Full text of Commercial and Financial Chronicle : March 23, 1929, Vol. 128, No. 3326

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financial

The
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VOL. 128.

iirtitude

SATURDAY, MARCH 23 1929.

NO. 3326.

Further than that, it is stated, "this plan would
establish an international financial institution which
starting with the business of handling these $15,000PUBLISHED WEEKLY
000,000,000 or 820,000,000,000 would,it is expected,
Terms of Subscription—Payable in Advance
12 Mos. 6 Mos.
Including Postage—
$6.00 carve for itself a position which would make it the most
$10.00
Within Continental United States except Alaska
11.50
6.75
In Dominion of Canada
7.75
13.50
Other foreign countries, U. S. Possessions and territories
important factor in the exchange relations of the
The following publications are also issued. For the Bank and Quotaall
the
is
others
for
year;
per
$6.00
price
is
tion Record the subscription
whole world. In other words, the Young committee
$5.00 per year each.
MONTHLY PUBLICATIONS—
is working not only for the total liquidation of the
COMPENDIUMS—
BANK AND QUOTATION RECORD
PunLic Uxixixv—(seml-annually)
MONTHLY EARNINGS RECORD
RAILWAY & INDusxmaL—(four a year)
debts left by the World War but to build an interSTATE AND McbriciPai.—(semi-annually)
national bank intended'to have influence of a worldTerms of Advertising
45 cents
Transient display matter per agate line
of all countries."
On request wide nature in helping the business
Contract and Card rates
,
Western
Representative
CHICAGO Orncs—In charge of Fred. H. Gray.
Proceeding, Mr. James goes on to say:
208 South La Salle Street. 'Telephone State 0613.
C.
LONDON Omen—Edwards & Smith, 1 Drapers' Gardens. London. E.
"It is a gigantic thing that Owen D. Young and
his colleagues are building, so gigantic that its archiWILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York
tects' plans at first frightened them; but, interestingly enough, every day brings lessening opposition
Published every Saturday morning by WILLIAM B. DANA COMPANY.
D. Riggs
President and Editor. Jacob Seibert: Business Manager. William
to the international bank until now it can almost be
all,
of
Office
of
Addressee
Co
Seibert.
D.
Treas., William Dana Seibert;See., Herbert
said that every one concerned seems favorable.
"And as the experts study the possibilities of such
institution its potentialities grow until to-day a
e
an
Bank—Th
onal
Federal
The Proposed Internati
us economist expressed the opinion to me
world-famo
te.
Participa
Not
Should
Reserve
that it was not impossible that at some time in the
It behooves every one having the welfare of the future such an institution would control all the gold
country at heart to watch closely the developments in the world through the issuance of gold credits to
countries depositing gold.
with regard to the establishment in Europe of an the various
"The genesis of an international bank lay in the
International super bank,to facilitate German repara- transfer problem. It is no great difficulty for the
tion payments, as proposed before the Committee Germans to raise sufficient marks to meet reparafor England to raise pounds or
of Experts in session at Paris endeavoring to settle tions payments, nor so
on. But all statesmen and
and
francs,
France
definitely and finally the whole reparations question. economists fear the effect of these transfers on the
The plan itself should be scrutinized with the ut- international value of the money of their countries.
"But in the last analysis more money comes from
most care. It is a most ambitious scheme and it
America in loans than goes to America in these paycarries implications and involves possibilities that ments. Then on the one hand there is America's
can not be viewed without gravest concern. Of favorable trade balance with Europe and on the other
course we are still considerably in the dark as to hand the expenditures of American tourists in Europe.
all sorts of factors. So why not an interhow the bank is to function, what its field of opera- There arebank through which this money could in
national
tions is to be and what powers it is to possess, but one way or another flow
It is plain that such a bank would be in a topenough has transpired to make it clear that the bank
position to handle these exchange operations
notch
is intended to go far beyond the mere matter of handnecessary for the liquidation of the war debts. From
ling and taking care of the German reparations pay- that beginning the proposition has grown into the
ments.
project for an international bank.
"Originally it was proposed that the international
Thus we find Edwin L. James, the well informed
should be owned by the various national banks
bank
correspondent of the New York "Times", saying in a of issue, but this proposal came up against the fact
cablegram from Paris dated Mar. 17 and printed by that the Bank of France may not own shares in a
that paper on Monday morning Mar. 18 that "the foreign bank, nor could the Federal Reserve Bank.
it is now proposed that the capital be raised priproject for a final settlement of reparations due by So
vately and the directors named by the banks of issue,
Germany to the former Allies is fast blossoming into and such a proposition appears acceptable all'round.
something infinitely bigger." "Before a month goes Naturally Mr. Young and Mr. Morgan cannot pledge
Reserve Bank, but a place will be kept
by," we are told," the interested governments will the Federal
the board of directors and there apon
it
for
open
probably have placed before them a plan pro- pears to be in Paris the assumption that it will be
viding not only for the handling of reparations on filled."
It accordingly appears that the new bank is to
a business basis but also for handling the war debts
among the former Allies as well as their debts to have its hand in pretty nearly everything. World
control of gold and of credit is visioned with the
the United States."

inancial Thronitie




1782

FINANCIAL CHRONICLE

[VOL. 128.

regulation of the foreign exchanges, the handling of affairs, will be tempte
d to throw their lot with the
tourist expenditures, and a host of other matters. new bank, just as they
were induced to co-operate
Some of the foreign accounts of what is contemplated with the European central
banks in many other things
go even further than this and intimate that German in the past.
reparations payments may ultimately become the
Most important of all, and what is especially to be
least important factor in the conduct and operation feared, should the
Federal Reserve banks be inof the new bank. Thus we find the Paris corres- duced to participate in
the operation of the proposed
pondent of the London "Times" saying in the Mar. 12 International bank,
is that there may be perpetual
issue of that publication: "In time the management repetitions of the blunder
made by the Reserve when
of reparations may become a minor function of this it entered upon its
easy money policy in the summer
organization, while its importance as a center of of 1927 by at once reducin
g rates of the different
world co-operation for the stimulation of trade and Reserve banks and then
flooding the country with
the regulation of credit will continually grow." Of several hundred million
s of unneeded Federal Recourse co-operation of the central banks in the carry- serve credit. The tangibl
e results of that unforing out of the object in view is part of the scheme and in tunate step are now visible
on every side. It has
this the Federal Reserve Banks of the United States led on the one hand to an era
of stock speculation
are expected to play a prominent if not a leading and of financial debauchery
such as the world has
part.
never before seen and on the other hand to the exMr. James, goes so far, it will be observed as to pulsion of $500,000,000 of gold
from the United
say in his statement: "Naturally Mr. Young and States. Some tempor
ary advantage resulted to
Mr. Morgan cannot pledge the Federal Reserve Bank Europe from the acquisition
of this huge amount of
but a place will be kept open for it on the Board of gold, but it is already apparen
t that the advantage
Directors and there appears to be in Paris the as- was dearly bought since the Bank
of England has
sumption that it will be filled." Certainly the Federal now had to raise its rate of discoun
t anyway, the
Reserve Banks have shown a most accomodating Bank of Italy has been obliged to
take a similar step
spirit in the past in offering and in extending as- and the indications are that
other banks will likewise
sistance, even making their rate policy dependent up- be obliged to take similar action.
At the same time
on the foreign situation rather than upon the domestic the gold so generously placed
at their disposal has
situation, with such unfortunate results as we now now for several months
been flowing back to this
see in the absorption of bank credit in a stock specu- country. The operation was
bound to fail because
lation on this side of unexampled dimensions. But the ease here was artifically
brought about. The
will not the United States Senate, which is known to Federal Reserve Banks not
only reduced their rates
be a very obstreperous body, throw obstacles in the to abnormally low figures,
but furthermore resorted
way? Mr. James thinks not. In fact he points out to an inflation of Reserve
credit.
that objection from that source has been cleverly
The situation would be infinitely worse if the same
circumvented. On that point he expresses himself policy were pursued
with the establishment of an
as follows:
international bank whose province it was to regulate
"Interestingly enough in all the countries which everything under the sun in the banking and
financial
will be interested in the international bank, and cer- world.
And
we
may
sure
be
that
the same policy
tainly American interests will be large, the United
States Senate is the only legislative body which will would be pursued since the fundamental idea undernot be called on to give a vote. The American experts lying the whole scheme is to promote an era of ease
are entirely unofficial and legally the United States is through artificial means
and by resort to inflationnot interested in what they are doing, although
ary
measure
s.
The
new
bank would, it is plainly
practically she has an enormous interest.
stated,
among
"However, American official shyness has lost the
other functions receive deposits and
upper house of Congress a chance for a fine debate thus become a bank of loan and
discounts. And
and the plans of the Young Committee for final
in
that
would
occur
the
first
step
in the inflationary
liquidation of the war now swing beyond the Senate's
reach. It is not generally considered here that this process. S. Parker Gilbert, the agent for reparahurts the prospects of those plans. It will be largely tions payments, has only the assets receive
d by him
American money that the international bank will to invest but the
new bank would also have a growing
handle. American tax payers and American business
will be concerned and America's chances must repose line of deposits which are a liability, to loan out in
on the hope that Messrs. Young and Morgan know the numberless ways proposed.
as much about this affair as the Washington Senators
The bank would also usurp many of the functions
would."
of the large private banks. Already advocates of
We imagine that the U. S. Senate will not feel
the scheme are discussing the likelihood of the bank
flattered at the suggestion that.review of the project
handling German municipal and provincial issues
as
on its part has been eliminated in advance or yield
well as reparation bonds. Obviously too, no means
ready acquiescense to the suggestion. For ourselves
could be devised for preventing an energetic, amwe are not inclined to give countenance to the idea
bitious management,oncein the saddle,from expandthat either Mr. Morgan or Mr. Young would be a
ing both commercial and security fields.
party to any such arrangement. On the other hand,
Considering how badly the Federal Reserve Banks
however, we do fear that the Federal Reserve Banks,
erred through their easy money policy of 1927, from
actuated always by a desire to play a part in European the effects of
which the whole world is to-day suf-




MAR. 23 1929.]

FINANCIAL CHRONICLE

1783

fering, and the bounteous ways in which Reserve our banking authorities principally because of the
credit has been allowed to come in existence, an fact that our Federal Reserve system is now custodian
of over 40% of the world's available gold reserves.
aggregate of roughly $1,900,000,000 having been
The change from a debtor to a creditor nation has
outstanding at the close of 1928, what might not be necessarily broadened our vision concerning the manexpected to happen with our super international agement of our economic and financial affairs. This
with the central banks of issue is unbank in existence and all the central banks simul- co-operation
doubtedly developing, and in conjunction with contaneously engaged in dispensing credit in the same ferences now taking place in connection with foreign
bounteous fashion. Is it not time to call a halt? debt and reparation settlements, the idea of an inHave we not reached a point where a policy of hands- ternational bank has been suggested.
Primarily such a bank would be used in connection
off should be pursued? Has not the time arrived for with the debt settlements and payments incidental
attending strictly to our own business and letting thereto, and also to effect international adjustments
incidental to Government as well as trade and
Europe take care of hers?
financial transactions. If established, such a bank
We should feel less solicitous with reference to the should ultimately lead to a central mobilization or earestablishment of the proposed international bank marking control of the world's entire gold reserves and
if there were the slightest evidenee that the Federal possibly its management.
The development of this idea has no doubt proReserve authorities had learned anything from past ceeded
through the observance of the successful operaexperience. As it is, they still seem bent on pur- tion of the gold settlement fund of the Federal
suing their policy of being guided by conditions Reserve system. The intimation of such an interabroad rather than by conditions at home. A striking national plan is of great magnitude and importance
to the whole world.
illustrations of this is found in an address which
If properly safeguarded, such an institution should
Governor Roy A. Young of the Federal Reserve be of inestimable value to this country and to the
Board delivered before the Academy of Political world. It should bring about economy in the use
and transportation of gold. It should bring about
Science in November last. In this, Mr. Young a better equilibrium between countries. It should be
undertook to show what influenced the Federal Re- a great facility in the settlement of international
serve in its easy money policy and indicated that it accounts and differences and should tend to lessen the
consequences of errors in financial policies.
would be governed by similar considerations in the
It should be a great shock absorber and enable
future. One thing he said was: "Although the central bank managements to bring about greater price
system realized that easy money in this country stabilization. Such an institution should, however,
or dismight be an encouragement to further Stock Ex- have no voice in the determination of interest
count rates, and the tendency to make such an instichange activity, nevertheless it determined that this tution a super-bank with centralized control should
would be the lesser of two evils and decided to adopt be avoided.
a policy of easing the money market." After saying
It will be observed that Mr. McFadden boldly
that "gold exports from the United States, which proclaims that the projected International Bank
began at that time and in the aggregate amounted should "ultimately lead to a central mobilization
to about $500,000,000, had been an important or earmarking control of the world's entire gold refactor in strengthening the reserve position of serves and possibly its management." He also aims
European central banks," he went on to say that at "greater price stablization." It is only necessary
"this story of Reserve Bank policy during the past to add, in order to show the great and grave dangers
year, brings out the manner in which conditions confronting the country, in the organization of an
abroad have been taken into consideration in the International Bank along the lines here indicated,
System's deliberations about its credit policies" and that W. Randolph Burgess, the Assistant Federal
wound up with the following declaration: "The con- Reserve Agent of the New York Federal Reserve
clusion that I have reached during the year that I Bank has been in Europe for some time, and that
have been with the Federal Reserve is that par- early the present month Gates W.McGarroat, the
ticipation in world affairs is a matter of enlightened Federal Reserve Agent, also sailed for Europe. It is
self interest for the United States"—all of which to be presumed that these officials are on the other
shows he has learned nothing from the lessons of side for a purpose.
experience.
In conclusion, and as supplementing our own
Congressman McFadden, the Chairman of the views, we can not refrain from reprinting an article
Banking and Currency Committee of the House which appeared in the New York Journal of Comof Representatives at Washington, has been going merce (of which H. Parker Willis is the Editor) on
about the country expressing himself in thesame way. Monday of this week under the caption "Charity
Here is his latest utterance in that regard as con- at Home." The article follows:
tained in an address delivered by him on Monday
For several years past our banking authorities
night of this week before the Economic Club in have been very much inclined to devote themselves
primarily to the "foreign mission" field. Secretary
New York City.
Mellon has told us in his reports of their "large plan
The prominent position into which the world war to restore the
world's gold standard, and they themforced this country economically and financially has selves have referred
from time to time to the necesdeveloped an improved leadership. This financial sities of Great Britain,
Poland or Timbuctoo which
leadership has resulted in a close working agreement have presumably been responsible for the making
with the central banks of the major countries of the of rates here in New York. The constant tinkering
world in the necessary management of the world's and interference with the exchanges for which they
gold reserves, which has resulted in a deference to have been responsible has largely thrown out of gear




1784

FINANCIAL CHRONICLE

the mechanism of gold distribution, and has prevented the settling down of prices to a definite international basis.
A new period of interference and manipulation is
now apparently starting, with a shifting of the
Reichsbank accounts very reminiscent of that which
took place in 1926 when it was so difficult to reconcile the figures of the Federal Reserve System and
the Bank of England. What is being done now relates to the exchange position of the Reichsbank and
the desire is now, partly, to keep that institution
from feeling the natural effects of Germany's credit
position, until such time as reparations discussions
are over, and a desire partly to alter the gold situation in the United States, in such a way as to relieve the stringency of credit for the time being. It
does not make very much difference what the precise object that is had in view at this moment may
be. The fact is that our banking authorities continue to devote their best efforts to foreign intervention and manipulation instead of concentrating
attention upon our home policy with a view to keeping the conditions here as sound as possible.
It is an amazing thing that the business and financial public of the United States has allowed this
kind of management of our banking resources to go
on as long as it has. For a good while, indeed, it
was denied that alleged European conditions were
a guiding factor in our policy. Later these'denials
stopped and a tacit admission took their place, but
Secretary Mellon's last annual report makes the definate statement, already well known to everyone
closely cognizant of the situation, that foreign conditions or what was supposed to be such, have been
the decisive factor for some time past in determining
our banking conduct. A strange case of putting the
cart before the horse is thus presented, since it was
essentially necessary, if we were to continue to make
our gold supply useful to the world at large, that
we should maintain the most liquid conditions at
home. Instead of that we have been letting things
go with a loose rein here, while laying the flattering
unction to our soul that we were acting as the financial saviors of the world by our intervention abroad.
It is a case of egomania which foreign bankers of a
certain type have collaborated to develop. Those
men clearly saw their own account in the continuance of a frame of mind on the part of the American
banking officials whom they were wining and dining, that would permit them to continue using American banking resources as if they were their own
property.
Charity, traditionally, begins at home. We have
run the full gamut of the financial missionary idea,
and have reaped no results from it except ridicule
in European markets and a serious weakening and
inflationary development at home. We are not in
a position to keep it up any longer. In fact, from
the most practical standpoint, we can be of greatest
aid to foreign countries if we recover our own soundness and get into position to do what needs to be
done without having constantly to count the cost in
the way of effects upon our banking position. It is
said that boards of directors in Federal Reserve
banks in deciding during recent months on executive
appointments, have been disposed to be influenced
by the possession of alleged knowledge of foreign
conditions on the part of aspirants for the places
within their gift. They have in short preferred such
assumed knowledge to real familiarity with home
affairs. If so, the sooner they alter their attitude
the better.
Criticism is of very little use without constructive
suggestions to accompany it. Fortunately in the
present case these are obvious, the most essential of
them being the following:
1. Subordination of foreign discount rate and
money market considerations to the all-important
aim of restoring banking liquidity in this country.
2. Publication of plain statements concerning the
engagements and undertakings we have entered into
as respects the central banks of other countries.




[VoL. 128.

3. Statement of what share, if any, we expect to
take in the establishment of the proposed superbank
on which the reparations conferees are said to be
working, and description of the functions to be performed by this bank so far as American affairs are
concerned.
The Financial Situation.
About the only observation that can be made with
reference to the Federal Reserve statements the
present week is that they contain little of an encouraging nature. In particular, the effort that is
being made by the Federal Reserve Banks, as well
as by many of the member banks, to bring about a
curtailment of security loans, is not meeting with
any measure of success. Instead of a contraction
in the total of brokers' loans, there has been this
week a further expansion in the same in the huge
sum of $166,000,000, establishing an entirely new
high record. Last week, it will be recalled, there
was a reduction of $20,000,000 in the aggregate of
these loans, but previously there had been successive
increases running back to Feb. 13. The total now
at $5,793,000,000 for March 20 is over $2,000,000,000
higher than at the corresponding date a year ago,
the amount March 241. 1928 having stood at only $3,779,000,000 and being considered unduly high even
then.
To the further increase of $166,000,000 the past
week, the loans under each of the three great categories have contributed, the loans made by the reporting member banks in New York City for their
own account having risen from $1,004,000,000
March 13 to $1,091,000,000 March 20; the loans
made for account of out-of-town banks from $1,761,000,000 to $1,768,000,000 and the heaviest increase
of all having, as usual, occurred in the amount of
the loans "for account of others," these having run
up from $2,862,000,000 to $2,934,000,000. Every
week now sees a new high record for these latter,
which it should not fail to be observed fall but little
short of $3,000,000,000. It should not escape attention, either, that at $2,934,000,000 the aggregate of
these loans for outsiders compares with only $1,285,000,000 on March 29 1928, showing an expansion
under that head for the 12 months of no less than
$1,649,000,000 the amount having more than
doubled during the year.
With brokers'loans exhibiting such a large further
increase, it will no doubt be deemed a surprise that
member bank borrowing at the Federal Reserve
Banks was not further extended during the week.
The explanation, however, is very simple. March
15 was the date for the payment of the first installment of the Federal income taxes and these taxes
for the time being always go to swell heavily Government deposits with the member banks, diminish- •
ing accordingly the need of borrowing at the Federal
Reserve Banks and possessing the further advantage
to the member banks that no reserves are required
on the part of the banks against these Government
deposits. What the aggregate increase in these
Government deposits at all member banks has been
the past week on account of the income tax collections will not be known until the complete statement for the reporting member banks becomes
available, which will not be until Monday evening
of next week. An idea, however, can be gained of
what the total addition must have been from the returns of the reporting member banks in New York

MAR. 23 1929.]

FINANCIAL CHRONICLE

City and also those in Chicago, both of which are
issued in advance of the full statement covering the
entire body of reporting member banks.
For the reporting member banks in New York
City government deposits are reported at $129,000,000 the present week against only $2,000,000 on
Wednesday of last week, and for the reporting member banks in Chicago the amount is given as $33,000,000 against nothing the previous week. For
these two leading cities combined, therefore, the increase in these Government deposits has been no
less than $160,000,000, making it evident that in
the grand aggregate of the Government deposits
for all the banks the increase must have been of large
magnitude. In these circumstances, it can be
deemed no surprise that member bank borrowing
has not further expanded, notwithstanding the great
new addition to the total of brokers' loans. As a
matter of fact this member bank borrowing is still
very heavy, falling little short of 1,000 million dollars, and the decrease for the week is really quite
light and possesses little significance in view of what
has just been said.
Member bank borrowing is indicated by the discount holdings of the Reserve Banks. The total of
these discounts for the 12 Reserve institutions is
$942,737,000 this week against $955,623,000 a week
ago. On March 21 last year the amount was only
$476,978,000. The Reserve banks have also further
reduced their holdings of bankers acceptances, these
being given at $236,838,000 March 20 against $283,101,000 March 13. In view of this continued diminution in the acceptance holdings of the Reserve banks,
the further advance this week in the rates for
bankers' acceptances needs no explanation.
As against the decrease in the volume of the discounts and the holdings of acceptances, the 12 Reserve banks have during the week increased their
holdings of U. S. Government securities from $165,297,000 to $185,351,000. This increase, however, it
is important to point out, was not the result of the
voluntary action of the Reserve institutions. It was
done for accommodation of the U. S. Government.
The increase is almost entirely in the holdings of
certificates of indebtedness, which the present week
are reported at $42,836,000 against $23,177,000 on
Wednesday evening of last week. It will be noted
that the increase for the week has been $19,659,000
and the Federal Reserve Board,in an analysis of the
different items of the returns, tells us that the holdings of Treasury certificates the present week include $19,000,000 of temporary certificates issued
by the U. S. Treasury to the Federal Reserve Bank
of New York pending the collection of the quarterly
installment of the income taxes, and this shows
clearly how the increase was brought about. Altogether, total bill and security holdings, the present
week, stand at 1,371,771,000 against $1,421,833,000
last week, indicating that the amount of Reserve
credit engaged Has been reduced in the sum of
roughly $50,000,000. To that extent, therefore, the
Reserve situation has been improved, but its significance and importance is qualified by what has
already been said.
The Southern Railway Company has the present
week issued a preliminary report for the calendar
year 1928, and it attracts attention by reason of the
excellent income results disclosed in what was a




1785

period of business depression in the South. We hear
much of the industrial prosperity which the country has enjoyed in the more recent years, but the
South has been a conspicuous exception. We need
not go into the causes of this here. It is sufficient
for our present purpose to note merely the fact
itself. As a consequence of this depression which
was somewhat relieved in the closing months of the
year, and the falling off in the passenger business
as a result of the competition of the automobile, the
company's gross earnings declined from $147,639,062 in 1927 to $144,116,452 in 1928, a shrinkage, it
will be noted, of somewhat over $3,500,000. In the
net earnings (above operating expenses) the falling
1
2 million dollars, the
off has been only about 1/
amount having declined from $43,731,109 in 1927 to
$42,228,734 in 1928. Taxes, as in the case of all
other roads, further increased the figure for 1928
being no less than $7,568,437, the highest in the
company's history. A little diagram is presented
in the report which shows in a graphic way that
the increase has been entirely in state, county and
municipal taxes, the Federal Income taxes having
been somewhat reduced. How to hold down these
latter taxes is one of the great problems of the day.
Nevertheless, the company is able to show $12.53
per share earned on the common stock in 1928, comparing with $14.40 per share for the calendar year
1927. The company is paying $8.00 per share on the
common and after provision in full for these dividends and for other deductions and allowances a
surplus of $5,881,533 remained on the operations of
the year. This was invested in additions and improvements to the property.
That such good results were possible in a poor
year, is ascribable entirely to the growing efficiency
with which the property has been operated. Evidence of this efficiency is found in the comparison
of the traffic statistics for 1928 compared with those
for 1924. In this period the gross ton miles per
freight train hour has been bettered 21.02%; the
number of cars per freight train has been increased
14.74%; the freight train load 8.96% and the daily
freight car mileage 6.77%. On the other hand, the
total freight train transportation expense per thousand gross ton miles has been reduced 21.06%; the
loss and damage freight claims per thousand ton
miles 28.13%; the overtime wage payments in train
and engine service 22.66%; the wage cost of freight
train crews per thousand gross ton miles 9.61%;
the coal consumed by freight engines per thousand
gross ton miles 11.73% and the coal consumed by
passenger engines per passenger car mile 5.38%.
Such figures tell their own story and it is not necessary to enlarge upon their significance or meaning.
Southern Railway stock is with great rapidity
drifting into investment ownership. Reference to
this is made in the report, which says that "there
has been a steady flow of Southern stock from the
market place to the strong boxes of investors" and
then adds: "During the past five years the total
number of shares registered in the names of stock
brokerage firms has decreased more than 50%,there
being now only 372,000 shares in 'street' names out
of a total issue of 1,898,200 shares. Last year the
names of 3,034 individuals were added to the stock
list, the average holding of these new stockholders
being 40 shares. It is significant, and to the management particularly gratifying, that a substantial

1786

FINANCIAL CHRONICLE

part of this increase was in residents of the States
served by Southern Railway System lines, a community which has only begun to invest in industry
of a national scope during the past decade." The
management takes pride in all this, it will be seen,
and well it may.
The stock market, this week, has been largely
under the influence of high money rates and a fear
that the Federal Reserve Bank of New York at its
regular meeting on Thursday afternoon would be
moved further to advance its re-discount rate—a
fear which was not realized, though something
closely akin thereto took place when the rates for
bankers' acceptances were marked up on that
day another 1/4 of one per cent. Opening at 7% on
Monday call loans on the Stock Exchange touched
10% on Tuesday and again on Wednesday, but with
all loans on Thursday and Friday at 9%. While
the condition of the money market served to keep
the course of stock values confused and irregular and
the resulting selling pressure carried many stocks to
the lowest figure of the year, it did not by any means
repress speculative operations altogether or prevent
active movements for higher prices in certain groups
of stocks, and also in some of the high priced specialties. The copper shares were all strong under
the stimulus of a further advance in the price of the
metal, the domestic price getting up to 24c a pound,
besides which the oil shares were all actively bid
up, the favoring influences in the case of this group
of share properties being the action of the Federal
government in withdrawing government lands from
prospecting and the efforts making by the American
Petroleum Institute to restrict the output of crude
petroleum, these efforts apparently having a better
chance of being crowned with success than previous
similar efforts.
Yesterday the further large increase in brokers'
loans, as disclosed by the Federal Reserve statement
issued Thursday evening, along with dispatches that
the Federal Reserve Board at Washington was in
session, discussing rate matters, and also the directors of the Chicago Reserve Bank, led to a general
break all around. Sales on the New York Stock
Exchange, at the half-day session on Saturday last
aggregated 2,718,260 shares; on Monday they were
5,021,120 shares; on Tuesday 4,449,660 shares; on
Wednesday 5,190,570 shares; on Thursday 4,459,440
shares and on Friday 4,830,930 shares. On the New
York Curb Market the sales were 1,157,500 shares
on Saturday last; 1,414,900 shares on Monday; 1,343,500 shares on Tuesday; 1,570,100 shares on
Wednesday; 1,570,100 on Thursday and 1,283,200
shares on Friday.
As a result of yesterday's sharp declines the net
changes for the week are mainly in the direction of
lower levels with the oil group a conspicuous exception. Adams Express closed yesterday at 6001
/
4
against 575 on Friday of last week and American
Express closed at 320 against 314 the previous Friday, but in the chemical group, Allied Chemical &
Dye closed yesterday at 280/
1
4 against 292 on Friday of last week; Commercial Solvents closed at 263
against 2763
4;Davison Chemical at 62 against 64%;
Mathieson Alkali at bid 197 against 201½; Union
Carbon & Carbide at 223 against 218, and E. I. du
Pont de Nemours at 185 against 188. General Electric closed at 232 against 240/
1
2; Amer. Tel. & Tel.




[VOL. 128.

at 213% against 215/
1
4; National Cash Register at
136/
1
4 against 1311/
8; Inter'l Tel. & Tel. at 2327
/8
against 217; Radio Corporation of America at 913
/
8
against 107; Montgomery Ward & Co. at 126/
1
2
against 133%; Victor Talking Machine at 180
against 186½; Wright Aeronautic at 261 against
278½; Sears, Roebuck & Co. at 153 against 15878;
Inter'l Nickel at 50% against 60/
1
2; A. M. Byers at
163 against 153; American & Foreign Power at 103
against 109%; Brooklyn Union Gas at 180 against
180; Consol. Gas of N. Y. at 105% against 106%;
1
2against 146; PubColumbia Gas & Electric at 142/
lic Service Corporation of N. J. at 81% against 85;
1
4; Timken Rol2 against 122/
American Can at 1231/
ler Bearing at 81 against 831/
8; Warner Bros. Pictures at 1183
% against 120; Mack Trucks at 104
against 107/
1
4; Yellow Truck & Coach at 407
/8
against 451/
8; National Dairy Products at 1261
/
4
against 131/
1
2; Western Union Tel. at 206/
1
2against
210; Westinghouse Electric Mfg. at 1517
/8 against
157%; Johns-Manville at 181 against 195; National
1
2 against 63%; Associated Dry
Bellas Hess at 62/
1
4; Commonwealth Power
Goods at 601/
8 against 62/
at 132/
1
2; Lambert Co. at 150%
1
2 against 140/
1
2 against 74,
against 148; Texas Gulf Sulphur at 77/
and Bolster Radio at 59% against 61%.
The oil group has been active and strong beyond
all others, as noted above, but suffered in the general
decline yesterday. Atlantic Ref. closed yesterday
at 623/b against 633/ on Friday of last week; Phillips
Petroleum at 413/ against 41; Texas Corp. at 64%
against 64; Richfield Oil at 449/i against 453'; Marland Oil at 403 against 41/
8 8; Standard Oil of N. J.
at 53% against 5414; Standard Oil of N. Y. at 42
against 413
%; and Pure Oil at 25% against 253/
2.
The copper stocks also suffered in yesterday's break.
Anaconda Copper closed yesterday at 1693
% against
16014 on Friday of last,week; Kennecott Copper at
98 against 1014; Greene-Cananea at 184% against
1803/
2; Calumet & Hecla at 56 against 57; Andes
1 ; Chile Copper at 1221
Copper at 63 against 63%
4
against 11614; Inspiration Copper at 6134 against
623/
2; Calumet & Arizona at 138 against 134; Granby
Consol. Copper at 983/2; Amer. Smelting & Ref. at
116% against 118; U. S. Smelting Rfg. & Min. at
68 against 67.
In the steel stocks U. S. Steel closed yesterday at
1835
% against 187% on Friday of last week. Bethlehem Steel at 10414 against 110; Republic Iron &
3 and Ludlum Steel at 74
Steel at 937 against 97%,
against 78. In the motor group General Motors was
the strong feature. It closed yesterday at 88 against
89 on Friday of last week; Nash Motors at 1047
%
against 109; Chrysler Corp. at 10714 against 1105
%;
Studebaker Corporation at 85 against 881
%; Packard
8; Hudson Motor Car
Motor at 1355
% against 1417
at 87% against 9234; and Hupp Motor at 7114
against 74 8. In the rubber group Goodyear Tire
& Rubber closed yesterday at 14234 against 141 on
Friday of last week; B. F. GoodriCh closed at 933/2
1 against 62,
against 961
%, and U. S. Rubber at 59%
and the pref. at 88 against 8914.
The railroad group has been largely neglected, but
are all lower. New York Central closed yesterday
at 18714 against 19014; on Friday of last week;
Del. & Hudson at 190 against 1943/2; Baltimore &
Ohio at 12534 against 12614; New Haven at 871
%
against 90; Union Pacific at 21534 against 222%,
Canadian Pacific at 24114 against 246%; Atchison

MAR. 23 1929.1

FINANCIAL CHRONICLE

1787

at 1993 against 2007
4; Southern Pacific at 126M
against 129%; Missouri Pacific at 79N against 825
/s;
Kansas City Southern at 85 against 88; St. Louis
Southwestern at 108 against 1093
%; St. Louis-San
Francisco at 114M against 115%; Missouri-Kansas3i against 49%;
3 Rock Island at 127%
Texas at 49/
against 130; Gr. Northern at 107 against 108;
Northern Pacific at 1053 against 107, and Chicago
Mil. St. Paul Sr Pac. pref. at 56 against 58.

the Boerse was mixed at the opening, with a good
deal of profit taking apparent. A firmer tone developed later, however, with domestic orders compensating for the unloading that was attributed to
Swiss operators. Uneasiness over American rediscount rates caused additional realizing Thursday,
and the market as a whole was weak most of the day.
Only the Reichsbank shares resisted the trend. The
advance was resumed in the trading yesterday.

European securities markets have been very
irregular throughout this week, with attention
centered more than ever on the situation in New
York. American money developments and the
trend of the stock market here are at present the
chief influences on the important European exchanges. Interest in the New York rediscount rate
is quite as keen in London as it is here, owing to
the effect that an increase might have on sterling
and in consequence on gold movements. The London
Stock Exchange opened the week with a showing of
strength, owing to improvement in sterling. Giltedged securities led the entire list into higher
ground. Favorable reports were current regarding
motor mergers and the likelihood of oil restriction,
and increases in copper prices also exerted a considerable influence. The market turned quiet
Tuesday, however, with only a few issues in the
motors and gramophone groups attracting any following. British funds were particularly dull. A
good deal of apprehension was noted Wednesday
regarding the New York discount rate and the market as a whole moved downward, although trading
was limited. Material support was given only to
some of the home rails which showed improvement
in traffic returns. The uncertainty regarding the
international money situation became more pronounced Thursday in its action on the London Stock
Exchange, gilt-edged securities declining further.
Some of the coppers and motors showed a better
tone. Trading was again quiet yesterday, with
prices slowly drooping further. Oils and mines
made a better showing than the rest of the list, but
the gilt-edged section was uncertain, and this had
an unsettling effect.
The Paris Bourse reversed the trend of last week
in the trading Monday, showing a restrained but
clear advance in most departments, French indusrials, notably coal and metallurgical shares, made
important gains. There was assurance, moreover,
of a better internal political situation, which gave
confidence to traders. The market continued steady
Tuesday, although gains were less prominent.
Trading gradually dropped off during the day, until
there were almost no transactions in the final half
hour. In Wednesday's market trading still remained quiet, but the trend of prices was reversed,
the list moving slowly but continuously downward
as professional traders joined the selling movement.
The downward trend was renewed Thursday, with
bank shares as well as industrials in ample supply.
A moderate improvement was noted in yeste'rday's
session. The Berlin Boerse also began the week with
a firm tone, speculators showing more confidence
and entering into numerous new engagements. The
speculative purchases were increased Tuesday, and
the upward movement was further assisted by a
number of buying orders from abroad which were
executed at the opening. Wednesday's session on

Marshal Ferdinand Foci, supreme commander of
the Allied forces in the last six months of the World
War, died at his home in Paris on Wednesday after
suffering two months from influenza and pneumonia.
He was 77 years old at the time of his death and his
passing was peaceful. Tributes to the valiant soldier promptly poured in on France from all over the
world. The French Cabinet, meanwhile, settled on
funeral arrangements for the Marshal, who will be
given a national burial next Tuesday. King Albert
of Belgium, General Pershing and M. Clemenceau
were among those who filed by his bier Thursday to
render their final homage. President Hoover expressed sincere regret on hearing of the Marshal's
death, saying: "I realize how keenly his loss will be
felt by the French people. In this loss they have
the full sympathy of our people." In England
Premier Baldwin observed that in Marshal Foch
there had passed one of the great soldiers of all
time. "I think he will be remembered, as long as
he is remembered, as a soldier, as a great Christian,
a great gentleman and a great man," he added.




Consideration of the total of German reparations
payments and the scale of annuities was definitely
begun late last week by the Committee of Experts
who gathered at Paris Feb. 11 for the express purpose of either completing the Dawes Plan, or else
arranging a definitive scheme to replace it. The
amount of reparations to be paid, and the scale and
duration of annuities was apparently left almost
to the very end in the deliberations of the Experts'
Committee, complete plans being drawn up for a new
method of making the payments, with only the reparations amounts to be filled in. As part of the new
plan the Committee on March 9 put forward its statement regarding the projected "International Settlement Bank," which would take over the functions
of the Dawes Plan transfer organization and the
Reparations Commission. The statement was put
forward as a "feeler," to test sentiment in all countries regarding the far-reaching proposal.
There have been indications in the past week that
the proposed bank will be of greater scope than was
at first deemed likely, even though it is apparent
that its activities in connection with reparations,
transfers in cash and in kind would make it an immensely powerful international institution. The
statement issued by the experts on March 9 intimated that the new bank might take over functions
in connection with Allied debt payments to the United States as well as reparations payments by Germany to the Allies. Plans for combining these
functions in the new bank are well advanced, according to Edwin L. James, European correspond
ent
of the New York Times. "Before a month goes
by,"
he said in a Paris dispatch of March 17, as noted
in
our previous article, "the interested government
s
will probably have before them a plan providing
not

1788

FINANCIAL cHRONICLE

only for the handling of reparations on a business
basis, but also for handling the war debts among
the former Allies, as well as their debts to the United
States. Further than that, this plan would establish
an international financial institution which, starting with the business of handling these $15,000,000,000 or $20,000,000,000, would, it is expected, carve
for itself a position which would make it the most
important factor in the exchange relations of the
whole world. In other words the Young Committee
is working not only for the total liquidation of the
debts left by the world war, but to build an international bank intended to have influence of a worldwide nature in helping the business of all countries."
Originally it was proposed, the correspondent
adds, that the international bank should be owned
by the various national banks of issue, but this proposal came up against the fact that neither the Bank
of France nor the Federal Reserve Banks may own
shares in a foreign bank. "So it is now proposed
that the capital be raised privately and the directors
named by the banks of issue, and such a proposition
appears acceptable all around. Naturally, Mr.
Young and Mr. Morgan cannot pledge the Federal
Reserve Bank, but a place will be kept open for it
on the board of directors and there appears to be
in Paris tke assumption that it will be filled. The
International Bank would be established in Brussels, not only because Brussels is convenient, but
because it is believed that thereby the neutrality of
Belgium would be guaranteed permanently. Its
capital would probably be $100,000,000 in gold or its
equivalent."
A further plenary session was held by the Experts'
Committee Monday of this week, with indications
fairly definite that the remaining, and perhaps the
most difficult task—that of fixing the final total of
reparations and the amount of annuities—was under
discussion. "On reliable authority it is learned that
Mr. Young this morning had a long armchair talk
with Dr. Hjalmar Schacht, president of the Reichsbank, dealing with the question of annuities," said
Leland Stowe, correspondent of the New York Herald Tribune, in a dispatch dated Monday. The draft
for the international bank is now virtually completed, he added, and is awaiting only the insertion
of figures to make the remaining task a simple matter of work. A probable connection with the reparations discussion was seen in the unannounced arrival
in Paris Monday of S. Parker Gilbert, the general
agent for reparations payments, and in the presence
in Paris over the week-end of Winston Churchill, the
British Chancellor of the Exchequer. It was indicated that the latter conferred at length with the
British experts. The plenary session was largely
perfunctory, according to Paris reports, the three
subcommittees reporting progress but asking until
Wednesday to complete their respective plans.
The plenary session Wednesday was a very short
one, most of the negotiations relating to the amount
of reparations being conducted in frequent conversations between Mr. Young and Dr. Schacht. The
full committee received and accepted with very few
suggested alterations the final reports of the three
subcommittees which had been studying the question
of the creation of the central bank, the question of
handling payments in kind, and the question of
the proportion of fixed payments and payments
which may be deferred should the transfer situation




[vol.. 128.

make such action desirable. It was indicated in a
dispatch to the New York Herald Tribune that Dr.
Schacht would depart Friday (yesterday) to pass
the week-end in Berlin to attend a meeting of Reichsbank directors and to confer with German authorities over the figures named by the experts. The
figure offered by the Allied experts as an annuity
total, it appeared Thursday, was 1,750,000,000 marks
(about $420,000,000), the offer carrying with it various other conditions which were not revealed. The
figure, moveover, is understood to represent reparations payments of all categories, an Associated Press
report said, thus entailing a reduction of 750,000,000
marks from present annuities of 2,500,000,000 marks
under the Dawes plan. There was no attendant explanation or comment to indicate the number of
annuities or if, as is generally supposed, it was the
first figure of rising annual totals," the dispatch
added. Dr. Schacht made preparations to explain
the offer to a general meeting in Berlin of German
industrialists and the heads of German institutions,
for the purpose, it was understood, of sharing with
the Government and with the leaders of industry and
finance the responsibility of acceptance or conditional refusal of the offer.
Preliminary steps for the much-desired American
adherence to the World Court were completed in
Geneva Monday, when the International Committee
of Jurists unanimously adopted a draft protocol designed to overcome the scruples of the United States
Senate as embodied in the second part of the fifth
reservation made by that body. The protocol adopted differed but slightly from the formula suggested
by Elihu Root, former Secretary of State, who was
one of the jurists charged by the League of Nations
Council to consider revision of the statute which
created the World Court in 1920. A redraft of the
Root formula, prepared last week by Sir Cecil Hurst
of Great Britain, was definitely reported on March
11 to have been approved by the Committee. Formal
action was delayed, it was understood in Geneva, in
order to give Mr. Root time to consult Washington
on the revised text of the formula. These developments were the speedy outcome of an identic note,
addressed by Secretary of State Kellogg on Feb. 19
to all governments which have adhered to the World
Court protocol, suggesting that a formula be found
which would permit of American participation.
The protocol adopted by the Committee of Jurists,
and recommended by the committee to the League
Council, contains the proposed formula on advisory
opinions which it is presumed will prove acceptable
to the United States Senate, but the protocol otherwise is virtually the same as that drawn up on Sept.
23 1926, in answer to the American reservations.
The final report shows two additional changes in the
article on advisory opinions, apparently made as a
result of Mr. Root's consultation with Washington.
The changes are held to be favorable to the United
States and are intended to make surer the Senate's
acceptance, a Geneva dispatch of Monday to the New
York Times said. The changes are, first, instead of
the stipulation that an American "representative"
shall be appointed to receive League communications on advisory opinions, the final text says that
the Secretary General of the League "shall communicate through any channel designated for that
purpose by the United States." Second, the oppor-

MAR. 231929.]

FINANCIAL CHRONICLE

tunity for the United States to raise an objection
and obtain an exchange of views even after the
Court has been asked for its advisory opinion has
been broadened so that the United States can now
ask The Hague to stay its proceedings to this
end "if for any reason no sufficient opportunity for
an exchange of views" has previously been afforded.
The jurists who served on the committee with Mr.
Root were also unanimous in according the distinguished American a full measure of praise for the
result achieved by him in his capacity as an "unofficial intermediary" and "private citizen." The jurists, according to a Times report, are "very sanguine
that the formula provides the means for a mutual
understanding between the United States and the
League on the Senate reservations." They were far
from taking it for granted, however, that acceptance
of the new protocol by the Senate will automatically
follow, many doubts being expressed on this point,
summed up in the phrase, "It is up to the Senate."
It was also pointed out that American adherence to
the Court depends not only on the Senate, but also
upon the ratification of the new protocol by each
of the fifty-two present adherents. Since unanimity
is required, one of the nations, by refusing acceptance, can keep America out. Washington reports
of Tuesday indicated that there may be considerable
difficulty in getting the United States Senate to accept the new protocol even though "the formula as
adopted is acceptable to the Washington Government, according to authoritative reports." On
receipt of the final text from Geneva, it became apparent, a dispatch to the New York Times said, that
the irreconcilable element in the Senate did not intend to permit acceptance of the formula without a
spirited contest.
The procedure for adoption of the revised protocol
was described in Geneva reports as follows: Sir
Cecil Hurst, the British jurist, will lay the protocol
before the June meeting of the League of Nations
Council, along with an explanatory report of the
rough draft. It is considered certain that the Council will adopt the protocol and send it to court adherents with the recommendation that each accept
it, also sending a copy officially to the United States.
The League AsseMbly will then pass on it next September, with the likelihood that court adherents will
be asked to send delegates to the Assembly empOwered to sign the protocol. The time of American
entry into the court will then depend on final ratification. Even before the June Council Neeting,
however, the Secretary General of the League, as a
return courtesy for Secretary Kellogg's having sent
to the League a copy of his note to the court members, is expected to send a copy of the protocol unofficially to Washington through the United States
Minister at Berne. It is explained that the Senate
could thus accept the protocol during the extra session in April if it desired to speed up the process
of acceptance.
The full text of a report on the Committee sessions
and on the formula arrived at, as prepared by Sir
Cecil Hurst, was made available in Geneva Tuesday.
Sir Cecil outlined the requirement for acceptance
of the new protocol by the present court members
and by the United States, saying,"When that happy
result has been achieved it will be possible to feel
that further progress has been made in establishing
a reign of law among the nations of the world and




1789

in diminishing the risk that there may be of a resort
to force for the solution of their conflicts." The report summarizes the steps taken following Secretary
Kellogg's identic note of Feb. 19 to all adherents of
the court, which resulted in consideration of a suitable formula by the Committee of International
Jurists. The presence of Elihu Root was of the
"greatest assistance" to the committee in drawing
up a revised text which "is now submitted to the
Council of the League of Nations," the document
said.
"Discussions in the committee have shown," Sir
Cecil explained in his report, "that the conditions
with which the Government of the United States
thought it necessary to accompany the expression of
its willingness to adhere to the protocol establishing
the World Court owed their origin to the apprehension that the Council or the Assembly of the League
might request from the World Court advisory opinions without reference to the interest of the United
States, which might in certain cases be involved.
Those discussions have also shown that the hesitation felt by the delegates to the conference of 1926
as to recommending the acceptance of those conditions was due to the apprehension that the rights
claimed in the reservations formulated by the United
States might be exercised in a way which would interfere with the work of the Council or Assembly
and embarrass their procedure. The work of the
last committee has been to discover some method
insuring that neither on the one side nor on the other
should these apprehensions turn out to be well
founded."
It is pointed out further that only in the fifth
article of the present draft protocol are any substantial changes made from the draft protocol
prepared in 1926. "The fifth article," Sir Cecil
continues, "provides machinery by which the United
States will be made aware of any proposal in
the Council or Assembly for obtaining an advisory
opinion, and will have the opportunity of indicating
whether the interests of the United States are affected so that the Council or the Assembly, as the
case may be, may decide on its course of action in
the full knowledge of its position. One may hope
with confidence that an exchange of views so provided will be sufficient to insure that an understanding will be reached and no conflict of views will
remain. The provisions of this article should in
practice afford protection to all parties in all cases,
but if they do not it must be recognized that the solution embodied in the present proposal will not
have achieved the success that was hoped and that
the United States would be fully justified in withdrawing from the arrangement. It is for this
eventuality that the provision is made in the last
paragraph of the article. It may be hoped that should
any such withdrawal by the United States materialize it will in effect be followed or accompanied by
the conclusion of some new and satisfactory arrangement."
A short statement of the progress of the court and
on the functions of the committee of jurists was issued in Geneva Wednesday by Mr. Root. Regarding
the new protocol, he said: "The cordial expression
by all parties now supporting the court of an evidently sincere wish for the co-operation of the United
States justifies hope for favorable consideration
of this proposed agreement on their part, and the

1790

FINANCIAL CHRONICLE

[Voz. 128.

terms of Secretary Kellogg's letter inspire similar
hope as to action by the United States." Stressing
the development of the court. Mr. Root pointed out
that when a committee framed its statute in 1920 the
"undertaking was largely experimental," for "there
never had been a court such as this in the world." Referring to the jurists' committee which had just completed its deliberations, he said, "It is gratifying
that the committee in 1929 found in substance that
the improvements in the statute they were able to
recommend consisted in changes required by unexpectedly rapid development of the Court's business.
General recognition of the usefulness of the Court
in disposing of some critically dangerous controversies seems to have made the existence of the Court
a factor in the thought of both sides in most international controversies and the tendency to resolve
such controversies by an appeal to the Court increases, so that instead of being a court to be called
upon occasionally in case of need it has become an
almost continuous tribunal like the great national
courts of the civilized world. Accordingly, the lessons which the committee of 1929 has had to apply
have been lessons not of failure but of success."

knowing the territory as he does, and keeping in
mind the fact that if the rebels make a stand it will
be in an area difficult to attack. The advance on
Torreon has been mostly over rolling plains, while
the way to Chihuahua lies through great mountains
and canyons." A Federal airplane dropped several
bombs in Torreon as the rebels were withdrawing.
The investment of the city by Federal troops was
completed Sunday night, with reports from farther
north indicating that General Escobar had reached
EscaIon, 100 miles up the railway line toward
Juarez, in his flight. President Gil announced late
Sunday that some of the rebels, including Governor
Caraveo of Chihuahua, had sued for peace, but that
he had declined to negotiate with them.
There were indications, dispatches said, that the
rebel leaders had thoroughly looted the banks and
other institutions in Torreon and neighboring cities
before retreating northward, and in Mexico City the
government was reported Tuesday to. be working
out plans for the extradition of the rebel chieftains
if they should cross the United States border. Their
return would be asked as common thieves, it was
said, while at the same time the Mexican administration hopes,,through attachment and subsequent proSwift and relentless movement against the rebel- ceedings in United States courts, to recover money
lious military forces in Mexico has given the Federal and other loot taken by the rebels for probable transtroops a decided advantage this week, the insurgents mission to the American side of the border. Presiretreating precipitately before the column of loyal dent Gil estimated that money looted from vaults
troops led by General Calles in the region around of the Bank of Mexico in Monterey, Durango and
Torreon, State of Coahuila. Only in the west and Saltillo alone amounted to more than $1,250,000.
north were there any signs of rebel activity other The total money loot in all cities held by the rebels
than looting, rebel attacks appearing imminent on may run as high as $5,000,000 to $10,000,000 it was
the towns of Naco, Sonora, and Mazatlan, Sinaloa, estimated. Rail damage, according to Mexico City
which are held by isolated loyal forces. The insur- estimates, may exceed $5,000,000.
rection developed suddenly, early this month, in
Reports of Wednesday and Thursday indicated
three widely separated areas in the north, the west, that a counter-offensive was under way by the rebel
and to the east of the capital in Vera Cruz. The forces on the western coast in the state of Sinaloa,
last of the Vera Cruz movement was stamped out and in northern Soziora, the objectives being respecThursday of the present week with the capture, tively, the towns of Mazatlan and Naco. Mazatlan,
court martial and execution of General Jesus M. one of the two most important ports on the Pacific
Aguirre, who headed the movement in that state. Coast of Mexico, is held by General Jaime Carlllo,
The main body of rebel troops was concentrated at with 2,000 loyal troops, while the forces arrayed
Torreon, and former President Calles pushed on against him are estimated at 3,000 to 3,500. Naco
toward this point with a large loyal force. General is held by a force of about 1,000 Federals, who are
J. Gonzalo Escobar, leader of the revolting troops surrounded by rebel troops. In Chihuahua, the new
in Torreon, emphatically proclaimed his intention of revolutionary base of the main rebel force was es.
giving battle to the Federal forces, but it appeared tablished at Jiminez, about 350 miles south of
last Saturday that he preferred to evacuate the city Juarez. General Escobar, the leader of the rebels,
and fly northward toward Chihuahua City. A state- appeared in Juarez, opposite El Paso, Texas, late
ment issued in Mexico City by President Emilio Thursday and conferred with leaders of the rebellion
Portes Gil indicated that loyal forces were occupy- there. He declared that he would return to the south
ing Torreon without opposition of any kind. Re- in a short time. It was made known yesterday
that
ports from El Paso, Texas, indicated at the same 6,000 Federals had been ordered to Sinaloa
by Sectime that Senora Escobar, wife of the commander- retary of War Calles to stamp out the
insurrection
in-chief of the revolutionists, had entered the United there. President Gil declared that the
movement
States.
around Mazatlan was a mere flare-up which would
A skirmish occurred Sunday at a point 17 miles quickly collapse. Late reports yesterday
indicated
east of Torreon, momentarily confusing the situa- that the rebellious forces in Sinaloa had
begun their
tion, but the reports of rebel evacuation of Torreon expected attack on Mazatlan, a small force
engaging
continued and there was much conjecture regarding Federal outposts but rapidly withdrawing.
Ambasthe further phases of the revolt. "The final and sador Morrow at Mexico City reported to the
State
possibly most difficult phase of operations lies ahead Department that the Mexican Governmen
t "feels
of the Federal forces after they have consolidated sure there are not more than 2,500 rebels in the
a base at Torreon, from which they intend to move whole west coast State of Sinaloa, and has no confor the elimination of Eseobar, Topete and Manzo cern for the safety of Mazatlan.
. from Chihuahua and Sonora," a Mexico City report
to the New York Times said. "General Canes, who
Increased tension has marked the political situais a native of Sonora, will proceed with caution, tion in China in recent weeks, with disaffection evi-




\

MAR. 23 1929.]

1791

FINANCIAL CHRONICLE

dent in a number of areas, while the loyalty of
several of the provincial war lords to the new central government at Nanking is openly questioned.
Marshal Chang Tsung-chang is continuing his
campaign for conquering his old domain of Shantung, although Nanking troops still control the important coast city of Chefoo. Chang's troops are
estimated at 26,000, while the loyal forces are placed
at 5,000. Should Chefoo fall to the former Military
Governor of Shantung, then he would again control
his old province in defiance of the Nationalist authorities at Nanking. In the interior province of
Wuhan, and in Kwangtung, the Military Governors
have been in more or less open defiance of Nanking,
owing to a military coup at Changsha. This was
reported to have been patched up, but clashes occurred early this week. The Nanking Government
dispatched thousands of troops up the Yangtse River
toward Hankow and Kiukiang, centers of disturbance.
President Chiang Kai-shek attempted to smooth
over the difficulties, but he has apparently
been unsuccessful and on Thursday he issued a virtual threat to the effect that the Nationalist Government would not hesitate to use "revolutionary
methods." Marshal Feng Yu-hsiang, governor of
Honan province, resigned last Sunday as Minister
of War of the Nationalits Government. His allegiance is always doubtful and it was made more
dubious than ever by this action. In Nanking itself
a decided split has developed between the inner government circle and forces of the "left." Martial
law reigns in the capital.

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Mar. 20
Mar. 21
Mar. 23
Mar. 24
Mar. 25
1929.
1925.
1928.
1927.
1926.
Circulation
b853,868,000 134,392,000 136,254,260
19,424,000 14,141,000 17,396,554
Public deposits
99,594,000 101,673,000 104,031,366
Other deposits
Bankers' accounts 62,332,000
Other accounts.-- 37,262,000
Governm't securities 47,916,855 32,880,000 30,797,560
Other securities— 30,466,000 58,131,000 74,733,078
D1sct. dz advances 12,582.000
17,884,000
Securities
Reserve notes & coin 58,957,000 43,011,000 34,220,743
Coin and bullion__2152,825,852 157,653,289 150,725,003
Proportion of reserve
37.17%
28.19%
to liabilities
49.53%
Bank rate
5%
435%
%

141,617,310 124,378,215
14,405,513 15,488,418
108,372,702 105,916,468

43,585,328 38.798,303
72,520,510 76.899,648

24,975,493 23,991,581
146,842,803 128,619,796
20.34%
5%

19%%
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.
b 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.

In its statement for the week ending Mar. 16, the
Bank of France revealed a decrease in note circulation of 535,000,000 francs, reducing the total to
62,879,373,510 francs as against 63,414,373,510
francs last week and 64,226,373,510 francs the week
before. Creditor current accounts declined 735,000,000 francs and current accounts declined 970,000,000 francs. Due to an increase of 10,848,793
francs during the week, gold holdings now aggregate
34,034,736,350 francs, credit balances abroad dropped
510,541,086 francs, and French commercial bills discounted 770,000,000 francs. Bills bought abroad
rose 3,000,000 francs and advances against securities
18,000,000 francs. Below we furnish a comparison
of the various items of the Bank's return for the past
three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Mar. 16 1929. Mar,9 1929, Mar. 2 1929.
Francs,
Francs.
Francs.
Francs.
Gold holdlugs__Inc. 10,848,793 34,034.736.350 34,023,887,557 34,063,146,745
Credit bals. abed_Dec.510,541,086 10,965,483,593 11,476,024,679 11,473,970,667
French commercial
bills discounted_Dec. 770,000,000 4,486,415,010 5,256.415,010 4,235,415,010
Bills bought abed_Ine. 3,000.000 18,282,654,185 18,279,654,185 18,298,654,185
Adv.asst.securs....Inc. 18,000.000 2,383,732,452 2,365,732.452 2,404,732.459
Note circulation—Dec. 535,000,000 62,879,373,510 63,414,373,510 64,226,373,510
Cred. curr. acets_Dec. 735,000,000 18,104,250,874 18,839,250,874 17,805,250,874
Cnrr.wets &dep_Dec.970,000,000 6,261,014,878 7,231,014,878 5,885,014.878
•

There have been no changes this week in the discount rates of any of the European central banks.
Rates continue at 7% in Italy; at 61A% in Germany
and Austria; 6% in Italy; 53/2% in Great Britain,
Norway and Spain; 5% in Denmark; 43/2% in Holland and Sweden; 4% in Belgium, and WA% in
France and Swizterland. London open market
discounts for both short and long bills are 5 5-16@
58
4% against 534@5/% for the former and 53A%
for the latter on Friday of last week. Money on
call in London was 438% yesterday. At Paris open
market discounts remain at 3 7-16% and in Switzerland at 3 8%.
The Bank of England statement again this week
shows an increase in gold holdings this time of
£756,972, bringing the total up to £152,825,852,
compared with £152,068,880 last week and £157,653,289 for the corresponding week last year. Circulation fell off £1,136,000 which, together with the
added amount of bullion, brought about a rise of
£1,893,000 in reserves. The rate of discount continues at 532%. Loans on government security
expanded £3,080,000 and loans on other security
£1,141,000. This latter comprises "Discounts and
Advances" and "Securities" which gained £65,000
and £1,076,000 respectively. Public deposits increased £7,490,000 while other deposits dropped
£1,421,000. Other deposits include "Bankers Accounts," and "Other Accounts," the former showed
a loss of £1,052,000 and the latter of £369,000. The
proportion of reserve to liability is 49.53% this week
as against 50.52% last week and 37.17% this week
last year. Below we give a !detailed account of the
statement for 5 years:




The Bank of Germany, in its statement for the
second week of March, reports a decrease in note
circulation of 171,856,000 marks, reducing the total
to 4,165,804,000 marks, as compared with 3,885,783,000 marks last year and 3,143,778,000 marks the
year before. Other daily maturing obligations dropped 54,430,000 marks, while other liabilities gained
13,026,000 marks. The asset side shows a decrease
in gold and bullion of 35,955,000 marks, in reserve
in foreign currency of 60,169,000 marks, in bills of
exchange and checks of 50,295,000 marks and in
advances of 94,812,000 marks. Silver and other
coin increased 12,685,000 marks, notes on other
German banks 3,938,000 marks and other assets
11,348,000 marks, while deposits abroad and investments remained unchanged. Below we give a comparison of the bank's return for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Mar.151929. Afar.15 1928. Mar. 15 1927.
Assets—
Reichstnarks.
Reichsmarks. Reichsmark:. Reichsmark:,
Gold and bullion
Dec. 35,955,000 2,646,874,000 1,888.103,000 1,844,002,000
Of which depos.ab'rd.. Unchanged.
85,628,000
93,007,000
85,626,000
Rea've in for'n curr---Deo. 60,169,000 • 67,769,000 262,070,000 224,134,000
BIM ofexch. de checks.Dee. 50,295,000 1.720,214,000 2,000,685,000 1,508,990,000
Silver dc other coin_ _Inc. 12,685,000 320,945,000
69,518,000 188,028,000
Noteson oth.Ger.bkajnc
3,938,000
21,078,000
22,428,000
19.955,000
Dar 94,812,000
91,040,000
Advances
58,983,000
19,582.000
Unchanged.
93,136,000
Investments
94,239,000
92.780,000
Other assets
Inc.11.348.000 817,443,000 534,433,000 476,702,000
LtobUffiss—
Notes in circulation —Dee.171,856,000 4,165,804,000 3,885,783,000 3,143,773,000
0th. daily mat.oblig-Des. 54,430,000 448,517,000 492,057,000 628,720,000
lae. 13.026.000 194,725,000 177,737,000 191,711,000
Other liabilities
•..•

1792

FINANCIAL CHRONICLE

[VoL. 128.

DELIVERY WITHIN THIRTY DAYS.
Money rates in the New York market again showed Eligible membersFOR
banks
534 b14
indications this week of the underlying tension in the Eligible non-member banks
534 bill
general credit situation. The time of greatest spring
demand for accommodation is rapidly approaching,
There have been no changes this week in Federal
and expectations of the course of rates in the near Reserve Bank rates. The following is the schedule
future were reflected this week in a tightening of time of rates now in effect for the various classes of paper
money rates to a general level of 8%. Daily call at the different Reserve banks:
money fluctuated around the levels established in DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
recent weeks. At the opening Monday renewals
Rate in
were 7%, but withdrawals of about $20,000,000 by
Date
Previous
Federal Reserte Bank.
Effect on
Rata.
Estahlished.
Afar. 22.
the banks cut into the available supply and the figure
July 19 1928
434
a
was advanced to 8%. With supply light Tuesday, Rolston
New York
a
July 13 1928
434
Philadelphia
July 26 1928
434
5
the rate advanced from a renewal figure of 8% to Cleveland
Aug. 1 1928
434
a
Richmond
July 13 1928
5
434
a close at 10%, banks withdrawing a further $15,- Atlanta
July 14 1928
5
434
Chicago
1925
5
July
11
434
range
WednesThe
of
the
day.
000,000 in the course
St. Louis
a
July 19 1928
434
4,
Apr. 25 1928
434
day was from 9 to 10%, the higher figure prevailing, Minneapolis
Kansas City
4
434
June 7 1928
Dallas
5
Mar. 2 1929
434
but more funds were attracted at this figure and San
4
Francisco
434
June 2 1928
in the outside market 9% was again quoted. Withdrawals for the day again totaled about $15,000,000.
Sterling exchange has again been higher, although
The official call loan rate Thursday was 9% through- at various times the action of the market showed an
out, with street loans available at 8%. Rates for underlying ease which might readily force rates
acceptances were advanced % of 1%, however, lower were there any real activity. The rate is
overshadowing the developments in call and time evidently maintained at just above the shipping
money. In yesterday's market, 9% was again poiht for gold from London to New York through
quoted for renewals, and this rate was maintained the co-operative efforts of the central banks and the
all day, with no outside offerings at lower figures. leading commercial banks on both sides. The
Withdrawls were nominal. Brokers' loans against London branches of American banks have for several
stock and bond collateral in the statement of the weeks, in a spirit of co-operation with th•e wishes
Federal Reserve Bank for the week ended Wednesday of the banking authorities on this side, been disnight showed the huge further increase of $166,- couraging the transfer of funds from London to
000,000, carrying the total to new record heights. New York and this policy has been an important
Gold imports for the week, in the official tabulation factor in maintaining sterling since the increase
of the Federal Reserve Bank,amounted to $9,216,000 in the Bank of England rate of discount to 53/27o.
while exports were $357,000.
The range this week has been from 4.84 13-16 to
4.85 5-32 for bankers' sight, compared with 4.84 9-16
Dealing in detail with the call loan rates on the to 4.85 3-16 last week. The range for cable trans/, compared with
Stock Exchange from day to day, the renewal rate fers has been from 4.853 to 4.855
on Monday was 7%, but the rate on new loans rose 4.85 1-16 to 4.85 19-32 the previous week. The
to 8%. On Tuesday after the renewal rate had main factors affecting sterling exchange are little
been fixed at 8%,there was an advance to 10% and changed from the past few months and may be
on Wednesday after renewals had been effected at ascribed to the firm money rates in the New York
9% there was again an advance to 10%. On Thurs- collateral loan market. According to all precedent
day and Friday all loans on the Stock Exchange sterling should be relatively firm as a seasonal matter
were at 9% including renewals. Time loans ruled at in March, especially in the second half of the month,
8% for 30, 60 and 90-day maturities on every day and favoring seasonal influences should continue
of the week, with the rate for four, five and six until toward September. This year, however,
4%, but on Friday the rate for the latter the credit situation is so involved that the
months 73
was also raised to 8%. Little or no business in time seasonal factors of firmness are apparently without
money has been done. Commercial pauper has also effect.
As already noted, the money market here has
again continued dull with little or no market. Rates
for names of choice character maturing in four to developed still greater firmness during the week. This
six months are now 54%. Names less well known was seen in call money against Stock Exchange
command 6%, with New England mill paper sel- collateral going as high as 10%, but a more important
indicator of the tight credit situation is seen in a
ling at 5%@6%.
Rates for banks' and bankers' acceptances were further advance in bank acceptance rates of % of 1%
advanced % of 1% for all maturities on Thursday. on Thursday, so that ninety-day bills are now offered
The posted rates of the American Acceptance Council by dealers to yield the investing buyer 532%, and 5
are now 532% bid and 5%% asked for bills run- and 6-months bills to yield 5%%. This means that
ning 30 days, 5%% bid and 53/2% asked for bills at these rates acceptance creclits cost the borrower
running 60 and 90 days, 541% bid and 532% asked froth 63.% to 63/2%, an extremely high rate for
for 120 days, and 538% bid and 5N% asked for 150 commercial borrowing. It is also taken to indicate •
and 180 days. The Acceptance Council no longer that the possibility of an increase in the rediscount
gives the rate for call loans secured by acceptances, rate of one or more of the Federal Reserve banks is
the rates varying widely. Open market rates for ac- imminent. The Federal Reserve banks also raised
ceptances have also been advanced as follows:
their buying rate for bills % of 1%. Foreign banks
are among the largest holders of acceptances on this
SPOT DELIVERY.
—150 Deffit---• —120 Days— side and of course this fact must militate against the
—180
Ind. Asked.
Bid. Asked.
BM. Asked.
5%
exchanges. Were it not for the fact that for reasons
Prime eligible bills
514
5%
5%
5%
—90 Dan-- —60 Da1/1.--.• —30 Mtn— of policy bankers have refrained from engaging in
Bid. Asked.
Bid. Asked.
gold transactions in supporting the exchanges, sterl5%
5%
Prime eligible bills
5%
6%
61
6%




MAR. 23 1929.]

FINANCIAL CHRONICLE

1793

y the market continued
ing would doubtless go lower and gold would move to 4.85 9-16. On Wednesda
easier tone. The range
slightly
a
with
but
irregular
this side from London and from several other centers
sight and 4.85 5-16
bankers'
1-16:for
85
4.84%@4.
was
European
in volume. As it is, there is talk in several
On Thursday the
transfers.
cable
for
7-16
@,4.85
in
rates
centers of higher central bank rediscount
.
Bankers' sight
unchanged
and
dull
was
market
comand
business
Europe, and while the industrial
cable
transfers were
and
1-16,
85
4.85%@4.
was
the
at
displeasure
express
munity of Great Britain
the
range was
Friday
rate of rediscount at the Bank of 4.85 5-16@4.85 7-16. On
present 5
4.85%@
and
sight
bankers'
England, bankers generally feel that there will be a 4.84%@4.85 1-16 for
Closing
quotations
transfers.
still further increase in the English rate if sterling is 4.85 13-32 for cable
% for
demand and 4.853
to be maintained above the gold point. Bankers on Friday were 4.85 for
finished
bills
at
sight
l
Commercia
say that in the present situation a 534% New York cable transfers.
4.77
at
bills
-day
90
4.80;
8;
at
bills
-day
60
rate would in all probability force sterling down to 4.84%;
and
seven4.80,
at
days)
(60
payment
for
far
documents
the gold point and the Bank of England is as yet
for payfrom able to afford a loss in gold. It has acquired day grain bills at 4.84. Cotton and grain
.
8
4.84
at
closed
ment
but
next
weeks,
substantial amounts in the past few
Tuesday there will be only £17,000 available in the
The Continental exchanges have been irregular
London open market.
held fairly
This week the Bank of England secured £894,200 throughout the week and while rates have
neverhave
pressure
of
in gold bars in the London open market, the largest steady on average, evidences
been
have
marks
German
amount to be obtained in the market in recent theless been apparent.
transfers,
cable
for
2
23.723/
around
weeks. The position of the Bank is therefore con- maintained at
k. As
siderably improved over a week ago, but should largely through the efforts of the Reichsban
a
reported
Bank
Reserve
Federal
the
above,
sterling come under the full influence of the New noted
bankIn
Germany.
from
$7,960,000
of
import
York money rates it would not take long to reduce gold
movethe Bank of England's gold reserve to the Cunliffe ing circles it is asserted that the German gold
within
0
$20,000,00
te
approxima
will
side
this
to
shows
ment
England
minimum. This week the Bank of
statement as
an increase in gold holdings of £756,972. On Satur- the next,few weeks. The Reichsbank
holdin
day last the Bank of England sold £1,711 in gold of March 15 showed a further reduction gold
a de000
marks,
bars and exported £2,000 in sovereigns. On Tuesday, ings, the total standing at 2,646,814,
weeks.
last
two
the
in
as already noted, the Bank bought £894,200 in gold crease of 82,000,000 marks
k bebars in the open market. On Wednesday London Most of the gold exported by the Reichsban is
German
The
York.
New
for
dispatches stated that £2,000,000 in sovereigns was lieved to be destined
received from Holland. On Thursday the Bank banking authorities have repeatedly stated that they
bought £1,555 in gold bars and exported £12,000 were willing to part with gold if and when the mark
k is
in sovereigns. On Friday the Bank bought £6,462 reaches the gold export point. The Reichsban
volunbut
has
gold,
sell
to
obligation
legal
no
under
in gold bars.
At the Port of New York the gold movement for tarily undertaken the shipments to New York, owing
which it was
the week March 14-20 inclusive, as reported by the to the adverse trend of the exchange,
sale
of its forFederal Reserve Bank of New York, consisted of unable to counteract by means of the
's
imports of $9,216,000, of which $7,960,000 came eign exchange holdings. The Reichsbank holdings
from Germany, $1,000,000 from Argentina, and are still considerably above legal minimum. Bankers
of ex$256,000 chiefly from Latin America. The exports believe that as a result of the Paris conference
German
the
in
nt
improveme
were $357,000, of which $241,000 was shipped to perts there will be an
that
Straits Settlements, $103,000 to Germany, and exchange situation, although many bankers state
York
New
the
remains
and
is
$13,000 to India. There was no Canadian move- the key to the situation
ment of gold either to or from New York. The call money market. So long as present high money
Federal Reserve Bank reported no change in gold rates are maintained here, German would-be borrowearmarked for foreign account. Canadian exchange ers are unable to compete with New York, and Gercontinues at a discount. Montreal funds ranged man and foreign funds are likely to be transferred
this week from 21-32 to % of 1% discount. The from Germany to Wall Street.
French francs have been comparatively inactive,
undertone of Canadian is decidedly better than a
money
the
in
firm
the rates have been maintained at about last
rates
but
ss,
Neverthele
ago.
week
New York continue attractive to Montreal funds week's level through the foreign exchange operations
and are, of course, largely responsible for the heavy of the Bank of France. French funds continue to
discount. The comparative strength displayed by be attracted by the higher money rates prevailing in
Canadian this week, as compared with a week ago, Berlin, London and New York. London bankers
is attributed to short covering. Foreign exchange state that French balances in London have undergone
traders say that a number of dealers in exchange a marked reduction since the first of the year, as
expected the rate on Montreal funds to go well these funds have been transferred to New York in
below the 1 1-64% discount recorded last week. considerable amount. In addition, the French dollar
When strength developed these traders were forced balances, which had been reduced by the gold purchases in New York, had to be replenished to some
to cover their commitments.
This transfer of French funds to New York
on
sterling
rates
extent.
Saturday
day-to-day
to
Referring
Bank of France to use strenuous measthe
half
session.
compels
dull
usual
the
Bankers'
in
firm
last was
the franc. The reduction in the
support
I(4)
cable
to
5;
4.853
transfers,
ures
13-16(4)4.8
4.84
was
sight
is believed to be one of the
balances
London
was
the
market
French
firmer.
Monday
On
15-32.
4.85
The range was 4.84 15-16@)4.85 5-32 for bankers' causes of weakness in sterling exchange. Italian lire
sight and 4.853%@4.853% for cable transfers. On have been comparatively quiet as the,flow of funds
Tuesday the market was irregular. Bankers' sight to the Italian market which was so noticeable during
%@ a large part of last year has persistently diminished
was 4.84 15-16@4.85%; cable transfers, 4.853




1794

FINANCIAL CHRONICLE

[VOL. 128.
for a long time. The Italian banks are obliged to
Bankers' sight on Amsterdam finished on Friday
support exchange.
at 40.024
3 against 40.03 on Friday of last week; cable
The London check rate on Paris closed at 124.27 transfers at 40.044
3 , against 40.05, and commercial
on Friday of this week, against 124.25 on Friday of sight bills at 39.98, against
39.99. Swiss francs closed
last week. In New York sight bills on the French at
19.233 for bankers' sight bills and at 19.243. for
centre finished at 3.90 5-16 on Friday, against &WI cable transfers, in
comparison with 19.223' and
on Friday a week ago, cable transfers at 3.90 9-16, 19.233/i a week earlier.
Copenhagen checks finagainst 3.90M and commercial sight bills at 3.90 1-16, ished at 26.64, and
cable transfers at 26.653/2,
against 3.90. Antwerp belgas finished at 13.88 for against 2
6.633/i and 26.65. Checks on Sweden closed
checks and 13.889j for cable transfers, as against at 26.70
and cable transfers at 26.72, against
13.88 and 13.889 on Friday of last week. Final 26.69 and 26.71, while
checks on Norway finished
quotations for Berlin marks were 23.713/b for checks at 26.65 and cable transfers at
26.67, against 26.65
and 23.723/b for cable transfers, in comparison with and 26.663/2. Spanish pesetas
closed at 15.13 for
23.713/
2 and 23.723/i a week earlier. Italian lire checks and 15.14 for cable transfers,
which compares
closed at 5.23/
3i for bankers' sight bills and at 5.23%
5 with 15.37 and 15.38 a week earlier.
for cable transfers, as against 5.233. and 5.233/ on
Friday of last week. Austrian :schillings closed at
The South American exchanges are lower. Argen14.05 on Friday of this week, against 14.05 on Friday tine paper pesos have been in somewhat
better deof last week. Exchange on Czechoslovakia finished mand, but still have declined. As noted
above, the
at 2.96/
1 ; on Bucharest at 593/2, Federal Reserve Bank reported an importation of
38, against 2.964
against 0.5932; on Poland at 11.23, against 11.23, $1,000,000 gold from Argentina. It is
believed that
and on Finland at 2.52, against 2.52. Greek ex- several million dollars more will come
from Buenos
change closed at 1.293 for checks and 1.293/
2 for Aires before the end of the month. Buenos Aires
cable transfers, against 1.293 and 1.29.
also feels the pull of the New York money market,
and funds which might be expected to go to Buenos
The exchanges on the countries neutral during the Aires at this time and which might support the
firmer
war, like the major Europeans, all show evidence of seasonal trend of the peso are being largely
withheld.
pressure, with demand in the neutrals for marks, Against this cross current it is difficult for the
peso
sterling, and dollars uncompensated by correspond- to develop the seasonal firmness which the prospects
ing demand for neutral exchanges. The Scandina- of an exceptionally good export season would
seem
vians, however, show less pressure than Holland to justify. Brazilian milreis have been exceptiona
lly
guilders. London dispatches stated on Wednesday weak. This condition is attributed partly
to reathat the importation into Great Britain of over L2,- sons affecting the backwardness in Argentine
ex000,000 in sovereigns from Holland was puzzling the change, but is more largely a result of depressed local
London market. In some quarters it was suggested business conditions in Rio de Janeiro, Sao
Paulo
that the gold may be en route to New York. This and some of the other Brazilian cities. Argentine
could not be confirmed. Another explanation is that paper pesos closed on Friday at 42.05 for
checks, as
one of the London joint-stock banks has purchased compared, with 42.08 on Friday of last week
and at;
the gold for resale to the Bank of England. A further 42.10 for cable transfers, against 42.13. Brazilian
theory put forth is that the Bank of The Netherlands milreis finished at 11.82 for checks and 11.85
for cable
is depositing sovereigns with the Bank of England in transfers, against 11.85 and 11.88. Chilean exchange
furtherance of the policy of supporting guilder ex- closed at 12.10 for checks and 12.15 for cable transchange. Bankers believe that the Bank of The Neth- fers, against 123/i and 12 3-16, and Peru at 4.00 for
erlands will shortly increase its rediscount rate, al- checks and 4.01 for cable transfers, against 4.00 and
though the gold shipment to London may cause a 4.01.
postponement of higher rediscount policy. On Feb. 4
the bank held foreign bills totaling 205,600,000 guildThe Far Eastern exchanges have been quiet.
ers.
Japanese yen have been ruling fractionally easier
This item has been reduced to 132,300,000 than last week owing partly to slightly better quotaguilders. A large amount of Dutch credit is going tions for Chinese exchange which are governed by
into foreign enterprises. This is one of the reasons the price of silver. In the main, however, the
for the weakness in the guilder. Foreign issues floated weakness in yen is the result of the low money rates
in Holland totaled 326,800,000 guilders in 1928, com- in Tokio which continue as during many months past
pared with 49,100,000 guilders in 1924. Spanish pe- to induce heavy transfers of Japanese funds to the
setas have been irregular and subject to wide fluctua- British and American markets. London advicea
tions. The peseta has been heavily sold on the state that money in India is tight and that the
Continent for many weeks, especially at Amsterdam. Imperial Bank's cash balances have fallen to unusuSo far as the market has been able to learn there is ally low levels, and the cash ratio to roughly 15.6%.
no official support coming for the Spanish unit and Heavy cotton stocks at Bombay constitute one of the
banks abroad operating for the Madrid foreign ex- chief causes of the pressure for funds in India. The
change committee were buying only nominally. In increase in the Indian bank rate toward the middle
many quarters it is believed that the plans of the of February strengthened rupee exchange. Closing
Government to restore the peseta to its parity have quotations for yen checks Friday were.
44.35@441A,
been postponed indefinitely. There are no official against 4432@,44% on Friday of last week. Hong
expressions emanating from Madrid with regard to Kong closed at 494
1 @49 5-16, against 48%@,49 3-16;
the Government's plans. London dispatches on Tues- Shanghai at 62%@62 11-16, against 623/s®62 9-16;
day stated that advices had been received from Manila at 50, against 50; Singapore at 56%(4)563/,
Madrid stating that the discount rate of the Bank of against 5834(4)563'; Bombay at 36
against 363',
Spain would soon be reduced to 5% from 53'%, but and Calcutta at 363, against 363'.
this report also lacked confirmation.




MAR. 23 1929.]

FINANCIAL CHRONICLE

1795

Pursuant to the requirements of Section 522 of the
Fair Play in International Finance-The
Tariff Act of 1922, the Federal Reserve Bank is now
Case of the General Electric of Great
certifying daily to the Secretary of the Treasury the
Britain.
buying rate for cable transfers in the different counLondon during the past
from
dispatches
Press
tries of the world. We give below a record for the
the
that
controversy between the
indicate
days
few
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE General Electric, Ltd., a British corporation, and
BANES TO TREASURY UNDER TARIFF ACTS OF 1922.
MAR. 16 1929 TO MAR. 22 1929, INCLUSIVE.
a protective committee of the company's American
has reached a temporary impasse, and
stockholders,
Noon Buying Rats for Cable Transfers to New York,
Value in United States Money.
Country and Manua
Unit.
upon which an amicable settleconditions
the
that
Mar.16. Mar. 18. Mar. 19. Mar. 20. Mar.21. Mar.22.
at have not yet been made
arrived
be
may
ment
$
S
$
a
$
EUROPE$
Austria, schilling __-- .140511 .140547 .140491 .140548 .140513 .140517
that the shareholders of
recalled
be
will
It
clear.
.138832 .138836 .138842 .138844 .138830 .138832
Belgium. belga
007179 .007211 .007177 .007218 .007177 .007186
Bulgaria,ley
meeting on March
special
a
at
Ltd.,
Electric,
General
.029605
.029804
.029605 .029610
Czechoslovakia, krone .029606 .029604
266432 .266518 .266545 .266496 .266486 .266526
Denmark, krone
13, voted to restrict a new issue of 1,600,000 shares
England, pound et
4.853098 4.854557 4.854359 4.853016 4.853203 4.853333
ling
a stock to British subjects, thereby excluding from
.025173 .025173 .025169 .025168 .025163 .025167
Finland, markka
039049 .039051 .039052 .039047 .
.039048
France. franc
participation in the new issue American shareGermany.reichsmark_ .237217 .237229 .237225 .237229 .237226 .237226
012920 .012917 .012923 .012921 .012922 .012918
Greece, drachma
.400465 .400503 .400517 .400447 .400464 .400445
Holland. guilder
holders, whose holdings are stated to amount to
.174255 .174245 .174271 .174248 .174235 .174239
Hungary. pengo
.052350
.052352
.052347
.052360
lira
.052346
.052352
Italy,
some 60% of the stock previously issued. The
.266598 .266646 .266683 .268644 .266626 .266625
Norway. krone
.111984 .112000 .111954 .111995 .111962 .111962
Poland.zloty
British corporation did not, as was at first stated
.044490 .044550 .044655 .044850 .044640 .044560
Portugal, escudo
Rumania.leu
.005970 .005966 .005965 .005967 .005963 .005965
to be its intention, offer the new stock to present
151450 .149202 .150571 .151469 .152419 .151502
Spain, peseta
267082 .267103 .267134 .267110 .267102 .267111
Sweden,krona
British stockholders alone, but offered 1,500,000 of
Switzerland, franc-- .192319 .192331 .192365 .192330 .192335 .192347
Yugoslavia. dinar_ -- .017560 .017566 .017559 .017560 .017558 .017565
the 1,600,000 shares to the British public through
ASIAChinaBritish Foreign and Colonial Corporation, under
the
.643541 .643750 .844375 .644166 .645208 .646458
Cheloo tael
Hankow tael
.635781 .636406 .638718 .636562 .637968 .638906
.623214
.621071
an
.621875
by which the latter corporation was
.621607
agreement
Shang tael
.620982
.623750
.656041 .655833 .655625 .656666 .656458 .658125
Tientsin tael
which have a value of £1 each, at
to
Hong Kong dollar-- .487678 .487589 .487948 .488203 .489303 .489553
shares,
allot
the
Mexican dollar.--- .448500 .449000 .448500 .448250 .449250 .449250
Tientsin or Pelyang
£2. 2s., the corporation itself
exceed
a
to
not
price
.448750 .448750 .448750 .448750 .449166 .450000
dollar
.445416 .448750 .445416 .445416 .445833 .446686
Yuan dollar
or about lOs below the cur£2,
at
shares
the
buying
.363541 .363706 .363703 .363635 .363600 .364131
India, rupee
.445436 .445531 .445313 .445062 .444468 .443528
Japan. yen
rent
quotation.
Singapore(8.8.)dolIar. .560833 .560625 .560416 .560416 .560616 .560816
NORTH AMER.Following the receipt by Sir Hugo Hirst, Chair.993802 .994336 .993819 .994225 .995394 .995354
Canada. dollar
1.000310 1.000310 1.000153 1.000039 1.000031 1.000000
Cuba,Peso
man
of the British company, of earnest protests
.483733
.482550
.482575 .482300 .482333 .482633
Mexico, peso
Newfoundland. dollar .991365 .991797 .991312 .991620 .992625 .992745
from the American committee headed by Thomas L.
SOUTH AMER.Argentina, peeofgeld) .955402 .955460 .955582 .955351 .955310 .955351
Chadbourne, it was announced on March 16, that
.118416 .118390 .118400 .118305 .117682 .117743
Brazil, milrele
120639 .120651 .120683 .120563 .120832 .120641
Chile, peso
1.013818 1.013799 1.013339 1.013034 1.013239 1.012809
the
issuance of the 1,500,000 "British ordinary
Uruguay. DODO
.970900 .963900 .983900 .963900 .963900 .963900
Colombia. peep
shares" authorized on March 13, had been postponed.
Owing to a marked disinclination on the part of The London correspondent of the New York
two or three leading institutions among the New "Times," cabling on Monday, took special pains to
York Clearing House banks to keep up compiling point out that the controversy was being conducted
the figures for us, we find ourselves obliged to dis- in the most friendly spirit on both sides, and that
continue the publication of the table we have been an amicable solution of the difficulty might be
giving for so many years showing the shipments and looked for in a few days. On Wednesday, however,
it became known that the negotiations, whatever
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed- they were, were not running smoothly, and the
eral Reserve Bank on Dec.6 1920, it is also no longer publication of cables exchanged between Sir Hugo
possible to show the effect of Government operations Hirst and the American committee seemed to show
in the Clearing House institutions. The Federal that the two parties had not yet reached common
Reserve Bank of New York was creditor at the Clear ground.
ing House each day as follows:
The American committee, in a statement made
DAILY CRED1 BALANCES OF NEW YORK FEDERAL RESERVE BANK
on March 13, explained that while it had
public
Al' CLEARING HOUSE.
engaged counsel in London to protect the
promptly
Saturday, Monday, Tuesday, Wednesday Thursd'th Friday.
Aggreyate
for Week.
Mar. 16. Mar. 18. Mar. 19. Mar. 20. Mar. 21. Mar, 22.
interest of American shareholders, it had not had
$
$
$
a
8 Cr. $
$
163.000,000
188.000,000
135.000.000
314.000,000
235.000.000
163,000,00C
1,098.000.001 time to have recourse to the courts in advance of
"The committee did,
Note.-The foregoing heavy credits reflect the huge mass of checks which come the shareholders' meeting.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances, however, file a formal protest with the company
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented in und appeared by counsel at the shareholders' meetthe daily balances. The large volume of checks on institutions located outside of
New Cork are not accounted for in arriving at these balances, as such checks do ing to protest against what the committee believes
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.
to be a flagrant deprivation of the property rights
The following table indicates the amount of but of the American shareholders, the committee being
of the conviction that no management would or
lion in the principal European banks:
could willfully disregard the rights of its shareMarch 22 1928.
March 211929,
Banks of
holders and that the British sense of justice would
Gold.
Silver.
Silver.
Gold.
Total.
Total.
not permit a confiscation of property rights." "The
£
£
152,825,852 157,653,289
England_ - 152,825,852
157.653,289 committee intends," the statement concluded, "to
d
188,554.022147,181,103 18,717,592 160,898,895
France a-- 188,554,022
994,600 91,118,450 find out whether American shareholders in this
Germany 128,062,400 c994,600 129,057,000 90,123,850
102,377,000 28,415,000 130,792,000 104,311,000 27,817,000 132,128,000
Spain
54,711,000
54,711,000 49,181,000
Italy
49,181,000 company may expect no consideration of their rights
Netherr ds 30,627,000 1,761,000 32,388,000 38,265,000 2,212,000 38,477,000
Net. Beig. 25,902,000 1,268,000 27,170,000 21,440,00
1,244,000 22,684,000
protection under English law."
8witzeri'd. 19.257,000 1,813,000 21,070,000 17,294,000 2,506,000 19,800.000 and no
13,076,000 12,950,000
Sweden__ 13,078,000
12,950,000
message made public by General Eleccable
a
In
470,000 10,063,000 10,109,000
841,000 10,750,000
Denmark.. 9,593.0001
8,158,000 8,180,000
8,180,000
Norway - 8,158,000
tric, Ltd., on March 16, the American committee
Total week 733,143,274 34,721.600767,864.874654,888,242 49,132.192703.820,434
Prey. week 725,943,933 34,827,600760.771,533654,666,704 58,193.192 712,859,890 expressed great concern lest the action of the coma These are the gold holdings of the silk of France as reported in the new form pany "in proceeding with the creation of an issue
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 1924
of 1,500,000 British shares may seriously prejudice
Silver 113 now reported at only a trilling sum.
d




1796

FINANCIAL CHRONICLE

[Vou 128.

the good financial relationship between our respec- presumably through a preponderant British ownertive markets," and suggested that "in order to attain ship of the stock, would seem to be the opportunity
a friendly settlement without friction or hurting that would be offered, especially to small investors,
the sentiments of either market, you should con- to acquire the shares of a British-owned company,
sider negotiations on some different financial basis and a possible incentive to use the company's prodwhich will obtain effective management and which ucts, to a greater extent than the products of comwill not deprive the American stockholders of any peting foreign companies, because the company
was
proprietary ownership in the company." Sir Hugo British-owned. Both of these points were urged by
Hirst, in reply, expressed cordial appreciation of Sir Hugo Hirst in a cable to the American committhe suggestion, announced that "we have been in tee which was published in the London "Financia
l
close touch with our financial advisers and they News" of March 11, but it is not quite clear that the
have elaborated a plan which in our opinion safe- benefits of the policy, as Sir Hugo contended, "will
guards both objects," and suggested the appoint- come equally to all the proprietors, whatever their
ment of "duly authorized representatives for dis- nationality."
cussion with our financial advisers." The issuing
The gratifying feature of this deplorable incident
house, he added, had been asked to hold up the is- is the widespread criticism which the action of Sir
suance of the 1,500,000 British shares. On Monday, Hugo Hirst and his associates has evoked in EngSir Hugo again cabled the suggestion that "as we land. Several British journals of high standing and
are on the point of completing proposals which important circulation have denounced the action of
we feel will meet all reasonable criticism leveled the shareholders in the strongest terms as not only
against us," the American committee would save discourteous, but reprehensible. It appears to have
time by designating a London representative to join been widely recognized in England that the exin the negotiations.
clusion of American shareholders from participaInstead of clarifying the issue, Sir Hugo's Mon- tion in the new shares whose issuance has been
day cable appeared to confuse it. The American approved deprives the American holders of a privicommittee, in a cable on Wednesday, declared that lege, and presumably of a profit, which they had
they were "bewildered by the seeming discrepancies" every right to expect, and thereby achieves what is
in the messages that had been exchanged, and asked virtually a confiscation of American property.
whether they were to understand, from the cable Nothing could have been better calculated to shake
of March 16, that "you desire a committee of Ameri- confidence in the traditional British spirit of fair
can stockholders to enter into conference with you play, or to inject distrust into the relations between
on what we regard as an injustice in the proposed the two countries. If the rights of American intreatment of stockholders," or whether the dispatch vestors in British securities are not to be safeof Monday was an intimation that such a confer- guarded by the known and accustomed principles
ence was unnecessary. Sir Hugo, in reply, reviewed and usages which govern open and honorable
the correspondence and stated that the suggestion financial transactions entered into in good faith,
of the appointment of a London representative of American capital will not be long in seeking other
the committee was made "with the object of study- fields in which those principles and usages are
ing your convenience to save time, as we are under respected.
legal obligations to the issuing house, who have
It would seem to have been entirely practicable,
purchased 1,500,000 shares." There the matter if the hold of General Electric, Ltd., upon the regard
rests, apparently, until a conference can be had of the British community is as strong as Sir Hugo
with members of the American committee who Hirst avers, to have arranged for British interests
have planned to leave New York to-day for to have repurchased enough of the American shares
London.
to give British shareholders a majority of the stock,
It is difficult to understand how such an unhappy and thereby insure British control of the company
controversy could ever have been allowed to arise. in ownership as well as in voting power notwithSir Hugo Hirst, speaking at the meeting of the cor- standing that, when new stock issues were put out,
poration on March 13, was quoted as.saying that all holders, whether British or foreign, were treated
"the General Electric Company has always been re- alike. There can be no question of the right of any
garded as a strictly British concern, and has derived corporation, if its stockholders so desire, to keep
no small amount of its strength from the co- the ownership of a majority,of its stock in the hands
operation it received from British shareholders, of nationals of the country in which the corporation
both in the home and Empire markets. It is, there- has its legal home. International Marconi Marine
fore, absolutely vital that, apart from control, its lately did this by restricting stock ownership outBritish character should be preserved." The ques- side of England to 25% of the total. Having once
tion of control, of course, is not an issue in the opened its stock to general purchase, however, a corpresent dispute. In September 1928, the company poration has no moral right, if indeed it has anyby vote limited voting rights to British share- where a legal right, to discriminate against any of
holders, without objection being raised by any its stockholders on grounds of nationality, or to
American shareholders. It does not appear that deny to its stockholders an equal right of participathose Americans who have purchased the receipts tion in new stock issues whatever the purpose of
issued in this country by the Guaranty Trust Com- such issues may be. The members of the American
pany against deposits of shares of General Electric, protective committee are to be heartily commended
Ltd., have done so with any idea of thereby gaining for protesting promptly and vigorously against an
control of the corporation, or even of obtaining a action which on its face is unjust, and it is to be
voice in the management of its affairs. About the hoped that they will be able to press successfully
only advantage that could accrue from the preserva- the American claim to a fair and amicable settletion of the ."British character" of the corporation, ment.




MAR. 23 1929.]

FINANCIAL CHRONICLE

1797

products crying for export, exchange, and sale, why
Tariff.
the
suppose there can ever be anything but conflict beThe Resurrection of
through independent tariffs? And
The revival of our old friend, Aladdin of the Lamp, tween the nations
to harmonize our trade policies
try
not
we
seems now certain. At the special session, called why do
To outlaw war la one
peace?
of
interest
for April 15 by the new Administrators, Aladdin is in the
that trade brings
harmony
the
prevent
and
breath
to reappear and shed his light upon all the dark
ion that
contradict
a
is
breath,
next
the
in
naturally
spots in a troubled "prosperity." It is not known
for
cause
Breeding
people.
any
to
good
no
bodes
unbe
whether a general revision of schedules will
that
create
conditions
Tariffs
war.
inciting
is
war
remembe
dertaken or only those in direct need will
generate wars.
bered by special bills. But in some fashion the lamp lead to enmities that
many changes in the attitude
so
been
have
There
will
of
the
beams
magic
is to be rubbed. And the
tariff that its revival as an
the
toward
parties
of
an
is
the
workingm
If
poor.
the
fall on the rich and
almost an
disgruntled he will be appeased. If the farmer is object of legislation at this time seems
an, sciennon-partis
a
hail
selling in a free market and buying in a protected anomaly. yor did we not
few
years
a
trail
long
the
of
one, he will be "equalized." If the manufacturer is tific tariff as the end
appear
questions
"
"sectional
beset by cheap labor and cheap goods he will be fur- ago? But whenever
in sentiment in
nished his Chinese wall without cost or carriage. they are likely to follow the change
e West Coast
behold—th
now
And
All things to all men according to their need and re- the sections.
wants
Midwest
the
fruits,
citrus
on
tariff
gardless of their rights and their worth, is the splen- wants a
tariff
present
the
if
(as
grains
and
wheat
did power and pride of Aladdin. He is always await- one on
on
one
South,
The
enough!)
high
not
were
ing, just around the corner, the call of politics, and duties
everything
practically
on
one
East
the
and
cotton,
never fails to appear in victory or defeat. Citizens
concerned,
in many countries dreamed that he had vanished, it manufactures. As far as "revenue" is
we
can raise
equation,
the
into
enters
longer
no
that
ten
a
but the world war brought him back bearing
And
effective
methods.
more
other
by
revenues
our
of
out
yet
not
fold force. Little states in Europe,
d
"for
revenue
champione
once
that
party
the
even
small
a
for
him
their swaddling clothes, begged
leadership,
favor and he granted them many. And now he is to only," has changed front under recent
and advocates "protection" for the farmer. So that
return to his old favorite, the United States!
the hands of its
If one could stand aloof, far from the inequalities the forthcoming bill will be in
will
of industry and the inequities of trade, conscious of friends, whatever its form, though some friends
expect
may
we
Still,
others.
the yearning in the hearts of men for peace, and ever be more ardent than
more peace, he must wonder that sane parliaments discussion and division, for what is one man's meat
should invoke this instrument of reprisal and rebuff. may be another man's poison.
Our trouble in dealing with this die-hard subject
If one should seek in the strained relations of peoples and states for a vibrant cause for the "next is the same that it always has been, the same that
save from
great war" he could hardly fail to discover this dis- it always will be. We cannot look at it
tariff)
(the
it
t.
That
self-interes
of
turber of reciprocity and assassin of mutual trade the standpoint
is
war
breed
that
feelings
and
conditions
benefits. If one were hunting for a political shib- breeds
important
most
the
is
Peace
attitude.
our
boleth, that like a flaming sword at the gate of good- outside
will, turns in every direction to terrorize while it thing in the world, the peace of free seas and free
protects, he could not pass by the ancient order of trade, but we can think of nothing but the danger
The Tariff! Low or high it has served many mas- of a flood of cheap goods and cheap labor. We have
s
ters, and if now, in the ascendency of Mr. Hoover, a large territory, and there are marked difference
by
favored
more
seemingly
one
,
in
industries
our
the
it
of
defense
in
people,
it is to be brought forth
is just as certain it would have been resurrected, tariff laws than another. This arouses our investithough in a different garb, by Mr. Smith had he been gation and interest and straightway we want equal
elected. Low or high, high or low, it can bring blood benflts from coast to coast and Lakes to Gulf. Anifrom a stone, bread from a turnip, or prosperity mosities and political antagonisms at home thus crefrom the shadowy and immediate threatening of ad- ated do no deter us—if one man, one section, one
versity. When all else fails and the deathrattle of party, has a tariff, let all have one. Such a division
inflationary good times is heard the political doctor tends to destroy our representative republican principles—but are we not all born equal—and equal
resorts to "The Tariff!"
We might consider the uncertainties in business heirs to the sacred tariff?
And so if there is no harmony in our own State,
that accompany these quadrennial revisions of the
tariff. But the broader view is more important. In how can we harmonize with the states of the world
every tariff there are the seeds of resentment and and they with us? The fact is that we are submerged
disorder. If we really want peace why do we not try in selfishness. Talk of a United States of Europe
to banish some of the causes of division? If the tariff convention there may be. But what is that
world is a unit, why not follow some of the laws of to us? If we shut them out of our trade they may
unity? If no nation can live alone, why not recog- shut us out of theirs, but self-defense is our first law
nize the world-trade rights of neighbor states? If of nature—and of tariffs. God so favored us in exwe find it expedient to outlaw war, why not outlaw tent and variety of resources that we are self-suffimanifest causes of war? If a high protective tariff cient. We want peace with all nations and entanglthis we
is a good policy for the United States why is it not ing alliances with none—but more than even
state
small
good for every republic on earth, and as fast as one want "the tariff" even if it starves some
in
Thus,
trade.
without
builds a tariff wall why not encourage the others to that cannot sustain itself
drag
to
we
are
pact
peace
build likewise until the walls shut out mutual trade the very ecstasy of our
altogether? Which is the greater benefit, free trade the old scarecrow from its hiding and dangle it bewith which we seek amicable
or war? With tens of thousands of articles and fore the foreign states




1798

FINANCIAL CHRONICLE

[VoL. 128.

relations and the outlawry of war! Would not the fore the country in a manner and
to a degree that
outlawry of tariffs be a good preventative? .
must interest every citizen. For if cruel and unOne of the fatal defects of free legislation in a usual penalties can thus be attached
to one law they
republic is that continued law-making on a single can be affixed to another, and as long
as tyrannical
subject tends to make it imperative as a means of laws can be imposed on the people
"ordered liberty"
deliverance. At the very time when every nation is is in danger. It evidently appears to these
students
trying to extend its foreign trade, every nation is of the law and officers of the court
that in the "Jones
employing the tariff, as never before, to prevent a Act" law has transcended its province
and become
natural foreign trade from crossing its borders, and a thing to fear rather than to support
and obey.
it is using a tax to perform the office. For a tariff These attorneys come face to face
with law in all
is a tax though, as once erroneously contended "the its aspects. They are tecessarily
strict construcforeigner pays it" If an embargo is intended, why tionists in that they fit the facts
to the law.
not put a force at the border to seize the goods as They assist juries in reaching their verdicts
by prethey enter, as is done with bootleg liquor? Yet we senting evidence in logical sequence and reaching
a
have so long employed a tariff-tax (originally in the basis upon which courts may instruct.
As they
interest of revenue) that no other method occurs to neither make, nor declare, nor enforce the law,
they
us. In the same way we have distorted the principle may be regarded as impartial observers who
see any
of taxation, which is a burden, into a benefit. We and every law in its relation to the whole body
of
now tax ourselves to maintain prosperity and see our jurisprudence and this in relation to
the rights
no incongruity in the method. If the wages of labor of the people.
need a prop, we lay on the tariff. If outside comThe dtignity of the law is a glorious inheritance of
petition threatens our factories we shut it out by a free people and a source of pride to
every intellia tariff. If our prices fall because others can make gent civilization. We trust the Law because
it is
things cheaper than we can, we elevate prices by conceived in goodwill, evolved in experienc
e, and
tariff-taxing our own people. We have resorted so administered by the sanction of common consent.
long to this device that we are disposed to use it It is not the opinion of one man, but the "concens
us"
as a cure-all for any new difficulties that arise. It of opinion of all men within its expressed jurisdichas become our talisman of •success. If anything tion. In its highest sense it is more than the will
ails the farmer we prescribe it for him. If in an of a majority; it is that which, though enacted
by
election a party promises anything we pay the debt majorities operating under a politico-civil system,
is
by a tariff.
deemed just to minorities possessing the rights and
powers of citizens of sworn allegiance to a government
instituted to protect all alike. It is something
The Dignity and Majesty of the Law—The
above
and outside the individual whom it must rePenalties Under the Prohibition Law.
spect, and who on the other hand must respect it as
In our issue of March 9, page 1457, we commented the best rule the
best men may attain. Law thus beon what is known as the "Jones Law," which pro- comes a shield and
not a sword. It is a silent force
vides new and aggravated penalties for infractions that is always in action,
against which only evil and
of the national prohibition act, namely a maximum wrong-doing and
injury can exert themselves. As
punishment of five years in the penitentiary or a near as it can become,
under the limitations of man,
fine of ten thousand dollars, or both. On March 14, a rule of right action,
those who do right because it
in the City of New York, prominent members of the is right become its
votaries and defenders, and those
bar formed a committee with Frederic R. Coudert who do wrong, knowing the right, become
its eneJr. as chairman and including no less than four for- mies.
mer Assistant United States Attorneys, the anThough it is an established maxim that ignorance
nounced purpose of which is to "give legal aid and of the law is no excuse for its infractio
n, it is not
counsel to those worthy cases that may be subject believed that in the multiplicity of
statutes any man
to the heavy penalties provided under the Jones can know the law sufficiently to
fit it to every transLaw. In the statement formulated by the committee action in a complex life and
civilization, the stateis found the following: "Since the sale of a glass of ment is accepted because of that
high and noble
beer has been raised to the dignity of a felony, car- reverence we gladly give to the best
thought of the
rying penalties similar to those provided in this best men. In the light of this
definition law should
State for assault and manslaughter, it was thought become our last resort to express
natural relations
wise to form a committee to assist those who have and not the first. If we could
conceive of an Utopia
done nothing condemned by civilized society, and where all men do right we would
have need of nothwho might be subject to such severe punishment ..." ing but an expression of the
right and no machinery
Apart from the law, the sale of intoxicants is not for its enforcement. Society
would therein become
wrong. While it may be illegal it cannot be made immune to the errors and
wrongs innocently done
wrong by any statute, as it is neither condemned by under the great and grave
principles enunciated.
moral sentiment nor inherently dangerous to others. Manifestly as statutes near this
great governing
To endeavor to penalize such an act by the inflic- guide they become simple and
are easily enforced—
tions of penalties heretofore only applicable to the and the Law takes on a majesty
that induces worserious moral infractions brings the whole criminal ship and commands reverence.
Law has no purpose
law into contempt and handicaps its administra- but to serve. It has no will or
wish of its own. It
tion.
cannot be made the instrument of reform or the
Aside from any consideration that will naturally agency of faction. It is a supreme
and ever shining
be given by the people to this independent movement light that leads to justice.
of attorneys who in the courtroom become officers
Somewhere, therefore, there is an indivisible creaof the court, the dignity of the law is brought be- tion of reason and right that is the
"Law." To split




MAR. 23 1929.]

FINANCIAL CHRONICLE

it into thousands of small directive statutes is
to shatter its appeal to the obeisance of all men.
Above statutes is the Constitution, and above that
is Justice—imperial, impartial, eternal, and .indivisible. If these things be true, we belittle Law,
by laws; and we destroy laws by penalties. If this
last is too strong a statement we may say that an
unjust penalty may make a law unjust, though it
have justification in right and reason. In a sense
the law is independent of the penalty. But we are
concerned here with the dignity of the Law and the
reverence and obeisance it should inspire. The
Roman tyrant wrote his laws on parchment and
placed them high above the heads of the people. Not
many centuries ago in English history trifling offenses were punishable by death and there was imprisonment for debt. We publish our statutes in
official journals, but in their multiplicity who reads
them all; and in the formation of our government
we turned entirely away from the harshness and
tyranny once common in an old world. The Eighth
Amendment to the Constitution reads: "Excessive
bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted."
If there is common sense left in the land this law
is clearly unconstitutional, and must most certainly
be so declared once before the Supreme Court.
We have then the spectacle of a law that does not
appeal to the common sense of justice in the minds
of men. If such a law can be passed what may the
citizen expect will follow? If such a law exists what
other laws, with clearly excessive and unusual penalties, may be hidden away in the ponderous volumes
of our statutes? To question this law, then, does
tend to destroy the respect for all laws. The Law is
no longer that immaculate essence of duty and right
to which we willingly bow and which we are willing
to defend. The Law, an undefined but imposing
entity by which we are willing to live, being and becoming a multitude of unknowable directions for
the maintenance of social, commercial,financial and
political relations, that spring naturally from human contacts, loses its weight and dignity and falls
into countless shares of conflicting opinions and
half-baked assertions of right and wrong. And the
'Law, instead of supporting government, becomes its
creature and minion to enforce the will and wishes
of factions and classes enthused, and sometimes embittered, by principles as to moral conduct peculiar
to themselves. Again and again publicists reiterate
the conviction that we have too many laws. Is it
too much to say the Law by this divers and diverse
expression loses its unity and comprehensiveness
and becomes a thing of shreds and patches that no
man can be got to respect? What and where is the
old Common Law, that "life, liberty and the pursuit
of happiness" should be bound by a thousand pack.
threads of petty statutes, until a man cannot eat,
drink, or be merry, without specific and detailed permission and direction? What must be thought of
a deliberative body charged with the making of laws,
that, not satisfied with making a so-far non-enforceable administrative law carrying out a yet debatable
amendment to the Constitution, in the closing days
of a session adds a new act to the old, which coercing
the people by fear of penalties excessive and unusual, attempts to overcome one consummate failure
by the enactment of another?




1799

The Annual Report of the United States
Steel Corporation.
The annual report of this gigantic industrial organization, the creation of the brain of the late
J. P. Morgan, and from the first so conducted as to
furnish the highest and best type of corporate
undertaking in the industrial world, will this time
be studied we imagine mainly in the light of the
capital readjustment scheme recently submitted by
the board of directors for the approval of the stockholders at their annual meeting on April 15. Curiously enough there is no mention of or reference to
this scheme anywhere in the report, though it bears
date of March 12 and the readjustment plan was
announced on Feb. 26. Really, however, there was
no need for further discussion of the matter in the
report, since a very full outline of what it is contemplated to do was furnished at the time that the
directors passed upon and approved the proposition; and though of course there is great interest to
learn the details of the offer of new stock to existing shareholders which forms part of the plan, these
details we may suppose have not yet been completely
worked out and will be promptly made public when
they have been.
What it is proposed to do by means of the capital
readjustment is well known, having been outlined
in the statement given out by Myron C. Taylor, the
Chairman of the Finance Committee of the corporation on Feb. 26, as already stated. It is planned toincrease the authorized common stock to 12,500,000
shares of the same par value as at present, namely,
$100 each. The authorized amount of stock now is
7,533,210 shares, but only 7,116,235 shares have been
issued and are outstanding. The new stock having
been authorized "it is the intention of the directors,"
in the language of the statement, "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." The object to be
obtained through the issuance of the additional
stock is also best described in the language of Mr.
Taylor's statement. He said:"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 hand representing
surplus and other reserves (part of which cash resources has already been used in the purchase of
bonds) will be applied to redeem by purchase for
cancellation and to call for retirement all or part
of the bonds of the United States Steel Corporation
as the directors may elect, of which there were outstanding Dec. 31 1928, exclusive of those held in the
sinking funds and in the Corporation's treasury"
$134,830,000 50-year 5% bonds of 1951 and $136,555,000 10- to 60-year 5% bonds of 1963, making
$271,385,000 together."
After pointing out that both these issues of bonds
are subject to call, the first mentioned issue at 115
(the relatively small portion of the non-callable
part of this issue being separately arranged for)
and the second-mentioned issue at 110, it is stated
that retirement of these two issues of bonds will
effect a saving in interest and sinking fund charges
of $29,247,350 per year.

1800

FINANCIAL CHRONICLE

Mr. Taylor did not say so, but it is obvious that
this saving would be more than sufficient to pay
the present rate of dividends (7% per annum) on
$400,000,000 of new stock. He did say that "the
amount of savings in fixed charges will, however,
be largely in excess of the amount of dividends, at
the present rate, payable on the increased common
stock which may be presently offered for subscription." In another part of his statement he added
that "the remainder of the increased authorized
issue of common stock will be used for future corporate purposes as and when the directors may deem
advisable, but no issue other than for debt retirement and for employees' stock subscriptions is contemplated at this time."
It will be noted that really the only point left for
determination is as to the amount of the new stock
to be issued to carry out the conversion scheme and
the terms at which it is to be offered to the shareholders. From the stockholders' standpoint this
question is, of course, the all-important one. It is
plain from what Mr. Taylor says that there is no
intention of issuing such an amount of new common stock as would completely absorb the saving in
fixed charges to be effected through the retirement
of the two bond issues of the corporation. While
the total outstanding amount of these bond issues
is no more than $271,385,000 as we have seen, the
cash required will be in excess of that sum since
the bonds have to be retired at a premium, allowing
for which the call would be somewhat over
$300,000,000.
The annual report reveals the same superlative
•condition of strength, both from a financial standpoint and in other respects, as have all other recent
annual reports. As far as mere surplus is concerned, the balance sheet contained in the report
shows that the actual undivided surplus on Dec. 31
1928 (exclusive of the capital surplus of $25,000,000
provided at the time of organization) was no less
than $385,277,349, and that is the amount after
deducting in full the $203,321,000 of new stock
represented by the 40% stock dividend paid on June
1 1927. This surplus exists, too, after the appropriation out of earnings during the period of the
Corporation's existence from April 1 1901 to Dec.
31 1928, of no less than $270,000,000, this having
been invested in prOperty account through additions
and new construction. A very large additional
amount of new stock could accordingly be put out
in the shape of another stock dividend without
extinguishing the total of the surplus actually
earned and undivided. That, however, would leave
the company without the $300,000,000 or more of
cash required to take up the two bond issues which
are to be eliminated from the Corporation's capital
structure.
Presumably not the whole amount of cash will
have to be raised, as the Company's cash position
is a very strong one, the balance sheet showing for
Dec. 31 1928 current liabilities of $112,515,999 (including the preferred stock dividend due Feb. 27
1929, and the common stock dividend payable
March 30 1929) while the current assets foot up no
less than $560,155,190. This latter, to be sure,
includes $249,764,796 tied up in inventories, but
it also includes $152,107,633 of actual cash, besides
. 10,172,744 of time and other special bank deposits,
07,366,547 of sundry marketable securities, 01,-


http://fraser.stlouisfed.org/4
Federal Reserve Bank of St. Louis

rirou 128.

967,498 of accounts receivable, $7,308,083 of bills
receivable, $1,467,887 of agents' balances, and $57,366,547 of sundry marketable securities, including
part of U. S. Government securities owned, the use
of the word "part" here having reference to a change
made in the balance sheet ip 1922 by the transfer
of $75,000,000 (par) of United States Liberty Loan
bonds from current assets to the group of assets
termed "sinking and reserve fund assets." Parenthetically it may be observed that the aggregate of
these "sinking and reserve fund assets" on Dec 31
1928, stood at $138,966,543, one item in this total
comprising $123,775,143 of "securities," which the
report states includes "bonds available for future
sinking fund requirements."
As to the income results for the year, these have
already been foreshadowed in the quarterly income
returns of the Corporation, which it is the practice
of the Corporation to issue with such undeviating
regularity. Stated in brief, the income account for
the calendar year shows a surplus for the 12 months
in amount of $39,140,452 after the usual deductions
and allowances and the payment of 7% dividends
on both the preferred and the common shares. This
1
2% on the $711,623,500
surplus is equal to over 5/
of common stock outstanding; in other words while
7% per annum is being distributed on this common
1
2% was earned on the same. In the
stock over 12/
previous calendar year the surplus above the dividend requirements was only $12,863,514. To be
sure conditions in the steel trade in 1928 were better
than in 1927, but the year was by no means up to
that of the calendar year 1926, as far as volume of
business is concerned, in which last mentioned year
the surplus was $55,866,552, enabling the Corporation then to set aside $30,000,000 to be expended on
account of additions, improvements or betterments
on the plant and property, no similar appropriation
out of surplus income having been made in either
1927 or 1928.
It is well to remember this point, namely, that
while the tonnage of the different products, and the
sales of the same, were in excess of the corresponding items in 1927, they fell considerably short in
nearly every instance of the amounts for 1926.
Thus we note that the production of iron and manganese ore in 1928 at 26,633,554 tons for 1928 compares with 25,646,927 tons in 1927, but with 29,
262,741 tons in 1926; the production of coal at 28,691,024 tons for 1928 compares with 27,430,329 tons
in 1927, but with 34,294,657 tons in 1926; the production of coke for 1928 at 15,993,373 tons compares
with 14,506,980 tons in 1927, but with 17,336,334
tons in 1926. In the case of pig iron and steel ingots
the comparisons with 1926 are much better, but
nevertheless fail to equal the amounts for that year.
The output of pig iron was 15,237,717 in 1928
against 13,784,226 tons in 1927 and 15,705,301 tons
in 1926; production of steel ingots was 20,105,749
tons against 18,486,444 tons in 1927 and 20,306,668
tons in 1926. In the case of rolled and finished
steel products for sale the total for 1928 at 13,972,388 tons compares with 12,979,282 tons in 1927, but
with 14,334,412 tons in 1926. The production of
limestone, dolomite, and fluorspar shows a big jump
from 4,656,150 tons in 1927 to 14,600,181 tons in
1928, but it is explained in the report that the increase in this instance follows largely from the
inclusion in 1928 of the output of the Michigan

MAR. 23 1929.]

FINANCIAL CHRONICLE

1801

the investment employed,
Limestone & Chemical Company whose operations surate profit return on
are due largely to the foresight in dewere not embraced in the Steel Corporation's re- these results
portion of surplus and reserves to
ports in previous years. In the case of Universal voting a liberal
ng the plants and facilities
Portland Cement, the one item which in 1927 had improving and establishi
basis of operation, thus econoshown an increase over 1926, there was in 1928 a on a more efficient
and in that way counproduction
slight falling off; in other words, cement produc- mizing in cost of
upon earnings of
effect
the
lly
tion was 14,957,000 barrels in 1928, 15,425,000 bar- tering substantia
The reasonprices.
selling
of
trend
the downward
rels in 1927 and 14,526,000 barrels in 1926.
steel
products
and
iron
for
charged
In the case of the shipments of the different able prices
on
to a
consumpti
stimulated
ly
undoubted
classes of products the comparisons are the same, -have
mainto
the
plants
enabling
thereby
extent,
material
that is, better for 1928 than for 1927, but not up
operations. • In this the public is
to those for 1926 provided we leave out the lime- tain satisfactory
well
served."
&
stone shipments by the Michigan Limestone
It is further pointed out that the steady influx of
Chemical Company which, as already stated, were
business covered by contracts and orders ennew
The
money
1928.
not included in the figures prior to
has continued
value of the business done tells a similar story. tered which prevailed during 1928
tonnage entered durThis appears from the fact that while the aggre- since the close of the year, the
having fully
gate of the gross sales and earnings dropped from ing January and February, 1929,
months
those
in
$1,508,076,090 in 1p26 to $1.310,392,861 in 1927, equalled the large tonnages booked
unfilled
of
total
the
1928,
31
there was a recovery only to $1,374,443,433 in 1928. in 1928. At December
Increased efficiency of operations was one of the fac- orders on the books of the subsidiary companies was
at
tors in the improved net results shown for 1928. 3,976,712 tons, compared with 3,972,874 tons
4,144,was
total
the
1929,
1
March
One instance of this greater efficiency is seen in the close of 1927. At
fact that the enlarged amount of business done in 341 tons. Operations during the first two months
1928, as compared with 1927, was done with a of 1929 averaged 90% of capacity.
One factor which has contributed more than any
smaller total number of employees of the Corporato the Company's great financial strength
other
tion and the subsidiary companies, the average numthe fact that new capital expenditures
has
been
having
ber of employees in the different properties
continued year after year, while at the
been
in
have
231,549
aggregated 221,702 in 1928, as against
the aggregate indebtedness of the corposame
time
lly
substantia
wages
1927. The result was that with
its subsidiaries has been steadily reand
ration
for
1928
roll
pay
the
years
two
the same for the
the record in that particular was
1928
In
in
duced.
1927.
95
$430,727,0
20
against
$413,699,7
aggregated
Discussing the conditions in the steel trade the particularly noteworthy. In other words,. during
report states that the demand for iron and steel 1928 the capital expenditures by all companies for
products which prevailed during 1928, permitted the acquisition of additional property, new plants,
operations to be maintained throughout the year extensions and betterments, including stripping
with a fair degree of evenness and increased effi- and development expense at mines, aggregated
ciency. Measured by the tonnage of finished prod- $47,146,275. Yet there was a net decrease of
ucts for sale, the mills of the subsidiary companies $18,572,113 during the year in the bonded and mortoperated during the entitre year at an average of gage debt of the Steel Corporation and its subsi83.4% of capacity in comparison with an average diaries through sinking fund operations and other
processes for retiring debt. In 1927 the new capital
of 78.9% in the preceding year.
It is pointed out, however, that notwithstanding additions were no less than $97,585,998 while net
the improvement in business for the year compared indebtedness was reduced $17,514,824. In 1926 the
with 1927, as evidenced by tonnage, and the espe- new capital expenditures amounted to $76,080,520,
cially marked betterment compared with the second while there was a reduction in net indebtedness of
half of 1927 (in which period production averaged $16,776,225. In 1925 the capital expenditures
but 71% of capacity), the prices secured averaged reached $70,893,944 while net debt was reduced
less than those obtained during 1927, although very $1,774,852. In 1924 the capital expenditures
close to the prices which prevailed in the closing amounted to $79,619,986 and were coincident with
months Of that year. Prices during 1928 were fairly a debt reduction of $15,886,800. Similarly in 1923
well maintained, but not appreciably above the low the new capital outlays were $60,762,920, while inpoint reached in 1927. For the entire year 1928 the debtedness diminished $12,580,538. In 1922 with
average Selling price received for the total tonnage new capital expenditures of $29,571,662, the net
of rolled and other finished products shipped, com- decrease in debt was $1,124,500. In 1921, in face of
pared with the price received in 1927 for an equal new capital expenditures of $70,091,866, the net
tonnage of similar products, respectively, netted indebtedness was reduced in the sum of $14,163,865.
$1.38 per ton less for domestic and $2.48 per -ton less In 1920, when the capital expenditures amounted
for export shipments. This, too, in the face of the to $102,956,133, there was a decrease in net debt of
fact that in 1928 the country's production of steel $13,870,450. And in 1919, when the capital ex2 millions Of tons of steel ingots penditures aggregated $87,091,515 net debt dimin1
reached about 51/
and castings, the record production for any year, ished $13,921,885.
In conclusion it seems not out of place to refer
exceeding by 3 1-3 millions of tons the previous high
to the advantages which the employees of this
again
1926.
record, made in
organization have been enjoying in
industrial
with
dimingreat
of
production
high
These conditions
compensation—this being enincreased
the
of
the
says,
way
l
reflect
report
the
substantia
ishing prices,
special provisions to
numerous
the
from
apart
the
and
it
in
tirely
is
industry,
capacity
producing
excess
and in looking after
lives
the
and
health
the
of
the
of
protect
the
operations
properties
'While
added:
the employees, as indiof
welfare
and
the
comfort
not
fully
but
fair,
a
commenshow
n
Corporatio
the




1802

FINANCIAL CHRONICLE

[VOL. 128.

cated by measures for accident prevention, accident per day for the year 1928 in the case of the entire
relief, housing and welfare arrangements, extra sani- body of employees, including the general administary facilities, the carrying out of very comprehen- trative and selling force, was $6.00 against $5.99
sive plans of pension payments, together with the in 1927, and if the administrative and selling force
inducements offered the employees to acquire an is excluded the average figures are only 15c. per
interest in the property itself through special stock day less in 1928
, and 13c. less in 1927. The $6.00
subscriptions to which was added in 1928 a group compares with $5.94, the average in 1926, and with
life insurance feature to the home-owning plan. $5.88, the average in 1925 and $5.85, the average in
That employees' stock subscriptions are by no 1924. There were no general changes in wage rates,
means an insignificant item in the administration we believe, in either of these five years. On the
and conduct of the property will appear when we other hand, on April 6 1923, an increase of about
say that on Dec.31 1928 there were 49,201 employees 11% was made in the wage rate paid employees of
who were registered stockholders, holding an aggre- the subsidiary manufacturing and iron ore mining
gate of 132,037 shares of preferred stock and 661,005 companies. This was on top of an increase of about
shares of common stock. This makes, it will be 20% in wage rates made the previous Sept. 1 (1922).
observed, 793,042 shares of a par value of $79,304,200 Not only that, but a further increase in the labor
in the control of the employees. The report tells us outlay to the company was occasioned during 1923
that there were also 19,849 additional employees and 1924 through the elimination of the twelve-hour
who had in force opened subscription accounts cov- day. The revision was put into effect Aug. 16 1923,
ering the purchase of stock, but were not registered and Chairman Gary in the report for 1923 said that
holders of shares. Through unexcelled management rapid progress had been made in effecting the change
and a broad and benign policy the United States and that by Dec. 1 1923, the twelve-hour turn had
Steel Corporation has for many years been enjoying been, broadly speaking, totally eliminated by all the
great prosperity and from the first all efforts have subsidiary companies except one and in the last
been directed towards seeing that the employees instance the change was inaugurated in February
should have in the fullest measure a share in this 1924. In 1923 the average salary or wage per emprosperity.
ployee per day was $5.83 and in 1922 only $4.91.
During 1928 the wages of the employees remained Thus the employees have had the double advantage
virtually unchanged, but in previous years they kept of a shorter workday and a concurrent increase in
steadily rising. The average earnings per employee their wages per day.

Gross and Net Earnings of United States Railroads
for the Month of Januar_v
For the opening month of the new year earnings
The result altogether is the favorable statement of
of United States railroads make a very favorable earnings now under consideration. It appears also
comparison with those of the corresponding month that railroad managers found it possible further to
of the previous year. This is true both of the gross increase operating efficiency, the ratio of expenses
results and the net results. There have been four to earnings, not including taxes, having been only
main contributing factors in the improvement, name- 75.78% in January 1929, as against 79.41% in Janly: (1) the fact that the month contained one less uary 1928. In brief, our tabulations show $28,853,Sunday in 1929 than in 1928, giving therefore an 685 increase in the gross earnings, or 6.30%, as comextra working day; (2) comparison is with unfav- pared with a year ago, and as this was attended by
orable results in the preceding year; (3) the coun- an augmentation of expenses of only $5,275,472, or
try's industries the present year were in a state of no more than 1.45%, the improvement in the net
great activity, whereas in January 1928 there was earnings reaches $23,578,213, or 25.94%, as will apa decided lack of trade activity, the slump in busi- pear from the following table:
ness which had marked the closing months of 1927 Mongh of Januarlf—
1929.
1928.
Inc.(+)-or Dec.(—)
Miles of road (182 roads).—
240,833
240,417
+416 0.17%
being then still in evidence though in lessened de- Grose
$486.201,495 8457,347,810 +428,853,685 6.80%
earnings
368,471.309 363.195,837
gree in the case of a few of the country's industries Operating expenses
+5,275,472 1.45%
Ratio of expenses to earnings79.41%
—3.63%
75.75%
and (4) coal production, both bituminous and an1117.730.186 894,151.973 +523,578,213 25.04%
Net earnings
thracite, has the present year shown marked recovWith reference to the part played by trade acery as compared with the low level reached in the tivity in this year's improvement
in traffic and in
early months of 1928. This recovery in the coal trade revenues, this was a factor of
considerable moment
was perhaps the most potent of all the favoring in- nearly everywhere throughout
the country. On the
fluences, since the coal traffic constitutes such an other hand, as already indicated,
the reverse of that
important item of freight with so many different state of things existed in January
of the previous
roads. The increase in the quantity of coal mined year. In our review of the
railroad earnings for
followed in part as a result of the greater activity January of this previous
year, we remarked that
in trade, but in part also was due to independent trade reaction, with a
corresponding lessening of the
causes, such as the working off of accumulated volume of traffic over the
railroads, had been an
stocks of coal and the resumption of mining at many unfavorable influence nearly everywhere. There
collieries after a protracted period of idleness be- was, it is true, already somewhat
of a revival in the
cause the miners had held out for the Jacksonville steel trade and also in the automobile industry with
high scale of wages, which the mine owners found the resumption of operations at
the Ford plants, but
it impossible to pay and net a profit, while now the revival referred to
hardly extended outside these
these miners were back to work at a lower wage two divisions of the country's
industries, while even
scale.
in the steel trade operations failed in many in.




MAR. 23 1929.]

FINANCIAL CHRONICLE

stances to equal those of the same month in 1927,
notwithstanding the revival. As a matter of fact,
complaints then were almost universal concerning
the slackened state of trade.
As against this generally adverse industrial situation in January 1928, the state of things the present year was eminently satisfactory, most unusually
so even for a state of prosperity. Necessarily this
made for a larger volume of traffic over the railroads and redounded to their advantage in enlarged revenues. A few comparative statistics will
serve to show in a general way how much larger
the volume of certain lines of freight must have
been in 1929 than a year ago. Thus we find that
the production of motor vehicles in the United States
in January, 1929, was 402,154, against only 231,728 in January last year and 238,908 in January
1927. In other words, 170,426 more passenger cars
and trucks were turned out in the month the present year than in the same month last year. The
improvement here very naturally was reflected in
the iron and steel trade. According to the "Iron
Age," all January pig iron records of production
were broken the present year, the make of iron in
January 1929 having been 3,442,270 tons as compared with 2,869,761 tons in January 1928, and
.3,103,820 tons in January 1927. The statistics with
regard to steel production tell the same story, the
American Iron & Steel Institute calculating the output of steel ingots in January 1929 at 4,489,391 tons,
against 3,991,332 in January 1928, and 3,789,874
tons in January 1927. To this may be added the
'statement that the loading of revenue freight in the
four weeks of January 1929 aggregated 3,570,978
cars, against 3,448,895 cars in 1928, but comparing
with 3,756,660 cars in the four weeks of January
1927, showing that, after all, while revenue tonnage
the present year ran higher than in the same month
of 1928, it did not measure up to the level of 1927.
To most of the railroads, however, the greatest
advantage came from the larger production of coal,
though here also the movement while larger than
that of the previous year, which had been heavily reduced, did not come up to that of the year before,
when, however, it was of exceptional dimensions.
From figures compiled by the Bureau of Mines, it
appears that 51,456,000 tons of soft coal were mined
in January 1929, whereas in January 1928 the output was no more than 44,208,000 tons, showing an
increase therefore of 7,000,000 tons, which obviously
is no inconsiderable item. In January 1927, on the
other hand, bituminous production reached 56,660,000 tons, but then mining was being pushed to the
utmost in preparation for the strike which came the
ensuing April 1 of that year. Anthracite production, likewise, this year was larger than last year
and larger also than in January 1927, though far
from being up to the maximum for that month in
previous years. The Bureau of Mines makes the anthracite product for January 1929, 7,337,000 tons
compared with 5,690,000 tons in January 1928, and
.6,516,000 tons in January 1927. The total of soft
coal and hard coal combined is put at 58,793,000
tons for January 1929 as against 49,898,000 tons
for January 1928, giving an increase of almost 9,000,000 tons, but comparing with 63,176,000 tons in January 1927.

In view of the generally favorable nature of the
conditions the present year, in sharp contrast with
the unfavorable state of things that characterized




1803

the previous year„it is hardly necessary to say that
in the case of the separate roads and systems the
record is one of large and general gains. Decreases
are not lacking on a few of the roads, but they constitute the exception, not the rule. In only five instances do the increases for the separate roads run
in excess of $100,000 in the gross and in only three
instances in the net. The losses in the gross come
almost entirely from Southern roads, where the effects of the protracted period of trade prostration
have not yet entirely passed away, and from certain
Northwestern roads, which appear to have had to
contend with a smaller grain movement and apparently also suffered from the effects of adverse
weather—extreme cold and snows. The Southern
roads referred to are the Louisville & Nashville and
the Central of Georgia. The former shows $381,710 decrease in gross, but only $7,357 decrease in
net, and the Central of Georgia reports $106,232
falling off in gross and $28,216 loss in net. However, most of the Southern roads show improved
returns, either in the gross or the net, and generally
in the case of both combined. Even the Florida
roads are beginning to make better returns. Thus
the Atlantic Coast Line shows $86,397 gain in gross
and $664,755 gain in the net, and the Seaboard Air
Line $37,211 gain in gross, and $205,884 in net. The
Florida East Coast reports $56,671 loss in gross,
but $119,859 gain in net. As to other roads in the
South, the Southern Railway has added $442,255 to
its gross and $353,831 to its net. This is for the
Southern Railway proper. For the whole Southern
Railway System, the result is $673,405 gain in gross
and $529,384 gain in net.
As to the other sections of the country, increases
are so generally the rule that it would be wearisome
to enumerate them all, or even those especially con-.
spicuous in ,that respect. We may say, however,
that the great east and west trunk lines stand foremost in that respect, as was to be expected in view
of the fact that they are such large carriers of
coal, and would naturally benefit most from the activity in general trade. The Pennsylvania Railroad
reports $3,576,016 gain in gross and $2,209,412 gain
in net. In January 1928 the Pennsylvania suffered
a falling off of $5,633,609 in gross, but managed to
convert this into a gain of $1,294,490 in net through
reductions in expenses. The New York Central this
time has added $2,391,395 to gross and $973,721 to
net. This is for the Central itself. Including the
various auxiliary and controlled roads, we get $3,923,038 increase in gross and $1,601,297 gain in net.
In the ,previous year, the New York Central Lines
showed $2,716,583 loss in gross, but $103,455 'increase in net. The Baltimore & Ohio this time reports $1,117,901 improvement in gross, and $950,637 in net, following $2,474,717 loss in gross and
$921,555 loss in net in January 1928. The Erie has
enlarged its gross in amount of $1,160,668 and its
net in amount of $1,049,204. A year ago the Erie
showed $261,146 loss in gross, with $314,283 gain in
net. In the following we indicate all changes for
the separate roads for amounts in excess of $100,000, whether increases or decreases, and in both
gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JANUARY 1929.
Increase.
Increase.
Pennsylvania
33.576,016 Chic Rock Isl & Pac(2)-- $946,739
New York Central
02.391.395 Missouri Pacific
719,365
Southern Pacific (2)---- 1.801,611 Chesapeake & Ohio
717.899
Atch Top & S Fe (3)-- - 1.746,617 Illinois Central
688,139
Norfolk & Western
1,179,771 Michigan Central
677,998
Erie (8)
1,160.668 Chic Milw St P & Pac--657.080
Baltimore & Ohio
1,117,901 Detroit Tol & Ironton-644.590

1804

FINANCIAL CHRONICLE

Increase.
$609.876 Cinc New On & Tex Pac- 9157.641
Union Pacific (4)
150,690
601,003 Texas & Pacific
Del Lack & Western
147,479
594,129 Virginian
Reading
145.480
557,211 Boston & Maine
Wabash
138.636
487.832 Internat Great Northern
Lehigh Valley
136.770
474.929 Chic & Eastern Illinois
Cleve Cinc Chi & St L
131.691
5442,255 Nash Chatt & St LouisSouthern Railway
126.233
435.177 Grand Trunk Western
Central of New Jersey_
124,984
426.202 Kansas City Southern
Chicago & North West..119.094
413,854 Pittsb & West Virglnia
Great Northern
110.775
(3)
392.654 St Louis San Fran
Wheeling & Lake Erie
379,146
Mo Hans Tex Lines_ _-_..
$27.927.293
Total(57roads)
378,791
Pere Marquette
Decrease.
362,405
Central Vermont
$381,710
332,048 Louisville & NashvillePittsburgh & Lake Erie....
158,834
323.312 Ir C Mex as Orient of Tex
Hocking Valley
135,871
293,774 Minn St P & S 8 Marie
N Y N H & Hartford.-106.232
256.742 Central of Georgia
Delaware & Hudson
102,430
232.579 Atlantic & St Lawrence...
Los Angeles & Salt Lake..
230,670
Chic Burl & Quincy
Total(5 roads)._ ..---- 2885,077
187,542
Western Pacific
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is an increase of 22.923,038.
b This is the result for the Southern Railway proper. Including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific.
the Georgia Southern & Florida, the New Orleans & Northeastern and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is an increase of $673,405.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JANUARY 1929.
Increase.
$268.987
$2,209.412 Long Island
Pennsylvania
250,037
Atch Top & S Fe (3)........ 1.917,761 Michigan Central
_
Lake__
Salt
240,795
&
Aug
Los
1.276,576
SouthernPacific (2)....
211,027
1,076,514 Mo Kans Tex Lines
Norfolk& Western
210,248
1.049.204 Wheeling & Lake Erie......
Erie (3)
205.884
0973,721 Seaboard Air Line
New 'York Central
199,765
950.637 Chic & Eastern Illinois__
Baltimore & Ohio
187,749
892.007 Virginian
Lehigh Valley
183.001
664.755 Nash Chatt & St Louis__
Atlantic Coast Line
150.715
662,620 St Louis San Fran (3)..,_.
NY New Haven & Hart_
142,084
612,543 WesternPacific
Illinois Central
137.247
599,374 Texas & Pacific
Chesapeake & Ohio
127,256
583.272 Grand Trunk Western.. _
Det Tol & Ironton
126,294
550.588 West Jersey & Seashore..
Reading
119,869
541.978 Florida East Coast
Union Pacific (4)
112,977
516.031 Chicago & Alton
Chic Milw St P & Pea..
105,782
510.645 Minneapolis & St Louis..
Central Vermont
104.285
478,904 Rich Frederick & Pot___
Chic Burl & Quincy
102,241
439,630 Pittsburgh & Lake Erie....
Missouri Pacific
5353,831
Southern Railway
Total (58 roads)
$22,469,210
329.980
Cleve Cinc Chi & St L_ _
319.151
Delaware & Hudson_ _
Decrease.
311,342
Central of New Jersey_ _
303,488 New York Connecting- $136.642
Hocking Vall
107.528
295.761 Minn St Paul & S S Marie
Del Lack & Western_
100,702
292.699 Chicago & North West_
Wabash
295.772
Pere Marquette
$344,872
Total(3 roads)
274.771
Chic Rock Isl & Pea(2)_ _
a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the "Big Four," &c., the result is an increase of $1,601,297.
I, This is the result for the Southern Railway proper. Including the
Alabama Great Southern the Cincinnati New Orleans & Texas Pacific,
Georgia Southern & Florida, the New Orleans & Northeastern, and the
Northern Alabama, the whole going to form the Southern Railway System,
the result is an increase of $529,384.

When the roads are arranged in groups, or geographical divisions, according to their location, the
generally favorable nature of the conditions prevailing is strongly emphasized in the fact that each
one of the great divisions, namely, the Eastern District, the Southern District and the Western District, as also all the different regions in those districts, show increases in gross and net earnings
alike. Our summary by groups appears below. As
previously explained, we group the roads to conform with the classification of the Inter-State Commerce Commission. The boundaries of the different
groups and regioms are indicated in the footnote to
the table.
Gross Earnings
District and Region,
Inc. 1+) or Dec.(-)
1928.
1929.
loath of Januarg$
$
%
Eastern District+663,721 3,32
New England Region (10 roads)___ 20,946,268 20,282,547
+7,854,748 9.49
Great Lakes Region (34 roads)____ 90,580,667 82,725,919
+8,027,562 7.85
Central Eastern Region (28 roads).110,219,413 102,191,851
221,746,348 205,200,317 +16,546,031 8.06
Total(72 roads)
Southern DistrictSouthern Region (31 roads)
Pocahontas Region (4 roads)
Total(35 roads)
Western DistrictNorthwestern Region (18 roads)._
Central Western Region(24 roads).
Southwestern Region (33 roads)
Total(75 roads)

64,269,848
22,518,403

63,356,968
20,414,856

+912,880 1.44
+2,103,547 10.29

86,788,251

83,771,824

+3.018,427

3.60

49,817,858
82,033,258
45,815,780

48,336,890
76,794,124
43,244,855

+1,480,968
+5,239,134
+2,571,125

3.06
6.82
5.94

177,666,898 188,325,689

+9,291,227

5.52

Total all districts(182 roads) _ _486,201,495 457,347.810 +28.853,685 6.30
Net Earnings----District and Region.
1928, Inc.(+)or Det.(-)
1929.
Month of Jan.- -Mileage2
1929. 1928.
$
%
Eastern DistrictNew England Region_ 7,279 7,249 5,335,213 4,267,098 +1.068,115 25.03
Great Lakes Region__ 24,844 24.868 21,080,547 15,921,318 +5,159,229 32.40
Central East. Region_ 27.288 27,205 25,158,087 18,834,001 +6,324.086 33.58
59,411 59,322 51,573,847 39,022,417+12,551.430 32.16
Total
Southern District40,130 40,001 15,457,335 13,252,016 +2,205,319 16.63
Southern Region
5,632 5,619 8,154,326 6,186,404 +1,967,922 31.82
Pocahontas Region
45,762 45,620 23,611,681 19,438,420 +4.173,241 21.46
Total
Western District7,525,485 7.060,265 +465,220 6.59
Northwestern Region_ 48,987 48,741
Central West.Region_ 52,012 51,912 23,339,268 19.301,978 +4,037,290 20.91
Southwestern Region_ 34,661 34,822 11,679,925 9,328.893 +2,351.032 25.19
Total

135,660 135,475 42,544,678 35,691,138 +6,853,542 10.19

Total all districts.-240,833.240.417 117,730,186 94.151,973+23,578,213 25.04




[VoL. 128.

NOTE.-We have changed our grouping of the roads to conform to the elaatification of the Inter-State Commeroe Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region,-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York..
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the wouthweetern corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
Kentucky and the Ohio River north to Parkersburg,
of
east
boundary of Virginia.
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-This region comprises the section adjoining Canada lying
West of the Great Lakes region, north of a line from Chicago to Omaha and thenee
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprise the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gull of Mexleo.

Extending the comparison further back beyond
1928 and dealing with the grand totals for the whole
country, it has already been noted that January
last year revealed unfavorable results, for reasonsoutlined in the earlier portion of this article. Our
compilation then showed (January 1928) $30,161,749 loss in gross and $5,558,796 loss in net. It happens, too, that in January 1927 comparison was with
decidedly indifferent results. The increase in the
gross then was no more than $6,119,441, or only
1.27%, while in the net there was actually a loss of
$2,853,250, or 2.79%. As a matter of fact, results
were indifferent, too, in the previous year (January
1926), due to the strike then prevalent at the anthracite mines, and the losses suffered by Southwestern
roads at that time because of the previous season's
poor winter wheat yield. In the gross our figures
in January 1926 showed a trifling decrease, namely,
$3,960,038, or not quite 1%; in the net there was
an increase, but equally diminutive, namely, $946,994, or also less than 1%. As it happens, too, the
exhibit for January 1925 was likewise hardly up to
the mark, while in January 1924 there were actual
losses in both gross and net. As explained by us
at the time the showing made by our compilations
in January 1925 was satisfactory chiefly because of
the renewed testimony it afforded of the increased
efficiency and economy with which the roads were
being operated. The gross earnings recorded moderate improvement, namely, $15,866,417, or 3.30%,
but the improvement in the net then reached $17,341,704, or 20.73%, expenses having been slightly reduced. The gain in gross in January 1925 did not
suffice to wipe out the loss in gross earnings sustained in January 1924. On the other hand, the loss
in net in January 1924 was no more than $9,412,390.
The mild weather in 1924, as compared with the exceptionally severe weather the previous year, enabled the managers greatly to reduce expenses at
that time, thereby offsetting the greater part of the
loss in gross receipts, then sustained, while in 1926,
as just shown, still greater efficiency of operation
permitted a further saving in expenses. Moreover,
it is to be said, with reference to the 1924 losses
in both gross and net, that these were in comparison with extraordinarily favorable results in January 1923. In reviewing the January statement of
the last mentioned year we referred to it as the most
encouraging monthly exhibit it had been our privilege to present in a long time. Revival in.trade, we
'noted, had added gubstaxitially to the traffic of the
roads, thereby swelling the gross revenues, while at
the same time operating expenses, though showing

MAR. 23 1929.]

FINANCIAL CHRONICLE

1805

continued augmentation, had not increased to such crease of only $48,000,000, and the net earnings
an extent as to absorb the whole of the gain in gross. would have recorded an actual loss of about $3,000,As compared with the same month of 1922, there 000. Below we furnish a summary of the January
was then an improvement of no less than $105,816,- comparisons for each year back to 1906. For 1911,
364 in the gross and of $35,012,892 in the net. On for 1910 and for 1909 we use the totals of the Interthe other hand, however, the very large gain in gross State Commerce Commission, which then were more
in 1923 was merely a recovery of what had been comprehensive than our own, but for the preceding
lost in the gross in the two preceding years, namely, years we give the results just as registered by our
1922 and 1921, though in the net the 1923 improve- own tables each year—a portion of the railroad milement was additional to an improvement in 1922, age of, the country being always unrepresented in
the two successive gains in net reflecting the trans- the totals in these earlier years, owing to the reformation effected as regards expenses with the fusal at that time of some of the roads to give out
relinquishment of Government control of the prop- monthly figures for publication.
erties.
Net Earnings.
Oros: Earnings.
The reason for the loss in gross in January 1922 Jan.
Increase or
Year
Year
Increase or
Year
Year
Decrease.
Preceding.
Given.
Decrease.
Preceding.
Given.
was, of course, that at that time the country was
3
in
depression
and
business,
still suffering intense
1906 128.566,968 106,741,980 +21,824.988 33.673,269 26.996.772 +11,676,497
—809,874
37,096,918
36.287,044
+10,176.033
123,664.663
133,840.696
1907
which
1921,
amounted
to
in
off
falling
January
the
1908 135.127,093 155,152,717 —20,025,624 29,669,241 41,155,581 —11,496.346
182.970,018 173.352,799 +9,617,219 50.295,374 41,036,612 +9.258,762
$33,226,587, was due to much the same circumstance. 1909
1910 211,041,034 183.264,063 +27.776,971 57.409.667 50,491,080 +6,918,577
215.056.017 210.808.247 +4.248,770 53,890.659 57,373,968 —3.483,309
In January 1921 the United States was in the earlier 1911
1912 210,704.771 213,145,078 —2,440.307 45,940,705 52,960,420 —7.019.714
246,663.737 208.535.060 +38,128,677 64,277.164 45.495,387 +18.781.777
stages of that intense prostration of trade from 1913
1914 233,073.834 249.958,641 —16,884,807 52.749,869 65,201,441 —12,451,572
—890.982
236,880,747 —16.598,551 51.582.992 52,473.974
1915
which the country was still suffering at the begin- 1916 220,282,196
267,043.635 220,203.595 +46.840,040 78,899,810 51.552,397 +27,347,413
307.961,074 267,115.289 +40,845.785 87,748.904 79,069,573 +8,679.331
1917
ning of 1922, and as a consequence there was a sub- 1918 282,394,665 294.002,791 —11,608,126 17,038,704 83.475,278 —66,436.574
395,552,020 284,131.201 +111.420,819 36,222,169 13,881.674 +22.340,495
stantial reduction in the gross receipts in that 1919
1920 494.706,125 392,927,365 +101,778,760 85,908,709 36.099.055 +49,809,654
1921 469,784,502 503,011,129 —33,226.587 28,451,745 88,803.107 —60.351.362
28,331,956 +29.089.649
month, notwithstanding the much higher rate sched- 1922 393,892,529 469,195.808 —75,303,279 57.421,605
1923 350,816,521 395,000,157 +105.816,364 93.279.686 58.266,794 +35,012,892
—33,610,824 83,953.867 93.366,257 —9.412.390
ules, both passenger and freight, put in force the 1924 467,887,013 501,497,837
1925 483,195.642 467,329.225 +15.866,417 101,022.458 83.680.754 +17,341,704
+946.994
484,022,695 —3.960,038 102,270.877 101.323.883
previous August (1920). The shrinkage in the gross 1926 480.062.657
1927 485,961,345 479.841,904 +6.119.441 99,428,246 102,281.496 —2.853,250
99.549,436
93.990.040
—5,558.796
—30.161,740
486,722,646
1928
456,560.897
folwas
it
and
in January 1921 was $33,226,587
1929 486.201,495 457.347.810 +28,853,685 117.730.186 94,151.973 +23.578.213
lowed by a further shrinkage of $75,303,279 in Jan- Note.—In 1908 the returns were based on 157,629 miles of road; In 1909, 231,970:
1910, 239.808; In 1911, 242,479; In 1912, 237.888; In 1913. 235.607: In 1914,
uary 1922, and it should be noted that the January In
243,732; In 1915, 246,959; In 1916. 247,620; In 1917. 248,477; In 1918. 204,046; In
1919, 232,655; In 1920. 232,511; In 1921. 232,492; In 1922, 235,395:10 1923, 235.678;
1923 gain of $105,816,364, though large, did not en- In
1924.238.698:In 1925.236,149;In 1926,236,944;In 1927,237,846;In 1928,239.476
tirely wipe out the antecedent loss. In the net, how- In 1929. 240,833.
ever, as already stated; the 1923 improvement folJanuary being a winter month, the part played
lowed a substantial improvement in the net in 1922 by weather conditions must always be taken into
also. We have already pointed out that the gross in consideration. It has happened that in the more
1922 fell off no less than $75,303,279. That reduc- recent years the weather has imposed no great hardtion in gross revenues was accompanied by a cut ships on tfie operation of the roads or interfered
in the expenses in the prodigious amount of $104,- seriously with the running of trains. The present
392,928, yielding, hence, a gain in the net of $29,- year, however, though the roads between the At089,649. Contrariwise, in 1921 the showing was a lantic seaboard and Chicago were comparatively free
poor one, both in the gross and in the net, and par- from weather disturbances, in the Western half of
ticularly in the latter. And it is the poor results the country some decided drawbacks appear to have
of that year and of the years preceding that has been encountered by reason of the severity of the
made possible the better net the carriers have en- weather—low temperatures and extensive snow
joyed since then. The simple truth of the matter drifts. The latter half of the month newspaper disis that owing to the prodigious expansion in the patches from numerous points in Wisconsin, Iowa,
expenses, the net had got down to the vanishing Colorado, Utah, Wyoming, Montana, Idaho, all the
point. In brief, our statement for January 1921 way west to the State of Washington, spoke of
showed 33,226,587 loss in gross, notwithstanding snow drifts of one kind or another, making the winthe much higher rates, and this was attended by ter one of unusual severity.
an augmentation of $27,124,775 in expenses, the two
As already indicated, neither in January 1928,
combined causing a loss in net in the huge sum of nor in that month of 1927 or 1926, did weather confi0,351,362.
ditions impose much of an obstacle to railroad operIt is true, on the other hand, that there were sub- ations over any large sections of the country. Bad
stantial gains in January of the two years iMmedi- weather was somewhat of a drawback ix January
ately preceding, namely, in January 1920 and Jan- 1925 on certain lines here in the East, though not to
uary 1919. In January 1920 our compilations any great extent for the country as a whole. There
showed an increase over January 1919 of $101,778,- were repeated snow storms in these parts in the
760 in the gross, and of $49,809,654 in the net, though month .in 1925 and in New York City the fall of
a special circumstance accounted for the magnitude snow was the heaviest of any January in the hisof the gains. In other words, in the January 1920 ory of the local weather bureau, reaching 26.2 inches.
total there was included an estimate covering back A storm which came toward the end of the month—
mail pay for the years 1918 and 1919, accruing to that is, Thursday, Jan. 29, and extending into Frithe Railroad Administration as a result of a de- day, Jan. 30—proved particularly mischievous in
cision of the Inter-State Commerce Commission on New York State. The New York Central Railroad
Dec. 23 1919. The addition in that way was rough- reported it as the worst in its history, especially bely $53,000,000, and both gross and net were en- tween Albany and Rochester, causing considerable
larged to the extent of, this $53,000,000. With that delay in the running of trains. The Twentieth Cenitem eliminated there would have been at that time tury train from Chicago was almost 16 hours late in
instead of the $101,000,000 increase in gross an in- reaching the Grand Central Terminal- in New York




1806

FINANCIAL CHRONICLE

[VoL. 128.

Weeks End. .Flour Wheat.
City. It was due at 9:40 a. m., but did not arrive 4Jan.
Corn.
Oats.
Barley.
Rye.
26.
(bids.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
until 1:18 and 1:33 the following morning (Satur- Detroit
1929.
113,000
80,000
114,000
1.000
18,000
1928204,000
53,000
106,000
day), coming in two sections. The area of disturb- Peoria
8,000
22,000
1929... 270,000
78,000 2,254,000
506,000
.ance, however, in this way was very much circum517,000
83.000
1928-- 281.000
79.000 2.113,000
623,000
284.000
scribed, being confined largely to New York and Duluth
1929__
2,103.000
511,000
104,000
183,000
213,000
1928_
3,029,000
14.000
80.000
141,000
635.000
New England, while elsewhere in the northern part Minneapolis
1929_
5,591,000 1,850,000 1,055,000 1,448,000
384,000
of the country the winter was comparatively mild, 19288.621,000
893,000 1.804,000 2,052,000
304,000
City.and little complaint was heard of obstruction be- Kansas
1929.
3.736,000 4,835,000
370.000
19283,201,000 6,278,000
226.000
cause of snow and ice or because of extreme cold. Omaha
& Indianapolis1929_
1,612,000 4,622,000
1,032,000
In 1924 mild weather conditions prevailed nearly
1928_
1,152,000 5,318.000 1.096,000
30,000
Sioux City.everywhere in January in the United States, though
1929.
111,000
1,360.000
298,000
6,000
1928_
140,000 1,524,000
303,000
5,000
in 1923, on the other band, the winter during Jan- M. Joseph1929_
761.000 1,442 000
138,000
1928uary, and also a great part of February, was of ex- Wichita
587,000 1,715,000
82,000
1929_
804,000
676,000
.ceptional severity, heavy snowfalls having then made
32,000
19281,400,000
493,000
68,000
it difficult and unusually expensive to operate the
1929._ 1,886,000 18.905,000 34.778,000 8,514,000 3,460,000
944,000
railroads all through New England and the northern
1928-- 1,803,000 21.643,000 30.822,000 9,290,000 4.377,000 1,174,000
part of New York, as also to some extent in other
The Western livestock movement also was someparts of the country.
what smaller than last year, the receipts at ChiThe grain traffic over Western roads in January cago comprising 24,078 carloads
in January 1929 as
of the present year was not quite equal to that against 24,167 carloads in
January 1928; at Omaha
of the previous year. The receipts of corn at the 7,272 carloads against
8,651, and at Kansas City
Western primary markets were substantially larger, 9,087 cars, against 9,446
cars.
but there was a falling off in the movement of the
As to the cotton movement in the South, this was
other grains, the decrease in the case of wheat be- on a greatly increased
scale the present year, since
ing especially large. For the four weeks ended Jan. the
last season's crop was larger. The gross ship26 1929 the receipts of wheat were 18,905,000 bush- ments overland during
January 1929 were 167,997
,els, as against 21,643,000 bushels in the correspond- bales,
as against only 93,929 bales in 1928; 154,186
ing period of 1928; of corn 34,776,000 bushels, as bales
in 1927; 166,115 bales in 1926, but comparing
'compared with 30,822,000 bushels; of oats 8,514,- with
240,964 bales in 1925. At the Southern out-000 bushels, against 9,290,000 bushels; of barley,
ports the receipts of the staple in January the pres.3,460,000 bushels, against 4,377,000, and of rye, 944,- ent
year aggregated 735,209 bales, as against 535,000 bushels, against 1,174,000 bushels. For the five 905
bales in 1928; 1,033,905 bales in 1927; 739,040
cereals (wheat, corn, oats, barley and rye) combined,
bales in 1926, and 962,316 bales in 1925, as will be
the receipts for the four weeks were 66,599,000 bush- seen
from the following:
nls, as against 67,306,000 bushels in the correspond- RECEIPTS
OF COTTON AT SOUTHERN PORTS FOR MONTH OF
ing four weeks of January 1928. The details of the
JANUARY FROM 1924 TO 1929, INCLUSIVE.
Western grain movement in our usual form are
Month of January.
Ports.
shown in the table we now introduce:
1929.
1928.
1927.
1926.
1925.
1924.
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks End.
Outs.
Barley.
Flour
)Jan. 26.
Odds.)
(bush.)
..
(bush.)
(bush.)
(bush.)
L'hicaeo1929._ 981,000
823,000 11,344,000 2,373,000
591,000
1928... 953,000
764.000 7,671,000 2,738,000
689,000
Milwaukee1929___
135.000
40,000
1,678.000
333.000
566.000
1928-- 109,000
97,000
1,197,000
422,000 1,026,000
H.Louis1929... 520,000 2,649.000 3,919,000
1.805,000
136,000
1928.-- 460,000 1,893,000 3,409.000
1.481,000
135,000
Toledo1929-484,000
205,000
356.000
12,000
1928-476,000
144,000
261.000
7,000

Rile.
(bush.)
216,000
138.000
21.000
62.000
1,000
11,000
8,000
2,000

Galveston
bales
Texas City, &c
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Corpus Christi
Charleston
Wilmington
Norfolk
Newport News
Lake Charles
Total

251,115
248,438
162.554
23,393
8
20.958

169.568
140,215
144,493
14,437
3
27,806

290,205
337,902
241,145
21,910
680
76,585

259,993
140,007
216,885
13,118
525
48,855

358,975
268.715
213.227
12,041
897
42,986
350

258,058
78.042
157,224
7,346
2,983
36,065

3,530
9,463
5,283
10,467

8.557
11,538
6,659
12,073

25,519
9,011
30,949

25,146
7,845
26,686

22,532
13,149
29,624

6,986
5,201
30,099

535,905 1,033,906

739,040

962,316

581,984

556
735,209

Indications of Business Activity
-THE STATE OF TRADE-COMMERCIAL EPITOME. trade. Provisions have been firm, despite
large receipts
Friday Night, March 22 1929.
of hogs, though these have within a day or two fallen below
With springlike weather and the temperature here to-day the estimates. The exports last week of pork,
lard and
up to 75 degrees or summer heat, trade has brightened, meats were 13,216,000 lbs. against
3,296,000 in the same
.especially as Easter is close at hand, earlier than usual. week last year. Wheat declined 3
cents, with foreign
Jobbing and retail trade in the clothing branch has in- markets lower or indifferent, export
trade small, winter
creased noticeably. It is still true that trade and industry wheat crop advices in this country very
favorable, and the
are on a larger scale than a year ago. Business would be Government total on mill and elevator
stocks about 3,000,000
even better but for the fact that the roads in the West and bushels larger than a year ago. The
open interest in wheat
Southeast are apt to be in bad condition from the heavy is very large over 150,000,000
bushels. What is to be the
March rains. The Mississippi River levee near Quincy, Ill., outcome remains
to be seen. It is a case of big stocks and
broke the other day and flooded rivers in Alabama have had little export demand. Corn declined
2 to 3c. on heavy
some mischievous effects. But Southern floods are apt to liquidation, but a good cash demand
has latterly prevailed.
retire quickly. Collections, it is gratifying to notice, are a The receipts have been small and it
is believed that the
little better. The wheat crop is to all appearance doing domestic and Canadian demand will
give prices a certain
well and the seeding of other grain is progressing. It is support, even though Argentina is about
to export the new
regrettable that protracted rains have delayed farm work crop freely. Oats declined only slightly,
despite big farm
in the cotton belt, especially in the eastern section of it. stocks, for visible stocks and receipts are decreasing
and the
.Some beneficial rains have fallen in Southern and Western farm consumption is believed to be very
large. Rye deTexas, which will stimulate seeding and germination of the clined with trade slow and Chicago reporting
a stock of
'cotton plant.
2,367,000 bushels against 572,000 a year ago. Sugar
Lead has advance $10a ton and zinc $5 with a good demand changed little and there has been considerable buying of
for both and statistics are bullish, supplies of lead being January and March 1930, in the belief that present prices
noticeably small. Copper is up to 24c. for the domestic are unwarrantably low. Coffee has declined at times, but




MAR. 23 1929.]

FINANCIAL CHRONICLE

1807

the net loss for the week is nothing great; in fact both Rio there will be no reduction in acreage.' The impression is
and Santos for March delivery advanced in spite of the that there will be some increase if the weather permits.
competition of mild coffee with Santos. Moreover what- Greenville, S. C., textile reports were favorable. Columbus,
ever may be said or predicted the Defense Committee of Ga.,reported that the Eagle and Phoenix Mills and Muscogee
Brazil continues to dominate the situation. It seems idle Manufacturing Co. there were forced to suspend operations
to ignore that fact. Rubber prices collapsed on the 20th inst. last Friday for the third time in three weeks because of
falling 1 to lMc. partly on rumors of financial difficulties at floods along the Chattahooche river. Much damage was
Singapore, and London prices fell sharply. Manufacturers, done to both industry and farming. At Montreal the strike
moreover, were said to be selling futures here against their of cotton operatives at the Hamilton Mills was settled and
stocks of actual rubber.
work resumed.
Cotton declined under persistent liquidation attributed
In Bombay there have been riots owing to the raiding of
to large interests here and at the West. The spot demand has communist headquarters. It is said that 14 mills were
recently fallen off. Goods have been generally quiet. Man- closed or partly closed and 30,000 workers were idle.
chester's trade has been hurt by political riots in Bombay.
Another automobile production record was established in
As to the big rains which have fallen through they delay February in this country, when 466,084 vehicles were turned
farm work they put a good season in the ground. Floods out, of which 407,589 were passenger cars and 58,495 trucks.
mean fertilization. And to-day the Department of Agricul- Passenger car production has not been surpassed in any preture at Washington was said incorrectly to have issued a vious month, the previous record having been made in Austatement to the effect that the next acreage will be large gust 1928, when 400,593 were produced. In August 1928,
and the crop probably far in excess of the last one and may however, there was a record output of 60,705 trucks, or
even approximate that of 1926-27, which was 17,911,000 about 1,500 more than in February. The total in February
bales. It caused heavy selling in spite of rainfalls of 2 to compared with 400,715 vehicles representing 349,111 pas334 inches in Mississippi, Alabama and Georgia and talk senger cars and 51,604 trucks in January.
of still heavier rains in Arkansas, which of course delay field
Orders for electrical equipment in which copper figures
work. It seems now to be taken for granted that bad largely have increased recently in anticipation of possible
weather in February and March were too early to call for further advances in the price of copper the "Electrical
material advance in prices for cotton. It was too soon for a World" reports. Motors particularly are in active demand.
Bull Campaign.
With no slackening in heavy construction operations, the
Coarse yarn cotton cloths were quiet and now and then outlook is generally satisfactory, it is said.
in special circumstances easier, but in general firm. FinMontgomery, Ala. wired that the Alabama River, rising
ished cotton goods were in fair demand and the consumption and spreading out until it is 10 miles wide in places has inunis heavy. The demand was mostly for printed dress goods dated an area in Western Alabama estimated to be several
for spring and summer months. Most cotton goods were in times as large as that flooded last week by the Pea River
better demand and prompt deliveries were often urged. The and its tributaries in the southwestern part of the State.
exhibition at the Wool Institute attracted a large attendance
Here on the 18th int. temperatures were 29 to 55 deof woolen goods producers and merchants as well as silk, grees; at Boston, 22 to 48; Chicago, 38 to 62; Cincinnati,
cotton and rayon interests. The American Woolen Co. 34 to 60; Cleveland, 32 to 54; Detroit, 32 to 56; Kansas
opened its lines of women's wear goods for the fall 1929 sea- City, 42 to 64; Milwaukee, 38 to 62; Minneapolis, 34 to 56;
20. from the Montreal, 14 to 38; Omaha,42 to 63; Philadelphia, 32 to 58;
son with prices revised, some lower by 5 to 223/
high of pmvious seasons, others were the same as last spring Portland, Me., 18 to 44; San Francisco, 43 to 58; Seattle,
or fall. Broad silks for spring and summer were in brisk 38 to 58. Temperatures here on the 20th inst. were 44 to
demand. Raw silk was in only moderate demand and lower. 60 degrees.
The shoe trade is more active. It turns out that the producRecent Southern floods have extended from this side of
tion of boots and shoes in January totaled 27,024,733 pairs, the Mississippi River over to the Eastern fringe of Texas
an increase of 23.3% over December 1928 and of 3.1% over and Oklahoma. Flood washed levees along the Mississippi
January 1928. Most live stock was higher. Butter and River north of Quincy, Ill., bulged from the strain of holding
eggs, with milder weather, are lower. Coal has declined 60 back the rise of the river. The situation was described as
cents on the spring cut, with trade quieter accompanying dangerous. The river has already reached the 20 foot stage
warmer weather. Pig iron declined $1 at the South but some and experts said the leveeeat the utmost can hold no more
steel scrap was higher. As a rule pig iron has been quiet. than another foot.
Steel production keeps up well, reflecting a large production.
New York on the 20th inst. had 40 to 60 degrees, Boston
Furniture and household lines are in better demand. Build- 36 to 64, Chicago 48 to 52, Cincinnati 48 to 60, Cleveland
ing has been checked to some extent by high rates for money. 42 to 50, Detroit 40 to 46, Kansas City 50 to 66, Milwaukee
Gasoline price cutting ended on the Pacific Coast and prices 42 to 50, Philadelphia 42 to 62, Portland, Me. 32 to 58,
rose 6c. General industry's pay rolls increased in February. San Francisco 52 to 68, Savannah 56 to 72, Seattle 44 to 50,
Automobile tire output and shipments in January both in- and St. Paul 32 to 48. To-day 75 degrees were registered
creased 22%.
here, and open cars were running on Broadway. The trees
The stock market advanced at one time, but later in the in the Bronx Zoological Garden were starting into bud.
week declined. Thursday was a day of nervous and irregu- Overnight, Boston had 50 to 60 degrees, Chicago 38 to 64,
lar fluctuations. Brokers' loans increased $166,000,000, Cincinnati 54 to 60, Cleveland 38 to 64, Detroit 36 to 66,
making the total $5,793,000,000, the largest on record, and Kansas City 56 to 74, Milwaukee 34 to 52, Philadelphia
there were fears of an increased rediscount rate. General 58 to 66, Portland, Me. 42 to 50, San Francisco 48 to 68,
Motors common, however, sold up to a new high of 913, Seattle 36 to 56, St. Paul 26 to 46.
making the open market value $4,150,000,000, something,
it is believed, unequalled in the shares of any company in
Decline in Wholesale Prices in February.
the past. To-day prices fell 2 to 10 points in a market
nervous over the money situation, though the rate was no
A slight decline in the general level of wholesale prices
higher than 9%, something that Wall Street is becoming from January to February is shown by information collected
inured to. Yet the increase in brokers' loans rather stag- in representative markets by the Bureau of Labor Statistics
gered even blase Wall Street. Declines were noticeable in of the United States Department of Labor. The Bureau's
such significant stocks as General Motors, American Can, weighted index number computed on prices in the year 1926
American Smelters, Anaconda, Kennecott, Bethlehem Steel, as the base and including 550 commodities or price series,
Goodyear Tire and Westinghouse Manufacturing, New York stands at 96.7 for February compared with 97.2 for January,
Central, Nickel Plate and Southern Pacific, oils, National a decrease of one-half of 1%. Compared with Feb. 1928,
Cash Register and radio and equipments. The transactions with an index number of 96.4, an increase of nearly one-third
to-day exceeded 4,800,000 shares and the ticker at times was of 1% is shown. The Bureau's survey, made public March
18 minutes behind the trading.
18, adds:
Farm products followed the general downward price trend. increases for
At New Bedford, Mass., more looms are being operated
grains, hogs, and eggs being more than offset by decreases for beef cattle,
any
one
time
in
several
at
years.
than
Operations are poultry. hay, potatoes, tobacco, and wool. The net decrease for the group
estimated at89% of single shift capacity. Charlotte, N.C. was one-half of 1%.
Foods also showed a net price decline, due to decreases for fresh and mess
wired that activity continued among the fine yarn spinners
beef, lamb, veal, cheese, oranges, lemons, and sugar. Butter, fresh and
with some business being transacted every day. Brokers cured pork,coffee,flour, and lard, on the other hand, were higher than in
respresenting Delta shippers have been able to sell some January. The decrease for the group as a whole was three-fourths of 1%.
Hides and skins again showed a radical price decline, while leather also
cotton and Carolina merchants who have been holding staple declined
appreciably. Boots and shoes and other leather products showed
cotton have been able to find buyers. Farmers state that practically no change in price.




1808

FINANCIAL CHRONICLE

Among textile products a downward tendency was exhibited by cotton
goods, silk and rayon, and woolen aid worsted goods, while other textile
products increased slightly.
Anthracite and bituminous coal, and coke, advanced slightly in price.
while petroleum products receded.
Small price advances were recorded for the groups of metals and metal
products, building materials, and chemicals and drugs. Housefurnishing
goods showed no change in the general price level. In the group of miscellaneous commodities appreciable decreases in cattle feed and automobile
tires offset increases is crude rubber, resulting in a slight net decrease for
the group.
Raw materials, semi-manufactured articles, and finished products all
averaged slightly lower than in January.as did non-agricultural commodities
considered as a whole.
Of the 550 commodities or price series for which comparable information
for January and February was collected, increases were shown in 148
Instances and decreases in 110 instances. In 292 instances no change in
price was reported. The great importance of articles showing price declines,
together with steep decreases for certain items, was responsible for the net
decrease in the general price level.
Comparing prices in February with those of a year ago, as measured by
changes in the index numbers, it is seen that metals and metal products and
building materials were considerably higher, while farm products, fuel and
lighting materials and chemicals and drugs were somewhat higher. Small
decreases between the two periods took place among foods, textile products,
and housefurnishing goods, and a considerable decrease among hides and
leather products and articles classed as miscellaneous.

[VoL. 128.

January 15 1929; an increase of a little less than 2% since
February 15 1928; and an increase of approximately 59%
since February 15 1913. The index number (1913-100.0)
was 151.6 in February, 1928; 154.6 in January, 1929; and
154.4 in February, 1929. The Bureau's advices March 19,
also state:
During the month from January 15 1929, to February 15 1929, 18
articles on which monthly prices were secured increased as follows: Oranges,
6%; strictly fresh eggs, 3%; bananas, 2%; sirloin steak, round steak, rib
roast, chuck roast, plate beef, sliced bacon, canned red salmon,cheese,lard,
macaroni,canned corn, canned peas,sugar and raisins, 1%;and sliced ham,
less than five-tenths of 1%. Nine articles increased: Onions, 8%, navy
beans, 5%, cabbage, 3%; pork chops and canned tomatoes, 2%; and leg
of lamb, hens, butter and baked beans, 1%. The following 15 articles
showed no change in the month: Fresh milk, evaporated milk, oleomargarine, vegetable lard substitute, bread, flour, corn meal, rolled oats, cornflakes, wheat cereal, rice, potatoes, tea, coffee, and prunes.

Changes in Retail Prices of Food by Cities.
During the month from January 15 1929,to February 15 1929,there was a
decrease in the average cost of food in 27 of the 51 cities as follows: Fall
River, Jacksonville, Los Angeles, and San Francisco, 2%; Atlanta, Birmingham, Bridgeport, Charleston, S. C., Manchester, Mobile, Newark,
New Haven, New York, Norfolk, Portland, Me., and Providence, 1%;
and Baltimore, Detroit, Houston, Memphis, New Orleans, Philadelphia,
Pittsburgh, St. Louis, Salt Lake City, Scranton, and Washington, less than
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB- five-tenths
of 1%. The following 23 cities increased: Louisville and St.
GROUPS OF COMMODITIES. (1926=100.0.)
Paul, 2%; Butte, Cincinnati, Cleveland, Kansas City, Milwaukee, Minneapolis and Richmond, 1%; and Boston, Buffalo, Chicago. Columbus,
Purchasing
Power of the Dallas, Denver, Indianapolla, Little Rock, Omaha, Peoria, Portland, Oreg.,
Rochester, Savannah, and Springfield, Ill., less than five-tenths of 1%.
Dollar.
January
February
February
Feb. 1929.
In Seattle there was no change in the month.
Groups and Subsuming
1929.
1928.
1929.
(1926-100)
For the year period February 15 1928, to February 15 1929, 40 cities
showed increases: Indianapolis and Little Rock, 6%; Cincinnati, Kansas
97.2
96.4
06.7
103.4
All commodities
City
105.9
104.5
105.4
and Memphis, 5%; Columbus, Houston, Louisville. Minneapolis
94.9
Farm products
98.3
108.4
98.0
102.0
Grains
and Omaha,4%;Atlanta, Dallas, Denver, Detroit. Los Angeles, Milwaukee,
102.1
100.1
98.2
101.8
Livestock and poultry
New Orleans, Peoria, Pittsburgh, St. Paul, Salt Lake City, Seattle, and
109.2
111.3
91.6
106.1
Other farm products
Springfield, Ill., 3%; Birmingham, Buffalo, Butte, Charleston, S. C.,
98.7
98.8
98.1
101.9
Foods
106.4
109.0
109.9
91.0
Butter, cheese. and milk
Chicago, Cleveland, Portland, Ore., St. Louis, San Francisco, and Savan97.8
105.7
102.3
97.8
Meats
nah, 2%; Richmond, Rochester, and Washington, 1%; and Boston, Man96,2
90.7
90.9
Other foods
110.0
chester. Norfolk and Scranton, less than five-tenths of 1%. Ten cities
113.6
124.1
109.0
Hides and leather products
91.7
showed decreases: Fall River, Newark, New York, Philadelphia, and
124.1
1511.7
106.4
Hides and skins
94.0
120.5
129.3
117.1
Leather
85.4
Portland, Me., 1%; Baltimore, Bridgeport, Mobile, New Haven, and
106.7
93.8
109.2
106.6
Boots and shoes
Providence, less than five-tenths of 1%. In Jacksonville there Was no
108.4
107.6
107.6
Other leather products
92.9
change in the year.
96.8
96.4
96.1
Textile products
104.1
101.3
101.4
Cotton goods
As compared with the average coat in the year 1913, food on February
99.2
100.8
Silk and rayon
83.2
84.8
83.1
120.3
15 1929, was 65% higher In Chicago; 62% in Richmond; 61% in Detroit.
101.1
99.9
100.9
Woolen and worsted goods...
99.1
Scranton
and Washington; 60% in Atlanta, Birmingham, Build°. and
88.2
85.6
85.3
Other textile products
116.8
Cincinnati: .58% in Pittsburgh and St. Louis; 57% in Baltimore, Louisville,
81.2
Fuel and lighting
82.5
81.3
123.0
Anthracite coal
91.1
109.2
91.6
95.8
Milwaukee and Now York; 56% in Charleston, S. 0., Dallas, and MinneBituminous coal
93.0
94.7
106.7
93.7
apolis; 55% in Boston, New IIaven, New Orleans, and Philadelphia; 84%
84.5
84.4
85.1
117.5
Coke
In
Kansas City and Providence; 53% in Indianapolis; 52% in Cleveland
92.4
95.9
•
Manufactured gas
and Little Rock; 51% in Fall River and Manchester; 50% in Memphis and
68.9
Petroleum products
71.9
1-4-5:1
66.6
95.8
98.3
104.4
Metals and metal products
103.6
San Francisco: 49% in Omaha: 48% in Newark; 47% in Seattle; 42% in
103.2
94.9
96.9
Iron and steel
96.7
Los Angeles; 41% in Jacksonville and Portland, Ore., 39% in Denver;
106.0
Non-ferrous metals
100.7
95.2
90.5
and 33% in Salt Lake City. Prices were not obtained in Bridgeport.
98.8
Agricultural implements
101.2
98.8
98.8
104.3
Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me.,
111.6
111.0
Automobiles
89.6
98.4
101.6
97.9
98.4
Other metal products
Rochester, St. Paul. Savannah, and Springfield, Ill., in 1913, hence no
102.6
97.5
Bullding materials
96.6
91.0
comparison for the 16-year period can be given for these cities.
88.9
95.0
92.9
105.3
Lumber
92.5
92.5
Brick
92.9
108.1
94.6
96.5
94.6
105.7
Cement
103.1
94.5
97.0
97.0
Structural steel
Business Outlook as Viewed by National Bank of
85.9
88.3
86.7
115.9
Paint materials
107.8
92.1
93.2
108.6
Other building materials
Commerce in New York.
95.9
104.1
Chemicals and drugs
95.8
96.1
102.1
102.4
102.1
97.7
Chemicals
According
to
the
National Bank of Commerce in New York
71.1
Drugs and pharmaceuticals..
71.0
140.6
71.7
94.7
94.6
105.6
94.0
Fertilizer materials
"prospects for spring business are certainly not unfavorable
97.1
97.1
103.0
Fertilizers
96.5
at the moment, for employment throughout the winter and
96.6
96.6
103.5
98.4
HousefurnIshIng goods
95.0
95.1
105.3
98.0
Furniture.
early spring has been good and purchasing power is high."
98.7
97.6
97.6
102.5
Furnishings
124.4
87.8
80.5 ,
80.4
Mlseellaneotus
The bank in surveying the business prospect under date of
139.1
129.3
134.8
77.3
Cattle feed
March 21 adds:
113.9
90.9
87.8
87.8
Paper and pule
64.7
49.6
40.8
201.6
Rubber
It is rather that there are a number of uncertain factors in the situation
58.1
69.8
56.1
Automobile tires
178.3
which may or may not radically change the position. Unfavorable weather
99.2
100.3
100.9
99.7
Other miscellaneous
98.7
99.1
08.1
Raw materials
101.9
alone can so retard the movement of goods into consumption as to produce
97.3
97.1
Semi-manufactured articles.97.2
102.9
undesirable congestion, when the volume of production 18 so high. The out94.8
95.9
96.5
104.3
Finished products
look in the building industry, while still not very clear, cannot be called
tion-aaricultural oommodltles
94.9
94.2
94.3
106.0
satisfactory. A reaction frem speculative excesses in stocks may adversely
•Data not yet available
affect consumer purchasing power at almost any time

Secretary of Commerce Lamont Finds Business Conditions Favorable Except as to Building.
With the sole exception of construction, general business
conditions so far this year have been exceptionally favorable
in practically every line, it was declared on March 21 by
Secretary of Commerce Robert P. Lamont in discussing the
industrial outlook. According to the Washington correspondent of the New York "Journal of Commerce." The
advices to that paper March 21 also state:
The automobile industry, particularly, Mr. Lamont said, is "going
strong," the production of such in January and February being 100%
above the corresponding menthe of last year and the output of passenger cars
being 50% higher. The agricultural implement business also is particularly
good, running 40% ahead of last year, with exports showing an increase of
100%. These, it was pointed out by the Secretary, are among the more
important industries and help to bring up the general average.
The only industry which is showing any falling off of importance is the
building industry, which is off about 14% compared with January and
Feb. 1928. This situation. the Secretary believes, may merely be temporary,and to some extent may reflect the high interest rates which it is believed have curtailed speculative building.

The bank also states:
Trade reports for the past month confirm earlier expectations of an exceedingly high rate of industrial activity; they also increase the uncertainty
with which the longer future is regarded. In several of the key industries the
daily rate of production in February surpassed any previous record and
current information indicates that additional gains are being made in the
present month. With the momentum already acquired it now seems fairly
well assured that production schedules will be maintained through a good
part of the second quarter.
ira
A high rate of production is not a source of anxiety if it is closely related
to consumer requirements. Present activity, however, in some cases seeele
to be based on what producers think they can sell rather than on a real
urgency of demand. A response of this sort to the prosperity enjoyedsin the
latter part of 1928 is natural enough, but it is of such stuff thatitrade
reactions are made.

Loading of Railroad Revenue Freight Lower Thanlin
Either 1928 or 1927.
Loading of revenue freight for the week ended on March 9
totaled 945,770 cars, the Car Service Division of the American
Railway Association announced on March 19. This was a
decrease of 5,786 cars below the corresponding week in 1928
and a decrease of 54,984 cars under the correspondinggweek
Decline In Retail Food Prices In February As Compared in 1927. Details are outlined as follows:
With January-Increase Over Prices of Year Ago.
Miscellaneous freight loading for the week totaled 360.692 cars.ron
The retail food index issued by the Bureau of Labor increase of 7,218 cars above the corresponding week last year and 3.883
over the same week in 1927.
Statistics of the United States Department of Labor shows cars
Coal loading totaled 171,536 cars, a decrease of 3,214 cars belowrthe
February 15 1929, a decrease of about one-tenth of 1% since same week in 1928 and 48,705 cars below the same period two years ago.




MAR. 23 1929.]

FINANCIAL CHRONICLE

:Grain and grain products loading amounted to 41,860 cars, a decrease
.ef 7,684 cars below the same week in 1928 but 2,342 cars above the same
week in 1927. In the Western districts alone grain and grain products
loading totaled 28,804 cars, a decrease of 5,402 cars below the same week
In 1928.
Livestock loading amounted to 23,418 cars, a decrease of 4,659 cars
under the same week in 1928 and 3,832 cars under the same week in 1927.
In the Western districts alone, livestock loading totaled 18,183 cars, a
decrease of 2.639 cars under the same week in 1928.
Loading of merchandise less-than-carload-lot freight totaled 259,742
cars, an increase of 1,826 cars above the same week in 1928 but 3,780
cars under the corresponding week in 1927.
Forest products loading amounted to 64.955 cars. 2,564 cars below
the same week in 1928 and 4,960 cars below the same week in 1927.
Ore loading amounted to 10,732 cars, 1,811 cars over the same week
In 1928 but 118 ears under the same week two years ago.
Coke loading totaled 12,83.5 cars, 1,480 cars above the same week last
year and 187 cars over the corresponding week two years ago.
All districts except the Southern Northwestern and Centralwastezn
reported increases in the total loading of all commodities compared with
the same week in 1928, but the Southwestern district was the only one
.to report an increase compared with the same period in 1927.
Loading of revenuestraight in 1929 compared with the two previous
years follows:
1929.
1928.
1927.
Four weeks in January
3 570,978
3.448,895
3.756,660
Four weeks in February
3,767.758
3,590,742
3,801,918
Week ended March 2
976,987
959,494
989,863
Week ended March 9
945.770
951,556
1.000,754
Total

9,261,493

8.950,687

9,549.195

1809

For the two months of 1929 the contracts foot up $771,241,800, as compared with $892,500,000 in the corresponding
two months of 1928.
We give below tables showing the details of projects
contemplated in February, and for the two months of this
year as compared with the corresponding periods a year ago,
following which we give other tables showing the details
of the contracts awarded for the same periods. These
figures it is stated, cover 91% of the total United States
construction.
CONTEMPLATED PROJECTS
1929
No. of
Prolate.
ClassificationCommercial buildings
Industrial buildings
Educational buildings
Hospitals and institutions
Public buildings
Religious, arc
Social, etc

Vallsalien.

2,064 ' 896,867,000
106,170,300
614
40,420,000
383
14,103,400
93
155
15,027,400
183
7,903,500
251
17,425,300

No. of
Projeds.

Yaluation.

2,334
607
474
105
233
248
328

5134,877,908
83,417.300
30,874.500
28,691,000
31.349,500
25.057,000
29,597,200

Non-residential
*Residential buildings

3,723
a7,912

5297,916,900
4,329
246,006,200 f11.024

8363,864,400
358.478.500

Total buildings
Public works. aro

11,635
1,443

3543,923,100
228,698,500

15,353
1,763

8722,342,900
224,660,5(X)

13,078

8772,621,600

17,116

$947,003,400

4,289
1,226
664
198
310
379
512

8236,998,700
262,712,500
72,653,600
32,605,400
31,225,900
19,205,600
40,921,500

4,509
1,165
950
249
420
541
653

6240,756.200
163,700,800
86,981,000
58,745,200
60,897,000
42,365.000
61,298,700

3696,323,200
8,487
510,084,500 620.840

$714,743,900
732,672,800

23,968
2,987

$1206407700
384,497,900

29,327
3,158

$1447416700
404,261,600

26,955

$1590905600

32,488

31851678 300

Total construction

Canadian Building Permits Show Increase.
The value of the building permits issued by 61 Canadian
cities during February, as compiled by the Dominion Bureau
of Statistics, was higher by $2,108,809 or 25.2% than in the
preceding month,and by $155,141 or 1.5% than in February
of last year; the total stood at $10,473,479 during Feb. 1929,
as compared with $8,364,670 in Jan. 1929, and $10,318,338
in Feb. 1928, which had one day more for registration of
building projects. The Feb. 1929, total was the highest
/or that month in the record for the 61 cities, which goes
back to 1920, while building costs continue lower, it is
stated, than in most years of the record. The report says:

1928

• Month of January.

Two Months to March 1Commercial buildings
Industrial buildings
Educational buildings
Hospitals and institutions
Public buildings
Religious, &a
Social, ase
Non-residential
*Residential buildings
Total buildings
Public works,Sc
Total construction

7,573
b16,390

CONTRACTS AWARDED.

1929.
1928.
Month of
Some 50 cities furnished detailed statistics,showing that they had granted
Floor
of
New
February.
No
No. of New Floor
nearly 600 permits for dwellings, valued at over $2,000,000 and nearly
YaluProj- Spate in
Proj- Stare in
valu1,000 permits for other buildings, estimated to cost in excess of $8,000,000.
alien.
eds. Square Ft.
eds. Square Ft.
atton.
In January authority was given for the erection of some 400 dwellings and
Classification-$
900 other buildings, estimated at approximately $2,600,000 and 85.000,000,
Commercial bldgs_ 1,606 11,640,400 68,265,100 1,859 10,178,1001 57,695,400
respectively.
491 8,108,500 56,092,100
Industrial buildings
505 6.059,890 34,881,300
New Brunswick. Ontario and the four Western Provinces reported Education bldgs169 3,484,200 22,576,700
179 3,157,4tJo 18.650,500
606,700 4,627,900
Increases in the value of the permits issued as compared with Jan. 1929, Hosp.& institutes
58
62. 1,205,7001 8,310,700
214,300 1,454,000
56
78
529,
4,064,400
while elsewhere comparatively small declines were indicated. The largest Public buildings
116
773,400 6,184,500
Religious,Sc
137
854,700 7,350,000
gain, of $1,055,697, took place in Alberta; this was chiefly due to the Social,
155 1,432,800 14,994,200
167 2,4713.500 35,413,700
arc
authorization of an addition to a leading hotel in Calgary.
Non-residential.62,651 26,260,300 174,194,500 2,987 24,463.5001l66.366,000
As compared with Feb. 1928, Nova Scotia, Ontario, Manitoba, Saske6,414 27,260,300 129,486,400h9577 44,188,1
38,985,109
atchewan and Alberta registered gains, that of $1,578,798, or 38% in 'Residential
Ontario being most pronounced. Of the decreases in the remaining proTotal buildings. 9,065 53,520,600 303,680,90012,564 68,651,600 405,351,100
winces. that of 48.1% in British Columbia was greatest.
835,900 57,593,000
684
Public works, /sc.804
195,800 59,980,200
Of the larger cities. Montreal recorded a reduction in the value of the
Tot. construction 9,749 54,356,500 361,273,900i 13,368 68,847,400 465,331,300
permits issued as compared with Jan. 1929, and Feb. 1928. In Toronto,
there was a decline as compared with the preceding month, but the
2 Mos.to 1far.1
total
[
was higher than in the same month of last year. Winnipeg reported
27,390,400 188,643,100 3,535 21,606,600 126,506,800
an Commercial bldgs. 3,221
952 15,442,900 119,201,000', 924. 11,257,900 72,851,600
advance in both comparisons, while in Vancouver the value of the building Industrial buildings
bldgs_ _. 309 6,213,300 40,322,600, 326 6,655,500 42,019,900
authorized was greater than in Jan. 1929, but lower than in Feb. 1928, Education
129 1,451,200 12,685,000, 115 2,578,500 19,493,100
Reap. & institut'ns
when a permit was issued for the construction of a grain elevator valued at Public buildings _ _ _
125 1,010.100 6,403,900' 161 1,198,900 9,909,100
237 1,267,600 10,567,000 249 1,563,800 12,882,900
12,000,000. Of the other cities, the following registered increases in the Religious,Sc
293 2,346,800 21,749,200
331 3,974,300 44,603.400
value of building authorized during February as compared with Jan. 1929, Social,Sc
and Feb. 1929:-New Glasgow, Sydney, Fredericton, Moncton, Quebec.
Non-residential - 5.268 55,122,300 379,571,8001 5,6611 48,1335,500 328.306.800
Belleville, Chatham, Kitchener, London. Niagara Falls, St. Catharines, *Residential
d 13,319 56,567,200 267,555,000 18,098 83,302,80(432.174,300
fit. Thomas. Sarnia, York Townships, Windsor, Riverside, Walkerville,
Total buildings. 18,585 111,689,500 647,126,800 23,759 132,137,800 760,481,100
Regina, Saskatoon, Calgary, Edmonton,Medicine Hat, Kamloops, Nanimo
Public works. am- 1,354 1,440,900 124,115,0001 1,408k
428,500 132,018.909
and Victoria.
The following table gives the value of the building auth- Tot.construction 19,939 113,130,400 771,241,80065,1671132,564,300502,500,000
Note.-Mllitary and naval buildings are now Included under the general elan%
orized by 61 cities during February,and in the first 2 months Public
buildings.
•Include projects without general contractors, subcontract being let directly by
of each year since 1920, as well as the index numbers for the owners
or architects. a 13,461 buildings. b 32,202 buildings. c 10.177 buildings
latter, based upon the total for 1920 as 100. The average .11 20,688 buildings. e 21,573 buildings. f 41,320 buildings. 0 15,558 bul1dini9z.
h 29,077 buildings.

8

index numbers of wholesale prices of building materials in
January and February of the same years are also given Annalist's Weekly Index of Wholesale Commodity Prices
(192100).
In presenting the current week its weekly index of wholesale commodity prices the "Annalist" says:
Indexesof Value Average Indexes of
Year1929
1928
1927
1936
1925
1924
1923
1922
1921
1920

Value of
ValueofPermits of Permits
Wholesale Prices at
PertnUs
Issued in First Issued in First BuildingMatertals,
Issued
Months.
2 Months, In First 2 Months,
in February.
(1921100). (1926=100).

8

$10,478,479
10,318.338
7,638,176
7,139,539
5.902,118
4,093,800
5,679.671
4,738,105
3.683.359
6,156,287

$18,838,149
18.034,925
13,314,713
11,859,083
11,349,388
8,554,379
9,819,169
8,064,642
6,278,923
10.173.311

185.2
177.3
130.8
116.6
111.6
84.0
96.5
79.3
61.7
100.0

99.6
96.4
97.1
102.4
103.2
112.3
110.1
108.3
140.5
137.c

The aggregate for the elapsed months of 1929 was higher
by 4.5% than the total for the same months of 1928, the
previous high level of this record of ten years.

Contributing to a reduction in the "Annalist" Weekly Index of Wholesale Commodity Prices this week were marked declines In the farm and
food products and in the miscellaneous indexes which were more than
enough to overbalance higher values of metals and fuels. The resulting
Index this week stands at 146.5 compared with 147.1 on March 12.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
Mar. 19 1929. Mar. 12 1929. Mar, 20 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All commodities

145.4
143.4
154.4
161.1
131.8
154.0
134.9
123.1
146.5

147.0
144.8
154.4
166.5
129.4
154.0
134.8
123.9
147.1

146.2
151.3
153.1
157.3
120.6
153.4
134.3
122.1
145.9

Construction Contracts in February Smaller.
W. W. Putnam of Union Trust Co. of Detroit Reports
Total construction contracts awarded during February in
Continued Upward Move of Business-Michigan
the 37 eastern States amounted to $361,273,900, according
Employment Gains.
to statistics compiled by the F.W.Dodge Corp. In February.
According to Wayne W.Putnam, Assistant Vice-President
1928 these construction contracts aggregatedj$465,331,30 of the Union Trust Co. of Detroit, "the business upswing




1810

FINANCIAL CHRONICLE

continues. Trade and industry, as a whole," he says "are on
a higher level than at this time a year ago." Much of this
Improvement, it is noted, is seasonal, but the high rate of
activity in some lines, notably automobiles and steel, cannot
be entirely attributed to influences surrounding the approach
of Spring. Mr.Putnam also says in part:
Elements of strength and wholesomeness dominate the present situation
and warrant the expectation that business will continue good during the
next few months. Whether It will remain good throughout the latter half
of the year depends largely on two things: The credit situation and the
outlook for crops. The Federal Reserve Board is adhering closely to its
Policy to divert reserve credit from the channels of security speculation in
order that commerce and industry may be supplied with funds at rates
favorable to orderly and natural business expansion. In view of the increases in brokers'loans and the fresh outbursts in stock speculation during
recent weeks, the question arises whether the Reserve authorities, in order
to curb the flow of reserve money Into the stock market may raise the
rediscount rate thereby making credit still more expensive for industrial
and commercial borrowers at least for the time being.

As to conditions in Michigan Mr. Putnam says:
Business in Michigan still finds its chief source of betterment in the
mounting production schedules of the automobile industry and the manufacturing linos closely related to it. Considerable overtime is reported.
Output of cars and trucks in February totaled 501.445 units, establishing
a new high record for any one month. Production in the same month
last year amounted to only 336.300 vehicles. March output promises to
establish a new monthly record if present schedules are maintained until
the end of the month. Ford production is now averaging 7,400 cars and
trucks daily.
Paper mills are running from 10 to 15% below normal. Considerable
spottiness exists in the furniture industry, some plants being quite active
while others are operating on reduced schedules. Store fixture and showcase factories are operating at 90% of normal. Radio output is holding
up well. Schedules of electrical refrigeration plants are being increased.
Farm implement and cereal manufacturers are exceptionally busy. Additional increases in the price of copper have added further strength to the
mining situation in the Upper Peninsula. Ice conditions on the Great
Lakes are such as to indicate that navigation will open up earlier this year
than it did in the spring of 1928.
Electrical energy consumed by Michigan industries in the month of
February totaled 207,842,684 kw.h. as compared with 165.560.463 kw.h.
In the same month in 1928. Authorities consulted state that this increase
is only slightly attributable to the transfer from steam to electrical power.
Employment throughout the State is on the upgrade. The demand for
skilled workmen in the machine trades is heavy. Increasing activity in
manufacturing establishments and the opening up of farm work promise
to absorb most of the unskilled workers who are now unemployed. Ford
employment is close to the new high level recently established.
Debits to individual accounts in Battle Creek, Bay City, Kalamazoo,
Lansing, Muskegon, St. Joseph and Detroit in February aggregated
$1.656.408,000 as compared with $1,242,258,000 in the same month last
year, a gain of 33%.
Building permits issued in twenty of the principal cities in the State
in the month of February showed a decline of 29% from the corresponding
month last year. The total for February 1929, amounted to $8,584,800
as against $12,102,850 a year ago.
Retail trade during the latter half of February was fair to good, but was
not up to expectations, especially in view of the improvement that had
been taking place in the employment situation since the turn of the year.
Weather conditions have continued to contribute to the slowing up of
retail business In rural communities. Collections have been fair. Retail
trade during the first part of March showed some improvement over the
preceding month, also over the corresponding period last year. Wholesalers also report an Improvement in recent weeks, the present volume of
business showing a gain of 15% as compared with this time in 1928. There
has been some slowing up in men's furnishings. Dry goods, drugs and
hardware are mating the best showing. Wholesale collections are better
than they were a year ago.

Industrial Employment in Ohio and Ohio Cities-2%
Increase in February as Compared With January.
• In indicating the course of industrial employment in
Ohio and Ohio cities during February the Bureau of Business
Research of the Ohio State University says:
On an average February industrial employment over a series of years
has been about the same as that of January. The 2% increase of industrial
employment in February as compared with January Indicates increased
industrial activity in Ohio in February. Industrial employment in Ohie
in February was 10% higher than in February, 1928. In the index of the
Bureau of Business Research industrial employment is composed of manufacturing and construction employment, manufacturing employment being
of course the more important of the two constituents. In the manufacturing field employment in February was 3% higher than in January
and 10% higher than in February. 1929. There was a decline of 3% in
construction employment in Ohio in February as compared with January
but this in about the usual seasonal decline. The employment situation
In the construction field does not, therefore, present a discouraging trend.
The largest increase in employment in February as compared with
January is found in the automobile and automobile parts industries. In
this industry employment was 9% higher in February than in January
and 44% higher than in February, 1928 This improvement In February
Is slightly larger than the usual seasonal increase of February over January.
An improvement of 1% in tire and tube employment in Ohio in February
as compared with January was slightly less than the usual seasonal change
in employment, but employment in February of 1929 was 7% higher in
tires and tube manufacture than in February, 1928.
One of the more prosperous groups of industries in Ohio from the standpoint of employment is the iron and steel group. The most active Industry
of this group was the foundries and drop forgings industry, which showed
an employment increase in February of 5% over January and 11% over
February, 1928. Steel works and rolling mill employment was 1% higher
In February than in January and 7% higher than in February, 1928.
The machine manufacturing industry is also very important in Ohio.
While employment in this industry showed an increase of only 1% in
February as compared with January, it is on a 12% higher bash, than in
February, 1928. The textile industry, which in Ohio COLIBISCS mainly of
the manufacture of clothing, showed a 5% increase in employment in
February as compared with January and a 11% improvement as compared
With February, 1928.




[VOL. 128.

Of the more important cities of Ohio, Toledo showed the largest improvement in employment in February as compared with January. and also the
largest improvement as compared with February, 1928. Industrial employment in Toledo was 10% higher in February than in January and 44%
higher than in February 1928. In a supplement to the Bulletin of Business
Research issued in February it appeared that Toledo in the past two years
showed the highest per cent of industrial construction as compared with
its total construction volume of all the important cities of Ohio. The
employment situation together with the volume of industrial construction
in that city indicates that It is forging ahead industrially at an exceptional
rate. Cleveland, Dayton, Youngstown, and Stark County each showed
an increase of 4% In industrial employment in February as compared with
January. Akron and Columbus each showed an increase of 1% in employment in Cincinnati was the same in February as it was in January. In all
of these cities, however, employment in February was substantially higher
than in February, 1928. The four cities, which were above the State
average in the increase of employment over February, 1928, are Toledo,
Dayton, Cleveland and Columbus, the four cities being named in the
order of the amount of employment increase over February of the preceding year.
The employment figures In the construction industry for February indicate Increased activity in Akron, Cleveland, and Dayton, while there
were declines in Columbus, Toledo, and Youngstown.
Those who have followed the money market closely have been apprehensive that the high rates prevailing for loans would tend to discourage
industry. The Ohio employment data for February indicate that industry
continues active notwithstanding these influences. It has been pointed
out by the Bureau of Business Research that the slight reaction in employment appearing in December and January was a seasonal reaction
and that the industrial situation continued to show a gratifying rate of
activity. The February returns are a substantiation of the view that
January and February movements were not the beginning of an Industrial
reaction.

Industrial Situation in Illinois—Improved Wage and
Employment Conditions—Analysis by Cities.
More names on the payrolls and higher average earnings
for both men and women is the record for Illinois during
February 1929, according to a report issued March 16 by
S. W. Wilcox, Chief of the Bureau of Labor Statistics of
the Illinois Department of Labor. The improved conditions
it is stated, showed themselves in a reduced pressure on the
Illinois free employment offices where the number of applicants for work dropped during February from 182 to 169
for each 100 positions available. A year ago, the unemployment ratio was 208. For every 100 unemployed, who
registered in January, there were 81 registering in February,
but this represents no change in the number registering each
business day. There were 55 jobs open for the 100 men in
January and 48 jobs for the corresponding 81 men in February. This represents an improvement of 7M% in the
chances of getting work. In his review, Mr. Wilcox goes
on to say:
For all lines of activity, the net increase from January to February in
number of names on payrolls was 1.4%;for manufacturing alone the increase
was 2.2%. Average weekly earnings also increased 5.6%; but the smaller
number of working days in February reduced the monthly earnings, roughly
10%. This would not apply to those on a salary basis.
In some lines, decreased employment is reported along with increased
total wage payments, and therefore, increased average weekly earnings
were received by the employees. This Is true in textiles, building construction, road construction, saw and planning mills, metal jobbing houses,
hotels, and in utility companies furnishing water, light and power. Percentage decreases in both employment and earnings occurred in the following Industries: Brick, tile and pottery; saw and planning mills; leather drugs
and chemicals; job printing, lithographing and engraving; slaughtering
and meat packing; tobacco; ice, ice cream; laundries, and finally in each
branch of wholesale and retail trade reporting such as department and
mail order concerns and wholesale dry goods and groceries.
Printing and Paper Goods.—A marked increase in bookbinding of 57.6%
in employment and 32.8% in earnings, meaning work for about 900 more
employees, was scarcely more significant than the modest increases in
paper boxes, bags, tubes, and newspapers and periodicals, which took care
of about 700 new names. Losses in job printing, lithographing and engraving and miscellaneous printing and paper more than offset all the
gains, and there was a net loss for the group of 0.9% in employments and
3.2% for money received.
Textiles.—The industries in this group reported declines in employment,
but gains in pay rolls. This was true of cotton and woolen goods, knit
goods, thread and twine and miscellaneous textiles.
Clothing and Millinery.—Every industry in the clothing and millinery
group gained in both employment and employees' earnings. Women's
hats showed the most spectacular increase with gains of 37.7% and 44.7%.
respectively. About three times as many workers were added in the
women's clothing line as in the men's. The increase of 801110 200 names
in the latter industry, while in the direction of regaining lost ground, is
probably best explained as conforming to the usual February increase.
Metals, Machinery, Conveyances.—In the metal group the expected
February increase took place, employment and earnings showing percentage increases of 4.3% and 10.3%, respectively. The increases involving the most workers were in iron and steel (foundries), sheet metal work,
cooking and heating apparatus, autos and accessories, electrical apparatus
and agricultural implements. In the case of sheet metal work and hardware, the January decrease of 1.2% was converted into a February increase
of 6.3%. This means employment of 1,000 more men, with 5,000 more
provided for by the iron and steel advance.
musical
Wood Products.—Payrolls increased by a seventh in the piano and
instrument line, and by a sixth in furniture. There was no corresponding
increase in the number of names on the payrolls. In fact, for the wood
products group, as a whole, there was a decline of nearly 1%.
misFurs and Leather.—The story of this group is boots and shoes and
and
cellaneous leather goods stronger both in the number of employees
their earnings; furs dormant, leather down.
and
petroleum
in
dyes,
paints,
Chemicals. Oils, Painis.—The increases
and
vegetable oils are largely, but not quite, offset by the decrease in drugs
of 2.3% in employment.
net
a
with
advance
group
the
leaving
chemicals,
and 4.8% in ealecings•

MAR. 23 1929.]

FINANCIAL CHRONICLE

Food, Beverages, Tobaccos.-The per cent, decline of employment in
meat packing increased from a loss of 1.5% last month to a further loss of
3.6% for February. The recession is in accordance with an experience
of the last seven years, with the exception of 1928, when a February
increase of nearly 1% took place. The downward tendency was made
more pronounced by declines in the manufacture of cigars and other tobacco
products, artificial ice and ice cream. There was a slight net loss for the
whole food group, as increases in flour, cereals, dairy products, bakery
goods, confectionery and beverages failed to make good the losses noted
above.
Trade, Wholesale and Retail.-All branches of trade for which reports
were received showed decrease in both the number of employees and their
earnings, except that, in metal jobbing houses there was an indicated
increase of nearly 5% in average earnings, though a loss of 0.5% in employment. The double loss in employment and earnings took place in department stores, mail order houses, wholesale dry goods and grocery concerns,
and in milk distributing companies.
Services.-Hotels and restaurants reported slight declines in the number
of employees, but higher average earnings. Laundries showed reductions
In both employment and payroll..
Public Utilities.-Public utilities reported increases in both employment
and earnings, both showing moderate gains, greater, however, than the
gains reported for January.
Coal Mining.-The rate of gain in employment in coal mining reported for
January was not maintained for February. There was a slight gain, but
the figure dropped from +2.9% to +0.7%. This movement is similar to
that of a year ago, but does not hold for prior years.
Building and Contracting.-There were seasonal declines in building and
road construction and in miscellaneous contracting. Building permits
issued in February indicate a decline from a year ago, and as compared
with January of this year. The real improvement in employment comes
in April.

1811

In his analysis by cities, Mr. Wilcox says in part:

Illinois factory employment increased by 2.2% from January to February.
Approximately 11,000 more names are on the payrolls.
Comparing favorably with the 2.2% increase in manufacturing employment, there was a 6.3% gain in payroll earnings. The gain was shared by
both men and women. Merchants should feel the effects of the enhanced
spending powet.
The demand continues for expert metal workers, especially tool and die
makers. Unfavorable weather conditions have been interfering with outordoor work in all parts of Illinois. The estimated cost of buildings as
indicated by new permits is not holding up to last year's record for the State
as a whole, although the suburban districts of Chicago are making a better
showing than that of a year ago.
Aurora.-Factory payrolls for February in Aurora increased 10.2%,
which exceeds the gain for the State as a whole, but the amount of employment gained only 0.4%. The gains were in sheet metal work and
hardware, machinery, with a minor increase in the manufacture of women's
underwear. Some industries showed losses.
Bloomington.-Bloomington led all other Illinois cities in the per cent
of pay roll gains for February as compared with January. The increase
was 31.2%, with a 14% increase in factory employment. Gains in lime,
cement, plaster, machinery and confectionery were reported. Full-time
work is generally reported from railroad shops, foundries and the makers
of certain lines of machinery. Farmers are beginning to hire a few men,
but there is a surplus of both common and farm labor.
Chicago.-The general tone of the Chicago labor market was firmer in
February than during the preceding month or during February 1928. The
month's increase in factory employment, 1.3%, fell short of the 2.2%
increase for the State as a whole. Manufacturing payrolls were 4.2%
greater for Chicago, as compared with an increase of 6.3% for all Illinois.
While Chicago's figures on employment did not measure up to the State
average, the month's change in unemployment was more favorable. ChiThe statistics follow:
cago's unemployment ratio dropped 11%;the Illinois ratio, 7%. The lines
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING that showed employment and payroll gains for February were metals,
machinery, conveyances, especially iron and steel and electrical apparatus;
FEBRUARY 1929.
nearly all branches of the clothing industry, especially women's underwear
railways, and, to a
.
Earnings(Payroll). and women's hats; bread and bakery products; street
Employment.
slight extent, building construction and contracting. Decreases occurred
Total "Averin the stone, clay and glass group which includes brickmaking, in wood
Per Cent Index of Employment Earnings age"
products, furs and leather goods, job printing, slaughtering and meat
Change (Average 1922=100). Per Cent Weeny
Industry.
of Chge. Earnings packing, and in wholesale dry goods, mail order houses, and hotels and
from a
from a
for
restaurants.
Month
Feb. Month
Feb.
Jan.
Feb.
Ago.
Cicero.-Cicero led all other cities in Illinois in the per cent of increase
Ago.
1929,
1929, 1929. 1928.
in factory employment from January to February, and was second in the
per cent of increase in manufacturing payrolls. The figures were +28.2%
97.7
+5.6 $28.42
+1.4 103.1 101.7
All Industries
91.3
+6.3
96.3
29.06
98.4
+2.2
and +28.4% respectively. Strength was shown principally in electrical
All manufacturing Industries
+2.0
108.1 107.5
28.59
apparatus, cooking and heating apparatus, brass, copper and zinc products,
Stone-Clay-Glass Products_ _. -0.4 107.7
88.4
+7.3
80.6
31.48
88.5
Miscellaneous stone prod'ts. +9.8
and in one line in chemicals, oils and paints. A leather concern and a
+8.6
94.4
+2.8 110.9 107.9
28.77
Lime-cement-plaster
94.4
-3.6
material yard have located in Cicero during the past month.
86.6
81.0
29.29
-6.5
Brick-tile-pottery
130.5
+3.7
141.9
+1.1
143.5
27.16
Glass
Danville.-Danville experienced a gain of 1.4% in employment and 1.6%
97.9 +10.3
30.64
Metals-Machinery-Converces +4.3 117.8 112.9
in earnings. The credit is due to increased activities in the line of brick,
32.24
+6.3 132.4 124.6 116.2 +14.0
Iron and steel
97.4
93.5
+6.2
101.4
27.80
tile and pottery, which were sufficient to overcome the slight recessions in
Sheet metal work-hardware _ +4.1
73.0 +11.5
94.3
87.6
32.53
+7.7
some other lines. A number of farmers were in the market for first-class
Tools and cutlery
107.5
101.8
+9.8
111.2
31.86
+3.4
Cooking-heating apparatus.
married farm hands and a few single hands.
29.99
+4.3 165.1 158.3 142.5 +12.0
Brass-copper-zine-oth. met_
Decatur.-In manufacturing, Decatur's gain for February was nearly
34.9
26.5 +15.5
+9.9
38.4
29.56
Cars and locomotives
119.1
+2.2
135.1
+6.8
28.45
138.1
7% in the number employed and nearly 8% in the payroll earnings they
Autos-accessories
+6.1 157.2 148.2 127.2 +10.5
31.39
Machinery
received. Iron and steel works and automobile accessory factories had the
91.6
+1.9 127.5 125.1
+7.5
29.78
Electrical apparatus
largest gains. Work on a million dollar building for the A. E. Staley Manu+3.4
30.25
+0.7 162.0 160.9 135.5
Agricultural implements__ _
53.2 ' +3.0
facturing Company of Decatur is in progress. The demand for farm labor
58.6
28.75
57.5
Instruments and appliances -1.8
26.59
+1.7 115.3 113.4 107.2 +10.2
Is very light.
Watches and Jewelry
+1.9
25.15
0.0
All others
East St. Louis.-East St. Louis is one of the few cities in Illinois whose
-os '7"4".5 We -iii.i) +9.4 27.48 February
Wood products
figures on employment and earnings are smaller than for the
88.8 --11.1
27.76
82.3
89.5
-8.1
Saw-planing mills
93.2 '102.6 +16.6
27.89
preceding month. There was a drop of 5.6% in factory employment and
95.3
Furniture-cabinet work_ . +2.3
57.8
+13.7
56.2
56.1
28.96
+0.2
Pianos-musical instruments
of 3.2% in wage income. Gains took place in iron and steel works and
51.1
55.8
23.98
48.1
+3.0
MIscell. wood products..._ -5.8
certain chemical products and paper goods plants, but the losses in meat
109.3
106.3
•
115.1
+2.8
+5.7
19.90
Goods
Leather
Furs and
packing, stock feed, ice cream and other chemieal concerns were greater.
-1.2
91.9
93.0 112.7
-2.3
27.95
Leather
40.3
48.4
+0.7
40.3
0.0
38.43
The Midwest Rubber Reclaiming plant, Just completed at a cost of 8650,000
Furs and fur goods
112.6
116.5
116.1
+8.2
18.39
+3.5
Boots and shoes
Is in full operation with three shifts. Construction work on Lake Park to
49.3
51.2
71.6
+4.8
20.19
Miscellaneous leather goods +3.8
the extent of half a million will commence with the advent ofsettled weather.
+4.8
+2.3 124.5 121.7 116.2
27.94
Chemicals-Otis-Paints
99.5
-5.5
25.30
-4.6
95.0
99.6
Joliet.-Joliet enjoyed increased activity in February as compared with
Drugs-chemicals
+5.1 141.6 134.7 130.0
+8.7
28.93
Paints-dyes-colors
the preceding month in most of the firms making iron and steel, sheet
122.2
118.2
+1.1
123.5
+1.4
30.41
Mineral-vegetable oil
metal or hardware, brick, tile and pottery, and certain chemical products.
26.32
Miscellaneous chemicals._ _ +5.3 148.2 140.7 124.4 +11.6
-3.2
33.37
The gains for the city as a whole were 1.2% in number employed and 17.5%
---0.9 116.5 117.6 119.0
Printing-Paper Goods
132.1
140.2
+5.1
25.02
+4.5 138.0
Paper boxes-bags-tubes.
In their earnings.
+1.2
27.69
Miscellaneous paper goods.. -1.2 121.7 123.2 127.4
Kankakee.-Reports from Kankakee indicate gains in employment and
33.63
-11.1 109.6 123.3 117.4 -11.2
Job printing
payroll earnings for February as compared with January. Seven building
+0.2
44.20
+1.3 139.5 137.7 138.5
Newspapera-periodicals.
Work was com29.66
+57.6 ------------+32.8
Edition bookbinding
Permits. totaling $22,250 were issued during February.
-7.5
45.48
Lithographing & engraving_ -1.2
the city limits,on a new industrial unit to cost $200,000.
-3.0 1,1".i bii ilia +4.7 21.22 menced,Just outside
Textiles
Moline-Rock Island.-Moline shared in the general gains in employ+9.3
28.55
Cotton and woolen goods._ _ -4.4 134.3 140.6 155.7
98.5 +10.2
85.9
84.0
17.33
-2.2
Knit goods-hosiery
ment for February with an increase of 2.2% in employment, which is the
77.6
73.8
+7.8
72.7
21.30
-1.5
Thread-twine
average advance for 15 leading Illinois cities. The gain in payroll amounts
90.3
92.7
-5.3
89.5
20.98
--3.4
All other
was 5%. The industries showing the best gains were in iron and steel,
+8.1
67.6
60.8
28.29
62.7
+3.1
Clothing and Millinery
56.6
+6.4
51.2
34.29
+1.0
51.7
machinery and agricultural implements. Rock Island's February employMen's clothing
+9.1
93.9
90.5
19.34
94.8
+1.0
Men's shirts-furnishlngs.._
ment fell behind that of January by 3.2%, with a 2.2% decrease in payroll
78.1 +11.2
70.0
17.53
71.1
+1.6
Overalls-work clothing
There was some gain, however, in the agricultural imdisbursements.
30.67
+0.7
67.6
53.1
57.0
+7.4
Men's hats and caps
plement line.
+9.7
20.09
+7.4 108.7 101.2 127.4
Women's clothing
98.4 106.3 +18.7
14.38
+5.9 104.2
Peoria.-Peorla stood fourth in the list of Illinois cities showing February
Women's underwear
45.5 103.2 +44.7
24.35
62.7
+37.7
Women's hats
gains in employment, with an increase of 7% over the month before.
-0.5
91.7
89.4
26.78
88.8
-0.7
Food-Beverages-Tobacms
Payments to factory employees were larger by 10.6%. The expansion
+3.8
91.4 110.5
28.05
91.4
0.0
Flour-feed-other cereals... _
12.2
+8.9
4.9
18.44
5.5
though not great was widely distributed over many industries, with the
Fruit-vegetable canning.... .+ 11.9
97.4
+6.9
91.1
28.99
99.1
+8.8
Miscellaneous groceries _ .... _
metal lines leading.
-2.9
89.3
90.3
93.7
26.19
Slaughtering-meat packing _ -3.6
Quincy.-More than half oe the firms in Quincy reporting employment
93.7 101.2
-1.3
38.19
93.8
+0.1
Dairy products
and weekly payroll figures stated that there had been an increase in February
86.2
+1.5
80.3
28.71
82.9
Bread-other bakery ProfTts. +3.2
72.3
+2.6
71.1
72.2
22.65
+1.5
Confectionery
as compared with January. The average for the city was a 9.4% gain
66.2
+0.2
59.3
58.4
+1.6
28.16
Beverages
in names on the payroll and a 20.2% addition to earnings. The industries
69.2
-9.9
84.1
24.17
80.2
Cigars-other tobacco prod_ -4.6
with gains were lime, metals, leather products, job-printing, dress, flour
55.8
-1.1
49.2
49.0
41.33
-0.5
Manufactured ice
and confectionery. The value of building permits was not equal to the
46.84
-9.0 -------------1.7
Ice cream
+1.2
28.88
0.0
corresponding figure of a year ago.
Miscellaneous manufacturing_
-1.2
6-9-i 77-4-.i
8-.5
-1.2
ii27.67
Trade-Wholesale-Retail
Rockford.-Sixty per cent of the firms reporting from Rockford had more
-2.3
25.39
--0.2 127.1 127.4 120.5
Department stores
names on their payrolls in February than in January. The average for
64.6
--1.7
59.1
66.8
22.41
--11.6
Wholesale dry goods
91.8
-3.6
90.9
24.91
the city was an increase of 2.2% in employment and 10.4% in earnings.
89.2
-1.9
Wholesale groceries
93.3 104.1
-2.1
92.2
-1.2
22.87
Mall order houses
The gains were shared by metals, furniture, leather and paper products,
Milk distributing
and certain textile lines. Many of the metal plants worked overtime.
30.12
+4.8
-0.5
-----------Metal Jobbers
There is need for tool and die-makers. The furniture factories credit some
+1.2
19.82
------0.5 __
Services
19.76
of their business to the winter furniture shows. Building prospects, as
-0.5 ------------+1.8
Hotels and restaurants
119.6
-0.9
123.0
19.99
-0.5 122.5
Laundries
indicated by new permits, are good. The need of poor relief is only one+3.9
26.37
+0.5 139.3 138.6 133.8
Public Utilities
third as great as a year ago.
149.9
132.1
+8.1
-1.3
148.0
37.65
Water-light-power
Springfield.-Coal-mlning, a key industry in Springfield, shows distinct
+2.7
27.98
+1.1 137.3 135.8 130.6
Telephone
107.8
+2.4
107.2
36.03
107.8
Improvement, but manufacturing activities caused an addition of only
+0.6
railways
Street
54.0
+7.6
53.0
52.8
30.17
Railway car repair shops... -0.4
1.1% in the number of names on the payrolls for February as compared
61.8
75.2 +12.1
62.2
32.53
+0.7
Coal Mining
with January. There was an increase of 9.6% in the amount paid out in
+14.0
77.1
39.43
91.8
96.6
-4.9
Contracting....
Building and
wages. Metal products made a favorable showing. israde activities are
39.02
67.2
69.3
55.1 +17.2
Building and construction.. -3.2
31.02
+7.0
70.7
86.5
-8.8
78.9
suffering from the lack of current spending power due to the necessity on
Road construction
44.41
-4.4
163.8
-16.5 138.9 166.3
Miscellaneous contracting
the part of the miners of paying off back bills.




1812

FINANCIAL CHRONICLE

Eterling-lbck Falls.-February reports from Sterling-Rock Falls showed
employment to be 2.4% greater than they had indicated for January.
There was a gain of 6.7%'in the payrolls. No company reporting for both
February and January showed a decrease. The metal lines made the
strongest showing.

Increase in Factory Employment and Wages in Pennsylvania and Delaware.
Factory employment in Pennsylvania showed an increase
ef 3.4% from January to February and was almost 4%
larger than in Feb. 1928, according to figures received by the
Federal Reserve Bank of Philadelphia from 786 manufacturing firrns. Marked gains in the month occurred in transportation equipment, foods 'and tobacco, textiles, lumber,
and metal products. In its survey for February, issued
March 15, the Bank also says:

[VoL. 128.

EMPLOYEE-HOURS AND AVERAGE HOURLY AND WEEKLY WAGER
IN PENNSYLVANIA
(Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Penneylvania.i

Group and industry.

EmployeNo. of Hours
Plants Change
Average
Average
Report- Feb.'29 Hourly Wage.. •Weekly Wage..
tsp.
from
Jan.'29. Feb.
Jan.
Feb.
Jan.

MI manufg. industries (45)- _ - 483
+9.0 6.569 6.567 527.18 825.66
Metal products
169
+6.1
.608
.690
29.70
28.32
Blast furnaces
7
+1.2
.583
.589
30.77
28.58
Steel works & rolling (Mlle- 25
+5.7
.633
.622
30.99
29.69
Iron and steel forgings
+4.9
8
.584
.555
27.83
27.37
Structural iron work
7
+15.9
.567
.566
28.85
26.75
Steam & hot water heat.app. 14
+10.4
.613
.599
31.95
28.43
Foundries
+7.8
33
.614
.610
28.96
27.59
Machinery and parts
+7.0
31
.611
.602
31.60
29.76
Electrical apparatus
14
-0.8
.515
.523
24.78
23.70
Wage payments showed a gain of nearly 10% in the month and 8% in
Engines and pumps
10
+15.5
.608
.600
30.79
28.25
Hardware and tools
13
+2.9
.525
.527
comparison with a year earlier. Virtually all reporting industries shared
25.11
24.34
Brass and bronze products
+6.4
7
.539
.545
27.78
27.81
In the increase in payrolls during the month reflecting a higher rate of Transportation
eouipment____
31
+22.6
.620
.619
31.25
28.42
plant activity. Groups comprising metal products, transportation equipAutmobiles
+21.7
.644
.650
34.63
30.44
Automobile bodies and parts
ment, foods and tobacco, stone, clay and glass products, lumber products,
+30.0
.591
.593
33.07
30.57
Locomotives and cars
+20.3
.603
.691
28.85
and chemical products likewise reported larger wage disbursements than in
25.98
Rallroad repair shops
.719
+7.7
.681
29.56
27.35
Feb. 1928. Textiles, leather and rubber products, and paper and printing,
Shipbuilding
.662
+6.3
.678
28.91
29.25
on the ther hand, continued to lag behind the level of a year before. Em- Textile products
+14.2
8
.446
.456
22.66
20.90
Cotton goods
+4.3
1
ploye-hours worked during the month increased 9%, as shown by reports
.468
.467
21.94
20.88
Woolens and worsteds
1
.437
+6.9
.448
22.18
21.82
from 83 firms, most Industries sharing in this gain.
Silk goods
2
+33.5
.425
.430
19.71
16.83
Plant operations in February were on a higher level than in January in all
Carpets and rugs
+6.5
.520
.515
25.83
24.35
reporting city areas, as indicated by appreciable gains in payrolls. The
+2.8
Haden,
.486
.504
27.34
28.04
Knit goods. other
+21.8
sharpest increases were noted in the areas comprising Sunbury, Williams.399
.400
21.33
18.95
Women's clothing
+20.7
.358
.501
15.24
14.82
port, Allentewn-Bethlehem-Ettaton, Harrisburg, Hazletown-Pottaville,
Shirts and furnishings
-8.5
.333
.292
15.91
14.67
Erie, New Castle and Philadelphia.
Foods and tobacco
4
+10.3
.490
.511
20.79
20.52
Bread and bakery products
The number of wage earners in Delaware increased 2.4% and the volume
1
+1.1
.509
.520
23.52
28.41
+24.5
Confectionery
.449
.441
26.98
of payrolls was more than 5% larger in February than January. All manu19.24
Ice cream
-1.2
.586
.689
32.91
32.71
facturing groups, except foundries and machinery products, reported
Meat packing
-3.7
.550
.551
29.60
29.97
larger employment and wage payments.
Cigars and tobacco
+66.0
.341
.376
13.88
13.87
Stone, clay and glass products. 3
+0.9
.543
28.38
.538
25.13
The compilations of the Bank follow:
Brick, tile and pottery
1
-4.7
.522
.527
23.88
24.10
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Cement
+2.8
.521
.522
29.49
26.83
(Complied by the Federal Reserve Bank of Phitulelphia and the Department of
Glass
1
.591
-4-5.3
.571
24.28
25.48
Labor and Industry, Commonwealth of Pennsylvania.]
Lumber products
a
.495 ' 22.38
.537
+7.1
20.89
Index Numbers. 1923-1925 Average=100.
Lumber and planing mills.. 1
-2.1
.556
.540
21.70
22.18
Furniture
1
+12.2
.550
.534
23.97
22.77
Wooden boxes
+16.6
.325
.394
18.31
13.70
Employment
Payrolls
Chemical products
2
.540
.572
29.18
+0.8
27.38
February 1929.
February 1929.
Chemicals and drugs
11
-5.1
.506
.497
27.94
28.09
No. of
Paints and varnlahea
6
.553
+8.6
.563
27.75
25.96
Plants
Per Cent
Per Cent
Petroleum refining
+0.7
3
.845
.590
Group and industry.
30.02
27.59
Report
Change Since
Change Since
Leather and rubber products
-9.6
27
.484
.480
23.30
22.68
Feb.
inv.
Feb.
Leather tanning
9
.522
-7.1
.530
25.60
24.89
index. Jan.
Feb. index. Jan.
Feb.
Shoes
10
+4.5
.379
.350
18.27
19.13
1929. 1928.
1929. 1928.
Leather products. other
.510
+0.2
4
.538
20.91
19.42
Rubber tires and goods
4
+4.8
.578
29.94
.580
All manufg. Industries (51). 786
29.05
91.7 +3.4 +3.9 99.0 +9.5 +8.0
Paper
and
+1.2
printing
39
Metal products
.613
.605
30.69
232
30.28
90.4 +2.7 +7.5 100.6
+7.8 +10.8
Paper and wood pulp
9
-0.8
Blast furnaces
.548
29.65
.534
9
29.66
43.9 -8.4 -16.7 48.8
+0.8 -11.4
Paper boxes and bags
+8.5
3
.331
Steel works & rolling mills 43
14.86
.309
13.82
80.6 +0.9 +0.8 91.9 +5.4 +4.9
Printing and oulalshIno
Iron and steel forgIngs___
27
10
+3.4
.729
34.60
96.1
.731
+4.5 +12.1 110.4
33.88
+6.3 +16.3
Structural Iron work
10
105.2 +4.1 +16.4 110.1 +12.2 +17.0
Steam and hot water heatThese figures are for the 786 firms reporting employment and was...
ing apparatus
17
94.3 +1.6 +3.6 110.9 +14.2 +10.8
Stoves and furnaces
9
75.8 +36.6 -9.1 71.3 +33.0 -5.6
Foundries
38
89.8 +2.6
+9.6 96.5 +7.8 +15.3
EMPLOYMENT AND WAGES IN CITY AREAS.
Machinery and parts
40
109.7 +1.6 +12.7 122.0 +8.0 +17.1
Index Numbers-1923-1925 A verage100.
Electrical apparatus
17
165.7 +9.4 +41.7 180.9 +14.4 +28.8
Engines and pumps
19
104.7 +7.3 +17.2 119.4 +16.8 +28.4
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
Hardware and tools
19
94.3 +6.8 +13.9 102.1 +10.3 +21.1
of Philadelphia.]
Brass and bronze products 10
100.5 +3.6 +23.6 105.6
+3.4 +27.5
Transportation equipment.. 40
79.0 +10.8 -0.1 84.9 +22.0 +8.8
Automobiles
6
109.1 +11.1 +38.5 130.9 +26.4 +48.2
Employment
Payrolls
Automobile bodies & parts 11
122.0 +19.7 +33.2 124.8 +29.7 +43.9
Percentage Change Percentage Change
Locomotives and care.13
55.9 +6.7 -13.1 55.8 +18.5 -6.7
Feb. 1929 Sines
No. of Feb. 1929 Since
Railroad repair shops
6
90.3 +3.4 +11.2 100.8 +11.8 +26.8
Plants
Shipbuilding
4
32.5 +4.8 -10.0 32.4 +4.2 -19.8
Jan.
Report- Jan.
Feb.
Feb.
157
Textile products
99.7 +3.4 -5.6 109.6 +12.1 -5.3
frig.
1929.
1928.
1928.
1929.
14
Cotton goods
80.8 -2.5 -13.4 76.3 +2.3 -17.2
15
Woolens and worsteds
88.8 -0.3 -5.2 92.5 +1.2 -2.5 Allentown-Bethlehern-Easton
+2.5
-0.3 +14.2
+1.9
75
Silk goods
39
101.7 +6.7 -13.0 109.4 +25.2 -17.0 Altoona
+9.4
+5.8
-1.6
14
+5.6
9
121.6
Textile dyeing dc finishing
+2.1
+2.4 138.5 +4.9 +5.1 Erie
+2.4
+5.7
12
+9.8
+6.3
9
Carpets and rugs
88.5 +0.3 +0.3 90.8 +6.4 +5.2 Harrisburg
34
+3.6 +10.3 +14.2 +21.4
4
Hats
99.1
+2.2 +2.7 101.2 +11.1 -3.6 Hazleton-Pottsville
+2.0 +10.0
+2.5
20
+0.2
25
121.1
+4.5 +3.2 146.9
Hosiery
+9.4 +2.8 Johnstown
-9.4
+1.4 -12.1
12
+0.2
15
Knit goods, other
77.9 +1.4 -3.9 94.0 +14.4 +6.2 Lancaster
+3.1
-6.3
28
-3.4
+6.3
Men's clothing
98.5 +1.9 +5.0 107.8 +25.2 +7.9 New Castle
9
-3.0
+4.2
11
+4.0
+9.6
Women's clothing
136.3 +5.4 -3.1 145.3 +8.4 -4.0 Philadelphia
9
+4.2
+4.9
235
+9.2
+5.0
92.8 +4.4 -8.6 94.4 +13.7 -1.6 Pittsburgh
9
Shirts and furnishings....._
+1.5
+2.9
90
+5.8
+6.7
95
95.8 +4.0 +5.9 97.2
Foods and tobacco
82
+4.4 +7.5 Reading-Lebanon
+1.9
+9.7
+6.4
+19.2
Bread & bakery prodects. 27
105.7 +1.1
+0.9 100.1
+2.2
31
+1.5 -1.3 Scranton
-5.8
-8.4
+8.7
13
99.3 +4.0 +4.3 117.6 +13.4 +14.1 Sunbury
Confectionery
25
+10.6 -22.9 +23.2 -22.1
11
77.5 -0.9 -1.6 85.8 -1.4 -1.7 Wilkes-Barre
Ice cream
21
+2.5
-0.6 +13.8
+2.4
102.3 -0.8
14
+7.7 101.0 -4.1
Meat packing
22
+6.4 Williamsport
+5.8
+5.6 +22.8 +21.9
Cigars and tobacco
92.8 +7.0 +6.5 87.3 +6.9 +7.2 Wilmington
30
29
+2.7
+5.4
+5.6
+8.3
82.5
0.0 +5.9 79.7
Stone. clay & glass products 66
42
+5.0 +5.4 York
+4.0 +11.3
+7.1
+10.3
90.0 -2.1 +10.4 86.6 -2.9 +7.8
Brick, tile & pottery
30
-2.2
75.5
-6.4 76.6
14
Cement
+7.4 -5.2
90.3 +4.2 +18.2 85.7
22
Glass
+9.2 +20.5
/Amber products
42
76.3 +3.5 +5.0 79.8 +11.0 +6.0
17
67.8 +4.1
Lumber & planing roily_
+8.5 73.2 +6.4 +6.6
82.4 +7.0 +4.2 82.4 +12.9 +5.6 Agricultural and Financial Conditions in
Furniture
19
Minneapolis
Wooden boxes
98.0 -6.9 -2.8 111.3 +24.4 +5.2
6
Chemical products
97.6 -0.1
48
+2.3 106.3
+6.3 +1.1
Federal Reserve District-Business Hampered by
91.7 +2.8 +0.3 96.6
Chemicals and drugs
28
+3.3 +3.5
Snows and Impassable Roads.
Coke
+3.0 -2.4 122.8 +5.5 -8.4
118.1
3
Explosives
142.1
3
+0.2 +15.8 132.1
+6.2 +19.2
Paints and varnishes
In
121.1 -0.3 -5.6 130.1
its preliminary summary of agricultural and financial
9
+6.6 -3.3
Petroleum refining
87.8 -1.0 +5.8 96.6
5
+7.6 +4.2
Leather and rubber products 49
96.2 +0.4 -5.5 101.3
+3.5 -3.4 conditions in its district, the Federal Reserve Bank of
Leather tanning
99.1 -1.7 -7.4 102.7 +0.7 -4.3 Minneapolis,
17
under date of March 15, said:
Shoes
22
92.9 +3.1 -3.7 96.6
+7.9 -5.8
Leather products. other
121.5 +1.5 -6.4 110.4 +7.8 +2.9
6
Business during February was hampered in many parts of the district
Rubber tires and goods__
76.3 +0.2 +0.3 93.4
4
+4.5 +5.7 by
heavy snows and impassable roads, but in spite of this handicap the
Paper and printing
91.3
57
0.0 -4.7 106.6
+1.3 -1.8
Paper and wood pulp.... 13
0.0 -11.1 93.0 -0.2 -10.1 volume was larger than in February 1928. The daily average of debits
89.6
Paper boxes and bags_
95.2 +1.4 +5.4 108.6
6
+8.9 +8.0 to individual accounts at 17 cities was 12% larger than the daily average
Printing and publish1ng.. 38
0.0 +1.2 121.2
104.3
+2.2 +6.1 for February
1928. The country check clearings index was 7% higher
*PrellmlnarY figures.
than the index a year ago. During the first three weeks of February
EMPLOYMENT AND WAGES IN DELAWARE.
freight car loadings of coal, coke and ore were larger than in the corre(Compiled by Federal Reserve Bank of Philadelphia.)
sponding weeks a year ago and car loadings of grain, livestock, forest
products, miscellaneaus commodities and merchandise in less-than-carlota
Increase or Decrease
Number
were smaller. Department store sales and shipments of flour and linseed
Feb. 1929 Over Jan. 1929.
of
industry.
Plants
products were smaller during February than a year ago. Building permits
Report- EviployA serape
Total
at 18 cities decreased 36%, but building contracts awarded isa the Northmen:.
Wages.
Wages.
ing.
western district increased 70%, as compared with February 1928.
The estimated value of cash crops and hogs sold during February was
All industries
+2.4
+5.1
+2.7
28
Foundries and machinery products
4
-3.7
-5.1
-1.4
19% smaller than the value of marketinss of these products in February
Other metal ,flanufactures
+5.1
+1.7
5
+6.9
last year
The value of the January production of dairy products was
Food industries
+10.6
3
-7.0
-11,9
8% larger than the value of January dairy production last year. Prices
Chemicals, drugs and paints
+4.5
3
+3.6
+8.3
of durum wheat, rye, flax, butter, fluid milk, hens, eggs, hogs, lambs and
Leather tanned and products
+1.8
+1.1
3
+3.0
Printing and pubiShing
0.0
4
+3.9
+3.9
ewes were higher in February than a year ago, while prices of bread wheat.
Miscellaneous Industries
+0.9
+8.6
6
+7.5
corn, oata, barley, potatoes, cattle and calves were leWeC than a year ago.




1

MAR. 23

ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.

Bread wheat
Durum wheat
Rye
Flax
Potatoes
Hogs

1813

FINANCIAL CHRONICLE

1929.]

NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERmrrs ISSUED IN 44 ILLINOIS CITIES IN FEBRUARY 1929, BY
CITIES, ACCORDING.TO KIND OF BUILDING.

% Feb. 1929
February 1929. February 1928. of Feb. 1928.
$6,653,000
$12,235,000
54
113
3,658,000
3,233,000
69
676,000
983,000
625,000
716,000
87
2,165,000
3,722,000
58
15,000,000
14,601,000
103
% Jan. 1929
January 1929. January 1928. of Jan. 1928.
$19,815,000
518,423.000
108

issued in February was 39,321.000. The corresponding figure for January
was 313,537.000 and for February a year ago 323,371.000. In fact, the
Chicago figure is the lowest since 1922 and more than offsets the increase
in the rest of tile metropolitan area. Declines in Chicago non-residential
lines are chiefly responsible for the drop, residential building being slightly
above that isf January. The demand for structural steel Is slowly expanding
In Chicago, so that there is additional reason for believing that the usual
March increase will take place this year.
In contrast to Chicago's low building budget, Oak Park stands foremost
with a tremendous gain in its volume of construction for February. Nob
only does Oak Park outclass every reporting city in Illinois outside Chicago,
but it more than triples its January figure and doubles the comparable
total of a year ago. Among the construction activities which account for
the gain in Oak Park building is the ereetion of a 31,000,000 high school
and a $250,000 office building.
Evanston ranks second among the metropolitan cities to report gains,
the February figure of $641,750 exceeding the corresponding total in January
by $330,750. Other cities in the metropolitan area reporting large increases
are Forest Park, Lake Forest, Wilmette. Winnetka, Kenilworth and
Harvey. Declines are noted in Mayweod, La Grange and Highland Park.
Of the cities outside the metropolitan area Rockford's total of $269,510
for February exceeds all down-State totals as well as its own for January
1929 and February of a year ago. A substantial gain is also noted for East
St. Louis. Bloomington, Danville, Decatur, Elgin and Waukegan experienced minor Increases, while declines occurred in Springfield, Rock Island,
Joliet, Aurora and Alton.
NUMBER AND ESTIMATED COST OF BUILDINGS AS STATED BY PERMITS ISSUED IN 44 ILLINOIS CITIES IN FEBRUARY 1929, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Total
February 1929.
CitiesTotal (all cities)
Total (excluding cities reporting
for first time In 1928)
Metropolitan AreaChicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park*
Glen Ellyn
Glencoe*
Harvey•
Highland Park
Kenilworth*
La Grange*
Lake Forest*
Lombard*
Maywood(b)
Oak Park
Park Ridge*
River Forest*
West Chicago*
Wheaton*
Wilmette
Winnetka
Outside Metropolitan AreaAlton*
Aurora
Batavia*
Bloomington
Canton
Centralle(a)
Danville
Decatur
East St. Louts
Elgin
Freeport
Granite City*
Joliet
Moline
Murphysboro
Ottawa*

Peoria
Quint,'
Rockford
Rock Island
Springfield
Wank...121M

January 1929.

Feb. 1928.

No. Estimated. No. Estimated. Estimated
Cost.
Bdgsb
Cost. b Bldgs.
Cost.
1,000 $14,785,870 1,157 $16,564,282

917 13,715,984 1,067 15,902,668 $28.756,385
514
15
8
18
27
6
9
7
5
11
4
7
9
2
12
24
8
7

9,321,065
49,500
15,350
109,650
641,750
262,289
52,100
68,000
225,356
58,600
87.500
28,750
139,653
830
41,900
2,092.130
47,950
90,279

2
12
9

19,000
165,730
306,500

17
15

82.629
31,800

8

71,000

6
16
49
20
1
1
16
20

18,465
63.975
130,594
32,960
3,000
150
74.300
27.420

8
26
4
38
8
16
17

17,500
28.700
6,125
269,510
9,160
32,700
62,000

•Reported for first time in 1928.

686 13,537,260 23,371,100
14
27,600
565,100
1
12,5
42,345
10
106.170
317,856
39
311,000
613,500
4
97,900
8
45,750
133,003
9
100,400
*
7
73,450
•
11
70,590
78,850
1
11,000
6
84,250
*
9
31,250
•
8
9,907
•
9
80,625
98.575
13
580,760 1,038.302
3
34.000
4
35.160
a
2
4,200
*
a
7
46,300
171,975
14
166,075
75,300
19
16
1
4

113,607
85,050
4,000
61,000

*
150,429

1
1
20
20
9
4
3
31
10
1
13
31
7
35
29
26
11

8.000
3,000
44,325
92,250
17,500
12,200
7,000
77.652
28,150
4.500
47,500
130,750
3,900
146,735
119,02
51,675
61,900

*
22,750
165,300
134,960
126,220
318,300
•
223.650
34,895

20,500




346 $8,601,886

1,629

248 54,629.890

314

8,188,225

1,595

232

199
5
2
11
6

6,177,000
31,800
12,000
94,500
345,000

134

s

1,343
5
2
11
39
--

2
1
5
3
2
1

39,300
40,000
5,000
41,300
87,000
24,000
59,328

2
1
5
3
2
1

a
7
5
4

a
753,000
47,000
88,000

a
81
5
4

2
5
3

19,000
50,000
305,500

6

28,233
14,000

8

3
3

Centralia* (b)
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City*
Joliet
Moline
Murphyslairo
Ottawa*
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan

5

4,513,820

2,455,300
2.200
1,700
6,750
255,7511
2
580
4
,
12,800

s

2
2
6

3
1

20,356
300

3
2

1,500
57,275

a
9
3
1

a
1,319,130
950
271

5

(I

23

1

113,730
1.000

3

1
3

35,000
6.900

15,000

3

2

55,000

1
4
16
5

3,000
16,500
63,800
28,200

1
4
17
5

7

19

43,771
54,63/

6

82,800

_6
--

2

1

151

1.

6.001
13,9513
6215
161,651

6
2
1
12

16,000
9.300
6,500
69,000

6

2

8

1
25

10

2
7

9,725
52,000

2
7

2

a
2

725
1,901

• Began reporting in 1928.
a Complete total figures exceed detail figures by 12 buildings and $41,900. Siaa•
classified figures are not available for Maywood.
b Includes only buildings within fire limits and business district.

Country's Foreign Trade in February-Imparts and
Exports.
Statistics
of the Department of Commerce
Bureau
of
The
at Washington on March 15 issued its statement on the
foreign trade of the United States for February and the two
months ending with February. The value of merchandise
exported in February 1929 was $444,000,000, as oompared
with $371,448,000 in February 1928. The imports of merchandise are provisionally computed at $371,000,000 in
February 1929, as against $351,035,000 in February the
previous year, leaving a favorable balance in the merchandise movement for the month of February 1929 of
$73,000,000. Last year in February there was a favorable trade balance on the merchandise movement of $20,413,000. Imports for the two months of 1929 have been
$739,636,000, as against $688,951,000 for the corresponding
two months of 1928. The merchandise exports for the two
months of 1929 have been $931,956,000, against $782,226,000, giving a favorable trade balance of $192,320,000 in
1929, against a favorable trade balance of $93,275,000 in
1928. Gold imports totaled $26,913,000 in February, against
$14,686,000 in the corresponding month in the previous
year, and for the two months were $75,490,000, as against
$53,005,000. Gold exports in February were only $1,425,000,
against $25,806,000 in February 1928. For the two months
of 1929 the exports of the metal foot up $2,804,000, against
$77,893,000 in the two months of 1928. Silver imports for
the two months of 1929 have been $12,719,000, as against
$10,963,000 in 1928, and silver exports $14,859,000, as
against $14,171,000. Following is the oomplete official
report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1929. corrected to Mar. 13 1989.)
MERCHANDISE.
February.

77,79

a Includes only buildings within fire limits and busineml district.
b Complete total figure exceed detail figures by 9 buildings and $41,900, since
elassifled figures are not available for Maywood.

Estimated
Cost.

Canton

*
219.81C
544.50(
110 811
7.30(
93.251

Families
Pratt. for
Estimated Housek'g
No.
Cost.
Dteell'os. Bides.

No.
Mtgs.

Cities.

Total (all cities)
Total (excluding cities which began reporting in 1928)
Metropolitan AreaDecline in Building Construction in Illinois During Chicago
Berwyn
February.
Blue Island
Cicero
The total volume of building construction in Illinois, Evanston
Park*
according to permits issued in 44 Illinois cities, experienced ForestEllyn
Glen
a decline during February. The combined January and Glencoe*
•
February total also falls short of the corresponding figure Harvey
Highland Park
Kenilworth*
of 1928. This is made known in the review of the building La
Grange*
situation in Illinois for February, issued March 9 by Sidney Lake Forest*
Lombard*
W. Wilcox, Chief of the Bureau of Labor Statistics of the Maywood_a
Oak Park
Illinois Department of Labor, which also has the following Park
Ridge*
River Forest*
to say:
West Chicago*
February usually witnesses an increase in building construction in Illinois, Wheaton*
but this year the tendency held true only for the metropolitan area outside Wilmette
the Chicago city limits. For this area the increase over a month ago was Winnetka
Outside Metropolitan Arca135%. Within the city limits, however, there was a decline of 31%, and
Alton*
for the cities of Illinois outside the metropolitan area there was a decline Aurora
of 13%.
Batavia*
•
The estimated cost of new buildings in Chicago for which permits were Bloomington
Dairy products

Non-Res. Buildings.
February 1929.

Residential Buildings.
February 1929.

Exports
Imports
Excess of exports
Excess of imports

2 Months End. Feb.

1929.

1928.

1929.

1928.

1,000
Dollars.

1,000
Dollars.
371,448

1,000
Dollars.

444.000
371,000

351,035

931,956
739,636

1.000
Dollars,
782,226
688,951

73,000

20,413

192,320

93,275

Inc.(+)
Dec.(-).
1,000
Dollars.

+149,730
+50,685

1814

FINANCIAL CHRONICLE

EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1929.

1928.

1,000
1,000
Dollars. Dollars.
487,956 410,778
444,000 371,448
420,617
363,928
422,557
388,661
378,984
379,006
421,607
550,014
544,919
475,886

ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December

1927.

1926.

1925.

1924.

1,000
Dollars.
419,402
372,438
408,973
415,374
393,140
358,966
341,809
374,751
425,267
488,675
460,940
407,641

1,000
Dollars.
396,836
352,905
374,406
387,974
356,699
338,033
368,317
384,449
448,071
455,301
480,300
465,369

1,000
Dollars.
446,443
370,676
453,653
398,255
370,945
323,348
339,660
379,823
420,368
490,567
447,804
468,306

1,000
Dollars.
395,172
365,782
339,755
348,936
335,089
306,989
276.649
330,660
427,460
527,172
493,573
445.748

2 mos.end.Feb.-- 931,956 782,226 791,840 749,741 817.119 760,954
8 mos.end.Feb--- 3,682,371 3,281.308 3.393.647 3,296,269 3,318.380 2,982,888
12 mos.end.Dec_ _
5,128,402 4,865.305 4,808,660 4,909,848 4.590.984
ImportsJanuary
368,638 337.916 356,841 416,752 346,165 295,506
February
371,000 351,035 310,877 387,306 333,387 332,323
March
380,437 378.331 442,899 385,379 320,482
April
345,314 375,733 397,912 346,091 324,291
May
353,981 346,501 320,919 327,519 302,988
June
317,249 354,892 336,251 325,216 274,001
July
317,788 319,298 338,959 325,648 278,594
August
346,715 368,875 336,477 340,086 254,542
September
319,668 342,154 343,202 349,954 287,144
October
355,358 355,738 376,868 374,074 310,752
November
326.654 344,269 373,881 376,431 296,148
December
339,064 331,234 359,462 396,640 333,192
2 mos.end.Feb-..- 739,636 688,951 667,718 804,058 679,552 627,829
8 mos.end.Feb___ 2,744,883 2,750,519 2,796.567 2,966.891 2.439,924 2,332,275
19mna and Ilar
4 001 170 4 MA 742 I. 420 511212 1 220 ARA 2 RAO 002
GOLD AND SILVER.
February.

Gold.
Exports
Imports

"

Excess of exports
Excess of Imports

2 Mos. End. Feb.

1929.

1928.

1929.

1928.

Inc.(±)
Dec.(-).

1,000
Dollars.
1,425
26,913

1,000
Dollars.
25,806
14,686

1,000
Dollars.
2,804
75.490

1.000
Dollars.
77,892
53,005

1,000
Dollars.
-75,088
+22.485

11,120
25,488

SilverExports
Imports
Excess of exports
Excess of imports

24,887
72.686

6,595
4,458

7,479
4,658

14,859
12.719

14,171
10,963

2,137

2.821

2,140

3,208

+688
+1,756
x

EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.

ExportsJanuary
February
March
April
May
June
July
August
Spetember
October
November
December

Silver.

1929.

1928.

1927.

1926.

1,000
Dols.
1,378
1,425

1,000
Dols.
52,086
25,806
97,536
96,469
83,689
99,932
74,190
1,698
3,810
992
22,916
1,636

1,000
Dols.
14,890
2,414
5,625
2,592
2,510
1,840
1,803
1,524
24,444
10,698
55,266
77,849

1,000 1,000 1,000 1,000 1,000
Dols. Dols. Dols. Dols. Dols.
3.087 8,264, 6,692 7,388 9,763
3.851 6,595 • 7,479 6,233 7,752
4,225
7,405 6.077 8,333
17,884
6,587 6,824 7,612
9,343
6,712 6,026 7,931
3,346
7.456 5,444 7,978
5,069
6,160 6,650 7.921
29,743
9,246 5.590 8,041
23,081
6,229 6.627 7,243
1,156
7,252 5,945 7.279
7,727
7.764 5.634 6,794
7,196
8.489 7,186 5,610

1929.

1928.

1927.

1926.

2 mos. end. Feb- 2,804 77,892 17,304 6,938 14.859 14.171 13,621 17,515
8 mos.end. Feb.. 108,045249,476 91,276 78.641 59,910 51.803 56,509 56,128
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December

48.577 38,320 59,355
26,913 14,686 22,309
2.683 16,382
5,319 14.503
1,968 34,212
20,001 14,611
10,331 10.738
2,445 7,877
4,273 12,979
14,331 2,056
29,591 2.082
24,940 10,431

19,351
25,416
43,413
13,116
2,935
18,890
19,820
11,979
15,987
8,857
16,738
17,004

8.260
4,458

6,305
4,658
5,134
4.888
4.247
6,221
6,544
6,496
5,739
7,319
5,448
5,120

5,151
3.849
4,308
3,815
5,083
4,790
4,288
4,856
4,992
5,069
5,102
3,770

5,763
8,863
5,539
6,322
4,872
5,628
5,949
5,988
7,203
5,098
3.941
4,430

2 mos.end. Feb_ 75,490 53.005 81,664 44,767 12,719 10,963 9,000 14,626
8 MOS. end. Feb_ 161.401 99,168 172,049 132,334 49,383 39,040 41,609 47,039
12 mos end.Dec.
168.887 207.535213.504
____ 68.117 55.074 69.596

Production and Shipments of Tires in January 1929
Exceed Same Month in 1928-Inventory at New
High Figure.
According to statistics compiled by the Rubber Association of America, Inc., from figures estimated to represent
75% of the industry, a total number of 5,041,530 pneumatic
castings-balloons, cords and fabrics and 31,927 solid and
cushion tires were produced, as compared with 4,118,267
pneumatic casings and 36,279 solid and cushion tires in the
same month a year ago and 4,203,624 pneumatic casings
and 31,751 solid and cushion tires in December 1928. Shipments in the month of January this year amounted to
4,969,647 pneumatic casings and 33,537 solid and cushion
tires as against 3,443,210 pneumatic casings and 30,688
solid and cushion tires in the preceding months and 4,045,842
pneumatic casings and 33,797 solid and cushion tires in
January 1928.
Inventory at Jan. 31 1929 showed 10,284,158 pneumatic
casings, a new high figure, as compared with 10,217,708
pneumatic casings at Dec. 31 1928 and 7,461,923 at Jan. 31
1928. Inventory of both balloon and high pressure inner




[VOL. 128.

tubesiat1Jan. 31 1929, amounted to 11,539,495 as against
9,736,3061a year:ago and 12,087,464 at Dec. 31 last.
The Association in its bulletin dated March 18 also gave
the following statistics:
Mon.of Ionian,
-

19291928
Production. Shipments. Production. Shipments.
3,470,596 3,499.121
2,277,299 2,489,391
1,563,554
1,461,104
1,684,750 1,495,047
7,380
9,422
56,218
60.404

Tires-

Balloon casings
High pressure cords
High pressure fabrics
Total pneumatics
Solid and cushion tires

5,041.530
31.927

4,969,647
33,537

4.118,267
36,279

4,045,842
33,797

Total
Inner TubesBalloon Inner tubes
High pressure inner tubes

5,073,457

5,003,184

4.154,546

4,079,639

3,347,660
1,540,272

3,630,579
1,800.676

2.411,124
1,669,894

2,539,535
2,014,746

4,887,932

5,431,255

4,081,018

4,554,279

Total

The Association also released the following figures, estimated to represent 75% of the industry:
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES.
Month of
Calendar Years
-PeriodJan. 1929.
1928.
1927.
1926.
Cotton fabrics (lbs.)
19,799,481 222,243,398 177,979,818 165.963,182
Crude rubber (lbs.)
54.160,529 600,423,401 514,994,728 518,043,062

Statistics representing 100% of the following industries
were also issued:
Month of
Calendar Years
PeriodJan. 1929.
1928.
1927.
Gasoline consumed (gallons)
949,284,000 13,633,452,000 12,512,976,000
xPassenger cars produced
367,781
4,023,350
3,093,428
'Trucks produced
55,874
486,952
x These figures Include Canadian production and cars576.416
assembled abroad the
parts of which were manufactured in the United States.

Automobile Production Continues Large.
February production (factory sales) of motor vehicles
in the United States, as reported to the Department of
Commerce, was 466,084 of which 407,589 were passenger
cars and 58,495 were trucks, as compared with 400,715
passenger cars and trucks in January and only 323,796 in
February 1928 and only 304,735 in February 1927.
The table below is based on figures received from 152
manufacturers in the United States for recent months, 47
making passenger cars and 119 making trucks (14 making
both passenger cars and trucks). Figures for passenger ears
include taxicabs and those for trucks include ambulances,
funeral cars, fire apparatus, street sweepers and busses.
Canadian figures have been supplied by Dominion Bureau of
Statistics, since January 1926:
AUTOMOBILE PRODUCTION.
(Number of Machines)
United States.

Canada.

Passenger
Total.
1927-January
February
March
April
May
June
July
August
September....
October
November _ _ _ December

238,908
304,735
394,513
406.382
405,648
323,817
269,396
309,994
260.310
219,682
134,370
133,571

Cars.

199,650
264,171
346,031
358,682
358,725
280.620
237,811
275.585
226,443
183,042
109,758
106.083

Total (year) 3,401,326 2,946.601
I928-January
February
March
April
May
June
July
August
September.-October
November
Dec-ember

231,728
323,796
413,314
410,104
425.783
396,796
392.086
461,298
*415,314
*397.284
*257,136
*234.109

Trucks.
39,258
40,564
48,482
47,700
46,923
43,197
31,585
34,409
33,867
36,640
24,612
27.488

3,631
3,829
3,527
3,721
3,717
2,738
2,268
2,387
2,581
1,512
1,444
872

454,725 *179.054 *146,827

32,227

205,646
26,082
291,151
32,645
371,821
41,493
364,877
45.227
375,863
49.920
356,622
40,174
338,792
53,294
400,593
60,705
*358,891 *56,423
*340,146 *57,138
*217.454 *39.682
.205,993 *28,116

*400,715 *349,111

15,376
18,655
*23,250
24,611
25,708
19,208
10,987
12,526
11,262
7,748
6,617
3,106

11,745
14,826
*19,723
20,890
21,991
16,470
8.719
10,139
8,681
*6,236
5,173
2,234

Total(year). *4358748 '3827849 *530,899
1929-January
February

Total.

Passenger
Cart.
Trucks.

*51,604

8,463
6,705
12,604
10,315
17,469 •15,227
24,211
20,517
33,942
29,764
28,399
25,341
25,226
20,122'
31,245
24.274
21,193
16,572
18,536
13,016
11,769
8,154
9.425
6,734
242,382 *196,741
21,501

17,164

1,758
2.189
2,242
3.694
4,178
3,058
5.104
6,971
4,621
5,520
3,615
2,691
45,641
4,337

• Revised.

Plant of L. Candee Co. Branch of U. S. Rubber Co. to
Close for Indefinite Period-Action Due to Lack
of Orders, Following Mild Winters.
The plant of the L. Candee Co., a branch of the United
States Rubber Co., will be closed indefinitely on April 5,
according to an announcement made on March 13 according
to New Haven, Conn. advices to the New York "Times."
The dispatch to that paper says:
Lack of orders, following several mild Winters. was given as the main
reason for the decision. It was stated at the office of the company this afternoon that the factory would probably be sold. The plant manufactured
light rubber footwear and arctics.
Mayor Thomas Tully this evening termed the closing of the plant, which
has employed 2,000 people in active times, as a city catastrophe. About
1,000 families will be affected. An investigation of the situation has been
ordered by Fulton Ferguson, Secretary of the Chamber of Commerce. •

Detroit Employment Figures.
The Employment Association of Detroit has discontinued
its compilation of employment data, formerly given weekly
in these columns. Our last reference thereto appeared in our
issue of Feb. 16, page 968.
Lumber Shipments Gain.
With more than 100 fewer mills thus far reporting, a
strong lumber demand is indicated for the week ended
March 16. Telegraphic reports from 713 hardwood and
softwood mills to the National Lumber Manufacturers Association show net business for the week amounting to 369,203,000 feet. The previous week 820 mills reported new
business as 416,192,000 feet. Hardwood mills, with 22fewer
units reporting give new business as 50,008,000 feet, as
against 57,297,000 feet the preceding week. One hundred
fewer softwood mills report new business for the week ended
March 16 as 319,195,000 feet, as against orders for 358,895,000 feet the week earlier. The reporting mills show shipments at approximately the same total figure as reported
by the larger number of mills the week before. The 713
wills reported 379,053,000 feet shipped, as against the earlier
week's report by 820 mills of 379,573,000 feet. Production
was reported as amounting to 353,003,000 feet, as against
372,653,000 feet for the preceding week. Unfilled orders for
softwood- lumber at the end of last week are shown as the
equivalent of 26.8 days normal production on the figures
thus far reported. For the week ended March 9 they
amounted to 28.1 days and a month ago to 26.1 days normal
production equivalent. The Association adds:
Unfilled Orders.
The unfilled orders of 339 Southern Pine and West Coast mills at the
end of last week amounted to 1,063,988,636 feet, as against 1,074,294,178
feet for 336 mills the previous week. The 140 identical Southern Pine
mills in the group showed unfilled orders of 270,215,636 feet last week, as
against 263,981,178 feet for the week before. For the 199 West Coast
mills the unfilled orders were 793,773,000 feet, as against 810.313,000 feet
for 196 mills a week earlier. Altogether the 443 reporting softwood mills
had shipments 109%, and orders 103% of actual production. For the
Southern Pine mills these percentages were respectively 100 and 110; and
for the West Coast mills 108 and 97. Of the reporting mills, the 443 with
an established normal production for the week of 303,170,000 feet, gave
actual production 99%, shipments 108% and orders 105% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of 7 softwood and 2 hardwood regional associations, for the
two weeks indicated:
Past Week.

Mills (or units.)
Production
8111Pments
Orders (new business)

Preceding Week 1929
(Revised).

Softwood.

Hardwood.

Softwood.

Hardwood.

443
301,476,000
327,226,000
319,195,000

316
51,527,000
51,827,000
50,008,000

543
314,959,000
323,865.000
358,895.000

338
57,694,000
55,708,000
57,297,000

• A unit is 35,000 feet of daily Production capacity.
West Coast Movement.

•

p The West Coast Lumbermen's Association wires from Seattle that new
business for the 199 mills reporting for the week ended March 16 totaled
175,212,000 feet, of which 51,047,000 feet was for domestic cargo delivery,
and 32,714,000 feet export. New business bush amounted to 75.491,000
feet. Shipments totaled 195,346,000 feet, of which 61,953,000 feet moved
coastwise and intercoastal, and :38,659,000 feet export. Rail shipments
totaled 78,774,000 feet, and local deliveries 15,960,000 feet. Unshipped
orders totaled 793,773,000 feet, of which domestic cargo orders totaled
297,138,000 feet, foreign 241,785.000 feet and rail trade 254,850,000 feet.
Weekly capacity of these mills is 226,862,000 feet. For the 10 weeks
ended March 9, orders reported by 143 identical mills were 13.05% over
production, shipments were .2 over production. The same mills show an
Increase in inventories of .02% on March 9, as compared with Jan. 1.
•
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 140
mills reporting, shipments were 0.12% below production, and orders 9.69%
above production and 9.83% above shipments. New business taken during the week amounted to 69,687,851 feet (previous week 77,847,041);
shipments 63,453,393 feet (previous week 66,486,938), and production
63,530.664 feet (previous week 66,185,834). The normal production (threeyear average) of these mills is 72,902,223 feet.
The Western l'ine Manufacturers Association of Portland, Ore., reports
production from 26 mills as 19.409,000 feet, as compared with a normal
production for the week of 21,639,000. Thirty-five mills the week earlier
reported production as 29,143,000 feet. There were notable decreases in
shipments and orders, due to the fewer number of reporting mills.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 22 mills as 20.286,000 feet, as compared
with a normal figure for the week of 18,625,000 and for the week before
11,779,000. Shipments and new business showed considerable increases
last week.
The California Redwood Association of San Francisco, reports production from 13 mills as 6,459,000 feet, compared with a normal figure of
7.729,000. Twelve mills the previous week reported production as 7.067.000 feet. There was a slight decrease in shipments last week, with new
business about the same as the previous week.
The North Carolina Pine Association of Norfolk, Va., reports were not
received in time for publication.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 9 mills as 2,825.000 feet. as compared with a
normal figure for the week of 6.226,000 and for the week earlier 3.918,000
feet. Shipments showed a nominal increase last week, while new business
showed an increase of approximately 125%.




1815

FINANCIAL CHRONICLE

MAR. 23 1929.]

The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), reports production from 30
mills as 3,944,000 feet, as compared with a normal production for the
week of 4,884,000. Twenty-seven mills the week before reported production as 3,547,000 feet. Shipments and new business were about the same
as reported for the preceding week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
from 46 units as 11437,000 feet, as
Wis.,
reports
production
Oshkosh.
compared with a normal figure for the week of 11.687,000. Forty units
the preceding week reported production as 9,668.000 feet. Shipments
were slightly larger last week, and new business slightly less.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports
production from 270 units as 40,090,000 feet as against a normal production for the week of 48,579,000. Two hundred and seventy-seven units
the previous week reported production as 44,034,000 feet. There were
nominal decreases in shipments and new business last week.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR ELEVEN WEEKS AND FOR WEEK ENDING
MARCH 16 1929.
Normal
Production
Orders.
for Week.
Shipments.
Production.
Association—
Southern Pine (11 weeks).... 726,139,000 733,322,000 780.066,000
69,688,000 72,902,000
63,453,000
63,531,000
Week (140 mills)
West Coast Lumbermen's—
1,695,308,000 1,671,296,000 1,828,714,000
(11 weeks)
185,022,000 199,330,000 179,173,000 171,165,000
Week (203 mills)
Western Pine Affrs.(11 wks.) 256,049,000 309,955,000 348,094,000
22,419,000 21,639,000
21,509,000
19,409,000
Week (26 mills)
Calif. White & Sugar Pine—
161,801,000 281,692,000 280.434,000
(11 weeks)
23,161.000 15,625,000
26,139,000
20,286,000
Week (22 mills)
81,008,000
71,404,000
Calif. Redwood (11 weeks)_ 72,400,000
6,541,000 7,729,000
6,083,000
6,459,000
Week (13 mills)
REPORT.
NO
weeks)
_
}
(11
Caro.
Pine
No.
Week
88,878,000
77,890,000
North. Pine Mfrs.(11 wks.) 42.422,000
15,060,000 6,226,000
7,992,000
2,825,000
Week (9 mills)
No.Hemlock & Hardwood—
43,432,000
33,922,000
Softwoods (11 weeks). _ _ 49,795,000
3,153,000 4,884,000
2,720,000
3,944,000
Week (30 mills)
Softwoods total(11 wks.) 3,099,657,000 3,271.380,000 3,530,562.000
301,476,000 327,226.000 319,195,000 303.170,000
Week (443 mills)
No.Hemlock & Hardwood—
Hardwoods (11 weeks)... 141,627,000 100,242,000 103,665,000
7,860,000 11,687,000
11,437.000
8,428,000
Week (46 units)
Hardwood Mfrs. Institute—
439,812,000 467,838,000 491,759,000
(11 weeks)
40,090,000
43,399,000
42,148,000 48,579,000
Week (270 units)
Hardwood total(11 wks.) 581,439,000
51,527,000
Week (316 units)

568,078,000
51,827,000

595,424,000
50,008,000 60,266,000

Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 200 mills show that for the week ended March 9
shipments were 5.1% under production, while orders exceeded output by 6.9%. The Association's statement follows:
West Coast

WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
200 mills report for week ended March 9 1929.
(All mills reporting production, orders and shipments.)
Shipments.
Orders.
Production.
168,481,660 feet
189,789,489 feet
177.579.361 feet
5.1% under production
6.9% over production
100%
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (249 IDENTICAL MILLS).
(All mills retorting poduction for 1928 and 1929 to date.)
x Weekly
Average Weelay
Average Weekly
Actual Production
Operating
Production
Production 10 Weeks
Week Ended
Capacity.
During 1928.
March 9 1929. Ended March 9 1929.
262,732,103 feet
196,389.102 feet
168.214,635 feet
199,982,082 feet
x Weekly operating capacity is based on average hourly production for the twelve
hours per week.
operating
the
normal
number
of
preceding
mill
check
and
last months
WEEKLY COMPARISON FOR 196 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Feb. 16.
Feb. 23.
Mar. 2.
ifar.9.
Weeks Ended—
179,845,494 166,447,985 133,965.154
177,156.097
Production (feet)
188,209,297 173,801,018 112,218.572 162.780,704
Orders (feet)
77,555,108 81,390,248 89,095,644 66,338,858
Rail
65.116.580 47,488,399 61.648,154 63,428,429
Domestic cargo
33.426,304 30,145.354 32,266.788 21,065.815
Export
11.947.602
9,207,986
12,111.305 14,777,017
Local
167,989,912 165,135.574 159,872,820 152,953,838
Shipments(feet)
72,293,100 70.565.269 65,476,182 52,754,705
Rail
51,192,159 47,045,985 58.457,793 62,482,663
Domestic cargo
32.393,348 32,747,303 26.730.859 25,768,866
Export
9,207,986 11,947,602
12,111,305 14,777,017
Local
810,312,986 792.232,146 787,043,599 783,780,541
Unfilled orders (feet)
256,765,174 252,579,280 243,595,832 241,431,657
Rail
306.766,386 293,209,929 292.888.331 293,348,945
Domestic cargo
246,781,366 246,442,937 250.559,436 248,989,939
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1923
and 1929 to date.)
Average 10
Average 10
Week Ended
Week Ended
Week Ended
Mar. 929.
Mar.10'28.
Mar. 9 '29.
105,740,289
97,594,040
112,257,422
Production (feet)
110,503,269
107.942,287
117,537,09
Orders (feet)
101,756,243
97,205.257
116,048,830
Shipments (feet)
Mills).
(113
MAR.
2
'29
DOMESTIC CARGO DISTRIBUTION WEEK ENDED
Orders on
Hand Begin's Week
lifer. 2 '29
Washington A- Oregon
(us if tlls)—
:lalifornia
ktiantic Coast
discellaneous

Orders
Received,

Cancellotions.

Shipmods.

Unfilled
Orders
Week Ended
Mar. 2 '29.

Feet,
Fees.
88,311,255 17,649,298
137.275,907 18,079,421
80,716
8,317,054

Feel.
Feet.
Feet
53,195 20,114,601 85,792.757
78,607 15,530,179 139,746,542
None 1,565,080 6,832,690

Total Wash.& Oregon_ 233,904.216 35,809,435

131.802 37,209,860 232,371,989

Brit. Col.(18 Mills)—
:)aliforala
ktlantic Coast
Aiscellaneous

599.000
474.965
None
748.000
325,985
0.965,963 4,090,993 219,600 4.590.768 20,246,588
None
161,000 5,251,785
579,040
4,833,745

Total British Columbia 26,125,873 5.418,033

219,600 5,350.768 25,973,338

Total domestic cargo.- 260,029,889 41,227,468

351,402 42,589.628 258,345.327

1816

FINANCIAL CHRONICLE

Increase in Paper Production During January.
The total paper production in January, according to identical mill reports to the American Paper & Pulp Association,
was 600,454 tons, as compared with 523,018 tons in December and 575,912 tons in November 1928. The January
1929 production total at 600,454 tons compares with 533,761
tons in January 1928, an increase of 12%. The survey issued by the Association also says:
This jump in total percentage gain over January 1928 was largely a result
of the increased activity In the paperboard industry, which increased 22%
In production over January 1928, according to identical mill reports. All
grades, excepting hanging and felts and building, registered increases in
monthly production over last year. Book showed an increase of 10% over
January 1928 production, while wrapping increased 6%, tissue 9%. bag
18%, writing 8%,and newsprint 4%. The following grades registered prouction losses in January 1929 as against January 1928: Hanging. .5%: relts
and building, 14%.
January shipments of paper showed an increase over the corresponding
month last year with the exception of hanging and felts and building.
Stocks on hand at the end of January as compared with December 1928
showed decreases in book, tissue and hanging and a slight increase (less than
1%) in newsprint and wrapping.
Identical pulp mill reports for January showed that the total production
of all grades of pulp was 10% greater than January 1928. Mill consumption was 8% greater and shipments to the outside market almost 9%
greater than during the corresponding month last year. January 1929
production totaled 231,031 tons, against 206,149 tons in December and
220,979 tons in November.
Total stocks on hand at the identical mills reporting registered a decrease
et almost 13%. Soda and mitscherlich sulphite registered fairly large per
cent increases, while the other grades showed decreases.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR TIIE
MONTH OF JANUARY. 1929.

GradeNewsprint
Book
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Felts and building
Other grades
Total, all grades

Preductien.

Shipments.

Stocks on Hand.
/fad of Month.

Tons.
123,822
97,699
219.999
57,914
15,821
32.016
12,571
6,004
5,745
28,863

Tons.
120,263
98,312
218.956
57,414
14,752
33,997
12,801
6,271
6,376
28,658

Tons.
38,003
51.710
33,033
55,142
7,699
41,956
8,940
2,603
3,170
18,196

600,454

596.800

280.452

REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF JANUARY, 1929.
Produclion.

Total all erodes

Tons.
97,736
41,176
27,058
3,471
6,713
30,740
24,116
21

Tons.
90,751
37,622
24,578
3,000
5,522
25,073
15,478
____

00 CA
"inialACJ-043.
00
cn
GioI6

GradeGroundwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching- _ _ _
Sulphite mitscherlich
Sulphate pulp
Soda Pulp
Pulp, other grades

Used
Shipped
Stocks on Hand
During Mo. During Mo. End of Month.
Tons.
85,734
8,641
2,602
667
1,323
4,800
5.674
8

231.031

202.024

24.627

109.449

[VOL. 128.

The statistics in this report for 1928 are subject to correction. Included
in the figures for 1928 are 71.869 bales which ginners estimated would be
turned out after the March canvass. Round bales included are 672.859
for 1928: 550,277 for 1927; and 633,786 for 1926. Included in the above
are 28,310 bales of American-Egyptian for 1928; 24,223 for 1927, and 16,232
for 1926.
The average gross weight of bale for the crop, counting round as half
bales and excluding linters, is 506.3 pounds for 1928; 506.8 for
1927; and
506.3 for 1926. The number of ginnerios operated for the crop of 1928 is
14.968, compared with 14,863 for 1927.
Consumption, Stocks, Imports and Exports-United Stales.
Cotton consumed during the month of February 1929 amounted to 598,098
bolos. Cotton on hand in consuming establishments on Feb. 28 was 1,746,537 bales, and in public storage and at compresses 3.876,215 bales. The
number of active consuming cotton spindles for the month was 31,007,936.
The total imports for the month of February 1929 were 39,720 bales and
the exports of domestic cotton including linters were 613,394 bales.
World Statistics.

The estimated world's production of commercial cotton, exclusive of
linters, grown in 1927, as compiled from various sources, is 23,370,000 bales,
counting American in running balm and foreign in bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States)
for the year ended July 31 1928 was approximately 25.285,000 bales. The
total number of spinning cotton spindles both active and idle is about 165,000.000.

Activity in the Cotton Spinning Industry for Feb. 1929.
The Department of Commerce announces that, according
to preliminary figures compiled by the Bureau of the Census,
35,327,824 cotton spinning spindles were in place in the
United States on Feb. 28 1929, of which 31,007,936 were
operated at some time during the month, compared with
30,757,552 for January,30,622,172 for December,30,596,840
for November, 30,315,086 for October, 28,227,000 for September, and 31,726,452 for February 1928. The aggregate
number of active spindle hours reported for the alonth was
8,221,265,059. During February the normal time of operation was 232-3 days (allowance being made for the observance
of Washington's Birthday in some localities) compared with
26 for January,25 for December,253 for November,26%
for October, and 24.'(2 for September. Based on an activity
of 8.88 hours per day the average number of spindles operated
during February was 39,119,076 or at 110.7% capacity on a
single shift basis. This percentage compares with 111.6 for
January, 99.1 for December, 108.1 for November, 103.9 for
October, 90.6 for September, and 101.3 for February 1928.
The average number of active spindle hours per spindle in
place for the month was 233.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average spindle hours per spindle in place, by states, are
shown in the following statement.

Spinning Spindles. Active Spindle lIrs.for Feb.
Census Bureau's Final Report on Cotton Ginning.
In Place
Active
Average per
The Bureau of the Census of the Department of ComFebruary
Total.
Spindle
During
28
February.
1929.
in Place.
merce at Washington issued on March 20 its final report
growing states
18,713,214 18,070,204 5.604,245,756
299
on cotton ginning (excluding linters). This report shows Cotton
New England states
15,118,014 11,667,152 2,372,317,189
167
1,498,596 1.270,580 244,702,114
that for the present season there were 14,450,007 500-lb. All other states
164
Alabama
1,745.546
492,797,453
282
1,669,906
cotton
ginned,
lint
bales of
including 71,869 bales which Connecticut
1,125.052 1,066,102 231.848,602
206
ginners estimated would be turned out after the March Georgia
3,088,132 2,992.290 905.606,798
293
Maine
1,058,388
828.038 165,918,332
158
canvass. This compares with 12,956,043 bales in 1927, Massachusetts
9.096,132 6,874,120 1,310,762,214
144
17,977,374 bales in 1926 and 16,103,679 bales in 1925.
MissLssippi
177.178
147,334
49,171,898
278
New
1.414,518
Hampshire
1,063,052
213,913,883
151
Taking linters into consideration, the aggregate production New Jersey
378,936
339,220
50,058,855
132
is likely to be 15,317,000 bales. This computation as to New York
739.520
618,978 129,293,148
175
North Carolina
6,211,378 5,960.428 1,823.338,162
294
linters is based on the Department's estimate that linters Rhode
2.305.020 1,919,238 426.424,202
Island
185
are approximately 6% of the lint crop. The total of 15,- South Carolina
5,534.128 5,471,528 1,859,961,569
336
602.452
578,928 193.188,126
317,000 bales as the production of cotton lint and linters Tennessee
321
282,060 248,296
62,081,490
220
the present season compares with 13,733,071 bales in 1927, Texas
Virginia
709,054
679,254 132,767,460
187
858,330
753,228 174,142,862
19,135,235 bales in 1926, 17,218,556 bales in 1925, 14,525,311 All other states
203
bales in 1924 and 10,808,271 bales in 1923. The present
United States
35,327.824 31,007,936 8,221,265,059
233
report in full, showing the production of lint cotton by States
in both running bales and the equivalent of 500-lb. bales,
is as follows:
Opening By American Woolen Co. of Fall Lines of
Women's Wear-Price Reductions Range from 5
Cotton Ginned (Exclusice of Linters).
to 223, Cents.
State.
Running Bales
Equivalent
Revisions ranging from 5 to 22 cents on several of the
(Counting Round as Half Bales)
(500-Pound Bates)
outstanding "Ram's Head" broadcloths marked the formal
1928.
1927.
1926.
1926.
1928.
1927.
opening of fall women's wear lines by department four of the
.14,269,313 .12,783,112 .17,755,070 14,450.007 12,956,043 17,977,374
American Woolen Co. on Mar. 19. In some instances the
Alabama__
1,096,030 1,173,430 1,470,404 1,108,518 1,192,392 1,497,821
cloths were priced the same as last spring or fall but the now
Arizona_ _ _ _
145.732
90,281
122,902
149,459
120,089
91,656
Arkansas _ _
1,208,467
979.481 1,513,382 1.237,946
999,983 1,547,932 quotations represent a decline from the closing price.
We
California_ _
170,954
131,211
89,998
128,835
172,141
91,177
Florida_ _ _ _
20,053
17,361
33,231
31,954 quote the foregoing from the New York "Journal of Com19,203
16,496
Georgia-- - 1,051,985 1,111,399 1,498,473 1,028,309 1,100,040 1,496,105
Louisiana_ _
685,036
829,407 merce," the account in which also states:
543,153
826.179
548,026
690,105
MisslssippL

Missouri_ _.
New Mexico
North Cam.
Oklahoma__
South Caro.
Tennessee_
Texas
Virginia __
All other_

1,459,165
145.078
82.157
866,921
1,185,802
742,870
421,489
4.937,455
44,512
5,607

1.346,489
116,024
64,920
879,677
1,009,626
738,550
355,975
4,229,367
30,705
6,676

1,857,525 1,471,954 1,355,252 1,887,787
217,859
215,769
145,072
114.584
71,000
65,294
70,206
83,524
1,246,754
834,205
861,468 1,212,819
1,760,644 1,203.365 1,037,141 1,772,784
1,025,991
730,013 1.008,068
724,535
451.533
359,059
442,052
427,279
5,477,788 5,105,493 4,356,277 5,630,831
51,329
51,891
30,609
43.462
16,032
15.857
5,437
6,576

With the exception of the repeat numbers affected by the reduction the
lines are wholly different from any shown in past seasons and embrace
many styles in keeping with fall fashion trends. Scores of jobbers, chiefly
those dealing with the catalogue trade, viewed the lines and reports are
that substantial business was placed.

Spring Goods Sell Rapidly.
Reports in the market are that the department has been very successful
• Includes 88,761 bales of the crop of 1928 ginned prior to Aug. 1, which was in the past few seasons and that its stock of spring gocds was cleaned out
counted in the supply for the season of 1927-28, compared with 162,283 and 47,770 late in December. The demand for several of the spring offerings was so
bales of the crops 01 1927 and 1926.
brisk that the offerings were advanced in price. Offerings of broadcloths.




MAR. 23 1929.1

FINANCIAL CHRONICLE

suedes and velours opened less than three weeks ago were pegged up Monday
because of the considerable demand for goods of this sort.
The line opened yesterday is the last styled by Charles IL Silver, who was
recently promoted to the position of associate selling agent and will assume
complete charge of that office shortly. Mr. Silver was manager of department four since 1919 and was instrumental in placing the company in an
outstanding place in the women's wear field.
Chief among the fabrics reduced are AA09701, which opened at $2.65 last
fall, was later advanced to $2.75 and opened yesterday at $2.65; AA09762
which was quoted at $2.3754 last spring was later advanced to 62.4254 and is
now $2.3754; AA09771 which opened at $2.20 last spring was advanced to
$2.25 and is now $2.20; HH24017 which opened at $1.9254 last fall was later
advanced to $2.10 and opened yesterday at $1.80; HH24105 which opened at
$1.60 last fall was pegged up to $1.6754 and opened yesterday at $1.60;
113266 which opened at $1.95 was advanced to $2.0254 and is now priced
11.90; 113424 which opened at $1.50 last fall advanced to $1.60 and is now
$155;1311212 DK which opened at $2.2254 last fall was advanced to $2.3254
and is now priced $2.2254
H. Other price comparisons are as follows:
Fall, 1929. Fall. 1928.
Fall, 1929. Fall, 1928.
A0825
$2.7754 TT21729
$2.6254
$2.55
$2.6254
A0891
3.2754
3.50
TT21748
2.25
2.30
811186
1.45
1.45

1817

Federal Oil Conservation Board, and unofficial representative of the Federal government at the meeting, expressed
his satisfaction at the program mapped out.
One of the largest deals in the producing end of the industry in the Mid-continent was put through during the
week. The producing properties of Thomas B. Slickl the
largest individual operator in the country, with production
of 40,000 barrels a day and a large amount of undrilled
acreage, were purchased by the Prairie Oil & Gas Co., for a
price reported to have been between $30,000,000 and
$40,000,000 in cash.
Price changes during the week follow:
March 18.-Standard Oil Co. of California reduces Elwood Terrace
crude 24c. a barrel in all ranges.
The new prices range from 31.16 for
34 degree to $1.64 for 42 degree, there being a 6-cent difference between
degrees.

Prices of Typical Crudes per Barrel et Wells.
(All gravities. where A. P. I. degrees are not .how.)
Lightweight Fabrics Sponsored.
Bradford, Pa
$4.10 Smackover, Ark., 24 and over__ LW
The offerings include plain, twill and wavy effect broad cloths, suedes Corning. Ohio
1.75 Smackover. Ark., below 24
.75
velours, meltens, chinchillas, boueles. polaires, camel's hair fabrics and many Cabe% W. Vs
1.35 El Dorado, Ark, 34
1.14
1.45 Urania. La
90
dress weight cloths. Many of the dress offerings represent the latest develop- IllinoIs
Western Heatucky
1.53 Salt Creek, Wyo., 37
1.23
ments in lightweight.nsaterials and average about six ounces in weight.
Mideontinent, Oklahoma, 37
1.23 Sunburst, Mont
1.6.5
The staple line contains about the same number of fabrics shown last emboss. Tex.. helm/
.80 Artesia, N. Mem
1.08
.87 Banta Fe Springs. Calif, 33
season, some in a range of 40 colors, including newer shades in browns, Hotohlason, Tex., 35
1.35
Luibm, Tex
.80 Midway-Sunset, Calif.. 22
.80
blues, rods, grays, greens and winter tans.
SpindIstep, Tex., grade A
1.20 Huntington, Calif.. 26
1.09
The all-wool broadcloths include 20 fabrics ranging in price from $1.75- Sptedletep, Tex.. below 25
1.05 Ventura, Calif.. 30
1.18
2.2254
.65 PetroUa. Canada
H. The twill broadcloths are priced $1.77H-2.8754, and include 27 Winkler. Tea
1.90
fabrics. Two Barathea broadcloths, No. 0887 at $3 and No. AA09807 at
REFINERY
PROM:TOTS-CALIFOR
NIA
GASOLINE
WAR
ENDS
83.0754. both 12-1254 ounces, are high-lighted as are four wavy effect
WITH INCREASE IN PRICES-NEW WAR STARTS IN
broadcloths, 62.2254-290.
TEXAS-EXPORT KEROSENE UP AT NEW YORK.
Nets Suede Lines.
The suede fabrics, six is number, $2.2754-3.30, include basket-weaves,
Mild weather during the week and the official &dyad of
twills. Bedford weaves and a "Silver Tip Duv-Illoom"; No. A0915.shown in
Spring have had a steadying influence on the New York
12 colors, $3.30. This range contains the well-known "Duv-Bloom" No.
A0891 wlw being shown for the fourth year and priced $3.2754 as against bulk gasoline market, although the quoted price was reduced
$3.50 for last year.
from 93c. to 8Uc. There is much less price cutting than
Three meltons are priced at 61.3254-$1.45 and $1.65, and velours are
shown Is seven patterns, ranging from 61.3251-2.15. The latter group has been the case for many weeks. Not only is the official
includes three cotton-warp velours, $1.3254, $1.4254 and $1.60. Chin- figure being held to with more or less unanimity, but talk of
chillas, all of which are made in double widths, include three cotton-warps an advance is gaining ground at the end of the
week.
prices 61.4254. 61.5254 and $1.7254, and nine all-wool chinchillas, $1.70The ruinous conditions surrounding the fight for gasoline
2.9234. The boucles in five patterns are priced 61.8254-2.65.
Polaires are shown in plain and twill weaves. Camel's hair fabrics include gallonage on the Pacific Coast between the large producer,
an ombre effect pile fabric, TT211783. $3.75; a camel's hair Polaire, refiner, marketers and the small
independent refiners and
TT21787, $4.35 and a Montagnac Polaire, TT21781, $8. This group is
composed of 12 fabrics priced 12.75-8. The line also contains an Etamine jobbers have been done away with to a large extent. The
weave pile fabric, A0929, and seven ranges ef fancy lightweight worsted Standard Oil Co. of California on Monday announced an
fabrics suitable for dresses and ensembles. These cloths come in herringbone patterns, small checks and plaids and include dress flannel AA09823. increase of 6 cents in tank wagon gasoline, making the price
61.70. The offerings of fancies are extensive and include moss-finish fancy at San Francisco 19 cents, with a 3 cent discount to dealers.
sport coatings in single and twist constructions, small, neat designs, novelty The Los Angeles figure is
cent lower. Bulk gasoline on
shadow stripes and narrow and very broad ombre effects.
The company announces that deliveries of sample fancies will be made in the Pacific Coast is also stronger, the generally accepted
the next three or four weeks and staples in four to six weeks. The balance quotation being 83( cents, against 73
% cents a week ago.
of the stock will be delivered to the end of August. Buyers are allowed
Conditions in the Texas market are said to be about to
the privilege of giving positive instructions no 50% of their purchases at
once, the privilege of transferring colors up to June 1 on 25% of piece dyes approximate those obtaining in California during the past
and until July 1 on the remaining 25% of their orders on piece dyes. Terms few weeks. The first open gun of the battle was fired Mar.
are as usual, 10-30.
the Texas Co. and Gulf Refining
20

Petroleum and Its Products-Further Decrease in
Crude Production Brings Real Hope That Industry
Will Regulate Itself.
With the daily average output of crude oil down some
40,000 barrels during the week ended March 16, the feeling
prevails that the spirit of co-operation shown by operators
on the curtailment committees of the American Petroleum
Institute will be translated into something more tangible
than words and resolutions. The daily average production
Is now 2,625,150 barrels according to the latest report of the
institute, against 2,665,950 and 2,702,900 in the two previous weeks, the latter figure being the high record.
The reduction of 40,000 barrels a day in the week of March
16 was well distributed. No field showed any large increase
and California and Oklahoma both registered material reductions, the former 6,000 barrels and the latter 30,000 barrels.
Wyoming, in which is situated Salt Creek, was off 6,000
barrels.
South American production of crude was on the decline
in February. Venezuela produced 10,326,087 barrels during
the month, as compared with 11,520,521 barrels in January.
Mexico showed a decrease of some 6,000 barrels during the
week ended March 9.
Members of the general oil conservation committee of the
.American Petroleum Institute meeting at Houston, on March
16, voted a resolution calling for the curtailment of crude
production in the United States and South America to
approximate the daily average output in 1928. The resolution made April 1 the effective date for the institution of
the program and the four regional committees making up the
general committee were requested to report to the offices
of the institute in New York on March 27,as to the feasibility
of placing the program in effect in their territories on that
date. Dr. George Otis Smith, of the United States Geological Survey, Chairman of the advisory committee of the




by
Co. which announced
cuts in the Dallas and Houston territory retail prices. This
action is said to be aimed at the tactics of small refiners
with no retail outlets of their own, who have dumped gasoline on the jobbing market at prices almost at or below the
cost of manufacture.
Markets for other refined petroleum products show but
little change this week. Bulk kerosene remains steady at
New York at 83 cents per gallon, f.o.b. refinery and about
93. cents delivered. Export kerosene is up 1 cent. Water
white 41-43 kerosene is stronger and higher in the Midcontinent area, the prevailing quotation for domestic trade at
%cents and at Tulsa 6M cents. Chicago
New Orleans being 73
tankwagon kerosene is 1 cent higher.
Bunker fuel oil remains steady at New York at $1.05 per
barrel, f.o.b. refinery, with a 5 cent lightering charge for
delivery in,the harbor. Diesel oil remains at $2 per barrel
with demand routine.
Price changes in the refined oils market this week follow:

March 18.-Standard Oil Co. of California increases tank wagon gasoline
at San Francisco and Los Angeles 6 cents per gallon, making the prices
19 cents and 1854 cents, respectively. The tank wagon prices are subject
to a dealer discount of 3 cents per gallon. •
March 20.-Standard Oil Co .of New Jersey advance's 41-43 water white
export kerosene 1 cent per gallon to 9 cents.
March 20.-Texas Co. and Gulf Refining Co. reduce service station
gasoline at Dallas 3 cents per gallon.
March 20.-Gulf Refining Co.reduces service station gasoline atIlouston.
2 cents per gallon, making the price 18 cents.
March 23.-Standard Oil Co. of Indiana advances tank wagon kerosene
1 cent per gallon throughout its territory.

Pricee are:
Gasoline, U. S. Motor, Tenkcar Lots, F.O.B. Refinery.
New York(Bayonne).083( Arkansas
0634 North Louisiana
West Texas
0634 California
.083( North Texas
Chicago
.0634 Los Angeles.exPort--.0754 Oklahoma
New Orleans
.0734 Gulf Coast,export. .0854 Pennsylvania
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago

Gasoline, Service Station, Tax included.
.19
Cincinnati
18
Minneapolis
Denver
21
.18
New Orleans
.22
Detroit
.188 Philadelphia.
.20
Houston
.18
Ban Francisco
.15
Jacksonville
24 Spokane
.15 Kansas City
179 St. Louis

.0734
0834
0634
.09
182
195
.20
.215
.205
169

1818

FINANCIAL CHRONICLE

Kerosene, 41-43 Water R hfte, 'rankest Lots, F.0.11. Refinery.
New York (Bayonne).08 ft I Chicago
.0556 I New Orleans
.051,5 I Los Angeles, exPort--.0514 I Tulsa
North Texas
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne) 1.05 I Los Angeles
.70 !Gulf Coast
2.00 I New Orleans
Diesel
.85 I Chicago
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New Yhrk (Bayonne).05k 1Chicago
.03 I Tulsa

0731
.0615
.65
.55
03

Gross Crude Oil Stock Changes for February 1929.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains increased 2,073,000 barrels,
in the month of February, according to returns compiled
by the American Petroleum Institute from reports made to
it by representative companies. The net change shown by
the reporting companies accounts for the increases and decreases in general crude oil stocks, including crude oil in
transit, but not producers' stooks at the wells.

(Barrels 01 42 Gallons)Domestic crude oil
Foreign crude oil
Gasoline
Kerosene
G9.8 and fuel oils
Lubricating oil
Miscellaneous
Total
Deduct
Net increase

[Vol.. 128.
Increase.
1,168,000
796,000
4,026,000

Decrease.

929,000
2,005,000
29.000
568
6,019,000
3.502,000

3,502.000

2,517,000

Revised Oil and Mining Law of Roumania Provides For
Allotment of 50% of Areas to American and other
Foreign Groups.

Under the revised oil and mining law of Roumania 50%
of the country's present exploited mining and oil areas will
be allotted to American and other foreign groups provided
such areas do not exceed 2,000 acres each. According to•
Associated Press advices from Bucharest Mar. 13. The
Crude Oil Output in United States Continues Ahead cablegrams added:
In areas over that amount of acreage 25% will be allocated to the foreign
of a Year Ago.
concerns. Concession rights are open to all prospectors, the only requireThe American Petroleum Institute estimates that the ment being that they shall undertake exploration operations in minimum daily average gross crude oil production in the United States, areas of 400 acres.
new law is liberal also, in that it allows foreign companies to marfor the week ended March 16 1929, was 2,625,150 barrels, ketThe
their products in Roumania in competition with local companies. The
as compared with 2,665,950 barrels for the preceding week, foreign corporations are to have equal protection privileges with native
a decrease of 40,800 barrels. Compared with the output companies.
Regarding the changes in the country's oil laws a Buchafor the week ended March 17 1928 of 2,388,600 barrels per
day, the current figure shows an increase of 236,550 barrels rest message Mar. 13 to the "Times" stated: .
Professor Madgearu, Minister of the Interior, gave an explanation todaily. The daily average production east of California for day
of the revoluntionary changes in the Roumanian oil law. In pursuance
the week ended March 16 1929 was 1,835,550 barrels, as of the new government's policy of encouraging the participation of foreign
compared with 1,870,650 barrels for the previous week, a capital, foreign companies will be entitled to appoint non-Roumanians
to all the higher posts at their oil wells. Sixty-five per cent of the general
decrease of 35,100 barrels. The following estimates of daily employes
must be Roumanians. but the remainder may be foreigners.
average gross production, by districts, are for the weeks
M. Madgearu described the Liberals' oil law of 1924 as an ineffective
expression of aggressive nationalism which has had disastrous effects on
shown below:
the Roumanian economic system. While production increased in value.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Roumanian-invested capital has fallen by half in consequence of the system
Weeks EndedMar.16 '29. Mar.9'29. Mar. 2'29. Mar. 1728. of non-transferable shares.
Oklahoma
713,000
649.450
651,650
680,250
Among the provisions of the new law are the abolition of the prohibiKansas
110,300
95,700
96,450
95,400
Panhandle Texas
71,300 tion of the export of naphtha. In the future the State will have the right
56,100
55,950
55,350
North Texas
82,050
81,750
67,800 to export naphtha, and the right will be extended to private firms if they
82,300
West Central Texas
54,800 are able to satisfy a mixed commission that Roumanian refineries are unable
55,350
53,450
53,000
West Texas
341,250
387,050
386.250
380.850
East Central Texas
23,600 to handle their naphtha.
20,650
19,900
21,300
Southwest Texas
63,150
Special schemes will encourage the discovery of new oil fields. Fifty
61,250
23.600
60,950
North Louisiana
44,750 per cent of the new oil areas under 200 hectares (494 acres) will be the
35,700
36,050
35,650
Arkansas
85.900
74,400
74,500
73,600
Property
of the discoverers. Twenty-five per cent of the remainder will
Coastal Texas
129,000
124,500
122,850
103,800
Coastal Louisiana
21,200
17,700 be acquired by the State.
20.100
20,650
Eastern
107,100
108,750
101,750
108,000
Wyoming
47,450
58,300
53,600
52,250
Montana
9,100
11,950
9,400
8,650
Colorado
6,750
8,150 Steel Output This Month Expected to Break all Previous
7,000
7,450
New Mexico
2,250
2,500
2,850
1,600
Records-Pig Iron Price Lower.
California
780,600
795,300
801,800
609,500
.

Total

2,625,150

2,665,950

2,702,900

2,388,600

The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas
for the week ended March 16 1929. was 1,511,050 barrels, as compared
with 1,547,200 barrels for the preceding week, a decrease of 36,150 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,461,200 barrels, as compared with 1.496,750 barrels, a decrease
of 35,550 barrels.
The production figures of certain pools in the various districts for the
Current week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended-Week EndedNorth LouisianaMar.16. Mar.9.
OklahomaMar.9.
26,700 25,600 HaynesvIlle
Allen Dome
5.500 5.550
33.350 38.150 Urania
Bowlegs
6,000 5,600
19,350 18,900
Bristow-811°k
ArkansasBurbank
22,500 22,400
Cromwell
9,750 8,450
7,700 7,800 Cbampagnolle
6,450 8,350
52,650 56,750 Smackover (light)
Earlsbaro
Little River
49,850 50,450
75,000 82,600 Smackover (heavy)
Logan County
11,550 11,800
Coastal TexasMaud
32,600 34,100
10,500
30,400 36,550 Hull
Mission
12,850 11,700
St. Louis
93,800 99,750 Pierce Junction
Searight
33,800 33,900
9,500 9,100 Spindletop
7,000 7,000
Seminole
30,700 33.400 West Columbia
Tonkawa
10.100 10,550
Coastal LouisianaKanstu6,900 .5,000
SedgwIck County
10,900 9,150 East Hackberry
2,100 2,000
Sulphur Dome
Panhandle Team400
450
Carson County
5,700 5,900 Sweet Lake
4,500 4,800
Gray County
21,600 21,450 Vinton
Hutchinson County .._ __ 26,600 26,000
WyomingNorth TexasArcher County
28,450 34,350
17,100 17,200 Salt Creek
Wllbarger County
26,500 26,750
West Central Texas.tfoManaBrows County
5,450 5,400
8,800 8.950 Sunburst
SchackleforEl County.__ 13,100 15,100
CaliforniaWest Texas11,000 10,000
Dominguez
Crane & Upton Counties. 49,600 50,550 Elwood-Goleta
26,500 22,000
Howard County
46,500 47,000
45,990 47,300 Huntington Beach
Pecos county
26,500 26,500
87.100 86,550 Inglewood
Reagan County
3,500
3,400
18.500 18,800 Kettleman Hills
Winkler County
185,000 183,000
166,600 171,000 Long Beach
East Central Texas72,000 73.000
.
Midway-Sunset
Corsicana-Powell
6,500 6,500
8,400 8,500 Rosecrans
Southwest Tau175,000- 186,000
Santa Fe Springs
Laredo District
35,000 34,000
12,000 12,200 Seal Beach
Luling
15,000 15,000
12,550 12,500 Torrance
Salt Flat
31,050 28,400 Ventura Avenue.....- 55,500 56,500

Steel ingot production at Chicago is virtually at capacity,
and output in.;the Greater Pittsburgh area averages 95%
with open-hearth furnaces more fully engaged than ever
before in the history of the industry, announces the "Iron
Age" in this week's summary of iron and steel markets.
March will undoubtedly break all previous monthly production records, and a continuance of the current high rate
through April seems assured, adds the "Age," which is
further quoted:
Heavy specifications in sheets, strips, bars, plates and shapes were
driven in by the Mar. 15 deadline on releases against first quarter contracts. Some sheet mills are fully committed on automobile body finishes
until July, and on all grades for eight weeks. Producers of hot-rolled strip
are heavily booked, in some cases until May 15, and are unable to keep
pace with the demands of their customers, forcing them to turn to light
plates to supplement their strip stocks.
The largest backlogs in bars and plates are at Chicago, where deliveries
of 7 to 10 weeks are causing an increasing number of orders to be diverted
to /111.1113 farther east.
With so much specified tonnage overlapping into the second quarter,
price tests are largely postponed. Although some contracts for finished
steel have been closed at the advances announced for the next three-month
period, the new prices cannot be regarded as fully established until actual
shiping orders are placed.
In semi-finished steel, however, the recent increase of $1 a ton Is already
effective. Even at the new priee level, buyers find that there is little
material to be had, and Chicago district consumers of forging quality steel
have been forced to place orders with outside mills at the Pittsburgh base
price.
The shortage of semi-finished steel finds a counterpart in a growing
scarcity of pig iron. Few steel producers have surplus iron and a number
have run short of metal, being forced into the open market for their additional requirements.
The recent advance of 50c. a ton in Valley pig iron has stood the test
of sales in most grades, and prices are stronger at Buffalo, where two
producers have withdrawn from the market.
In sharp contrast is the situation In the South, where pig iron has declined Si a ton. At $15.50, Alabama iron will have an advantage over
competitive brands in southern Ohio and will be able to penetrate well into
Illinois and Indiana. Weakness in the Birmingham market Is attributed
to dimished consumption by pipe foundries. Centrifugal pipe, which is
being made in larger quantities, takes less metal than the sand cast product,
and high money rates have tended to discourage pipe-laying programs.
The money market has not yet put a damper on structural steel awards.
Lettings of fabricated steel in the first 2 months of this year were virtually
on a par with the 1928 average, and business placed in March has been in
encouraging volume. Awards for the week totaled. 53,000 tons, and new
inquiries aggregated 41.000 tons.
The pressure for steel from the automobile industry is still a market
feature, although 2 or 3 motor car bulders are reported to have reduced

Changes in Stocks at Refineries East of California for
February 1929.
The follewing is the American Petroleum Institute's
summary for the month of February of the increases and
decreases ix stocks at refineries covering approximately
88% of the operating capacity east of California.
production slightly.




MAR. 23 1929.]

FINANCIAL CHRONICLE

1819

Rail bookings of 60,000 tons include 28,000 tons for the Southern By. general recommending increased protection of finished products, a return
and a supplementary order of 15.000 tons placed by the St. Paul. The of manganese ore to the free list and a reduction on ferromanganese, with
Chicago & North Western has entered the market for 2,500 cars and has important changes in calssillcations.
Permissible production of members of the European steel entente has
placed 25 locomotives with the Baldwin works. The Chesapeake & Ohio
Is inquiring for 500 cars, and the Burlington will build 750 in its own shops. been increased 2,000,000 tons annually, to 31,287.000 tons, quotas of the
Oil storage tanks awarded call for 22.000 tons of plates, and 6,000 tons various countries being expanded proportionately.
Advances in pig iron in eastern Pennsylvania cancel the 01 reduction in
was placed by the Pacific Gas & Electric Co. for a pipe line. The Standard
southern iron, with the result the "Iron Trade Review" composite of
Oil Co. of Kansas contemplates laying a 50-mile line.
Two ships for the Matson Navigation Co., San Francisco, on which fourteen leading iron and steel products is unchanged at $36.37 for the
fourth consecutive week.
bids have been opened, will require 20,000 tons of plates and shapes.
I Second quarter contracting in cold rolled strips has brought out a price
Despite the high rate of steel ingot production recently
the
from
ton
a
a
$2
announced
of
Pittsburgh,
lb..
concession
per
2.75c.
of
base. The lower base represents a compromise which tends to offset the there has been another moderate increase during the past
higher net prices on narrow widths under the new card of extras.
week, the "Wall Street Journal" Mar. 20 said. However,
Makers of rivets are working on a revision of extras, but the changes
are unlikely to be put into effect before the third quarter. Buyers of large the gain was small, because there is now little room for putting
rivets are slow in signing second quarter contracts, since the prices asked up activities, with so many plants working practically at
represent an advance of $4 a ton.
when consideration is given to normal repairs
Heavy melting scrap has advanced 25c. a ton at Pittsburgh, recovering capacity
the ground lost a week ago. Scrap markets show mixed trends, but prices always necessary in steel plants, continues the "Journal"
on the whole are holding their own.
adding:
Copper has been sold as high as 22c. a lb.. delivered Connecticut Valley.
The U. S. Steel Corp. is producing ingots at slightly better than 97%
Leading domestic consumers, alarmed by the scarcity of copper, are arwith a shade under that figure in the preceding week and a
ranging to use other metals wherever possible. German users have formed compared
fraction below 96% two weeks ago.
a research institute to discover substitutes.
Independent steel companies increased their operations to approximately
The European Rail Makers' Association has been renewed for 6 Years,
against 92% a week ago and 91% two weeks ago.
following concessions by British mills. The European Steel Cartel has 92%%.
For the entire industry the average is placed at 9414 %,contrasted with
increased its production quota 2,000,000 tons to 31,287,000 tons. The
previous week and 93% two weeks ago.
proportion assigned to Germany is unchanged, but the tonnage allotment 94% in the
At this time last year the Steel Corporation was running at 8835 %. inIs materially enlarged.
at 78% and the average was 84%. Thus the current rates are
The "Iron Age" composite price for pig iron has declined from $18.38 dependents
% for the Steel Corp., 14%% for independents and 11:14% for the
to $18-29 a ton, the lowest price since October. The finished steel com- up 83.
entire industry.
posite is unchanged at 2.391c. a lb.. as the following table shows:
Scheduled rates for the leading steel companies in the coming weeks
Pig Iron.
InnIsbell Stool.
have been reduced slightly, but as most of these companies have been
March 19 1929. 11829 a (imss Ton.
March 19 1929. 2.391c. a lb.
be
218.38 running in excess of their schedules it is possible that there will not
2.391o. One week ago
One week ago
,18.38- much change in activities next week. However, the season is arriving
2.391c. One month ace
One month ago
17.76 when reduced operations are logical and normal and the coining weeks will
2.391c. One year ago
000 year ago
15.72
1.6890 10-year pre-war average
10-year pre-war average
Based on average of basic iron at Valley be watched with interest.
Based on steel bars, beams, tank plates.
wire nails, black pipe and black sheets, furnace and foundry irons at Chicago.
The "American Metal Market" this week says:
These products make 87% of the United Philadelphia. Buffalo. Valley and Pitr
mIngham.
etates output of finished steel.
The seasonal peak rate in steel ingot production has been reached with no
Lute.
'High.
Low.
High.
any decrease for several weeks or possibly before
1928..23111o. Dec. 11 2.314o. Jan. 3 1928-118.59 Nov. 27 $17.04 July 24 indication that there will be
1927 .2 453c. Jan. 4 2.2930. Oct. 25 1927... 19.71 Jan. 4 17.54 Noe. 1 May 1. Substantially all the open-hearth capacity is being operated, and
5
Jan.
21.54
19.46
13
July
4926..2.453o. Jaii. 5 2.4030. May 18 1926...
under exceptional pressure. Idleness or partial idleness is confined almost
1925_2.560o Jan. 6 2.3960. Aug. 18 1925... 22.50 Jan. 12 18.96 July 7 entirely to Bessemer departments, and entire Bessemer capacity is scarcely
1924..2.789o. Jan 15 3.4600. Oct 14 1924.__ 22.88 Feb. 26 19.21 Nov. $
3923-2.824c. Apr. 24 2.446o. Jan. 2 1933._ 30.86 Mar.20 20.77 Nov.20 more than one-eighth of the total steel ingot producing capacity of the
country. Present ingot production may be estimated at about 95%, but
Seasonal requirements for steel are making their contribu- this is not exact and cannot be checked with the monthly ingot production
tion to the unprecedented market situation, says the "Iron report of the American Iron and Steel Institute.

Trade Review" this week. Canmakers' specifications are
The "Daily Metal Trade" is quoted in substance as
stimulating production of tin plate, a moderate increase follows:
in sales of wire products for rural consumption is developing,
Concrete reinforcing bars have been marked up $1 a ton in the East.
while important highway and building projects are maturing. Sellers are now asking 2.05 cents a pound base Pittsburgh on mill lengths
2.30 cents on bars cut to length.
Meanwhile,specifications from the railroads, carbuilders,and and
Southern pig iron is quoted lower. Sales of No. 2 southern foundry iron
automobile and parts makers are undiminished, further for second quarter delivery have been made at $15.50 +$16.50 Birmingham
compared with former minimum of $16.50.
states the "Review," which continues:
z
Deferred deliveries continue to vex both producers and consumers
Writing under date of Mar. 21 Rogers Brown & Crock
despite capacity output of such important lines as sheets, strip, bars and
plates. Increasingly are mills accepting specifications with delivery stipu- Bros., Inc., say with reference to the iron market:
lated at their convenience. The shortage of semifinished steel has sent
even integrated producers into the open market, usually in vain. One
steelmaker has bought 30,000 tons.
This tight delivery situation may obscure the transition from the first
to the second quarters. For some large consumers the specifications they
have already submitted to the mills will carry them a good distance into
the coining quarter. As usual, there has been some waiving of the March
15 deadline for specifying first-quarter material. Second quarter contracts
for wire products exceed those of a year ago, while coverage of cold finished
bars has been heavy.
The continued pressure upon operating departments seems to assure a
record March. Expansion of tin plate output for 85 to 90% has pushed
steelmaking at Pittsburgh over 90%. Chicago is held down to 95% by
the lack of semifinished steel, and some hot mills there have been forced
down to a 5-day week schedule. Thirty-three out of 37 open hearth
furnaces at Buffalo are making steel. More bessemer and pipe capacity
has been put on at Youngstown, where steelworks average 90%•
Pig iron selling lacks the spectacular flavor of finished steel, but the
steady week-to-week bookings account for a high tonnage for the coming
quarter. In the East and at Cleveland some third quarter inquiry has
appeared. Shipments are expected to set a new high March record in
many districts. A mixed price tendency results from a reduction of 111.
by a maker at Birmingham, Ala., while last week's advance of 50 cents
in the foundry and malleable grades in the Mahoning valley has become
general. Eastern Pennsylvania prices are rising.
Pending subway work at New York has reached proportions requiring
81,200 tone of structural steel. Plana will be out shortly for an elevated
roadway in New York. taking 22,000 tons. More favorable weather is an
aid to building in all districts, and at Chicago deliveries of plain material
are falling behind. Concrete reinforcing bars share in this activity, with
price weakness at Chicago a contrast to the $1 per ton advance at New
York and Pittsburgh.
Sixty thousand tons of rails, principally for the Chicago, Milwaukee,
St. Paul & Pacific and Southern railroads, was about evenly divided between
eastern and western mills this week. Freight car inquiry has been augmented by 2,500 box cars for the Chicago & North Western. Twelve
thousand freight cars are now on active inquiry.
So filled with business are plate mills at Chicago that on some sizes
twelve weeks is the beat delivery now promised. Sixteen thousand tons,
evenly divided between refinery work at East Chicago, Ind., and the
South, was put on mill books this week at Chicago. Some moderate line
pipe jobs, taking plates, are shaping up. Second quarter skelp contracts
at 1.900., Pittsburgh, have been closed in the Mahoning Valley.
While plate mill operations at Pittsburgh have been stepped up moderately, neither there nor at Chicago do they match the rates of bar mills.
New bar sales at Chicago this week were the third best of the year. Sheet
and strip mills generally have made no inroads on their backlogs, with
automotive users still dominating.
Some Lake Superior iron ore interests are discussing an advance of 25
cents per ton for the 1929 season, a 6% advance over the present price of
$4.25 for Mesabi nonbessemer. Contracting may start next week.
American Iron and Steel institute has submitted specific tariff recommendations to the house ways and means committee at Washington, in




The crest of the buying wave for second quarter delivery has passed.
Most furnaces find themselves more heavily sold into the future than they
would like, since the market is strong with an upward tendency. Producers
are cautious about accepting additional orders, for in spite of the heavy
sales during the past few weeks. there are many small eoncerns who have
not yet entered the market and this, with the usual fill-in tonnages from
the larger molten, will tax the producing capacity of the furnaces between
now and July 1st.
In spite of this strong situation, there have been a few local weak spots.
One in the East has already corrected itself. The drop of $1 per ton in the
Birmingham market only occurred the end of the week under review and ft
is too early to predict whether or not prices will rebound promptly. Con.
gumption continues at a high rate and there is no sign of letting up.
There is only a moderate activity in Ferro Alloys.
With the approach of spring, the demand for domestic coke is slo
up. The heavy demands for foundry and blast furnace coke, bove,(r
fully absorb all that the ovens can produce.

Union Trust Co. of Cleveland Reviews Cement Industry-Dependence of Good Roads Program on
Industry.
New concrete roads are being built in this country at the
rate of 7,000 miles annually. Notwithstanding this fact,
the expansion of good roads is lagging behind the gain in
automobile registration, with the result that traffic congestion is growing increasingly acute, says the Union Trust
Co., Cleveland. "Of the 2,862,198 miles of road in this
country, only about 57,000 or 2% are of concrete," says the
bank in its magazine, Trade Winds. "At the present rate
of road construction, it would take nearly 409 years to
modernize completely the highway system. For each mile
of road there are 462 automobiles registered." it also
makes the following observations:
In large measure, the country's good roads program depends upon the
cement industry. This industry has had a remarkable expansion in this
country. In 1900 approximately 8,000,000 barrels of cement were produced in the United States. In 1928 more than 175,000,000 barrels, valued
at $283,000,000 annually, were produced.
The growth of the cement industry has made possible the development of
good roads, while good roads, in turn, have made possible the gigantic
growth of the automobile industry with all of its vast ramifications.
More cement is used in proportion to population in this country than in
any other. Almost 144 barrels are consumed for each inhabitant of the
United States. The nearest approach is in Belgium where 4-5ths of a
barrel is used for each inhabitant.

•

1820

FINANCIAL CHRONICLE

Copper Advances to 23 Cents, Delivered-Demand
Active at Higher Prices-Lead Sells at 8 CentsZinc Sales Up.
A sensational advance in copper, lead, and zinc featured
the metal marks in the past week. Copper advanced to 23
cents a pound, Connecticut, a gain of 3 cents above the level
named a week ago, "Engineering and Mining Journal"
reports under date of Mar. 21, adding:
As high as 8 cents a pound was paid for lead yesterday, and 6.60 cents
for zinc, compared with 731 and 6.35 cents, respectively, a week ago.
Advances in London quotations on Monday and anxiety of foreign copper
buyers appear to have been largely responsible for the advances here.
Zinc sales were particularly heavy.
Demand for copper continues insistent, both here and abroad, and as
producers have only a limited amount to offer, which consumers are willing,
to take at any price quoted, it is only human nature to raise quotations.
To what extent this can be carried on is problematical. The volume of
sales in domestic market has been about that of an average week, in the
neighborhood of 14,000 tons, with most of the business for July shipment.
Many orders, however, were booked for earlier months, and it seems likely
that as it becomes available, a fair tonnage will yet be released for April,
May and June,so that regular customers will be taken care of to a reasonable
extent, even though they may not yet have covered themselves for four
months ahead as many have tried to do. The foreign demand, like the
domestic, has been insistent, and more than sellers could take care of.
Foreign consumers still have a fair amount of April and May copper to buy.
The New York contract price of lead was advanced to 734 cents a pound.
Some business wont through as high as 8 cents. The general situation in
lead appears to be strong and in view of the indications that shipments of
bullion from Mexico will be somewhat curtailed, further price advances in
the immediate future would not be surprising. Most of the sales reported
have been for April and nearby shipment producers being reluctant to quote
for May except to favored customers who have had to pay a premium for
the position.

Continued Advance in Price of Copper.
The price of copper has soared to 24 cents, that figure for
domestic sales, having been reached yesterday (March 22).
from the "Evening Post" of last night we quote the following:

[VOL. 128.

Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
1928-1920
1927 1928
Coal Year
Coal Year
Week.
to Date.
Week.
to Date.a
Feb. 23
11 752,000
453,961,000
10,177.000
425,647,000
Daily average_ _ 1,959,000
1,644,000
1.725,000
1,139,000
Starch 2_b
11,154,000
465,115,000
10.036.000
435,683,009
Daily average __ 1,859,000
1,648.000
1,673,000
1,542,000
March 9_c
10,274,000
475,389,000
10,392,000
446,075,000
Daily average_ _ _ _ 1,712,000
1,650,000
1,732,000
1,546,000
a Minus two days' production first week in April to equalize number
of days
in the two coal years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present coal year to March 9
(approximately 288 working days) amounts to 475,389,000 net tons.
Figures for corresponding periods in other recent coal years are given
below:
1927-1928
446,075,000 net tons 1925-1026
504,575,000 net tons
1926-1927
553,368,000 net tons 1924-1025
444,245,000 net tons
As shown by the revised figures above, the total production of soft
coal for the country as a whole during the week ended Macrh 2 1929
is estimated at 11.154,000 net tons. This is a decrease of 598,000 tons,
or 5.1%, from the output in the preceding week. The following
table
apportions the tonnage by States and gives comparable figures for other
recent years:
Estimated 1Weekly Production of Coal by States (Net Tons).
IWeek Ended
Feb. 1923
StateMar. 2 '29 Feb. 23 '29 Mar. 3'28 Mar. 5 '27 A rerage.a
Alabama
387,000
383,000
356,000
479.000
434,000
Arkansas
61,000
50,000
29,000
32.000
30,000
Colorado
297,000
255,000
202,000
246,000
226,000
Illinois
1,363,000 1,582,000 1,549,000 2,201,000 2,111,000
Indiana
431,000
496.000
474,000
711,000
659,000
Iowa
100,000
93.000
103,000
153,000
140,000
Kansas
76,000
70,000
47,000
119,000
103,000
Kentucky-Eastern
988.000
975,000
896,000
881.000
607,000
Western
337,000
382,000
367,000
425.000
240,000
Maryland
63,000
64.000
53,000
63,000
55,000
Michigan
16,000
18,000
16,000
17,000
32,000
Missouri
89.000
103,000
95.000
78,000
87,000
Montana
75,000
85.000
68,000
65.000
82.000
New Mexico
57,000
55,000
65.000
62,000
73,000
North Dakota
61,000
77,000
43,000
39,000
50,000
Ohio
452.000
488.000
194,000
781,000
814,000
Oklahoma
98,000
85.000
54,000
69.000
63,000
Pennsylvania (bit.)
2,714,000 2,776,000 2,348,000 3,275,000 3.402,000
Tennessee
116.000
122,000
116.000
133,000
139,000
Texas
20,000
20.000
17,000
30,000
26,000
Utah
155,000
249,000
93.000
109,000
79,000
Virginia
287,000
240.000. 255,000
295.000
211,000
Washington
74,000
01.000
46,000
55,000
74,000
W. Virginia-Southern_b 2,083,000 2,136,000 1,824.000 1,975.000 1.168,000
Northern_c
810,000
684,000
691,000
825.000
728.000
Wyoming
149,000
150.000
126,000
160,000
186,000
Other States
5.000
2,000
2,000
7,000
6.000

A rush to contract for copper deliveries at 23 cents this morning soon
Total bituminous coal. _11.154,000 11.752,000 10,036,000 13,210,000 11,850,000
exhausted the scant supply in the market and subsequently sales were
Pennsylvania anthracite__ 1,492,000 1,463,000 1,294,000 1,203,000 1,968,000
made at 24 cents. This was the highest price for more than ten years.
Leaders of the industry see considerable uncertainty in the outlook, duo
Total all Goal
12,646,000 13,215,000 11,330,000 14,413.000 13,818,000
to the extremely small tonnage contracted at the higher rates.
a Average weekly rate for entire month. b Includes operations on the N. dr W.:
The foreign price was maintained at 2331 cents a pound, but was ex- C. & O.; Virginia: K. & M., and Charleston division of the B. & 0. c Rest of
pected to be advanced about a cent to-morrow or Monday. Foreign sales State, including Panhandle.
were somewhat smaller. No cables came from Paris until late in the day.
PENNSYLVANIA ANTHRACITE.
presumably because of the effect of Marshal Foch's funeral upon business
The total production of Pennsylvania anthracite during the week ended
activities in France. Total sales so far in March on foreign account by the
March 9 1929 is estimated at 1,221,000 net tons. Compared with the
larger producers are around 120,000,000 pounds.
output in the preceding week, this shows a decrease of 271,000 tons, or
Higher prices for both lead and zinc were predicted in trade circles to-day
18.2%. Production during the week in 1928 corresponding with that of
as demand continued strong at the advanced levels. Lead here was quoted
March 9 amounted to 1,486.000 tons.
at 734 to 831 cents a pound.
Estimated Production of Pennsyltania Anthracite (Net Tons).
1928 19291927-1928
Coal Year
Coal Year
Granger Financial Review Sees Africa Offering United
Week EndedWeek.
to Date.
Week.
to Dato.•
Feb. 23
1.463,000
72,860,000
1,254,000
71,705,000
States Serious Competition in Copper Production.
Mar. 2
1.492,000
74.352,000
1,294,000
72,999,000
9
1,221,000
75,573,000
1,486,000
74,485,000
South African copper producers are offering serious com- Mar.
a Minus two days' production In April to equalize number of days In the two
coal
years.
petition to American companies and within five years are
BEEHIVE COKE.
expected to turn out 600,000 tons annually, close to our
The
production of beehive coke during the week ended March 9
production, according to the current issue of the Granger 1929 is total
estimated at 124.200 net tons, as against 122,700 tons in the pre"Financial Review," published by Sulzbacher, Granger & ceding week. Production during the week of 1928 corresponding with
that of March 9 amounted to 100,500 tons. In the Connellsville coke
Co. The "Review" says:
region, according to the Connellsville "Courier,- there was a not loss of
"Universal optimism concerning the revived copper industry needs the eight in
the number of ovens fired in the week ended March 9.
partial restraint imposed by the ultimate certainty of serious competition
Estimated Production of Beehive Coke (Net Tons).
from Africa. Here the extraordinary continuity and thickness of the
Week Ended
1929
1928
proven ore deposits, In mineralized zones running hundreds of miles long
to
Mar. 9 Mar. 2 Mar. 10
to
1929.
1928.
1929.
Dale.
Date.a
and 10 to 60 miles wide, assaying from 3 to 6% in copper, indicates that
Pennsylvania and Ohio
100,700 99.300 71,500
868,500
627,000
mass production of the metal is assured.
West Virginia
10.400
13,700
10,200
92,400
135,300
"At the present time, two companies are rapidly increasing their output Georgia, Kentucky & Tennessee_ 1,900
1,600
5,800
16.500
45,600
5.400
5,500
5,000
and five others are nearing production. Last year, Africa produced Virginia
46,100
46,300
6.000
4,500
60.800
47,000
119,000 tons of copper and within five years is expected to produce 600,000 Colorado, Utah and Washington_ 5,900
tons annually. Aside from their definite location of ammercial ore, all
United States total
124.200 122,700 100,500 1,084,300
901,200
the Rhodesian African companies are in the early stages of development Daily average
20.700 20,450
16,750
18,378
15,274
a Minus one days' production in January to equalize number of days in the
and therefore present enormous possibilities for the future which cannot
two years.
now be estimated."

Bituminous Coal and Anthracite Output Declines.
According to the United States Bureau of Mines, the
production of bituminous coal during the week ended
March 9 amounted to 10,274,000 net tons, a decrease of
880,000 tons as compared with the preceding week and
118,000 tons lower than for the week ended March 10 1928.
The output of Pennsylvania anthracite for the week ended
March 9 1929 totaled 1,221,000 net tons, or 265,000 tons
lower than the figure reported for the corresponding period
last year, and 271,000 tons less than for the week ended
March 2 1929. The production of beehive coke in the
United States amounted to 124,200 net tons in the week
ended March 9 last, as compared with 122,700 tons in the
preceding week and 100,500 tons in the week ended March 10
1928. The Bureau's report is as follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended March 9 1929,
including lignite and coal coked at the mines, is estimated at 10,274,000
net tons. Compared with the ouput in the preceding week, this shows
a decrease of 880,000 tons, or 7.9%. Production during the week in
1928 corresponding with that of March 9 amounted to 10,392,600 tons.




Monthly Production of Coal in February.
The total production of soft coal during the month of
February amounted to 47,271,000 net tons, as against
51,456,000 tons in January, reports the United States
Bureau of Mines. The average daily rate of output in
February was 1,970,000 tons, an increase of 21,000 tons,
or 1.1%, over the average rate for the month of January.
The production of anthracite decreased from 7,337,000 net
tons in January to 6,670,000 tons in February. The
average daily rate of output, however,increased from 282,000
tons in January to 284,000 tons in February. The Bureau
also shows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN FEBRUARY (Net Tons).
BItuminous.
Month.

Anthracite,

No. of Art:, per
No. of Arge. per
Working Working
Total
Total
Working Working
Production Days.
Day.
Production Days.
Day.

December 1928_ -- 43.380.000 25.0
51,456.000 *26.4
January 1029
47,271,000 24.0
February •
February 1928- - - 41,351.000 24.9
•Revised.

1.735.000
.1949.000
1,970,000
1.661,000

6,226.000
7,337.000
6,670.000
5.582,000

25.0
25 0
23.5
24.8

249,000
282.000
284,000
228,000

MAR. 23 1929.]

FINA NCIAL CHRONICLE

Coal Situation Shows Further Improvement—Prices
Slightly Higher.
Bituminous coal markets of the country were favored
by weather conditions during February, particularly in the
first half of the month, so that ont only was the demand for
current requirements heavy, but orders on hand kept
tonnage moving in large volume, even when milder temperatures prevailed, the "Coal Age" reports. This resulted
in a firmer tone and a slightly higher level of prices. The
movement of anthracite also was in good volume. The
"Coal Age" continues:
Bituminous coal for heating purposes continued to be in most active
demand. Steam coals were not so active, reflecting the difference in
buying habits and storage methods of industrial consumers. Stocks of
bituminous coal in the hands of industrial consumers are estimated at
about 41,000,000 tons, a decline of approximately 9,500,000 tons from
the figure named a year ago. The stocks considered in relation to the
healthy industrial situation, present a promising outlook. Shippers of
lake tonnage are hopeful that the season will get under way earlier than
last year.
Re he weighted average spot price of bituminous coal at the mines for
February was $1.863i per ton, which compares with $1.84% in January.
Demand for anthracite was fairly active in February. Chestnut led
In the buying, stove was strong and egg made a good showing. Pea, though
the slowest of the domestic sizes, improved its position. The steam
sizes were notably strong. The rate of production in February was the

1821

same as in the similar erpiod last year. Efforts to repeal the anthracite
tax are progressing favorably in the Pennsylvania Legislature.

Anthracite Shipments Last Month Exceeded February
1928 by 793,311 Tons.
The shipments of anthracite for the month of February
1929, as reported to the Anthracite Bureau of Information,
Philadelphia, amounted to 5,168,197 gross tons. This is
an increase as compared with shipments during the same
month last year of 793,311 tons.
The shipments for last month compare favorably with
the average February shipments which, excluding the
strike of 1925, which extended to the middle of February
1926, have in the last ten years amounted on the averge
to 5,103,624 gross tons. Last month's figures exceeded this
by about 65,000 tons.
Shipments by originating carriers for February were as
follows:
Month of February
Reading Co
Lehigh Valley
Central RR.of N. J_
Del. Lack A, Western
Delaware & Hudson_
Pennsylvania

1929.
946,327
798,683
478,611
907,532
732,780
447,258

1928.
Month of February
1929.
1928.
915,532 Erie
543,287 419,745
633,253 N.Y. Ont.& West__ 129,082
96.243
440,486 Lehigh ct New Eng..- 184,637 207.517
764,794
542.608
354,708
Total_
5,168,197 4.374,88

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on March 20, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows decrease for the week of
$12,900,000 in holdings of discounted bills and of $46,300,000
in bills bought in open market, and an increase of $20,100,000
in United States Government securities. Member bank
reserve deposits declined $23,000,000, Government deposits
$3,200,000 and Federal Reserve note circulation $8,400,000,
while cash reserves increased $17,400,000. Total bills and
securities were $50,100,000 below the amount held on
March 13. After noting these facts, the Federal Reserve
Board proceeds as follows:
Holdings of discounted bills decreased $24,400,000 at the Federal Reserve
Bank of San Francisco. $16,600,000 at New York and $6,500.000 at Dallas,
and increased $23,000,000 at Chicago and $9,200,000 at St. Louis. The
System's holdings of bills bought in open market declined $46,300,000,
while holdings of Treasury certificates, which included $19.000,000 of
temporary certificates issued by the Treasury to the New York bank
pending the collection of the quarterly installment of taxes, show an increase of $19,700,000 and Treasury notes an Increase of $400,000.
Federal Reserve note circulation was $8,400,000 less than a week ago.
decreases of $6,100.000 at Cleveland, $2,800,000 at Philadelphia, and
$1,100,000 each at Richmond and San Francisco being partly offset by an
Increase of $2,300,000 at Chicago and small increases at four other Federal
Reserve banks.

The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 1863 and 1864. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Mar. 20, is as follows:

Total reserves
Gold reserves

increase (+) or Decrease (—)
During
Mar.201929.
Week.
Year.
$
$
2,877.791,000 +17,402,000
—68,040,100
2712,013.000 +11,888,000
—63,758,000

Total bills and securities

1 371,771,000

—50,062,000

Bills discounted, total
942,737,000 —12,886,000
Secured by U. S. Govt. obliga'ns 588,439,000
+6,304,000
Other bills discounted
354,298,000 —18,190,000
Bills bought in open market

CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar.201929. Mar. 131929. Mar.211928.
Loans and investments—total

7,340,000,000 7,209,000,000 6.880,000,000

Loans—total

5,449,000,000 5,348,000,000 4,981,000,000

1 122.000,000 1,089,000.000 1.085.000.000
770,000.000 772,000,000 814,000,000

U. S. Government securities
Other securities

744,000,000
53,000,000

Reserve with Federal Reserve Bank
Cash In vault

+465.759.000
+303,068.000
+162,691,000

717,000,000
50,000,000

Due from banks
Due to banks

124.000,000
898,000,000

86,000,000 121,000,000
889,000,000 1,054,000,000

Borrowings from Federal Reserve Bank_

126,000,000

139,000,000

44,000,000

Loans on securities to brokers and dealers
1,091,000.000 1,004.000,000 1,027,000,000
For own account
1 768,000,000 1,761,000,000 1,467.000.000
Fe account of out-of-town banks
2,934,000,000 2,862.000,000 1,285.000,000
For account of others
5,793,000,000 5,627.000,000 3,779,000,000
5,332,000,000 5,149,000.000 2,884.000,000
460,000,000 478,000,000 894,000,000

On demand
On time

Chicago
2,142,000,000 2.140,000,000 1,982,000,000

—95,890,000
Loans—total
— 199,910,000
—5,710,000
—80.863,000
— 113,328,000

Federal Reserve notes in circulation_ _1.641,577,000

—8,432,000

+76.153,000

On securities
All other
Investments—total

—26,475,000
—23,023,000
—3.203.000

731,000.000
56,000,000

5,290.000,000 5,261,000,000 5,360,000.000
1,160.000,000 1,166.000,000 1,084,000,000
129,000,000
2,000,000
85,000,000

Net demand deposits
Time deposits
Government deposits

Total

+20,054,000
—7,000
+402.000
+19,659,000

2,370.310,000
2,339,544,000
4.570.000

1,892,000,000 1,860,000,000 1,900,000,000

Investments—total

Loans and investments—total
236,838,000 —46,273.000

2,833,000,000 2,749.000.000 2,395,000,000
2,616,000,000 2,599,000,000 2,58,5,000,000

On securities
All other

+176,304,000

U. S. Government securities. total 185,351.000
Bonds
51,611.000
Treasury notes
90,904,000
Certificates of indebtedness
42,836.000

Total deposits
Members' reserve deposits
Government deposits

Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased no less than
8166,000,000 and establishes a new high record for all time,
the amount of these loans on March 20 1929 being 5,793,000,000, which is $124,000,000 above the previous high peak
reached on Feb.6,1929, when the amount was $5,669,000,000.
The total at $5,793,000,000 for March 20, 1929 compares
with only $3,779,000,000 on March 21, 1928.

+10.606,000
+17,307,000
— 10,293,000

U. S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash In vault

1,678,000,000 1,692.000.000 1,479,000.000
972,000.000
706,000,000

959,000.000
734,000,000

815,000.000
664,000,000

464,000,000

447,000,000

503.000,000

206,000,000
258,000,000

189,000,000
258,000,000

229.000,000
274,000,000

176.000,000
16,000,000

117,000,000
16,000,000

178.000,000
17,000,000

1,255.000,000 1,258.000.000 1,242,000.000
Net demand deposits
Returns of Member Banks for New York and Chicago Time
deposits
655,000,000 679.000,000 669,000,000
22,000,000
33.000,000
Government deposits
Federal Reserve Districts—Brokers' Loans.
170.000,000 165.000.000 182.000,000
Beginning with the returns for June 29 1927, the Federal Due from banks
369,000,000 330.000,000 367,000,000
Due to banks
Reserve Board also commenced to give out the figures of the
38,000,000
Borrowings from Federal Reserve 13ank_ 146,000,000 130,000,000
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 Complete Returns of the Member Banks of the Federal
themselves, and for the same week, instead of waiting until
Reserve System for the Preceding Week.
the following Monday, before which time the statistics coverAs explained above, the statements for the New York and
ing the entire body of reporting member banks in 101 cities Chicago member banks are now given out on Thursdays,
cannot be got ready.
simultaneously with the figures for the Reserve banks them-




1822

FINANCIAL CHRONICLE

selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and 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 include 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 Mar. 13:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on March 13 shows an increase for the
week of $90,000,000 in net demand deposits, decreases of $16,000,000 in
time deposits, of $40.000,000 in borrowings and of $8,000,000 in investments, and an increase of $10,000,000 in loans.
Loans on securities declined $62.000.000 during the week, a reduction
of $112,000,000 at reporting banks in the New York district, being partly
offset by an increase of $18,000,000 in the Chicago district, of $13,000,000
in the San Francisco district and smaller increases in most of the other districts. "All other" loans increased $71,000,000 at all reporting banks,
$48.000,000 in the New York district, $7,000,000 in the Philadelphia district and $6,000,000 in the Atlanta district.
Holdings of U. S. Government securities declined $22,000,000 at all
reporting banks. $21,000,000 in the New York district and $6,000,000 in
the Cleveland district, and increased $9.000.000 in the San Francisco
district. An increase of $22,000,000 in holdings of other securities in the
New York district was partly offset by reductions in most of the other
districts, all reporting banks showing a net increase of $13,000,000.
Net demand deposits, which at all reporting banks were $90,000.000
above the March 6 total, declined $25,000,000 at reporting banks in the
New York district and $7,000,000 in the Cleveland district, and increased
in most of the other districts, the principal increases by districts being:
San Francisco, $34,000,000; Chicago, $22,000,000: Boston. $21,000,000:
Atlanta, $12,000,000, and Kansas City, $10,000,000. Time deposits declined $8,000,000 in the Chicago district and $16,000,000 at all reporting
banks.
The principal changes in borrowings from Federal Reserve banks for the
week comprises decreases of $448,000.000 at the Federal Reserve Bank of
New York and $8,000,000 at Boston, and increases of $11,000,000 at
Cleveland and $8,000,000 at Philadelphia.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending March 13 1929, follows:

Mar. 13 1929.
Loans and investments—total__ -.22,386.000,000
Loans—total
On securities
All other
Investments—total

16,433.000,000
7,611,000,000
8,921,000,000

Increase 1+) or Decrease (—)
Since
Mar. 6 1929. Mar. 14 1928.
+2,000,000 +892.000,000
+10,000,000 +1.026,000,000
—62,000,000
+71,000.000

+897,000,000
+128,000.000

5,953,000,000

—8,000,000

—135,000,000

_ 3,036,000.000
2,917,000,000

—22.000,000
+13,000,000

+112,000,000
—247,000,000

Reserve with Federal Res've banks 1,726,000,000
Cash In vault
245,000,000

+10,000,000
+7,000.000

—4.000,000
—3,000,000

Net demand deposits
Time deposits
Government dePoslts

13,398,000.000
6,855,000,000
6,000,000

+90,000,000
—16,000,000

—375,000,000
+192,000.000
—4,000.000

1,147,000,000
2,845,000,000

—20,000,000
—125,000,000

—45,000,000
—519,000,000

716,000,000

—40,000,000

+364.000,000

U.8. Government securities_
Other securities

Due from banks
Due to banks
Borrowings from Fed. Res. banks

Summary of Conditions in World's Market According to
Cablegrams and Other Reports in the Department
of Commerce.
The Department of Commerce at Washington releases for
publication Mar. 23 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
Economic conditions for the week ending Mar. 15 continued to be good.
The outlined movement of commodities is especially heavy. As a result
of a conference regarding freight congestion at the port of Buenos Aires
a surcharge of 5 shillings per ton is being levied on shipments from Europe.
Representatives of steamship lines carrying merchandise from the United
States to Argentina have recommended that a similar surcharge be levied
on shipments coming from the United States. The first pickings of the
1929 cotton crop are already on the market. The acreage planted to cotton
in 1928 is 105,000 hectares, as against 85,000 in 1927, and the crop Is estimated locally at from 110.000 to 140,000 metric tons of seed cotton, as
against 73,410 metric tons.
AUSTRALIA.
Business in Australia continued quiet during the week ended Mar. 13,
with the timber and coal strikes unsettled and unemployment increasing.
The recent wool market has been characterized by a keen general demand
and good clearances. The Commonwealth wheat yield is now estimated at




[VOL. 128.

168.000,000 bushels. Support of the new Commonwealth £7,000,000 loan
Is reported to be satisfactory. Imports of unassembled automobile chassis
into Australia in January were valued at £772,000. The United States
supplied 47% of the total, followed by Canada with 32%, and the United
Kingdom with 20%. Imports of assembled cars were valued at £114.000,
with the United States supplying 73% and the United Kingdom 22%.
BELGIUM.
With the return of mild neather, activity in Belgium industries has
improved and the retail trade is especially strong. Outstanding factors in
the economic situation are progressing In the formation of a coal syndicate,
renewed activity in the building industry, and preparatory work along
agricultural lines. The metallurgical market is again showing a better
tendency and producers have sufficient orders for three or four months and
are refusing to make concessions. The demand for automobiles is also
better and dealers report an excellent outlook for the spring. The coal
market is stronger because of the heavy demand during cold weather and
the output is inferior to the demand. In the cement industry conditions
are normal with a strong export demand. There is a heavy call for window
glass and manufacturers' books are filled for two or three months. The
plate glass demand is also favorable. The leather trade is reviving and the
retail shoe trade is picking up. General conditions in the textile industry
show little change. The raw cotton consumption is normal and spinning
mills are operating at full capacity. Flax spinning mills, however, are not
faring well and have been forced to liquidate accumulated stocks below
Cost price. The severe weather that prevailed during February disorganized
the transportation of agricultural products and cultivation was suspended.
The depression in the sugar beet industry is fostering a movement toward
concentration through the amalgamation of producing units and concentration of capital invested in the industry. The stock market continues quiet
and money is plentiful.
CANADA.
The general trend of commercial reports is in consequence with the higher
level of imports in indicating a more active demand this year than last.
Mild spring weather in recent weeks has been a stimulating influence in retail trade, particularly since floods have so far been confined to Ontario.
Dry goods are moving on a liberal scale and cotton mills report fall orders
substantially better than last year's. A substantial expansion program,
announced by an important cellulose producer, is characteristic of business
in rayon. Boots and shoes are seasonably busy but the leather goods trade
is quiet. Lumber Is also inactive although construction remains at a very
satisfactory level throughout the Dominion. The higher trend in grain
prices in recent weeks is expected to stimulate rural business. Tractor sales
this year are expected to be heavy and manufacturers are making provision
for better service on repairs and spare parts. Calgary refineries are doing
a substantially heavier business in view of the increased production of the
Turner Valley oil field.

CHILE.

General Interest is being displayed in the announcement that the Minister
of the Treasury and other officials are leaving for the United States and
Europe to study conditions pertaining to the marketing of nitrate. The
recent successful flotations of Chile's $10,000,000 6% loan in New York and
£2,000,000 in London, together with the present market situation are considered locally to be further evidence of the strong financial position of the
Chilean Government.
FINLAND.
For the relief of unemployment in various parts of Finland, the Ministry
of Communications has granted 3.152.000 marks ($79,440) for the erection
of postoffice buildings in Vorkaus and Nilsia, at a cost of 300,000 and 150.000
marks respectively; for the construction of communal roads in Komi district,
subsidiaries of 420,000 marks; and 2,282,000 marks for other bridge and
road buildings throughout the country.
GREECE.
Foreign trade returns for January show an excess of exports over imports
for the second consecutive month,in contrast with the usual adverse balance
Exports were valued at 1,084.000,000 drachmas (the drachma equals
$0.013) and imports at 1,082,000,000 drachmas, which compares with
1,184,700,000 drachmas and 1.027,224,000 drachmas, respectively, for
December, 1928, and 732.308,000 drachmas and 1,124.576.000 drachmas,
respectively, for January, 1928. The improvement in the January foreign
trade position is accounted for by a sharp increase in the value of tobacco
shipments, which totaled 816.000,000 drachmas as against 540,000,000
drachmas for the corresponding month of 1928. Imports during the year
1928 totaled 12.488,000,000 drachmas and exports 6.282,075.000 drachmas
rod with 12,601,948.000 and 6,037.411.000 drachmas. respectively
for
a c°977.a
1
INDIA.
Customs revenue collected in India during February were slightly in excess
of those for the corresponding month of 1928. According to Indications.
imports of sugar, tobacco, automobiles, bicycles, tires, tubes, paper, and
stationery were heavier but declines were indicated in receipts of railway
plant, watches, and piece goods. Exports of both raw and manufactured
Jute and rice were lighter, according to excise collections. Revenue collected during the first eleven months of 1928 was in excess of that collected
for the corresponding period of the preceding year, but for the full year is
expected to fall short of budget estimates.
MEXICO.
With the revolutionary activities confined to the northwestern States
during the week ended Mar. 16, communications in other sectione of the
country were approaching normal. The customs house at Diudad Juarez
has been officially declared closed while the one at Naco, Sonora, has been
reopened. Authorization has been granted for the importation and exportation of commodities through San Luis. Sonora. Automobile sales
during
the period from Mar. I to 14, amounted to only 20% of the February sales.
Silver remains at a discount of 04% as compared with gold.
NETHERLAND EAST INDIES.
With native New Year celebrations at their height, business in connection
with export and import trade is dull. The first unofficial estimate of the
Lampong pepper crop places the output at 2,500 tons. Although based
on the most accurate information available, the estimate is preliminary and
weather conditions within the next six weeks may cause material changes.
NETHERLANDS.
General business conditions in the Netherlands during February suffered
from the exceptionally cold weather which tied up water traffic completely
overtaxed railroad facilities, seriously hampered deliveries, caused certain
factories to suspend operations and retarded outdoor activities in general.
There has been a heavy increase in the number of unemployed. However,an
impetus was given to some branches of the retail trade and the consumption
of coal for household use increased strongly. The turnover in the wholesale
trade declined because of the severe weather conditions. In the shoe factories orders were at a lower level. The lumber trade was dull. textile

MAR. 23 1929.]

FINANCIAL CHRONICLE

factories were active and the ship building industry has received several
important domestic orders. A pickup in most lines of activity was expected
when transportation difficulties were removed. The stock market has been
uncertain and several industrial issues weakened. Capital flotations were
active during February, with numerous flotations on foreign account.
PANAMA.
The new Panama aviation regulations have been approved by the cornmission and submitted to the Government for approval. The Government of
Panama plans the purchase of two aviation fields; one at David which is
to be 1.200 by 800 meters in size, and the other near Pacers, 20 miles
from Panama City. Liquor and market taxes amounted to $219,000 during
February, and imports during the month amounted to $1,123,000, of which
56% came from the United States. On account of the increased demand for
silks, imports of this commodity have shown a large increase. It is reported
that about 1,500 tourists arrived on the Isthmus during the week ended
Mar. 15. Automobile mail service to the interior of the country will be
inaugurated during April, four Government trucks have been provided
for this service.
PORTUGAL.
An improvement in Portuguese public finances is seen in the reduction of
the Government overdrafts on the books of London bankers from £1,500,000 on June 30 1928 to £550,000 by Jan. 311929. The Treasury has also
furnished the milling industry the arrears of exchange for 1927 and 1928
and a portion of that due from the fiscal year 1926-27. During the period
June-November, 1928, Treasury Certificates in circulation were reduced by
39,000,000 escudos, or 3%. The Government debt to the Caixa Garai de
Depositos was reduced by 70,000,000 escudos or 11%. Portuguese exchange
rates remained fairly stable at around 22$25 to the dollar during the month
of January. Textile lines were only moderately active during January,
but optimism prevailed among the traders and manufacturers and considerable improvement Was expected. Mills were reported as working
on a steady 4 to 5 day per week basis. Stocks were 102 and prices well
maintained. Movement in cork continues to be good, with a steady demend in foreign markets. Shipments were normal and prices well maintained. The stocks of manufactured cork are not large and the prices of
the raw material are going up. Business in olive oil was well maintained
during the first months of this year and stocks were gradually decreasing.
Prices as a consequence showed a tendency to rise. Activity in beans,
rice, cacao, coffee and sugar was normal. Tin plate and sardines Improved
somewhat.
UNITED KINGDOM.
Unemployment returns for Mar. 3 show that 1,387,000 work-people were
registered as unemt toyed in Great Britain; this number is about 18.000
greater than the total a month previous, nevertheless it compares favorably
with most of these weekly returns so far made in 1929. Registered unemployment in Northern Ireland totaled 38,400 workueople on Mar. 4;
this indicates a moderate further im:rot ement on the position since the
hoginning of the year.
British oversee trade returns for February show a considerable reduction
in comparison with the figures for the same month of 1928, owing largely to
the fact that the month contained one working day less this year. As
compared with the returns for the previous February, the value of imports
decreased 7.5%, exports of British goods decreased 2.7% and re-exports
11.7%. The decline in imports appeared mainly in the case of raw materials,
which dropped £4,119,000. This reduction appeared chiefly in the wool,
cotton, rubber, hides, and skins items. Total imports aggregated £91.349.000 as compared with about £98,848,000 (uncorrected total) for the month
a year ago. There was a 20% volume increase (with a £500.000 value increase) in exports of iron and steel, in spite of the fact that total exports
of British goods dropped from some £57,000,000 in February, 1928, to
£55,665,000 last month. Re-exports totaled £10,031,000.

1823

of February 1929. The gold exports were only $1,425,084.
The imports were $26,912,990, of which $22,006,625 came
from the United Kingdom and $3,266,182 came from Canada.
Of the exports of the metal, $520,000 went to Java and
Madura, $319,194 to Hong Kong and $206,367 to Germany.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES. BY COUNTRIES.
GOLD.
Total.
Exports. Imports.
CountriesFrance
Germany
United Kingdom_.
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Mexico
Jamaica
Trinidad-TobagaOther Brit. W.Ind_
Cuba
Dutch West Indies_
Argentina
Chile
Colombia
Ecuador
Peru
Venezuela
Uruguay
British India
China
Java and Madura__
Hong Kong
Philippine Islands_
New Zealand
Belgian Congo
Total

SILVER. '
Refined Bullion.

Total (Dui. Coin).

Exports. Imports. Exports. Imports,

Dollars.

Dollars.
Ounces. Ounces. Dollars. Dollars.
9,886
10,322
191,340
107,965
22,006,625
2.280
15,455 3,266,182
140,512
50,380 165,846 305,001
7,523
364
207
17,584
29,130
327,668
188,751
23.753
1,705
2,159
4,100
800,236
3,482,139 171,395 3,143,385
1,250
1,405
2,023
4,737
330
160
1,770
3,215
1,858
19,946
84,818
71,456
15,150
152
8,617
91
123,218
3,922
204,233
646,277
22,615
300,000
136,852
900
12,500
1,011.785
572,286
51,568
5,428,932
9,647,882
32,299
520,000
93,568
55,634
319.194
189,861
2,032
13,21f
24
13
1,689
33,677

206,367

1.425,084 26.912,990 11.009.884 3.918.066 6.595.156 4.458.234

J. A. Sisto Finds Europe Averse to Meeting Our Financing Requirements-Reluctance Delays Floating of
Foreign Bond Issues Here.
Until there is a change in the present bond and stock
market situation in this country, there will be very little
foreign financing of a senior character in this market,
regardless of the fact that there are a great many European
bond issues of various descriptions and with relatively high
yields in the hands of American banking houses awaiting
favorable opportunity for marketing, according to J. A.
Sisto, head of the investment banking house bearing his
name, who has just returned from a business trip to England,
France, Switzerland and Italy. Mr. Sisto, said:

Europeans cannot appreciate our method of employing conversion features
or stock purchase warrants in order to market bond and debenture issues.
The result is that much foreign financing that could be done in this market
The Department's summary also includes the following under
different conditions than now prevail is either being done at home or
with regard to the Island possessions of the United States.
is delayed on account of the inability of our own houses to successfully offer
them here at this time. There are probably a hundred European issues that
PHILIPPINE ISLANDS.
won't be marketed here until there is a revival of demand on the part of
Arrivals of copra at Manila have dropped about 30% from the January
American investors for a simple credit obligation, although many of these
levels and production is greatly curtailed. The ceura market is quiet and foreign
issues offer attractive yields at existing prices for bonds.
firm and all oil mills are operating. Prices are slightly lower, today's
Among hankers and industrialists abroad there is a general feeling that
f. o. b. quotations being 11.625 pesos per picul of 139 pounds, Cebu and our present active stock market has usurped their opportunity to borrow here
Mondagua; 11.50 pesos Legaspi, and 11.25 pesos Manila. (1 peso equals as in the past. There is also often a wide discrepancy between the price ,of
$0.50). The abaca market is firm with no sellers at present price levels. leading foreign stocks there and here, which indicates that public participaThe local market is reacting to an upward trend in the London market
tion in the European stock markets has also developed on a great scale.
and United Kingdom grades predominate in the present production. Prices Consequently. European companies cannot readily be induced to attach
are nominal at 31 pesos per picul for grade F; I, 29; JUS, 21.50; JUK,
warrants or conversion privileges to their credit obligations, because,
17.50, and L, 15.50. Receipts of abaca at Manila last week totaled 32,641
despite the high level of prices prevailing here for domestic stocks, higher
bales.
prices can be procured abroad for European stocks than can be realized lure
PORTO RICO.
for foreign stocks.
Business appears to be less active than a month ago with collections
Mr. Sisto said that he was greatly impressed with the
slower. San Juan bank clearings for the first half of Mar. were $10,955,000
as compared with $12,663.000 for the same period of last year, 'while accelerating progress made, particularly in Italy, during the
February clearings were $18,138,000, a little less than the $18,601,000
European trips, the evidence
reported for February, 1928. Bank deposits at the end of January were intervals between his annual
below those of a year ago, for while savings deposits increased from $12,- of which is most prominently manifested by the spirit of
313,000 to $13,863,000, all other deposits dropped from $27,080.000 to confidence shown by the people in their institutions and their
$24,973,000. Judging by customs receipts, imports from foreign countries
in February were below those of a year ago. Customs collections were hopeful outlook toward the future, which has no doubt,
$172,081 in the past month, as against $245,737. The Insular Department been created in large part through the ever improving standof Agriculture has issued an estimate of the current tobacco crop placing the ard of living attendant upon the constructive accomplishprobable production at 24,600.000 pounds, but this figure exceeds the unments attained along economic, political, social and other
official estimate by 10 to 20%.

lines during the past few years.
Gates W. McGarrah of New York Federal Reserve Bank
Germany to Raise New Loan-Finance Minister Puts
Sails for Europe.
Budget Deficit at $120,000,000.
Gates W. McGarrah, Federal Reserve Agent at the
following
from Berlin Mar. 14 appeared in the New
The
New York Federal Reserve Bank, sailed on March 8 for
York
"Times"
of
Mar. 15:
abroad
for
his
usual
trip
attendance
at
the
March
a
meeting
Finance Minister Hilferding submitted to the Reichstag to-day the emergof the general council of the Reichsbank. He will be ency
budget for 1929-1930. He admitted a deficit of 500.000,000 marks
gone for several weeks it was stated in the "Wall Street (about $120,000,000), of which 250,000,000 is due to the extraordinary
on the Reich's Treasury by unemployed insurance, unemploydemands
News."
Gold and Silver Imported into and Exported from the
United States by Countries in February.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month




ment in Germany having assumed unparalleled proportions during the
winter months.
Reductions in the expenses of various Government departments and new
assessments estimated at 379,000,000 marks are to make up the deficit,
beer and brandy being heavily taxed. For the present the deficit is to be
covered by a new issue of Treasury notes.
In the sharpest terms of Dr. Hilferding lashed "crisis-makers" like Herr
Hugenberg, who used the depletion of the public treasury to paint pictures
of another inflation period, hoping thereby, he said, to serve party purposes
while really discrediting the Reich and the whole German people.

1824

FINANCIAL CHRONICLE

[vol.. 128.

assets and liabilities of the Piano bank are not known, but it is believed
Old German Bonds Still Being Traded-80% Held Here that
$600,000 will be near the deficit. The bank was practically a new
Have Been Deposited for Exchange, the National concern which rose to prominence from a small money-changing shop during
and
since
the war.
City Bank Reports.
we
take
the
From the New York "Times" of March 21
Russia Has Bread Books—New Means to Control Confollowing.
sumption—Favors Working Classes.
The bulk of the "old possession" bonds of the German Government
From the "Times" we take the following Associated Press
and municipalities, that is, those purchased prior to July 1920, have been
deposited by their American holders for an exchange into new bonds un- cablegram from Moscow March 17:
der the
to information made

German bond revaluation plan, according
available yesterday at the National City Bank, which is handling the exchanges in this country. There are now pending about 7,000 applications
for an exchange of "new possession" bonds covering securities bought at
later dates.
The last date for the deposit of the "old possession" bonds was in November 1926, and fer the "new possession" in March 1928, but an arrangement exists between the bank and Dr. C. G. Grossmann, German commissioner in New York, by which special permission is granted to sell the
bonds to Germany for exchange if it is proved that they actually were
held within the stipulated periods. The National City Bank received
the old bonds from agencies established throughout the United States.
It then submits them to Dr. Grossmann, who investigates the date of purchase and other details. If he gives his permission, the bank then sends
the bonds to Germany. receives new bonds in exchange and distributes
them to the old holders.
Under the revaluation plan, the holders of "old possession" received
124% of their holdings in new gold reichsmark bonds. This is done
through the issuance at this time of new bonds for 2 % of the value of
the old bonds. The new bonds must be called within thirty years and may
be called at any time. When they are called the holders will get five times
their face value fn still another issue of bonds, with insterest at 5% from
Jan. 1 1926. until the end of the year in which the call is made. No interest
will be paid until the time the bonds now being issued in the exchanges
are called. Holders of the "new possession" bonds receive only the 2M %
In new bonds, without the benefit of any future exchange, and these bonds
will not be paid off until all reparation costs have been met.
The National City Bank, receiving bonds from all parts of this country.
sends them to Berlin, where they are passed on by an agency that handles
the situation on a world-wide scale. The Government bonds go to the
Zeichnungs-Abtellung der Reichshauptbank of Berlin, while those of
municipalities are handled by the Deutsche Kommunalbank. When the
decisions are reached in Berlin the new bonds are sent to the National
•City Bank for distribution in this country. It was estimated yesterday
that fully 80% of the "old possession" bonds in this country had been
disposed of.
The situation remains unsettled, however, as regards the exchange of
the bonds of some of the German cities. Leipzig, for instance, has not
yet decided how much it will pay in the revaluation plan and the exchange
of its old bonds is still and open question. In Bavaria it has been do-aided to pay eight times the value of the new bonds when they are called,
Instead of the general schedule of five times, and the Bavarian bonds
will be called in a maximum of twenty years instead of thirty years.

Bread books for the control of consumption of bread became effective
today.
Under the system, the working and civil service classes can obtain sufficient bread for their needs at the regular prices, while other persons must
pay a double price and have no right to buy any rye bread.

Shanghai to Have New Stock Exchange.
The following is from the New York "Journal of Commerce"
of March 15:
According to the Shanghai Times, Shanghai, at last, is to have a real
stock exchange. The tentative plans of the Shanghai Share Brokers' Association have matured and in a few months' time a building, costing TN.
200,000, will be erected at the back of the Military Hospital on Klukiang
Road, and exchange on same lines as those in London and New York will
function here.
The committee in charge has already recently signed the lease for the new
building, which will be two-storyed and fitted on the lines of the New York
Stock Exchange. On the gound floor there will be 4,000 square feet of space
and on the second floor there will be offices and rooms for members and the
public.
The membership of the Shanghai Share Brokers' Association is limited
to 50, which is to be the number of seats on the new exchange. In spite
of this limitation, the public, no matter what nationality, will be permitted
to enter and watch financial operations. Minute by minute the fluctuations of the shares will be recorded, both inside and outside of the building
for the benefit of all concerned. The amount of business done will also be
announced, giving the buyers and sellers an idea of the trend of the market.
It is understood that approximately $100,000,000 worth of shares and
securities are floating in Shanghai. Settling days, which are now quarterly.
will soon be weekly. There will also be a clearing house for quarterly
settlements as another feature of the exchange. This will facilitate the work
of the brokers and will also be a convenience to the banks. Auction_will
take place during the exchange hours.
The point is stressed that the public is free to enter the building and
scrutinize all business so that the prices will be fair, because they;srill be
competitive.

Proposed Austrian Loan—Legal Obstructions Removed,
but Better Market Awaited.
Congress having now approved the Austrian relief-loan
Annual Report of Commerz-und Privat-Bank Resources, settlement scheme the road is legally clear for an Austrian
Deposits and Earnings for 1928 Surpass Previous international loan for reproductive works, it was observed
Years.
in Vienna adivces published in the "Wall Street Journal"of
The annual report of the Commerz-und Privat-Bank A.G., Mar. 12 which also had the following to say in the matter:
All the creditor states except Italy have accepted the scheme and Italy
Hamburg-Berlin, for the year 1928, as submitted to the
has done so indirectly through her delegates on the Reparations CommisBoard of Directors, shows new high records for deposits, sion.
The latter has yet to raise it lien on Austrian Government property
total resources and earnings. The directors proposed that a so this can be used as collateral for the proposed loan, but that formality
dividend of 11% for the year 1928 (simular to the previous will be accomplished soon.
But, though legal obstructions have been removed, market
year) be declared at the general stockholders' meeting to are so unfavorable as to indicate a postponement of the issueconditions
for some
be held on April 16 1929. Cable reports received by Konrad time. If she were willing to accept the terms imposed on Rumania, Austria
might obtain the money without delay, but she claims better treatment.
von Ilberg, the bank's New York representative, indicate Since
1924 ordinary revenue always has exceeded expenditure, so the major
-earnings for the year 1928 to be Rm. 11,520,091.45, against portion of costa of public development works, mainly communications,
Rm. 10,208;467.69 for 1927; total resources Rm. 1,618,- has been provided out of budget surpluses: moreover, the revenues pledged
for service of the 1923 stabilization loan have surpassed requirements from
778,167.02 against Rm. 1,267,488,635 for 1927. The bank's six
to eight times annually on the average.
eapital is shown unchanged with Rm. 60,000,000 as at
Unsettled Money Market an Obstacle.
Dec. 31 1928. The increase in other items is due to the
Amount of the prospective loan will be about $150,000,000, but the
bank's expansion in business in general and also to its ab- whole amount will not be raised at one time, the idea apparently being
about $50,000,000 each, of which between
sorption of several smaller institutions during the last year. to make three annual issues ofwould
be placed In America. Good judges
$30,000,000 and $40,000,000
As announced in February 1929, the Commerz-und Privat- say the borrowing of these relatively small sums should
be easy, but that
Bank A. G. absorbed the Mitteldeutsche Credit Bank and the unsettled international money market outlook precludes early action.
is premature to estimate the actual cost of the issue but the reception
as a consequence voted to increase its capital from R. 60,- ofIt
the recent private Austrian water-power loan in London is not encourag000,000 to Rm. 75,000,000. By taking over the Mittel- ing. Just before the Bank of England rate was raised the Vorarlberger
deutsche Credit Bank the total resources of the Commerz-und Illwerke A. G. (German.controlled) sought £2,000,000 in 6% mortgage
ar 92, but the underwriters, headed by Rothschild, had to take up
Privat-Bank A.G. will be increased by at least Rm. bonds
most of the loan, despite the actual yield of 6.52%.
250,000,000.
However, gilt-edged government bonds certainly could be issued on
Failure Reported of Austrian Textile Firm of Karl
Kohn & Co.
Under date of March 21 Associated Press advices from
Vienna said:
Austria's oldest textile firm, Karl Kohn & Co., failed to-day with an
indebtdeneas of $500.000. There were 100 creditors, among them several
foreigners. Loss of foreign markets was given by the company as the
principal reason for its collapse.

Portuguese Banks to Be Subject to More Rigid Inspection as Result of Failure of A. J. Piano & Co.
Lisbon advices published in the New York "Times" of
March 17 state:
A more rigid inspection of Portuguese banks by government inspectors
Is to be made in the future. The recent failure of A. J. Piano & Co. has
brought to light that directors of the bank were interested in many and
various enterprises and employed the bank's money in sardine canneries,
barber shops and cabarets. The company had two banks in Lisbon and a
branch on the desks as an accommodation to tourists for changing money.
As public statements are not required regularly of Portuguese banks the




better terms than these and the increasing activity of French capital in
Central Europe may indicate a shifting of the centre of gravity in the
European loan market from London to Paris. French money already
has supplanted American to some extent in respect of short-term borrowing
here, while the large share of the Rumanian loan assumed by France ($22,500,000 of $101,000,000) attracts considerable notice.
Pressure of Taxation Irksome.
Need of an internatgnal loan to take care of capital expenditure on reproductive enterprises is emphasized by continuation of complaints against
pressure of taxation, which cannot be reduced so long as such expendtlure
must be met out of revenue.
Nevertheless the general level of activity is still about that of last year
which is reputed the most favorable since the republic was founded. Recent
bitter cold weather, however, brought many enterprises to a standstill,
including the Steyr automobile works, because the streams supplying
water-power became frozen. Unemployment consequently reached the
highest figures ever yet recorded.
With improvement in the weather, activity should be above normal.
Agricultural work, which is in arrears, will absorb large numbers of hands
and industry will have to make up for lost time. Thus the outlook generally is encouraging.

We noted in our issue of Feb. 23, page 1159 the approval
by President Coolidge of the resolution passed by Congress
authorizing the Secretary of the Treasury to conclude an

MAR. 23 1929.]

FINANCIAL CHRONICLE

1825

:agreement for the settlement of the Austrian debt, and 6M% mortgage gold permanent bonds, due Oct. 1 1948 are
,providing for the co-operation of the United States with now ready for delivery in exchange for interim receipts out.eight European nations in floating a reconstruction loan for standing, at their office 22 William St., New York.
the Austrian Republic.
Bonds of Cauca Valley Drawn for Redemption.
Report of $15,000,000 Brazilian Loan in London Denied
J. & W. Seligman & Co., as fiscal agents for Department
— Offer Not Accepted Because of Unfavorable of Cauca Valley (Departmento del Valle del Cauca) 20-year
Market Conditions.
73'% secured sinking fund gold bonds, announce that
A cablegram March 19 from Sao Paulo to the New York 853,000 principal amount of the issue have been drawn by
"Times" stated:
lot for redemption on Apr. 1 1929, and upon presentation
The Minister of the Treasury states that the reports published yesterday: at their office on and after that date, will be paid at 103%
'based on information in the "Journal de Commercio of Rio de Janeiro.' and accrued interest.
regarding an exchange

stabilization loan are incorrect; that the Government
'has not negotiated a loan and that the Government does not consider a
loan necessary at present in order to carry out the exchange stabilization
plan.
The "Journal de Commercio" replied to-day, stating that its information
was sent from London to a Rio de Janeiro firm that is accustomed to depend
.on the London contact. The "Diaro de Sao Paulo" says:
"We have followed for more than five weeks the negotiations for the
loan, even indicating the London bankers, namely, N. M. Rothschild &
Sons, from whom the Government received an offer in January of £15,000,000 to complete the Government's financial plan to make all the paper
currency convertible into gold, but we are now reliably informed that the
Government does not plan to accept the loan at present, which Rothschild
was preparing, probably with Dillon, Read & Co.. as the money market
conditions are not considered favorable.
"We know the President does not plan to make a conversion loan without
•first obtaining the approval of the board of the Bank of Brazil to make it a
.central bank of commission and rediscount."

Mexican Rebel Gold Barred by Washington Order—
Treasury Agents Will Seize any Shipments and
Courts Will Determine Ownership.
The United States Government, in indicating one of the
•directions whereby it had arranged to extend aid to the
-Government of President Portes Gil of Mexico announced
on March 21 that American officials would seek to prevent
gold from being taken out of Mexico. A dispatch from
Washington March 21 to the New York "Times" in making
this known, said:
This was done by the Treasury at the suggestion of the State Department
when it was learned that revolutionists, becoming fearful of the imminent
collapse of their movement, were sending gold which had come into their
possession to the United States. Shipment of gold out of Mexico is contrary to the laws of that country, and therefore any unlicensed movement
of it to the United States comes under the head of smuggling.
The Treasury said it could instruct its customs agents to search all Mexicans crossing the border for gold smuggled out of Mexico. When the agents
find any illegal gold movements, they will notify the Mexican Consul at
the nearest point in the United States. The question of the ownership of
the gold can then be determined in the American courts.

Shipments by National Bank of Commerce in New
York of Nickel Coins to Ecuador.
The National Bank of Commerce in New York shipped
206 boxes containing 3,296,000 five-centavo nickel pieces
to Guayaquil Saturday, Match 16. This completes a total
.of 16,000,000 of these nickel coins minted in the United
States for the Government of Ecuador.

Bonds of Republic of Colombia Redeemed.
Hallgarten & Co. and Kissel, Kinnicutt & Co., fiscal
agents for the $35,000,000 Repbulic of Columbia 6% external sinking fund gold bonds of 1928, dated Apr. 1 1928,
due Oct. 1 1961, have redeemed through purchase in the
open market for the second sinking fund $200,500 principal
amount of bonds, leaving oustanding $34,609,500 par value
of bonds.
Sir George Paish Says World is Threatened With
Greatest Financial Crash in History as Result of
Trade Barriers.
Sir George Paish in an address in Manchester, Eng., on
March 19, before the National Free Trade Conference, declared that "we are threatened with the greatest financial
crisis the world has ever seen because the Governments of
the world have followed a policy of trade restriction, preventing debtors from paying their debts." Associated Press
accounts of his declarations follow:
"We are drinking and making merry, for to-morrow we die," cried Sir
George Paish in predicting a financial crash.
"I say with the highest authority, and I challenge any one to deny it,
that we are threatened with the greatest financial crisis the world has
ever seen because the Governments of the world have followed a policy
of trade restriction, preventing debtors from paying their debts.
"We are face to face with this crisis. The greatest authorities in this
country and in the United States expect it to come this spring, and unless
this policy of safeguarding or protection is checked it means disaster
to the world.
"We are not trying to see a way out. We are just dancing. I am
not exaggerating. I wish I were."
Puts Idle Here at 3.000,000.
Sir George said that Germany had more unemployment than Great
Britain and that the United States, "supposed to be so prosperous,"
counted 3,000,000 unemployed. This unemployment was only part of
the greater problem of trade depression. Those who had lent money
could not recover it. Hence the world was suffering.
British bankers, who were supposed in England to be withholding
credit, had never given so much, Sir George asserted, but debtors could
not pay because the wheels of trade were not revolving.
"I don't know how many hundreds of millions of pounds are locked up
In this country," he said. "but the total must be appalling."
Economists here last night failed to descry any such immediate and
crucial world financial calamity as Sir George Paish predicted yesterday.
It was recalled that nearly two years ago Sir George on visits to the United
States and in articles published here since had made somewhat similar
prophecies.
There was agreement, however, with the British economist's assertion
that international trade restrictions are preventing the payment of
international debts.

Bonds of Republic of Peru Drawn for Redemption.
J. & W. Seligman & Co. and the National City Bank of
New York, as fiscal agents, have issued a notice to holders
.of Republic of Peru Peruvian National Loan, 6% external
sinking fund gold bonds, first series, due Dec. 1 1960, to the
The "Evening Post" in a London cablegram (copyright)
-effect that $265,000 principal amount of the bonds have March 19 relative the prophesy
to
of Sir George, said in part:
been drawn by lot for redemption at par and accrued interest
A streaming headline, "Suicide of World," over a statement by Sir
on June 1 next. Payment on the drawn bonds will be made George Petah, well-known economist, startled London newspaper readers
,in dollars out of sinking fund moneys upon presentation and this afternoon.
It was the politicians, he asserted, who have created the crisis and It
surrender on and after June 1 at the principal office of the would
be the business men who would have to get the world out of it.
-fiscal agents J. & W.Seligman & Co. and the National City
From the New York "Times" of March 20 we take the
Bank of New York. Bonds may also be surrendered at the
following:
,paying agents in London where they will be paid in pounds
Think Picture Overdrawn.
•.sterling; in Amsterdam in Dutch guilders; or in Zurich or
American enonomists were prone to believe last night that the picture
Basle, Switzerland in Swiss francs.
of a sudden impending financial crisis attributed to Sir George palish was
,Hungarian General Savings Bank, Ltd. Increases
Annual Dividend to 14%.
Directors of the Hungarian General Savings Bank, Ltd.,
Budapest, declared a dividend for 1928 of 14% on its capital
stock, according to cables received by J. & W. Seligman &
-Co. and John Nickerson & Co., Inc. This is the third
-consecutive year in which the dividend has been increased,
13% having been paid in 1927, 12% in 1926 and 10% in
1925. The American shares of the Hungarian General
Savings Bank, Ltd., are not entitled to the dividend for
1928, but received a payment of $1.41 per share on Mar. 16.
Bonds of Dortmund Municipal Utilities Available in
Permanent Form.
The Farmers' Loan & Trust Co., as trustee, announces
'that Dortmund Municipal Utilities 20-year sinking fund




considerably overdrawn. There was agreement, however, with the British
economist', assertion that international trade restrictions are preventing
the payment of international debts.
"I am myself in sympathy with the idea that high tariffs are injurious and
that European nations are suffering from the barriers that have risen up
between them since the war," said Professor Irving Fisher of Yale.
"As far as Europe is concerned. I believe the adjustment to the economic
situation has already come, and the nations are learning how to struggle
under their load."
"What Sir George is quoted as saying about tariff interference with
debt payments Is true. Our own tariff is preventing the payment to us
of European debts. The French tariff is preventing the payment to her of
reparations.
"Any creditor country which puts up barriers against other nations
is
really preventing the payment of the debts which they wish to have paid.
When we talk in terms of money we demand that debtors shall pay.
When we talk in terms of goods we demand that they shall not pay. It
is a contradiction which reduces itself to an absurdity when we
refuse
to cancel debts and at the same time refuse to allow them to be
paid.
Ultimately the debts must be paid in commodities. We would
not want
them to be paid in gold—we have too much gold already.
"However, If Sir George has been correctly quoted it seems as
if he has
been betrayed into exaggerating the suddenness of any injury
that is going
to be felt. I cannot imagine any sheep cracking in the way
of a panic or

1826

FINANCIAL CHRONICLE

world crisis, and I cannot believe that the United Statts would be seriously
affected."
Dr. Henry R. Stager, Professor of Political Economy at Columbia
University, said that without having a copy of Sir George's speech at hand
ke could not comment on it except to say that it was probably "grossly
exaggerated."
Professor Walter E. Spahr of New York University declared that the
principle that a high tariff hinders debt adjustment is almost universally
recognized by economists. Ile saw no signs, he added, of a crisis in world
business such as Sir George was quoted as predicting.

Dealers' Stocks of Unsold Bonds Said to Approach
$600,000,000—Reporting Banks Sold $497,000,000
Since Jan. 1—Price Level Lowest in Three Years.
The following is from the New York "Journal of Commerce" of March 16:
A check-up among local investment banking houses indicates that the
volume of unsold bonds on dealers' shelves at the present time Is between
$500,000.000 and $600,000,000. This compares with inventories regarded
as normal by bond dealers of from $250,000,000 to $300,000.000. This
excessive inventory problem has been getting moderately worse for some
time, dealers say, and it shrouds in uncertainty the immediate outlook for
the bond market.
Bonds have been accumulating in the hands of dealers chiefly through
the open market to a greater extent than as the result of excessive new issues.
Bond financing has been in reduced volume for some months, and many of
the new issues, because of option or warrant features, are said to have
been distributed with success. Dealers have found, they say, that many
of the older issues, especially those with lower yields and without warrant
or option features giving a speculative flavor to the issue, have been coming
to them in increasing quantity.
Ranks'Sell $497,000,000.
The bonds being turned in to dealers largely came, it is said, from two
sources. Banks have been heavy sellers, of bonds, especially since the first
of the year. Higher call money rates are believed to have furnished the
chief incentive for liquidation by the banks, although higher interest rates
elsewhere and the restriction policy of the Reserve banks also are said to
have played a role. From January 2 to March 6 reporting member banks
of the Federal Reserve system have liquidated $497.000,000 of security
holdings, outside of Government bonds. Holdings of the latter have increased $82,000,000. largely, it is believed, because of their eligibility for
rediscount privileges.
New York banks have sold bonds to the same extent as out-of-town institutions. Local reporting banks disposed of $175,000,000 of securities other
than Government bonds between January 2 and March 6. their statements
show.
Private investors have also been liquidating bonds to a substantial extent, many of them reinvesting the proceeds in new issues having speculative features, while others have been putting the proceeds of the sale into
the stock market. Dealers have been taking back especially bonds in this
class which they had themselves originally sponsored.
Prices Lowest Since 1926.
Bond prices have steadily sought lower levels in recent weeks, and indices prepared by dealers indicate that the general level of bond prices is at
the lowest point of the year, and is lower than at any time since 1926.
Foreign issues as well as domestic have suffered from the slump, the former
also being at the lowest point in three years.
One familiar symptom of a weak technical condition in the bond market in past years has been a sharp drop in the quotations of recently issued bond offerings on the dissolution of the offering syndicate. Few such
oases have occurred recently, mainly because of the paucity of such new
issues. However, the market witnessed one such instance yesterday,
when the offering syndicate of the $24,784.000 Chesapeake & Ohio refunding and improvement 43 % issue was dissolved. These bonds have been
quoted at 95 on the exchange since they were offered on January 28. Yesterday they broke 4 points, selling as low as 91 as syndicate members sold
out undistributed bonds. They rallied fractionally before the close, the
total turnover being in excess of $250.000.

Federal Income Tax—Ruling By International Revenue
Commissioner Governing Sale of Rights In Additional Memberships in New York Stock Exchange.
A ruling is announced by International Revenue Commissioner D. H. Blair with reference to the application of the
Federal income tax in the case of the acquisition and sale of
"rights" by members of the New York Stock Exchange growing out of the recent increasein membership of the Exchange.
The Commissioner states that his office has reached the
conclusion that the one-quarter interest in the new membership to which a member became entitled under the resolution of Jan. 24 1929, represented a proportionate.part of his
original investment in his membership, and that since his
interest in the Exchange remained unaffected, the transaction did not result in any taxable income being received.
The commissioner states however, "that the gain of $11,000
($125,000 minus $14,000) resulting from the sale of the interest may at your election be taxed as capital gain at the
rate of 12%% in accordance with section 101 of the revenue
act of 1928 and article 501 of regulations 74."
The ruling was made public as follows under date of March
13 by Ashbell Green, Secretary of the Exchange:
New York Stock Exchange.
Office of the Secretary.
Important Income Tax in connection with Sale of Rights in Additional
Memberships in the Exchange.
March 13 1929.
To the Members of the Exchange: The following is a copy of a letter
received by a member of the Exchange,signed by D. H. Blair, Commissioner
of Internal Revenue of the Treasury Department at Washington, the names
of the individuals concerned, for obvious reasons, being omitted:




[VoL. 128.

March 11 1929.
Sir: Refernece is made to your letter of Mar. 4 1929, in which you make
accorded to the
be
to
tax
income
purposes
for
inquiry as to the treatment
acquisition and sale by you in 1929 of a one-quarter interest in a new
membership in the New York Stock Exchange.
You state that on Mar. 13 1919, you acquired a membership in the New
York Stock Exchange by paying to the person from whom the membership was transferred $70,000, and that upon being admitted to the Exchange, by transfer of this membership, you paid to the Exchange the
initiation fee then required of $2,000.
Under the provisions of section 2 of Article 12 of the Constitution of
the Exchange the "membership of the Exchange shall not be increased
except by action of the Governing Committee, which shall prescribe the
number by which the membership shall be increased and the terms of admission." In accordance with these provisions a resolution was adopted
by the Governing Committee on Jan. 24 1929, which resolution so far as
pertinent reads:
"Resolved, that the membership of the Exchange be increased by two
hundred and seventy-five memberships: and that each member of the Exchange (or the legal representatives of any member who may then have
died) on the date this Resolution shall become effective, after it is submitted
to the Exchange pursuant to the Constitution, shall have the right or
privilege of transferring his proportionate part of such additional memberships within three years of slad date to an applicant for membership who
is approved by the Committee on Admissions pursuant to the Constitution. it being understood that no such applicant shall be considered by the
Committee on Admissions until he has contracted to purchase the proportionate part of such additional memberships belonging to four members
of the Exchange, and that on election to membership such applicant shall
pay to the Exchange the initiation fee and the contribution to the Trustees
of the Gratuity !rind prescribed by the Constitution at the time of his
election . .
Pursuant to the resolution referred to, you became entitled on Feb. 7
1929, to the right or privilege of transferring your proportionate part of
the additional memberships created by the resolution. Inasmuch as the
membership of the Exchange on Feb. 7 1929, was 1100,and 275 additional
memberships were created, your proportionate part of the additional
memberships was equal to one-quarter of a new membership. On Feb.18
1929, the first day on which the interest of the members in the additional
memberships could be transferred for a monetary consideration, you contracted to transfer your interest in the new memberships to (purchaser)
for the stun of$125.000. On Mar. 11929,(the purchaser), was duly elected
to membership in the Exchange and pursuant to his agreement with you
paid you the sum of $125,000 in cash.
Upon consideration of the various aspects of the questions presented.
this office has reached the conclusion that the one-quarter interest in the
new membership to which you became entitled under the resolution of Jan.
24 1929, represented under the foregoing facts a proportionate part of your
original investment in your membership in the Exchange. Prior to the
time that resolution became effective, your membership represented a
1-1100 interest in the Exchange, whereas after the resolution became effective that same interest was represented not by your membership alone
but four-fifths by your membership and one-fifth by your proportionate
part of the additional memberships created. Your membership thereafter
represented but a 1-1375 interest in the Exchange and your one-quarter
interest in a new membership a 1-5500 interest, the two together representing the same 1-1100 interest in the Exchange which your membership represented before the new memberships were created. This analysis of the
situation is in accord with the regulations which were adopted by the Exchange in connection with the transfer of these interests in the new memberships. The regulations provide that until "a member has transferred his
right any transfer of his membership must carry with it his interest in the
additional memberships," and that any "agreement to transfer a membership in the Exchange by a member who has not disposed of his right shall
be presumed to be an offer to transfer his membership and his right."
The essence of the situation is that upon the creation of the new memberships in 1929 there may have been some change by way of addition in that
which theretofore evidenced your interest in the Exchange, but there was
no real change by way of addition or otherwise in your interest in the Exchange. Since your interest in the Exchange remained unaffected, the
transaction did not result in any taxable income being received.
The transaction whereby you acquired a one-quarter interest in a new
membership was in many respects similar to the acquisition by a stockholder from his corporation of a stock dividend,the action of the Exchange in
increasing the existing memberships being akin to a-corporation increasing
its authorized capital stock and issuing a stock dividend payable in such
newly authorized stock. In Eisner v. Macomber, 252 U. S. 189, the following language quoted by the Supreme Court from Towne v. Eisner,
245 U. S. 426, as to the nature of a stock dividend, succinctly sums up the
effect of the creation by the Exchange of the new memberships:
"A stock dividend [The creation of new memberships] really takes nothing from the property of the corporation, and adds nothing to the interests
ofthe shareholders [members]. Its property is not dimished, and their
interests are not increased. . • . The proportional interest of each.
shareholder (member]remains the same. The only change is in the evidence
which represents that interest. . . . Gibbons v. Mahon, 136 U. S.
549,559,560. In short, the corporation is no poorer and the stockholder
[member] is no richer than they were before. Logan County v. United.
States, 169 U. S. 255,261. If the plaintiff gained any small advantage by.
by the change, it certainly was not an advantage of $417,450, the sum
upon whcih he was taxed.. . What has happened is that the plaintiff's old certificates have been split up in effect and have diminished in.
value to the extent of the value of the new."
From what has been said it follows that the one-quarter interest in the
new membership was capital and its acquisition by you did not result in the.
receipt of income; that the interest acquired represented ono-fifth of the'
investment in your original membership in the Exchange and so had a cost
basfs of $14,000 ($70,000÷5); that for capital gain purposes the interest
in the new membership was property held for over two years, 1, e., since.
Mar. 13 1919 (article 501. Regulations 74): and that the gain of $111,000
($25.000-314,000) resulting from the sale of the interest may at your
election be taxed as capital gain at the rate of 12%% in accordance with.
section 101 of the Revenue Act of 1928 and article 501 of Regulations 74.''
The above is submitted for your information.
Respectfully,
ASHBEL GREEN, Secretary.
Items regarding the increase in membership appeared in these columnsJanuary 26 page 500; and February 9. page 819.

Market Value of Listed Shares on New York Stock Exchange March 1,:371,871,889,736—Increase of 8811,492,324 in Month.
On Mar. 1st 1929 there were listed on the New York Stook
Exchange 1,203 different stock issues aggregating 842,521,997 shares, as compared with 1,197 stock issues aggregating
807,858,244 shares on February 1st preceding. Also, on.

MAR. 23 1929.]

FINANCIAL CHRONICLE

1827

As a result of the growth of business the value of memberMar. 1st 1929 the total market value of all listed shares
was $71,871,889,736—an increase of $811,492,324 over the ship, the review points out has increased from $8,000 in
figure of $71,060,397,412 on February 1st. In announcing 1921 to the record figure of $187,000 in February 1929. It
is added that since all of this expansion in the market's
this Mar. 20 the Stock Exchange said:
Over the same period, borrowings in New York on security collateral business has been accompanied by consistently high standdecreased $56,618,325 from $6,735,164,242 on February 1st to $6,678,545.- ards, it is felt that the securities of the market should receive
917 on March 1st.
from the laws of Blue Sky States,
The ratio of Exchange member borrowings to listed share values thus the same exemption
decreased 0.19% from 9.48% on February 1st to 9.29% on March 1st.
as is now granted to the securities of the New York Stock
The average market value of all listed shares declined $2.66 per share, Exchange and a number of out-of-town exchanges, of lesser
from $87.96 per share on February 1st to $85.30 per share on March 1st,
importance than the New York Curb.
Philadelphia

Commercial

Exchange

to

Trade in

San Diego Stock Exchange Opened.
•
San Diego advices appeared in .the "Wall
following
The
Commercial
the
of
Exchange
members
the
12
Mar.
On
March 11:
of
Journal"
Street
of Philadelphia approved by a vote of 104 to 5, a proposal to
San Diego Stock Exchange was formally opened for business recently
trade in unlisted securities. An amendment fixing the with 40 seats sold and approximately half of the memberships held by
minimum price of seats on the Exchange at $2,500 was also members of the Los Angeles Stock and Curb Exchanges. Members of Los
Angeles brokerage firms were in attendance at opening. Temporary quaradopted. Regarding the ratification of the proposal to ters
for the new exchange have been established at 1049 Second St., pending
establish an unlisted department the Philadelphia "Ledger" construction of a proposed stock exchange building.
Curtis 'Myer, San Diego attorney, heads the new exchange as presiof Mar. 13 said:
H. Smailes, ,
Unlisted Securities.

This action pave the way for an early opening of the Security Exchange,
which has been in the process of formation for the last two months.
On Thursday of this week the Board of Directors has called another
meeting for the purpose of appointing a manager, who will be in complete
charge of the market and to adopt rules to govern trading. In respect to
the latter, it is understood they have been compelled to meet the requirements of the Philadelphia Stock Exchange as well as the New York Exchange and are identical with the trading practice of the New York Produce
Exchange.

dent. Board of governors include Hillyer, J. W.Boulac. Joseph
Orville S. McPherson,Sam S. Porter and Harry L. Jones, of Jones; Huhbard dr Donnell, members of Los Angeles Stock Exchange. Torrance
C. Welch. also member of Los Angeles Stock Exchange, was elected first
Vice-President and J. F. Knoche, Treasurer.

New York Stock Exchange Ruling on Member Acting
as Specialist.
According to the "Ledger" George W. Kendrick, 3d,
The following notice was issued by the New York Stock
was named on Mar. 14 as manager of the new securities Exchange on March 14:
New York, Mar. 14 1929. •
market which the Commercial Exchange will inaugurate
To the Members of the Exchange:
on the Bourse floor early next month. At the meeting on
Effective immediately, every member acting as a specialist shall deMar. 14 the Exchange also adopted a list of rules governing signate a representative at his Post to receive orders and cancellations for
him prior to his arrival at the Exchange, said representative to be at the
trading.
New York Curb

Market

Extends Ticker Service to

St. Louis.

The completion of arrangements for the inauguration of
the ticker service of the New York Curb Exchange in St.
Louis on Monday, Mar. 18, was made known Mar. 15 by
E. Burd Grubb, chairman of the committee on quotations,
who also said that with the addition of St. Louis approximately 47 cities would be covered by this service. Recent
approval by the Board of Governors of the Exchange for
the extension of the ticker system to San Francisco and other
Pacific Coast cities, as well as leading cities in the South
and Southwest, will naturally make for a nation-wide system, Mr. Grubb said, and plans are being pushed for a
speedy completion of the chain. Preparations are under
way for the installation of tickers in Richmond, Louisville,
Akron, Columbus,Youngstown, Minneapolis and Milwaukee
and these cities will be entered within a comparatively
short time. When the line to California is completed, Mr.
Grubb said, it will be a comparatively easy matter to broaden
the system in the middle west and the Rocky Mountain
regions. With the system started on Mar. 18 in St. Louis,
a chain of approximately 47 cities has been linked up, including Chicago in the West, Wheeling, W. Va. in the
South, Toronto and Montreal in the North and Boston in
the East. Upwards of 2,000 tickers are now in active operation throughout the country. The proposed extension of
the system to the Middle West was referred to in our issue
of Mar. 2, page 1310.
of New York Curb Market Reviewed by
Dominick & Dominick.
"Handling both foreign and domestic securities, the New
York Curb Market ranks to-day as the second largest stock
exchange in the United States and one of the great security
exchanges of the world," states Dominick & Dominick in a
review of the Curb Market, published Mar. 16, which says:
Growth

The expansion of the No it York Curb Market in the past few years has
preceded so rapidly and efficiently that its full extent has not been generally
realized. In 1928 it dealt in some 236,000,000 shares of stocks and $835,000,000 of bonds, and as a result of the extraordinary growth of the past
three years in particular, it has come to play a vitally important part in
the business and industrial life of the country.
To-day the New York Curb Market is a voluntary unincorporated association with some 550 regular members and 550 associated members, of
which about one-half are associated with members of the New York Stock
Exchange. The qualifications for membership and the requirements for
listing follow in all essentials those of the Stock Exchange; the securities
have very much the same wide variety.
The volume of trading on the New York Curb Market has shown a steady
and extremely rapid increase. To-day there are over 1,800 stocks, both
foreign and domestic, about 350 domestic bonds and approximately 100
foreign bonds. The total par value of the stocks regularly dealt in is more
than 15 Million dollars, in additicn to over 400 million shares without par
value. Approximately 1,200 issues are in the dividend-paying class. A
million shares a day are now a common occurrence, and in the trading
activities of the past few months, daily sales have at times reached the
3 million mark.




Post not later than 9:30 a. m.
Such person shall be considered as the authorized representative of the
specialist within the meaning of circular C-2845 dated Sept. 12 1928, which
reads as follows:
"The Committee of Arrangements has determined that a member acting
as a specialist is responsible for all orders which are given by members to
any person designated by said specialist to receive orders for him."
Committee of Arrangements,
ASHBEL GREEN, Secretary.

New York Stock Exchange Ruling Governing Power
of Attorney on Securities Assigned By Others
Than Members of Stock Exchange Firms,
The New York Stock Exchange made the following announcement March 13:

The following report of the Committee on securities was accepted and
approved by the Governing Committee of the New York Stock Exchange:
"The Committee on securities has had before it for consideration for
some time past the question of permitting securities in the names of Stock
Exchange firms to be assigned by others than members of the firm, and
with the advice and assistance of counsel has adopted a method under
which powers of attorney may be filed with the Committee on securities
together with specimen signature of the attorney, such specimen signature
to be printed and furnished to transfer agents together with advice that
the original power of attorney has been filed with the Committee and that
due notice will be given transfer agents of any revocation thereof.
"That such plan is to become effective beginning May 1 1929."

New York Cotton Exchange Limits Extension of Credit
to $5 a Bale—Maximum Credit Fixed at $10,000—
Increase in Commissions.
The Board of Managers of the New York Cotton Exchange
announced on March 21 that beginning May 15 next the
extension of credits would be limited to $5 a bale with a
maximum credit of $10,000. Any member of the Exchange
violating the rule will be subject to suspension or expulsion.
The rule applies alike to any person, firm, corporation or
association trading in cotton futures through a member of
the Exchange.. At the same time the Board announced
that it had approved an amendment to the by-laws increasing commissions from $12.50 to $15.00 on each 100
bales bought or sold for a non-member in the United States
or Canada when the price of such cotton does not exceed
25e a pound. The Board also approved an increase from
$1.25 to $1.50 in the commission on similar transactions
when one member buys or sells for another. These proposed
increases must be approved by the members of the exchange
before they can become effective. They will vote on the
proposition on April 2.
The Board also approved an amendment to the commission law that where a firm has more than one general
partner who is a member of the exchange and who does net
confer his rights of membership on any firm, he may confer
his rights of membership on any firm, he may confer this
privilege upon a corporation, subject to certain conditions.
This becomes effective immediately.
The new rule governing the extension of credits reads as
follows:

1828

FINANCIAL CHRONICLE

[VOL. 128.

"The extension of credits directly or indirectly to any person, firm, Police headquarters
in $200,000 bail, half of which was procorporation or association in excess of $5 per bale and-or exceeding a
maximum of $10,000 is declared to be an act detrimental to the best interests vided by six bondsmen and half signed for by Colonel Heron,
of the exchange, and is hereby prohibited. Any member violating this himself. Harry J. Lewis, office manager and bookkeeper
rule shall be subject to suspension or expulsion, according to section 81 for
the failed company,was also taken to Police headquarters,
of the by-laws.
"It shall be obligatory upon each member of the exchange to demand and obliged to giVe a security for his appearance as a witness
full payment by each customer of any amount owing at the close of business in the case of Colonel Heron. His bail was fixed at $10,000'
of the day, when debits (exclusive of commissions) in excess of credits are
and was furnished by A. J. Goldsmith. The financial stateincurred in a customer's cotton account, except as hereinbefore provided.
Customer's credits in other commodities or accounts may be included in ment of the company, as presented at the creditors' meeting
determining the amount owing.
on March 12, shows total liabilities of $3,040,454, and total
"Closing prices on the Exchange and simultaneous prices with other
Exchanges shall be the basis for determining the status of a customer's assets of only $563,568. From the Toronto "Globe" of
account. On failure to respond to any demand for payment fully, and March 13, from which the above information was taken„
within a reasonable time, the account shall be closed.
we quote in part as follows:
"No debit arising out of any cotton transaction may be liquidated by
It was also officiallystated last night that ever since the failure was anapplying such debit against a credit agreement made in other commodities
nounced and the disclosure of the wide discrepancy between the liabilities.
nor may any unsecured loans be made directly for the purpose of evading
$3,040,454.30,and assets,$563,567.87, that the department ofthe Attorneythis rule."
General officers have been watching developments. A prosecution hadi
been decided upon last week, but it was deemed the "fair thing" to allow
Colonel Heron to meet his creditors yesterday and make any statement he
National Cotton Exchange Begins Operations.
desired withouta criminalcharge hanging over him. The $100,000 sum menOn March 13 the National Cotton Exchange began opera- tioned in the information against Colonel Heron is a general amount andy
tions in this city, on the fourth floor of the building at 10 does not represent the money of a specific customer.
Colonel Heron's demeanor at the meeting of his creditors and when takesa
Hanover Street. On the opening day 110 contracts, it is into
custody did not differ much from his manner on a good day at the Tostated, were made. The New York "Journal of Commerce" ronto Stock Exchange. While there were intervals of nervousness during
the meeting and after his arrest he answered all questions in a firm tone.
of March 13, referring to the new exchange, said:
He appeared to take pride in the accuracy sf the books. There was a draThe trading will be started in raw cotton only, but it is planned to start matic moment when he declared he fought
to the last ditch to save the firm
trading in gray goods also next week. Members of the exchange held an sf which he was the only member. For
the first time it was disclosed byInformal meeting and buffet supper on the trading floor late yesterday, Colonel Heron
that his present financial troubles began last December.
at which time final arrangements were completed.
lip to that time be said he was solvent and even for days prior ti the end'
The National Cotten Exchange was organized to provide for futures of February, when he closed his doors, he had hopes
of overcoming his
trading in small lots a raw cotton, the contract calling for ten bales. In
tremendous losses. His usual explanation was that he had been "short"
additioe it has authority to conduct futures operations in gray goods, cetton on the market,
but when pressed for more minute details, excused himself
Haters. and cottonseed oil as well as to conduct a spot cotton trade. The
by saying that "his memory did not serve him."
charter provides for a maximum of 1,000 memberships, of which eightyMany creditors in the meeting urged him te be more frank in his answers.
eight have already bees sold.
Colonel Heron said he had pledged all his assets for the benefit of his ereditOfficers of the organization who were present at the meeting yesterday in- ors. His
business, he Said, at one time was one of the most prosperous.
clude: President, Albert H. Vandam, 64 Worth St.; Vice-President, E.
brokerage concerns in Toronto. The assets are now to be distributed.
A. Dream': Secretary-Treasurer, A. P. Dargue; members of the board of
There was an air of expectancy at the meeting when Colonel Towers
governors, Peter Baumer Chairman; Martin Goldberg, L. P. Schrag and
brought forward a telegram relating to negotiations with the Government of'
James T. Broadbent.
Newfoundland for large timber and pulp interests in Labrador. These
The organization of the exchange was noted in our issue were in the name of Colonel Heron 20 years ago, but were cancelled. His.
former counsel had undertaken to have these leases renewed, and the Newof July 28 1928, page 475.
foundland Government promised an answer to-day. Colonel Heron said
nothing about this matter during his statement. It was intimated that it
the leases were renewed British interests might organize development.
New York Cotton Exchange Seeks Court Ruling As
C. S. Hamilton of the Trusts and Guarantee Company, custodian, presided over the meeting. In addition to representing the custodians he was.
to Proceeds of Sale of Seat.
there in the capacity of one of the largest creditors. The meeting named the
The following is from the New York "Times" of Mar. 21. custodians
as the trustees to carry on the liquidation proceedings as required
The New York Cotton Exchange asked the Supreme Court yesterday by law.
to determine a dispute over $31,250 as the proceeds of the sale of a seat
The inspectors named were three representatives of the largest creditors
on the Exchange owned by Silvan Newburger of New Orleans and held and two others representing smaller creditors. They are:. C. A. Goldman,
by the Exchange pending a ruling as to the rightful owner. Suit has been M. P. White, Geoffrey Laundriault, J. C. Chalmers and Hon. James H.
brought against the Exchange by J. J. Sample and others as a committee Spence, K. C.
of creditors of Newburger in New Orleans demanding that the money be
0. S. Hamilton, representing the custodian, said:
turned over to them, while Samuel Newburger & Co. also claims $26,725
"The summarized statement presented to you has been complied by the
from Newburger.
custodian from the statement prepared by the debtor (Heron & Company)
The Exchange authorities have upheld the right of the latter firm to this and verified by his affidavit, as called for by the act.
Rim but in defending the suit by the creditors the Exchange wants the court "This statement must be regarded as an interim one. The figures repreto make a ruling, and to join the Newburger firm as a defendant. The case senting assets and liabilities may require to be changed somewhat, when all
will be heard by Justice Ford to-day.
claims by creditors have been filed and the title to certain assets determined.
"The assets of the estate will be realized on as expeditiously as possible.
Distributions will be made at as early dates as possible.
Members of New York Copper & Sugar Exchange "All acts and proceedings of a trustee in bankruptcy are under the superApprove Changes in By-Laws Governing Grading vision and direction of the inspectors appointed by the creditors."

on Coffee Contracts.
Members of the New York Coffee & Sugar Exchange
voted on March 18, their approval, in principle, of amendments to sections 16 and 19 of the by-laws, covering grading
on future delivery coffee contracts. The necessary regulations covering the changes in grading will be submitted to
the membership for approval at a later date. The announcement made by the Exchange says:
Yesterday's balloting was on a resolution adopted by the Board of Managers March 6 providing that "Every order for the sampling of coffee on
account of a contract for future delivery shall be sent to the Superintendent
of the Exchange, who shall immediately order drawn and sent to the grading
room of the Exchange two (2) pound samples of each chop under contract
"A" and rive (5) pound samples of each chop under contract "D."
Upon receipt of these samples the Superintendent of the Exchange shall
then choose by lot from the list of licensed graders under contract "A" or
"D," as the case may be, three (3) graders who shall pass on the deliveries
submitted to them.
The fee of the graders under contract "A" to be nine (9) cents per bag,
and under contract "D" twelve (12) cents per bag, to be divided equally
between the three graders acting.
The receiver and deliverer each to pay half the grading fees and the
Exchange not to participate hereafter in grading and arbitrating fees. •
The rights of appeal will be retained.

Reserve Board in Conference With Governor
Harrison of New York Federal Reserve Bank.
A meeting of the Federal Reserve Board in Washington
yesterday (March 22) at which Governor Harrison of the
New York Federal Reserve Bank was present, had an effect
upon the day's operations in the stock market, but there
were only surmises as to the discussions,no statement having
been given out by the Board relative to the conferences—
one, of which was held in the morning, and a later one at
3 p. m. United Press advices from Washington in the
"Sun" of last night carried the following regarding the afternoon meeting:
Federal

After a two-hour conference this afternoon between Gov. Roy A. Young
of the Federal Reserve Board and Gov. George L. Harrison of the New York
Federal Reserve Bank it was officially announced the Board would have
no statement on credit conditions to-day.

The Brooklyn "Daily Eagle" of last night had the following to say in a Washington dispatch:
Members of the Federal Reserve Board went into a somewhat mysterious meeting at 11 a. m. today, with Governor Harrison of the Federal
Reserve Bank of New York in attendance.
Although the Board has held meetings frequently of late, today's gathering was considered of especial significance because of Governor Harrison's
presence and because the Board called on its statistical department for
information before going into session. All members of the Board, including Secretary Mellon, attended the meeting.
Shortly after 1 p. m. the meeting adjourned until later in the afternoon,
Neither Secretary Mellon nor Governor Roy A. Young would comment
on the subjects discussed.

Colonel Heron of The Failed Toronto Brokerage House
of That Name Arrested—Later Released in $200,000 Bail—Firm's Statement Shows Liabilities of
$3,030,454 and Assets of $563,568.
As an aftermath to the failure on February 27 of the stock
brokerage firm of Heron & Co., one of the oldest concerns
The "Wall Street News" in its report of the conferences
of its kind in Toronto (Canada). Colonel Orlando Heron, said:
the sole member of the firm, was taken into custody on
Discussions by the Federal Reserve Board with Governor Harrison of
March 12, for the alleged theft7,of $100,000 at the conclusion the New York Federal Reserve Bank and Secretary Mellon concerned'the
rates of discount now in force at the various Reserve banks. No indicaof a meeting of the creditors held in the Prince George Hotel. tion
was given as to the purpose of the discussions although one member
Several hours later the former broker WM released from Of the Board expressed the
opinion that rates should be revised upward,




MAIL 23 1929.]

FINANCIAL CHRONICLE

He would not indicate whether his suggestion concerned all banks or
whether New York or Chicago banks.
Feverish activity of the stock market was said by him to be a good
indication that it might result in curbing extensive and expanding speculation.

The advices to the "Wall Street News" from Washington
yesterday (March 22) also stated:
It became known today that the Federal Reserve Board was in communication with the New York Reserve Bank by telephone and telegraph yesterday (March 21) during the meeting of the directors of the Reserve bank.
It was said that this is unusual, but in view of the interest in the New
York bank's consideration of the credit situation, and discussions that
have appeared concerning the rediscount rate of the bank, it appeared to
observers that important developments may be near.
The fact that Governor Harrison conferred with members of the Reserve
Board today, also took on added significance, but Reserve Board members
would not comment, except to say that Mr. Harrison's visit was "not
unusual as he frequently comes to Washington to consult the Board."

1829

that the Federal Reserve Bank of New York had advanced'
its buying rates for bills to 5 8%. The "Post" of Mar. 21
in referring to the increased rates stated:
Bill Rates Up Again.
A further rise of % to 1% in bankers' acceptance rates for all maturitiesbringing the rate for 90-day bills to 5%-5%%. provided one of the most
interesting of the day's developments in money. The advance by dealers
was followed immediately by the lifting of the Federal Reserve Bank's
buying rate to 5%. Rates for 90 day bills are now %s of 1% above the
bank rate here,and stand fully 2% above the rate prevailing this time a year'
ago. The latest advance is attributed to efforts of dealers to keep bills
moving by making the rate of return offered attractive inasmuch as the
market had been inclined to sluggishness again after its recent spell of im—
provement.

The new rates put into effect Mar. 21 by the American
Acceptance Council are:
30-day

Bid. Asked.
% 5%%1120-day

Bid. Asked..
% 534%

Federal Land Bank of St. Louis Increases Farm Loan 60-day
54
5%
5% 1150-day
54
5%
53
54
1180-day
5%
Rates to 5%—Other Districts also Advance 90-day
The "Wall Street Journal" of Mar. 21 printed the folRates.
The following is from the St. Louis "Globe Democrat" lowing from the Boston News Bureau:
Fired National Corp. has raised bid and ask rates ea all acceptances %
of March 12.
The prevalence of high money rates has prompted the Federal Land
Bank of St. Louis to raise its loan rate on farm lands from 5 to 5%%.
Announcement of the increase, effective immediately, was made yesterday
by H. Paul Beater, President.
Unlike short-term renewable loans in industry, those made by the Federal
Land Bank to farmers are on an amortization basis, extending over a number of years, with the result that present loans outstanding, aggregating
about $105,e00,000 in this district, will not be affected by the increase.
The new rate applies to all new loans approved, beginning to-day.
Similar Increases.
Similar increases are being made in other districts. Sonic will go on a
% basis. The bank here extends loans to Missouri. Illinois and Arkansas.
It marks the first increase since the 5% basis was established in 1926,
prior to which it had been 5%% for about four years. The rate had been
as high as 6% in the latter part of 1921 and part of 1922, when tight money
eonditions proved the motivating factor.
The Land banks are permitted by Federal law to have a maximum
spread of 1% between the rates they pay on their outstanding bonds and
the rates they charge on loans.
They are paying
% on the bond issue of last November, which would
give the bank here a spread of 1% only on loans made hereafter.
None Since November.
In view of the fact no increase had been made during the four months
Intervening since November, while a difference of three-fourths of 1% was
in effect, it was taken to indicate that the next issue of bonds will carry an
interest rate of 4%. .
No announcement was made as to the date of the next issue, as this is
decided by the Bond Committee of all twelve banks in conjunction with
Eugene Meyer, Farm Loan Commissioner.

of 1%. New rates are 30 days 5%%@5%% 60 and 90 days 5%%05%%.
120 days 54%@5%.150 and 180 days 5%%05%%.
Shawmut Corp. has advanced acceptance bid rates 3,‘ of 1% aed Deicing
rates % of 1% to following levels: 30 days 5%40%%;60 days 5%05%%;
90 days 5%@5%%; 120 days 5%05%%; 180 days 5%05%%.
The advance in acceptance buying rates of % of 1% by the Federal
Reserve Bank at Boston was, as on the previous rec,eat occasion. a mature]
self-defensive measure in view of the similar advance in acceptance buying
rates by Federal Reserve Bank of New Yerk.
An interesting sidelight on the present level of Reserve Bank buying
rates of 5%% to 5%%, according to maturity, is that these have ewes
to mean little or nothing so far as member banks are concerned, since the
latter under terms of the Federal Reserve Act can endorse and rediscount
such bills at the going rediscount rate of 5%. These provisions apply, of
course, only to member banks.

Similar advances in bill rates were made in. Chicago and
San Francisco.
Lending Money to Securities Speculators Not a Proper
Field for Corporations, According to J. E. Aldred.
J. E. Aldred, head of the banking firm which bears his
name, when sailing for Italy on March 9 said that the
country is passing through a period of extreme inflation in
respect to the stock market which would not be corrected
until corporations and other factors who are exercising to
powerful influence in the money market realize that that is
not their proper field of operation. The lending of money,
he said, should legitimately be left to the banks which are
much more capable of handling the situation, at present
fraught with dangerous consequences tending not only to
disturb our own business conditions, but to complicate our
relations elsewhere. Mr. Aldred is visiting Europe to make
his annual survey of the companies in which his firm is interested in Italy, France and England.

Meeting of Directors of Federal Reserve Bank of
Chicago.
Unusual interest attached to the meeting yesterday
(Mar. 22) of the directors of the Federal Reserve Bank of
Chicago, the likelihood of a change in the discount rate of
that bank having been considered as among the possibilities. Associated Press accounts from Chicago in inProfessor Edie of University of Chicago Says Tight
dicating that no announcement developed, said:
Directors ofbthe Chicago Federal Reserve Bank met and adjourned
Money and High Interest Rates Threaten to Force
to-day without making any announcement of a boost in its rediscount rate.
Business Recessions.
There had been widespread belief that the Chicago bank might take the
"It is only a question of time until tight money and high
first step in raising the rate, and even after the adjournment of the directors' meeting to-day without announcement there were reports that action interest rates threaten to force a business recession upon
had been taken. At the bank officials said there was no statement to make.
the United States," Lionel D. Edie, Professor of Finance
The "Wall Street News" had the following to say re- in the School of Commerce and Administration at the
garding the meeting in advices from Chicago:
University of Chicago, declared in a talk before the EnAlthough admitting the widespread interest in the action which may
gineering School at Purdue University, Lafayette, Ind., on
possibly be taken at to-day's meeting of directors of the Chicago Federal
Reserve Bank, bank officials have placed restrictions on newspaper men March 12. "The main reason why high rates on commercial
covering the event. Reporters have been told to remain in the public loans have not yet depressed business is that so many leadcorridor on the opposite side of the building from the room in which direcing corporations are not borrowing from the banks or from
tors are meeting. And a policeman stood guard in the corridor leading
to the directors' room. The free use of the bank's telephones was also the short-term money market," Professor Edie said. He
denied the press.
added:
Money rates have been low to them because they have derived their
Directors of Federal Reserve Bank of Minneapolis funds
from Issues of common stocks on favorable terms or from surplus
Omit March Meeting.
accumulated out of net earnings.
Two years ago it was the marvel of business forecasters that the level of'
Advices from Minneapolis, March 14 to the "Wall Street business
held up in spite of falling commodity prices. Certain observers
News" stated:
even declared that business had mastered the business cycle and perpetual
No regular March meeting of the board of directors of the Minneapolis
Federal Reserve Bank was held due to the lack of a quorum. No meeting
will be held until April 8.
Gov. W.B. Geery declined to comment on possible action one change in
the rediscount rate from 4%%, but said that it would be considered at the
meeting. Some local bankers have expressed opinion that there probably
will be an increase unless conditions regarding credit change between now
and April 8.
Demand deposits on Feb. 13 1929, were 311,0E/0,000 less than the previous year for the 24 city member banks in the district, while borrowings
at the Reserve bank increased from 31,500.000 to e8,03.000 and bills discounted increased from $3,232,282 in 1928 to $11,483,856 for corresponding
1929 date.

prosperity would be assured no matter what happened.
Nevertheless, by the end of 1927 a distinct business recession was under
way. Just as falling commodity prices then produced a weakening of business, so tight money tends, under present conditions, to undermine thehigh level of business activity.
As things are now moving, in order to relax the money tension, there
would seem to be necessary either substantial gold imports, a substantial
increase in Federal Reserve rediscounts, bills and securities, a drastic
liquidation of stocks, or a further decline of commodity prices.
The first is possible but not likely, because European countries show
no disposition to let go of the gold. The second Is possible but not likely.
because it would throw member banks continuously into debt to the Federal
Reserve System,and that development is quite contrary to Federal Reserve

New York Federal Reserve Bank Further Advances
Buying Rates for Bills.
Following the action of dealers in bankers' acceptances
in raising their rates on Mar. 21 X%,it was made known

A reduction of commodity prices will be difficult to avoid under the
existing conditions of credit restriction. A liquidation of stocks is obviously
resisted stubbornly by an unintimidated public buying, but as stringent
money works out its effect directly on business borrowers and indirectly
on commodity prices, it would be difficult, if not impossible, to avert a
material recession of business accompanied by a slackening of business




1830

FINANCIAL CHRONICLE

profits. This fall of profits would undoubtedly cause a drastic liquidation
in stocks. But the social cost of such a drastic remedy is great, and no
small amount of blame will be laid at the door of the Federal Reserve System, if it occuro.

[VOL. 128.

The diagram at the foot of this page [this we omit.—Ed.1 shows the percentage of loans to brokers that were loans made by New York banks each
week since the beginning of 1926. Throughout this long period the loans
made by these banks have advanced sharply at the end of almost every
month, notably so at the end of most of the quarters, and decisively at
the close of each year. So far in 1929 these month-end increases have not
taken place. At the end of January, just before the Federal Reserve warning, there was almost no increase in the percentage of these loans carried by
the New York banks, and at the end of February, after the warning, the
same condition was maintained. Presumably the first real test of the matter will come at the end of March, which is also the end of the first quarter.

Col. Leonard P. Ayres of Cleveland Trust Co. Sees
Federal Reserve Board Baffled in Efforts to Curb
Speculation—Advancing Stock Market Prices Cannot Continue Unless Market Secures Increasing
Credit.
The fact that the warning of the Federal Reserve Board
Total Memberships of Federal Reserve Bank of St.
against continued speculation has gone unheeded prompts
Louis 593, of Which 107 are State Institutions—
Col.Leonard P. Ayres, Vice-President of the Cleveland Trust
New Members.
Co. of Cleveland to remark that "probably the degree to
Under
date of March 15, C. M. Stewart, Assistant
which the market succeeds in securing increased loans during the next two months will determine whether both busi- Federal Reserve Agent of the Federal Reserve Bank of St.
ness and the stock market are to be subjected to proximate Louis, issued the following:
To-day the Midland Savings Bank, 6135 Page Ave., St. Louis County,
bumps or are to go on until they are victims of an ultimate Mo.,
became a member of the Federal Reserve Bank of St. Louis. It
crash." Writing in the March 15 issue of the "Business recently increased its capital to qualify for membership in the System.
L.
G. Dowling is President and P. M. Meyersieck is Cashier and Secretary
Bulletin," published by the trust company, Col. Ayres says:
The stock market appears to be taking business for a ride. In the underworld the passenger who is taken for a ride usually ends the trip as a victim.
The Federal Reserve System fears a similar outcome of the present ride,
and assuming the role of traffic policeman, has blown its whistle to halt
the speeders. So far the warning has gone unheeded, and the stock market
and business are spinning along on their speculative way while the Reserve
authorities have the appearance of being baffled and perhaps thwarted.
At the present time general business is prosperons, building construction
is dull, and manufacturing industry is booming. Probably there is a close
relationship between these conditions and the continued active speculation
In the security markets. A vigorous bull market of large volume and long
duration exercises a potent influence in sustaining the prosperity of general
business. It does this in three main ways. In the first place a rising stock
market creates and sustains business confidence and optimism. A still
more important fact is that during a rising stock market, when trading is in
large volume, thousands of speculators and investors are selling securities
from day to day on which they have profits because their purchases were
made earlier and at lower levels.
Such profits have usually been gained easily, and so they are spent freely.
The increase in loans to brokers is an indicator and something of a measure
of the volume of speculative profits actually taken out of the stock market.
and largely added to the flow of purchasing power of the fortunate profittakers. If this market should cease to advance, and such other factors as
commodity prices and the volume of credit in use should remain substantially constant, general business would soon feel the restrictive effects of
the stoppage in the flow of purchasing power that results from speculative
gains.
A third way in which a rising stock market aids and sustains general business is by creating so great a public demand for stocks that corporations
are enabled to float and sell new stock issues, and with the proceeds to retire
their bonds, pay off their bank loans, and add to their working capital.
This is being done now at an almost unprecedented rate, not only by old
and well-established firms, but by companies that have no long records of
sustained earning capacity, and in some instances by firms that were considered doubtful credit risks in the recent past.
By such developments as these a rising stock market ultimately generates
the weaknesses that bring iliotit Its C,Wn downfall. There finally comes a
time when so many people are holding stocks at prices not justified by the
earning power or prospects of the companies that they find it impossible to
hand them on to other buyers at still higher prices. This danger becomes
the more acute if the demands of the speculators for credit to carry stocks
has lifted interest rates so high that they have become a handicap to business, as has already happened in the present instance in the case of the building construction industry.
The Federal Reserve System is trying to prevent the stock market from
continuing on its upward course to a point where its demands for credit will
lift interest rates to such high levels as to be generally harmful to business.
But the Reserve System has undertaken a difficult task, for it cannot
make credit costly for the stock market without also making it costly for
business. Probably it is equally true that it cannot halt the stock market
advance without harming business.
The general trend of stock market prices cannot continue to advance
unless the market can secure increasing amounts of credit. This cannot
be supplied by the banks if the Reserve System holds firm and is persistent.
If it is secured at all it must come from increasing loans made to brokers by
corporations. In past years such loans by corporations have not expanded
much in the early spring, for business demands for funds normally increase
at that time. Probably the degree to which the stock market succeeds
in securing increased loans from corporations and individuals during the
next two months will determine whether both business and the stock market are to be subjected to proximate bumps, or are to go on until they are
the victims of an ultimate crash.
Brokers' Loans.
When the Federal Reserve Board issued its warning early in February
against the further use of Reserve credit for speculative operations, it was
at once realized that the success or failure of this attempt to regain control
over the credit situation would largely depend on what happened at periods
of special credit demand such as those which come in minor degree at the
end of each month, and in more emphatic measure at the end of each quarter. At those times corporations which have made loans to brokers are
accustomed to make temporary withdrawals of funds for the purpose of
meeting bills, making up payrolls and paying dividends. This has a tendency to stiffen the rates on call money at these times, but it has been customary for the large commercial banks in New York to advance funds to
ease off the stringency of interest rates at these recurring periods,frequently
borrowing heavily from the Reserve Bank in order to do so.
This practice has constituted one of the important ways in which Federal
Reserve credit has been freely used to sustain stock speculation. If it had
not been so used in the recent past the course of call money rates would
have been far more irregular than it has been, and it is probable that the
interest charged for call loans would have advanced to seriously high levels
at the end of each quarter, and to almost prohibitively high points at the
end of the year. It is probable that serious stringencies in call money will
develop at such times in the future unless the corporations cease their practice of withdrawing funds to suit their own convenience without regard to
the effects on the money market, or unless the banks continue to step in
periodically and replace the corporation withdrawals despite the official
warning.




of the institution.
On March 12, the Peoples Trust Company. Little Rock, Ark., was
admitted to membership in the Federal Reserve System. W. E. Lenon
is Chairman of the Board and W. A. Hicks is President of the company.
The addition of these two banks brings the total membership of the
Federal Reserve Bank of St. Louis to 593, of which 486 are national banks
and 107 are State banks and trust companies.
On Dec. 31 1928, the resources of the member banks in the Eighth
Federal Reserve District aggregated 31.778,511.000, and represented over
two-thirds of the resources of all banks in the district that are eligible to
membership.
National banks are required to be members of the Federal Reserve
System, while State banks and trust companies have the option of joining
if they meet the capital requirements, &c.

Member Banks in Cleveland Federal Reserve District
Urged to Co-Operate in Discouraging Borrowings
from Federal Reserve Bank for Speculative
Purposes.
In response to the recent suggestion of the Federal Advisory Council that the co-operation of member banks be,
sought in order to effect a curtailment of speculative loans,
a letter was addressed last month by the Cleveland Federal
Reserve Bank to the member banks in its district calling attention to the statement issued Feb. 5 by the Federal Reserve Board (given in our issue of Feb.9, page 822)expressing
the Board's concern over the present credit situation. In
asking the member banks' co-operation in correcting the
situation; the Cleveland Reserve Bank states that "the
extension of credits on the part of member banks for purposes other than those expressed in the [Federal Reserve]
Act, when such credit extensions involve borrowings from
the Reserve banks for other than temporary periods, is at
variance with both the spirit and intent of the law." We
give herewith the communication sent by the Cleveland
Reserve Bank to member banks in its district:
FEDERAL RESERVE BANK OF CLEVELAND,
Feb. 23 1929.
To the Member Banks of District No. 4:
The rapid expansion of bank loans, the loss of several hundreds of millions
of gold through export, and the marked advance in interest rates during
the past twelve or fourteen months have focussed the attention of bankers
and business men upon a situation which, if further developed along existing
linos, seems to us to constitute a direct threat to the stability of American
Industry and commerce.
May I not say, quite frankly, that the directors and officers of this bank
recognize that neither the Federal Reserve Act nor banking ethics permit
Interference on our part with lawful lending policies of member banks, nor
do we have in mind the throught even of suggesting to you the basis upon
which business shall be transacted between your bank and its customers.
Rather, the purpose is to bring to your attention a situation which has distinctly unwholesome potentialities and to ask your co-operation in correcting it.
It is perhaps needless to point out that the Reserve banks were organized
to foster the development of industry and trade and that their concern
Is for a wholesome and sound credit situation. The law is specific with
respect to the types of paper which are eligible for rediscount, and the Intent
of the Act that Reserve bank credit should be used for producing or distributing purposes is unmistakably clear. Hence, the extension of credits
on the part of member banks for purposes other than those specified in the
Act, when such credit extensions involve borrowing from the Reserve banks
for other than temporary periods, is at variance with both the spirit and
intent of the law.
The Federal Reserve Board has recently issued a statement expressing
Its concern over the present credit situation. A copy of that statement
is attached to this letter. The Federal Advisory Council at its last session
endorsed the position of the Board and suggested, in the following language,
that all member banks in each district be asked directly by their Federal
Reserve Bank to co-operate in order to attain the end desired:
"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."
The Advisory Council is composed of twelve members—one from each
Federal Reserve District—and each is a practical banker identified with a
prominent bank. The quality of its personnel Is such that its recommendations are at all times worthy of serious consideration.

MAR. 23 1929.]

FINANCIAL CHRONICLE

As we approach the time of year when normally there is a more or less
pronounced increase in the demand for funds for industrial, agricultural
and commercial use, may we not add our own word of caution to that of
the Federal Reserve Board and of the Advisory Council with respect to the
present credit situation? Unquestionably the credit needs of industry and
commerce are paramount and we urge that whatever steps are necessary
be taken to assure these interests that their credit demands can be met
at a price which will permit them tofunction freefrom the handicap of unduly
high rates. It is important, also, that the Reserve banks maintain their
liquidity in order that they may be in position to be of maximum service
to their members when and as the demands of the business interests of their
districts make the use of Reserve credit facilities necessary.
•
Very truly yours,
Chairman of the Board.

Report That Member Banks May Leave Federal Reserve
System If Pushed Too Hard—Thought Most Likely
to Occur in Outside Districts—Decline in Members
Yearly.
The effect of the present policy of credit restriction of the
Federal Reserve Board and the 12 Federal Reserve Banks
on the membership of the system is being given serious attention in certain banking quarters in New York, according
to the New York "Journal of Commerce" of Mar. 19, which
in reporting this said:
It is felt that a policy of rigid credit restriction would dissatisfy many
member banks, and that these would tend to withdraw from the system and
place themselves solely under supervision of State Banking Departments,
thereby avoiding the effects of the credit curtailment policy to a large
extent in their own operations.
Many leading bankers here scout the idea that any general withdrawal
from the Reserve system is likely on the part of member banks. In other
quarters, however, where the recent policy has been decidedly unpopular,
this is discussed openly as a real probability if credit restriction is pushed
much further. This attitude is said to be especially keen in certain outside
districts, where the banks are less dependent upon the reserve institutions.
Must Give Notice.
Withdrawal from the Reserve system may be accomplished by State
banks merely through giving six months' notice of intention to withdraw
to the Reserve board. National banks must first surrender their charters
and take out State charters before they can leave the system.
The membership of the Reserve system has declined steadily during the
past five years, but bank mergers and failures of many small banks have
largely accounted for this. The Federal Reserve Board reported on Dec.31
a total membership of State and national banks numbering 8,837, which
Is a decline of 937 within five years, and a decline of 197 during 1928 alone.
There has been no substantial decline within the system to date. However, last year 34 State banks did withdraw from the system voluntarily
after giving the required advance notice to the Federal Reserve Board.
As national banks are automatically made members of the Reserve system, they are regarded as the basic membership. At the end of 1923,
there were 8,179 national banks in existence. This number had dropped
to 7,629 by the end of 1928. State banks which are members of the Reserve
system simultaneously declined in number from 1,595 to 1,208.
The Comptroller of the Currency in his report for 1928 gave some attention to the problem of expanding the membership of the national banking
system, and thus the number of banks in the Reserve system, by further
liberalizing the law governing their operation. This was done in the McFadden Act of 1927, which he suggested ought to be further amended.
However, the Comptroller did not make any specific recomendations to
Congress to bring this about.
Would Simplify Withdrawal.
At the same time, the Federal Reserve Board in its report to Congress
suggests that steps be taken to make it easier for State member banks to
withdraw from the system, as six months' notice of desire to withdraw
Is now required, and this is considered unwise. The Board said:
The Board also wishes to recommend an amendment to section 9 of the
Federal Reserve Act, which would authorize the Federal Reserve Board
in its discretion to waive the six months' notice now required by law before
a State member bank may withdraw from the Federal Reserve system
and to permit any such bank to withdraw from membership in the system
prior to the expiration of such six months' notice. It frequently happens
that a State member bank desiring to terminate its membership in the
Federal Reserve system asks the Federal Reserve Board to waive the six
months' notice of withdrawal now required and states to the Board forceful reasons why immediate withdrawal is, from the standpoint of the bank,
Important. Although in many such cases the Board sees no valid reason
for not granting the request of the State bank, it is unable to do so under
the terms of the now existing statute.

Co-operation of Member Banks in Atlanta Federal
Reserve District Asked In Restricting Credit to
Uses Contemplated in Federal Reserve Act.
Expressing accord with the aim sought by the Federal
Reserve Board and the Federal Advisory Council, viz, to
restrict Federal Reserve credit to the uses contemplated by
the Federal Reserve Act, E. R. Black, Governor of the
Federal Reserve Bank of Atlanta, in a letter on March 2 to
member banks in the District states that "unless it is so
restricted the Federal Reserve Banks cannot at a fair rate
promote the commercial, industrial and agricultural interest
of the Districts." Governor Black states it as his belief
that Reserve Credit should never be used for speculative
purposes, and he adds in his letter, "I am glad to report
that the great majority of our member banks have evidenced
their agreement in this belief and have refrained from lending
on speculative securities when indebted to us." All member
banks of the District are asked to adopt the same policy,
and "through their action evidence their co-operative desire
to aid this. Bank, in its purpose to have credit restricted to
its legitimate uses." ',We give , Governor Black's letter
herewith.




1831

FEDERAL RESERVE BANK
of Atlanta
March 2 1929.
To the Member Bank addressed:
Federal Advisory Council is established under a provision of the Federal
Reserve Act. It is composed of twelve members representing each of the
twelve Federal Reserve Districts. The member of the Council for our
District is Mr. J. P. Butler, Jr., President of the Canal Bank and Trust
Company of New Orleans. The other eleven members are bankers of the
highest standing in their districts. It is the province of this Council to
advise with the Federal Reserve Board relative to questions involved in the
operation of the Board and of the twelve Federal Reserve Banks. Their
advice is entitled to great weight.
On February 15th at a meeting of the Federal Advisory Council the
following action was taken:
"The Federal Advisory Council approves the action of the Federal
Reserve Board 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 recommendation of the Advisory Council related to a statement
recently made by the Federal Reserve Board which was sent to all Federal
Reserve Banks and in which was incorporated the following language:
'The Federal Reserve Act does not,in the opinion of the Federal Reserve
Board, contemplate the use of the resources of the Federal Reserve banks
for the creation or extension of speculative credit. A member bank is not
within its reasonable claims for rediscount facilities at its FederalReserve Bank
when it borrows either for the purpose of making speculative loans or for the
purpose of maintaining speculative loans.
"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 in the
current volume of speculative security credit. This is not in harmony
with the intent of the Federal Reserve Act nor is it conductive to the
wholesome operation of the bank and credit system of the country"
It is this statement of the Federal Reserve Board which the Federal
Advisory Council approves and suggests that each Federal Reserve Bank
transmit to its member banks with a request for their co-operation in order
that the end desired may be universally attained.
I take pleasure in transmitting both statements to you for your earnest
consideration. I am in hearty accord with the end desired—that is, that
Federal Reserve credit be restricted to the uses contemplated by the
Federal Reserve Act. Unless it is so restricted the Federal Reserve Banks
cannot at a fair rate promote the commercial, industrial and agricultural
interests of the districts. It is not fair that these interests should be
penalized by the diversion of credit to which they are entitled into other
channels.
Our bank can furnish every credit facility to our industry, agriculture and
commerce. Its credit should be confined to the legitimate demands of
those interested. I want your cooperation to the end that its credit may
only be so employed and thus made available at a fair rate.
I have neither the right nor the desire to tell you how to conduct your
bank and I am not attempting to do so. I have every duty to conserve
reserve credit for its proper uses and it is this duty which prompts this
request for-your co-operation. I believe that reserve credit should never be
used for speculative purposes. I am glad to report that the great majority
of our member banks have evidenced their agreement in this belief and have
refrained from lending on speculative securities when indebted to us. May
I not ask that all the member banks of this district adopt the same policy,
and through their action evidence their co-operative desire to aid this bank
in its purpose to have reserve credit restricted to its legitimate uses.
Your co-operation to this end is needed right now and will be appreciated.
Yours very truly,
E. R. BLACK, Governor.

The Federal Reserve Board's statement was given in
our issue of Feb. 9 page 822, while, that of the Federal
Reserve Advisory Council was published in these columns
Feb.16, page 992.
Action Toward Curbing Loans on Securities Taken
by Rochester Banks and Brokerage Houses.
Constructive steps toward relieving the acute credit situation caused by the flood of speculation in securities are being
taken by Rochester banks and brokers, according to the
Rochester (N. Y.) Decomerat and Chronicle of Mar. 18.
In part the account says:
No attempt is being made to curtail commercial credit or investment
In sound securities but the employment of more capital and less credit in
financing security holdings is the goal that is being sought.
Four of the Rochester banks have gone through their list of collateral
loans in a program of reducing them. Some of the banks are taking more
drastic steps than others. One of the leading Rochester banks has requested its customers having more than $50,000 in collateral loans to reduce
them one-third. In no case are these bank officials taking mandatory
tactics and compelling people of responsibility to sell securities at a loss.
but are asking that either additional capital be put into the account, or
profits be taken on securities in an amount that will reduce the loans onethird.
Sees Time To Halt.
Brokers loans and collateral loans outside of the metropolitan district
have swelled the money used for security credit a number of billions and
has been responsible for the condition whereby call money frequently
has crept up to 12%. Bankers and brokers in Rochester felt that it was
incumbent upon them to take steps to relieve this condition, at least so
far as this community is concerned, without injuring the customers' interests.
Must Help Industry.
The Rochester bankers point out that industry must be provided with
credit for its operation, and if these established lines are not maintained
the situation will reflect most adversely in the market value of all securities.
Accordingly, they have taken the initiative to relieve a situation before
there are such acute circumstances as a raise in the rediscount rate of the
Federal Reserve Bank. Roy A. Young, Governor of the Federal Reserve
Board, in a speech on Saturday asserted that the rediscount rate would be
raised only as the last resort, and indicated that the remedy could b
achieve by. the co-operation of bankers. That is precisely what th
Rochester banks are endeavoring to do, in the interests of their own customers and for the general credit situation.

•

FINANCIAL CHRONICLE

1832

One Rochester bank Friday and Saturday through the co-operation
of its customers was able to reduce its collateral loans $1,000,000. Officers
got into personal communication with the customers with whom they were
doing business and canvassed the situation with them and the co-operation
was remarkable, it was asserted. In no case was the action taken detrimental to the interest of the customers.
Brokers Co-operate.
Brokerage houses also are co-operating. Their requirements are based
on conditions in New York and on Stock Exchange regulation. Good
stocks have been purchased on a 30% margin. Stocks under $10 have no
collateral value and have to be paid for in cash. Stocks up to 820 a share
have been carried on a 50% margin. Some of the speculative issues have
required larger margin in the interests of safety, but generally speaking the
margin has been 30% on standard securities.
One brokerage house yesterday sent letters to its customers, and this
practice is being followed generally, which read in part as follows:
"The equity which we require in our customer's margin accounts is
based on that required of us by our New York correspondents. The latter.
in turn, is determined by the 'collateral value' of securities placed in loans
With their New York banks. As this 'loan value' is far below the market
value it is necessary for us to ask of you on and after March 25 1929, an
equity equal to 45% ef the market value of the stocks carried.'"
Rochester bankers have never charged more than 6% interest, although
legally on collateral loans over $5.000 they could receive orate of 7,8 or
9% contingent on conditions in Wall Street. Many customers have borrowed money at 5 and 534 %. One bank has notified its customers informally that in no instance after April 1 will there be any deviation from
the rate of 6%. Only a few persons are affected by this ruling, however,
as general tendency lately has been to get the 6% rate because of the increasing interest rate on all classes of securities, including gilt-edge municipal bonds.

Commenting editorially on the action in Rochester, the
New York "Journal of Commerce" of Mar. 19 said:
Shortening Sail.
From many parts of the country come indications that institutions
of various types are endeavoring to shorten sail. Rochester banks, for
example, have begun calling in collateral loans and have already succeeded
in effecting substantial reductions. In other parts of the country, as we
have noted in these columns on former occasions, very much the same result
Is being attained by ordering bonds sold, and long-term holdings of various
kinds cashed in. The process of reducing the burden which the banks have
long been carrying has thus begun.
How far this process is due to the policy that has been initiated by the
Federal Reserve system would be difficult to say. No doubt the news that
the system was going to exercise some sort of control over credit has has
its effect. Many banks that would otherwise have gone along with the
serene confidence that they could borrow as much as they chose on their
own notes secured by Government bonds, at rates far below the prevailing
level, have begun to see a new light. They know they cannot continue
that policy very much longer.
To a considerable extent, the new policy that is being followed by banks
In different parts of the country is due to their own perception of the dangerous position into which they have been drifting. Many of them have so
shifted their deposits from demand into savings that they have hardly
any reserve at all, while others have so tied up their loans under the terms
of the McFadden Act that they have very little possibility of rediscounting
or selling. They are worse frozen than at any time in their history. Of
course in these circumstances it is the part of wisdom to sell what they can
while prices are still good and demand strong, and cash in whatevre they
oan. The more prudent banks are naturally doing that, while the others
will feel the result of the policy very shortly, if they have not already
done so.

Roy A. Young of Federal Reserve Board Warns of
Effect on Trade of Demand for Credit for Speculative Purposes—Higher Discount Rates May Be
Resorted to Unless Curb Is Effected.

Discussing in Cincinnati on Mar. 16 the demand for
credit for speculative purposes, Roy A. Young, Governor of
the Federal Reserve Board declared that "the unusual demand for this particular form of credit has had an effect
upon the cost of all other forms of credit, so that practically
all lines of commerce and industry have been effected to a
certain degree." Governor Young states that one of the
remedies suggested is that "the system should resort to the
orthodox and traditional method of correction by a rediscount rate, which they think will accomplish the results
desired. In making such a suggestion, however," he says,
"they overlook the fact that high money rates may not
deter the speculator when he is optimistic, but if they continue long may seriously depress trade and industry. It is
for this reason that the system believes it should first use
every effort to accomplish the desired results by other
means, though it may be compelled at the end to resort to
higher discount rates." Governor Young made the statement that "this is not a problem alone for the Federal Reserve System, or the banks, but for all of us, and I feel
justified in making a strong appeal to you to give it serious
consideration." He pointed out that "financing business
threugh shares or bonds can be on a sound basis and when
it is sound is entitled to credit, but it is not entitled to all
the credit or to an unreasonable proportion of the total."
It seems to me, he added, "that it would be the part of
prudence for all who are lenders to see first that business
gets credit at reasonable rates and let the others get what
is left." Governor Strong's address, made before the Com•
mtrcial Club of Cincinnati, follows in full:




[VOL. 128.

Mr. Toastmaster and Members of the Commercial Club of Cincinnati:
I am most grateful for the opportunity to visit your delightful city and
I am particularly pleased to be with you this evening and to have the
privilege of speaking before you. The situation is such at the present time
that some of my intimate friends have suggested that I guard my language
carefully so that excerpts from my talk can not be misinterpreted. This
I have attempted to do, but at the same time, I am going to attempt to
get across to you concisely the present credit situation as I see it.
Credit is a great invisible commodity which plays an important part
in our everyday life. Economists, statisticians, and others tell us it is
based upon gold, and their statement is correct as far as it gore. It has
been my experience, however, that the big factor in the credit structure is
confidence, and industry and erergy contribute in no small way toward
maintaining confidence. In other words, ciedit is synthetic—manufactured
if you will. Gold. is one element, but confidence is the predominant
ingredient.
To-night I expect to touch upon the volume of bank credit only incidentally and confine myself chiefly to the subject that I believe is uppermost
in all our minds at the moment, and that is the cost of credit.
The credit world is composed, as I see it, of borrowers, lenders, and
bankers who are the middlemen. Borrowers are interested in low rates
and lenders are interested in high rates. Inasmuch as bankers are borrowers
from their depositors and lenders to their borrowers, they are opposed both
to abnormally low rates of interest and to abnormally high rates. Their
Interest lies chiefly in a continuous smooth operation et the credit
machinery.
During recent years we have experienced both low and high rates.
From 1920 to 1924 there was a large import movement of gold into this
country, which permitted an unusually large expansion of credit in all
lines. With this unusual opportunity for manufacturing credit, it was
brought into existence and pyramiding continued In great volume until
1927, even though our gold holdings were not increased in any appreciable
amount between 1924 and 1927. Money rates during this period were
at a low level.
In 1927 an expert movement of gold started and continued until June
1928, resulting in a total net reduction in our gold holdings of approximately $500,000,000 loss gold than we had in 1924. The loss of gold
compelled member banks to plug up holes in their reserves by borrowing
from the Federal Reserve System. When banks borrow from the System,
tradition enters into the picture and because of the eagerness of individual
banks to get out of debt, credit becomes less easily obtainable and rates
begin to firm. Therefore, since August 1927, when this export movement
of gold stirted, there was a gradual tightening of credit and a firming of
rates. At first it was not appreciable, but at the present time I think
we are all cognizant that rates are much higher for all kinds of credit
than they were in August of 1927.
For six years or more there has been an unusual demand for a form of
credit that can properly be termed speculative; in fact, the unusually high
rates that prevail in that field make it evident that the demand has
pressed hard on the supply, as measured by the willingness of the banks
to lend for these purposes. However, when the funds were net forthcoming
from the banks, which are the regular distributors of credit, the speculator
made the rate so attractive that corporations and individuals, both foreign
and domestic, supplied the funds. The unusual demand for this particular
form of credit has had an effect upon the cost of all other forms of credit,
so that practically all lines of commerce and industry have been affected
to a certain degree, although from all I can observe at this time, the increased rates to commerce and business have not se far been a deterrent
to active operation.
Generally speaking, the rates to the speculator have been increased from
a minimum of 3%% to a maximum of as high as 15%. The open market
commercial rate, which enjoys the advantage of several markets, has risen
from 4% to 5,
9,
4% and 8%. Bills which finance the distribution of
commodities have risen from 3% to 5%9'
0 and 5%%. Rates charged by
banks for over-the-counter borrowing by customers have also advanced by
between 1% and 11
The intermediate credit banks are paying about
1% more to float their debentures, which of course, is passed on to the
borrowers, and livestock loan companies have had to pay from 1% to 2%
more, which also, to a more or less degree, is passed on to the producer.
Those who have resorted to long-time investment credit and have financed
their affairs through bonds, have also been required to pay a higher rate,
depending upon the character of their business.
From the banker's point of view, he has had to pay higher rates to his
depositors, and what he has gained by higher rates through his discount
wicket, no doubt will be largely offset, in the last analysis by the higher
cost of his deposits, by what he has lost in the depreciation of his bond
account, and by losses that invariably develop during a period of expansion, although not usually discovered until periods of depression.
There are many people in the United States who feel that, because of
some power that I am frank to confess is unknown to the Federal Reserve
Board, low rates could be maintained to commerce and industry indefinitely, even though the speculator pays higher rates. I want to remind
•you that there are approximately 27,000 bankers in the United States, and
in the conduct of their own institutions they operate as independent units,
and while from what I have been able to observe, they take care of local
needs, when they have funds to employ outside of their own community
and are offered call loans at rates from 3 to 4% above credit based upon
production and distribution, obviously, they extend that credit which brings
the best rates, all other things being equal. This forces the conunercial
borrower to make his offer more attractive, with the result that in the
course of time everyone pays higher rates. While up to the present time
commerce and industry have enjoyed lower rates than the speculator, this
process of lifting may go to a point where it will become a serious deterrent to business, and it is that phase of the present situation with which
the Federal Reserve System mod itoncerna itself.
Nor is this problem a local one. It is net alone of national but of international significance. High rates have drawn credit and gold from many
quarters of the globe to satisfy the appetite of the speculative borrower.
Two foreign banks of issue have already had is raise their rates to protect
their own position. If this continues others will no doubt have to follow,
and those countries will go through the experience ef lifting rates around
a circle until they may get to a point where they will not only have a
bad effect en the trade of the foreign countries, but would seriously interfere with the exports of this country. It is needless for me to go into
details and remind you what will happen to our own people and our own
industries if our exports, particularly of agricultural products, do not flow
freely because of lack of credit of because of the cost of it. To put it
baldly, the final cost may not be reekoned in terms of interest charges

,6%.

MAR. 23 1929.]

FINANCIAL CHRONICLE

1833

alone but may involve the impairment of the 'prosperity of our commerce of the year 1928, however, proved that this method of
and industry.
stabilizing credit cannot always be depended upon to be
Many remedies for the present situation have been advanced. One solution suggested is that the System should reduce rates and buy Government effective. * * * "It appears also, that it was a mistake
securities in an effort to ease the situation to such an extent that lower to advance the discount rate by only M of 1%, and that it
rates will be available to commerce and industry. However, the advocates would have
been better to have adopted the time-honored
of such a plan apparently overlook the fact that any such procedure at
this time would result in an invitation to the speculator to proceed at an policy of the Bank of England and advance the rate a full 1%.
even more rapid rate than in the past.
Whenever it becomes necessary to administer a speculative
Another solution offered is that we do nothing and let "nature take market the medicine of a rate advance, homeopathic
doses
Its course." There are many prominent men in the United States who feel
that the System, for the past year, has in fact followed that course. How- should be avoided." Governor Harding referred to the
ever, when I remind them that the System has taken approximately $700,- Federal Reserve Bank rate as being "no longer the dominant
000,000 out of the market by failure to offset gold exports and by the rate." It is generally recognized, both at home and abroad,
sale ef a substantial amount of Government securities, and has raised the
•discount rates on three occasions, I think they will have to agree that "he said, "that the master rate in this country is the call
the System has done a great deal; in fact, if any such procedure had been money rate in New York which fluctuates at frequent
suggested in August of 1927, I am afraid the originator would have been intervals from 6% to 12%." In conclusion he said:
,branded as a panic producer.
"Perhaps the Federal Reserve Board at the present time may feel the
There are others who believe that the System is able to earmark its
credit in such a manner that it can, by some wonderful formula, brand same reluctance to agreeing to an advance in rates that some members of
the
Board felt in the Summer of 1919; but yet if there is to be an advance,
the credit it releases and confine its use to approved purposes, but anyone
with practical banking experience knows that this is impossible, except and I may say that I have no information whatever as to the likelihood of
for what the System may be able to accomplish through the co-operation this, the rate established would only follow and not lead the market for
of the banking and business interests. It was in an effort to enlist this market rates have already been established. . . .
The Federal Reserve Banks should do everything in their power to carry
co-operation that the Federal Reserve Board issued its public statement
out the views of the Board in matters of policy and if the Board believes
on February 7.
that appeals to member banks should be made, or statements to the public
Another group believes that the System should resort to the orthodox
should be issued, such appeals should be made; and if it should develop,
and traditional method of correction by a rediscount rate which they think
as was the case in the fall of 1919, that conversation is not effective, resort
will accomplish the results desired. In making such a suggestion, however, should
be had to those sterner methods which have never failed to be
they overlook the fact that the high money rates may not deter the specu- effective. Continued high rates of interest will eventually bring
about a
lator when he is optimistic, but, if they continue long, may seriously slowing down in business and industry. Such a slowing down would
depress trade and industry. It is for this reason that the System believes Inevitably effect adversely security values. While the Federal Reserve
that it should first use every effort to accomplish the desired results by System is not engaged in any kind of economic warfare, and has no desire to
other means, though it may be compelled in the end to resort to higher destroy values, it is my belief that under the terms ef the Federal Reserve
discount rates.
Act its first duty is to the industrial. commercial and agricultural interests
New Mr. Businessman, Mr. Banker, and Mr. Speculator, I believe as of the country. That there can be no dependence upon the effective disa citizen of the United States, I would have been remiss in my duty as charge of this duty if the resources of the System are permitted to be diverted
▪ public official if I had not this evening painted this picture to you as through indirect methods into channels expressly prohibited directly by the
I see it. This is not a problem alone for the Federal Reserve System or law, appears to me so clear as to be beyond dispute."
the banks, but for all of us, and I feel justified in making a strong appeal
Among the other speakers at the dinner were Repreto you to give it serious consideration.
There is no occasion to become unduly excited, because we must recog- sentative McFadden, Benjam'n M. Anderson, Jr., of the
nize the fact that the changed methods of financing business have devel- Chase National Bank of New York, and Edward C. Stokes,
oped very rapidly. Financing business through shares or bonds can be
President of the Mechanics National Bank of Trenton,
on a sound basis and when it is sound is entitled to credit, but it is not
N. J. Further reference to their remarks will be found
entitled es all the credit or to an unreasonable proportion of the total.
It seems to me that it would be the part of prudence for all who are elsewhere in this issue. The address of Governor Harding
lenders to see first that business gets credit at reasonable rates and let
follows in full:
the others get what is left.
I appreciate very much the honor of participating in this discussion
In conclusion, let me remind you that credit is not a mechanical contraption, but a human institution. In solving the problem that is before but would like to have it understood that what I shall say will be merely an
of my own personal views and must not be regarded as an
expression
us experience and judgment must play the leading parts. Reflection
and authoritative reflection of the opinions of the Federal Reserve Board or
of
co-operation will be big factors. In other words, my friends, just a
little any Federal reserve bank.
application of the remedy that has always been so successful in the
past—
The problems connected with the control of credit by the Federal Reserve
just a little "hess sense."
System while not as simple as they may appear to some. are not so difficult
as to render them incapable of solution. In considering this question. let
W. . G. Harding, Governor Boston Federal Reserve us first understand what the Federal Reserve System is, and where lies the
for its policies. The System is composed of the Federal
Bank In Address Before Economic Club In Address responsibility
Reserve Board at Washington and the twelve Federal Reserve Banks. The
Before Economic Club Agrees With Paul M. War- members of the Board are Government officials, appointed by the President
burg That Dangerous Tendencies In Expansion of and confirmed by the Senate. Two-thirds of the directors of the Federal
Reserve Banks are chosen by the member banks and one-third are apCredits Are Developing.
pointed by the Federal Reserve Board, although the capital stock of the
"The Federal Reserve System and the Control of Credit" Federal Reserve Banks is owned entirely by the member banks. The
operations of the System are conducted by the Federal Reserve Banks for
is the title under which W.P. G. Harding, Governor of the the
Board at Washington is not an operating body. The Federal Reserve
Federal Reserve Bank of Boston addressed the Economic Board has, however, planary powers as far as system policies are concerned.
rates, no question has ever been raised as to the
Club of New York at its dinner at the Hotel Astor on March In the matter of discount
necessity of the Board's concurrence before any rate established by the
18. Commenting on the expansion in Credit which has board of directors
of a Federal Reserve Bank can become effective; nor has
developed. Governor Harding stated that the Federal the Board itself, since the Chicago episode of eighteen months ago, ever
the right which it claimed at that time to change the rate of any
Reserve System is handicapped in its efforts to control disavowed
Federal Reserve Bank under its power of review and determination, without
the situation "because there are so many lenders, both the co-operation of the directors of the Bank concerned.
The directors of a Federal Reserve Bank are required by law to administer
domestic and foreign not connected with the system who
affairs of the Bank fairly and impartially and without discrimination
have been attracted by the abnormally high rates which the
in favor of or against any member bank or banks and shall, subject to the
have been paid for many months past for funds to be used provisions of law and the orders of the Federal Reserve Board, extend to
in stock market operations." Governor Harding alluded such member bank such discounts, advancements and accommodations
as may be safely and reasonably made with due regard for the claims and
to the fact that brokers have not hesitated to increase their demands
of other member banks. The directors of Federal Reserve Banks
margin requirements from time to time, and while he are, naturally enough, inclined to be jealous of their prerogatives and have
not
been
prone
to emphasize the phrase "the orders of the Federal Reserve
observed that-"the occasional reactions which have occurred
Board" in connection with their dealings through their appointed officers
have brought about no failures "yet" he added "as Mr. or agents
with member banks, while the Federal Reserve Board, appreWarburg recently pointed out in his notable address to the ciating the desirability of being tactful In its dealings with Federal Reserve
Banks,
has
never in specific terms called attention to this phrase. It is
stockholders of his bank [referred to in the "Chronicle" of
recognized by all that the Federal Reserve Board has the right to determine
March 9, pages 1443-1447],dangerous tendenciesare develop.. or define character
of paper eligible for discount within the meaning of the
jug." "These tendencies",declares Governor Harding"ought Act, but the Federal Reserve Board has conceded to the directors though
their
appointed
officers
or agents, the right to pass upon the desirability
, to be corrected and the sooner the better." He went on to and soundness
of the paper offered for
and has never undertaken
say "a review lately issued by one of the large banks points to compel a Bank to take paper whichdiscount,
its officers regarded as undesiraltle
out that during the past twelve months there has been even though technically eligible. The law describes the security which
must be offered for Federal Reserve notes and gives the Board the right at
an expansion of credit of about 8%, while at the same time any time
to call upon a Federal Reserve Bank for additional security to
there has been an expansion of production and distribution protect Federal reserve notes issued to it and also gives the Federal Reserve
Board the right to grant in whole or in part, or to reject entirely,the applicaaf only 3 or 4%. This difference represents inflation. The tion
of any Federal Reserve Bank for Federal Reserve notes.
best tine to cheek inflation is during the period of its incipiOne of the three directors appointed by the Federal Reserve Board must,
ency. The longer the postponement the more series the under the law, be designated by the Board as Chairman of the Board of
Directors of the Federal Reserve Bank to which he is accredited as Federal
inevitable result will be when inflation is checked, as was Reserve
Agent, and in addition to his duties as Chairman of the Board of
clearly demonstrated in 1920," Governor Harding noted Directors of the Federal Reserve Bank. he is required to maintain, under
that"the periodic purchase and sale of Government securities regulations to be homed by the Federal Reserve Board, a local office of the
Board on the premises of the Federal Reserve Bank. The law requires that
by Federal Reserve Banks had been going on for several another ofthe directors of Class C shall
be appointed by the Federal Reserve
years and was for a time thought to be an effective means Board as Deputy Chairman to exercise the pow'ers of the Chairman of the
board
when
necessary,
and
prescribes
of stabilizing credit without resorting to substantial changes Chairman and Deputy Chairman, the that in case of the absence of the
third Class C director shall preside
in the discount rate. The experience of the early months at meetings of the Board.




1834

FINANCIAL CHRONICLE

The law permits Federal Reserve Banks to establish accounts with each
other for exchange purposes and provides that with the consent, or upon
the order and direction of the Federal Reserve Board, and under regulations
to be prescribed by said Board, they may open and maintain accounts in
foreign countries.
State banks and trust companies desiring to become members of the
Federal Reserve System are required to make application to the Federal
Reserve Board, which body, under such conditions as it may prescribe,
may permit the applying bank to become a stockholder in the Federal
Reserve Bank of its district.
The Federal Reserve Board is authorized to permit, or on the affirmative
vote of at least five members, to require Federal Reserve Banks to rediscount paper of other Federal Reserve Banks at rates of interest to be fixed
by the Federal Reserve Board.
The Board is also authorized and empowered to examine at its discretion
the accounts, books and affairs of each Federal Reserve Bank and of each
member bank, and to require such statements and reports as may be
necessary.
The Board has power to suspend or remove any officer or director of any
Federal Reserve Bank, but the cause of such removal shall be forthwith
communicated by the Federal Reserve Board to the removed officer or
director and to the Federal reserve bank concerned.
The Board is authorized also to suspend for the violation of any of the
provisions of the Federal Reserve Act,the operations of any Federal Reserve
Rank, to take possession thereof, administer the same during the period
of suspension and when deemed advisable, to liquidate or reorganize such
Bank.
Any compensation which may be provided by the board of directors of
Federal Reserve Banks for directors, officers or employees, shall be subject
to the approval of the Federal Reserve Board, which body is authorized and
empowered also to exercise general supervision over the Federal reserve
banks.
It appears, therefore, that the Board's authority over the twelve Federal
Reserve Banks is far greater than that of the Comptroller of the Currency
ever National Banks. or of the State Superintendent of Banks over State
banks and trust companies. These broad powers, some of which have
never been exercised and probably never will be, which are given to the
Federal Reserve Board necessarily impose upon the Board a great responsibility which, from the very beginning, the Board has appreciated and of
which it has been constantly reminded by critics. It is this sense of responsibility which has doubtless impelled the Board,from time to time, to issue
statements which contain a note of warning intended not only for the Banks
but for the general public. Occasionally these warnings were effective,
but more generally they have been merely a prelude to more substantial
action. One of the earliest warnings issued by the Board for the consideration of banks and investors was in October 1926,following an announcement
by a prominent international banking house that it proposed to sell indeterminate amounts of British Treasury Bills over its counter. This particular statement was very carefully considered, and because of its bearing
upon the international situation, was not issued until it had received the
approval of the President of the United States. It proved effective, for the
proposed offering was immediately withdrawn.
During the period when the United States was involved in the World War.
admonitions or warnings by the Board were as a rule heeded without much
adverse criticism because of the general patriotic impulses which prevailed.
After the armistice, however, admonitory statements which the Board on
several occasions deemed it advisable to make were not so well received, and
a number of Federal Reserve Banks reported that It would be necessary in
order to regain an effective control in their respective districts, to resort to
means which up to this time have always proved effective, namely, to
establish higher rates of discount which would conform more closely is
current market rates. The Board, for what seemed to be valid reasons
was reluctant for same time to permit the establishment of higher rates and
the Federal Reserve Banks were advised to try the policy of direct action
which involved closer scrutiny in accepting paper for rediscount and an
appeal to member banks to use more discrimination is giving accommodation to their customers. Several months of valuable time were lost in this
way, and it seems probable that had higher rates been established in the
late summer of 1919 instead of in January 1920, some of the economic
tragedies of the so-called deflation period might have been averted. The
depression which began in the summer of 1920 and extended during the
year 1921 was, however, of much shorter duration than that which had
followed any other serious financial crisis in the country's history, and was
followed by a period of unparalleled activity in many lines and by a prolonged season of low interest rates.
The rediscount rate of the Federal Reserve Bank of New York which
in the autumn of 1920 had been 7%,stood, after successive reductions, at
3% in the late summer and fall of 1924. Late in February 1925, the rate
was advanced to 3.34% and in January 1926, to 4%, where it remained
until August 5 1927 when it was reduced to 35i %. At the time this last
reduction was made, it was the policy of the Federal Reserve System to
use its influence in favor of easier money conditions. This policy was
Initiated by the Federal Reserve Bank of New York and was approved, as
was necessary to enable it to be carried out, by the Federal Reserve Board.
The principal reasons as pointed out by the Undersecretary of the Treasury,
Mr. Mills, in a magazine article not long ago, were (1) European exchanges
were weak and it was believed that unless money rates were kept easy here,
there might be a movement of funds to this country and a consequent
necessity of raising rates abroad, to the disadvantage of world trade and
prices, and particularly to the disadvantage of American agriculture.
(2) Business In the United States at the moment showed a tendency to
decline and some industrial unemployment was foreseen which in fact
developed during the winter. It was believed that easier money might
ameliorate those conditions. The policy was effective in just those particulars which the Federal Reserve System had in mind when it was
adopted. At the same time, it is undeniable that it served as an encouragement to speculation and no one could foresee the extent to which the speculative movement would reach. The movement of gold abroad had begun
in May 1927 and the reduction in the discount rate accelerated this movement. In order to offset the effects of those gold exports on the money
market, purchase of Government securities were made for a time by the
Open Market Investment Committee for the Federal Reserve Banks. but
as soon as it became evident that the object of the policy adopted had been
accomplished and that speculation was growing, this policy was reversed.
After the middle of November the Reserve Banks discontinued offsetting
gold exports by the purchase of securities and allowed such exports to work
usual effects on the credit situation. In January 1928, in order to offset
the return flow of currency to the financial centers, something over one
hundred million dollars of government securities were sold by the Federal
Reserve Banks and during January and February the discount rates of all
Federal Reserve Banks were raised from 334% to 4%. Loss of gold and
the sale of securities forced the banks to increase their borrowings from the
Federal Reserve Banks. The action taken was not effective, however,
and when it became clear that repeated Increases in credit were taking place
for speculative purposes, the Federal Reserve System restunad its Bala a




[Vol.. 128.

securities and during the Spring, all of the Federal Reserve Banks advanced
their discount rate to 434% and by July and August. eight of them had
advanced the rate to 5%. The periodic purchase and sale of Government
securities by Federal Reserve Banks and had been going on for several years
and was for a time thought to be an effective means of stabilizing credit
without resorting to substantial changes in the discount rate. The experience of the early months of the year 1928, however, proved that this
method of stabilization cannot always be depended upon to be effective.
The securities sold by the System last year involved a considerable loss and
many of them found their way back into the portfolios of the Reserve Banks
as security for member banks' fifteen day collateral notes. It appears also
that it was a mistake to advance the discount rate by only one-half of 1%
and that it would have been better to have adopted the time honored
policy of the Bank of England and advance the rate a full 1%. Whenever
it becomes necessary to administer to a speculative market the medicine
of a rate advance, homeopathic doses should be avoided.
The Federal Reserve System is handicapped at the present time in its
efforts to exercise an effective credit control because there are so many
lenders both domestic and foreign not connected with the System, who
have been attracted by the abnormally high rates which have been paid
for many months past for funds to be used in stock market operations.
During the easy money period, many corporations took advantage of conditions then existing to anticipate their future cash requirements by selling
additional stock or new securities. Ordinarily the money resulting from
such operations would have been permitted to remain in banks at reasonable
rates of interest, but the high rates obtainable on stock exchange loans
attracted large amounts which reduced in corresponding degree the deposit"
of the banks. At the present time it appears that at least one-half of the
amount of brokers' loans as shown in the weekly statements are represented
by funds belonging to Individuals, firms and corporations whose primary
business is not that of money lending. who feel no responsibility whatever
as to market stability, and who have no hesitation in calling their loans
whenever individual necessity or convenience may impel them to do so.
During the latter part of last December, such loans were called to so great
an extent, that in order to prevent a serious reaction banks in New York
City felt called upon to increase their lendings to brokers by about four
hundred million dollars. This necessitated their borrowings perhaps
one-half of this amount from the Federal Reserve Bank.
I have seen some reference in the newspapers to an alleged contest that
IS going on between the Federal Reserve System and the stock exchange.
I do not believe that there is any hostility between Federal Reserve authorities and the members of the stock exchange. Certainly the exchanges are
necessary in carrying on the business of the country. We have a vivid
recollection of the chaos which followed the closing of the exchanges at the
outbreak of the World War in 1914 and we recall how quickly condition'
improved after the exchanges were reopened. Neither do I see any occasion
to find fault with the methods of brokers generally, both on the curb and
on the big board. They have not hesitated to increase their margin requirements from time to time and the occasional reactions which have occurred
have brought about no failures, yet as Mr. Warburg recently pointed out
In his notable address to the stockholders of his bank, dangerous tendencies
are developing. These tendencies ought to be corrected and the sooner
the better. A review lately issued by one of the large banks points out that
during the pas twelve months there has been an expansion of credit of about
8%, while at the same time there has been an expansion of production and
distribution of only 3 or 4%. This difference represents inflation. The
best time to check inflation is during the period of its incipiency. The
longer the postponement the more serious the inevitable result will be
when inflation is checked, as was clearly demonstrated In 1920. In the
February issue of the Federal Reserve Bulletin, the Federal Reserve Board
stated its views very frankly and released the statement to the press in
advance of its publication in the "Bulletin." The Immediate effect at this
release was a temporary break in the stock market and the Board has been
greatly censured in some quarters for making the statement. The Board
stated:
"The Federal Reserve Act does not, in the opinion of the Federal Reserve
Board, contemplate the use of the resources of the Federal Reserve Banks
for the creation or extension of speculative credit. A member bank is not
within its reasonable claims for rediscount facilities at its Federal Reserve
Bank when it borrows either for the purpose of making speculative loans
or for the purpose of maintaining speculative loans. 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 in the current volume
of speculative security credit. This is not in harmony with the intent of
the Fedeeal Reserve Act nor is it conducive to the wholesome operation of
the banking and credit system of the country."
In a recent magazine article, Senator Glass stated—"Tho fact remains
too, and it ought to be emphasized in red letters, that whether dangerous
for the moment or not, this sucking In of the country's resources for use in
gambling in stocks and bonds. without regard to the need for money in
legitimate industry, is precisely the sort of thing the Federal Reserve Act
was designed to prevent, or at least to minimize." He then quotes from
Section 13 of the Federal Reserve Act, the paragraph which defines what
kind of paper Federal Reserve Banks may discount and in which the
Federal Reserve Board is given the "right to determine or define the character of the paper thus eligible for discount within the moaning of this
but such definition shall not include notes, drafts or
Act
bills covering merely investments or issued or drawn for the purpose of
carrying or trading in stocks, bonds or other investment securities except
bonds, and notes of the Government of the United States." Ile points
out that "Thus even the legitimate and necessary trading in stocks and
bonds for purposes doubtless sound and productive was barred as a basis
Could there have been a more emphatic
for rediscounting
pronouncement of the intent of Congress to hold our capital resource's
down closely to the vital processes of producing and distributing actual
commodities?"
The Federal Advisory Council as you know, is composed of twelve practical bankers, one from each Federal Reserve District. The Council is a statutory body (Section 12, Federal Reserve Act) and has power to "confer
directly with the Federal Reserve Board on general business conditions;
to make oral or written representations concerning matters within the
Jurisdiction of said board; to call for information and to make recommendations in regard to discount rates, rediscount business, note issues, reserve
conditions in the various districts, the purchase and sale of gold or securities
by Reserve Banks, open market operations by said Banks. and the general
affairs of the Reserve Banking System." Its members are elected by the
directors of the Federal Reserve Banks and the Council is, therefore, entirely
Independent of the Federal Reserve Board.
At the last meeting of the Council held on February 15, it went on record
as approving the action of the Federal Reserve Board 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

MAR. 231929.]

FINANCIAL CHRONICLE

district be asked directly by the Federal reserve bank of the district to
cooperate in order to attain the end desired. The Council believes beneficial result can be attained in this manner." The Federal Reserve Bank
of Boston immediately sent out a letter to all of its member banks asking
for their co-operation. The letter was well received and the results attained have been satisfactory, although it was pointed out by some of the
banks that it was difficult to decline to make loans secured by good collateral to regular customers even where it seemed probable that the proceeds
would be used for speculative or investment purposes, because in mavy
cases loss of deposits and good will would follow a refusal.
The paragraph in Section 14 of the Federal Reserve Act which gives the
Federal Reserve Bank "power to establish from time to time, subject to
review and determination of the Federal Reserve Board, rates of discount
to be charged by the Federal Reserve Bank for each class of paper which
shall be fixed with a view of accomodating commerce and business," contains a definite mandate—"the rate shall be fixed with a view of accomodating commerce and business." Generally speaking, low rates give such
accomodation and high rates do not. I have always noticed a more marked
disposition on the part of the Federal Reserve Board to agree to a reduction
In rate than to an increase in rate. Doubtless this is because of the view
that high rates do not conduce to the accommodation of commerce and
business. Sometimes, however, it is necessary to look beyond the immediate effect,to take a longer view into the future. The highest rate now preveiling at any Federal Reserve Bank is 5% and yet I doubt if there is any
firm or corporation in the United States to-day which is able to borrow from
its own bank at that rate. Until recently offerings of U. S. Treasury certificates bearing interest from 3% to 43 % have been heavily oversubscribed,
sometimes at a ratio of more than two to one, but the offering of $475,000,/4 % was oversubscribed by less than $50,000,000. The
000 last week at 45
Federal Reserve Bank rate is no longer the dominant rate. It is generally
recognized both at home and abroad that the master rate in this country is
the call money rate in New York which fluctuates at frequent intervals from
6 to 12%. Perhaps the Federal Reserve Board at the present time may
feel the same reluctance to agreeing to an advance in rates that some members of the Board felt in the summer of 1919; but yet if there is to be an
advance, and I may say that I have no information whatever as to the
likelihood of this, the rate established would only follow and not lead the
market, for market rates have already been established.
In matters of credit control, it is of course important that there should
be a thorough understanding between the Federal Reserve Board and the
various Federal Reserve Banks; they should work in harmony and not at
cross purposes. The Federal Reserve Banks should do everything in their
power to carry out the views of the Board in matters of policy and if the
Board believes that appeals to member banks should be made,or statements
to the public should be issued, such appeals should be made; and if it
should develop as was the case in the fall of 1919, that conversation is not
effective, resort should be had to those sterner methods which have never
failed to be effective. Continued high rates of interest will eventually
bring about a slowing down in business and industry. Such a slowing
down would inevitably effect adversely security values. While the Federal
Reserve System is not engaged in any kind of economic warfare, and has
no desire to destroy values, it is my belief that under the terms of the
Federal Reserve Act its first duty is to the industrial, commercial and
agricultural interests of the country. That there can be no dependence
upon the effective discharge of this duty if the resources of the System are
permitted to be diverted through indirect methods into channels expressly
prohibited directly by the law, appears to me so clear as to be beyond
dispute.

B. M. Anderson, Jr. of Chase National Bank Declares
It to Be Right and Duty of Federal Reserve System
to Control Credit—Discount Rate Seen as Effective
Medium.
Speaking before the Economic Club of New York on
March 18, Dr. Benjamin M.Anderson, Jr., Economist of the
Chase National Bank of New York,asserted the right and the
duty of the Federal Reserve System to concern itself about the
banking position of the country when it is adversely affected
by speculation or by anything else. He declared that the
Federal Reserve authorities also, undoubtedly, have the
power to control the situation. He expressed the view that,
while admonition to member banks regarding their discounting activities might well have its place in the policy of control, the really effective control of the volume of rediscounting is through the rediscount rate, which, he held, should
always be kept above the market rate charged by great city
banks to prime borrowing commercial customers. Dr.
Anderson said in part:
The Right of the Federal Reserve System to Restrict Credit.
Disclaiming a desire to act as arbiters of speculation, or of the values of
securities, the Federal Reserve authorities have declared that they are
concerned when speculative demands for credit force a rise in rates of interest
for commercial borrowers. I believe that they may properly go much further
than this. They have responsibility for the banking position of the country,
and this banking position tends to be impaired when bank credit is used
In groat and growing quantity for speculative purposes. The risks of bank
loans against securities are greater when security values are too high than
they are when security values are reasonable, and the Federal Reserve authorities may, therefore, properly consider the level of security prices in framing their money market policy, Just as they may properly consider with
concern a speculation in commodities which sharply and suddenly raises
commodity prices.
The individual banks, of course, endeavor to deal with this by the margins
they require in connection with security loans and by the loan values they
assign to securities, and I believe that our policy in this city with respect to
these points has been very vigorous, and that our loans are well margined,
But it Is also surely a legitimate matter of concern for the Federal Reserve
authorities.
The Federal Reserve authorities may properly consider the decline in the
percentage of bank assets eligible for rediscount at the Federal Reserve
Banks, which has taken place as this speculative move has gone on, as
security values have mounted, and as commercial loans have actually
declined in the portfolios of banks. The following figures are significant in
this connection:




1835

Percentage of Loans in National Banks Eligible for Rediscount at Federal
Reserve Banks.
New York
United
Chicago.
Boston.
City.
States.
Date—June 30—
32.5%
36.5%
30.2%
25.5%
1923
17.5%
28.7%
20.4%
24.1%
1927
18.1%
15.3%
16.6%
21.6%
1928
discounts
total
loans
and
eligible
paper
to
Not only has the percentage of
declined, but also the percentage of government securities to other securities
held has declined. For the National banks of the country, this percentage
stood at 53.1% on June 30 1923 and at 40.5% on June 30 1928. Not nearly
all, of course, of the Government securities held are available as collateral
for loans at the Federal Reserve banks, because part is already hypothecated
as collateral at the Federal Reserve banks, and part is pledged as security
for Government deposits, State deposits, or trust department deposits.
In this connection, however, it is comforting to observe that since the end
of 1926, the great city banks have improved their position with respect to
the holdings of Government securities, making a deliberate effort to offset
the decline in eligible commercial paper by increasing the Government
securities held, at the expense of profits and in the interest of liquidity and
sound banking.
The foregoing figures exhibit tendencies which are disquieting. The Federal Reserve authorities have every right to take cognizance of them. I
believe that the situation is still manageable. The tendencies have not yet
gone so far that our banking system cannot work things out. But surely
no one would contend that the Federal Reserve authorities, in the face of
such tendencies, should wait until the situation becomes unmanageable
before they attempt to correct it * * *.
The Power of the Federal Reserve System to Control.
The question has been raised of the ability of the Federal Reserve System
to control the situation, because of the large volume of "outside money"
loaned at the Stock Exchange, amounting, when both the Federal Reserve
figures and the Stock Exchange figures are combined,to $3,884,000,000,a
figure over a billion dollars in excess of the $2,824,000,000 loaned by
American banks at the Stock Exchange. It is said that, while the Federal
Reserve banks can control bank credit, they cannot control this "outside
money." The fallacy consists in the assumption that the so-called "brokers'
loans" figures measure the dependence of the securities' market upon credit.
They are, after all, only a small part of the total of loans against securities
and of bank holdings of securities. For the country as a whole, it is not
possible to give figures for the total of security loans, but some 600 odd
great city banks alone, on March 6 of this year, had loans against securities
of $7,573,000,000, and, in addition, had holdings of securities of $5,961,000,000, making a total of bank credit employed in the securities' market
for these 600 odd banks alone of $13,534,000,000. For all the banks in the
country the figure is very much greater.
Since Dec. 26, brokers'loans for account of others have increased about a
half a billion dollars, but since that same date collateral loans against
securities for these 600 odd great city banks alone have also increased
approximately $500,000,000. The great bulk of bank loans against securities
are made, not at the money post in the Stock Exchange, but at the banks
themselves. If the Federal Reserve banks can control the volume of bank
credit, they can control the volume of credit available for security speculation.
Their power to control the volume of bank credit is beyond question. The
total deposits of the commercial banks of the United States stand between
43 and 44 billion dollars, but the control of this is in a much smaller figure,
namely the reserves of the member banks with the Federal Reserve System,
which, on March 6 1929, stood at $2,350,000,000. This figure represents
the deposits of the member banks with the Federal Reserve banks. If this
figure is substantially diminished, liquidation of bank credit is compelled.
If this figure is substantially increased, general bank credit can expand.
An increase or decrease of $100,000,000. or even $50,000,000 in the total
of member bank reserves makes all the difference in the world in the money
market. Money is tight when bank reserves are deficient. Money is easy
when bank reserves are excessive.
Of these $2,350,000,000 of member bank reserves, $989,000,000 had been
borrowed on March 6 from the Federal Reserve banks by rediscounting.
An additional $305,000,000 had been obtained from the Federal Reserve
banks through the sale of acceptance liabilities of the banks, while an additional $163,000.000 grew out of purchases by the Federal Reserve banks of
Government securities. Of the $2,350,000,000 of reserves $1,457.000,000
thus rests on credit extended by the Federal Reserve authorities. If they
will reduce the volume of credit which they have extended to the money
market, they will proportionately contract member bank reserves; and, contracting member bank reserves, will compel a contraction of credit extended
.
.
to the securities' market. They have the power.
Control by Rate Versus Control by Admonition.
The Federal Reserve authorities in recent weeks have sold some Government securities, and have allowed acceptances in their portfolios to mature
without replacing them by buying others. As they have done this, they have
pulled down member bank reserves, but the banks have replenished their
reserves by rediscounting. The further problem of the Federal Reserve
authorities is thus to hold down the volume of rediscounting at the same
time that they reduce further their holdings of acceptances and Government securities. To accomplish their purpose, they must contract the total
of Federal Reserve credit, and thus cut into member bank reserves.
The traditional and normal way of holding down the total of rediscounts
Is by raising rediscount rates. If it is cheap and profitable to rediscount, the
temptation to do it is great. If it is costly to rediscount, less rediscounting
IS done. The well established principle for a bank of rediscount is that its
rate should be above the market rate. Then other banks turn to it only in
emergencies. The Federal Reserve System at the beginning had its rediscount rates above the market. But during the War,in order to assist the
Government in floating its colossal War loans, rediscount rates were held
below the market, and except at the beginning of 1919, they have never
been above the market since. Very many of the difficulties of the System
in controlling the present situation grow out of this fact.
In Europe the market rate above which the central banks' rates must be
kept means the rate on acceptances, acceptances being the only form of
commercial paper that the central banks will rediscount. They also lend
on Government bonds and certain other approved securities, but they do
this at a rate usually 1% above the rediscount rate. In the United States.
the acceptance rate will not serve for this purpose, because acceptances are
almost never rediscounted. They are sold to the Federal Reserve banks
as open market purchases. The rediscounting at the Federal Reserve
System is done on single-name commercial paper and on Government
securities. The best rate to take as a basis for Federal Reserve policy in
this respect is a rate which is not publicly quoted, but which is well known
in the banking community and to the Federal Reserve authorities. It is
the rate charged by great city banks to prime borrowing commercial customers, who have borrowing accounts with several banks and usually In
several cities. It is not necessary that the Federal Reserve rates should be
above the rates on slow loans in cities or the rates charged by banks in smaller

1836

FINANCIAL CHRONICLE

places. In order to be above the market, the Federal Reserve rate to-day
needs to be 0%.
There has grown up a tradition in recent years of timorous fear regarding
upward changes in the Federal Reserve rate. The pre-war tradition regarding rediscount rates was that it was a banking matter, that the rate was to
be adjusted from time to time to the banking situation, and that this was to
be taken as a matter of course by the business community. Rates of interest
are only one of many factors affecting business, an 1 ,ne fear of a disturbance of business through a change in the rates is as unreasonable as the fear
of a change in the price of coal, of copper, cotton or anything else. All
prices, including interest rates, ought to reflect the supply and demand
situation. If they are artificially held down through fear of disturbing the
situation, they merely mask the facts, cease to tell the truth, and make
worse trouble later. We must establish a tradition such that our Federal
Reserve authorities will not hesitate to move the rate whenever a change in
the banking situation calls for it.
In connection with the fear of rate change at the present time, there is
one fallacy which must be dispelled. There are those who believe that it is
possible to hold down rediscounts by admonition without raising rates to
commercial borrowers, whereas they think that automatically if the rediscount rate is raised commercial borrowers will be hit. I do not question that
admonition is helpful in the present situation and may be a useful part of a
policy of control. But I want to point out that if the policy of admonitiqn
is successful, it will have the same effect upon rates of interest to commercial
borrowers that the control by means of the rate will have. Either policy,
to be successful, must curtail the total of Federal Reserve Bank credit. If
the total of Federal Reserve Bank credit is curtailed, the reserves of the
member banks will be curtailed. If the reserves of the member banks are
curtailed, money will grow tighter and rates will grow firmer for all classes
of loans. Oommercial borrowers will continue to have the preference at the
banks, as they have to-day, but as reserves at the banks are curtailed all
classes of borrowers will have to pay more. The American money market
is a competitive money market. Rates tighten when supply grows short
and relax when supply- grows abundant. Supply is governed by excess or
deficiency in bank reserves.

Representative McFadden Says Federal Reserve Board
Controls Destinies of Nation's Business and Trade
—Regards Suggestion of International Bank of
Great Importance to World—Should Effect Economy in Use of Gold.
Alluding to the fact that "the increasing use of investment
securities in hte Federal Reserve system is causing considerable concern" Representative Louis T. McFadden
(of Pennsylvania) stated in an address before the Economic
Club in New York on. Mar. 18 that "all of the power that is
necessary to manage this system property has, I believe
been written into law." He asserted that "the only power
that is vested by law in the administration that affects the
general price level is the authority to fix the price for money
or credit—the discount rate the authority to deal in the open
market and the additional power of publicity." "Great
responsibility," he added, "rests upon the administration of
these three functions because they exercise an effect on the
domestic and foreign price levels. Therefore through the
use of these powers the Federal Reserve Board substantially
controls the destinies of the nation's business, industry and
trade." In conclusion, he said:
May I emphasize that it is not the function of the Federal Reserve system
to become involved in the control of speculation, but that its principal
function is to maintain a proper gold reserve and to adjust the volume of
currency and credit to meet the actual needs of business, industry, trade
and commerce.

Reference was made by Representative McFadden to the
suggestion, inconjunction with the conferences abroad incident to the reparations problem, of an international bank.
The intimation of such an international plan he characterized
as "of great magnitude and importance to the whole world.
"If properly safeguarded," he said, "such an institution
should be of inestimable value to this country and to the
world. It should bring about economy in the use and
transportation of gold. It should be a great shock
absorber and enable central bank managements to bring
about greater price stabilization. Such an institution
should, however," he said, "have no voice in the determination of interest or discount rates and the tendency to make
such an institution a super-bank with centralized control
should be avoided." From the "United States Daily" we
quote in full Representative McFadden's address:
Independent banking in the United States universally prevailed until
1913 when the Federal Reserve Act became the law of the land. This Act
provided for the establishment of Federal Reserve Ranks and its purpose
was to provide an elastic currency to afford means of rediscounting commercial paper and to establish a more effective supervision of banking in
the United States. The passage of this Act marked the beginning of a new
epoch of centralization and control of credits.
It has been quite clearly defined and understood that the operation of
this system gave control to the management over the volume of credit
and the maintenance of the gold reserve. The establishment of the socalled decentralised system of banking for the United States resulted in
the creation of 12 independent institutions situated geographically so as to
serve best the interests of the whole country. Subsequent administrative
action has centralized control of these institutions through the creation of
the open markets committee and the exercise of the authority of the board
over discount rates.
Banking Institutions of New Types Developed.
During the 14 years of the development of this system, banking in various
forms has advanced to a remarkable degree, practically keeping apace with
a simuza industrial development in the country, and resulting in the or-




[VOL. 128.

ganization of many new kinds of banks amd financial institutions almost
wholly independent of the Federal Reserve system.
While the Federal Reserve system was of necessity organized and put into
operation with the National banking system as its foundation, many of the
larger State banking instutions have been permitted to join, thus placing
their assets, so far as their credits are concerned, under the control of the
management of the Federal Reserve system.
At the present time, inasmuch as their business is largely transacted
through the member banks as correspondents, all non-member State banking'institutions are after all practically under the domination of the system.
Along with this development in banking and finance has come a keener
sense of the realization of the art of industry and commerce pf the strength
that arises from the development of independent cash resources in industry. With the keen competition which has naturally developed, there
have come new opportunities for obtaining investment capital. This
has resulted in the more general practice of going directly to the public
for money, which is materially aided by the efficient management of issuing
houses, bringing forth classes of securities of more attractive types than the
public has heretofore known. Such securities usually represent a large
participation in the benefits to be derived from industry.
The development of these new classes of securities, coinciding with a
broader investment market, largely resulting from the Government's
campaign to popularize and sell Government securities, has been an invitation to the entire public to participate more freely in the benefits of the
securities market. The attractiveness of this new class of securities hasrelegated to the background the older classes of securities such as bonds
and preferred stocks, and their marketability has been greatly facilitated
by the tendency which is imbedded so deeply in the American people.
Foreign Securities Offered in America.
In this whirligig of investment activity has been injected a new opportunity, largely as a result of our changing from a debtor to a creditor nation,
namely,foreign investment securities. This development has been brought
about by the changed conditions here through the offering of these modern
types of securities to attract the public and amounts running into billions
of dollars are being yearly absorbed by American investors.
Now we have arrived at a point in this country where conversions, consolidations, and reorganizations are the supreme order of the day, and we find
practically all of our financial operations becoming departmentalized. A.
a result of this the facilities of banks and investment houses throughout
the country have been brought to the door-steps of their customers—the
people of the United States. The keen competition naturally following
this intense development has necessarily demanded new and modern
methods of salemanship, alike in manufacturing, commerce, industry.
banking, and in the distribution of investment securities.
More modern methods of purchase and sale have been provided with
which we are so familiar, until now one can buy his dank food, or a railroad, on the installment plan. The necessary credit to do this is made
available through modern financial developments such as installment houses,
investment trusts, and holding companies. This modern development has
been so rapid and so important that we have hardly had time to catch our
breath and appraise the meaning of it, until now we are brought face to
face with a situation that demands our serious consideration. This unprecedented development of natural resources through the expansion of
industry and commerce, which has made necessary a corresponding expansion in our financial system along the lines indicated, has brought squarely before us a situation which compels a careful analysis.
In proceeding with an analysis of the situation we must consider that
there has been established in New York the most modern institution for
the absorption of idle money and credit that was ever conceived, namely,
the call-loan market. Here, at all times, and at varying rates, desirable
and sound loans are obtainable.
Borrowers and lenders are brought together on a basis of equality; where
rates of interest and terms of security are discussed free from all the ordinary bargaining and bartering of old; where the terms and rates are
handled by a committee of impartial managers who take into consideration the supply of money as regulated by the reserve position of banks, and
the general supply of loanable funds throughout the country, and their
natural desire to make full use of their lending power right up to the limit
set by their reserve requirements, which bears no relation whatsoever to
stock market needs.
The only impediment to this class of loans is that under the law such
loans are not eligible for rediscount with the Federal Reserve Banks. This
market is always open to the money-lenders and qualified borrowers of this
country and the world, and the effect of these operations is a material
factor to-day in world affairs.
In addition to the call loan market development, there have developed
refinements and organizations sufficient to cope with modern investment
demands and opportunites together with distribution facilities such as
never before have been available anywhere in the world. The easy operation
of these substantial institutions is made possible through the greater assurance of attractive return on capital investment, and upon this more
substantial basis these houses through the use of modern underwriting methods obtain large amounts of credit by loans negotiated through existing banks, investment and stock exchange distributing houses. These
accommodations are used to promote gradual distribution of the securities
to the general investing public.
When considering the modern development of the investment banking
business, we should not overlook the fact that by the opportunities offered
for a profit and by recent amendment to the banking laws more banks
than ever before are now engaged in many of the functions being carried
on by investment houses, thus strengthening the position of industry',
commerce,and the railroads in securing easy access to capital as well as commercial credit, all of which has tended to make for more independent
business in the United States.
Refinements Made in Stock Transactions.
As an integral part of the development of commercial and investment
banking and the now available call loan facilities, is the development and
conduct of the New York Stock Exchange,and, to a lesser degree, the other
important exchanges in the United States. It must be noted, that during
this industrial and financial development great refinements in stock exchange transactions have been made, and the opportunities presented by
this great market place have been extended and made available to practically
every person in the United States, so that the daily transactions have increased tenfold.
This has been made possible not only because of the development of the
wider operations, but because of the increasing value in &man and the
number of securities listed and traded in this market including certain
foreign, government, state, municipal, and industrial securities and is a
natural sequence of the centering of the world's financial power in New
York.
It is quite natural that the ebb and flow of all such foreign and domestie
securities would leave in the hands of the distributors and financial institutions located in close proximity to this central market a varying quantity of
securities awaiting redistribution which, without a doubt, at times causes

MAR. 23 1929.]

FINANCIAL CHRONICLE

expansion in brokers' loans and increased borrowings at Federal Reserve
Banks.
New York has become the reservoir into which flow the surplus securities.
ultimately to be redistributed to the public. The money and credit to do
this are obtained through brokerage and investment houses and banks.
which at times make use of Federal reserve credit.
The importance of maintaining such an open market is apparent, and,
whether or not we may agree as to the varying values and prices of these
securities, we can all readily understand that this market. as,now operating,
is an integral part of our whole industrial and financial structure.
It is of particular importance that we recognize the changed tupe of the
large member banks Is New York and in the other reserve cities where
financial operations are now centered. The organization of credits, the
management thereof and the use of credits and facilities by these large
member banks, in these important centers, have caused a readjustment
of the entire operation of these institutions in order to meet the demands
which are either directly or indirectly affected by the changed conditions.
Therefore, in order to meet the demands for the maintenance of such a
call loan market and in support of the great market provided through the
stock exchanges, and because of the change in trend of financial operations
during this development, these banks have resolved their assests into a
type of security that is more readily self-liquidating, or a great portion of
the assets are readily available to be used in obtaining credit from Federal
Reserve banks.
The management of reserve member banks in market centers llke New
York realize the responsibility resting upon them in keeping their assets
in a liquid condition because they understand that their institutions are
semi-reserve in character and that it is their responsibility to meet any
emergency withdrawal that might be made, particularly as regards immediate demands of the call loan market, or through their regular customers,
the investment and commereial houses.
For instance, the banks of New York are aware of their responsibilities in
case of a sudden withdrawal of any or all of the entire volume of brokers'
loans. These loans are construed by the New York banks much In the
same manner as are their demand deposits and practically the same calculations in the way of reserves have to be taken into consideration.
Business has become so financially independent of late that it no longer
relies on the rediscount privileges that were made available to it through
the creation and operation of the Federal Reserve System.
The development of a bankers, acceptance market in lieu of a real bill
market is facilitating trade relations throughout the world, and it Is interesting to note that this acceptance market is largely with the 12 Reserve
Banks. If it is to continue to serve these needs successfully, this acceptance
business should be carried on by banks directly, and recourse to the Federal
Reserve banks should be only in emergency, much the same manner as the
London bill market now operates.
The increasing UBO of investment securities in the Federal Reserve system
is causing considerable concern. The Secretary of the Treasury in his
annual reports has repeatedly called attention to this increasing tendency
on the theory that the development seemed to be absorbing an undue
amount of the liquid assets of the system. It would seem to me, however,
that some of the danger in this situation Is modified by the maintenance
of an active and Increasing market and the quick turn-over of this class
of securities. Marketability in this instance must be considered as a factor
in the liquidity of assets.
In times of normal operations there is supposed to be sufficient capital
and credit without resort to the use of surplus reserve credit through the
Federal Reserve system. It frequently occurs, however, due to some
unusual development such as foreign loans or internal operations that may
absorb a greater amount of capital and credit than is available through
regular banking channels, that relief must be sought through the Federal
Reserve credit reservoir.
It is under those circumstances that the Federal Reserve policy becomes
important to our financial situation. It is likewise true that the general
public then become interested in the competent management of the central
control of the credit system.
All of the power that is necessary to manage this system properly has. I
believe, been written into the law. It becomes, therefore, readily apparent
that the success or failure of the system depends entirely upon the management.
The only power that is vested by law in the administration that affects
the general price level is the authority to fix the price for money or credit—
the discount rate, the authority to deal in the open market, and the additional power of publicity.
Great responsibility rests upon the administration of these three functions because they exercise an effect on the domestic and foreign price
levels. Therefore, throughthe use of these powers the Federal Reserve
Board substantially controls the destinies of the nation's business, industry
and trade.
The maintenance of the gold reserve and supervision over the total
volume of credit is a man's job, and the observation and discussion that
is now taking place throughout the country, and throughout the world
for that matter, is bringing home to the people the importance of having
the best minds that are available in charge of this mighty structure, which
is undoubtedly tie most potential influence operating in the world to-day.
Co-operation Established By Central Banks.
The prominent position into which tho world war forced this country
economically and financially has developed an improved leadership. This
financial leadership has resulted in a close working agreement with the
central banks of the major countries of the world in the necessary managemoue...3f the world's gold reserves, which has resulted in a deference to our
banking authorities principally because of the fact that our Federal Reserve
system is now custodian of over 40% of the world's available gold reserves.
The change from a debtor to a creditor nation has necessarily broadened
our vision concerning the management of our economic and financial affairs.
This co-operation with the central banks of issue Is undoubtedly developing,
and in conjunction with conferences now taking place In connection with
foreign debt and reparation settlements, the idea of an international bank
has been suggested.
Primarily such a bank would be used in connection with the debt settlemanta and payments incidental thereto, and also to effect international
adjustments incidental to Government as well as trade and financial transactions. If established, such a bank should ultimately lead to a central
mobilization or earmarking control of the world's entire gold reserves and
possibly its management.
The development of this idea has no doubt proceeded through the observance of the successful operation of the gold settlement fund of the
Federal Reserve system. The intimation of such an international plan
is of great magnitude and importance to the whole world.
If properly safeguarded, such an institution should be of inestimable
value to this country and to the world. It should bring about economy
In the use and transportation of gold. It should bring about a better
equilibrium between countries. It should be a great facility in the settle-




1837

ment of international accounts in differences and should tend to lessen
the consequences of errors in financial policies.
It should be a great shock absorber and enable central bank managements
to bring about greater price stabilization. Such an institution should,
however, have no voice in the determination of interest or discount rates,
and the tendency to make such an institution a super-bank with centralized
control should be avoided.
In conclusion. may I emphasize that it Is not the function of the Federal
Reserve system to become involved in the control of speculation, but that
its principal function is to maintain a proper gold reserve and to adjust
the volume of currency and credit to meet the actual needs of business.
industry, trade and commerce.

E. C. Stokes of Trenton Would Have Federal Reserve
System "Keep Its Hands off Speculative Field"
and Reduce Its Discount Rate—Would Apply
Restrictions to Foreign Loans.
According to E. C. Stokes, Chairman of the Board of the
First Mechanics National Bank of Trenton, "no one has
yet proved that the credit resources of this country are perverted to any appreciable extent from their true object for
the purpose of creating a gambler's paradise." Speaking
before the Economic Club in New York on March 18, Mr.
Stokes maintained that "the Federal Reserve System was
created to stabalize credit and make it easier and cheaper
for the legitimate borrower." Mr. Stokes argued "the average man of the country feels that the real object of the
Federal Reserve System was to furnish credit at reasonable
rates for business purposes, and when the Federal Reserve
System steps beyond this well recognized function and attempts to use its power to regulate OT control speculation.
either for or against, either up or down, it is in the position
of a minister who leaves the pulpit to referee a prizefight.
It means well but it is out of its sphere and is exercising
ultra-vires powers in a field where it is bound to fail." In
the course of his remarks Mr. Stokes said:
If a banker loans $100,000 to United States Steel directly, he receives
applause, but if he loans $100,000 on the stock of the United States Steel
that has been issued to pay debts or furnish credit to that Company he
gets the stop signal.
The natural result of such discriminating policy will he this: Am I
now a prophet—just as investment trusts have grown up, there will be
formed in this city one or more of what might be termed collateral loan
corporations free from the supervision of the National Banking authorities
who will make a practice of loaning on call to brokers at attractive rates
and divert deposits from banks and become serious competitors to the
banking institutions. Unless a policy of lower call loan rates is adopted,
the Federal Reserve System will build up a competitor that will seriously
impair its usefulness, make futile its policy and injure the member banks.
The remedy ? Very simple. Let the Federal Reserve System keep its
hands off the speculative field, keep within its real province of furnishing
credit to member banks, reduce its discount rates to at least 4%% in
states where the legal rate is 65). Interest rates will fall and money will
naturally flow back as available deposits in the banking institutions of
the country.
Why make an attack solely on brokers' loans? Why make the brokers
the scapegoat for dearth of credit when the real cause is the tremendous
loans abroad? When interest rates are higher in the creditor nation of the
world than elsewhere, somebody is artifically rigging the money market
and somebody in this country is trying to stop the flow of geld that is
naturally ours according to the laws of trade.
We are loaning abroad today for the benefit of foreign agriculture,
water power, public utility, industry, public improvements, enormous sums
of money which make insignificant the little increase in brokers' loans.
Our loans of this character take credit from our own people, but the
Federal Reserve Board utters no protest.

We give herewith his speech in its entirety—the speech
of Mr. Stokes—formerly Governor of New Jersey:
A distinguished feature of America's financial system is its independent
individual banks, locally owned and locally controlled and locally managed,
in marked contrast to the European System of oentralized banking. America
has over twenty-six thousand of such banks each a local institution, while
Great Britain has only twenty-three banks with hundreds of branches, and
France only nineteen banks with numerous branches. Under this American system of individual finance our country has reached the highest degree
of prosperity the world has ever known and its people have comforts and
luxury beyond the dreams of other lands. Se well conducted have been
the American banks that since the inauguration of the National Banking
System the loss to depositors has averaged less than 114% per year.
Bankers who can show such a record of liminess ability and such safety
in handling other people's money have proven their capacity to allocate
credit and their right to handle their own business and they are entitled
to the respect and co-operation of the government authorities instead of
public admonition and public criticism, as though they were guilty of
some unethical practice.
I have the most profound respect for the members of the Federal Reserve
Board. I have profound confidence in their sincerity, integrity, good
faith, ability and courtesy, but they are human beings and they can err.
The powers of the President and Congress are limited and circumscribe.
The powers of the Federal Reserve Board are without veto and with little
check and they may assume powers at times beyond their province. Our
forefathers who devised a government of checks and balances would be
shocked by the powers placed in this body. Its responsibility, therefore.
is measured by its possible capacity to do harm. If a member bank makes a
mistake, it may injure a few individuals or perhaps part of a community.
When the Federal Reserve Board makes a mistake, it injures the whole
country and creates chaos, doubt and lack of confidence in our industrial
and business circles.
An illustration is the drastic deflation policy of 1920, a policy which
Cassels, the greatest financier of the world, according to Lloyd George,
twice adviser to the League of Nations on financial matters, declared was

1838

FINANCIAL CHRONICLE

artificial, a policy which drew forth the protest of the then Comptroller of
the Currency, a policy which causes a drop in prices in six months as great
as they fell in six years after the Civil War,a policy which caused shrinkage
In inventory values, failure of manufacturers and merchants and loss to
banks, and brought distress to the American farmer until there was created
the farm problem not yet solved by American statesmen, a policy that by
raising discount rates to 5% caused the decline in Liberty Bonds to 82 and a
loss to thousands of patriotic investors. The policy of no one bank could
have had this widespread effect. The attitude of the Federal Reserve
Board,therefore,is freighted with such serious consequences that a Coolidgelike caution is most necessary.
The progress of America is due to individual freedom unfettered by
governmental paternalism. Whenever the Government interfere in
business in any form of activity, business suffers. As President Hoover
said in his inaugural, "Progress is born of co-operation in the community
not of government restriction. The government should assist and encourage these movements of collective self help by itself co-operating with
them." That is just as true in banking as in other fields. The paternalistic interference of the governmental authority in business, financial,
industrial or public utility, is un-American and is based upon two assumptions, first, that the American people, though the most successful in the
world are incapable of self direction or of managing their own affairs, and
second.that when you pick a halfdozen or more ofthese same incapable people
out of the masses and place them in official positions, they somehow become
&anointed with superior foresight or superior capacity to tell you how you
can run your own affairs. Both of these assumptions are false. The
American people can manage their own business better than any official
authority can tell them.
One more suggestion as to the proper relations between the Government
and the sovereign people who own the government. The officers of the
Federal Reserve System are the officials of the member banks and not their
masters. The member banks own the stock and constitute almost the sole
depositors of the Federal System. They therefore have some rights and
are entitled to the co-operation of their public officials rather than public
scolding and public criticism. I do not doubt the right of anyone, official
or otherwise to give advice, advice is always welcomed by the intelligent.
but I doubt the right of anyone, official or otherwise, except its own directors, to tell a member bank how to dispose of its credits, so long as that
member bank is managed in accordance with the law. Private advice is
always welcomed by any banker but public warnings to the whole banking
system of the Republic is frought with danger and disturbs public confidence.
The Federal Reserve System was created to stabilize credit and make
it easier and cheaper for the legitimate borrower. President Wilson said at
Its inception that it was panic proof, that high interest rates would no longer
prevail and that no banker in the future need tell a legitimate borrower that
he had no money to loan because he could borrow of his Federal Reserve
Bank and thus obtain the required credit. This prophecy has not been
realized. Has the functioning of the System gone astray? Under at least
the implied object of the charters of the Federal Reserve Banks their right
to charge a discount rate beyond that which enables a member bank to loan
to its customers at the legal rate without loss is open to serious challenge.
The cost of operation of the average member bank is, at least, 1.35% and
if the rediscount rate is 5%,the money which it loans to its customer costs
It 6.35%. The member bank thus is loaning at a loss and the chief object
for which the Federal Reserve System was created, namely, to furnish
credit for legitimate borrowers is made impracticable. I do not think that
the Federal Reserve Banks are within their implied charter rights when
they raise the discount rate above 434% in states where the legal rate is 6%.
If the Federal Reserve System can not keep interest rates low and credit
cheap, it is of no use to the member banks or the country and it has confessed its failure to perform the function for which it was created. Its
usefulness is over. The average man of the country feels that the real
object of the Federal Reserve System was to furnish credit at reasonable
rates for business pruposes and when the Federal Reserve System steps
beyond this well-recognized function and attempts to use its power to
regulate or control speculation, either for or against, either up or down,it is
in the position of a minister who leaves the pulpit to referee a prizefight.
It means well but it is out of its sphere and is exercising ultra-vires powers
In a field where it is bound to fail.
I don't exactly know what speculation is. A man who buys knowing the
worth of what he is buying better than the rest of the world is not a speculator. He is an exponent of businesslike foresight. The many who buys on a
guess may be a speculator. I think Columbus was a speculator when he
sailed an unknown ocean to find India. Washington was a speculator when
under the historic elm on the Watertown Road to Cambridge, he took command of the Armies of Liberty. I think Hoover was a speculator when he
ran against Smith. I think the farmer is a speculator when he plants seeds
In the spring and takes the hazard of the rain and the storm and drought
and insects. I think Franklin was a speculator when he toyed with the
lightning. I think Edison was a speculator when he experimented with the
electric light. Captain Fried was a speculator when he saved the crew of
The merchantfis a speculator when he orders his goods
the Antinoe.
In the spring for sale in the fall and the manufacturer is a speculator when
he buys his raw materiaLs on the hazard of a price. All life is speculation.
When speculative activity ceases, progress stops and the world dies. Moreover, who are these speculators? They are not criminals. They are the
sovereign American people, as sovereign and as responsible as you or me.
Burke said you couldn't indict a whole nation. No more can you successfully indict this tendency of the dynamic American populace especially
when they see C.& 0.earning 824. B.& 0.and American T.& T. earning
over $12. per share per year and Dupont and General Motors,earning more,
trade 8% above normal, motor output 50% more than this time last year,
employment constantly increasing and 900 representative industries earning
14% net more than the previous year. This country is marching on and all
attempts to prevent the intelligent masses from keeping step to the music
of its progress and buying a partnership in its prosperity, are beyond the
province of government authority and bound to fail like old King Canute's
attempt to brush back the rising tides of the sea. During the war the
government taught us to save and invest. Now, when good prospects lie
all about us, as Secretary Mellon says, we are told alike by those in and out
of authority, to stop, sit on the fence and watch the prosperity procession
go by.
Human nature and the custom of years cannot be changed by a banking
edict. Stocks will continue their upward swing so long as earnings warrant
or until the strong ones see fit to shake out the weak, then stocks will recede until the strong ODIN buy them back when they will again advance.
This merry-go-round will go on in the future as in the past. The centralized banking authorities may make easier the shake out of the weak ones
but they cannot set aside the law of events. I often wonder why these
financial reformers are never on the bull side of the market. Apparently
they never are. Prosperity freightens them. They seem to think It wrong
to speculate upwards but all right to speculate downwards.
A recentstatement of the Federal Reserve Board of February 7th contained
the charged by innuendo if not directly that the banks were diverting their
credit resources from legitimate business to speculative purposes. I do not




[VOL. 128.

agree with this assertion in the slightest. I know of one bank that has
never refused the legitimate needs of its borrowers, that regards loans for
business needs as its paramount care and duty and never refuses any
borrower his business requirements in order to make call loans on Wall St.
I believe that 99% of the bankers of this country pursue the same patriotic
course. I know of one bank that if it had the money out oil Wall St.
on call and if any farmer, or business man or manufacturer, asked for a
loan within the limits of safety and warrant of his credit, that bank would
withdraw that much money from call in New York at high rates and loan
It to its community patrons at not exceeding 6% and I am sure that 99%
of the banks of this country pursue the same course. Any insinuation to
the contrary from any source whatsoever is an unjust charge against the
American banker who will do his duty to his fellow men and his country.
without being scolded for something he does not do. The banker after
taking care of all the legitimate demands has a right to loan his surplus on
call. Indeed, that is a duty he owes his bank in order to maintain a liquid
reserve, a policy the Comptroller of the Currency has always advised.
It is certainly true that only a small number of people out of the hundred
millions of citizens engage in speculation. It is certainly true that only
a few banks, if any, divert their credit resources from legitimate purposes
to speculative fields. Why then scold the whole American public and
the whole American banking system because of a guilty few?
According to this policy, if the Government banking authorities were
school teachers and two boys were unruly they would spank the whole
school.
No one has yet proved that the credit resources of this country are
perverted to any appreciable extent from their true object for the purpose
of creating a gamblers' paradise. This demurrer cannot be made too
emphatic. Last year before the Banking Insurance Committee of Congress. Professor Sprauge of the Banking Department of Harvard University
said, "I do not believe that any part of the country is suffering from a
dearth of banking credit because of brokers' loans."
The policy of raising the rediscount rate in order to atop speculation
is a wrongful and ineffective remedy and is based upon the theory that
the millions of innocents should be punished for the sins of the few. If
a young inexperienced patron of my bank is branching out too much in
the speculative field. I quietly call him to my desk and kindly tell him
that he has reached his limit, but I don't raise the rate of interest on every
other borrower of our institution. Raising the rediscount rates to stop
speculation invites money into Wall Street. It does more. It impairs
the value of the securities of every innocent investor In the country, reduces
the value of Government bonds, impairs the surplus of every holding
bank and individual, and makes Government financing more expensive
for the taxpayer, makes credit dearer for every farmer, manufacturer,
merchant builder or contractor who never speculated in their lives, checks
business activity and penalizes the whole country—all this for the sole
Purpose of stopping speculation and it doesn't stop it at all. That goes
merrily on.
The raising of the rediscount rates works an unfair hardship on the
member banks. It is one of the responsible factors for the high interest
rates with the result that depositors withdraw their deposits in order to
loan at usurious rates on Wall Street, to the extent of $1,300,000 in one
bank alone that I know of. Many of the banks of the country can testify
to the same sad experience, and then these banks are compelled to force
Immediate payment on the part of their legitimate borrowers to the latters'
discomfort and loss or borrow themselves to full up the void at high rates.
The consequence is, the member banks are losing deposits at one end
and compelled to borrow at high rates at the other end and we are supPosed to smile. In the meantime individuals and corporations have taken
control of the money market and have become the real bankers until
this class of call loans according to the best figures I have, now exceeds
In amount those of the banks. Such a policy has defeated its own ends.
It is a reductio ad absurdum. It is creating irresponsibility if not anarchy
In our financial system.
Another aspect of the present situation hedges around the amount
of brokers' loans. So much inaccurate propaganda has been spread about
this phase of commercial activity that it has become the bogey man in
American finance. Congressman McFadden said, "I do not know, nor
do I believe, there is anyone in these United States who can correctly
state whether or not brokers' loans are too high or too low. An intelligent
Answer to this question requires full knowledge as to what use the proceeds of brokers' loans are ultimately put." A whole sermon lies in
that phrase."the use to which the brokers'loans are put." and yet members
of Congress, newspapers and Government officials are condeminng brokers'
loans without a knowledge of their merits or a knowledge of their function.
It is like condemning an insectivorous bird because he is too big, although
he may save the lawns and the trees.
A decrease or an increase in brokers' loans is not necessarily evidence
of an increase or decrease in speculation. The brokers' loans may contain
a large amount of industrial securities for industrial credit, as they do.
They may contain a large amount of securities for refunding purposes, as
they do. They may contain a large amount of foreign securities purchased
by banking houses for distribution in the American market, the aggregate
of which has been tremendous in this country. They may contain securities for the account of individuals for Investment purposes to be paid upon
the installment plan, as they do. They may contain new issues of stock
by business corporations, a method of borrowing from the stockholders
Instead of banks, as witness the recent proposed issue of new stock by the
United States Steel.
All of these items are a part of the brokers' investment loans and none
of them are speculative in character.
In the city of Trenton. a well-established industrial enterprise issued a
million dollars worth of bonds to modernize its plants. That went Into
brokers'loans. Another one issued $2,500,000for credit uses in its business.
That went into brokers' loans, but it was just as much a legitimate credit
as though they had borrowed directly of the bank and it was not for speculation. Until the brokers' loans are honestly analyzed and all such items
deducted from the aggregate, no man has a right to say that there is overspeculation or criticize the American public and when he does, he is indulging
in the art of the Irish woman who, when asked what she was talking about,
said: "And shine I'm just makin' conversation." There has certainly
been a vast deal of "makin' conversation" of late in this country on this
subject of so-called speculation and curtailment of credit for that purpose.
It is perfectly amazing to hear this loose talk about brokers' loans without any accurate knowledge of the character or purpose of those loans on
which to form an intelligent judgment. No banker would ever decide a
credit risk on any such inadequate information and yet this ephemeral
term has become so much a reality in American finance that it Is used as
the basis of threatened legislation of a banking policy and of general critiClain, although it would not for one moment be admitted as competent
testimony in any court of evidence.
The main cause of the increase of brokers' loans is the various issues of
new securities Every day one picks up the newspaper to read of an offering
of new securities for industrial or transportation or other development.
New listings on the exchange have doubled in four years. New issues are

MAR. 23 1929.]

FINANCIAL CHRONICLE

largely responsible for the increase in brokers' loans. Such increases
simply spell progress, but some financiers when they see them are seized
with growing pains. Brokers'loans created through new issues are onward
pioneers. They are building a new railroad here, a new electric plant
there, a new factory in another place, a water power in another place, a
new kind of farm equipment in another place, adding to the happiness
and comfort of our people, but the very minute these laudable activities
are called brokers' loans Washington shivers as though it was being pursued by Banquo's ghost.
A friend of mine defines a pessimist as a man who if you held up a doughnut sees only the hole and falls to see the cake. To-day these pessimists
see nothing but the aggregate of brokers' and investment loans. They
fail to realize that the banks have loaned the people of this country $59,000.000.000. compared with which the $2,000,000,000 increase in brokers'
loans is a small amount. They fail to see the ninety billions income of this
country, greater than the total wealth of Austria-Hungary and Germany
combined, greater than the total wealth of France of Great Britain. They
fall to realize the immense wealth of this country. $400,000,000,000, increasing by leaps and bounds. They fail to realize that compared to this
the increase in brokers' loans is microscopic. They look only at the sun
spots, but they never see the flood of the sunshine. Why, there aren't
enough brokers' loans in this country in comparison with its wealth and
income and demand for investment to affect its available commercial credit
to any appreciable degree. Remember what Professor Sprague said.
The Jeremiahs have failed to realize that most of the activity of the
day, religious, charitable, commercial, agricultural, industrial, transportation and power development is done in the form of corporate stocks. They
fail to understand that in 1922 the business corporations financed 9.2%
of their credit needs through corporate issues and in 1927 over 26% of their
credit transactions were consummated in that form and that practice is
growing more and more. The bankers of the country must learn that business is changing and that instead of loaning directly to business enterprises
to-day they loan to the stockholders who furnish these corporations with
credit.
If a banker loans $100,000 to United States Steel directly, he receives
applause, but if he loans $100,000 on the stock of the United States Steel
that has been issued to pay the debts or furnish credit to that Company,
he gets the stop signal.
The natural result of such a discriminating policy will be this: and I am
now a prophet—just as investment trusts have grown up, there will be
formed in this city one or more of what might be termed collateral loan
corporations free from the supervision of the National Banking authorities
who will make a practice of loaning on call to brokers at attractive rates
and divert deposits from banks and become serious competitors to the
banking institutions. Unless a policy of lower call loan rates is adopted,
the Federal Reserve System will build up a competitor that will seriously
impair its usefulness, make futile its policy and injure the member banks.
The remedy? Very simple. Let the Federal Reserve System keep its
hands off of the speculative field, keep within its real province of furnishing
credit to member banks, reduce its discount rates to at least 4%% in States
where the legal rate is 6%. Interest rates will fall and money will naturally
flow back as available deposits in the banking institutions of the country.
No man can afford to be other than fair. Brokers loans are not the
main users of our credit resources. The loans of the banks of the country
together with their investments amount to $59,000,000,000. The increase
in brokers' loans of $2,000,000,000 is small compared with this. It is
that one of the factors leading to dear credit is the tremendous amount of
loans we have made abroad, probably $15,000.000.000 by this time, which
does not include loans to Government and municipalities abroad. How
Insignificant the brokers' loam compared to this. Why lay all the blame
upon the shoulders of the American broker and not upon the loans in
foreign fields? President Coolidge said in his Armistice Day speech,
"There is little reason for sending capital abroad while rates for money
In London and Paris are 4 and 5% while ours are higher. The needs
of our own people require that any further advances by us must have
most careful consideration." Why doesn't Federal Reserve Board say
something about this? Several years ago, President Hoover,then Secretary
of Commerce called attention to the fact that our liberal loans to foreign
lands not only established competing industries with America but enabled
other countries to hold, maintain and raise prices on raw materials that
were needed by American manufacturers for production here. Why not
apply the Stop, Look and Listen policy to foreign loans as Hoover suggests?
Why make an attack solely on brokers' loans? Why make the brokers the
scapegoat for dearth of credit when the real cause is the tremendous loans
abroad? When interest rates are higher in the creditor nation of the
world than elsewhere, somebody Is artificially rigging the money market
and somebody in this country is trying to stop the flow of gold that is
naturally ours according to the laws of trade.
We are loaning abroad to-day for the benefit of foreign agriculture,
water power, public utility, industry, public improvements, enormous
sums of money which make insignificant the little increase in brokers'
loans. Our loans of this character take credit from our own people but the
Federal Reserve Board utters no protest.
But when we loan money here for agriculture, or industry like United
States Steel, for water power, public utilities, for the development of a
State like Alabama and its natural resources and these activities take
the form of corporations, as they do, and get into brokers' loans then the
country is taught to be horribly shocked as though speculation were supplanting commercial credit.
It is apparently all right to loan our credit abroad but apparently wrong to
use it for exactly the same purpose in America.
Let us not deceive ourselves. The student of civilization fully understands the significance of this so-called credit controversy. It is not
a present day evil. It is a syrupton of a struggle between two contending
forces of long centuries. As Abraham Lincoln put it, "There have always
been two forces contending since the beginning—one is the right of the
Individual to carve out his own destiny and the other the attempt of his
Government to control it." It is the outcropping of that old struggle of
centralized power to manage local affairs. I am not a critic. I am a philosopher. Give a man power and he will exercise it. If you and I were
members of the Federal Reserve Board, we would probably do as they
are doing and in good faith, but we would unwittingly be the agents of
those silent, unseen forces, which despite the tumult of debate, move on
in their majesty and their might—the forces of Centralized authority attempting to control individual freedom and supplant local autonomy.
I thought we had decided this issue when the Government gave up the
management of the railroads after the war but the battle never ends.
The Federal Reserve System was adopted after long discussion and
debate. Its object was made perfectly clear to the lowliest. It was to coordinate the activities of 26,000 banks, mobilize their credit resources and
marshall them constructively for the nation's business. But it was never
Intended that it should become the ring master of the stock exchange.
These two functions are incompatible. You cannot raise the interest
rates upon the broker without raising them in every other field of activity.
If the American banking system is to be made the regulator of the stock




1839

exchange and curtail its activities by high interest rates, then for every
merchant, for every manufacturer, for every business man, for every
farmer, for every promoter, or pioneer throughout the length and breadth
of the land, it will make dearer the necessary capital without which America
cannot onward move.
You have these two alternative courses. "Choose ye this day whom
ye will serve."

F. H. Sisson Says Underlying Danger in Stock Market
is of Serious Concern to Business Men—Outlook
for Future of Bond Market Good.
Francis H. Sisson, Vice-President of the Guaranty Trust
Co. of New York, in an address delivered on March 21, at
a luncheon of the Junior Board of Trade at the Block Hall
Club, 23 So. William St., this city, noted that "the underlying danger in a stock market that has advanced prices of
many issues merely on future expectations, with little or no
regard for present or past yields, is becoming of serious concern to business men throughout the country." Mr. Sisson
observed that "broker's loans have not been seriously reduced," and he added,"until there is a substantial reduction
in that item, the Reserve Board will in all probability continue to regard a rising stock market as a menace to the industrial stability of the country." Among other things, Mr.
Sisson stated that "although the high rates on the call money
market and the possible profits to be derived from speculation in securities have made the stable yields of bonds seem
comparatively unattractive, the outlook for the future of
the bond market is good!' His remarks follow:
The recent definite commitment of the Federal Reserve Board regarding
Its attitude toward the high level of brokers' loans, and the general realization that the commitment came only after several years of patient attempts
on the part of the Reserve banks so to influence credit facilities that the
industrial needs of the country might best be accommodated, seem to have
impressed most sections of the financial community with the fact that the
unprecedented flow of bank credit into the stock market must eventually
submit to a correction. With the possibility of a lowering of the speculative
fever thus brought into greater prominence, much attention is being given
to the probable effects that such a reduction in credit absorbed by stock
market speculation might have on the demand for bonds.
In view of the fact that in recent years the investing public in general has
disregarded the comparatively low-interest-bearing bonds and that a great
popularity has grown up for equity shares, justified to some extent by the
period of industrial expansion in this country since 1920, it is impossible
to isolate a discussion of the bond market from a consideration of the factors
influencing the high level of stock prices.
Since 1921 there has been a steady rise in the general trend of stock prices.
It was thought by many that the high level of prices last November would
mark the peak of the present bull market; but, after the reaction in early
December,succeeding weeks saw a further advance of prices in the face ofan
unusually tight money situation. Confidence had not been shaken by the
reaction in December; and it was argued that industrial activity during
1928 was unparalleled in the history of the country, that despite the high
money rates there were adequate funds available or industrial purposes,
and that the higher cost of money would have little adverse erect on business
In view of the high level of production and consumption and the correspondingly increased profits. Stocks continued to be bought in large volume,
at prices that in many instances are sufficiently high to make the yields
lower than those of high-grade bonds.
The underlying danger ins stock market that has advanced prices of many
Issues merely on future expectations, with little or no regard for present or
past yields, is becoming of serious concern to business men throughout the
country. Much criticism has been directed at the Federal Rrserve banks
for permitting a credit inflation such as to precipitate a market condition
that threatens the stability of American industry; but the delicate adjustment between Federal Reserve policy, the stability of industry, and the
flow of gold is such that the Reserve banks have been forced to proceed
With the utmost caution.
However,a number of developments in the last few weeks have placed the
whole situation in a new light. First, the Federal Reserve Bank of New
York came out in open disapproval of the large and increasing volume of
loans by corporations and individuals in the call money market. This
statement was followed by the publication of a letter sent by the Federal
Reserve Board to the twelve Reserve banks in which it was stated "that
conditions are arising which obstruct the Federal Reserve banks in the
effective discharge of their function of so managing the credit facilities of
the Federal Reserve systems as to accommodate commerce and business,"
and that "the use, either directly or indirectly, of Federal Reserve credit
facilities in aid of the growth of speculative credit" should be restrained.
On the same date that this statement was published. Feb. 7, it was announced that the Bank of England had advanced its discount rate by a full
point.
These simultaneous announcements were followed by general weakness
in the market; but there have since been reactions of sufficient strength
to indicate that there is to be no immediate recognition of the warning.
It was believed by many that the warning by the Federal Reserve Board
would be followed by an advance in the rediscount rate at New York; but
the advisability ofsuch a step at this time has been widely questioned. The
two major considerations influencing the opposition to an advance in the
rate are: first,. the increased burden that would be placed upon industry;
and, second, the stimulation it would provide for the importation of gold.
Instead, the Reserve banks have continued the reduction of their holdings
of Government securities and acceptances, and the total reduction in these
two items since the beginning of the year amounts to approximately $260,000,000.
Fortunately, the member banks are in accord with the attitude of the
Federal Reserve banks. Member banks throughout the country are exerting
a more careful vigilance over their funds loaned on the call money market,
and it is expected that a conservative banking policy regarding call loans
by these institutions will go a long way in correcting the credit situation.
Certainly, this is the most desirable method of bringing about a corrective
Influence; and it is generally admitted that any procedure which will permit
the situation to work itself out through natural channels is more to be desired by American business than drastic action on the part of the Reserve
authorities. Even the security brokers have co-operated with the banking
authorities to a greater extent than is generally realized. By increasing

1840

FINANCIAL CHRONICLE

their margin requirements and otherwise discouraging excessive speculative
enthusiasm they have undoubtedly helped to prevent the use of credit In
the stock market from reaching greater proportions than it has.
It remains true, however, that brokers' loans have not been materially
reduced, and, until there is a substantial reduction in this item, the Reserve
Board will in all probability continue to regard a rising stock market as a
menace to the industrial stability of the country. Any forecast as to future
conditions in the money market must take account of the fact that the
Reserve authorities have by no means exhausted the methods that might
be employed to bring about the correction of what is generally admitted
to be a serious threat to the welfare of the country.
With reasonable assurance of a less stringent credit market in the future
—and certainly there is more reason to support this view than there was at
the close of 1928—the demand for fixed-interest-bearing securities will
undoubtedly be stimulated. It would be idle to deny that the tremendous
and widespread speculation in stocks has completely overshadowed the
bond market. There has been a tendency on the part of a large number
of investors to overlook entirely the enduring merits of bonds as an investment medium. This neglect of bonds values is illustrated by the fact that
convertible bond Issues, or those carrying warrants, have accounted for any
substantial activity in listed bonds during the last few months. The volume
of trading in listed bonds has continued small, indicating that the decline
in prices has been progressing without any apparent great pressure of sales.
During the last year many of the large bond houses, which previously dealt
exclusively in bonds, have turned their resources and facilities to underwriting and selling both preferred and common stocks. It is also significant
that investment corporations have been receiving a large share of the newly
invested funds, indicating the willingness of a large body of investors to
place funds unreservedly under centralized direction for more or less speculative investment.
Although the high rates on the call money market and the possible
profits to be derived from speculation in securities have made the stable
yields of bonds seem comparatively unattractive, the outlook for the future
of the bond market is good. With an easing of credit and an ebbing of speculative fervor, many factors that have contributed to the depression in the
bond market will be at least partially eliminated. One of the most encouraging is the anticipated withdrawal of funds that were placed on the call
money market by private corporations and individuals, for the bond market
has suffered not a little from the recently acquired practice of corporations
to place funds on call that formerly were invested in bonds either for sinking
fund purposes dr for direct investment. Another is that the enormous
amount of acceptances and Government securities sold in the open market
by the Federal Reserve banks in their attempts to regulate credit to the needs
of business have absorbed a large portion of the funds of lenders who are
willing to accept an income offered by a fixed Interest rate. When the need
of such a credit policy is wholly or pratially removed, a considerable volume
of the funds that have been used to purchase these open market offerings
will be directed to the bond market.
That the money outlook is encouraging is indicated to some degree by
the recent action of the Treasury Department. The offering of $500,000,000
in short-term bonds, as part of the March financing program has been withheld for about ten days in the hope that conditions in the money market
will make It possible to dispose of the issue on more favorable terms.
It is also believed that there will be a large volume of foreign bonds sold
In this country during 1929, and, although the yields on foreign securities
are gradually declining as a result of a strengthening of the credit standing
of many foreign countries. It is expected that a renewal of the demand for
bonds in general will easily absorb a large supply of these foreign bonds.
From the long-range point of view, the outlook for bonds is even more
clearly favorable. High corporate earnings, the accumulation of a large
volume of savings, satisfactory production records, the sound condition of
industry, and the high amount of domestic financing give undeniable
evidence of the accumulation of wealth in this country. Despite the curtailment of bond offerings in the last six months,an enormous total offunded
obligations has been distributed during the year. The financial condition
of an impressive number of companies has been improved through replacement of high-coupon bonds with low-coupon issues and the enlargement of
stock equities. Stock quotations cannot continue their rapid advance
Indefinitely. Whether there is a severe recession or a mild one, or whether
values are established at approximately present levels, a large amount of
funds now engaged in pure speculation must ultimately be released. A
portion, at least, may be expected to seek investmtnt in the bond market.

David Friday Criticises Proposal of Senator Glass to Curb
Speculative Loans Through Increase in Reserve
Against Time Deposits—Says Such Legislation
Would Fail of Purpose.
David Friday, economist, in an article published in the
Bankers' Magazine,comments upon the proposal of Senator
Glass to curb speculation through an amendment to the
Federal Reserve Act increasing the reserve requirements
on time deposits from 3% to 5%. Mr. Friday in his
argument against the proposal of Mr. Glass, said in part:
One of the latest proposals for continuing brokers' loans comes in the
form of an amendment to the Federal Reserve Act as proposed by Senator
Carter Glass. The bill proposes to raise the reserve which a member bank
must keep behind time deposits to 5%;it is 3% at present. Then, to make
the reserve membership attractive enought to overcome the disadvantage
of this increase in reserve funds upon which the member banks receive
no interest, a second amendment proposes to raise the dividend rate on
the Federal Reserve stock which the members own. At present this
rate is fixed by law at 6%, the amendment proposes to continue this
proposed
6% as a cumulative dividend. After that has been met, it is
that an additional dividend shall be paid to the member banks equal
to one-half of the remaining earnings. This might be nothing, or it might
be an additional 6%.
The fulcrum of the plan is the raising of the reserve requirement from
3% to 5%. Such a change would at once increase the amount of the
reserve which the members would have to keep at the twelve Federal
Reserve Banks by $270,000,000 for time deposits now stand at 1335
billion dollars. If the Reserve Banks were adhering to their present
policy of refusing to purchase either additional acceptances or Govern
ment bonds, then the member banks would have no alternative except to
rediscount paper at the Reserve Banks to the amount required. If the
amendment had been enacted the first week in February and put into
°fleet at once, the bills discounted in the reserve statement on Thursday
afternoon, Feb. 7, would have stood at $1,120,000,000 and the total
amount of bank credit in use, as represented by total bills and securities,
would be $1,740,000,000.




[VoL. 128.

A Curious Way of Relieving Credit Situation.
This is a curious proposal, at a time when the Federal Reserve has expressed concern over the fact that the loss of $500,000,000 of gold and a
great and growing volume of speculative credit have produced some strain
in the money market which has reflected itself in advance of from 1 to
13i% in the cost of credit for commercial uses. In the mind of the board
the matter is one for grave concern, and an aggravation of these conditions
may be expected to have detrimental effects on business and may impair
Its future. Amending the Federal Reserve Act in such a manner as to
force larger rediscounts is a poor way of making credit conditions easier
for industry.
The reasoning behind this new proposal calls for critical examination.
According to Senator Glass the banks have manipulated their funds so
that money has been transferred from demand accounts to time accounts.
Their reason for doing this would be obvious. A bank must keep 7, 10 or
13% behind its demand deposits, according to its location. A country
bank has the lowest rate the banks in New York and Chicago the highest.
On these reserve deposits they receive no interest. Other things being
equal, a bank would rather have a time deposit than a demand deposit.
Within the last ten years these two groups of deposits have moved as
follows, for all member banks.
If one goes no further back in literature than the Federal Reserve Bulletin for December 1928, he learns that the interest paid on time deposits
averages 3 3-10%, while that paid on demand deposits is only 1.3%. This
difference is far too great to be explained by the greater reserve requirement for demand deposits. Even in New York and Chicago the excess
reserve requirement Is only 10% and if a bank secured the entire amount
by rediscounts at present rates its total additional expense would be onehalf of 1% on the deposits. Under such conditions it is difficult to see
why the banks should "manipulate" their funds in such manner as to
encourage time deposits. It will come as a surprise to many an individual
who has for years kept funds in the form of demand deposits, that the
banks are manipulating to take him out of the 1.3% class and put him
Into the 3.3% class.
The real reason for the growth of time deposits Is found in the competition of financial institutions against each other for funds. The competing
financial institutions include not merely banks, but other organizations,
such as building and loan associations. Anyone who has ever addressed
state banking associations in Ohio and Pennsylvania has had poured into
his car bitter complaints about the competition of building and loan associations. At the beginning of 1928 the assets of these organizations in
Ohio amounted to over a billion dollars. The total deposits of the banks
were two and a half billion and time deposits one and a half billion. In
New Jersey and Pennsylvania the operations of these building and loan
associations are likewise large. To hold their deposits, as against these
Institutions, the banks must bid up the rate of interest. Naturally they
do this on time deposits. If they refuse to do this, and try to hold these
as demand deposits at a low rate, the funds will simply go to the other
financial institutions.
Of the same order is the competition between member banks and the
mutual and stock savings banks. The importance of this competition is
clear the moment one examines the figures for two such important banking states as New York and Massachusetts. On June 30 1928, the deposits in mutual savings banks alone in these two states totaled $6,257,000,000. The average rate of interest paid on deposits was 4.17 in New
York and 4.71 in Massachusetts. Time deposits in member banks have
certain advantages over those in savings institutions. This advantage is
evidenced by the fact that member banks were able to hold their time
deposits with an average rate of only 3.3%. But they could not be held
with the rate of 1.3 which member banks average on their demand deposits.
Any marked lowering of time rates by member banks would shift the
great mass of these deposits, not Into the demand category, but into building and loan associations and into mutual and stock savings banks. Tho
member banks will continue to compete for their time deposits up to the
point at which the process becomes unprofitable.
A rise in reserve requirements from 3 to 5% would mean that the member
banks would have to keep two dollars more out of every one hundred dollars
with the Federal Reserve banks without Interest. At present they may
invest this two dollars in 5% bonds and receive ten cents interest upon it
or they may loan it in the stock exchange and receive somewhat more.
This difference in earnings amounts to one-tenth of 1% of the deposits.
Such a change could make only a very slight difference in the intensity
with which the banks would bid for time deposits. But as long as their
profits are still above 9% on capital and surplus, and are 1.38% on their
entire loans and investments, there is every reason to believe that the
banks would promptly absorb the loss of one-tenth of 1% in order to hold
their time deposits. For the year 1928 it would have made a difference of
only thirteen million dollars in the profits of all member banks. This
would have reduced the earnings on capital stock and surplus by threetenths of 1%. The futility of attempting to check the growth of time
deposits by this device should be apparent from these figures.
Since the change proposed by Senator Glass would lead to practically no
lowering in the rates paid on time deposits, it would certainly offer no
Inducement for any depositor to shift his funds into the demand category.
If they neither shifted them to Institutions such as savings banks and build.'
ing and loan associations nor changed them to demand deposits, there
would be no diminution of funds available to the banks for lending in the
speculative market or investing In securities. It would merely place upon
the member banks the burden of maintaining $270,000,000 of additional
reserve at the Federal Reserve banks. They would probably have to
secure these funds through rediscounts and would have to pay 5% for them:

U. S. Supreme Court Holds Retroact:ve Order Increasing Rates Paid to Railroads For Carrying Mails—
Decision Said To Involve Payment to Roads by
Treasury of $45,000,000.
For full text of this decision see page 1928.
Plans for Reorganization of City Trust Company
Under Name of Mutual Trust. Company—Payment
of Depositors Proposed Through New Institution.
Announcement of the filing of a notice of intention to
organize a new institution under the name of the Mutual
Trust Company to succeed to the business of the City
Trust Company of New York was made on March 18 by
Frank H. Warder, State Superintendent of Banks. Intimations of this move had been given on March 8, when it
was announcement at the offices in this city of the Banking

MAR. 23 1929.]

FINANCIAL CHRONICLE

1841

strongly manifested and was of great
Department, that a plan had been adopted for the organiza- interest in the depositors has been
assistance in consummating this plan."
tion of a new banking institution to take over the assets of
The closing of the City Trust Company was noted in our
of the City Trust, which was closed by the Banking Departof Feb. 16 page 1006. The statement issued on Mar.8
issue
ment Feb. 11, and assume in full the company's liabilities
of the State Banking Department, to
to depositors. According to the announcement of Mar. 18, at the local offices
above, follows:
made
is
reference
which
at
fixed
is
Company
the capital of the new Mutual Trust
State Superintendent of Banks Frank H. Warder stated that the efforts
$1,000,000 and it will have a surplus of $4,000,000, all cash, he has been making towards the reorganization of the affairs of the City
making a total capital and surplus of $5,000,000. The Trust Company have resulted in the adoption of a plan for the oragnizabank with $1,000,000 capital and $4,000,000 surplus and renames of those who signed the notice of intention and the lion of new
making a total of $5,000,000 to be paid in cash. Subscriptions
organization certificate and those will constitute the Board serves,
for this $5,000,000 are in hand and come as a result of the wholesome
co-operation of a large group of bankers and financiers. Under this plan
of Directors are:
James A. Delia. President of International Germanic Trust Co.,, and It is proposed that the depositors of the City Trust Company shall be paid
in full as promptly as the new bank can be organized and the necessarl
director of International Gernamic Co., Ltd.
legal formalities complied with.
Darwin R. James, President East River Savings Bank.
The proposal involves the new bank taking over all the assets of the City
Frank V. Baldwin, Vice-President of Empire Trust Company.
Ralph Jonas, Chairman Executive Committee The Goldman Sachs Trust Company, subject to their assuming the liabilities in full to the
depositors. This plan has been reviewed and approved by Louis GoldTrading Corporation.
stein as the representative of the depositors' committee.
Henry A. Mark, Vice-President, New York Investors Corp.
Frederick Powell, Depositors' Committee,
At the same time the following statement was issued on
George V. McLaughlin, President of Brooklyn Trust Company.
of Lieut.-Gov. Lehman:
behalf
0. Stanley Mitchell, Chairman of Board of Bank of U. S.
"Liet. Gov. Herbert. H. Lehman, after a conference with Superintendent
Sumner Ballard, President International Insurance Co.
of Banks Warder and a group of bankers and Acting District Attorney
H. Edmund Machold, Director Equitable Trust Co.
Louis Goldstein of Kings County, representing the Brooklyn City Trust
Simon H. Kugel, Chairman of Board of Municipal Bank.
Company depositors' protective committee,stated that he heartily approved
W. L. Schnaring, Vice-President of Central Union Trust Co.
Wilfred Kurth, Vice-President Home Fire Insurance Co.
of the plan as outlined in the statement made by the Superintendent of
Banks this day. He stated that he believed those responsible are entitled
Isaac Alpert), Vice-President Interstate Trust Co.
Arthur S. Somers, President. Fred L. Lavanburg & Co.
to thanks of not only of the depositors of the City Trust Company but of
John J. Lewis, Vice-President, Municipal Bank.
the entire community, and that on behalf of the Governor and himself he
pledged to lend ever effort to furrther the plan which provides for the
Over 95% of the subscriptions to the capital of the new payment of the depositors in full.
company comes from over 25 financial and banking institu- "Colonel Lehman expressed himself as particularly gratified, as this
will enable the State to maintain its excellent record whereby no depositor
tions and individuals connected with them. Among the In
any incorporated bank under the banking laws of the State of New
subscribers are:
York has lost a dollar of his deposit during the bat twelve years."
Bankers Trust Company,
Central Union Trust Company.
Commercial Investment Trust Company.
Equitable Trust Company.
Empire Trust Company.
Financial and Industrial Securities Corporation.
Guaranty Trust Company.
Bank of United States.
Bankers Corporation.
Interstate Trust Company.
International Germanic Company, Ltd.
Manhattan Financial Corporation.
Midtown Bank.
Manufacturers Trust Company.
Modern Investment and Loan Corporation.
Municipal Financial Corporation.
Municipal Bank and Trust Company.
New York Investors Corporation.
National American Securities Company.
Morris Plan Company.
Community Loan System Food Dealers Investment Company.
Union Financial Corporation.
Reliance Investment Company.
Credit Alliance Banking Corporation.
Astor Financial Corporation.
Times Square Trust Company.
American Union Bank.
Globe Exchange Bank.
Col. Joseph M. Hartfield.
George V. McLaughlin.

A statement on Mar. 18 regarding the plans for the
organization of the new institution said:
John J. Lewis, Vice-President of the Municipal Bank, in charge of the
Wall Street office, and formerly Vice-President of the Guaranty Trust
Company, will serve as the President and work out the details of the
organization.
The next step, after the completion of this organization, is to present
to the Supreme Court the plan, which has been worked out with the
Depositors' Committee and provides for full credit and payment to all
depositors immediately upon the opening of the new institution.
Mr. Warder expressed his appreciation to those who have worked out
this plan, and for the help and assistance which he has received from Louis
Goldstein, representative of the Depositors' Committee.
Frederick Powell. Chairman of the Depositors of the City Trust Company
Protective Association, who was present at the office of Mr. Warder,
Superintendent of Banks, at the time that the papers for the organization
ef the new banking institution were filed yesterday afternoon, expressed
his appreciation to those who worked out the plan, which constitutes an
absolute guaranty to the depositors to be paid in full immediately upon
the opening of the new institution.

Mr. Powell was quoted on Mar. 18, as saying:
"Acting on the suggestion of Louis Goldstein, Acting District-Attorney
of Brooklyn, representative of our Committee, my name was added to
the board of directors of the new banking institution, and the Committee
will use its best efforts to maintain and develop friendly and business
relations with this new bank.
"Our Committee regards the organization of this Trust Company as one
of the most progressive and constructive steps and is a source of complete
satisfaction to all of those interested in the City Trust Company. We
also believe that, with this capital and surplus of $5,000.000 and the outstanding men constituting the board of directors, this new Trust Company
should develop into one of the leading financial institutions in the City.
"For this constructive achievement, our Committee wishes to express
appreciation to Mr. Frank II. Warder, Superintendent of Banks, who
has worked tirelessly for this result, and to his counsel. Judge Jermiah T.
Mahoney aid Edward W. McMahon, and to Mr. Goldstein for the unselfish co-operation which he has given to out Committee and the constructive assistance he has given to the organizers of this new company
in working out this plan.
"We also appreciate the fine spirit of co-operation that we have from
Judge Frank X. Mancuso in connection with the matter. We especially
appreciate the co-operation given to this plan by Gov. Franklin D. Roosevelt and Col. H. H. Lehman, Lt. Gov .of the State o iNew York. Their




Frederick Powell, Chairman of the Brooklyn Depositors'
Protective committee, likewise issued a statement on March
8 stating:
The plan of reorganization outlined in Mr. Warder's statement and
put into effect through the conscientious effort of the Superintendent of
Banks, Mr. Warder, has met with our approval and we fully confirm
the entire plan which will remit in the payment in full to the depsoitors.
"The depositors of the City Trust Company gratefully appreciate the
commendable public-spirited stand of those gentlemen who have saved
many thousands of poor people from most deplorable and pitiable consequences. The spirit which actuated and prompted those gentlemen to
come to out assistance will always stand out as real service of the highest magnitude rendered to the community. To them we owe a debt of
gratitude and acknowledge the public service rendered by those gentlemen which will completely restore the confidence in our banking instlutions which they have so justly earhed and deserved. We commend and
appreciated very highly the unselfish and able service of our Acting District Attorney, Louis Goldstein. whom we will always regard as our benefactor in this entire matter".

Mr. Powell also sent the following telegram to Gov.
Roosevelt:
"The depositors' committee of the City Trust Company are grateful to
you for the part you took in supporting and assisting us in bringing about
the recovery and payment in full of their money on deposit in five branches
of the City Trust Company, effecting about 50.000 depositors.
"No greater achievement can be accomplished under your administration and the people of the State are fortunate to have as their Chief Executive a man of your sterling character. Lieut. Gov. Herbert R. Lehman
has proved his executive ability in the able manner in which he co-operated
with out representative Louis Goldstein, Assistant District Attorney
of Kings County. which resulted in the successful outcome of the distressing situation of the depositors."

The "Times" of March 10 referring to the movement
for reorganization said:
Members of the group in the reorganization were in conference on their
plan until 3 o'clock yesterday morning iMarch 91 and still have many details to work out. It was agreed that the identity of members of the group
should not be announced until the plan had been agreed upon in its entirety
Former Justice Jeremiah T. Mahoney, counsel for the State Superintendent of Banks, would not discuss the membership of the group, nor
would he comment on the possibility of a criminal investigation, saying:
"Let's get through with one job at a time."
It was learned that the conference at which the plans for the reorganization were outlined and accepted by representatives of the first banks
to go into the reorganization was held at the residence of Lieut-Gov. Herbert H. Lehman. Mr. Lehman declined yesterday to disscuss details of
the conference even while the depositors' committee was making public
a telegram to Governor Roosevelt In which it gave much of the credit for
the reorganization plan to Mr. Lehman.
"Leading banking Institutions and financiers of the city are included
In the reorganization," said Mr. Lehman,"but It has been decided that
it is best not to make public any names of individuals or banks at this time."

The same paper in its issue of March 9 stated:
When the bank was closed it was announced by Mr. Warder that the
deposits totaled $7,347,550. Its capital was $1,225,000 and its book surplus was $965,712.
Of the 12,250 shares, 3,500 were owned by the late Frank M. Ferrari.
President of the City Trust Company, whose sudden death, following an operation for appendicitis, hastened action by the State Banking Department in taking control. According to W. C. Fielding, an associate of
Mr. Mahoney, none of the shares was found among the effects of Mr. Ferrari, and it has not been determined what disposition he made of the stock.
Another large stockholder is the Federal Securiticss Corporation, 15
Park Row, organized by Mr. Ferrari. It has been frequently reported
that the Federal Securities Corporation obtained a block of 4.000 shares
of City Trust Company stock last November at less than market quotation $325. The par value of the stock is $100.
It was said yesterday that no move would be made for crimina
ments in advance of the State Banking Department's inventory, which
Mr. Warder expects to be completed within the next three or four days.
If there is any criminal action it would be based largely on what Is shown
by the inventory.

1842

FINANCIAL CHRONICLE

Mr. Warder, in commenting earlier in the day on the demands for a
legislative investigation of the State Banking Department in connection
with the City Trust Company, bankruptcy, made this comment:
"I know nothing of why Frank Saitta or Assemblyman Robert K. Storey
Jr. wants an investigation. If there were any need for that sort of thing,
the bankers in the city of New York as well as the rest of the State would
be the first to ask for it. This Department, however, is ready to abide
by the decisions made by the public it is intended to serve. At the present
time I am too busy with affairs of the City Trust Company and my efforts
to.get back all the money invested by the depositors to feel much concerned
with threatened Investigations."
Charles Arnold, through Lewis Landes. an attorney, of 233 Broadway, has filed a claim of $74,075 against the estate of Mr. Ferrari. The
claim represents moneys alleged to have been borrowed by Mr. Ferrari
from Mr. Arnold on the stock of the City Trust Company and for merchandise purchased, including diamonds and other miscellaneous jewelry.
Mr. Arnold's claim is one of the largest against the Ferrari estate.

[VOL. 128.

Two New York Curb Market memberships were reported
sold this week, one for $185,000, an increase of $15,000 over
the last preceding sale, and the other for $190,000 the latter
a new high record.

The recent increase in the membership of the New York
Stock Exchange from 11,100 to 1,375 resulted in additional
applications for memberships, though the purchase of rights,
this week bringing the total of such applications up to 115
of which 76 have been elected to membership. Arrangements were reported made for the transfer of a membership
for $438,000, ex-rights. The last previous transfer exReference to the investigation proposed by Assemblyman right was for $446,000.
Storey appeared in our issue of March 9 page 1484.
The regular monthly luncheon meeting of the British
Regarding a further investigation sought, the "World"
Empire Chamber of Commerce in the United States of
of Mar. 18 said:
America was held at the Whitehall Club, 17 Battery Place,
Attorney Leon Leighton, representing ten depositors, who demanded
Friday of Gov. Roosevelt a Moreland Act Commissioner to investigate New York City, on Wednesday, March 20. William Harrithe conduct of the State Banking Department, yesterday made a demand son, of London, addressed the members and their guests
in the form of a letter on Mr. Warder for what he termed "specific and unon "The Outlook for British Trade."
equivocal" answers to ten questions.
Among the answers sought by Leighton was whether the new $5,000.000
bank will pay depositors of the City Trust one hundred cents on the dollar
In cash—that is, allow depositors to withdraw in full the amount of their
deposits immediately upon the functioning of the new bank. If not, Mr.
Leighton demands to know how long depositors will be required to watt in
order to realize the money due them, and how much will be paid to "needy
type" depositors who are compelled to withdraw their funds immediately.

From the "Times" of Mar. 16, we take the following:
Mr. Warder refused to comment on the allegation by Louis II. Solomon of
50 Madison Ave., counsel for Humbert J. Fugazy, sports promoter, that
Mr. Fugazy's name had been forged to a note for $129,000 found among
other forged and worthless papers of the City Trust Company. Mr. Solomon said the note was dated Jan. 29 1929. and that it had never been
put into circulation, from which he concluded that the alleged forgery
was an "inside" job.
W. C. Fielding of counsel for the State Superintendent of Banks asserted there had been no difficulty on account of forged paper in the reorganization of the City Trust Company. He said that reports of the
Fugazy note had come as a surprise to those directly interested in the
reorganization. According to Mr. Fielding, as far as the State Banking
Department is concerned any difficulties which may arise out of irregularities in the City Trust Company's management would not have to be
followed up officially. The new organization, he said, intended primarily to get the new bank in operation and then straighten out all irregularities.
By taking over the institution the incorporators of the new bank will
be taking a three-year task from the State Banking Department, according to Mr. Fielding. who asserted that Mr. Warder would not necessarily have to start criminal proceedings if there were forged paper after
the new organization assumed full charge of the affairs of the City Trust
Company.
•

•

A further move toward the merger of some of the larger
banking institutions of the city which have been rumored
as under way during recent weeks was taken this week—
the directors of the Hanover National Bank and the trustees of Central Union Trust Company of New York at their
meetings on March 19 having voted to recommend to the
stockholders, subject to the approval of the Superintendent
of Banks of the State of New York, that the two institutions be merged under the trust company's charter. Official announcement of the plans for uniting the two, was
Issued as follows, March 19:

The merger will be made on the basis of an exchange of Beak. Subject
to the approval of the stockholders, present stoekliolders el the Central
Union Trust Company will on May 2 receive six shares ed 1220 par value
stock for each share now held by them. When Ike aseraser subsequently
takes place, the capital of the company will be increased to $21,000,000,
of which $15,000,000 will go to the stockholders of the Central Union Trust
Company and $6,000,000 to stockholders of the Hanover lank. The then
stockholders of the Central Union will receive share for share in the new
company and the stockholders of the Hanover Bank will receive three
shares of $20 par value stock of the new company for emelt share of the
Hanover stock then held.
The consolidation will result in a company having capital, surplus and
undivided profits of approximately $100,000,000. The combined net
deposits of the two institutions are approximately $400,000,000.
In respect to their traditions and principles the two institution, which
According to the "Herald-Tribune" of March 12 Louis have long been known for their outstanding independence and conservaGoldstein, Assistant District Attorney of Kings County, tism, have always had much in common. In respect to their business
complement each other admirably. While Central Union Trust Comsaid on the previous day that within sixty days the finan- they
pany of New York has developed a considerable commercial banking
ciers organizing the new state bank to take over the affairs clientele, domestic and foreign, it has built up primarily a large trust
of the closed City Trust Company, and reimburse depositors business, both personal and corporate. The Hanover National Bank is
eminently a commercial bank and has long been recognized as a leading
in full, would open the institution for business.
New York City depository and correspondent for banks throughout the
country. The merging bank and trust company have splendid contacts
which will contribute to increased business for the consolidation.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. The foundations of the merger are strongly and deeply laid in a past,
reaching back to the charter which was granted to the Hanover Bank in
Consolidation of the Norwood National Bank of Cin- 1851. Central Union Trust Company of New York is the result of a
Merger which was completed in 1918 between Union Trust Company, the
cinnati, Ohio, and the Hyde Park Savings Bank of that city, charter
of which was granted in 1884, and Central Trust Company of
affiliated institutions, was arranged at a joint meeting of the New York, which obtained
its charter in 1878.
directors of the institutions on March 16, according to the
Mr. Woodward, who has been President of the Hanover National Bank
Cincinnati "Enquirer" of March 17. The stockholders of since 1910, will be Chairman of the Board. Mr. George W. Davison, who
has been President of Central Union Trust Company of New York since
the two banks will meet shortly to ratify the action of the 1919, will be president
of the merged company. The official
clerical
directors, it was stated, and details of the consolidation are organizations of both institutions will be retained and theandBoard
of
Directors
of Hanover National Bank and the Board of Trustees of Central
expected to be completed at an early date. Both banks
Union
Trust
Company
of
New
York
will
be combined.
will continue to operate in their respective buildings with
The Trustees of Central Union Trust Company of New York are: James
no changes in the officers or directors. The new organiza- Brown, Johnston De Forest, Ernest Iselin, W. Emlen Roosevelt,
Edwin
tion, which will be known as the Norwood-Hyde Park Bank Thorne, Francis M. Weld, Colby M. Chester, Jr., Clarence Dillon, James N.
Jarvie,
Frederick
Strauss,
Cornelius
Vanderbilt,
total
William
and
$750,000
resources
of
Woodward,
& Trust Co., will have capital
George W. Davison, Frederick de P. Foster, Dudley Olcott,
Ernest
resources of approximately $7,500,000. Under the contract Sturm, John Y. G. Walker.
The Directors of Hanover National Bank are: William Woodward, John
for the merger it was agreed that the Norwood National Bank
would dissolve and surrender its charter, and that the stock- B. Clark, E. Hayward Ferry, Ernest Iselin, Edgar Palmer, John J. Riker,
Wm. Warren Barbour, William Crawford, William Halls, Jr., Edwin G.
holders of each institution would receive share for share of Merrill,
John S. Phipps, Henry P. Turnbull, Henry R. Came, Thomas
bank
consolidated
stock
of
the
new organization. The
the
Dickson, Henry W. Howe, Eustis Paine, Auguste G. Pratt, Francis T.
will assume all of the liabilities of the Norwood National Maxwell, John P. Stevens.
Central Union Trust Company of New York has two fully
Bank under the merger contract,as of the date of the ratifica- offices
equipped
uptown, at 42nd Street and Madison
and at Fifth Avenue
tion of the consolidation. Myers Y. Cooper, Governor of and 60th Street. Hanover National Bank Avenue,
has eleven well established
the State of Ohio, who has been President of both institutions branches: 135 William Street, 97 Warren Street, 260 West Broadway,
Street,
231
Varick
874
Broadway,
Seventh
Avenue
President
and 23rd Street, 84th
for a number of years, has agreed to continue as
Street and Lexington Avenue, 596 Sixth Avenue, 224 West
47th Street,
of the consolidated bank. We quote from the Cincinnati 773 Third Avenue, and 79th Street and Lexington
Avenue.
It is expected that the merger will be rapidly completed
paper as follows:
and the headGovernor Cooper said yesterday that the merger was prompted by the quarters of the company will be at 70 Broadway. Central Union Trust
fact that Norwood and Hyde Park are contiguous and the stockholders of Company of New York has been for the past few months remodeling its
the two banks are similar in large measure. He said that the territory building at 70 Broadway to which it will move from 80 Broadway by
served by each could be better served from a banking standpoint by the May 1 next. Its quarters there are well adapted for the use I the larger
consolidated institution and that the new bank by reason of its increase company.
capital structure would have enlarged facilities for taking care of the
The Hanover National Bank has a capital of $5,000,000:
banking needs of the two communities.
The Governor said furthermore that the territory served is both indus- surplus and profits in the neighborhood of 27 million doltrial and residential and that in each community there is rapid expansion, lars and deposits of about $135,000,000; the
Central Union
which evidences continued growth and financial prosperity .




Trust Company has a capital of $12,500,000; surplus and

MAR. 23 1929.]

FINANCIAL CHRONICLE

profits of over $42,000,000 and deposits of approximately
$297,000,000. Pointing out that the merger of the Central
and Union Trust companies in 1918 is the only merger to
occur in the history of the Central Union Trust Company,
advices from that institution state.
Prior to the merger both companies had long and eventful histories.
The Union Trust Company was incorporated Apr. 23 1864 right after
Civil War, when financial conditions were not too favorable and when a
dollar in gold would purchase $2.03 in greenbacks. It opened for business
at 73 Broadway in 1865. The Central Trust Company was chartered in
1873 and opened for business in 1875, at 14 Nassau Street.
Both companies had an initial capital stock of $1,000,000 made up of
10,000 shares with a par value of $100, which was subscribed to at par.
In 1909 the Central Trust Company paid a cash dividend of 200% and
at the same time the capital stock was increased in like amount and the
stockholders got the right to subscribe to the new stock at par.
In 1913 the Union Trust Company paid a 200% stock dividend and in
1916 the Central Trust Company paid a cash dividend of 66 2-3%, increasing its capital in like amount. It also again gave to the stockholders the
right to subscribe to the new stock at par. This gave the Central Trust
Company a capital of $5,000,000.
Just prior to the merger the Union Trust Company paid a stock dividend of 10% and the Central Trust Company paid a stock dividend of
84%, making the capital of the Union Trust Company $3,300,000 and of
the Central Trust Company $9,200,000, or a combined capital of the new
company of $12,500,000. The initial dividend paid by the new company
was at the rate of 22% per annum.
In June 1918 the two companies became the Central Union Trust Company of New York and James N. Wallace, President of the Central Trust
Company, headed the merged companies, with Edwin G. Merrill, President of the Union Trust Company, as First Vice-President. The capital
of the Central Union was then $12,500,000. Following the consolidation
the deposits were $215,969,000 and undivided profits $17,003,000. At
the time of the merger the Union Trust Company was noted for its personal trusts and the Central Trust Company largely for its corporate
fiduciary activities. At present the Central Union Trust Company handles
more than a billion dollars in its personal trust department aside from
corporate trusts.
The ten-year record of the Central Union Trust Company shows that
its surplus has grown from $18,056,500 to $42,662,400, or 134%.
The Hanover National Bank was organized in 1851 under the general
bank law, with a capital of $500,000, by merchants and business men of
downtown New York, many of whom made their homes in Brooklyn. At
that time Hanover Square was the center of the wholesale trade. The
first President of the bank was Isaac Otis, and one of the most active
men in its organisation, and one of the first directors of the bank was
R. T. Woodward—not however, related to the Woodward family which
later was to furnish two Presidents for the bank. The first bank was located
at 1 Hanover Square. The first dividend was paid Jan. 1 1852, and in June
1852, the capital was increased to $1,000,000. In 1856 the bank moved
to 37 Nassau Street, and in 1860 it moved again to 33 Nassau Street. In
1861 the Hanover was one of a group of New York banks which advanced
$150,000,000 in gold to the Government to help meet the first great
demands of the Civil War.
On July 5 1865, the bank received a National bank charter under the
National Bank Act. In January 1874, James T. Woodward was elected a
director, and on June 22 1876, he was elected President of the bank. At
the same time his brother, William Woodward, Jr., was elected a director.
This was the real beginning of the "Woodward dynasty" in the bank,
which has been largely responsible for its steady growth and prosperity.
Another move was made in March 1877, to the Duncan Building, at
11 Nassau Street. The bank was active in regions outside New York,
particularly in the South, and laid the foundations of its wide banking
connections, especially with out-of-town banks, which had made the Hanover known as.a bank for bankers. It is interesting to note that a statement of the bank as of Dee. 1 1876, showed total resources of $4,499,464.18. The last statement as of Dec. 31 1928, showed total of over $320,000,000. In 1881 there were twenty-two employees all told.
In 1902 the bank moved to 7 Wall Street as temporary quarters, and in
1903 moved to the present Hanover Bank Building, at Nassau and Pine
Streets. Net deposits were $53,923,000. The building was the highest
in downtown New York at that time.
James T. Woodward died in 1910, and his nephew, William Woodward,
the present incumbent of the office, became President.
The Gallatin National Bank was absorbed by the Hanover in 1912. In
January 1914, the bank entered the Federal Reserve system. It acquired
trust powers in 1922 to $5,000,000. Total resources June 80 1922, were
$188,964,710.21. Growth from that time has been steady.
William Woodward, the present head of the Hanover National Bank,
is a nephew of the former President James T. Woodward and a son of
William Woodward, Jr., an early Director of the bank. His father was a
member of the well known cotton commission firm of Woodward and Stillman (James A. Stillman). He was born in New York, prepared at Groton for
Harvard and graduated A. 13, in 1898 and A. M. in 1899. He was graduated from the Harvard Law School in 1901.
George Willets Davison, President of the Central Union Trust Company,
was born March 25 1872, at Rockville Centre, L. I. He attended Wilbraham Academy, and in 1892 was graduated with honors from Wesleyan
University, receiving the degree B.A. Two years later he received an
L L B from New York University.
From that time until 1912 he practiced law. He was Assistant District
Attorney for Queens in 1897-'99 and District Attorney for 1899. In 1900
he was secretary of the committee to revise the charter of greater New
York.
Mr. Davison became Vice-President of the Central Union Trust Company in 1918 when the merger was effected, and in December 1919, was
elected President of this organization.

1843

The banking business of Blair & Co. will be merged with the Bank of
America. The securities business of Blair & Co., Inc., will be consolidated
with the Bancamerica Corp. This merger will bring together two of the
oldest banking institutions in Wall Street. The merger vrill.be made on
the basis of exchange of stock. The headquarters of the merged institutions will be at 44 Wall Street, which has been the location of the Bank of
America since 1812.
Elisha Walker, who has been President of Blair & Co. will become President of the Bancamerica Corp. and also Chairman of the Executive Coinmitte of the Bank of America. Dr. A. H. Giannini will continue as Chairman of the Board and Edward C. Delafield will continue as President
of the Bank of America. The official and clerical organizations of the
merging institutions will be retained.
The Board of Directors of the Bank will be enlarged to include certain
additions from Blair & Co.
The Bank of America is one of the oldest banks in the United Staten,
having been organized in 1812 by the New York directors of the First Bank
of the United States, which was organized by Alexander Hamilton in
connection with his work as Secretary of the Treasury. The capital of the
Bank of America was subscribed in large part by the use of the stock of
The Bank of the United States in lieu of cash subscriptions.
The bank since its incorporation has been closely identified with the
financial history of both the United States and the State, having made loans
from its own resources towards the support of the Government,and treasures
among its records a letterfrom the Treasury Department ofthe United States
asking for time to repay one of its loans. Its connections with European
financial centers are important and it numbers among its depositors many
of the largest banks of England and continental Europe. Since 1920 the
Bank has merged into it the following institutions: Franklin Trust Co.,
Atlantic National Bank, Battery Park Bank, Commercial Exchange National Bank and Bowery and East River National Bank, which in its turn
had previously merged into it a number of other banking institutions.
The directors include the following: Remand Behn, Leo V. Belden,
George Blagden, William H. Coverdale, Allen Curtis, Frank L. Dame,
Arthur V. Davis, Edward C. Delafield, Gayer G. Dominick, Archibald
Douglas, Douglas L. Elliman, G. B. Everitt, Henry J. Fuller, Emanuel
Gerli, A. H. Giannini, Otto J. A. Grassi, Crowell Haddon, George Hewlett.
Charles W.Higley, Robert J. Hillas, Gilbert H.Johnson, Sam. A. Lewisohn.
John Hill Morgan, Acosta Nichols, Martin S. Paine, Lionelle Perera, B.
Stuyvesant Pierrepont, William M. Ramsay, John E. Rovensky, Nicholas
M. Schenck, R. A. C. Smith, W. H. Snyder, Edwin S. S. Sunderland.
Samuel Thorne, Louis A. Valente and Alfred P. Walker.
The present building is the fourth occupied by the bank on the same
site since 1812, and provides ample space and equipment to care for the
increased business resulting from this merger. The bank is now operating
31 branches throughout Manhattan. Brooklyn. Bronx and Richmond.
Blair & Co. was founded by John I. Blair, who was born in 1802. The
earlier activities of Blair & Co.for many years were devoted to the financing
of many important railroad systems in the United States and Canada.
Later when industrial concerns began to finance publicity, the firm became
a large factor in flotations of that character. In 1920 Blair & Co. and
William Salomon & Co. were consolidated under the name of Blair & Co..
Inc., and since the latter consolidation Blair & Co. have expanded their
activities throughout the world. Not only has the firm been prominent in
industrial financing in this country, but they have been one of the principal
issuers of loans placed in the American market- for the Governments of•
Canada, Argentine, Chile, Cuba, Roumania, Norway, Poland and YugoSlavia, besides provincial and municipal issues, including Cologne, Rio de
Janeiro, San Paulo and Antioquia, as well as Italian Hydro-electric issues.
In addition to its chain of offices in about 25 of the larger cities of the
United States, Blair & Co. maintains an extensive European organization,
with headquarters in Paris, and London and representatives in other European financial centers.
Blair & Co. has acted as fiscal agent and depositary for many Governments and municipalities, as well as numerous corporations. In addition,
Blair & Co. is represented on the Boards of over one hundred American and
European corporations. The firm is the dominating factor in the Petroleum
Corporation of America, a $100,000,000 investment trust organized earlier
this year, chiefly for investments in the oil industry. The consolidation
of the two institutions, therefore, brings substantial advantages to the
Bank of America, particularly in its depositary and trust departments.
The active executives of Blair & Co. who will continue in the Bancamerica Corporation include Elisha Walker, George Armsby, Harry
Brenner, J. Cheever Cowdin, Edward F. Hayes, George N.Lindsay, Henry
Lockhart, Hunter S. Marston, Graham Youngs, all of New York, Harry
Olcott, Roger Ballard, both of Chicago, Edward Clark of San Francisco.
George Benard, J. Grant Forbes, Jean Monnet, Lewis P. Sheldon in
Europe.
The merging institutions supplement each other admirably and the
consolidation is an ideal one, as it completely rounds out the activities of
the Bank of America, giving it a securities company with established
world-wide connections. The consolidated institutions will have 31 banking offices and the securities company will have offices in the following
cities: Albany, Boston, Buffalo, Chicago, Cincinnati, Cleveland, Hartford,
Los Angeles, Milwaukee, Minneapolis, Oakland, Omaha, Philadelphia,
Pittsburgh, Portland. Ore., Portland, Me., St. Louis, St. Paul, San Diego,
San Francisco, Scranton, Seattle and Syracuse.
The Transamerica Corp., with resources of over one billion dollars and
headed by A. P. Giannini, will be closely affiliated with the merged institution. This affiliation with the *Transamerica Corp., having extensive
and diversified holdings of securities, is far reaching from the standpoint
of the merged institution with its world-wide scope in all phases of banking
activity.
A. P. Giannini and P. C. Hale, acting for the Transamerica Corp., and
Elisha Walker and George Armsby, acting for Blair & Co., and Edward C.
Delafield, acting for the Bank of America and Leo V. Belden, acting for
Bancamerica Corp., are to be given credit for bringing this important
merger to a successful conclusion.

Benjamin M. Anderson Jr., economist of the Chase
National Bank of New York, spoke on March 20 on the
money market situation at the last meeting of the season
of the Bankers Forum, New York Chapter, American Institute of Banking, at the Building Trades Club. An address
by Dr. Anderson before the Economic Club in New York
on March 18 is given elsewhere in our issue to-day.

After a meeting of the directors of both institutions held
on Mar. 22, an agreement was concluded to consolidate the
Bank of America, N. A. and the Bancamerica Corp., its
affiliated security company, with the international banking
-4--house of BlairT&TCo., which"will result in an institution
surplus
of
over
$125,000,000
meeting
this
week
capital
and
and
of the directors of the Chase
with
At
a
total
with
resources of about $500,000,000. With regard to this latest National Bank of New York Frank M.Totton, formerly an
Assistant Cashier, was appointed a Second Vice-President
union the following announcement is made:




1844

FINANCIAL CHRONICLE

[VOL. 128.

and Louis A. Bruenner, formerly Manager of the Maiden stock for every four shares of $25 par value stock to which
he becomes entitled in the exchange of his old stock. ClareLane branch, was appointed an Assistant Cashier.
mont National stock was quoted at 395 yesterday (March
Leroy S. Clark has been appointed Assistant Secretary 22). It is pointed out that that price placed a theoretical
of the Fidelity Trust Co. of New York. Andrew W. Rose, market value of $99 a share on the new $25 par stock to be
Assistant Secretary, has resigned.
issued as a result of the split-up. William J. Large, VicePresident of the bank, who will be elected President to fill
The Fidelity Trust Co. of New York is the latest of the the vacancy created by the resignation of Philip Pearlman,
banking institutions to announce the formation of a securities in commenting on the rumor that the Claremont was to be
affiliate. The Fitrust Corporation has been organized to merged with another bank said:
provide more specialized and complete facilities for rendering
"While not one of the controlling shareholders, I am closely associated
a well-rounded investment service to the clients of the with those who hold control, and I wish to deny emphatically that any
negotiations
are pending for the merger or sale of the Claremont National.
Fidelity Trust Co. It will underwrite and distribute invest- On the contrary,
we have filed an application with the Comptroller of the
ment securities, both wholesale and retail, and will buy and Currency to establish a branch in another section of the Bronx which we
sell for its o7in account and those of others. Through the expect to be approved shortly."
investment advisory department of the Fitrust Corporation
Darragh A. Park, formerly Vice-President of Hambleton
clients of the Fidelity Trust Co. will be assured of a financial
service consistent with the ideals of this banking institution, & Co., Incorporated, has joined Manufacturers Trust Co.
the announcement states. Officers of the Fitrust Corpor- as the Vice-President in charge of its investment department;
ation are: James G. Blaine, President; Charles F. Park Jr., Nathan S. Jonas, President of Manufacturers Trust Co.
Vice-President; Bryant Woods, Vice-President; Donald C. announced on March 21. Mr. Park, after graduating from
Hale, Secretary, and P. A. Delaney, Treasurer. Directors Harvard in 1913, began his career as a runner for Colgate,
are: Samuel S. Conover, Chairman, Executive Chairman Parker & Co., investment bankers. He served in various
Fidelity Trust Co. of New York; Francis J. Arend,President capacities and later became a partner in Parker & Co.,
DeLaval Companies; James G. Blaine, President Fidelity the firm's successor, remaining with the company until it
Trust Co. of New York; Alfred A. Cook, Cook, Nathan & was dissolved in 1924. Thereafter, for a .short period, he
Lehman; John A. Forster, Crum & Forster; Morton H. Fry, served as President of the New York Empire Co., Inc.
Soholle Brothers; Arthur Lehman, Lehman Brothers; Hamp- During the war, Mr. Park served overseas with the 305th
den E. Tener, President Irving Savings Bank, and Roy B. Infantry, 77th Division. He was discharged with the rank
of First Lieutenant.
White, President Central RR. of New Jersey.
The Guaranty Co. of New York announces the appointThe directors of the Lefcourt Normandie National Bank
ment of Richard M. Wilcox and W. Rodman Parvin as of New York have appointed William W. Doutney AsAssistant Managers of its investment advisory department. sistant Cashier. The bank, which opened for business on
January 15th last,reports deposits of more than $13,000,000.
The Equitable Eastern Banking Corporation, a subsidiary The opening of the institution was noted in our issue of Jan.
of the Equitable Trust Co. of New York, announces the 19 page 352.
opening of a new office at No. 1 Victoria Road, Tientsin,
China. Donald L. Ballantyne, formerly associated with
The Sterling National Bank & Trust Co. of New York
the corporation's Hongkong office, has been appointed announces that the bank's charter was granted on March
'Manager of the Tientsin branch. The Equitable Eastern, 13, by the Comptroller of Currency, and is numbered 13295.
one of the world's largest dealers in silver bullion, specializes It is stated that the entire capital and surplus has been paid
in the purchase and sale of Far Eastern exchanges, and in, in cash and in full. No announcement has been made
performs every banking service necessary to finance Oriental concerning the date of the opening of the bank, as work on
trade. Offices of the corporation are at 11 Broad St., New its new offices in the Chanin Building has not been comYork; 6 Kinking Road, Shanghai; 6 Queen's Road, Hong- pleted. Items regarding the new banking institution apkong, and 1 Victoria Road, Tientsin. These branches, peared in these columns February 23, page 1177 and March
operating throughout the Far East, provide American busi- 9 page 1497.
ness houses and banks with New York banking facilities and
Lewis H. Rothchild, President of Chelsea Exchange
methods in Asiastic markets.
Corp., securities affiliate of Chelsea Exchange Bank, subThe National City Bank of New York opened on March mitted the initial financial statement to stockholders at the
18, a branch at the northeast corner of Broadway and 86th annual meeting held this week. The statement showed net
St., to be known as the Eighty-Sixth Street Branch. This profits of $198,092 for the first ten months of operation, equal
branch constitutes a complete unit of the world-wide Na- to 33% on the original capital paid in. The earnings were
tional City organization and is the thirty-first to be estab- divided as follows: $23,826 for the first quarter, $23,078 for
lished by the bank in Greater New York and the fourth on the second quarter,$47,356 for the third quarter and$103,832
the upper West Side. All services and facilities offered at for the period from Feb. 1 to Mar. 19. Future earnings,
the head office of the bank at 55 Wall St. are available at Mr. Rothchild stated, should substantially increase as the
the new branch, which also include the investment service company now has an additional $1,000,000 of working capital
paid into the treasury as a result of the recent offering of
of The National City Company.
additional stock to stockholders. The balance sheet on
With regard to reports as to mergers involving the National Mar. 19 1929 shows total resources of $2,185,796, of which
City Bank, the "Herald Tribune' of March 21 said: '
$479,860 was cash in banks, $500,000 on call, securities valDeclaring that so prevalent have discussions of merger possibilities become ued at $840,665 and accounts receivable $363,000,
the latter
that It Is doubtful whether any bank presdient in the city could truthfully
say he had not held informal conversations on the subject. Charles E. representing funds due on securities not yet delivered to
Mitchell, President of the National City Bank, asserted yesterday that so clients and mostly offset by accounts payable which reprefar as the National City is concerned, none of these conversations had ever
sent chiefly securities bought by the corporation but not yet
reached the stage where they could be dignified by the term negotiations.
Mr. Mitchell discredited the recent report that the National City was delivered. The paid-in surplus was $882,588 and the earned
arranging a consolidation with the Farmers' Loan & Trust Co., or both surplus $198,000, before payment of $38,000 for dividends,
the Manufacturers' Trust Co. Pointing out that in the ordinary course of
affairs it was no uncommon thing /or some one connected with another leaving net surplus of $149,108.
bank to bring up, in conversation, the idea of a merger, he emphatically
stated that nothing had occurred which could be described as formal consideration of a consolidation with any bank.
It is not improbable, however, that out of the present welter of bank
merger rumors one or more actual unions may emerge. Mr. Mitchell gave
it as his opinion that the trend of the times is toward such consolidations of
banking resources, and intimated that he considered it quite likely that the
future would see a number of realignments in the banking field.

Plans to increase the capital of the Irving Trust Company
of New York from $40,000,000 to $50,000,000, and to change
the par value of the stock of the institution from $100 to $10
per share were made known on March 19. A special meeting
of the stockholders will be held April 10 to act on the two
propositions. A notice to the stockholders, issued by Harry
The Claremont National Bank of New York with resources E. Ward, President, and Lewis E. Pierson, Chairman of the
over $5,000,000 has taken action to increase the capital Board, says:
Directors, believing that additional capital funds can be used by
from $400,000 to $500,000 through the sale of new stock, theYour
Company to advantage, have recommended an Increase of 25% in the
which will be preceded by a split-up of the present capital Company's capital stock, viz.: from $40,000,000 to $50,000,000.
It is proposed to offer to stockholders such additional $10,000,000 of
stock on a four-for-one basis and a reduction of the par
capital stock for subscription at the rate of $360 for each $100 par value
value from $100 to $25. After the change in the par value of
present stock, in proportion to their present holdings. Upon receipt
has been affected each stock-holder will have the right to of the $35,000,000 realized from such sale of the increase of capital stock,
purchase, at $37.50 per share, one share of the new $25 par the Company's capital structure would be as follows:




MAR. 23 1929.]
Capital
Surplus and Undivided Profits (approx.)

FINANCIAL CHRONICLE
$50,000,000
80,000,000

$130,000,000
Total (approx.)
made
Believing it desirable that the shares of stock of your Company be
also
available to a greater number of investors, your Directors have
recommended that each share of the Company's stock be changed from
$100 par value to $10 par value.
Upon the approval by stockholders of your Board's recommendations,
which
the total number of shares will be increased to 5,000,000, of
at
for the present 400,000 shares of the par value of $100 each (being
of the
the rate of 10 new shares for each present share); 1,000,000 shares
at
par value of $10 each will be offered to stockholders at $35 per share,
or
the rate of one $10 par share for each four $10 par shares held. On
about April IS 1929, subscription warrants will be mailed to stockholders of record at the close of business on April 17 1929, evidencing
as
their subscription rights, which will expire May 17 1929. Information
to their exercise or disposition will accompany such warrants. It is
expected that a rate at least equal to the present dividend rate will be
maintained on the new shares.

1845

There were represented in person at the meeting 2,028 shares and by
For the
proxy 759 shares. The vote is said to have resulted as follows:
the
plan of the board, 1,528, of which 544 were voted by proxy; against
plan, 1,187. It was necessary to have a majority only in order to secure
adoption.

It is learned from the Boston "Transcript" of Mar. 16
that the directors of the New England Trust Co. of Boston
have recommended to their stockholders an increase in the
bank's capital from $1,000,000 to $1,200,000 by the issuance
of 200 additional shares of stock, par value $100, which it is
proposed to sell at $500 a share to persons associated with the
investment house of Stone & Webster, Inc. A special
meeting of the stockholders to vote on the proposal will be
held on Mar. 27. If the plan is carried out as recommended
by the directors the New England Trust Co. will have a
capital of $1,200,000; surplus of $2,800,000 and undivided
profits of $870,000. The bank's surplus is now $2,000,000
With reference to the above the Times of March 20, said: and the extra $800,000 will be added as a result of the $400
It was calculated last night that the rights to subscribe to the new
that will be paid on each of the 2,000 shares to be
stock will have a total value of $32,000,000 to the present shareholders of premium
d," the
the company, one of the largest distributions of its kind made in the purchased by the new interests. "It is understoo
series of banking capital readjustments in the last year. The stock of paper mentioned says, "that Stone & Webster interest, had
the Irving Trust Company was quoted at $740 bid, $760 asked, yesterday,
practically decided on organizing a trust company of their
an advance for the day of $56. That price placed a theoretical market
handling their large finanvalue of $74 a share on the new $10 par stock to be issued as a result of own and chiefly for the purpose of
the split-up, and on that basis the rights to subscribe to the additional cial business and that of their associated interests. Then
new stock at $35 a share were figured to be worth $8 each on the 4,000,000
certain of the officers developed the plan for buying a large
shares to be issued in exchange for the present stock.
trend
a
is
following
Irving
the
the
stock
of
block of stock in the New England Trust Co. Edwin S.
value
In reducing the par
that has become general among the larger banks of New York.
Webster, Jr'., has been a director in the New England Trust
years." In a letter which accompanied the
At a meeting of the Executive Committee of The Com- Co. for several
meeting, Roger Pierce, President of the
the
for
mercial National Bank and Trust Company of New York, formal call Trust Co., said in part:
England
New
John J. Martin, Jr., formerly Assistant Vice-President was
was created by
Because of the fact that the charter of this company
elected Vice-President, and Dean J. Wells, formerly man- special legislative Act in 1869, the stockholders are asked first to adopt
laws of Massachusetts, as amended,
ager of the Credit Department, was elected Assistant section 18 of Chapter 172 of the general
will then permit
which, if adopted in the manner provided by the statutes,
Cashier.
of the Commissioner of
the proposed increase, subject to the approval

The Board of Trustees of the Title Guarantee and Trust
' Company of New York at its meeting on March 19, voted
to recommend to the stockholders splitting up the company's capital stock into $20 shares instead of $100 shares,
giving to each shareholder five shares of the smaller unit
for evety share now held. A meeting of. the stockholders
will be called later to act on the recommendation. No additional stock is to be issued and the capital of the company
will-remain the same as before.
Charter No.13296has been issued by the Comptroller of the
Currency, Mar. 13 1929, to the National Bank of Queens
County in New York, with an authorized capital of $500,000
(par value $50) and a surplus of $200,000. Stock was disposed of at $80 a share. The bank will open for business
about May 1, at its temporary quarters at the corner of
Broadway and Main Street, Flushing, New York City. The
officers are Theodore P. Lawlor, President and Max Abramson, Alexander M. Hepburn Vice-Presidents; Ernest L.
King, Vice-President and Cashier.

s at this meeting
Banks and to the proper authorization by the stockholder
Act.
and without the necessity of any further special legislative
authorization by the
Subject to such necessary approval snd to the proper
these new shares to
stockholders the directors propose to issue and sell
Webster, Inc., at the
persons directly connected or associated with Stone &
Your directors and
share.
per
appraisal value, which at present Is $500
and will prove very
officers are of the opinion that it is highly desirable
to have these parties
beneficial to the company and its future prosperity
acquisition of these new
acquire an interest in your company through the
shares.
things, that in the
Article VI of the by-laws now provides, among other
not more than 200
acquisition and resale by this company of its shares
a strict interpretation this
shall be assigned to any one person. While under
issue of new shares
limitation might not be deemed applicable to an original
of directors feel that it is
as is now contemplated, nevertheless, the board
stockholders that this portion
desirable and accordingly recommend to the
the addition of a proviso to
of Article VI of the by-laws be amended by
may be waived in any partithe effect that this maximum share limitation
of the whole board of directors
cular case with the approval of three-fourths
advantage of the company.
expressed by a vote reciting that it is to the
by-laws in any other respect and
It is not proposed to amend or change the
stockholders who desire to sell their
the present provisions requiring that all
for appraisal and purchase
shares must offer them to the board of directors
will be applicable to the new
at the appraisal value are to remain in force and
the present outstanding shares.
shares in the same manner that they apply to
affirmative vote of the
Inasmuch as this Vroposed amendment requires
outstanding shares, and the
holders of two-thirds of all the present 10,000
vote of at least a majority
proposed increase of stock requires affirmative
be present to vote their stock
of all such shares, stockholders who cannot
promptly in order to assure
at the meeting are urged to send in their proxies
effective these recommendathe representation and votes necessary to make

An application has been made to the Comptroller of the
Currency to organize the Niagara National Bank of Buffalo tions of your directors.
Now York. The institution will have a capital of $500,000
and surplus of $200,000. The President—the only officer
The newly organized Brooklyn National Bank of Brookthus far chosen—is Frank Pepe. The stock is being placed lyn, N. Y. was granted a charter by the Comptroller of the
at $35 per share,$25 going toward capital and $10 to surplus. Currency on March 13. The institution, which will have a
open
capital of $1,500,000 and a surplus of $1,500,000, will
According to the Boston "Transcript" of March 19, the for business on April 2 at 32 Court St. The officers of the
stockholders of the Malden Trust Co., Malden, Mass., have bank are: President, William C. Redfield, Secretary of
approved a plan recommended by the directors to increase Commerce in President Wilson's Cabinet; Chairman of the
the institution's capital from $300,000 to $500,000 by the Board, Congressman Emanuel Collor; Executive Vice-Presiissuance of 2,000 shares of new stock, par value $100 a share, dent, Robert Sherwood. Fred Zeitz, Secretary and Treasurer
half of which (1,000 shares) is to be sold to the investment of Martins Department Store and Deputy Register Hyman
banking firm of Kidder, Peabody & Co. at $320 a share Shorestein of Kings County have been added to the list of
and the other half to stockholders at $200 a share. The Advisory Board members. References to the organization
disclosure of the would-be purchaser's name was made at of the bank will be found in our issues of January 12 page
the special meeting of the shareholders when George H. 201, and February 9 page 830.
Corey, President of the trust company, outlined the plan.
The Boston paper went on to say in part:
Starrett Brothers, Incorporated, one of the subsidiaries
Mr. Corey said the 1.000 shares that it is proposed to sell to stockholders
of the Starrett Corporation, have been awarded the conwill be offered at $200 each. Kidder, Peabody, he said, had agreed that
Essex Building Corpoif they buy the other 1,000 new shares they will not dispose of them until tract to construct for the Newark &
they have first been offered to the board of directors. The President ration a large banking and office building in the business
said that the board had adopted this plan after due consideration and after
N. J., at the southeast corner of Broad
a favorable report had been made by a special committee comprising center of Newark,
son,
his
Howard
Flanders,
board;
the
of
Vice-Chairman
Flanders,
The new structure, to be known as
J.
Streets.
Dana
and Commerce
Co. of Boston,
a director of the bank and President of the Peabody Trust
Building, will be of fireproof
Bank
Essex
&
Newark
the
H.
George
and
Corey.
interests,
which is controlled by Kidder. Peabody
tower, will be about 30 stories
a
&
equals
Co.),
oneincluding
Peabody
Kidder,
to
and,
shares
ion,
construct
"The interest (the 1,000
said Mr. Corey,
Newark & Essex Banking Comfifth of the capital stock of the company, is large enough."
National
The
height.
In
"to aasure the hearty co-operation of this strong investment house and
pany will lease for a long term of years the main floor of
small enough to prevent the control of the company."
its banking
The capital of the Malden Trust Co. now is $300,000 and the 2,000 the building, directly above the street level, as
6
additional shares will bring it up to $500,000. If the new stock is sold as quarters. The building will be constructed from plans by
also.
voted at this meeting, $320,000 will be aded to the surplus




1846

FINANCIAL CHRONICLE

[Vol.. 128.

John H. & Wilson Ely, architects. Based upon the appraisal.
of the site to be acquired and upon builder's estimate of
the cost of construction, the total value of the land and
building upon completion will exceed $12,000,000. The
cost of the building alone is estimated at about $7,000,000.

A new financial institution—the North Broad National
Bank—is being organized in Philadelphia by a group of business men, according to the Philadelphia "Bulletin" of
March 19. The new bank is to have a capital of $250,000
and paid-in surplus and undivided profits of the same amount.
It will be located at 5900 Broad St. and expects to start
The Newark "News" of March 15 reported that the direc- business May
1.
tors of the New Jersey Bankers' Securities Co. approved on
March 14 a proposal to sell the assets to the Equitable FinanA special meeting of the stockholders of the Philadelphia
cial Corp. of New York. The "News" added:
National Bank, Philadelphia, will be held Apr. 23 to take
According to reports in financial circles to-day the proposition is to exchange four shares of New Jersey Bankers' for one share of non-voting action on the following propositions: The reduction of the
par value of the capital stock from $100 a share to $20; the
stock of the New York corporation.
It is reported that the action of the Bankers' directorate was not unani- issuance of.five shares
of new stock for each share at present
mous.
John J. Stamler, President of the New Jersey National Bank & Trust Co., outstanding; the formation of a securities company to be
Who was made President of the New Jersey Bankers' at the suggestion of known as the Philadelphia National Co. with an authorized
Vice-Chancellor Backes, when an application was made for a receiver for capital
stock of 70,000 shares without nominal or par value,
the securities company, to-day said:
"I do not approve this proposition. I shall advise the stockholders in and the taking from the undivided profits account of the bank
the company not to accept it."
of $2,000,000 in securities or cash to provide the capital
and surplus of the said corporation. According to the
Jelin Is Silent.
Abraham Jelin, Vice-President and General Manager of the Securities Philadelphi
a "Ledger" of Mar. 19, the Philadelphia National
Company, declined to make any comment on the proposal or on reports
that he and other minority directors would not vote to recommend the ex- Bank as of Mar. 16 had outstanding 140 shares ($14,000,000)
change. Mr. Jelin was chosen General Manager at Stamler's request. and under the proposed change in par value the number of
Edward I. Edwards, former United States Senator, is now President of
shares outstanding will be 700,000. The shares of the
the Securities Company.
The Equitable Financial Corporation has offices at 2 Lafayette Street, securities company, it was said, will be held in trust for the
New York. It was organized by Harold Spielberg. The corporation is beneficial interest of the bank's shareholders.
The bank
said to control the Equitable Guaranty & Surety Co. of New York.
recently reported surplus and net profits of $40,138,000,
The New Jersey Bankers' Securities Co. was organized by Harry H.
Weinberg of Passaic and William Harris of Newark. Harris withdrew undivided profits being $4,138,115. Its total resources
from the company.
aggregate more than $361,000,000.
When the Davis legislative

committee investigtaed the company, an application for appointment of a receiver was made to Vice-Chancellor
Backes, who entrusted Stamler with reorganization. The company was
turned back to the stockholders by Vice-Chancellor Backes last September,
as a result of a settlement with Weinberger that was negotiated by Stamler.

Joshua E. Borton, Presiden- t of the Security Trust Co.
of Camden, N. J., died on March 15, at his home in Moorestown, N. J., after a short illness. Mr. Berton, who was
65 years of age, was born on a farm near Moorestown.
After attending the Friends School in Moorestown, and the
State Normal School at West Chester, Pa., he studied law
in Camden. Following his admission to the New Jersey
bar in 1884, Mr. Borton for many years practiced actively
in various courts, specializing in corporations and estates.
In 1903 he was elected a director pf the Security Trust Co.,
and the year following became President of the institution,
the office he held at his death. The deceased banker was
also at the time of his death Director of Railroads for the
State of New Jersey. He represented Burlington County
in the Assembly in 1896 and 1897, and was a Republican
leader of the county for many years.
On March 18, Samuel Vanc- e, Jr., announced his resignation as President of the Security Title & Trust Co. of Philadelphia, effective Apr. 15, to accept the Presidency of the
Adelphia Bank & Trust Co., now in process of organization
in Philadelphia. The new bank will be located at 1508
Chestnut Street, after June 1. According to the Philadelphia "Record" of March 19, the Adelphia Bank & Trust Co.
will be capitalized at $1,000,000, with paid in surplus of
$750,000, and undivided profits of $250,000. The authorized
capital consists of 100,000 sharer, of the par value of $10
a share, which vill be is.3ded at. the price of 45.20 a share.
Of the $20 received, $10 will go to capital account, $7.50 to
surplus and $2.50 to undivided profits account.. The organization committee of the new bank consists of the
following:
M. F. Middleton Jr., Chairman M. F. Middleton Jr. & Co., and President Philadelphia Stock Exchange; Gordon Anderson, of Clarence H.
Geis Company; William L. Austin Jr., President Rockaway Point Developtnent Corporation, New York City; Thomas C. Bradley, President
Security Bank Note Company; W. R. Cooper, the Wark Company; Joseph
Donoghue, resident Vice-President National Surety Company;
Ralph A.
Downes, President Atlantic Mutual Fire Insurance Company; Harold
DeL.
Downs, capitalist; Walter Goehring, director, Automatic Control Company; Arthur H. Ilinsley, Vice-President George H. Buchanan
Company;
Pennell C. Kirkbride, Henry & Kirkbride ; David Kirschbaum,
retired,
Philadelphia; Albert H. Ladner Jr., Ladner & Ladner,
attorneys; Charles
G. Mueller, President Community Finance Service, Inc.; Joseph
Potts,
National Dairy Company; William W. Robinson, President
John H.
Mathis Shipbuilding Company; J. Williar Sheetz,
banker; V. Francisco
Valdes, Mirkil-Valdes, real estate operators; Samuel
Vance Jr., banker;
Brenton G. Wallace, Wallace & Warner; architects and builders,
and Allan
N. Young, President Colonial Securities Company.

At a special meeting of the stockholders of the Central
Trust & Savings Bank of Philadelphia on March 21 a proposed reduction in the par value of the company's shares
from $50 to $10 was approved, according to the Philadelphia
"Ledger" of March 22. Five shares of the new stock will
be issued in exchange for each share at present outstanding.




As of Mar.5, the Northern National Bank of Philadelphia
(capital $400,000) went into voluntary liquidation. As
noted in our issue of Mar. 9, page 1497, the institution was
consolidated with the Ninth Bank & Trust Co., effective
Mar. 4.
Pursuant to a xesolution
of the directors, stockholders of
the Drovers & Merchants National Bank of Philadelphia,
at a special meeting on Mar. 15, approved a decrease In the
par value of the banli'4 stock from $100 a share to $10 a
share and the issuance of 10 shares of new stock for each
share now held, according to the Philadelphia "Ledger" of
Mar. 16.
At a special meeting of
the stockholders of the Columbia
Avenue Trust Co. of Philadelphia on Mar. 14 a proposed
increase in the bank's capital from $500,000 to $1,000,000
and the reduction of the par value of the stock from $100
a share to $10 a share were ratified, according to the Philadelphia "Ledger" of Mar. 15.
Advices on Mar. 17 from Un-iontown, Pa., to the Pittsburgh
"Post Gazette" reported that the Fayette Title & Trust Co.
and the Merchants' & Miners' Bank, both of Uniontown, had
been consolidated, the assets of the latter, estimated at
from $1,500,000 to $2,000,000 in cash and securities, having
been transferred to the Fayette Title & Trust Co., one of
the largest banks in that section, where the business of the
enlarged institution would be carried on next day, Mar. 20.
The combined resources of the institutions, it was stated,
would approximate $10,000,000. The Merchants' & Miners'
Bank was organized in 1918. J. A. Taylor, First State
Deputy Bank Commissioner, was present when the merger
of the banks was effected, it was said.

Pursuant to the consolidation of the Baltimore Trust Co.,

Baltimore and the National Union Bank of Maryland,
that city, (referred to in our issues of Feb. 2 and Feb. 9,
pages 677 and 833, respectively) the Baltimore "Sun" of
Mar. 13 stated that 15,000 additional shares of $50-par
stock of the Baltimore Trust Co. were listed on the Baltimore Stock Exchange on the preceding day (Mar. 12) totaling $750,000. This brings the total amount of the company's
stock to $4,250,000. The bank's surplus is of like amount
and its undivided profits $980,000. The purpose of the increase was to effect the consolidation by offering stockholders
of the National Union Bank of Maryland 134 shares of Baltimore Trust Co. stock for one share of National Union Bank.
The merger has now been formally effected on this basis,
following and amendment of the charter. The enlarged
bank continues the name of the Baltimore Trust Co.
Hugh L. Pope, formerly Secretary and Treasurer of the
Equitable Trust Co. of Baltimore, was promoted to a VicePresident on Mar. 13, while Charles J. Hanzlik, heretofore
Assistant Secretary and Assistant Treasurer, was made
Secretary and Treasurer in lieu of Mr. Pope.

MAR. 23 1929.]

FINANCIAL CHRONICLE

Supplementing our item of Mar. 2 (page 1322) with reference to the banking situation in Wells County, Ind., where
several State banks closed a month ago, among them the
Wells County Bank and the Union Savings & Trust Co. of
Bluffton, a press dispatch from Bluffton on Mar. 9 to the
Indianapolis "News" reported that the First Commercial
Bank, which recently obtained a State charter, opened for
business in Bluffton on Mar. 9 in the Wells County Bank
Building. The new institution is capitalized at $100,000
with surplus of $50,000. C. M.Niezer of Fort Wayne, Ind.,
President of the Fort Wayne First National Bank, is President also of the new bank; Fred Potthoff, Fort Wayne,is
Cashier, and Raymond Fitzpatrick, Bluffton, is Assistant
Cashier. Fort Wayne men subscribed half the capital stock
and Bluffton residents the remainder. With reference particularly to the affairs of the Wells County Bank, a dispatch
from Bluffton on Mar. 11 to the Indianapolis "News" had
the following to say:
More than 2,000, most of whom were creditors of the Wells County Bank,
which closed here Feb. 13, attended mass meetings Saturday Mar 9, afternoon and night to make plans to save the institution from going through a
receivership.
The meetings were held in spite of the fact that the court already had
appointed Morris E. Stults as receiver for the Studebaker Bank, which
closed in March 1927, as receiver for the Wells County Bank.
A committee headed by M. S. Smith,county agent, presented to the mass
meetings a plan whereby all creditors of the Wells County Bank will be
asked to sign contracts waiving 35% of their claims so that the bank will
become solvent. When this is done,they plan to ask the court that a liquidsing agent be appointed to serve under direction of a committee of depositors.
The contracts passed out also stipulated that the signers were in favor of
having Jesse Williamson appointed liquidating agent and that his salary
for such work should be fixed at $280 a month.
Under this plan the creditors hope to avoid a more expensive receivership.
The Studebaker Bank, which has been in receivership two years, had
deposits of nearly $2,000,000 and to date only 10% has been paid on common claims and that came about only after the old National Bank of Ft.
Wayne had bought the Studebaker Bank building here for $47,500.

At a special meeting to be held Apr. 23,stockholders of the
National Bank of the Republic of Chicago, Chicago, Ill.,
will be asked to vote on a proposed increase of $400,000 in the
bank's capital, raising the same from $6,500,000 to $7,000,000, according to the Chicago "Journal of Commerce" of
Mar. 18. Shareholders of record May 15 will be-entitled
to subscribe for the new stock at $20 a share (par value)
in the ratio of one new share for each thirteen shares held,
subscriptions to be due May 31.
The new Continental Illinois Bank & Trust Co., Chicago's
first billion dollar bank, opened for business Monday morning, Mar. 18. Resources of new institution are $1,162,977,947, deposits $868,019,729 and invested capital
$164,000,000. On Saturday, Mar. 16, cash and securities
aggregating more than $2,500,000,000 were moved across
La Salle Street, Chicago, at the rate of $13,500,000 a minute.
The transfer was made from the vaults of the Continental
National Bank & Trust Co. to those of' the Illinois Merchants Trust Co. The movement was accompanied by one
of the greatest massings of armament in the history of
peace-time Chicago. The movement of cash and securities,
according to J. D. Allen, Vice-President of the express
company handling the transfer, was the largest in which

his organization has ever participated, although it maintains fleets of armored cars in the principal cities of the
country from coast to coast. The united bank is located
In the Continental Illinois Bank Building (formerly the
Illinois Merchants Trust Co. Building), bounded by
La Xalle, Jackson, Clark and Quincy Streets. There are
two entrances—one at 231 South La Salle Street and the
other at 230 South Clark Street. The central space on the
street floor has been reserved for the savings department
and the new quarters are designed to afford every modern
convenience for customers. The commercial department
will be located on the second floor.
With reference to the alterations and improvements which
have been made in the old building, a statement issued by
the enlarged bank says':

1847

The automatic telephone central will serve 1,250 phones. It is said to be
the largest automatic switchboard in the world.

George Born has been electe- d a Vice-President of the Liberty State Bank of Milwaukee, Wis., to succeed the late
Charles E. Tegge, according to the Milwaukee Sentinel of
Mar. 15. Mr. Born is a member of the wholesale meat firm
of August Born & Son.
Effective at the close of bu- siness Feb. 28 1929, the First
National Bank of Mt. Vernon, S. D., with capital of $50,000
was placed in voluntary liquidation. The institution has
been succeeded by the First National Bank in Mt. Vernon.
Joseph R. Craig, formerly an Assistant Cashier of the
First- National Bank of Memphis, Tenn., was promoted to
the Cashiership of the institution at a meeting of the directors on Mar. a to fill the vacancy caused by the recent
death of S. C. Shepherd, according to the Memphis Appeal
of the following day. Mr. Craig has been with the First
National Bank for nearly 40 years, entering its employ as
a runner. At the same meeting, W. H. Feltus, an Assistant
Cashier, was raised to an Assistant Vice-President, and
W. A. Lancaster, Manager of the transit department, advanced to an Assistant Cashier.
•
W. C. Bowman, for the past six years Vice-President and
Trust Officer of the First National Bank, Montgomery,
Ala., was promoted to the Presidency of the institution at
a meeting of the directors on Mar. 12, according to the
Montgomery Advertiser of Mar. 13. Mr. Bowman succeeds
A. M. Baldwin, who was made Chairman of the Board.
Mr. Baldwin has been an active officer of the bank for 42
years and its President for more than 30 years. A. S. Woolfolk, for many years a Vice-President, was made ViceChairman of the Board. The personnel of the institution
Is now as follows: A. M. Baldwin, Chairman of the Board;
A. S. Woolfolk, Vice-Chairman of the Board; W. C. Bowman, President; J. L. Gaston, First Vice-President; W. 0.
Baldwin, Second Vice-President; J. A. Ledbetter, Cashier;
E. L. Cullom, Felix Robinson and Felix P. Clay, Assistant
Cashiers; Henry Meader, Assistant Trust Afficer; and H. F.
Smith, Auditor. Mr. Bowman in addition to becoming
President of the First National Bank, also has become
President of the First Joint Stock Land Bank and First
Finance Corporation, affiliated institutions, owned by the
stockholders of the First National. Bank. On Dec. 31 1928,
according to the paper mentioned, the First National Bank
of Montgomery had resources of $13,428,309. Its deposits
amounted to $11,660,309. With its affiliated institutions,
the finance corporation and the joint stock land bank, the

combined resources of the First National Bank on Dec. 31
1928, amounted to $24,105,060, an increase over the previous
year of $1,610,391.
As indicated in our issue of Mar. 15, page 1667, a new
bank is being organized in West Palm Beach, Fla., under
the title of the West Palm Beach Atlantic National Bank.
Plans for the establishment of the new institution with
H. V. Martin, formerly Assistant Vice-President of the
Atlantic National Bank of Jacksonville, Fla., as President,
were officially announced on March 11 by Edward W.Lane,
Chairman of the Board of Directors of the Atlantic National
Bank of Jacksonville, and also of the new institution. The
new bank will be the third out of town affiliation of the Atlantic National Bank of Jacksonville. The Palm Beach bank is
to have a paid-in capital of $100,000 and surplus of $25,000,
and will open Mar.25,according to present plans, Mr. Lane's
announcement stated. It will be located on the ground
floor of the Harvey Building. Edward C. Romfh,President
of the First National Bank of Miami, Fla., is to be associated
with Mr. Lane on the Board of Direetors. The appointment of only one other officer in addition to Mr. Martin
was announced on Mar. 11, namely George F. Walz as
Cashier. Mr. Lane's announcement as printed in the
Florida "Times-Union" of Mar. 12, from which paper the
above information is taken, follows:

The altered banking quarters constitute a new building in virtually everything except the outer shell. A new mezzanine floor has been added,floor
space has been inereased to 320,000 square feet, the size of the cash vault
has been doubled, the wattage of electrical illumination has been tripled,
new elevators and staircases have been added, the size of the bank cafeteria
has been doubled so that it now seats 700 persons and can serve 2,500 meals
in two hours, and new desks and chairs have been purchased in thousand
The West Palm Beach Atlantic National Bank is being organized by the
lots.
management of The Atlantic National Bank of Jacksonville to supplement
A new wicket system has been installed and windows through which and extend its complete financial service, which is such an important factor
customers deal with employees have been increased to 292. Virtually all in the economic structure of this State. While the West Palm Beach Atlanfurniture in public sections of the bank is new.
tic National Bank will function as a separate institution, the majority of its
An indication of the modernity of equipment is seen in the fact that stock will be owned by The Atlantic Trust Co.. an affiliation and holding
electrical equipment installed five years ago at a cost of $180,000 was company of The Atlantic National Bank of Jacksonville. The management
scrapped for more up-to-date equipment.
of the new bank, therefore, will be under the same general direction of the
All through the bank, an effort has been made to relieve employees of men responsible for the successful growth of The Atlantic National Bank of
will
be
Mail
pneumatic
distributed through
tubes and con- Jacksonville, but at the same time the West Palm Beach Atlantic National
manual work.
Bank is in reality a separate and distinct unit, having the citizens of West
veyor belts and dumb waiters will carry checks and transit items.




1848

FINANCIAL CHRONICLE

[Vora. 128.

inithelfirst hour but sold off later in the day. Radio Corporation (new) suffered a sharp break to 100 but rallied the last
few minutes and closed at 101 1-3. Advance Rumley, both
preferred and common, was in special demand and rushed
ahead to new peaks. The demand for railroad equipment
stocks continued strong, forcing American Locomotive to a
new high for 1929 above 122. Pullman and American Car
& Foundry trailed along and closed with substantial gains.
The other out of town affiliated institutions of the Atlantic
Public Utilities under the leadership of Consolidated Gas,
National Bank of Jacksonville are the Sanford Atlantic
International Telephone and Western Union were also in
National Bank, Sanford, Fla. and the Palatka Atlantic demand
at improving prices. The market experienced a
National Bank, Palatka, Fla.
slight setback in the early trading on Tuesday and many
The balance sheet as of Dec. 31 1928 of the Internationale stocks yielded from 2 to 5 points, but by midsession prices
Bank Te Amsterdam, N. V., Amsterdam, Holland, has just had rallied and the trend was again confidently upward.
been received. It shows total resources of 118,156,540 Copper stocks assumed the leadership and moved briskly
florins, of which the principal items are: Debtors, 41,558,351 ahead following reports of a strong demand for copper in
florins; balances with foreign banks and bankers, 33,255,528 excess of th6 22e rate established on Monday. Greenflorins; credits granted for account of third parties under Cananea moved briskly forward and closed with a net gain
the banks' management, 25,099,341 florins; debtors out of of 53' points at 1953. Anaconda closed at 1673/i with a
forwarded foreign exchange contracts, 5,349,906 florins, gain of 43/2 points. Motor shares were more or less disapand cash in hand and money at call, 5,155,605 florins. On pointing and inclined to yield ground. Hudson Motors
the debit side of the statement are shown: Creditors, 39,- was an exception and closed moderately higher. Radio
837,051 florins; participations of banks in credits under the (new stock) continued under pressure and closed at 96 X with
bank's management, 23,234,489 florins; drafts to be paid a loss of about 5 points. Railroad equipment shares were
20,364,538 florins; capital paid up, 16,000,000 florins and again prominent, particularly Baldwin Locomotive which
reserve, 4,000,000 florins. Net profit (including 104,711 sold up to 268% at its high for the day and registered at that
florins brought forward from the previous year) amounted time a gain of 123/i points. Oil shares were buoyant and
to 2,268,187 florins, which was allocated as follows: 1,000,000 railroad issues were in strong demand at higher prices. The
florins to reserve fund (making the same 4,000,000 florins); utility stocks were featured by Western Union,International
960,000 florins for a 6% dividend to shareholders; 86,880 Telephone & Telegraph and American Telephone & Telegraph
florins for dividend taxes; and 114,713 florins to cover all of which were higher.
The market opened strong on Wednesday, but a sharp
renpnerations under Article 25 of the statutes, leaving a
balance to be carried forward to the current year's profit break occurred around midday and while a few of the more
and loss account of 106,594 florins. The institution was active speculative stocks recovered their early losses most of
the list closed below the higher prices of the first hour.
established in May 1924.
Copper shares continued to dominate the trading as metal
THE WEEK ON THE NEW YORK STOCK EXCHANGE. advanced to 23c a pound and manyZof the leaders moved
into new high ground. As the day advanced considerable
The New York stock market has shown considerable
realizing came into the group and practically all of the active
irregularity and yesterday suffered severe declines because
issues,
except Anaconda lost ground, the latter holding its
of nervousness over the tension in the money market.
gain
of
5 points at 172%. Radiol(new) was weak and
Earlier in the week speculative interest centered largely
dropped to 93 where it was about 16 points below its high of
around the copper shares owing to the further advance in
Saturday. Price movements were somewhat confused and
the price of metal, but there was also an active demand for
though a number of the more promioil shares which displayed strong recuperative powers and irregular on Thursday
nent
upward
to higher levels. General Motors
worked
stocks
moved briskly forward to higher levels. Railroad equipwas
and was turned over in large
stocks
one
of
strong
the
ment stocks have been in strong demand throughout the
top price at 91—and finally
week at higher prices and both motor shares and the so- blocks as it moved aheadito a
than 2 points for the day.
closed
gain
of
more
at
with
a
89%
called specialty issues have at times moved higher. The
renewed speculative attention durweekly report of the Federal Reserve Bank, made public Copper stocks attracted
in the early trading, Anaconda leading the upswing and
after the close of business on Thursday, showed a new high
working into new high ground above 174. As the day adrecord in brokers' loans amounting on Mar. 20 to $5,793,vanced the demand slackened and most of the other issues
Mar.
13.
$5,627,000,000
on
000,000 as compared with
sold
off. Lower priced utilities such as Electric Power &
This was an incrpase of $166,000,000 in this district for
Light and National Power and Light were in active demand,
the present week. Call money moved up from 7% on Montop for 1929 and the latter closing
day to 10% on Tuesday, but slipped back to 9% on Wednes- the former reaching a new
at a higher level. Specialties were in strong demand parday and remained at that figure for the rest of the week.
ticularly American Can which sold at a new high above 127
Bullish enthusiasm was in evidence during the two hour
and
Continental Can which also raised its top. Radio Corsession on Saturday and many speculative favorites climbed
poration (new) slipped back to a new low on the current
Copper
stocks
were
levels.
highest
upward close to their
reaction under 92. Advance Rumley, both common and
in strong demand and led the general upswing followed by
reached new high levels and both Union Carbon &
the oil shares which attracted considerable attention. Ana- preferred
&
Carbide
and Detroit Edison established new peaks.
conda was the star of the copper issues and hugevolumesof
The market suffered a severe break on Friday and motors,
the stock changed hands at a new record top above 164
industrials and specialties all slid downward to
with the close at 163%,a net gain of three points. Kenne- steels, rails,
lower
levels.
As the day advanced prices recovered and a
cott also was in strong demand as it moved into new high
issues got back a portion of their early
ground above 103. Greene-Cananea enjoyed a brisk ad- few of the stronger
greater
part of the list was lower at the close.
losses
but
the
vance of eight points and closed at 1873
4 with a gain of more
than seven points. Chile copper was a noteworthy feature One of the weakest stocks was international Nickel which
of the group as it moved upward 33.' points to 120. The oil was down nearly five points. Copper stocks were also weak,
shares were featured by Pan-American "B" which closed at Kennecott dropping back nearly 3 points, Advance Rumley
nearly 7 points, United States Steel
47% with a gain of three points. Atlantic Refining con- common slipped down
common
dipped
points,
General Motors fell off nearly
33j
4 points.
tinued strong and closed at 64%, a gain of 13
Goodyear Tire & Rubber was one of the sensational features 2 points 'find Radio Corporation fkew) moved down again
/
s. The final tone was wearilf
of the day as it surged upward 10 points to 150 or better. to 913
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
In the final hour Radio Corporation old and new moved to
DAILY. WEEKLY AND YEARLY.
the front, the old stock crossing 540 to a new peak followed
by the (new) with an advance to a record top at 109. Among
United
Stocks,
Railroad,
Stale,
States
Week Ended Mar 22
Number of
&c..
Municipal it
the specialties Rossia Insurance moved ahead 10 points into
Shares.
Bonds.
Foram Bona.
Bonds.
new high ground.
8168,000
81.283,000
2,718,260
82,978,000
Monday was a day of contrasts with heavy buying in some Saturday
538.500
5,254,500
2.035,000
5,021,120
Monday
362,500
8,455,000
2,417.000
Tuesday
4.449,660
early
issues and sharp realizing sales in others. In the
369,500
6,932,000
2,400,000
5,190,570
Wednesday
1,321,000
2,256,500
6,721,000
4,459,440
trading new high records were established by Anaconda, Thursday
674,000
1,779,000
6,355,000
4.830,930
Friday
most
of
these
Kennecott
and
Nevada
but
Cananea,
Greene
83.433,500
26,669.980 834.725,500 812,170.500
Total
stocks were off at the close. Motor stocks were fairly firm

Palm Beach and surrounding territory financially Interested. The capital
of the new bank will be increased from time to time as the deposits of the
bank increase.
The depositors' money will be handled as a sacred trust, never to be
loaned or invested in any questionable enterprise, and no officer of the new
bank will be permitted to borrow from it.
We take genuine satisfaction and pleasure in announcing we will have
associated with us as one of the managing directors of the new bank one
of the outstanding bankers of South Florida, Edward C. Romfh, President
of the First National Bank of Miami.




MAR. 23 19291

Jan. 1 to Mar. 22.

Week Ended Mar. 22.

Sales al
New York Stock
Exchange.

1929.

Stocks-No. of shares.
Bonds.
Government bonds-- State and foreign bonds
Railroad & misc. bonds
Total bonds

1928.

1929.

1928.

26,669,980

19,742,820

267,469.420

153,077.950

53.433.500
12,170,500
34,725,500

52.842,750
16,603,000
52,458,500

532.929,100
150,221,050
389,874.000

$46,390,250
209,959,125
498,872.700

550,329.500 $71,904,250

5.573,024,150

$755,222,075

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mat. 22 1929.

Baltimore.

Philadelghia•

Shares. Bond Saks. Shares. Bond-Sales Shares. Bond Sales,

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

*53,758
*99,110
70 855
*80,189
*75,420
*55,349

$14,000
51,000
77.000
38.000
29,000
34,000

a41,310
a78,313
a82,946
a91.886
a91,858
a43,779

9,500
5,000
7,600
20,000

82,871
84,755
84,355
84,598
84,450
83,456

$12,100
27,200
32,000
28,000
23,000
39,200

Total

434,681

$243,000

428,092

551,009

24.483

$161,500

370,796

5235,800

455,388

$59,500

20,099

82.44,700

Prey, week revised

•In addition, sales of rights were: Saturday, 1,300; Monday, 610; Tuesday,
775; Wednesday, 250; Thursday. 700.
a In addition, sales of rights were: Saturday, 400; Monday, 500; Tuesday, 100;
Wednesday, 800; Thursday, 1,000; Friday, 2,222.
b In addition, sales of rights were: Saturday, 440; Monday, 3,624; Tuesday,
536; Wednesday, 251; Thursday, 3,303; Friday, 2,449. Sales of scrip were:
Saturday. 30-20; Monday, 10-20; Tuesday, 31-20; Friday, 10-20. Sales of warrants were: Wednesday, 5; Friday, 50.

'THE CURB MARKET.
Under the influence of high money rates the Curb Market
this week showed an uncertain trend though to-day prices
showed decided weakness.

Ford Motor of Canada caused

a sensation by jumping over $300 a share to 1150, though

The Southern Rhodesian gold output for the month of January lass
amounted to 46,231 ounces, as compared with 44,772 ounces for December
1928 and 51,356 ounces for January 1928.
SILVER.
Although prices have shown some fluctuations during the week the steadiness of the market has been maintained. China has again been the chief
operator, and besides making some re-sales, has supported the market by
purchasing silver, presumably as a counterpart of operations in Yen exchange, which has continued to show weakness. The Indian Bazaar
have worked both ways, but offerings from the Continent have been small.
America has been more disposed to buy than to sell.
The news that another revolution had broken out in Mexico naturally
gives rise to some speculation as to its effect on silver, as, in view of the
position occupied by Mexico as a producer,a prolonged struggle is obviously
likely to prove an important factor. It is to be hoped, however, that the
trouble will not be of long duration, as events in the past have shown the
enduring ill-effects of such civil strife on the commercia interests of the
country.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 25th ultimo to mid-day on the 4th inst.:
ImportsMexico£187,904
9.070
Belgium
10,200
United States
13,600
Irish Free State
2.766
Other countries

172 to 16834, sold up to 18034 and dropped back to 175.
Goldman Sachs Trading Co. was active and sold down from

X to 11534 and

back to 121 though to-day's transaction

carried the price down to 11334 ex-dividend.

The close was

National Aviation rose from 7134 to 85, but
reacted finally to 78. Westvaco Chlorine Products lost

at 11434.

some of its recent advance, dropping from 116 to 103
final transaction to-day being at 10434.

X, the

Public Utilities

were generally lower though changes were small.

Export
France
Austria
Egypt
Persia
Irish Free State
British India
Other countries

£7,624
18,880
7,560
80,657
12,058
70,178
3,398
£200,350

£223,540

INDIAN CURRENCY RETURNS.
Feb.28. Feb. 22. Feb. 15.
- (In Lacs of Rupees)19144
19170
19247
Notes in circulation
9910
9936
9996
Silver coin and bullion in India
Silver coin and bullion out of India
3221
'3Ii
3221
India
bullion
in
Gold coin and
Gold coin and bunion out of India
.Viti'i
:112
4327
Securities (Indian Government)
785
786
1053
Securities (British Government)
900
900
650
Bills of exchange
The stock In Shanghai on the 2nd inst. consisted of about 69,900,000
ounces in sycee, 111,000,000 dollars and 11,900 silver bars, as compared
with about 70.700,000 ounces in sycee, 109,000,000 dollars and 10,020
silver bars on the 23rd ultimo.
Statistics for the month of February last are appended:

it reacted thereafter to 962 with the close to-day at 980.
American Cyanamid, class B dropped from 6.5% to 5934 and
closed to-day at 59k. Auburn Automobile eased off from

121

1849

FINANCIAL CHRONICLE

-Bar Silver, per Oz. Std.Cash,
2 Mos.
265-16d.
26 K d.
2534d.
25 11.-16d.
25.935d.
_25.909d.

Highest price
Lowest price
Average price

Bar Gold,
per Oz. Fins
848.11d.
848.10'Ad.
848. 11.42d.

Quotations duringthe week:
26Hd.
84s.11144.
263ici.
Feb. 28
848.11;id.
26 1-16d.
26d.
Mar. 1
11 %cl.
1-16d.
84s.
26
26d.
Mar. 2
848.11 34d.
26 1-16d.
26d.
Mar. 4
4d.
25 15-16d. 84s.107
25 15-16d.
Mar. 5
84s.11 gd.
26d.
26d.
Mar. 6
848.11.35d.
26.041d.
26.0104.
Average
The silver quotations to-day for cash and two months' delivery are
respectively 1-16d. above and the same as those fixed a week ago.

Elec.

COURSE OF BANK CLEARINGS.

Bond & Share fell from 92 to 83%, and ends the week at 85.
Humble Oil & Ref. broke from 1063'2 to
101 34 then jumped to 110, the close to-day being at 105.

Bank clearings will show only a satisfactory increase the
present week. Preliminary figures compiled by us, based

A complete record of Curb Market transactions for the

upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, March
23) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be

Oils were quiet.

week will be found on page 1884.
DAILY TRANSACTIONS AT 'THE NEW YORK CURB MARKET
Bonds (Par Value).
Week Ended
Mar. 22.

Stocks
(No. Shams)

Forays
(Iovernmem

Rights

Domestic

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

1,157,500
1,414,900
1,343,500
1,570,100
1,670,100
1,283,200

139,600
139,900
122,200
243,500
140,100
35,700

$1,027,000
1,364,000
1,525,000
1.459.000
1,456,000
1,989,000

875,000
128,000
205,000
751,000
408,000
271,000

Total

8,339,300

821,000

88.800,000

$1,838,000

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 6 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £150.897,002
on the 27th ultimo (as compared with £150.503,734 on the previous Wednesday), and represents a docroaso of £3,009,313 since April 29 1925-when
an effective gold standard was resumed.
The bar gold available in the open market this week amounted to about
£805.00.). of which about £593,000 was secured by the Bank of England
as shown in the figures below. Home and Continental trade requirements
absorbed £94.010, India £60,000 and the Straits Settlements £54,000.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx of £570.581 during the week
under review:
Feb. 28. Mar. 1. Mar. 2. Mar. 4. Mar. 5. Mar.6.
£1,681
Received
£2,056
Nil
£110
£593,305
Nil
Withdrawn
17.472
£4,000
Nil
5,000
Nil
Nil
The receipt yesterday was in bar gold from South Africa. The withdrawals consisted of £15,472 in bar gold and £11,000 in sovereigns,
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 25th ultimo to mid-day on the 4th inst.:
ImportsBritish South Africa
Other countries

£706,225
5,290

ExportsGermany
France
Switzerland
Austria
British India
Straits Settlements
Other countries

£711,515




£27,173
9,407
37,60d
9,550
20.500
96,296
65,592
8,224
£274,342

18.2% larger than for the corresponding week last year. The
total stands at $14,856,133,777, against $12,563,437,441
for the same week in 1928. At this centre there is a gain for
the five days ended Friday of 25.1%.
summary for the week follows:

Our comparative

1929.

1928.

Per
Cog.

$8,493,000,000
533,179,124
511,000,000
442,000,000
123,403,707
125,700,000
187,125,000
205,908.000
165.617,975
220,318.257
138,109,090
77,242.874
51,767.209

$6,794,000,000
589,970,135
476.000,000
490,000,000
106,296,003
123,100,000
189,876,000
169,399,000
154,633,520
157,573,127
102,843,391
79,459.989
64,788,725

+25.1
-9.6
+7.4
-9.8
+19.1
+2.1
-1.5
+21.5
+7.8
+39.8
+32.3
-2.8
-20.1

Thirteen eitiee, five days
Other cities, five days

511.272,369,236
1.107.742,245

$9,497,939,890
1.109,312.380

+18.9
-0.1

Total all cities, five days
All cities, one day

$12,380,111,481 $10,607,252,270
1,956,185,171
2,476.022,296

+18.7
+26.8

Tnts1 all ntt1em tnr wAplr

114.R58.132_777 212.583.437.441

+18.8

Clearings-Returns by Telegraph.
Week Ended March 23.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

Complete and exact details for the week covered by
foregoing will appear in our issue of next week.

the

We can-

not furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which

we

present further below, we are able to give final and complete
results for the week previous-the week ended Mar. 16. For
that week there is an increase of 8.5%, the 1929 aggregate
of clearings for the whole country being $13,990,428,983,
against $12,896,781,630 in the same week of 1928. Outside
of this city however, there is a decrease of 2.5%, the bank
exchanges at this centre recording a gain of 13%. We

1850

FINANCIAL C-FrRONICLE

group the cities now according to the Federal Reserve districts
in which they are located, and from this it appears that in the
New York Reserve District (including this city) there is an
improvement of 12.8%, but in the Boston Reserve District
there is a decrease of 6.5% and in the Philadelphia Reserve
District of 2.6%. The Cleveland,Reserve District shows a
gain of 12.9%, while the Richmond Reserve District shows
a loss of 3.8% and the Atlanta Reserve District of 1.5%.
In the Chicago Reserve District the totals are larger by 2.2%,
in the St. Louis Reserve District by 3.6% and in the Minneapolis Reserve District by 6.5%. The Kansas City Reserve
District has an increase of 1.5%, the Dallas Reserve District
of 11.1% and the San Francisco Reserve District of 3.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week End. Mar. 16 1929.
Federal Reserve Dists.
18t Boston_ _ _ _12 cities
2nd New York_11 "
3rd Philadel la_10 "
4th Cleveland__ 8 "
5th Richmond. 6 "
6th Atlanta__ __13 "
7th Chicago ___20 "
8th St. Louis-- _ 8 "
llth Minneapolis 7 "
10th KansasCity 12 "
11th Dallas
5 "
12th San Fran_ _17 '

1929

Inc.or
Dec.

1928

$
574,049,944
9,453,663,130
614,570,383
468,480,407
182,738,426
211,640,932
1,085,513,730
246,644,938
138,398,244
250,425,342
83,022,135
683,281,372

$
613,840,610
8,380,178,879
631,039,407
414,964,342
190,024,784
214,911,935
1,062,486,828
238,117,865
128,120,516
248,812,900
74,718,278
662,461,286

1926

1927

$
$
%
-6.5
681,669,998
631,000,897
+12.8 7,704,522,953 6,385,968,875
-2.6
692,527,004
641,375,361
+12.9
441,691,243
411,615,226
-3.8
148,730,388
210.471,047
226,122,715
271,193,995
-1.6
+2.2 1,040,641,944
961,934,187
+3.6
252,697,800
248,047,581
129,796,457
119,488,013
+6.5
+1.6
244,539,459
256,935,559
+11.1
84,141,153
82,187,877
+3.1
689,046,251
617,476,396

Total
129 cities 13,990,428,983 12,896,781,630 +8.5 12,214,824,438 10,788,997,957
Outside N. Y. City
4,536,765,863 4,648,769,940 -2.5 4,543,312,748 4,524,515,205
Canada

31 cities

434.065.254

389.453.524 4-11_5

324.934.597

302.874.392

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 15:

Clearings at
1929.

1928.

$
First Federal Reserve Dist rict-Boston
Me.-Bangor___ _
681,695
560,944
Portland
4,028,511
3,610,638
Mass.-Boston_ _ 511,000,000 556,000.000
Fall River.._ _
1,634,026
2,190,387
Lowell
1,328,137
1,266,087
New Bedford..
1,416,645
1,333,262
Springfield5,440,281
5,284,222
Worcester
3,362,609
3,856.365
Conn.-Hartford
19,132,499
16,183,603
New Haven.._
8,248,069
8.381,223
R.I.-Providence
16.632,800
15,042,700
N.H.-Manche'r
650,916
824,935
Total(12 cities)

574.049,944

613,840,610

Second Feder al Reserve D Mulct-New
N. Y.-Albany..
3,205,899
5,739,169
Binghamton__ _
1,250,080
1,269,757
Buffalo
59,230,557
51.789.863
Elmira
1,087,435
994,143
Jamestown..._
1,210,889
1,230,678
New York.... 9,316,204,924 8,248,011,690
Rochester
14.043,787
13,642,060
Syracuse
7,271,680
6,059,925
3,241.372
Conn.-Stamford
3,150.273
1,168.334
N. J.-Montclair
849,502
Northern N.I.
43,748,173
47.432,819

Inc. or
Dec.

1927.

1926.

+21.5
+11.6
-8.1
-25.4
+4.9
+6.3
+3.0
+ 14.7
+18.2
-1.6
+10.6
+4.2

708.286
3,346,588
578,000,000
1,901,255
1,403,500
1,276,044
5,428,052
3,534,099
14,212,572
6,845,223
13.688.400
656,878

594,321
2,942,190
510,000,000
1,934,294
1,080,542
1,224,316
5,486,899
3,196,506
15,463,869
6,883,566
12,209,700
653.795

-6.5

631.000,897

561,669,998

York
-9.3
5.626.755
6,244,627
-1.5
1,085,900
980,400
+14.4
54,486,151
52,683,893
969.509
+9.4
915,038
-1.6
1.368,348
1,561,105
+13.0 7,571,511,674 6,264.482.752
+2.9
13,252.881
11,335.288
+20.0
5,898,314
5.231,242
+2.6
3,295,003
3,033,341
+37.4
782,540
547,085
-7.3
46,245,878
38,954,104

Total(11 cities) 9,453,683,130 8.380,178,879 +12.8 7,704,522,953 6,385,968,875
Third Federal Reserve Dist rict-Philad
1,389,101
Ps.-Altoona..
1,466,338
Bethlehem _ _ _
4,619.973
4,483.721
Chester
1,281,266
• 1.098,967
Lancaster
2,238,802
2.097,134
Philadelphia
584,000,000 599,000,000
4,547,329
4,087.626
Reading
Scranton
6,146.034
6,083,352
Wilkes-Barre- 3,907,782
4,285,497
York
2,294.457
1,030,508
W.J.-Trenton..
4,327,938
6,323,965

elphia
-5.3
+3.0
-14.3
+6.8
-2.5
+ 11.2
+1.0
-8.8
+18.6
-31.6

1,564,433
4,217,028
1,297,773
2.043,157
610,000.000
4,241.869
6,312,962
4,285,290
1.673,323
5,739.526

1,538.444
4,032,501
1,529,485
2,166,488
662,000,000
3,683,779
5,970,709
3,800,776
1,684,843
6,119,999

-2.6

641,375,361

692,527,004

Fourth Feder al Reserve D istrict-Clev eland
Ohio-Akron._ _ _
7,293,000
6,523,000 + 11.8
Canton
5,492,542
4,603,225 +19.3
Cincinnati.. _ 81,024,033
80,309,092 +0.9
Cleveland
157,958.389 128,812,584 +22.6
Columbus
17,105,100
18,092,200 -5.4
Mansfield
1,891,165
1.696,736 +11.5
Youngstown__
7,345.712
6,472,686 + 13.5
Pa.-Pittsburgh
190,370,466 170,454,819 +11.7

5,856.000
4,480,510
78,815,905
134,046.576
16.905.000
2,394,163
5,360,132
193,832,957

5,906,000
4,391,398
77,995,029
118,902,639
15,819,400
2,459.716
4,951,839
181,189.205

414,964,342 +12.9

441,691,243

411,615,226

Fifth Federal Reserve Dist riot-Richm ond1,300,619
1,462,035 -11.1
Va.-Norfolk._ _
5,005.088
5,175,603 -3.3
Richmond.
42,284,000
42,403,000 -0.3
S.C.-Charleston
.2,54:c000 2.814,819 -11.2
Md.-Baltimore_
99,846,414 111,421,347 -10.4
D.C.-Washing'n
31,802,305
26,747,980 +18.9

1,659,547
6.104.030
51,023,000
2,241,870
111.163.418
26.539,523

1,511,644
8,358,979
50,143.90_
2,654.699
120,193,308
27,609.417

-3.8

198,730,388

210,471,047

Sixth Federal Reserve Dist rict-Atlant a8.418,474
Tenn.-Chatt'ga
10.124,192 -16.9
Knoxville
3,831,738
*3,000,000 +27.7
Nashville
26,862,182
26,449,865 +0.8
Ga.-Atlanta
61.548.620
56,646,897 +8.6
2,298,842
Augusta
2,228,564 +3.2
Macon
1.698.976
2,459.429 -30.9
Jack'nville
19,055.570
Fla.19,558,991 -2.8
4,063,000
Miami
4,238,000 -4.1
24,972.515
Ala.- Birtning'm
25,072,605 -0.4
1.785,505
Mobile
1,686,055 +5.9
Miss.-Jackson._
2.112.000
2,222,000 -5.0
442.456
Vicksburg
415,218 +6.6
La.-New Orleans
54,753.054
80,810,119 -10.0

8.871,486
*3,200.000
25,363,697
57,189,878
2,089,768
2,098.826
26,195,000
7,657,951
25,896,541
2,043,342
1,781,519
370,421
63,364,286

9,259,70
3,096,997
25,694,037
79,887,183
2,228,009
1.575,837
39,037,395
18,792,003
28,537,668
2,213,710
2,060,000
363,809
58,472,549

226.122,715

271,193,995

Total(10 cities)

Total(8 cities).

Total(6 cities).

Total(13611168)

614,570.383

468,480,407

182,738,426

211,640,932




631,039,407

190,024,784

214,911,935

-1.5

[Vol.. 128.
Week Ended March 15.

Clearings at1929.

Inc. or
Dec.

1928.

1927.

1926.

$
Seventh Feder al Reserve D 'strict-Chi cagoMich.-Adrian..
276,773
269.274 +2.8
254,422
278,180
Ann Arbor_ -1,122,171
861,198 +12.3
978,736
1,106,956
Detroit
218,116,337 193,989,015 +12.4 187,519,053 184,445,373
Grand Rapids_
8,213,591
7,697,761
+6.7
8,976,730
8.341,755
Lansing
2,160,222 +42.3
3,074,779
2,500,000
2,644,000
Ind.-Ft. Wayne
3,242,849 +16.9
3,790,210
2.538.956
3,059,627
Indianapolis...
23,445,000
22,577,000 +3.8
20,909,000
22,339,000
South Bend...
3,200,463
2,753,700 +16.2
2,189.900
2.856,700
Terre Haute..
5.715.916 -0.6
5.680,145
4.777,340
5.587,992
Wls.-Milwaukee
34,561,719
41,912,078 -17.5
43,063,506
44.799,242
Iowa-Ced. Rap_
3,038,112 -4.9
2,890,708
2,604,023
2,583,521
Des Moines...
9.601,920 -2.4
9,370,906
10,048,329
9,975,661
Sioux City_ _ _
7,564.821
6,865,013 + 10.2
7,539,240
6,712,459
Waterloo
1,508,109
1,402,165 +7.6
1,093,952
1,328,471
Ill.-Bloomington
2,167,778
2.664,423 -15.5
1,800,564
1,810,837
Chicago
745,628,914 744,178.263 +0.2 726,068,203 655,151,602
Decatur
1,533,300
1,475,694 +3.9
1,205,895
1,445.687
Peoria
5.462.104 +8.4
5,920.810
5.298.340
5,377,639
Rockford
4.027,735
3,568.368 +12.9
2,934,951
3,388,638
Springfield_
3,419,461
3.051,753 +12.0
2.959,528
3.087,123
Total(20 cities) 1,085,513,730 1,062,486,828

+2.2 1,040,641,944

Eighth Feder at Reserve D 'strict-St. Lou Is1081.-Evansville.
5,098,256
5,063,709 +0.7
Mo.-St. Louis._ 152.100,100 152.400,000 -0.2
Ky.-Loulsville.,
43,835,609
41,207,626 +6.4
Owensboro_
406.701
396.788 +2.5
Tenn.- Memphis
22,452,249 +15.1
25,842,485
Ark.-Little Rock
17,378,668
14,436,826 +20.4
Ill.-Jacksonville.
373,275
351,731
+6.1
Quincy
1,609,844
1,808.936 -11.0

961,934,187

5,760,233
163,400,000
42,070,117
425,349
23,372,966
15,790,493
382,092
1,498.550

4,981,644
162,300,000
38,167,799
352,789
24,684,512
15,421,633
357,090
1,782,114

+3.6

252.697.800

248,047,581

Ninth Federal Reserve Dig Wet-Minn eapolis
Minn.-Duluth.
7,099,907
5,946,380 +19.4
Minneapolis
86,722,598
81.695.132
+6.2
St. Paul
34,851,013
32.780,102 +6.3
N. D.-Fargo_.2,596,241
2,633.317 -1.4
S.D.-Aberdeen.
1,217,214
1.315,585 -7.5
Mont.-Billings _
646,271
696,000 -7.2
Helena
3,265,000
3,054,000 +6.9

5.969,799
72.387.772
S4,441.568
1,974,258
1.127,878
517,738
3,069,000

6.437957
80,874,622
35,383,989
1,747.865
1,655,127
507,080
3,189,817

Total(8 cities).

Total(7 cities).

246,644.938

238,117,865

128,120.516

+6.5

119.488,013

129.796,457

Tenth Federal Reserve Dis trict-Kane
Neb.-Fremont354.028
385,487
490,874
668.036
Hastings
Lincoln
4.930,735
5,604.628
Omaha
49,929,633
47.940,836
Ran -Topeka..
3,357,404
3,150,276
Wichita
7.847,496
8,083,743
Mo.-Kan. City_ 142,476,104 139.377,460
St. Joseph....
7,224,564
6.939,000
Okla.-Okla.City
32,61,1.878
29,818,986
Colo. Col. Spgs1,533,272
1,304,173
Pueblo
1,730.094
1,474,535

as City
+8.9
+36.1
-20.0
-4.0
+6.6
-3.1
+2.2
-4.0
+9.4
+17.9
+17.3

381,986
458.750
5,127.686
42,099,061
2,774,165
7,564,715
155.600,709
7.264,722
32.388,400
1,174,466
1,199,899

378,681
626.261
4,487,617
47,466,371
3,323,823
7,603,115
140,979.441
8,054.154
29,442,684
1,057,291
1,120,031

246,812,900

+1.5

256,035,559

244.539,459

Eleventh Fede rat Reserve District-Da
Texas-Austin
2,153,059
1,642.133
Dallas
56,701,631
50,305,607
Fort Worth__
13,000,437
12,306,321
Galveston
5,838,000
4,664,000
La -Shreveport.
5,329,008
5,800,217

las+31.1
+12.7
+5.6
+25.2
-12.1

1,543.370
55,169,033
12.181,437
9,878.000
5,389,313

1,431,559
54,477,401
11,781,297
8,301,000
6,196,620

74,718.278 +11.1

84,141,153

82.187,877

Frond sco-1.8
57,545,681
-20.7
15,107,000
-8.3
1,732,979
+3.6
40,511.326
+0.4
17,347,626
-11.7
3,635,422
+7.1
7,506,262
+16.2 210,394.000
23,227.546
-2.2
8,336,034
+7.0
+16.1
8,167,308
5,490,467
+3.6
-5.7 209,586,000
2.399,178
-5.8
1,449,938
+4.0
+1.6
2,322.229
+7.9
2,717,400

58,638,572
14.020,009
1,537,326
41,131,786
17,041,788
3,839,000
7,949.514
188,081,000
23.713,764
6.986,546
8,155,967
6.428,042
201,467,000
3,006,736
1,978,631
2,219,579
2,851,000

Total(12 cities)

Total(5 cities).

136,398,244

250,425,342

83.022,135

Twelfth Feder al Reserve D 'strict-San
Wash -Seattle..
55,338,438
56,352,435
Spokane
13,850,000
17,475,000
Yakima
1,696.414
1,850,752
Ore.-Portland _ _
38,127,050
36.792,834
Utah-S. L. City
17.528,801
17,465,108
Cal.-Fresno.
3.277,179
3,709,599
Long Beach...
9.288,865
8,670,105
Los Angeles_ _ _ 252,631,000 217,369,000
Oakland
19,641,280
20.079,227
Pasadena
8,458,945
7.905,871
Sacramento...
10,529,798
8,087,507
San Diego__ - 7.010,354
6,767.218
San Francisco_ 236,052,684 250,235,140
San Jose
2.901.691
3,081,655
Santa Barbara_
2,034.146
1,956.525
Santa Monica_
2,240,727
2,204.910
Stockton
2,874,000
2,478.400
Total(17 cities) 683,281,372 662.461,286
Grand total (129
cities)
13090428,983 12896 781,630

+8.5 12214824,422 10788997,957

Outside New York 4,536,765,853 4,648,789,940

-2.5 4,543,312,748 4.524,515,205

1929.
CanadaMontreal
128,434,437
Toronto
137,676,641
Winnipeg
57,698,042
Vancouver
25,203,280
Ottawa
8,846,646
Quebec
6,293,486
Halifax
3,805,785
Hamilton
6,012,443
Calgary
19,306,290
St. John
2,967.287
Victoria
2,948,786
London
3.312,680
Edmonton
6,516,257
Regina
5,490.910
Brandon
517,500
Lethbridge
618.163
Saskatoon
2,283,336
Moose Jaw
1,159,678
Brantford
' 1,469,844
Fort William
723,025
New Westminster
797,245
Medicine Hat_ _ _
445,485
Peterborough_ _ _ _
1,008,772
Sherbrooke
984.800
Kitchener
1.185,291
Windsor
5,868.719
Prince Albert__
433,169
Moncton
810,566
Kingston
861,360
Chatham
1,672,994
Sarnia
712.357

• Estimated.

617,476,396

589,046,251

Week Ended March 15.

Clearings at-

Total(29 cities)

+3.1

434,065.254

1928.
122.078.876
134.219,851
45.410.118
19,415,852
6,251,843
6,090,644
2,933,358
5,738,209
12,185,993
2.617,304
2,148.288
2,675,305
5.547,603
4.244,647
490,263
638,453
1,897,059
1,048,992
1,181,032
802,341
722,817
427.222
800,961
797,451
1,012,457
4,789,338
372,527
746.903
692.818
901,787
573,412

Inc.or
Dec.
+5.2
+2.6
+27.1
+29.8
+9.5
+3.3
+29.7
+4.8
+58.4
+13.4
+37.3
+23.9
+ 17.5
+29.3
+5.6
-3.2
+20.4
+10.6
+24.5
-9.9
+16.3
+4.3
+25.9
+23.5
+ 17.1
+22.5
+16.3
+8.5
+24.3
+85.5
+24.2

389,453,524 +11.5

1927.
95,957.703
101,674,603
49,351,712
15,868,973
6.922,586
5,263,452
2,758,157
5,131,245
10,552,314
2.226,238
2,297,463
2,940,125
4,351,861
3,822,722
447,902
453,973
1,526,127
1,151,817
1,031,269
864,892
699.631
253.574
732,413
904,245
1,031,284
4.645,552
363,650
706,048
650,385
797,392
572,484
324.934.591

1920.
96,987,321
86,777,845
47,973,855
15,672,602
6,033,457
4,714,935
2,633,135
4,337,187
10,131,426
2.532,289
1,649.682
2,100,413
4,648.509
3,260,916
451,299
115,422
1,597,947
875,535
899,143
543,233
759.533
287,296
743,548
703,708
868,029
3,475.015
351,329
766,935
577,866

392,874,392

MAR. 23 1929.]

FINANCIAL CHRONICLE

ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Silver, p. oz_d_
Gold,p.fine oz_
Consols.2%%British, 5% _ _ _
British. 454%French Rentes
(in Paris)_fr_
French War L'n
(tn Paris)_fr_

Sat.,
Mon..
Tues.,
Wed.,
Thurs.,
Mar. 16. Mar. 18. Mar. 19. Mar. 20. Mar. 21.
26
255
25%
25 15-16 26 1-16
848.11)4d. 848.11%d. 848.1131d. 848.10%d. 848.11d.
55%
---55%
553
55%
____
102%
102%
1014
10154
- -- 97):
9735
973i
97)4

Fri.,
Mar. 22.
26%
84.e.11%d.
553
10154
97%

____

72.10

72.15

71.95

71.75

71.90

__ _ _

99.40

99.30

99.00

98.85

98.95

The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(do.):
Foreign
56%
56%

56)i

5635

5654

. 56%

Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for February 1929
and 1928 and the eight months of the fiscal years 1927-28
and 1928-29:
-Month of
Receipts
1929.
OrdinaryCustoms
48,651,497
Internal revenue:
Income tax
37,265,991
Miscellaneous internal rev_ _ 44.822,007
Miscellaneous receipts:
Proceeds Govt.-owned sees.Foreign obligationsPrincipal
Interest
10,000,000
Railroad securities
385,319
All others
473,557
Trust fund receipts (reappropriated for Investment) _ _ _ _ 2,998,202
Proceeds sale of surp. prop
1,346,554
Panama Canal tolls, &c
2.172,360
Other miscellaneous
10,678,896
Total ordinary

February
1928.
42,129,752

Eight Months
1929.
1928.
$
395,979,185 389,368,718

43,005,290 1,085,200,796 1,108,505,075
42,484,891 399,888,657 404,630,932

10,000,000
69,162,257
1,189,757

28.562,640
90,252,451
6,078,258
2,201,377

27,000,547
90,996,450
156,928,174
5,247,701

6,150,963
1,432,062
2,278,785
10,284,493

36,652,368
6,595,359
18,618,430
120,293,083

44,757,531
5,961,459
19,442,696
134.058.524

158,794,383 228,118,250 2,190,322,604 2,386.897,807

Excess of ord. receipts over
total expenditures chargeable against ord. receipts__ ,
Excess of total expenditures
chargeable against ordinary
receipts over ord. receipts__ 26.699,436

54,835,348
402,881,351

59,956,662

ExpendituresOrdinary(Checks and warrants paid, &c.)
General expenditures
150,575,323 149,132,163 1,369,442,569 1,279,253,527
Interest on public debt _a _
3,981,327
6,328,046 374,689.678 410,606,364
Refund of receipts:
Customs
1,590,545
1,327,609
14,257,332
13,997,323
Internal revenue
14,344,373
7.408,346 138,013.543
90,887,972
Postal deficiency
10,000,000
40,000,000
18,045,645
Panama Canal
494,896
941,547
6,469,144
7,012,807
Operations In special accounts:
Railroads
839,209
8189,186
8871,520
8663,852
War Finance Corporation
527,786
8526.989
5499,377
53,489,185
Shipping Board
687,019
2,436,337
14,571,644
21,411,075
Alien property funds
81,730,830
848,692
b1,465,274
582,403
Adjusted service certif. fund_
8307,418
8236,448 111,749,841
111,849,002
Civil service retirement fund_
2,333
69.125
19,881.187
71.207
Investment of trust funds:
2,973,504
Government life insurance
6,115,377
35,889,860
44,157,404
D. of C. teachers retirement
24,698
30,022
375,699
358,815
Foreign service retirement
88,362
57,322
317.967
107,878
General railroad contingent_
5,564
386,808
241,312
182,560,419 172,815,499 2,123,209.101 1,994,429,699
Total ordinary
Public debt retirements chargeable against ord. receipts:
Sinking fund
80,700 369,925,800 354,741,300
Purchases & retirements from
foreign repayments
18,000
386.700
1,435,500
Rec. froni foreign Govts.
under debt settlements..._ _
97,075,350
92,575,000
Received for estate taxes_
1.500
Purchases & retirements from
franchise tax receipts (Fed.
Reserve and Federal Intermediate Credit banks)
2,933,400
2,933,400
618,367
Forfeitures, gifts, acc
42,303
3
3,053,103
Total

2,933,400

467,403

469,994,854

452,424.770

Total expenditures chargeable
against ordinary receipts_ _ _185,493,819 173,282,902 2,593,203,955 2,446.854,469
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $59,102.88 and for the fiscal year 1929 to
date $538,905.81 accrued discount on war-savings certificates of matured series,
and for the corresponding periods last year the figures include $121,241.87 and
99,024.41, respectively. b Excess of credits (deduct).

Treasury Cash and Current Liabilities.
holdings of the Government as the items stood
cash
The
Feb. 28 1929 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of Feb. 28 1929.
AMUGold coin
Gold bullion_

CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities697,267,650.36 Gold ctfs. outstanding__1,376.365.299.00
2,512.632,138.61 Gold fund, F. It. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,511,754,856.99
Gold reserve
156,039,088.03
Gold in general fund
165,740,550.95

3,209,899,794.97
Total
3,209,899,794.97
Total
AU/U.-Reserve against 5346,681.016 o U. S. notes and $1,291,000 of Treasury
outstanding.
notes
Treasury
of
1890
are
also
secured
by silver dollars
beta of 1890
it the Treftellry.




1851
SILVER DOLLARS.

AssetsSilver dollars

Total

482,496,214.00 Silver Ws. outstanding_ 465,718,334.00
Treasury notes of 1880
outstanding
1,291,000.00
Silver dollars in gen.fd_
15,486,880.00
482,496,214 00

Total
482,496,214.00
GENERAL FUND.
AssetsLiabilitiesGold (see above)
165,740,550.95 Treasurer s checks outSilver dollars (see above) 15,486,880.00
standing
7.363,979.42
United States notes....
3,248,636.00 Depos. of Govt. officers:
Federal Reserve notes__
899,635.00
Post Office Dept
3,997,076.82
Fed. Res. bank notes_ __
123,081.00
13d. of trustees, Postal
National bank notes_ _ _
19,329,089.50
Savings System-Subsid. silver coin
2,264,383.35
5% reserve, lawful
Minor coin
1,384,346.07
money
7,531,256.23
Silver bullion
6,384,630.37
Other deposits
727,073.39
Unclassified-Collec2,439,726.83
Postmasters, clerks of
tions, &c
courts, disbursing ofDeposits In F. R. banks 26,755,668.06
ficers, &c
40,889,632.16
Deposits in special deDeposits for:
positaries account of
Redemption of F. R.
sales of ctfs. of indebt_
49.964,000.00
notes(5% fund,gold) 158,334,475.62
Deposits in foreign dep.:
Redemption of nat'l
To credit Treas. U. S.
76,013.79
bank notes(5% fund,
To credit other Govlawful money)
25,945,494.66
ernment officers_ _ _
238,210.17
Retirement of addl
Deposits in flat I banks:
circulating notes, Act
To credit Treas. U.S.
8,144,046.43
May 30 1908
2,050.00
To credit other Gov- 17,838,946.15 Uncollected Items, exernment officers.,.
changes, &c
2,776,871.24
Dep.In Philippine Treas.
To credit Treas. U.S.
1.096,208.99
247.567,909.54
Net balance
73,846,143.12
Total
321,414,052 66
Total
321,414,052 66
Note.-The amount to the credit of disbursing officers and agencies to-day was
5380,563,816.44. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
into the Treasury as miscellaneous receipts, and these obligations are made, under
the Aets mentioned, a part of the public debt. The amount of such obligations
to-day was $39,112,460.
$399,895 in Federal Reserve notes and $19.192.585 in national bank notes are In
the Treasury in process of redemption and are charges against the deposits for
the
respective 5% redemption funds.

Preliminary Debt Statement of the United States
Feb. 28 1929.
The preliminary statement of the public debt of the
United States Feb. 28 1929, as made upon the basis of the
daily Treasury statement, is as follows:
BondsConsols of 1930
Panama, of 1916-36
Panama s of 1918-38
Panama's 01 1961
Conversion bonds
Postal savings bonds
First Liberty Loan of 1932-47
Fourth Liberty Loan of 1933-38
Treasury
Treasury
Treasury
Treasury
Treasury

bonds of 1947-52
bonds of 1944-54
bonds of 1946-56
bonds of 1943-47
bonds of 1940-43

$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000 00
28,894,500.00
16,887,180.00
$770,207,310.00
$1,939,149,400.00
6,284,034,100.00
$758.984,300.00
1,036,834,500.00
489,087.100.00
493,037,750.00
359,042,950.00

8,223,183,500.00

3,136,986,600.00
Total bonds
$12,130,377,410.00
Treasury NotesSeries A-1930-32, maturing Mar. 15 1932.... $1,206,618,300.00
Series 13-1930-32, maturing Sept. 15 1932....
609,558,850.00
Series 0-1930-32, maturing Dec. 15 1932....
516,857,650.00
Adjusted service-Series A-1930
21,000,000.00
Series A-1930
53,500,000.00
Series A-1931
70,000,000.00
Series B-1931
123,400,000.00
Series A-1932
123,400,000.00
Series A-1933
127,700,000.00
Series A-1934
31,200,000.00
Civil set-Nice-Series 1931
14,400,000.00
Series 1932
43,500,000.00
Foreign service-Series 1933
529,000.00
2,941,663,800.0
Treasury CertificatesSeries TM-1929, maturing Mar. 15 1929
$348,947,000.00
Series TM2-1929, maturing Mar. 15 1929._
210,884,000.00
Series TJ-1929, maturing June 15 1929
549,310,700.00
Series TS-1929, maturing Sept. 15 1929
308.806,000.00
Series T82 1929, maturing Sept. 15, 1929._
209,918,000.00
Series TD-1929, maturing Dec. 15 1929
310,245,500.00
1.938,111,200.00
Treasury Savings Certificates-•
Series 1024, issue of Dec. 11023
43,576.133 40
Total interest-bearing debt
Matured Debt on which Interest Has CeasedOld debt matured-Issued prior to Apr. 1 1917
Second Liberty Loan bonds 011927-42
Third Liberty Loan bonds 01
1928
354 % Victory Notes of 1922-23
454% Victory Notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
Debt Bearing No InterestUnited States notes
Less gold reserve
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales. dvc

$17,053,728,543.40
$1,959,760.26
12,717,750.00
33,056,450.00
21,600.00
1,835,800.00
862,150.00
790,700.00
5,230,250.00
663743 .2
$346,681,016.00
156,039,088.03
$190,641,927.97
39,112,460.00
2,044,812 95
3,496,650,46
235,295,857.38

Total gross debt

$17,345,498.861.04

Net redemption value of certificates outstanding.
COMPARATIVE PUBLIC DEBT STATEMENT.
iOn the basis of daily Treasury statements]
Aug. 311919,
When War Debt Feb. 29 1928. Jan. 311029.
Was at Its Peak. A Year ago.
Last Month.

Feb. 28 1929.
Gross debt
26,596,701,648 17,950,653,644 17,379,332,182 17,345,498,861
Net bal.In gen.fund. 1,118,109,534
65,272,230
131,445,499
73,846,143
Gross debt less net
bal.In gen.fund.25,478,592,113 17,885.381,413 17,247,886.682
17.271.652,717

[VOL. 128.

FINANCIAL CHRONICLE

1852

Public Debt of United States-Completed Returns
Showing Net Debt as of Dec. 31 1928.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Dec. 31 1928
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
hereof, making comparisons with the same date in 1927:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 31 1928. Dec. 31 1927.
Balance end of month by daily statement, &c
Add OF Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured Interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificate:I
Settlement warrant checks

269,543,968

272,342,801

-5,005,089

-6,489,068

264.538,879

265,853.733

35,401,305
70,429,133
6,065,945
1,326,374

38,740.704
70,148,234
7,081,765
604,933

113,222,757

116,575,837

+151,318,122
Balance, deficit(-)or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Deo. 31 1928.
II
Payable.
Me of LoanQ.-J. 599,724,050
25 Consols of 1930
48,954,180
Q.-F.
28 of 1916-1936
25,947,400
Q.-F.
28 of 1918-1938
49,800,000
Q.-M.
3s of 1961
28,894,500
Q.-J.
38 conversion bonds of 1946-1947
J.-J. 1,950,109,700
Certificates of Indebtedness
J.-J. 1,397,685,200
334a First Liberty Loan, 1932-1947
5,155,550
J -D.
44 First Liberty Loan. converted. 1932-47
J.-D. 532.820,150
4)4s First Liberty Loan, converted, 1932-47
3,492,150
44s First Liberty Loan. 2d converted, 1932-47-J.-D.
4K s Third Liberty Loan of 1928
A.-0. 6,284,040,600
4K s Fourth Liberty Loan of 1933-1938
758,984,300
&Ks Treasury bonds of 1947-1952
1,036,834,500
4a Treasury bonds of 1044-1954
489.087,100
Nis Treasury bonds of 1946-1956
493,037,750
3Ks Treasury bonds of 1943-1947
359,042,950
3545 Treasury bonds of 1940-1943
94,717.816
4s War Savings and Thrift Stamps
15,875,560
.1.-J.
2345 Postal Savings bonds
.I.-D. 2,816,601,700
5Kilt° 5K9 Treasury notes

+149,278.096

ToiaL

Dec. 31 1927.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,984,500
1,247,044,700
1,397,686,700
5,155,650
532,822,350
3,492,150
2,147,653.150
6,296,901.900
762,320,300
1,042,401,500
491,212.100
494.854,750
244,645,645
13,951,780
2,252,210,350

16,990,805,158 17,685,873.155
239,942,240
235,951.469
110,441,040
82,985,705

Aggregate of interest-bearing debt
Bearing no Interest
Matured, interest.ceased
Total debt
Dedua Treasury surplus or add Treasury deficit

(0.7,309,742,330 18,036,056,435
+151,316,122 +149,278.096

817,158,426,208 17,888,778,339
Net debt
a The total groe debt Dec. 31 1928 on the basis of daily Treasury statements was
817,309,749,135.88. and the net amount of public debt redemption and receipts In
transit, &c., was $6,805.75.
b No reduction is made on account of obligations of foreign governments or other
investments

-Morrison it Townsend, 37 Wall St., N.Y.City,have prepared a circular
on Indian Refining Co.
-Hornblower & Weeks have issued their special investment review for
the month of March.
-Rhoades & Co., 27 William St., N. Y., have prepared a circular on the
Fleischmann Co.

Somuurciall andlaiscellautonsgloss
Breadstuffs figures brought from page 1954.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c. are prepared by us
from figures collected by the New Yorlr Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-

Oats.

Corn.

Wheat.

Flour. I

Barley.

Eye.

bbls.196185.bush.60lbs.bush.56 lbs. bush. 32Its.bush.4815s USh.5610g.
73,000
328,000 148,000
238,000 1,581,000
229,0001
Chicago
108.000
221,000
220,000' 336.000
1,885,000
Minneapolis
74,000
73.0001
2,000
106,000
1,368,000
Duluth
9,000
144,000 246,000
263,000
22,000
23,0001
Milwaukee--8,000
121,00&
1,000
35,000
680.000
Toledo
12,000
14.000
16,000,
18,000
10,000
Detroit
102,000462,000
22,000
Indianapolis
62.000
572,000
491.000,
132,0001647,000
St. Louis
106,000,
16,00
369,000
40,000
62,0001
Peoria
124,000,
1,114,000
910,000
Kansas City.
152,000,
223,000
262,000
Omaha
42,000,
241,000
32,000
St. Joseph 8,000
188,000
202,000
Wichita
46,000
75,000
14,000
Sioux City Tot. wk.'29
Same week '28
Same week '27

6,332,000
6.223,000
4.060,000

446.000
475,000
472,000

5,364,000
7,902,000
2,713,000

1,973,000 929,000
3,351,000 1,129,000
2,739.000, 483.000

284.000
391,000
279,000

Since Aug.116,513,000 391,553,000 204,963,000103,489,00079,463,000 20,858,000
1928
15,937,000357,126,000 218,607,000 107,180,000 58,853,000 26,681,000
1927
267,032,000183.890,000 104,395,000 30,348,0002'1.321,000
15,534.000
1926

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 16, follow:
Receipts at-

Oats.

Corn.

Wheat.

Flour. I

Barley.

Itym.

Bushels. Bushels. Bushels.
Bushels.
Bushels.
Barrels.
35,000
90,000 182,
20,000
865,000
New York-- 450,000,
17,000
3,000
192,000
25.000
Philadelphia 1.000
355,000
2.000
21,000
486.000
16.000
Baltimore_ -43,000
Norfolk
29,100
149,000,
15,000
45,000
New Orleans*
62,000
50,000
1
Galveston
2,000
• 88.000
54,000
16,000
Montreal _ _ _ 17,000
50,000
28,000
169,0001
51,000, 1.000,000
St. John,N.B.
1,000
31,0001
10,000
31.000,
Boston
44.000
264,000 620,000
487,0001
Tot. wk.'29 634.0001 2,462,000
Since Jan. 1'29 6,023.000, 34,136,000 12.616,000 3.493.090 6,266,000 1,783.000
Week 1928_ _

340,000

479,0001 2,769,000

635,001

174,000

127,000

Treasury Money Holdings.
Since Jan.1'28 5,188,000 27.584,000 5,559,000 4,495,000 6,333,000 3,132,000
Receipts do not include grain passing through New Orleans for foreign Ports
The following compilation, made up from the daily Gov- or•through
bills of lading.
Treasthe
of
holdings
money
ernment statements, shows the
The exports from the several eastboard ports for the week
ury at the beginning of business on the first of December ending Saturday, Mar. 16 1929, are shown in the annexed
statement:
1928 and January, February and March 1929:
Moldings in U.S. Treaswy Dec. 1 1928. Jan, 1 1929. Feb. 1 1929 Mar. 1 1929,

s

Net gold coin and bullionNet sliver coin and bullion
Net United States notesNet national bank notes_
Net Federal Reserve notes
Net Fed I Res. bank notes
Net subsidiary silver
Minor eoln,&c__-

$
344,463,785
11.265.870
3,953,054
16,067,169
1,453.085
57.219
2.298,489
2,768,713

Total cash in Treasur1_
Uses gold reserve fund

389,749,972
156,039,088

382,325,384
156.039.088

369,667,138 *373.340.047
156,039,088 156.039,088

Cash babusce in Treas y 233,710.884
Dap.in spec I depositories.
stet. Treasury bonds,
'
Treasury notes and cer58,006,000
tificates of Indebtedness
37,873.021
Des. In Fed I Res. bank
Dep. in national banks:
7,105.528
To credit Treas. U. 13....
19,606,518
To credit dish. officers..
949.070
Cask in Philippine Islands
549,586
Deposits in foreign depts_
Dep. In Fed 1 Land banks

226,286,296

213,628.050

217,300,959

254,272,000
39,404,388

113,932,000
25,072,488

49.964,000
26,755,668

7,164,343
23,232.511
614,186
399,836

7,260,261
19,577,899
805,122
311,769

8,144,046
17,838,946
1,096,209
314,224

357,800,805
266,773.876

551,373.558
281.829,590

380,582,589
249,142.089

321.414,052
247,567,909

ol dv.... ,,,lia

qao nal oaa

131 44A 600

73.848.143

Net cash in Treasury
and in banks
Deduct current liabilitiesAvallo•ImAaah ...Oen...

321,057,675
14,794,817
3.802,327
20,960,504
1,535,525
98,754
2.448,050
4,969,486

•Includes Feb. 1 $6,384,630 sliver bullion and $354,348 minor,
included In statement "Stock of Money."

CURRENT NOTICES.
45

Exportsfrom-

$

8
338,968.597
18.130,452
4,094.691
18,352.862
1,288,470
70,263
4,621,329
4,314,308

321.779,639
21,871,610
3,248.636
19,329,090
899.835
123,081
2,264.383
3.824,073

coln no

New York
Portland, Me
Philadelphia x
Baltimore
Norfolk
Mobile
New Orleans
Galveston
St. John, N.B
Houston
Halifax

Wheat.

Corn.

lats.

Flour.

Aye.

Barley.

Barrels. Bushels. Bushels. Bushels.
337,300
191,429
8,000
121,000
111,1160
1,000
25.000
33,000
30,111111
1,000
26,000
43,000
50,000
2,000
176,000
124,000
18,888
24,000
202,000
25,000
13,000
184,000
23,600
50,000
51.000
17.000
169,000
9.000
2,000

Bushels. Bushels.
602,000
324.000
104.000
3,000
1.000,000

Total week 1929.. 2,033,000
Same week 1228___- 3.033.785
x 2 weeks.

825,000
280.000

84,000
365.859

302,429
227.442

17,000
216.339

740,300
566.950

The destinat'on of these exports for the week and since
July 1 1928 is as below:
Flour
Exports for Week
Since
Week
and Since
Mardi) July 1
July 1101928.
1929.

Wheal.
Week
Mar. 16
. 1929.

Since
July 1
1928.

Corn.
Week 1
Mar. 18
1929.

Singe
July 1
1928.

Bushels. Bushels. Bushels.
Bushels.
Barrels.
784.000 59,437,726 598,000 9,271,110
2,548,514
3.877,262 1,266,000 162.367.959 217,000 15,856,962
176,000
1,000
274,000
357.000
59,000
10,000
683,000
2.000
346.000
20,000
1,000
2,250
1,014,838
3,156,733

United Kingdom.
Continent
So.& Cent. Amer_
West Indies
Br. Nor Am.Col-Other countries_ _ _

Barrels.
72.157
91,022
7,000
11,000
---121.250

Total 1929
Total 1928

302.429 8,144,614 2,033,000 225,315.418
227,442 8,450.755 3,033,765 190,085,268

825,000 25,989.322
280,000 6,565,671

The visible supply of grain, comprising the stocks in

Wall St., N. Y.. announce that Charles A. Green- granary at principal points of accumulation at lake and
-Mabon & Co.,
field has become a general partner in their firm.
seaboard ports Saturday, Mar. 16, were as follows:.
GRAIN STOCKS.
-Michael J. Bosak, Jr., has been admitted to special partnership in the
Y.
Barbell.
N.
St.,
Pine
&
34
Co.,
Harper
Rye.
Corn.
Wheat.
G.
R.
Oats.
firm of
bush.
bush.
bush.
bush.
bush.
a
memoprepared
States
United
have
Y.,
N.
Broadway,
-Dominick & Dominick, 115
183,000
84,000
189,000
124,000
16,000
New York
randum on the Lambert Co. common stock.
4,000
6,000
Boston
75,000
6,000
73,000
362,000
95,000
-Wllliam F. Haynes,member of the New York Stock Exchange,has been Philadelphia
181,000
4,000
171,000
1,263,000
99,000
Baltimore
admitted to partnership in Foster & Fried°.
10,000
News
Newport
66,000
49,000
603,000 1,127,000
87,000
-Wisner & Co. announce the removal of their offices from 100 Broadway New Orleans
71.000
2.000
322,000
1,150,000
Galveston
to 26 Broadway, N. Y. City.
20,000
4,000
173,000
311.000
2,764,000
worth
Forth
1
office
288.000
from
York
New
its
of
the
removal
131,000
Bullock
announces
4,641.000 2,529.000 2,146,000
-Calvin
Buffalo
217
2,545,000
afloat
Wall St. to 120 Broadway.
10,000
44,000
282,000
78,000
2,367,000
Toledo
position
of
and
history
an
the
have
of
prepared
analysis
Co.
&
-Sutro
280
600
" afloat
33.000
7,000
19.000 , 32.000
218,000
the Caterpillar Tractor Co.
Detroit
919.000
13,157,000 13,840.000 2,880.000 2,387.000
-Prince & Whitely. 25 Broad St, N. Y.. are distributing an analysis Chicagoafloat
226,000
1,396.000
'
428.000
529,000
093,000
of General Motors Corp.
478.000 2,473.000
Milwaukee
827,000 2,078,000 1,976.000
25.095.000 1,100,000
-Hart Smith & Co.. 52 William St.. N. Y.,are distributing a circular Duluth
278.000
418,000
afloat
"
on Interstate Trust Co.




GRAIN STOCKS.
Barley
Rye.
Oats.
Corn.
Wheat.
bush
bush.
bush,
bush,
bush,
3,811.000
1,310,000
2,189.000
30,793,000 1,414,000
234,0008,000
789,000
435,000
115,000
8,000
325,000
3,418,000 1,433,000
10,000
31,000
16,000
18,699,000 2,856,000
4,000
22,000
230,000
4,275,000
3,000
679,000
1,883,000
145,000
417.000
309,000
12,000
562,000 1,337,000 1,299,000
110,000
47,000
7.580,000 2,296.000 1.193,000

United StatesMinneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha

St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange, Mar.16 to Mar. 22, both inclusive, compiled from official sales lists:

8,931
6,683
13,925
34,293
123,515
Total Mar. 16 1929 .__
9,239
6,599
14.671
34,167
123,994
Total Mar. 9 1929 ___
2,196
17,659
4,663
45,582
69,297
Total Mar. 17 1928 ___
Note.-Bonded grain not included above: Oats-I98,000 bushels: Philadelphia,
bushels,
total,
511,000
Duluth,
288,000;
14,000;
5,000;
Buffalo,
Baltimore,
6,000;
against 213,000 bushels in 1928. Barley-New York. 392,000 bushels: Boston,
99,000; Philadelphia, 130,000; Baltimore, 604,000; Buffalo, 840,000; Buffalo afloat,
437,000; Duluth, 104,000: total, 2.606,000 bushels, against 1,283,000 bushels in
1928. Wheat-New York, 3.767.000 bushels; Boston, 1.503,000: Philadelphia,
3.447,000; Baltimore, 3,545,000: Buffalo, 7,985,000; Buffalo afloat, 3,060.000;
Duluth, 278,000; Toledo afloat, 960,000, total, 24.545,000 bushels, against 16,8061
000 bushels in 1928.
Canadian425,000
381.000
711,000
9,406,000
Montreal
4,904.000 1.955.000 6,471,000
Ft. William & Pt. Arthur_60,199,000
296.000
41,000
7,792
afloat ____
2,701,000
172.000 1.349,000
9,386,000
Other Canadian
8,357,000
Total Mar. 16 1920........86.783,000
8,238,000
Total Mar. 9 1929 _ .. _ _86,251,000
2,585,000
Total Mar. 17 1928_ _ _ _76,931,000
Summary123,515,000 34,298,000 13,925,000
American
8,357,000
86,783,000
Canadian

2,503,000 8,541,000
2.444,000 8,358,000
3,229.000 3,820,000
6,633,000 8,931,000
2,508,000 8,541,000

Total Mar, 16 1929_210,298,000 34,293,000 22,282,000 9,191.000 17,472,000
Total Mar, 9 1929...210,245,000 34,167,000 22,909,000 9,003.000 17,597,000
Total Mar. 17 1928_146,228,000 45,642,000 20,244,000 7,893,000 6,016,000

The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Mar. 15, and since July 1 1928 and 1927,
are shown in the following:
Corn.

Wheat.

1
Week
Mar. 15.

1928-29.

1927-28.

1928-29.

Exports.

Since
July 1.

Since
July 1.

Week 1
Mar. 15. 1

1927-28.

Since
July 1.

Since
July 1.

Bushels.
Bushels. l Bushels.
Bushels.
Bushels. 1 Bushels.
321,000, 30,059,000 9,797.000
NortliAmer_ 7,513,000418,571,000359,093,000
I 1,827,000 15,444.000
104,000 2,128,000 9,312.000
Black Sea.__
713,000 178,761.000 210,759,000
Argentina__ _ 5,604,000120,483,000105,581,000
Australia ___ 4,760,000 76,576,000 45,639,000:
I
India
343,000 23,279,000189,985,000
616,000 35.388,000 24,504,000
Otis. countr's
l
IA
18,597,000 663,210,000 553,269,000. 1.382,000 233.926,000 254,985.000
Total

Pittsburgh Stock Exchange.-Record of transactions
at)Pittsburgh Stock Exchange, Mar. 16 to Mar. 22, both
inclusive, compiled from official sales lists:
Stocks-

Sales
Friday
Last 1Veek's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.

•
Allegheny Steel, Corn
Aluminum Goods Mfg _ _ _ _
Amer Wind GI Mach corn_
Preferred
Arkansas Gas Corp coin...*
10
Preferred
•
Armstrong Cork Co
5.0
Bank of Pittsburgh
25
Blaw-Knox Co
10
Carnegie Metals Co
Cent Ohio Steel Prod corn •
•
Clark (I) I.) Co coin
Preferred
Consolidated Ice pref... 50
Crandall, McKenzie & It..
10
Devonian Oil
•
Dixie Gas & 11tH com
corn
Co
Norton
Duff
First National Bank __100
Ilarb-Walker Ref com...•
Horne (Joseph) Co com_ •
Independent Brew pref._ 50
Jones, L'ghlin St pref__100
Koppers Gas & Coke prof_
Libby Dairy Prod, coin_ _•
100
1st preferred
25
Lone Star Gas
McKinney Mfg, coin_ _ _ _•
Nat Fireproofing. coin_ _50
50
Preferred
Penn Federal Corp,corn_ •
Pittsburgh Brewing, comb0
50
Preferred
Pitts Investors Security _ _ii.
Pittsburgh Plate G la.ss _100
5
Plymouth Oil Co
Reymers, Inc
Salt Creek Consol 011_ _ _10
1
San Toy Mining
Stand Steel Springs
Suburban Electric Day_ _ •
Union Steel Casting, corn.*
5
Union Storage Co
United Engine dr Fdy corn*
25
United States Glass
Vanadium Alloy Steel
Westinghouse Air Brake...*
•
Witherow Steel corn

SO
3234
25
47
534
81(
6344
43
18
18
26
634

60

10114
90
71
1214
3414

3114
7014

20
42

72

Range Since Jan. 1.
Low.

High.

Feb
355 60
82
80
585 3234 Mar
3234 3434
Feb
50 24
25
25
Jan
10 46
47
47
7,281
356 Jan
544 544
734 Jan
834 844 5,541
1,345 6114 Jan
64
63
Feb
3 180
185 185
3,888 3814 Feb
4214 44
Mar
3.546 17
1714 1914
Jan
200 25
2614 27
1,010 1734 Mar
1734 18
Mar
10 75
75
75
53 1914 Mar
1914 20
Mar
820 26
26
2614
Mar
6
374
614 634
1214
600
12
714 Jan
Mar
()5 42
42
4314
Mar
5 419
419 419
Jan
1,090 52
60
60
Mar
105 35
37
35
13.4 Feb
10
234 '214
32 121
Jan
121
121
210 101
Mar
102
101
5,200 2514 Jan
3934 43
465 10444 Jan
115 125
Jan
1.670 67
7014 72
105 1214 Jan
1244 13
830 1014 Jan
17
15
500 2814 Jan
343.6 35
16
414 Feb
444
414
2
Jan
377
3
3
42
6
Jan
7
7
400 2534 Jan
32
30
Jan
72
485 64
70
Feb
750 24
2414 2614
12' 24
Mar
24
24
150
4
Mar
4
4
Jan
12e
600
5c
So
115 73
Jan
84
82
205 24
Mar
25
24
160 20
Feb
20
20
28 42
Feb
42
42
633 38
Jan
4214
42
70 1014 Jan
1344 14
714
82 70
Mar
70
Jan
769 46
5241
51
65 3114 Jan
79
72

Unlisted1714
Clark(D L) Co W I
19
Ilach Linn corn
4144
Preferred
26
Nat Erie. prof A
32
Oil Well Investors
110
Penns Ind pref
Pitts Screw & Bolt Corp _ _ _ ...... 2514
43
Rudd Mfg W I
26
Western Public Serv v t c__
65
Witherow Steel W

13
20
4144
26
3314
110
28
43
27
70

425 1714
620 183.4
35 41
100 26
35 32
55 110
18.773 2314
405 43
4,940 2414
885 3714

Mar
90
Feb
39
Jan
32
Jan
50
534 Mar
814 Jan
6544 Jan
Jan
188
453.4 Feb
Jan
20
Feb
28
18
Mar
Mar
75
Feb
26
Jan
29
Jan
8
1314 Feb
4344 Mar
Jan
435
6044 Mar
40
Jan
3
Feb
12114 Mar
10314 Feb
Mar
43
Mar
125
Feb
75
1714 Jan
Mar
17
3514 Mar
544 Jan
Feb
3
8
Feb
Feb
34
75
Jan
3014 Jan
2744 Feb
534 Jan
25e
Jan
8714 Feb
29
Jan
25
Jan
42
Feb
4454 Feb
15
Feb
72
Mar
5114 Mar
79
Mar

Feb 20
Mar 20
Feb 4134
Mar 26
Mar 37
Feb 111
Mar 29
Mar 44
Feb 2814
Jan 75

Feb
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mat

MI

RightsArmstrong Cork Co
BondsClark (DL) Co Gs
6s

PItto ilroW111if

•No par value.




1853

FINANCIAL CHRONICLE

MAR. 23 1929.]

114

1949

134 12.233

13.4 Feb

114 Mar

10334 10314 510,000 10344 Mar 1033.4 Mai
Mar 92
Jar
2,000 88
86
86

Stocks-

Sales
Friday
Last Week's Range for
1Veek,
of Prices.
Sale
Par. Price. Low, High. Shares.

Bank Stocks372
First National Bank...100 372
Nat Bk of Commerce_ _100 18214 182

382
18634

Trust Company Stocks100
Mercantile Trust
Mississippi Valley Tr __100 385
St. Louis Union Truse_-100

600
385
530

Miscellaneous Stocks20
A S Aloe Co corn
•
Alligator corn
Baer Sternb & Cohen corn •
Bentley Chain Stores corns
•
Preferred
100
Brown Shoe coin
•
Bruce (F. L) corn
Burkart Mfg corn
•
*
Preferred
Champ Shoe Mach Prof 100
Coca-Cola Bottling Sec 1
Consol Lead itx Zinc A_ •
ioo
Como Mills Co
Ely & Walker D G com__25
100
1st preferred
100
2d preferred
Fred Medart Mfg com ......•
Fulton Iron Works,com_ •
Globe-Democrat pref__100
10
Granite 131-Metallic
Hamilton-Brown Shoe__25
*
Hussman Refr corn
•
Huttig S & Deem
Hydr Press Brick com__100
100
Preferred
Independent Packing corn *
*
Internat Shoe corn
100
Preferred
•
Johansen Shoe
*
Knapp Monarch corn_
•
Preferred
Laclede-Christy Clay
100
Products prof
100
Laclede Steel Co
Landis Machine coin_ _._25
Mahoney-Ryan Aircraft...5
•
Moloney Electric A
Mo Portland Cement_ _ _25
•
Nat Candy common
100
2d preferred
5
Nicholas Beaziey
•
Pedigo-Weber Shoe
Rice-Stix D Gds corn__ •
150
2d preferred
Seruggs-V-B D 0 com__25
•
Scullin Steel prof
•
Securities Inv corn
So'western Bell Tel pfd _100
Sax, liner & Fuller com •
_10
St Louis Car common._10
100
Preferred
__•
_
corn_
Ser
Pub
St Louis
Wagner Elec common_ _15
100
Preferred
Street Railway Bonds.
City & Suburban P S 5s '34
East St L & Sub Co 56_1932
Joplin & Pitts Ry 5s._1930

2634
3144

745
10514
45
1334

24

26

68
10734
3834

5234
5634
1834
58
4634
24
2034
2134
3534

2244
1914
4634

9034

600
335
530

Range Since Jan. 1.
High.

Low.

39 34214
258 175

Jan 420
Jan 210

Feb
Jan

25 575
15 370
22 500

Jan 628
Jan 385
Jan 530

Jan
Mar
Mar

3614 3634
2634 27
7
7
3114 32
47
47
42
42
45
44
711 8
173.5 1734
1053.4 10634
47
45
1114 1314
190 190
2914
29
10734 10734
86
8634
25
22
7
7
116 116
650 65e
19
1934
27
26
19
19
334 33.6
70
70
1214 1234
6744 70
107 10734
3834 3834
23
23
3914 3914

30
475
10
605
10
30
547
180
35
20
370
1,779
3
422
7
50
260
100
20
750
61
3,304
170
10
53
70
314
45
100
44
60

3544
263.4
7
2814
47
41
39
744
17
10314
37
1014
190
2834
107
86
20
5
115
50e
1734
25
19
3
62
1234
63
10634
3834
23
3944

Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar

37
27
7
35
4934
46
46
1014
2014
10814
4744
1314
200
30
109
83
25
73.4
118
650
24
3534
2214
444
7134
15
743.4
110
, 39
23
40

Feb
Mar
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Naar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Feb
Mar
Jan
Mar
Feb
Feb
Mar
Mar

100 100
5214 55
5614 5834
1834
18
5734 5834
4645 4714
2244 25
97
97
2034 2134
30
30
2014 2134
99
99
1814 1814
3634
35
35
35
12014 12134
36
35
2234 23
103 103
193.4 20
4614 4914
109 109

36
34144
795
340
2.010
493
4,128
5
2,560
51
2,406
5
210
863
50
3
76
160
10
143
4,092
2

100
5034
4734
1634
5234
44
1834
97
2044
30
2014
97
18
3434
35
117
35
2234
10034
19
4214
10734

Mar
Star
Jan
Jan
Feb
Jan
Jan
Star
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Star
Mar
Feb
Star
Jan
Feb

100
57
62
2334
b944
5534
25
99
2234
3334
2434
100
1934
4234
37
121
4434
26
103
24
50
110

Mar
Star
Jan
Feb
Mar
Jan
Mar
Mar
Star
Jan
Jan
Feb
Feb
Jae
Jan
Mar
Jan
Feb
Star
Jan
Feb
Jan

903.4 9034 55.000
2,000
9514 9554
8344 8334 8,000

90
9534
8034

Jan
Jan
Jan

91
96
85

Jan
Feb
Jan

Miscellaneous Bonds.
9854 99
1938
Houston 011 534s
Nat Bearing Metals 6s 1947 10414 10434 10434
10044
1935
10034
10034
St Louis Car Gs
100 100
serial
Seruggs-V-B 7s
00 1.4
GO
.....

6.000 9714 Mar 9934 Jan
1,000 10334 Jan 10494 Mar
Feb 10134 Feb
4,000 100
Mai
1,000 9774 Jan 100
17000

00

Mor

101

Poll

•No par value.

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
TO ORGANIZE RECEIVED WITH TITLES
REQUESTED.
Capital.
$500,000
N.Y
Mar. 13-The Niagara National Bank of Buffalo. 1109 Liberty
Cormspondent, Charles 1. Martina,
Bank, Buffalo, N. Y.
25,000
Mar. 16-The First National Bank of Finger, Tenn
Correspondent, L. A. Weaver, Finger, Tenn.
APPLICATION

APPLICATION TO ORGANIZE APPROVED.
8390,000
Rapids,
Mar. 14-The American Nat'l Bank of Grand
Michigan
Correspondent, John It. Schouten, Care, Mich_Mich.
Rapids,
Grand
Co.,
Trust
CHARTERS ISSUED.
York, N. Y----$1,500,000
Mar. 11-The Brooklyn National Bank of NewCashier, Robert
President, William C. Redfield;
Sherwood.
25.000
Mo
Mar. 12-The Ludlow National Bank. Ludlow,McNabb.
President, R. J. Lee; Cashier, J. E.
200,000
Oregon
Mar. 12-Central National Bank of Portland, I. II. Vaughan.
President, J. 0. Ainsworth; Cashier,
1,500.000
N. Y
Mar. 13-Sterling Nat'l Bank & Trust Co.of New York,
President, Joseph Brown
N.Y. 500,000
York.
New
in
County
Queens
of
Bank
Nat'l
Mar. 13-The
King.
President. Theodore P. Lawlor; Cashier. E. L.
VOLUNTARY LIQUIDATIONS.
of Asbury Park, N. J.- $400.000
Mar. 12-The Merchants National BankLiquidating
Committee:
Effective March 11 1929.
Samuel
Howard J. Booream, Monmouth Park, N. J.,
Clayton.
A.
Ira
and
J.,
N.
Interlaken,
A. Reeves,
trust
Asbury Park, N. J. To be succeeded by a
company.
at Baltimore. Md. 1,000.000
Mar. I3-The Nat'l Union Bank of Maryland
Committee,
Effective March 12 1929. Liquidating Baltimore,
John E. 13oisseau and Andrew J. Simms, Baltimore,
Md. Absorbed by Baltimore Trust Co.,
aid.
25,000
Bank of Granite Falls, Minn
Mar. 15-First National
Effective March 4 1929. Liquidating Committee,
A. E. Batchelder and P. G. Sheimo, Granite Falls.
Minn. Absorbed by Granite Falls Bank, Granite
Falls. Minn.

1851

FINANCIAL CHRONICLE

Mar, 16-The First National Bank of Rice, Texas
25,000
Effective Feb. 16 1929. Liquidating Agent, L. M.
Pollan, Rice, Texas. Absorbed by First State Bank,
Rice, Texas.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Mar. 14-First National Bank of Arizona at Phoenix, Ariz.
Location of Branch-Intersection of Van Buren St.,
Seventh Ave. and Grand Ave., Five Points, Phoenix.

[VOL. 128.

By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh. Shares. Stouts.
Per sh.
7 Big Ledge, par 55
$1 lot 1,000 West Dome Lake, par 51_._4a. sh.
1,000 Baldwin Gold Mines, par 51_3 oh. 100 Boston & Montana Dave!. Co.,
100 Assets Realization
53.50 lot
Boston ctf., par 55
$1 lot

DIVIDENDS.
Auction Sales.-Among other secunties, the following,
Dividends are grouped in two separate tables. In the
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednes- first we bring together all the dividends announced the
current week. Then we follow with a second table, in
day of this week:
which we show the dividends previously announced, but
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per sh.1Shares. Stocks. •
$ per sh. which have not yet been paid.
17 Stittville Canning Co. common,
$1; 10 Interstate Petroleum Co.
3rd series
(S. D.), par $5;68 Johnstone Tire
$5 lot
The dividends announced this week are:
50 Stittville Canning Co. common,
AS Rub. Co. (Ariz.), par 51; 10

2nd series
$21101
5 Amer. Bond & Mtge. Co. 7%
cumulative preferred
80
75 N. Y. Greyhound Racing Assn.,
Inc., pref., no par; 75 common,
no par
515 lot
50 Empire Tire & Rub. Corp.(Va.),
Par $10; 10 Black Diamond Cop.,
Min. Co. (W. Va.). par $5; 100
Colorado Consolidated Mines
Co.(Colo.), par 51:2.20 Commonwealth Finance Corp. (Del.),
common, no par;4 ditto pref.; 100
Cobalt Silver Queen, Ltd.(Can.),
Par $1; 10 Arthur Donaldson Productions, Inc. (Del.), pref., par
$10; 10 ditto common, no par:
100 Globe Tire Co. (Ariz.), par

Kendall Products Corp. (Del.).
pref., par $10; 10 ditto common.
no par; 100 Montana Consol. Gold
Min. Co. (Ariz.), par $1: 10 One
Minute Churn Co. (N. Y.), par
510; 5 Columbia Stamping di
Specialty Co.,(D. C.), pref., par
$10; 5 ditto common, par 510;
600 Baxter Royalty Co. (Ariz.),
par $1; 10 Standard Hydro-Carbon Fuel Co.(Wyo.): 100 Kappahannock Gold Min. Co. (Va.),
par 51; 5 Alavieska Min. Co.
(Mont.). par 55; 10 Plymouth
Consol. Gold MM. Co. (N. Y.),
Par 850:lease of 8 units Producers'
Dowel. Co.. par $50 per unit_ _.$25 lot

By R. L. Day & Co., Boston:
Shares. Stocks.
&per
$ per sh. Shares. Stocks.
10 National Shawmut Bank._325 ex-div. 1 Quincy Market Cold Storage$
shSawmut
12 Boston National Bank
Warehouse Co. com
190
39
5 Merchants Nat. Bank
4625-463 50 Reed Prentice Co., corn
$2 lot
2 Old Colony Trust Co
10 William Whitman & Co., Inc.,
480
2 Lancaster Mills, corn
92% ex-cliv.
2
pref
10 Nashua Mfg. Co., pref.
87 ex-div. 360 Crowell & Thurlow S.S. Co.,
100 Naumkeag Steam Cot. Co.130 ex-div
par $10
56 lot
5 City Mfg. Corp
42% 20 President Suspender Co., pref._ 70b
10 Ludlow Mfg. Associates
18051 25 Jessup & Moore Pap. Co., 1st pi_ 27
80 Hamilton Mfg. Co
2 units First Peoples Trust_ _40 ex-dIv.
1
20 Thorndike Co
$6 lot 70 Old Colony Trust Associates
_55-58
7 Naurnkeag Steam Cot. Co_ _130 ex-div. 25 Boston Woven Hose & Rubber
15 Wamsutta Mills
32J1
Co., com
95
.5 Pittsfield & North Adams R.R__ 80
25 Mass. Investors Trust
54%
4 Saco Lowell Shops, lot pref
3151 11 units First Peoples Trust. _40 ex-div.
10 Saco Lowell Shops, 2nd pref._
17
30 New England Equitable Insur.
14 W. L. Douglas Shoe Co., pref.,
Co., capital stock
75c. lot
90 ex-d1v. 3 Laconia Car Co., 1st pref
49
1 Mohawk Investment Corp
137
10 Laconia Car Co. 2nd pref
65
30 Eastern Utilities Asso., corn_ _ _ _ 39% 5 Connecticut My.Pow. Co., pref _104%
10 U. S. Worsted Corp., 1st pref.
$55 lot
345 Spraco Ink Co., com
temp. ctf.; 12.-i00 U. S. WorRights.
$ per Right.
Steil Corp., let pref. scrip; 33
56 Hamilton Woolen Co
55c
U.S. Worsted Corp., corn. temp.
207 No. Boston Ltg. Prop., v.t.c_ _39-16
ctf.; 75-100 U. S. Worsted Corp.,
Bonds.
Per Cent.
corn.; 475 U. S. Worsted Co.,
55,000 Rio Grande South Rd.1st m.
corn, par $10; 200 U. S. Worsted
55, July 1940; coupon Jan. 1922
Co., corn. temp. W.. par $10;
and sub on
1% flat
$4 East. Mass. St. fly. Co. adj.
510,350 Samoset Chocolate Co.,inc.
scrip:$20 East. Mass.St.fly. Co.
bonds, 1936, reg
$350 lot
ref. mtge. 5s Jan. 1948, series B
$2,000 Shawmut Bank Investment
scrip
Trust 55, March 1952
529 lot
589% lot

By Wise, Hobbs & Arnold, Boston:
Shires. Stocks.
$ Per sh. Shares. Stocks.
$ per sh,
510( ex-div. 2 units First Peoples Trust
6 Nat. Bank,Boston
40
1 Atlantic Nat. Bank. Boston_308 ex-div. 15 New England Power Assn.,
.5 U. S. Trust Co
410
6% preferred
96% ex-div.
3 Warwick Mills
19
180 Western Mass Co_80%-81.+1 ex-div.
10 Ipswich Mills, pref
4851 6 units First Peoples Trust
40
10 William Carter Co., pref
9454 36 Boston Woven Hose & Rubber
4 Ware River RR
132
Co., common
9551
10 Heywood-Wakefield Co.,26 pref. 4134 25 Saco-Lowell Shops, com
1234
33 Boston Woven Hose & Rubber
25 Saco-Lowell Shops. 26 pref
18
Co., common
95
44 New England Power Assn.,
170 Shawmut Bank Investment Tr_ 56
6% preferred
96% ex-div.
20 Old Colony Trust Associates_56 ex-div. 11 units First Peoples Trust
40
2 units First Peoples Trust
40
12 New Bedford Gas & Edison
Light v. t. c., par 525
50 North Boston Lighting Proper10934
ties, corn. (undep.)
70 ex-rights 10 Greenfield Tap & Die Corp.,
40 Insuranshares Corp. of Del.,
8% Preferred
104
class A common when issued__ __ 33
46
2 units First Peoples Trust
45 Old Colony Trust Associates_56 ex-div. 5 special units First Peoples Trust
3
5 Old Colony Trust Associates_56 ex-div. 200 Santa Fe Gold & Copper Min12 units First Peoples Trust
$ per
Inc Co., par 10c
c.
40
35 Georgia Casualty Co., par $5_
Right.
Rights.
35
5 units Second International Se100 No. Bost. Ltg. Prop.(undep.)1 13-16
curities Corp
Per Cent.
Bonds.
0634
2 units First Peoples Trust
52,000 Distribution Terminal &
40
5 Carr Fastener Co., corn
Cold Storage Co.6515 Apr. 1952,
55
296 Mexican Northern Mining fly.
65-75 & int.
Co., corn
9c.-11c. $10,000 Southwest Gas Utilities
152 Old Colony Trust Associates,
Corp. 651s, May 1943_8054 & fiat.
56-58 ex-div.

By Barnes & Lofland, Philadelphia:
$
Shares. Stocks.
5 Per Sh. Shares. Stocks.
20 Guardian Bk. & Tr. Co., Par 550 93
per Si'.
5 Haddonfield (N. J.) Safe Deposit
3 Republic Trust Co., par $50
130
& Trust Co
170
7 Kensington Nat. Bk., par $50___265
5 William Penn Fire Insurance Co...106
8 Central National Bank
50 Phila. Life Ins. Co., par 5l0._ 28
947
20 National Bank of Germantown,
200 Phila. Life Ins. Co., par $10___ 28
par 510
30 Reliance Insurance Co
135
2234
8 Bk. of No. America di Tr. Co__ _587
32 J. 13. Stetson Co., corn., no par_ 90
1 Bank of Philadelphia re Tr. Co...550% 12 .1. B. Stetson Co., corn., no par_ 87
1 Tradesmens Nat. Bk. & Tr. Co__586
25
24 Reed-Cook, Inc., class A
35 Merchants-Citizens National Bk.
25
20 Reed-Cook, Inc., class B
& Tr. Co., Allentown. par $25._210
65
4 Autocar Co., common
10 First Nat. Bk., Chester, Pa_ ___350
4 Phila. City Pass. Hy., ctf. of dep. 93
15 Delaware County National Bank,
10 Germantown Pass. fly., certif.
Chester. Pa
352(4
6834
of deposit
5 Central Tr.& Says. Co.. par 550.246
1326 & 3d Sts. Pas. fly., ctf. of dep.148 Si
32 Susquehanna Title dc Trust Co.,
8 Greene & Coates Ste.Phila. Pass.
par 550
62
65
fly., certificate of deposit
10 Continental-Equitable Title &
6 Phila. & 1)arby Ty. Co., ctf. dep. 5
20
1 55
q
Trust Co., par 55
45
5 Phila. di Grays Ferry Pass. fly.
10 Bankers Trust Co., par $50._ _150
certificate of deposit
20 Fairhill Trust Co., par $50____ 86
4 Bourse, common
30
20 Northeastern Title & Tr. Co.,
5 Interurban Bank & Trust, Pros145
Par $50
145
Pert Park
50 Metropolitan Tr. Co., par 550_11554 5 69th St. Terminal T. & T
180
1 Northwestern Tr. Co., par 550_1,375
5 Real Estate Trust Assessertion.... _3554
3 Northwestern Tr. Co.. par 550_1,371
16 Tioga Trust
185
4 Philadelphia National Bank _ __ _1,101
3 Northwestern Tr. Co., par $50.1,365
4 Broad St. Trust Co., par 550_ __ _ 84
3Philadelphia National Bank
_1,100
15 Integrity Trust Co., par 510-210
10 Provident Trust Co
Rights.
910
5 per Right.
5 Tacony Trust Co
526
355 Jenkintown Bank & Tr. Co.... 95
4-6 Girard Trust Co
1 621
600 Jenkintown 13k. & Tr. Co.__ 84
10 Industrial Trust Co., par 550_600
Rights to subscribe to Corn Exch.
4 Industrial Trust Co., par $50_ _ _ _590
Nat. Bank at $100 as follows:
20 at 97. 30 at 9634. 15 at 9551.
10 liaverford Township Title & Tr.
Co., Brookline, Pa., par 550._
55
15 at 96.




;came of Company.

When
Per
Cent. Payable.

Railroads (Steam).
Midland Valley RR., common
Minn. St. P.& S. S. M.leased lines
United N. J. RR.& Canal Co.(quar.)

Books Closed
Days Inclusive.

$1.25 Apr. 15 Holders of rec. Mar. 30
2
Apr. 1 Holders of rec. Mar. 20a
234 Apr. 1 Mar. 21 to
Mar. 31

Public Utilities.
Arkansas Power & Lt. 57 pref. (quar.).. 51.75 Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
51.50 Apr. 1 Holders of rec. Mar. 15
Bridgeport Hydraulic Co
.40c. Apr. 15 "Holders of rec. Apr. 1
Brooklyn-Manhattan Transit corn.(qu.) "51
Apr. 15 "Holders of rec. Apr. 1
Central & S. W. Utilities com.(quar.)"75c Apr. 15 "Holders of rec. Mar. 30
P Central States ElectricCommon (payable in common stock).- •f 100 Apr. 20 "Holders of rec. Apr. 15
Chicago Aurora & Elgin, pref. (guar.)._ *1% Apr. 1 "Holders of rec. Mar. 31
Citizens Passenger fly. (Phila.) (quar.)- $3.50 Apr. 1 Mar. 21 to Mar. 31
Cleveland Electric Ilium.. corn. (guar.) _ "30c. Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
•151 June 1 "Holders of rec. May 15
Commonwealth Power Corp. corn.(qu.) _
75c. May 1 Holders of rec. Apr. 12
Common (extra)
$1
May 1 Holders of rec. Apr. 12
Preferred (guar.)
134 May 1 Holders of rec. Apr. 12
Consumers Power, $5 pref. (quar.)
$1.25 July 1 Holders of rec. June 15
6% preferred (guar.)
134 July 1 Holders of rec. June 15
6.6% preferred (guar.)
$1.65 July 1 Holders of rec. June 15
7% preferred (guar.)
1% July 1 Holders of rec. June 13
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
500. Juno 1 Holders of rec. May 15
6% preferred (monthly)
Soc. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55c. May 1 Holders of rec. Apr. 15
6.6% Preferred (monthly)
55c. June 1 Holders of rec. May 15
6.6% preferred (monthly)
She. July 1 Holders of rec. June 15
Electric Bond & Share pref.(guar.)
134 May 1 Holders of rec. Apr. 15
English Elec. Co. of Can. class A (quar.)
75c. Apr. 15 Holders of rec. Mar. 30
Fall River Electric Light (guar.)
50e. Apr. 1 "Holders of rec. Mar. 20
Foreign Light & Power $6 pref.(guar.).- 51.50 Apr. 1 Holders of rec. Mar. 20
Illinois Northern Ut11, pref.(guar.)
•151 May 1 "Holders of rec. Apr. 15
Illinois Power & Light6% pref.(guar.)-. 1(4 Apr. 1 Holders of rec. Mar. 9
International Utilities, class A (quar.)_. "875ic Apr. 15 "Holders of rec. Mar.30
$7 Preferred (guar.)
*51.75 Slay 1 'Holders of rec. Apr. 18
Kansas City Pub.Serv. pref. A (riar.)-- Si
Apr. 1 Holders of rec. Mar. 20
Middle West Utilities pref. (guar.)
Apr. 15 Holders of rec. Mar. 30
2
$6 preferred (guar.)
$1.50 Apr. 15 Holders of rec. Mar. 30
Mohawk & Hudson Power 2d pref. (q11.) "51.75 Apr. 1 *Holders of rec. Mar. 20
Montreal I., Ht.& Pow. Cons.(quar.).60c. Apr. 30 Holders of rec. Mar. 31
Montreal Telegraph (guar.)
2
Apr. 16 Holders of rec. Mar. 30
Mountain States Tel. & Tel. (quar.)...._. +52
Mar. 30 'Holders of rec. Mar. 15
National Power & Light, $6 pref. (quar.) *51.50 May 1 "Holders of rec. Apr. 3
New Orleans Pub. Serv. pref. (quar.)._
$1.75 Apr. 1 Holders of rec. Mar. 18
North Amer. Light & Power, pref. (qu.)_ 81.50 Apr. 1 Holders of rec. Mar. 20
North. Indiana Pub. Serv. 7% pi. (qu.). 134 Apr. 15 Holders of rec. Mar. 30
Six per cent. preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 30
5(4% Preferred (quar.)
1% Apr. 15 Holders of rec. Mar. 30
Northwestern Bell Telep., corn. (qu.).-. $2 Mar. 30 Holders of roe. Mar. 28a
Preferred (quar.)
1% Apr. 15 Holders of rec. Mar. 200
Ohio Edison Co.6% pref. (quar.)
134 June 1 Holders of rec. May 15
6.6% Preferred (quan)
1.65 June 1 Holders of rec. May 15
7% preferred (quar.)
1% June 1 Holders of rec. May 15
5% preferred (quar.)
151 June 1 Holders of rec. May 15
6% preferred (monthly)
50c Apr. 1 Holders of rec. Mar. 15
6% Preferred (monthly)
500 May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c. June 1 Holders of rec. May 15
6.6% preferred (monthly)
55c. Apr. 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
55c. May 1 Holders of rec. Apr. 15
6.6% preferred 'monthly)
55e. June 1 Holders of rec. Slay 15
Panama Power & Light Corp. pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 19
Penn-Ohio Edison, com.(quar.)
25c. May 1 Holders of rec. Apr. 15
Common (1-50 share common stock)_. (f) May 1 Holders of rec. Apr. 15
56 preferred (quar.)
$1.50 Apr. 15 Holders of rec. Mar. 30
7% Prior Prof. (guar.)
134 June 1 Holders of rec. May 15
Philadelphia Company, corn. (quar.)-- - El
Apr. 30 Ilolders of rec. Apr. 1
Common (extra)
75c. Apr. 30 Holders of rec. Apr. 1
6% preferred
$1.50 May 1 Ilolders of rec. Apr. 1
Phila. Rapid Transit, corn. (guar.)
$1 Apr. 30 Holders of rec. Apr. 15
Preferred (guar.)
1% May 1 Holders of rec. Apr. 1
Philadelphia & Western, pref.(guar.)- - - .625ic Apr. 15 "Holders of rec. Mar. 30
Power Corp. of Canada, pref. (quar.)__. •134 Apr. 15 *Holders of roc. Mar. 30
Provid. Gas Co., new com.(qu.)(No.1) 25e. Apr. 1 Mar. 16 to Apr. 10
Quint° & Trent Valley Power, pf.(au.). 1% Apr. 1 Holders of rec. Mar. 20
Southern Calif. Edison. corn.(guar.) 2 May 15 Holders of rec. Apr. 20
Southern Indiana Gas & El. 7% pf.(qu.). 134 Apr, 1 Holders of rec. Mar. 25
6% preferred (guar.)
Apr. 1 Holders of roe. Mar. 25
1.65 Apr. 1 Holders of rec. Mar. 25
6.6% Preferred (guar.)
Tri-State T.& T., common (guar.)
*$1.50 Apr. 1 Holders of rec. Mar. 15
Western Massachusetts Cos. (guar.).- - 62lic. Mar. 30 Holders of rec. Mar. 19
Banks.
Globe Exchange (extra)
Hanover National (quar.)
Trust Companies.
Brooklyn (guar.)
Empire (guar.)
Fidelity (quar.)
Fulton (guar.)
Lawyers (guar.)
New York (guar.) ($100 par stock)
325 par value stock (altar.)
Title Guarantee & Trust (guar.)
Westchester Title & Trust (guar.)

1
4
6
3
2)4
3
"2
5
151
4
3

Mar, 30 Mar. 26
Apr. 1 Mar. 20
Apr. 1
Mar. 29
Mar. 30
Apr. 1
Mar. 30
Mar. 30
Mar. 30
Mar. 30
Apr. 5

to
to

Mar. 31
Mar. 31

Holders of rec. Mar. 23
Holders of rec. Mar. 23a
Mar. 23 to
Mar. 31
Holders of rec. Mar. 25
Ilolders of rec. Mar. 21
Holders of rec. Mar. 23a
Holders of rec. Mar. 23a
Holders of rec. Mar. 22
Holders of rec. Mar. 31

Fire Insurance.
Rossla (stk. div. sub). to meet. Apr. 22). • e 20 May 4
Miscellaneous.
Abraham & Straus, pref. (quar.)
May 1 Holders of rec. Apr. 15
Acme Wire, pref. (guar.)
"2
May 1 *Holders of rec. Apr. 16
Air-Way Elec. Appliance com. 'quar.).. "50c. Apr. 1 Holders of rec. Mar. 20
Common (extra)
'1234c Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20
•15c. Apr. 18 "Holders of rec. Slar. 31
Allegheny Steel common
Common (extra)
.25c. Apr. 18 "Holders of rec. Mar. 31
Amer. Bond & Mtge. Pref.(guar.)
134 Apr. 1 Holders fo rec. Mar. 20
American Felt, pref. (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 25
Amer. Pneumatic Service 151 pf. (qu.)-- *87 14 c Mar. 30 *Holders of rec. Slur. 25
al preferred (quar.)
•75e. Mar, 30 *Holders of rec. Mar. 25
American Salamandra Corp.(quar.).- 750. Apr. 1 Holders of rec. Mar. 25
American Screw (guar.)
Apr. 1 *Holders of rec. Mar. 20
American Silver (quar.)
"50c. Apr. 1 *Holders of roc. Mar. 15

MAR. 23 1929.]

FINANCIAL CHRONICLE
Per I When
Cent. Payable.

Name of Company.

Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 21
Apr. 15 *Holders of rec. Apr. 1
Apr. 1 *Holders of rec. Mar.22
Apr. 1 *Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.23
Apr. 1 Holders of rec. Mar.23
Apr. 1 *Holders of rec. Mar. 15
Mar.30 *Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.25
Apr. 1 Holders of rec. Mar.25
Apr. 15 *Holders of rec. Apr. 1
July 15 *Holders of rec. July 1
Oct. 15 *Holders of rec. Sept.30
Jan15'30 *Holders of rec. Dec. 31
Apr. 1 Holders of rec. Mar. 28
Apr. 1 Holders of rec. Mar. 15
Mar.30 *Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.23
May 1 *Holders of rec. Apr. 15
May 15 Holders of rec. Apr. 25
Apr. 1 Holders of rec. Mar.22
dendsp eased
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Mar. 26 to Apr. 1
Apr. 1 Holders of rec. Mar. 21
June 10 *Holders of rec. May 27
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar.25
Apr. 15 Holders of rec. Apr. 1
Apr. 1 Holders of rec. Mar. 15
Apr. 15 Holders of rec. mar. 30
Apr. 15 Holders of rec. Mar.30
Apr. 1 Holders of rec. Mar.20

7:

Apr. 15 *Holders of rec. Apr. 1
Mu.30 Holders of rec. Mar. 23a
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20

xxS8x
co..
m ..occe-Nci.eINNN
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iF. :

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WO

Apr. 1 *Holders of roe. Mar. 15
Apr. 15 Holders of rec. Mar.25
Apr. 1 *Holders of rec. Mar. 20
June 1 *Holders of rec. May 18
Mar.30 Holders of rec. Mar. 20
Mar.30 *Holders of me. Mar. 19
Apr. 1 Holders of rec. Mar.27
May, 1 *Holders of rec. Apr. 20
Apr. 1 *Holders of rec. Mar.20
Apr. 25 Holders of rec. Apr. 15
Apr. 1 Holders of rec. Mar.20
May 1 Holders of rec. Apr. 15
May 1 Holders Of ITC. Apr. 15
May 1 Holders of rec. Apr. 15
May 1 Holders of rec. Apr. 15
May 1 Holders of red. Apr. 15
Apr. 1 *Holders of rec. Mar. 18
Mar.30 Holders of rec. Apr. 15
Apr. 1 Holders of rec. Mar. 9
July 1 Holders of roe. June 8
Oct. 1 Holders of rec. Sept. 7
Janl'30 Holders of rec. Dec. 7

.. •

•

S'S.-4;XX§S.P=X
• itm•it*
It.
.8

XX XX= "V=IX
N

••
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* •
• •woo

.

01,....o":mmo..c404^-.-.6•••

x§x§m*xM.M =t:A§3

Mar.31 *Holders of rec. Mar. 21
Apr. 2 *Holders of rec. Mar.25
Apr. 15 Holders of rec. Mar.30
Apr. 25 *Holders of rec. Apr. 15
Apr. 1 *Holders of rec. Mar. 20
Apr. 20 *Holders of rec. Apr. 1
Apr. 15 *Holders of rec. Apr. 1
Apr. 10 *Holders of rec. Apr. 1
Apr. 10 *Holders of rec. Apr. 1
Apr. 10 *Holders of rec. Mar.30
Apr. 30 Holders of rec. Apr. 15
Mar. 31 *Holders of rec. Mar.20
Apr. 15 Holders of rec. Apr. 5
May 1 *Holders of rec. Apr. 20
May 1 *Holders of rec. Apr. 20
Apr. 1 *Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Mar.30
Apr. 15 Holders of rec. Apr. 1
Apr. 15 Holders of rec. Apr. 1
May 25 Holders of coupon No.3
Apr. 1
Mar.30 Holders of me. Mar. 20
Mar.30 Holders of roe. Mar. 20
Apr. 20 Holders of rec. Mar. 30
Mar. 1
Mar. 31 Holders of rec. Mar. 22
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of me. Mar. 21
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Holders of rec. Mar. 21
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 23
Apr. 1 *Holders of rec. Mar. 23
Apr. 1 Holders of rec. Mar.23
Apr. 1 Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 21
Apr. 1 *Holders of rec. Mar. 21
Apr. 1 *Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 12
Apr. 15 *Holders of roe. Apr. 5
Apr. 5 Holders of rec. Mar. 27
Apr. 1 *Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar.25
Apr. 1 Holders of rec. Mar. 25
Apr. 15 Mar. 27 to Apr. 15
Apr. 1 Holders of rec. Mar.21
Apr. 15 Holders of rec. Apr. fas
Apr. 15 Holders of rec. Arm. 5a
Apr. 15 Holders of rec. Mar. 29
Apr. 1 *Holders of rec. Mar.27
Apr. 15 Holders of rec. Mar. 30
May 1 *Holders of rec. Apr. 15
Apr. 1 *Holders of rec. Mar. 25
Apr. 15 *Holders of rec. Mar.30
Mar. 27 *Holders of rec. Mar. 16
Mar. 18 *Holders of roe. Mar. 12
Mar. 18 *Holders of rec. Mar. 12
Apr. 1 *Holders of too. Mar. 25
Apr. 1 Holders of toe. Mar.20
Mar. 31 *Holders of rec. Mar.20
Apr. 1 Holders of too. Mar.23
May 1 Holders of tee. Apr. 15
June 1 *Holders of roe. May 10
Mar.81 Holders of rec. Mar. 15
May 1 Holders of rec. Apr. 12
Mar.30 *Holders of rec. Mar. 21
Mar.30 *Holders of rec. Mar. 21
Apr. 1 Holders of roe. Mar. 20
Apr. 1 Holders of rec. Mar. 20

•
g,`.;xx3

Sols
•
'ciecide
XX XXS
XXvz,
X•oc, .....

•. •




•••

Miscellaneous (Continued).
Amer. Sumatra Tobacco common (qua.
American Surety Co. (guar.)
Apex Electric Mfg. pref. (quar.)
Preferred (extra)
Associated Portland Cement Mfrs., Ltd.
Amer. dep. ruts. for ord. reg.shares
Atlantic Terra Cone.. pref. (guar.)
Atlas Plywood (guar.)
•
Atlas Portland Cement,Prof
Axton-Fisher Tobacco Co., com.A(gu.)Backstay Welt Co., corn
Common (payable in common stock)._
Baer, Sternberg & Cohen, 1st pref.(qu.)
Second preferred (guar.)
Baker (J.L.) Chem.(qu.)(No. 11)
Baldwin Rubber Co.. elan A (guar.).Bankinstocks Holding Corp., core. (qu.)
Bankstocks Corp. of Md.,corn. A&B(gu)
Preferred (guar.)
Bankers Capital Corp., pref.(guar.)._
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Barnet Leather, pref. (guar.)
Benson &Hedges(Canada), Ltd..Pf.(qu)
Berry Motor (guar.)
Boyd-Welsh Shoe (guar.)
Brockway Motor Truck, corn.(guar.)._
Brunswick-Balke-Collender, corn. (qu.)Brunswick Site Co
Buckeye Union011-Common and preferr
Building Products,
class A (qu.)
Bulkley Building, pref.
(quar.)
Ltd.,
Burkart (F.) Mfg, prof. (guar.)
Burroughs Adding Mach. (guar.)
Buzza Clark Inc.,pref. (guar.)
Cambridge Rubber, pref. (guar.)
Canada Dry Ginger Ale, Inc. (guar.)...
Canada Steamship Lines, pref. (guar.)._
Canadian Fairbanks-Morse Co. pf.
Canadian Industries, prof. (guar.)
Canadian Paperboard, Ltd.. lft. ((IlL) -Capital Administration Co.. Ltd.,
Preferred allotment certificates
Capital Securities Co. Inc. corn.(qu.)
Central Dairy Products,
' A part. pt.(qu.)
Century Ribbon Mills. p1. (guar.)
Chase Brass & Copper pref. A (qu.)
Chic. Railway Equipment, pref. (qu.)
City Investing, pref. (guar.)
Clark Lighter, Inc., Cl, A-dividend Pass
Claude Neon Elec. Prod., corn. (qu.) - Preferred (guar.)
Cleveland-Cliffs Iron (guar.)
Cleveland Union Stock Yards (guar.).Cockshutt Plow Co., Ltd.(guar.)
Cities Service,common (monthly)
Com.(payable in common stock)
Preferred and preference BB (mthly.)Preference B(monthly)
Coleman Lamp & Stove, corn
Colgate Palmolive Peet Co., common.Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Preferred 'guar.)
Conley Tank Car, corn., dividend ornitte
Preferred (guar.)
Consolidated Bakeries
Consolidated Food Prods., Ltd. A (qu.)Consolidated Royalty 011 (guar.)
Consolidated Steel 7% pf.(qu.)(No.1)- Corn Products Refg., corn. (guar.)
Preferred (guar.)
Creamery Package Mfg., corn.(au)
Preferred (guar.)
Cresson Cons. Gold M & M (qu.)
Crucible Steel. com.(guar.)
Crystallite Products 7% pf.(No.1)
Cudahy Packing, corn. (guar.)
6% Preferred
7% preferred
Curtis Mfg. (guar.)
Danish American Corp., 1st pref. (qu.).
Second preferred (guar.)
Dayrock Mining (No. 1)
Devonshire InvstIng, corn (qu.)(No.1)Dictograph Products Co., Inc.(gilar.)-Direction der Disconto-Geseasehaft(Berl
Amer.shs.(sub)ect to meeting Mar.25)
Diversified Trustee Shares, series B...'
Dixon (Joseph) Crucible Co.(guar.).Extra
Dome Mines, Ltd.(quar.)
Dominion Holding Corp., el. A
Dominion Rubber, Ltd., pref. (guar.)- Edward (Wm.) Co., pref. (guar.)
.
Elder Mfg., corn. (guar.)
1st preferred (guar.)
Class A (guar.)
Electric Controller & Mfg. (ouar.)
Extra
Elec. Vacuum Cleaner (guar.)
Extra
Enamel Products (guar.)
Evans-Wallower Lead Co., pref. (qu.)
Fairmount Creamery, corn. (guar.)._ __ _
Preferred (guar.)
Federal Drop Forego (guar.)
Federal Motor Truck (guar.)
Federal Terra Cotta, corn. (guar.)
Federated Metals (guar.)
Ferro Enameling el A (guar.)
Class B (guar.)
Fifth Ave. Investing Corp.. COM.(MO-Preferred (guar.)
551 Fifth Ave.. Inc., Prof
Filing Equipment Bureau. pref.(guar.).
Finance Co.of America,corn. A & B (qu)
Seven per cent Prof. (guar.)
Fokker Aircraft, 1st pref. (guar.)
Foster & Kleiser, pref. (guar.)__.
Fox Film Corp., class A dr B (guar)_ _ _ _
Freeport-Texas co. (guar.)
Fuller Brush, pref. (guar.)
l. A (guar.)
Galt (Robert) &
Co..dorp., core. (rm.)
General Ice Cream
General Paint, cl. A (guar.)
Class B (guar.)
Gemmer Mfg.. cl. A (guar.)
Geometric Stamping
corn (guar.)
Gibson Art
nopar pref. (qua
Co.'C
(A. C.)
Co.Gilbert
Gimbel Bros.. Pref.(olian)
Goodrich (B. F.) Co., COM. (guar.)._
Gold Dust Corp.. pref. (guar.)
Gotham Silk Hosiery 7% Prof.((M.).Gorton-Pen, Fisheries (quar.)
Extra
Goulds Pumps common (guar.)
Preferred (guar.)

Books Closed
.
Days Inclusive.

Name of Company.

1855
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Graham-Paige Motor Co. pref.(guar.).- *134 Apr. 1 *Holders of rec. Mar. 15
Green (Daniel) Felt Shoe, pref. (guar.). $1.50 Apr. 1 Holders of rec. Mar.25
Harbauer Co. common (guar.)
250. Apr. 1 Holders of rec. Mar. 250
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20a
Hall Printing common (guar.)
*25c. Apr. 30 *Holders of rec. Apr. 20
Hamilton Cotton Co., Ltd. pref
50e. Apr. 1 Holders of me. mar,15
Hawaiian Corn. & Sugar (monthly).... *25e. Apr. 5 *Holders of rec. Mar.25
Hayes Body Corp. (guar.)
*2
Apr. 1 *Holders of roe. Mar.25
Quarterly
*2
July 1 *Holders of rec. June 25
Quarterly
*2
Oct. 1 *Holders of roe. Sept.25
Quarterly
*2
Jan 2'30 *Holders of too. Dec. 24
Heath (D. C.) dr Co., pref. (guar.)
134 Mar.30 Holders of tee. Mar.29
Hibbard.Spencer, Bartlett&Co.(mthly.)
35e. Apr. 26 Holders of rec. Apr. 19
Monthly
350. May 31 Holders of rec. May 24
Monthly
35e. June 28 Holders of tee. June 21
Honey-Dew, Ltd., class A prof.(guar.). $1.75 Apr. 1 Holders of rec. Mar. 15
Home Title Ins.(guar.)
3
Mar.30 Mar. 24 to Mar. 31
Howe Sound Co.(guar.)
Apr. 15 Holders of rec. Mar.306
11
Hudson River Navigation Corp. pf.(gu.) $2
Apr. 1 Holders of rec. Mar.25
Hunts, Ltd.(guar.)(No. 1)
*25c. Apr. 1 *Holders of rec. Mar. 6
Hupp Motor Car (quar.)
50c. May 1 Holders of rec. Apr. 15
Hydraulic Press Brick pref.(guar.)
134 Apr. 1 Holders of rec. Mar.20
Imperial Royalties pref. (monthly)
134 Mar.30 Holders of rec. Mar.25
Class A preferred (monthly)
18c. Mar.30 Holders of rec. Mar.25
Independ. Pneumatic Tool (guar.)
*31 Apr. 2 *Holders of tee. Mar.25
Indiana Pipe Line (guar.)
May 15 Holders of rec. Apr. 26
$1
Extra
$1
May 15 Holders of rec. Apr. 26
Insuranshares Corp. Pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Intercontinental Invest. Corp. com.(qu.) *25e. Apr. 1 *Holders of NC. Mar.25
Preferred (guar.)
.0134 Apr. 1 *Holders of rec. Mar.25
Internal Combustion Engineering Pf.(gu) $1.75 Apr. 1 Holders of tee. Mar. 20a
Internat. Nickel of Can. pf. (gu.)(N0.1) •$1.75 May 1 *Holders of rec. Apr. 2
Internat. Projector common (guar.).25e. Apr. 1 Holders of rec. Mar. 21
$7 preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 21
Kaufman Dept. Stores corn.(guar.).37e. Apr. 29 Holders of rec. Apr. 10
Kaynee Company common (extra)
6234c. Apr. 1 Holders of rec. Mar.20
134 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
Kelley Island Lime & Transp.(guar.).- 62340. Apr. 1 Holders of rec. Mar.22
Kelsey Hayes Wheel pref.(quar.)
•134 May 1 *Holders of rec. Apr. 19
King Edward Hotel Ltd. common
$1.50 Apr. 1 Holders of rec. Mar.20
Kinney (G. R.) Co., Inc., corn.(guar.). 250. Apr. 1 Holders of rec. Mar.21
8134e. Apr. 1 Holders of rec. Mar. 16
Knapp-Monarch, pref
Lake Erie Bolt & Nut(guar.)
50c. Apr. 1 Holders of rec. Mar.23
Landers, Frary & Clark (guar.)
*75e. Mar. 31 *Holders of rec. Mar.20
Quarterly
*75c' June 30 Holders of rec. June 19
Quarterly
*75e. Sept.30 Holders of rec. Sept.20
*75e. Doe. 31 *Holders of rec. Dec. 21
Quarterly
La Salle Extension University. prof.(qu.) 134 Apr. 1 Holders of rec. Mar. 21
Lawyer's Mortgage Co.(guar.)
$3.50 Mar.30 Holders of rec. Mar.22
Lawyers Westchester Mtge.& Title(au) $2 Apr. 1 Holders of rec. Mar. 19
Leath & Co.. pref
*87340 Apr. 1 *Holders of rec. Mar. 15
Lebanon Finance Corp. el. A (guar.)... *25e. Apr. 3 *Holders of rec. Mar.23
Lord & Taylor, 2d pref.(guar.)
*2 May 1 *Holders of rec. Apr. 17
Lowensteln(M.)& Sons,Inc., 1st pf.(gu)• •134 Mar.30 *Holders of rec. Mar.30
Ludlow Typogmph,coin.(guar.)
50c. Apr. 1 Holders of rec. Mar. 21
$1.75 Apr. 1 Holders of rec. Mar. 21
Preferred (guar
MacAndrews dr Forbes, COM.(quar.)... 650. Apr. 15 Holders of rec. Mar.300
134 Apr. 15 Holders of rec. man 30a
Preferred (guar.)
Macy(R.H.)& Co.. corn.(guar.)
*50c. May 15 *Holders of too. Arm 26
Madison Square Garden Co.(quar.)-. *3734c Apr. 15 *Holders of rec. Apr. 5
Magma Copper Co.(guar.)
$1.25 Apr. 16 Holders of roe. Mar.30
Manning-Maxwell & Moore
. 1% Apr, 2 Holders of rec. Mar.ill
(guar.).dividend omftt ed.
Marion Steam Shovel,common
134 Apr. 1 Holders of tee. Mar.20
Preferred (guar.)
Maryland Casualty(quar.)
*$ 1.1234 Mar.30 *Holders of rec. Mar. 15
McCaskey Register, 1st pref. (guar.).- 134 Apr. 1 Holders of rec. Mar.25
2
Second preferred (guar.)
Apr. 1 Holders of rec. Mar.25
*$1.75 Apr. 1 *Holders of tee. Mar.20
McCord Mtg., pref. (guar.)
*50e. Apr. 1 Holders of rec. Mar.20
Debentures stock (guar.)
McKee (Arthur G.)& Co.,cl. A (guar.).
750. Apr. 1 Holders of rec. Mar.20
McKeespar Tin Plate (guar.)
$1 Apt. 1 Holders of tee. Mar.25
McQuay-Norris Mfg.(guar.)
500. Apr. 1 Holders of rec. Mar.20
Mead Johnson & Co., corn.(guar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
Mead Pulp & Paper, corn.(guar.)
*61 Apr. 15 *Holders of rec. Apr. 1
Merchants Petrolium (guar.)
*2 Apr. 19 *Holders of rec. Mar.31
,.. •
Extra
*2 Apr. 19 *Holders of rec. Mar.31
Michigan Steel Tube Prod., corn
*373.4c Apr. 1 *Holders of rec. Mar.20
Milgrim (H.)& Bros., Inc. pf.((In.).- 1.34 Apr, 1 Holders of rec. Mar.25
Miller &Hart,Inc., cony. pref.
*8754c Apr. 1 *Holders of rec. Mar. 15
Miller Wholesale Drug (quar.)
40e Apr. 1 Holders of tee. Mar.20
Moon Corp., Ltd.(guar.)(No. 1)
*250 Apr. 1 *Holders of rec. Mar. 15
*134 Apr. 1 *Holders of rec. Mar. 15
Preferred A (guar.)(No. 1)
Preferred B (guar.)(No. 1)
*134 Apr. 1 *Holders of ree. Mar. 15
Morgans, Inc., Cl. B dividend passed
Morris (Philip) & Co., Ltd.(guar.)
250 Apr. 15 Holders of rec. Apr. 20
Morris Plan of N. Y.. new stk. (guar.)
*650 Apr. 1 *Holders of rec. Mar.28
Mt. Royal Hotel Co., Ltd. pref. (Au.)
134 Apr. 1 Holders of rec. Mar. 15
Mortgage-Bond Co.(guar.)
2
Mar.30 Holders of rec. Mar. 25
Murphy (G. C.) Co.. prof. MAO
*2
Apr. 2 *Holders of rec. Mar.22
*2
July 2 *Holders of rec. June 21
Preferred (guar.)
Preferred (guar.)
*2
Oct. 2 *Holders of rec. Sept.21
National American Co. (guar.)
50c May 1 Holders of rec. Apr. 15
6100 May 20 Holders of roe. Apr. 25
National Dairy Products (stock dlv.)
National Fuel Gas (guar.)
*250 Apr. 15 *Holders of rec. Apr. 30
National Standard Co.(guar.)
*750 Apr. 1 *Holdres of rec. Mar.20
Nat. Trade Journals, Inc., orn. (qu.).. 62% Apr. 2 Holders of rec. Mar.22
Naumkeass Steam Cotton ao.(guar.).-$3
Apr. 1 Holders of rec. Mar.22
New Bradford 011 (guar.)
*1234 Apr. 15 *Holders of roe. Mar.30
Nehl Corporation, 1st pref.(guar.)
'$1.31 Apr. 1 *Holders of rec. Mar. 15
Newmont Mining (guar.)
Apr. 15 Holders of rec. Mar. 30
fil
N.J. Co-Oper. Finance Corp.,Pf.(N0.1) 1734 Apr. 1 Holders of rec. Mar.20
New York Air Brake (guar.)
750 May 1 Holders of rec. Apr. 4
N. Y.Title AL Mortgage (guar.)
5
Apr. 1 Holders of rec. Mar.22
Extra
1
Apr. 1 Holders of rec. Mar.22
Newton Steel, new corn. (Au.)(No. 1)
*75e Mar. 31 *Holders of rec. Mar.20
Preferred (guar.)
*134 Apr. 30 *Holders of rec. Apr. 5
North American Oil, corn
*106. Apr. 1 *fielders of rec. Mar. 20
North Amer.Car Corp.. com.(guar.)... *82340 Apr. 1 *Holders of rec. Mar.26
Preferred (guar.)
41.50 Apr. 1 *Holders of roe. Mar.26
North Star 011 & Ref.. pref.(guar.).- 134 Apr. 1 Holders of rec. Mar. 18
Novadel-Agene Corp., Prof. (gUar.).--- $1.75 Apr. 1 Holders of rec. Mar.23
Ohio Leather, let pref.(guar.)
*2
Apr. 1 *Holders of rec. Mar.20
Second preferred (guar.)
•134 Apr. 1 *Holders of roe. Mar.20
Oil Shares, Inc., pref. (guar.)
*750. Apr. 15 *Holders of roe. Apr. Si
Orange Crush, Ltd., lot pref.(guar.)
134 Apr. 1 Holders of rec. mar.20
Second preference (guar.)
50e. Apr. 1 Holders of rec. Mar.20
Otis Elevator common (guar.)
$1.50 Apr. 15 Holders of rec. Mar.30
Preferred (guar.)
• 134 Apr. 15 Holders of rec. Mar. 30
Preferred (guar.)
*134 July 15 *Holders of rec. June 29
Preferred (guar.)
*134 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
*134 .11'n1510 *Holders of rec. Dee. 31
Pedigo-Weber shoe (guar.)
6234c. Apr. 1 Holders of rec. Mar. 24
Penney (J. C.) Co.6% prof.(guar.).- *134 Mar.30 *Holders of rec. mar. 20
Pennsylvania Salt Mfg.(guar.)
•31.25 Apr. 15 *Holders of rec. Mar.30
Petroleum Royalties (monthly)
1
Apr. 1 Holders of rec. Mar. 25
Extra
% Apr. 1 Holders of rec. Mar. 25
Pickrel Walnut Co.(guar.)
3734c Apr. 1 Holders of rec. Mar. 20
Polymet Mfg. common (guar.)
3734c Apr. 1 Holders of rec. Mar. 20
Procter & Gamble Co.3% pf.(guar.)._ 2
Apr. 15 Holders of rec. Mar. 254
Public See. Bond&Mtge.Cor1L.PL(gn.) $1.75 Apr. 1 Holders of rec. Mar. 25
Raybestos Company common
*806. Apr. 1 *Holders of roe. mar. to
Reggel Ice Cream (guar.)
*75c. Mar.27 *Holders of rec. Mar. II
ROM Gear & Tool corn.(guar.)
*450. Apr. I *Holders of rec. Mar. 20
St. Lawrence Paper Mills, pref. (qu.)... 134 Apr. 15 Holders of rec. Mar.28
Sandusky Cement (guar.)
$2
Apr. 1 Holders of rec. Mar.25
Santa Cruz Portland Cement (oust.).... 4•61 Apr. 1 *Holders of rec. Mar. 21
Sarnia Bridge class A (guar.)
50c. Apr. 1 Holders of rec. Mar. 15
Schoeneman (T.) Inc. let pfd.(guar.)._
134 Apr. 1 Holders of rec. Mar. 21
Scott Paper Co. 7% ser. A prof. (qu.)
134 May 1 Holders of rec. Apr. 16
13.4 May 1 Holders of roe. Apr. 16
6% series B pref.(guar.)
&evil' Mfg. (guar.)
*75c. Apr. 1 *Holders of roe. Mar.22

1856
Name of Company.

When
Per
Cent. Payable,

Books Closed
Days Inc(usive.

Miscellaneous )Concluded).
75c. Apr, 15 Holders of rec. Mar. 30
Scullin Steel pref. (guar.)
*30c. Apr. 20 "Holders of rec. Mar. 30
Seagrave Corp. (guar.)
*2% Apr. 20 *Holders of rec. Mar. 30
Stock dividend
*14 Apr. 1 *Holders of rec. Mar. 22
Sefton Mfg., pref. (guar.)
Apr. 1 *Holders of rec. Mar. 15
_
pd_
.63.4c
50%
Selected Industries allot. ate.
Apr. 1 Holders of rec. Mar. 20
$1
Separate Units Inc.(guar.)
25c. Apr. 1 Holders of rec. Mar. 20
Extra
31.75 Apr. 1 Holders of rec. afar. 22
Sharp & Dohrne, Inc., pref.(quay.)
30c. Apr. 1 Holders of rec. Mar. 20
Sieloff Packing common (guar.)
60c. Apr. t Holders of rec. Mar. 20
Common (extra)
"75c. Apr. 1 *Holders of rec. Mar. 22
Smith (L. C.) & Corona. corn. (qu.)
*1% Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
"75e. Apr. 15 Holders of rec. Apr. 1
Spicer Mfg. pref. A (guar.)(No. 1)
31.75 Apr. 1 Holders of rec. Mar. 20
Southern Ice Co., pref. ser. A (guar.)
*1%
l)
pref.
(qu.) (No.
Stahl-Meyer. Inc.,
Apr, 1 Holders of rec. Mar. 15
StandardRoyalties, Ltd., corn.(No. 1). 1
Apr. 1 Holders of rec. Mar. 25
1
Preferred (monthly)
Apr, 1 Holders of rec. Mar. 21
2
Standard Screw, corn. (guar.)
75e. Apr. 1 Holders of rec. Mar. 15
Standard Steel Construction, of. A(qu.)
1 *Holders of rec. Mar. 15
Apr.
"1%
Stein, Bloch Co., pref. (guar.)
50e. Apr, 1 Holders of rec. Mar. 25
Stern Cosmetics Co., Inc., cony. pf.(qu.)
Apr. 1 *Holders of rec. Mar. 20
*31
Stern Brothers, class A (guar.)
"25c. Apr. 1 *Holders of rec. Mar. 20
Storkline Furniture, com.(No. 1)
'i2 (c Apr. 1 *Holders of rec. Mar. 20
Common (extra)
*30c. Apr. 1 *Holders of rec. Mar. 20
(quar.)
A
class
Order,
Studebaker Mall
*14 Star. 29 *Holders of rec.Slar. 15
Sundstrand Corp., pref. (guar.)
*25c. May 1 *Holders of rec. Apr. 15
Sweets Co. of America (guar.)
*25e. Apr. 1 *Holders of rec. Mar.22
Syracuse Washing Mach., corn. B
*50c. May 1 *Holdes f rec. Apr. 15
Telautograph Corp., corn. (guar.)
Texon Oil Ao Land Co.-No action taken on divl dend
Apr. 1 *Holders of rec. Mar. 25
*2
Textile Banking (guar.)
30c. Apr. 1 Holders of rec. Mar. 20
Thompson Products, corn. A&B (qu.)._
10c. Apr. 1 Holders of rec. Mar. 20
Common A & B (extra)
7Sec Apr. 20 Mar. 31 to Apr. 7
Tonopah Mining of Nevada
14 Apr, 15 Holders of rec. Mar. 30
Tooke Bros., Ltd., Pref. (guar.)
Apr. 1 Holders of rec. Mar. 25
Toro Mfg.(guar.) (No. 1)
1% Apr. 1 Holders of rec. Mar. 20
Traymore Limited, pref. (guar.)
*32.50 Apr. 1 *Holders of rec. Mar. 20
Tubize Artificial Silk. corn. B V. t.
50c. Apr. 1 Holders of rec. Mar. 25
Union Metal Mfg., corn. (guar.)
25c. Apr. 1 Holders of rec. Mar. 25
Common (extra)
Apr. 1 Holders of rec. Mar. 20
2
Preferred (guar.)
31.75 Apr. 10 Holders of rec. Apr. 1
Union Steel Costing. pref. (guar.)
*25c. Mar. 30 *Holders of rec. Mar. 22
Union Twist Drill, com. (guar.)
*1% Star. 30 •Holders free. Mar. 22
Preferred (guar.)
1% Apr. 1 Holders of rec. Star. 20
United Hotels of America, pref. (quar.)_
44e. Apr. 1 Holders of rec. Mar. 20
United Diversified Securities. pf. (qu.).
Apr. 1 Holders of rec. Star. 20
_
1)
*40c.
United Paper Box, cl. A (qu.) (No.
May 1 Holders of rec. Apr. 4
$1
United Verde Extension Mining (qu.)
15 Holders of rec. Mar. 25a
Apr.
(au)
18%
A
pref.
Grocery,
United Wholesale
U. S. Bond & Mortgage. pref. (quar.).- "$1.75 Mar. 31 *Holders of rec. Mar. 20
II. S. Financial Corp., class A (guar.)-- •30c. Apr. 1 *Holders of rec. Mar. 27
•1% Apr. 1 *Holders of rec. Mar. 28
U.S. Lumber (guar.)
_ •373ee Apr. 1 "Holders of rec. Mar. 15
U.S. Realty & Div.(Newark)(qu.)
*25c. Apr. 1 *Holders of rec. Mar. 15
11
com.
Foil,
States
United
•75e. May 1 *Holders of rec. Apr. 16
Universal Leaf Tobacco, corn. (quar.)..
Apr. 1 Holders of rec. Mar. 26
2
Preferred (guar.)
*43%c Apr. 1 *Holders of rec. Mar. 20
Van Camp Packing. pref
14 Apr. 1 Holders of rec. Mar. 23
Viau Biscuit, 1st pref. (qriar.)
'623c May I *Holders of rec. Apr. 15
Warchell Co., pref. (qu.) (No. 1)
1% Apr. 15 Holders of rec. Mar. 31
Western Grocers, Pref. (quar.)
Western Maryland Dairy Corp., pf.(qu.) $1.50 Apr, 1 Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 28
*50c.
Westmoreland Coal(guar.)
"2
Apr. 1 'Holders of rec. Mar. 15
Well do Baurner Candle, pref.,quar.)
40c. Apr. 1 Holders of rec. Mar. 21
Weinberger Drug Storrs, Inc. (qu.)
Apr. 1 Holders of rec. Mar. 21
10c.
Extra
*40c. May 1 'Holders of rec. Apr. 15
Wieboldt Stores, Inc. (guar.)
1 Holders of rec. Mar. 18
Apr,
50c.
(qu.)..
A
cl.
Products,
Wood Chemical
25e. Apr. 1 Holders of rec. Mar. 18
Class B (guar.)
*Holders of rec. Mar. 20
•30c
Yarns Corp. of Amer., corn. .4 (quar.)
5
Apr. 1 Holders of rec. Mar. 25
1%
Yorktown Associates, Inc., lot pt.(qu.)_
15% Apr. 1 Holders of rec. Mar. 25
Second preferred (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 tho preceding table.
Name of Company.
Railroads (Steam).
Alabama & Vicksburg
Bangor & Aroostook,corn.(boar.)
Preferred (guar.)
Beech Creek (guar.)
Boston & Albany (guar.)
Boston & Maine, old 6% pref
Prior preferred (guar.)
First preferred class A (guar.)
First preferred class B (guar.)
First preferred class C (guar.)
First preferred class D (guar.)
First preferred clogs E (guar.)
Canadian Pacific, com. (guar.)
Preferred
Chesapeake Corp.. common Mari- Chesapeake & Ohio. corn.(btiar•)
Preferred
Chic. R. 1. & Pacific, corn. (quar.)
Cleve. Cin. Chic. & St. L., corn.(quar.)Preferred (guar.)
Consolidated RRs.of Cuba. pref.(qu.)
Cuba RR. common
Gulf Mobile & Northern, pref. (guar.)._
Hocking Valley, com.(guar.)
Joliet Ao Chicago (guar.)
Kansas City Southern, corn.(qu.)(No.1)
Preferred (guar.)
Lehigh Valley. corn. (guar.)
Preferred (guar.)
Maboning Coal RR.,corn.(guar.)
Maine Central, common (guar.)
Michigan Central
Missouri-Kan.sas-Texas, Pref. (guar.)-- Missouri Pacific. pref. (guar.)
New York Central RR.(guar.)
N.Y. Chic. & St. L., corn. & pref. (t111.)
N. Y. Lackawanna & Western (quar.)
N.Y. N. H. dr Hartford. corn. (quar.)
Preferred (guar.)
Northern Pacific (guar.)
Old Colony (guar.)
Pere Ntarquette. com. (guar.)
Common (extra)
Prior preference (quar.)
Five per cent preferred (guar.)
Plttsb. Bessemer & Lake Erie, coin
Pittsb.. Ft. Wayne & Chic.. com. (qu.)Preferred (guar.)
Pittsburgh & West Va., com. (quar.)..
Reading Co., 2d pref.(guar.)
Bt. Louis-San Francisco, corn. (guar.)._
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern, pref. (boar.)...




[VOL. 128.

FINANCIAL CHRONMLE

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Apr. 1 Holders of rec. Mar. fla
3
88e. Apr. 1 Holders of rec. Feb. 28s
144 Apr. I Hoidens of rec. Feb. 28a
% Apr. 1 Holders of rec. Mar. 155
2
Mar. 30 Holders of rec. Feb. 28
•Holders of rec. Star. 15
15% Apr.
*Holders of rec. Mar. 15
'15% Apr.
*Holders of rec. Mar. 15
Apr.
'1%
*Holders of rec. Mar. 15
Apr.
*2
*Holders of rec. Mar. 15
*14 Apr.
*Holders of rec. Mar. 15
*24 Apr,
*Holders of rec. Mar. 15
"1% Apr.
Flolders of rec. Mar. Is
Apr.
2%
Holders of rec. Mar. 1
Apr.
2
Holders of rec. Mar. Se
75e Apr.
Holders of rec. Mar. Sa
2% Apr.
Holders of rec. June So
3% July
1% Mar. 30 Holders of rec. Mar. 85
Apr. 2 Holders of rec. Mar. 28a
2
1% Apr. 2 Holders of rec. Mar. 28a
Holders of rec. Mar. 115
1% Apr.
$1.20 Mar. 2 Holders of rec. Mar. 28a
Holders of rec. Mar. 15a
1% Apr.
234 afar. 30 Holders of rec. Star. So
Apr. 1
Mar. 22 to
lee Apr.
holders of rec. Mar. 30a
1% May
1
Apr. 1 Holders of rec. Mar. 30a
Holders of rec. Mar. 16
87Sic Apr.
Holders of rec. Mar. 16
$1.25 Ayr.
Holders of rec. Apr. 10a
$12.50 May
of ree. Mar. 15
Holders
Apr.
1
100 Mar. 2 Holders of ren. Mar. 23a
1% afar. 3 Holders of rec. Star. 15a
Holders of rec. Mar. 85
134 Apr.
Holders of rec. Mar. 28a
2
May
Holders of rec. Feb. 15a
14 Apr.
Holders of rec. Mar. 14a
1% Apr.
Holders of ree. Feb. 28a
Apr.
I
Holders of reo. Feb. 28a
lei Apr.
Mar. 13 to April 9
134 May
*Holders of rec. Star. 16
•1% Apr.
Holders of rec. Mar. So
1% Apr.
Holders of rec. Mar. 8a
Apr.
2
Holders of rec. Apr. 5a
1% May
Holders of rec. Apr, 50
14 May
of rec. Mar. 15
Holders
Apr,
750.
Holders of rec. Mar. 150
1% Apr.
of rec. Mar. 9a
Holders
Apr.
134
1% Apr. 3 Holders of rec. Apr. 15a
50e. Apr. 1 Holders of rec. Mar. 21a
Holders of rec. Mar. la
Apr.
2
!folders of rec. Apr. 130
1% May
Holders of rec. July la
1% Aug.
Holders of rec. Oct. Is
1% Nov.
134 Star. 3 Holders of rec. Star. Ile

Name of Company.
Railroads (Steam) (Concluded).
Southern Railway, coal. (guar.)
Preferred (guar.)
Mobile SC Ohio,stk. trust ctfs
Southern Pacific Co. (quar.)
Texas & Pacific Sty., corn. (boar.)
Union Pacific, corn. (guar.)
Preferred
Vicksburg Shreveport & Pacific, com___
Preferred
West Jersey & Seashore

Per
When
Cent. Payable.
2
2

134

1%
234
2Se
234
1%

Books Closed
Days Inclusive.

May 1 Holders of rec. Apr. la
Apr. 15 Holders of rec. Mar. 193
Holders of rec. Mar. 15a
Apr.
Holders of rec. Feb. 250
Apr.
Holders of rec. Mar. 153
Apr.
Holders of rec. Mar. Is
Apr.
Holders of rec. Mar. in
Apr.
Holders of rec. Mar. 8a
Apr.
Apr.
Holders of rec. Mar. 8a
Holders of rec. Mar. 15a
Apr.

Public Utilities.
$1.75 Apr. 1 Holders of rec. Mar. 13
Alabama Power, $7 pref. (guar.)
31.50 Apr. 1 Holders of rec. Mar. 13
$6 preferred (guar.)
$1.25 May. I Holders of rec. Apr. 15
$5 preferred (guar.)
(o) May 1 Holders of rec. Apr. 10
Amer. Cities Power Fe Lt.. CIA (guar.)
(r) May I Holders of rec. Apr. 10
Class B (guar.)
Amer. Community Power. 1st pf (guar. 41.50 Apr. 1 'Holders of rec. Mar. 16
Apr. 15 *Holders of rec. Mar. 15
"$1
Amer. Dist. Teleg., com.(guar.)
•Lz.4 Apr. 15 *Holders of rec. Mar. 15
Preferred (guar.)
American & Foreign Power$ 1.135% Apr. I Holders of rec. Mar. 15
Allotment ctfs.65% paid
31.75 Apr. 1 Holders of rec. Mar. 150
$7 preferred (guar.)
$1.50 Apr. I Holders of rec. Mar. 153
$6 preferred (guar.)
*2
Mar. 28 'Holders of rec. Mar. 20
American Gas (boar.)
25c. Apr, 1 Holders of rec. Mar. 15
Amer. Gas & Elec., corn.(quar)
1 Holders of rec. Apr. 9
May
81.50
Preferred (guar.)
31.50 Apr. 1 Holders of rec. Mar. 13a
Amer. Power & Light, $6 Pref. (qUar.)
75*. Apr. I Holders of rec. Mar. 130
$5 preferred, series A (quar.)
$1.75 Apr. I Holders of rec. hlar. 15
Amer. Public Service. pref (guar.)
American Public Utilities(quar.)....
31.75 Apr. 1 Holders of rec. Mar. 15
pref.
partic.
pref.
and
Prior
Amer. State Pub. Service, corn. A (qu.)- •28e. Apr. 1 *Holders of rec. Mar. 20
$1.50 Apr. I Holders of rec. Mar. 15
Amer. Superpower, lst pref. (qriar.)
51.50 Apr. 1 Holders of rec. Mar. 15
Preference (guar.)
2% Apr. 15 Holders of rec. Mar.14a
Amer. Telep. & Teleg. (boar.)
Am. \Vat. Wks. A El., $6 1st Pt. (qu.). $1.50 Apr. I Holders of rec. Mar. 120
- '150. Apr. 1 *Holders of rec. Mar. 20
Arkansas Natural Gas, pref. (guar.)
May 1 Holders of rec. Mar, 30
Associated Gas & Elec.. cl. A (guar.).Apr. 1 *Holders ot rec. Mar. 11
Bangor Hydro-Elec.. 7% PL (quar.)
Apr. 1 *Holders of rec. Mar. 11
6% preferred (guar.)
Apr. 2 Holders of rec. Mar. 21
Barcelona Tr., Lt.& Pr.. partic. pf. (riu.)
Apr. 15 Holders of rec. Mar.d200
Bell Telephone of Canada (guar.)
Apr. 15 Holders of rec. Mar. 20a
Bell Teleo of Pa.,634%pfd.(quar.)Apr. I Holders of rec. Mar. 15
$1.50
pt.(qu.)
SO
Pow.,
Binghamton Lt., lit.&
31.2.5 Apr. 1 Holders Of rec. Mar. 15
$5 preferred (guar.)
Birmingham Elec. Co.. $7 pref. (guar.). $1.75 Apr. 1 Holders of rec. Mar. 12
51.50 Apr. 1 Holders of rec. Mar. 12
$6 preferred (guar.)
1% Apr. 1 Holders of rec. Star. 11
Boston Elevated Ry.. cora • (War.)
3% Apr. 1 Holders of rec. Star. 11
Second preferred
•1
5 "Holders of rec. Mar. 15
A pr. 11
Brazilian Tree., Lt. & Pow.,6% pf.(q.u)
Holders of rec. Star. 15
50c.
British Columbia Power el. A (quar.)
Holders of roe. Apr. la
Apr.
15
$1.50
see
(qu)
A
B k lyn.-Stanh at. Transit. pref.
51.25 Apr. 1 Holders of rec. Mar. 7a
Brooklyn Union Gas (guar.)
of rec. Mar. 15
*Holders
1
Apr.
*30e.
com.
(buar.)
Pow.
East.
Buff. Niagara &
*30e. Apr. 1 *Holders of rec. Mar. 15
Class A (guar.)
*Holders of rec. Mar. 15
1
Apr.
.40e.
Preferred (guar.)
•$1.25 May 1 *Holders of rec. Apr. 15
First preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
1
Calgary Power (quar.)
'folders of rec. Mar. 5
(go.)
13-I Apr.
Pref.
Generating,
Elec.
California
15% Apr.15 Holders of rec. Mar.31
California-Oregon Pow. 7% pfd. Mu.)....
1% Apr. 15 Holders of rec. Mar.31
Six per cent pref. (boar.)
Apr. 1 Holders of rec. Mar. 14
Capital Traction (guar.)
Carolina Pow. & Light, 57 pref.(boar.). $1.75 Apr. 1 Holders of rec. Mar. 16
$1.50 Apr. 1 Holders of rec. Mat. 16
$6 preferred (guar.)
prrrr 11 Holders of rec. Mar. 20
A ppp
Cent. Atlantic States Serv., pref.(guar.) 134 AAA
Holders of rec. Mar. 15
le(
Central Illinois Light, 7% pref.(Quar.)_ _
Holders of rec. Star. 15
134
6% preferred (guar.)
*Holders of rec. Mar. 31
Central III. Pub. Serv., pref. (guar.)._ *S1.75
of rec. Mar. 30
'Holders
Apr.
15
11.50
•
(boar)
preferred
$6
Holders of ree. Star. 11
25c. Apr
Central States Elec. Corp. corn.(qu.)
Holders of rec. Star. 11
1234 Apr.
Corn.(Payable in corn. stock.)
Holders of roc. Mar. 11
1% Apr.
Seven per cent pref.(guar.)
Holders of rec. Mar. 11
1% Apr.
Six per cent pref. (guar.)
Holders if rec. Mar. 11
(m) Apr.
Convertible preferred (quar.)
et rec. Star. 11
'Holders
Cent. States Pow.& Light $7 Dr.(Qt13-•
•II•Iders of rec. Mar. 15
Apr
75 Apr.
$114
•
Chic. North Shore & Milw,, prat.(qu.)
rec. Mar. 15
of
*Holders
Apr.
.1%
(bust.)
Prior preferred
•Flolders ef rec. Star. 19
Chicago Rapid Transit, pr. pf. A (qu.). _ •65c. Apr.
•Hold•rs if rec. Apr. 16
Prior pref. series A (guar.)
*Holders if rec. May 21
*6.5c June
Prior pref., series A (guar.)
*Holders it res. Star. 19
*60c. Apr.
Prior pref., series 15 (guar.)
•II•Iders if rec. Apr. 16
60cc.. Slay
*65
Prior pref., series II (boar.)
*Holders of rec Slay 21
•60c. June
Prior pref., series B (guar.)
*Holders of rec. Star. 20
.13 Apr.
*31134
& Sub. Bell Telep. (guar.)
Holders of rec. that. 12
Cleveland Ry.(guar.)
Holders if rec. Mar. 11
50c. Apr.
Columbus Elec. & Power, corn. (guar.).
Holders of rec. Mar. 115
31.75 Apr.
Preferred, series B (guar.)
Holders of rec Star. 110
Apr.
1.62%
Preferred, series C (guar.)
Holders of rec. Mar. 1 la
31.75 Apr.
Second preferred (guar.)
of rec. Mar. 21
*Holders
Apr,
•25c.
13.(qu.)
A
A
el.
Utilities,
Commonwealth
Apr.
'Holders of rec. Mar. 15
Connecticut Elec. Serv., cone. pt. (qu.).. 031
*Holders of rec. Mar. 15
5c. A pr.
17x
Control. Gas. El. L.& P., Bait.,com.(qu):
*Holders of rec. Mar. 15
6% preferred series D (guar.)
*Holders of rec. Star. 15
'1% Apr.
534% preferred eerie, E (guar.)
of rec. Mar. 15
Apr.
*Holders
•1%
(quar.)
A
series
5% preferred
Holders of rec. Mar. 293
Consolidated Gas of N.Y., pref.(quar.)_ $1.25 May
Holders of rec. Mar. 15
$1.25 Apr.
Consumers Power, $5 pref. (g)iar.)
1% Apr.
Holders of rec. Star. 15
Six per cent Preferred (guar.)
Holders of rec. Mar. 15
1.65 Apr.
6.6% Preferred (guar.)
Holders of rec. Mar. 15
Apr.
lei
(guar.)
preferred
cent
Seven per
Holders of rec. Star. 15
50c. Apr,
Six per cent Preferred (monthly)
55c Apr.
Holders of rec. Mar. 15
6.6% preferred (monthly)
Apr.
(guar.)
31.10
Holders of rec. Mar. 123
corn.
Elec.,
Continental Gas Fe
r.. 3 Holders of rec. Mar, 12a
A1Par
521.75 5
Prior preference (guar.)
of rec. Star. 15a
'folders
(guar.)
corn.
Telephone,
Cuban
1% Mar. 3 Holders of rec. Mar. 15a
Preferred (guar.)
Holders of rec. Star. 15
75c Apr.
Denver Tramway, pref.(guar.)
2
Apr. 15 Holders of rec. Mar. 20a
Detroit Edison Co.(guar.)
.52 Sic Apr. 1 *Holders of rec. Mar. 20
Detroit Electric. pref. (guar.)
4. 1 h
*Holders of rec. Mar. 15
(guar.)
corn.
Duke Power,
•1
Apr,
*Holders of rec. Star. 15
Preferred (guar.)
1 'folders of rec. Mar. 110
A pr. 15
Duluth-Superior Tr. Pref. (briar-)
Holders of rec. Mar. 150
(boar.)
pref.
134
Duquesne Light. hat
15
Eastern Nia.98. St. Hy., corn.(No. I)..... 375%c Apr. 1 Holders of rec. Mar. 15
Apr,
25%
1
of rec. Star.
Holders
-Stock
Adjustment
14 Apr. 1 Holders of rec. Mar. 15
Eastern N. J. Power Co., pref.(quar.).
21%
Holders of roc. Mar. 16
7% preferred (guar.)
Apr.
Holders of rec. Mar. 15
8% preferred (buar.)
Star. 154
Eastern Texas Elec. Co., Pref. (briar.)... I% Apr. 1 Holders of rec.
15
25c.
of rec. Mar. 11
Apr.
Holders
(boar.)
Secur.
Share
A
Elec. Bond
I la
Star.
% Apr.p!)
AA r
11 Holders of rec.
1
Elec. Pow.& Lt., allot. ctfe.50%Pd.(qu.)
Ti Apr. I Holders of rec. Star. 113
Allotment ctfs. 50% Paid (guar.)
its
Mar.
1
151:
rec.
$1.75
p
pppp
of
A
AAAA
Holders
Preferred (guar.)
Holders of rec. Mar. 12
Elec. Public Utilities, $7 pref. Mar.).- $1.75
r.
Holders of rec. Mar. 12
34
Elee. Public Serv., pref.(guar.)
34
Holders of rec. Apr. la
El Paso Electric Co.. pref. (guar.)
.rt.
*Holders of rec. Mar. 15
Empire Gas & Fuel,8% Pref. Untidy.)-; 54
of rec. Star. 15
.
r
"Holders
6Se % preferred (monthly)
ppp rrrr
Ap
*Holders of roc. Mar. 15
• 58 1-3e AAA
7% pref. (monthly)
of rec. Star. 15
66
*Holders
•
2-3c
(monthly)
8% pref.
Holders of rec. Mar. 18
Empire Power Corp., 56 pref. (quar.)--- 31.50
Holders of rec. Mat. 18
50c.
Participating stock (guar.)
25c. Apr. 1 Holders of rec. Mar. 4
Engineers Pub. Serv., corn. (quar,)..._
Holders of roe. Mar. 4a
(s)
Common (2-100 share com.stock)
$1.25
Apr. 1 Holders of rec. Mar. 40
(guar.)
preferred
convertible
$5
Mar. 45
$5.50 cumulative preferred (guar.).-_; 1,3734 Apr, 1 Holders of roe. Mar. 130
Federal Light & Traction, coin. (bust.).. 37%c. Apr, 1 Holders of rec.
Mar. 13a
rec.
of
Holders
1
common
Apr.
in
fl
(payable
stoek)
Common
Florida pow.& Light, pref. (briar.)
$1.75 Apr. 1 Holders of rec. Star. 13
roe. Mar. 15
of
Holders
I
Apr.
prof.
15%
(guar.)
Serv..
Public
Florida

(z)
'134
'134
1%
2
I%

MAR. 23 19291
Name of Cornpany.

1857

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Public Utilities (Continued).
Mar. 15a
Federal Water Service, $7 pref.(guar.)._ $1.75 Apr. 1 Holders of rec. Mar. 15a
51.6234 Apr. 1 Holders of rec.
$634 preferred (quar.)
Mar. 15a
rec.
1
of
Apr.
Holders
$1.50
$6 preferred (quar.)
Apr. 1 Holders of rec. Mu.220
General Gas & Elec. $8 pref. A (quar.) __ 52
Mar. 220
1
rec.
of
Apr.
Holders
$1.75
(guar.)
B
&
A
$7 pref.
rec. Mar. 15
General Public Utilities, $7 pref. (guar.) $1.75 Apr. 1 Holders of
Holders of rec. Mar. 15
Gen'l Water Works & Elec.,$7 pr.(WI.)- $1.75 Apr. 1
51.50 AN. 1 Holders of rec. Mar. 15
Georgia Power, 56 pref.(guar.)
51.25 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
$1.31 Apr. 2 Mar. 13 to Apr. 1
Germantown Pass. Sty.(guar.)
$1.50 AN. 1 Holders of rec. Mar. 30a
Gold & ewer, Telegraph (quar.)
lee Apr. 1 Holders of rec. Mar. 5
Great Western Power, 7% pref. (quar.)_
114 Apr. 1 Holders of rec. Mar. 5
A
Six per cent pref. (e&uar.)
4334c Mar. 31 Holders of rec. Mar. 160
Hackensack Water, pref. A (quar.)
560. Apr. 1 Holders of rec. Mar. 210
Haverhill Gas-Light (quar.)
Mar. 30 "Holders of rec. Mar. 29
'2
Illinois Bell Telephone (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Illinois Power Co.. 6% Pref. (quar.)
1 Holders of rec. Mar. 15
Apr.
134
pref.
cent
(guar.)
per
Seven
Indianapolis Power & Light. pref. (qu.). 134 Apr. 1 Holders of rec. Mar. 7
154 Apr. 1 Holders of rec. Mar. 12a
Indianapolis Water, pref. A (guar.)
134 Apr. 1 Holders of rec. Mar. 15
International Power, pref.(guar.)
50c. Apr. 1 Holders of rec. Mar. 15
International Superpower
134 Apr. 15 Holders of rec. Mar. 220
(quar.)
&
Tclep.
Teleg.
Internat.
Apr. 1 Holders of rec. Mar. 11
$1.75
Interstate Power, $7 pref. (quar.)
*51.50 AN 1 *Holders of rec. Mar. 11
$6 preferred (quar.)
Apr. 1 Holders of rec. Mar. 15
ee
I
(guar.)
pref.
Sere.,
Jamaica Public
1 Holders of rec. Mar. 18
Jersey Central Power & Lt.,7% pt.(qu.) lee Apr.
134 Apr. 1 Holders of rec. Mar. 18
6% pref. (guar.)
1 Holders of rec. Mar. 140
Apr.
$1.50
Kansas City Pr. & Lt. pref. B (quar.)
134 Apr. 1 Holders of rec. Mar. I5a
Kansas Gas & Elec. pref. (quar.)
Apr.d10
Mar. 21 to Apr. 10
*31.25
(quar.)
corn.
Securities,
Kentucky
1.1, Apr. 15 Mar. 21 to Apr. 10
Preferred (quar.)
"$1.50 Apr. 1 *Holders of rec. Mar. 18
Kings County Ltg., corn. (quar.)
*154 Apr. 1 'Holders of rec. Mar. 18
7% pref. (quar.)
•1 ye Apr. 1 "Holders of rec. Mar. 18
5% pref. (quar.)
.500. Mar. 30 *Holders of rec. Mar. 19
(quar.)
Gas
Lone Star
1 Holders of rec. Mar. 15
Long Island Ltg.. ser. A,7% pref. (qu.) 154 Apr.
154 Apr. 1 Holders of roe. Mar. 15
Six per cent ser. B pref. (quar.)
25
Mar.
Holders of roe. Feb. 28s
43e4c
(qu.)
B
&
A
corn.
Louisville Gas & Elec.,
Holders of rec. Mar. 22a
134 Apr.
Mackay Companies, corn. (quar.)
Apr.
Holders
of rec. Mar. 220
1
(quar.)
Preferred
Holders of rec. Mar. 20a
13e Apr.
Manhattan By., guar. (guar.)
Holders of rec. Mar. 16
$1.75 Apr.
Memphis Pow. & Lt.. $7 pref. (quar.)
Holders of rec. Mar. 16
51.50 Apr.
$11 preferred (quan)
Holders of rec. Mar. 15
Mempolitan Edison Co., $7 pref.(qu.). $1.75 Apr.
Apr.
Holders of rec. Mar. 15
51.50
(guar.)
preferred
$6
Holders of rec. Mar. 15
$1.25 Apr.
$5 Preferred (quar.)
Holders of rec. Mar. 15
Michigan Elec. Power Co.. 7% pf. (qu.) lee AN.
Apr.
Holders of rec. Mar. 15
154
preferred
(guar.)
Six per cent
Apr.
Holders of rec. Mar. 22
Midland Utilities, 7% prior lien (quar.). lee Apr.
Holders of rec. Mar. 22
(quar.)
stock
134
lien
prior
cent
per
Six
Holders of rec. Mar. 22
134 Apr.
Seven per cent pref. class A (guar.)
15.4 Apr. 6 Holders of rec. Mar. 22
Six per cent prof. class A (quar.)
1
Holders of rec. Mar. 15
Apr.
lee
prof.
(quar.).
&
Minnesota Power Light,
$1.50 Apr. 1 Holders of rec. Mar. 15
$0 preferred (guar.)
Bridge
City
River-Sioux
Missouri
$1.75 Apr. 15 Holders of roe. Mar. 31
Preferred (guar.)
Monongahela West Penn Public Service
Apr. 1 Holders of rec. Mar. 15
43540
Preferred (quar.)
1% Apr. I Holders of rec. Mar. 130
Montana Power (quar.)
154 Apr. 20 Holders of rec. Mar. 31
Mountain Stereo Power, pref.(quar.)_

Name of Company.

When
Per
Cent. Payable.

Books Closea
Days fnceerire.

Public Utilities (Concluded).
Puget Sound Pow.& Lt., pr. pf.(quar.) _ 51.25 Apr, 15 Holder, of rec. Mar. 200
$1.50 Apr. 15 Holders of rec. Star. 200
Preferred Mar.)
50e. Apr. 15 Holders of rec. Mar. 29
Quebec Power (guar.)
Radio Corp of Amenpref. A (all.) ---- - 874c Apr. 1 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 22
((u)
134
pf.
6%
Rochester Cent. Pow. Corp.,
134 Apr. 1 Holders of rec. Mar. 20
St. Louis Public Service, pref. (guar.)
Apr. 1 Holders of roe. Mar. ii,
3
prefferred
Power,
Electric
Savannah
Apr. 1 Holders of rec. Mar. Ma
2
Debenture series A (quar.)
134 Apr. 1 Holden of roe. Mar. Ill
Debentures series B (guar.)
Apr. 10 Holders of rec. Mar. 15
50e.
Shawinigan Water & Power Mar.)
Southeastern Power & Light, corn. (qu.) (k) Apr. 20 Holders of rec. Mar. 30
51.75 Apr. 1 Ilolders of rec. Mar. 15
$7 preferred (guar.)
$1.50 Apr. 1 Holder, of rec. Mar. 15
$6 preferred (guar.)
$1.25 Apr. 1 Holders of roe. Mar. 1.6
Participating pref. (quar.)
50c. Apr. 15 Holders of rec. Mar. 20
pf.
Edison.,
orig.
(qu.)Southern Calif.
3434c Apr. 15 Holder, of rec. Mar. 20
Series C 534% pref. (quar.)
Apr. 15 "Holders of rec. Mar. 30
*2
Southern N. E.Telephone (q'Iar.)
134 Apr. 15 Holders of rec. Apr. 1
South Pittsburgh Water. pref. (quara_ _
lel Apr. 1 Holders of rec. Mar. 20
Southwestern Bell TeleP.. Pref. (guar.).
Apr. 1 *Holders of rec. Mu. 15
Southwestern Gas & Elec.8% pref.(qu.) '2
*lei Apr. 1 "Holders of roe. Mar. 15
Seven per cent preferred (guar.)
Southwestern Light & Power, cl. A (qu.) *$1.50 Apr. 1 "Holders of rec. Mar. 15
Southwestern Power & Light, pref. (qu.) *I% Apr. 1 *Holders of rec. Max. 15
Southwest Gas Utilities, pref.(quar.)--5 1.6234 May 1 Holders of rec. Apr 20
$1.75 Apr. 1 Holders of rec. Mar. 15
Springfield Gas & Elec. pref.((oar.)
8754c. Apr. 25 Holders of rec. Mar. 31
Standard Gas & Elec., corn. (guar.)
134 Apr. 25 Holders of rec. Mar. 31
Prior preference (guar.)
let Apr. 1 Holders of roe. Mar. 150
Superior Water, Lt.& Pow. pref. (qu.).._
154 Apr. 1 Holders of rec. Mar. 15
eennessee El. Pow. Co..5% lot Pf • (qu.)
I% Apr. 1 Holders of rec. Mar. 15
lot prof. (guar.)
134 Apr. 1 Holders of rec. Mar. 15
7% 1st pref. (guar.)
1.80 Apr. 1 Holders of rec. Mar. 16
7.2% let pref Mar.)
50c Apr. 1 Holders of rec. Mar. 15
6% 1st pref. (monthly)
60c Apr. 1 Holders of ree Mar. 15
7.2% it, nref. (monthly)
kpr. 1 Holder, of rec. Mar. 15
134
(guar.).
-Power,
pref.
Texas-Louisiana
Twin City Rapid Transit (Minneapolis).
Apr. 1 Holders of rec. Mar. 120
1
Common Mar.)
154 Apr. 1 Holders of rec. Mar. 120
Preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 11
United Corporation pref. ((uar.)
154 Apr. 1 Holders of rec. Mar. 15
(guar.)._
pref.
Corp.
Elec.
&
Gas
United
$1.1214 Mar. 30 Holders of rec. Feb. 28a
fruited Gas improvement Mar./
60e. May 1 Holders of rec. Apr. 15a
Unit. Lt.& Pow.,old el. A & 13 com.(qu.)
12e. May 1 Holders of rec. Apr. 150
(guar.)
New class A & B corn.
$1.63 Apr. I Holders of rec. Mar. 154
Class A preferred Mar.)
$1 Apr. 1 Holders of rec. Mar. 15a
Class B preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
United Public Service $7 pref. (quar.)__
*51.50 Apr. 1 "Holders of rec. Mar. 15
United Public Util., $6 pref. (qu.)
Apr. 1 *Holders of rec. Mar. 15
*81.75
(quar.)
$7 preferred
154 Apr. 1 Holders of rec. Mar. 15
United Utilities, prof. (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 5
Utah Power & Light $7 prof.(quar.)
51.50 Apr. 1 Holders of rec. Mar. 5
$6 preferred (guar.)
e50e API% 3 Holders of rec. Mar. 9
Utilities Power & Lt. class A (quara
u250 Apr. 3 Holders of rec. Mar. 9
Class B (qual.)
154 Apr. 3 Holders of rec. Mar. 9
Preferred (guar.)
$1.75 Mar. 30 Holders of rec. Mar. 160
West Penn Elec. Co., class A (guar.)
lee May 1 Holders of rec. Apr. 56
West Penn Power,7% pref.(quar.)
154 May 1 Holders of roe. Apr. 5a
SIX per cent preferred (quar.)
lee Apr. 15 Holders .f rec. Apr. la
(guar.).
pref.
7%
Corp.,
Western Power
Apr. 15 Holders of rec. Mar. 220
2
Western Tinton Telegraph Mar.)
lee Apr. 1 Holders of roe. Mar. 6
Winnipeg Elec. Co. pref. (quar.)

13( Apr. 1 Holders of rec. Mar. 13
Namur & Suffolk Ltg., pref.(quar.) 134 Apr. 1 Holders of rec. Mar. 20
National Elec. Power. 7% pref. (quar.)_
134 Apr. 1 Holders of rec. Mar. 20
Six per cent preferred (quar.)
Holders of rec. Mar. 200
Nat. Gas & Elec. Corp., VI% pref.(qua$ 1.62% Apr. 1
Apr. 1 Holders of rec. Mar 16
(quar.)
$1.75
pref.
$7
Light,
&
National Power
Nat. Public Service, sea A pref.(qual.). 134 Apr. 1 Holders of rec. Mar. 15
1% May 1 Holders of rec. Mar. 30
Nevada-Calif. Elec. Corp., pref.(quar.)_
New England Power Assn., corn.(qu.)._ *50c. Apr. 15 "Holders of rec. Mar. 29
'134 Apr. I "Holders of rec. Mar. 15
Preferred (quar.)
New England Public Serv., corn. (qual.) '450. Mar. 31 *Holders of rec. Mar. 13
Mar. 30 Holders of rec. Mar. 9
2
New England Teter,. & Teleg (quar.)
N. J. Power & Light, $6 pref. (quar.)..... $1.50 Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
$1.25
$5 Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
N.Y. Central Elec. Corp.,7% p1. (qu.)_
Apr. 1 *Holders of rec. Mu. 150
•$1.50
(quar.)
N.Y. Steam Co.. $A pref.
.$1.75 Apr. 1 'Holders of recs. Mar. IS,
$7 preferred (guar.)
1% Apr. 15 Holders of rec. Mar. 20
N. Y.Telephone. pref.(gear.)
*65e. Mar. 30 'Holders of rec. Mar. 15
Niagara Falls Power. coca. (quar.)
f 254 Apr. 1 Holders of rec. Mar. 6
North American Co., corn. (quar.)
75e. Apr. 1 Holders of rec. Mar. 5
Preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 15
Northeastern Power. corn.(quar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Class A stock (quar.)
Apr. 1 Holders of rec. Mar. 20
com
1
Bevel.,
Northern Mexico Pow. &
13( Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
Apr, 1 Holders of rec. Mar. 15
(qu.)
pf.
135
6%
Lt.,
&
Pr.
Ohio
Northern
154 Apr. 1 Holders of rec. Mar. 15
Seven per cent pref. (quar.)
1 Holders of rec. Mar. 15
Northern Pennsylvania Pr., $7 Pi. ((le.) $1.75 Apr.
$1.50 Apr. 1 Holders of rec. Mar. 15
$6 preferred (quar.)
May 1 Holders of rec. Mar. 31
Northern States Pr. (Del.), corn. A (qu.) 2
134 Apr. 20 Holders of rec. Mar. 31
Seven per cent pref. (guar.)
134 Apr. 20 Holder, of rec. Mar. 31
Six per cent pref.(quar.)
Northport Water Works. pref. (guar.).-134 Apr. 1 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 15
*134
pref.
lien
(G111.)
Northwest Utilities, prior

Banks.
1234c Apr.
BancameriCa Corp.(No. 1)
Apr.
.31
Bankers Corp. Mar.)
Apr.
$1
Bank of America, N. A.(guar.)
Apr,
334
Chase National Mar.)
1
Apr.
Chase Securities Corp. (guar.)
Apr.
*4
&
Bk.
(an.)
Tr.
Nat.
Phenix
&
Chatham
.6254c Apr.
Chelsea Exchange (Quar.)
Apr.
06
Fifth Avenue (quar.)
5
Apr.
First National (quar.)
Apr.
20
First Security (guar.)
Apr.
4
Manhattan (Bank of the) (guar.)
National Bank of Commerce (guar.).-- - 434 Apr.
50c. Apr.
National City (Interim)
50c. Apr.
National City Co. (Interim)
Apr.
6
Park (National)(guar.)
4
Apr.
(guar.)._
&
Co.
Bank
Trust
Nat.
Public
4
Apr.
Seaboard National (guar.)
$1.50 Apr.
Trade (guar.)
Apr.
*50c.
(quar.)
of)
United States (Bank
*51.50 Apr.
Units

1 Holders of rec. Mar. 16
1 *Holders of rec. Mar. 22
1 Holders of rec. Mar. 16
1 Holders of rec. Mar. 13a
1 Holders of rec. Mar. 130
1 *Holders of rec. Mar. 14
1 *Holders of rec. Mar. 16
1 *Holders of roe. Mar. 30
I Holders of rec. Mar. 256
1 Holders of rec. Mar. 25a
1 Holders of rec. Mar. 19a
1 Holders of rec. Mar. lea
1 Holders of rec. Mar. 9
I Holders of rec. Mar. 9
1 Holders of rec. Mar. 15a
1 Holders of rec. Mar. 21
1 Holders of rec. Mar. 22
5 Holders of rec. Mar. 25
1 *Holders of rec. Mar. 22
1 *Holders of rec. Mar. 22

Trust Companies.
Banat Commerciale Italiana Tr.(quer.). *234 Apr. 1 Holders of rec. Mar. 15
750. Apr. 1 fielders of rec. Mar. 20
Bank of Europe Trust Co. (guar.)
25e. Apr. 1 Holders of rec. Mar. 20
Extra
434 Apr. 1 Holders of rec. Mar. 220
Bank of N. Y.& Trust Co.((uar.)
Apr. 1 fielders of rec. Mar. 20a
2
Bronx County
May 2 *Holders of rec. May 2
e20
Central Union (stock dividend)
Mar. 30 Holders of rec. Mar. lea
3
Equitable (guar.)
Mar. 30 Holders of rec. Mar. 15
4
Guaranty ((uer.)
354 Apr. 1 Holders of rec. Mar. 15
Irving Trust (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Manufacturers (Oscar.)
Apr. I "Holders of rec. Mar. 20
"54
Municipal Bank & Trust (quar.)
Apr. 1 i*Holders of rec. Mar. 20
.6834
(qu.)
A
Financial
class
Municipal
Corp.,
*25c. Apr. I *Holders of rec. Mar. 20
Class 11 (quar.)
Mar. 30 Holders of rec. Mar. 22
1
Title Guarantee & Trust (extra)
Apr, 1 Holders of rec. Mar. 210
15
United States (guar.)

154 Apr. I Holders of rec. NIar. 20
Ohio Electric Power. 7% pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 20
Six per cent pref.(guar.)
.5E75 Apr. 1 *Holders of rec. Mar. 20
Ohio River Edison, pref.(quar.)
134 Mar. 31 Holders of rec. Mar. 150
(quar.)_
corn.
Pow.,
Ottawa L. H. &
Fire Insurance.
134 Apr. 1 Holders of rec. Star.I50
Preferred (guar.)
Apr. 11
51.25 Apr. I afar. 20 to
Brooklyn Fire Insurance
*50c. Apr. 15 *Holders of rec. Mar. 30
Pacific Gas & Elec., corn. (guar.)
Apr. 1 Holders of rec. Mar. 20
4
York Insurance (guar.)
New
of
City
15
Apr.
*Holders
of
rec.
30
Mar.
*51.50
6% preferred (quar.)
Mar. 20
rec.
of
Holders
1
Apr.
5
Home Insurance (guar.)
'1 3.4 Apr. 15 *Holders of rec. Mar. 30
Pacific Lighting, 0% pref. (quar.)
31.50 Apr. 1 Holders of rec. Mar. 140
let Mar. 30 Holders of roe. Mar. 2e6 Rossia ((uar.)
Pacific Thep. & Teleg., corn. (quar.)
I%
Apr.
15
Holders
of
rec.
Mar. 300
Preferred (guar.)
Miscellaneous.
Penn. Central Light & Pow.$5 Id.(qu.)- $1.25 Apr. 1 Holders of rec. Mar. 152
134 Apr. 20 Holders of rec. Apr. 100
Abitibi Pow. & Paper,6% pref. (quar.).
70c. Apr. 1 Holders of rec. Mar. 15
$2.80 series preferred (quar.)
lee Apr. 2 Holders of rec. afar. 20
Seven per cent preferred (quar.)
Pa. Gas & Elec. Corp.Apr. 1 "Holders of rec. Mar. 20
•1
Acme Steel Mar.)
134 Apr. 1 Holders of rec .Mar. 20
Seven per cent preferred (guar.)
Mar. 31 Holders of rec. Mar. 150
$1.50
Holder,
of
1
Apr.
rec.
common
(quar.)
Adams Express,
Mar. 20
$1.75
$7 preferred (guar.)
$1.25 Mar. 31 Holders of rec. Mar. 15a
$1.50 May 1 Holders of rec. Apr. 20
Preferred (quar.)
Penn.-Ohio Pow. & Lt.. $6 pref. (qu.)
30 Holders of rec. afar. 20
Mar.
May
1
1.34
pref.
Holders
of
Company,
rec.
20
(qual.)
Aeolian
Apr.
154
7% Preferred (quar.)
250. Apr. 1 Holders of rec. Mar. 16
600. Apr. 1 Holders of rec. Mar. 20
Aetna Rubber common (quar.)
7.2% preferred (monthly)
Apr. 1 Holders of rec. Mar. 16
600. May 1 Holders of rec. Apr. 20
Preferred Mar.)
7.2% preferred (monthly)
She. Apr. 1 Holders of rec. Mar. 20
Agnew-Surpass Shoe Store. pref. (quar.) 134 Apr. 1 Holders of rec. afar. 15
6.6% preferred (monthly)
55e. May 1 Holders of roc. Apr. 20
Ahrens Fox Fire Engine, class A Mar.)_ .3754c Apr. 1 *Holders of rec. Mar. 26
6.6% preferred (monthly)
Apr.
1
of
*250. Apr. 1 *Holders of rec. afar. 26
rec.
Holders
Mar.
$1.75
15
Class B (guar.)
(qu.)
pf.
$7
L.,
&
Power
Pennsylvania
Apr.
1
50e. Apr, 15 Holders of rec. Mar. 30a
of
rec. Mar. 15
Holders
51.50
Air Reduction (guar.)
$6 Preferred (qUar.)
51.25 Apr. 1 Holders of rec. Mar. 15
Albany Perfcrated Wrapping Paper, corn men- April dividend omitted.
$5 Preferred (guar.)
Apr. 1 Holders of rec. afar. 15
1
((uar.)
Apr.
Holders
of
pref.
Pacific
Grain
rec.
Alberta
134
Mar.
15
6234e
Pennsylvania Water & Power (quar.).
Apr. 17 Holders of rec. Apr.
*lei June 1 *Holders of rec. Slay 15
2
re Mar.)
ma)
Allegheny Steel,
Peoples Gas Light & Coke (quar.)
1 *Holders of rec. Aug. 15
Sept.
Apr.I
Holders
of
((oar.)
rec.
Preferred
160c.
Mar.
8
(guar.).
corn.
A
Power
&
Light
Peoples
'134 Dee. 1 *Holders of rec. Nov. 15
50e. Apr. 1 Holders of rec. Mar. 11*
Preferred (quar.)
Philadelphia Elec. Power (guar.)
Apr. 1 !folders of rec. Mar. 9
*50e Apr. 1 *Holders of rec. Mar. 12
Alles & Fisher, Inc., common (qual.)$2
Philadelphia Traction
lel Apr. 1 Holders of rec. Mar. Ila
Allied Chem. & Dye Corp., pref.(qu.)
1% Apr. 1 Holders of rec. Mar. 15
Portland Flee. Power, let pfd. (guar.)._
20e. Apr. 1 Holders of rec. Mar. 15
Alliance Investment Corp., corn.(qu.)._
134 Apr. 1 Holders of rec. Mar. 15
Prior preference (quar.)
Apr. I Holdres of rec. Mar. 15
1
rec.
*Holders
of
$3
,Apr.
Preferred
Mar.
"$1.75
15
(qu.)
&
Light
Pr.
Power.
By.,
Rico
Porto
Apr.
1
Industriesof
Refrigeration
rec.
Holders
Allied
Mar. 15
154
Porto Rico Railways, pref. (qual.)
$1.50 Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 150
Prior
Porto Rico Telephone, prof
62c. Apr. 1 Holders of rec. Mar. 19
)m. Mar.)
arc.o
Cqou.,
f"(
re.)
1)S
Aloe .
Postal Tel Cable. non-cum. pref. (guar.) 134 Apr. 1 holders of rec. Mar. 22a
Apr. 1 Mar. 25 to Apr. 1
154 Apr, 1 Holders of rec. Mar. 19
Preferred Mar.)
Public Service Co.of Okla., corn.(qua.- 2
common (guar.) .75c Apr. 15 *Holders of rec. Mar. 15
1 Mar. 25 to Apr. 1
Portland
Cement,
Apr.
Alpha
let
stock
lien
(guar.)
prior
7%
Aluminum Co. of Am., pref. (quar.)_
'1% Apr. 1 "Holders of rec. Mar. 15
Apr. 1
• 134 Apr. 1 Mar. 25 to
6% prior ion stock (guar.)
Mar. 31
30e. Apr. 1 afar. 22 to
Aluminum Goods Mfg.((uar.)
65e. Mar. 30 Holders of rec. Mar. la
Public Service Corp. of N. J., corn. (r111.)
(guar.)
pref.
*154 Apr. 18 *Holders of rec. afar. 20
Aggregates,
30
Mar.
of
American
la
rec.
Holders
2
Mar.
(guar.)
8% preferred
31
Slur.
rec.
of
15
Apr.
Holders
lei
&
corn.
Works,
Art
pref.
(Qu.)
30
American
Holders of rec. Mar. la
1% Mar.
7% preferred (quar.)
50e. Apr.. 1 Holders of rec. Mar. ea
American Bank Note, corn. (Qual.)..
$1.25 Mar. 30 Holders of rec. Mar. is
$5 Preferred (quar.)
80
Afar.
rec.
Holders
of
I
Apr.
75e.
Mar.)
Mar.
Preferred
30
rec.
Holders
of
Mar.
la
50c.
6% preferred (monthly)
40e. Mar. 30 Holders of rec. Mar. 220
Amer. Brake Shoe & Fdy.com.(quar.)
Public Serv. El. & Gas,6% pref.(quan) 114 Mar. 30 Holders of rec. Mar. la
of rec. Mar. 220
Holders
30
Mar.
154
Preferred
(guar.)
30
la
Mar.
rec.
Holders
of
Mar.
154
7% preferred (qrlar.)




134

•134

1858

FINANCIAL CHRONICLE
Per
Cent

When
Payable

Books Ctosea
Days Inchake.

[vol.. 128.

Per
IVhen
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Continued).
American Can. pref. (quar.)
1% Apr. I Holders of rec. Mar. 150
Brill° Mfg Co., Inc., class A (quer.).-50c. Apr. 1 Holders of rec. Mar. 15a
Amer. Car dr Fdy., corn. ((mar.)
$1.5 Apr. I Holders of rec. Mar. 15a Bristol-Myers Co.(quar.)
.$1
Mar. 30 *Holders of rec. Mar. 20
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
Extra
•25c.
Mar. 30 *fielders of rec. Mar. 20
American Chain. pref. (quar.)
1% Mar 30 Holders of rec. Mar. 20a British-American Oil (quar.)
25e. Apr. 1 Mar. 16 to
Mar. 31
Amer. Chatilion Corp., pref. (quar.)___ *$1.75 May 1 *Holders of rec. Apr. 30
British Amer. Tob. ordinary (interim)
(t) Mar. 30 Hold. of coup. No.129(t)
American Chicle, common (quar.)
500. Apr. 1 Holders of rec. Mar. 120
Preferred
234 Mar.30 holders of coup. No. 51
Prior preferred (quar.)
1% Apr. 1 Holders of rec. Feb. 250 Brit. Type Investors,Inc..c1.A(131-mthly)
50c. Apr. 1 Slobbers of rec. Mar. 15
American Cigar, pref. (quar.)
Brockway Motor Truck, pref. (quar.)-134 Apr. 1 Holders of rec. Mar. 15
141 Apr. 1 Ilolders of rec. Mar.
American Coal, com.(quar.)
May 1 "Holders of rec. Apr. 10
"51
BrunswIck-Balke-Collender Co., pf.(qu.) 1% Apr. 1 Holders of rec. Mar. lla
20
American Colortypo (ouar.)
60e. Mar. 31 Holders of rec. Mar. 12
Bucyrus-Erie Co., corn.(quar.)
25c. Apr, 1 Holders of rec. Feb. 210
Amer. Cyanamid, corn. A & 13 (quar.)....
300. Apr. 1 Holders of rec. Mar. 15
Convertible pref.(quar.)
62% Apr, 1 Holders of rec. Feb. 2I0
Common A di B (extra)
10c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
1% Apr. 1 Holders of ree. Feb. 210
Preferred (quar.)
Budd Wheel, pref. (acct. accum. div.)_ - 35.25 Mar. 30 Holders of rec. Mar.
134 Apr. 1 Holders of rec. Mar. 15
150
American Dredging (stock dividend)__
*e25
Burns Bros.. pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 130
Amer. Encaustic Tiling (guar.)
50c. Mar. 27 Holders of rec. Mar. 120 Brush Terminal Co., corn.(quar.)
50c. May 1 Holders of rec. Mar. 29a
American Express (quar.)
51.50 Apr. 1 Holders of rec. Mar. 15a
Common (payable in common stock)__ 11 34 May 1 Holders of rec. Mar.
29a
Amer. Furniture Mart Building Corp.Debenture stock (quar.)
141 Apr. 15 Holders of rec. Mar. 29a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 20
Bush Terminal Bldgs., pref. (guar.).-141 Apr. 1 Holders of rec. Mar. 15a
American Home Products (monthly)
25c. Apr. 1 Holders of rec. Mar. I4o
Butte & Superior Mining (quar.)
50c
Mar.
30
Holders of rec. Mar. 15a
Amer. Internat. Corp., corn.(No. 1)__ _ 51
Apr. 1 Holders of rec. Mar. 120 Byers(A. M.) Co., pref. (quar.)
1% May 1 Holders of rec. Apr. 15a
Common (stock dividend)
82
Apr. 1 Holders of rec. Mar. 12a 13yilesby (H. M.)& Co., com.A&B (qu.)
50c. Mar. 30 Holders of rec. Mar. 20
Common (stock dividend)
"e2
Oct. 1
Preferred (quar.)
50c. Mar. 30 Holders of rec. Mar. 20
Amer. Laundry Mach., corn. (quar.)__ *V
June 1 "Holders of rec. May 20a By-Products Coke Corp.(quar.)
50c. Mar. 25 Holders of rec. Mar. lba
Quarterly
June 1 *Holders of rec. May 20
'51
Extra
50e. Mar. 25 Holders of rec. Mar. lie
American Locomotive, corn. (quar.)_ - $2
Mar. 30 Holders of rec. Mar. 13
Colombo Sugar Estates. corn. (quar.)
"40c. Apr. 2'Holders of rec. Mar. 15
Preferred (guar.)
1% Mar. 30 Holders of rec. Mar. 130 California Consumers Co., $7 p1.
51.75 Apr. 1 Holders of rec. Mar. 15
Amer. London & Empire Corp., pf.(qu.)
75c. Apr. 1 Holders of rec. Mar. 20
California Ink, class A (quar.)
.50c. Apr. 1 *Holders of rec. Mar. 21
American Manufacturing, corn. (quar.)75c. Mar. 31 Holders of rec. Mar. 15
California Petroleum-April 1 div. omit fed.
Common (quar.)
75c. July 1 Holders of rec. June 15
Calumet & Arizona Mining (quer.) _ _ -- $1.50 Mar. 25 Holders of rec. Mar.
Sa
Common (quar.)
75c. Oct. 1 Holders of rec. Sept. 15
Calumet & Hecht Consol. Copper (quar.) Si
Mar. 30 Holders of rec. Feb. 280
Common (quar.)
Dec.
31 Holders of rec. Dec. 15
75e.
Cambria Iron
Apr. 1 Holders of rec. Mar. 15
El
Preferred (quar.)
134 Mar, Si Holders of rec. Mar. 15
Canada Bread, Ltd.Preferred (quar.)
131 July 1 Holders of rec. June 15
A and preferred B (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Canada Cement, Ltd., pref. (quer.)--- 1% Mar. 30 Holders of rec. Feb. 28
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 15
Canada Foundries & Forg.. class
American Radiator, common (guar.).- $1.25 Mar. 30 Holders of rec. Mar. Ila Canada Steamship Lines, pref. A (qu.) 3746c Apr. 15 Holdres of rec. Mar. 30
(guar.)
Apr. 1
'134
Amer. Railway Express (quar.)
$1.50 Mar. 30 Holders of rec. Mar. 15a Canadian Canners, Ltd., corn.(No. 1) *123-Ic Apr. 1 *Holders of rec. Mar. 15
*Holders of rec. Mar. 15.
American Rolling Mill,common (quar.)- *50c. Apr. 15 *Holders of rec. Apr. 1
Six per cent lot pref.(quar.)
•134 Apr. I *Holders of rec. Mar. 15
(payable
Common
In common stock)._ iirf5
July 30 *Holders of rec. July 1
Convertible preference (quar.)
.20c. Apr. 1 'Holders of rec. Mar. 15
Amer. Safety Razor (quar.)
Apr. 1 Holders of rec. Mar. Sa Canadian Car & Fdry., pref.
$1
(quar.)----151 Apr, 10 Holders of rec. Mar. 22
Extra
25c. Apr. 1 Holders of rec. Mar. 8a Canadian Cottons, Ltd., corn.
(quar.)__ "2
Apr. 4 *Holders of rec. Mar. 22
American Seating (quar.)
*75e. Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
Apr. 4 "Holders of rec. hien 22
American Snuff, com. (quar.)
Apr. 1 Holders of rec. Mar. 15a Canadian General Elec., pref. (guar.)._ •144
3
141 Apr. 1 Holders of rec. Mar. 16
Preferred (quar.)
Apr.
1 Holders of rec. Mar. 15a Canadian Industries, Ltd. (extra)
134
•250. Apr. 30 *Holders of rec. Mar. 30
Amer.Solvents & Chem., partic. pt.(qu) *75c. Apr. 1 *Holders of rec. Mar. 12
Canadian Iron Foundries. pre(
.5
Apr. 15 Holders of rec. Mar. 31
Participating pref. (extra)
*51.50 May 1 *Holders of rec. Apr. 10
Canadian Locomotive, pref. (quar.)____
141 Apr. 1 Holders of rec. Mar. 20
Amer. Steel Foundries, corn. (quar.)....
75c. Apr. 15 Holders of rec. Apr. la Canadian Westinghouse (quar.)
*2
Apr. 1 'Holders of rec. Mar. 20
Preferred (quar.)
1% Mar.30 Holders of rec. Mar. 15a Canal Construction cony.
pref. (quar.)._ '3734c Apr. 1 *Holders of rec. Mar. 20
American Stores, corn. (quar.)
50c. Apr. 1 Holders of rec. Mar. 15a Canfleld 011, corn.
dr pref.(guar.)
$1.75 Mar. 31 Holders of tee. Feb. 20
Amer. Sugar Refining, pref. (quar.)__
1% Apr. 2 Holders of rec. Mar. 5a
Common & preferred (quar.)
$1.75 Jun, 30 Holders of reo. May 20
Amer. Thermos Bottle corn. A (quer.) __ *25c. May 1 *Holders of rec. Apr. 20
Common dr preferred (quar.)
$1.75
Sept.30 Holders of reo. Aug. 20
(quar.)
Preferred
*87%c Apr. 1 *Holders of rec. Mar. 20
Common &preferred (quar.)
$1.75 Dee. 31 Holders of roe. Nov. 20
American Tobacco. pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 90 Cannon Mills (quar.)
•70e. Apr. 1 'Holders of rec. Mar. 18
Amer. Type Founders corn.(quar.)
2
Apr. 15 Holders of rec. Apr. 5a Capital City Surety
15c. Apr. 1 Holders of roe. Mar. IS
Preferred (quar.)
141 Apr. 15 Holders of rec. Apr. 5a Carey (Philip) Mfg., pref. (qIlar.)
•
Amer. Writing Paper, pref.(au.)(No. 1)
75c. Apr. 1 Holders of rec. Mar. 180 Case (J. I.) Thresh. Mach.com.(quer.). 134 Mar.30'Holders of rec. Mar. 25
134 Apr. 1 Holders of rec. Mar. 11.
American Yvette Co.. corn.(qu.)(No. 1) .50c
Preferred (quar.)
144 Apr. I Holders of res. Mar. tie
Anaconda Copper Mining (quar.)
$1.75 May 20 Holders of rec. Mar. 290 Cavanagh-Dobbs,
Inc., prof. (quar.)--134 Apr. 1 Holders of rec. Mar. 114a
Anchor Cap Corp., corn.(quar.)(No. 1)
608. Apr. 1 Holders of rec. Mar. 40 CeCo Manufacturing,
corn.
(quar.)
Apr. 1 Holders of rec. Mar. 20
623-4c
$645 convertible pref.(quar.)
1.6234 Apr. 1 Holders of rec. Mar. 40 Celanese Corp. of Am.. prior pref.(qu.)
141 Apr. 1 Holders of rec. Mar. 15
Anchor Post & Fence (85c. cash or 234%
First partic. pref. (quar.)
Apr.
1 Holders of rec. Mar. 15
500.
stock)
Apr. 1 Holders of rec. Mar. 15
Celluloid Corp., 1st panic. pref
51.75 June 1 Holders of rec. May 10
Andes Copper Mining (quar.)
75c. May 6 Holders of rec. Mar. 290 Celotex Co., com.
(quar.)
75c. Apr. 1 Holders of roe. Mar. 150
Armour & Co.(III.) pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 9a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 150
Armour & Co. of Del. pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 9a Central Aguirre Associates (quar.)
50c. Apr. 1 Holders of rec. Mar. 20a
Armstrong Cork, Common (quar.)
•37%c Apr. 1 *Holders of rec. Mar. 9
Central Alloy Steel, corn. (quar.)
50c. Apr. 10 Holders of rec. Mar. 23a
Common (extra)
Apr.
1 *Holders of reo. Mar. 9
'12348
Preferred (quar.)
1% Apr, 1 Holders of tee. Mar. 130
Artloom Corp. common (quar.)
50c. Apr. 1 Holders of rec. Mar. 250 Central Distributors, pref. (quar.)
51.75 Apr. 1 Holders of rec. Mar. 15
Art Metal Construction (quar.)
37Sic Mar. 30 Holders of rec. Mar. 16
Central National Corp.. Cl. A (quar.)__
75c. Apr. 1 Holders of rec. Mar. 15
Asbestos Corp., Ltd., 7% pref.-April divide ad mill ted
Century Electric Co. corn.(quar.)
/5
Apr. 1 Holders of rec. Mar. Mei
Associated Apparel IndustriesCertain-Teed Products, Pref.-April WO deed o mitted
Common (monthly)
*334c. Apr.
*Holders of rec. Mar. 21
Certo Corporation (guar.)
750. Mar. 31 Holders of rec. Mar. 140
Common (monthly)
•331se. May
*Holders of rec. Apr. 19
Chelsea Exchange Corp.. cl. A & B
25c. May 15 Holders of rec. May 1
Common (monthly)
•331,c. June
*Holders of rec. May 21
Chesebrough Mfg.(quar.)
Mar. 30 Holders of rec. Mar.
Si
Common (monthly)
.334c. July
*Holders of rec. June 20
Extra
50c. Mar. 30 Holders of rec. Mar. 90
Associated Brew. of Canada common _
25c. Mar.3 Holders of rec. Mar. 15
Chic. & Jeff. Fuse & Elec.(No. 1)
•75e.
Apr.
I *Holders of rec. Star. 15
Preferred (quar.)
Apr.
Holders of rec. Mar. 15
134
Extra
*50c. Apr. 1 'Holders of rec. Mar. 15
Associated Dry Goods corn.(quar.)
62e. May
Holders of rec. Apr. 13a Chicago Pneumatic ToolFirst preferred (quar.)
Holders of rec. May lla
134 June
New cony. preference (qu.) (No. 1)__ 873“ Apr. 1 Holders of rec. Mar. 20a
Second preferred (quar.)
Holders of rec. May Ha Chicago Yellow Cab (monthly)
1'% June
250. Apr, 1 Holders of rec. Mar. 200
Associated Oil (quer.)
50c. Mar. 30 Holders of rec. Mar. 16a
Monthly
25c. May 1 Holders of rec. Apr. 19a
Associates Investment Co., corn. (quar.) •87).4c Mar. 31 *Holders of rec. Mar. 21
Monthly
25c. Juno 1 hlolder, of rec. May 200
Preferred (quar.)
*51.75 Mar. 31 *Holders of rec. Mar. 21
Chickasha Cotton 011 (quar.)
75o Apr. 1 Holders of rec. Mar. 90
Astor Financial Corp. class A (quar.)_
87)5c Apr. 1 Holders of rec. Mar. 20
Quarterly
750
July 1 Holders of rec. June 10a
Lines,
Atlantic Gulf dr West Indies S.S.
Chile Copper Co.(quar.)
873-ic Apr. 22 Holders of rec. Mar. 29a
Mar. 30 Holders of rec. Mar. ha Chrysler Corp. common (quar.)
El
Preferred (qua!'.)
75o. Mar, 30 Holders of reo Mar. 2a
Preferred (quar.)
June 29 Holders of roe. June 10a Cities Service, coin.
El
(monthly)
3.4 Apr. 1 Holders of rec. Mar. 15
Sept. 30 Holders of rec. Sept. 100
Si
Preferred (quar.)
Corn.(mthly) payable In com.stk _ _ _ _ 134 Apr. 1 Holders of reo. Mar. 15
Preferred (quar.)
Dec. 3 Holders of rec. Dec. ha
51
Preferred and preference BB (mthly.)_
50e.
Apr. 1 Holders of rec. Mar. 15
Auburn Automobile (quar.)
•1
Apr.
*Holders of rec. Mar. 21
Preference B (monthly)
Sc. Apr. 1 Holders of rec. Mar. IS
Stock dividends
Apr.
"e2
*Holders of rec. Mar. 21
City Machine & Tool, corn.(quar.)
•400 Apr. 15 *Holders of rec. Mar. 20
Automatic Regis. Mach., cony. pr. part. *50e. Apr.
*Holders of reo. Mar. 15
City Stores Co., class A (quar.)
8744c May
Holders of tee. Apr. 150
Autosales Corp. prof. (guar.)
750. Apr. 1
Holders of rec. Mar. 30a Claremont Investing Corp., corn. Mar.)
I8c. Apr.
Holders of rec. Mar. 20
AutoStrop Razor, class A (quar.)
Holders of rec. Mar. 110
75c. Apr.
Preferred (quar.)
31g. Apr.
Holders of rec. Mar. 20
Babcock & Wilcox Co.(quar.)
Holders of rec. Mar. 20
1,4 Apr.
Cleveland Stone. common (quar.)
*50o. June
*fielders of rec. May 15
Bakers Share Corp., com. (quer.)
Holders of rec. Mar. I
134 Apr.
Common (quar.)
•508. Sept.
"Holders of rec Aug 16
Balaban & Eats, corn. (monthly)
*Holders of rec. Mar. 20
•25c. Apr.
Club Aluminum Utensil (quar.)
'50c Apr.
*Holders of rec. Mar. 20
Preferred (quar.)
*Holders of roe. Mar. 20
•141 Apr.
Cluett, Peabody & Co.. pref. (guar.).- 144 Apr.
Holders of rec. Mar. 210
Bomberger (L.) & Co.,634% pt. (qu.)._
I% June
Holders of rec. May 13a Coca-Cola Co., corn.(quar.)
Apt.
$1
Holders of ree. Mar. 120
6%% preferred (quar.)
1% Sept.
Holders of rec. Aug. 126 Coca-Cola International(quar.)
2
Apr.
Holders
of rec. Mar. 12a
Holders of rec. Nov. 110 Cohn-Hall-Marx, corn. (quar.)
1% Dec.
634% Preferred (quar.)
62340 Apr.
Holders of rec. Mar. 15a
Bancomit Corporation
*Holders of rec. Mar. 15
•750. Apr.
Common (quar.)
62340 July
Holders
of
reo. June 15
Bancroft (Joseph) dr Sons Co. corn.(qu.) 62)5c Mar.3 Holders of rec. Mar. 15
Colts Patent Fire Arms Mfg. (quar.)
.50c. Mar. 30 *Holders of rec. Mar. 14
Bankers Investment Tr. of Am., corn__ _ "12e. Mar. 3 *Holders of rec. Mar. 15
Commercial Credit, corn. (quar.)
*50e. Mar. 30 *Holders of rec. Mar. 90
Debenture shares (guar.)
'15c. Mar. 3 *Holders of rec. Mar. 15
634% first preferred (quar.)
'134 Mar. 30 *Holders of rec. Mar. 9a
Bankers Securities Corp., corn.(quar.)
Holders of rec. Mar. 300
75e. Apr. 1
7% pref. (quar.)
*43 Ste Mar. 30 *Holders of rec. Mar. Da
Common (extra)
94c. Apr. 1 Holders of rec. Mar. 300
8% pref. (quar.)
•50c. Mar. 30 *Holders of rec. Mar. 9a
Participating preferred (altar.)
Holders of rec. Mar. 300 Commercial Invest. Trust corn. (quar.)_ St
75c. Apr. I
Apr. 1 Holders of rec. Mar. So
Participating preferred (extra)
250. Apr. 1 Holders of rec. Mar. 300
Common (payable in corn. stock).-. fl
Apr. 1 Holders of too. Mar. 5a
Barker Bros. Corp., com. (quar.)
Holders of rec. Mar. 140
7% first preferred (quar.)
50c. Apr.
141 Apr. 1 Holders of rec. Mar. 5a
Convertible 6%% preferred (quar.)
Holders of roe. Mar. 14a
144 Apr.
634% first pref. (quar.)
13-4 Apr. 1 Holders of rec. Mar. ba
Baxter Laundries, corn. A (quar.)
Holders of rec. Mar. 200 Commercial Solvents Corp. (quar.) _- $2
.50c. Apr.
Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
Holders of rec. Mar. 200
1 Li Apr.
Stock dividend
e2
Apr. 1 Holders of rec. Mar. 150
Bayuk Cigars, corn. (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 31
Community State Corp.. A dr B (quar.). 134 May 15 Holders of rec. May 10
First preferred (quar.)
•1% Apr. 1 "Holders of rec. Mar. 31
Class A dr 11 (quar.)
13.( Sept. 2 Holders of rec. Aug. 28
Beatrice Creamery, corn.(quar.)
Apr.
*Holders of rec. Mar. 20
*El
Class A & B (quar.)
131 Dee. 31 Holders of rec. Dee. 20
Preferred (quar.)
"Holders of rec. Mar. 20
Conde Nast Publication, Inc., com.(qu.)
'134 Apr.
50c. Apr. 1 Holders of rec. Mar. 216
Beech-Nut Packing (quar.)
Holders of ree. Mar. 25a Conduits Co., Ltd., preference (quar.)
750. Apr. 1
141 Apr, 1 Mar. 17 to Mar. 31
Belgo Canadian Paper pref.(quar.)
Holders of rec. Mar. 1
Congress Cigar (quar.)
141 Apr.
51.25 Apr. 1 'folders of rec. Mar. 140
Bendlx Corp.(quar.)
"Holders of rec. Mar. 15
*50c. Apr.
Consolidated Cigar Corp.. coin. (quar.)
51.75 Apr. 1 Holders of rec. Mar. 188
Bethlehem Steel,corn
May 1
Holders of rec. Apr. 190 Consolidated Dairy Products (quer.)--$1
50c. Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
Holders of rec. Mar. 4a
1,4 Apr.
Stock dividend
el 3( Apr. 1 Holders of rec. Mar. 15
Blgelow-Hartford Carpet, pref. (quer.). •1;i May
'Holders of rec. Apr. 18
Consolidated Film IndustriesPreferred (quar.)
*Holders of rec. July IS
Common (quar.)(No. I)
'134 Aug.
500. Apr, 1 Holders of ref. Mar. 150
Preferred (quar.)
*Holders of rec. Oct. 18
'134 Nov.
Participating, pref. (quar.)
50c. Apr. I Holders of rec. Mar. 9a
Bingham Mines
Holders of rec. Mar. 200 Consol. Lead & Zinc, cl. A&B (qItar.)- -.
50c. Apr.
25c. Apr. 10 Holders of tee. Apr. d4
Bissel(T. E.) Co., Ltd.(No. I)
Mar.
rec.
15
*Holders
of
*50c. Apr.
Consolidated Retail Stores, COM.(quar.)
25c. Apr.
Holders of rec. Mar. 18
Bliss(E. W.) Co., coca. (quar.)
*Holders of rec. Mar. 19
•25c. Apr.
Preferred (quar.)
$2
Apr.
Holders of rec. Mar. 18
First preferred (quar.)
*Holders of rec. Mar. 19
Consumers Co.. prior preferred (guar.) - •134 Apr.
Apr.
Si
*Holders of rec. Mar. 9n
Second preferred class A (quar.)
*Holders of rec. Mar. 19
Container Corp. of Amer., class A (qu.)
*87350 Apr.
30c. Apr.
Holders of roe. Mar. 100
Second preferred class B (quar.)
*Holders of rec. Mar. 19
•I5c. Apr.
Class B (quar.)
15c. Apr.
Holders of rec. Mar. 100
Blue Ribbon. Ltd. (quar.)
*Holders of rec. Mar. 15
•50e. Apr.
Preferred
•141 Apr.
*Holders
of ree. Mar. 10
Blumenthal (Sidney) dr Co. pref. (qu.).
Holders of rec. Mar. 160 Continental Baking Corp., pref.(quar.). $2
141 Apr.
Apr.
Holders of rec. Mar. 180
Bohn Aluminum & Brass (quar.)
*Holders of rec. Mar. 15
•75c. Apr.
Continental Can, pref.(quar.)
151 Apr.
Holders of rec. Mar. 150
Extra
*Holders of rec. Mar. 15
Coon (W. B.) Co., corn
'50c. Apr.
•60c Nov.
"Holders of rec. Oct. 10
Borg Warner Corp. com.(quar.)
*Holders of rec. Mar. 20
Apr.
51
Common
•70c May
*Holders of rec. Apr. 10
Com, payable in common stock)
*Holders of rec. Mar. 20
Apr.
*12
Common
•700 Aug.
*Holders of reo. July 10
Preferred (quar.)
'134 Apr.
*Holders of rec. Mar. 20
Preferred
•141 Nov.
*Holders of rec. Oct. 10
Borne Scrymser Co
$1
Apr. 1
Mar. 23 to Apr. 13
Preferred
•141 May
*Holders of roe. Apr. 10
Extra
Mar. 23 to Apr. 13
50c. Apr. 1
Preferred
•151 Aug.
*Holders of rec. July 10
Bridgeport Machine, pref. (quar.)
$1.75 Apr.
Holders of rec. Mar.20
Copper Range Co. (quar.)
50c. Apr. 1
Holders of rec. Mar. 15
Name of Company.




MAR. 23 1929.]
Name of Company.

When
Per
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Apr. 1 Holders of rec. Mar.20
Coronet Phosphate
$1
500. Mar. 30 Holders of reo. Mar. lba
Coty, Inc. (guar.)
Mk May 28 Holders of rec. May 13
Stock dividend
k Aug. 27 Holders of rec. Aug. 12
Stock dividend
al 34 Nov. 27 Holders of rec. Nov. 12
Stock dividend
250. Apr. 1 Holders of rec. Mar.200
Crosley Radio,new stock (guar.)
Crowley, Milner & Co., corn. (guar.)-- *50c. Mar.30 *Holders of rec. Mar. 11
Crown Willamette Paper. let Pf. RAO - 151 Apr. 1 Holders of rec. Mar. 130
•lk Apr. 1 *Holders of res. Mar. 13
Second preferred (guar.)
250. Apr. 15 Holders of reo. Mar. 300
Crown Zellerbach Co. corn.(guar.)
lk Mar. 30 Holders of rec. May. 150
Crucible Steel, nref.(guar.)
Dividend omitted
Cuban-Amer. Sugar. corn. dc pre!
•500. Apr.
Curtis Publishing (monthly)
*Holders of rec. Mar.20
•lts Apr.
*Holders of rec. Mar. 2(1
Preferred lunar
*25c. Apr. 1 *Holders of rec. Apr. 1
Darby Petroleum (guar.)
*50c. Apr. 1 *Holders of rec. Apr. 1
Davenport Hosiery Mills, com.(guar.)
*151 Apr.
*Holders of rec. Mar.20
Preferred (guar.)
Davis Mills(guar.)
*51 Mar.2 *Holders of rec Mar. 9
*Holders of rec. May 22
Decker (Alfred) & Cohn,Inc., pref.(qu.) •151 June
•15.1 Sept. *Holders of rec Aug. 22
Preferred (guar.)
*$1.50 Apr.
Deere & Co., com.(guar.)
*Holders of ret Mar. 16
Dennison Manufacturing, deb.stk.(011.) $2
May
Holders of rec. Apr 20
151 May
Holders of rec. Apr 20
Preferred (guar.)
2 Apr.
Holders of rec. Mar. 15
Detroit & Cleveland Nay.(guar.)
*Holders of rec. Mar. 20
Detroit Paper Products (guar.)(No. 1). •30e. Apr.
*Holders of rec. Mar. 21
Devon & Reynolds, Inc.,com.A & B(qu.) *80c. Apr.
•150. Apr.
Common A & B (extra)
*Holders of rec. Mar. 21
•151 Apr.
1st & 2d pref. (guar.)
*Holders of rec. Mar. 21
*35e. June
Dexter Company (guar.)(No. 1)
*Holders of rec. May 20
*50o. Mar.3 *Holders of rec. Mar. 24
Diamond Elec. Mfg., corn. (guar.)
0.1.51 Mar.3 *Holders of rec. Mar. 24
Preferred (quar.)
873.(c Apr.
Doehler Die-Casting, 7% pref.(quar.)
Holders of rec. Mar. 20
51.75 Apr.
Holders of rec. Mar. 20
$7 Preference (guar.)
Apr. 1 Holders of rec. Mar.30
Dominion Engineering Works(guar.).- $1
Dominion Glass Ltd.,com.& pfd. ORO- 151 Apr.
Holders of rec. Mar. 15
Holders of rec. Mar. 15
Dominion Stores, Ltd., Corn.(quar.).... 750. Apr.
Dominion Textile. corn.(guar.)
Holders of rec. Mar. 16
51.25 Apr.
lk Apr. 1 Holders of rec. Mar. 30
Preferred (guar.)
Douglas(W. L.) Shoe, pref.(qua?).... 1).1 Apr.
Holders of rec. Mar. 15
*Holders of rec. Mar.21
Dow Drug, com.(guar.)
•250. Apr.
•151 Apr.
*Holders of erc. Mar. 21
Preferred (guar.)
Holders of rec. Mar. 2
Draper Corporation (guar.)
81 Apr.
*Holders of rec. Mar. 18
Dunham (James H.) di Co.,cons.(guar.) '1k Apr.
*Holders of rec. Mar. 18
First preferred (guar.)
'1k Apr.
*Holders of rec. Mar. 18
•1)1 Apr.
Second preferred (guar.)
Apr. 1 Holders of rec. Apr. 16
Dunhill International (quar.)
51
Apr. 1 Holders of rec. Apr. Is
el
Stock dividend
el
Icily I Holders of reo. July la
Stock dividend
Oct. 1 Holders of rec. Oct. lo
Stock dividend. _
....... .1
Dunlop Tire & Rubber, pf.(guar.)
541.75 Apr.
Holders of rec. Mar. 15a
Apr.
Duplan Silk Corp., prof.(guar.)
$2
DuPont(E. I.) de Nem.& Co.
1k Apr. 2 Holders of res. Apr. 100
Debenture stock (guar.)
40e. Apr.
Holders of rec. Mar. 9
Durant Motors of Canada
Eagle-Picher Lead Co..corn.(guar.)---- *200. Apr. 1 *Holders of rec. Mar. 31
•750. Mar.3 *Holders of rec. Mar. 20
Early & Daniels, corn.(guar.)
•151 Mar.3 *Holders of rec. Mar. 20
Preferred (guar.)
37k c Apr.
Holders of ree. Mar. 20a
Eastern Rolling Mill(guar.)
*Holders of rec. Mar.23
Eastern Steamship, let pref.(quar.)____ *51.75 Apr.
*87)5e Apr.
*Holders of rec. Mar.23
No par preferred (guar.)
Eastern Utilities Investing Corp.
$1.25 Apr.
Holders of rec. Feb. 28
$5 Prior pref.(guar.)
*2
Apr.
*Holders of rec. Feb. 11
East Hartford Co.(No. 1)
*3
Apr.
*Holders of rec. Feb. 11
Extra
Holders of roe. Feb. 28a
Eastman Kodak, corn.(guar.)
$1.25 Apr.
75c. Apr.
Common (extra)
Holders of roe. Feb. 28a
Preferred (guar.)
Holders of rec. Feb. 280
1k Apr.
Ecquadorian Corp.. ordinary
6e. Apr.
Holders of rec. Mar. 1
Electric Auto Lite, corn.(guar.)
Si Apr.
Holders of rec. Mar. 150
Common (extra)
50c. Apr.
Holders of rec. Mar. 15a
1 k Apr.
Preferred (guar.)
Holders of rec. Mar. 150
Electric Stor. Battery, cons.& pfd.(qu.) $1.25 Apr.
Holders of rec. Mar. 9a
Emerson Elec. Mfg.. pref.(guar.)
151 Apr.
Holders of rec. Mar. 20
Empire Bond & Mtge., cons.(guar.)._
Holders of rec. Mar. 21
$1.50 Apr.
151 Apr.
Preferred (guar.)
Holders of rec. Mar. 21
Empire Safe Deposit (guar.)
2k Mar.3 Holders of rec. Mar.23
Emporium-Capwell Corp.(guar.)
50e. May.2 Holders of ree. Mar. lo
Endicott,-Johnson Corp., corn. (guar.).- 51.25 Apr.
Holders of reo. Mar. 186
Preferred (guar.)
151 Apr.
Holders of rec. Mar. 18a
Holders of rec. Mar. 160
Equitable Office Bldg.,com.(guar.).50o. Apr.
Preferred (guar.)
13( Apr.
Holders of rec. Mar. 15a
Holders of rec. Mar. 29
Erskine-Danforth Corp. prof.(quar.)._. 2
Apr.
Apr.
Evans Auto Loading,stook dividend.... e2
Holders of rec. Mar. 20a
42
Oct.
*Holders of roe. Sept. 20
Stock dividend
Fairbanks, Morse & Co., corn.(guar.).75e. Mar.80 Holders of rec. Mar. 120
Holders of rec. Mar. 15
Fanny Farmer Candy Shops, cons. (qu.) 25o. Apr.
000. Apr.
Holders of roe. Mar. 15
Preference (quar.)
20e. Apr.
Holders of rec. Mar. 15
Faultless Rubber, corn. (guar.)
151 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
elk Apr.
Federal Bake Shops, pref. (guar.)
*Holders of rec. Mar. 8
Federal Screw Works (quar.)
*Holders of rec. Mar. 20
•750. Apr.
Federated Business Publications1st preferred (quar.)
62)40Apr.
Holders of roe. Mar. 20
Feltman-Curme Shoe Stores, Pfd.(qua - 1k Apr.
Holders Of MC. Mai. 1
Fifth Avenue Bus Securities(quar.)
16e. Mar.2 Holders of roe. Mar. 14s
Filene's(Willians)Sons Co..6 % PL(111) 1
Apr.
Holders of rec. Mar. 18a
151 Apr.
Seven percent. pref.(guar.)
Holders of rec. Mar. 18a
First Federal Foreign Bkg. Corp.(au.).. $1.75 May 1 Holders of rec. May 1
First Nat. Pictures. let pref. (guar.)._ _ 2
Apr.
Holders of rec. Mar. 13a
First National Stores. eons.(guar.)
37kc Apr.
Holders of rec. Mar. 180
1Fitzsimmone & Connell Dredge dr Dock,
Corn.(1-40th chars cons.stk.)
(f) June
Corn.(1-40th share corn.stk.)
(I) Sept.
Corn.(1-40th share corn.stk.)
(f) Dee.
Fleischmann Co. common (quar.)
750. Apr.
Holders of ree. Mar. 13a
Florsheirn Shoe,pref.(guar.)
1)4 Apr.
Holders of roe. Mar. 16a
Flour Mills of Amer.. pref.ser. A (gu.)
Holders of rec. Mar. 15
Apr.
$2
Foote Bros. Gear & Mach.,com.(qu.)
.350. Apr.
*Holders of rec. Mar. 20
Preferred (guar.)
•151 Apr.
*Holders of rec Mar. 20
Foote-Burt Co., clan; A (guar.)
Holders of rec. Mar. 20
87Sic Apr.
Forhan Co., corn. (qua?.)
•25e. Apr.
*Holders of rec. Mar. 21
Class A (guar.)
•450. Apr.
*Holders of rec. Mar. 21
Formica Insulation (guar.)
.250. Apr.
*Holders of rec. Mar. 15
Extra
*40e. Apr.
*Holders of rec. Mar. 15
Fraser Companies, Ltd., (guar.)
25e. Apr.
Holders of rec. Mar. 15
French (Fred) Constr. Co.. prof
3)1 Apr.
Mar. 18 to Apr. 1
Fuller(George A.)Co., partie.pr.Pf.(qu.) $1.50 Apr.
Holders of rec. Mar. 10
Cum.& partio. pref.(guar.)
Holders of rec. Mar. 10
$1.50 Apr.
Fulton Sylphon (guar.)
*50e. Apr.
*Holders of roe. Mar. 18
Galesburg Ceulter-Dlec.(guar.)
*Holders of rec. Mar. 20
*al Apr.
Extra
*250. Apr.
*Holders of rec. Mar. 20
Gaul. Amer.Tank Car(guar.)
Holders of lee. Mar. 120
51 Apr.
Quarterly
Holders of roe. June 12a
51 July
Stoek dividend
1
Apr.
Holders of roe. Mar. 13a
1
July
Stock dividend
Holders of roe. June 150
General Baking Co., pref. (quar.)
Mar.30 Holders of ree. Mar. 23a
$2
General Baking Corp., pref. (quar.)_ _
Holders of rec. Mar. 19
$1.50 Apr.
General Cigar, corn. (guar.)
May
Holden; of rec. Apr. 16a
Preferred (qua?.)
151 June
Holders of rec. May 21a
General Electric(guar.)
Apr. 2 Holders of rec. Mar. Ila
51
Special stock (guar.)
15c. Apr. 2 Holders of rec. Mar. 116
General Fireproofing, com..(guar.).--- •50e. Apr.
*Holders of rec. Mar. 20
*1.51 Apr.
*Holders of rec. Mar. 20
Preferred (guar.)
General Mills. Inc., pref.(guar.)
Holders of roe. Mar. 140
$1.50 Apr.
Holders of rec. Apr. 80
General Motors,6% pref.(guar.)
134 May
1 k May
Holders of rec. Apr. 8s
6% deb. stk.(quar.)
7% pref.(guar.)
lk May
Holders of roe. Apr. 5,
1.37)1 May
*Holders of ree. Apr 10
Gen. Pub. Serv. Corp. 65k pf.
*$1.50 May
*Holders of rec. Apr. 19
$6 preferred (guar.)
Holders of rec. Mar. Ila
Geaeral Railway Signal, corn.(guar.)._ $1.25 Apr.
1)4 Apr.
Holders of rec. Mar. ha
Preferred (guar.)




1859

FINANCIAL-CHRONICLE
Name of Company.

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Conttnued).
General Spring & Bumper cl.A(No.1) _ '370. Apr. 1 *Holders of rce. Mar.25
Class B (No. 1)
'37)40 Apr. I *Holders of rec. Mar.25
General Tire & Rubber, pref. (guar.) __
134 Mar. 31 Holders of rec. Mar.200
Gladding,McBean& Co.,com(ln com stk) *2
Oct. 1
Gleaner Combine Harvester, corn.(1211.)- 51 Apr, 1 Holders of rec. Mar. 19
37k c Apr. 1 Holders of roe. Mar.180
Glidden Co.,corn.(guar.)
Common (extra)
1234c Apr. 1 Holders of rec. Mar.180
151 Apr. 1 Holders of rec. May.180
Prior preferred 'quar.)
51 50 Apr, 1 Holders of rec. Mar.20
Globe-Wernicke Co., com.(quar.)
*370. Apr. 1 *Holders of rec. Mar. 20
Goldblatt Bros.. Inc., corn.(No. 1)
Goldman Sachs Trading Corp.(guar.) _ elk Apr. 1 Holders of rec. Mar.22
Apr. 15 Holders of rec. Dec. 31
Goldwyn Investment Corp..extra
$1
Goodrich (B. F.) Co., pref. (quar.)... 151 Apr. 1 Holders of rec. Mar. 80
151 July 1 Holders of rec. June 10
Preferred (quar.)
Goodyear Tire & Rub. pf. & 1st pf.(qu.) 151 Apr. I Holders of rec, Mar. la
Goodyear Tice& Rub (Canada) of.(en.) 1k Apr. 1 Holders of rec. Mar. 15
50e. June 1 Holders of rec. May 1
Gorham Mfg., com.(guar-)
50c. Sept. 1 Holders of rec. Aug. 1
Common (guar.)
Common (quar.)
50e. Dec. 1 Holders of rec. Nov. 1
June 1 Subj.to stkholders. meet.
Common (payable in common stock)_ .f5
Gotham Silk Hosiery, com.(quar.).. - 8234c Apr. 1 Holders of rec. Mar. 120
Gottfried Baking, Inc., pref.(guar.)---- 151 Apr. 1 Holders of rec. Mar.20
25e. Mar.30 Holders of rec. Mar. 20
Grand Rapids Varnish, com.(guar.).- 250. Apr. 1 Holders of rec. Mar. 17
Grant(W. T.) Co.(quar.)
Great Lakes Towing, corn. (qu.)
$1.25 Mar. 31 Holders of rec. Mar. 15
151 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Great Northern Iron Ore Properties-. $1.25 Apr. 30 Holders of rec. Apr. 50
70e. Apr. 2 Holders of rec. Mar. 15a
Great Western Sugar. corn.(guar.)
1k Apr. 2 Holders of rec. Mar. 15a
Preferred (quar.)
Greene Cananea Copper (guar.)
$2 Apr. 1 Holders of rec. Mar. 7a
Greenfield Tap & Die,6% prof.(guar.). 1)$ Apr. I Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
2
8% preferred (guar.)
*75c. May 15 *Holders of rec. May I
Greenway Corp., 5% pref.(guar.)
•75e. Aug. 15 *Holders of nse. Aug. 1
5% Preferred (guar.)
•75e. Nov. 15 *Holders of rec. Nov. 1
5% preferred (guar.)
80c. Apr. I Holders of rec. Mar. 15
Greif Bros. Cooperage, el. A (quar.)
•$1 Apr. 1 *Holders of MO. Mar.20
Grigeby-Grunow Co.(guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Guardian Investors $7 1st pref. (qu.)
51.50 Apr. 1 Holders of rec. Mar. 15
$6 first preferred (guar.)
75c Apr. 1 Holders of rec. Mar. 15
Second preferred (guar.)
•3734c Apr. 1 *Holders of rec. Mar.20
Gull'Oil Corp.(guar.)
Apr. 1 Holders of rec. Mar. 160
Gulf States Steel, coin.(guar.)
1)4 Apr. 1 Holders of rec. Mar. I60
Preferred (guar.)
151 July 1 Holders of rec. June 160
Preferred (guar.)
1k Oct. 1 Holders of rec. Sept. 160
Preferred (guar.)
151 Jan 2'30 Holders of rec. Dec. 160
Preferred (guar.)
50c Apr, 1 Holders of rec. Mar. 15
Gurd (Charles) & Co.,cons.(guar.)
151 Apr, 1 Holders of reo. Mar. 15
Preferred (quar.)
*250. Apr. 1 *Holders of rec. Mar.21
Habirshaw Cable & Wire (No. 1)
Hahn Dept. Stores,634% lif.(qa.)(No.1) 154 Apr. I Holders of rec. Mar.210
Hamilton Bank Note Engraving of Ptg.
'7)4e May 15 *Holders of rec. May I
Common (guar.)
Hamilton United Theatres(Canada)
151 Mar.80 Holders of rec. Feb. 28
Preference (guar.)
Hanes(P. H.) Knitting, pref.(guar.).- 151 Apr. I Holders of rec. Mar.20
Harbison-Walker Refract., pref.(guar.). 13$ Apr, 20 Holders of rec. Apr. 100
*50c. Apr. 1 *Holders of rec. Mar. 16
Hazel-Atlas Glass (guar.)
`25c. Apr. 1 *Holders of rec. Mar. 16
Extra
$1.25 Apr. 1 Holders of rec. Mar. Ila
Helme(Geo. W.)Co.,com.(guar.)
151 Apr. 1 Holders of rec. Mar. ha
Preferred (guar.)
750. Mar. 25 Holders of rec. Mar. 14
Hercules Powder,corn.(guar.)
50c. May 1 Holders of rec. Apr. 10
Heyden Chemical, corn.(No. 1)
Hibbard, Spencer, Bartlett Co.(mthly.) 35e. Mar. 29 Holders of rec. Mar. 22
1)4 Apr. 15 Holders of rec. Mar. 30
Hillcrest Collieries, corn. (guar.)
151 Apr. 15 Holders of tee. Mar. 30
Preferred (guar.)
/Dade & Danah Paper, pref.(quay.).... •250. Apr. 1 *Holders of rec. Mar. 15
6234e Apr. 1 Holders of rec. Mar. 15a
Holland Furnace, COM. (Qua?.)
Sc. Mar. 25 Holders of rec. Mar. 8
Hollinger Cons. Gold Mines
*5c. Apr. 15 Holders of rec. Mar.31
Holly Development (Qua?.)
250. Mar.30 Holders of rec. Mar. 15
Holly Oil
334 Apr. 1 Holders of rec. Mar.23
Holmes(D. H.) Co., Ltd.(guar.)
51 Apr, 2 Holders of rec. Mar. 26
Holt. Renfrew & Co., com.(guar.)
151 Apr. 2 Holders of rec. Mar.26
Preferred (guar.)
50c. Mar.25 Holders of rec. Mar. 206
Homestake Mining (monthly)
Horni Signal Mfg. corn. A & AA (gu.)-- *25e Mar.30 *Holders of rec. Feb. 28
60e. Mar. 31 Holders of rec. Mar. 15
'Hoskins manufacturing, corn. (guar.)._
15c. Mar. 31 Holders of rec. Mar. 15
Common (guar.) extra
125 Apr. 1 Holders of rec. Mar. 15
Corn.(payable in common stock.)
Houdallle Hershey Corp., cl. A (No. 1). •8234c Apr. 1 *Holders of rec. Mar.26
*3734e Apr. 1 *Holders of rec. Mar.25
Class B
Howell Elec. Motor el. A (ut.)(No. 1). *250. Mar.30 *Holders of Tee. Max. 15
51.25 Apr. 1 Holders of rec Mar. 11a
HudsonMotor Car (guar.)
•350. Apr. I *Holders of rec. Mar. 12
Humble Oil& Refining (guar.)
•200. Apr. 1 *Holders of rec. Mu.12
Extra
*50e. Mar. 31 *Holders of rec. Mar. 15
Humphreys Mfg.,com. dc pref.(quar.)
Hungarian Gen'l Say. Bk.(Budapest).- •14
Hupp Motor Car (Stock dividend)(qu.) .236 May 1 Holders of roe. Apr. lfsa
Stock dividend (guar.)
.234 Aug. 1 Holders of reo. July 15a
e23$ Nov. 1 Holders Of re°. Oct. 16.
Stock dividend (guar.)
*2
Apr. 1
Huron & Erie Mortgage (quar.)
*2
July 2
Quarterly
Quarterly
*2
Oct. 1
151 Apr. 2 Holders of roe. Max.20
Huylere of Delaware, pt. (guar.)
.111 Apr. 1 *Holders of rec. Mar. 20
Hydraulic Brake (guar.)
•600. Apr. 15 *Holders of rec Apr. 3
Illinois Brick (quar.)
Quarterly
*Mk.July 15 *Holders of tee July 3
Quarterly
*60. Oct. 16 *Holders of roe Oct. 3
Imperial Tobacco of CanadaOrdinary (interim)
7)40. Mar.28 Holders of roe. Mar. 7
It
Mar.30 Holders of lee. Mar. 7
'Preferred
Indian Motocycle, pref. (guar.)
1)4 Apr. 1 Holders of rec. Mar.21.
Indian Refining, pref.(guar.)
15d Apr. 1 Holders of rec. Mar. 24
Mar.80 Mar. 28 to Mar.31
Industries Devel. Corp.. pref. (qua?.).. 2
Inland Wire & Cable (special)
$4.70 Mar. 25 Holders of ree. Mar.22
Inspiration Consol. Copper Co.(guar.). $1 Apr. I Holders of rec. Mar. 1441
Insull Utility Investment. pr. pf.(qu.)-- •$1.37 Apr. 1 *Holders of rec. Mar. 15
Insurance Securities Co., Inc
53c. Apr. 1 Holders of ree. Mar.
Internat. Business Machines(guar.).- 51.25 Apr, 10 Holders of rec. Mar.22.
200. Apr. 1 Holders of roe. Mar. 15
Internat.ButtonholeSewingMach.(qu.) _
$1 Mar.28 Holders of reo. Mar. lla
International Cement (guar.)
Int. Cont.Invest. Corp.eons.(guar.). •25e. Apr. 1
Common (guar.)
•25e. July I
Internat. Educational Publishing, pre-- 51
May 1 Holders of rec. Mar.50.
International Equities Corp. CIA (qu.)_. 87)4e. Apr. 1 Holders of rec. Mar. 204
International Germanic Co.. Ltd.Participating preferred (guar.)
750. Apr. 1 Holders of rec. Mar.22
Internat. Harvester, new no par (guar.). 62kc Apr. 15 Holders of reo. Mar.254
Internat. Match, coal.(quar.)
80e. Apr. 15 Holders of rec. Mar.2154
Participating preferred (guar.)
80o. Apr. 15 Holders of res. Mar.254
Internat. Nickel of Canada,corn.(qu.) 200. Mar,SO Holders of sec. Mar. lie
154 Apr. 15 Holders of ree. Mar. 254
Internat. Paper, 7% pref.(Qua?.)
•134 Apr. 15 *Holders of res. Mar.25
Six per cent pref.(guar.)
Internat. Paper & Power,7% pref.(qu.) 1)4 Apr. 15 Holders of roe. Mar.254
'1)4 Apr. 15 *Holders of rec. Mar.26
Six per cent pref.(guar.)
International Products, pref. (qua?.)
$1.50 Mar.29 Holders of res. May. 15
International Properties, cl. A (guar.).. *65c.
62340 Apr. 1 holders of roe. Mar. 15
International Shoe, corn.(qua?.)
50o. Apr. 1 Holders of nso. May. 15
Preferred (monthly)
.500 May 1 *Holders of rep. Apr. 16
Preferred (monthly)
.550 June 1 *Holders of roe. May 16
Preferred (monthly)
.500 July 1 *Holders of rec. Julie 16
Preferred (monthly)
.50e. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*50c Sept. 1 *Holders of roe. Aug. 15
Preferred (monthly)
*500. Oct. 1 *Holders of rec. Sept. 15
Preferred (monthly)
.50e. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50c. Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
•504. Jan 1'30 *Holders of rec. Dec. 15
Preferred (monthly)
International Sliver 1.51 Apr. 1 Holders of roe. Mar. 124
Preferred (guar.)
Interstate Dept. Ste.. com.(qu.)(No. 1) 50c. Apr. 1 Holders of rec. Mar. 15a
Apr. 15 *Holders of rec. Apr. 5
Interstate Iron & Steel. com.(qua?)....'Si

1860
Per
Name of Company.

Ct111.

When
Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
•32 Apr. 1 *Holders of rec. Mar. 15
IntertYPe Corp.. 1st Pref. (guar.)
Investors Capital Corp., common
500. Apr. 15 Holders of rec. Dec. 31
Island Creek Coal, corn,(guar.)
Apr. 1 Holders of rec. Mar. 2I6
$1
Preferred (guar.)
$1.50 Apr. I Holders of rec. Mar. 216
Isle Royale Copper
500. Mar. 30 Holders of rec. Feb. 28
Jackson Motor Shaft
'30c. Apr. 15'Holders of rec. Mar. 15
Jewel Tea, corn. (guar.)
Apr. 16 Holders of rec. dMar30
$1
Johns-Manville Corp., corn. (guar.)._75e. Apr. 15 Holders of rec. Mar. 25a
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. lie
Joint Security CorpCorn.(payablein corn.!tack) ------ /1
May 1 Holders of rec. Apr. 20
Aug. 1 Holders of rec. July 20
Corn (PayableIn corn.stock)
/1
Corn.(Payable in corn,stock)
11
Nov. I Holders of rec. Oct. 20
Jonas & Naumburg Corp. pref. (quar.)...
750. Apr. 1 Holders of rec. Mar. 15
Jones & Laughlin Steel, pref. (quar.)_._
Apr. 1 Holders of rec. Mar. 13a
Kalamazoo Stove, corn.(guar.)
1.12% Apr. 1 *Holders of rec. Mar. 20
Stock dividend
•134 Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Vegetable Parchment(go.)... •15c. Mar. 31 *Ifoluers of rec. Mar. 21
Quarterly
•15c. June 30 *Holders of rec. June 20
Quarterly
•15c. Sept.30'Holders of rec. Sept.20
Quarterly
•15c. Dec. 31 *Holders of rec. Dec. 21
Kaufman (Chas. A.) Co., Ltd.(qu.)..... 234 Apr. 1 Holders of rec. Mar.23
Kaufmann Dept. Stores, pref.(qUar.)-- 1% Apr. 1 Holders of rec. Mar. 20
Keynes Co., common (extra)
•1234e Apr. 1 'Holders of rec. Mar. 20
July 1 *Holders of rec. June 20
"12
Common (extra)
1% Apr. 1 Holders of rec. Mar. 19a
Keith-Albee-Orpheurs pref.(guar.)
Kelsey-Hayes Wheel, coin. (guar.)
50c Apr. 1 Holders of rec. Mar. 216
Apr. 1 Holders of rec. Mar. la
Kennecott Copper Corp., new stk.(qu.). $1
Ken Had Tube & LampClass A (guar.)(No. 1)
'37)4C Apr. 1 *Holders of rec. Mar. 20
15.3. Mar. 25 Holders of rec. Mar. 11
Kentucky Cub Credit Corp.corn.(qu.)_
150. Mar. 25 Holders of rec. Mar. 11
Preferred (guar.)
150. Mar. 25 Holders of ree. Mar. 11
Preferred (extra)
Kentucky Rock Asphalt, corn (1:01.)-.- 40c. Apr. 1 Holders of rec. Mar. 15
Apr. 15 Holders of rec. Apr. 1
Corn.(payable in corn. stock)
/5
Keystone Steel & Wire common (Cu.).... "75e. Apr. 15 *Holders of rec. Apr. 5
*1% Apr. 15 *Holders of rec. Apr. 5
Preferred (guar.)
Kilburn Mill (guar.)
•I
Mar. 15 *Holders of rec. Feb. 28
Kimberly-Clark, corn. (Einar.)
'62340 Apr. 1 *Holders of rec. Mar. 12
*134 Apr. 1 *Holders of rec. Mar. 12
Preferred (guar.)
250. Apr. 1 Holders of rec. MarAla
Kinney (G. R.) Co., corn
Kirsch Company pref.(guar.)
•45c. Apr. 1 *Holders of rec. Mar.20
$1.75 Apr. 1 Holders of rec. Mar. 156
Knox Hat, prior pref.(guar.)
$1.75 July 1 Holders of rec. June 15a
Prior preference (guar.)
$1.75 Oct. I Holders of rec. Sept. 16e
Prior preference (guar.)
75c June I Holders of rec. May 15a
Participating pref.(guar.)
Participating pref.(guar.)
750 Sept. 3 Holders of rec. Aug. 150
Participating pref.(guar.)
750 Dec. 2 Holders of rec. Nov. 16a
•134 Apr. 1 'Holders of rec. Mar. 11
Koppers Gas dz Coke. pref.(guar.)
Kreft-Phenlx Cheese, corn.(quar.)
3734c. Apr. 1 Holders of rec. Mar. 186
Preferred (guar.)
1.62St Apr. 1 Holders of rec. Mar. 18a
Kresge (S. S.) Co., corn. (guar.)
40e. Mar. 30 Holders of rec. Mar. 116
Preferred (guar.)
IN Mar.30 Holders of rec. Mar. lie
Kroger Grocery & Baking corn.(quar.)
/5
Apr. 1 Holders of rec. Mar. 116
First preferred (guar.)
"134 Apr. 1 *Holders of rec. Mar. 15
Second preferred (guar.)
'1% May 1 *Holders of rec. Apr. 15
Laboratory Products (guar.)
0500. Apr. 1 'Holders of rec. Mar. 20
*e3
Apr. 15 *Holders of rec. Mar. 20
Stock dividend
Lakey Foundry & Mach.
Stock dividend
•e234 Apr. 30 *Holders of rec. Apr. 15
•e234 July 30 'Holders of rec. July 15
Stock dividend
•e234 Oct. 30 *Holders of rec. Oct. 15
Stock dividend
$2 Apr. 1 Holders of rec. Mar. 18a
Lambert Company,corn.(guar.)
50e. Apr. 1 Holders of rec. Mar. 15
Lane Bryant, Inc.,corn.(guar.)
Lane Drug Stores Inc. cony. pf.
*50c. Apr. 1 "Holders of rec. Mar. 15
3
Apr. 1 Holders of rec. Mar. 216
Lawyers Title & Guaranty (guar.)
Lehigh Portland Cement coin. (guar.)._ 6231c May 1 Holders of rec. Apr. 136
1% Apr. 1 Holders of rec. Mar. 14a
Preferred (guar.)
Lehigh Valley Coal Sales
90c. Mar.30 Mar. 16 to Mar. 30
750. Apr. 1 Holders of rec. Mar. 15a
Lehigh Valley CoM Corp. pref.(No. 1)._
150. Apr, I Holders of rec. Mar. 11
Leggings, Inc. (guar.)
Sc. Apr. I Holders of rec. Mar. 11
Extra
Apr, 1 Holders of rec. Mar. 25
Liberty Baking, pref. (guar.)
Liggett dz Myers Tobacco, pref.(guar.). 1% Apr. 1 Holders of rec. Mar. lie
15c July 1 Holders of rpc June 20
Lincoln interstate Holding Co
60e. June 1 Holders of rec May 154
Link Belt Co.(guar.)
*50c. Apr. 27 *Holders of rec. Mar. 29
Lion Oil Refining, corn.(guar.)
•35c. Apr. 1 *Holders of roc. Mar. 18
Locomotive Firebox (guar.)
'50c. Apr. 1 *Holders of rec. Mar. 18
Extra
Loew's, Inc.. corn. (guar.)
50c. Mar. 30 Holders of rec. Mar. 14a
•75c.
London Packing, corn.(guar.)
65c. May I Holders of rec. Apr. 180
Loose-Wiles Biscuit common (guar.).-134 Apr. I Holders of rec. Mar. 180
First preferred (Muir.)
"32.50 AIR. I *Holders of rec. Mar. 18
Lord & Taylor, corn. (coral.)
1% Apr. 1 Holders of rec. Mar. 15a
Lorillard (P.) Co. pref.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20e
Ludlum Steel, corn. (guar.)
a 1.6234 Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.) (No. I)
4.1% Mar. 30 *Holders of rec. Mar. 20
Lunkenheimer Co., pref. (guar.)
trim June 29'Holders of rec. June 19
Preferred (guar.)
Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 21
Preferred (guar.)
$I
May. 1 Holders of rec. Arr. 206
McCall Corp.(guar.)
0750. Apr. 1 *Holders of rec. Mar. 25
MoCord Radiator & Mfg.(guar.)
Macfadden Publications, corn. (special)_ *10c. Apr. I 'Holders of rec. Feb. 28
34 Apr. 1 Holders of ree. Mar. 20a
McGraw-Hill Publishing
•200. Apr. 1 *Holders of rec. Mar. 20
McLellan Stores, cl. A & B
*134 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
$1.50 Mar.30 Holders of rec. Mar. 15a
Mack Trucks, Inc., corn.(guar.)
•134 Mar. 30'Holders of rec. Mar. 22
Magor Car Corp., pref.(guar.)
Mallinson (H. R.)& Co.. pref.(guar.)- 1% Apr. I Holders of rec. Mar. 210
Manhattan Financial Corp.Cl. A (qu.).- 37340. Apr. I Holders of rec. Mar. 20
100. Apr. 1 Holders of rec. Mar. 20
Class B (guar.)
1% Apr. 1 Holders of rec. Mar. 16a
Manhattan Shirt, Pref. (quar.)
Manning. Bowman & Co.class A (gn.)__ '373.4a Apr. I Holders of rec. Mar. 20
'1234c Apr. 1 Holders of rec. Mar. 20
Clams B (guar.)
Mapes Consol. Mfg.(guar.)
50c. Apr. 1 Holders of rec. Mar. 14
Mersey Oil Corp.(guar.)
500. Apr. 10 Holders of rec. Mar. 19
Marlin-Rockwell Corp. corn.(quar.).. 500. Apr. 1 Holders of rec. Mar. 220
Common (extra)
50c. Apr. 1 Holders of rec. Mar. 220
Martel Mills Inc. pref.(guar.)
$1.75 Apr. 1 Holders of rec. Mar. 20
Maryland Cash Credit Corp.corn.(w.).
150. Mar. 25 Holders of rec. Mar. 11
Preferred (guar.)
15e. Mar. 25 Holders of rec. Mar. 11
Preferred (extra)
15e. Mar. 25 Holders of rec. Mar. 11
Massey-Harris Co., Ltd., corn.(qu.)-.The. Apr. 15 Holders of rec. Mar. 30
Mathieson Alkali Works, corn. (quar.)_ _ $1.50 Apr. 1 Mar. 16 to Mar. 26
Corn. (stock dIv.-3 shares for 1).... (r)
Preferred(guar.)
1% Apr. 1 Mar. 16 to Mar. 26
Maud Muller Candy
25e. Apr. 1 Holders of rec. Mar. 15
Maytag Co., corn.(guar.)
37340 Apr. 1 Holders of rec. Mar. 15a
Merchants & MinersTransportation(qu) .6234c Mar.31 *Holders of rec. Mar. 13
Merck Corp. pref.(guar.)
Apr. 1 Holders of rec. Mar. 18
$1
$1.25 Mar. 30 Holders of rec. Mar. 136
Mergenthaler Linotype (guar.)
Extra
50e. Mar. 30 Holders of rec. Mar. 80
Merrimack Chemical (guar.)
•31.25 Mar. 30 *Holders of rec. Mar. 16
Metal dz Mining Shares. corn
30a. Apr. 1 Holders of rec. Mar. 15
75c. Apr. 1 Holders of rec. Mar. 15
Prefrred (guar.)
Metropolitan Paving Brick, pref.(guar.) 1% Apr. I Holders of rec. Mar.15
3134e. Apr. 10 Holders of rec. Apr. 1
Meyer-Blanks Co.common (guar.)
1% Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 22
Midland Steel Product,. Oom. (quar.).. 31
48e. Apr. I Holders of rec. Mar. 22
Common (extra)
92
Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
Preferred (extra)
•31
Apr. 1 *Holders of rec. Mar. 22
750. Apr. 1 Holders of rec. Mar. 12
Midvale Company (guar.)
500. Apr. 1 Holders of rec. Mar. 16
Miller (I) & Sons, corn. (guar.)
Minneapolis-Honeywell Regulator-Common
*31.25 Aug. 15 *Holders of rec. Aug. 8
•15.4 May 15 *Holders of rec. May 1
Preferred (guar.)
Aug. 15 *Holders of rec. Aug. 1
Preferred(qAL)
Nov. 15 *Holders of rec. Nov. 1
Preferred (guar.)
Mitchell(J. S.) Co., Ltd.. pref.(War.). 1% Apr. 2 Holders of rec. Mar. 15




[VOL. 128.

FINANCIAL .CHRONICLE
Mane of Company

Per
When
Cent. Payable

Books Closed
Days Inelusise.

Miscellaneous (Continued,
Mock, Judson & Voehringer, pt.(qu.)-- 1% Apr. 1 Holders of ree. MU.15
Mohawk Carpet Mills (guar.)
62340 Mar. 31 Holders of rec. Mar. 9a
Mohawk Rubber, pref. (guar.)
14.4 Apr. 1 Mar. 16 to Mar. 31
Monroe Chemical, corn.(guar.)
3734e Apr, 1 Holders of rec. Mar. 15
Preference (guar.)
8734c Apr. I Holders of rec. Mar. 15
Monsanto Chemical Works (guar.)
*6234e Aprl 1 *Holders of rec. Mar. 20
Stock dividend
*810 Apr. I 'Holders of rec. Mar.20
Montgomery Ward & Co., class A (qu.). "81.75 Apr. 1 "Holders of rec. Mar. 20
Montroy Investment Co.(guar.)
*3734c
Morgan Lithograph-April dividend om 'tied
Morristown Securities(guar.)
•15o. Apr. 2'Holders of rec. Mar. 15
Extra
•10e. Apr. 2 *Holders of rec. Mar. 15
Mountain Sr Gulf Oil(guar.)
*2c. Apr. 15 *Holders of rec. Mar.30
Mountain Producers (guar.)
65c. Apr. 1 Holders of rec. Mar. 151
Muncie Gear Co.class A (guar.)(No. 1) *50c. Apr. 1 *Holders of rec. Mar. 15
Class A (guar.)
*50e. July I *Holders of rec. June 15
Class A (guar.)
*50c. Oct. 1 'Holders of rec. Sept. 15
Class A (guar.)
•50c. Jan 1'30 *Holders of rec. Dec. 15
Murphy (G. C.) Co., pref. (quar.)
*2
Apr. 2 *Holden of rec. Mar. 18
Myers (F. E.) & Bros., corn, (qua?.)...
50e. Mar. 30 Holders of rec. Mar. 15
Preferred (guar.)
$1.50 Mar.30 Holders of rec. Mar. 15
Nachman Springfield Corp. (quar.)--- •750. Apr. 1 Holders of ree. Mar. 15
Nashua Mfg., pref. (guar.)
134 Apr. 1 Holders of reo. Mar.22
Nat. Bancservice Corp.(goat.)
*31 25 Apr. 1 Holders of rec. Mar. 15
Nat. Belles Hess (guar.)
25e. Apr. 15 Holders of rec. Mar. 200
Stock dividend (quar.)
el
Apr. 15 Holders of rec. Mar. 200
Stock dividend (guar.)
el
July 15 Holders of rec. July la
Stock dividend (guar.)
el
Oct. 15 Holders of rec. Oct. la
Stock dividend (guar.)
el
a.15'30 Holders of rec. Jan.2'30a
Nat Bellas-Hess, new corn.(qu.)(No. 1)
25c. Apr. 1 Holders of rec. Mar. 206
New common (guar.)
25c. July 1 Holders of rec. July la
New common (guar.)
25c. Oct. I Holders of rec. Oct. la
New common (guar.)
250. Jan. 1 Holders of rec. Jan.2'306
National Biscuit. corn.(guar.)
$1.50 Apr. 1
Holders of rec. Mar. 29a
National Breweries, Ltd.,corn.(guar.)-$1 Apr.
Holders of rec. Mar. 15
134 Apr.
Holders of rec. Mar. 15
Preferred (quar.)
National Candy, corn. (guar.)
4334c Apr.
Holders of rec. Mar. 12
First and second preferred (guar.)..__
154 Apr.
Holders of rec. Mar. 12
Nat. Cash Credit Assn., corn.(guar.)._.
20e. Apr.
Holders of rec. Mar. 11
Corn. (stk. div. 3-100 share corn. stk.) (/) Apr.
Holders of ree. Mar. 11
Preferred (quar.)
15a. Apr.
Holders of rec. Mar. 11
Preferred (extra)
200. Apr.
Holders of rec. Mar. 11
Pref. (stk. div. 3-100 share pf. stk.)_.
Apr.
Holders of rec. Mar. 11
Nat. Cash Register, class A (qual.).
75c Apr. 1 Holders of rec. Mar. 280
National Cooker, common
•32
May 1 *Holders of rec. May 1
May 1 *Holders of reo. May 1
Common (payable in common stock). "15
Preferred (guar.)
*154 Mar.3 *Holders of rec. Mar. 15
Nat. Dairy Products, corn. (guar.)
Holders of rec. Mar. 46
76a Apr.
Corn. (Payable In com. stock)
fl
Apr. I Holders of ree. Mar. 4.
July 1 Holders of rec. June 30
Common (payable In common etk.).- fl
Oct
1 Holders of rec. Sept. 36
Common (payable in common stock). (1
tPreferred A & B (guar.)
(113.4 Apr. 1 *Holders of rec. Mar. 4
National Fireproofing, pref. (goal.).... 62340 Apr. 15 Holders of rec. Apr. 1
Preferred (extra)
.7234c Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
62 i4c July 15 Holders of rec. July 1
Preferred (guar.)
62340 Oct. 15 Holders of rec. Oct. 1
National Grocers. Ltd. pf. (guar.)
Apr. 1 *Holders of rec. Mar. 16
•2
National Lead,corn.(guar.)
$1.25 Mar. 30 Holders of rec. Mar. 156
Class 13 preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 190
National Locorice, pref. (guar.)
134 Mar, 30 Holders of rec. Mar. 18
National Refining (guar.)
$2
Apr. 1 Holders of ree. Mar. 15
Nat. Rubber Machinery (No. 1)
.50e. Apr. 15 *Holders of reo. Mar. 20
National Steel Car (guar.)
50c Apr. 2 Holders of rec. Mar. 20
National Sugar Refining (guar.)
50c Apr. 1 Holders of rec. Mar. 4
134 Mar. 31) Holders of rec. Mar. 200
National Supply. pref. (quar.)
National Surety (goar.)
$1.25 Apr. 1 Holders of rec. Mar. 186
National Tea, new com.(quer.)
3734c Apr. 1 Holders of rec. Mar. 14a
Nelson (Herman) Corp.(quar.)
*50e. Apr. 1 'Holders of rec. Mar. 19
Nevada Conool. Copper Co. (gear.)....
750. Mar. 30 Holders of rec. Mar. 150
Newberry (J. J.) Co.. corn.(War.)
•400. Apr. 1 *Holders of rec. Mar. 16
New Bradford 011 (quar.)
•1234o Apr. 15 *Holders of rec. Mar.30
N. Y.& London Management pf.(NO.1) '75e. Apr. 1 'Holders of rec. Feb. 19
N Y. Transportation (guar.)
*50e. Mar. 28 *Holders of rec. Mar. 13
Nichols Copper Co., claw A (quar.).... 4334c Apr. 1 Holders of rec. Mar. 20
Class 13
•750. May 1 *Holders of rec. Feb. 1
Class B
*7543. Nov. 1 *Holders of rec. Feb. 1
Nickel Holding Corp., corn.(No. I).
- $1.20 Apr. 2 Holders of rec. Mar. 16
Niles-Bement-Pond. pref. (quar.)
el% Mar. 30 *Holders of reo. Mar. 20
Preferred (guar.)
•134 June 29 *Holders of rec. June 19
Nipissing Mines(quar.)
730. Apr. 20 Holders of rec. Mar. 30
North Amer. Investment,6% pt.(guar.) 134 Apr. 20 Holders of rec. Mar. 31
534% preferred (guar.)
13.4 Apr. 20 Holders of ree. Mar.31
North Amer. Investors Corp. corn.(qu.)
25e. Apr. I Holders of rec. Mar. 15
Five per cent cony. stk.(guar.)
6234c. Apr. 1 Holders of rec. Mar. 16
North American Provision, pref. (cu.)- •134 Apr. 1 *Holders of rec. Mar. 9
North Central Texas Oil. pref. (guar.)-- *1.6234 Arp. 1 Holders of rec. Mar. 11
134 Apr, 1 Holders of rec. Mar.20
Northeastern Surety (guar.)
Northern Manufacturing, pref.(quar.)..
19e. June 1
19c. Sept. 1
Preferred (guar.)
190. Dec. 1
Preferred (gar.)
Northern Paper Mills.common (quar.)-- •500. Mar. 30 *Holders of rec. Mar. 15
Oceanic 011 (bi-monthly)
•2a. Mar. 26 *Holders of rec. Mar. 15
82
Apr. d2 Holders of rec. Mar. 20
Ogilvie Flour Mills. corn. (quar.)
Ohio Seamless Tube, pref.(guar.)
154 Apr. 1 Mar. 16 to Mar. 31
Ohio Wax Paper (guar.)
*400. AM. I *Holders of rec. Mar. 20
2
Omnibus Corp.. Pref.(guar.)
Apr, 1 Holders of rec. Mar. 15a
Ontario Mfg.(guar.)
•450. Apr. 1 *Holders of reo. Mar. 20
*15e. Apr. 1 *Holders of rec. Mar. 20
Extra
2
Orphelum Circuit. pref.(guar.)
Apr. 1 Holders of rec. Mar. 190
1% Apr. 1 Holders or rec. Mar. 19a
Otis Steel, prior pref. (guar.)
Apr. 1 Holders of reo. Mar. 160
Owens Bottle,corn.(guar.)
$1
Pacific Associates(guar.)(No.1)
*50e. May 15 *Holders of rec. Apr. 30
Pacific Coast Biscuit,corn.(gL)
•250. May 1 "Holders of rect. Apr. 15
•8734c May 1 *Holders of ree. Apr. 15
Preferred (guar.)
Pacific Equities (guar.)
*50o. Apr. 15 *Holders of rec. Mar. 31
Extra
•100. Apr. 15 *Holders of rec. Mar. 31
•$1.50 Apr. I *Holders of rec. Mar. 20
Pacific Indemnity Co.(No. 1)
Packard Motor Car (monthly)
25e. Mar. 30 Holders of reo. Mar. 126
Monthly
25e. Apr. 30 Holders of rec. Apr. 12a
25e. May 31 Holders of rec. May lie
Monthly
50c. May 31 Holders of rec. May ha
Extra
$1
Page-Hershey Tubes corn.(quar.)
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Paraffine Cos. corn. (guar.)
Mar. 27 Holders of rec. Mar. 18
$1
Paragon Refining, pref.(quar.)
75e. Apr. 1 Mar. 16 to Apr. 1
Paramount Cab Mtg.(guar.)
60a. Apr. 1 Holders of rec. Mar. 19
Paramount Famous Lasky Corporation
750. Mar. 30 Holders of rec. Mar. So
common (guar.)
Park .4 Tilford (stock div.)(gar.)
750. Apr. 14 Holders of rec. Mar. 28
Stock dividend (guar.)
el
Apr. 14 Holders of tea. Mar. 29
Park-Utah Consol. Mines (guar.)
20a. Apr. 10 Holders of rec. Mar. 196
Parke, Davis Co.(quar.)
*25c. Mar. 31 *Holders of rec. Mar. 18
Extra
•100. Mar. 31 *Holders of ree. Mar. 18
25e. Apr. 1 Holders of rec. Mar. 15
Pender (D.) Grocery Co.,class B (go.)...
ClassB (extra)
25a. Apr. 1 Holders of rec. Mar. 15
Penick & Ford. Ltd., prof. (Qum.)
1% Apr. 1 Holders of ree. Mar. 155
Penmans, Limited, corn. (guar.)
$1
May 15 Holders of rec. May 8
134 May 1 Holders of rec. Apr. 22
Preferred (quar.)
Peoples Drug Stores, 00In
*25(3 Apr. 1 *Holders of rec. Mar. 8
•37340 Mar. 31 Holders of rec. Mar.18
Perfection Stove (monthly)
Monthly
'37340 Apr. 30 *Holders of rec. Apr. 18
Monthly
•3734a May 31 *Holders of rec. May 17
Monthly
*3730 June 30 *Holders of rec. June 18
Monthly
•3734a July 31 *Holders of rec. July 18
Monthly
*37340 Aug. 31 *Holders of rea. Aug. 16
Monthly
•3734c Sept.30 *Holders of rec. Sept. 18
Monthly
*37340 Oct. 31 *Holders of reo. Oct. 17
Monthly
'3734a Nov.30 *Holders of rec. Nov. 18
Monthly
"3734c Dec. 31 *Holders of rec. Dec. 18
Pet Milk,corn.(guar.)
37340 Apr. 1 Holders of rec. Mar. 116
1% Apr, 1 Holders of reo. Mar. 11
Preferred (guar.)

MAR. 23 1929.]
Noels of Company.

1861

FINANCIAL CHRONICLE
When
Per
Cent. Payable.

Books Closed
Dom? Incbabe.

Name of Cowpox*•

When
Per
Cent. Payable.

Boob ..re4
Days Inejtutte.

Miscellaneous. (Continued)
16a
roe.6
re
25e. Apr, 1 Holdersmar.
Miscellaneous (Continued).
Stand. Comml Tobacco, corn.(quiz.)
16
*50e. Apr. 1 *Holders of roe. Mar.20
37340 Ape. 1
Perfect Circle (guar.)
Standard Holding Corp
28
Mar.
of
rec.
*Holders
1
27
Apr.
Mar.
roe.
of
(quar.)..
"134
'Holders
1
Apr.
pref.
*3bc.
&
_
Co.,
'354.
Pettibone Milliken
Standard National Corp. cons. (qu.)___
82.50 Apr. 1 *Holders of rec. Mar. 15
'134 Apr. 1 *Holders of rec. Mar.27
Phelps Dodge.Corp.(quar.)
Preferred (quar.)
Holders of rec. Mar.20
Mal.30 *Mar. 16 to Mar.29
Philadelphia Dairy Products, pr. pf.(qu.) 81.6234 Apr. 1 Holders
2
Stand.011(Ky.)new $10 par(Qua(No.1) *400.
Apr.
rye.
of
15
Apr.
25c.
62340. Apr. 1 Holders of rec. Mar. 16
corn. (qu.)
Philip Morris & Co., Ltd.(quar.)
400 Apr. 1 Holders of rec. Mar. 200 Standard 011 (Ohio)
Apr. 13 *Holders of rec. Apr. 1
_
*750.
_
A
pf.
(qu.)
Philippe (Louis) Inc., el. A (quar.)
Construe.
Steel
3744e. Apr. 1 Holders of rec. Mar. 140 Standard
Mar. 31 'Holders of rec. Mar.20
Phillips Petroleum Co., corn.(Quar.)Standard Steel Spring(No. 1)(quar.) _ 'Si
1 *Holders of roe. Mar. 15
'62340 Apr. 1 *Holders of rec. Mar. 16
Pick (Albert) &Barth & Co., pref.(qu.)_ *13$ Apr. 1 Holders of rec. Mar. 15
(quar.)
Works
Stanley
50c. Apr.
Apr. 1 Holders of rec. Mar. 15
$2.50
(guar.)
Pie Bakeries of Amer., class A (quar.)
State Title & Mtge.
14$ Apr. 1 Holders of rec. Mar. 15
8714c June 1 Holders of rec. May 20
Preferred (quar.)
Steinberg's Drug Stores pref.(quar.)
37)4c Apr. 1 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar.20
1.6214
-*$
prof.
Pierce Governor Co.(guar.)
(guar.).&
6
Co.
44%
(A.)
Stein
*Holders of rec. Mar. 16
*214 Apr. 1
Pittsburgh Plate Glass, corn.(quar.).... *50o. Apr. 1
Bteinite Radio(quar.)
Apr. 1 *Holders of rec. Mar. 25
'234 July 1
Pittsburgh Steel, corn.(quar.)
Quarterly
1
Mar.
•1x
rec.
of
Apr. 1 *Holders
_
*214 Oct. 1
Pittsburgh Steel Fdy.. pref. (quar.)
Quarterly
Mar. 20 Holders of rec. Mar. 1
$2
*250. Apr. 1 *Holders of rec. Mar.20
Portland Vegetable Oil
Sterling Motor Thick pref.(No. 1)
of rec. Mar.20
Mar. 3 to Apr. 3
dirt.)
Porto Rico Amer. Tobacco, el A (qu.)--- •141 Apr. 10 *Holders
(stk.
Speedometer
-Warner
75e. Mar.30 Holders of rec. Feb. 280 Stewart
*3734c June 1 *Holders of roc. May 15
Prairie Pipe Line, new $26 par stk.(pm.)_
(quar.)
50e. Mar.30 Holders of rec. Feb. 280 Stlx Baer az Fuller, corn.
Extra
*3754e Sept. 1 *Holders of rec. Aug. 15
Common (quar.)
*Holders of rec. Mar. lb
Apr.
411
Dec. 1 *Holders of rec. Nov. 15
Pratt & Lambert de Co., cam.(cluar.)
'373.4c
Common (guar.)
of rec. Mar. 14
Holders
Apr.
60.
15
Gold
Mining
Premier
Del. pt. A (qu.)_ *500. Apr. 1 *Holders of rec. Mar. 15
14$ Mar. 30 Holders of rec. Mar. la Straus(S. W.)& Co.of
Apr. 1 Holders of rec. Mar.
Premed Steel Car. pref.(quar.)
134
(qu.)
pfd.
Co.,
&
T.)
(Robert
15
Mar.
Strauss
Holders of rec.
34 Apr.
of rec. Mar. 184
Holders
1
Apr.
Price Bros. Co., Ltd., pref.(qual.)
75e.
Stromberg Carburetor (guar.)
Holders of rec. Mar. 15
184 Apr.
Preferred (quar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
50c. Apr. 1 Holders of rec. Mar. 310 Btroock (S.) Co. (quar.)
Pro-phy-lac-tie Brush, corn. (quer.). *750. July 1 *Holders of no). June 15
Quarterly
Holders of rec. Mar. 10
114 Apr.
Pure 011 Co.. 534% pref.(quir.)
*750. Oct. 1 *Holders of roe. SePt.16
Quarterly
Holders of rec. Mar. 10
114 Apr.
Six per cent preferred (guar.)
*750. Dec. 21 *Holders of roe. Dec. 10
10
Quarterly
Mar.
rec.
of
Holders
Apr.
2
Eight per cent preferred (quar.)
Apr. I
Studebaker Corp.
rec.
of
*Holders
1
Apr.
1
1
1
.
(quar.)
June I Holders of rec. May be
11
Quaker Oats. corn.
Common (payablein common stock)
s$4
Apr. 1 *Holders of rec. Apr. 1
1 Holders of rec. Aug. 10a
Common (special)
Common (Payable In corn. stock).._.
Apr. 2 *Holders of rec. Apr. 1
Doe. 1 Holders of rec. Nov. 9a
Corn.(In corn.stk.. one new for ea.25)
/I
Common (payable in corn. stock).
*Holders of rec. May 31
'134 May
Preferred (quar.)
Apr. 15 Mar. 31 to Apr. 5
$1
(quar.)
1
Sullivan
Apr.
Machinery
rec.
of
50e. Apr. 1 Holders
Holders of rem. Mar. 15
Q. R. S. Music Co.. corn. (guar.)
20e.
Supertest Petroleum, corn. & ord. (qu.)_
14$ Apr. 1 Holders of rec. Apr. 1
Holders of rec. Mar. 15
Preferred (quar.)
Prof. A (for 5 mos. at rate of 7% p. a.)
Holders of rec. Mar. 13a
11$ Apr.
Holders of rec. Mar. LI
Real Bilk Hosiery Mills, pref. (quar.)
Et.)
6%
D.
of
rate
at
mos.
5
B
(tor
Prof.
Holders of rec. Mar. 15
354. Apr.
Holders of rec. Mar. 9
1
Reece Buttonhole Mach ((Mar.)
Apr.
2
& Co.(quar.)
15
Swift
Mar.
rec.
of
Holders
Apr.
Sc.
Iteece Folding Mach.(quar.)
134 Apr. 1 Holders of rec. Mar. 15
Taggart Corp., pref. (quar.)
*Holders of rec. Mar. 20
Apr.
of rec. Mar. 30
*Holders
10
Regal Shoe, pref. (quar.)
Apr.
'134
(quar.)
Holders of rec. Mar. 25a Telautograph Corp., pref.
Reis (Robert) & Co.. 1st pref.(qual.).. 134 Apr.
75e, Apr. 1 Holders of rec. Mar. 8e
Texas Corp.(quar.)
Holders of rec. Mar. 15
13244c Apr.
1 Holders of rec. Mar. 220
Reliance Mfg.(qual.)
Apr.
30c.
_
(monthly)
Co.,
R.)
(John
Thompson
20
*Holders of rec. Mar.
•14$ Apr.
Remington Arms. 1st pref.(qual.)
300. May 1 Holders of rec. Apr. 236
Monthly
Holders of rec. Mar. 80
Remington Rand Co., Inc. 1st pt.(qu.). 14$ Apr.
30e. June 1 Holders of rec. May 23a
Monthly
Holders of rec. Mar. 80
Apr.
2
Second preferred (quar.)
Apr. 1 Holders of rec. Mar. 10
$1.50
1)
pref.
(No.
of rec. Mar. 86 Thompson Spa., $6
*Holders
Apr.
(quar.)
*$1.25
corn.
Typewriter,
1)
Remington
8714e, Apr. 1 Holders of rec. Mar. 12
s$4
*Holders of rec. Mar. 8a Thompson-Starrett new pf.(qu.)(No.
Apr.
Apr. 1 'Holders of rec. Mar. 16
Common (extra)
(qual.).
134
011,
Prof.
Associated
8a
Tide
Water
Mar.
rec.
*Holders of
•134 Apr.
20e. Mar. 30 Holders of rec. Mar. 164
First preferred (quar.)
8a Tide Water 011, corn.(quar.)
Mar.
rec.
of
*Holders
Apr.
"2
15e. Apr. 1 Holders of roe. Mar.20a
Second preferred (quar.)
Holders of roe. Mar. lie Timken-Detroit Axle (quar.)
200. Apr.
Sc. Apr. 1 Holders of rec. Mar. 204
Reo Motor Car (Qual.)
Extra
Holders of rec. Mar. Ila
200. Apr.
Apr. 15 Holders of res. Mar. 250
35c
Extra
Tobacco Prod. Corp.corn.($20 par)(qu.)
*Holders of rec. Mar. 9
Apr.
411
Republic Brass Corp., class A (quar.)
134 Apr. 15 Holders of rec. Mar. 250
(quar.)
par)
($100
ha
Mar.
Common
rec.
of
Holders
Apr. 1 Holders of rec. Mar. 20
750.
Republic Iron & Steel, pref. (quar.)--. 134 Apr.
Holders of rec. Mar. 18a Torrington Company (guar.)
25'Holders of rec. Apr. 5
Reynolds(R.J.)Tob.,com.&com.B(qu) 60e. Apr.
Transamerica Corp.(guar.)(No. 1)- --- 0$1 Apr. 25 *Holders of rec. Apr. 5
Holders of rec. Mar. 15
14$ Apr.
Apr.
"e1
RIce-Stix Dry Goods. corn.(quar.)
15
Stock dividend
Holders of roe. Mar.
134 Apr.
1 'Holders of rec. Mar. 12
Apr.
First preferred (quar.)
*37140
Traveler Shoe common (guar.)
Holders of rec. Apr. 15
3784e. May
1 Holders of rec. Mar. 15
Second preferred (quar.)
Tri-Continental Corp.6% pref.(guar.). 134 Apr. 1 Holders of rec. Mar. 15
*8714c Apr. 1 *Holders of rec. Mar. 30
Apr.
Richmond Radiator, pref.(qual.)
34
Holders of rec. Mar. 20a Trico Products (guar.)
25c. Apr.
Holders of rec. Mar. 264
15
Apr.
Rigney & Co., pref. (quar.)
30e.
Truscon Steel common (qual.)
July 26 *Holders of rec. July 5
*SI
Rio Grande Oil
Mar.30 Holders of rec. Mar. 120
Underwood-Elliott-Fisher co.,com.(qu.) $1
Jan2'30 Hold, of rec. Jan. 5'30
*61
of rec. Mar. 120
30
Holders
Rio Grande 011
Mar.
$1.75
Preferred and preferred B (quiz.)....
*e13.( Apr. 25 *Holders of rec. Apr. 5
Stock dividend
$1.50 Apr. 1 Holders of roe. Mar. 10
Union Carbide & Carbon(quar.)
*ell( Oct. 25 *Holders of rec. Oct. 5
of roe. Mar.15
Holders
1
Stock dividend
Apr.
134
(quar.)
A
class
Union Tobacco,
*62140 Apr I.
Ritter Dental Mfg nom.(qu (Net
50o Apr. 1 Holders of rec. Mar.20
Unit Corp of Amer, pref.(qual.)
25e. Apr. 1 Holders of rec. Mar. 18
Apr. 1 'Holders of rec. Mar. 9
Royal Baking Powder, corn. (quar.)
*75e.
(qu.)
A
pf.
Transp.
de
a
IF
Aircraft
Mar.
rec.
United
of
134 Apr. 1 Holders
Preferred (quar.)
154 May 1 Holders of roe. Apr. 170
% May 15 Holders of rec. May 104 United Biscuit, pref.(quar.)
Royalty Corp. of Amer., par. p/.(extra)
25e. Apr. 1 Holders of roe. Mar. 8a
United Cigar Stores of Am.corn.(qu.) _
'62340 Apr. 15 *Holders of rec. Mar. 2t
Humidor Corp., corn (guar.)
134 Apr. 1 Holders of rec. Mar. 134
(quar.)...
pref.
Corp..
United Dyewood
Apr. 1 *Holders of rec. Mar. lb
*62
Safety Car Heat & Ltg. (qual.)
Apr. 1 Holders of roe. Mar. 2a
$1
United Fruit(qual.)
% Apr. 1 Holders of rec. bier. 20
Safeway Stores, Inc.. COED. (quar.)
(e) Apr. 1 Holders of rec. Mar. 24
Stock dividend (I-20th share)
134 Apr. 1 Holders of rec. Mar. 200
Apr. 1 *Holders of rec. Mar. 15
6% preferred (quar.)
"400.
14$ Apr. 1 Holders of rec. Mar. 200 United Milk Crate class B (guar.)
$1.60 Apr. 15 Holders of rec. Apr. 1
7% prof. (quar.)
June 20
United Paperboard. pref.(quar.)
DOD June 2(1 June 8 to
Bt. Joseph Lead Co. (quiz.)
Apr. 1 *Holders of rec. Mar. 20
•144
(qual.)...
pref.
Wks.,
United Piece Dye
to June 20
25c June 21, June 8
Extra
'134 July I *Holders of rec. June 20
Preferred(Guar-)
50c Sept 20 Sept. 10 to Sept 20
Oct. 1 *Holders of rec. Sept.20
Quarterly
*134
20
Sept
(guar.)
Preferred
to
25c Sept 20 Sept 10
Extra
*144 Jan2'30 *Holders of roe. Dec. 20
Preferred (qual.)
% Mar. 30 Holders of rec. Mar. 15a
St. L. Rocky Mt.& Pac. Co., com.(qu.)
50c. Apr. 30 Holders of rec. Mar.30
134 Mar. 30 Holders of rec. Mar. lba United Profit Sharing. pref
Preferred (quar.)
134 Apr. 2 Holders of roe. Mar. 15
prof.
(qua!)
United Securities,
*VW Jun. I *ficIders r roe May 25
St. Louis Screw &Bolt. corn.(quar.)___
United Share Corp.
Holders of roe. Mar. 15
14$ Apr.
5$. Maurice Valley Corp.. pref.(qu.)
SC
"490. Apr. 1
Common stock tr. shares set. A-1.
Holders of rec. Mar. 15
75e. Apr.
St. Regis Paper, corn.(quar.)
Apr. 5 Holders of rec. Mar. 19
United Shoe Machinery common (qu.)__ 62340
Holders of rec. Mar. 15
154 Apr.
Preferred (quar.)
37)4e Apr. 5 Holders of rec. Mar. 19
(qual.)
15
Mar.
Preferred
rec.
of
Holders
Apr.
10o.
Salt Creek Consol. 011 (quar.)
Apr. 1 Holders of rec. Afar. 20
750.
corn.
(guar.)
Shuttle,
&
U.S. Bobbin
*Holders of rec. Mar. 11
*50e. Apr.
Sangsmo Electric Co.(quar.)
154 Apr. 1 Holders of rec. Mar. 20
(quar.)
May
Preferred
rec.
of
*Holders
1
May
*51.50
(Qual.)
Savage Arms. 2d pref.
50c. Apr. 20 Mar. 31 to Apr. 25
U.S. Cast Iron Pipe dc Fdy., COM.(qu.)
*Holders of rec. Mar. 15
Schlesinger(B. F.) & Sons, Inc., A.(qu.) '3734c Apr.
50e. July 20 Holders of roe. June 290
Common (quar.)
of rec. Mar. 15
*Holders
Apr.
•134
(qual.)
Preferred
500. Oct. 21 Holders of rec. Sept. 30a
Common (quar.)
Holders of rec. Mar. 124
Apr.
2
Schulte Retail Stores pref.(quar.)
50c. Jan20'30 Holders of rec. Dec. 31a
(quar.)
Common
Schulte United Sc. to $1 Stores30c. Apr. 20 Mar. 31 to Apr. 25
First & second pref.(quar.)
Holders of rec. Mar. 20
51.75 Apr.
Preferred (quar.) (No. 1)
30c. July 20 Holders of roe. June 290
(quar.)
pref.
156
second
&
Mar,
First
roe.
of
Holders
3
350. Mar.
Scott Paper, corn. (quar.)
30e. Oct. 21 Holders of rec. Sept. 300
pref.
(quar.)
First & second
June 30
Corn.(In stk.subj. to stkhrs.• approve) 12
30e. Jan20'30 Holders of rec. Dee. 810
First & second pref. (quar.)
Dec. 3
Corn.(In stk. subj. to stkhrs.• approv.) /2
Mar.81 *Holders of rec. Mar. 15
*40c.
(quar.)
corn.
U.S. Gypsum,
Sears, Roebuck & Co•134 Mar. 31 *Holders of roe. Mar. 15
Holders of roe. Apr. laa
Preferred (quar.)
May
el
Quarterly ( payable In stork).- 134 Apr. 1 Holders of rec. Mar. 9a
(guar.)
pref.
prior
15
Leather
S.
roe.
U.
Mar.
of
*Holders
Apr.
Stcond General Amer.Investors, pf.(qu.) *$1.50
Apr. 1 Holders of rec. Mar. 11
Class A partic. & cony.stock (guar.).- $1
Holders of roe. Mar. 15
50e. Apr.
Second Inter, Seam Corp., corn. A (qu.)
July I Holders of rec. June 10a
Class A panic. az cony. stock (qu.).. $1
Holders of roe. Mar. 15
750. Apr.
First preferred (quar.)
Oct. 1 Holders of roe. Sept. 10a
$1
(qu.)..
stock
cony.
&
partie.
A
Mar.
15
of
Class
rec.
Holders
750. Apr.
Second preferred (quar.)
Apr. 1 *Holders of roe. Mar. 4
*51
Holders of roe. Mar. lba U.S.Playing Card (quar.)
Second National Investors $5 pref.(cm.). $1.25 Apr.
*$1.50 Apr. 1 *Holders of roe. Mar. 21
(qu.).
pf.
corn.
&
Litho.,
&
1
Print.
zee.
U.S.
Apr.
of
Holders
1
Apr.
1%
Securities Management Corp., el. A (qu.)
15 Holders of rec. Apr. 1
Apr.
50e.
corn.
(quar.)
U. S. Radiator,
25c. Apr. 15 Holders of roe. Apr. 1
Class B and C (qual.)
134 Apr. 15 Holders of rec. Apr. 1
Preferred (quar.)
Holders of rec. Mar.20
Apr.
2
&Merlins Rubber, pref.(qual.)
Holders of rec. Feb. 284
30
Mar,
(guar.).
corn.
154
Corp.,
Steel
16
States
reo.
Apr.
of
United
Holders
134 May
Selby Shoe, pref.(guar.)
75e. Apr. 1 Holders of rec. Mar. 18a
U.S. Tobacco, corn.(MEW.)
Holders of rec. Mar. 15
Selected Industries. Inc., prior stk.(qua 1.37% Apr.
154 Apr. 1 Holders of rec. Mar. 18a
Preferred (quar.)
Holders of roe. Mar. 14
1% Apr.
Sellers(0.1.)& Sons Co.. pref.(guar.)._
Apr. 1 Mar. 26 to Apr. 1
52
Universal Pictures. 1st pref. (qual.).
Holders of rec. Mar. 15
40c. Apr.
Service Station Equip., Ltd., A & B (CBI.)
of rec. Mar. 18
Universal Theatres Concession Co., pref. *620 Apr. 1 "Holders of rec. Mar. 5
Holders of rec. Mar. 15
100. Apr.
Class A & B (extra)
Apr. 1 Holders
51
1)..
(No.
Pf.
Corp.,
31
Cap
roe.
Mar.
of
Metal
1Jpreasit
Holders
2
1% Apr.
Shaffer 011 & Refg. pref.(quar.)
of rec. Mar. 15a
Holders
30
Mar.
$4
*Holders of rec. Mar. 21
UtahCopper Co.(quar.)
*50e. Apr.
Shaler Co., class A (guar.)
of rec. Apr. 150
Vadsco Sales Corp., pref.(qu.)(No. 1).. $1.75 May 1 Holders
•50c. Apr. 1 *Holders of rec. Mar. 20
Shattuck (Frank) G)Co.(Eitiara
*2543.
1)....
27
Van SIcklen Corp.. common (No.
Sept. 1 Holders of rec. Aug.
$1
Sheaffer (W. A.) Pen Co. (Quiz.)
of rec. Mar. 23
*Holders
1
"65e. Apr.
ClassA (Einar.) (NO. 1)
*Holders of rec. Mar 21
*50c. Apr.
Sheffield Steel. corn.(qual.)
*50e. Apr. 1 "Holders of rec. Mar.22
Van SIcklen Corp.. class A (guar.)
*Holders of reel. Mar. 21
Apr.
Preferred (MUM)
of rec. Mar.22
*Holders
1
Apr.
•154.
Class A (extra)
•tioniers of rec Mar. 21
Apr.
Common (In common stock)
0154 June 10 *Holders of rec. June 1
*Holders of roc June 20
Vapor Car Heating. Prof.(quiz.)
July
Common (payable In common stock) •fl
of rec. Sept. 2
*Holders
10
Sept.
o19.4
roe
20
Sept.
I *Holders of
Preferred (quar.)
Oct
Common (payable In common stock).
4.154 Dec. 10 *Holders of rec. Dec. 2
Preferred (Misr.)
35e. Mar. 31 Holders of rec. Mar. 64
Shell Union 011 Corp., corn.(quar.)
of rec. Mar. 15
Holders
1
Apr.
50e.
Corp
ng
roe.
Vogt
20
Manufacturi
of
Apr.
Holders
75e May I
Shepard Stores. Inc., class A (guar.)...
*354. June 10 *Holders of rec. May 31
Volcanic OH & Gas (guar.)
Sherwin-Wms. Co. Canada,corn.(quar.) "51.50 Mar. 31 Holders of roe. Mar. 15
05c. June 10 *Holders of roe. May 31
roe.
15
of
Extra
Mar.
*Holders
31
Mar.
1%
Preferred (qual.)
*354. Sept. 10 *Holders of rec. Aug. 31
Quarterly
50o. Apr. 1 Holders of roe. Mar. lba
Shreveport-Eldorado Pipe Line ((in.).'Sc. Sept. 10 *Holders of rec. Aug. 31
Extra
'62340 Apr. 15 *Holders of rec. Mar. 31
Signods Steel Strapping. pfd. (quar.)
4.350. Dec. 10 *Holders of roe. Nov. 30
Mar.
180
rec.
of
Quarterly
Holders
1
Apr.
750.
Simmons Company (quar.)
"Zo. Dec. 10 *Holders of ree Nov. 30
Extra
50o. Apr. 15 Holders of rec. Mar. 150
Sinclair Consol. OIL corn
134 Apr. 20 Holders of rec. Apr. 114
Vulcan Detlnning pref. & Prof. A (rm.)._
254. Apr. 15 Holders of rec. Mar. 15a
Common (extra)
Apr. 20 Holders of roe. Apr. Iii
63
diva.)
accumulated
(acct.
9
Prof.
Mar.
of
rec.
0234 Mar. 31 'Holders
Singer Manufacturing (qual.)
0154 Apr. 1 *Holders of rec. Mar. 21
.434 Mar. 31 *Holders of rec. Mar. 9
Wahl Company. Prof.(guar.)
Extra
"20e. Apr. I 'Holders of rec. May 16
(quar.)
B
class
Bond.
&
200
Want
Mar.
of
rec.
Holders
1
Apr.
1%
(quar.)
-Sloss-Sheffield Steel, Inc., pref.
37340. Apr. I Holders of rec. Mar. 20a
Waldorf System. Inc.. corn.(qual.)
020c. Apr. 1 *Holders of rec. Mar. 10
Sneed Royalty, class B
200. Apr. 1 Holders of roe. Mar.20
Preferred (quar.)
*3714e Apr. 1 *Holders of roe. Mar.20
&Dacron Tube, el A (quer.)
134 Apr. 1 Holders of rec. Mar. 204
(quar.)
pref.
Co.,
Walgreen
20
rec.
Mar.
of
*Holders
*$1.75 Apr. 1
Apr, 1 *Holders of rec. Mar. 28
Southern Ice, pref. (qual.)
*134
Waltham Watch, pref.(quar.)
*50c. Mar.80'Holders of rec. Mar. 15
*I% July 1 *Holders of rec. June 22
South Penn Oil (Guar.)
Preferred (quar.)
50o. Apr. 1 Holders of rec. Mar. lie
1 "Holders of rec. Sept. 21
Oct.
South Porto Rico Sugar, corn. (qual.)..
'134
(quar.)
110
Preferred
25c. Apr. 1 Holders of rec. Mar.
Common (extra)
*75e. Mar.30 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 110 Walworth Co.. pref.(guar.)
2
14$ Apr, I Holders of rec. Mar. 186
Preferred (quar.)
(guar.)
prof.
Corp.,
Ward
Baking
15
roe.
Mar.
of
1
Holders
Apr.
$1
Southwest Pa. Pipe Lines
Ward Baking Corp., class A-Dividend omitte d
$1.50 Apr. 1 Holders of rec. Mar. 15a
50e. Apr. 2 Holders of rec. Mar. 126
Spam/. Chalfant Co.. pref. (quar.)
Korner Quinlan Co., corn.(quar.)
40e. Apr. 15 Holders of rec. Mar. 30
Apr. 1 Holders of rec. Mar. 180
spauidine(A.(5.) de Bros.,new coM.(gE1)
51
Bros.. corn. (quar.)
Warren
14
Mar.
750. Mar. 30 Holders of roe.
Sparks-Withington Co., corn.(qual.)...
75e. Apr. 1 Holder of res. Mar. 18a
First preferred (quar.)
40c. Mar. 31 Holders of rec. Mar. 15a
8714e Apr. 1 Holders of rec. Mar. 18a
Spencer Kellogg & Sons, Inc.(guar.)._
(guar.)
preferred
Second
150
June
rec.
of
Holders
30
40e. June
*75e. Apr. 1 Holderb of rec. Mar. 15
Quarterly
40c. Sept.30 Holders of rec. Sept. 140 Waukesha Motor(qual.)
*3744c Apr. 1 *Holders of rec. Mar. 21
Quarterly
Waverly Oil, clas A (guar.)
'134 Apr. 1 'Holders of roe. Mar. 15
Sperry Flour. pref. (quar.)




n

Sept.

1862

FINANCIAL CHRONICLE

Name of Company.

Per
When
Cent. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Weber de Heilbroner, corn.(guar.)
•$1
Mar.30 *Holders of roe. Mar. 16
Common (payable In common stock) 11234 Mar.30 *Holders of reo. Mar. 6
Webster-Elsenlohr, Inc., Pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar.20a
Wesson Oil & Snowdrift, coin
*1100 Apr. 1 *Holders of reo. Feb.o28
Wesson Oil& Snowdrift new corn.((M.)500. Apr. 1 Holders of reo. Mar. 150
West Coast Oil, pref. (guar.)
*S1.50 Apr. 5 *Holders of reo. Mar. 18
Preferred (extra)
z$3
Apr. 5 *Holders of rec. Mar. 18
Western Electric (guar.)
Mar.30 Holders of rec. Mar.25
61
Western Grain Co.(guar.)(No. 1)
*1%
Western Grocers, Ltd., pref.(guar.)- - -- •61.75 Apr. 15 *Holders of rec. Mar. 31
Western Reserve Investing Co., pf.(qu.) 134 Apr. 1 Holders of rec. Mar. 150
West Point Mfg.(guar.)
Aron 1 Holders of rec. Mar. 15
22
Westinghouse Air Brake((Mar.)
500. Apr. 30 Apr. 1 to Apr. 9
Westinghouse El. & Mfg.corn.(guar.)
.- SI
Apr. 30 Holders of rec. Mar. 110
Preferred (guar.)
Apr. 15 Holders of rec. Mar. lla
51
Weston Elec. Instrument, class A (Oil.)50c. Apr. 1 Holders of rec. Mar. 19a
Westvaco Chlorine Products. com
50c. Apr. 1 Holders of rec. Mar. 20
Wextark Radio Co.(guar.)(No. 1)
*50c. Apr. I *Holders of rec. Mar. 20
Whitaker Paper,corn.(guar.)
•$1.25 Apr. I *Holders of rec. Mar. 20
Common (extra)
*51 Apr. I *Holders of rec. Mar. 20
Preferred (guar.)
•1M Apr. 1 *Holders of rec. Mar. 20
White Eagle Oil & Refg.(guar.)
500. Apr. 20 Holders of rec. Mar. 29
White Motor, corn. (guar.)
25o. Mar. 29 Holders of rec. Mar. 12a
White Motor Securities, pref.(guar.)._ _ 1% Mar. 29 Holders of rec. Mar. 120
White Rock Mineral Springs, corn. (qu.) 750. Apr. 1 Holders of rec. Mar. 20a
First preferred (guar.)
1% Apr. I Holders of reo. Mar. 20
Second preferred
Apr. I Holders of rec. Mar. 20
Wilcox-Rich Corp., class A (guar.)
62%0 Mar.30 Holders of rec. Mar. 200
Will & Baumer Candle, pref.(guar.).- 2
Apr, 1 Holders of rec. Mar. i
WIllys-Overland Co.. pref. (quer.)
1% Apr. I Holders of rec. Mar. 16a
Wilson & Co. pref. (acct. accum. dIv.)._
Apr. 1 Holders of rec. Mar. 9a
WInsted Hosiery (guar.)
02M May I *Holders pf rec. Apr. 15
• •y.i May 1 *Holders of rec. Apr. 16
Extra
Quarterly
*234 Aug. 1 *Holders of reo. July 15
Extra
Aug. 1 *Holders of rec. July 15
Wire Wheel Corp. of Amer.. Pret.(q111.)-- 1% Apr. 1 Holders of rec. Mar. 20
Wolverine Tube (quar.)
•30c. Apr. 1 *Holders of rec. Mar. 15
Extra
*7 Sic Apr. 1 *Holders of rec. Mar. 15
Woodley Petroleum (quer.)
15c. Mar. 31 Holders of rec. Mar. 22
WoodruffEdwards,Inc.,cl.A(qu.)(No.1) *50c. Apr. 1 *Holders of rec. Mar. 20
Woods Manufacturing, pref.(quar.)_
134 Apr, 1 Holders of rec. Mar.25
Wright Aeronautical Corp. (stock div.). /100 Apr. 30 Holders of rec. Apr. 15a
Wrigley (Wm.)Jr. Co.. corn.(mthly.)_. •25o. Apr. I 'Holders of roe Mar. 211a
Wright Aeronautical Corp
(1100 Apr. 30 Holders of rec. Apr. 15
Yale.
/
1
4 Towne Mfg. (guar.)
21 Apr. I Mar. 12 to Mar. 28
Young (L. A.) Spring dv Wire (guar.).
50c. Apr. 1 Holders of rec. Mar. I5a
Extra
25c. Apr. .1 Holders of rec. Mar. 15
Youngstown Sheet & Tube, corn.(qu.)
$1.25 Apr. 1 Holders of rec. Mar. 140
Preferred (guar.)
$1.375 APT. 1 Holders of rec. Mar. 14
• From unofficial sources. tThe New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice I The
New York Curb Market Association has ruled that stock will not be quoted
exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
.r Payable In common stock. g Payable in scrip. h On account of accumulated
dividends. .1 Payable In preferred stock.
British Amer. Tob. dividend is ten pence per share. All transfers received in
London on or before March 2 will be In time for payment of dividend to transferees.
k Southeastern Power & Light corn, stock dividend Is 1-100th of a share for each
share held.
60e. cash or one-fifteenth share class A common stock.
(m)Payable at option of holder either in cash, $1.50, or in common stock at rate
of 1-64th share.
n Coty. Inc., declared a stock dividend 01 6%.Payable in quarterly Installments.
e New York Stock Exchange rules Wesson Oil & Snowdrift be not quoted ex-the
stock dividend until April 2.
7) Subject to stockholders' approval at meeting called for March 29.
g Payable also to holders of coupon No. 9.
s Engineers Public Service Co.'s stock dividend Is two-one hundredths share
common stock.
I New York Stocit Exchange rules Certo Corp. be not quoted ex the stock dividend
until March 1.
.
is Payable in cash or stock at rate of one-fortieth share.
o American Cities Power & Light dividends are 1-32d share of class B on class A
stock and I% In class B stock on the class B stock. the class A stock having the
option of taking cash at rate of 75c. per share.
to Less deduction for expenses of depositary.
z Stewart-Warner Speedometer dividend sublect to stockholders' meeting Apr. 2.
(2) Associated Gas & Elec. dividend payable in class A stock at rate of
234%
of one altars for each share held.

[VOL. 128.

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Mar. 15:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY. MAR. 81929.
NATIONAL AND STATE BANKS-Average Figures.

Loans.
Manhattan$
Bank of U.S
160,623,800
Bryant Park Bank 2,099,500
Chelsea Exch.Bk_ 23.232,000
Gmce National_ __ 16,989,600
Harriman Nat'l__ 33,421,000
Port Morris
3,975,500
Public National... 125,883,000
BrooklynNassau National_ 21,810,000
Peoples National_ 8,305,000
Trader, NationaL 2.725.000

Oth.Cash, Res. Dep., Dep.Other
0 Id. Including N. Y. and Banksand
Gross.
Bk. Notes Elsewhere. TrustCos. Deposits.
3
$
$
$
$
24,000 1,850,100 21,388,800 1,426,300 153,337,700
91,900 141,900
260,000
2,277,600
1,981,000 1,645,000
22,805,000
4,000 119,100 1,513,800 1,322,200 15,336,300
20,000 773,000 4,473,000 907,000 40,004,000
34,700
95,000
206,500
3,641,100
26,000 2,206,000 7,705,000 9.421,000 121,826,000
85,000
5,000

305,000 1,626,000
120,000
576,000
51.400
378.400

572,000 19,121,000
80,000 8,140,000
57 200 2 !bin Rial

TRUST COMPANIES-Average Figures.

Loans.

Cash.

Reeve Dep.. Depos.Other
N. Y. and Banks and
Gross
Elsewhere, Trust Cos. Deposits.

Manhattan$
s
$
American
54,089,200
752,000 10,866,400
Bk.of Europe & Tr
17,315,885
878.607
108,837
Bronx County
22,440,374
576,497 1,680,989
Central Union
249,164,000 *34,468,000 4,866,000
Empire
78,616.800 *4,975,000 4,216,900
Federation
17,939,530
221,097 1,353,805
Fulton
15,518,200 .2,126.800
294,600
Manufacturers
395,462,000 3,838,000 53.537,000
Municipal
63,285.600 1,819,900 5,238,500
United States
71,163,140 3.650,000 8,167,323
BrooklynBrooklyn
123,532,900 3,730,000 20,500,600
Kings County
30,589,138 2,137,164 2,483,280
Bayonne, N. J.Mneh roller.
0002 000
2114221
804.1172

$

s

20,400 54.184,600
16,671,248
22,148,937
2,885,000 256,338.000
3.717.700 76.358.100
219,175 18.154,705
15,081,800
2,677,000 360,515,000
99,400 83,703,200
57,362,841
105,843,900
28,849,760
255.1155

3 256.357

'Includes amount with Federal Reserve Bank as follows: Central Union.
$33.438.000; Empire. $3,331,000; Fulton, $2,016,300.

Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks,
BOSTON CLEARING HOUSE MEMBERS.
Mar. 20
1929.

Changesfrom
Previous Week

Mar. 13
1929.

Mar.6
1929.

$
$
s
$
Capital
86,550,000
+200.000
86.350,000
86,350,000
Surplus and profits
119,949,000 Unchanged
111,949,000 111,949.000
Loans. disc'ts & invest'ts.. 1,120,399.000 +11,856,000 1,108,543,000 1,115,542,000
Individual deposits
674,777.000 +3,543,000 671.234.000 677,092.000
Due to banks
134,134,000 +5.170,000 128,964.000 138,418,000
Time deposits
277,335,000 -4,166,000 281,501,000 281,576,000
United States deposits_
13,296,000 +12,260,000
1,036,000
1,338,000
Exchanges for Cig. House
32.511.000 +4,558,000
27,953,000
38,377,000
Due from other banks.._
86,855.000 +6.585,000
80,270,000
86,667.000
Ree've in legal depositare
81,412,000
-254,000
81,666.000
82,593,000
Cash in bank
8,761,000
-161,000
8,922,000
8,782,000
Res've excess in F.R.BY_
737.000
+132.000
605.000
1.010.000

Weekly Return of New York City Clearing House.Beginning with Mar. 31, 1928, the New York City Clearing
House Association discontinued giving out all statements
Philadelphia Banks.-The Philadelphia Clearing House
previously issued and now makes only the barest kind of a
report. The new return shows nothing but the deposits, along return for the week ending Mar.16,with comparative figures
for the two weeks preceding, is given below. Reserve
with the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF TEE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 16 1929
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
*Surplus 4 Net Demand
Time
is not a part of legal reserve. For trust companies not
Clearing House
*Capital. Undivided
Deposits
Deposits
Members.
Profits.
Average.
Average.
members of the Federal Reserve System the reserve required
$
$
$
$
is 10% on demand deposits and includes "Reserve with
Bank el N.Y.& Trust Co.__ 6,000,000 13,324.400
62,290,000
8.980.000
Bank of the Manhattan Co__ k22,250000 k42,424 400 176.734,000
41,233,000 legal depositaries" and "Cash in vaults."
Bank et America Nat Assn__ 25,000.000 37,384,600 141,169,000
49,268,000
National City Bank
Beginning with the return for the week ending May 14 1928,
j100 000000 3112 693300 a881,914.000 153,864,000
Obemleal National Bank__ _ _ 6,000,000 20,294,200 133,974,000
10,118,000 the Philadelphia Clearing House
National Bank of Commerce_ 25,000,000 48,295,300 295,546,000
Association discontinued show36,981,000
Chat.Pkenix Nat•Bk.4: Tr.Co 13,500,000 15,460,600 167,278,000
41,645,000 ing the reserves and whether reserves held are
above or below
Hamover National Bank
210.000,000 g21.983,000 125,800,000
3,035,000
Corn Excbange Bank
112,100,000 121,157,000 173,876,000
32,800.000 requirements. This will account for the queries at the end
National Park Bank
10.000,000 25,594,600 130,827,000
10,116,000
First National Bank
10,000,000 92,684,400 220,796,000
17.882,000 of the table.

Irving Trust Company
40,000,000 54,084,000
Continental Bank
1.000.000 1,522,300
Chase National Bank
h61,000000 h80067 300
Fifth Avenue Bank
500,000 3,382,100
Seaboard Natl.:10J Bank
11,000,000 15,912,900
Bankers Trust 06
25,000.000 77,387,200
U. S. Mtge.& Trust Co
5,000,000 6,187,200
Title Guarantee .1t Trust Co__ 10,000.000 22,577,900
Guaranty Trust Co
40,000.000 63,377,000
Fidelity Trust Co
4,600,000 3,771,400
Lawyers Trust Co
3,000.000 4,087,800
New York Trust Co
10,000,000 25.938,100
Farmers Loan & Trust Co.- 10.000.000 23,113.900
Equitable Trust Co
30.000.000 27,098,900
Commercial Nat. Bk & Tr.Co. 7,000,000 7,000,000
Clearing Non-Member.
Mechanics'Ir. Co., Bayonne_
'rotate

362,665,000
8,806,000
b589,776,000
26,136,000
129,950,000
c342,159.000
58,834,000
35.960,000
d479,608,000
42,844,000
19,390,000
142,862,000
el19,438,000
1338,171,000
31,629,000

49,772,000
654,000
65,608,000
1,051,000
5.951,000
56,581.000
5,793,000
2,559.000
86,049.000
5,166,000
2,569,000
25,722,000
23,253,000
38,929,000
2,411,000

500,000
816,400
3,287,000
4117 $1311000 R/17 Fon Sons 9A1 'sin nan

7115 1159 nnn

5,622,000

• As per official reports: National Dec. 31 1928: State, Dec. 31
1928: trust companies, Dee. 311928; g as of Jan. 9 1929; h as of Jan.
26 1929; 1 as of Feb. 11929;
I as ef Feb. 16 1929; k as of Mar. 7 1929.
Includes deposits In foreign branches: a $296,170,000; b
815,651,000; c $65,349,000; d 2105,190,000: e 29,293,000; 1120.385,000.


http://fraser.stlouisfed.org/
Umeninv
Federal
Reserve Bank of St. Louis

Two Ciphers (00)
omitted.

Week Ended Mar. 16 1929.
Members of
Trust
Pit.System Companies.

$
Capital
59,333,0
Surplus and profits.- - 182,520,0
Loans, discts. & invest. 1,070,132,0
Exch. for Clear. House
41,298,0
Due from banks
92,921,0
Bank deposits
124,975,0
Individual deposits--- 623,707,0
Time deposits
212,231,0
Total deposits
960,913,0
Res. with legal deposRes. with F. R. Bank_
69,767,0
Cash in vault*
16,188,0
Total res. & cash held.
79,955.0
Reserverequired
Excess reserve and cash
In vault

Total.

Mar.0
1929.

Mar. 2
1929.

$
9,500,0
68,833,0
87,933,0
87,831.0
18,521,0 201,041,0 201,641.0 201,318.0
98,826,0 1,168,958,0 1,182,921, 1,148,498,0
795,0
42,093,0
46,711,0
40.958,0
577,0
93,498,0
89,791.1 102,063,0
3,531,0 128,506,0 131.819.0 181,074,0
47.806,0 671,513,0 859.848,0 668,573,0
26,104,0 238,335,0 240.805,0 236,333,0
77,441,0 1,038,354,0 1,032.472,0 1.035.980.0
8,269,0
8,269,0
10,243.0
9,413,0
69,767,0
67,361,0
89.521,0
2,654.0
12,842,0
12,435.0
12,818.0
10.923,0
90 678,0
90.029.0
91,552.0

• Cash in vault net counted as reserve for Federal Reserve members.

MAR. 23 19291

FINANCIAL CHRONICLE

1863

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar. 21 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1821, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
MAR 20 1929.
Mar.20 1929.1Mar.13 1929. Mar. 6 1929. Feb. 27 1929. Feb. 20 1929. Feb. 13 1929. Feb.6 1929. /an. 30 1929.
114ar. 21 1928.
RESOURCES.
$
Gold with Federal Reserve agents
1,300.876,000 1.213,407,000 1,183,910,000 1,167.630,000 1,207,199.000 1,214,425.000 1.192,665,000
1,207,793,000 1,393,893,000
Gold redemption fund with U.S. Treas.
70,707,000
64,353.000
62,119,000
60,476.000
67.836.000
60,347.000
64,362.000
68,686,000
48,560,000
Gold held exclusively agst. F. R. notes 1.371,533,000 1,277,760.000 1,246,029,000 1,235,466.000 1,267,675,000 1.274.772.000
1,257.027,000 1,274,479,000 1,442.453.000
Gold settlement fund with F.R.Board
675,996.0001 767.446.000 788.107,000 796,139,000 764.092,000 752,817,000 747,771,000 725,160,000
684,561,000
Gold and gold certificates held by banks_ 664.434,000 654,919.000 648,701.000 655,241,r00 649,343.000 658,832.000
659,122.000 667.545,000 648,757.000
Total gold reserves
2,712,013.000 2,700,125,000 2,682,837,000 2,686,846.000 2.681.110.000 2,686,221.000 2.663.920,000 2,667,184.000 2,775,771,000
Reserves other than gold
165,778,0001 160,264,000 152,755,000 157.318,000 158.751,000 161,928,000 166.685.000 168,013,000 170,060,000
Total reserves
2,877,791,000 2,860,389,000 2,835.592.000 2,844.164.000 2,839,861,000 2,848,149,000 2,830.605.000 2,835,197,000 2,945,831,000
son-reserve cash
78,367,000
78,312,0001 75,231,000
78,118,000
77,396.000
81.967,000
88,458,000
91,881.000
68,045,000
Bills discounted:
Secured by U.S. Govt. obligations_ 588,439.000 583,135,0001 606,053,000 608.752.000 518,271,000
617,744,000 539,462.000 623,778.000 285,371,000
Other bills discounted
354,238.000 372,488,000 383,119,000 343,730,000 346,709,000 286,205,000 312.159,000 296,856,000 191,607,000

1

Total bills discounted
Bills bought in open market
U S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness

942,737,000
236,838,000

955,623,000
283,101.000

989,172.000
304,644,000

952.482.000
334,075,000

864,980,000
355.636,000

903,949,000
391,058,000

851,621,000
410,742,000

820,634.000
435,609,000

476.978,000
332,728,000

51.611,000
90.904,000
42,836,000

51,618,000
90.502,000
23,177.000

51,594.000
90.671.000
20,699,000

51,593.000
90.738.000
24,069,000

51,592,000
95.144.000
25.853,000

51.592,000
96,843.000
28.735.000

51,615.000
97.869,000
50,605.000

51,599,000
99.572,000
50,600.000

57,330.000
171,767.000
156,164,000

Total U. S. Government securities
Other securities (see note)
Foreign loans on gold

185,351,000
6,845,000

165.297,000
10,250.000
7,562.000

182,964,000
10,250,000

166,400.000
10,075,000

172.589,000
10,075,000

177.170,000
9.075.000

200.089,000
9.075.000

201,771,000
9,025,000

385,261,000
500,000

Total bills and securities (see note)...... 1,371,771,000 1,421.833,000 1,467.030,000 1,463,032,000 1.403,280,000
1.481.252,000 1,471,527.000 1,467,039.000 1,195,467,000
Gold held abroad
Due from foreign banks (see note)
723,000
724,000
725,0001
729.000
729,000
731.000
731.000
730,000
569,000
Uncollected items
747.690,000 754.786,000 678.483,000 713,637.000 719,244.000 665.350.000 646.528.000 631,465,000
676,209,000
Bank premises
58,691,000
58,891,000
58,660,000
58,680,000
58,656.000
58,656,000
58,622,000
59,264,000
68,607.000
All other resources
8,010,000
8,255,000
8,062,000
8,246,000
7.934,000
7.830.000
7.674,000
8,811.000
9,222,000
Total resources
5,143,043,0005.182.990,000 5,123,783,000 5,166.586.000 5.107.100.000 5.143,935.000 5,102.145,000 5.093,730,000
4,954,607,000
LIABILITIES.
F. R. notes In actual circulation
1,641,577,000 1.650,009,000 1,666,567,000 1,653.971,000 1,651,595,000 1.659.777.000 1.646,308,000 1,645,494,000
1,565,424,000
Deposits:
Member banks-reserve account
2.339,544,0002,362.567.000 2,350,497.000 2,367,250.000 2,318,644.000 2,372,622,000 2.386
284.000 2,390,947,000 2,322,237,000
Government
4,570,000
7,773.000
21,577,000
21,156,000
15.187,000
20.862,000
24,042,000
18,036,000
14,863,000
Foreign banks (see note)
5.834,000
6,047,000
9,766.000
5,606,000
6.475,000
5,371,000
5,876,000
8,903,000
4.502,000
Other deposits
20,149,000
20,611,000
20.704.000
20.715,000
18,960.000
22.687,000
21.938,000
21,211,000
18,102,000
Total deposits
2,370,310.0002.396.785,000 2,402.544,000 2,412.972,000 2,361,021,000 2.421.522.000 2,438.140,000 2,437,097.000
2,359,704,000
Deferred availability items
701.987.000 708,172,000 628,729,000 675.013.000 671,503.000 640.560.000 596,735,000
Capital paid in
153,730.0001 152.521,000 152,118,000 151.266.000 150,196.000 149.764,000 149,565.000 591,235,000 646,319,000
1136.642.00048,810,000
Surplus
254,398.000 254,398,000 254,398.0001 254.398,000 254.398.000 254.398.000 254.398,000
254,398.000 233,319,000
All other liabilities
21,061,000i 21,105,000
19.427,0001
18,966,000
18,387,000
17,914.000
16,999,000
16,696.000
13,199,000
Total liabilities
5,143,043,000 5,182,990,000 5,123,783,0005.166,586,o® 5,107,100,000 5.143,935.0006.102
.145.000 5.093,730,000 4,954,607,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
67.8% 66.7%
65.9%
66.6%
65.8%
65.2%
85.8%
70.7%
65.3%
Ratio of total reserves to deposits and
F. It. note liabilities combined
71.7%
70.7%
69.7%
69.9%
69.8%
70.8%
69.3%
75.1%
69.4%
Contingent liability on bills purchased
for foreign correspondents
329,194,000 306,944,000 303,397,000 306.461,000 306,830,000 312,893,000 306,111,000
317.774,000 243,975;000
Distribution Si, MaturitiesI-15 days bills bought in open market
124.186,000 148,860,000 145,352,000 134,661.000 122.069,000 140,202.000 138,009.000
1-15 days bills discounted
776,069,000 787,080,000 818,385,000 789,566.000 708,979.000 767,210.000 707.601,000 133,502,000 151,818,000
677.446,000 400,982,000
1-15 days U. S. certif. of indebtedness_
19,275,000
794,000
1,705,000
884.000
1,737,000
706,000
506.000
435,000
1-15 days municipal warrants
16-30 days bills bought In open market _
54,169.000
64,002,000
81,997.000 104.774,000 104,340.000
89.121.000
91,155,000
95.602.000
79,257,000
18-30 days bills discounted
42,865,000
45,414,000
43.094,000
35.853,000
41,273,000
35,609.000
36,500,000
37,802.000
17,721,000
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 _
38,423.000
51,249,000
61.864,000
77,558.000 106.076,000 135,951,000 150,152,000 158,122,000
64,963,000
31-60 days bills discounted
73,860.000
69,563,000
70,834,000
67.067.000
69.807.000
56.914.000
60.261,000
32,557,000
51,437,000
81-60 days U. S. certif. of indebtedness
22,863,000
4.000
23,073,000
81-60 days municipal warrants
61-90 days bills bought in open market
19,123.000
14,613,000
11,504,000
19,326.000
13,419.000
23.381.000
28,468,000
31.771,000
46,947,000
61-90 days bills discounted
39,763.000
44,156,000
47.483,000
43.758.000
42.589.000
33,905.000
36,363.000
16.911,000
42.387,000
61-90 days U. S. certif. of indebtedness_
39,000
1,000
45.000
5,820,000
1.049,000
61-90 days municipal warrants
Over 90 days bills bought in open market
4,377,000
2,937.000
3,927,000
3,825.000
3,663.000
2,403,000
2,958,000
3,436.000
4,919,000
Over 90 days bills discounted
10,180,000
9,410,000
9.376,000
9,323.000
9,247,000
10,311,000
10.896.000
11,562,000
8,807,000
Over 90 days certif. of indebtedness......
23,522,000
22,383,000
18,994,000
16,753,000
22,144,000
20.245,000
27,191,000
26,478,000 149,884,000
Over 90 days municipal warrants

1

F. It. notes received from Comptroller
B. R. notes held by F. R. Agent

Issued to Federal Reserve Banks

2,873,578,000 2.882.693,0002,890,834,000 2,895,166,000 2,905,238.000
824,062.000 833,452,000 823,632,000 838,812.000 854,472,000 2,911.668,000 2.927,701,000 2.941,893.000 2,840,840,000
857.443.000 863,687.000 862.727,000 875.450,000
2,049,516,000 2,049,241,000 2,067.202,000 2,056,354.000 2,050.766.000
2.054.225,000 2.064,014,000 2.079,168.000 1,965,350,000

How SecuredBy gold and gold certificates
363,195,000 363,195,000 362,645,000 362.645,000
Gold redemption fund
97,222,000
99.244.000
87.479.000
94.768,000
Gold fund-Federal Reserve Board.- 840,459,000 750.968,000 733.786.000
710.217,000
By eligible Paper
1,130,676,000 1.183,273,000 1,256.975,000 1.240.409,000

362,645.000 360,145,0001 360.145.000 36u,I45,000 414,140,000
101,300,000
93.611,0001 97.206,000
90,144.000
91,366,000
743.254,000 760,669.0001 735,314.000 757,504,000 888,387,000
1.175,606,000 1,244,987,000 1.220.038.000 1,217,957,000 780,579,090
1
Total
2.431.552.000 2,396,680,000 2,440.885,000 2.408.039.000
2.382.805.000 2.459.412.000 2412.703 000 2.425,790 000 2.174.472.000
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
so foreign correspondents. In addition, the caption. "All other earning assets,"
previously made UP of Federa Intermediate Credit Bank debentures, was changed to
'Other securities," and the caption, "Tonal earning assets" to -Total hills and securities:'
The latter item was adopted as a more accurate description of the total of
the dlsoounta. acceptances and securities acquired under the provision of Sections 13
and 14 of the Federal Reserve Act, which, it was stated, are the only items Included
therein
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 20
1929
Two ciphers (00) omitted.
•
Total.
Boston.
New
York.
Federal Reserve Bank ofPhilo
Cleveland. Richmond, Atlanta. Chicago. 8'. Louts. Minneap. Kan.City. Dallas.
!Eats Fresh
RESOURCES.
$
$
$
$
5
$
3
$
$
$
$
Gold with Federal Reserve Agents 1,300,876,0 86,041,0 291,683,0 87,368,0 158,773,0
$
$
52,690,0
110,745,0
202,458.0
19,464,0
49.566,0
52,481,0 26,734,0 162,873,0
Gold red'n fund with U.S. Treas.
70,707,0 9,707,0
12,635,0 7,566,0 4,835,0 1,761,0 3,872,0 11.908,0
5,157,0 2:930,0 3,522,0 2,322,0 4.492,0
Gold held excl. agst. F. R.notes 1,371,583,0 95,748,0 304.318,0 94,934,0 1
63,608,0
Gold settle't fund with F.R.Board 675,996,0 68,185,0 252,108,0 20.384,0 60.820,0 54.451,0 114,617,0 214.366,0 24,621,0 52,496,0 56,003,0 29,056,0 167,365,0
15,195,0
Gold and gold Ws held by bank
664,434,0 23,927,0 417,811,0 40,752,0 45,363,0 14,329,0 14,672,0 90,237.0 21,138,0 25,241,0 40,561.0 34,278,0 33,177,0
7,678,0 54,783,0 10,282,0 5,551,0 5,128,0 10,684,0, 28,146,0
Total gold reserves
I
2,712,013,0 187,860,0 974,237,0 156,070,0 269.791,0 83,975,0 136,967.0
359,386,0
83,288.0 101,692.0 74.018,0 228.688,0
Reserve other than gold
165,778,0 16,747,0
45,628,0 8,082,0 12,232.0 8,199,0 9.846,0 18,632,0 56,041.0
15.710,0 2,599,0 5.509,0 6,954,0. 15,640.0
2,877,791,0 204,607,0 1,019,865,0 164,152,0 282,023,0 92,174,0
Total reserves
146,813,0 374,018,0 71,751,0
78,367,0 6,617,0
Non-reserve cash
30.138,0 2,518,0 6,509,0 5,354,0 4,900.0 7,577.0 4,426,0 85,887,0 107,201,0 80,972.0 244,328.0
1.108,0 1,952.0 2.881,0 4,387,0
Bills discounted
obligations
S.
Govt.
U.
588,439,0
34,504,0 141,273,0 63,926,0 48,977.0 17,039.0 11,327.0 156,210,0
Sec. by
27,803.0 14.214,0
354,298,0 14,886.0
Other bills discounted
66,863.0 33,263,0 27,925,0 24,687,0 37,307,0 80,963,0 22.762,0 3,321,0 14,336,0 6,212,0 52,618.0
19,394,0 3,253,0 19,674.0
942,737,0 49,390,0 208,136,0 97,189,0 76,902.0 41.726,0 48.634,0 237.173,0
Total bills discounted
50,565.0 17,535,0
236,838,0 30,692,0
43,819,0 21,712.0 24,882.0 10,917,0 11,685,0 21,148,0 8,372,0 8,121,0 33,730,0 9,465,0 72,292.0
Bills bought in open market
9,891,0 15,678,0 29,921,0
U. 8. Government securities:
51,611,0
Bonds
689,0
1,384,0
585,0
548,0 1,152.0
25.0 19,937,0 7,125,0 4,534,0 7,755,0 7.813,0
64.0
90,904,0 2,534,0
8,880,0 9,779,0 27,922,0
Treasury notes
903,0 3,372,0 5,136,0 11,426,0 4,341.0
902,0 3,239,0 12,470.0
42,836,0 2,114,0
Certificates of indebtedness
25.904,0 7,747,0
845,0
301,0
264,0 1,561,0
512,0
382,0 1,136,0 1,215,0
855,0
10F OKI A
MOO/ n
.111 IRO n
10 III A
on Olen
n nen n
n eel n
ne &OA n
in A,' A
Total U. S. Gov't securities
n neon
A orlon
in neon
In nnn n




1

,U4.0

la,.,ov,

[VOL. 128.

FINANCIAL CHRONICLE

1864
RESOURCES (Conclutled)Two Ciphers (00) omitted.

Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
&Bother

Cleveland. Richmond Atlanta. Chicago. Si. Louis Minneap. Kan.City. Dallas. San Pres.

s

s

s

$

3

$

3

3
2,095,0

$

$
6,845,0

Other securities
Foreign loans on gold

Phila.

New York.

Boston.

Total.

$

$

$

2,000,0

1,250,0

1,500,0

290,218,0 137,012.0 131.099,0 54,999,0 63,980,0 284,055,0 78,000,0 36,913,0 54.914,0 37,410,0 116,852,0
52,0
24.0
24,0
18,0
29,0
99,0
33.0
28.0
74,0
70,0
218,0
197,620,0 61,498,0 71.476,0 56,016,0 28,630,0 96,553,0 31,978,0 13,038,0 41,383,0 32,491,0 44,557,0
1,752,0 6,535,0 3,575,0 2,744,0 8,527,0 3,893,0 2.110,0 4,140,0 1,922,0 3,704,0
16,087,0
446,0
502,0
820,0
338,0
418,0
961,0
1,166,0
055,0 1,831,0
126.0
823,0

1,371.771,0 85,419,0
54,0
723,0
747,690,0 72,450,0
58,691,0 3,702,0
74,0
8,010,0

414.326,0
5,143.043,0 372,923,0 1,554,969,0 367,128,0 498,882.0 212,656,0 248,926,0 776,690,0 190,495,0 139,894.0 209,952,0 156,202,0
Total resources
LIABILITIES.
157,197.0
38.623,0
63,574,0
66,941,0
58,921,0
71,722,0
279,967,0
201,544,0
137,221.0
137,231,0
298,540,0
130,096.0
F. R. notes in actual circulation_ 1,641,577,0
Deposits:
52,879,0 90,157,0 69,928,0 174.445,0
Member bank-reserve acc't 2,339,544,0 139,480,0 936,582,0 132.284,0 183.972,0 66.652.0 67,135,0 347,188,0 78,842,0
285,0
164,0
513,0
451,0
199,0
431,0
683,0
194,0
214,0
. 420,0
812,0
204.0
4,570,0
Government
421,0
193,0
193,0
146,0
234,0
801,0
269,0
228,0
597,0
562,0
1,970,0
433,0
6,047,0
Foreign bank
27,0 8,282,0
213,0
206.0
2,048,0
854,0
166.0
746,0
87,0
58.0
7,397,0
65,0
20,149,0
Other deposits
183,433,0
2 370,310,0 140,182,0 946,761,0 133,324,0 185,998.0 67,202,0 67,743.0 349,274,0 81,323,0 53,689,0 91,069,0 70,312,0
Total deposits
701,967,0 71,658,0 178,607,0 56,381,0 63,235,0 53,937,0 26,587,0 87,421,0 32,483,0 11,474.0 37,864,0 33,528,0 43,792.0
Detest (1 availability items
10,872,0
4,442,0
4,298,0
3,098,0
14,725,0
6,227,0
5,326,0 19,406,0 5,507.0
54,550,0 14,970,0
153,730,0 10,309.0
r_lapital paid In
71,282,0 24,101.0 26,345,0 12,399,0 10,554,0 36,442.0 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
254,398.0 19,619,0
Surplus
1,054,0
607.0
694,0
977,0
1,441,0
4,180,0
2,035,0
1,169,0
1,495,0
1,121,0
5,229,0
21,061,0 1,0.39.0
MI other liabilities
5,143,043,0 372,923.0 1,554,969,0 367.128,0 498,882,0 212,656,0 248,926,0 776.690,0 190,495,0 139,894,0 209,952,0 156,202,0 414,326,0
Total liabilities
Memoranda.
71.7
74.3
67.8
73.2
51.2
66.3
60.1
72.8
71.6
60.7
81.9
75.7
71.7
Fleeerve ratio (per cent)
3ontingent liability on bills pur23,654,0
chased for foreign correspontEts 329,194,0 24,311,0 100,207,0 31,539,0 33,510,0 15,113,0 12,813,0 45,009,0 13,141,0 8,213,0 10,842.0 10,842,0
R. notes on hand (notes reed
from F. R. Agent less notes In
407.939.0 21.616.0 113,162,0 43,536,0 37,731,0 18,896.0 32.323.0 33.436.0 10,508,0 6,359,0 12.307.0 9.185.0 63.8800
circulation

F.

FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MARCH 20 1929.
Federal Reserve Agent at-

Phila.

New York.

Boston.

Total.

Cleveland. Richmond' Atlanta.' Chicago. St. Louts. Minneap. Kan.City. Dallas. San Fran.

s

s

1

$

a

a

$

s

$
8
$
$
765,417,0,212,747.0 270,905.0 112.329,0220.664.0.419.123.0 82,099,0 85,932,0 103,618,0 60,380,0 314,477,0
353,715,0; 31,980,01 31,630,0 21,711.0 51,120,0 105,720.0 12.670,0 15,099,0 24.370,0 12.572,0 88,400,0
,
411,702,0 180,767,0 239,275,0 90,618,0 169,544.01313,403,0 69,429,0 69,933,0 79.248,0 47,808,0 226,077.0

1

S
3
Two Ciphers (00) omittedF.R.notes reed from Comptroller 2,873,578,0 225.887,0
F.R.notes held by F. R. Agent__ 824,062.0 74,175,0

F. R. notes issued to F. R. Bank_ 2,049,516,O'151,712,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
14,758,0
8,050,0 14.167,0
50,000,0 6,690,0 27.350,0
Gold and gold certificates____ 363,195,0 35,300,01 171,880,0
14,803,0 10.791,0 13,773,0 7,000,0 2,895.0 1.458,0 2,414,0 2,399,0 4,121.0 5,976,0
97,222.0 17,741,01
Gold redemption fund
840,459,0 33,000,0, 105,000,0 76.577.0 95.000.0 39,000,0 80,500,0 201,000.0 9,000,01 33,000,0 48,360,0 6,000,0
Gold fund-F.R. Board
1,130,676,0 80,005.01 228,636,0 102.155.0 100.645.0 48,944,0 59,463.01257.263,0 58,774,01 25,363.0 43,316,0 24,973,0
Eligible paper
_ 2_431_552_0

Totaleollatpral _

IAA

I

35,000,0
13,851,0
114,022,0
101,139,0

520 319.0 169.523.0'259.418.O 1(11 634 0 170 2000.41(9721.O 78.238.0, 74.029.0 95.707.0 51.707.0 264.012.0

045 0

Weekly Return for the Member Banks of the Federal Reserve System.

Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a
week behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page 1821 immediately
preceding which we also give the figures of New York and Chicago reporting member banks for a week later.

sold with
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts
bills sold with
endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and obligations are
endorsement were included with loans, anti some of the banks included mortgages in investments. Loans secured by U. S. Government
any more subno longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not
of reporting
divided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number
In the San
batik
a
exclude
to
revised
been
also
have
figures
'rhe
substituted.
been
has
included
cities
of
number
the
place
its
in
omitted:
banks is now
given In
now
are
figures
The
bank.
non-member
a
with
Francisco district, with loans and investments of $135,000,000 on Jan. 2. which recently merged
round millions Instead of In thousands.
0
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE
BUSINESS ON MARCH 13 1929. (le millions of dollars.)
Federal Reserve District,

Total.

Boston. New York

16,433

1,111

U.S. Government securities
Other securities
Reserve with F. R. Bank
Caah ln vault
Net demand deposits
Time deposits
Government deposits
Dne from banks
Due to banks
Irinrrnsolnam frnm F it itstnk

*Subject to correctIon.

489

5
1,956

2,672

529

265

454

358

1,309

1,279
1,394

245
284

84
180

148
306

118
240

425
884

511

703
817

202
324

158
353

1,520

Loans-total

692

526

911

S
8,447

395

645

6,267

$
1,494

$

3

Dallas. San Fran.

723

681

S
3,417

$
2,204

$
22,386

Investments-total

Ckvelandl Richmond Atlanta, Chicago, Si. Louis. Minneap. Kan. Cite

$
1,243

Loans and investments-total

On securities
All other

Phila.

$

$

$

7.511
8,921

463
647

3,180
3,087

506
405

5,953

383

2,179

332

684

154

134

744

195

130

239

131

647

3,036
2.917

18.1
199

1.187
992

107
225

327
356

70
84

GI
69

349
395

78
117

73
57

116
122

91
41

388
258

1.726
245

100
18

800
70

78
15

132
29

42
11

41
10

257
40

47
7

26
6

57
11

35
8

112
21

13,398
6,855
6

908
480

5,858
1.705
2

727
280

1.042
976
1

368
245

315
231

1,893
1,267

400
236

229
133

518
180

317
144
1

793
978
2

1,147
2.845

46
104

134
947

56
157

104
212

51
102

84
121

23.3
465

59
132

49
89

118
210

63
100

144
206

716

25

176

63

61

20

RA

184

28

14

18

13

66

•

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 Mar. 20 1929.
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redeem. fund with U.S. Treasury_

Mar.20 1929. Mar. 13 1929. Mar. 211928.
$
$
$
291,683,000 241,781.000 328,813,000
13,494,000
14,414.000
12.635,000
342,307,000
276,797,000
416,013,000

Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Bnard_
Gold and gold certificates held by bank_

304,318,000
252,108,000
417,811,000

256,195,000
291,984,000
410,148,000

Total gold reserves
Reserves other than gold

974,237,000
45,628,000

958,327,000 1,035,117.000
34,766,000
43,315.000

Total resources

1.019,865,000 1,001.642.000 1,069,883,000
Total reserves
21,426,000
29.951.000
30,138,000
Non-reserve cash
Bills discounted
55,250,000
Secured by U. B. Govt. obligations___ 141,273,000 145,749,000
27,152,000
78,971.000
66,863,000
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total 13.8. Government securities__
Other securities (see nets)
Foreign Loans on Gold
Total bills and securities (See Note)

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollectediteme
Bank premises
All other resources

208,136,000
43.810,000

224.720,000
65,276.000

82,402,000
92,589,000

1,384,000
8,880,000
25,904.000

1.384,000
9,087.000
3.007,000

1,384,000
29,502,000
39,069,000

36,168,000
2,095,000

13,478,000

69,955,000

290,218,000

306,130.000

244,946,000

218,000
197,620.000
16,087,000
823,000

219,000
109,695,000
16,087,000
914,000

217,000
182,144,000
16,543,000
1,387,000

1,554,969,000 1.554,638,000 1,536,546.000

Fed'I Reserve notes in actual circulation
Deposits-Member bank,!swerve sect__
Government
Foreign bank (See Note)
Other deposits

298,540,000
936,582,000
812,000
1,070,000
7.397,000

298,676,000
931,601,000
2,997.000
1.757,000
8,023,000

343,352,000
902,604,000
10,559,000
1.271,000
9,099,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

946,761,000
178,607,000
54,550,000
71,282,000
5,229,000

944,378,000
180,462,000
54,439,000
71,282,000
5,401,000

923,533,000
160,903,000
42,413,000
63,007,000
3,338.000

Total liabilities
2,656.000

Mar.201020. Mar.13 1929. Mar. 211928.
$
8
$

Ratio of total reserves to deposit and
'Res've note liabilities combined.
Fed.
Contingent liability on bills purchased
for foreign correspondence

1,554,969,000 1.554,638,000 1,536,546,000
81.9%

80.6%

84.4%

100,207.000

94.708,000

68,975.000

NUM.-Beginning 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
changed to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was
or the total of MD
'titter securities," and the caption "Total earning assets" to "Total bills and securities." The latter term WWI adopted as a more accurate description
therein
included
Items
only
the
are
stated,
MU
it
.....^ount acceptances and securities &catered under the provisions of Sections 13 and 1401 he Federal Reserve Act, which.




1865

FINANCIAL CHRONICLE

MAR. 23 1929.]

New York City Realty and Surety Companies.
(All prices dollars per share.)

Vantere Gazett
Wall Street, Friday Night, Mar. 22 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 184S.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 22.

Sales '
for
Week.

Range for Week.
Lowest,

Highest.

Par. Shares $ per share.
Railroads100
Ann Arbor
100
Canada Southern
Caro Clinch & Ohio_ _100
100
C C C & St L pref
In Cent leased line_ 100
Market St Ry pref_1001
100
2d preferred
New On Tex & Mex_1001
N Y Lack & Western_100
Northern Central_ _ _50
.100
Pitts Ft W & Chic pf.

Range Since Jan. 1.
Lowest.

Highest.

$ per share. $ per share.$ Per share.

Mar 20 4851 afar 20 484
Mar 18 595, Mar 19 554
Mar 16 91
afar 16 894
Mar 20 105 Mar 20 105
Mar 18 80 Mar 20 78%
1
100 13 Mar 18 13 Mar 18 13
100 64 Mar 20 64 Mar 20 631
240 134 Mar 20 136 Mar 18 134
101075% Mar 181075% Mar 18 106
20 86 Mar 18 86 Mar 18 85
301515% Mar 19 152 Mar 16 15154
10 484
40 5501
10 91
10 105
40 7854

Mar 4855 Mar
Mar 614' Feb
Feb 9251 Feb
Mar 106
Jan
Mar 80
Feb
Mar 15
Mar 754
Mar 1404
Feb 1084
Jan 864
Mar 154

Jan
Feb
Feb
Mar
Feb
Jan

Bid
90
153)
530
305

Alliance R'ity 1
AmSurety new,
M 0.1
Bond
Lawyers Mtge
Lawyers Title
& Guarantee 385

1 Bid
Ask
110 Mtge Bond_i 150
157 N Y Title &'
Mortgage-1 740
560
312 U S Casualty 460
395

Bid
Ask
160 Realty Assoc's,
(Bklyn)corn I 44
1st prat _ _
98
760
2d pref ____ 97
475
Westchester
565
Title & Tr

Ask
45

615

New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks-N.Y. Bid
250
America
Amer Union._ 270
Bryant Park. 275
Central
228
230
Century
11105
Chase
Chath Phenix
Nat Bk& Tr 740
ChelseaEx new 116
Chis'aExC'p A 35
35
Class B_
1540
Chemical
1400
Colonial*
1180
Commerce
182
Rights
Continental. _ 600
Corn Exch_
1000
Fifth Avenue. 2400
6850
First
Grace
600
1325
Hanover
Harriman_ _ _ _ 1050
285
Liberty
Manhattan• _ 895
National City 392
Park
1080
Penn Each..
150

Banks-N.Y. Bid Ask Tr.Cos.-N.Y. Bid
Equitable Tr_ 695
_
'Port Morris__ 900
308 314 Farm L & Tr_ 1350
Public
1080 1100 Fidelity Trust 230
Seaboard
600
175 182 Fulton
Seward
305 325 Guaranty...... 1015
Trade*
230 240 IntaGermanic 228
Yorkville
360
Yorktown.- 260 275 Interstate
Irving Trust_ 825
760
Lawyers Trust
Brooklyn.
121
---- Manufacturers 312
40 Globe Exch. _ 420
40 Municipal. __ 640 650 Murray Hifi_ _ 325
630 660 Mutual(W'est158') Nassau
385
Chester)
_
1200
People's
296
155 fie - N Y Trust_
1195 Prospect
Times Square_ 185
188
Title Gil & Tr 1060
Trust Cos.
620
U S Mtge &Tr 725
New York.
1020
United States 4000
2500 Banca Comle
Westchest'r Tr 1000
Itallana Tr_ 414
7100
_ Bank of N Y
1000
Brooklyn,
975
Co_
& Trust
13.75
--11170
1100 Bankers Trust 1870 1900 Brooklyn
3100
194 Kings Co
188
New
295
Midwood- _ -I 310
905 Bronx Co Tr _ 480
398 Central Linton 465 475
600 650
1100 County
600 615
165 Empire
Ask
255
290
375
235
250
1115

Ask
705
1425
240
103?)
235
368
835
316
335
410
300
192
1100

4i66-

1185
1
Indus. & Miscall.
1
*48,200 3204 Mar 22 344 Mar 18 284 Feb 3734 Mar
Alleghany Corp
325
100 4,500 10034 Mar 20 1014 Mar 16 100% Mar 105% Feb
Preferred
151 Mar 3
Mar
Am & For Pow rights_ _ _ 91,800 14 Mar 20 2% Mar 16
Feb 9934 Jan
*,
10 95 Mar 22 95 Mar 22 95
Preferred (6)
Am Hawaiian SS Co 10 5,300 27 Mar 20 3234 Mar16 26% Mar 324 Mar
Am Steel Foundries rts_ _ 158,900 24 Mar 18 35% Mar 19 234 Mar 3% Mar
Mar
Anaconda Cop new w 1_113,300 13634 Mar 22 140 Mar 22 13651 Mar 140
*State banks. I New stock. z Ex-dividend. g Ex-stock My. y Ex-rights.
1137200 3351 Mar 22 3534 Mar 22 3331 Mar 3534 Mar
Rights
Mar 14 Mar
12.300
51 Mar 22 15% Mar 19
Anchor Cap rights
91 Marl
71 Mar
51 Mar 16
3,100
74
Autosales Corp rts
31Mar16
1
1
United States Liberty Loan Bonds and Treasury
Cavanagh-Dobbs Irte_.1 1,200 3654 Mar 22 3774 Mar 16 334 Feb: 4254 Feb
200 10351 Mar 20 104 afar 20 1034 Mar 1051i Mar
100
Preferred
on the New York Stock Exchange.Certificates
7
Mar
66
19
Mar
Feb
66
69
18
5,200
.1
Mar
931
Celotex
Jan 9315 Feb
100 100 90 Mar 22 90 Mar 22 89
Preferred
a daily record of the transactions in Libfurnish
we
Below
4,500
4 Mar 18
31 Mar
54 Mar 16
52 Mar
Rights
* 1,200 5734 Mar 18 58 Mar 20 5754 Mar 621( Jan erty Loan bonds and Treasury certificates on the New York
City Ice & Fuel
Mar 10514 Jan
10101 Mar 16 104 Mar 16 104
100
Preferred
Feb Stock Exchange. The transactions in registered bonds are
.2,900, 485% Mar 21 4954 Mar 16 484 Feb 50
Coca Cola class A
Jan 66
Jan
Columbia Gas & El new *19,600 5754 Mar 22 5901 Mar 16 57
Mar given in a footnote at the end of the tabulation.
20 9954 Mar 22 9955 Mar 22 92% Feb 100
100
Cons Cigar pref
Feb
Crosley Radio Corp _ _* 16,400 10715 Mar 22 117 Mar 20, 9055 Feb 125
Mar
• 9,600 12354 Mar 22 129 Mar 161204 Mar 129
Curtis Pub Co
Mar.201111ar.21 Mar.22
Mar 118
Mar Daily Record of U. S. Bond Prices. Mar.1613far.18 M07.19
* 1,000 115 Mar 22 117 Mar 18115
Preferred
Cushman's Sons pref_.
1011034 Mar 181107-4 Mar 18'1084 Feb1151( Feb
9S"ss 98"st 98.32
981Tss
98"ss
High
96"ss
Feb 25
Mar First Liberty Loan
90 22% Mar 16 25 Mar 19
-22
De Beers Cons Mines..
971032
; 700 22 Mar 18 23 , Mar 2() 22
352% bonds of 1923-47_ Low- 98"st 9816a: 98"as 98"st 98"n
Mar 2834 Jan
Duplan Silk
14
981 *st 975022
98"ss
ss
98
98"ss
982,22
Close
(First 354)
Mar 102
100 08 Mar 22 98 Mar 2 i 98
Jan
100
Preferred
353
32
15
10
199
25
Total sates in 81,000 units.....
1
i
----_----------Converted 4% bonds off High
Feb/ 13
Jan
10 10 Mar 16 10 Mar 161 9
Elk Horn Coal pref__50
1932-47 (First 40)
Febi 38
39(1 34 Mar 18 3455 Mar 16 27
Feb
Emporium Capwell____.
_
Mari 99% Feb
700 97 Mar 20 9814 Mar 22 97
Engineers PS pref (5).5)•
Total sales in $1,000 units__________
Evans Auto Load Corp 5_ 12,000 68 Mar 20 734 Mar 16 6254 Marl 734 Mar
922
98.
98"ss
9S'°,,
9S"ss
99'st
Converted 434% bonds High 99'n
Mar 725% Mar
1,100 70 Mar 22 725% Mar 21 70
Fashion Park Assoc
98"ss 98"ss 98"n 931.32
of 1932-47 (First 451s) LOW- CS'.11 9824n
200 101
Mar 21 10134 N1ar 21 101
Mar101
Mar
Preferred
951,, 98"ss 9525,
98"ss Nun
98..32
Close
First Nat Pict 1st p1_100
45010714 Mar 18 108% Mar 22 104% Jan 10874 Mar
24
16
29
43
87
21
Total sales in $1,000 units_ _ _
Mar
43,600 151 Mar 22 3 Mar i81 104 Marl 3
Fisk Rubber rights
---------------Second converted 4si% High
Gen GaS & Flee pf A (7)• 250 110 Mar 22 1124 Afar 18 1084 Feb1164 Jan
bonds of 1932-47(First(Low55 Mar 2
Mar
18,600
General Mills rights
34 Mar 19 134 Mar 16
Second 494,
)
500 11055 Mar 19 1104 Mar 19 109
Jan 1104 Mar
Gen Mot deb 6% pf_100
.___
__
__
____
___
Total sales in $1,000 units _ _ _
Gen Refractories rights 14,300 271 Mar 22 334 Mar 181 251 'Mar 375 Mar
9-999111
__99'31
{High 9914n 995722 0932
Grand Stores prat _100
100114
Mar 16 114 Mar 16 114
Mar 116
Jan Fourth Liberty Loan
99
99.32
99022
99.32
99.32
Low1933-38
of
bonds
43-1%
Gulf States Steel rights 15,000 354 Mar 16 5 Afar 18 354 Mar 6
Mar
99
99.32
98n22
99'n
Close 99"ss 998n
(Fourth 451s)
1
227
288
169
161
77
96
Total sales in $1,000 units_ __
Helme(G W) pref.._ _100
10 124 Mar 19 124 Mar 19 12351 Jan 124 55 Jan
11
1053032
106"ss
ss
106
106"st
106"n
106"as
fHlgb
Indian Refining rights__ 72,600 354 Mar 18 554 Mar 21 24 Marl 5% Mar Treasury
Low_ 106"n 106":2 106"ss 106"ss 1066ss 105.022
434s, 1947-52
58,200 3 Mar 16 554 Mar 21 201 Ma
5% Mar
Certificate rights
Close 106"at 106"n 106"ss 106"ss 106"ss 1051.22
• 330 91
Ma 96
Feb
Mar 18 92 Mar 18 91
Kendall Co pref
2
9
50
31
79
12
Total sales in $1,000 units_ _ _
134 Mar
51 Mrs 22 1
Mar 16
Kreuger & Toll rights. _ _ 62,400
94 Ma
____ 102"ss 10216ss 102"ss 10215ss 102
High
100110 Mar 18 110 Mar 18 110
Jan
Jan 110
Kup'heimer & Co pf _100
102
11
n
,
102
102"st
ss
102
102"ss
-__Low_
4s, 1944-1954
Feb
* 6,100 2155 Mar 18 224 Mar 16 19
Feb 26
Lehigh Valley Coal
____ 102"ss 102"st 102"ss 102"ss 102
Close
Link Belt Co•2,100 554 Mar 22 58% Mar20 539-4 Mar 61
Feb
2
20
70
4
27
Total sales in $1,000 units_ _ _
Mar 95
Mar
300 92 Mar 22 95 Mar 19 92
Loew's pref ex-warr____
991.32
____ 100
---{High
--- 99
Mar 10231 Jan
Ludlum Steel pref
• 200 99 Mar 22 1004 Mar 19 99
-- 99
---99.231
99.532
____
Low_
1946-1956
04
3s.
449-4
Mar 16 43
Feb
Mar' 48
McGraw-I1111 Pub
. 700 44 Mar 19
99
991322 991.22
____
Close
Mar 120
Jan
20 119 Mar 20 119 Mar 20 119
Manhattan Shirt pref 100
____
___
50
____
58
Total sales in $1,000 units _ __
Jan 275
Mexican Petroleum _ _100
Jan
10 242 Mar 22242 Mar 22240
---- 95.722
96,ss
High 96.11 96":1 9610s
1
---- 43527,,
96332
(Low.. 961032 96)0n 96.22
344s, 1943-1947
Mar 18 106
Jan 109
Jan
Outlet Co prat
20 109 Mar 18 109
100
951.22
96,32
Close 061°32 96..32 96.ss
Pacific Gas & Elec rights 6,600 3 Mar 16 351 Mar 16 274 mae 334 Feb
1
36
26
1
2
units...,
$1,000
in
sales
Total
Mar 13
Pettibone Mulliken._100
Mar
60 13 Mar 19 13 Mar 19 13
952las
---- 96"ss 96
{WW1
Mar 48
Phillips Jones Corp....*
Jan
50 43 Mar 21' 464 Mar 19 43
95"n
1940-1943
34s.
Ph ila & Reading C & Irts 16,700
55 Mar 20 151 Mar 18
56 Mar 14 Mar
95',,
965.22 96
____
Close
Mar 654 Jan
Pirelli of Italy
3,000 54 Mar 16 58 Mar 20 54
4
II
TI5A1 Iran,* in it I 11011 uniteI
Pittsburgh Steel prat 100
90 96 Mar 16 97 Mar 19 924 Feb 97
Mar
Pub Ser of N J nights.._ _ 34,000
Mar 16
74 Feb 14 Jan
31 Mar 16 1
Radio Corp new
895% Mar 22 109% Mar 16 684 Feb 109q Mar
•
coupon
of
Note.-The above table includes only sales
Mar 784 Mar
Preferred 11
40,900 76 Mar 22 7851 afar 18 76
Item Typewrit lot p1_100
Jan bonds. Transactions in registered bonds were:
9010031 Mar 2010331 Mar 20 10051 Mar 109
Mar 104
2d preferred
Feb
150100 Mar 20 102 Mar 20 100
100
99.22 to 99.21
7 bat 1 51s
,32 to 99832110 9th 445
95.
1
Spicer Corp pref Cl A_
3,400 51% Mar 221 5254 Mar 18 5054 Mar 553-4 Mar
Mar
384
21
43
Mar
Spencer Kellogg & Sons *
3974
19
Feb
900 384 Mar
Texas Corp part pald.2' 4,200 6355 Mar 20 6612 Mar 21 5555 Feb 66% Mar
Foreign Exchange.25
Full paid
Mar
100 65 Mar 22 65 Mar 22 564 Mar 65
Jan 44 Jan
To-day's (11 May's) actual rates for sterling exchange were 4.844 ©
100 1,500 254 Mar 18 274 Mar 22 2
U S Express
U S Realty & Impt rts_ _ 87,700 35,2 Mar 6 7 Mar 19 351 Mar 74 Feb 4.85 1-16 for checks and 4.85(4)4.85 9-16 for cables. Commercial on banks,
Victor Talk Mach ctfs__.
Mar sight, 4.84 11-16484.847.4; sixty days, 4.80; ninety days, 4.77%8, and docu700 185 Mar 20 190 Mar 16 153'51 Mar 190
Mar 25
200 24 Mar 22 25 Mar 22 24
Feb ments for payment, 4.7934484.80. Cotton for payment, 4.84, and grain
Vs Iron Coal & Coke..100
for payment, 4.84.
1
Walgreen Co prof_ _ _100
Mar
100 105 Mar 19 105 Mar 19 1004 Mar 106
To-day's (Friday's) actual rates for Paris bankers' francs were 3.909448
Warner Bros Pict rights. 89,14)0 271 Mar 18 304 mar 18 2% Mar 4% Feb 3.9034 for short. Amsterdam bankers' guilders were 40.004 ©40.03 for
Mar 20 914 Feb11334 Feb abort.
900 92 Mar 20 96
Webster Eisenlohr_ _ _ _25
Mar 17% Mar
Mar 18 14
Rights
1,600 14 NIar 22 16
Exchange at Paris on London, 124.27 francs; week's range, 124.30 franca
1
Mar high and 124.26 francs low.
500 5 Mar 19 5 Mar 19 314 Feb 5
Wells-Fargo & Co
Feb
Trio range for foreign exchange for the week follows:
Wesson Oil & Sn pf old_*
20011031 Mar 20110)4 NIar 20 106% Jan 112
Cables.
Checks.
Sterling. ActualWilcox-Rich Corp cl A.* 8,900 4434 Mar 22 4651 Mar 19 444 Feb 4894 Feb
4.85 9-16
4
4.85 5-32
Feb
18
474
Mar
44
45%
Mar
211
5,500
for the week
•
Mar
High
37-4
B
Class
4.85
4.84 13-16
Low for the week
Paris Bankers' FrancsBank, Trust & Insur3.9034
3.9036
High for the week
ance Co. Stocks.
3.90)4
3.9094
Jan 765
Mar Low for the week
580635 Mar 16 765 Mar 21 493
Equit Tr Co of N Y__1
Amsterdam Bankers' Guilders40.054
• No par value.
40.04
High for the week
40.0434
40.004
Low for the week
Germany Bankers' Marks23.72%
23.7294
High for the week
23.7231
Quotations for U. S. Treas Ctfs. of Indebtedness, &c. Low for the week
23.7031
aturity.

Rate.

June 15 1929_ 44%
Sept.15 1929 ___ 414%
431%
Deo. 1513)29..

Bid.
99..22
99"32
99.412




Asked.
09"ss
0951„
9917,,

Maturity.

Int.
Rate.

Sept.15 1930-32
%
hf ar. 15 1930-32 334 %
1)ec. 15 1930-32 314%
%
Sept. 151029
44%
Dec. 15 1929

Bid.
992°32
901)22
96..2
99.)22
991722

Asked.
962.n
962 12
116,022
99.632
990.22

The Curb Market.-The review of the Curb Market is
given this week on page 1849.
A complete record of Curb Market transactions for the
week will be found on page 1884.

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar, 16,

Monday,
Mar. 18.

Tuesdau,
Mar. 10.

Wednesday,, Thursday,
Mar. 20.
Mar. 21.

Friday,
Mar. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since. Jan. 1.
On basis of 100-share lots

PER SHARE
Range for Previous
Year 1928

Lowest
Highest
Lowest
Highest
$ Per share 8 per share $ Per share 8 per share $ per share 8 per share Shares
Railroads
Par 5 Per share $ per share 3 per share $ per share
200 20012 200 201
200 20214 200 201
1994 20012 19918 19912 4,800 Atch Topeka dt Santa Fe__100 19618 Feb 16 2093
8 Feb 4 18238 Mar 204 Nov
10358 1035 10312 10312 10312 10312 10312 10312 1035 10358 10338 10312
1,300 Preferred
100 10212 Jan 3 10378 Jan 7 10212 Jan 10812 Apr
•181 182
182 182 *181 183
182 183 *176 180
17934 17934
500 Atlantic Coast Line
100 169 Jan 2 19134 Feb 4 15718 Oct 19112 May
12618 127
12558 12638 12518 128
12534 1274 12514 12658 124 12514 42,700 Baltimore .1, Ohio RIt
100 11878 Jan 16 133 Mar 5 10334 June 12558 Dee
*7934 80
80
80
7958 80
SO
8012 80
8018 80
80
2,000 Preferred
100 78 Jan 23 8012 Mar 20
77 Nov 85 Apr
*69
6912 69
6912 6912 6934 6818 69
*6812 69
•68
70
900 Bangor & Aroostook
50 65 Feb 16 72 Jan 2
61 June 8414 Jan
108 108
107 108 *107 108
108 108 *107 108 *107 108
100 Preferred
100 10634 Jan 2 11012 Jan 22 104 Dec 11534 May
*95 100
*92
98
96
96
*90
96
*90
96
*90
96
200 Boston & Maine
100 91 Jan 2 1094 Jan 5
58 Feb 91 Dee
7312 7312 7234 7314 7234 7378 724 73
7212 7014 71% 6,500 Bklyn-Manh 'Fran v t c_No par 7014 Mar 22 81% Feb
72
25
5338 Jar
*87
89 .87
7734 May
89
87
87
*86
88
87
87
*8612 88
500 Preferred v t c
No par 87 Mar 11 9258 Feb 1
3312 34
82
33
Jan 953 May
3358 3414 36
35
3534 3358 35
3312 3312 5,500 Brunswick Term dr Ry Sec_100 33 afar 12 444 Jan 18
477
Jan
1412
*65
70
68
68
7213 7212 *68
Sept
72
*69
72
68
68
400 Buffalo Bc Susquehanna_ _ _100 5434 Jan 26 85 Mar 2
3214 July 6412 Nov
*65
6734 *65
6734 *65
6734 64
65
*597 66
•59% 66
150 Preferred
100 5312 Jan 4 6812 Mar 4
38 Sept 63 Nov
246 24634 244 246
245 24838 24514 24713 24418 24734 24112 24514 20,100 Canadian Pacific
100 23312 Jan 8 26978 Feb 2 19512 June 253 Nov
*100 _ _ *100 - __ 4;100
.*100 101
9914 100 *100 101
60 Cans Clinch & Ohio ettsst'd100 9914 Mar 21 10112 Mar 14
98 Sept 10718 Mar
219 21-i
21-9
2-2-1-12 220
218
21612 218
4,500 Chesapeake & Ohio
_12 218
____ _ _ 219
100 211 Feb 8 22712 Feb 1 17512June 21834 Dee
__ _ _ _ _ __ __ 220__ 218
____ _
____
_ _ _ _ ___1 Preferred
100 21312 Jan 18 216 Feb 27 ___ ---- ---- ---1612 1-678 1612 1-(;34 163 1-6-34 1534 -1-614
155 1-5-78 1512 -lily, 4,200 Chicago & Alton
100 11 18 Jan 2 194 Feb 4
1834 May
538 Jan
2218 2158 2258 2178 22
22
2158 2112 211 2114 2012 21
4,0001 Preferred
100 17% Jan 9 2534 Feb 4
77 Feb 2638 May
*38
537
41
*38
41
41
*37
41
*36
41
*36
41
Chic & East Illinois RR.._..100 37 Mar 5 43 Feb 4
Feb 4814 May
37
*61
*60
62
61
*61
63
6112 6214 61
*60
61
62
600
Preferred
100 5812 Fe!, 20 66% Feb 4
58 Aug 7658 May
1934 2018 1938 20
1912 2038 1912 1958 1918 1912 19
194 10,500 Chicago Great Western
100 19 Jan 15 23% Feb 1
918 Feb 25 Dee
5814 60
58
5912 5738 5938 5738 58
5712 58 I 5618 5778 12,200 Preferred
100 4618 Jan 7 6358 Jan 31
2012 Feb 5038 Dee
351. 36
3558 361 3514 3578 354 3514 3518 3512 3518 3534 8,100'Chicago
Milw St Paul & Pao__
34 Jan 7 397 Feb 2
224 Mar 4012 Apr
573
; 5838 574 58
5718 5858 5638 5814 5634 57
56
568 15,200 Preferred new
55 Jan 4 6334 Feb 2
8712 88
37 Mar 59% Nov
87
871
. 864 8858 8534 8612 8534 8614 85
86
10,900 Chicago & North Western.100 85 Mar 22 9414 Feb 5
•136 140
78 June 0414 May
138 138 ,•138 140
139 139
139 139 *140 14212
500;
Preferred
100 135 Jan 5 145 Feb 5 135 Dec 180 May
13018 13112 128 13034 12814 1297 *12734 12912 128 12812 12714 128
Feb 13938 Nov
*10578 10612 106 1064 10534 10534 *10512 1064 *10512 10612 *10512 10612 5,500 Chicago Rock lel & Pactfic_100 12714 Mar 22 1397 Jan 19 106
300 7% preferred
100 10512 Feb 19 10814 Jan 25 105 Dec 11112May
*100 10012 100 10012 1004 10058 100 100 .100 10034 *9914 101
800 6% preferred
100 100 Jan 8 102% Feb 5
2
Dec
*114 11712 *115 119 *114 11612 *114 115
99
105 May
114 114
115 115
200 Colorado dr Southern
100 11118 Feb 18 122 Mar 5 105 Aug 126 May
*7514 76
76
76
*76
77
75
76
7512 7512 7612 77
3801 First preferred
100 75 afar 20 80 Jan 25
67
July
85 AM
.66
72
*66
72 .66
71
*66
72
*66
72 .66
72
Second preferred
100 6912 Jan 26 7212 Mar 5
6912 Nov 85 May
*65
66
6434 65
6434 6434 64
64
63
63
6412 65
1,900 Canso! RR of Cuba pref
100 63 Mar 21 7058 Jan 2
6812 Dec 8738 June
*80
8012 8012 8012 *80
8012 *7512 8012 7512 7512 *7512 8012
70 Cuba RR pref
100 7512 Mar 21 81 Jan 2
Dec 94 Just
79
*19412 196
19412 196
194 196
19212 193
192 192
190 192
4,200 Delaware & Hudson
100 190 Jan 2 2074 Feb 1 16314 Feb 226
131 13114 *130 131 *130 13112 12914 130
Apr
130 130
1284 129
1,100 Delaware Lack dr Western_100 12414 Feb 18 13314 Feb 1 12514
70
70
Dee
7014 7014 7014 7013 70
150 API
7018 *6912 70
674 6912 1,000 Deny & Rio (Sr West pref_100 5514 Jan 2
7734 Feb 21
5012 Feb 6534 Apr
5312 412
414 414
338 358 *312 412 *312 4
314 314
300 Duluth So Shore & Atl
100
34 Jan 8
478 Feb 4
64 Jan
3 Aug
*512 612
514 51: *512 612 *513 612 .514 614 *512 612
1001 Preferred
100
514 Jan 4
713 Feb 4
438 June
717 7314 7114 7234 71
9'z May
7334 71
73
7112 7212 7018 718 51,200 Erie
100 6618 Feb 18 78 Mar 5
4834 June 7212 Dee
6078 6078 6018 6012 6078 6112 61
61
6038 6058 6038 6038 2,5001 First preferred
100 5912 Feb 18 6434 Feb 4
June
637
50
*5612 5812 *5613 5812 *5612 584 .58
8 Jai)
5834 *57
5812 *58
5812
Second preferred
100 57 Feb 20 6014 Jan 5
Jan
10812 10812 108 108% 10812 11034 10814 10934 108 10818 107 107
494 June 62
4.700 Great Northern preferred 100 106% Feb 18 11578 Mar
934 Feb 11434 NO!
10634 1064 10612 10678 10614 10678 106 106
4
1057s 10578 105 105
2.5001
Pref certificates
100 10413 Feb 19 112 Mar 4
11134
Feb
3312 337
Nov
9118
3238 33
3234 3318 3212 33
3212 324 3112 3212 18,400' Iron Ore Propertles__No par 273 Jan
7 394 Feb 11
1914 June 3358 Oct
50
514 51
5212 *51
51
52
5212 *50
5212 50
50
1,400 Gulf Mobile & Northern
100 50 Mar 16 59 Feb 4
43 Aug 61% May
*9812 100
*981
.100
*9812 100
*98 100
*98 100
98
98
200 Preferred
100 98 Mar 22 103 Jan 3
Aug 109 Ma,
99
tilt 9
*812 9
758 758 *73
812
734 734 *7
734
500 Havana Electric Ry___No par
7 FeU 18
834 Jan 4
17% June
7 Aug
*5534 60
60
60
5834 5912 60
60
60
*5912 61
60
530 Preferred
100 55 Feb 16 60 Jan 12
Dee 7818 Sept
51
42234 42234 .402 429 *405 406 *410 429 *410 429 *410 429
10 Hocking
100 410 Jan 8 450 Jan 22 340 July 473 Nos
45
4818 444 464 4458 4512 4514 457
4814 4814 4538 4612 9,500 Hudson Valley
& Manhattan
100 4418 afar 18 5858 Jan 5
5018 Dec 7312 Ala
757 76
76
*75
76
76
75
75
754 7518 75
75
800 Preferred
100 75 Mar 20 84 Jail 18
Oct 9312 Ape
81
1404 141
141 141
13858 14034 140 140
138% 139% 13814 13912 2,800 Illinois Central
100 13314 afar 22 152 Feb 1 1315 Jan 14834 May
•138 145 *138 145 *138 145 *138 145 •137 145 *138 145
3
Preferred
100
139 Feb 27 1454 Feb 4 13012 Jan 147 May
.78
79
7818 7818 *78
79
*784 79
784 7818 787* 787*
70 RR. See Stock certificates..... 773 Jan 15 8018 Feb 21
75 July 8238 Jun(
4758 4938 4818 4878 4878 49
4712 4812 4734 48
4612 4858 4,400 Interboro Rapid Tran t C-100 4612 Mar 22
v
5833 1e1)28
Jan 62 May
29
50
50
*4834 50
484 4834 *43
48
*43
*43
48
48
200 Int Rye of Cent AmerIca_100 4812 Mar 15 59
Jan 26
3612 Mar 5218 Nov
•____ 50 •____ 50 *____ 50 *____ 50 *__ _ _ 50 *____ 50
Certificates
No par 50 Jan 10 5912 Jan 25
*74
75
75
75
7414 7414 *7414 75
7414 7414 *7414 75
120 Preferred
73
100
Nine
13 8014 Jan 2
6958 Jan 82 May
*334 4
*334 4
*334 4
*334 4
*334 4
*334 4
Iowa Central
100
318 Jan 30
2 Mar
44 Jan 18
878 Mai
8718 8858 87
88
8658 8734 8514 87
8558 8538 8458 85
4,800 Kansas City Southern....._l00 8458 Mar 22 9878 Jan 12
43 June 95 Nos
•67
*6714 6814 6814 6914 6758 678 •6712 69
68
*6712 69
300 Preferred
100 6612 Feb 21 7012 Jan 15
6612 Aug 77 Apr
•94
95
95
9438 937 937
95
94
9334 94
9212 93
1,600 Lehigh Valley
50 92 Feb 16 1024 Feb 2
8418 Feb 116
Apr
•140 142 *141 142
141 141 *140 142 •140 142
140 140
400 Louisville & NashvIlle
100 140 Mar 22 15312 Feb 5 139% Nov 15912 May
•79
•79
79
83
79
*7714 83
83
*7714 83
8234 824
30 Manhattan Elevated guar_1(10 79 Mar 14 87 Jan 3
Jan
75
May
96
4912 5018 4912 50
*4912 50
4912 4938 4812 497
4812 4812 6,100 Modified guaranty
100 4812Mar 21 5712 Jan 11
40
Jan 64 May
*338 44 *3321 334 *338 414 *358 35
37g
.333 334
34
100 Market Street Ry
100
278 Mar 4
458 Jan 22
318 Dec
712 May
*3112 3412 *3112 3412 *3112 3412 3112 3112 *3112 3412 *3112 3412
200 Prior preferred
100 3114 Feb 27 3912 Jan 4
3812 Dee 544 May
314 234
258 28
234 234 *258 278
25
25
258 258 1,500i Minneapolis & St Louis__ _100
334
14
Feb
212
Jan
19
I%
May
613
*40
May
*40
43
*40
43
43
*10
42
*39
43
*39
43
Minn St Paul dr 55 Nlarle..100 3912 Feb 20 4714 Feb 4
40 June 523 Jae
79
79
*70
*70
79
80
*76
79
*75
79
79
*75
100 Preferred
100 71 Jan 14 87 Jan 23
7014 Dee 8734May
*60
*60
*60
64
64
64
*5914 63
*5914 63
5914 5914
10 Leased lines
5914
Mar
22
100
66
Jan
25
60
7
Dec
7113 Jan
49
5114 494 503/4 495g 51
4914 50
491 503
4918 50
35,300 Mo-Kan-Texa
3012 June 58 De<
10334 1034 10312 104
10312 16312 103% 10312 1034 10333 10314 10314 2,600 Preferred s RR____No par 46 Feb 18 55 Feb 4
100 10318 Jan 4 10534 Mar 13 101i2 Juno 109 Fah
8134 8358 804 817s 8018 8212 8018 8112 8038 813
7918 8012 24,800 Missouri Pacific
Jan
6212
100
4
87% Mar 5
4178 Feb 7614 Sept
13412 13538 13512 136
13434 136
13518 1358 13438 13518 13314 13412 8.600 Preferred
100 120 Jan 2 13738 Mar 5 105 Feb 1267n Dec
*85
8734
8314 834 .83
_ _
-- •83
_ _ •83
__
50 Morris & Essex
83 Jan 30 8658 Jan 17
5
8212 Aug 89 June
*193 197 *19212
.831963
- 4 19212 193
189 191
-191 19212
- 189 189
-550 Nash Chatt & St Louls.....i0O 186 Jan 29 19912 Feb 5 1714 Aug
20454 May
*212 234 *212 234
238
234 234
212 212
21
24
214
900 Nat Rys of Mexico 2d pref_ 100
218 Mar 8
358 Jan 25
2 Felt
512 API
18818 189
18912 191
18758 19114 187 189
187 190
18638 18812 36,400 New York Central
100 18614 Feb 16 20414 Feb 1 156 Feb 196.2 Nos
•135 137
134 13512 13418 1343 134 13412 132 134
135 135
2.300 NY Chlc & St Louis Co_..100 132 Mar 22 145 Feb 2 12114 Opt 146 May
1057* 10634 10614 10614 10612 10612 107 107
107 10714 *10612 10712 1,0000 Preferred
100 10534 Feb 25 1094 Jan 4 10412 Aug 110
Jar
301 305
301 314
301 305
3074 310
302 302 *300 310
290 N Y & Harlem
SO 301 Feb 16 379 Jan 8 168
Jan 505 Apr
6958 9038 8912 9014 894 9114 8914 9078 884 8912 8718 8834 31,600 NY Nil
dr Hartford
100 8078 Jan 4 9834 Feb 2
5438 June SA Dec
11534 11534 11534 11534 11534 11534 116 116
11612 11612 11614 11614
1,800' Preferred
Jan
1145
8
3
1195
8
Feb
2812 2812 2814 28 4 2814 2858 .2834 281
283 29
2758 2812 2,800 N Y Ontario & Western.. .100 27 Jan 25 32 Feb 2 112 Sept 117 Ma,
4
48% 9
24 Feb 39 May
.6
812 *7
812 *7
812 *7
812 *7
812
N Y Railways pref____No par
97 Fet) 21
634 Jan 14
54 Jan
*2814 32
13 Mal
*2814 32
2814 2814 .2814 3018 *2814 32
•2812 31
20 N Y State Rya pref
100 2814 Mar 19 41 Jan 30
234
Dec 43 Jnly
.43
43
4612 43
4412 444 45
45
*43
45
43
43
500 Norfolk Southern
100 43 Jan 14 4812 Feb 4
32 June 58 No'
194 194
195 195
19312 19612 195 19614 195 196
194 19512 2,6001Norfolk & Western
Jan
191
100
9
206
Feb
83% 83% 83% 83% 8338 838 833 833s .85
1 175 June 19812 No
8714 85
85
1501 Preferred
100 83 Feb 15 86 Jan 17
847 Oct 90 JUDI
10718 10738 10618 10714 10578 10814 10534 10712 10512 10612 10518 10558 13,5010orthe
rn Pacific
100 10518 Feb 16 11434 Mar 5
9258 Feb 118 Nos
10638 10678 1054 10614 106 106
10414 106
104 10478 10414 10412 2.400 Certificates
Feb
104
100
15
112
Feb
2
9038 Feb 115 Nos
*30
.37
*36
40
40
40
*30
40 .34
*30
40
40
Pacific Coast
100 20 Feb 15 43 Feb 28
1913 May 347 Mall
•35
*37
*37
47
47
47
*374 47
*2612 47
*30 • 47
First preferred
100 36 Jan 5 50 Mar 2
40 Aug 70 Jar
*32
32
3514 32
3514 *32
32
32
*32
3514 31
32
110 Second preferred
100 2112 Jan 10 40 Feb 28
2013
Aug 39 May
77
7738 7634 774 7658 7738 7658 77
7612 77
754 7612 33,700 Pennsylvania
50 7518 Mar 22 8214 Jan 18
6178 J11110 76% Del
.28
*28
*28
33
33
*28
33
33
*28
*28
33
33
Peoria & Eastern
100 30 Jan 18 347 Feb 1
25 Mar 37 Mal
15712 15712 155 155
160 160
15212 154 .152 160
15212 15212
800 Pere Marquette
100 148 Jan 3 17434 Feb 1 1247 Feb 154 Nos
100 100 *100 101
100 100
100 100 *100 101
100 101
590 Prior preferred
100 96 Jan 5 100 Mar 22
06
Oct 10134 Mal
.92
*92
93
95
95
93
*92
*92
94
.92
94
94
100 Preferred
100 02 Mar 15 97 Jan 8
92 Nov 1004 Me
*50 ._ •50313 ____ *5038 ____ *5038 ---- *5038 -__ •50% -_-_ Phila Rapid Transit
50 50 Jan 9 50 Jan 9
60
Nov
5658 Am
*50_ *50
__ *50
_ _ .50
*50
_
_ *50
-__
Preferred
50 50 Jan 2 50 Jan 2
50 Mar 5112 0*!
1404 190-14 *140 141
-- 140 1-40 *139 140
137 1-3712
-136 137
-______ Pittsburgh & West Va
100 136 Fel) 18 14834 Jan 10 12114 Feb 163
Or
10718 10734 1067g 1O7'z 10612 109
10658 10758 1064 10712 106 107
10,200 Reading
50 10511 Feb 18 11712 Feb 4
9414 Feb 1193* Mal
*42
4212 *42
4218 42
42
42
42
4218 4218 4212 4212
700 First preferred
50 42 Jan 4 4314 Fen 28
4112 Nov 46
Ap
.4638 47
*4634 47
•4638 47
*4612 47
.46
46
4612 46
100 Second preferred
50 46 Mar 22 4934 Feb 5
Jan 5978 Ma]
44
*6512 71
*65
70
*65
65's 634 6318 *60
70
65
65
300 Rutland RR pref
100 634 Mar 21 68 Jan 24
50 Feb77 De
11434 115
1144 1144 11418 1 1558 1144 11512 11512 116
11412 11512 6,500 St Louis-San Franelsco.....101 11418 Mar 12 12212 Feb 4 109
122 Ma
Feb
95
95
5
95
954 95
943
4 95
9558
9412 95
9434 94
5.300 1st pref paid
100 94 Jan 14 9612 Feb 2
94 Dec 101 Ma]
10812 10812 106 10812 10638 110
110 11112 10858 110
10714 10812 10.30081 Louis Southwestern__ _100 102 Jan 29 1158 Feb 4
6712 Feb 12418 No,
9012 9012 *9012 92
*9012 92
*9013 92
*90
92
9012 9012
200 Preferred
100 90 Fel) 25 9213 Mar 4
Jai
80 July 95
• 814 and asked prices no sales 00 this day.




Ex-dividend. a Ex-dividend and ax-rIghtl. yEX-tights. 0 Ex-d v. of 14s the shares of Chesapeake Corp. stook.

New York Stock Record-Continued--Page

1867

For sales during the week of stocks not recorded here. see second page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday,
Mar. 16.
Mar. 18.
$ per share
•19
20
.2212 24
130 130%
14814 14814
*9812 9814
116 116
*170 175
3534 3534
*50
51
*99 100
222 22212
8432
84
*921*....
97
*95
71
.68
06
.94
.85
90
474 4778
49
*47
38
.37
6214 6238

Tuesday, 'Wednesday, Thursday,
Mar. 19.
Mar. 20.
Mar. 21.

$ Per share $ Per share $ per share $ Per share
1912 .17
.17
1912 1778 1834 1734 1734
*21
23 .21
24
2112 2112 2134 2178
12914 130
12914 13012 12812 12914 12812 12878
148 148
14778 148
146 147
146 14612
9858 9834 *9712 9812 9712 9812 .97
99
116 117
117 117
1163 11634
116 116
*168 175
173 175 .
170 174 •168 172
*34
35
*3412 35
*3412 3478 3434 3434
5078 .
50
49
50
50
50
4912 4912
*9912 100 .9714 100
*974 100
*99 100
218 22134 218 221
218 21914 21614 21914
8314 8358 8358 8358 83158 83h 8334 8314
*954 -- .9512 - _ -- *9512 _--- *9512 _--.9212 107
.9212 107
.9212 107
•9212 100
6834 6834 • 68h 70
*6812 70 .67
70
96 .
*94
94
96
.94
96
04
94
90
*85
*85
90
*84
90
*85
90
4612 47h 4618 4878 46
4734 4618 4714
.4512 4812 *46
49
*46
48
4512 4512
37
37 .37
38
37
37
3612 3612
6012 61 •60
62
60
60
*5912 GO

Friday,
Mar. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

per share Shares
Railroads (Con.)
Par
1714 1714 2,100 Seaboard Air Line
100
*21
22
300 Preferred
100
12612 1283
8,700 Southern Pacific Co
100
1454 14614 5.200 Southern Railway
100
300 Preferred
100
115 115
170 Mobile & Ohio certlfs
100
16712 16712
700 Texas & Pacific
100
3412 341:
300 Third Avenue
100
44
4812
700 Twin City Rapid Transit_ _100
*99 100
Preferred
100
21514 21634 11,800 Union Pacific
100
834 8378 1,900 Preferred
100
•9512
Vicksburg Shrev & Pac
100
.9212 101
Preferred
100
68
68
1,600 Wabash
100
04
94
1,200 Preferred A
100
8314 8314
100 Preferred B
100
448 4678 30,400 Western Maryland
100
*45
49
100 Second preferred
100
35
36
2,400 Western Pacific
100
59,2 5912
800 Preferred
100

I ndustrial & Miscellaneous
4358 4438 4318 4418 4318 4334 43
4318 4212 4318 4112 4218 4,400 Abitibi Pow & Pap
No pa
8018 8018 804 82
8178 8178 82
823
824 83
82
82
2,200' Preferred
100
•139 140 *13812 139 .133 139 •130 13714 •131 137 .132
13714
Abraham
&
Straus____No
Pa
11014 11014 .11012 111 *11012 111 •11012 111 •11012 111 •11012 111
80 Preferred
100
575 575
570 570 .570 57212 569 572
571 575
575 591
2,400 Adams Express
100
96
9678 *93
*93
*93
96
*93
96
•93
9678 .93
9678
Preferred
100
314 3114 31
3112 *31
3114 31
31
3012 3114 *3012 31
1.000 Adams Millis
No pa
77
7812 7918 8134 7918 81
8112 92
9118 957s 8833 9712 162,100 Advance Rumely
100
81
83
83
85
83
85
83
8912 90
94
86
93
21,540 Preferred
100
358 358
3/
1
4 438
358 334
358 414
4
4,4
334 4,8 53,400 Ahuruada Lead
10758 108
1075 10734 10538 10834 105 10578 105 106
10218 10414 5,500 Air Reduction. Ine____No par
3
953 95
94 0/
9
1
4
912
9
914
878 9
878 9
24,900 Ajax Rubber. Inc
No par
758 734
758 734
712 758
7,2 734
712 758
733 758 10,700 Alaska Juneau Gold Min__10
1612 1678 17
16
17
1712 17
17
17
1718 1718 2,200'Albany Pert Wrap Pap_No par
17
28814 291
28512 292
283 287
28338 286
281 283
279 284
15,500 Allied Chemical & Dye_No par
•122 12212 12212 12212 •122 123 .
122 123 *122 123
121 122
400; Preferred
100
182 182 •178 182
182 186
1844 18534 183 18314 180 182
3,600 Allis-Chalmers Mfg
100
834 .8
83
9
8
8
8
8
8
8
8
8
600
Amalgamated
Leather_No
par
•133
66
•133
66 .64
68
*64
68
.64
68
6278 63
200 Preferred
3312 34
3338 3412 3278 3358 33
34
3378 343
3278 3414 16.800 Amerada Corp
No par
1918 194 19
2058 1912 20
1834 1958
1918 1918 1858 1858 9.800 Amer Agricultural Chem-100
6212 63
623 653
6478 6518 6312 64,18 •6212 627
61
6314 5,800 Preferred
100
124 124
122 124 *123 124
12278 123
120 120
11978 121
2,200 Amer Bank Note
10
.6012 644 6012 6012 *6012 647
6012 6012 60,2 6013 6012 6012
70 Preferred
50
1714 1714
17
17
17
1712 17
17
•I612 17
1612 1612
500 American Beet Sugar__No Par
55
.52
55
•52
*52
55 .52
55
*52
55
52
52
100 Preferred
100
5633 573
5738 6034 5958 604 5838 60
577 5938 5638 5838 59.200 Amer Bosch Magneto_ _No Par
543 554 5512 5512 55
5614 5458 55,4 545* 55
543 5614
7,500 Am Brake Shoe& F_-__No par
*12334 12412 124 124
12412 126 *124 12612 12612 1261 .12512 127
250 Preferred
100
2218 23
2118 2234 2112 22
2178 233
227 251
2314 2578 89,900 Amer Brown Boveri El_NO Par
75
77
77
77
77
77
791
77
7512 7912 75
78
770 Preferred
100
12112 12212 120 122
1194 12358 12218 127
12538 128'2 12258 129 401,500 American Can
25
•141 142
141 141
141 141
14118 1414 •141
•141 143
900 Preferred
100
10014 10114 10112 1023 10253 104
102 1033 10112 10478 10112 105
•116 120 .116 118 .116 11712 .116 1171 117 11738 •11614 11712 22,400 American Car & Fdy__No par
200 Preferred
100
85 .81
.80
85 .82
85 I .82
85 .82
85 .82
85
American Chain prof
100
54
55
54
553
54
54121 5314 541
5312 5434 5212 54
7,500
American
par
Chicle
No
•11014 __-- *110 ___ 511014
•11012
•11014
•11012
Prior preferred
No par
94 914
9,4 91
94 94
914 914
913 914 _ 1;5545 Amer Druggists Syndicate__10
914 914
43
4312 .42
433
4134 4312 42
4238 41
413
41
4118 2,100 Amer Encaustic TilIng_No pa
314 314 *305 3143 *3053 31434 314 3241 320 32112 320 320
8.900 American Express
100
109 11038 10658 110
10514 1074 10514 106
103 10814 10214 106,4 28,400 Amer & Forn Power._ _No pa
•10518 10612 *106 10634 10712 10778 •109 10634 .106 10634 10634
1063
400
4
Preferred
Napa
97t: 9734 9712 9712 96
973
.937 95
9578 9612 .93
95
1,600 2d preferred
No pa
.814 812 .814 812 .8
834
814 814 .7
8
.7
8
100 American Hide It Leather.100
3134 3212 3312 3312 *33
34
3234 323 .3212 33
53212 33
600 Preferred
10
7812 7914 78
7814 79
8238 8014 8212 8112 8278 8053 827 54,200
Amer Horne Products__No par
8
4112 4078 4112 4078 41
41
4112 4212 4058 414 40
15,500
4012
American
No
Ice
pa
•94
*94
95
95
94
94 .90
95 .90
95
.90
95
1,200 Preferred
100
68
67
733
70
6918 7358 6834 7234 6812 70
66
6978 137,100 Amer Internal Corp.. No pa
4,678 7
63
3
6
634 634
658 634
658 634
658 67
2,500 Amer La France & Foamite_l
67
69 .
.
65
69
6512 6512 65
65
65
69
65
6514
130 Preferred
10
11512 11712 12014 123
11978 12138 117 120
117 120
11518
58,500
1193
American Locomotive_No Pa
4
•114 116 .114 115
115 115
1154 11514 *11514 11612 .11514 1161
300 Preferred
2
100
•176 178
175 175 .174 17412 172 17334 *171 173
171
700 Amer Machine & Fdy__No Da
.112 115 *112 115 .110 115 •110 115 •110 115 .110 171
115
Pre: (7) ex-warrants
6818 6978 6812 70
6812 7314 698 7258 6814 70
6518 69
12078 121 •12112 125
125 125 .12112 12712 .122 12712 .122 12753 61,900 Amer Metal Co Ltd___No par
400
Preferred
100
(6%)
.
87
87
87
8713 87
87
87
8714 .87
8712 8718 8714
180 Amer Nat Gas pref._ __No par
12
12
12
1038 11
12
11
11
II
11
No par
4158 411
/
4 4218 4218 *4112 4312 4112 4112 4112 4112 4112 111; 1,100 American Piano
210 Preferred
100
1084 11014 107 109
10534 1073 10512 108
10612 1083 105
0658 20,800 Am Power & Light____No par
•101 10134 10178 10178 10118 10118 .101 10132 •101 10138 .101 1
10138
300
Preferred
No
par
.7414 7678 7612 764 7412 7412 7414 7414 74
75
*7534 76
1,000 Preferred A
No par
*8112 82
8134 82
8112 8214 8214 8214 82
8212 8114 8134 2,100 Pre! A stamped
No par
18312 18514 183 187
183 18514 180 180
181 183
177 18214 5,700 American Radiator
25
183 183 •182 184 .180 184 *181 183 *18012 185 *180 185
100
Preferred
100
15214 15214 150 15012 153 15534 151 155
155 1663 160 165
100
57
5814 55
6118 5718 5834 5578 5934 5678 6012 5412 5778 5,800 Amer Railway Express.
16,600 American Republics...No par
67
574 67
67
67
6738 67
6712 67
6714 67
67
2,300 American Safety Razor_No par
40h 4178 398 41
3812 403* 23818 3812 384 3938 38
39
12,200 Amer Seating v t c
No par
.434 5
434 434
47
458 478
478
5
478 5
48
1,800 Amer Ship & Comm_ No par
87
.84
87
88
.87
87,4 8714 8714 .86
8714 8714 87,4
210 American Shipbuilding_._J00
11758 1181 11812 12212 1 1924 12212 11912 1224 11812 12178 118
120 133,000 Ain Smelting It Refining__100
13552 13558 *13558 13612 1358 13534 13534 136
13612 13612 13612 13613 1,000 Preferred
100
201 202 .200 202 •199 200 .195 200
•199 201
1094 19914
300 American Snuff
100
•110 -- 110 110 .11612
•11212
.110
•110
190 Preferred
100
7112 7212 968
73
7078 7412 71
74
71
73
7012
11038 11134 11012 11012 •11012 112 .111 11112 11012 7232 56,100 Amer Steel Foundries_ _No pa
•11058 11112.
120 Preferred
100
814 8114 8012 8134 8012 8058 7934 8012 7834 7912 78 11114
7878 5,600 Amer Sugar Refining
100
108 109
*108 109
108 108 .1073 109 *10734 108
1073 10734 1,000 Preferred
100
52
52
62
.
50
52
52
52
52
512 5234 5178 5278 1,200 Am Sum 'Fob
No pa
24
*23
24
26
*21
25 .21
25 .22
25
.22
25
100 Amer Telegraph & Cable..100
214122153* 2133 21538 213/
1
4 21578 21334 2151 21434 21578 2123 216
31,900 Amer Telep & Teleg
100
•172 17312 1723 17234 173 173
170 170
170 17078 168 16913 2,700 American Tobacco
com____50
174 17412 17112 173
1713 17212 170,8 172
170 171
16712 16912 5,600 Common class B
50
120 120 *120 12012 120 120 •120 1201 .120 12012 120 120
300 Preferred
100
147 147 *14612 149
.14614 149
14678 147 *146 149
14512 146
700 American Type Founders_ _100
108 108 .110 jhhlt 11112 11112 .11112 112
•110 11112 109 110
80 Preferred
100
8712 89
89
88
87
8712 8512 8612 8612 89
8512 88
12,800 Am Wat Wks & El
No par
.
9912 997s 4,9712 100
.9712 10018 994 9978 .9712 100
9978 997s
300
2214 2112 2213 2158 22
22
213 2238 2138 22,4 2012 2114 6,700 1st preferred
American Woolen
100
4778 4778 4612 4758 4553 48
46
481
463 478 4612 4658 3,500 I referred
100
1214 1214 .1212 123
13
1214 121
13
1218 12,8 12
12
1,200 Am Writing Paper ctfs_No par
43
24114 4114 414 414 *4112 43
43
42
42
41
41
500 Preferred certificate
100
4458 4734 4638 4914 4518 48381 4458 477
4412 4678 4233 4573 81,600 Amer Zinc, Lead & Smelt___25
104 106
10518 11114 106 107
104 104
106 106 .105 109
8,9011 Preferred
25
16118 16412 161h 16712 16834 174
16034 164
17014 17478 16514 174 1460000 Anaconda Copper Mining 50
595g 5614 5814 56
6034 .57
5634 5778 5712 5834 57
57
16,600 Anchor CUD
No par
•117 11958 •11814 119
11814 11958 11653 11838 11714 11814 .11614 118
800 Preferred
No par
6418 6712 6414 653 644 667
6358 66
6312 6538 62
6414 219,300 Andes Copper Mining_ _No par
431 4414 423 4318 4218 4238 41
42'8 4118 4114 414 4114 4,000 Archer, Deals. Mid'Id_No par
11412
•114
.114
11412
11412
11414
1141
*114
•11414 115
11414 11414
90 Preferred
100
8912 895s 8934 904 8918 894 89
891
8812 89
8818 88'8
1,300.Armour & Co (Del) pref
100
1412 1434 1414 141
1434 1434 1458 15
1414 1412 1414 1412 18,300 Armour
A___25
class
Illinois
of
713
8
713 773
712 73
734 778
74 734
73* 734 23,300 Class B
25
7814 7912 76
80
7812 7934 7812 80
7914 7934 79
79
3,200 Preferred
100
4,31
3018 31
31
2938 2O's 2918 2958 29
3112 31
29,4 2,700 Arnold Constable Corp_No Pa/
26
*26
28
28
26
29 .
26
26
.
.25
29
•25
29
100 Artloom Corp
No par
4,984 9934 *98,4 9934 59814 9912 *9814 99
.9814 99
.98,4 99
Preferred
100
• 1314 and sated Maas: no sales on this day.




s Ex-dividend.

v Ri-rlghts

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

Highest

per share
1612 Jan 2
20 Jan 2
12612 Mar 22
14514 Mar 22
9818 Feb 27
11212 Mar 11
16413 Feb 18
3212 Feb 6
44 Jan 29
9712 Jan 29
2141
/
4 Jan 8
823 Jan 3
98 Mar 4
103 Mar 7
68 Feb 18
94 Jan 2
8212 Jan 21
41 Jan 29
4134 Jan 10
3318 Jan 25
57 Jan 28

$ per share
2134 Mar 5
2412 Mar 5
13838 Feb 2
15838 Feb 1
99 Jan 3
14078 Jan 14
178 Feb 1
39 Feb 25
584 Jan 25
100 Jan 5
231 Feb 2
8938 Mar 16
10014 Jan 5
103 Mar 7
8153 Jan 5
10478 Jan 7
91 Jan $
54 Feb 4
5312 Feb 4
4172 Mar 5
13412 Feb 4

PER SHARE
Ranee for Previous
Fear 1928
Lowest

Highest

Per share $ per share
1133 Mar 3012 Jan
17 Aug 38
Jan
11 753 Feb 1311
/
4 May
13912 Feb 165 May
9658 Sept 1024 Jan
100
Jan 15912 Jan
9912 Jan 19452 Oct
2818 Jan
464 May
3214 Sept 58 May
9458 Oct. 107 Feb
18612 Feb 2247 Nov
8218 Oct 874 Jan
99 Aug 111
Jan
9914 Nov 1081
:Mar
51
Feb
36'i May
8811 Feb 102 May
87 Feb 9912 May
315 Feb 5434 May
3312 Feb 544 May
284 Feb 3812 Dee
5212 Aug 6218 Jan

4018 Jan 4 544 Jan 22
3614 Nov 85
Apr
8018 Mar 16 8S58 Jan 7
76 Nov 10253 July
128 Feb 16 15912 Jan 3
90 June 142 Dec
109/
1
4 Jan 16 112 Jan 2 109
Oct 11412 June
389 Jan 16 691 Mar 22 195
Jan 425 Des
9314 Jan 22 96 Jan 3
93
Jan 9912 Mar
30 Fen 27 3578 Jan 15
301
: Dec 331
:Dee
48 Jan 29 9712 Mar 22
11
Jan 65 Sept
5812 Jan 23 94 Mar 21
341
/
4 Jan 6914 Sent
478 Feb 20
312 Jan 2
23 Jan
5/
1
4 Mar
9678 Jan 7 11458 Jan 26
59 June 0958 Dee
878 Mar 21
11 14 Jan 2
1453 Jan
712 Jul e
718 Feb 18 1014 Jan 8
1
Jan
10 Nov
16 Mar 15 25 Jan 3
2233 Dec 3114 Jan
241 Jan 7 30534 Mar 1 148
Feb 25214 Nov
121 Jan 3 12314/Aar 27 12012 June 12758 May
16712 Feb 18 194 Jan 11 11518 Feb 200 Dee
8 Feb 14 114 Jan 14
94 Oct 1633 Apr
60 Feb 13 73 Jan 17
69 Mar 90
ADI
30 Feb 18 4233 Jan 3
2718 Feb 437s Nov
1814 Feb 16 2358 Jan 15
1552 Feb 26 Nov
61 Mar 22 733 Jan 11
55h Feb 797k Nov
11978 Mat 22 1344 Feb 6
748 Jan 159 May
60 Jan 3 62 Feb 13
60
Oct 65, Jan
16 Feb 28 201
:Jan 16
1434 July 2412 Aug
51 Jan 7 6014 Feb 5
36
Feb 6153 Sept
4012 Feb 14 6078 Mar 19
153 Feb 4453 Nov
45 Jan 15 62 Feb 4
397s July 494 Jan
12212 Feb
12612Mar 21 120 Dec 128 Jane
1518 Jan 7 25,8 Mar 22
1052 Apr 2614 May
493 Jan
82 Feb 28
4014 Apr 657 May
10734 Feb 1 129 Mar 22
7013 Jan 11712 Nov
14058 Feb 1 14178 Jan 14 1363 Jan 147
Apr
93 Feb 1
lows Jan 3 8814 July 11112 Jar
11612 Feb
121 Jan 29 110/
1
4 Aug 1374 Mar
8512 Mar 13
727 Jan 2
71 Dec 105 June
4718 Jan
5812 Feb 1
44 Dec 5034 Dee
1091
:Jan
11414 Jan 30 107
Jan 114 May
9 Jan 23 11 Jan 2
1012 Dec 1512 Apr
4058 Mar
4734 Feb 25
280 Feb • 330 Mar 1 169
Jan 810 -Ee;
75/
1
4 Jan
1387 Feb 19
2252 Feb 85 Dec
10512 Jan 3 10812 Feb 14 10414 June 110 May
9578 Mat 20 103 Feb 21
81
Feb 100 Sept
818 Mar 12 10 Jan 2
814 Oct 1558 Feb
304 Feb 6 38 Jan 2
31 Nov 6733 Feb
75 Jan 2 8558 Jan 24
69 Feb 86 No.
3818 Jan 16 433 Feb 5
28
Jan 4638 Aug
9012 Feb 11 96 Max 6
90
Jan 991
/
4 May
62 Feb 18 7614 Jan 18
64 Feb 8
84 Jan 10
514 Jan
Oct
64 Mar I 75 Feb 21
56
Jan 851
/
4 Oct
10258 Feb 18 123 Mar 18
87 June 115
Jan
113 Jan 3 118 Jan 22 10314 Oct 134 Mar
170 Feb 16 199 Mar 6 129': June 18334 Dee
110 Mar 11 11612 Jan 12 110 Dee 116
Jan
6014 Jan 7 818 Feb 6
39 Mar 6314 Noy
117 Jan 3 135 Feb
109 Aug 11712 May
85 Feb 4 9814 Jan 7
9614 Dec 99h No,
1038/Mar 19 1772 Jan 31
123 July 25 Feb
38 Jan 2 55 Jan 31
38 Dec 90
Jan
8118 Jan 8 120 Jan 30
6214 Jan 95 May
9912 Jan 2 105 Feb 28 10012 Dec 10714 May
73 Jan 7, 80 Feb 13
704 Nov 7711 No,
8034 Jan 151 8434 Feb 15
8112 Dec 8614 No,
175 /Mar 13 210 Jan 15 13018 Jan 1914 Dec
140 Jan 7 195 Jan 29 141
Oct152
Apr
12978 Jan 16 1733 Mar 1 11011 Jan 143 Dee
44 Feb 18 6434 Jan 2
514 Feb 85
Apr
67 Feb IS 74' Jan 31
56
Jan 747 Sept
3234 Feb 16 417 Mar 15
2758 Nov 45 May
358 Jan 2
3/
1
4 Aug
7 Feb 5
64 May
86 Feb 27 94 Jan 24
80 Sept119
Jan
9313 Jan 16 12414Mar 1 169 Feb 293 Dec
13512 Feb 2 138 Jan 4 131 Mar 142
Apr
197 Mar 11 208 Feb 1 141
Jan 210 Dee
108 Feb 13 112 Jan 24 100
Oct120 June
643 Jan 7 7978 Feb 4
5018 June 703a Jan
11012 Jan 4 114 Mar 13 109 June 120
Feb
78 Mar 22 943 Jan 25
55 Feb11312 Nov
1061
:Jan 3 111 Feb I 100 Feb11012 May
48 Mar 11 60 Jan 2
46 Feb735* Sept
17 Jan 2 327sMar 23
1714 Dec 32
Jan
1934 Jan 8 222 Jan 30 172 July 211 May
168 Mar 22, 18612 Jan 28 152 June 18438 Dee
16712 Mar 221 188 Jan 28 152 June 1847s Nov
11812 Mar 11 12114 Jan 15 11534 Sept 126
Apr
1364 Jan 5 155 Jan 31 1097s Aug 1424 N-)v
10712 Jan 8 11112 Mar 25 107 Nov 115 Mar
674 Jan 8 94 Mar 2
52 June 7612 Nov
97 Jan 3 104 Jan 28
98
Oct 106
Apr
20 Mar 8 2778 Jan 3
14 July 32/
1
4 Nov
4514 M tu• 8 58h Jan 2
39 Aug 6534 Nov
1112 Feb 16 1514 Jan 21
1012 June
194 Feb
41 Mar 22 46 Mar 2
34 June 538 Oct
3518 Feb 18 494 Mar 18
638 Jar 57
Oct
101 Feb 15 11114 Mar 19
40
Jan 1177 Oct
1154 Jan 15 1744 Mar 21
54
Jan 12014 Dee
53 Feb 7 6238 Feb 21
48 Dec 545 Dec
112 Jan 2 124 Mar 1 10614 Dec 111 Dec
48 Jan 31 68h Mar 1
361s Nov 58 Nov
z40 Mar 8 4912 Mar 4
5514 Feb 11278 Nov
114 Jan 4 115 Jan 11 112
Oct 1154 Mar
8818 Mar 22 95 Jan 30
863s Jan 9712 June
1414 Mar 13 1818 Jan 2
114 Jan 231:Sept
7h Mar 9 1014 Jan 2
658 Jan
1313 May
76 Mar 18 86 Jan 24
6718 Jan 9112 June
29 Mar 22 407 Jan 2
354 July 5133 Apr
26 Mar 20 30 Feb 5
'2814 Dec 443 Mar
9712 Jan 9 100 Jan 4
09 Dec 114 Mar

New York Stock Record-Continued-Page 3

1868

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,
Mar. 16.

Monday,
Mar, 18,

Tuesday,
Mar, 19,

Wednesday, Thursday, I Friday,
Mar. 22.
Mar. 21.
Mar. 20.

STOCK
NEW YORK STOCK
EXCHANGE

Sales
for
the
Week.

Lowest

$ Per share $ Per share $ Per share $ Per share $ per share 5 per share Shares Indus. & kfiscel. (Co*.) Par
200 Art Metal Construction__ 10
2978
*2958 3012 *2958 30
2978 2978 2958 294 2918 2958 *29
No par
6314 55,600 Assoc Dry Good,
6253 6312 6153 6312 6158 6238 6038 624 60
607g 60
100
First preferred
*10012 102 *10012 102 *101 104 *101 104 *101 103 *102 104
25
150 Associated 011
44
*4314 44
4314 4314 43
4414 44
43
4334 4334 44
424 4338 43
4714 9.600 Atl G & WI El 5 Line__No par
433i 4312 4358 4358 4538 4534 4712 45
100
*53
56
*53
56
*54
5512 55
5634 55
5678 5438 5438 2,500 Preferred
25
6338 6434 6212 6578 6258 6378 6114 6438 63
6478 6112 6314 188,400 Atlantic Refining
100
130 Preferred
11512 11512 11512 116
11638 11638 11612 11634 •11512 116
11512 11512
No par
2,500 Atlas Powder
103 103
10318 10414 10434 10634 10412 105
103 10412 10014 102
100
40 Preferred
103 104
104 104 *101 104 *101 104 *101 104 .101 104
No par
300 Atlas Tack
1134 1134 1134 1134 *1112 1212 *1112 12
1278 1278
*1112 13
612 612 5,700 Austin, Nichols & Co.No par
618 64
6
614
658 7
614 678
658 64
100 Preferred non-voting____100
3712
.32
34
*32
34
*32
34
34
34
*33
3712 *32
800 Austrian Credit Anstalt
61
*50
62
62
6113 62
*62
65
62
62
62
62
No par
2312 2334 2334 2418 24
2418 2312 2414 24
2458 2334 2512 7.900 Autosales Corp
50
900 Preferred
*37
384
39
3612 3814 *37
30
38
3812 *38
*37
38
400 Autostr Saf Razor"A" No par
4518
45
46
46
*46
4814 -*4518 48
*45
48
*45
48
230 230
235 256
257 26878 252 265
25814 26834 257 27112 26,000 Baldwin Locomotive Wks_100
100
400 Preferred
11718 11718 11614 11758 11718 11758 11653 118
11758 11758 11738 118
330 Bamberger (L) & Co pref_100
10814 109
10914 10914 10014 10934 10914 10914 10814 10814
*10814 109
No par
3078 3112 3,400 Barker Brothers
32
32
32
32
32
32
*3112 3312 3112 32
100
Preferred
'
98
*92
*06
9534
*9112 96
*9112 9534 *9138 953.1 *9138 93
Barnett Leather
No par
20
*17
.1612 2212 *17
20
*20
2238 no
21
22
•17
25
4512 46
4658 4412 46
4334 4578 444 4634 4312 4534 248,800 Barnsdall Corp class A
45
25
46
500 Class B
46
49
*45
49
*45
49
4534 43
*45
48
*45
No par
300 Bayuk Cigars, Inc
*9614 994 *9614 100
10014 10014 101 101
100 100
*9614 100
100
100 First preferred
105 105
106 106
106 106 *105 106 *10512 106 *10512 106
No par
2218 2234 7,200 Beacon 011
2238 2312 22
2312 2312 24
24
24
2338 24
20
9112 9112 9114 02
2,300 Beech Nut Packing
*88
89
00
90
92
9414 9414 92
1318 1334 1338 1378 1334 1414 14
1414 134 1378 1338 1358 5.7001Belding IIem'way Co__No par
900 Belgian Nat Rys part prof_ __
8213 8218
82
8213 8218 82
82
*8218 8212 8214 8214 82
No par
86
8912 86
8758 8534 8534 8458 8534 10,200 Best & Co
8712 90
*86
87
10734 10938 10758 10914 10718 10912 106 10914 1064 10818 103 10812 247,600 Bethlehem Steel Corp ___100
120 120
11912 11912 11914 11934 11914 11912 11912, 11912 1,000 Beth Steel Corp pf (7%)_100
120 120
No par
4712 4878 4812 4914 4934 5118 5018 534 7,800 Bloomingdale Bros
48
*4712 48
48
100
20 Preferred
*10812 11012 110 110 *110 11012 *10812 11012 *10812 11012 *10812 11012
220 Blumenthal & Co pref _100
*95 102
100 102
*95 102
98 100 *100 102 *100 102
No par
82
700 Bon And class A
83
83
*8212 8338 8212 8212 *82
8338 82
•83
84
No par
64 658 1,702 Booth Fisheries
612 7
658 678
678 67s *612 7
*634 7
100
lot preferred
53
*48
53
53
*48
54
*48
55
*49
53
*48
*48
50
18612 18612 18434 18612 18314 18412 18212 183
18134 18234 18014 18212 5,600 Borden Co
12
200 Botany Cons Mills class A_50
12
*12
13
*12
13
*12
13
*1212 13
.12
13
par
Manufacturing_No
4812
47
4338
4634
4712
46
47
52,400
Briggs,
8
48
493
8
48
493
4818
100
4
2,400 British Empire Steel
418
4
4
438 478
414 41,
414 414
414 414
7'
71
71
*714 9
834
7
*714 934 *714 9 , *7
100
000 25 preferred
6412 6014 6234 6012 62
6,100 Brockway Mot Tr____No par
6412 6412 62
563
64
6312 65
100
100 Preferred 7%
*120 130
128 128 *120 128 *120 128 .118 128 1*118 125
100
Brooklyn Edison Inc
*305 335 *305 340 *305 333 *305 338 *305 33812.305 335
No par
3,100 Bklyn Union Gas
17034 1794 .170 180
180 18212 180 180
17934 180
180 181
No par
40
1,800 Brown Shoe Inc
4134 4134 .4014 4114 404 4038 *4038 41
3934 4058 40
100
Preferred
*117 120 *117 120 *117 120 *117 120 *117 120 .117 120
5118 14,700 Bruns-13alke-Collander_No par
514 49
5312 5218 5312 524 5334 51
5212 51
52
10
3778 3718 3778 3678 3858 3718 3778 354 374 9,500 Bucyrus-Erie Co
374 3718 37
10
4518 4534 7.600 Preferred
4518 4578 454 4638 454 46 , 4538 4714 4538 46
100
.
10 Preferred (7)
__ 11412 11412'•114
_ •11214
__ •113
*11214__ *11214
par
clAcomNo
*113
116
Burns
*113
120
-*115
120
*114
1
1/
5
8
.113
118
-Bros
new
1
1
8
118
*3212 34
200 New class B com____No par
34
.3158 3212 32
32
3334 3331 *33
*3334 34
100
104 104 .104 104 *104 104,2
50 Preferred
*10212 104 *10334 104 *10314 104
1,700 Burroughs Add klach_No par
285 285
294 295 291 293 *287 293 *288 290
287 293
No par
71
70
71
4,400 Bush TermInal
7212 73
7014 7014 71
7312 7314 75
68
100
180 Debenture
109 100 *108 10978 10814 10814 108 10814 10812 10812 108 100
110 111
240 Bush Term Bldgs pref_ _100
•10934 11514 11514 116 •10938 11612 111 111 *111 115
978
95
978 2,400 Butte & Superior MinIng_10
534
934 94
0l2 954
978 94
914 913
5
814 812 6,500 Butte Copper & Zinc
858 834
838 834
812 858
84 9
878 914
100
32
32
32
*30
3258 *30
31
400 Butterick Co
32
32
31
•3134 33
15734 16734 15614 16712
15218 15278 152 15758 154 15778 153 157
11212 11212 *9912 112
.9912 112
•9912 112
*9912 113
*9912 112
115 116 *114 115
115 115
117 11712 116 11812 11514 116
7538 7634
78
7612 77
7718 7914 7712 7978 7712 7814 77
29
*24
29
*24
29
29
24
29
*24
*24
30
*24
318 34
318
338
314
312
318 34
318
338
33g
312
13618 14078 13818 14112 13734 14034 1384 14212 13812 14134 13614 14034
5938 57
5778 5512 5718
57
5838 5734 5938 .5734 5873 57
874 8934 8512 8858 84
8634 8412 8614
8458 8838 8634 88
4212
4214 43
42
43
4312 24312 4378 424 4378 4234 43
440 440
455 455 460 471 *440 460 .440 464
465 465
*12514
135
127
127
*12314
125
•12514
135
125
*12314
*12314 125
38
384 38
3812
3812 3918 3914 3914 384 3834 33814 39
47
474 x4558 4634
4838 49
4778 4814 4778 4812 4718 48
11012.11012
511012 112
*11112
112
*10912
112
*10912 112 *10912 112
17
17
1612 1612 *16
17
*1612 17
17
1712 17
•16
75
75
*74
75
*74
75
*74
75
75
*74
75
75
11318 11714 1144 11578 11118 11514
113 11534 11314 1173.1 111 116
2114
2214 2212 2212 22,2 2212 2212 2112 2212 2114 2114 21
50
*50
58
58
550
5418 50
*50
53
*50
58
*50
6018 6018 *6018 61
63
60
60
*61
63
63
614 62
*17 . 21
*17
21
*17
21
21
22 .17
*18
22
618
.
-___ __- -_-- __- ---- ---- ---- ---40

*____

40

*----

40

*----

40 •__

40

•____

40

46,100 Byers 54 Co (A A4)____No par
100
10 Preferred
2,500 By-Products Coke____No par
11.200 California Packing_ _ __No par
25
ICailforola Petroleum
10
12,500 Callahan Zinc-Lead
39,400;Calurnet & Arizona 5Ilning_10
25
77,400-Calumet & Hecht
86,600iCanada Dry Ginger Ale No par
No par
4,300:Cannon mills
1,000 Case Thresh NIachine__100
2001 Preferred
100
3,200 Central Aguirre Asso_ _No par
28,800 Central Alloy Steel____No par
Preferred
100
600 Century Ribbon Mills_No par
1001 Preferred
100
82,500 Cerro de Pasco Copper_No par
2,900 Certaln-Teed Products_No par
100', 7% preferred
100
800 Certo Corp
No par
1Chandler Cleveland MotNopar
Certificates
No par

No par
Preferred
Pref certificates
No Par
No par
8358 8358 8318 8312 8234 8414 8234 834 8212 8234 8112 8212 10,300 Chesapeake Corp
53112 32
31
400'Chicago Pnemnat Tool No par
31
3234 3234 *3134 32
*3212 33
*3234 33
4912 5014 2,0001 Preferred
No par
51
5078 51
5014 5078 350
*5012 5034 5012 51
33
33
580 Chicago Yellow Cab__ _No par
*3214 34
3312 34
*3212 34
33
3412 33
.33
4312
10
*424
600
4412
4458
Chickasha
Cotton
011
443
4
443
4
4434
443
4
4434
4434
*421g 45
No par
5418 5473 5414 5434 5314 5418 8,700 Cbilds CO
5514 5414 55
5512 554 55
121 12512 124 12712 122 12618 21.500,ChIle Copper25
118 11934 11712 121
11612 120
1Christio-Brown tem cttsNo par
6110 120 *110 122 *110 118 *110 118 *110 118 *110 118
No par
11018 11258 10912 11238 10912 11178 10614 1104 389,600 Chrysler Corn
109 113
10914 III
No par
50'Clty
Stores class A
50
50
5012
50
*50
50
.50
52
52
50 .50
50
Nn par
2312 2358 2334 234 7,2001 New,
24
2478 2334 2414 2334 2334 2358 24
644 1,100,Cluett Peabody & Co No par
6434 5434 64
65
65
6412 6412 *6414 65
65
65
100
901 Preferred
11214 11478 11478 11478 z11478 11478 *11478 115
•11478 115 *11478 115
No par
13134 133
2,900 Coca Cola Co
13178 133
13334 13334 13334 13378 133 13312 133 133
No par
6538 21,800,Collins & Alkman
6838 694 6778 6938 67
64
69
6312 68
6412 66
*95 100
1 Preferred non-voting...100
*96 103
*95 100
*95 100
*95 100
*95 100
100
71
7234 6918 7014 12.600,Colorado Fuel & Iron
73
7312 7414 7212 744 7218 7438 70
13914
2,400
13712
Columbian Carbon v t cNo par
14314
*13814
142
14278 142 14278 140
143 144
14314
14212 14318 14,500 Colum Gas & Elec__No par
144 14618 143 14478 14418 14534 143 14412 1424 144
100
7001 Preferred
105 105 *103 106 *103 105 *103 105
10378 10-178 105 105
7714 7833 7934 7658 784 7612 7912 572,000 Columbia Graphophone
7614 7734 7412 774 74
5238 53
52
54
53
5412 5134 5312 5214 5358 5012 52121 40,600 Commercial Credit____No par
25
180 Preferred
2534 2534
25
2434 2434 25
25
*25
2512 25
*2512 26
25
26
500 Preferred B
26
27
27
27
27
*26
2612 2612 *2612 27 .26
99
99
99
460 1st preferred (648%)_100
10018 10058 10012 10012 10012 10058 100 10002 99
4,800 Comm Invest Trust___No par
1684 171
17058 172
17734 17734 176 1784 175 177
1734 178
100
10 7% preferred
010434 10514 *10434 10514 *10434 10514 *10434 10514 *10434 10514 10434 10434
100
300 Preferred (654)
*9438 9612 *9438 9612 *9438 9612 *9438 9612 9612 9612 *9412 9612
100
5112
2,900
Warrants
5112
54
5212 55
54
54
54
57
5512 5512 55
5.100 Commercial Solvents, No par
27634 27634 270 27534 26934 27014 268 27214 266 26812 26214 266
14038 14314 138 14258 137 14034 134 13878 13512 13878 13112 13434 33,400 Commonwealth Power_NO par
200 Contie Nast Publica_ _No par
84
*7918 84 .7812 8314 7812 7812
*79
80
*79
80
80
2738 2778 27,8 2734 27
274 2838 2718 2612 2634 2512 2658 36,700 Congoleum-Nairn Ine_No par
No par
5,300
Congress Cigar
823
4
4
85
813
8112 83
8534 8418 8538 8418 8514 84
84
*4
1
4* 118 *1
14
1
700 Conley Tin Fall stpd_No par
1
118
1
1
•1
par
No
Clgar
consolidated
8812
1.200
88
89
89
*89
91
894 8934 89
89
0178 92
100
230 Prior pref
9312 9312 9312 9-4
0314 9314 934 9358
93
9334 93
93
9,400.Consol Film Ind pref__No par
2612 27
2612 2878 2512 2678 254 2534 2534 26
27
27
10518 108 153,100 Consolidated Gail(NY) No par
10534 10778 107,8 110
1064 10978 10641 108
10518 107
No par
9984 9934 9958 9978 9934 9934 9934 994 9934 0934 994 100
2,900 Preferred

...--_

I

1316 and salted prices; no sale on this day. 1 En-dividend of 100% In soca. stook




PER SHARE
Range Since Jan. 1.
On basis of 100-share Iota

x Et-dividend.

I

$ per share I
2918 Feb 7
5714 Feb 11
10014 Mar 12
43 Feb 11
324 Feb 16
4534 Feb 11
5312 Jan 29
115 Jan 21
98 Mar 8
100 Mar 13
101s Feb 25
6 Mar 18
32 Mar 14
60 Feb 20
2218 Feb 15
3614 afar 4
4314 Jan 10
225 Mar 2
11534 Jan 4
10814 Jan 2
2812 Jan 14
8934 Jan 19
17 Mar 14
3818 Feb 18
38 Feb 16
97 Mar 12
104 Feb 8
20 Feb 7
8514 Feb 18
1118 Feb 13
81 Jan 29
8318 Feb 16
8218 Jan 31
1194 Mar 20
4214 Jan 21
110 Jan 4
97 Feb 15
81 Mar 12
61254ar 18
40 Mar 4
17412 Jan 8
1134 Jan 10
4514 Mar 12
4 Mar 21
534 Jan 14
5912 Feb 16
121 Feb 16
300 Jan 2
172 Feb 16
3934 Mar 21
117 Feb 7
4612 Feb 18
3578 Mar 22
45 Mar 15
112 Jan 3
110 Feb 25
3058 Jan 31
10314 Jan 5
234 Jan 16
68 Mar 16
10514 Jan 5
110 Mar 22
9 Fen 15
778 Feb 20
3034'Mar 7
13514 Feb 16
110 Jan 17
106 Feb 16
7418 Jan 31
2634Mar 2
3 Jan 8
1214 Jan 7
44 Jan 8
78 Jan 4
42 Mar 22
435 Mar 12
124 Jan 14
3758 Jan 11
44 Feb 16
111 Jan 3
16z Mar 11
7412 Feb 27
10178 Jan 16
2034 Feb 25
50 Mar 22
5912Mar 14
20 Jan 24
2212 Jan 11
36 Mar 7
37 Jan 9
8018 Jan 7
2934 Jan 17
4912 Mar 22
31 Feb 2
44'* Mar 15
5218 Feb 16
714 Jan 8
102 Jan 3
984 Feb 16
4912 Feb 25
2212 Feb 16
63 Feb 1
1121*Marl9
12918 Mar 13
50 Jan 4
93 Jan 3
65 Feb 16
124 Jan 7
131112 Jan 2
10378 Mar 21
564 Feb 18
48 Feb 18
2412 Jan 2
25 Jan 21
99 Mar 21
13112 Jan 2
104 Jan 26
93 Mar 15
2714 Jan 7
22514 Feb 18
10714 Jan 7
764 Feb 16
2512k1ur 22
794 Jan 8
78 Feb 19
88 Mar 22
93 Jan 28
254 Jan 2
1031e Jan 7
9812 Jan 2

y Er-Molts. / Shillings.

Highest

PER SHARE
Range for Preylow
Year 1928
Lowest

Highest

$ per share $ per share 5 per shim
3078 Feb 4
2512 Jan 3434 Apt
7034 Jan 10
4014 June 7512 Del
107 Jan 15
9912 Aug 11378 Api
47 Jan 5
3712 Feb 5338 Sept
4712-Mar 21
374 Feb 594 Ma)
564 Mar 21
38
Feb 6514 Oat
68 Jan 2
50 Nov 664 Del
11758 Jan 11 11412 Sept 1184 Jar
115 Jan 2
63
Jan 114 Del
10612 Jan 14 102 July 11012 Ma)
1512 Jan 3
814 Jan
1738 June
4 10 Jan 11
438 Jan
914 Mal
4218 Jan 14
Jar
25 July 39
65 Jan 8
58
Oct 75 Ma)
2912 Jan 7
612 Jan
3434 Nos
4378 Jan 23
25 Aug 41 Nos
50 Jan :1 1
43
Oct 5212 Mai
271 Mar 22 235 June 285 Mal
120 Jan 25 115
Oct 12434 Am
11012 Feb 1 10714 Nov 11178 Jar
3334 Jan 23
2678 Aug 3514 Del
97 Jan 28
9178 Dec 10112June
2914 Jan 15
2312 Aug 5212 Fet
4678 Jan 3
20 June 53 Not
49 Feb 2
20 June 5118 No*
11334 Jan 25
98 June 14012 Mal
10634 Jan 29 10312 Dec 11038 Mal
2812 Jan 8
1214 Mar 2412 Del
101 Jan 12
7038 July 10114 Del
Jar
1434 Jan 2
12
Dec 22
8478 Jan 3
8258 Sept 9212 Mal
9312 Jan 3
534 Jan 102
Oct
11178f.lar 15
5178 June 8838 De(
Api
123 Jan 11 11618 June 125
5478 Jan 29
3358 July 50 Sept
111 Jan 16 10912 Jan 11134 Jul)
118 Jan 2
87 June 122 Diu
8912 Jan 12
6514 Jan 8512 Del
1212 No*
1134 Jan 2
514 Jan
4114 Mar 7218 Not
6334 Jan 18
Jar
20334 Feb 5 152 June 187
834 Aug 23 Jar
1512 Feb 11
2118 Feb 6358 Oct
834 Jan 3
914 Ma)
678 Jan 28
Ds Jan
12 Fat
214 Jan
1312 Jan 28
4512 June 7512 No)
7378 Jan 2
145 Jan 2 110 June 150 Nol
340 Jan 5 20634 Jan 325 Not
20012 Jan 28 139 June 20334 No)
47 Jan 2
44 Dec 5512 Api
Jar
11912 Feb 18 115 Nov 120
2712 Feb 6224 Sept
554 Jan 18
2413 Feb 484 Ma)
4234 Jan 5
3338 Feb 5458 Ma)
50 Feb 5
Api
11612 Feb 18 11014 Mar 117
9312 Feb 127
Oat
127 Jan 11
1578 Mar 4338 June
39 Jan 14
10514 Jun 7
9734 Feb 11034 June
Jan 249 Dee
29514 Mar 14 139
Dee
50 June 88
8918 Feb 2
11012k1ar 2 10478 Aug 115 Ma)
11812 Feb 19 111 Aug 119122Juni
834 Aug
1634 Mal
124 Jan 4
124 Not
912 Jan 3
418 Jan
3712 Dec 6712 Ma3
41 Jan 2
19278 Jan 2
9012 Jan
1294 Jan 26 10858 Apr
65 Mar
12934 Jan 25
8158 Feb 27
6812 June
2514 Mar
2978 Jan 25
134 Mar
4 Jan 22
Feb
14258 Mar 1
80
2018 Jan
6178 Mar 1
5478 Jan
8934 Mar 19
43 Dee
4812 Jan 3
Jan
509 Jan 2 247
12818 Feb 15 12012 Dec
3814 1)ec
4834 Jan 30
2818 Mar
5212 Feb 1
Jan
11212 Jan 28 107
Aug
11
2012 Jan 2
77 Aug
82 Jan 17
5812 Jan
120 Mar 1
2318 Dec
284 Jan 2
75 Nov
8112 Jan 11
7012 Oct
9214 Jan 31
512 Feb
23 Jan 11
2234 Jan 18
14
Jan
29
Mar
41
40 Jan 14
6254 July
8938 Feb 2
Aug
354 Jan 25 111
5614 Jan 11
36 Jan 7
2978 Aug
50 Jan 2
45 Dec
37
Apr
6012 Jan 2
12712Mar 21
3738 Mar
115 Feb 4
76 Dec
135 Jan 2
5434 Jan
52 Jan 2
5114 Jun
27 Feb 4
7234 Jan 3
6038 -Dee
119 Jun 3 11112 Dec
140 Feb 5
7214 Mar 14
4418 Dec
10312 Feb 6
00 Nov
781255ar 8
5212June
15478 Fob 4
79 June
1811 Jan 31
8912 Mar
1074 Jun 11 108 June
8834 Jan 9
61 Dec
6258 Jan 2
21
Feb
28 Jan 9
23 Feb
2712 Jan 30
23 Feb
10534 Jan 24
85 Juno
195 Feb 4
5534 Mar
109 Feb 5
Jan
99
99 Jan 28
9238 June.
8273 Feb 4
618 Aug
283 Mar 14 13778 June
6214 Jan
14314 Mar 16
93 Jan 10
43
Jan
3534 Jan 28
22 June
Fl,
924 Feb 6
67
4 Jan
112 Feb 7
9614 Jan 2
7912 Jan
96 Jan 7
0438 Get
2878 Ja.:1 le
23 July
11812 Jan 26 574
Aug
974 Aug
100 Mar 5

b Ex-dIv. and ex-rlitht11.

20634 Dee
118 Dee
122 Dee
8238 Sep I
36 Sepl
538 Api
133 No1
4738 Nol
8612 Ma)
50 Sept
515 No,
13512 Mal
3912 Dee
4838 Doi
11134 Ma)
Om
24
92 Ma)
110 Nol
6458 Apt
100 Mal
8318 Del
24 Nol
3778 Del
8118 Jar
17312 Del
Jar
43
5612 Ott
64 Dee
747e Nom
Jut
131
14012 001
5414 June
10934 API
12434 Mal
11134 Jar
Jar
109
8412 Jar
13454 Doe
14078 Dee
11018 Jar
8438 No'
71 Noi,
27 Ma
Dee
314
107 Noy
14078 No*
109 Ma/
9812 Aug
304 Dee
25014 No*
11012 Dee
Oct
84
3112 Am
8714 Dee
334 Mil
100 Dee
10234 Api
294 Ben'
1704 Mal
105 Mal

New York Stock Record-Continued-Page 4

1869

For sales during the week of stocks not recorded here, are fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Mar. 16.

Tuesday,
Monday,
Mar. 18. I Mar. 19.

Wednesday, Thursday,
Mar. 21.
Mar. 20.

Friday,
Mar. 22.

STOCKS
NEW YORK STOCK.
EXCHANGE

Sales
for
the
Week.

PER SHARE
Range Since Jan. I.
On basis of 100-share LOU
Highest
Lowest

PER SHARI?
Range for Previous
Year 1928
Lowest

Highest

per share
per share $ per share 8 per share
per share Shares Indus. & Miscel. (Con.) Par
Per share 3 per share $ per share 3 per share 8 per share
612 Den
214 Aug
938 Jan 15
358Mar 14
418 17,800 Consolidated Textile._No par
378
414
4
414
4
334 412
358 378
33t 354
Nov
Apr
36
20
9
Jan
2312
par
13
Mar
1812
vot__No
A
Corp
Container
9,500
20
2032
21
2034 20
1914 1914 2034 20
1914 1912 19
1914
Apr
Oct
4
93
2
Jan
1112
7
Feb
9
par
No
10
1018 8,700 Class B voting
934 10
1018 10
978 1018
934 10
10
1012
2612 Apr 5312 Jan
ANo par 4718 Jan 8 6778 Mar 14
cl
Baking
Contlnental
8,600
6114
65
4
633
6312
633
6312
4
4
4
643
663
6312
66
6414 06
Dee
8
93
Apr
17
Jan
4
par
133
4
8
33
Jan
812
No
13
Class
1018 1053
934 1014 16,700
1012 1034 1014 1058 1012 1034
1078 11
73 Apr 9613 Jan
100 8812 Jan 2 97 Jan 16
2,900 Preferred
931
92
94
93
94
95 .9312 9458 94
x95
9512 96
53 Dec 12872 Sept
7412 7834 7512 8012 258,200 Continental Can Ine_No par 60 Jan 19 8018 Mar 22, 123
7178 6972 7134 6934 7132 7018 73
71
Jan 128 Mar
141
Feb
7
Jan
4
1243
126
100
10 Preferred
125 125 •12434 12612 '12434 12612 .12434 12613 .12434 12612 *12434 12613
75 Feb 9472 May
10 8312 Mar 22 9412 Jan 14
5,700 Continental Ins
8534 8478 8512 8312 84
35
86
8534 84
8714 85
85
10
2013 Nov
Mar
21
Jan
8
283
2
Jan
1918
Continental
Par
lalotors___No
61,300
8
227
2272 2338 2213 2312 2258 2318 2253 2278 2218
2318 24
6432 Jan 94 Nov
8412 8538 10,700 Corn Products Refining.. 25 8858 Feb 8 9172 Jan 3
86
8618 8514 8558 8512 861285
8612 86
86
19 13812 Jan 14634 Apr
Jan
4
1443
28
Feb
14114
100
Preferred
200
.14112
142
1413
14212
14138
142
8
14138
21.1413
14138
*14138
•14138 14212
6258 Dec 8978 Nov
No par 6112 Mar 8 8214 Jan 28
7034 6514 71 174,000 Coty Inc
6714 6978 6612 6938' 68
6818 72
6958 72
1212 Sept 27 Nov
100 2258 Jan 10 40 Mar 5
100 Crex Carpet
38
ns 3834 37 37 *36 3712 '36 3712
*33
38
.33
9812 Jan 10514 Oct
18
Jan
par
10114
8
Jan
8
997
_No
pf
151
Pap
Will
Crown
100
.____
100
100 •____ 10034 *98
•100 102 *____ 10012
Dec 2634 Nov
2314
9
Jan
4
253
par
21
Feb
22
No
300 Crown Zellerbach
22 .2212 2234 "2212 2234 2258 2234 .2214 2212
22
23
*22
894 July 93 Feb
11
89
9134 90
8912 9113 9014 91
91
9038 7,000 Crucible Steel of Atnerica_100 8512 Jan 7 94 Jan
9012 9118 91
Dec 121 May
111
Feb
28
4
1163
8
Jan
109
100
Preferred
200
115 115 '11414 11634
11414 11414 *11414 12112 .115 120 •115 120
Oct 2872 May
20
19 Mar 6 2412 Jan 3
No par
1972 1978 1934 1934 1912 1934 1914 1912 3.500 Cuba Co
2012 1934 20
20
713 May
432
July
312 Mar 7
512 Jan 3
No par
372 378 2.200 Cuba Cane Sugar
4
372 378
4
4
4
4
4
4
4
1334 Oct 3233 Jan
100 1134 Feb 20 1878 Jan 3
1,400 Preferred
1212 1212 1258 1234 1258 1252 1278 1278 1212 13
13
13
244
Dec
May
2
153
3
Jan
17
1132
_10
20
Feb
1178 1178 "1158 12
1,200 Cuban-American Sugar
1112 1158
*1158 1134
12
12
12
12
9334 Dec 108 Feb
61 Mar 5 95 Jan 3
10
540 Preferred
66
65
65
65
6518 65
65
6434 6434 64
6334 65
12
Jan
Nov
5
2
Jan
5
4
63
19
Mar
pa
Sug__No
Dom'can
512
5
6
512 *5
5
514 2,600 Cuban
*534 6
6
514
8
Jan 7814 Aug
54
50 57 Mar 22 6772 Jan 15
5734 3,500 Cudahy Packing
57
5812 5834 5812 5834 5813 5834 5814 5834 5712 58
Feb 19234 May
5318
5
Feb
17312
4
Jan
141
pa
Co_No
Mot
&
Aer
Curtiss
13.300
154
145
15014
15034 154
15012
15414 15712 154 156
155 155
Oct
No pa 221 Jan 25 22514 Jan 15 14434 Jan 230
Cushman's Song
_ _ .20714
- *20714 ____ •20714 - - - *206
____ *206
*206
Jan 141 Sept
100 12013 Jan 22 130 Mar 22 114
230 Preferred (7)
130 130
124 126
•12034 12214 12112 12112 12112 12112 *12112 124
Nov
6512
June
52
11
Jan
8534
15
Feb
60
10
Mfg
2,200 Cutler-Hammer
6012 0012 6012 61
6378 .6112 63
6412 62
6212 63
.62
Oct
49 July 03
63 Jan 3 85 Feb 5
No pa
7752 7834 3,200 Cuyamel Fruit
81
.79
7912 .7912 81
73
8014 8112 8034 82
3438 Feb 6834 Nov
5818 Feb 18 6913 Jan 31
No pa
6112 6372 34.400,Davison Chemletal
6234 64
6418 6512 6359 6434 6418 6534 6258 65
4914
Apr
Oct
36
24
Jan
8
467
2
Jan
3812
5
3001Debenham Securities
4018 4013 .40
4112 4014 4014 .40. 41
41
4238 *40
"40
10 116 Feb 26 128 Jan 4 11512 Feb 12634 May
3201Deere & Co pref
120 120 .120 121
118 120
120 120
120 121
•120 122
10 224 Jan 2 260 Mar 21 16812 Jan 22414 Des
3,500:Detroit Edison
258 258
251 251 224912 25234 255 260
245 250
24234 243
Apr
Jan 81
40
5512 Jan 7 6478 Feb 5
5634 5712 2,300'Devoe & Raynolds A__No pa
5812 5872 5812 5812 5712 5814 25712 571
5834 59
Jan 120 May
10 112 Jan 7 11512 Jan 15 108
preferred
181
201
.114
115
115
.114
115
115
*115 ___ •113
Nov
172
Jan
2
1343
11
Jan
16412
152
10
16
Mar
50 Diamond Match
152 152 •153 156 *153 156
15434 15434 •15412 156
152 152
1312 Jan
8 June
912 Jan 2 1032 Jan 9
No pa
012 953 4,700 Dome Mines, Ltd
952 953
958 931
938 958
934 934
934 978
80 afar 12018 Noy
No pa 11534 Jan 9 12612 Feb 4
11,000 Drug Inc
116 11612 116 118
11734 11858 11714 11818 11612 118
1173s 118
8 Nov
995
Jan
5512
2
Jan
92
Feb
6413
16
7012 7052 7012 7114 7012 7013 7012 7012 7012 7012 1,500 Dunhill International_No pa
6934 71
9938 Oct 11812 Afar
4912 Jan 24 10072 Mar 5
500 Duquesne Light 1st pref___10
:
46912 101
9912 9912 .9912 10012 9912 9912 '9912 100,2 *9912 1001
May
8',
Aug
3
4
Mar
1112
14
Jan
5
B__
4
Mills
,
5
Hosiery
712 1,300 Durham
714
758 758
712 734
712 712
734 8
812 812
3434 Oct 4612 Jan
40 Feb 27
100 36 Jan
701 Preferred
41
*3712 38
*39
3972 40
40 '39
40
38 .39
38
4 July
/
1941
1,100 Eastman Kodak Co....No Par 17918 Mar 22 19412 Feb 2 163 Feb
181 181
18078 18072 17918 18014
181 181
•181 183 *181 183
Apr
128 Mar 9 12312 Aug 134
100 126 Jan
201 Preferred
12612 12612 •12612 131
12612 12612 *12612 130 •12612 130
•12612 130
Jan 6818 Nov
26
7834 Feb 1
10,300,Eaton Axle & Spring___No par 61 Jan
6638 68
6833 6753 68
6914 68
6912 68
6834 6914 68
Feb 1
22
Jan
19812
4
1553
20
INem
de
Pont
du
El
27.600
186
18012
133 18653
185 18612 18314 186
18434 188
186 188
4 Jan 8 114 July 12113 Stay
1
100 11534 Jan 21 118/
11734 11818 1,100 6% non-rot deb
11778 11778 118 118
•11734 118 *11734 119 •11734 118
1212 Jan 99 Dec
11212 Jan 18
25 9572 Jan
Eisenlobr & Bros
Jan 18
100
87 Nov 10012 Feb
Jan
9312
100
Preferred
1
3314
10
Jan
2
393
Aug 43 Nov
1
Feb
par
32
No
Schlid
-5512 341-4 34 34 3312 34 2,5001Eltingon
-321.2 12-1 -3212 3213 -821!
113 Jan 19 10133 Aug 12173 Nov
100 100 Mar 1
5091 Preferred 0 Si%
10234 103
103 103 .102 103
10178 1017 *102 103 •10213 103
13612 Dee
June
60
28
Jan
Jan
13418
170
pa
No
9,600'Electric Autolite
156 1573 15314 156,4 15314 15573 15134 15434 153 15412 151 1541
11312 Mar 8 10812 Sept 11212 Deo
100 109 Jan
101 Preferred
•11214 ____ 11214 11214 .11212 113
•11214
_ •11214
*112
1733 June
Aug
4
83
19
afar
2
183
Jan
1212
pa
No
Bout
94,300,Electric
1614 18
17
1838 1714 1772 1733 18
1613 1634
1512 18,4
2834 Jan 4932 Dec
7018 Mar 21
4312 Jan
No Pa
6678 65
66
6814 7018 6612 6938 162,100,Electrlc Pow & Lt
65
6534 6612 6512 67
10914 Feb 13 105 Dec 11018 Mar
10613 Jan
pa
No
Preferred
9001
8
1067
3
1067
107
107
107
*106
3
1073
107
10712
10712
•10738 1073t
12212 Jan 4 136 Feb 13 12014 Nov 12978 Apr
I Certificates 40% paid
.136 140 *138 140 .136 140 "136 140 •130 140
•136
69 Feb 9113 Dec
847
4.700,Elec Storage Battery___No par 8278 Feb 16 9278 Feb 4
8414 8472 84
8334 85
8434 8534 8478 8514 8434 35
uric
Jan
9
612 Jan 9
5 Mar 11
Par
Corp-.No
Coal
8
55
Horn
Elk
8
*47
5
512
900
5
5
5
.5
5
5
5
5
1552 Dec
514 Feb
22
Jan
7
1053
Feb
2212
par
A_No
15
1414 1414 '14
1,300 Emerson-Brant class
15
10
1614 1614
17
16
15
15
Apr
7434 Dec 85
7612 *7334 7513 7453 7453 74
743
700 Etidicott-Johnson Corp....50 74 Mar 22 6332 Jan 4 12114
*74
77
7712 781 1 *75
Jan 12758 Dee
100 121 Feb 7 12414 Feb 23
Preferred
•124 125 .12214 125 •12212 125 "123 124 .123 124 '123 124
33 Feb 51 Nov
4 6014 Jan 31
5378 5352 5414 53
5372 5112 5314 12,800 Dreneers Public Serv_No Par 4812 Jan 12
5458 5518 5333 5478 53
Dec 10212 Oct
9012
31
10413
Jan
Jan
par
90
No
9214
Preferred
9214
0001
93
9414 93
9234 9234 '9212 9358
*93
93
03
I
2953 Oct 3334 July
3714 Mar 2
3534 3458 3434 6.900,Equitable OffIce Bldg No par 3114 Jan 4
35
3558 3572 3534 36
3578 3614 3553 36
Jan
43 Dec 79
1 54 Feb 28
5134 5212 5158 5342 7.000,Eureka Vacuum Clean_No par 4412 Feb
49
52
49
49
49
4953 4938 49
1934 July 2458 Oct
par 2214 Jan 15 2473 Mar 20
No
Corp
Buffet
Exchange
2
245
8
245
400
2452
2472
2473
"2453
8
.2433
247
8
247
3
.243
2478
•2432
Apr
54
Jan
21
Jan
5134
3212
8
Jan
3
437
par
No
•4534 4612 1.600,Fairbanks Morse
4713 4612 47
4732 4712 4713 46
47
47
47
Jan 11434 May
100 10714 Feb 16 11078 Jan 9 104
201 Preferred
10814 10814 10814 10814 .10713 10818 •10712 108
*10814 109 .10814 109
42 Jan 71 Deo
15 6818 Jan 3 8612 Jan 29
2,800,Federal Light & Trac
80
80
80
7914 7914 7914 7914 80
70
79
7812 79
Jan 109
Apr
6
98
Feb
104
21
Mar
par
9914
No
180 Preferred
10034 10034 100 10012 9914 9934 •9912 100
10018 10112 102 102
Dee
Federal Mining & Smeit'g_100 234 Jan 8 310 Feb 4 120 Apr 230
"270 400 .270 300 .270 300 '270 300 .270 300 •275 300
10212
Sept
Jan
9114
7
Jan
4
3
18
Mar
100
9812
100
300 Preferred
9914 9914 •99 100
9812 9812 *9812 100 1 .99 100
.9814 100
1858 Aug 2573 May
1734 Mar 22 2238 Feb 6
1814 18
1812 1812 1814 1812 18
1818 1734 1818 3.400 Federal Motor Truck__No Par
1812 1858
4 June 10712 Dee
1
75/
9612 9613 1.800,Fidel Phan Fire Ins N Y-___10 95 Feb 18 106 Jan 2
9678 97
97
98
99
973.1 9734 .98
4 May
1
15/
1114 Jan
2
4Mar
133
11
Feb
par
1112
No
120 Fifth Ave Bus
*1178 1312 *1172 1334 *1179 1334 1173 1178 .1173 12,2 1178 12
par 85 Feb 1
9812 1'e525
No
Sons
9478
4
1,6001Filene's
943
94
94
94
"911.
9312
92
9014
9478
.9314 95
23
Jan
107
Mar
10412
100
Preferred
•100 10512 .100 10434 .100 104 *___ _ 10413 *103 105 •103 104
Apr 7838 Dec
28
7472afax 16
6913 32.800 First National Stores_No par 64 Feb
7112 7478 17114 7334 7112 7234 6912 7012 6912 7018 68
1734 Jan
872 Aug
15 Mar 22 2012 Jan 23
No par
15
1514 30,100
1612 1514 1614
1612 1678 1614 1613 16
1653 17
Oct 9112 Jan
4
553
14
Jan
7212
25
Feb
6012
..A00
6512 6512
400 1st preferred stamped_
66
*65
66
66
68
68 '67
68 .66
.65
Oct 9734 Jan
54
8212 Jan 25
100 6612 Feb 1
cony
preferred
1st
67
67
300
68
.67
72
'68
7212
.68
6619
6613
68
.65
65 June 8952 Oct
No par 72 Feb 16 8433 Jan 2
7934 7434 7878 7473 7714 7312 7532 101,100 Fleischmann Co
7612 7738 7712 7914 77
4914 Nov 561 Nov
No par 48 Feb 25 54 Jan 8
5012 5012 5012 5112 5112 3.700 Florsheitn Shoe cl A
5012 5012 *50
5018 5112 5012 51
Dee
9812 Oct 100
Jae 18
10212
IS
Mar
9714
100
8%
Preferred
100
10018
*9812
.97
10018
10013
.97
10018
.97 10012 9714 9714 .97
Dec 6912 Dee
5873
19
Mar
4
733
1
Jan
82
par
NO
6938 23,100 Follansbee Bros
6912 72,4 68
72
7014 7334 71
67$4 6778 6814 73
3632 Oct 5712 Dee
6214 Mar 13
No par 45 Jan 2
5612 5712 5012 5612 5612 5853 3,400 Foundation Co
5614 57
58
57
*5712 58
72 June 11953 Sept
101 Jan 19
No par 8514 Feb 1
9018 93
53,500 Fox Film class A
9678 9218 94
9112 9172 9112 9212 9212 9634 93
100 10612 Feb 2S 110 Jan 4 10612 Dec 113 Feb
Franklin-Simon pref
*10612 10912 •10612 110 .10612 110 *10612 110 .10612 109 .10612 109
43 Oct 10914 Jan
4 Jan 25
1
44 Mar 7 54/
4658 47'z 4634 149134
4534 47
2 4712 48g 4812 5014 4614 4914 30,800 Freeport Texas Co...NoPa 100 Mar 11 10612
Feb 28 102 Mar 10972 Apr
10012 10012
300 Fuller Co prior pref----No Pa
10312 1031 *9812 04 •102 104 .102 104
*10234 104
15 Mar 2812 Jan
5
Feb
3373
21
ar
af
2314
5,100 Gabriel Snubber A...No pa
2314 2578 2312 24
2634 27,4 2612 2718 *2612 27
2614 '261
1732 Dec
7,4 June
15 Jan 7 25 Jan 31
No pa
1538 7,800 Gardner Motor
1513 1533 15
1578 1618 1512 1534 1518 151
1614
16
4 Feb 101 Dec
607
9
Jan
102
18
Feb
86
pa
No
Car
Tank
0318 16,000 Gen Amer
9118 9312 90
91
0212 9014 931
9114 9258 9158 93
68 June 9472 Apr
63 Mar 7 8114 Jan 12
10
7138 6814 70
15,500 General Asphalt
6812 7114 70
6918 7012 7018 7172 6912 70
10 106 Mar 7 12014 Jan 12 11012 June 14112 Apr
400, Preferred
111 111 .108 112
111 113 *10912 11234 *108 111
.10812 111
Oct 150 June
120 General Baking pret___No pa 13033 Jan 28 140 Feb 5 132
133 133 *13312 134
133 133
*13038 136 .13033 136 *10032 136
21 Feb 4133 Nov
No par 3712 Jan 9 61 Feb 28
5412 7.400 General Cable
5412 52
54
56
5512 5714 5518 5614 5512 5612 54
8834 Nov
Feb
56
Feb
28
12012
8
Jan
81
pa
No
10772 10912 10,800 Class A
111 11212 111 11414 110 11233 10912 110
11134 114
Oct
Oct 107
4 Jan 21 102
/
10 105 Mar 12 1071
107 107
3001 Preferred
107 107 .105 107
*106 107 .106 107 *105 107
7533 Feb
Nov
5912
25
Feb
74
8
Jan
63
Par
No
Inc
Cigar
70
6912
General
7013
9,600
71
70
71
7018
7012 7112 7034 7112 7034
Mar
130
Sept
4
/
1141
24
Jan
122
5
Jan
11214
100
140 Preferred
•11714 119 •11714 119 *11714 118
11714 11714 "11714 11712 11714 11714
No par 222 Jan 2 28233 Feb 1 124 Feb 22112 Dec
230 23434 47,900 General Electric
239 24214 23612 24058 238 23972 23212 23612 232 236
11 Sept 12 June
10 11 Jan 3 1134 Feb 4
5.300 Special
1114 1138 1114 1133 1114 1114 1114 1132 1114 1133 1114 1114
3514 Jan 74 Nov
89
8912 .87
8812 8812 8812 8812 8812 8812 8812 8812 1,300 General Gas & Elec A__No par 70 Jan 7 89 Jan 23
"87
Jan 80 Nov
37
22
Jan
1041s
3
Jan
par
76
No
B
100
Class
100
100
100
800
98
*87
101
100
.0614
98
104
.96,4
Oct 144 Apr
No par 121 Feb 20 135 Feb 14 121
360 Pref A (8)
128 128
129 13013 12838 132 "130 13134 128 128
129 129
4 May
1
Oct 114/
115 Feb 15 105
No par 10714 Feb
370 Pref B (7)
112 112 .110 11114 110 11138 11014 11014 11138 11133 10312 10912
7412 July 10512 Oct
10934 Feb 5
97 '9712 09
97
30 Gen Ice Cream Corp No par 7973 Mar
*97 110
96
06
.98 110
*97 110
79 Dec 8412 Nov
No par 7714 Mar 21 8913 Jan 18
7714 7734 7714 7734 4.000 General Mills
7858 7952 7712 7914 7732 78
7934 £0
9812 Dec 10014 Dec
100 Jan 4
100 9634 Mar 1
97
2001 Preferred
*9634 9712 9634 9634 '9634 9712 *9634 9712 9634 9634 .96
7334 Dec 9014 Nov
9134 Mar 21
0114 1310000 General Motors Corp
10 78 Jan 1
8978 8712 8813 8612 8812 8814 9134 87
8734 8812 88
Jan 12712 Apr
12313
2
Jan
12812
1
Jan
100 12434
12534 12578 125 12572 •125 12578 1,4001 7% preferred
12514 12512 .12512 12612 12534 126
49 Aug
3872 Jan
52 Jan 2
6
Feb
4953
A_
Adv
Par
Outdoor
_No
51
"5012
Gen
500
5012
5012
5012
51
5012
5012
4
5012
'503
5012
5012
5238 Jaa
Aug
2912
12
afar
41
1
Feb
32
certificates_
Par
--NO
4,6001 Trust
3758 3814 3914 3812 39
3714 3778 3614 3672 37
*3612 3712
8414 June 12352 J 4o
No par 95 Jan 34 11112 Mar 1
102 10314 8,300 Gen Ry Signal
10253 103
10478 103 104
10512 10512 10312 10412 102
451k June 82
Jan
8612 Feb 20
No par 74 Jan
7718 1.800,General Refractories
76
78
7834 7738 7738 •77
78
7734 79
771 1 7714
0712 June 12332 Oct
114 115
7,800 Gillette Safety Razor_ _No par 114 Mar 22 12034 Jan 25
11412 115
11612 11734 11612 11734 115 116
11534 116
3413 Mar 5978 June
4812 Jan 28
No par 4014 Mar
4112 4134 4112 4178 4114 4214 4214 4212 4212 4252 413a 4212 4.900 Gimbel Bros
87 Mar 101 June
00 Jan 3
100 8158 afar
400 Preferred
8412 8412 8412
8412 8313 8312 8438 8432 .82
*8212 8412 .82
2032 Jan 37 Dee
No par 3678 Jan 2 45 Mar 1
4318 4378 24234 4314 4212 4314 4214 4272 4218 4234 4134 4214 12,800 Glidden Co
Jar 103 Sept
95
100 10312 Jan . 10514 Mar 8
preferred
Prior
104
104
190
105
.104
10418
104
104
105
104
•104
•105 10512
Dec 6211 Nov
4212
5
Feb
66
Jan
52
par
No
18,460 Gobel (Adolf)
55
5333 5413 5333 55
5351 5572 53
55
5412 5672 54
Jan 14314 Dec
71
82 Jan 19
No par 0638 Feb 1
Corp v t o
Dust
56,000
Gold
8
7
63
2
667
8
687
70
68
69
6912
68
7138
2
693
7053
8
697
6818 June 10914 Des
No par 8713 Feb 19 10534 Jan 2
9673 9333 9534 66,200 Goodrich Co (B F)
9612 95
9618 9778 95
97 100
9552 99
Feb
30913
25
11538 May
Feb
11512
9
Jan
113
100
300 Preferred
113 113 •113 11358 •113 11352 11314 11314
*11314 11412 •113 114
4518 June 140
13
Dec
14018 146 257,500 Goodyear T & Rub--No par 112 Feb 21 15412 Mar 28
14714 15412 14752 1517g 14452 14872 14313 146
14112 151
9212 Mar 105 Dee
Feb
s
1047
30
Jan
102
par
No
preferred
10331 10334 104 10434 10418 10414 104 10433 104 10414 .10334 10414 2,200 1st

1

•Eld and asked; oriole no sales on this day. a K2-dividend. y Ex-rights.




1870

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,
Mar. 10.

Monday,
Mar. 18.

Tuesday,
Mar. 19.

Wednesday, Thursday,
Mar. 21.
Mar. 20.

Friday,
Mar. 22.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest

Highest

PER SHARE
Range for Previous
Year 1928
Lowest

Highest

$ Per share $ Per share $ Per share $ per share $ per share $ per share Shares Indus. & /Memel. (Con.) Par $ per share $ per share $ per share $ per share
65
6512 65
6512 6212 6312 61
6212 61
6134 6018 61% 8,300 Gotham Silk Hosiery-No par 6018 Mar 22 8118 Jan 2
7312 Dec 9378 Apr
*65
68
6512 6534 63
63
61
62
6012 62
81
61
5,600 New
No par 604 Mar 22 7412 Jan 23
70 Dec 03 Apr
*100 102
100 100
100 100
9812 9812 99
9734 9734
900 Preferred new
99
100 9734Mar 22 1014 Jan 5 100 Dec 130 Apr
*9712 98
9712 9712 *9712 98
*9712 98
180 Preferred ex-warrant8
9712 9712 9712 9712
100 97 Jan 11 100 Jan 12
95 Dec 112 May
8
8
8
818
8
8
*712 8
7 Feb 18 10 Jan 9
No par
*714 812 1,600 Gould Coupler A
74 8
67,8 Dec 1258 Feb
4858 4958 4812 50
4778 4914 4712 48
477 4812 46
4734 34.600 Graham-Paige Motors_No par 4414 Feb 16 54 Jan 2
1634 Feb 6114 Sept
45
45
*4412 45
4012 4312 424 4218 *4278 44
2,700 Certificates
4112 4214
No par 4012Mar 19 4912 Jan 11
264 June 56 Sept
924 9538 9612 9914 99 102
100 1027
9878 10138 97 10058 120,300 Granby Cons M Sm & Pr_100 85 Jan 16 10278 Mar 20
3918 Feb 93 Dec
91
9312 9334 9612 92
95
*88
92
10.500 Grand Stores
88
88
89
91
100 772 Jan 30 9612Mar 18
6514 June 9478 Oct
253 255, 245, 2512 *2518 26
2434 25
2.000 Grand Union Co
245, 2538 2412 245
No par 23 Feb 25 3278 Jan 2
265 July 417 Oct
5,4718 49
465, 47
4634 4712 *4634 4712 46% 4678 464 46% 1.200: Preferred
No par 46 Feb 27 542 Jan 4
4612 Aug 625, Oct
*125 127
124 12414 *125 126
12334 125
12312 12438 12314 12414 1,100 Grant (W T)
No par 11612 Jan 17 14458 Feb 5 1113 Dec 12512 Sept
374 375, 37
3712 363 37
3612 368 3614 3658 36
36% 9,400 Great Western Sugar__ _No par 36 Mar 22 44 Jan 25
31
Jan 3812 Dec
*117 119
116 11634 *11514 116
116 1165, *11514 116
11614 11614
1801 Preferred
100 116 Feb 15 11912 Feb 1 11212 Feb 120 Jan
182 1887s 18814 1933, 18734 197
19014 1975, 187 1943, 1308 19212 229,900 Greene Cananea Copper_100 168 Jan 14 19758Mar 20
8938 June 17714 Dec
4
4
*4
438 *4
43
414 *4
414 *4
4
Guantanamo Sugar____No par
4300
1
45, Dec
92 Jan
4 Mar 6
512 Jan 3
*--- 7334 *__ __ 7334 *7014 72
704 7014 67
*6712 70
201 Preferred
67
100 67 Mar 21 90 Jan 2
90 July 107
Jan
70% 7034 70
*65
70
70
6812 6812 6812 688 6814 6814 1,400 Gulf States Steel
100 66 Jan 7 79 Mar 5
51
Jan 7378 Sept
*10114 103
109 109 *106 108 *106 106 *106 108 .•106 108
iol Preferred
100 107 Jan 22 109 Feb 14 1035, Nov 110 Apr
*27
2738 27
2712 *2612 27
27
27
*27
2758 *27
310111ackensack Water
275
25 25 Jan 7 29 Feb 28
23 Jan 30 Jar
*28
31
*28
31
*28
*28
31
31
*28
*28
31
31
Preferred
25 27 Feb 18 31 Mar 8
23 Jan 30 Dec
*2714 29
*2714 29
*2714 31
*2714 29
*2714 29
Preferred A
25 26 Jan 31 29 Jan 14
"2714 28
2512 Jan 29 June
49
5018 4818 4912 48
4918 48
5014 4714 4834 4618 4814 93,600 Hahn Dept Stores
No par 44 Mar 7 55 Jan 10
106 107
10512 10634 10512 10614 1054 10658 x10414 10412 103 1034 o.sool Preferred
100 103 Mar 6 115 Jan 31 -10212 10212 10212 10212 *102 1024 *102 10212 *102 10212 102 102
50 Hamilton Watch pref
100 100% Feb lb 1055, Jan 8
99 Aug 104 Apr
94
9212 94
95
94
94
9412 9412 *9434 95
*9412 95
360 Hanna let pref class A
100 91 Jan 14 9934 Jan 23
59 May 97 Nov
*5912 60% "5912 6034 *5912 6034 *5912 6034 *5912 6034 6034 6034
10,11arbison-Walk Refrac..No par 54 Jan 3 6034 Mar 22
54 Doe 5712 Oct
0
__ *11212
__ *11212
__ *11212
- 11212 11212 *11212 113
30 Preferred
Jan
14 11812 Jan 29 110 June 120 Jan
100 112
*2512 -26
112254 -*2512 -2512 2512
26
2512 *2518 26
.2512 26
200 Hartman Corp class A_No par 254 Jan 28 27 Jan 2
2312 Aug 2758 Feb
274 2914 2818 2812 28
2818 274 277* 2718 2714 254 27
4,800 Class B
No par 2112 Mar 22 393* Jan 2
165, Aug 373 Dec
*59
*5912 61
61
61
*60
*59
6058 *5934 6018 *59
____ Hawaiian Pineapple
6018
20 60 Feb 19 63 Jan 10
61 Dec 68 Nov
0105 108 *106 10612 *10412 110 *10412 112 *10412 110 *10412 112
Helme(0 W)
25 104 Mar 15 118 Jan 29 105 Dec 120
Oct
73
74
73
754 73
7378 72
72
7212 70
73
11.400 Hershey Chocolate- _ _No par 64 Feb 16 79's Mar 18
72
30% Jan 7212 Dec
8614 8678 863e 37
8512 8612 86
87
8614 87
87
9,0001 Preferred
86
No par 80 Feb 16 8712Mar 15
7014 Feb 89 Nov
510512 106 *1054 106
10512 10512 10512 10512 10512 10512 105 105
600 Prior preferred
100 104 Jan 4 106 Mar 1 10014 Aug 105 Apr
*19
21
*18
21
21
*20
*20
21
*20
21
20
20
200 Hoe (R) & Co
No par 17% Feb 18 2178 Mar 5
1514 Sept 3078 Jan
45
453 4678 46
4578 4512 457
48
4614 4678 46
47
6,900 Holland Furnace
No par 4114 Jan 3 51 Mar 9
404 Dec 498 Oct
19
19
1914 1914 *19
193
1878 1934 *19
1978 1834 19
800 Hollander & Son (A)-_No par 171s Jan 21 22 Jan 2
18 Dec 3678 Apr
73
73
7312
7234 73
7312 *73
7312 *7312 75
734 7312 1,100 Homestake Mining
100 7214 Feb 21 76 Jan 3
67 Jan 80 Nov
72
7218 7214 7234 7218 728
724 734 7212 7212 7012 72
2,400 Househ Prod Inc
No par 7012 Mar 22 7912 Jan 7
6418 Feb 84
Oct
93
9734 9214 9912 91
93
9318 102
99 10612 9812 1057s 31,200 Houston Oil of Tex tern ctfs 100 804 Mar 7 107 Jan 3
79 Dec 167 Apr
7778 793
7912 81% 7718 82
784 8111 794 8212 78% 82 175,600 Howe Sound
_No par 6814, Jan 8 824Mar 21
•
4038 Feb 7334 Nov
9014 9234 898 913, 8914 913
905, 923
8918 9034 8712 8934 88,000 Hudson Motor Car__-_No par 714 Feb 15 9312Mar 15
75 Jan 993* Mar
7334 7434 733* 75
72
7312 7138 7234 7212 7334 71
7278 37,600 Hupp Motor Car Corp--__10 6758 Feb 18 82 Jan 28
29 Jan 84 Nov
337
3318 343* 34
3414 3318 3414 45,200 Independent Oil& Gas_No par 30 Jan 31 35% Jan 2
334 3312 333* 344 33
2134 Feb 385 Nov
*2412 2614 *2412 25
25
25
25
254 245, 2612 2514 2514 4,300 Indian Motocycle
20
No par 2018 Jan 31 324 Jan 2
Oct 70 Apr
90 *____ 90
_- 90
____ 90 *____ 90 *__ __ 90
IPreferred
100 89 Mar 6 9534 Feb 5
93 Nov 115 Apr
3434 3638 36
3734 3614 3778 3734 4338 4018 43
3738 4178 232,300 Indian Refining
433 Mar 20
9 Feb 3958 July
Jan
10
8
29
3312 353* 3438 377
353* 3678 3612 403
, 37% 40% 3658 393 68,000 Certificates
812 Jan 374 July
10 28 Jan 7 423 Jan 28
Preferred
100 160 Jan 2 165 Jan 11 140 Dec 185 Nov
0116 1-224 *117 121-14 117 11711 120 12-0 *116 1-22 *116 1-20
300 Industrial Rayon
No par 117 Mar 19 135 Jan 18 118 Dee 146
Oct
128 128
128 128
130 130
12814 1304 129 13018 131 131
1,100 Ingersoll Rand
00 Feb 127 Nor
No par 120 Jan 3 137 Jan 26
9412 96
954 964 95
96
9514 9678 95
9312 95% 17,000 Inland Steel
96
46 Mar 80 Dec
No par 784 Jan 2 9678 Mar 20
6212 6338 62% 6414 6218 6378 6014 633* gm 6234 60
6178 45,900 Inspiration Cons Copper___20 4318 Jan 7 6612Mar 1
18 Feb 48% Nov
1218 1218
12
12
1134 117
114 115, 1112 1112 1112 1158 3,300 Intercont'l Rubber
818 July 2134 Jan
No par 10% Feb 8 1414 Jan 11
147 163* 16
*1412 15
1634 155g 155
15
1534 144 15
5,900 Internat Agricul
1418 Mar 13 17% Jan 28
13 Feb 2078 May
No par
8212 8114 8114 *8112 8212 8214 8214 *8111 83
*81
81
81
4001 Prior preferred
Mar 85 Dec
100 7914 Feb 19 8812 Jan 26
483*
159%
160
16112 16812 16218 165% 16112 163 x15934 162
16012 16012
9.200 Int•Business Machines_No par 14938 Jan 24 16812Mar 19 114
Jan 16638 Nov
9318 934 913* 93
9114 9212 9034 92
9012 9112 8814 903, 12,300 International Cement_No par 8814 Mar 22 1028 Feb 4
Jan 947k Dec
56
85
9012 93
89
00
9134 88
8412 37
88
31
86 2 132,500 Inter Comb Eng Corp-No par 684 Jan 7 10312 Feb 15
454 Feb 80 Dec
11312 1134 *11312 11578 •112 11578 112 112
1134 115
112 112
nal Preferred
100 1084 Jan 2 121 Feb 16 103 Mar 110 Sept
10814 10912 1093, Ill% 10978 11214 10834 DI% 10884 1097s 10558 10812 46.600 International Harvester No par 9254 Jan 15 115 Jan 29
80 Dec 977.3 Dec
14214 14214 *142 14212 14214 14214 142 142 *142 14214 *142 14214
5001 Preferred
100 142 Feb 5 145 Jan 18 13614 M e 147 May
894 9112 88
90
8938 8814 90
92
8814 90
87% 8912 12,000 International Match pref__35 8718 Feb 18 10212 Jan 4
85 Dec 12178 May
54
8
6
584 534
Vs 6
584 61z
534 6
534 3,100IInt Mercantile Marine
100
512 Feb 4
74 Feb 15
384 Mar
73g May
4218 43
4118 .43'2 4414 4412 4112 44
4338 4514 424 44
14,3001 Preferred
100 3812 Feb 1 477 Feb 18
344June 445 Jan
594 605, 59
6014 5712 59
5934 61
55
504 5512 489.3001 Int Nickel of Canada_No par 46% Jan 2 7234 Jan 23
575
733* Feb 26912 Dec
77
75
*73
75
76
76
*74
76
*75
77
*75
77
300 International Paper___No par 574 Jan 11 771z Mar 8
50 Oct 863* May
91
*90
91
91
91
90
91
90
*9034 92
*9034 91
3001 Preferred (7%)
100 8914 Jan 15 9412 Jan 8
89 Dee 108. Jan
3234 3234 3212 34
3314 33% 34
3434 34
3412 3218 3334 36.700 Inter Pap & pow cl A_ _No par 2712 Jan 8 3538Mar 19
22 Dec 344 Nov
2318 2414 2334 2334 223 227 ____ _ _ 12.100 Class B
2212 2212 2212 23
No par 1538 Jan 16 2412Mar 8
147 Dee 19 Nov
147 154 143 1538 147 1534 147 1534 15
1512 1434 1114 15,600 Class C
135 Dec
No par 1038 Jan 10 1634 Feb 4
1034 Nov
91
9014 91
9014 90
9012 9012 90
902 9078 903 9034 2,900 Preferred
100 8854 Jan 4 93 Jan 23
88 Dec 91 Dec
gg
55
55
5712 574 5814 5614 564 5614 54% 56
55
2.400 Int Printing Ink Corp-No par 5418 Mar 20 63 Jan 23
4734 Oct 60 Dec
101 105 *101 105 *10414 10412 10414 10414 10414 10414 104 104
180 Preferred
100 100 Jan 2 106 Mar 4 100 Dee 100 Deo
88 .85
*85
86
86
85
85
85
83
83
*83
85
80 International Salt
100 5512 Jan 4 9034 Feb 4
4912 Mar 6834 Jan
141 141
•141 145 *141 145 *141 145
14012 14012 *136 140
300 International Silver
100 131 Jan 22 150 Mar 6 126 June 106
Jan
•115 11812 *114 116 *114 116 *115 116 *115 116 *115 116
Preferred
Jan
100 11214 Jan 4 119 Jan 17 11214 Dee 131
22534
227
219
23612 23214 236 x22918 23334 94,900 Internat Teleel & Teleg
2167s 21958 21714 221
19714 Jan 7 23612Mar 20 13912 Feb 201 Dec
100
79
78
79
80
30
793
79
78
7814 81% *8112 82
3.200 Interstate
6112 Nov 90 Dee
•12834 14814 *12834 14814 *130 14814 *12834 14814 *12834 14814 *12834 14814 . _I PreferredDept Stores_No par 76 Feb 8 934 Jan 2 12412
Nov 150 Dec
100 130 Jan 15 150 Jan 2
32
3212 3014 3014 *30% 31
32
3212 32
*32
32
32
600 Intertype Corp
2334 Sept 3812 Jan
No par 29 Jan 2 3434 Feb 21
63
63
6214 63 z6112 62
6314 64
*63
64
62
62
2,60011sland Creek Coal
Oct 61 May
47
1 53 Jan 2 69 Mar 5
1447 14612 144 1467s 142 144
146 148
1477s 148% 14618 147
1,700 Jewel Tea, Inc
7754 Mar 179 Nov
No par 142 Mar 22 16214 Feb 5
-_ 12518
•12518-..
-- •12518 ___ •12518
__ *12518
-- *1254
Preferred
100 12412 Jan 3 12518 Feb 13 11938 Nov 12512 Nov
9
18512 1-10
194 196
185 188
18434 1--0
186 124
18014 18612,34,9001 o ns-Manville
9614 June 202 Dec
No par 18014 Mar 22 242% Feb 2
•121
_ 12112 _ _ *12112 ___ •12112
_ __ 12112
__ *12112
__ ___
Preferred
100 119 Jan 21 122 Mar 14 1184 Oct 122 Apr
121 122
121 121-12 121 121 *121 1-22
121 121
122 122
-210 Jones de Laugh Steel pref 100 11811 Jan 4 12214 Mar 11 119 Dec 12414 May
..
Jones Bros Tea Inc__ _No par 35 Jan 21
35 Jan 21
251 Mar 4112 Oct
12 -1234 1158 1212 1218 1234 12
13
12
124 13
1234 38.2001Jordan Motor Car
1158 alar 20 1612 Jan 2
84 Aug
No par
1912 Oct
•106 108 *1084 109
109 109 *105 109 *106 109 *106 100
10 Kan City P&L let pf B_No par 106 Feb 16 11234 Jan 22 108 Aug 114 Apr
3014
304
30
30
30
3011 3078 3012
30
03058 31
30
1,1001Kaufmann Dept Storee.$12.50 2912 Jan 31 3718 Feb 6
2912 Dec 34
Oct
8078 8134 7934 803* 7912 8038 80
8034 82
9,500,Kayser (J) Co v t o
8114 7984 80
623* Jan 92 Nov
No par 7858 Mar 12 88 Jan 3
3558 3558 354 3511 3558 3558 *3514 36
35
35
1,000 Keith-Albee-Orpheum_No par 3414 Feb 13 46 Jan 4
344 35
154 May 514 Nov
100 10814 Mar 22 138 Jan 5
112 112 211012 11178 110 110
111 114
10934 10934 10814 11012 1,100 Preferred 7%
7512 May 160 Nov
1934 2014
1912 20
194 197s 1834 1918 1812 19
187s 195
40,900 Kelly-Springfield Tire...No par 18 Feb 18 2378 Jan 2
19% Dec 2512 Nov
85
*80
*80
18014 8012 *8018 85
8434 *80
*80
85
85
8% preferred
100 8118 Feb 20 9478 Jan 9
5514 Feb 95 Nov
93
*90
*90
93
93
*85
93
093
95
100 8% preferred
90
90 .85
100 93 Mar 15 100 Jan 14
58 Feb 101 Nov
56
5714 58
5814 56
5814 z51334 5784 5514 5684 11,900 Kelsey Hayes Wheel___No par 475 Jan 15 6134 Feb 26
5734 56
58
224 Jan
Oct
109 109 *10912 110 "10912 110
109 109
108 110 *108 109
50 Preferred
100 109 Jan 21 110 Jan 8 106 Mar 111 Nov
1514 154 1514 1534 1518 163s 15,500 Kelvinator Corp
1538 16
16
1618 1534 16
15 Jan 7 194 Feb 8
784 July 2278 Apr
No par
10218 10312 102 10478 102 10438 101 10478 10014 10234 9518 10178 906,100 Kennecott copper
No Dar 783* Feb 26 10478 Mar 18
6034 6034 5912 6012 x61
5958 5958 *5912 61
600 Kinney Co
602
81
*59
No par 5012 Feb 1 6578 Feb 15
377 Aug 5834 Oct
•10414 105
10434 1043 105 105 *1048 105
280 Preferred
1043 105 *10412 105
8718 Mar 100 Apr
100 9312 Jan 2 10934Mar 6
604 6118 603* 6178 6018 644 62
644 61
5838 6178 80,800 Roister Radio Corp___No par 5618 Feb 18 783* Jan 3
63
5114 Aug 9571 Nov
38
36% 373
3634 36
10,300 Kraft Cheese
3618 367 x3634 373
363* 35% 36
82 Dec 42 Nov
No par Ws Mar 6 39 Jan 21
*9613 98 *96 9734 96 97 *96 97
97
98
97 .97
300 Preferred
994 Dec 10114 Dee
100 96 Mar 1 9934 Jan 2
523* 533
517 537
52
53
5158 523
5112 524 5014 5112 16,000 Kresge(OS) Co
915 Nov
10 5014 Mar 22 5712 Mar 4 065 Feb
114 1141z *114 11412 *114 11412 •114 11412
114 114 *114 115
50 Preferred
100 109 Jan 5 115 Feb 14 11014 June 118 Apr
*1912 20
193 1934 1914 194 19
1934 20
1918 1812 1914 3.000 KreagelDept Storee---No par 1738 Mar 7 23 Jan 2
1312 Jan
2714 Feb
100 Preferred
'7314 7378 7314 7314 *734 95
*7314 80
*7318 75
*734 99
100 7114 Feb 19 734 Mar 18
8134 Feb 75 Aug
102 1024 100 100
01 105 *102 104
1,100 Kress Co
9612 100
97
978
87 Feb 12434 Nov
No par 9612Mar 22 114 Jan 5
364 Jan 3 4638Mar 6
4014 4012 3958 4012 394 40
393* 3935 394 3934 38% 394 64,300 Kreuger & Toll
325 Deo 4034 Oct
0318 10418 103 10312 102 103
99 10314 983* 100% 9612 9912 44,200 Kroger Grocery & Bkg_No par 9612Mar 22 1224 Jan 3
7314 Mar 13214 Nov
243 245 *242 250
40 250
243 243
400 Laclede Gas
243 243 *235 250
100 235 Jan 16 245 Mar 14 200
Jan 260 Feb
100 100 Mar 8 102 Jan 4
00 105 *100 104 *100 104 *100 102 *100 102
10 Preferred
100 100
99 Nov 12412 Jan
3018 3014 3014 3012 3018 3014 3018 3118 31
3114 29
3018 5.300 Lago Oil& Transport_No par 2614 Feb 19 33 Jan 2
2738 Feb 3918 Apr
474 14978 z14712 151
150 1574 152 157
794 Jan 13638 Nov
1514 154% 1473* 15312 135.500 Lambert Co
No par 12718 Jan 22 15714Mar 19
, 21
22
2234 217s 221
2012 7,600 Lee Rubber & Tire
2112 2012 2118 20% 21
20
No par 194 Feb 19 25 Jan 14
174 Jan 2614 Oct
1.800 Lehigh Portland Cement__ 50 56 Mar 22 65 Feb 6
59
59
59
5812 69
57
59
58
58
423 June 5812 Nov
56
58
58
• 09 11112 110 110 *109 110 '
100 Preferred 7%
5109 110
100 106% Jan 3 11012 Feb 14 10614 Dec 11084 May
_ _
__ *110
No par 5818 Feb 18 8812 Feb 4
5,500 Lehn & Fink
5918 6014 60
6112 62
58% 60
9
38
Jan 6478 Out
61 *110-5812 5-.
58% 59
Life Savers
2812 Aug 4014 Nov
No par 29% Jan 7 393 Jan 5
1,800 Liggett & Myers Tobacco___25 89 Mar 22 10512 Jan 28
504 -9-1511 -ill Ift, 914 92
89
*904 9012 894 8912 89
8318 June 12212 Jan
904 91
8912 90
8914 9114 8912 8978 8812 8912 11.300 Series B
9014 92
25 8812 Mar 22 1034 Jan 29
8014 June 12312 Jan
200 Preferred
3512 13712 *1354 13712 13512 13512 *13512 13712 135% 13534 *13512 13712
Apr
100 13512Mar 19 13711Mar 1 134 Aug 147
4934 503
5012 537
23,300 Llma Locom Worka___No par 45 Feb 8 55 Mar 22
51
38 July 8578 May
533* 504 5238 50% 544 50% 55
84
8478 82
8214 8378 8078 83
84
6312 Feb 12412 Nov
No par 79 Feb 18 11378 Jan 3
7912 817s 7935 8014 29,500 Liquid Carbonic
71
72
703 717
7014 72
No par 6358 Jan 2 8412 Feb 27
6958 50,400 Loew%Incorporated
4918 June 77 Ma,
7058 723s 6912 714 66
102% 1023* 103 103
98 1024 10012 101
Ors Mar 1105, Apr
101 101 *100 10012 2,000 Preferred
No par 98 Mar 19 11034 Jan 31
52g Feb
8
8
818 838
712 Jan 19 10 Jan 24
No par
818 814
191% Aug
83* 8%
838 8% 16,700 Loft Incorporated
83* 9
2912 30
2912 294 2912 30
364A Feb
Jan
26
No par 2814 Jan 2 324 Jan 5
30
30
2912 2912 1,000 Long Bell Lumber A
30
30

•Bid sae admit Mao: no males on Sale day. I Ls-dividend.




0 Old stock. ,

New York Stock Record-ConAinued-Page b

1811

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,
Mar. 16.

Monday,
Mar. 18.

Tuesday,
Mar. 19.

Wednesday,' Thursday,
Mar. 20.
Mar. 21.

Friday,
Mar. 22.

Safes
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest

Per share $ per share 3 per share 5 per share 15 per share $ per share
6814 6612 6814 6612 67
68
6614 6734I 67
6714 6638 67
11314 11814 *11612 121 *11612 121
11612 116131*11612 121 *11612 121
25
254 2434 25
2414 2.112 2414 2434 24
241
/
4 2312 2418
*8612 92
92
02
*86
92
*86
9178 *88
01
*83
91
1434 15
1414 15
1412 1478
1418 144 1458 15
14
1454
92
*91
91
92
92
92
*91
924 91
91
91
91
43
4358 4212 43
4212 43
4212 4278 42
4258 4112 4234
774 7718 77
79
76
77
275
7614 75
76
74
74
4134 4134 4018 4112 40
40
40
40
*4018 42
4018 4018
*10678
__ *107__ *107
*107
_--- *107
*107
*125 14-0 *125 140 *125 140 *125 140 •125 140
•125
_ *8312 84
*8312 84
*8312 84
*8312 84
•8312 84
10614 10714 10534 107
10512 10634 10512 10614 10512 10778 10358 106
16434 16434 16012 164
161 16234 159 161
160 162
15513 160
2134 22
2134 22
2214 23
2158 2234 2212 2278 2134 2218
7738 7912 7734 8038 7814 80
7912 82
7934 824 7912 8212
2814 2814 2813 2818 28
28
2612 2612 26
28
2612 23
*95 101
9718 9718 9718 100
*9718 100
*9538 100
*9512 100
•____ 20 *_ _ _ _ 19
_ 20 *_ _ 20 *____ 20 *___ _ 20

Shares Indus. & MIscel. (Con.) Par $ per share
7,600 Loose-Wiles Biscuit
25 644 Jan 28
40 let preferred
100 1161, Jan 12
7,900 Lorillard
25 2312hlar 22
100 Preferred
100 88 Jan 4
24,400 Louisiana Oil
NO par 1312 Feb 16
100 89 Feb 8
330 Preferred
7,800 Louisville G & El A____No par 36/
1
4 Jan 23
3,000 Ludlum Steel
No par 6812 Feb 16
1,200 MacAndrews & Forbes_No par 40 Mar 10
Preferred
100 104 Jan 8
Mackay Companies
100 122 Jan 19
Preferred
100 834 Jan 26
No par 10358 Mar 22
22,100 Mack Trucks,Inc
No par 13312 Mar 22
3,800 Macy Co
6,000 Madison Sq Garden_ _.No par
1814 Jan 5
52,300 Magma Copper
No par 66 Jan 16
2.300 hfallison (H R) & Co No par 26 Naar 31
50 Preferred
100 9718 Mar 18
Manatl Sugar
100 1913 Feb 18
*4353 4558 *4358 48
.4358 444 4358 4352 *4018 48
•43
48
100 Preferred
100 43 Mar 5
35
*33
33
33
*33
35
*3112 35
*31
35
•31
35
100 Mandel Bros
No par 28 Feb 16
3234 33
32
3234 314 3178 3134 3134 3114 3158 3078 3114 3,000 Manh Elec Supply- No par 293
8 Mar 13
3014 3034 3014 31
*3058 31
3058 307s 3012 30/
2,800 Manhattan Shirt
1
4 3014 301
25 2958 Feb 15
16
16
164 17
16
16
16
16
1614 16/
1
4 1614 1612 2,100 Maracaibo Oil Expl__ __No pa
12 Feb 18
40/
1
4 4112 4058 42
4012 41
3938 4238 4114 424 394 41,
No pa
35/
1
4 Feb 20
4 86,300 131arland 011
7612 7612 76
76
7512 7512 75
7512 *74
75
z74
75
2,300 Marlin-Rockwell
No pa
6913 Feb 27
75
77
77/
1
4 784 7812 79
784 7978 7812 79
7738 791 15,500 Marmon Motor Car. No par 6634 Feb 18
•15
1518
15
154 *1518 15/
1618 *15
1
4 15
1514 •15
1514
500 Martin-Parry Corp....No pa
1414 Feb 16
196 196
199 204
197 197 *197 200 *197 199 *197 199
600 Mathlesou Alkali WorksNo pa 175 Jan 9
•123 125
123 123/
1
4 *123 125
125 125 .123 125
124 124
150 Preferred
100 120 Jan 28
924 9312 92
9234 92
924 91
9218 9018 9184 8734 904 12,900 May Dept Stores
1
4Mar 22
25 87/
23
23
2234 3314 23
23
*2212 23
2258 23
2214 2214 3,000 hiaytag Co
No pa
2112 Feb 21
14114 414 4112 4158 4113 4158 4158 4158 4117 411
/
4 4112 411
2,900
Preferred
No
4112
pa
Mar 1
*8712 88
*8712 88
*8712 88
*8713 88
8712 8712 *8712 88
300 Prior preferred
No pa
8712 Feb 16
73
73
73/
1
4 7314 73
7312 73
7312 73
73
7212 724 1,300 McCall Corp
No pa
7114 Feb 16
11034 11038 110 11212 *105 11178 10813 109
108 108 •10812 111
290 McCrory Stores class A No pa 10034 Jan 4
11313 11412 113 114
11212 11334 11238 112/
1
4 109 111
109 1091. 3,900 Class 13
No pa 101 Jan 10
•117 120
11978 120
11934 11934 *118 120 *117 120 *117 120
500 Preferred
1
4 Jan 31
100 113/
noli 21
2014 2014 *20
21
20
20
•1914 20
1934 1934
700 McIntyre Porcupine Mines_.
19/
1
4 NIar 22
7312 74
7318 7378 7358 7412 7318 74
7312 73
73
7314 5,000 McKeesport Tin Plate_No pa
7112 Jan 8
57
5773 5612 5778 56
5812 56
5733 5612 564 5612 561
/
4 7,400 McKesson & Robbins__NO pa
49 Jan 7
*594 60
5912 5978 •59
5912 *59
5912 59
59
5758 5834 1,500 Preferred
/
4 Jan 18
50 571
*61
6178 614 6173 62
62
62
6278 *6112 6278 6278 62/
1
4
500 Melville Shoe
No par 6178 Mar 18
2714 2734 2712 2838 2718 2818 27
2618
2712 27
2712
2653 5,000 Mengel Co (The)
Vo par 2518 Feb 18
2534 2534 25/
1
4 26
2612 2612 2534 2614 *26
2612 .26
2012
800 Metro-Goldwyn Pictures pf_27 24 Jan 10
53/
1
4 5414 53/
1
4 56
5212 544 5134 56
5358 5512 51
55 144,700 Mexican Seaboard 011 No par 4212 Feb 1
5212 3312 524 5438 53
54
5318 5413 5338 54
50
5334 77,900 hflami Copper
5 3018 Jan 8
3434 35
344 3534 34
35
3312 35
3412 3514 3313 35
62,300 hfid-Cont Petrol
No par 3012 Feb 16
Preferred
100
12014 Jan 18
432 452
412 5
458 5
- -414 --478-412 478 --414 -14 -4-1;760 Middle States Oil Cory
334 Mar 6
10
3
3
3
312
3
312
314 312
314
312
3
34 9,800 Certificates
10
258 Feb 25
*245 260
250 257
252 256
251 255
254 26512 x257 26412 7.1C0 Midland Steel Prod pref_ _ _100 225 Feb 15
2414 25
2218 2714 2738 2814 28
2878 2612 2778 2614 267s 12,300 Miller Rubber ______ __No par 2212 Jan 5
16
7634 76
7678 7453 76
7313 7512 7312 74
73
7334 11,700 Mohawk Carpet Mills_No par 6958 Feb 18
131 13434 13112 134
12912 13313 12814 13214 12758 13012 12613 130 147,100 Mont Ward&Coll1CorpNo par 120 Feb 16
6/
1
4 7
612 7
633 64
632 634
632 634
61
/
4 638 6,100 Moon Motors
614 Mar 14
No par
514 632
5/
1
4 582
512 54
552 6
534 6
514 578 56,200 Mother Lode Coalition_No Par
3 Feb 8
41
43/
1
4 40/
1
4 4212 3912 4113 3818 4138 3812 3938 37
39
16,600 Motion Picture
par
No
1212
Jan 8
231
/
4 2412 2234 2378 23
2314 2178 211
/
4 2178 2178 2034 211
/
4 8,800 Moto Meter A
No par
19 Feb 18
•138 194
191 193 *18738 191
189 189
187 187
1854 18538 1,100 Motor Products Corp_ _No par 165 Jan 16
/
4 4458 454 44
4412 441
45
4412 45
4413 4434 44
4412 5,800 Motor Wheel
No par 4212 Jan 7
64
64
63
64
63
64
6112 6214 6338 64
63/
1
4 64
3,300 Mullins Mfg Co
No par 60 Feb 18
*9213 06
9212 9234 *9412 97
94
94
04
9413 *9412 9513
100 Preferred
No par 92 Feb 2
65
55
54/
1
4 55
5353 55
5418 5418 53
55
53/
1
4 5478 1,700,Munsingwear Inc
No par 52 Mar 14
7652 7818 75
77
7434 75/
1
4 7314 7512 73
7414 71
7312 38.700 Murray Body
No par 67 Feb 18
10818 109
1074 10934 10718 10833 106 107/
1
4 10512 1071 10418 106
65,700 Nash Motors Co
NO par 10214 Jan 4
3618 3653 3458 3534 3412 3434 34
3434 33
337
3312 34
18,400 National Acme stamped..._10 2818 Jan 7
64
68
66
6832 634 6634 264
64
6212 63
6034 6212 12,600 Nat Hellas Hess
No
par 6034 Mar 2
•105 110 *____ 108 *_ ___ 108 •100 108 *103 108 *106 108
100 109 Mar 11
Preferred
179 18014 17914 18112 180 18112 17814 180
176 178
17514 17812 6,200 National Biscuit
35 17514 Mar 2
•143 144 *144 148 *143 144 *143 144
14334 144 *143 145
300 Preferred
100 14134 Feb 20
13014 13273 130 139
137 14534 141 14834 13834 14312 134 142 650,300 Nat Cash Register A w I No par 96 Jan 8
13034 13138 1294 132
12918 130
12612 12812 12612 12834 12618 128
27.800 Nat Dairy Products___A o Par 12212 Feb 1
3614 3612 3512 36
354 3512 3513 3534 *35
3512 35
35
3,200 Nat Department Stores No par 2818 Jan 4
9412 9412 19414 95
9418 9418 *93/
1
4 9412 *9358 94
•9312 94
500 1st preferred
100 92,4 Feb
4614 4778 4318 46
424 4518 4314 4414 43
43/
/
4 4312 17,300 Nat Distill Prod Ws_ __No par 35 Feb
1
4 411
8112 8212 8112 82/
1
4 81
8112 7912 8012 7812 7812 7714 784
2,200 Preferred temp etfs_.No par 6712 Feb
57
57
5414 58
*56
57
5514 56
5512 534 54
54
1,800 Nat Enam & Stamping
100 52 Mar 11
155 156
155 166
162 16712 165 173
168 170
165 169
16.300 National Lead
100 132 Jan '
•141 143 *141 143
141 141 *14114 142 *14112 142
1411
/
4 14112
130 Preferred A
100 140 Jan
118 118
118 118 *118 119
118 118
118 118
118 118
150 Preferred B
100 118 Jan
57/
1
4 57/
1
4 5612 574 5612 574 5534 58
554 5814 5512 5734 98.400 National Pr & IA
Vo par 4212 Jan
111
/
4 1173 1112 1238 12
1233 1114 1238 111
/
4 12
1114 111
/
4 2,700 National Radiator
par
No
1018 Feb 1
30
30
36
30
30
3018 *31
35
33
33
*2638 35
900 Preferred
No par 30 Mar 1
12014 122
12212 12314 12212 12234 12134 123
12014 121
11912 12014 6,000 National Supply
11012
50
Mar 22
41 11012 116 *115 116 *115 116
*115 1113
116 116
11534 11534
30 Preferred
100 11414 Feb 8
•135 136% 2134 135 *125 135
129 133 *131 133 •130 133
900,National Surety
50 129 Mar 20
83 83/
1
4 82
83
83
83
82
824 80
82/
1
4 78
8112 6,200,National Tea Co
No par 78 Mar 22
6112 60
59
6278 6014 62
6014 6238 60
6112 5614 604 346,900 Nevada ConsolCopper_No pa
39/
1
4 Jan 16
4778 4938 47/
1
4 4938 48/
1
4 4913 484 48/
1
4 4812 4812 4734 4814
7,100
N
Y Air Brake
No pa
42/
1
4 Jan 7
*46
47
48
48
48
48
4712 471
4712 4713 47
47
900 New York Dock
47
100
Mar 22
88 •87
*87
88
*87
88
33
*87
87
87
•87
88
100 Preferred
100 8512 Jan 7
99
90
*99 100
0813 99
9812 9853 9934 9934 9812 99/
1
4
230 NY Steam pref WI__ __No pa
0812 Mar 19
•11114 11112 11114 11114 11114 113 •113 1131 113 11312 113 114
200 1st preferred (7)
No pa 11114 Mar 15
103 1034 10218 10378 10218 103
1024 1031 10218 10318 10138 1023 27.300 North American
Co
10 9058 Jan 7
5214 5214 521
/
4 5358 *52
531
5218 521
52
52
52
52
1,900 Preferred
/
4 Mar 5
50 511
*90 10112 101 101
101 101
100/
1
4 101
10034 10034 10053 1004
900 No Amer Edison pref_ _No pa 1001
/
4 Mar 20
0734 5734 5758 5814 574 581
58/
1
4 584 5812 58/
587
8
593
8
1
4
6,200 North German Lloyd
Feb 11
55
*4838 5018 *4338 501 *4833 50
50
50
*484 60
47
485
50
Northwestern
Telegraph_
Mar 22
__50
4313 534
47
558 534
4314 63
518 53
534 5/
1
4
54 51
1,200 Norwalk Tire & Rubber__ _10
5 Jan 7
41
*37
*36
40
*37
40
*3618 40
*364
48
*3712 40
Preferred
.814 714
100 37 Mar 7
614 614 *614 71
*618 738 •612 734 •64 7/
1
4
100 Nunnally Co (The)___No par
614 Mar 15
2412 2412 25
2412 241
25
2434 25
2558 2534 25
2678 3.100 011 Well Supply
25 2414 Feb 18
10013 1004 10014 1001 10014 10014 100
*10012 101
10014 10014 10012
420 Preferred
100
Mar 21
100
818
91
9
9
9,8 *8
9
9
81
/
4 814
8/
1
4 912 11,200 Omnibus Corp
No par
7/
1
4 Feb 21
*8212 90 .8212 90
09012 90
*8212 90
•8212 87
*8212 87
Preferred
A
82
100
Mar
7
82
8212 8014 8112 80/
1
4 80/
*80
1
4
81
80
80
8012 31
1,900 Oppenhelm Collins & CoNo par 724 Feb 8
*23
70
6912 •23
*23
50
*23
50
*23
50
*23
50
Orpheum Circuit, Me
1
73
78
7818 278
78
78
*76
78
76
76
*76
78
290 Preferred
100 75 Mar 11
33312 340
336 342
309/
1
4 325
340 345
345 345
330
6,000 Otis Elevator
50 276 Jan 7
•12258 12412 •12258 12412 •12334 1241 12334 12334 •12334 12412 1233 335
4 123/
1
4
60 Preferred
100 122 Jan 8
477s 4658 4738 4653 47
4634 47,
8 47
4658 47/
1
4 4534 47
38.700 Otis Steel
No par 37/
1
4 Jan 2
•10312 10412 10438 10438 •102 1041 *10314 104
10358 10412 *10134 103
300 Prior preferred
100 101 Jan 21
*85
88
88 •85
88
*85
*85
88 .85
88
•85
88
No par 88 Mar 6
Outlet Co
9334 95
967
9314 9314 93
9434 96
9412 95
94
96
3,500 Owens Bottle
25 81 Jan 7
564 5714 5613 57
564 57
57
5712 57
5778 5634 58
11,500 Pacific Gas & Elea
25 53 Jan 2
81
8012 8012 7914 7914 79
8018 7814 80
80
78/
1
4 7978 3,900 Pacific Ltg Corp
par
No
70 Jan 7
31
30
30
*2912 3012 *30
3014 3014 3014 3014 •30
31
70 Pacific Mills
100 29 Feb 18
14
118
118
11
14
14
118
118
14
118
14
114 6.800 Pacific 011
No par
1 Mar 6
180 18512 183/
1
4 18834 2189 190 •181 18713 181 131
•179 180
530 Pacific Teiep & Teleg
100 159 Jan 3
•130 140 •I28 140 •128 140 •128 140 •131 140 *130 140
100 11634 Jan 3
Preferred
1394 14034 13818 14278 13814 14114 13712 141
137/
1
4 141
135 13812 108.600 Packard Motor Car
10 125,4 Feb 18
46
4714 4612 47
47
46
46
47
4518 4518 4514 47
3.900
60 4014 Feb 18
1
4 4614 47
4534 4814 4614 4878 4534 4714 73.600 Pan-Amer Petr 82 Trano
464 4754 4618 48/
50 4012 Feb 10
Class B
•1.412 15% 15
15
15/
1
4 1538 1512 1512 1513 151
1512 1512
800 Pan-Am West Petrol B_No par 1412h1ar 8
1112 1112 1112 1134
111
/
4 1378 12/
1112 12
1
4 141 •1158 1212 9,100 Panhandle Prod & ref--No Par
913 Feb 16
68
68
*62
75
*65
70
65
70
65
70 •65
75
300 Preferred
100 4712 Feb 25
012 7034 69/
1
4 7078 69/
1
4 7052 6914 7012 6814 693
6612 6878 133,100 Paramount Fam Lasky_No par 55/
1
4 Jan 2
1
4 7012 71
7212 7212 72's 733s 7034 7234 *7013 72/
*7012 7238 42.200 Park & Tilford
No par 70 Mar 7
115g 12
1212 121
/
4 1218 1212 21138 1178 1112 12
1112 111
/
4 46,700 Park Utah C M
1114
Jan 30
1
1112
12
1
4 1 112 1 174
1112 11/
/
4 12
1112 1178
111
1118 1113 30.100 Pathe Exchange
No par
1014 Feb 8
2412 244 2418 2418 2312 2412 2334 24
2312 24
2313 3.500 Class A
23
No par 23 Mar 22
1
4 4412 4458 4712 45
434 4438 43/
471
/
4 4518 461
/
4 4413 461
/
4 96.100 Patin° Mines & Euterpr _ _._20 3418 Jan 7
.ma and 'axed anew; no gales on Ude day. a Ex-dividend. a Ex-r1ghta




Ex-dividend 81111 ex-rlghte.

0 Old stock.

Highest

PER SHARE
Range for Previous
Year 1928
Lowest

Highest

$ per share 3 per share $ Per share
74/
1
4 Jan 5
4414 June 8834 Sept
120 Feb 19 11712 Aug 125 May
2838 Jan 11
2334 June 46* Apr
93 Jan 16
8613 Dec 114 Mar
18 Jan 9
94 Feb
19/
1
4 Apr
10014 Feb 21
78 July 96
Apr
47 Jan 31
28 Feb 41 May
8234Mar 4
44 Aug -574 Apr
46 Jan 4
10612131ar 11 106
Oct110 Nov
12518 Jan 15 10812 Mar 134 Mar
6814 Jan 86
844 Jan 14
Oct
11434 Feb 5
83 Apr 110 Nov
18634 Jan 2 y134 Aug 382 Aug
24 Fen 28
1814 Dec 34 May
8212Mar 21
4314 Feb 75 Nov
16
39/
1
Jan 3812 Nov
4 Jan 15
10513 Jan 18
8718 Jan 110
Oct
21 Nov 41
26 Jan 14
Jan
5012 Jan 10
40 Nov 88 Jan
3833 Mar 9
32 June 4012 Jan
37/
1
4 Jan 14
2812 Sep
6638 June
35/
1
4 Jan 4
3134 Feb 43 May
1714 Jan 3
1212 Feb 2512 Apr
4718 Jan 3
33 Feb 49/
1
4 Nov
79/
1
4 Jan 21
45/
1
4 Mar 83 Nov
84 Jan 2
77 Dec 86 Dec
1218 Mar 25/
18 Jan 2
1
4 June
216/
1
4 Jan 25 11734 June 190 Dec
125 Jan 2 115
Jan 130 Apr
10812 Jan 10
75 July 11312 Nov
2438 Mar 6
1712 Aug304 Nov
4518 Jan 3
4018 Aug52 May
9018 Jan 10
8912 Dec101 May
80 Jan 22
56 Feb80 Dec
11334 Feb 5
77 Feb109/
1
4 Nov
11512 Feb 6
8012 Mar 11934 Nov
120 Feb 7 109 Feb11812 Nov
2313 Jan 5
1914 Sept 2812 Mar
82 Jan 31
6212 June 7838 Nov
59 Mar 4
4518 Nov 50/
1
4 Dec
62 Feb 4
54 Nov 6338 Nov
72 Jan 3
604 Nov 70 Sept
3478 Jan 4
2514 July 41 Sept
27 Feb 25
2413 Dec 271g May
694 Jan 3
4/
1
4 Jan 73 Dec
5412 Mar 20
17/
1
4 Jan 33 Dee
39/
1
4 Jan 3
2518 Feb 4412 Nov
121 Jan 4 10314 Feb 12012 Dee
54 Jan 3
238 Jan
7/
1
4 May
112 Jan
312 Jan 3
54 May
26512 Mar 21 193 June 295 Nov
28/
1
4 Mar 20
1812 Aug 27
Jan
8014 Mar 1
3918 Aug 75/
1
4 Dec
15678 Jan 2 11514 Dec 15613 Dec
8 Jan 8
538 Feb
111
/
4 May
612 Mar 4
24 Aug
44 May
43/
1
4 Mar 6
/
4 Dee
5 Mar 141
2534 Jan 3
13 Mar 24/
1
4 Sept
206 Mar 1
94 July 21834 Oct
4712 Feb 4
25/
1
4 Jan 5114 Oct
8178 Jan 4
6914 June 954 Oct
10214 Jan 11
98 Dec 1047s Nov
59/
1
4 Feb 13
4634 Star 6212 May
78/
1
4 Mar 5
2112 Feb 12414 Oct
11388 Jan 25
8014 Feb 112 Nov
3912 Feb 28
714 Jan 32/
1
4 Dee
71 hfar 1
118 Jan 3
9014 Jan 11812 Dee
205 Jan 4 15912 July 195/
1
4 Nov
144 Jan 26 13712 Feb 150 Apr
14834 Mar 20
4714 Jan 104/
1
4 Dec
13758 Jan 29
6412 Jan 13312 Dec
3734Mar 5
211
/
4 Jan 3214 Oct
9412 Mar 16
91
Jan 102 May
5512 Mar 14
2914 June 5812 Jan
8612 Mar 13
5114 June 7138 Jan
6214 Jan 9
2314 Mar 574 Nov
173 Mar 20 115 July 136
Jan
14113 Feb 1 139
Jan 14714 May
122 Mar 27 11212 Star 122 July
613g Mar 4
2178 Jan 46/
1
4 Dec
17 Jan 10
14 July • 4038 Jan
41 Jan 29
36 Dec 9811 Jan
144 Jan 2
8414 June 146 Dec
116 Jan 15 114 Sept 119
Jan
155 Feb 1 13834 Dec 150 Nov
9133 Mar 1 0160
Jan 390 Dee
6278 Mar 21
171
/
4 Jan 4238 Dec
4934 Mar 4
39/
1
4 Oct 5012 Nov
47 Aug 6414 Jan
6814 Feb 2
89 Jan 31
85 Sept 95 Jan
103 Jan 30
9812 Oct 10512 May
11478 Feb 19 102
Jan 115 Apr
1
4 Jan 97 Nov
10912 Feb 15
58/
5414 Jan 9
51 Sept 5558 May
103/
1
4 Jan 15
99/
1
4 Oct 10578 Feb
6334 June 6912 Nov
6414 Jan 12
48
50 Mar 16
Oct 55 May
2/
1
4 Mar
614 Feb 4
712 Sept
33/
1
4 Jan 48 Sept
45 Jan 31
814 Dec 13 May
8 Feb 8
32 Jan 3
2014 June 41
Jan
97 June 11012 Jan
10612 Jan 16
10/
1
4 Feb 28
711 Dec 154 May
90 Feb 28
8312 Dec 99/
1
4 June
82/
1
4 Mar 6
6734 Aug 8813 Jan
18 May 70
_
Oct
9534 Jan 2
75 May 104 Nov
345 Mar 20 14718 Feb 28512 Dec
125 Jan 24 1194 Jan 12634 July
4838 Mar 15
10/
1
4 Jan 4012 Nov
108 Feb 20
8212 Jan 103 Nov
961
/
4 Jan 4
31 June 9912 Sept
98/
1
4 Feb 13
74/
1
4 Jan 954 Apr
6814 Jan 31
4312 Feb 56,8 Nov
85 Mar 13
69 Dec 854 June
3313 Jan 17
25
Oct 3512 Nov
112 Jan 10
1 Sept
214 Apr
200 hfar 14 146 June 169 Dee
129 Feb 27 114
Oct 125/
1
4 May
153 Jan 2
5614 Feb 163 Dee
50 Jan 4
/
4 Feb 55/
381
1
4 Nov
5172 Jan 3
3714 Feb 5878 Nov
174 Jan 3
154 July 2833 Apr
151
/
4 Jan 3
1112 Feb
2134 May
76 Jan 16
70 Feb 10614 May
704 Mar 18
4714 Oct 5638 Doe
8772 Jan 14
34 Mar 98 Nov
13/
1
4 Feb 28
9 Aug
144