.700 Int Business Machlnes_No par 149; Jan 24 164; Feb 6
Exchange
953
8 9314 94
96
977
8 96
9412 97
94
98
12,900 International Cement__No par 89; Jan 7 102; Feb 4
9512 9814 9312 964 9414 964 94
9812 9512 98; 204,300 Inter Comb Eng Corp-No par 6818 Jan 7 10312 Feb 15
11814 11814 •118 119 *118 119
119 119
Closed. •1I8 119
100 10812 Jan 2 121 Feb 16!
300 Preferred
8
1043 1077 106 1083 105; 107; 10712 11134 112 1137 42,800 International Harvester No par 92; Jan 15 115 Jan 29
4
8
8
Extra
142 14214 142 142 .142 143
142 142
14212 14212 1,000 Preferred
100 142 Feb 5 145 Jan 18
9434 92
9314 9712 93
9512 934 9412 93
9314 10,400 International Match pref35 8718 Feb 18 10212 Jan 4
61, 612
Holiday.
6
64
619 614
6
618
714 Feb 15
6
6 18 3,900 Int Mercantile Marine_ _ _100
512 Feb 4
.
8 4512 46
45
453 467
4
4618 4412 4512 4414 45
100 3612 Feb 1 47; Feb 181
21,900 Preferred
6218 6414 62; 64; 64
6012 64
6134 64
671* 404,700 Int Nickel of Canada_No par 4614 Jan 2 72; Jan 23
74
.70
76
74
*70
76
.72
77
74
74
300 International Paper_ __No par 57; Jan 11 7714 Feb 6
9212 9118 92
.9118 9212 .92
•90
92
91
9112
100 8914 Jan 15 9412 Jan 8
400 Preferred (7%)
3212 33
3214 327
33
32
4 32
8 3114 313
32; 7,100 Inter Pap & Pow cl ANo par 2712 Jan 8 35 Jan 31
2112 203 2112 21
2112 22
21
2112 22
4
2138 8,400 Class II
No par 15; Jan 16 2212 Jan 30
1434 15
1414 147
14
15
8 1414 1478 147 15
8
4
103 Jan 10 163 Feb 4
8
20,600 Class C
No par
91
9114 9112 9112 9018 92
9112 9112 91; 9238
4
1,900 Preferred
100 883 Jan 4 93 Jan 23
59
58
5912 5714 573
4 57
5714 5714 5714 5714 2,100 Int Printing Ink CorpNo par 5612 Feb IS 63 Jan 23
•105 115 •105 115 .105 115 •105 115
105 105
100 100 Jan 2 10518 Jan 30
70 Preferred
81
*7914 84
•7914 8212 8212 8212
7912 7912 79
100 5512 Jan 4 90 Feb 14
390 International Salt
144 144
14512 146 .144 14514 144 146 .142 144
100 131 Jan 22 14934 Jan 3
1,600 International Silver
4
4
115 1183 *115 1183 .115 1183 •117 1183 *117 1183
4
4
4
100 11214 Jan 4 119 Jan 17
80 Preferred
20712 216
214 220
207 210
216 22134 34,700 Internal Telep & Teleg
20814 213
100 19714 Jan 7 22712 Jan 28
84
8714 85
864 8612 873 11,500 Interstate Dept Store.s.No par 76 Feb 8 9312 Jan 2
91
923
8 87
89
8
4
4
*1283 14412 *1283 145 .1283 145 .131 14412 •131 160
4
100 130 Jan 15 150 Jan 2
Preferred
3112 3112 1,500 IntertyPe Corp
33
33
3312 34
303 33
8
3212 33
No par 29 Jan 2 34; Feb 21
8 60; 6112 6012 61; 13,200 Island Creek Coal
60
617
59
59
5912 60
8
1 .53 Jan 2 617 Feb 27
150 15112 15114 15214 2,000 Jewel Tea. Inc
152 152
15114 15212 •150 152
No par 146 Feb 18 16214 Feb 5
•12518
•12518 -- •I2518 - - •12.518 -- •12518
100 12412 Jan 3 12518 Feb 13
Preferred
210 217
4
20314 20914 201 20534 2033 21312 209 216
4
No par 18012 Jan 7 2423 Feb 2
- - ,500 Johns-Manville
95
12112 12112 •12112
121 12112 12112 12112 •12112
100 119 Jan 21 12112 Feb 25
230 Preferred
12018 12018 .12018 12014 120 12014
1.21 121
120 120
100 Janes & Laugh Steel pref_100 11812 Jan 4 122 Jan 21
29
•14
•____ 29 •12
29 •____ 29 .14
29
35 Jan 21
Jones Bros Tea Inc_ ___No par 35 Jan 21
1278 137
123 13; 11.300 Jordan Motor Car
4
8 1212 1312 12; 134 12; 13
1612 Jan 2
12 Feb 11
No par
•10718 109
109 109 .10812 10912
108 109
108 108
4
210 Kan City P&L 1st pf B_No par 106 Feb 16 1123 Jan 22
8
8 3214 33
3014 32
327 327
31
31; 31; 33
2,900 Kaufmann Dept Stores..$12.50 2912 Jan 31 3718 Feb 6
8112 8212 82
81
82
83
813 8212 8112 8212 5,800 Kayser (J) Co v t c
4
No par 80 Feb 18 88 Jan 3
36; 36; 36
3512 3512 .36
3712 3512 36
38
1,600 Keith-Albee-Orpheum-No Dar 35 Feb 18 46 Jan 4
112 11278 111 11212 11212 1147 11314 11314 11412 120
8
100 110 Feb 16 138 Jan 5
2,100 Preferred 7%
194 197
8 18; 1912 1814 203
8 19; 20; 1912 20
8
30,000 Kelly-Springfield Tire__No.par 18 Feb 18 237 Jan 2
•80
86
86 .84
•82
*8018 86
•837 86
8
8
85
100 8118 Feb 20 947 Jan 9
8% preferred
*93
0512 •93
9512 *93
9512 •93
97
*93
9512
100 95 Feb 20 100 Jan 14
6% preferred
8 59; 6112 45,300 Kelsey Hayes Wheel__ NO par 473 Jan 15 61; Feb 26
573 60
4
4 6018 813
s 60; 613
594 613
4
110 110 •108 110 •108 110 .108 110 •108 110
100 109 Jan 21 110 Jan 8
40 Preferred
16
16; 15 4 16
3
1612 16
1612 18,500 Kelvinator Corp
15 Jan 7 1914 Feb 6
15; 164 16
No par
15612 158;
No par 15012 Jan 16 16514 Feb 13
15,200 Kennecott Copper
66
59
59
8
58
59
-66" 16- 5934 - 3i
657
No par 5012 Feb 1 657 Feb 15
3,700 Kinney Co
10312 105
10312 104
104; 105
103 10412 10212 104
100 9312 Jan 2 105 Feb 21
1,020 Preferred
6114 6418 603 633
633
4 633 663 79,300 Kolster Radio Corp__ No par 5619 Feb 16 78; Jan 3
6412 62
4
8
8
4 62
357 38
8
3612 367
8 3612 37
3614 367
8 36
3614 8,600 Kraft Cheese
No par 34; Feb 18 39 Jan 21
*9612 97 •9612 97
*9712 98
96
4
*9612 97
96
100 96 Mar 1 993 Jan 2
200 Preferred
82
82
8114 82
82; 81
823
8118 8212 11,300 Kresge (S 5) Co
4 81
10 80 Feb 16 91 Jan 30
112 112 •106 113 .112 113
111 111 •111 112
100 109 Jan 5 113; Feb 4
20 Preferred
19
18
1812 1812 1812 1812 •183 19; 18
4
18
1,900 KresgelDept Stores_ _ __No par 18 Feb 21 23 Jan 2
99
99
•72
•72
•72
99
•72
09
*72
99
100 7112 Feb 19 72 Jan 15
Preferred
*10712 10912 *10712 10912 •1064 107 •10614 107 .10638 107
No par 107 Feb 21 114 Jan 5
Kress Co
4
43 4 45; 43; 4414 4312 4414 433 4412 44
3
3612 Jan 3 45; Feb 25
443 239,500 Kreuger & Toll
4
106 10712 10412 107; 10418 10614 10512 10712 1063 107;
4
8
,600 Kroger Grocery & 13kg_No par 1023 Feb 16 12212 Jan 3
240 2404 2353 2353
•230 250 .230 250 .230 250
4
4
100 235 Jan 16 243 Feb 1
500 Laclede Gas
10012 10012 .100 105 •100 105 •100 105 •100 105
100 10012 Feb 25 102 Jan 4
20 Preferred
30
30
30
2912
.28
283
2912 3014 2,000 Logo Oil & Transport__No par 2614 Feb 19 33 Jan 2
4 2814 29
8
139 14112 13838 1407 137; 139; 13818 1403 139 1403 72,800 Lambert Co
8
8
No par 12718 Jan 22 14112 Feb 25
21
2012 207
2214 21; 2278 2214 23
8 2012 21
19 Feb 19 25 Jan 14
9,200 Lee Rubber & Tire
No Par
611
6112 6212 62
6012 6012 6112 6112 *61
63
1,900 Lehigh Portland Cement__ 50 5612 Jan 8 65 Feb 6
10914 110
8
110 110
110; 1103 •110 11012 110 110
4
100 1063 Jan 3 11012 Feb 14
240 Preferred 7%
6112 62
60
6012 62
5912 6018 60
807 607
8
8 4,700 Lehn & Fink
No par 5818 Feb 18 6812 Feb 4
No par 2914 Jan 7 39; Jan 5
Life Savers
"8913 16" "8938 90 . - - 7 -90l - 7- -6613 92 2,500 Liggett & Myers Tobacco_ _ _25 8912 Feb 25 10512 Jan 28
6
668
91:112 9 ;
89; 907
8
8 893 8912 893 90; 9.200 Series B
8 8918 90
894 897
8
25 8918 Feb 26 10312 Jan 29
•I3714 138
13714 13714 13712 13712
1374 13714 .13714 138
100 136 Jan 3 13712Mar 1
300 Preferred
4812 497 .48
8
4812 48
48
48
49
484 4812 2,300 Lima Locom Works___No par 45 Feb 8 5212 Jan 3
8112 82
8212 853
8814 85
8712 8512 877 14,800 Liquid Carbonic
4 85
8
No par 79 Feb 18 1137 Jan 3
8
75
76; 75; 811
813 8412 817 8418 813 837 336.300 Loew's Incorporated_ _ _No par 63; Jan 2 8412 Feb 27
4
8
4
8
10612 107
10612 108
108 10812 •108 109
107; 109
No pa 102; Jan 2 1104 Jan 31
1,500 Preferred
74 8
3
73
4 8
73
3 8
4
7; 812 11,800 Loft Incorporated
753 73
712 Jan 19 10 Jan 24
No pa
*283 29
8
2814 284 29
29
•29
30
•29
2814 Jan 2 3212 Jan 5
30
No pa
400 Long Bell Lumber A
-ao-
*Bid and aaked prices: no sales on this day. x Ex-dividend. r Hz-rIghta
PER SHARE
Range for Prerious
Year 1928
Lowest
Highest
$ per share 5 per share
7312 Dec 93; Apr
70 Dec 93 Apr
100 Dec 130 Apr
95 Dec 112 May
67 Dec 12; Feb
8
4
163 Feb 6114 Sept
2612 June 56 Sept
3918 Feb 93 Dec
6514 June 94; Oct
2634 July 417g Oct
4612 Aug 62; Oct
111; Dec 12512 Sept
31
Jan
3812 Deo
11212 Feb 120
Jan
89;June 17714 Dec
434 Dec
93 Jan
8
90 July 107
Jan
51
Jan
73; Sept
103; Nov 110 Apr
23
Jan 30
Jar
23 Jan 30 Dec
2512 Jan 29 June
99 Aug
59 May
54 Dec
110 June
2312 Aug
16; Aug
61 Dec
105 Dec
30; Jan
7014 Feb
10014 Aug
154 Sept
4018 Dec
18 Dec
67
Jan
6418 Feb
79 Dec
40; Feb
75 Jan
29
Jan
211 Feb
/
4
20
Oct
93 Nov
9 Feb
8; Jan
140 Dec
118 Dec
90 Feb
46 Mar
18 Feb
84 July
13 Feb
48; Mar
114
Jan
56
Jan
454 Feb
103 Mar
80
13614 Mar
85 Dec
33 Mar
4
34;June
73; Feb
50
Oct
89 Dec
22 Dec
14; Dec
103 Nov
4
88 Dec
47; Oct
100 Dee
4912 Mar
126 June
11214 Dec
13912 Feb
6112 Nov
12412 Nov
233 Sept
4
47
Oct
7734 Mar
119; Nov
9614 June
11812 Oct
119 Dec
255 Mar
8
8; Aug
108 Aug
2912 Dec
62; Jan
1512 May
7512 May
1914 Dec
554 Feb
58 Feb
2212 Jan
106 Mar
73 July
4
80Ig Feb
377 Aug
8
87,Mar
5118
1
Aug
32 Dec
994 Dec
85 Feb
11014 June
1312 Jan
511 Feb
/
4
87 Feb
32; Dec
734 Ma
200
Jan
99 Nov
273 Feb
8
7912 Jan
1714 Jan
42;Jun
1064 Dec
38
Jan
2812 Au
8318 Jun
8014 Jun
134 Au
38 July
6312 Fe
4918 Jun
99; Ma
534 Fe
26
Jan
104 Apr
97 Nov
5712 Oct
120
Jan
27; Feb
37; - Dec
68 Nov
120
Oct
7212 Dec
89 Nov
105 Apr
307 Jan
8
493 Oct
4
367 Apr
8
80 Nov
84
Oct
167 Apr
733 Nov
4
99; Mar
84 Nov
383 Nov
8
70 Apr
115 Apr
39; July
374 July
185 Nov
146
001
127 Nov
80 Dec
48; Nov
21; Jan
207 May
8
85 Dec
16638 Nov
94; Dec
80 Dec
110 Sent
97; Dee
147 May
1217 May
8
7;May
4432 Jan
26912 Dec
8632May
108 Jan
3412 Nov
19 Nov
133 Dec
4
91 Dec
60 Dec
100 Dec
683 Jan
4
198
Jan
131
Jan
201 Dee
90 Dec
150 Dec
3812 Jan
61 May
179 Nov
12512 Nov
202 Dec
122
Apr
12414 May
4112 Octl
19; Oct
114 Apr
34
Oct
92 Nov
5112 Nov
160 Nov
2512 Nov
95 Nov
101 Nov
56
Oct
111 Nov
22; Apr
156 Dec
563 Oct
4
100 Apr
957g N ov
42
Ny
10114 Dee
91; Nov
118 Apr
274 Feb
75 Aug
124; Nov
4034 Oct
13214 Nov
260 Feb
12412 Jan
3918 Apr
1363 Nov
8
2614 Oct
5812 Nov
110; May
64; Oct
404 Nov
12212 Jan
12312 Jan
Apr
147
65;May
124; Nov
77 May
1105 Apr
8
193 Aug
s
35; Feb
New York Stock Record-Continued-Page 6
1362
For sales during the week of stocks not recorded here, see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 23.
Monday,
Feb. 25.
Tuesday,
Feb. 26.
Wednesday
Feb. 27.
Thursday,
Feb. 28.
Friday,
Mar. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rance Since Jan. 1.
-share lots
On basis of 1. 0
Lowest
Highest
8 per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Mace'.(Con.) Par $ Per share $ Per share
8
8
25 64, Jan 28 745 Jan 5
68
/ 69
1
4
/ 6918 7134 7014 72
1
4
/ 7114 22,600 Loose-Wiles Biscuit
1
4
6918 715
8 69
10 let preferred
100 1164 Jan 12 120 Feb 19
'118 120 *118 120 *118 120
118 118 *118 120
8
25 24 Feb 20 283 Jan 11
25
25
2518 9,600 Lorillard
2512 247 2512 2458 25
g
244 25
/
1
300 Preferred
100 88 Jan 4 93 Jan 16
88
88
90
90 '88
95 '88
92 '98
91
No par 1312 Feb 16 18 Jan 9
143 1478
8
1418 144 145 1514
8
1414 1484 1414 1412 14,900 Louisiana Oil
960 Preferred
100 89 Feb 8 10014 Feb 21
93
*92
9912 100
92
95
93
*923 93 '92
8
8
/ 433
1
4
444 8,400 Louisville0& El A_ _ __No par 365 Jan 23 47 Jan 31
/
1
4318 434 42
8 4314 43 8 243
7
431
4 43
No par 6812 Feb 16 8012 Feb 5
8012 13,800 Ludlum Steel
73
754 75
7712 75
76
76
7912 78
1,600 MacAndrews & Forbes_No par 405 Feb 2 46 Jan 4
8
43
4118 4112 4138 414 424 42 8 '43
4312 43
7
/
1
100 104 Jan 8 10614 Feb 8
*10614 __
*10614 ____ *10614 ____ *10614 ____ '10614 ____ ...... Preferred
Mackay Companies
100 122 Jan 19 12518 Jan 15
'125 140 *125 140 *125 140 *125 140 *125 140
Preferred
100 8318 Jan 26 8418 Jan 14
8
8
8
*835 8512 '835 8512 *833 8512 *835 8512 *833 8512
8
8
4
No par 104 Jan 16 1143 Feb 5
8
/ 1084 1105 42,400 Mack Trucks,Inc
1
4
10758 10914 10712 10814 107 109
/
1
4
/ 10814 109
1
4
4
/
1
4
1,900 Macy Co
No par 162 Feb 16 1863 Jan 2
168 17112 16714 168
168 168
16512 16714 16712 168
1814 Jan 5 24 Feb 28
23
/ 15,100 Madison So Garden_ _ _No par
1
4
23
2278 2373 22
2212 23
24
227
8 22
No par 66 Jan 18 8014 Mar 1
/
1
8
/ 7618 7812 784 8014 67,900 Magma Copper
1
4
7318 7412 7314 7573 747 77
/
1
4
6,300 Mallison (H R)& Co No par 28 Feb 14 39 Jan 15
30
2812 2818 2012 30
29
30
29
2912 28
10 Preferred
100 100 Feb 19 10512 Jan 18
100 100 *100 101
'99 102 '99 101 *100 101
Nlanati Sugar
100 1912 Feb 18 28 Jan 14
*1812 21
21
'1812 21
•19
21
*19
•19
21
100 434 Jan 31 5012 Jan 10
Preferred
*434 4812 *4312 4712 *4314 4612 '4314 4612 *4314 48
9,100 Mandel Bros
No par 28 Feb 16 3712 Mar 27
37
36
37
3518 3712 35
3358 3652 35
37
4
33
1,300 Manh Elec Supply_ __No par 3014 Jan 7 373 Jan 14
/ 3312 33
1
4
/ 33
1
4
3312 3312 3312 3312 33
33
8
8
1,300 Manhattan Shirt
25 295 Feb 15 355 Jan 4
'3112 32
8 311 32
/
4
3112 3112 3112 3112 3112 317
4 1,600 Maracaibo Oil Expl_-_No par 12 Feb 18 1714 Jan 3
4
143 .143
4
/ 15
1
4
13
13
13
1414 1412 143 *13
/
4
/
1
4
No par 35 Feb 20 471 Jan 3
415 85,000 Marlin Oil
8
/
4
4012 411 40
4 395 41
8
8 367 393
8
3612 377
4,600 Marlin-Rockwell
77
No par 6912 Feb 27 7978 Jan 21
76
6912 74
7514 77
*6912 70
7012 72
4
773 13,800 Marmon Motor Car_ No par 663 Feb 18 84 Jan 2
4
4 75
793
7052 72
75
/ 79
1
4
/ 77
1
4
69
70
1414 Feb 16 18 Jan 2
800 Martin-Parry Corp___ _No par
8
8
1412 1412 *1412 147 '1412 147
3
143 15
4
8 145 145
4
7,400 Mathieson Alkali WorksNo par 175 Jan 9 2163 Jan 25
203 203
20014 210
"189 190
190 19312 195 218
70 Preferred
100 120 Jan 28 125 Jan 2
125 125 *123 125
123 123 '123 125
*123 125
0614 11,900 May Dept Stores
25 9018 Feb 18 10812 Jan 10
93
945
8 925 943
8
4 9318 95
921 95
4
/ 93
1
4
No par 2112 Feb 21 2414 Jan 3
/ 2212 2112 2112 5,100 Maytag Co
1
4
2112 22
21
/ 217
1
4
8 2112 2212 22
No par 4112Mar 1 4518 Jan 3
4212 4212 4212 4212 4112 4212 2,400 Preferred
4212 4212 43 43
/
1
4
Prior preferred
No par 87 Feb 16 9018 Jan 10
*8712 89
*8712 89
*8712 89
*8712 89 '87
89
75
1,100 McCall Corp
No par 7114 Feb 16 80 Jan 22
75
754 7514
7414 741/ 7414 7414 75 75
/
1
4
410 McCrory Stores class A No par 100 4 Jan 4 113 Feb 5
3
107 10714
*10712 110
107 10712 10714 10712 "10714 10912
/
1
4
600 Class B
No par 101 Jan 10 11512 Feb 6
10812 10812 *1074 110
107 10712 10612 10612 106 10612
100 113 Jan 31 120 Feb 7
/
1
4
300 Preferred
117 120
•117 120 *117 1194 117 117
/
1
117 117
22
"20
McIntyre Porcupine MInes_5 2014 Feb 8 2312 Jan 5
22
'20
21
'20
22 '20
22
*20
8
4
74
7412 744 74
/
1
/ 744 75 8 7518 78
1
4
753 777 14,000 McKeesport Tin Plate_No par 7112 Jan 8 82 Jan 31
/
1
5
578 11,100 McKesson & Robbins-No par 49 Jan 7 5812 Feb 27
4
8 57
57
/ 583
1
4
56
57
5612 58
57
/ 5812
1
4
60 5714 Jan 18 62 Feb 4
8 5,400 Preferred
8
5212 6114 5914 60
/ 6014 6114 2607 607
1
4
593 61
4
654 2,900 Melville Shoe
No par 6218 Jan 31 72 Jan 3
65
65
66
65
6514 6512 65 6514 65
/
1
4
29,700 Mengel Co (The)
No par 2518 Feb 18 34 Jan 4
282 30
4
26
263
4 26
26
2512 267
8 265 30
8
27
700 Metro-Goldwyn Pictures pf _27 24 Jan 10 27 Feb 25
267 *26
8
268 27
4
*26
27
27
*2612 27
,
4413 4814 4412 49
8
8 4814 495 89,700 Mexican Seaboard 011 No par 4212 Feb 11 69 8 Jan 3
8
4 475 495
4773 493
5 3018 Jan 8 47 Mar 1
/
4
8
4 451 47 106,200 Miami Copper
4178
4118 43
425 443
393 4012 40
4
8
311 32
/
4
3214 24,200 Mid-Cont petrol
No par 3012 Feb 16 397 Jan 3
311 3212 3158 323
/
4
4
8 313 3214 32
100 12014 Jan 18 121 Jan 4
Preferred
*11914 122 *11914 122 *11914 122 *11914 122 '11914 122
518 Jan 3
12,300 Middle States 011 Corp
3 Feb 18
/
1
4
4
10
38
7
378 4
38 4
7
38 4
7
37
8 4
312 Jan 3
258 Feb 25
2
/ 3
1
4
3,300 Certificates
10
8
258 25
8
24 2
/
1
4
23
4 28
7
254 3
7,300 Midland Steel Prod pref--100 225 Feb 15 26314 Jan 2
242 24914 248 25184 247 247
246 24814 248 260
4
2,300 Miller Rubber
2312 24
No par 2212 Jan 5 283 Jan 14
24
2318 24
*231 2312 2312 2412 24
/
4
801/ 64,400 Mohawk Carpet Mills.No par 695 Feb 18 8014 Mar 1
8
8 74
7414 767
72
/ 73
1
4
7112 73
7118 76
8
/
1
4
13714 140 206,400 Mont Ward&CoIl1CorpNo par 120 Feb 16 1587 Jan 2
12812 133
128 131
12812 1324 133 136
8 Jan 8
(Pg Feb 27
No par
614 612 3,700 Moon Motors
612 612
614 612
618 64
63
8 612
6 Mar 28
/
1
4
5
/ 5 173,800 Mother Lode Coalition_No par
1
4
3 Feb 8
4
/ 54
1
4
4
/ 412
1
4
Stock
54 6
514 5 8
7
3
43
29,300 Motion Picture
31
No par 1212 Jan 8 43 Mar 1
20 4 2312 2412 2712 2718 28
3
2873 30
4
4
1,000 Moto Meter A
19 Feb 18 253 Jan 3
8
No par
195 203 "193 20
8
20
Exchange
20
20
20 20
20
9,300 Motor Products Corp-No par 165 Jan 16 206 Mar 1
201 206
190 203
/
1
4
190 1914 193 194
190 193
441 4612 7,900 Motor Wheel
/
4
/
1
No par 424 Jan 7 4712 Feb 4
/
4
45
8 441 45
Closed.
4514 4418 4514 444 445
/
1
/
1
8
641 644 2,100 Mullins Mfg Co
/
4
No par 60 Feb 18 817 Jan 4
8
65
63 4 6412 6334 64
65
12 "64
/ 64
1
4
/
4
150 Preferred
No par 92 Feb 21 10214 Jan 11
*94
/ 951
1
4
Extra
94 94
95S 954 9512 951 9612 9612
54
/
1
4
800 Munsingwear Inc
No par 5212 Feb 19 59 Feb 13
/ 544 54
1
4
55
55
54
/ 5412 53
1
4
55
55
4
No par 67 Feb 18 773 Jan 17
713* 743* 7112 73
/ 7712 7412 7673 68,300 Murray Body
1
4
Holiday.
7112 7612 75
8
No par 10214 Jan 4 1187 Jan 25
1104 11212 1114 113 168,500 Nash Motors Co
/
1
1073 112
8
10812 11138 10914 112
/
4
/
1
8 3814 394 384 39'2 51,200 National Acme stamped____10 281 Jan 7 3912 Feb 28
3713 3818 365 3712 367 387
8
8
7,300 Nat Bellas Hess
No par 19118 Feb 18 234 Jan 11
195 20612 ____ ____ __ ____ __ ____ ____ _--_
100 Preferred
100 110 Feb 27 118 Jan 3
109 115 *105 115
110 110 *105 114 '105 115
183 18412 5,100 National Biscuit
35 180 Feb 15 205 Jan 4
/
1
4
18314 1843 18112 1833 182 18534 183 184
4
8
4
Preferred
100 1413 Feb 20 144 Jan 26
4
4
4
"14184 14414 *1413 14414 "1413 144 01413 144 •1418 144
4
4
/
4
4
1283 13212 1263 13012 12712 13214 1311 13612 13512 139's 235,500 Nat Cash Register A w'No par 96 Jan 8 1433 Jan 25
4
31,200 Nat Dairy Producta___No par 1224 Feb 16 1375 Jan 29
8
/
1
/ 130 132
1
4
1283 12818 129
8
8
8
126 1283 1257 1275 12612
2
13,300 Nat Department Stores No par 284 Jan 4 35 Mar 1
/
1
/ 3414 35
1
4
34
/
4
4
3214 3212 3218 3312 333 341 34
1st preferred
100 9214 Feb 4 94 Jan 22
•924 94
*9214 94
*9214 94
*9214 94
*9214 94
417 32,300 Nat Distill Prod ctfs___No par 35 Feb 8 43 Mar 26
8
/
1
4
4012 43
414 43 4 4178 4314 4114 4212 40
/
1
3
8
773 10,100 Preferred temp ate_ _No par 6712 Feb 7 847 Mar 26
/
1
82 4 824 8212 75
3
80
84
81
844 81
900 Nat En/4m & Stamping
100 5212 Jan 4 6214 Jan 9
56
*54
56
'54
54
544 53 4 53
3
/ 54
1
4
54
100 132 Jan 2 15812 Jan 9
4
150 1513 15012 153i 2.700 National Lead
148 148
*148 14812 148 149
160 Preferred A
100 140 Jan 2 1414 Feb 1
140 140
140 140
140 140 *140 141 *140 141
20 Preferred B
100 118 Jan 2 122 Mar 27
122 122 "118 122 '118 122
•120 122 *121 122
4
No par 4213 Jan 8 5912 Jan 30
/ 84
1
4
/ 8312 8412 5334 544 54
1
4
/
1
83
/ 564 561/4 578 101,900 National Pr at Lt
1
4
No par 1018 Feb 18 17 Jan 10
700 National Radiator
121g 1218 121g 12'2
13
14
1312 1312 4,12
14
No par 3714 Feb 21 41 Jan 29
500 Preferred
371
"36
38
38
41
38
*3812 4112 '38
38
50 11938 Feb 16 144 Jan 2
/ 120 12312 2,700 National Supply
1
4
122 122
124 124
121 124 "121 124
40 Preferred
100 11414 Feb 8 116 Jan 15
/
1
4
*112 1144 "112 1143
3
4
4
114 4 1144 *113 1143 1143 114 4
3
3
2,200 National Surety
60 13912 Feb 25 155 Feb 1
14014 144 *140 142
/
1
4
139 14414 *144 144 *144 145
/
1
4
2,600 National Tea Co
No par 330 Feb 18 370 Jan 2
358 360
349 358
/
1
4
340 343
345 349
/ 346 346
1
4
58
5814 604 437,700 Nevada ConsolCopper_No par
/ 5112 5158 5278 53
1
4
49
/ 5078 49
1
4
5
47 8 4812 3,200 N Y Air Brake
No par
48
4812 4712 483
8 48
49
48
48
51
900 New York Dock
*49
100
51
52
4912 4912 50
52
•48
*49
87
*86
Preferred
100
87
*86
87
89
*86
87 "86
•811
4
4
420 N Y Steam pref (6)____Nopar
100 1003 100 101 *10012 10112 100 10014 993 993
4
410 lst preferred (7)
113 114
No par
113 113
113 113 *113 114
113 113
51,400 North American Co
10
10718 109
4
/ 10512 10712 106 107
1
4
10514 10714 1033 105
1,600 Preferred
5212 53
50
/ 5238 53
1
4
5258 52
52
/ 52 8 4 524 53
1
4
7 '
1,200 NO Amer Edison pref__No par
102 102
102 102
10214 10214 10218 10218 102 102
6018 3,400 North German Lloyd
4 58
57
/ 57
1
4
573
578
4 57
/ 57
1
4
5812 56
4
4
4
4
10 Northwestern Telegraph-50
4812 4812 *4812 493 *4812 493 "484 498 *4812 493
3
58 5
3
/ *512 5 4
1
4
3
5
512 512 *512 5 4 1,600 Norwalk Tire & Rubber.. __10
/ 5
1
4
4
45
*40
45
Preferred
*40
45 •40
100
*40
45
*40
45
200 Nunnally Co (The)
.__Nopar
612 612 '613 714 "612 714
/ *
1
4
612 74
*
64 7
4 1,000 Oil Well Supply
/
4
1
25
4 24 4 25
3
25
274 261 261
*244 28
24 4 248
80 Preferred
102 103 *10212 103
4
100
•103 104
10314 1033 103 103
712 814
912 1014 11.200 Omnibus Corp
818 818
83 107
8
No par
4
7 4 818
3
700 Preferred A
90
*87
8712 90
*8712 88
100
*87
88
*87
88
7912 8012 11,100 OppenhelmCollinfidcCoNo par
/ 78
1
4
77
793
75
/ 787
1
4
8 7614 7614 77
65
•23
*23
65 '23
65
Orpheum Circuit, Inc,
*23
65
*23
65
1
85
863 *80
4
85
*80
Preferred
863 *84
4
*84
863 *84
4
100
1,800 Otis Elevator
299 300
300 305
305 320
30912 310 300 300
50
120 Preferred
12214 123 *12214 l22' *1221: 123
*122 123 *122 123
100
/ 51,400 Otis Steel
1
4
41
414 411 4214 4212 44
/
1
/
4
41
421 40 4 42
/
4
3
No par
1
103 104
1,000 Prior preferred
1043 104 4 1023 103
4
4
106 106
105 105
100
•88
92
92 "88
92
•88
90
*88
Outlet Co
*88
92
No par
944 3,100 Owens Bottle
9418 9414 9412 94
/ 94
1
4
/ *94
1
4
9412 94 4 94
3
25
3
5
57
/ 18,500 Pacific Gas & Elea
1
4
57 4 57
/ 57
1
4
58
/ 5712 57
1
4
25
5814 59 4 57
/
1
/ "75
1
4
76
76
764 7618 764 1,100 Pacific Ltg Corn
*75 8 76
5
75
77
No par
380 Pacific Mills
100
8
30 4 307 "307 3112 3114 3112 3114 3114 3112 32
3
8
114
114
118
118
118
118
118
118 9.100 Pacific 011
118
118
No par
50 Pacific Telep & Teleg
100
•174 17412 *170 174 *173 17412 17214 175 '173 175
____
__ *130
50 Preferred
*130 ____ *130 ____ 129 129 *130
100
135 141
/
1
4
1373 1464 14518 14912 14612 152 412,400 Packard Motor Car
4
10
137 140
434 3,400 Pan-Amer Petr & Trans
/
1
50
4114 42
4112 42
43 431 4314 4312 43
/
4
432 37,200 Class B
4
43
8
4438 4312 4414 427 44
43
12 42
----50
41
*1512 16
*1612 16
*1512 16
Pan-Am West Petrol B_No par
*1512 16
•1512 16
3
9 4 93
4 10
10
10
1014 1018 1018 1018 1018 1,400 Panhandle Prod & ref__No par
*564 65
300 Preferred
65
100
47
/ 50
1
4
514 $14 52
/
1
12 5212 *56
/
4
/ 8512 106.600 Paramount Fam Lasky
1
4
,
/ 6418 651 64
1
4
.No par
623 64
4
623 64 8 6418 65
4
6,800 Park & Tilford
-No par
7014 73
7212 75
7412 7412 7212 74
70 4 72
3
8
8 1318 137 186.700 Park Utah CM
1
1218 12
1214 121g 137
118 1214 12
4
4
/
4
8 1214 123 42,500 Pathe Exchange
No par
/ 1214 127
1
4
1212 1314 121 1234 1214 12
254 26
2,000 Class A
No par
25
/ 26
1
4
25
2512 2514 26
2512 27
/
4
8
4212 411 4234 4334 487 150.800 Patin° Mined & Enterpr_-_20
3914 4012 3912 403* 40
Ma gnu gaged pdoe. BO sa1
OD Ibis day. • xdIYldeaa.
• 0 a31-usv,ueuu gum ex-
22.
39 Jan 18
/
1
4
4258 Jan 7
48 Feb 16
8512 Jan 7
9914 Mar 1
1121/ Jan 3
90 8 Jan 7
5
524 Jan 12
/
1
101 Feb 16
55 Feb 11
4812 Jan 3
5 Jan 7
4018 Jan 14
64 Jan 25
2414 Feb 18
102 Feb 15
712 Feb 21
83 Feb 21
724 Feb 8
/
1
85 Feb 1
276 Jan 7
122 Jan 8
3714 Jan 2
101 Jan 21
9014 Feb 13
81 Jan 7
53 Jan 2
70 Jan 7
29 Feb 18
118 Jan 2
159 Jan 3
/
1
1164 Jan 3
12514 Feb 18
4014 Feb 18
404 Feb 10
8
145 Feb 19
9 Feb 16
/
1
4
/
1
4
47 Feb 25
5512 Jan 2
7018 Feb 16
1114 Jan 30
3
10 4 Feb 8
2314 Feb 11
/
4
341 Jan 7
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
$ Per share $ Per Wire
4414 June 883 Sent
4
11712 Aug 125 May
23 June 4678 Apr
/
1
4
8612 Dec 114 Mar
8
9 / Feb
1
4
19 4 Apr
78 July 96 Apr
28 Feb 41 May
44 Aug
106
Oct
1084 Mar
6814 Jan
83 Apr
y134 Aug
1814 Dec
3
43 4 Feb
16
Jan
8718 Jan
21 Nov
40 Nov
32 June
2812 Sept
318 Feb
4
1212 Feb
33 Feb
4514 Mar
77 Dec
124 Mar
/
1
11780005
115
Jan
75 July
1712 Aug
4012 Aug
8912 Dec
56 Feb
77 Feb
8012 Mar
109 Feb
1914 Sept
6212 June
4518 Nov
54 Nov
60 Nov
/
1
4
2514 July
241 Dec
/
4
4 8 Jan
5
173 Jan
4
2518 Feb
10314 Feb
2
/ Jan
1
4
112 Jan
193 June
1812 Aug
3918 Aug
11514 Dec
5 Feb
/
1
4
2 Aug
/
1
4
5 Mar
13 Mar
94 July
2512 Jan
6914 June
98 Dec
462 Mar
4
2112 Feb
8014 Feb
7114 Jan
41
Jan
9014 Jan
15912 July
13712 Feb
474 Jan
6412 Jan
217 Jan
8
Jan
91
2914 June
5114 June
2314 Mar
115 July
139
Jan
11212 Mar
217 Jan
8
14 July
36 Dec
844 June
114 Sept
1385 Dec
4
160 Jan
17 4 Jan
,
6012Mar 1
494 Feb 2
397 Oct
8
583 Feb 2
4
47 Aug
89 Jan 31
85 Sept
103 Jan 10
984 Oct
1144 Feb 19 102
/
1
Jan
10912 Feb 15
585 Jan
2
5414 Jaa 9
51 Sept
99
/ Oct
1
4
103 Jan 15
/
1
4
4
6414 Jan 12
633 June
48
Oct
4912 Jan 4
212 Mar
614 Feb 4
33 4 Jan
3
45 Jan 31
4
63 Dec
8 Feb 8
2014 June
32 Jan 3
97 June
1064 Jan 16
/
1
7 Dec
/
1
4
107 Feb 28
8
83 Dec
12
90 Feb 28
67 Aug
/
1
4
8012Mar 1
18 May
75 May
4
953 Jan 2
335 Jan 19 14718 Feb
125 Jan 24 11914 Jan
1012 Jan
4438Mar 1
82 Jan
/
1
4
108 Feb 20
81 June
963 Jan 4
4
74
/ Jan
1
4
4
983 Feb 13
4312 Feb
6814 Jan 31
69 Dec
814 Jan 31
/
1
25
Oct
3312 Jan 17
1 Sept
11 Jan 10
/
4
182 Jan 30 145 June
Oct
129 Feb 27 114
564 Feb
/
1
153 Jan 2
3814 Feb
50 Jan 4
37 Feb
/
1
4
511 Jan 3
/
4
1712 Jan 3
1512 July
1514 Jan 3
1112 Feb
70 Feb
76 Jan 16
6718 Feb 4
474 Oct
8778 Jan 14
34 Mar
9 Aug
13 Feb 28
/
1
4
14 Jan 9
/
1
4
2 Feb
8 Feb
/
1
4
30 Jan 9
7
464 Mar 1
23 8 Jan
57 Apr
/
1
4
110 Nov
134 Mar
Oct
86
110 Nov
382 Aug
34 May
75 Nov
3812 Nov
110
Oct
Jan
41
88 Jan
4012 Jan
663 June
8
43 May
25 Apr
/
1
4
4934 Nov
83 Nov
86 Dec
255 June
8
190 Dee
130 Apr
11312 Nov
30 Nov
/
1
4
52 May
101 May
80 Dee
1097 Nov
8
1193 Nov
4
11812 Nov
2812 Mar
783 Nov
8
50 Dee
/
1
4
63 Nov
/
1
4
70 Sept
41 Sept
2718 May
73 Deo
33 Dee
4412 Nov
12012 Dee
738 May
5 May
/
1
4
295 Nov
27 Jan
75 Dec
/
1
4
15612 Des
1112 May
418 May
8
147 Dee
4
248 Sept
2183 Oct
4
Aug Oct
9514 Oct
104 Nov
/
1
4
6212 May
12414 Oct
112 Nov
3
212 Dec
24914 Deo
11812 Dee
19514 Nov
150 Apr
10484 Dec
13312 Dee
3214 Oct
102 May
5812 Jan
714 Jan
/
1
573 Nov
8
Jan
136
14714 May
122 July
46 Dec
/
1
4
40
/ Jan
1
4
9812 Jan
146 Dee
119 Jan
150 Nov
390 Dec
42 Dec
/
1
4
5012 Nov
8414 Tan
95 Jan
105 May
/
1
4
115 Apr
97 Nov
5552 May
105 Feb
/
1
4
691 Nov
/
4
55 May
712 Sept
48 Sept
13 May
Jan
41
11012 Jan
154 May
8
993 June
884 Jan
Oct
70
104 Nov
/
1
4
285 Dec
1263 July
4
4012 Nov
103 Nov
991 Sept
/
4
954 Apr
5618 Nov
853 June
8
354 Nov
2 Apr
/
1
4
169 Dee
12513 May
163 Deo
5512 Nov
58 Nov
/
1
4
28
/ Apr
1
4
213 May
4
10614 May
563 Dec
8
98 Nov
1412 Jan
15 Nov
34 Aug
42 APr
New York Stock Record-Continued-Page 7
1363
For sales during the week of stocks not recorded here, see seventh page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 23.
Monday,
Feb. 25.
Tuesday,
Feb. 26.
Wednesday, Thursday,
Feb. 28.
Feb. 27.
Friday,
Mar. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee Striae Jan. 1.
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ per share $ per share $ per share 5 per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par 5 Per share 5 per share 5 per share 5 per share
141 Sept 257 Mar
50 1712 Jan 14 2213 Jan 11
193 1212 1912 1912 197 20
1914 20% •1912 20
1,900 Peerless Motor Car
No par 38 Jan 2 5538 Feb 28
223 Jan 4112 Oct
553
5314 548 69,500 Penick & Ford
53
543
4 54
55
4914 523
4 51
Oct 115 Mar
100 10412 Jan 4 110 Jan 9 103
109 109 *109 110 *109 110 *109 110
*10712 109
40 Preferred
8 Aug
1412 Jan
9 Jan 30 12 Jan 20
50
*312 10
*912 10
*912 10
912 9
*912 10
100 Penn Coal & Coke
145 July 31 May
8
4
2134 214 213 2134 2114 2178 3,900 Penn-Dixie Cement____No par 205 Feb 18 27 Jan 5
8 2134 22
*22
223
75 Sept 965 Apr
8
100 8612 Jan 8 94 Jan 22
*87
90
*88
90
*88
90
100 Preferred
*88
89
88
88
4
27214 27214 *268 272
6,400 People's G L & C (Chic)__.100 208 Jan 11 27214 Feb 28 1513 Jan 217 Nov
260 265 260 26112 260 271
4112 Dec 4614 Dec
No par 39 Feb 18 4513 Jan 3
39
39
*39
397
40
*3914 397
*39
*38
39
100 Pet Milk
3
Philadelphia Co (Pittsb)-50 159 Jan 2 180 Jan 5 145 Mar 174 4 Ma/
*160 175 *160 175 *165 175 *160 170 *160 170
4512 Mar 49 Aug
4
50 4812 Jan 15 483 Jan 11
51
*49
*49
51
*49
0
5
5% preferred
*49
51
513 Oct 57 Mar
4
50 53 Jan 2 538 Jan 24
8 5314 5314 5312 5312 1,000 6% preferred
5318 533
5312 5312 53 53
2738 June 393 Jan
4
4
20,200 Phtla & Read C de I__ __No par 30 Jan 2 34 Jan 8
4 3118 32
3138 3312 313 3214 3112 3214 3112 313
15 Mar 2512 May
2314 20
2134 18
4
2118 2214 213 2314 21
2018 128,400 Philip Morris & Co.. Ltd---10 16% Feb 16 2314 Feb 26
85 Apr 99 May
100 8814 Jan 17 9012 Jan 11
*85
90
*84
90
90
*83
*85
Phillips Jones pref
*83
90
90
3514 Feb 537 Nov
3712 39% 3812 3918 383 39% 3818 39
4
3714 38
21,900 Phillips Petroleum____No par 3714 Jan 29 47 Jan 3
21
Oct 38 May
5 2614 Feb 25 375 Jan 22
*2614 2712 27
*2612 28
28
2614 2614 28
300 Phoenix Hosiery
27
94 Dec 10314 Feb
100 9812 Feb 1 100 Jan 6
*96
99
*96
99
*96
99
*96
99
Preferred
*96
99
7
1812 Oct 307 Dee
8
4
4
3312 3438 3312 3412 333 3414 337 337
34
8
3414 9,900 Pierce-Arrow Class A_No-par 283 Jan 3 37 Jan 9
:
561 Oct 744 Deo
100 7212 Jan 2 8612 Jan 9
81
82
803 804 *8012 82
4
8012 81
81
81
1,300 Preferred
278 Jan 7
214 Feb 8
% Mar
25
54 Ayr
214
2%
214 212
8 218
214
23
212 212
212 4,900 Pierce Oil Corporation
1614 Feb 50
100 30 Jan 8 44 Feb 16
Oat
377
8 37
3312 3312 3312 3312 3512 35% 37
37
800 Preferred
312 Feb
47
638 Apr
45 Feb 11
8
No par
58 Jan 15
44 5
44 5
3
47
8 5
5
5
9,000 Pierce Petrol'm
5
324 Feb 58% Dec
Flour Mills-No par 52 Feb 16 637 Jan 15
5614 5712 5618 57
563 5714 5612 5634 5618 57
8
6,200 Pillsbury
Jan 1447 Dee
100 143 Jan 2 15614 Jan 14 108
_ 158 *____ 158 *___ 158 •__ 158 *____ 158
Preferred
3618 June 787 Dec
8
4
100 6212 Feb 16 833 Jan 9
71
71
7112 72
72
70
7214 7214 72
71
900 Pittsburgh Coal of Pa
81 May 10078 Dee
100 8718 Feb 20 100 Jan 5
9212 9434 95
9612 90
897 90
8
*8712 96
90
1,600 Preferred
26 Feb 38 Dee
8
100 27 Feb 27 343 Jan 9
28
28
27
27
*27
29
*25
*2712 29
27
300 Pitts Terminal Coal
6318 Oct 82 Mar
100 70 Jan 29 7814 Jan 9
.70
*70
71
70
70
70
70
*70
71
71
190 Preferred
53 4 July 8534 Dec
3
8212 8212 8212 84
82
8212 823
4 82
8612 90
7,100 Porto Rican-Am Tob cl A_100 77 Jan 11 90 Mar 1
2314 Aug 5178 Dec
4
No par 36 Jan 4 503 Jan 2
4 3918 39% 3818 4112 4112 433
393 393 4
4
4 .3912 393
9,400 Class B
10414 10414 10418 10418 *104 10414 10418 10414 *104 10414
600 Postal Tel & Cable pref___100 103 Jan 7 105 Jan 31 10038 Aug 106 Sept
6138 July 13612 May
8
No par 6814 Feb 18 783 Jan 5
8
4 711 717 34,700 Postum Co, Inc
8 703 713
7012 713
8 70% 717
7012 713
8
8
5912 Dec 645 Dee
25 58 Jan 30 6538 Jan 2
4
4
5914 593
4 583 5912 583 593 11,000 Prairie 011 & Gas
60
587 5914 59
8
25 535 Jan 14 60 Feb 25
*
25814 58% 5812 587 47,200 Prairie Pipe & Line
5812 60
59
60
573 60
4
8
18 June 331 Oct
4
No par 1938 Feb 18 233 Jan 2
2112 2134 2114 217
213 217
8
8
2218 2212 217 22
8 7,200 Pressed Steel Car
70 Aug 9312 Oct
100 7412 Feb 16 80 Feb 28
*7714 79
7812 7914 791 7912 7912 7912 793 80
1,300 Preferred
16 Feb 297 Nov
2012 2114 2114 203 2114 21
4
1938 1938 19
2114 8,100 Producers & Refiners Corp-_50 1814 Feb 16 258 Jan 3
41 Feb 493 June
8
60 3814 Feb 20 43 Jan 3
40
41
40
3814 393 *39
4
40
40
*3814 40
210 Preferred
62 Nov 91 Feb
4
*65
6712 *63
*65
6712 65
*63
65
65
65
20 Pro-phy-lac-tic Brush_ _No par 6018 Jan 7 823 Jan 14
4112 Jan 83% Dec
4
8612 89
86
28918 903 69,300 Pub Ser Corp of N J__No par 8138 Jan 8 943 Jan 31
84% 8638 8314 8512 85
4
100 104 Jan 5 10818 Feb 5 10338 Jan 115 May
10512 10712 2107 107
1063 107 *1055 107
1068 107
8
4
1,000 6% preferred
8
Oct 1291 May
100 119 Jan 8 1247 Jan 3 117
4
4
1223 1223 1223 1223 12212 12212 *12018 121 212018 12012
4
4
50 7% preferred
Jan 150 May
100 1451 Jan 18 150 Feb 13 134
150 150 *148 152
•150 1533 *150 152 *150 152
4
100 8% preferred
4
10812 10812 *10812 10914 *10812 10912 *109 10912 21073 1073
4
4
200 Pub Serv Klee & Gas pref _100 1073 Mar 1 10938 Jan 28 10612 Dec 11012 Apr
8
777 Oct94 May
8
No par 805 Feb 18 917 Jan 3
824 8412 8312 8412 14,100 Pullman, Inc
8218 8212 8238 83
8218 83
8
1758 Dec 347 Jan
50 1518 Feb 18 2114 Jan 14
1618 1618 *16
17
1614 17
*16
1612 16
1612 1,500 Punta Alegre Sugar
19 Feb 3114 Nov
25 234 Feb 16 2812 Jan 3
8 2438 2514 25,900 Pure 011 (The)
8 2434 25% 2438 253
2418 2412 2412 257
100 112 Jan 14 116 Fen 23 108 Mar 119 June
114 114
113 113 *11314 115
115 115
116 116
160 8% preferred
1257
8Mar 1 1397 Feb 4
75 June 1393 Oct
4
8
4
8 9,600 Purity Bakeries
1287s 1307 1291g 1293 127 12814 127 1293 1257 1267
s
105 July 16614 Oct
*110 175 *110 175 *110 175 *145 190 *145 195
Preferred
8514 Feb 420 Dec
398 41312 209,700 Radio Corp of Amer___No par 333 Feb 18 41312Mar 1
383 398
381 398
369 390
362 371
50 55 Jan 19 57 Jan 3
56
56
5412 Jan 60 May
2553 553
4
4
800 Preferred
56
56'l 5612 5612 *5518 56
397 104,300 Radio Keith-Orp cl A__No par 3418 Feb 16 467 Jan 4
3634 36
3414 Dee, 5112 Nov
4 357 364 36
4
35
3618 343 363
8
247 Jan 6038 Dee
10 57 Jan 7 825 Feb 26
8118 8018 817 54,300 Real Silk Hosiery
817
8 79
8 80
8
7618 8117 7918 825
100 97 Jan 5 10212 Feb 8
8012 July 97% Dee
*9912 10012 10012 10012 10012 10012 100 102
100 100
180 Preferred
15 Dec
512 Feb
No par 1118 Feb 18 1614 Feb 1
1214 123
8
*1212 1314 125 13
*1212 13
1212 13
900 Reis (Robt) & Co
6114 Feb 8912 Dec
100 80 Jan 7 10812 Feb 6
89
89
92
9012 91
9112 *89
8912 891 *89
Stock
600 First preferred
2312 Jan 2612 May
NO par 29% Jan 24 354 Feb 4
3312 328 3338 33% 3414 335 333 41,600 Remington-Rand
4
3318 342 33
8714 Dec 98 June
100 9014 Jan 4 96 Feb 4
9412 *921 8414
9414 *92
927 *92
8
927 *92
Exchange *92
First preferred
8818 Oct 100 Jan
100 9312 Jan 19 997 Feb 19
4
8
*95 110
4
993
4 993 993 *95 110
*9612 9934 595
200 Second preferred
10 2718 Feb 11 317 Jan 3
2212 Jan 3514 Oct
283 287
8
8 2812 2918 14,000 Reo Motor Car
2814 2834 2814 2834 288 29
Closed.
4918 June 9412 Nov
8614 88's 8718 8814 8738 907
8 8912 92
9215 9
5 101,900 Republic Iron & Steel_ _ _100 7914 Feb 8 95 Mar 1
8
100 1087 Jan 7 11512 Feb 27 102 June 112 Feb
11314 lI41s 115 11514 11512 1151 .113 116 .113 116
Extra
1,300 Preferred
147 June
814 Feb
1018 10
1014 1018 1014 5,500 Reynolds Spring
1018 1012 .10
1018 101
No par 10 Feb 16 1214 Jan 16
8 563 5738 57
60
4
5612 573
6018 63
5612 57
Holiday.
45,100 Reynolds (RU) Top class 13.10 5612 Feb 21 66 JI11111
Feb 20 7614 Feb 20 16512 Mar 195 May
*76
76
76
10 75
*76
80
•76
80
•76
80
80
60 Class A
50
Oct 61 Deo
*533 543
4
4 5518 551 *543 5584 1,100 Rhine Westphalia Elec Pow__ 53 Feb 26 64 Jan 2
53
54
54
54
4
2322 Feb 56 Nov
4
40
4014 40
425
8 41
413 4318 38,200 Richfield Oil of Callfornia_25 393 Feb HI 49% Jan 3
s
413
4 41% 42
5
35
354 363 3914 374 38
4
333 36
4
333 341
4
No par 33 Feb 21 417 Jan 25
41,800 Rio Grande Oil
24412 24934 2513 26514 5,600 Rossia Insurance Co
25 226 Feb 18 26514Mar 1 145 June 278 Nov
•243 247 *243 245 *241 245
4
40 Dec 493 Dec
4
35
3712 3612 38
35
3614 368 35
3614 371
7 100 Royal Baking Powder-No par 3113 Jan 22 4314 Jan 2
*10212 103 *10212 10512 *10212 105 .10212 10512 *10212 1051
100 10212 Jan 23 10312 Jan 21 10412 Dec 10412 Dee
'
Preferred
4458 Jan 64
Oct
3
5214 513 5214 5258 527
5212 52
4
5212 52
497 Feb 19 55 4 Jan 5
62
shares)
8 4,000 Royal Dutch Co(NY
37 Mar 712 Dec
4 77
817
8 7912 8112 109,600 St. Joseph Lead
10 62 Jan 7 94 Jan 21
7514 794 7712 803
77% 80
172 1743 171 174
4
8
4
16634 1681 165 1677 1663 175
s
No par 158 Feb 18 19514 Jan 4 171 Dec 2014 Dec
40,800 Safeway Stores
95 Dec 97 Dec
*947 96
8
953 96
*93
97
*947 97
100 94 Jan 10 97 Jan 16
4
97
*93
20 Preferred (6)
105 105
105 105
1045 1042
4
100 102 Feb 16 108 Jan 18 10612 Dec 10612 Dee
*102 105 *103 105
480 Preferred (7)
7
361 Dee 51 Dec
8
47
4SLi 46% 4712 4712 4734 4614 4614 47
477
Corp_ _._No par 43 Feb 16 517 Jan 24
2,500 Savage Arms
12
3534 Dec 67 Apr
30'4 29% 30
2913 30
3018 3014 29
3018 31
33,600 Schulte Retail Stores_No par 29 Feb 27 4112 Jan 8
108 108
10914 1093 108 lO9ui 108 108
4
100 105 Feb 4 11812 Jan 2 115 Dec 129 Apr
10914 111
450 Preferred
17
12June
10 Feb
1914 1912 4,000 Seagrave Corp
8
1718 181 •1818 1812 1814 1814 183 1914
No par 157 Jan 2 20% Feb 4
,
821 Jan 1978k Nov
i
15918 16212 15718 1591 15818 18O3 15918 16312 16012 16414 48.600 Sears. Roebuck & Co-_No par 15138 Feb 18 181 Jan 2
71 Oct
2
Jan
714Mar 1
6
6
614
513 Jan 2
63, 635
614
628 61
No par
64 714 51,900 Seneca Copper
8012 Feb 14014 Oct
131 131
13112 13214 132 1358
No par 12312 Jan 8 142 Feb 4
4 3.600 Shattuck (F 0)
13034 13212 *13014 132
8 Jan 571 Oct
39
*4418 4638 46
46
46
*4412 46
46
*4458 47
200 Shell Transport & Trading.E2 43 Jan 25 555 Jan 10
23 Feb 3938 Noy
14
2738 2638 2718 267 2712 38.000 Shell Union Oil
8
4
4
No par 253 Feb 18 3014 Jan 3
263 2735 263 2712 27
8
54 4 June 8514 NOT
3
674 694 26738 6938 9,700 Shubert Theatre Corp_No par 65 Feb 8 7412 Jan 24
675 701
8
6638 68
66
66
3
8
8
55 4 June 1014 Nov
997 1013 100 1017 102 10414 58,000 Simmons Co
8
No Par 92 Jan 8 116 Jan 31
99 1007 100 102
182 Feb 2714 Nov
201 x20
201
2012 20
20
1918 20
10 185s Feb 18 2378 Jan 3
20 20
3,000 Simms Petrolem
17% Feb 46% Nov
383 40
4
45 Jan 2
3812 3912 183,400 Sinclair Cons 011 Corp_No par 36 Feb
377 3914 38% 397
38
39
Oct
4
4
1093 1093 110 110 .1093 11018 5,200 Preferred
4
1094 1093 *109% 110
4
100 10912 Jan 10 111 Jan 29 10212 Jan 110
25 Feb 42% Nov
3412 35
3414 3418 7.200 Skelly 011 Co
3312 345
8 3418 353
34
34
25 33 Feb 16 40 Jan 22
11818 11818
*11312 116
11614 11614 •118 122 *118 122
200 Sloss-Sheffield Steel & Iron 100 11412 Feb 15 125 Jan 19 102 June 134 Feb
*108 112 *108 112 *108 112 .108 112 *108 112
100 105 Jan 2 112 Jan 18 10412 Oct123 Mar
Preferred
4
1358 1434 145 1512 1514 15 4 143 15
11 Dec 20 Apr
*1412 15
3
8
No par 12 Jan 2 1614 Feb 5
2.800 Snider Packing
8 497
Jan
48
4918 477 477
31 Nov 60
465 48
8
48% 50
47
No par 33 Jan 3 5012 Feb 6
9,200 Preferred
8
395
39
8 3914 393
38
3212 Feb 493 May
3814 375 3814 3814 39
8
4 8,300 BO Porto Rico Sug
No par 3712 Feb 21 4434 Jan 2
623
61
4 61
617 637
4312 Jan 6612 Nov
61% 613
607 617
8
6812 Jan 31
6218 29,400 Southern Calif Edison
25 5335 Jan
8
*3512 363
4 36
35 4 35 4 353 36
3
36
241 Jan 60 May
*3513 37
4
3
503 Southern Dairies cl A_No par 3512 Feb 16 42 Jan 2
13
13
13
121
1213 1,600 Class B
13
123 13
4
*1212 13
9 Jan 30 Apr
1212 Mar 1 1538 Jan 12
No par
115 115
Jan 120 Apr
115 11514
115 115 *115 117 *115 117
100 115 Jan 2 117 Feb 6 109
220 Spalding Bros 1st pref
463 4734 46
8
47
4312 4414 4312 47
363 464 5,400 Spans Chalfant&Co IncNo par 4014 Feb 8 5214 Jan 3
8
26 July 575 Dec
97
96
*90
97
97
*92
97
9714 *90
97
Oct 100 Aug
96
100 96 Jan 22 97 Jan 17
110 Preferred
12
1112 1112 *1112 12
11
12
1112 12
1014 Nov 20 Feb
1112
14% Feb 4
11 Feb 2
No par
470 Spear & Co
*7712 79
•78
77
*78
79
79
*78
79
77
76% Nov 924 Feb
100 77 Mar 1 8012 Jan 2
10 Preferred
8
523 53
64
568 5812 584 64
5314 57
2312 Jan 514 Dec
663 81,600 Spicer Mfg Co
4
4Mar 1
No par 45 Jan 7 663
8
10414 10612 10414 1063 10212 104
10212 104
1063 111
4
65 Sept 91 Nov
12
23,000 Spiegel-May-Stern Co_No par 7714 Jan 15 1177 Feb 6
367
8 3614 3614 36
35% 36
35
3512 36
3718 9,500 Stand Comm Tobacco_No par 31 Feb 18 435 Jan 11
Oct 4014 Nov
24
8
937 11,900 Standard Gas & El Co_No par 82 Jan 8 997 Jan 31
918
9112 90
8918 90
92
89
8912 89
7 Jan 845* Dec
57
8
65 4 6635 6511 6512 65% 657 26412 6512 65
3
1 Ma,
65
6458 Dec 71,
50 6412 Feb 28 67 Feb 4
1,100 Preferred
120 12014 *115 120
11614 119
118 118
1193 122
4
100 11614 Feb 28 16314 Jan 18 100 Jan 14212 Dec
1,600 Standard Milling
120 120
117 1183 *116 118
4
1201 1204
1163 118
s
/
1
97 Nov 115 Dec
100 113 Jan 2 133 Jan 12
320 Preferred
6412 6614 6512 6712 6712 6835 672 68'i 6738 6812 31.300 Standard Oil of Cal____No par 64 Feb 18 731 Jan 5
53 Feb 80 Nov
4 4918 4978 249
4814 4878 48% 493
5
49'2 481 4938 48,000 Standard 011 of New Jersey _25 48 Feb 16 5512 Jan 3
37 Feb 594 Nov
4012 397 4038 40
385 393
8
4 3834 40% 40
4014 63,300 Standard()Hof New York __2
385 Feb 21 453 Jan 2
8
283 Feb 4512 Dec
4
4
57
57
58
3
77 Feb
55
8 5
512
7
53
4 54
53
4 5 4 3,900 Stand Plate Glass Co__No pa
95 Jan 21
412 Jan 2
214 Jan
3
*201 24
22
*20
*203 2112 *1918 22 .20
4
22
Jan 40 Feb
100 17 Jan 3 31 Jan 18
10
Preferred
4
4858 4958 453 493
4 48% 4912 4918 50
3
495 50
34 June 53 Dec
11.900 Stand San Mfg Co-___No par 461 Jan 4 54 Jan 29
*135 ____ *135 ___ •135 ---- *135 ---- •135 --- - ------ Preferred
100 11812 Jan 15 11812 Jan 15 118
Oct 1264 Ma,
*36
3678 37
36
35
37
361
35
35
35 Feb 28 4314 Jan 3
35
35 Dec 694 Sept
3.800 Stanley CoofAlner____Nopar
13012 1321 13134 1345 13312 1347 13412 135% 18,200 Stewart4Varn Sp Corp_No par 12112 Jan 3 145 Jan 22
13214 135
8
8
8
7714 Feb 1281 Dec
59% 63 4 *61
61
6114 5922 60
62
3
8 2,800 Stromberg Carburetor_No par x525 Jan 11 9212 Jan 9
44
Jan 99 Dec
593 607
4
874 90
89
8738 so
8812 893
9038 8918 91
77 Jan 5 98 Jan 26
Jan 8712 0c1
57
53 800 Studeb'r Corp (The___No pa
•12434 125
1243 1243 1243 124%
4
1243 1243 *1248 125
4
4
4
4
100 1243 Jan 2 125 Jan 18 12112 Feb 127 JUIII
4
'
160 Preferred
3% 314
3
3
3
3%
3 8 314
,
3
3 Feb 27
614 MS/
No par
318 6,000 Submarine Boat
3 Feb
33 Jan 17
4
X59
5812 58
8 58
4
4 5818 585
593
4 573 583
No par 575 Feb 26 6812 Jan 10
3112 Jan 77 Nov
5812 3,900 Bun Oil
104 104
10412 1041 *104 10438 1037 1037 10312 104
8
8
100 100 Jan 3 10512 Jan 8 100
Jan 110 t Api
60 Preferred
77
8
758 838
81
814
21 Feb
73
4 814
1414 No•
7 Feb 15 12 Jan 3
No par
75
8 8
22,400 Superior 011
4414 433 433
4312 44
4
4 421 4212 1.200 Superior Steel
44
4414 *43
100 38 Jan 2 4814 Jan 21
18
Jan 557 Nal
8
163 165
8
8 17
17
17
17
17
17
17
7
50 15 8 Feb 16 20 Jan 24
1138 Feb 2322 SePI
17%
of America
800 Sweets Co
*5
512
512 512
514 514 *518 512
No par
5 Jan 3
735 Jan 14
4 Aug
7 Mal
51 5
/
4
121
300 Symington
13
13
1312 1312 1278 13
1314 1314 13
No par 1212 Feb 18 163 Jan 14
4
13
10 Aug 1935 Atm
700 Class A
4 1912 191 *19
4
191 193 *1914 193
No par 1914 Feb 8 22 Jan 4
1913 *19
1912
1514 Jan 22% Ma)
400 Telautograph Corp
•Bid and asked pilaw; no Wee on this day. a Ex-dividend. o Ex-rislata
1364
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Feb. 23,
Feb. 25.
•
$ per share $ per share
1858 19
575 58
7418 757
187 1914
1858 187
8
20
20
43 43
4414 4454
*10412 110
523 523
4
4
1814 1858
8712 88
*3112 3312
9018 91)4
76
775
8
95 8 97%
3
106 106
*15
19
*1612 21
Tuesday,
Feb. 26.
Wednesday
Feb. 27.
Thursday,
Feb. 28.
Friday,
Mar. 1.
Sales
for
the
Week •
STOCKSPER SHARE
Range Sines Jan. 1.
On basis of 100
-share lots
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
$ Per share 8 Per share 3 Per share $ per share Shares Indus. & MIscel. (Con.) Par $ per share $ per share 3 Per share 8 Per shard
1834 19
187 195 x1918 197
4 0g
8 193 2 3 47,600 Tenn Copp & Chem...No par 1712 Jan 25 20 4 Feb 6
1012 Jan
5
197 Dee
578 5914 5914 597
8 5918 598 35,800 Texas Corporation
8 59
597
25 5714 Feb 21 68 Jan 2
4
50 Feb 743 Nov
7418 745
8 7414 7612 7512 7714 75% 767 46,800 Texas Gulf Sulphur_ __No par 7214 Feb 18 82 Jan 3
8218 June 8212 Nov
2114 2214 2218 227
8
1958 21
8 2012 227 81,800 Texas Pacific Coal &011
10 1614 Jan 25 224 Feb 28
1218 Mar 2688 Nov
1858 2014 1914 197
4
8
1914 1912 183 195 18,900 Texas Pac Land Trust
1
177 Feb 16 2412 Jan 17
8
4
20 June 303 Apr
193 193
4
4 1912 20
1912 1912 1.700 Thatcher Mfg
20
20
No par 1912 Feb 27 27 Jan 3
22
Jan 3912 May
42
4258 4118 42
*4118 4212 *4118 42
700 Preferred
No par 4118 Feb 27 4858 Jan 6
8
45
Oct 535 June
444 4414 4234 4312 4312 4658 453 4658 5,800 The Fair
4
No par 42 Feb 27 51% Jan 15
54
34
Jan 5212 Dec
10412 10412 *10434 107
40 Preferred 7%
106 106 *105 107
100 10412 Feb 26 110 Jan 2 10412 Jan 11414 Oct
1,700 Thompson (J It) Co
5214 5212 5178 53 4 5218 5312 527 53
8
3
25 517 Feb 27 62 Jan 12
4
5814 June 715 June
1858 1958 19
8
1812 1914 187 1958 19,100 Tidewater Assoc OIL...No par 1712 Feb 8 22 Jan 3
1958
144 Feb 25 Sept
87
8714 8712 8712 8788 8812 88
8812 1,900 Preferred
100 87 Feb 1 90 Jan 2
8178 Mar 9158 Dee
3112 32
1,300 Tide Water 011
32
31
3178 3118 3118
32
100 2718 Feb 1 375 Jan 3
8
195 Mar 4112 Dee
8
1,100 Preferred
9112 9018 9018 *9012 92
9118
*90
91
100 9018 Feb 25 9712 Jan 17
8858 July 10018 Dec
7514 765
8 768 823
4 8312 87
8414 858 100,700 Timken Roller Bearing_No par 7312 Feb 16 150 Jan 3 11258 Mar 154 Nov
977
9512 9718 9412 9658 94
96
8,200 Tobacco Products Corp
96
I00 927 Feb 19 102 Jan 11
8
93 Aug 11818 Apr
106 10618 *105 106
800 Class A
105 106
106 106
100 10414 Feb 11 112 Jan 3 Ion Aug 128 Feb
*15
Dividend certificates A ____
19
*15
19
*15
19
19
*15
4
19 Aug 253 Jan
16 Feb 18 18 Feb 13
*1612 21
*1612 21
Dividend certifIcateat
*1612 21
*1612 21
19 Aug 24 June
173 Jan 22 19 Jan 14
8
*1618 21
*1618 21
*1618 21
Dividend certificates C ____
*1618 21
*1618 21
18 Jan 18 1912 Jan 15
19 Dec 23 Aug
92
8 912
97 1058
97 1014
9
10
1018
1014 73,900 Transc't'l 011 tern ctf_ _No par
634 June
9 Feb 26 13 Jan 2
1412 Nov
400 Transue & Williams St'l No par 41 Feb 28 52 Jan 2
41
41
43
41
*40
41
*40
42
*40
42
4414 Dec 5912 Feb
3,500 Trico Products Corp-- _No par 384 Feb 18 4414 Jan 22
465 417
8
40
4 4014 405
41
40
4012 4012 403
325 June 447 Sept
8
8
1,200 Truax Truer Coal
25
2312 24
26
25
25
26
25
26
25
No par 2312 Mar 1 314 Jan 23
8 54
1,900 Truscon Steel
547
547
53 4 53 4 5214 5258 5312 5312 53
3
3
10 5018 Feb 8 6158 Jan 3
5514 Nov 637 Dec
11,900 Under Elliott Fisher Co No par 91 Jan 7 1133 Feb 2
10512 1073 104 10614 104 105
4
4
4
105 1053 1053 110
8
83 June 937 Dec
8
*125 126 *125 126 *125 126 *125 126 *125 126
Preferred
100 125 Jan 6 125 Jan 5 119 Mar 126 Apr
200 Union Bag & Paper Corp 100 3414 Feb 18 43 Jan 14
35
35
*3414 36
35
35
*34
35
36
*34
30 Dec 493 Feb
4
s
2093 2145 20814 21214 209 21558 212 2163 21614 2197 63,100 Union Carbide & Carb _No par 19612 Jan 7 22758 Feb 5 13618 Feb 209 Nov
8
8
4
19,300 Union 011 California
8 4912 50
3 4814 47
465 47
8
46
477
4712 507
25 46 Feb 20 5214 Jan 19
4258 Feb 58 Nov
146 146 *143 14512 145 145
146 14912 14812 14912 3,700 Union Tank Car
100 1217 Jan 15 15014 Feb 20 110
8
Oct 12818 May
2,700 United Biscuit
495 50
8
49
50
50 50
49% 50
497 50
No par 4818 Feb 20 5312 Jan 14
3412 Apr 57
Oct
*122
*122
*122
__ *122
Preferred
*122
__
100 120 Jan 11) 126 Jan 24 11214 Mar 135
Oct
4 5,503 United Cigar Stores
2212 - 8 2212 23
233
2212 22
Hi 2212 223
7
; 2212 10 2258 Feb 19 2712 Jan 11
227 Aug 345 Feb
8
10012 10012 10018 10012 *100 104 *100 104
600 Preferred
10018 10018
100 10018 Feb 26 104 Jan 2 1037 Dee 114% Apr
e
5612 57% 5414 565
37,300 United Electric Coal.__No par 49 Feb 16 8118 Feb 6
8 50
54
5114 5314 534 54
5814 Oct 8912 Deo
4
14712 14814 147 14812 14714 149
14812 155 z14412 1523 11,400 United Fruit
No par 13918 Jan 24 15812 Jan 31 13112 June 148 Nov
2112 2,400 United Paperboard
18
21
183
4 177 1812 1812 19
8
194 21
100 18 Jan 7 2658 Jan 22
1812 Dec 277 Apr
77
78
7718 7718 *77
773 *77
8
7712 *77
500 Universal Leaf Tobacco No par 7312 Feb 8 8112 JIM 23
7712
603 JI1118 875 Nov
s
8
140 Universal Pictures let pfd-100 8614 Feb 13 93 Jan 2
*8812 883 *8812 883
4 8812 8812
4 8812 8812 8812 883
9114 Nov 100 Feb
173 1888 1758 18
4
1734 19
1818 1914 8,500 Universal Pipe & Rad__No par
1858 19
165u Feb 18 2214 Jan 2
155 June 357 Oct
8
*9814 100
*9814 100
Preferred
*9814 100
*9814 100
100 9814 Feb 6 10012 Jan 9
*9814 100
3
87 s Sept 105 4 Dec
7
40 40
3934 3934 40
4912 Mar 1
8 477 4912 70,700 U S Cast Iron Pipe & Fdy__20 38 Feb 1
464 448 485
38 Dee 53 Nov
500 1st preferred
•1818 19
1814 184
1834 183 *1818 19
18 Nov
19 Jan 11
*1818 19
18 Feb 2
4
No par
1912 Nov
100 Second preferred
8
*19
1958 *19
1914 Dec
19 8 Feb 8
1912 1912 1912 *194 1958 •1918 195
5
1812 Nov
1918 Feb 2
No par
•1412 15
4
1434 1514
143 1518 2,401 U S DIstrib Corp
14 Feb 1
4
No par
1312 June 2014 Jan
175 Jan 3
*1434 15
143 15
4
800 Preferred
77
*75
76
76
77
8
76
8012 Jan 3
78
Oct 905 Jan
77
100 75 Feb 2
*75
76
76
497 Jan 2
4418 4458 44
8
45
4512 441 4412 435 4414 2,100 US Hoff Mach Corp___No par 435 Mat
8
41
44
Dee 585 Jan
8
1424 1447 1413 1433 142 146
8
4
Oct
s
4
14512 14812 1463 1483 27,600 U S Industrial Alcohol__ 100 128 Jan 1 15 s Jan 25 10218 June 138
47
*125 12512 1243
Preferred
8
1257 Jan 4 1185 Sept 1257 Nov
8
8
100 12414 Jan
4_ *125 12512 *1243 12512 *125 12512
4
3,300 U S Leather
273
2712 2812 2812 -Jan 51 May
8 26
22
3512 Jan 14
2214 *28
8
No par 2412 Feb 1
283
4 277 285
5112 517
8 1,700 CI888 A
72
52
52
Apr
s
Jan
52
No par 50 Feb 1
515 5212 51% 5214 *5178 52
8
817 Jan 14
4
300 Prior preferred
101 101
4
10114 10114 *10114 10212 *10114 10212 *10114 10212
100 101 Mar 2 107 Feb 1 1005 Dec 10912 May
18,300 U El Realty & Impt___No par 81 Jan
96
8
8114 Feb 935 May
9612 9834 9712 985s 96
95
11912 Feb 8
954 97
977
27 June 6314 Jan
8
5112 5312 524 534 5254 5412 547 5614 565 5812 295,000 United States Rubber
5812Mar 1
100 42 Jan
8
55 July 1093 Jan
100 77 Feb 1
8512 86
9212 Jan 16
8314 854 8412 85 4 8512 8612 8814 8814 7,800 1st preferred
3
4
3912 Feb 7112 Nov
70 4 Jan 11
3
6914 5714 6912 6812 693 32,300 US Smelting, Ref & Min__50 6158 Jan
Stock
6512 67
88
673
s 67
600 Preferred
*553 5612
4
58 Jan 3
Jan 58 Dec
56
*54 4 56
51
3
56
543 543
56
50 542 Feb 1
4
4 55
8
1937 Mar 1 1323 June 17212 Nov
8
.xchange 18458 1897 1863 1907 1853 18812 x18412 19214 19018 1937 955,300 United States Steel Corp
8
15718 Jan
4
4
8
s
143% 14414 7,900 Preferred
1417 14218 1417s 14314 1435 144
14414Mar 1 1385 Jan 147% Apr
8
14358 144
8
100 141 Feb
8
700 US Tobacco
102 103
103 103
Oct
86 June 120
1094 Jan 30
101 101
Closed.
No par 9712 Jan
101 103 *101 102
Preferred
___ •139
*137
13812 Jan 23 12712 Jan 139 June
___ 139 ____ *1381
100 137 Jan
-_ *139
310 Utah Copper
275 284
295 200 *295 305
Extra
Jan 273 Deo
295
300 Mar 28 139
295 2285 285
10 264 Jan
45,500 Utilities Pow & 14 A__No par 40 Jan
1
47
45
4818 4434 4512 454 46
2812 Feb 43 4 May
8
4514 4612 46
493 Jan 30
1112 6,200 Vadsco Sales
floliday.
8
No par
1012 105
8 10% 1012 1058 1012 105 1112 11
1058 Feb 2 .1312 Jan 21
74
500 Preferred
*72
74
*72
100 70 Feb 25 82 Jan 16
72
70
7014 72
*70
70
No par 95 4 Jan 7 11612 Feb 8
60
8
Jan 11112 Nov
3
106 1103 10712 11012 109 11058 47,500 Vanadium Corp
10634 10912 106 108
Van Raalte
30
.25
No par 28 Jan 2 35 Jan 17
30
*25
30
*25
*25
30
*25
7
30
511 Jan 407 Oct
- let preferred
69
•66
69
100 60 Jan 2 724 Jan 17
*66
69
437 Jan 78 Nov
8
*65
*6512 69
*65
69
9012 1,700 Vick Chemical
89
88
No par 82 Jan 4 94% Jan 16
Jan 85 Dec
8812 •86
58
8518 86
8512 85
85
153 1564 156 15954 72,100 Victor Talk Machine
No par 143 Feb 18 159 4Mar 1
525 Jan 15854 Nov
3
149 1503 1505s 1547 15312 157
4
400 7% prior preferred
100 110 Mar I 114 Jan 15 10112 Jan 11212 Dec
4
11214 11214 *111 1123 *111 11214 110 110
112 112
2012 12,000 Virg-Caro Chem
20
No par
1978 20
12 June 203 Nov
1814 Jan 8 243 Jan 26
8
4
4
2038 195 2018 187 1954
8
20
3,700 6% preferred
59
573
4 59
100 57 Mar 28 6512 Jan 26
8
445 Jan 6414 Nov
57
58
5918 5714 58
5912 60
100 7% preferred
*933 95
4
100 94% Jan 2 974 Feb 4
*933 95
4
884 Jan 994 Nov
95
*933 96
4
594
95
95
Virg Elee St Pow Of (7)____100 107 Feb 21 109 Feb 18 10612 Dee 11412 Apr
*1073 109 *107 109 *107 109 *107 109 *107 109
4
40 Virg Iran Coal & Coke 91_100 45 Feb 27 48 Jan 29
.
Oct 625 Jan
.
8
47
.
45_ _ :48__ _50_ _ _*4
45
*45
50
48
48
8 _ _ __ ______ Vivadou (V)
__ 5
0
1154 June 2558 Jan
No par 13 Jan 16 15 Jan 4
_ _ __-- ---- -----100 ----------------78 June 100
Jan
82
900 Vulcan DetInning
82
100 50 Jan 16 89 Feb 20
2212 June 74 Nov
83
13- - 82- -- -iit- -7i . 82- -ii- 14
2
Preferred
74 June 99 Sept
100 91 Jan 4 101 Feb 15
*103 105 *103 108 *103 108 *103 108 *103 108
360 Class A
78
1912 June 4858 Nov
100 40 Jan 2 80 Feb 19
7614 7614 78
77
7712 78
76
7712 78
2412 7,900 Waldorf System
1912 Jan 2814 Dec
No par 224 Feb 18 2712 Jan 3
2418 24
4 23
3
8
3
235 23 4 235 23 4 2312 233
8
1412 Aug 267 Sept
8
3214 357 67,200 Waiworth Co
No par 2318 Jan 8 357 Mar 1
8
284 28% 3214 334 353
2838 27
27
1,150 Ward Baking Class A No par 6712 Feb 21 844 Jan 17
69
70 Dec 123 Feb
68
70
*68
70
6814 7112 7014 7014 70
154 Dec 295 Jan
No par 125 Feb 19 2114 Jan 18
8
8
8 1518 1588 15,900 Class B
1512 157
8
8 1518 157
1412 153
1558 157
Preferred (100)
8212
77 Dec 9712 Jan
No par 794 Jan 2 8712 Jan 15
8212 *80
8212 *80
•79
8212 *80
82
*79
4
807 Aug 13914 Sept
s
8
123 1253 12314 1243 143,600 Warner Bros Pictures...No par 1164 Jan 7 134 Jan 21
1247s 1293 124 12714 12518 128
4
8 6,800 Preferred
5158 Dec 572 Des
No Par 5318 Feb 7 5914 Jan 22
5618 565
5678 5488 56
4
58
5612 57 35514 56
9,800 Warner Quinlan
No par 33 8 Feb 19 427 Jan 2
26 Feb 447 Oct
7
3514 36
8
8
4 3558 3758 355 36
3
3412 35 8 344 373
800 Warren Bros
No par 141 Feb 18 170 Jan 2 140 June 19212 Apr
153 153 *149 152
150 154 *151 15212 154 154
240 First preferred
50 483 Feb 15 52 Jan 8
4
4914 Nov 61
5012 5012
51
Apr
51
51
51
51
5014 5014 49
4
13 June 367 Oct
2612 264 2612 7,300 Warren Fdry & Pipe___No par 233 Feb 26 344 Jan 3
8
2712 26
8 24
*2414 2412 234 247
No par 7412 Feb 18 83 Jan 19
8 2,400 Weber & Hellbr
787
594 June 8258 Dec
7818 7818 78
78
7914 78
•78
78
77
100 Preferred
100 98 Feb 8 101 Feb 11
8
98 Dec 103
Jan
8
*101 102 *101 102 *101 1013 101 101 *101 1015
8
4 9612 96% 4,100 Wesson Oil& Snowdrift No par 9318 Jan 7 1107 Feb 13
4
9518 9712 973 972
98
99
973 98
4
87 Nov 110 Dec
200 Preferred
No par 10612 Jan 2 112 Feb 13 1053 Dec 1083 Nov
110 110
8
4
110 110 *110 111 *110 111
*110 111
4
8
Oct
198 1997 1994 20212 22,600 Western Union Telegram_.100 1793 Jan 2 208 Feb 4 1394 July 201
195 19712 197 199
19512 200
4
42% June 5758 Jan
513 5414 71,900 Wstnghse Air Brake_ _No par 45% Jan 24 5414 Mar 1
51
4 49
4814 4878 484 5058 49% 493
8
8818 Jan 144 Nov
15218 15612 151 15312 15214 1563 15612 1595 15918 163 111,000 Westinghouse Eleo &Mfg_50 13712 Jan 15 16612 Feb 4
8
110 1st preferred
50 132 Jan 2 159 Feb 4
5 Jan 139 Nov
149
149
95
147 147
*145 15212 *141 150 *141 147
2512 2614 6,400 Weston Elec Instruml_No par 22 Jan 28 27 Feb 6
1212 Jan 284 June
25
2534 25
2512 247 2538 2512 26
2
200 Class A
No par 3312 Jan 7 3514 Jan 18
305 Jan 4012 May
3312 334 3412 3412
*334 34
*334 34
*3312 35
10 West Penn Elec cl A......No par 104 Jan 5 110 Feb 1 103 June 112
•105 10714 *105 10714 107 107 *105 10714 *105 10714
Apr
100 1063 Feb 28 11114 Jan 17 10712 Oct 1154 Apr
310 Preferred
4
4
10854 109
4
10918 1097 10812 10812 1063 10818 1073 1074
8
150 Preferred (6)
100 975 Jan 25 102 Jan 17
9812
*98
9812 July 10412 Apr
98
971 98
4
98
977 98
8
98 98
100 113 Jan 8 115 4 Jan 11 11312 Oct 118 June
110 West Penn Power pref
4
5
4
11434 1142 1151 11512 11434 11434 1143 1145 11454 1143
4
4
30 6% preferred
100 10714 Jan 9 11012 Jan 16 103 June 113
10814 10814
10818 1081g 10818 10818 *10818 110 *10814 110
Jan
4
4 1,200 West Dairy Prod cl A__No par 534 Jan 16 593 Feb 5
5514 553
56
5612 55
56
5212 Dec 78
55% *55
56
56
Apr
8 1,200 Class B
No par 28 Jan 10 348 Feb 5
294 293
30
203 Jan 49
30
Apr
*29
30
29
30
29
30
32,700 White Eagle Oil& Refg_No par 3014 Jan 80 38 Feb 25
3712
3714 3712 37
2018 Feb 38 Nov
3714 38
37
378 37% 377
22,300 White Motor
5
No par 40 8 Jan 3 52 8 Feb 5
5
4 5013 52
5014 5112 5018 5114 5014 52
515
3014 Feb 4334 June
51
474 3,300 White Rock Min Sp ctf
50 43 Jan 2 487 Jan 8
47
4512 451 *45
344 Jan 4978 Nov
46
4614 47
45 8 48
3
8 3,700 White Sewing Machlne-No Par 3512 Feb 18 48 Jan 2
387
363 39
3314 June 15214 Deo
363 3718 375 38
4
374 3858 38
4
100 Preferred
No par 534 Feb 27 577 Jan 16
*53
5412 *53
5154 Aug 58 Deo
5412 5312 5312 *5312 5412 *534 5412
*2412 2512 3,400 Wilcox Oil & Gas
No par 1912 Jan 7 29114 Feb 6
2412 2412 2312 26
1714 Dee 224 Nov
25
25% 2412 2454
97,100 Willys-Overland (The)
32
5 2912 Feb 8 35 Jan 3
3118 317
8 305 315
4
173 Jan 33 Deo
4
8 305 31% 3114 31% 31
8
700 Preferred
100 99 Feb 20 103 Jan 3
5
99 101
9914 100
99 1003 100 100
923 Jan 1044 Dec
4
100 100
8
Jan 4 1312 Jan 23
8 11% 1,900 Wilson & Co Inc
1178 1178 1112 117
1112
No par
8 115
11
Feb
8 115 117
Oct 16
8
8
8 115 117
4 2,400 Class A
8
No par 23 Feb 18 27 Jan 21
2412 2412 23 8 2438 2378 2458 24
7
22
2412 233 233
Jan 35 May
4 3,100 Preferred
717 7214 72
o
723
100 6814 Jan 3 79 Jan 23
72
72
5
6314 Oct 77 4 Feb
7314 71
744 73
12,200 Woolworth (F W) Co
8
5
25 195 8 Feb 18 22214 Jan 3 17512 Feb 2254 Nov
2005 202
8
200 202
200 20212 2004 20358 2013 2027
5912 9,700 Worthington p & m
100 474 Jan 7 6412 Feb 5
59
58
60
5912 62
592
28
Jan 55 Nov
61
6258 59
900 Preferred A
4
100 85 Feb 4 9212 Jan 23
*86
87
Mg 8718 8814 8814 8614 883 *8712 89
4614 Jan 93 Nov
500 Preferred B
80
7814 7814
80
8
100 78, Jan 31 82 Jan 11
*78
41
80
Jan 80 Nov
80
80
804 *78
17,700 Wright Aeronautical___No par 253 Feb 18 299 Feb 5
270 277
280 285
268 272
69 Feb 289 Nov
2698 276
271 276
*75
7512 75
No par 734 Jan 2 80% Jan 30
75
68 July 84 Anil
75
753 7614 7814 7914 3,900 Wrigley(Wm Jr)
4
76
6712 2,000 Yale & Towne
6512 6512 6512 6512 65
4
25 613 Feb 11 6712Mar 1
6112 Nov 844 Apr
6518 6518 657g 67
45 144,000 Yellow Truck & Coach Cl B-10 3558 Feb 18 45 Mar 1
373 394 3712 3818 375 4012 39
4
5
275 Feb 57 4 Nov
8
4014 39
8
*83
*84
Preferred
90
90
*80
100 85 Jan 21 91 Jan 8
83 Nov 96 Apr
90
*80
90
90
*82
5812 5914 5712 59
4
575 5878 577 5812 573 58% 6,200 Young Spring & Wire _No par 534 Jan 8 8258 Feb 6
8
452g Dec 664 Nov
109 114
113 115 4 1123 114 4 114 114% 115 11512 11,800 Youngstown Sheet & T.No par 105 Feb 19 1163 Jan 18
3
4
4
5
83 June 115 8 Des
12
5
•Bld sad asked prism no sales on Ws days
Ex-dividend. a 131-rlitht1. •No Dar value.
Ex-rates.
1365
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now -and interesr—except for income and defaulted beluga.
N
11
Ir‘a
BONDS
Y. STOCK EXCHANGE. it
..., ty
Week Ended Mar. 1.
Week's
Range or
Last Sale.
;."...,
gi
alu2
Range
Since
Jan.1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 1.
Price
Friday.
Mar. 1,
Week's
&Ince OI
Last Sale.
tat%3
Range
Since
Jan.1.
I
—
U. S. Government.
First Liberty Loan
J
31I% of 1932-1947
j
Cony 4% of 1932-47
J
Cony 41£% of 1932-17
2d cony 434% of 1932-47
Fourth Liberty Loan
)
434% of 1933-1938
1947-1952)
Treasury 4Qs
1944-1954 J
Treasury 48
1946-1956 3
Treasury 34s
1943-1947.
.
Treasury 334s _ .,
Treasury 3)18 June 16 1940-1943
Price
Friday.
Mar. 1.
Bid
Ask Lots
High No. Low
High
High
Cundinamarca (Dept) Columbia_
85 12 30
85
8MA
1959 M N 85 Sale 85
971532993131
Extl s f °Qs
9933u 9903n Czechoslovakia(Rep of)88-1951 A 0 109 10912 10912 11012 11 109 111
1952 A 0 10918 Sale 109
10958 12 108 111
8sser B
991%2l0O31
Sinking fund
110
9 109 111
Danish Cons Mualcip 8s A 1946 F A 109 Sale 1094
1946 F A 109 10912 10914 10912 43 1083 11018
4
Series B s f 8s
1044 33 103% 10478
33 Sale 997%4100
_1942 J J 104 Sale 104
389 991111100"31 Denmark 20-year extl 68_ _
9957
9958 96
1955 F A 9912 Sale 9914
98% 10184
Esti g 5)4s
10813. Sale 108532 1081%2 43 10853.1.11258
8
4
883 201
4
8814 90
Apr. 15 1962 A 0 883 Sale 883
Esti g 430
1030033 Sale 10311w 1032031 266 1034.1061%1
9712 97
9712 42
S 97
97
9312
1007032 Sale 100151.10023w 191 1001542103"31 Deutsche Bk Am part ctf 68_1932
9712 9718
075
8 27
9718 99
971032 Sale 97332 975033 238 92u31981731 Dominican Rep Cost Ad &Qs'42 M S 97
96
6
1940 A 0 96 Sale 96
96
9812
1st ser 5)0 of 1926
97342 97123, 97
975033 42 9615n 9835e
93
12 973
4
20 series sink fund 5Qs_ —1940 A 0 934 9558 9412 Feb'29
101
7 100 10158
Dresden (City) external 75 1945 M N 100 Sale 100
State and City Securities.
10312 10 103 10334
J 10318 Sale 103
1947 J
Dutch East Indies extl 6s
10312 14 103 104
1962 M S 10318 Sale 10318
___ 8812 Jan'29 .--8812 881;
40
-year external 6s
Isl Y C 334% Corp st_ _Nov 1954
4
1953 M S 1023 103 10212 10212 17 10212 103 8
8812 8811
7
8793 8812 Jan'29 ---_
30
-year external 5345
8'7
314% Corporate st May 19541
103
1 1023 10312
1953 M N 103 Sale 103
4
993 Mar'28 4
1936
30-year external 534a
____ ___.
45 registered
110
2 110 111
1948 J J 110 Sale 110
1956:
.
_ 9912 June'28 ____
. El Salvador (Repub) 85
4s registered
96
8
9514 97%
1957
1 ____--- Finland (Republic) esti 65-1945 M S 9514 Sale 9514
95
95
99
5_ice 95
4% corporate stock
10058 23 100 101
1950 M S 10058 Sale 100
1045s Nov'28 __-_
10112
____ ___.
External sink fund 7s
4Q% ccesporate stock_ __ _1957
11
98
1956 M S 97 Sale 97
97
994
8
.
10112 ____ 1045 Nov'28 -___ ____
.
f 6345
stock __ _1957
External s
434% corporate
9112 39
85%
1958 F A 85% Sale
85% 92
9712 Jan'29 _
1958
95
9712 --Extl sink fund 5345
4% corporate stock
9711
96'z 31
954 9912
19591
95-98
Jan'29 ___9718 98
Finnish Mun Loan 645 A_ _1954 A 0 9614 Sale 9518
4% corporate stock
4
1954 A 0 9612 963 97 Feb'29
9814 10018 998 Jan'29 ___
96
9814
1960 I
995 9951
External 6 Qs series B
41£5 corporate stock
8
11214 140 110 4 116
3
1964
99 Feb'29 ---9814
43£s corporate stock
99
99
French Republic ext 730_ _1941 .1 D 11112 Sale 11114
4
9814
1949 J D 1073 Sale 1074 10814 199 1063 INN
_ 1013 Nov'28 4
8
1966
corporate stock
External 75 of 1924
___.
434s
10514 Bale 10512 10658 92 10512 103
1972
9814 99 10112 Nov'28 ---- ____ ___. German Republic ext'l 75-1949 A 0
41£8 corporate stock
101
5 100 4 10212
4
1954 M N 1003 101 101
3
1971
102 107 10812 June'28 4303 corporate stock
Gras (Municipality) 85
163 103 10412
1963
6 1013 105
4 10214
10134
__ 1013
430 corporate stock
4
Gt Brit & Irel(UK of) 5345_1937 F A, 10414 Sale 1034 104
4
997
8
1929 F AI 997 Sale 997
993 11874
4
1965
10134 11058 107 June'28.
10
430 corporate stock
-year cony 530
_ _ ___.
c8778 Sale c877
c877
8
2 01412 877
8
4
10134 ____ 10418 Jan'29 ---- 10312 10411
4% fund loan £ op 1960_ _ _1990 M
4145 corporate stock_July 1967
c9712 100
5% War Loan £ opt 1929.19473 D 0634 98 c9712 Feb'29
107
2 104 1074
New York State Canal 4s_ 1960
Greater Prague (City) 7%5_1952 M N 107 1071z 107
31
4
99
-------- 0914 Dec'28 ____
9514 99
1942
4e Barge Canal
Greek Governments 1 sec 7;3_1964 MN 99 Sale 973
____ .._ _
86
79
1968 F A 85 Sale 85
8412 874
Mar 1962--------10312 June'28 _
45 Highway
Sinking fund sec 68
- ___
1004
4
1952 A 0 100 10004 100
994 101
Haiti (Republic) s 1 65
90
6
1946 A 0 95 Sale 95
9414 963
4
Foreign Govt. &Municipals.
Hamburg (State) 65
8
1027 10413
8
Heidelberg(Germany)ext 734560 J .1 102 10214 1027 Feb'29
10
97
95% 100
1947
Loan 7145 19451 J 9512 96 96 12
Bank s 1 6s
88
8612 8712 8712
87
901 Hungarian Music
10
Agri., Mtge
9012 13
8812 94
8614
86
External 51 7s____Sept 1 19463 J 894 Sale 8912
1
Sinking fund 65 A _ _Apr 15 1948
8612 8614
864 90
96 Sale 96
974 12
1963
95
8
88
9814
20
8718 891 Hungarian Land M Inst 730'61 M
Akershus (Dept) extl Sti
877 Sale 873
8
4 10014 36
1945
9314 15
9314 Sale 9212
9944 10112
9212 963 Hungary (Kingd of)51 7........FA 10014 Sale 993
Antioquia(Dept)col 75 A
9612 38
15
1945
93
9212 947 Irish Free State extls s 58..1960 MN 95% Sale 9512
923 9318 9212
9514 974
External s f 75 ser B
4
9712 177
8
93
10
93 Sale 9212
9612 974
9212 957 Italy (Kingdom of) ext'l 78_ _1951 3D 97 Sale 967
External e f 7s series C —1945
96
7
9314 16
1945
934 Sale 9212
94% 9812
913 941 Italian Cred Consortium 75 A1937 MS 96 Sale 9512
4
External 5 f 78 ger D
1947 MS 94 Sale 94
943
4 49
9214
9
91 Sale 91
93
14 95
91
Esti sec s 7e ser B
95
External s 1 78 let ser_ _ _.1957
9358 44
91
68
1957
92 Sale 90
93
90
96
Italian Public Utility ext 78.1952 J J 9314 Sale 93
94
11
Extl sec 8 f 75 713 2d ser
_1931 J J 9214 9212 9258
9212 92
9212 11
1957
9212 Sale 924
913 94
s
91
93
Japanese Govt £ loan 45
Extl sec 51 78 ad ser
1954 FA 10118 Sale 100 4 10112 365 10013 10214
3
10014 60
997 Sale 99%
99% 1007
-year s f 6345
Argentine Govt Pub Wks 66_1960
30
100 Sale 99
10018 14
99 10(92
Leipzig (Germany) f 78-1947 FA
Argentine Nation (Govt of)—
98
97
97
1
9914 1011 Lower Austria (Prey) 710_1950 JO 97
100 Sale 9
914 10014 62
Sink fund 68 of June 1925-1959
9613 994
10012 27
-year 68_1934 MN 9918 Sale 994
4 10038 43
1959
99 1003
9958 1003 L3'0011 (City of) 15
4
Extl 5 f 85 of Oct 1925
998 Sale 993
4 10058 72
1957
1005 Sale 993
8
9884 181
9934 101
Marselles (City of) 15-3T 88-1934 SI N 10018 Sale 10018 10012 27
Sink fund 65 series A
85
35
4 10012 33
993 Sale 993
4
89%
993 1003 kledellin (Colombia) 6Qs_ _1954 JD 8414 Sale 84
4
84
External 66 series B_ _Deo 1958
7
2412 Feb'29
26
10012 44
10014 Sale 99
24
25
995 1003 Mexican Irrigat Asstng 4%8_1943
8
Eat'5 f 65 of May 1926 —1960
_ 493 Jan'28
4
10014 84
997 Sale 997
995 10034 Mexico(U 5) eat'55 of 1899 £'45 Z)
8
External s f 68 (State Hy)
-1960
3014 12
- 30
4
3014
1945
9 "ati- 35
49
101
100 Sale 100
993 1001a
4
Extl(is Sanitary Works_ _1961
Assenting 55 of 1899
7
313 Feb'29
4
10018 33
1004 Sale 99
am sal:
9912 101
Ext68 pub wks(May'27)_1961
Assenting 55 large
1912 Sale 1912
945 0714
4
2058 38
1912 2212
9678 91
963 Sale 9614
4
Public Works extl 530-1962
Assenting tis of 1904
21
21
10
9112 ___ 9112
9214
21
2314
91
6
9214
Argentine Treasury 58 £__ _ _1946
Assenting 45 of 1910 large- - - 1914 Sale 1914
20
89
9514 103
95 Sale 9412
1914 224
944 97
Australia 30-yr 58—July 15 1955
Assenting 45 of 1910 small__
37
3212
3212
3
947 Sale 94
95
3212 87
70
13
94
External 55 of 1927__Sept 1957
961I
Tress 6501'13 assent(large)'33 3.3 32
3012 10
3012
1956
8712 162
8718 Sale 8718
3012 35 3
3
87
Eat'g 434s of 1928
8814
Small
90
117
1943
102 Sale 10112 10234 39 1014 103
894 91
Austrian (Govt) 8 t 78
Milan (City. Italy) ext'l 6158 52 AG 894 Sale 8912
Minas Gemes(State) Brazil
-S 93 Sale 93
94
20
9434 Sale 944
1958
93
9412 9612
Bavaria (Free State) 6145_1945
9514 26
954
Esti s 63is
102
6 101 103 1
8 11434 55 1137 1155 Montevideo (City of) 75
1952 3D 101 Sale 101
11378 Sale 1137
3
Belgium 25-yr ext s f 7146 g_1945
1941
1093 Sale 10914
1093
8
20-yr s f 8s
4 43 108 110
10512 Sale 10514 10534 88 10514 107
7 10312 108
-year external 6Qs__ _ _1949
25
Netherlands(is (fled prices) .1972M S 10312 Sale 10312 10714
g
13
4 100
1955
99% Sale 997
8
1954 A 0 997 Sale 993
10014 82
99 4 100%
External s 1 65
3
99% 1001a
30
-year external 68
9312 95
8
10812 Sale 1077
1955
8 1085
925 95
8
External 30-years f 75
8 59 1073 109
4
New So Wales (State) ext 551957 F A 9314 Sale 925
94
93
115
1956
1053 Sale 10512 10612 126 10512 10612
4
93
9484
Stabilization loan 75
Apr 1958 A 0 9214 93
External s f 58
1023
4 31 102 1034
__.._1945
Sale 102
8 11058
11012 11034 1105
6 110 11212 Norway 20
Bergen (Norway) 5 f ils
-year extl 65-1943 F A 10258
1024 49 10218 10314
1949
100 101 100
1944 F A 1023 Sale 10214
8
101
4 100 101
15
-year sinking fund 65
20
-year external Os
10314 54 102 103 8
9612 Sale 9612
974 35
1952 A 0 10214 Sale 10214
7
9612 99
Berlin(Germany)s 1 6 Qs_ 1950
30
-year external 138
92 Sale 90
19053 D 9912 Sale 9912 10014 148
98% 101%
26
907
External sink fund 68.._ _1953
90
92
40
-year a 1 53413
1945
96'z 69
10212 Sale 102
96
10212
9712
5 10112 104
Externals 1 5/1_ _ _ _Mar 15 1963 M S 9618 Sale 96
Bogota (City) ext'l ti f 8s_
35
1014 Sale 100 4 102
93
3
89 8 95
3
34 100k 104
Bolivia (Republic of) extl 88_1947
Municipal Bank esti s t 58.1967.1 D 9112 Sale 9112
12
90
1958
92 Sale 90
93
88
21
95
External tiec 75
8812 9012
Nuremberg (City) extl 65_1952 F A 8912 Sale 8958
87
91; Oslo (City)(11- ois f 65
8912 36
13 10014 10258
1969
89 Sale 88
1955 M N 10012 101 10012 101
3years
Externals f 7s
w
991
4 27
mug sale 100
10034 38
4
98 1014
1946 F A 993 Sale 98
994 101
Bordeaux (City of) 15-yr 68_1934
Sinking fund
12 10114 10212
1941
102
10712 Sale 10612 10713 30 105 4 109
3
Brasil(US of) external 85
Panama (Rep) extl 5Q5-1953 .1 D 102 Sale 10114
4
95 Sale 943
90
1961 .1 D --------10112 Jan'29 __ __ 10114 10112
170
94% 96 2
Externals f 6148 of 1928._1957
Esti sec 8 t 8358
13
8
947 Sale 947
937
9512 147
1957
93
9414
.May 15 1963 M N 937 Sale 93
94
Extl s f 630 of 1927
Extl s 1 55 ser A.
98'
1001
4
59 100 102
1952
100 Sale 100
921
9204
9214 95
75 (Central Railway)
Pernambuco(State of) ext 78 '47 M El 9214 93
10713
1053 107 107
4
3 10512 1071
Peru (Republic of)
734s(coffee secur) £(flat)_1952
10114 21 100 102 2
10014 Sale 10014
ioi_
107 1074
Exti 8 f sea 7 yie (of 1926)_1956 M S_ 10714 Jan'29
Bremen (State of) extl 78._ _1935
914 Sale 91
10212 15 1003 103
9134 28
I
1959 M s
(le 102
4
1957
Brisbane (City) a f 68
904 93
Extl s f sec 76
--------9012
9114 11
134
87
1960 .1 D 86 Sale 86
1958
9012 91 a
Sinking fund gold 5s
86
904
Nat Loan exti 51(is
8114 76
84
80 4 Sale 8014
3
87
1961 A 0 8614 Sale 8558
Budapest (City) extl s f (is _1962
85 4 904
8014 83 2
3
S1268
10258 Sale 1004 1027
8 15 10014 102 8 Poland (Rep of) gold 68
8254
8
1940 A () 8158 Sale 8158
Buenos Aires(City)6 As----1956
80 4 834
3
,
Extl 5 f Os ser C-2
1960
9858 993 987
4
8712 103
s
1947 A 0 86% Sale 8614
8614 88%
98%
9858 100
1
Stabilization loan 5 f 7s
99
99 Sale 9812
63
Eat! a f 65 ser C-3
1960
98
1
19503 J 973 Sale 97
9613 10018
96% 99
Extl sink fund g813
9312 51
I 9313 Sale 93
2 1054 10812
Buenos Aires (Prov) extl 621_1961
9212 93 4 Porto Alegre (City of) 88-1961 J D 10512 106 10512 10513
88 Feb'29 --- r. 87
Bulgaria (Kingdom)5 f 7s...i967
20 10014 102%
101
88
Extl guar sink td 7Qs__ _ _1966 .1 J 101 Sale 10014
90
8912 80
StabTan 81 734s-Nov. 15'68
8912 Sale 89
112
7 1084 113
883 97 4 Queensland (State) esti a f 751941 A 0 11114 Sale 11114
4
13 10311 1047a
4 104
4
25
-year external Os1947 F A 1033 Sale 1033
F 973 Sale 973
4
9813 25
Caldas Dept of(Colombia)734s'41
4
14 10314 106
106
9712 101
Rio Grande do Sul extlef 85_ 1946 A 0 105 Sale 10514
Canada (Dominion of) 6ei
4 100
1931
34
997 Sale 993
8
92
995 101
8
87
1968 J D 88 Sale 87
Esti 5 f 68 temp
s 10018 63
10
-year 634s
1929
997 Sale 997
41
35
9714 994
99 4 100
3
98
891
1968 M N 98 Sale 977
8
Extl e f 78 06 1926
4 1043
55
1952
1033 Sale 1033
4
88 103 1058 Rio de Janeiro 25-yr e 1 8s_ 1946 A 0 10512 Sale 105
4
3 106 1064
1051
9812 23
98% Sale 98
1936
434.
98
94% 74
93
1953 F A 9312 Sale 9314
944
99
Esti e f 634e
Carlsbad (City) at 88
106
1057 Sale 1057
11 105 8 1074 Bonze (City) ext.' 133.0
1954
8
89% 91%
7
1952 A 0 90 Sale 897
8
90 4 157
3
Cauca Val (Dept) Celine 7345'53
100
18
9914 Sale 99
99 102
6 10312 10412
Rotterdam (City) extl 68_1964 M N 104 Sale 10312 104
Central Agri° Bank (Germany)
1
Saarbruecken (City) 65
1953 J J 88
8912 914
89 89 12
8812
Farm Loan a 1 7s Sept 15 1950
98
97 Sale 97
6
96
11312 10 113 114
Sao Paulo(City) sftis....Mar 1952 M N 11312 Sale 113
99
85
86
Farm Loan s 1 6s_July 15 1960
8504
6
86
8604 8858
9712 12
984
1957 MN 9712 Sale 96
96
Ext1 s f 034s of 1927
Farm Loan a f 68_Oct 15 1960
86
85 Sale 85
85
88
90
San Paulo (State) extl 81 85_1936 J J 10518 10612 105
10612 20 105 108
Farm loan 6s ser A_Apr 15'38
90
884 Sale 8812
76
8812 90
1950.8 J 1057 Sale 105
3
lOS7
s 13 106 1074
External sec 5 f 88
58
Mile (Republic of)
External 51 75 Water L'n_1938 M S 100 Sale 100
100 4 25 100 102
3
20
-year external s 1 75
1942
8 103
1013 Sale 1015
20 100 103
4
8812 9314
1968 J J 8812 Sale 8812
Ertl 5 f Os $ lot rcts
8912 17
93% 88
External sinking fund 68 1960
9312 Sale 9212
9214 94
9712 29
Santa Fe (Prov Mg Rep) 7s 1942 M S 967 Sale 9612
8
9618 98
External 5 f 85
1961
9312 Sale 9258
9312 84
9218 9414 Saxon State Mtg Inst 7s— _1945 J D 973 9712 9713 1001
8
9712 1001s
18
Ry ref extl 5 f (le
1961
9334 115
9312 Sale 9212
9212 94
Dec 19403 D 923 Sale 9238
3
9238
6
(ifir(i%s
923 96
3
034
4 81
Fall sinking fund (is
1961
93 4 Sale 924
3
9212 94
Seine. Dept of(France)extl 75'42 .1 J 10614 Sale 10614
107
56 1054 1084
Mtge Bk 6348 June 30 1957
Sale 9512
Chile
97
9512
32
9512 993 Serbs. Croats & Slovenes 813'62 M N 93 Sale 93
9312 28
93
96
4
100
S 1 654e of 1926__June 30 1961
994 Sale 987
48
974 1004
1962 M N 8012 Sale 797
805
79
814
Ext1 sec 78 ser B
s 80
Guar 816e
Apr 30 1901
9134 53
913 Bale 9012
4
9013 93
8112 41
847
2
Silesian Landowners Asen6s_ 1947 F A 81 Sale 80
80
44
395 Sale 3912
8
Chinese(Hukuang Ry)58___195l
36
35
444 Soissona (City of) ext! 613_1938 MN 983 Sale 983
4
4
993
25
98
99 3
3
Chriatlania (Oslo) 30-yr 5 65'64
4
99
997 993 Feb'29 ____
5
1946 F A 917 Sale 914
9934 1014 Styria (Prov) esti 75
8
921
20
90 4 94
3
19393 D 102 Sale 10134
* 33 10134 1041
-year ile
1021
4
Sweden 20
k 20
Cologne(City)Germany 0)481950
4
957
3 95 Sale 943
1954 MN 10212 Sale 102
93
97
External loan 5145
4
10358 34 102 105
Colombia(Republic)68
1961
1 8618 Sale 8512
863
4 65
8512 91
10912 14 108% 110s4
Swiss Conted'n 20-yr at 8a 1940 J J 1094 Sale 1094
External s f 6t3 of 1928___1901
85 Sale 85
873
8 45
85
01
s
4 19 102% 1087
Switzerland Govt ext 00_1946 A 0 10258 Sale 102% 1033
Colombia Mtg Bank of 13%6_1947
86
87
86
87
10
84 4 8812 Tokyo City 55 loan of 191.2..1952 M S 77% 78
3
774
77
18
5
774 784
Sinking fund 7e of 1926_ _1946
I 9258 Sale 9014
925
8 13
1961 A 0 8718 Sale 8718
89
9214
8812 48
871* 9011
Extl 5 f 5348 BMW
go
9413 897
3
Sinking fund 75 of 1927__1947
95
16
1947 MN
8812 954 Tolima (Dept of) ext.' 7s
9012 91
9014
91
92
5
90
Copenhagen (City)65
9814 Bale 95%
1952
9614 39
9.5
97
Trondhjem (City) 1st 5345..l957 MN 0412 Sale 9412
95
4
9412 984
8818 16
25-Yr 54348
1953
4
r 873 8812 88
874 89Is upper Austria (Prov) 73—_ _1945 J D 98
9914 9814
9814
1
9812 9811
Cordoba (City) extl 5 f 75-1957
9412 Bale 96
963
4
8
94 4 98
3
18
8672 87 4
,
Externals 16 Qs_ _June 15 1957 J D 8614
External 5 f 78 Nov 15 1937
95
I 95 953 9413
4
9413 go7 Uruguay (Republic) extl 85_1946 ,I N 19088314 Sale85
4
1980 F A
8
08
4
3 Sale 1% 1092
8 1
64
9 108 1091
Cordoba (Prov) Argentina 751942
I 100 Sale 100
997k 100 4 venxteirl s vm g
100 4 14
3
Sale 984
99
52
971 991
4
1
Eeua proI 6st
Costa Wes, (11.0pUb)8181 75_1951
95
i 9458 Sale 94%
24
75_1952 A 0
94
9114 Sale 9114
Bank
93
90
94
92
28
58
Cuba (Repub) 155 of 1904-1944
1 10014 102 101
Feb'29 ___ 10014 102IS V16/311 6 (City of) eztl a f 65..1952 M N 863 Sale 863
1
8
8772 55
&Os 9012
/
External fe of 1914 ser A 1949
-- 102
10214
2 10112 10214 Warsaw (City) external 75-1958 F A 8212 83
8214
83
11
404 U1
4
External loan 4345 Per 0-1949
97 8
102- 7- 97 Feb'29 ___
95
9614 9712 Yokohama (City) ext1 65_1981 J D 9414 Sale 93
93
9111
4
49
95
Sinking Mod 6145—Jan 15 1953
3 10312 17 mil. Ins
1024 Bale 1023
cub
0 O Um bes& 91 SS la Use I marling.
PP= oecimPA
Ask Low
High No. Low
98732 Sale 971732 98382 509
_ ____ 99204r Jan'29 _ - _ S5i3n Sale 99553. 9951,. 82
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1366
BONDS
N. Y STOCK EXCHANGE.
Week Ended Mar. I.
New York Bond Record-Continued-Page 2
Price
Friday,
Mar. 1.
Week's
Range or
Last Sale.
Range
Since
J50. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 1.
IS
t
Price
Friday,
Mar. 1,
Week's
Range or
Last Sale.
8.?“
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High Chic Milw & St P (Concluded)
Bid
Ask Low
Higb
High No. Lois
Railroad
Gen 4;is series E__ _ _May 1989.7 J 927 935 92
8
8
954
92
9318 17
Ala Gt.Sou 1st cons A 5a _ _ _1943 J D 102 104 1023 Jan'29
4
1023 1023
4
4
Debentures 45
714 Feb'28
let cons 4s ser U
1943 J O 93 Sale 93
9318 14
93
94
Chic 511Iw SIP & Pac 5s_ _ _ _1925 F D 92 Sale 914
197 JI A
-9213 293 -9172 14
Mb & S11841 1st guar 3;is__ _1946 AO 8612 903 85
Jan'29
85
4
86
Cony ad) 58
ais
1087 m N
g 3t n_ 2900 A O 773 Sale 77
4
80
77
773 811
AIleg & West 1st g gu
4
_1998 AO
90 Feb'29
90
90
Chic & N'west gen
78 Sale 77
8
Alleg Val gen guar g 48
8018
76
7812
1942 MS 95
1
95
95
95
95
Registered
Q F
7713 Oct'28
Ann Arbor 1st g 4s_ _ _ _July 1995 @ J 73
7412 76 Feb'29
78
76
General 4s
M N
1987 Q F 8912 90 8918
13 - 5T2 9155
Atch Top & S Fe
90
-Gen g 43_1995 AD 9078 Sale 9014
44
91
9014 933
4
Registered
94 Apr'28_.
---Registered
AD
8912 Feb'29
8914 907
8
Stpd 48 non-p Fed in tax '87 58 N 8914 -- 9014 Jan'29
____
Adjustment gold 4s_ _July 1995 Nov 844 85
8 4 9014
-515
8612
85
844 873
8
Gen 431s stpd Fed Inc tax_ 1987M N
10612 Oct'28
Registered
Nov
8812 Jan'28
Gen 5s stpd Fed Inc tax_ _1987 NI N 107 10914 107
694
Stamped
1 1012 1- 107
July 1995
N 8618 Sale 86
860
8 22
Registered
847 887
s
s
MN
113 May'28
Registered
MN
Oct'28
89
Sinking fund 68
1879-1929 A 0 10014
Cony gold 4s of 1909
Jan'29 -- -55- 99
1955 J D 8812 89
---- 99
8914 Jan'29
8818 90
Register 5sed
A 0 ____
Cony 4s of 1905
10014 Oct'28
1955 J D 88 Sale 88
3
91
9012
88
Sinking fund
1879-1929 A 0 9912 _
_ 9918
100
62
Cony g 4s issue of 1910_ _1960 J D
10 -55T2 fo- 90 Feb'29
90
90
Registered
A 0
9814 Nov'28
Rocky Mtn Div 1st 4s_ 1965 J J 88
913 914 Feb'29
4
8
913 92
Sinking fund deb 58
1933 M N 10012 Sale 100
618;
Trans-Con Short L lot 4a_ 1958 J
10013 10 leo- 1'883 92
16
89
90
4
93
89
Registered
M N
Cal-Ariz 1st & ref 4154 A_1962 MS 9712 993 973
4
4
1003 Jan'29 _ _ -- 1003 1004
13
9714 9814
8
98
4
10-year secured g 7s
1930 J D 102 Sale 10055 102
All Knoxv & Nor 1st g 5s._ _1946 J D 98% -- 10314 Jan'29
10 100158 103
10314 10314
15
-year secured g 6;is_ _ _ _ 1936 M S 109 Sale 109
AU & Charl A L 1st 4 As A_ _1944 .1 J 9214 _ _ _ _ 96
109
12 109 1114
Jan'29
96
96
1st ref g 5s
May 2037.7 D 10314 Sale 103
151 30
1037
8 16 103 10518
-year 58 series B..
1944 J J 102 10212 102
5 101 103
102
1st & ref 4 34s
May 2037 J D 9512 9614 9512
9614 21
9514 975
Atlantic City 1st cons 4s... _1951 JJ 85
4
8912 8718 Oct'28
Chic RI & P Railway gen 4s1988 J J 874 Sale 867
8
8712
Atl Coast Line 1st cons 4s July '52 MS 9118 92
3
sn 89
16 "894 - 9118
9114
9iRegistered
.1 J
8814 Dec'28 - - - Registered
51 S
9014 Jan'29
9014 90 4
,
Refunding gold 48
1934 A 0
Sale 94
944 79 -9334 General unified 4354
91"
1964 J D
9612 Feb'29
95
96
977
8
Registered
A 0
923 Jan'29 --4
924 923
4
L & N coil gold 4s_ _ _Oct 1952 MN 8812 9112 90
904 15
863 91
4
Secured 434s series A
9113 Sale 914
9012 954
9212 84
Ati & Day lst g 48
1948 ..1
70
3
70
724 70
70
75
Ch St L iir N 0 Mem Div 4s_1951 J D 85
52
19 M S
85 Feb'29 - -88
2d 45
88
85
1948
Feb'29
647 66
8
66
6712
Gold 5s
June 15 1951 J D 10318
10312 Feb'29 _ - - 10313 105
All & Yad 1st guar 48
1949 A• O 81
827 853 Dec'28
4
8
Registered
.7 D
107 Apr'28 -Austin & N W 1st gu g 5s_ 1941 Ii 9612 1024 100 Jan'29
loo 100
Gold 33.4s
June 15 1951 J D
8412 Jan'27 - Ch St L & P 1st cons g 5s_ __ _1932 A 0 100 102 100
100
Balt & Ohio lat g 4a _ _ _ _July 1948 AO 92 Sale 913
.5 ioo- for
67
92
9093
8
Registered
A 0
1015 June'28 _8
Registered
July 1948 Q J
8912 Feb'29 _ _ _ _
8912 0114 Chic St P NI &0cons 6s_ _1930 J D 10514 fcid7- 1003
8
4
1003
4 18 100" feif
-year cony 430
20
1933 MS 984 Sale 9818
983
98
8 95
99
Cons 6s reduced to 3;is__ _1930 J D 963 _ _ _ _ 9613
4
Registered
9614 97
Jan'29
S
98 June'28 _ - _
Debenture 5a
1930M S 98
984 98 Feb'29 - - -98 101
Refund & gen 55 series A_ _1995 J O 100 Sale 100
10112 108 100 10218
Stamped
M S 98
9814 9918
Registered
9818 994
J D
__
993 Dec'28
4
Chic T II & So East 1st 5s_ _1960 J D 9712 9814 9712 Jan'29 -9813 22
1St gold 58
9713 10012
July 1948 AO 1048 Sale 10418
10412 61 10314 10413
Inc gu 5s
Dec 1 1960 M S 9114 Sale 9018
9214 24
Ref & gen 6s series C
9018 924
1995 J O 109 Sale 1083
4 10918 48 10812 110
Chic Un Sta'n 1st gu 43.4s A..1963 J J 98 Sale 98
PLE&W Va Sys ref 4s_1941
98 10014
99
5
N 93 Sale 93
3
934 II
92 4 94
1st 58 series B
1963 J J 10213 Sale 102
Southw Div 1st 55
10312 16 102 1044
1950 J J 1004 Sale 10012 101
19 10012 10312
Guaranteed g 5a
1944J D 10112 1014 101
7 100 10218
Tol & Cm Div 1st ref 48 A.1959 .1 1 814 8212 Si's
10113
814 8514
szv4 27
Ist guar 634s series C
1963 J .1 11412
115
7 114 1164
Ref & gen 58 series D_ _ _2000 MS 100 Sale 100
1153
8
24 100 102
1013
4
Chic & West Ind gen 6s Dec 1932 0 M
10114 Feb'29
10114 10114
Bangor & Aroostook 1st 58.._1943 J
2 103 105
100 105 105
105
Consol 50-year 45
1952 J .1 8614 8712 8712
Con ref 45
8618 883
1
1951 .1
8713
8
13
8618 Sale 84
8318 8614
8614
1st ref 53.4s series A
1962 51 S 10214 Sale 10214 103
Battle Crk & Star 1st gu 38_ _1989 J O
8
20 1017 105
6812 Feb'28
Choc Okla &
Beech Creek 1st gu e 4s
Feb'29 1936 J J 9412
941 9412
2
9112 CM II & D 2dGulf cons 59_1952 MN 101 102 101 Feb'29 - --- 10038 1014
_ _ 9412
9°1(14 SO
1937.7 J 9412 95
944
Registered
9413 9438
-J ---95 Aug'28
C 1St L& C 1st g 4s_Aug 2 1936 Q F 9412 964 9412
964
2d guar g 58
9412 99 4
2
1936 j j
,
97 June'28
Registered
Aug 2 1936 Q F
9714 Oct'28 - Beech Crk Ext 1st g
_ _1951 AG
80 Feb'29
CM Let. & Nor 1st con gu 4s 1942 51 N 873 91
4
88 Jan'29
Belvidere Del cons gu 330_1943 ▪ j
- -Si- 88
Big Sandy let 48 guar
1944 J D -55" gife- -50-- -- 96
Clearfield 51 Matt let gu Ss .1943.7 J 9812
100 July'28
Bolivia Ry 1st 58
1927• j
Cleve Cin Ch & St L gen 4s_ _1993 J D 8814 91
88 Feb'29 _
-S5- If'
Boston & Maine let 5s A C_ _1967 M
36
-95T2 Sale 9a12
20
-year deb 4;is
1931 1 J 9812 Sale 9813
994
7
977 994
Boston& N Y Air Line 1st 48 1955
8
• A 7912 797 7912
7912
7013 8112
1
8
General bs series B
1993.7 D
112 Jan'29 ---- 112 112
Bruns & West 1st gu g 4.3_1938 ▪ j 9512 96
3
9418 9513
9512
9512
Ref & !mot Os scrles A__ _1929 J .1 997 10018 100
8
100
99 1017
Buff Roch & Pitts gen g 5s_ _1937 MS 10012
7
8
1017 10012 Dec'28
Ref & impt 68 scr C
8
1941.7 J 10413
105
Consol 4348
Jan'29 __ -- 104 105
1957 MN 92
- 2
92 7
8 37 -1101.
923 92
Ref & !rapt 55 sec D
1963 J J 10134 Sale 101
Burl C P.& Nor 1st & coll 58 1934 AD 100 102 4 100
3
1013.1
9 100 4 103
4
2 100 102
100
Cairo Div 1st gold 4s..,1939i J 9312 _
_ 9312 Feb'29 _ - 9312 9318
CM W & NI Div 1st g 48-1991 J i 83
85
83
83
Canada Sou cons gu 5s A_ _ _ _1962 AD 10312 Sale 10312 10312
91
83
3
4 1033 1063
8
4
St L Div 1st coll tr g g 4/ -1990 MN 874
3
Canadian Nat 43.48_Sept 15 1954 58 S 9418
855
8
854 884
873
8
8
9434 20
9418 963
9514 9418
4
Stw & Col Div lst g 4s_ _ _ _1940,M 5 924 95 9218 Dec'28
5
-year gold 434s__Feb 15 1930 FA 993
-43
993
984 9934
8 993
4
8 99%
W WVal Div 1st g 4s
19404 .1 9112
90
30-year gold 4348
Oct'28
1957 J
954 72
94
953 Sale 9518
96
8
Ref & inapt 43.4s ser E
1977 J J 96 Sale 96
9612 31 -9V2 98
Canadian North deb s f 7e_ _1940 J O 11114 Sale 11084
1113
8 16 1104 113
CCC&Igenconsg6s
1934.7 J 1044
25-years f deb 634s
1946.7' 11412 1153 1147
14 11418 11638 Clev Lor & IV con 1st g 5.s_ _ _1933 A 0 9912 10112 104 Feb'29 __ -- 104 104
8 116
4
100 Feb'29 __ -- 100 10118
10-yr gold 4 S4a_ ___Feb 15 1935 FA
973 99
8
Cleve & Mahon Val g 5s_ _ 1938 J J
9712 980 9814
8
984 35
Canadian Pac Ry 4% deb stock .1
100
_
67
85
833 86
8
Cl & Mar 1st gu g 41.0_ _ _ _1935 MN -56- 167- 964 Oct'28 _
8412 Sale 84
2
9614
Col tr 4;is
4
1946 51 S 9618 Sale 96
9738 50
96
99
Cleve & P gen gu 4;is ser 13_1942 A 0 983 101 1003
8
4 Mar'28
Carb & Shaw 1st gold 48__J932 MS
9818 Nov'28 Series A 4 Ms
1942.7 J 9838 ____
983
8
3
Caro Cent 1st eons g 48
1949• j -_-_-_-.. 80
"go"
80 Jan'29 _
Series C 3;is _
1948 M N
91
Caro Clinch &0 1st 30-yr 58_1938 J D 101i10112 1007
Oct'28 _6 loo 10112
10112
8
Series D 3348
1950 F A
893 Jan'29
4
let & con g 6s sec A_Dec 15'62 J O 10734 10812 10814
8 52 107 1083 Cleve Shor Line 1st gu 4;0_1961 A 0 95
1083
8
9812 98,
98
984 10
4
Cart de Ad 1st gu g 4s
1981 J O 8612 _ _ _ _ 873 Feb'29 _ _ _
994
873 873 Cleve Union Term 151 5345_ _1972 A 0 1063 107 1064
4
4
4
8
1063
Cent Branch U 1' 1st g 48-1948 J D 85
8
8 10512 109
8412 8412
8614 8412 Jan'29
Registered
A0
107
Oct'28
Central of Ga 1st ga_Nov 1945 FA 102 10612 105 Dec'28 _
1st s f 5s ser B
1973 A 0 10434 11561- 105
- 2
1054
13 10414 1Consol gold 58
611;
1945 MN 102 103 102
2 100 foi
102
1st s f guar 4;is tier C
1977 A 0 9812 Sale 98
9812
7
98 101
Registered
MN
Jan'29
100 100
100
-year secured 65_ _June 1929 J D 994 100
10
99%
997
8
2
997 10018 Coal River Ry 1st gu 413
8
1945.7 D
-_-- 90 Jan'29
90
Ref & gen 54s series 13_ _1959 AO 102 10413 043 Feb'29
9018
_ _ 103s 10512 Colorado & South 1st g 4s.._ _1929 F A ---4
8
-- 997 Jan'29
9912 997
s
Ref & gen .55 series C
1959 AO 10012 103
Refunding & exten 4Sis_ _ _1935 MN 9613 Sale 964
0012 10112 25 16012 10112
9678 10
9512 9718
Chatt Div our money g 45_1951 J D
87
Col & H V 1st ext g 4s
87 87
2
87
1948A 0 8912
91
Jan'29
904 91
Mac & Nor Div 1st g 5,8-1946 J J
Jan'29
Col & Tol 1st ext 4s
101 101
01
107
1955 F A 9112
9218 Nov'28 _
Mid Ga & All div pur m 581947 J J 100 103
Conn & Paasum Riv 1st 4s_ _1943 A 0
0318 Apr'28
90 May'28
Mobile Div 1st g 58
1946 J J
Consol Ry deb 45
05 Dec'28 _
1930 F A 9 4
53
4
- 953 Nov'28
Cent New Eng 1st gu 4s._1961 J J -7914 823 823
824 12
Non-cony 45
4
823 84
4
4
1954.7 .1 7114 ____ 71
71
71
1
75
Central Ohio reorg 1st43is_1930 AI
9712
9712
3
Non-cony deb 4s... _J&J 1955.7 J
9714 99
98
99
72
Jan'29
72
Cent RR & 1.18g of Ga coil So 1937
72
N 98
Non-cony deb 4s_ .._ _A&O 1955 A 0
1
9712 9914
98
9913 98
76 Nov'28
Central of NJ gen gold 55-.1987 J J 10812 110
Non-cony debenture 45_ _1956 1 J
8 10914 11118
10912
0914
834 73 Jan'29
_ -75
Registered
75
1987 Q J
109 1093 Cuba Nor Ry 1st 534s
8
09 Jan'29
1942.7 D 85 Sale 85
867
85
50
General 4s
9314
1987 J J 883 911 89
Cuba RR 1st 50-year Is g_ _ _1952 .1 .1 9238 Sale 93%
89
7
89
89
4
94
36
92
Cent Pac 1st ref gu g 4s
96
1949
• A 91 Sale 903
9112 44
8
1st ref 7;is series A
903 9112
8
1930.7 D 101 10212 102
10214
Registered
3 1004 ma
FA
1st lien & ref Os sec B _ _ _1936 J D 9113 913
4 9113
88 Sept'28 _ _ _
9112
3
Mtge guar gold 334s_Aug1929 J D 9918
9112 98
-99 Feb'29 _ _ _ _ -515 19
Through Short L 1st gu 48_1954 AD 91
9034 9134 Day & Mich 1st cons 4;is_ _1931 J .1 9634 9734 974 9734 2 9734
91
1
9212 91
Guaranteed g 58
1960 P A 102 Sale 10112 102
973
4
Del & Hudson 1st & ref 4s....1943 M N 9212 Sale
71 10112 103
913
4
9212 15
9134 9418
30
-year cony 58
1935 A 0 98 100
98
98
1
Charleston & Sayn'h 1st 7s__1936 J J 11318
97 10418
15
_ _ 10234 1027
-year 54s
1183 Aug'28 _ _ _ _
8
1937 M N
8 103
9 1027 105
Claes& Ohio 1st con g 58_ _ _ _1939 M N 10212 Sale 10212 10212
8
10
-year secured 7s
6 10212
1930 J D 102 Sale 1017
8 10214 15 10014 10314
Registered
1939 M N
D RR & Bldge 1st gu g 4s_ _ _1936 F
__
10214 Dec'28
9614
General gold 434s
1992 M S 9518 9614 9512
6614 Den & R G 1st eons g 4s_ _ 1936 J A -i5i2 Sale 8913 Aug'28 25 8912
953
4 24 -6512 1J
go
Registered
M S
9255
9518 9518
Consol gold 43.0
9518 Feb'29 _
1936.7 J 9112 Sale 9113
93
20-year cony 4.1ia
11
9418
91
1930 F A 99 Sale 99
99
997 Den & RU West gen 5s_Aug 1955 MN 963 Sale 964
993 101
8
8
4
974 116
Ref & impt 434s ser A_1993 A 0
93
98
95
95
Ref Jr !rapt 58 ser li Apr 1978 51 N 9014 Sale 90
95
95
57
9012 31
Craig Valley 1st 58_.May 1 '40 J J 100
90
931
4
993 10012 De8 Al 414 Ft D lstgu 4s
4
10012 Feb'29
3512 39
36 Feb'29
Potts Creek Branch 1st 4s1946 J J 85
33
40
4
- - - 903 Sept'28 _ _ _ _
89
Temporary ctts of deposit _______ i j 28
4
__
30
30
30
R & A Div 1st con g 411_ _ _1989 .1 J 86
2
2914 36
1.
.
3
- DesPlaines Val 1st gen 4;0_1947 I - t 9313 99
4
90
863 Feb'29 _ _ _ . 0 - 16
4
923 Feb'29
8
2d consol gold 4s
1989.7 J ____ 897 83 Jan'29
924 923
8
82 8 83
7
Det & Mac 1st lien g 43
_
8
1995.7 D 75
79
76 Feb'29
Warta Springs V lat g 5s_ _1941 M S
70
7614
Gold 4s
100
Jan'29
_ _ 100 100
7912 75
1995 J D 75
Champ Corp cony 55 May 15 1947 M N 993 Sale
75
75
99 10013 Detroit River Tunnel 4 yis...1961 M N 984 994 9813 Feb'29
4
8
9914
997 146
9812
Chic & Alton RR ref g 3s_ _ _1949 A 0 69
2
98 10014
69
704 Dul Miasabe & Nor gen 58_1941 J J 10314 -694 69
6912 14
- 10312 Aug'28
Ctf dep stpd Oct 1928 Int
69
68
69
Dul&lronitange 1st 5s
68
5
r
1937 A 0 10118 ---- 101
Railway first lien 33.48_ _ _.J9502J 69 Sale 68
Jan'29
16014 101
71
68
68
69
20
Registered
A 0
10012
Certificates of deposit.......... 673 69 69
Dul Sou Shore & Atl g 58_ _ _ _1937 J J 75 163- 8112 May'28
71
08
4
Jan'29 _ _
2
Jan'29
Chic Burl& Q-III DP/ 3345_1949
8012 8118
East Ry Minn Nor Div 1st 48 '48 A 0 9312 94
85 Sale 85
84% 80
85
6
93,
Registered
9312 20
j .1
9312 94
East T Va & G a Div g ba__ _1930 J .1 ---- 897 99 2
8512 Dec'28
8
Illinois Division 48
Feb'29
1949 J -1 9213 94
9912
99
923
-904 94 8
Cons 1st gold 5s
923
8
103 1053 105 Feb'29
4
General 45
1958 M S 903 Sale 903
10418 105
4
4
4
903
903 9312 Elgin Joliet & East 1st g 5s_ _1941 MN 100 10212 10012
4
2
56
19 M N
Registered
Feb'29
10012 10312
M S
El Paso & S W 1st 5a
9314 Sept'28 _ _ _ _
1965A 0 10012 10412 10213 10212 23 1023 1054
1st& ref 4SisserB
1977 F A 97 Sale 97
8
9913
98
97
27
1971 F A 103 10312 103
1st & ref 544 series A
Erie 1st consul gold 7s ext. _1930 51 5 10214 Sale 102
10312 17 103 105
1023
8
Chicago & East Ill 1st 63_ _ _ _1934 A 0 103
8 10113 104
__ _ _ 106 Feb'29 _ _ _ _
105 106
1st cons g 45 prior
1996 J J 844 Bale 8414
8412 20
84
s
857
C & E III Ry (tam co) con 514_1951 MN 83 Sale 8218
81
8314 94
854
RegIstered
1996 J .1
86
Jan'28
1982 MN 1013 104 102
Chic & Erie 1st gold 5s
8
102
5 102 106
latconsoIrgen lien g 4s_ _ _1996 J J 7713 Sale 764
g gd
7713 27
7618 161Chicago Great West 1st 4a 1959 58 S 6714 Sale 663
2
4
664 697
68
81
8
Registered
1996 J .1
723
4
723
4
724 724
Chic Ind & Loulsv-Ref65_ _1947 J J 112
11012 11012
Penn coil trust gold 4s_ _ _ _1951 F A
6 11013 1133
4
16;- 10118 10118 20 1004 1014
1947 J .1 10014 101 10114 Feb'29 _ _
3
Refunding gold 55
12
100 10312
50
-year cony 4s series A
807 81
8
1953 A 0 79
Feb'29 _
_1947 J J 88
81
8413
Refunding 4s Series C._
92 Jan'29 _ _
112
92
Series B
1953 A 0 .___ 8238 82 Feb'29
84
1966 M N 96 -99:5- 96 Feb'29
82
1st & gen 5s ser A
2
95 10314
Gen cony 4s series D
1953 A 0
8412 Dec'28
1st & gen Os ser B.._.May 1966 J J 106 Sale 106
106
1 106 10812
Ref & impt 5.1
9314 Sale 9234
9314 10 2
9414 155
-1-year 4s_ _ _1956 .1 J 8812 9214 944
Chic Ind cic Sou 60
943
8
2 874 943
8
Erie &Jersey 1st s I Els_ _ _1995 JJ 10718 109 1073 Feb'29
197IVI N
6
8
10738 11012
_ _ 9918 Oct'28
ChM L S & East 1st 43.is_ _ _ 1969 .1 D 04
__
Genessee Sliver 1st s f .58_1957 J .1 10718 108 10718 Feb'29
19718 1114
Chhl & St P gen g 45 A_May 1989 J J 834 Sale 83
- 8
8314
4
14 -f351- 16 8 Erie & Pitts gu g 33.4s ser 11.1940 J .1 8818 _ _ _ 102 Feb'28
-3Registered
Q J
823 Dec'28
8
Series C 33.54
1940 J .1 8818 91
8818 Jan'29
8
-881- ifil;
Gen g 3;is ser 13 ____ May 1989 J J 7212 723 7312 Feb'29
8
7312 75
Est RR.can s f 78
1954 51 N 104 Sale 104
1043
8 54 1034 105
9412
Gen 43.48 series C___May 1989 J J 9412 Sale 9412
9418 953
4
Registered
100 May'28
1367
New York Bond Record-Continued-Page 3
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 1.
t
Price
Friday,
Mar. 1.
Week's
Range or
Last Sale
•1
Range
Since
Jan's'
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 1.
j
E•ej
Price
Friday,
Mar. 1.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
High
Ask Low
High No, Low
Bid
High
High No. Low
Louisville & Nashv (Concluded)Oct'28
4
10212 23 101 103
4
-65- /9-1-4
10-year sec 7s_ _ May 15 1930 M N 1013 Sale 1013
Jan'29
6 10412 10748
105%
4
9312
-is
93
1st refund 53 series A.2003 A 0 105 10512 10512
93
A
S
75 802003 0 10312 Sale 10312 103% 15 10212 1057
1st & ref 55 series B
783
4 96
971 4 99
9812 Feb'29
2003 A 0 9714 98
2512 50
1st & ref 430 series C
3
3738
9934 10034
8
1930 .1 J 10012 ____ 997 Feb'29 -_-_
94 94
N 0& SI 1st gold 65
Jan'29
10014 10014
1030J J 10018 __ _ _ 10014 Jan'29 ____
2d gold 6s
Dec'28
9214 Dec'28
9114
Paducah & Mem Div 4s 1946 F A
8
103541-637Feb'29
6712 12 -65- - 1
61
;
994 100
St Louis Div 2d gold 3s _ _1980 M S 65 Sale: 65
Feb'29
100 Sept'28
9914 100
1
Slob & Montg let g 440_1945 M S 981s
100
88 89 2
-188 ---6
Si 88
9812 9912
4
South Ry joint 510300 48_1952 .1 1 8612 9912
9112 92
6
91%
91%
6
Atl Knory A Cin Div 4s_ _1955 NI N 91% 92
86
85
86
9812
9812 9911
1
8
3
Loulsv Cin & Lox Div g 4 Sis'31 NI N 985 9912 9812
8
967 083
4
9718
100 100
100 Feb'29
1934 J J 10012
74% 75
Mahon Coal RR let 55
_
Jan'29
7412
74
6
7414
(South Lines)48_193g M N 74 Sale 74
97
96
Manila RR
Jan'29
747 77
77
Feb'29 --__
80
1 11118 113
1st ext 48
111%
4
98% 99%
3
94 J N
38 1047 106
Manitoba SW Colonira'n 55 1959 M D looT2 ____ 993 Feb'29
106
Oct'28
89 88 July'28
Man GB & NW 1st 3 tis_ _1941 J J 88
-1i
-65i2 19 2
t
_1:2 99 2 J iy 2229
3 4 6 190028 4 JNAat.:2888
8
11014 Sale 11014 1107 118 11014 1125s Mich Cent Det& Bay City 5s_'31 IVI S 993
Great Nor gen is series A_ _1936 .1
_
Q NI
Registered
_ 114 Apr'28
Registered
J
1940 .1 J
Mich Alr Line Is
9314 98
9412 11
94
4
953 94
1st & ref 41is series A____1961 J
Registered
10 106 10934
107
10812 107 107
General 514s series B____1952
)
-g( E8
5
A o
1952 M N -814 85 80 8 Jan'29
1st gold 3SO
9 101 104
1973 1
10112 Sale 101
10118
General 5s series C
8
993 993
4
, ocb: 9
9
8
1929 A 0 995 9_9_34 0912 Fe t 228
9314 9714
20-year debenture 48
1976 J
8 34
9314 Sale 9314
937
General 43 series D
-Is
Registered
93
8
973
94
2
94
9358 94
1977 J
General 43 series E
-is
4
4
1940 A 0 _92_1_8 963- 963 Feb'29
Mid of N J 1st ext 521
85
Oct'28
Green Bay & West deb ars A____ Feb
9912 99%
9912 Jan'29
Feb 2312 25
25
3 - i- 264 5111w L S & West(mpg 58_ _1929 F A
25
Debentures etis B
98
96
96 Feb'29
97
(1880) 1934 .1 D 941 Mil& Nor 1st ext 4;0
Greenbrier Ry 1st gu 48____1940 51 N 93 -- 9312 Dec'28
%
94
94
9512 94
jai- 16iCons ext 4}is (18841_ _1934 J D 94
& Nor 1st 53is___1980 A 0 993 104% 106
4
Gulf Mob
Jan'29
91
92
A Db 8
0 Fe r 2
93 91
:9
49..1947 M 8 91
1950 A 0 ____ 100% 102 Dec'28
Mil Spar & N W 1st gu
1st NI 58 series C
jai- 1-61- Milw & State Line 1st 33-18_1941 J
108
__
J 106
Gulf & S I 1st ref & ter g 59.91952
Jan'29
52%
10
21. -Ea- 55's
53
94
501 53
9714 99
Minn & St Louis let cons 58_1934 SIN
Hocking Val 1st cons g 4 As.1999
973 Sale 973
9814 24
4
4
49
49
5314
49 Feb'29 - _
9Temp ctfs of deposit_ __1934 MN 4814 52
10212 May'28
Reghitered
199
1911 35
26 Sale 26
2612 35
4
73 -661;
lst & refunding gold 4s___1949 M
973 Feb'29
4
Housatonic Ry cons g 5s_._1937 M N 972 98
8
155 213
A__1062 Q F
Ref & ext 50-yr 5s ser
H & T C 1st g 5s lot guar
1937
10214 - - - - 102 Dec'28
1634 19 188 le
16
1
6Jan'29
jai- f(ii1930 MN 10014 102 102
Certificates of deposit---------Waco & NW div lot 6s
Jan'29
16
4
883
6814 8914
9612 88
9412 g;1i; 9614
3
984 99 4 SIStP&SSNIcong4sintgu'38
5
Houston Belt & Term 1st 58_193 J J 9912 10112 983
4
99
4
933 99
J J
1938
9812 9812
1st cons 58
9812 Jan'29
_
Houston E & W Tex let g 5o1933 M N 97%
96% 9912
..1938 J .1
1st co 58 gu as to lot.
cons
4
44 8
93 9
9714 10218
1933 M N 9812 99
let guar 5s red
9812
9714
9714 101
1931 SI S
10-year coil trust 6 As
69
Bud & Manhat 1st 58 ser A..1957 F A 955 Sale 943
4
8
96
908
9
9 1 909
92
9'
995 8 12
9912 102
1946 J J 99912 SSaalle82 98912 Feb6 9 --85
-9
53-487
1st & ref Os series A
4
843
9
AdjustmentIncome 5s Feb 1957 A 0 80 Sale 79
3
80 4 16
95
4
92
94 Sale 933
25-year
9312 9312
9312 Jan'29 -- -1 M S
19 M N 9314
94
93
94 Feb'29 _ --1st Chicago Terms f 4s...19
9514
Illinois Central 1st gold 4s.._195
91
1
93
1
9812
9952
1949 J 1 9812_ 9812
Mississippi Central let 5s
95 May'28 -- -Registered
84
9
8512
8534
lMo Kan & Tex 1st gold 48 1990 1 D 18414 gile 84912
837 -_-_-_-_ 853 Jan'29 __ __ -giis
lst gold 3;is
s
10012 22
98s 102
Mo-K-T RR pr lien 58 ser A_1962 J .1 0012 Sale 9
84 Nov'28 - - -Registered
6
8512
8611
83
1062 1 J 83 Sale 83
40-year 48 series B
Extended 1st gold 3;0_195 A 0 834 - 14 8612 June'28 - --.
66
3
90 4 9413
1978 J J 8914 917 92 Feb'29 -Prior Hen 410 ser D
84 Sept'28 -let gold 3e sterling
195 M S 73%
47 102 105
4
864 933
4
Cuul adjust 58 ser A_Jan 1967 A 0 1043 Sale 10412 105
4
4
863
1952 A 0 8718 8v 8634
2
Collateral trust gold 4s
20
98
9614 10134
59 ser A_ 1985 F A 9614 Sale 9614
51 N
Mo Pac 1st & ref
87
Oct'28
Registered
75
128
34 77
73
1975 M S 7412 Sale 7412
General Is
:
-7105551 N -511 62
. .
8 :9:5:2 itii2
9112
de- 91is
late efunding 4s
8 129
97
9612 Sale 9612
99
96
83
89
1st & ref 5s series F
4
833 83 4
833 Jan'29
3
4
1952 .1
Purchased lines 35is
2
9Ih 91.7s
917
7
9 7 AI S
1938 M N 91 1 9134 917
Mo Pac 3d 7s ext at 4% July
87 Nov'28 - - - Registered
963
9612 Sale 9834
32
96
9834
s 8:75 8
4 0
6
1st & ref g 55 ser G
8822 -6
. 85% 91
Collateral trust gold 4s__1953 SI N -iiii - - 0 14 may 18 _2
948 M J
51 N
iiii
Mob & Bir prior lien g 58_ _21975 J N 9814 101 103 Attg'28 - Registered
5 -Fla- 16i99
99
J J 98 100
1955 M N 10412 166 - 105 Feb'29
Refunding 58
10554
90
90 Feb'29 - -83% 90
1945J J 89
SM ilold 4s
lst mag
1 110 11138
1113
I5
10912 11114 1113
-year secured 6;is g_ __ _1936 .1
s
8612 86
2
86
88
8612
4
973 10012
Small
40
1 1966 F A 983 Sale 98
-year 4I4s
4
4
983 146
i
9212 93
06
935
Mobile & Ohio gen gold 43_ _1948 .15 1 S
86
86
Cairo Sridge gold 4sAug 1950.7 D 8511 9412 86 Feb'29 -8
75: 777 7818 June'28 ---8
Montgomery Div 1st g 58_1947 F A
Litchfield Div 1st gold 38_195
2
8
9999311:8
197i8 Nan:21
9392 42 Feli1
97 8
j v*2
:
-62r2 - 7
__
8212
Ref & inapt 410
_ __ _ -iiTs Ifs;
Loulsv Div de Term g 33 1953.7
81
-is
8518 88
85% Feb'29 -1977 1\1
N1o6 & l a st g
2, 0ht cSletrglu 68u gold 4s.1991 51 S 8314 84
7512
Omaha
Omaha Div let gold 3s_ __195 F A 7418 - - 7712 Nov'28 _ __ _
_
1937 J .1 106 10912 106 Feb'29 -- 108 108
St Louis Div & Term g 38_195 .
7414
1
8
763 Oct'28 _ _ _ 10054 Feb'29 ---- 1003 101
10034
4
8212
195 J
Gold 33.4s
1st guar gold Ss
8234
8212 1612
8212
5
77 go% 777 Feb'29 --- 8
777 8012
0
193 J .1
878834
Registered
Morris & Essex 1st gu 3Si9- _2007 -1 0
______
Springfield Div 1st j 33.65.195 J
80
Dec'28
90
2
91)
8912 9132
7
Western Lines 1st g 4s_195 F A 894 - 2 9014 Jan'29 --- - -9
0
9 1.0Ts - - - 4 Nash Chatt & St L 4s ser A_I978 F A
601101% Dec'28
F T
IC A
1937 J A
92 Apr'28 __-_
Registered
N Fla AS 1st gu g 5s
18 July'28
III Cent and Chic St LA N 0
Nat Ry of Slex or lien 4;0.1957 J J
-4
183 July'28
Joint let ref 5s series A_ _1963 .7 D 101% Sale 1013
July 1914 coupon on
4 10212 24 10112 10514
12% Feb'29
-17T2
1st & ref 43.s series C____1963 J
4
9434 953 95
9572 15
Assent cash war rct No 4 on
94% 96
8712 Aug'27
-0
1977 ;%. -year s f 45
Guar 70
6
15l
1514
1514
1558
Ind Bloom & West 1st ext 4s 2 2 J 0
4
6 A
war rct No Son -91 Nov'28
Assent cash
_
3812 July'27
Ind III & Iowa let g 4s
92 4
9214 Feb'29
-ii" - 1- Nat RR Mex pr lien 4jis Oct'26 3 i
2 To19
19
_
Ind & Louisville 1st gu 4s
1956
t c48
noI a2h war ret No 4 on
8814
8814
c
Asms
---- 8812 8814 Feb'29
22 Apr'28
Ind Union Ry gen 55 ser A 1965 J J 103
103 Feb'29
1st
103 10812
4 --a12 111*
4
93
4
93
1 on A 0
Gen & ref 58 series 11
1965
Assent cash war rct No 4951_ _ 103
J 103
2 103 103
103
86
Oct'28
48 - - - -1954 li S7
Int& Grt Nor lst 6s ser A _1952
Naugatuck RR 1st g
10612 16 103 106
10612 Sale 10534
98
-ai- 98
98
- . . 99
J 98i8 Adjustment Os ser A July 1952 -- 9412 Sale 92
06
9 4 6
: 965
302 _6 5_ _9_ ..8 New England RR Cons 58 1945 J .1
9
8614
8638
88'a 86%
,
86 4 87
1945 J
Stamped
Consol guar 48
7712 Feb'28
8818 Nov'28
_
1986 F A 88
let 5s series B
NJJuric ItR guar 1st 4s
1956
661; 963
2
-9638
8
10
95
95
95
95
1st g 58 series C
1956
9512 N 0& NE 1st ref &Imp 434sA'52 J J 887 Sale 88%
94
---- 94% 95 Feb'29
4
883 91
8 Sale
8 10
887
lot Rya Cent Amer 1st Ss__ _1972 M N 8014 81
New Orleans 'Perm 1st 45_ _1953 .1 .1
7912 82
8018
8114 18
100 Feb'29
9812 100
1st coll tr 6% notes
1941 MN 93
9318 9412 NO Texas & Max n-c Inc 59.1935 A 0 -531 10018 9814
5
9412 94
94
9912 11
9814 10012
4 Sale
954 A A
1966 F O
1st lien & ref 6144
1st 55 series B
1947 F A 96 Salo 963
8
985
4
98
42
97
%
9912 104) 10012 Feb'29
100 101
Iowa Central 1st gold 58__ _.1938 J D 40
1st 55 series C
40
51
Feb'29
49% 49
31
95
93ss 96
1958 F A 94 Sale 94
1st 4SO series D
48% 5112
5112 Feb'29
Certificates of deposit
40
50
A O
1944 5 is
ms 1956ji 10214 Sale 10218 10214 2(1 10212 10512
A
1412 20
1st i series
Refunding gold 4s
1951
1412 Sale 1412
1712 67
11
9412 Sale 9412
9412 95
95
James Frank & Clear lot 49.1959 .1 D 87
8
877 8912 N ..4 C 'Age gen guar 4
88 Jan'29
88
983 Dec'28
4
98
Kan A & G It let gu g 5s___ _1938 J J 100
9914 10018 N Y 11 & SIB lst con g 58_1935 A 0 97
100 Feb'29
38 jai- 108 105
4
K&fl&M lst gu g 48
CentterR
8414 8412 N YRegis R edcony deb 68._1935 M N 1033 Sale 103
8412 Feb'29
1990 A 0 8412 86
107 Apr'28
M N
8 16
895
1998 F A 8812 16- 8812
KCFtS& Si Ry set g 4s_ _1936 A 0 9112 9212 9114
48 series A
9114 93
Consol
9212 41
10018 37
6
99
2
7
9 ,4 7912
Ref &(mot 4;is series A 2013 A 0 99 Sale 99
__
HC&MR&Bletgu 5si929 A 0 983 9914 9914 Jan'29
4
8 52
1063
0 A 0 106% Sale 106
Kan City Sou let gold 3s .A950 A 0 724 Sale 7214
Ref & Impt 5s series C
72% 19
106 Mar'28
A0
Ref & Irnpt 58
8 41
987
9814 9934
Registered
Apr 1950.7 J 98% Sale 9814
Kansas City Term 1st 48_1960
87
8 22
893
4
4
873 Sale 873
9012
18
80
7918 824
1997 .1 J 80 Sale 7914
Kentucky Central gold 4s_ .1087.7
9078 N Y Cent A Hud Rlv Li
86
89 Feb'29
09
96
8812 90
7712 78%
7712 Feb'29
80
1907.7 .1 77
Kentucky & Ind*Term 43.69.1961 J J
95
Jan'29 _ _
Registered
23
9612
1
97
1
95 4 97 4
Ai N
1934 M N 9612 97
Stamped
1961 J J 87
Debenture gold 48
90 9212 Oct'28 _
95
96
Jan'29
95
Plain
95- -9-5-95
1961 J J
Jan'29 _ _ _ _
ItegLstered
1
921
9114 94
8
5 9412 9212
12
Lake Erie& West 1st g 5s
1942 1 J
/3
1037 .1 J 100 101 101
Feb'29
_ 100% 101
30-year debenture 4
7634 804
4
2d gold 5s
783 79% 78 Feb'29
J 98 10312 100
1
gold 3;0_1998 F A
99 100
1941
Lake
100
78 Nov'28
Lake Sh & Mich So g 3iis 1997 J
1998 F A
1
7812
7812 8112
7812 7912 7812
iTs 79
787
7714 - 8
Registered
8112 July'28 ___
1997
Mich Cent coil gold 33-49_1998 F A 75%.- 78% Feb'29
D
1
78
78 Sale 78
7614 78
25-year gold 45
4
129 -iii, 18198
-4
1931 M N 973 Sale 9714
Registered
3
94
96
94
Registered
M N
_
4
993 Apr'28
N Y Chic & St L 1st g 4
s-1993578 F O 94 Sale 94
A A
9612 Feb'28
Leh Val Harbor Term gu 53_1954 F A 0222 167 2 102
1937 A 0
10212 11 iali" fiSi- .1Registered
4
97% 50
96'g 98
Leh Val N Y let gu g 4;is1940 1 1
8
987 993
1931 M N 9713 973 9712
_
4
25-year debenture 48
98% 087 Feb'29
10218 62 10012 10212
Lehigh Val(Fa) cons g 4s___2003 M N 8414 8412 84%
9
85
84% 8814
1931 M N 102 Sale 101%
2d 6s series A B C
10612 20 1053 1074
4
M N
Registered
86
88
_
Jan'29
81
Refunding 5 Iis series A _ _1974 A 0 10612 Sale 106
general cons 4 he
10612 17 108 107
N 9412 96% 9412
12
95
9412 100
2003
.
Refunding 5 Sis series B _1975 .1 J 10612 Sale 10614
8
9414 9512
4
943
Registered
4 42
MN
99 Nov'28 _
1978 M S 943 Sale 943
Ref 4 S214 series C
-1
9724 9714
9714
9418 9714
NY Connect let gu 43is A _1953 F A 95
103 10212 Feb'29
Lehi Valley RR gen 5s series 2003 M N 10318 1033 10318
10338 IS 10318 1074
100 10212
1st guar 55 series 13
8
_ 90
Feb'29
90
10312 Feb'29
Leh V Term Ry 1st gU g 58__1941 A o 10312
M A
90
10312 10312 N Y & Erie 1st ext gold 4s 19 3 P N -5a57
94
hi Registered
9912 Nov'28
A 0
1037 Feb'28
16
6.
8
iöc 1:0 .8
__ _
; 3d ext gold 4;is
1933 M S 99
LabAN Y lst guar gold 48_1945 51 S ---- 89% 90
Feb'29
Oct'28
-ai- 99
1930 A 0 air2
4th ext gold 55
9434 Feb'29
98
03
Lex & East 1st 50-yr 58 gu _1965 A 0 106 10712 106 Feb'29
NY & Greenw L gu g 58_1946 MN
8812 Dec'28
Jan'29
-- 83
83
Little Miami gen 4s series A.1962 NI N
83
. 04 2
i.oii2 1_ ._1_ NY & Harlem gold 3}is_ _2000 MN
851a Apr'28
Long Dock consol g 65
1935 A 0 10423 16K- 10412 Jan'29
M N 7518
Registered
10018
10018
Long Isid 1st con gold 5sJuly1931 Q J 995 101
97
99% Feb'29
9938 10
114 N Y Lack & W Ist & ref gu 58 73 M N 10138
00
10034 100's
8
10018 Feb'29
100 Feb'29
10018 1001s
1st consol gold 49_ _July 1931 Q J 9412 _ _
1st & ref gu 4349 con
104
Feb'28
4
003 Feb'29
General gold 4s
3
0
90 4 93
993 MN
1938.7
1 73 M S
9014 08
N Y L E & W 1st 7s ext
10012
7 iao- 1001,
9912 Dec'28
1932 F A 100 10012 100%
Gold 48
-i6
_
._
. 9 , N Y & Jersey 1st 5s
0.
,..
90 Nov'28
6
1
Unified gold 4s
8914
8914 Sale 8914
11)
NY & NE Bost Term 4s_ 1939 A 0
98 100
86 Dec'28
98 Feb'29
99
Debenture gold 55
98
NYNII& 11 n-e deb 4s _ _1947 M S - -- 85
1
757 7754
4
4
773
8
967
5
4
97
90
96
-year p m deb 58
98
9134
97
30
3 96
Is
Non-cony debenture 3;48_1947 M S 7314 773 773
2
73
9018 10
75
9114 90
72
Guar 811111st con gu 58 Oct'32 M S 90
Non-cony debenture 330_1954 A 0 72 sale 72
8
5
8
793
79%
Jan'29
100 100
79% 8418
0978 100
Nor Sh U let con gu 5s_ Oct'32 Q J 99
Non-cony debenture 45__ _1955 J J 785 80
4
4
80
9412 89
10
89
%
89
90
791 844
Loul& Jeff ridge Co gd g 48_1945 M S 89
Non-conv debenture 45_ _1958 M N 783 8018 79%
1
7314
193
10214 102%
7314 75
Louisville & Nashville 58_1937 M N 1014 10212 10212 Jan'29
63 J 7114 7414 734
Cony debenture 33-0
9514
8
1948 J J 12212 Sale 12112 12212 58 Ilya 125
93
1940.7 J 94% Sale 947
Unified gold 4s
3
95 4
Cony debenture 65
2 115 119
J J 119 Sale 11712 119
9312 Dec'28
J J
Registered
Registered
10312 Sale 10312 104% 83 10312 10512
1940
3 100 1-665-8
100
Collateral trust gold 5s___1031 MN 150 Sale 100
Collateral trust 6s
75
78
Feb'29
1957 M N 75
7812
72
Debenture 43
89% 66
,
87 2 9212
1st & ref 43 ser of 1927_1967 .7 D 8712 Sale 8712
-is
9012 Feb'29
90
8912 9012
Harlem RA Pt Chee 1st 4s 1954 M N 89
Ask Low
Bid
99
Fla Cent & Pen 1st ext g Ss__1930 J J
1943 . 9512 98% 99
1
let consol gold 55
4
8
Florida East Coast let 4,568_1959 J D 923 963 93
4
1974 M S 783 Sale 753
4
let & ref 55 series A
8
373
Fonda Johns & Glov 1st 43.6s 1952 MN 3734 38
94
J 94
1941
97
St U D Ce 1st g 4Iis
Fort
1961 J D 10714 -- 107
Ft W & Den C lat g 53.4s
4
Frem Elk & Mo Val 1st 6s 1933 A 0 10312 10412 1033
5s__1931 MN ____ 100 100
&P 1st
GH&SA
_ 100
1931 J J 9878
2d extens 5s guar
Galv bus & 'lend 1st 5s_ 1933 A 0 9712 9912 9812
85
Ga & Ala Ry lot cons 55 Oct 1945.7 J 8514 89
93
983 97
4
Oa Caro & Nor 1st gag 5s1929 J
8
743
1940 A 0 74% 75
51Idland 1st 35
Georgia
9512
07
Or R & I eat lst gu g 4353-1941
110% 111%
Grand Trunk of Can deb 6s_1940 A 0
8
106 Sale 1047
1936 M
-year s 1 68
15
98
1947 J D
Grays Point Term 1st 55
-9634 v6-4
-814
2311
S Due Feb.
1368
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Mar. 1.
7.;
New York Bond Record-Continued-Page 4
Price
Mar.!.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
co
Bid
Ask Low
High
High No. Low
NY 0& W ref lets 4s_June 1992 MS 70 Sale
10
8
67
877
70
74 4
3
Reg 15.000 only-June 1992 MS
76 Apr'28
General 48
1955 JD 6914 Sale 687 Jan'29
8
6834 714
N Providence dr Boston 4s 1942 AO 8812 91
87% Oct'28
Registered
AG
Jan'28
NY dr Putnam 1st con gu 4s 1933 AO 8512 Sale 89% Feb'29
844 8912
N Y Susq dr West 1st ref 58_1937 J J 838 85 8 8414 Feb'29
82
3 8612
4
86%
2d gold 4Hs
1937 FA
4
843 Nov'28
-General gold 58
1940 FA 76 Sale 76
70% 82
783
4 11
Terminal 1st gold 56
1943 MN 9912
99% 10112
9912 Feb'29
N Y W-ches & B 'steer I 410'46 J J 8112 100% 8118
Sale
824 28
795 85
8
Nord Ry ext'l 51 6 4s
1950 AO 103 Sale 10212 103
62 100% 105
Norfolk South 1st & ref A 53_1961 FA 8514 86
5
85
85
9034
, 85
4
Norfolk dr South lst gold 543_1941 MN 97 100
VA 10018
993 Feb'29
4
Norfolk & West gen gold 68_1931 MN
Improvement az ext 6s_ _.1934 FA
New River let gold 6s_ __ _1932 AG
NA WRY 1st cons g 418_1996 AO
Registered
1996 AO
DWI 1st lien & gen g 48-1944 J J
10-yr cony 13s
1929 M S
Pocah C & C joint 413_ .1941 JD
North Cent gen & ref 56 A 1974 M
Gen & ref 4Hs ser A stpd.1975 MS
North Ohio let guar g 58_ 1945 AO
North Pacific prior lien 48_ _1997 Q J
Registered
1997 @ J
Gen lien ry & id g 3s_Jan 2047 Q F
Registered
Jan 2047 Q F
Ref & impt 4354 series A__2047 J
Ref & impt 68 series 13._ __2047ii
Ref & impt 58 series C..._2047 J J
Ref & impt 58 series D.....2047 ii
Nor Pac Term Co let g Os. _1933ii
Nor Ry of Calif guar g 5s_..1938 AO
10112 Feb'29
8
1048 Dec'28
Jan'29
104
90 4
5
901
4
8912 Feb'29
9018 90% 91 Feb'29
13212 13212
-1521 12 4 95 Feb'29
2
-31077 Jan'29
1074
95% Feb'29
-. 9712 96 Feb'29
97'2
89
89
8914 8814
8612 Feb'29
86
6612 Sale 65
664
63 Feb'29
4
973
4
973 Sale 973
4
111% Sale 111
111%
1025 Sale 1023
8
4 1093
4
1023 10314 10312 1034
4
11012 - - 1093 Feb'29
4
101
107 June'28
North Wisconsin 1st 68_ _ _ _1930 ii
Og dr L Cham 1st gu g 48___1948 J J
Ohio Connecting Ity 1st 48_ _1943 MS
Ohio River RR 1st g 59....1936 in
General gold bs
1937*0
Oregon RR & Nay con g 48_1946 in
Ore Short Line 1st cons 559.1949 ii
Guar stpd cons 58
1946 Si
Guar refunding 48
1929 SD
Oregon-Wash 1st & ref 4g..1961 ii
Pacific Coast Co let g 5a_..1948in
Pao RR of Mo 1st ext 48_1938 FA
2d extended gold bs
1938Si
Paducah & Ills 1st at 434s.1955 ii
Paris-Lyons-Med RR extl 8a 1958 PA
Sinking fund external 70..1958 MS
Paris
-Orleans RR s f Th.__ _1954 MS
Ext sinking fund 5148_ _ _1968 M
Paullata Ry 1st dr ref s f 78 1942 MS
95 102114 100 Sept'28
8212 83 8212
8912
923
8
95% Nov'28
104 Apr'28
9914
9934 Feb'29
9914
90
92 92
9218
104 10412 104
104
8 1055
1055 Sale 1955
8
8
98% Sale 98%
99
8612 Sale 8818
8812
79
79
79
85
915 Feb'29
8
90%
9812 Sale 98%
9812
97% 997 1005s Oct'28
99% Sale 99% 10014
104 Sale 104
104%
1023 103 103
4
Jan'28
94% Sale 94%
9512
10234 Sale 1023
103
4
102 103
105
10319 -- -9014 903
4
10112 10314
16512 104
90% 9214
8912 90 4
3
91
94
2 13212 13212
92% 95
107 8
7
95 8 99
7
96
9814
35
8814 90
8612 89
15
65
67
12
63
63%
1
96
98%
59 110 4 113
3
12
25 10234 105
2 103 104%
1093 1093
4
4
Ion
Ii"
1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 1.
Price
Friday,
Mar. 1.
Week's
Range or
Last Sale
Ranks
Sine*
Jan,I.
Bid
Ask Low
High No.
St L
-San Fran pr lien 48 A-1950 MS 8514 Sale 8514
86% 98
Con M 4348 aeries A
1978
S 8614 Sale 85
8714 187
Prior lien 54; series B
1950 Si 99% Sale 993
60
4 100
St Louis & San Fr Ry gen 60_1931 J J 101% 102 102
3
102
General gold 5s
1931 J J 9954 10014 993 Feb'29
4
St L Poor & N W Ist gu 58._1948 Si 10318 10514 103% Jan'29
St Louis Sou 1st gu g 48_ _ _ _1931 M
96% 9718 97% Feb'29
St LB W 1st g 48 bond Ws_ _1989 MN __-_ 88
3
8814
8814
2d g 45 Inc bond ctfs Nov 1989 55 7914 82
7914 Feb'29
Consol gold 4a
D 9618 Sale 9512
1932
96% 20
1st terminal & unifying 58_1952 is 99 Sale 98
11
101
St Paul & K C Sh L 181 4348.1941 FA 9214 9412 9214
2
9214
St Paul & Duluth 1st 58._ _1931 PA 98
00
Oct'28
1st consol gold 48
1968 J D 88
9
014 9312 Sept'28
St Paul E Gr Trunk let 4)48_1947 is 9512 ____ 9718 Jan'28
St Paul Minn dr Man con 48_1933 Si 974 Sale 9612
5
9714
1st consol g 88
1933 .7 .7 10312 10414 05 Dec'28
Registered
Si 10212 105
03 Jan'29
Os reduced to gold 434is___1933 J J 9712 99
98 Feb'29
Registered
Si 97
994 95 Dec'28
Mont ext lat gold 443
1937 in 95
9614 95
95
Pacific ext guar 48 (sterling)'40 J J 89
9112 92 Nov'28
St Paul Un Dep let az ref 56.1972 J J 103 1043 03
4
4
103
El A & Ar Pass 1st gu g 48.-1943 is 8912 Sale 8912
7
893
4
Santa Fe Pros & Then 1st 59.1942 MS 98 102 102 Feb'29
Say Fla & West let g 68_ _1934 AG 1045
104
s
Oct'28
1st gold 5s
1934 AG 993
4
- 995 Jan'29
Scioto V & N E 1st gu g 4s
1989 MN 90 491 90 Feb'29
Seaboard Air Line 1st g 48_1950 AG 73
73 Feb'29
74
Gold 48 stamped
1950 *0 71
725 72 Feb'29
8
Adjustment bs
Oct 1949 FA 4234 Sale 42%
4372 95
Refunding 4a
1959 A0 5812 Sale 394
5914 44
1st & cons Os aeries A
1945 MS 76 Sale 75
69
76
Registered
MS
85 Dec'28 ---All & Birm 30-yr 1st g 49_61933 MS 89
90
89
5
Seaboard All Fla let gu Os A_1935
A 65 Sale 645
8
654 34
Series B
1935 FA 64
67% 65 Feb'29
Seaboard & Roan 1st 58 exVi 1931 Si _99 98
So Car & Ga ist ext 5)48._ 1929 MN 564 100 99% Feb'29 ---El& N dia cons gu g 511
1936 FA loots
- 101 Dec'28 -Gen cons guar 50-yr 55_1963 A0 1051 107 10614 Feb'29
4
so
Hio)
Low
8514 084
85
89
99% 101
10112 102
993 1004
4
1034 1034
0513 97%
89
86
79% 811
4
95% 984
98 1014
14
92% 95
9612 9714
103
98
103
9914
95
96
1023 1054
4
91
89
102 102
914
90
73
72
38
57%
734
9954
90%
74
754
45
604
80
871, 89
711
4
64
7014
85
995 9984
5
10014 las;
9934100
7
92
9212 So Pac coil 48(Cent Pao col) k'49
90
22
90 Sale 88%
875$ 917
4
12 104 106%
Registered
JD 8514 89
871.1 Dec'28
-5 105% 106
20-year cony 49
June 1929 J D 9914 Sale 9914
9912 63
991g 993,
80
98
9914
1st 41444(Oregon Linea) A_1977 M
983 Sale 983
4
4
98% 9914
983
4
1
66
88
8918
20
-year cony 58
1934 in 9912 10114 100
1190384
100 1014
75
3
80
Gold 410
M
54
953 Sale
4
95
97%
91% 94%
San Fran Term 1st 4s_...1950 *0 8918 Sale 8912
91
89
8912 25
3
9812 9812
Registered
A0
- 85 2 90 Nov'28
,
So Pac of Cal 1st con gu g 59_1937 MN H12 103 103 Feb'29
ill fa"
46
985 101
4
So Pac Coast let gu g 4s._._1937 Si 9512 100
9512 Feb'29
951 9511
:
41 10312 10412 So Pac RR 1st ref 4s
1955 J J 91% Sale 9118
91
914 50
92
12
Registered
J J
9212 Dec'28
941 9612 Southern Ry
4
36
let cons g 58_1994 J J 108's Sale 10812 109
84 ioifs iir
9 10254 103
Registered
Si 108
108 108
_ - 108 Feb'29
Devel & gen 48 series A__.1956 *0 85 Sale 84%
61
804 88
Pennsylvania RR cons ir 44_1943 MN 95 Sale 9412
15
86
4
933 95
4
95
*0
8714 Sept'28
Consol gold 4s
1948 MN 93
7
9318
9912
92% 93 4
3
Deveglp &gen Os
R elo sred
te
1956 *0 jigs 114 11212 11318 10 1115, ll41s
4s sterl stpd dollar_May 1 1948 MN 921
9212
9214 93
-- 9214
Develop & gen 630
1958 *0 11882 Sale 117% 11812 36 117 12212
Consol sink fund 4348
1960 FA 10014 111•7 10014
4- 3
99% 101%
6
100 4
3
Mem Div let g 544
3 10614 10614
1996 Si 104
_ _ _- 10814
General 4354 settee A--1965in 9812 Sale 9822
10614
98% 10014
99% 82
St Louis Div let g 45
1951 is 851
8512
8512 89
-- 8512
General 544 series B
1988SD 107 Sale 107
20 105% 10
107%
812
East Tenn reorg lies g 59MS 9912 100 4 9912 100
99 100
10
-year secured 78
2- ,
- 1199381
1930 AO 1015 Sale 1015
8
110 101% 1037
5 102
8
Mob d. Ohlo coil tr 48_ _1938 86 S 9212 Sale 9212
9112 9312
7
15
-year secured 6149
9212
1936 FA 1093 Sale 109% 110% 91 109 4 111
4
5
Registered
FA
Apr'28
112
Spokane Interturt 1st g 58.„1955 J J 7712 82
80
80 Feb'29
8112
40
-year secured gold 55
1964 MN iaii2 Sale 10214
1033
4 92
Staten Island Ry 1st 4 Hs...1943 J D
Pa Co gu 334s coil IrA reg 1937 MS 88
85 Nov'27
Oct'28
88
Sunbury & Lewiston 1st 4s._1938 J J
Guar 310 coil trust ser 11_1941 FA 85
_
95 Apr'28
841, 871, Superior Short
87
85 Feb'29
Line 1st fie_ _41930 M S 99 106 997 Apr'28
Guar 314s trust ctfs C....1942 JD - --87 89 Feb'29
8
89
89
TeIst 0 88, 13t L 1st g 4%9_1939 A 0
rin A ,3 of 00
0 n0
10
"98" 'WGuar 334s trust ctfs D._ 1944 J
98
98
Jan'29
85
8712 85 Feb'29
85
85
1944 F A 1025
Guar 15 -year gold 46..1931 *0 97% Sale 97%
102% 1024
-25
1027 Feb'29
8
8
67
98
97% 99%
Gen refund s g 48
1953 J J 8712 Sale 8712
89
Guar 4s ser E trust ctfs
18
87
1952
88
N 8814 90
92 Feb'29
68 $ 99
7
Texarkana & Ft S 1st 53ka A 1950 F A 10214 Sale 10214
37 10214 10414
Secured gold 4Hs
1963 MN 98% Sale 98
104
98
98% 121
9918 Tex & N 0com gold 5a
19435 i
Pa Ohio & Det 1st & ref 49(5 A'77 A0 95 Sale 9412
101 Nov'28
95
94
20
974 Texas & Pac 1st gold 5s
20005 D
Peoria & Eastern let cons 48_1940 *0 85
107% 107% 22 ioii8 Cgs:
8612 85
83% 87
85
1
2d inc58(Mar'28cp on)Dec 2000 Mar
April 1990 Apr. 37% 41% 42 Feb'29
Income 413
100 Dee'27
45
Gen dr ref 5s serlea B
99t 102's
1977 A 0
20
Peoria & Pekin Un let 5348.1074 FA 102
16114 994 100
102 Feb'29
_ 10412 102
La Div Is L 1st g 5a
9,378 100
1931 J J 9912 100
997
4
6
Pere Marquette 151 ser A 56_1956 Si 10212 Sale 1003
99%
10212 24
4
10478 Tex Pac-Mo The Ter 5)0..1934 M S 105 105% 104 Feb'29
1985
10212 10614
1st 48 series B
1956 Si 8814 8914 8914
5
86
8914
917 Tol & Ohio Cent 1st gu 58
8
98 1014
- 1935
4
983 Feb'29
8
5 995
Western Div Ist g 5s
10112 1014
A 0 9912103 10112 Jan'29
Phil& Balt & Wash lat g 48-1943 MN 95
9414 Feb'29
924 9414
General gold 53
98 1004
General ba series 13
1974 F A 108 Sale 108
975 983 100 Feb'29
4
108
3 107 108
Toledo Peoria & West 1st 48_193 JJ 12 4 if_ 15 Nov'27
1917 j D
5
Pb1111ppine Ry 1st 30-yr s f 4a '375 J 353 Sale 35%
3512 39
5
4
353
4
Tol St L dr W 50-yr g 4s_ __ _1950 A 0
89e 91
Pine Creek registered 1st 88_1932 5 19 103
90%
9 8
03
104 June'28
Tol W V & 0 gu 4 Ha A _ _ _1931 J J 90%
PCC&StLgu 434sA
98 Nov'28
1940 A 0
968 999
4
- 1$ 955 Feb'29
6/1
8
18t guar 454s series II_
1933 S J
9754 Oct'28
&Mee B 434s guar
1942 A 0
99 10012
99 99
14
Jan'29
1st guar 45
04% Nov'28
Series C 4 Hs guar
1942 M N
99 4 99 4 Toronto Ham series C
4
993 Jan'29
4
3
& Buff 1st g 4s 1942 J D 84
6
8838 Feb'29
194 M S
89
Series D 48 guar
1945 M N 95
Jan'29
95
9414 95
Series E 3354 guar gold_1949 F A 89
9714 Sept'28
Ulster & Del 1st cons g 544.__1928 J D 78
55% 85
Series F 48 guar gold
8014 80 Jan'29
1953J D 95
948k 945s
945 Jan'29
8
Certificates of deposit......
55
85
Feb'29
77% 77
Series G 48 guar
1957 M N 95
95
95
95 Feb'29
1st refunding g 48
6
33 62%
59%
59%
Series 11 con guar 44
1960 F A 95
95
Feb'29
95
95
Unioneg te8t RR & Id gr't 481942
R Pt l red
5
19 7
Sale
93
45
94
Sale 93
954
Series! cons guar 47ie. 1963 F A 99 4 1031, 993
OA 100
4
4
5
99%
.1
92
92
92 Jan'29
Series J cons guar 4948_1984 M N 993
4
99 4 9954
1
2
993
4
tid 4 drs 4s
99
54
lien i ref
June 2008 3.4
87% 907
88
8
882
9 11
General M 50 series A
1970 J D 106% Sale 106%
105% 10818
107
2
Gold
Sale 957
8
95% 991s
9654 36
Registered
J D
1033 Jan'28
8
410-year& re 4
00ldf1
1008 M S 109898751811g
June 2907 .1 j 107's
106% 1084
10712 1077
8
Gen mtge guar 56 ser B._ _1975 A 0 1065s 10714 108%
1081,
13
107
Sale 8514
8614 894
Registered
863
4 05
A 0
11312 Jan'28
tr N JARIt rriCaext 404a___.1948 M D
Uta0 N o d at n e1$
6
19 4 -1 S
93 Dec'28
90
9.5% -- 96 Nov'28
Pitts M eft & Y 1st gu 6s-___1932Si
Oct'28
05
Vandalla cons'4s series A _19
195734N 9312
155F S
1933.1 A
954 Aug'28
2d guar 68
1934 J J 102
103% July'28
Cons f 48 series B
93 W9312
94
Jan'29
Pitts Sh & L E lat g 58
1940 w 0 99%
100', 10012 Vera Crus & P
0012 Jan'29
assent 4148_1934
-- 17
17
1612 174
Jan'29
let consol gold .55
1943 J J
0014 Aug'28
Virginia MI6 58 series F...1931 ire
10014 June'28
Pitts Vs & Char 1st 48
1943 MN
991 Sept'28
General Ls
1936 M N 100's 10112 100%
Pitts Y & Ash 1st 46 ser A 1948 in 9344
2 100 1005,
100%
"airs
93% Jan'29
Va A South9' a gu 5s...2003 J
lst coas - ,
nlst u
1st gen 58 aeries B
100 Jan'29
100 100
1962 FA
0318 Oct'28
1958 A 0 'oil! Sale 9112
30-year
1st gen 544 series C
9112 954,
4
9112
1974
D
Virginian Ry let 5s series A_1962 M N 1041s Sale 10312 104
Providence Secur deb U.__.1957 MN -7a5
38 10312 104 4
74 74
74-- Fe- ai
t
W2dashld it
ab go R ulst gold 544
1939 M N 1017 103 101% 10212
8
Providence Term 181 49_ __ _1956 M
3
10214
84
84
92 84 Feb'29
84
9914 1014
_
99% 9914
Reading Co Jersey Cen coll 48'51 *0 _9214 Sale 92
9912
2
92
9312
3
9214
i02 12 Sale 10214
Registered
103
40 1014 1044
AG
943 June'28
4
Rei tune li Wreglsutred 10369 J 48
Debetger s t
a aer A- -- 1199739 MF J
Can & ref 4354 series A..1997 is 97 Sale 9612
8818 May'27
968, 997e
973
4 18
1st lien 50-yr g term 4s___1954 J
84
80
887 Nov'28
8
Rich & Meek let 543
1948 M N
85
7918 May'28
Det dr C nesextv1att g 0 1931 J J
D m0ihio Di le g 5 _
es
49
10112 100 Jan'29
Richm Term Ry 1st gu 55._1952 J J 100 101
170
itxr . .i6i101
01
J J
91
Rio Grande June 1st gu 56_1939 Jo
88
Jan'29
88
88
stra 00 Nov'28
wOrne ha D o Dsv g 48
aT ab enbyil v Ii t 3141-1941 A 0 "if)" 83% 833 Feb'29 _
;
bo
4
Rio Grande Sou 1st gold 40_1940 .1
834 85 4
2
6 May'28
8912 95
9012 Jan'29
Guar 4s (Jan 1922 coupon)'40 J J
9012 904
712 Apr'28
Re7 aenref dr seriesa 13 197 F O 973 Sale 97%
oi gen 5 c2: 9 6 M A
0
98 A S
41
7
4
Rio Grande West 1st gold 48_1939 J J
9712 1004
9812 51
8913 924
S91 Bale 89%
90
15
8844 Sale 8614
1st con & coil trust 45 A.
.19411*0 83 Sale 83
863
4 26
8614 AS 8
,07
83
84
14
86%
R I Ark 6. Louis 1st 4 Ha
1934 MB 9514
9514
94 4 967
8
9514
$
hecn t nt0oid 324a
u gu g 40
2000 F A
4
-Canada 1st. gu g 4s_ _1949 J J _ - 9512 82 Nov'28 10
-- 803 83 Nov'28
Rut
834
Wash Cent1948 Q 511 8414 913 8414
4
8414 844
Rutland 1st con g 4348
Jan'29
1941 J
901, 901k Wash Terin lstga
91
io
9012 Jan'29
1st ,... r riuur 40
1945 F A 85
33$8
87
88 Feb'29
84
86
40
-year
9114 94
91
91
Feb'29
91
St Jos & Grand 131 1st 4a___1947 11 .1 87
884 RR14 W Min W & N W
88 88 18 Feb'29
F S 97
r A
99
1st 1111 58-193(1
1945
1996
J
97 97
St Lawr & Adir 1st g 58.
_
104% 104% West Maryland let g 414-1952 A 0 8012 Sale 97 Feb'29
104% 104%
80%
1996 AO iai 105 105 4 Nov'28
80
2d gold Os
8012 39
88
3
let & ref 534s serie8A
wesNy,tpiag00
1937J J 98 Sale 98
977
98
1931 J J
9918 19
997
5
St L & Cairo guar 548
97
5 ilifs WI;
9612
9618
J 100 Sale 100
10012
4
5 100 1011
St L Ir MIA 8 gen con g 68_1931 AG 100% Sale 10018
991$ 101
14
10014
Gen gold 43
883 90% 88% Feb'29
4
Stamped guar 58
1931 AO 100 10012 1015 Dec'28
8812 914
4
Western Pac 1st ser A 5s-194
8
1943
9784 100
98 9812 Sale 98
Unified & ref gold 48
1929 J J 9914 Sale 99%
983
4 27
99 - 2
91W Registered
9914 33
M
97%
Ric & G Div Ist g 4s. _ _ _1933 MN 94 Sale 94
93 a 94 4 West Shore 1st 48 guae____23111 J J 85 Sale 85 Aug'28
7
4
94 3
4 46
858k 881,
8514 22
St L M Bridge Ter gu g 58..1930 AO 99 100 99
99
99
Jan'29
837 88118
4
83% 85 84 Feb'29
Wheeling rLake ErieWh
Re116te A
gr
Ext'n & Impt gold be
5 A
Al 8
F 5
993 100 Sept'28
4
43$8 seriesA__21199863661
0
itirs
90 Feb'29
"siti" Ws;
Refunding 5s series B
$
102 Feb'29
102 102
RR let consol 48
166 MS
949
19 M
863 Feb'29
4
8612 894
3
100
1
5
ioii, fa"
as
ma.,
Wier;
10114
4 Due May
• Due June.
k Due August
1369
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 1.
Price
Friday
Mar. 1.
Week's
Range or
Last Sale
Range
Since
Jan,1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 1.
t
Price
Friday
Mar. 1.
Week's
Range or
Last Sale,
ce
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Riot No Low
A st Low
High
Bid
7358 22
7014 7918
Cuba Cane Sugar cony 7s___1930 J J 72 Sale 7112
6512 74
39
73
1942J D 73 Sale 72Is
Wilk & East 1st gu g 5s
8
74
41
70
80
7
1005 1005
8
1005 Jan'29
8
Cony deben stamped 81 0 _1930 33 72 Sale 715
8
1938J I) 1005
8
W1U&SFlstgold5s
9912 103 4
3
4 10112 72
Cuban Am Sugar let coll 88_1931 MS 100 Sale 993
92 June'28
Winston-Salem S B 1st 4s_ 1960 J J
92
33
9012 97
:
7
8
-8Ts 8414 Cuban Dom Sug 1st 7;0_1944 MN 907 Sale 9012
8414
gen 4s_ 1949 J .1 80 4 8212 8414
3
Wis Cent 50-yr 1st
8
8
103
16 1017 10212
8
8814 9112 Cumb T & T 1st & gen 55.,,,,,1937 33 1017 Sale 1017
8812
Sup d, Dul dIv & term 1st 4s'36 M N 881s 8812 8812
99)2
9912 102
6
Cuyamel Fruit 1st s f 6s A.., 1940 AO 9912 Sale 9912
923 Dec'28
8
Wor & Con East lat4 Ms _ _ _ _1943 J J
76 Dec'27 _ _
Denver Cons Tramw 1st 5s 1933 A0
INDUSTRIALS
6 -- - TOT98
Den Gas&E L lat & ref 8 f g 58'51 MN 9812 10012 98
Abraham & Straus deb 5;0_1943
98 101
083
2
6
1951 MN 9812 Sale 98
A 0 11418 Sale 1123
Stamped as to Pa tax
4 11418 59 11112 120
With warrants
6912
4
6912 73
743 6912
4
83
14 877 Dery Corp (D G) 151 s f 75
5
8
877
8
877
s
-1942 M s 65
Adams Express coll tr g 4s__ _1948 M S
94
Second stamped
98
9614
8
4
4
Adriatic Elec Co extl 7e_ .._ _1952 A 0 953 Sale 953
68
00
10
7
?
165
10418 102
6
0 697s
4 10218 10412 Detroit Edison 1st coll tr 58_1933 3 5 1015i2 10117 16418
J D 10212 Sale 10218 10212
Ajax Rubber 1st 15-yr 5 f 88_1936
1017
8 21 10114 104 4
940
3
1st & ref As series A_July 1949 M S 10178 Sale 10114
4
4 Feb'29 _ _ _ _
4
4
12
Alaska Gold M deb 6s A_ _ _ _1925 M S
A0 10214 103 1023
8
1023
8
1 102 10414
8
1926 M S
Gen & ref 5.9 series A
8
8
Jan'29 _
Cony deb 68 series B
314
1077
8 21 107 10858
940
1st & ref 6s series B__July 1955 MS 10612 1074 10718
963 983
4
4
4
4
Albany Pefor Wrap Pao 68_1948 A 0 9612 97
963
6
94
ID 1037 Sale 1027
8
1037
8
7 10212 10458
8
Gen & ref 58 ser B
104 1391 102 11012
Allegheny Corp coil tr 5s_ .._ A944 F A 104 Sale 102
8
1047
8
5 1047 10518
:
8
1962 F A 1047 105 1047
97 101
9934 23
4
Series C
Allis-Chalmers Mfg deb 5s_ _1937 M N 993 Sale 99
97
2
97
98
Det United 1st cons g 450-1932 33 97 Sale 97
9312 95
95
37
4
4
Alpine-Montan Steel lst 7s _ _1955 M S 933 Sale 933
1003 191 100 1
4
1940 MN 100 Sale 100
0412
8 10512 14 10438 10612 Dodge Bros deb 65
8
Am Agile Chem lst ref f 7;is'41 F A 1047 10614 1045
52
88
88
865 88
4
89
80
88
12
894 Doid (Jacob) Pack 1st 68_ _ _1942 MN 88
Amer Beet Sag cony deb Os.1935 F A 88 Sale 80
97 Dec'28 _ _
99
Dominion Iron & Steel 58_ 1939 MS 90
964 99
97
97
9
American Chain deb s f 6s_ 1933 A 0 9614 97
8 --98i 1E"
10012
4
1942 J J 10012 Sale 10012
98
Donner Steel let ref 75
99
985
8
985
Am Cot Oil debenture 58._ _1931 MN 9814 100
8
1
8
8 10412 34 1037 1051:
1942 A 0
93 4 96
3
Duke-Price Pow let 65 ser A '66 MN 104 Sale 1037
9512
953
4 30
Am Cynamld deb As
61
99 1007
8
4
90
9012 9572
5
1953 J D ' SaIe 90
9212 Duquesne Light 1st 43.45 A_.1967 AO 993 Sale 9912 100
9058 59
Amer Ice s f deb 58
87
97
87
East Cuba Sug 15-yr s f g 7 Wi'37 St S
cony 53s *49 J J 10614 Sale 10512 1065 582 105 I 1 1
Amer Internet Corp
8
_
9512 963
4
63
96
9
Am Mach & 1
1939 A 0 1033 1053 1033
Ed El III Bkn 1st con g 4s.-193 • J 8714 84164 96 Feb'29 _1_7
4
4 1033
4
7dy f fis
1 03
9
4 10 1033 104
4
_
190 1907
1013 151
:
J J 1107 112 1107 Feb'29
8
8
Ed Elec Ill 1st cons g 55
American Natural Gas Corp--9214 96
9312 40
90
963a Elec Pow Corp (Germany)6 30'50 MS 9214 Sale 9214
Deb 630(with purch warr)'42 A 0 90 Sale 90
90 4 33
3
9312
3
93
95
Elk Ilorn Coal 1st & ref 63.4s.1931 J O 93
4
Am Sm & R 1st 30-yr re ser A '47 A 0 1003 Sale 100
100 4 74 100 102
3
8118
1
84
8118
811s 811s
Deb 7% notes(with warr'ts) '31 J O 77
s
Amer Sugar Ref 15-yr 6s_ _._1937 J J 10414 Sale 10378
10414 30 10312 1047
9 1s 100
9214 934
9
100 Feb'29
9 14
92
64
991s 995s Equit Gas Light 1st con 5s_ _1932 MS 943
Am Tele')& Teleg coil tr 0...1929 J .1 9914 Sale 9914
9912 74
95
2
95
96
943 9712 Federal Light & Tr tat 5s_ _1942 MS
8
943 Feb'29
Convertible 48
1936 M S 945 97
8
8
__
15
9412 97
95
8
1,42
20
1st lien s f 55 stamped_.._i942 MS 945 Sale 9412
99 101
-year cony 430
1933 M S 9912 993 9912
4
993
4
6
MS 1027 Sale 10212 10278
4 10112 104
8
8
30
8
-year coil tr be
1946 J D 10418 Sale 1035
1st lien Os stamped
8 10418 40 1035 1047
9
99 101
99 12
1954 J O 99 Sale 99
J D
30-year deb Os ser B
101
1 101 101
Registered
101
10312 19 102 10418
1939 ID 102 Sale 102
8
35-yr St deb be
1960,J J 10414 Sale 1035
4
8 10412 122 1035 1053 Federated Metals f Ts
4
156
35 155 171
4
1946 J J 1563 Sale 1543
20
-years 653.4s
1943 51 N 10618 Sale 106
4
10612 100 106 1073 Fiat deb 78 (with warn
)
9712 51
9612 103
9612 Sale 9612
Am Type Found deb 68
1940,A 0 10414 105 10514 Feb'29
Without stock parch warrants_
_ 10414 10514
a
1941 MS 11312 Sale 11312 11312 10 11318 1147
Am Wat Wks & El col tr5.1..1934 A 0 9812 Sale 973
9718 993 Fisk Rubber 1st s f 8s
4
9834 67
8
_ 1043 Nov'28 _
8
Deb g 68 ser A
1975M N 1023 Sale 10234 104
5
4
18 10212 105 4 Ft Smith Lt & Tr 1st g As ..1936 MS
3
1053
4 24 104 4 11.11112
4
8512 Fratneric Ind St Deb 20-yr 730'42 33 1053 Sale 10518
Am Writ Pap lst g fis
1947.1 J 83 Sale 83
81
84
17
9 10418 109
10612
Anaconda Cop Min let 68_1953 F A 1043 Sale 1043
4
3
4 105
137 1033 105 4 Francisco Sugar 1st f 7 yis_ _1942 MN 10612 108 10612
4
14 10134 10234
4
102
4
French Nat Mall SS Lines 75 1949 J O 1013 10212 1013
10414 Oct'28 __ -Registered
105 10518 Dec'28
15
-year cony deb 7s
1938 FA 2313 Sale 20612 237
Gas& El of Berg Co cons g 531949 3D
8
406 186 237
106
19 103 10912
1939 AD 105 Sale 104
196 200
200 Jan'29
Registered
Gen Asphalt cony 6s
99
26
9818 100
8
Andes Cop Min cony deb 7/4.1943 J J
Gen Cable lots f 530 A_ _ _ _1947 J J 985s Sale 985
235 Dec'28
_
945 96
8
1942 FA 9438 _ _ 100 Feb'29 - 9412 166" Gen Electric deb g 330
Anglo-Chilean 56 deb 7s_ _ _1945 MN 99 Sale 98
9914 55
- 1013
4 13 100 10414
66
797 Gen Elec(Germany) 7s Jan 15'45 J J 101 10214 101
4
Antilla(Comp Azuc)7/0--- 1939 J J 66 Sale 66
69
10
1 11118 123
112
Ark di Mem Bridge & Ter 58_1964 MS 102
103
_ 103
S f deb 6;is with Warr _ _ 1940 J O 112 Sale 112
10 10112 103
984
9814 24
9712 9914
9012 927
8
Armour & Co 1st 450
1939 ID 9114 gile 9012
Without warr'te attach'd '40 J O 984 99
913
4 58
:
4
4
9214 26
1948 MN 913 Sale 913
9158 941
20
9014 9212
Armour & Co of Del 550_ _1943 J J 90 4 Sale 9012
-year a f deb Os
914 70
3
10214
73 10112 10344
4
1937 FA 1013 Sale 10112
1024 40 102 10318 Gen Mot Accept deb (Is
Associated 0116% gold notes 1935 M S 102 Sale 102
10112 40 10E62 102
1940 FA 101 Sale 101
1947 J D 10112 -. 10312 Dec'28
Gent Petrol lot a f As
Atlanta Gas L 1st 58
FA 10612 1063 10614
6 1.0358 14)7
107
4
15 Nov'28 -125
8
Gen Refr 1st s f 6s ser A
Atlantic Fruit 7s ctfe dep.._ _1934 J O 125s
99
9812
99
10
975 100 8
3
7
. 942
5
15 July'28
8
J O 125
Good Hope Steel & I sec 7s _ 19 5 AO 98
Stamped Ws of deposit
1947 J J 10712 Sale 10712 10712 60 107 10814
72
Atl Gulf & WI SS L col tr 58.1959• J 7112 Sale 6812
16 -67- 'if Goodrich(B F)Co Ist 630_ _
91
93 8
7
8
925 146
8
Atlantic Refg deb be
1937 J J 10012 10012 10018 10014 33 100 10212 Goodyear Tire & Rub 1st 56_1957 MN 923 Sale 9112
993
4
9912 100
7
Baldw Loco Works 1st re_ _ _1940 MN 10612 --- 10612 Feb'29
Gotham Silk Hosiery deb 68_1936 J O 9912 Sale 9912
- 10612 107
Feb'29 ____
70
73
1940 FA 6934 70 70
96
Baragua (Comp Az) 730_ _1937 J J 97 Sale 97
Gould Coupler 1sts f 68
99
98
4
985
8 19
98
9912
12918 142
136
Barnsdall Corp 65 with warr_1940 J O
Gt Cons El Power(Japan)7s_1944 F A 9812 Sale 98
Jan'29
12
12
9314 9512
1950 J J 9358 Sale 9314
997 Feb'29 _ _ _ _
8
Deb 6s(without warrant)_1940 J O
985s 100
ist & gen s f 6SO
3
8
Batavlan Pete gen deb 4;0_1942 J J 923 Sale 9112
4
9112 9312 Great Falls Power 1st St 58_ _1940 MN 10478 10512 1047 Feb'29 __ 104 4 10534
927
8 61
9714 97
Belding-Hemingway Cs
1936 J J 9014 Sale 893
4
9014 35
Gulf States Steel deb 550_ _ _1942 3D 97
8
1
87
9
6
8711
9
9
8744
9
Bell Telep of Pa As series B._1948
8 : 92
9 12
10412 Sale 10412 105
73 1043 10512 Hackensack Water 1st 48_1952 J J 87 Sale 87
9618 Nov'28
-let & ref 58 series C
1960 AD 10714 Sale 107
1930 MS 9614 98
10712 19 107 1084 Hartford St Ry 1st 45
81
87
82
87
7
87
1952
Berlin City Elec Co deb 630 1951 J O 923 Sale 9212
4
Havana Elec consol g 5s.. 1952 FA 80
9212 95
93
71
MS 6312 65
8
59
65
Berlin Elec El & Undg 630_1956 AO 9212 Sale 92
91
9258 36
94
Deb 550 series of 1926_ _ _1951
Beth Steel 1st & ref 56 guar A '42 MN 100 4 1025 10212 10212
8712 13
85
5
8
8758
4
Hoe(R)& Co let 610 ser A_1934 AO 8712 Sale 8712
4 1023 104
4
10234
1 10238 103
30-yr p m & imp s f re_
1936 J J 100 Sale 9912 100
9912 102
Holland-Amer Line 6s GUI)_1947 MN 10212 104 1023
26
77
92
7412 85
Cons 30
-year Os series A.1948 F A 105 Sale 10412 105
3
116 104 105 4 Hudson Coal 1st s f 58 ser A.1962• D 7512 Sale 7412
1 10314 105
8
10314
Cons 30
-year 530ser
...1953 FA 102 Sale 101
1940 MN 100 1027 1034
8
Hudson Co Gas lot g As
10212 63 1007 104
2 10112 139 10012 10218
Bing & Bing deb 630
1950 MS 98
9854 98
Humble Oil & Refining 5146_1932 J J 101 Sale 1003
98 100
9878
6
S3
9912 10112
100
Botany Cons Mills 63.45
1934 AO 7112 74
4
4
1937 AO 993 Sale 993
72
Deb gold be
71
7318
72
11
Bowman-Bill Hotels 75
4
10414 22 10358 10478
1934 M
4
9912 Sale 9914
Illinois Bell Telephone As.. _ 1956 J O 1033 Sale 1033
100
22
B'way & 7th As 1st cons 5s._1943 JD 73 Sale 73
975
8
984
18
93 8 987
7
:
1940 AO 9714 98
984 190
72 2 771s Illinois Steel deb 43.4e
75
25
2 103 10312
103
Brooklyn City RR lat bs_ _ _ _1941 .1 .1 89 Sale 8814
1946 AO 103 10312 103
8814 9212 Ilseder Steel Corp 8 f 78
89
4
9214
86
873
4 64
Bklyn Edison Inc gen be A
4
1949• J 10412 Sale 10412 105
1948 F A 8712 Sale 863
Mtge 6s
12 10414 10512
92
90
915
8 37
4
Registered
J J
1053 Dec'28
Indiana Limestone lists f 66_1941 MN 9114 Sale 903
8
_
9712 9918
1
9712
General 65 series B
1936 MN 9712 ___ 9712
1930 J J 101 Sale 10018 101
Ind Nat Gas & 01153
6 ii5OTs 103
10312 27 102 105
1952 MN 10312 Sale 10214
Bklyn-Mau R T see Os
1968 .j .11 9713 Sale 9714
9612 983 Indiana Steel 1st 55
98
4
113
102 Sept'28 _ _ _ _
Bklyn Qu Co & Sub con gtd As'41 MN 70
Ingersoll-Rand 1st bs Dec 31 1935 J J
75
63
72
76
74
2
- 1;8 .
1
9212 90 --4 9 --73.1978 AO 903 9214 92
let As stamped
1941 .1 .2 78
4
Inland Steel let 430
84 83 Jan'29 _ _ _ _
80
83
4
4
4 1013 ____ 101 102
Brooklyn R Tr 1st cony g 4s_2002 J J
Inspiration Con Copper 630 1931 MS 1013 Sale 1013
8814 Nov'27
26
767 7912
2
79
8
3-yr 7% secured notes_ _ _1921 .1 .1 105
Interboro Rap Tran let 5s_..1966 J J 777 Sale 7712
1364 Nov'27 _ 33 7712 Sale 7714
7812 67
767 7912
8
Bklyn Un El let g 4-5a
1950 FA 90 91
90
91
7 -66- 12
-1s Stamped
77 Nov'28
Stamped guar 4-58
1950 FA 9012 Sale 9012
Registered
897 93
8
907
8
3
25
79
84
84
1932
Bklyn Un Gas let cons g 5s-1945 MN 10512
8212 Sale 8212
10
-year 68
105 10614
-- 10512 Feb'29
9914 43
9812 99 4
1st lien & ref (ls series A _ _ _1947 MN 11712 1 3
10-year cony 7% notes... 1932 MS 9918 Sale 9812
11718 118
-19 11713 Feb'29
9914 9312
70 2 81
3
903 Feb'29
4
Cony deb 534a
4
lot AgrIc Corp 1st 20-yr 55_1932 MN 903 93
1936 J J 360 390 3604 Feb'29 _ _ 359 400
Buff d,Susq Iron islet 55__ _1932 ID 961 _ 9612 Nov'28
8014 80
Stamped extended to 1942.- MN 79
8
184
19
'4 274 10958 11812
2
Buell Terminal 151 48
1952 Ate 874 "iirg 88 Int Cement cony deb 5s___ _1948 MN 11312 Sale 111
8814 8714 Feb'29
9612 99
971 991 Internet Match deb 53
: :
Consol 5e
9712 168
1947 SIN 97 Sale 9612
1955 J J 99 Sale 9712
99
6
9912 102
Bush Term Budge ba gu tax-ex '60 A 0 102 10212 102
17
101
5
91A
10012 Sale 10012
10212 17 102 10458 Inter Mercan Marines f 6s_ _ 1945 wi
94
BY-Prod Coke let 534s A...1945 MN 100 lOO7s 100 Feb'29
9514 28
96 8
5
100 102
International Paper 5.5 ser A.1947 J J 9412 Sale 94
_
Cal0& E Corp unit & ref58_1937 51 N 10212 10312 10212 10212 27 10178 103
20
9314 97
95
947 Sale 9312
a
Ref a f Os ser A
Cal Petroleum cony debs f 58 1939 F A 9914 Sale 99
923 951g
4
99 102
8
9314 139
1959 j
92J
3
9912 18
93 Sale 927
Int Telep & Teleg deb g 4
Cony deb a f 530
102
1938 MN 102 Sale 102
33 10134 10314
118 Sale 11412 119 3017 10911 120
Cony deb 430
Camaguey Bug 1st sr g 78
1942 AO 90 Sale 90
91
22
90
971: Kansas City Pow & Lt 58_ _1952 M S 104 Sale 10312 10418 20 10312 10534
Canada SS L let & gen 6s
9912 10018
1941 A 0 10012 Sale 10012 10012
1
1957 J 3 997 Sale 997
8
997a
1st gold 434s series B
1 100 10112
8
Cent Dist Tel let 30-yr 5s_ _ _1943 J D 10312 Sale 103
10312 22 1021± 104
1952 M S 1043 10514 10412 10514 10 10412 106
Kansas Gas dr Electric 6s
4
Cent Foundry let e f 13s May 1931 F A ____ 99
:
128 141
96i: 981 Kayser (Julius) & Co deb 53.4s'47 M
9812 Feb'29 _ _ _ _
132 June'29
Central Steel Ist g f 88
1941 51 N 12312 12412 12312 12418 15 12312 1241: Keith (11 F) Corp let 6s_ _ _1946 M
923 97
4
4
96
95 Sale 95
Certain-teed Prod 530 A_ _ _ 1948 M 5 7312 Sale 70
75
53
18 110 11014
68
11014
Kelly-Springf Tire 8% notes.1931 M N 110 Sale 110
83
Ceepedea Sugar Co 1st s f 75is'39 MS 97 Sale 964
95
97
9412 9512
13
Kendall Co 51.4s with warr_ _1948 M
99
9512 29
95 Sale 9412
Chic City & Conn Rys As Jan 1927 AO 71
72 69 Feb'29
Keystone Telep Co let 58_.,1935 J
65
69
94
9312 Nov'28
Ch G LA Coke 1st gu g bs_ _1937 J J 10114 10314 10158 Feb'29
1015 103
_
8
8
1 1025
8707i
Kings County El & Pg 53_ _1937 A 0 1025 Sale 1025
8 1025
s
Chicago Rya 1st re
1997 A 0 1291
1927 F A 7812 Sale 7812
7814 83
79
30
Purchase money Os
___ 12812 Feb'29 ____ 12812 130
Chile Copper Co deb 58
1947 J J 9512 Sale 951s
961s 143
9414 9618 Kings County Elev lat g 48_ _1949 F A 81 23212
80
_
Feb'29
81
85
Cin G & E 1st M 4a A
1968 A 0 8612 Sale 8614
87
20
8614 8914
a
7914 817
Stamped guar 4s
8014
7
85
80
81
Clearfield Bit Coal 1st 4s__ _.194()• J ___ 75
90 Dec'28
4
_
12
,
1047 10514
g
Kings County Lighting bs___ 1 .!!Is
105__ 105 Feb'29 _
Colon 011 cony deb Os
1938 F A 109 Sale 109
110
83 t08l 11958
11514 1161
First & ref630
4
1954 J
11514 129 11514 Feb'29
Colo F & I Co gen s f 5s
1943 J 3 99 9914 99
99
4
98
9912 Kinney(OR)& Co74% notea'36
107
3 10518 107
107 Sale 107
Col Indus let d, con 58 flu_ _1934 F A 94 Sale 94
943a
94
4
9518 Kresge Found'n coll tr Os,_1936 J
10213 33 10212 104
10212 Sale 10212
Columbia 0& E deb 5s
1952 M N 9912 Sale 9912
997 155
8
99 100
Lackwanna Steel let As A_ _1950 M S 100 10112 100
14 100 10211
10018
Columbus Gas 1st gold 5s
1932 .1 J 9812 9914 99
99
2
97
8
993 Lace IGas of St L ref&ext 58_1934 A 0 100 10112 100
4
2 100 1017
10112
Columbus Ry P & 1., 1st 430 1957 J J 9212 93
9212
93
30
913 9312
4
Col & ref 530 series C__.1953 F A 103 Sale 1023
4
1033
4 52 10212 10512
Commercial Cable let g 48_2397 J J 8712
Oct'28
_
- 87
Lehi C & Nav s f 4 he A.1954 J
9912 99 4
3
9934 Jan'29 ____
98
99
Commercial Credits f
(1i12 9812
981 99, Lehigh Valley Coal 1st g 5s_ _1933 J
9912
9
24.N _
99 101
100 100
8
10018
% notes
Col tr f
1935• .1 63i2 9434 9312
J J
93
3
9312
963
4
Registered
Vi_ 100 Oct'28
Comm'i Invest Tr deb 68_ _ _1948 MS 95 Sale 94
95
94
9812
20
1st 40-yr gu int red to 4% _1933 J J
97
Oct'28
Computing-Tab-Reo s f 65._1941 J 3 10514 1053 0514
10514
1 10458 106
4
1st & ref a f 5a
101 Sale 101
3 101 101
101
Conn Ry & L 1st & ref g 430 1951 J J 9612 97
9612
9612
2
1st & ref s 155
1.N1 ;
9612 99
9112 93 4
5
917 9112 Feb'28 _ _
8
Stamped guar 430
1951 J J 965 9912 9714
9714
1
8
9658 99
let & ref 5 f 5a
92
917 93
4
12
92 Feb'29
Consolidated Hydro-Elee Works
11N:
;
1st & ref a f 58
91
94 Nov'28
__
A _
of Upper Wuerternberg 76_1956 J J 97
4
9714 97
F
9458 973
97
2
1 t & ref s f 58
s
901
:
88
873 88 Feb'29
4
Cons Coal ofM d 1st & ref 58_1950 J D 6518 Sale 6512
70
74
6512 7334 Lex Ave & P F 1st gu g re
Nal
3714 May'28 _ _
8
10512 55 1043 1065 Liggett & Myers Tobacco 78_1944 A 0 120 12012 120
Consol Gaa(N Y)deb 530-1945 F A 105 Sale 047
4
4
120
2 118 1211;
Consumers Gas of Chic gu be 1936 J D 10112 1033 0112 10112
1 101 18 10158
4
1951 F A 100 Sale 9914
9914 103
58
10014 30
Consumers Power let 58._.l952 SI N 10318 Sale 0112 10318 18 10112 104
1941 F A
Liquid Carbonic Corp 68
177 Dec'28
_
Container Corp let 65
1946 ▪ D 98 Sale 98
98 10012 Loew's Inc deb 6s with warr_1941 A 0 12212 Sale 117
16
9814
12318 144 - 11358Y2725;
15-yr deb 58 with warr__._1943 J D 90 Sale 90
91
43
0112
00
Without stock Our warrants_ A 0 987 Sale 9812
8
983a 100
99
44
11
Cant Pap & Bag Mills 630...1944 FA 97
97
9712 97 Feb'29
97
Lombard Elec 1st 7s with war *52 J D 10012 Sale 100
9972 102
10012 24
J D 9212 Sale 91
99
Copenhagen Teiep ext as__..1950 AO 99 100
99
99 10012
1
Without warrants
90
94
141
9212
2
015 Feb.29
8
Corn Prod Refg let 25-yr sf5834 M N 10212 103
9914 103
1944 ,
1
Lorillard (P) Co 78
110 Sale 10912 110
19 109 1131:
-1947 J D 9812 Sale 9812
9914 20
Crown Cork & Seal at
98 100
117
Apr'28 ____ .193 3 j 8614 Sale
9 7 FA
51
17
Crown-Willamette Pap 68....1951 J J 10012 10112 0012 102
V9 10314
s
844
8414 917
8614
10
68 R 5711 red
Debeg
8514 Sale 85
Louisville Gas & El(Ky) 65_1952 M N 10238 Sale 1023
8 103
853 8974
87
33 102 8 104
37
Louisville Ry let cons 58_ _ _1930 J
9012 9212 9013
HO
2311
9012 13
--
1370
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. I.
New York Bond Record—Concluded--Page 6
,c1
Price
Friday.
Mar. I.
Week's
Range or
Last Sale.
Range
Since
Jan.!.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. I.
;.°
Price
Friday,
Mar. l.
Week's
Range or
Last Sale,
Range
Since
Jan,1,
Bid
Ask Low
High
High No. Low
High
Bid
Ask Low
Htoh No. Low
Lower Austrian Hydro El Pow—
Pure 011 s f 5;i%
J
F
98 Sale 9714
9634 1004
29
98
letsfOis
8512
1944 FA 8512 85% 8512
8514 87% Purity Bakeries notes9
deb 58_ _ _1194387
9314 94
9314
9414 27
9314 95
McCrory Stores Corp deb 558'41 J O 987 Sale 98
8
15
98
99
987e
Remington Arms 65
1037 M N 100 Sale 93
25
100
98 101
Manati Sugar 1st s f 7SO_ _ _1942 AO 9912 100
9912 10012 35
8
987 10012 Rem Rand deb 534s with war '47 M N 94 Sale 94
93% 951e
943
4 96
Manhat Ry (N Y) cons g 45.1990 AO 67
20
68
68
67
6614 68
Repub I & S 10-30-yr 5s5 I 1940 A 0 103 Sale 0212 103
24 101 10314
2d 4s
'013 J D 603 62
4
6058
60 Feb'29
59
Ref & gen 534s series A _ _ _1953 J J 102 Sale 02
1027
8 10 10113 103%
Manila Elec Ry & Lt 51 Os. 1953 MS 99
9912 Feb'29
9713 10011 Reinelbe Union 78 with war_1946 J J 103 Sale 0212 103
5 10212 1044
Marion Steam Shove s I 63..1947 AO 98 - - 1 9712
3
98 4
9712
9712 9912
Without stk purch war
1948 J J 955 96
3
98
96
964
5
964
Mfrs Tr Co etre of panic In
Rhine-Maln-Danube 78 A_ _ _1950 51
101% Sale 015
4
8 10212 13 100 1023
A I Namm & Son let 65..1943 3D 102 103 102
1 102 105
102
RhIne-Westphalia Elec Pow 7s'50 51 N 10012 Sale 00
1003
4 13 100 102
Market St Ry 75 ser A April 1940 Q J 863 Sale 82
8
8712 06
82
975
8
Direct mtge Gs
N 873 Sale 87%
1,)52
4
87% 93%
8912 59
Meridional El let 75
961,
52
1957 AO 9512 Sale
96
943 9712
4
Co m 6s of 1928
7sn
1953 F A 02 Sale 92
983
3
92
93% 99
Metr Ed 1st & ref 5s ser C
10,53 J
1025 Sale 10214
8
1024 12 10112 103
Rlm,a Steel Ist s f
DI A 933 Sale 933
F s
96
91
4
4
16
06
Metr West Side El(Chic) 48_1938 FA 75
5
77
77
77
77
8014 Rochester Gas & El 7s ser B.1194585
es
9
108% 110
08 8 108%
5
3 10812 110
Miag MIIIMach 75 with war.1956 J D 06
1
98
98
98
93 4 98%
3
Gen mtge 5;is seriesC_ _ _1948 NI S 106 107
0618 1061e 10 108 10614
Without warrants
J D 8814 00
2
9412
86
86
86
Gen mtge 43.4s series D_ _ _1977 al
9912 10012 0018 Jan'29
10018 1004
Mid-Coot Petrol let 6
_ _1940 MS
105 Feb'29
104 10514 Roch & Pitts C&I pm 5s_ _1946 M N 90 _ _ _ _ 90 Dec'28
Midvale Steel &0cony sf5s.1936 MS 9912 Sale 994
993
9918 10018 St Jos Ry Lt & Pr 1st 53
4 82
1937 SIN 96 Sale 96
1 -9538 id"
96
12111w El Ry & Lt ref & ext 45031 J J 984 Sale 98
6
983
9712 9918 St Joseph Stk Yds 1st 4;0_1930 J .1 9813
4
99
99
_ 99 Feb'29
General & ref Is series A_ _1951 J O 9712
1 10214 103
10214
10214
St L Rock Mt& P Se stmpd_ 1955 J J
75
6 75 77
75
1st & ref Os series B
1961 J D locos gale 100%
1003
4 56 100 10114 St Paul City Cable cons 5s_ _1937 J .1
92
92
Jan'29
--- 9714 92
Montana Power 1st 53 A _ _ _ _1943 J J 1013 Sale 1013
10212 '21 1013 104
4
4
4
San Antonio Pub Serv let 6s_ 1952 J J iO3% 105
041, 1047
3 1034 105
s
Deb Is series A
1962 J D 9914 Sale 9914
993
9914 101
4 18
Saxon Pub Wks(Germany) 75'45 F A 9912 Sale 9912 1001s 22
981s 1001e
Montecatini SIM & Agric—
Gen ref guar 6;0
1951 MN 9214 Sale 9214
9214 943
17
93
4
Deb 9s with warrants_ _ _ _1937 ii 119 121 119
18 118 127
120
Schulco Co guar 6;is
1946 .1
100 Sale 00
2 100 101
100
Without warrants
J J 95 Sale 9414
44
05
95
93
Guars f 6;0series B
1946 A 0 100 Sale 00
9914 101
2
10018
Montreal Tram 1st & ref 5s_ _1941 J J 97% 0812 9812 Feb'29
9814 99% Sharon Steel Hoops f 5%8_1948 MN 9612 Sale 9612
4
9612 9712
9612
Gen & ref s I Is series A...1955 AO
963 9634 Shell Pipe Lines f deb 58_ _1952 51 N 954 Sale 95
4
963 Jan'29
4
95
97
953 112
4
Series B
1955 AO
9814 981., Shell Union Oil s f deb 55_ _ _1947 M N 97 Sale 9614
9814 Feb'29
67
9614 987
2
98
Morris & Co let s f 43s..1939 J J 88 Sale 873
8814 26
86% 8812 Shinyetsu El Pow let 6;is_ _1952 J D
4
90
2
94
90
94
Mortgage-Bond Co 4s ser 2_ _1966 AO 79
_ 8112 Jan'29
8112 8112 Shubert Theatre 6s_June 15 1942 J D -8 2 867 83
.:11.
s
14
9111
83
87
10 -year Os series 3
-25
1932• J 963 V7
Feb'29
96% 9712 Siemens & Halske st7s
4
-12 963
4
1935 J J 10214 104
3 102 105
02
10214
Murray Body 1st 630
11
1934 J O 10012 Sale 10012 101
4
993 102
DebsI8;is
1951 M S 10412 Sale 02
10412 15 102 108
Mutual Fuel Gas let gu g 55-1947 Si N 10314
1 10212 104
102%
1027
8
St 63.45 allot etre 50% pd__'51 M S 10214 Sale 02
10212 121 101 106
Mut Uia Tel gtd 6s ext at 5% 1941 MN
98 Feb'29
98
98
Sierra Ac San Fran Power 58.1949 F A 985 993 99
8
8
99 101
99% 15
Names(A I) 44 Son—See Mfrs Tr
Silesia Elec Corp e f 64s
1946 F A
1
87
89
87
87
Nassau Elec guar gold 4s_ _ _1951 • .1 6013 Sale 59
26
62
64
55
Sileslan-Am Exp coll tr 78. _1941 F A 98 Sale 98
97 8 99
7
98% 13
Nat Acme ist sfas
1942 J D 102 Sale 102
1 10114 1021 4 Simms Petrol 6% notes
102
99
9912 99
4
99 100
99
Nat Dairy Prod deb 548
1948 FA 95 Sale 94%
95% 192
94% 97% Sinclair Cons 01115
129 M N
9
7s...1937 MS 10214 Sale 02
-year
4
10318 97 1013 10313
Nat Enam & Stampg 1st 58 1929• D 101
Jan'29
101 101
101
1st lien coil 68 series D._ _ _1930 Si S 99% Sale 99,
98% 100
4
9912 26
Nat Radiator deb 63.45
1947 FA 7612 Sale 76
19
82
78
74
1st lien 6;is series D
1938 J
10012 Sale 0018
10012 35 100 101%
Nat Starch 20
-year deb 58...1930 J J 98 100
Jan'29
98
98
98
Sincalir Crude 011505er A_ 1938 J J 97% Sale 9612
9,83 97%
4
9738 CO
National Tube 1st s f Os_ _..1952 M
9 10214 1043 Sinclair Pipe Line s f 5s
1023 Sale 10212
8
4
1024
1942 A 0 933 Sale 93 2
4
93
95
,
933
4 53
Newark Consol Gas cons 58_1948 J O 10312 105 10312 Jan'29
103 2 10312 Skelly 011 deb 53.4s
,
1939 M S 93 Sale 9212
18
92
93%
93
New England Tel & Tel 58 A 1952• D 10618 Sale 106
1064 18 105 4 107
Smith (A 0) Corp let 6 Ms._1933 M N 102 10212 02
3
10 102 1025e
10218
1st g 4Sie series B
1961 MN 9912 Sale 9912
9912 10014 South Porto Rico Sugar 7s...1941 .1 D 10512 108
99% 12
10 10312 107
0512 1053
4
New 011 Pub Serv 1st 5s A_ _1952 AO 9512 Sale 95
14
963 South BeliTel& Tel let et 58 1941 J J 1023 103
96
4
95
4
13 10214 10414
023
4 103
First & ref 58 series B ..1955 J O 9612 Sale 943
943 9612 Southern Colo Power 68 A..1947
4
4
953
4 40
J 10218 10212 02
10 102 10434
103
N Y Dock 50
-year let e 48_1951 FA 8218 833 824
8218 87% Sweat Bell Tel let & ref 5s-1954 F A 104% Sale 04% 10434 22 10384 10514
824
4
Setia15% notes
1938 AO 8612 87
8
87
8614 90
Spring Val Water 1st g 5s
8614
1943 M N 96% _ _ _ 994 Dee'28
NY Edison 1st & ref 63.45 A_1941 AO 115 Sale 114
17 113 1153 Standard Milling 1st 55
4
11514
1930 M N 10018 Sale 00
2 -664 Uhl;
10018
1st lien & ref Se series B_ _ _1944 AO 1047 Sale 10418
104% 18 103% 105
8
1st & ref Otis
1945 M
1025 Sale 02
8
1023
4 10 102 104
N Y Gas El Lt & Pr g 5e_ _1948 J O 10614 110 10618
1064, 11 10618 10712 Stand Oil of N J deb Ss Dee 15'46 F A 10212 Sale 0112 10212 144 10114 103%
Registered
Apr'28
110
Stand 01101 N Y deb 430_1951 J D 963 Sale 96
9513 98
8
9613 48
Purchase money gold 4.8__1049 FA 925 Sale 923
7
924
9212 94
8
Stevens Hotel bet the series A.1945
4
J 98
97% 100
9812 974
9814 29
NYLE&WC&RR 5;0_1942 MN
1025 Oct'27
Sugar Estates (Oriente) 78..1942 M
8
28
98
9012 92
90
90
91
N Y L E & W Dock & Imp 58 1943 J J 16612
Superior 011 1st s f 7s
_ 100 Aug'28
29
_1951 J
19 F
00 Nov'28
NY&QEIL&PIstg 5s__1930 P A 9914 fisici 9914 Jan'29
9914 10 -18 Syracuse Lighting 1st g
0
ii6i8 166- 0538 105% 1 105" 106
N Y Rye let R E & ref 4e___1942 J J
Jan'29
56
Tenn Coal Iron & RR gen 58_1951
56
56
10214 104
,
5 1016 10312
0215
10218
Certificates of deposit
58
Tenn Cop dr Chem deb 6s...1941 A 0 112 Sale 03
7
56
56
_
5614
5614
44 164 114
113
30
-year ad) Inc 5e_ _ _ _Jan 1942 AO
2% 2% Tennessee Elec Pow let 68_1947 .1 D 10612 Sale 0618 1063
3
RI 258 Feb'29
s 45 106 107
Certificates of deposit......
Jan'29
24 3
3
Third Ave 1st ref 4s
9
2
1960 .1 J 63 Sale 6212
60
8
66
63
N Y Rys Corp Inc 6.2__Jan 1965 Apr 20
2312 107
18
2413
Ad)Inc 58 tax-ex NY Jan 1960 A 0 6212 Sale 61
20
21
6134 64 4
3
6312 15
Prior lien Beanies A
1965 J J 8412 86
3
87
84
Third Ave Ely 1st g 58
854
85
1937 J J 944 96
%
9513 9714
954 Feb'29
NY & Richm Gas 1st tle A 1951 MN 1054 107 10512 Feb'29
10518 106
Toho Elec Pow 1st 75
1955 M S 99% Sale 983
984 99%
8
99's 37
NY State Rys 1st cons 4;0_1962 MN 49% Sale 4712
45
54
49%
6% gold notes__ _July 15 1929
J 995 Sale 983
8
98% 994
s
9928 30
1st cons 634s series 13
1962 MN 6114 Sale 613
5712 70
Tokyo Elec Light Co, Ltd—_
s
6112
N Y Steam let 23-yr 65 ser A 1947 MN 105 Sale 103
6 105 10734 1st (Is dollar series
105
1953
D 91 Sale 91
8914 9112
9112 402
N Y Telep lst & gen
4;0_1939 M N 99% Sale 9914
98
100
9914 101
Toledo Tr L& P534% notes 1930
J 100 Sale 993
9912 10014
36
4
100
30
-year deben s I 6s .Feb 1949 FA 1103 Sale 11018
34 110 111
111
Transcont 0116;is with war 1938
4
J 99 Sale 973
973 10413
4
4
99 2 201
,
20
-year refunding gold 68_1941 AO 10614 Sale 106
71 106 1084 Trenton la & El let g
107
M S 1023 104% 1043 June'28
8
4
Y Trap Rock 1st 55
13
1946 J O 1004 Sale 10013
9912 101
10014
Truax-Traer Coal cony 6;i5.1943 51 N 98 100
9814 103!,
9814
Niagara Falls Power 1st 5s..1932• J 10214 103 10214
102 102% Trumbull Steel 1st s f 65_ _ _ _1940 Si N 10213 1023 102 Feb'29 23 102 1031e
3
102%
1023
4
4
Ref & gen 6s
Jan 1932 AO 101 Sale 101
2 101 10312 Twenty-third St Ry ref 55..1962 J J 58
101
63 62 Feb'29
60
62
Niag Lock &0Pr let Is A..1955 AO 102% 10314 102%
10318 21 10253 1044 Tyrol Hydro-Elec Pow 750_1955 M N 9912 Sale 99
7
9812 994
9912
Norddeutsche Lloyd (linemen)
Guar sec s f 741
1952 F A 9012 Sale 90%
5
924
90
9114
20
-years f 6s
902 94
Uligawa El Pow s f 7s
1947 MN 9112 Sale 9112
9314 31
1945 M S 993 Sale 99
4
98 100
9934 17
Nor Amer Cem deb 63'4s A-1940 SI
80
0
Underged of London 434s...1933 i J
75
21
70 102
7114 Sale 70
95% Mar'28
No Am Edison deb 58 ser A..1957 MS 10112 Sale 1007
Union Elec Lt & Pr(Mo)58.1932 NI
1014 173 10054
100 101 100 Feb'29
8
166" 10i63;
Deb 5;is ser B_ _ _ _ Aug 15 1963 FA 10114 Sale 1007
Ref & ext 5s
1933 M N 10114 Sale 10113 1013
10114 119 10013 10112
8
5 10018 101%
3
Nor Ohio Trac & Light 88_ _ _1947 MS 103 Sale 10212
10314 22 10114 10314 Un E L &P(111) Ist g 5;isser A..'54 J J 102 10212 1021s Feb'29
101 104
Nor States Pow 25-yr 544 A..1041 AO 99% 10012 99%
O 85
ci
19 1
99% 1013 Union Eley Ry (Chic) 5s_ _....1935
4
4
100% 10
8714
89
85
85
10
85
1st & ref 5-yr 6s series a_ _1941 AO 105 Sale 105
5s
16 105 10612 Union Oil 1st lien
10514
101%
1015 Nov'28
8
North WT 1st fd g 4 As gtd_1934 J
39-yr 64; series A._..May 1942 F A 109 Sale 108%
4
1
973
973 1054
4
973 983 973
4
4
4
7 1082 1091
,
109
Norweg Hydro-El Nit 5;0_1957 Si N 9114 Sale 908
let lien s I 5s series C_Feb 1935 A 0 9814 98% 98 Feb'29
90 8 9212
3
91% 47
98 10153
Ohio Public Service 73.4s A..1946 AO 11214 Sale 11214
3 11112 113 2 United Biscuit of Am deb 65.1942 51 N 100 10012 993
11214
,
18
98 100
4
100
1st ee ref 7s series B
1953 M S 9412 Sale 9412
1947 FA 1104 11014 109%
11012 12 109% 11511 United Drug 25-yr 5s
8514 63
9412 9714
Ohio River Edison 1st 68_ _ _ _1948 J J 105% Sale 1057
United Rye St L Isle 4s_ —.1934 J
3
10614 26 105 4 107
833 Sale 834
4
844
82
8
833
4
Old Ben Coal 1st 55
1937 M N 100 Sale 98% 100
United SS Co 15-yr 68
91
1944• A 89 Sale 89
89
8914 15
14
97% 100
Ontario Power N F 1st 58..1943 FA 10014 Sale 100
995 102
8
Un Steel Works Corp 6;is A.1951 J D
2
10014
8712 8713
14
89
8812 9012
Ontario Transmission 1st 58.1945 MN 10114 1023 102 Feb'29
D 87 Sale 87
J
102 103
With stock pur warrants
2
8
8712
874 92
Oriental Bevel guar 6s
Series C without warrants J
1953 MS 9612 Sale 96%
963 97%
8
35
88
904 8712
5
97
87
904
887
8
Extl deb 53i5 lot ctfs
1958 MN 867 Sale 8612
With stock pur warrants J D
8812 90
887 893 Feb'29
87% 115
2
8
4
8712 894
Oslo Gas & El Wks exti 5e_ _1963 MS 9214 93
9218 9314 United Steel Wks of Burbach
9212 25
9218
5,;i8
Esch-Dudelange s f 78_ _ _1951 A 0 10412 10518 105 Feb'29
1946
100 Nov'28
103 1051A
Otis Steel 1st M 6s ser
_ _1941 MS
10112 37 100" 1031, U S Rubber 1st & ref 5s ser A 1947 J J 9014 Sale 9018
Sale 101
903
8912 924
4 67
Pacific Gas & El gen & A_- 1942• J 1003 Sale 10018
10-yr 734% secured notes..1930 le A 101 1013s 1005
ref 58
8 1011, 14 1003g 102%
10012 60 100 10212
8
Pac Pow & Lt 1st & ref 20-yr 56'30 F A 9914 Sale 9014
99.4 10014 U S Steel Corp Coupon Apr 1963 SIN . 8 Sale 11006734
1085_
5
997
8
1092184- 168 107 109 2
,
Pacific Tel & Tel 1st Ss
1937 J J 102% Sale 1023
sf 10-60-yr 531ItegLs_ _ A pr 1063 MN
10214 10314
1023
4
8
Dec
Ref mtge 58 series A
1952 M
8
4
10414 24 1044 1055 Universal Pipe dr Rad deb 6s 1936 J D 883 88
853 Feb'29
4
10418 Sale 10418
853 90
4
Pan-Amer P & T cony s I 68.1934 MN 1024 Sale 10212 10212 54 10212 106
_1944 A 0 927 9412 9314
Utah Lt & Trac let & ref 5s_
s
7
94
927 9813
8
1st lien cony 10-yr 78
1930 P A 10412 1043 10412
8
1944
1334 8 10934
3 1025 1044 Utah Power & Lt 1st 5s g5s..1950 F A i(5
17 94
_6
10412
31
4
995 101
8
Pan-Am Pet Co(of Cal)conv 6s'40 J O 95 Sale 95
064 42
J J
95
9713 Utica Elec L & P Ist f
1 104 104%
Paramount-B'way let 50_1951 J J 10112 Sale 10012
5 1004 10212 Utica Gas & Elec net & ext 55 1057 J J
107 lee 940019
10112
1112 24
1043 107
'
4
Paramount-Fam's-Lasky 66.1947 J O
4
9914 1003 Utilities Power & Light 53i8_1947 J D 9514 Sale 95
95i4 233
Sale 9914
9934 56
9314 98
Park-Lea let leasehold 634s.1953 J J 9912 93
91
5
9512 Vertientes Sugar let ref 78..1942 J D 9112 Sale 91
915
5
915
8
23
92
91
97%
Pat & Passaic0& El cons 581949 MS 91%
Victor Fuel let sf55
10312 105
353 37
4
Jan'29
3812 Feb'29
104 105
347 40
8
Pathe Each deb 78 with ware 1937 MN
84
Va Iron Coal & Coke let g Se 1 95 j S
19 3 M
49
78
17
787 81 12 Feb'29
79
78
8114 82
Penn-Dixie Cement 68 A_ _ _.1941 M S 79 Sale 9412
94% 9714 Va Ry & Pow 1st & ref 5s_ _1934 J J 09 100
9
097
96
99
10
91%
99 1004
Peep Gas & C 1st cons g 68 1943 AO
11212 113
Walworth deb 610(with war)'35 A 0 9913 Sale 96
9912 66
11212 115 113 Jan'29
91
9912
Refunding gold 5e
1st sink fund 68 series A _ _1945 A 0 93 Sale 92
1947 M S 10512 10712 104%
7 104% 105%
10514
93
6
90
03
Registered
M
Warner Sugar Refln 1st 75._ 1041 J D 106 107 106
106
18 106 107
102 Dec*28
Philadelphia Co sec 58 ser A_1987 J O
Warner Sugar Corp 1st 7s....1939 J J 85 Sale 85
194 -98- IVO
98%
11
85
83 8 85 4
3
983 Sale 98
4
3
Phila Elea Co let 4SO
1967 MN
9914 100 2 Wash Water Powers f 5s_ _ _1939 J
101 10313,1004 Feb'29
,
9934
10012 24
100 10252
4
Phila & Reading C & I ref 58_1973 iJ 993 Sale
D 100 1033
,
89% 93 2 Westches Ltg g 5s stmpd gtd 1950
81043 Feb'29
*
104% 105 8
934 75
9218 Sale 9212
3
Phillips Petrol deb 53.s
1939 J D 905 Sale 90
90
%Vest Penn Power ser A 5s_1946 M S 10212 Sale 10213 10213
94
9112 76
3 1024 105
8
Pierce-Arrow Mot Car deb 821943 M
let 55 series E
11996533 M S 1033 194 1033
4
2 1064 10712
4 104
10718
6 103 105
107 Sale 107
Pierce Oil debsf8s_ _Dec 15 1931 J
1st 5;0 series F
A 0 105 Sale 105
5 106 107
106
105
104 10514
Pillsbury Fl MI118 20-yr 68_1943 AO 106 107 106
8
1st sec Os series CI
956
s 10318 12 102% 104%
2 1037 105
1 950 J D 1027 10314 1027
104%
s
Pirelli Co(Italy) cony 78_ _ _ _1952 MN 10412 Sale 10412 13712 142 119 15412 West Va C &C ist 6s
5
J J 30 8 3114 3114
5
3112
13112
294 3314
Pocah Con Collieries 1st s f 581957 ii 137 Sale
95
0 103 Sale 102
9412
Western Electric deb 58._.1944 A
103
45 102 103 4
95 Feb'29
3
Port Arthur Can & Dk6s A.1953 FA 9413
4
104 1053 Western Union coil tr cur 56.1938 J J 1023 103% 103
4
103
10212 1043
1043 161 12 10412 Feb'29
8 .
4
1st Al 6s series B
1953 FA
103% 10553
F5-n ea r reai est g 4;28_1950 M N 97
I u yd Sc e 4 ls
Feb'29
973 97
4
4
9712
96
991
4
Portland Elec Pow 1st tle B..1947 MN 10412 10512 105
D 109 Sale 10813
A
1936
CO 10113 10314
4 54 108% 111
10214
10214 Sale 10118
Portland Gen Elec let 5s
1935 J J
100 102
25-year gold 513
1051
10. 1 0234 1044 11 10118 103%
.. 14 104
2.
Jan'29
1092 0234
102
Portland Ry let & ref 5s_ —1930 MN 100
99
96
West'h'se L' dr M 20-yr g 5s_ _1948 al S
11 10414 105
06
Portland Ry L & P 1st ref 58_1942 FA 96% V812 96
9 9812 9914 Westphalia Un El Pow 68..1953 J J 8618 Sale 86
875
8 40
90
98% Sale 9812
86
9853
1st lien de ref 6s series B__ _1947 MN 101
101 10212 Wheeling Steel Corp 1st 5345 1948 J J 101 Sale 100
101
101
30 100 102
101
1st lien & ref 734s scrim A_1946 MN 10718 1024 1074
2 107 10718 White Eagle Oil As Ref deb 5 l4s'3
10718
Sale
7
Porto Rican Am Tob cony 55 1942 J J 1033
With stock purch warrants_._ M
10212 Sale 10214
90 10012 107
1034 84
10212 104
4
997 1057
8
3
Postal Teleg dz Cable coil 58_1953 J J 913 Sale 913
913 95
White Sew Mach 6s(with war)'38 J .1 9912 130 128 Feb'29
4
4
172
93
4 Sale
125 130
Pressed steel Car cony g 5s_ _ 1933 J
9412 99
Without warrants
9812 sale 9812
953
9812
4 31
2
95 Sale 95
97
99
Prod & Int sf88 (with war).1031 J
Partic 8 I deb 6s
997
99
9912 997
8
11112
_ 1104 SePt'28
1
993 10012
3
Without warrants attached_ _ J
-11lli 112 8 Wickwire Spen St'l 1st 7e... 935 JJ 48 Sale 49
149 M N
9
1103 1104 1113 Feb'29
49
4
4
41
44% 50
1s
Pub Serv Corp NJ deb 430_1948 FA 199 Sale 185
451.._
87 18112 208'4 Wickwire Sp St'l Co 7s_Jan 1935 MN 4812 4812 48
200
43
60
Pub Serf El & Gas 1st & ref Is'65 J D 10312 Sale 1034
10314 10512 Willys-Overland 51 6 As_ _1933 M S 1017 Sale 101
8
1037e 17
102
31 101 102%
1967 J D 99% Sale 9918
let & ref 43'4s
99% Wilson & Co let 25-yr e f 6s_1941 A 0 1013 Sale 101
99
4
10214 22 101 10312
993
4 34
pinta Alegre Sugar deb 7,1-1937 I J 84 Sale 84
88
84
Winchester Repeat Arms 7;is'41 A 0 10712 Sale 10712 1074 52 1074 108
14
85
Youngstown Sheet de Tube 58 19781 J 100 4 Sale 100
,
10014 197 100 101
1371
FINANCIAL CHRONICLE
MAR. 2 1929.]
Outside Stock Exchanges
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Feb. 23 to Mar. 1, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low, High. Shares.
25 90
Acme Steel Co
Adams (J D) Mfg corn _• 40
Adams Royalty Co, com.•
All-Amer Mohawk "A"._5 29
Allied Motor Ind Ilac corn -• 46
• 49
Preferred
• 66
Allied Products "A"
*
Altorfer Bros,eon pfd
American Colortype corn •
Am Corn Al Corp corn v t co 8551
Amer Commw Pow "A"_. 2434
* 30
Class"B"
lot preferred $654 A_ •
Warrants
Amer Pub Sere pref._ _100 100
Amer Pub Util part p1.100 95
American Service Co.core • 1434
Am States Pub Ser A corn.* 27
Amer States Sec CorpRights
Class "B rights
Amer Yvette Co Inc corn • 22
• 2851
Preferred
Art Metal WAS IncCommon
• 49
Assoc A pear Ind Inc corn..'
Assoc Investment Co.._.,..' 5551
Assoc Tel Util Co com___• 2851
Atlas Stores Corp corn _ _ _• 64
Auburn Auto Co corn_ _• 186
Automatic Washer CoConvertible preferred...' 3431
Backstay Welt Co cora .. _• 50
.
Balaban & Katz e t c_ _ _ _25
Baldwin Rubber Co cl A *
Bastian-Blessing Co corn.'
Baxter Laundries Inc A .. _• 22
Beatrice Creamery com_50
Bandit Cure
5 10751
Class B new
Dinka Mfg Co cl A cony p/• 3151
Borg-Warner Corp Corn _10 134
100
7% preferred
Bonin Vivitone Corn pref • 3951
Brach & Sons(E J) corn..• 2534
Bright Star Else "A"_ _ __24
• 11
Class B
Brown Fence & Wire cl A _• 31
• 31
Class "13"
Brown Mfg Co
10 55
Bunte Bros common_ __ _10 31
Bulova Watch Co corn.....' 301%
• 4951
$351 Preferred
Butler Brothers
20 33
Cam pb Wyruat & Can Fdy•
Canal Constr Co cony pf_•
Castle & Co(AM)corn _ _10
Ce Co Mfg Co Ina corn....'
Cent Dairy Prod Corp A pf•
Central 111 Pub fiery prof..'
Central Ind Power. pref,100
Cent Pub Ser (Del)
•
•
Class"A"
Central SW Utll corn_
•
•
Preferred
•
Prior lien, pref
Cent States UM Corp $7pf•
•
Chain Belt Co corn
•
Cherry Burrell Corp corn.
Chic City & City par aim...'
•
Preferred
•
Chicago Corp corn
•
Units
Chicago Elec Mfg A
Chicago No Shore & MilPrior lien preferred..,100
Chic Itys part ctf err 2_100
Chic Rapid Transit CoPrior pref A
100
Chicago Towel Co cony pf"
City Radio Stores corn__ •
Club Alum Uten Co. ___ _•
Commonwealth Ed ison_100
Commonw Intl Corp B_ _•
Community Tel Co cum pt'
Construction Material_....•
•
Preferred
COEISU mere Co common_ _6
Warrants
Crane Co. common
25
5
Curtla Mfg Co
Davie Indus Inc "A"_ _ ...•
1)ecker (Alf)& Cohn,Inc..
De Met». Inc, pref w w_ _.
•
Dexter Company
Eddy Paper Corp (The)- -•
El Household ULU Corp_10
Else Research Lab Inn_ .
•
Empire CI & F Co 6%pf100
7% preferred
100
Fabrics Finishing corn.....'
Federated Publiens $2 pref
Fite Simmons & Connel Dk
& Dredge Co rights
Foote Bros0& M Co_ _ __5
Gen Spring Bumper A___
Clas.s 11
Gerlach Barklow tom ___•
•
Preferred
GleanerComilarveeerCorP•
Godchaux Sugar. Inc. ei B•
Goldblatt Bros Inc corn •
Great Lakee Aircraft A....'
Great Lakes D & I)..... _100
Greif Bros Cooper A corn..'
Origsby-Grunow Co
•
Common (new)
Ground Gripper Shoe
Store, corn...'
Hahn Dept.
Mall Printing Co cotu_ _ _10
•
Hart-Carter Co cony pi .
Hart Schaffer & Marx_ _100
Hib-Spen-Bart & Co com 25
Hormell & Co(Geolcom A •
Houdaille-Hershey Corp A•
•
Class B
25
Illinois Brick Co
Ill Northern UM pfd_ _100
Indep Pneurn Tool v t c..•
Inland WI & Cable cam _10
43
2034
70
0834
4234
95
10054
5111
54
134
2434
29
69
41
33
3334
474
10
4634
3534
13
364
22
48
14
23
26
Low.
90
4034
19
30
48
49
6634
464
46
88
244
30
88
9
100
9531
1434
27
2,350
2,150
150
1,750
4,500
350
2,500
850
300
400
850
250
20
385
185
1,345
6,300
650
834
40
19
2851
45
48
4934
46
3634
82
22
24
88
8
9934
9354
141%
27
1
11%
2
234
2151 2234
2834 2934
7,150
3,400
1,000
1,050
14 Jan
11% Jan
211% Feb
281% Feb
88
40
10
281%
45
4834
6234
46
4434
85
23
2934
88
8
9934
95
1434
27
45
50
53
27
62
178
Jan
Jan
Feb
Feb
49
Jan 5751
13,490 36
51
Feb 5656
2,300 50
Jan 60
625 53
5534
Feb
33
2811
3.400 27
Feb
7414
2,850 61
641%
191
28,800 13151 Jan 191
Feb
Jan
Feb
Jan
Feb
Feb
Jan
34
46
Jan
Feb
79
181% Feb
41
Feb
Feb
21
Feb
90
34 34
4t34
79
1831
4134
2151
90
35
5034
81
181%
4151
22
90
105
3134
131
1021%
38
25
23
8
30
3051
5051
28
30
4934
3254
109
3234
136
10234
3931
2534
25
11
311%
3151
653.4
31
3114
5051
3414
20,150 101
1,800 29
17,900 130
150 102
9,800 38
150 25
1,650 23
7,250
8
800 30
650 304
9,100 49
700 27
10,350 30
5,050 4914
10,350 3231
Feb 1281%
Jan 3731
Feb 152
Jan 10334
Feb 3954
Feb 294
Feb 26
Feb
1234
Feb 3651
Feb 37
Feb 57
Jan 321%
Feb 3151
Feb 504
Feb 45
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
42
20
70
6634
23
97
94
35
42
81
95
10051
93
6134
5351
134
22
2754
68
1451
4374 2,050 4034
2051
2,650 19
70
50 68
71
3,750 6934
23
130 23
98
240 9671
94
100 94
35
300 24
4214
800 35
82
650 80
96
500 94
101
100 100
93
45 93
5334
750 6154
5434
350 50
171
350
114
25
5,300 18
29
7,100 18
69
58,700 68
150 1451
1434
Jan 47
Feb 2154
Feb 7951
Jan 8654
Feb 4334
Jan 98
Jan 9554
Jan 37
Jan 4331
Feb 90
Jan 984
Jan 103
Feb 97
Mar 5951
Jan 683.4
Jan
2
Jan 25
Feb34
Feb
7534
Feb
15
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
1,050
4,550
200
500
250
600
200
115
100
9631 Jan
24 Jan
56 99
99 100
250 95
95
96
1,250 274
274 294
3,850 30
3034 32
2,423 209
241 250
4134
700 35
39
3,950 294
33
32
4,200 31
33
34
47
51
5,050 47
1,700 10
10
1051
900
4
4
4%
449 46
46
4674
800 3454
3434 3534
1,600 13
1451
13
200 20
20
204
5,100 36
36
37
2234 2,450 22
22
300 2434
254 2034
49
21,700 30
40
13
15 34 4,400 13
9271 9311
360 9234
97
974
247 964
2234 23
3,850 2251
26
50 25
26
2
2
2
26
25
2634
4134 4134 44
40
40
4334
2454 24
26
2734 2634 28
100
95 105
33
31
34
31
293.4 31
25
2434 2634
235
235 245
40
40
40
550
2
850 24
1,350 ' 40
1,300 40
5,500 23
3,750 2654
2,700 95
2,000 24
500 2934
4,750 2454
185 220
75 3954
176
16131 17931 68,500 14034
364 354 3634 2,300 3534
1,000 4634
4754 4751 49
304 30
31
1,300 2934
2934 293.4 31
1.050 2951
173 180
75 173
56
50 55
56
56
46
450 3334
433.4 5034
51
481% 5151 5,350 4854
60
6,650 4751
4734 52
38
250 3631
37
38
100 10051
25 100
100 54
64
54
81
7834 75
1.750 71
High.
Feb 91
Feb
D
Feb 4334 Feb
Jan
Feb 25
Feb 39
Jan
Feb 5754 Feb
Jan 49
Feb
Jan 75
Feb
Jan 53
Jan
Jan 4951 Feb
Feb 88
Feb
Jan 29
Feb
Jan 34
Feb
Feb 91
Jan
Jan
IOU Feb
Jan 1001% Jan
Jan 96
Jan
Feb
16
Feb
Jan 29
Jan
24
41.1
2254
2934
97
99
34 4
294
32
Range Since Jan. 1.
3931 Jan
521% Jan
88
J611
1954 Feb
4634 Jan
26
Jan
Jan
98
99
4
Jan
Feb
Jan 10034 Jan
Jan
97
Feb
Feb 31
Feb
Jan 3451 Feb
Jan 250
Jan
Jan 4331 Jan
Jan 354 Feb
Feb 38
Feb
Feb 55
Feb
Feb 1314 Jan
Feb
63.4 Jan
Jan 48
Feb
Feb 37
Jan
Feb
1734 Jan
Feb 27
Jan
Feb 3751 Feb
Mar 2234 Mar
Jan 28
Jan
Jan
49
Mar
Feb 2254 Jan
Feb 96 3.4 Jan
Feb
98
Feb
Feb 25
Jan
Jan
2731 Jan
Feb
2
Jan
30
Feb 494
Feb 49
Feb 26
Feb 30
Feb 125
Jan
38
Feb 36
Feb
32
Feb 275
Feb 42
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan 17914 Mar
Fel
3634 Feb
Jan 5434 Jan
Jan 3551 Jan
Feb 344 Jan
Feb 190
Feb
Feb 58
Jan
Jan 5751 Feb
Feb 593.4 Feb
Feb 59
Feb
Feb 41
Jan
Feb 1004 Jan
Jan 5531 Jan
Jan 84
Jan
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
stocks (Continued) Par Price. Low. High Shares
Insull Util Invest Inc __ _ _• 4534
$5 A pdor preferred_ _ _ _• 23534
Iron Fireman 51fg Co v Y 0* 3034
28
Irving Air Chute
Jefferson Electric Co corn • 5251
tialamazoo Stove com___• 115
Kellogg Switchbd com__10 14%
Ken-Rod Tube & Lamp A. 39
Kentucky Util Jr cum p150
Keystone St & WI com___• 4754
• 2534
Lane Drug corn vie
Cum preferred
• 2634
434
La Salle Ext Linty com__10
• 1934
Leath & Co com
Cumulative preferred....'
75
4
Warrants
Libby McNeill & Libby _10 12
Lincoln Pig Co 7% pref.60
• 244
Common
6
Purchase warrants
10
4
Lindsay Light,com
Llon 011 Ref Co
corn• 48
Loudon Packing Co
•
Lynch Glass Mach Co_ •
McCord Radiator 5Ifg A..•
mcquay-Norris Mfg
•
Mapes Cons Mfg Co, corn • 4154
Mark Brae Theatre, pref• 25
material Serv Corp corn 10
Meadow 511g Co coin _ _ _ _• 2251
Mercantile Disc't Corp A.•
Mer & Mfrs Sec
25 2934
Part preferred
Prior pref
100 90
Metro lud Co ctf of deP - *
Mid Cont Laund Inc. A...* 3234
Midland Steel Prod corn _..• 101
Middle West Utilitlea____• 180
100 1201%
Preferred
•
$6 MEM preferred
6% cony pr lien pref___•
Prior ilen preierred__100 12534
Midland Util100 8914
6% prior lien
100
6% preferred "A"
100 9451
Preferred 7% A
100 9834
7% prior lien
5101er & Hart,Inc,cony pf • 48
Albanese Honeywell Reg.•
MO-Kan Pipe Line corn....' 37
• 60
Modthe Mfg corn
Mohawk Rubber
• 57
Common
Monlgban Mfg Corp A '
Monsanto Chem Works....' 127
• 2454
Monroe Chem corn
•
Preferred
Morgan Lithograph corn..' 3234
• 63
Morrell & Co Inc
Muncie Gear class"A" • 2734
• 24
Class"B"
Muskegon Mot Specialties
• 30
Convertible class A
Nachman SpringfIlled corn' 7234
National Battery Co pfd _•
Nat Else Power A part... _• 3451
31%
National Leather cora ___10
27
Nat Secur Inv Co, coin _ _ _1
6% cum ul pref
100
• 49
Nat Standard eom
Nat Term Corp part pref_' 1634
"eve Drug Stores. COM _ _ -•
New England Power Assn
6% preferred
100
Nobblitt-Sparks Ind corn..' 45
North American Car com.,• 66
North Amer G dc El CI A..• 2431
Northwest Eng Ce, nom __• 46
-North West Utilities
Prlor lien preferred_ _100 10234
7% preferred
100
Ontario Mfg Co corn
• 34
2334
Pacific Pub Service Co_ _ _ _
Pacific West Oil Corp. _ _ -• 22
Parker Pen (The) Co com10 50
Penn Gas & Else A corn....' 24
Peoples Lt & Pow "A"com• 55
Perfect Circle (The) Co ..•
Mee Winterfront A com _5 200
Poor & Co class B corn.....' 2834
Potter Co(The) coin ____.•
• 27
Process Corti corn
Pub Sery of Nor III
100 241
Common
• 241
Common
100
6' preferred
;
7% preferred
100
'
Q-11.-.9 Music Co,com____• 1604
• 365
Quaker Oats Co corn
100 114
Preferred
Raytheon 6,Ifg Co
• 5351
Reliance Mfg coin
10 2434
Preferred
100
Richard*(Elmer) Co
• 28
Koos Gear & Tool com___• 54
prefRund Mfg Co
43
Ryan Car Co(The) cum _ 25
Ryerson & Son Inc corn _ • 41
.
Sally Frock
314
Ransom° Electric Co.._ _ _• 433.4
Saunders class A com____• 65
Preferred
50
Seaboard Pub Sere pref....' 9434
Sheffield Steel corn
•
Signed° Steel Strap Co....• 18
30 2954
Preferred
3
Purchase warrants
Sionatron Tube Co corn _ _.
• 3854
So Colo Pow El A com_25
Southwest Dairy Prod cons'
Southwest Lt & Pow pfd..' 9031
Standard Dredge cony pf_• 39
• 363.4
Common
• 324
Stand Pub Sery -A"
• 3951
SteinIte Radio Co
33
Sterling Motor, pref
Storkline Fur cony prof _25
Studebaker Mellon com_6 2151
• 2834
Class A
• 70
Super Maid Corn com
Sutherland Pap Co,com _10
100 136
Swift & Co
16 35
Swift International
Tenn Prod Corp, COM-- _ _• 27
25 52 34
Thompson (lit) com
51
Rights
Tims-O-Rt Controls "A"_* 3134
4551 49
232 2351%
31
30
27
2834
52
5271
11334 116
1434 1534
403.1
38
5234 5234
473.4 49
2334 2511
2634 2734
434 434
20
19
45
45
754 734
1154 13
4431
43
24
2631
6
734
4
434
28
281%
60
48
25
27
41
411%
60
60
4151 4134
25
2674
40
42
20
2234
28
2874
2774
90
10034
3234
100
178
12034
103
104
12434
89
851%
9431
9831
48
62
3434
60
Range Since Jan. I.
Low.
10,650 30
121 125
3,300 2451
10.950 27
800 4551
2,350 113
2,800 1431
16,850 354
162 5054
3,700 4751
3,800 2151
1,200 25
4
300
400 17
100 45
50
6
6,150 115/
300 42
3,700 244
5
1,650
550
334
2,050 271%
1,150 43
200 25
100 4051
200 671%
400 39
1,900 25
1,350 3654
20,350 1451
500 2754
2934 6,050 2731
90
100 89
101
500 10034
800 3234
3334
101
85 98
10.000 169
184
12071
500 119
10351
300 98
104
50 90
600 12434
126
65
8974
121
8534
9434
124
205
99
4834
750
400
6351
3751 45,500
800
6434
High,
Jan
53
Jan 250
Jan 341%
Mar 2851
Jan 5834
Feb 131
1934
Feb
Feb 42
Feb 5234
Feb
58
Feb 2931
Feb 32
Jan
551
Jan 21
Jan 48
Jan
74
Feb
1554
Jan 4534
Feb 2651
Jan
754
Jan
5
Feb 34
Jan 60
Feb 30
Jan 4454
Jan 65
Feb 42
Feb 3334
Jan 421%
Jan
2954
Feb 2831
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
32
90
Mat
Jan
106
3434 Jan
108
Jan
Jan
100
122
Feb
10351 Feb
104
Feb
127
Jan
8851
8534
944
9831
48
6551
2214
5354
Jan 91
Jan 88
Mar 98
Feb 102
Feb 52
Jan 67
Jan 3754
Jan 68
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Fe t
2,200 53
50 29
2,200 104
650 23
400 40
3,850 3151
3,350 61
3,100 2651
3,300 20
Feb 66
Feb 35
Jan 129
Feb 2651
Feb 51
Mar 603.4
Feb 664
Feb 31
Jan 30
Jar
Jar
Fet
Jar
Jar
Jar
Fe/
Jar
Jar
5654
29
127
24
4274
3114
6234
2634
23
58
29
128
25
43
45
6474
2774
2414
2954
7151
51
343.4
334
27
10334
47
1634
9
32
3,150 2934 Jan
3654 Jar
7634 12,500 6154 Jan
7634 Fel
6234
350 50
Feb 64
Jar
1,250 3454 Feb 38
3531
Jar
4
5.300
34 Feb
634 Jar
1,550 25
28
Feb 294 Fet
10334 2,100 10351 Feb 10534 Fel
2,000 47
49
Feb 56
Feb
1,550 1654 Feb
1751
1734 Fel
Feb
1151 Jet
9
9
50
97
443.4
6134
2434
45
100
97
4511 1,800
10,350
66
2434
1,800
2,050
46
101
10251
95 100
3334 35
2334 2434
1854 22
493.4 51
2334 24
573.4
55
55
53
195 202
275% 29
3534 3534
2034 27
Feb
97
37
Jan
Jan
50
24
Feb
4354 Jan
67 101
720 93
1,050 321%
7,550 2151
250 18
1,100 4954
1,950 2051
1,950 4751
650 4911
1,050 182
2,900 2751
50 30
150 2634
97
50
70
28
48
Jan 103
Feb 102 34
Feb 404
Feb244
Feb 23
Mar 57
Feb
2451
58
Jan
Jan 60
Jan 238
Feb 3254
Jan 4031
Feb 33
Jan
241 241
56 205
Jan
241 241
184 205
122 1224
60 11734 Jan
132 132
166 12551 Jan
Jan
2,700 144
157 162
Jan
62 350
365 359
Feb
114 11534
356 114
1,200 5351 Mar
63% 56
2434 2534 1,450 2454 Feb
Feb
100 105
105 105
Jan
1,550 28
28
28
Jan
1,150 45
54
53
Mar
100 43
43
43
Jan
100
8
1434 15
42
41
Jan
1.200 38
314 4,500 31
Mar
31
44
250 353.4 Jan
43
60
65
Jan
1,000 68
50
50
Feb
500 47
0434 9434
15 043.4 Feb
75
250 66
7534
Jan
18
450 1751 Jan
1834
3131
29
1,350 2834 Jan
1,200
254 3
231 Feb
37
39
24,800 311% Jan
2431 2534
300 24
Jan
17
17
75 121% Jan
9051 907.4
182 8751 Jan
39
41
11,700 3534 Jan
36
3674 14,950 36
Mar
32
334 2,090 27
Jan
39
41 34 2,350 37
Feb
32
334 2.100 32
Feb
27
2834
600 27
Jan
2031 22
6,500 137.4 Jan
274 284 1,250 2751 Jan
65
71
3,500 633.4 Feb
1751 18
200 1711 Feb
135 136
1,600 13351 Feb
35
36 34
1,550 33
Feb
21
2734 2.500 21
Feb
1,250 5214 Mar
623.4 54
54 8,800
31
51 Feb
30
Feb
3274 1,35) 30
245
245
1 2534
132
164
369
120
70
3031
110
283.4
57
43
18
46
314
4051
73
6154
95
00
2051
3234
434
443.4
2651
17
9051
41
3674
3334
49
36
30
22
30
74
21
140
3754
2851
62
114
3934
Feb
Fel
Jar
Fel
Fel
Jai
Jar
Jai
Fel
Jai
Jai
Fel
Fel
Jai
Fel
Jai
Ja]
JEL1
Fel
Fel
Ja
Ja
Fe
Fe
Ja
Ja
Ja
Ja
Ja
Fe
Ma
Ja
Fe
Ma
Ja
Ja
Ja
Fe
Ja
Ja
Ja
Ja
Fe
Fe
Fe
Fe
Fe
Fe
Fe
Ja
FE
Ja
Fe
Ja
Ja
Ja
Ja
Ja
Jo
Ja
NB
Ja
46
2734
r
2
25%
79
27%
33
5234
Bonds
Chic City & Conn 50._1927
Chic City Ry 08 ._ _ .1927
Certificate of deposit_ _ _
Chicago Rys 53
1927
5s series A
1927
5s serial 13
1927
Chicago Stadium 68..1943
El Paso 6543
1943
10-yr 13s debs
1938
Wu]]ULU Inv 5s"A"..1949
United Pub Ser Co 6348 '33
Wrought Iron of Arn A 4G1'1R
Feb 78
Feb
400 57
Feb
350 111434 Feb 105
Feb 26
Jan
650 20
Jan
Feb 36
1,501
31
Jan 13214 Feb
200 131
Mar
Feb 210
955 165
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Jan
40%
21
53
32
98
50%
48
4534
45
2511
24%
71
6
700
41
150
22
56% 0,150
1,100
33
100
98
51
100
49%
850
450
46
46
500
27% 16,900
1,050
26
400
73
450
7
40%
21
38
32
98
5031
48
37
3334
20
24%
70
6
25%
79
26%
3214
5034
450
26%
500
79
2814 2,550
33% 3,600
53% 35,450
2514 Feb
7534 Feb
Jan
24
31% Jan
Jan
48
6934 72 821,000 65
8134 8134 2,000 s134
6,000 8074
81
81
7934 793.4 3,000 78
5,000 60
65
85
30,000 4134
4434 45
1,000 95
95
95
3,000 9834
99 100
2,000 100
101 101
1,000 140
225 225
4,000 983;
100 100
1,000 100
101
101
Jan
let
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
46
25
65%
35%
98
51
57
49
49
29%
27
94
8
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Feb
28% Jan
89
Jan
32
Jan
Jan
35
82% Feb
72
Ti5
83%
8534
65
45
9834
101
10134
251
100%
103
Feb
Jail
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Feb. 23 to Mar. 1, both
inclusive, compiled from official sales lists:
al.I.Ga
r flaw
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Almar Stores
634
•
American Milling
10
American Stores
• 9234
Bankers Sec Corp pref-50 62
0% Preferred
5
Bell Tell Co of Ps pref._100
Budd (E G) Mfg Co
• 59
Preferred
79
Budd Wheel Co
93
Cambria Iron
50
Camden Fire Insurance_ __ ______
Commonwealth Can Co_50 26
Cons Theatres Ltd
Consol Trac of N J__ _100
Cramp Ship dc Eng
_100
• 11634
Curtis Pub Co pref
Electric Stor Battery__100
Fire Association
10 4734
Giant Portland Cement-50
Horn & Hard't(Phila) coma
Horn & Hard't(N Y)corn *
Insurance Co of N A_ _10 8034
914
Keystone Telephone_ _ _50
Preferred
50
Lake Superior Corp__..100 3614
Lehigh Coal & Nav
50 160
Lit Brothers
10
Manufacturers Cas Ins_ _ _ - 6574
Mark (Louis) Shoes Inc..*
3
Minehill& Schuylk Hav_50
Northern Central Ry_ _50
North East Power Co_ _ -•
.
Penn Cent L & P cum pi.* 7974
Pennsylvania Insurance__ 14631
Pennsylvania RR
50
Philadelphia Co 5% pref_50
0% Preferred
541
Phila Dairy Prod pref
9134
Piffle Electric of Pa
25
Phi's Elec Pow pref
25 33%
Philo, Rapid Transit_ _50
7% Preferred
50 5114
Philadelphia Traction_ _50
Pbila & Western Ry__ .50
Preferred
50
R E L Title new
7934
Reliance Insurance
10 233
,
4
Shreve El Dorado Pipe L 25 34
Scott Paper Co
•
Sentry Safety Control
Stanley Co.of America_ •
Tacony-Paimyra Bridge- _•
Tono-Belmont Devel ....1
1
Tonopah Mining
3%
1
Union Traction
50
Un Corp Temp Cots
5834
Preference
4534
United Gas Impt
4
50 191/
United Lt dr Pr A com
..•
US Dairy Prod CIA
•
Common class B
•
Victory Insurance Co...10 2134
Victor Talk Mach com_ •
west Jersey de /leash RR 60 4834
Westmoreland Coal
59 38
3,155
sy, 7
200
27
27
8834 9414 11,000
8,375
59
63
30
3134 2,000
100
11534 11534
59% 8,900
57
800
78
8034
21.100
93
83
90
4034 41
34% 3934 11,100
1,100
27
25
100
1874 1834
25
55
55
3
334 . 300
50
11814 11634
264
8534 8634
4,600
48
47
100
38
38
20
230 230
400
5834 59
7934 scui 2,500
7% 103.4 8,762
510
20
20
9.500
3434 38
1,700
157 161%
100
22
22
5,600
66
61
1.425
3
23-4
10
54
54
40
86
86
53
5631 9,800
220
7934
70
14214 14634 2,800
77
7834 10,400
10
4834 4834
10
5334 5334
195
913,4 92
1,000
8534 89
5,099
3334 337-4
1,100
54
5334
503,4 5134 2,800
1.530
5334 54
100
7q 7h
100
28
28
3,400
78% 81
900
2234 2334
33
344 1,225
215
68
6974
900
12
127-4
100
36
36
20
4774 4735
2,400
1
1
709
3% 3%
37
3734 23,800
48
6034 84,200
44% 4534 11,400
17134 195 109,200
200
3714 3714
52
1,585
50
300
15
15
700
2114 2214
150 15614
1,600
300
4834 49
38
38
200
Right.
Comm CasH
D....a Tna
K
5i
R IL
4,400
sI ann
Range Since Jan. 1.
Low,
634
18
8314
58
2834
115%
3436
5634
34
4034
3334
25
18
55
234
114%
8334
47
38
226
5834
79
4
14
17
15034
22
59
2
5334
86
50
79
136
7536
4834
5234
91
833-4
333.4
5134
50
51
7%
28
6934
22
33
48
1174
36
36
1
334
35
48
4474
162%
32%
48
15
21
144
45
38
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
% Feb
OU rob
High.
854
28
97
6374
31
118
60
82
93
4134
4234
32
19
61
4
11834
923-4
5134
39
233
6214
91
1034
25
42
169
26
7114
3%
5414
86
5734
81
14634
8234
4834
5314
9334
95
3434
54
5134
55%
9%
3014
8474
26
3834
70
1534
36
4931
114
4
3834
6034
47
1953,4
42%
52
15
2511
1563,4
5274
43
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
1
1514 Feb
Jan 54% Jan
54% 810,000 52
Jan
47% 5,000 4214 Feb 50
Jan
Jan 65
8034 18,000 45
10134 3,000 1013.4 Feb 10134 Feb
Jan
5434 3,000 53
Jan 55
10214
10434
9834
10814
1063,4
10434
100
9834
10234
1,000
10434
2,000
98%
1,000
10834 5,000
10614 2,000
10474 3,000
1003.4 11,000
9834
1,000
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
10214
10434
98%
105
10534
10434
9934
98
Jan
105
105% Jan
9834 Feb
106% Jan
10874 Jan
Jan
106
10034 Feb
Jan
99
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Feb. 23 to Mar. 1, both
inclusive, compiled from official sales lists:
Stocks-
1 ruzay
,
owes
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Allegheny Steel
Allegheny Trust Co...100
Aluminum Goods Mfg.__
Amer Vitrified Prod pf-100
Am Wind GI Mach com100
Preferred
100
Arkansas Gas Corp com..•
Preferred
10
Armstrong Cork Co
•
Bank of Pittsburgh
50
Blaw-Knox Co
25
Carnegie Metals Co__ 10
Cent Ohio Steel Prod corn *
Colonial Trust Co
100
Crandall McK dr II
Consol Gas pref
50
Dixie Gas & Util corn.... _.
Exchange National Bank50
Harb-Walker Ref com_ •
100
Preferred
Independent Brewing pf 50
Koppers Gas & Coke pref_
Libby Dairy Prod com
•
1st preferred
100
Lone Star Gas
25
McKinney Mfg corn
•
Nat Fireproofing coin _ _ _ 50
Preferred
50
Penn Federal Corp corn.*
Pittsburgh Brewing pf_50
Pitts Investors Securitly.•
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100
Plymouth 011 Co
5
Pruett Schaefer, pref._ _.•
Salt Creek Consol OIL _.10
San Toy Mining
1
Stand Plate Glass pr pf100
Stand Sanitary Mfg corn 25
Standard Steel Springs _ _
.
Suburban Elec Dev
•
United Engine & Fdy corn*
United States Glass---25
Westinghouse Alr Brake_ -•
West Penn Rys pref._ _100
Witherow Steel Co corn_.*
70
434
834
6534
185
44
1934
27
320
2634
25
13
90
103
73
1414
414
31
69
35
53-4
8414
2534
1434
Unlisted
D L Clark w 1
Hach Linn pref
Oil Well Investors
Penne Industries pref
Pitts Screw & Bolt Corp.Vanadium Alloy Steel
Western Public Service.-Voting trust ctfs
Witherow Steel
Range Since Jan. I.
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
4,005 1734
300 4114
1,025 35
350 110
2,331 2434
348 60
2,165 24
100 2434
1,500 3714
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
1734
4134
35
110
24%
65
26
2614
65
1834
4114
35
110
25
67
2774
2614
74
High.
Low.
575 60
6234 72
330 330
18 330
36
3614
750 3334
8414 8534
50 843-4
115 24
30
30
48
48
50 46
33-4
47-4 4% 12,191
7%
83-4 8% 4.020
6234 6534 3,479 61
182 185
157 180
3954 4534 8,279 3834
810 1714
1734 19%
26
27
390 25
320 320
20 320
465 2634
2634 27
25
25
40 25
1174 1334
1,850
714
90
92
25 8934
400 52
60
59
110 110
10 110
3
3
50
134
103 103%
470 10234
32
3234
200 2534
105 105
35 10434
1,985 67
71
73
240 1214
14
14
14
1434
510 1034
3414
240 29
34
300
434 43.4
43.4
6
300
7
7
30
3234 1,135 2534
33,4
34
334
335
210 64
683,4 69
245 24
25
26
35
35
50 32
26
5
5
534
Sc.
1,500
12c. 12c
550 25
31
31
225 48
4914 4914
1,405 73
78
8434
480 25
25
2534
43
430 38
4334
10,040 1014
1234 15
50
10 4634
50
99
35 9834
99
25 3134
76
73
. Rightsrms rong Cork Co
*No par value.
0V.Iwtwwwld1 ,
.1,
, 0tMw..!4., ,
1%.
P4Mtt......1.0.1,
...0.1tMM
40%
21
5534
3214
98
5034
48
81
105
21%
32
132%
210
High.
Low.
53
4214
6034
10134
,
5414
ttM,
447MMV4
204
61
105
20
31
132
165
El & Peoples tr etre 48_1945
Inter-State Rys coll tr 48'43
Lake Sup Corp 5sstamped.
Lehigh dr New Eng 53_1954
Peoples Pass tr car 43_1943
Mile Mee (Pa)
1st lien & ref 5s_ _1980
1st 5s
1966
1st 5s
1967
1st lien & ref 534s_ _1947
1st lien & ref 5%13_1953
Phila Elec Pow 53.4s._1972
Strawbridge & Cloth 55 '48
York Rys 1st Is
1937
No par value.
Range Since Jan. 1.
ganava,a, trgat,vnagEgggggann.gallvmaalmagamsgtlan4
21
32
Jan
Jan 26
Feb
Feb 55
3734 Jan
Feb
Jan
Mar 23
Jan 3914 Jan
Feb 10034 Jan
Feb
Jan 88
Feb 4234 Jan
Feb 72% Jan
Jan 53
Feb
Feb
Jan 141
Jan
Feb 58
Feb
Feb 31
Feb
Feb 31
Feb 36% Jan
15
Jan
Jan
Jan 35
Feb
Feb 57% Jan
Jan
Feb 27
Bonds
-
d
51%
23
24
54
29%
21
2914
9734
80
35
6234
4514
44%
22%
20%
25
3114
13%
32
45
2034
High.
., ... ..
.10.4r.A.WWWWW WW.
—ww.wwwwwa.wm
W...40W0
-4 W
,owwww-4
-4000.4-C-4...w0'000.aawwww-20.40.wwowwwwww00001000.00aww0.www
X
XX Pg
A
AA A
A AAA
g
A
X
35
62%
46%
118
2514
2314
27
33
24
400
24
54% 2,050
54
2934 32% 4.000
21%
1,750
21
2,150
32% 35
50
97% 97%
150
87
88
950
37
35
62% 63% 5,700
1,050
46
48
7,900
111% 119
11,650
24% 26
20% 23% 54,900
36,100
25% 27
650
31% 3334
100
1414 14%
450
34
35
4714 52% 4,000
1,850
23
24
Low.
o6vwvw.-4.0
X
24
5434
30
21%
35
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
.
12th St Store(The) pfd •
United Chemicals Inc pt•
Unit Corp of Am pref.....
United Dry Dka,Inc corn.*
United Gas Co corn
•
United Lt & Pow A pref-5
United Pub Util $6'pref. •
Un Repro Corp part pi A.
20
8°Hun=
25% paid
US Radio & Telev corn....•
Utah Radio Products com•
Ut & Ind Corp. com
•
Cony. pref
•
Van Sicklen Corp Dart cl A•
Vesta Battery Corp corn 10
•
Vogt Mfg corn
Vorcione Corp part pref...
Wahl Co corn
•
Walgreen Co
Corn stock purch warr__
614% preferred
100
Warcbel Corporation.-- -•
Preferred
•
Ward(M)& Co, class A --•
Waukesha Motor Co com.•
Wayne Pump Co
Convertible preferred- -•
Western Grocer Co corn.25
Wextark Rad Ste Inc.corn•
West P L & T pt pfd A.•
7% preferred
•
White Star Refining
Wieboldt Stores. Inc
•
Wilcox-Rich cony pt A- •
Class B
•
Williams 011-0-Matio corn*
WU-Low Cafeter Inc corns
Winton Enelne con pref. •
Wolverine Portland Cem 10
Woodruff & Edwards Inc
Panic class A
•
Wrigley(Wm .Jr) Co corn.
•
Yates
-Amer Mach part pf•
Yellow Cab Co Ina (Chic)•
Zenith Radio Corp corn _•
Stocks-
[voL. 128.
FINANCIAL CHRONICLE
Friday
Saks
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
.4WWWW.Wol W
,
1372
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Feb. 23 to Mar. 1, both inclusive, compiled from official sales lists:
Stocks-
bates
Friday
Last Week's Range for
Week.
of Prices.
Sate
Par. Price. Low. High. Shares.
Annaplis Dairy Prod
Arundel Corp
*
Baltimore Trust Co
50
Baltimore Tube pref._ _100
Benesch (I) & Sons new w I
Black & Decker corn
*
Central Teresa Sug pref _10
Century Trust
50
Ches dr Po Tel of Bait Pl100
Commercial Credit
•
Preferred
25
25
Preferred B
6%% 1st preferred__100
Warrants
Corn Credit of N C pref._
•
Consol Gas EL & Pow__.
6% preferred ser D__100
514% Pref w I ser 13_100
5% preferred ser A__100
Consolidation Coal...-100
Continental Trust
David Drug units
Delion Tire & Rubber- _•
•
Eastern Rolling Mill
Scrip
Elkhorn Coal pref
25
Equitable Trust Co
50
Fidelity & Deposit
25
Fidelity Trust
Finance Co of Amer A_ _ _•
Finance Service corn A..10
10
Preferred
First Nat Bank w 1
Houston Oil pref v t c_ _100
Mfrs Finance corn v t_25
1st preferred
25
25
2d preferred
Maryland Casualty Co__25
•
Maryland Mtge corn
Mercantile Trust Co_....50
Merch de Miners Transp_.•
Monon _. Penn P El pref_25
W
_ .
orr
4134
190
16
4014
200
2t3(
21
1434
2434
10014
11014
109
102
1834
2
31
130
300
20
1034
5834
3414
16374
480
4414
14
14
4134 24
185 190
70
70
18
1634
40
413.4
4c
Sc
200 200
117 1173,4
5534
55
2514 26
2634 27
101%
101
1314 1434
243-4 25
9934 10034
110 111
109 109
101
1023-4
16
17
280 285
5614 5634
234
13.4
303-4 3174
30
3014
12814 12
834
130 130
300 302
260 264
11% 11%
20
19
1034 1034
5814
58
85
85
2954 36
2134 2134
18
18
180 184
3734 3934
480 480
44
45
26
2614
10
325
281
60
753
1,440
1,000
15
57
47
224
208
69
179
25
898
7
7
305
1,152
26
45
415
970
25-20
8
100
499
25
210
332
200
502
50
585
33
25
653
1.399
59
479
140
Range Since Jan. 1.
Low.
14
4034
168
61
16
3114
40
198
11334
4014
25
26
100
12
24
9234
110
10634
101
16
280
5634
1
29
28
12834
115
298
260
11
18
10
58
85
27
2034
1714
160
31
480
44
2534
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
High.
14
4334
195
75
1814
42
Sc
210
11714
62
26
27
1043.4
1414
2534
104
11174
109
103
2234
300
57
374
3434
3414
12834
135
310
274
12
20
1034
6034
9234
36
22
1934
1833,4
3934
480
4774
27
Mar
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Feb
Feb
Jar
Jar
Jar
Jar
Jar
Feb
Feb
Feb
Feb
Jar
Feb
Jar
Mai
Feb
Jar
Jar
Feb
Feb
Feb
Jar
Fel
Mai
Jar
Feb
MAR. 2 1929.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Mortgage Security corn. 5
.
1st preferred
50
Mt V-Woodb'y M v t__100
Preferred
100
New Amsterdam Cas Co 10
Northern Central Ry-50
10
Park Bank
Penne Water & Power__ *
Silica Gel Corp corn v t_-•
Southern Bank Sec Corp.
Preferred
Standard Gas common___
Stand Gas Eq pf w war_100
Un Porto Rican Bug corn.*
Preferred
•
Union Trust Co
50
United Rys & Electric__50
US Fidelity dr Guar new.
U S FM & Guar Co Fire w i
Wash Bait & Annap pf.50
West MU Dairy Inc pref._
50
Prior preferred
78
8834
87
2734
15
42
47
934
8634
92
5334
RightsCon.sGEL&Pwl
334
2
24
25
25
1334 13%
78
78
88g 9134
8634 87
40
31
92
9534
2734 2734
55
54
100 100
15
15
45
4534
42
42
4634 47
347 347
9
1034
8634 8834
76
7734
1134 1134
92
9434
53
5334
334
334
Range Since Jan, 1.
Low.
300
2
50 22%
150 13
56 78
3,094 7734
87 8534
41 30
460 84
1,995 24
101 50
126 100
25 15
45 4034
75 39
390 4634
30 339
820
9
1,552 84
197 7534
5 11
76 92
212 53
3,117
Bonds
Baltimore City Bonds
4s Sewer loan
1961
99
99 $15,000
4s Conduit
1962
99
99
5,000
4s tacit lsh coupon_1941
9934 9934 5,000
3345 New sewer__ _1980
86
86
5,000
Black & Becker 6348_1937 14934 148 14934 8,000
Commercial Credit 6s_1934
99
99
1,000
Consolidated Gas 58..1930
103 103
1,000
Consol G E L &P 434e 1935
9834 9834 3,000
lst ref 6s ser A
1949
105 105
13,500
Elkhorn Coal Corp 6345 '31 92
92
92
7,000
Ga Sou & Florida 5s._1945
983.4 9834 3,000
Gibson Island Co 1st 6s_ __
102 102
1,000
Houston Nat Gas 6s w w_100 100
6,000
Houston 011534% notes'38
9734 9734 10,000
Lexington (Ky) St 58_1949
10034 1003-4 2,000
North Ave Market 68_1940
95
96
2,000
Olustee Timber 6s _ __ _1935
95
95
1,000
Prudential Refin 630_1943 10334 10234 10334 38,500
Southern Bankers Sec 513'38 105
21,000
10434 105
Un Porto Rican Sugar
634% notes
1937 96
96
21,000
96
United Ry & E 1st 48_1949 60
34,000
60
62
Income 48
1949 33
32
39
46,000
Funding 5e
1936
60
6134 15,000
6% notes
1930
9,000
9034 oog
1st Os
1949 733.4
7334 733.4 2,000
Warrington Apartments 6s
5,000
100 100
Wan). nal, .1,. A nnan Sol nd 1
2114 2114 9 nnn
•No par value.
High.
Jan
4%
Jan 25
Jan 15
Feb 82
Jan 93
Jan 88
Feb 31
Jan 100
Jan 2
834
Jan 55
Jan 10134
Feb
15
Jan 46
Jan 43
Feb 48
Jan 354
Feb
1334
Jan 9434
Feb 87
Jan 1134
Mar 96
Feb 54
334 Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Felt
Jan
Feb
Jan
Feb
Jan
Jar
Jar
Jar
Jar
Feb
Jar
Feb
334 Feb
99
99
9934
86
120
99
103
9834
10474
90
98
102
100
9734
1003.4
95
94
100
101
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
993.4
9934
9934
86
155
9934
10334
9834
106
92
9834
102
100
100
10034
98
95
10434
105
Jar
Feb
Feb
Feb
Feb
Jar
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jar
Jar
Jar
Jar
96
60
32
60
90
76
100
7f1 LZ
Feb 97
Mar 65
Mar 43
Jan 63
Jan oog
Feb8334
Jan 100
Tian
215/
Jar
Fet
Jai
Jai
Fel
Jai
Jai
-v.,
Cleveland Stock Exchange.
-Record
of transactions at
Cleveland Stock Exchange, Feb. 23 to Mar. 1, both inclusive, compiled from official sales lists:
P float,
Aetna Rubber corn
•
Akron Rub Reclaim com..•
Allen Industries com
*
Amer Multlgraph com
•
Amer Vit Products
Apex Elee
Bessemer L & Cem com_ •
Bishop & Babcock com -50
Bond Stores B
•
Buckeye Incubator com_ •
•
BYers Machine A
Canfield 011 corn
100
Preferred
100
Central Alloy Steel pref.100
City Ice & Fuel
•
Clark (Fred G) com_ AO
Cleve Auto Mach com _.50
Preferred
100
Clev 'Brit's Sup & Br cora.*
Cleve-Cliffs Iron com____*
Cleve Elec II16% pref __100
Cleveland Ry corn
100
Cleve Securities P 1 pret .10
Cleveland Stone corn
•
Cleveland Trust
100
Cleve Un Stkyards corn_ •
Columbus Autoparts pref._
Dow Chemical common.Preferred
160
Eleo Contr & Mfg corn...•
Enamel Products
•
Falls Rubber corn
*
Fed Knitting Mills com-_•
Firestone T & Rub corn.10
6% preferred
100
7% preferred
100
Foote-Burt common
•
22
12
39
34
16
112
59
30
136
111
10634
35-4
33
270
69
34
40
234
mg
10834
New
22
22
2234 2234
1134 12
3834 39
18
19
3034 34
36
36
434 434
134
134
18
18
12
16
140 140
103 103
111 112
5834 60
11
12
14
14
71
71
30
30
135 137
111
11134
10634 10634
354 334
61
61
450 461
2234 2334
303.4 333-4
260 270
10634 107
65
69
33
34
834 834
40
40
234 234
wog nog
10834 109
545-( 55
463-4 5434
30
3134
101 10134
10434 105
5134 52
III
III
40
4034
400 40034
4434 4434
10434 105
9434 9434
63
68
85
85
no 150
Geometric Stamp
3134
General T & Rubber pf_100
Glidden prior pref
100
Godman Shoe corn
* 5134
Gt1Lakes Towing pref_ -100
Greif Bros Cooperage corn •
Guardian Trust
100
Halle Bros
4434
Preferred
100
Hanna(M A) 1st pref_..100
India Tire & Rub com._ • 64
Preferred
ioo
Interlake Steamship oorn_• 150
*
Jaeger Machine com
3534 3634
Kaynee common
10
30
30
Kelley Isl Lime & Tr com.•
60
60
Lake Erie Bolt & Nut corn *
30
31
Sessions
Lamson
25 49
44
50
Loewe Ohio Theatres Pf.100
97
97
Mar1011 St Shovel[vet--100
102 10234
McKee(AG)di Co cora_ •
40
4034
•
Miller Wholes Drug com.
2734 3234
Rubber pref--100
Miller
75
77
•
Mohawk Rubber com
57
5834
100
Preferred
88
88
Myers Pump common_ -• 3534 3434 3534
National Acme common.10
38
38
.100
National Carbon prof.
127 128
National Refining com__25 37
37
37
• 3734 36
National Tile corn
3731
National Too!common_ _50
17
18
100 55
Preferred
55
55
Nestle-LeMur torn
•
2434 25
•
1900 Washer corn
2234 25
98
Nor Ohio P & L6% pf_100
9934
C.,stall Talan rm.}
1041 11834 1122.4 115
45
10
350
212
35
2,577
10
80
300
100
1.885
25
10
29
287
160
20
33
50
647
140
155
900
10
107
140
1, 0
16
28
64
376
320
25
240
25
51
360
115
6,688
2,140
110
135
605
10
165
26
50
60
33
1,55
15
6
586
50
45
701
361
50
205
196
1,100
48
960
10
86
100
99
215
2.814
25
5
100
516
136
9*17
Range Since Jan. 1.
Low.
2034 Feb
22
Jan
Feb
37
Jan
18
Jan
2634 Feb
36
Jan
434 Feb
1
Jan
1034 Jan
934 Feb
140
Feb
103
Feb
111
Feb
5834 Mar
5
Jan
1234 Feb
70
Feb
30
Mar
135
Feb
111
Jan
10434 Jan
334 Jan
61
Feb
398
Jan
223.4 Feb
31
Jan
200
I Jan
105
Feb
57
Jan
33
Feb
5
Jan
353-4 Jan
220
Feb
1093.4 Jan
Feb
108
5434 Feb
40
Jan
29
Feb
9934 Jan
10311 Jan
50
Feb
11034 Feb
40
Jan
376
Jan
4434 Feb
1035-4 Feb
92
Jan
39
Jan
85
Feb
145
Jan
3534 Feb
29
Jan
5634 Feb
29
Jan
43
Feb
96
Feb
102
Feb
3934 Jan
27
Jan
75
Feb
57
Feb
81
Jan
34
Feb
29% Jan
127
Feb
36
Jan
34
Jan
15
Jan
45
Jan
2434 Feb
22
Feb
98
Jan
1191
5,...
1154
High.
.
.
...
...
.......
..to
ola
.N
Cm
. * ..
,-,
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wWwtA.NN
0 4¢11......M.Ocmt.b.
,
442
ccow00.4
scno 4.w.ww 0
.4
.0000.WM000000 0000600WCm00w4.0Mow.....0*.- .m.4ow 4,wwwow ,
,
g ggggg g gg
ZX
g
g
g
gg ggg
gg
ggg
4,o4,4.,14.,,.m.mc.4....4m...m.4,....mmt,...,.4.441,44.44.,,, c.....m,
I
.mm......1,=1.41,
..
0=1,
:EZ4EZR.Ig4gnr,MIgg4144P,AJAgg.P,ggM'Mr,gneggr,,IP,EEgEf!ggggggggggagg4ggggaangggg-g
Stocks-
naies
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
1373
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks Concluded) Par Price. Low. High. Shares.
Ohio Brass B
•
100
Preferred
Ohio Seamless Tube corn _•
Patterson Sargent
•
Packard Electric com_
*
•
Packer Corp common_
Paragon Refining corn...*
•
Preferred
*
V t c
Reliance Mfg common...
Richrnon Bros corn
*
R dc M series 1 y t e
•
•
Scher-Hirst class A
Selberling Rubber corn_ *
loo
Preferred
Selby Shoe common
•
Sherwin-Williams com __25
100
Preferred
Stand Text Prod A pref.100
B preferred
100
Stearns Motor common..
Stouffer Corp A
•
Youngstown S& T pref_100
Thompson Prod corn
*
Union Metal Mfg corn___•
Union Mortgage com__100
100
Union Trust
*
United Bank
Van Dorn Iron Wks corn.*
100
Preferred
Weilm-Seav-Nforgan pf.100
Wood Chem Prod corn...
•
Widlar
*
Wood Chemical
Bonds
City Ice & Fuel 6s____1933
1943
Steel & Tubes 65
•No par value.
90
38
27
43
50
353
58
33
85
106
80
50
53.4
3034
10234
52
%
346
293
7
64
29
2334
87
90
10634 10634
68
69
38
3834
117 119
3034
30
26
27
43
43
26
26
4834 50
351 365
634 634
2134 2134
54
58
10634 107
2934 33
86
85
166 10034
80
85
45
50
53.4 6
3034 3034
10234 103
62
62
5034 52
34
Ji
346 347
293 293
7
12
2934 30
64
64
2834 2834
2
834 2934
2
334 2334
562
50
309
1,730
116
300
3,165
116
354
1,335
148
30
35
975
188
1,170
200
122
400
965
3,240
210
319
100
260
265
225
2
727
309
120
50
950
100
Range Since Jan. 1.
Low,
843.4
10614
6834
38
115
2914
2234
4234
21
48
338
634
2134
5134
10534
2934
85
106
71
33
5
30
101
46%
5034
34
307
293
7
28
64
28
28
2134
High.
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
101
101
101
Feb
$1,000 101
943.4 9434
200 943.4 Jan
9434
St. Louis Stock Exchange.
-Record
at St. Louis Stock Exchange, Feb. 23 to
92
10634
7534
74134
12634
3334
2734
44
2034
5234
390
8
25
65
10734
35
88
108
89
50
634
31
10334
68
60
34
347
300
12
30
65
29
2934
2334
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
96
Jan
of transactions
Mar.
1,
both in-
clusive, compiled from official sales lists:
Stocks-
"May
bales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks
100
First National Bank
Lafay-South Side Bk_ _100
Merchants-Laclede Nat 100
Nat Bk of Commerce__100 18534
Trust Company Stocks
100
Mercantile Trust
Miscellaneous Stocks
Amer Credit Indemnity_25
100
A S Aloe Co pref
Baer Sternb & Coben corn..
Bentley Chain Sts COM---*
•
Preferred
*
Michigan-Davis
100
Brown Shoe prof
•
Burkart Mfg pref
Chicago Ry Equip pref__25
1
Coca-Cola Bottl Sec
•
Consol Lead & Zinc A
100
Corno Mills Co
•
Elder Mfg common
100
A
Ely dc Walker D G com_25
8
Fred Medart Mfg corn...
Fulton Iron Works com_.•
Globe-Democrat pref.
.100
Hamilton-Brown Shoe_.25
*
Hussmann Refr com
•
Huttig S & D corn
Ilydr Press Brick com_100
100
Preferred
Indep Packing pref__ _100
•
Internet Shoe com
160
Preferred
Johnson-S & S Shoe
•
Laclede-Christy Clay Prod
100
Preferred
Laclede Gas Light pref_100
20
Laclede Steel Co
Landis Machine corn_ _25
Mahoney-Ryan Aircraft_ _5
25
Marathon Shoe com
*
Moloney Electric A
1)10 Portland Cement_ -25
•
Nat Candy corn
Nicholas Beazley Airplane5
Pedigo-Weber Shoe
*
•
Pickrel Walnut
Rice-Stix Dry Goods cont_*
100
1st preferred
Scruggs V-B D G com__25
Scullin Steel pref
•
Securities Inv corn
•
Sieloff Packing com
*
Skouras Bros A
•
Souweetern Bell Tel pf _100
Stir Baer & Fuller corn...*
St. Louis Car pref
100
St Louts Pub Serv com-•
Preferred A
•
Wabash Tel pref
100
Wagner Electric corn _ _ _15
.
Preferred
100
Street Ry. Bonds
United Railways 4s___1934
600
400
375
350
185
400
375
350
18834
600
600
50
7
10
426
Range Since Jan. 1.
Low.
High.
34234 Jan 420
375
Feb 395
350
Feb 370
175
Jan 310
77 575
Jan 628
Feb
Feb
Jan
Jan
Jan
5934 60
103% 104
7
7
3334
33
47
47
14
14
118 11934
18
17
18
18
44
40
1134 1234
195 200
34
33
75
75
283-4 29
22
22
6
634
115 115
20
19
2934 34
2034 2
034
334 4
67
69
85
85
70
64
108 110
65
60
25
10
50
275
50
75
ao
20
40
260
913
15
55
5
416
100
805
10
220
425
15
103
346
50
1.484
35
480
5934
10354
7
283.4
47
1234
117
17
16
37
1034
190
32
75
2834
20
6
115
1734
25
20
3
62
80
63
10734
51
Mar
Feb
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
60
10434
7
35
4934
14
1193.4
2034
18
47
1334
200
36
80
30
22
734
118
24
3534
2234
434
70
85
7434
110
65
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jam
Feb
Feb
Feb
Jan
Feb
Feb
100 100
10034 10034 10034
57
55
55
52
52
52
19
20
1934
4634 4634 463.4
53
5334
50
4934 48
21
1934 22
2134
21
21
31
30
2334 2334 2334
2034 20% 2134
106 106
18% 18% 18%
3834
38
38
3534 3534
1734 1734
46
46
11934 119 11934
35
36
101 101
2034 2034
78
78
105 105
4534 4734
46
10734 10734
10
5
_
35
725
20
230
527
5,015
1,000
170
330
759
50
50
7
40
75
5
251
50
10
80
12
50
3,835
1
100
10034
55
4734
1634
4434
5234
44
1834
21
30
2234
2034
106
18
34%
35
1734
45
117
35
10034
20
77
105
4254
10734
Feb
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
100
10034
57
62
2334
5334
55
5534
22
2134
3334
25
2431
110
1934
4234
37
1734
5134
120
443-4
101
24
81
105
50
110
Feb
/AM
Mai
Jar
Fel
Jar
Jar
Jar
Fel
Fel
Jar
Jai
Jai
Fet
Fet
Jai
J111
Fel
Jai
Fel
Jai
Fel
Jai
Jai
Fel
Fel
Ja
8434 217,000
8034
Jan
85
Ja
9734
09%4
Jan 100
Jan 101
Fa
Fe
60
7
3334
44
1134
29
6%
19
69
6834
108
84
84
Miscellaneous Bonds
serial 9934 993.4 100
Scruggs V-B 7s
finnilln fltnal Ra
1041 10044 1004/ 101
13,000
6.000
• No par value.
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Feb. 23 to Mar. 1, both inclusive, compiled from official sales lists:
"May
Stocks-
oases
Last Week's Range for
Sale
of Prices.
Weak.
Par. Price. Low. High. Shares.
Railroad
Boston dc Maine
75
Ser A 1st pf unstrid--100
Prior preferred etpd-100 10934 109
79
Soo5 1st pfd Med ...l00 79
125
Ser"B" lot wasted-Joe 125
Ser C 181 pref stpd--100
1083-4
154
Ser D 181 pref stpd-100
107
Negot receipts 70% paid
75
110
81
126
109
164
107
4.0
195
401
88
36
10
16
Range Since Jan. 1.
Lew.
72
100
Feb 94
Feb 110
8134
Feb 129
Feb 111
Feb 160
Feb 101
7734 Jan
124
108
154
107
High.
Feb
Jan
Jan
Jan
Jan
Feb
Feb
1374
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range fOf
Sate
ofPrices.
Week.
Stocks (Continued) Per. Price. Low. High. Shares.
Boston & Albany
100
Boston Elevated
100
Preferred
100
1st preferred
100
2d preferred
100
Boston & Providence_ 100
Chic Jet Ry & U Y pf 100
East Mass St fly Co_ _100
lot preferred
100
Adjustment
100
Maine Central
100
FYN HA Hartford_.100
Northern New Hamps_100
Norwich & Worcester pf100
Old Colony
100
Pennsylvania RR
50
Prov & Worcester
100
Vermont & Maas
100
175
84
175 180
83
85
112 113%
113
104 105
101
101
18354 18335
106% 107
24% 27
65
65
55% 54
5551
7834 75
80
291% 8934 92
109 112
130 130
136
136 1394
7734 79
79
185 185
116 118%
116
158
338
116
145
50
10
24
285
26
530
1,068
1,665
16
50
104
839
7
200
Range Since Jan. 1.
High.
Low.
175
8351
98
110
103
183%
104
20%
65
53
62
834
106
130
135
75%
180
118%
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
182
8854
101
114
108
199
1074
24
72
564
76
98%
115
134
139
82%
185
121
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Miscellaneous
Air Investors Inc
214 3,530 20
20
Feb 21% Feb
2051
Amer Cities Pr Lt Corp_ _ _ 68% 66
2,227 634 Jan 70
69
Jan
Class A
50 43
40
43
1,547 40
Mar
Feb 43
Class B
27
1,825 27
29
Feb 29
Feb
Amer.& Gen Sec Corp_ _ _
1,319 724 Feb 75
72% 73
73
Jan
Amer Pneumatic Service 25
238
2% 3
2%
334 Jan
234 Jan
Preferred
25
910 1534 Jan
1551 17
18
Jan
1st preferred
100 47% 474 4754
111 4754 Jan 47% Jan
Amer Tel & Tel
100 218% 213 218% 4,140 193
Jan 222% Jan
Amoskeag Mfg Co
184 19
•
335 18
Jan
Feb 24
Bigelow-Hartf Carpet_
98 1004
•
210 95
Jan
Jan 102
Preferred
100
1004 1014
75 10031 Jan 104
Jan
Brown dr Co
93
93
93
206 924 Jan 94
Jan
Capital Adrnin Co Ltd.
73
-- 75
815 72
Jan 76
7555
Feb
Columbia Graph'n
70% 77
1,067 6554 Feb 8854 Jan
Continental Securities Corp 115
105 115
Feb 116
467 105
Jan
Credit Alliance Corp cl A_
41
44
Feb 4754 Jan
44% 2,165 41
Crown Cork & Seal Co. Ltd
1434 14%
14%
1,340 1351 Jan 15% Jan
Eastern Manufacturing...5
3
90
24 Jan
2% 3
351 Feb
Eastern SS Lines Ino____25 104% 1034 105
Jan 108% Feb
860 99
Preferred_
•
4734 474
50 464 Feb 48
Jan
1st preferred
100 99
99 10134
85 100
Jan 102
Jan
Economy Grocery Stores.• 23% 23
870 2234 Jan
2354 Jan
2354
Edison Elec Ilium
100 320
320 330
Jan 351
403 280
Jan
Empl Group Assoc
42% 4234 43
1,468 39% Jan 4934 Jan
Galv-Hous Elec pref._ 100
24 51
5454 56
Feb 614 Jan
General Alloy Co
Jan
120 11
174 18
19
Feb
Georgian Inc (The)
8
100
2
6 Jan 84 Feb
Georgian Inc (The)
Class A prof
20
16
17
140 164 Jan 17% Feb
German Credit Invest Corp
let preferred
19
145 18
Jan
Feb 20
1831 19
Gilchrist Co
•
Feb 3334 Jan
485 27
26
27
Gillette Safety Razor Co •
116 1174
875 11534 Feb 126% Jan
Greenfield Tap & Die_ _ _25
174 17%
1851 Feb
185 124 Jan
Greif Coop'se Corp Cl A_ _ _
40
40
Jan 414 Feb
185 39
4054
Hathaway Bakeries Cl A _ -- 4534 454 4554
395 4434 Feb 47
Jan
Class B
34% 3454
195 3334 Feb 3554 Feb
Preferred
126 126
20 110
Jan 126
Feb
Haygart Corp cap stock
100 454 Jan 5951 Feb
58% 58%
Hood Rubber
• 25
22% 264 2,037 21
Feb 2634 Mar
Hygrade Lamp Co
Jan 5234 Jan
155 40
45
46
Preferred
Jan 108
10234 1024
25 99
Jan
Insurance Sec, Inc
10
Feb 33% Jan
32
45 30
31
tat Button Hole Sew M.10
12
94 Feb
Jan
94 94
10
International Corn_
9351 98%
775 68% Jan 10234 Feb
Kidder Peab aceep A pf 100
93
Jan 9354 Feb
93
30 93
Libby McNeill & Libby.
13% Jan
_10
124 1231
50 1234 Feb
Loew's Theatres
Jan
25 13
1,911
12
13
Jan
1234 13%
Massachusetts Gas Co_100 139
Jan
1,205 128% Jan 145
136 139
Preferred
100 76% 76% 764
211 76% Feb 78
Jan
Mass Utilities Ass. corn.. 14%
Jan
15
124 Jan
1451 1531 28,751
Mergenthaler Linotype 100 11054 106% 1104
110 100% Jan 107
Feb
Mortgage Bk of Colombia 4754 4651 48
2,985 4354 Feb 474 Feb
National Leather
Jan
351 4
4
5% Jan
10
2,970
4
Nat Mfrs & Stores Corn--• 31% 30
Feb 40
Jan
32
765 31
Nat Service Co
654 Jan
5% Jan
10
5% 5%
Nelson Corp (II) tr etts_ _5
Jan 27
25
Feb
50 24
25
New Engl Equity Corp_
Feb
36 36
Feb 40
36
36
Preferred
Jar
Jan
96
100
96
5 92
96
Jan 104% Jan
New Engl Pub Serv pr pfd• 103% 10351 10334
44 101
New Ens Tel & Tel_ _ _ _ 100 1504 150% 1514
Jan 158
410 144
Feb
North Amer Aviation Inc.. 16%
Jan
19
1,819 15% Feb
16
16%
North Texas Elec pref. _100
Jan 3551 Jan
30
30
35 34
Pacific Mills
Jan
Feb 33
704 29
100 3131
32
31
Plant (Thos G) let pfd_100
Jan
Feb 25
21
21
50 18
Reece But Hole M Co _ _ _10
1751 Jan
5 174 Jan
1754 1734
Reece Folding Machine. 10
151 Jan
1% Jan
125
151
14
Reliance Management Corp 35
4,820 32% Feb 36% Feb
35
36
elhawmut Asren Con Stk..- 254 25
2,786 2354 Jan 25% Feb
26
Southern Ice Co
Jan
15
134 134
15 134 Feb
Jan 83
Feb
82
Preferred
15 82
82
100
Bier See Corp pf allot etle_ _
Jan
3334 3434 4,740 32% Jan 37
34%
Feb 1394 Jan
Swift & Co
257 133
100 13554 135 136
Jan
Torrington Co81
227 784 Feb 84
79
• 80
Tower Mfg
13% 14% 6,530 8 Jan 1734 Feb
14
Traveller Shoe Co
Jan
2354 20% 24% 5.780 18% Jan 21
Feb
Tri-Continental Corn
1,065 29% Jan 34
3151 32%
Feb
42 1044 Feb 106
106 106
6% Preferred
100
Jan 30% Jan
Union Twist Drill
2834
675 26
284 27
United Elec Coal
10 674 Feb 804 Jan
5255 5234
•
Jan
United Shoe Mach Corp.25 79% 78% 80%
1.372 7454 Jan 87
Jan
3134 Jan
Preferred
287 31
3154
25 314 31
U5
Jan 414 Jan
-Brit Int $3 pfd
41)4
260 39
414 41
U S & For Sec Corp 1st pfd
Jan
95
25 93% Jan
93% 93%
U S & Int'l Sec Corp
23% 2451 10,460 23% Feb 254 Feb
24
Utility Equities Corp
Feb
1,583 100
10854 112
Jan 109
9% Jan
Venezuela Holding Corp..
7
Feb
365
6% 7
Venezuelan Mx Oil Corp 10 67
Feb 7734 Jan
6755 1,270 66
66
Waldorf System Inn
Feb 26
Jan
100 23
23% 23%
•
Waltham Watch cl B._ _•
Jan
Feb 70
62
300 60
60
Waltham WatchPret trust ctfs
Feb 954 Jan
196 87
87
86
100
Walworth Co
10 254 Jan 29% Feb
29% 294
25
Warren Bros
Feb 1644 Jan
100 143
55.
147 156
1st preferred
Jan
50
75 49
Feb 52
50
50
Westfield Mfg. Co. cap et
Feb 35% Jan
70 31
33
32
Preferred
Feb
Feb 108
10 103
108 108
100
Whitenights, Inc
17% Jan
15
1,420 1454 Jan
15
1534
Mining
Adventure Cons Copper_25 30c
600 250
30c 30c
Arcadian Cons Min co_ _26
4.545
151 2
1%
1
Arisona Commercial
5
3,815 r4
5
4
434
Bingbam Mines
10
600 504
5151 53
Calumet & Hecia
25 6131 56% 61% 2.795 44%
Cliff Mining Co
2' 3731 34
415 34
38
Copper Range Co
25 32% 274 33
14,312 25%
East Butte Copper Min_10
3iiol 4% 3,415
3%
Hancock Consolidated _25
254
690
2
134
2%
Hardy Coal Co
1
2
2
30
island Creek Coal
1
59% 61
305 62%
Preferred
1 105
105 105
10 105
Isle Royal Copper
25 x3134 2754 34
7,940 25
Keweenaw Copper
25
5%
54 6% 2,289
6%
La Salle Copper Co
25
234
254 3% 3,330
Lake Copper Corp
25
154 1%
334
MASOTI Valley
6
154 1%
50
Mayflower &Old Colony 25
80c 80c
160 700
Mohawk
26 4.534 4354 46
3,045 41
43
New Cornelia Copper - --6 48
48
924 40%
45c
44c 60c
New Dominion Copper _ _ _ _
2.830 200
[VOL. 128.
Friday
Saki
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares,
NipIssing Mines
6
North Butte
15
0J1bway Mining
25
Old Dominion Co
25
P. C.Pocahontas Co
•
Quincy
25
Si Mary's Mineral Land_25
Shannon
10
Utah Apex Mining
5
Utah Metal & Tunnel__ _1
Bonds
Amer Tel & Tel 4s_,,,,)929
Amoskeag Mfg 6s_ _ _ _1948
Brown Co,5%fi
1946
Chic Jct fly & 135 Y 413 '40
East Mass Street RR
434s series A
1948
Fox N Eng Tli Inc 631* '43
Gannet Co Inc 631s.._ _1943
Hood Rubber 7s
1936
Karstadt (Stud) Incite 1943
New England 5s
1948
New Engl Tel & Tel 56.1932
PC Pocah Co 78 deb _ _1935
Pow Gas & Water Sec Corp
55
1948
Reliance Managment 5s'54
Swift & Co 5s
1944
OUno.nv.v. T,A in -Ir. Ingo
,
• No par value.
3
731
651
3%
331
164
18
1254
49
4334
41
r3755
32c
.54
5
134
154
99
8834
98%
874
8834
103
100
106
100
Innl,
354
1,195
7% 20,404
351
200
19
6,026
1331
885
51
8,555
43
3,440
40c
500
555 6,270
151 11,700
Range Since Jan. 1.
Low,
3
54
234
16
11
42
3431
25c
34
950
Rigs.
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
334
851
5%
1954
1431
50
41
500
54
14
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
99
51,000 98% Jan 99
8834 18,000 8734 Jan 90
98%
500 100
Feb 100
1.000 874 Feb 89
8731
61
614
10034 104
96
96
9554
95
92
94
92
92
100 100
1054 10634
Feb
Jan
Feb
Jan
Jan
Jan 64
Jan 10634 Jan
Feb 963-4 Jan
Jan
91)
Jan
Feb 98
Jan
Feb
Feb 92
Feb 10054 Jan
Feb 107
Jan
2,000 61
24,000 994
10,000 96
4,000 90
15,000 92
2,000 92
1.000 100
10,000 103
100 100
14,000 95
Feb
Jan 101
994 10134 25,000 9934 Jan 10154 Feb
1014 102
9,000 101
Jan
Feb 102
Inn
Innu ld nnn 00
Tan
1/101, 'Val,
s Ex-dividend.
Los Angeles Stock Exchange.-Reoord of transactions
at the Los Angeles Stock Exchange, Feb. 23 to Mar. 1, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High. Shares.
Stocks-
Barnsdall Corp,"A"_ _25 4054
Bolsa Chien Oil "A"
1 2.65
Bway Dept Stpf ex-war 100 9254
Buckeye Union Oil pfd._ _I 47
Byron Jackson
• 383-4
California Bank
25 130
Central Investment _ _ _100 102
.
Douglas Aircraft
• 25
Emsco Der & Eq new._ _* 4351
Farmers&MerchNatIBk100 460
Gilmore 011
8 12
Globe Grain Jr 5.1Tg com 25 34
1st preferred
25 25
GoodyearTlre&Rub pfd 100 101
Goodyear Textile pfd._ _100 102
Holly Development
1
1
Holly 011Co
54
5
Home Service com
25 2334
25 2531
8% Preferred
Hydraulic Brake Co corn 25 58
Intl Re Ins pfd
10 59
Jantzen K Mills
4534
Lincoln Mtge pfd
•
84
LA lot Natl Tr & Sav I3k 25 135
L A Gas& Elec pfd.____100 106
LA Investment Co
1 2.30
LA First Nat rites
3.50
McMillan
25 35
Mascot 011
1 2.65
MerchNatITr&SavBks_ _25 226
Midway Northes 011_ _ __I
23c
Mortgage Guarantee Co100 190
Nit Diablo Oil
1 1.25
Occidental Pete, corn _ _ _ ..1 2.70
Pacific Clay Products_ _ _ _ • 3434
Pacific Finance corn_ __ _ 25 103
Preferred series A _ __ _.25 27%
Preferred series C_ _ _25 234
Preferred series D____25 2531
Pacific Lighting corn
• 7654
Pacific Mutual Life Insl 00 100
Pacific National Co_ _ _ _25 35
Pacific Western Corp_ __ _• 2234
Republic Pete new
10
8
Republic Supply Co
• 62
Rich 011 Co pf ex-warrs_ 25 25
Rio Grande 011com (old) 25 43
(New)
25 3754
Seaboard Nat 13ank__ _25 45
.
San Joaw L&P 7% pr pf100 11634
Security Tr & Sav Bank 100 610
Shell Union Oil corn
• 27
Signal Oil& Gas A
25 39
B
25 3951
So Calif Edison com_ _ _ _25 61%
Original preferred__ _ _25 65
7% preferred
25 29
25 2651
6% Preferred
25 243-4
554% preferred
So Calif Gas 6% pfd__ _ _25 26
25 2554
6% preferred A
So Count Gas(5% pfd_ _100 101%
Standard 011 of Calif
• 68
Sun Realty corn
5
1
So Calif Edison rights
3.55
Sec First Nat Bank
25 12934
-America Corp _ _ _ _25 13654
Trans
Union 011 Associates,.25 494
25 50
Union 011Calif
250 .13
US Royalties
Weber Showcase & Fix 0(0* 2454
Range Since Jan. I.
Low.
High.
40
3,700 38% Feb 46
4051
Jan
2.85 2.80
15,000 2.60
Jan 4.30
Jan
924 924
1,209 924 Feb 95
Jan
47
63
32,800 34
Jan
Feb 1.85
3834 3834
41 3834 Feb 384 Feb
12954 131
150 125
Jan 13654 Jan
102% 10234
125 10134 Feb 103
Jan
264
25
Mar 30
300 25
Jan
4251 4254 3,400 3754 Feb 4434 Feb
460 465
Jan 475
37 460
Jan
12
12
475 12
Feb
1534 Jan
34
34
488 3134 Jan 34
Feb
25
25
20 25
Feb 254 Jan
101
101
50 100
Jan 101
Jan
10051 102
120 98
Feb 102
Feb
1
1
1,900
1
Jan 1.10
Jan
554
54
100
54 Feb
54 Feb
300 234 Jan 25
233.4 24
Jan
254 2531
386 2554 Jan 264 Jan
58
55
1.100 40
Jan 5834 Feb
59
1,600 53
6054
Feb 604 Feb
46
45
758 44
Feb 484 Jan
sg 8%
854 Jan
200
Jan
9
135 14151 4,700 1204 Jan 150
Jan
106
10654
137 106
Feb 108
Jan
2.30 2.35
14,200 2.16
Feb 2.55
Jan
3.25 3.60
5,300 3.25
Feb 3.60
Feb
344 35
700 344 Feb 4034 Jan
2.65 2.75
2,150
Feb 3.10
2
Jan
-_- - -65 210
Feb 253% Jan
------1,600 200 Jan 350
Jan
___
--161 190
Feb 101
Feb
1.25 1.50
1,400 1.10
3
Feb
Jan
2.50 2.90
8,000 2.10
54 Jan
Jan
34
498 31
Jan
Jan 36
3431
3,700 6736 Jan 11134 Jan
97 10534
2754 28
170 2731 Feb
2955 I Jan
20 2451 Jan 2551 . Jan
----Jan 2555 Jan
380 25
----7654
76
900 90
Jan 8034 Jan
__- --Fob
36 1000 Feb 1000
Feb 4
3651
682 35
35
Jan
22%
19
3,300 1854 Feb 23
Jan
734 851
4,400
551 Jan
954 Feb
614 62
330 60
Jan 6154 Feb
2451 25
1,344 244 Jan 25
Feb
4054 43
17.500 40
Feb 4854 Jan
3354 38% 44,100 3254 Jan 424 Jan
4751
480 45
45
Feb 48
Feb
20 11534 Jan 11651 Feb
--- -605 642
410 530
Jan 6504 Jan
--100 27
--Feb 28% Jan
39
37
900 37
Feb 42
Jan
200 39
Feb 40
--- - -Jan
6134 6234 5,000 5434 Jan 673-4 Jan
--- --20 62
Jan 70
Feb
___
___
796 29
Feb 29% Jan
------5,251 264 Feb 26% Jan
------6,461 24
Jan 25
Feb
2534 26
220 25
Jan 2634 Feb
2554 26
75 25
Jar
Jan 26
100 10134
63 100
Feb 10154 Feb
65
6854 4,300 6454 Feb 7251 Jan
454
5
1,100 4.75
54 Jar
Feb
3.45 3.55
14,300 3.45
Fet
Feb 3.55
12954 130
450 12954 Mar 1313
Feb
1303.4 136% 8,400 125
Feb 136% Mal
464 5134 20,700 45
Feb 6131 Fel.
46% 5031 18,900 4631 Feb 2.70
Fet
.1234 .1434 46,100 .1231 Feb .1755 Jar
-__
___
150 2454 Jan 25
Feb
Bonds
L A Gas & Elec Ls ___ _1961 914 ------5,000 994 Feb 101
So Calif Edison 5s
1051
.f - _ .-.---.... 101% 1014 101% 15,000 1014 Feb 102
_-
Jar
Jar
-
*No par value.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
40c
2
5%
55
594
36
30
4%
351
254
60
105%
284
734
3
151
2%
95c
48%
46
60e
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
FLU
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
San Francisco Stock Exchange.-Rocord of transactions at San Francisco Stock Exchange, Feb. 23 to Mar. 1,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par, Price. Low, High. Shares.
American Co
1464 142
Anglo & London P Nat Bk 260
260
Atlas Diesel En A
584 5634
10
Assoc Insurance
10
John Bean corn
4834
4734
Bank of Calif N A
300
B Jackson Pump stk div.. 38%
33
Calamba Sugar corn
27
27
California Copper
8
94
-Oregon Power 7% pi_
Calif
114
Range Since Jan. 1.
Low,
15054 9,452 1504
260
100 26954
58%
624 654
10
6,028 11
47%
868 504
300
10 300
74
6,699 8654
27
50 274
1054 35.846 1034
114
75 115
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
High.
13955 Jan
2524 Jan
54% Feb
Feb
10
4531 Feb
Jan
290
Mar
38
Jan
27
Feb
7
Feb
112
MAR. 2 1929.]
FINANCIAL CHRONICLE
Low.
nnIZ
,..,
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ggggg
g
0, . .1
1
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1
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,
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W
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0tWW
14w71 ,
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iSOM.
gg
..
.
WWW00.WW
W....P.4....
On./
XXgg
Hale Bros
24
24
103 2434 Jan
Hawaiian Comm & Sug Ltd
52
52
200 53
Feb
Hawaiian Pineapple
8134 6134
370 6234 Jan
Home Fire & Marino
4234 4334
720 4634 Jan
Honolulu Cons 011
1,045 3834 Jan
3634 3731
3734
Honolulu Plantation
65
65
55 65
Feb
Hunt Bros Pack A corn _ _ _
2234
2234 2234
820 2334 Jan
Illinois Pacific Glass A _ _ _ _
42
41
42
850 47
Feb
JalltZeD
44
41334
4834
1,085 483.4 Jan
Roister Radio
6534 6034 6634 10,789 7934 Jan
Langendorf United Bait A. 31
30
31
920 3434 Jan
13
29
2,905 29
Jan
2634 29
LA Gas & Else pref
10634 10634
70 1083.4 Jan
Lelghton Ind B v t c
9
10
165 1035 Feb
Leslie Salt Co
4034 40
1.545 4734 Jan
4134
Magnavox
1034
83.4 1034 85,492 1334 Jan
34
Magnin corn
360 39
Jan
343.4
Mercantile Amer Realty _5 10034 Jan
99Si 9954
No Amor Invest com
116
123
485 123
Feb
Preferred
101
101
10 1044 Jan
North American Oil
25
5.448 38
2534 27
Jan
nal/
.
OWWWWWrPOWN
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
g
6,657 8134
1,827 98
18,392 2534
14,741 8011
1,270 5034
90 99
10,298 2934
19,616 2634
4,863 3734
1,707
7
240
8
521 151
1.360 31
2,070 1234
45 10234
170 10731
2,958 5934
167 3214
935 283.4
High.
..
J.O.OW
California Packing
7834 77
8134
95
Grown Zellerbach prof A
95
95
Voting trust Ws
2334
223.4 2454
Caterpillar Tractor
7414 78
7514
Clorox Chemical
46
4134 44
Coast Co Gas & El 1st pref 98
9834
08
2954 2534 2934
Dairy Dale A
B
2234 2631
2534
Emporium
3454 3734
3531
Fageol common
6
634 6
Preferred
731
711
Fireman's Fund
112
13934 143
Rights
2931 3034
30
Kleiser corn
Foster
1134
11
113.4
Gt West Pow ser A 6% pf 10234 102 10234
Preferred
107
1083.4 107
5434 5234 543.4
Golden State Milk
General Paint A
32
32
B
27
27
Range Since Jan. 1.
4
44.ow....4co.4w.ww4o.o..ww. w..00.....Wwww.
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par. Price. Low. High. Shares,
1375
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Oliver Filter A
41
B
3934
Pacific Gas & Elec corn... 5734
1st preferred
2734
Rights
3.20
Pacific Lighting Corp corn_
783.4
6% preferred
Pacific Tel & Tel cam
Preferred
1273.4
Paraffine Co's Inc corn..... 8434
Pign Whistle pref
1274
Pacific Public Service
2334
Richfield 011
4234
Preferred ex-warrants _ _
.______
Roos Bros corn
Preferred
100
S J Lt & Pow pr pref
6% prior preferred
Schlesinger (B F) A corn__
203-4
Preferred
Shell Union Oil corn
2734
Sherman & Clay prior pref.
Sierra Pacific Electric prefSperry Flour corn
9334
Spring Valley Water
89
Standard 011 (Calif)
68
Tidewater Asso 011 corn...
Preferred
8734
Traung Label & Litho Co
______
Transamerica
13834
Union Oil Associates
4934
Union 011 (Calif)
50
Union Sugar corn
2234
Preferred
Western Dairy Prod A_
West Coast Bancorp
2734
Yellow & Checker Cab Co_
4934
41
3834
6734
2734
3.10
7535
10334
1713.4
127
83
1234
2354
403.4
24%
3234
100
118
102
2034
89
2634
8834
9334
93
8934
1353.4
1834
8731
22%
13054
4834
4734
2234
305.4
55
2634
4934
42
3911
6834
2714
3.30
7734
104
172
12734
8534
1334
2334
4334
25
3234
100
118
102
21
90
2934
8834
0334
9334
90
8834
1934
88
223.4
137
51
5034
2234
3034
57
27
503.4
815
1,295
3,780
3,973
12,576
5,114
120
125
30
2,917
555
11,525
10.603
1,614
180
20
80
5
2,847
35
3,791
20
10
717
48
15,076
1,419
100
10
76.758
13.731
16,983
510
10
40
751
590
Range Since Jan. 1.
Low.
46
45
13734
28
3.85
8034
104
182
12734
8834
14
24
4834
25
34
10034
118
10234
21
90
21
95
9614
9834
92
6934
2134
8934
23
137
5134
5134
2734
3134
57
30
53
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
High.
38
36
54
27
2.25
70
10134
160
121
8134
1234
2034
393.4
2434
32
9834
114
10134
19
88
26
8834
93
90
8934
8434
18
8834
22
125
4434
4834
22
30
55
2834
4934
Jam
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jar
Jar
Jar
Feb
Feb
Jar
Jar
Pet
Feb
Feb
Jar
Jar
Feb
Jar
Ma
Cincinnati Stock Exchange.
-For this week's record of
transactions on the Cincinnati Exchange see page 1438.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb
Market for the
week beginning on Saturday last (Feb. 23) and ending the present Friday (Mar. 1). It is compiled
entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in
which any dealings
occurred during the week covered.
6
qn,
onEng. 7_,".g.7;n7.-ng , ggg4.-EgDAEtggg-En. 2,24ggggnEnggitga Eg&g..otr,!4Nootg==00A40.
x
21
g XXX=
SXX X
.w.,4W4-03 .
...4.11.W.04.
-J
OW .WW WCO W.& .../..40A-Wce ,..(4001 0
ggggg
g
XX
g
ggg
g
g
gg
ggg
g
g
15C
5.001
301
501
2,201
9,401
901
401
90(
High.
130
19
43
4836
4334
83
161
167
1854
2
10
231
734
53.4
6434
189
10634
13434
41
4734
50
1534
2234
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Jar
Pet
Jar
Fet
Jar
Jar
Jar
Fa
1334
14331
4934
90
80
104
2734
108
32
70
a124
2734
10534
4
034
6534
97
17
334
Fel
Fel
Fel
Fel
Jai
Fel
Ma
Ma
Jai
Fel
Jai
Fel
jai
Fel
Ja
.38,
Fe
Ja
33
4334
4554
1234
8534
23
65
6
5634
2734
1474
35%
• 8734
9034
2
8034
5434
192
1534
2934
7434
23%
4334
137
2234
15
Ja
Ja
la
Ja
Ja
Ma
Fe
Fe
Fe
Fe
Fe
Ja
Ja
Fe
Ja
Ja
Ja
Fe
Ja
Ja
Mi
Fc
Fs
Jo
Ja
Js
g
g g
XXXAXA
A g XXX= g
g
X
XX XX
Aggg A X g ggA
g
ggg
gg
g
g
g
gggggg
gggg
4.
YYXX=
Y
i
i
i
(
1
Low.
gg
an
5,700
450
100
5,500
30.100
700
49,700
500
5,000
75
475
300
7,700
7,300
3,700
2,200
100
600
,
n•-• ..1•11 lardarranfn
200
33,900
100
2,600
800
200
60
50
14,900
1,300
300
100
200
700
1,000
1,800
1,300
100
800
600
100
2,100
2,600
100
300
6.700
200
100
2,800
750
600
1,200
2,200
500
500
800
900
9,700
1,100
800
8.200
1,800
8,500
21.3013
i 2,900
400
50
1,00C
20C
r
• •
• - --
-
•
•
100
ggX
Indus. & Miscellaneous.
Acme Steed corn
25 92
ACoustio Products oom___• 11
Aar° Supply Mfg Clam B_•
Aar° Underwriters
" 4634
Agfa Ammo Corp coin _ _ •
Preferred
ioo
Ala Gt Sou ord
50
Preferred
50
Alexander Industries
1894
•
Allied Pack corn
1
Prior preferred
100
931
Senior preferred
100
Allison Drug Stores A_
•
•
Class B
Alpha Portl Cement corn.
•
Aluminum Co common_ • 175
Preferred
loci
Aluminum Ltd
Aluminum Goods Mfg. • 3834
Amer Arch Co
Amer Bakeries el A
Amer Beverage Corp....* 15
Amer Brit & Cont Corp. _• 2134
Am Brown 13overt Elm Corti
Founders shares
• 1234
Amer Cigar com
100
Amer Oolortypo corn
•
Amer Corn Alcoholv t c 100 8634
Amer Cyanamid com cl B 20 6534
Preferred
100
Amer Dept Stores Corp..
• 2754
151 preferred
100 108
Amer Hawaiian SS
10
Amer Mfg prof
100 70
Amer Nteter
• 11931
Amer Milling Co cam_ _100
Amer Rolling Mill nom_ _25 943-4
Am Solvents & Chem v t o • 3954
Cony partic preferred..• 51
Amer Stores cons
• 923.4
Amer Thermos Bottle A .•
.
Amer Thread pref
5
334
Amsterdam 'Trading Co
American shares
Anchor Post Fence coin _ _•
Anglo-Chile Nitrate Corp.• 42
A pco Mos.sberg cl A
25 ol1
Apponaug Co tom
•
Arcturus Radio Tube _ --• 2234
.
Armstrong Cork com____• 8334
Arnold Print Works
Art Metal Works coma___* 49
Associated Dye & Print_.• 2231
Associated Laundries A _.• 13
Associated Rayon
• 29
6% preferred com_100 74
Atlantic Coast Fisheries- _ 90
Atlantic Fruit & Sugar_ _ _•
134
Atlas Plywood
• 5536
Atlas Portland Cernent • 50
Auburn Automobile com_• 18734
Automatic Regis NIach _ _.• 12
Cony prior Partici
• 263.4
Aviation Corp of the Amer. 7334
Aviation Credit
• 2334
Axton-Fisher Tob corn A10
Corp._Babcock & Wilcox Co_ _100
•
Bahia Corp common
Preferred curnulatIve_25
Bauman (Ludwig) & Co
Cony 7% 1st p ref _ _100
Bellanca Aircraft v t o....• 1934
Benson & Hedges com-_• 13
Blauner's common
• 5554
Blaw-Knox Co_
•..
433i
Bliss(E W) Co common.• 6434
Blumenthal(S) & Co corn •
...l0
.Blyn Shoes Inc corn.
Boeing Airpl & Trans corn •
..
...
.
. .
.
.
.WWWWN.WW0.04.0. ......&WWWWit.
.WWWW....
WWO.W..00
400
4.WW
VI -4N.... WWW
.0.cowWpWWWWWWW..4W0.-4AWO.
X.W.^0WWW. if...WWW,..MOW.W.A.WW.0WWW0,1... W.4.000WWWWWW.OWWW..
ggg
gg gX ggggg
g
X
X
gg
g
g X
g
Stocks-
Range Since Jan. 1.
.....WW.MNOWWW71WW
... W.A.P.00D-40
....W.....e
. WWW
WW
,.C.
..
... t ..... op.0
.i2T..T..."
'#.0..
' WI40.• pow .
4.003000-400.
Wpm ND
W coo.046Wt.2 C. .t.O. Ca .
•,,
, ,.,,w O.
.
W
Cx.
Friday
Sales
Last Weeks' Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Mar. 1.
41411
953.4 Js
233.4 Js
1734 Ja
6074 Fm
454 Fs
5634 Js
9411 ji
3
Js
98% JI
I' TIllaff
450488
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. Iftgh Shares.
Bohack(A C) Co com
*
Bohn Aluminum & Brass
Borden Co,new com w 1_ _25
Botany Cons Mills com- •
Brill Corp class A
•
Brill° Mfg common
•
Bristol-Myers Co COM.-_•
Brit
-Amer Tob ord bear_ £1
British Celanese
Amer deposit receipts__
Budd (E (3) Mfg com
•
•
Bullard Co (new co)
Burma Corp Amer dip rag
Butler Bros
20
Burrs Clark & Inc com_.•
Campbell Wyant &
Cannon Foundry
•
Canadian Indust Alcohol.
•
Capital AdminIstr
Carman & Co cl A
•
Carnation Mil Prod corn 25
•
Caterpillar Tractor
Ceco Ntfg
Celanese Corp of Am com •
100
First preferred
New preferred
100
•
Celluloid Co corn
$7 preferred
•
First preferred
•
Centrifugal Plpe Corp__ -•
Chain Store Stocks Inc_ _•
Checker Cab Mfg corn ___•
Chicago Nipple Mfg B_ _50
Childs Co prof
100
Cities Service common__20
100
Preferred
Preferred B
10
City Nlachine dr Tool corn •
City Radio Store com_•
Clark Lighter cony A_
•
Club Aluminum Utensil..
•
•
Cohn-Hail-Marx Co
Colgate Palmolive Peet_Colombia Mtg Bank
Colombian Syndicate
Columbus Auto Parts
Consolidated Aircraft_ ___•
Consul Automatic
Merchandising v t ii___•
•
$3.50 preferred
Consol Dairy Products_ _•
.
Consol Film Indus corn •
Consul Instrument corn...*
•
Consol Laundries
Cons Ret Stores Inc corn.•
C'onsol Theatres Ltd v IC.
•
Consolidation Coal com 100
•
Coon(W B) Co corn
7% pref with warn. _100
Copeland Products Inc
Class A with wary
•
Courtaulds Ltd Amer deli
recta for ord 5th reg__ £1
Crock Wheel El Mfg com 100
Crosse & Blackwell
•
Prof with warrants..-.
Crowley Milner & Co corn •
Cuban Tobacco pf vtc_100
Cuneo Press common__ _10
Curtis Publishing COM 110W
$7 cumul preferred__ •
Curtiss Acropl Exp Corp.•
Curtiss Flying Serv Inc..'
•
Davega Inc
Davenport Hosiery Co_ _.•
Davis Drug Stores allot etre
Decca Record Ltd
Amer shs for ord eh_ __51
Deere & Co common_ -100
De Forest Radio v t o____•
Dixon (Jos) Crucible Co 100
71
11234 1103.4
9734 043.4
23.4
253.4
2511 2534
103
10134
3234
6
59
50
434
33
1034
7531
3134
45
7654
6934
48
82
1134
383.4
91
10134
120
9734
3034
42
7334
4774
14
33
423-4
1314
35%
44 Si
2234
2834
1734
38
20
19
2031
534
5554
4734
4
33
634
71
11534
9734
3
2734
26
10634
3254
4454
11734
4976
24
3274
3134
Low.
High.
100 71
Feb 77
Jan
4.500 10534 Feb 12334 Jan
1,900 9434 Feb 100
Feb
300
234 Feb
4
Jan
400 2234 Feb 2834 Jan
800 20
Feb 28
Feb
2.800 9234 Jan 10934 Feb
700 3034 Jan 323.4 Feb
634 3,900
69
1,600
6034 5,100
454 32.100
3376 2,500
1154 4,200
43.4 Jan
3454 Jan
44
Feb
334 Feb
33
Mar
634 Feb
834 Jan
5951 Feb
5111 Feb
554 Jan
4434 Jan
1734 Jan
43
43
100 39
Jan 48% Jan
42
42
100 40
Jan 43
Feb
75
77
1,400 75
Feb 77
Mar
31
500 31
3134
Feb
314 Feb
44
45
1,000 42
Feb 48
Feb
734 7654 3,100 7234 Jan 82
Jan
6834 6934
600 683.6 Feb 6954 Feb
48
5734 9.200 4134 Jan 5734 Feb
11454 118
600 110
Feb 118
Feb
9834 100
900 9234 Feb 100
Feb
46
45
200 41
Feb 50
Jan
82
80
200 80
Feb 82
Mar
101 101
200 100
Jan 101
Feb
11
1234
1,500
931 Feb13
Jan
373.4 3854 9.200 3754 Feb 4074 Jan
8334 94
63,800 483.4 Jan 94
Mar
131
134
100
134 Feb134 Feb
10134 10154
10 10114 Mar
Jan
11434 1203,4 115.700 885.4 Jan 109
12034 Mar
2.400 9634 Feb9834 Jan
9634 9734
9
9
800
834 Jan
93,4 Jan
1.800 29
3134 3214
Feb
3.434 Jan
31
28
1.300 273.4 Feb 31
Feb
11
300 11
113.4
Feb 2434 Jan
3034 32
600 2934 Jan 3334 Feb
41
42
200 3834 Feb 45
Jan
1.500 73
75
73
Feb 5054 Jan
4754 4734
1,400 464 Feb 4774 Mar
14 14 7.400 Ilis Jan 2 Jan
31
33
800 31
Feb 33
Mar
33
4234 78.100 314 Feb 4
23.4 Feb
1254 1434
3,400 1234 Feb
1754 Jan
34
36
3,400 33
Jan 45
Jan
4436 46
1.000 41
Jan 6011 Feb
2234 2436 13.500 18
Jan
253.4 Jan
23
2934 12,900 23
Feb 2974 Feb
4,300 17
1754 18
Feb1934
3534 393.1 8,300 3234 Feb 3954 Jan
1934 204 3.300 1834 Feb 204 Feb
Feb
1534 19
75 1514 Feb 22
Jan
3334 3434
400 3234 Feb
433.4 Jan
93
93
100 93
Feb 9834 Feb
19
2136 3 500 1554 Jan
.
2134 Feb
1934 21
1954
25434 245 28634
54
5311
Range Since Jan. 1.
53%
5234
5334
43
117
11854
48
23
31
3
034
58
54Si
54
5334
4454
11736
11854
5236
24
33
334
57
434
434 474
610
800 61334
2234 2134 2234
18834 18831
1,000 1934 Mar
253.4 Jan
225 12734 Jan 285
Feb
400 5234 Feb 56
Feb
600 5234 Feb
6234 Jan
200 5354 Feb 5334 Feb
800 43
Feb
4734 Jan
500 115
Jan 12034 Feb
1(5) 11354 Jan 121
Jan
9,500 2831 Jan 5274 Feb
56.600 21
Feb 25
Feb
2,200 29
Feb
363.4 Jan
5,300 1834 Jan
3434 Feb
500 56
Feb
57
Jan
6,100
474- Feb
434 re
000 580
Feb842
Feb
21,000 2034 Feb 2834 Jan
Mi 16034 Jan 170
Jar
1376
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Doehler Die-Casting
• 35
Dominion Stores Ltd____• 154
Donner Steel new com_ •
8% cumul prior pref..100 102
Douglas Aircraft Inc
• 25
Dresser(S R)Mfg class A•
DubHier Condenser Corp.'
9
Durant Motors Inc
• 1534
Electric Household CUL10
Elec Shovel Coal par pref_' 55%
Emsco Derrick
44
Evans Auto Loading ci B 5
Fabrics Finishing corn..___• 2334
Fageol Motors corn
10
Fairchild Aviation clan A * 30
Fajardo Sugar
100 113
Fandango Corp corn
•
934
Fan Farmer Candy Shops• 34
Fansteel Products Inc._ •
Fedders Mfg Inc class A_• 42
Federated Metals tr etf • 36
Ferrn Enameling Co ci A •
Firemen's Fund Ins__ _100
Firestone Tire & R com_10 241
7% preferred
100
Fokker Air Corp of Amer..' 2731
Foltis-Fischer Inc corn ___• 37%
Ford Motor Co Ltd
Amer dep rcts ord reg-81 18
Ford Motor Co of (Jan.100 680
Forhan Co,el A
• 31
Foundation Co
Foreign shares class A.
1634
Fox Theatres class A com..• 33
Franklin
H) Mfg com.• 34%
Preferred
100
Freed-Eiseman Radio._ •
Freshman (Chas) Co
939
•
Garnewell Co corn
• 70
General Amer Investors_.' 81
General Baking corn
•
8%
Preferred
• 75%
General Bronze Corn com • 543(
General Cable warrants___ 45
Gen Elec Co of Gt Britain
American deposit nets- _
1534
Gen'l Firepr rg new corn _• 36
Gen'l Laundry Mach corn • 26
Gen'i Realty & Utll cam._ 2439
Preferred
100
GentTire & Rub corn. _25
Gilbert(A C)Co corn ____• 244
Preference
• 45
Gleaner Comb Harvester.*
Glen Alden Coal
• 136%
Goldberg(8 M)Stores • 21%
Common
Goldman-Sachs Trading_ •
New when issue
:112
Gold Seal Electrical
72
Gorham Mfg corn
•
Preferred
100
Gotham Knitbae Mach... 1834
Gramophone Co Ltd
Amer dap rcts ord 81
Granite City Steel corn _• 4044
Gt Atl & Pac Tea 1s1 pf 100 11545
Greenfield Tap & Die corn• 173(
Greif(L)& Ego corn
*
Preferred class X_ _ _100
Griffith()W) class A_ •
Grigsby-uninow Co flew.' 175
Ground Gripper Shoe Co-Common
• 38
• 38
88 preferred
Guardian Fire Assurance 10 64
Habirshaw Cable & W com• 35
Hall(C M)Lamp Co..__.
244
Hall(W F) Printing---10 29
Happiness Candy St Cl A _•
4
Harrison'130range Huts _ •
Hartman Tobacco corn.-10
Hart-Parr Co corn
• 82%
614% preferred
• 181%
Haygart Corp
• 66
Hazeltine Corp
• 44%
Helena Rub'stein Inc corn • 23%
Hercules Powder pref _ _100
Heyden Chemical
•
Hires (Chas E) Co corn A • 24%
Holt(Henry)& Co class A•
Hood Hubner Co
•
Hormel(Geo A)& Co corn' 44
Horn (A C) Co corn
• 42%
7% 1st pref
50
Horn & Hardart corn- •
Boush'd Finance pert Df 50 48%
Huyler's of Del corn
• 28%
Hygrade Food Prod com.• 39
Imperial Chem industries
A m dep rcts ord she refill 1034
Indus Finance corn vs e..10 53%
7% eurn pref
100 87
Insur Co of North Amer_10 80
Insurance Securities_-_10 3134
Internet Perfume corn_ •
Internet Products cora •
Internat.Projector
•
Internet Safety Razor B.
38
International Shoe com • 684
Iron Fireman Mfg v t o_...
31
Unita-Fre:Mini common
Johnson Motor
60
Johnson & Phillips
Jonas & Naumburg COM _• 18
8 cum cony pref
• 5311
Joske Bros core V t
•
Harstadt(Rudolph) Am slis
Kellogg Svtitchb & Supp_10
Keystone Aircraft Corp.._• 42
Kimberly-Clark Corp corn' 53
Kinnear Stores ctf deP---- 40
Kirsch Co oom
•
Klein (D Emil) Co coin •
Klein(H)& Co part pref 20 21
Knott Corp corn
•
Kobacher Stores corn.....' 66%
Kruskal & Kruskalcom . 15
Lackawanna Securities ' 41%
Lake Superior Corp___-100 36
Lakey Foundry & Mach..• 32%
Land Co of Florida
• 74
Landover Holding el A.-10
2
Lane Bryant Inc
Common
• 78
Larrowe Milling
• 294
Lazarus(F & R)& Co com• 35
Lefcourt Realty corn
• 31%
• 3634
Preferred
Lehigh Coal & Nay
50 161
Lerner Stores Corp ram .• 4534
Range Since Jan. 1.
Low.
High.
3435 35
500 3434
15334 166
2,100 15334
2639 264
100 21
102 102
60 984
4,000 25
25
26
48
100 4734
48
9
3.800
10
7%
15
14,100 1334
17
200 4435
4434 4435
55
400 544
55%
434 4534 1.000 4334
9,500 49
564 60
224 23% 4,600 224
54 536
600
5%
284 3034 9,900 23
4.490 110
110 116
434
934 19,300
34%
500 31%
33
200 114
1335 13%
404 4334 1,100 40
34;4 37
7,800 32%
200 69%
6959 6939
115 115
100 115
227 242% 1,125 220%
100 108
108 10855
254 28% 25,000 18%
38% 5,500 37
37
42
165
32
10334
30%
4835
114
le%
4434
61
4534
61%
254
6%
34%
124%
934
40%
2151
50
37
7034
155
250
110%
2835
38%
174 19
662 682
30% 31
20% Jan
Jan
818
33% Feb
61,800 154
2,730 625
500 304
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Jan
84
68%
75%
835
7234
43
17%
19%
35%
38%
91%
43(
1235
7234
93%
1034
7915
594
47
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
154 1634 69.700 114
200 3054
38
3635
5,000 25
26
27
13,800 23
25
23
100 1004 7,900 100
30 236
246 251
2,000 18
23% 25
4435 45
300 42%
100 95
95 102
135 137% 1.600 11934
20%
37%
27%
25
10034
285
25%
48
124%
139
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
1,700 19
23
20
1,200 11734
218 220
70,800 93
108% 113
57,500 23
5334 75
200 71
72
72
100 1384
1384 145
17% 19% 23,100 134
23
226
11434
75
7934
157
19%
Feb
Feb
Feb
Feb
Jan
Feb
Feb
900 6234
8,700 354
260 115
400 12
100 13%
25 95
1,100
1%
6.500 140
7931
4131
117%
1934
1535
97
434
183
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Mar
16
29
32
86
3
834
68%
75%
834
7354
53
37
18% 5,600
33 143,700
400
34%
50
88
300
3
13,800
70
300
81
500
94 26,100
75% 2.800
5455 2,900
9,800
47
7335
71
37% 414
1154 117%
174 174
14
14
97
97
44
4
1644 183
3535 36%
38
38
64%
60
400
500
2.500
134
28
31%
854
27
32
59
100 27
35
35
2434 25% 1,400 234
500 29
30%
29
4
431 3,100
4
5,900 26
28
26
1,700 20
22
21
77% 82% 25,800 6334
1714 182% 1,050 146%
39,900 46
56
66
44% 4535 3,600 43
24% 11,700 20
23
40 115
117 118%
300 1934
2134 23
800 2355
24% 25%
200 24
24
24
200 23
2314 23%
400 3334
44
5055
800 36%
43%
38
100 4534
4634 464
100 58%
5835 584
48% 49% 1,200 48%
900 2534
26
28%
1,300 34%
38
40
104
45
84
79
31%
21
1151
2435
36
67
29%
1355
50
10
17%
504
41
21
17
4034
50%
3934
29
254
2034
3534
66%
15
41
3435
32
739
2
104
54
87
804
32
23%
12%
26
36
70%
31
15%
60
10
19
5331
41%
21
17
44
53%
40
3035
25%
21
37
70%
15
41%
3735
334
9
2
78
80
28% 3034
3335 38
31% 32%
384 37%
1564 161
45
46%
364 Jan
Feb
38
69% Jan
434
26%
35
534
37
22
82%
183
66
50%
26%
121%
24%
25%
2435
27%
57
47
46%
61%
504
32
49%
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
10
45
84
774
30%
26
11%
1245
25
60
29%
13%
3344
10
17
5034
38
21
17
37
4939
394
284
244
1935
32
44
15
40
18%
30%
751
2
114
5859
91
90%
3331
24%
143(
26
46
734
3314
1434
80
10
19%
55
44
23%
17
50
5335
4634
33
284
2451
37
7034
1535
4515
41%
3531
13
2
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
3,200 75
3,500 28
6,400 334
200 31%
600 3634
900 150
2,500 44
81%
3234
39
39
39
172
47%
Jan
Jan
Feb
Jan
Jan
Jan
Feb
1,300
1,500
400
2,600
2,800
300
300
1,200
100
600
2,100
100
4,600
100
9,600
4,600
700
200
100
3,700
2.900
300
900
200
900
1,200
3,400
200
700
2.100
2,700
900
2,500
Jan
[VoL. 128.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
I-ey (Fred T) w 1
59
Libby McNeil& Libby _ _10 12
Libby OwensSheet Glans 25 210
Lit Brothers Corp
10 22
Louisiana Land & Explor
13
Marion Steam Shov corn' 48%
Maryland Casualty
25
Massey-Harris Lid corn__'
Mavis Bottling Co of Am..'
84
McLellan Stores class A_ •
Mead Johnson & Co corn.•
Meadows Mfg common_ _• 22%
Merritt Chapman & Scott
• 26
634% pfd A with warr100
Mesabi Iron
•
234
Metropol-Chaln Stores.' 83
Met 5 & 50c Stores cl Li_ •
Preferred
100
Michigan Steel Corp
• 111
Mid-Continent Laund A.
Preferred
Midland Steel Products- •
Midvale Co
• 58
Milgrim (H)& Bros corn.' 19%
Miller (I) & Sons corn.....' 40
Minneapolis
-Honeywell
Regulator common_ _• 62%
Mock,Judson Yoehringer •
Montecatini M & Mgr warr
5
Moody's Inv part pref___• 4839
Moore Drop Forge el A •
Morrell (J) Inc
63
Mtge Bank of Columbia
American shares
Muncie Gear
Murphy (Cl C) Co corn •
Nachinann-Spgf
• 75
Nat Aviation Corp
• 71%
National Baking com_
*
Preferred
100
Nat Bankservice CorP---• 69
Nat Bellas-Hess new corn.•
Nat Dairy Prod pf A__100 1054
Nat Family Stores corn...' 45%
Preferred with warr__25 45%
Nat Food Products
Class A with warr
36
Class B
1139
•
Nat Mfg & Stores
Nat Rubber Machinery...' 34
Nat Shirt Shops
16
Nat Sugar Refg
5034
National Tea Preferred 100 103%
Nat Theatre Supply corn
' 8%
National Tile
•
Nat Trade Journal Inc- •
Naubeim Pharmacies corn.. 1034
Cumul cony pref
3231
Nehl Corp common
24%
let preferred
•
Neisner Bros common_
•
Preferred
100
Nestle La Mur (Joel A_ •
Neve Drug St corn ctf dep_
Newberry (J J) corn
• 117
New Met & Ariz Land_ I
8
Newport Co prior corn A 50 50
Newton Steel new
• 10135
N Y Auction corn A
•
N Y hamburg Corp_ _50
N Y Investors
45%
N Y Merchandise
• 46
• 464
Niagara Share Corp
Nichols & Shepard Co.....' 10434
Stock purchase warranty 81
Niles
-Bement
-Pond corn.' 230%
Noma Electric Corp corn.' 21%
North American Aviation..
1631
North Amer Cement
•
Northam Warren Corn Pf.
42
-•
Northwest Engineering...' 45
Novadel-Agne common_ •
7% cum preferred_ _100
Ohio Brass class B
•
Preferred
100
Oil Stocks Ltd
Class A without war?..' 18
Class B without war?... 15%
Oliver Farm Equip w 1____
48
Cony pref when Issued__ 102
Prior pref A with warr__ 62
Paramount Cab Mfg corn..' 39%
Parke Davis & Co
•
Fender(D)Grocery cl A..• 60
Penney (J C) Co corn___• 399
Class A preferred..
..i00 10135
Peoples Drug Stores Inc...' 80
Pepperell Mfg
100
Perfect Circle Co coin_
•
Phelps Dodge Corp._ __100 328
New
83
PhilippelLoubllInc Acorn' 25%
Common B
• 24%
Phil Morris Con Inc corn.'
Class A
9
25
Pick (Albert). Barth & Co
Prof class A (panic pf).• 184
Piedmont & Nor RR..
.l00 65%
Pierce Governor Co
• 36%
Piggly-Wiggly Corn corn
'
Pitney Bowes Postage
Meter Co
• 70%
New
1835
Pitts & L Erie RR com _60
Pitted., Plate Glass new...
Pitts Screw & Bolt new w L 25
•
Pratt & Lambert Co
Procter & Gamble corn_ _10 368
Propper Silk Hosiery Inc.' 36
Pyrene Manufacturing _10
Rainbow LuminousProd A• 5431
Ftaybestos Co common.. 25 74
Reeves (Daniel) common.' 38
Repetti Inc
5
14,
Republic Brass common..' 52
•
Class A
Republic Motor Try to..'
334
Reynolds Metals common • 50%
• 7735
Preferred
Rice-Stiz Dry Goods com _• 20
Richmond Radiator corn.'
7% cum cony pref
• 35
Ritter Dental Mfg corn.....' 62
Rolls-Royce of Am pf._100
Rolls Royce Ltd
Amer dep receipts reg stk 12%
Ross Gear& Tool com____• 53
Royal Typewriter cora_ •
Ruberoid Co
100
Safe-T-Stat Co common..' 24%
Safety Car Heat de Lt -1O0 209
Range Since Jas. 1,
Low.
.5734 59
1,500 5734
12
13
1,100 12
208 214
1,250 179
22
2235 1,400 22
12% 13% 8,600 1231
48% 50% 1,800 48
155 160%
75 155
85
90
500 85
8
834 12,200
8
53
54
500 493(
6434 6435
100 61
20% 22% 2,800 2034
28
26
2,200 26
100 100
100 100
234 234
500
2%
82
87
2,600 74
434 434
300
314
78
77
300 70
93 111
230 6234
200 33%
3331 33%
103 10335
150 103
100 101
300 99%
5434 58
400 48%
1831 20%
900 174
394 40
400 39
SUL
59
15
2203(
2631
14%
58%
175
99%
ji
59
6744
24
28%
100%
3
89
4%
83
111
344
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Mar
Jan
106%
58
2035
434
loasi
Feb
Jan
Mar
Feb
Jan
554
28
5
4734
67
62%
67%
36
614
524
75
6534
Jan
Feb
Feb
Jan
Jan
Feb
48% 484 5,900 4634
24% 25
200 24%
8935 91
900 7735
72
7639
800 70
6434 71% 10,800 63%
54 54
800
535
684 70
150 68
6855 69
1,000 6834
66
66%
400 65%
105% 10534
110 103
41
45,4 12,100 3034
4334 46
3,100 324
48%
25%
91
7631
72%
6
70
75%
82
106%
48%
48
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
35% 36
400
log 11% 2,500
3234
30
800
3134 34% 3,800
16
16
200
50% 5134 5,200
10331 104
150
834 84 1,100
600
36% 37
294 30
400
1034 104
100
32% 324
900
2434 254 1,900
72
72
100
155 180
1,000
2044 20534
75
24% 2435
100
7
8
200
115 117
200
734 8
1,500
50
50
500
81 102% 25,200
2134 2135
100
4734 4755
300
4434 4635 4,300
41
47
5,400
41% 47
8,400
90% 104% 21,900
7434 81
700
23939 232% 7,300
214 2234 1,400
15% 16% 125,600
10
10
100
4131 43
1,400
44% 45% 2,900
23
3135 1,900
200
88% 89
37
12
4014
414
20
554(
104
1234
3744
34%
12
32%
29%
76
184
210
27
10
125
834
504
102%
24%
60
48%
47
47
104%
81
239%
24
24
13
4514
4834
3144
9034
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
61%
33
5
4735
67
6235
62%
33%
5%
48%
67
64
8811 86%
10535 10534
1,100
1,000
1,900
600
100
1,700
3334
104
30
31%
16
45
103
8
36
2934
10
20%
2434
70
142
187
24%
7
115
714
ao
664
194
474
4331
864
25
78
55
196
20
1511
9%
414
4354
2234
88%
ao 84%
50 10555
15% 17% 1,700 14%
15% 18
700 154
42% 48
15,300 4234
100 10234 5,700 100
62
61
4,200 61
3134 394 7,700 3134
53
53
100 51%
80
60
50 60
375 400
8,650 338
1014 1024
150 1004
77
8035 1,200 7434
110 110
20 110
54% 55
200 4834
297 334
2,500 19934
7,600 75
25% 25%
100 2534
24% 24%
100 24%
4% 8,400
a
9
9
2,000
834
194
17%
48
1024
62
43%
584
84
412
102%
94
11334
61%
875
89
30
2934
4%
94
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Jan
Feb
18
534
32
45
19
6634
38%
52
Jan
Feb
Jan
Jan
14,800 1531
13.400 1834
100 14334
400 64
200 24%
400 6335
625 281
400 3534
10
734
4,00
4734
2,100 69%
200 38
14,500 65c
2,300 42
600 90
7,600
14
11,100 31%
16,000 63
200 20
2,200 10%
2,100 29
9,100 46
100 48
85
20%
15614
7844
26
85
368
43
94(
65
783(
45%
1%
534
110
634
524
79
24%
19%
364
62
55
Feb
Feb
Feb
Jan
Fob
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Mar
Jan
154 19,100 1044
100 47%
53
106
200 81
94
500 90
24% 7,200 17
209
225 157
1534
56
106
108%
294
2294
Feb
Jan
Feb
Jan
Jan
Jan
18
184
64
664
364 37%
ao
ao
85
58
1834 20%
1434 14354
674 69%
25
25
79
77
354 368
35% 36
8
8
54%
12
71% 75
38
39
1%
88c
484 52
102% 1044
3
64
5234
48
734 79
214
20
17
19
35
384
62
55
48
48
1234
53
105
90%
1935
202
92
Jan
105% Feb
1,500
7
4,700
100
Jan
MAR. 2 1929.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
Of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
St Regis Paper Co
• 150
Preferred
100
Savannah Sugar com___-* 125
Schulte Real Estate Co---• 295£
Schulte-United 5c to SI St• 22
7% pref part pd rct8_100 7651
Schutter-Johnson Candy A
Second Gen. Amer Inv Co!
Common
• 32
6% pref with warrants-- 116
Securities Corp
410
Seeman Bros common_
•
Segal Lock & Hardw corn.*
Selberling Rubber com___• 59
Selected Industries com__• 2551
Allot Ws 1st paid
10034
Selfridge Provincial Stores
Ltd ordinary
El
39re
Sentry Safety Cont com •
Servel Inc(new co) v t c_.• 1656
Beton Leather common -• 283-4
Sharon Steel llooP
50 4755
Sheaffer (NV A) Pen
• 523%
Sherwin-Wrne Co com._25 ......
Sikorsky Aviation com
• 6155
Silica Gel Corp corn v to • 2811
Silver (Isaac) Jr Bro
• 82
Preferred
Simmons Boardman
Publishing $3 pro
Singer Mroufacturing_100 600
Singer Mfg Ltd
El
855
Smith (A 0)Corp com_ _• 170
Side Viscose
200 lira
Sonatron Tube cornmon._.
South Coast Co COMMOISL•
Southern Asbestos
• 4455
Sou Groc Stores common.* 2855
Claes A
•
Sou Ice & Util corn B
• 1434
Southwest Dairy Prod.
• 1955
Preferred
100
Southwestern Stores corn_• 2334
Preferred series A
•
Ellialding(AG)dr Bro(new)• 65
Span & Gon Corp Ltd___El
455
Sparks-Withington Co.
-• 175
Spiegel May Stern Co
034% preferred
100
Square D Co class A
Stahl-Meyer Inc com_
•
Standard Investing com--• 4155
$555 cum cony pref. •
Standard Motor Constr.I00
355
Standard Steel Spring
82
Stein (A)& Co coin W IPreferred %V I
Sterling Securities Ws.34
Stern Bros com
v t o_ •
Stetson (J B) Co corn...' 9055
Stewart
-Warner(new corp) 70
Stinnes(Hugo)Corn
1455
Strauss (Nathan)Inc corn • 3155
Stromb Carlson Tel Mfg_' 30
Stroock (3) & Co
563-4
Stuts Motor Car
Swift & Co
100 13555
Swift International
15 35
Syrao Wash Mach B com.• 20
Taggart Corp common_ __• 56
Tennessee Prod Corp corn •
Thermoid Co corn w 1.....• 31%
3
7% Cute oortv pref _100 97
Thompson Prod Inc cl A...• 6335
Thompson Starrett pref.__ 58
Timken-Detroit Axle._10 273%
Preferred
100
Tishman Realty & Constr• 625£
Tobacco & Allied Stocks_ -• 5454
Tobacco Prod Corp
new corn
20 1955
Tobacco Products Exports.
3
Todd Shipyards Corp-• 6531
Toddy Corp class A COM... 30
Class B v tc
• 13
-America Corp
Trans
1363-6
Transcont Air Transp___• 273%
Trans
-Lux Pict Screen
Class A common
• II%
Travel Air Co
•
Traveler Shoe
•
Tri-Continental Corp com • 34
6% cum pref with war100 100
Triplex Safety Glass
Am rcts for ord eh reg_ _ 294
Trims Pork Stores
• 57
Tubize Artificial Silk cl H. 45955
Tulip Cup Corp common.• 1355
Tung-Sol Lamp %V ks corn • 203%
Class A
• 293%
Union Amer Investment.' 844
Onion Tobacco
1755
Union Twist Drill
5 293%
United Aircraft A Trarisp.• 91
8% cum phi with war.50 7534
United Biscuit class A....• 724
Class 13
• 324
United Carbon v to
• 7435
Preferred
100
United Chemical
54
United Milk Prod corn_ • 15%
7% ewe preferred...100
Unit Piece Dye Wks com.• 105
614% preferred
100
United Prof'tShare com._•
United Shoe Mach com__25
US Dairy Prod class A...'
Class 13
•
US Finishing corn
100
US Foil class B new
• 7151
US dr Foreign Sec corn_ • 60
$6 preferred
•
US Freight
• 107
US Oy'mum common...AO 624
US Playing Card
U S Radiator common__ _• 53%
Common v t c
52%
El 13 Rubber Recialming_• 2031
Universal Aviation
• 254
Universal Insurance_ __25
Universal Pictures
• 163%
Van Camp Pack new coin.
• 3455
New preferred
25 3551
Vesder Root
Vogt Mfg Corp
• 3155
Wahl Co common
•
Waitt SZ Bead class A__-_• 25%
• 204
Class B
Walgreen Co common '86
Warrants
624
Walker(lllram) Gooderham
& Wortscommon
• 8214
13555
100
125
283%
183-4
764
12
Range Since Jan. a.
Low.
15055 24,700 127
150 100
104
10,000 1184
125
500 26
293%
2355 12,100 17%
82
1,900 75
12
200 12
1105.
Jan 15035 Mar
Feb 107
Jan
Jan 125
Mar
Feb 3951 Jan
Feb 26
Jan
Feb 89
Jan
Feb
12
Feb
10,100 27%
273% 32
1144 116
500 112
410 410
100 410
7455 75
300 70
10
10
200
10
55
59
300 52
25
2734 39,500 184
10055 10255 10,600 100
Feb 354
Feb 125
Mar 410
Jan 80
Feb
134
Feb 65%
Jan 31%
Jan 106
351z 355 1,400
34
124 1355
300 12
15% 17% 20,700 1414
284 29%
400 274
43
50% 5,000 35%
5234 56
500 52%
85
85
150 85
464 62% 35.900 204
2755 284 8,300 234
81% 86
1,900 674
122 12255
50 11551
Jan
315 Feb
0
Feb
15
Jan
Jan
lC
Jan
Feb 32% Jan
Jan 5051 Feb
Mar 63% Jan
Feb 884 Jan
Jan 6235 Mar
Jan 284 Jan
Jan 86
Feb
Jan 128
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
49
49
570 800
855 85£
165 170
634 655
33
38
2555 253%
423.5 443%
28
293%
3454 37
1455 1435
174 1955
9955 9955
2351 26
243-4 2435
6335 6'
435 434
157 178
800 49
Feb 524
60 570
Fe 631
60
615. Jan
955
5 183
Feb 1944
100
551 Jan
64
20
33
Jan 434
200 25% Feb 28
2,000 40% Feb 49%
300 214 Jan 3254
500 32% Jan 37%
500 1455 Feb 17%
7.900 125( Jan 21
300 994 Jan 99%
600 2351 Mar 284
100 24% Feb
283-i
2,900 63
Feb 734
4,500
455 Feb
7
3,200 155
Feb 183
93
9455
28
28
39
4755
39
4234.
10134101 3%
355 355
78
82
3334 3455
9855 984
34
34
12% 14
9055 913%
67
704
123% 1655
31%
2
29% 30
5655 57
23
2351
134 1354
35
3651
194 204
5455 573-4
254 26
274 33
95
97
604 6314
534 564
274 30
1073% 1074
59
624
5455 5455
900 86
Jan 984 Feb
100 28
Feb 283% Feb
1.200 39
Feb 43
5335 F b
Jan
2,900 37
Jan
100 10155 Feb 103
Jan
4,400
351 Jan
455 Jan
500 78
Feb 82
Mar
500 33% Feb 383% Feb
100 984 Feb 9034 Feb
1,900 34
Ma
34
Mar
300 1251 Feb
16
Jan
100 904 Feb 100
Jan
1,800 64
Feb 723% Feb
8,200
935 Jan
1654 Feb
800 284 Jan 365
4 Feb
300 29
Jan 344 Feb
800 4555 Jan 614 Feb
4,800 18
Feb 34
Jan
750 132% Feb 1394 Jan
5,600 331-4 Feb 3734 Jan
1,300 1954 Mar 2355 Jan
3,300 434 Jan
5955 Feb
400 24
Jan 27
Feb
4,800 25
Feb 33
Feb
1,700 90
Feb 97
Mar
3,100 46
Jan 6951 Jan
2.600 534 Feb 583% Jan
9,300 2755 Feb 36% Jan
10 107
Feb 108
Jan
1,800 49% Jan 643% Jan
1,200 544 Feb 5551 Jan
19
3
6455
28
11
130%
2755
20% 2,200 19
351
600
3
1,400 60
6654
30
600 28
13
2,100 10%
137% 42,600 125
304 19,800 244
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar 22
Jan
Jan
354 Jan
Jan 7654 Jan
Feb 3154 Jan
Feb
145 Jan
5
Feb 137% Mar
Feb 3051 Feb
1034
5554
2155
31
10554
11% 27,000
5% Jan
1234 Jan
58% 2,000 533% Jan
61
Jan
21%
100 2154 Feb
215i Feb
34
49,800 30
Jan n35
Feb
107
4,900 10455 Feb 10731 Jan
28% 314 1,90
225( Jan 3355 Feb
40
555i 57
531-4 Jan 80% Jan
44055 470
760 44055 Feb 695
Jan
12% 1355
800 104 Jan 134 Feb
1855 21
5,200 15
Jan 21
Mar
26
29% 9.300 24% Feb 29;5 Feb
63
900 68% Jan 724 Feb
6554
1535 19% 5,800 1555 Fen 20
Jan
26
300 26
294
Feb
2955 Mar
89
9155 30,500 85
Feb 97
Feb
75
76% 6,100 75
Feb 8
Feb
0
72
72% 3,900 63
Jan 74
Feb
32
3255 1,500 2635 Jan 34;5 Feb
76
Feb
65
76
8,400 46
Jan
9555 100
1,400 92
Jan 100
Feb
54
700 54
5411
Feb 5451 Feb
300 15
1554 155i
Feb
21
Jan
225 75
78
78
Jan 80
Jan
1024 108
1,100 93
Feb 114
Jan
105 105
100 10415 Feb 10654 Feb
11% 1151
100
94 Feb
1055 Jae
1,400 7455 Jan 851-4
7755 81
Feb
50
514
700 484 Jan 5134Feb
F
14
14
100 14
Feb
14
100 90
95
95
Jan 95
Feb
63
7454 20,600 57
Jan
7455 Feb
58
2,300 58
60
Feb 6535 Feb
600 934 Jan 9554 Jan
9355 9355
1034 107
5,400 9151 Jan 1093% Feb
805£ 6454 3,100 603% Feb 73
Jan
106 106
25 106
Feb 106
Feb
400 434 Jan 6254 Jan
534 55
4955 52%
200 4955 Feb 54
Feb
1955 21
1,300 16
Jan 2431 Jan
2351 2755 32,600 1755 Jan 2755 M ab
70
Fe r
78% 79
100 723-1 Jan
1655 18
800 1655
mar 2455 Jan
33% 35
5,100 28
Jan 3834 Feb
354 3655 3.500 28
Jan 38
48
Feb
leb
45
800 43
48
Jan
3455 3435
800 28
Jan 35
Feb
23% 24
300 22
Feb 2655 Jan
2555 1144
500 25
Jan 2651 Feb
18
900 18
J34
Feb 224 Jan
854 88
4,500 80
Feb 91
Jan
5951 823%
1,000 58
Jan 65
Jan
82
85
7,800
80
Jan
9334
Feb
1377
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Watson (John Warren)Co•
Wayne Pump
•
Western Auto Supply cl A•
common__.
Westvaco Chlorine Prod
Wheeling Steel corn. .100
Whitenights Inc corn___•
Widlar Food Products.._•
Williams (11 C)It Co Inc.'
William 011-0
-Mat Heat_*
Wil-Low Cafeterias com -•
Preferred
Winter (Beni) Inc corn_ •
Wire Wheel Corp corn new'
Worth Inc cony class A...
Wright Aero new w 1
Yellow Taxi Corp
•
Zenith Radio new
Zonite Products Corp corn •
RIgh tsAm States Securities CIA.
Class B
Associated G & 1.: deb rts_
Con Gas El L It Pow Bait.
Dominion Stores
Flat
Firemen's Fund Inc
Granite City Steel
Loew's Inc
White Sewing Mach deb rts
855
26
89
9755
15
28%
3651
27%
2555
55
3435
8
1423-4
2634
53
36%
114
33-4
1451
48
955
Public Utilities
Am Corn'with P corn A__•
Common B
•
25
3055
94
Amer Dis Tel N J pfd _.100
Amer It Foreign Pow warr_
9055
Amer Gas It Elec corn
• 1574
• 104%
Preferred
Amer Lt &Trac com_ _100
Amer Nat Gas corn v t c-• 164
Amer Superpower Corp A• 118%
• 117
Class 13 common
First preferred
994
Convertible preferred._- -----Assoc Gas & Eleo class A.• 60
100 104
Brooklyn City RR
Buff Nine& East Pr corn
71
cimo A
• 62
25 26
Preferred
Central Pub Serv cl
_• 4254
164
Cent Ati Serv States vt
A_--o_
Cent States Elea common_• 14455
8% pref without warr___ 8455
6% pref with warr.100 120
100
7% Preferred
Convertible preferred__ 118
344
Warrants
Cities Serv P & L 6% pref
100 107
7% Prof
Cleve Elec III new corn_
Columbus Elec &Pow
•
Com'with Edison Co .100 250
Com'w'Ith Pow Corp p1100 10134
Cons G E L dzT Balt com.• 100%
Cont GAF 7% prior Pf 100
'
.
100 185
Duke Power Co
East States Pow 13 corn
• 5455
Elec Bond &Share pref.100 107
Elec Bond It Share Secur..• 2 754
86
3
New
Elec Invest without war__• 112
9951
Preferred
Elec Pow dr Hifind pf A._• 10054
43
Option wart:ants
Empire G & least 7% Of 100
Empire Pow Corp part stk• 53%
Engineers Pub Sera war-Federal Water Serv ol A--•
Florida Pow & Lt 57 ph...* 102
General Pub Serv corn...' 42
Preferred
• 200
Internet Util class A
• 4654
Class El
20%
Participating preferred_ ••
nu
WruTa
894
Italian Superpower
1655
Warrants
10
Long Island Light corn....' 63%
Marconi Internal Marine
Common Am dep refs
24
Marconi Wirel T of Can__1
754
Marconi W Ireless Tel Lond.
Class B
1855
Middle West Utilcom_
•
Mohawk It Bud Pow com• 59
1st preferred
•
2nd preferred
• 107
Warrants
32
MountainStsPow7%pf _100
Municipal Service
2851
Nat Elec Power class A---••
Nat Power & Lt pref
•
Nat Pub Serv corn class A• 2455
New I..mtl Pow Assn 67 Pf
N Y Telep 655% pref.:100
Nor Amer Util Sec coin.... 19%
Northeast Power corn____• 5751
Norretates P Corp com.100 15534
F tifeired
--Li
Oklahoma Gas & El preir.
l
Pacific 13 It E let pref _25
Penn-Ohio Ed Corn
•
7% Prior preferred_101
$6 preferred
•
Option warrants
Pa Gas & Eiec class A-_•
Peoples Light & Pow cl A
Portland Liec Pow cow 100
Power Corp of Can com__•
Power Securities cow _ _ _ _•
Preferred
•
Providence Gas Co
50
Puget Sd P&L 6% pre(_100
Radio Corp of Amer
New class B pref
Rochester Central Power
Sierra Pacific Elec com.100
Southeast Pow & Lt corn.'
Common v t c
•
•
*7 pre(
Warns to pur corn atkSouretellf E B
F Ca rreddlson pref A_25
25
27
64
106%
9335
40
23%
55
11654
26
7
9
9854
Range Sines Jan. 1.
Low.
8
855 2,100
74
26
28
1,200 255(
564 5851
400 525(
8155 89
8,700 4751
9455 9755
900 891%
1455 1555
1,900 14
2851 2855 2,200 25
36
38%
1,900 35
26
2751
100 22
25
25% 4,200 25
55
55
1,500 55
12% 1351
1,400 1235
3455 38
22,800 2951
800
751 854
7
138 155
3,900 138
22% 26% 7,700 18%
514 54% 10,800 4834
36
1,100 3155
36%
134
2%
855
355
98
144
28
49c.
3955
985
1U 18,200
3,800
3
1155 89,200
3%
1,900
98
100
1451 6,600
28
100
1
28,500
4955 .5,000
10%
800
2355 253%
294 31
8
951
11234 114
8555 98
150 159%
104 105
242 24734
165£ 173%
9054 119%
904 11951
9851 9951
9155 92
5954 61%
104 1155
6955 74
614 623%
25% 2651
42
43
1854 174
13951 14455
84
841-4
113% 120
115 115
116 11834
31% 344
953% 953-4
107 107
72
72
68
68
240 254%
100 1014
993-4100%
104 104
1754 185
46
5454
107 10851
2 345 2 755
82
5
86 m
8
105
9951
100%
40
11451
9994
100%
45%
5751 97
91
54
27
2855
5755 5855
1013% 102
3935 4251
190 200
4651 4635
194 22
97
95
834 9%
1331 1634
9% 1055
6055 633-4
High.
Feb 14%
Feb 32
Jan 69%
Jan 89
Jan 100
Feb
18
Feb 29
Feb 41%
Jan 29%
Feb 25%
Feb 55
Jan
leg
Jan
38
Feb
1151
Feb 155
Jan
2635
Feb 61%
Jan 44%
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Feb
3
431
1251
3;5
93
17%
28
7,300 22
Jan
2,400 28% Jan
2,100
8
Jan
50 my, Jan
38,700 624 Jan
10,700 z128
Jan
400 104
Feb
1,600 216
Jan
2,200 1535 Feb
75,800 6254 Jan
11,500 68
Jan
1,500 984 Feb
1,000 8934 Jan
37,100 4954 Jan
16,000
8
Jan
6.100 694 Ma
2,900 494 Jan
1,300 2555 Feb
6,700 35
Jan
7,100 13
Feb
1,400 116
Jan
2,300 84
Jan
500 10355 Jan
100 115
Feb
2,400 97
Jan
1,100 19% Jan
200 9534 Feb
100 106% FeE
100 70
Feb
100 64
Jan
570 215
Jan
1,400 100
Feb
1,200 914 Jan
50 103
flu
325 155
Jan
5,000 4255 Feb
600 107
Mar
60,600 16734 Jan
90,600 79
Feb
16,200 7755 Jas
200 99
Jan
100 99% Jan
5,200 284 Jan
100 97
Fel
8,800 43% Jan
200 28
Jan
10,800 57
Jan
700 100
Jan
8,700 27
Jan
150 190
Feb
300 44
Jan
27.30
1551 Jan
400 93
Feb
1,50
451 Jan
10,70
1155 Jan
3,60
,
654 Jam
1,100 49
Jan
27%
374
1034
114
11354
19255
1094
259%
183%
134%
133
100%
94
6154
11%
7934
723-4
26%
44%
17%
144%
874
122
118
11834
40
9634
10754
75
7255
258
1034
112
1044
210
58%
10934
28634
974
124
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Feb
Jam
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Jan
102%
45%
9855
59
35
6354
102
44
205
49
22%
100
11
1855
15
67)4
Feb
Feb
Jan
Feb
J/11
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
28
1034
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
2231
189
71
110%
110
45%
10355
28%
371.4
1091-1
26
100
114
1954
61%
169%
109%
11154
2836
7134
10634
96
46
24%
58%
39
122%
26
79
155
99
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jar
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Fe
Jan
Fe
Fe
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
77%
49
62%
90
85
108%
4735
30
26%
2634
120
1114
70
105%
985(
7954
3355
Jan
Jan
Feb
Jae
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
22% 2435 15,100
71.4
734 25,800
134
134
755
351
98
12%
28
250
28
03.1
Jan
7% Feb
1855 1955 22,300 184
180
500 170
3,200 55
15655 59
77A
0
106 107
125 108
107 10755
50 107
1109% :02
7 730
2
0
300 243%
20 9851
25% 285( 4,200 25
35
35
100 343,4
100 107
12355 12435 1,200 24%
14% 14
96% 100
120 95
950 1124
1551 193£ 18,100 1355
5255 5755 39,100 4934
15255 1553% 3,500 13654
10855 1084
200 10851
1114 11151
50 1104
2835 27
1,700 264
63
64
1,200 55
104 10634
350 102
89
9335
350 89
38
40
1,500 32
2355 24% 5,400 22
55
57
4,800 4714
38
38
100 35
116 1224
300 974
20
26
1,100 16%
7451 79
500 65
155 155
25 140
98
63
9855
98
744 7455 ''i3- 28,800
4155 41
42
1,400
6154 604 6255 4,800
655
834 1,39 106% 4.800
7 % 84
79
79
79
100
300
4051 384 42
6,200
2851 2851 2831
200
2655 25% 2614
1,700
2451 2451
200
So6uw%est9Breeflelffl'edlePC.P1 10025
119 119
50
S'west Pow dz Lt 7‘;'' pf _100
1084 10855
20
Standard Pow 6; Le
25
58
60
200
103
Preferred
103 103
150
Swiss
-Amer Eleo pref
9755 98
600
Tampa Electric
* 73
0
8
7
3
7
3
4
8
2,000
Union Traction Co34
200
7251
404
51
7155
73
10636
2734
28%
2554
244
11855
108%
49 L
,
.
10234
97
643-4
38
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
4955 Feb
1451 Jan
Sales
Friday
Last Week's Range for
IVeek.
of Prices.
Public Utilities(Cowl.) Sale
Par. Price. Low. High. Shares.
3% 3%
331
United Elec Serv warrants_
3315 3535
35
United Gas when issued_
United Gas Improvem'5_50 19031 17134 19735
United Lt & Pow corn A.._• 3835 36% 3934
4235 4834
• 44
Common class B
• 5535 5534 5554
Preferred "B"
9715
97
•
Preferred class A
4235 4415
ULU Pow & Lt class B_ _• 43
United Pub Service Co _ _ _ ...... 18% 21
33
33
• 33
Utility Shares corn
108 108%
Western Power pref___ A00 108
Former Standard 011
Subsidiaries.
18
Anglo-Amer Oh (vol sh).n
16
Certifs of deposit
Non-voting shares____ £1 1831
Borne Scrymser Co_ _100
50
Buckeye Pipe Line
25 14334
Chesbrough Mfg
Continental 011 v t c_ _ _10 2615
Cumberland Pipe Line_ 100
Humble Oil& Refining_ _25 9115
100 307
Pipe Line
Imperial 011(Canada)cou• 9315
National Transit_ _ __12.50 24%
100 80
New York Transit
25 6634
Ohio 011
25 33
Penn-Mex Fuel
Solar Refining new w 1--- ......
25
South Penn 011
43%
New
10
Southern Pipe Line
Sou West Pa Pipe Lines 100
Standard Oil(Indiana)_.25 87%
Standard Oil(Kansas)_25 2135
Standard Oil (Ky) new.... 4035
25
Standard 011(Neb)
Standard 011(0) com.„25 115
100 121
Preferred
123%
Vacuum Oil new
•
Pennock 011 Corp
Petroleum (Amer)
Plymouth 011
Red Bank 011 new
Reiter Foster 011 Corp..-•
Richfield Oil Co pref_ _25
Warrants
Root Refining Co pref.__
Royal Canadian Oil
•
Ryan Consol Petrol
Salt Creek Consol 011._10
Bait Creek Produccrs___10
Taxon 011 & Land new w 1
Tidal Osage 011 non-vt stk•
Transcon 011 7% pref.. _100
5
Venezuela Petroleum_
Woodley Petroleum Corp_
25
"Y" Oil& Gas Co
5
1914
1%
54
5
26
72%
750
34
234
373.4
111
2114
26
434
1915
21%
3
8/5
3134
253.4
16
7%
25%
10c
834
25
1834
1115
82
4%
9
311
610
6
2%
434
8%
215
58
3
10%
1134
10
134
9
21
3
152
Range Since Jan. 1.
Low.
High.
415
2% Jan
11,000
Jan 39
32,300 25
115,900 16135 Jan 10715
30,100 3135 Jan 4334
Jan 56
300 32
100 5534 Jan 5735
Jan 100%
500 97
Jan 48%
4,500 37
Feb 21
1,000 18
500 1831 Jan 35
Jan 10834
150 105
16% 1834 8,400
300
18
16
1,500
17
16
100
44
44
200
6815 6831
100
14311 143%
2335 27% 203,300
100
7594 75%
89% 93% 10,100
250
300 307
93% 4,800
91
1,300
2435 25
100
80
80
65
6635 1,700
1.400
35
33
200
48
48
2,500
9314
62
4035 4334 26,200
100
13
13
50
68% 8814
8615 8815 33,000
1915 21% 3,000
4015 4136 8,200
200
46% 46%
550
11014 115
120
121 12334
9,500
120% 120
Other 011 Stocks
60c
Amer Contr Oil Fields__ I 80e
534
6
5
Amer Maracaibo Co
2
10
Argo 011 Corp
434
4%
Arkansas Gas Corp corn __•
8%
10
Preferred
2
234
Atlantic Lobos 011com__•
50
British Amer 011 coupons.• 58
2%
2%
new eom _
Carib Syndicate
• 1034 10
Colon 011
835
1 10
COL11301 Royalty Oil
934
9%
•
Creole Syndicate
134
1%
Crown Cent Petrol Corn_ _•
8
Crystal 011 Ref corn
2034
• 21
Darby Petrol Corp
234
234
Derby 011 & Ref com_ _ _ _•
Gull Oil Corp of Pentur25 150% 147%
Homaokla 011
Honolulu Cons Oil
•
Houston Gulf Gas
Intercontinental Petrol_ _10
International Petroleum_ _•
Kirby Petroleum
Leonard 011Developm3_25
•
Lion 011 Refg
Lone Star Gas Corp_ - -_25
1
Magdalena Syndicate_
•
Margay Oil
Marland Oil of Mexico__ _1
Mexico-Ohio 011 Co
•
Mo Kansas Pipe Line
1
Mountain & Gulf 011
Mountain Prod Corp__ _10
•
Nat Fuel Gas new
5
New Bradford Oil
N Y Petrol Royalty
•
Pacific Western Oil
•
Panden 011Corp
Panetpec Oil of Venezuela •
14%
1415
1435
40%
67
14015
1714
62
89%
285
89
2215
72
6436
3214
48
62
40%
13
68
65
18
3915
454
110%
116%
10515
10,400 600
5%
15,900
1,400
134
3%
19,400
8
200
2
600
900 50
2%
3,100
3,100 10
6%
11,800
831
25,000
115
900
8
500
300 20
2
200
4,300 14214
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
17
70
103%
21%
4511
4915
12434
12334
130%
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan 720
8%
Jan
Feb
334
5
Jan
8%
Jan
2%
Jan
Feb 82
4%
Feb
Mar 15
Jan
1134
11%
Feb
134
Feb
10
Feb
Feb 26
5
Jan
Jan 187
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
1831
18
17
4615
7411
145
27%
75%
105%
31134
10336
25%
85
74%
44%
50
6914
4336
4%
3835
19%
134,
5334
13i
5
26
7114
710
34
114
515
34
154
21%
2514
435
18
1831
2
835
1.400
5
100
3834
700
2034
3,600
1ji
55% 7,400
300
2
5.800
5
1,000
2815
800
7231
6.200
790
100
34
2,600
215
200
514
3735 58,700
1% 1,500
1,900
22
1,100
26
700
414
1934 2,400
22% 10,900
8,300
3
6.100
9
414 Jan
3815 Feb
Feb
18
131 Feb
5011 Jan
1% Jan
Jan
5
Mar
26
Jan
67
600 Jan
Feb
33
115 Feb
3% Jan
1534 Jan
1,15 Feb
Jan
19
2511 Feb
411 Jan
Feb
16
18% Feb
Jan
2
8% Feb
714
3814
22
214
6515
3%
534
3334
7435
13.4
3835
234
375
155
2234
2715
5
21%
2311
3
1011
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jaa
Jan
Jan
Jan
Mar
Jan
4%
34
23
18
515
2414
6c
25%
10c
835
515
2415
1635
1114
82
4%
7
231
400
431
3434 62,900
1,200
25%
200
16
815 13,700
500
2431
100
6c
25% 3,400
100
100
915 1,300
500
5%
2534 5,600
1815 7,300
1,700
1415
200
82
4,100
5
8.200
9
331 4,900
435
34
23
12
5
2436
80
2594
100
73.4
53.4
22
1834
1034
82
411
531
254
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Jan
Mar
Feb
Jan
Feb
7%
3415
30
16
815
25
6c
26
100
11
5%
2535
23
14%
89
614
9
5%
Jan
Feb
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mining Stocks
4%
5
Arizona Commercial
260
Arizona Globe Copper_ _1 27e
139
Bunker inn & Sullivan..10 139
17%
10 19
Carnegie Metals
331
331
1
Chief Consol MIning
135
11,4
Comstock Tun & Dr'ge_10c
13%
Consol. Copper Mines_6 1634
120
3 14c
Consol Nev Utah Cop
25 32% 29
Copper Range Co
200
20c
Cortez Silver Mines
93c
Cresson Consol 038 & 11.1_ I 05c
8c
1
Divide Extension
134
1%
.2
Dolores Esperanza Corp.
1915
20
Eagle-Plcher Lead
331
10
East Butte
315
Engineer Gold Min
Evans Wallower Lead corn. 23% 2215
32c
1 320
Falcon Lead Mines
135 760
First National Copper... _5
4%
300
141
18%
335
135
16%
15c
3251
23c
98c
11c
136
1935
3%
334
2415
39e
1%
4% Jan
4% Jan
100
470
Jan
Jan
90
50.000
600 12534 Feb 14534 Jan
1715 Feb 19M Jan
5,200
4
Jan
315 Jan
2,300
151 Jan
Jan
1
9.100
55,000 1314 Jan 18% Mar
Jan
Jan 240
50
4,000
1,40
2515 Jan 32% Mar
Feb
Jan 370
6,000 18c
1% Jan
Jan
4,400 710
Jan
40
Jan 220
36,000
1% Feb
5,400 750 Jan
Jan
100 19% Jan 23
434 Jan
335 Jan
100
Feb
3
300
431 Jan
2635 Fen
11,200 15% Feb
Jan
Jan 540
42,000 100
135 Jan
Jan
18,600 200
Jan 89c
5.500 21c
410 89c
89c
Gold Coin Mines
12
7% Feb
9
834 934 12,400
Golden Centre Mines._ _.5
550
Jan
45c 55c 89,600 160
Goldfield Consol M1ues1 54c
1735
Jan
16% 1715 8,700 16
25c 1715
Mining
Heels
815 Feb
%
800
9
815 814
HollingerConsGold Mines5
31,600 1934 Jan 23
Hud Kay Nile & Smelt__ _• 2235 21% 22% 56,800
9
334 Jan
9
6% 9
10
Iron Cap Copper
7815 7931 9,100 7615 Jan 83%
Kennecott Copper new w
Ili
Jan
900 450
57e 66c
5 57c
Kerr Lake
135 Feb
135 Psio 2,400
1 1111
Kirkland Lake GM Ltd.._1
235
135 Jan
135
115
134 6,600
5
Mason Valley Mines
415 Jan
631
1,900
534
5M
5%
Mining Corp of Canada_ _5
Jan 48%
4234 481i 37,400 40
New Cornelia Copper_ -_..5 47
150 27914 Jan 325
306 310
100
Zinc
New Jersey
400 75% Jan 8734
8014
8015 80
New
51,400 18715 Feb 229
195% 229
Nevrmont Mining Corp.10 221
Feb
39(
3
2.900
33.4
3
315
5
NIpissing Mines
• 65
60% 8534 38,600 5815 Jan 88%
Noranda Mines. Ltd
4%
131 Jan
3% 435 208,300
1
3%
Ohio Copper
[VOL. 128.
FINANCIAL CHRONICLE
1378
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Mining Stocks (Cond.) Price. Low. High. Shares.
1
Portland Gold Min
Premier Gold Mining_ _
1
Red Warrior Mining
Roan Antelope C Min Ltd..
St Anthony Gold Min
San Toy Mining
1
Shattuck Denn11,1ining__.•
Silver King Coaltion M _5
Bo Amer Gold O. Plat_ __ _1
Standard Silver Lead_ __I
4835
81c
13c
2731
3%
Teck Hughes
1 10%
Tonopah Belmonth Deve1.1 90c
14c
Tonopah Extension
1
134
United Eastern Min
1
United Verde Extension 50c 19%
1%
United Zinc Smelt Corp.,
1
1
Unity Gold Mines
Utah Apex
535
5
Utah Metal & Tunnel___ _1
151
Walker Mining
1
2
Wenden Copper Mining_ _1
Yukon Alaska Trust Ctrs_ ......
Yukon Gold Co
5
Bonds
1942
Abbots Daires 65
Abitibi P & P 58 A____1953
Alabama Power 4156_ _1967
1st & ref 58
1956
Allied Pk 1st col tr 8s_1939
Aluminum Co s f deb 5s '52
Aluminum Ltd 5s____1948
Amer Aggregates 6s_ _1943
Amer Comm'i Alcohol 6s'43
With warrants
Amer 0 & El deb 5s__2028
American Power & Light
6s, without warr_ _ _2016
Amer Radiator deb 434s,'47
Amer Roll /.111 deb 68_1948
1936
Amer Seating 65
Amer Solv & Chem 68_1936
Without warrants
Appalachian El Pr 58_1958
Arkansas Pr & Lt. 58_ _1956
Aaso Dye & Press 6s__1938
Associated 0 & E 53481977
Con deb 415s wi war 1948
Without warrants_
Assoe'd Sim Hard 6155 '33
Atch Top & SF 430_1948
1949
Atlantic Fruit 8s
Low.
High.
100
134
18c
4434
77c
110
25
1334
3
18c
1,000
200
5,000
20c
4835 9,700
810 19,200
31,000
13c
28
55.600
13%
100
33.4 6.200
1,000
18c
8c
1 34
110
3831
480
50
2134
1336
2%
15c
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
25c
2 7-16Jan
Jan
290
Jan
50
910 Fob
Jan
280
Feb
28
13% Jan
3% Jan
Jan
8%
90o
Ilc
1
1,1536
135
80c
5
134
2119
135
34%
90c
10%
I
14c
Du
1931
1%
136
535
134
3
2
3535
900
11,100
200
22,000
10,000
52,600
3.700
1,600
3,000
1,500
3,400
8,600
700
700
851
90c
80
800
1535
114
80c
331
950
211
1 14
33
780
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Feb
120%
380
aa
390
Pis
2431
2%
254
535
134
3
234
3.554
134
Jan
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Jan
6,000 9835
169.000 86
128,000 93 15
5.000 100
2,000 45
109,000 100
22.000 96
19,000 111
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
10031
8634
9315
101
4831
10015 10034
0814
97
112
112
8634
9314
10c
10015
8615
9415
101
4834
101
97
11234
10055 Feb
8755 Jan
9554 Jan
Jan
103
Feb
57
10235 Jan
9834 Jan
11534 Jan
129% 12835 13034 288,000 11531 Jim 132
9534 9454 96 157,000 9434 Feb 9731
10534 1053i
9631
95% 9534
963i
119% 119
9815
97
9834
973-4
95% 9534
87
90
12315 11734
14715 13754
11911 11634
86S5 8834
115
19
Bates Valve Bag 8s--1942
With stock purch warr_ 10815 10835
110
Beacon 01185. with warr'36 110
10134
Bell Tel of Canada 55_1955
102
1957 102
1st 5s series B
93%
Berlin City Elec 6348-1059
102
Boston Conso Gas 55,1947
10135
Boston & Maine RR 8s '33
10131
Buffalo Gen Elec 5s. _1956
Burmeister & Wain of
Copenhagen I5-yr 65 '40 98% 9835
Canadian Nat Rye 75.1935 10934 10934
1988 94% 9434
434a
Capital Admin Is A..1953 10015 100
101
Carolina Pr & Lt 5E1_1956
87
Cent States Elec 55_1948 89
94
Cent States P & Lt 5355'53
Cent States Service Corp
98
634% notes with warr '33
99%
Chic Pneum Tool 5348 '42
78
Chic Rys 68 ctf dep__1927 78
Cigar Stores ItealtY99%
1949
514s series A
89
Childs Co deb 55
1943 89
9915
Cincinnati St Ry 5355.1952
Cities Service Is
1966 89% 8915
Cities Service Gas 535s 1942 9015 9015
Cities Serv Gas Pipe L 65'43 9531 95
Cities Serv PA L 5358_1952 9531 94%
103
Cleve Flee 1115s ser A_1954 103
97
Cleveland Term Bldg Os'41
Columbia River Long Bdge
05
let 615s
1953 95
87
Commander Larabee 6s_'41 87
89
Deny & Salt Lake Ry 6s'60
0934
Detroit City Gas 55 B _1950 9935
105
1947 105
65 series A
94
Detroit Int 13dge 8345.1952 94
2535year s f deb 75_1952 8891 86
Dixie Gulf Gas 6345_1937
8835 8614
With warrants
9415
El Pow Corp (Ger)834s '53
99
El Paso Nat Gas 836s A '43 9934
Deb 8 Ms _ _ _ Dec 1 1938 10034 pg 14
8915
Empire 011 & Refg 535s '42
Ercole Marel Elec Mfg
95
6365 with warrant5.1953 95
91
EuropMtg&Inv7sserC 1961 91
9715
1950
735s
9911
Feb
Fob
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
106%
9934
9734
9734
122
97
99%
dos
94
12434
148
120%
88
12234
2235
10034 53.000 105
11234 30.000 110
39,000 10135
102
5,000 10114
102
1,000 93%
933i
3,000 102
102
2,000 10114
10135
10331 2.000 101%
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
11034 Jan
11835 Jan
10235 Jan
10215 Feb
93% Feb
Jan
103
Jan
103
Jan
104
9834 12,000
10934
953i
101
101%
80
9415
9931
89
101
90
91
96
05%
103
97%
99
88
8735
94
9035
10036
98% 9634
9934 9915
8931 89%
8736
0434
9035
98
99
78
15.000 9914
10.000 89
5,000 97
66,000 89
12.000 90
30,000 95
73.000 94%
5,000 103
2,000 98
66.000
13.000
9335
87
589,000 105
46,000
18,000
11,000
2.000
21.000
13.000
4,000
24.000
46,000
33,000
5,000
12,000
2.000
23,000
3,000
Jan
993.4
Jan
Jan
Jan 98
Jan 10134 Jan
Feb
Feb 82
Feb 9951 Jan
Jan
Jan 90
Feb
Jan 103
Feb 9031 Jan
Jan 9235 Jan
Feb 98% Jan
Feb 97% Jan
Feb 101.4 Feb
Jan 98% Jan
Feb 100
Jan 90
Feb 1053i Feb
8615 Fel)
Jan
98
10434
105
100
9831
90
97
8835
93
90
0634
10734
9715
99
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
88
98%
Jan
Jan
108%
10634
100%
100
98
973.4
9115
9611
92
973.4
III
9931
101
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
90
100
10531
9534
8734
Feb 9135 Jan
3.000 88
43,000 9915 Mar 100 34 Jan
18,000 105
Feb 10055 Jan
Jan
29,000 9231 Jan 90
8956 Feb
31,000 8535 Jan
87
9414
9915
100 15
90%
19,000
8.000
18,000
28,000
31,000
9535 13,000
9114 13,000
1,000
9715
9911 9934 24,000
9515 18,000
95
88
92
93
9735
Jan
Jan
Jan
Jan
J811
Feb
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Jan
5,000 108% Jan 110
207,000 9414 Feb 9634 Jan
Feb
Mar 101
32.000 100
45.000 101
Jan 10234 Jan
Mar 9035 Jan
19,000 87
3,000 94
Feb 9634 J9.111
1,000
98
2,000
10015
7831 12,000
9215 9215
9035 9134
87
0234
Jan
Jan
94,000 105
5,000 96%
54.000 953,
10.000 95%
79.000 114
63.1)00 94
123,000 87%
58.000 95
28,000 87
588,000 9831
1371000 9935
1429000 9436
31,000 8634
231.000 114
13,000 19
106
97
96
9854
12034
97
9834
953.4
90
12434
148
1203-4
8854
11615
20
105 10514
Com Invest Tr 515s._ _1949
Cornmerz und Private
81315 87
Bank 514s
1937 87
9831 985.4 1183i
Common Edison 4158.'57
Consol GE L&P Balt10434 105
8s, series A
1949
6355 series E
1052 10534 1053.4 10534
100 10034
1969
5%s
100 100
Consul Publishers 83131938
9235
90
1941
Consol Textile 85
436s '58 97% 973i 973i
Consumers Power
1958 o8935 8834 08995
Cont'l 0 & El 58
96
94
Continental 0115%0_1937 95
90
90
CosgroveMeehanC615s.'54
Cuba Co 6% notes _ _ _1929 9636 9633 9834
1103.61103-6
Cuban Telep 7365._ _ _1941
Cudahy Pack deb 534s 1937 11835 97% 9815
9931
99
55
1946
Fabrics Finishing 6s.. _1939
Fairblis Morse & Co 55 '42
Farmers Nat Mtge 1nst In
1963
Hungary 7s
1933
Federal Sugar Os
Finland Residential Mtge
1961
Bank 6s
Firestone Cot Mills 58_1948
Firestone T&R Cal 55_1942
First Bohemian Glass Wks
30-yr 7s with warr_ 1957
Fisk Rubber 5355_1931
Florida Power & Lt 55_1954
Galena Signal 011 75..1930
Gatineau Power 50_ _1958
1941
Os
Gelsenkirchen MI1165_1934
Range Since Jan. I.
1,000
5,000
88
14,000
9311 26.000
94% 26,000
87%
94%
91
100%
9611
9931
90%
8634 Jan 8851 Jan
Feb
Jan 97
93
99
Jan 10055 Jan
99
Jan 10151 Feb
8934 Feb 9155 Jan
95
Feb
91
Jan
9715 Feb
985( Jan
Jan
92
9954 Jan
99
95
Feb
Jan
10134 Feb
0834 Jan
9236
88%
Jan
Jan
9215
9514
80
92
93
Feb
Feb
Feb
915( Jan
Jan
94
Jan
95
2,000 84
12,000 89%
54,000 8914
1,000 10015
55,000 9531
12,000 9935
85.000 89
Jan
Jan
Feb
Jan 88
Jan
Jan 96
Jan 9234 Feb
Jan
Jae 101
Jan 9715 Feb
Jan 100% Jan
Jan 9114 Jan
MAR. 2 1929.]
Bonds (Continued)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
fGr
or Prices.
Price. Low. High. Week.
Gent Amer Invent 5s_1952
Without warrants
8634
Gen I.aund Mach 61581937
General Rayon 65 ear A '48
General Vending Corn
Os with warr Aug 15 1937 81
1048
Ga dc Fla RR 68
Georgia Power ref 5s 1967 9734
Grand Trunk Ity 610E193(5 107
Guantanamo&WRy5s 1958
1937
Gulf 011 of Pa 55
Sinking fund deb 55_1947 10031
1956 97
Gulf States Uti 5s
Hamburg Elea 7s
1935
Hamburg El & Ind 5555 38
Hanover Cred last (16 1931 9436
Haman Mining Gs_ _ _ _1949
With warrants
0015
Hood Rubber 7s
1936
10-yr cony 5358
1938 7831
Houston Gulf Gas 6355 '43
68
1943 9035
IllinoisPow & Lt 5%5_1957
534s series B
1954
Indep Oil& Gas deb fls 1939
Ind'polle P & L 56 ser A '57
flit Pow Recur 75 ear E 1957
Internal Securities 55_1947
Interstate Power 5a
1957
New
Debenture 6s
1952
Interstate PS 4158 F_1958
Invest Bond & Share Corp
deb 55 series A
1947
Invest Co of Am 55 A.1947
Without warrants
Iowa-Neb. L & P 58_1957
learco Hydro-Elec 75_1952
Leotta Fraschini 7s_ _1942
With warrants
Without warrants
Italian Superpower 6s_1963
Without warrants
Jeddo Highland Coal 65'41
Kansas Gas & El 6s___2022
KelvInator Co Os
1930
Without warrants
Kendall Co 5%5
1948
Koppers G & C deb 58_1947
Laclede Gas Light 5358 '35
Lehigh Pow Secur 68_2026
Leonard 'nett Inc 7358 '46
Without warrants
Libby, McN & Libby 55'42
Lone Star Gas Corp 58 1942
Long island 1,tg Os._ _1945
La Power & Light 5s_ _1957
New
Manitoba Power 5555..1951
Mansfield Min dr Smelt
75 with warrants_ _ _1941
Mass Gas Cos 534s___1946
McCord Rad & Mfg 651943
Memphis Nat Gas Os__1943
With warrants
Matron Edison 4558._1968
Milwaukee Gas Lt 4355 '67
Minn Pow & Lt 430_1978
Montgomery Ward 58_1948
Montreal L II & P col 5551
Morris & Co 735s____1930
Munson SS Linea 6%6_1937
With warrants
Narragansett Elea 56 A '57
Nat Power dr Lt Os A.2026
Nat Public Service 5a_1978
Nat Rub Mach'y 68_1943
Nat Trade Journal Os.1938
Nebraska Power Os A.2022
Neiener Realty deb 68_1948
New Eng G & El Assn 58'47
5a
1948
Hew On Pub Serv 55 B '55
NY & Foreign Invest
5358 A with warr___1948
N Y P & L Corp let 4%8'67
Niagara Falls Pow 88_1950
Nippon Elea Pow 635s 1953
North Ind Pub Serv 581966
Nor States Pow 8%%-1933
North Texas Utilities 78'35
Ohio Power Si set B_ _1952
4355 series D
1956
Ohio River Edison 1st 55'51
Osgood Co with warr 6s '38
Oswego Falls Co 65_ _ _1941
Oswego River Pow 65_1931
Pao Gas & El let 4355_1957
Pacific Invest 58
1048
Pacific Western 0118%s'43
Park .1 'Mord Co 65_1936
Penn-Ohio Edison 65 1950
Without warrants
5355 when issued_ _1959
Venn Pow & Light 5e B '52
151 & ref 55 ser D___1953
peoples Lt & Pr 5s_ _ _ _1979
Philadelphia Elea 55_1960
Phlla Elea Pow 555s-1972
Phila. Rapid Trans 65_1962
Phila Suburban Cos
Gas & El 1st & ref 4345'57
Pittsburgh Steel 85_1948
Potomac Edison 5s__1956
Potrero Sugar 75.Nov 1547
Power Corp 0tH Y 8148'47
,
Procter dc Gamble 435s '47
Queenaboro G & E 535e '52
Refunding 4345--1958
Item Arms 53.4% notee 1930
Richfield 011535% notes'31
Rochester Cent Pew be '53
1953
Ruhr Gas 8355
Ryernon (Jos Ti & Sena las
15
-year a f deb 58_1943
lat Louis Coke & Gas 65 '47
San Ant Public Serv 681958
1955
Banda Falls 55
Schulte Real Estate 681935
With warrants
Without warrants
Scripps(E W)5%s_ __1943
Serval Inc(new co) 55_1948
shswinigan liv & p 4 iis '67
Shawaheen Mille 7s.__1931
Sheridan Wyo Coal 88_1947
Silica Gel 635% notes- 1932
With warrants
Range Since Jan. 1.
Low.
High.
8634 8634 18,000 843.4 Jan 88 75 Feb
100 101
29.000 100
Jan 10234 Jan
9231 93
31,000 9234 Feb 95
Jan
81
6635
9734
107
85
993.1
10035
96
10135
84
9434
90
95
78
91
9031
94
100
10511
0834
94
88
9334
9434 9334
94
8731
10631
9834
94
88
110
10134 101
8035
9234 9235
89
89
8531
663.4
9735
10734
85
100
101
97
103
8834
96
9035 22.000
95
3,000
7834 3,000
9135 57.000
11,000
91
94
100
10635
9934
95
90
9535
9434
9434
8734
9054 Mar
Jan
97
8431 Jan
9255 Jan
9235 Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
110
5,000 109
Feb 110
102
40.000 98
Jan 107
8134 5.000 78
Jan 83
93
10.000 9234 Feb 9434
00
9,000 8635 Feb 9134
Jan
Jan
Jan
Jan
Jan
8,000 100
5.000 87
7934 281,000 78
104
32,000 104
10034 1005 10034
%
7415
90
Feb
0335 Jan
7934 Feb
90
Jan
90
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
11,000 94
Feb 9635
1.000 9915 Jan 101
110.000 10235 Feb 1103.4
135.000 9834 Feb 993.4
7.000 04
Mar 9635
57.000 88
Mar 92
35.000 933,4 Feb 9614
51,000 9335 Feb 9635
13.000 94
Feb 97
15,000 8731 Feb 8731
100
100
10034
8734 8734 8834
7834 78
104
104
27,000 81
Jan 8715
5,000 65
Jan 7034
102.000 9731 Feb 9835
610.000 10834 Jan 108
10.000 85
Jan 85
31.000 9934 Feb 1013.4
88,000 100
Feb 102
8,000 96
Jan 9934
15,000 100
Feb 103
3.000 84
Feb 88
6,000 9334 Jan 9834
Feb 10634 Jan
Jan 8834 Feb
Feb 82
Jan 104
Jan
Jan
5,000 10034 Mar 10034 Mar
74
9534
9935 9814
10034
10435 10334
7434 5.000 7355 Jan 79
9634 46.000 9535 Feb 9831
9915 80.000 98
Feb 9934
7,000 9934 Jan 111031
10034
10434 54,000 10331 Feb 106
102
9031
97
10434 10434
102
7,000 101
Jan 10255 Jan
9131 11,000 9031 Feb 94
Jan
9734 5,000 97
Feb 9915 Jan
10534
7,000 10334 Jan 106
Feb
102
9634
100
103
9631 44,000
96
9934 10035 57,000
Feb 97
Jan 101
Jan
Jan
10135 10134
4.000 100
Feb 10135 Jan
10234 103
09,000 10234 Feb 10435 Feb
9531 97
31,000 9534 Feb 9934 Jan
10234 10234 107
9735
9735 98
99 10031
91
9135
10234 10234
9934 9935 9934
10035 10035 10034
98
95
99
Jan
Jan
Jan
Jan
Jan
98
98
103.000 9615 Jan 107
Feb
54,0(10 9734 Feb 99
Jan
13,000 98
Jan 10034 Feb
10.000 9035 Feb 9234 Jan
11.000 10134 Jan 10234 Jan
10,000 9934 Feb 10134 Jan
4.000 10034 Jan 101
Jan
39,000
98
Jan
99
Feb
9935 9035 9935
104 10534
104
8235 8235 83
130 1393.4
93
93
93
10815 10835 10835
10735 108
9435
9435 94
9436
94
94
94
94
11,000
42,000
39.000
33.000
21.000
21,000
70,000
23.000
64,000
21.000
9934
104
81
130
91
10736
10735
94
94
94
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
10015 Jan
10535 Feb
8334 Jan
163
Jan
9834 Jan
109
Jan
10835 Jan
9735 Feb
9734 Jan
9034 Jan
9034 9034 9135
9135 92
9135
10435 10435 10554
9035 91
91
101
101
101
10235 10234 103
101 101
9934
9951 99
9234 9234 9211
9831 9834 9834
101 10115
94
04
9815 99
99
107,000
103,000
28,000
15.000
11.000
12,000
11,000
20,000
35,000
2.000
17,000
1.000
11,000
9031
9135
10434
90
10034
1023.4
10034
99
92
983.1
100
94
97
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
94
933,4
10835
92
10134
104
103
101
9334
10034
10234
9831
9931
95
9631
9935
0634
05
96
9934
99
97
09
9635
10031
10134 10034
9834 9814
10234
10334 1033.4
10035
9735 29.000
9531 15,000
9835 85.000
1.000
9935
100
97
10034
10134
100
10234
10434
10135
973.4
973.4 98
10235 102 10234
97
9715
75
75
9834
97
07
08
96
102 1023.4
9535 9535
9835 98
99
10034 100 1003.4
8634 8634 8735
94
94
94
9435
8635
8.000
20,000
15.000
4.000
155.000
5,000
43.000
20.000
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
9634 Feb 9834 Jan
9435 Jan 9635 Feb
9534 Feb 9835 Jan
9935 Mar 100
Jan
99
9634
10034
100
98
10231
10334
10034
24,000 97
26.000 102
32.000 9615
2,000 72
11,000 97
1.000 98
5,000 102
10,000 0534
31,000 98
54,000 100
45.000 8631
18.000 94
Mar 102
Feb 07
Feb 10134
Feb 10234
Feb100
Feb 10315
Mar 10534
Feb 10334
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb9834 Jan
Jan 103
Jan
Jan 9736 Jan
Jan
76
Jan
Mar 9835 Feb
Feb 9734 Jan
Feb 105
Feb
Feb 98
Jan
Jan 99
Jan
Jan 10234 Jan
Jan 8835 Jan
Jan 94
Jan
9435
8615
95
10135 10135
9415 5.000 03
Jan 06
Jan
8834 65.000 8635 Mar 92
Jan
11,000 95
96
Feb
97
Feb
10231 8,000 10134 Jan 10234 Jan
1043.4
92
94
10434
92
94
78
9354
97
93
10454 9,000 102
14.000 92
92
4.000 9254
94
5,000 75
79
9315 46,000 9334
3.000 97
97
10 93
93
102
103
6355
93
1,000 101
Jan 110
Jan 9335
Jan 95
Jan 8534
Jan 9415
Jan 9834
Jan 93
Jan
Jan
Jan
J.
Jan
Jan
Jan
Jan
Jan
102
Bonds (Concluded)
Sloss-Sheffield S & I 691929
Snider Pack 6% notes_1932
Solvay-Am Invest 58_1942
Southeast P & L 6s__ _2025
Without warrants
Sou Calif Edison 5s_ _ _1951
Gen & refunding 5s_1944
Refunding 5a
1952
Sou Calif Gas 55
1937
. Southern Dairies 68
1930
Sweet G & 1: .5s A _ _ _ _1957
So'west Lt & Power 53 1957
Wryest Pow dr Lt 6s
2022
Staley (A E) Mfg 6s_ _1942
Stand Pow & Lt 65_1957
Stinnes (Hugo) Corp
78 Oct 1 '36 without wart
7s 1946 without warr'nts
Strauss (Nathan) 68...1938
Sun NI ald Raisin 630.1942
Sun 011515s
1939
Swift & Co 5s Oct 15 1932
1379
Friday
Last Week's Range Sales
of Prices.
Sate
for
Price. Low. High. Wee*.
9931 100
3,000
100 104
59.000
9735 9715 9855 10.000
Lew.
10335
101%
10135
101
9235
96%
94
94
103% 10235
98%
9835 97%
103%
10135
10135
10135
93
97%
0535
94
104
98%
9831
149,000
61.000
1,000
8.000
57.000
19.000
10.000
6.000
26,000
17,000
58.000
91
93
8934 8735
126
126
74
74
100% 100%
9934 99%
94
90
12935
74
101
100
102.000 8835 Jan 94% Feb
47.000 8735 Feb
91
Feb
32.000 117
Jan 140% Jan
20,000 65
Feb
7934 Jan
17,000 100
Feb 102
Jan
68,000 98% Jan 10015 Jan
Ulan & Co.655s
1938
Union Amer Invert 5s.19 IS 107
United El Serv (Ones)7s'56
12634
With warrants
8934
Without warrants
United Industrial 6%a 1941 89
United Lt & Rys 5358_1952 92
100%
Os series A
United Oil Prod 85- _ 1932
95 1
On Rys Havana 74s-1936
United Steel Wks 834a 1947
85
With warrants
US Rubber
Serial 63.4% notes_ _1930 99%
Serial 6%% notes__1931
Serial 615% notes_1932
tm _
Serial 655% no -1933 9934
Serial (5)5% notes__1934 99%
Serial 615% notes...1936 9935
Serial 614% notes_ _1937 99
Serial 615% notes_ _1938
Serial 6347 notes_ _1939
0
Serial 615% notes__ 1940
US Smelt & Ref 5158_1935
Utilities Pr & Lt 55_1959 9855
9635
91
103
10035
101
10035
9255
96%
94
93
10235
97%
9755
9935 9915 6,000 99%
10834 108
41,000 104%
12535
8931
89
9111
10034
76
110
85
99
995
1
,
9835
9815
9931
99%
99
9931
100
100
10335
98
126%
91
8934
9235
10155
76
110
Parana(State of) Bran 78'58
Prussia (Free State) 6345'51
Esti Os (of '27) Oct 1552
Rio Grande do Sul (State)
Brazil 7s (of '27)___1967
Rumanian Mono Inst 78'59
Rus:lan Governments-'
o ia
1919
63.45 atilt
91
2
11921
e,„
Certificates..ctni 7s t
7 Ica
1935
5 Basin
Emr9ni k
aP I
1935
Santa Fe (City) Argentine
Republic anti 75_ __ _1945
Santiago (Chile) 78_ _ _1949
1958
Silesia (Prov) 75
Switzerland Govt 5%51929
97
95
91%
91%
9731
9535
8035
106
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan 99% Feb
Jan 11634 Feb
8854 29,000
85
Mar
100
4,000 985( Jan
99% 14,000 98
Jan
100
2.000 97
Jan
99/1 6,000 9635 Jan
99%
1,000 9854 Jan
10031 8.000 9731 Jan
99
1.000 97
Jan
093,4
2.00
Jan
98
100
5.000 96
Jan
10055 5.000 97
Jan
10335
2.000 103% Jan
9835 18,000 95
Feb
88
96
9831
96%
92%
91%
98
96
81%
106
90
100%
10035
100%
100%
100%
100%
10035
10015
10034
102
10411
98%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
5,000 103
Mar 106
Jan
21,00
Jan 8714 Feb
85
5,00
99
Feb 100% Jan
1.00
90
Ma
9635 Jan
336.00 1084 Jan 121
Jan
16.00 102% Jan 104
Jan
49,00
88% Felt 89
Jan
2,00
96% Jan 9874 Jan
97
96
91
Bank of Prussia Landowners
Ass'n 6% notes_ _ _1930 07% 9835 97% 17,000 95
Buenos Aires(Prov) 735e47 10314 103% 10335 36.000 102
10031 101
54,000 19935
78
1952 101
Cauca Valley (Dept) Co.9254 3.000 92
ornbla extl s f 7s
1948 9215 92
Cent Lilt of German State&
8636 37.000 85%
Prov Banks 68 B_..1951 8611 88
8635 8635 12.000 85
87
6s serial A
8731 61.000 8634
8714 87
%s
100 100
1,000 99
Danish Cons Munic5%5 58
11'5
9952
5
9451 945( 2,000 93
5s new
Danzig P & Waterway B(1
1953
4.000 81
Extl a 615s
1952 8251 8231 83
8655 8635 8755 17.000 88
Estonia (Rep) 78
9335 94% 18.000 9335
Frankford (City)6355_ 1957
1953
German Cons Munic 7s '47 9635 9636 9731 44,000 96
69
1947 8655 865( 8651 38.000 86
Indus Mtg Bk of Finland
101, 10115 16,00 101
1st mtge col a f 7s__1944 101
975(
96
0234
913(
973'
9534
8055
10515
10234
102
10135
93
99
9735
9635
107%
99
9931
17.000 11531 Jan 130
Feb
24.000 8935 Feb 92)5 Jan
16,000 8915 Feu 9131 Jan
46,000 9131 Feb 9435 Jan
33.000 100
Jan 10135 Jan
10.000 71
Feb 79
Jan
8,000 110
Jan 110
Jan
9735 9715
2,00
96
9631 31.000
92
91
41,000
88
96
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
9851 41,000 97% Feb 9935 Jan
103% 153,000 100
Feb 104
Feb
120
13.000 94
Jan 122
Jan
95
7,000 90
Jan 9534 Jan
103 103
Valvoline 011 73
1037
86%
Van Camp Packing 65_1948 8651 86
Virginia Elec Pow 58_ _1955 99% 9914 99%
90
90
Webster Mills 6545_1933
Western Power 534e.1951 119% 117 121
10215 10355
Westvaco Chlorine 534s'
37 103
8855 89
Wheeling Stee14545___1953 89
98
98
Wise Cent Ry 58
1930
Maranhao (State) 7s__1958
Medellin (Colombia) 75 '51
Mendoaa (Prov) Argentina
7%a
Montevideo (City) (58 1959
95 1
Mtge Bank of Bogota 75'47
New
Mtge Bank of Chile 65 1031
Mtge Bk of Denmark 5572
Mtge Bk of Jugoslav 75 '57
1972
Netherlands tis
High.
9915 Jan 10054 Feb
95
Jan 107% Jan
9611 Feb 9835 Feb
10334
101%
10135
101%
93
97%
94
9735
Texas Power & Lt 58._1956 98
Thermoid Co 65 w w 1934 10331 100
Tran Lux Dayl Pict Screen
120
6 , with warrants, 1932 120
As
95
95
Without warrants
Foreign Government
and MunIcipalltleiAgr1ey r7s
2(). u ktge 13k Rep otCol
il
Jan 15 1946
20-yr 7s___Jan 15 1947
Antwerp (City) 5s____1958
R nye Since Jan. 1.
4.00
5,00
Jan 100
Mar 99
lei
9435
Jan
Jan
Jan
Jan 97% Feb
Jan 10435 Feb
Jan 101
Jan
Feb
9634
Jan
Jan 8735 Feb
Jan 87% Jan
Jan 89
Jan
Jan 10131 Jan
Feb 9835 Jan
Jan
Jan
Feb
Jan
Feb
8415
89
9855
98
89
Jan 102
Feb
88
9515 Jan
Jan
Jan
Jan
Jan
Jan
Jan
94
Jan
9735 Feb
29.00
9615 Jan 9815
23.00
Feb 96%
94
17,000 9131 Jan 94
1,000 90% Jan 94
11,000 9715 Jan 984
3.000 9535 Jan 961(
42,000 7831 Feb 8235
1,000 105
Jan 107%
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
8951
94
8835
8951 90
23,000
94
94
15,000
8834 89% 42.000
8934 Feb
92
Feb
8815 Jan
9331 Jan
97
Feb
603,4 Jan
89
9435 95
11,000
89
8936
7.000
9435 Feb
89
Feb
97
Jan
8935 Feb
1235
1335
1235
99
9934
1335 91,000
2,000
1335
3.00
1335
2,00
99
1,00
9915
1235 Jan
1414 Jan
1234 Feb
1335 Jan
1231 Feb
1335 Jan
99
Jan 101
Jan
9934 Jan 1013.4 Feb
9214
98
815(
9934
925( 6,00
99
29.000
8235 38,000
9935 27,000
9235 Jan 96
9735 Jan 100
8131 Feb 85
9934 Feb 10034
13%
1315
99
9235
8235
9935
Jan
Jan
Jan
Jan
• No par value. I Correction. w Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. •Sold for cash.
s Option sales. t Ex-rights and bonus. w When issued. z Ex-dividend.
Ex'
rights. *Ex-stock dividend.
"Under the rule" sales were made lla follows:
a Amer. Meter Co., Jan. 15 at 128: e Danish Con. Mtmlo. 554o. 1255, Jan. 18
at 105. p Educational Pictures pref. Feb. Oat 100.
"Cash" sales were made as follows:
a Arkansas Power & Light 1st & ref. Ed Jan.22 at 99.
-Sales of Western Auto Supply class A stock in our issue of Feb.2
(I) Correction.
were incorrectly reported. Should have read 5435 low. 56 high. The range for
year should have read 5235 Jan., 5931 Jan. There were not sales of Welbolt
Stores corn. Sales of West Jersey & Seashore omitted that week were 301 shares
at 4634 65235:
FINANCIAL CHRONICLE
1380
[VoL. 128.
Quotations of Sundry Securities
All bond prices ere "end fere eat' escept where marred "r.
Investment Trust Stocks
Railroad Equipments
Chain Store Stocks
Ask
and Bends
Par Bid
Par Bid Ask
Bpi Ask
Amer & Gaul Sec. units.... 7312 7512
Chicago & North West 61__ 5.30 5.00 Conaol Ret Sts. 8% of with
h
5.00 4.80
34
ClassA
30
100 112
Equipment63419
warrants
Chic It / & Fee 4345 & 5a__ 4.90 4.75 Diamond Shoe. com
Class B
14
45
12
48
Amer Internet Bond &
5.30 5.00
47
50
104
_
Equipment tie
Preferred
Andrew. Secur Inv Co
33
Colorado A Southern 86--- 5.40 5.00 Fan Farmer Candy Sh pref' 30
5.25 5.00 Fed Bak Shops,corn
16Delaware & Hudson 65
1055s 106
t "
7
94 Astor Financial claw A
5.20 4.90
14
Class B
55
10
Pret 7% with warr _ _ _100 95 100
65 Erie AM & tre
.
5.40 5.10
Atlantic A Par corn
33
94
Equipment Oa
29
98
Feltman & Curme Shoe
5.25 5.00
*
Preferred
93 97
Great Northern (Is
4412 4812
Stores A co
corn
1
4.90 4.70
Atl & Pee Intl Corp units
Equipment 51
10712 109
65
7314 76
7% preferred
100 .ii6"
4.90 4.70
Hocking Valley 5e
Bankers Financial 1'1%01
2412
5 25 5.00 Ot Atl & Pao Tea vot com_t 115 380
.
Equipment68
Bankers Investml Am corn.. 15
*97 100
118
Preferred
100 15
4.90 4.70
36
Debenture shares
33
101 1015 Minnie Central 4345 & 58
18
8
5.20 5.00 Howorte-Snyder Co. A__
1712 18
Equipment68
Bankers Sec Tr of Am corn _
*39
41
5.00 4.80 Kinnear Stores corn
24
130 145
11aninstocks Holding Corp..- 20
Equipment 75 A 6445
•1212 1312
8% preferred
Banstocks Corp of MU units
108 109 Kanawha A Michigan 6u..... 5.30 5.00
3812
Class A
*4112 4212 Kansas City Southern 5141_ 5.25 5.00 Knox Hat.corn
7
10
8 28 8 00
.
.
1 *58 64
57 CUM pref
Louisville & Nashville tie
Class B
*205
3
63
4 84
CIA partic pre(
4.95 4.75
Equipment6 Sia
Preferred
93
*66 69
40
95
35
105 108
Basic Industry Shares
*105 107 Michigan Central 55 & Os-. 5.10 4.75 Kobaoker Stores corn
93
4
9
Cum pref 7%
100 *70
British Type Investors A.._
10014 ---- MinnEitPASEIM 4348&511 5.30 5.00
80
553 5612
4
Continental Securities Corp. 108 112
Equipment 6342 & 7e.. 5.50 5.00 Lane Bryant Inc corn
120 130
9714
77 cum oref
100
Preferred
85
*107 109 Missouri Paclile 138 & 634... 5.25 4.95
82
4.90 4.70 Leonard Fitzpatrick &
bs 1942 with warrant__
*32
35
164 15512 Mobile ir Ohlo fie
107
Muller Stores corn
Without warrants
113 117
108 110 New York Central 4348 £58 4.85 4.70
_ 105
100 380 395
Preferred 8%
Credit Alliance"A"
5.25 5.00
Equipment60
42
9---40
100 100
5.00 4.80 Lord & l'aylor
Crum & Forster InsuranEquipment7a
28 -- 31
First preferred 6%_
100 110
Blare. corn
110 112 Norfolk & Western 434e__.. 4.88 4.70
107 112
100 99 103
Second pref.8%
4.90 4.75
Preferred
10112 10312 Northern Pacific 7e
102 105
Diversified Trustee she
5.00 4.85 McLellan Stores6% prof 100
263 2714 Pacific Fruit Express 78
4
2612 2714
Melville Shoe Corp
Shares B
105
*98
2314 24
9812 Pennsylvania RR eq 5....... 4.90 4.70
let pref 6% with warr_100
Eastern Bankers Corp COM
*88
27
91 PRIM)& Lake Erie 8345.... 5.05 4.80
4.90 4.70 Mercantile Stores
Unite
103
191 102 Reading Co 4)45 & fq
145 fEi"
100
Preferred
Milan & Indust Her corn.... 142 144
•
"0 60 St Louis & San Francisco 58- 4.90 4.75
First Fed Foreign Inv Trust
Seaboard Air Line 53.48£ as 5.75 5.25 Metropolitan Chain Stores-1 121 125
110
100 .4
New preferred
7
981,2 Fixed Trust Shares
4 0 .0
09 41
3
941139
10712 109 Southern Pacific, Co 4345.... 4 :990 4 8
-- -1- 23
22 4
Miller (Ii A Bons corn--)
Foundation See corn
Eqpment 78
ui
12
99 101
11
..l00 102 105
Preferred 654%
General Trustee common 423
4.85 4.70
28
10312 10512 Southern Ry 4He & flsMock Judson & Voekinger pi
New units
Equipment Be
5 30 5.00
109 111
y70
75
5: 0 4. 0 Murphy(0 C) Co 00111----) *84 109
4 30 5. 5
0% bonds
0
10
0
7
114
08 85
90
106 1084 Toledo & Ohio Central de_
100
8% cum pre(
Greenway Corp corn
Union Peofflo 78
2112
Nat Family Stores Inc wanr *16
Preferred (w w)
19
5312 5512
Nat Shirt Shops, corn
Guardian Investment
A00000utical Securities
Short Turn Securities
89
85
27
100 157 105
Aeromarine-Klemm
Preferred8%
Preferred_
6
611 712
01
28
100 *2112 24
Nat lea 612% prei
Guardian Investors
Allis ChM Mfg. 58 May '37_
16
99 9912 Aeronautical Industries_ . 2312 24
20 - 6%
Nedick's Inc corn
Alum Co of Amer.56 May'52 1004 1003 Air Associates
160
95 100
4
Neiener Brcs Inc corn
$3 units
Investors co
cornAi
Amer End.deb 4%B.MaY'47
200 210
45
96
50
97
Preferred42 4312
100 • 0
Preferred 7%
Am Roll Mill deb 5s. Jan '4?
22
6
48
1 14 10714 Incorporated Equities
96
47
Incorporated Investor
Newberry (J J) Co corn_
49
Aaglo-Am 0114I48, July '29
99 1 1- 2
(11
99 993 Alrstocks Inc
4 Alexander Indus corn
1
100 •45 4512 Insuransharesser A
1812 183
Preferred 7%
Ana'da Cop Min lot cons 6e
4
27
*95 122
NY Merchandise corn...
Series B 1928
8% participating pref
Feb. 195
2214 235
1043 105
110
4
Series C
104) 132 135
First pref 7%
Aeronautical
Moravian Pete 4 s_ _ _1942 9112 923 Amer
28
2912
2
Series F
Penney (J C) Co new_ _100 260
American Airports Corp_ _ _I
9.:, 98
Bell Tel of Can 58 A_Mar'55 10114 102
3012 32
Series H
Rights
12
13
Beth St16% notes June 15'29
82
25
2612
9912 100 Amer Eagle Aircraft
*77
Peoples Drug Store' corn...' :41122 11012 Inter Germanic Tr new
See 5% notes_June 15 '30
08
225 235
137
983 9911 Aviation Credit Corp
104
4
tot Sea Corp of Am com A. 6312 6612
100
634% corn pref
, 17
See 5% notes_June 15 '31
1
9844 9912 BellancaAircraft Corp, new 2(34 2154
Common B
Piggly-Wiggly Corp
Sec 5% notes_June 15 '32
3412 3712
984 9912 Berliner-Joyce Aircraft
651% preferred
100 130 140
26
Cesinia Aircraft new corn
Oom'l Invest Tr fw_May '29
Preferred 8%
94
97
9812
6% preferred
Rogers Peet Co corn_ _ _100 341: 13 1:
100
Preferred
May 1930 9612 9912
5% notes
0
0
7
91
95
97
9712 Claude Neon Lights
Invest Co of Am corn
Safeway (litres pref
4uU 410
1207
Cud Pkg,deb 5348_Oct 1937
51
9712 9814
7% preferred
New w I
41
Cunard SS Line 434s Dec'29
4112 Saunders(Clareoce),COM B.
96 102
9812 9912
Series A unite
Consolidated Aircraft
3/12 3812 Saunders (Clarence) Pacific
Ed El ill Bost
167
Investment Trust of N Y.._
Consolidated Instrument-) 28
Stores A corn
_Nov 1930 985
29
454% notes
12 8
,
s 99%
Invest Trust Associates._
Crescent Aircraft
Preferred
Empire Gas A Fuel 58
45
50
Joint Investors Cony. pref 104
June 1929-30
222 s 15
16
29 Schiff Co corn
107
9712 993 Curtiss Alrpl Export
250
4 Curtiss Cap Aircraft
Cum cons pref 7%._ _100 •80 - 2 Kent Securities Corp corn__ 11012 114
TIM Rub 5 Hs_ Jan 1931
94
0
---95 Curtiss-Robertson Airplane
Preferred
Sliver (Isaac) & Bros corn.) 121 125
Genl Mot Accept.
100 101
9912 100
.
Massachusetts Investors__
Units
7% cum cony pref. _ _.100
125 135
5% serial nuresMar '30
90
5218 547
9814 99
s
Mohawk Invert Corp
Curtiss Assets
Southern (Berme units
30
35
5% serial notesMar '31
ilii 330
9714 98 Curtiss Reid pre:
Mutual Investment Trust.
Spald(AG. & Bros, corn 100 *512 712
5% aerial notes_Mar '32
31
33
1212 1312
90 974
U Stores core class A.--.1 *312 412 New England Invest Trust
Fairchild Caminez Engine
55
5% serial noteaMar '33
65
12
96
97
Old Colony Invest Tr corn.
Com class Et
26
6% aerial notes__Mar 34
27
29
9412 96 Fokker Aircraft
32
60 65
let preferred 7%
Preferred
4)4% bonds
100
20
23
5% serial notes_ _Mar '35
9412 96 Great Lakes
Pacific Investing Corp corn. 88 92
Aircraft
243 254
4
5% aerial nctes__Mar '36
37
42
Second Internet See Corp.. 54
Haskelite Mfg
Standard 011 oo
30
Gulf Oil Corp of Pa deb be
34
183
8
57
9912 100 Heywood Starter
•18
CornB
Corp
Dec 1937 1004
04 1014 angio-Amer Olivet hook _ El •1614 17
2412 2712
19312 Kreider-RI:doper Aircraft.6% preferred
el
Non-votIng stock
Feb 1947
5U
Deb 59
57
48
5514 5612 Shawmut Bk Inv Trust.... 45
Lockheed-Vega
1612 1712 Atlantic Reig coin rew 25 1153 117
HOPPere Gas & Coke deb 58
54
9814
19
Maddux Air Linea com
100 *42 4 45
Preferred
4348..
June 1947
12
14
86
90
9512 19" Mahoney-Ryan
00
5e 1952
Borne Serymeer Co
25 *68
Aircraft.-- Meg Pet 4;48..Feb 15 30 35 9812 99
19
22
90
94
1395
4
1052
Se
Mohawk Aircraft
Buckeye Pipe Line Co_ _ 50 *143 149
Mar 011 58. notes June 1530
12
16
240
95
96
South Bond & Share
Mono Aircraft
Cheeebrough Mfg Cone 25
Serial 5% notes June 1531
30
7
35
10
94
2614
95
Corn & allotment ctfs
Preferred
10 •261s 70
Continental 011•10
Serial 5% notea June 1532 1023 102 2
32
34
8
,
93 pref allotment ctfs _
Cumberland Pipe LIne__100 65
Mass uas Coe.5 sie Jan 1948
23
9612 9812 Moth Aircraft Corp unite -. 22
52
68
65
Stand Int Secs Corp units.. 50
Common
Eureka Pipe Line Co____100
Pacific Mills 5548---Feb 31
10
12
'
512 612 Standard Investing Corp__
National Air Transport... 450 475
Galena Signal 011 oom___100
Peoples Gas L & Coke 4548
41
44 83
99 100
Nat Aircraft Mat'ls Corp
554% preferred w w
Ion 78
Preferred old
Dec 1929 & 1930
14
15
100 103
90
96
9732 National Aviation
5% bonds w w
100 84
Preferred new
Proot & Gam!). 4348 July '47
t 70
71
3
993 100 4 North Amer Aviation
4
3
State Bankers Financial..... 12512
Humble Oil& RefinIng---25 •913 92
Sloes She'SU & Jr 68 Aug .29
16
17
21
24
305 310
S Sharer, elan A
Illinois Pipe Line
Pollak Mfg
100 93
Swift & Co 5% notes
814 9
94
145s
993 100 Scenic Airways common_ _ _ _
4
Class A 1
Imperial Oft
Oct 15 1932
83
145 15 $
8
7
9918 9912 Sharman Aircraft cow.___•
Claw C 1
Indiana Pipe Line Co__ -50 *81
Un NJ RR & Can is Sept'29
11312 120
0
5
32
4
10312 104 AtInson Aircraft corn
Class C 2
International Petroleum...) *533 5412
U S Sm & Ref 5?is_ _Nov '35
20
21
243
33
97
9812 Swallow Airplane
Class C 3
National Transit Co__12.50 *2412 82 4
Wier Cent Ihe
Jan '30
10
12
365;
2914 -Class D
New York Transit Co___100 78
Travel Air Mfg New
54
69
,
Northern Pipe Line Co__100 58 6012 U BA Brit Internal ci B.
-- 18 13
U S Air Transport
Tobacco Stack. Par
10
12
2
19
Class A
Ohio 011
25 *6614 667
United Aircraft w 1
89
90
3612 IF!
135 142
Preferred
Penn Mex Fuel CO
25 *3212 33
Preferred
American Cigar corn_ _100
75
7512 Prairie
4
4
413 443
4
US Lice I,& Powr
25 •583 59
Oil& Gas
100 109 111 Universal Aviation
Preferred
s
8
*5812 5854 1:1 8£ Foreign Sec Com
4112 43
*31
33 Warner Aircraft Engine_ _ _. s253 273 Prairie Pipe Line
BrItisb-Amer 'lobar" orti__
180 190
00
33
5812 6012
Preferred_
Solar Refining
100 185
New
El •31
Bearer
19
20
50
45
93 9412
New
Imperial Tob of0 B A Irel'd *3012 3212 Western Air Express, new.. 55
57
1312
Sugar Stocks
Southern Pipe Line Co_..60 12
Bit Cigar machinery nci 0 102 108
310
70
60
South Penn 011
50
25 *63 6512 Caracas Sugar
Water Bonds.
Johnson Tin Foil & Mat_100
99
4212 4312 Fajardo Sugar
3
17 irkan Wat let 53'56 A.A&O 97
16
100
New
Union Tobacco Co corn_
4
*63 6512 Federal Sugar Ref corn --100 115 117
69 Birm WW let 5)481:55.A&O 1013 10234 S'west Pa Pipe Linea,new
66
Class A
99 100
68
20
15
Preferred
115 122
100
let M 5e 1954 ear BJ&D 10112 1023 Standard 011 (California)-- *6712
Trreng
5) Co corn __lee
4 Standard 011 (Indiana)___25 *8714 8753 Godchaux Sugars.Ina
45
35
t
City W(Chatt)510'54AJAD 95
Preferred
100 104
59
33
58
Preferred
New
100 *28
J&D
let M 58 1954
92
Holly Sugar Corp corn...) 90
Standard 011 (Kansas)_25 *2112 22
Water
Indus. A allscell
City of New Castle
94
39
Preferred
oo *36 90
J&D 1 04 --- - Standard 011 (Kentucky)..25
fa Dec 2 1951
*41 2 10 4 National Sugar Ref new 100 87
-31New
75 Clinton WW let 58'39.F&A
American Hardware
25 *73
100 102
47
51
New Niquero Sugar
100 60
25 *46
Standard 011(Neb)
Babcock & Minh
100 125 130 Com'w'th Wat 1st 5?ZeA'47 95
30
22
Savannah Sugar corn
Standard 01101 New Jer 25 *4812 49
854 3547 Connellse W 5a0ct2'894&01
8
Bible(E W)Co
-- Standard Oil of New York 25 *40
4014
Preferred
100 •127 130
60
'42.J&J 96 17
Preferred
E St L & Int Wat 58
50
24
Sum Refutes Oriente pf_100 20
.t&J 100 102
25 •114 116
Standard 011 (Ohio)
Bdway Bldg 7s with stk _
106 10812
let M 6s 1942
60
Vertiontes Sugar Pl
100 50
Preferred
100 121 124
Childs Company peet___100 103 105 Huntington lit Os '54-MAS 100 102
95
17
Rubber Stocks (Cleveland
•16
Swan & Finch
25
Hercules Powder new--• *115 120
5a
19" 10012
_
Aetna Rubber common.......1 *204 22
Preferred
Preferred
Mid States WW 6816 MAN
100 117 120
93
812
Falls Rubber corn
1• 8
Union Tank Car Co
100 14812 fio
Internal Silver 7% rheum 115 116
Monm Con W let trie56AJAD 97
99
1312
Preferred
28 •11
25 12312 12411
Vacuum 011(New)
Phelps Dodge Corp
100 325 340 Monm Val Wt 5348 '110-J&J
94
37
*36
Faultless Rubber
36
Royal Baking Pow oom_t *34
Muncie WW 5a Oet2'39 A01 94 16Firestone Tire & Rub oom.10 *220 259
Investment Trust Stocks
Preferred
100 100 105 St Joseph Water Is 1941A&O
6% preferred
100 109 8 11012
,
and Bonds
Singer ManufserturIng100 550 600 Sbenango ValWat frelitlA&O 94 96
9912 Allied Internet Invasion-1 111 114
100 10814 109
7% Sreferree
1980 M./ 97
283 So Pith Wat 1.8 51
8
Binger Mfg Ltd
el
9812
66
General Tire A Rub loom.. _25 •
251 260
62
Amer Alliance Invest
FAA
1st M 5s 1955
303
4
Preferred
160 101 10112
Amer Bond & Share com-10 28
Railroad Equipments
'49 A J&D 100 103
Ter H W W
110
23
Goody'r TAR of Can 0.100
21
Amer Brit & Cons corn
let hi iSe 1956 ser B._ FAD 95
92
65
India Tire & Rubber
89
*60
Atlantic Coast Line 65
6% preferred
5.25 5.00 Wichita Wat let Bs •411.M&S 100 10370
Mason Tire & Rubber ooro _
95
50
68
)
Amer CIL Pow & L
Equipment 6141
4.90 4.70
B._ F&A
M 5s 1956 ger
2812
Preferred
8
100
Amer Finan Hold corn ABaltimore A Ohio 65
5.25 5.00
83
Miller Rubber preferred_100
76
Am & For Sh Corp units..... 81
Equipment 414s &
4.90 4.70
Chain Store Stocks
8711
37
?dobawk Rubber
35
Common
100 57
Buff Boob & Pith equip Os_
5.00 4.80 Am Dep St lit Pi 7%..100 5106 108
98
Preferred
100 8712 90
5% cony debs
1938 97
Canadian Pacific 11445 A 5.10 4.70 Berland Stores units new -- 106 110
8812 Where= Tire & Rubber--1 •
75
593
4
Amer Founders Corp oom -- 86
59
Central RR of N JO.
5.25 5.00 Bohack(H C)Inc corn_ __.1
Preferred
100 10712
Chesapeake & Ohio Os
4
414 4714
6 Preferred
%
5.25 5.00
7% 1st preferred
o100
53
*9
11
7% preferred
50
Equipment6348
5.00 4.80 Butler (Jamul) corn
45
140th.
600 64c
100 35
Equipment 58
4.90 4.70
Preferred
•per share. t NO par value. b Basle. 11 Purchaser also pays accrued dividend. a Nominal. s Ex-dividend. y Es
-rights. r Canadian quotation. a Sale price
Public Utilities
Par
American Gas & Eleotrio__1
6% preferred
Amer Light & Tree cam_ 100
Preferred
100
Amer Pow & Light
'eb 682018
MAS
Arosr Public Util
% prior preferred_100
rartio preferred
100
Appalachian El Pr pf___100
Associated Gas & Eleo
55 preferred
Com'w'ith Pr Corp pref _100
East. Util. Asec. oorn
Cony. hock__
Elea Bond A Share pref _100
General Pub Sere corn..
.t
$7 Preferred
Elen'l Public Util
100
31
hils d881P1 Ely Pow pref.100
,
First mtge 58 1051_ .J&J
MAN
Deb be 1967
National Pow & Light pref t
North States Pow com-100
100
7% Preferred
Nor Texas Elee Co corn 100
100
Preferred
011io Pub Sere.7% eref-100
6% pref
!meth Gee & El let pre!_ _25
PugetSound Pow& Lt6%p 1
5% preferred
let A ref 634e 1949__JAD
South Cal Edelen 8% pf_ _25
Stand CI E 7% pr pf__100
Tenn Elea Power let pre!7%
100
6% preferred
Toledo Edison 6% Pf
100
7% pref
Western Pow Corp prel-100
Bid Ask
*155 158
105 106
244 247
110 118
11312 182,2
g 11
02 no
7
pitestutent anti gailroaci Xixteilipentte
-In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
third week of February. The table covers eight roads and
shows 1.05% increase over the same week last year.
1928.
1929.
Third Week of February.
Increase.
$4.766.892 94,560.284
3,387,000 3,470,000
27,800
30,300
322,490
306,669
309,470
317.626
491,500
445,224
3,575.732 3.597,129
370,700
385,504
Total (8 roads)
Net Increase (1 05,
71
$268,705
139.848
Decrease.
9206,6C8
$13,253,584 $13,113,736
Canadian National
Canadian Pacific
Georgia dr Florida
Minneapolis & St. Louis
Mobile & Ohio
St. Louis Southwestern
Southern Ry. System
Western Maryland
983,000
2,500
15,821
8,156
46.276
21,397
14,804
$128,857
In the table which fellows we also complete our summary
of the earnings for the second week of February:
Second Week of February.
1929.
1928.
Increase.
Previously reported (9 roads)
Georgia & Florida
Nevada Callforrda Oregon
$13,593,835 $13,564,629
25,800
29,400
10,476
4.255
Total (II roads)
Net increase (0.23°7)
$13,630.112 $13,598,284
Decrease.
$29,206
$35.427
31,827
$3,600
6,221
$3,600
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year.
1st
2d
3d
4th
lot
2d
3d
4th
lot
2d
3d
week
week
week
week
week
week
week
week
week
week
week
Dec. (12
Dec. (12
Dec. (12
Dec. (10
Jan. (11
Jan. (11
Jan. (11)
Jan. (11
Feb. (11
Feb. (11
Feb.( 8
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
roads)
Precious
Year.
Increase or
Decrease.
15,877,441
15,642.128
15.776.100
12.177,506
11,317,960
12.137,810
12,780,980
19,183,384
12,955.515
13,630.111
13,253,584
Week.
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
13,113,736
+1.175,546
+1.361,324
+1,410,892
+116,488
+105.207
-593,795
-124,303
+1,101,038
-340,741
+31,827
+139,848
Per
Cent.
9.49
9.53
9.82
0.96
0.94
4.60
0.97
6.08
2.56
0.23
1.05
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class 1 roads in the country.
Gross Earnings.
Length of Road.
Month.
Inc. (-I-) or
Dec.(-).
1928.
Jan
February
March
April
May
June
July
August
September
October
November
December
456.520,897
455,681,258
504.233.099
473,428.231
509,746.395
501,576,771
512.145.231
556,908,120
554,440,941
616,710.737
530,909,223
484,848.952
$
486,722,646
468.532.117
530,643.758
497.865,380
518.569.718
516,448,211
508.811,786
556.743,013
564.421.630
579.954,887
503.940,776
458,660,736
1928.
1927.
--30,161.749
--12.850.859
26.410,659
-24,137,149
-8,823,323
--14.871,440
A-3,333,445
+165.107
-9,980,689
A-36.755.850
A-29,968,447
+26,188,216
Mlles.
239.476
239.584
239.649
239,852
240.120
240,302
240.133
240,724
240.693
240,661
241,138
237,234
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
1927.
Na Earnings.
Inc.
Month.
A-) or Dec.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
1927.
Amount.
$
93,090,640
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
99.549,136
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
5,558,796
-F541.678
4.034.267
-2,910.862
+840,317
-1,827.387
+11.711,856
+9.835,559
+1.171,331
+35.437,734
+29.896,691
+46,192,048
Per Cent.
5.58
+0.50
2.96
-2.56
+0.66
-1.41
+9.32
+5.99
+0.96
+19.56
+23.49
+52.74
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
--Crossfrom ,Railway- -Net from
1928.
1927.
1928.
$
Canadian National-'
,
Chicago Detroit dr Canada Grand 'rrk Jet-December__
327.789
291,736
159,593
From Jan 1_ 4.013,441 3.835,874 2.358,624
• Central Vermont
December.
685,617
324,385 2,403,379
From Jan 1_ 7,603,825 8,259.570 1,526,491
Detroit Gr Hay dr Milw-December__
711.360
527,115
227.202
From Jan 1_ 9,363.389 8,139,276 3,510,059
•Grand Trunk Western
December. 1,709,285 1,175,367
405,074
From Jan 1_22,079,054 20,555.105 6.025,510
Railway- -Net after Tara
-1928.
1927.
1927.
$
141.487
144,433
130.038
1.848,497 2,217,671 1,722,781
-524,505 2,387,897 --543,929
624,386 1.358,642
390,785
38,664
168,047
86,212
2,740,187 3.360.769 2,643,300
-47,857
275,260 -63.911
5,279,037 4.908.148 4 2,956
.33
• Corrected.
-Crossfrom Railway- -Net from Railway-- -Net after Tara-1929.
1928.
1929.
1928.
1929.
1928.
$
Akron Canton & Youngstown
309.475
January ___
238,468
72,953
137,864
115,276
59,379
Ann Arbor
January
167.776
418.069
73,344
96.448
68.954
49,931
Atch Top & Santa Fe System
January _ _.19.562,079 17,796,464 6,063,462 4,138,352 4.359,738 2,533.527
Atch Top & S Fe
January _16,085.393 14,777,171 4,049,063 3,651.089 3,516.273 2,417.665
Atlanta 131rm & Coast
360,383
400,210 -15,911
January ___
-6,242 -32,706 --21.324
Atlanta & West Point
January ___ '234,872
255.209
68,041
45,574
30.281
52,70$
Atlantic City
200,153
January _ _
212,747 -73,443 -128.968 -113.733 --166.318
Atlantic Coast Line
January -_- 6.607,273 6.520,876 2,045,972 1.381,217 1,444,839
879.891
1381
-Crossfrom Railway- -Net from Railway-- -Net after Taxes
1929.
1928.
1929.
1949.
1928.
1928.
$
5
Baltimore & Ohio
January __ _18,767.270 17,649,360 4.001,703 3,051,068 2.974,013 2.116,079
B & 0 Chic Terminal
January
313,768
323,769
27,779
44,374 -28,023
-8,223
Bangor & Aroostook
January ___
747,059
706.267
297,757
258,000
198,437
238.632
Belt Ry of Chicago
January ___ 637,728
184,830
603,341
149,100
101.684
114,313
Bessemer & Lake Erie
January ___
626,219
709,708
21,170 -23,009
-3,196 -46,715
Boston & Maine
January ___ 6,041.092 5,895,612 1,427.330 1,338,463 1.131.387 1,029,349
Brooklyn E D Term
January ___
115,193
120,397
47,384
50,918
42,246
40.173
Buff, Rochester & Pitts
January ___ 1,426,459 1,386,110
283,351
251,049
233,281
221.042
Buffalo & Susquehanna
January ___
175,549
9,614
137,784
36.854
38,951
7.614
Can Nat RysAtl & St Lawrence
January ___
175,179
277,609 -25,817
6,667 -40.717
-8.283
Canadian Pacific
January _ A5,865,599 15.320,285 1,895,932 1.878,036
Central of Georgia
January ___ 1,913,177 2,019.409
260.405
395,803
367,502
274.860
Cent RR of NJ
January ___ 4,609.067 4.173,890 1.033.330
867,860
771,983
619.653
Central Vermont
252.251
January ___ 614,656
93,103 -420,054
109,584 -101.081
Charleston & West Carolina
261,126
January
27,472
48,969
250.763
49,896
28.308
Chesa& Ohio Lines
January _ _.A0,639.100 9.921,300 3,323,426 2,724,052 2,629,257 2.054.553
Chicago & Alton
412,144
January .._ _ 2.275,567 2,236.059
290,167
193.603
307.161
Chicago Burl & Quincy
January _ _12,882.806 12,652.138 4,346.589 3,867,685 3,142.341 3,008,401
Chicago & East Illinois
438,905
January ___ 2.137,937 2,001,167
239,140
124,009
317.920
Chicago Gt Western
270.232
January ___ 1,883,557 1,805,367
230,282
187,153
146,601
Chic Ind dr Louisv299.695
Ja nuary ___ 1,414,527 1,404,858
300,074
235,371
226,095
Chic. Milw St P-PacJanuary .....12,624.691 11,967,611 2.671,831 2,155,300 1,827,639 1,103,432
Chicago dr North Western
January .._ _10,848,501 10.422,302 1,636,975 1.737,677
960,916
860.622
Chicago Slyer & Ind
257.479
551,995
592.892
194,973
January ___
211,340
149,103
Chicago Rock Island Lines
January __ _11.554.935 10,608,196 2,608,354 2.333,584 1,417.895 1,239.966
Chicago St Paul Minneapolis & Omaha
85.3,871
848,574
January __ 2,062.622 2,104,837
Clinchfield580,802
1274,491
b229,878
January ___ 611,188
Colorado & Southern
1.005,481 1,033.982
b156,220 8182,982
January
Columbus & Greens
31.154
150.432
20,484
170,242
27,255
January
19,280
Conemaugh Black Lick
17,605
110,117
-7,352
16,605
January ___
147,866
8,352
Del & Hudson
445.018
125.867
356.018
January ...... 3.187.879 2,931,137
36.837
Del, Lack & Western
837,186
January ___ 6,703,609 6,102,606 1,845,177 1,349.416 1,112,620
Denver & Rio Grande Western
8717,055 0607.348
January ___ 2,748,929 2,648,736
Detroit & Mackinac
6,162 -17,348
-6,796
99,638
-3,503
January __
89,997
Detroit Terminal
61,142
81,137
140,281
16.906
30,522
221,319
January ___
Detroit Toledo & Ironton
90.532
633,767
138.763
722.035
699,535
1,344.125
January
Det & Tol Shore Line
214.885
256,202
220.823
377.952
185,735
January
454,019
Duluth & Iron Range
90,831 -179.635 -173,712 -199,540 -193.229
100.464
January ___
Dui. Winnipeg & Pacific
39,788
50.664
50.192
224.656
208.088
39,405
January _
Elgin Joliet & Eastern
53.3,321
544.911
438.108
430.174
January ___ 1.961,520 1,896,305
Erie Railroad
624.972
January ___ 8.904,708 7.957.993 1,774.218 1,002,503 1.388,698
Chicago & Erie
997,147
449,259
241,888
505,374
100.236
January __ 1,212,283
NJ &NYRR124,141
-2,391
11,496
1,511
122,958
15,604
January ___
Evans,Ind & Terre Haute
46.761
61,163
52.841
72,294
175.451
January ___
190,726
Florida East Coast
352,838
January ___ 1,364,123 1.420,794
225,924
393,918
493,787
Ft Smith & Western
January ___
152.671
126.876
10,973
35,255
16,184
40,017
Galveston Wharf
January ___
134,914
228,931
40,298
114,167
23.296
97.167
Georgia & Florida
January ___
112,578
110,817
-1,056
-5.748
6,955 -15,473
Great Northern
January ___ 7,355,640 6,941,788 1,009.293 1,079.887
418.903
323,365
Green Bay & Western
January ___
149.758
12,031
31,854
20.031
130.103
23,854
Gulf Coast Lines
January ___ 1.270,145 1.166,847
212,709 8195.919
315,558
8130,414
Gulf Mobile & Northern
January ___
599,600
161,251
567,404
137.041
121,204
105,865
Gulf & Ship Island
January ___
261,768
285,450
47,873
36,74f
15,383
10.430
Hocking Valley
January ___ 1,578,219 1.254,907
576.781
273.293
440,451
143,315
Illinois Central System
January __..15,147,617 14.497.102 3,645,861 3,010.693 2.567,850 2,002,440
Illinois Central Co
January ....12,991.365 12,306.226 3,214.083 2,601,540 2.307.201 1,759,623
Yazoo & Miss Valley
January ___ 2.137321 2.176,032
429,628
412,394
259,421
246.817
Kansas City Southern
Texarkana & Ft Smith
221.773
130,031
260,712
January _
109.135
113,197
56965
Kansas, Okla & Gulf
301,161
245.341
136,622
January _ _
86.339
118,383
75,709
Lake Superior & Ishpeming
72,164 -37,573 -23.271 -50.543 -35,628
63,450
January ___
Lake Terminal
-280 -11,689
January ___
73,905
74,929
-4,785 -16,214
Lehigh & New England
January - 380,795
345,550
71,001
11.094
4,170
69.821
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1929.
1928.
1929.
1929.
1928.
8
$
$
$
8
$
Lehigh Valley
22.321
798.339
170.442
January ___ 5,607.991 5,120,159 1,062.449
Louisiana & Arkansas
54.692
68,000
80,921
101,020
276,653
314,511
January ___
Louisv fiend & St Louis
46.996
36.087
58,490
65,132
301,577
277,904
_
January
Louisville de Nashville
11,573,769 61,503.049
January _10,759,305 11,141.015
Maine Central
235,640
208,597
340,465
294,951
January _
1,519.340 1,606,041
Midland Valley
105.148
123,570
122,542
140.376
287.835
313,329
January
Minneapolis & St Louis
69,860 -32,895
28.627
134,409
January
1.111,433 1,030,056
Minn St P & S S M
68,463
221,774
354,725
216.708
January
1,840,628 1,994,280
Wisconsin Central
--7,784
25,072
75.128
105,617
January ___ 1.327,885 1,310,104
Minn, St P&SSM Sys
213.920
93.537
429.854
322,326
3,168,514 3,304,385
January
Missouri-Kansas
-Texas Lines
c253,446
c487,I59
4.578.782 4,199,639 1,339,181 1,128,155
January
Missouri Pacific
January _ _ _10,857,963 10,138,598 2.602,908
Mobile & Ohio
244.640
1.372,787 1,336.294
January
Monongahela Connecting
45,016
153,532
195,574
January ___
Montour
0.795
114,174
165.236
January ___
Newburgh & South Shore
12.508
98,697
131,604
January __
Nash Chatt dc St Louis
325.518
1,818,023 1,686.432
January
New Orleans Terml nal43,087
131,251
132,050
January __
New On Tex & Mexico
49,945
221.723
231.586
January ___
Beaumont Sour Lake & Western
56,961
226,355
273,044
___
January
St L Brownsv & Mexico-203.076
697,925
738,882
January
Indiana Harbor Belt
259.081
935.592
994,852
January ___
Michigan Central
January ___ 7,591,666 6,913,668 2,182.913
New York Central
January _31,055,490 28.664.095 6.917.102
C C C& St Louis
7,546 709 7,071,780 1,681,736
January
Cincinnati Northern
53.045
314,561
301.972
January ___
Pittsburgh & Lake Erie
302,086
2,630,529 2,298,481
January
NY.Chic & St L
January ___ 4,321.725 4,248,793 1.095,372
New York Connecting
12,906
240,102
243,134
January ___
NY.N H& Hartford
January ___10.594,893 10,301,119 3,082,892
NY,Ont & Western
52,304
780.374
873,548
January ___
N Y.Susq & Western
106.737
370,963
421,992
January ___
Norfolk dr Western
January ___ 9,036,456 7,856,685 3,495,085
Norfolk Southern
115,846
702,734
616,968
January ___
Northern Pacific
915,377
January ___ 6,409,128 6,457,622
Pennsylvania System
Pennsylvania Co
January _ _ _51,664,804 48,088.784 11,591,700
Monongahela
322,657
594,598
January ___ 663,911
West Jersey & Seashore
105.933
672,713
677,163
January __
Philadelphia & Camden Ferry Co
7.001
67,223
59,839
January ___
Peoria & Pekin Union
45,024
162,953
152,997
January
Pere Marquette
January ___ 3.280,305 2,901,514
Pittsburgh & Shawmut199.197
160,158
January ___
Pitts, Shawmut & North
153.724
155,831
January ___
Pittsburgh & West Va316.250
435,345
January ___
Quincy Omaha & X C
62,120
53,314
January ___
Reading Co
8,021,935 7,427,806
January
Rich, Fred'k'b'g & Pot
935,801
994,202
January ___
Rutland
538,082
459.762
January ___
lit Louis-San Francisco
6,882.892 6.751,091
January __
et Louis Southwestern
1,478,419
1,479,01
January
system
Total
January ___ 2,090,200 2,072,668
San Ant Uvalde & Gulf
139,572
150,408
January __
Seaboard Air Line
January ___ 5.220,692 5,183,481
Southern Pac Sys
January _23,210.521 21,398,314
Southern Pac SS Lines
878,490
834.234
January ___
fly Sys
southern
January _15,353,684 14,679,779
Southern fly Co
January _11,600,838 11,158,583
Ala Great Southern
816,142
760,375
January
CinNO&TP
___ 1.811,174 1,653,532
January
Georgia So & Florida
399,014
360,633
January
Orleans & Northeast
N
437,311
455,493
January
New Orleans Term
North Alabama
85,169
118,151
JanUarY
[VOL. 128.
FINANCIAL CHRONICLE
1382
858,092
2,163,278
2,146.792
1.733,318
235.828
150,243
162,308
27.735
35,897
20,322
23,271
58,295
21.771
-9,314
-1,465
-20,524
142,517
213,404
67.495
33.165
32,090
22,161
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1928.
1929.
1928.
1929.
1928.
1929.
Staten Island R T
37,786
32,937
55,286
51,942
231,127
_
228,151
January
Tennessee Central
35,670
36.025
41,012
41,780
254,343
253.495
January _
Term fly Assn of St I.
277,326
213,413
376,728
311,120
1.051,533 1,111,574
January _
Toledo Peoria & Western
14.983
52,284
17.033
60,282
_
134.366
January
185,041
Toledo Terminal
23,549
23,762
41,045
40.428
108,104
January
126,158
Ulster & Delaware
52.913 -11,880 -18,079 -14,980 -23.829
January
55.593
Union Pacific Co
Total System
2,629.794
January _15,822,510 14,991,922 4,655,526 11,107.197 3,308,959
Union RR (Penn)
37.636
85,017
49,136
101,017
662.684
January
697,028
Utah
64,861
111.174
78.903
129,866
223.763
January
266,974
Virginian
642,699
795,455
802,706
990.455
January
1,848.546 1.701,067
Wabash
571,067
817.181
January __ 5,788,317 5,231,107 1,415,862 1.123,163
Western Maryland
396,289
377,132
481,289
457.132
1,499,623 1,579,892
January
Western Pacific
134,269
6135,853
January ___ 1,263,432 1,075,890
Western fly of Alabama
58.650
15,396
75,511
33,001
260,215
236.066
January
Wheeling & Lake Erie
160.077
341,337
271,092
481.340
1,224,529
1.617,183
January
After rents.
c After Interest charges and adjustment bonds.
Gross
Income.
Companies
36.707
28,583
16.487
24,886
52,644
19,340
182,871
182,845
159,258
Boston & Maine
Georgia. & Florida
St Louis Southwestern
219.524
201,043
173,672
1,932.876
1,652.741
1,470,849
5,943,381
4,647,070
3,399,442
1,351,756
1,252.706
50.333
33.203
1,025,307
925,461
-8.535
3.452
256.810
378.956
954,342
688.687
427,663
450,759
Total Net
Income.
$
236,550
168.393
100.046
50,127
1,519.340
1,606,041
219,212
100,608
113.871
233.871
105,341
-133,263
2,111,212
1.653,380
3,036,048
1.830.689
243.496
147,437
1,638.846
1,509.644
612,153
595,813
Jan.'29
'28
Jan. '29
'28
Jan.'29
'28
Jan.'29
'28
Jan.'29
'28
Jan. '29
'28
Ann Arbor
969.085
Wabash
Western Maryland
Companies.
Gulf Coast Lines
67,339
34,678
60.318
279.790
148,330
127,789
International Great Northern
1.108.452
856,594
832.029
Maine Central
149.548
-25,094
110,048
Minn St Paul & S 81.1 System
3,420,272
2,340,236
1,799,366
Minneapolis St P & Salt Ste Marie
-4,222
7,252
-54,443
Wisconsin Central
37,047
75,679
7,695
2,418,571
2,694.906
1,618.089
181.266
64.383
132.399
Pittsburgh & West Virginia
975,299
262.045
307,020
St Louis-San Francisco
9,382,288 9,352,344
7.217,724
253,225
291,681
231.907
-20,361
105,693
-20,380
12,707
1.730
7,606
54,777
28,024
37,777
562,320
642.612
Missouri Pacific
Norfolk & Western
Texas & Pacific
- Deficit.
CompaniesDenver & Rio Grande Western
MIssourl-Kansas-Texas Lines
362.211
55,945
81,117
54,560
79,938
42.313
30.598
39,477
27,607
220.079
117,838
230,325
137.988
2,652
-460
-2,205
-5,287
1,762.083
1,211,495
1,377,279
815,925
345,350
241.075
282.951
192,571
26,384
51,524
48,241
82,004
1.495,688
1,773,557
509.410
561.541
450,941
492,1E1
393,763
516,296
305,437
416,301
24,062
27,603
19,895
23,867
1,331,410
1.125.526
1,005,531
800.276
5,072,144
3,911,563
2.871,759
1.910,879
-39.707
79,729
-41,121
77.868
3,970.038
3,440.654
2,914,173
2,453,299
2,993.140
2,639,310
2,210,698
1,893,898
108,290
162.086
131,510
109,424
485,463
415,626
379,117
320,942
29,554
45,177
6,614
23,937
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Jan '29
'28
Gross
Revenue.
Companies
New York New Haven
& Hartford
Jan '29 10.594.893
28 10,301,119
Fixed
Charges.
38,155
44,230
693.421
649.532
17,632
17,803
222,568
222.550
606.736
570,514
249.393
252,787
Fixed
Charges.
202,883
195,143
145.992
136,726
597,576
590,364
422,407
421,409
175,169
168,955
1,383,287
1.306,464
407,571
423,668
24,469
24.581
1,051.518
1,294,392
206,856
230,872
Balance.
12.378
-10,967
331,886
275.929
-26,168
-14.352
34,241
156.406
347.606
118,173
178,270
197,972
Balance.
23,667
-26.750
-45.946
-86,509
-749
26,278
-28,024
-489,756
-308,535
-187,537
280,511
-302,219
737,925
346,926
2.628,477
1,407.020
219,026
122,855
587,328
215,252
345,297
358,941
Net Oyer. Surp. after
Charges,
Income.
$
$
717,055
356,740
259,310
607,348
487,519
922,150
253,416
790,488
Net Open. Sur. After
Surplus..
Charges.
Income.
$
494,677
1,868,132
856.723
162,352 -194.576
1.318,239
Gross
Revenue.
$
2,748,929
2,684.730
4.578.782
4,199,636
• After guarantees and Preferred Dividends.
Atlantic, Gulf and West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of December- 12 Mos. End. Jan. 31.
1927.
1927.
1928.
1928.
$
$
$
$
2,534,982 2,698,300 31.450,391 35,887,346
Operating revenues
Net revenue from operation
296,463 2.155.831 2,543,852
127.653
(incl. depreciation)
386.199 3.099.863 3.441.301
218.856
Gross income
236,976
240,067 2,556,008 2,671.503
Interest, rents and taxes_
Net Income
-18,120
146,132
543.855
769,797
Binghamton Light, Heat & Power Co.
(Subsidiary of General Gas & Electric Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1929.
1928.
1929.
$
$
$
$
259,068
224,960 2,505.711 2,211,453
Operating revenue
1,046,045 1,069,628
expenses & taxes
Operating
379.825
511,420
Maintenance & depreciation
Total oper. exps., malnt.,
depreciation & taxes__
Operating income
Other Income
Total Income
Deductions from Income
Interest on funded debt_
Other deductions from Inc
Total deduct, from inc._
151,337
119,120
98,844
70.743
Net income
Prov. for div. on pref. stock
53.028
17,112
47.043
10,656
Balance of not income_
170,472
147,621
1,557,466
1,449,453
88.596
77,338
948,244
33,090
761,999
93.433
981,335
855,433
322,099
66,820
321.693
82.928
388,919
404,621
592,415
216,442
450,811
134,210
375,972
316,601
1383
FINANCIAL CHRONICLE
MAR. 2 1929.]
Brazilian Traction, Light & Power Co., Ltd.
-Month of January- 12 Mos. End. Dec. 31.
-Month of January- 12 Mos. End. Jan. 31.
1927.
1928.
1928.
1929.
1928.
1929.
1928.
1929.
$
$
$
$
S
S
181.321 1,984.258 1,84.797 Gross earnings from oper_--- 3.892,833 3,307,175 42.774.813 38.319,989
114,382
Gross earnings
1,672,778 1,384,605 17,905,483 16.265.367
866,993 Operating expenses
908.291
83,449
83,182
Operating expenses and taxes
2,220,055 1.922.570 24,869,330 22,054,622
97,872 1,075,967 1,011,804
Net earnings
101,200
Gross income
314,656
253,138
24,248
19.544
Interest, &c
Bangor Hydro-Electric Co.
81,656
Net income
PM. stock dividend
Depreciation
822,829
255,464
123.678
73,624
443,687
243.177
Balance
Common stock dividend_
• 200,510
Balance
Boston Elevated Railway.
Month of
1928.
$
Receipts3,050,370
From fares
From operation of special cars, mail pouch service,
1.180
express and service cars
From advertising in cars, on transfers, privileges at
65.431
stations. &c
From other railway companies for their use of tracks
4,602
and facilities
11,786
From rent of buildings and other property
20,284
From sale of power and other revenue
Total receipts from direct operation of the road-Interest on deposits,income from securities, &c
Total receipts
Cost of Service
.
Maintaining track,line equipment and buildings-- Maintaining cars,shop equipment,&c
Power
Transportation expenses (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, tunnel 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
(Subsidiary of General Gas & Electric Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1928.
1929.
352.349
$
$
$
$
178,119
201,738 2,074,936 1,889,869
217,879
Operating revenue
929,814
936,170
174.230 Operating expenses & taxes..
102,466
71,450
Maintenance
operating expenses,
Total
December.
85.627 1.032.280 1.007.620
99,182
maintenance & taxes_ _
1927.
882.248
6
116,110 1,042,655
118,696
Operating income
3,130,035 Other income
114.455
104,157
1.878
Total income
Deductions from Income
Interest on funded debt...
Otherdeductions from Inc..
8,320
4,182
Total deduct,from income
21.634
1.157.111
986,408
65,629
596.494
230,953
510,215
158,661
827,447
668.876
Net income
3.153.656 3.231.680
4,337
4.450 Prov.for div.on pref.stock..
Balance of net income_
3,157,994 3.236,130
329,663
148.103
317,529
144.235
181,559
173,293
259,014
360,461
236,920
259,829
355.970
249,845
952,357
7,890
152,204
116,803
145,680
261,178
986,314
7,520
156,388
110,110
161.283
262,824
187,791
152,899
33,361
213,553
5.723
33,411
214,842
4,352
2.932,951 2,955,593
225.043
280,536
Total cost of service
Excess of receipts over cost of service
Total oper. exp.,rnaint., deprec.& tax
Operating income
Other income
Total income
Deductions from Income
Interest on funded debt
Other deductions from income
Total deductions from income
Net income
Provision for div. on pref. stock
214.913
100,574
114.339
General Gas & Electric Corp.
(and Subsidiary Companies)
-Month of January- 12 Mos. End. Jan. 31.
1928.
1928.
1929.
1929.
$
$
$
$
2,273,513 2,095,079 23.676,719 24,285.40/
Operating revenue
824,826 9.706,910 10,834,789
Operating expenses & taxes_ - 864,982
202,220 2,500,587 2.387,417
209.295
Maintenance
221,344
179.186 1.791.710 1,544.766
Depreciation
31,704
380,378
31.355
383.030
Rentals
Total oper. asps., maint.,
deprec., taxes & rentals_ 1.326,978 1,237,937 14.379,588 15,150,004
857,141 9.297,131 9,135,396
946,535
Operating income
77,637
849,706
91,376 1,047.543
Other income
1,024,172
Total income
Broad River Power Co.
(Subsidiary of General Gas & Electric Corp.)
-Month of January- 12 mos.end
1928. Jan.31'29
1929.
Operating revenue
Operating expenses & taxes
Maintenance & depreciation
Florida Public Service Co.
697,148
230.497
114.302
189.726 2,167,778
836,100
300,670
Deductions:
Interest on funded debt
Other deduct. from income.Prof. stk. divs. ofsubsid- - Minority interests
Total deductions
948,518 10,344,674 9,985.102
304,108
45,627
181,628
38,396
299,017 3,572,496 4,027,690
478,626
41,247
488,728
177,096 2,155,134 2.094,948
217,689
277.483
36,428
569,762
553.789 6.493,843 6,818.954
394.728 3,850,831 3.166,147
454,409
Balance
83.385 1.136,770
General Gas & Electric Corp. dividends
500,808
500.808
106,340 1,031,006 48 cumulative preferred stock, class "A"
280.000
280.000
376,703 $7 cumulative preferred stock, class "A"
303,794
303,793
Cumulative preferred stock, class "B"
500,630
710.273
1.407,710 Common stock, class "A"
432,362
306,099
Common stock, class "8"
190.160
684,862 Dividend participations
78,761
2.417,399 1.891.333
763,624
1.433,432 1.274.813
Balance
644,086
266,735
Interborough Rapid Transit Co.
Balance of net income
377,351
"Plan.")
(Net Earnings of the Interborough System under the
-Month of January- 7 Mos. End. Jan. 31.
Central Illinois Light Co.
1928.
1929.
1928.
1929.
8
8
i
i
(Subsidiary of Commonwealth Power Corp.)
-Month of January- 12 Mos. End. Jan. 31. Gross rev, from all sources-- 6.081,211 5,891,445 39.743.556 38.656,001
prop- 3,801,916 3,343.287 24.884,036 22,592.337
1929.
1929.
1928.
1928.
Exp.for oper.& =int.
2,279,295 2,548.158 14,859.520 16.063,664
Gross earnings
437,562 4,793,283 4,416 395
465,001
242.236 1.402.830 2.040,869
203.735
°per. exp.,incl. taxes & main 262,364
256.970 2.822,524 2.662,867 Taxes,city, State &IL 8- Gross income
2,075,559 2,305.922 13.456,689 14.022,794
charges
1,753.528
180,592 1,970.759
202,636
Available for
Fixed charges
360,299
407,169
Rentals payable to city for
Net income
221,800 1,547,284 1.548.935
221,500
1,610,459 1,346,359
original subways
Rentals pay. OS Int- on ManDividends on preferred stock
150,686 1.054,806 1,054,806
150.686
408,490
413,238
bonds
hattan Ry.
Provision for retirement reserve
306,300
260,800 Div. rental at 7% on Man.
Ry. stock not assentinF to
177.665
Balance
177.665
895.669
25,380
25,380
672.320
"Plan of readjustment'
162.635
176.361
24.036
23,532
Miscellaneous rentals
Consumers Power Co.
396,523 2.956.119 2,766.377
421,099
(Subsidiary of Commonwealth Power Corp.)
1,654,459 1,909,398 10,500,570 11.256,417
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
use of
Int. payable for the
Gross earnings
2,929,109 2,571,894 30.821.342 28,913.468
borrowed money,& sinking
Oper. exp., incl. taxes & main 1,408,146 1,249,640 15,192,402 13.823,267
Fund requirements:
Int. on I. R. T. 1st mtge.
Gross income
693.843 4,879.268 4.839,912
1.520.962 1,322,253 15.628.939 13,090,201
699,359
5% bonds
Fixed charges
2,845,381 2,559,389
Int. on I. R.1'.7% secured
194,508 1,351.941 1,367.229
192,355
notes
Net income
12,783.557 10.530,811
-year
Int. on I. R.T.6% 10
329,014
336,125
47,420
48,428
notes
Dividends on preferred stock
3,570,484 3.371,084
92.787
45,975
2,850
9.537
Int. on equip, trust ctfs--Provision for retirement reserve
2,025.000 1,574,666
Sinking fund on I. R. T.
194,935 1,362.583 1,378,570
193.852
1st mtge. bonds
Balance
7,188,073 5.585,080
46,563
47,595
7.181
7,358
Other Roma
1,144,205 1,147,427 8,023,490 8.054.077
Eastern Massachusetts Street Ry.
-Month of January
1929.
1928.
Railway operating revenues
Railway operating expenses
796,402
491.091
Net after expenses
Taxes
305,311
35,717
Net operating revenue
Other income
269,595
17.236
Gross corporate income
Interest on funded debt, rents, &c
286,831
94,381
Available for depreciation, dividends,&c
Depreciation, equalization and retirements
192,450
111,758
Net income
80,692
Balance before deducting
761,970 2,477.079 3,202.339
5% Man. div. rental_... 510,253
Div, rental at 5% on Manh.
844.195
modified guarantee stock
473,514
231.870 231,870 1.62.3.095 1.623.095
(payable if earned)
370,681
Balance after deducting 5%
40.357
Manh. div. rental (subj.
530.100
853.983 1.579,244
readjust.)(see note)_ - 278,382
330,324
-The above stated results from the subway and also from the sys16.467
Note.
are on the basis of the preferential deficits as computed by
tem operations
346,792 the company and are, consequently, considered to be only preliminary and
99,263 tentative, because they are subject to such readjustment as may be necessitated by the final adjudication of objections made by the Transit Com247,529 mission to certain items in the accounting under the contract with the city.
153,311 Such adjudication may show that a portion of the "balance" on the subway
is payable to the city, with a corresponding change in that balance on the
94.218 system.
1381
FINANCIAL CHRONICLE
Illinois Power Co.
[VoL. 128.
Penn-Ohio Edison
Co.
(Subsidiary of Commonwealth Power Corp.)
(And Subsidiary Companies.)
-Month of January- 12 Mos. End. Jan. 31.
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1928.
1929.
1929.
1928.
1929.
1928.
$
Gross earnings
8
$
$
$
291.086
2,755,082
268,120
2.635,726 Gross earnings
2,605,840 2,431,410 27,899,521 26,450,429
Oper. expenses,including
Operating expenses,including
taxes & maintenance
171,876
1,793,294
159.609
1,807.548
taxes and maintenance
1,493,403 1,458,290 16,769,660 16,902,493
Gross income
119.209
108,511
961.788
828,178
Gross income
1.112,436
Fixed charges
973,119 11,129,860 9,547,935
385.654
396,528 Fixed charges (see note)
6,333,622 5,786,190
Net income
576.134
431.649
Net income
4,796,238 3,761,744
Divs. on pref. stock.
228,246
228,738 Dividends on preferred stock
Prov. for retire. reserve_
860,407
866,060
150.000
150.000 Provision for retirement reserve
1,661,354 1,312,221
Balance
197,888
52.911
Balance
•
2,268,822 1,589,116
Metropolitan Edison Co.
(and Subsidiary Companies)
(Subsidiary of General Gas & Electric Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1928.
1929.
Operating revenue
1,090.202
944,594 11,395.994 10,354,636
_Operating expenses & taxes..
Maintenance & depreciation..
Rentals
Total oper. exps., maint
depree.. taxes & rentals..
4,506,561 4.335.061
1,958,594 1,661.360
66,198
66,198
546.586 6.531.354 6,062,620
493.837
Operating income
Other income
596,364
398.007 4,864,639 4,292,016
216.142
266,930
Total income
5,080.782 4,558.947
Deductions from income:
Interest on funded debt
Other deductions front income
1,455,151 1.631,358
222.918
159.210
Total deductionsfrom income
1.678,070
Net Income
Provision for dividend on preferred stock
2,189,639
Operating expenses & taxes_
Maintenance & depreciation_
1,508,886
542.191
475,282
079.817
300,000
Balance
Depreciation
937,594
777,893
942,258
753.827
Balance
159,701
188,431
Public Service Corporation of N. J.
Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
1,464,728
553,834
Gross earnings
11,559,918
Oper. exp., maintenance.
taxes & depreciation
8.041.491
11,123,301 125.961197 115,806.322
Net income from oper. 3.518,426
Other net income
def9.758
3,489,229 37.001,691 32,517.874
123,637
2.956,566
1.020,951
Total
Income deductions
3.612.866 39,958.257 23,538.825
1.667,419 16,718.687 18,668,331
3,508,669
1.295,840
Balance for dive. &
surplus
2,212,829
811,867
302.508
32.354
333.427
334,863
659,372
198,221
477,004
182,247
Operating income
Other income
461.150
Balance of net income
713,280
98,587
300.000
33,427
Net income
Provision for dividend on preferred stock
294,757
Total income
Deductions from income:
Interest on funded debt
Other deductions from income
Operating revenue
Operating expenses & taxes
Maintenance & depreciation..
Rentals
-Month of January
1929.
1928.
Revenues
Expenses
257,367
127.050
300,449
156.769
Net revenues
Less taxes, interest, &c
130.317
89,954
143,679
86.904
40,362
23,239,571
14,870,494
237.970
244,595 2,786,703 2,857,097
1,570,815 1,615,999
631.436
633,302
314,180
316.651
215,971
221,114
21,998
Total oper. exp., maint.,
deprec., taxes & rentals_
New York Dock Co.
Not income
1,945.447
Reading Transit Co.
992.800
Total deductions from income
7,634.072 88.963.505 83.288,448
(And Subsidiary Companies.)
(Subsidiary of General Gas & Electric Corp.)
Month of January- 12 Mos. End. Jan. 31.
1929.
1928.
1929.
1928.
840,866
151,933
Total Income
5.071,112 4,978,913
2,572.566 2,581,556
2,397,357
82.481
Deductions from income:
Interest on funded debt
Other deductionsfrom income
12,563.860 12,178,991
7,492,748 7,200,078
468.203
764.249
327,500
177.453 2,051.077 2,018,562
Operating income
Other income
12 Mos. End. Jan. 31.
1928.
1929.
2,497,546
1,593,049
(Subsidiary of General Gas & Electric Corp.)
-Month of January- 12 Mos. End. Jan. 31.
1929.
1929.
1928.
1928.
$
$
Operating revenue
216,176
219,934 2,891,944 2.731,843
84,568
-Month of January1929.
1928.
Grass earnings
1,143,326 1,105,707
Operating expenses and taxes 654,472
648.647
Gross income
488.854
457,060
Interest, Sic
216,236
215,218
Net income
272,618
214,842
Dividends on stock:
Prior preference
First preferred
Second preferred
1.790,568
New Jersey Power & Light Co.
181.608
Portland Electric Power Co.
3.402,712 2,768,378
1.213,072 1,175.329
Balance of netincome
Total oper. expo., maint..
depreciation & taxes_ _ _ _
Note.
-Includes interest, amortization of debt discount
earnings accruing on stock of subsidiary companies not and expense, and
owned by l'ennOhio Edison Co.
23,481
Total deductions from income
2,516,432 2,565,953
270,271
16,838
292,044
19,598
287.110
311,642
87,834
6.001
87,943
19,714
Balance of net income
94,735
107,657
192,374
119.145
203,994
119,145
73,229
Net income
Provision for dividend on preferred stock
84.839
Southern Canada Power Co.
56,775
Month of January- 4 Mos. End.
1929.
1928.
1929.
8
$
$
185,786
151.346
714.646
61,749
45,529
237,970
Jan. 31.
1928.
(Subsidiary of General Gas & Electric Corp.)
Gross earnings
54,818
-Month of January- 12 Mos. End. Jan. 31. Operating expenses
188.426
1929.
1928.
1929.
1928.
Net income
124,037
105,937
3
$
476,676
5
391,392
$
Operating revenue
93,822
88,677
953.537
853.100
Operating expenses and taxes
425,912
395,356
Southern Indiana Gas & Electric Co.
Maintenance & depreciation_
225.624
203,506
Rentals
(Subsidiary of Commonwealth Power Corp.)
181
-Month of January- 12 Mos. End. Jan. 31.
Total oper. exp., maint.,
1929.
1928.
1929.
1928.
decree., taxes & rentals_
67,142
651.537
63,520
599.043
$
$
$
Operating income
$
25,156
26,679
301,999
254.057 Gross earnings
306,294
281,331 3,190,659 3,036,885
Other income
17,518
11,198 Operating expenses, including taxes and maintenance 173,318
157.333 1.833,414 1.740,030
Total income
319,518
265.255
Gross income
132,976
123.997 1,357.244 1,296,855
Deductions from income:
Fixed charges
309,865
342,753
Interest on funded debt
125,025
126.515
Other deductions from income
22,337
Net income
17,243
1.047,379
954.102
Dividends on preferred stock
387,169
356,151
Total deductions from income
147,362
142,758 Provision for retirement reserve
241.666
221,790
Net income
172.156
122.497
Balance
418,543
376.159
Provision for dividend on preferred stock
84,414
60.289
Balance of net income
The Tennessee Electric Power Co.
87,742
62,207
(Subsidiary of Commonwealth Power Corp.)
-Month of January- 12 Mos. End. Jan. 31.
The Ohio Edison Co.
1928.
1929.
1929.
1928.
(Subsidiary of Commonwealth Power Corp.)
$
$
$
$
1.176,364 1.112.756 13,517,450 12,585,889
--Month of January-- 12 Mos. End. Jan. 31. Gross Earnings
Operating expenses, includ1929.
1928.
1929.
1928.
ing taxes and maintenance 583,739
575,558 6,973,533 6,828,655
$
Gross earnings_
191.716 2,162,374 1,924,542
Operating expenses. includ- 228.406
Gross income
592,624
537.198 6,543,916 5,757,234
ing taxes and makitenance 100,961
100,813 1,063.888 1,058.669 Fixed charges (see note)
2.178,760 2,217,122
Northern Pennsylvania Power Co.
Gross income
Fixed charges
127,444
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
90,902
1,098.485
192,805
865.872
117.071
905.680
162,597
150.000
748.801
147,969
125,250
593.082
475,581
Net income
Dividends on first preferred stock
Provision for retirement reserve
Balance
4.365,155 3,540,110
1,338,850 1,267.316
988,627
952,882
2,037,676
1,329,911
Note.
-Includes dividends on Nashville Railway & Light Co.. preferred
stock not owned by the Tennessee Electric Power Co.
Third Avenue Railway System.
—Month of January— 7 Mos. End. Jan, 31.
1928.
1928.
1929.
1929.
Operating Revenue—
Transportation
Advertising
Rents
Sale of power
1,222.542
12.500
23,907
542
1.258,099
12,500
20.091
587
8,811.419 8,802,498
87,500
87,500
147.704
149.490
4,056
5,455
Total operating revenue..._ 1,259,492
Operating Expenses—
Maintenance of way
178,167
120,034
Maintenance of equipment
Depreciation
7.615
95,303
Power supply
445,398
Operation of cars
103,916
Injuries to persons & prop
55,866
Gen. & miscall. expenses_
1,291,278
9,050.681
9,044,944
168,872 1,525,808
123,146
830,239
22.630 —152.156
90,459
596.758
438,885 3,109,875
106.939
741.696
55.886
353,311
1,278,673
849,478
75,459
572.620
3,063.837
748,806
371.250
Total oper. expenses
1,006,301
1,006,819
7.005.432
6.960,125
Net operating revenue
Taxes
253,191
86,647
284.459
91,545
2,045.248
641.815
2,084.818
651.947
Operating income
Interest revenue
166,544
17.866
192.913
15,927
1,403,432
132,237
1,432,871
119.856
Gross income
Deductions—
Int. on 1st mtge. bonds
Int. on 1st ref. mtge. bonds_ _
Int. on adj. mtge. bonds
Track & terminal privileges
Miscell. rent deductions
Amort. of debt disc. & exps
Sinking fund accruals
Miscellaneous
Int. on series0 bonds
184,410
208,840
1,535,670
1,552,727
42.756
73.301
93,900
1,406
800
1,474
2.790
49,028
2,164
42,756
73,301
93.900
1,451
901
1,974
2,790
19.134
2,164
299,296
513.111
657.300
9,840
4,619
10,320
19.530
245.026
15.148
299,296
513,111
657.300
10.871
4,935
13.820
19,530
81.935
15,148
267.621
238,373
1.774,193
1,615.948
29,532 --238,523
--63,221
Total deductions
Net income
83.211
FINANCIAL REPORTS
Annual, &c., Reports.—The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Fob. 2 1929.
Page.
Page.
Railroads—
Industrial—Continued-Ann Arbor RR
879 Amer. British & Continental Corp__1057
Buffalo Roth. & Pitts. Ry_ _ _1250, 1218 American Capital Corp
887
Chicago Indianapolis & L'ville RR_ 880 American Chicle Co
730
Cincinnati Northern RR
1222 American & Continental Corp
887
Cleveland Cinn. Chic. & St. L. Ry _1223 Amer. Furniture Mart Bldg. Corp
888
Delaware Lackawanna & West. RR_ 880 American Piano Co
730
Duluth South Shore & Atlantic Ry_ 880 Amer. Republics Corp
1057, 1049
Fonda John town & Gloversville RR. 880 Amer. Seating Co
1229
Grand Rapids RR
1053 Amer. Snuff Co
1058
Illinois Central RR
724 Amer. Solvents & Chemical Corp._1229
Indiana Harbor Belt RR
1223 Amer. Steel Foundries
1230
Internat, Great Northern RR
880 Anglo-Amer. Corp.of So. Africa, Ltd1.230
Lehigh Valley RR
1223 Arlington Mills
730
Michigan Central RR
1223 Arrow-Hart & Hegeman Electric Co. 888
Minn.St. Paul & Sault Ste Merle Ry 880 Artloom Corp
730
Missouri-Kansas
-Texas RR
880 Associates Investment Co
730
Missouri Pacific RR
880 Atlantic Ref. Co
888
New Orleans Texas & Mexico Ry
880 Atlantic Securities Corp
730
New York Central
1223 Atlas Powder Co
878
New York, New Haven & Hart. RR 724 Atlas Stores Corp
1058
New York Ontario & Western Ry
880 Autocar Corp
1230
Norfolk & Southern RR
881 Autosales Corp
888
Norfolk & Western RR
881 Baldwin Locomotive Works
1048
Pittsburgh & Lake Erie RR
1223 Baltimore Tube Co., Inc
1230
Pittsburgh & West Virginia Ry
881 Bates Manufacturing Co
889
Rutland RR
1223 Bayuk Cigars Inc
1058
St. Louis San Francisco Ry
731
881 Belding Corticelli, Ltd
St. Louis Southwestern Ry
881 Belding-Hemingway Co
1230
Seaboard Air Line
1220, 1050 (Sidney) Blumenthal & Co., Inc_
1231
Southern Ry
881, 720 Bon Ami Co
1231
Texas & Pacific Ry
1231
882 Booth Mfg. Co
Toronto Hamilton & Buffalo Ry_
1231
1223 Booth Mills
Wabash Ry
1231
882 (E. J.) Brach & Sons
Western Maryland Ry Co
1232
882 (9. G.) Brill Co
Wisconsin Central Ry
891
882 British-Amer. Tobacco Co., Ltd
Public Utilities—
Brown Co
1232
Amer. Commonwealth Power Corp_ 882 Building Products, Ltd
1232
Amer. Water Works & El. Co
891
1219 Butte Copper & Zinz Co
Bell Telephone Co. of Penn
1232
1051 Butte dr Superior Mining Co
Boston Elevated Ry
1232
1051 By-Products Coke Corp
Brooklyn Union Gas Co
732
877 (A. M.) Byers Co
Chicago Rapid Transit Co
1225 California Dairies Inc
1233
Columbia Gas & El Corp
1225 Calumet & Hecht Consol. Copper Co1059
Columbus Electric di Power Co. _1052 Canadian Bronze Co
732
Commonwealth Edison Co
1233
883 (William) Carter Co
Consol, Gas. El. Light & Pow. Co_ _1052 (A. M.) Castle & Co
1059
Denver Tramway Corp
1059
1052, 725 Caterpillar Tractor Co
Detroit Edison Co
1225 CeCo Manufacturing Co
1059
Duluth Superior Traction Co
1225 Chain Store Invest. Corp
733
Engineers Public Service Co., Inc 1053 Childs Co
1060
Hartford Electric Light Co
1053 Chicago Towel Co
1060
Havana Electric Ry
725 City Dairy Co
733
Illinois Bell Telephone Co
1053 Claude Neon Elect. Products, Inc.,_106l
Indianapolis Water Co
879
884 Cluett Peabody & Co., Inc
Laclede Gas Light Co
1054 Coca Cola Co
1234
Los Angeles Gas & Electric Corp_ _ _ 726 Commercial Credit Co.
1050
Market Street Ry
734
726 Commercial Solvents Corp
Milwaukee El. Ry. & Light Co
1234
1054 Congoleum-Nairn, Inc
Montreal Lt., Heat & Pow. Consol_ 884 Congress Cigar Co
1234, 734
Nevada-Calif. Electric Corp
1234
1054 Consol. Cigar Co., Inc
New England Tel. & Tel. Co
892
879 Consol. Dairy Products Co., Inc
New Haven Water Co
3
1054 Consol. Paper Co
New York State Rye
877
1054, 726 Continental Baking Corp
North Penn Gas Co
1049
1227 Continental Can Co, Inc
Northern States Power Co
1054 Contoocook Mills Corp
1235
Pacific Lighting Corp
893
1049 Cosmopolitan Fire Insur. Co
Penn Gas & El. Co
1061
1227 Crosby Radio Corp
Penn. Gas & El. Corp
876
1227 Crucible Steel Co
Penn Water do Power Co
893, 735
1048, 876 Cumberland Pipe Line Co
876, 735
Public Service Co. of Northern III__ 885 Deere & Co
Radio Corp of America
727 Detroit & Cleveland Navig. Co---- 893
Savannah Electric de Power Co
735
1055 Devoe & Reynolds Co., Inc
Sierra Pacific Electric Co
1236
1055 Doiese & Shepherd Co
Southern New England Tel. Co___.1055 Donnaconna Paper Co., Ltd
894
Southwestern Bell Tel. Co
1236
885 Donner Steel Co., Inc
Twin City Rapid Transit Co
736
1055 (W. L.) Douglas Shoe Co
Washington Gas Light Co
1061
1056 Dryden Paper Co., Ltd
Washington Ry dc Electric Co
736
728 Duplan Silk Corp
West Penn. Electric Co
721
1229 (E. I.)du Pont de Nemours & Co
Industrials—
Eaton Axle & Spring Co
73
894
Acme Steel Co
728 Economy Grocery Stores Corp
Air Reduction Co.,Inc
1236
887 Edwards Mfg. Co
1236, 1062
Air
-Way Electric Appliance Corp 1229 Eitingon Schild Co., Inc
894
Alaska Juneau Gold Mining Co
887 Endicott-Johnson Corp
Albany Pert. Wrapping Paper Co 1229 Eureka Pipe Line Co
894
1062
Alpha Portland Cement Co
876 Eureka Vacuum Cleaner Co
1062
Amer. Brake Shoe dt Fdry Co
1057 Federated Metals Corp
1385
FINANCIAL CHRONICLE
MAR. 2 1929.]
PagePage.
Industrial—Conduded—
Industrial—Continued—
743
737 Monomac Spinning Co
Finance Service Co
722
1062 Montgomery Ward & Co.. Ltd
Financial Invest. CO
901
1062 Mullins Mfg. Corn
First Invest. Co
1243
1237 Muncie Gear Co
First National Stores Inc
1067
Munstngwe,ar, Inc
FitzSimons & Connell Dredge &
902
895 (F. E.) Meyers & Bros. Co
Dock Co
902
876 National Aviation Corp
Fleishmann Co
902
1237 National Bellow Hess Co.. Ins
Foote Bros. Gear & Mch. Co
1243
895 National Candy Co
Forhan Co
743
895 National Shirt Shops, Inc
(H. D.) Foss & Co., Inc
1243
737 Nevada Consol. Copper Co
Fox Theaters Corp
1067
737 N. .1. Zinc Co
Franklin Fire Insur. Co
903
877 N. Y. Merchandise Co.. Inc
Freeport Texas Co
744
737 N. Y. Title & Mtge. Co
General Baking Corp
1243
737 Northern Pipe Line Co
General Fireproofing Co
1068
738 Norton Co
General Tire & Rubber Co
903
1048 Ohio Leather Co
Gillette Safety Razor Co
1243
1237 Ohio Seamless Tube Co
(Adolph) Gobel Inc
903
738 011 Shares, Inc
Gold Dust Corp
1243
1238 Pacific Invest Corp
Goodyear Textile Mills Co
1244
of Cal_1238 Pacific Mills
Goodyear Tire & Rubber Co.
1244
1238 Paramount Cab Mfg Corp
Gotham Silk Hosiery Co
1068
1063 Parke, Davis & Co
Gould Coupler Co
744
Great Lakes Dredge & Dock Co_ _1238 (David) Pender Grocery Co
744
Great West Electric Chemical Co 1239 Penn. Investing Co
1064 Phila. Co. for Guaranteeing Mtges. 744
Hamilton Brown Shoe Co
1069
898 Pittsburgh Coal Co
Hamilton Woolen Co
744
Harbison-Walker Refractories Co 1064 Potrero Sugar Co
1064 Providence Washington Insur, Co 1060
Harmony Mills Inc
1244
879 Quaker Oats Co
Hart Schaffner dr Marx
746
1063 Real Silk Hosiery Mills. Inc
Hawaiian Pineapple Co., Ltd
1069
1239 Reliance Mfg. Co
(George W.) Helme Co., Inc
1245
898, 738 Riverside Forge & Mch. Co
Hercules Powder Co
1245
1239 Roos Bros., Inc
Heywood-Wakefield Co
1070
(A.) Hollander & Son, Inc_ __ _1065, 898 Scott Paper Co
747
1065 Second Internat. Secur. Corp
Hollingsworth & Whitney Co
1071
73. Sharon Steel HOOP Co
Horn & Hardart Co
747
739 Sonatron Tube Co
Howes Bros. Co
904
722 South West Penn, Pipe Lines
Hudson Motor Car Co
1071
1239 Southern Ice Co
Hudson River Navig. Corp
1071
739 Southern Pipe Line Co
Hupp Motor Car Corp
1071
898 Standard Oil Co. of Neb
Illinois Brick Co
1072
739 Standard Publishing Co
Independent 011 de Gas Co
1072
898 State Title & Mtge Co
Indian Motocycle
-War. Speedometer Co_1247, 748
1240 Stewart
Indiana Pipe Line Co
748
739 Superior Steel Corp
Inland Steel Co
1247
809 Symington Co
Internat. Cement Corp
1073
899 Tltal Osage 011 Co
Internat. Germanic Trust Co
1222
740 Tide Water Assoc. 011 Co
Inland Creek Coal Co
1221
1240 Tide Water Oil Co
Jewel Tea Co., Inc
1247
740 Trunz Pork Stores, Inc
Jones & Laughlin Steel Corp
749
740 Truscon Steel Co
(Julius) Kayser & Co
899 Underwood Elliott Fisher Co__1219, 1074
(D. Emil) Klein Co., Inc
/221
1066 Union Oil Co. of Calif
(S. S.) Kresge Co
1074
740 Union Storage Co
(S. H.) Kress & Co
1074
899 United Bond & Share Corp
Kroger Grocery & Baking Co
878
741 United Fruit Co
Lakey Fdry & Mch. Co
899 U. S. & British Internat. Co.. Ltd_ _1074
Landers Frary & Clark
1074
1241 U S. Fidelity & Guaranty Co
Lehigh Valley Coal Sales Co
877
900 U.S. & Foreign Secur. Corp
Lessings, Inc
1075
878 U. S. Hoffman Mchy Corp
Liggett & Meyers Tobacco Co
720
900 U.S. Steel Corp
Lima Locomotive Works, Inc
1248
900 Utah Copper Co
Lindsay Light Co
906
Vick Chemical Co
1066
Link-Belt Co
1219
900 Victor Talking Machine Co
Lord & Taylor
906
900 Wahl Co
Lorillard Co
1248
1241 Walgreen Co
Louisiana Oil Ref. Corp
1076
900 Wampanoag Mills
McCall Corp
1248
McGraw-Hill Publishing Co., Inc 1241 Warner Bros. Pictures, Inc
750
742 Wayne Pump Co
McIntyre Porcupine Mines Ltd
1248
742 Western Dairy Products Co
Publications, Inc
Macfadden
750
901 Westinghouse El. & Mfg. Co
Manufacturers Finance Co
721
1242 White Eagle Oil& Ref. Co
Mathieson Alkali Works Inc
906
1242 White Rock Mineral Springs Co
Metro-Goldwyn Pictures Corp
1248
1067 (Wm.) Whitman Co., Inc
Metrop Chain Stores. Inc
1248
124 2 Wilcox-Rich Corp
Co
Metrop. The Guaranty
1248
Mid-Continent Petroleum Corp_ _ _ _ 742 Wolverine Portland Cement Co
1248
743 Woods Mfg. Co
Midland Steel Products
876
901 (F. W.) Woolworth Co
Minneapolis-Honeywell Regu, Co
751
1067 (Wm.) Wrigley Jr., Co
Miss. State Life Insur. Co
1249
901 Yellow Taxi Corp
Inc
Mohawk Carpet Mills
1249
1242 York Ice Machinery Corp
Monarch Knitting Co., Ltd
The Baltimore & Ohio Railroad Company.
(Preliminary Report—Year Ended Dec. 31 1928.)
The remarks of President Daniel Willard, together with
condensed income account and balance sheet, will be found
in the advertising pages of this issue.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1927.
1928.
Revenue freight (tons)_ _103,714,942 108,495.849 114,222,970 104.637.773
* Revenue tons one mile_ 20,243,199 20,841.869 21.351.919 19.459,442
0.995c.
0.850c.
0.857c.
0.868c.
Rev. per ton per mile_ _ _
No. passengers carried__ 10,257.996 12,873,274 13.736.339 14,745,684
902,306
887,441
844.449
768,550
* No. pass. carried 1 mile
3.177c.
3.118c.
3.113c.
3.085c.
Rev. per pass. per mile_
* Last three figures omitted.
STATEMENT FOR CALENDAR YEARS.
CONDENSED INCOME
1925.
1926.
1927.
1928.
$
$
$
Rev, from frt. transp'n_197,215,444 203,571,444 212,491.018 193.558.361
Rev,front pass. transp'n 23,712,130 26,286,707 28,137,228 27.904,665
Rev, from mail, express
and other transport'n- 15,891,107 16,223,916 16.945.140 16,083,914
Total ry. oper. revs_236,818.681 246,082.067 257,573.386 237.546,940
Maint. of way & street— 26.895.746 30.895.333 32.639.547 28.440,416
Maint, of equipment _ _ _ 47,404.095 51,318.762 55.039.906 53,206,661
5.241.032
4.551.082
5,599,463
5,748,601
Traffic
82.429,731 87,290,534 89.545.840 84.621.877
Transportation
6.210.388
6,793,829
8,851,616
7,958.369
General
2,069,173
2.212.147
2,215.353
2.114,326
Miscellaneous
Total ry. oper. exp___172,550.868 186,171.062 191,472.301 179.099.597
35.62%
34.77%
35.47%
Transportation ratio.....
34.81%
75.40%
74.34%
75.65%
72.86 0
Total operating ratio...
Net rev. from ry. oper__ 64,267.813 59.911,005 66,101.085 58.447.343
11.638.718 12.286,663 12.076.677 10,064.888
Taxes
5,348,388
2.806,145
3.860,558
Equip. & jt. teen. rents_ 3,241.378
Tot. chges. to net revs. 14.880,096
Net ry. oper. income_ _ _ 49,387,717
7.378.325
Other income
15.092,808
44,818.197
8.570,727
15,937,235
50.163,850
7,116,338
15.413,256
43.034,087
6,237.801
Tot. inc. fr. all sources 56,766,042 53.388.924 57,280,188 49,271,888
26.997,767 30.091.086 28,930.108 26,642.481
Interest
1.835.899
667.344
664,493
740,321
All other deductions..-.
27.665,111 30.755,579 29,670.429 28.478.380
Total deductions
Bal. avail, for diva. and
other corporate PurP-- 29,100,931 22.633.345 27.609.759 20,793.508
2,354.528
2.354.527
Divs, deel.—Pref.stock_ 2,354.528
2.354.528
12.911,275 10.964,491
9,116.725
7.597.270
Common stock
15.265.803 13,319 019 11,471.253
9,951,797
Total dividends
9.314.326 16.138,506 10,841.711
Leaving a surplus of.... _ 13.835,128
Shares corn, stock outstanding (par $100)__ 2.151.878
2.151,878
1,519,453
1,519.434
$12.43
a$9.42
$12.14
Earnings per share
$16.62
a The earnings per share on the average amonn lot common stock outstanding during the year amounted to $11.10 pershare.
1386
FINANCIAL CHRONICLE
COMPARATIVE CONDENSED BALANCE SHEET DECEMBER 31.
Assets1928.
1927.
1926.
Investment in prop, used in
transportation service_ __ _ 4869,468,135 4859.885,306 $822,465,180
Inv. in sep. oper. cos., incl,
mlscell. p ys. prop
58,962,821
58,174,738
58,635.210
Inv. in sink. funds & dep.
acct. prop. sold
668.544
667.703
110.010
Invest,in other companies.31.279,788
58.778,954
56,741.577
Cash
18,749.860
24.533,719
19,196,369
Cash for redemption of bonds
34,717.775
Other current assets
43,154.454
37.988.343
38,446,015
Deferred assets
4.811,837
3,489.283
4.201.266
Total assets
$1.049,875.003 $1,071,584,240 $983,667,639
Liabilities
Preferred stock outstanding_ $58,863,181
$58,863,181
$58,863,181
Common stock outstanding_
215,187,854
151,945,354
215,187,854
Premium on capital stock
3,320,231
3,320,231
Equipment obligations_ _ __ _
66:0"6:288
65,193.700
70,488.800
Mtges. & capital. leaseholds 483,868,989
515,077,173
482,890.373
Bonds called for redemption
33,871,000
Traffic & car serv. bal., accts.
& wages pay., int. & diva.
mat'd & unpaid, unmat'd
divs. decl. & 0th. curr. liab
32,498,670
28,514,889
29,570,123
LIM). for provident funds &
other deferred items
7,327.044
9,325,212
10.424,802
Accr. deprec., equipment.._ _
66,443.844
55.623,428
61.772,898
Res.for taxes,insur. & oper_
13,953.599
15,252,017
14.259,312
Surplus
81,482,922
103,905,106
90,935,666
Total liabilities
81.049,875.003 $1,071,584,240 3983.667,639
x Includes $617,048,276 road and $252,419,859 equipment.
-V. 128..
P 1222.
.
Reading Company.
(31st Annual Report
-Year Ended Dec. 31 1928.)
Extracts from the remarks of President Agnew T. Dice,
together with income account and comparative balance sheet
for the year 1928 will be found in the advertising pages of
this issue.
RESULTS FOR CALENDAR YEARS.
Ry. Oper. Revenues.
1928.
1925.
1927.
1926.
Coal
$36,744,669 $38,200,799 $40,824,725 $34,914,501
Merchandise
39.567,069 40.374.80143.196,361„
Passenger
7,774,671
9.881,422
8,922,777
9,794,351
Mail and express
1,819,240„1.908,490 2,048.862
M['cell. operations
1,935,313
2,242,860
1,951,432
2,075.257
Incidental &joint facility 2,099,072
1,031,668
1,118,443
1,325,350
• [VOL. 128.
CONSOLIDATED INCOME AND PROFIT AND LOSS STATEMENT
FOR YEARS ENDED DECEMBER 31.
1928.
1927.
1926.
1925.
$
$
$
$
Gross sales
180,849.995 132.016,779 124,912,098 123,352.833
Net oper. profit (after
deduct, all oper. chgs.,
incl. deprec'n, insur.&
property taxes)
12,025,994
7,700,821
7,528,467
6,899,856
Interest rec. (net)
811,980
741,150
544,202
395,178
Gross income
12.837,974
8,441,971
8.072,669
7,295,034
Federal tax (estimated)_ 1.483.642
1,287,526
1,218,928
997,799
Net income
11,354.331
7,154,445 6,853,741
6,297,235
Dividends-Pref
450,000
do Common
5,217,945
4,194.601
3,154,479
1,940,387
y(13%)
(8%)
(10%)
Balance, surplus
6,136,386
2,959,844
3,699.262
3,906,848
Previous surplus
20.234,164 16,387.960 12.211,335
9.310,979
Profit on sale of property
and securities
1,591,840
Earnings applicable to
prior period, &c
31,549
560,973
Prem. on sale cap. stock 4.309,030
625,180
1,974.960
Total
30,679,580 21,564,824 17,917,107 13,778,800
Approp. to reserves_ _ _ x61.938
1,182.897
1,366.803
1,365,727
Good will reduction
64.676
Int. on subscr. to cap.stk
163,236
147.763
28,798
79,716
Loss on prop. & sec. sold
140,796
68,868
122,022
P.& L.surp. Dec. 31_ 30,313,609 20,234,165 16.387,960 12,211,335
Shares corn, stock outstanding (Par $50)_ - - 1,251.775
693,414
630,896
548,606
Earned per share
$9.07
$10.32
$10.86
$10.65
x Including as in previous years prevision for profit sharing amounting
for 1928 to $645,597 and less return to surplus of reserve no longer needed
for purpose for which established of $1,000,000 leaving net as above.
y Dividends declared and paid during the year, $3,154,480: declared Nov. 1
1927 and payable Mar. 1 1928 to holders of record Feb. 15 1928 applicable
to shares of capital stock outstanding Dec. 31 1927, $1,040,121 (this dividend declaration applies also to 189,834 additional shares of capital stock
Issued between Jan. 1 and Feb. 11928).
CONSOLIDATED GENERAL BALANCE DEC. 31 (Incl. All Subs. Cos.).
1928.
1927.
1928.
1927.
Assets-a
$
Liabilities$
$
Property account 266,162,0721)38,951,921 Capital stock
62,588.750 34,670,700
Cash
13,546,195 12,265,408 Mortgages
60,000
Receivables
8,905.738 5.499.575 Accounts payable_ 9,092,873 8,825,170
Marketable secur_10,243,842 8,640,129 Dividends payable
1,040,121
Total
$89,940,034 $92,590,436 $99,290,136 $91,496,379 Finished goods.-- 7.634,308 5,750.416 Accrued accts.(est.
Ry. Oper. Expenses
Raw mater..k sup. 3,998,791 3,235,909
taxes, dm.)
4.108,770 2,999.523
Mahn.of way & struct
12.528.472 12,661.838 13.744,846 12,055,882 Deferred assets_ __ 392,840
159,171 Deterred credits
112.371
45,433
Maint.ofequip
20,425.607 20.879,846 21.642,240 20,381,954 Trade marks (patInaur., contingency
Traffic
.640
970.219
,
939,247.
844
ents & good will_ 7,000,000 2,500,000
dm., reserves.. _11,667,214 9,327,412
Transportation
33,019.184 34,894.429 34,958,858 33.152,857
Surplus
30,313,609 20,234,165
Miscell. operations
439,548
188,751
165,847
163.345
Generalexpenses
2.540,159 2,445,874 2,235,982 2,236.259
Total
117,883,588 75,002,530
Total
117,883,588 75,002.634
Transp. for invest.-Cr.
173,265
175,767
160,888
221.928
a After deducting mortgages of 31,400.000 on Madison Ave. office buildTotal
$69.826,345 $71,880,069 $73.508,751 $68,633.516 ing properties and depreciation of $26,145,786. b Subject to payments
Net rev,from ry. oPer
20,113.688 20,710,366 25,781,386 22,862.864 during the early part of 1928, to be made in connection with the acquisition
Railway tax accruals-- _ 4,521 030 5,184.747
5,531,266 4,349.772 of the properties and business of Reid Ice Cream Corp. and J. M. Horton
Ice Cream Co., Inc.
Uncollectible ry.
10,799
9,683
5.740
5,612 other transactions, It is expected, however, that as a result of these and
together with a proposed sale for cash of additional
Total ry. oper.income$15,581,859 $15,515,937 $20,244,378 $18,507,480 capital stock of Borden Co., of which stockholders already have been advised, there will be provided a substantial increase in working capital of
Non-Operating Income
-V. 128. p. 891.
Hire of freight cars
-net $1,087,115
1839.955 *1,415.769 $1,537.334 the companies.
Other equip.rentn-net_
360,629
317,489
317,713
256,083
Joint facility rents--net_
116,740
69,246
55,002
53,732
Shawinigan Water 8c Power Co.
Total
11.516,990 $1.274,184 11.788.484 $1,847,149
(Annual Report-Year Ended Dec. 311928.)
Net ry. oper. income... 17,098,848 16,790,121 22,032,863 20,354,629
Other Non-Oper. IncomePresident J. E. Aldred reports in part:
Miscell.rent income__ _ _ $468,650
5738.727
5635.387
3578,222
Misc.non-op. phys. prop.
319,881
295,086
313,700
307,567
Shareholders.
-As at Dec. 31 1928. there are
Separ. oper. prop. profit
105.740
161,233
258,624
134,323 shares held by 13,410 shareholders. Of this stock outstanding 1,867,072
1.475.000 shares are
Dividend income
3,597,017
2.398,848
2,431,778 2,760,347 in the Dominion of Canada, and of this number 1.301,000 shares are held
owned
Inc.from funded secur-851,486
1,035,731
761,489
829,818 In the Province of Quebec by 9,760 shareholders. The average number
of
Income from unfunded
shares outstanding during the year was 1,430.714. It is interesting to
securities & accounts_
835,564
416,337
383,758
567,532 note that a 79% ownership of the company is held by Canadian investors.
Inc.from sink.. &c.. fds.
25,744
31.089
29,845
30,393
Capital Reserve.
-A new account appears on the balance sheet, entitled
Release of premiums on
capital reserve. This account has arisen through
funded debt
3.902
5.203
5,203
5,203 pany of the assets of the St. Maurice Power Co.,the purchase by the comLtd.,
Miscellaneousincome._ _
16,840
13,206
16,356
7,468 Power Co., Ltd., which have been incorporated with theand the Laurentids
assets of company,
and is due to the interest which company held in the shares of these two
Tot.other non-op.inc. $6,224,824 15.095,461 $4.836,688 55,220.324 power companies.
Gross income
23,323,673 21,885,582 26.869.551 25,574.953
Increase of Capital.
-The shareholders, at a special meeting held immeDeductions
diately after the annual meeting in 1928, authorized an increase
Rent for leased roads
$2,816.550 $2,824,932 $2,829,032 32,829.443 capital from 1,400,000 shares to 1.600,000 shares. Anticipating still of the
Miscellaneous rents.2,808
2,740
1,445
1,968 requirements of capital stock beyond the limits then authorized, a further
special
Misc,tax accruals
176,860
158,126
169,720
168,568 meeting of the shareholders was held on June 26 1928, and the authorized
Int. on funded
4,820.472 4,874.333
4.972,058 5,085,742 capital was increased to a total of 2.600,000 shares.
Int. on unfunded debt...
37,235
195,719
85,021
41,999
Sale of Bonds.
-In May, directors authorized the creation of series
Amortization of discount
"B" 4 % 1st mortgage & collateral trust sinking fund
on funded debt
20,256
27,007
27,007
27,007 amount of $25,000,000. of which $10,000,000 were sold. gold bonds to as
Misc.Income charges311,016
301,931
260,605
308,063
-In July last the directors made arrangements
Acquisition of Properties.
for the purchase from the Laurentide Co., Ltd., of their holdings in the
Total deductions
$8.232,983 $8,388,922 $8,338,429 58,415,334 Laurentide Power Co., Ltd., on the basis of one share of this company's
Net income
15,090,690 13,496,660 18,531,122 17,159,619 stock and $150 cash for each share of Laurentide Power Co.. Ltd. In DecemDisposition of Net Inc.
ber, an offer was made to the minority shareholders of the Laurentide
Inc. applied to sinking,
Power Co., Ltd., to purchase their shares on equivalent terms. This offer
&c.,reserve funds_ _ _ _
$42.143
846.793
847.489
$46,244 was accepted and this company is now the owner of the property and assets
Inc. approp. for invent.
of the Laurentide Power Co., Ltd. The undischarged liabilities consisting
in physical property.._ 3,170,000
4,670.000 4,090,292 of the outstanding bonds of the Laurentide Power Co.. Ltd., and the in3.620.000
debtedness to Laurentide Co., Ltd., are shown on the liability side of the
Income balance
$11.878,546 39.829.170 $13,814,329 313,023.084 balance sheet.
First pref. diva.(4%)_-- 1.120,000
1,120,000
1.120.000
1,120.000
The power development acquired from Laurentide Power Co., Ltd.,
Second pref. dim (4%)., 1,680,000
1,680,000
1,680,000
1,680.000 consists of an installed capacity of 165,000 h.p., with provision for the
Common divs.(8%
5,600,000
5,600.000 Installation of another 25.000 h.p. unit, making a total of 190.000 h.p.
-- 5,597.602 5.600,000
In addition to this Power plant capacity, the Laurentide Power Co.. Ltd.,
Balance. surplus
$3,480.944 $1,429,170 15,414,329 $4,623.084 possesses a pond extending up the river some 20 miles, created by the dam
Shs.corn. outst.
(par $50) 1.399.782
1,399.782
1,399,782 1,799.782 at Grand Mere. By the control of the level, and the storage of water, the
Earns. per share of corn.,
$11.23
$8.78
$10.25 plants at Grand Mere, Shawinigan Falls and La Cabello can be operated
$7.64
-V.128. p. 1223.
at much greater efficiencies and substantially larger amounts of power
made available.
Gillette Safety Razor Co.
The year Just closed has been a record onefor this company in constructive
development. The fixed assets of the company show marked changes since
(Annual Report-Year Ended Dec. 311928.)
the publication of the last annual report, having grown from $68,875,509
The remarks of J. E. Aldred, Chairman of the Board to $138,490.210.
On Jan. 17 1928, directors
purchase
assetn
together with income account and balance sheet for year St. Maurice Power Co., Ltd., made an offer to in cash orthe shares of the
and to pay either
in
ended Dec. 31 1928 will be found in the advertising pages of basis of two shares of Shawinigan for each share of St. Maurice on the
Power
of
Maurice Power
to-day's issue. Our usual comparative statements were Co., Ltd. Practically all thethe shareholders of St. this company's Co.,
Ltd., took advantage of
offer, 70.458 shares of
stock
given in V. 128, p. 1048.
being issued for this purpose. The plant is developed to an amount of
120,000 h.p. with a possible development up to 150,000 h.p.
The Borden Company and All Subsidiaries.
In addition to the acquisition of the St. Maurice and Laurentide properties
the assets of the Continental Heat & Light Co.. a fully owned subsidiary.
(10th Annual Report-Year Ended Dec. 31 1928.)
operating between the St. Lawrence River and Thetford Mines, and
as Sherbrooke,
The remarks of President Arthur W. Milburn, together extending as far south formerly carried were purchased during the year.
These properties were
In the balance
with the income account and balance sheet, will be found caption "securities ofsubsidiary and other companies." sheet under the
The problem of providing substantial and adequate power resources
under "Reports and Documents" on subsequent pages of for the future
expansion of the company was solved during the year by
this issue. The year 1928 marked another period of pro- the acquisition of additional water powers sufficient to meet demands
the company for many years to come. An agreement has
gress of the company and one in which record sales and upon entered
been
into with the Government of the Province of Quebec looking
earnings were established and the company's'financial position to the development of latent power resources in the St. 'Maurice River.
further strengthened. A list of the acquisitions during 1928 allBy this agreement the company obtains a 75 year emphyteutic letm of
the Powers formed by the rapids in the St. Maurice River above La
are also listed.
Tuque.
)--
FINANCIAL CHRONICLE
MAR. 2 1929.]
The agreement with the Government provides that construction operations on the first development shall be commenced by July 1 1930, the
eompany to have 100,000 h.p. developed by July 1 1933. It is further
provided that the company shall carry out succeeding developments so
that the fourth will be started by July 11938.
While the data presently available is not conclusive, it is estimated
that there is more than 600.000 h.p., at commercial load factors, capable
of economic development within the 76 miles of the river covered by the
concession, consisting of four power sites, the Allard. Des Coeurs, Les
Blanes and Rapides Sans Nom. As these powers are situated a relatively
short distance below the Gouin Dam, both efficiency and economy will be
promoted in the Use of our present storage facilities.
It is the intention of the company to continue the survey work during
the summer season of 1929. and by the Fall of this year sufficient data
should be available from which to determine the engineering features of the
developments.
With the development of these water powers and proposed additional
storage works, this company will have power resources on the St. Maurice
River of 1.279.000 h.p. This is sufficient to meet the anticipated demands
within the area served by the Shawinigan system for many years. This
reserve places the company in a preeminent position to meet the rapidly
increasing power requirements, and this dependable electric energy to
draw upon, all within 150 miles of the City of Montreal. must prove an
increasing factor in promoting the industrial development of the Province.
The position of this company with respect to the cost of developed power
Is a most favorable one. Not only does the company possess installed
power capacity at an original low cost but every addition made to the
original installations has been made at a relatively low capitalization.
The company Is now again able to augment its developed power by low.
cost installations, all of which make it possible for the company to deliver
power within the entire sphere of its operations, including the City of
Montreal,atsuch prices that the company need fear no competitive developments should such be consummated.
Construction.
-Mention was made in the last annual report of the construction of No.7 unit at Shawinigan Falls. This unit, which has a capacity
of 45,000 h.p., went into operation early in October, the installation having
taken less than 12 months from the date of commencement of construction.
Barly in the year consideration was given to the advisability of constructing
No. 8 unit at Shawinigan Falls, and it was determined to undertake this
construction, as, by combining this work with the installation of No. 7
unit, economy in cost could be achieved. No. 8 unit will be completed
early in the Spring of this year. It will also have a capacity of 45.000 h.p.
Power.
-The aggregate of developed power owned and controlled by the
.01impany together with power purchased is 806,000 h.p., while undeveloped
power available 8. the company inclusive of the powers which may be
developed at the four sites in the Upper St. Maurice brings available power
*.an amount of 792,000 b.p., making a grand total of 1,598.00011.1)•
Consumption.
-Consumption of electric energy during the year again
shows very substantial growth. The figures in kilowatt hours for the
year compared with the figures of 1926 and 1927 are:
Kilowatt Hours1927.
1926.
1928.
Primary power
1,787.155,855 2,000,656,974 2,487.222,687
Secondary power
324,725.960 680,375,018 580,608.019
Shawinigan Chemicals Ltd.
-The consolidation of the Canada Carbide
Co., Ltd.. and Canadian Electro Products Co. Ltd., under the name of
Shawinigan Chemicals Ltd., was consummated early in the year. This
'
consolidation is beneficial, resulting in marked economies reflected in lower
operating costs and more efficient administrative direction.
The growth of the carbide division shows substantial increases during
the past year, brought about by the increased demand for acetic acid and
the sale in Canada and foreign countries of carbide for the acetylene industry.
The operating results of the chemical division have been satisfactory.
The principal product of that division is acetic acid, this product being
used largely throughout the world in the production of artificial silk. Not
only is there a continued increased demand for acetic acid, but there has
also been a very material increase in the demand for solvents made from the
acetylene process and used in the new lacquers.
This Chemical Co. at Shawinigan Falls has become a large user of power
from the Shawinigan system, and with the increased sales of the products
manufactured, the amount of power so taken has been steadily augmented.
The Chemical Co. has a program looking to the substantial enlargement of
Its operations during 1929. and this enlargement should reflect further
benefits to this company, both by reason of additional sales of power to the
Chemical Co. as well as increased returns derived through the ownership
of the company itself.
RESULTS FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
Orem tiaras, all sources-411,562,331 $9.362,828 $7.660.208 $6,702,034
Operating expenses, &c.. 4,463,807
4.430,552
3,243.141
3,001,158
Bond interest, &e
2,250.000
1.637.493
1,459.744
1.334,538
Depreciation reserve_
800,000
400,000
350,000
350,000
Netincome
84.048,523 $2,894.783 52,607,323 $2,016 :339
Dividends
(82)2,861,428
($2)2200,000 %)5000(7 1675
(8
Balance,surplus
$1,187,095
rrev. gurp.(after adj.)
937,338
-
$694,783
397,067
$557,323
251.536
$340,089
308,158
Total
$2,124,433 $1.091.850
1teserve and sinking fund
196,089
Other reserves
$808,859
50.000
$648,247
50,000
25.000
trfotal surplus Dec.31 $1,928.344 $1,091,850
$758.859
$573.247
Shares capital stock out1,867,0'
.
72
1,200,000
standing (no par)
y275.000
y250 000
?Corned per share
$2.41
$9.48
$2.17
01.07
x Surplus subject to deductions for income tax. y Par $100.
BALANCE SHEET DEC. 31.
1928.
1928.
1927.
1927.
Asada-$
Liabilities$
$
$
Property
156,878.040 17,824,967 Capitalstock.-_ y56,680.535 30.000,000
Maohinary
17,265,977 6,584,552 Bonds
53,013,500 35.000,000
Lines
16,941,758 15,443,733 Laurlide Co. Ltd.10,800.000
liquipment
,
Accts. & bills pay_ 2.167,390
606,252
'
Prepold charges_ _
175.885
176,923 Int.&My.payable 1,817,567
943,750
of subBeenritlea
sinking fund,do__ 1,778,043 1,557,101
sidlary,.4c...3011.36,183,922 29,022,256 Depreciation, reAmts.& bilis reele 2,553,683 1,168,050
serve, &c
5,239,684 4.441.184
Cell loans
1.045,000 2,480,000 Surplus x
1,928,344 1,091,850
Oath
1,537,580
288,809
Total (ea. side)133,423,063 73,640,137
a Subject to deduction for income tax. y Represented by 1,867.072
shares of no par value. a After deducting capital reserve of $11,220.111.V. 128, p. 1227.
Kraft-Phenix Cheese Corp.
(Annual Report
-Year Ended Dec. 31 1928.)
The remarks of J. L. Kraft, Chairman of the Board, together with consolidated income account and balance sheet
4
for 1928 will be found in the advertisin, pages of this issue.
CONSOLIDATED INCOME ACCOUNT FOR CALNDAER YEARS.
1927.
1296.
1928.
1925.
Not sales
$75,648,426 360.447.801 $57,499,101 857,105,037
Cost of sales
65,543,917 51,330,283 49,863.985 49,012,085
Selling, admin. and gen.
expenses
7,464,996
6,078.488
7,202,265
6,031.299
Net operating profits- $2,902,245 $1,652.523 $1,556.628 $2,061,653
Miscellaneous inc.(net)_ Dr.179,603
12,427 Dr.82,662 Dr.125.604
Net earnings-----$2,722,642 $1,664,950 0.473.966 0,936,049
Interest
-Notes payable
215,218
96.591
454,895
148,575
38,325
6% debentures
44,215
145,963
limploy. 8% debentures
9,857
7.830
1.576
Serial gold notes
204,167
Net income
$2.063.549 51,401.548 $1,325,329 81.639,934
Dividends on pref. stock
25,867
15,321
40,737
of subs
72.409
Prov.for Fed,inc. taxes..
200,000
185,717
173,420
211.816
Net ineerae
$1.848.228 $1.189,965 $1,111.172 81.355.910
1387
CONSOLIDATED BALANCE SHEET DEC. 31.
1927.
1928.
1927.
1928.
Asada$
Cash
$2,892,820 1,765.792 Notes pay-banks
& brokers
3,617,000 2,665.000
Inv'ts in market.
53.000 Notes dr trade acsec at cost
ceptances
340,988
28,500
Customers' notes &
4,282,143 3,102,770 Employees'8% deRCM.roe
bentures
105,450
Sundry notes and
82,409 Accounts, payable.
accts. roe
trade. incl. asRaw mat'ls, goods
sociated cos
1.570,685 1,337,317
In process. &c_12,208,897 10,462,936
2.140 Sundry accts. pay.
48,641
Accrued interest_
35,000
Mortgage payable
93.250
Ins, prem., int.,
221,881 Accrued expenses- 386,658
168.426
adv. & sundry.- 263,580
Prov. for Fed. &
Officers dr employ.
foreign inc. taxes 494,938
117,249
384,840
38,494
notes & sects
Ser. gold notes 5% 4,000,000 5,000.000
Notes rec. & trade
Kraft-Phenix Ch.
accts. of associa.
Co. 4% gold
884.703
896.633
&c. cos
notes
900,000
Invest.-assoc. cos 7.448,092 1.262,097
137,743 Dividends payable 332,821
Other investments 411,952
Mtge. payable, due
Property, plant &
25,000
1930
25,000
7,090,256 5,289.084
equip
808,273 Equity of preferred
Leaseh'ds & Been. 805,239
stockholders of
Pats.,good-will, &c 2,150,155 1,631,789
subs. of Kraft
Cheese Co. Incl.
188,796
diva. accrued_
327,28$
45,194
Scrip outstanding_
636,392
Com.stk.& Bur._ a20,551,1831,11,324,475
6,000,000
Preferred stock_
Surplus
4.279,291
Total
38.488.266 25,821,866
Total
a Represented by 888,413 no par shares.
shares, par 825.-V. 128, p. 899.
38,488,266 25,821,864
b Represented by 452,979
The B. F. Goodrich Co.
-Year Ended Dec. 31 1928.)
(Annual Report
The remarks of President J. D.Tow, together with income
account and balance sheet for 1928, will be found in the
advertising pages of to-day's issue.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1927.
1926.
1925.
8
148,805.178 151,684,961 148,391,478 136,239,526
Net sales
Mfg., &c., expenses---139,790.818 132.389,668 x138640,094 113,860,422
9.014,360
916,808
19,295,292
1.219,602
9,931.168
Total net income
3,303.021
Depreciation
Interest on bonds, notes
2.535,567
bills payable, &c
433.000
Prov. for Fed. taxes..-.
20,514.894
3.007.489
Net profit
Miscellaneous income_
2,927,098
1,800.000
9,751.384
770,289
22.379,105
1.020.035
10,521,673 23.399,139
2.481.102
2.377.192
2.975.460
1.927,500
2,350,000
3.659.580 12,780.307
5.065,110 16,744.44$
Net profit
Prof. applic. to sub, cos,
cap. stk, not owned by
146,557
B. F. Goodrich Co2.477,510
2.314.520
2,560,640
Preferred diva. (7%) _ 2,394.350
(0)1202,800
(84)2,950,084($4)2406,840
($4)2406.240
dividend.--Common
1,000,000
4,000,000
Reserve for contingencies
cif 1,831,411
Balance, surplus
27.492.550
Previous surplus
Surp, previously approp.
for amort,of war facil_
Difference between cost
& par of pref. stk. red_
$6.895,957
$98,200 99.227.028
21.157.480 24.770.125 17,809,958
13.875
58.843
25,661.139
Total
Difference between cost
of affil. cos. acq. and
value of assets
Fed,tax prior years, drc_
Cost of issuing 6 % bds
761.914
Sundry adjustments...-
28,053.4:37
26.107,264
26,895,637
560,886
3,187.279
1,762,505
1.225.064
685,692
1,439.821
Total profit & loss sutr_ 24,899,225 27,492.551 21.157,480 24.770.125
Shares com, stock out601,710
601,500
602,216
745,910
standing (no par)_--_
aNil
b$23.99
b$17.11
$1.50
Earned per share
deducting $5,000,000 contingency reserve existing at Dec. 31
x After
1925. a After excluding credit from reserves of $5.000,000 (see x). Earnings per share on common after crediting the $5,000,000 from reserves as
above amounted to $4.16 per share. b Before charging contingencies
reserves of $1,000,000 in 1927 and $4,000,000 in 1925.
CONSOLIDATED BALANCE SHEET DEC. 31.
[Omitting in both years good-will. &c., previously carried at $87.798.000.1
1927.
1928.
1927.
1928.
Liabilities$
AssetsCorn.stk.equity
Beal estate and
(see note)_...37.296,444 29,853.849
.41,626,692 36,333,676
plants
b33,908.000 35,096,000
Prof.stock
Inv. & advances
.
to other co's- 3,997.362 5,642,441 Bilis pay to bank 2,000,000 2.500,000
809,200
1,487,200 5% serial notes_ 5,000,000 10,000,000
stk,
Treas. pref.
38,667.968 32.486,632 25-yr.lst M.6 hi' 22,307,000 23.044.500
Inventory
Acc'ts payable__ 6,199,033 5,747,056
Due from empl
37,579
14,057 Bills pay.(issued
account stock
1,090.062
by for sub.00s.) 1,548,858
Trade notes and
accts. rec____ 26.143,492 29,819,202 Bond indebt. of
1,029,976
1,896,583
for. subs
Other notes and
1,909,561 Min. int, in for.
accts. rec..... 1,124.265
2,000,814
81,451
subs
Cash
5,670.875 4.807,397
1.014,728
903,571
751.096 Sundry accr.liab. 1,062,088
Prepaid amts.441,689
1,800.000
10.000 Prov.for Fed.tax
U.S. Lib. bonds
Reserves
1.000,000
Contingencies 1.000.000
Conting. In connection with
MM.co.acq_
. 1.492.817
1,624,620
Pension res've
600,000
600,000
224,783
Miscellaneous
221,527
96.147
574,246
Empl. net cred_
Tot.(ea.side) 117,071,003 115.261.264 Surplus
-See note
-a Real estate, buildings, machinery and sundry equipment, after deducting reserve of $17.616,511 for depreciation and obsolescence. b 500.000 shares at $100 each, $50,000.000: deduct 160.920 shares redeemed and
cancelled, $16,092,000. Authorized and unissued, 50,000 shares of 7%
cumulative preferred stock of $100 par value. $5.000.000.
Note.
-Common stock Dec. 31 1928 authorized 1,000,000 shares of no
par value, outstanding 745.910 shares, or $70,195.220, less exclusion of
intangible, capital assets, namely, patents, trade-marks and good-will,
$57,798,001. leaving 312.397.219; earned surplus, $24,899,225; total.
$37,296,444.
On Dec. 31 1920 the balance sheet was altered by the omission of the
Item of $57,798,001 heretofore shown for good-will, patents and trademarks.
-V. 128, p. 587.
Barnsdall Corporation (and Subsidiary Cos.).
-Year Ended Dec. 31 1928.)
(10th Annual Report
Pres. E. B. Reeser Feb. 28 says in substance:
Change in Capital Strusture.-During the year the corporation acquired
'
through the issuance of 52,425 shares of its capital stock, the entire capital
1388
FINANCIAL CHRONICLE
[VoL. 128.
BALANCE SHEET DECEMBER 31.
stock of Wolfe Oil Corp. and secured through this purchase valuable developed and undeveloped leaseholds in the Seminole and other areas in
.
.
1927.
1928.
Oklahoma, in Winkler County, Tex., and in Lea County, New Mexico.
$
Assets
Liabilities$
The stock dividend paid on Feb.6 1928 resulted in the issuance of 29,250 Property
44,809.425 28,598,250.
x53,665,279 66,269,115 Class A stock
shares of capital stock.
922,600
326,225
Invest. In affil.cos. 673,499
750.827 Class B stock
On Dec. 13 1928, after careful consideration by the directors and acting Adv. to at cos__ 270,000
35,751
21,837
266,600 Div.scrip outst
under the provisions of the bond indenture, the corporation called for Sic. fds. for debs__ 9,971,914
Bonded debt
21,537,627 25,620,280
payment Feb. 15 1929, all of its then outstanding debentures amounting Sink. fds. for bds__
75,000
75,747 Stock of subs, not
to $21,155.500. Proper notice was at the same time given to the effect Deferred charges__ 178,482
921,559
,
owned by Barns. 891,376
219,913
that stock purchase warrants originally attached to these debentures became Cash
570,263
3,431,888 1,974,129 Accrint.,taxes,&c. 576,420
void unless exercised on or before Jan. 31 1929.
Barnsdall stock in
Bills & accts. pay_ 965,383 7,040,100
At the close of business Dec. 31 1928 there had been issued through the
6.258,933y14,450,265
treasury
274,375
274,375 Surplus
exercise of warrants a total of 547,520 shares and the total number of shares Bills & accts. rec__ 2,391,927 1,783,031
of stock then outstanding in the hands of the public was 1,794,451 shares. Inventories
4.454,861 6,545.338
their exPractically all of the remaining warrants were exercised before
piration.
Total
75,387,227 78,159,076
Total
75,387,227 78,159,076
Funds were on deposit with the sinking fund agent on Feb. 15 1929 for
x After deducting depreciation and depletion of $25,044,217. y Of
the payment of all of these debentures. During the year the corporation which
$48,856 applicable to minority stockholdings in subsidiary compaid out of operations its entire bank loan indebtedness, which at the begin-V. 128, p. 561.
ning of the year amounted to $6,000,000. At this time there is no in- panies.
debtedness except bills for current operations and a small balance due on
Engineers Public Service Co.
funded or equipment purchase indebtedness of subsidiary companies.
There are now outstanding in the hands of the public a total of 2,247,063
-Year Ended Dec. 31 1928.)
(Annual Report
shares of capital stock.
A comparative income account and balance sheet for the
Operations.
-The most important development for the corporation during
the year 1928 was the discovery of oil at Elwood Terrace near Santa Bar- year ended Dec. 31 1928 together with a list of directors will
bara, Calif. Barnsdall acquired a one-half interest in approximately 1,400
acres of leases from the Rio Grande Oil Co. Part of the leases were sold, be found on subsequent pages under "Reports and Doculeaving the corporation with a one-half interest in approximately 880 acres. ments." See also V. 128, p. 1053 for our usual comparative
- The first well was completed in July 1928, with an initial production of
-V. 128, P. 1226.
over 2,400 barrels yier day. Since that time, 6 additional wells have been tables.
completed, each of which was drilled deeper into the producing formation
Consolidated Gas Company of New York.
than the previous one, the last one having penetrated the sand to a depth
of 200 feet. This property is not only of great importance to Barnsdall
(Including Affiliated Gas and Electric Companies.)
Corp., but is now recognized as one of the most remarkable oil producing
properties in the world. Full detailed information on this property has
-Year Ended Dec. 31 1928.)
(Annual Report
en heretofore published in the corporation magazine, "Barnsdall."
The report submitted at the annual meeting of the stockDrilling operations of the corporation have been carried on with a view
of protecting its interests in each of the various fields, but no wells have holders Feb. 25 1929 and signed by Pres. George B. Corbeen drilled other than those necessary under lease obligations, and "off- telyou, affords the following:
set" locations.
The following is a combined statement of the assets and liabilities of
Refineries, pipe lines, tank cars and other equipment have been main- the Consolidated Gas Co. of New York and its affiliated gas and electric
tained at a high degree of efficiency, and all charges for up-keep and main- companies, as of Dec. 311928, together with a combined statement of the
tenances are included in operating expenses.
revenues and expenses of those companies for the calendar year1928, with
Conditions in the petroleum industry as a whole continued to be dis- all inter-company items eliminated. To these statements have been added
turbing throughout the year. Progress has recently been made in the a combined surplus account and a combined summary of financial transeffort to balance production and consumption. Production and imports actions for that year. The combined statement of assets and liabilities
during the year were greater than in any other previous year, and stocks and the combined statement of revenues and expenses have been Prepared
of crude oil in the United States at the end of 1928 showed an increase over In such manner as to show comparisons with similar statements of the
the previous year, although additions to crude in storage during the year previous year.
were less than in any other year since 1919, with the exception of the year
Attention is invited to the evidence presented by the balance sheet,
1926. Consumption during the year also increased, with a result that confirming the strength and stability of the company's financial condition.
stocks of crude oil and refined products on Dec. 31 1928, represented fewer This is attributable, not only to the fact that much of thiscompany's
days'supply than at the close of the previous year.
capital stock was issued, in earlier years, at substantialpremiums, but also
Acreage.
-A summary of acreage and wells in which the corporation and to the conservative policy which, for many years. has governed the matter
of dividend distribution, as well as the accumulation, out of earnings which
its subsidiaries owned interests on Dec. 31 1928,follows:
were within the limits of a reasonable return upon the value of the property,
ofsubstantial but prudent reserves as safeguards against uninsurable hazards
Acreage
Oil and
Llnoperated. and vicissitudes. The investment of these resources in gas and electric
Operated.
Gas Wells.
2,071.62 properties gives assurance of the company's ability to maintain, at least,
Arkansas
4,496.30 its present earning capacity.
California
1,284.26
111
From the combined balance sheet showing the,assets and liabilities, it
160.00
Colorado
will be observed that the portion of the capital stocks of the affiliated
Indiana
172.00
13
80.00 companies in the hands of the public, amounts to less than 2-3 of 1% of
Illinois
120.00
22
89,311.18 all of the capital stocks outstanding.
Kansas
2,895.45
136
The affiliated companies are as follows:
215.00
Louisiana
19,733.66 Astoria Light, Heat & Power Co.
New Mexico
United Electric Light & Power Co.
54,848.10 New Amsterdam Gas Co.
Oklahoma
36,415.81
1,732
Brush Electric Ilium. Co. of N.Y.
87.00 East River Gas Co. of L. I. City.
Ohio
3,341.04
New York & Queens Electric Light &
189
Pennsylvania
4,360.50
139.25 Central Union Gas Co.
296
Power Co.
2,993.08
72.281.34 Northern 'union n's o.
Texas
169
Bronx Gas & Electric Co.
3,885.24 Standard Gas Light Co. of the City Westchester Lighting Co.
West Virginia
21,844.93
297
of New Yor .
Northern Westchester Lighting Co.
247,308.69 New York & Queens Gas Co
73,427.07
2,965
Peekskill Lighting & RR.
New York Fdison Co.
National Coke & Coal Co.
During the year, subsidiary companies completed 64 wells, of which Brooklyn Edison Co.,
Municipal Lighting Co., Inc.
46 were oil wells, 5 were gas wells and 13 unproductive. The daily average Yonkers Elect le LAsntInc.
Green Mountain Lake Farms, Inc.
& Power
net production during 1928 was 25,919 barrels as compared with 29,641 Edison Li,sit & Power Installat'n Co. Tarr3rto vn Terminal Corp.
,
Co.
barrels during 1927 and 15,409 barrels during 1926. It is interesting to Consol. Tel. & Electrical Subway Co. Ensign-Reynolds, Inc.
heavy oil class.
note that only 815 barrels per day were in the
meeting of the stockholders held July 18
Capital Changes.
-At a special
The several subsidiary companies produced the following products:
1928, authority was given for an increase in the number of shares of com8,153,811 mon stock, without par value, from 4,320,000 to 12,000,000 shares, and
Natural gas (1000 cu. ft.)
9,486,519 for changing the previously authorized 4,320,000 shares of common stock,
Crude oil-net barrels
17,914.153 all of which were outstanding, into twice the number of shares of the
Casinghead gasoline-gallons
154,968,266 same class, by issuing one additional share of common stock for each share
Refined petroleum products
of such stock, to each shareholder of common stock of record at a time to
Gross sales of all products amounted to $29,084,831.
fixed
committee.
Earnings.
-Net income for the year, after all expenses, including interest beAt the by the executive stockholders authorized, subject to the approval
same
and taxes, was $10,717,092. After deducting depreciation, depletion and of the P. S. meeting, the
Commission, the acquisition of the capital stock of Brooklyn
proportion of earnings
development charges, amounting to 36,669,677 and
stock of this company, by issuing one
due minority interests in subsidiary companies of $7,553 the balance appli- Edison Co., Inc., in exchange for
stock and 2 shares of the common
of
cable to outstanding stock was $4.039.861, equivalent to $3.13 per share on share (as the $5 cumulative preferred each share of the stock of Brooklyn
stock
increased) of this company,for
the average number of shares outstanding for the year, 1.288,592 shares. Edison
1928there had been acquired by such exchange
Co. As of Dec. 31
All drilling and intangible development costs incurred during the year 877,350 shares, or 97.48% of the capital stock of Brooklyn Edison Co. for
In the amount of $1,889,478 were charged off against earnings. Intangible which there had been issued 877,350 shares of $5 cumulative preferred stock
investments, including drilling heretofore capitalized, amounting to $10,- and 1:754.700 shares of common stock of this company.
764,079 as of Jan. 1 1928 were charged off against surplus.
Of the authorized 3,000,000 shares, no par,$5 cumulative preferred stock
During the year the corporation expended for all additions to plant and and 12,000,000 shares, no par, common stock there were outstanding on
uipment, drilling and development $4,732,361 (including the Wolfe Dec. 311928, 2,077,350 shares of $5 cumulative preferred stock and 10.Co. properties acquired for stock) as compared with $13,115,521 in 1927. 394,700 shares common stock, in the names of more than 71,000
stockholders.
Dividends of $1.25 a share were paid quarterly on the common stock for
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
the first three quarters of the year on 4,320.000 shares and of 75 cents a
1927.
y1025.
1926.
1928.
10,370,846 shares. Dividends of $1.25 a share
for
Gross sales and earnings_329,084,831 $28,580,259 $30,344,856 $14,792,299 sharepaidthe last quarter on$5 cumulative preferred stock during the year;
were
quarterly on the
9,512,020 the
Oper. & general expenses 16,298,634 17,123,109 19,196,582
first three quarters being on 1,200.000 shares and the last quarter on
$12,786,197 $11,457,150 $11,148,275 $5,280,279 2,060,240 shares.
Gross income
-The aggregate gross capital expenditures of the
Capital Expenditures.
112,434
71,104
Other income
72,408
294,180
consolidated company and its affiliated gas and electric companies, for
land, plant and equipment, during the year 1928, amounted to $87,918,579.
Total income
$13,080,377 $11,528,254 $11,260,709 $5.352,687
Credits to capital account, due to the retirements of plant and equipment
1,723,391
Interest paid
1.738.159
617,052 from
1,717,365
service, adjustments of previous charges and the sale of real estate.
Federal taxes
304,697
113.166
645,920
aggregated $28,407,771. leaving a net increase of $59,510,808 in the
3,225.135
Depreciation & depletion 4,780,198
5.560.299
1,528,468
investment in land, plant and equipment for the year.
Intang. develop. costs_ - 1,889,478
Tax Burden.
-As in previous years, one of the largest single factors
Prof. applic. to min.int_
7,553
entering into the cost, and hence reflected in the selling price, of gas and
served by the Consolidated Gas Co. and its
Net income
$4,039,861 34,229,796 $6,007,485 $3,094,001 electricity in the territory companies, is the volume of taxes assessed by
Previous surplus
14,450,265 13,349,048 10,253,257 8,372,607 affiliated gas and electric
Federal, State, County and Municipal authorities.
Prem. on sale of cl. A stk
563,700
The taxes charged as a part of the operating costs of these companies,
and, therefore, collected by them from their customers for the aid and
Total surplus
$18,490,126 $17,578,844 $16,824,442 $11,466,608 benefit
of the taxing authorities, including interest on disputed taxes
Loss on mining property
($200,9 8) and taxes charged elsewhere ($113.730), totaled $24,281.943.
written off
986,251
992,288
in 1928. as compared with $22.014,270 in 1927, an increase of $2,267,672 or
Stock disc. & prem. on
upon, and reflected in the companies'
bonds called
169,650
522,531 10.3%. The burden thus imposed total operating costs of the gas and
rates, amounted to over 17% of the
Mint.int. in sur,ofsubs.
electric business. This tax-collecting function thus added 14.24 cents per
disposed of n 1925_
Dr.197,034 thousand cubic feet on the average, to the required rate for gas, and more
applic. to minority
than
cent per kilowatt hour. on the average, to the required rate for
stkholdings n sub.cos.
48,856
electrM energy, throughout the territory served by the Consolidated Gas
Prod drill capital, prior
Co. and its affiliated gas and electric companies.
5,556,383
to Jan 1 1928
-The P. S. Commission has
Effort to Establish Standard Forms of Rates.
Adj. of unprod. prop.
recently instituted State-wide hearings in furtherance of standard forms of
value
5,207.696
together with standard forms of rate schedules
rates for gas and electricity,
Divs, paid minor, stock
regulations. A great deal of progress along these
38,285
holders subsid. cos_
38,310 and applicable rules and
past five years, on the part of the gas and
z1,418,258 2,142,328 2,275,172
455,476 lines has been made during the
Dividends
electric companies of the Consolidated Gas system; and these companies
will co-operate heartily with the Commission in any way desired, in the
$6,258,933 $14,450,265 $13,349,048 410253,257
Profit & loss surplus
Presentation of the facts underlying their experience with various rate
Shares of capital stock
1,137,661
910,952 forms.
outstanding (par 325)_ 1,405.426
1,169,850
Departure from the "flat" or "straight-meter" rate has proved to be
$2.87
$5.28
$3.61
$3.39
Earns.per sh.on cap.stk.
greatly to the advantage of users of gas. The optional rates which were
x Of which $184,648 applicable to minority stockholding in subsidiary initiated by the gas companies connected to the Consolidated system have
,
companies. 3 These earnings do not include those of Waite-Phillips Co. justified themselves and have developed data which will guide further
improvements in rate structure.
acquired in 1925. z Includes $731,261 paid in stock on Feb. 16 1928.
m
MAR. 21929.]
FINANCIAL CHRONICLE
The desirable trend towards uniformity in rates and regulations, on the
part of the affiliated electric companies, has already manifested itself in
several directions. Further advance would follow simplification in the
corporate structure.
Sales, &c.
-The gas sales of the Consolidated Gas Co. and its affiliated
gas companies for the year 1928. amounted to 43161,466.900 cubic feet,
an increase over the year 1927 of 658,263,100 cubic feet, or 1.55%. The
affiliated electric companies sold 3,462,789,883 kilowatt hours of electric
current, an increase over 1927 sales, after giving effect to the Brooklyn
Edison Co., of 387,680,667 kilowatt hours, or 12.61%. The Bronx Gas &
Electric Co. obtained the greatest percentage of increase in gas sales, or
24.56 over 1927. The same company also obtained the greatest percentage
of increased electric sales, which was 34.04 over 1927.
The total number of gas-meters of the Consolidated Gas Co. and its
affiliated companies in use at the end of 1928, was 1,125.819. The total
number of electric-meters of the affiliated companies in use at the end of
1928, was 2,256,386.
All of these gas and electric properties have been maintained in
repair and at the highest point of operating efficiency, at a costexcellent
of $17.834,418 for repairs and $12.547,417 for renewals, or a total cost of $30,381,835: thus insuring a uniformly satisfactory quality of gas and electricity
and their economical production and distribution.
COMBINED EARNINGS STATEMENT FOR CALENDAR YEARS.
1928.
1927.
Variation.
Gross operating revenue
$212.594,530 3199021,653 $13,572,877
Operating expenses
*105.347,893 102.825,325 2,522.568
Retirement expense
11.098.043 9,281,286
1.816.757
Taxes
23,967,264 21.664,561 2,302,703
Net earnings
$72,181,330 165.250,481 $6,930,849
Non-operating revenue
1,111,194 1,551,069
:439,875
Non-operating revenue deductions_
164,901
201.306
x36,404
Non-operating income
1389
c Shares of the par value of $100 each, 29,214 in 1928 and 906,564 in 1927
shares having no par value, 6,092 in 1928 and 6.160 in 1927.
d Includes notes and loans payable, $13,500,000; real estate mortgagee.
$412.500; consumers' deposits, $10.497,249; disputed taxes, $2,870,419.
e Figures shown above as of Dec. 31 1927, have been amended from
those heretofore reported to include, as of that date, the assets,
reserves and outstanding stock of the Brooklyn Edison Co. Inc.liabilities.
f Includes $73.370,454, representing the net investment in land, plant
'
and equipment during the 12 months ended Dec. 31 1928. $33,011.873.
representing the variation between the cost of acquisition and the par or
stated value of securities of affiliated companies reacquired, less a credit
of $13.859,646 representing an adjustment of the fixed capital account of •
one of the affiliated companies, made in compliance with an order of the
P. S. Commission.
g Includes 35.339.717 representing unamortized debt, discount and
expense and property abandoned and 310.200.000 representing suspense
to be amortized in compliance with an order of the P. S.CommIssion.-Y.
127. p. 2361.
Brooklyn Edison Company, Inc.
(Annual Report
-Year Ended Dec. 31 1928.)
President Matthew S. Sloan says in part:
On May 15 1928 the Consolidated Gas Co. of New York entered into
an agreement with the stockholders of this company to acquire not lees
than 70% of the capital stock of this company, on the basis of one share
of its $5 cumulative preferred stock and 2 shares of its common stock for
one share of the stock of this company. The offer was subject to the approval of the stockholders of the Consolidated Gas Co. and of the Publics
Service Commission. This approval was duly given; and at the close of
business on Dec. 31 1928, 97.5% in amount of the stockholders of this
company had taken advantage of the offer and had exchanged their stock
for that of the Consolidated company.
This offer of the Gas company was limited to Dec. 31 1928; but that
company is not disposed to deprive any Brooklyn Edison stockholder
of the privilege, if the delay in making the exchange is satisfactorily explained, though the Gas company is of course at liberty to impose such
terms as it may deem reasonable in giving its consent to any further exchange of stocks in the future.
Effective Oct. 1 1928. a revision was made in the charges added to
electric service bills on account of the variation in the price of coal. This
resulted in the elimination of coal charges entirely from the bills of about
99% of the users of Brooklyn Edison service. All household users of
current and retail stores participated, while the charge was reduced to
large users of current and wholesale customers.
$946,293 $1.349,763 :$403,470
Gross income
373,127,623 $66,600,244 36.527,378
Interest on funded and unfunded debt 13,535,071 14.290,087
x755.016
Surplus earnings
Dividends Paid: On Consolidated$59,592,552 $52,310,157 $7.282,395
Gas Co.'s Stock:
Common
$23,978,135 $20,689,462 $3.288,673
$5 cumulative preferred
7,075.300 3,723.095 3,352.205
6% cumulative participating pref..
525.057
x525.057
On affiliated companies' stock
5.523,417 6,632,656 x1.109.239
Balance carried to surplus account_323,015,700 320.739,886 $2,275,813
•Includes maintenance
17,834,418 18,130,786
x296.368 COMPARATIVE CONDENSED INCOME ACCOUNT FOR CALENDAR
x Decrease.
YEARS.
Note.
-The figures shown above for 1927 have
1928.
1927,
reported for that year to include the revenues andbeen amended from those
1926.
1925.
expenses of the Brooklyn Gross operating revenue.$40,139.495 $337.015.599
Edison Co., Inc.
334,020.871 $29.791,801
Gen.exp.& uncoil. bills_ 15,111.924 14,751.478 13,702.720 12.451.153
COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR
Maintenance
2.326,526 2,402.473 2,315,252 2,080.218
1928. Retirement expense
3,293,004 2,779.711
2,447,670 2,090,634
Credit balance Dec. :31 1927
4,970.000 4,700,000 4.173,819 3.385.000
Surplus earnings for the 12 months ended Dec. 31 1928 in*$182,944,154 Taxes
excess of dividends paid
23,015.700 Net oper. income
$14.438,042 112.381.936 311,381.411 19,784.796
Net non-oper.income
220,960
183.159
95.500
202.456
Total
$205,959,854
Adjustment of fixed capital by order of Public
Gross income
314,659.002 312.565,095 $11,583,867 $9,880,296
Service Commission
3,306,018 Deduct--Int.on fund. dt. 2,311,560 2,310,652 2,310,160 2,302,310
Appropriations for contingencies
802,790
Int. on unfunded debt
63.066
51.453
96,395
54,113
Employees' profit sharing
633.487
Bond disc. written off121.669
121.668
121,669
121,650
Miscellaneous items (net)
371,791 Dividends (8%)
7,199.726 6.578.070 5,967,076 4,791.978
Employees' profit share..
633.487
550.864
458,254
Credit balance Dec. 31 1928
368.419
$200,845,768 Contingencies
•The figure shown above has been amended from that shown
802,790
740,311
680,417
595.836
for the year 1927 to include the Brooklyn Edison Co., Inc. in the report
526.704 2,167.133 1,992,179 1.648,650
Surplus for year
(CONDENSED SUMMARY OF FINANCIAL TRANSACTIONS FOR Net surplus deduction._ 3
br.7.026 Cr.273.801 0%49,899
118.570
THE CALENDAR YEAR 1928.
Previous surplus
12.401.398 9,960,464 7.918.387 6.388,307
Resources
-Cash balance Dec. 51 1927
Surplus at end of year-$15,921.076 $12,401.398 39.960,464 $7,918,387
*325.246,851
Balance of earnings carried to surplus account
23,015,700 Shares of capital stock
Increase in reserve for contingencies
outstanding (par $100)
900,000
900.000
749,938
730 102
532.790
Increase in reserve for insurance and miscellaneous reserves_
$13.51
$11.15
$12.13
$10.01
408,068 Earns, per sh. on cap.stk
Capital stock issued by Consolidated Gas Co. in exchange for
capital stock of Brooklyn Edison Co., Inc.:
COMPARATIVE CONDENSED BALANCE SHEET DEC. 31.
1.754,700 shares of common at $23.3134 per sh_
1928.
1928.
1927.
1927.
877,350 shares of preferred at $91 per share_ --- 340,908.023
79.838.850
Liabilities
AMU-$
$
Fixed capltal___162,428.312 148.606,472 Capital stock__ 90.000,000 90,000,000
Total
$120,746.873
4,659,396 11,807,083 Prem.on cap.stk.
Cash
10,542
10.542
Less, par value of 877.350 shares of Brooklyn
Accts.receivable 2,873.953 2,766.868 Underlying mtge
Edison Co. stock reacquired
87,735,000
Notes receivable
11,951,000 11,951,000
5,859
bonds
Int.& divs.reeelv
13.888
23,915 Gen.mtge.bonds 33,500,000 33.500.000
Total
$33,011,873
Materials&supp 1,937,393 1.942,566 Gemmtge.bonds
Stated value of 68 shares of United Co. stock
Prepayments___
50,471
2,185
40.088 called
3.235
reacquired
3,400
Inv.In affil. cos_
404,470 1.205,030 Accts. payable_ 1,317,481 1,395,296
33,008,473 Misc.Invest.--6,270
6,270 Cons. deposit
1,274,411 1,078.946
Temporary loses and advances recalled
25,700,000 Pension fund_...
611,435
576,296 Mat.int. unpaid
961,823
960,961
Borrowed from banks
313.500.000
Ins. partic. fund 1,107,401
983,152 Divs. declared
15,920
23.800
Increase in other unfunded debt
1,014,317
Sec. dep. with
Mat.debt.un pd.
6,200
6,200
14,514,317
State Ind.Com
115,000
99,000 Accrued interest,
Decrease in miscellaneous investments
377.774 Other funds____
22,116 taxes,
18,101
2,680,072 2,439,284
Spec. depos. for
Retirement res- 8,392.684 7,145.893
Total
$122,803,973
int. diva., &c.. 1,021,221 1,036.013 Casualty& workAppropriation of Resources
Unamort. debt
men's comp.
Net investment in land plant and equipment__-- $73,370.454
d tact.and exp. 1,520,472 1,642,141
591,256
561.943
reserve
Less, adjustment of fixed capital per order of
Misced.suspense
100,575
110,193 Ins. par. res. fd_ 1,107,401
983,152
Public Service Commission
13.859.646
Contingency res. 8,627,785 7,824.995
611,435
Miscell. reserves
576,296
Variation between the cost of acquisition and the par value of $59.510,808
Miseell. unacIL
capital stock of Brooklyn Edison Co., Inc., reacquired
33.011,873
3,811
3.399
credits
Excess of retirements over amount reserved therefor
1.166.576
P.& L.surplus_ 15,921,076 12,401,398
Miscellaneous items in profit and loss account (net debit)_...._
5,114.086
Variation in current assets and liabilities
4.277,698
176,874,221 170,867,203 Total
Total
176,874,221 170,867,203
-V.127. p. 2226.
Total
$103.081.041
Cash balance Dec. 31 1928
$19.722,932
•The figure shown above has been amended from that shown in the
report
for the year 1927 to include the Brooklyn Edison Co., Inc.
COVIBINED BALANCE SHEET DEC. 31.
[Consolidated Gas Co. of New York and Affiliated Gas dr Electric
Cos.I
Assets1927.e
1928.
Variation.
Plant & equipment (incl. land)_ 3989,186,766 $896.664.086f$92.5
22,681
Investments
8,571,264
8.949,0:39
:377.774
Temporary loans & investments
25.700.000 125.700.000
Cash
19,722,933
25.246,851 15.523,919
Accounts receivable
28.093,315
30.346,697 12,253.383
Materials & supplies
19,626,450
20.985.343 11,358,893
Deferred charges-g
15.539,717
5,875,649 9,664,068
Total
31.080.740.446 31,013.767,665 366,972,781
Liabilities1928.
1927.
Variation.
Capital stock outstanding Consolidated Gas Co. Common a 3312.907,258 3271.999,235
340,908.023
$5 cumul. preferred b
189,038,850
109.200,000 79,8.38,850
Affiliated companies_ c
3,226,021
90.964,421 1
87.738,400
Funded debt, Consolidated Gas
debentures
Co.
50,000,000
50.000.000
Affiliated companies
191.095,790
191.095.790
Unfunded debt_ d
27.280.169
12.765,852 14,514,317
Accts. payable & accr. charges29,274,359
27.500.264
1.774,095
Reserve for insurance
5,097,854
4,7 5,984
341.870
retirements
Reserve for
11,158.660
12.325.237 11,166.576
Reserve for contingencies
59,600.736
59,067.946
532.790
Miscellaneous reserves
1.204,438
1,138,240
66.199
Premium on capital stock
10.542
10,542
Surplus
200,845.768
182.944.154 17.901.614
Total
$1,080,740,446 31,013.767,665 366,972,781
:Decrease.
a Shares having no par value, 10,394.700 in 1928 and 4,320,000 in 1927.
Is Shares having no par value, 2,077.350 in 1928 and 32,00,000 in 1927.
Goodyear Tire & Rubber Co., Akron, Ohio.
(Annual Report
-Year Ended Dec. 31 1928.)
P. W. Litchfield, President, Feb. 11 wrote in substance:
The year just closed has been one which in volume and value of total
sales has surpassed the best previous record of your company; it has seen
a sharp acceleration in the accustomed march of your compay's progress,
with plants operating to capacity throughout the year, practically all on
a 24 hour per day basis. Total unit sales of tires, our principal product,
increased more than 32% over 1927
-an increase exceeding in percentage
any accomplishment of your company in recent years.
Consolidated Net Sales were 3250,769.209, an increase of $28,590.669
over 1927 notwithstanding the lower selling prices prevailing in 1928.
Total Net Profit credit to surplus amounted to $13,327,843. This is equal
(after dividends of $5.596,071 paid on preferred stocks) to $7.31 per share
of the amount of common stock of the company outstanding (Inc ding
stock subscribed for but unissued) at the close of the year, or $8.83 per share
of the average amount outstanding (including stock subscribed for but
unissued) during the year. This total profit is arrived at after providing
19.473.998 for depreciation, after taxes, interest, premium and discount,
and after deducting profits of subsidiary companies applicable to stock
not held by company. The profitincludes,however.$2,500,000appropriated
from $6,250.000 of special reserves created out of profits in previous years
in anticipation of abnormal fluctuations in raw material prices. Directors
deemed it proper to appropriate this amount in view of the drastic decline
in the value of crude rubber during the first half of the year.
Inventories of raw material, as well as the rubber and cotton content of
finished goods, are valued at cost or market, whichever is lower.
Cash and Call Loans total $27,667.224, and the ratio of current assets CO
current liabilities is 7.9 to 1.
Funded Debt decreased during the year by $8,302,000, principally by
reason of retirement at maturity of the balance of the company a 3
-year
5% gold notes.
First Preferred Stock outstanding increased during theyear by 23.935
shares issued in exchange for 19,148 shares of preferred stock. 7,987 shares
offirst preferred stock were cancelled through operation of the sinking fund.
tCommon Stock increased during the year by 207.602 shares issued in Nov.
to common shareholders at $50 per share, and by 20,000 shares subscribed
for (under the employees stock plan) but not yet issued. Of the consideration received on account of the common shares so issued and subscribed,
$1 per share was set up as stated capital and the balance as paid-in capital
surplus.
ilfReserves not earmarked stand at $3,750.000 (after appropriation of $2.500.000 last year as explained above), and are available for future raw material adjustments or other contingencies not now forseen.
Adjustments Affecting Goodwill and Patents, Stated Capital of First Preferred
Stock and Surplus.
At Dec. 31 1927, the consolidated surplus stood at $25,589,105. Of
that(amount $15,314.275 was represented by 55.000.000 appreciation in
value of properties prior to 1921, and $10,314,275 balance of valuation
placed upon goodwill, patents and certain other assets when the company
was reorganized as of March 1 1921. Under Ohio law that part of surplus
arising from such appreciation and valuation may not be regarded as
available for the payment of cash dividends. Accordingly, and with a
view to simplification and improvement of the 1928 Balance Sheet presentation and a clearer exposition to stockholders of the corporate financial
situation, your directors have made several major book adjustments. The
valuation of goodwill and patents has been written down from $10,209,275
to the nominal amount of $1 out of surplus arising from appreciation and
valuation as above indicated. An additional $5.000,000 of such surplus
has been added to the stated to the stated capital of first preferred stock,
together with $10,710,645 of surplus paid in on sale of common stock, and
the
$285,390 of earned surplus, a total of $15,996.036, thereby increasingThe
amount of the stated capital of first preferred stock to $100 per share.
is to have the stated capital of the no par value
purpose of this increase
Brat preferred stock, heretofore carried at $80 per share, more nearly coincide with its redemption values. After making these adjustments, the
consolidated surplus stands at $19,344,736. It is believed that these changes
will appeal to stockholders as a decided stepin the direction of constructive
and conservative accounting.
-As of Dec. 31 1928, after making the book adjustments
Asset Ratios.
mentioned above, consolidated net current assets amounted to $87,905,786
and consolidated total net assets to $101,009,013 as against $59.985.131
and $99,975,219 respectively required by the provisions of the first preferred
stock as a condition to the right of the company to pay dividends on the common stock. The similar requirement of the first mortgage & collateral
trust bonds, as to consolidated net current assets, is $58,881,000. The
management is glad to be able to report that the company's assets are now
built up to where these ratio requirements are fulfilled.
-The profit showing for 1928 is considered by the manageGeneral.
ment as satisfactory in the face of the large losses incurred earlier In the
year by company,as well as by the industry generally,incident to the drastic
decline in the market price of crude rubber.
The cash position as at December 31 will be reduced materially by spring
through expenditures for new construction now under way and by seasonal
acceleration in the business.
The proceeds of common stock issued in November wore issued for the
-year gold notes at their maturity and to reimburse the
retirement of the 3
treasury in part for expenditures for the increase of manufacturing capacity
The common stock financing has had the incidental effect of enhancing
the already fine credit position of the company, of raising the ratios of
assets to the level required by the senior securities as a condition to the
payment of dividends on the common stock, and of improving the general
Investment character of the first mortgage and collateral trust bonds and
the preferred stocks.
The demand for Goodyear products all over the world has continued to
grow to such an extent that at times during 1928 we have been unable to
fill all orders, notwithstanding the establishment of tire plants in England
and Australia in 1927. In this situation, the Directors decided to expand
moderately all existing plants at home and abroad and to establish a new
tire plant in the industrial South in the operation of which it is believed
substantial economies can be effected. Our thoroughly satisfactory experience with the Canadian and California companies established some
years ago, which have grown to be the dominant tire companies in their
respective territories and which are now contributing substantially, both
by way of profits and prestige, to the growth of greater Goodyear, encourages us to believe that our newest venture into the Southland will
prove a wise one.
A site for the new Southern plant has been selected at Gadsden, Ala.,
and the whole program ef plant expansion as authorized by the board is
now being carried out and upon completion will bring the total plant
canacity up to 93,000 tires and tunes daily.
The five cotton mills in the United States and Canada, owned by subsidiary companies, operated to full capacity throughout the year and in
part supplied the Goodyear requirements for tire fabric at favorable costs.
Since our last tire fabric manufacturing unit was established early in 1926,
the company's requirements for fabric have grown proportionately to the
growth of its sales output with the result that the percentage of our selfcontainment in respect of this important raw material is now not nearly
so great as it was. We are therefore giving consideration to the advisability
of further increase in our fabric manufacturing capacity.
The rate of growth of the company's overseas business last year exceeded
even that of the company as a whole, reflecting the very rapid increase
that is taking place in motor transportation in foreign countries. The
new tire plants in England and Australia are now in full production.
In the aeronautical field, real progress has been made during the past
year. Goodyear-Zeppelin Corp. secured contracts to build for the United
States Navy Department two large airships, each more than two and onehalf times the size of the hos Angeles. A plant in which to carry on this
work, 1,200 feet long by 325 feet wide by 200 feet high, is now being built
at Akron. It is believed that these ships will represent an important contribution to the rapidly developing art of aviation by demonstrating the
practicability of trans-oceanic air transportation. In the summer season
Just ahead,several small airships operating here and there about the smuntry
will testify to the American public of Goodyear's interest in aviation.
AND
EARNINGS FOR CALENDAR YEARS.
Earns Before
Net Earns
Int. &
After all
Charges but after
Charges A
Fed. Tax. &
Net ConsoliReserves.
Res.
dated Sales
$4.388,499
$122,818.947
6.507,245
514.007.241
127,880,082
12,161.540
19.205,545
138.777.719
13,605.899
19.999.280
205,999.829
8,799.139
16.438.890
230.161.356
13,135.666
19.589.621
222.178,540
13,327.843
19.567,387
250.769,209
RECORD OF SALES
1922
1923
1924
1925
1928
1927
1928
[VOL. 128.
FINANCIAL CHRONICLE
1390
INCREASE IN MANUFACTURING EFFICIENCY. Output
est- P__
Net Int__
Output
Output
Gross Investntent in ?tam Dollar
per Gross
all
in Plant
of Plant
(After
Dollar of
Products
(at Original
Deprec.). (Lbs.).
Year- (Lbs.).
Cost).
Plant (Lbs.).
2.5
$82.256,788
2.0
1922 -206.972,326 $102.010,406
3.0
78.074,529
2.3
1923 -----36.478.374
100.782,326
3.3
78.668,285
2.6
101.919,586
1924 -- _259,840,982
4.4
80.293,237
3.4
1925 - _ - _355.398,520
105.677,897
4.4
83,128,708
3.2
112,796.495
1926 -383,237.962
5.1
84.4e1.586
3.6
120,654.675
1927 .._.431.166.000
13.8
84,549.655
4.5
1928 _ _ _ _574.560.305
127.105.719
-YEARS ENDING DEC. 31
CONSOLIDATED INCOME ACCOUNT
(INCL. SUB. COS.)
1926.
1927.
1928.
5
5
$
Net sales: (returns, discts., freights,
allowances and inter-company sales
250.769,209 222.178,540 230,161,357
deducted)
Deduct: Mfg. cost and charges (incl.
,
deprec.) selling,administrative and
general expenses, and provision for
a233,000.969 200.313,920 215,240,428
Federal income taxes
Operating profit
Add: Other income
17.768,240 21,864.620 14,920.930
1,517.962
1,225,001
1,799.147
Tot.profs.before hit. & other chges- 19,567.387 23,089,621 16,438,890
Deduct: Int. and other charges:
4,991,555
Int. on funded & miscellaneous debt 4,059,884 4,144,787
Proportion of discount on funded debt
and premium on bonds, debentures
1.344,743
884.495
357,258
and first preferred stock
15,150.244 18.060.339 10,102.591
Total profits for year
Deduct:Profits of subsidiary companies applicable to stocks not held by
Goodyear Tire & Rubber Co:
943,834
1,148,347
Current diva, on pref. & coin. stirs_ 1.394,802
359,621
276,325
427.599
Equity in undistributed earnings
Deduct:
3,500,000
Reserve for commitm's & coating's.
8.799.139
Balance of profits carried to surplus 13,327.844 13.135.667
25,589.105 30,705,014 30,649,326
Add: Surplus, Dec. 31
Surplus pale' in on sale of com.stock_ 10.710.645
Unused balance of tax reserve created
1,518,522
prior to 1921
51.146.116 43.840,681 39,448,458
Total
Premium,disct. & redemption charges
on 1st mtge, bonds. debs,and prior
preference stock incident to refinancing and extraordinary legal and
9,606,196
other expenses
Reserve for loss on liquidation of sub3.000.009
sidiary properties
5.645,380 8.743,444
Divs.of Goodyear Tire & Rubber Co- 5.596.071
Amounts tiansierred from surplus to
_ _ _ 15.996,036
stated capital-1st pref. stock_
10.209,274
Good-will and patents charged off
19.344.736 25.589,105 30,705,014
Surplus at Dec. 31
830,734
830,249
Shs, of com.stk. outstanding (no par) 1,037.199
$3.78
39.02
$7.31
Earnings per share
a And after charging excess cost of rubber and cotton to the net amount
special ..aw material reserve previously created therefor.
of $2,500,000 to
TIRE &
CONSOLIDATED BALANCE SHEET DEC. 31 (GOODYEAR
RUBBER CO. AND SUBSIDIARIES).
1927.
1928.
1927.
1928.
$
$
Liabilities$
Arms$
1st pref. stock__ 79,980,175 62,708,800
Land, buildings,
456.500 2,371,300
mach.3zequlp.a84,549.654 84,461,586 751, pref.stock__
Investments ___ 4,252,562 b3,975,326 Common stock_ x1.227,602 1,000,000
Inventories. _ __ 68,736.251 68.753.686 Sub. cos. stk.not 18,738,342 18,233,644
owned
Accts. and notes
receivable __c22,129.113 17,891,188 Funded di. (co.) 58,881,000 67,183,000
Call loans
16,100,000 13,940,400 Funded debt of
. 10,024,878 11,081,0E11
subsidiaries .
Cash
11,567,224 10,069,348
Accts. and Fed.
Good-will, pattaxes pay_ _ __ 13,324,637 12,493.757
1 10,314,275
tints. Ike
906.374 1,001,964
Deferred charges 3.451,745 3,964,492 Accr. dIvs.dt int.
Drafts for rubber
738,980 1.500.839
on transit_ __ _
500.000
889,357
Res.for pensions
Res. for canting. 3.750,000 6,897,829
raw mateSpec.
2,750,000
rial reserve__
Misc. reserves.. 2,523.984
19.344,736 25,589.103
Tot.(ea.side)210,786.552 213,310,301 Surplus
a Less depreciation of 542,556064. b Company's securities, including
cash deposits with trustee in anticipation of debenture bond sinking fund
requirements, $536,145; land sales contracts and mortgages, 52.424941;
pension trust fund. $889.357; miscellaneous investments and securities.
ne
5402.119. c Lem reserves of $4.420,246. it Represented by 1.0.39.199
par 'Maros.
-V. 128, p. 1063.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-About 11.000 mechanical employees
Union Pacific Raises Pay of 11.000.
of the Union Pacific System have received wage increases of from 21.
cents an hour. The advance, it was said, would mean an annual payroll
Increase of $1,000.000. N.Y."Times".Feb. 28, p. 27.
New Haven Increases IVages.-New York, New Haven & Hartford
RU. announced Feb. 26, an increase of 4 cents an hour in wages for more
than 5,800 mechanics working in the shops in New Haven. N. Y. "Sun"
Feb. 26, p. 40.
-The question of the constitutionality
Rail Rates Taken to Supreme Court.
of the Hoch-Smith resolution on railway rates has been brought before
the U. S. Supreme Court as a final move by the railroads. The appeal WWI
taken on an order by the 1.-S. C. Commission directing a reduction of
about 8% in rates on perishable fruits from California to different points.
The appeal is front a decision by the U. S. District Court for the Northern
District of California. N. V. "Times" Feb. 24.
Surplus Freight Cars.-Olass I railroads on Feb. 7 had 245.907 surplus
freight cars in good repair and immediately available for service, the car
This
service division of the American Railway Association announced. there
was a decrease of 32,306 cars compared with Jan. 31, at which time
on Feb. 7 totaled 83,968, a decrease
were 278.213 cars. Surplus coal cars
of 8.275 cars within approximately a week, while Burping box cars totaled
115.945, a decrease of 21,014 cars for the same period. Reports also showed
23,598 surplus stock cars, a decrease of 1,059 cars under the number reported on Jan. 31, while surplus refrigerator cars totaled 10,555.a decrease
of 1.040 for the same period.
Matters Covered in "Chronicle"of Feb. 23.-(a) Gross and net earnings of
,
D. S. RR's for the calendar year 1928 (editorial) p. 1119. (b) Baltimore &
-S. C. Commission-plan involves
Ohio RR. submits unification plan to I.
miles of road, p. 1130.
15 ro, ads--preposesi system would embrace 13,815 plan to 1.-S. C. Cornsubmits new unification
ec Chesapeake & Ohio By.
permit company to acquire
ion for approval-new system would
complete control of 11 roads and joint control of 9 others-13,148 miles of
road Involved, p. 1134.
-Earnings Increase.
National Railways.
Canadian
ALL-TIME GOODYEAR PRODUCTION.
An official statement of earnings and expenses for the year 1928 shows
As a result the net
The figures below show the yearly Goodyear output of pneumatic tires for an increase of nearly $13.000,000 in net earnings. total of $58.383,578
motor vehicles. It is of interest to note that 56% of the output since famine.s of the system for the past year reached a
over those of $45,400,690 in 1927. an increase of 012.982,887. or 28.60%.
inception of the company was manufactured within the last five years.
The statement excludes the Maritime region-those lime of the Canadian
Tires.
Tires. Through Year
Tires. I Through Year,
Through Year
Levis. Que.. and Diamond Junction and the Central
6,813.3.140 National east
420,255 1920
4 476 1911
902
subsidiary.
.
t s
5.152,503
1,084,134 1921
7.781 1912
1903
The Canadian National Ry.'s gross earnings in 1928 amounted to
7.887,243
1,281,487 1922
6,66611913
1904
9,119,335 $276,631,921, compared with gross earnings in 1927 of 5248.716.374.
1923
• 1914
1.788,484
12,626
1905
1928.
10.056.437 This is an increase of $27,915,547. equivalent to 11.22% for system were
2.656,588 1924
23,712 I 1915
1906
During the 12 months of 1928 working expenses of the
12.458.144
4.118,399 1925
28,307 I 1916
1907
13.781,714 5218.248.344, an compared with a total of $203,315,684 during 1027. an
5.880.554 1926
35.282 1917
1908
16.002.630 Increase of 514.932.659. or 7.34%.
3.790,212 1927
94,200 1918
1909
ilocattse of these favorable financial conditions the operating ratio of
21,577,491
8,137,353 1928
261,888 1919
1910
the system during 1928 was reduced to 78.89% in comparison with 81.75%
132.631.031 for 1927.-Y. 127, p. 3:393.
AU-Time Total
MAR. 2 1929.)
Alabama Great Southern RR.
-Earns.for Cal. Years.
Operating RevenuesFreight
Passenger
Other revenue
1391
FINANCIAL CHRONICLE
Cleveland Union Terminals Co.-Bal. Sheet Dec. E31.
-
1927.
1926.
1928.
1925.
$7,661,620 $7,801,151 $7,930,420 $7,799,556
1,762,921
1,906,171
1,995,014 2,000,339
652,171
685,769
673,730
633,376
1927.
1928.
1927.
1928.
LiabilitiesAssets$
$
$
$
Capitalstock
Invest. in road &
10,000
10,000
43,898,124 31,842,154 Long-term debt.. 41.831,500 36,970,800
equipment
Gen.expenditures 10,830,330 8,215,458 Non-nego. debt to
Total oper.revenues-410,110,310 $10,359.494 $10.599,163 $10,433,271 Sinking funds._
144,142
37,340 attn.cos_ _
14,860.000 4,300.000
Operating Expenses222,979 Audited accts. dr
Current assets...._ 1,287,949
Maint. of way & struc__ $1,613,945 $1,589,464 $1,446,983 $1,345,526 Deferred assets _
75
50 wages pay.
2,039
24,118
Maint. of equipment-- 1.966,522
1,974,576 2.074,152 1,883,124 • Unadjusted debits. 1,625,699 1.583,920 Int. matured dc
Traffic
252,600
267,351
unpaid
256,765
255,060
12,045
78,788
Transportation
2,947.233 3 156,395 3,190,294 3,100,422
Unmat.int. accrued 533,750
477,500
Miscellaneous opara'ns}
90,597
88,920
Other cur.Rah__
81,242
500
1,500
General
368,233
276,683
280,625
Total(each side) 57.786,320 41.901,902 Other deferred nab 514,406
285,785
61,274
Transport, for inv.-Cr
7.239
1,127
9 -V.127, p. 3701.
Total oper. expen.ses_ _ $7,163,284 $7,333,077 $7,336,614 $6,951,150
Detroit & Mackinac Ry.-Preliminary Earnings.
Net,rev,from operations 2,947,026 3,026,417 3,262,549 3,482,122
1927.
1928.
Calendar Years1926.
1925.
Taxes
700,280
753,996
773,201
717,973
$1.668,742 $1,626,388 $1,625.950 $1,697,189
Uncollectible revenues...
1.373
841
2,350
3,274 Gross income
1,517,544
1,562,040
1.630,294
Hire of equipment
Or495.098 Cr.438,981 Cr.401,235 Cr.413,061 Expenses, taxes, &c_..-- 1.371.096
Joint facility rents
156,437
148,864
159,770
174,655
$108,844
Operating income_ _ - _ $297,646
$63,910
$66.890
32,442
46,711
70,266
142,549
Operating income.. _ _ _ $2,538,423 $2,607,308 $2,728,463 $2.999,281 Equipment rents, &c_ - _
Non-oper.income
625,461
584,823
676,755
641,301
Net operating income_ $330,088
$155,555
$134,176
$209,439
20,821
18,027
13.720
7,511
Grossincome
$3,123,246 $3,232,769 $3.405,218 $3,640,581 Other income
Interest on funded debt)
1471,597
475,944
475.914
$173,582
Total income
$350,909
$147,896
$216,950
int. on equip. obliga'ns1
525,862
1112,182
123,374
138,277
117,166
118,044
118,122
116.659
Rents, &c
27,225
31,041
33.439
28,011 Interest, rents, &c
Net income
$233,743
$55.538
$29,774
$100,291
Net corporate income.. $2,566,342 $2,621,764 $2,772.462 $2,998.348
Preferred dividends__ _ _
473,249 (13)439,445 (13)439,445 (7)236,625 -V. 126, p. 3292.
Ordinary dividends
1,096,200(13)1,01i .900(13)1,017,900 (7)548,100
-Preliminary Earn.
Detroit Toledo & Ironton RR. Co.
1928.
1927.
1926.
Calendar Years1925.
Bal. carried to credit
$11.107,836 $8,671.353 $12,891,530 $13,911,371
Gross earnings
of profit and loss_ _ _
$996,893 $1.164,419 $1,315,116 $2.213,623
7,644,342 7,391,333 9,554,604 9,021,293
Expenses, taxes, &c..
Earns, per share on 224,Equipment rents, &c_ -827.895
644,097 1,261,651
1,275,434
207 comb. pref. & ord.
abs. (par $50)
$11.45
$12.36
$11.69
$13.37
Net operating income- $2,635,599
$635,923 $2,075,275 $3,614,644
-V. 127, p. 3537.
83.062
61,974
Other income
91,589
144.595
Bangor & Aroostook RR.
-Trackage Rights.
The I.
-S. C. Commission on Feb. 14 issued a certificate authorizing the
company to operate, under trackage rights, over a line of railroad of the
Maine Central RR., between Northern Maine Junction and Bangor, a
distance of 6 miles, aR in Penobscot County, Me.
-V. 127. p. 1386.
Carolina Clinchfield & Ohio Ry.-Preliminary Earns.
Calendar Years1928.
Gross revenues
$6,870,121
Expenses., taxes, &c_ _ _ 5,081,791
1926.
1927.
1925.
$7,920,044 $8,282,199 $8,759,853
6,005,406 6,085,844 6,487,398
Operating income.. _ _ _ $1,788,330 $1,914,638 $2,196,355 $2,272,455
Equip., rents, &c
1,212,100
1,340.391
1.317.598
989,984
Net operating income_ $3,000,430 $3.255,029 $3,513,953 $3.262.439
89,684
Other income
115,472
114,727
332,029
Total income
Interest, rents, &c
Net income
-V. 126, p. 1806.
$3,115,902 $3,344,713 $3,628,680 $3,594,468
2,510,335
2.352.265 3.755,700
2,300,183
$992,448 def.$127.020 $1,294,285
$605.567
Central of Georgia Ry.-New President.
A. E. Clift has been elected President, with headquarters at Savannah,
Ga..succeeding J. J. Pelley, resigned-V.128.P.554.
Central RR. Co. of New Jersey.
-Preliminary Earnings.
Calendar YearsGross income
Expenses
Taxes, &c
1928.
1927.
1926.
1925.
$58,002.057 $58,745,712 $60,171,118 $35,092,100
42,122,160 43,344,247 45,993,621 41.388,145
5,076,777
3,752,273 4,858.672 4.569.753
Operating income.. _ _ _$10,803,120 $11,649,192 $9,318,825 $9,134,202
Equip., rents, &c
1,418,063
1,265,539
1,267,290
1.380,740
Net operating income_ $9,385,057 $10,383,653 $8,051,535 $7,753,462
2,649,956
Other income
1,684,808 2,339,617
1,838,611
$12,035,013 $12,068,461 $10,391,152 $9,592,073
Total income
5,983.303 6,595.857 6,022,392 5,995.955
Interest, rents, &c
$6,051,710 $5,472,604 $4,368,760 $3,596,118
Net income
3,292,416 3.292,416 3.292,416 3,292,416
Dividends
Balance surplus_ _ _ -- - $2,759,294 $2.180,188 $1,076.344
$303.702
Earns, per share on 274,368 shs. cap. stock
$19.94
$22.08
$15.92
$13.11
1222.
-Annual Report.
Chesapeake Corporation.
Calendar Years1928.
1927.
Divs, on com,stock of Chesapeake & Ohio Ry--- $6,000,000 $3,500.000
Int.earned & miscellaneous income
165.300
91,640
Total
$6,165,300 $3,591,640
Bond interest
2,385,172 1.420,000
Other interest expense
40.505
General expense
24,277
13,439
Net profit for period
Dividends paid
Balance
Earns per share on 900,000 shares capitalstock-
$2,718,661
742.883
$697,897 $2,166,864 $3,759,239
831,907
757,591
1.686,450
Net income ______--- $1,975,778 def$134.010 $1,409,273 $2,072,789
-V. 128, p. 1223.
Great Northern Ry.-Preliminary Earnings.
1928.
1927.
1926.
1925.
$
Calendar Years$
$
$
126,737.091 117,904,005 117,383,909 114,924,959
Gross earnings
83,235,116 :78,355,580 75,285,464 75,827.288
Expenses
10,311,913 9.045,821
Taxes, &c
9,715,146 9,809.790
1,300,064
Equipment,rents,&c_ _ _ 1.895,993
1,102,870 1,011,699
Net oper. income_ _ - - 31.294,069 29,202,540 31,280,429 28,276,182
13,032,123 12,838.273 13,175.670 11.428,248
Other income
Total income
Interest, rents, &c
Net income
Dividends
Sinking fund
Surplus
44,326,192 42,040,813 44,456,099 39,704,430
19,157,962 19,054,890 18.512.841 18,269.034
25,168,230 22.985,923 25,943,258 21,435,396
12,449,205 12,447.355 12,445,855 12.369,145
15,451
15.244
5.512
6.291
12,703,574
10,523,324 13.491,891
9.059.960
Acquisition and Operation of Lines.
The I. 0. Commission on Feb. 16 issued a certificate authorizing the
-S.
company to acquire and operate the lines of the Duluth Terminal Ry..
Minneapolis Western fly., Minneapolis Belt Line Co., Great Northern
Terminal Ry., Great Falls & Teton County Ry., Montana Eastern Ry.,
and Watertown & Sioux Falls Ry.
The report of the Commission says in part:
The applicant owns all the outstanding stock of the companies whose
properties it proposes to acquire, which stock cost it the par amount thereof,
namely $15.510,000. Tile stock of the Minneapolis Western is pledged
under two of the applicant's mortgages.
The consideration to be paid by the applicant is the value of the properties of those companies as shown on their books Dec. 1 1928. less any
advances theretofore made to them by the applicant. No cash payment
for the present, at least, is contemplated, it being proposed to show the
respective amounts as debits and credits and credits on the books of the
applicant and the subsidiaries. The capital stock of the latter companies
will be surrendered to them and held in their treasuries until the companies
are dissolved. The transactions will increase the applicant's investment
in road and equipment $12,723,301.
The acquisitions proposed will give the applicant direct ownership of
the properties, instead of control through ownership of stock, and will
reduce the number of corporations in applicant's railroad system. It will
also effect economies by elimination of intercompany bills and transactions,
the keeping of books of accounts of those companies, various reports to
governmental authorities, payments in some cases of license and other
fees, and will avoid corporate meetings and further corporate records when
-V.128, p. 244.
the subsidiaries are finally dissolved.
International-Great Northern RR.
-3% Interest.
-
The directors have declared an interest payment of 3% for the 6 months'
period ended Dec. 311928, which is at the rate of 6% per annum, on the
outstanding adjustment mortgage 6% gold bonds, series A. The interest
is payable April 1. A like distribution was made on Oct. 1 last for the
first 6 months of 1928.
From April 1 1924, to April 1 1928, inclusive, the road had been paying
$3,755.751 $2.117.696 interest of 4% on the adjustment. Interest became cumulative after Jan.
1 1928. There are outstanding at the present time $17,000,000 of this Issue.
2,700.000
1.350,000
-V. 128, p. 880.
$1,055,751
$767,696
Kansas City Southern Ry.-Initial Common Dividend.
$4.17
$2.35
Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
AssetsLiabilities$
$
$
Cash
2,358,492 1,190,312 5% cony. coll.
Dividends recle 1,500,000 1,500,000 trust bonds-- 47,389,000 48,000,0(10
Invest. pledged-104,850,000 104,850,000 Accr.Int. on bds
296,266
300,000
Unpledged
398,467 1,172,003 Accr.Fed.tax on
Accrued interest
2,525
bd. int. pd. at
7,500
SOWN
785
Cap. stk. (900.(no 54.000,000 54,000.000
par)
54,000,000
Capital surplus_l 7,424,219 {5,651,334
Tot.(each stde)-109,109,488 108,719,816 Prof.& loss surP1
767,696
-v.127. P. 2226.
Chicago Milwaukee St. Paul & Pacific RR.
-Earn.
-Calendar Years1927.
1926.
x1928.
1925.
Gross revenues
$165,303.693$162.942,819$160.538,439$162,020,693
120,580,918 133.505.998 128.401,168 130,449,632
Expenses
Taxes,&c
9.927,320 8.911,702 8,937,070 9.004,898
Equipment rents, &c
5,768.400 6,452,185 4,805.269 5,692,527
Net operating income-$29,027,055 $14,072,934 $18,394,932 $16,873,636
Other income
2,744,006 1,334,810 1,261,150
1,296.316
Total income
$31.771,061 $15,407,744 $19,656,082 818.169,952
Interest, rents, &c
22,509,090 21,728,020 22,055.123 22,036,964
Sinking fund,&c
45,652
11,638
48,034
67,599
$9.250,333df$6,365,928df$2,447,075(11$3,934,611
Surplus
:Covers period Jan. 14 to Dec. 31 1928.-V. 128. p. 397,
Total income
Interest, rents, &c
-The directors on Feb. 28 declared an initial quarterly
dividend of 13.4% ($1.25 per share) on the outstanding
$29,959,900 common stock, par $100, payable May 1 to
holders of record March 31.-V. 127, p. 2681.
Missouri Pacific RR.-Seeks Authority to Establish Unified
Control of Lines in System.
-S.
The company in an application to the I. 0. Commission made public.
Feb. 26, asks authority to acquire control by lease of 21 of its subsidiary
companies in the Southwest now controlled by stock ownership, operating
a total of approximately 3,000 miles "in a manner not involving the consolidation or applicant and such carriers." It is stated that the plan of
acquisition does not involve any financing on the part of the applicant.
The roads involved are:
Asphalt Belt
New Orleans Texas& Mexico
International-Great Northern
San Antonio Southern
Austin Dam & Suburban
St. Louis Brownsville & Mexico
Orange & Northwestern
Beaumont Sour Lake & Western
Houston North Shore
New Iberia & Northern
Iberia St. Mary & Eastern
Natchez & Southern
Houston & Brazos Valley
Natchez& Louisiana Ry. Transfer.
New Orleans & Lower Coast
San Benito & Rio Grande
Fort Smith Suburban
San Antonio Uvalde & Gulf
Sugar Land
Missouri Pacific RR. Corp. in Neb.
Asherton & Gulf
?The unification of control and operation herein sought, If granted,"
the application says, "will be productive of better service, economy, efficiency and will bring the lines of railroad now operated b aPP111;ant
and by the several carriers, control of which is herein sought tote acquired
into s single operating unit, so that unnecessary operation and accounting
for each carrier, together with separate reports thereon, to the. proper
1392
FINANCIAL CHRONICLE
authorities of the several States and to the I.
-S. C. Commission, will be
dispensed with.
"The acquisition of control sought herein, if authorized, will result in substantial iavings in general, traffic, operating and accounting expenses,
substituting in many instances single-line service for joint-line service,
expedite the movement of traffic, with no impairment to, but with an improvement of,the public service, and will better enable the carriers involved
to earn a reasonable return upon the values of their properties devoted to
common-carrier purposes and strengthen each of said carriers financially."
The proposed leases for 99 years provide for the payment of 7% annual
dividends on the stock of the New Orleans, Texas & Mexico, which directly
or indirectly controls most of the other companies.
Commenting on the application, William H. Williams,
Chairman of the Board,is quoted as follows:
The application for authority to lease the lines of various companies,
filed with the Commission, involves only the lines of companies now operated under one control and management (but excluding the Texas & Pacific
and its subsidiary lines) as constituting the present Missouri Pacific system.
It does not involve expansion of that system or the acquisition by lease or
otherwise of any new properties. Its purpose is to further unification of
the present system and the elimination of certain expenses of operation and
management. The interest of the public and the relations of the Missouri
Pacific with the,public will not,be affected by the proposed lease, except as
that interest and those relations may be improved by economies which it
s expected to accomplish by the proposed lease.
-V.128, p. 880. 554.
Mobile & Ohio RR.
-Earnings.
Calendar YearsGross operatingrevenues
Total operating expenses
1926.
1927.
1928.
817,369,129 $18,055,294 819.342,805
13.199.308 13.594,790 14.219,709
Net revenue from operation
Taxes
Hire of equipment
Uncollectible revenues
Joint facility rents
$5,123,095
1,223,872
194.436
7,429
292,592
34,169.821 $4,460,503
1,080.000
1.013.014
160.805
224.005
4,060
5,265
284.568
279.842
Railway operating income
Other income
$2,647.695 $2.931.071 33.404.766
165.169
213.468
162.334
Total gross income
$2,810,029 83.144.539 33.569.935
53.157
Deductions from gross income
69.751
22,754
Int.on mortgaged, bonded & sec. debt 1,704,849
1.735.121
1,630,439
Net income
Dividends on common stock
Balance to profit and loss
Share common stock outstanding
Earnings per share
-V.127, p. 3394.
81.082.426 81.349,667 31,886.339
(12%)722.016 (124722.016 (10)601,680
8360,410
60.168
$17.99
$627.651 31,284.659
60.168
60,168
$31.35
822.43
New York Central Lines.
-4,460 Pensioners.
Frank V. Whiting. Chairman of the Board of Pensions, makes the
following announcement:
In 1928 the New York Central Lines retired 244 employees who had
40 or more years of service and 22 employees who had been in the railroad
service 50 or more years.
In 1928 there were 646 employees retired, on pension, 348 of whom bad
reached the age limit of 70. T.ere were 202 pensioned because of disability and 86 retired voluntarily at the age of 65 after 40 years of service.
Since the adoption of the pension plan. Jan. 1 1910. the New York
Central System has granted 9.655 pensiosn, for which a total of $19.504.333
has been paid, the funds being furnished entirely by the railroad companies.
Pension payments in 1928 aggregated $2,591.19a and the average pension
was $722.88. At the close of 1928 there were on the pension rolls 4,469.
of whom 2,722 had been retired under the age limit; 1,362 on account of
disability and 385 voluntarily.
The ratio of pensioned employees to the New York Central Lines
working force of 160,217 employees at the end of 1928 was slightly under 3%'
-v. 127, p. 3394.
Northern Pacific Ry.-Preliminary Earnings.
Calendar YearsGross earnings
Expenses
Taxes, &c
1925.
1928.
1926.
1927.
8101.272,724 $95,574,816 $97.351.042 597.864.554
70,801.966 67.854.739 68,260,944 69.972.476
9,372.270
9.171.819
9,708.855 8.927,133
Operating income
$20.761,903 $18.792,944 $19,918,279 518.519.808
4,295.421
3.707.511
Equipment,rents,&c....- 4,326.669
3.799,892
11.320.518 11,435,064 12.093.576 11,079,164
Other income
Total income
Int., rents, &c
836.409,090 834.027,900 836.307.276 333,306.483
15,275.880 15,489,477 15.304,544 15.362.195
Net income
Dividends
821.133,210 518.538.423 $21,002,732 817.944,288
12.400,000 12.400,000 12.400,000 12,400,000
[VoL. 128.
The gross railway operating revenues for 1928. amounting to 3650,567.316, showed a decrease from the previous year of $14,283,707, more than
half of this being accounted for by a decrease of $9,630,921 in passenger
revenues. Freight revenues decreased $4.317.759. The passenger decrease
reflects the continued and necessary use of private motor cars and buses.
which afffects all railroad systems in the United States.
As against the decrease of $14.283,707 in railway operating revenues.
however, railway operating expenses were reduced by 830.497,027. The
most important saving was in transportation expenses, which decreased
$17,348,372, and in maintenance of equipment, which showed a saving of
810,647,553, reflecting continuance of the more thorough organization of
this work and particularly the cencentration of equipment repairs at
strategic shop points, with improved machinery and tools. In maintenance
of way a reduction of $2,509,625 was made. The equipment and property
of all kinds w re fully maintained at high standards.
The net revenue from railway operations amounted to $170,395,681, an
increase over 1927 of $16,213.320.
Taxes showed another substantial advance, amounting to $37,846,357.
an increase for the year of $2,136.608.
Non-operating income, representing chiefly dividends and interest on
investments, totaled $44.535.658, an increase of 31,298,662.
The gross income, before deduction of fixed charges, &c., was $161.833,344.
Deductions from gross income, consisting chiefly of rentals of leased
lines and interest on funded debt, amounted to $79,325.731, an increase of
$271.727, leaving Ma final result for the year the net income of 882,507,613.
as above stated, out of which to pay dividends, supply funds for further
improvement of the property and equipment, and provide a balance to
sustain the company's credit.
-V.126. p. 1060.
Ulster & Delaware RR.
-Timefor Deposits Extended.
-
F. J. Lisman, Chairman of the committee of first consol. mtge.5 °7 gold
bonds, has notified the holders of these bonds that the I -S. C. Commission
has granted the application of the New York Central RR. for leave to
acquire control of the systems of the Cleveland Cincinnati Chicago & St.
Louis Ry. and Michigan Central RR. upon the express condition, among
other things, that before such unification becomes effective the New York
Central RR. shall offer to acquire the lines of the Ulster & Delaware RR.
for a consideration equal to the commercial value of its properties as determined by agreement between the parties or by arbitration in the manner
referred to in the decision of the Commission. The announcement further
says:
"In view of this latest development in connection with the affairs and
properties of the Ulster & Delaware it is more important than ever that
the holders of the above bonds should be united for the protection of their
interests. In order that the position of the committee may be strengthened
by the deposit of additional bonds and to afford to the holders of undoposited bonds the opp,rtunity of availing themselves of the benefits of
representation by the committee, the time for the deposit of such bonds,
without penalty, under the deposit agreement dated Nov. 10 1927 has
been extended by the committee to March 15."
The holders of the bonds are invited to make immediate deposit with
Central Union Trust Co.,80 Broadway, New York City.
-V.127, p. 3240.
Wabash Ry.-Equipment Trusts.
The 1.-S. C. Commission Feb. 21 authorized the company to assume
obligation and liability in respect of $3.375,000 equip, trust certificates,
series II, to be issued by the Bank of North America & Trust Co., undor an
agreement to be dated Feb. 1 1929, said certificates to be sold at not less
eqa 96.70% and dIv. in connection with the procurement of certain
th tgpment
The application solicited bids for the purchase of the trust certificates
from 30 firms or institutions, and nine bids were received. The highest
bid, 96.79% of par and accrued dividends, was made by Edward Lowber
Stokes & Co., Philadelphia, Pa. Upon that basis the average annual cost
to the applicant will be approximately 5.0166%-See also V. 128. p. 1223.
Yakima (Wash.) Southern RR.
-Reduces Capital.
New supplemental articles of incorporation of this road, showing its
authorized capitalization to have been cut from $2,000,000 to $1,000,000
have been filed with the Clark County Auditor at Vancouver, Wash.
The company, whose officers are E. E Lytle of Manhattan Beach, Ore.
as President; Henry E. Reed, Portland. Ore., as Vice-President, and
J. B. Atkinson, Vancouver, Wash., as Sec.-Treas., filed original articles
about six years ago.
The articles state that the company's proposed road will lead from a
point on the Columbia River at or near Underwood in Skamania County,
Wash. to Yakima.
'
is
Thaction came coincidentally with the filing of articles by the Columbia
Basin Yakima & Tidewater RR.for a proposed line to connect the Yakima
and Portland trading districts, with one terminal at or near Vancouver.
("Oregonian.")
PUBLIC UTILITIES.
Matters Covered in "Chronicle" of Feb. 23.-U. S. District Court in
Kansas upholds right of public utility holding company to sell stock to
customers through subsidiary, p. 1155.
$8.733,210 $6,138,423 $8,602,732 $5,544,288
Surplus
Earns. per sh. on 2,480,000shs.common stock
87.24
$8.52
$8.47
$7.47
_VargOg). 724.
•
Allegheny Gas Corp.
-Notes Offered.-Furlaud &
and Bradford, Kimball & Co. are offering $700,00
Co.,Inc
convertible 7% secured gold notes at par and int.
Northwestern Pacific R. R.
-Abandonment of Narrow
Gauge Line.
Dated Nov. 11928; due Nov. 11933. Prin. and int.(M. & N.) payable
at Fidelity Trust Co., New York, trustee. Denom. $1,000 and $500 C.
Red. as a whole or in part on any int. date, upon 30 days' notice, to and
incl. May 1 1930, at 105 and int,, the redemption premium decreasing
1% during each year thereafter. Int, payable without deduction for that
portion of any Federal income tax not in excess of 27
0
Refund of certain
Calif.. Conn., District of Columbia, Iowa, Kansas, Kentucky, Maryland,
Mass., midi., Minn.. New Hampshire, Oregon, Penn., Virginia and
Wash, taxes, upon timely and proper application.
Business -Corporation has been incorp. in West Virginia to acquire.
own and operate natural gas properties in West Virginia now supplying
gas under contract to Huntington Development & Gas Co. and United
Fuel Gas Co., subsidiaries of Columbia Gas & Electric Corp., and to South
Penn Oil Co. and Monickel Gas Co. Gas Is also sold at wholesale to the
Marmet Gas Co., Owens Bottle Co. and Libbey-Owens Sheet Glass Co.
The corporation's subsidiary, The Upham Gas Co.. operates an extensive
producing and distributing property in Ohio supplying gas to large industrial consumers, including Pittsburgh Plate Glass Co., Lamb Glass Co..
Hope Engineering & Supply Co., C. & G. Cooper Co. and others at Mt.
Vernon, 0., and to domestic consumers in that vicinity.
The corporation and its subsidiary will own 147 gas wells and over 100
miles of pipe line, Including gathering lines, and will control through lease,
or own in fee, the gas rights in approximately 37,000 acres of land in the
gas-producing territories of Lincoln and Kanawha Counties, W. Va., and
Knox County, 0. The properties of the corporation and its subsidiary
produced more than 2,000,000,000 cubic feet of gas during the year 1927.
Securtly.-Notes will be a direct obligation of corporation and will be
secured by pledge with the trustee of an equal principal amount of gen.
mtge. 7% gold bonds, due Nov. 1 1938. The gen. mtge. 7% gold bonds
will be secured by a gen. mtge. on all of the fixed physical properties and
developed leases of the corporation, subject only to 31.800,000 1st mtgo &
coll, bonds, due Nov. 1 1943, and to outstanding contracts for the sale of
gas and the usual farm mortgages.
Earntngs.-Net earnings for the year 1929 have been estimated by the
engineers to be more than 4.8 times interest charges on this issue after
paying all operating expenses, maintenance, taxes, interest and fixed sinking fund requirements of the bonds.
Authorized.
Outstanding.
Capitalization$1,800.000
1st mtge. & coll.
$1.800,000
% gold bonds
Cony.7% secured gold notes (this Issue) a-_.700.000
700,000
b15.000 shs.
8,000 shs.
$7 cumul. pref. stock (no par)
0.50.000 shs.
121,500 shs.
Common stock (no par)
a Secured by pledge with the trustee of an equal principal amount of
gen. mtge. 7% gold bonds. due Nov. 1 1938. b Including 7,000 shares
reserved for conversion privileges of the notes. c Including 28,500 shares
reserved for conversion privileges of the notes, and for stock purchase
privileges contained in the warrants attached to the bonds.
Conversion -Each $1,000 note is convertible on or before Nov. 1 1931,
Into 10 shares of $7 cumul. pref. stock plus 15 shares of common stock;
thereafter and until maturity, into 10 shares of $7 cumul. pref. stock plus
10 shares of common stock. Each 8500 note Is convertible into a proportionate number of shares of preferred and common stock.
-S. C. Commission on Feb. 11 issued a certificate authorizing the
The I.
company to abandon aline of railroad extending from Point Reyes in a
general northerly direction to Monte Rio, a distance of 36.48 miles, all in
Marin and Sonoma Counties, Calif. The line proposed to be abandoned.
Is part of a narrow-gauge railroad constructed between 1872 and 1876 by
the North Pacific Coast RR. northward from Sausalito, on San Francisco
Bay, through Baltimore Park. San Anselmo, Manor, Point Reyes, Occidental, Tyrone, Monte Rio, and Duncan Mills, to Cazadero, 80.93 miles.
The properties of the North Pacific Coast RR. were conveyed to the North
Shore RR.in 1902. About five years later the Northwestern Pacific RR.
succeeded to the title to the properties through consolidation of the North
-V. 127, P. 3702.
Shore RR.and six other carrier corporations.
Pecos & Northern Tex. Ry.-Proposed Construcen of Line.
-S. C. Commission Feb. 18 denied the application of the company
The I.
for authority to construct a line of railroad extending from Hale Center in
general northwesterly direction to Parmerton, approximately 66 miles,
a
all in Hale, Lamb, Castro, and Parmer Counties, Texas. The Fort Worth
& Denver South Plains Railway Co. and the Fort Worth & Denver City
-V. 121, p. 837.
Railway Co. Intervened in opposition to the application.
-Makes New
Pennsylvania RR.
-Earns 14.69% in 1928
High Record.-The full income account of the company for
1928 was made public Feb. 26. The most notable feature is
the net income, which is shown to have been $82,507,613,
exceeding the corresponding figure for any previous 12
months, and marking the third successive year in which a
new high record has been made. An official statementfurther
states:
The net income for 1928 was equivalent to 14.69% on the $561,673,950
capital stock outstanding at the close of the year: the 7% dividend was,
therefore, earned more than twice over. By comparison, the net income for
1927 was 368,160,206. equivalent to 13.65% on the then outstanding stock,
and in 1926 it was 867,567,958, equivalent to 13.53% on the stock outstanding at the close of that year.
Dividends paid during 1928 amounted to $38,171,621; 84,634.802 was
applied to sinking and other reserve funds. and $750,261 to advances and
construction expenditures upon leased and affiliated lines. The balance of
the net income, amounting to $38.950,928. was transferred to profit and
loss, bringing the total of the general profit and loss account, as of Dec.
31 1928, to 8185,316.573.
The increase in the net income earned in 1928 to new high record figures
was due to continued and greater efficiency in operations and to the
extensive betterments and improvements in physical facilities, resulting
in large saving in operating exPenses.
MAE. 2 1929.]
FINANCIAL CHRONICLE
-Trust agreement will provide for a fixed sinking fund
StnIctng Fund.
payable monthly to the trustee, beginning Jan. 25 1929. and for an additional annual sinking fund payable out of earnings, as provided in the
trust agreement, calculated to retire approximately 50% of this issue prior
to maturity. Corporation may deposit either cash or notes at par, and
the trustee will use the cash thus deposited for the purchase of notes at
not exceeding; the then call price.
Purpose.
-Notes are issued in connection with the acquisition of properties and to provide cash for developments, extensions and other corporate
purposes.
-V. 128. p. 1050.
American Cities Power & Light Corp.
-Listing.
-There have been authorized for the Boston Stock Exchange list
temporary certificates for 425.000 shares (par $50) class A convertible stock
optional dividend series, and 2,055,062 shares without par value class B
capital stock.
The Bankers Trust Co., as depositary, has fixed Feb. 21 1929 as the date
on and after which the holders of record of certificates of the Bankers Trust
Co. representing cony. class A stock, optional dividend series, and class B
stock will be entitled to receive the number of full-paid and non-assessable
shares called for by the certificates.
Surrender of the certificates held should be made at the office of Bankers
Trust Co., 16 Wall St., N. Y. City. See also V. 128. p. 1050.
American & Foreign Power Co., Inc.
-To Increase
1393
-Balance Sheet Dec. 31.Bell Telephone Co. of Pa.
1928.
1927.
Assets
$
Telephone plant
& equipment _250,377.788 236,838.157
Invest.securities 7.772,800 7,696,633
Adv.to system's
corporations.. 1,670,000 1,272.469
272,020
291.475
Miscell. invest_
63.461
63.532
Marketable secs.
Cash & deposits 3,093,540 2,603.950
8.312
11.312
Bills receivable _
Accts.receivable 5,780,661 5,179.880
930,815
Mat'l & supplies 1,319,720
1,130
1.130
Acerb not due_
Sink.fund assets 1,045.777 1,061,128
Prepayments-993.917 1,033.014
Unamort. debt
disc. & exp_ _ _ 2.878.403 3,005,804
175,659
161.555
Other def.deblts
1927.
1928.
Liabilities$
$
Common stock._ 80,000.000 80.000.000
Preferred stock _ 20,000,000 20,000,000
Prems. on cap.
stock
95,237
95,237
Funded debt
105.886.816 95.732.500
Accts. payable. 4,437.574 2,691,2311
Bills payable......602.327
Subscrlp. dep.-- 1,095.218 1.180.028
Accr. liabil. not
due
5,269,596 5,059,684
Liabll. for empl.
benefit fund_
2,460.160
Oth.def. credits
74,563
131,200
Reserve for accr.
depreciation _ 40,064,597 37.577.360
Res. for arnort.of
intangible cap
339,478
320.7341
Corporate surp _ 18.198.333 14,311,959
Total
275.461,411 260.142.438
275,461.411 260.142.433
Total
-The Bell Telephone Co. of Pennsylvania was, as of Dec. 31 1928,
Note.
guarantor for principal and interest in respect of Lehigh Telephone Co..
1st & ref. mtge. 5% gold bonds, series A, due July 1 1949. Face valid,
outstanding Dec. 311928. $2,487,200.
-V.128.p. 1051.
Our usual comparative income account was published in
The directors have adopted a plan, subject to the approval of stockholders, for obtaining $100.827,200 of additional capital for the purpose
of carrying forward Its program of expansion and development in foreign
countries by the sale of units of securities consisting of one share of $7
-Report.Chicago North Shore & Milwaukee RR.
2d pref. stock, series A, and 4-10ths of an option warrant to purchase
[Including Chicago & Milwaukee Electric Ry.]
common stock, both such stock and option warrants to be in the form
which the company has previously issued. Rights to subscribe to these
1926.
1927.
1925.
1928.
Calendar Yearssecurities will be evidenced by transferable subscription warrants and Operating revenues
$7.967.186 $7.829.592 $7,568.362 $6,850.165
fractional subscription warrants. The new shares will be offered to holders Operating expenses
5.644.846
5,740.868
5.066.955
5.928.425
of fully paid common stock, 2d pref. stock, and option warrants of record
March 11 1929 on the basis of one unit for each ten shares of either common.
Net rev, railway oper_ $2,038,762 $2,088.724 51.923.516 $1,783,209
pref. or option warrants owned.
99,808
86.994
68.477
59.602
Net auxiliary oper. rev__
The subscription price is to be $100 for each unit, plus an amount equal
to the accrued dividends on the share of $7 2d pref. stock, series A,included
Net rev, from oper--- $2,098,364 $2,157,201 $2,023.324 51.870.202
in each unit from July 1 1928 to the date of payment. Full payment Taxes
408.255
400,838
420.085
395.596
must be made on or before April 111929.
Electric Bond & Share Co. has agreed to underwrite the entire issue
Operating income_...... $1.702.768 $1.737,116 $1,622.486 $1,461.
of $100,827,200 at the subscription price without cost to the American Non-oper. income
151.811
191.805
57.287
426.467
& Foreign Power Co., Inc.
A meeting of stockholders is to be held March 7 1929 for the purpose
Gross income
$2.129.234 $1.794,405 $1,814,290 $1,613,621
of approving this offering of securities and increasing the authorized Fixed charges
832.991
1,082.863
1,298.360
1.347.513
amount of stock from 13,400,000 shares without par value to 15,900.000
shares without par value. The authorizde amount of pref. stock is to
$731.427
$780.630
$4496.044
Net income
$781.721
remain at 900,000 shares and the authorized amount of common stock Dividends_x
525.360
784.083
729.741
863.422
Is to remain at 10,000,000 shares. The authorized amount of $6 pref.
stock Is to be Increased from 500.000 shares to 2,000,000 shares and the
$1,686
$255.270
Balance
def$81,708 def$288.039
authorized amount of 2d pref. stock is to be increased from 2,000.000 Profit & loss surplus_...... 1,261,388
1,128.110
919.507
733,594
shares to 3,000,000 shares.
Shares of common stock
The company now has control of operating public utilities in 11 countries,
50,000
50,000
50.000
50.000
outstanding (par $100)
principally Cuba, Argentina, Brazil, Chile and Mexico. It also has Earns, per share on com_
Nil
Nil$5.10
minority interest in six other countries. Negotiations are in process for
x Being 6% on the pref. stock and 7% on the prior lien stock.
other properties which, if acquired, will further add to the geographical,
Consolidated Balance Sheet Dec. 31.
economic and political diversity of the company's business.
[Including Chicago & Milwaukee Electric Ry.]
The gross earnings of subsidiary companies controlled by the company
1927.
1928.
1927.
1928.
for the period during which they have been controlled for the year ending
$
Liabilities-$
$
$
AssetsDec. 31 1928 were $30.112,578. The latest available reported gross
earnings of all companies controlled or under contract (subject in one case Road & equipm%.42,162,743 42,186,751 Common stock-- 5,000,000 5,000,000
1,713 Pref.6% non-cum.
24,167
to approval of stockholders of selling company) to be purchased, on a Sinking funds........
stock
7,465,200 5,000,000
Deposits in lieu of
-months' basis, amount to over 565.000,000.-V. 128. p. 1224.
12
35.861 Pref. 7% cum. pr.
35,861
mtgd. prop. sold
lien stock
71.883
7,000.000 7,000.000
Misc. phys. prop.. 201,255
American Telephone & Telegraph Co.
-Annual Report. Adv, to affil. int__ 884.519 750,060 Funded debt
20,429.000 20.826,700
Bell System Income Statement for Years Ended Dec. 31.
375,298 Real estate mtge_ 628.150
683.900
Miscell. Investm'ts 1,059.998
(Inter-Company Duplications Excluded.)
8.500 Unsec'd 5-yr. nonMisc. bds. in treas.
6,300
1928.
1927.
1926.
1925.
tut. bear. notes_ 219.008 2,684.208
10,200
10.200
Special deposits__
32.119
33.655
519,384. 467,073 Contract liabilities
Exchange revenues
644,20.046 604.266,112 557.489.795 506.026,224 Cash & notes rec_ 198.734
400,000
236,131 Loans & notes pay. 1,550,000
Toll revenues
309.334,350 271.174.270 248.086,768 219.913.020 Loans receivable_ 647.274
.
616,241 Accts. payable_._ 1,213.153 1,203,992
Accts.
Miscellaneous revenues- 21.883,427 19,258,791 17.640,172 15,360,465
404.600
383.981 Acts'. int. dr taxes_ 468,612
Materials & supp- 344,064
Total oper. revenues_ _975.426.823 894.699.173 823.216.735 741.299,709 Prepaid exp. &def.
Retirement res've_ 1,641.138 1,657.709
Depreciation
153.875,717 141.758,926 127.605,695 115.471.470
186.667
1,031,400 1,065,851 Other reserves__ 216.110
Items
Current maintenance-154,455.282 139.456.582 125,798,424 111.442,827
1,261,388 1,128,110
Surplus
Traffic expenses
212.046.089 203.049,940 197.653,650 185.928.193
Commercial expenses_
88.802,497 79,412.964 71.362.726 64.130.638
Total
47,123,879 48,209,54.1
47,123,879 46,209,542
Total
Gen. & miscell expenses- 50,880,236 43,017,342 32.419,840 30.602.197
-V.126, p. 3115.
Total oper. expenses--660.059.821 606,695,754 554,840.335 507,575,325
Net oper. revenue
315.367.002 288.003,419 268,376,400 233.724,384
Cincinnati Hamilton & Dayton Ry.-Reorganization
Uncollectible revenues
6.189.656
5,711.964
5,289.008
4.651,579
-A plan of reorganization, dated Dec.. 1 1928, for the
Taxes
81,259,, 79 76,012,254 69,688.202 58.186,816 Plan.
Operating income_ --.227,917.667 206,279.201 193,399,190 170.885.989 (1) Cincinnati Hamilton & Dayton Ry., (2) the Lima
-Net... 27.621,433 21,887.749 21.329,492 19.919,667 Toledo RR., (3) the Lima City Street Ry.,(4) the Indiana
Non-oper. revs.
Total gross income-255,539,100 228.166.950 214.728.682 190.805.656 Columbus & Eastern Traction Co., and (5) the Dayton
Rent & miscell. deduc's_ 12,816,666 11.596,350
9,858.333
8.362,061
51,634,795 50,511,448 49 809.330 45.940,664 & Columbus Transportation Co., has been adopted and
Interest deductions
Net income
191.087,639 166,059.152 155.061.019 136.502.931 is being promulgated by the following reorganization comDeduct dividends
119.348,612 112,401.125 100.614,437 93,242.657 mittee:
Miscell. appropriations..
5,048.000
5,345,580
-C.S.W.Packard, Chairman: John H.Mason,
Reorganization Committee.
Cr47,938,865
Special dividend
Vice-Chairman; William P. Goat: Livingston E. Jones; Thomas Conway Jr.
Balance
71.739.027 101.596,892 49,398,582 37,914.694 with T. H. Atherton. Sec.. 135 South Broad St.. Philadelphia.
-V. 128, p. 111.
Depositary.-Fidelity-Philadelphla Trust Co., 135 South Broad St.,
Philadelphia.
-Acquires Plant.American Utilities Co.(Del.).
The following committees have also approved and adopted the plan
The company has acquired the municipal plant of Hooker, Okla.
- and recommend its acceptance by the respective classes of securities,
V. 127, p. 2525.
obligations, claims and stock which they represent:
ref. mtge. bondholders proAmerican Water Works & Electric Co., Inc.
-Output. (1) Cincinnati Hamilton & Dayton let &
Chairman), representing CinThe company reports power output of Its electric subsidiaries for January tective committee (Livingston E. Jones. mtge. 6% gold bonds.
cinnati Hamilton & Dayton By. 1st & ref.
1929 of 163,045,003 k.w, hrs., an increase of 12% over the same month
(2) The Ohio Syndicate noteholders protective committee (John H.
of 1928, when output was 145.229,961 k.w. hours.
-V. 128, p. 1219.
Mason, Chairman), representing (a) certificates of participation in the
Ohio Syndicate loan, (b) the Lima Toledo RR. let mtge. 6% gold bonds,
Calgary Power Co., Ltd.
-Annual Report.
(c) the Lima Toledo RR. pref. stock, (d) the Lima Toledo RR. common
Years Ended Dec. 311928.
1927.
1926.
stock, (e) the Lima City Street By. 1st mtge. 6% gold bonds. (f) the
Gross earnings from operation
$949,422
$494.908
$430.689 Lima City Street By.stock.
Other income
16.725
1.675
20.273
(3) Indiana Columbus & Eastern Traction Co. bondholders protective
committee (C. S. W. Packard, Chairman), representing (a) the Indiana
Total income
$496.583
$966.147
$450,962 Columbus & Eastern Traction Co. gen. & ref. mtge. 5% 20-year gold
Operating expenses
432.259
158.689
126.007 bonds, (b) the Columbus London & Springfield By. let mtge. 5% bonds,
Depreciation
93.109
60.000
50.000 (c) the Dayton & Columbus Transportation Co. stock. (d) one-third of
Bond interest
136.169
137.472
139.508 the Columbus Interurban Terminal Co. stock.
Other interest
32.779
-(1) Fidelity-Philadelphia Trust Co., 135 South
List of Depositaries.
Provision for income tax
20.633
10.828
10.020 Broad St., Philadelphia, for the reorganization committee.
(2) First National Bank of Philadelphia, 1500 Walnut St., Philadelphia.
Net profit for year
$251,198
$129,594
$125.427 for Cincinnati Hamilton & Dayton By. 1st & ref. mtge. 6% gold bonds.
Previous surplus
689.894
584.050
458.623 series A.
(3) Bank of North America & Trust Co., City Hall Square, PhilaTotal surplus
$941,092
$713.644
5584.050 delphia, for certificates of participation in Ohio Syndicate loan.
Preferred dividends
25,000
(4) The Pennsylvania Co. for Ins. on Lives & Granting Annuities,
Common dividends
102.500
23,750
15th & Chestnut Sts., Philadelphia, for the Indiana Columbus & Eastern
Comm.& expenses on prefsilk
191,496
-year gold bonds.
Traction Co. gen. & ref. mtge. 5% 20
The Dayton Springfield & Urbana Electric Ry. 1st mtge. bondholders'
Profit and loss
$622,096
$689,894
$584,050 protective committee (Valentine Winters. Chairman), having as Secretary
Chas. W.Stage',care of Merchants' Nat. Bank,Dayton. Ohio,and as deposBalance Sheet Dec. 31.
itary the New York Trust Co., 100 Broadway, New York. has made a proLiabilities-Assets
1928.
1927.
1928.
1927.
posal dated Dec. 1 1928 to the Cinc. Ham. & Dayton By., providing
$45.928
Cash
$80,641 Preferred stock - $2,500.000
among other things that the committee will, upon the terms and conditions
Receivables_ _ _ _
203.250
64.303 Common stock.- 2,500.000 $1.900.000 set forth in the proposal, recommend to all holders of its certificates of
70.019
Mat.& supplies
28,792 Bank loans
883.107
514,456 deposit that they deposit such certificates of deposit with the depositary
2.000
In vestments._28.801 Accts. payable _
184.595
102.883 for a reorganization committee to be constituted under a plan and agreeProperty acct._ _ 9,829.357 8,341,202 Consumers'dep
17.597
2.277 ment to be prepared for the general purpose set forth below, which proposal
65,684
Deferred charges
1,184 Bond int.,accrued
87,203
88.237 has been duly accepted in writing as required by the terms thereof and
Divs.declared-68,750
has been duly assigned to the reo”ganization committee.
Other accruals
38.877
The reorganization committee shall have power in its discretion to accept
Reserves
643.874
536.436 the deposit of certificates of deposit issued by the committee, and also to
1st mtge. bonds- 2.687.373 2.728,740
Permit the Dayton, Springfield & Urbana Electric Railway 1st mtge bondLoan & debs. of
holders* protective committee to adopt and approve this plan and agreement
subs
22.965
upon such terms and conditions as the reorganization committee may*
622,095
Tot.(ea side) 310,216.236 $8,542,923 P.& L.surplus 889,894 approve, and to permit said committee, to become parties to this plan and
-v.127. p. 2954.
agreement by deposit of bonds.
1394
FINANCIAL CHRONICLE
Securities and Stock Affected by the Plan.
The principal or par amounts of securities and stock which are affected
by the plan are as follows:
(a) Cincinnati Hamilton & Dayton Railway let & Ref. Mtge. 6%
gold bonds, Series "A" $850,000.
) Certificates of participation in the Ohio Syndicate Loan, $1,530,000.
c) Lima Toledo R. R. 1st Mtge. 6% gold bonds. $1,000,000.
) Lima Toledo R. R. 7% preferred stock $750,000.
e Lima Toledo R. R.common stock, $650,000.
Lima City Street Railway 1st mtge. gold bonds, $350,000.
q) Lima City Street By., capital stock, $380,000.
h) Indiana, Columbus & Eastern Traction co., gen. & ref. mtge. 5%
gold bonds,$6,400,000.
(i) Columbus, London & Springfield Ry. Co. 1st mtge. 5% bonds,
$1,260,000.
(j) Dayton & Columbus Transportation Co., Capital stock, $5.000.
(k) Dayton,Springfield & Urbana Electric Ry. 1st mtge,5% gold bonds,
$521.000.
(I) Columbus Interurban Terminal Co.stock, 3 1-3 shares.
(m) Cincinnati, Hamilton & Dayton By. Co., common stock (no par
value), $60,000 shares.
Purpose of Plan.
The purpose of the plan is to provide for the acquisition by Cincinnati,
Hamilton & Dayton Railway by purchase, consolidation or merger and by
means of acquisition of stock, foreclosure, private sale, trustee's sale
or otherwise as may be determined by the reorganization committee of
the property, real and personal of Indiana, Columbus & Eastern Traction
Co. and Lima Toledo R. R., together with all the outstanding capital
stock and bonds of Lima City Street Ry., and all the outstanding capital
stock of Dayton & Columbus Transportation Co., and a one-third interest
in the stock of Columbus Interurban Terminal Co., such acquisitions to
be made by means of the issue of bonds and preferred stock of CM. Ham.
& Dayton Ry.; and to amend the existing charter of Cin. Ham. & Dayton
Ry. and its mortgage trust deed dated Jan. 2 1926, as may be deemed by
the reorganization committee to be necessary or desirable for the accomplishment of the above mentioned purposes and to enable the Cin. Ham.
& Dayton By. to finance its future capital additions to best advantage.
Method of Readjustment of Cincinnati. Hamilton c% Dayton Ry. Preliminary
to Consolidation.
The Cincinnati, Hamilton & Dayton Railway will amend its charter to
Provide for a change of name and for the extension of its corporate business
to the points and through the territory to and through which Indiana.
Columbus & Eastern Traction Co. and Lima Toledo R. R. now operate
and in such other respects as may be deemed by the reorganization committee to be beneficial to the company's future operations.
It will also amend its charter as may be deemed desirable by the reorganization committee to authorize the issue of prior preferred stock in
such amounts and upon such terms and conditions and with such priorities
as to dividends, assets and otherwise, as the reorganization committee may
deem suitable to enable the corporation to issue the same to advantage in
payment in whole or in part for subsequent capital additions, or to raise
funds for that purpose. None of the prior preferred stock shall be issued
prior to the consummation of the plan, except when and as and in such
amount or amounts as may be approved by the reorganization committee
for the above mentioned purpose.
The charter is also to be amended to provide for an authorized issue
of $7 cumulative preferred stock Class "A" without par value which shall
be subject to the priority of the prior preferred stock as to dividends
and assets, but shall have priority over the preferred stock Class "B"
and over its common stock; also to provide for an authorized issue of $6
non-cumulative preferred stock Class "B" without par value which shall be
subject to the priorities of the prior preferred stock and of the Class "A"
preferred stock, but shall have priority over the common stock as to assets
shall
and dividends. Shares of preferred stock Class "A" and Class "B"plan.
be issuable for the purposes of the acquisitions contemplated by this
On.Ham.& Dayton Ry's now outstanding 60,000 shares of common
The
stock (no par value) shall be reorganized by substituting therefor 18,350
shares of $7 cumulative preferred stock Class "A.' without par value,
45,800 shares of $6 non-cumulative preferred stock class "B," and 120,000
shares of common stock (no par value), all of which shall be distributed to
the present holders of the 60,000 shares of common stock viz: Cincinnati
Hamilton & Dayton Corp., and the directors of Chi. Ham. & Dayton By.:
provided, however, that 20% of the 45,800 shares of preferred stock of
Class "B" shall be delivered in transferable form by the above mentioned
holders thereof, immediately upon the issue thereof to them, to the reorganization committee, for distribution to the management and principal
employees of the corporation, such distribution to be made to such persons
and in such amounts as may be designated from time to time by the president
of the corporation, by and with the approval of the executive committee of
the board of directors, and upon the completion of the plan of reorganization the stock certificates representing any of said 20%, of said shares not
theretofore so disposed of shall be assigned and transferred to such corporation or individual as the president of the corporation may designate to be
held by such individual or corporation in trust pending application thereof
as above provided.
In like manner 20% of the 40,000 shares of preferred stock Class "B"
to be issued to the Indiana, Columbus & Eastern Traction Co., bond
the Ohio
committee, and 20% of the 19,125 shares thereof to be issued toupon the
Syndicate noteholders protective committee shall immediately
transferable form
Issue thereof to said committees be delivered by them in
to the reorganization committee to be thereafter disposed of as above
Provided respect to 20% of the 45,800 shares of said Class "B" stock.
Provision may also be made, as may be approved by the reorganization
committee, for the present or future issue by the Ctn. Ham.& Dayton By.
of shares of its preferred stock Class "A" and (or) preferred stock Class
"B" (in addition to the shares of stock to be issued in reorganization of the
as contemplated
present common stock and for the acquisition of property separately or toby the plan), such additional shares to be issued and sold
gether with bonds in payment for or to provide funds for capital additions
to its property either pending the completion of the plan of reorganization,
or subsequent thereto. The method by which such additional shares may
be so issued and sold and the amount thereofshall be subject to the approval
force.
of the reorganization committee, as long as the plan remains inBy. will be
Dayton
The existing mortgage trust deed of the Cin. Ham.&corporation, for the
amended to provide for the change in the name of the
Issue of bonds in payment for property to be acquired as contemplated by the
of bonds
Plan. and for the certification and delivery to the corporationfrom time
secured by said mortgage. to be issuable by the board of directors portions
to time for the reconstruction of the properties or of any portion or
the
thereof acquired as provided in the plan, and for capital additions towithcorthe
poration's property now owned or hereafter acquired,in accordance
-S. C. Commission for
uniform system of accounts prescribed by the I.
electric railways effective July 1 1914, and to provide for the subsequent
issue of bonds secured thereby subject to such conditions and restrictions
as will in the judgment of the reorganization committee enable the corporation to finance its future capital additions to best advantage, and any such
other amendments shall be made to the trust deed as the reorganization
committee and the corporation shall deem desirable.
The properties to be acquired under this plan shall be conveyed and
transferred to the trustee under the mortgage trust deed as additional
security for all bonds issued and to be issued thereunder, except such
portion or portions thereof located principally upon city streets or highways
which with the approval of the reorganization committee may be conveyed
to and operated by another company or companies.
Method of Acquisition of Properties Upon Completion of the Preliminary
Adjustments Referred to Above.
(1.) The corporation will acquire by purchase or consolidation all the
property, real and personal, franchises, privileges, easements, contracts
and other assets of the Indiana, Columbus & Eastern Traction Co., and
(or) of the receiver of said company and also all the property and assets
now held or controlled by The Indiana, Columbus & Eastern Traction Co.
gen. & ref. mtge. bondholders' committee, including the capital stock of
the Dayton & Columbus Transportation Co., a one-third interest in the
Columbus Interurban Terminal Co., and all other assets of every kind
and character whatsoever now held or to be acquired by said committee.
In order to assist in accomplishing such acquisition. said committee shall,
or the reorganization committee,if it so determines, may cause the mortgage
securing said gen. & ref. mtge. bonds to be foreclosed and all property subject
thereto to be sold at foreclosure or trustee's sale and bid in by the reorganization committee or by its nominee and shall cause the same thereupon
to be transferred and conveyed in such manner as the reorganization
committee shall approve to the corporation, and the Indiana, Columbus
& Eastern Traction Co. bondholders, committee shall cause all property
and assets owned or held by said committee (or held by the receiver of the
Indiana, Columbus & Eastern traction Co. and distributable to said Com-
rd
it.
[VOL. 128.
mittee) and not subject to the lien of said mortgage, to be transferred, as
signed and conveyed to the corporation including all securities and cash
and all unliquidated claims or property rights held or acquired by or belonging to said Committee.
Such transfers and conveyances shall be made in consideration of the
issue and delivery to the committee or its nominee of 12,800 shares of
$7 cum. pref. stock Class "A" and of 40,000 shares of $6 non-cum. pref.
stock Class "B" of the corporation above mentioned: and in consideration
of the payment or assumption by the corporation of the outstanding equipment trust obligations of Indiana, Columbus & Eastern Traction Co.
amounting to $33,075 and the outstanding receivers' certificates issued
by the receiver of Indiana, Columbus & Eastern Traction Co. amounting
to $63,300, to the extent that the cash assets received from the committee
shall not be sufficient to discharge such obligations. Provided, however.
that 20% of the 40,000 shares of preferred stock, class "Ti," shall when
issued and delivered to the committee as above provided, be forthwith rev
delivered by it in transferable form to the reorganization committee fodistribution to the management and principal employees of the corporatics
when and as in the manner provided above.
The corporation shall also assume such liabilities heretofore contracted
or incurred by Indiana, Columbus & Eastern Traction Co. bondholders
committee as the reorganization committee may in its discretion approve
and also such obligations as Indiana, Columbus & Eastern Traction Co..
bondholders committee may hereafter contract or incur with the approval
of the reorganization committee, the granting or withholding of such
approval or consent being in each case wholly discretionary with and in no
event obligatory upon the reorganization committee.
The outstanding Columbus, London & Springfield Railway Co. 1st
mtge. 5% bonds which matured on Oct. 1 1920, shall be delivered by the
committee to the reorganization committee which shall have full power and
authority as the holder of said bonds to collect any and all sums of money
or other assets which the holder of said bonds may be entitled to collect
and receive and (or) to foreclose the mortgage securing said bonds and (or)
to exercise any other remedy of the bondholders under said mortgage and
(or) to cause said bonds and said mortgage to be extinguished and cancelled
as and when said reorganization committee may deem desirable.
$390,750 of the corporation's 1st & ref. mtge bonds Series "A" shall be
applied for the purpose of acquiring or otherwise retiring the $521,000 of
bonds of the Dayton, Springfield & Urbana Electric Railway on a basis
of not to exceed 75% in face amount of 1st & ref. bonds for each of the
Dayton, Springfield & Urbana Electric Railway bonds so to be retired:
the holders of Dayton, Springfield & Urbana bonds to receive in addition
with respect to each $1,000 of bonds a sum in cash equal to 1-521 of the
amount held by the trustee in the sinking and other funds under the mortgage securing said bonds with accruals thereon and without deduction of
any kind therefrom. All of Dayton, Springfield & Urbana bonds held or
received by The New York Trust Co., trustee, as part of the sinking fund
under the mortgage securing the same shall be cancelled.
Until the mortgage securing the Dayton, Springfield & Urbana Electric
By. bonds has been foreclosed or extinguished or the property subject
to the lien thereof has been acquired by the corporation free and clear of
the lien of said bonds, all of said bonds which shall in any manner be acquired by the reorganization committee or by the corporation shall be
pledged and deposited under the corporation's mortgage trust deed securing
its 1st & ref. mtge, bonds so to be issued, and whenever all of the Dayton.
Springfield & Urbana Electric By. bonds have been so acquired said bonds
shall be cancelled and the indenture securing the same shall be released of
record.
Any of the $390,750 of the let & ref. mtge gold bonds Series "A" which
shall not be applied to the acquisition or retirement of the Dayton, Springfield & Urbana Electric By. bonds as above provided shall be returned to
the corporation and held in its treasury for future issue for any of its lawful
corporate purposes. Any of the Dayton, Springfield & Urbana Electric
Co. bonds not so acquired or retired, and all other outstanding bonds secured
by mortgage upon any part of the property of Indiana, Columbus & Eastern
Traction Co. shall be extinguished through foreclosure or otherwise.
All earnings derived from the property of Indiana, Columbus & Eastern
Traction Co., prior to the date of settlement for the conveyance of the
property, shall be applied in the discharge of current liabilities of the
property and any remaining balance to the payment or reduction of receivers
certificates, to the payment of interest charges on, and maturing principal
of, equipment trust obligations, and to the discharge of any other obligations
of Indiana, Columbus & Eastern Traction Co., and (or) its receiver which
if unpaid would in the judgment of the reorganization committee constitute
a lien or enforcible charge against the property or any portion thereof when
acquired by the corporation.
Any cash which may then remain available from earnings, or from the
sale or disposition of property, or otherwise, and available for distribution
to Indiana, Columbus & Eastern bondholders committee shall be applied
by the committee in discharge or reduction of any of the committee's
obligations as may be approved or required by the reorganization committee, and any balance then remaining may be retained by the Indiana,
Columbus & Eastern bondholders committee except that there shall be
turned over by the committee to the corporation to the extent available
sufficient cash when added to the good current assets to be transferred to
the corporation as of the date of settlement (all of which current assets are
to be so assigned) to offset the face amount of unpaid current operating
liabilities of the property so to be conveyed as of said date (which current
liabilities are to be assumed), plus a sum in cash equivalent to one month's
average operating expense of the property for the calendar year 1928.
2. The Ohio Syndicate noteholders protective committee shall cause all
the property, real and personal, of the Lima Toledo R. It. and all the outstanding capital stock and bonds of Lima City Street Railway to be transferred, assigned and conveyed to the Cin. Barn. & Dayton By. upon the
issue and delivery to the committee of $1.000,000 1st & ref. mtge. 6%
gold bonds, Series "A," 7.650 shares of $7 cumulative preferred stock
Class "A" and 19,125 shares of $6 non-cumulative preferred stock, Class
"B," Provided, However, that 20% of the 19,125 shares of preferred stock
Class "B," whall when issued and delivered to the Committee as above
provided, be redelivered by it in transferable form to the reorganization
committee for distribution to the management and principal employees of
the Cin., Ham.& Dayton By. when and as in the manner provided above.
The bonds and stocks of the corporation may be so delivered to the Ohio
Syndicate noteholders protective committee in consideration for its causing
the property of Lima Toledo R. It. (free and clear of the lien of the 1st
mtge.bonds of Lima Toledo R. R.) and the capital stock and bonds of Lima
City Street By. to be transferred, assigned and conveyed to the corporation
as aforesaid, or the stocks may be so delivered to the committee and the
property of the Lima Toledo R. R. may be so conveyed subject to the line
of the $1,000,000 Lima Toledo R. R. 1st mtge. 6% gold bonds and the
bonds may be subsequently retired and redeemed by the issue and delivery
in exchange therefor of the above mentioned $1,000,000 1st & ref. mtge.
6% gold bonds Series "A," as the reorganization committee may determine.
o
If the reorganization committee shall determine upon the latter method
of acquiring title to the property of the Lima Toledo It. R., then, until
the mortgage securing the 1,1ma Toledo It. It. 1st mtge, bonds has been
foreclosed or extinguished or the property subject to the lien thereof has
been acquired by the corporation free and clear of the lien of the bonds, all
of the Lima Toledo R. R.'s 1st mtge. bonds which shall in any manner be
acquired by the reorganization committee or by the corporation shall be
pledged and deposited under the corporation's mortgage trust deed securing
its 1st & ref. mtge bonds so to be issued, and whenever all of the Lima
Toledo R. It. bonds have been so acquired the bonds shall be cancelled and
the mortgage securing the same shall be released of record.
All cash and (or) cash assets and investments in the treasuries of the
companies, or either of them, as of Dec. 31 1928, may be withdrawn and
retained by the committee except that the committee shall cause to be
turned over to the corporation a sufficient amount of cash when added to
the good current assets of both of companies as of the date of settlement
(which current assets are to be so assigned) to offset the face amount of
current operating liabilities of both of the companies as of said date (which
current liabilities are to be assumed) plus a sum in cash equivalent to one
month's average operating expense of both of said companies for the calendar year 1928.
No additions to the surplus of either of said companies resulting from
Operations on and after Jan. 1 1929, shall be distributed to the shareholders
thereof by way of a dividend or otherwise or shall be applied in payment
of the principal of any outstanding book accounts in favor of The Ohl*
Syndicate noteholders protective committee prior to the date of acquisition
of the properties to be acquired and the delivery of securities to be issued
in payment therefor, in compliance with the plan, and (or) any amendment
thereof. Provided, neverthelesss, that the Ohio Syndicate noteholders
protective committee shall have the right to obtain distribution from time
to time out of the earnings from operatings of either or both of said companies from Dec. 31 1928, to the date of settlement with the corporation
of sums equal to interest accruing during such period upon said first mort:
MAR. 2 1929.]
FINANCIAL CHRONICLE
1395
gage 8% gold bonds of the Liras Toledo R. R. and (or) of the Lima City
Cities Service Co.
-May Split-Up Shares
-Regular
Street Railway and upon the outstanding book accounts of either or both
Dividends Declared.
-The question of the advisability of
of said companies in favor of said committee.
Ohio Syndicate noteholders protective committee may, however, splitting up the common stock was discussed by the directors
The
cause the Lima City Street By. and (or) the Lima Toledo R. It. to apply
and use any portion of the surplus funds of either of said companies, and at their regular meeting on Feb. 21 and it was decided to
any additions thereto, to assist in the accomplishment of the purposes of call a special meeting for March 12 to consider recommendathe plan, or in financing improvements in or additions to any portion of the tions to the stockholders at the
annual meeting in April.
properties to be acquired by the corporation thereunder, in such amounts
and in such a manner as the reorganization committee may from time to The par value of the common stock at present is $20 per
time approve.
The property of The Lima Toledo R. R.shall be so transferred, assigned share.
and conveyed either subject to the lien of the $1,000,000 1st mtge. 6%
Dividends.
gold bonds or free and clear of the lien therof as may be determined by
The directors have declared the regular monthly
of 2
,_
the reorganization committee but in either event free and clear of all other in cash and 36 of 1% in stock on the common stockdividends per;( of 1%
and
share on
liens and encumbrances except construction and (or) franchise obligations, the preferred and preference"BB"stocks and Sc. per share50c.
on
taxes for the current year and accrued taxes not yet due (which current and "B' stock, all payable Apr. 1 to holders of record Mar. 15. the preference
Like amounts
accrued taxes shall be included as a part of current liabilities) and except were payable on Mar. 1.-V. 128. p. 1225, 1052.
any and all unascertained liens for labor or material incident to construction.
settlement there shall be no outstanding obligation of the
At the time of
Cleveland (Electric) Ry. Co.
-Annual Report.
Lima City Street Railway except the $350,000 of bonds to be trasnferred
Calendar Years1928.
1927.
1926.
1925.
and assigned to the corporation, a certain mortgage on the Terminal Gross earnings
$18.272,040 $18,706,290 $18,002,060 $17,214,526
Building in Lima in the principal amount of $12,500, paving assessments
3,206,826 3,899,658
2.688.636
2,498,002
levied by the City ofLima,0,not as yet due as of the date of settlement, Net earnings
Other income
Cr.275,707 Cr.214,363 Cr.155,621 Cr.164.854
any then existing construction and (or) franchise obligations, the afore- Interest and taxes
3,514,263
3,526,758 3,228.326
3.461.654
mentioned current liabilities of the company as of said date, and taxes Sinking fund deduc'n
278.216
120.683
and liens for labor and materials as aforesaid.
163,132
136.868
Cin., Ham. & Dayton Ry. may, however, eliminate from the Interest fund deduction3. The
property and (or) assets to be acquired by it any portion or portions thereof
Balance, deficit
$309,946 sur$303,449
$520,938
$799.999
whose elimination shall be approved by the reorganization committee and
with the approval of the reorganization committee any portion or portions -v. 126. P. 1349.
of the property and (or) assets. may, prior to the consummation of the
Coast Counties Gas & Electric Co.
-Petition Denied.
plan, be sold, conveyed or otherwise disposed of when and as and upon
The California RR. Commission has refused to permit this Company,
such terms as the reorganization committee may approve, in which event
the proceeds of any portion or portions so disposed of and (or) any other recently purchased by the Fitkin interests, to issue 61,000,000 6% cony,
assets which may, be substituted therefor may, with the approval of the callable pref. stock in place of $1,000,000 non-callable 2nd prat stock
reorganization committee, be transferred, conveyed and assigned to the declaring the action unequitable to 1st pref.stockholders.
-V.127, p.3241.
Ctn., Ham.& Dayton By.in accordance with the provisions outlined above
Connecticut Electric Service Co.
-Rights---Dividend.
in lieu of the portion or portions of the property and (or) assets so disposed
of; and the reorganization committee may in its discretion cause any portion
The common and preferred stockholders of record March 1 have been
or portions of the properties to be acquired by the corporation as above given the right to subscribe on or before April 1 for 143,000 additional
stated,and which may be located principally upon city streets and highways, shares of common stock (no par value) at 975 per share, on the basis of
to be conveyed to and held and operated by another company or companies, one new common share for each five shares of common or convertible
in consideration of the issue of such securities to be received and held by the preferred stock owned. At present there are outstanding 625,055 shares
corporation, and otherwise upon such terms and conditions as the corpora- of common and 89,945 shares of cum. cony, preferred stock, no par value.
tion may determine and as the reorganization committee may approve in
The stockholders on Feb. 18 voted to increase the authorized COMMON
each case if any such transfer or conveyance be made prior to the consum- stock by 400.000 shares without par value, to be issued by the directors
mation of the Plan.
from time to time for the purpose of financing or refinancing the activities
Exchange of Securities.
of the company and its affiliated companies.
Holders of certificates of deposit for bonds and for stock who shall be
Any stock remaining unsubscribed for by the stockholders will be taken
entitled to the benefits of the plan and shall have complied with the condi- by J. P. Morgan & Co.and Bonbright & Co., both of New York; Drexel up
tions thereof will, subject to the conditions of the plan be entitled to receive & Co. of Philadelphia; Putnam & Co. of Hartford; Charles W. Scranton
bonds and stock of the corporation therefor of the classes and in the amounts of Co. of New Haven, and the R. F. Griggs Co. of Waterbury.
respectively stated to be deliverable as soon as practicable after completion
The directors have declared a quarterly dividend of 6234c. per share
of the reorganization, upon surrender of their certificates of deposit in on the common stock, payable April 1. Previously quarterly distributions
transferable form or otherwise, when and as the reorganization committee of 50c. per share were made on this 1881143.-V. 125. p. 2386.4annallIM
may direct.
(a) For each $1,000 Cincinnati, Hamilton & Dayton Railway 1st & ref.
Consumers' Gas Co. of Toronto.
-New Financing.
mtge.6% gold bonds Series"A,"a like principal amount of the corporation's
Sealed tenders, addressed to the company 19 Toronto St., Toronto,
1st & ref. mtge 6% gold bonds Series "A"(or of such other Series as may Ont., Canada, and marked "Tender for Capital Stock," will be received
hereafter be agreed upon).
o'clock noon of March 14 1929 for the purchase, in lots of any
(b) For each $1,000 of the certificates of participation in Ohio Syndicate until 12
number of shares, of 12,500 shares of unissued
Loan. $650 approximately principal amount of the corporation's 1st & desired subject to certain conditions and terms of sale,capital stock (par
the particulars ef
ref. mtge 6% gold bonds series 'A (or ofsuch other Series as may hereafter 3100), together with the form of tender to be used. may be had on
applicabe agreed upon) together with 5 shares of $7 cumulative preferred stock which, the office of the company at the above address.
-V.127.P. 3088.
Class "A" and 10 shame of 96 non-cumulative preferred stock Class "B". tion at
(c) For each $1,000 Indiana Columbus & Eastern Traction Co. gen. &
Dallas (Tex.) Power & Cjit Co.
-Stock Increased.
ref. mtge. 5% gold bonds, two shares of $7 cum. pref. stock Class "A"and
five shares of $6 non-cum. pref. stock Class "B".
The company late in 1928 increased its authorized common stock by
value, making a total of 262,500 shares authorised
(d) For each 61,000 Dayton, Springfield & Urbana Electric Ry.lat mtge. 87,500 shares of no
5% gold bonds, $750 of 1st & ref. mtge. 6% gold bends Series "A"(or of and outstanding, all of no par value. It also has authorized and outsuch other Series as may hereafter be agreed upon,also a sum in cash equal standing 35,000 shares of 7% pref. stock, par $100.-V. 125, p. 912.
to 1-521 of the amount held by the trustee in the sinking and other funds
under the mortgage securing said bonds with accruals thereon and without
Dayton & Columbus Transportation Co.-Reorg. Plan.
deduction of any kind therefrom; also an additional sum equal to the unpaid
See Cincinnati Hamilton & Dayton By. above.
interest on each such Dayton, Springfield & Urbana bond to the date of
settlement at the rate of 5% per annum,less an amount equal to the accrued
Diamond State Telephone Co.-Earninge.interest from the next preceding interest date to the date of settlement upon
1927.
1928.
1926.
Calendar Years1925.
the $750 principal amount of 1st & ref. mtge. bonds so to be delivered in Telephone Oper.revenue $1,656,241 $1,505,122 $1,457.241
$1.346.592
exchange.
1.005.879
944,666
Telephone over.expenses 1,135.268
897.394
(e) For each of the 60,000 shares of Cincinnati, Hamilton & Dayton
revenues__
5,400
8,954
8,700
4,200
Railway common stock now outstanding, two shares of common stock, Uncoil. oper.
132.600
118.740
129.181
108.678
without par value, together with approximately 0.30583 of a share of $7 Taxes assignable to open
cum. pref. stock Class "A" without par value and approximately 0.61067
$375,103
$374,693
$336.319
Total oper. income-of a share of $6 non-cum. pref. stock Class "B" of the corporation without Net non-oper. income__ $379,419
13,390
14,702
14,375
4,941
par value.
The numbers of shares of preferred stock Class "B" of the corporation
$389,479
$389,396
Total gross income-- $392.809
$341.280
to be delivered in exchange as set forth above in paragraphs (b),(c) and (e) Rent & miscellaneous--27,572
34,678
34,383
27,053
are the net amounts to be received and retained in exchange for the securities Interest
1,672
1,426
13.523
18,833
mentioned in said paragraphs after deducting in each case the 20% thereof
which is to be redelivered for distribution to the management and principal
$360,152
$353.374
$344,903
$294,774
Net income
employees of the corporation as provided above.
29,946
32.491
32,500
12,229
Preferred dividends-Upon completion of the reorganization, the reorganization committee
200,000
200,000
200,000
190.000
shall with reasonable promptness, on such date or dates as shall be fixed Corn, dividends (8%)--25.000
1,748
5,000
Other approp. of income
by It, return to the Ohio Syndicate Noteholders protective committee the
preferred and common stocks of the Lbna Toledo R. R. which shall have
corp. surplus- $110,655
$120,882 l$105,206
Bal.
$87,545
been deposited with the reorganization committee hereunder. New Shares forcorn. outstand- I
of
securities which are not required for the purpose of the plan may remain
25,000 II 25,000
%it 25,000
ing (par $100)
25,000
unissued or to be otherwise disposed of upon such terms and conditions
$12.94 j .fi $13.21
$11.30
‘
and for such consideration as the reorganization committee may determine Earns. per share on corn-.. 6 $12.50
-V. 126, p. 1505.
and as may be authorized by any governmental authority having jurisdiction in the premises. Holders of bonds or stocks or certificates of
-Income Account.'
El Paso Electric Co.
deposit or other securities who do not assent to the plan will not be entitled
p 1927.
1928.
Calendar Yearsto participate in the plan or the benefits thereof.
$3,195,134 $2,998,271
Capitalization of Cincinnati, Hamilton ct Dayton Railway Company Giving Total gross earnings
Operation expenses
1,444,079
1,428.984
Effect to the Reorganization Plan.
191.926 .„ 182.774
After giving effect to the reorganization plan, the Cincinnati, Hamilton Maintenance
269.562
& Dayton Railway will have the following securities outstanding exclusive Taxes
251,644
of any additional securities which may be Issued for new money:
$1.289.565 $1.134,868
Net earnings
Hamilton City Division 1st mtge.6% gold bonds
8200,000 Income from other sources
Dayton Traction Co.. 1st mtge.6% gold bonds
8,623
250,000
First & ref. mtge.6% gold bonds
*2,240,750
Total income
• This figure will be increased to 62,690,750 if the above mentioned
$1.289.565 $1,143,491
underlying bonds aggregating $450,000 are retired by the issue of a like Interest and amortization charges
219,076
182,233
amount of additional 1st and ref. mortgage 6% gold bonds.
Balance
Prior preferred stock, to provide for junior financing-none to be issued
$1,070,489
$961.257
Prior earned surplus
except as hereinbefore provided.
$734,417
$768,990
C
A preferred stock (no par)
38,800 ahs.
Total surplus
Class "II" preferred stock (no par)
$1.804,907 $1,730.258
104.925 she. Retirement reserve
Common stock no par)
362,500
350,000
120,000 she
Net direct charges
-V. 126, v. 2308.
4,794
46,109
Dividends-Preferred stock
194,648
193,399
Cincinnati & Suburban Bell Telephone Co.
Common stock
-Earns.
-464,400
408,332
Years Ended Dec. 311928.
1927.
1926.
Telephone operating revenues
$9.677.504 $8,931,081 $8,112,876
Earned surplus at end of year
$778,564
$734,417
6,117,286
Telephone operating expenses
5,689,461
5.293.910
Consolidated Comparative Balance Sheet Dec. 31.
1928.
$3,560.217 $3,241,620 $2,818.966
Net telephone oper. revenue
1927.
1928.
1927.
53.967
$
Assets-Uncollectible oper. revenues
$
48,300
67.896
968,807
Taxes assignable to operations
stock:
985.612
829,218 Plant & property-11,420,983 11,088,594 Preferred stock:
292.609
310.023
Cash
Series A 7%-- _ _ 2,765,600 2,765,600
3.234
$2.537,443 $2,207.708 $1.921,852 Notes receivable-1,963
Operating income
Series B %_ -_
17,600
17.600
93,115
281.397 Corn. stk.(no par)x2,950,976 2,950.976
Net non-operating income
35,036
60,750 Accounts receivable 323,048
Materials 5: suppl. 213.384
248.857 Bonds
4,000.000 4,000.000
31,588
$2,630,559 $2.242,744 $1,982,602 Prepayments
Gross income
93,475 Accounts payable_
44,099
51,143
17,963
Other interest
15,328 Accounts not yet
6.026
5.603 Miscel.investments 15.328
51,257
Rents and miscellaneous
due
49.889
273,934
256,959
47.648 Unam.debt disc.& 229.418
239,023 Dividends declared
expense
48,662
48,682
34.297
Net income
$2.561,339 $2,186,828 $1.929,351 Unadjusted debits
18,000 Retirement reserve 1,631,127 1,390,793
Dividends
1,814,461
Approp. res. for
1,649.511
1,466,232
Other appropriations
23,068
retirements_
1,305
50.000
Contributions for
Balance
$723,810
$537,317
extensions
14,420
$413.118
13.
117
She. corn. stk. ounit'g (par $50)
Operating reserves
439,869
366,558
59.773
33,037
366 558
Earnings per share
$5.82
5,515
$5.97
Unadjusted credits
5,869
$&27
-v. 126, p. 1349, 575; V. 124, 1). 1664, 1508; V. 122. p. 1168; V. 120, p. Total(ea.side) -_12,563,889 12,296,659 Earned surplus_
734,417
778.564
828; V. 118,P. 2309; V. 115. v. 2384.
x Represented by 58,050 shares of no par value -V.126, p. 1349.
1396
FINANCIAL CHRONICLE
Fall River Electric Light Co.
-Earnings.-
Calendar Years1925.
1928.
1927.
1926.
Total operating revenue- 52.340.308 $2.516.851 $2,313,140 $2,196,441
Operating expenses
1.203,577 1.347.373 1,262.623 1,184.486
Taxes
256.438
302.846
251.010
266,421
Net operating Income- $833.885
5755.516
$799.507
$903.056
Non-operating income__
161.036
18,991
108.798
32.739
Other credits
255
1
Total income
Int. & miscel. charges
Dividend
8866.624 51,011.855
179.275
226.434
424,000
423.167
$916,807
181,662
422.334
8818.500
134.734
475.126
Surplus
[VOL. 128.
The Bank of America N. A. has been appointed transfer agent of 298,000
shares of class A common stock and registrar of 210,000 shares of class B
common stock.
The Chatham Phenix National Bank & Trust Co. has been appointed
transfer agent of 200.000 shares of $7 cumul. pref. stock, first series, with
class A common stock purchase warrants attached.
-V. 128, p. 725, 556.
Jacksonville Traction Co.
-Earnings.
Calendar YearsTransportation revenues
Non-operating revenues
1928.
1927.
51.197,738 81.371.345
6,835
1.778
Total earnings
Operatingexpense & taxes x
51.199.516 51.378.181
1,077.925 1,228,688
$312,811
5208.639
3362.254
5263.349
Net earnings
8149.493
5121.591
Balance Sheet as of Dec. 31.
City of South Jacksonville portion of net earnings
8,765
6.437
1927.
1928.
1928.
1927.
AssusNet earnings of Jacksonville Traction Co
Liabilities
5115.154
5140,728
Plant Investment_ 6.165,457 5,726,436 Common stock_- 5,250,000 5,250.000 Interest & amortization charges
173,090
164.018
Unfinished constr.
50.000
50,000
74.762
244.932 Empl.cap.stock_ _
Inv. Mont'p EI.Co 4,863,219 4,726.900 Prem. on cap. stk. 678,741
678,740
Balance
def$48.864 def$32.362
Other investments
3.241 lst mtg. bds.ser. A 2,000.000 2,000.000 Prior surplus
18.060
67.822
43.387
Cash
850.000 Direct credits to surplus
118.265 Notes payable. __ 1,175.000
119,543
7.927
124.394
157.314
Notes receivable_
77.526
3,991
2,243 Accounts payable_
Accts. receivable
23.550
26.388
Balance surplus at end of year
300.117
325.859 Consumers' dep_ $43.387
5118.918
Mat. & supplies.
106.000
x Pursuant to order of Florida RR. Commission, retirement accruals
declared 106.000
156.514 Dividends
129,329
81,383 must be included in monthly operating expenses on the entire property
56,170
Prepaid accounts_
30,995 Accrued taxed_
28,641
937 and beginning Jan. 1927. such an accrual was included. Figures for 1927
Accrued interest_ _
1,153 have been adjusted to a comparative basis.
2,047
Other seer. liab___
-V.126, p. 1507.
125,400
125.400
Lined). credits_ _
Res. for run.& repi 1,242,667 1,203.360
Lima City Street Ry.-Reorganization Plan.
807.592
913.181
Profit & loss
See Cincinnati Hamilton & Dayton Ry. above.
-V. 128, p. 399.
11,703,120 11,335,435
Total
11.703.120 11,335,435 Total
Lima Toledo RR.
-Reorganization Plan.. -V. 126. p. 1658.
See Cincinnati Hamilton & Dayton Ry. above.
-V.128, p. 399.
Federal Light & Traction Co.
-Earnings.
-
1925.
1926.
Years End. Dec.311928.
1927.
Gross earnings
57.912.158 57.010.040 56.623.587 55.888.708
3.996.017 3,685.072
Oper.,adm.exp.& taxes *4.686,716 *4.357.101
Mackay Companies.
-Annual Report.
-
Calendar Years1928.
1927.
1926.
1925.
Receipts
$4,970,999 $4,910,835 $4,922,811 54.801,207
Oper. exp., Fed. tax,&c.
244,585
283,418
296,640
184,937
Total income
53.225.442 52,652.939 52.627.570 $2.203.636
Net income
749.349
826,620
$4.726,314 $4,627,417 54.626,171 54.616,270
Interest and discount_ -- 1.085.816
920.690
Pref. dividends (4%).. f 4,612,628 4.611.989 4.611.111 4,605,701
Net income
52339.626 51,732.249 51,800,950 51,454.287 Common dividends...1
Rate of common dive
Cent. Ark. Ry. & Light
(7%)
(7%)
(7%)
(7%)
91,806
Corp. pref. dividends_
101,761
104,809
104,764
Balance, surplus
Springfield Ry. & Light
5113,686
515,428
$15.060
$10,569
64,164 Shares of common outCo. pref. dividends_ .._
64.652
68,742
65,482
standing (par $100)....
413.804
Federal Light & Trac.413.804
413,804
413,804
235,379 Earn. per share on corn..
236.244
$6.68
Pref. dividends ($6)-236.244
236.244
$6.33
$03.35
$6.32
Common divs., cash_(80c)342,324(80c)335,748(80c)322.648(1.60)310700
Balance Sheet Dec. 31.
(750)57.757
1n6% pref.stock
Assets
1928.
1927.
1926.
1295.
In common stock
(60c)269092(60c)251.811 60c)241986 (45c)175.273 Investil entt
591.830.350 593,404,578 592.883,716 593,837,754
1.422,180
256.651
824,085
456,796
Balance, surplus
8519,202 Cash. rtceivablm, &c
3833.660
51.118,415
8738.200
* Including estimated Federal taxes amounting to $1801.00 In 1927.
Total
593.252,530 $93,661.230 $93,707.802 $94,204,550
The consolidated balance sheet as of Dec. 31. after eliminating securities
Lid'i ties
and accounts between companies, shows total assets of $44.128.312, of
49,028.000 550.000,000 $50,000,000 $50.000,000
which plant, property, franchises, &c., are carried at $38.130,125. At the Prefer. 9d 4:neck ,Issued
,
41.380,400 41,380.400 41,380,400 41,380,400
end of the year there were 39,374 preferred stock shares of no par value Comn.ch stock issued
Sundry a'cc'ts payable...
168.085
105.000
-V
167,000
outstanding and 447,699 common shares of a par value of $15 each.
768,809
Surplus
2.676,044 2.175,830 2,160.402 2.145,341
128. p.884.
Holyoke Street Railway.
-Earnings.
Total
593,252.530 593,661.230 $93,707,802 $94,294,550
-V. 127, p. 1390.
(As Reported to theMassachusetts Commissioner of Public Utilities)
1927.
1928.
Calendar Years$820.730
$759.104
Operating revenues
National Power & Light (& Subs.).
-Annual Report.
736.001
Operating expenses
652.234
[National Power & Light Co. acquired control of Lehigh Power Securities
14.134
17.853 Corp.
Taxes
in February 1928. The following comparative consolidated statement
$66.876 of income for the 12-month periods ended Dec. 31 1928 and Dec. 31 1927
Operating income
$92.736
510.863 Is given to indicate the earnings of National Power & Light Co. as they
Non Operating income
24.120
would have been had that company controlled Lehigh Power Securities
$77.739 Corp. for these periods on the basis of control as it existed Dec. 311928.1
Gross income
$116.856
82.833 Comparative Consolidated Statement of Income (Inter-Co. Items
83.313
Interest, rents, &c
Eliminated),
1928.
Calendar Years1927.
533.543 def$5.093
Net income
Subsidiary Companies
26,840
Dividends
Grass earnings
579.259.372 $76,121.740
44.092.884 44.195,033
Operating expenses, including taxes
$6,703 def$5,093
Balance surplus
-V.127, p. 2817.
535.166.488 $31,926,707
Net earnings
Northern Utilities Co.
-Earnings.
Illinois
Other income
1.035,063
1,307.757
1928.
1925.
1927.
1926.
Calendar Years836.201.551 833,234.464
$3.497.478 53.302.500 53.078.754 $2.763,428
Total 1 ncome
Gross earnings
12.090.181 11.328.048
1,865.330 1,770,893 1.632,463 Interest to public and other deductions
Oper. exp., taxes, &c....- x2,034.636
445,517
401,979
383.285 Preferred dividends to public
5.141.041
455,281
4,976.746
Interest charges
Renewal and replacement (deprec.) appropriations 6,295.793 6.347.260
Rent of leased lines &
41.979
42,024 Proportion appllcable to minority interests
41,594
41,950
123,320
131,399
plants
32.297
27,182
24,056
33,143
Amort.of debt disc.&exp
7,982
6,480
10.593
$12,551,216 510.451,011
44,523
Balance
Miscell. amortization _
Loss from oper. of Ster.
National Power & Light Co.
19,388
Dix. & East. El. Ry
Balance of sub. cos. earnings appllc. to National
812,551,216 $10,451.011
Power & Light CO.(as shown above)
$906,813
$828,739
3655.731
3888.300
Net income
323,961
595,700
566,181 Other income
654,116
860,916
1.124,466
Previous surplus
Total income
512.875.177 511,046.711
31,767.729 51,482.855 51,221,912
$2.012,766
Total surplus
141,167
109,627
222,161 Expenses of National Power & Light Co
223,401
225,219
228,409
Preferred dividends
634.661
686,673
22,709 Interest deductions of National Power & Light Co_
60.809
58,538
58,555
Junior pref. dividends
244,250
337,729
356,242
368,800
Common dividends
Balance
512,099,349 510,250,411
Adj. to bring divs. to
1,634,971
81,934 Divs, on pref. stocks of National Pow. & Lt. Co.._ 1.634.969
accrued basis
4.572.235 2,036.652
Cr 3,259 Divs. paid on com,stock of Nat.Pow.& Lt. Co
deb3,264
Miscellaneous credits......
Balance
y$860,916 $654,116
$1.357.002 $1,124,466
Surplus Dec. 31- - _
-V. 127. -V. 128, p. 248.
x Includes $199.080 retirement reserve and $246,551 taxes.
P. 3244.
Indiana Columbus & Eastern Trac. Co.-Reorg. Plan.
-V.123. P. 111.
See Cincinnati Hamilton & Dayton By. above.
-Income.
Indianapolis & Northwestern Traction Co.
Calendar YearsTotal operating Income..
Tot. oper. exps. & taxes.
Deductions from income
1928.
$411.387
452.139
124.000
1927.
$475.352
489.363
124.000
1926.
5510.732
484.240
124.000
1925.
5480.493
451.768
124.000
Deficit
-V.126, p.3754,
$164,753
8138.010
597,508
595,275
Indianapolis Crawfordsville & Danville Electric Ry.-
Earnings-Cal.
Total operating income_ $267.117
Years..
Tot.oper.exps. & taxes284.942
Deductions from income
35.420
Sinking fund
24.080
Deficit
-V.126, p. 3754.
$77,325
1927.
$300.742
294.518
36.942
22.558
1926.
8318.269
304.330
38,382
21.118
1925.
5317.925
303.984
39.980
19,520
553,276
545,561
845.559
Indianapolis Street Railway Co.
-Earnings.
-
Calendar YearsGross earnings
Operating expenses
Fixed charges
Taxes
Net Income
-V. 127, p. 408.
1925.
1926.
1928.
1927.
$5.213,776 $5,414,671 $5,518,795 $5,536,370
3,857.221 4,177,977 4,343,347 4,032.821
629.183
630.939
663,839
639,914
386,624
294.872
289.303
295,924
5403,413
5300.856
$249,636
5487.742
Intercontinents Power Co.
-Initial Preferred Div.
The directors have declared an initial quarterly dividend of $1.75 per
share on the $7 cum. pref. stock, no par value, payable March 1 to holders
0 record Feb. 25. (See offering in V. 128. p. 556.)
55.892,145 $6,578,788
New Bedford Gas & Edison Light Co.
-Annual Report.
1927.
1926.
1925.
$4.331.140 54,167.967 33.985.399
2.073.150
2.072.815 2,035.019
Net operating revenue $2,243,320 32.257.991 52,095.152 51,950.380
def.742
def.2.799
Other income
3.751
1.394
52,242.578 82,255.192 52,098.903 81,951.774
Total income
541,247
565.106
Taxes
490.333
428.078
228,950
Bond interest
247.340
251.630
255,920
8.222
Int. on notes, &c
13.594
70.503
62.830
2.979
• 8.375
Amortization charges
8.300
8,223
340.396
371,816
Depreciation
322,138
282,300
$1,120,790 $1,048.961
Net Income
$955,999 $914,421
854,784
Dividends paid
854,784
808,992
641.087
5266.005
8194,178
Surplus
$147.606
$273,334
Balance Sheet Dec. 31.
1297.
1928.
1928.
1927.
$
LiabilitiesAssets$
i
i
Plant Investment-16.867,911 16,560.070 Capital stock
5,342,400 5,342.400
Premium on stock 3,081,267 3.081,268
Other Investments
7.585 let mtge. bonds._ 4,579.000 4 570,000
& receivables-7.585
446,990 Notes payable_ ...-} 160,152 (250.000
594.551
Cash
1,362.565 Accountspayable.
Special deposits.-131,926
688,272 Consumers' deport_
Mat'ls & supplies. 599.631
82.852
82.671
33,500 Dive.
Prepd.Insur. &Int. 27,244
.-- 213,696
213.696
26,625 Accr.taxesInt.,&c. 146.088
24,764
Unadjusted debits
183.859
Unadjusted credits
73,513 1,444.996
Deprec. reserve___12,606,611 12,262.078
Other reserves-35,611
Total(each side)18.121.687 19.125.607 Profit and loos.... 1,838.288 1,517.926
-V. 127, p. 2526.
9
Years End. Dec. 311928.
Total operating revenues $4,282.651
Total operating expenses 2.039.331
1397
FINANCIAL CHRONICLE
MAR. 2 1929.]
-Earnings.
North American Co.(& Subs.).
Preliminary Consolidated Income Statement (Incl. Subsidiaries) for the
12 Months Ended Dec. 31.
1926.
1925.
1927.
1928.
Gross earnings
$135.551.899 $122166,834 $115850.466 $93,028.967
Op. exp.. maint. & taxes 71.152.647 65,308,621 64.382,878 54,987.125
Net income
Other income
$64.399.252 $56,858,213 $51.467.589 $38,041,842
4.143,441
3.022,715
3.574,836
4.290.936
Total income
Interest charges
Pref. diva, of subs
Minority interests
Res. for depreciation
$68.690,188 $59.880,928 $55,611,030 $41.616.678
18.243.609 17.775,812 16.414.630 13.001.930
8.966.740
4.624.595
8,355.435
9.961,982
1,401,795
1.369.363
1,266.130
1.807.180
9,427.912
14,274.664 12.481,932 11.908.094
Net income
Preferred dividends_
Common dividends
$24,402.753 $19.254.647 $17,563,507 $13,296.111
1.820,032
1,820.108
1,820,022
1,763,620
4,341.772
4.806,550
3,932.525
3,223,819
Total surplus after all
diva. & reserve__ --$17.776.172 $13,092.853 $11.810.875 $8,308,673
fills. of com. outstanding
4,878.423
(par $10)
4,514,863 4,091.322
3.701.517
Barns, per sh. on com
$3.86
$4.63
$3.85
$3.12
-V. 128, P. 557.
Northwest Cities Gas Co.
-Bonds Sold.
-P. W. Chapman & Co., Inc., have sold $1,000,000 1st mtge. 6% gold
%
bonds at 978 and interest.
Dated Jan. 1 1929; due Jan. 1st, 1949. Principal and int. (J. & J.)payable at the office or agency of the company,in either N. Y. City or Chicago.
Denom. $1.000 and $500.e• Red. all or part at any time upon 30 days'
notice, to and incl. Jan. 1 1933, at 105 and int.; thereafter, to and incl.
Jan. 1 1937. at 103 and int.; thereafter,to and incl. Jan. 11942. at 102 and
hit.; thereafter, to and incl. Jan. 1 1948. at 101 and int.; thereafter, but
prior to maturity, at par and int. Interest payable without deduction for
any normal Federal income tax not in excess of 2%. Refund of certain
state taxes, upon timely and proper application. Farmers' Loan & Trust
Co., New York City, trustee.
Data from Letter of H. G. Scott, President of the Company.
Company.
-A wholly owned subsidiary of Union Utilities, Inc. Owns
and operates the gas manufacturing and distributing systems in the cities
of Astoria and Pendleton, Ore.; Walla Walla and Yakima. Wash.: and
Lewiston, Idaho. The properties will include gas holders and modern
gas manufacturing plant with a daily capacity in excess of 1,600.000 cubic
feet. The distribution system includes 147 miles of city mains and 8,933
consumers' meters. The cities served have a population estimated in
excess of 83,000 and are located in prosperous and growing territories as
has been reflected in the development of the properties.
CapitalizationAuthorized.
Issued.
1st Mtge.6% gold bonds
$1.000,000
2
-year 6.50% gold notes
$1,000,000
$850.000
Common stick
100.000 shs.
100.000 ells.
• Additional bonds may be issued under conservative mortgage provisions.
Security.
-Secured by a first mortgage on its entire fixed physical properties. The replacement value of the company's properties, as appraised
by independent engineers, is in excess of $2,300,000.
Income for the 12 months ended November 30 1928.
Grossincome
$361,730
Oper.exp., maint.& taxes (excl. Fed.tax)
237.704
Balance
$1104:000026
Maximum annual first mortgage interest charges
Purpose.
-Proceeds from the sale of these bonds will be used to reimburse
the company for expenditures in connection with the acquisition of properties and for other corporate purposes.
Ownership ct Management.
-Union Utilities. Inc., owns all the capital
stock. Union Management & Engineering Corp., which now directs the
operation of the Texas Cities Gas Co., Council Bluffs Gas Co., Guthrie
Gas Co., Memphis Natural Gas Co., and Ohio Valley Gas
contracted to operate the Ohio Kentucky Gas Co. and the Corp., has
Northwest
Cities Co.
-V. 128, D. 400.
Ohio Syndicate.
-Reorganization Plan.
-
See Cincinnati Hamilton & Dayton Ry. above.
-V.112, p. 1025.
Pacific Public Service Co. (Del.).
-Bonds Offered.
A. E. Fitkin & Co., Inc., Hemphill, Noyes & Co., Federal
Securities Corp., Bond & Goodwin and Tucker, Inc., Dean
Witter & Co. and National Bancitaly Co. are offering
$5,000,000 15-year 6% convertible gold bonds at 9.84 and
int., to yield 6.15%.
Dated March 1 1929; due March 11944.
$1,000 and $5000.
Interest payable M. & S. Principal and hit. Denom. at California-Montpayable
gomery office of Bank of Italy National Trust & Savings Association,
trustee, San Francisco, Calif. Interest also payable at Bank of America
National Association, New York, and at First Trust & Savings
Bank.
Chicago. Interest payable without deduction for
tax not in excess of 2%. Red. all or part, on anynormal Federal income
int. date, on 60
notice, up to and incl. March 1 1934, at 105: thereafter up to anddays'
March 1 1939. at 103; thereafter up to and incl. March 1 1943, at incl.
101;
thereafter to maturity at par; plus int, in each
to refund upon proper and timely application, ascase. Company will agree
provided in the
Penna., Calif. and Conn. personal property taxes not exceedingindenture,
per annum, Maryland personal property tax not exceeding 4 four mills
mills per
annum, ICentucky personal property tax not exceeding 5 mills per
annum.
Mich. exemption tax not exceeding 5 mills per annum, and Mass,
income
tax not exceeding 6% per annum upon interest derived from
these
Convertible.-These bonds are convertible into the class "A" bonds.
common
stock on the basis of $27.50 per share, at any time on or before March
11931;
thereafter on the basis of $30 per share, on or before March
on the basis of $32.50 per share, on or before March 11934. 11932;thereafter
Data from Letter of E. Foster Salsbury, Vice Pres. of the
Company.
CapitalizationAuthorized. Outstanding.
15
-year 6% cony,gold bonds (this
$5.000,000 $5.000,000
issue)
Preferred stock (no par)
50.000 she.
Class"A"common stock (no par)
*600.000 she. 100,000 shs.
Class "13" common stock (no par)
300.000 abs. 300.000 shs.
There will also be outstanding in the bands of the public.
upon completion of present financing, $10.175,800 funded debt
value of preferred stocks of underlying companies. and par or liquidating
•Includes 170,000 shares reserved for conversion of $3,400,000
of 2
-year
notes called from the proceeds of this financing; and the
of shares required for conversion of bonds of this issue. maximum number
Business and Terrifory.-Company, organized in Oct. 1928 in
Delaware.
owns over 99% of the common stock of Coast Counties Gas Si
Co., and all of the common stock, except directors' qualifying Electric
California Consumers Co. and of California Consolidated shares, of
er Co.
Company, through its subsidiaries, owns and controls a groupWat
of
properties supplying a diversified public service to more than modern
60
munities in California having an aggregate population estimated comat approximately 1.832,130.
Net income from operations of the subsidiaries is derived from
the
following sources: Electric light and power, 25.6%; gas,
10.7%; distilled
and spring water, 22.5%; ice. 28.6%; miscellaneous services,
12.6%.
Earnings,
-Consolidated earnings after adjustment of maintenance and
depreciation. the elimination of non-recurring charges and operating economies (amounting. for 1928, to $188,331) and giving effect to present
financing, are as follows:
1927.
1928.
Grossearnings(incl. non-oper.Income)
$5.141,330 $5.484.572
Oper.exp.. maint.& taxes,other than Fed.taxes
3.316,250 3.462.978
Net earnings
$1.825,080 $2,021.594
Prior charges of sub. cos., comprising int. on funded debt and
divs,paid or accrued on pref.stocks held by the public
$614.308
Depreciation
59.121
Bal. avail, for annual interest requirements on cony, gold bonds
(this issue), amort.. Fed. taxes & dive. on class"A"COM.stk.41,048,164
Annualinterest charges on this issue of bands
300.000
-Bonds will constitute a direct obligation of company and will
Security.
be secured by deposit and pledge of all of the common stocks outstanding,
except directors qualifying shares, of California Consumers Co. and
California Consolidated Water Co. and all of the outstanding shares
(except 13 shares) of the common stock of Coast Counties Gas & Electric
-year 6% first mortgage gold
Co. and, In addition thereto, $1.500.000 15
bonds (representing the entire present funded debt) of California Consolidated Water Co.
Sanderson & Porter. engineers, report an estimated depreciated replacement cost new of physical properties, including an allowance for water
rights and going value, which aggregates over 517.000.000 and which does
not include any allowances for franchises, working capital or current assets.
Based on this appraisal and including $676.278 of net working capital, the
consolidated net assets of the company and its subsidiaries as reported by
Barrow, Wade. Guthrie & Co.. after deduction of all underlying securities
taken at par or liquidating value, are equivalent to a value of $1,500 for
each $1,000 bond of this issue.
-Proceeds will be used in part to pay for the acquisition of a
Purpose.
part of the above described properties, to retire certain Indebtedness.and
for other corporate purposes and to reimburse the company for such expenditures.
-Company is under the supervision and management of
Management.
-V.128. p. 884.
United States Engineering Corp.
-New Financing.
Power Corp. of Canada, Ltd.
New financing of 110,000.000 has been arranged by a banking group
comprising A. Iselin & Co.. and Nesbitt, Thomson & Co., Ltd. Montreal,
-year convertible debentures will be
% 30
Public offering of an issue of
-V. 127. p. 3090.
made by the bankers next week.
Public Service Co. of Nor. Illinois.-Stock Authorized.
The stockholders have authorized the board to issue 200.000 shares
of no par common stock as occasion arises, and also approved the reservation of 29,250 shares of $100 par common stock to be sold to empolyees
-V.
of the company through the agency of the savings fund committee.
128, p. 885; V. 127, p. 3090, 2957, 2819.
-Annual Report.
Quebec Power Co.
1928.
1927.
1925.
1926.
Calendar YearsGross Inc. fr. all sources- $3.198.487 11.572.230 $1,238.302 11.046.944
236.444
271.034
316.003
Oper. & maint. expense_ 1,228.182
620.580
300.000
300.000
300.000
Int. on bonds & debs150.000
100.000
100,000
60.000
Depreciation
$1.199.725
Net revenue
Divs, on preferred stock
901.985
Divs, on common stock.
1856.227
666.754
1567.267
251.466
220.884
5450.500
207.666
198.608
$297.740
252,959
1189.472
114.107
194.917
57.576
144.226
36.006
4550.699
300,000
$303.579
1152.493
$80.232
Surplus
Sur. from prey. year___
x Total surplus
Trans for reserves
$303.579
$80.232
$152.493
Profit and loss surplus $250.699
500.304
400.000
y40.263
y39.991
Shs, corn. outst.(no par)
$2.16
$2.39
$7.84
$6.07
Earns, per sh. on com_ x Subject to deduction for income tax. y Par $100, the stock having
been changed to no par during 1927 and four shares of new stock exchanged
for each share of old stock.
Balance Sheet Dec. 31.
1927.
1928.
s.
Liabilities-3
Assets
19,412,231 3,234,938 Capital stock_ ___x15,204.990 10.000.000
Plant
12.000.000 3.540.000
8,195,365 11,728.017 Bonds
Secs, of subski
451.568 Debenture stock_ 1.460.000
Meters. Ac
8.825 Depreciation res__ 602.160
451.389
266.892
Stores, 6fc
10,622 Accounts payable_ 578.075
47,386
324.558
Prepaid charges
1.946.821
1,295.000
Bills Payable
Balance due
Accrued interest
146.117
75.000
Emp,stk.subscrlp. 112.992
218.612 Dividends payable 251.438
200.000
263.804
Cash
156.054 Reserves
300.000
Accounts receivable 294,849
483.473 Surplus
250.698
303.580
Bills receivable_
72.415
88,107
Temporary invest_
Total
30.628.481 16.364,528
30.628.481 16,364,528
Total
-V.127. P. 3246.
x Represented by 500.304 no par shares.
-Income Account.
Tampa Electric Co.
Calendar Years
Total earnings
Operation expenses
Maintenance
Retirement accruals
Taxes
1928.
1927.
14.658.004 14.714.686
$1.949,127 12,037.106
349.232
364.615
552.126
509.759
333.744
329.409
Net earnings
Income from other sources
$1,458.392 11.489380
17.977
Total income
Interest and amortization charges
11.476.369
53.811
Balance
Prior earned surplus
11.422.558 11.431.784
12.721,214 52.754.906
Total surplus
Net direct charges
Preferred dividends
Common dividends, cash
Common dividends, stock
14,143,772 14,186.691
38.047
85.338
69.785
55.631
987.612
947.415
391,216
377.094
51.489.180
57.395
52.657.111 12.721,213
Earned surplus at end of year
Consolidated Comparative Balance Sheet December 31.
1928.
1927.
1927.
1928.
$
Liabilities$
$
5
Assets985.400
Plant & property-16.251.086 15,436.364 Pref. stock 7%... 1,000.000
7.900
367.153
222.065 Pref. stk. subscrib.
Cash
25.394
31.327 Corn.stk.(no par)s10,087.00f3 9.695.790
Notes receivable_.
1,143.000 1.163.500
422.165
513.856 Bonds
Accts. receivable
60,152
334.099 Accounts payable_
20.898
Materials & supp- 317,420
102,269 Accts. not yet due_ 385.170
399,336
16,513
Prepayments
1.102
1.102 Retlrem't reserve- 2,132,574 1,653,316
Mlscell. Investm'ts
Subscr. to pref. stk
2,183 Approp.reserve for
927
retirements _ -...
Sinking funds_ _ 1,068
.
1.180
42.883
Contrib. for exten_
34.524
Unamortlzed debt
59,945
45.503
25,608
(Met. & expense
27,996 Oper. reserves_ _
105,4313
Unadjusted debits
26.242 Unadjusted credits
99.334
27,709
Treasury securities 173.500
173.500 Earned surplus- 2,657.111 2,721,216
Total
17.628.830 16.872.071
Total
17,628.830 16.872,071
a Represented by 504.217 shares of no par value in 1928 and 484.657
shares in 1926.-V. 126, p. 1662.
Radio Corp. of America.
-Split
-Up of Common Stock
Approved-Unification Plan Ratified.
-The stockholders on
Feb. 27 approved the plan calling for the reclassification of
the authorized A common stock (1,500,000 no par shares)
into 7,500,000 shares of new common stock, no par value,
and the exchange of five shares of new stock for each share
of old stock held. The creation of an issue of 813,365 shares
of cumul. B pref. stock, entitled to dividends at the rate of
$5 annually, also was approved.
The stockholders also authorized the board of directors
to transfer from time to time all or any part of the assets and
properties of the corporation to one or more subsidiary companies now organized or to be organized.
(For plan of recapitalization and unification, see V. 128,
p. 248).
1398
FINANCIAL CHRONICLE
[vim. 128.
Consolidated Income Statement for Calendar Years.
Consolidated Comparative Balance Sheet December 31.
Gross Inc.from Oper.
1928.
1925.
1926.
1927.
1928.
1927.
1927.
1928.
Gross sales
Assets$86,900.153 $56,651,658 $56,093,505 846,251.786
$
Liabilities$
$
$
From transoceanic comPlant & property _73,673,662 71,217.856 Pref. stock
14,782,400 14,828,300
munications
4,595,551 3,934.367 3,632,626 3,418.179 Cash
1.238,629 1,377.592 Pref.stock subscr_
283
154,67i
From marine service_-_ 1,536,544
762,654 Notes receivable._ 115,040
874,215
990,954
136,601 Common stock_ _ al1,976,994 11,976,769
From royalties
6,392.230 a3,310,722
378,835 Accts. receivable 1,327,817 1,119,376 Sub.co. pref.stock 750,000
52,427
750,000
From real estate oper-202,064
182,982 Materials & su pp- 856,130
182,974
194,373
919,911 Benda
39,672,000 39,708,000
Prepayments
177,673
255,037 Equipment notes..
113,620
77,369
Total gross income_ - -$99,626,543 865,082,074 $60,835,747 $50,994,436 Subscribers to 6%
Notes payable_ _ __ 2,418,000 1,368,000
Deduct-Gen.oper., devel.
pref. stock
120
103,861 Accounts payable_ 319,266
330,800
Miscell. investmls
& admin.exPs., deprec.
11,907
33,766 Accts. not yet due_ 1,061,325
969,412
8c cost ofsales
78,189,613 53,618,970 53.760,799 45,622,742 Sinking funds- --- 5,245.578 4,781,373 Retirement reserve 8,689,232 7,665,445
Special deposits_
453,926
499,502 A pprop.reserve for
Net income
85,371.694 Unamortized debt
$21,436,930 811.463.104 $7.074,948
retirements.- _ _ 384,458
318.313
Otherincome
dint. & expense 1,299,517 1,410,410 Contrib. for eaten_
2,225.060
422,921
321,539
336,546
13,950
68,637
Unadjusted debits
42,228
210,018 Operating reserves 152,965
101,723
Totalincome
$23,661.990 $11,799,650 $7,396,487 $5,794,615 Treasury securities 499,000
554,000 Unadjusted credits 293.120
387,537
Applied asfollows
Earned surplus_ _ _ 4,315,171 4,134,758
Rea,for amort. of pats- $1,093,621
$960,145
$944,590
8966,095
Res.for Fed,inc. tax__ _ 2,533,569 1,405.235
Total
700,000
940,500
84,941.225 82,619,303 Total
84,941,225 92,619,302
Res, against for. invest_
100,000
100,000
100,000
524.068
a Represented by 478,020 shares of no par value.
-V. 128, p. 728.
Res.for empl,pens.fund
100,000
100,000
General reserve
750,000
750,000
Western Massachusetts Companies.
Amt. written-off contr.,
-Earnings.
Consolidated Earnings Statement of the Constituent Companies.
good-will,&c
700,000
Calendar YearsTransferred to surplus- - 19,834.799 8.478.320 4,661.397 2,910,402
1928.
1927.
*Operating revenue
a Including past damages of$1,307,791.-V. 128. p.885.
$8.439,563 $8,189.877
Operating expenses
3,231,802 3,270,926
St. Louis Public Service Co.
-Busses Substituted for Taxes
1,310,509
1,295,757
Street Car Service on Vandeventer Line.
Operating profit
$33,897,251 $3,623,194
Abandonment of street car service on the Vandeventer line in St. Louis, Other income
115,279
136,694
Mo., by this company is authorized in a ruling and order issued on Feb.7
by the Missouri P S. Commission. The track to be junked is 2.5 miles
Total income
$4,012,531 $3,759.888
In extent, extending from Market St. on the south to Natural Bridge Ave. Interest
260,210
256,977
on the north.
Retirement reserves
1,025,813 1,002,274
A condition imposed by the Commission in its ruling is that when the
tracks are torn up the company will substitute in lieu of street cars an
Net income
$2.726,507 $2,500,637
adequate motorbus service at a rate not to exceed the street car rate and Dividends of constituent companies:
with transfer privileges for passengers to all intersecting street car lines.
Preferred dividends
26,250
21,600
The Commission found that in 1928 the City Plan Commission of St.
Employees' dividends
22,429
18,440
Louis suggested removal of the street car tracks from Vandeventer Ave.,
Common dividends
2.282,100
1.787,100
and in 1926 the rapid transit report contained a similar recommendation.
The company in its appllcation for approval of the Commission to junk the
Surplus
$395,728
$673,496
Vandeventer Ave. line, pledged itself to substitute bus service that will Adjustments
1)r.38,090 Dr.182.070
adequately take care of local transportation on that avenue.
It was also found by the Commission that the widening and installation Addition to surpluses of constituent companies- _ 8357.638
8491.426
of new paving on Vandeventer would cost the Public Service Co. $232.855
•Sales between constituent companies eliminated.
and that for a long time the income derived from operation of the VandeStatement of Western Massachusetts Companies itself (the holding
venter St. car line has been insufficient to pay operaing expenses and yield company) for calendar years:
a fair return to the company.
-V.127, p. 1105.
1928.
1927.
$2,362,201 81,036,161
Southern Ohio Public Service Co.
-Operations on Income paid
Dividends
2,153,990
1,022,164
Interurban Line Cease.
-
Surplus
$208,211
$13.997
Western Massachusetts Companies on Dec. 31 1928 owned the following
common stocks as investments: 99,987 shares Turners Fella Power & Electric Co.; 155,562 shares United Electric Light Co.; 14,811 shares Greenfield Electric Light & Power Co.; 9,384 shares Pittsfield Electric Co.; 4.500
Gas
-- shares Amherst Gas Co.: 1,800 shares EasthamtonLight Co.; 760 shares
Agawam Electric Co.; 450 shares Ludlow Electric
Co.', 300 shares
Standard Public Service Co.-Ne-w-Director.Lee Electric Co.. and 300 shares Hamishire Electric Co. On the same
C. O'Brien Murphy, formerly with the Electric Bond & Share management, has been elected Vice-President and General Manager in complete date there were outstanding 963,326 common shares, no par, of Western
Massachusetts, which were issued in exchange for the above mentioned
charge of operations of tho properties of the Standard company.
-V. 128. investments.
-V. 127. p. 1528.
p. 1227.
Operations have ceased on this electric interurban road which operated
between Columbus and Zanesville, Ohio, via Buckeye Lake and Newark.O.
The Ohio Power Co., which purchased the equipment recently, will operate
busses. The new owners expect to continue the lighting and power contracts, which include that of the City of Zanesville.
-V.128, p. 401.
Terre Haute Indianap. & Eastern Trac.Co.-Earns.-
Western Public Service Co.
-Bonds Called.
-
All of the outstanding 1st mtge. gold bonds, series A, due April 1 1950.
Calendar Years
-1928.
1926.
1927.
1925.
have been called for payment
Gross earnings
$5,122,184 $5,674,386 $5,668.554 $5,058,804 Trust Co., Denver, Colo., May 1 1929 at 105 and Int, at the International
or at the Central Union Trust Co., N. Y. City.
Oper. expenacs & taxes
4.618,040 4,000,623 or at the Continental
4.119,917 4,629,231
& Commercial National Bank & Trust Co.of Chicago.
-V. 122, p. 3343.
Net earnings
$1,002.267 $1,045,155 $1,050,513 $1,058,180
Rentals & other deducts.,
subsid. companies_ _ -644.884
637,073
643,273
626,233
-sub.cosSinking funds
51,958
49,558
50.704
48,263
Int. on T. H.I. & E. bds
250,787
259,177
255,648
263,316
INDUSTRIAL AND MISCELLANEOUS.
H. I.
Sinking fund on T.
180,889
172,498
& E. bonds
176.026
168,359
Printers' Strike Ends on Paper at Albang.-"Times-Union" men return to
work under contract signed March 1. N.Y."Times" March 1.
Balance, deficit
$126,251
$67.792
880,496
$47,991
Lead Prices Advanced.-Aznerican Smelting & Refining Co. has ad-V. 127, p. 1254.
vanced price of lead 15 points to 7.10 cents a pound. Wall St. "Journal"
1.
Terre Haute Traction & Light Co.
-Income Account.
- Feb. 27, p.Stopping
Suggests
Drilling Oil Wells.
-1927.
-Standard of New Jersey say proCalendar Years
Total operating revenue- 82,849.082 $2,863,408 $2,847,.537 82.774,007 ration is inadequate to check overproduction. N. Y."Times" Feb. 28.
Britons End Oil
Total over.exp.& taxes.. 1,963,884 2,025,359 2.066,873 1.975,479 three years gives War by Russian Accord.-Deterding-Shell contract for
group access to vast Caucasian fields. N. Y. "Times"
257,877
267.600
Deductions from income
262,705
272,811 Mar. 1,
p. 1.
27.878
28,440
28,146
Sinking fund
28,744
Matters Covered in "Chronicle" of Feb. 23.-(a) The country's foreign
trade In 1928. (Editorial) p. 1115. (b) Offering of $2,000,000 gold notes
8600.343
Balance, surplus
$484,624
8547,190
$496.973 of Roman Catholic Archbishop
of Manila, p. 1160. (n)
Republic
-V. 127, p. 411.
bondholders to get about 30%-receivers report shows Irish
'
$2,504,365
hand,p. 1161. (d) Nation-wide"Consumers Credit" institutions proposedon
Adj. Bond Int.- statement by A. J.
Third Avenue Ry., N. Y. City.
-13%
Morris of Morris Plan Corp., p. 1162. (e) Rejection
The directors have declared an interest payment of 1g% on the adj. by Senate of Caraway
Bill, aimed against trading in futures on Cotton and
mtge. 50
-year 5% income bonds, payable April 1 1929. A similar payment Grain
Exchanges, p. 1162.
was made Oct. 1 1928. Total arrears on the issue now amount to 3135%•
-V. 127, p. 2957.
Aberthaw (Construction) Co.
-Status.
-Dividends Resumed.
- The book value of the stock shown by the financial statement of Jan. 1
Twin City Rapid Transit Co.
The directors have declared a quarterly dividend of 1% on the out- 1929, amounted to over $15 per share. More than $400,000 was in cash.
standing $22,000,000 common atonic, par $100, payable April 1 to holders U. S. Government bonds and accounts receivable, and over 8200.000 in
of record March 12. From April 1927 to July 1928 incl., quarterly dis- real estate, equipment, machinery and tools, written at a low valuation,
the real estate being carried at less than 75% of the assessed value:
-V.128. p. 1055.
tributions of like amount were made; none since.
Contracts now on the books are expected to cover expenses well Into
-Initial Preferred Dividend.• this year.
United Corp. (Del.).
The capital structure of this company, which is one of the oldest conThe directors have declared an initial regular quarterly dividend of 75c.
a share on the $3 cumul. preference stock. payable April 1 to holders of struction companies in New England, consists of 40,000 shares of stock,
all of one class, with a par value of $25 per share.
-V. 116, p. 178.
record March 11. (See also V. 128, p. 249.)
Offers to Acquire Additional United Gas Improvement
Aeronautical Industries, Inc.
-Stock Purchase Plan
Capital Stock.
Extended to March 10.
made to U. G. I. Co. stockholders to
The
corp. announces an offer
receive tenders for the exchange of not, exceeding 500.000 shares of U.0.1
capital stock for shares of $3 cumul. preference and common stocks of the
United Corp. The acquisition of 500,000 additional shares of U. G. I.
gives the United Corp. a substantial minority interest in the former company.
The basis on which the exchange offer has been made is that for one
share of U. G. I. capital stock holders will receive 1 shares of $3 cumulative preference stock, entitled to dividends accruing from April 1 1929.
and 23j shares of common stock of the United Corp.
Shares of U.0.1.capital stock must be deposited with J.P.Morgan & Co.
in New York City, or Drexel & Co. in Philadelphia on or after March 8
1929 for the purpose of accepting the offer. The United Corp. has reserved
the right to withdraw its offer at any time and to accept or reject In whole
or in part any tenders made.
-V.128, p. 558.
Virginia Electric 8c Power Co.
-Income Account.
Calendar YearsTotal gross earnings
Operation expenses
Maintenance expenses
Taxes
1927.
1928.
$16,244,501 $15,471,570
$6.293.596 86.354,755
1,507.136
1,532.638
1.301,569
1.390.839
Net earnings
Income from other sources
$7,052,932 $6,282,609
26,882
Balance
Interest and amortization charges
87,079,814 $6,282.609
1,563.300
1.904,850
Balance
Preferred dividends
Common dividends
85.174,965 $4.719,308
953.179
1,044.980
1.673.056
1,673.056
Balance for reserves and retirements
82.456,929 82.093.074
Lester D. Gardner, Chairman of the voting trustees, announces an
extension of time from March 1 to March 10 of the plan under which the
company, among other things, plans new financing through the sale of
additional stock.
Mr. Gardner announced that to date holders of a substantial number of
voting trust certificates representing the corporation's shares have assented
to the plan and holders who have not thus far approved the plan are
requested by the Committee to do so at once. Copies of the plan are being
distributed by the Bank of the Manhattan Co. and by the corporation.
See also V. VS, p. 1229.
-Stock Offered.-Lage
Ainsworth Manufacturing Corp.
& Co. and Howe Snow & Co., Inc., are offering 66,667 shares
of common stock at &38.50 per share. This stock has been
acquired from individuals and does not represent new financing.
Transfer agent, Continental National Bank & Trust Co.. Chicago.
Registrar, First Trust & Savings Bank. Chicago,
CapitalizationAuthorized.
Outstanding.
Common stock
200,000 shs.
116,149 ohs.
Listing.
-Application will be made to list this stock on the Chicall•
Stock Exchange.
Data from Letter of Charles H. Ainsworth, President, Detroit, Mich.
Company.
-Is being organized in Michigan to take over all of the assets,
liabilities and business of Ainsworth Manufacturing Co., engaged in the
manufacture of windshields, garnish mouldings, rolled shapes, foot rails,
stampings and machined products for the automotive industry. Ainsworth
Manufacturing Co. was incorporated in Michigan Nov. 3 1915 with an
original investment of $20,000. From this small beginning the company
has grown until it is now one of the two largest manufacturers of the above
products in the world. With the exception of $180,000 paid in subsequent
to its organization the company has reached its present financial position
entirely from earnings. Company occupies its own plant, covering about
total floor
33( acres, near the central business section of Detroit. It has
space of 195,925 square feet, and about 600 employees.
-Net earnings, after all charges including Federal income
Earnings.
tax at present rate of 12%. adjusted for elimination of officers' profitsharing contract and bonuses to employees, and adjusted for changes in
executives' salaries (these combined items averaging annually 881,830)
and bond discount and expense (averaging annually $7,120). averaged
$432,002 annually for the six years ending Dec. 31 1928.
Earnings for the year ended Dec. 31 1928. adjusted for elimination of
fencers' profit-sharing contract and bonus to employees, and adjusted
for changes in executives' salaries (these combined items totaling $64,555)
and after deducting Federal income tax (computed on net taxable earnings
after deducting prior year's loss) were $480,273. which is $4.13 per share
en 116.149 shares to be presently outstanding.
-Corporation will inaugurate dividends on the common
Dividends.
stock at the rate of $2.50 per share per year payable quarterly beginning
June 1 1929.
Balance Sheet Dec. 31 1928 (After Present Financing).
Liabilities
Assets$211.972
$24,542 Accounts payable
Cash
20.608
387,765 Accrued wages
U. S.. rnunic., &c., oblig__
29.644
307.207 Accrued Federal tax
Accounts receivable
1,161.490
544,423 Capital stock
Inventories
791,292
22,955 Paid-in surplus
Prepaid insur.. taxes, &c19,541
Insurance policies
908,572
Plant & equip. (at coat)
Total
1399
FINANCIAL CHRONICLE
MAR. 21929.]
$2,215.006
Balance Sheet
1927.
1928.
$
$
AssetsReal prop.& equip. 6,033,520 6,376.586
3,502,644 3,694,754
Cash
Demand loans.-- 5.950,000 5,300,000
Due from banks- 5,894,264 5,297,581
1,424,779 1,760,036
Working funds
36,475
36,475
U. S. securities.._
Other investments41,021,166 38.255,091
119,775
Advances
Accep.&let'rs of Cr. 1,048,879 2,125,674
Bank guarantees 4,642,876 4,729.375
Accrint&accts.rec. 1,945,969 1,591,221
211,009
280,523
Other assets
$2,215.006
Total
-Listing.
Air Investors, Inc.
Dec. 31.
1928.
2
Liabilitiesx18.000,000
Capital
4,808,867
Reserves
Dividends payable 270,000
Due to bank, &c 9,282.840
Travelers' checks&
credit letters__ _25.997,184
Money orders,
6,500,765
drafts. &c
AccepAlet'rs of Cr. 1,048,879
Other liabilities_ _ _ 1,263,037
4.609.522
Surplus
1927.
2
18,000,000
2,833,512
270,000
8,980,098
24,997,113
6,605,728
2,125,674
1,501,242
4,184,209
71,781.097 69,497,576
Total
71,781.097 69,497.576
Total
-V. 128. p. 559.
x Represented by 180,000 shares of no par value.
-Annual Report.
American Metal Co. (Ltd.).
1925.
1926.
1927.
1928.
Calendar Yearsa Income after expenses_ $4.120,980 $4,822.347 x$4,498.897 $5.296,109
1.694.041
1.605.956
1,674,648
&c.. res.- 1,469,047
Deprec.,depl..
Prov.for reduc.ofinvest.
147.548
335.287
633,935
& inventory
$2,651.933 $2,513,764 $2,657,308 83.354.866
Net income
350,000
350,000
350.000
171,205
$7 preferred dividends
398,895
$6 preferred dividends
1 926,775
2.376.003
1,783,903
1,785.245
Common dividends
($4)
?$33()
($3)
($3)
rate
do
There have been placed upon the Boston Stock Exchange list temporary
voting trust certificates representing 158,255 shares common stock, without
par value, with authority to add thereto additional certificates representing
1.745 additional shares as they may be issued through completion of stock
subscriptions. 192,000 additional shares as they may be issued through
conversion of the convertible preference stock, and 267.000 additional shares
as they may be issued through the exercise of certain stock purchase
warrants outstanding.
Air Investors, Inc., was organized in Delaware Nov.5 1928 for the purpose, among others, of investing in and participating In the underwriting of,
various companies engaged in the manufacture of airplanes, lighter-thanaircraft, motors and instruments and accessories thereto. The authorized
capital consists of 250,000 shares of convertible preference stock of which
90.000 shares are issued and outstanding. and 1.500,000 shares of common
stock of which 158.255 shares are issued and outstanding, both classes of
stock being without par value.
-The Atlantic National
Transfer Agents for Voting Trust Certificates.
Bank, Boston, Maas, The Commercial National Bank & Trust Co. of
New York.
-State Street Trust Co., Boston, Mass., and the Seaboard
Registrars.
-V. 128, p. 1229, 402.
National Bank, New York.
(& Subs.).
-Earn.
American Brown Boveri Electric Co.
1927.
1926.
1928.
Years Bnded Dec. 31.
$671,352
Netincome after all chgs.incl. deprec. $1,045,672 x$355.227
223.717
224.672
141.345
Interest, discount, Scc
$896,024
$578.944
$1.187,017
Total income
457.151
z494.289
588.307
Bond interest, discount. &c
$121,794
$309.717
$692.728
Net income
70,000
80.511
78,677
Prof. of sub. Co. applic to min. int.__
$231,040
$51,794
Consol. net profit appl. to parent co $612,216
Oonsol. surpl. Dec. 31 (incl. sur. from
1.654.108
2.223.163
2,256.226
apprec. of prop. & cap. surplus)347,413
yDr.83.849
121,575
Adjustments (net)
4,500.000
Apprec.of land at Camden. N.J.
312.715
481.672
Inventory adjustment
5.019
Discount on repurchased bonds
Total
$2,751,531 $2,366.030 $7.595.533
52,500
210,000
Dividends on preferred stock
Dividends on participating stock__
790.512
Dividend (stock by sub. company)
777,511
Provision of reserve for contingencies
3,500.000
Exp. of elec. div. at Camden. N. J.
536,492
Sundry charges
126.910
Federal taxes prior years
43,000
Prey,for lose on obsol. & lulus. equip
47.368
Congo!. surp. Dec. 31 (incl. surplus
from apprecia. of prop. & cap.
$2,751,531 $2,223.164 $1,654.108
surplus)
a Extraordinary and development losses and expenses of the Electrical
Division at Camden, N. J., amounting to $524.802;loss of $861.527 on sales
of capital stock of subsidiary company; loss of $104.247 on sale of ships in
operation and provision of 5148.000 for possible loss on securities, charged
to reserve for contingencies.
y Consisting of surplus credits and adjustments made up as follows:
Surplus Credits.-Baceastve and erroneous charges against earnings in
prior years for depreciation and capital items, developed in connection with
settlement of Federal tax liability, $3,464,763: depreciation charged
against earnings in past years in excess of cost of assets. 5564.599; increase
In value of investment in subsidiary company based on its sale of additional
oarsitat stock to others on basis in excess of its book value of its stock
$247,433.: total $4,276,796; less surplus charm as follows: loss on sale of
subsidiary during year (Including surplus accumulated during ownership)
$1.419,356; writing down to $2 book value of contracts patent rights, patents, goodwill, etc., and writing off deferred corporate reorganization and
electrical division development expenses. $1.867,368; loss on construction
of claim of prior year (in addition to $129,578 charged to reserve for contingencies), 873,921.
Includes $20,749 of Federal income tax payable by subsidiary from
date of he sale of additional capital stock.
-V.128, p. 251.
$379,861 def$68.694 $1.078,091
5346.588
Balance.surplus
y10.719.605 10,342.322 10.278,989 10.348,170
Profit St loss surplus_
Shares of common stock
593,505
594.278
594,904
595,114
outstanding (no par) _
$5.06
$3.88
83.64
$3.58
Earn. per share on corn _
a After provision for United States and Mexican Federal income taxes
but before depreciation. &c..
y After transferring to ordinary reserve surplus of subsidiaries of 235.720,
In accordance with requirements of Mexican law and adding $66,416 to
consolidated surplus through acquiistion of stocks of subsidiaries, &c.
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1927.
1928.
$
$
- Liabilities2
$
AsadaPreferred stock _10.000.000 6.000.000
Mines, smelters,
21,899,721x20,977,811 Common stook.__,18,499,700 18.989,200
ships,&c
Accts. payable__ 5,512,133 5,463.183
Invest. in foreign
86,168
1,453,070 1,093,760 Notes payable_ affiliated cos.
1 580,513 2,082,496 Deposits officers &
Cash
4.165,099 2,382,603
empioyeee
Accts.¬esrec 3,907.297 3.496,343
315,319
14,967.266 13.462,709 Accr.liabilities._ __ 219.344
Inventories
297.000
6,629.522 3,587,966 Mtge.,&c., bonds_ 292,000 8.053,945
Investments.
1,798,987 2,441,498 Contingent reserve 2,282.221
Advances,etc.
587,785 1,007,594 Min.int.sub.stk _ 1,133,759 1,220,489
Deferred expenses10.719.608 10.342,322
Surplus
52,824,161 48,150,179
Total
52,824,161 48.150.179
Total
x Mines, smelters, real estate, machinery and equipment, 233.622,919.
less reserve for depletion, depreciation and obsolescence, 211,723.198
Represented by 595,114 shares of no par value.
y
1928 after giving effect to
The pro forma balance sheet as at Dec. 31of
to
sale of a minimum amount of 178,534 shares 15 common stock offered
1929 gives the following
payable on or before Mar.
stockholders and
stock
change in figures from that above: Cash. $11,942,553: common
(773.643 shares). 528.861.740.
Increase Common Stock.
To
The stockholders will shortly vote on increasing the authorized common
shares. See
stock, no par value, from 1.000.000 shares to 2,000,000
also V. 128, p. 730.
-Annual Report.
(& Subs.).
American Multigraph Co.
1925.
1927.
1926.
1928.
Calendar Years84.266.086 84,150,315 83.823.685 $3.944,627
Sales
490.313
537.816
691,690
730.063
Operating Profits
69,192
96.639
127,480
140.517
Depreciation
81,691
68.016
63,978
93.088
Taxes
$339,430
$373.171
$500,231
Net operating st refit- - $496,457
73.718
41,812
38,083
33.849
Other income
$413.148
$414.983
$538,314
$530,306
Gross income
40,634
43,007
67,829
61,629
Provision for Income tax
70,595
74,268
40,166
28,867
Other charges
Net income
Divs, on pref. stock__
Divs. on common stock_
Per share
8439.810
840.319
8297.70$
274.980
($2.40)
206.235
($1.80)
$ 183,320
($1.60)
Balance. surplus
Previous surplus
Amort of cost of pats_
Prem. &c., for red, or
preferred stock
$164,830
1.352,022
$224,084
1,127,937
$114.388
1,013.550
P.& L.surp. Dec. 31- $1.516,852 51.352.021
Shares coin stock out114.575
114.575
standing (no par)
$3.76
$3.84
Earned per share
-V. 128, p. 1229
51301,918
15.435
183.309
($1.60)
$103,174
928,223
DrIl,900
Dr5,948
$1.127.937 $1,013.550
114.575
$2.61
114 575
si.ao
-Extra Div. of 25 Cents.
Safety Razor Corp.
American
dividend of El per
The directors have declared the regular quarterly outstanding capitol
share on the
share and an extra dividend of 25 cents perrecord March 8. Like amounts
The corporation has called for redemption on April 1 1929. at 103 and stock, both payable April 1 to holders of
to
het, all of the outstanding 15
-year 6% mortgage bonds. This issue, repre- were paid in each of the five preceding quarters. From July 1 1925
senting the company's sole funded debt, was offered last year in the amount Oct. 1 1927 inclusive, quarterly cash dividends of 75 cents per share were
of 54,000.000 at 98 and interest. The bonds will be payable at the National Paid. and in addition the company paid a stock dividend of I% in each of
City Mink.
quarters of 1927.-V. 127. p. 3093.
The company has been able to acquire out of current assets $1.300,000 the four
bends, while the remainder of the issue is being retired from the sale of
-New Director.
American Seating Co.
-T. 128.
37,500 shares of stock to shareholders at $80 a share, which was recently
Frederic L. Yaeger of Sutro & Co. has been elected a director.
underwritten. See V. 128, p. 1229. '
1229.
1)•
-Redeems Bonds.
American Commerical Alcohol Corp.
-New Common
American Encaustic Tiling Co., Ltd.
Stock Placed on a $2 Annual Dividend Basis.-
PoThe directors have declared a quarterly dividend of 50c. per share on
the new common stock, no par value, payable March 27 to holders of
record March 12. This is equivalent to $1 per share on the old common
,
'
-for-1 split up. A quarterly distribution
shares outstanding prior to the 2
-V.128. p.730.
ef$1 per share was made on the latter shares on Dec.21 last.
-Annual Report.
American Express Co.
1926.
1927.
Calendar Years1928.
Cross income
$7,848,432 $7,409,098 87.670,167
4.896,379
4.963,513
5,031.944
Oper exp.(lees taxes)
745.311
444.769
707.450
Taxes, 8cc
$2,109,039 $2,000,815$2,028,477
Net income
1.080.000
1.080,000
Dividends (6%)
579.732
554.779
602.816
Reserves
$386,745
$3336.035
Surplus for year
$426,223
180.000
180.000
180,000
Sias. stk.outst.(no par)_
$11.27
$111.12
Earned per share
$11.72
After Taxes and Charges.
Consolidated Net Income
[American Express Co. and American Express Co.,
1927.
1926.
Calendar Years1928.
Azner. Expr. Co. net inc. $2,109,039 $2,000.814 $2,028,477
+Liner. Exp. Co., Inc.,
349.269
320,626
288.048
net income
$2,397.088 $2.321,440 $2,377,746
Total net income
1.080.000
1925.
$6.715.222
4,575.647
218.044
51.921,531
1.080,000
605.116
$246,415
180,000
$10.68
-Sale of Division.
American Wringer Co.
Lovell
The company has sold its hand clothes wringer department to the
Mfg. Co.. Erie, Pa., and this department will be moved to the latter plant.
The power wrineer division at the Woonsocket plant will be enlarged
-V. 127. p. 684.
-("Iron Trade Review.")
-Initial Dividend.
American Writing Paper Co., Inc.
The directors have declared an initial quarterly dividend of 75 cents per
share on the no par value pref.stock, payable March 30 to holders ofrecord
March 14. See also V. 127, p. 2532.
-Philip M.
-Stocks Offered.
American Yvette Co., Inc.
Shaw & Co., New York, and E. H. Ottman & Co., Inc.,
Chicago, are offering 40,000 units of stock, each unit composed of one share of $2 convertible cumulative preference
stock and one share of common stock at $50 per unit.
Preference stock is preferred as to cumulative dividends at the rate of
upon
preferred as
$2 per share per annum, payable (Q-J) and and diva, and to assets
in involuntary
dissolution or liquidation up to $35 per share
$33 per share and diva. Red. at any time on 60 days' notice
liquidation to
Inc.!
at $35 per share and divs. Each share of preference stock is convertible into
1925.
one share of common stock at any time prior to 5 days before the date set
$1.921.531 for redemption thereof, share for share. Transfer Agent, Chemical National Bank. New York. and First Trust Sr Savings Bank, Chicago. Regis
397.947 trar, National Park Bank, New York, and Continental National Bank &
$2.319,478 Trust Co., Chiintgo.
1400
FINANCIAL CHRONICLE
[VOL. 128.
CapitalizationAuthorized. Outstanding.
Arkansas Natural Gas Corp.
Cony. cumul. pref. stock (no par)
-To Create New Issue.80,000 shs. 40,000 shs.
Common stock (no par)
The stockholders will vote March 15 on approving the
creation of an
•80,000 shares reserved for conversion of preference shs. 90,000 shs. issue of 4,000,000 shares of no par value non-vo
stock.
common
Listed.
-These stocks are listed on the Chicago Stock Exchange.
stock, according to a Pittsburgh dispatch. (See ting class "A"National
also Arkansas
Gas Co.in V. 126, p.872,and 15-0.)-V. 128,
Data from Letter of Henry Salomon', Chairman,
p.3593.
dated Feb. 4.
Company.
-Organized in Delaware to acquire the business
Atlantic Gulf & West Indies S. S. Lines.
-Larger
Co.(New Jersey), which was previously conducted under the of the Yvette
same
ment.
This business was established 28 years ago in N. Y. City manage- Dividend on Preferred Stock.
-The directors on Feb. 28 deby Henry
Salomons with an original capital of $10,000 from which
it has grown to clared four quarterly dividends of 1% each on the 5% nonits present size without the issuance of additional capital.
The corporation, cumulative pref. stock, par $100,
the originator and pioneer in its line, operates a chain
payable March 30,June 27,
of
beauty shops in 37 of the leading department stores in hair dressing and Sept. 30 and Dec. 31 to holders
of record March 11, June 10,
in the United States 24 of which have been in existence 34 principal cities
for over 15 years, Sept. 10 and Dec. 11, respectively.
having been started in a very small way and gradually
On March 14 1928 the
being that these shops are to-day the most modern and enlarged, the result company placed this stock on a
$3 annual dividend basis
respect in the country. The products of the company, up-to-date in every and
at that time declared four quarterly dividends of% of 1%
such as skin creams,
skin lotions, cleansing creams, cosmetics and toiletries
3
are sold under the each.
name of Catherine Day. Company operates almost
-V. 128, p. 888.
entirely on a cash basis
consequently there are practically no losses from bad
debts.
Sales and Earnings.
Atlantic & Pacific Int'l Corp.
-The sales of the company have grown from $'335,000
-Enlarges Personnel.In 1912 to $2.893.937 for the year ended Dec.
Dr. Warren F. Hickernell has been
The business has shown a profit every year 31 1928(December computed). Donald J. Hardenbrook, Vice-Preside elected executive Vice-President.
it has been in existence. Net
nt of Shields & Co., Inc., has been
earnings, as adjusted by Lingley, Baird & Dixon,
elected a director.
-V. 128, p. 730.
giving effect to nonrecurring charges (amounting to 547,600), charged
Atlantic Refining Co. (& Subs.).
predecessor company during 1928, and after deduction to expenses of the
-Report.for income taxes at
present rates, were as follows:
1928.
1927.
1926.
1925.
Calendar Years$
(Dec. Est.)
$
Gross income
1925.
1926.
150.115,863 139,291,149 161,015,953 137.849.719
1927.
1928.
Net after taxes available
Raw materials, operating
for dividends
and general expenses..-118.235,939 121.969,258 143.390.874 118,743,140
$255,434
$266,725
$281,926
$281.159
Earned per sh.of pref.stk.
$6.38
$6.66
$7.04
$7.03
No. of times pref. diviNet income from oper- 31,879.924 17,321.891 17.625.079
19,108,579
dend earned
Other income
3.19
1,117,508
3.33
1,538.102
1.501.748
3.52
1,273.538
3.51
Bal. per sh. on 90,000
shares common
Prof. before Fed. taxes 32,997,412 18.859.993 19.126.826 20.380,117
1.95
2.07
2.24
2.23 Interest
Due to the liquidation of bank loans and other liabilities
805.490
983.157
1,048,488
1,249,222
and the addi- Depreciation & depletion 9,559.749
tional working capital provided for by this Hemming,
9,792.082
8,883.937
9,228.335
estimated that earnings for the current year will amountit is conservatively Inventory adjustment
1.589,714
339,184
730.179
to at least $350.000 Insur. and other reserve_
-exclusive of substantial profits to accrue from
644.944
783,835
883,904
957,231
Wave Machine and the nation-wide marketing of the Evers. Permanent Intang. develop. costs
2,069,795
Catherine Day products, Taxes,incl.Fed.tax(est.) 1,752,525
the sale of which has been heretofore confined
y3.385.917
1.345,894
950,000
1,050.000
exclusively to the company's
shops.
Balance, surplus
Assets -The balance sheet as of Nov. 50
16,848.807
2.315,714
7,021.335
7,167,150
formation of the new company shows'curren 1928. after giving effect to the Previous surplus
32,688.336 33.358,363 27,533,745 22.661.879
t
liabilities of $55.711. or a ratio of currentassets of $634,600 and current
assets over 11.30 times the
Total surplus
liabilities. The company is carrying its fixed assets
49,633,518 35.674.077 34.555.080 29.829,029
upon the books as of Preferred divs. (7%)
Nov.30 1928. at a depreciated value of
1,400.080
1.400,350
1,400.350
1,401,050
$744,302. These assets are insured Common dividends - - - 2,000.000
for $1,848.250 on a 90% basis.
1.500.000
Adjustment prey. years_ Cr.96,375 Dr.85.391 Cr.203,633 Dr.894.234
Dividends -Directors will declare the
on the convertible cumulative preference quarterly dividend due April 1
stock.
x P.& L.sun Dec.31 -- 46,233.459 32.688.336 33,358,363 27,533.745
Purpose.
-These stocks are being purchased in part
from the company Shs. corn. out. (par $25) 2,000.000
and in part from individuals, a substantial
z500,000
z500,000
z500.000
portion of the proceeds being Earns. per share on cornused for corporate purposes.
$7.72
$1.82
$11.24
$11.53
x Deficit of minority interest in 1928 amounted to 534,989, without
which the profit and loss surplus would total $46,268.448 and in 1927 deficit
Anchor Cap Corp.
-Rights--Initial Dividend.
of minority interest amounted to $75.322 and in 1926 $65.235 and in 1925.
This corporation, according to
an announcement by President I. R. $100.116, y In addition to this amount there was paid (or accrued) for
Stewart, will offer to common shareholders
26,400 additional shares of common stock the right to purchase at least State gasoline taxes the sum of $4.114,985. z Par value UN.
at $50 per share. At the same
time Mr. Stewart announced
Consolidated Balance Sheet Dec.31.
of 60 cents per share on the the declaration of an initial quarterly dividend
Assets1928.
1927.
1927.
1928.
common stock, payable April 1 to holders of
record March 4.
Plant, equip. dax87,966.334 73,042.069
Liabilities
$
$
Invest,
Holders of common stock of record March
325.366 Com.stk
819.704
20.000.000 20,000,000
4 will have the right to sub- Literty 0th cos__
scribe for 15-]00ths of a share of new common
bds., &o. 5,447,050 10.344.681 Pret.stk
50,000,000 50.000,000
stock for each share held. Accts. &
The common stock subscription period
notes
ySub. cog. stk
166.969
176,300
will
receivable. _ _ _
be extended. Subscriptions are payable expire March 25 and will not
14,431.600 14,456,600
at the New York Trust Co.. 011inventortes__ 15,071.555 14,606,244 Bond debt
transfer agent.
32.953.554 29.820.197 Federal tax_ __ _ 2,110,000
222,600
Merch.& mat _ 4,498.890 4,871.951 Accts. payable
The principal purpose of the issue is to meet the capital
8,152.412 5,655,754
requirements Due from emp_
involved in the physical consolidation of the American Metal Cap
68.703
63.971 Notes payable
3,000,000
Co., Cash
recently-acquired, with the operatiens of the
6,868,314 3,561.104 Accrued items
329,517
333,643
The American Metal Cap plant in Brooklyn Anchor Cap & Closure Corp. Other curr. assets
59,018
21.312 Other curr. Bab.
42.122
15,080
will be moved to Long Island Prepaid Items
City and merged with the main plant
1,951,398 2,228,952 Deterred items_
599,975
275,635
of the Anchor Cap & Closure Corp.,
which will be enlarged.
Opera. reserve_ 13,299,984 11,702,309
For 1928 the Anchor Cap Corp. and its subsidiaries and the American
Def.ofsubs_
clef.62.764
Metal Cap Co. report net sales, including rentals of capping machines,
Surplus
46,598,983 33.084.243
of 57.415,986. After providing for reserves, general expenses. Federal
Total
income taxes and dividends on 45,500 shares of $6.50 dividend cony. pref.
155.704.520 138.885,847
Total
155.704.520 138.885.847
x After deducting depreciation and depletion
stock, the balance of net income available for diva, on 176,000 shares of
of 854.866,137. y Not held
common stock now outstanding was $909,782.92 or $5.17 per share. Mr. by Atlantic Refining Co.
-V. 128. p. 1230.
Stewart pointed out that, giving effect
this
financing, the consoliAtlantic Sugar Refineries, Ltd.
dated balance sheet as of Dec. 31 1928to the new
company's present nroper-Annual Report.- .
of
ties showed current assets of $2.739,348, as against current liabilities of
Calendar Years
1927.
1926.
Net profits
$452,264.13, or a ratio of more than 6 to 1. Among the directors of the
-. 5678,449 $1,208,892 $1,246,391
$623,495
.
Anchor Cap Corp. are V. Event Macy and members of the investment Bond interest
212.227
222,285
41.910
182,519
banking firms of Stone & Webster and Blodget, Inc., and Lehman Bros. Other interest
66,183
154.263
355.774
Reserve for depreciation
-V. 128. p. 730. 560.
362,710
359,343
356,968
355.376
.
Disc.on bonds,&c
Cr16,312
*210o00
Andes Copper Mining Co.
-Initial Quarterly Dividend.
-
The directors have declared an initial quarterly dividend of 754. a share
on the capital stock, no par value, thereby placing the issue on a $3 annual
dividend basis. On Dec. 17 1928, the company paid a special dividend of
75c. a share on the capital stock.
The quarterly dividend is payable May 6 to holders of record March 29.V. 127. p. 2687.
Anglo-Persian Oil Co., Ltd.
-Notes Called.
-
A dispatch from London states that the company will redeem on March 1
at par and int. the outstanding £725,300 of6 % 5
-year secured notes at 99.
-V. 127, P. 2822.
Arcturus Radio Tube Co.
-Stock Sold.
-S. P. Woodward & Co., Inc., New York, announce the sale of 300,000
shares common stock at $16.50 per share.
Transfer Agent, Irving Trust Co. Registrar, Equitable Trust Co., New
York.
CapitalizationAuthorized. Outstanding.
Common stock (no par)
*600,000 shs. *600.000 shs.
* If not taken under rights issued to stockholders 25.000 shares may be
reserved for sale to executives and employees and not sold to the bankers.
Data from Letter of Chester H. Braselton, President of the Company.
History & Business.
-Company (originally called Arcturus Radio Co.)
was incorp. in Delaware, May 7 1926, for the manufacture
of radio tubes
and kindred products. Company was created as a wholly-owned subsidiary
of /Man Lamp Co., which through research and experimentation in
a
related line had acquired technical knowledge and information
deemed
adaptable to the development and manufacture of
radio tubes. Company
now owns more than thirty United States patent applications, and
many
applications for foreign patents. This policy
of patent protection will be
continued.
Sales & Earnings
.-Company emerged from the
Oct. 1 1928. and sales were made in substantial development stage about
After elimination of royalties paid to the parent volume after that date.
company under
agreement cancelled as of Sept. 1 1928, and after deduction of royalty
Federal
income tax, earnings for the year ended Dec. 31 1928 were 595.290.
Company's net earnings for the period of Dec. 1928. and Jan. 1929, after
elimination of royalties, &c., as above, were $214.554. The earnings
for
these two months were over 24 times the earnings for
the entire year 1928
and are at the annual rate of over $2 per share
, without
giving effect to the increased earning power ofstock outstandingfrom
expected to result
the
present financing.
Balance Sheet.
-The pro forma balance sheet as at Doc. 31 1928.
giving
effect to the Sale of 275,000 shares of stock and
to adjustments shows net
tangible assets of $3,315,893 with current assets
of $3,444,356, including
cash in the amount of $2,888,808, as compared with current liabilities of
$386,972. or a current ratio of 8.9 to 1. Should
referred to not be reserved for sale to executives the 25,000 shares above
employees, the net
tangible assets will be increased in the amount of and
$318,750 and the current
ratio increased accordingly.
Purpose.
-Proceeds will be employed to expand plant and equipment
and to supply working capital.
-Application to list these shares when, as and if issued has been
Listing.
approved by the New York Curb Slarket,
Balance,surplus
$64,869
$30,638
$513.142
Balance Sheet Dec. 31.
1928.
1927.
1928.
Assets$
Liabilities
Land.buildings,dco 6,077,640 6,026,899 Preferred stook _-- 1,111.100
Franch. & goodCommon stock._ --x1,972,225
will
3,000.000 3,000,000 Bonds
4.206,247
Cash
182,316 Accts., &e., pay- 149,784
723.625
Accts.& bills rec.
. 316,000
144,326 Res.for dep.ateoat. 3,313.320
Investments
631,975 Surplus
621,240
543,910
Inventories.
553,177 1.103.985
Prepaid charges
4,042
4,910
$4493,331
1927.
$
1,111,100
1,972,225
4,391,247
175,876
2,950,609
492,486
Total
11,296,592 11,093,543
Total
11,296,592 11,093,543
x Represented by 78,889 no par shares (at $25 per share).
-V. 126, P1510.
Automobile Insurance Co.-Investments.
-
The company's investments, in common with those of the
Aetna Life
Insurance Co., shows a shift from bonds to common and preferred stocks.
Only one group of bonds, industrial and public utilities, showed
an increase
and that only 1.3%. Public utility and industrial stocks
tially increased, the former 168.4% and the latter 106.1%."were substan(Wad Street
Journal.")
.-V. 128. p. 115.
A utosales Corp.
-'-Rights.
The stockholders of record March 1 will be given the right to
on or before March 21 for common stock (no par value) at $25 subscribe
per share
on the basis of one new share for every two shares held.
-V. 128, p. 1230.
Aviation Credit Corp.
--Listing.'
The Boston Stock Exchange has authorized the listing of 50,000 shares
without par value, capital stock, with authority to add thereto on
Feb. 14 1929. 200,000 additional shares. See also V. 128, p. 889. or after
(Morris T.) Baker Co., Minneapolis.
-Stock Offered.
The company, with offices at Baker Building, Minneapolis
is offering 50,000 shares class "A" common stock (no par)
at $20 per share. The stock is offered as a speculation.
Entitled to a cumulative preference
per share and to participate equally in dividend at the annual rate of $1
further
dividend payments,
for share, with class B common stock. In the event of liquidation, share
holders
of class A common stock shall be entitled to receive $20 a share
in
to class B common stock, and thereafter will participate, share preference
for share,
with class B common stock in any remaining assets. Class
A
stock is not subject to redemption and Is entitled to vote, share common
with class B common stock. Except as above provided, there for share,
shall be no
distinction between class A common stock and class B common stock.
Transfer Agent, Minnesota Loan & Trust Co. Registrar, First Minneapolis
Trust Co.
CapitalizationAuthorized. Outstanding.
8
-year serial 6% gold note
$600.000
$600,000
Class A common stock (no Par)
250,000 shs. 50,000 she.
Class B common stock (no par)
250,000 shs. 250,000 she.
MAR. 2 1929.1
-Company had its origin in the business established
History and Business.
by Morrie T. Baker in 1925. The present company was incorp. in Delaware
in 1927. Company, it is said, has earned a natfon-wide reputation in the
successful development of high-grade income properties. The company
now holds more than 60% of the common stock in the Baker Properties,
Inc., a holding company,said to control over $9,000,000 of highly developed
real estate.
To secure proper and profitable co-ordination in the development of real
estate projects, the company,it is stated, will now own outright, companies
or departments specializing in planning, construction, property management, rentals and insurance. Through its security sales department, the
Morris T. Baker Co. transacts a general investment banking business and
devotes special attention to real estate issues.
-The earnings of the company have been derived from manageEarnings.
ment fees on properties now in operation, the sale of securities, and interests
In a diversity of real estate holding companies.
By the extension of its scope of operation, new and substantial earnings
should be available to the company from services which heretofore have
been furnished by outside agencies in the planning, constructing, manageing of the real estate projects conceived and developed by the Morris T.
Baker Co.
-Deposited Bank Shares
Bank & Insuranshares, Inc.
-Bank & Insuranceshares, Inc., is offering a new
Offered.
issue of deposited bank shares, a fixed investment in the
stocks of 20 of Philadelphia's largest banks and trust companies, priced at the market, about 17M per share.
Trust certificates are issued by Bank and Insuranshares, Inc., depositor,
and certified by the Pennsylvania Company for Insurance on Lives and
Granting Annuities, trustee.
Units comprising shares of the stocks of the 20 banks and cash for the
reserve fund, are deposited with the Pennsylvania Co. for Insurance on
Lives and Granting Annuities as trustee and title to the stock vested in its
name. For each unit deposited 1,000 deposited bank shares series B-1
are issued. A holder of these trust certificates owns a specific interest in
the underlying stocks and reserve fund just as definitely as though he
had deposited them with the trustee and had received a deposit receipt
from the trustee to that effect.
The trustee collects all dividends and every six months pays to each
coupon holder his share of dividends and other distributable profits. For
-year period ended Dec. 31 1927, the average annual return Including
the 10
the value of stock dividends and subscription rights on the shares of stock
composing the foregoing units was in excess of8% per annum. In addition
the appreciation in market value over the same period exceeded 85%. The
management underlying the bank stocks comprising the units is the officers and directors of each of the 20 banks.
-Earnings.
(The) Bastian-Blessing Co.
Years Ended Nov. 30Net profit from operations (after depreciation).Other income (net)
1928.
5479.183
14.470
1927.
$387,302
6.557
Total
Estimated Federal income tax
Reorganization expenses & non-recurring charges_
3493.661
59.000
5393.859
45.000
47.157
5301.702
4434,661
Net profit
x These earnings, after paying dividends on the pref. stock, were equivalent to $3.47 Per share on the common stock on 105.000 shares outstanding
at the end of the year. On the basis of the average amount of common
stock outstanding during the year the earnings were equivalent to $4.35
per share.
L. G. Blessing, Vice-President and General Manager, says in part:
"We have just closed one of the most successful years in the history
-the net profits.
of our business, the volume exceeding all other years
after deducting Federal taxes being 224% greater than in 1927.
During 1928 we paid $259.375 in cash dividends, increasing the rate on
the common stock to 62)ic. a share on Dec. I. Surplus now stands at
8840,944, having been increased during the year by $327,525. Profits
from operation during the year were 8493,661 before allowing for Federal
taxes.
General Balance Sheet Nov. 30.
1928.
1927.
Liabilitie.s1927.
1928.
Assetsassets-- $415.652 8380,685 Preferred stock:} x6725,0001 5500.000
Capital
1 412.500
Common stock__ J
Pats., non-depre99,168
57.650
4,507 Accts. payable___
4,929
elated value__
65,625
41,250
215,941 Dividends payable
447,753
Cash
58.562
45.000
268.664 Est. Fed. taxes...
Accts.& notes rec. 332.315
38.360
505,263 Accrued liabilities_
607,203
Inventories
840.944
524,929
198,136 Surplus
MIscell. investls.
8,150
10,800
Cash val. life ins__
Tot.(each sIde).$1.827,660 $1,581,329
9,008
Deferred charges._
x Represented by 4,000 shares of $7 pref. stock (no par) and 105,000
-V. 127, P. 2960.
shares of common stock (no par).
(W. R.& L. S.) Barringer (Richmond Hotel, Augusta,
Ga.).-Bonds Offered.--Whitney-Central Banks, New Orleans, La. recently offered $300,900 1st mtge. leasehold
63. % serial gold bonds at par and interest.
Dated Feb. 15 1929; due aerially Feb. 15 1930-1939.
The bonds are personal obligations of W.R.and L. S. Barringer whose
combined financial statement shows a net worth of over $1,000,000.
The bonds are secured by leasehold estate in leading commercial hotel of
Augusta, Ga., having 272 rooms and baths, valued at $750,000. The
amount of this issue is only 40% of the value of the security.
Net income before depreciation, &c.,for last 5 years has averaged $80.152
per annum or more than 4 times the largest annual interest chargeofthis
issue.
-Report.
Bearings Co. of America, Lancaster, Pa.
1928.
1927.
Calendar Years8458.201
$431,382
Gross profit
254,327
199.586
Net profit after depreciation. Federal taxes. &c.._
147,097
156.573
Preferred dividends paid
114,650
39,772
Net addition to surplus
Balance Sheet Dec. 31.
1928,
1927.
1928.
1927
AssetsFirst pref. stock_$1,642,000 $1,696.000
Real estate, plants,
648,000
ea. (less depr.)_$1,382,915 $1,323,167 Second pref. stock 621,000
310,980 Common stock_ __ 252,425
223,454
252.425
Cash
105.053 Accounts payable_
530
12,992
Accts.& roy. rec._ 138,937
214,161 Accrued accts. and
Inventories & supp 215,938
2,479 Insurance
2,449
3,079
1,846
Prepaid insurance.
Fed. Income taxes..
34,854
31,530
Secs. owned (less
3,210 Surplus
3,210
322,189
207,539
reserve)
36,153
Ref. of Fed. taxesCap, stk. of BearCo. of Amer.
ings
1,000
(N. J.)
463,959
Patents (less depr.) 414,251
140.500
140,501
Good-will
249,668
Tot.(each side)-52.876,077 52.850,333
Treasury stock._. 354,422
-V. 126. p. 1202.
-Annual Report.
Beech-Nut Packing Co.(& Subs.).
1927.
1926.
1928.
1925.
Calendar Yearsy$23.367.523 822.273.806 821,820.762 $21,566,994
Net sales
14.921,794 14.675,143 13.921,827 13.364.310
Cost of goods sold
4,392,664
4,351,798
4,884,651
4,651,945
Selling expenses
371,357
449.402
337.745
453,693
Adm.& general expenses
Net earnings
Other income
83,107.385 52,756.597 83.209,392 83,179.382
335.292
265.717
696,358
251.376
$3,803.743 $3,091,888 83,475,109 83,430,759
Total income
424,231
1,151.655
622,153
Charges
1.012,448
311,233
366,193
412,821
319,068
Reserve for Fed'l taxesNet profit
Cash dividends
52,768.768 82.301,464 82.012,222 82.099,243
1.206.722
1.233,158
x1,362,083
1.205,676
$1,406,685 $1,068.306
Balance, surplus
4.077.741
5,144,425
Previous surplus
Cr.25
Adjustments (net)
Premium on purchase of
preferred stock
Res. for general adver_Dr.1,000,000
$805.500
3.264.301
Cr.7.940
5893.567
2,376,388
Cr.2,202
Dr.7,856
Profit and loss surplus 55,551,110 $5,146.073 84,077,741 $3.264.301
Shares corn, stock out375,000
425.000
standing (par $20)--375.000
425.000
$5.17
$5.24
Earned per share
$5.40
$6.51
X Includes $1,338,750 common. $315 preferred, $23,018 to minority
stockholders of subsidiary companies. y After deducting cash discounts
allowed, $407,525, and delivery freight, $946,521.
Balance Sheet December 31.
1928.
1927.
1928.
1927.
$
LiabilitiesAssets
$
Real ost.,b1dgs.,&c.x3,763.875 4,185.819 Common stock- 8.500,000 8,500,000
4,500
Mtges. and secured
4,500
Pref. stock, class A
loans on real est.
09,746
107,995 Pref. stock, class B y18,376 1,119.500
11,700
Pref. treas. stock_
83,800
124,000 Min.stk constr.cos.
Pat's, tr.-mks.,&o.
135,362
87
88 Notes & accts. pay. 114,196
Securities owned _ _x1,002,842
938.142 Short term notes,
623
623
Cash
matur. or called
2,655,755 1,846,636
Cash for redemp275,521
Dividends payable 318.829
tion of stock.
176,626
1,144,825 Expenses & taxes. 158.597
Cash,for red. notes
366,193
623 Federal tax reserve 411.985
Marketable seeurs.
330,011
68,787
88.400 Other reserves_ _ _ _ 1,649.926
21.019
Accts.& notes rec. 1,591,840 1,260,326 Deferred liabilities
6,831
Inventories (cost). 7.462.606 7,421,041 Surplus paid in... 1,380,700 1,60(025
Deferred assets_ _ 1.496,023
627.170 Barned surplus... 5,551.110 5.146,075
18,141,563 17,745,065
Total
18,141.563 17.745,065
Total
x After deducting $2.158.261 depreciation. y Class B preferred stock
called for redempttbn Jan. 15 1928 at $115 and div. z Securities of affiliated companies not controlled, $660,750; other industrial corporations.
8342,092.-V. 127. p. 2687.
1401
FINANCIAL CHRONICLE
-Transfer Agent.
(Isaac) Benesch & Sons Co.
The Equitable Trust Co. of New York has been appointed transfer agent
-V.128, p. 731.
for the no par common stock.
-Acquisition.
Berger Manufacturing Co., Canton,0.
-V. 112. p. 1870.
See Central Alloy Steel Corp. below.
-Annual Report.
Bigelow-Hartford Carpet Corp.
1925.
1926.
1927.
1928.
Calendar Yearsy$22,030.444 819,440,622y519.465.146 $21,418,081
Sales
Net earns, after deprec.
2.123,672
1,550,012
2.136.874
x2,409.738
& Federal taxes
*163.456
*163,458
*163458
*163,458
Preferred divs.(6%)
Corn. dividends($6)_ --- *1,440,285 *1,437,873 *1,449,000 *1.449,000
$.511,214
8535.543 def$62.446
$805,995
Balance,surplus
241.500
241.400
241,500
241.500
(no par)
Com.shs.outstg.
$8.12
$5.74
$8.17
$9.35
Earns. per sh.on nom
by Editor. x After deducting 355,000 for Federal
* Amounts inserted $355,000) and $636,125 for depreciation and obsolescence
taxes (1927,
(1927, 0636,125). y After allowance for cash discounts
Balance Sheet Dec. 31.
1928.
1927.
1927.
1928.
LtablitttesAssets6% pref.stock-__ 2.724.300 2.724.300
Land, bldgs,
(less reserve) __ _11,185,938 11,474.371 Com.stk.&sur__ _19,313,271 18.480.734
126.339
2,123.947 1,888,750 Draft pay
Cash
694.477
796.210
314,162 Accts. payable
U.S. Govt.see's- 715,839
389,762
Res.for Fed.taxes 447.937
Accts. & notes roe.
3,810.483 3,406,582 Res.for concing .._ 1.318,174 1,318.174
(less reserve)
Accts. rec. (stock
29.960
26,078
plan)
123,121
Big.-Hart.com.stk
6,630.355 6,405.934
Inventories
10.000
18,093
Sundry invest'ts
Tot.
(each side) _24,599,893 23,733.786
80,906
89,157
Deferred charges.-V. 127.
x Represented by 241,500 shares common stock, no par value.
p. 1530.
-Preferred Dividend.
(Sidney)Blumenthal & Co., Inc.
on
1
,
The directors have declared a regular quarterly dividend of 15 % A
March
of
the p,referred stock, payable April 1 to holderswasrecordon Feb. 16.
1 last.
paid
of accumulations
dividend of 14% on account
Dividends were recently resumed by the declaration of a dividend of I %
which was payable on Jan. 1 1929.
'rho company states that unfilled orders on their books on Jan. 1 1929
were more than double the amount on their books as of Jan. 1 1928 and that
-V. 128, p. 1231.
the outlook is promising.
-Extra Dividend.
Bohn Aluminum & Brass Corp.
per share in
The directors have declared an extra dividend of 50 centsshare
addition to the regular quarterly dividend of 75 cents per record on the
March
capital stock, no par value, both payable April 1 to holders of
15. Like amounts were paid on this stock on Jan. 2 last to holders of record
was paid onOct. 1 last
Dec. 15. A quarterly dividend of 75 cents per share
while from July 1 1927 to July 1 1928 incl. quarterly distributions of 3754
-V. 127. p. 3402.
cents per share were made.
-2% Stock Dividend.
Borg-Warner Corp.
common
The directors have declared a quarterly stock dividend of 2% in common
stock and the regular quarterly cash dividend of $1 per share on the amounts
to holders of record March 20. Like
stock, both payable April 1
,
were paid on Jan. 2 last. Regular quarterly cash dividends of $1 per
share were paid on this issue on July land Oct. 1 1928.-V. 128, p.404,252
Borin-Vivitone Corp.-Pref. Stock Sold.-Guibord, White
& Co., Inc., New York, and Evans, Searles & Co., Inc.,
Chicago, announce the sale of 40,000 shares of convertible
preference stock ($2.50 dividend), priced at market.
Transfer Agents, Central Union Trust Co., New York. and National
Bank of the Republic, Chicago. Registrars, New York Trust Co., New
York. and Continental National Bank & Trust Co., Chicago.
The convertible preference stock is entitled to cumulative dividends
when and as declared at the rate of 32.50 per share per annum and is
any
entitled to receive dividends up to $3 per share per annum before Feb.
dividends may be paid on the common stock. Dividends payable on
or liquidation the convertible preference
and Aug. 1. Upon dissolution
stock is entitled to $50 per share priority over the common stock. Red.
at any time on 30 days' notice up to and incl. Aug. 1 1934 at $45 per share
and diva., thereafter at 850 per share and diva. Convertible into common
stock share for share at any time until 5 days prior to redemption thereof
at the option of the holder.
Data from Letter of Nathan Bonin, President of the Corporation.
Cornpany.-An Illinois Corporation. Is the successor to the Bonin Manufacturing Co. which was lncorp. In Illinois in 1922. Business was originally
confined to the manufacture and sale of mirrors, and to-day this branch of
the business represents approximately 47% of the company's total gross
business per annum. In 1924, a line of framed pictures was added. The
pictures were sold by the same organization to the same trade. At the
start pictures were bought from the publishers, framed and sold. In a
short time however, the company employed its own artists and prepared
its own original paintings and became a prominent factor In the creative
end of the work, and to-day the corporation is the largest manufacturer in
-day is the leadthe United States of framed works of art. The company to
ing manufacturer of decorative art products for home furnishing at popular
Prices which are based on quantity production.
The Aquatone Corp., controlling the patents for a new method of intaglio
(engraving), has granted licenses so that the Borin-Vivitone Corp. by
arrangement with a licensee will act as the sole producer of this type of
engraving in connection with the reproduction of works of art. Under these
patents, the finest etchings, black and white, colored, and mezzotints can
be reproduced in such quantities and at such prices as to permit them to
be in every home. This product, known as "Vivitonee." will be made and
marketed exclusively by the Borin-Vivitone Corp.
1402
FINANCIAL CHRONICLE
The company owns and controls the Limits Industrial RR., which connects directly with the B. & 0., thus giving the most economical and
satisfactory shipping facilities possible.
Assets.
-A pro-forma balance sheet as of Nov. 50 1928 shows total net
assets of $2.016,739. Current assets, including $608,384 in cash, amounted
to 3991.007, while current liabilities amounted to 9131,137. a ratio of
over 73i to 1.
Earnings.
-The gross sales and earnings of the predecessor companies
have shown satisfactory increases from the inception of the business, and
the company has never had an unprofitable year. The sales have increased
400% since 1924. and the net income, after all interest charges and including
Federal income tax at the present rate of 12%. but after eliminating interest
on indebtedness to be retired through present financing, has shown a
satisfactory increase, as evidenced by the following:
Year1928.
1926.
1927.
Net earnings after taxes
$130,285
3185.905 *3251.666
Earnings per share on pref. stock_ _ _
$6.29
$3.25
$4.64
* Earnings for Dec. 1928. estimated.
The net income of the present company, it is estimated, will exceed
$325.000 in 1929. To this will be added the profits from the Vivitone line
which, based on independent estimates, will run in excess of $250.000,
making a total net estimated for 1929 in excess of $575,000 or approximately
$5 Per share for the outstanding common stock.
Purpose.
-The purpose of this issue is to acquire the assets of the predecessor company, to provide additional working capital for other corporate
purposes, and the development of Vivitone business.
Listed.
-Listed on the Chicago Stock Exchange.
-V. 128. p.1231.
Borne-Scrymser Co.
-Extra Dividend.
-
[VOL. 128.
of desk and boudoir clocks has been recently designed and will be added.
The new products have been accorded a favorable receiption in the trade.
Company owns a plant at Blenne, Switzerland, and plants are leased at
Providence, R. I., and N. Y. City, together employing an average of some
2,000 operatives.
Earnings.
-Consolidated net earnings for the 3 years ended Dec. 31
1928. plus adjustments in the average annual amount of $57.009, of which
$19,000 are non-recurring expenses and the balance interest to be eliminated by this financing, officers' salaries in excess of contracts for 1929
and adjustment of Federal income taxes to the present rate of 12%. have
been respectively $291,066 for 1926. $696,784 for 1927, and $1,201,004
for 1928.
Such net earnings for 1928. applied to the capitalization to be outstanding on completion of this financing, exceed 6.8 times annual preferred
dividend requirements and the balance after preferred dividends is $3.73
per share of common stock.
Pro Forma Consolidated Balance Sheet as at Dec. 31 1928.
(Giving Effect to Recapitalization. Consolidation & Financing.)
Assets
Liabilities
Cash
$599,028 Drafts & acceptances Payable 8420,130
Notes & accounts receivable_ 4,493,313 Accounts payable
373,302
Inventories
1,053,828 Due to salesmen
164,848
Other current assets
25,277 Accrued liabilities (including
Life insurance POilcies
22.021
reserves for taxes)
229,603
Plant property
204.513 Real estate mtge. Payable-27,707
Unamortized improvements to
53.50 cony. pref. stock
2,750,000
leasehold property
22,600 Common stock & surplus-- 2,504.579
Prepaid advertising, interest,
franchise tax, &c
49.646
An extra dividend of 50c. per share,has been declared on the capital
stock (par $25)in addition to a regular semi-annual dividend of $1 per share,
Total
86,470,229
Total
36.470,210
both payable April 15 to holders of record March 23. Like amounts were
Paid on April 16 and Oct. 15 1928. In both April and October 1927 the
Note.
-On Dec. 31 1928 there were contingent liabilities in the amount
of $279,259.12 for customers' notes discounted.
oomPanY paid an extra dividend of 75c. per share.
-V. 128, P. 1232.
Balance Sheet Dec. 31.
Butler Bros., Chicago.
-Annual Report.
Assets1928.
1928.
1927.
1927.
Liabilities
Calendar Years1926.
1925.
1928.
1927.
Plant, equip.. &c_ 4459,371 $479,853 Capital stock
$1,000,000 $1,000.000 Net income
Not 1 $33,308,087 $3,341,310 $3,996.843
Merchandise
444.812
27,156 Federal taxes(est.)_
414,290 Acc'ts payable_ __ _
58,720
414,132
456.752
Avail.
391,024
Notes & acc'ts ree_
93,745
640
952 Pension fund approp'n132.803 Accrued expenses_
177,001
147.245
145,850
Cask
143,681
72,360
104,346 Reserves
68,690
Other investments 510,800
543,244
511,653 Surplus
524,924
Net profit
$2,223.768 $2.771,213 32.779.933 33,363,000
Prepaid Items-567
788
Dividends
2,417,299 2.837,695 2,799.922
2,276,220
Dividend rate
(1234%)
(10%)
(1254%)
(10%)
Total
$1,652,976 $1,643,712
$1,652,976 $1,643,712
Total
a After deducting depreciation of 3264,671.-V. 127, p. 1393.
Balance
def$52,452 sur$353,914 def$57,772 sur$563.168
Total surplus Dec.31._., $8,158,505 $8,231,050 $7,937,561 37.995,338
(Ernesto) Breda Co.-(Societa Italiana Ernesto Breda Shares capital stock out1.132,318
1.137,155
standing (par $20)
1,138.110
1.138,110
Per Costruzioni Meccaniche).-Listing.$2.97
Earnings per share
$2.44
$2.44
$1.95
There have been placed on the Boston Stock Exchange list $5.000,000
Comparative Balance Sheet Dec.31.
lit mtge. 7% sinking fund bonds, dated Feb. 1 1929 and due Feb. 1 1954.
1927.
1928.
1928,
1927.
Bee details in V. 128. p. 1231.
AssetsLiabilities$
Cash
3,133,223 3,011,477 Capital stook ____42,762,200 22.762,200
British Type Investors, Inc.
-Increases Dividends.
713,092
606,714
10,942.255
The directors have declared a bi-monthly dividend of 50c. per share on Mdse.inventory_ -10,749,321 11.659,810 Reserve for taxes_ 1,268,825 1,286,840
Accts. Payable__a
the caiss A stock, payable April 1 to holders of record March 15. This Accts.receivable._11,700,610 8,815,617 Bills payable
Real est., pl't. &c_ 9,441,912
3,150,000 3.400,000
places the stock on a $3 annual basis, which is an increase of 30c. per share Temp.
over the previous annual rate of $2.70. This is the fourth dividend in- PrepaidInvest'ts___ 102,597 1,123,089 Loan on St. Louis 1,040.000 1,120,000
Int. & insur 121,280
105,694
plant
crease within 12 months. See also V. 128, p. 253.
Other def. charges 380,213
8,158,505 8.231.040
259.886 Surplus
Employeesstk.fd _ 811,412 1,034,191
Buckeye Pipe Line Co.
-Annual Report.
Pension fund
369,602
373.561
Calendar Years1928.
1926.
1925.
Supplies
1927.
172,113
191,200
Total(each side)36,986.245 37,512,882
Net income,ail sources _ $1,207,029
$981,036 31,046.119 $1,047,686
a Authorized capital stock $30,000,000. 11 Current invoices in course
Dividends
1,200,000
1,000.000
800.000 ofpayment not yet due for discount
800.000
.-V.128. p.732.
Rate of dividends
(12%)
(8%)
(10%)
(8%)
Balance.surplus_ _ _ _
$46,119
37.029
$181.036
ilbs.cap.stk.out (par$50)
200.000
200.000
200,000
Barned per share
3,5.23
$6.03
$4.91
•
Palanee Sheet Dec. 31.
Assets-$
$
1928.
Pipe line plant_ _ _ _20,727,928 19,901,967
Liabilities
Cash. inv. & accts.
10.000,000
Capital stock
receivable
4,593,343 6,082,294 'Accts. pay.. &c._ 2,878,737
Other assets
159.893
179,089 Deprec'n reserve_ _11,346.202
Annuity fund
1,272.164
Surplus
3.020,783
Fire laser.fund_
498,393
$247,6R6
200.000
$5.24
1927.
10,000,000
2,195,666
10,797,932
3,169,753
Tidal
27,251.724 26,163.352
27,251,724 26.163.352
Total
Includes reserves for taxes, $309,343: res. for ins., $499.158: res. for
annuities. 31.272.511.-V. 128. p. 732.
Burke Grocery Co., incinnati, 0.
-Stock Sold.Raymond Ashbrook & do. and Bruner & Reiter Co., Cincinnati, have sold at $15 per share 10,000 shares common
stock "A" (no par value).
Class "A" is preferred as to assets at $15 per share. Non-voting except
la case of default of six consecutive quarterly dividends. No preferred stock
or bonds may be placed ahead of or on a par with this stock without the
ooneent of at least 75% of the class "A" stock outstanding. Transfer agent
and registrar. The Bank of Commerce & Trust Co., Cincinnati.
CapitalizationAuthorized. Outstanding.
Common stock "A"(no par)
20.000 shs. 10,000 shs.
Common stock "B"(no par)
10,000 she. 10.000 shs.
Cornpany.-Organized in Ohio. Operates a chain of 28 modern grocery
stores.
Assets.
-The proforma balance sheet as of Jan. 1 1929, adjusted to
give effect to this financing shows net assets of $267,015.
Purpose.
-Proceeds of this offering of stock will be used for expansion
purposes.
Sales and Earnings.
-Sales are running at the rate of 3700.000 Per
annum, and this volume should be increased as new stores are added.
Company conservatively estimates net earnings at 3% of gross sales.
Listing.
-Company agrees to make application to list the class "A"
gammon stock on the Cincinnati Stock Exchange.
Bulova Watch Co., Inc., New York.
-Stocks Sold.
Offering was made Feb. 25 of 50,000 shares $3.50 convertible
preferred stock by Bauer, Pogue, Pond & Vivian, Folds,
Buck ife Co. and Stein Bros. & Boyce at $50 per share and
div. The bankers also offered 75,000 shares of common stock
at $29 per share, which was purchased from individuals.
The issues have been oversubscribed.
Each shbre of preferred stock will be convertible until 10 days before
redemption date into one share of common stock, with proportionate adjustments in the case of split-ups of, or stock dividends on, the common
stock. Entitled to preferred dividends of $3.50 per annum, cumulative
from March 1 1929, payable June 1 1929. and quarterly thereafter. Entitled on redemption or liquidation to $55 per share plus dive. Entitled
to the same voting power and the same pre-emptive rights to subscribe
pro-rata to additional stock or convertible securities as each share of com.
stock. Transfer agents, Guaranty Trust Co., New York; Continental
National Bank & Trust Co., Chicago. Registrars, Chatham Phenix National Bank & Trust Co., New York; First Trust & Savings Bank, Chicago,
CapitalizationAuthorized.
Outstanding,
&MO cony. pref. stock (no par)
50,000 she.
50,000 shs.
Common stock (no Par)
275,000 she.
*325,000 shs.
* 50.000 shares reserved to provide for conversion of each preferred share
late one common share.
Data from Letter of Arde Bulova, Vice-Pres. of the Company.
History de Business.-Oompany was incorp. in New York in 1911 as
tile J. Bulova Co.. succeeding to a manufacturing jewelry business established in 1875 by Joseph Bulova, now President. After incorporation the
business became almost exclusively the manufacture and sale of watches.
The present name was adopted in 1923. since which time the present
policies of merchandising and national advertising have been developed.
Company, together with its subsidiaries, all wholly owned, is one of the
world's largest manufacturers of strap and wrist watches with jeweled
movements. Bulova pocket watches have been introduced and a new line
By-Products Coke Corp.
-50c. Extra Dividend.
The directors have declared an extra dividend of 50c, per share in addition
to the regular quarterly dividend of 50c. per share on the common stock, so
par value, payable March 25 to holders of record March 11. An extra
dividend of 75c. per share was paid on Dec. 20 last.
-V. 128. P. 1232.
-Rights,
Canadian Car & Foundry Co., Ltd.
The directors have voted to offer common stockholders of record Marcit15
the right to purchase additional common stock at $125 per share in the
ratio of one new share for each three held. The offering will be underwritten by a banking syndicate. The proceeds will he used to retire am
the outstanding bonds.
The stockholders on Feb. 27 increased the authorized common stock.
par $100, from 50.000 shares to 100,000 shares.
-V. 128. p. 1059.
Canada Paving & Supply Co., Ltd.-A cluisition
The Windsor Sand & Gravel Co.. Ltd.. has become part of the Canada
Paving Co. group of companies in the Border Cities, it was announced as
Feb. 18. Louis Merle, President and General Manager of the Canada Paving Co„ becomes President of the Windsor company. Other directors
are D. Herbert Wollatt, John D. Chick, D. R. Mcls)od and Leo Ryan.
all directors of the Canada company.
Supplementary letters patent have been issued authorizing a change In
the capital structure of the Windsor company. Previously the capital
stock consisted of 400 authorized and outstanding share; of $100 par value.
These are exchanged for 4,970 shares of no par value. The company's
offices are located in Walkerville. See also V. 128. p. 405.
-Love, Macomber
Carman & Co., Inc.
-Stock Offered.
& Co., New York, are offering a block of 10,000 shares
convertible class "A" stock (no par value) at $31 per share.
In June last the same bankers placed 25,000 shares at $29.50
per share.
Entitled to cumulative preferential dividends at the rate of $2 per share
before dividends on the clam "B" stock are paid in any year. Dividends
payable Q.
-M. In case of dissolution or liquidation, holders of class "A"
shares are entitled to receive $32.50 per share and dies, before any payment
on the class "B" shares. Red. as a whole at any time on 30 days notice at
$32.50 per share and dive. Class "A" stock is convertible at the option of
the holder into class "B" stock share for share, the right of conversion to
continue in case of redemption to the redemption date. Transfer agent,
Seaboard National Bank. New York: Registrar, Chase National Bank,
New York.
Authorized. Outstanding.
Capitalization.Class"A"stock (no par)
50,000 she. 42.000 elm
Class "B" stock (no par)
*125,000 she. 72,500 shs.
•42,000 shares reserved for conversion of class "A" shares.
Company.-Incorp. in New York. Is one of the largest concerns in the
country dealing in all kinds of laundry supplies, including soaps, bleaches.
starches, baskets, padding and sheeting, tags, marking systems, &c., both
at wholesale and retail. Company and its wholly owned subsidiaries
maintain headquarters and branches in the principal cities of the country
including: New York, Chicago, Philadelphia, St. Louis, Baltimore, Pittsburgh. Houston, &c.
The company acts as sales agent for the Procter & Gamble line of laundry
soaps in certain territories and also has the exclusive handling for the entire
country of the "Prosperity" line of laundry supplies. The company also
controls Henry K. Davies & Co., Inc., manufacturers of liquid bleach.
Assets.
-The consolidated balance sheet, as of Dec. 31 1928, shows net
current assets of 31,346,959. which alone are equivalent to over $32 per
share on the class "A" stock. Owing to the nature of the business, the
Company is not obliged to carry a heavy investment in plant or other fixed
assets.
Sales and Earnings.-Oonsolidated sales (including soap sales for account
of Procter & Gamble)and net earnings of the companies or their predecessors
for the four years ended Dec. 31 1928 have been as follows: (Figures for the
Years 1925. 1926 and 1927 are adjusted by the elimination of certain minor
non-recurring items and the deductions for Federal income taxes include
income taxes on profits on those subsidiary companies which were previously
operated as co-partnerships. Figures for the year 1928 are taken from the
audit of Arthur Andersen & Co.. but net sales have been reduced by the
estimated amount of inter-company transactions prior to acquisition by
Present company).
1926.
1925.
1927.
1928.
Net sales
$4,521,207 $4,927,532 $5,600,577 $5,598,887
348,643
254,369
359,880
272.833
Prof. before income taxes
34.769
40.409
38,494
47.129
Income taxes
Profit after inc. oozes.
$234,339
1219.600
$312.751
$208,239
MAR. 21929.]
FINANCIAL CHRONICLE
The above net earnings, after all charges including Federal income taxes
as noted, show a 4-year average of $268,731. equivalent to over $6.39 per
share of class "A" stock nwo outstanding. The average of such earnings for
1927 and 1928 was equivalent to approximately $7.39 per class "A" share.
or 3.70 times dividend requirements.
-Under the terms of the class "A" stock, the company
Sinking Fund.
will set aside each year (the amount being prorated for the year 1928), as a
sinking fund, 25% of its net earnings in excess of $50,000 remaining after
payment of all class "A" dividends. All sinking fund moneys so set aside
shall be used for the purchase and cancellation of any class "A" stock which
can be acquired at or below $32.50 per share. Any funds not so used and
remaining in the sinking fund at the close of each calendar year shall revert
to the company for general corporate purposes.
Voting Power.
-Class "B" stockholders have the sole voting power except
In the event that accumulated dividends aggregating $3 per share on the
class "A" stock remain unpaid, or in case any part of any sinking fund
instalment remains unpaid for 12 months after its accrual.
1403
The suit in equity brought in the state courts several years ago against
the owners of the fee to establish the right of the Association to improve
Its site with a modern building was removed by some of the fee owners
to the federal court and subsequently appealed by otherfee owners to the
Supreme Court of the United States which, without passing on the merits
of the controversy, sent the case back to the state court where it was originally started. Consequently the efforts of the Association to obtain relief
before maturity of its bonds have been unavailing.
There are at present no unsecured creditors. No dividend has ever been
paid to the stockholders except one of $1.50 on each 2100 share of stock
declared in the year after the World's Fair.
Protective committees are now being formed to represent the two classes
of bonds due respectively in 1929 and 1942, and to seek a solution of the
present difficulties.
A bondholders protective committee for the $834,000 5'7 first mortcgtistinl of r
zgera d.se2,2so Gordon. ha J. ligce.
M
gage heertrs has been formed.
ort . c a
ge
The $834,000 5% 1st Mtge. bonds. dated Feb. 1 1889 and due Feb.1
Celotex Co.
-To Issue Additional Stock at $65 PerShare.Feb. 1 1929.
The oommon stockholders of record March 6, will be given the right to 1929 are in default, both as to principal and interest due1 1892, and due
consolidated mortgage bonds dated Feb.
The
imbscribe to additional common stock at $65 per share in the ratio of one Feb. 1 $541,000in default because of failure to pay the interest due on
1942 are
Feb.
new share for every seven shares held.
A block of 24,400 unissued common shares has been authorized for sale 1 1929.
mortgage liens upon the unbond issues
Both
for this purpose. The proceeds will be used in enlarging the company's expired of these of leasehold are secured by were originally created for a
portion
plant facilities. Of an authorized 500,000 shares of common stock, there period of 99 years from Aug. estates which
1 1886. and later extended for an additional
are now outstanding 170,706 shares, no par value.
period
Under the ground leases
The directors have declared the regular quarterly dividends of $1.75 to pay of 100 years. taxes and other charges in the Association is required
default of
ground rent,
per share on the preferred stock and 75 cents per share on the common hold estates may be subject to forfeiture and the securitywhich the leaseunderlying the
stock, both payable April 1 to holders of record March 15.-V. 128, P. bonds thereby destroyed.
1233.
Holders of 5% 1st mtge. bonds are requested to deposit their bonds in
negotiable form, together with all coupons due Feb. 1 1929, with the vim
Central Alloy Steel Corp.
-Subs. Acquisition.
Trust & Savings Bank, Chicago, as depositary.
The Berger Manufacturing Co. Canton, Ohio a subsidiary, has acquired the metal furniture division of Van Dorn Iron Works Co. of Cleve'
-Annual Report.
Chicago Yellow Cab Co., Inc.
land, Ohio.
1925.
1928.1926.
Calendar YearsFor the present, the manufacturing and sale of Van Dorn lines will be Net profit from oper____ $3.834,212 $4192 :875 $4,797,537 $4,656.456
,307
8
continued at Cleveland, declared S. S. French, President of the Berger Co. Administrative exps---845,378
758,709
773,642
550,232
The purchase, according to a Cleveland dispatch,involves approximately Depreciation
1.364,465
1,357,468
1.437,359
1,514.627
$1,600,000 and includes all of the Van Dorn metal furniture machinery Provision for income tax
352,921
325,785
x14,036
203,700
swill, and inventory in process. In addition the Berger company has
assumed all Van Dorn agency contracts. Of these, there are 75 exclusive
Net income
$1,832,586 31.816,905 $2,241,772 $2,207.498
agents and 250 dealers.
1.600,157
1,600.330
Dividends
1,300.113 .1,600,435
Years Ended Dec. 311928.
1927,
1926.
$607,341
$641,442
Gross profit
Balance, surplus
$216,470
$532,473
x$12,670,980
P.& L.sur. Dec.314,937,558
Selling, general and admin. exPs
4,405.085 4,188,616 3.547.173
4,938,823
400,000
Shs. corn. outst.(no par)
400.000
400,000
400,000
25.52
Operating profit
$5.60
64.58
$4.54
$7,732,156 $5.150,977 26,274,089 Earns. per share on com_
x After deducting a refund of $212.964 for prior years' taxes.
Other income
568,567
570,972
848,607
Consolidated Balance Sheet Dec. 31.
Total income
$8.300,724 $5,721,949 $7,122.696
1927.
1928.
1927.
1928.
Depreciation
1.872,000
1,872,657
2,347.355
Assets$
$
Liabilities
Interest
385,676
425,939
388,255 Cabs,equip., Am-- 6,318,537 7,104,409 Capital stock__ __ x2,200,000 2,260.000
Federal taxes
675,000
440,000
500,000 G'd-will,fran., Acc. 1,031,654 1,031,654 Accounts payable.. 396,046
564,431
Other charges
464,707
257,697
555,693 Investments
279,000
274,025
271,500 Notes payable____
59.000
145,490 Bonus payable___
Due in stk.subscr_
91,750
257,335
50,000
Net income
$4,903,341 $2,725,656 $3.331,393 Special deposits _ 118,350
117,400 Federal taxes and
Preferred dividends
700,000
692,744
709.836 Cash
588.723 2,078.132
claims
618.770 1,058,571
Common dividends
2,592,742
2,591,533
2,568,357 Call loans
2,500,000
Depreciation res__ 3,357,232 2,893,192
338,334 Surplus
Accts.& notes rec_ 170,560
4,937.558 4.406,015
Balance
$1,610,600 def$558,621 sur$53,200 Inventories
149,017
228.214
Shares corn, stock. outstdg. (no par). 1,296,371
1,296.371
1,320.625 Prepaid Ins., &c
84,639
101,562
Barnings per share
$1.56
$2.02
$3.24
Tot.(each side)-11,518405 11.667,021
240,926
x After deducting repairs and maintenance, but exclusive of depreciation. Deferred charges_ _ 291,351
x Represented by 400,000 no par share.
-V. 128, p. 400.
Consolidated Balance Sheet Dec. 31.
Childs Co. New York.
-Profits Increase.1927.
1928.
1928.
1927.
Chairman William Childs on Feb. 21 said in part:
Assets
Liabilities
"During the month of January 1929, while the Barber faction was In
Land.,bidge.,&e.x46,766,360 46,698,050 Preferred stock...10,000,000 10,000,000
Investments
1,117,835
918.073 Common stock___s6,481,855 6,481,855 control of the company, the profits available for dividends decreased 41%
Cash & ctfs. of dep 6,186,571 4,610,071 1st mtge. bonds__ 4,010,200 4,342,000 as compared with the moctth of January 1928.
"If the present trend of February 1929 sales continues, it is estimated
Govt.securitiee
312,467
10,018 Accounts payable_ 3,814.226 3,284,584
0th. specific funds 320,909
Corn. div. payable 648.185
648,185 that the profits available for dividends in February 1929 will be at least
Accts.& notes rec-y5,459,872 4,170,591 Accr. tax & int___ 1,240,393 1,005,834 150% greater than they were in February 1928."-V. 128, p. 1233.
Inventories
13,914,342 14,726,287 Reserves
2,653.472 1,554,006
Other assets
790,853 1,564,162 Surplus
City Auto Stamping Co.
546,410,772 45,897.815
-Stock Offered.
389,892
516,827
Deferred assets
See City Machine & Tool Co. below.
TotaL
75,259,103 73,214.079 Total
75,259,103 73,214,079
After depreciation of $24,166,438. y After deducting $175,139 for
doubtful accounts. z Represented by 1.296,371 no par shares. a Includes
capital surplus of 427,140.395.-V. 128. P. 116.
City Investing Co., New York.
-New Director.
Henry E. Frost has been elected a director to fill a vacancy.
-T. 12$
p. 3933.
City Machine & Tool Co.
-Rights.
-
Century Rotary Motor Corp., Canastota N. Y.-Nelson A. Goodwin Co., New York,
Common Stock Offered.
'
are offering 10,000 common stock at $10 per share.
The directors have voted to offer 150,000 shares of common stockrof
the newly formed City Auto Stamping Co. to holders of reoord!Mar.115
of the City Machine & Tool Co. at $6 a share in the ratio of one share,for
each share held. Rights will expire on April 1.-V. 127, Il• 3403.
Transfer agent and registrar, United States Corp. Co., 160 Broadway,
New York.
Authorized. Outstanding,
Capitalization100.000 abs. 58.892,shs.
Common stock ($10 par)
Data from Letter of Otto Herman, President of the Corporation.
Corporation.
-Is engaged in manufacturing 180 h.p. and 360 h.p. rotary,
air-cooled aeroplane motors that incorporate new principles of a basic nature
which have been patented and which, it is, stated, will increase the effiolency of this type of motor 50% over the conventional type of water or
air-cooled aeroplane engines in present use. Also a 90 h.p. four-in-line
conventional type of airplane motor now in general use, air-cooled, embodying some of the basic principles of the invention. A non-mechanical
supercharger is incorporated in these three types of engines.
Assets.
-The corporation owns the basic patents and a completely
equipped plant, consisting of a two-storied building in Canastota. N. Y..
which has facilities for manufacturing on a single shift, 300 motors per
annum, together with ample ground for expansion.
Barnings.-It is conservatively estimated that the net profits for the
first year's full production will be in excess of $100,000. The foregoing
does not include royalty income derivable from other manufacturers
through the use of the company's patents.
Purpose.
-To make additions to plant, quantity production, defraying
cost of U. S. Bureau of Standard texts and for other corporate purposes.
Directors -Otto Hermann (Pres.), Schuyler Schieffelin, W. Parsons
Todd, H. F. Buhrig, C. Wickliffe Throckrnorton. Harold L. Pope, Nelson
A Goodwin.
-Common Stock Placed on a $4 Annual
CocaCola Co.
Dividend Basis.
-The directors have declared a quarterly
dividend of $1 per share on the common stock, no par value,
placing it on a $4 annual basis. Thiscompareswith an annual
basis of $6 per share prevailing before the distribution of
the 100% stock dividend in class A stock, which was paid
on Jan. 30 1929. The latter issue is entitled to cumulative
-V. 128,
dividends at the rate of $3 per share per annum.
p. 1234.
Coen Cos., Inc.
-Rights.
-
Chicago Auditorium Association.'
-Bondholders' Protective Committee.-
The stockholders of record Dec. 18 were recently given the right to
purchase on or before Jan. 8 one additional share of capital stock at 222.50
for each 5 shares held. See also V. 127, p. 2826.
It is announced that the January tonnage of clay reached a new high
record for all time.
A dividend of 37Mc. a share was paid on Jan. 15 to class"A"stockholders
of record Dec. 31. See also V. 127, p. 2826.
Colin B. Kennedy Corp.
-Stock Offered.
-Edward D.
Jones & Co., St. Louis, Mo., are offering 50,000 shares (no
par value) convertible class A stock at $25 per share.
Convertible class A stock is preferred as to $2 per share dividend per year
over common stock. Such class A dividend is cumulative. Preferred In
Pres.R.Floyd Clinch in a letter to the bondholders dated February 7says: liquidation or dissolution over common stock up to $27.50 per share and dim.
The bondholders of the Chicago Auditorium Association are confronted Callable at $30 per share and diva. on 30 days' notice. Full voting rights.
Convertible into common stock on share and share basis, at any time up
with a serious situation which
lead them for their own
co-operate in the conservation should assets of the Association.interests to to date of redemption. No pre-emptive right of subscription forfifuturs)
of the
The building was erected 40 years ago in anticipation of the World's issues of securities of the company.
Authorized.
0u:standby
Fair of 1893, but the venture is financially a failure, due in large part to Capitalization50,000
50,000
radical changes in the city which have supervened. The limited capacity Convertible class A stock (no par)
150,000
•70,000 A
and antiquated arrangement of the Auditorium Hotel prevent effective Common stock (no par value)
•50.000 shares held available for conversion of class A stock.
competition with the numerous modern hotels being erected in Chicago.
Transfer agent, office of the company, 231 S. La Salle St., Chicago.
Running expenses are on the constant increase, real estate taxes mount
steadily upward, and the fixed character of the building makes it impossible Registrar, Central Trust Co., of Illinois. Chicago.
to realize any corresponding augmentation of revenues. The only bright Data from Letter of Colin B. Kennedy, President of the Company.
spot on the financial horizon has been the temporary increase in
Compang.-A Delaware corporation,
to
all
rentals derived from the Auditorium Theater, but as the favorable lease of the Kennedy Manufacturing Co.. organized theacquire B. the assets
formerly
Colin
Kennedy
to the Civic Opera Co. will expire next September, the income from this Inc. (Mo.), manufacturers of A. C. electrically operated radio sets.
source will be greatly reduced.
The Studebaker Mail Order Co. is acquiring a substantial interest in t
The report for the year ending Nov. 30 1928 showed total net earnings corporation.
of 8384,442 and total expenses of $521,366 a not operative loss of $136,923
The corporation owns a plant at Highland, Ill., and a new plant of 65.0011
without allowing anything for depreciation. This deficit, which was stmare feet of floor space has been leased at South Bend, Ind. The comnearly $25,000 greater than the one reported for the year ending Nov. 30 bined capacity of both factories will be 2,000 radio sets a day.
1927. was met in part by the sale of $130,000 of United Stated Liberty
The corporation now has orders on its books for over $1,000,000 for11929
bonds out of the Association's emergency fund.
and it is estimated that 150,000 sets will be manufactured and sold daring
The first mortgage bonds of the Association outstanding to the amount 1929.
of 2834,000 fell due Feb. 11929, and as there were no funds on hand to meet
-Proceeds will be used to increase the company's manufacturPurpose.
the obligation a receivership became unavoidable. Application was made ing facilities and for additional working capital.
trA
by one of the bondholders to Denis E. Sullivan, Judge of the Superior
Dividends.
-Dividends on the class A stock are payable Q.
-J., although
Court of Cook County, who appointed as receiver R. Floyd Clinch, Pres. they are cumulative from date of issue, it Is not expected that any dividends
Association.
of the
will be paid until the end of the first year's operation, on Jan. 1 1930.
d
1404
Officers and directors: Chairman, F. H. Wellington; Pres., Colin B.
Kennedy; Vice-Pres., Clement Studebaker 3rd; Vice-Pres., Julius J. Spindler; Secretary, John J. Seerley; General Counsel, Orville J. Taylor; George
M.Studebaker, John 0. Tobin.
Columbus Auto Parts Co.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 50c. Per
share on the cony. cum. pref. stock, no par value, payable March 1 to
holders of record Feb. 21. See offering in V. 127. p. 3546.
Commercial Credit Co., Balt.-Dividend Increased.
The directors on Feb. 28 declared a quarterly:dividend of
50 cents per share on the common stock, no par value,
payable March 30 to holders of record March 9. This compares with quarterly dividends of 25 cents per share paid
on this issue from Dec. 31 1926 to Dec. 31 1928, incl.V. 128, p. 1234.
Consolidated Aircraft Corp.
-Listed on Curb.
Trading started Feb. 21 on the New York Curb Market in shares of
the corporation. Initial quotation was at 33J.5, compared with the public
offering price of 25. The company has authorized 750,000 shares of
no par common stock of which 550.000 shares are outstanding. There
are no senior issues. Stock was marketed recently by Pynchon & Co.
See V. 128. p. 724, 1234.
-Capitalization Changed.
Consolidated Lead & Zinc Co.
The stockholders have approved a plan whereby the class A stockholders
will be given equal voting rights with the class B, and also authorized the
Issuance of 50,000 shares of capital stock. The distinction between the
class A and class B stocks has been abolished.
-V. 127, p. 3709.
-Hoagland,
Consolidated Service Co.
-Stocks Offered.
Allum & Co., Inc., are offering 50,000 shares cony. $2.50
preference stock (cumulative) and 25,000 shares common
stock in units of one share of pref. and M share of common
at $35 per unit.
Convertible $2.50 preference stock may be converted into common
stock, share for share, at any time up to 5 days before redemption with
protection against certain dilutions. Preferred as to assets and dividends
over the class A stock and the common stock. Dividends (cumulative from
March 1 1929) payable quarterly. Callable, as a whole or in part, on any
div. date on 30 days' notice at $40 per share and diva. Entitled to $3.5
per share and dive. in event of liquidation. Dividends exempt from present
normal Federal income tax. Transfer Agents, Continental National Bank
& Trust Co., Chicago. Registrars, National Bank of the Republic,
Chicago.
Issued.
Authortzed.
CapttaltzattonConvertible $2.50 pref. stock (cumul., no par)__ 50.000 shs. 50,000 she.
Class A stock (no par)
40,000 she. 40.000 she.
Common stock (no par)
*300,000 she. 125.000 shs.
•90.000 shares of common stock reserved for conversion of convertible
$2.50 preference stock and class A stock.
Ltsttng.-Application will be made to list on the Chicago Stock Exchange.
Data from Letter of C. E. Lehman, President of the Company.
Company.-Incorp. in Maryland. Will, through operating subsidiaries,
manufacture and sell cold products requiring refrigeration, which includes
Ice, ice cream, milk and allied products, supplemented by a cold storage
and fuel business, in more than 150 communities in Oklahoma (where the
ice business, under the State laws, enjoys protection from competition
equal to other public utilities), and 50 communities in Kansas. The combined population served is estimated in excess of 500.000. The physical
properties consist of 32 ice manufacturing plants, 40 ice storage plants,
16 ice cream plants, 6 cold storage warehouses, &c., with over 500 trucks
and wagons used for wholesale and retail distribution.
Among the cities in which plants are situated are Oklahoma City, Muskogee, Enid, Shawnee, El Reno, Altus, Ponca City, Blackwell, &c., in Oklahoma, and Coffeeville. Winfield and El Dorado, &c., in Kansas.
Barnings.-As certified by Haskins & Sells, the consolidated net income
for the year ended Oct. 311928, (after eliminating certain items deemed by
the management to be non-recurring charges, aggregating $25,000), available for dividends, &c., after deducting maintenance as provided by subsidiaries' trust Indentures, interest and dividends on securities of subsidiary
companies, and depreciation, was as follows:
Net Income
Tones Dtv. Earn. Earn. per Sh. Earn. per Sh.
on
as Outlined
on Cony. $2.50
on Cone. $2.50
Corn. Stock.
Above.
Pref. Stock.
Pref. Stock,
$1.51
$7.47
3373.682
2.98
Consumers Company, Chicago.-Annual Report.
1926.
1925.
Calendar Years1928.
1927.
Totalsales
518.394.210 319.620.473 $20,974.720 319.826.992
Operand other income_ _ 2,926.309 $3,281,894 52.997.331 52.938.241
1,123.906
1,159,015
Admin.& gen. expenses- 1,362,718
1,254.180
532.846
548.480
Deprec. depletion_
458,783
488.694
602,784
564.771
Interest and discount-562,300
454.932
Fed. taxes
101.253
32.000
$67S,705
5725,065
Net profit
5905.378
5587.964
210,000
Prior preferred dive-- - _
210,000
265,168
x472.500
157.500
Preferred dividends-315,000
315.000
$206,205
$357,565
Balance
3380,378
37.796
1,925.759
921.579
Previoussurplus
2.208,917
2,590,146
72.023
Income tax refund
Apprec. due to appraisal
2.551.049
ofcapital assets
Total surplus
32,597,942 32,589,295 32,355,347 $3,678,833
Ad). of prop, values due
to deprec. & disposal
320,635
145,361
ofcapital assets
Accounts written off and
1,426.091
appropriations
1.069
6,348
Miscell. adj. prior years_
194,731
850
Profit & loss surplus_ _ 52,403.211 $2.590.145 $2.208,917 $1,925.759
Earns. per.on corn- $0.31
$0.24
shr.
$0.58
$0.01
x Accrued but not paid. y No Federal taxes were due for these years on
account of statutory deductions from income.
Comparative Balance Sheet Dec.31.
1927.
1928.
1928.
1927. I
AssetsIF
$
I Liabilities-$
3
Land, bldgs., equip14,984,298 14,725,386 7% prior pfd
3,000,000
Good will
2,500,000 2,500,000 6% prior pref.stk_ 4,919,200
Derred charges.._ 776,373
4,500,000 4,500.000
458,626 7% cum.pfd
Cash
1,399,449 1,537,705 Common stock_ _ _ 3,262,675 3.252,375
Notes receivable.55.570
27.218 6% bds., series A.. 6,000,000 6.000.000
Amts.receivable
1,498.000
1,929,038 2,006,125 5-yr.cony. notes
Investments
179,600
44,270
43,320 Purch. m.obilga's_ 509.700
Employes'stk.sub.
158,125
217.061
1,847
13,884 Reserve
Inventories
1,697.641 1,533,525 Accts. payable.- 1,122,752 1.003,328
605,278
512,822
jAccru.exp
2,403,211 2,590,146
. Surplus
1
Total
23,388,487 22,845,7881
-V.126, p. 3455.
Total
23,388,487 22,845.788
Craddock-Terry Co.
-Balance Sheet Dec. 31.1928.
1928.
1927.
Assets$
Real estate,&c -x3,563,612 3,847,818 Commonstock.... 3,286,800
Cash
690,497
677,940 1st pref.6% cum 1,250,000
Accts.receivable.- 3,300.782 3,977,623 2d pref..6% cum._ 1,250,000
Notes receivable_ _
84.601
145,858 Cl.C pfd.7% cum 1,144,600
Mdse.Inventories_ 4,221,710 3,893,406 Notes payable-- 2.418,000
207,742
Other assets.
661,104
372,528 Accts. payable
Stocks of affiliated,
57,408
Accrued accounts &c.. companies _ 502,941
686,342 Res,for conting's _ 229.053
Deferred charges....68,207
3,249,853
65,152 Surplus
1927.
3,288,600
1,250,000
1,250,000
1,128,000
2,493,000
447,809
32,327
138,835
3,640,497
Total(each side) 13.093,458 13,686,669
---V. 126, rs. 1206
x After deducting $1,187,836 reserve for depreciation.
[VOL. 128.
FINANCIAL CHRONICLE
Coty, Inc.
-Annual Report.
-
Calendar Years1928.
1927.
1926.
1925.
Gross profit
$7,600,896 56.499.969 35.699.286 55,017,174
Gen.adm.sell. exps.&c- 3,105.663
2,664,548 2.268.366 2,112,866
Balance
Other income
34.495.233 33,835.421 $3,430,920 $2,904,308
55,557
116,672
198,365
27.373
Totalincome
$4,693,598 $3,952.093 $3,486.477 $2,931,681
Depredation
77.992
82,192
81,903
67.310
Federal taxes
465,000
360,000
563.591
529,000
Adj. of min. stkholders
int.
Cr.5.205
Netincome
$4.053,020 53,341.189 $2,943,485 32,504,371
1,546.500 1,175,340
Dividends
1,855.800
2,540,155
Rate per share
(33.80)
($5)
($6)
($6)
Stock dividend-108,298
(6%)
Surplus
$1,404,565 $1,485.389 $1,396,985 $1,329,031
Shares capital stock out309.303
339 300
1.311.048
309.300
standing (no par)
$9.52
Earned pershare
$33.09
$10.80
Comparative Balance Sheet Dec.31.
1928,
1927.
1927.
1928.
LiabilitiesAssets$
$
$
$
Building 1mpts._- $133,204 $138,964 Capital stock----x$1,694,529 $1,599,081
Mach., equip., &c 246.094
73,721
238.332 Accts. pay.,for.._ 106,378
Rent deposit
20,000 Notes payable. y 750,000
20,677
30,080 10-yr. bonds
590,000
Inv.Coty,Ld.,Eng 875,018
14,443 Min. stockholders
Advances
802,433 Int. In subs.____
7.295
Marketable secure. 209,151
Tenant deposit_ _ _
2.691
Goodwill,formulae
2.500
&c
1 Accrued expenses- 149,008
108.519
1
Cash
762,051 Res. Fed.taxes- 563.591
529,000
419,081
Accts. receivable._ 2.436.370 1.964.117 P.& L.surplus_ _ _ 6,243,842 5,419,688
Inventories
5,134,669 3,762,117
Secur. held as coll. 600,742
Total(each sIde)10.107,331 7,732,481
Prepaid items_ _ _ _
32,321
x Represented by 1.311,048 shares of no par value in 1928 and 309.300
shares in 1927 the company having paid a 300% stock div. In Nov. 1928.
y Temporary borrowings which have all been paid off prior to Jan. 161929.
-V. 128, p. 734.
-Receives Order.
Crocker-Wheeler Electric Mfg. Co.
The company has obtained from A. M.Byers Co. one of the largest orders
ever placed for steel mill type motors to be used in Byers' new Ambridge
plant.
-V. 128, p. 255.
-Appointed Agent.
Curtiss Flying Service, Inc.
The Gessna Aircraft Co. has just closed a contract appointing the above
company exclusive sales agent and distributor in the United States and
Canada. The Curtiss company is taking over distributors previously
appointed by Cessna and has placed an original order for 39 of the Oessna
four place cantilever cabin monoplane, of which 20 will be equipped with
Curtiss Challenger motors. The Cessna company is at work on plans for
the production of a larger four-place monoplane and six-place cantilever
-V.127, p.3252,
cabin monoplane,details of which will beforthcoming later.
-Earnings.
David & Frere, Ltd.
Earnings for Period from June 10 1928 to Dec. 31 1928.
$143,900
Manufacturing profits
65,586
Selling& administrative expenses
Operating profit
Other income
$78,315
1,058
Total income
Dividends paid
Incorporation expenses
$79,372
25,760
251
Balance surplus
-V. 127, p. 1394.
$53,361
-R. G.
Dayton Airplane Engine Co.
-Stock Offered.
Harper & Co. W. M. Madden & Co. and Frear & Co. are
offering 40,000 shares common stock (no par value) at
'
$16.50 per share.
Registrar, Equitable Trust Co. of New York. Transfer Agent, Bankers
Trust Co., New York.
Authorized. Outstanding.
CapitalizationCommon stock (no par)
100,000 shs. 100,000 she.
Data from Letter of R. R. Grant, President of the Company.
History and Business.
-Company is the outgrowth of a private group
formed in 1927 known as the Dayton Engine Co. to manufacture air-cooled
airplane engines. The company's product, known as the "Dayton bear"
is a four-cylinder straight-in-line 110 h.p. air-cooled engine which has
successfully passed the 50
-hour endurance test of the United States Army
and holds the United States Department of Commerce Approved Type
Certificate No. 11. Company's plant located at Dayton. Ohio, on the main
line of the Baltimore & Ohio RR.,is of modern steel and brick construction
and entirely equipped for quantity production. Inasmuch as the plant
occupies only approximately 25% of the total acreage owned, the company
has ample space for additional plant expansion.
Industry.
-The ever growing demand for engines of this type heretofore
has been met by the wartime supply of now obsolete water-cooled engines.
The U. S. Department of Commerce reports that at least 9,000 light aircraft (to which the "Dayton bear" is suited) will be manufactured during
the curreit year. In addition, it is conservatively estimated that replacement will be necessary during 1929.in approximately 50% of light engines
now in service.
unfilled orders for more than 500 engines
Earnings.-_Company
for
The management esti
es
net earnings, after taxes and depreciation,
1929 in excess of $400.0 , or at least $4 per share on the common stock to
be presently outstanding.
Production.
-Based on a survey made by Black & Bigelow, Aeronautical
Engineers, the company is equipped to increase its production to 10 engines
per day within 90 clays.
Assets.
-A pro forma balance sheet as of Jan. 31 1929 after giving effect
to this financing shows total assets of $1.060.861 and total current assete
of $760,003 against current liabilities of $300.000.
Purpose.
-Proceeds from the sale of this stock will be used to acquire
the plant, equipment, designs and contracts of the predecessor company.
to provide additional working capital and for other corporate purposes.
Directors.
-G. A. Funkhouser (Sec. & Treas.): Ross T., Gardner (VicePres. & Director of Operations, Business Air Transport, Inc.); R. R.
Grant (President): L. L. Knees (Pres., Kaess Aircraft Engineering Corp.):
W. M. Madden (W. M. Madden & Co., N. Y. Investment Bankers);
Major M. II. Simmons (Vice-Pres.), and Major John Kennedy White
(Pres.. Business Air Transport, Inc.).
Listing.
-Company has agreed to make application to list this stock os
the New York Curb Market.
.-Earnings..-Drug Incorporated (& Subs.)
Earnings for 11 Months Feb. 1 to Dec. 31 1928.
Gross profit
Merchandising and operating expenses
245,710,073
31,109,052
$14,601.021
Operating profit
2,280,712
Other income, incl. return from invest., less other deductions
Total income
Depreciation
Interest on funded debt
Federal tax reserve
Dividends on stocks of sub, companies outstanding
$16,881,734
1,347,297
2,112,418
1,399,932
7.751
Net income
Dividends paid
$12,014,336
6,521,768
Net surplus Dec. 31
Earnings per share on 2.183.990 she, capital stock (no par)._ _
$5,492,568
$.ao
MAR. 2 1929.]
FINANCIAL CHRONICLE
1405
Consolidated Balance Sheet Dec. 31 1928.
Earned
Assets
Sales.
Earnings. Per Share.
Cash
1927
30 Stores $2,285,422
$13,434,364 Accounts payable
$7,930,372
$196,185 $1.96
Accla receivable
44 Stores
7,347,781 Notes payable (subsidiaries)_
3,172,355
917,000 x1928
306,696
3.06
Notes and other obliga'ns
x 4 Months computed.
512,415 Dividend payable
3,769
Merchandise inventories_ 23.568,284 Real estate mtges. (subs.)
-The pro forma balance sheet as certified to by Barrow,
Balance Sheet.
910,193
Guthrie & Co., after giving effect to present financing and acquisiFixed assets
x24,459,154 5
5.000,000 Wade,
-year 5% gold notes
Stocks in other companies_ _ _ 39.292,861 25-yr.5% deb. bonds
40.000.000 tion of present units, shows:
U. S. certificates, bonds, &c_ 1,535,689 Res've for Federal taxes
$483.280
1,399,932 Cash on hand
Advances & deferred items
Reserves
2,700,842 Res've for int., advertising,
125.000
Tr.
-mks.,good-will, pats.,&c. 32.147,011
royalties, contingencies, &c. 8.037.570 Surplus
217,000
The company has no funded indebtedness, bank loans or any other
Capital stock
y75,177,768
Earned surplus
z5,621,799 liabilities other than capital stock to be presently outstanding. Goodwill
and leaseholds are carried at $1.
Total
-Net proceeds of present financing will be used to acquire
Purpose.
$144,998,404
Total
$144,998.404
x After deducting depreciation of 69,360,953. y Represented by 2.183. these stores and (or) others at the discretion of the management,to establish
990 no par shares. z Includes $129.232 for capital stock and minority inter- and equip a central warehouse, commissary and distributing plant, to
provide working capital, and for other corporate purposes. No stock is
est of Sterling Remedy Co.
-V. 127, p. 3710.
being issued for any consideration other than cash, and officers of this
company have purchased and paid in full for substantial amounts of
Dominion Stores, Ltd.
-Rights, &c.
The stockholders of record March 15 will be given the right to subscribe common stock.
-Company agrees to make application for listing on the New York
Listing.
for additional capital stock (no par value) at $5 per share on the basis of
two now shares for each share owned. Rights will expire on April 5. At Curb Market.
present there are outstanding 90,750 shares of capital stock.
The stockholders recently increased the authorized capital stock from
Erskine-Danforth Corp.
-Declares Extra Dividend.
150.000 shares to 500,000 shares -V.128, p. 1061: V. 127, p. 415.
The directors have declared an extra dividend of 25c. per share on the
common stock in addition to the regular quarterly dividend of SI per share,
(The) Eagle-Picher Lead Co.
-Earnings.
both payable March 1 to holders of record Feb 28. Like amounts were
Calendar Yearsalso paid on Dec. 1 1928. The regular quarterly dividend of 2% on the
1928.
1927.
Gross sales
$25,997,859 $25,827,969 preferred stock has also been declared, payable April 1 to holders of record
Allowance,freight & discounts
1,142,815
1,158.885 March 29.-V. 127. p. 3097.
Production & manufacturing cost
20,926,937 22,609,617
Evans-Wallower Lead Co.
-To Increase Stock.
Gross profit
63.928.107 $2,559,466
A special meeting of stockholders has been called for March 9 to approve
Sundry operating income
305,986
289,689 an increase in the authorized common stock from 500,000 to 625,000
shares, no par value.
Gross operating income
54,234,094 52,349.156
The additional stock will be used by the company to finance the acquisSelling & general expense
1,745,632
1.651,971 ition from Eastern Electrolytic Zinc, Inc., of rights to use the Tainton
Bad debts & losses
105,134 process for the manufacture of electrolytic zinc throughout the United
Depletion & depreciation
1,147.780
925,895 States. Rights to use the Tainton process in certain territories were obtained
Interest (net)
107,347
126,382 by the company last year and under the latest agreement are now extended
Prov. for inc. taxes
82,154
to all parts of the United States with the exception of a limited area in the
State of Washington and the rights held by another company in Idaho.
Net profit
$1,151,178 loss$463,227
An agreement, which the stockholders will be asked to approve, calls
Dividends paid: Preferred stock
51,078
51,078 for the transfer of 115,000 shares of the new stock, together with an option
Common stock
1,600,000 to purchase an additional 10,000 shares at a price of $10 per share, to
Eastern Electrolytic Zinc, Inc. in addition to $100.000 in cash.
-V. 128.
Balance surplus
$1,100.100 df .114305 P• 1062.
.$2
Balance surplus at Dec.31
1.018,837
245.697
Balance Sheet Dec. 31 1928.
Exchange Buffet Corp.-Earnings.Assets-Quar. End. Jan. 31--9 Abs. End. Jan. 31
Liabilities
Cash
Period1928.
1929.
1928.
1929.
$115,111 Preferred stock
$851.300
Government securities
5203,681
$438.522
$491.923
5181.315
3.127,699 Common stock
20,000,000 Gross profit
72,445
Receivables
Depreciation
25.857
77.571
24,240
2,993,427 Notes payable
2,500.000
Inventories
49.420
21.339
49,722
21.205
7,131.907Drafts payable
122.278 Federal taxes
Advances on ore purchases ___
51.230 Accounts payable
360,884
Investments at cost
Net profit
5156.485
5316 656
5135,870
$364,630
1,034,050 Accr. wages,taxes,&c
290.352
Mining & mfg. prop. at cost-- 18,350,288 De prec.& dept. res
93,750
281.250
281.250
93,750
9.351,417 Dividends
Ore res. & leases'mem
14,039,893 Dept.of ore res.& leases
12.439.893
Prepaid expense,&c
Balance surplus
562,735
535,406
$42,120
$83,480
91,354 Earned surplus
1,018,838
Good-will, patents, &.o
Shares of cap. stk. out-'
1
standing (no par)-250,000
250,006
250.000
250.000
Total
$1.26
$0.63
51.46
$0.55
$46,934,961
Total
$46,934,961 Earn, per share on corn_
-V. 127, p. 3097.
-V. 128, p. 1236.
Eaton Axle & Spring Co.
-Annual Report.
[Including Eaton Bumper & Spring Service Co.]
Calendar Years1928.
1927.
1926.
1925.
'Manufacturing profit_ _ y$2,602,685 $1.511.954 $1.732,458 $1,298,247
Sell., gen.& admin.exp_
757,314
594,161
633,821
645,050
Operating profit
$1,845.371
$917.793 51.098.637
$653,197
Other income
210.489
140,795
124,420
188,870
Total income
$2,055,860 51,058.588 51,223,057
$842,067
Other deductions
407.318
132.730
123,125
87.793
Amort.of patent account
19.488
19,668
25.877
Prov.forest. Fed. taxes_
200.000
127,000
47,500
112,000
Net income
$1,429,055
5779.190
5706.774
$962,055
Divs.paid & provided for
591.167
500,000
354.200
499.958
Balance, surplus
$834,888
$352,574
5279,190
5462.096
Shares of cap.stk.outst'd
(no par)
270,000
250.000
250,000
250.000
Earns.per sh.on cap.stk_
$5.29
$2.83
$3.85
$3.12
x After deducting cost of goods sold including .
material, labor, factory
expenses and depreciation. y After deducting depreciation of $422,943.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets
$
Liabilities$
$
$
Fixed assets
6,475,982 4,003,932 Capital & surp_ _ _x10,474,838 8.074,865
Patents
236,436
247,260 5 yr 534% gold
Cash
47,244
750,000
notes
25,717
U. S. Govt. secur.
Fed,income taxes_ 200,000
& accrued Int.__ 1,731,030
475,090
Accts. payable, &c 1,152.341
Notes & accts. rec. 1,328.566 1,366,051 Accrued taxes_ - _
210.492
. 118,065
825,017
Inventories
2.723.964 1,537.004 Divs. pay. Feb. 1_ 202,500
125,000
Other assets
322.376
42,909 Res.for Maur., &c. 101.892
47.202
Inv. in affil. co
841,484
Deferred charges
134,435
Tot.(each side)_12,999,636 8.932,649
43.278
x Capital stock of $8.325.801 (represented by 270.000 no par shares)
and surplus of 52,149,037.-V. 128. p. 736.
Electrical Products Corp. of Colo.
-Sales Increase.
-
Sales for the month of
amounted to $32.800 compared with
sales for the first quarter ofJanuary$36,000, according to President J. Fred
1928 of
Brown.
Electric Auto-Lite Co.
-Extra Dividend.
The directors have declared an extra dividend of 50c.
addition to the regular quarterly dividend of $1 per share per share in
on the outstanding 890,000 shares of common stock, no par value, both payable
April 1 to holders of record March 15.
each of the three preceding
quarters regular dividends of $1 per share In
were paid.
-V. 128. p. 1062.
Epicure Food Stores Corp.
-Stock Offered.
-S. J.
Weiss & Co., Inc., New York, are offering at $26.50 per
share 100,000 shares common stock (no par value).
Transfer Agent, Manufacturers Trust Co., New York. Registrar,
National Park Bank of New York.
CapitalizationAuthorized. Outstanding.
Common stock (no par value)
200.000 shs. 100.000 shs.
Data from Letter of George Stadtlander, President of the Company.
Business.
-Corporation has been organized for the purpose of acquiring
by outright purchase for cash the assets, good-will and business of 44
established retail delicatessen stores in Manhattan. Brooklyn and the
Bronx. Those stores have been selected as being the choicest and most
profitable of approximately 600 stores considered.
Warehouse and Commissary.
-Suitable warehousing facilities have been
arranged for, the plant being sufficiently large to take care of future
expansion. This warehouse is now equipped with various up-to-date
facilities for the efficient handling of food products. The location is of
exceptional value by reason of its easy accessibility to the terminals through
which the company will receive its merchandise.
Sales and Earnings.
-Audits of the stores, as certified to by Barrow,
Wade, Guthrie & Co., disclose the following aggregate sales and earnings
for the periods specified, after providing for the new wage schedule, reasonable depreciation on fixtures, New York State franchise tax and Federal
taxes at current rates.
-Transfer Agent.
Fabrics Finishing Corp.
The Seaboard National Bank of the City of New York has been appointed transfer agent of the common stock.
The Seaboard National Bank has also been appointed agent under warrant agreement dated as of Jan. 1 1929 covering subscription warrants for
common stock. See V. 128. p. 566. 736.
Fairbanks Co.(& Subs.).
-Earnings.
Gross profit
Operating expenses
1928.
5677.072
411.439
1925.
1296.
1927.
5805.083 $1,449.644 $1,341,955
835,659
856.828
534,934
Operating profit
Other income
6265.634
52,317
5270.149
29,050
5592.816
6.455
$506,296
8,704
Total income
Depreciation
Interest, reserve, &c_ _ _
Federal taxes
$317,949
115,675
80,983
18,250
$299,199
124,202
95.375
11.300
$599.271
140.339
141,666
22.700
8515,000
132.532
177.426
Net profit
$294,564
5103.040
368,323
Earns, per sh. on 10,000
shs. 8% pf. (par $100)
$29,45
$10.30
$6.83
Earnings for 3 Months Ended Dec. 31.
1926.
1928.
1927.
Gross profit
5395.118
$208,924
5149.611
Operating expenses
243,524
104.803
98,926
Int., taxes, deprec., &c_
63.166
54.945
55,389
$205,040
Net profit
-V. 127, p. 2691.
$48,732
def.54,260
688,428
$20.50
1925.
5353,885
224,153
72,712
557,020
Fidelity-Phenix Fire Insurance Co. of N. Y.
-New
Vice-Pres.Ernest Sturm, chariman of the American Eagle Fire Insurance Co.,
Continental Insurance Co., Fidelithy-Phenix Fire Insurance Co. and the
First American Fire Insurance Co.. comprising the "America Fore group,
announced the appointment as vice-president in charge of agency production development of Wm. F. Dooley, formerly secretary in charge of the
New York-New England department.
George F. Hayden has been made secretary of the four companies.
-V. 128, p. 567.
Financial & Industrial Securities Corp.
-Merger.
The stockholders on Feb. 21 approved the consolidation of this corporation with the Goldman Sachs Trading Corp.
-V. 128. p. 1236. 1062.
Fitz Simons & Connell Dredge & Dock Co.-Divs.The directors have declared a stock dividend for the year 1929 consisting
of four quarterly instalments of 1-40 of a share each of common stock on the
common stock payable Mar. 1, June 1, Sept. 1 and Dec. 1. The Mar. 1
dividend was paid to holders of record Feb. 23. See also V. 128, p. 1062.
Foltis-Fischer, Inc.
-Proposed Merger.
This corporation, which now operates a chain of29 restaurants in Greater
New York City, is now negotiating for the acquisition of another large
restaurant chain, President G. Foltis announced.
In addition to the proposed merger, Mr. Folds said, the company has
approved a plan which calls for the opening of 18 additional stores in the
metropolitan section of New York, two of which are now under construction and will be ready for business this month. The daily sales of the chain
are now the highest in the history of the company, it is stated.
-V. 128,
P. 1237.
French Line (La Compagnie Generale Transatlantique).-Dividend on "American" Shares.
The Equitable Trust Co. of New York, as depositary of certain common
stock "B" of this company under agreement dated March 15 1928, has
received a dividend on the above mentioned common stock held by it of
12 3-10 francs per share of the par value of 600 francs each. The equivalent
thereof distributable to holders of "American shares" under the terms
of the agreement is 47 4-10 cents on each "American share." The dividend
will be distributed by the trust company on March 15. next, to registered
holders of "American shares" of record March 8 1929. A dividend of
65 6-10 francs per share, equivalent to $2.54 on each "American share"
was distributed on the common stock "B"on July 24 1928.-V. 127. p.266.
1406
FINANCIAL CHRONICLE
-Annual Report.
Gabriel Snubber Mfg. Co.
1927.
1928.
Calendar Yearsfrom operation
$677,917 $1,709,743
Gross profit
609.055
316.910
Selling, gen. & admin. exp. and local taxes
28,148
26,598
Depreciation
38.839
37,563
Amortization of patents
Net profit
Other income
2296,846 $1,033,702
57.464
69.071
Total income
Provision for Federal taxes
$365,917 $1,091.166
130.835
37.940
Net profits
Dividends paid
$327,976
$960.330
700.000
Balance
$327,976
Earned per sh. on 200.000 shs. combined A & B stk.
$1.63
$260,330
84.80
Comparative Balance Sheet Dec. 31.
1927.
AssetsLiabilities1928.
1927.
1928.
Leuld & bldge.,&c_ $607,657 8377,101 Capital stock__ - _231,000.000 $1,000,000
64,975
231.413 Accounts payable_ 186,498
Inventories
135.854
Accts.receivable._
118,814 Res. for returnable
96,489
28,843
6,000 demonstrators.&o
Notes receivable_
135,371
55,421
14.401 Accruals
Interest receivable
10.709
529,783
529,783
Liberty Loan bds_ 1,642,461 1,506,437 Initial surplus
711,848
Cash
71.377 Surplus from oper_ 1,020,307
14,079
122,575
Patents
85,011
1
1
Good-will
Tot.(each side).32,792,011 $2,470,821
22,699
199,747
Deferred charges
a Represented by 198,000 shares of class A. no par value, and 2,000
-V.127, p. 2691.
shares of class B, no par value.
-Suit.
Galena Signal Oil Co. (Pa.).
The minority stockholders have appeared before Judge W. M. Parker.
according to a Franklin (Pa.) dispatch. against the proposed reorganization
of the company as Galena 011 Corp. of Delaware. The proposed change,
which has been approved by more than 86% of the stockholders, involves
the sale of the properties outside of Pennsylvania to the Texas Corp. A
-V. 127. p. 3405.
decision is expected in a few days.
-Mazda Lamp Prices Reduced.
General Electric Co.
President Gerard Swope announces that on March 1 Mazda lamp prices
of the standard line of
will again be reduced on the 50 and 60
-watt lamps
inside frosted lamps. Price reductions will also be made on all colored
lamps except flame tints.
This is the twelfth time that Mazda lamp prices have been reduced since
1920. Present reduction of approximately 10% brings the prices of these
lamps to approximately one-half of their 1914 prices.
This reduction in price becomes even more impressive when one considers that during the same period the lighting efficiency of Mazda lamps
has been greatly increased. the cost of material has gone up and the average
wage paid lamp makers has more than doubled," Mr. Swope pointed out.
The March 1. price reductions are as follows:
New Price.
Lamp Size.
Old Price.
20c.
22c.
-watt
50
20c.
22c.
-watt A)
60
25c.
30c.
-watt colored)
25
25c.
30c.
-watt colored)
40
The new prices will afford consumers a saving of two cents and five
-V. 128.
cents each on types of Mazda lamps that are extremely popular.
P. 896, 567.
/A)
General Mills, Inc.
-Rights,
The common stockholders of record March 11 have been given the
right to subscribe on or before April I to additional common stock (no par
value) at $75 per share on the basis of 3 new shares for every 10 shares
owned. The offering has been underwritten by the National City Bank
and associates.
President James F. Bell announced the completion of the acquisition of
-V.128,p.896,256.
the properties of the Sperry Flour Co.of San Francisco
-Sales Overseas.
General Motors Corp.
During the year 1928 General Motors sales to overseas dealers amounted
to 282.157 cars, as compared with 193.830 cars for the year 1927. or an
increase of 45.6%. Sales in the fourth quarter of 1928 amounted to
71.867 cars, as compared with 52,493 cars in the corresponding quarter of
1927, or an increase of 36.9%. The fourth quarter was influenced by
model changes in the Chevrolet, Pontiac and Olds divisions and the first
quarter of 1929 should show a considerable increase over the first quarter
of 1928.
The number of cars sold to overseas dealers is shown by quarters in the
following tabulation:
1925.
1926.
1927.
Number of Cars & Trucks Sold. a 1928.
15,577
31,936
39,443
56.937
1st quarter
26,277
31,861
53,009
80.533
2nd quarter
25,906
22.799
48,885
72.820
3rd quarter
33,134
32.195
52.493
71,867
4th quarter
100.894
118,791
193,830
282.157
Total
These figures represent the sales to dealers by General Motors export
organizations, of Chevrolet. Pontiac. Oldsmobile, Oakland, Buick, LaSalle
and Cadillac in all countries of the world, except the United States and
Dominion of Canada. They do not Include sales of Vauxball Motors, Ltd.,
ar overseas sales of the products of Yellow Truck & Coach Manufacturing
Co.
January Sales.-According to President Alfred P. Sloan
Jr., January sales of motor vehicles by the various divisions
of feneral Motors aggregated 127,580 units, compared with
125,181 in the corresponding month of 1928. Sales by
dealers to users in January this year totaled 104,188, compared with 107,278 in the same month last year. The
announcement adds:
Dealers' sales to consumers in January were influenced by the scarcity
of cars in the field, particularly in the Chevrolet, Pontiac and Oldsmobile
lines, naturally following the change in models made in December. Sales
by General Motors divisions to dealers were likewise influenced by limited
production for the same reason. This condition will be remedied to a large
extent in February in which month it is expected that actual sales will
reflect more nearly the existing demand.
-Dealer's Sales to Users-- -Divisions Sales to DTrs1927.
1928.
1929.
1927.
1928.
1929.
99.367
January
104,488 107,278 81,010 127,580 125,181
169,232 124,426
132,029 102.025
February
197.821 161,910
March
183,706 146,275
These figures include passenger cars and trucks sold in the United States.
Dominion of Canada and overseas by the Chevrolet. Pontiac, Oldsmobile,
Oakland, Buick, LaSalle and Cadillac manufacturing divisions of General
-V. 128, p. 896, 737.
Motors.
-New Refinery.
General Petroleum Corp.
The corporation's $3,000,000 refinery and tank farm program at Torrence. Calif., is nearing completion in anticipation of peak output at Santa
Fe Springs. The first two units, with a 30,000-barrel capacity, will be running oil about Mar. I, and construction work is now three-quarters completed. The company is already storing oil from Santa Fe in steel tanks.
The program calls for 13 steel tanks aggregating 1.742,000 barrels, with
a concrete lined reservoir with 2.520,000 barrels capacity. Work on tank-acre tract purchased
age is about half completed. Plant is located on 950
several years ago. The company's refineries at Vernon, Olinda and Lebec
-V. 127. p. 959.
put through daily 50,000 barrels.
(VOL. 128.
General Refractories Co., Phila.-Stock Increased.
The stockholders on Feb. 25 increased the authorized capital stock (no
par value) from 225,000 shares to 300,000 shares. See V. 127. P. 3711.
The stockholders of record March 11 will receive the right to subscribe
on or before April 1 for 75,000 additional shares of capital stock at $68 per
share on the bask; of one new share for each 3 shares owned. This offering
has been underwritten by Ladenburg, Thalmann & Co. The proceeds will
be used for the complete retirement of all the bonded and floating debt
and for other corporate purposes.
The directors have authorized an immediate call of all the outstanding
$3,608,000 1st mtge. 6% gold bonds, series A, at 107X and int, tke bonds
to be called for redemption as of April 8.-V. 127, p. 3711.
-Debentures Offered.
Gerlach-Barklow Co.,'Joliet, Ill.
Harris Trust & Savings Bank, Chicago, and A. C..Allyn &
Co. are offering $1,900,000 6% gold debentures M par and
int.
Dated Feb. 1 1929; due Feb. I 1944. Int. pay. P. & A. Denom.
$1.000. $500 and $100 O. Red. all or part on any int. date on 30 days'
notice to and incl. Feb. 1 1933 at 105 and int., this premium of 5% of the
principal decreasing at the rate of X of 1% of the principal on each Aug,. 1
thereafter to maturity. Principal and int. payable. at Continental National Bank & Trust Co. Chicago, trustee. Interest payable without
deductions for normal Federal income tax not to exceed 2%. Company
will refund any taxes paid on the income from or on the ownership of these
debentures under the laws of any State or possession of the United States,
not in excess of 5 mills per annum on each dollar in principal amount.
to holders resident in such State or possession.
Data from Letter of Theodore R. Gerlach, President of the Company.
Business.
--Company, organized in Delaware, is acquiring the business
and assets of the Geriach-Barklow Co. (Ill.), and all of the capital stocks
of the P. F. Volland Co., Rust Craft Publishers, Inc., and the Artographic
Corp. The business to be carried on by the company was established in
1907 when the Gerlach-Barklow Co. and the P. F Volland Co. were organized in Illinois. The Gerlach-Barlow Co. and Its subsidiaries, are engaged in the manufacture and sale of high class color printing by many
processes, their products including art calendars and greeting cards for
advertisers, direct..
-by-mail advertising media, booklets, high-class leather
specialties, greeting cards for all occasions, juvenile books,framed mottoes
and pictures, bridge accessories, &c. The products of the various plants
are sold to more than 50,000 customers annually, among whom are bankers.
manufacturers, department stores, book and stationery stores, in fact.
practically all lines of business.
Earnings.
-Net earnings available for the payment of interest on these
debentures and for Federal taxes, after deducting all operating charges
including depreciation, are as follows::
1926.
1927.
1928.
Calendar Years$578,446
Net earnings
3637,081
$700,603
Times maximum interest requirements
5.07
5.58
on debentures
6.14
Sinking Fund.
-Company covenants to pay to the trustee, in semiannual installments, beginning Aug. 1 1930. $200,000 annually, for the
payment of debenture interest and for the retirement and cancellation of
debentures outstanding with the public by purchase or redemption by lot.
If debentures are available for the sinking fund at par substantially all of
the 31,900,000 debentures outstanding with the public should be retired
by the operation of this sinking fund before maturity and if the additional
$600,000 of debentures now held in the treasury of the company are out,
standing with the public, not less than 40% of the total Issue should be
so retired.
Purpose.
-Proceeds from the sale of the 6% gold debentures will be
used to complete the acquisition of the business and assets of the GerlachBarklow Co. and the capital stocks of the P. F. Volland Co. Rust Craft
Publishers, Inc., and the Artographic Corp. and to provide additional
working capital for the business.
Consolidated Balance Sheet Dec. 31 1928.
[After giving effect to the sale of 31,900,000 debentures, and the issuance
of 78,500 shares of preference stock, and 150,000 shares of no par common
stock.]
Capital and Liabilities
Assets
x$3,598,542
Plant and property
$3,098,000 Net worth
500,000
Investments
188,436 Paid-in surplus
1,900,000
Inventory
-year 6% gold debs
1,360,205 15
110,000
Notes and accts. receitele_ 2.256,422 Notes payable
491,741
Cash
161,592 Accounts payable
105,333
Deferred charges
107.787 Accruals
466,826
Reserves
$7,172,442
Total
Total
$7,172,442
Capital stock: Preferred. authorized 200,000 shares $2 cumulative.
issued 78,500 shares; common, authorized 500.000 shares no par vales.
issued 159,000 shares.
-V. 128, P. 1238.
--Operations.
Germanic Fire Insurance Co.
This company, will& began active underwriting operations on Jan. 2
of this year, is already admitted to and operating in the following states:
New York, New Jersey, Massachusetts, Maryland. District of Columbia,
South Carolina, Louisiana, Indiana, Michigan, Illinois, Arizona, New
Mexico and California, and has filed appllcat-on for license to do business
in other states.
-V. 128, p. 256.
-Dividend No. 2.
Gleaner Combine Harvester Corp.
The directors have declared a quarterly dividend of $1 per share on the
common stock, no par value payable April 1 to holders of record March
19. An initial quarterly distribution of like amount was paid on Jan. 1
-V. 127. p. :3254.
last.
Globe & Rutgers Fire Insurance Co. Financial Statement.
-The report of the company for the year ended Deo.
31 1928 shows that the surplus increased during the year
from $29,514,599, Dec. 31 1927 to $37,252,917. Unearned
premium reserves increased $2,537,867 to $24,332,695 and
reserve for taxes and depreciation stood at $11,505,000 as
against $7,505,000 in 1927. The statement shows the growth
of the company since its organization in 1899. At the end
of the first year assets were reported as $529,282 compared
with present assets of $98,190,645.-V. 128, p. 410.
(The) Goldman Sachs Trading Corp.
-Merger.
The stockholders on Feb. 21 approved the acquisition of the Pinanalal
& Industrial Securities Corp. as reported in the "Chronicle" of Feb. 13.
See V. 128, p. 1063.
Gotham Knitbac Machine Corp.
-Lease.
The Gotham Silk Hosiery Co. and its subsidiary, the Gotham Knitbac
Service Co., on Feb. 21 signed leases for showroom space in the new $15,000.000 Atlantic City (N. J.) auditorium and convention hall, which will
be formally opened to the public next summer.
The leases run for five years and cover two Boardwalk stores directly
east of the main entrance of the Convention Hall.
-V. 128, p. 1238.
Grays Harbor Pulp Co.-Successor.
See Gray's Harbor Pulp & Paper Co.
-V. 126, p. 3784.
-An issue of
Grays Harbor Pulp & Paper Co.
-Bonds.
$1,250,000 1st mtge. 6% gold bonds, series 1944,was
offered in December last at 99 and int. by Blyth, Witter
& Co.
Dated Jan, 11929; due Jan. 11944. Principal and int. payable J. & .J.
at the California-Montgomery office of Bank of Italy National Trist &
Savings Association, San Francisco. Red. all or part, on any int. date to
General Public Service
int.; thereafter at 100 and Int. Company
At a meeting to-day the directors on Feb. 26 called for redemption and incl. Jan. 1 1930. at 103 and
Federal income
on may 1 1929 at 110 and diva., the entire outstanding convertible pref. agrees to pay interest without deduction for any normal
to refund amounts actually
stock. This stock is convertible at any time up to and including April 22 taxes, not in excess of 2%. Company agrees
property taxis,
five shares of common stock for each share of pref. stock. Paid by holders of these bonds on account of Calif. personalannum. W. J.
at the rate of
not in excess of 4 mills per dollar of par value of bonds per
-V. 128. P. 395.
Corp.
-To Retire Preferred Stock.
MAR. 2 1929.]
1407
FINANCIAL CHRONICLE
Kieferdorf, Trustee. Bank of Italy National Trust & Savings Association,
San Francisco, co-trustee.
Data from Letter of E. M. Mills, President of the Company.
-Organized in Delaware to acquire the assets and liabilities
Company.
the Grays Harbor Pulp Co. and to engage in the manufacture and sale
of
of pulp, paper and paper products, has constructed a sulphite pulp mill,
with complete auxiliary properties at Hoquiam. Wash, and is now constructing a paper mill costing more than $2,000,000.
The properties include approximately 29 acres of land, fronting on tide
water on which is situated the sulphite pulp mill, having a daily capacity
of 175 tons of unbleached sulphite, or 150 tons of bleached sulphite and on
which the paper mill is now being constructed. The auxiliary facilities
include a wood preparing plant, warehouse, docks and a modern, wellequipped power house. The buildings are of reinforced concrete and all
Closely adjoining the plant are a
equipment and machinery are new.
number of large saw mills, with which the company has made long time
contracts for supplies of sawmill waste for fuel, which will permit it to
generate steam and power for its own use at a low cost.
Company has acquired water rights and has built a modern water system,
-inch pipe line, with filter plant and
Including approximately 7 miles of 36
necessary accessories sufficient to supply a maximum of twenty million
gallons of water a day.
Security.-13onds are a direct obligation of the company, and are secured
by a first mortgage on all fixed assets of the company now owned and on
all additions, extensions and improvements comprising fixtures or apportenances of such fixed assets, and on such property as the company may
acquire under any agreement previously made by Grays Harbor Pulp Co.
and on any property additions which may be used by the company as a basis
of its issuance of any additional bonds or its exercise of any other privileges
under the trust indenture, subject, as to the timberlands, to all existing
-way, mineral and other reservations not materially interfering
rights-of
with the timber rights, and will be additionally secured by deposit with
the trustee of all wood contracts.
-It Is estimated that the net earnings of the company,
Estimated Earnings.
available for the payment of bond interest,should be approximately $1,000,000 per annum, which is equivalent to over four times the annual interest
requirements on these bonds.
-Indenture provides for annual payments,
Improvement and Sinking Fund.
beginning Jan. 1 1932, amounting to $50,000 per annum, to be used for
the redemption of series 1944 bonds, except that one-half of such fund may
be used for permanent additions and improvements to properties, against
which no bonds may be issued.
Authorized. Outstanding.
Capitalization:First mtge. bonds series 1943
$5.000.000fy$2,500,000
1,250.000
Series 1944
25.000 shs. 25,000 shs.
Preferred stock (without par value)
5d,000 shs. 54,937 she.
Common stock (without par value)
x Additional first mortgage bonds may be issued only under the restrictions of the trust indenture to which reference is hereinafter made.
y Known as Grays Harbor Pulp Co. 1st mtge, bonds, series 1943.
provide part of the purchase price of the entire outstanding capital stocks
of Wehle Baking Co., Inc., Wehle Bros. Baking Corp. and Wehle Baking
Co., Inc., of Ohio.
-The following is a statement of the combined net income of
Earnings.
Hathaway Bakeries. Inc., and its subsidiaries (including predecessor corn
companies presently to be acquired).
panies and
1926.
1927.
1928.
Combined net income after depreciation at appraisers' rates applied to appraised reproductive values of properties, but eliminating interest (aggregating for the entire period
$33,150) on obligations liquidated and before
$441.994 $315,715 $262.91!,
Federal tax
53.039 37.886 31,550
Federal income tax at 12%
Proportion of earnings of subs, applicable to
6.519
6.020
5.805
shares in hands of public
Greene Cananea Copper Coe-Dividend Rate Increased
-The directors on Feb. 28 defrom $1.50 to $2 Quarterly.
clared a quarterly dividend of $2 per share on the outstanding $50,000,000 capital stock, par $100, payable April 1 to
holders of record March 7. This compares with a quarterly
distribution of $1.50 per share made on Jan. 7 last and quarterly dividends of $1 each on July 2 and Oct. 1 1928.V. 127, p. 2964.
-Organized.
Grocery Store Products, Inc.
See Toddy Corp. below.
-Stock Increased, &c.
Gulf States Steel Co.
The stockholders on Feb. 25 voted to change the authorized common
stock from 125,000 shares of $100 par value to 300.000 shares of no par
value.
The common and preferred stockholders of record March 8 will be given
the right to subscribe on or before April 1 for new common stock (no par
value) at $60 per share on the basis of one new common share for every two
shares of common or preferred stock owned.
-V. 128, p. 411.
-Earnings.
(C. M.) Hall Lamp Co.
Earnings applicable to capital stocks of subs.
$3
held and to be held by Hathaway Baker382.436 8272.024 $225.345
ies, Inc
Dividend requirement on 17,915 shares of $7
125.405 125,405 125,405
pref.stock outstanding
3.05
1.79
2.16
Times earned
$257,031 $148.619 $99,940
Balance
Div. requirements on 34.851 shs. class A stock
104.553 104,553 104,553
($3 per share)
2.46
1.40
0.95
Times earned
Consolidated Balance Sheet Dec. 31 1928 (After Present Financing),
Liabitate,
Assets
$28,525
Notes payable
Cash (including call loan of
$557,629 Acc'ts payable & accr'd exP4-- 207.727
$100.000)
11.970
less reserve_ 155,428 Dividends payable
ACC18 receivable,
48,373
293.371 Mtge.Install. due within year.
Inventories
45,356
52,505 Reserve for Federal tax
Prepaid expenses
Mtges. due after Dec. 311929. 363.077
Acc'te with drivers for purchase
11,594 Capital stocks of subs.In bands
of automobiles
74.552
of public
3,682
investments_
Miscellaneous
a3.501.830
Property, plant & equipment_ 3,280,306 Capital stock
92,389
1 Surplus
Goodwill trademarks,
19,284
Deferred charges
34,373.800
Total
$4,373,800
Total
a Represented by 17,915 shares $7 pref., 34,851 sits, class A and 149.074
1065.
-V. 128, p.
she. class B.
-New Common Stock Placed on
Hercules Powder Co.
-The directors have declared a
a $3 Annual Dividend Basis.
quarterly dividend of 75c. per share on the new no par common stock, payable Mar. 25 to holders of record Mar. 14.
This is equivalent to $12 per annum on the old commonstock
(par $100) which was recently split up on a four-for-one
basis.
Prior to the split up, regular dividends at the annual rate
of $8 per share ($2 quarterly) were paid, in addition to which
the company on Dec. 24 1928 paid an extra of $6 per share,
and on Dec. 24 1927, one of $3 per share. (See also V. 127,
p. 3099.)-V. 128, p. 898.
Home Fire & Marine Insurance Co., San
Calif.-Larger Dividend.
Francisco,
The directors have declared aquarterly dividend of 50c. a share. payable
March 25 to holders of record March 5. This places the stock on a $2
annual basis compared with $1.60 formerly.
-Bonds Offered.
-An issue of $325,000
Hotel Vicksburg.
6% gold bonds is being offered at 100 and int. by
1st mtge.
1928.
Calendar Years1927.
Net profit after charges and Federal taxes
$1.027,332
$420,130 Union & Planters Bank & Trust Co., Memphis, Tenn.; MerEarnings per share on 400,000 shares capital stock
$2.57
$1.05 chants' National Bank & Trust Co. and National City SavComparative Balance Sheet December 31.
ings Bank & Trust Co., Vicksburg, Miss.
Liabilities1927.
Assets1928.
1928.
1927.
Dated Feb. 1 1929; due serially Feb. I 1930-1944. Denom. $500 and
Plant,equip.oirc-311.568.716 $1,394,832 x Capital stock and
Red,all or part in inverse numerical order,
F.
1
surplus
1
$3,137,142 $2,717.549 $1,000. Int. payable 60 & A. notice, at a premium of 44 of 1% for each
Pats. dr good-will.
days'
upon
112.630 Accounts payable_ 139.064
147.277
Cash
94,945 on any int. date thereof, by which the maturity is anticipated, but not to
year or fraction
149,000 Accrued payroll__
20,200
15.296
Other invesunents
6,926
Planters
exceed 105. Principal and int, payable at Union && Trust Bank & Trust
Federal inc. taxes- 137,000
Marketable secur_ 492,000
Co. and W.
Co. Memphis, Tenn. Union & Planters Bank
326,200
Dep. ctfe. &
Wightman Hughes, trustees.
3.136
Material in transit
and Valuations.- These bonds will be secured by a direct, closed
Security
284.348
Accts.& notes rec. 353.810
first mortgage on the property known as Hotel Vicksburg, owned by the
503,898
798.760
Inventories
hotel will be the largest and only thoroughly
45,374 Total(each side)-$3,428.504 $2,819,420 Magnolia Hotel Co. The Vicksburg. It will be 11 stories in height, and
47,738
Prepaid expense-modern, fireproof hotel in
x Representing the book value of 400,000 shares of common stock, no contain 194 excellently appointed guest rooms.
par value. y After deducting $1,002,150 reserve for depreclation.-V.
There follows a summary of the actual cost value of the property: Land,
128, p. 1238.
*27.500; building. 3522.500; furnishings, $75,000; total, $625.000. This
loan is only 52% of the actual cost. More than two-thirds of the hotel has
-Consolidation.
Hart-Parr Co.
been completed and it is expected that it will be formally opened June 11929.
-V.127.P. 3550.
See Oliver Farms Equipment Co. below.
-The Hotel Vicksburg will be operated under a lease extending
Lease.
five years beyond the last maturity of these bonds, to P. M. Atkins, J. T.
Austin and E. S. Morey, of Monroe, La. As additional security for the
Material Service Corp. Chicago.-Initial Dividend.- bonds this lease Is also pledged, requiring payment monthly In advance
The directors have declared an Initial quarterly dividend of 50 cents per
a net amount materially greater than the requirements
share on the capital stock, par $10, payable March 1 to holders of record to the trustee of the issue.
for the service of
Feb. 15. See offering in V. 127. p.3714.
-New Directors.
Hayes Body Corp.
K. W. Todd of Pittsburgh and R. 0. Gill and H. A. Fischer of Detroit
have been elected directors. This action, it was announced, was effected
to give adequate representation to a group of Eastern investors closely
identified with the automobile industry, who have recently acquired substantial holdIngs of Hayes Body stock. All officers of the corporation
were re-electod.-V. 127, p. 3407.
-Stocks Sold.
-Spencer Trask
Hathaway Bakeries, Inc.
& Co., New York, announce the sale of an additional issue
of 3,000 shares $7 cumulative cony. pref. stock (no par)
and an additional issue of 6,000 shares of class A stock
(no par).
The pref. stock is convertible at any time up to and including any date
specified for redemption into 3 3-5 shares of class B stock.
Authorized. yOutstandina.
74. Capitalization30,000 she.
17.926 she.
$7 cum.cony. pref. stock (no par)
75,000 ells.
Class A stock (no par)
35.221shs.
x270,000 she. 150.000 she.
Class B stock (no par)
x 78,000 shares isauable only for conversion of preferred stock. On
conversion of all the preferred stock the total authorized amount of class B
stock will be 300,000 shares.
y Includes 11 shares preferred stock, 370 shares class A stock and 495
shares class B stock exchanged for subsidiary company stock subsequent to
Dec.31 1928 and 431 shares class B stock sold for cash. These shares were
Issued since Dec. 31 1928.
Data from Letter of Alton H. Hathaway, President of the Company.
Company.
-Organized May 24 1928 in Mass. Owns practically all the
outstanding capital stocks of Hathaway Baking Co.. Dolly Madison Baking Corp. and Community Bakeries, Inc and has arranged to acquire
the entire outstanding capital stocks of Wehle Baking Co., Inc., Wehle
Bros. Baking Corp. and Wehle Baking Co.. Inc.. of Ohio. These companies. which serve a territory with a population of several millions, have
14 _plants.
-All classes of stock listed on the Boston Stock Exchange.
Listed.
Purpose -The proceeds from the sale of the 3,000 shares of preferred stock
sad of 6,000 shame of class A stock and 25,000 shares of class B stock will
-Earnings.
Houston Oil Co. of Texas.
(Including Houston Pipe Line Co.]
1926.
1927.
1925.
1928.
Calendar Years$8,092.358 $8,964.769 37.258.069 34,851.595
Gross earnings
894,959
552.837
348,375
Crude oil & gm purchases 1,234,364
Decrease in crude oil and
190.421
169.352
refinery invent's (net) Cr.315,937
1,287,685
1.235.332
61.9141
Producing & oper. expo- 1.171.578
Taxes (other than Fedi
220,525
190,684
224,424
162,264
income taxes)
731,164
572.287
810,418
528,101
Admin.& gen. expensesAdjustment of inventory
6,473
4,571
10.262
of materials & supplies
1,852,399
1,385,937
743.577
Depreciation & depletion 2.151,814
Income from oper---- $2,811.122 $3,781.138 $3.141.378 51.683.913
262.875
204.231
407.462
307.223
Other income credits$3,015,353 $4,044,014 83.548.840 31,991.136
Gross income
(includIncome charges
1,614.682
1,322.039
640.810
ing Federal taxes)__.... 1,202.835
$1.812,518 $2.429.332 82.226.801 81.350.326
3,885
220.125
327.000
12.489
Gross surplus for year_ $1,816,402 $2.649,457 52.553.801 $1,362.815
536,856
536,856
536.856
Dive, on pref. stock _ _ _ _
536,856
Due under crude oil contract written off
125.923
unamort. por.of
Prem.&
493,244
bond disc. & exps
for addl Fed. inc.
Prov.
76,343
taxes(prior years)
Net income
Profit and loss credit
Surplus for the year
Surplus Jan. 1
$709.959 $2,112.601 $2,016.945
9.169.966
7.057.365
5.040.420
8700.036
4.340.384
89.879.925 $9,169.966 87.057.365 85,040.420
Surplus Dec.31
249,686
She.ofcom.out.(par$100)
249.686
249,686
249.686
$5.11
Earn.per sh.on corn.stk..
$7.57
13.26
$6.77
1408
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
[Houston Oil Co.of Texas and Houston Pipe Line Co.]
1928.
1927.
1927.
1928.
AssetsLiabilities
Property &col...342,285,098 42,640.791 Preferred stock-- 8,947.600 8,947,600
Due from South
Common stock_ __24.968,608 24.968.600
West'nSettlem't
Funded debt
8.000,000 6,011,000
& Develop. Co_ 5.282,012 5,086,161 Accr. dlv. ctfs
3.885
Inv. In Houston
Notes payable.... 285,050 2,446,968
Nat. Gas bonds_
1,000.000 Aceta payable.
516.872
397.865
Timber notes rec__ 600.000
900,000 Accr. taxes & int__ 361,900
600,479
011 on hand
483.159
167.223 Res. for acicil Fed-.
Mail & supplies_ 548.786
498,446
taxes
185,000
Advances
555,785
516,736 Res. for conting.
77.000
Notes & accls rec_ 828,185
838,310 Surplus
9,879,925 9,169,966
Employees' funds_
10.307
7.918
Cash
1.923,677
795.471
Deferred charges.- 528,951
293.312
Totaheach side) 53.025,942 52,742,368
x After depreciation and depletion of $9,490,504.-V. 127. p. 2693.
Hudson River Navigation Corp.
-Sale of Pier 32 to
City of New York Cancelled.
Col. Edward C. Carrington, President and Chairman of the Hudson
River Night Line, has written the following letter to Mayor Walker:
On Jan. 27 1928, we made a contract of sale with the Commissioner of
Docks to sell the rights of our company in Pier 32. North River, for $2,534,412.20, which agreement was subject to the approval of the Commissioners
of the Sinking Fund. This contract, as we understand it, was sent by the
Dock Commissioner to the Commissioners of the Sinking Fund and was
rettirned to the Dock Commissioner, Michael Cosgrove,Esq., without any
action by tho Commissioners of the Sinking Fund.
The amount of the purchase price was practically that of the city's
it ol, ex ne nthat dd cityisrelgeft ald hat4 ulh bcom tetv y
r
:ila maic t
t a shtt
ie
e
a te price s o t dha e m: r all acInthe
a
f
ed
creased by reason thereof and that no allowance had been made our company in the estimate of value for the money that had been expended by it
or its predeoessors in dredging the slips.
We made this contract of sale upon the distinct and definite assurance
that we would receive prompt action and would get Pier 44 at a rental
predicated on the same price on a square foot basis at which we were selling
the city Pier 32.
The appraisal of of our experts, James R. Murphy, Inc., was $3.177,648.80. The city has materially increased the rentals of the docks on the
North River which materially increase the value of our pier. Moreover, we
have abundant use for every inch of our pier space on terms much more
attractive to the company than the price at which we agreed to sell to the
city.
Therefore, because of the city's delay in this matter, the board of directors
have authorized me to cancel and rescind the said contract of Jan. 27 1928.
and same is hereby cancelled and rescinded.
If you still feel that it is necessary to acquire this pier in making the
improvements that have already been approved by the Commissioners of
the Sinking Fund, the price for the pier is $3,177,648.80.
xv
Col. E. C. Carrington on Feb. 26 announced that he had
been advised that the City of New York could not acquire
the company's Canal Street pier by condemnation in order
to lease it to a transatlantic line. He further stated:
[Vol,. 129.
Consolidated Balance Sheet Dec. 31.
1928.
y1927.
1928.
1927.
Assets$
$
Liabilities$
$
Prop. & equip. y29.596,433 25.592,132 Capital stock.
...x29.740.928 9,534.861
Cash
6,609.823
527,242 Convertible debs- 5.488.000 6,117.000.
Notes dr accts. rec_ 2,921,007
950,798 Man.011 Co.
U.S. Treas. notes_ 1,990.000
8% bonds
2.422,200
Sinking funds_
13,345
Profit idler. ctfs_
75.300
Inventories
4,338,496 3,117,330
Preferred stock_ z 134,850
Cash to purchase
Pur. money oblIg_
26.340
debentures
135,000 Notes payable_
1,250,000
Due on stk.subscr. 328,509
53.278 Divs. payable_ _ _ 668,955
162.500
Investments
3,006
10,000 Accts. payable__ 886,123 1,326.625
Deferred charges
811,693
820,400 Deb.sinking fund_
383,000
Fed, tax reserve__ 455.000
Accrued accounts_ 706,838
337,325
Deferred credits.139,638
Minority Interest_
2,271
Tot.(each side)-46,610.015 31,206,180 Surplus
6.007.207 11.955,231
a Represented by 1,333,572 no par shares. y After deducting
depreciation and depletion of $15.364,894. z Called for redemption.
-V.128.
P. 739.
Industrial Rayon Corp.
-Earnings.
-
Calendar YearsProfit from operations
Reserve for depreciation
Interest charges
Bond, discount
Federal income tax (estimated)
1928.
1927.
$2,254,962 $1,413,076
342.673
299,690
35.090
73,617
20,598
203,000
132.000
Net profit
Prior surplus
$1,653.602
1.003,460
Total surplus
Miscellaneous credits
Miscellaneous deductions
32.657.062 $1,177,264
1.377.006
22,140
64.324
195,944
$907.769
269,495
Profit and loss surplus (excl. of min. interest)__ 33.960,744 $1,003,460
Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
Assets$
Liabilities$
Cash
6,465 Capital stock...A[11,425,872 5,609.148
1,125.200
Ctfs. of dep. &
Deb. gold notes371,400 607,500
accr.lot
102.297
531,250 2d preferred stock
U. S. Gov't Secur. 7,217.825
Ind. F. Corp_
73.593
Notes, accept. &
Accounts payable
acct.rec
441,552
473,041
and accruals... 553.674
227,958
Cred. deb. bats...
6,742
528 Prov. Fed. taxes.. 203.000
132,000
Bal.on sobs. Cr.to
Gen. contlg. res___
116,003
136,539
cap. stk
MinorInt
100,368
11,299
144,714
Inventories
422.554
329.358 Surplus
y 3,969,745 1.003.460
Water & Insur. dep. 23,271
29,971
Misc. accts. rec. &
advances
5.787
11,513
Fixed assets less
deprec
3,724,940 3,057,656
Goodwill, patent
rights, etc
3,374,000 3,374,000
Deft.chgs.eta....
155,340
69,243
According to the statement in the morning papers, the Hon. Mr. Cos
grove, Dock Commissioner, says the Sinking Fund Commission deemed the
Total
Total(each side)16,650.994 7.934,812
16,650.994 7,934.912
price of $2,534,412.20, agreed upon between his department and the
x Represented by 190.431 1-5 shares of no par value. y Of which $1,511,Hudson Night Line. as excessive.
999 paid in surplus.
-V.127, p. 2239
My information is that the agreement was transmitted by the Dock
Commission to the Sinking Fund Commission and simply returned by the
Innovation Trunk Co., Inc.
-January Sales,&c.
Commission without any action and without any criticism of the price.
The stockholders have been called to meet on March 6 to elect a full
I am advised that the City of New York cannot acquire Pier 32 by condemnation proceedings and put our line out of business in order to lease board of 10 members and to adopt amendments to the by-laws authorizing
the establishment of an executive committee and the addition of the offices
It to some Trans
-Atlantic steamship line or some other steamboat line.
Vice-President, Assistant Secretary and Treasurer.
If they could do this they could relegate us over to the Army Base in BrookThe new
lyn or down to the Borough of Richmond and if in furtherance of the intent tors who executive committee, It is proposed, will consist of three threeof the legislature they can acquire the docks they would have to condemn branches have had personal experience in the conduct of the company's
of manufacture or sales and In the general management of its
all the,property of the liudson Night Line.
business.
Our line is engaged in interstate commerce so the U. S. Supreme Court
The company reports January sales 64% larger than in 1928.-V. 128.
will ultimately decide whether or not the city can or cannot condemn P.
898, 568.
our pier.
If the city condemns our pier it will have to condemn our entire line
Inspiration Consolidated Copper Co.
-Larger Diviboats and everything else. It cannot take one-third of our line and leave
-The directors on Feb. 28 declared a quarterly divius with two-thirds graciously assigning us, possibly a dock over on Staten dend.
Island.
-V. 128, p. 1239. 898.
dend of $1 per share on the capital stock, par $20, payable
- April 1 to holders of record March 14. A quarterly distribuImperial Tobacco Co.(of Great Britain & Ireland).
tion of 75 cents per share was made on Jan. 7 last, the first
payment since April 4 1927, when a dividend of 25 cents per
share was paid. From July 1925 to Jan. 1927 incl. quarterly
dividends of 50 cents per share were paid.
-V. 127, p. 2966.
Netincome
£8,849,705 £8,477.796 £8.218.355 £8,134.990
Dividends onInsult Utility Investments, Inc.
-Common Stk. Ctfs.272.759
272,759
272.759
272.759
Pref. A shares (534%)
it is announced that the 30-day restriction upon the delivery of certificates
315.628
315.628
315.628
1924-25.
1925-26.
Ann. Rept. Oct. 31 Yrs.-1927-28. 1926-27.
Net after &prem.. &c___ £9,599.705 £9,227.796 £8,968.355 £8,884,990
250,000
250.000
250.000
Pensions
250.000
500,000
500.000
500,000
To general reserves
500.000
Pref. B shares(6%)_ Pref. shares(10%
Ordinary shares
Ord. divs.-Regular
Extra
315.628
263,821
7,787.441
(18Si%)
(13)5%)
263,822
7,487,924
(17 X %)
(7)4%)
263.822
7,188.407
(16X%)
(73.5%)
E210.058
E137,663
£177,740
Surplus for year
-V.127. D. 556.
263.822
7,188.407
(16M %)
(7)4%)
£94,374
-Rights, &c.
Indian Refining Co.
of common stock purchased pursuant to the stock purchase warrants
attached to the 5% gold debentures, series A. and to the certificates of
$5.50 prior preferred stock has been modified to the extent, and only to
to the extent, that any purchaser of shares of common stock pursuant
to such warrants who has heretofore exercised such warrants and paid
for such shares or who shall hereafter and on or before March 2 1929.
exercise such warrants and pay for the shares purchased thereunder shall
be entitled to receive certificates for such shares as soon as such certificates
can be issued. See also V. 128, p. 412.
Inter-City Baking Co., Ltd.
-Acquisitions.
The stockholders on Feb. 25 approved the issuance of 275.000 shares
See Lake of the Woods Milling Co. below.
of $10 par common stock. Of this amount, 225,000 sharesa re offered for
-V. 127. p. 2239.
subscription at $21 per share to common stockholders of record March 15,
International Germanic Co., Ltd.
in the ratio of one share for each four held. Rights will expire April 5.
-Jamaica Office.
The new stock has been underwritten by the Guaranty Co. of New York,
The company announces the opening of a branch office at 155-31 Jamaica
Domlninick & Dominick, Alfred L. Baker & Co. and Montgomery, Scott Ave., Jamaica, Long Island, to deal in domestic and foreign investment
-See. also V. 128 p. 1240,739.
& Co.
securities. This office will be under the management of Charles B. Monro.V. 128. p. 119.
Inland Wire & Cable Co.
-Proposed Sale.
-
At a meeting of the board , the offer of the directors of the Anaconda
Wire & Cable Co. to take over the assets of the Inland Wire & Cable Co.
was accepted, subject to the approval of the stockholders. The present
officers of Inland Wire will continue with the new company.
After the exchange of stock an application will be made to list the stock
of the Anaconda Wire & Cable Co. on the New York Stock Exchange,
-V. 127. p. 1684.
it is stated.
Independent Oil 8c Gas Co. (8c Subs.).
-Report.
Calendar Years1928.
1925.
1927.
1926.
Gross operating income322,163.480 $12,938.559 $9.941,663 $6,253,072
Cost of crude oil refined
489.620
1,623.783
Oper.. gen. & admin. exp 7.446,792
1,080.409
2,122,650
5,762.328
Taxes, dry holes, aband.
wells & expired leases752.732
x958,908
886,412
1,126.994
Intangible devel. cost_ -- 3.460.303
Interest & disct. (net).21.807
310,232
695,928
524,224
Deprec. & depletion___ 4,767,980
1,271.839
1,916.209
3,211,580
Est.res. for Fed. taxes_
75,000
100.447
International Germanic Trust Co.
-New Officer.
-
Morton Waddell has been elected Vice-President in charge of the Macihion
Ave.(N. Y.) branch.
-V.128, D. 899.
International Investing Corp.-Debentures Offered.
Boettcher & Co., Denver, Colo.; Marine Share Corp.,
Liberty Bond &,Share Corp., Schoellkopf, Hutton & Pomeroy, Inc. and Victor, Common & Co., Buffalo, are offering
$1,500,00b 25
-year 6% gold debentures, series A (with stook
warrants attached).
Dated Jan. 11929: due Jan. 1 1954. Interest payable J. & J. Principal
and interest payable at Marine Trust Co.of Buffalo, trustee. At the option
of the holder, interest payable at Denver National Bank, Denver, Colo.
Denom.$1,000 a*. Callable on 30 days notice, as a whole at any time or in
part at any int. date at 100 and interest.
Capitalization Upon Completion of Present Financing.
25
-year 6% debentures series A.due Jan. 1 1954
$1,500.000.
Common stock ($10 par) authorized and outstanding
*31,000 abs.
Net income
$4.833,568 $2,313,433 $2,981,929 $2,561,663
* Including 15.000 shares reserved for the exercise of the warrants.
Minority interests
12.448
Company.-Incorp. in Maryland. Was organized in Dec. 1928 for the
Other income
246,842
purpose of investing its funds in government, municipal or corporate
securities.
Total Income
$5,092,858 82,313,433 82,981,929 32,561,663
Under its charter the corporation may, among other things, acquire.
Diva on Man.Oil Co.pr.it. 15,100
hold and sell securities and obligations of all kinds, including stocks
Dividends
474.750 mortgages, bonds, debentures and notes of all kinds in all parts of the world,
500,000
1.352.940
537,500
and participate in underwritings or syndicates.
Balance
83.724.818 31.775.933 $2.481,929 $2,086.913
Investments.
-Of the proceeds of this financing 31,494.456 has been
Sha. of cap.stk. outstdg.
invested in 11.900.000 Reichsmarks redemption value Ruckzahlungswert
500,000 Deutsche Anleihe Auslosungs scheine einschliesslich 1-5 Ablosungsschuld.
(no par)
500.000
959.457
650_,000
$5.12 (German Government redemption bonds with drawing rights). These
$5.96
35.30
Earns, per sh. on cap.stk
$3.56
x Taxes only. In addition there was Paid (or accrued) for State gasoline bonds were purchased prior to this financing and have been transferred to
the corporation at net cost.
taxes the sum of $382,747.
The German Government redemption debt is a direct obligation of the
German Government the service of which is not dependent upon any
condition and is in no way connected with the Dawes plan. One thirtieth
of this debt is retired each year, the last bonds maturing in 1955.
-The trust agreement under which these debentures are
Trust Agreement.
issued provides among other things that so long as any series A debentures
are outstanding the corporation will not create any lien against these
German redemption bonds, and further, when, as and if any portion of
these German bonds are called and paid, that after provision for series A
debenture interest from date of issue and reserves for taxes have been
provided, 60% of the remaining funds, if any, shall be applied by the
trustee to the purchase, at not to exceed 100, or call of series A debentures.
In the event of the sale of these German bonds, after provision for Series A
debenture interest, and reserve for taxes, all remaining funds derived from
such sale shall be used to retire series A bonds as provided in the indenture.
In the event that any further series of bonds are issued by the corporation, then the remainder of the above mentioned 11,900,000 Reichsmarks
German redemption bonds will be pledged as collateral for the outstanding
series A debentures.
-Each debenture will carry a non-detachable warrant
Stock Warrants.
entitling the bearer to receive without additional cost common stock of the
corporation at the rate of 10 shares for each $1,000 of series A debenture.
Such warrants may be exercised upon declaration of the initial dividend
payable on the common stock, or earlier at the discretion of the corporation. In the event any debentures are called for redemption prior to
the date upon which the warrants become exchangeable for common stock
the warrants attached to debentures so called will become exchangeable
for common stock upon the date of such redemption or at the maturity of
the debentures.
Common Stock.
-Interests identified with the organization of the corporation have purchased 16.000 shares of common stock at $20 per share.
The organization expenses have been paid by the underwriters.
Upon completion of this financing the corporation will have, based upon
present market value, cash or securities with a value of over $1,350 for
each $1,000 principal amount of series A debentures.
-The board of directors consists of: Claude K. Boettcher
Management.
es., Boettcher & Co.) Denver: Douglas W. Clinch, (Pres., D. W.
Clinch & Co.) New York; Charles H. Diefendorf (Vice-Pres., Marine
Trust Co.). Bradley Gaylord (Vice-Pres., Vietor, Common & Co., Inc.),
Philip H. Gerner Vice-Pres., Liberty Bank), Russell J. H. Hutton (VicePres., Schoellkopf, Hutton & Pomeroy, Inc.) Buffalo; and E. II. Letchworth (of Kenefick, Cooke. Mitchell & Bass).
Officers.-Presldent, Charles H. Diefendorf; Vice-President, Bradley
Gaylord; Vice-Pres. & Treas., Russell J. H. Hutton; Secretary. E. kl•
Letchworth.
International Paper & Power Co.
-Increased Output.
In January 1929 the International Paper & Power Co. system produced
380,018,000 k.w.h. of electric energy, an increase of 40% over the output
of the system in Jan. 1928. Included in the output figures are those of the
New England Power Association, of the Canadian Hydro-Electric Corp.,
Ltd., controllig Gatineau Power Co. and Saint John River Power Co.,
and of the hydro-electric plants of the International Paper Co. group.
The Canadian Hydro-Electric Corp., Ltd., produced 172,695,000 k.w.h.
of electric energy in January, double the output of the corporation in January 1928, and a new high record for a single month. The corporation recently established a new high output for a single day by generating 6,351,000 k.w.h.,compared with the previous record of 6,256,000 k.w.h. made on
Dec. 28.
The New England Power Association produced 131,300.000 k.w.h. of
electric energy in January of this year. an increase of 18% over the output
of January 1928, and 47% over January 1927. January was the greatest
month in production of primary electric energy by the Association, output
being 6% greater than in December 1928, the previous high month. Output of the Association Is now running at the annual rate of more than 1,500,000,000 k.w.h.-V. 128. p. 739.
Interstate Department Stores, Inc.
-Initial
Div.
The directors have declared an initial quarterly dividend of 50c• Per
share on the common stock, no par value, payable April 1 to holders of
record March 15.-V. 128, p. 899, 412.
Interstate Iron & Steel Co.
-Annual Report.
-
Calendar Years1928.
1927.
1925.
1926.
Gross earnings
x $2.078.462 x$1,190,810 x$1,722,979 $2,168,805
Depreciation
744,544
532,447
523,349
483,521
Res.for State & local tax See x
See x
See x
92,819
See x
Res. for Fed. taxes
See x
See x
170,000
310,048
Bond int., disc., & exp-..
248,579
299,351
314,362
Net income
Preferred dividenda_ _
Common dividends
1409
FINANCIAL CHRONICLE
MAR. 21929.]
$1,023,868
81,716
158,075
$409,784
89,698
157,202
$900,279 $1.108,103
y390.823
205.963
$784,077
$102,884
Balance, surplus
$509,455
$902,141
40,000
40,000
She. corn. out.(par $100)
40.000
40,000
$23.55
$8.00
$19.94
Earned per share
$24.16
x Afer deducting State and Federal taxes. y Includes 7% regular and
15)4% back dividends.
Balance Sheet
1927.
28.
$
$
AssetsPlant,equip., dm:11,548,951 10,845,089
Inventories
3,135.879 2,785,579
863.243
1,278.656
Accounts reo
Investments
501.145
501.145
Cash In banks__- 251,754
393,786
215,000
Cash with trustee_
Deferred charges
312,829
329,340
December 31.
1928.
Liabilities
$
Preferred stock__ 1,143,300
Common stock_ _ _ 4,000,000
Funded debt
5,152,001)
Accts. pay -payroll accrued_ _ __ 951,791
Res. for accident
liability
75,359
Accr'd int. & taxes 293.690
Com,stock div__ _
39,650
Reserve for relining furnaces102,760
Surplus
5,270.864
1927.
$
1.224,800
4.000,000
5,300,000
535.627
59,892
214,917
39,450
72,110
4,486,588
Total
17,029,214 15,933,182
Total
17,029,214 15.933,182
-V. 128. p. 739.
x After deducting $4,226,695 for depreciation.
Interstate Terminal Warehouses, Inc.
-New Control.
Agreements were reached on Feb.. 15 for the sale of the controlling
stock interest in this corporation to William J. Hogan of Indianapolis,
Pres. & Gen. Mgr. The announcement was made by I. W.Sharp, Sec. &
Counsel. It means the shifting of headquarters of this concern from
Cleveland to Indianapolis. On Feb. 26 Mr. Hogan sold the assets and
business of the Interstate Terminal Warehouses, Inc., to a new concern
organized in Delaware known as the National Terminals Corp. with principal
offices in Indianapolis.
A new financing plan has been arranged by Paul H. Davis & Co., Chicago
and A. B. Leach & Co. They have purchased from the National Terminals
Corp., 52.000 shares of 7% cumulative, convertible preferred stock (par
$25 and 52,000 shares of participating preference stock (without par value)
with$1 dividend requirement. See National Terminals Corp. below.
V. 126, P. 113.
-Annual Report.
Intertype Corporation.
Calendar YearsaProfits
Depreciation
Reserve for taxes
1928.
$939,099
193,920
109,000
1927.
$781,560
181,510
110,000
1926.
1925.
$730,529 $1,185,165
116,982
127,232
108,000
185,000
Net profit
1st pref. dividends (8%)
2d pref.dividends (o%_
Common dividends
let pref. stk. red. appr.
$636,180
90,746
232
299,632
30,000
$490,050
90,142
274
299,605
30,000
$505,547
92,880
316
298,683
30,000
$872,933
91,148
318
298,643
30,000
$70,029
Balance, surplus
$83,667
$215,570
Shares of common out199 771
199,141
standing (no par)..
199,771
$2.00
$2.07
$2.73
Earns, per share on corn.
a After deducting head and branch office selling expenses.
$452,826
199,141
$3.92
Balance Sheet Dec. 31.
Liabilities
1927.
1928.
Assets1928.
1927. 70
45
Mach. & equip___a$591,047 2628,737 First pref. stock_31.127.500 21,146,400
1,664,519 1,086,553 Second pref. stock
3.870
Cash
Notes & accts. rec_ 3,727.440 3,977,405 Common stock _ _ b 1,656,001 1,658,390
1,873,891 2,155,770 554% deb. bonds_ 912,000 1,000,000
Inventories
1 Accounts payable_ 122,093
1
153,479
Patents & patt'ns94.265
70,250 Dividends payable
22,590
22,881
Deferred charges
Part, pay. by empl
13.873
16,014
Adv.pay.mach.sold
57,603
53,073
Res. for taxes, &c_ 490.597
581,607
Prov. for retire. of
let pref. stock__ 307,712
282.547
3.237,324 3,021,754
Total(each side)27,951,165 $7,918,718 Surplus
a After deducting depreciation of 82,096,852. b Represented by 199,771
-V. 128, p. 258.
shares of no par value.
-Subsidiary to Sell Interest in
Iron Cap Copper Co.
Tennessee Mineral Products Co.
The Mineral Products Co., a subsidiary, has entered into an agreement
to dispose of its interest in the Tennessee Mineral Products Co either
through merger or outright sale. The agreement contemplates the creation
of a new company to take over the property of the Tennessee company.
The proposed sale, it is announced, would yield the Mineral Products
company $300,000 in cash at once and $550,000 more Over a period of
about four years. An alternative plan calling for the consolidation of the
Tennessee company property with three other companies which also produce
feldspar is under consideration, the company having the privilege of caking
-V. 126, p. 2156.
Its choice of the two proposals.
-Stock Offered.
-O'Brian, Potter
Iroquois Share Corp.
& Stafford, Buffalo, in January last offered 100,000 shares
capital stock (no par value) at 821.50 per share.
Authorized.
Outstanding.
Capitalization100.000 shs.
250.000 shs.
Capital stock (no par)
Of the unissued stock 50,000 shares are under option to the managers
until Dec. 311932.
-Corporation has been organized in New York to buy, sell,
Business.
trade in, hold, underwrite, offer and generally to deal in the stocks of corporations, also governmental and other securities.
The corporation may exercise such other of its charter powers as its
board of directors may from time to time determine. Under its charter,
the corporation has the widest possible powers in the conduct of its business
activities except that it may not engage in banking.
Earnings.-Corporatlon derives its income from the profit on the purchase and sale of securities, regular and extra dividends received on stocks
-if any are held, interest on call
and securities owned, interest on bonds
loans and interest on bank deposits.
The corporation will derive additional profit through syndicate participations and underwritings. Further substantial profit should become
available from participating in stock transactions through the corporation's affiliation with banking groups locally and in New York.
-The operation of the corporation will be conducted by
Management.
-year management contract, which
O'Brian, Potter & Stafford, under a 10
will be subject to the approval of the board of directors.
The compensation paid to O'Brian, Potter & Stafford for their general
management services will be a quarterly payment of 54 of 1% of the liquidating value of outstanding stock of the corporation as of January, Ap. July
and October 1, of each year.
The officers and directors of the Iroquois Share Corp. have made an
initial investment of $400,000 in the stock of the company.
-Roland Lord O'Brien, Chairman: Walter F. Stafford, Pres.;
Officers.
Roger C. Adams, Executive Vice-Pres.; John 0. Trefts, Vice-Pres.: Nelson
Cheney, Vice-Pres.; Carl W. Wenger, Treas.•, Harl Eslick. Asst. Treas.;
Nathaniel P. Hall. Sec.; Edwin S. Edwards. Asst. ASec,
-Stock Offered.-Hornblower
Irving Air Chute Co., Inc.
& Weeks, Cassatt & Co.and James C. Wilson & Co.are offering 120,000 shares common stock at $25 per share. This
stock has been bought from individuals and not from the
company.
Transfer Agents, Guaranty Trust Co.. New York, and Illinois Merchants
Trust Co., Chicago. Registrars. National City Bank, New York, and
Central Trust Co. of Illinois, Chicago.
Authorized. Outstanding.
Capitalization*300.000 slur. 200.000 she.
Common stock (no par)
* A call upon the remaining 100.000 authorized but unissued shares at
$25 per share has been given in connection with transfer to the company
of a British subsidiary formerly owned by the stockholders.
Data from Letter of George Waite, President of the Company.
Company.-Incorp. in New York in 1919. Is the oldest and largest
manufacturer in the world of safety parachutes for airplanes, balloons and
dirigibles. Late in 1918, Irving Air Chute Co., a partnership, sent its
first few parachutes to the U. S. Government. For several years thereafter,
In close co-operation with the engineering division of the United States
Army Air Corps, exhaustive research work developed and refined the
Irvin Air Chute. This experimentation has continued until the present
parachute has been adopted as the standard of the world. To date over
75,000 experimental drops with sand bags have been made, and over
15,000 experimental "live" drops have been made without failure.
The company's product is now the standard equipment for United States
Army, Navy and Marine Corps, the British Air Ministry, Russia, Spain,
Japan, Holland, Canada, Chile, Brazil, Sweden, Norway and practically
every other government that has an Air Service, the various United States
Air Mail lines and numerous commercial companies all over the world.
It has a factory in Buffalo, N. Y., another in England, and contemplates
opening additional foreign factories in the near future.
Patents.
-Company either owns outright or is licensed under basic and
improvement patents, which, in the opinion of Counsel, afford ample
patent protection. Patents are carried on the balance sheet at $1.
-Consolidated net earnings of the company and its British
Earnings.
subsidiary for the past three years, after adjustments for non-recurring
salary items, amortization of patents, change in fiscal year of the British
company, and after deducting United States and British income taxes,
were as follows:
1928.
1927.
1926.
Years$414.375
$203,564
$294,172
Net earnings
$2.07
Per share of common
$
1.47
ut
Present unfilled orders for parachutes exceed the entire output of 1928.
-It is expected that application shortly will be made to list this
Listing.
stock on the Chicago Stock Exchange and the N ow York Curb Market.
Consolidated Balance Sheet Dec. 31 1928.
[After giving effect to (a) recapitalization of the company and (b) the
it of outstanding cap tal stock of Irving Air Chute Co. of
acquisition by
Great Britain, Ltd.. (c) reduction of patents and good-will to $1.)
Assets
$213,048 Accounts payable
Cash
188,574 U. S. & British Govt. income $80,455
In cm nts
Acy outoryreceivable
114,706
taxes, estimated
36,287
7,935 Capital and surplus
Securities & special deposit
428.188
Machines,furn.,&c.,less deprec. 15,382
1
Faepntd,goodwill, &c
pr a s taxes. &o
5,283
Total(each side)
$544,929
-Annual Report.Johns-Manville Corp.
Calendar Years
Sales
Manufact. cost. sell. & administ. expense
Federal income tax accrual
Deprec. & depletion
1928.
1927.
$47,945,559 $44,313,701
40,383,089 38,254.283
722,650
548.799
1,250,421
1,402,459
Net profit
Preferred dividends
Common dividends
85,589.399 84,108.160
525,000
525,000
2,250,000 2,250.000
Balance, surplus
Earnings per share on 750.000 shs.(no par)
$2,814,399 $1,333.160
$4.77
$6.75
1410
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
Assets
Liabilities$
Plant.equip% &c.22.940,539 14,933,872 Common stock_x15.000.000
Cash
2,682,001 3,044,883 Preferred stock_ _ 7,500,000
Accts. dr notes ree_ 6,751,791 5,492,080 Accts. payable.- - 1,374.267
Inventories.- -- 6.457.016 6.113.877 Wages, comm., &c 1,514,680
Sec. of other cos
671,788 2,577,304 Dividend reserve_ 693,750
U.S. Treas. ctts
758,477 3,117,120 Income tax res...... 942.529
Deferred charges.- 844,119
188,032 Bonds of sub. cos_ 1,750,000
12,330,506
Surplus
1927.
15,000,000
7,500.000
1,238.967
931,090
562,500
718,505
9,516,107
Total
41,105,732 35,467,170
41,105,732 35,467,170
Total
Represented by 750.000 no par shares at stated value of $20 per share
V. 127. p. 3,100.
(Byron) Jackson Pump Co.
-100% Stock Dividend
Larger Cash Dividend Also Paid.
-
[VOL. 128.
Comparative Balance Sheet Dec. 31.
1928.
1228.
1927.
1927.
Assets$
Liabilities$
$
$
Notes dr aceIts pay 474,996
Prop., Plant, tank
418,600
cars, &c
,
10,451.406 9,464,729 Dividends payable 125,000
100,000
Invest.In 0th. cos_
33,768 Res. & accruals.... 118,142
38.868
178,640
Cash
651,113
173,459 1st mtge. 7% bds..
500,000
Acc'ts receivable
449,901 Res've for deprec.
602,450
Inventories
& depletion__ 5,072,738 4,348,055
1,178,815 1,082,652
Prepaid expenses_
64.051
26,021
28.923 Deferred habitatea
25,661
Cap. stk. & surp- _x7.093,747 5,662,477
Total(each side)12,948.675 11,233,434
-V. 128. p. 900.
zRepresented by 250,000 shares of no par value.
-Bonds Called.
Lebanon Iron Co.
-Sale
See Wrought Iron Co. below and in V. 127, p. 3560.-V. 120, P. 1467.
Lehigh Coal & Navigation Co.
-New Director.
William P. Gest has been elected a director, succeeding Erskine Hewitt.
The directors on Feb. 7 declared a 100% stock dividend and a regular
quarterly cash dividend of 50 cents per share on the outstanding common -V. 127, p. 3552.
stock, no par value (approximately 168,000 shares), both payable Mar. 1
Lehn & Fink Products Co.(Sc Subs.).
-Annual Report.
to holders of record Feb. 15. The former cash rate has been $1.60 annually.
Calendar Years1926.
1928.
1927.
-V. 128, p. 258.
Net profit after selling, admin.& gen.
-First Naexpense and doprec
Kalamazoo Building Co.
-Bonds Offered.
$2.166.000 81,476.465 $1,665,441
Federal taxes
199.323
224,035
259.730
tional Co. of Detroit, are offering $750,000 1st mtge.
53/%
sinking fund gold bonds at 100 and int.
Net income
51,906,270 91,277,142 $1,440,606
2,105
2,163
1,531
. Minority interest in Lysol, Inc
Dated Jan. 15 1929; due Jan. 15 1949. Denom. $1,000 and $500 c5
56.250
33.750
45,000
Interest payable J. & J. without deduction for normal Federal income Dividends management stock
967,500
825,000
795.000
tax not to exceed 2%. Red. on any int. date on 30 days' notice at 101 and Dividends common stock
int. Prin. and int. payable at Kalamazoo Trust & Savings Bank. KalaBalance,surplus
8903.489
$405.037
$587,194
mazoo, Mich., trustee, or at the office of the First National Co. of Detroit.
285,000
265,000
415,000
Securitp.-Bonds are secured by a closed first mortgage on land situated Shares of common stock outstanding$5.06
$4.51
at the southwest corner of east Main St. and Farmers Ave.Kalamazoo, Earned per share oncommon$4.31
and building to be erected thereon. Plans have been made and workhas
Consolidated Balance Sheet Dec. 31.
been started on a 15-story steel and concrete structure with granite and
Assets
I
5
1927.
1928.
-5
stone exterior. The property pledged under this mortgage has been ap- Capital
assets___a 1,707,980 1,276.135' Liabilities8
8
praised by S. F. Baker. Vice-Pros, of Bassett & Smith, Inc.. upon comple297,665 Accounts payable.
126,845
tion of the building, as follows: land, $241.320. building (upon completion), Cash
Accts. rec., less res. 627,167
484.520 . accrued interest.
$852,018, fixed banking equipment, $100,000. total, $1.193.338.
Sundry debtors._
44.382' taxes,dm
309,049
459.353
20.032
Upon completion this building will occupy an area of 7.400 square feet,
688 432 2
277..859 -year 6% gold_ _ _
4;084
2 102
will rise to a height of 211 feet above the street, and will have a cubical Inventories
b Investments_ _ _ 73
notes
32
content of 1,363.452 cubic feet.
Reserves
292,738
879,7 0
3151 2
Earnings.
-The net annual income, based upon an occupancy of 85% Trade marks trade
names, &c
7,853,171 7,653.171 Interest of minorIs estimated by Bassett & Smith, Inc., upon completion of the building, as
ity stockholders
Cap. stk. of Prod.
follows:
in capital and
I
Realization Corp
I
Estimated net annual income after allowance for vacancies__$155,457.25
surplus of Ly102,830
100,472
Estimated annual operating cost including taxes
49.310.00 Deferred charges
sol. Inc
29,089
18,318
Net operating income available for financing requir. and diva - 116.147.25
Capital dr surplus d 10.521,245 9,271,506
Maximum annual interest charges on this issue
41,250.00
Total
Total
11,291.653 10,804,996
11.291,654 10,804,996
Kalamazoo (Mich.) Stove Co.
-Extra Dividend of 13%
a Land, buildings, machinery and equipment, automobiles, &c., loss rein Stock Declared.
serve for deprec,, $622,844; less real estate mtge 5% due 1931. $445,000
The directors have declared quarterly dividends of 81.12% per share in b invest,
operating companies, at book value.
cash and I MI% in stock. payable April 1 to holders of record March 20. c Against in and advances to foreign of balance of $236,700, liquidation
It is understood that this dividend policy will be continued during the certificatesliabilities under guarantee
and notes of Products Realization Corp., and for other continyear, thus putting the stock on an annual basis of $4.50 in cash and 6%
shares of common stock of no par
in stock. Heretofore the company paid only $1.12M in cash quarterly. gencies. d Represented by 415,000
value: initial
and surplus, $8,651.993; general surplus, $1,869,252.
A 50% stock distribution was made late last year to stockholders of record In 1928 the capital shares management stock was converted into common
150,000
Nov. 1.-V. 127. p. 340g.
stock.
-V. 127. p. 3552.
Kinnear Stores Co.
-Plan Operative-Offer-Extended.
-President Erle S. Kinnear, who is Chairman of the stockholder's committee, in a notice to the holders of 8% cum. cony. pref. stock, Series A,
and corn, stock of the Kinnear Stores Co., and to the holders of certificates
of deposit for both classes of said stock Issued under plan and deposit agreement, dated Jan. 3, 1929, for the exchange of common stock of the Kinnear
stores co.. for common stock of National Belles Floss Co.. Inc., states:
Notice is hereby given that the plan has been declared operative and that
the time for making deposits for both classes of stock under the plan has
been extended to the close of business March 15 1929. Deposits made
after said date will be received only subject to the imposition of such
penalty, If any, as the committee may determine in any particular case
In its discretion.
Attention is invited to the fact that no arrangements whatever have
been made for the purchase of undeposited stock of either class.
The subdivision of the common stock of National Belles Hess Co. Inc.
Into three shares for each former share has been duly effected; the new
stock of said company has been admitted to listing on the New York Stock
exchange on official notice of issuance; and it is hoped that at an early
date In March, it will be possible to consummate the plan by the exchange
of certificates of deposit for common stock of the Kinne,ar Stores Co. for
certificates for common stock and for participation certificates for fractional
shares of common stock of National 13ellas Hess Co. Due notice will be
given of the date of consummation.
It is anticipated that trading privileges on the New York Curb Market in
nndeposited common stock of the Kinnear Stores Co. may shortly be
Withdrawn owing to the small number of undeposited shares thereof.
V. 128, p. 259, 740. 1240. .40‘14sas
sin
Kobacker Stores, Inc.-Acquisition.--"Cl
14;
IIIIrThe corporation has acquired Goodman's Department Store at Gary.
Ind., making the eighth large department store owned by the organization.
-story brick building and has 150 feet frontage
The Gary unit occupies a 3
on two of the principal business streets In the heart of Gary's retail business
section. The new store will bring the total annual volume of business of
Kobacker Stores, Inc., to about $20,000,000. according to President Jerome
M. Kobacker. It Is the third store to be added to the group during_the
last year.
-V. 127. p. 2693.
-To Increase Stock.Kroger Grocery & Baking Co.
' stockholders will vote March 6 on increasing the authorized common
The
-V. 128,
stock, no par value, from 2,000,000 shares to 3,000,000 shares.
P. 1066, 899.
-Sub. Co. Acguis.Lake of the Woods Milling Co.
This company, through its subsidiary the Inter-City Baking Co.. Ltd.,
has purchased the Golden West Baking Co. and the Mitchell Sanitary
Baking Co. of Calgary.
-V. 127, p. 2241.41
Lane Drug Stores, Inc.
-Expansion Proposed.WThe corporation is preparing to establish additional stores in Georgia,
Northern Florida, North Carolina and Tennessee sufficient in number to
bring the chain up to 225 stores by the end of 1929, according to a report
in Atlanta where more than half the company's 60 stores have been established. This report was coincident with the opening of the company's
largest store on Feb. 23, in the Henry Grady Building, the center of Atlanta's new uptown commercial center.
Thirty of the new stores are to be located in Georgia, according to the
reported plan: 20 will be established in the territory about Jacksonville,
Fla.; 45 will be spread through western North Carolina, and 55 units
throughout Eastern Tennessee. Consummation of this plan would give the
company sales offrom $8,000,000 to $10,000,000 annually -V.127, p. 3713.
-Annual Report.
Lion Oil Refining Co.
Calendar Years1928.
86.193,758
Sales
4,787.843
Cost of sales
200,785
Adm.& general expense_
Balance
Miscellaneous income
1927.
$5,884,051
4,260,314
213,326
$1,205.130 $1,410.411
30.928
28,258
1926.
$8,555,320
5,803,930
250.581
1925.
$7,445,790
4,708.269
257,886
$2,500.809 $2,479.635
21,882
58,980
Total income
$1,236,058 81,438,669 82,522,691
670,666
1,090,569
Res, for deprec. & depl_
886.417
69.738
Interest & bond discount
54.406
48,278
181.106
Federal taxes
9.747
53,000
$2,538.615
1,036,070
98,982
162,544
Net profit
Shares of cap. stk. outstanding (no par)
Barns. per sh. on cap.stk
$450,975 $1,181,278
$1,241,019
200,000
85.91
200.000
86.21
$501,339
250,000
$2.00
200.000
$2.25
Lessings, Inc.
-Dividend Rate Increased.
The directors have declared a quarterly dividend of 15c. a share and
an extra dividend of 5c, a share, both payable April 1 to holders of record
March 9. In the previous quarter the company paid a quarterly of I0e.
a share and an extra of Sc. a share, while on Sept. 29 1929 a quarterly of
Sc. and an extra of Sc, a share were paid.
-V. 128, p. 900.
Lily-Tulip Cup Corp.
-Hitt, Farwell
-Stock Offered.
& Co., New York, are offering at $23 per share 30,000 shares
common stock (without par value).
Transfer agent, Equitable Trust Co.. New York. Registrar, Commercial National Bank & Trust Co., New York.
Authorized, Outstanding.
Capitalization
6% 5-year sinking fund gold notes of Tulip Cup
Corp., due April 1 1932 (assumed)
x$225,000
5300.000
Preferred stock ($100 par)
y300,000
1.000.000
Common stock (n o par)
250,000 shs. z183,000 shs.
x $75.000 retired to Jan. 1 1929. through sinking fund. yPreferred
stock is issuable in series. Preferred stock to be outstanding is designated
Series A preferred stock and is convertible into common stock as provided
in the certificate of Incorporation. z Common stock shown to be outstanding does not include 6,392 shares to be reserved for exercise of warrants
issued with said notes of Tulip Cup Corp.. nor 11,112 shares to be reserved
for conversion of series A preferred stock, not 10.000 shares to be optioned
to the bankers at the minimum basic price of $23 per share.
5
.
Data from Letter of President Henry Nias, Dated Feb.- 2 =
Business.-Corporation is to acquire as of Jan. 1 1929, subject to Ba
holders' approval, the business, good-will and assets and is to assume
the liabilities of Tulip Cup Corp. manufacturer of "Tulip" paper cups,
"Nestrite" containers, paper can; and other specialties, and of Public
Service Cup Co. manufacturer of "Lily" cups and "Paktite" papercontainers. Products of both companies have been on the market for many
years and are being sold throughout the United States and in many foreign
countries for a steadily increasing number of new uses. Cups are made in
a variety of sizes from 1 oz. to 18 oz. capacity, and containers are made
for carry-out purposes and Packaging in sizes from h pint to 1 quart
capacity.
Tulip Cup Corp. occupies, under lease, a sprinklered factory building with
over 160,000 square feet of floor space at College Point, L. I., and Public
Service Cup Co. occupies, also under lease, approximately 100,000 square
feet of floor space in the Bush Terminal Building, Brooklyn, N. Y. These
containerssah a ve a capacity for making over one billion paper cups and
Plants nnu y.
all
Profits.
-9. D. Leidesdorf & Co., certified public accountants, have examined the books and accounts of Tulip Cup Corp. and Public Service
Cup Co.. and its subsidiary. They certify net earnings, including a location
of profits to merchandise held In warehouse against trade acceptances
receivable, after all charges and after allowance for non-recurring charges
averaging $18,399 per year for the three years, for each separately and
combined as follows:
(Boo
.
d
Pub.Sere.Cup Co. Tulip Cup Corp. -Combined Net Earnings(After Fed.
Sub.Net Earns. Net Earnings
Taxes.)
Taxes at 12%.)
1927
Yr.-(before Fed.Taxes) (before
12637
9309.340
1212,637
$272,219
1926
996,702
60,132
*loss83,528
52,916
143,661
235,624
207,349
1928
138,675
49
9 42es
* The net earnings figures in 6 9 e years reflect conditions arising from
Infringement of patents owned by Tulip Cup Corp. and certain litigation
incident thereto which ceased in 1928 soon after the handing down of a
of the U. S. Circuit Court of Appeals sustaining the patents on
Tulis cups.ion
dec i p
Combined sales of the two predecessor companies for the month of
Jan. 1929 were 37% greater than in Jan. 1928. An increase on sales of
20% annually and substantial economies in administration, advertising,
manufacturing and selling expenses have been included In a budget which
increases combined net earnings as above, after Federal income taxes at
12%,from 1207,349 for 1928. to $525,000, or approximately $2.75 per share
on 183.000 shares of common stock, after deducting annual dividend
requirements on the preferred stock presentlyfto be outstanding.
Assets.
-The pro forma balance sheet SA at Dec. 31 1928, giving effect
to the acquisition of assets and the new capital from sale of common stock
and the retirement of old preferred stocks and bank loans shows current
assets of 21.288.251 (taking at sales prices merchandise held in warehouse
against trade acceptances receivable) including $216.650 in cash, and
Current liabilities of only $302.859. Machinery and equipment appraised
as at Dec. 31 1928. at a sound value of S1.288.813 are carried on this
balance sheet at $691,554. Patents, good-will, &c., heretofore carried
on the books of the predecessor companies at more than $1,400,000, have
been reduced to $1.
MAR. 2 1929.]
FINANCIAL CHRONICLE
Loose-Wiles Biscuit Coe-Annual Report.
Calendar Years1928.
1927.
Net after int. charges... $3,407,478 $2,931,270
Depreciation
729,411
798,763
Federal taxes
290,000
291,161
1926.
1925.
Net income
$2,318,714 $1,910,698 $1,662,823 $1,413,095
Sink,fund of 1st pf. stk_
150,000
150,000
150,000
150,000
First pref. div. (7%) 283,769
281,473
288,519
291.585
Second preferred div......
22
35,135
140,000
140,000
Common dividends
799,894
399.814
1411
totalling $700,000 have been underwritten and it is expected stockholders
will purchase not less than $300.000 more, thus giving the company
-V. 128, p. 1242.
61.000,000 in new working capital.
Marmon Motor Car Co.
-Shipments, &c.
During the last seven months the company shipped 16.25% of its production to foreign countries this figure not including shipments to Canada,
it was announced, on Feb. 23 by President G. M. Williams with the expanded Marmon program centered around the forthcoming introduction
of the Roosevelt eight it is expected that this ratio of export shipments
will be fully maintained as a result of the extension of export department
activities to countries never before penetrated by the company.
Shipments to Canada also are being maintained at a high level, a solid
trainload of automobiles having been shipped this week to .Montreal where
a new distributing connection has been placed into operation.
-V. 128,
p. 1242.
Balance, surplus
$1,087,325 $1,041,990 $1,084,304
$831,510
Profit & loss surplus..,_ 6,849.931 z5,700.767
6,086.086
5,015,809
Corn. shs. out.
(par $25)..
500,000
499,883
y80,000
y80,000
Earns. per sh. on com
$4.07
$2.93
$13.56
$10.39
z Net profit from operations after deducting all expenses, interest,
-To Split Up Shares.-The
Mathieson Alkali Works.
charges, depreciation and maintenance and Federal taxes. y Par $100.
z After stock dividend of 25%, or $2,500.000.
stockholders will shortly vote on increasing the authorized
Balance Sheet December 31.
common stock, no par value,from 200,000 shares to1,000,000
1928.
1927.
1928.
1927.
shares, 3 new shares to be issued in exchange for each share
AssetsLiabilities3
S
a16.785,512 16,600,623 1st pref.stock_ _ __ 3,985,800 4,044,800 now owned. The date of distribution of the additional shares
Land.Oto
Inventories
3,674,522 3,380,925 2d pref.stock
1,400
p. 1242.
Accts.receivable_ 2,892.364 2,781,863 Common stock. b12,500,000 12,497,075 will be announced later. See also V. 128,
Investments
157,299
164,898 Long term debt.-- 1,115,500 1,073,000
Medical and Dental Building (Vancouver Properties,
Marketable secure 934.623 1,277,857 Mtge. Int. payable
142.000
-Bonds Offered.-Blyth & Co.
Cash
1,211.687 1,087.312 Accts. pay.. Orc___ 711,159
804,396 Ltd.), Vancouver, B. C.
Deferred charges
647,306
442,887 Short term bonds_
45,000
and Bowes Brothers & Co. recently offered $1,000,000 1st
Fed.tax & conting.
reserve
315,000
775,780 closed mtge. 6% sinking fund gold bonds at 99 and int. to
Stock redem. res__ 680.922
603.248 yield 6.10%.
Total(each side)26,203,314 25,642,466 Surplus
6,849,931 5,700,767
&
Dated Feb. 15 1929; due Feb. 15 1944. Principal
a Includes buildings, equipment, good-will, trade-marks, &c. and is payable at office of Canadian Bank of Commerce, in and int. (F.B. A.)
Vancouver.
C.,
after deduction for depreciation of $5,447,569. b Par $25.-V. 126. p. Seattle, Wash., or San Francisco, Calif. Red. all or part on any int. date,
1363; V. 124, p. 3079. 2758, 2601, 1676. 1369.
upon 60 days' notice. at 103 and int, on or before Feb. 15 1934; thereafter
at 102 and int. to and Ind. Feb. 15 1939;and thereafter at 101 and int. until
Lord & Taylor (N. Y. City).'
-New Director.
maturity. Denom. $1,000 and $500,c*. Interest payable without deducB. G. Holt has been elected a director succeeding J. Bowen.
-V. 128, tion for United States normal Federal income tax, not in excess of 2%,
p. 900.
which the company may be required or permitted to pay thereon. The
borrowing corporation agrees to refund upon timely and appropriate
MacMarr Stores, Inc.-Transfer Agent.
by the
upon
The Chase National Bank has been appointed transfer agent for an application, any personal property tax levied5 mills these bondson each
State
any case
authorized issue of 16.146 shares of 7% pref. stock, 243,027 shares of com- dollar of California, not exceeding in Royal Trust Co.,per annum
of the principal amount. The
trustee.
mon stock, and 16.146 shares of common stock purchase warrants.
Security.
-The bonds are to be a direct obligatory of Vancouver Properties, Ltd., specifically secured by a closed first mortgage on land owned in
McClintic-Marshall Corp., Pittsburgh.
-Stock Inc. fee and the Medical and Dental Building being erected on the northwest
The company has filed a certificate at Dover, Del., increasing its author- corner of Georgia and Hornby Streets, Vancouver, B. C.
ized stated capital from $8.000,000 to $15.000,000.-V. 125. p. 3072.
The building will be 15 stories in height, of class "A"reinforced concrete
construction. The building will haves total cubic content ofapproximately
McMillen Co., Ft. Wayne, Ind.
2,262,439 feet. It will contain approximately 80,000 square feet of office
-Stock Sold.
designed for use of
Bell & Beckwith, Toledo, 0., have sold 32,280 shares of space, especiallybuilding will contain the medical and dental professions.
In addition, the
7,800 square feet of rental area on the
no par value common stock at $25 per share.
ground floor for store purposes, and a special portion of the building is
designed to provide garage space for 300 automobiles. It is expected that
Data from Letter of D. W. McMillen, Pres. Jan. 23.
for occupancy not later than Aug.
History & Business.
-An Indiana corporation, originally established in the building will be ready based on the present value of the11929.
Appraizals.-Appraisals
land plus the
the grain, hay and feed business in Fort Wayne, Indiana in 1917. In actual cost of the completed
building have been
Pemberton
1919, company began to manufacture and sell prepared mixed feed for live (Vancouver) Ltd. and Gillespie, Hart & Todd,made by Vancouver,& Sons
Ltd. of
B. G.,
stock under the copyrighted brand "Wayne feeds." Business since that the lower of which is $1,702,179. of which this
issue represents about 58%.
time has grown to the extent that at present the products of the company
Earnings and Occupancy.
-Applications for most of the store space. for
include a full line of poultry feeds, dairy feeds and hog feeds.
The growth of co's. business has been such that it has necessitated the the garage space, and signed applications for more than 80% of the office
hands of the owners. Leases are being
continuous enlargement of the Fort Wayne plant by additions made prac- space are in theto professional standing and responsibilitymade only after a
of the applicants.
tically every year since its inception. In Oct. 1927, the company also careful check as vacancies which is considered
Allowing 10% for
conservative in view of the
purchased a pliant is East St. Louis to serve the territory in that section. known demand for office space of this nature, it Is estimated the net earnings
In June, 1928. the company began the construction of a new mill in Buffalo, available for interest charges should be
$150,000 annually, or 23.6 times the
N. Y.. which is expected to be in operation by April.
maximum requirements of this issue.
CapitalizationAuthorized.
Outstanding.
Sinking Fund.
-Beginning at the end of the second year. an annual
Common stock (no par)
100,000 shs.
87,500 shs.
Purpose.
-To reimburse the President and associates for funds furnished sinking fund is scheduled to retire not less than 55% of the issue prior to
provides
the company to complete the new Buffalo plant, liquidate all obligations, maturity. The trust deed includingfor the purchase of bonds in the open
the call price, and if bonds are not so
market at prices up to and
and provide the company with working capital.
Earnings.
-The following shows the total sales and net profits after available for the sinking fund, they shall be called by lot.
Federal income taxes, for the past three years.
Merit Hosiery Co., Inc., New York.-Pref. Stock OfNet Sales. Net Profits.
-O'Brian, Potter & Stafford and Hayes & Coffins,
1926
$2,904.771
$96.243 fered.
1927
4,526,846
177.889 Buffalo, are offering 20,000 shares $3 cum. cony, prefer1928
6,750,418
249.788
Dividends -It Is anticipated that the company will start dividends on ence stock in units at $45.50 per unit. Each unit consists
basis of $1.50 per share annually, payable in quarterly installments, begin- of one share of pref. and 34 share of common stock.
ning April 1 1929.
Preferred as to dividends, and as to assets to the extent of $52.50 per
share and diva. Dividends cumulative from March 1 1929, payable
McCrory Stores Corp.
-Annual Report.
quarterly beginning June 1 1929. Red. at $52.50 per share and divs.
Calendar Years1928.
1927.
1926.
1925.
notice. Sinking fund. commencing March 1
Sales
$41,105,324 $39,336.090 $33,596,853 $29,593,209 on any div. date on 30 days'retire annually at least 600 shares of preference
1934 is provided,sufficient to
Cost of sales, selling &
stock. Convertible at any time upon notice at the holder's option into
exp., salaries, rents,
redemption the holder
share-for-share basis;
, ,
gen. &c. less misc.in _ 37,767,175 35,650,823 30,373.367 x27,294,523 common stock on athe redemption date. in case ofagent, Guaranty Trust
Transfer
may convert up to
Co., New York. Registrar, Commercial National Bank & Trust Co.,
Profitfrom operations $3,338.149 $3.685,267 $3,223,487 $2.298,685
New York.
Profits from sales of real
Authorized.
Outstanding.
estate
566,486
484,011 $3Capitalization20,000 shs.
cum. cony, preference stock (no par).. 20,000 shs.
55,000 shs.
*75,000 shs.
Common stock (no par)
Total income
$3,904,635
$2.782,696
shares reserved for conversion of the preference stock.
* 20,000
Interest charges
661,464
459.325
597,418
Data from Letter of Joseph Rubin, President of the Company.
Provision for Fed. taxes_
400,000
373,250
Sees
334,000
-The predecessor company was incorporated in
History and Business.
Netincome
$2,973,217 $2,623,804 $2.390.912 $2,782,696 January 1915 in New York, with a paid-in capital of 625,000. In
Divs,on pref.stock _ _
202.129
220.690
299,988
206,498 1929 the present company acquired all the assets of its predecessor. ComDivs.on com.stk.(Encash)
541,875
726,623
913,883
164.545 pany manufactures ladies' full-fashioned silk hosiery, both dip-dyed and
Ingrain. Its products are of the higher grade, ranging at retail prices from
Balance,surplus
61,759,346 $1,676,490 61.646,908 $2.411.653 $1.25 to $6 per pair, and are sold under the company's own registered
Previous surplus
5,861,996 y4,185,506 3,532,964
1,631,551 trade-mark "Merit" and under special brands of leading' retailers.
Divs, on corn, stock (in
Sales and Distribution.- Company maintains sales offices in New York.
stock)
180,440
510,240 Chicago, and Boston, and through these offices and its salesmen disCharges to snr. due to
tributes its products to approximately 1,500 retailers, including departretirements, &c
Dr.669,763
ment stores, shoe stores, specialty shops, &c. Sales have increased conClaims for refund of Fed.
stantly, amounting to approximately 110,000 dozen pairs in 1926, 125,000
taxes (net)
147,778
dozen pairs in 1927 and 150,000 dozen pairs in 1928.
Earnings.
-Net earnings of the business for the two fiscal years ended
Profit & loss surplus _- $7,769,120 65,861,996 $4,329,668 $3,532,964
Dec. 31 1927 and for the 11 months ended Nov. 30 1928 after adjustment
Shares corn. stk. outof Federal income taxes to the present rate of 12%, and the elimination
standing (no par)
z457,262
z456,663
z455,772
z450,654 of certain non-recurring charges based partly upon estimates made by
Earned per share
$5.85
$5.26
$4.80
$5.72
x Including Federal income tax provision. y After deducting $144.162 the management and averaging $59,584 on a yearly basis, have been as
follows:
for adjustments of taxes, &c. z Comprising common and class B stock.
Available
Earnings
Preferred
for
e
per mhc:
e Sm n
o
Comparative Balance Sheet Dec. 31.
Dividend
Net Profit
Common.
Requirements.
as Above.
Year1928.
1927,
1928.
1927.
Assets$60,000
$143,741
$
1926
$
Liabilities$
s
$1..5
2 19
2
,
S83:6 9
120 6741
60,000
Real est. leaseh.
1927
Preferred stock _ -104,548
1.90
turn.,fixt., &c.a21,430,694 22,137,187 Com.stock (old)-- 5,000,000 5,000,000 1928 (11 mos.).... 159,548
55,000
100
100
Inventories
-Upon completion of this financing, the condensed
Financial Position.
7,302,028 6,268,802 Com.stock(new)_1313,349,700 13,325,740
Marketable secur. 141,401
135,987 15-yr.5%sgold deb 5,600,000 5,800,000 balance sheet as at Nov. 30 1928 shows total current assets of $733,967,
Sundry dt.,less res.
against total current liabilities of $62.120. This is a ratio of 11.8 to 1,
128,866 Mtge. & purchase
Life insur., policies
7,442
and leaves a net working capital of $671,846. The plant, which is carried
6,411
money oblIg____ 2,274,259
1,159,926 1,311,109 Accts. payable,&c 2.342,232 3,386,526 on the balance sheet at $680,287, was appraised by the American Appraisal
Cash
1,374,181
Accts. received _ _ - 1,319,504
75,311
29,078 Co. at a sound depreciated value In excess of $1.300,000.
Deferred charges__ 1,405,693 1,224,259 Deposits of empl_ Purpose.
-This financing will, after providing for the retirement of
Federal tax reserve 355,965
435,000
the company, afford ample funds for expanding its
Good-will
4,000,000 4,000,000 Surplus
7,769,120 5,861,996 certain obligations of 1242.
business.
-V. 128, p.
Total
36,766,688 35,212,621
Total36,766,688 35,212,621
-Volume Gains:
Missouri State Life Insurance Co.
a After depreciation of $3.390,761. b Represented by 376,717 shares
The company announces a gain of $884,918 in written ordinary business
of common and 80,545 shares of class B stock. both of no par value.
From Jan.
-As of Dec. 31 1928 there were outstanding stock purchase war for the first 45 days of 1929. of ordinary1 to Feb. 15 1929. company repreNote.
life business, against $20,896,670
rants entitling the holders to purchase 1,333 shares of class B common sentatives wrote $21,781.588
during the same period in 1928.-V. 128, p. 1242.
stock on or before Dec.31 1930 at $40 per share.
-V.128, p. 901.
Magazine Repeating Razor Co.
-Reorganization Approved.The stockholders have approved the plan under which the company has
been recapitalized. The company will shortly offer to stockholders of
record March 8 note purchase warrants entitling them to purchase before
-year 6% notes convertible into class B stock. Notes
Dec. 31 1931 its 10
-10% Stock Dividend.
Monsanto Chemical Works.
The directors have declared a 10% stock dividend, payable April 1 to
holders of record March 20 1929. They also declared the regular quarterly
cash dividend of 62% cents a share also payable April 1 to stockholders of
record March 20. No fractional shares will be issued. Cash will be paid
for fractional shares on the basis of the average price on the Chicago Stock
Exchange on April 1 1929. See also V. 127. p. 3102. 2545.
1412
FINANCIAL CHRONICLE
[Vol,. 128.
will retire
the action of the sinking fund.
Montgomery Ward & Co., Chicago.
-Stock to Employees. 62% of the bonds by maturity.It is calculated this sinking fund
The stockholders have approved a plan to reserve 200.000 shares of unStock Purchase Warrant.
-Each $1,000 bond will be accompanied by a
common stock for sale to employees at the discretion of the directors. non-detachable option entitling the holder, until Feb. 28 1930, to purchase
issued
W. G. Baumhogger has been promoted from general merchandise mana- from the Royal Trust Co. one share of the company's common stock, at a
ger to vice-president in charge of merchandising and H. E. Hughes from price of $25 per share.
-V.126. p. 3769.
-V.128, p. 901.
operating manager to vice-president in charge of operating.
-Probable Stock Div.
National Food Products Corp.
Montgomery Ward Warehouse Co.,Balt.-Bonds Called.
The stockholders on Feb. 28 increased the authorized class B stock
All of the outstanding $1,050,000 1st mtge. 53e % serial gold bonds, dated from 500,000 to 1,000.000 shares. The directors are expected to act on the
Oct. 1 1924, have been called for redemption on April 1 next at 102 and distribution of additional stock as a dividend to class B stockholders
int. at the offices of Lee, Higginson St Co., Chicago, New York City. or within the next two weeks.
Boston.
While only 150.250 shares of class B stock are now outstanding, the
(For original offering, see V. 119, P. 1515).-V. 128. p. 743.
balance of the 500,000 previously authorized was reserved for the exercise
of warrants. The increase to 1,000,000 shares follows an interchange of
Morison Electrical Supply Co., Inc.- Stock S)1d.- directors between the D. Pander Grocery Co., which is controlled by the
Harris, Ayres & Co., New York, have sold at $28 per share National Food Products Corp. and the Southern Grocery Stores. Inc.
16,000 shares no par value common stock (with common On Feb. 26 It was learned that the National corporation has been buying
into Southern Grocery.
-V. 126. p. 1818.
stock purchase warrants).
National Industrial Bankers, Inc.
-Initial Dividend.
National Bank of Commerce in New York transfer agent, Bank of New
The directors have declared an initial quarterly dividend of 75 cents
York dr Trust Co., registrar.
per share on the $3 cumul. preference stock, payable Feb. 25 to holders of
Out
Authorized.
Capitalizationrecord Feb. 10. See also V. 128, p. 743.
62.000 shs.
*140,000 shs.
Common stock (no par)
62,000 warets 62.000 warets
Common stock purchase warrants
National Shirt Shops, Inc.
-Sales
-New Director.
Data from Letter of Charles T. Morison, Pres. of the Company.
Month of January
Increase.
1928.
1929.
Company.-Organized in July 1919. to distribute standard lines of Sales
$53,146
$190,012
$243.158
electrical goods and appliances produced by leading manufacturers. It
At the close of 1928 the company operated 61 stores. Current assets
opened its first store at 15 East 40th St., N. Y. City, where it is still located were 3775.071, of which $858,619 was In cash: current liabilities. $107.033.
after over 9 years of successful operation. During 1927 and 1928 the comPaul Dudley Childs of Childs. Jeffries & Co., has been elected to the
pany organized a chain of 7 retail stores operating exclusively in the New board of directors.
-V. 128. p. 743.
York metropolitan area.
sheet as of Dec. 31 1928, giving
-The accompanying balance
Assets.
National Supply Co. (Del.).
-To Redeem One-Half of
effect to the transactions therein enumerated,shows quick assets of 8704.937.
-The company has elected to
Earnings.
-Total sales for the calendar year 1928 are reported as $1.352,- Outstanding Preferred Stock.
income taxes estimated redeem on March 30 at 115 and dividends a total of 30,997
444. Net earnings for this period, after Federal
at $16,151 and eliminating non-recurring expenses and interest on bank
loans, were $118,447, equivalent to $1.91 per share on the common stock to shares of its 7% pref. stock (being one-half of the total outbe presently outstanding. The results of the organization of the chain standing amount). Payment will be made at the Bankers
of retail stores are reflected in its earnings for the first 5 months of its fiscal Trust Co., 16 Wall St., N. Y. City.
-V. 127, p. 3260.
year beginning Aug. 1 1928. Earnings for this period after Federal income
taxes estimated at $12,692, and eliminating non-recurring expenses and
National Surety Co.
-New Directors, &c.
interest on bank loans, were $93,079, equivalent to an annual rate of $3.60
Edward E. Jessup of Lee, Higginson & Co. and Ernest Woodruff.
per share on the common stock to be outstanding.
-it is the intention of the management to inaugurate dividends President of Piedmont Securities Corp. and director of Coca Cola Co.
Dividends.
and other large corporations, have been elected directors of the National
on the common stock early in 1929 at the annual rate of 31 a share.
Co.
Expansion Program.
-Company expects to double the number of stores Surety directors declared the 90th consecutive
The
quarterly dividend of $1.25
In operation during 1929, adding a new store as soon as its predecessor
estimated a share on the $50 par value capital stock. payable April 1 to holders of
Is on a paying basis. Through this expansion program. It is
-V. 128, P. 743.
that sales for the current year will run at least 50% ahead of those of 1928. record March I8.
Sales for January, 1929. are 76% ahead of the same month last year.
National Terminals Corp.
-Stocks Offered.
-Paul H.
Purpose.
-Of this issue ef 16,000 shares (with warrants) 5.960 are being
issued in exchange for all of the outstanding 8% preferred stock; the balance Davis & Co. and A. B. Leach & Co., Inc., are offering 52,000
is being issued to provide additional working capital.
units of stock at $39.25 per unit. Each unit consists of 1
Stock Purchase Warrants.
-Each share of no par value stock offered carries
with it 1 common stock purchase warrant of a total of 62.000 outstanding share of 7% cumul. cony, preferred stock and 1 share parentitling the holder to purchase 1 share of common stock for each warrant ticipating preference stock.
held between Mar. I 1929 and Mar. 11932. at the following prices: the first
Preferred stock is preferred as to dividends of $1.75 per annum, cumula31.000 warrants presented are exercisable at $28 per share; the second
tive. payable Q-F. Red, on any city. date at 830 per share plus diva.
31.000 warrants presents are exercisable at $36 per share.
A. S. AX bite, Vice-tresident of the City Cnancial Corp., has been elected Convertible share for share into participating preference stock. Participating preference stock has preference over common stock as to assets, and
a director to fill a vacancy.
-V. 128, p. 1242.
after allowance for preferred stock, as stated, is entitled to cumulative
-F. After payment to common
dividends of SI per annum, payable Q
National Aero Corp.
-Organized.
ed dividends theretofore
Announcement has been made of the formation of the corporation to stock of dividends in the aggregate amount of
participating preference stock
manufacture and sell the "Cameron" air-cooled aeronautical engine in a paid on participating preference stock, the stock as
a class in any further
shall as a class share equally with common
variety of models.
Financing is understood to be in prospect to provide funds for the ac- dividends as provided. Red. as a whole, but not in part, at $ 0 per share
quisition of the entire business and assets of a company of the name name until March 31 1935, at $35 per share thereafter, and (or) before March 31
formed two years acre to exploit this motor and also the entire capital 1940, and at $40 per share thereafter.
Company has agreed to pay such franchise taxes in Ohio as will, in the
stock of Murray & Tregurtha, Inc., enraged in the manufacture and sale
opinion of counsel, under the present Ohio statutes, exempt the holder
of marine and aviation motors for more than a quarter of a century.
At present the new company, it is said, will concentrate on the manu- from listing these stocks for taxation as personal property in Ohio. Divs.
facture and sale of a 100 lop, seven cylinder radial model and a 60-h.p. on this stock are exempt from the present normal Federal income tax.
Chicago. Registrar, Central
four cylinder in-line model, but plans call for the development at an early Transfer Agent, First Trust & Savings Bank, ChA
date of a 90-h.p. six-cylinder-in-line model and a 200-h.p.. 14-cylinder radial Trust Co. of Illinois.
rizm.Outstanding,
Capitalizationthe new company
model. These additional products, it is stated, will give
% gold bonds__ a$200 o.000 52:00 50. t .
52, 200 ssits.s. 31 9 a r
,
0
a power range which will meet the requirements of manufacturers of all let mtge. & coil, trust serial
types of aircraft from the small sport two-seater planes to the large transport 7% cumul. cony. pref. stock ($25 Par)
b130.000 shs. 52,000 shs.
Particip. preference stock (no par)
and commercial planes.
60.000 shs. 60.000 she.
The Murray & Trectutha plant at Atlantic, Mass., will be one of the Common stock (no par)
a $250,000 of original issue retired and canceled. b 52.000 shares reserved
two manufacturing units of the new company, the other being located at
Perth Amboy where, on or about April 1, next, modern factory buildings for conversion of preferred stock.
will be ready for occupancy having about 57,000 square feet of floor space. Data from Letter of Wm. J. Hogan, President of the Company.
Combined minimum capacity of the two plants is estimared at 3.000
Company.
-Will acquire and directly operate Interstate Termina
motors a year.
Warehouses, Inc., and subsidiaries including the properties heretofore
operated as Interstate Terminal Warehouses, Inc.. Cleveland, Ohio,
-Time Extended-Plan North Pier Terminal Co., in Chicago, East Chicago Dock Terminal Co.in
National BeIlas Hess Co., Inc.
East Chicago, Ind., and Indiana Refrigerating (Jo. of Indianapolis.
Declared Operative.
Assets.-13ased on appraisal of Day & Zinunermann, Inc., independent
-V. 128, p. 1243. 1067.
See Kinnear Stores Co., above.
engineers, the fixed properties of the company, and the properties and
leaseholds of its subsidiaries, have a depreciated valuation of $7, 48.163.
- After deducting funded debt there remains a depreciated property valua-Bonds Offered.
National Brick Co. of Laprairie Ltd.
share
Hanson Bros., Inc., Montreal, are offering at $100 and int. tion of $5.398.163, or an indicated value of over 3103 perfor thefor the 7%
cumulative convertible preferred stock. After allowance
preferred
$1,600,000 6% 1st mtge. sinking fund gold bonds (accom- stock at the redemption price of $30 per share, such property valuation
applicable to the participating preference stock amounts to over $73 per
panied by stock purchase options).
share.
Dated March 1 1929; due March 1 1949. Legal investment for life inEarnings.
-As certified by Arthur Andersen & CO. consolidated net
surance companies under the Insurance Act, Canada. Interest payable earnings of the constituent properties, after eliminating certain non'
M. &S. Prin. and int, payable at the Bank of Montreal. Montreal or recurring charges, (averaging 316,586 per annum) available for dividends
Canadian Gold Coin, or at the Agency of the Bank of Montreal after deducting interest on funded debt, depreciation and Federal taxes,
Toronto in
in New York in United States Gold Coin, or at the Bank of Montreal, have been as follows:
London, Eng.,at the fixed rate of $4.86 2-3 to the pound sterling. Dement, Year ending March 31 1927
$174,379
31,000 and $500 c*. Callable all or part, on 60 days' notice, on any int. Year ending March 31 1928
167.207
date at 105 and int. on or before March 1 1934, the premium thereafter 6 months to Sept. 30 1928
114,725
each 5 year period to 102 and int. during the last 5
decreasing I% during
Such net earnings as shown for the past 2).e years averaged 3182.525, or
years prior to maturity. Trustee: Royal Trust Co.. Montreal.
over twice the dividend requirement for the 7% cumulative convertible
apitaltzationmonths' period ended Sept. 30 1928 are at
6
$2,000.000 $1.600.000 preferred stock, and for theor over 2.5 times such dividend
6% 1st mtge. bonds
S229,450,
requirement.
1,750,000
1.669.800 the annual rate of dividend on 7% cumulative convertible preferred stock,
6% cumul. preferred shares (par 850)
After deducting
25.000 shs. 20,698 shs such net earnings for the past 2;i years averaged over $1.76 per share for
Common stock (no par value)
preference stock presently to be issued, and for the 6
Data from Letter of C. C. Ballantyne, Pres. of the Company. • the participating
months' period ending Sept. 30 1928 such net earnings are at the annual
Company.
-Company or its predecessor companies has been in operation rate of over 32.66 per shale for the participating preference stock.
since 1892 and is the largest manufacturer of brick (wire cut, face, pressed
In 1926 and part of 1927 operations in the Indiana Refrigerating plant
and common) in the Dominion of Canada. Its up to date plants, two units were curtailed in connection with installing new electric equipment displacof which are located at Deison Junction, Que. and two at Laprairie, Que., ing the less satisfactory steam driven plant, and East Chicago Dock
are equipped with modern brick making machinery and have a combined Terminal has only recently been completed. Therefore these two units
output of one hundred and twenty million bricks per annum. It is also a have not contributed substantially to the earnings as shown above, but
large and favorably known manufacturer of Terra Cotta Hollow Tile.
should now add materially to profits.
The company owns 1,000 acres of valuable shale and clay lands suitable
Purpose -Proceeds of the issue of 52,000 shares of 7% cumulative
for the manufacture of its products. It owns and operates its own railway convertible preferred stock and 52,000 shares of participating preference
for the transportation of raw material with direct rail connections with stock will be used for the acquisition of properties and assets of predecessor
a for
the Canadian National, Canadian Pacific and Delaware & Hudson.
nretired portion lf
company, the retirement in part of its funded debt the uio workin caion o.
t pita
Security.
-Bonds will be secured by a first and specific mortgage upon all which is assumed by the new company,
additions
the company's immovable property, present and future, and by a first
Listing.
-The participating preference stock is listed on the Chicago
floating charge on its other assets and its undertaking.
Stock Exchange.
Valuation.
-The depreciated value of the company's fixed assets as
Dtrectors.-Wm. J. Hogan. Chairman' IL A. Groff, Indianapolis,lad.
appraised by the Canadian Appraisal Co. plus subsequent additions, Herbert I. Markham, Geo. L. McCandless, Hamilton Allport, W. W.
amounts to $3,937,236. Net current assets of the company as per balance Huggett, E. A. Prey, Chicago; I. W. Sharp, A. B. Efroymson, Cleveland
sheet amount to $462,346. Total net assets of the company, exclusive of
good-will or other intangible assets, amount to $4,410,885 or $2,762 per
-Extra Dividend.
National Transit Co.
51.000 bond outstanding.
have declared an extra dividend of 25c.
Earnings -Net operating earnings of company and its completely owned to The directors quarterly dividend of 25c. per share per share in addition
on the outstanding
the regular
subsidiaries for the five years ending Feb. 28 1929 (Jan. and Feb. 1929 est.) capital stock (par 51.2.50). payable Mar. 15 to holders of record Feb. 28.
after all operating expenses, ordinary repairs and municipal taxes but before On June 15 an extra dividend of $7 per share was paid and on Mar. 15
depreciation have been as follows:
-Y. 127. p. 1114.
1928 an extra dividend of 50c. per share.
8251.183
$260,757 \1928
1925
308,201
-Split-Up Approved.New Jersey Zinc Co.
267,036 1929
1926
275.811
1927
At the annual meeting of the stockholders held Feb. 27 1929, the proposed
Sinking Fund.
-The trust deed providesfor annual sinkingfund payments, change from $100 to $25 in the par value of each share of the company's
the first payment to be made March 1 1931, equal to 2% of the par value capital stock was unanimously approved. This change was thereupon
of the maximum amount of bonds that have been at any time outstanding effected by an appropriate amendment of the company's certificate of
together with an amount equal to the interest on bonds retired through incorporation.
MAR. 21929.1
FINANCIAL CHRONICLE
With the unanimous approval of the stockholders the directors have by
resolution determined that any dividends declared after May 1 1929, upon
the stock of the company in so far as the same may be applicable to shares for
which such exchange of certificates has not been effected shall be withheld
in the treasury of the company until such exchange has been effected. It
is expected that the new permanent $25 par value certificates will ready for
Issuance approximately April 1 next at the rate of four new shares for one
-V. 128. p. 263, 1067.
of the old.
Neisner Bros., Inc., Rochester, N. Y.
-Earnings.
-
1413
Flying School. Inc., which has materially contributed to their profits,
training in 1928 some 304 students.
Company also has a plant located at Marshall, Mo., for the manufacture of airplanes, and has developed under the design of Walter H.
Baring a new plane to be known as the Barling NB-3. The new plan
has an all-metal structure and incorporates fully patented wing construction.
Company has exclusive manufacturing rights on the above in the United
States and expects to be in production shortly. The Barling NB-3 plane
will sell for approximately $3,600 retail, being the only all-metal structure
three-place job in the United States selling for less than $10,000.
CapitalizationAuthorized.
Outstanding.
Capital stock ($5 par)
300.000 she.
100.000 shs.
Directors.
-Russell Nicholas (Pres.), Howard Beasley (Sec.), Cary
Huston. C. M. Buckner Jr., Albert M. Keller, Sidney Maestro, Lewis D.
Dozier Jr.
-Company has shown a very substantial growth, commencing
Earnings.
business in 1923 with 525.000 capital. The earnings as certified to by
Price, Waterhouse & Co. are as follows:
Year ended Jan. 10 1928
8102.047
Year ended Jan. 10 1929
224.304
-Application will be made to list this stock on the St. Louis
Listing.
Stock Exchange and the New York Curb Market.
Calendar Years1927.
1928.
1026.
1925.
Net sales
$10,292,130 $6,477,100 $4,497,208 $2,695.697
Net profit after taxes,&c a779,698
458.590
292,618
218.035
Preferred dividends_ _ _ _
142.000
70,000
54,296
19,582
lucerne
Net
3637,698
5388.590
5238.321
$198.453
Shs.com.stock outstand.
125,000
100,000
80,000
80,000
Earns. per sh. on cam_
$5.10
$3.88
$2.98
$2.48
a Reserve for Federal taxes in 1928 amounted to 5125,000 in 1927 to
575.000.
Balance Sheet Dec. 31.
AssetsLiabgirtes1927.
1928.
1928.
1927.
Furn. & fixtures
tecounts payable_} $176,1735 328.263
(less deprec)__. $902.670 S589.787 Due empl. bonuses
Nichols & Shepard Co.
-Consolidation.
I.
60.267
Invest. in leaseh'ds
1,362.321 Res. for Fed. taxes
See Oliver Farms Equipment Co. below.
-V. 128. p. 1067.
Other investments
45,000
& Ins
168.658
78.820
Cash
2.549.337 1,306.283 7% cumul. cony.
North American Investment Corp.
-Rights.
Acc'ts receivable.21.280
44.908
pref. stock
The directors have extended to all owners of 6% and 514% p-et.
2.500.000 2.500.000
Life Ins, cash value
18.619 Corn. stk. & surp.a2,286,112 1,668,089 of record March 15 1929. the right to subscribe at $90 per stock
21.670
share
Inventory
1,421.663
772,937
to an additional Issue of 5.14% pref. stock at the rate of 14 of a share for
Prepaid rent to be
each share of 6% pref. stock and (or) 534% pref. stock owned by the
applied to 1928_
21.275
stockholders on that date. This offer will remain open until the close of
Other assets
130.257
business April 10 1929.
Deferred charges- 145.694
102.674 Total(each side)$5.130.943 34.325,439
Payments for the stock subscribed may be made either in full with subscription, not later than April 10 or at the option of the subscriber, paya Represented by 125.000 shares, no par value.
-V. 128. P. 903,
ments may be made in 3 Installments of $30 per share on or before April 10,
and Oct. 10 1929.
New Orleans Pontchartrain Bridge Co.
-Receivership, July 10company, upon request, will
The
and sell
&c.
-Peabody, Smith & Co., Inc. in a letter to security count of stockholders their fractional arrange to purchase available for acwarrants on the best
terms.
These transactions can also be made through stock-brokerage houses in
holders of the company dated Feb. 14 says:
-V. 128. D. 1243.
This company has encountered a series of unforseen difficulties since the San Francisco.
bridge was opened for traffic on Feb. 18 1928. As it is one of the meet
Northern Manufacturing Co.
remarkable structures of its kind in the world, apart from being the fi at
-1929 Pref. Dividends.
highway bridge across Lake Pontchartrain and further because it afforos
On Feb. 20th, the directors declared a quarterly dividend of 19c. per
a much shorter route from New Orleans to the north than any other practical share on the outstanding preference stock to stockholders of record Feb.
route, it seemed destined to be successful from the start.
23 1929. and at the same time they have set aside a fund to cover the entire
Unfortunately, political agitation in Louisiana in favor of free hiehway cumulative dividends on the preference stock for the ye-sr of 1929.
bridges to be constructed at Chef Menteur and The Rigolets handicapped
In order to facilitate bookkeeping the quarterly dividend will be paid
the prospects of the bridge almost from the time it was opened. The State as follows: 19c. per share on each of the following dates; March 1, June 1,
of Louisiana established a system of free ferries along the route of the Sept. 1 and Dec. 11929.
proposed new free bridges, notwithstanding the fact that the State itself
E. A. Tracey is Vice-President.
was receiving 10c. of the toll from each car crossing the New Orleans Pontchartrain Bridge.
Northwest Bancorporation.
-Stock Offered.
-The MinIt Is significant in this connection that with more than 100 ferries operating in the State of Louisiana, no others permit free transportatoin through nesota Co., Minneapolis, are offering 100,000 shares common
such a State subsidy. This competition was not only manifestly unfair stock (par $50) at $50.35 per share.
and discriminatory, but we understand that the maintenance of the free
The Minnesota Loan & Trust Co. transfer agent; The Northwestern
ferries is costing the State approximately $100.000 annually.
Aside from these direct handicaps, the company was taxed last year by National Bank of Minneapolis, Minn., registrar.
Capitalize/Jan.-Authorized $75,000,000 (Par $50).
the State. Parish and City, to the extent of approximately $87.000. As a
Company.
-A Delaware corporation, organized to acquire interesta in
result of these and other adverse factors, revenues of the New Orleans banks,
trust companies and other financial institutions in the Northwest,
Pontchartrain Bridge have oeen insufficient to cover interest charges' on with
the belief that through uniting resources and endeavors the member
the first mortgage bends.
During the year. repeated efforts have been made to correct the situation institutions can increase the service rendered to their respective communities
through meetings between the bankers and various State officials. More and the entire territory.addition to the stock now
-In
being sold, arrangements
Exchange of Stock.
recently, a committee, composed of representatives of the bankers, visited
New Orleans and consulted with the Governor of Louisiana and with various have been completed to exchange Northwest Bancorporation stock for
controlling interests in the following banks and trust companies of the
nfluential citizens.
Within a short time you will be advised of the formation of two bond- Northwest:
Notthwestern National Bank, MinneapolisMinn. (and affiliated banks):
holders protective committees, one of which will represent the holders of
the $3,500,000 first mortgage 7% bonds, and the other, the holers of Minnesota Loan & Trust Co.. Minneapolis, Minn.; First National Bank,
She $2,000.000 7% debentures. Your cooperation with either of these Mason City. in.; First National Bank & Trust Co.. Fargo, N. D.; National
committees will be of material value in their effort to unravel the present Bank of LaCrosse, LaCrosse, Wis.; First National Bank, Lead. S. D.: First
National Bank, Deadwood, S. D.; Security National Bank. Faribault,
unfortunate situation.
Judge Borah, of the United States District Court. Eastern Division of Minn.
Earnings.
-The earnings of each of the above named banks and trust
Louisiana, on Feb. 3 1929. appointed, as receiver of the company J. W.
Smither of New Orleans. We believe that this receivership is entirely companies for the year 1928 were in excess of two times dividend requirefriendly to the security holders, and that its operations will be conducted ment on the stock of Northwest Bancorporation to be Issued in exchange
economically. The Court has appointed as attorney for the receiver, therefor.
Purpose.
-Out of the proceeds of the sale of the 55.000.000 of stock now
Messrs. Monroe and Lehmann of New Orleans.
being offered, capital will be furnished for a Securities Company which
The State of Louisiana has committed its taxpayers to the heavy
of constructin a highway and bridges through Chef Menteur and cost will engage in the origination and distribution of investment securities.
The
Rigolets. which we believe to be a duplication of facilities. This economic The balance of the proceeds will be used in acquiring stock in other financial
waste was not anticipated. This together with the operation of the free institutions in the Northwest, and for other corporate purposes.
Diridends.-It is planned to put the stock on an annual dividend basis of
ferries has been fundamentally responsible for the difficulties of the New
$1.80 per share, payable at the rate of 45c. per quarter.
Orleans Pontchartrain Bridge Co. We are nevertheless hopeful that
Management.
-The officers and directors ofthe Northwest Bancorporation
time goes by. with a clearer comprehension of the situation on the part as
of
the State, and with the natural development of the territory, its traffic will consist of a group of men who are in intimate contact with conditions
and its good roads, the New Orleans Pontchartrain Bridge will be able to throughout the Northwest and who for many years have been identified
with the banking, Industrial and agricultural resources of this territory,
solve its present problem.
The bankers and the board of directors will co-operate with the security
-Register.
holders, and are making a strong effort to create a more friendly attitude
Nye Odorless Incinerator Corp.
on the part of the State administration. It is hoped that some definite
The Chase National Bank has been appointed registrar for 20.000 shares
Improvement will be accomplished.
of class A stock, no par value. and 89.000 shares class B stock, no par value.
Balance Sheet, Dec. 31 1928.
Assets
Liabilities
Property: bridge & equipment $4.997.380 Capital stock (110,000 she.,
Cash
no par)
11,021
$183.403
Miseel. accounts receivable._
1,601 1st mtge. sink. fund, 7%
3.500.000
Cash on deposit with paying
15-year 7% debentures
2,050,000
agents tor payment of couVouchers payable
4,849
pon interest matured on
Coupon int. due on bonds de
bonds and debentures
debentures
0,283
6.283
Defe.red Debits:
Accr. int. on fund. debt
129.500
Shell stock (est.)
783 Accr. Int. on unfunded debt_
631
Stationery stock (eat.).-190 Accr. property taxes
32,937
Special deposit for electric
Due to contractors
67.092
service
855 Deferred credits
68
Prepaid ins. & licensee
4,725 Corporate deficit
226,746
Miscellaneous
33
Unamort. disc. & exp. on
funded debt issues
Total (each side)
725,269
$5,748,018
-V. 123. P. 1641.
-Bonds Offered.-Blyth &
Ocean Center Building Co.
Co. recently offered $1,100,000 1st (closed) mtge. OM
sinking fund gold bonds at 98 and'int.
Dated Nov. 11928: due Nov. 1 1948. Int. payable M. & N.. without
deduction for normal Federal income tax not in exam of 2%. Denom.
$1.000 and $500. c5 Prin. and int, payable at Los Angeles-First National
.
Trust & Savings Bank. Los Angeles, trustee. Red. all or part on any int.
date on 30 days' notice at 103 and interest. Exempt from Calif. personal
property tax.
-Organized in Delaware for the purpose of erecting and operCompany.
ating a modern store and office building, on property owned in fee by the
company at the southwest corner of Pine Avenue and Ocean Boulevard,
Long Beach, Calif. The site is in the heart of the business district.
The building to be erected will cover the entire property. The construction will be of class A reinforced concrete. The central portion will be
14 stories in height, with shops on the lower three floors having street
frontage of approximately 675 feet, garage space on two floors, and offices
in the balance of the building. The building has approximately 114.000
square feet of rentable area, and the garage will have space for approxNew York & London Management Co., Ltd.
cars.
-Dividend imately 130-Corporation
Date Corrected.
Earnings.
will contract with the Roy C. Seeley CO..
-realtors, to take charge of leasing and management of the building. This
The initial quarterly dividend of 75 cents per share on the $50 par
company's estimate of earnings after completion, on a conservative basis.
preferred stock announced last week as payable to holders of record value shows
a net operating revenue, after allowance for operating expenses and
Feb.
19, Is payable on March 1 and not April 1 as previously
reported. See vacancies, of over $140,000. On the basis of this estimate, the maximum
V. 128, p. 1243.
bond Inter st will be earned over 1.9 times.
Sinking Fund.
-Indenture provides that commencing Dec. 15 1932, and
Nicholas-Beazley Airplane Co., Inc.
-Stock Offered.
- quarterly thereafter, the company will pay into the sinking fund a total
Paul Brown & Co., Oliver J. Anderson & Co., Kni.:ht, minimum sum sufficient to retire $327.000 par value of bonds prior to
maturity. The indenture provides further that in event the earned surplus
Dysart & Gamble and Mark C. Steinberg & Co., St.
is sufficient, the company shall each year, beginning March, 1934, pay to
are offering 40,000 shares capital stock at $20.50 per Louis, the sinking fund amounts which will retire prior to maturity an additional
share. $300,500 par value of bonds.
Transfer agent, Mercantile Trust Co., St.
Louis. Registrar, Mercantile
Trust Co., St. Louis.
-Report.
Ohio Brass Co.
Data from Letter of Russell Nicholas, President
1928.
Calendar Years1927.
1926.
1925.
of the Company,
Company.
52,002.058 $2,506,455 $2,501,657 $2,200,151
-Organized in the fall of 1926. succeeding a
Net profit
the same name, which was formed in 1923. Company partnership of
Consolidated Balance Sheet Dec. 31.
is the largest
airplane supply company in the country,
doing direct business with most
1927.
1928.
1928.
1927.
of the big manufacturers and flying schools,
Liabilities$
$
Assets$
$
order business with the private owners of and also doing a large mailplanes. Company represent Mfg, plants & eq__ 4,574,995 4.647.899 Preferred stock.- 2.000.000 2,100,000
exclusively a number of manufacturers
of various Parts going into the Cash
1,086,462 1,208,899 Corn. stk. (no par
manufacture of planes,together with pilot
and war-time
347.534
It has authorized representatives who areequipmentthe exclusive material. Marketable secure. 2.651,921 1,824.180 Accounts shares). 8,851,327 9,030,908
206,980
known as
payable_ 281,714
Nicholas- Notes receivable_ 154,165
459.250
Beszley representatives in California,
eastern Canada,
1,333.443 1,447,915 Reserve for taxes- 250,000
370.000
City, Texas, Kansas City, and Mxeico. Company Detroit. New York Accts.receivable 2.046,448 2,624.286 Reserve for dive_
is under negotiations Inventory
464.393
to appoint six other companies located in different
parts of the country
as agents. A separate export department
Total
11,847,434 11,960.159
Total
11,847,434 11,960.159
selling all over the world. Besides this, theis now operating profitably,
company owns the Marshall -V. 126, p. 1996.
1414
[VOL. 128.
FINANCIAL CHRONICLE
Pennsylvania Salt Mfg. Co.
-Complaint Dismissed.
Ocean Steamship Co. of Savannah.
-New President.
The Federal Trade Commission announces dismisal of a complaint
A. E. Clift has been elected President, with headquarters at Savannah,
charging the company with acquiring stock of a competitor. the Michigan
Ga.. succeeding J. J. Pelley, resigned.
-V. 116, p. 2775.
Electrochemical Co. of Menominee. Mich., in violation of Section 7 of the
-F. 127. P. 1959.
- Clayton Act.
Oliver Farms Equipment Co.-Pref. Stock Sold.
The National City Co. has sold at $100 a share 200,000
shares no par value prior preferred stock, series A (with
stock purchase warrants).
Phelps Dodge Corp.
-Capitalization Changed.
-
The stockholders on Feb. 25 voted to change the authorized capital stock
from 500,000 shares, par $100, to 2.000,000 shares. par 325.-V. 128, p.
1069.
The prior preferred stock, series "A" will be entitled to cumulative diva.
at the rate of $6 a share per annum, payable Q.
-J. Dividends on this issue
Pittsburgh Terminal Coal Corp.(& Subs.).
-Report.
will accumulate from April 1 1929. Dividends exempt from the present
Calendar Years1927.
1928.
1925.
1926.
normal Federal income tax. Red. all or part, on any div. date. upon 30 Gross inc.from all sources86,019,144 $5,286,833
$10,151,293 $8,819,002
days' notice, at $107.50 a share and dive. In any voluntary distribution of
capital assets, entitled to $107.50 a share and div. In any involuntary dis- Oper. cost,selling & gen.
expenses & taxes
7,187,246
tribution of capital assets, entitled to $100 a share and diva. Transfer Deplet.,amort.& deprec 5,934,223 5,410,172 8,366,731
800,771
652,141
1,151,480 1.105,652
agents: National City Bank. New York,and National Bank of the Republic, Interact,
178,161
192,214
177,152
191,659
Chicago. Registrars, Farmers' Loan & Trust Co., New York, and First Prov. for mortgages,,kcFed. taxes
19.100
78,156
Trust & Savings Bank, Chicago.
Stock Purchase Warrants.
-Each share of prior preferred stock, series
Net income
def$893.003 def$953,641
$314,790
$363,266
"A," upon original issuance, will be accompanied by a detachable stock Surplus Jan, 1
1,678,075 2,714,948 2.657.043 2,621.807
purchase warrant entitling the holder thereof to purchase common stock
1,433
200
on or prior to April 1 1934, at the rate of 1 Yi shares of common stock at Profit and loss creditof one
$80 a share; or thereafter, on or prior to April 1 1939, at the rate
Gross surplus
8786,505 31,761,307 $3,020,309 $2,936.798
share of common stock at $100 a share.
34.427
215.039
232,005
Authorized. Outstanding. Divs, on pref. stock__
Capitalization30,391
48,804
90,323
47,749
300.000 shs. 200,000 shs. Miscellaneous deduct'ns
Prior preferred stock (no par value)
Convertible participating stock (no par value) x- 750.000 shs. 500.000 shs.
Surplus Dec. 31
$756,114 $1,678,076 $2,714.948 $2,657,043
350,000 shs. Shares of corn.stock
y2,000.000 shs.
Common stock (no par value)
outx The convertible partic. stock is to be entitled to dividends (cumul.
120,000
120,000
120.000
standing
120,000
from April 11929) at the rate of $3 a share per annum subject to the prior Earned per (par $100)-Nil
Nil
$1.24
sh. on corn.$0.69
rights of the prior preferred stock. In any year, after $3 a share has been -V. 127, p. 1116.
paid on the common stock, the convertible partic. stock is to share ratably
distributions until an
(share for share) with the common stock in further
-Acquisition.
Polymet Manufacturing Corp.
additional $1 a share has been paid on the convertible partic. stock. The
The Corporation has acquired the Strand & Sweet Co.of Winsted, Conn..
convertible partic. stock is to be entitled to receive $80 a share in any
manufacturers of enameled ware, it is announced by Secretary Nat C.
distribution of capital assets, subject to the prior rights of the prior pref.
stock, and is to be convertible, at any time, share for share, into common Greene. This Is the second productive unit to be acquired by the corporastock. y Including 250,000 shares reserved to provide for exercise of tion within the last 60 days. approximately 50c a share
Earnings in January were
after taxes, on the
warrants issued with the 200,000 shares of prior preferred stock series "A";
-V.128, p. 264.
750,000 shares reserved to provide for conversion of the authorized number 45,000 shares outstanding, it is stated.
reserved to provide
of shares of convertible partic. stock: 150,000 shares
Porto Rican American Tobacco Co.
-Annual Report.
for exercise of certain options; and 500.000 shares reserved for issuance for
1928.
Calendar Ye rs
1927.
1926.
,
1925.
future corporate purposes.
Gross profits on sales.- $852.668
$1,032,173 $1,334,730
Data from Letter of Joseph D.Olivetr, Chairman of the Company.
699,114
Not
854,860
877,575
Company.-Incorp. in Delaware to acquire the business and properties General expenses, &c
Avail.
of Oliver Chilled Plow Works, Nichols & Shepard Co. and Hart-Parr Co.
$153,554
Operating profit
$177.313
$457,155
These concerns have been pioneers in the agricultural equipment industry, Other income
a1,000,000
227,035
157,661
the business of Oliver Chilled Plow Works having been established originally
in 1855, that of Nichols & Shepard Co. in 1848. and that of Hart-Parr Co.
$1,153.554 x$1,111,803
$404,348
$614,816
Total income
in 1897.
y502.533
241,528
297,686
Interest, taxes, &c
y537,831
The products manufactured comprise practically a complete line of farm
equipment. Insofar as the line of products is not complete, the company
$615,722
$609,270
$162,820
$317,130
Net profit
proposes to make such additions as may be desired. Dealer and agency Class A diva
534,846
178.282
connections are already established in all agricultural countries of the
world. The manufacturing plants are located at South Bend, Ind., Battle
$74,424
$182,820
$317,130
$437,440
Surplus
Creek, Mch.. and Charles City, Ia. The properties ar modern, well Shs.cl. A stk. outstand'g b101,875
6101.875
c63,155
c63.155
equipped, adaptable to economical manufacture and may be extended Earned per share
$2.58
$5.02
$5.98
$6.04
readily to meet the requirements of increased sales volume.
Co., Inc. b Shares of class A com.
a Dividends from Congress
cony. partic. stock, stock (7% cumul.) par $100. Cigar
Purpose.
-The prior preferred stock, series "A." the
c Capita] stock of $100 par. The stockand the common stock are being issued in connection with the acquisition holders in March 1927 charged the old capital stock from 100,000 shares
of the business and properties of the predecessor companies, and to pro- of $100 par value to 150,000 shares of 7% cumul. class A corn. (par $100)
vide additional working capital. Substantially the entire amounts of cony. each old share being exchanged for a share of class A stock. In addition
partic. stock and common stock will be distributed to the stockholders of an issue of 150.000 shares of class B com. stock (no par value) was created.
the predecessor companies.
x Includes $332,773 partial enhancement of Congress Cigar Co. stock.
Listing.
-Application will be made to list the prior preferred stock, series y Includes int. and proportion of dtsct. on the 6% bonds issued in 1927.
"A," the convertible panic. stock, and the common stock on the New
Consolidated Balance Sheet Dec. 31.
York Stock Exchange.
Earnings
.-The following tabulation shows the combined net sales,
1928.
1927.
1927.
1928.
depreciation charged and net Income available for dividends of the proLiabilities$
$
Assets$
$
perties and businesses to be acquired by Oliver Farm Equipment Co. Land, buildings,
Class A corn. stk--10,187,550 10,187,550
The net income available for dividends has been calculated by eliminating
machinery. &c.... y982.383 1,061,904 Class B corn. stk--x2,081,000 2,061.000
interest charges and Federal Income taxes of the predecessor companies and Inventory
6,993
6.993
2,729,931 3,591,781 Scrip
by deducting Federal income taxes at the present rate of 12% per annum.
Accts.& notes rec. 1,319,402 1,422,584 6% bonds
7,087,000 7,991,000
1928.
1927.
Calendar YearsCash
250,000
1926.
1925.
534,872
379,009 Notes payableNet sales
282,737
$19,593.340 $20,481,290 $22.059.357 $24.494,062 Stock of Congress
Accounts payable- 300,084
595.115
591.473
Depreciation charged.._
613.461
178,282
609,216
Cigar Co., Inc 13,150,000 13,000,000 Dividends payable 178.282
1.598.914 1,565,007 2.361.782 3.094.478 Inv. in other cos
Net avail,for diva
605.607
496.358 Accrued Interest,
282,411
313,988
The net Income available for dividends for the year ended Dec. 311928. Good-will, &c_ _
1,500,000 1,500,000 taxes, &a
779,491
as shown above, amounted to $3,094,478, equivalent to more than 2.1i Deferred charges
1,218,932
579,405 Surplus
498.055
times the annual dividend requirements on the 200.000 shares of prior
21,320,253 22,031,041
preferred stock,series "A," to be presently outstanding.
Total
Total
21,320,253 22,031,041
It is estimated that under combined operation the sales and net income
x Represented by 82,440 shares of no par value. y After depreciation
of the company will be substantially increased.
of 3670,663.-V. 127, p. 3261.
Pro Forma Consolidated Balance Sheet Dec. 31 1928.
-Earnings.
Prairie Pipe Line Co.
Liabilities
Assets
$2,138,985
1925.
1926.
1927.
Cash and cash resources
$0,075,834 Accounts payable
Calendar Yearsx1928.
467,312 Net income
318.327.712 $14,446,788 $15,228,807
14,074,494 Accrued items
$19.786.613
Notes & accounts
331,413 Dividends
6.480,000
10,530,000 8,100,000 6,480,000
Inventories
9,149,497 Reserve for income taxes
208,813
Land, buildings & equipment 9,612,892 Reserve for Insurance,&c.--4,000
Surplus
Install,cont. on real est.sold_
$9,256,613 $10,227,712 $7,966,788 $8,748,607
421,357 Sub.co.stk., held by others
a39,748,940 Shares of capital stock
Investments
146,381 Capital stock & surplus
810,000
810.000
810,000
810,000
Prepaid Interest, Insur., &c
outstanding (par $100)
99,941
$22.62
$17.84
$18.80
$24.24
Earns.per sh.on cap. stk.
Patents, &c
1
x Including earnings of Pure 011 Pipe Line Co.of Texas.
Deferred charges
319,266
$42,899,463
Consolidated Balance Shea Dec. 31.
Total
$42,899,463 Total
x1928.
1927.
1927.
x1928.
a Represented by prior pref. stock, 200,000 shares of series "A"; cony,
Liabilities$
$
Assets$
$
partic. stock, 500,000 shares, and common stock, 350,000 shares, and
105,784,912 95.968,509 Capital stock... 81,000,000 81,000.000
Property
surplus at organization.
7.703,807 Cur.liabilities418,695 2,392,747
Note.
-The foregoing balance sheet assumes (a) exercise of the warrants Stk.in Mill. cos.
for
outstanding at Dec. 31 1928 for the purchase of 17,970 shares of common Current assets... 69,140,462 58,397.264 Res, for taxes_ _ 3,356,414 3,366,542
58.732 Res.
deprec. 38,323,589 33,857,700
67,370
stock of the Nichols & Shepard Co.; (b) conversion of the entire issue of Deferred assets_
20,565
889,482
782.436 Unadj. credits__
21,899
cumul. pref. stock of Hart-Parr Co.. into common stock of that company UnadJ. debits..
Surplus
52,762,962 42,271,858
311928. for the purchase
and exercise of the warrants outstanding at Dec.
of 380 shares of common stock of Hart-Parr Co., and (c) redemption on
Total
175,882,226 162,910,749 Total
175,882,226 162,910,749
Feb. 1 1929, of the 6% cony. notes and redemption of the entire issue of
-V.128, p. 1069.
x Including Pure 011 Pipe Line Co. of Texas.
7% cumul. preferred stock of Nichols & Shepard Co.
Parke, Davis & Co.
-Extra Dividend of 10c.
The directors have declared an extra dividend of 10c. per share and the
regular quarterly of 25c. per share, both payable March 31 to holders of
record March 18. An extra dividend of 35c. per share was paid on Jan. 2,
while in each of the preceding 3 quarters a special dividend of 10c. per.share
was paid.
-V.128, p. 1068.
Pathe Exchange, Inc.
-Debentures Called.
Certain outstanding 10
-year 7% sinking fund gold debentures, due May 1
1937, aggregating $79,000. have been called for redemption May 1 next at
109 and int. Payment will be made at the office of Blair & Co., Inc., 24
Broad St., N. Y. City.
-V. 128, p. 574.
-Annual Report.
Prairie Oil & Gas Co.
1928.
1927.
1926.
$
118.1,428 118,519,227 147,518,768
Gross income
Cost of crude & oper.& gen. exps_ --- 90,977,779 99,456,743 119,456,448
Calendar Years-
Net operating income
Interest & discount earnings
Miscellaneous other income
Gross income
Taxes(other than income)
Interest on current debt
(D.) Pender Grocery Co.
Development (drilling, &c.)
-Extra Class "B" Dividend.
The directors have declared an extra dividend of 25c. a share on the Cancelled & surrendered leases
class B stock in addition to the regular quarterly dividend of 25c. a share, Rentals (unoperated)
both payable Apr. 1 to holders of record Mar. 15. Like amounts were Other deductions
Depletion St depreciation
paid on this Issue since and including April 1 1928.
Prescott Bigelow of Hayden, Stone & Co., and Scott Allen, President of Federalincome taxes
the Southern Grocery Stores, Inc., both directors of the latter concern,
and Ralph Earle, of Schuyler & Earle of New York, have been elected
Net earnings
directors.
-V. 128, p. 904.
Dividends earned
Premium on sale ofstock
(J. C.) Penney Co., Inc.
-Larger Common Div., &c.
27,231,649 19,062,483 28,092,320
627,971
849,007
523,567
725,157
904,595
563,399
28,584,777 20,816,085 29,179,286
1,731,654 1,700.520
1,450,680
963,908 1,111,293
157,881
4,469.062 7.326.597 3,398,529
1,740.737 1,335,221
793.805
364.323
500,940
362,541
2,329 Or.279,780
71,787
8,075,464 7,879,648 5,301,739
699,869
60,650 2.126,703
10,537,431
4,167
172,644
1,170,993 15,515.619
1,185,068
311,866
323,161
134.883
An annual dividend of $7 per share has been declared on the common
10,714,241
Total surplus
2,679,222 15,962,367
stock payable March 13 to holders of record March 7. Last year (on Dividends paid
3,612,098 3,606,456
March 19 1928) an annual distribution of $6 per share was made on this Adjust., applic. to prior yrs.' res. &
issue.
11,904
91,586
taxes
829,010
The company has acquired the J. B. Byars Co. and the J. N.McCracken
Co., which operate 117 "Golden Rule" stores throughout the West.
10,702,337 def1,024,462 11,526,901
Balance
89,937,701 90,962,163 79,435,262
The purchase of the Byars company carries with it control of the W. J. Previous surplus
Lindsay Co., purchased recently by Byars. With these chains, the total
number of the J. C. Penney stores is 1,212. Sales of the acquired groups
Totalsurplus
100.640,038 899,937,701 90,962,163
Barns per share on capital stock
54.37
$1.11
in 1928 were approximately 38,000,000.-V. 128, p. 904.
$6.65
FINANCIAL CHRONICLE
MAR. 2 1929.]
Assets
Fixed assets
Bills receivable
Investments
Cash
Accounts receivable-Inventories
Balance Sheet Dec. 31.
1927.
1926.
1928.
$47,703,596 $50,297,501 $44,055,835
5.572,000 3,216,561
260.000
21.171,361 20,934,722 21.987,103
2.492,039 1,057,383 2,433.273
16.327,352 19.798,706 19.974,178
86,799,720 91,019,054 79.261,239
1925.
$34,953,011
260,000
23,500,754
4,517,710
19,102,068
72,090.553
Total
1180.066,0701186,323,925$167,971,6291154,424,096
Liabilities
Capital stock
$60,175,000 $60,175.000 $60.000,000 $60,000,000
Cap,sold to employees
479,525
304.600
157,300
40,125
Current liabilities
18,771.507 35.906,624 16,852.166 14,948,709
Profit&losssurplus----100,640,038 89,937,701 90.962,163 79,435,263
Total
-V.127.p.3717.
1180,066,0701186.323.9251167,971,6291154,424,096
Pressed Steel Car Co.
-Annual Report.
-
Calendar YearsOper. profit after taxesOther income_ x
Federal tax refund
1928.
1927.
1926.
1925.
$68,531 $1,215,756 loss$275.626 $1,006,345
156,289
101,187
121.180
526,290
397.171
Total income
Maintenance
Depreciation,&c
$621,991 $1,316,943 loss$154,446 $1,532,635
179,805
466,226
266.357
293,586
292,733
311,503
200.000
300,000
Net income
Divs, pert, stock
$149,452
1,040,959
$539,213 def.$620,801
$939,049
1,045,506
y113.335 (7)875.000
Balance, surplus
def$891,507 def.$506,293 def$734.138
$64,049
Previous surplus
16,726,237 16,432.529 14,286.478 14.222,429
Conting.rec. acct. transf
800,000
Total surplus
$15,834,730 $16,726.236 z$16334,548 $14.286,478
Earn, per share on corn_
Nil
Nil
Nil
$0.52
x After deducting interest charges. y In addition $875,000 was charged
against reserve set up in 1925 for payment of preferred dividends in 1926.
z The profit and loss account for 1926 follows: Deficit for year
1926,
$734.138: previous surplus. $14,286,478: surplus and undivided profits of
Western Steel Car & Foundry Co. at April 11926. $1,278,917 (see merger
plan in V. 122, p. 623); net surplus from revaluation of assets,
$4,003,291;
total, $18,834,548; preferred stock issuable upon exchange of old common
stock,$2,500,000 surplus and undivided profits. Dec. 311926.$16.334,548.
F. N. Hoffstot, Pres., Feb. 20, said in part:
Notwithstanding the agreement of the interests referred
annual report to use their best efforts to carry into effect to in the last
their plan of
recapitalization, also referi ed to in that report, and to procure the exchange
of outstanding 10
-year 5% convertible gold bonds, due Jan. 1 1933, of
your company, for new 15
-year 5% convertible gold debentures, due Jan.
1 1913, and shares of the no par value common stock, of your company,only
$298,000 face amount of said bonds were exchanged pursuant to said agreement.
During the year $183,000 face amount additional of said bonds
exchanged for debentures and common stock after the expiration of were
said
agreement, and $480,000 face amount additional of said bonds were converted into common stock.
Through the above exchanges and conversion, the amount of the outstanding bonds due 1953 has been reduced from $6,000,000 to $5,039.000.
The new debentures have been listed on the New 'York Curb Market. so
they can be dealt in, and the date for exchanging bonds for debentures and
common stock, at the rate of $1,000 face amount of debentures and 3
shares of common stock for each $1,000 face amount of bonds, has been
extended to Dec. 31 1929.
The second portion of the plan, namely, of offering $3,750,000 of new
debentures, together with 11,250 shares of new common stock, first to
holders of common stock for subscription, and second to holders of the
preferred stook in exchange for 25% of their holdings, cannot
into
operation until all of the outstanding issue of bonds due 1933be putbeen
have
retired.
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
Assets
$
$
Liabilities3
$
Plant, equipment,
Common stock-y13.549,500 12,500.000
&c
x38,961,495 38,601,827 Preferred stock-14.430,500 15,000.000
Securities & stocks
Mortgages
195,296
195,296
owned
3,321,802 2,734,154 Stock of sub.co.__
23,500
41,000
Notes & acc'ts rec.
from subsidiaries 998,335 1,403,218 5% bonds 1933_ 5,039,000 6,000,000
15-year 5% cony.
Cash
827,004 1,640,226 gold debentures_ 481,000
Secured loans_ _ _ 3,000,000 1,900,000 Equip, trust
ctts-Notes receivable... 737,452 1,078,444 Bankers accept... 1,140,000
1,145,752
Unmet. accts. rec. 1,423,511
III. Car & Eq. bds. 411,000
411,000
Acc'ts receivable 2,940,052 4,138,955 Equip.7% g. notes 437,000
657,000
Inventories
3,056,320 2,942,548 Accounts payable_ 2,930.413 2,834.959
Prepaid expenses_ 351,721
819,499 Notes payable
893,379
Surplus & profits_15,834,730 16.726,236
•
Total
55,617,692 55.258,872 Total
55,617,692 55,258.872
x Includes $38,601,827 for plant, land, bldgs., equip. and franchises
Jan. 11928: additions and bettennents during 1928,$652,401, less $292.733
for depreciation, obsolescence, &c., charged off at close of year. y Represented by 389,604 shares (no par value)
.-V. 127. p. 2972.
Proctor & Gamble
-Initial Dividend,
1415
Earnings for 3 Months Ended Dec. 31.
1928.
1927.
Net income from operation
13,798,038 $1,937,301
Depreciation & depletion, &c
1.209,469
533,157
Interest charges
193,433
75,686
Provision for Federal income tax
150,000
50,000
Net income
$2.362,883 $1,160.711
Earns, per sh.on corn.stk
$1.16
$0.90
Consolidated Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
AssetsLiabilities
$
$
Plant, prof. &eq-58,264,492 48,754.245 Preferred stock.._ 9,997,500 6,458.500
,
317,105 Common stock_ _47,178,081 29,232,325
Prepaid expenses_ 448,405
Sundry inv.& adv. 806,926
317,860 1st M.gold bonds- 356,000
Empl. stk. subscr_
645.968 Cony, gold notes- 4,752,793
Cap. stk of PanFunded debt
13,077,000
Purch. money. &c.
Amer. West..__x9,950,447
Cash
6,194,707 1,085,224 deferred Habits_ 1,967,697'471,982
Notes,accts. Sr sec.
Curr. purch. obits_ 652,584
337,496
rec, net of res.). 4,432,579 3,513,177 Notes payable_
1,288,221
3,880,297 5,201,341 Acc'ts payable-- 4,201,955 2,829,031
Inventories
Salaries, Int., &c.,
accrued
456,775
521.940
Gasoline tax seer. 687,009
876.731
Provision for Fed.
Income tax
325,000
200,000
Prof. stk.dIvs.pay. 174,956
Cap. sure. from
prem, on sale of
common stock__ 3,479,133
Tot.(each side).83.977.855 59,834,920 Surplus
9.748.370 4,541,693
x Includes oil purchase contracts with Pacific West.011 Co.-V.128.p.1245.
Root Refining Co.
-Earnings.
This company, which took over the business of Root Refineries. Inc..
in Jan. 1929, reports net earnings of the predecessor company for the year
ended Dec. 31 1928. after provision for Federal income taxes, inventory
adjustments and year-end write-offs. of $488,039. This is equivalent to
over 4% times the annual dividend requirements on the outstanding
60,000shares of cony. cumul. prior preference stock. After deducting annual
dividends on the cony. cumul. prior preference stock and cony. cumul.
pref, stock, the balance was equivalent to $3.16 a share on the outstanding
common stock.
-V.128, p. 1070.
Ruud Manufacturing Co.
-Stock Offered.
-Otis & Co.
announce the sale at $43 per share of 35,219 shares no par
value common stock. The stock offered has been purchased
from individuals and does not represent any financing by
the company.
Transfer Agents, Illinois Merchants Trust Co., Chicago, and the Union
Trust Co. of Pittsburgh. Registrars. Northern Trust Co., Chicago and
Mellon National Bank. Pittsburgh.
Data from Letter of Edwin Ruud, President of the Company.
-Organized in New Jersey in 1897. Is the foremost manuCompany.
facturer of automatic gas water heaters in the country. Company was not
only the pioneer in its field, but it has also contributed many basic developments to the industry. Products are divided into two major groups
instantaneous continuous flow automatic water heaters and automatic
gas storage water heaters. In these two classifications the company makes
nearly 100 different types, sizes and combinations. Non-automatic tank
water heaters are also manufactured. Heaters manufactured by the
company are sold under the trade names of "Ruud" and "Humphrey" and
are adapted to use in residences,apartments,clubs,hotels,schools,churches,
hospitals or wherever an abundant supply of hot water is necessary.
Company's main plant at Pittsburgh occupies a six-story building held
under favorable lease. Company also maintains a plant, owned in fee, at
Kalamazoo. Mich.. known as the Humphrey Division, and in addition
manufactures in leased plants in Toronto. Ont., and London, Eng.
-Company has made a profit in every year since 1899 and has
Earnings.
paid dividends on its common stock in every year since 1913. Consolidated net earnings of the company and its wholly owned subsidiary, RuudHumphrey Water Heater Co. of Texas, for the five-year period ended Dec.
31 1928, after all charges including depreciation and Federal taxes at the
current rate of 12%, and the elimination of non-recurring income, have
been as follows:
Net
Net Per Sh. of
of Common
Earns.
as Above.
Calendar YearsStock.
$582,011
1924
$4.72
513,675
4.17
1925
1926
496,757
4.03
1927
299,457
2.43
1928
498.211
Average annual net earnings, as set forth above, for the five-year period
were $478,022 or equivalent to $3.88 per share of no par value common
stock to be presently outstanding.
CapitalizationAuthorized.
Outstanding.
Common stock (no par)
400,000 shs.
123,300 abs.
-Directors have agreed to declare an initial quarterly diviDividends.
dend of 65 cents per share on the no par value common stock, payable
May 1 1929.
Listed.
-This stock is listed on the Chicago Stock Exchange and appliation will be made to list on the Pittsburgh Stock Exchange.
Co.
An Initial dividend of 62%c.
initial
half quarter has been deSally Frocks, Inc., Chicago.
-Merrill,
-Stock Sold.
clared on the new 59 pref. stocka share for the15 to holders of record Feb.
payable Mar.
Lynch & Co. and Howe Snow & Co., Inc., have sold 45,000
25. (See offering in V. 128,
P. 745)•
The directors also
quarterly dividend of
share on the 6% pref,declared the regular 15 to holders of record $1.50 a shares common stock at $31 a share.
Feb. 25
CapitalizationIssued.
Authorized.
and 25c. additional forstock, payable Mar. date of the call for redemption
the interest up to the
Common stock (no par)
100,000 abs.
100.000 shs.
(Mar. 28) of this issue at 110 and dive.
Listing.
-Application will be made to list stock on Chicago Stock
It was erroneously stated in last week's "Chronicle" that the above dividends would be paid on Mar. 25 to holders of record of Mar. 15.-V. 128. Exchange.
Data from Letter of Arthur S. Kahn, President of the Company.
p. 1244.
Company.-Organized in Delaware and will acquire all of the shares of
stock and assets or properties of Sally Frocks, Inc. (Ill.), Arthur S.Kahn
Purity Bakeries Corp.-Pref. Stock Called.
All the outstanding shares of $6 cumulative dividend pref. stock have & Co. (Ill.) and certain affiliated companies. The Delaware corporation
been called for
and diva. of $1 per share and its subsidiaries will operate a chain of stores selling women's dresses
on May 1 next at
to said date. redemption may be deposited 110
at moderate
The stock
at the Irving Trust Co., 60 in Chicago, prices. These companies are now operating 20 stores, located
Broadway, N. Y. City.
Detroit, Omaha, Minneapolis, and other cities in the Middle
-V. 128, p. 396.
West.
Reo Motor Car Co.
Sales and Profits.
-Combined net sales and net earnings after providing
-Extra Dividend.
The directors have declared an extra dividend of 20c. and the regular for Federal income taxes at the present rate of 12% and after being adjusted
quarterly of 20c, on the outstanding $20,000,000 capital stock (par $10), to eliminate non-recurring charges (amounting to $13,200 in 1926 and
both payable April 1 to holders ofrecord
Like amounts were paid $38,000 in 1927), are reported as follows:
on Jan. 2 last, while on Oct. 1 last an March 11.
Calendar Years1926.
1927.
1928.
extra dividend of 30c. was paid.
- Stores at end of
V. 127. p.3104.
year
20
14
5
Net sales
$587.422 $1,565,795 $2.906,940
Richfield Oil Co. of California.
Net earnhigs as above
-Annual Report.'"
131.404
264.396
19.278
Per share on common stock
Years Ended Dec. 311927.
1928.
1926.
Net sales
The company reports sales for January 1989 of $249,2i7 as compared
952,021,192 $38,612.000 132,070.869
Net income frombperation
x13.4.516.560 to 1150,211 in January 1928. an increase of 65%•
Dividends.
Depreciation and depletion
-It is the intention ofthe management to inaugurate dividends
4,541,063 2,586,133
890.780
Interest on bonds, &c
990,871
541,081
691,943 on the common stock in the near future.
Provision for Federal taxes
325.000
Consolidated Balance Sheet Dec. 31 1928 (After Present Financing).
200.000
289.445
Assets
Net income
$7,818,076 $3,742,884 $2,644,392 Cash
$444,781 Accounts payable & accrued
Shs. corn, stock outstanding (par $25) 1,887 123
1.169,293
Notes & accts. rec., less res. 31,360 expenses
1146.215
Earnings per share$2.81 1,131,626 Inventory
$1.91
x After deducting operating general and administrative expenses amount- Leasehold deposits and pre- 95,624 Provision for Federalincome 35.020
tax
ing to $39.258.193, and adding other income credits of $462.222.
paid insurance
6,143 Capital stock and surplus__ 682.115
Surplus Account Dec. 31 1928.
-Earned surplus follows: Balance Jan. 1 Furniture, fist. & equip... 84,273
1928. $4.541,693; add net income for year (as above) $7,818,076: total sur- Leases and improvements
51.169
plus $12,359,769; deduct preferred dividends for 15 months ended Dec.
Good-will
150,000 Total (each side)
$863,350
311928,$752,554; common dividends ($6.25 per share),$2,721.666: balance
surplus $8,885,549; add charges previously made to surplus account now
Schletter 8c Zander, Inc.
-Transfer Agent, &c.
transferred to capital surplus. $862,821; balance Dec. 311928, $9.748,370
The Seaboard National Bank of the City of New York has been apCapital surplus follows: Premium on sales of common stock including sales pointed transfefr agent of the convertible preference and common stocks
through exercise of stock purchase warrants and through conversion of as appointed agent under voting trust agreement dated Feb. 11 1929 and
bonds, $4,638,905; add charges previously made to surplus account now transfer agent of voting trust certificates for common stock.
transferred to capital surplus. 18(32,821; less discount on sale of preferred
The Equitable Trust Co. of New York has been appointed registrar.
stock, 1296.950. balance Dec. 31 1928, $3.479,133.
See also V. 128. p. 1070.
1416
FINANCIAL CHRONICLE
Sears, Roebuck & Co., Chicago.-Stock Dividends,&e
The stockholders on Feb. 25 authorized the directors to issue and distribute all or any part of the unissued stock of the company as a stock
dividend, or as stock dividends from time to time as they may determine:
or for the purchase of real and (or) personal property and (or) shares of
stock of other companies.
The stockholders also approved a plan to issue stock of the company to
employees at a minimum of $100 per share.
Period End February- 1929
-Month-1928. 1929-2 Mos.-1928.
Sales
$27,741,412 $23,842,036 $57,012,692 $48,082,184
-V. 128, p. 904.
-Initial
Second General American Investors Co., Inc.
Preferred Dividend.
-
The directors have declared an initial quarterly dividend of 1)4% on
the 6% cumul. pref. stock, payable April 1 to holders of record March 15.
(For offering, see V. 127, p. 2246.)-V. 127, p. 3262.
Separate Units, Inc.
-Stock Dividend Ratified.
The stockholders on Feb.26 ratified the action of the directors in declaring
a 10% stock dividend, to be payable to holders of record March 1. The
company paid a similar stock dividend to stockholders of record Dec. 18
last. See also V. 128, p. 1246.
(W. A.) Sheaffer Pen Co.
-Extra Dividend, &c.
The directors have declared an extra dividend of 50 cents per share and
two semi-annual dividends of $1 each. The extra and the first semi-annual
dividend are payable March 15 to holders of record Feb. 25 and the second
semi-annual dividend is payable Sept. 19 to holders of record Aug. 25.
The company paid an annual dividend of 82 per share on March 10 1928.
See also Wahl Co. below.
-V. 126, p. 3774.
-Initial Dividend.
Signode Steel Strapping Co.
The directors have declared an initial quarterly dividend of 62;i cents
per share on the $2.50 cumul. preference stock, payable April 15 to holders
of record Mar. 31 1929. (See offering in V. 127, p. 3719.)
The company reports a 48% gain in January net sales as compared with
the same month a year ago, the figures for January 1929 being $176,952 as
compared with $119.4e4 in January 1928. Orders on hand indicate a substantial rate of increase will be maintained for the current year, according to
the company.
-V. 128. p. 265.
Silver Brook Anthracite Co., Wilkes-Barre, Pa.
The Irving Trust Co. has been appointed transfer agent for 25,000
-V. 120, p. 839.
shares of pref. stock and 100,000 shares common stock.
Sonatron Tube Co.-!arger Regular Dividend.
The directors have declared a quarterly dividend of 37Si cents per share
on the capital stock no par value, payable April 1 to holders of record
March 20. This compares with & quarterly dividend of 25 cents per share
and an extra of 12)4 cents per share paid on Jan. 2 last.
-V. 128, p.747, 126.
[Val,. 128.
Condensed Consolidated Balance Sheet Dec. 31 1928.
(After giving effect to the sale of 56,118 shares by the company.)
AssetsProducing royalties,less deple.$1,537,088 Capital and surplus
85,844,484
Non-producing royalties
2,762,095 Deferred credits (oil and gas
Fee lands
21,925
revenue suspense)
122,620
Undeveloped leases
23,751 Mortgages payable
8,738
7,005 Note payable
Automobilestess rester deprec.
200.000
Furn.& flu ,less res, for deer_
6,796 Accounts payable
78,537
Mtges. & seer. lot. receivable_ 115,231 Accrued interest and taxes
120,022
Cash in banks and on hand.... 1,592,330
Acc'ts receivable, production__ 141,768
Other accounts receivable____
29,162
3.t,263
Charges Sz sundry assets
Contingent acc'ts receivable._ 103,69
Total (each side)
86,374.885
-V.128, p. 1246.
South Penn Oil Co.
-50e. Dividend.
The directors have declared a quarterly dividend of 2% on the capital
stock, par $25, payable March 30 to holders of record March 15. This is
equivalent to 3% on the old capitalization which was outstanding prior
to the 50% stock distribution which was made on Feb. 1. Prior to the latter
payment, quarterly dividends of 2% each were paid and, in addition, the
company on both Sept. 29 and Dec. 31 made an extra distribution of 1%.V. 128, p. 417, 748.
South West Pennsylvania Pipe Lines.
-2%
Div.
The directors on Feb. 26 declared a dividend of 2% ($1 a share), payable
April 1 to holders of record March 15.
Last year the authorized and outstanding capital stock was reduced from
$3.500,000. par $100, to $1,750,000, par $50, and on Dec. 31 1928, the
company paid a $15 dividend on account of the capital reduction. (See
V. 127,p. 1961).
Prior to the capital distribution, the company from Dec. 31 1924 to
Oct. 1 1928 incl., paid quarterly dividends of 1% ($1 per share on the
$100 par value capital stock, and in addition paid the following extra
dividends on Dec. 31 1927, 27; Apr. 2 1928,9%,and in July 1928,4%.V. 128, p. 904.
-Merger Ratified.
Sperry Flour Co.
r The stockholders on Feb. 20 ratified a plan to merge this company with
the General Mills, Inc. (see latter in V. 128, p. 896).-V. 128, p. 905.
Standard Holding Corp.-Riohts.The directors have voted to offer 40,000 shares of class "A" stock to
holders of record Feb. 25 at $30 a share in the ratio of one share for each
two held. Rights will expire March 25. The board announced that it
was their intention to continue the present annual dividend rate of $1.50
a share on the Increased capitalization.
-New Stock Placed on
Standard Oil Co. of Kentucky.
-The directors on February.
a $1.60 Annual Dividend Basis.
Southern Grocery Stores, Inc.
-New Directors.
26 declared an initial quarterly dividend of 40 cents per
L, H. Windholz, President of the David Pender Grocery Co., and
Hunter C. Phelan. President of the National Food Products Co.. both share on the new capital stock, par $10, payable March 30,
directors of the Ponder company have been elected to the board of directors to holders of record March 15. This is equivalent to $1.50
of the Southern company.
-V. 127, p. 2383.
per share on the $25 par value stock outstanding prior to
Southern New York Investment Corp.
-Organized, &c. the split up on a 23'-for-1 basis and the payment on Dec.
2
The corporation was recently formed in Maryland to conduct the business 31 1928 of a 50% stock dividend. The rate paid on the old
of an investment trust and its resources will be invested and reinvested in
shares was $1 per share quarterly, and, in addition, the
carefully selected stocks, bonds and other securities.
Capitalization.
company on December 31 last paid a special dividend of
First preferred $6 stock
10.000 shs. 50 cents per share.
-V. 127, p. 3720.
Second preferred $5 stock
2,000 shs.
Conu- on stock
n
40.000 shs.
-Agent Appointed.
Teleregister Corp.
The 1st pref. shares were offered in units of 1 share of 1st pref. stock
Chase National Bank has been appointed agent under the corporation's
,
and 1 share of common stock at $100 per unit. The management have pie chased the 2d pref. for $200,000 cash, which provides a 20% equity for the voting trust agreement dated Feb. 8 1929 ccovering 200.000 shares of
class A stock, and upon the issuance and deposit thereof, of 40,000 shares
1st preferred stock.
Directors are: Chester B. Lord (Sec.), R. M. Gaffney (Pres.), Walter H. of class B stock.
-Pros.). Walter L. Chittenden, Edgar Higgins, W. G. Phelps Jr.
Morse (V.
-Correction-Tennessee Copper & Chemical Corp.
(Treas.). Harvey D. Hinman.
The directors are prohibited from selling or buying any securities for the Stockholders Given Right to Subscribe to $100 of Bonds for Each
corporation with profits to themselves or the institution with which they 25 Shares of Stock
Held.
are connected.
The stockholders of record Feb. 8 are given the right to subscribe to a
new issue of 6% 15
South Porto Rico Sugar Co.
-Extra Dividend.
-year convertible bonds in the proportion of $100 of
The directors have declared the regular quarterly dividend of 50 cents bonds [not $400 as stated in V. 128. p. 9051 for each 25 shares of stock held.
Secretary, M. A. Caine in a letter to stockholders dated Feb. 14, says
per share and an extra dividend of 25 cents per share on the outstanding
tock payable April 1 to holders of in part:
745,735 shares of no par value common,
-year 6%
"Referring to this corporation's announcement offering 15
record March 11. Like amounts were paid on July 1 and Oct. 1 1928 and
convertible debenture gold bonds for subscription, under which each stock-V. 127, p.2679.
on Jan. 2 last.
holder and each holder of voting trust certificates of record Feb.8,is entitled
-Stock Offered.
-A banking to subscribe for such bonds in the proportion of $100 of bonds for each 25
Southland Royalty Co.
trust certificates then
group comprising F. S. Smithers & Co., Chas. D. Barney shares of stock then held, or represented by votingmeeting held on Feb. 4
bold, you are now advised that at the stockholders'
& Co. and Dominick & Dominick is offering at $25 per share resolutions were adopted authorizing the directors to confer on the holders of
bonds,
225,000 shares of no par value capital stock. Of the shares $5,000.000 15-year 6% convertible debenture gold stock ofor any part
the corporathereof, the right to convert the principal thereof into
offered, 56,118 represent new financing by the company.
tion.
"Bonds will be issued only in denom. of $1,000, $500 and $100. No
Transfer agents, Guaranty Trust Co., New York; Old Colony Trust Co.,
Boston, and Southland Royalty Co., Ponca City, Okla. Registrars, subscription for bonds based upon a fractional warrant will be received
Seaboard National Bank, New York; First National Bank, Boston, and unless such warrant is presented together with other similar warrants representing in the aggregate the right to subscribe for one or more whole bonds.
Security Bank & Trust Co., Ponca City, Okla.
Authorized.
CapitalizationOutstanding.
"Subscription warrants must be delivered to the Bank of America, N. A.
1,000,000 shs. 1,000.000 shs. at its office at 44 Wall St., New York, at or before three o'clock March 6.
Capital stock
accompanied by remittance in New York funds for the full amount of the
Data from Letter of E. W. Marian& Chairman of the Board.
price of the bonds subscribed for: that is to say, the full par
-Organized on June 26 1924 in Delaware to acquire from land subscription amount of such bonds with accrued int. from March 1 1920 to
Company.
or principal
owners in the United States interests in any minerals, oil and gas under March 6 1929 (amounting to $.8333 per $1,000 bond; $.41665 per $500
their lands and interests in the royalties from leases made by the land own- bond: and 3.08333 per $100 bond).
ers to operating oil companies.
"Holders
who may wish to subscribe for a portion of the bonds
Of more than 1,000,000 acres on which company has mineral rights and covered by of warrants
their warrants and to dispose of the remainder of their rights,
royalty interests as at Dec. 31 1928, 21.030 acres were producing, 48.000 or to dispose of a portion of their rights to one person and the remainder to
additional acres had been definitely proven to be oil bearing, and 64,000 another, should deliver their warrants to Irving Trust Co., 60 Browadway.
acres were semi
-proven, the latter being adjacent to proven acreage or lying New York
exchanged for other warrants, specifying in writing
between producing wells in the same field but not on adjacent properties, the numberCity, to be desired in exchange, the aggregate principal amount
of warrants
leaving over 800.000 acres still untested for oil. Only a small fraction of of bonds to be covered by each, and the names of the persons to whom they
the total acreage has been tested and definitely found non-productive.
-V. 128, 16. 905.
are to be issued. respectively."
Development -The development during the past three years of the prop-Stock Oversubscribed.
erties in which company is interested is indicated by the following table:
Tin Selection Trust.
Dec. 31 '26. Dec. 31 '27. Dec. 31 '28.
This trust, a member of the Anglo-Oriental group of tin companies,
377
Number producing leases
290
119
announces that its recent Lssue of 500.000 shares offered to stockholders has
Net daily production sold, barrels
been heavily oversubscribed.
4,285.5
2,198.9
(company's interest)
This issue forms half of the 1,000.000 new El shares authorized at the
1,397.4
1.339
893
Number producing oil wells
436
annual general meeting, when the company's capital was increased from
82
Number producing gas wells
49
25
£1,000,000 to £10,000,000.-V. 128, p. 1247.
Dividends.
-Dividends are being paid on the company's capital stock at
-New Trustee.
the rate of 60 cents annually, payable 15 cents a share quarterly. The last
Title Guarantee & Trust Co.
quarterly dividend was paid Jan. 15 1929 to holders of record Jan. 5 1929.
Charles L. Tyner, President of the Home Insurance Co. has been elected
List.d.-Listed on the Boston Stock Exchange.
a trustee.
-V. 127, p. 3559.
Consolidated Income Statement Year Ended Dec. 31 1028.
-Merger Plans Completed.
Toddy Corp.
(Includes net income for the year of corporations acquired through
Plans have been completed for the merger of this corporation which owns
merger, to dates of merger.)
Canada, Ltd.. and Toddy S. A. (Cuba), and
Toddy, Inc., Toddy Co. of
$1,348,081 the Fouhls Co., controlling the Foulds Milling Co. and Kitchen Bouquet,
*Income-011 Revenue
61,537 Inc., in a new corporation known as Grocery Store Products, Inc., recently
Gas revenue
-year
34,849 incorp. in Delaware with an authorized capital of $7,500,000 of 15
Rentals, &c
5% cony, debentures and 1,000,000 shares of capital stock of one class.
of the constituent companies for securiTotal Income __________________________________________ $1,444,468 Formal offer of exchange of stocks
General administrative expenses
216,486 ties of the new corporation will be mailed to stockholders of both companies
on March 4, it is announced.
The Grocery Store Products, Inc. was formed under the sponsorship of
Net operating income ___________________________________ $1,227,982
Profit from sale of royalties
150.047 Robert M. McMullen, now chairman of the Toddy Corp., and George K.
___________________
40,651 Morrow, President of the Gold Dust Corp. both of whom are identified
Sale of leases
-V. 127, p. 1961.
_______________________
9,355 with many trademarked food enterprises.
Interest earned, &c
Gross income__________________________________________ $1,428,037
46.686
Total income charges
Provision for depletion, depreciation & Federal income tax_ 434.804
$946,547
Net income
* Includes prior year's revenue received during the current year, payments having been impounded at Dec. 311927.
-Exchange Offer.
Trans-America Corp.
It was announced that up to and including Mar. 7, thestockholders in
New York of the Bank of America National Association can exchange
their stock for Trans-America Corp. stock on the basis of 1)4 shares of
the latter issue for one share of the Bank of America, N. A. stock. The
exchange of the Bank of America, N. A., stock for Trans-America stock
can be made at the 680 Broadway office of the bank in N.Y. City.
MAR. 2 1929.]
FINANCIAL CHRONICLE
An exchange on the above basis for the Pacific Coast must be made by
Mar.4,so that the transfer can be completed in New'York before the close
-V.128. P. 1247.
of books for dividend.
-Consolidation.
Tulip Cup Corp.
-V. 125, p. 1852.
See Lily-Tulip Cup Corp. above.
-New Directors.
Union Oil Associates, Los Angeles.
W.L.Stewart, Jr., and John E.Jardine have been added to the board.
V. 127. p. 3721.
-New Directors.
Union Oil Co. of California.
John E. Jardine. President of the Los Angeles Stock Exchange, and
Dwight Whiting. President of Whiting Finance Corp., have been elected
directors.
-V. 128, P. 1247, 1221; V. 127. p. :3721.
United Cigar Stores Co. of America.-Vice-President.-Arthur Johnson and Andrew Dempsey have been elected Vice-Presidents
-V. 128, p. 267.
and directors.
United Corp., Seattle, Wash.-Pref. Stock Offered.
-An
issue of 33,685 shares fully participating preference stock
(non-callable) is being offered (at market) by Drumheller,
Ehrlichman & White and Murphey, Favre & Co.
Fully participating share for share with common stock. Has priority
over common stock as to assets, and non-cumulative dividends up to $1
per share per annum, after which common stock is entitled to $1 per share
per annum; then any further amount declared as dividends shall be divided
equally share for share. Shares are fully paid and non-assessable. Has
priority in liquidation or dissolution over common stock up to $25 per
share, after which common stock is entitled to $25 per share; then remaining assets shall be distributed ratably among holders of both participating preference stock and common stock, share for share. The Pacific
National Bank of Seattle, registrar and transfer agent.
Corporation.-Organtzed in Washington July 10 1928 as a holding company and now owns controlling and majority common stock interests of
the following corporations in the following amounts:
38.250 she. (51%) Drumheller, Ehrlichman & White capital stock.
2.000 shs. (100%) Murphey. Favre & Co.common stock (except directors'
qualifying shares).
13,651 shs. (97%) United Bond & Share Corp. common stock.
13,899 shs.( 98%) United Pacific Corp. common stock.
19,872 shs.( 66%) United Diversified Securities Corp. common stock.
5,712 shs. (51%) United Medical & Dental Bldg.. Inc., common stock.
The assets of the corporation were acquired at prices which. in the
opinion of the directors, are substantially lower than would prevail on
the open market. The corporations controlled by the United Corp., with
the exception of Drumheller. Ehrlichman & White and Murphey, Favre
& Co., who are financial agencies, have no investments in, or holdings of
capital stocks of any other of the above corporations.
Capitalization.
-The articles of incorporation provide for 150.000 shares
of fully participating preference stock, all of which will be outstanding
upon completion of this financing; and 30,000 shares of common stock.
of which 21,507 shares are outstanding. The paid-in capital upon completion of this financing will amount to $4,771,140. of which $4,241,128
will be represented by 150,000 shares of fully participating preference
stock and $530,011 by 21,507 shares of common stock.
Earnings.
-The earnings, before Federal income taxes, accruing to the
above securities owned by the United Corp. for the 12 months ended
Dec. 31 1928 were more than $4 per share on the entire 150.000 shares of
fully participating preference stock to be presently outstanding and more
than $3.50 per share including both common stock and fully participating
preference stock to be presently outstanding.
United Corp. has no bank loans and no liabilities other than the outstanding shares of fully participating preference stock and common stock.
Dividends.
-The hoard of directors has announced its intention to pay
dividends on the fully participating preference stock during the year ending
June 30 1929, of $1.60 per share for the first full year's operation, (of
which 60c. per share had been paid up to Feb. 1 1929).
Listed.
-Listed on the Seattle Stock Exchange.
-V. 127. p. 3107.
United Piece Dye Works (N.J.).-Split up.
The stockholders on Feb. 25 ratified a proposal to increase the authorized
number of no oar common shares from 450.000 to 900.000 and to issue to
each common stock holder of record March 6 one additional share for each
share then held. The additional certificates will be mailed on March 16.
The books of the corporation will not he closed between the record date and
the distribution date.
-V. 128, P. 578.
United Profit-Sharing Corp.
-Annual Report.
-
Calendar YearsNet profit
Federal taxes
1928.
$333,055
23,200
1927.
$312,771
20,400
1926,
$374.694
49,800
1925.
$396,991
48,700
Net income
Pref. dividends
Com.dividends
$309,855
19,914
283,853
$292,371
19,893
141,912
$324,894
.19,868
190.108
5348.291
19,813
245,616
$8,086
744,9713
$130,568
638,940
$114,918
583.924
382.862
481.062
$751,063
$767,506
22,530
$678.842
41,902
$563,924
Balance,surplus
Previous surplus
Total
Com.stock div.
Profit & loss surplus- - $751,083
$744,976
$636.940
8563.924
Shares of common outstanding (no par)- - - 236.548
236.847
214,938
x409.538
Earns. per Nis. on corn_ 81.42
$1.22
$1.15
$0.80
x Consists ofshares of $1 par value.
Balance Sheet Dec. 31.
1928.
1928.
1927.
1927.
AssetsLiabilities$
5
5
$
Furniture St fist__
12,339
11,080 Preferred stock.-- 199,150
199,030
Cash
160,833
123,970 Common stock-y 473,745
473,695
Investments
1,453,302 1,690,263 Cap. dIstrlb. bal _
.
156
174
Inventories
76,573
87,541 Accounts payable_ 133,288
134,363
Unexpired Maur
487
476 Divs. payable_-- 141.929
141.913
Accts.receivable_ 361,489
342,241 a Prov.accounts_24,367.945 24,103,671
Coupon aceounts_24.012,250 23,642,251 Surplus
751,063
744,977
Total
26,067,275 25,797,823
Total
26,067,275 25.797.823
x For contingent liability on coupons, taxes, fixture depreciation, &c.
y 238,548 shares, no par value.
-V.128.P. 1880.
si
_
United Realties Inc.-Pref.Stock Offered.-HaTgleton&
Co.are offering at $35 and div. 43,000 shares prior preference
stock,$2.50 convertible series A (without par value)
.
Dividends cumulative from March 1 1929 at the rate of $2.50 per alai;
per annum. Dividend payment dates Q-M. The prior preference stock is
preferred over all other classes of stock as to cumulative dividends and as
to assets on liquidation. Prior preference stock. $2.50 convertible series
A. is entitled on liquidation to $40 per share and dive., and is red, at any
time, as a whole or in part, on 30 days' notice, at $40 per share and divs.
Farmers' Loan & Trust Co. New York, and Continental National Bank &
Trust Co., Chicago, registrars, and Empire Trust Co., New York, and State
Bank of Chicago, transfer agents.
Convertible at the option of the holdersat any time up to redemption date
into common stock of the company, at the rate of two shares of common
stock for each share of prior preference stock, $2.50 convertible series A.
CapitalizationAuthorized. Outstanding.
100.000 shs. a43.000 alas.
Prier preference stock
100.000 shs. a10.000 shs.
Preferred stock (no par)
*500,000 shs. 100,000 she.
Common stock (no par)
a $2.50 convertible series A. * At least 181,500 shares of common stock
will be reserved for (a) conversion of prior preference stock, $2.50 convertible series A, and of preferred stock, $2.50 convertible series A, and (b) stock
purchase warrants and option to be outstanding covering in all 75,000 sits.
Company's wholly owned subsidiary mentioned below will have outstanding $1,656,000 principal amount of first morttage bonds.
Data from Letter of Dick R. Lane Pres., Davenport, Ia., Feb. 28.
CoMpany.-A Delaware corporaHon Organized for the purpose of centralizing the control, ownership and management of representative hotels.
1417
apartment houses and other income producing real estate. Upon completion of the present financing, company will have acquired the entire capital
stock of Black Hawk Hotels Corp., which will own Blackhawk Hotel and
Kimball Building at Davenport, Ia.; leases of Hotel Fort Des Moines and
Hotel Savory at Des Moines, Ia., Hotel Davenport at Davenport, Ia.and
Hanford Hotel at Mason City, Ia.; and the furnishings of such hotels
and building which contain in all over 1,500 rooms. Company plans to
acquire equities in, lease, operate and manage other and similar properties
rather than to invest substantial amounts of capital in real estate in fee,
expecting thereby to increase its earnings without proportionate increases
in capital invested.
Earnings.
-It Is expected that the income of the company will be derived
from management fees which will be operating charges of subsidiary companies and from leases and security holdings, and that such management
fees and income from Black Hawk Hotels Corp. and securities presently
to be acquired, will be substantially in excess of the annual dividend
requirements on this issue of prier preference stock, $2.50 convertible
series A.
Combined net income of the operating companies, all properties of which
are to be acquired by Black Hawk Hotels Corp. for the calendar year
1928 after elimination of certain non-recurring items ($17,308), and after
deduction of Federal income taxes and the maximum amount of annual
interest and sinking fund requirements on the $1,650.000 first mortgage
bonds to be issued by that corporation, but before depreciation and interest
on obligations to be retired, was in excess of 2 1-3 times the annual dividend
requirements on this issue of prior preference stock. $2.50 convertible
series A.
-Proceeds will be used to acquire the entire capital stock of
Purpose.
Black Hawk Hotels Corp. and certain securities of another hotel corporafor working capital and general corporate purposes.
tion, and
-Dick R. Lane, President; J. Reed Lane, T. J. Walsh, H. C.
Directors.
Kahl, L. J. Dougherty, Davenport, Ia.; Harry Wardman, Washington,
D. C. V. F. Valdes, Philadelphia, Pa.; J. Ross Lee, Davenport, Ia.
-Transfer Agent.
United Retail Chemists Corp.
The Equitable Trust Co. of New York has been appointed transfer agent
for the voting trust certificates and voting trust scrip certificates for fractional shares for class II. stock. [See also United Cigar Stores Co. of
America in V. 127. p. 3418.1
United States Electric Light & Power Shares, Inc.
Dividend of 67 Cents.
The directors have declared the quarterly dividend coupon No. 9, due
Mar.9 1929,on trust certificates series A. payable at the rate of67 cents per
share, with $91.32 per unit accruing to the reserve fund. This dividend
represents an increase of 12 cents per share over the 55 cents paid last quarter and an increase of $64.02 in the accrual to the reserve fund, bringing that
amount to $280.99 Per unit (see V. 127, p. 3263).-V. 128. p. 749.
United States Smelting, Refining & Mining Co.
Notes Called.
-year 5 % gold notes. dated Nov. 1 1925. have
All of the outstanding 10
been called for redemption May 1 at 101 and int. Payment will be made
at the First National Bank, Boston, Mass., or at the option of the holder
-V. 128. p.268.
at the First National Corp. of Boston in N.'Y. City.
-To Refund $271,385,000
United States Steel Corp.
Funded Debt Through Issuance of $496,679,000 Stock
Authorized Common Stock to Be Increased to $1,250,000,000.
Under a capital readjustment approved by the directors
Feb.26, the corporation will eliminate $271,385,000 offunded
debt, increase its authorized common stock from 7,533,210
to 12,500,000 shares of $100 par and place in the hands of
the public a vast amount of additional stock through a
subscription offer. The addditional $496,679,000 common
stock to be authorized will give the company a total common
stock capital of $1,250,000,000. The plan as announced
by Myron C. Taylor, gives only a broad outline and calls
for a complete revamping of the capital structure. It will
erase all the bonded indebtedness of the corporation proper.
leaving outstanding only the obligations of subsidiary companies, amounting to about $200,000,000, and the preferred and common shares.
The details of the stock offering were not revealed, but it is
expected that theamount to be sold,the subscription price and
the ratio to present holdings will be announced before the
annual meeting of stockholders on April 30.
The corporation announced its proposed reconstruction
program in a statement Feb. 26, which says:
At the rerular meottng of the directors of United States Corp. approval
was given of a plan for submission to stockholders for an increase of the
authorized common stock to 12,500,000 shares (par value $100 each). The
present authorized issue is 7.533,210 shares, of which 7,116,235 shares are
Issued and outstanding.
Upon the increase ming effected,it is the present intention of the directors
to offer common stockholders the right to subscribe for additional shares.
the amount, the ratio to present holdings, and the price, terms and dates
of payment, to be fixed in the offer when made.
Funds received from sale to stockholders of shares of common stock thus
to be offered, together with such portion, as directors may then decide upon
employing, of the cash resources of the corporation in h Ina rearesenting
surplus and other reserves (part of which cash resources has already been
used in the purchase of bonds) will be employed to redeem by purchase for
cancellation and to call for retirement all or part of the bonds of the United
States Steel Corp. as the directors may elect, of which there were outstanding Dec. 311928. exclusive of those held in the sinking funds and in
the corporation's treasury, the following:
$134.830,000
50
-year 5% bonds of 1951
136.555,000
-year 5% bonds of 1963
Ten 60
-year 5% bonds of 1951 outstanding the Series A, C and E.
Of the 50
major portion of the issue, are subject to call on any
constituting the
interest date at 115 and accrued interest while arrangements have been
made with holders of nearly all of the non-callable bonds, Series B, D and
F, to surrender their bonds for retirement at the same price and or to
provide for deposit of funds with the trustee for the redemption, at the
price named,of any bonds which may not be promptly surrendered. Under
-year issue will be retired,
the plan arranged for, all of the bends of the 50
or provision made for their retirement by Sept. 1 1929.
The 10 -year 5% bonds of 1963 are callable in part or in whole on any
-60
semi-annual interest date at 110 and accrued interest. It is the preoent
intention of the directors, subject to the stockholders authorizing the
Proposed increase in common stock, and the subscription by stockholders
and sale by the corporation of the shares of such stock which it may be
determined upon to offer for subscription as before stated, to call in part
or whole the 10-60 year bonds for redemption on Nov. 1 1929.
-year 5% bonds of 1951 will
Retirement of the entire issue of the 50
result in relieving current annual earnings of the necessity of supplying
cash funds for interest and sinking fund requirements on the bonds, which
now equal annually the sum of $18,237,350. Similar annual charges on the
entire issue of the 10 -year bonds of 1963 amount to $11,010,000, making
-60
a total annual reduction in fixed charges which will result from the retirement of the entire amount of both issues, of $29,247.350.
In case of such retirement the charge for the dividends which may be
Paid on the additional common stock contemplated to be issued in connection with the plan outlined would reduce the above amount of savings
of net income, but the exact amount of such dividend pavments on the
additional common cannot be stated pending final determination by the
directors of the conditions attending the offering of common shares for
subscription. The amount ofsavings in net income will, however,be largely
in excess of the amount of dividends at the present rate, to be paid on the
increased common stock which may be presently offered for subscription.
The plan will afford greater protection to the preferred stock by eliminating the prior lien of the bonds and a large fixed charge now having preference
over its rights, and likewise will improve the position of the common stock
and increase the net income available for dividends on common stock after
1418
FINANCIAL CHRONICLE
[VOL. 128.
providing for the added dividends required for the new common shares
Wilmington Steamboat Co.
-Complete Control Passes.
contemplated to be issued.
See Wilson Line, Inc., below.
-V.128. p. 420.
The remainder of the increased authorized issue of common stock will be
used for future corporate purposes as and when the directors may deem
Wilson & Co., Inc.
-1%% Back Dividend.
4
advisable, but no issue other than for debt retirement and for employes'
The directors have declared a dividend of 14% on the preferred stock
stock subscriptions, referred to below, is contemplated at this time.
(on account of accumulations), payable April 1 to holders of record Mar. 9.
The directors also authorized the submission to the stockholders at the
forthcoming annual meeting, of a revision of the corporation's employes' -V. 128. p. 396.
stock subscription plan, which will give to the directors the option, permitted
Wilson Line, Inc.
-Organized.
under the New Jersey statutes, of issuing shares of capital stock to be
With the passing of complete control of the old Wilmington Steamboat
offered employes for subscription under the plan, or the securement of
Co. (V. 128, p. 420) to the recently organized Wilson Line. Inc., officers
the needed shares by purchase in the open market.
and executives of the new corporation gave their attention to completion of
To Retire $2,999,000 5% Gold Bonds.
plans for the further improvement of the company's various river transTwo thousand nine hundred ninety-nine ($2,999,000) 10 -year 5% portation and excursion activities in time for the opening of the busy spring
-60
sinking fund gold bonds, dated April 1 1903, have been drawn for redemp- and summer season.
tion May 1 at 110 and int. Payment will be made at the office of J. P.
The board of directors includes Captain Horace L. Wilson and Joseph
Morgan & Co.. 23 Wall Si,, N.Y. City.
S. Wilson and Henry P. Scott. President of the Wilmington Trust Co.
-V.128, p. 1075, 906.
George B. Junkin, who is associated with various
United Steel Works of Burbach-Eich-Dudelange and industrial enterprises, is the President of thecoal-mining, quarrying
new corporation and
Edward
(Societe Anonyme des Acieries Reunies de Burbach- Piping &H. Reuss, President of the E. H. Roues Mfg. Co., the Standard
Fitting Co., and the Philadelphia Steam Co., is Vice-President.
Eich-Dudelange) (Grand Duchy of Luxemburg) "ArThe city of Wilmington will continue to be the headquarters of the
organization, since Lawrence C. Campbell, Vice-President and General
bed."-Bonds Called.
Manager will be permanently located here.
Certain 25
-year sinking fund 7% gold bonds, dated April 11926. aggreWalter L. Morgan.
gating $93,500, have been called for ;payment April 1 next at par and int. President of Industrialof Morgan & Co., certified public accountants and
& Power Securities Co., Philadelphia, is Secretary
at the office of Kuhn, Loeb & Co., 52 William St., N. Y. City, or at the and Treasurer of the new corporation.
Guaranty Trust Co.. 140 Broadway, N. Y. City.
The board of directors includes the following, in addition to those already
As of Feb. 21 1929 bonds of the above issue bearing the following num- mentioned: Samuel Rea, former
bers previously drawn for redemption were still unredeemed: Bonds at $1.000 Eugene S. Wilson, Vice-President ofPresident of the Pennsylvania RR.;
the American Telephone & Telegraph
each-M1068,2222. 2424,2434. 2757,6765 and 6809; bonds at $500 each
- Co.; Harry W. Harrison of Harrison. Smith & Co., Philadelphia investD2026 and 4969.-V. 127, p. 1267.
ment hankers;John R. Umsted, Vice-President of the Continental Equitable
Title & Trust Co., of Philadelphia, and Walter S. Marter,former Secretary
Van Dorn Iron Works Co.
-Sells Metal Furniture Div. of the Wilmington Steamboat Co.
See Central Alloy Steel Corp. above.
-V. 125, p. 1724.
Vulcan Detinning Co.
-3% Back Dividend.
The directors have declared a dividend of 3% on the preferred stock on
account of accumulations in addition to the regular quarterly dividends of
1 % on the preferred and preferred A stock, all payable April 20 to holders
of record April 11. Like amounts were paid Oct. 20 last, while on Oct. 20
1927 a distribution on account of arrears of 2% was paid.
This reduces the accumulations on the preferred stock to 11;i%. See
also V. 127. p. 3108.
Wesson Oil & Snowdrift Co., Inc.
-Div. Ruling.
The Committee on Securities of the New York Stock Exchange rules that
the common stock shall not be quoted ex the 100% stock dividend until
March 2. See V. 128, p. 1076
West Boylston Manufacturing Co.
-4% Back Divs.-
Winchester Repeating Arms Co.
-Registrar.
-
The Seaboard National Bank of the City of New York has been appointed
registrar of the preferred, class A, and common stocks.
-V. 128, p. 1077.
Worthington Pump & Machinery Co.
-Pays Accrued
Dividends.-The directors on Feb. 26 declared a dividend of
334% ($3.50 per share) on the preferred A stock and one of
3% ($3 per share) on the preferred B stock, on account of
arrearages, both payable Mar.20 to holders of record Mar.9.
These are the first dividends to be paid on these issues since
Oct. 11926, when quarterly distributions of 14% and 1J4%
respectively were made. Accumulations on the preferred A
stock totaled 153 % and on the pref. B stook 133% on
4
Jan. 1 1929.-V. 127, p. 970.
-Bonds Called.
Wrought Iron Co. of America.
-
The company has received from the Treasury Department refunds against
Federal taxes paid in the years 1918 and 1919. From these funds the
directors at a meeting held Feb. 14 1929. voted to declare a dividend of
$4 per share, payable March 1 1929, to preferred stockholders of record
-year
All of the outstanding Lebanon Valley Iron & Steel Co. 1st mtge. 20
Feb. 211929. This represents the unpaid dividends that were due Dec. 1
6% 8. f, gold bonds due 1939 have been called for redemption on Mar. 1
1926 and March 1 1927.-V. 127, p. 1119.
1929 at 105 and int, at the Bank of North America & Trust Co., trustee,
Western Auto Supply Co., Kansas City, Mo.-Sales.-- City Hall Square, Phila., Pa. See also V. 127, p. 3560.
Month of January1928.
1029.
1927.
Sales
$559,539
$775,348
014,238
-V. 127. p. 3723, 3560.
CURRENT NOTICES.
Westvaco Chlorine Products Corp.
-New Control
Offer Made to Stockholders.
See United Chemicals, Inc. in last week's "Chronicle." page 1247.-V.
128. p. 1076.
White Star Refining Co.
-Stock Sold.
-Wm.L. Davis &
Co. and Keane, Higbie & Co. Inc., Detroit, announce the
sale at $50 per share of 144,000 shares common stock.
The offering is a part of the 320,000 outstanding shares
which has been purchased from individuals and represents
no financing on the part of the company.
Dividends exempt from present normal Federal income tax. Transfer
agents, Corporation Trust Co., New York, Central Trust Co. of Illinois,
Chicago, and Fidelity Trust
Detroit. Registrars, Guaranty Trust
Co.. New York, National Bank of the Republic of Chicago, and Guardian
Co..
Trust Co., Detroit.
Capitalization
Authorized.
Outstanding.
Common stock (no par)
500.000 shs.
320.000 shs.
Data from Letter of H. B. Earhart, President of the Company.
-Organized in Delaware in 1918 to own and operate oil reCompany.
fining and distributing properties. At the present time the company owns
the entire capital stock of the White Star Refining Co. of W. Va., organized
in 1924. and the White Star Refining Co., Ltd.. of Ontario. Can., organized
in 1926. The business was originally founded in 1912 by H. B. Earhart
with a cash investment of $10,000. and has grown to its present size entirely through the reinvestment of earnings.
Company is engaged in the refining of crude petroleum and the distribution of refined petroleum products, namely, gasoline, naphtha, domestic
and industrial fuel oils, lubricating oils and greases. Company owns and
having a daily capacity of
operates a modern refinery at Wood
River.'
approximately 210.000 gallons of crude oil. The steadily increasing demend for White Star products has made necessary the construction of a
new refinery at Trenton, Mich., 18 miles from Detroit's business center,
which will have a daily capacity of 250,000 gallons of crude oil. It is expected that this refinery will be completed before June 11929. The combined capacity of the Wood River refinery and the new refinery at Trenton
will substantially equal the company's present volume of distribution.
Earnings.
-Net earnings of the company and its subsidiaries, or net earnings arising from operations now conducted by the company, after all
charges including Federal taxes at the current rate, and after eliminating
non-recurring charges of $170.811 in 1926, $176,881 in 1927, and $176,062
in 1928. are as follows:
Net After Taxes Earned per Sh.
on 320,000 Shs.
Available for
Cal. Year.
Common Stock.
Dividends.
1923
$0.83
$267,576
1924
1.32
424.423
1925
1.68
538,285
1926
4.75
1,522,045
1927
4.27
1,368,800
1928
4.75
1.522.456
Assets.
-The balance sheet as of Dec. 31 1928 shows net tangible assets
of $4.876,770 and net current assets of $1,909.565. Current assets are in
excess of 2.2 times current liabilities. Cash and marketable securities
amount to $1.670,274. Company's goodwill is not assigned a value on its
balance sheet.
Dividends.
-Directors have declared their intention to place this corn.
stock on an annual dividend basis of $2.50 per share. The initial quarterly
dividend will be payable July 1 1929. to stockholders of record June 15.
Listing.
-Company has agreed to apply in due course for listing of this
stock on the New York, Chicago and Detroit Stock Exchanges.
(R.C.) Williams & Co., Inc.
-Opens Pittsburgh Branch.
The company announces the opening of its third distributing plant, which
Is located in Pittsburgh, the other two being in New York and Savannah.
This it; the first time the company has entered the field west of the Atlantic
Seaboard. The Pittsburgh plant is situated in the Pittsburgh Terminal
Warehouse, No. 23. and will occupy six floors. The company is taking
over a large part of the sales force of the Arbuckle Co.'s Pittsurgh business.
This Is taken to mean the retirement of the Arbuckle company from direct
selling in the Pittsburgh field.
-V.127. p. 3560, 3419, 3110.
Wil-Low Cafeterias, Inc.
-Stock Certificates Ready.
The Bank of America National Association is now prepared to deliver
stock certificates of the above corporation against the surrender of outstanding interim receipts. See offering in V. 128, p.751.
Henry G. Rolston & Co., 30 Broad St., New York City, announce
that Charles H. Schweitzer Jr. has become a member of the firm and that
Robert K. Fagan has retired from membership.
-W. A. Harriman & Co., Inc., 39 Broadway, New York City, are distributing copies of the 1929 income tax pamphlet, together with forms for
records for the convenience of the taxpayer.
-Ingalls & Snyder, members New York Stock Exchange, 100 Broadway, New York, have issued an analysis covering all phases of the operations of the Otis Elevator Company.
-Morrison & Townsend, members New York Stock Exchange, have
admitted to their firm Reginald P. Rose, as a general partner and George
Roxe as a limited partner.
-Prince & Whitely. 25 Broad St., New York City are distributing an
analysis of Calumet & Arizona Mining Company and one of the Nevada
Consolidated Copper Co.
-Bernard Mergentime. formerly with Straus & Co., has become associated with Ernst & Co., members New York Stock Exchange. 120 Broadway, New York City.
-Arthur I. Hayman has Joined the firm of S. Edward Fox & Co.. 10
East 43rd St., New Yor. City, as general manager of the trading and
securities department.
-E. G. Childs & Co., Inc., Chamber of Commerce Building, Syracuse,
N. Y. have prepared an analyses of Syracuse bank stocks which they will
forward upon request.
Tracy, Willis & Richardson, members of the Now York Curb Market,
25 Broad St., N. Y., have issued a descriptive circular on Carman & Co.Inc.
Class A and B stock.
-Vilas & Hickey, members of the New York Stock Exchange, have admitted to general partnership, Roy G. Vilas, who is a member of the New
York Curb Market.
-Throcicmorton & Co., 165 Broadway,New York.announce the appointments of Ralph F. Meeks, retail salesmanager and John R. White, special
representative.
-H. D. Knox & Co.. members Unlisted Securities Dealers Association
announce the removal of their New York office from 44 Broad St. to 11
Broadway.
-B. J. Van Ingen & Co., 57 William St., N. Y.. have compiled a complete analysis of the growth and present financial condition of Miami,
Florida.
-Peter P. McDermott & Co., 42 Broadway, New York City, have
issued a descriptive bulletin on Westvaco Chlorine Products Corporation.
-Abbott, Hoppin & Co., members New York Stock Exchange, announce
the admission of Hugh Eustis Paine to general partnership in their firm.
Tucker, Anthony & Co. announce that Frederick C. Anderson has become associated with their organization in the Watertown, N. T.. office.
-Peter P. McDermott & Co., 42 Broadway, New York, have issued a
descriptive analysis on Empire Power Corporation.
-Herbert W. Knoblauch & Co., New York City, are issuing for distribution an analysis of Equitable Trust Company.
-Baker. Simonds & Co., Inc., 37 Wall St., N. Y., have issued an
analysis of the Kirsch Co.
-W.W.'Townsend & Co., Inc., announce the removal oftheir New York
offices to 120 Broadway.
-Bryan, Kemp & Co., Richmond, Virginia, are distributing an analysis
of Chesapeake & Ohio.
Alex J. Maher is now associated with E. R. Diggs & Co., Inc., 57
William St., New York
-Farr & Co.. 90 Wall St., N. Y., have prepared their current review of
the sugar market.
MAR. 2 1929.]
FINANCIAL CHRONICLE
1419
Stixorts and notuntents.
PVIIII*Mt• AS NOVII*9141.111111TO
THE BORDEN COMPANY
ESTABLISHED 1857
AND ALL SUBSIDIARY COMPANIES
ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 3111928
DIRECTORS.
Chellis A. Austin
Edward B. Lewis
Union N. Bethel
John W. McConnell
Lewis M.Borden
Albert G. Milbank
Walter E. Hope
Arthur W. Milburn
Albert T. Johnston
Beverley R. Robinson
Robcliff V. Jones
Henry C. Sherman
John Le Feber
Wallace D. Strack
Robert Struthers
The freslimilk'and dairy products distribution in the socalledtMetropolitan District of New York City and adjacent
territory, in Chicago, Ill., and its suburbs, in Milwaukee,
Wis. and environs, and in Montreal and Ottawa, Canada,
and in various other cities, is conducted by subsidiaries as
follows (the last four of which are combination fluid milk
and ice cream companies):
Corporate Name—
Borden's Farm Products Co., Inc
Borden's Farm Products Co. of Illinois
Borden's Farm Products Co., Ltd. (Canada)
Wieland Dairy Company, Inc
Gridley Dairy Company
Kennedy Dairy Company
Ottawa Dairy Limited (Canada)
Cornwall Dairy Products Limited (Canada)
Percentage of
Stock Owned
109%
100%
100%
100%
100%
100%
100%
100%
OFFICERS.
Albert G. Milbank, Chairman Board of Directors.
Arthur W. Milburn, President.
Patrick D. Fox, Vice-President.*
Albert T. Johnston, Vice-President.
Edward B. Lewis, Vice-President.*
The manufacture and distribution of Ice Cream in New
Merritt J. Norton, Vice-President.
York, New Jersey, Connecticut, Pennsylvania and Illinois
Wallace D. Strack, Vice-President.
is conducted by the following subsidiaries:
Percentage of
George M. Waugh, Jr., Vice-President.
Stock Owned
Corporate Name—
William P. Marsh, Secretary and Treasurer.
100%
J. M. Horton Ice Cream Co., Inc
Stephen J. DeBaun, Assistant Treasurer.
100%
Reid Ice Cream Corporation
100%
Dairy Made Ice Cream Co., Inc
Everett L. Noetzel, General Controller and Assistant Secretary.
100%
Company,Inc
Aurora Ice Cream
Herbert W.Dye, Controller and Assistant Treasurer.
100%
Ice Cream Company, Inc
Wieland
Walter H. Rebman, Assistant Secretary.
100%
Peoples Fuel & Supply Co.. Inc
*Elected Feb. 51929.
EXECUTIVE OFFICES
The Borden Company
350 Madison Avenue, New York City
(Subsidiary and Territorial Offices not included.)
REGISTERED OFFICE
15 Exchange Place, Jersey City, N. J.
Transfer Agent, Seaboard National Bank, 115 Broadway,
New York City.
Registrar, Bankers Trust Company, 16 Wall Street, New
York City.
Counsel, Masten & Nichols, 49 Wall Street, New York City.
CORPORATE ORGANIZATION AND SCOPE.
The business of your Company for the year under report
falls into three general divisions:
(1) The manufacture and sale of products consisting prinpally of the following:
Condensed Milk
Evaporated Milk
Dried Milk
Malted Milk
Caramels
Loaf Cheeses
Mince Meat
Dried Fruit Juices
(2) The purchase, preparation and distribution of:
Fresh Milk
Butter
Cream
Eggs
and other dairy products by a system of wagon deliveries;
and
(3) The manufacture and sale of ice cream.
The manufacturing and selling operations are conducted
by The Borden Company (which dates back to 1857) in the
production of Eagle Brand Condensed Milk), and its following:subsidiaries:
Percentage of
Corporate Name—
Stock Owned
The Borden Sales Co.. Inc
100%
Borden's Premium Co., Inc
100%
The Borden Western Company
100%
The Borden Southern Company
100%
The Borden Company of Pennsylvania
100%
100%
The Borden Company, Ltd. (Canada)
Borden Realty Corporation
100%
Merrell-Soule Co.. Inc
100%
Merrell-Soule Co., Ltd. (England)
100%
100%
Lakeshire Cheese Company
Thompson's Malted Milk Co Inc
100%
Thompson's Malted Milk Co.of Canada,Ltd.(Canada) 100%
100%
Canadian Milk Products, Ltd. (Canada)
COMMENT
The Borden Company for the year 1928 should
A report of
be read more in the light of its development and expansion
during that year, and the effects and potentialities thereof,
than as a report of operations on a basis comparable with
prior years.
A report that comprehended only those activities that
have been conducted for years past, which might be referred
to as the old business of The Borden Company, would show
both increased sales and net earnings derived therefrom when
compared with 1927 and prior years.
It is also true that the 1928 results of those subsidiaries
whose operations for the full year of 1928 are for the first
time included in this report show an increase over 1927 and
years prior thereto, as do the full year's results of most of
the companies whose operations are necessarily included for
only a part year, which part year period in numerous cases
happens to be the less or least profitable period of the year.
But without exception the operating results of our recent
acquisitions in 1928 have been quite satisfactory thus far and
have equalled the expectations of the management.
Sales and Net Income.
Sales for the year amounted to $180,849,904.95 and Net
Income derived was $11,354,331.28, being 6.28% on sales
and $9.07 per share on Capital Stock outstanding December
31, 1928. It is to be noted that while value of sales increased
37% during the year as compared with 1927, the net income
derived therefrom increased 59%. The shares outstanding
at the close of the year included the 78,346 shares subscribed
by Stockholders during the year and, as well, all stock issued
up to that date in payment for businesses acquired during
the year, irrespective of the date when the results of their
operations were reflected in Borden income.
The earnings per share were, as referred to in the introductory paragraph of this report, necessarily substantially affected by the fact that although all stock issued in payment
for certain businesses was outstanding at the close of the
year, the Company enjoyed only a partial year's income to
apply against such total issued stock at December 31, 1928.
Had the earnings per share been calculated on the basis of
the average number of shares outstanding during the year,
instead of the total outstanding on the last day of the year,
the earnings would be considerably in excess of $10.00 per
share, although as will be readily understood it was necessary
in acquiring such outstanding companies to consider and pay
for potentialities definitely recognized.
1420
FINANCIAL CHRONICLE
Current Assets.
Cash on hand December 31, 1928 of $13,546,195.71 compares with $12,265,408.06 on hand at the close of the previous year.
Marketable Securities on hand December 31, 1928 of
$10,243,641.93 compares with ,640,128.76 on hand at the
close of the previous year. The market value of these securities exceeds their book value.
Inventories on hand December 31, 1928 of $11,633,098.82
compares with ,986,324.81 on hand at the close of the
previous year. These are carried at cost or market, whichever is the lower. It is obvious that with the numerous acquisitions made, this item must necessarily show a substantial increase. However, the inventories as shown are not
excessive, nor out of proper proportion to the requirements
of the business.
Receivables are in excellent condition, collections having
been good, with usual small credit losses; against which
adequate reserves have, as always, been provided by charges
to current operations.
[VOL. 128.
Our position in the Dried Milk and Malted Milk fields
has also been considerably strengthened, and large importance is attached to the potentialities of the package
and loaf cheese business (both hard and soft cheeses) in
which we are now extensively engaged in the United States
and Canada.
The policy of expansion will be continued to the extent
that businesses of character, with managements of proven
ability, can be acquired on a fair and proper basis.
Borden Company stock has been the consideration in
practically all acquisitions, except for the cash involved
in the retirement of outstanding bond and preferred stock
issues, which, in the aggregate, is a considerable sum.
Nevertheless, our cash position remains strong.
It is a fact that many outstanding men in the milk industry are now identified with this Company and provision
is being made to benefit, not only by their efforts in certain
prescribed fields, but also by their collective experience and
talents as applied to Borden business generally.
An interesting feature of the Company's expansion is the
growth of its Canadian business. The management has a
Net Working Capital and Ratio of Current Assets.
firm faith in the potentialities of the Dominion and conNet Working Capital amounted on December 31, 1928 to siders itself fortunate that one of Canada's most representa$31,127,030.73 as compared with $24,726,622.74 on Decem- tive citizens, Mr. John W. McConnell, of Montreal, has
ber 31, 1927.
consented to serve upon the Board of Directors of The Borden
Current Assets as of December 31, 1928 amounted to Company.
$3.36 for every $1.00 of Current Liabilities.
Co-ordination.
With such a policy of expansion the proper co-ordination
Mortgages and Purchase Money Notes.
All Mortgages and Purchase Money Notes as previously of the numerous activities involved becomes of utmost
reported and in addition those assumed in connection with importance. This matter has had, and is continuing to
based
acquired businesses, have been paid. In this connection it receive, the most careful study of the management, all
operashould be noted that all outstanding bond, note and (or) on a policy of centralized control with decentralized
Preferred Stock issues of acquired companies have also been tions.
Trade Marks, Patents and Good Will.
paid or provision made as of December 31, 1928, for such
It will be noted from the attached Balance Sheet that the
payment as soon as possible under the terms of indenture. Trade
Marks, Patents and Good Will account has increased
$4,500,000, which is less than half the cost of the Good Will
Property, Plant and Equipment.
(Not including Property, Plant and Equipment of such businesses as were of all the businesses acquired in 1928, the value of which
acquired during the year 19280
was carefully measured. The basis upon which a number
In addition to the usual betterment and extension expen- of the Companies were acquired produced Capital Surplus
ditures during 1928, The Borden Southern Company com- which has not been taken into the Surplus account of the
pleted construction of a new Evaporated Milk plant at Company, but has been used to reduce the Good Will acMacon, Mississippi, which is now in operation.
quired to the figure above mentioned, which has been
Another rapidly growing dairy section of the South, under temporarily capitalized, making the Good Will account
observation and study by our experts for some time past, is as of December 31, 1928 $7,000,000.
the State of Texas, and as a result, we have recently begun
Capital Stock.
the erection of a Powdered Milk plant at Waco, Texas,
Of the authorized issue of 2,000,000 shares of capital stock
which, with three nearby feeder stations to furnish an addi- of an aggregate par value of $100,000,000 there was outtional fluid milk supply, will permit of the future expansion standing on December 31, 1928, $62,588,750 represented by
of the project to a combination Powdered Milk and Evapo- 1,251,775 shares of stock of $50 par value each, as comrated Milk plant. This undertaking, when completed, will pared with $34,670,700 and 693,414 shares outstanding
enable us to more advantageously provide for the needs of on December 31, 1927. Of this increase in the capital
that section of the country.
stock of the Company (which for the year 1928 amounts to
Borden's Farm Products Company, Inc. added consider- 558,361 shares) 78,346 shares were issued to Stockholders
ably to its pasteurizing and distributing facilities during or their assignees as of August 16, 1928 at $105 per share,
the year, the most important additions being new plants in the balance of the increase having been issued in payment
Utica; Van Ness Avenue in the Bronx, New York City; for businesses acquired. The stock outstanding December
Manhasset, Long Island; and Glenwood Road, Brooklyn, 31, 1928 was held by 9,482 Stockholders with an average
which are model plants of most modern design and equip- holding of 132 shares. Employees held an aggregate of
ment.
244,918 shares.
All important plant extensions, with certain general betterWhile it has been thought wise in each of the last five
ment items, were treated as capital expenditures.
years to issue additional stock to Stockholders on an adThe Company at all times maintains its properties in vantageous price basis, such action, if any, as to this year,
excellent physical condition and constantly studies their is, in view of the Company's very strong cash position at the
needs, both from a capacity and efficiency viewpoint, mak- beginning of the year, deferred until the known cash requireing such necessary outlay as the studies seem to make neces- ments, particularly having in mind further acquisitions, are
sary. These, as well as all other property expenditures, are clearly established.
controlled by a conservative policy of accounting.
Change in Par Value.
As set forth in our letter to Stockholders under date of
Expansion.
The inauguration of a policy of expansion in kindred February 5, 1929 the Board of Directors considered it wise,
products, all with a view to a broadening and diversification and in the best interests of the Company and its Stockof the Company's activities and earning power, was an- holders, to recommend the change in the par value of the
nounced in the 1927 Report, and more detailed announce- stock from its present $50,00 par value to $25.00 par value
ments as to particular acquisitions have since, from time per share. Should the Stockholders, therefore, at their
to time, been made. A recapitulation of all acquisitions meeting of April 17, 1929 give their approval to the proposed
to the date of writing this report will be found on Pages 10 change of par, there will be issued to Stockholders as of
April 26, 1929 two shares of the Capital Stock of this Comand 11.
In connection with the foregoing, all of which is in the pany of the par value of $25.00 per share for each share of
interest of product and territorial diversification, it is gratify- stock of $50.00 par value then held by them. This action,
ing to note the greatly strengthened position of the Com- it seems, should result in a broader distribution and, therepany in the fluid milk and ice cream fields in the cities of fore, a more general interest in the stock of the Company.
New York and Chicago, and its entrance in a very important
Organization.
way into the city of Detroit, as well as numerous other
A report of the year's accomplishments would not be
smaller, but important, cities of the country.
complete without particular mention being made of that
FINANCIAL CHRONICLE
Men. 2 1929.]
which brings it about—a splendid organization, working
intelligently and co-operatively, and constituting the Company's chief asset.
Respectively submitted,
ARTHUR W. MILBURN,
President.
ACQUISITIONS
Referred to Under Caption "Expansion" on Page 7 (Pamphlet
Report)
1927 Acquisitions, operation of which began as of January 1, 1928, were as follows:
J. M. HORTON ICE CREAM COMNEW YORK, N. Y.
PANY,INC
NEW YORK, N. Y.
REID ICE CREAM CORPORATION
OTTAWA,CANADA
OTTAWA DAIRY, LIMITED
CORNWALL DAIRY PRODUCTS,LTD_CORNWALL,CANADA
MERRELL-SOULE COMPANY,INC_NEW YORK, N. Y.
CANADIAN MILK PRODUCTS. LTD TORONTO, ONT., CANADA
LONDON. ENGLAND
MERRELL-SOULE CO., LIMITED
DAIRY MADE ICE CREAM CO.,INC—PATERSON, N. J.
Companies contracted for at various dates during 1928,
and for which the stock issued in payment therefor was outstanding on December 31, 1928, are as follows:
MILWAUKEE, WISCONSIN
GRIDLEY DAIRY COMPANY
WIELAND DAIRY COMPANY_,INCCHICAGO,ILLINOIS
WIELAND ICE CREAM COMPANY.
CHICAGO,ILLINOIS
INC
PLYMOUTH, WISCONSIN
LAKESHIRE CHEESE COMPANY
PEOPLES FUEL & SUPPLY COMCHICAGO,ILLINOIS
PANY,INC
MADISON.WISCONSIN
KENNEDY DAIRY COMPANY
INC-AURORA,ILLINOIS
AURORA ICE CREAM COMPANY,
THOMPSON'S MALTED MILK COMWAUKESHA, WISCONSIN
PANY,INC
THOMPSON'S MALTED MILK CO. OF
TRENTON.orrr., CANADA
CANADA,LTD
In addition to the above named companies acquired during
1928, all of which are being operated under their established
names and by their proven efficient managements, the following acquisitions were merged with existing Borden
operations:
CHICAGO,ILLINOIS
J. M.BARRON & SONS
CHICAGO,ILLNOIS
.
A. J. OLSON COMPANY
CHICAGO ILLINOIS
J. D. BROXHAM DAIRY CO
CHICAGO,ILLINOIS
CHRISTIANSEN BROIL DAIRY CO
FREEPORT MILK PRODUCTS COMCHICAGO,ILLINOIS
PANY
GREENVIEW FARMS DAIRY COMCHICAGO. ILLINOIS
PANY
CLINTONVILLE, WIS.
CLINTONVILLE MILK COMPANY
CHICAGO,ILLINOIS
CLOVER LEAF MILK COMPANY
CHICAGO,ILLINOIS
KOENIG DAIRY COMPANY
The following companies were contracted for during the
latter part of 1928 and in 1929 up to the date of the writing
of this report; the actual ownership and operation of which,
and the payments therefor (principally in stock) are effective
at various dates in 1929:
F. X.Baumert & Co.,
Inc., including its
subsidiaries:—
W. A. Lawrence &
Son, Inc., and
Baumert Co.,Ltd.
Risdon Creamery
Gabel Creamery Co.
Sandusky Milk Products Co.
Consumers Ice &
Creamery Co.
Schneider HolmesCo.
Belle Isle Creamery
Co.
International Milk
Products Co.
The first two operating in the United
States and Baumert Co., Ltd. operating in Canada.
Operating in the
city and environs
of Detroit, Mich.
1421
the dates of acquisition to December 31, 1928, of companies
whose businesses were completely acquired during the year.
We have verified the accounts representing cash and
securities either by examination of such assets or by obtaining certifications of depositaries.
The charges to property accounts have been controlled
by a conservative policy. In our opinion, adequate reserves
have been provided for depreciation of property and for
possible losses, and full provision has been made for all
known liabilities.
The inventories of finished goods and raw materials and
supplies represent book balances as shown by the inventory
records, which are adjusted from time to time to agree with
physical inventories, and which were examined and appear
to be correct, all inventory valuations being based upon cost'
or market, whichever was lower.
We hereby certify that in our opinion the accompanying
Consolidated Balance Sheet and Statement of Consolidated
Income and Profit and Loss correctly set forth, respectively,
the financial condition of the companies at December 31,
1928, and the results of their operations for the year (or
lesser periods) ended that date.
HASKINS & SELLS.
New York, February 20, 1929.
THE BORDEN COMPANY AND ALL SUBSIDIARY
COMPANIES
Consolidated Balance Sheet, December 31, 1928
ASSETS
Property, Plant and Equipment:
Including Madison Avenue and Hudson Street Office
Building Properties (Values are based on cost or on
field surveys by Company's engineers, supplemented
where necessary by independent appraisals, with sub- ,
$93.707,858.78
sequent additions at cost)
Lem
Mortgages—Madison Ave. Office Build$1,400,000.00
ing Properties
26,145,786.29
Reserves for Depreciation
27,545.786.29
$66,162,072.49
Net Property, Plant and Equipment
Current Assets:
$13,546,195.71 (a)
Cash
Receivables—Less Reserve for Doubtful
8.905,738.33
Accounts
Marketable Securities (at Market or Less) 10,243,641.93
Finished Goods (at the Lower of Cost or
7,634.307.60
Market)
Raw Materials and Supplies (at the Lower
3,998,791.22
of Cost or Market)
$44,328,674.79
392,840.92
Prepaid Items and Miscellaneous Assets
7.000.000.00
Trade Marks, Patents and Good Will
$117,883,588.20
Total
for the
(s) This Cash balance does not include funds deposited in escrow
Manufacturers, Wholesale retirement of bonds. notes and preferred stocks of acquired companies
for redemption.
Dealers and Importers of which have been called
cheeses, the principal brands
LIABILITIES
being Eagle Brand Cream
Cheese and Military Brand Current Liabilities:
$9.092.872.74
Accounts Payable
Camembert Cheese.
Accrued Accounts:
1,499,024.39
Income Taxes (Estimated)
2,609.746.93
Other Items
$13,201.644.06
Manufacturers and-or Dis112.371.10
tributors of Fluid Milk, Deferred Credits
Cream, Ice and Ice Cream.
$13,314,015.16
(This will give us a substanTotal
tial business upon our entry Capital Stock—The Borden Company:
Into the fourth largest city
1.251,775 Shares Common ($50.00 each)-362,588,750.00
In the U. S.)
Reserves:
11,667,213.91
Insurance, Contingencies, etc
30,313,609.13
Surplus
Operatingin the cit$104,569,573.04
Total Capital Stock, Reserves and Surplus
ies of Indianapolis,
Terre Haute, Fort
$117,883,588.20
Total
Wayne and South
Bend. Indiana, and Manufacturers and DistribAkron and Colum- tributors of Ice Cream.
bus. Ohio.
Muldoon Dairy Co.
THE BORDEN COMPANY AND ALL SUBSIDIARY
Fort Wayne, Ind.
The City Dairies Co. St. Louis, Mo.
COMPANIES
Chateau Cheese Co.,
Ltd.
and-or Dis- Statement of Consolidated Income and Profit and Lou for
With headquarters Manufacturers
MoyneurCo operative In Ottawa,Canada. tributors of Fluid Milk, Butthe Year Ended December 31, 1928
Creamery,Ltd.
ter and Cheese.
$180.849,994.95
Gross Sales
LaurentianDairy,Ltd.
Moores & Ross, Inc., •
Net Operating Profit:
Including its subsidi(After deducting all operating charges, which include proaries:—
Operating in Co- Manufacturers and-or Disvision for depreciation In the amount of $4,635,395.92,
Noaker Ice Cream Co. lumbus and tributors of Fluid Milk,
$12,025,994.07
Insurance and property taxes)
Hamilton Milk Co.
811.980.19
throughout central Cream and Ice Cream.
Other Income—Interest (Net), Dividends. etc
CentralOhioDairyCo. Ohio.
of Columbus.
$12,837,974.26
Gross Income
1.483,642.98
South Chicago Ice
To further improve our Ice Other Deductions—Income Taxes (Estimated)
Cream Co.
Cream position in the ChiChicago, Illinois.
$11.354,331.28
Net Income
Jersey Ice Cream Co. Chicago, Illinois.
cago territory.
Surplus Credits:
Acquired largely as a matter
Marshfield Milk Coin
20,234,164.98
Surplus, January 1, 1928
of procuring an additional
pany
4.309.030.00
Marshfield, Wis.
Premium realized from sale of Capital Stock
milk supply.
$35.897.526.26
I Manufacturers and-or Dis- Gross Surplus
Racine Pure Milk Co. Racine, Wisconsin. tributors of Fluid Milk. Surplus Charges:
Dividends—Paid during the
Cream and Ice Cream.
56,258,066.00
year
Manufacturers of Cheeses.
Blue River, Wis.
Schmitt Bros.
Less Dividend declared In
1,040,121.00
1927 and paid in 1928
$.5,217,945.00
HASKINS & SELLS
Interest on Subscriptions to
Certified Public Accountants
163,236.48
Capital Stock
Loss on Property and Securi14(1,796.76
Offices in the Principal Cities of
ties Sold (based on cost)
the United States of America
Appropriations to Reserves31,061,938.89
—and in—
(Including as in former years
37 West 39th Street
London, Paris. Berlin, Shanghai,
provision for profit sharNew York
Montreal, Havana, Mexico City
ing, amounting for 1928
to 3645,596.74)
Less return to Surplus or
THE BORDEN COMPANY AND ALL SUBSIDIARY
Reserve no longer needed
COMPANIES
for purpose for which es1,000,000.00
tablished
CERTIFICATE OF AUDIT
$61,938.89
$5,583,917.13
We have made a general audit of the accounts of The
TheFurnasIce Cream
Companies
{
Borden Company and those of its subsidiary companies for
the year ended December 31, 1928, or for the periods from
Surplus, December 31. 1928
$30.313,609.13
1422
FINANCIAL CHRONICLE
I V OL.
.6:Z
4
ENGINEERS PUBLIC SERVICE COMPANY
DATA EXTRACTED FROM 1928 ANNUAL REPORT
INCLUDING:
VIRGINIA ELECTRIC AND POWER CO. AND SUBSIDIARIES
EASTERN TEXAS ELECTRIC CO. AND SUBSIDIARIES
SAVANNAH ELECTRIC AND POWER COMPANY
THE KEY WEST ELECTRIC COMPANY
PUGET SOUND POWER & LIGHT CO. AND SUBSIDIARIESt
EL PASO ELECTRIC CO. AND SUBSIDIARIES
BATON ROUGE ELECTRIC COMPANY
PONCE ELECTRIC COMPANY:
COMPARATIVE CONSOLIDATED INCOME STATEMENT
$20,892,350.34
8,815,831.04
1,397,345.02
1,759,132.03
Per Cent
of
Earnings
63.6
26.8
4.2
5.4
$32,864,658.43
$17.811,261.86
8,681,805.38
1,319,012.76
1,641.515.23
Per Cent
of
Earnings
60.4
29.5
4.5
5.6
33,081,088.43
134,025.66
78,332.26
117,616.86
100.0
129,453,595.23
100.0
$3,411,063.20
814,013,452.32
2,469,510.15
14,500.39
2,505,995.44
42.6
7.5
.1
7.6
$13,332,429.71
2,399,640.35
45.3
8.1
2,375,189.27
8.1
$681,022.61
69,869.80
14,500.39
130,806.17
$19,003,458.30
57.8
$18,107,259.33
61.5
$896,198.97
$13,861,200.13
175,683.05
42.2
.5
111,346,335.90
32,536.19
38.5
.1
$2,514,864.23
143,146.86
$14.036,883.18
4,119,515.81
42.7
12.5
111,378,872.09
3,457,049.47
38.6
11.7
$2,658,011.09
662,466.34
Balance
Dividends on Preferred Stock of Subsidiary Companies (Accrued)
$9,917,367.37
2,153,631.94
30.2
6.6
37,921,822.62
1,609,547.93
26.9
5.5
$1,995,544•75
544,084.01
Balance
Amount Applicable to Common Stock of Subsidiaries in Hands of Public
Balance Applicable to Reserves and to Engineers Public Service Company
$7,763,735.43
68,694.20
23.6
.2
$6,312,274.69
52,750.88
21.4
.2
11,451,460.74
15,943.32
1928
EARNINGS
Light and Power
Transportation
Gas
Other
Total
Expenses
Operation
Maintenance
Depreciation of Equipment
Taxes
Total Operating Expenses and Taxes
NET OPERATING REVENUE
Income from Other Sources
Balance
Interest and Amortization
1927
Increase
$6,259,523.81
21.2
11.435,517.42
23.4
$7,695,041.23
tniget Sound Power & Light Company acquired December 1, 1928; the results of operation of this Company are included in the 1928 statemen
for 1 month only.
:Ponce Electric Company acquired in march, 1027; the results of operations of this Company are included in the 1927 statement for 9 months only.
COMPARATIVE CONSOLIDATED BALANCE SHEET
ASSETS
December 31,
1928
Property, Plant, etc
________________________________________________________________ 3254,783,050.27
Excess of Book Value of securities of Subsidiary Companies as of date of acquisition
over
par or stated value thereof_________________________________________________________
Investments
Cash
1E867ai9
Notes Receivable
249,472.33
Accounts Receivable
6,578,606.33
Materials and Supplies
Prepayments_______________________________________________________________________
13,0723,061831.716
Subscribers to Stock __________________________________________
5,528.05
________
Sinking Funds
______________ **11,042,416.83
Special Deposits
**903,304.38
__________________________________________________________
Unamortized Debt Discount and _________
Unadjusted Debits __________________________________________________________________
4.793970.,083606..4271
$318.924.755.01
LIABILITIES
Preferred Stockt
___________________________________________________________________ 143.208,803.50
Preferred Stock Scrip _______________________________________________________________
12,188.75
Common Stock __________________________________________________________________ 34,712,098.50
Common Stock Scrip _________________________________________________________
9.990.25
Preferred Stock. 675,849 shares; 1927-250,589 shares (Subsidiaries)
64.375,752.08
Premium on Stock (Subsidiaries)
134,918.71
Stock Subscribed For (Subsidiaries)
12.113.50
Bonds (Subeidiaries)
120,349.500.00
Coupon Notes (Subsiclla_____)
6.059,500.00
Notes Payable
9.395,369.89
Accounts Payable
1,458,357.73
Accounts Net Yet 13ue
3.858,145.90
Dividends Declared
600.253.50
Retirement Reserve
20,353.900.75
Operating Reserves---------------394,486.99
Unadjusted Credits---------------------------------------------696,532.06
Minority Interests
-Earned Surplus $216.414.38:
----------- and Surplus of Subsidiaries (
1927-1134,495.95)
1,470.858.16
Earned Surplus
111,821.984.74
December 31,
1927
$144,885,92112
Increase
$109,897,128.35
6,134,275.02
60,524.33
2.782,254.46
160,128.67
3,027,666.86
2,190.366.03
700,837.12
114,562.70
4,937,805.62
526.526.85
3,243.907.97
516,329.09
2,143,656.14
15,827,916.46
7,580,158.83
89,343.66
3,550,939.47
853.315.0
361,176.67
*109,034.65
6,104,611.21
376,777.53
1,553,122.50
414,537.12
$169,281,106.69
$149,643,648.32
$28,278,187.06
25,053,338.01
134,532.91
330,837.50
66,009,500.00
5,936,400.00
3,248,671.91
806,266.59
2,262.031.18
48,662.00
12.930,283.99
258.315.35
646.499.80
$14,930,616.50
12,188.75
19.875,856.00
9,990.25
39,322,414.08
385.86
*318,724.00
54,340,000.00
123,100.00
6,146.697.96
652,091.14
1,596,114.77
551,591.50
7,423,616.76
136,171.64
50,032.26
583,708.04
7,917,629.97
887,150.12
3.904,354.77
14,836,242.50
$169,281,106.69
$318,924.755.01
2149.643.648.32
* Decrease.
*5 Includes $10,778,500 bonds of Subsidiaries held in Sinking Funds, uncancelled
and $98,000 bonds of Subsidiaries held in escrow.
t Represented by 254,820 shares $5 Dividend Convertible Preferred and 197,993
shares $5.50 Cumulative Dividend Preferred of no par value
(1927-310,468 shares $7 Dividend Preferred Stock).
Represented by 1,270,621 shares of no par value; average number of Common shares outstanding in 1928 was 930,828 (1927-797,240 Common
shares; average 780,965).
§ Surplus of Subsidiary Companies at date or acquisition by Engineers Public Service
Company, was $9,277,931.16 (1927-16,134,275.02)•
CONSOLIDATED CAPITALIZATION
Net Amount Per Cent of
Outstanding
Total
Bonds and Coupon Notes of Subsidiaries at face value--------------------------------------------------------------$115,532,500
38.6
Notes Payable--------------------------------------------------------------------------------------------9,395,370
3.1
Preferred Stocks of subsidiaries at par or book value
--------------------------------------------------------------- 64,375,752
21.5
Common Stocks of subsidiaries in public hands at book value-----------------------------------------------------1,470,858
.5
Engineers Public Service Company Preferred at liquidation value----------------------------------------------45,281.306
15.1
Engineers Public Service Company Common at market December 31, 1-928
63,531.050
21.2
1299,586,830
100.0
MAR.
21929.]
1423
FINANCIAL CHRONICLE
ENGINEERS PUBLIC SERVICE COMPANY
ENGINEERS PUBLIC SERVICE COMPANY.
(Holding Company)
(Holding Company)
COMPARATIVE INCOME STATEMENT
CONDENSED BALANCE SHEET DECEMBER 31, 1928
Earnings:
Dividend Revenue
Interest Revenue
Miscellaneous Revenue
Total Earnings
1927.
Increase.
1928.
$3,202.647.91 $2,674,827.92 $527,819.99
200,616.96
163,666.00
364,282.96
329.50
*329.50
$3,566,930.87 $2,875,774.38 5691,156.49
Expenses:
Operating Expenses
Taxes
$158,848.45
7,597.92
Total Oper. Exp. and Taxes_ $166,446.37
$147,107.21
9,846.46
$156.953.67
Assets:
Investments in Subsidiary Companies
Cash
Notes Receivable
Dividends Receivable
Interest and Accounts Receivable
Unadjusted Debits
$11,741.24
*2,248.54
$9,492.70
Net Earnings
Interest
$3.400,484.50 52.718,820.71 $681,663.79
125,100.00
125,100.00
Net Income
$3,275,384.50 $2,718,820.71
$556,563.79
* Decrease.
a Represented by 254,820 shares $5 Dividend Convertible Preferred and
197.993 shares $5.50 Cumulative Dividend Preferred of no par value.
x Represented by 1.270,621 shares of no par value; average number of
Common shares outstanding in 1928 was 930,828.
$77,308,857.87
337,124.10
7,900.000.00
468,951.00
60,272.91
1.00
586,075.206.88
Liabilities:
Preferred Stock
Preferred Stock Scrip
Common Stock
Common Stock Scrip
Notes Payable
Accounts Payable
Accounts Not Yet Due—
Tax Liability
Interest Accrued
Unadjusted Credits
Earned Surplus
a$43,208,803.50
12,188.75
x34,712,098.50
9,990.25
6,200,000.00
15,202.24
7,597.92
25,733.34
6,615.00
1,876,977.38
$86,075,206.88
DIRECTORS
CHARLES A. STONE, Chairman
Chairman of the Board, Stone & Webster, Inc., New York.
JOSEPH P. GRACE
FRANK L. BABBOTT
President, Brooklyn Institute of Arts and
President, W. R. Grace & Company, New
York.
Sciences, Brooklyn, N. Y.
ARTHUR T. HADLEY
MURRAY W. DODGE
President Emeritus, Yale University, New
Vice-President, Chase Securities Corporation,
Haven, Conn.
New York.
EPPA HIINTON, JR.
President, Richmond,Fredericksburg & PotoHOMER L. FERGUSON
mac Railroad Company, Richmond, Va.
President, Newport News Shipbuilding and
Dry Dock Company, Newport News, Va. CHARLES W. KELLOGG
President, Engineers Public Service ComANDREW FLETCHER
pany, New York.
W.& A. Fletcher Company, Hoboken, N. J. GEORGE N. LINDSAY
Vice-President, Blair & Co., Inc., New York.
W. CAMERON FORBES
RAY MORRIS
of J. M.Forbes & Co., Boston.
of Brown Brothers & Co., New York.
GEORGE 0. MUHLFELD
S. FRANKLIN
PHILIP A.
Vice-President, Stone & Webster, Inc., New
President, International Mercantile Marine
York.
Company, New York.
ARTHUR W.PAGE
Vice-President, American Telephone & Telegraph Co., New York.
THOMAS N. PERKINS
of Ropes, Gray. Boyden & Perkins, Boston.
BAYARD F.POPE
President, Stone & Webster and Blodget,
Inc., New York.
HENRY S. PRITCHETT
President, The Carnegie Foundation. New
York.
SAMUEL B. TUELL
Vice-President, Engineers Public Service
Company, New York.
EDWIN S. WEBSTER
President, Stone & Webster. Inc., Boston.
BEEKMAN WINTHROP
of Robert Winthrop & Co.. New York.
FULL REPORT MAY BE HAD ON REQUEST TO
ENGINEERS PUBLIC SERVICE COMPANY., INC.,
120 Broadway, New York, N. Y.
—Sanders, Phalen & Co., Inc., Chicago, announce the opening of offices
in Suite 501, 137 South La Salle St., to deal in Investment Securities.
—The L. L. Harr Corp. of New York, which was established in 1903, Telephone Franklin 8440. P. L. Phelan, was formerly manager of the
has opened offices at 26 Broadway, and will engage in the business of trading department of E. L. Lobdell & Co., Chicago, and Mr. D. T.
originating, syndicating, and wholesaling high-grade industrial securities. Sanders was formerly with Jackson & Curtis, New York.
L. L. Harr, the President has been actively associated as financial and
—Jackson Bros., Boesel & Co., members New York Stock Exchange.
Industrial adviser to many large corporations, among which are, Beech- announce that the following have become associated with them in the
nut Packing Co.. Graton & Knight Co., Jordan Motor Car Co., White stock department of their New York office: Francis R Nichoos, Edward
Sewing Machine Co., also the Angus Co. and other publishing companies. T. Doyle, Harry D. Brown, Daniel E. Huger, William H. Fleischmann,
More recentlyMr. Harr has been associated as buying partner of one of the John W. Hutton, and William Fletcher Farrell.
large New York investment houses. Courtland Palmer of the law firm of Ianger, associated with the Bank of New York & Trust
-Adolph
Palmer and Furman, formerly Assistant General Counsel of the Standard
Co. for the past seven years, has established himself as investment counsel
Oil Co. of New York, will be associated with Mr. Harr.
at 100 Broadway. Mr. Infanger has been acting as investment counsel
—George M. Forman & Company, Inc. are distributing the latest to a group of individuals for several years and hereafter will devote his
edition of "Forman's Business Barometer." This publication, issued full time to this field.
monthly,shows business conditions graphically by means of charts. Based
—James Talcott, Inc., has been appointed factor for the Groveville
on figures for the year 1913, which is generally considered a normal business
year from which to get the business trend, these charts show at a glance Textile Mills, Inc., of Groveville, N. J., manufacturers of damasks and
general business conditions. Direct of production, prices and so on, are tapestries with selling agency at 211 Fourth Avenue, New York and for
indicated by charts of bond and stock prices, money rates, ratio of brokers' the Crane Weaving Co., Inc. of Paterson, N. J. manufacturers of Tie Silks,
loans, commodity prices, pig iron production, grain prices, department Scarfs and Novelties.
store trade and others.
—The Seaboard National Bank of the City of New York has been ap—The J. Henry Schroder Banking Corporation has opened its new pointed trustee under indenture dated as of Jan. 1 1929 securing an issue
quarters at 46 William St., New York City, in the Bank of New York & of 7% mtge. gold bonds, due Jan. 1 1944, of 26 West 48th Street Corp..
Trust Co. building. The corporation has leased three entire floors, which and also as transfer agent of the common stock of the United Founders
provides floor space considerably larger than that heretofore leased at 27 Corp.
Pine St. An arrangement has been mcde by which the corporation will
—Eben Richards, Jr., formerly with White, Weld & Co.; Robert Clevehave its own private address and entrance to its executive quarters at 46
William St. The general banking departments can be reached through land Dunn,formerly with H. T. Carey & Co., and John Durant, a member
of the New York Curb Market, have formed the brokerage firm of Richards.
the main entrance of the building at 48 Wall St.
Broadway, New York.
—John G. Lonsdale, Prsident of the National Bank of Commerce in Dunn & Company with offices at 26
—Howe, Snow & Co., Inc., New York City, have prepared "Everyman's
St. Louis, has been appointed Chairman of the advertising committee of
the Industrial Club of St. Louis for 1929, it was announced recently by Income Tax, With Bookkeeping Records For The Individual," based on
Harold M. Bixby, President of the Industrial Bureau of the club. It is the 1928 law and containing an anusual amount of valuable information
the duty of this committee to plan the advertising which is published in and memorandum sheets for the keeping of income tax records.
magazines and newspapers to attract new industries and new citizens to
—T. L. Watson & Co., members of the New York Stock Exchang
announce that Wesley Smith has been admitted to general partnership
St. Louis.
in the firm. Mr. Smith will act as resident partner In the Bridgeport,
—The co-partnership of W. C. Giddings & Co., has been dissolved
and
Charles R. Hammerslough has formed the firm of Charles R. Hammers- Conn. office located at the corner of Main and John Streets.
—Marks & Graham, members of the New York Stock Exchange, have
lough & Co. to specialize in bank and insurance stocks and will continue
business at 50 Broadway, New York. W. C. Giddings will continue to announced that Frederick D. Gearhart, Jr., formerly with Hambleton &
do business under the name of W.C. Giddings & Company with new offices Company, has joined their bank and insurance stock department under the
management of B. S. Lichtenstein.
at 67 Wall St., New York, specializing in bank and insurance stocks.
—Engel & Co., members of the New York Stock Exchange announce
—Bryant Griffin. advertising manager of National Newark & Essex
that Leon Osterwell, formerly of the firm of Osterweil & Co., which has Banking Co., Newark, N. J., announces that after Mar. 1 he will be assodissolved, has been admitted as a general partner, and that David ciated with the United Advertising Agency of Newark and New York, as
Just been
Fox has been admitted as a special partner in the firm. Mr. Osterwiel an account executive.
will become resident partner in the firm's new office which was opened
—Allan W. Ames, J. Shirley Austin and Philip A. S. Franklin, Jr. have
been admitted as general partners in the firm of C. D. Halsey & Co..
Mar. 1 at 1531 Broadway.
—The Germanic Group Companies, including International Germanic members New York and Pittsburgh Stock Exchanges and New York Curb
Trust Co., International Germanic Co., Ltd., Germanic Fire Insurance Co. Market.
of New York, Germanic Safe Seposit Co., Germanic Realty Corp., and
—W.W. Snyder & Co. have removed their offices to the Bank of New
Central Bank for German Industry (Berlin),are fully described in a brochure York & Trust Company Building, 48 Wall Street. John H. Grouls. Jr..
formerly with Eastman, Dillon & Co., has become a member of the firm.
Just issued from the executive offices at 26 Broadway, N. Y.
—A.M. Mitchell and Coleman Stewart announce the formation of A. M.
—DeWitt N. Conklin, formerly with Sales Department of Moody's
Investors Service, is now associated with Calvin Bullock, Denver and New Mitchell & Co. to transact a general business in investment securities, with
offices in the Capital Building. Hartford, Conn.
York.
CURRENT NOTICES.
1424
[VOL. 128.
FINANCIAL CHRONICLE
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-DRY GOODS
-WOOL
-ETC.
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper, immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, March 1 1929.
COFFEE on the spot was quiet with Santos 4s, 24 1-2 to
/
/
1
/
1c.;
25c.; Rio 7s 1814 to 182 Victoria 7-8s 184c. and Robustas
/ Arrivals of mild coffee at United States ports
4c.
20 to 201
in February have amounted to 291,165 bags against 279,914
bags in January and 324,971 bags in February last year. The
February deliveries amounted to 285,710 bags against 262,702
bags in January and 278,141 bags in February, 1928. The
stocks at all ports on Feb. 24th • were 375,960 bags against
399,662 bags last week and 288,105 bags a year ago. Early
on the 26th inst. the cost and freight offers from Brazil were
in the main unchanged with a few being slightly lower. On
the 27th inst. early cost and freight offers were irregular,
some being unchanged and others 10 to 30 points lower. Some
of the high class shippers, it is reported, are making no
offers. For prompt shipment, Santos Bourbon 2/3s were
here at 25.15c. to 251
/
4c.; 3s at 24.95c.; 3/4s at 242 to
/
1c.
24.45c.; 3/5s at 23.05c. to 244c.; 4/5s at 22.80c. to 24.05c.;
/
1
5s at 22.45c. to 24.30c. 5/6s at 22.20c.; 6s at 21.90c. to 22.35c.;
6/7s at 21.30c. to 22.05c.; 7s at 21.15c.; 7/8s at 19.70c.; part
Bourbon 3/4s at 24j
8c.; 3/5s at 231 to 24.50c.; 6s at 22c.;
/
4c.
Peaberry 4s at 234c.; 4/5s at 23.05c.; 6s at 22.20c.; Rio 3/4s
at 18.70c.; 7s at 17.10c. to 17.40c.; 7/8s at 16.90c. to 17.20c.;
Victoria 7s at 16gc. On Feb. 28th early cost and freight
offers from Brazil were in some cases lower. For prompt
shipment Santos Bourbon 2/3s were quoted at 25.15c.; 3s at
24.80c.; gs at 23.95c. to 2434c.; 3/5s at 23.05c. to 242
/
1c.;
4/5s at 22.80c. to 23.55c.; 5s at 22.45c. to 24.30c.; 5/6s at
22.20 to 232 6s at 21.90c. to 22.35c.; 6/7s at 21.30c. to
/
1c.;
21.80c.; 7 at 20.90c.; 7/8s at 17.30c. to 19.55c.; part Bourbon
gs at 241c.; 3/5s at 23.70c. to 24c.; peaberry 4s at 23.60c.;
/
2
4/5s at 23.05c.; 6s at 22.20c.; Rio / at 18.65c.; 5/6s at 18c.;
1
4s
Ns at 16.90c. to 17.15c.; 7s at 17.10c.; Victoria / at 16gc.
78s
Fair to good Cucutas 232 to 24c. Colomnian, Ocana 23 to
/
1
232 Bucaramanga natural 23 to 242
/
1c.
/
1
2
/
1c.; washed 25 to
251 Honda, Tolima and Giradot 251 to 254c.; Medellin
/
4c.;
/
2
262 to 264c.; Manizales 251 to 26c. Mexican washed 251
/
1
/
2
/
2
to 27c. Surinam 22 to 23c. Ankola 34 to 38c.; Mandhelling
36 to 29c. Genuine Java 34 to 35c. Robusta washed 20 to
/
1
2
/ Mocha 272 to 28c.; Harrar 261 to 27c. Guatemala,
4c.;
/
1
/
2
201
/
1
/
1c.
prime 26 to 27c.; Bourbon 244 to 242 Trie-a-la-main 23
to 232
/
1c. Rio receipts on the 27th inst. were 11,000 bags
against 11,000 on the previous day and 7,000 last year; clearances to Europe 1,000 against 7,000 on the previous day and
1,000 last year; clearances elsewhere 1,000 against 1,000 on
the previous day and none last year; stock 283,000 bags
against 274,000 on the previous day and 317,000 last year.
Santos receipts on February 27th were 41,000 bags against
40,000 bags on the previous day and 29,000 last year; stock
979,000 bags against 981,000 on the previous day and 917,000
last year. Sao Paulo receipts on Feb. 27th were 32,000 bags
against 26,000 on the previous day and 30,000 last year.
Jundiahy receipts on Feb. 27th were 26,000 bags against
21,000 on the previous day and 22,000 on the same day last
year. Receipts during February at Rio 177,000 bags; at
Santas 766,000; total 943,000 bags; since July 1st at Rio
1,967,000 bags; at Santos 5,760,000 total 7,727,000 against
2,741,000 bags in the same time last year at Rio and 6,370,000
at Santos; total 9,611,000; same time two years ago at Rio
2,734,000, at Santos 6,326,000; total 9,060,000 bags.
Spot trade later was small with prices 241 2 to 25c. for
/
Santos 4s, 181 to 181 for Rio 7s and 18 to 184c. for Vic/
4
/
2c.
/
1
toria 7-8s with Robustas 20 to 202c. Some of the firm of/
1
fers from .
Santos were a little lower today. Prices on
prompt shipment cost and freight tenders this morning
were unchanged. They included Santos Bourbon 2 3s at
/
23.15c.; 3s at 24.80c.; / at 244 to 24.30c.; 3/5s at 23.05
1s
4
/
1
to 243/4c.; 4/5s at 22.80 to 24.35c.; 5s at 22.45 to 24.30c.; 5/6s
at 22.20 to 23.05c.; 6s at 21.90 to 22gc.; 6/7s at 21.30 to
21.85c.; 7s at 21c.; Ns at 16.90 to 19.55c.; part Bourbon /
1
4s
at 242
/
1c.; 3/5s at 23.70 to 24c.; Peaberry 4s at 23.60 to
23.70c.; 4/5s at 23.05c.; 6s at 22.20c.; Rio gs at 18.65c.; 5/
6s.
at 18c.; Ns at 16.90 to 17.15c.
Futures on the 25th ended 5 points lower to 11 points
higher on Santos with sales of 45,250 bags and 15 points
lower to 10 higher on Rio with sales of 32,250 bags. Europe was the largest buyer. The steadiness of Brazilian
and European markets, over the holidays plainly had its
effect here. And only 3 Santos March notices were issued.
An official cable from Santos to the Exchange said that the
railway will probably not be in normal condition for 10
days. The Institute de Cafe do Sao Paulo has ordered the
railway to deliver 40,000 bags daily ex warehouse.s near
Santos, which warehouses have stocks estimated at 800,000
bags. A private Santos cable said that the only warehouses
in the interior that were delivering are the Northwest and
the Sorocobano. These warehouses the cable added are in
the poorer districts. Consequently the stock of good coffee
in Santos is very light it was added. Another Santos cable
read: "Traveler just returned from interior believes next
crop unhurt by rains. Estimates Santos minimum of
15,000; Rio large. Also claims outlook very good." On the
26th inst. futures fell 23 to 31 points on Rio with sales of
53,000 bags and 21 to 28 on Santos with sales of 26,000
bags with Europe, Brazil and New York longs selling. Recent big rains in Brazil it is now said did little or no narm.
That news told. Also an official cable to the Exchange
stated that the Rip receipts for the first 15 days of March
will be 8,889 bags daily. This is an increase of 3,205 bags
per day. It was also stated in Santos advices that the
1928-29 crop promises to be 15,000,000 bags minimum for
Santos. The Rio crop while not estimated in figures, was
declared to be equally promising. Lower closing cables
from Rio seemed to increase the weakness of New York
prices especially on December Rio. Santos cabled on the
27th: "Sao Paulo Railway normalized" which means that
regular traffic over the road has been resumed and the interference with daily receipts from the interior ended.
Some are struck by the discrepancy in price between Brazilian and mild grades, the latter selling almost at the
same parity or even below Brazilian prices. They think
that is a bar to a further advance of Santos prices. Arrivals of all kinds of coffee in Havre during February amounted to 134,000 baks of which 85,000 were Brazilian. Deliveries of all kinds during February were 156,000 of which
98,000 were Brazilian. Stocks in Havre on March 1st totalled 297,000 bags of which 137,000 were Brazilian; discharging 45,000 bags of which 40,000 were Brazilian. .
Futures on Feb. 28th closed 2 to 20 points higher with
Brazil buying and European prices firmer. Cost and
freights in some cases were slightly lower. Today futures
closed 10 to 20 points off on Santos with sales of 21,000
bags. Rio was 10 to 16 points lower. Final prices show a
decline for the week of 27 to 40 points on Rio and 27 to
33 on Santos.
Rio coffee prices closed as follows:
Snot (unofficial) __ _1834 I May
March
16.78 I July
15.20 September
15.40'December
14.84
14.47
Santos coffee prices closed as follows:
Spot (unofficial)
March
I May
23.32 July
22.53 I September 20.8584 -- _
21-69 I December_ 20.30020.31
COCOA sales today were 404 lots March closed at 10.95c.;
May at 11.27c. and July at 11.54c.
SUGAR-Prompt Cuban raws were firmer with a moder/16 to 1-31/32c. Refined was
ate demand and quotations 1-15
4.90c. with a good business for immediate delivery but not
much for later delivery. On the 26th inst. 125,000 bags of
Cuba sold at 1-15/16 to 1-31/32c.; also 3,000 tons Philippine at
3.71c. and 4,000 tons Porto Rico at 3.74c. Some think the
present low prices will have some influence on the planting of
the new beet crop in Europe during the coming spring; also
.
consumption will continue to be increased. Futures on the
25th inst. advanced 2 to 3 points with sales of 61,250 tons of
which 22,600 were exchanges. Of March notices 160 were issued and were soon stopped. March shorts covered freely.
Europe bought distant months; 100 notices appeared. Sales
were made of actual sugar of 35,000 bags and upward including Porto Rico at 3.71 delivered equal to 1-15
/16c. c.&f. due
first half of March. Europe it was said bought several cargoes including Cubas for April shipment to the United Kingdom at 9s 42 London is watching New York sharply for
/d.
1
a cue. Sustained firmness here would be the signal it is believed for London buying on a considerable scale.
On the 26th inst. prices advanced 2 to 3 points with sales
of 55,150 tons. No. further March notices appeared. Europe
bought. Large Cuban interests are supposed to have bought
May. The outside public bought distant months. The tone
was better in both futures and spot raws with sales for the
first half of March at 1-31/32c. Receipts at Cuban ports
for the week were 232,886 tons against 229,964 last year; exports 123,458 tons against 78,937 last year; stock (consumption
deducted) 818,978 tons against 671,487 last year; centrals
grinding 163 against 169 last year. Of the exports 79,690
went to Atlantic ports; 28,697 to N,ew Orleans, 2,154 to Galveston, 1,127 to Interior United States, 2,714 to Savannah,
2,858 to China and 6,218 to Europe. Late last week March
offerings were easily absorbed by leading Cuban interests
and also by the issuers of the notices who bought the March
and sold the later deliveries on a gradually widening switches
basis. Over 75% of the business for a time was switching
MAR. 2
1929.]
FINANCIAL CHRONICLE
operations with 210 notices on the 21st. The world's produca
tion of sugar for the season of 1928-29 was estimated . t
27,976,000 long tons against 26,616,000 actually produced in
1927-2& This season's world's consumption is put at $27,022,000 long tons compared with 26,100,000 consumed last season.
Prices are said to be below the cost of production.
On Feb. 28 tariff talk from Washington caused covering
and other buying by Wall Street, the trade and scattered interests. At one time that day Cuba sold July heavily and also
some December and January. This selling died down later
in the day. September was in good demand. Washington
wired that Representative Tilson, the House flood leader, had
stated he had recommended to President-elect Hoover in a conference on the previous day that the extra session of Congress
be called for April 10, and that it seemed likely the farm
relief bill will be then ready and the tariff bill on April 20th.
This was the sequel for considerable covering in May and
July. Some 49,500 bags of Cuban sold at 1-61/64c. c.&f. part
second half of March. Later 1-31/32c. was asked. Refined
2
/
was still 4.90c. with some second hand granulated at 4.871c.
though it was not plentiful Rio de Janeiro cabled that the
Brazilian crop for 1929 is estimated at 800,000 tons. To-day a
cargo of Cuban raw sugar for second half March shipment
sold at 1-31/32c. c.&f. There were further sellers of sugars
in that position at this price. Refiners still seem to be apathetic. Final prices on futures ended 1 point lower to 4 higher
for the day. They are 3 to 5 points higher than last Thursday. There were 142 March notices issued in the morning
and 10,150 tons were delivered on contract.
1425
There was a fair movement against old contracts. Bunker
oil was steady with a fair spot demand. Grade C was $1.05
a barrel f.a.s..New York Harbor. Deliveries on contract
were large. Diesel oil was steady at $2. refineries. Furnace
1
/
oil was more active at 62c. at refinery. Consumption is
well maintained. Gas oil demand was good and prices
steady. Lubricating oils showed little change. Mineral
spirits were in better demand.
Tables of prices usually appearing here will be found on an earlier page In
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."]
RUBBER-New York on the 25th inst. ended 100 to
140 points higher after being 150 to 170 points higher with
London up 7/d and Singapore Id on a squeeze of the
shorts. The sales here were 2,470 lots or 6,175 tons. In
other words the world's markets were active, excited and
decidedly higher in oversold markets. But the Continent
and America were also buyers in London supposedly in
part at least for long account. London opened at 1334c1
/
1
/
for Spot, Feb. and March, 134d for April-June, 11378d for
-Dec. New York prices on
4c1
/
July-Sept. and 141 for Oct.
the 25th ended with March 26.40c.; May 26.90c.; July
27.60c.; Sept. 27.30c.; Oct. 27.20c.; Dec. 27.40c.; and Jan.
-Smoked sheets ribbed spot, Feb27.50c. Outside prices:
1
/
1
/
ruary and March 264 to 2634c.; April-June 27 to 274c.;
1
/
-Dec. 272 to 273.4c. On the
2c.;
/
4
July-Sept. 271/ to 271 Oct.
26th inst. New York fell 10 to 30 points but later regained
the loss and closed 20 to 30 points net higher with sales
of 1,380 lots or 3,460 tons. The trade and Wall Street sold
early. Covering and general buying told later. Outside
prices also advanced % to 27c. for standard ribbed on the
2.11 I December_ _ _2.2002.21
Spot (unofficial) 1 15-It) July
'.16 January
1.90 September
March
2.2002.21
spot. New York closed on the 26th inst. with March 26.60
2.021
May
to 26.70c.; April 26.90c.; May 27.10c.; June 27.20c.; July
LARD-On the spot prices were firm. Prime western 12.45 27.30c.; September 27.50c.; October 27.50 to 27.60c.; No/
to 12.55c. in tierces; refined continent 123 8c.; South America vember 27.60c.; December 27.60c.; January 27.70c. Out-Ribbed smoked spot February and March
4c.
/ On the 23rd inst. futures ad- side prices:
4c.; Brazil in kegs 141
1
/
13
1
/
1
/
1
/
vanced 5 to 8 points despite some decline in grain Shorts 2634 to 27c.; April-June 274 to 272c.; July-September 272
covered. Hogs advanced and this fact naturally had more to 2734c.; October-December 2734 to 28c.
On the 27th inst. New York prices fell 50 to 60 points with
or less effect. The rise in meats also gave an upward impetus to prices for lard. On the whole however they followed London off 'Ad and demand here on the whole rather less
the rise in hogs. Commission houses and shorts bought. Hogs urgent after recent large buying at the Exchange. Sales were
were 10c higher with a few sale reported at 10.90c. for 200 1,339 lots or 3,347 tons. New York closed on the 27th inst.
lb. and bidding 10.75c. for heavy butchers. July ribs were with March 26.10 to 26.20c.; May 26.60c.; July 26.70c. Out12 points higher at 13.97c. Bellies for May deliveries sold side prices closed with ribbed sheets, spot, February and
1c. Spot first latex crepe 2634 to 2k.;
/
from 14 to 14.10c. or 20 points higher. July sold at 14.55c. March 261/4 to 262
/
to 14.70c., or 23 points higher. Hog receipts at Chicago for clean thin brown crepe 24 to 241 tc.; specky 2334 to 24c.; No. 2
1
/
2
1
/
Monday were unofficially estimated at 58,000 and for the amber 244 to 24T/c. Paras, upriver, fine spot 27 to 274c.
1
/
2
/
entire week 185,000. On the 25th inst. futures closed un- coarse 171 to 174c. London spot and March on the 27th
1
/
4d.
1
/ Singapore, March 134d. On Feb. 28th
changed to 2 points lower. Hogs were 10c. lower with a inst. closed at 18
top price of $10.85. Total receipts were 65,000. Western hog prices were very irregular falling 100 points on realizing and
receipts were 154,800 against 137,000 a week previously and then rallying 150 points on covering and new buying. Man2
/
189,000 last year. Clearances of lard from New York were ufacturers also bought. Standard dropped 251c. outside but
1c.
/
9,928,125 lbs. against 6,866,000 last week. Liverpool lard later was 262 for March ribs. London closed on Feb.
1
/
4d
4d 1
1
closed 3d higher. Deliveries on March lard contracts were 28th / to / net lower. Some say there is only 42 months'
500,000 lbs To-day futures ended 5 to 7 points higher with supply of crude rubber on hand. Sales on Feb. 28th here
hogs and corn up. Hogs were at new high prices for the were 2,193 lots. March closed at 26.30 to 26.40c.; May at
season. Final prices show a net advance for the week of 26.60 to 26.70c.; July 26.80 to 26.90c. Outside prices: Ribbed
1
/
2
/
4
/
spot, February and March 261 to 261c.; April-June 264 to
5 points.
1c.
/
4
1
/
2
/
27c.; July-Sept. 27 to 271c.; Oct.-Dec. 27 to 272 Spot,
PORK quiet; Mess $30.50; family $34 to $35; fat back first latex crepe 2634 to 27c.; clean thin brown crepe 24
4c.;
1
/ No. 2
/
1
/
$30 to $31. Ribs, Chicago cash $12.50, basis of 50 to 60 lbs. to 241
4c.;
/ specky 234 to 24c.; rolled 195 8 to 19
1
/
average. Beef; Mess $25; packet $25 to $26; family $27 to amber 241 to 241
2s.;
/ No. 3 24 to 244c.; No. 4, 2334 to 24.
4
/
1
/
1
/
4c.;
/
$28; extra India Mess $44 to $46; No. 1 canned corned beef Paras, upriver fine spot 27 to 271 coarse 172 to 174c.;
4c.
/
$3.10; No. 2, six pounds, South America $16.75; pickled Acre fine spot 27 to 28c.; Caucho Ball-Upper 17 to 171
4
1
/
4d; April-June
1
/
tongues $75 to $80. Cut meats firm; pickled hams 10 to 20 London on Feb. 28th, spot and March 12
lbs. 191 to 20c.; bellies clear, f.o.b. New York, 6 to 12 lbs. 131
4
/
4d.
/ Singapore March 12-7/16d. London closed today un1
/
1
4d; April-June 134d; July/
1
/
174 to 184c; bellies clear, dry salted, boxed, 18 to 20 lbs. changed with spot-March 12
1
/
18d
4F.; 14 to 16 lbs. 151
/
151
4c. Butter, lower grades to high Sept. 134d; Oct. 133/8d. Singapore closed quiet today at /
/
1
/
scoring 45 to 51c. Cheese, flats 232 to 29c.; daisies 24 to to / net higher. No 3 Amber Crepe spot was quoted at
1
/
4d
1
1c
/
272 Eggs, medium to extras 432 to 47c.
1
/
4d
4d, 1
/
111 or / net higher. To-day prices closed 40 to 70 points
lower with sales of 10.21 lots. March closed at 25.60 to
OILS.
-Linseed was steady at 10.2c. for carlots spot.
at 26.30c. Final prices show
There was a better inquiry. Better weather conditions 25.70c.; May at 26.10 and July last week of 50 to 60 points,
an advance since Thursday of
stimulated the demand somewhat especially for forward
delivery. There was little interest in spot oil. The price however.
for single barrels was steady at 11c. Later it was intimated
HIDES-Common hides were in rather better demand late
that 10.1c. would be accepted for spot carlots on a firm bid. last week. A small quantity of Central American hides were
Cocoanut, Manila, coast tanks 734c.; spot, N. Y. tanks 814c. sold it seems at 22c.; also it appears dry salted Santo Do/
Corn, crude, bbls. 102c.; f.o.b. mill, 91/4c. Olive, Den. $1.30 mingos at 15c. and Colombians at 24c. River Plate hides
1
/
to $1.40. China wood, N. Y. drums carlots, spot 141
4c.; were rather quiet. Some 2,000 Biltzman extremes sold at
/
1
/
Pacific Coast tanks, futures 134c. Soya bean bbls., N. Y. 179/16c. Heavy frigorifico steers were reported firmer.
1c.
/
12c.; tanks, coast 92 Edible, Corn, 100 bbl. lots 12c.; City packer hides were rather firmer. Packer hides, native
c.
Olive, $2.25 to 2.30. Lard, prime 134c.; extra strained steers 142 butt brands 14c.; Colorados 132 Frigorifico
1
/
1c.;
/
winter, N. Y. 1334c. Cod, Newfoundland 67c. Turpentine later were rather steadier and sales were reported of 30,000
1
/
571/a to 624c. Rosin $8.25 to $12.50. Cottonseed Oil sales steers at 18 11/16e. to 18 13/16c. Unsold stocks are retoday including switches 4,400 bbls. P. Crude S.E. 9
4c.
1
/ bid. ported small and demand better. Country hides were steady
Prices closed as follows:
with more inquiry. Common dry hides were in rather better
.
10 86010.7Angust____11.12011.20 demand. City packer were steady. Last sales were at 14 c.
2
1
/
_ May
_10.80
Snot
10.88011.05 September.11.20011.25
10.839410.90 June
1c.
/
and 132 for Colorado.
11.080 - _ October_ _ -11.00011.10 for native steers, 14c. for butt brands
10.70()10.92 July
April
Common dry, Cucutas, Orinocos and Central America 24c.;
-Prices for bulk gasoline were easier. La Guayra 23c.; Savanillas 24c.; Santa Marta 25c. New
PETROLEUM.
2
1
/
Leading refiners were generally asking 9 c. for U. S. Mo- York City calfskins 5-7s, 2c.; 7-9s, 2.25c.; 9-12s 2.75c.
i
tor but it was intimated that business could be done at
-On grain to the Mediterranean
OCEAN FREIGHTS
4c.
1
/ and in at least one direction at 9c. Up-state compe- 191/2c. late March was paid. Time and tanker rates were
9
keen. The unfavorable weather in that section very firm. Cargo lots later were dull.
tition was
has tended to check the demand. Jobbers have not been
CHARTERS included grain 35,000 qrs. St.. John prompt Meditertaking much and according to reports their tanks are vir- ranean, basis 19'/c.; Gulf, March, heavy, to Antwerp-Rotterdam-Amwas also easier with 41-43 water sterdam at 16c.; Lumber, Gulf, March-April 10, Buenos Aires-Rosario
tually empty. Kerosene
-Continent 196 6d;
16.50 and $16.75. Sugar Cuba, late March to U.
4c.
1
/ in tank Fars at refineries. Demand Time:-prompt delivery New York-West Indies, K.
white 8c. and 43-45 8
three months $1.15;
1
has fallen off somewhat. Very little new buying appeared. prompt, South America round trip $1.1214c.; delivery U. S., M. H..
1426
FINANCIAL CHRONICLE
redelivery, U. S., N. H., three months $1.20 prompt; round West Indies
prompt New York $2. trip across in London at 6s 4d.; Tankers:
Venezuela, dirty, March, to North of Hatteras 24c.; sublet at 24c for
prompt March upcoast dirty cargo; Black Sea June dirty 8 trips
Ii. K. Petrol coke: Gulf, March to Bordeaux, $6.75. Oil cake: Gulf
to four ports Denmark $6.75. Coal:
-Atlantic range, prompt to West
Italy $3.
[VOL. 128.
were unchanged to 10 points lower. Towards the close there
was a good demand especially for March. Prices on the
27th closed at 48.55c. for March, 48.55 to 48.60c. for April, 48.60
for May, 48.60 for June, 48.65 to 48.75c. for July and 48.65 to
48.70c. for August. In London on the 27th inst spot standard
TOBACCO-The United States Tobacco Journal said: advanced 2s 6d in the early session to 1220 12s 6d; futures rose
"Buyers are still combing the Wisconsin market for choice 12s 6d to 2222 12s 6d; sales 150 tons spot and 300 futures.
binder crops to round out their packings. During the past Spot Straits up 2s 6d to 1225 12s 6d; Eastern c.i.f. London
10 days a movement started on stemming crops, bringing the declined 5s to 1224 17s 6d on sales of 200 tons. At the
farmers from 10 to 12 cents, farmer fillers included. '1 here second session London spot standard fell 7s 6d; futures
is a large quantity of stemming in 1928 Wisconsin which ac- down 2s 6d; total sales for the day 540 tons. Later precounts for the fact that buyers did not start to clean it . miums on futures tended to increase. On Feb. 28th prompt
tip
/
1
2
earlier. However, the movement is now on and the probabil- sold at 48 c., June at 48.90c., July at 48.95c. At the close
/
1
2
ity is that the market will be bare of both stemming and there were buyers at 48 c for prompt and 48hc. for fubinder tobaccos within a short while. Advices from Porto tures. The sales of specific brands was about 200 tons for
Rico are to the effect that a fair size crop will be harvested. the day but only 75 tons of standard tin futures was traded
Cutting has already started though wdather conditions for on the local exchange. Sales at London were 730 tons and
this operation have been none too favorable. The Pennsyl- in the Far East 325 tons London on Feb. 28th declined 7s
vania and Ohio crops have been almost entirely bought up 6d on spot standard to £220 5s; futures unchanged at 2222
at prices much higher than were paid a year ago. Sumatra 12s 6d; sales 50 tons spot and 300 futures. Spot Straits
buyers are now on the high seas bound for Amsterdam. The dropped 7s 6d to £225 5s; Eastern c.i.f. London advanced
new crop is not expected to be as abundant in wrapper leaf 5s to 2225 2s 6d.
To-day prices closed unchanged to 5 points lower
for the American market as was the 1927 crop. Nevertheless
on the
importers and manufacturers seem to be averse to bidding local exchange with March ending and May ending at 48.60c.
and July at 48.65c Sales were 49 lots or 245 tons.
the market up in order to get the tobacco. At the present
moment there is an opinion that old Sumatra in the local
LEAD was advanced
market is very good property and that it should go into & Refining Co., rise to 7.10c. by the American Smelting
,
circulation rapidly. The Hartford market continues active at the beginningaof of $3. This price is $9. higher than
the
with buyers riding through the Valley to pick up good crops. marked up their prices year. Middle Western producers
to 7c.; in some instances 7.05c. was
Choice outdoor leaf is considered very scarce and.buying quoted.
was a brisk demand. In London on the
activities, therefore, are very difficuit. Shade is still in good 27th inst.Thereadvanced
2s 6d to £23 13s 9d; futures up Is
demand while large shipments of this tobacco are going out 3d to £23spot
13s 9d; sales 100 tons spot and 3400 futures.
regularly to the factories."
Later in the week the demand was good on the
COAL-There was a fair demand and with the weather 7.10c. New York and 7c. East St. Louis with basis of
London
recently favorable for production and consumption eastern prices rising. On Feb. 28th they rose 3s 9d
to £23
output has increased. In the three weeks ended February for both spot and futures; sales 1,000 tons futures. 17s 6d
16th anthracite output was 5,263,000 tons, a gain of 25%
ZINC was rather quiet. With the price 6.322
1
over a similar period in 1928. Independent steam sizes for East St. Louis. The big producers generally / to 6.35c.
quoted the
buckwheat were $2.50 to $2.75; rice $1.50 to $1.75, and barley outside figure while &her sellers were willing to
do
$1.30 to $1.50. The latter, especially can be improved from ness at the lower price. However the activity of the busithe buyers' angle. Shawmut and similar medium volatile and brass industries it is felt will soon bring about steel
a betgrades of Pennsylvania bituminous sell at $1.60 to $1.75; low ter demand for zinc. The world's production of
slab zinc
sulphur gas coal $1.85 to $2. and high volatile steam mine in 1928 according to the American Bureau of Statistic
run, $1.25 to $1.40. Slack is quoted in some quarters at from was 1,563,324 tons of which 619,595 tons were produced s
in
60c. to 90c. Slack is somewhat weaker. Northern and the United States and 943,729 tons in other countries
. The
Southern producers appear to have their markets pretty world's output in 1927 was 1,415,049 tons
well in hand and prices for run of mine and screened coal in 1926. In London on the 27th inst. against 1,375,030
were firm with the movement of Pennsylvania soft coal changed at £26 6s 3d for spot and £26prices were un5s for futures;
northward and of Hampton Roads coal over the piers satis- sales 225 tons futures. Later trade was
factory. At Cleveland soft coal has been improving through little slow and prices none too steady.to all appearance a
It was said howgradually. Conditions were a little better in Ohio and Penn- ever that 6.35c. was more generally
maintained. In Lonsylvania union fields. Domestic demand was stimulated by don on Feb. 28th spot rose is 3d
to
the severe cold weather and industrial buying continues vanced 3s 9d to 126 8s 9d; sales £26 7s 6d; futures ad25 tons spot and 1550
strong, as stock piles are at their lowest point for two and futures.
a half years. Prices are firm. Later in the week soft coal
STEEL.
-Sheets were said to be in good demand at
was quiet and prices if anything were rather lower.
Birmingham at the recent advance in prices. The severe
COPPER early in the week was advanced / generally weather in the last few weeks has tended to check
1c.
2
busito 182 delivered Connecticut Valley. Some business was ness for outdoor projects. The prevalence of influenza
/c.
1
done on the 25th inst. at 18c. but this price completely dis- also hindered production at some points. Cleveland reappeared late in the day. Consumption is steadily increasing. ported a heavy production with Mahoning
Stocks are low. Copper and brass products were raised /tc. at capacity except for necessary repairs andValley mills
1
a shortage
Later copper was advanced to 18 c. for domestic and becoming evident in semi-finished steel. Pittsburgh was
/
1
2
18 c. for foreign account. The price is now the highest at about 90 per cent. The present rate of steel production
/
1
2
since 1920. Some producers were asking 18 c. for do- in the Cleveland district seems to suggest a new high re/
1
2
mestic The foreign trade is believed to be covered for April, cord for February. Sheet bars, billets and slabs advanced
but not for later months. Domestic buyers are said to have $1. and other items recently advanced sell more readily
covered requirements fairly well up to the end of May. Pro- it is said at the rise; that is $2. on the common finishes
ducers have not yet begun to make copper for July shipment, of sheets and $1. on bars, plates and shapes. The automoand are therefore not willing to commit themselves for de- bile industry is specifying freely on sheets, stripped steel
livery of the metal that far ahead. On the other hand, how- &c. Ingot output at Chicago was later stated as 95 per
ever, the rapid rise in prices has caused much anxiety among cent an increase of 3 per cent in a week; also there is an
fabricators. They are seeking to cover as far ahead as pos- average increase in Pittsburgh and Youngstown within a
sible. April, May and June are the deliveries most wanted. week of 5 per cent. to 90 per cent. In the Pittsburgh disProducers it is said may open their books for July delivery trict the American Sheet and Tin Plate Co., advanced
sin:mild the price become established at 19c. though the in- prices $2. a ton on black galvanized and blue annealed
quiry for that month is not yet very large. Late on the sheets for the second quarter.
.
2791 it was rumored that a sale had been made at 19c., but
PIG IRON.
-In this vicinity last week's sales are said
this could not be confirmed. The American Brass Co. ad- to have reached nearly 10,000 tons. Western
reports said
vanced its products / to %c. It marked bare copper
that sales are increasing, especially in Chicago, Cleveland
1
2
up %c. in addition to the rise of / on the previous wire and Buffalo while more activity is shown in
1c.
2
London on the 27th inst. advanced £1 us 3d to £81 5s;day. tricts, although the volume is not as large asEastern disfutures up £1 16s 3d to £82 3s 9d; sales 500 tons spot and dle West: Within a week some of the largerin tilt, Midconsumers
1,900 futures; spot electrolytic up 11 lOs to £86 10s; futures have been inquiring for second quarter deliveries. Shiprose £1 15s to 128 10s.
ments from furnaces increased. Consumers are said to
Later came a rise to 19 c. on both domestic and foreign be carrying such small stocks that any interruption in
/
1
2
business in an active market and 191
shipment on account df bad weather might cause short,6c. rumored paid. In age.
London on Feb 28th spot standard advanced
7s 6d to £82 ry Coke was active especially in domestic sizes. Foundcoke was moving on contract in increasing volume.
12s 6d; futures up 11 8s 9d to £83 12s 6d; sales 200 tons spot
and 2,600 futures. Electrolytic up £.2 to £88 lOs for spot and New business in ferro-alloys was not active, but shipments
289 lOs for futures. Still later 19%c. was said to have were large. Later in the week prices here in the East
been reached, but most producers were quoting 19 c. The were reported lower. Buffalo it appears was selling at
/
1
2
American Brass Co., announced an advance in its various $17. in sharp competition for New England business. Eastern Pennsylvania prices it is suggested may not imposprices of / to ihc.
1
2
sibly have also been eased to meet the exigencies of the
TIN was in good demand recently. On the 27th inst. about times.
•
100 tons of specific brands sold in the outside market at
.
WOOL.
-Liverpool cabled Feb. 24th: "At the opening
about 49c. for Straits quality or an advance of / over
1c.
2
the previous day. On the Exchange 170 tons sold. Prices of the March series of the East India auctions to be held
here from March 4th to 8th, the quantity declared availa-
MAIL 2 1929.]
FINANCIAL CHRONICLE
ble for this sale totals 27,000 bales. This is an average
offering, and the usual percentage about 7,000 to 8,u00
bales is expected to be bought by American manufacturers
or members of the wool trade. Continental mills will in
all probability absorb the balance in the event of normal
buying by these interests." At Auckland on Feb. 25th
28,200 bales were offered and 26,500 sold. Demand from
Yorkshire, America and the Continent was sharp. Offerings of crossbreds were representative, but there weee no
.
merinos. Values were about equal to those at Wellington,
Feb. 20. Prices realized: Crossbreds 50-56s, 16% to 173d;
48-50s, 16 to 184d; 46-48s, 15% to 17%d; 44-46s, 14 to
164d; 40-44s, 13 to 15d and 36-40s, 1114 to 132 Boston
/
/
1d.
wired Feb. 26: "There is a firmer tone in the primary wool
markets of the Southern Hemisphere. This is shown distinctly from the cables received from Melbourne, Aus
tralia and with respect to the sale in Wanganui, N. Z. In
the former market there was a good selection both of
merinos and crossbreds. England was very keen and Japan was operating steadily, while America bought moderately. For super wool, clean landed costs are figured on
the following basis: 64-70s, 90 to 91c.; 64s to E4s, about
89c.; 60-64s about 84c.; 60s about 83c. and 58-60s about
80c. At the Wanganui sale also, there was a firmer tone
and 28,000 bales were moved or close to the entire offering. Super 48s were bringing 18%d or 58c. clean basis,
landed in bond, while super 44-46s were fetching 164d or
the equivalent of 50%c. clean basis landed in bond. The
Continent and Bradford bought freely. At Melbourne on
Feb. 26th 7,200 bales offered and 96 per cent. sold. Selection very good including Victorian, Upper Murray and
Southeastern merinos and comebacks. Competition was
generally keen and late rates were maintained. Prices
paid: Mount Sturgeon merino 204d; lambs 25d; Killanoola 2344d; Ellan Donan 2334d; Woomargama comebacks
23d; Tarrone, 2334d; Drysdale 22gd; Mount Schanck
crossbreds 2114d.
,
At Brisbane on Feb. 26th selection average to poor. Japan
was the largest buyer with Russia and Germany competing.
France also was a buyer. Compared to the close of Sydney
sales Feb. 20th prices were firm, but compared to Brisbane
sales Jan. 8-10, were 7% per cent to 10 per cent lower,
for fine quality wool which was 5 per cent lower. At except
Perth
on Feb. 26th there was a fair selection. Prices fairly steady
on the basis of about 83c. equivalent clean handed basis for
64s, super combing wool, sight draft. Bradford and local
buyers predominated in the sale. Of the 22,000 bales offered
90% sold. The local market was quiet. Cables from Aus.
)
tralia on the 27th stated as to the auctions in Melbourne,
Brisbane and Wanganui that the sales there were proceeding
steadily and that prices are fully maintained on the basis of
the preceding quotations.
Boston wired on Feb. 27th: "There is little more
in Ms and finer fleece wools. Manufacturers are interest
bidding
slightly under 45c. in the grease, for Ohio and
laine wools of this quality. The asking price ofsimilar de45c.
ever appears to be generally firm. More favorable howreports
from the Australian markets this week have stimulated a little better tone in the market for fine domestic wools.
Melbourne on Feb. 28th a good selection totalling 5,800 At
bales
was offered and 4,800 sold. Bradford was the chief buyer
and later prices were maintained. At Brisbane on Feb. 28th
sales closed firm compared with the opening on Feb. 26th.
At Wanganui on Feb 28th the sales terminated with a
sentative selection; 25,000 bags offered and 22,000 sold.repreGood
demand from Yorkshire, Continental and American buyers.
Values were about equal to the Auckland sales on Feb.
Prices paid: Crossbreds 48-50s, 15 to 17%d; 46-48s, 14 25.
17%d; 44-46s, 13% to 16d; 40-44s, 111 to 14%d; 36-40s, to
/,
10%
to 139.4d.
Later in the week Boston reported that the demand
for
fine territory wools had improved somewhat at a slightly
lower level of prices than last week. The bulk of the
current sales is of the French combing staples. Sizable quantities of original bag Montana and Wyoming wools containing
some strictly combing staple are bringing $1.05, scoured
basis,
while average French combing lots of territory wools
are
bringing $1.02-$1.03 scoured basis. Graded French combing
territory sells at $1.02-$1.05 scoured basis. In London
second series of colonial wool auctions will open March the
5th.
Offerings will total 114,000 bales, comprising:
44,950; New Zealand 4,580; Cape 3,200; SouthAustralian
America
19,500; Sundries 550. According to present arrangements the
series will close March 20th.
SILK closed today 1 point lower to 2 points higher
March ending at 4.96 to 4.98c., May 4.96 to 4.97c. and with
July
4.90c Sales were 77 lots or 385 bales.
COTTON
Friday Night, March 1 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
91,438 bales, against 80,860 bales last week and reached
81,570
bales the previous week, making the total receipts since the
1st of August 1928, 8,110,068 bales, against 7,024,974 bales
for the same period of 1927, showing an increase since Aug.
1 1928 of 1,085,094 bales.
Receipts at-
1427
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
9,195 8.156 5,569 2,466 1,526 26.912
Texas City
-- 1.250 1,250
Houston
1,993 6,063 3.101 1,784 4,217 2,746 19,904
New Orleans _ _-- 2.642 9,444 4.776 3,964 5,559 4.908 31,293
Mobile
86
36
470
197
227
254
Jacksonville
--------------------22 1,270
22
Savannah
696
559 791
188 1,047 1,423 4.704
Charleston
1,107
281
2
30 1.444
Wilmington
68
100
284
74
134
221
881
Norfolk
360 401
362
259
114
927 2,423
New York
50
233 --__
95
130 508
Boston
3 '27
Baltimore
800 800
Total this week_ - 6,952 26.129 18.221 12.035 13.861 14.240 91,438
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
.1.71GO GO •
- ,
Receipts to
Mar. 1.
.1, ILO
.
ULM.,
This Since Aug This Since Aug
Week. 1 1928. Week. 1 1927.
1929.
1928.
20.635 1,885,359 479,012 393.135
290 84,270 33,638 35,513
12,020 2.335,578 803,257 731,976.
____
541
-_-- 176,092
17,717 1,217,632 328,181 496,802
2,650 232,970 32.352 12.423
11,428
____
8
730
592
3,433 516.178 40.360 23,440
1,207 217,934 36.029 25.847
____
756
2,742 92.151 37.079 21,949
1.063 192,784 92.512 73,131
---5.719 85,186
36 4,829 3,630 191.219
3,904
757 50,590
1.086
1,556
155
4,657 9,957
Tntnla
91.4388.110.068 62.281 7.024.974 1.977.709 2.021.444
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
Galveston---_ 26,912 20,635 50,840 29,692 57.035 22,268
Houston __-_ 19,904 12.020 50,952 18,878 61,673 16.675
New Orleans_ 31.293 17,717 35.268 37,122 42,932 14,649
1.270 2,650 7,503
Mobile
3,033
2,445
959
Savannah_ __ _
4,704 3,433 20,798 12,053 12,636 5,988
Brunswick Charleston- _ _
1,444 1,207 11,104
5,410 6.700 2,524
Wilmington- 881
2,473 3,483
1.758 4,087
717
2,423
Norfolk
1,063 6,521
4.132 9,972 2,904
N'port N.,&c_
2,607
1.083
All others____
9,690 6,688 2,153
2,690
Total this wk_ 91,438 62,281 196,159 118,766 199,633 69.374
atm..en. i 8 1100687.124 974 10899222 7.993.04187.049.0825.750.710
The exports for the week ending this evening reach a total
of 149,167 bales, of which 28,972 were to Great Britain,
6,627 to France, 35,675 to Germany, 19,735 to Italy, nil to
Russia, 41,525 to Japan and China, and 16,633 to other
destinations. In the corresponding week last year total
exports were 168,642 bales. For the season to date aggregate exports have been 6,120,893 bales, against 5,145,374
bales in the same period of the previous season. Below are
the exports for the week:
Galveston
Texas City
Houston
Corpus Christi
Port Arthur,&c-New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles_ _ -Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
26,912 2,567.315
1.250 168,318
19,904 2,682,314
---- 255,973
---- 14.065
31.293 1,316,933
398
1,270 224,056
11.494
22
142
4,704 318,038
1.444 152.210
---5,505
881 112,905
2.423 207.541
---92
508 34,531
27
1.938
800 36.294
IVeek Ended
Mar. 1 1929.
Great
GetExports from- Britain. France. many.
Galveston
Houston
Texas City
New Orleans
Mobile
Savannah
Charleston
Norfolk
New York
Baltimore
Los Angeles_ .
_ _
San Francisco.-Total
Total 1928
Total 1927
6,615
1,488
11,077
2,025
2,973
1,410
125
1,789
308
1,162
28,972
59,017
62.709
Exportsp,
Japan&
Italy. Russia. China. Other.
Total.
__-1,293
- _.4.309
10,367 1,859 --.- 11.652
37.840
10,628 8,729 ---- 11,975 7,347 36,228
3,603
1,614 ----------------3,102
3,081 6.267 ---- 12.090 4,203 41,027
.--- 3,345
------------350
--407 ------------288 15,720
3,663
__ - _ 2,609
-- ------ __
144 4,163
___ 600 1,230 ------------1,955
100
31
225 2,993 1,400 ---- 5,508 ---- 10,434
----------------300 ---- 1,462
6,627 35,675 19,735 ......- 41,525 16,633 149,167
5,630 34,510 32,563 -- 3,950 32,972 168,642
20,747 64,366 17,127 5.010 46.707 50,228 266.894
From
Aug. 1 1928 t
Mar. 1 1929.
Exported to
-
Exported to
Great
Get-
Britain. France.' many.
Javan&
Italy. Russia. China. Other. Total.
Galveston.... 334.624260.894 502,229 131.431 15,798498,086291,0182,034,080
3.57,963 40,641, 456,0 164,984 43,640352,584 132.327 1,748.177
Itouston
Texas City-- 29.647 .
4„448
480 2,431 37 422 1,616 -- 7,213 0,235 94,299
Port Arthur---------3,233 14.065
Corpus Christi 47,576 41.740 87,712 21,624 41 55036 27,781 286,373
Lake Charles_ 1.296-- - 1,151 3.250 -------330 6,027
New Orleans_ 342,100 74,291 186,78 90,946 68440 128,495 79,889 970,941
65,986 1.533 67,866 3,198 __ -_ 7,300 4,060 149,943
Mobile
4,019 - _ -, 5,225 750 ---. 1,400 100 11,494
Pensacola_ _
Savannah
129,804
24 102,354 1,730 __ 10,500 2,789 247,201
398------Gulfport
----- - --- - --398
Charleston... 51,385 777, 52,
-- --_
150
208
Wilmington.. 29,800 ----I 5,585 600 --------2,-1586 69,485
500
57,907 638 19,701 2.374 -- 5400 1,405 87.425
Norfolk
Newport News
92
-I
92
New York_ _ _ 18,590 4,547, 25,500 12,534 ._ 1010 13- ) 80,590
____
,i61
745 --i
Boston
441 -- _---- 2,186
3,372
2,545
Baltimore
1:549 ------------4,114
Philadelphia
70 -- -I
71
Los Angeles
41,253 12,174 30,945
San Diego_ _ _ MOO 1.948 4,296 5,156 --__ 50,i51 f,ifie 141,390
___ ___
___
600
9,544
San Francisco 7,543 250 5,408 2
._ -- 13,370
460 27,231
Seattle
------- 16,373 -___
16,373
1,523,978,655,592 1.596,018 473,536 132,782 1153075585,91
Total
26,120.893
Total 1927-28 919,9901----1,624,724446,508 113,226 760,807581,3805,145,374
698,739
.
.
.
Note.
-Exports to Canada.
-It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason being that virtually
FINANCIAL CHRONICLE
1428
all the cotton destined to the Dominion comes overland and It is impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian bcrder are always very slow in coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of January the exports to the Dominion the present season
have been 29,334 bales. In the corresponding month of the preceding season the
exports were 14,017 bales. For the six months ended Jan. 31 1929 there were
148,561 bales exported, as against 131,840 bales for the corresponding six 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 for
Other CoastGerGreat
- Britain. France. many. Foreign wise.
Mar. 1 al
Galveston
New Orleans
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports*
9,700
3,246
9,000
4,766
8.500 38.000
2,665 7,795
6.000
245
7,000
5kg
8,000
3;886
25.000
Total 1929._ 26,624 19.766 18,410 74.345
Total 1928_ - 21,470 6,337 18,559 49,482
32.100 16,540 32.710 104,922
Total 1927
* Estimated.
Total.
4,500 69.700
210 18.682
500
500
7
7
4,312 13.540
245
46,000
Leaving
Stock.
409.312
309.499
39,860
36.022
18.812
92,267
923.263
9,529 148.674 1.829.035
5,711 101,559 1.919.885
9.487 195,759 2.504.393
[VOL. 128.
only 68% of those of the same time last year and shipments
for the first 23 days of February only 60% of those for the
same period In 1928. It is said that the falling off in fertilizer sales is due partly to restriction of credits and to
bad weather. The Dallas discount rate was raised from
1
/
42 to 5% to-day. Spot markets showed life and steadiness
without any noteworthy advance. The weekly statistics
were considered on the whole bullish. Spinners takings
were well ahead of last week and last year. The world's
visible supply of American fell off noticeably. There was
no pressure to sell. The South did not sell so much as was
expected. Co-operatives sold little, but this had no particular effect. Wall Street sold for a time, but then turned
buyer of May and new crop months. The short side was
seemingly less popular, with offerings relatively small.
The spectacular stock market with transactions of 6,000,000
shares at sharp advances, did not pass unnoticed, nor the
upward turn of grain markets. Chicago is talking of the
possibility of bull markets for a time in more directions
than one. Later there was a reaction which left prices a
shade higher on old crop and a little off on the new. Final
prices show an advance for the week of 28 to 48 points.
Spot cotton closed at 20.70c. for middling, or 45 points
higher than a week ago.
Speculation in cotton for future delivery was more active
and the general direction of prices was upward owing to a
Staple
better trade in cotton goods in Manchester and on this side 60% of Premiums
Differences between grades established
average of
of the water, heavy rains delaying field work at the South, six markets quoting for delivery on contract Mar. 7 1929.
reports of decreased sales of fertilizers, higher spot mar- for deliveries on
Figured from the Feb. 28th average quoMar. 7 1929
kets, a firm or higher basis, covering of shorts and more
tations of the ten markets designated by
15-16 1-Inch &
by the outside public. The greater stability of prices
buying
the Secretary of Agriculture.
longer.
inch.
raw cotton has had an excellent effect in the big cenfor
White
.78 on Md.
Middling Fair
,50
.15
ters of cotton manufacture at home and abroad. On the 23d
do
58
Strict Good Middling- do
.50
.15
do
do
40
Inst. while the New York Exchange was closed, New OrGood Middling
.51
.15
do
do
m idd ng
StrlctliMiddling
2
3
1
.16
8 to 10 points, reacting only temleans prices advanced
is
Basis
do
.17
.78 off Mid.
porarily, and regaining lost ground despite the fact that
Strict Low Middling-- do
.50
.16
do
do
1.62
Low Middling
.47
15,000 bales. Eastern
.16
the notices were said to have been
do
'Extra White
.40 on
Good Middling
do
do
do
.27
spot interests were said to be stopping them. Spot firms
Strict Middling
do
even
do
do
Middling
were said to be buyers of all the March offered at 20 points
do
.78 off do
Strict Low Middling..._ do
do
1
under May. Liverpool on the 23d closed 4 to 18 American
do
do
Low Middling
do
.23 on
Spotted
Good Middling
.49
.16
points higher on futures and 28 American points higher
03 off do
do
Strict Middling
.49
.16
do
78
do
on spot cotton. The Continent was a buyer there. ManMiddling
.44
.15
.04 off do
Strict Good Middling ___Yellow 'Tinged
.16
.47
chester reported a better business with China and yarns
do
.45
do
do
Good Middling
.47
.16
firmer. In Alexandria Egyptian sakels advanced as much
do
92
do
do
Middling
Strict
.16
.47
Light Yellow stalned..1.05 off do
Good Middling
.47
.16
85 points while uppers advanced 16 points and upward.
as
1.37 off do
Yellow Stained
Good Middling
.16
.47
On the 25th inst. after three holidays, including Sunday,
.67 off do
Gray
Good Middling
.15
.44
do
1.08
do
Strict Middling
.44
advanced 22 to 23 points, the old crop leading
.15
New York
the rise. Contracts were at times scarce. The technical
The official quotation for middling upland cotton in the
position had been strengthened by weeks of liquidation. New York market each day for the past week has been:
Mills and spot firms bought March with avidity. March
Sat. Mon. Tues. Wed. Thurs. Fri.
Feb. 23 to March 1Hol. 20.55 20.60 20.80 20.70 20.70
was at times plentiful enough and 9 to 10 points under Middling upland
difference narMay, but at others, it grew scarce and the
-The highest, lowest and closing prices at
FUTURES.
rowed to only 6 points under May. At the close of the New York for the past week have been as follows:
day it was only 3 points under May. Later in the week it
was to go to a small premium over May. The secret of the
Saturday. Monday, Tuesday, Wednesday, Thursday, Friday,
Mar. 1.
Feb. 28,
Feb. 27.
Feb. 26.
Feb. 25.
Feb. 23.
sudden outburst of activity and strength was the rise in
the foreign markets over the holidays on Friday, Washing- Jan.Range__
ton's Birthday and Saturday the 23d. Liverpool had adClosing.
vanced 15 to 40 American points, and in Alexandria sakels Feb.Range-.
170 to 195 points and uppers 50 to 64 points. Egyptian in
ClosingLiverpool had advanced 100 to 180 American points. Indian Mar.
19.98-20.31 20.33-20.48 20.32-20.66 20A4-20.63 20.45-20.54
Range..
was 30 American points higher. The Continent had been
20.29-20.31 20.37-20.38 20.55-20.86 20:44-20:45 20.45-20.41
Closing.
and mills had been calling Apr.
buying steadily in Liverpool
Range__
steadily. In all foreign markets there was a pressure to
20.36 --20.55 -20.44 -20.4520.30Closing..
buy, not to sell. And Manchester was more active. That May
quantities of
20.06-20.34 20.33-20.50 20.33-20.58 20.44-20.62 20.46-20.54
Range..
certainly counted. East India took larger
20.32-20.34 20.36-30.37 20.55-20.56 20.44-20.45 20.46 --Closing.
Manchester goods; Calcutta and Delhi bought dhooties and JuneRange..
shirtings, and there was a good demand from Karachi for
20.24 -20.2720.21 -20.37Closing_ HOLIDAY 20.18madras, light and white goods. Egypt bought grays and Julv19.71-20.0520.03-20.18 19.98-20.22 20.05-20.2520.07-20.11
Range-South America colored goods and fancies. Manwhite and
20.19-20.22 20.05-20.06 0.07-20.05
20.03-20.05 20.06Closingchester's home trade was good. The Continent was more Aug
.- --- 20.02
Business with China was resumed after
Range-inclined to buy.
20.01 19.9919.96 -19.97 -20.14Closing_
the holidays with an excellent inquiry. All this told. But Sept.
goods trade told if
Range..
the reports about the American cotton
19.9419.89 -19.91 -20.08 -- 19.94Closing.
anything more plainly. Some mills in the three weeks of
9.65-19.83 19.83-19.90 19.81-20.02 19.88-90.04 10.87-19.99
Range-February sold fully 25% more than a full production. Not
20.02 -- 19.8919.879.82-19.83 19.86Closing_
a little stress was laid on that. But the large and per- Xt. (new)_
Range.9.57-19.75 19.72-19.85 19.71-19.96 10.83-19.99 19.78-19.94
sistent demand for March was also an object lesson that
19.72-19.75 19.77-19.78 19.94-19.96 19.83 --- 19.78-19.80
Closing..
no one affected to ignore. Mills "called" more freely. That Nov.
of itself was an influential factor. The wet weather was
Range-20.0519.92 --- 19.9019.8819.85Closingnot favorable for crop preparations.
Vey. (new)
the 27th inst. prices advanced 15 to 20 points on rains
On
Range__
19.97-19.8519.8019.72 --- 19.80Closing.
of 2 to 5 inches in the Central and East Gulf sections of Dec.
Street and other inter19.53-19.75 19.74-19.85 19.74-20.00 19.88-20.02 19.87-20.03
the belt, heavy covering by Wall
Range _
19.71-19.72 19.8049.81 20.00 -- 19.90-19.91 19.80Closing_
ests partly on stop orders, rather better Liverpool cables Ian.19.60-19.77 19.77-19.86 19.79-20.04 19.00-20.05 19.89-20.03
than were due, trade buying, higher and more active spot
Range-.
19.9120.0419.8419.9319.77Closing.
markets, increasing business in cloths and yarns in Manchester and a fairly active trade in small lots in Worth
Range of future prices at New York for week ending
2
1c. The weekly Jan. 00 1929 and since trading began on each option:
Street with some gray goods up 1/16 to /
report said in effect that as a rule the weather had been
Range Since Beginning of Option.
Range for Week.
too wet for plowing and other preparatory field work. Con- Option for
tracts here were not plentiful; nor were they in Liver- Feb. 1929
17.20 Sept.19 1928 22.36 June 29 1928
Mar. 1929.. 19.98 Feb. 26 20.63 Feb. 28 18.58 Aug. 18 1928 22.06 July 9 1928
pool.
17.72 Sept. 19 1928 22.30 June 29 1928
April 1929
To-day prices early in the day were 10 to 15 points higher May 1929.. 20.06 Feb. 26 20.62 Feb. 28 18.00 Aug. 13 1928 20.62 Feb. 28 1929
17.12 Sept. 19 1928 20.57 Nov.27 1928
cables higher than due, and cotton goods reports June1929
with the
July 1929... 19.77 Feb. 25 20.25 Feb. 28 19.53 Feb. 19 1929 20.25 Feb. 28 1929
from Manchester and American centers very favorable in- Aug. 1929._ 20.02 Feb. 26 20.02 Feb. 26 19.50 Dec. 6 1928 20.02 Feb. 26 1929
18.08 Nov. 5 1928 20.02 Nov.27 1928
and fancy prints were withdrawn from sale Sept. 1929
deed. Percales
1929
Oct. 1929... 19.67 Feb. 25 20.04 Feb. 28 19.45 Deo. 15 1928 20.04 Feb. 28 1929
18.89 Jan. 7 1929 19.69 Feb. 14
by a leading house in order to catch up on deliveries. This Nov. 1929_
Mar. 1
distinctly favorable Dec. 1929 19.68 Feb. 25 20.03 Mar. 1 19.06 Feb. 4 1029 20.03 Feb. 28 1929
excited a good deal of comment as a
1929
Jan. 1930... 19.60 Feb. 25 20.05 Feb. 28 19.60 Feb. 25 1920 20.05
factor. Sales of fertilizers in January are said to have been
MAR. 2 1929.]
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
March 1
Stock at Liverpool
Stock at London
Stock at Manchester
1929.
bales_ 998,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
112,000
1,110,000
613.000
258.000
17,000
87.000
42,000
1928.
1927.
771,000 1,315,000
78,000
1926.
844,000
158.000
78,000
849,000 1,473,000
922,000
551,000
331,000
11,000
101,000
48,000
237.000
231.000
5,000
91.000
29,000
607,000
292,000
11,000
121.000
66,000
1,017,000 1,042,000 1,017,000
633,000
Total European stinks
2,127.000 i,891,000 2.570,000 1,555,000
India cotton afloat for Europe_.. 150.000 167,000 129.000 135.000
American cotton afloat for Europe 402,000 410,000 629,000 408,000
Egypt,Brazil,&c.,afloatfor Europe 80,000
80.000 111.000 117.000
Stock in Alexandria, Egypt
445.000 393.000 432.000 312,000
Stock in Bombay. India
1.138,000 746,000 579,000 808.000
Stock in U. S. ports
1.977,70912,021,444a2.700,152 1,364,508
Stock in U. S. interior towns__ -- a906,387 4987,38401,224.550 1,836.790
U. S. exports to-day
5.800
Total visible supply
7,226.096 6,701.828 8,380.532 6,530.298
Of the above, totals of American and other descriptions are as follows:
American
Liver ool stock
bales 716.000 536,000 1,000,000 575,000
Mane ester stock
83,000
56,000,66,000
Continental stock
958,000 1,009.000 1,051,000 582,000
American afloat for Europe
402.000 410.000 629.000 408.000
U. S. port stocks
a1.977,709a2,021,444a2.700,152 1,364,508
U. S. interior stocks
a906,387 a987,384a1,224.580 1,836,790
U. S. exports ti-day
5.800
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
Total East India, Sic
Total American
5,013,096 5,019.828 6.756.532 4,832,298
282.000
235,000
315,000
269,000
29,000
59.000
150,000
80.000
445.000
1,138.000
22.000
33,000
167,000
80,000
399.000
746,000
12,000
46.000
129.000
111,000
432,000
579,000
12,000
51,000
135.000
117,000
312,000
808,000
2,183,000 1,682,000 1,624,000 1,704,000
5.043.096 5.019,828 6,756,583 4,832,298
1429
80,997 bales less than at the same time last year. The
receipts at all towns have been 18,349 bales more than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Mar. 1 for each of the past 32 years have been as follcws:
1929
1928
1927
1926
1925
1924
1923
1922
20.70c. 1921
18.95c. 1920
14.85c. 1919
19.45c. 1918
25.35c. 1917
28.2.5c. 1916
30.40c. 1915
18.70c. 1914
11.65c. 1913
40.25c. 1912
26.10c. 1911
32.70c. 1910
17.00c. 1909
11.45c. 1908
8.250. 1907
13.05c. 1906
12.70c. 1905
10.40c. 1904
14.60c. 1903
14.85c. 1902
9.70c. 1901
11.45c. 1900
11.25c.i1889
10.95c.11898
7.75c.
15.60c.
10 25c.
8.88c.
9.19c.
9.444.
6.56d.
6.31c.
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
Spot.
HOLIDAY
Saturday___
Steady.30 pts. adv Very steady
Monday _
Tuesday. Steady,5 pts adv _ _ Steady
Wednesday_ Steady,20 pts. adv. Steady
Barely steady..
Thursday -- Quiet, 10 pts. decl
Quiet, unchanged -- Steady
Friday
Contr'ct Total.
840
1.200
690
400
706
840
1.400
690
400
706
200
3.836
200 4,036
136,195 143.300 279.495
Total....
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows
:
-1928-29-Since
Week. Aug. 1.
10,061 334,581.
2,340
64,338
268
4,776
837
32,693
3,800 143,735
22,197 421,848
Mar. 1Shipped
Via St. Louis
Via Mounds,.kc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
39,503 1,001,971
Deduct Shipments
Overland to N. Y., Boston, Sic.. 1,335
71.868
502
13.038
Between interior towns
16,559 438,829
Inland, &c.,from South
Total to be deducted
-------1927 28
Since
Week. Aug. 1.
7,633 279.934
4.000 205.812
294
12.223
541
24.175
4,036 169,663
15,350 262.529
31,854
954,336
793
491
12,877
62,769
14.892
461,592
18.396
Leaving total net overland*
523.735
14.161
639.253
21,107
478,236
17,693
416,083
Total visible supply
7,226.096 6,701.828 8,380,532 6,5.36,298
Middling uplands, Liverpool _ _ _ _ 10.75d. 10.63d.
7,93d.
9.958.
Middling uplands. New York..... 20.70c.
18.90c.
14.50c.
19.50c.
Egypt,good Sakai, Liverpool_._ 19.40d. 20.00d. 15.70d. 17.856,
Peruvian, rough good, Liverpool- 14.50d. 12.254. 11.50d. 20.006,
Broach, fine, Liverpool
9.55d.
7.104.
9.30d.
8.558.
Tinnevelly. good, Liverpool
3.25d.
10.45d.
7.55d.
8.95i.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
•Estimated.
The foregoing shows the week's net overland movement
this year has been 21,107 bales, against 17,693 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 63,153 bales.
Continental imports for past week have been 173,000 bales.
The above figures for 1929 show a decrease from last
week of 124,370 bales, a gain of 524,268 over 1928, a
decrease of 1,154,436 bales from 1927, and a gain of 689,763
bales over 1926.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year,is set out in detail
below:
234.545 11,907.304 179.974 10.781.057
Total marketed
588,918 *35,736
*29,640
614.532
Interior stocks in excess
Excess of Southern mill takings
743.710
299.554
over consumption to Feb. 1_ _ _
Movement to Mar. 11929.
Towns.
Movement to Mar. 2 1928.
Receipts.
Ship- Stocks
Ship- 1Stocks
meats, Mar.
meats, Mar.
Week. Season. Week.
1.
Week. Season. Wee/c.
2.
Receipts.
95 82,064
Ala.,Blrming'm
536 54,205
462 5,190
Eufaula
30 18,540
2 13,022
57 5.700
324 70.736
Montgomery.
639 53.065
516 20,439
Selma
57 55,868
263 44,706
915 19,441
391 76,846
Ark.,BlythevIlle
512 81,506
848 13,606
Forest City
107 36.288
202 26,719
501 7,273
Helena
319 49,716
460 54,889 1,466 11,748
Hope
223 45.105
39 55.492 1,160 4,342
Jonesboro55 31,374
420 2,951
79 32,721
Little Rock_ 1,319 110.529 2,272 18,528
380 100,288
Newport- -- 46 47.951
200 46,449
800 4,105
Pine Bluff... 1,028 127,883 1,556 23,872
31 119,578
Walnut Ridge
111 35.103
447 37,724 1,721 5,545
Ga., Albany _ _ _
4,973
.___;
3,560
____ 1,892 ____
Athens
300 48,814
75 28,056
300 12,440
Atlanta
823 113,176 2,923 46,326 2,457 110,565
Augusta
4,477 207,044 2,961 75,979 2,661 229,900
Columbus._.
300 50,604
285 43,840
631 8,921
Macon
647 54,971
779 52,594
804 7,450
Rome
95 32,935
350 35,276
300 30,610
La., Shreveport
200 93,795
347, 141,686 2,04 54,199
Mths.,Clarksdale
453 150.323
7811 142,522 1,919 27,826
Columbus._
109 33,343
227; 29,727
739 9,229
Greenwood..
416 155,717
178' 186,504 2,935 38,361
Meridian _ ..
205 46,233
106 37,377
240 7,280
Natchez
397 29,521
314 35,651
597 i9,87i
Vthksburg
128 24,588
134 17,244
687 3,5591
Yazoo City
4 39,213
379 7,2051
98 27,479,
Mo., St. Louts. 9,339 360,823 10,061 25,899 8,109 280,7721
N.C.,Gr'nsboro
498 18,364
530 10,487
16 22, 1
447
Raleigh
57 12,133
Oklahoma
15 towns•
3,647 754,352 7,728 35.822 1,912 718,763
S.C., Greenville 7,049 155,360 6,716 44,951 4,000 256,782
Tenn.,Memphis 37,626 1,473,826 2,596251,506 30,638 1,246,789
Texas, Abilene_
891 51,602 1,117 1,699 1,072 50,687
Austin
207 47,604
175 2,097
123 24,864
Brenham
230 31,764
461 2,949
75 24,911
Dallas
1,526 123,541 3,446 15,362
805 84.028
Paris
314 87,821
742 3.427
342 71.597
Robstown_
---- 28,005
10
470 ---- 29,725
San Antonio.
159 41,852
646 1.601
284 34,300
Texarkana _ _
49 62,922
319 6,422
200 55,106
449 139,323
Waco
952 9,808
324 84,517
346 8.648
925 8,363
1,419 25,586
1,230 20,105
1,695 13.278
793 11,793
1,352 18.536
403 3,677
3 4,315
1,586 19,235
445 4.575
1.366 33,444
955 3,869
30 2,100
1,000 13,442
2,695 31,184
5,194 70,168
300 2,629
1,055 6.289
100 18,113
953 42.232
5,241 50.977
- ---I 6.882
3,550 71,141
252 7,589
1,169 19,363
1,804' 5,531
2,893 11,281
7,633 3,747
896 12,949
253 3,181
*Including movement by rail to Canada.
-1928-29--- -1927-28-bince
Since
In Sight and Spinners'
Week.
Aug. 1.
Week.
Aug. 1
Takings.
Receipts at port to Mar. 1-- ---- 91,438 8,110,068 62.281 7,024.974
478,236
21,107
17.693
415.083
Net overland to
South'n consumption to Mar. 1 122,000 3,319.000 100,000 3.341.000
Came into sight during week
Total in sight Mar. 1
144,238
204,905
13,239,932
North.spinn's's takings to Mar. 1 31,108
* Decrease.
11,695.143
879,195
31,924 1,047.187
Movement into sight in previous years:
Bales.
Since Aug.1282.035 1926-27
205.281 1925-26
208,929 1924-25
Week-March 4
1927
-March 5
1926
-March 6
1925
Bales.
15.880.156
13.924.166
12,880,290
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
March 1.
Saturday. Monday. Tuesday. Wed'day. Titursav. Friday.
Galveston
19.50
New Orleans... 19.00
Mobile
18.80
Savannah
19.19
Holiday
Norfolk
Baltimore
19.65
Augusta
19.25
18.55
Memphis
Houston
19.40
Little Rock.... 18.35
Holiday
Dallas
Holiday
Fort Worth..
19.80
19.37
19.10
19.85
19.56
19.75
19.50
18.80
19.60
18.62
19.00
19.00
19.85
19.42
19.20
19.52
19.63
20.00
19.56
18.85
19.65
18.62
19.05
19.05
20.05
19.61
19.40
19.75
19.81
20.00
19.75
19.05
19.80
19.06
19.20
19.20
19.95
19.48
19.30
19.65
19.69
20.25
19.63
18.95
19.70
18.95
19.15
19.15
19.95
19.i6
19.30
19.66
19.69
20.15
19.63
18.95
19.70
18.95
19.15
19.15
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
Feb. 25.
Feb. 26,
Feb. 27,
Feb. 23.
Feb. 28.
Mar. 1.
6,069 65,027 6,000 59,747 January -30,274236.024 February 19.51-19.52 19.56-19.5719.71-19.72 19.58-19.60 19.62-19.61
19.27707 2,074 March
172 2,657 April
19.48-19.49 19.7019.7719.91-19.93 19.79-19.80 19.80-19.81
60 12,201 May
956 27.045 June
19.5749.58 19.78-19.80 19.8420.00678 4,1.22 July
19.86-19.87 19.87-19.81
---- 1,201 August...
449 4,964 September
61 7.227 comber
19.38 Bid 19.56 -19.6019.76-19.76 19.6419.63527 10,873 November
December 19.39-19.4019.57 Bid 19.65 -19.79 Bld 19.69 Bid 19.68 HE
Total, 58 towns 76,766 5,239,607 105,655906,387 58,4174,850,56 93.968987,384 Jan_(1930)
19.58 Bid 19.65-19.6619.81 Bid 19.69 Bid 19.6749.65
February.
•Includes the combined totals of fifteen towns in Oklahoma.
Tone
The above total shows that the interior stocks have Spot - steady
Steady
Steady
Steady
steady
Steady
Steady Very Fit'dy Steady Very at.da ta......h. .... n.r,.;‘ ....
,
decreased during the week 29,640 bales and are to-night lIntinna
1430
[Vol.. 128.
FINANCIAL CHRONICLE
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather has been
unfavorable during the week in most sections,of the cotton
belt. Heavy rains in many localities have set back farm
work.
Alexandria, Egypt,
Feb. 27.
1928-29.
1927-28.
1926-27.
Receipts (cantors)
-
This week
165.000
105,000
280,000
Since Aug. 1
6,686,668
4,885,468
6,414.264
mean 68
mean 53
This Since
This Since
This Since
mean 64 Export (bales)
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
mean 64
mean 48
To Liverpool
6,000 122.577 6.000 03,769
154.588.
mean 57
To Manchester,&c
4,000 120,157 8,000 103,163 10,500 124,340
mean 49
To Continent and India_ 7,000 319,876 11,900 259,788 8,000 236,368
mean 58
To America
11,000 111,311
86,119
83,578
mean 59
mean 54
Total exports
28,000 673,921 25,000 542,839 18,500 598,874
mean 56
Note.
-A cantar is 99 lbs. Egyptian ha es weigh about 750 lbs.
mean 59
This statement shows that the receipts for the week ending Feb. 28 were
mean 62
mean 51 165,000 cantars and the foreign shipments 28,000 bales.
mean 45
Thermometer
Rain. Rainfall.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
New Orleans
Shreveport
Mobile,Ala
Savannah,Ga
Charleston,S. C
Charlotte, N. C
Memphis, Tenn
ALEXANDRIA RECEIPTS AND SHIPMENTS.
2 days 0.11 in.
1 day 0.26 in.
dr)
,
dry
3 days 0.88 in.
1 day 0.02 In.
3 days 0.18 in.
1 day 0.01 in.
2 days 3.32 in.
4 days 0.29 in.
5 days 3.24 in.
3 days 1.46 in.
7 days 1.39 in.
7 days 3.83 in.
3 days 1.91 in.
high 70
high 74
high 80
high 82
high 60
high 76
high 68
high 76
high __
high 74
high 74
high 78
high 72
high 73
high 68
low 45
low 32
low 48
low 46
low 36
low 38
low 30
low 40
low
low 33
low 36
low 40
low 49
low 28
low 29
MANCHESTER MARKET.
-Our report received by
The following statement we have also received by telegraph, showing the height of rivers at the points named at cable to-night from Manchester states that the market for
8 a. m. of the dates given:
both yarns and cloths is steady. Demand for both yarn and
Mar. 1 1929. Mar. 2 1928.
cloth is improving. We give prices to-day below and leave
Feet.
Feet.
New Orleans
10.9
8.2
Above zero of gaugethose for previous weeks of this and last year for comparison.
23.7
Memphis
Above zero of gauge21.7
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gauge-
10.9
10.6
36.4
37.8
19.6
24.8
1928.
Week
Ended
Stocks at Interior Towns. Receiptsfrom Plantarns.
Receipts at Ports.
1928. 1927. 1926.
1928. ' 1927.
1926.
1928. 1927. 1926_
Nov.
23__ 351.50.257,764470.4421,155.384 1.307.971'1,456.381 406.968275.326511.728
30._ 365,189284,933482,959 1,216,753 1.329,900 1,490.161 425,558306,862518.739
Dec.
7.._ 388,988233,588451,084 1,223,573 1,342,508 1,528.555396.808246.196489,478
14_ 311,736199,962400,731 1.232,683 1,331,182 1,552,303320,846 188.636 424,479
21._ 265,781 180.499339,577 1.232,436 1.308.770 1,561,
265,553158,087 345,938
28._ 255.661 159.069 323,796 1,255,901 1.328,743 1,562,861 279,131 179,042325,197
1929.
1927.
1927. 1929.
1929.
1928.
4-- 188,298110,324 238.809 1.240.631 1.295,5321,529,304 173,028
11._ 172,341 111,331264.749 1,203,459 1,261,688 1,509,83 135,16
18._ 151.177122,215 296,254 1361,140 1,217,543 1,487,981 108,858
25..- 171,761 120,405 258,9321,118,699 1,180,096 1,487,429129,320
Feb.
1__ 155,731 139,567 235,198 1.072,678 1,134,087 1,404.189 109,710
8-- 135,078 111,825 228,4411.007,913 1,087,6 1,350.17 70,313
18_
,
107,419206,770 966,412 1,049,1801,805,580 40.0691
23__ 80,866 75,323210.193 936,027 1,023,1201,279.194 50.481
Mar.
1_ 91.418 62.2311196.158 MR 2371 057 2R4 1.224.580 61.798
Jan.
1928.
1928. 1927.
77,113205,252
83.487284,220
78,070274,402
82,958238,380
93,558 171.958
65,392 174,431
68,945162.171
49.263184.807
26.545141.545
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 8,669,952 bales;
in 1927-28 were 7,633,134 bales, and in 1926-27 were 11,188,501 bales. (2) That, although the receipts at the outports the
past week were 91,438 bales, the actual movement from
plantations was 61,798 bales, stocks at interior towns
having decreased 29,640 bales during the week. Last year
receipts from the plantations for the week were 26,545
bales and for 1927 they were 141,545 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1927-28.
1928-29.
Cotton Takings,
Week and Season.
Week.
Season.
Week.
Season.
6,828.156
Visible supply Feb. 23
7,350.466
4,961,754
4,175,480
Visible supply Aug. 1
American Insight to Mar. 1... 204,905 13,239,932 144,238 11.695,143
76,000 1,793,000
Bombay receipts to Feb. 28-136,000 1,717.000
367,500
25,000
372,000
26,000
Other India ship'ts to Feb. 28..
51,000 1,046,860
33,000 1.341,200
Alexandriareceipts to Feb. 27..
433,000
5,000
491.000
4,000
Othersupply to Feb.
7,754,371 21,336,612 7,129,394 20,297,257
Total supply
supply
Deduct
-
7,226,096 7,226,096 6,701.828 6,701,828
Visible supply
528,275 14,110,516 427,566 13,595.429
Total takings to Mar. I-a
Of which American
343,275 10,338,316 293,566 10,065,069
185.000 3,772,200 134,000 3,530.360
Of which other
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
-28
Southern mills, 3,319,000 bales in 1928-29 and 3,341,000 bales in 1927 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 10.791,516 bales in 1928-29 and 10,254.429 bales in
1927-28, of which 7.019,316 bales and 6,724,069 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1928
-29.
Fthruary 28.
Receipts at
-
Week.
Bombay
-29._
1928
1927-28..
1926-27._
Other India:
1928-29-1927-28._
1926-27..
Total all
-29_
1928
1927-28-1928-27--
1927-28.
Since
Week. I Aug. 1.
1926-27.
Week.
Since
Aug. 1.
138,000 1,717,000 76.00011 793,000 77,000I1,900.000
,
Bombay
Exports
from---
Since
Aug. 1.
Since August 1.
For the Week.
Great Coat Japan&
Great
Britain sent. China. Total. Britain.
14,000 43,000 57,000
3,000 23,000 45,000 71,000
15,000 162,000 177,000
1.5643
10;6456
26,000
18,000
15,000
26,000
25,000
15,000
Conti- Japan &
China.
nent.
Total.
28,000 440,000 889,000 1,357,000
40,000 335,000 578,000 953,000
5.000 200,000 951,0001.156,000
62.000 310,000
66,500 301,000
23,000 229,000
372.000
367,500
252,000
40,000 43,000 83,000 90.000 750,000 889,000 1,729,000
41,000 45,000 96,000 106,500 636,000 .578,0001,320.500
30.000 162,000192,000 28,000 429.000 951,000 1,408,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
60,000 bales. Exports from all India ports record a decrease
of 13,000 bales during the week, and since Aug. 1 show
an increase of 408,500 bales.
1927.
81i Lbs. Shirt- Cotton
RECEIPTS FROM THE PLANTATIONS.
32s Cop
Twist.
ings, Common lifiddrg 82s Coy
Gyre's. Twist.
to Finest.
Nov.
d.
d. s. d.
23._ _ _ 15340163i 13 1
30...._ _ 15M 016H 13 3
Dec.
151.401654 13 3
15ti01634 13 3
15,14 01634 13 3
28._ 155401654 13 3
Jan.
-
25.
Feb.-
Mar.
-
83j Lbs. Shirt- Cotton
inc.,. Common ilftddrp
to Finest.
UpPtis.
s. d.
013 3
0113 5
d.
d.
d. s. d.
a. d.
10.84 15%017M 13 1 013 2
10.97 15)4017 0 13 1 013 4
013 5
013 5
013 5
013 5
10.63
10.69
10.58
10.63
15SI0163( 13 1
15Ii01635 13 0
151.i 01654 13 2
1554017 13 4
014 1
10.88
11.06
19 29.
153401634 13 3
15,4016M 13 3
15;(016tI 13 3
15% 01855 13 3
013 5
013 5
013 5
@136
10.50
10.50
10.63
10.48
19 28.
1534017 0 13 5
1534016% 13 5
151‘0161i 13 7
15 @16)4 13 6
014 1
014 1
(4)14 1
014 0
10.92
10.90
10.82
10.32
115Ii 16 ht
15 016
53901639
5%0165i
013 6
013 5
013 6
013 6
10.35
10.34
10.43
10.49
143401534 13 5
1434016 0 13 5
14% 01634 13 6
1434016 34 13 6
(4113 7
014 0
014 0
9.79
10.07
10.25
10.40
@161.4 135 013 7
10.63
13 3
13 3
33
3 3
15%01651 34 @137
10.75 15
013 4
013 4
013 7
013 7
4.
11.14
10.90
10.68
10.68.
SHIPPING NEWS.
-Shipments in detail:
PORT ARTHUR-To Barcelona-Feb.21-Rostook,898
698
To Genoa-Feb.21-Monreale,250
250.
GALVESTON-To Bremen-Feb. 25-Cornerbrook, 2,558 (add'1)
--Feb. 24-Hybert, 4,743---Feb. 16
-Miguel de Lardnags, 3,066
10,367
To Japan
-Feb. 25-0akbank, 2,125-Feb. 25-Eldena,
3.435.....Feb. 26-Tsuyama Maru, 4.11111
0,560
To China-Feb. 25-0akbank. 590... Feb. 25-Eldena, 652
,..-Feb. 26-Tsuyama Maru,850
2,092
To Liverpool
-Feb. 24-Minnie de Larrinaga. 3.533
3,533
To Manchester-Feb. 24
-Minnie de Larrinaga, 3,082
3,082
To Gothenburg
-Feb. 21-Trolleholm, 310---Feb. 20-Stureholm, 1,711
2,021
To Copenhagen
-Feb. 21-Trolleholm, 65 .Feb. 20--Stureholm,18& _Feb.26
-Feb. -Arkansas,490
740
,
To Oslo-Feb. 20-Stureholm, 100
100
To Oporto-Feb.20-Lafcomo,4,486
4,486
To Venice-Feb. 20-Quistconck, 1,309
1,309
To Trieste-Feb. 20-Quistconck, 250
250
To Naples
-Feb. 20-Quistconck, 300
300
NEW ORLEANS
175
-To Cartagena-Feb.23-Heredia, 175
To Guayaquille-Feb 23-Coppename 100
100
To Bremen-Feb. 23
-West
-Humber Arms, 1,092_--Feb. 24
2,537
Gambo, 1,445
To Hamburg-Feb. 23
544
-Humber Arms. 544
To Japan-Feb. 25
-Oak-Independence. 5.815.--Feb. 22
bank, 1,500--Feb.27
8,390
-Atlantic City. 1,075
To China-Feb. 25
-Oak-Independence, 1,100_-_Feb. 22
bank, 1.700___Feb, 27
3,700
-Atlantic City, 900
To Liverpool
9,077
-Musician, 9,077
-Feb. 23
To Manchester-Feb. 23
-Musician, 2,000
2,000
To Havre--Feb. 23-Syros, 4,309
4,309
To Ghent
1,400
-Feb. 23-Syros, 1,400
To Antwerp-Feb.23-Syros 150
150
To Rotter am-Feb. 24
-West Gambo, 2,078
2,078
To Naples
-Alberta,850_- _Feb.21-Monreale,1,000 1,850
-Feb.23
To Trieste-Feb. 23
-Alberta, 200
200
To Venice-Feb. 23
-Alberta, 1,804
1.804
To Genoa-Feb. 21-Monreale, 1,413---Feb. 22-Monviso,
2,313
To Leghorn-Feb.21-Monreale, 100
100
To Vera Cruz
300
-Feb. 21-Sinaloa,300
MOBILE
-Feb. 21-Afoundria, 1,378
1,378
-To Liverpool
To Manchester-Feb 21-Afoundria, 647
647
To Bremen
-West Maxi-Feb. 26-Pellice, 2,125.. Feb. 18
mus, 850
2,975
To Barcelona--Feb. 21-30mar, 150
150
To Rotterdam-Feb. 19-Nemaha, 100
100
To Ghent
100
-Feb. 19-Nemaha, 100
To Hamburg
--West Maximus, 370
-Feb. 18
370
BALTIMORE--To Havre-Feb. 15--Bellbuckle 700
700
-Feb. 21-Narenta, 412
SAN,FRANCISCO
-To Liverpool
1,162
Feb. 28
--London Importer, 100; Ring City, 650
To Japan
300
-Feb. 26--Tenyo, 300
HOUSTON-To Bremen-Feb. 27-Seydlitz. 2,606---Feb. 2110,378
Cornerbrook, 6,700; Hybert, 1,072
To Hamburg
-Feb. 27--Seydlitz, 150---Feb. 21-Cornerbrook,
250
100
To Genoa-Feb. 27
-West Cressey, 3,140; Monviso, 3,998--- 7,138
To Japan
-Feb. 26--Liverpool-Maru, 6.625-Feb. 2711,025
Eldena, 4.400
.Feb. 27-ElTo China-Feb. 26
--Liverpool Maru, 526..
950
dena, 425
To Havre-Feb. 26-Middleham Castle, 1,293
1,293
To Ghent
2,178
-Feb. 26-Middleham Castle, 2,178
To Copenhagen-Feb. 25
--Arkansas. 150
150
To Naples
700
-Feb. 21-Quistconck, 700
To Venice-Feb. 21 Quistconck. 641
641
To Trieste-Feb. 21--Quistconck 250
250
To Barcelona-Feb. 27
1,275
-Mar Rot, 1,275
SAN PEDRO-To
225
Havre-Feb. 25- lnnesota. 225
To Genoa-Feb. 25-Feltre, 1,400
1,400
To Bremen
-San Francisco, 2,281---Feb. 21-Feb. 25
2,993
Witram, 712
To Japan-Feb. 25
-La Plata Maru, 3,450; President Grant,
-Golden886-_Feb. 21-Tenyo Maru, 650---Feb. 23
5,508.
Dragon, 522
308
To Liverpool
-Feb. 21-Narenta, 308
-Miguel de Larrinaga, 1,614 1,614
TEXAS CITY
-To Bremen-Feb. 14
To Liverpool
1,007
-Feb. 21-Minnie de Larrinaga. 1,007
4811
To Manchester-Fob. 21-Minnie de Larrinaga, 481
ArAR. 2 1929.]
FINANCIAL CHRONICLE
SAVANNAH-To Bremen-Feb. 25-Magmeric, 311
To Liverpool
-Feb. 28-Darian, 2,074
To Hamburg-Feb. 25-Magmeric, 96
To Manchester
-Feb. 28-Darian, 899
To Rotterdam-Feb. 22
-Hercules, 238
To Amsterdam-Feb. 22
-Hercules, 50
NORFOLK
-To Manchester-Feb. 26
-Clairton. 125
To Bremen-Feb. 26-Porta, 500Feb. 25-Zenada, 100..
ToGenoa-Feb. 25
-Express, 1,230
CHARLESTON-To Liverpool
-Feb. 21-Darlan, 816
To Manchester-Feb. 21-Darian, 594
To Bremen-Feb. 20--Grete, 1,193-_-Feb. 21-Coldwater, 50
To Hamburg-Feb. 20
-Crete, 1,295---Feb. 21-Coldwater,71
To Rotterdam-Feb. 20
-Hercules, 73
To Antwerp-Feb. 21-Coldwater, 71
NEW YORK
-To Liverpool
-Feb. 20-Lancastria, 1,485---Feb.
21-Regina, 304
To Bremen-Feb. 23
-Republic, 31
To Havre
-Feb. 27
-Liberty, 100
Bob's.
311
2.074
96
899
238
50
125
600
1,230
816
594
1,243
1,366
73
71
1,789
31
100
149,167
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c.,at that port:
Feb. 8.
24,000
18,000
1.000
67,000
970,000
694,000
55,000
33,000
253,000
183,000
Sales of the week
Of which Ameriean
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Feb. 15.
25,000
17.000
1,000
57,000
90,000
713,000
87,000
72,000
218,000
141,000
Feb. 22.
30,000
19.000
1,000
61,000
970,000
697,000
34.000
21,000
265.000
173.000
Mar. 1.
50,000
28,000
1,000
61.000
998,000
716,000
109,000
73,009
203,100
130.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Scaurday.
Market
12:15 (
P. M.
Quiet.
Mid.Uprds
Sales
Monday.
Tuesday. Wednesday. Thursday.
Moderate
A fair
Good
demand. bus.doing. demand,
10.558.
I0.54d.
4,000
8,000
10.756.
12,000
10.71d.
8,000
Good
demand.
10.76d.
10.000
Friday.
Good
demand.
10.758.
10,000
Futures.( Steady Q't but st'y
Firm
Steady
Steady
Steady
Market
unch. to 12 to 3 pts. 7 to 12 pts. 1 to 4 pts. 7 to 9 pts. 3 to 4 pta.
opened
pt adv.
decline, advance, decline, advance.
decline.
Market, I Steady
Steady
Steady
Quiet
Q't but M'y St'y unch.
4
1 to 4 pta. 2 to 11 pta. 12 to 22 pts 5 to 8 pts. 5 to 7 pta. to 4 pts.
P. M. 1 advance, advance, advance, decline,
advance. advance.
Prices of futures at Liverpool for each day are given below:
Feb. 23
to
March I.
Sat.
Mon.
Tues.
Wed.
Thurs.
FM.
12.15112.30 12.151 4.00 12.15 .40012.15 .400 12.15 4.00 12.15 4.00
P• m.P. m.p.m P. m.P. m.p.m.p.m.p.m. p.m. p.m.
d.
d. I d. d.
d.
d. d.
d.
d. d. d. d.
January ------ ---- -- - -- -- ---- -- -- -- - -February _____ . 10.26 10.24 10.23 -- -- -- - - -- -- 10.37 10.48 0.44 ---- ---_ _
10.40 10.45 10.41
____
March _______ ____ 10.2 10.2510.25 10.42 10.46 10.42 10.38 10.5310.50 10A5 ___ _
10 A8
April
10.32110.3110.3010.4710.5010.4710.4410.6010.5810.5010.53
May
10.39 10.38 10.37,10.54 10.57 10.54 10.51 10.59 10.57 10.58 10.60
June
10.39 10.38 10.37 10.54 10.56 10.53 10.50 10.61 1.5910.57 10.59
July
10.4210.41 10.4010.56 10.5010.58 10.52 10.58 10.54 10.58 10.60
August-------10.8810.3710.3810.5110.5410.5110.4710.5110,4910
.5210.55
September....
10.3310.3 10.3210.46 10.48 10.46 10.42 10.46 10.44 10.47 10.50
October......
10.29 10.28 10.2810.41 10.43 10.41 10.38 10.4 10.41 10.42 10.45
November....
10.2610.26 10.26 10.38 10.40,10.38 10.35 10.4 10.41 10.40
December .....
10.26 10.28 10.26 10.38 10.4010.38 10.3510.4 10.40 10.40 10.42
January (1930)
10.26 10.25 10.25 10.37 10.39 10.3640.3410.39 10.37 10.37 10.42
February .....
10.2510.2 10.25 10.38 10.37 10.M 10.3210.38 10.37 10.34 10.40
10.37
March .......
I
.
____
1
I
BREADSTUFFS
Friday Night, March 1 1929.
Flour.
-No Russian buying of flour, it seems, took place,
despite rumors late last week that such purchases had occurred. Serions shortage of food, however, was reported
In the Ukraine. Whatever the explanation, from Aug. 1 to
Feb. 2, shipments of wheat from the Canadian Pacific
Coast ports to the Orient were 21,688,000 bushels against
5,976,000 bushels last year for the same period. From the
United States ports during the same time there were shipped
9,488,000 bushels of wheat against 8,832,000 for the same
time last year. While sales of flour to Russia were denied,
there had been, it was said, purchases of wheat through
the Pacific Coast ports with the idea that Russia would
grind the grain itself. And if reports of serious food shortage in Russia have had foundation, some Russian purchases
of American flour sooner or later would not be surprising.
Later prices were lower in response to lower prices for
wheat. Clearances from New York last week were 179,664
sacks against 214,917 sacks in the previous week.
Wheat declined under liquidation and dullness of export
trade, but showed a distinctly better tone to-day. Besides,
the world's consumption is enormous. On the 23rd inst.
prices declined 11 to 1%c. on better weather in this coun4
try and large Argentina shipments. On this side export
business was small. Distribution of wheat in Europe was
delayed by renewed cold weather. Liverpool ended on
the 23rd inst. % to Nid. lower than on Thursday with further pressure from Australia. Dry weather was reported in
Australia and India, but received little attention, while Argentina has received good rains. Argentine exports for
the week were 6,742,000 bushels against 6,153,000 bushels in
the previous week and 5,432,000 last year. Australia cleared
3,776,000 bushels including 2,400,000 to non-European countries. Some feared damage to the new American winter
Wheat crop, but it was impossible to tell definitely whether
there has been serious damage or not. Omaha offered cash
wheat to go to Chicago, but no purchases were reported.
London repbrted an enormous Oriental demand for flour.
Part of the decline in Chicago on Saturday was regained.
1431
On the 25th inst., prices fell 2% to 23
4c. on good snows in
Nebraska and Iowa, expectation of more, good reports from
Missouri, an absence of export business, large offerings from
Southwestern markets to Chicago, sales by Missouri River
points to Chicago at an increased discount, a decline in the
trading basis at Chicago of 1 to 2c. and finally an overbought condition of the speculative market. Moreover, the
United States visible supply decreased last week only 315,000 bushels against a decrease last year of 838,000 bushels.
The total too is after all still 123,315 bushels against 73,379 a year ago. Liverpool closed % to %d. lower.
On the 26th inst. prices advanced % to 1%c. net despite
reports of favorable weather for the crop in the winter
wheat belt. Outside speculation was broader. The Kansas
weekly report complained of recent alternate freezing and
thawing. Bradstreet's world's visible supply for the week
showed a decrease of 2,416,000 bushels against a decrease
last year of 4,426,000 bushels. The total stock was 889,000,000 against 316,257,000 last year. A private cable also
made the exportable surplus in the Argentine 210,000,000
bushels, of which 44,000,000 have cleared since Jan. 1. It
Is true that for a time the Southwestern markets continued to offer wheat freely to Chicago and sold No. 2
hard wheat to go there from Kansas City at 5%c. under
May, the widest discount on the crop. Milling demand was
slow, also export demand. But Liverpool failed to follow
the full decline in North America on the 25th inst. and
closed 1 to 1d. lower with further hedging sales against
4
Argentine grain a factor. The world's available supply decreased 2,416,000 bushels for the week, though the total
is 389,000,000 bushels against 316,257,000 last year. On
the 27th inst. prices dropped 2% to 2%c. at Chicago and 2%
to 2%c. at Winnipeg. Other Northwestern and Southwestern markets were generally lower. The forecast pointed.
to snow in the Central and Western sections of the belt,
and some good rains were predicted for the Southwest.
According to the weekly Government report, the damage
from the recent cold wave was in all probability not widespread. Export business was not large. Bullish factors
had little effect. Liverpool and Northwestern interests
were selling.
To-day prices advanced 1 to 1%c. partly in response to
the advance in corn as well as to the big and rising stock
market. Some are talking of the possibility of bull markets generally with the opening of the new Administration.
In any case, there was new buying partly on the strength
of the stock market. But the fact was also stressed that
the offerings were not large. The market in ether words
was not under presure. World's exports point to about
20,000,000 bushels for the week. Of course, that means an
enormous demand. March 1st deliveries were well taken.
Final prices show a decline for the week, however, of 2%
to 3c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
163% 160
161
1585i 159
160
No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
127% 125% 125U 123% 12334 1
March
13234 129% 130 128og 13034
% n
May
135% 132% 133
13154 131% 132%
July
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
13454 132
13234 1303-1 131% 13234
May
133% 134
136
131% 1323-4 13334
July
134% 132
132% 130% 131% 13234
October
Indian corn advanced this week on big consumption and
slowness of the crop movement owing to milder weather
and bad roads. Moreover, there has been some export inquiry. On the 23d inst. the decline in wheat affected corn
to some extent, especially as foreign interests seemed to
be selling July and cash houses sold May and July. But
at 99c. for May, commission houses bought and May closed
4c. above the low on that day of
at 99%c. That was 1
98%c. Buenos Aires advanced %c. Export bids in this
country were near a working basis. The feeding demand
was expected to increase, owing to the recent severe weather.
On the 25th inst., prices rose early % to %c. and then
43c. net lower. The weather
dropped 2c., ending at % to 7
was bad for the crop movement, country offerings were
small, the receipts were light at the Southwest. Roads were
said to be almost impassable. Cash interests sold on a
fair scale. The cash basis was unchanged to lc. lower. The
United States visible supply increased last week 823,000
bushels against a decrease in the same week last year of
519,000 bushels. The total is 32,488,000 bushels against 37,936,000 a year ago. The decline in wheat and liquidation
sent prices downward later.
On the 26th inst prices advanced 1% to 214c., May going
above $1 on heavy rains delaying the crop movement and
reports of export business on Monday favored by low
freights. Kansas City prices were strong and exporters
bought there for Italy and England, but the sales to foreign
markets were said to be small. On the 27th inst., prices dedined 1 to 1%c., being influenced largely by wheat. Bearish factors were reports of increased chartering of Argentine corn at cheaper prices, and advices that picking had
begun in that country.
To-day prices advanced 1 to 1%c., March leading the
rise. There was no anxiety to sell. March deliveries were
larger than expected, but it is said were going into the
1432
FINANCIAL CHRONICLE
[VOL. 128.
The visible supply of grain, comprising the stocks in
hands of exporters. Certainly large interests took them and
this removed a factor which might have been more or less granary at principal points of accumulation at lake and
depressing. March shorts deemed it advisable to cover and seaboard ports Saturday, Feb. 23, were as follows:
did on a larger scale. Receipts were small as the weather
GRAIN STOCKS.
was mild and the roads bad. Exports bid were said to be
Corn.
Wheat.
Oats.
Barley.
Rye.
too low. Final prices show a rise for the week of 1 to 12
/
1c.
United States-.
bush,
bush,
bush,
bush.
bush.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
115% 11434 11431 11534
11434 114
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
March
May
July
Mon. Tues.
Wed. Thurs. Fri.
9434 9474 9636
9434 96
95
9934 9834 10034 993.1 9934 10031
101% 10131 10336 102 10236 10334
Oats have not chagned much during the week, though
March liquidation made some impression at one time. But
the cash grain is firm. On the 23rd inst. prices were M
3
to %c. lower with moderate trading. On the 25th inst.
prices followed those for other grain. Moderate buying was
done early by cash and commission houses generally on a
scale down. Cash prices tended downward with the Eastern demand poor. Local longs sold. The United States
visible supply increased last week 161,000 bushels against
a decrease in the same week last year of 417,000 bushels.
The total was 14,593,000 bushels against 20.406,000 a year
ago. On the 26th inst. prices advanced Y to %c. on the rise
4
in other grain, reports of delayed seeding in the Southwest,
covering and scattered buying for long account. On the 27th
Inst. prices fell 1 to 11 3c.
4
(
7
To-day prices advanced 1 to %c., partly in response to the
4
rise in corn. But the trading was not heavy and therefore
the rise was restricted to fractions. Cash oats were firm
In the later business. Deliveries were unimportant. Final
prices show a decline on March and May of 14 to 1%.c.,
while July ended M higher than a week ago.
3c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
63
6234 63
63
63
63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
March
May
July
DAILY CLOSING PRICES OF
Sat.
Mon. Tues.
Wed. Thurs. Fri.
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fcrt Worth
Duffle°
" afloat
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph. Mo
Peoria
Indianapolis
Omaha
297,000
32,000
1,000
79,000
182,000
422,000
1,523,000
12,000
622,000
926,000
1,071.000
822,000
251,000
2,984.000
4,996,000 2.134,000
4,473,000
1,996,000
26,000
600,000
250,000
35,000
12,480,000 12,757,000
945.000
394,000 2,213,000
23,588,000 1,095,000
418,000
30,168,000 1,389,000
495,000
896,000
3,444,000 1,451,000
18,371.000 2,787.000
4,394,000
189.000
2,156.000
446.000
12,000
210,000
569,000 1,494,000
7,580,000 2,128,000
159,000
7,000
94,000
124,000
81,000
3,000
6,000
2,000
200,000
70,000
106,000
150,000
101,000
50,000
2,000
5,000
151,000
391,000
30,000
29,000
367,000
217.000
26,000
140,000
2,270,000
230,000
6,000
500.000
45,000
10,000
75,000
3,657,000 2,343,000 1,044,000
819,000
514,000
606,000 1,981,000
2,059,000
253.000
453,000
15.000
18,000
505,000
1.444.000
1,094.000
467,000
1,567,000
278,000
1,119,000 3,472,000
83,000
8.000
118,000
32.000
13,000
4,000
3,000
192,000
39,000
127,000
Total Feb. 23 1929_123,315,000 32,488.000 14.593,000 6,352,000 9,029,000
Total Feb. 16 1929-123.630,000 31.665,000 14,432,000 6,254,000 9,113.000
Total Feb. 25 1928___ 73,379,000 37,936.000 20.406,000 4,223.000 2,337,000
Note.
-Bonded grain Oct included above: Oats, New York, 75.000 bushels;
Philadelphia, 11.000; Baltimore, 5,000; Buffalo, 374,000; Buffalo. afloat, 229,000;
Duluth, 14.000; total, 708,000 bushels, against 303.000 bushels in 1928. Barley,
New York, 425,000 bushels; Boston, 28,000; Philadelphia, 184,000; Baltimore.
179,000; Buffalc, 799,000: Buffalo afloat, 437,000: Duluth. 97,000: total, 2.149.000
bushels, against 1,742.000 bushels in 1928. Wheat, New York, 3,986,000 bushels:
Boston, 1,500,000; Philadelphia. 3,193,000: Baltimore, 3,423,000; Buffalo, 8.502,000:
Buffalo afloat.5,637.000; Duluth,266.000:Toledo afloat, 1,369,000;total,27,876,000
bushels, against 22,033,000 bushels in 1928.
A
497 4934 4934 4834 483. 48%
517l 5134 5234 5131 5134 5134
Canadian
49% 4934 5034 4974 497.4 5031
9.014,000
Montreal
OATS FUTURES IN WINNIPEG. Ft. William & Pt. Arthur_58,253,000
Sat. Mon. Tues. Wed. Thurs. Fri.
7,792,000
Afloat
May
6134 6034 604 5934 5991 59% Other Canadian
9,105,000
3
July
6134 6031 604 5934 59% 59/
October
56% 5534 5534 5434 55
5434
Total Feb.23 1929__ - 84,164,000
Total Feb. 16 l929__ -.82,874,000
Rye declined with wheat for a time, especially as there
TotalFeb. 25 1928 -75,209,000
383.000
448,000
864.000
4,700.000 1,803,000 5.972,000
296,000
41,000
364,000 1,343.000
2,046,000
7.651,000 2.550.000 8,059,000
7.464.000 2.623.000 7,952,000
2,996,000 3,208,000 3,761,000
was no sign of export business. But it became stronger toSummary-.day in response to the rise in the other grain. On the American
123,315,000 32,488,000 14,593,000 6,352,000 9,029,000
7,651.000 2.500.000 8.059,000
23rd inst. prices were irregular, ending %c. lower to 1
84,164,000
/4c. Canadian
higher, with a moderate business. No export business was
Total Feb. 23 1929_207.479,000 32,488,000 27,244,000 8,902,000 17.088.000
reported. On the 25th inst, prices ended 1 to 2%c. lower
Total Feb. 16 1929_206.504,000 31,665,000 21,896,000 8.877,000 17,065,000
h
Total Feb. 25 1928-148,588,000 37,936.000 23,402,000 7,431,000 6,098,000
on the decline in wheat. There was some buying on resting
The world's shipments of wheat and corn, as furnished by
orders. The visible supply increased last week 98,000 bushels against an increase in the same week last year of Broomhall to the New York Produce Exchange, for the week
46,000 bushels. The total is 6,352,000 bushels against 4,223,- ending Friday, Feb. 22, and since July 1 1928 and 1927,
000 a year ago. On the 26th inst. prices advanced % to 11
74c. are shown in the following:
in response to new buying as wheat prices rose. On the 27th
inst. prices followed those of other grain downward and
Wheat.
Corn.
A
ended at a decline for the day of 7 3 to 2c. To-day rye after
Exports.
1928-29.
1928-29.
1927-28.
1927-28.
irregularity wound up % to 2c. higher, the latter on
some
Week
Since
Since
Since
Since
Week
March. This month led the advance finally, though early
Feb. 22.
July 1.
July 1.
July 1.
July 1.
Feb. 22.
in the day it was depressed. The closing was strong in
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
sympathy with the rise in wheat. Final prices show a net
North Amer_ 9,397,000393,945,000339,188,000 2,035.000 27.706.000 7.983,000
decline for the week of 1% to 2c.
1.827.000 14,219,000
Black Sea_
2,024,000 9.248.000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
11174 1093' 10934 109
March
114
1113 113 11131
May
11174 11034
11234 111
July
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.
March
May
July
11.95
12.27
12.60
Mon.
11.92
12.25
12.60
Tues.
Wed.
108 110
11131 112
11034 11131
CHICAGO.
Thurs.
Fri.
11.92 11.90-92 11.85-87 11.92
12.27
12.27
12.25
12.27
12.60
12.57
12.60
12.55
Closing quotations were as follows:
Argentina_ - 8,742,000106.386.000 84.658.000 1,323,000175,354,000208.586,000
.
Australia- 3,776.000, 63.720,000 40,535.000
India
1 1.064,000 8,240.000
0th. countr's 584,000 33.828,000 23,080,000 205,000 21.865.000 16,749,000
Total
20,499,000600.967.000504,949,000 3,563.000226,752.000247,517,000
WEATHER BULLETIN FOR THE WEEK ENDED
FEB. 26.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Feb. 26 follows:
GRAIN.
At the beginning of the week an area of high pressure prevailed over
Oats, New York
Wheat, New York
63
the eastern Lake region, attended by colder weather in most sections east
No.2 white
No. 2 red, f.o.b
1.60
6134 of the Mississippi River, especially so in the middle Atlantic and west
No. 3 white
No.2 hard winter.f.o.b-_--1.41
Gulf States; precipitation had occurred over much of this area, but the
Rye, New York
Corn. New York
1.27
amounts were mostly light. There was a rapid reaction to warmer over
No.2 yellow
No. 2 f.o.b
1.1574
the Northwest at this time, with many stations in that section reporting
No.3 yellow
1.1274 Barley. NOW York
a temperature rise of 20 deg. to over 60 deg. in 24 hours; elsewhere in the
91
Malting
West mostly seasonable weather prevailed. A weak depression, that was
FLOUR.
western Gulf of Mexico on the 20th, moved northeastward
central over
$7.35037.55 on the 21st the bringing snow or rain to much of the Southeast and adSpring patents
$6.90@$7.35 Rye flour, patents
-22d.
3i4
first spring- 5 75 6 15 Semolina No. 2, pound_
Clears,
jacent sections to the westward and northward. The snow was heavy in
2.95
3.00 many
Soft winter straights-- 6 23 6.65 Oats goods
districts, and was the first substantial fall of the
2.65 2.70 winter central-eastern middle Atlantic area.
Hard winter straights-- 6 15 6.45 Corn flour
in much of the
Hard winter patents-- 6 450 6.90 Barley goods
In the meantime temperatures had risen over the Lake region, attend3.60
Hard winter clears
Coarse
540® 5.90
ing the passage of a "low", but there was a reaction to colder over the North
Fancy Minn. patents-- 845® 9.05
Fancy pearl Nos. I. 2.
west. A widespread area of high pressure obtained over the West on the 22d,
6.504 7.00 but temperatures were not unusually low for the season: it became someCity mills.
8655i 9.20
3 and 4 -For other tables usually given here, see page 1348.
what colder in the East, attending the movement of this anti-cyclone,
while more moderate weather prevailed in the Great Plains. Precipitation
The destination of these exports for the week and since was rather widespread in central valley sections toward the close of the
week, and severe local storms occurred in the South; the temperaturee
July 1 1928 is +as below:
were mostly moderate for the season rather generally.
Chart I shows that the week, as a whole, was considerably colder than
Corn.
Flour
Wheat.
normal over much the greater portion of the country. In fact, the only
Exportsfor Wag
areas showing more than normal warmth appear in the Southeast, the far
Since
Week
Week
and Since
Since
Since
Week
Northwest, and far western sections. The period was especially cold in
July 1
Feb. 23
Feb. 23 July 1
July 1 to-July 1
Feb. 23
the southern trans-Mississippi States, and from the Ohio and lower Mis1928.
1929.
1929.
1928.
1928.
1929.
souri Valleys northward and northeastward where the weekly mean temperatures were generally from 6 deg. to as much as 14 deg. subnormal. In
Barrels Barrels.
Bushels. Bushels. Bushels.
Bushels.
the Central-Northern S'tates, from the Red River westward, where persisUnited Kingdom- 39.325 2,359,705 488.000 57.074,726 284,000 7,938,110 tently cold weather has prevailed for a long time, there was a material moderaContinent
81.134 3.603.217 2,184,000 156,640,959 863,000 14,053,962 tion of temperature, with parts of western North Dakota and considerable
132,000 areas of
233.000
Sc.& Cent. Amer_ 4.000
248.000
1,000
higher than normal means. In the Florida
626,000 PeninsulaMontana having weather prevailed, with the temperature aver10,000
2,000
316,000
West Indies
54,000
1,000
unusually warm
__ __
Brit. No.Am.Col.
1.000
20,000
aging from 3 deg. to as much as 7 dog. above normal.
2.250
_ 85,300 939,958
3,156,733
Other countries-Freezing weather did not reach the Gulf coast, and in most of the Florida
Peninsula minimum temperatures ranged from 50 deg. to more than 60
211.759 7,452,910 2,674,000 217.194,418 1,152,000 22,752,322 deg.: elsewhere, in the Gulf districts, the lowest reported were 36 deg. to
Totalling
171,064 7,862,744 2,086,505 181.957,666 634,914 4,519.823 38 deg. In the North, however, the line of zero temperatures extended
Total 1928
MAR. 2 1929.]
FINANCIAL CHRONICLE
southward to south-central Illinois and to the lower Missouri River; the
lowest reported for the week from a first-order station was 28 deg. below
zero at La Crosse, Wis., on the 20th. In the far Northwest minimum
temperatures were much higher than during recent weeks.
Chart II shows that precipitation for the week was substantial to heavy
in most sections from the Mississippi Valley eastward, although the falls
were light in the west Gulf area, the extreme Southeast, and in some of
the Northern States. The weekly totals exceeded an inch over a large
area from Mississippi and eastern Arkansas northeastward to the Atlantic
coast from South Carolina to southern New England. with considerable
sections receiving amounts in excess of 2 inches. Heavy snowfall occurred in the middle Atlantic area and central and southern Appalachian
Mountain districts. Over the western half of the country precipitation
was generally light, with very little reported for a large area of the Southwest, including southern Pacific districts, and only traces in most Northern
States east of western Washington.
The weather, in general, remained unfavorable for seasonal farm operations. There was an improvement in temperature conditions in the West
and Northwest, and not much precipitation occurred in those sections,
though the ground is still generally snow-covered. In the interior the
first part of the week experienced unusually cold weather, especially the
upper Mississippi Valley. with some co-operative stations reporting temperatures in excess of 30 deg. below zero. Later in the week the weather became much milder, with rapidly disappearing snow, and, at the close,
the cover had been largely removed from the Ohio Valley States; at the
same time a heavy, wet blanket was again deposited over the upper Mississippi Valley and western Lake region, with consequent rethinking of
many side roads.
In the middle Atlantic area, under the influence of warmer weather,
the heavy snow disappeared rapidly, but a cover during much of the week,
and widespread rain the latter part, prevented active outside operations.
In the Southern States rains were again frequent. The soil was too wet
for plowing and other preparations for spring planting throughout practically
the entire cotton belt, although some work was done in the extreme western
portion, and conditions were less unfavorable in a few of the more southern
districts. Potato planting was begun in southern Georgia, and some
corn was seeded in southern Texas. The cold in the west Gulf area favorably
retarded fruit buds, but the milder weather in the Southeast caused considerable development, with some peaches beginning to open in the Port
Valley district of Georgia.
SMALL GRAINS.—Early in the week a severe cold wave overspread the
central wheat belt, with some records of extremely low temperatures in
the upper Mississippi Valley, but, at the same time, wheat fields were
generally well protected by an ample snow cover during the severe winter
conditions. Later in the week a reaction to much milder cleared the snow
from much of the wheat area, and, at the close, the ground was mostly
bare east of the Mississippi River, except the Lake ration; at the same time
there was a heavy fall in upper Mississippi Valley districts from northern
Missouri northward.
In the western belt the snow largely melted in Nebraska, but there
was a fall of I to 5 inches In western Kansas, with considerable rain farther
south. In the Southwest wheat made but little growth, because of the
cold weather, with higher temperatures and more sunshine needed in the
southern Great Plains. In the far Northwest there was considerable
melting of snow, and a good many of the wheat sections of Washington
and Oregon are now exposed. The influence of the winter weather on
the wheat crop in the main producing area Is still indefinite, but reports
Indicate that apparently no widespread serious harm has occurred.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Cold, with snow, first part; temperatures moderate latter part. Snow cover in interior during cold spell beneficial to
wheat. Some preparation of tobacco beds, but week unfavorable for farm
work. Soil too wet for plowing. Winter truck fair to good.
North Carolina.—Raleigh: Cold Wednesday and Thursday, with a
glazestorm in interior, causing considerable damage to shrubbery, trees,
and some power, telegraph, and telephone lines; week closed mild. Soil
mostly too wet to work, except in portions of southeast where progress
fair, though still behind. Little change in small grains.
South Garolina.—Columbia: Cold nights kept tree fruits in check, but
hardy shrubbery greening. }.erceptibly. Spring plowing retarded by rains
early and late in week. Winter cereals and truck show only slow growth.
Pastures improved.
Georpta.—Atlanta: Considerable rainfall at beginning and close of
one clear, cold day between, with heavy frosts to southern border. week;
High
river staged reported, but no flood damage. Too much rain for farm
work. Condition of crops favorable. Potato planting begun in south.
Peach buds beginning to open in Fort Valley district.
Florida.—Jacksonville: High midday temperatures In much of
and central, followed 139 unfavorable cold in north and west; localsouth
.
frost
west of Suwannee River. Showers in north and central improved truck.
strawberries, early melons, and corn. Oats doing well. Tobacco beds
good. Large shipments of truck, and citrus shipping active. Some potato
shipments made; crop in good condition. Tomato planting continued
in central: cane planting extensive in south. Farm work backward on
lowlands of west.
Alabama.—Montgomery: Temperatures alternately considerably above
or somewhat below normal. Freezing first five days in extreme northwest;
rains general and locally heavy on beginning and closing days. Little
farm work accomplished. Condition and progress of oats continue fairly
good. Pastures advanced slightly in more southern portions: elsewhere
poor or dormant. In coast section early-planted truck deteriorated account too wet soil; late-planted advancing slowly; little growing elsewhere.
Satsuma orange trees show signs of buds swelling.
Mississippi.—Vicksburg: Warm at beginning and last two days: otherwise unseasonably cool. Mostly fair Friday to Sunday; moderate precipitation. except heavy in north and central Monday. Mostly unfavorable for progress of farm activities and truck.
Louistana.—New Orleans: Subnormal temperatures and wet soil unfavorable greater part of week, but work resumed in extreme south where
preparations for corn, cotton, rice, and for further planting of sugarcane,
truck. and potatoes made fair progress and pastures improved.
Texas.—Houston: Week averaged cold, although middle part warm.
Precipitation light to moderate, with droughty conditions in portions of
west and southwest. Farm work slow account cold in west and wet soil
In east. Vegetation backward. Truck shipments large. Strawberries
backward. Condition of winter wheat, oats, truck, and pastures
good: growth slow. Corn and potato planting started in south. fair to
Fruit
buds retarded by cold weather.
Oklahoma.—Oklahoma City: Cold, with much cloudy, misty,
precipitation moderate in east and light in west. Farm work weather;
in east portion where soil very wet, but some plowing in centralsuspended
and west.
Sowing oats further delayed,except some localities of west portion. Wheat
made no growth, but generally in fair to good condition; needs warmth and
sunshine. Pastures short and poor. Farm work and season two weeks late.
Arkansas.—Little Rock: Cold first of week: warm latter portion. Snow
and sleet on frozen ground in central and north: rather heavy precipitation
last of week; four days with precipitation in all portions. No farm work of
consequence. Snow cover very favorable for wheat, oats, meadows,
pastures. and fruit.
Tennessee.—Nashville: Winter grains experienced third coldest
period
of season, followed by decided thermal rise last of week, but heavy snow
In central and north Wednesday and Thursday afforded desired protecgrass and grains, which are thriving. No reports of damage betion to
yond snow limit. Livestock generally in good condition.
Kentucky.—Loulsville: Low temperatures and soil continuously frozen
until rain and general thaw near end of week. No change in winter grains;
snow cover heavy in south and east; light in north on several days.
THE DRY GOODS TRADE
New York, Friday Night, March 1 1929.
The textile trades are more generally active, and this week
has been productive of encouragement to those divisions
which have been adversely affected by price-cutting and
small-lot buying. The good prospects for woolen goods are
apparently beginning to mature, and cotton fabrics are
being sold in increasingly large quantities, with the hesi-
1433
tancy of buyers manifestly lessened. Cotton, silk, and
worsted printed goods continue in good demand. Buyers
are pressing urgently for prompt delivery, and mills are in
some cases experiencing difficulty in fulfilling orders in
specified time. Great diversity of styling is characteristic
of offerings in all three divisions, and the fact that demand
is broad enough to cause movement in nearly all of the
new lines is regarded as highly favorable. The general situation in the cotton goods division, nevertheless, remains
rather contradictory. While the volume of actual sales is
undoubtedly good, competition is still too intense for comfort. In spite of the fact that the relation of current production to demand is fairly reasonable, and that figures
for this particular week are expected to reveal a substantial excess of sales over the former, prices continue to yield
only an extremely narrow margin of profit. Mills are using
every means in their power to lessen costs, and intensive
production is the obvious answer to this. In the meantime,
while it is said that actual stocks in primary channels cannot be regarded as a very great burden when compared with
the large quantities of goods moving into distribution, the
future is uncertain and holds a very patent danger of accumulations in case demand slackens again. Even now when
sales are at a high rate, reactions in that rate are apt to
result in concessions where such are conceivably possible,
because supply is not, comparatively speaking, so fluctuating. The fact is that output remains intrinsically too
high. However, if the demand continues on the present
satisfactory scale for some time, the situation should automatically adjust itself, and prices climb to a rational level.
DOMESTIC COTTON GOODS.—Markets for cotton goods
are more active and in certain instances there is evidence
of hardening prices. Some of the finer counts in gray
goods are reported as sold ahead as much as four months
and the converting trade is taking goods in a more general way. While orders are often for relatively small
quant:ties, taken together they form a quite impressive
volume. The small stocks in distributors hands are at
last beginning to be an acting factor in the situation. Those
who have postponed covering their spring needs are experiencing some difficulty in procuring goods in time, and
Inadequate supplies on hand are placing them at a disadvantage. Requests for prompt delivery are urgent. Printed
goods feature the improved business. Demand is in a very
broad range, practically all constructions selling at an active rate. Manufacturers are in many cases unable to insure delivery before four and even six weeks, in some cases,
and when it is remembered that mills are running night
and day, it is obvious that the uricertain sluation which
existed in this division of the trade has been considerably
modified. Under present circumstances, there is little
immediate prospect of any general curtailment. Fine prints
in fancy stylings are in constant request as are the less distinctive percales. Other finished goods which experienced
some slackening during the past week or so, are renewing
activity. Sheetings are also benefiting from the more favorable conditions. Fine and fancy goods generally are in
a satisfactory position, with production booked for the next
six weeks, and buyers displaying appreciation of the increased beauty and better qualities offered. Sentiment
throughout the trade is more sanguine, and a better season
is looked for than was expected a few weeks ago. Consumption estimates are bullish and the industrial consumers of cotton goods are running at record pitch. Print
cloths 28-inch 64 x 60's construction are quoted at 5%c.
hc. Gray goods 39-inch 68 x 72's
and 27-inch 64 x 60's at 51
construction are quoted at 8%c., and 39-inch 80 x 80's at
10%c.
WOOLEN GOODS.—Buyers are now approaching manufacturers with the purpose of contracting for their fall lines,
and the influx of inquiries and orders into woolens and
worsteds markets during the week is indicated as the beginning of a buying movement which may be reasonably expected to last well into the spring. Buyers from the West
and the South, here to view showings of offerings for the
new season, are numerous, and are well satisfied with
the goods and the prices at which they are quoted, as far
as can be gathered from their spoken opinions and the
growing activity which they are promoting. Overcoatings
of lesser quality are reported to be selling well, while business in the medium and high-grade fabrics is still tentative,
owing to the fact that buyers need more time to consider
the somewhat confusing variety of stylings represented.
However, this does not appear to imply disapproval. From
all accounts, buyers are very favorably impressed with the
new goods. It is thought that distributors are prepared
to cover their overcoating needs at an early date, in order
to avoid having to pay higher prices later in the season,
when it is quite possible that such shortages as those of last
fall may occur. Present iitices are generally on a parity
with the initial prices last year.
FOREIGN DRY GOODS.—The linen situation continues
much the same. Sentiment is more favorable and somewhat
better sales are being made in some quarters. Burlaps
were moderately active with interest greater for heavies
than light weights. The latter were quoted at 6.95c., and
the former at 9.35c.
1434
FINANCIAL CHRONICLE
*tate and Tit
artuxent
NEWS ITEMS
Chicago Sanitary District, 111.—New District Treasurer
Elected.—According to a report appearing in the Chicago
"Journal of Commerce" of Feb. 26, Frederick H. Rawson,
co-chairman of the First National Bank of Chicago tendered
his resignation as Treasurer of the district to the trustees on
Feb. 25 explaining that it would be unethical for him to
retain his post while the First National Bank was participating in loans to the district. The trustees accepted his
resignation and elected Frank 0. Burney, President of the
Reliance State Bank, as his successor.
Houston, Tex.—City lo Vote on Nine Amendments to
Charter.—At an election to be held on Apr.9 the voters will
be called upon to pass judgment on nine amendments to the
city charter. The following is a list of the proposed changes
as given in the Dallas "News" of Feb. 17:
Three amendments provide for salary raises to city officials, two provisions of paving laws to include sidewalk paving as well as streets and give
owners 10 years to pay instead of five. Another would change the date
of the fiscal year to Jan. 1. When new officials take office another sets
the date of the general election as the third Tuesday in December, another
Wild validate the annexation by ordinance of 24 miles of territory taken
into the city in that manner and another would annex 2.7 miles more of
ear".
the amendments pass. Houston's territory would be 71.5 square miles,
(Vol,. 128.
life of the committee be extended to March 11930, to permit a more complete study of this admittedly complicated phase of the savings bank
investment law.
Opposed to Modifications.
Bills carrying out two affirmative recommendations of the Cheney committee will be offered and pressed at an early date. One of these will require that savings banks publish annually detailed lists of their Investments
the other will prohibit interlocking directorates. Under the terms of the
latter measure no trustee of a savings bank could be a director of a commercial bank or a mortgage or title company.
Expectations among savings bank men here have been that little of the
mass of proposed legialation placed before the Cheney committee would
be accepted, but the vigorous tone of the report in turning down these
proposals leaves no doubt that the latter is determined to block any movement which would substantially modify the restrictions under which
savings institutions now operate in this state. For the present it seems
clear that these banks will be restrained from invading fields for which they
were not specifically created. Among the powers which have been sought
and which the committee would deny savings banks are the following:
1.—Permission teact as executor, administrator or trustee of estates of
deceased depositors In cases where an estate is under $25,000.
2.—Increasing thelimitation on individual depositsfrom $7,500 to110,000.
3—Authority to make small loans to needy borrowers on terms similar
to those permitted to personal loan companies.
4.—The right to sell to depositors shares of participations in mortgages
In amounts of $100 or multiples thereof.
5.—Power to establish an unlimited number of branches in the city in
which the main office is located.
6.—The right to insure titles and act as agents for fire insurance companies, and to negotiate mortgages.
7.—Authority to operate county-wide branches.
8.—Permission to allow depositors to check against their accounts and
thus withdraw funds without presentation of a pass book.
Referring to these proposals, advanced by various savings banks groups,
the Cheney committee's report declares:
"All of these proposals are in line with the present day tendency on the
part of all classes of banking institutions to depart from the purposes for
which they were designed and render additional service along other lines.
As the banking law was framed, it was the evident intention to have several
classes of institutions the activities of one class supplementing those of
another, so that the various classes would not be in active competition with
one another.
TVill Protect Savings.
"We do not recommend the above proposals because we do not feel that
we have come to the parting of the ways where we ought to say that in the
future there shall be only one kind of banking institution. If there is to be
a continual expansion of the powers of savings banks, then do away with
them entirely as such institutions and throw the doors wide open, allow
them to operate as banks pure and simple and surround them with all the
safeguards the proper capital, surplus, limitation as to percentage of loans
and carrying adequate reserves. The committee feels that it would rather
err on the side of conservatism than do any thing that might jeopardise in
any way these savings, which now amount to some $4,009,000,000 in New
York State. We believe that the rivalry engendered by the breaking down
of these class lines and the intense competition resulting therefrom have a
bad effect upon the banking situation."
The committee assailed the proposal that savings banks be authorized to
make small loans, declaring:
"Would not the thrifty depositors view with alarm this proposal to loan
their savings to the class of borrowers most lacking in thrift;-namely, those
who find it necessary to pay an excessive rate of interest?
Michigan, State of.—Senate Adopts $20,000,000 Bond
Issue.—According to a report appearing in the Detroit
°Tree Press" of Feb. 25, the State Senate, following a
special message by Gov. Green which urged it to approve
the measure, reversed the position it assumed last week and
approved the Wood proposal for a constitutional amendment
to provide a $20,000,000 bond issue for the rebuilding of
State institutions and hospitals, by a vote of 26 to 6. The
proposed measure had been reduced by amendment from
$24,000,000 to $20,000,000. The proposal now goes to
the House of Representatives, which body, according to
the report, is expected to concur in the Senate vote.
Mississippi, State of.—Mandamus Proceedings Brought
for Payment of School Warrants.—J. H. Howie, District
Attorney, instituted mandamus proceedings on Feb. 20
in the Circuit Court of Hinds County, in order to force the
North Carolina, State of.—State Treasurer Dies—BenState Treasurer to honor school warrants as they fall due. jamin R. Lacy, State Treasurer since 1900, died on Feb. 21,
We quote from the Memphis "Appeal" of Feb. 21 as follows: at the age of 74 years after an illness of several days duration.
Legal action to force Webb Walley, State Treasurer, to pay school warrants as they fall due, was instituted in Hinds County Circuit Court this
Pueblo, Colo.—Stolen Bonds Will Be Duplicated.—Acafternoon by District Attorney J. H. Howie, who appeared as friend at
court for the teachers of the State who face a second "hour of distress" cording to newspaper reports, the $50,000 issue of paving
during the present school term as the result of the State's financial conbonds stolen last May from the First National Bank of
dition.
Treasurer Walley yesterday announced that warrants drawn on him Lamar will be duplicated, following a decision by the city
would be cashed only so long as there was sufficient money in the treasury
reto insure payment of the $4,000,000 short-term note issue due Apr. 15. commissioners. The original bonds have never been
To Insure payment, not only of the school warrants but other warrants covered and in order to protect its interests, the city will
few months, the State Treasurer and Gov. Bilbo
falling due in the next
ever
announced yesterday that $3,500,000 in short term notes will be offered require the bank to guarantee that if the originals are
located that payment cannot be demanded on both sets of
for sale Mar. 8.
Legal proceedings instituted before Judge Wiley H. Potter late this
afternoon took the form of mandamus proceedings to force the State Treas- securities.
urer to pay school warrants as they are presented irrspective of the avowed
preference to be given the short-term note holders.
Texas, State of—Eighteen Bills Approved by Governor.
Judge Potter had left the courthouse when the mandamus petition was On Feb. 19 Governor Dan Moody approved eighteen bills
said he would be requested to-morrow morning to
filed, but Mr. Howie
issue a fiat docketing the petition for hearing next Wednesday.
and also House joint resolution No. 6, which proposes an
the Supreme
to increase
New York City.—Bill for City Bridge and Tunnel Auth- amendment to the Constitutionprovide for its continuous
Court to
to
ority Introduced.—A bill was introduced. on Feb. 15 into the session. nine members and
Legislature which calls for the establishment of a citycontrolled Bridge and Tunnel Authority with a view to the
building of a tri-borough bridge and the construction of a
tunnel under the Narrows to connect Brooklyn and Staten
Island. The provisions of the bill, as set forthin the "HeraldTribune" of Feb. 19, are as follows:
1. Creation of an "authority" consisting of five
members, three to be
appointed by the Mayor of New York for five-year terms, the other two to
be ex-offico members, namely, the Commissioner of Plants and Structures
and the chairman of the Board of Transportation.
2. Advances to be made by the city for immediate expenses, such
advances to be paid back after the funded debt for the construction of
bridges and tunnels has been discharged.
3. The "authority" to be a body politic, with full power to construct and
operate bridges and tunnels and to borrow money for that purpose, and to
have power of condemnation.
4. Money for the construction of bridges to be raised by sale of authority's
bonds. Security for such obligations to be bridge or tunnel tolls only.
Bonds to become due within a maximum of thirty years, to bear not more
than 6%, and to be sold for not less than par, "on sealed proposals or at
public auction."
5. Tolls to be established sufficient to meet interest and amortization
charges on the bonds, as well as to defray other expenses included in
advanced by the city.
6. The bonds to be exempt from taxation for local and State purposes
and to be fully "legal investments."
7. Bridge or tunnels to revert to city after they are paid for. Restriction
to be imposed against erection of competing bridges or tunnels until amortization of bonded debt.
New York State.—Action of Joint Legislative Committee
on Pending Amendments for Changes in Savings Bank Investment Laws.—Edward H. Collins writes as follows in the New
York Herald Tribune for Feb. 28:
Virtually every measure that has been suggested in recent months for the
modification of the New York State savings bank laws was rejected yesterday in a report made public by Assemblyman Nelson W.Cheney, Chairman
of the joint legislative committee which has been studying the savings bank
situation for the last two years. The general basis of rejection was that
such changes as had been proposed would, if adopted, "lead the savings
banks into the commercial field."
The only outside suggestion that seems to have found favor with the
committee is that providing for a revision of the limitations on savings
bank investments in railroad securities. Appended to the report is a suggested bill providing for the modernizing of this section of the law. As
previously noted in this column, this measure has for its objectives' the
clarification of the present muddy statute and the placing of greater emphasis on railroad earning power as a basis of merit and legality. Although
the Cheney committee's chairman makes it clear that body is prepared to
throw its weight behind this measure, it is requested In the report that the
BOND PROPOSALS AND NEGOTIATIONS.
ABILENE, Taylor County, Tex.—PRICE PAID.—The three Wiled of
bonds aggregating $575,000, that were jotMly awarded on Jan. 18 to
Braun, Bosworth & Co. of Toledo and Taylor Ewart & Co. of Chicago, as
55is—V. 128, p. 1092—were awarde to them for a preanhun of $1,011,
equal to 100.175. a basis of about 5.73%. The WRNS are described as
follows: $350,000 water works:$125.000 school and $100,000 street improvement bonds. Due from Feb. 15 1930 to 1969 incl.
AKRON, Summit County Ohio.—BOND OFFERING.—E. C. Galleher, Director of Finance, will receive sealed bids until 12 M.March 11.
for the purchase of the following issues of 4% coupon bonds aggregating
$1,335,000:
$500.000 water works ext. Impt. and repairing bonds. Due $20,000.
Oct. 1 1930 to 1934. incl.
400,000 street opening, widening and extension bonds, Due $16,000.
Oct. 1 1930 to 1954, incl.
200,000 street paving, surfacing, grading, and repairing bonds. Dies
$20,000, Oct. 1 1930 to 1939, incl.
135,000 water works ext. enlarging and improving bonds. Due Oct. 1,
as follows: $5,000, 1930 to 1944, incl.; and 56.000. 1945 to 1954.
incl.
100,000 West Tallmadge Ave. Impt. bonds. Due $4,000, Oct. 1 1930 to
1954, incl.
Dated April 11929. Denominations $1,000. Prin. and int. payable at
the National Park Bank, New York. Bids to be on an all or none basis. A
certified check payable to the order of the above-mentioned official for 2%
of the bonds offered is required. Tenders to be subject to legal approving
opinion by attorneys for bidders.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.—BOND SALE.—The
$16,000 road construction bonds offered on Feb. 20—V. 128. p. 1092
were awarded to A. P. Flynn of Logansport, at a price of par. Bonds
are dated Feb. 15 1929 and mature $800, on May and Nov. 15,from 1930
to 1939, incl.
A conditional bid submitted by the Fletcher American Co. of Indianapolis, offered par plus a premium of $183.00 for the issue.
AMSTERDAM, Montgomery County, N. Y.—BOND OFFERING.—
E. 0. Bartlett, City Treasurer, will receive sealed bids until 2 p. m. on
% coupon or registered sewer bonds.
March 6,for the purchase of $80,500
Dated March 11929. Denom. $1,000, one bond for $500. Due March 1,
as follows: $4.500, 1930; and 54,000, 1931 to 1949 incl. Prin. and int.
Payable in gold at the office of the City Treasurer or at any bank or trust
company in Amsterdam or New York. A certified check for 5% of the
bonds bid for is required.
ANACONDA Deerlodge County, Mont.—BOND SALB.—The $90,
000 issue of semi-annual funding bends offered for sale on Feb. 18—V. 128,
P.591—was awarded to the State Land Board,as 4hs,at par.
MAR. 2 1929.]
FINANCIAL CHRONICLE
-A
-BONDS REGISTERED.
ARCHER CITY, Archer County, Tex.
$70,000 issue of 5X% serial refunding series 1928 bonds was registered on
Feb. 20, by G. N. Holton, State Comptroller.
ASHLAND, Boyd County,Ky.-BOND OFFERING.
-Sealed bids will
be received by H.L. Carroll, City Clerk, until Mar. 5. for the purchase of
a $200,000 issue of 4X% semi-annual sewer bonds.
-BIDS.
ATLANTIC CITY, Atlantic County, N. J.
-The following
bids were also submitted on Feb. 21, for the $1,385,000 bonds awarded as
5.405,to the Bancameric Corp.and Gibson, Leefe & Co.,both of New York.
at 100.01-V. 128, p. 1262.
BidderInt. Rate Price Bid.
Stephens & Co
5.45% $1,385,281.00
Bankers Trust Co
5.50%
1,385,307.47
Atlantic County Trust Co
6.00%
1,386,000.00
AVOYELLES PARISH FIRST WARD SCHOOL DISTRICT NO. 11
(P. 0. Marksville), La.
-MATURITY.
-In connection with the offering
of the $45,000 issue of not to exceed 6% semi-annual school bonds on Mar.
-we are now informed that the bonds are due on Mar
5-V. 128, p. 1093
1, as follows: $500, 1930; $1,000. 1931 to 1934: $1,500, 1935 to 1944; $2,000,
1945 to 1948; $2,500, 1949 and $3,000, 1950 to 1954, all incl.
AVOYELLES PARISH GRAVITY DRAINAGE DISTRICT NO.20
(P. 0. Marksville), La.
-BOND SALE.
-The $30,000 issue of drainage
bonds that was offered for sale on June 27-V. 126, p. 3630
-has been
purchased by an unknown investor.
BEARDSTOWN, Cass County, III.
-BOND SALE.
-The H. C. Speer
& Sons Co. of Chicago, is reported to have purchased an issue of $125.000
sewer bonds bearing a coupon rate of 434%, at a price of par. Bonds
mature in 20 years. Interest payable semi-annually.
BECKHAM COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
50 (P. 0. Carter), Okla.
-BOND OFFERING.
-Sealed bids will be received by G. O. Mitchell, District Clerk, until 5 p. m. on Mar. 5, for the
purchase of a $27,000 issue of school bonds. Int. rate is to be named by
the bidder. A certified check for 2% must accompany the bid.
BEEMER, Cuming County, Neb.-BOND SALE.
-A $6,000 issue of
4X% water extension bonds has recently been purchased by an unknown
investor. Dated Jan, 1 1929. Due on Jan. 1 1944 and optional after 1939.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-BOND SALE.
-The
$394,000 refunding bonds offered on February 23-V. 128, p. 919
-were
awarded to the Continental National Co. of Chicago, at a 'premium of
$188.00 equal to a price of 100.04. Bonds mature on March 15, as follows:
$39,000, 1931: $70,000, 1932; $90,000, 1933; $95,000, 1934; and $100,000.
1935. Interest rate unknown. Bids according to the County Clerk were
also submitted by the William R. Compton Co., Chicago, Detroit & Security Trust Co., Detroit, Stranahan, Harris & Co., Toledo, and the Union
Banking Co. of 81. Joseph.
BISHOPS DRAINAGE DISTRICT (Pl. 0. Bradenton), Manatee
County, Fla.
-BOND SALE.
-The $130,000 issue of 6% coupon drainage
bonds offered for sale on Feb. 6-V. 128, p. 919
-was awarded to Cone
Bros. of Tampa, at a price of 95. Denom. $1,000. Int. payable on Jan.
and July 1.
BLOOMINGTON, Franklin County, Neb.-INT. RATE.
-The two
issues of paving district bonds aggregating $18,700, that were purchased
at par by the State
-V. 128, p. 1093
-bear interest at 4X %.
BOONEVILLE, Prentiss County, Miss.
-ADDITIONAL DETAILS.
-The $58,700 54% paying and sewerage bonds that were purchased by
the Bank of Commerce of Memphis,at a price of 100.22-V. 128, p. 1263
are divided as follows:
$30,000 series A bonds. Due $3,000 from Mar. 1 1930 to 1939, incl.
28,700 series B bonds. Due on Mar.1,as follows:$1,700, 1930 and $3,000,
1931 to 1939.
Basis of about 5.45%. Int. payable on Mar. & Sept. 1.
BRAIDWOOD, Will County, 111.
-BOND SALE.
-The Bank of Braidwood, was awarded on January 1 this year, $5,000 8% coupon fire apparatus bonds at a price of par. Bonds are dated January 1. 1929, in denominations of $1,000 and mature $1,000, from 1930 to 1934 inclusive.
Interest payable on Jan. and July 1.
BRIGANTINE BEACH (P.O. Brigantine), Atlantic County, N. J,
BOND SALE.
-The Second National Bank of Atlantic City, is reported,
to have purchased an issue of $75,000 6% temporary assessment bonds,
dated Nov. 10 1928 and maturing on Nov. 10 1934.
BRILLIANT SCHOOL DISTRICT, Jefferson County, Ohio .
BOND OFFERING.
-Paul L. McKay, Clerk Board of Education, will
receive sealed bids until 7 p. m. March 12, for the purchase of $55,000 5%
coupon school bonds. Dated March 1 1929. Denom. $1,000 and $500.
Due $2,500, Oct. 1 1929 to 1950,incl. Prin. and int. payable at the Brilliant
Bank & Savings Co., Brilliant. A certified check payable to the order of the
above-mentioned official for $1,000 is required. Legality to be approved
by Squire, Sanders & Dempsey of Cleveland.
BROWN COUNTY (P. 0. Brownwood), Tex.
-BOND SALE.
-A
$50.000 issue of refunding road bonds has recently been purchased by J. E.
Jarratt & Co. of San Antonio for a $250 premium, equal to 100.50.
BROWN COUNTY (P.O. Brownwood), Tex.
-BONDS REGISTERED
-The $300,000 issue of 5% coupon series E road bonds awarded on Feb
-was registered on Feb. 18 by the State Comptroller:
15-V. 128, P. 1263
BRUNSWICK COUNTY (P. 0. Southport), N. C.
-BOND SALE.The $100,000 issue of 6% road and bridge bonds offered for sale on Feb. 18
V. 128, p. 919
-was awarded to the Well. Roth & Irving Co. of Cincinnati,
at 107.08. a basis of about 5.33%. Dated Nov. 11928. Due $5,000 from
Nov. 1 1935 to 1954, incl.
BUNCOMBE COUNTY (P. 0. Asheville), N. C.
-BOND OFFERING.
-Sealed bids will be received until 4 p. m. on Mar.5, by Geo. A. Diggee,
Clerk of the Board of Commissioners, for the purchase of three issues of
5% bonds aggregating $2,100,000 as follows:
$1,000,000 court house and jail bonds. Due on Mar. 1. as follows: $20,000
1939 to 1948; $30,000, 1949 to 1958 and 850,000, 1959 to 1968,
all incl.
1,000,000 road and bridge bonds. Due on Mar. 1, as follows: $30,000,
1939 to 1943; $40,000, 1944 to 1948; $60,000, 1949 to 1953 and
$70,000, 1954 to 1958, all incl.
100,000 juvenile prison bonds. Due on Mar. 1, as follows: $3,000, 1932
1946; 1947 to 1958 and $7,000 in 1959.
Denom. $1,000. Dated Mar. 11929. Prin and int.(M & S) payable
gold at the Hanover National Bank in New York City. Reed Hoyt in
&
Washburn of New York City will furnish the legal approval. The County
will furnish the required bidding forms. A 342,000 certified check is required
BUTLER, Butler County, Pa.
-PROPOSED BOND ISSUE.
-The
City Council approved on Feb. 18, a resolution to issue $60,000 street impt.
bonds. Issue is to bear interest at the rate of 4X %, will be in denoms.
of $1,000 and mature $10,000, Apr. 1, from 1931 to 1936 incl. Formal
notice of the proposal sale will be amde shortly.
CAMDEN, Ouachita County, Ark.
-BOND SALE.
-The
issue of paving bonds offered for sale on Feb. 19-V.127, P.3738 $98,000
-has been
purchased by an unknown investor. Due in 20 years.
CANEY, Montgomery County, Kan.
-BOND SALE.
-A $71,900
issue of 4X% paving bonds has been purchased at par by the Commerce
Trust Co. of Kansas City.
CARSON COUNTY (P. 0. Panhandle), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. on Mar. 6, by A. A. Callaghan,
County Judge, for the purchase of a $230,000 issue of 4 X% road bonds.
Denom. $1,000. Dated Dec. 15 1928. Due on Apr. 1, as follows: $5,000,
1930; 86.000. 1931 to 1938: $7,000. 1939 to 1941; $8,000, 1942 to 1946:
$9,000, 1947 to 1951; 810.000, 1952 to 1957 and 811.000 in 1958. Prin.
and int. (A. & 0. 1) payable at the National Bank of Commerce in New
York City. Clay, Dillon & Vandewater of New York City will furnish
the legal approval. A $5,000 certified chock payable to the County Judge
must accompany the bid.
-BOND OFFERING.
CASS COUNTY (P. 0. Cassopolis), Mich.
Sealed bids will be received by the Clerk Board of County Road Commissioners, until 1.30 p. m. March 4, for the purchase of $22,725 Road Assessment District No. 50 bonds, $14,400 Road Assessment District No. 52
bonds and $13,500 Road Assessment District No. 53 bonds, three issues
aggregating $50,625 to bear interest at the rate of 5%.
1435
CATAHOULA PARISH (P. 0. Harrisonburg), La.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. on Mar. 26. by J. K.
McGee,Secretary of the Police Jury,for ths_purchase of an issue of$150.000
semi-annual public improvement bonds. Int, rate is not to exceed 6%•
Denom. $1,000. Dated Apr. 1 1929. Due from 1930 to 1949, incl. B. A.
Campbell of New Orleans will furnish the legal approval. A $5,000 certified
check, payable to J. A. Wurster, President of the Police Jury, must accompany the bid.
CAMERON COUNTY IRRIGATION DISTRICT No. 3 (P. 0.
-BONDS VOTED.
-At a special election held on Feb.
Brownsville), Tex.
19, the voters approved a proposition calling for the issuance of $1,600,000
in bonds for irrigation and. drainage purposes by a count of 309 "for" to
127 "against."
CHAGRIN FALLS, Cuyahoga County, Ohio.
-BOND OFFERING.
Gladys M. Foster, Village Clerk, will receive sealed bids until 12 M. Mar.
18 for the purchase of $8,500 5% property owner's portion street improvement bonds. Dated March 15, 1929. Denom. $500. Due Oct.1
as follows: $500, 1930; 81.000. 1931 and 1932: $500, 1933; $1,000, 1934
and 1935; $500, 1936; and $1,000, 1937 to 1939 inclusive. Prin. and int.
Payable at the Chagrin Falls Banking Co. Chagrin Falls. A certified
check payable to the order of the Village Treasurer, for 5% of the bonds
offered is required.
CHANDLER TOWNSHIP (P. 0. Chickasha), Grady County, Okla.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on Mar.
5, by C. H. Williams, Township Trustee, for the purchase of a $7,000
Issue of township bonds.
-BOND OFFERING.
CHATTANOOGA, Hamilton County, Tenn.
Sealed bids will be received until 11 a. m.on Mar. 12, by E. D.Bass, Mayor,
for the purchase of three issues of 4X % bonds aggregating $675,000, as
follows:
$300,000 Twelfth and Thirteenth Ward sewer bonds. Due in 30 years.
250,000 Aviation Park bonds. Due in 30 years.
125,000 Incinerator bonds. Due in 30 years.
Denom. $1,000. Dated Mar. 1 1929. Prin. and semi-annual hit, payable in lawful money of the U. S. at the National City Bank in New York
City. Caldwell & Raymond of New York will furnish the legal approval
to the purchaser. A certified check for 2% of the bonds, payable to F.
K. Rosamond, City Treasurer, must accompany the bid.
-BOND OFFERCHAUTAUQUA COUNTY (P. 0. Mayville), N. Y.
-William J. Doty, County Treasurer will receive sealed bids until
ING.
purchase of $350,000 59' coupon highway bonds.
2 p. m. Mar. 12, for the
Dated April 11928. Due April 1, as follows: $200,000, 1938; and $150.000
1939. A certified check payable to the order of the above-mentioned
official for 2% of the bonds bid for is required. Legality to be approved
by Thomson, Wood & Hoffman of New York City.
-BOND
CHESTER SCHOOL TOWNSHIP, Wabash County, Ind.
-The $108,000 4 % school building bonds offered on Feb. 11SALE.
-were awarded to the Meyer-Kiser Bank of Indianapolis,
V. 128, p. 592
at a premium of $1.212, equal to 101.12, a basis of about 4.34%. Due as
follows: $3,600. July 1 1930; $3,600. Jan. and July 1 1931 to 1944, incl.;
and $3,600 Jan. 1 1945. Other bidders were:
Premium.
Bidder
$360663:0600
Fletcher Savings & Trust Co., Indianapolis
& Co., Chicago
Kent, Grace
701.00
J. F. Wild Investment Co., Indianapolis
-The
-TEMPORARY FINANCING.
CHICAGO, Cook County, 111.
First National Bank of Chicago and the First Trust & Savings Bank,also of
Chicago. purchased on February 28.8500.000 Chicago Sanitary tax anticipation Warrants, to provide funds for the payment of principal and interest
falling due on March 1, according to the "Herald Tribune" of February 28.
It will be noted that during January of this year, the Guaranty Trust Co.
of New York, purchased $15,000,000 Chicago anticipation warrants running for about two years, the funds according to George K. Schmidt, City
-V. 128 P.
Controller, to be used for "city salaries and running expenses"
764.
-In reporting the current financing the "Tribune" states that:
"These banks are forming a syndicate which will be composed largely of
Chicago banks but will also include some Eastern institutions which will
organize an investment company to buy tax anticipation warrants from all
Chicago municipal bodies until the taxes, muddled by the reassessment
situation, can be collected. This will involve a total of $125,000,000 to
$150,000,000, of which 812,000,000 to 315,000,000 Will be for the sanitary
district."
CHILDRESS INDEPENDENT SCHOOL DISTRICT (P. 0. Chil-BOND SALE.
-A $60,000 issue of 5%
dress) Childress County, Tex.
school building bonds has recently been purchased by Prudden & Co. of
Toledo at a price of 100.62.
-NO
CLIFFSIDE PARK (P. 0. Cliffside) Bergen County, N. J.
-Herbert L. Post, Collector of Taxes, states that no bids were
BIDS.
submitted on Feb. 26, for the purchase of two issues of 4 X% bonds aggregating $394,000 scheduled to have been sold-V. 128. p. 1093. Offering
consisted of:
$298,000 assessment bonds. Due Mar. 1, as follows: $25,000, 1930 to
1935 incl.; and $37,000, 1936 to 1939 incl.
96,000 public impt. bonds. Due Mar. 1, as follows: $5,000. 1931 to 1938
incl.; and $7,000. 1939 to 1946 incl.
Dated Mar. 1 1929.
-The $45,000 issue
CLOVIS, Curry County, N. Mex.-BOND SALE.
-was awarded
of city hall bonds offered for sale on Feb. 15-V. 128. p. 919
Bond Co. of Denver, as 5% bonds.
to the United States
(P. 0. Shephard),
COE TOWNSHIP SCHOOL DISTRICT NO. 2
-Harry M. Wetzel, Secre-BOND OFFERING.
Isabella County, Mich.
tary Board of Education, will receive sealed bids until 8 p. m. Mar. 6, for
the purchase of 860.000 school bonds, rate of interest not to exceed 5%.
Due Nov. 1, as follows:$2,000, 1929 to 1931 incl.; $2,500, 1932 to 1934 incl.;
83,000, 1935 to 1937 incl.; $3,500, 1938 to 1940 incl.; $4,000. 1941 and
1942; $4,500. 1943 and 1944; and 85,000, 1945 and 1946. A certified
check payable to the order of the District Treasurer for $500 is required.
-The follow-BOND CALL.
COLDWATER, Branch County, Mich.
ing notice signed by Max A. Olds, City Clerk, appeared in the Feb. 18
Issue of the Coldwater "Reporter."
"By order of the Common Council the following special assessment
bonds are called for payment, March 15 1929, at the office of the City
Treasurer in this City:
W. Pearl St. Paving No. 2 Bond No. 1167; W. Pearl St. Paving No. 2
Bond No. 1169: W. Pearl St. Paving No. 2 Bond No. 1171; W. Pearl St.
Paving No. 2 Bond No. 1172; Hull St. Curb and Gutter Bond No. 1186:
Marshall St.Paving No.2 Bond No. 1196; Marshall St. Paving No. 2 Bond
No. 1107; Marshall St. Paving No.2 Bond No. 1209.
Sufficient advance payments have been paid into these special assessment funds to arrant the calling of these bonds, so the Council feel this
action should be taken."
COLOMA TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Coloma),
-BOND OFFERING.
Berrien County, Mich.
-A. W. Baker, Secretary
Board of Education, will receive sealed bids until 10 a. m. March 8, for
the purchase of $125,000 school bonds-rate of interest not to exceed 59'.
Dated Oct. 1 1928. Denom. $1,000. Due Oct. 1, as follows: $2.000
1929 to 1933, bid.: $3,000. 1934 to 1938, incl.; $4,000, 1939 to 1945, Incl.:
$5,000. 1946 to 1951, incl.; and $6,000, 1952 to 1958, incl. A certified
check payable to the order of the Secretary Board of Education, for $500
is required.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
-Howard
S. Wilkins, City Clerk, will receive sealed bids until 12 m.(eastern standard
time) Mar. 14, for the purchase of $1,000,000 4X% sewerage and sewage
disposal bonds. Dated Feb. 1 1929. Denoms. $1,000. Due $40,000,
Feb. 1, from 1931 to 1955 incl. Prin. and int. (Feb. and Aug. 1) payable
at the office of the agency of the City of Columbus in New York. Bids for
bonds to bear a coupon rate other than the one stated above will also be
considered: in the event a fractional rate is bid such fraction shall be in a
multiple of X of 1% or multiples thereof. A certified check payable to the
order of the City Treasurer, for 1% of the amount of bonds bid for is
required.
Transcripts of proceedings will be furnished successful bidders, and sufficcient time allowed within fifteen days from the time of said award for the
examination of such transcript by bidder's attorney, and bids may be
made subject to approval of same.
CORNWALL UNION FREE SCHOOL DISTRICT NO, 5 (p. 0.
-John A.
-BOND OFFERING.
Cornwall), Orange County, N. Y.
1436
FINANCIAL CHRONICLE
Shearer, District Clerk, will receivii sealed bids until 8 p. m. March 4, for
the purchase of $150,000 coupon or registered school bonds
-rate of interest
not to exceed 5% and to be stated in a multiple of lj of 1-10th of 1%.
Dated March 1 1929. Denom. $1,000. Due March I, as follows: $5.000,
1930 to 1939, incl.; and 510,000, 1940 to 1949,incl. Prin. and int. payable
at the Cornwall National Bank, Cornwall or at the National City Bank,
New York City. A certified check payable to the order of Elsie M. Schofield, District Treasurer, for $3,000 is required. Legality to be approved
by Clay. Dillon & Vandewater of New York City.
CORVALLIS,Benton County,Ore.
-Sealed bids
-BOND OFFERING.
will be received until 7.30 p. in. on March 4, by the City Recorder, for the
purchase of a $13,140.83 issue of6% improvement bonds. Dated March 1
1929. Due on March 1 1939 and optional after one year. Prin. and
semi-annual interest payable at the City Treasurer's office. Teal. Winfree,
McCulloch & Shuler of Portland will furnish the legal approval. A $500
certified check must accompany the bid.
COULEE NICHOLAS DRAINAGE DISTRICT(P. O. Breaux Bridge)
Saint Martin Parish, La.
-Sealed bids will be
-BOND OFFERING.
received until 10 a. m. on Mar. 5. by L. C. Willis, Secretary of the Board
of Commissioners,for the purchase of two issues of6% semi-annual drainage
bonds aggregating $55,000, as follows:
530.000 acreage tax bonds. Due from Mar. 1 1930 to 1963, incl.
$25,000 ad valorem tax bonds. Due from Mar. 1 1930 to 1959, incl.
Denom. $250. Dated Mar. 1 1929. A certified check for 2;4%, payable to D. Chompagne, Jr., President, is required. •
[VOL. 128.
bonds, to bear interest at the rate of 4 , % payable semi-annually. Bonds
)
4
are to mature serially in from 1 to 9 years. A certified check payable to the
order of the above-mentioned official for 1% of the bonds bid for is required.
EAST ST. LOUIS PARK DISTRICT, St. Clair County, Ill.
-BOND
OFFERING.
-Spencer Ellsworth, Secretary of Park Commissioners, wil
receive sealed bids until 12 M.(to be opened at 2:30 p. m.) March 1,for the
purchase of $200.000 44% coupon part bonds. Dated March 1 1929.
Denoms. $1,000. Due March 1, as follows: $30,000, 1935: $20.000, 1938:
$30.000. 1944; and $60,000, 1948 and 1949. A certified check for $5,000 is
required.
-BOND
EVERETT SCHOOL DISTRICT, Bedford County, Pa.
SALE.
-The 39,000 5% school bonds offered on January 19-V. 128
-were awarded to the Everett Cemetery Association, at a price of
P. 433
100.06 a basis of about 4.95%. Bonds are dated Jan 1 1929 are in denoms.
of $1,000 and mature January 1, as follows:14,000, 1930 and $5,000, 1931.
-BOND
FARMINGTON SCHOOL DISTRICT, Kent County, Del.
SALE.
-The Farmers Bank, Dover, has purchased an issue of $4,803.14
school bonds, bearing a coupon rate of 5%. at a price of par. Bonds are
dated November 1, 1928 fifteen bonds in denomination of $300, and one
bond for $303.14. Due $303.14, November 21. 1929 and $300. November
1, 1930 to 1944, incl.
-ADDITIONAL DETAILS.
FORT COLLINS,Larimer County, Colo.
-The $70,000 issue of 4% municipal railway refunding bonds that was
-V. 128,_13•
purchased by Gray, Emery, Vasconcells & Co. of Denver
- 1094
-was awarded to them at a price of 97, a basis of about 4.387. Due
CRAWFORD, Dawes County, Neb.-ADDITIONAL DETAILS.
°
The $36,000 issue of intersection paving bonds that was purchased at par $2,500 from Mar. 1 1934 to 1961, incl. Optional after Mar. 11939.
by the State
-V. 128, p. 1263
-bears interest at 4)4%. Dated Dec. 15
-BOND OFFERING.
FORT MYERS, Lee County, Fla.
-Sealed bids
1928. Due from Dec. 15 1929 to1938. incl.
will be received by L. H. Barker, Acting City Manager, until Mar. 26,for
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND SALE.
-The the purchase of a $250,000 issue of refunding bonds.
$8,360 5% Liberty Township road bonds offered on February 15-V. 128,
-BOND OFFERING.
-Myrtle
FOSTORIA, Seneca County, Ohio.
P. 592
-were awarded to the Bankers Investment Co. of Indianapolis, at a
premium of $272.25 equal to 103.25 a basis of about 4.38%. Dated J. Lindsey. City Auditor, will receive sealed bids until 12 M. March 19, for
February 15, 1929. Due $418, May and November 15,from 1930 to 1939, the purchase of 510.000 water works improvement bonds-rate of interest
not to exceed 5%. Dated March 1 1929. Denominations $500. Due
Inch.
$500. March and September 1. from 1930 to 1939. inclusive.
CROSBY COUNTY (P. 0.) Crosbyton), Tex.
-BOND OFFERING
BOND OFFERING.
-Sealed bids will be received at the same time for the
Sealed bids will be received by Edgar Hutchins, County Judge,until March purchase of $19.953.97 special assessmentstreet improvement bonds
-rate of
11, for the purchase of a $40,000 issue of road bonds.
interest not to exceed 534%. Due as follows: $953,57. March 1 1930 and
$1.000. March and Sept. 1 1931 to 1939. incl.
CUYAHOGA COUNTY (P.0. Cleveland), Ohio.
-BIDS REJECTED. $1.000. Sept. 11930: andMarch 1 1929. Interest payable on March and
Both
-F. J. Husak, Clerk Board of County Commissioners, reports that all Sept. 1.issues are dated
payable to the order of the City Treasurer, for
bids submitted on Feb. 20,for the purchase of the following described 4)4% 2% of the A certified check
bonds offered is required.
bonds aggregating $316.503.31. offered on that date
-V. 128. p. 920
were rejected:
-BOND SALE.
FOUNTAIN COUNTY (P. 0. Covington), Ind.
-V23.720.00 assessment portion, road impt. bonds. Due Oct. 1 as for The *71.6004)4% flood repair bonds offered on Feb. 26-V. 128. p. 920
lows: $11.720. 1929; $12,000, 1930 to 1934 incl.; and $13.000 were awarded to the Fletcher Savings & Trust Co., Indianapolis. at a prem1935 to 1938 incl.
ium of $13.60, equal to 100.01. a basis of about 4.495%. Dated Feb. 15
53,296.31 county's portion road impt. bonds. Due Oct. 1 as follows: 1929. Due as follows: $3.580. July 1 1929:$3,580, Jan. and July 1, 1930 to
$1.296.31. 1929: $5,000, 1930 to 1934 incl.; and /3.000, 1935 1938 Incl.; and $3,580. Jan. 11939.
to 1938 incl.
FRENCH INDEPENDENT SCHOOL DISTRICT (P. 0. Beaumont),
47,380.00 assessment portion, road impt. bonds. Due Oct. 1 as fol-Sealed bids will be received by A. B. C. Dean
lows:$1,380, 1929;$5,000, 1930 to 1934 incl.; and $6,000, 1935 Tex.
-BOND OFFERING.
to 1937 incl.
Superintendent of the Board of Education, until 8 p. m. on Mar. 14, for
35,215.00 assessment portion, road improvement bonds. Due Oct. 1 the purchase of a 540.000 issue of 5% semi-annual school bonds. Due
as follows: $3.215. 1929; 33.000. 1930 to 1933 incl.; and $1.000, on April 10. as follows: $1,000. 1935 to 1964 and $2,000. 1965 to $169.
all incl. The bidder is to include In his bid the printing of the bonds and
1934 to 1938 inel
35.215.00 county's portion, road improvement bonds. Due Oct. 1 as also the legal opinion of a reputable bond attorney. The election on these
follows: $1 215. 1929: 33.000. 1930 to 1933 incl.; and $4,000. bonds will be held on Mar. 2. A certified check for 2% of the bid, payable to Clyde H. Weeding. President of the Board of Education Is required.
1934 to 1938 incl.
21,677.00 county's portion, road improvement bonds. Due Oct. 1 as
GARRISON,McLean County, N. Dak.-ADDITIONAL DETAILS.
follows: $2,677, 1929; $2,000, 1930 to 1937 incl.; and $3,000,
The $6.500 issue of 5% semi-annual water bonds that was reported sold-V.
1938.
to C. J. Ehlers, of Garrison.
-was awarded at par
All the above issues are dated Feb. 1 1929. Prin. and annual int. 128, p. 765
PRICE PAID.
-The $5.000 issue of 5% semi-annual water works bonds
(Oct. 1) payable at the office of the County Treasurer.
that was purchased by the First Minneapolis Trust Co. of Minneapolis
-was awarded at par.
DECATUR, Morgan County, Ala.
-PURCHASER.
-The $64,000 V. 128, p. 765
issue of 534 7,, public improvement bonds that was reported as having been
-A 524.500 issue of
GLENVIL, Clay County, Neb.-BOND SALE.
sold at par (V. 128. p. 920) was purchased by Ellis & Co. of Cincinnati. 4 H % n i
D ue inwater bonds has been purchased at par by the State of Nebraska.
9.
Due from Oct. 1 1929 to 1938 inclusive.
DEFIANCE COUNTY (P. 0. Defiance), Ohio
-BOND SALE.
-The
GLEN WOOD HIGHWAY DISTRICT(P.0.Kamiah),Idaho County,
67,488 5% street improvement bonds offered on February 25-V. 128. p. Ida.
-The $11,900 issue of 6% semi-annual high920
-were awarded to the Merchants Bank, Defiance, at a price of par. way-BONDS NOT SOLD.
one
Bonds are dated March 1 1929 and mature on September 1, as follows: bid bonds offered on Jan. 19-V. 128, p. 141-was not sold as the
re-offered
They
that was
31,488,1930; and $1,500, 1931 to 1934 inclusive. Blanchet Bowman for sale on submitted for the bonds was rejected. will bewill be
received by the
Mar. 16. Due in 20 years. The bids
Wood of Toledo, offered a premium of$2.73 for 534% bonds.
Secretary of the Board of Commissioners.
DULUTH, St. Louis County, Minn.
-BOND SALE.
-The $370.000
-A 3225.000 ISSUE,
GRAHAM, Young County, Texas.
-BOND SALE.
Issue of 434% bridge bonds offered for sale on Feb. 25-V. 128, p. 593
- of 5% semi-annual water works bonds was offered for sale on Jan. 17was jointly awarded to the Illinois Merchants Trust Co. and the Continental V.
127
-has since been purchased at par by Garrett & Co.of Dallas.
National Co., both of Chicago for a premium of $3,570, equal to 100.964, a Dated p.3575
May 1 1928. Duo from Apr. 1 1929 to 1958, incl.
basis of about 4.36%. Dated Oct. 1 1928 and due on Oct. 1, as follows:
$20.000. 1929 and $15.000 1930 to 1943, incl.
-Jacob
-BOND OFFERING.
GRAND RAPIDS,Kent County, Mich.
The other bidders and their bids were as follows:
Van Wingen, City Clerk, will receive sealed bids until 3 p. m. (Central
following issues of 4%
standar time) Mar. 30 0 the purchase of the
bonds aLtiegma
BidderPrice Bid.
9 10 for
1, :
White. Weld & Co.. New York
lug
$372,623.30
The First Minneapolis Trust Co. and the Minnesota Co.,
$460,000 Street improvement bonds. Due $92,000, Apr. 1 1930 to
Minneapolis, Minn
372.410.00
1934 inclusive.
Wells
-Dickey Co., Minneapolis, Minn
288,000 Sewage Disposal System bonds. Due $12,000. Aug. 1, 1930
371,865.00
Guaranty Co. of New York and Northern Trust Co., Duluth,
to 1953 inclusive.
Minn
190.000 Street improvement bonds. Due $19,000, Apr. 1 1930 to
371,380.10
The Milwaukee Co., Milwaukee, Wis.; Kauffman. Smith &
1939 inclusive.
Co., St. Louis, Mo.; and Mississippi Valley Trust Co., St.
5,000 Sewer construction bonds, Due *1,000, April 1, 1930 to
Louis, Mo
1934 inclusive.
370.777.00
Dated April 1 1929. Denom. 51.000. Prin. and int. payable at the office
First National Bank, Duluth, Minn.: Detroit & Security Trust
of the City Treasurer. A certified check payable to the order of the City
Co., Detroit, Mich., and First Wisconsin Co.. Milwaukee,
Wis
370,625.30 Treasurer, for 3% of the bonds bid for is required.
Lane, Piper & Jaffray, Minneapolis, Mimi.,and Barr Bros.,Inc.. 370,514.30
Financial Condition, January 31, 1929.
American Exchange National Bank. Duluth. Minn., and
The City has
debt. Assessed valuation of City, 1928,$265,Salomon Bros. & Hutzler. New York
370,410.70 691,000. Totalno floatingWater Works Sinking Fund, $925,671. Total
value of
Harold E. Wood de Co., Minneapolis, Minn., and Old Colony
value of General Sinking Fund, $853.036. Total value of Special Assess370,329.30 ment Sinking
Corp., New York City
$1.490,586.00. Total value of Cemetery Trust Funds,
Harris Trust & Savings Co., Chicago, Ill
370,315.00 $580.577.00. Fund, value of Sinking Funds. Water Works, General.
Total
Halsey. Stuart & Co.. Chicago, Ill
370,227.00 Cemetery Trust Funds, Special Assessments. $3,849,791.00. Cash on
A.0. Allen & Co., Chicago, Ill
370.222.09 hand
exclusive of Sinking Fund. $23.529.00. Cash value of assets of City.
present estimated
DUQUESNE SCHOOL DISTRICT, Allegheny County, Pa.-BONb 522.178.784.00. Population, census of 1920, 137.634; on any bonds at
Population, 172,000. City has never defaulted payment
OFFERINO.-L. L. Canon, Secretary Board of Education, will receive maturity,
of a bond Issue has never been questioned.
and the legality
sealed bids until March 14. for the purchase of $140,000 4Yi% coupon or
Street improvement and sewer construction bonds are only a temporary
registered school bonds. Dated Oct. 1 1928. Denom. $1.000. Due
to
$28.000. October 1 1954 to 1958 incl. Prin. and int. payable in Duquesne. obligation being issued for from one on ten years, and their payment is
the property directly benefited:
A certified check for $5,000 is required. These are the bonds offered for provided for by special assessment
nut are a direct city obligation. There is no question es to the legality
sale on Feb. 20-V. 128. p. 920. All bids were returned unopened.
of the corporate existence of the City or as to the legality of the terms
-Americans predominate; Holland, Irish,
DUTCHESS COUNTY (P. 0. Poughkeepsie), N. Y.
-BIDDERS.
- of the officials. Nationalities
The following is a list of the other bids submitted on Feb. 21, fir the German, Polish and others. Principal Business-Furniture, general manu$1,000.000 highway and bridge bonds, jointly awarded to George B. Gib- facturing and jobbing trade.
bons & Co. and Stone & Webster and Blodget. Inc. both of New York. as
Recapitulation of Bonded Debt, January 31, 1929.
434s. at par plus a premium of $7,187 equal to 100.7187. a basis of about Sewage D
$3,200,00000
,:
Disposal General Taxation
4.40%-V. 128. p. 1264. Successful bidders are reoffering the bonds for Cemetery, paid by General taxation
00
public investment, priced to yield 4.25%. Bids below were also for 4)4% 'I'. B. Hospital, paid by General Taxation
295.000.00
bonds:
580.000.00
Bridge Bon
Bonds, paid by General Taxation
100.000.00
BidderPremium. Park Bonds. paid by General Taxation
Lehman Bros.. E. H. Rollins & Sons, Kountze Bros. and ManuFlood Protection, paid by General Taxation
3,873.000.00
facturers & Traders-Peoples Trust Co., Buffalo
17.099 Water Works, paid by water revenue
5,085.000.00
Estabrook & Co. and Bancameric Corp
ool
6.410 School Bonds, paid by General Taxation
5,237,000.249,400.00
First National Bank, Poughkeepsie
5.930 Street Improvement Bonds, paid by special assessment
00
Bankers Co. of N. Y.. Harris, Forbes & Co. and National City Co. 5.891 Sewer Construction Bonds, paid by special assessment
1,
175,000.00
*West Side Library Bonds
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
0
Calif.
-BOND OFFERING.
$20,901.400.0
-Sealed bids will be received until 5 p. m. on
Mar. 1, by John H. Kimball. Secretary of the Board of Directors, for the Less General Sinking Fund cash & securities__$ 853,036.00
purchase of a /1.000.000 issue of5% water bonds. Denom.$1.000. Dated Lees Water Works Bonds
3,873,000.00
Jan. 11925. Due $75.000 from Jan. 1 1935 to 1974, incl. Prin. and int. Less Street and Sewer Bonds
6,486.400.00
(J. & J.) payable in gold coin at the District Treasurer's office or at the
$11,212,436.00
fiscal agency. the National City Bank in New York City. Orrick, Palmer
& Dahlquist of San Francisco will furnish the legal approval. The above
Net bonded debt payable by general taxation
bonds are a part of a total issue of $39,000,000.
$ 9,688,064.09
*Serial bonds all held in sinking fund.
EAST GRAND RAPIDS(P.O.Grand Rapids),Kent County, Mich.
-BOND OFFERING.
BOND OFFERING.
-Peter R. Schregardus. City' Clerk, will receive sealed
GRATIOT COUNTY (P. 0. Ithaca), Mich.
Sealed bids will be received by the County Drain Commissioner, until
bids until 8 p. m. marza 4. for the purchase of $69,660 sewer construction
MAR. 2 1929.]
FINANCIAL CHRONICLE
1437
10 a. m.on March 7,for the purchase of $5,500 drainage bonds. A certified $11,300 Ed Paddock et al White River Twp. highway improvement bonds.
Due $.565 May and Nov. 15, from 1930 to 1939 inclusive.
check for $200 is required.
5,600 John W. Shepherd et al White River Tvrp., highway impt. bonds.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.Due $280. May and Nov. 15. from 1930 to 1939 incl.
-Norman C. Templeton. Town Clerk, will receive
Dated Mar. 8 1929. Int. payable on May and Nov. 15.
BOND OFFERING.
sealed bids until 3 p. m. on March 6, for the purchase of the following
Issues of 4H% coupon or registered bonds aggregating $206,500;
JONES COUNTY CONSOLIDATED ROAD DISTRICT NO. 10
-Two issues of bonds aggregating
-BOND SALE.
$96,000 Parkway Gardens, paving impt. bonds. Due March 15, as follows: (P. 0. Anson), Tex.
$461,000 have been recently purchased by the Brown-Crummer Co. of
$9,000, 1930 to 1933, incl; and $10,000, 1934 to 1939, incl.
Knollwood Manor, Section No. 2, paving impt. bonds. Due Wichita, as follows: $436,000 5% series E road bonds for a premium of
86,000
March 15, as follows: $8,000, 1930 to 1933, incl; and $9,000, 1934 $198, and $25,000 535% road bonds for a premium of $362.
to 1939, incl.
21,000 Shawnee Road, paving impt. bonds. Due March 15, as follows:
JUNCTION CITY SCHOOL DISTRICT (P. 0. Junction City),
-BOND SALE.
-An issue of $100,000 school bonds
$1,000, 1930 to 1938, incl.; and $2,000. 1939 to 1944, incl.
Geary County, Kan.
3,500 Archer Ave. paving 'mot. bonds. Due March 15, as follows: has been purchased at par by the State School Fund Commission.
$500, 1930; and $1,000. 1931 to 1933, incl.
KAMRAR INDEPENDENT SCHOOL DISTRICT (P. 0. Kamrar),
Dated March 15. 1929. Principal and Interest payable in gold at the
-BOND SALE.
-A $35,000 issue of
%
Tarrytown National Bank & Trust Co., Tarrytown. A certified check Hamilton County, Iowa.
payable to the order of the Town Supervisor, for $4,000 is required. Legal- school bonds has been purchased by Geo. M.Bechtel & Co. of Davenport.
Due in from 2 to 20 years and optional after 5 years.
ity to be approved by Clay. Dillon & Vandewater of New York City.
-BOND SALE.
-A $10,000
HALLS, Lauderdale County, Tenn.
Issue of refunding bonds has been purchased by an unknown investor.
-A $20,000 issue
HAMILTON, Caldwell County, Mo.-BOND SALE.
of water bonds has been purchased by Stern Bros. & Co. of Kansas City,
HARLINGEN INDEPENDENT SCHOOL DISTRICT (P. 0. Har-A $243,000 issue of 5% serial.
lingen), Tex.
-BONDS REGISTERED.
series B school bonds was registered on Feb. 21 by G. N. Holton, State
Comptroller.
HARNET COUNTY (P. 0. Lillington), N. C.
-ADDITIONAL
DETAILS.
-The $150.000 issue of County school bonds that was purchased
-at a price of 100.662. bears
by Bray Bros. of Greensboro
-V. 128 p. 1264
interest at 5% and is due on Feb. 1, as follows: $5,000, 1934 to 1953 and
$10,000. 1954 to 1958. all incl., giving a basis or about 4.94%.
HARRINGTON SCHOOL DISTRICT Kent County, Del.
-BOND
SALE.
-The First National Bank of Harrington, has purchased an issue
of $5,174 school bonds, bearing interest at the rate of 5%, at a price of
par. Bonds are dated September 1 1928. ten bonds in denonts. of $500
and one bond for $174. Due as follows: 3174, 1929; and $500, 1930 to
mg, incl.
-Two issues
KANSAS CITY, Jackson County, Mo.-BOND SALE.
of bonds aggregating $384,000 were awarded on Feb. 27 to Stern Bros. &
Co. of Kansas City at a price of 101.283, a basis of about 0.00%. The
issues aro divided as follows:
% Swope Park improvement bonds. Due $10,000 from July
$250,000
1 1930 to 1954. inclusive.
134.000 4I% fire protection bonds. Due $67,000 in 1939 and 1940.
Dated July 1 1928. Prin. and int. (J. & J.) payable in gold at the
office of the City Treasurer or at the Chase National Bank in N. Y. City.
The second highest bid for the entire issue was an offer of 100.053 by the
National City Co. of New York.
-An
-WARRANT SALE,
KARNES CITY, Karnes County, Tex.
$80.000 issue of 514% semi-annual refunding warrants has recently been
Purchased by the Brown-Crummer Co. of Wichita.
KINGS MILLS RURAL SCHOOL DISTRICT, Warren County,
-The $50,000 school construction bonds offered on
-BOND SALE.
Ohio.
Feb. 23-V. 128. p. 921-were awarded to the Bohmer-Reinhart Co. of
Cincinnati, as 54, at a premium of $676.00, equal to a nrice of 101.354, a
basis of about 4.83%. Dated Sept. 1 1928. Due $2,500, Sept- 1. from
1929 to 1048 inclusive.
The following bids were also submitted: Interest rates not disclosed.
HASTINGS ON HUDSON, Westchester County, N. Y.
-BOND
Premium.
SALE.
-The $150.000 coupon or registered municipal building bonds
Bidder
offered on February 25-V. 128, p. 1095
-were awarded to Harris, Forbes Otis & Co
$135.00
& Co. of New York. as 4)4s, at a price of 100.3093 basis of about 4.47%. W. K. Terry & Co
316.00
Dated Feb. 11929. Due $5,000, from 1934 to 1963, incl.
167.00
W. L. Sllyton & Co
111.00
Other bidders were:
Poor & Co
200.00
BidderInt. Rate.
Rate Bid. Stranahan, Harris & Oatis
1,005.00
Roosevelt & Son
4.60%
100.678 Seasongood & Mayer
Dewey, Bacon & Co
105.00
4.60%
Weil, Both Irvine CO
100.18
1 ,000.00
Lehman Bros.
4.70%
Arthur Hoffinghoff
102.50
310.00
Davies-Bertram Co
-BOND OFFERING. N. S. Hill & Co
HAWKINS COUNTY (P.O. Rogersville), Tenn.
750.00
-Sealed bids will be received until 1 p. m. on Mar. 23, by J. 0. Phillips,
Chairman of the Finance Committee,for the purchase of an issue of$160.000
,
-FINANCIAL STATE''
KNOX COUNTY (P. 0. Knoxville), Tenn.
5% road bonds. Donom. $1,000. Dated Mar. 1 1929. Due $10.000 MENT.-The following detailed statement is furnished In connection with
from March 1 1933 to 1948. Prin. and int.(M. & S.) payable at the office the offering on Marc 16-V. 128, p. 1095
-of the $100,000 issue of 5%
of the County Trustee. The bonds may be sold in $40.000 blocks and notes:
bids are invited upon the series as a whole and upon the several blocks.
3116.306.845.00
Each bid for the entire series must be accompanied by a $5,000 certified Valuation for year 1928: Realty
13,299,368.00
Personalty
check, for a part only, by check in proportion.
17.056.499.74
Public Utilities
HEMPSTEAD UNION FREE SCHOOL DISTRICT No. 19 (P. 0.
3146.662.712.74
-BOND OFFERING-Durant
Total
East Rockaway) Nassau County, N. Y.
3155.000.000.00
It. Miller, District Clerk, will receive sealed bids until 8 p. m. March 14. Estimated valuation for 1929
$210.000.000.00
for the purchase of $125,000 coupon or registered school bonds-rate of Actual value of property probably
31.630.000.00
interest not to exceed 5% and to be stated in a multiple of % or 1-10th Total bonded indebtedness (outstanding)
of 1%. Dated April 1 1929. Denoms. $1.000. Due April I, as follows:
Due to be returned to the County from the State for bonds issued and
31.000, 1931 and 1932: 32.000, 1933; 53.000. 1934 to 1936, incl.; 54,000, funds advanced to the State for highway purposes by the county $856.63.3.40
1937; 35,000. 1938; 36.000 1939: 57,000, 1940 and 1941: $8,000. 1942 to with interest until paid in ful . This leaves a net county indebtedness of
1944. incl.; $10.000. 1945: $11.000, 1946: 512,000. 1947; and 513.000. 1948 only $773.366.60.
and 1949. Principal and Interest payable in gold at the East Rockaway
There is a small current indebtedness, but this will be paid in full by taxes
National Bank, East Rockaway. A certified check payable to the order of which are now being paid rapidly. 1928 taxes payable Oct. 1 1928. to March
George W. Smith, District Treasurer, for $3.500 is required.
I 1929. Delinquent after that date, and penalty attaches. All taxable
Property of the County, including City of Knoxville. is subject to tax levy
HIDALGO COUNTY WATER CONTROL AND IMPROVEMENT for interest and sinking fund to retire these notes.
DISTRICT NO. 7 (P. 0. Edinburg), Tex.
-BONDS VOTED.
-At a
Knox County orginally organised 1792. Population of Knox County,
special election held on Feb. 19 the voters authorized the issuance of $2.- 1910 census 94.187: 1920 census 112.926: estimated for 1929. 165,000;
750,000 in bonds for canal improvements by a majority of more than 3 to 1. estimated population of Knoxville. 1929. 139.800. 1.3% foreign born.
Negro population 14.4%. Tax rate for said county for 1928 is $1.16 per
HILLSDALE, Hillsdale County, Mich.
-BONDS DEFEATED.
-At
County 612 square miles. Area of Knoxville 26.4
the election held on Feb. 19-V128, p. 1095
-the proposal to issue $475,000 $100.00. Area of Knox
square miles.
bonds for school construction and equipment purposes, was defeated by a
large majority vote, according to the February 20 issue of the Battle Creek
-J. H. Holmes & Co.
-BOND SALE.
KOPPEL, Beaver County, Pa.
"Evening News" Of the total vote polled 503 were in the affirmative and
of Pittsburgh, were awarded on Feb. 26, an issue of 335,000 4H % Series B
824 in the negative.
coupon 13ourough bonds at a premium of $677, equal to 101.93, a basis
HIRAM, PORTAGE COUNTY, OHIO.
-BOND SALE.
-The First of about 4.355'. Denoms. $1,000. Due $5,000, Mar. 11938, 1942, 1945.
National Bank of Garrettsville, was awarded on Feb. 21. $27.953.54 1948, 1951, 1953 and 1955.
special assessment and Village's portion, street and water works improveLANGLADE COUNTY (P. 0. Antigo) Wis.-BOND DESCRIPTION.
ment bonds, at par. Bonds bear interest at the rate of 5% payable semiannually on April and Oct. 1. Due on April and Oct. 1,from 1930 to 1939, -The $96,000 issue of highway bonds that was purchased by Hill. Joiner
-is more fully described as follows:
& Co. of Chicago-V. 128. p. 1095
incl.
% coupon bonds, registerable as to principal. Denom. $1,000. Dated
HOLLYWOOD, Broward County, Fla.
-BOND OFFERING.-Se=1 May 1 1927. Due from May 1 1929 to 1941, incl. Int, payable on May
bids will be received until 10 a. m. on March 11, by F. T. Blackwell, City and Nov. 1.
Manager, for the purchase of a $95.000 issue of 6% refunding bonds.
Denom. $1.000. Dated Dec. 31 1928. Due on March 1 as follows:
-BOND ELECTION.
-A special
LANSING, Ingham County, Mich.
315,000, 1933 and $20,000, 1934 to 1937. Prin. and int. (M. & S.) pay- election will be held on Apr. 1, to permit the electors to pass on a proposal
able in gold at the National Bank of Commerce in New York City. Cald- to issue $400,000 bonds for sewer construction purposes. The bonds_if
well & Raymond of Now York City will furnish the legal approval. A issued will bear a coupon rate not exceeding 4)4%.
$1,000 certified check, payable to the City Treasurer, must accompany
the bid.
LARAMIE COUNTY SCHOOL DISTRICT NO.7(P.O. Pine Bluffs)
-The 590.000 issue of 5%
HOLT COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Page), Neb.- Wyo.-ADDITIONAL OFFERING DETAILS.
sale on Mar. 16-V. 128. p. 1265
ADDITIONAL DETAILS.
-The $20,000 issue of school bonds that was school building bonds to be offered fordue as follows: /3,000, 1935 to 1939:
by A. E. Carlstrum, District Clerk, is
reported as having been recently sold-V. 128, p. 1265
-bears interest at
1944:$5,000, 1945 to 1949 and $6,000, 1950 to 1954,all incl.
% and was awarded at par to Washob, Bender & Co. of Omaha. Due $4.000, 1940 to
In 20 years.
-BOND SALE.
LAUDERDALE COUNTY (P. 0. Ripley), Tenn.
HURON, Erie County, Ohio.
-BOND OFFERING.
-C. G. Sped 7 The 5250.000 issue of semi-annual road improvement bonds offered for sale
5
Village Clerk, will receive sealed bids until 12 M.March 27. for the purchase on Feb. 21-V. 128, p. 1265
-was awarded to I. B. Tigrett & Co. of Memof $21.379.35 5H % special assmsment street improvement bonds.
Due phis, as 4,34s. for a premium of 32,250. equal to 100.90. a basis of about
September 1, as follows: $1,379.35. 1930; $2,000. 1931
_4
4.42%. Due serially in from 1 to 30 years from date of issuance.
/3.000. 1938 and 1939. A certified check payable toto 1937. Mel: and
the order of the
Village Treasurer, for 1% of the bonds offered is
-BOND SALB.LEAVENWORTH, Leavenworth County, Kan.
required.
.- - The $23,441.91 issue of 4%% improvement bonds offered for sale on Feb.
INDIANOLA. Warren County,Iowa.
-was awarded at par to the Wulfekuhler State Bank of
-BOND SALE.
-A $20.000issa 19-V. 128, p. 1265
city hall bonds has been purchased by the Ballard-Hassett Co.
of 4% %
of Leavenworth. Dated Feb. 11929. Due in from 1 to 10 years.
Des Moines.
-The Farmers Bank, Dover, has purLEIPSIC, Del.-EOND SALE.
JACKSON, Hinds County, Miss.
-BOND ELECTION.
election will be held on Mar. 9, for the purpose of voting upon -A sPecial chased an issue of $3,307.78 5% school bonds at a price of par. Dated
the issuance Nov. 11928. Fifteen bonds in dencms. of 3200. and one bond for $307.78.
of $675,000 in bonds to be (sued as follows:
$175.000 for water works extension and improvement; $50,000 for street Due Nov. 1 as follows: $307.78, 1929; and 3200,from 1930 to 1944 incl. 'I
extension and improvements; $50,000 for the erecting and-or equipping
-LOAN OFFERING.-"
LEOMINSTER, Worcester County, Mass.
fire alarm system; 350.000 for the extension and-or improvement of sanitary Sealed bids will be received by the City Treasurer, until 11 a. In. Mar. 5.
and storm sewers: $350.000 for the erection, repairing and-or remodeling for N evpu1 1929 of a $100,000 temporary loan, dated Mar. 5 1929 and due
on tho . rch ase
.
of schools and public buildings, as provided by a resolution adopted Feb. 6
1929. declaring the intention of the Council of the City of Jackson, Miss.,
to issue the above mentioned bonds in a maximum amount as above stated,
-11. E.
-BOND OFFERING.
LEWISTOWN, Mifflin County, Pa.
and authorizing an election upon the issuing of said bonds.
Fetterolf, Borough Secretary will receive sealed bids until 5 p. m. Mar. 4,
The bonds are to be dated Apr. 1 1929. Int. rate is not to exceed 6%. for the pu-chase of $28 000 434% street improvement bonds. Dated Jan.
Due serially in from 1 to 25 years. Prin. and semi-annual int, shall be 1 1929. Denom. $1.000. Due Jan. 1, as follows: $1.000, 1933, 1935 and
payable at the National l'ark Bank in New York City.
1937; 82.000. 1939: $1,000. 1941:82.000. 1943, 1945. 1947 and 1949' $3,000.
1951, 1953, 1955 and 1957; and 32,000, 1959. A certified check for 1% of
JAMESTOWN, Chautauqua County, N. Y.
-BOND SALE.
-George the bonds bid for is required.
- ----B. Gibbons & Co. of New York. were awarded on Feb. 21, three issues of
certificates and bonds aggregating $151,192.27, at a price of 100.09.
-MATURITY.
LISBON, Linn County, Iowa.
-The- two issues of
Obligations bear interest at the rate of 4.70%. payable semi-annually.
% semi-annual bonds aggregating $9,000, awarded at par on Feb. 14
to Geo. M. Bechtel & Co. of Davenport.
-V. 128, P. 1265
-are due as
JOHNSON COUNTY (P. 0. Franklin), Ind.
-BOND OFFERING
follows:
William M. Burgett, County Treasurer, will receive sealed bids until 10 a. in
$5,000 grading bonds. Due $500 from Nov. 1 1932'to 1941 incl.
Mar. 8, for the purchase of the following issues of 4H % bonds aggregating
4,000 improvement bonds. Due on Nov. 1 as follows: $1.000. 1944:
$16,900:
3500. 1945; $1,000, 1946: $500 in 1947 and /1,000 in 1948.
1438
FINANCIAL CHRONICLE
LOCKHART, Caldwell County, Tex.
-BOND OFFERING.
-Sealed
bids will be received until Mar.5, by W.Schofield, Mayor,for the purchase
of an issue of $100,000 street improvement bonds.
LOCKNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Lockney)
Floyd County, Tex.
-BOND BALD-An issue of $115,000 high school
bonds has recently been purchased subject to a pending election.
LOS ANGELES, Los Angeles County, Calif.
-BONDS NOT SOLD.
The $1.000.000 issue of not to exceed 43 % Santa Clara Valley Damage.
series No. 2 bonds offered on Feb. 26-V. 128. p 1265
-was not sold as
all the bids were rejected. Dated Oct. 11928. Due from Oct. 1 1929 to
1948 incl. At the same time six issues of bonds aggregating $6,400,000
were unsuccessfully offered as all the bids were rejected. It is reported that
the above Santa Clara Valley bonds will be re-advertised for sale in the near
future, the sale of the other issues has been postponed indefintely.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BOND SALE.
-The two issues of 7% bonds, aggregating $21,497.06, offered for sale on
Feb. 18-V. 128, p. 923
-were awarded as follows:
$18,737.35 Acquisition and Improvement District No. 207 bonds to G. W.
Bond & Son of Santa Ana for a premium of $387.50, equal to
102.06. a basis of about 6.67%. Denom. $1,000, $500 and one
for $237.35. Due on Jan. 28 as follows: $1,500, 1931 and1932;
$1.000 1933: $1,500, 1934 to 1942, and $1,237.35 in 1943.
2,759.71 Acquisition and Improvement District No. 92 bonds to Wm.
Raymond of Los Angelesfor a premium of $31, equal to 101.12,
a basis of about 6.78%. Denom. $100, one for $59.71. Due
on Jan. 28 as follows: $200, 1931: $300, 1932 to 1934: $200,
1935: $300, 1936 to 1938; $200. 1939, and $359.71 in 1940.
Dated Jan. 28 1929. Prin. and semi-annual int, payable at the County
Treasury,
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICT NO, 149 (P. 0. Los Angeles), Claif.-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Mar. 4, by L. E. Lampton,
County Clerk, for the purchase of an issue of $120,298.66 improvement
bonds. Int, rate is not to exceed 7%. Denom. $1,000, one for $298.66.
Dated Feb. 18 1929 and due on Feb. 18, as follows: $6,000, 1934 to 1952
and $6.298.66 in 1953. Prin. and semi-annual int. payable in gold coin
at the County Treasury. Bids are not to be for less than par. A car
titled check for 5% of the bonds, payable to the order of the Chairman of the
Board of Suporviors, is reauired.
The following are the official lists of the bidders and their bids:
District No. 10 Bonds.
District No. 163 Bonds.
Bank of San Pedro
$60.59 Andrew Stewart & Co
$35.00
Wm.Raymond•
,
141.00 G. W. Bond & Son
27.50
Miller-Vosburg Co
19.001Redfield, Van Evera Co.*---- 55.00
38.00
1Miller-Vosburg Co
*Successful bid.
[Vol.,. 128.
The following is a list of the other bidders and their bids:
Names of Other BiddersPrice Bid.
Whlte-PhiMpa Co
$120 allowance for legal expense
Geo. H. Bechtel Co
4%% & $118 for printing and opinion
Carlton D. Beh
43 % & $1.50 for pr't'g & opinion
Fidelity Savings Bank, Marshalltown, Ia
Par and accrued interest
MARSHALL COUNTY(P.O.Marshalltown),Iowa.
-BOND SALE.
The $12,000 issue of 4 % county poor fund bonds offered for sale on
Feb. 19-V. 128, p. 10
wasawarded to the Security Savings Bank of
Marshalltown,for a $20 premium,equal to 100.166, a basis of about 4.45%.
Dated Feb. 1 1929. Due $2,000from Feb. 1 1930 to 1935,incl.
MASON, Warren County, Ohio.
-BOND OFFERING.
-Nona Bogan,
Village Clerk, will receive sealed bids until 12 M.March 8,for the purchase
of 12.5006% fire equipment bonds. Dated March 11929. Denoms. $500.
Due $500. September 1,from 1930 to 1934,incl. A certified check payable
to the order of the Village Treasurer,for 5% of the bonds offered is required.
MISSISSIPPI, State of (P.0. Jackson)
-NOTE OFFERING-Sealed
bids will be received until noon on March 8, by Webb Walley, State Treasurer, for the purchase of a $3,500,000 issue of notes. Int. rate is not to
exceed 6%. Denom. $5,000. unless otherwise agreed upon at the date of
the sale. Dated Mar. 1 1929. Due on Mar. 1 1930. Prin. and hit, is
payable at the office of the State Treasurer or at the National City Bank in
New York City, or some other Bank in New York, designed by the State
Bond Commission. Thomson, Wood & Hoffman of New York, or some
other recognized bond attorneys will be furnished to the purchaser. Private
sale or public outcry may be resorted to for sale. A certified check for 1-20
of the value of the notes bid for, is required.
MOBILE, Mobile County, Ala.
-BOND SALE.
-The $500,000 issue
of 5% public improvement series Ii bonds offered for sale on Feb. 2
-V. 128. p. 1096
-was awarded at par to Eldredge & Co. of New York.
Dated Feb. 1 1929. Due $50.000 from Feb. 1 1930 to 1939, incl. The
only other bid was an offer of 95 by Marx & Co. of Birmingham.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-BOND OFFERING.
-C. Asa Francis, County Treasurer, will receive sealed bids until
11 a. m. March 6, for the purchase of $564,000 4;4% coupon or registered
road bonds. Dated March 15 1929. Denoms. $1,000. Due March 15.
as following: $24.000 1931; and $30,000, 1932 to 1949, incl. Principal
and Interest payable at the office of the County Treasurer. No more bonds
to be awarded than will produce a premium of 31.000 over 3564.000. A
certified check payable to the order of the County Treasurer, for 2% of the
bonds for is required. Legality to be approved by Caldwell & Raymond
of New York,
MONTGOMERY COUNTY (P. 0. Clarksville), Tenn.
-BOND
-Sealed bids will be received by John T. Cunningham, County
LOUISIANA, Pike County, Mo.-ADDITIONAL DETAILS.
-The OFFERING.
$40.000 issue of judgment fundffig bonds that was purchased by Kauffman, Judge, until Mar. 11, for the purchase of a 3200.000 issue of 4%% semiSmith & Co. of St. Louis
-bears interest at 01% and is annual refunding bonds. Dated Feb. 1 1929. Due in 20 years.
-V. 128, p. 435
due in 20 years.
MORRISTOWN, Hamblen County, Tenn.
-PRICE PAID.
-The
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND SALE.
-The 1150.000 issue of 5%% improvement bonds that was jointly purchased
$10.000,000 issue of road bonds offered for sale on Feb. 26-V. 128, p. 435 by Caldwell & Co. of Nashville and Little, Wooten & Co. of Jackson-V.
-was awarded to them at par, plus the cast of the bonds and
-was awarded to a syndicate composed of Harris, Forbes & Co. and the 128, p. 1266
National City Co., both of New York, the Illinois Merchants Trust Co. of the legal approval. Due on Feb. 1 1959.
Chicago, L. F. Rothschild & Co., R. W. Pressprich dr Co. and Eldred &
-A
-BOND SALE.
MOREHEAD CITY, Carteret County, N. C.
Co.. all of New York. C. W. McNear & Co. of Chicago, Stranahan, Harris
& Oatis, Inc.. of Toledo, the Hibernia Securities Co. of New Yrok and $97,000 issue of 534% funding bonds has been purchased by an unknown
several New Orleans banks, as 59' bonds, at a price of 101.099, a basis of investor.
about 4.86%. Dated Mar. 1 1928. Due in from 1 to 20 years.
MORGAN COUNTY SCHOOL DISTRICT NO.2(P.O. Fort Morgan)
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now Colo.
-BOND SALE.
-An issue of $150,000 4% school bonds has been
being offered for public subscription by the successful bidders, priced to purchased
at par by Bosworth, Chanute, Loughridge & Co. of Denver.
yield from 4.85 to 4.609'. according to maturities. The following state- Due as
follows: 12,000.
ment accompanies the offering notice: "Over one-half of this issue will be 1968. Prin. and int. 1949 to 1958; 17.000. 1959 to 1967, and $74,000 in
is payable at the Couty Treasurer's office or in New
used to pay for new roads and the balance to pay for roads already constructed. The bonds are tax exempt in Louisiana, exempt from all Federal York City. (This report corrects that appearing in V. 128, p. 1266.
income taxes and are legal investment for savings banks and trust funds in
MOUNT PLEASANT SCHOOL DISTRICT, Westmoreland County,
New York, Massachusetts and other States."
Pa.
-BOND SALE.
-The $150.000 school bonds offered on February 26V. 128, p. 1096
-were awarded as 43s to the Mellon National Bank of
LOWER TOWNSHIP SCHOOL DISTRICT (P.O.Cape May), N. J.
- Pottsburgh, at par plus a premium of $1,528 equal to 101.01 a basis of
BOND SALE.
-The New Jersey Teachers' Pension and Annuity Fund, about
Dated February 1, 1929.
51,000, 1934
has purchased an issue of $60,000 registered school bonds, bearing a coupon and 1935; $2,000, 1936 and 1937; 13,000, Due as follows: $4,000, 1940
4.17%.
1938 and 1939;
rate of 4%%, at a price of par. Dated Dec. 31 1928. Denoms. $1,000. and 1941; 35,000. 1942 and 1943:86.000. 1944 and 1945: 37,000, and 1946
Due $2,000. from 1929 to 1958 incl. Int. payable on June and Dec. 1.
and 1947; $8,000, 1948 and 1949; $9,000, 1950 and 1951: $10,000, 1952
and 1953; $11,000, 1954 and 1955; and $9,000, 1956 and 1957.
LUBBOCK, Lubbock County, Tex.
-MA TURITY-BASIS.-Tbe
$200,000 5% coupon sewer, water extension and paving bonds that were
MULBERRY SCHOOL DISTRICT (P. 0. Mulberry), Crawford
awarded to Stranahan, Harris St Oatis,Inc., of Toledo, at a price of 101.26-- County, Ark.
-BOND SALE.
-The 325,000 issue of 6% school bonds
V. 128, p. 766
-is due on Feb. 1, as follows: $1,000. 1930: $2,000, 1931; offered for sale on Feb. 23-V. 128, p. 923
-was awarded to the Merchants
$1,000. 1932;$2,000. 1933;$4.000, 1934:$5,000. 1935;$4,000, 1936;$5.000, and Planters Title Investment Co. of Pine Bluff, at a price of 105.26. a
1937; $4,000, 1938: $5,000, 1939; $4,000, 1940: $5,000, 1941: $4,000, 1942; basis of about 5.57%. Duo in 20 years.
$6,000. 1943;$5.000, 1944;$6,000, 1945;$5,000, 1946:$6,000, 1947:$5,000,
-BOND
1948; $6,000, 1949; $5.000, 1950: $6,000, 1951: 35.000, 1952; $6,000. 1953;
MUNCIE SCHOOL DISTRICT, Delaware County, Ind.
$5,000, 1954; $6.000, 1955; $5,000, 1956; $6,000, 1957; $5,000. 1958 and OFFERING.
-Sealed bids will be received by the Clerk Board of Trustees,
until 2 p. m. Mar.5,for the purchase of$160,000 4g school bonds. Dated
36,000, 1959 to 1969,incl., giving a basis of about 4.90% •
Mar. 1 1929. Denoms. 11.000. Due Mar.1, as follows: 120.000, 1930
LUFKIN, Angelina County, Tex.
-The $100,000 to 1933 hid.; and 380.000, 1934. Prin. and int. payable at the Mercantile
-BOND SALE.
issue of semi-annual street bonds offered for sale on Feb. 19-V. 128, p. regt ed.Bank, Muncie. A certified check for 2%% of the bonds bid for is
Na u al
r
766
-was purchased by the Brown-Crummier Co. of Wichita for a $5,000
premium, equal to 105.
-The $14,900
-BONDS NOT SOLD.
MUSKEGON HEIGHTS, Mich.
LYON COUNTY (P. 0. Eddyville), Ky.-BOND SALE.
-A $50.000 improvement bonds offered on Feb. 18-V. 128. p. 1096-were not sold
Issue of road bonds has been purchased by Seasongood & Mayer of Cin- according to Mabel C. Peterson, City Clerk. Bonds are to bear interest
cinnati.
at a rate not exceeding 5%, and to mature in 10 years.
MADISON COUNTY (P. 0. Canton), Miss.
-BOND OFFERING.
NASHUA, Hillsboro County, N. H.-TEMPORARYLOAN.-Faxon.
Sealed bids will be received until noon on Mar. 5. by R. E. Spivey, Jr. Gade
& Co.. Inc. of Boston, were awarded on February 27,
Attorneys for the purchase of an issue of $100,000 4 % general county temporary loan on a discount basis of 5.29%. The loan is dateda $50,000
March 1,
road bonds. Dated Mar. 1 1928. Due from Mar. 1 1929 to 1953 incl. 19B
2idanr is payable on December 6 1929. Other bidders were:
9 de d
The following statement is furnished in connection with the offering:
Discount Basis.
"These bonds are a part of an issue of $600,000, dated Mar. 1 1928, of
5.43%
which $300,000 have been sold (Caldwell dr Co. and Canton Exchange Old Colony Corp
Bank), and $200,000 yet remain to be sold. Amount of General County First National Bank, Boston
Bonds no outstanding, not including this issue of 100,000, but including
PARISH ROAD DISTRICT NO. A7 (P. 01 NatNATCHITOCHES
5 474%
the $300,000 previously sold, $630,000. Sinking Fund, now on hand, with chitoches), La.
-The $25,000 issue of road bonds offered
-BOND SALE.
which to pay said bonds and interest. 360.584. Tax levy already made with on Aug.
-has since been purchased by an unknown in6-V. 127, p. 579
which to pay said bonds and interest. Assessed valuation of county. 1928. vestor. Dated
Aug. 1 1928. Due from Aug. 1 1929 to 1948, incl.
approximately $11.750.000. Population, 1920 census, 29,500. Population
1929. estimated, 33,000."
NORMAN SCHOOL DISTRICT (P.O. Norman), Bear Lake County,
Ida.
-BOND SALE.
-A $7,000 issue of school gymnasium bonds has
MAPLE HEIGHTS, Cuyahoga County, 0.
-BOND SALE.
-The
113.100 536% sidewalk improvement bonds offered on Jan. 23-V. 127, p. been purchased at par by the State of Idaho.
3741-were awarded to Blanchet, Bowman & Wood of Toledo,at a premium
NORTH LITTLE ROCK SCHOOL DISTRICT (P. 0. North Little
of $87.00, equal to 100.66. Dated Jan. 15 1929. Due Oct. 1, as follows: Rock)
--BOND OFFERING.
Pulaski County, Ark.
-Sealed bids will be
31.100, 1930; 31,000, 1931 and 1932: $2,000. 1933; $1,000, 1934 and 1035; received until
Mar. 21. by the Secretary of the Board of Education, for the
32.000, 1936;$1,000. 1937 and 1938, and 32,000, 1939.
Purchase of an issue of $125.000 school bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO. 17(P.O. Phoenix),
-BONDS OFFERND.-Sealed
NORTHPORT, Suffolk County, N. Y.
Ariz.
-BOND SALE.
-The $15,000 issue of school bonds offered for sale bids
were received by the Village Clerk until 8 p. m. Feb. 28 for the Puron Feb. 25-V. 128, p.766
-was
to the Anglo-London-Paris Co. of
San Francisco, as 5s, at a price of 100.046,a basis of about 4.97%. Dated chase of 3100.000 coupon or registered sewer bonds, rate of interest not to
exceed 5%. Dated April 11929. Denom. $1,000. Due $10,000, April 1.
Feb. 1 1929. Due in 20 years.
from 1933 to 1942, incl. Int. payable semi-annually.
MARIN MUNICIPAL WATER DISTRICT (P. 0. San Rafael)
Mann County, Calif.
NUTLEY SCHOOL DISTRICT, Essex County, N. J.
-BOND SALE.
-BOND SALE.
-The $350,000 issue of 5% coupon
or registered water bonds offered for sale on Feb. 19-V. 128 P. 109
-The State Sinking Fund Commission. was awarded on Feb. 1 $320,000
was jointly awarded to R. H. Moulton & Co. of San Francisco and the 4%% registered school building construcoon bonds, at a price of par.
Harris Trust & Savings Bank of Chicago, for a premium of $8,011, equal Dated Aug. 1 1928. Denoms. $1.000. Due as follows: 323,000. 1930 to
to 102.288, a basis of about 4.860 . Dated Jan. 1 1929. Due $200,000 1941, incl.: and $22,000, 1942 and 1943. Int. payable on Fob. and Aug. 1.
%
on Jan. 1 1962 and $150,000 on Jan. 1 1963. Prin. and hit. (S• & J • I)
OGDEN SCHOOL DISTRICT (P. 0. Ogden), Boone County, Iowa.
payable in gold at the American Trust Co. in San Rafael or at the U. S.
POND SALE.
Mortgage dr Trust Co. in New York City.
-A 32,000 issue of school playground bonds has been
purchased by local investors.
MARION COUNTY (P.O. Ocala), Fla.
-The 3500.000
-BOND SALE.
issue of coupon highway bonds offered for sale on Feb. 25-V. 128 ,P. 766
OGLESBY,La Salle County III.-ADDITIONAL INFORMATION.
was awarded to the Title Guarantee & Trust Co. of Cincinnati, as 6s, - connection with the award in--V. 128, p.767
In
-of$10.000sewer bonds
at a price of 96.50, a basis of about 6.35%. Dated Feb. 1 1929 and due bearing a coupon rate of 5%, to local investors, the City Clerk, states that
on Feb. 1, as follows: 333,000, 1938 to 1951 and $38,000 in 1952.
the bonds are coupon in denominations of $500 and $100, and mature
$1,000 annually. Price paid was par.
MARSHALL, Calhoun County, Mich.
-BONDS VOTED.-At the
election held on Feb. 19-V. 128, p. 1096
-the proposal to issue $300,000
OLD FORGE, Herkimer County, N. Y.
-BOND
$10,000
bonds to finance the construction of a new Junior-Senior High School 5% coupon or registered water bonds offered on Feb. SALF..-Thep. 923
13-V. 128,
building, was approved by a majority vote of approximately 2 to I. The were awarded to Sherwood & Merrifield, Inc. of 1.1 ew York, at 100.66, a
bonds when issued will bear a coupon rate not exceeding 4%% and are to basis of about 4.75%. Dated Jan. 11929. Due 31,000, Jan. 1, from 1930
mature over a period of 30 years.
to 1939 inclusive.
M.
21929.1
FINANCIAL CHRONICLE
1439
ORANGE CITY-LAKE HELEN SPECIAL ROAD AND BRIDGE $50.000 6% ad valorem bonds to Dr. Chas. F. Boagni, of Opelousas, for a
premium of $1,357, equal to 102.714, a basis of about 5.75%.
-BOND SALE.
DISTRICT (P. 0. DeLand), Volusia County, Fla.
Due from 1930 to 1969.
The $97,000 issue of 69' coupon road and bridge bonds unsuccessfully
offered on Nov. 8-V. 127, p. 2857
-was recently purchased at par by the
45.000 6% acreage tax bonds to J. Franklin Schell, of Washington, for a
premium of $110. equal to 100.244, a basis of about 5.98%. Due
Brown-Crummer Co. of Wichita. Dated July 2 1928. Due from July
from 1930 to 1969.
2 1934 to 1950, incl.
PRINCETON SCHOOL DISTRICT (P. 0. Colusa), Colusa County,
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING.
-J. L. Calif.
-The $25,000 issue of 59' semi-annual school bonds
-BOND SALE.
Wells, County Treasurer, will receive sealed bids until 2 p. m. Mar. 4, for offered unsuccessfully on June 12-V. 126. p. 3967
the purchase of $6,000 road bonds, consisting of a $4,000 and a $2.000 to the California National Co. of Sacramento, at-was awarded on July 2
a price of 103.
Issue. Bonds are to beer interest at the rate of4Y4% payable semi-annually.
PULASKI COUNTY (P. 0. Winamac), Ind.
-NO BIDS.
-Ralph B.
OTERO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. LaJunta), Wilson, County Auditor, reports that no bids were submitted on Feb 14,
-BOND SALE.
-A $40,000 issue of 43.1% refunding school bonds for the purchase of $2.676.46 6% August Dunker et al White Post
Colo.
has been purchased by Sidlo. Simons, Day & Co. of Denver, at a price Cass Twps. ditch repair bonds, scheduled to have been sold-V. 128 P.
-Issue is dated Jan. 15 1929 and matures on May 15, as follows:
of 99.27. a basis of about 4.32%. Due in 20 years and optional in 10 years 596
$276.46, 1930; and $300. 1931 to 1938. incl.
OXNARD SCHOOL DISTRICT (P. O. Ventura) Ventura County,
-BONDS REGISTERED.
RANGER, Eastland County Tex.
-G. N.
Calif.
-BOND SALE.
-The $76,000issue of 5% school bonds offered for Holton, State Comptroller, registered on Feb. 20, an issue of $150,000
-was awarded to theCalifornia Securities
sale on Feb. 19-V. 128, p. 923
refunding, series 1929 bonds.
of Los Angeles for a premium of 32,348, equal to 103,089. a basis of 534%
Co.
-TEMPORARY LOAN.
REVERE, Suffolk County, Mass.
-The
about 4.63%. Dated Mar. 1 1929. Due from Mar. 1 1930 to 1949. incl.
The following other bids were entered: Weeden & Co..$2,028; William Atlantic-Merrill Oldham Corp. of Boston, was awarded on Feb. 26, a
5 .ov
9 :a
R. Staats & Co.. $1,852: R. E. Campbell & Co., $1,625:Seaboard National 8300.000 temporary loan, dated Mar. 1 1929 and due on Nov. 15 192.75
as
Bank, $1,505.57; Dean Witter & Co.. $1,389; Anglo London Paris Co., discount basis of 5.49%. The following bids were also submitted:
Discount Basis.
Bidder$1,239; American Investment Company, $1,010.87.
5.625%
Bank of Commerce & Trust Co..Boston
PELHAM UNION FREE SCHOOL DISTRICT NO.1 (P. O.Pelham) R.E.Holden
Westchester County, N. Y.
-BOND OFFERING.
-William B. Shaw, First National Bank,Boston
5..86 %
85
7
%
District Clerk, will receive sealed bids until 8 p. m.Mar.21,for the purchase Old Colony Corp
of $575.000 issue "Q", coupon or registered school bonds
-rate of interest
-BOND SALE.
-The William R.
RIVER GROVE, Cook County, 111.
not to exceed 5% and to be stated in a multiple of Yei or 1-10th of 19'. Dated Compton Co. of Chicago. is reported to have purchased an issue of $25.000
Apr. 1 1929. Denoms. $1.000. Due Apr. 1, as follows: $10.000,1944 to Village Hall bonds, bearing interest at the rate of 5%, at a price of par.
1947 incl.: $20.000. 1948 to 1950 incl.: 830.000, 1951 to 1965 incl.; and $25.- Bonds are due in 1946. Interest payable semi-annually.
000. 1966. Prin. and int. payable in gold at the Pelham National Bank,
-BOND SALE.
-The Wyandotte Savings Bank
RIVERVIEW, Mich.
Pelham or at the Bank of America National Association. New York. A
certified check payable to the order of Alfred L. Gamber, District Treasures, of that city purchased during August of last year, an issue of 816.650 5%
for 2% of the bonds bid for is required. Legality to be approved by Clay. coupon improvement bonds, at par. Bonds are dated July 15 1928 and
mature serially from 1929 to 1932 incl. Int. payable on January and July 15
Dillon & Vandewater of New York City.
Bonds are coupon in form.
PENSACOLA, Escambia County, Fla.
-BONDS NOT SOLD.
-NOTE OFFERING.
-0. B.
-The
ROCHESTER, Monroe County, N. Y.
$151,000 issue of 5% funding bonds offered on Feb. 25-V. 128. p. 1096
- Higgins, City Comptroller, will receive sealed bids until 230 p.m., Mar.4.
was not sold as all the bids were rejected. The bonds will be re-offered for for the purchase of $1.450,000 notes consisting of
sale on Mar. 18. No bids for less than par will be accepted.
$700,000 Overdue Tax Notes, 1928. Due Jan. 7 1929.
BONDS RE
-OFFERED.
-Sealed bids will again be received by J. H. 290,000 1928, general revenue notes. Due Nov. 7 1929.
160.000 1928. school revenue notes. Due Nov. 7 1929.
Bayliss, Commissioner of Revenue and Finance, until Mar. 18. for the
75,000 Municipal Land purchase notes. Due Nov.7 1929.
purchase of the above issue of bonds. Denom. $1,000. Dated Dec. 1 1928.
60,000 school construction notes. Due Nov. 7 1929.
Prin. and semi-annual int. payable in gold at the United States Mortgage
50.000 1927, overdue tax notes. Due June 7 1929.
& Trust Co. in New York City. Thomson, Wood & Hoffman of New
40,000 Elmwood Ave. suway notes. Due Nov. 7 1929.
York City will furnish the legal approval. The city will furnish the required
40,000 Winton Road subway notes. Due Nov.7 1929.
bidding forms. A certified check for 2% par of the bonds bid for is required.
25,000 Transit Subway notes. Due Nov. 7 1929.
10,000 Municipal Bldg. construction notes. Due Nov. 7 1929.
PLEASANT TOWNSHIP,Wabash County,Ind.
-BOND OFFERING.
Notes are dated Mar.7 1929 and are payable at the Central Union Trust
-Levi Hill, Trustee. will receive sealed bids until 10 a. m., Mar. 20, for
Bidders to designate
the purchase of $75,000 434 7 school building bonds. Dated Feb. 11929. Co., New York. notes shall be payable. denoms. desired and state to
o
Whom (not bearer)
Denoms. $500. Due as follows: $2,500, July 1 1930; $2.500, Jan. and
July 1 193 to 1944 incl.; and $2,500, Jan. 1 1945. A certified check for
-BOND SALE POSTPONED.
ROCK HILL, York County, S. C.
-The
$1,000 is required.
sale of the $300,000 issue of water bonds scheduled for March 1-V. 125,P.
-has been postponed indefinitely.
924
POCOMOKE CITY, Worcester County, Md.-BONDS OFFERED.
ROCKPORT,Atchison County, Mo.-BOND SALE.
-A $30,000 Issue
Sealed bids were received until 3 p. m. Mar. 1, for the purchase of $50,000
bonds to bear interest at the rate of 5%, payable semi-annually on Jan. of water works bonds has been purchased by the Prescott, Wright, Snider
and July 1. Bonds dated Jan. 1 1929 in denominations $1.000. Due $2,000, Co. of Kansas City.
Jan. 1 1933 to 1957. incl. Bonds are reported to be exempt from taxation
-BOND OFFERING.
ROGERS, Benton County, Ark.
-Sealed bids
for State, county, municipal and other local purposes in Maryland.
will be received until 2 p. m. on March 15 by J. H. Rood, Mayor, for the
purchase of two issues of 6% semi-annual bonds, aggregating $45,500, as
POMPEY CONSOLIDATED SCHOOL DISTRICT NO. 6 (P. 0. follows:
Fayetteville), Onondaga County, N. Y.
-BOND SALE.
-The $5,000 $40,000 city ball, fire station and police headquarters site bonds.
school bonds offered on Feb. 15-V. 128, p. 1096-were awarded as Os to
.5,500 park purchase and equipment bonds.
the only bidder the Fayetteville Commercial Bank,at a price of par. Bonds
Dated Nov. 15 1928. Due $1,000 in 1932: $1,500, 1933 to 1937; $2,000.
are dated April 1 1929 and mature $500. April 1, from 1930 to 1939. incl. 1938 to 1942: $2,500, 1943 to 1945; 83.000. 1946 to 1948 and 83.500, 1949
to 1951. all incl. Bonds are convertible to a lower rate of interest. A
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
- certified check for 5% of the amount bid is required.
The $300,000 temporary loan offered on Feb. 25-V. 128, Tr. 1266
-was
-Sealed bids will be received
ST. LOUIS, Mo.-BOND OFFERING.
awarded to the Casco Mercantile Trust Co., Portland, on a discount basis
Comptroller, until
of 5.36%. Loan Is dated Mar. 1 1929 and to be payable on Oct. 7 1929 by Felix E. Gunn Deputy City registered bonds Apr. 15 for the purchase
aggxdgating $6,000,000.
of three issues Of coupon or
at the First National Bank of Boston. Other bidders were:
divided as follows:
BidderDiscount Basis. $2,000.000 airport bonds. Due $100,000 from May 1 1930 to 1949 incl.
Shawmut Corp. of Boston
. 7
2.000,000 public buildings and improvement bonds. Due from May 1
Salomon Bros. & Hutzler (Plus $5.00)
5.
49
1934 to 1949 incl. (These bonds are part of an authorized
S. N.Bond & Co.(Plus $4.00)
5.49 o
Issue of $75,372,500.)
Fidelity Trust Co., Portland
5.61%
2,000.000 water works revenue bonds. Due from May 1 1934 to 1949
incl. (These bonds are part of an authorized issue of $12,PORTLAND, Jay County, Ind.
-BOND SALE.
-.1. F. Wild Invest000.000.)
ment Co. of Indianapolis, was awarded on Feb. 28. for the Purchase of
Denom. $1,000. May 1 1929. The Int. rate is not as yet determined.
835.000 4;4% Light and Power Plant bonds, at a premium of $18.00, equal Prin. and int. is payable In gold at the National Bank of Commerce in
to 100.051. a basis of about 4.48%. Dated Feb. 151929. Denoms. $500. New York City. Benj. H. Charles of St. Louis will furnish the legal
Due as follows: $3,500, Dec. 30 1929; $3.500, June and Dec. 30 1930 to approval. The city will furnish the required bidding forms. A certified
1933 incl.: and $3,500. June 30 1934.
cheek for 1% par of the bid is required.
PORTLAND, Multnomah County, Ore.
-LIST OF BIDDERS.::Mie
following Is an official tablulation of the bids received on Feb. 11 for the
$600,000 issue of 434% assessment collection bonds awarded to a group
headed by Geo. H. Burr, Conrad & Broom.
-V.128. p. 1096
-on a basis of
about 4.37
Anglo-London-Paris Co.; American
National Co
Accrued int. & 100.132 for 8600.000
A. B. Leach & Co., Inc.; E. H. Rollins
& Sons; Peirce, Fair & Co
Accrued int. & 100.32 for 600.000
The Nat'l City Co.; Old Colony Corp_Accrued hit. & 100.309 for
600.000
Freeman, Smith & Camp Co_
First
Trust & Savings Bank; Wm. R.
Compton Co.; the Northern Tr. Co.Accrued int. & 100.40
for 600,000
*Geo. H.Burr Conrad & Broom,Inc.;
Murphey. Fevre & Co.; Atkinson.
Jones & Co
Accrued hit. & 101.071 for 600,000
Wells-Dickey Co.; Detroit & Security
Trust Co.; A.D.Wakeman Co
Accrued int. & 100.117 for 600,000
Wm. Adams, City Treas., Acct. Firemen's Relief & Pension Fund
Accrued int. & 100.90 for 10,000
Wm.Adams,City Treas.,acct,sinking
fund
Par and accrued mt. for 170.022
PORTLAND, Multnomah County, Ore.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. on Mar. 19 by Geo. R. Funk,
City Auditor,for the purchase of an issue of 8185.000434% street widening
Denoms. $1,000. Dated Apr. 1 1929 and due on Apr. 1 as
bonds.
lows: $4,000, 1932 to 1938: 86.000, 1939 to 1945; 87.000, 1946 to fol1952;
$9,000. 1953 to 1956 and 810.000, 1957 to 1959, all incl. Prin. and int.
A.& 0.) payable ingold coin at the City Treasurer's office, or at the city's
fiscal agency in New York. Storey, Thorndike,Palmer & Dodge of Boston
will furnish the legal approval. A certified check for 5% of
the bonds bid
for payable to the city, is required.
••••
PORTLAND, MULTNOMAH COUNTY, Ore.
-BOND SALE.
-An
Issue of $151,302.80 6% bonds was recently awarded as follows: $75,000
Improvement bonds to J. P. Powers at 106.061 and $41,302.80 at
105.911;
$10,000 to Gustave Klaotsch at 106.00, and $25,000 to the sinking fund
at par.
%:
-BOND SALE.
-A $60,373.83 issue
SALEM, Marion County, Ore.
6% semi-annual improvement bonds was awarded to Pierce. Fair & Co.
of Portland itir a premium of $485, equal to 100.83.
-BOND OFFERING.
-Sealed bids will
SALMON, Lemhi County, Ida.
be received until 2 p. m.on Mar.7 by the City Clerk, for the purchase of a
issue of6% semi-annual special assessment improvement bonds.
$64,429.16
-MATURITY.
-The two
SAN BENITO, Cameron County, Tex.
Issues of 534% semi-annual bonds aggregating $30,000, that were awarded
to the J. E. Jarrett Co. of San Antonio, at a price of 102.66-V. 128. P.
-are due as follows:
768
$20,000 street improvement bonds. Due on Jan. 1, as follows: $1,000.
1943 to 1955; 82,000. 1956 and 1957 and $3,000 in 1958.
10,000 sewer bonds. Due $1,000 from Jan. 1 1946 to 1955, hid.
Basis of about 5.29%. Denom. $1,000. Dated Jan. 1 1929.
Qf
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0. San Ber-BOND OFFERING.nardino), San Bernardino County, Calif.
Sealed bids will be received until 11 a. m. on Mar.4, by Harry L. Allison,
County Clerk, for the purchase of a 895,000 issue of 434% school bonds.
Denom.$1,000. Dated Mar.1 1929 and due on Mar.1 as follows: $10,000,
1930 to 1931; 815.000. 1932 and 1933; 820,000, 1934 and 1935 and $5,000
in 1936. Prin. and hit. (M. & S.) payable at the County Treasury. A
certified check for 3%, payable to the County Treasurer, must accompany
the bid.
SANDY CREEK SCHOOL DISTRICT NO. 9 (P. 0. Sandy Creek),
Oswego County, N. Y.
-BOND SALE.
-The $163,000 school bonds
offered on Feb. 21-V. 128. p. 1097
-were awarded to the First National
Bank of Lacona, as 434s, at a price of par. Bonds are dated Mar. 1 1929
and mature on Mar. I. as follows: $2,000, 1930; $3,000, 1931 to 1936 hid.:
$4,000. 1937 to 1941 incl.; $5,000, 1942 to 1946 incl.; 86.000. 1947 to 1950
incl.; $7,000. 1951 to 1953 incl.; $8,000, 1954 and 1955; $9,000. 1956 to
1958 incl.; and $10,000, 1959.
SARANAC LAKE, Franklin County, N. Y.
-BOND SALE.
-The
$40.000 coupon sewer bonds offered on Feb. 28-V. 128, U. 1267
-were
awarded to the Manufacturers & Traders-Peoples Trust Co. Buffalo as
4qs, at 100.269. Bonds are dated Jan. 1 1929 and mature serially. Other
bidders Bidderwere:
m
Rate Bid.
George B. Gibbons & Co
100.217
4.75%
Farson,Son & Co
100.162
Dewey,Bacon & Co
5.00%
100.50
SAULT STE. MARIE SCHOOL DISTRICT, Chippewa County,
POTEET, Atascosa County, Texas.
-BOND SALE.
-A 840,000 issue Mich.
-The following bids were also submitted on Feb. 15, for
of 6% water works bonds has recently been purchased at par by W. E. the -BIDS.
Ewing & Co. of San Antonio. Denom. $1,000. Due $1,000 from 1930 to pa $100.000 434% school bonds awarded to the Harris Trust & Savings
R B k of Chicago, at a price of 100.327, a basis of bout 4.46%-V. 128.
nid67er
li
incl.
1969,
POST INDEPENDENT SCHOOL DISTRICT (P. 0. Post) Garza
-BONDS REGISTERED.
County, Tex.
-A $55,500 issue of 5% serial
school bonds was registered by the State Comptroller on Feb. 20.
PRAIRIE RONDE GRAVITY DRAINAGE DISTRICT (P. 0. Ville
Platte), Evangeline and St. Landry Parishes, La.
-BOND SALE.
The two issues of bonds aggregating $95,000, offered for sale on Feb. 16-were awarded as follows:
V. 128 p. 767
Detroit & Security Trust Co., Detroit
Bank of Detroit, Detroit
Lewis & Co., Inc., Detroit
Kent. Grace & Co.. Chicago
Rate Bid.
100.15
10000:14
0
100.00
1440
SCOTCH PLAINS TOWNSHIP SCHOOL DISTRICT (P. 0. Scotch
-BOND SALE.
-The $63.000 coupon
Plains), Union County, N. J.
or registered school bonds offered on Feb. 27-V. 128. P. 1267 were
were awarded to Rufus Waples & Co. of Philadelphia, as 5s, at a premium
of $844.20. equal to 101.34, a basis of about 4.85%. Dated July 1 1928.
Due 33.000. July 1 1930 to 1950 incl.
-A $45.000 issue
-BOND SALE.
SEAGRAVES, Gaines County, Tex.
of 6% semi-annual water works construction bonds was awarded on Feb.
H. C. Burt & Co. of Houston at par. Due in from 1 to 40 years.
25 to
-BOND OFFERING -Adrian
SECAUCUS, Hudson County, N. J.
Post, Town Clerk, will receive sealed bids until 8 p. m. Mar. 12, for the
purchase of $227.500 5, 5% or 544% school bonds. Dated Mar. 1 1929.
Denominations 81.000 one bond for $500. Due Mar. 1. as follows: $4,500.
1930: $4,000. 1931 to 1935 incl.: $5,000, 1936: and $6,000, 1937 to 1969 incl.
Prin. and int. payable in gold at the First National Bank. Secaucus. The
U. S. Mtge. & Trust Co.. N. Y. will certify as to the genuineness of the
bonds and the signatures of the officials also the seal impressed thereon.
No more bonds to be awarded than will produce a premium of $500 over
the amount stated above. A certified check payaole to the order of' the
Town for 2% of the bonds bid for is required. Legality to be approved by
Hawkins. Delafield & Longfellow of New York. These are the bonds
-All bids submitted were rejected.
offered on Feb. 26-V. 128, P. 1267
A statement showing in detail the financial condition of the Town appeared
In the afore-mentioned report.
-BOND
SHARPSVILLE SCHOOL DISTRICT, Mercer County, Pa.
-Glenn M. Titus. Secretary Board of Directors, will receive
OFFERING.
sealed bids until 7 p.m. Mar. 12. for the purchase of $800004%% coupon
school bonds. Dated Feb. 11929. Denom. $1.000. Due Feb. 1. as follows:
84,000, 1932: $5.000. 1935: 36.000. 1938: 88.000, 1942: 810.000. 1946:
1949 and 1952: $13.000. 1955; and 314.000. 1958. A certified check for
$1.500 Is required. Legality to be approved by Townsend. Elliottt &
Munson of Philadelphia. These are the bonds mentioned in -V. 128,
P. 1267.
-Sealed bids
-BOND OFFERING.
SHELBY,Cleveland Counts', N. C.
will be received until noon on Mar. 5. by F. P. Culbreth. TOWYI Clerk, for
aggregating 3100.000 as follows:
the purchase of two issues of bonds
$70,000 sewer bonds. Due on Mar. 1, as follows: $1.000. 1432 to 1935
and 32.000. 1936 to 1968, all incl.
30.000 electric light bonds. Due on Mar. 1. as follows: $1.000, 1932 to
1955 and $2.000. 1956 to 1958, all incl.
Int. rate is not to exceed 61. Denom. $1,000. Prin. and int.(M & 8)
payable in gold in New York City. Maaslich & Mitchell of New York City
will approve the legality of the bonds. The Town will furnish the required
bidding forms. A $2.000 certified check must accompany the bid.
-BOND OFFERING.
SILOAM SPRINGS, Benton County, Ark.
Sealed bids will be received until 2 p. m. on Mar. 8. by the City Clerk, for
the purchase of two issues of 6% semi-annual bonds aggregating $440,200
as follows:
$21,200 paving improvement district No. 6 bonds. Due in from 2 to 20
years.
19,000 paving improvement district No. 5 bonds. Due in from 2 to 15
years.
Dated Apr. 1 1929. Purchaser to have the option of conversion into
5 or 5%% bonds. A $500 certified check must accompany the bid.
SILVER LAKE TOWNSHIP SCHOOL DISTRICT (P.O. Lake Park)
-A $445,000 issue of school
Dickinson County, lowa.-BOND SALE.
bonds has been purchased by Geo. M. Bechtel & Co. of Davenport.
SMITH COUNTY SUPERVISORS DISTRICT NO.1(P.O. Raleigh),
-BOND SALE NOT CONSUMMATED-The sale of the $100.000
Miss.
Issue of 5%% improvement bonds to Walter. Woody & Heimerdinger of
-has not been consummated as the above
-V. 127, P. 3579
Cincinnati
firm is reported to have declined acceptance of the bonds.
-The above bonds are reported to have been subsequently
BOND SALE.
awarded to A. K. Tiorett & Co. of Memphis, and the Mississippi Bond &
Securities Co. of Jackson. jointly, as (is, at par. Dated Nov. 1 1928.
Due from Nov. 1 1929 to 1948 incl.
SOUTH SAINT PAUL SCHOOL DISTRICT (P. 0. South Saint
-A 3370,000 issue of
-BOND SALE.
Paul), Dakota County, Minn.
school erection and enlargement bonds was purchased by the Merchants
National Bank of St. Paul.
SOUTH WHITTIER SCHOOL DISTRICT.0. Los Angeles), Los
-BOND SALE.
-The 5,000 issue of 5% school
Angeles County, Calif.
-was awarded to G. W.
bonds, offered for sale on Feb. 25-V. 128. p. 1097
Bend & son of Los Angeles, for a premium of $205. equal to 100.585, a
basis of about 4.79%. Due $7,000 from Feb. 1 1930 to 1934. inclusive.
SPRINGFIELD SCHOOL DISTRICT (P. 0. Springfield), Green
-The $1,500,000 issue of semi-annual school
County, Mo.-BOND SALE.
-was awarded to a group
bonds offered for sale on Feb. 20-V. 128. P. 1267
composed of Kauffman, Smith & Co. of St. Louis; Ames, Emerich & Co.
of Chicago. the Mississippi Valley Trust Co. of St. Louis and the Prescott,
Wright. Snider Co. of Kansas City as 43s, at par. Due serially in from
1 to 20 years.
-PRICE PAID-The $12,000
SPRUCE PINE, Mitchell County, N. C.
Issue of semi-annual public Improvement bonds that was awarded on Feb. 5
-was awarded as 5%%
-V.128. p. 1267
to E. L. Durfee & Co. of Toledo
bonds for a $12 premium, equal to 100.10.
-Leroy
-LOAN OFFERING.
STAMFORD, Fairfield County, Conn.
I. Holly, City Treasurer, will receive sealed bids until 12 m. March 8.
for the purchase on a discount casts of a $100,000 temporary loan. Dated
March 8 1929. Denom. 4.25,000, 310,000 and $5,000. Legality to be
approved by Storey, Thornclike, Palmer & Dodge of Boston.
-BOND OFFERING.-Flarold
STAMFORD, Fairfield County, Conn.
S. Nic.hols, Town Treasurer, will receive sealed Ma untll 12 m. March 8
434% Springdale School
for the purchase of $120,000 coupon or registered
Addition bonds. Dated March 1 1929. Denom. $1,000. Due $10,000.
March 1 1931 to 1942, inclusive. Prin, and interest 'payable at the office
of the Old Colony Trust Co., Boston, or at the Bankers Trust Co., New
York City. A certified check, payable to the order of the Town for 32.400,
is required. Legality to be approved by Ropes. Gray, Boyden & Perkins
of Beaton.
-TEMPORARY LOAN.
-The
STAMFORD, Fairfield County, Conn.
First Stamford National Bank was awarded on Feb. 25, a $200,000 temin about 9 months, on a discount basis of 5.49%.
porary loan, maturing
Other bidders were:
Disct. Basis.
Bidder5.54%
S. N. Bond & Co
5.56%
Old Colony Corp
-BOND SALE.
-The
STEUBEN COUNTY (P. 0. Bath), N. Y.
-were
$3300.000 4)4% highway bonds offered on Feb. 27-V. 128. p. 1097
awarded to the Bankers Co. of New York. at a price of 102.21. a basis
of about 4.35%. Dated Feb. 1 1929. Due 330,000, Feb. 1 1948 to 1957
incl. Other bidders were:
Rate Bid.
Bidder101.73
Dewey. Bacon & Co.
101.65
Bancameric Corp
101.29
oples Trust Co.. Buffalo
Manufacturers & Traders-Pe
101.197
George B. Gibbons & Co
100.79
-Bros
Barr
100.00
Bath National Bank
-BOND OFFERING.
STUBEN COUNTY (P. 0. Angola), Ind.
bids until 10 a. m.
Ella Fisher, County Treasurer, will receive sealed el Pleasant Township
Mar. 11 for the purchase of $7,800 Orville Stevens et Denom. $390. Due
construction bonds. Dated Feb. 16 1929.
road
payable on
$390, May and Nov. 15 from 1930 to 1939 incl. Interest
May and Nov. 15.
OFFERING.-BOND
Pi TARRYTOWN, Westchester County, N. Y. until 8 P• m• Mar• 11,
Wyckoff Cole, Village Clerk, will receive sealed bids
Real Property bonds.
for the purchase of $117,000 coupon or registeredas follows:$4.000, 1934
Dated Feb. 1 1929. Denoms.$1,000. Due Feb. 1,
incl. Bidders to state rate of int.
to 1951 incl.: and 85.000. 1952 to 1960
certified check payable to the order of
Prin and int. payable in gold. A Legality to be approved by Caldwell &
required.
the Village for 32.000 is City,
Raymond of New York
[VOL. 128.
FINANCIAL CHRONICLE
-BOND OFFERING -Lewis A.
TAUNTON, Bristol County, Mass.
Hodges. City Treasurer, will receive sealed bids until 5 p. m., Mar. 5, for
the purchase of 3100.000 4% coupon school bonds. Dated Dec. 1 1928.
Denom. 31.000. Due Dec. 1 as follows: 37.000. 1929 to 1938 incl.; and
36.000. 1939 to 1943 incl. Bonds are registerable as to principal. The
Old Colony Trust Co.Boston. will certify as to the genuineness of the
bonds. Legality to be* approved by Ropes, Gray, Boyden & Perkins of
Boston.
-BOND OFFERING.
TAYLOR COUNTY (P. 0. Abilene), Tex.
Sealed bids will be received until 10 a. in. on Mar. 18. by Tom K. Eplen,
County Judge, for the purchase of a $275.000 issue of 4%% or 431% road
bonds. Due on Apr. 1 as follows: 84.000. 1930 and 1931; 35.000. 1932 to
1934: 86.000. 1935 to 1937: 37.000. 1938 to 1940: 38.000. 1941 and 1942;
89.000 1943 to 1945; 310.000. 1946 and 1947: 311.000. 1948 and 1949:
812.000. 1950 to 1952: 813.000, 1953: 814.000. 1954: 315.000. 1955 and
1956* 317.000. 1957 and 318.000 in 1958. Chapman & Cutler of Chicago
will furnish the legal approval without coat to purchaser. A $5,500 certified check must accompany the bid.
-Willis
-BOND OFFERING.
TIPTON COUNTY (P. 0. Tipton), Ind.
A. Kendall, County Auditor, will receive bide until 10 a. in. Mar. 16, for
the purchase of $10.000 Wilbert C. Crum et al drainage bonds, to bear
Interest at the rate of 6%. Due $1,000, Feb. 16, from 1930 to 1939. incl.
Interest payable Feb. and Aug. 16.
-BOND OFFERING.
TURTLE CREEK, Allegheny County, Pa.
E. E. Little. Borough Secretary, will receive sealed bids until 7:30 p. m•
March 25. for the purchase of $3300,000 4 M % bonds. Dated Jan. 1 1929.
as follows: 320.000. 1945 to 1951
Denominations 31.000. Due Jan.
incl.: $25.000, 1952 to 1955 incl., and $20.000. 1956 to 1958 incl. Interest
payable on Jan. and July 1. A certified check payable to the order of the
Borough for $3,000 is required. Legality to be approved by Moorehead &
Knox of Pittsburgh.
UNIVERSITY HEIGHTS (P. 0. Cleveland), Cuyahaga County,
Ohio.
-BOND SALE.
-The 3253.650 street improvement bonds offered
on Feb. I9
-were awarded to McDonald, Callahan & Co.
-V. 128. P. 924
and the Guardian Trust Co., both of Cleveland. as 531 %. at a premium
of $1,447 equal to 100.56 a basis of about 5.64%. Benda are dated Feb.
1 1929 and mature on Oct. 1, as follows: 324.650. 19:•0 $25.000, 1931;
336,000, 1932: 315,000, 1933: $25,000, 1934; 326,000, 1935; 325,000, 1936:
326.000, 1937; $25.000. 1938 and 826,000. 1939.
-BONDS REGISTERED.
VALLEY MILLS. Basque County, Tex.
The $30,000 issue of6% coupon sewer bonito that was awarded on Feb.7V. 128, p. 1267
-was registered on Feb. 18 by the State Comptroller.
-BOND SALE.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-The 35000043.4% Waiter E. Vann et al Knicht Township road improve-were awarded to the
ment bonds offered on Feb. 20-V. 128, p. 1097
Bankers Investment Co.. Indianapolis, at a premium of $365.00. equal
to 100.73. a basis of about 4.35%. Dated Feb. 11929. Due $2,500, May
and Nov. 15 1930 to 1939 incl. Other bidders were:
Premium.
Bidder$306.00
Kent. Grace & Co., Chicago
192.00
Fletcher American Co.. Indianapolis
155.50
Inland Investment Co.. Indianapolis
215.00
J. F. Wild Investment Co., Indianapolis
206.00
City Securities Corp., Indianapolis
230.00
Meyer-Kiser Bank, Indianapolis
133.33
Merchants National Bank, Muncie
VERMILION COUNTY SCHOOL DISTRICT NO. 18 (P. 0. George.
-The $50.000 4%%
-MATURITY.
town), Vermilion County. Ill.
school bonds awarded at 101.738 to N. L. Rogers & Co. of Peoria-V. 128,
P. 1267-a basis of about 4.32%, are dated July 1 1928 and mature on
Aug. I, as follows: 82.000, 1933 to 1935 incl.; $3.000, 1936 to 1943 incl.;
and $5.000. 1944 to 1947 incl. Interest is payable on Feb. and Aug. 1.
-BOND OFFERING.
-Sealed bids
WACO, McLennan County, Tex.
will be received by E. E. McAdams. City Manager, until 7:30 P. in. on
Mar. 19, for the purchase of a 31,000.000 issue of water works improvement bonds. Int. rate is to be either 43.1 or 434%. Denom. 81.000. Dated
Apr. 11929. Due as follows: 310.000, 1930 to 1934; $20.000, 1935 to 1939;
$25,000, 1940 to 1949 and 330.000. 1950 to 1969, all incl. Prin. and int.
(A. & 0.) payable at the U. S. Mortgage & Trust Co. in New York City.
The city will furnish the required bidding forms. Bids are to be unconditional. Thomson. Wood & Hoffman of New York City will furnish the legal
approval. A certified check for 2% par of the bonds, payable to the Mayor,
must accompany the bid.
aids report supplements that given In V. 128. p. 1097)•
Financial Statement, Dec. 1928.
Taxable Values
Assessed values of real estate for the year 1928, as shown by
$44,819.640.00
the last approved assessment rolls
Assessed value of personal property for the year 1928 as
14,467,830.00
shown by the last approved assessment rolls
2.40
Tax rate for the year 1928
Bonded Indebtedness
5,518.000.00
issue not included
Total bonded debt, this
Sinking Funds
3102,985.03
General-Cash
577.200.00
Securities
8880.185.03
Water works
36,079.47
Cash
323,000.00
Securities
$359.079.47
31,039.264.50
34,478.735.50
-FINANCIAL
WALTON COUNTY (P. 0. DeFuniak Springs), Fla.
with the offering on Feb. 16 of the two
-In connection
STATEMENT.
-the following
issues of 6% bonds, aggregating $90.000-V. 128, p. 1267
detailed statement is furnished:
Est. real valuation of all real and personal property within
the corporate limits of Walton County,Fla.,for year 1928-315,000,000.00
3.452.216.00
Assessed valuation for year 1928
$144,000.00
Court house bonds outstanding
1,250.000.00
Road and bridge bonds outstanding
Total bonded debt---------------------- 1,394.000.00
Less Interest and sinking funds on hand Feb. 11929:
$39,940.92
Int. and s. f. for road and bridge bonds
1,065.79
Int. and,. f. for hospital bonds
799.32
Int. and s. f. for jail bonds
13,465.68
• Int, and,. f. for Court House bonds
Net bonded Indebtedness
Total $55,271.71
1,338,728.29
WATERLOO COMMON SCHOOL DISTRICT NO.5(P.O. Waterloo)
-BOND OFFERING.-MortInter H. Millis, Sole
Seneca County, N. Y.
Trustee. will receive sealed bids until 4 p. in. Mar. 7, for the purchase of
885.0005% coupon or registered school bonda. Dated Mar. 11929. Denom.
$1,000. Due Mar. 1, as follows: 31.000, 1930 to 1934 incl.; 32,000, 1938
to 1938 incl.; 33.000. 1939 to 1942 incl.: $4.000. 1943 to 1947 incl., and
the First National
35.000. 1948 to 1955 incl. Prin.and int. payable In gold atYork.
A certified
Bank, Waterloo or at the Hanover National Bank, New
check payable to the order of the Role Trustee, for 31.700 is required.
Clay, Dillon & Vandewater of New York City.
Legality to be approved by
-LOAN OFFERING.
WATERTOWN, Middlesex County, Mass.
Sealed bids will be received until 3:30 p. in., Mar. 6, for the purchase on
a discount basis of a 8200.000 temporary loan, due $200,000, on Nov. 20
1929 and 3100.000, Dec. 20 1929.
-BOND SALE.
-The
WAYNE COUNTY (P. 0. Detroit), Mich.
393,000 Allen Park drainage bonds offered on Feb. 20-V. 128, p. 1097
were awarded to Morris Mather & Co. of Chicago as 531s. at a price of
o. Bonds are dated Mar. 1 1929 and mature
100.85, a basis of about 5.1457
on May 1 as follows: 56.000, 1930 to 1941 incl., and 37,000. 1942 to 1944
incl. Other bidders were:
Rate Bid.
Bidder100.29
Union Trust Co., Detroit
100.16
Lewis & Co., Inc.. Detroit
la,
Leaving net bonded debt Feb. 1 1929
MAR. 2 1929.]
FINANCIAL CHRONICLE
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson County,
-Leo P. Carroll, Township Clerk, will receive
-BOND OFFERING.
N. J.
sealed bids until 8.45 p. m. Mar. 4, for the purchase of the following issues
of 4 .6 % coupon or registered bonds aggregating $750,000:
$550,000 school bonds. Due Mar. 15 as follows: $10,000, 1931 to 1937
incl.; and $15.000, 1938 to 1969 tad.
200,000 municipal building bonds. Due $5,000. Mar. 15 1930 to 1969 incl.
Dated March 15 1929. Denom. $1,000. Prin. and int, payable in gold
at the Hamilton National Bank, Weehawken. No more bonds to be awarded
than will produce a premium of $1,000 over the amount of each issue. The
United States Mtge. & Trust Co., New York, will certify as to the genuineness of the signatures of the officials and the seal impressed on the bonds.
A certified check payable to the order of the Township for 2% of the bonds
bid for is required. Legality to be approved by Reed. Hoyt & Washburn of
New York City.
Mita
WESTWOOD, Bergen County, N. J.
-William L. Best,
-NO BIDS.
Borough Clerk, states that no bids were submitted on Feb. 26-V. 128. 13•
-for the purchase of $80,000 454"% coupon or registered public im1267
provement bonds scheduled to have been sold. Bonds mature annually
on Sept. 1 as follows: $5,000, 1929 to 1933 incl.; 36.000. 1934: and 87.000.
1935 to 1941 incl.
WICHITA, Sedgwick County, Kans.-HoND OFFERING.
-Sealed
bids will be received until2.30 p. m.(opening at 3.30 p. m.) on March 11,
by C. C. Ellis. City Clerk, for the purchase of two issues of coupon bonds
divided as follows:
aggregating $213.018.81.
$108,923.66 04% paving and sewer bonds. Denorns. 81.000. $500 and
one bond for $923.66. Due in from 1 to 10 years.
104.095.15 4 si% internal improvement bonds. Denom. $1.000, one for
81.095.15. Due in from 1 to 20 years.
Dated March 1 1929. Interest payable semi-annually. A certified
check for 2% of the bid is required.
All bids are made and will be received subject to the following conditions:
First: That the said bonds are required by law to be submitted to the
State's School Fund Commission which commission has the option to
take or reject the same. If taken in whole or part by said School Fund
Commission the bonds so taken will not be included in this sale. Each
bidder Is required to state whether his bid covers the whole or part of said
bonds or whether he will take such portion thereof as has not been taken
by the State School Fund Commission. Second: All proposals and bids
are subject to the right of the Board of Commissioners of the City of Wichita,
to reject any and all of said bids.
I' WILKES COUNTY (P. 0. Wilkesboro)., N. C.
-BOND SALE.
-Two
Issues of bands and notes have bsso purchased by unknown investors.
They are divided as follows: $150,030 c3urt house b3nds and $15,000 refunding notes.
WILLIA MSTOWN TOWNSHIP FRACTIONAL SCHOOL DISTRICT No. 1 (P. 0. Williamstown), Ingham County, Mich.
-BOND
OFFERINO.-Claude °praline. Secretary Board of Education, will receive
sealed bids until 2 p. in. March 4, for the purchase of $115.000 school
bonds-rate of interest not to exceed 4 yi 7,,. Dated March 1 1929. Due
Jan. 1. as follows: 52.000. 1931 and 1932 52.500. 1933 to 1935. incl.:33.000.
1936 and 1937: 53.500. 1938 to 1940.
i.• 34.000. 1941 to 1943. incl.;
54.500. 1944 to 1951, inch 35.000. 1952 to 1954. Ind: and 86m00. 1955 to
'Inc.
1958. Incl. A certified check payable to the order of the District Treasurer, for 81.000 is required.
WILLOUGHBY TOWNSHIP, Lake County, Ohio.
-BOND SALE.
The following issues of bonds aggregating 525.200 offered on Feb. 23V. 128. p. 1098-were awarded as 534s to Blanchet. Bowman & Wood of
Toledo, at a premium of $42.84. equal to a price of 100.96; a basis of about
5.16%:
$23,500 bonds. Due as follows: 52,000. April and 82.700, Oct. 1, from
1929 to 1933 inclusive.
1,700 bonds. Due Oct. 1. as follows: $400, 1930 to 1932 incl.. and $500,
1933.
Bonds are dated Feb. 11029. The Guardian Savings & Trust Co., Cleveland, offered to take both issues as Gs. paying par plus, a premium of $74.00.
Spitzer, Bolick & Co. of Toledo, offered a premium of $3.00 for $23.500
bonds as 534s and 51,700 bonds as 6s.
Ir WILLOWICK (P. 0. Willoughby) Labe County, Ohio
-BOND
SALE.
-The 3104.500 sewer Improvement bonds offered on Feb. 23V. 128. p. 1098
-were awarded to Seasongood & Mayer of Cincinnati. as
534s, at a price of 101.62. Bonds are dated Feb. 1 1929 and mature on
Oct. 1, as follows: $4,500, 1930: $5.000, 1931 to 1944 incl.; and $6,000,
. mcI.
1945 to
The folio%ins bids were also submitted:
Bidder
Int. Rale. Premium.
Spitzer, Rorick & Co
..534%
$333.00
Slier. Carpenter & Roose
.534V
60.00
Otis & Co
5(V
285.00
W. L. Slayton & Co
5j%
267.00
Herrick Co
6%
76.00
1441
BURNABY DISTRICT, B. C.
-BOND SALE.
-The follov_4ng 5%
bonds aggregating $262.000 offered on February 25-V. 128. p. 925
-were
awarded to the Dominion Securities Corp. and the Canadian Bank of
Commerce. both of Toronto. at a price of 98.14 a basis of about 5.15%5114,000 road bonds. Due February 1 1944.
80.000 road bonds. Due January 311959. I.
68,000 road bonds. Due February 1 1944.1
CHARLOTTETOWN, P. E. I.
-BOND SALE.
-Robinson & Sons of
Charlottetown, have purchased an issue of 320.000 improvement bonds,
bearing interest at the rate of 434%, at a price of 95.29 a basis of about
4.87%. Bonds mature in 20 years.
MORSE. Sask.-BOND SALE.
-The 38.000 electric-light instalment
debentures offered on Feb. 5-V. 128, p. 769
-were awarded to H. J.
Birkett & Co. of Regina, at a price of 95.375 a basis of about 6.02%. Bonds
bear interest at the rate of 5% and are to mature in 10-instalments.
-BIDS REJECTED.
ONTARIO (Province of).
-All tenders submitted
on Feb. 12. for the purchase of the 5800.000 issue of 5% debentures, guaranteed by the Province of Ontario, scheduled to have been sold-V. 128.
-were rejected. according to the Feb. 22 issue of the "Monetary
p. 925
Times" of Toronto. Debentures mature $64,193 each (including prin.and
Interest) on Jan. 15, from 1930 to 1949, inclusive.
-BIDS.
-The following is a complete list of
QUEBEC (Province of).
the bids submitted on Feb. 8 for the 51.749.000 bonds, consisting of two
Issues, awarded as ts to Wood, Gundy & Co. and the Royal Bank of
Canada, both of Montreal. at 100.10, a basis of about 4.90%-V. 128,
13. 1098. Compilation also designates whether payment was desired in
Canada or New York:
$1,199,090 Issue.
Canada N. Y. Canada
5%
4.46%
444%
Bank of Montreal, Banque Canadienne Nationale, A. E. Ames & Co. and Hanson Bros,.
Inc
91.52
The National City Co
92.727
Wood, Gundy & Co.and Royal Bank of Canada 93.20
93.70
100.10
McLeod, Young, Weir & Co. and Bell, Goulnlock & Co
91.78
$550.000 Issue.
N. Y.
Canada Canada
5%
5%
4M %
Bank of Montreal, Banque Canadienne Nationale. A. E. Ames & Co. and Hanson Bros.,
99.257 91.52
Inc
99.257
99.724
The National City Co
92.547
99.036
Wood. Gundy & Co,and Royal Bank of Canada.100.53
93.20
100.10
McLeod, Young, Weir & Co. and Bell, Gouin99.20
lock & Co
91.78
99.20
-The $8.000 Flraton Roman Catholic
REGINA, Sask.-BOND SALE.
Separate School District No. 13 bonds offered on Feb.21-V. 128. p. 1098
were awarded as 5s to Houston. Willoughby & Co.. Regina, at a discount
of $320. equal to 96. Bonds to mature in 10 years. Three other bids for
554 and 6% bonds were also submitted.
-All bids submitted on
SANDWICH, Ont.-BIDS REJECTED.
February 25. for the purchase of the following issues of 534%bonds aggregating $216.191.11 scheduled to have been sold-V. 128.p.1268
-were
rejected E. H. North. Town Clerk. reports.
3137.147.74 local improvement bonds. Due In 15 years.
54.043.37 local improvement bonds. Due in 10 years.
25.000.00 Public School Site bonds. Due In 30 years.
SASKATCHEWAN (Province of).
-BONDS AUTHORIZED.
-The
Feb. 22 issue of the "Monetary Times" of Toronto gives the following as
a list of authorizations granted by the Local Government Board from
Feb. 2 10 9:
School Dislricts.-Mortlach. $6,000 6% 15 years: Sanderson, $5.000
15 years, not exceeding 7%;Zenon Park. 31.200. not exceeding 7% 5 years;
Rover. 51.000, not exceeding 7%.5 years.
'57111age of Bengontla. 55.000. not exceeding 7%, 15 installments.
-Sealed bids will be received by
TIMMINS, Ont.-BOND OFFERING.
J. A. Walsh, Secretary Separate School Board, until March 9 for the pur-year debentures, to bear interest at the rate of 5%.
chase of 517,000 30
Debentures, it is stated, are guaranteed by the Province of Ontario.
-BIDDERS.
-The following bids were also subVANCOUVER, B. C.
mitted on Feb. 19. for the *2.355.471.40434 and 5% bonds. jointly awarded
to A. E. Ames & Co of Toronto. and the Bank of Montreal. Montreal, at a
price or 93.077 a basis of about 4.97%.
Bidder,
Bate Bid.
Dillon, Read & Co., Bank of Commerce and Dominion Securi392.403
ties Co
92.10
Wood,Gundy & Co., Royal Bank of Canada & Pemberton & Son
Fry, Mills, Spence & Co., Bell. Goulnlock & Co..Cochran. Hay
CANADA, its Provinces and Municipalities.
& Co.. McLeod, Young, Weir & Co., R. 11. Clark & Co.. and
91-61
O. D.Odium & Co
BURLINGTON, Ont.-BIDS REJECTED.
-L. Sykes, Town Clerk
he bonds are
-OFFERED FOR INVESTMENT
BONDS RE
states that all bids submitted on February 21,for the purchase of 357.689.34 re-offered for investment, by the successful bidders, at prices rangingbeing
from
5% improvement bonds,scheduled to have been sold-V.128. p. 1268
-were 96,41 yielding 5.00% for the Feb. 1 1938 bonds to 93.04 yielding 4.90%
rejected. Bonds are dated December 12 1928 and are to mature in 15 for the Aug. 1 1968 maturing bonds. Legality to be approved by E.G.
annual instalments.
Long, K. C.
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FINANCIAL CHRONICLE
1442
COTTON, GRAIN, SUGAR Atio COFFEE MERCHANTS mm BROKERS
F. B. KEECH & COMPANY
62 BROADWAY. NEW YORK
James Talcott
Inc.
Founded 1854
Cotton Department
Under the management of Edward M. Weld
and Bulkeley L. Wells, formerly partners of
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Philadelphia
Providence
Chicago
Washing-ton
225 Fourth Ave., New Yorit
Entire Production of
Textile Mills
Sold & Financed
W. R. CRAIG & CO.
Merchants and Brokers
COTTON
Anaexi 10 Madisas Ave.
On.34th Si.
Members New York capon Exchange
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Bowling Grean 0480
60 Beaver St.,
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L. F. DOMMERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 271 Madison Avenue
NEW YORK
Established Over 85 Years
Directory Of
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A. Schisrenberg
Paul Schwarz
P. Manfred Schwarz
Corn, Schwarz & Co.
COMMISSION MERCHANTS
New York
15 William Street
MEMBERS OF
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Now York Coffee & Sugar Exchange Inc.
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Chicago Board of Trade
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National Metal Exchange, Inc.
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Established 1856
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50 Beaver Street
6 East 63rd Street
132 West 31st Street
NEW YORK CITY
BOSTON
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Published semi-annually
•
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Local & Long Distance Telephone Numbers.
1929 Edition Now Ready—Price $6
HERBERT D. SEIBERT & CO.
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Publishers
126 Front Street, near Wall
Telephone—John 4857
New York City
Coffee Exchange Building
Hanover Square
NEW YORK
COTTON MERCHANTS
Liberal Advances Made on
Cotton Consignments
Hopkins, Dwight & G
COTTON
and
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COMMISSION MERCHANTS
1307 COTTON EXCHANGE BLDG.,
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etazoifieb ;Department
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WANTED—Ambitious, reliable men, wherever Cotton is traded as agents or
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A COTTON BROKERAGE
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